新天绿色能源股份有限公司2025 年半年度报告 公司代码：600956 公司简称：新天绿能 新天绿色能源股份有限公司 2025 年半年度报告 1 / 248 新天绿色能源股份有限公司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、 公司负责人谭建鑫、主管会计工作负责人刘涛及会计机构负责人（会计主管人员）白静伟 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的发展战略、未来经营计划等前瞻性陈述，不构成公司对投资者的实质性承诺。敬 请广大投资者理解计划、预测与承诺之间的差异，注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整 ...

上海电影股份有限公司2025 年半年度报告 公司代码：601595 公司简称：上海电影 上海电影股份有限公司 2025 年半年度报告 1 / 173 上海电影股份有限公司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、 公司负责人王隽、主管会计工作负责人邬鹤萍及会计机构负责人（会计主管人员）谢莹声 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 公司2025年半年度实现的归属于母公司股东的净利润为人民币53,758,415.27元，截至2025年6月30 日，公司母公司报表中期末未分配利润为人民币495,810,874.96元。经综合考虑股东的合理回报和 公司的长远发展，更好地维护股东权益，公司2025年中期分红方案具体如下： 公司以2025年6月30日的公司总股本448,200,000股为基数，拟向全体股东每10股派发现金红 ...

[Important Notice](index=2&type=section&id=Important%20Notice) This section contains important statements and risk warnings for the company's semi-annual report, with the board of directors, supervisory board, and senior management guaranteeing the truthfulness, accuracy, and completeness of the report content. The report is unaudited and advises investors to be aware of uncertainties in business plans and strategic planning, as well as investment risks - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[5](index=5&type=chunk) - This semi-annual report is unaudited[7](index=7&type=chunk) - Business plans and strategic planning in this report contain uncertainties and do not constitute substantive commitments; investors are advised to be aware of investment risks[8](index=8&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section primarily explains specific terms and abbreviations used in the report to ensure clarity and consistency of the report content - Defines "Company," "the Company," "Jinying Shares" as Zhejiang Jinying Co., Ltd., and common terms such as "Jinying Group," "SSE," and "CSRC"[17](index=17&type=chunk) - Clarifies that the reporting period is January-June 2025[17](index=17&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, stock summary, and key accounting data and financial indicators for the reporting period, also disclosing non-recurring gains and losses, revealing a decline in the company's operating performance for the first half of the year [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section provides the Chinese name, abbreviation, foreign name and its abbreviation, and legal representative information for Zhejiang Jinying Co., Ltd - The company's Chinese name is Zhejiang Jinying Co., Ltd., abbreviated as Jinying Shares[15](index=15&type=chunk) - The company's legal representative is Fu Guoding[15](index=15&type=chunk) [II. Contact Person and Contact Information](index=4&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section lists the name, contact address, telephone, and fax of the company's board secretary, facilitating communication for investors and relevant parties - The board secretary's name is Wu Yankun, and the contact address is Xiaosha Street, Dinghai District, Zhoushan City, Zhejiang Province[16](index=16&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section discloses the company's registered address, office address, website, and email address, stating no historical changes during the reporting period - The company's registered address and office address are both Xiaosha Street, Dinghai District, Zhoushan City, Zhejiang Province[19](index=19&type=chunk) - There were no historical changes to the company's registered address during the reporting period[19](index=19&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Placement Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Placement%20Locations) This section specifies the company's designated information disclosure newspapers, website address for semi-annual reports, and report placement location, confirming no changes during the reporting period - The company's designated information disclosure newspapers are "China Securities Journal" and "Shanghai Securities News," and the website address is www.sse.com.cn[20](index=20&type=chunk) - The company's semi-annual report is available at the company's Board of Directors Office[20](index=20&type=chunk) [V. Company Stock Summary](index=5&type=section&id=V.%20Company%20Stock%20Summary) This section provides basic information about the company's A-shares, including the listing exchange, stock abbreviation, and code, confirming no previous stock abbreviation changes - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation Jinying Shares and stock code 600232[21](index=21&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section details the company's key accounting data and financial indicators for the first half of 2025, showing significant year-on-year declines in operating revenue and total profit, with net profit attributable to shareholders turning from profit to loss, while net cash flow from operating activities significantly improved [(I) Key Accounting Data](index=5&type=section&id=(I)%20Key%20Accounting%20Data) The company's operating revenue for the first half of 2025 decreased by 12.11% year-on-year, with total profit and net profit attributable to shareholders both turning from profit to loss, decreasing by 120.08% and 123.81% respectively. Net cash flow from operating activities significantly turned positive 2025 First Half Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 585,585,913.39 | 666,241,750.95 | -12.11 | | Total Profit | -11,084,439.57 | 55,211,240.05 | -120.08 | | Net Profit Attributable to Shareholders of Listed Company | -8,769,181.62 | 36,826,322.15 | -123.81 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -9,293,063.37 | 32,918,128.66 | -128.23 | | Net Cash Flow from Operating Activities | 101,716,526.32 | -185,597,168.39 | N/A | | **Indicator** | **End of Current Reporting Period (RMB)** | **End of Prior Year (RMB)** | **Change from Prior Year End (%)** | | Net Assets Attributable to Shareholders of Listed Company | 922,397,221.08 | 967,638,257.10 | -4.68 | | Total Assets | 1,769,559,196.78 | 1,806,524,082.57 | -2.05 | [(II) Key Financial Indicators](index=5&type=section&id=(II)%20Key%20Financial%20Indicators) The company's basic and diluted earnings per share for the first half of 2025 both turned negative, and the weighted average return on net assets significantly decreased year-on-year, reflecting a substantial decline in profitability 2025 First Half Key Financial Indicators | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | -0.024 | 0.101 | -123.76 | | Diluted Earnings Per Share (Yuan/share) | -0.024 | 0.101 | -123.76 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (Yuan/share) | -0.025 | 0.09 | -127.78 | | Weighted Average Return on Net Assets (%) | -0.928 | 3.587 | Decreased by 4.515 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -0.983 | 3.206 | Decreased by 4.189 percentage points | [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling RMB 523,881.75, primarily including gains/losses from disposal of non-current assets and government subsidies 2025 First Half Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 548,408.36 | | Government subsidies recognized in current profit/loss | 850,416.13 | | Other non-operating income and expenses apart from the above | -424,134.34 | | Less: Income tax impact | 217,322.19 | | Impact on minority interests (after tax) | 233,486.21 | | Total | 523,881.75 | [Section III Management Discussion and Analysis](index=6&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section analyzes the company's industry, main business, operating performance, core competitiveness, and risks, noting a first-half decline in revenue and net profit due to textile market weakness, offset by stable machinery business and improved cash flow, while highlighting technological advantages and various market and operational risks [I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=6&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section details the company's business model, industry status, and company position in its four main business segments: textile machinery, textiles, injection molding machines, and lithium battery cathode materials. Textile machinery and textile businesses face market competition and price fluctuations, injection molding machine business benefits from export growth, while lithium battery cathode materials business is impacted by lithium iron phosphate batteries [(I) Textile Machinery Business](index=6&type=section&id=(I)%20Textile%20Machinery%20Business) The company's textile machinery business adopts an integrated model of R&D, design, manufacturing, and sales, holding a leading position in flax and silk spinning equipment with internationally advanced technology. The overall industry is affected by the decline in the textile sector, with fierce competition in the mid-to-low-end market, but strong export growth - The company's textile machinery business model integrates R&D, design, material procurement, manufacturing, and sales[27](index=27&type=chunk) - The company holds a leading position in flax and silk spinning equipment, with internationally advanced technology[27](index=27&type=chunk) - From January to May 2025, China's exports of textile machinery and parts increased by **29.9% year-on-year**, primarily driven by demand from emerging markets such as Southeast Asia and Africa[27](index=27&type=chunk) - Domestic textile industry revenue and profit declined in the first half, leading to reduced willingness of downstream customers to update textile machinery and intensified competition in the mid-to-low-end market[27](index=27&type=chunk) [(II) Textile Business](index=7&type=section&id=(II)%20Textile%20Business) The company's textile business primarily produces medium-to-high count pure linen yarn and high-end casual apparel fabrics, as well as silk, silk fabrics, and OEM apparel. The operating model covers market research, raw material procurement, manufacturing, and global sales. The flax textile industry, though small in scale, has unique advantages and broad market space, with the company holding a high market share. However, the average price of linen yarn significantly decreased in the first half, impacting profitability - Main products include wet-spun ring-spun linen yarn, semi-wet-spun linen yarn, linen fabric weaving, silk, silk fabrics, and OEM knitting and woven apparel processing[28](index=28&type=chunk) - Sales markets primarily include Europe, Japan, India, Turkey, and other global markets[28](index=28&type=chunk) - The flax textile industry accounts for approximately **1% of the total textile industry**, but linen products possess outstanding properties such as natural antibacterial, breathable comfort, and broad market potential[28](index=28&type=chunk) - From January to June 2025, operating revenue of large-scale textile enterprises in China decreased by **1.9% year-on-year**, and total profit decreased by **8.1% year-on-year**[28](index=28&type=chunk) - The average price of linen yarn significantly decreased compared to the same period in 2024, affecting the industry's profitability in the first half[28](index=28&type=chunk) [(III) Injection Molding Machine Business](index=7&type=section&id=(III)%20Injection%20Molding%20Machine%20Business) The company's injection molding machine business adopts an integrated model of R&D, design, manufacturing, and sales. Injection molding machines account for approximately 40% of the output value in plastic machinery, with downstream applications mainly in automotive, home appliances, and 3C industries. Global high-end markets are dominated by European, American, and Japanese brands, while Chinese enterprises lead in the mid-to-low-end market. From January to May 2025, China's injection molding machine exports increased by 29% year-on-year, but the domestic market is affected by the "revenue growth without profit growth" in the rubber and plastic products industry, leading to reduced willingness of enterprises to update equipment - Injection molding machine business model integrates R&D, design, material procurement, manufacturing, and sales[29](index=29&type=chunk) - Injection molding machines account for approximately **40% of the output value in plastic machinery**, with downstream applications mainly in automotive, home appliances, 3C, and food and beverage industries[29](index=29&type=chunk) - From January to May 2025, China's injection molding machine exports reached **USD 962 million**, a **29% year-on-year increase**, with the fastest growth in Southeast Asia, Africa, and Russian markets[30](index=30&type=chunk) - Domestic rubber and plastic products industry experienced "revenue growth without profit growth," leading to reduced willingness of enterprises to update equipment, but demand in new energy vehicles, high-end packaging, and electronic consumer goods remains high[30](index=30&type=chunk) [(IV) Lithium Battery Cathode Materials Business](index=8&type=section&id=(IV)%20Lithium%20Battery%20Cathode%20Materials%20Business) The company's lithium battery cathode materials business primarily researches, develops, produces, and sells ternary cathode materials, widely used in new energy vehicles, 3C electronics, and energy storage. Ternary batteries are preferred for high-end vehicles due to their high energy density and fast charging performance, but cumulative installed capacity decreased by 10.8% year-on-year in the first half, impacted by technological upgrades in lithium iron phosphate batteries. Future development requires focusing on technological innovation and business model evolution - Main products are ternary cathode materials, applied in new energy vehicles, 3C electronics, and energy storage fields[30](index=30&type=chunk) - Ternary batteries are the preferred choice for high-end vehicles due to their high energy density and fast charging performance[30](index=30&type=chunk) - In the first half of this year, cumulative installed capacity of ternary batteries was **55.5 GWh**, a **10.8% year-on-year decrease**, mainly impacted by lithium iron phosphate batteries[30](index=30&type=chunk) - Future development opportunities lie in technological innovation and business model evolution, consolidating advantages in high-performance fields[30](index=30&type=chunk) [II. Discussion and Analysis of Operating Performance](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) During the reporting period, the company's operating revenue and net profit attributable to the parent company both experienced significant declines, primarily due to weak demand in the textile business and falling linen yarn prices, leading to industry-wide losses. However, the plastic machinery and textile machinery businesses performed stably, effectively buffering overall performance pressure. The company significantly improved net cash flow from operating activities by strengthening cash flow management and optimizing inventory and accounts receivable collection. Textile business is expected to gradually recover in the second half, with increasing new orders for machinery businesses - During the reporting period, the company achieved operating revenue of **RMB 586 million**, a **12.11% year-on-year decrease**; net profit attributable to parent company shareholders was **-RMB 8.7692 million**, a **123.81% year-on-year decrease**[31](index=31&type=chunk) - Performance decline was mainly due to decreased demand and falling linen yarn prices in the first half, leading to a **13.78% decrease** in textile business sales revenue and a **21.54% decrease** in gross profit margin[31](index=31&type=chunk) - Plastic machinery and textile machinery business revenues and gross profit margins remained relatively stable, demonstrating the company's diversified business resilience[31](index=31&type=chunk) - The company achieved net cash flow from operating activities of **RMB 102 million** in the first half, with a significant improvement in cash flow, and notable enhancements in operating quality and efficiency[31](index=31&type=chunk) - Textile business is expected to gradually recover in the second half, with new orders for textile machinery and plastic machinery businesses gradually increasing[32](index=32&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=9&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its technological and market leadership in textile machinery, equipment and process technology advantages in the textile business, green and intelligent technology advantages in the injection molding machine business, and strong corporate culture and management advantages. These strengths collectively support the company's market position and sustainable development across its business segments [1. Technological and Market Advantages in Textile Machinery](index=9&type=section&id=1.%20Technological%20and%20Market%20Advantages%20in%20Textile%20Machinery) Company leads in flax and silk spinning machinery technology, strengthened by UK MAKIE acquisition, maintaining over 85% market share, and innovating with products like FX510 intelligent doffing flax blended roving frame - The company possesses significant technological leadership in complete sets of flax and silk spinning machinery[34](index=34&type=chunk) - After acquiring UK MAKIE company, market share for flax spinning machinery equipment consistently remains above **85%**[34](index=34&type=chunk) - Developed the FX510 intelligent doffing flax blended roving frame, filling an international technological gap[34](index=34&type=chunk) - Holds over **50 patent technologies** (including 8 invention patents) and serves as the chief editor for national flax machinery manufacturing standards[34](index=34&type=chunk) [2. Equipment and Process Technology Advantages in Textile Business](index=9&type=section&id=2.%20Equipment%20and%20Process%20Technology%20Advantages%20in%20Textile%20Business) Company's textile business leverages self-developed advanced machinery and continuous R&D for leading product quality and cost control, with "Jinying" brand recognition enhancing market competitiveness - Independently developed internationally advanced textile machinery products are fully applied in the company's textile business production lines[35](index=35&type=chunk) - Textile process and product R&D departments continuously develop new products and research new processes, maintaining a leading position in product quality and production technology within the industry[35](index=35&type=chunk) - "Jinying" linen yarn has been rated as a China Famous Brand Product, and the "Jinying" trademark as a China Well-known Trademark[35](index=35&type=chunk) [3. Green Intelligence Forges Jinying Plastic Machinery's Core Advantage](index=9&type=section&id=3.%20Green%20Intelligence%20Forges%20Jinying%20Plastic%20Machinery's%20Core%20Advantage) Jinying Plastic Machinery ranks nationally in production and quality, focusing on energy-efficient, intelligent injection molding machines, developing patented products and specialized solutions for various industries, earning provincial honors - Jinying Plastic Machinery ranks among the top in China in production scale and product quality, focusing on R&D of energy-saving, efficient, stable, and environmentally friendly new injection molding machines[36](index=36&type=chunk) - The internal circulation direct pressure precision high-speed machine received support from a national science and technology innovation fund project and holds multiple national patents[36](index=36&type=chunk) - Formed specialized solutions for segmented industries such as thin-wall packaging containers, precision electronic plastic components, and auto parts injection molding[36](index=36&type=chunk) - Awarded honorary titles such as "Zhejiang Province First Product" and "Zhejiang Province Specialized, Refined, Unique, and New Small and Medium-sized Enterprise"[36](index=36&type=chunk) [4. Strong Corporate Culture and Management Advantages](index=9&type=section&id=4.%20Strong%20Corporate%20Culture%20and%20Management%20Advantages) Company fosters a resilient, innovative culture with a professional management team and strict quality control, exemplified by an employee representative attending the 20th National Congress, reflecting its industry leadership and social responsibility - Cultivated a corporate culture with island characteristics that aligns with the company's reality, forming a solid cultural foundation for stable development[37](index=37&type=chunk) - Possesses a mature, stable, and professional management team, and has established a strict quality control and assurance system[37](index=37&type=chunk) - Wang Bixian, team leader of the weaving branch's loom operators, attended the 20th National Congress of the Communist Party of China, reflecting the enterprise's benchmark status[37](index=37&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=9&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes the company's main business financial performance, including changes in financial statement items, and variations in revenue, cost, and gross profit margin across business types and regions, highlighting the impact of the textile industry and changes in asset-liability structure [(I) Main Business Analysis](index=9&type=section&id=(I)%20Main%20Business%20Analysis) Company's main business analysis shows a 12.11% year-on-year decrease in operating revenue and a 3.57% increase in operating costs, with reduced selling, administrative, and R&D expenses, increased financial expenses, and significantly improved operating cash flow Financial Statement Related Item Fluctuation Analysis | Item | Current Period (RMB) | Prior Year Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 585,585,913.39 | 666,241,750.95 | -12.11 | | Operating Cost | 539,541,038.93 | 520,944,604.25 | 3.57 | | Selling Expenses | 16,388,203.49 | 18,818,576.54 | -12.91 | | Administrative Expenses | 25,240,605.33 | 29,519,410.11 | -14.49 | | Financial Expenses | 9,466,263.97 | 8,694,149.52 | 8.88 | | R&D Expenses | 17,604,847.76 | 22,546,113.59 | -21.92 | | Net Cash Flow from Operating Activities | 101,716,526.32 | -185,597,168.39 | N/A | | Net Cash Flow from Investing Activities | -350,516.81 | -333,120.31 | N/A | | Net Cash Flow from Financing Activities | -78,706,513.46 | 104,613,961.58 | -175.24 | - Operating revenue decreased primarily due to lower textile product sales; operating cost increased primarily due to higher textile product costs[40](index=40&type=chunk) - Net cash flow from operating activities increased primarily due to reduced purchase of flax raw materials and increased collection of accounts receivable[41](index=41&type=chunk) Main Business by Industry Segment | Industry Segment | Main Business Revenue (RMB) | Main Business Cost (RMB) | Gross Profit Margin (%) | Year-on-Year Change in Main Business Revenue (%) | Year-on-Year Change in Main Business Cost (%) | Year-on-Year Change in Gross Profit Margin (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Machinery Industry | 214,907,270.44 | 168,828,717.48 | 21.44 | -3.90 | 0.56 | Decreased by 3.48 | | Textile Industry | 340,497,850.88 | 339,354,096.21 | 0.34 | -13.78 | 9.99 | Decreased by 21.54 | | Apparel Industry | 16,468,236.83 | 16,486,984.54 | -0.11 | 131.12 | 111.74 | Increased by 9.17 | | New Energy Materials | 8,571,800.89 | 12,649,424.48 | -47.57 | 17.91 | 12.69 | Increased by 6.84 | | Other | 1,202,990.06 | 883,058.74 | 26.59 | -38.49 | -32.57 | Decreased by 6.46 | | Total | 581,648,149.10 | 538,202,281.45 | 7.47 | -8.39 | 8.35 | Decreased by 14.29 | Main Business by Region | Region | Main Business Revenue (RMB) | Main Business Cost (RMB) | Gross Profit Margin (%) | Year-on-Year Change in Revenue (%) | Year-on-Year Change in Cost (%) | Year-on-Year Change in Gross Profit Margin (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic | 477,518,418.64 | 449,949,906.35 | 5.77 | -11.24 | 6.13 | Decreased by 15.43 | | Overseas | 104,129,730.46 | 88,252,375.10 | 15.25 | 7.48 | 21.24 | Decreased by 9.62 | | Total | 581,648,149.10 | 538,202,281.45 | 7.47 | -8.39 | 8.35 | Decreased by 14.29 | [(III) Analysis of Assets and Liabilities](index=11&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) The company's asset and liability structure underwent several changes at the end of the reporting period. Notes receivable, other current assets, construction in progress, and advances from customers significantly decreased, while prepayments, right-of-use assets, long-term deferred expenses, notes payable, contract liabilities, long-term borrowings, and lease liabilities substantially increased. At period-end, cash and cash equivalents, fixed assets, and intangible assets were subject to pledge or mortgage restrictions Asset and Liability Status Changes | Item Name | End of Current Period (RMB) | % of Total Assets at Period End | End of Prior Year (RMB) | % of Total Assets at Prior Year End | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 478,370.60 | 0.03 | 2,556,069.85 | 0.14 | -81.28 | Decrease in commercial acceptance bills held at period end | | Prepayments | 37,891,427.27 | 2.14 | 2,629,019.01 | 0.15 | 1,341.28 | Prepayment for flax raw materials | | Other Current Assets | 18,998,957.71 | 1.07 | 32,084,210.76 | 1.78 | -40.78 | Decrease in input VAT to be deducted | | Construction in Progress | 314,391.02 | 0.02 | 767,876.11 | 0.04 | -59.06 | Construction in progress transferred to fixed assets | | Right-of-Use Assets | 387,141.40 | 0.02 | 110,965.49 | 0.01 | 248.88 | Increase in subsidiary's leased factory buildings | | Long-Term Deferred Expenses | 243,055.55 | 0.01 | - | - | 100.00 | Subsidiary's renovation expenses | | Other Non-Current Assets | - | - | 330,000.00 | 0.02 | -100.00 | Prepayment for engineering and equipment invoices recognized | | Notes Payable | 71,400,000.00 | 4.03 | 12,000,000.00 | 0.66 | 495.00 | Increase in subsidiary's plastic machinery notes payable at period end | | Advances from Customers | 138,370.51 | 0.01 | 687,208.75 | 0.04 | -79.86 | Advance rental income transferred to revenue | | Contract Liabilities | 48,097,299.75 | 2.72 | 35,666,125.65 | 1.97 | 34.85 | Increase in advance receipts for goods | | Taxes Payable | 10,569,571.92 | 0.60 | 17,773,167.93 | 0.98 | -40.53 | Payment of prior year's corporate income tax and property/land use tax | | Non-Current Liabilities Due Within One Year | 20,525,199.98 | 1.16 | 43,182,073.34 | 2.39 | -52.47 | Decrease in long-term borrowings due within one year | | Long-Term Borrowings | 80,591,620.41 | 4.55 | 61,076,400.49 | 3.38 | 31.95 | Increase in long-term borrowings for subsidiary Gongchuang Textile | | Lease Liabilities | 379,699.76 | 0.02 | - | - | 100.00 | Increase in subsidiary's leased factory buildings | | Total Non-Current Liabilities | 84,660,121.17 | 4.78 | 64,863,695.29 | 3.59 | 30.52 | Increase in long-term borrowings | | Retained Earnings | -1,905,795.48 | -0.11 | 43,335,240.54 | 2.40 | -104.40 | Decrease in current period profit and annual shareholder dividends | Restricted Assets at Period End | Item | Book Balance (RMB) | Book Value (RMB) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 50,195,777.61 | 50,195,777.61 | Pledge | Letter of credit margin | | Cash and Cash Equivalents | 18,204,000.00 | 18,204,000.00 | Pledge | Bank acceptance bill margin | | Cash and Cash Equivalents | 18,379,301.26 | 18,379,301.26 | Pledge | Mortgage loan margin | | Fixed Assets | 126,914,887.52 | 28,268,464.38 | Mortgage | Provided as collateral for letters of credit and bank loans | | Intangible Assets | 36,831,612.67 | 17,240,288.84 | Mortgage | Provided as collateral for letters of credit and bank loans | | Total | 250,525,579.06 | 132,287,832.09 | / | / | [V. Other Disclosure Matters](index=14&type=section&id=V.%20Other%20Disclosure%20Matters) This section discloses the main operating risks faced by the company, including raw material price fluctuations, intensified market competition, exchange rate changes, and talent shortages, and proposes corresponding response strategies to mitigate the impact of these risks on the company's operating performance [(I) Potential Risks](index=14&type=section&id=(I)%20Potential%20Risks) Company faces risks from volatile flax prices, fierce plastic machinery competition, exchange rate fluctuations, and talent shortages, addressed by market research, technology upgrades, forward foreign exchange, and talent recruitment - Raw material price fluctuation risk: Drastic fluctuations in flax prices affect the cost and gross profit margin of the company's flax textile products. Countermeasures: Strengthen market research and forecasting, optimize inventory management[50](index=50&type=chunk) - Intensified market competition risk: Fierce competition in homogeneous plastic machinery products reduces profit margins. Countermeasures: Accelerate product automation and intelligent upgrades, enhance added value and competitiveness[50](index=50&type=chunk)[51](index=51&type=chunk) - Exchange rate fluctuation risk: Import and export businesses settled in USD, exchange rate fluctuations may cause exchange losses. Countermeasures: Consider exchange rate risks when signing contracts, conduct forward foreign exchange transactions, reasonably allocate import payment times[51](index=51&type=chunk) - Talent shortage risk: Relative shortage of high-quality management, R&D, production, sales, and overseas operation talent. Countermeasures: HR department and local government jointly implement talent introduction policies, increase attraction efforts[51](index=51&type=chunk) [Section IV Corporate Governance, Environment and Society](index=15&type=section&id=Section%20IV%20Corporate%20Governance,%20Environment%20and%20Society) This section discloses changes in the company's directors, supervisors, and senior management, profit distribution plan, and the company's work in environmental information disclosure and fulfilling social responsibilities. The company's independent directors changed, no semi-annual profit distribution plan was proposed, and the company actively participates in public welfare [I. Changes in the Company's Directors, Supervisors, and Senior Management](index=15&type=section&id=I.%20Changes%20in%20the%20Company's%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, an independent director resigned due to term expiration, and a new independent director was elected by the shareholders' meeting - Independent director Mr. Lin Dehua resigned due to serving as an independent director for a continuous period of 6 years[54](index=54&type=chunk) - The company's 2024 annual general meeting of shareholders elected Mr. Xu Shengjun as an independent director[54](index=54&type=chunk) [II. Profit Distribution or Capital Reserve to Share Capital Increase Plan](index=15&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20to%20Share%20Capital%20Increase%20Plan) The company's proposed semi-annual profit distribution plan or capital reserve to share capital increase plan is "No," meaning no profit distribution or capital reserve to share capital increase will be carried out - The company's proposed semi-annual profit distribution plan or capital reserve to share capital increase plan is "No"[55](index=55&type=chunk) - The number of bonus shares, dividends, and capital increase per 10 shares is 0[55](index=55&type=chunk) [IV. Environmental Information of Listed Companies and Their Main Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=15&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Main%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company and its subsidiary, Jiangsu Jinying Silk and Flax Textile Co., Ltd., are included in the list of enterprises required to disclose environmental information by law, with corresponding inquiry indexes provided - Zhejiang Jinying Co., Ltd. and Jiangsu Jinying Silk and Flax Textile Co., Ltd. are included in the list of enterprises required to disclose environmental information by law[56](index=56&type=chunk)[57](index=57&type=chunk) - Environmental information disclosure reports can be queried through the Enterprise Environmental Information Disclosure System (Zhejiang/Jiangsu)[56](index=56&type=chunk)[57](index=57&type=chunk) [V. Specific Situation of Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=16&type=section&id=V.%20Specific%20Situation%20of%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements,%20Rural%20Revitalization,%20and%20Other%20Work) The company actively fulfills its social responsibilities by carrying out poverty alleviation and public welfare work through a charity fund, medical benefits, and sponsoring impoverished students. In the first half of 2025, the company invested a total of RMB 649,575.00 in charitable donations, employee subsidies, sponsorship for elderly associations, and holiday comfort items - The company considers fulfilling public welfare social responsibility as a fundamental task to give back to society[57](index=57&type=chunk) - Actively fulfills poverty alleviation and public welfare work through a charity fund, medical benefits, and sponsoring impoverished students[57](index=57&type=chunk) 2025 First Half Public Welfare Activities | Public Welfare Time | Beneficiary | Type | Amount (RMB) | | :--- | :--- | :--- | :--- | | 2025.1 | Charity Federation Donation | Cash | 500,000.00 | | 2025.1 | Company Employee Hardship Subsidy | Cash | 119,300.00 | | 2025.1 | Maoshi Village Collective Economic Cooperative Elderly Association Sponsorship Fee | Cash | 10,000.00 | | 2025.3 | Spring Festival Comfort Items for Employees Staying in Zhoushan | Goods | 3,075.00 | | 2025.6 | Xiaosha Kindergarten Children's Day Comfort Items (Stationery Gift Pack) | Goods | 3,000.00 | | 2025.6 | Xiaosha Primary School Children's Day Comfort Items (Stationery Gift Pack) | Goods | 5,000.00 | | 2025.6 | Children's Day Comfort Items for Employees' Children (School Supplies) | Goods | 9,200.00 | | Total | | | 649,575.00 | [Section V Important Matters](index=17&type=section&id=Section%20V%20Important%20Matters) This section discloses the fulfillment of commitments by the company's controlling shareholder, the performance of significant contracts (especially related party leases and external guarantees), and the progress of overseas investments after the reporting period. The controlling shareholder increased its shareholding as planned and committed not to reduce it, the company has multiple lease contracts and external guarantees, and has completed the first phase of capital contribution to Jinying (Vietnam) Flax Industry Co., Ltd [I. Fulfillment of Commitments](index=17&type=section&id=I.%20Fulfillment%20of%20Commitments) Controlling shareholder Zhejiang Jinying Group Co., Ltd. committed to increasing its A-share holdings by RMB 20-40 million within 12 months from February 7, 2024, and not to reduce holdings for 6 months post-implementation, a commitment promptly and strictly fulfilled - Controlling shareholder Zhejiang Jinying Group Co., Ltd. committed to increasing its A-share holdings in the company by an amount not less than **RMB 20 million** and not exceeding **RMB 40 million** within 12 months from February 7, 2024[60](index=60&type=chunk) - The controlling shareholder committed not to reduce its holdings in the company during and within 6 months after the implementation of the share increase plan[60](index=60&type=chunk) - The commitment has been fulfilled promptly and strictly[60](index=60&type=chunk) [XI. Significant Contracts and Their Performance](index=19&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Performance) This section discloses the company's related party leasing as a lessor and significant guarantees performed and unfulfilled during the reporting period. The company has multiple lease contracts with related parties for production and operation sites and provides joint liability guarantees for sales customers of its subsidiary Plastic Machinery Company, with the total guarantee amount accounting for **11.46%** of the company's net assets [3. Leasing Situation](index=19&type=section&id=3.%20Leasing%20Situation) As a lessor, the company leases production and operation sites to related parties such as Zhejiang Zhoushan Jinying Precision Equipment Co., Ltd., Jinying North Die Casting Machinery Co., Ltd., and Zhejiang Jinying Food Machinery Co., Ltd., with total lease income recognized in the current period amounting to RMB 396,406.22 Related Party Leasing as Lessor | Lessee Name | Type of Leased Asset | Lease Income Recognized in Current Period (RMB) | | :--- | :--- | :--- | | Zhejiang Zhoushan Jinying Precision Equipment Co., Ltd. | Production and operation site | 250,387.16 | | Zhoushan Jinying North Die Casting Machinery Co., Ltd. | Production and operation site | 73,028.57 | | Zhejiang Jinying Food Machinery Co., Ltd. | Production and operation site | 73,028.57 | | Total | | 396,444.30 | [(II) Significant Guarantees Performed and Unfulfilled During the Reporting Period](index=21&type=section&id=(II)%20Significant%20Guarantees%20Performed%20and%20Unfulfilled%20During%20the%20Reporting%20Period) The company's external guarantees primarily involve providing joint liability guarantees for sales customers of its controlling subsidiary Zhejiang Jinying Plastic Machinery Co., Ltd., with a total guarantee balance of RMB 35,734,600.00 at the end of the reporting period. The company's guarantees to subsidiaries had an occurrence amount and balance of RMB 70,000,000.00. The total guarantee amount (including guarantees to subsidiaries) is RMB 105,734,600.00, accounting for **11.46%** of the company's net assets - The company's external guarantees primarily involve providing joint liability guarantees for sales customers of its controlling subsidiary Zhejiang Jinying Plastic Machinery Co., Ltd[68](index=68&type=chunk) Company Total Guarantee Amount | Indicator | Amount (RMB) | | :--- | :--- | | Total guarantee occurrence amount during the reporting period (excluding guarantees to subsidiaries) | 4,492,515.95 | | Total guarantee balance at the end of the reporting period (A) (excluding guarantees to subsidiaries) | 35,734,600.00 | | Total guarantee occurrence amount to subsidiaries during the reporting period | 70,000,000.00 | | Total guarantee balance to subsidiaries at the end of the reporting period (B) | 70,000,000.00 | | Total Guarantee Amount (A+B) | 105,734,600.00 | | Total Guarantee Amount as a Percentage of Company Net Assets (%) | 11.46 | [XIII. Explanation of Other Significant Matters](index=22&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company completed the first phase of capital contribution of **USD 5.8 million** to Jinying (Vietnam) Flax Industry Co., Ltd. in July 2025, and the joint venture is currently in the preliminary preparation stage - The company completed the first phase of capital contribution of **USD 5.8 million** to Jinying (Vietnam) Flax Industry Co., Ltd. in July 2025[69](index=69&type=chunk) - Jinying (Vietnam) Flax Industry Co., Ltd. is currently in the preliminary preparation stage[69](index=69&type=chunk) [Section VI Share Changes and Shareholder Information](index=22&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital structure, total number of shareholders, and top ten shareholders' holdings during the reporting period. The company's total share capital and share capital structure remained unchanged during the reporting period, with the controlling shareholder Zhejiang Jinying Group Co., Ltd. holding **50.25%** of shares, and a portion of its shares pledged [I. Share Capital Change](index=22&type=section&id=I.%20Share%20Capital%20Change) During the reporting period, the company's total share capital and share capital structure remained unchanged - During the reporting period, the company's total share capital and share capital structure remained unchanged[72](index=72&type=chunk) [II. Shareholder Information](index=22&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the total number of common shareholders was **32,098**. Among the top ten shareholders, the controlling shareholder Zhejiang Jinying Group Co., Ltd. held **50.25%** of shares, with **34.81%** of its shares pledged. Other top ten shareholders are mainly domestic natural persons and overseas legal entities - As of the end of the reporting period, the total number of common shareholders was **32,098**[73](index=73&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Change During Reporting Period | Number of Shares Held at Period End (shares) | Percentage (%) | Pledge, Mark or Freeze Status (Number of shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Jinying Group Co., Ltd. | 0 | 183,273,451 | 50.25 | Pledged 63,794,600 | Domestic Non-State-Owned Legal Entity | | Liao Guopei | 7,933,564 | 7,933,564 | 2.18 | None | Domestic Natural Person | | Gu Xinghua | 80,000 | 3,665,900 | 1.01 | None | Domestic Natural Person | | Li Shengjun | 2,350,100 | 2,350,100 | 0.64 | None | Domestic Natural Person | | BARCLAYS BANK PLC | 833,816 | 1,323,278 | 0.36 | None | Overseas Legal Entity | | Li Guangyu | 1,209,800 | 1,209,800 | 0.33 | None | Domestic Natural Person | | Yu Linjian | -4,023,943 | 1,094,200 | 0.30 | None | Domestic Natural Person | | Chen Shaolong | 0 | 1,044,900 | 0.29 | None | Domestic Natural Person | | Chen Lijian | 999,900 | 999,900 | 0.27 | None | Domestic Natural Person | | Goldman Sachs & Co. LLC | 773,044 | 984,575 | 0.27 | None | Overseas Legal Entity | - The controlling shareholder Zhejiang Jinying Group Co., Ltd. has **34.81%** of its total shares in the company pledged[76](index=76&type=chunk) [IV. Changes in Controlling Shareholder or Actual Controller](index=24&type=section&id=IV.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller [Section VII Bond-Related Information](index=25&type=section&id=Section%20VII%20Bond-Related%20Information) This section states that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor convertible corporate bonds during the reporting period [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=25&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period [II. Convertible Corporate Bonds](index=25&type=section&id=II.%20Convertible%20Corporate%20Bonds) The company had no convertible corporate bonds during the reporting period [Section VIII Financial Report](index=26&type=section&id=Section%20VIII%20Financial%20Report) This section contains the company's unaudited consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, along with detailed notes to the financial statements. The financial statements reflect the company's financial position, operating results, and cash flows during the reporting period, and provide important information on accounting policies, taxes, consolidation scope, related party transactions, and risk management [I. Audit Report](index=26&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[7](index=7&type=chunk) [II. Financial Statements](index=26&type=section&id=II.%20Financial%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 situation. The consolidated statements show a negative net profit but significantly improved operating cash flow [Consolidated Balance Sheet](index=26&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were RMB 1,769,559,196.78, a slight decrease from the end of the prior year. Total current assets were RMB 1,425,394,654.44, and total current liabilities were RMB 716,025,259.93. Total equity attributable to owners of the parent company was RMB 922,397,221.08 - Total assets at period end were **RMB 1,769,559,196.78**, a **2.05% decrease** from the end of the prior year[22](index=22&type=chunk)[81](index=81&type=chunk) - Net assets attributable to shareholders of the listed company at period end were **RMB 922,397,221.08**, a **4.68% decrease** from the end of the prior year[22](index=22&type=chunk)[83](index=83&type=chunk) - Cash and cash equivalents balance at period end was **RMB 329,978,694.77**, an **18.63% increase** from the beginning of the period[81](index=81&type=chunk) - Inventory balance at period end was **RMB 585,331,770.26**, a **16.64% decrease** from the beginning of the period[81](index=81&type=chunk) [Consolidated Income Statement](index=30&type=section&id=Consolidated%20Income%20Statement) In the first half of 2025, the company's consolidated total operating revenue was RMB 585,585,913.39, a **12.11% year-on-year decrease**. Total profit was -RMB 11,084,439.57, net profit was -RMB 13,081,681.92, and net profit attributable to owners of the parent company was -RMB 8,769,181.62, all turning from profit to loss - Total operating revenue was **RMB 585,585,913.39**, a **12.11% year-on-year decrease**[88](index=88&type=chunk) - Total profit was **-RMB 11,084,439.57**, compared to **RMB 55,211,240.05** in the prior year period, a **120.08% year-on-year decrease**[88](index=88&type=chunk)[90](index=90&type=chunk) - Net profit attributable to owners of the parent company was **-RMB 8,769,181.62**, compared to **RMB 36,826,322.15** in the prior year period, a **123.81% year-on-year decrease**[90](index=90&type=chunk) - Basic and diluted earnings per share were both **-RMB 0.024/share**, compared to **RMB 0.101/share** in the prior year period[90](index=90&type=chunk) [Consolidated Cash Flow Statement](index=33&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's net cash flow from operating activities was RMB 101,716,526.32, a significant improvement from -RMB 185,597,168.39 in the prior year period. Net cash flow from investing activities was -RMB 350,516.81, net cash flow from financing activities was -RMB 78,706,513.46, and the net increase in cash and cash equivalents was RMB 21,874,272.61 - Net cash flow from operating activities was **RMB 101,716,526.32**, compared to **-RMB 185,597,168.39** in the prior year period, turning from negative to positive[96](index=96&type=chunk) - Cash received from sales of goods and rendering of services was **RMB 528,064,668.13**, an **11.16% year-on-year increase**[95](index=95&type=chunk) - Cash paid for goods and services was **RMB 330,694,698.24**, a **39.34% year-on-year decrease**[96](index=96&type=chunk) - Net cash flow from financing activities was **-RMB 78,706,513.46**, a **175.24% year-on-year decrease**[96](index=96&type=chunk) [III. Company Basic Information](index=48&type=section&id=III.%20Company%20Basic%20Information) This section introduces the establishment background, registration information, stock listing status, industry, and main business activities of Zhejiang Jinying Co., Ltd. The company was established in 1994, listed on the SSE in 2000, and primarily engages in R&D, production, and sales of textiles, textile machinery, injection molding machinery, and lithium battery cathode materials - The company was registered and established on September 23, 1994, with the Zhejiang Administration for Industry and Commerce, headquartered in Zhoushan City, Zhejiang Province[113](index=113&type=chunk) - The company's shares were listed and traded on the Shanghai Stock Exchange on June 2, 2000[113](index=113&type=chunk) - The company belongs to the textile industry and special equipment manufacturing industry, with main business activities including R&D, production, and sales of textiles, textile machinery and accessories, injection molding machines and accessories, and lithium battery cathode materials[113](index=113&type=chunk) [IV. Basis of Financial Statement Preparation](index=48&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section states that the company's financial statements are prepared on a going concern basis, and there are no matters or circumstances that would cause significant doubt about its ability to continue as a going concern within 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[114](index=114&type=chunk) - There are no matters or circumstances that would cause significant doubt about the ability to continue as a going concern within 12 months from the end of the reporting period[115](index=115&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=48&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's specific accounting policies and estimates for financial instrument impairment, inventory, depreciation of fixed assets, intangible assets, and revenue recognition, including classification, measurement, and derecognition of financial assets and liabilities, as well as methods for measuring expected credit losses. The company adheres to enterprise accounting standards and uses RMB as its functional currency - The company has formulated specific accounting policies and estimates for financial instrument impairment, inventory, depreciation of fixed assets, intangible assets, and revenue recognition based on its actual production and operation characteristics[116](index=116&type=chunk) - Financial assets are classified at initial recognition into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[128](index=128&type=chunk) - The company performs impairment testing on financial assets measured at amortized cost, debt instrument investments measured at fair value through other comprehensive income, etc., based on expected credit losses[134](index=134&type=chunk) - Fixed assets are depreciated using the straight-line method, with buildings and structures having a depreciation period of **30 years** and an annual depreciation rate of **3.00%-3.20%**[167](index=167&type=chunk) - Revenue recognition principles are based on individual performance obligations within a contract, distinguishing between those fulfilled over time or at a point in time[185](index=185&type=chunk) [VI. Taxes](index=66&type=section&id=VI.%20Taxes) This section lists the company's main tax categories and rates, including VAT, urban maintenance and construction tax, and corporate income tax, and details the VAT and corporate income tax preferential policies enjoyed by the company and its subsidiaries Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services revenue | 13%, 9%, 6%, 5%, 1% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 1%, 5%, 7% | | Corporate Income Tax | Taxable income | 25%, 20%, 15% | | Property Tax | Original value of property or rental income | 1.2%, 12% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - Subsidiary Jiangsu Jinying Silk and Flax Company and Plastic Machinery Company are recognized as high-tech enterprises, enjoying a reduced corporate income tax rate of **15%** for 2024-2026 and 2023-2025 respectively[200](index=200&type=chunk) - Some subsidiaries enjoy small and micro-profit enterprise tax preferential policies, paying corporate income tax at a rate of **20%**[200](index=200&type=chunk) - The company's flax seed production and sales are exempt from VAT[199](index=199&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=67&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, including cash and cash equivalents, notes receivable, accounts receivable, inventory, fixed assets, intangible assets, short-term borrowings, notes payable, accounts payable, employee benefits payable, taxes payable, other payables, long-term borrowings, and deferred income, explaining the period-end balance, beginning-of-period balance, and changes and reasons for each item - Cash and cash equivalents include **RMB 86,779,078.87** in restricted funds, primarily for letter of credit margins, mortgage loan margins, and bank acceptance bill margins[202](index=202&type=chunk)[348](index=348&type=chunk) - Accounts receivable balance at period end was **RMB 431,986,751.33**, with bad debt provision of **RMB 73,665,446.82**, of which **RMB 45,425,517.95** was individually provided for bad debts at a **100% provision rate**[213](index=213&type=chunk) - Inventory book value at period end was **RMB 585,331,770.26**, with inventory impairment provision of **RMB 27,830,659.45**; the reason for reversal or write-off of inventory impairment provision in the current period was mainly inventory consumption or sale[235](index=235&type=chunk)[237](index=237&type=chunk) - Fixed assets book value at period end was **RMB 270,888,473.83**, of which **RMB 56,387,484.96** in buildings and structures had not yet completed property title registration[245](index=245&type=chunk)[249](index=249&type=chunk) - Short-term borrowings balance at period end was **RMB 248,584,501.48**, including mortgage borrowings of **RMB 135,000,000.00** and credit borrowings of **RMB 113,480,601.40**[277](index=277&type=chunk) [VIII. Research and Development Expenses](index=112&type=section&id=VIII.%20Research%20and%20Development%20Expenses) This section lists the company's R&D expenses during the reporting period. The current period's expenditure was RMB 17,604,847.76, all of which was expensed R&D, primarily consisting of employee compensation, material costs, and depreciation expenses R&D Expenses by Nature | Item | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 6,634,131.84 | 6,658,648.46 | | Material Costs | 10,305,134.13 | 15,164,686.58 | | Depreciation Expenses | 530,758.97 | 652,320.76 | | Other Expenses | 134,822.82 | 70,457.79 | | Total | 17,604,847.76 | 22,546,113.59 | | Of which: Expensed R&D | 17,604,847.76 | 22,546,113.59 | | Capitalized R&D | - | - | - All R&D expenses in the current period were expensed, with no capitalized R&D expenses incurred[354](index=354&type=chunk) [IX. Changes in Consolidation Scope](index=113&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) This section states that the company had no changes in consolidation scope during the reporting period, such as business combinations under common control, business combinations not under common control, reverse acquisitions, or disposal of subsidiaries leading to loss of control [X. Equity in Other Entities](index=113&type=section&id=X.%20Equity%20in%20Other%20Entities) This section details the company's equity in subsidiaries, including the composition of the enterprise group, important non-wholly-owned subsidiaries, and their key financial information. The company owns multiple wholly-owned and controlling subsidiaries, covering textile, machinery, new energy materials, and other business areas, and exercises control over some non-wholly-owned subsidiaries [1. Equity in Subsidiaries](index=113&type=section&id=1.%20Equity%20in%20Subsidiaries) Company owns 17 subsidiaries across textiles, machinery, and new energy materials, exercising control over some non-wholly-owned entities like Special Spinning Company despite holding only 43% equity - The company owns **17 subsidiaries**, with businesses covering multiple fields such as textiles, machinery, and new energy materials[357](index=357&type=chunk)[358](index=358&type=chunk) - The company holds **43%** equity in Special Spinning Company but includes it in the consolidation scope due to appointing a majority of directors[357](index=357&type=chunk)[358](index=358&type=chunk) [(2). Important Non-Wholly-Owned Subsidiaries](index=114&type=section&id=(2).Important%20Non-Wholly-Owned%20Subsidiaries) Important non-wholly-owned subsidiaries include Plastic Machinery Company and Jinying Gongchuang Company, with minority shareholder equity ratios of 5% and 39% respectively, and their corresponding profit/loss attributable to minority shareholders Important Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholder Equity Ratio (%) | Profit Attributable to Minority Shareholders in Current Period (RMB) | Dividends Declared to Minority Shareholders in Current Period (RMB) | Minority Shareholder Equity Balance at Period End (RMB) | | :--- | :--- | :--- | :--- | :--- | | Plastic Machinery Company | 5 | 558,489.04 | - | 6,385,068.43 | | Jinying Gongchuang Company | 39 | -5,591,365.89 | - | 30,911,424.69 | [(3). Key Financial Information of Important Non-Wholly-Owned Subsidiaries](index=116&type=section&id=(3).Key%20Financial%20Information%20of%20Important%20Non-Wholly-Owned%20Subsidiaries) Key financial information for important non-wholly-owned subsidiaries, Plastic Machinery Company and Jinying Gongchuang Company, details their total assets, operating revenue, net profit, and operating cash flow at period end Key Financial Information of Important Non-Wholly-Owned Subsidiaries at Period End | Subsidiary Name | Total Assets (RMB) | Total Liabilities (RMB) | Operating Revenue (RMB) | Net Profit (RMB) | Operating Activities Cash Flow (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Plastic Machinery Company | 417,733,170.59 | 290,031,801.95 | 151,979,750.06 | 11,169,780.76 | -54,095,262.69 | | Jinying Gongchuang Company | 171,200,346.85 | 91,940,283.54 | 179,302,639.85 | -14,336,835.61 | -19,119,070.38 | [XI. Government Grants](index=117&type=section&id=XI.%20Government%20Grants) This section discloses government grants received, with RMB 775,437.51 in asset-related deferred income and RMB 850,416.13 in total grants recognized in non-operating income for the current period Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (RMB) | New Grants in Current Period (RMB) | Amount Recognized in Non-Operating Income in Current Period (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Ending Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 873,931.31 | - | - | 98,493.80 | 775,437.51 | Asset-related | | Income-related Government Grants | - | 751,922.33 | - | 751,922.33 | - | Income-related | | Total | 873,931.31 | 751,922.33 | - | 850,416.13 | 775,437.51 | / | Government Grants Recognized in Current Profit or Loss | Type | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Asset-related | 98,493.80 | 139,828.80 | | Income-related | 751,922.33 | 1,736,635.10 | | Total | 850,416.13 | 1,876,463.90 | [XII. Risks Related to Financial Instruments](index=118&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section explains the company's financial instrument-related risks, primarily including credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk). The company manages these risks through credit assessment, bank credit lines, optimizing financing structure, and foreign currency trading to balance risk and return - The company faces financial instrument risks primarily including credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)[368](index=368&type=chunk)[371](index=371&type=chunk) - Credit risk management is conducted by assessing significant increases in financial instrument credit risk, defining default, and measuring expected credit losses[368](index=368&type=chunk)[369](index=369&type=chunk) - Liquidity risk is controlled by comprehensively utilizing various financing methods such as bill settlement and bank borrowings, and adopting an appropriate combination of long-term and short-term financing[371](index=371&type=chunk) - Foreign exchange risk is managed by buying and selling foreign currencies at market exchange rates when necessary, ensuring net risk exposure remains at an acceptable level[371](index=371&type=chunk) [XIII. Disclosure of Fair Value](index=120&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of the company's assets and liabilities measured at fair value at period end. Accounts receivable financing uses the cost method to determine fair value, as its remaining term is short, and the book balance is close to fair value Fair Value Measurement Items at Period End | Item | Level 1 Fair Value Measurement (RMB) | Level 2 Fair Value Measurement (RMB) | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | - | 83,057,758.53 | - | 83,057,758.53 | | Total Assets Measured at Fair Value on a Recurring Basis | - | 83,057,758.53 | - | 83,057,758.53 | - Accounts receivable financing has a short remaining term, and its book balance is close to fair value, thus the cost method is used to determine its fair value[377](index=377&type=chunk) [XIV. Related Parties and Related Party Transactions](index=122&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section details the company's parent company, subsidiaries, other related parties, and related party transactions during the reporting period, including purchase and sale of goods, related party leases, related party guarantees, and related party fund borrowings, and lists outstanding items such as accounts receivable from and payable to related parties [1. Parent Company Information](index=122&type=section&id=1.%20Parent%20Company%20Information) Company's parent is Zhejiang Jinying Group Co., Ltd., holding 50.25% of shares and voting rights, with Fu Guoding as the ultimate controlling party - Parent company name is Jinying Group Co., Ltd., registered in Zhoushan, Zhejiang, with business nature of industrial investment and registered capital of **RMB 158 million**[380](index=380&type=chunk) - The parent company holds **50.25%** of the company's shares and voting rights[380](index=380&type=chunk) - The company's ultimate controlling party is Fu Guoding[380](index=380&type=chunk) [2. Subsidiary Information](index=122&type=section&id=2.%20

江苏恒兴新材料科技股份有限公司2025 年半年度报告 公司代码：603276 公司简称：恒兴新材 江苏恒兴新材料科技股份有限公司 2025 年半年度报告 四、 公司负责人王恒秀、主管会计工作负责人周红云及会计机构负责人（会计主管人员）周红 云声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 □适用 √不适用 1 / 180 江苏恒兴新材料科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 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 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险，公司已在报告中详细描 述 ...

Section I Definitions This section provides definitions for key terms and entities used throughout the report - The reporting period refers to January 1, 2025, to June 30, 2025[16](index=16&type=chunk) - The report defines key entities including the China Securities Regulatory Commission, Shanghai Stock Exchange, Henan Investment Group, the Company (Ancai Hi-Tech), and its various subsidiaries (e.g., Ancai Photovoltaic New Materials, Ancai Solar Thermal Technology, Ancai Energy)[16](index=16&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section provides the company's basic registration information, including its Chinese name, abbreviation, foreign name, and legal representative | Indicator | Content | | :--- | :--- | | Company Chinese Name | 河南安彩高科股份有限公司 | | Company Chinese Abbreviation | 安彩高科 | | Company Foreign Name | HENAN ANCAI HI-TECHCO.,LTD. | | Company Legal Representative | Xu Dongwei | [II. Contact Person and Contact Information](index=4&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section lists the contact information for the company's Board Secretary and Securities Affairs Representative, facilitating communication for investors and relevant parties | Position | Name | Contact Number | Email Address | | :--- | :--- | :--- | :--- | | Board Secretary | Wang Lu | 0372-3732533 | achtzqb@acht.com.cn | | Securities Affairs Representative | Yang Dongying | 0372-3732533 | achtzqb@acht.com.cn | [III. Brief Introduction to Changes in Basic Information](index=4&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section introduces the company's registered address, office address, and postal code, noting no changes occurred during the reporting period - The company's registered and office address is South Section, Zhongzhou Road, Anyang City, Henan Province, postal code 455000[15](index=15&type=chunk) - There were no changes in the company's basic information during the reporting period[15](index=15&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section specifies the company's designated information disclosure newspaper, website address, and report custody location, indicating no changes during the reporting period - The company's selected information disclosure newspaper is "Shanghai Securities News," and the website for semi-annual reports is www.sse.com.cn[17](index=17&type=chunk) - The company's semi-annual report is kept at Henan Ancai Hi-Tech Co., Ltd., South Section, Zhongzhou Road, Anyang City, Henan Province[17](index=17&type=chunk) - There were no changes in information disclosure and document custody locations during the reporting period[17](index=17&type=chunk) [V. Company Stock Profile](index=5&type=section&id=V.%20Company%20Stock%20Profile) This section provides basic information about the company's stock, including stock type, listing exchange, stock abbreviation, and code | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Ancai Hi-Tech | 600207 | [VII. Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing a significant decline in performance, turning from profit to loss, primarily due to substantial price drops in photovoltaic glass and float glass products - During the reporting period, the company's operating revenue decreased by **30.56% year-on-year**, total profit decreased by **871.65% year-on-year**, net profit attributable to shareholders of the listed company decreased by **2194.75% year-on-year**, and net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses decreased by **1128.93% year-on-year**[20](index=20&type=chunk) - Basic and diluted earnings per share decreased by **2204.26% year-on-year**, turning from profit to loss[20](index=20&type=chunk) - The loss was primarily due to a **31% year-on-year decrease** in photovoltaic glass product prices and an **11% year-on-year decrease** in float glass product sales volume with a **33% year-on-year price drop**, leading to a significant reduction in operating revenue[22](index=22&type=chunk) 2025 Semi-Annual Key Accounting Data (Consolidated Statements) | Indicator | Current Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | Current Period vs. Prior Year Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,741,903,802.43 | 2,508,420,569.65 | -30.56 | | Total Profit | -251,633,633.01 | 32,609,677.27 | -871.65 | | Net Profit Attributable to Shareholders of the Listed Company | -215,485,367.44 | 10,286,948.65 | -2,194.75 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-recurring Gains and Losses | -224,683,033.34 | 21,836,502.34 | -1,128.93 | | Net Cash Flow from Operating Activities | -169,708,663.17 | -210,122,527.53 | - | | Net Assets Attributable to Shareholders of the Listed Company (Period-end) | 2,535,785,635.37 | 2,750,664,962.35 | -7.81 | | Total Assets (Period-end) | 6,637,399,591.53 | 6,556,711,603.16 | 1.23 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicator | Current Period (Jan-Jun) | Prior Year Period | Current Period vs. Prior Year Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.1978 | 0.0094 | -2,204.26 | | Diluted Earnings Per Share (yuan/share) | -0.1978 | 0.0094 | -2,204.26 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (yuan/share) | -0.2063 | -0.0082 | - | | Weighted Average Return on Net Assets (%) | -8.15 | 0.33 | -8.48 | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | -8.50 | -0.29 | - | [IX. Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the company's non-recurring gains and losses items and their amounts for the reporting period, totaling **9.20 million yuan**, primarily comprising government subsidies and non-operating income and expenses 2025 Semi-Annual Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 14,451.30 | | Government subsidies included in current profit and loss | 18,391,035.12 | | Other non-operating income and expenses apart from the above | -1,513,913.61 | | Less: Income tax impact | 4,067,536.47 | | Impact of minority interests (after tax) | 3,626,370.44 | | **Total** | **9,197,665.90** | Section III Management Discussion and Analysis [I. Description of the Company's Industry and Main Business During the Reporting Period](index=7&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) This section details the operating models and market conditions of the company's main businesses (photovoltaic glass, float glass, pharmaceutical glass, and natural gas), noting overcapacity and price pressure in photovoltaic and float glass, while pharmaceutical and solar thermal glass offer growth opportunities - The company's main businesses include photovoltaic glass, float glass, pharmaceutical glass, and natural gas[25](index=25&type=chunk) - The photovoltaic glass business primarily engages in the R&D, production, and sales of encapsulation glass for PV modules, featuring high light transmittance and low absorption/reflection, mainly sold to leading domestic and international PV module manufacturers[25](index=25&type=chunk) - The float glass business focuses on the R&D, manufacturing, and sales of ultra-clear float glass and solar thermal glass, with products used in high-end architecture and solar thermal power stations, making the company one of the few domestic enterprises capable of mass-producing solar thermal glass[26](index=26&type=chunk) - The pharmaceutical glass business primarily engages in the R&D, manufacturing, and sales of low and medium borosilicate pharmaceutical glass tubes and vials, with medium borosilicate glass being the global mainstream pharmaceutical packaging material, and the company has achieved independent mass production of medium borosilicate glass tubes[26](index=26&type=chunk) - The natural gas business operates natural gas transportation services for the Yu-North branch line and the Yuji pipeline, covering 4 cities and 14 counties in the Yu-North region, with main customers being city gas companies and industrial enterprises, generating revenue from natural gas pipeline transportation fees[27](index=27&type=chunk)[28](index=28&type=chunk) [(II) Industry Overview](index=8&type=section&id=(II)%20Industry%20Overview) This section analyzes market dynamics across the photovoltaic glass, float glass, pharmaceutical glass, and natural gas industries, highlighting overcapacity and price pressure in PV, weak demand for float glass, growth opportunities in pharmaceutical and solar thermal glass, and a generally subdued natural gas market - Photovoltaic glass industry: In the first half of 2025, domestic new PV installations reached **212 GW**, a **99.3% year-on-year increase**, but the industry faces structural overcapacity and continuous product price declines; as of June 2025, China's PV glass capacity was **92,000 tons/day**, a **19.79% decrease** from the prior year period[28](index=28&type=chunk)[29](index=29&type=chunk) - Float glass business: The real estate market continued its adjustment, with development investment decreasing by **11.2% year-on-year** and new commercial housing sales area decreasing by **3.5% year-on-year** in the first half, leading to weak demand and price pressure for float glass; the company's ultra-clear float glass capacity is **600 tons/day**[30](index=30&type=chunk) - Solar thermal glass business: The solar thermal power generation industry grew steadily in the first half, with over 50 "solar thermal+" projects completed, under construction, or in progress, totaling over **5 GW** of installed capacity, giving the company a first-mover advantage as one of the few mass producers of solar thermal glass[30](index=30&type=chunk) - Pharmaceutical glass business: Medium borosilicate glass is the global mainstream pharmaceutical packaging material, and the domestic market is experiencing a window for medium borosilicate substitution, with the localization process expected to accelerate; the company has 4 pharmaceutical glass kilns and supporting production lines, capable of annually producing **10,000 tons** of brown and colorless medium borosilicate glass tubes, **14,000 tons** of low borosilicate colorless pharmaceutical glass tubes, **300 million** controlled injection vials, and **500 million** ampoules[31](index=31&type=chunk) - Natural gas business: In the first half, the domestic natural gas market generally operated weakly, with apparent consumption decreasing by **0.9% year-on-year**; the natural gas market in the Yu-North region experienced oversupply[32](index=32&type=chunk) [II. Discussion and Analysis of Operating Conditions](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Conditions) Facing industry downturns and sharp product price drops, the company achieved operating revenue of **1.742 billion yuan** and a net loss of **215 million yuan** in the first half, responding to challenges through stable production, quality and efficiency improvements, market focus, and cost reduction measures - In the first half, the company achieved operating revenue of **1.742 billion yuan** and a net loss of **215 million yuan**[32](index=32&type=chunk) - The company stabilized production and improved quality and efficiency by optimizing product formulations, strictly controlling product quality, and expanding product application scenarios (e.g., adding backsheet four-hole and greenhouse glass products)[32](index=32&type=chunk) - Market strategies include deepening cooperation with leading downstream module manufacturers, increasing production and sales of ultra-thin photovoltaic glass, expanding sales of differentiated products, steadily broadening overseas markets (with a year-on-year increase in overseas sales), and exploring new natural gas trade models[33](index=33&type=chunk) - Cost reduction and efficiency improvement measures include enhancing human resource efficiency, optimizing procurement processes, tackling technical reforms, driving innovation, and implementing supply chain extension projects (e.g., silicon-based new materials project to reduce quartz sand raw material prices, sodium antimonate project to optimize production processes)[33](index=33&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=9&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies lie in its technological innovation, talent advantages, and resource and energy strengths, possessing multiple patents and technical centers, a full product chain, and leveraging its subsidiary Ancai Energy's natural gas pipeline business for a "glass + natural gas" synergistic development model to ensure fuel cost advantages - The company has over 20 years of experience in electronic glass manufacturing and over 10 years in photovoltaic glass manufacturing, with a postdoctoral research workstation, a national-level enterprise technology center, and a municipal-level photovoltaic glass coating engineering research center[34](index=34&type=chunk) - During the reporting period, **15 patent applications** (including 2 invention patents) were filed, **23 patents** were granted, and a total of **197 valid authorized patents** (including 26 invention patents) are held[34](index=34&type=chunk) - The company masters photovoltaic glass production technology, capable of double-layer coating, backsheet glass screen printing, drilling technology, and producing products with thicknesses from **1.6mm to 5.0mm**, being one of the few domestic enterprises capable of mass-producing solar thermal glass, and independently completing core key technology R&D for medium borosilicate pharmaceutical glass[34](index=34&type=chunk) - The company boasts an experienced technical team and a high-caliber management team, cultivating talent through cooperation with universities and research institutes, and establishing a glass research institute to attract high-end professionals[36](index=36&type=chunk) - The controlling subsidiary, Ancai Energy, operates natural gas pipeline transportation, forming a "multi-gas, complementary" gas supply structure, and building a "glass + natural gas" synergistic development model to ensure fuel cost advantages[36](index=36&type=chunk) [IV. Major Operating Conditions During the Reporting Period](index=10&type=section&id=IV.%20Major%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section analyzes the reasons for changes in key financial statement items during the reporting period and provides a detailed explanation of asset and liability conditions, with operating revenue decline primarily due to a significant drop in photovoltaic glass prices, and changes in net cash flow from operating activities related to reduced cash inflows and outflows - Reason for change in operating revenue: A significant decrease in the price of the main product, photovoltaic glass, during the reporting period[38](index=38&type=chunk) - Reason for change in operating costs: Decreased raw material prices and significant effects of cost reduction measures during the reporting period[38](index=38&type=chunk) - Reason for change in R&D expenses: Reduced R&D investment due to the implementation phase of R&D projects during the reporting period[38](index=38&type=chunk) - Reason for change in net cash flow from operating activities: Decreased cash inflows and outflows from operating activities during the reporting period[38](index=38&type=chunk) Major Financial Statement Item Change Analysis | Item | Current Period (CNY) | Prior Year Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,741,903,802.43 | 2,508,420,569.65 | -30.56 | | Operating Costs | 1,804,317,101.29 | 2,274,366,259.84 | -20.67 | | Selling Expenses | 15,388,640.94 | 22,301,635.88 | -31.00 | | Administrative Expenses | 74,780,784.67 | 76,209,276.17 | -1.87 | | Financial Expenses | 41,952,210.97 | 39,071,582.17 | 7.37 | | R&D Expenses | 47,683,148.50 | 66,072,546.70 | -27.83 | | Net Cash Flow from Operating Activities | -169,708,663.17 | -210,122,527.53 | - | | Net Cash Flow from Investing Activities | -44,601,646.01 | -134,794,584.17 | - | | Net Cash Flow from Financing Activities | 595,869,257.39 | 313,130,748.83 | - | [(III) Analysis of Assets and Liabilities](index=10&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) This section analyzes the changes in the company's period-end assets and liabilities, noting significant increases in monetary funds, accounts receivable financing, notes payable, and long-term borrowings, while notes receivable and long-term payables decreased Asset and Liability Status Changes | Item Name | Current Period-end Amount (CNY) | Proportion of Total Assets (%) | Prior Year-end Amount (CNY) | Proportion of Total Assets at Prior Year-end (%) | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 805,395,108.07 | 12.13 | 498,148,427.78 | 7.60 | 61.68 | New borrowings received during the reporting period | | Notes Receivable | 19,248,532.23 | 0.29 | 115,082,946.98 | 1.76 | -83.27 | Decrease in commercial acceptance bills received during the reporting period | | Accounts Receivable Financing | 307,083,241.70 | 4.63 | 219,588,192.39 | 3.35 | 39.85 | Increase in bank acceptance bills received during the reporting period | | Deferred Income Tax Assets | 74,839,013.09 | 1.13 | 57,316,482.39 | 0.87 | 30.57 | Increase in deductible temporary differences arising from deductible losses during the reporting period | | Notes Payable | 467,800,935.63 | 7.05 | 334,494,483.38 | 5.10 | 39.85 | Increase in notes payable during the reporting period | | Long-term Borrowings | 1,659,075,968.92 | 25.00 | 1,249,464,498.72 | 19.06 | 32.78 | New long-term borrowings during the reporting period | | Long-term Payables | 55,594,142.54 | 0.84 | 83,082,656.27 | 1.27 | -33.09 | Repayment of finance lease during the reporting period | [V. Other Disclosures](index=12&type=section&id=V.%20Other%20Disclosures) This section discloses the company's operational, policy, price, environmental, and exchange rate risks, outlining measures such as strengthening customer credit assessment, product innovation, cost reduction, marketing strategy adjustments, and foreign exchange tools to mitigate these risks - Operational risk: The photovoltaic glass business has a large amount of accounts receivable, potentially facing bad debt and liquidity risks, which the company will mitigate by strengthening customer credit assessment and management[44](index=44&type=chunk) - Policy risk: Market-oriented reform of new energy on-grid tariffs may intensify industry competition, leading to low or declining product prices, which the company will address by closely monitoring policy trends, promoting product innovation, and reducing costs and increasing efficiency[44](index=44&type=chunk)[46](index=46&type=chunk) - Price risk: Photovoltaic glass and medium borosilicate pharmaceutical glass product prices have significantly decreased due to supply-demand mismatch, which the company will counter through internal potential tapping, cost reduction, and adjusting marketing strategies[46](index=46&type=chunk) - Environmental risk: Emission standards for atmospheric pollutants in the glass industry are increasingly stringent, and the company's subsidiaries have been rated as A-level environmental performance enterprises, continuing to strengthen environmental technology control[46](index=46&type=chunk) - Exchange rate risk: High export sales of photovoltaic glass products make them susceptible to exchange rate fluctuations, which the company will mitigate by timely foreign exchange settlement, improving export collection efficiency, and utilizing various foreign exchange tools[47](index=47&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management of the Company](index=13&type=section&id=I.%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management%20of%20the%20Company) During the reporting period, there were changes in the company's board of directors and supervisory board members, including the election and resignation of the chairman, directors, and supervisors, as well as the appointment of a deputy general manager - At the end of December 2024, Mr. He Yimin, Chairman, and Mr. Zhang Zhen, Director and General Manager, resigned[50](index=50&type=chunk) - On January 16, 2025, Mr. Xu Dongwei and Mr. Yang Jianxin were elected as directors of the company's Eighth Board of Directors[50](index=50&type=chunk) - On February 20, 2025, Mr. Lv Jianguang was appointed as the company's Deputy General Manager[50](index=50&type=chunk) - In March 2025, Ms. Kou Liuxiu, Supervisor, resigned, and on June 19, 2025, Mr. Li Wang was elected as a supervisor of the company's Eighth Supervisory Board[50](index=50&type=chunk) Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Xu Dongwei | Chairman | Election | | He Yimin | Chairman | Resignation | | Yang Jianxin | Director | Election | | Lv Jianguang | Deputy General Manager | Appointment | | Zhang Zhen | Director | Resignation | | Li Wang | Supervisor | Election | | Kou Liuxiu | Supervisor | Resignation | [II. Profit Distribution or Capital Reserve Conversion Plan](index=14&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's board of directors resolved that the profit distribution plan or capital reserve conversion plan for the current reporting period is not applicable, meaning no profit distribution or capital reserve conversion will be carried out - The profit distribution plan or capital reserve conversion plan for the current reporting period is not applicable[6](index=6&type=chunk) Semi-Annual Proposed Profit Distribution Plan, Capital Reserve Conversion Plan | Indicator | Content | | :--- | :--- | | Is there a distribution or conversion | No | | Number of bonus shares per 10 shares (shares) | 0 | | Dividend per 10 shares (CNY) (tax included) | 0 | | Number of shares converted from capital reserve per 10 shares (shares) | 0 | [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=14&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company and its 5 major subsidiaries are included in the list of enterprises required to disclose environmental information by law, with corresponding inquiry indexes provided, demonstrating the company's compliance in environmental information disclosure - A total of **5** of the company's enterprises are included in the list of enterprises required to disclose environmental information by law[52](index=52&type=chunk) Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law | No. | Enterprise Name | Inquiry Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Henan Ancai Photovoltaic New Materials Co., Ltd. | http://222.143.24.250:8247/enpInfo/enpOverview?enterId=91410506MA4697MLXC001V | | 2 | Henan Ancai Solar Thermal Technology Co., Ltd. | http://222.143.24.250:8247/enpInfo/enpOverview?enterId=91410506MA9FJP9T3D001V | | 3 | Xuchang Ancai Xinneng Technology Co., Ltd. | http://222.143.24.250:8247/enpInfo/enpOverview?enterId=91411025MA9G3CGX9W001P | | 4 | Jiaozuo Ancai New Materials Co., Ltd. | http://222.143.24.250:8247/enpInfo/enpOverview?enterId=91410822MA9GCCUQXB001L | | 5 | Henan Ancai Hi-Tech Co., Ltd. (Medium Borosilicate Pharmaceutical Glass Project) | http://222.143.24.250:8247/enpInfo/enpOverview?enterId=9141000070678656XY001P | [I. Specific Work on Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, etc.](index=15&type=section&id=I.%20Specific%20Work%20on%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements,%20Rural%20Revitalization%20etc.) The company actively fulfills its social responsibilities by driving local industrial development, deepening community co-construction and co-governance, and organizing party member volunteer activities to consolidate poverty alleviation achievements and contribute to rural revitalization - The company drove the development of surrounding industries by procuring **8.82 million yuan** in wooden packaging materials and **21.52 million yuan** in other packaging materials[54](index=54&type=chunk) - The company thoroughly implemented the "three-double" mechanism, conducted visits and慰问 activities for party members in difficulty with Guangming Community, and organized party member volunteers to carry out a themed practice activity titled "Party Building Leads 'Three-Double' Mechanism to Activate New Momentum for Community Governance"[54](index=54&type=chunk) Section V Important Matters [I. Fulfillment of Commitments](index=16&type=section&id=I.%20Fulfillment%20of%20Commitments) This section discloses the fulfillment of commitments by the company's actual controller and controlling shareholder regarding related party transactions, horizontal competition, and company independence, indicating all commitments were timely and strictly fulfilled - The actual controller, Henan Provincial Department of Finance, committed to regulating related party transactions with Ancai Hi-Tech and its subsidiaries, adhering to fair and reasonable market pricing principles, which was timely and strictly fulfilled during the reporting period[56](index=56&type=chunk) - The actual controller, Henan Provincial Department of Finance, committed not to engage in or participate in businesses or activities that compete with Ancai Hi-Tech's main business, and to transfer business opportunities to Ancai Hi-Tech, which was timely and strictly fulfilled during the reporting period[56](index=56&type=chunk) - The actual controller, Henan Provincial Department of Finance, committed to maintaining Ancai Hi-Tech's independence in business, personnel, assets, finance, and organization, which was timely and strictly fulfilled during the reporting period[57](index=57&type=chunk) - The controlling shareholder, Henan Investment Group, committed not to engage in businesses that substantially compete with Ancai Hi-Tech, and to follow the principle of Ancai Hi-Tech's priority, which was timely and strictly fulfilled during the reporting period[57](index=57&type=chunk) - The controlling shareholder, Henan Investment Group, committed to allowing Ancai Hi-Tech to use 813 mu of industrial land and some above-ground properties in the current factory area free of charge before Ancai Hi-Tech completes its relocation, which was timely and strictly fulfilled during the reporting period[57](index=57&type=chunk) [IX. Statement on the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=18&type=section&id=IX.%20Statement%20on%20the%20Integrity%20Status%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) This section states that during the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts, indicating a good integrity status - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts[59](index=59&type=chunk) [X. Significant Related Party Transactions](index=18&type=section&id=X.%20Significant%20Related%20Party%20Transactions) This section discloses related party transactions and related party creditor-debt relationships arising from daily operations during the reporting period, including rooftop leases, labor outsourcing, logistics transportation, material procurement, technical services, and entrusted loans, noting that relevant transactions have been disclosed in temporary announcements - The company and its subsidiaries signed a rooftop lease agreement with Henan Provincial Investment Smart Energy to invest in and construct distributed photovoltaic power generation projects using factory rooftop resources, with the company enjoying preferential electricity prices[60](index=60&type=chunk) - The company and its subsidiaries outsourced some packaging, loading, and unloading, and other production support services to Henan Talent Group Co., Ltd. and its subsidiaries, which also provided recruitment, training, and consulting services[60](index=60&type=chunk) - The company's subsidiary signed a logistics transportation service agreement with Dahe Zhiyun Logistics (Henan) Co., Ltd., which provided some logistics transportation services[60](index=60&type=chunk) - The company's subsidiary Ancai Semiconductor signed a procurement agreement with Henan High Purity Mineral Technology Co., Ltd. to purchase high-purity quartz sand materials[60](index=60&type=chunk) - The company's subsidiary signed a technical service agreement with Henan Huirong Digital Technology Co., Ltd., which provided data and monitoring system construction and other services[60](index=60&type=chunk) - The company's subsidiary Xuchang Ancai purchased natural gas from related party Henan Ancai Gas Co., Ltd[60](index=60&type=chunk) - The company applied to its controlling shareholder, Henan Investment Group, for a **100 million yuan** entrusted loan facility for 2025, with the entrusted loan balance being **0 yuan** as of June 30, 2025[64](index=64&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=20&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This section discloses the company's significant leasing matters and significant guarantees during the reporting period, with the company providing funding for Jiaozuo Ancai and Ancai Solar Thermal Technology projects through finance leases and offering guarantees for its subsidiaries - Jiaozuo Ancai applied for a **236.32 million yuan** finance lease credit line from CMB Financial Leasing Co., Ltd., with a lease term of 5 years, and the company provided joint and several liability guarantees[66](index=66&type=chunk) - Ancai Solar Thermal Technology applied for a total finance amount of **300 million yuan** from BOCOM Financial Leasing Co., Ltd., with a lease term of 5 years, and Henan Investment Group Co., Ltd. provided joint and several liability guarantees[67](index=67&type=chunk) Company's Guarantees for Subsidiaries | Indicator | Amount (CNY) | | :--- | :--- | | Total guarantee amount for subsidiaries incurred during the reporting period | 1,151,036.70 | | Total guarantee balance for subsidiaries at the end of the reporting period (B) | 124,184,249.95 | | Total guarantee amount (A+B) | 124,184,249.95 | | Total guarantee amount as a percentage of the company's net assets (%) | 4.90 | | Debt guarantees provided directly or indirectly for guaranteed parties with asset-liability ratio exceeding 70% (D) | 31,903,740.00 | | Total of the above three guarantee amounts (C+D+E) | 31,903,740.00 | Section VI Changes in Shares and Shareholder Information [I. Changes in Share Capital](index=21&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[71](index=71&type=chunk) [II. Shareholder Information](index=21&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **48,553** common shareholders, with Henan Investment Group Co., Ltd. remaining the largest shareholder, holding **41.00%** of shares and having pledged a portion of its shares - As of the end of the reporting period, the total number of common shareholders was **48,553**[72](index=72&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-end | Proportion (%) | Pledged, Marked, or Frozen Status (Share Status / Quantity) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Henan Investment Group Co., Ltd. | 446,595,338 | 41.00 | Pledged / 85,000,000 | State-owned Legal Person | | Fuding Electronic Technology (Jiashan) Co., Ltd. | 147,012,578 | 13.50 | None | Domestic Non-state-owned Legal Person | | Xuchang State-owned Industrial Investment Co., Ltd. | 26,069,767 | 2.39 | None | State-owned Legal Person | | Zhengzhou Investment Holding Co., Ltd. | 17,345,496 | 1.59 | None | State-owned Legal Person | | Liao Qiang | 14,924,454 | 1.37 | None | Unknown | | Xiangjiang Industrial Investment Co., Ltd. | 7,260,137 | 0.67 | None | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 5,371,653 | 0.49 | None | Other | | Qian Jun | 5,180,000 | 0.48 | None | Unknown | | Gao Bingxian | 3,765,970 | 0.35 | None | Unknown | | Zhou Jianping | 3,604,598 | 0.33 | None | Unknown | - There is no associated relationship or concerted action, as defined by the "Measures for the Administration of Listed Company Acquisitions," between the company's controlling shareholder, Henan Investment Group, and the other top 9 unrestricted shareholders[74](index=74&type=chunk) Section VII Bond-Related Information - The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period[76](index=76&type=chunk) - The company had no convertible corporate bonds during the reporting period[76](index=76&type=chunk) Section VIII Financial Report [II. Financial Statements](index=24&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position and operating results [Consolidated Balance Sheet](index=24&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **6.64 billion yuan**, an increase of **1.23%** from the end of the prior year; consolidated total liabilities were **3.996 billion yuan**, an increase of **8.84%** from the end of the prior year; and net assets attributable to shareholders of the listed company were **2.54 billion yuan**, a decrease of **7.81%** from the end of the prior year Consolidated Balance Sheet Key Data | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Monetary Funds | 805,395,108.07 | 498,148,427.78 | | Notes Receivable | 19,248,532.23 | 115,082,946.98 | | Accounts Receivable | 826,456,010.82 | 933,228,492.31 | | Accounts Receivable Financing | 307,083,241.70 | 219,588,192.39 | | Inventories | 345,620,402.97 | 374,954,080.28 | | Total Current Assets | 2,563,783,599.11 | 2,396,593,171.61 | | Fixed Assets | 3,024,995,111.13 | 3,208,475,073.73 | | Construction in Progress | 445,942,095.76 | 352,909,406.87 | | Intangible Assets | 358,913,844.91 | 363,999,728.94 | | Total Assets | 6,637,399,591.53 | 6,556,711,603.16 | | Short-term Borrowings | 300,955,890.04 | 254,684,811.92 | | Notes Payable | 467,800,935.63 | 334,494,483.38 | | Accounts Payable | 490,538,677.83 | 679,989,618.27 | | Total Current Liabilities | 2,202,863,150.04 | 2,263,375,639.33 | | Long-term Borrowings | 1,659,075,968.92 | 1,249,464,498.72 | | Total Liabilities | 3,996,420,705.66 | 3,671,756,597.14 | | Total Owners' Equity Attributable to Parent Company | 2,535,785,635.37 | 2,750,664,962.35 | | Total Owners' Equity | 2,640,978,885.87 | 2,884,955,006.02 | [Consolidated Income Statement](index=28&type=section&id=Consolidated%20Income%20Statement) In the first half of 2025, the company's consolidated total operating revenue was **1.742 billion yuan**, a **30.56% year-on-year decrease**; net profit was **-242 million yuan**, compared to a profit of **14.26 million yuan** in the prior year period, turning from profit to loss; net profit attributable to parent company shareholders was **-215 million yuan** Consolidated Income Statement Key Data | Item | 2025 Semi-Annual (CNY) | 2024 Semi-Annual (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 1,741,903,802.43 | 2,508,420,569.65 | | Total Operating Costs | 2,000,786,408.40 | 2,495,338,838.22 | | Operating Profit | -250,134,170.70 | 28,073,166.88 | | Total Profit | -251,633,633.01 | 32,609,677.27 | | Income Tax Expense | -9,345,766.57 | 18,350,365.26 | | Net Profit | -242,287,866.44 | 14,259,312.00 | | Net Profit Attributable to Parent Company Shareholders | -215,485,367.44 | 10,286,948.65 | | Minority Interest Income/Loss | -26,802,499.00 | 3,972,363.35 | | Basic Earnings Per Share (yuan/share) | -0.1978 | 0.0094 | | Diluted Earnings Per Share (yuan/share) | -0.1978 | 0.0094 | [Consolidated Cash Flow Statement](index=31&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's net cash flow from operating activities was **-170 million yuan**, an improvement from the prior year period; net cash flow from investing activities was **-44.60 million yuan**, with reduced outflows; and net cash flow from financing activities was **596 million yuan**, a significant year-on-year increase Consolidated Cash Flow Statement Key Data | Item | 2025 Semi-Annual (CNY) | 2024 Semi-Annual (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -169,708,663.17 | -210,122,527.53 | | Net Cash Flow from Investing Activities | -44,601,646.01 | -134,794,584.17 | | Net Cash Flow from Financing Activities | 595,869,257.39 | 313,130,748.83 | | Net Increase in Cash and Cash Equivalents | 380,809,191.83 | -28,704,074.32 | | Cash and Cash Equivalents at Period-end | 637,218,419.52 | 302,810,645.02 | [III. Company Basic Information](index=40&type=section&id=III.%20Company%20Basic%20Information) This section provides a basic overview of the company, including its establishment date, registered location, headquarters office address, listing status, and main business scope - Henan Ancai Hi-Tech Co., Ltd. was established on September 21, 1998, with its registered and headquarters office address both located in the South Section, Zhongzhou Road, Anyang City, Henan Province[103](index=103&type=chunk) - The company's RMB ordinary A-shares are listed on the Shanghai Stock Exchange[103](index=103&type=chunk) - The company's main businesses include the production and sales of photovoltaic glass, float glass, pharmaceutical glass, and natural gas procurement and sales[103](index=103&type=chunk) [IV. Basis for Preparation of Financial Statements](index=40&type=section&id=IV.%20Basis%20for%20Preparation%20of%20Financial%20Statements) This section states that the company's financial statements are prepared on a going concern basis and evaluates its going concern ability during the reporting period, finding no significant doubts - The company's financial statements are prepared on a going concern basis[104](index=104&type=chunk) - The Group evaluated its going concern ability for the six months from January 1, 2025, and found no matters or circumstances that raise significant doubts about its ability to continue as a going concern[105](index=105&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=40&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the enterprise accounting standards, significant accounting policies, and accounting estimates followed by the company in preparing its financial statements, covering financial instruments, inventories, fixed assets, intangible assets, revenue recognition, government grants, and other aspects to ensure the truthfulness and completeness of financial information - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position[107](index=107&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, with a 12-month operating cycle[108](index=108&type=chunk)[109](index=109&type=chunk) - The company's functional currency is RMB[110](index=110&type=chunk) - The company classifies and measures financial assets, including those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[119](index=119&type=chunk) - The company applies simplified measurement methods for accounts receivable and contract assets, measuring loss provisions at an amount equal to the expected credit losses over the entire lifetime[125](index=125&type=chunk) - The company depreciates fixed assets using the straight-line method, with depreciation periods of 20 years for buildings, 4-10 years for machinery and equipment, and 30 years for gas pipelines[154](index=154&type=chunk) - The company's intangible assets include land use rights and software, measured at actual cost upon acquisition, with land use rights amortized over the concession period and software amortized over its estimated useful life[159](index=159&type=chunk) - The company's revenue recognition principle is to recognize revenue when performance obligations in a contract are satisfied, i.e., when the customer obtains control of the related goods or services[175](index=175&type=chunk) [VI. Taxes](index=58&type=section&id=VI.%20Taxes) This section details the main tax categories and rates for the company and its subsidiaries, disclosing multiple tax incentives, including immediate VAT refund, high-tech enterprise income tax benefits, inclusive tax reductions for small and micro enterprises, additional VAT deductions for advanced manufacturing enterprises, "three-year exemption, three-year half reduction" corporate income tax benefits, and R&D expense super deduction Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods or provision of taxable services | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7% | | Enterprise Income Tax | Actual amount of turnover tax paid | 25%, 20%, 15% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - Subsidiaries such as Henan Ancai Energy Co., Ltd. enjoy the immediate VAT refund policy for pipeline transportation services[194](index=194&type=chunk) - Subsidiaries such as Henan Ancai Photovoltaic New Materials Co., Ltd., Henan Ancai Solar Thermal Technology Co., Ltd., Jiaozuo Ancai New Materials Co., Ltd., Xuchang Ancai Xinneng Technology Co., Ltd., and Puyang Xinhe Industrial Development Co., Ltd. enjoy a **15% preferential income tax rate** for high-tech enterprises[194](index=194&type=chunk)[195](index=195&type=chunk)[196](index=196&type=chunk) - Subsidiaries such as Jiaozuo Ancai Silicon-based New Materials Co., Ltd. and Henan Ancai Glass Research Institute Co., Ltd. enjoy inclusive tax reduction policies for small and micro enterprises[196](index=196&type=chunk) - Subsidiaries such as Henan Ancai Photovoltaic New Materials Co., Ltd. comply with the additional VAT deduction policy for advanced manufacturing enterprises[197](index=197&type=chunk) - Subsidiaries such as Changyuan Ancai New Energy Co., Ltd., engaged in public infrastructure projects, enjoy the "three-year exemption, three-year half reduction" corporate income tax preferential policy[197](index=197&type=chunk) - Subsidiaries such as Henan Ancai Photovoltaic New Materials Co., Ltd. enjoy the R&D expense super deduction policy, where manufacturing enterprises' R&D expenses can be super deducted at **100%**[198](index=198&type=chunk) - Henan Ancai Photovoltaic New Materials Co., Ltd. enjoys the additional deduction policy for disabled employees' wages[198](index=198&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=61&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on various asset, liability, owners' equity, income, cost, and expense items in the consolidated financial statements, including period-end balances, period-beginning balances, reasons for changes, and related accounting treatment methods, offering specific composition and explanations of financial data - The period-end balance of monetary funds is **805.39 million yuan**, of which restricted monetary funds total **210 million yuan**, mainly comprising bank acceptance bill deposits and letter of credit issuance deposits[200](index=200&type=chunk) - The period-end balance of notes receivable is **19.25 million yuan**, a **83.27% decrease** from the period-beginning, primarily due to a reduction in commercial acceptance bills received[202](index=202&type=chunk)[42](index=42&type=chunk) - The period-end balance of accounts receivable is **826.46 million yuan**, with a bad debt provision of **45.82 million yuan** at period-end, primarily accrued based on aging portfolios[212](index=212&type=chunk)[213](index=213&type=chunk) - The period-end balance of accounts receivable financing is **307.08 million yuan**, a **39.85% increase** from the period-beginning, mainly due to an increase in bank acceptance bills received, of which **148 million yuan** is pledged[217](index=217&type=chunk)[219](index=219&type=chunk)[42](index=42&type=chunk) - The period-end balance of inventories is **345.62 million yuan**, with an inventory impairment provision of **115 million yuan**, primarily including raw materials, work-in-progress, finished goods, and consigned processing materials[238](index=238&type=chunk)[240](index=240&type=chunk) - The period-end book value of fixed assets is **2.885 billion yuan**, of which **322 million yuan** in buildings and structures have not yet completed property title certificates[253](index=253&type=chunk)[255](index=255&type=chunk) - The period-end book value of construction in progress is **437 million yuan**, mainly including the 500,000 cubic meter natural gas liquefaction plant project, the medium borosilicate pharmaceutical glass project, and technical renovation and other projects[260](index=260&type=chunk)[263](index=263&type=chunk) - The period-end balance of long-term borrowings is **1.659 billion yuan**, a **32.78% increase** from the period-beginning, primarily due to new long-term borrowings[315](index=315&type=chunk)[42](index=42&type=chunk) - Operating revenue for the current period was **1.742 billion yuan**, operating costs were **1.804 billion yuan**, with main business revenue accounting for **98.69%**[327](index=327&type=chunk) - Investment income for the current period was **-6.26 million yuan**, mainly from long-term equity investments accounted for using the equity method[342](index=342&type=chunk)[343](index=343&type=chunk) [VIII. Research and Development Expenses](index=105&type=section&id=VIII.%20Research%20and%20Development%20Expenses) This section lists the company's R&D expenses for the reporting period, totaling **47.68 million yuan**, primarily composed of material expenses, personnel expenses, and power costs, all of which were expensed R&D expenditures R&D Expenses by Nature of Expense | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Material Expenses | 19,034,810.97 | 30,527,188.36 | | Personnel Expenses | 18,812,812.49 | 24,464,237.40 | | Power Costs | 6,431,935.80 | 6,012,496.61 | | Depreciation Expenses | 2,663,146.48 | 5,009,529.51 | | Other Expenses | 740,442.76 | 59,094.82 | | **Total** | **47,683,148.50** | **66,072,546.70** | | Of which: Expensed R&D Expenditures | 47,683,148.50 | 66,072,546.70 | | Capitalized R&D Expenditures | - | - | [IX. Changes in Consolidation Scope](index=105&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) This section states that during the reporting period, the company had no business combinations under non-common control, business combinations under common control, reverse acquisitions, or disposals of subsidiaries resulting in loss of control, indicating no significant changes in the consolidation scope - During the reporting period, the company had no business combinations under non-common control, business combinations under common control, reverse acquisitions, or disposals of subsidiaries resulting in loss of control[373](index=373&type=chunk)[374](index=374&type=chunk) [X. Equity in Other Entities](index=107&type=section&id=X.%20Equity%20in%20Other%20Entities) This section discloses the company's equity in subsidiaries, including the composition of the enterprise group and key financial information of important non-wholly-owned subsidiaries, showing that the company owns multiple wholly-owned or controlling subsidiaries with businesses covering photovoltaic glass, gas operations, solar thermal glass, medical packaging materials manufacturing, and more - The company owns multiple wholly-owned or controlling subsidiaries, with business natures covering photovoltaic glass, gas operations, solar thermal glass, general equipment manufacturing, electricity/heat production and supply, technology promotion and application services, non-metallic mineral product manufacturing, technical services and development, non-ferrous metal smelting, medical packaging materials manufacturing, non-coal mine mineral resource extraction, etc[375](index=375&type=chunk)[376](index=376&type=chunk) Key Financial Information of Important Non-Wholly-Owned Subsidiaries (Current Period Amounts) | Subsidiary Name | Minority Shareholding Ratio (%) | Current Period Profit/Loss Attributable to Minority Shareholders (CNY) | Current Period Dividends Declared to Minority Shareholders (CNY) | Period-end Minority Interest Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | Henan Ancai Energy Co., Ltd. | 11.83 | 7,962.95 | 2,366,000.00 | 31,666,024.36 | | Jiaozuo Ancai New Materials Co., Ltd. | 20.00 | -7,807,055.04 | - | -2,331,404.31 | | Xuchang Ancai Xinneng Technology Co., Ltd. | 40.00 | -14,955,873.19 | - | 104,732,291.22 | Key Financial Information of Important Non-Wholly-Owned Subsidiaries (Period-end Balances, Unit: 10,000 CNY) | Subsidiary Name | Current Assets | Non-current Assets | Total Assets | Current Liabilities | Non-current Liabilities | Total Liabilities | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Henan Ancai Energy Co., Ltd. | 51,201.09 | 30,942.56 | 82,143.65 | 36,010.72 | 8,413.14 | 44,423.86 | | Jiaozuo Ancai New Materials Co., Ltd. | 31,960.04 | 62,808.94 | 94,768.98 | 62,702.83 | 13,231.84 | 75,934.67 | | Xuchang Ancai Xinneng Technology Co., Ltd. | 39,773.21 | 89,639.25 | 129,412.46 | 35,655.90 | 67,573.39 | 103,229.29 | [XI. Government Grants](index=109&type=section&id=XI.%20Government%20Grants) This section discloses the government grants received by the company during the reporting period, including asset-related government grants recognized as deferred income and income-related government grants recognized in current profit or loss, totaling **18.39 million yuan** Liability Items Involving Government Grants (Deferred Income) | Financial Statement Item | Period-beginning Balance (CNY) | New Grants in Current Period (CNY) | Amount Recognized in Non-operating Income in Current Period (CNY) | Amount Transferred to Other Income in Current Period (CNY) | Period-end Balance (CNY) | Reason for Formation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 67,850,634.03 | 3,000,000.00 | - | 783,018.22 | 70,067,585.81 | Asset-related | Government Grants Recognized in Current Profit or Loss | Asset/Income Related | Project | Current Period Amount (CNY) | | :--- | :--- | :--- | | Income-related | One-time expanded employment subsidy | 1,500.00 | | Income-related | 2025 Second Batch Provincial Innovation R&D Special Fund | 800,000.00 | | Income-related | Individual income tax handling fee refund | 62,636.31 | | Income-related | VAT tax refund | 4,769,947.05 | | Asset-related | MIIT 2024 High-Quality Development Special Fund "Machine Replacement" Project | 110,588.22 | | Income-related | Industrial enterprise full-load production incentive fund | 300,000.00 | | Income-related | Enterprise technology center award and subsidy | 300,000.00 | | Income-related | Social security subsidy | 4,500.00 | | Income-related | Unemployment stability subsidy | 100,000.00 | | Asset-related | Xiuwu rerouting compensation | 169,999.98 | | Income-related | VAT immediate refund | 1,269,503.54 | | Income-related | Science and technology innovation development support fund | 10,402,360.02 | | Asset-related | Metaverse intelligent application | 100,000.00 | | **Total** | **-** | **18,391,035.12** | [XII. Risks Related to Financial Instruments](index=110&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section analyzes the market risks (exchange rate risk, interest rate risk), credit risk, and liquidity risk faced by the company, and explains the policies and measures adopted by the company to manage these risks, including continuous monitoring of exchange rates and interest rates, credit limit management, and maintaining sufficient liquidity - The company faces market risks (exchange rate risk, interest rate risk), credit risk, and liquidity risk[385](index=385&type=chunk) - Exchange rate risk is primarily related to the US dollar, Japanese yen, and Euro, and the company closely monitors exchange rate fluctuations' impact on operating performance[385](index=385&type=chunk) - Interest rate risk mainly arises from interest-bearing debts such as short-term borrowings, current liabilities due within one year, and long-term borrowings, all of which the company uses fixed interest rates for and continuously monitors interest rate levels[387](index=387&type=chunk) - Credit risk primarily arises from notes receivable, accounts receivable, accounts receivable financing, etc., which the company mitigates by establishing specialized departments to determine credit limits, conduct credit approvals, and monitor procedures[388](index=388&type=chunk) - Liquidity risk management ensures sufficient liquidity to meet maturing debts, with the company regularly analyzing its liability structure and maturity, and engaging in financing discussions with financial institutions[388](index=388&type=chunk) - Sensitivity analysis shows that if all foreign currencies appreciate or depreciate by **5%** against the RMB, the impact on net profit and shareholders' equity would be approximately **±16.46 million yuan**; if market interest rates increase or decrease by **50 basis points**, the impact on net profit would be approximately **±13.88 million yuan**[389](index=389&type=chunk)[390](index=390&type=chunk) [XIII. Disclosure of Fair Value](index=113&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the period-end fair value of assets and liabilities measured at fair value, primarily including accounts receivable financing and other equity instrument investments, and explains the fair value measurement levels and determination basis Period-end Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value Measurement (CNY) | Level 2 Fair Value Measurement (CNY) | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | | Other Equity Instrument Investments | - | - | 3,000,000.00 | 3,000,000.00 | | Accounts Receivable Financing | 307,083,241.70 | - | - | 307,083,241.70 | | **Total Assets Continuously Measured at Fair Value** | **307,083,241.70** | **-** | **3,000,000.00** | **310,083,241.70** | - Accounts receivable financing uses historical cost as the basis for fair value determination[395](index=395&type=chunk) - Equity investment in Shanghai Pudong Jiangnan Rural Commercial Bank Co., Ltd. uses the initial equity investment as the basis for fair value determination[395](index=395&type=chunk) [XIV. Related Parties and Related Party Transactions](index=115&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section provides detailed disclosures of the company's parent company, subsidiaries, joint ventures and associates, and other related parties, listing details of related party transactions during the reporting period, including purchases and sales of goods, provision and acceptance of labor, related party guarantees, and accounts receivable and payable with related parties - The company's parent company is Henan Investment Group Co., Ltd., with a registered capital of **12 billion yuan**, a shareholding ratio of **41.00%**, and the ultimate controlling party is the Henan Provincial Department of Finance[398](index=398&type=chunk) - The company has related party transactions involving purchases and sales of goods, and provision and acceptance of labor with multiple related parties, including Henan Talent Group Co., Ltd., Henan Huirong Digital Technology Co., Ltd., Henan Provincial Investment Smart Energy Co., Ltd., and Dahe Zhiyun Logistics (Henan) Co., Ltd[400](index=400&type=chunk)[401](index=401&type=chunk) - The company, as guarantor, provided guarantees for its subsidiary Anyang Ancai New Energy Technology Co., Ltd., totaling **95.04 million yuan**[403](index=403&type=chunk) - The company, as the guaranteed party, received a **300 million yuan** guarantee from its controlling shareholder, Henan Investment Group Co., Ltd[403](index=403&type=chunk) Period-end Balance of Accounts Receivable from Related Parties | Item Name | Related Party | Period-end Book Balance (CNY) | Bad Debt Provision (CNY) | | :--- | :--- | :--- | :--- | | Accounts Receivable | Jiyuan Zhengjia Glass Co., Ltd. | 438,495.75 | 21,924.79 | | Accounts Receivable | Jiyuan Zhengyu Industrial Co., Ltd. | 5,139,147.49 | 256,957.37 | | Prepaid Accounts | Jiaozuo Natural Gas Storage and Transportation Co., Ltd. | 1,152,398.80 | - | | Prepaid Accounts | Henan High Purity Mineral Technology Co., Ltd. | 4,396,460.18 | - | | Prepaid Accounts | Henan Provincial Investment Smart Energy Co., Ltd. | 2,762,727.23 | - | | Prepaid Accounts | Henan Ancai Gas Co., Ltd. | 709,473.38 | - | | **Total** | **-** | **9,825,388.57** | **6,470,105.51** | Period-end Balance of Accounts Payable to Related Parties | Item Name | Related Party | Period-end Book Balance (CNY) | | :--- | :--- | :--- | | Accounts Payable | Dahe Zhiyun Logistics (Henan) Co., Ltd. | 5,132,829.59 | | Accounts Payable | Henan Provincial Investment Smart Energy Co., Ltd. | 1,304,058.93 | | Accounts Payable | Henan Investment Group Co., Ltd. | 68,160.68 | | Accounts Payable | Henan Huirong Human Capital Co., Ltd. | 1,358,119.14 | | Accounts Payable | Henan Workman Construction Engineering Co., Ltd. | 3,458,610.60 | | **Total** | **-** | **11,823,730.35** | [XV. Share-based Payment](index=119&type=section&id=XV.%20Share-based%20Payment) This section states that the company had no share-based payment arrangements during the reporting period - The company had no share-based payment arrangements during the reporting period[407](index=407&type=chunk)[408](index=408&type=chunk) [XVI. Commitments and Contingencies](index=120&type=section&id=XVI.%20Commitments%20and%20Contingencies) This section states that as of the end of the reporting period, the company had no significant commitments or contingencies requiring disclosure - As of the end of the reporting period, the company had no significant commitments requiring disclosure[408](index=408&type=chunk) - As of the end of the reporting period, the company had no significant contingencies requiring disclosure[408](index=408&type=chunk) [XVII. Post-Balance Sheet Events](index=120&type=section&id=XVII.%20Post-Balance%20Sheet%20Events) This section states that during the reporting period, the company had no significant non-adjusting events, profit distribution, or sales returns after the balance sheet date - The company had no significant non-adjusting events during the reporting period[408](index=408&type=chunk) - The company had no profit distribution during the reporting period[408](index=408&type=chunk) - The company had no sales returns during the reporting period[408](index=408&type=chunk) [XVIII. Other Significant Matters](index=120&type=section&id=XVIII.%20Other%20Significant%20Matters) This section states that during the reporting period, the company had no other significant transactions or matters affecting investor decisions, such as prior period accounting error corrections, significant debt restructurings, asset replacements, annuity plans, discontinued operations, or segment information - The company had no prior period accounting error corrections during the reporting period[408](index=408&type=chunk) - The company had no significant debt restructurings during the reporting period[409](index=409&type=chunk) - The company had no asset replacements (non-monetary asset exchanges or other asset replacements) during the reporting period[409](index=409&type=chunk) - The company had no annuity plans during the reporting period[409](index=409&type=chunk) - The company had no discontinued operations during the reporting period[409](index=409&type=chunk) - The company had no segment information to report during the reporting period[409](index=409&type=chunk) [XIX. Notes to Major Items in Parent Company Financial Statements](index=121&type=section&id=XIX.%20Notes%20to%20Major%20Items%20in%20Parent%20Company%20Financial%20Statements) This section provides detailed notes on major items in the parent company's financial statements, including accounts receivable, other receivables, and long-term equity investments, covering period-end balances, bad debt provision accrual, reasons for changes, and top five debtors by amount, offering specific financial data details at the parent company level - The parent company's accounts receivable period-end balance is **782 million yuan**, with a bad debt provision of **41.15 million yuan** at period-end, primarily accrued based on aging portfolios[413](index=413&type=chunk)[414](index=414&type=chunk) - The parent company's other receivables period-end balance is **340 million yuan**, including dividends receivable of **1.79 million yuan** and other receivables of **340 million yuan**[418](index=418&type=chunk) - The parent company's long-term equity investment period-end book value is **1.224 billion yuan**, including investments in subsidiaries of **1.15 billion yuan** and investments in associates and joint ventures of **74.56 million yuan**[431](index=431&type=chunk) - The parent company's operating revenue for the current period was **187 million yuan**, and operating costs were **201 million yuan**[436](index=436&type=chunk) - The parent company's investment income for the current period was **28.45 million yuan**, mainly including long-term equity investment income accounted for using the cost method and entrusted loan interest income[438](index=438&type=chunk)[440](index=440&type=chunk) [XX. Supplementary Information](index=131&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary information, including a detailed statement of non-recurring gains and losses for the current period, return on net assets, and earnings per share, further refining key financial report information Detailed Statement of Non-recurring Gains and Losses for the Current Period | Item | Am

天津津投城市开发股份有限公司2025 年半年度报告 公司代码：600322 公司简称：津投城开 天津津投城市开发股份有限公司 2025 年半年度报告 1 / 155 天津津投城市开发股份有限公司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、 未出席董事情况 | | 未出席董事职务 | | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | --- | --- | | 董事 | | 臧强 | | 因工作原因 | 陈久华 | 三、 本半年度报告未经审计。 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的发展战略、经营计划等前瞻性陈述不构成公司对投资者的实质承诺。投资者 及相关人士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，敬请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 四、 公司负 ...

公司代码：600111 公司简称：北方稀土 中国北方稀土（集团）高科技股份有限公司 2025 年半年度报告 二〇二五年八月二十六日 中国北方稀土（集团）高科技股份有限公司 2025 年半年度报告 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 报告期，公司不进行利润分配及公积金转增股本。 六、前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的未来计划、发展战略等前瞻性陈述，因存在不确定性 ，不构成公司对投资者的实质承诺，投资者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。 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 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、公司负责人刘培勋、主管会计工作负责人宋泠及会计机构负责 人（会计主管人员）宋泠声明：保证半年度报告中财务报告的真实、准 确、完整。 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 ...

江苏综艺股份有限公司2025 年半年度报告 公司代码：600770 公司简称：综艺股份 江苏综艺股份有限公司 2025 年半年度报告 1 / 178 江苏综艺股份有限公司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、 公司负责人杨朦、主管会计工作负责人钱志华及会计机构负责人（会计主管人员）周季亮 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的对公司未来计划、发展战略等前瞻性陈述，不构成对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 本公司已在本报告中描述 ...

江苏联瑞新材料股份有限公司2025 年半年度报告 公司代码：688300 公司简称：联瑞新材 江苏联瑞新材料股份有限公司 2025 年半年度报告 1 / 162 江苏联瑞新材料股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司可能面临的风险已在本报告"第三节 管理层讨论与分析"中描述，敬请投资者查阅。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人李晓冬、主管会计工作负责人李晓冬及会计机构负责人（会计主管人员）范莉 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本公告涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质性承诺， 敬请投资者注意投资风险。 九、 是否存在被控股股东及其他关联方非经营性占用 ...

浙江中力机械股份有限公司2025 年半年度报告摘要 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。 1.3 公司全体董事出席董事会会议。 1.4 本半年度报告未经审计。 1.5 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 公司代码：603194 公司简称：中力股份 浙江中力机械股份有限公司 2025 年半年度报告摘要 浙江中力机械股份有限公司2025 年半年度报告摘要 第一节 重要提示 1.1 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发 展规划，投资者应当到 https://www.sse.com.cn 网站仔细阅读半年度报告全文。 1.2 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、 无 第二节 公司基本情况 2.1 公司简介 | | 公司股票简况 | | | | | --- | --- | --- | --- | --- | | 股票种类 | 股票上市交易所 | 股票简称 | 股票代码 | 变更前股票简称 | | A股 | 上海证券交易所 | 中力股份 | 603194 | 不适用 | | ...