Part I Important Notice, Table of Contents, and Definitions This section provides important notices, the report's table of contents, and definitions of key terms for clarity [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors, Supervisory Board, and senior management guarantee the report's accuracy, while the company plans no cash dividends or share transfers from capital reserves - The Company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[4](index=4&type=chunk) - Company's responsible person Chen Hui, head of accounting work Chen Hui, and head of accounting department Chen Hui declare that the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The Company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the structured table of contents, covering key chapters such as important notices, company profile, management discussion and analysis, corporate governance, share changes, bond information, and financial reports - The report contains nine main chapters, covering various aspects of the company's operations, financials, governance, and risks[8](index=8&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, laws, related parties, business types, and digital systems, ensuring clear understanding of the content - "The Company, Company, Dongyi Risheng" refers to Dongyi Risheng Home Decoration Group Co., Ltd[16](index=16&type=chunk) - "DIM+" refers to the digital home decoration in-depth design system, which is a core system for the company's digitalization efforts[16](index=16&type=chunk) - "Reporting Period" refers to January-June 2025, and "Prior Period" refers to January-June 2024[16](index=16&type=chunk) Part II Company Profile and Key Financial Indicators This section presents the company's basic information and key financial performance metrics, highlighting significant changes in revenue, net profit, and asset status [Company Profile](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section outlines the company's basic information, including stock details, legal representative, and contact information, noting no changes during the reporting period - Company stock abbreviation: *ST Dongyi, stock code: 002713, listed on: Shenzhen Stock Exchange[18](index=18&type=chunk) - The company's legal representative is Chen Hui, who also serves as the Board Secretary[18](index=18&type=chunk)[19](index=19&type=chunk) - During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure, or document storage locations[20](index=20&type=chunk)[21](index=21&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In the first half of 2025, the company's operating revenue significantly decreased by 59.11% year-on-year, but net loss attributable to shareholders narrowed by 90.47%, with total assets and net assets declining to a negative value 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (RMB) | Prior Period (RMB) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 360,495,824.49 | 881,648,646.49 | -59.11 | | Net Profit Attributable to Shareholders of the Listed Company | -51,479,189.93 | -539,965,219.16 | 90.47 | | Net Profit Attributable to Shareholders of the Listed Company (Excluding Non-recurring Gains and Losses) | -41,176,102.64 | -347,288,629.60 | 88.14 | | Net Cash Flow from Operating Activities | -57,231,375.72 | -58,556,580.54 | 2.26 | | Basic Earnings Per Share (RMB/share) | -0.12 | -1.29 | 90.70 | | Diluted Earnings Per Share (RMB/share) | -0.12 | -1.29 | 90.70 | | Weighted Average Return on Net Assets | -4.54 | -262.65 | 258.11 | | **End of Current Reporting Period** | **End of Prior Year** | **Change from Prior Year-end (%)** | | | Total Assets | 1,460,157,900.60 | 1,683,324,773.86 | -13.26 | | Net Assets Attributable to Shareholders of the Listed Company | -1,158,621,403.60 | -1,106,831,502.80 | -4.68 | - The company's net assets attributable to shareholders are negative, indicating insolvency[23](index=23&type=chunk) [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reported no differences in net profit and net assets between international or overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets between international accounting standards and Chinese accounting standards during the reporting period[24](index=24&type=chunk) - The company reported no differences in net profit and net assets between overseas accounting standards and Chinese accounting standards during the reporting period[25](index=25&type=chunk) [Non-recurring Gains and Losses and Amounts](index=8&type=section&id=%E9%9D%9E%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring losses totaled RMB -10.30 million in the reporting period, primarily due to non-current asset disposal gains, government subsidies, and non-operating expenses from litigation and pre-restructuring claims 2025 Semi-Annual Non-recurring Gains and Losses and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets | 1,819,013.06 | Primarily gains from early termination and derecognition of right-of-use assets | | Government grants recognized in current profit or loss | 1,145,644.24 | Primarily government grants | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | 70,411.60 | | | Other non-operating income and expenses apart from the above | -14,040,000.74 | Primarily confirmed payables from unresolved lawsuits and parent company pre-restructuring creditor declarations | | Less: Income tax impact | -179,368.55 | | | Less: Impact on minority interests (after tax) | -522,476.00 | | | Total | -10,303,087.29 | | Part III Management Discussion and Analysis This section analyzes the company's principal business, core competitiveness, financial performance, investment status, and risks, along with management's strategies and responses [Principal Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company primarily offers integrated home decoration services to individual clients, actively pursuing pre-restructuring efforts amidst industry challenges, while leveraging its leading position in digital and technological home decoration [Introduction to the Company's Principal Businesses and Products](index=9&type=section&id=%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E5%8F%8A%E4%BA%A7%E5%93%81%E4%BB%8B%E7%BB%8D) Dongyi Risheng, established in 1997, provides comprehensive home decoration services, including design, construction, material agency, and soft furnishing, aiming to create ideal living spaces through digitalization and industrialization - The company primarily engages in comprehensive home services for individual customers, including overall home decoration design, engineering construction, main material agency, self-produced woodworking product配套, soft furnishing design, and finished home products[30](index=30&type=chunk) - The company is committed to realizing lifestyle planning suitable for each family through digital, professional, and industrialized tools[30](index=30&type=chunk) [Brand Introduction](index=9&type=section&id=%E5%93%81%E7%89%8C%E4%BB%8B%E7%BB%8D) The company operates multiple brands, including "Dongyi Risheng" for full-service home decoration, "Chuangyu Home" for package products, and "Jiai Interior Design" and "Qiu Deguang Design" for high-end commercial and luxury residential projects - The "Dongyi Risheng" brand focuses on providing full-service home decoration for quality-seeking customers[30](index=30&type=chunk) - "Chuangyu Home (Guan Zhenquan)" offers home decoration package products, targeting new urban white-collar workers[30](index=30&type=chunk) - "Jiai Interior Design" and "Qiu Deguang Design" specialize in top-tier commercial real estate, hotels, and high-end luxury residential design, respectively[30](index=30&type=chunk) [Key Operating Activities During the Reporting Period](index=9&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E5%B7%A5%E4%BD%9C%E6%83%85%E5%86%B5) During the reporting period, the company focused on debt collection, liquidity improvement, cost reduction, organizational adjustments, and actively advanced pre-restructuring, securing RMB 183.56 million in investor deposits - The company actively took measures to strengthen debt collection, improve liquidity, reduce investment, continuously adjust internal organizational structure, and compress management costs[31](index=31&type=chunk) - The company has signed a restructuring investment agreement with the selected industrial investor, Beijing Huazhuo Technology Co., Ltd., and separate restructuring investment agreements with 12 financial investors[31](index=31&type=chunk) - The company has received full deposits totaling **RMB 183.56 million** from investors[31](index=31&type=chunk) [Industry Overview During the Reporting Period](index=9&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E7%9A%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The home decoration industry, a post-real estate cycle sector, faces demand contraction but sees opportunities in policy optimization and secondhand housing, with trends towards digitalization, personalization, green solutions, and integrated services - The home decoration industry, a post-real estate cycle sector, is significantly affected by the real estate market, currently facing challenges of shrinking demand and decreased consumer willingness to pay[32](index=32&type=chunk) - In the first half of 2025, secondhand homes accounted for **42%** of national housing transactions, reaching a historical high, making renovation and partial refurbishment of secondhand and existing homes a key focus for customer acquisition in the home decoration industry[32](index=32&type=chunk) - Industry development trends include digitalization, personalized customization, green environmental protection, one-stop integrated decoration models, and online-offline integrated marketing and technological innovations such as AI and big data[33](index=33&type=chunk)[34](index=34&type=chunk) [Company's Industry Position](index=10&type=section&id=%E5%85%AC%E5%8F%B8%E7%9A%84%E8%A1%8C%E4%B8%9A%E5%9C%B0%E4%BD%8D) Dongyi Risheng is China's first A-share listed home decoration company, leading in digital integration across its entire business chain, establishing an advanced technology-driven home decoration model for full lifecycle project management - Dongyi Risheng is China's first A-share listed company in the home decoration sector, focusing on innovative development of the home decoration industry[35](index=35&type=chunk) - The company pioneered the use of digital means to connect all home decoration businesses, establishing a leading technology-driven home decoration model in the industry[35](index=35&type=chunk) - Through digital marketing, sales management, design, smart delivery, and a full-chain intelligent operation system, it has achieved full lifecycle management of home decoration projects[35](index=35&type=chunk) [Analysis of Core Competitiveness](index=10&type=section&id=%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths include strong brand influence, continuous innovation, stringent quality assurance, an international design team, advanced construction standards, and a comprehensive digital home decoration model, supported by numerous awards and patents - The company has received over a hundred honors, including "No. 1 Home Decoration Enterprise in the Home Industry Top 100" and "China Franchise Innovation Award," and was listed among China's Top 500 Financially Secure Listed Companies[36](index=36&type=chunk) - The company pioneered hiring foreign designers in China's home decoration industry, forming an international design team, and owns ecosystem enterprises "Jiai Interior Design" and "Qiu Deguang Design"[37](index=37&type=chunk)[38](index=38&type=chunk) - The company possesses **8 major construction processes**, **28 construction standards**, and over **80 utility model patents**, achieving full lifecycle management of home decoration projects through the Xingyao SaaS system and Tianyan system[38](index=38&type=chunk)[39](index=39&type=chunk) - The company has been recognized as a "Beijing Enterprise Technology Center" and "Beijing Design Innovation Center," and approved to establish a postdoctoral research workstation branch, demonstrating its scientific research and innovation capabilities[41](index=41&type=chunk) [Analysis of Principal Business](index=11&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's principal business revenue decreased by 59.11% year-on-year, mainly due to reduced home decoration income, with significant declines across various expenses and regional revenues, and a shift in revenue composition Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (RMB) | Prior Period (RMB) | Year-on-year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 360,495,824.49 | 881,648,646.49 | -59.11 | Primarily due to reduced home decoration income | | Operating Cost | 223,310,544.06 | 627,595,050.04 | -64.42 | Primarily due to reduced home decoration income | | Selling Expenses | 73,925,157.00 | 319,624,907.25 | -76.87 | Primarily due to reduced employee compensation, advertising, decoration amortization, and rent/property fees | | Administrative Expenses | 65,873,940.54 | 184,920,979.19 | -64.38 | Primarily due to reduced employee compensation, decoration amortization, and rent/property fees | | Financial Expenses | 6,651,653.07 | 13,435,310.52 | -50.49 | Primarily due to reduced unrecognized financing expenses | | R&D Investment | 23,961,968.17 | 45,144,970.16 | -46.92 | Primarily due to reduced employee compensation | | Net Cash Flow from Operating Activities | -57,231,375.72 | -58,556,580.54 | 2.26 | | | Net Cash Flow from Investing Activities | 7,720,648.50 | -123,504,092.86 | 106.25 | Primarily due to reduced unexpired wealth management products in the current period | | Net Cash Flow from Financing Activities | 48,228,086.97 | -154,766,641.35 | 131.16 | Primarily due to increased net proceeds from various borrowings | Operating Revenue Composition (by Industry) | Industry Segment | Current Reporting Period Amount (RMB) | Proportion of Operating Revenue (%) | Prior Period Amount (RMB) | Proportion of Operating Revenue (%) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Home Decoration Revenue | 228,375,035.82 | 63.35 | 733,606,602.89 | 83.20 | -68.87 | | Fine Decoration Revenue | 22,794,577.92 | 6.32 | 31,274,158.81 | 3.55 | -27.11 | | Public Decoration Revenue | 76,104,756.44 | 21.11 | 76,233,968.94 | 8.65 | -0.17 | | Franchise Revenue | 411,859.01 | 0.11 | 3,503,447.21 | 0.40 | -88.24 | | Sales | 512,595.93 | 0.14 | 1,825,708.90 | 0.21 | -71.92 | | Logistics and Installation Revenue | 0.00 | 0.00 | 114,866.79 | 0.01 | -100.00 | | Other Business Revenue | 32,296,999.37 | 8.96 | 35,089,892.95 | 3.98 | -7.96 | Operating Revenue Composition (by Region) | Region | Current Reporting Period Amount (RMB) | Proportion of Operating Revenue (%) | Prior Period Amount (RMB) | Proportion of Operating Revenue (%) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | North China | 59,647,117.94 | 16.55 | 210,887,703.74 | 23.92 | -71.72 | | Northeast China | 7,532,313.31 | 2.09 | 29,618,555.63 | 3.36 | -74.57 | | East China | 265,836,584.97 | 73.74 | 409,220,018.61 | 46.42 | -35.04 | | South China | 8,866,777.09 | 2.46 | 59,934,136.74 | 6.80 | -85.21 | | Northwest China | 4,728,743.85 | 1.31 | 39,542,815.96 | 4.49 | -88.04 | | Central China | 8,549,598.00 | 2.37 | 77,348,105.96 | 8.77 | -88.95 | | Southwest China | 5,334,689.33 | 1.48 | 55,097,309.85 | 6.25 | -90.32 | [Analysis of Non-Principal Business](index=13&type=section&id=%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-principal business negatively impacted total profit, primarily due to non-operating expenses from unresolved lawsuits and pre-restructuring creditor claims, which are not sustainable Non-Principal Business Analysis | Item | Amount (RMB) | Proportion of Total Profit (%) | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 70,411.60 | -0.13 | | No | | Asset Impairment | -5,196,434.72 | 9.71 | | No | | Non-operating Income | 3,132,261.19 | -5.85 | | No | | Non-operating Expenses | 16,386,085.11 | -30.62 | Primarily confirmed payables from unresolved lawsuits and parent company pre-restructuring creditor declarations | No | [Analysis of Assets and Liabilities](index=13&type=section&id=%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, total assets and net assets attributable to shareholders decreased, with significant changes in current and non-current liabilities, and a substantial portion of assets under judicial freeze or seizure [Significant Changes in Asset Composition](index=13&type=section&id=%E8%B5%84%E4%BA%A7%E6%9E%84%E6%88%90%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Total assets decreased by 13.26% from the prior year-end, driven by a significant reduction in short-term borrowings and assets held for sale due to property and equity transfers Changes in Asset and Liability Composition | Item | Amount at End of Current Reporting Period (RMB) | Proportion of Total Assets (%) | Amount at End of Prior Year (RMB) | Proportion of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 1,460,157,900.60 | | 1,683,324,773.86 | | -13.26 | | | Monetary Funds | 325,015,186.47 | 22.26 | 289,742,927.06 | 17.21 | 5.05 | | | Short-term Borrowings | 98,914,237.22 | 6.77 | 248,242,195.37 | 14.75 | -7.98 | Primarily due to repayment of Industrial and Commercial Bank of China and CITIC Bank borrowings | | Contract Liabilities | 710,897,745.25 | 48.69 | 712,262,977.70 | 42.31 | 6.38 | | | Assets Held for Sale | 0.00 | 0.00 | 147,844,036.70 | 8.78 | -8.78 | Primarily due to the transfer of property at No. 10 Jia, Jiuxianqiao North Road, Chaoyang District, Beijing, Building 303, Floors 1-7, Room 102 | | Non-current Assets Due Within One Year | 0.00 | 0.00 | 67,349,268.88 | 4.00 | -4.00 | Primarily due to the recovery of the final payment for the transfer of minority equity in a subsidiary in 2023 | [Major Overseas Assets](index=14&type=section&id=%E4%B8%BB%E8%A6%81%E5%A2%83%E5%A4%96%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) The company had no major overseas assets during the reporting period - The company reported no major overseas assets during the reporting period[52](index=52&type=chunk) [Assets and Liabilities Measured at Fair Value](index=14&type=section&id=%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E8%B5%84%E4%BA%A7%E5%92%8C%E8%B4%9F%E5%80%BA) At the end of the reporting period, the company's trading financial assets totaled RMB 16.29 million, with no financial liabilities measured at fair value Assets and Liabilities Measured at Fair Value (RMB 10,000) | Item | Beginning Balance | Fair Value Change in Current Period | Cumulative Fair Value Change Included in Equity | Impairment Provision in Current Period | Amount Purchased in Current Period | Amount Sold in Current Period | Other Changes | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Subtotal of Financial Assets | 1,119.64 | | | | 5,150.00 | 4,640.69 | | 1,628.95 | | Financial Liabilities | 0.00 | | | | 0.00 | 0.00 | | 0.00 | [Asset Restrictions at the End of the Reporting Period](index=14&type=section&id=%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%9A%84%E8%B5%84%E4%BA%A7%E6%9D%83%E5%88%A9%E5%8F%97%E9%99%90%E6%83%85%E5%86%B5) At the end of the reporting period, multiple assets, including monetary funds, fixed assets, intangible assets, accounts receivable, and investment properties, were restricted by judicial freeze, seizure, or factoring, totaling RMB 352.14 million in book value Asset Restrictions (RMB) | Item | Book Balance | Book Value | Type of Restriction | | :--- | :--- | :--- | :--- | | Monetary Funds | 67,892,522.47 | 67,892,522.47 | Judicially frozen funds, letter of guarantee deposits | | Fixed Assets | 189,665,184.37 | 138,410,054.17 | Judicial seizure | | Intangible Assets | 29,645,433.13 | 21,825,321.97 | Judicial seizure | | Accounts Receivable | 5,001,178.22 | 4,460,332.77 | Accounts receivable factoring financing | | Investment Properties | 145,251,218.92 | 119,552,117.97 | Judicial seizure | | Total | 437,455,537.11 | 352,140,349.35 | | [Analysis of Investment Status](index=14&type=section&id=%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's investment amounted to RMB 3 million, a 100% year-on-year increase, with no significant equity, non-equity, securities, or derivative investments, nor any use of raised funds Investment Amount in Reporting Period (RMB) | Investment Amount in Reporting Period | Investment Amount in Prior Period | Change Percentage | | :--- | :--- | :--- | | 3,000,000.00 | 0.00 | 100.00% | - The company reported no securities investments, derivative investments, or use of raised funds during the reporting period[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) [Significant Asset and Equity Disposals](index=15&type=section&id=%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) During the reporting period, the company sold a property in Beijing for RMB 16.16 million, as planned, with no significant equity disposals - The company sold the property at No. 10 Jia, Jiuxianqiao North Road, Chaoyang District, Beijing, Building 303, Floors 1-7, Room 102, for a transaction amount of **RMB 16.16 million**[59](index=59&type=chunk) - The asset disposal was implemented as planned, with a **0.00%** contribution to the company's net profit[59](index=59&type=chunk) - The company reported no significant equity disposals during the reporting period[60](index=60&type=chunk) [Analysis of Major Holding and Participating Companies](index=16&type=section&id=%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Several of the company's major subsidiaries, such as Dongyi Risheng Smart Home Technology and Sumi JIJIA Technology, reported losses, while Shanghai Chuangyu Industrial and Jiai Interior Design (Shanghai) achieved profitability Major Holding and Participating Companies (RMB 10,000) | Company Name | Company Type | Principal Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Yidefajia Economic and Trade Co., Ltd. | Subsidiary | Sales | 5000 | 7,165.92 | 1,954.43 | 51.22 | -27.97 | -27.89 | | Dongyi Risheng Smart Home Technology Co., Ltd. | Subsidiary | Sales | 10000 | 41,349.35 | 5,251.76 | 556.74 | -1,011.97 | -1,101.26 | | Sumi JIJIA Technology Co., Ltd. | Subsidiary | Decoration Design | 5000 | 7,351.63 | -29,312.58 | 55.50 | -59.13 | -63.39 | | Dongyi Risheng Longteng Engineering Technology Co., Ltd. | Subsidiary | Decoration Design | 10000 | 25.15 | -1,256.51 | 0.00 | -131.27 | -139.09 | | Shanghai Chuangyu Industrial Co., Ltd. | Subsidiary | Decoration Design | 500 | 26,456.23 | 1,927.78 | 20,081.00 | 683.15 | 510.32 | | Jiai Interior Design (Shanghai) Co., Ltd. | Subsidiary | Decoration Design | 3000 | 30,095.97 | 18,737.62 | 7,864.53 | 68.15 | 121.74 | - The company did not acquire or dispose of any subsidiaries during the reporting period[62](index=62&type=chunk) [Structured Entities Controlled by the Company](index=16&type=section&id=%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company had no controlled structured entities during the reporting period - The company reported no controlled structured entities during the reporting period[63](index=63&type=chunk) [Risks Faced by the Company and Countermeasures](index=16&type=section&id=%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from macroeconomic changes, seasonal performance fluctuations, rising costs, and potential pre-restructuring failure, actively responding with debt collection, liquidity improvement, cost control, asset disposal, and pre-restructuring efforts - The company faces risks from changes in macroeconomic prosperity, seasonal fluctuations in operating performance, rising raw material and home product prices, and increasing labor costs[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk) - The company has initiated pre-restructuring, but whether it can enter formal restructuring procedures remains uncertain; if restructuring fails, the company's shares will face the risk of delisting[66](index=66&type=chunk) - The company is actively taking measures, including strengthening debt collection, improving liquidity, reducing investment, adjusting organizational structure, compressing management costs, and actively promoting pre-restructuring related work[31](index=31&type=chunk)[66](index=66&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=17&type=section&id=%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[68](index=68&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[68](index=68&type=chunk) [Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=17&type=section&id=%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period[68](index=68&type=chunk) Part IV Corporate Governance, Environment, and Society This section covers changes in the company's governance structure, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=18&type=section&id=%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[70](index=70&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in the Reporting Period](index=18&type=section&id=%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period[71](index=71&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=18&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures implemented during the reporting period[72](index=72&type=chunk) [Environmental Information Disclosure](index=18&type=section&id=%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The listed company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law[73](index=73&type=chunk) [Social Responsibility](index=18&type=section&id=%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company upholds its mission to "decorate beautiful spaces and build happy lives," providing safe, environmentally friendly, and high-quality home decoration services while actively fulfilling social responsibilities through transparent information disclosure and safeguarding investor rights - The company adheres to the vision of "becoming the most respected and excellent home decoration brand operator" and the mission of "decorating beautiful spaces and building happy lives"[73](index=73&type=chunk) - The company strengthens interaction and communication with investors through timely, accurate, truthful, and complete information disclosure, as well as platforms like Interactive Easy and annual report briefings[74](index=74&type=chunk) - The company standardizes the procedures for convening, holding, and voting at general meetings of shareholders, ensuring the right to know, participate, and vote for small and medium investors on major company matters through online voting and other means[74](index=74&type=chunk) Part V Significant Matters This section details the fulfillment of commitments by various parties, non-operating fund occupation, external guarantees, auditor appointments, pre-restructuring progress, significant lawsuits, and related party transactions [Commitments Fulfilled and Overdue Unfulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties During and as of the End of the Reporting Period](index=19&type=section&id=%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The company, its controlling shareholder, actual controller, directors, supervisors, and senior management strictly adhered to all commitments during the reporting period, including share repurchase, profit distribution, avoiding competition, reducing related party transactions, and compensation, with no overdue unfulfilled commitments at period-end - The company and its controlling shareholder, Dongyi Tianzheng, committed to repurchasing shares if the prospectus contained false records, misleading statements, or major omissions affecting issuance conditions, and strictly adhered to this commitment[75](index=75&type=chunk) - The company committed to implementing a continuous and stable profit distribution policy, prioritizing cash dividends, with annual cash dividends not less than **30%** of distributable profits, and strictly adhered to this commitment[75](index=75&type=chunk) - Controlling shareholder Dongyi Tianzheng, actual controller Chen Hui and Yang Jin (later changed to Mr. Chen Hui) committed to avoiding horizontal competition, reducing related party transactions, and not occupying funds, and strictly adhered to this commitment[77](index=77&type=chunk) - The company's directors, senior management, and supervisors committed to share lock-up, transferring no more than **25%** of their directly held company shares annually during their tenure, and no transfers within six months after resignation, which is currently being fulfilled[81](index=81&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company](index=24&type=section&id=%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[84](index=84&type=chunk) [Irregular External Guarantees](index=24&type=section&id=%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[85](index=85&type=chunk) [Appointment and Dismissal of Accounting Firms](index=24&type=section&id=%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual report was not audited - The company's semi-annual report was unaudited[86](index=86&type=chunk) [Explanation by the Board of Directors and Supervisory Board on the "Non-Standard Audit Report" for the Current Reporting Period](index=24&type=section&id=%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) An explanation for a non-standard audit report is not applicable for the current reporting period - An explanation for a non-standard audit report is not applicable for the current reporting period[87](index=87&type=chunk) [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Prior Year](index=24&type=section&id=%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The Board respects the independent judgment of the annual audit firm and is actively implementing measures to mitigate the impact of the 2024 non-standard audit opinion, safeguarding the company's and investors' legitimate rights - The Board respects the independent judgment of the annual audit firm and is actively implementing effective measures to eliminate the impact of the 2024 non-standard audit opinion as soon as possible[87](index=87&type=chunk) [Bankruptcy Reorganization Related Matters](index=24&type=section&id=%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company initiated pre-restructuring in October 2024, appointed a temporary administrator, signed restructuring investment agreements with industrial and financial investors, receiving RMB 183.56 million in deposits, and is progressing with the dual-track reporting, though formal restructuring remains uncertain - The company received a court decision on October 18, 2024, to initiate pre-restructuring procedures, and a temporary administrator was appointed on November 5[88](index=88&type=chunk) - The company has signed restructuring investment agreements with the selected industrial investor, Beijing Huazhuo Technology Co., Ltd., and 12 financial investors, receiving full deposits totaling **RMB 183.56 million** from investors[90](index=90&type=chunk)[91](index=91&type=chunk) - On August 16, 2025, four financial investors withdrew from this investment, with their respective shares taken over by four other financial investors within the consortium[91](index=91&type=chunk) - The dual-track reporting work for restructuring is progressing continuously and orderly, but whether it can enter formal restructuring procedures remains uncertain[31](index=31&type=chunk) [Litigation Matters](index=25&type=section&id=%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company is involved in multiple significant lawsuits and arbitrations, primarily concerning construction, sales, and loan contracts, with substantial amounts at stake, some resolved or awaiting execution, and provisions made for certain liabilities Significant Litigation and Arbitration Matters (Partial) | Basic Information of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Provision for Liabilities Formed | Litigation (Arbitration) Progress | Outcome and Impact of Litigation (Arbitration) | Execution Status of Litigation (Arbitration) Judgment | | :--- | :--- | :--- | :--- | :--- | :--- | | Company vs. China Railway No. 12 Bureau Group Co., Ltd. for construction contract dispute | 2,689.73 | No | Company submitted written withdrawal of arbitration application | Taiyuan Arbitration Commission approved the company's withdrawal | Not applicable | | Company vs. Knauf New Building Systems (Tianjin) Co., Ltd. and others for sales contract dispute | 1,317.94 | Included in liabilities | Judgment rendered | Judgment requires company to pay goods and interest | Awaiting execution | | Company vs. Industrial Bank Co., Ltd. Beijing Chongwenmen Branch for loan contract dispute | 5,045.39 | Included in liabilities | First-instance judgment requires company to pay loan, interest, and legal fees | Awaiting execution | Awaiting execution | [Penalties and Rectification](index=26&type=section&id=%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectification situations during the reporting period - The company reported no penalties or rectification situations during the reporting period[94](index=94&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=26&type=section&id=%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company's controlling shareholder, Tianjin Dongyi Tianzheng Investment Co., Ltd., experienced a passive share reduction due to judicial auction for debt, while the actual controller's integrity status remained unaffected - The company's controlling shareholder, Tianjin Dongyi Tianzheng Investment Co., Ltd., had part of its shares judicially auctioned and the transfer of ownership completed due to debt disputes[95](index=95&type=chunk) - Dongyi Tianzheng passively reduced its shareholding by **2,042,253 shares**, and the reduction plan has been fully implemented[96](index=96&type=chunk) [Significant Related Party Transactions](index=27&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company had no significant related party transactions involving daily operations, asset/equity acquisitions or disposals, joint investments, non-operating creditor-debtor relationships, or financial business with affiliated finance companies - The company reported no related party transactions related to daily operations during the reporting period[97](index=97&type=chunk) - The company reported no non-operating related party creditor-debtor transactions during the reporting period[100](index=100&type=chunk) - The company had no deposit, loan, credit, or other financial business with affiliated finance companies that have related party relationships[101](index=101&type=chunk) [Significant Contracts and Their Performance](index=27&type=section&id=%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had no significant entrustment, contracting, leasing, major guarantees, or other major contracts during the reporting period, but engaged in wealth management with an outstanding balance of RMB 5.09 million and no overdue principal - The company reported no entrustment, contracting, or leasing situations during the reporting period[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk) - The company reported no significant guarantee situations during the reporting period[107](index=107&type=chunk) Entrusted Wealth Management (RMB 10,000) | Specific Type | Source of Entrusted Funds | Amount of Entrusted Wealth Management | Unexpired Balance | Overdue Unrecovered Amount | Impairment Provision for Overdue Unrecovered Wealth Management | | :--- | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 5,150 | 509.31 | 0 | 0 | - The company reported no other significant contracts during the reporting period[109](index=109&type=chunk) [Explanation of Other Significant Matters](index=28&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no other significant matters requiring explanation during the reporting period - The company reported no other significant matters requiring explanation during the reporting period[110](index=110&type=chunk) [Significant Matters of Company Subsidiaries](index=28&type=section&id=%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company had no significant matters concerning its subsidiaries during the reporting period - The company reported no significant matters concerning its subsidiaries during the reporting period[111](index=111&type=chunk) Part VI Share Changes and Shareholder Information This section details changes in the company's share capital, securities issuance, shareholder structure, and holdings of directors, supervisors, and senior management, as well as any changes in controlling shareholder or actual controller [Share Change Status](index=29&type=section&id=%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, restricted shares decreased by 1,146,837, with a corresponding increase in unrestricted shares, primarily due to the automatic unlocking of restricted shares held by directors, supervisors, and senior management, while the total share capital remained unchanged Share Change Status (Shares) | | Quantity Before This Change | Proportion Before This Change (%) | Net Increase/Decrease in This Change (＋,－) | Quantity After This Change | Proportion After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 9,182,986.00 | 2.19 | -1,146,837.00 | 8,036,149.00 | 1.92 | | II. Unrestricted Shares | 410,353,994.00 | 97.81 | 1,146,837.00 | 411,500,831.00 | 98.08 | | III. Total Shares | 419,536,980.00 | 100.00 | 0.00 | 419,536,980.00 | 100.00 | - The main reason for the share change is the automatic restriction and unlocking of shares held by directors, supervisors, and senior management in the current period as per regulations[114](index=114&type=chunk) Restricted Share Change Status (Shares) | Shareholder Name | Restricted Shares at Beginning of Period | Unrestricted Shares Released in Current Period | Restricted Shares Increased in Current Period | Restricted Shares at End of Period | Reason for Restriction | Date of Release from Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Li Shuangxia | 368,576 | 14,144 | 0 | 354,432 | Restriction due to resignation of director/supervisor/senior management | February 4, 2027 | | Guan Zhe | 210,770 | 52,693 | 0 | 158,077 | Restriction due to resignation of director/supervisor/senior management | February 4, 2027 | | Total | 579,346 | 66,837 | 0 | 512,509 | -- | -- | [Securities Issuance and Listing](index=30&type=section&id=%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company had no securities issuance or listing activities during the reporting period - The company reported no securities issuance or listing activities during the reporting period[118](index=118&type=chunk) [Number of Shareholders and Shareholding Status](index=30&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) At the end of the reporting period, the company had 14,737 common shareholders, with Tianjin Dongyi Tianzheng Investment Co., Ltd. as the controlling shareholder (19.97% stake, mostly pledged), and Tianjin Chenshang Consulting Co., Ltd. holding 15.87%, while actual controller Chen Hui forms a concerted action with Dongyi Tianzheng - At the end of the reporting period, the total number of common shareholders was **14,737**[119](index=119&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders (Excluding Shares Lent Through Securities Lending) | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at End of Reporting Period (Shares) | Change in Current Period | Number of Restricted Shares Held (Shares) | Number of Unrestricted Shares Held (Shares) | Share Status | Quantity (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tianjin Dongyi Tianzheng Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 19.97 | 83,780,381 | -30,000,000 | 0 | 83,780,381 | Pledged | 70,544,392 | | Tianjin Chenshang Consulting Co., Ltd. | Domestic Non-State-Owned Legal Person | 15.87 | 66,578,594 | | 0 | 66,578,594 | Not applicable | 0 | | Xiaomi Technology (Wuhan) Co., Ltd. | Domestic Non-State-Owned Legal Person | 4.01 | 16,804,700 | -4,195,300 | 0 | 16,804,700 | Not applicable | 0 | | Chen Hui | Domestic Natural Person | 1.36 | 5,711,520 | | 4,283,640 | 1,427,880 | Not applicable | 0 | - The actual controller of the controlling shareholder, Tianjin Dongyi Tianzheng Investment Co., Ltd., is Mr. Chen Hui, the company's chairman, and the two constitute a concerted action relationship[120](index=120&type=chunk)[121](index=121&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=32&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period[122](index=122&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=32&type=section&id=%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[123](index=123&type=chunk) - The company's actual controller remained unchanged during the reporting period[123](index=123&type=chunk) [Preferred Share Related Matters](index=32&type=section&id=%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company reported no preferred shares during the reporting period[124](index=124&type=chunk) Part VII Bond Related Matters This section confirms the absence of any bond-related matters for the company during the reporting period [Bond Related Matters](index=33&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related matters during the reporting period - The company reported no bond-related matters during the reporting period[126](index=126&type=chunk) Part VIII Financial Report This section includes the unaudited financial statements, company background, basis of preparation, significant accounting policies, tax information, detailed notes to the consolidated financial statements, changes in consolidation scope, equity in other entities, government subsidies, financial instrument risks, fair value disclosures, related parties, and commitments [Audit Report](index=34&type=section&id=%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[128](index=128&type=chunk) [Financial Statements](index=34&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) 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 its financial position, operating results, and cash flows Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 1,460,157,900.60 | 1,683,324,773.86 | | Total Liabilities | 2,487,254,970.88 | 2,657,873,530.12 | | Total Owners' Equity Attributable to Parent Company | -1,158,621,403.60 | -1,106,831,502.80 | | Minority Interests | 131,524,333.32 | 132,282,746.54 | | Total Owners' Equity | -1,027,097,070.28 | -974,548,756.26 | Consolidated Income Statement Key Data (2025 Semi-Annual) | Item | 2025 Semi-Annual (RMB) | 2024 Semi-Annual (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 360,495,824.49 | 881,648,646.49 | | Operating Profit | -40,264,971.66 | -321,188,050.32 | | Total Profit | -53,518,795.58 | -528,272,127.52 | | Net Profit | -52,030,462.57 | -536,827,464.81 | | Net Profit Attributable to Parent Company Shareholders | -51,479,189.93 | -539,965,219.16 | | Basic Earnings Per Share (RMB/share) | -0.12 | -1.29 | Consolidated Cash Flow Statement Key Data (2025 Semi-Annual) | Item | 2025 Semi-Annual (RMB) | 2024 Semi-Annual (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -57,231,375.72 | -58,556,580.54 | | Net Cash Flow from Investing Activities | 7,720,648.50 | -123,504,092.86 | | Net Cash Flow from Financing Activities | 48,228,086.97 | -154,766,641.35 | | Net Increase in Cash and Cash Equivalents | -1,216,217.10 | -336,964,054.16 | | Cash and Cash Equivalents at End of Period | 257,122,664.00 | 141,015,403.63 | [Company's Basic Information](index=51&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company, with a registered capital of RMB 419.54 million and controlled by Chen Hui, primarily engages in architectural decoration, offering home decoration design, construction, and related services, with 24 subsidiaries included in the consolidation scope this period, one of which was deregistered - The company's registered capital is **RMB 419.54 million**, and its actual controller is Chen Hui[160](index=160&type=chunk) - The company's principal business is architectural decoration, providing comprehensive services including home decoration design and construction, franchising, woodworking product配套, building material sales, and import/export[160](index=160&type=chunk) - A total of **24 subsidiaries** were included in the consolidation scope this period, with Beijing Jiai Interior Design Co., Ltd., an indirectly 51% held subsidiary, deregistered on February 6, 2025[161](index=161&type=chunk) [Basis of Financial Statement Preparation](index=52&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared based on enterprise accounting standards and regulatory requirements, using historical cost, and despite continuous losses and negative net assets, management's actions to secure operating funds support the going concern assumption - The company's financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and the China Securities Regulatory Commission's "Information Disclosure and Reporting Rules for Companies Issuing Securities No. 15"[162](index=162&type=chunk) - The company's net profit attributable to parent company owners for the first half of 2025 was **RMB -51.48 million**, with continuous losses, and as of June 30, 2025, owners' equity attributable to parent company shareholders was **RMB -1.16 billion**[163](index=163&type=chunk) - The company has initiated pre-restructuring and signed restructuring investment agreements with investors, receiving deposits; management believes that by formulating development strategies, strengthening internal management, enhancing risk control, promoting settlement and collection, and actively cooperating with restructuring efforts, the company can obtain sufficient operating funds, making the going concern assumption reasonable[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk)[166](index=166&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=53&type=section&id=%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's significant accounting policies and estimates for financial statement preparation, covering business combinations, consolidation, financial instruments, receivables, inventories, investment properties, fixed assets, intangible assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, revenue recognition, government grants, deferred taxes, and leases - The company classifies financial assets into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss, based on the business model for managing financial assets and their contractual cash flow characteristics[207](index=207&type=chunk)[208](index=208&type=chunk)[209](index=209&type=chunk) - The company performs impairment accounting for financial assets measured at amortized cost, lease receivables, and contract assets based on expected credit losses[237](index=237&type=chunk) - The company's revenue primarily derives from decoration projects, design services, franchise fees, and sales of goods, with revenue recognized when performance obligations are satisfied over time or at a point in time[327](index=327&type=chunk) - The company initially measures right-of-use assets at cost and depreciates them over the lease term; lease liabilities are initially measured at the present value of lease payments not yet paid at the commencement date of the lease[368](index=368&type=chunk)[370](index=370&type=chunk) [Taxation](index=87&type=section&id=%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with the company and several subsidiaries enjoying high-tech enterprise tax incentives (15% rate) and small-profit enterprise benefits, along with R&D expense super deduction Major Tax Categories and Rates | Tax Category | Taxable Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales revenue, construction and installation income, design income, etc. | 6%, 9%, 13% (simplified taxation 3% or 5%) | | Urban Maintenance and Construction Tax | Amount of actual paid turnover tax | 5%, 7% | | Corporate Income Tax | Taxable income | 5%, 15%, 20%, 25% | - The company and its subsidiaries Shanghai Chuangyu, Beijing Xinyi, Changchun Dongyi, Shanghai Deguangju, and Jiai Interior Design have all obtained high-tech enterprise certificates, enjoying a **15%** corporate income tax preferential rate[375](index=375&type=chunk)[376](index=376&type=chunk)[377](index=377&type=chunk) - Some subsidiaries are eligible for preferential corporate income tax policies for small and micro-profit enterprises, and R&D expenses enjoy a **100%** super deduction or **200%** amortization for tax purposes[378](index=378&type=chunk)[379](index=379&type=chunk) [Notes to Consolidated Financial Statement Items](index=89&type=section&id=%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes for consolidated financial statement items, including monetary funds, receivables, contract assets, inventories, long-term equity investments, fixed assets, intangible assets, goodwill, deferred tax assets/liabilities, short-term borrowings, payables, contract liabilities, share capital, capital reserves, retained earnings, revenue, costs, expenses, investment income, credit impairment losses, asset impairment losses, asset disposal gains, non-operating income/expenses, income tax expenses, and cash flow statement supplements Monetary Funds Composition and Restrictions (RMB) | Item | Ending Balance | Beginning Balance | | :--- | :--- | :--- | | Cash on Hand | 407,820.40 | 1,482,741.47 | | Bank Deposits | 256,714,843.60 | 256,856,139.63 | | Other Monetary Funds | 67,892,522.47 | 31,404,045.96 | | Total | 325,015,186.47 | 289,742,927.06 | | Of which: Restricted Monetary Funds | 67,892,522.47 | 31,404,045.96 | | (Judicially frozen funds, letter of guarantee deposits) | | | Accounts Receivable and Contract Assets Impairment Provision (RMB) | Item | Ending Book Balance | Ending Impairment Provision | Ending Book Value | | :--- | :--- | :--- | :--- | | Accounts Receivable | 387,475,067.78 | 191,793,682.82 | 195,681,384.96 | | Contract Assets | 66,444,586.34 | 25,156,708.38 | 41,287,877.96 | Overdue Unpaid Short-term Borrowings (RMB) | Lending Institution | Ending Balance | Loan Interest Rate | Overdue Date | Overdue Interest Rate | | :--- | :--- | :--- | :--- | :--- | | Industrial Bank Co., Ltd. | 30,000,000.00 | 3.80% | May 31, 2024 | 5.70% | | Industrial Bank Co., Ltd. | 20,000,000.00 | 3.80% | July 5, 2024 | 5.70% | | Bank of Beijing Co., Ltd. Xiong'an Branch | 10,000,000.00 | 4.10% | September 11, 2024 | 4.10% | | Beijing Daxing Development Financial Leasing Co., Ltd. | 25,913,059.00 | 4.00% | December 31, 2024 | 0.00% | | China Construction Bank Corporation Beijing Fangshan Branch | 8,000,000.00 | 4.20% | October 8, 2024 | 6.30% | | Total | 93,913,059.00 | -- | -- | -- | Operating Revenue and Operating Cost (RMB) | Item | Current Period Revenue | Current Period Cost | Prior Period Revenue | Prior Period Cost | | :--- | :--- | :--- | :--- | :--- | | Principal Business | 328,198,825.12 | 212,579,136.98 | 846,558,753.54 | 620,493,063.42 | | Other Businesses | 32,296,999.37 | 10,731,407.08 | 35,089,892.95 | 7,101,986.62 | | Total | 360,495,824.49 | 223,310,544.06 | 881,648,646.49 | 627,595,050.04 | [Changes in Consolidation Scope](index=116&type=section&id=%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The consolidation scope changed this period due to the deregistration of Beijing Jiai Interior Design Co., Ltd., a 51% indirectly held subsidiary, on February 6, 2025 - Beijing Jiai Interior Design Co., Ltd., an indirectly 51% held subsidiary, was deregistered on February 6, 2025[560](index=560&type=chunk) [Equity in Other Entities](index=116&type=section&id=%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section outlines the company's equity in subsidiaries and associates, noting that several important non-wholly owned subsidiaries incurred losses during the reporting period, while investments in associates totaled RMB 3 million with a net loss of RMB -3.52 million - The company owns **24 subsidiaries**, including Beijing Yidefajia Economic and Trade Co., Ltd. and Dongyi Risheng Smart Home Technology Co., Ltd[562](index=562&type=chunk) Key Financial Information of Important Non-Wholly Owned Subsidiaries (Current Period, RMB) | Subsidiary Name | Operating Revenue | Net Profit | Total Comprehensive Income | Net Cash Flow from Operating Activities | | :--- | :--- | :--- | :--- | :--- | | Shanxi Dongyiyuan Smart Home Technology Co., Ltd. | 25,628,189.68 | -1,726,686.64 | -1,726,686.64 | -4,567,174.72 | | Changchun Dongyi Fushengde Decoration Co., Ltd. | 7,064,953.59 | -2,738,047.16 | -2,738,047.16 | 2,309,747.93 | | Shanghai Chuangyu Industrial Co., Ltd. | 200,810,013.33 | 5,103,233.39 | 5,103,233.39 | 25,139,807.45 | | Jiai Interior Design (Shanghai) Co., Ltd. | 78,645,310.75 | 1,217,437.49 | 1,217,437.49 | 6,170,437.62 | - Investments in associates totaled **RMB 3 million** in book value, with a net loss of **RMB -3.52 million** for the current period[572](index=572&type=chunk) [Government Grants](index=119&type=section&id=%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company has income-related deferred income of RMB 7,081.00. This period, RMB 968,368.17 was recognized as non-operating income from government grants, and RMB 177,276.07 was recognized as other income Liability Items Involving Government Grants (RMB) | Accounting Account | Beginning Balance | New Grants in Current Period | Amount Recognized as Non-operating Income in Current Period | Amount Transferred to Other Income in Current Period | Other Changes in Current Period | Ending Balance | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 7,081.00 | 0.00 | 0.00 | 0.00 | 0.00 | 7,081.00 | Income-related | Government Grants Recognized in Current Profit or Loss (RMB) | Accounting Account | Amount in Current Period | Amount in Prior Period | | :--- | :--- | :--- | | Non-operating Income | 968,368.17 | 3,470,504.53 | | Other Income | 177,276.07 | 1,058,818.17 | [Risks Related to Financial Instruments](index=120&type=section&id=%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces credit, liquidity, and market risks, managed through credit assessment, continuous monitoring of receivables, cash flow forecasting, and bank credit lines, with minimal foreign exchange risk and no exposure to floating interest rates - The company's main financial instruments include monetary funds, trading financial assets, notes receivable, accounts receivable, other receivables, long-term receivables, other equity instrument investments, other non-current financial assets, short-term borrowings, notes payable, accounts payable, and other payables[575](index=575&type=chunk) - The company faces credit risk, liquidity risk, and market risk, which are managed by formulating risk management policies and guidelines[575](index=575&type=chunk) - Credit risk is managed by assessing counterparty creditworthiness, continuously monitoring accounts receivable, and bank deposits; liquidity risk is controlled through cash flow forecasting and bank credit lines[576](index=576&type=chunk)[577](index=577&type=chunk)[578](index=578&type=chunk) - The company's foreign exchange risk is primarily related to the New Taiwan Dollar, but its impact is not significant; there are no floating-rate bank borrowings, so it is not affected by interest rate changes[579](index=579&type=chunk)[580](index=580&type=chunk) [Fair Value Disc

Section I Important Notice, Table of Contents and Definitions [Important Notice](index=2&type=section&id=重要提示) The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility. - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false statements, misleading representations, or major omissions, and assume individual and joint legal responsibility[4](index=4&type=chunk) - Company head Zou Zuojun, chief accountant Liu Wei, and head of accounting department Liu Wei declare that the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - Forward-looking statements in this semi-annual report, such as future plans or strategies, do not constitute a substantive commitment by the company to investors, who should maintain sufficient risk awareness regarding them[4](index=4&type=chunk) [Risk Factors](index=2&type=section&id=风险提示) The company faces multiple risks including intensified industry competition, policy changes, new product R&D and registration, and reliance on imported raw materials, addressing these through strategic transformation, R&D investment, policy monitoring, and supply chain optimization. [(I) Risk of Intensified Industry Competition](index=2&type=section&id=(一)%20行业竞争加剧风险) The in-vitro diagnostics (IVD) market faces escalating competition, with foreign brands dominating high-end segments and domestic brands accelerating substitution, leading to product homogenization and price competition. - The in-vitro diagnostics market competition is intensifying, evolving from single-product competition to comprehensive strength competition, including product series and solutions[5](index=5&type=chunk) - The pathology diagnostics sector shows a competitive landscape where foreign capital dominates the high-end market, coexisting with accelerated substitution by domestic brands, and new technology applications intensify market competition[6](index=6&type=chunk) - The company plans to address competition by accelerating strategic transformation, enriching product lines, strengthening sales network construction, enhancing academic marketing, expanding market reach, improving product quality and brand building, and elevating customer service[9](index=9&type=chunk) [(II) Industry Policy Risk](index=5&type=section&id=(二)%20行业政策风险) The medical device industry faces strict national regulation, with policies like centralized procurement and DRG/DIP reducing terminal prices and limiting pricing power, accelerating industry consolidation. - Centralized procurement has gradually covered over 120 types of diagnostic reagents across 8 major categories, including chemiluminescence and molecular diagnostics, leading to lower terminal prices[11](index=11&type=chunk) - Policies such as "Sunshine Procurement," "Centralized Procurement," "DRG/DIP," and national price linkage mechanisms further compress manufacturers' pricing margins[11](index=11&type=chunk) - The company will closely monitor the latest industry policies, promptly formulate countermeasures, flexibly adjust operating strategies, continuously improve its distributor system, and enhance production management levels[11](index=11&type=chunk) [(III) New Product R&D and Registration Risk](index=5&type=section&id=(三)%20新产品研发和注册风险) The technology-intensive in-vitro diagnostics industry faces long R&D cycles, high conversion risks, and stringent, lengthy product registration processes in both domestic and international markets. - R&D outcomes in the in-vitro diagnostics industry typically take one year or more to transform from laboratory technology to products, posing risks of technical deviation or R&D process setbacks leading to failure[12](index=12&type=chunk) - After successful new product R&D, market access requires stages of product standard approval, clinical trials, registration testing, and registration approval, with Chinese approval processes generally taking 1-2 years[13](index=13&type=chunk) - The company will increase R&D investment, strengthen communication with end-users, and stabilize and expand its registration team to improve registration efficiency and shorten time-to-market[13](index=13&type=chunk) [(IV) Risk of Reliance on Imported Upstream Raw Materials](index=6&type=section&id=(四)%20上游原料供应依赖进口的风险) China's biochemical raw material preparation technology is nascent, leading to a high reliance on imported core raw materials for in-vitro diagnostic reagents, posing supply chain risks due to global instability. - Domestic enterprises producing core raw materials for in-vitro diagnostic reagents still primarily rely on imports, posing risks of supply shortages or instability[14](index=14&type=chunk) - The company's countermeasures include maintaining multiple suppliers for the same raw material and increasing R&D investment to achieve domestic substitution[14](index=14&type=chunk) Imported Raw Material Procurement Amount as a Percentage of Total | Year/Period | Percentage | | :---------- | :--- | | 2022 | 16.91% | | 2023 | 17.33% | | 2024 | 14.25% | | H1 2025 | 20.50% | [(V) Management Risk from Business Integration and Scale Expansion](index=7&type=section&id=(五)%20业务整合、规模扩大带来的管理风险) Expanding through M&A and new business areas increases management complexity, posing challenges for business integration and operational efficiency, which could weaken core competitiveness if not adequately addressed. - The company's M&A and new business expansion demand higher management standards, potentially leading to challenges in business integration and improving overall operational efficiency[16](index=16&type=chunk) - The company will continuously conduct operational analysis, promptly optimize its organizational structure and management model, ensuring orderly and efficient operation across all business lines[16](index=16&type=chunk) - The company's profit distribution plan, approved by the Board of Directors, is to distribute a cash dividend of **RMB 3** (tax inclusive) per 10 shares, with no bonus shares or capital increase from capital reserves[16](index=16&type=chunk) [Table of Contents](index=8&type=section&id=目录) This section presents the structured table of contents for the report, including eight main chapters with their starting page numbers and a list of reference documents. - The report's table of contents includes eight main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports[19](index=19&type=chunk) - The list of reference documents includes the original semi-annual report signed by the legal representative, financial statements, and original announcements of all publicly disclosed company documents[21](index=21&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) [Definitions](index=10&type=section&id=释义) This section defines common terms used in the report, including company names, reporting period, stock exchange, industry acronyms like IVD, and certifications such as EU CE and US FDA. - "Strong Biotechnologies" or "the Company" refers to Beijing Strong Biotechnologies, Inc[25](index=25&type=chunk) - "Reporting Period" refers to January 1, 2025, to June 30, 2025[25](index=25&type=chunk) - "IVD" is an abbreviation for In-Vitro Diagnostics[25](index=25&type=chunk) - "CE" is the European Union certification for products, indicating compliance with EU directive safety requirements; "FDA" is the U.S. Food and Drug Administration's evaluation process for product safety and effectiveness for market entry in the United States[25](index=25&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Profile](index=11&type=section&id=一、公司简介) This section provides basic information about Beijing Strong Biotechnologies, Inc., including its stock ticker, code, listing exchange, Chinese and English names, and legal representative. Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Strong Biotechnologies | | Stock Code | 300406 | | Stock Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | 北京九强生物技术股份有限公司 | | Company's Legal Representative | Zou Zuojun | [II. Contact Person and Information](index=11&type=section&id=二、联系人和联系方式) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax, and email, for investor communication. Contact Person and Information | Position | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Wang Jianmin | Bao Nan | | Contact Address | 5th Floor, Kuangyi Building, No. 15 Huayuan East Road, Haidian District, Beijing | 5th Floor, Kuangyi Building, No. 15 Huayuan East Road, Haidian District, Beijing | | Phone | 010-82247199 | 010-82247199 | | Email | jiuqiangzhengquan@bsbe.com.cn | jiuqiangzhengquan@bsbe.com.cn | [III. Other Information](index=11&type=section&id=三、其他情况) During the reporting period, there were no changes to the company's registered address, office address, website, email, information disclosure and filing locations, or registration status. - The company's registered address, office address, website, and email remained unchanged during the reporting period, as detailed in the 2024 Annual Report[29](index=29&type=chunk) - Information disclosure and filing locations remained unchanged during the reporting period, as detailed in the 2024 Annual Report[30](index=30&type=chunk) - The company's registration status remained unchanged during the reporting period, as detailed in the 2024 Annual Report[31](index=31&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=12&type=section&id=四、主要会计数据和财务指标) In H1 2025, the company's operating revenue and net profit attributable to shareholders decreased by 18.67% and 30.01% respectively, while net cash flow from operating activities increased by 9.71%. Key Accounting Data and Financial Indicators (Current Reporting Period vs. Same Period Last Year) | Indicator | Current Reporting Period (RMB) | Same Period Last Year (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 668,335,957.13 | 821,722,324.81 | -18.67% | | Net Profit Attributable to Shareholders of Listed Company | 175,233,795.64 | 250,373,606.97 | -30.01% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 173,456,836.36 | 248,090,493.65 | -30.08% | | Net Cash Flow from Operating Activities | 244,076,650.72 | 222,466,764.72 | 9.71% | | Basic Earnings Per Share (RMB/share) | 0.30 | 0.43 | -30.23% | | Diluted Earnings Per Share (RMB/share) | 0.30 | 0.43 | -30.23% | | Weighted Average Return on Net Assets | 4.22% | 6.53% | -2.31% | Key Accounting Data and Financial Indicators (End of Current Reporting Period vs. End of Previous Year) | Indicator | End of Current Reporting Period (RMB) | End of Previous Year (RMB) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 5,442,024,152.50 | 5,574,965,162.35 | -2.38% | | Net Assets Attributable to Shareholders of Listed Company | 4,078,022,542.14 | 4,138,374,136.02 | -1.46% | [V. Differences in Accounting Data Under Domestic and International Accounting Standards](index=12&type=section&id=五、境内外会计准则下会计数据差异) During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under international or overseas accounting standards and Chinese accounting standards. - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under international accounting standards versus Chinese accounting standards[33](index=33&type=chunk) - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under overseas accounting standards versus Chinese accounting standards[34](index=34&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=12&type=section&id=六、非经常性损益项目及金额) During the reporting period, the company's total non-recurring gains and losses amounted to RMB 1,776,959.28, primarily from non-current asset disposal, government grants, and other non-operating income/expenses. Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -749,603.05 | | Government grants recognized in current profit or loss | 3,286,887.22 | | Other non-operating income and expenses apart from the above | -442,647.85 | | Less: Income tax impact | 314,098.82 | | Impact on minority interests (after tax) | 3,578.22 | | Total | 1,776,959.28 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor has it classified non-recurring gains and losses as recurring gains and losses[37](index=37&type=chunk) Section III Management Discussion and Analysis [I. Main Business Activities During the Reporting Period](index=14&type=section&id=一、报告期内公司从事的主要业务) The company primarily engages in in-vitro diagnostics (IVD) products and services across pathology, biochemistry, immunology, molecular, and coagulation, expanding its product lines and market reach through R&D and M&A. [(I) Industry Overview](index=14&type=section&id=(一)%20所处行业概况) The company operates in the in-vitro diagnostics (IVD) industry, a critical segment of pharmaceutical manufacturing, characterized by significant market growth potential in China but facing multiple barriers including technology, talent, and market access. [1. Industry Fundamentals](index=14&type=section&id=1、行业基本情况) The in-vitro diagnostics (IVD) industry is a key segment of pharmaceutical manufacturing, encompassing various diagnostic categories like pathology, biochemistry, immunology, and molecular diagnostics, with increasing demand in thrombosis and hemostasis. - Sub-segments of in-vitro diagnostic products include pathology diagnostics, biochemical diagnostics, immunological diagnostics, molecular diagnostics, POCT (Point-of-Care Testing), coagulation diagnostics, and hematology[39](index=39&type=chunk) - Immunodiagnostics is the fastest-growing segment of China's IVD industry from 2020-2025, with chemiluminescence technology gradually replacing traditional methods[41](index=41&type=chunk) - Domestic demand for thrombosis and hemostasis products is continuously increasing, indicating broad future growth potential[41](index=41&type=chunk) [2. Market Landscape](index=14&type=section&id=2、市场格局) The global IVD market is dominated by developed economies and international giants, while China is projected to become the largest consumer by 2030, driven by policy and demographic dividends, with centralized procurement accelerating industry consolidation. - The global IVD market size is projected to grow at a compound annual rate exceeding **5%** from 2020-2027, with developed economies like North America, Europe, and Japan holding major shares[42](index=42&type=chunk)[43](index=43&type=chunk) - China's IVD market size is expected to grow to **RMB 288.15 billion** by 2030, increasing its share in the global market to **33.2%** and becoming the largest consumer of in-vitro diagnostic products[44](index=44&type=chunk) - Centralized procurement has led to reagent price reductions of **50-80%**, which, combined with policies like DRG, accelerates industry consolidation, offering rapid development opportunities for leading enterprises with technological barriers, economies of scale, and innovation capabilities[45](index=45&type=chunk) [3. Industry Barriers](index=15&type=section&id=3、行业壁垒) The in-vitro diagnostics industry faces significant barriers including complex technology, scarcity of interdisciplinary talent, high investment in marketing channels, stringent quality control, and strict market entry regulations. - **Technical barriers**: In-vitro diagnostics is a multidisciplinary field with high technical complexity, requiring continuous R&D investment to maintain competitiveness[46](index=46&type=chunk) - **Talent barriers**: Domestic scarcity of interdisciplinary technical talent makes it difficult for new entrants to quickly build core R&D teams[46](index=46&type=chunk) - **Marketing channel barriers**: Building a professional, extensive marketing network and after-sales service system requires substantial capital investment and time accumulation[47](index=47&type=chunk) - **Market access barriers**: National regulatory authorities implement strict licensing and registration systems for manufacturing and operating enterprises and products, with lengthy approval cycles[47](index=47&type=chunk) [(II) Main Business Introduction](index=15&type=section&id=(二)%20主营业务简介) As a leading in-vitro diagnostics enterprise, the company has developed seven major diagnostic systems over 20 years, leveraging R&D and subsidiary expertise to master core technologies and expand product lines. [1. Overview of Main Business](index=15&type=section&id=1、主要业务概况) With 20 years in in-vitro diagnostics, the company has built seven diverse, high-quality diagnostic systems, including pathology, biochemistry, and coagulation, while its subsidiary Maixin Bio focuses on pathology and AI. - The company, as one of the leading enterprises in China's in-vitro diagnostics industry, has been deeply involved in the field for **20 years**, committed to building a diversified, high-quality in-vitro diagnostic testing platform[49](index=49&type=chunk) - Currently, it possesses seven major diagnostic systems: pathology diagnostic system, biochemical diagnostic system, coagulation diagnostic system, luminescence diagnostic system, blood typing diagnostic system, POCT diagnostic system, and liquid biopsy system[49](index=49&type=chunk) - Wholly-owned subsidiary Maixin Bio focuses on core pathology diagnostic technologies, establishing a four-dimensional integrated approach of "reagent core raw materials + reagent kit development + innovative instruments + diagnostic services," exploring cutting-edge technologies like companion diagnostics and pathology AI[49](index=49&type=chunk) [2. Main Business Model](index=16&type=section&id=2、主要经营模式) The company's business model integrates procurement, production, and marketing, featuring a "production-to-order" approach and a hybrid distribution strategy combining direct sales and dealership networks. [1) Procurement Model](index=16&type=section&id=1）采购模式) The company's procurement model involves four key stages: planning, supplier selection, price negotiation, and quality control, ensuring product quality through departmental collaboration. - Procurement plans are formulated by the Business Department based on inventory, safety stock, delivery times, and prices[51](index=51&type=chunk) - Supplier selection is conducted by the R&D Department for availability screening and technical standard output, with the Business Department handling admission[52](index=52&type=chunk) - Procurement prices are negotiated and determined by the Business Department with suppliers, generally maintained for at least one year to ensure cost stability[53](index=53&type=chunk) - Quality control is performed by the Quality Department, which evaluates and accepts goods based on arrival verification standards to ensure product quality[54](index=54&type=chunk) [2) Production Model](index=16&type=section&id=2）生产模式) The company employs a "production-to-order" model, aligning production plans with market demand and inventory to minimize stock accumulation, reduce costs, and optimize resource utilization. - The company implements a production-to-order model, guided by market demand, combining order contracts and historical sales data with current inventory to formulate various levels of production plans[55](index=55&type=chunk) - The production process includes formulating weekly plans based on average monthly sales, preparation, sub-packaging, packaging, and warehousing[55](index=55&type=chunk) - The on-demand production model avoids inventory backlog and overcapacity, reduces warehousing costs and capital tie-up, and improves resource utilization efficiency[55](index=55&type=chunk) [3) Marketing Model](index=16&type=section&id=3）营销模式) The company utilizes a hybrid marketing model, primarily distribution for Strong Biotechnologies and direct sales for Maixin Bio, with strict dealer management to ensure market coverage and product promotion. - The company adopts a "distribution and direct sales combined" marketing model, with Strong Biotechnologies primarily using distribution and Maixin Bio primarily using direct sales[56](index=56&type=chunk)[59](index=59&type=chunk) - The company imposes requirements on dealer qualifications and sales capabilities, implements a unified pricing policy, and offers discounts based on sales performance[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk) - The company provides after-sales service support to dealers, manages accounts receivable, and strictly restricts cross-regional sales by dealers, imposing penalties for violations[63](index=63&type=chunk)[64](index=64&type=chunk) [Medical Device Business Disclosure Requirements](index=17&type=section&id=医疗器械业务披露要求) The company boasts extensive product lines and technology platforms in pathology, biochemistry, coagulation, luminescence, and blood typing diagnostics, with a significant increase in medical device registrations and FDA certifications. - Wholly-owned subsidiary Maixin Bio possesses mature R&D platforms for IHC-related monoclonal antibodies, reagent kit development, and automated instrument development in the field of pathology diagnostics, and is actively developing molecular diagnostics and pathology AI platforms[66](index=66&type=chunk) - The company's biochemical testing covers routine indicators and continuously develops new projects; in coagulation, it has developed fully automatic coagulometers and their配套检测项目; in luminescence, it has launched high, medium, and low-speed instruments and expanded its reagent menu; in blood typing, it continuously introduces new products[66](index=66&type=chunk) [(I) Quantity Statistics](index=18&type=section&id=(一)%20数量统计) At the end of the reporting period, the company saw significant growth in medical device registration certificates, filing certificates, and FDA certifications, with FDA certifications increasing by 180%. Medical Device Certificate Quantity Statistics | Indicator | End of Reporting Period (units) | Same Period Last Year (units) | | :--- | :--- | :--- | | Medical Device Registration Certificates | 395 | 355 | | Medical Device Filing Certificates | 537 | 440 | | CE Certifications | 96 | 96 | | FDA Certifications | 378 | 135 | - At the end of the reporting period, the number of medical device registration certificates increased by **11.27%** year-on-year, filing certificates by **21.00%**, and FDA certifications by **180.00%**[68](index=68&type=chunk) [(II) Medical Devices Under Registration Application During the Reporting Period](index=18&type=section&id=(二)%20报告期内处于注册申请中的医疗器械) During the reporting period, the company had numerous medical devices under registration application, including 53 domestic and 6 CE applications, covering various diagnostic reagents, mostly in technical review or clinical evaluation. - The company has **53** medical device registration certificate/filing certificate applications, primarily for Class II and Class III products, covering various diagnostic reagents such as immunoglobulins, enzymes, mycophenolic acid, gastrin-17, heparin-binding protein, and coagulation factors[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) - Most registration applications are in the technical review, clinical evaluation, or clinical trial stages, all being first-time registration applications and not classified as innovative medical devices[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) - The company has **6** CE registration applications, primarily for Class B and Class C products, including D-dimer, sodium, potassium, total bile acid, high-density lipoprotein cholesterol, and low-density lipoprotein cholesterol assay kits, all in the technical review stage[75](index=75&type=chunk) [(III) Newly Registered, Renewed, or Amended Medical Devices During the Reporting Period](index=23&type=section&id=(三)%20报告期内新增注册、延续注册、变更注册的医疗器械) During the reporting period, the company added, renewed, or amended 195 medical device registrations, including 120 domestic certificates and 75 FDA registrations, primarily for biochemical, immunological, and pathology-related reagents. - During the reporting period, the company newly registered, renewed, or amended **120** medical device registration certificates/filing certificates, covering various diagnostic reagents such as carbon dioxide, β2-microglobulin, cholinesterase, creatine kinase, urea, uric acid, pepsinogen, and cardiac troponin I[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk) - Fuzhou Maixin Bio newly registered a large number of Class I Fluorescence In Situ Hybridization (FISH) probe reagents for detecting gene breakage, amplification, or deletion, providing auxiliary diagnostic information for physicians[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk) - During the reporting period, the company newly registered **75** FDA products, primarily including Fuzhou Maixin Bio's Mouse Monoclonal Anti-Human and Rabbit Monoclonal Anti-Human antibody reagent series, as well as various Dual Color Break Apart Probes and Dual Color Dual Fusion probes, used for auxiliary information in tumor diagnosis[89](index=89&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) [II. Analysis of Core Competencies](index=73&type=section&id=二、核心竞争力分析) The company's core competencies include continuous R&D, high-quality standards, diversified product lines, strategic partnerships, a robust marketing system, and strong brand building. [(I) Continuous Improvement in R&D Capabilities](index=73&type=section&id=(一)%20研发能力持续提升) In H1 2025, the company achieved significant R&D milestones, increasing its patent portfolio to 234 with 17 new patents covering calibration models, enzyme mutants, and diagnostic reagents. Patent Certificate Quantity | Indicator | Quantity (units) | | :--- | :--- | | Patent certificates at end of reporting period | 234 | | Patent certificates in same period last year | 217 | - During the reporting period, the company obtained **6** patent authorizations, including a calibration model and method for determining analyte concentration, a 6-phosphoglucose dehydrogenase mutant, a detection reagent and preparation method for novel coronavirus antibodies, and a hematoxylin dye solution suitable for automated immunohistochemistry staining instruments[129](index=129&type=chunk) - During the reporting period, the company applied for **11** new patents, including a rivaroxaban content detection kit, a matrix for humanized antibody calibrators, MDC3600/7600 series fully automatic coagulation analyzers, Gi9000 series fully automatic chemiluminescence immunoassay analyzers, and high-pressure immunohistochemistry systems and methods[130](index=130&type=chunk) [(II) Quality and Brand Advantage](index=75&type=section&id=(二)%20质量与品质优势) The company maintains an international-standard production environment and ISO13485 quality management system, with its reference laboratory achieving CNAS accreditation and global traceability status. - The company has established a quality management system in accordance with ISO13485 and national medical device regulations, undergoing **5** external audits in H1 2025, all with satisfactory results[132](index=132&type=chunk) - The company's reference laboratory passed CNAS (ISO17025 and ISO15195) medical reference laboratory accreditation at the end of 2018, with **16** projects currently accredited, and has joined the Joint Committee for Traceability in Laboratory Medicine (JCTLM) as a global traceability service unit[133](index=133&type=chunk) - The reference laboratory collaborates extensively with institutions such as the China National Institute of Metrology and the National Center for Clinical Laboratories of the National Health Commission to promote standardization in the IVD industry[134](index=134&type=chunk) [(III) Product Advantage](index=75&type=section&id=(三)%20产品优势) As a leading biochemical reagent producer, the company leverages seven R&D platforms and M&A to offer a comprehensive product portfolio, including automated chemiluminescence analyzers and advanced pathology solutions. - The company possesses **seven** biochemical technology R&D platforms, mastering core R&D technologies, and has pioneered the launch of multiple innovative products that fill domestic gaps[135](index=135&type=chunk) - The company has officially entered the immunodiagnostics market, successfully launching medium-to-low speed and ultra-high speed fully automatic chemiluminescence analyzers, and continuously enriching its配套试剂, forming synergy with its biochemical and coagulation product lines[135](index=135&type=chunk) - Wholly-owned subsidiary Maixin Bio has over **30 years** of experience in immunohistochemistry, with product performance reaching or exceeding international leading levels, and is developing molecular and pathology AI, committed to building a "precise, standardized, automated, digital, and intelligent" pathology ecosystem[136](index=136&type=chunk) [(IV) Deepening Cooperation for Synergistic Effects](index=75&type=section&id=(四)%20深化合作发挥协同效应) The company actively collaborates with top-tier distributors like Sinopharm Group to expand sales channels and accelerate performance, achieving mutual benefits in supply chain optimization and brand building. - The company actively engages in close cooperation with first-tier distributors, such as various provincial companies of Sinopharm Group, to rapidly expand sales channels and accelerate company performance growth[137](index=137&type=chunk) - The company steadily promotes comprehensive, deep, and lasting cooperation with Sinopharm, from business对接 to operational synergy, fully leveraging both parties' resource advantages to achieve mutual benefit in supply chain optimization and brand co-building[137](index=137&type=chunk) [(V) Advantage of a Comprehensive Marketing System](index=76&type=section&id=(五)%20完善的营销体系优势) The company builds a comprehensive marketing system by seizing industry opportunities, expanding globally, and enhancing after-sales service, fostering instrument-reagent synergy and strategic partnerships with industry leaders. - Subsidiary Maixin Bio accelerates the entry of fully automatic immunohistochemistry staining systems into hospitals by expanding its agent channels, driving sales of immunohistochemistry reagents and FISH reagents, achieving synergistic development of instruments and reagents[138](index=138&type=chunk) - The company adheres to the "walking with giants" strategy, establishing biochemical strategic partnerships with renowned domestic and international enterprises such as Abbott, Roche, Hitachi, and Mindray, with cooperation with Abbott progressing well and technology transfer revenue continuously growing[139](index=139&type=chunk) - In H1 2025, the company actively participated in industry exhibitions in the UAE, visited markets in Turkey and Saudi Arabia, strengthened channel development in South Asia, Southeast Asia, Europe, and South America, and promoted qualification certification for immunohistochemistry reagents and FISH reagents overseas[140](index=140&type=chunk) - The company continuously optimizes its after-sales service system, providing comprehensive professional training and technical support from reagent use to instrument maintenance, and plans to introduce AI technology to build an intelligent service ecosystem[141](index=141&type=chunk) [(VI) Company Brand Building](index=76&type=section&id=(六)%20公司的品牌建设) The company strengthens its brand strategy through "Quality Foundation" emphasizing R&D-driven quality across the product lifecycle, and "Cultural Immersion" to instill brand values internally. - The company deepens its brand strategy through "Quality Foundation," practicing the "quality starts with R&D" philosophy, forming a full lifecycle quality closed loop by integrating customer needs, supplier collaboration, technical support, and quality control resources[142](index=142&type=chunk) - The company deepens its brand strategy through "Cultural Immersion," adhering to the principle that "a brand should first be established in the minds of internal personnel," building a multi-dimensional brand recognition system to ensure effective penetration of the brand strategy across all organizational levels[143](index=143&type=chunk) [(VII) Building an Academically-Led Industry-University-Research Cooperation Model](index=77&type=section&id=(七)%20打造学术引领的产学研合作模式) The company maintains an academic marketing strategy, participating in national health research projects and successfully completing R&D projects, while fostering collaborative education initiatives. - The company adheres to an academic marketing strategy, utilizing academic conferences, exhibitions, and forums to deepen strategic cooperation with numerous domestic clinical laboratories[144](index=144&type=chunk) - In January 2025, the company's project "Establishment of a Clinical Laboratory Reference System for Cardiovascular and Cerebrovascular Diseases and Research on HCY Reference Intervals in the Elderly Population," participated in by the National Health Commission Hospital Management Institute, was successfully approved[144](index=144&type=chunk) - In February 2025, the company's project "Establishment and Promotion of a Clinical Testing System for Major Chronic Disease Inflammatory Markers," part of the 2024 National Major Science and Technology Project for Cancer, Cardiovascular, Respiratory, and Metabolic Disease Prevention and Control Research, was successfully approved[144](index=144&type=chunk) - In April 2025, the "Development and Industrialization of Fully Automatic Pathology Tissue Staining System" project, submitted by wholly-owned subsidiary Maixin Bio, successfully passed final acceptance[144](index=144&type=chunk) - In H1 2025, the company initiated collaborative education projects, with **3** units applying for and completing project approval, involving research on autoimmune liver disease, Brucella infection, and monitoring of thrombotic indicators in colorectal patients[145](index=145&type=chunk) [(VIII) Awards Received](index=77&type=section&id=(八)%20获奖情况) On January 14, 2025, the company received the "First Prize for Military Science and Technology Progress," recognizing its outstanding contributions to technological innovation. - On January 14, 2025, the company was awarded the "First Prize for Military Science and Technology Progress," a high recognition for its outstanding contributions to technological innovation[146](index=146&type=chunk) [III. Analysis of Main Business](index=77&type=section&id=三、主营业务分析) The company's core business in biochemical and pathology diagnostics saw H1 2025 operating revenue decrease by 18.67% to RMB 668.34 million, primarily due to centralized procurement and VAT rate changes. - The company's core business is biochemical and pathology diagnostics, gradually expanding into coagulation, luminescence, blood typing, and other fields[147](index=147&type=chunk) Operating Revenue and Year-on-Year Change | Indicator | H1 2025 (RMB 10,000) | H1 2024 (RMB 10,000) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 66,833.60 | 82,172.23 | -18.67% | - The decrease in operating revenue is primarily due to the continuous advancement of centralized procurement policies, rapid implementation of DRG, and policies such as mutual recognition of test results; additionally, subsidiary Maixin Bio's VAT rate changed from **3%** to **13%** starting from 2025[147](index=147&type=chunk) - Diagnostic reagent business remains the primary source of operating revenue, accounting for **95.09%** of total operating revenue[147](index=147&type=chunk) Sales Model Revenue and Gross Margin (H1 2025 vs. H1 2024) | Sales Model | H1 2025 Operating Revenue (RMB 10,000) | H1 2025 Gross Margin | H1 2024 Operating Revenue (RMB 10,000) | H1 2024 Gross Margin | | :--- | :--- | :--- | :--- | :--- | | Direct Sales | 32,873.19 | 90.89% | 35,424.05 | 89.86% | | Distribution | 33,960.41 | 68.65% | 46,748.18 | 67.83% | | Subtotal | 66,833.60 | 79.59% | 82,172.23 | 77.33% | - Distribution model revenue accounted for **50.81%** of operating revenue, with sales decreasing by **27.35%** year-on-year; direct sales revenue accounted for **49.19%**, with sales decreasing by **7.20%** year-on-year; the average gross margin increased by **2.26%**, mainly due to the increased proportion of subsidiary Maixin Bio's pathology business[148](index=148&type=chunk) Procurement Amount (H1 2025 vs. H1 2024) | Item | H1 2025 Procurement Amount (RMB 10,000) | H1 2024 Procurement Amount (RMB 10,000) | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | Raw Materials | 7,599.84 | 8,146.76 | -6.71% | | Agency Reagents | 4,159.97 | 7,547.32 | -44.88% | | Instruments | 1,069.28 | 1,570.18 | -31.90% | | Total | 12,829.10 | 17,264.26 | -25.69% | Major Financial Data Year-on-Year Change | Indicator | Current Reporting Period (RMB) | Same Period Last Year (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 668,335,957.13 | 821,722,324.81 | -18.67% | | | Operating Cost | 136,402,199.32 | 186,299,645.98 | -26.78% | | | Selling Expenses | 148,144,549.11 | 147,674,341.51 | 0.32% | | | Administrative Expenses | 63,385,975.74 | 69,914,142.33 | -9.34% | | | Financial Expenses | 20,002,948.12 | 20,343,818.12 | -1.68% | | | Income Tax Expense | 20,670,296.99 | 50,987,663.65 | -59.46% | Primarily due to decreased profit | | R&D Investment | 84,329,001.80 | 86,944,037.45 | -3.01% | | | Net Cash Flow from Operating Activities | 244,076,650.72 | 222,466,764.72 | 9.71% | | | Net Cash Flow from Investing Activities | -192,930,709.10 | 241,751,436.42 | -179.81% | Primarily due to purchase of large-denomination certificates of deposit in current period | | Net Cash Flow from Financing Activities | -280,795,092.13 | -134,718,051.26 | -108.43% | Primarily due to higher dividend distribution in current period than same period last year | | Net Increase in Cash and Cash Equivalents | -229,722,012.37 | 329,528,728.93 | -169.71% | Primarily due to purchase of large-denomination certificates of deposit and dividend distribution in current period | Product or Service Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | In-vitro Diagnostic Reagents | 635,512,793.08 | 111,606,465.71 | 82.44% | -19.29% | -30.38% | 2.80% | [IV. Analysis of Non-Core Business](index=79&type=section&id=四、非主营业务分析) During the reporting period, non-core business activities included negative investment income from equity-accounted long-term equity investments, and non-operating income/expenses from non-recurring items. Non-Core Business Analysis | Item | Amount (RMB) | Percentage of Total Profit | Explanation of Cause | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -742,471.47 | -0.38% | Primarily from long-term equity investment income accounted for using the equity method | Yes | | Non-Operating Income | 209,790.57 | 0.11% | Income from liquidated damages and amounts not required to be paid | No | | Non-Operating Expenses | 652,438.42 | 0.33% | Loss from disposal of non-current assets | No | [V. Analysis of Assets and Liabilities](index=79&type=section&id=五、资产及负债状况分析) At the end of the reporting period, total assets and net assets attributable to shareholders slightly decreased, with cash and cash equivalents reduced by dividends and large-denomination deposits, while certain assets were restricted. Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Percentage of Total Assets | Amount at End of Previous Year (RMB) | Percentage of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 878,336,389.47 | 16.14% | 1,042,657,721.31 | 18.70% | -2.56% | Dividends and purchase of large-denomination certificates of deposit, etc. | | Accounts Receivable | 1,054,265,742.56 | 19.37% | 1,077,474,440.62 | 19.33% | 0.04% | | | Inventories | 223,491,471.20 | 4.11% | 220,680,889.10 | 3.96% | 0.15% | | | Total Assets | 5,442,024,152.50 | | 5,574,965,162.35 | | -2.38% | | | Net Assets Attributable to Shareholders of Listed Company | 4,078,022,542.14 | | 4,138,374,136.02 | | -1.46% | | Significant Changes in Liability Composition | Item | Amount at End of Current Reporting Period (RMB) | Percentage of Total Assets | Amount at End of Previous Year (RMB) | Percentage of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Short-term Borrowings | 131,798.56 | 0.00% | 105,861.99 | 0.00% | 0.00% | | | Notes Payable | 6,071,759.85 | 0.11% | 1,185,923.33 | 0.02% | 0.09% | | | Employee Benefits Payable | 27,499,598.00 | 0.51% | 64,953,052.45 | 1.16% | -0.65% | | | Taxes Payable | 30,768,275.50 | 0.57% | 45,309,825.56 | 0.81% | -0.24% | | - Fuzhou Maixin Biotechnology Development Co., Ltd. mortgaged its land use rights and construction in progress, valued at **RMB 101.09 million**, to secure project loans[161](index=161&type=chunk) - The company signed a domestic factoring agreement with China Merchants Bank Liaocheng Branch to apply for financing using accounts receivable; as of the end of the reporting period, the related accounts receivable were not derecognized, and "other current liabilities" were recognized[162](index=162&type=chunk) [VI. Analysis of Investment Status](index=80&type=section&id=六、投资状况分析) During the reporting period, the company's investment amounted to RMB 236.08 million, a 184.00% increase year-on-year, with no significant equity or non-equity investments, wealth management, or derivatives. Investment Amount During the Reporting Period | Indicator | Amount (RMB) | | :--- | :--- | | Investment amount in current reporting period | 236,083,794.81 | | Investment amount in same period last year | 83,127,236.47 | | Change percentage | 184.00% | - The company had no significant equity investments, non-equity investments, entrusted wealth management, derivative investments, or entrusted loans during the reporting period[164](index=164&type=chunk)[165](index=165&type=chunk)[167](index=167&type=chunk)[168](index=168&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk) Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (RMB) | Amount at End of Period (RMB) | Source of Funds | | :--- | :--- | :--- | :--- | | Other | 30,000,000.00 | 30,000,000.00 | Own funds | [VII. Significant Asset and Equity Disposals](index=81&type=section&id=七、重大资产和股权出售) During the reporting period, the company did not undertake any significant asset or equity disposals. - The company did not sell significant assets during the reporting period[171](index=171&type=chunk) - The company did not sell significant equity during the reporting period[172](index=172&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=82&type=section&id=八、主要控股参股公司分析) Fuzhou Maixin Biotechnology Development Co., Ltd. is a key wholly-owned subsidiary, generating RMB 380 million in operating revenue and RMB 167 million in net profit from medical reagent and device sales. Major Subsidiary Financial Data | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fuzhou Maixin Biotechnology Development Co., Ltd. | Subsidiary | Sales of medical reagents and medical devices | 50,000,000.00 | 1,884,014,304.58 | 1,652,415,083.63 | 380,354,381.27 | 194,214,777.58 | 166,597,334.93 | - The company did not acquire or dispose of any subsidiaries during the reporting period[174](index=174&type=chunk) [IX. Structured Entities Controlled by the Company](index=82&type=section&id=九、公司控制的结构化主体情况) During the reporting period, the company did not control any structured entities. - The company did not control any structured entities during the reporting period[174](index=174&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=82&type=section&id=十、公司面临的风险和应对措施) The company advises investors to thoroughly review the full semi-annual report, paying particular attention to the detailed risk factors outlined in "Section I Important Notice, Table of Contents and Definitions." - The company requests investors to carefully read the full semi-annual report and pay special attention to the risk factors faced by the company, detailed in "Section I Important Notice, Table of Contents and Definitions" of this report[174](index=174&type=chunk) [XI. Registration Form for Research, Communication, and Interview Activities During the Reporting Period](index=82&type=section&id=十一、报告期内接待调研、沟通、采访等活动登记表) On April 16, 2025, the company held its 2024 annual performance online briefing via the Panorama Network investor relations platform, engaging with various investors on its annual operations. Registration Form for Research, Communication, and Interview Activities During the Reporting Period | Reception Time | Reception Location | Reception Method | Type of Reception Object | Main Content Discussed and Materials Provided | | :--- | :--- | :--- | :--- | :--- | | April 16, 2025 | Company held performance briefing via Panorama Network "Investor Relations Interactive Platform" | Online platform communication | Individuals, institutions, others | Annual operations and other related matters | [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=82&type=section&id=十二、市值管理制度和估值提升计划的制定落实情况) The company adopted a "Market Value Management System" on March 28, 2025, approved by the Board, to enhance corporate governance, but has not disclosed a valuation enhancement plan. - The company has formulated a market value management system, which was reviewed and approved at the fourteenth meeting of the fifth Board of Directors on March 28, 2025, through the "Proposal on Formulating the Market Value Management System"[177](index=177&type=chunk) - The company has not disclosed a valuation enhancement plan[176](index=176&type=chunk) [XIII. Implementation of the 'Dual Enhancement of Quality and Returns' Action Plan](index=83&type=section&id=十三、“质量回报双提升”行动方案贯彻落实情况) The company has not disclosed an announcement regarding its "Dual Enhancement of Quality and Returns" action plan. - The company has not disclosed an announcement regarding the "Dual Enhancement of Quality and Returns" action plan[178](index=178&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=84&type=section&id=一、公司董事、监事、高级管理人员变动情况) During the reporting period, there were no changes in the company's directors, supervisors, or senior management. - There were no changes in the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 Annual Report[180](index=180&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=84&type=section&id=二、本报告期利润分配及资本公积金转增股本情况) The H1 2025 profit distribution plan proposes a cash dividend of RMB 3.00 (tax inclusive) per 10 shares, totaling RMB 174.83 million, representing 10.34% of distributable profits. H1 2025 Profit Distribution Plan | Indicator | Amount/Quantity | | :--- | :--- | | Number of bonus shares per 10 shares (shares) | 0 | | Dividend per 10 shares (RMB) (tax inclusive) | 3 | | Share capital base for distribution plan (shares) | 582,764,544 | | Cash dividend amount (RMB) (tax inclusive) | 174,829,363.20 | | Total cash dividend (including other forms) as a percentage of total profit distribution | 10.34% | | Distributable profit (RMB) | 1,691,510,224.05 | - The company proposes to distribute a cash dividend of **RMB 3.00** (tax inclusive) per 10 shares to all shareholders, based on the total number of shares on the equity registration date when the profit distribution plan is implemented, minus the 3,544,084 shares in the company's repurchased special securities account that do not participate in the distribution[181](index=181&type=chunk) - If the company's total share capital changes due to convertible bond conversion or other reasons, the total cash dividend will be adjusted accordingly based on the total share capital on the equity registration date for profit distribution, adhering to the "unchanged distribution ratio" principle[181](index=181&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=84&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的实施情况) In H1 2025, the company approved and completed the repurchase and cancellation of 2,017,966 restricted shares from its fifth equity incentive plan, totaling RMB 18.79 million, due to employee departures and unmet performance targets. - On March 28, 2025, the company's Board of Directors and Supervisory Board reviewed and approved the "Proposal on Repurchasing and Cancelling Part of the Restricted Shares under the Fifth Restricted Stock Incentive Plan"[182](index=182&type=chunk) - A total of **2,017,966** restricted shares were repurchased and cancelled due to the departure of incentive recipients and failure to meet company-level performance targets, with a repurchase price of **RMB 18,787,263.80**[182](index=182&type=chunk) - The repurchase and cancellation of these shares were completed on July 22, 2025[182](index=182&type=chunk) - The company had no employee stock ownership plans or other employee incentive measures during the reporting period[183](index=183&type=chunk) [IV. Environmental Information Disclosure](index=85&type=section&id=四、环境信息披露情况) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law. - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[183](index=183&type=chunk) [V. Social Responsibility](index=85&type=section&id=五、社会责任情况) The company upholds social responsibility by safeguarding stakeholder interests, ensuring employee welfare, delivering high-quality products, promoting environmental sustainability, and contributing to public health initiatives. - The company effectively safeguards the interests of the company and its small and medium shareholders by improving corporate governance, strictly disclosing information, actively implementing profit distribution policies, and valuing investor relations management[183](index=183&type=chunk) - The company strictly adheres to labor laws and regulations, pays five social insurances and one housing fund plus supplementary commercial insurance for employees, and prioritizes talent development, employee safety, labor protection, and physical and mental health[185](index=185&type=chunk) - The company adheres to the "quality first" principle, providing high-quality clinical testing items and diversified diagnostic solutions, along with nationwide technical service support[187](index=187&type=chunk) - The company advocates for low-carbon and environmentally friendly green office practices, emphasizes environmental protection, actively promotes energy conservation and emission reduction, achieving coordinated and sustainable development with society and nature[188](index=188&type=chunk) - The company is a co-developer and producer of the CysC national standard, undertakes national high-tech R&D programs, and co-founded the CSTH Coagulation Cloud Classroom with the Chinese Research Hospital Association's Thrombosis and Hemostasis Professional Committee to promote standardization of coagulation testing in grassroots laboratories[189](index=189&type=chunk) Section V Significant Matters [I. Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=87&type=section&id=一、公司实际控制人、股东、关联方、收购人以及公司等承诺相关方在报告期内履行完毕及截至报告期末超期未履行完毕的承诺事项) During the reporting period, there were no fulfilled or overdue unfulfilled commitments by the company's controlling shareholder, shareholders, related parties, acquirers, or the company itself. - During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled or overdue and unfulfilled as of the end of the reporting period[191](index=191&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=87&type=section&id=二、控股股东及其他关联方对上市公司的非经营性占用资金情况) During the reporting period, there was no non-operating occupation of listed company funds by the controlling shareholder or other related parties. - During the reporting period, there was no non-operating occupation of listed company funds by the controlling shareholder or other related parties[192](index=192&type=chunk) [III. Irregular External Guarantees](index=87&type=section&id=三、违规对外担保情况) During the reporting period, the company had no irregular external guarantees. - The company had no irregular external guarantees during the reporting period[193](index=193&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=87&type=section&id=四、聘任、解聘会计师事务所情况) The company's semi-annual financial report was not audited. - The company's semi-annual report was not audited[194](index=194&type=chunk) [V. Explanations by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's 'Non-Standard Audit Report' for the Current Period](index=87&type=section&id=五、董事会、监事会、审计委员会对会计师事务所本报告期“非标准审计报告”的说明) During the reporting period, there were no explanations from the Board, Supervisory Board, or Audit Committee regarding a "non-standard audit report" from the accounting firm. - During the reporting period, there were no explanations from the Board of Directors, Supervisory Board, or Audit Committee regarding the accounting firm's "non-standard audit report" for the current period[195](index=195&type=chunk) [VI. Explanations by the Board of Directors on the 'Non-Standard Audit Report' for the Previous Year](index=87&type=section&id=六、董事会对上年度“非标准审计报告”相关情况的说明) During the reporting period, there were no explanations from the Board of Directors regarding the "non-standard audit report" for the previous year. - During the reporting period, there were no explanations from the Board of Directors regarding the "non-standard audit report" for the previous year[195](index=195&type=chunk) [VII. Matters Related to Bankruptcy Reorganization](index=87&type=section&id=七、破产重整相关事项) During the reporting period, the company had no matters related to bankruptcy reorganization. - The company had no matters related to bankruptcy reorganization during the reporting period[195](index=195&type=chunk) [VIII. Litigation Matters](index=87&type=section&id=八、诉讼事项) During the reporting period, the company had no significant litigation, arbitration, or other legal matters. - The company had no significant litigation or arbitration matters during this reporting period[196](index=196&type=chunk) - The company had no other litigation matters during the reporting period[196](index=196&type=chunk) [IX. Penalties and Rectification](index=88&type=section&id=九、处罚及整改情况) During the reporting period, the company had no penalties or rectification situations. - The company had no penalties or rectification situations during the reporting period[197](index=197&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=88&type=section&id=十、公司及其控股股东、实际控制人的诚信状况) During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller. - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[198](index=198&type=chunk) [XI. Significant Related Party Transactions](index=88&type=section&id=十一、重大关联交易) During the reporting period, the company engaged in routine related party transactions with Sinopharm Holdings and its subsidiaries, including procurement, services, and sales, all within approved limits, and financial dealings with Sinopharm Finance Co., Ltd. Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services | Related Party | Related Transaction Content | Amount in Current Period (RMB) | Approved Transaction Limit (RMB 10,000) | Exceeded Transaction Limit | Amount in Prior Period (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Sinopharm Holdings Co., Ltd. and its subsidiaries | Purchase of goods | 1,074,611.34 | 1,500 | No | 3,098,194.17 | | Sinopharm Holdings Co., Ltd. and its subsidiaries | Acceptance of services | 508,831.13 | 500 | No | 235,783.25 | | Sinopharm Holdings Co., Ltd. and its subsidiaries | Sale of goods | 27,519,061.38 | 9,000 | No | 35,519,065.11 | - The company signed a "Financial Services Agreement" with Sinopharm Group Finance Co., Ltd., where the daily balance of deposits absorbed by Sinopharm Group Finance Co., Ltd. from the company does not exceed **RMB 200 million**, and a comprehensive credit line of up to **RMB 500 million** is provided[832](index=832&type=chunk) - As of June 30, 2025, the company's deposit balance with Sinopharm Group Finance Co., Ltd. was **RMB 11,642.86**, and the amount of acceptance bills issued by Sinopharm Group Finance Co., Ltd. in the current reporting period was **RMB 11,283,566.68**[833](index=833&type=chunk)[834](index=834&type=chunk) - During the reporting period, the company did not engage in related party transactions involving asset or equity acquisition/disposal, joint external investments, or non-operating related party receivables and payables[203](index=203&type=chunk)[204](index=204&type=chunk)[205](index=205&type=chunk) [XII. Significant Contracts and Their Performance](index=93&type=section&id=十二、重大合同及其履行情况) During the reporting period, the company had no significant entrustment, contracting, guarantees, or other major contracts, but engaged in various leasing activities for warehouses, offices, and equipment, none of which significantly impacted profit. - The company had no entrustment, contracting, significant guarantees, or other significant contracts during the reporting period[211](index=211&type=chunk)[212](index=212&type=chunk)[219](index=219&type=chunk)[222](index=222&type=chunk) - The company leases warehouse space located in Yanqi Economic Development Zone, Huairou District, Beijing, with some lease contracts renewed in December 2023, and rent adjusted upwards by **5%** every three years[214](index=214&type=chunk)[216](index=216&type=chunk) - The company leases office space located at No. 108, Yi, Beiyuan Road, Chaoyang District, Beijing, with a new contract signed on April 1, 2024, for a lease term until September 30, 2027, at a rent of **RMB 4/square meter**[215](index=215&type=chunk) - Subsidiary Fuzhou Maixin leases land located in Hengkeng Village, Baizhang Town, Minqing County, Fuzhou City, with a lease term from May 15, 2015, to May 14, 2040[217](index=217&type=chunk) - Subsidiary Hunan Jiuqiang leases premises located at No. 229 Guyuan Road, Yuelu District, Changsha City, for a lease period from September 20, 2024, to September 19, 2026[218](index=218&type=chunk) - The company had no leasing projects that resulted in profit or loss exceeding **10%** of the company's total profit during the reporting period[218](index=218&type=chunk) [XIII. Explanation of Other Significant Matters](index=95&type=section&id=十三、其他重大事项的说明) During the reporting period, there were no other significant matters requiring explanation by the company. - The company had no other significant matters requiring explanation during the reporting period[223](index=223&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=95&type=section&id=十四、公司子公司重大事项) During the reporting period, no significant matters occurred within the company's subsidiaries. - The company had no sig

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