合纵科技股份有限公司 2025 年半年度报告全文 合纵科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 合纵科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人刘泽刚、主管会计工作负责人韦强及会计机构负责人(会计主 管人员)张晓杰声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告中所涉及的公司战略规划及未来计划等前瞻性陈述，不构成 公司对投资者的实质承诺。投资者及相关人士均应当对此保持足够的风险认 识，并且应当理解计划、预测与承诺之间的差异。 本公司敬请投资者认真阅读本报告全文，并特别注意公司在经营中可能面 临的风险因素，公司主要存在的风险具体请见本报告"第三节 管理层讨论与 分析"之"十 公司面临的风险和应对措施"部分。敬请广大投资者关注，并 注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提 ...

广州山水比德设计股份有限公司 2025 年半年度报告全文 证券代码：300844 证券简称：山水比德 公告编号：2025-060 广州山水比德设计股份有限公司 2025 年半年度报告 2025 年 8 月 1 广州山水比德设计股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个 别和连带的法律责任。 公司负责人蔡彬、主管会计工作负责人杨祥云及会计机构负责人(会计主 管人员)杨祥云声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本公司 对任何投资者及相关人士的承诺，投资者及相关人士均应对此保持足够的风 险认识，并且应当理解计划、预测与承诺之间的差异。敬请广大投资者理性 投资，注意风险。 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和应 对措施"描述了公司经营中可能存在的风险及应对措施，敬请投资者关注相 关内容。 公司计划不派发现金红利， ...

[Part I](index=2&type=section&id=Part%20I) [Section I Important Notice, Table of Contents and Definitions](index=2&type=section&id=Section%20I%20Important%20Notice%2C%20Table%20of%20Contents%20and%20Definitions) This section provides crucial disclaimers, a comprehensive report directory, and definitions of key terms for accurate understanding [Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) - Content related to future plans and performance forecasts in this report does not constitute a commitment by the company to any investors or related parties, and investors should maintain sufficient risk awareness[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report's clear directory lists eight main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes and shareholder information, bond-related matters, and financial reports - The report contains eight main chapters, clearly structured for easy reference[7](index=7&type=chunk) [Definitions](index=4&type=section&id=Definitions) This section defines common terms used in the report, including company abbreviations, regulatory bodies, currency units, reporting period, A-shares, laws and regulations, and specialized terms related to major subsidiaries and businesses - The reporting period is defined as **January 1, 2025, to June 30, 2025**[14](index=14&type=chunk) - Key institutions such as **Huapengfei**, **CSRC**, **SZSE**, and **China Securities Depository and Clearing Corporation** are defined[14](index=14&type=chunk) - Full names and abbreviations of major subsidiaries like **Bohan Weiye**, **Huapengfei Supply Chain**, and **Hongtu Chuangzhan** are included[14](index=14&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents its key financial performance metrics for the reporting period [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) Huapengfei Co., Ltd., stock abbreviation "Huapengfei" and stock code 300350, is listed on the Shenzhen Stock Exchange, with Zhang Jingyu as its legal representative - Stock Abbreviation: **Huapengfei**, Stock Code: **300350**[17](index=17&type=chunk) - Stock Exchange: **Shenzhen Stock Exchange**[17](index=17&type=chunk) - Legal Representative: **Zhang Jingyu**[17](index=17&type=chunk) [II. Contact Person and Contact Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) The company's Board Secretary Cheng Yuqi and Securities Affairs Representative Zhang Lei share the same contact address, phone, fax, and email - Board Secretary: **Cheng Yuqi**, Securities Affairs Representative: **Zhang Lei**[18](index=18&type=chunk) - Contact Phone: **0755-84190988**, Email: **ir@huapengfei.com**[18](index=18&type=chunk) [III. Other Information](index=6&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure, or registration status - The company's contact information, information disclosure and placement locations, and registration status remained unchanged during the reporting period[19](index=19&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk) - Specific information can be found in the **2024 Annual Report**[19](index=19&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This reporting period saw a **17.69%** increase in operating revenue to **188.05 million yuan**, but net profit attributable to shareholders significantly decreased by **91.16%** to **2.08 million yuan** Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 188,051,387.50 | 159,789,620.54 | 17.69% | | Net Profit Attributable to Shareholders of Listed Company | 2,075,651.62 | 23,470,170.58 | -91.16% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 2,877,096.85 | -17,923,067.83 | 116.05% | | Net Cash Flow from Operating Activities | -51,669,293.30 | -19,400,012.55 | -166.34% | | Basic Earnings Per Share (RMB/share) | 0.0037 | 0.0417 | -91.13% | | Diluted Earnings Per Share (RMB/share) | 0.0037 | 0.0417 | -91.13% | | Weighted Average Return on Net Assets | 0.23% | 2.57% | -2.34% | | **End of Current Reporting Period** | **End of Prior Year** | **Change from Prior Year End** | | | Total Assets | 1,318,434,347.60 | 1,116,548,258.85 | 18.08% | | Net Assets Attributable to Shareholders of Listed Company | 920,946,247.13 | 918,870,595.51 | 0.23% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and Chinese accounting standards - The company reported no differences in accounting data under domestic and overseas accounting standards during the reporting period[23](index=23&type=chunk)[24](index=24&type=chunk) [VI. Non-recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to negative **0.80 million yuan**, primarily including disposal gains/losses of non-current assets, government subsidies, and fair value changes Non-recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 303,546.16 | | Government subsidies recognized in current profit or loss | 155,000.00 | | Gains and losses from changes in fair value and disposal of financial assets and liabilities | -1,739,030.90 | | Gains and losses from entrusted investment or asset management | 821,213.11 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 100,000.00 | | Other non-operating income and expenses apart from the above | -393,173.60 | | Impact of minority interests (after tax) | 49,000.00 | | Total | -801,445.23 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses[27](index=27&type=chunk) [Section III Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section analyzes the company's primary business operations, core competencies, financial performance, and risk factors during the reporting period [I. Main Business Engaged by the Company During the Reporting Period](index=9&type=section&id=I.%20Main%20Business%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) The company primarily operates in the global integrated modern logistics service industry, offering trunk full-truckload, less-than-truckload, and supply chain management services [1. Industry Situation of the Company During the Reporting Period](index=9&type=section&id=1.%20Industry%20Situation%20of%20the%20Company%20During%20the%20Reporting%20Period) In the first half of 2025, China's logistics industry showed stable growth and improved efficiency, with strong demand from emerging industries, but faced service price fluctuations and operational pressures for micro-entities - National social logistics aggregate reached **171.3 trillion yuan** in the first half, a **5.6% year-on-year increase**, 0.3 percentage points higher than GDP growth[30](index=30&type=chunk) - Total logistics industry revenue was **6.9 trillion yuan** in the first half, a **5.0% year-on-year increase**[31](index=31&type=chunk) - Logistics demand from emerging industries was strong, with equipment manufacturing logistics demand growing by **10.9%** and high-tech manufacturing logistics demand by **9.7%**[30](index=30&type=chunk) - The ratio of total social logistics costs to GDP was **14.0%**, indicating significant achievements in cost reduction and efficiency improvement[32](index=32&type=chunk) [2. Main Business Engaged by the Company During the Reporting Period](index=11&type=section&id=2.%20Main%20Business%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) The company's core business is global integrated modern logistics services, providing comprehensive solutions and supply chain management for manufacturing and import/export trade clients - The company's main business is global integrated modern logistics services, offering global comprehensive logistics solutions and supply chain management services[37](index=37&type=chunk) - Service models include **trunk full-truckload transportation** (large volume, high-value goods) and **less-than-truckload** (small volume, high-frequency goods)[37](index=37&type=chunk)[38](index=38&type=chunk) - The company executes logistics solutions through its own fleet (e.g., cross-border TIR transport) and by integrating social logistics resources (outsourced vehicles, leased warehousing)[38](index=38&type=chunk)[39](index=39&type=chunk) [3. Company's Main Business Situation](index=12&type=section&id=3.%20Company%27s%20Main%20Business%20Situation) During the reporting period, the company's operating revenue increased by **17.69%** to **188.05 million yuan**, but net profit attributable to the parent company decreased by **91.16%** to **2.08 million yuan** Company's Main Business Financial Performance | Indicator | Current Reporting Period (RMB 10,000) | Prior Year Period (RMB 10,000) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 18,805.14 | 15,978.96 | 17.69% | | Net Profit Attributable to Parent Company Owners | 207.57 | 2,347.02 | -91.16% | | Cash Inflow from Operating Activities | 17,098.89 | 21,674.01 | -21.11% | | Cash Received from Sales of Goods and Provision of Services | 16,490.86 | 16,502.72 | -0.07% | - The company strengthened cooperation with existing clients, expanded direct client business, optimized service processes, and enhanced client satisfaction[40](index=40&type=chunk) - The company established its own fleet by purchasing transport vehicles in bulk, initiated a new cross-border road efficient transport model using TIR customs clearance advantages, and deployed service networks in Kazakhstan and the Caspian Sea region[41](index=41&type=chunk) [II. Analysis of Core Competencies](index=12&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include business synergy and integration, professional service capabilities, financial settlement advantages, and a strong brand image - The company possesses integrated operational capabilities, offering multi-network, long-chain, and end-to-end logistics services, enhancing client stickiness[42](index=42&type=chunk) - The company holds professional qualifications such as **oversized cargo transportation**, **NVOCC**, international road general cargo transport filing, **TIR authorized holder certificates**, and **AEO advanced certification**[43](index=43&type=chunk) - The company has considerable financial strength, ensuring timely payment to suppliers and advance payments for clients, supporting logistics operations and client loyalty[45](index=45&type=chunk) - Through years of industry accumulation, the company has amassed rich service experience and high-quality client resources, establishing a strong brand reputation[46](index=46&type=chunk) [III. Analysis of Main Business](index=13&type=section&id=III.%20Analysis%20of%20Main%20Business) During the reporting period, the company's operating revenue increased by **17.69%**, but a larger increase in operating costs squeezed profit margins Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 188,051,387.50 | 159,789,620.54 | 17.69% | | | Operating Cost | 163,349,650.64 | 137,758,475.48 | 18.58% | | | Selling Expenses | 2,892,799.09 | 3,361,580.03 | -13.95% | | | Administrative Expenses | 23,903,967.56 | 24,989,616.38 | -4.34% | | | Financial Expenses | 944,442.85 | 781,669.16 | 20.82% | | | Income Tax Expense | 157,934.64 | 233,708.69 | -32.42% | Primarily due to reduced company profit in the reporting period | | R&D Investment | 3,313,938.21 | 4,057,910.63 | -18.33% | | | Net Cash Flow from Operating Activities | -51,669,293.30 | -19,400,012.55 | -166.34% | Primarily due to the company receiving performance compensation from Li Changjun and Yang Yang in the prior year period | | Net Cash Flow from Investing Activities | -63,303,531.23 | 157,478,577.28 | -140.20% | Primarily due to increased purchases of wealth management products by the company in the reporting period | | Net Cash Flow from Financing Activities | 61,717,454.65 | -41,274,634.17 | 249.53% | Primarily due to increased borrowings from financial institutions by the company in the reporting period | | Net Increase in Cash and Cash Equivalents | -53,332,661.08 | 96,604,365.40 | -155.21% | Primarily due to increased purchases of wealth management products by the company in the reporting period | Product or Service Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic Integrated Logistics Services | 123,699,868.60 | 115,760,341.35 | 6.42% | 23.20% | 32.07% | -6.28% | | International Logistics Services | 47,734,438.92 | 44,014,459.86 | 7.79% | -7.71% | -10.73% | 3.12% | [IV. Analysis of Non-Main Business](index=14&type=section&id=IV.%20Analysis%20of%20Non-Main%20Business) During the reporting period, non-main business significantly impacted total profit, with investment income reaching **14.69 million yuan**, accounting for **698.46%** of total profit Non-Main Business Analysis | Item | Amount (RMB) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 14,692,109.20 | 698.46% | Primarily due to increased investment income from the company's equity in associate Hongtu Chuangzhan during the reporting period | No | | Fair Value Change Gains and Losses | -1,739,030.90 | -82.67% | Primarily due to changes in the fair value of the company's equity in Jianguang Guangpeng at the end of the reporting period | No | | Non-operating Income | 140,616.84 | 6.68% | | No | | Non-operating Expenses | 533,790.44 | 25.38% | | No | | Credit Impairment Losses | -2,417,112.24 | -114.91% | Primarily due to impairment provisions for accounts receivable by the company in the reporting period | Yes | [V. Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets increased by **18.08%** year-on-year, while monetary funds decreased by **5.98%** due to wealth management product purchases Significant Changes in Asset 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 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 88,444,458.90 | 6.71% | 141,659,152.90 | 12.69% | -5.98% | Primarily due to the company's purchase of wealth management products during the reporting period | | Accounts Receivable | 424,715,484.33 | 32.21% | 328,180,794.38 | 29.39% | 2.82% | Primarily due to increased accounts receivable from the company's logistics and supply chain business growth during the reporting period | | Short-term Borrowings | 88,249,528.09 | 6.69% | 24,070,144.49 | 2.16% | 4.53% | Primarily due to increased borrowings from financial institutions by the company during the reporting period | | Accounts Payable | 112,856,877.82 | 8.56% | 75,263,804.42 | 6.74% | 1.82% | | Assets and Liabilities Measured at Fair Value | Item | Amount at End of Period (RMB) | | :--- | :--- | | Trading Financial Assets | 165,231,669.10 | | Other Non-current Financial Assets | 117,883,700.00 | | Accounts Receivable Financing | 32,411,040.64 | | Total | 315,526,409.74 | Asset Rights Restricted at End of Reporting Period | Item | Book Value at End of Period (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 15,611,777.04 | Bank acceptance bill margin, others | | Notes Receivable | 6,903,442.39 | Discounted | | Fixed Assets | 4,836,398.31 | Talent housing has limited property rights, disposal is restricted | | Intangible Assets | 58,478.02 | Pledged for loans | | Total | 27,410,095.76 | | [VI. Analysis of Investment Status](index=16&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's total investment amounted to **564.46 million yuan**, a **14.15%** increase year-on-year, with **165 million yuan** in outstanding entrusted wealth management products Total Investment | Indicator | Investment Amount in Reporting Period (RMB) | Investment Amount in Prior Year Period (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment | 564,460,460.79 | 494,468,836.56 | 14.15% | Overview of Entrusted Wealth Management | Specific Type | Entrusted Wealth Management Amount (RMB 10,000) | Outstanding Balance (RMB 10,000) | | :--- | :--- | :--- | | Bank Wealth Management Products | 16,000.00 | 15,000.00 | | Brokerage Wealth Management Products | 1,500.00 | 1,500.00 | | Total | 17,500.00 | 16,500.00 | - The company had no use of raised funds, derivative investments, or entrusted loans during the reporting period[62](index=62&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk) [VII. Major Asset and Equity Sales](index=17&type=section&id=VII.%20Major%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not engage in any major asset or equity sales - The company did not sell major assets during the reporting period[66](index=66&type=chunk) - The company did not sell major equity during the reporting period[67](index=67&type=chunk) [VIII. Analysis of Major Holding and Associate Companies](index=17&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) The company's major subsidiaries include Dongguan Huapengfei Modern Logistics, Shenzhen Huayuanhong International Logistics, and Shenzhen Huapengfei Supply Chain Management Co., Ltd., with associate Liaoning Hongtu Chuangzhan Surveying and Mapping Co., Ltd. significantly impacting net profit Major Subsidiaries and Associate Companies with Over 10% Impact on Company Net Profit | Company Name | Company Type | Main Business | Registered Capital (RMB 10,000) | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Operating Profit (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Dongguan Huapengfei Modern Logistics Co., Ltd. | Subsidiary | Domestic Integrated Logistics Services | 15,508.00 | 16,140.28 | 11,234.17 | 307.07 | -662.48 | -659.13 | | Shenzhen Huayuanhong International Logistics Co., Ltd. | Subsidiary | International Logistics Services | 500.00 | 3,492.76 | -1,069.47 | 4,773.44 | -13.07 | -13.07 | | Shenzhen Huapengfei Supply Chain Management Co., Ltd. | Subsidiary | Supply Chain Management Services | 3,077.00 | 24,745.75 | 7,579.57 | 994.95 | 617.93 | 540.25 | | Liaoning Hongtu Chuangzhan Surveying and Mapping Co., Ltd. | Associate | Geographic Information Technology Services | 5,125.00 | 53,287.78 | 17,399.95 | 12,188.36 | 3,007.82 | 2,901.56 | - At the end of the reporting period, the company held **47.8049%** equity in Hongtu Chuangzhan, recognizing **13.8709 million yuan** in investment income using the equity method[69](index=69&type=chunk) [IX. Information on Structured Entities Controlled by the Company](index=18&type=section&id=IX.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[70](index=70&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=18&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks related to international political relations, intensified market competition, operational management, exchange rate fluctuations, credit policies, accounts receivable, and outsourcing of some logistics services - Fluctuations in international political relations and trade policies may adversely affect the company's overseas service business[70](index=70&type=chunk) - Intensified competition in the logistics industry requires the company to differentiate itself in market expansion, service quality, cost control, and model innovation[71](index=71&type=chunk) - The company's global business expansion leads to large foreign currency settlement volumes, exposing it to exchange rate fluctuation risks, necessitating the use of foreign exchange management tools to mitigate risks[73](index=73&type=chunk)[74](index=74&type=chunk) - Accounts receivable recovery risk exists due to advance payments and changes in client creditworthiness; the company controls this risk by strengthening dynamic credit monitoring and pre-assessment[75](index=75&type=chunk) [XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=19&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company hosted multiple on-site institutional investor surveys, discussing future performance growth, main business, operations, strategic layout, and client base - The company hosted multiple on-site institutional investor surveys on **January 14, January 16, March 14, March 21, and March 24, 2025**[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) - Survey content primarily focused on the company's future performance growth avenues, main business, operational status, strategic layout, and client base[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) - The company participated in the **2024 Annual Performance Briefing** via online remote means on **May 21, 2025**[79](index=79&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) During the reporting period, the company did not formulate a market value management system or disclose a valuation enhancement plan - The company did not formulate a market value management system[80](index=80&type=chunk) - The company did not disclose a valuation enhancement plan[80](index=80&type=chunk) [XIII. Implementation of "Quality and Return Dual Improvement" Action Plan](index=21&type=section&id=XIII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) During the reporting period, the company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan[80](index=80&type=chunk) [Section IV Corporate Governance, Environment and Society](index=22&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%20and%20Society) This section details changes in the company's governance structure, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management of the Company](index=22&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management%20of%20the%20Company) During the reporting period, there were changes in the company's directors, supervisors, and senior management, with Sheng Baojun resigning as independent director and Jiang Hongzhang being elected as independent director Changes in Directors, Supervisors, and Senior Management of the Company | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Sheng Baojun | Independent Director | Resignation | March 13, 2025 | Personal reasons | | Jiang Hongzhang | Independent Director | Elected | March 13, 2025 | Appointed | [II. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=22&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[83](index=83&type=chunk) [III. Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=22&type=section&id=III.%20Implementation%20of%20Company%27s%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[84](index=84&type=chunk) [IV. Environmental Information Disclosure](index=22&type=section&id=IV.%20Environmental%20Information%20Disclosure) The 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[85](index=85&type=chunk) [V. Social Responsibility Situation](index=22&type=section&id=V.%20Social%20Responsibility%20Situation) During the reporting period, the company actively fulfilled its social responsibilities by improving governance, ensuring timely information disclosure, protecting shareholder and client rights, and adhering to environmental regulations - The company protects shareholder rights by improving governance structure, standardizing operations, timely and accurate information disclosure, and formulating stable profit distribution policies[86](index=86&type=chunk) - The company adheres to a client-centric approach, achieving **ISO9001**, **ISO14001**, and **ISO18001** certifications, continuously improving and innovating to enhance client satisfaction[87](index=87&type=chunk)[88](index=88&type=chunk) - The company complies with labor laws, provides basic benefits for employees, and establishes labor unions, committed to providing a safe, healthy, and harmonious professional environment[89](index=89&type=chunk) - The company and its subsidiaries were not included in the list of enterprises required to disclose environmental information by law, and no penalties for environmental violations occurred during the reporting period[90](index=90&type=chunk) [Section V Significant Matters](index=24&type=section&id=Section%20V%20Significant%20Matters) This section covers important commitments, related party transactions, guarantees, litigation, and other significant events affecting the company [I. Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=24&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, the company had no overdue unfulfilled commitments by its actual controller, shareholders, related parties, acquirers, or the company itself - The company reported no overdue unfulfilled commitments during the reporting period[92](index=92&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties of the Listed Company](index=24&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) During the reporting period, there were no instances of non-operating funds being occupied by the controlling shareholder or other related parties of the listed company - During the reporting period, there were no instances of non-operating funds being occupied by the controlling shareholder or other related parties of the listed company[93](index=93&type=chunk) [III. Irregular External Guarantees](index=24&type=section&id=III.%20Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[94](index=94&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=24&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[95](index=95&type=chunk) [V. Explanation by Board of Directors, Supervisory Board, and Audit Committee on "Non-Standard Audit Report" for the Current Reporting Period](index=24&type=section&id=V.%20Explanation%20by%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Reporting%20Period) During the reporting period, the company did not have a non-standard audit report - The company did not have a non-standard audit report during the reporting period[96](index=96&type=chunk) [VI. Explanation by Board of Directors on "Non-Standard Audit Report" for the Prior Year](index=24&type=section&id=VI.%20Explanation%20by%20Board%20of%20Directors%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Prior%20Year) During the reporting period, the company had no explanation regarding the non-standard audit report for the prior year - The company had no explanation regarding the non-standard audit report for the prior year during the reporting period[96](index=96&type=chunk) [VII. Matters Related to Bankruptcy and Reorganization](index=24&type=section&id=VII.%20Matters%20Related%20to%20Bankruptcy%20and%20Reorganization) During the reporting period, the company did not experience any matters related to bankruptcy and reorganization - The company did not experience any matters related to bankruptcy and reorganization during the reporting period[96](index=96&type=chunk) [VIII. Litigation Matters](index=24&type=section&id=VIII.%20Litigation%20Matters) The company is involved in significant litigation and arbitration, including a dispute over equity repurchase payments and related income totaling **64.8 million yuan**, and fire-related claims amounting to **10.91 million yuan** Significant Litigation and Arbitration Matters | Basic Situation of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Provision for Estimated Liabilities | Progress of Litigation (Arbitration) | Outcome and Impact of Trial | Status of Judgment Enforcement | Disclosure Date | Disclosure Index | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | As plaintiff, the company filed a lawsuit with the Shenzhen Intermediate People's Court in June 2017, demanding that Gao Shengtao and eight other defendants repurchase the company's 16.43% equity in Saifute Technology Co., Ltd. (redemption price 54 million yuan) and pay corresponding annual income (10.8 million yuan), totaling 64.8 million yuan. | 6,480 | No | The company won in the first instance; the second instance upheld the first instance judgment; on November 7, 2023, the Supreme People's Court ruled to reject Jiangsu Yueda Venture Capital Co., Ltd.'s application for retrial. | The judgment ordered defendant Gao Shengtao to pay the company equity repurchase funds and corresponding income, and the other seven defendants, excluding Gao Shengtao, should bear supplementary repayment liability to the company for Gao Shengtao's payment obligations in corresponding proportions. | As of the end of this reporting period, the company has cumulatively received 47.0607 million yuan in equity repurchase funds and corresponding income. Apart from the amounts already enforced in this case, no other executable assets of the executors Gao Shengtao and Chen Anming have been found, and the enforcement procedure cannot continue, pending the fulfillment of conditions for resuming enforcement. The company will continue to monitor the progress of judgment enforcement and timely fulfill information disclosure obligations. | April 16, 2023 | Announcement Code: (2023)018; Announcement Name: Announcement on the Progress of the Company's Litigation Case | - The company is involved in fire disputes, being sued as a defendant for joint liability for cargo damage, with **5 cases** still pending, involving **10.9123 million yuan**, for which the company has accrued an estimated loss of **3.2737 million yuan** (30%)[597](index=597&type=chunk) [IX. Penalties and Rectification](index=25&type=section&id=IX.%20Penalties%20and%20Rectification) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[99](index=99&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=25&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[100](index=100&type=chunk) [XI. Significant Related Party Transactions](index=26&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company did not engage in related party transactions related to daily operations, asset/equity acquisitions or disposals, joint external investments, related party creditor-debtor relationships, or dealings with affiliated financial companies - The company did not engage in related party transactions related to daily operations during the reporting period[101](index=101&type=chunk) - The company did not engage in related party transactions involving asset or equity acquisition or disposal during the reporting period[102](index=102&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[104](index=104&type=chunk) [XII. Significant Contracts and Their Performance](index=26&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no entrustment, contracting, or leasing matters but provided significant guarantees for its subsidiaries' borrowings - The company had no entrustment, contracting, or leasing situations during the reporting period[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk) Company's Guarantees for Subsidiaries | Guaranteed Party | Guarantee Limit (RMB 10,000) | Actual Guarantee Amount (RMB 10,000) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Huapengfei Supply Chain | 6,000 | 1,000 | Guarantee period not exceeding 3 years after credit term expires | Yes | | Huapengfei Supply Chain | 6,000 | 1,000 | Guarantee period not exceeding 3 years after credit term expires | Yes | | Huapengfei Supply Chain | 6,000 | 1,000 | Guarantee period not exceeding 3 years after credit term expires | No | | Huayuanhong | 3,000 | 1,000 | Guarantee period not exceeding 3 years after credit term expires | No | | Shanghai Huapengfei | 10,000 | 3,000 | Guarantee period not exceeding 3 years after credit term expires | No | | Huapengfei Supply Chain | 6,000 | 1,000 | Guarantee period not exceeding 3 years after credit term expires | No | | Huapengfei Supply Chain | 6,000 | 1,000 | Guarantee period not exceeding 3 years after credit term expires | No | | Total approved guarantee limit for subsidiaries during reporting period (B1) | 21,000 | | | | | Total actual guarantee amount for subsidiaries during reporting period (B2) | 9,000 | | | | | Total approved guarantee limit for subsidiaries at end of reporting period (B3) | 27,000 | | | | | Total actual guarantee balance for subsidiaries at end of reporting period (B4) | 5,285.57 | | | | | Proportion of total actual guarantee amount to company's net assets | 5.74% | | | | [XIII. Explanation of Other Significant Matters](index=29&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company has signed strategic cooperation framework agreements with Vision Mingde (Beijing) Holding Group Co., Ltd., Shenzhen Shenzhongrun Green Technology Co., Ltd., and Ririshun Supply Chain Technology Co., Ltd., covering old community renovation, smart community construction, and cross-border integrated logistics - The company signed a strategic cooperation framework agreement with **Vision Mingde (Beijing) Holding Group Co., Ltd.**, focusing on comprehensive renovation of old communities, redevelopment of inefficient urban land, property management services, and elder care services[116](index=116&type=chunk) - The company signed a strategic cooperation framework agreement with **Shenzhen Shenzhongrun Green Technology Co., Ltd.**, jointly committed to building a full lifecycle smart community with "green energy saving + healthy low carbon + smart living"[116](index=116&type=chunk) - The company signed a strategic cooperation framework agreement with **Ririshun Supply Chain Technology Co., Ltd.** for strategic cooperation in cross-border integrated logistics[116](index=116&type=chunk) - As of the end of the reporting period, these agreements remain valid, but related cooperation matters have not yet made significant progress[117](index=117&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=29&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) During the reporting period, the company's wholly-owned subsidiary Huapengfei (Hong Kong) Co., Ltd. acquired **0.5%** equity in TOO "HPF KZ", making it a wholly-owned subsidiary - The company's wholly-owned subsidiary **Huapengfei (Hong Kong) Co., Ltd.** acquired **0.5%** equity in TOO "HPF KZ", making it a wholly-owned subsidiary, with industrial and commercial registration completed on **May 27, 2025**[118](index=118&type=chunk) - The company's wholly-owned subsidiary **Yixianda** subscribed for new shares of Shenzhen Zhongchen Chuangyou Consulting Management Co., Ltd. with **500,000 yuan**, holding **8.000059%** of shares, with industrial and commercial registration completed on **June 4, 2025**[119](index=119&type=chunk)[120](index=120&type=chunk) - The company's wholly-owned subsidiary **Bohan Weiye** plans to transfer **38.31%** of its equity in Hongtu Chuangzhan to Shenyang Data Group Co., Ltd. for **150.05 million yuan**, having received the first installment of **60.02 million yuan**; as of the end of the reporting period, industrial and commercial changes and payment of the second installment have not yet been completed[121](index=121&type=chunk) [Section VI Changes in Shares and Shareholder Information](index=31&type=section&id=Section%20VI%20Changes%20in%20Shares%20and%20Shareholder%20Information) This section details changes in the company's share capital, securities issuance, shareholder structure, and director/supervisor/senior management shareholdings [I. Changes in Shares](index=31&type=section&id=I.%20Changes%20in%20Shares) During the reporting period, the company's total share capital remained unchanged at **562,012,279 shares**, with no changes in the structure of restricted and unrestricted shares Changes in Shares | Category | Number Before Change (shares) | Proportion Before Change | Increase/Decrease in This Change (＋, －) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 90,446,862 | 16.09% | 0 | 90,446,862 | 16.09% | | II. Unrestricted Shares | 471,565,417 | 83.91% | 0 | 471,565,417 | 83.91% | | III. Total Shares | 562,012,279 | 100.00% | 0 | 562,012,279 | 100.00% | Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | | Zhang Jingyu | 66,273,244 | 66,273,244 | Senior management lock-up shares | | Zhang Qian | 16,278,012 | 16,278,012 | Senior management lock-up shares | | Qi Changfeng | 5,587,481 | 5,587,481 | IPO restricted commitment | | Zhang Guangming | 1,139,100 | 1,139,100 | Senior management lock-up shares | | Zhang Chao | 1,140,000 | 1,140,000 | IPO restricted commitment | | Zhan Juan | 29,025 | 29,025 | Senior management lock-up shares | | Total | 90,446,862 | 90,446,862 | | [II. Securities Issuance and Listing](index=32&type=section&id=II.%20Securities%20Issuance%20and%20Listing) During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[125](index=125&type=chunk) [III. Company Shareholder Numbers and Shareholding Status](index=33&type=section&id=III.%20Company%20Shareholder%20Numbers%20and%20Shareholding%20Status) At the end of the reporting period, the total number of common shareholders was **37,754**, with Zhang Jingyu as the largest shareholder holding **15.72%** of shares, and a portion of his shares pledged - Total number of common shareholders at the end of the reporting period: **37,754**[127](index=127&type=chunk) Top 10 Shareholders' Shareholding Status | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Jingyu | Domestic Natural Person | 15.72% | 88,364,325 | 66,273,244 | 22,091,081 | Pledged 34,200,000 | | Zhang Qian | Domestic Natural Person | 3.86% | 21,704,016 | 16,278,012 | 5,426,004 | Not Applicable 0 | | Zheng Zhiqian | Domestic Natural Person | 2.52% | 14,182,040 | 0 | 14,182,040 | Not Applicable 0 | | Wu Jianke | Domestic Natural Person | 1.48% | 8,317,955 | 0 | 8,317,955 | Not Applicable 0 | | Wang Hongjun | Domestic Natural Person | 1.40% | 7,880,971 | 0 | 7,880,971 | Not Applicable 0 | | Qi Changfeng | Domestic Natural Person | 1.33% | 7,449,975 | 5,587,481 | 1,862,494 | Not Applicable 0 | | Xia Yu | Domestic Natural Person | 0.50% | 2,819,500 | 0 | 2,819,500 | Not Applicable 0 | | Chen Hualong | Domestic Natural Person | 0.46% | 2,590,000 | 0 | 2,590,000 | Not Applicable 0 | | Ge Yingxia | Domestic Natural Person | 0.38% | 2,119,900 | 0 | 2,119,900 | Not Applicable 0 | | Xie Aizhen | Domestic Natural Person | 0.33% | 1,835,000 | 0 | 1,835,000 | Not Applicable 0 | - Shareholder **Qi Changfeng** is the spouse of **Zhang Jingyu**, and **Zhang Qian** is the daughter of Zhang Jingyu and Qi Changfeng[127](index=127&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=35&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Status | Shares Held at Beginning of Period (shares) | Shares Increased in Current Period (shares) | Shares Decreased in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Jingyu | Chairman | Current | 88,364,325 | 0 | 0 | 88,364,325 | | Zhang Qian | Director, General Manager | Current | 21,704,016 | 0 | 0 | 21,704,016 | | Zhang Guangming | Director | Current | 1,518,800 | 0 | 0 | 1,518,800 | | Xu Lihua | Director, CFO | Current | 0 | 0 | 0 | 0 | | Jiang Hongzhang | Independent Director | Current | 0 | 0 | 0 | 0 | | Qu Xin | Independent Director | Current | 0 | 0 | 0 | 0 | | Xu Chuan | Independent Director | Current | 0 | 0 | 0 | 0 | | Tong Weikun | Chairman of Supervisory Board | Current | 0 | 0 | 0 | 0 | | He Xue | Supervisor | Current | 0 | 0 | 0 | 0 | | Zheng Yawen | Supervisor | Current | 0 | 0 | 0 | 0 | | Cheng Yuqi | Deputy General Manager, Board Secretary | Current | 0 | 0 | 0 | 0 | | Zhan Juan | Deputy General Manager | Current | 38,700 | 0 | 0 | 38,700 | | Sheng Baojun | Independent Director | Resigned | 0 | 0 | 0 | 0 | | Total | -- | -- | 111,625,841 | 0 | 0 | 111,625,841 | [V. Changes in Controlling Shareholder or Actual Controller](index=35&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[131](index=131&type=chunk) - The company's actual controller did not change during the reporting period[131](index=131&type=chunk) [VI. Preferred Shares Related Information](index=36&type=section&id=VI.%20Preferred%20Shares%20Related%20Information) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[132](index=132&type=chunk) [Section VII Bond Related Information](index=37&type=section&id=Section%20VII%20Bond%20Related%20Information) This section confirms that the company had no bond-related activities during the reporting period [Bond Related Information](index=37&type=section&id=Bond%20Related%20Information) During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[134](index=134&type=chunk) [Section VIII Financial Report](index=38&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owner's equity [I. Audit Report](index=38&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[136](index=136&type=chunk) [II. Financial Statements](index=38&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity for the first half of 2025 Consolidated Balance Sheet Key Data | Item | Balance at End of Period (RMB) | Balance at Beginning of Period (RMB) | | :--- | :--- | :--- | | Total Assets | 1,318,434,347.60 | 1,116,548,258.85 | | Total Liabilities | 403,436,358.30 | 203,495,834.12 | | Total Equity Attributable to Parent Company Owners | 920,946,247.13 | 918,870,595.51 | Consolidated Income Statement Key Data | Item | First Half of 2025 (RMB) | First Half of 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 188,051,387.50 | 159,789,620.54 | | Total Profit | 2,103,499.21 | 22,846,408.94 | | Net Profit | 1,945,564.57 | 22,612,700.25 | | Net Profit Attributable to Parent Company Shareholders | 2,075,651.62 | 23,470,170.58 | | Basic Earnings Per Share (RMB/share) | 0.0037 | 0.0417 | Consolidated Cash Flow Statement Key Data | Item | First Half of 2025 (RMB) | First Half of 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -51,669,293.30 | -19,400,012.55 | | Net Cash Flow from Investing Activities | -63,303,531.23 | 157,478,577.28 | | Net Cash Flow from Financing Activities | 61,717,454.65 | -41,274,634.17 | | Net Increase in Cash and Cash Equivalents | -53,332,661.08 | 96,604,365.40 | [III. Company Basic Information](index=61&type=section&id=III.%20Company%20Basic%20Information) Huapengfei Co., Ltd., established on **August 20, 2010**, and listed on the Shenzhen Stock Exchange in **2012**, primarily offers global integrated modern logistics services and intelligent mobile services - The company was established on **August 20, 2010**, and listed on the ChiNext board of the Shenzhen Stock Exchange on **August 21, 2012**[177](index=177&type=chunk) - As of **June 30, 2025**, the company's registered capital and share capital were both **562,012,279.00 yuan**[177](index=177&type=chunk) - The company's main businesses include international logistics services, domestic integrated logistics services, supply chain management, and intelligent mobile services, categorized under the **software and information technology services industry**[179](index=179&type=chunk)[178](index=178&type=chunk) [IV. Basis of Financial Statement Preparation](index=62&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) These financial statements are prepared in accordance with accounting standards issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, on a going concern basis - Financial statements are prepared in accordance with accounting standards issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission[181](index=181&type=chunk) - These financial statements are prepared on a going concern basis, and the company found no significant doubts or circumstances regarding its ability to continue as a going concern[182](index=182&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=62&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's adherence to accounting standards, accounting period, operating cycle, functional currency, materiality criteria, and policies for business combinations, consolidated financial statements, cash and cash equivalents, foreign currency transactions, financial instruments, contract assets, inventories, assets held for sale, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee benefits, provisions, share-based payments, preferred shares/perpetual bonds, revenue, contract costs, government grants, deferred tax assets/liabilities, and leases - The company adheres to enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[183](index=183&type=chunk) - Financial assets are classified as measured at **amortized cost**, at **fair value through other comprehensive income**, and at **fair value through profit or loss**[207](index=207&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services, and is recognized based on performance progress or at a point in time[298](index=298&type=chunk)[301](index=301&type=chunk)[302](index=302&type=chunk) - There were no significant changes in accounting policies or accounting estimates during the reporting period[345](index=345&type=chunk) [VI. Taxes](index=91&type=section&id=VI.%20Taxes) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with some subsidiaries enjoying high-tech enterprise and small-profit enterprise tax incentives Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services calculated according to tax laws, after deducting deductible input VAT for the current period, the difference is VAT payable | 13.00%, 9.00%, 6.00%, 5.00% | | Urban Maintenance and Construction Tax | Calculated based on actual VAT and consumption tax paid | 7.00%, 5.00% | | Corporate Income Tax | Calculated based on taxable income | 25.00%, 20.00%, 15.00%, 8.25% | - The company, Shenzhen Huapengfei Supply Chain Management Co., Ltd., and Bohan Weiye (Beijing) Technology Co., Ltd. enjoy high-tech enterprise tax incentives, applying a **15.00%** corporate income tax rate[347](index=347&type=chunk) - Xinjiang Huayuanhong International Freight Forwarding Co., Ltd., Shenzhen Huapengfei Investment Management Co., Ltd., and Shenzhen Yixianda Supply Chain Management Co., Ltd. are qualified small-profit enterprises, applying a **20.00%** corporate income tax rate[349](index=349&type=chunk) - Huapengfei (Hong Kong) Co., Ltd. applies an **8.25%** income tax rate[346](index=346&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=92&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the period-end balances, period-beginning balances, and changes for each item in the consolidated financial statements Monetary Funds | Item | Balance at End of Period (RMB) | Balance at Beginning of Period (RMB) | | :--- | :--- | :--- | | Cash on Hand | 0.00 | 3,509.40 | | Bank Deposits | 72,832,681.86 | 126,161,833.54 | | Other Monetary Funds | 15,611,777.04 | 15,493,809.96 | | Total | 88,444,458.90 | 141,659,152.90 | Accounts Receivable | Category | Book Balance at End of Period (RMB) | Impairment Provision at End of Period (RMB) | Book Value at End of Period (RMB) | | :--- | :--- | :--- | :--- | | Accounts receivable for which impairment provisions are made individually | 21,589,196.14 | 21,154,980.12 | 434,216.02 | | Accounts receivable for which impairment provisions are made in combination | 458,972,420.16 | 34,691,151.85 | 424,281,268.31 | | Total | 480,561,616.30 | 55,846,131.97 | 424,715,484.33 | Short-term Borrowings | Item | Balance at End of Period (RMB) | Balance at Beginning of Period (RMB) | | :--- | :--- | :--- | | Pledged Loans | 49,000,000.00 | 0.00 | | Guaranteed Loans | 32,318,004.18 | 18,200,000.00 | | Underecognized Discounted Notes | 6,931,523.91 | 5,870,144.49 | | Total | 88,249,528.09 | 24,070,144.49 | Operating Revenue and Operating Cost | Item | Current Period Revenue (RMB) | Current Period Cost (RMB) | | :--- | :--- | :--- | | Main Business | 185,608,028.54 | 162,102,298.46 | | Other Business | 2,443,358.96 | 1,247,352.18 | | Total | 188,051,387.50 | 163,349,650.64 | [VIII. Research and Development Expenses](index=130&type=section&id=VIII.%20Research%20and%20Development%20Expenses) During the reporting period, the company's total R&D expenditure was **3.31 million yuan**, a year-on-year decrease of **18.33%**, with all expenses recognized as period costs Research and Development Expenses | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Employee Compensation | 2,592,861.44 | 3,463,515.15 | | Depreciation and Amortization | 149,818.38 | 209,119.37 | | Direct Input | 1,077.14 | 55,718.98 | | Other Expenses | 570,181.25 | 329,557.13 | | Total | 3,313,938.21 | 4,057,910.63 | | Of which: Expensed R&D Expenditure | 3,313,938.21 | 4,057,910.63 | - Current period R&D expenditure decreased by **18.33%** year-on-year[48](index=48&type=chunk)[558](index=558&type=chunk) [IX. Changes in Consolidation Scope](index=130&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope changed due to the establishment of new subsidiaries and the acquisition of subsidiary equity - The company's wholly-owned subsidiary **Huapengfei (Hong Kong) Co., Ltd.** acquired **0.5%** equity in TOO "HPF KZ", making it a wholly-owned subsidiary[118](index=118&type=chunk)[559](index=559&type=chunk) [X. Interests in Other Entities](index=130&type=section&id=X.%20Interests%20in%20Other%20Entities) The company holds interests in various subsidiaries and an important associate, Liaoning Hongtu Chuangzhan Surveying and Mapping Co., Ltd., which is accounted for using the equity method - The company owns multiple wholly-owned or controlled subsidiaries with diverse business natures, including supply chain management, logistics services, and information technology services[560](index=560&type=chunk)[561](index=561&type=chunk) - Liaoning Hongtu Chuangzhan Surveying and Mapping Co., Ltd. is an important associate, with the company indirectly holding **47.8049%** equity, accounted for using the equity method[561](index=561&type=chunk) Key Financial Information of Important Associate Liaoning Hongtu Chuangzhan Surveying and Mapping Co., Ltd. | Item | Balance at End of Period (RMB) | Balance at Beginning of Period (RMB) | | :--- | :--- | :--- | | Total Assets | 532,877,844.01 | 532,696,829.21 | | Total Liabilities | 358,878,323.89 | 387,712,945.74 | | Book Value of Equity Investment in Associates | 183,905,872.01 | 170,034,975.92 | | Operating Revenue | 121,883,602.46 | 76,761,073.38 | | Net Profit | 29,015,636.65 | -4,374,562.39 | | Total Comprehensive Income | 29,015,636.65 | -4,374,562.39 | [XI. Government Grants](index=133&type=section&id=XI.%20Government%20Grants) During the reporting period, government grants recognized in current profit or loss amounted to **0.155 million yuan**, primarily recorded under other income/financial expenses Government Grants Recognized in Current Profit or Loss | Accounting Account | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Other Income/Financial Expenses | 155,000.00 | 255,106.53 | [XII. Risks Related to Financial Instruments](index=133&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit, liquidity, and market risks (including interest rate, exchange rate, and other price risks), which it manages through various strategies - The company faces **credit risk**, **liquidity risk**, and **market risk** (interest rate risk, exchange rate risk, and other price risks)[567](index=567&type=chunk)[573](index=573&type=chunk) - The company manages credit and liquidity risks by depositing funds in highly-rated banks, assessing client creditworthiness, monitoring cash balances, and forecasting cash flows[568](index=568&type=chunk)[569](index=569&type=chunk) - If the interest rate for floating-rate borrowings increases or decreases by **100 basis points**, the company's net profit will decrease or increase by **750,120.99 yuan**[574](index=574&type=chunk) - If the RMB appreciates or depreciates by **1%** against the USD, the company's net profit will increase or decrease by **621,596.41 yuan**[576](index=576&type=chunk) [XIII. Disclosure of Fair Value](index=136&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) At the end of the period, the company's total assets measured at fair value amounted to **315.53 million yuan**, primarily comprising trading financial assets and other non-current financial assets Fair Value of Assets and Liabilities Measured at Fair Value at End of Period | Item | Level 2 Fair Value Measurement (RMB) | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 165,231,669.10 | 0.00 | 165,231,669.10 | | Accounts Receivable Financing | 0.00 | 32,411,040.64 | 32,411,040.64 | | Other Non-current Financial Assets | 117,883,700.00 | 0.00 | 117,883,700.00 | | Total Assets Continuously Measured at Fair Value | 283,115,369.10 | 32,411,040.64 | 315,526,409.74 | [XIV. Related Parties and Related Party Transactions](index=136&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) The company has no parent company, with Zhang Jingyu as the ultimate controlling party, and engaged in international transport agency services with Shenzhen Ririsheng International Logistics Co., Ltd. - The company has no parent company, and the ultimate controlling party is **Zhang Jingyu**[581](index=581&type=chunk)[582](index=582&type=chunk) - Other related parties include the actual controller's spouse **Qi Changfeng** and daughter **Zhang Qian** (company director, general manager)[583](index=583&type=chunk) Sales of Goods/Provision of Services | Related Party | Related Transaction Content | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | :--- | | Shenzhen Ririsheng International Logistics Co., Ltd. | International Transport Agency | 0.00 | 4,001,485.80 | | Shenzhen Huhe Carbon Technology Co., Ltd. | Service Business | 42,452.82 | 0.00 | Company as Guaranteed Party | Guarantor | Guarantee Amount (RMB) | Guarantee Start Date | Guarantee End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Zhang Jingyu, Qi Changfeng | 10,000,000.00 | June 29, 2024 | June 29, 2025 | Yes | | Zhang Jingyu, Qi Changfeng | 5,000,000.00 | February 27, 2025 | February 27, 2026 | No | [XV. Commitments and Contingencies](index=139&type=section&id=XV.%20Commitments%20and%20Contingencies) The company has no significant commitments to disclose for the current period but is involved in fire-related litigation with an estimated loss of **3.27 million yuan** and provides guarantees for subsidiary borrowings - The company has no significant commitments to disclose for the current period[595](index=595&type=chunk) - The company is involved in fire disputes, being sued as a defendant for joint liability for cargo damage, with **5 cases** still pending, involving **10.9123 million yuan**, for which the company has accrued an estimated loss of **3.2737 million yuan** (30%)[597](index=597&type=chunk) - As of **June 30, 2025**, the company provides joint liability guarantees to relevant banks for subsidiary borrowings, letters of guarantee, and other businesses, with a maximum amount of **70 million yuan**[599](index=599&type=chunk) [XVI. Post-Balance Sheet Events](index=140&type=section&id=XVI.%20Post-Balance%20Sheet%20Events) During the reporting period, the company had no other post-balance sheet events to disclose - The company had no other post-balance sheet events to disclose during the reporting period[601](index=601&type=chunk) [XVII. Other Significant Matters](index=140&type=section&id=XVII.%20Other%20Significant%20Matters) This section provides financial information for the company's reporting segments, including revenue, costs, total assets, and total liabilities for domestic integrated logistics, international logistics, intelligent mobile services, and supply chain businesses Financial Information of Reporting Segments | Item | Domestic Integrated Logistics Services (RMB) | International Logistics Services (RMB) | Intelligent Mobile Services (RMB) | Supply Chain Business (RMB) | Inter-segment Eliminations (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Main Business Revenue | 125,780,006.78 | 47,734,438.92 | 3,173,443.91 | 11,780,041.73 | 2,859,90

安徽华人健康医药股份有限公司 2025 年半年度报告全文 安徽华人健康医药股份有限公司 2025 年半年度报告 2025-060 2025 年 8 月 27 日 1 安徽华人健康医药股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 2 | . | . | | --- | --- | | | 4 | | 1 | | | 第一节 | 重要提示、目录和释义 | 2 | | | --- | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | | 6 | | 第三节 | 管理层讨论与分析 | | 9 | | 第四节 | 公司治理、环境和社会 | 35 | | | 第五节 | 重要事项 | 38 | | | 第六节 | 股份变动及股东情况 | 50 | | | 第七节 | 债券相关情况 | | 53 | | 第八节 | 财务报告 | 54 | | 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人何家乐、主管会计工作负责人李梅及会计机构负责人(会计主 管人员)李梅声明：保 ...

宋城演艺发展股份有限公司 2025 年半年度报告全文 宋城演艺发展股份有限公司 2025 年半年度报告 公告编号：2025-042 2025 年 8 月 27 日 1 宋城演艺发展股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人商玲霞、主管会计工作负责人陈胜敏及会计机构负责人(会计 主管人员)朱莎娜声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本公 司对任何投资者及相关人士的实质承诺，投资者及相关人士均应对此保持足 够的风险认识，并且应当理解计划、预测与承诺之间的差异。 请投资者注意阅读本报告"第三节 管理层讨论与分析"之"十、公司面临的 风险和应对措施"对公司风险提示的相关内容，敬请广大投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | 宋城演艺发展股份有限公司 2025 年半年度 ...

厦门唯科模塑科技股份有限公司 2025 年半年度报告全文 厦门唯科模塑科技股份有限公司 2025 年半年度报告 2025-040 2025 年 08 月 1 厦门唯科模塑科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人庄辉阳、主管会计工作负责人周镇森及会计机构负责人(会计 主管人员)李红梅声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司半年度报告中所涉及未来的战略目标、经营计划、经营目标等前瞻 性陈述，不代表公司的盈利预测，也不构成公司对投资者的实质承诺，请投 资者及相关人士对此保持足够的风险认识，并理解计划、预测与承诺之间的 差异，注意投资风险。 公司在本报告第三节"管理层讨论与分析"中"公司面临的风险和应对 措施"部分描述了公司未来经营中可能面临的风险，敬请广大投资者注意查 阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 重要提示、目录和释义 ...

www.thunisoft.cn 北京华宇软件股份有限公司 2025 年半年度报告 2025 年 08 月 北京华宇软件股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人郭颖、主管会计工作负责人王琰及会计机构负责人(会计主管人员)张绪梅 声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司敬请投资者注意：本半年度报告可能涉及未来计划等前瞻性陈述，该等计划并不 构成公司对投资者的实质承诺，投资者及相关人士均应对此保持足够的风险意识，并且应 当理解计划、预测与承诺之间的差异。 公司在报告中详细披露了经营中可能面临的风险，详见"第三节 管理层讨论与分析" 中"十、公司面临的风险和应对措施"描述。敬请投资者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 4 | | | 北京华宇软件股份有限公司 2025 年半年度报告全文 备查文件目录 （一）载有公司负责 ...

北京当升材料科技股份有限公司 2025 年半年度报告 北京当升材料科技股份有限公司 2025 年半年度报告 2025 年 8 月 北京当升材料科技股份有限公司 2025 年半年度报告 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或者重大遗漏，并承担个别和连带的法律责任。 本报告全文同时刊载于中国证监会指定网站。本公司没有董事、高级管理人员声明对 2025 年半年 度报告内容的真实性、准确性和完整性无法保证或存在异议的情形。 公司负责人陈彦彬、主管会计工作负责人李洪发及会计机构负责人刘菲声明：保证本半年度报告中 财务报告的真实、准确、完整。 所有董事均已出席了审议 2025 年半年度报告的董事会会议。 非标准审计意见提示 □ 适用 √ 不适用 对半年度报告涉及未来计划等前瞻性陈述的风险提示 √ 适用 □ 不适用 本报告如有涉及未来计划等前瞻性陈述，均不构成公司对投资者的实质承诺，投资者及相关人士均 应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。 公司是否需要遵守特殊行业的披露要求 √ 是 □ 否 □ 参照披露 ...

Section I Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=重要提示) The company's board and management assure report accuracy, while highlighting risks like real estate downturn and bad debts - The company's board, supervisory board, and senior management declare the report content is true, accurate, and complete[3](index=3&type=chunk) - The company's principal business is closely related to the real estate industry, and a downturn will adversely affect its main operations and performance[4](index=4&type=chunk) - The company faces the risk of **bad debts from accounts receivable**, with major clients being system integrators and real estate developers[5](index=5&type=chunk) - The company's production and operations are seasonal, with the third and fourth quarters being peak sales periods, leading to a "lower first half, higher second half" pattern for revenue and net profit[7](index=7&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[8](index=8&type=chunk) [Table of Contents](index=4&type=section&id=目录) This section outlines the report's structure, covering eight main chapters from important notes to financial statements [Definitions](index=6&type=section&id=释义) This section defines key terms used throughout the report, including company names, subsidiaries, and the reporting period - "**Anjubao**, the **Company**, or **this Company**" refers to Guangdong Anjubao Digital Technology Co, Ltd[17](index=17&type=chunk) - The controlling shareholder and actual controller is **Zhang Bo**[17](index=17&type=chunk) - The reporting period is from **January 1, 2025, to June 30, 2025**[17](index=17&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Profile](index=7&type=section&id=一、公司简介) The company, Anjubao, is listed on the Shenzhen Stock Exchange under stock code 300155, with Zhang Bo as its legal representative - Company stock abbreviation: **Anjubao**, stock code: **300155**[19](index=19&type=chunk) - Company legal representative: **Zhang Bo**[19](index=19&type=chunk) [II. Contact Persons and Information](index=7&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 - Board Secretary: **Wu Ruoshun**, Securities Affairs Representative: **Luo Weiming**[20](index=20&type=chunk) - Contact address: Anjubao Science and Technology Park, No 6 Qiyun Road, Science City, Guangzhou Development Zone, Guangdong Province[20](index=20&type=chunk) [III. Other Information](index=7&type=section&id=三、其他情况) The company's contact information, disclosure, and registration details remained unchanged during the reporting period - The company's contact information, information disclosure and placement locations, and registration status remained unchanged during the reporting period[21](index=21&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=四、主要会计数据和财务指标) In the first half of 2025, the company experienced declines in revenue, net profit, and total assets, with basic EPS at -0.0439 yuan/share 2025 Half-Year Key Accounting Data and Financial Indicators | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 72,411,923.92 | 97,791,766.55 | -25.95% | | Net Profit Attributable to Shareholders of Listed Company | -24,633,971.48 | -18,765,660.79 | -31.27% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | -34,933,844.78 | -24,203,544.35 | -44.33% | | Net Cash Flow from Operating Activities | -14,694,647.35 | -11,275,707.47 | -30.32% | | Basic Earnings Per Share (Yuan/Share) | -0.0439 | -0.0334 | -31.44% | | Diluted Earnings Per Share (Yuan/Share) | -0.0439 | -0.0334 | -31.44% | | Weighted Average Return on Net Assets | -1.98% | -1.44% | -0.54% | | Indicator | End of Current Period (Yuan) | End of Prior Year (Yuan) | Change from End of Prior Year (%) | | :--- | :--- | :--- | :--- | | Total Assets | 1,387,808,181.12 | 1,434,765,395.33 | -3.27% | | Net Assets Attributable to Shareholders of Listed Company | 1,233,102,899.63 | 1,257,831,224.39 | -1.97% | [V. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=8&type=section&id=五、境内外会计准则下会计数据差异) The company reports no differences in net profit or net assets between domestic and international accounting standards - The company reports no differences in accounting data under domestic and overseas accounting standards during the reporting period[25](index=25&type=chunk)[26](index=26&type=chunk) [VI. Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=六、非经常性损益项目及金额) Non-recurring gains and losses totaled 10.30 million yuan, primarily from fair value changes, impairment reversals, and government grants 2025 Half-Year Non-Recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 155,789.50 | | Government grants recognized in current profit or loss | 160,237.39 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | 9,918,075.96 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 2,381,444.13 | | Gains or losses from debt restructuring | -355,978.00 | | Other non-operating income and expenses apart from the above | 167,507.73 | | Less: Income tax impact | 2,116,051.95 | | Impact on minority interests (after tax) | 11,151.46 | | Total | 10,299,873.30 | Section III Management Discussion and Analysis [I. Principal Business Activities During the Reporting Period](index=10&type=section&id=一、报告期内公司从事的主要业务) The company specializes in smart community security and intelligent equipment, facing challenges from the real estate downturn but actively upgrading products with AI [(I) Industry Overview](index=10&type=section&id=(一)公司所处行业情况) The company operates in the smart community security sector, benefiting from AI, IoT, and supportive real estate policies, maintaining a leading market position - The company's principal business belongs to the security industry, with a sub-industry of "Computer, Communication and Other Electronic Equipment Manufacturing"[31](index=31&type=chunk) - The building intercom industry is deeply integrating with smart homes and smart communities, actively embracing cloud intercom and AI large model technologies like DeepSeek[32](index=32&type=chunk)[33](index=33&type=chunk)[35](index=35&type=chunk)[37](index=37&type=chunk) - The state has introduced multiple policies to support the stabilization and high-quality development of the real estate market, including lower down payments, relaxed purchase restrictions, financing support, and "three major projects" construction, providing development prospects for the building intercom industry[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) - The smart home industry benefits from deep integration of AIOT technology, unified industry standards, and empowerment by large model technologies, evolving from "single-product intelligence" to "whole-house intelligence" and "cognitive intelligence"[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk) - National policies highly prioritize the development of the smart home industry, issuing documents like the "Action Plan for Innovation and Development of Smart Home Industry (2024-2026)" to promote technological innovation, industrial upgrading, and market expansion[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk) - The smart parking industry, under the "new infrastructure" background, benefits from advanced technologies (AI, big data, cloud computing) driving digital development, and is expanding towards city-level platforms and the "parking-charging integrated" new energy market[55](index=55&type=chunk)[56](index=56&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk) - The company is among China's top ten security brands in building intercom and smart home sectors, leading the drafting of multiple national and industry standards; in smart parking, it was the first domestic enterprise to launch license plate recognition and WeChat Pay[62](index=62&type=chunk) - During the reporting period, the company's market share in building intercom and smart home was approximately **12.72%**, a year-on-year decrease of **1.17%**, primarily due to the impact of the real estate industry[63](index=63&type=chunk) [(II) Company's Main Products](index=17&type=section&id=(二)、公司主要产品) The company offers integrated smart community solutions, including intercom, smart home, and parking systems, leveraging advanced AI and cloud technologies - The company's building intercom system utilizes TCP/IP network communication, audio and video processing, cloud communication, and biometric recognition technologies, providing call intercom, video calls, remote door opening, and facial recognition functions, and has launched a cloud video intercom system[64](index=64&type=chunk) - The company's smart home system, centered on smart screens, integrates AIOT technology to provide appliance control, security alarms, and environmental monitoring, and has introduced the DeepSeek large model to achieve proactive intelligence and personalized services[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) - The company's smart community system integrates AI and IoT technologies to provide comprehensive solutions for five major scenarios: access control, security, monitoring alarms, smart parking, and smart homes, earning honors such as "2024 Security Industry Excellent Solution"[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) - The smart parking management system employs non-sensory payment, AI, big data, and IoT technologies, offering license plate recognition, parking guidance, and cloud parking management, and has launched a zero-investment leasing cooperation model[73](index=73&type=chunk)[74](index=74&type=chunk) - The parking gate advertising business leverages gate locations, integrating national gate resources to build an advertising platform operator, enhancing efficiency and benefits[75](index=75&type=chunk) [(III) Company's Business Model](index=19&type=section&id=(三)、公司经营模式) The company employs a "order + inventory" production model and direct sales for smart community products, while parking business combines equipment sales with advertising - Smart community, building intercom, and smart home businesses adopt an "**order + inventory**" production model, with production arranged based on market demand and sales forecasts[76](index=76&type=chunk) - The sales model is **direct sales**, utilizing a nationwide marketing and service network for product sales and after-sales service, with major clients being engineering contractors, system integrators, and real estate developers[77](index=77&type=chunk)[78](index=78&type=chunk) - The parking advertising platform ecosystem business increases revenue through media advertising by selling upgraded parking systems with advertising gates, forming a complementary cost advantage[79](index=79&type=chunk) [(IV) Business Review During the Reporting Period](index=20&type=section&id=(四)、报告期经营回顾) The company experienced declines in contract orders, revenue, and net profit due to the real estate market, leading to the discontinuation of the "Ceyouyou" platform - In the first half of 2025, the company signed various sales contracts totaling approximately **73.4756 million yuan**, a year-on-year decrease of **31.23%**[80](index=80&type=chunk) - Operating revenue reached **72.4119 million yuan**, a year-on-year decrease of **25.95%**[80](index=80&type=chunk) 2025 Half-Year Major Business Sales Revenue and YoY Change | Business Type | Sales Revenue (Ten Thousand Yuan) | YoY Change (%) | | :--- | :--- | :--- | | Building Intercom System | 3,618.32 | -25.58% | | Smart Home System | 1,131.15 | -29.91% | | Parking System and Gate Advertising Business | 753.90 | -39.45% | | Monitoring and System Integration | 548.67 | -22.03% | | Property Operating Lease | 863.14 | -14.11% | - Net profit attributable to shareholders of the listed company was **-24.6340 million yuan**, a year-on-year decrease of **31.27%**[80](index=80&type=chunk) - The company's wholly-owned subsidiary "Anjubao Yance" decided to gradually cease operations of its "Ceyouyou" shopping platform due to underperforming business expectations[82](index=82&type=chunk) [(V) Future Business Development Plan](index=20&type=section&id=(五)、未来业务发展规划) The company plans to enhance existing products with AI and large models, while expanding into commercial robots and smart automation equipment for the tea beverage sector - Utilize **AI technology and large models** to further upgrade building intercom systems, parking systems, and smart home technologies[83](index=83&type=chunk) - Increase R&D investment in the integration of AI and large models, striving for breakthroughs in commercial robots and smart automation equipment (in the freshly made tea beverage sector)[83](index=83&type=chunk) - Smart automation equipment (for freshly made tea beverages) is expected to be launched by year-end, and reception robots are also targeted for market release by year-end[83](index=83&type=chunk) [II. Analysis of Core Competencies](index=20&type=section&id=二、核心竞争力分析) The company's core strengths include AI-driven integration, a national parking gate advertising platform, continuous R&D, and an extensive marketing network - The company leverages **AI artificial intelligence technology** to achieve interconnected AI smart communities and AI smart homes, forming a comprehensive integrated platform that raises product competition barriers[84](index=84&type=chunk) - The company has built a national parking gate advertising platform, conducting self-service advertising business through equipment cooperation, resource cooperation, and channel cooperation, combining it with parking system hardware sales to form an ecologically complementary cost advantage[85](index=85&type=chunk) - As of the end of the reporting period, the company held **178 patents** (45 invention patents, 99 utility model patents, 34 design patents) and **90 software copyrights**[85](index=85&type=chunk) - The company has **53 marketing and service outlets nationwide**, supporting product promotion, sales, and services, and actively promotes deep cooperation with the top fifty real estate developers[86](index=86&type=chunk) [III. Analysis of Principal Business](index=21&type=section&id=三、主营业务分析) The company's principal business saw declines in revenue and cost, with significant changes in financial expenses and cash flows from investment activities Major Financial Data YoY Changes | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 72,411,923.92 | 97,791,766.55 | -25.95% | | | Operating Cost | 45,513,346.55 | 56,702,025.02 | -19.73% | | | Selling Expenses | 17,077,221.34 | 23,007,548.31 | -25.78% | | | Administrative Expenses | 20,413,379.54 | 19,406,455.12 | 5.19% | | | Financial Expenses | -662,487.41 | -3,864,472.95 | -82.86% | Decrease in bank deposits due to purchase of wealth management products, lower interest rates, and reduced interest income | | R&D Investment | 15,746,760.13 | 18,015,210.82 | -12.59% | | | Net Cash Flow from Operating Activities | -14,694,647.35 | -11,275,707.47 | -30.32% | Decrease in sales collections YoY | | Net Cash Flow from Investing Activities | -46,380,172.34 | 37,657,534.92 | -223.16% | Increase in cash used for purchasing wealth management products | | Net Cash Flow from Financing Activities | -753,459.28 | 336,102.68 | -324.18% | Increase in lease liability payments | | Net Increase in Cash and Cash Equivalents | -61,922,661.38 | 26,757,736.66 | -331.42% | Decrease in net increase of cash and cash equivalents due to purchase of wealth management products | | Fair Value Change Gains | 3,147,758.66 | -1,078,322.69 | 391.91% | Increase in fair value changes of other non-current financial assets and wealth management products held for investment | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Building Intercom System | 36,183,179.67 | 23,825,949.88 | 34.15% | -25.58% | -19.30% | -5.13% | | Smart Home System | 11,311,481.37 | 7,370,338.34 | 34.84% | -29.91% | -22.54% | -6.19% | | Parking System and Gate Advertising Business | 7,539,007.98 | 6,079,118.98 | 19.36% | -39.45% | -26.61% | -14.11% | | Monitoring System and System Integration | 5,486,651.17 | 4,970,845.08 | 9.40% | -22.03% | -24.97% | 3.55% | | Property Operating Lease | 8,631,385.12 | 480,445.16 | 94.43% | -14.11% | -6.80% | -0.44% | [IV. Analysis of Non-Principal Business](index=22&type=section&id=四、非主营业务分析) Non-principal business significantly impacted total profit, with positive contributions from investment and fair value gains, offset by credit and asset impairment losses Impact of Non-Principal Business on Total Profit | Item | Amount (Yuan) | Proportion of Total Profit (%) | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 6,414,339.30 | -18.71% | Disposal of trading financial assets and interest income from debt investments | No | | Fair Value Change Gains | 3,147,758.66 | -9.18% | Increase in fair value of trading financial assets and other non-current financial assets held | No | | Asset Impairment | -3,328,255.69 | 9.71% | Impairment provision for inventory | No | | Non-Operating Income | 172,984.55 | -0.50% | Unpayable amounts | No | | Non-Operating Expenses | 19,219.56 | -0.06% | Losses from destruction and scrapping of non-current assets | No | | Other Income | 1,466,688.52 | -4.28% | Government grants received | No | | Credit Impairment Losses | -14,751,817.90 | 43.03% | Impairment provision for accounts receivable, etc | No | [V. Analysis of Assets and Liabilities](index=23&type=section&id=五、资产及负债状况分析) Total assets and net assets decreased, driven by reduced cash and receivables, while debt investments and fixed assets increased, with fair value financial assets growing Significant Changes in Asset Composition | Item | Amount at End of Current Period (Yuan) | Proportion of Total Assets (%) | Amount at End of Prior Year (Yuan) | Proportion of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 214,023,081.14 | 15.42% | 275,809,853.13 | 19.22% | -3.80% | Increase in cash paid for purchasing wealth management products | | Accounts Receivable | 143,279,273.19 | 10.32% | 182,045,472.73 | 12.69% | -2.37% | Increase in collection of accounts receivable, increase in bad debts | | Fixed Assets | 151,199,468.73 | 10.89% | 141,740,541.83 | 9.88% | 1.01% | "Property for Debt" transferred to fixed assets accounting | | Debt Investments | 320,119,625.32 | 23.07% | 210,994,333.33 | 14.71% | 8.36% | Increase in purchase of wealth management products | | Other Non-Current Assets | 4,947,817.40 | 0.36% | 15,154,596.64 | 1.06% | -0.70% | "Property for Debt" transferred to fixed assets accounting | | Employee Remuneration Payable | 6,131,297.25 | 0.44% | 12,358,372.46 | 0.86% | -0.42% | Decrease in employee remuneration payable | - The company's fair value measured financial assets totaled **578,566,665.59 yuan** at period-end, an increase from **522,842,944.69 yuan** at period-start[97](index=97&type=chunk) - Restricted monetary funds at period-end amounted to **1,302,971.58 yuan**, primarily for letter of guarantee deposits[98](index=98&type=chunk) [VI. Analysis of Investment Status](index=24&type=section&id=六、投资状况分析) Investment increased significantly, primarily in fair value financial assets like wealth management products, with no major equity or non-equity investments Investment Amount During the Reporting Period | Indicator | Amount (Yuan) | | :--- | :--- | | Investment Amount for the Reporting Period | 225,196,250.31 | | Investment Amount for the Prior Year Period | 0.00 | | Change Rate | 100.00% | - The company's fair value measured financial assets purchased with self-owned funds amounted to **151,592,267.12 yuan** at period-end[103](index=103&type=chunk) - There were no significant equity investments, non-equity investments, use of raised funds, entrusted wealth management, derivative investments, or entrusted loans during the reporting period[100](index=100&type=chunk)[101](index=101&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk) [VII. Significant Asset and Equity Sales](index=26&type=section&id=七、重大资产和股权出售) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets or equity during the reporting period[108](index=108&type=chunk)[109](index=109&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=27&type=section&id=八、主要控股参股公司分析) This section details the financial performance of major subsidiaries, with several reporting negative net profits during the period Major Subsidiary Financial Information (Unit: Ten Thousand Yuan) | Company Name | Company Type | Principal Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Anjubao Intelligent Control System Co, Ltd | Subsidiary | Other electronic equipment manufacturing | 1,396.50 | 4,707.31 | -1,347.09 | 314.78 | -261.65 | -261.70 | | Guangzhou Dejuan Electronic Technology Co, Ltd | Subsidiary | Technology promotion and application services | 9,539.63 | 11,989.21 | 11,298.91 | 937.45 | 229.83 | 185.39 | | Guangdong Audian Monitoring Technology Co, Ltd | Subsidiary | Manufacturing | 3,300.00 | 13,004.01 | 3,654.84 | 548.67 | -1,131.90 | -962.12 | | Guangdong Anjubao Yance E-commerce Co, Ltd | Subsidiary | Wholesale | 20,000.00 | 19,843.38 | 19,474.68 | 57.67 | -337.08 | -252.88 | - There were no acquisitions or disposals of subsidiaries during the reporting period[111](index=111&type=chunk) [IX. Structured Entities Controlled by the Company](index=27&type=section&id=九、公司控制的结构化主体情况) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[112](index=112&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=27&type=section&id=十、公司面临的风险和应对措施) The company faces industry risks tied to real estate and bad debt risks from receivables, managed through strict credit screening and sales limits - The company's principal business is closely linked to the development of the real estate industry, and a downturn in real estate will adversely affect the company's principal business and operating performance[112](index=112&type=chunk) - The company's major clients are system integrators and real estate developers; if their operations are adversely affected by the industry, it will pose a significant risk to the company's accounts receivable collection[112](index=112&type=chunk) - The company mitigates the risk of bad debts from accounts receivable through strict credit screening and setting credit limits[112](index=112&type=chunk) [XI. Registration Form for Research, Communication, and Interview Activities During the Reporting Period](index=27&type=section&id=十一、报告期内接待调研、沟通、采访等活动登记表) The company did not host any research, communication, or interview activities during the reporting period - The company did not host any research, communication, or interview activities during the reporting period[113](index=113&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=27&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 has not established a market value management system or disclosed a valuation enhancement plan - The company has not established a market value management system, nor has it disclosed a valuation enhancement plan[114](index=114&type=chunk)[115](index=115&type=chunk) [XIII. Implementation of "Quality and Return Dual Improvement" Action Plan](index=28&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 action plan for "Quality and Return Dual Improvement" - The company has not disclosed an action plan for "Quality and Return Dual Improvement"[115](index=115&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=28&type=section&id=一、公司董事、监事、高级管理人员变动情况) 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[116](index=116&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=28&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 company plans no cash dividends, bonus shares, or capital reserve conversions for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[117](index=117&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=28&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) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[118](index=118&type=chunk) [IV. Environmental Information Disclosure](index=29&type=section&id=四、环境信息披露情况) The company and its major subsidiaries are not listed among enterprises required to disclose environmental information by law - The company and its major subsidiaries are not listed among enterprises required to disclose environmental information by law[119](index=119&type=chunk) [V. Social Responsibility](index=29&type=section&id=五、社会责任情况) The company actively fulfills its social responsibilities to stakeholders, including employees, customers, and the environment, while adhering to legal and ethical standards - The company safeguards shareholder rights through standardized operations, timely information disclosure, and implementation of profit distribution plans[119](index=119&type=chunk) - The company prioritizes employee welfare, complies with labor laws, provides "five insurances and one housing fund," offers competitive compensation, and implements equity incentive plans[119](index=119&type=chunk) - The company continuously enhances customer satisfaction with products and services through technological innovation and product quality improvement[120](index=120&type=chunk) - The company adheres to integrity, strictly enforces contracts, prevents commercial bribery, operates legally, actively pays taxes, and supports local economic development[120](index=120&type=chunk) - The company strictly manages enterprise noise, wastewater, exhaust gas, and hazardous waste, and establishes safety production rules and regulations[120](index=120&type=chunk) Section V Significant Matters [I. Fulfilled and Overdue Unfulfilled Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=30&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) The company's controlling shareholder, shareholders, and related parties fully complied with their commitments during the reporting period - Promisors such as **Zhang Bo, Zhang Pin, and Li Leni** strictly adhered to share lock-up commitments, with no violations found[122](index=122&type=chunk) - Controlling shareholder **Zhang Bo** committed to bearing potential losses to the company due to housing provident fund补缴, property defects, or core technology disputes, and ensured the company's independence, strictly complying during the reporting period[122](index=122&type=chunk)[124](index=124&type=chunk) - The company and **Zhang Bo** committed to avoiding horizontal competition with Guangdong Audian Monitoring Technology Co, Ltd, strictly complying during the reporting period[124](index=124&type=chunk)[126](index=126&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=32&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) There were no instances of non-operating funds being occupied by the controlling shareholder or other related parties - There were no instances of non-operating funds being occupied by the controlling shareholder or other related parties during the reporting period[127](index=127&type=chunk) [III. Irregular External Guarantees](index=32&type=section&id=三、违规对外担保情况) The company did not have any irregular external guarantees during the reporting period - The company did not have any irregular external guarantees during the reporting period[128](index=128&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=32&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 financial report was not audited[129](index=129&type=chunk) [V. Explanations by the Board of Directors, Supervisory Board, and Audit Committee on "Non-Standard Audit Reports" for the Current Period](index=33&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) The company did not receive any non-standard audit reports during the reporting period - The company did not receive any non-standard audit reports during the reporting period[130](index=130&type=chunk) [VI. Explanations by the Board of Directors on "Non-Standard Audit Reports" for the Previous Year](index=33&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) The company did not have any non-standard audit reports from the previous year - The company did not have any non-standard audit reports from the previous year[130](index=130&type=chunk) [VII. Matters Related to Bankruptcy Reorganization](index=33&type=section&id=七、破产重整相关事项) The company was not involved in any bankruptcy reorganization matters during the reporting period - The company was not involved in any bankruptcy reorganization matters during the reporting period[130](index=130&type=chunk) [VIII. Litigation Matters](index=33&type=section&id=八、诉讼事项) The company is involved in a significant arbitration case for 12.33 million yuan and other lawsuits totaling 54.12 million yuan, primarily for collecting overdue payments - Media Company applied to the Guangzhou Arbitration Commission to terminate 22 "New Project Parking Gate Advertising Contract Agreements" with Shanghai Gate Advertising Co, Ltd, requesting the return of gate poles and parking system equipment, and payment of cooperation fees, occupation fees, and liquidated damages[131](index=131&type=chunk) - The significant arbitration matter involves an amount of **12.33 million yuan** and has been heard but not yet ruled upon[131](index=131&type=chunk) - During the reporting period, the company was also involved in other litigation cases totaling **54.1211 million yuan**, of which **18.703 million yuan** has been settled, primarily for collecting overdue payments[131](index=131&type=chunk) [IX. Penalties and Rectification](index=33&type=section&id=九、处罚及整改情况) The company did not incur any penalties or require rectification during the reporting period - The company did not incur any penalties or require rectification during the reporting period[132](index=132&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=33&type=section&id=十、公司及其控股股东、实际控制人的诚信状况) There were no integrity issues requiring disclosure for the company, its controlling shareholder, or actual controller - There were no integrity issues requiring disclosure for the company during the reporting period[133](index=133&type=chunk) [XI. Significant Related Party Transactions](index=33&type=section&id=十一、重大关联交易) The company did not engage in any significant related party transactions during the reporting period, including daily operations, asset transfers, or financial dealings - The company did not engage in related party transactions related to daily operations during the reporting period[133](index=133&type=chunk) - The company did not engage in related party transactions involving asset or equity acquisitions/disposals during the reporting period[134](index=134&type=chunk) - The company did not engage in related party transactions involving joint external investments during the reporting period[135](index=135&type=chunk) - There were no related party creditor-debtor transactions during the reporting period[136](index=136&type=chunk) - The company had no deposits, loans, credit lines, or other financial business with related financial companies or financial companies controlled by the company and related parties[137](index=137&type=chunk)[138](index=138&type=chunk) - The company had no other significant related party transactions during the reporting period[139](index=139&type=chunk) [XII. Significant Contracts and Their Performance](index=34&type=section&id=十二、重大合同及其履行情况) The company has no trust or contracting arrangements, but leases out properties for a blockchain industrial park, with a significant access control project underway - The company had no trust or contracting arrangements during the reporting period[140](index=140&type=chunk)[141](index=141&type=chunk) - The company leases out over **20,000 square meters** of property within Anjubao Science and Technology Park at No 8 Qiyun Road and No 21 Nanxiang Second Road in the Development Zone, primarily for incubating and nurturing blockchain technology-related enterprises[143](index=143&type=chunk) - There were no lease projects that generated profits exceeding **10% of the company's total profit** during the reporting period[143](index=143&type=chunk) - The company had no significant guarantee situations during the reporting period[144](index=144&type=chunk) - The construction contract for the Huadu access control project, signed with Shenzhen Pingan Communication Technology Co, Ltd, with a contract price of **71.4998 million yuan**, is currently being executed[145](index=145&type=chunk) [XIII. Explanation of Other Significant Matters](index=35&type=section&id=十三、其他重大事项的说明) There are no other significant matters requiring explanation for the company during the reporting period - There are no other significant matters requiring explanation for the company during the reporting period[146](index=146&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=35&type=section&id=十四、公司子公司重大事项) The company disclosed an announcement regarding the extension and reduction of financial assistance to a controlled subsidiary on May 22, 2025 - On **May 22, 2025**, the company disclosed the "Announcement on the Extension and Reduction of Financial Assistance to a Controlled Subsidiary"[147](index=147&type=chunk) Section VI Share Changes and Shareholder Information [I. Share Changes](index=36&type=section&id=一、股份变动情况) The company's total share capital remained unchanged, with a minor shift between restricted and unrestricted shares due to executive lock-up stock adjustments Share Changes | Share Type | Number Before Change (Shares) | Increase/Decrease in This Change (Shares) | Number After Change (Shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 230,518,387 | -17,419 | 230,500,968 | | 3. Other Domestic Shares | 230,518,387 | -17,419 | 230,500,968 | | II. Unrestricted Shares | 330,709,357 | 17,419 | 330,726,776 | | 1. RMB Ordinary Shares | 330,709,357 | 17,419 | 330,726,776 | | III. Total Shares | 561,227,744 | 0 | 561,227,744 | - The reason for the share change was the adjustment of executive lock-up shares[151](index=151&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (Shares) | Unrestricted Shares Released in Current Period (Shares) | Restricted Shares Increased in Current Period (Shares) | Restricted Shares at End of Period (Shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Bo | 125,833,064 | 0 | 0 | 125,833,064 | Executive Lock-up Shares | | Zhang Pin | 99,068,874 | 0 | 0 | 99,068,874 | Executive Lock-up Shares | | Li Leni | 3,850,831 | 0 | 0 | 3,850,831 | Executive Lock-up Shares | | Zhang Ruibin | 1,242,484 | 0 | 0 | 1,242,484 | Executive Lock-up Shares | | Zhang Shuming | 41,584 | 0 | 0 | 41,584 | Executive Lock-up Shares | | Gao Jingchi | 52,400 | 0 | 0 | 52,400 | Executive Lock-up Shares | | Wu Ruoshun | 359,475 | 0 | 0 | 359,475 | Executive Lock-up Shares | | Zhang Huanqing | 69,675 | 17,419 | 0 | 52,256 | Executive Lock-up Shares | | Total | 230,518,387 | 17,419 | 0 | 230,500,968 | | [II. Issuance and Listing of Securities](index=38&type=section&id=二、证券发行与上市情况) The company did not issue or list any securities during the reporting period - The company did not issue or list any securities during the reporting period[154](index=154&type=chunk) [III. Number of Shareholders and Shareholding Status](index=38&type=section&id=三、公司股东数量及持股情况) As of the reporting period end, the company had 24,096 common shareholders, with Zhang Bo and Zhang Pin as the largest shareholders, forming a concert party holding 57.85% - The total number of common shareholders at the end of the reporting period was **24,096**[155](index=155&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at End of Reporting Period (Shares) | Number of Restricted Shares Held (Shares) | Number of Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Bo | Domestic Natural Person | 29.89% | 167,777,419.00 | 125,833,064.00 | 41,944,355.00 | | Zhang Pin | Domestic Natural Person | 23.54% | 132,091,832.00 | 99,068,874.00 | 33,022,958.00 | | Shanghai Muxin Private Fund Management Co, Ltd - Muxin Dingshuo No 1 Private Securities Investment Fund | Other | 3.51% | 19,720,000.00 | 0.00 | 19,720,000.00 | | Li Leni | Domestic Natural Person | 0.91% | 5,134,442.00 | 3,850,831.00 | 1,283,611.00 | | BARCLAYS BANK PLC | Overseas Legal Person | 0.53% | 2,961,062.00 | 0 | 2,961,062.00 | | Ding Fengmei | Domestic Natural Person | 0.33% | 1,838,900.00 | 0 | 1,838,900.00 | | Liu Yong | Domestic Natural Person | 0.30% | 1,687,000.00 | 0 | 1,687,000.00 | | Zhang Ruibin | Domestic Natural Person | 0.30% | 1,656,645.00 | 1,242,484.00 | 414,161.00 | | Lu Dongfang | Domestic Natural Person | 0.20% | 1,134,000.00 | 0 | 1,134,000.00 | | Xu Yuecheng | Domestic Natural Person | 0.19% | 1,039,901.00 | 0 | 1,039,901.00 | - Shareholders **Zhang Bo, Zhang Pin, Li Leni, and Shanghai Muxin Private Fund Management Co, Ltd - Muxin Dingshuo No 1 Private Securities Investment Fund** are parties acting in concert, collectively holding **57.85%** of the company's equity[156](index=156&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=39&type=section&id=四、董事、监事和高级管理人员持股变动) There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period - During the reporting period, the initial and final shareholdings of the company's directors, supervisors, and senior management were consistent, with no increases or decreases[158](index=158&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=40&type=section&id=五、控股股东或实际控制人变更情况) 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[159](index=159&type=chunk) - The company's actual controller remained unchanged during the reporting period[159](index=159&type=chunk) [VI. Preferred Shares Related Matters](index=40&type=section&id=六、优先股相关情况) The company did not have any preferred shares during the reporting period - The company did not have any preferred shares during the reporting period[160](index=160&type=chunk) Section VII Bond Related Matters [Bond Related Matters](index=41&type=section&id=债券相关情况) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[162](index=162&type=chunk) Section VIII Financial Report [I. Audit Report](index=42&type=section&id=一、审计报告) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[164](index=164&type=chunk) [II. Financial Statements](index=42&type=section&id=二、财务报表) This section provides the company's consolidated and parent company financial statements, offering a comprehensive view of its financial position and performance [1. Consolidated Balance Sheet](index=42&type=section&id=1、合并资产负债表) As of June 30, 2025, consolidated total assets were 1.39 billion yuan, a 3.27% decrease, with total liabilities at 140.59 million yuan Major Data from Consolidated Balance Sheet (Period-End Balance) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 1,387,808,181.12 | | Total Current Assets | 715,390,964.08 | | Total Non-Current Assets | 672,417,217.04 | | Total Liabilities | 140,588,390.85 | | Total Current Liabilities | 122,009,925.92 | | Total Non-Current Liabilities | 18,578,464.93 | | Total Owners' Equity | 1,247,219,790.27 | | Total Owners' Equity Attributable to Parent Company | 1,233,102,899.63 | | Minority Interests | 14,116,890.64 | [2. Parent Company Balance Sheet](index=45&type=section&id=2、母公司资产负债表) As of June 30, 2025, parent company total assets were 1.49 billion yuan, with total liabilities at 237.28 million yuan Major Data from Parent Company Balance Sheet (Period-End Balance) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 1,493,211,937.53 | | Total Current Assets | 618,104,846.21 | | Total Non-Current Assets | 875,107,091.32 | | Total Liabilities | 237,281,084.99 | | Total Current Liabilities | 223,027,273.35 | | Total Non-Current Liabilities | 14,253,811.64 | | Total Owners' Equity | 1,255,930,852.54 | [3. Consolidated Income Statement](index=47&type=section&id=3、合并利润表) For the first half of 2025, consolidated total operating revenue decreased by 25.95% to 72.41 million yuan, resulting in a net loss of 29.28 million yuan Major Data from Consolidated Income Statement | Item | 2025 Half-Year (Yuan) | 2024 Half-Year (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 72,411,923.92 | 97,791,766.55 | | Total Operating Costs | 99,968,675.33 | 115,489,124.45 | | Operating Profit | -34,438,506.28 | -25,483,202.03 | | Total Profit | -34,284,741.29 | -25,460,193.57 | | Net Profit | -29,278,659.09 | -20,473,761.89 | | Net Profit Attributable to Parent Company Shareholders | -24,633,971.48 | -18,765,660.79 | | Minority Interest Income/Loss | -4,644,687.61 | -1,708,101.10 | | Basic Earnings Per Share | -0.0439 | -0.0334 | | Diluted Earnings Per Share | -0.0439 | -0.0334 | [4. Parent Company Income Statement](index=49&type=section&id=4、母公司利润表) For the first half of 2025, parent company operating revenue was 57.25 million yuan, with a net loss of 15.82 million yuan Major Data from Parent Company Income Statement | Item | 2025 Half-Year (Yuan) | 2024 Half-Year (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 57,250,949.63 | 78,673,556.32 | | Operating Profit | -18,580,088.35 | -22,559,724.38 | | Total Profit | -18,598,654.11 | -22,613,793.61 | | Net Profit | -15,817,418.76 | -17,796,774.58 | | Basic Earnings Per Share | -0.0282 | -0.0317 | | Diluted Earnings Per Share | -0.0282 | -0.0317 | [5. Consolidated Cash Flow Statement](index=50&type=section&id=5、合并现金流量表) For the first half of 2025, net cash flows from operating, investing, and financing activities were all negative, leading to a net decrease in cash and cash equivalents Major Data from Consolidated Cash Flow Statement | Item | 2025 Half-Year (Yuan) | 2024 Half-Year (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -14,694,647.35 | -11,275,707.47 | | Net Cash Flow from Investing Activities | -46,380,172.34 | 37,657,534.92 | | Net Cash Flow from Financing Activities | -753,459.28 | 336,102.68 | | Net Increase in Cash and Cash Equivalents | -61,922,661.38 | 26,757,736.66 | | Cash and Cash Equivalents at End of Period | 212,720,109.56 | 475,791,828.88 | [6. Parent Company Cash Flow Statement](index=52&type=section&id=6、母公司现金流量表) For the first half of 2025, parent company operating cash flow was positive, but investing cash flow was negative, resulting in a net increase in cash and cash equivalents Major Data from Parent Company Cash Flow Statement | Item | 2025 Half-Year (Yuan) | 2024 Half-Year (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 56,963,744.03 | 53,365,311.33 | | Net Cash Flow from Investing Activities | -46,309,307.44 | 38,070,447.84 | | Net Cash Flow from Financing Activities | 1,110,319.56 | 8,997,118.08 | | Net Increase in Cash and Cash Equivalents | 11,764,756.15 | 100,432,877.25 | | Cash and Cash Equivalents at End of Period | 122,263,331.96 | 376,429,838.77 | [7. Consolidated Statement of Changes in Owners' Equity](index=53&type=section&id=7、合并所有者权益变动表) Consolidated owners' equity decreased by 29.37 million yuan in the first half of 2025, primarily due to negative net profit attributable to the parent company Consolidated Owners' Equity Changes | Item | 2025 Half-Year Change Amount (Yuan) | | :--- | :--- | | Total Comprehensive Income Attributable to Parent Company Owners | -24,728,324.76 | | Total Comprehensive Income Attributable to Minority Shareholders | -4,644,687.61 | | Total Comprehensive Income | -29,373,012.37 | | Total Owners' Equity at End of Period | 1,247,219,790.27 | | Total Owners' Equity at Beginning of Period | 1,276,592,802.64 | [8. Parent Company Statement of Changes in Owners' Equity](index=59&type=section&id=8、母公司所有者权益变动表) Parent company owners' equity decreased by 15.82 million yuan in the first half of 2025, primarily due to a negative net profit Parent Company Owners' Equity Changes | Item | 2025 Half-Year Change Amount (Yuan) | | :--- | :--- | | Total Comprehensive Income | -15,817,418.76 | | Total Owners' Equity at End of Period | 1,255,930,852.54 | | Total Owners' Equity at Beginning of Period | 1,271,748,271.30 | [III. Company Overview](index=63&type=section&id=三、公司基本情况) Established in 2004 and listed in 2010, the company specializes in smart security systems, with Zhang Bo as its actual controller - The company was established on **December 29, 2004**, and listed on the Shenzhen Stock Exchange in **December 2010**[200](index=200&type=chunk) - The company's principal business includes manufacturing digital video surveillance systems, electronic components, selling communication equipment, parking services, information system integration services, and security technology prevention system design and construction services[201](index=201&type=chunk) - The actual controller of the company is **Zhang Bo**[202](index=202&type=chunk) [IV. Basis of Financial Statement Preparation](index=63&type=section&id=四、财务报表的编制基础) The financial statements are prepared in accordance with Chinese accounting standards and regulatory requirements, based on a going concern principle - These financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and relevant provisions of the "Information Disclosure Rules for Companies Issuing Securities No 15 - General Provisions for Financial Reports" by the China Securities Regulatory Commission[204](index=204&type=chunk) - These financial statements are prepared on a **going concern basis**[205](index=205&type=chunk) [V. Significant Accounting Policies and Estimates](index=63&type=section&id=五、重要会计政策及会计估计) This section details the company's accounting policies and estimates for various financial items, ensuring compliance with enterprise accounting standards - The company adheres to enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[207](index=207&type=chunk) - The company classifies financial assets as measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[228](index=228&type=chunk) - The company applies impairment accounting for financial assets measured at amortized cost, based on expected credit losses[249](index=249&type=chunk) - Revenue is recognized when the company satisfies a performance obligation, meaning the customer obtains control of the related goods or services[303](index=303&type=chunk) - The company opts not to recognize right-of-use assets and lease liabilities for short-term leases and leases of low-value assets[328](index=328&type=chunk) [VI. Taxation](index=88&type=section&id=六、税项) This section outlines the company's main tax types and rates, including VAT, corporate income tax, and surcharges, with high-tech enterprise tax incentives Major Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 13%, 9%, 6%, 5%, 3% | | Urban Maintenance and Construction Tax | Actually paid VAT | 7% | | Corporate Income Tax | Taxable income | 8.25%-25% | | Education Surcharge | Actually paid VAT | 3% | | Local Education Surcharge | Actually paid VAT | 2% | | Cultural Business Construction Fee | Advertising service billing sales amount | 3% | | Property Tax | Rental income / 70% of original value of houses and buildings | 12%/1.2% | - Guangdong Anjubao Digital Technology Co, Ltd, Guangdong Anjubao Intelligent Control System Co, Ltd, and Guangdong Audian Monitoring Technology Co, Ltd, as high-tech enterprises, pay corporate income tax at a rate of **15%** for the current period[345](index=345&type=chunk)[346](index=346&type=chunk) - The company's sales of self-developed and produced software products are subject to a VAT immediate refund policy for the portion exceeding an actual tax burden of **3%**[347](index=347&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=89&type=section&id=七、合并财务报表项目注释) This section provides detailed explanations for each item in the consolidated financial statements, covering assets, liabilities, equity, and income statement components Monetary Funds Period-End Balance | Item | Period-End Balance (Yuan) | | :--- | :--- | | Cash on Hand | 59,489.94 | | Bank Deposits | 213,092,766.61 | | Other Monetary Funds | 870,824.59 | | Total | 214,023,081.14 | | Of which: Total Funds Deposited Overseas | 6,124,205.20 | - Trading financial assets had a period-end balance of **191,752,489.34 yuan**, primarily consisting of wealth management products[351](index=351&type=chunk) - Accounts receivable had a period-end book value of **143,279,273.19 yuan**, with total bad debt provisions of **228,249,687.30 yuan**[362](index=362&type=chunk) - Inventory had a period-end book value of **55,214,045.93 yuan**, with total inventory depreciation reserves and contract performance cost impairment provisions of **35,818,173.59 yuan**[390](index=390&type=chunk)[392](index=392&type=chunk) - Debt investments had a period-end book value of **320,119,625.32 yuan**, primarily consisting of large-denomination certificates of deposit and time deposits[404](index=404&type=chunk) - Fixed assets had a period-end book value of **151,199,468.73 yuan**, with buildings and structures accounting for a larger proportion[429](index=429&type=chunk) - Goodwill had a period-end original book value of **37,198,449.30 yuan**, with impairment provisions of **32,427,976.71 yuan** at period-end[439](index=439&type=chunk)[441](index=441&type=chunk) - Accounts payable had a period-end balance of **71,016,192.22 yuan**, of which significant accounts payable overdue for more than one year totaled **27,870,884.40 yuan**[466](index=466&type=chunk)[468](index=468&type=chunk) - Employee remuneration payable had a period-end balance of **6,131,297.25 yuan**, a decrease from the beginning of the period[477](index=477&type=chunk) - Operating revenue for the current period was **72,411,923.92 yuan**, and operating cost was **45,513,346.55 yuan**[502](index=502&type=chunk) - Administrative expenses for the current period were **20,413,379.54 yuan**, primarily due to increased salaries and wages[505](index=505&type=chunk) - R&D expenses for the current period were **15,746,760.13 yuan**, primarily for employee remuneration[510](index=510&type=chunk) - Fair value change gains for the current period were **3,147,758.66 yuan**, mainly from trading financial assets and other non-current financial assets[516](index=516&type=chunk) - Credit impairment losses for the current period were **-14,751,817.90 yuan**, primarily bad debt losses from accounts receivable[520](index=520&type=chunk) [VIII. Research and Development Expenses](index=125&type=section&id=八、研发支出) Total R&D expenses for the period were 15.75 million yuan, entirely expensed, primarily consisting of employee compensation R&D Expense Composition | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Remuneration | 14,266,283.26 | 16,351,157.34 | | Direct Input | 601,468.91 | 570,628.46 | | Depreciation and Amortization | 503,950.64 | 699,688.67 | | Other | 375,057.32 | 393,736.35 | | Total | 15,746,760.13 | 18,015,210.82 | | Of which: Expensed R&D Expenditure | 15,746,760.13 | 18,015,210.82 | - There were no R&D projects meeting capitalization criteria or significant externally purchased R&D projects during the reporting period[556](index=556&type=chunk) [IX. Changes in Consolidation Scope](index=125&type=section&id=九、合并范围的变更) There were no changes in the company's consolidation scope during the reporting period due to mergers, acquisitions, or disposals - There were no changes in the company's consolidation scope during the reporting period due to non-same control business combinations, same control business combinations, reverse acquisitions, disposal of subsidiaries, or other reasons[556](index=556&type=chunk)[557](index=557&type=chunk) [X. Interests in Other Entities](index=126&type=section&id=十、在其他主体中的权益) This section details the composition of major subsidiaries, including their capital, business, and ownership, highlighting significant non-wholly owned subsidiaries Composition of Enterprise Group (Major Subsidiaries) | Subsidiary Name | Registered Capital (Yuan) | Principal Place of Business | Nature of Business | Direct Shareholding Ratio (%) | Method of Acquisition | | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Anjubao Intelligent Control System Co, Ltd | 13,965,000.00 | Guangzhou, Guangdong Province | Other electronic equipment manufacturing | 84.96% | Establishment | | Guangzhou Dejuan Electronic Technology Co, Ltd | 95,396,340.00 | Guangzhou, Guangdong Province | Technology promotion and application services | 100.00% | Establishment | | Guangdong Audian Monitoring Technology Co, Ltd | 33,000,000.00 | Guangzhou, Guangdong Province | Manufacturing | 56.15% | Acquisition | | Guangdong Anjubao Yance E-commerce Co, Ltd | 200,000,000.00 | Guangzhou, Guangdong Province | Wholesale | 100.00% | Establishment | Major Financial Information of Important Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio (%) | Net Profit Attributable to Minority Shareholders in Current Period (Yuan) | Minority Interests Balance at Period-End (Yuan) | | :--- | :--- | :--- | :--- | | Guangdong Audian Monitoring Technology Co, Ltd | 43.85% | -4,219,325.17 | 16,028,115.79 | - The company had no transactions where its ownership interest in subsidiaries changed while still retaining control, nor any interests in joint ventures or associates during the reporting period[562](index=562&type=chunk) [XI. Government Grants](index=128&type=section&id=十一、政府补助) Government grants primarily relate to deferred income for asset-related items and VAT refunds, totaling 160,237.39 yuan recognized in other income Liability Items Involving Government Grants | Accounting Account | Beginning Balance (Yuan) | New Grants in Current Period (Yuan) | Amount Recognized in Non-Operating Income in Current Period (Yuan) | Amount Transferred to Other Income in Current Period (Yuan) | Ending Balance (Yuan) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 104,195.14 | 0 | 0 | 76,111.12 | 28,084.02 | Asset-related | Government Grants Recognized in Current Profit or Loss | Source of Other Income | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Government Grants | 160,237.39 | 700,399.55 | | VAT Refunds | 1,306,451.13 | 2,084,168.74 | | Total | 1,466,688.52 | 2,784,568.29 | [XII. Risks Related to Financial Instruments](index=128&type=section&id=十二、与金融工具相关的风险) The company manages credit, liquidity, and market risks through diversified investments, credit assessments, and cash flow monitoring, with minimal interest and exchange rate risks - The company faces credit risk, liquidity risk, and market risk (including exchange rate risk, interest rate risk, and other price risks)[567](index=567&type=chunk) - The company controls credit risk exposure by assessing and monitoring customers' financial conditions, collateral possibilities, and credit records, and by setting credit terms[569](index=569&type=chunk) - The company manages liquidity risk by monitoring cash balances, marketable securities, and future cash flow forecasts to ensure sufficient funds to repay maturing debts[569](index=569&type=chunk) Undiscounted Contractual Cash Flows of Financial Liabilities by Maturity Date (Period-End Balance) | Item | Within 1 Year (Yuan) | Over 1 Year (Yuan) | Total Undiscounted Contractual Amount (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Accounts Payable | 15,203,788.03 | 55,812,404.19 | 71,016,192.22 | 71,016,192.22 | | Other Payables | 1,876,879.84 | 5,845,047.30 | 7,721,927.14 | 7,721,927.14 | | Non-Current Liabilities Due Within One Year | 1,376,054.77 | 0 | 1,376,054.77 | 1,342,397.05 | | Lease Liabilities | 0 | 955,136.64 | 955,136.64 | 930,277.68 | | Total | 18,456,722.64 | 62,612,588.13 | 81,069,310.77 | 81,010,794.09 | - The company did not incur borrowings in the current period and has no financial instruments with floating interest rates, thus interest rate risk is not significant[573](index=573&type=chunk) - The company's exchange rate risk primarily arises from financial assets and liabilities denominated in US dollars, but as its main operating activities are denominated in RMB, the market risk from exchange rate fluctuations is not significant[575](index=575&type=chunk) [XIII. Disclosure of Fair Value](index=131&type=section&id=十三、公允价值的披露) The company's fair value measured assets totaled 578.27 million yuan, primarily comprising trading financial assets (securities-based wealth management products and structured deposits) and other non-current financial assets (equity instrument investments) measured at fair value through profit or loss Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 1 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | | I. Recurring Fair Value Measurement | | | | | (I) Trading Financial Assets | 564,128,364.66 | 0 | 564,128,364.66 | | (1) Securities-based Wealth Management Product Investments | 151,592,267.12 | 0 | 151,592,267.12 | | (2) Structured Deposits | 412,536,097.54 | 0 | 412,536,097.54 | | (II) Other Non-Current Financial Assets | 0 | 14,145,314.15 | 14,145,314.15 | | 1. Financial Assets Measured at Fair Value Through Profit or Loss | 0 | 14,145,314.15 | 14,145,314.15 | | (1) Equity Instrument Investments | 0 | 14,145,314.15 | 14,145,314.15 | | Total Assets Measured at Recurring Fair Value | 564,128,364.66 | 14,145,314.15 | 578,273,678.81 | - The fair value of Level 1 fair value measurement items is determined based on unadjusted quoted prices in active markets[579](index=579&type=chunk) - Level 3 fair value measurement items (other non-current financial assets) are valued using comparable transaction methods, with recent transaction prices as key parameters[581](index=581&type=chunk) [XIV. Related Parties and Related Party Transactions](index=132&type=section&id=十四、关联方及关联交易) Company's ultimate controlling party is Zhang Bo, holding 29.89% of shares and voting rights; no significant related party transactions occurred, except for key management personnel compensation - The ultimate controlling party of the company is **Zhang Bo**, whose shareholding and voting rights in the company are both **29.89%**[583](index=583&type=chunk) - Details of the company's major subsidiaries are provided in Note X, Interests in Other Entities[584](index=584&type=chunk) - Other related parties include Guangzhou Gaobaoshi Intelligent Technology Co, Ltd (a shareholder with significant influence over a subsidiary) and several subsidiary shareholders and directors/deputy general managers[585](index=585&type=chunk) - During the reporting period, the company did not engage in related party transactions involving the purchase or sale of goods, or the provision or acceptance of services[587](index=587&type=chunk) - During the reporting period, the company did not engage in related party entrusted management/contracting, entrusted management/outsourcing, related party fund borrowing, related party asset transfers, or debt restructuring[587](index=587&type=chunk)[588](index=588&type=chunk) Key Ma

[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides essential disclaimers, the report's structure, and definitions of key terms for clarity [Important Notes](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, completeness, and truthfulness, with no plans for cash dividends or share transfers - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[4](index=4&type=chunk) - The company's responsible person Zhu Yibin, head of accounting Wang Chong, and head of accounting department Liao Qingmin declare the financial report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the nine main chapters of the report, including company overview, management discussion, and financial statements, providing a structural overview - The report comprises nine main chapters covering company operations, finance, governance, and significant matters[7](index=7&type=chunk) [List of Documents for Reference](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) The list includes signed and sealed financial statements and original public disclosure documents, all available at the company's Securities Development Department - Documents for reference include signed and sealed financial statements and original publicly disclosed company documents[9](index=9&type=chunk)[10](index=10&type=chunk) - All documents for reference are fully available at the company's Securities Development Department[11](index=11&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, such as company names, regulatory bodies, and core product types, ensuring clear understanding - "Company/This Company/Guofeng New Materials" refers to Anhui Guofeng New Materials Co., Ltd[12](index=12&type=chunk) - "Reporting Period" refers to January 1, 2025, to June 30, 2025[12](index=12&type=chunk) - Key products include BOPP film, BOPET film, capacitor film, pre-coated film, polyimide film/PI film, and optical-grade polyester base film[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information, contact details, and a summary of its key financial performance and position for the reporting period [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Anhui Guofeng New Materials Co., Ltd. (Stock Abbreviation: Guofeng New Materials, Stock Code: 000859) is listed on the Shenzhen Stock Exchange, with Zhu Yibin as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Guofeng New Materials | | Stock Code | 000859 | | Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Anhui Guofeng New Materials Co., Ltd. | | Legal Representative | Zhu Yibin | [Contact Persons and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary is Yang Yinglin and Securities Affairs Representative is Hu Jian, both located at Anhui Province, Hefei City, High-tech Industrial Development Zone, Mingchuan Road 1000 Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Yang Yinglin | Anhui Province, Hefei City, High-tech Industrial Development Zone, Mingchuan Road 1000 | 0551-68560860 | 0551-68560802 | ir@guofeng.com | | Securities Affairs Representative | Hu Jian | Anhui Province, Hefei City, High-tech Industrial Development Zone, Mingchuan Road 1000 | 0551-68560860 | 0551-68560802 | ir@guofeng.com | [Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's registered address, office address, postal code, website, email, information disclosure, and document storage locations remained unchanged during the reporting period - Company contact information, information disclosure, and document storage locations remained unchanged during the reporting period[16](index=16&type=chunk)[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%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 decreased by **2.59%**, net loss attributable to shareholders narrowed by **4.10%**, and operating cash flow turned positive Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Reporting Period (yuan) | Prior Year Same Period (yuan) | Change from Prior Year Same Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,025,064,434.76 | 1,052,359,554.96 | -2.59% | | Net Profit Attributable to Listed Company Shareholders | -40,065,514.50 | -41,777,032.96 | 4.10% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | -45,841,911.83 | -45,626,079.16 | -0.47% | | Net Cash Flow from Operating Activities | 998,345.54 | -46,683,308.88 | Not Applicable | | Basic Earnings Per Share (yuan/share) | -0.04 | -0.05 | 20.00% | | Diluted Earnings Per Share (yuan/share) | -0.04 | -0.05 | 20.00% | | Weighted Average Return on Net Assets | -1.45% | -1.47% | 1.71% | | Indicator | End of Current Reporting Period (yuan) | End of Prior Year (yuan) | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets | 4,339,070,836.11 | 4,337,700,017.96 | 0.03% | | Net Assets Attributable to Listed Company Shareholders | 2,751,328,990.35 | 2,791,394,504.85 | -1.44% | [Differences in Accounting Data under Domestic and International Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%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 or net assets between domestic and international accounting standards during the reporting period - The company reported no differences in accounting data under domestic and international accounting standards during the reporting period[20](index=20&type=chunk)[21](index=21&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%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 gains and losses totaled **5,776,397.33 yuan** in the reporting period, primarily from asset disposal, government grants, and fair value changes Non-Recurring Gains and Losses for H1 2025 | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 1,183,490.97 | | Government grants recognized in current profit or loss (excluding those closely related to the company's ordinary course of business, continuously enjoyed, and in line with national policies) | 2,923,051.96 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 1,332,754.56 | | Other non-operating income and expenses apart from the above | 1,356,428.78 | | Less: Income tax impact | 1,019,328.94 | | Total | 5,776,397.33 | - The company has no other profit and loss items meeting the definition of non-recurring gains and losses, nor has it reclassified non-recurring items as recurring[24](index=24&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's business operations, financial performance, core competencies, and risk factors during the reporting period [Principal Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%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 focuses on five major industries: polymer functional film materials, optoelectronic new materials, polyimide materials, green environmental wood-plastic new materials, and new energy vehicle lightweight materials [Company's Main Business](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1) The company's main business focuses on five key new material industries, strategically shifting from traditional packaging films to high-end, electronic, and display materials - The company's main business focuses on five major industries: high-molecular functional film materials, optoelectronic new materials, polyimide materials, green environmental wood-plastic new materials, and new energy vehicle lightweight materials[26](index=26&type=chunk) - The company's strategic direction is to transform into the new materials industry, with products evolving from traditional packaging films to high-end packaging films, electronic information films, and display materials[26](index=26&type=chunk) [Main Products and Applications](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%8F%8A%E7%94%A8%E9%80%94) The company's main products include BOPP, BOPET, polyimide films, new energy vehicle lightweight materials, and wood-plastic materials, serving diverse sectors like packaging, electronics, and automotive - BOPP film series are widely used in mid-to-high-end printing and packaging, electronic appliance release protection, and building energy efficiency[27](index=27&type=chunk) - BOPET film products are extensively applied in printing, lamination, coating, metallization, thermal transfer ribbons, hot stamping transfer, laser, electrical insulation, pharmaceutical packaging, and construction[27](index=27&type=chunk) - Polyimide film materials are used in flexible displays, integrated circuits, chip flexible packaging, 5G communication, new energy vehicles, electrical electronics, and aerospace, with various products under development[28](index=28&type=chunk)[29](index=29&type=chunk) - New energy vehicle lightweight materials are primarily used for exterior parts, enabling plastic-for-steel substitution to meet demands for lightweighting, low development costs, high melt flow index, high modulus, and low linear expansion coefficient materials[30](index=30&type=chunk) - New green environmental wood-plastic materials are mainly applied in outdoor facilities, architectural decoration, indoor furnishings, municipal gardens, and tourism facilities[31](index=31&type=chunk)[32](index=32&type=chunk) [Business Model](index=10&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company operates on an order-based production model, sourcing raw materials globally through its supply chain center and primarily selling products directly to established domestic and international clients - All company products are self-produced, following an order-based production model[32](index=32&type=chunk) - Raw materials are primarily procured from well-known domestic and international enterprises through multiple channels, based on production plans, market prices, and inventory levels[34](index=34&type=chunk) - The company's product sales model is primarily direct sales, having established long-term stable cooperative relationships with renowned domestic and international clients[35](index=35&type=chunk) [Industry Development and Company's Market Position](index=11&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E5%8F%8A%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E7%9A%84%E5%B8%82%E5%9C%BA%E5%9C%B0%E4%BD%8D) China's general packaging film industry faces overcapacity, but the company is leveraging its two decades of experience to strategically shift towards high-end functional films like electronic-grade polyimide and optical-grade polyester base films, accelerating domestic substitution - China's general packaging film industry faces oversupply and intense market competition, with future trends moving towards high-end, specialized, functional, and green environmental development[36](index=36&type=chunk) - High-end functional film materials such as electronic-grade polyimide film and optical-grade polyester base film have vast market potential, with accelerated domestic substitution[37](index=37&type=chunk) - With over two decades of experience in film material production, the company possesses advantages in formulation, process, technology development, and equipment operation, accelerating strategic transformation and focusing on polyimide film materials and optical-grade polyester base film projects[38](index=38&type=chunk) [Performance Driving Factors](index=11&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) In H1 2025, the company maintained stable operating performance by expanding international markets, accelerating technological innovation, deepening state-owned enterprise reform, and enhancing capital operation efficiency - The company actively participated in international exhibitions, adding **18 new customers** in "Belt and Road" countries and regions during the first half of the year[40](index=40&type=chunk) - Technological innovation progressed, with successful trial production of TPI composite film, successful pilot production of 38/50μm corona-resistant PI film, and GL12.5F polyimide copper clad laminate recognized as an "Anhui Province New Product"[40](index=40&type=chunk) - Project construction advanced steadily, with the annual production of **38,000 tons** of high-end functional film project and the chemical method electronic-grade polyimide film production line successfully commissioned[40](index=40&type=chunk) - Deepened state-owned enterprise reform, optimizing internal management systems and establishing BOPP Center, BOPET Center, Human Resources Center, and Financial Management Center[41](index=41&type=chunk) - Enhanced capital operation efficiency of the listed company, successfully completing due diligence, audit, and valuation for the Jinzhang Technology acquisition, advancing the merger to the stock exchange review stage[41](index=41&type=chunk) [Core Competitiveness Analysis](index=12&type=section&id=%E4%BA%8C%E3%80%81%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 competitiveness stems from its two decades of expertise in high-end film materials, robust R&D capabilities, strong market reputation, and effective corporate culture and governance [Technological R&D Advantages](index=12&type=section&id=1%E3%80%81%E6%8A%80%E6%9C%AF%E7%A0%94%E5%8F%91%E4%BC%98%E5%8A%BF) As a national high-tech enterprise, the company leverages its state-level technology center and deep academic collaborations to drive innovation, securing numerous provincial new product certifications and patents - The company is a national high-tech enterprise with over two decades of experience in high-end film material R&D and manufacturing, recognized as an innovative enterprise and a key original technology source in Anhui Province[42](index=42&type=chunk) - Leveraging its national-level enterprise technology center, the company accelerates the construction of the Anhui Provincial Advanced Polyimide Material Engineering Research Center, attracting postdoctoral research teams and PI chemical synthesis professionals[42](index=42&type=chunk) - Established deep industry-academia-research collaboration mechanisms with the University of Science and Technology of China, Harbin Institute of Technology, and Changchun Institute of Applied Chemistry, Chinese Academy of Sciences[42](index=42&type=chunk) - During the reporting period, **3 products** received provincial new product certificates, and **18 patents** were granted (2 invention patents, 10 utility model patents, 6 design patents); as of the end of the reporting period, a total of **460 patents** have been granted (162 invention patents)[42](index=42&type=chunk) [Market and Brand Advantages](index=12&type=section&id=2%E3%80%81%E5%B8%82%E5%9C%BA%E4%B8%8E%E5%93%81%E7%89%8C%E4%BC%98%E5%8A%BF) The company's "Guofeng" brand is well-regarded, making it a key supplier to leading domestic and international firms, with its polyimide films entering mainstream smartphone supply chains and expanding into "Belt and Road" markets - The company is a primary supplier to several renowned domestic and international packaging material and electronic information substrate manufacturers[43](index=43&type=chunk) - Polyimide films have completed customer certification and achieved mass production and sales, with some products entering the supply chains of mainstream brand smartphones and electronic devices[43](index=43&type=chunk) - Actively expanded into "Belt and Road" countries and regions, adding **18 new customers** during the reporting period[43](index=43&type=chunk) - The company's industrial development aligns closely with Hefei City's "Chip-Screen-Automotive-Integration" strategy, leveraging geographical advantages to accelerate industrial transformation and upgrading[43](index=43&type=chunk) [Corporate Culture Advantages](index=12&type=section&id=3%E3%80%81%E4%BC%81%E4%B8%9A%E6%96%87%E5%8C%96%E4%BC%98%E5%8A%BF) The company leverages its state-owned enterprise party leadership to integrate party building with operations, fostering a culture of continuous improvement, employee innovation, and well-being - The company leverages the core leadership role of the state-owned enterprise Party Committee, strengthening the "Five Integrations" Party building brand to embed Party leadership throughout production and operations[44](index=44&type=chunk) - Continuously promotes reform in the industrial worker team, enhancing operational efficiency through management optimization, empowering upgrades with lean management, and deepening the "Reform-Breakthrough-Emphasis" company management brand[44](index=44&type=chunk) - Subsidiary Guofeng Xianji Company's Equipment Department was awarded the "Anhui Province Worker Pioneer" honorary title[45](index=45&type=chunk) - Organized various employee activities, including skill competitions, cultural and sports events, Spring Festival couplet distribution, Dragon Boat Festival zongzi making, corporate culture quizzes, International Women's Day reading activities, brisk walking, and summer childcare for employees' children, enriching employees' spiritual and cultural lives[45](index=45&type=chunk) [Main Business Analysis](index=13&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%88%86%E6%9E%90) In H1 2025, the company's operating revenue and cost slightly decreased, with a marginal increase in gross profit margin, while financial expenses significantly dropped due to increased exchange gains [Overview](index=13&type=section&id=%E6%A6%82%E8%BF%B0) For an overview of the company's main business activities during the reporting period, please refer to the "Principal Businesses Engaged by the Company During the Reporting Period" section - For an overview of the main business, please refer to the "Principal Businesses Engaged by the Company During the Reporting Period" section[46](index=46&type=chunk) [Year-on-Year Changes in Key Financial Data](index=13&type=section&id=%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%90%8C%E6%AF%94%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Operating revenue and cost decreased, sales expenses dropped by **9.16%**, management expenses increased by **17.14%**, and financial expenses significantly decreased by **167.41%** due to exchange gains Year-on-Year Changes in Key Financial Data for H1 2025 | Indicator | Current Reporting Period (yuan) | Prior Year Same Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,025,064,434.76 | 1,052,359,554.96 | -2.59% | | | Operating Cost | 979,972,048.11 | 1,009,978,626.49 | -2.97% | | | Selling Expenses | 16,616,015.51 | 18,291,264.49 | -9.16% | | | Administrative Expenses | 44,915,030.01 | 38,343,938.45 | 17.14% | | | Financial Expenses | -1,278,939.19 | -478,271.31 | -167.41% | Primarily due to increased exchange gains | | Income Tax Expense | 1,685,005.65 | -1,224,609.72 | Not Applicable | | | R&D Expenses | 42,192,157.63 | 38,044,741.96 | 10.90% | | | Net Cash Flow from Operating Activities | 998,345.54 | -46,683,308.88 | Not Applicable | | | Net Cash Flow from Investing Activities | -219,816,824.04 | -301,310,744.79 | 27.05% | | | Net Cash Flow from Financing Activities | 149,890,867.07 | 56,753,049.72 | 164.11% | Primarily due to increased borrowings in the current period | | Net Increase in Cash and Cash Equivalents | -68,049,397.97 | -291,112,833.09 | 76.62% | | - The company's profit composition or sources of profit did not undergo significant changes during the reporting period[47](index=47&type=chunk) [Composition of Operating Revenue](index=13&type=section&id=%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E6%9E%84%E6%88%90) In H1 2025, total operating revenue was **1,025,064,434.76 yuan**, a **2.59%** decrease year-on-year, with film materials contributing **62.79%** and domestic sales accounting for **85.59%** Composition of Operating Revenue for H1 2025 | Category | Amount (yuan) | Proportion of Operating Revenue | | :--- | :--- | :--- | | **Total Operating Revenue** | **1,025,064,434.76** | **100%** | | **By Industry** | | | | Manufacturing | 1,025,064,434.76 | 100.00% | | **By Product** | | | | Film Materials | 643,673,047.65 | 62.79% | | New Energy Vehicle Supporting Materials | 166,854,845.71 | 16.28% | | New Wood-Plastic Materials | 55,124,920.55 | 5.38% | | Other | 159,411,620.85 | 15.55% | | **By Region** | | | | Domestic | 877,396,973.08 | 85.59% | | International | 147,667,461.68 | 14.41% | [Industries, Products, or Regions Accounting for Over 10% of the Company's Operating Revenue or Operating Profit](index=14&type=section&id=%E5%8D%A0%E5%85%AC%E5%8F%B8%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E6%88%96%E8%90%A5%E4%B8%9A%E5%88%A9%E6%B6%A6%2010%25%E4%BB%A5%E4%B8%8A%E7%9A%84%E8%A1%8C%E4%B8%9A%E3%80%81%E4%BA%A7%E5%93%81%E6%88%96%E5%9C%B0%E5%8C%BA%E6%83%85%E5%86%B5) Manufacturing is the sole industry revenue source with a **4.40%** gross margin. Film materials, new energy vehicle materials, and new wood-plastic materials are key products, with domestic and international markets showing varying gross margins Gross Profit Margin of Main Businesses for H1 2025 | Category | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Manufacturing | 1,025,064,434.76 | 979,972,048.11 | 4.40% | -2.59% | -2.97% | 0.37% | | **By Product** | | | | | | | | Film Materials | 643,673,047.65 | 617,434,466.36 | 4.08% | -0.93% | -2.78% | 1.83% | | New Energy Vehicle Supporting Materials | 166,854,845.71 | 163,755,208.06 | 1.86% | -4.62% | -0.99% | -3.59% | | New Wood-Plastic Materials | 55,124,920.55 | 42,636,006.54 | 22.66% | -6.98% | -10.78% | 3.30% | | Other | 159,411,620.85 | 156,146,367.15 | 2.05% | -5.37% | -3.44% | -1.96% | | **By Region** | | | | | | | | Domestic | 877,396,973.08 | 857,157,092.36 | 2.31% | -2.79% | -3.22% | 0.44% | | International | 147,667,461.68 | 122,814,955.75 | 16.83% | -1.39% | -1.18% | -0.18% | [Non-Principal Business Analysis](index=14&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%88%86%E6%9E%90) The company's non-principal business situation is applicable for the reporting period, but no specific analysis details were provided - The company's non-principal business situation is applicable for the reporting period, but no specific analysis was provided[51](index=51&type=chunk) [Analysis of Assets and Liabilities](index=14&type=section&id=%E4%BA%94%E3%80%81%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) Total assets slightly increased by **0.03%**, with decreases in cash and accounts receivable, and increases in inventory and construction in progress, while both short-term and long-term borrowings rose [Significant Changes in Asset Composition](index=14&type=section&id=1%E3%80%81%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) As of the end of the reporting period, total assets were **4,339,070,836.11 yuan**, a slight increase of **0.03%** from the previous year-end, with construction in progress increasing by **2.88%** Changes in Asset and Liability Composition as of H1 2025 | Item | Amount at End of Current Reporting Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 280,117,134.10 | 6.46% | 378,512,670.13 | 8.73% | -2.27% | | Accounts Receivable | 354,768,641.78 | 8.18% | 412,291,955.48 | 9.50% | -1.32% | | Inventories | 269,928,302.86 | 6.22% | 228,098,928.86 | 5.26% | 0.96% | | Fixed Assets | 1,629,131,415.29 | 37.55% | 1,633,005,446.31 | 37.65% | -0.10% | | Construction in Progress | 789,631,587.84 | 18.20% | 664,642,883.35 | 15.32% | 2.88% | | Short-term Borrowings | 168,403,529.63 | 3.88% | 145,020,412.93 | 3.34% | 0.54% | | Contract Liabilities | 28,739,650.37 | 0.66% | 22,544,321.60 | 0.52% | 0.14% | | Long-term Borrowings | 462,101,738.85 | 10.59% | 295,746,376.63 | 6.82% | 3.77% | [Major Overseas Assets](index=14&type=section&id=2%E3%80%81%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 reported 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=3%E3%80%81%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) As of the end of the reporting period, financial assets measured at fair value primarily consisted of other non-current financial assets totaling **94,217,878.69 yuan**, with no financial liabilities measured at fair value Assets and Liabilities Measured at Fair Value as of H1 2025 | Item | Beginning Balance (yuan) | Fair Value Change Gains/Losses for Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | **Financial Assets** | | | | | Other Non-current Financial Assets | 92,885,124.13 | 1,332,754.56 | 94,217,878.69 | | **Total Above** | **92,885,124.13** | **1,332,754.56** | **94,217,878.69** | | **Financial Liabilities** | **0.00** | | **0.00** | - The measurement attributes of the company's main assets did not undergo significant changes during the reporting period[54](index=54&type=chunk) [Asset Restrictions as of the End of the Reporting Period](index=15&type=section&id=4%E3%80%81%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) As of the end of the reporting period, restricted assets totaled **77,287,305.03 yuan**, primarily comprising monetary funds, notes receivable, fixed assets, intangible assets, and accounts receivable financing Asset Restrictions as of H1 2025 | Item | Book Value at Period-End (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 26,482,432.92 | Bill deposit | | Notes Receivable | 11,222,759.98 | Pledged for issuing bank acceptance bills | | Fixed Assets | 15,887,308.76 | Mortgage financing | | Intangible Assets | 4,762,679.01 | Mortgage financing | | Accounts Receivable Financing | 18,932,124.36 | Pledged for issuing bank acceptance bills | | Total | 77,287,305.03 | | [Investment Analysis](index=15&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total investments for the reporting period were **874,354,651.19 yuan**, a slight increase of **1.82%**, with several major non-equity investment projects under construction and no securities or derivatives investments [Overall Situation](index=15&type=section&id=1%E3%80%81%E6%80%BB%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company's total investment amounted to **874,354,651.19 yuan**, representing a **1.82%** increase compared to the same period last year Investment Amount for H1 2025 | Indicator | Amount (yuan) | | :--- | :--- | | Investment Amount for Reporting Period | 874,354,651.19 | | Investment Amount for Prior Year Same Period | 858,746,839.08 | | Change Percentage | 1.82% | [Significant Equity Investments Acquired During the Reporting Period](index=15&type=section&id=2%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%8E%B7%E5%8F%96%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company did not acquire any significant equity investments during the reporting period - The company did not acquire any significant equity investments during the reporting period[56](index=56&type=chunk) [Significant Non-Equity Investments in Progress During the Reporting Period](index=15&type=section&id=3%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%AD%A3%E5%9C%A8%E8%BF%9B%E8%A1%8C%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E9%9D%9E%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company is undertaking several major non-equity investment projects, including high-end functional polypropylene film, optical-grade polyester base film, and polyimide film materials, all currently under construction and funded by internal capital Progress of Major Non-Equity Investment Projects for H1 2025 | Project Name | Investment Method | Industry | Total Investment Amount (yuan) | Amount Invested in Current Reporting Period (yuan) | Cumulative Investment Amount (yuan) | Project Progress | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Annual Production of 38,000 Tons of High-End Functional Polypropylene Film Project | Self-built | Manufacturing | 132,640,740.00 | 17,352,283.49 | 40,380,000.00 | 100.00% | Own Funds | | Annual Production of 1 Billion Square Meters of Optical-Grade Polyester Base Film Project | Self-built | Manufacturing | 659,169,670.00 | 16,290,415.83 | 246,806,000.00 | 78.00% | Own Funds | | Electronic-Grade Polyimide Film Material Project | Self-built | Manufacturing | 324,651,980.00 | 63,207,545.68 | 117,696,400.00 | 72.62% | Own Funds | | New Flexible Electronic Polyimide Film Material Project | Self-built | Manufacturing | 88,730,900.74 | 15,524,896.35 | 31,885,600.00 | 55.58% | Own Funds | | **Total** | | | **1,123,751,330.74** | **112,375,133.07** | **436,768,000.00** | | | [Financial Asset Investments](index=16&type=section&id=4%E3%80%81%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7%E6%8A%95%E8%B5%84) The company did not engage in any securities or derivatives investments during the reporting period - The company had no securities investments during the reporting period[59](index=59&type=chunk) - The company had no derivatives investments during the reporting period[60](index=60&type=chunk) [Use of Raised Funds](index=17&type=section&id=5%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) As of June 30, 2025, the company's net proceeds from its 2020 non-public offering were **695,263,242.81 yuan**, with cumulative usage exceeding this amount due to increased interest income, and the electronic-grade polyimide film project's implementation details were modified Overall Use of Raised Funds for H1 2025 | Fundraising Year | Fundraising Method | Total Raised Funds (10,000 yuan) | Net Raised Funds (10,000 yuan) | Total Raised Funds Used in Current Period (10,000 yuan) | Total Raised Funds Used Cumulatively (10,000 yuan) | Proportion of Raised Funds Used | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2020 | Issuance of shares to specific targets | 70,750 | 69,526.32 | 1,792.75 | 72,106.48 | 103.71% | - As of June 30, 2025, the company's cumulative use of raised funds was **721,064,821.77 yuan**, exceeding the actual net proceeds of **695,263,242.81 yuan**, with the difference primarily attributed to **42,470,942.61 yuan** in deposit interest[62](index=62&type=chunk) Raised Funds Committed Projects for H1 2025 | Committed Investment Project | Committed Investment Amount (10,000 yuan) | Raised Funds Invested (10,000 yuan) | Amount Invested in Current Reporting Period (10,000 yuan) | Cumulative Investment Amount as of Period-End (10,000 yuan) | Investment Progress as of Period-End | | :--- | :--- | :--- | :--- | :--- | :--- | | Supplement Working Capital | 13,880 | 13,880 | 0 | 13,880 | 100.09% | | Electronic-Grade Polyimide Film Material Project (After Change) | 55,646.32 | 55,646.32 | 1,792.74 | 58,213.73 | 104.61% | - The implementation entity, content, and location of the electronic-grade polyimide film material project were changed from Anhui Guofeng New Materials Co., Ltd. to its wholly-owned subsidiary Hefei Guofeng Advanced Base Materials Technology Co., Ltd., but the project's feasibility remains largely unchanged after the modifications[68](index=68&type=chunk) [Significant Asset and Equity Disposals](index=19&type=section&id=%E4%B8%83%E3%80%81%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) The company did not dispose of any significant assets or equity during the reporting period - The company did not dispose of any significant assets during the reporting period[69](index=69&type=chunk) - The company did not dispose of any significant equity during the reporting period[70](index=70&type=chunk) [Analysis of Major Holding and Participating Companies](index=19&type=section&id=%E5%85%AB%E3%80%81%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) Key subsidiaries include Anhui Guofeng Wood-Plastic Technology, Wuhu Guofeng Plastic Technology, and Hefei Guofeng Advanced Base Materials Technology, with Wuhu Guofeng experiencing declining performance due to customer price reductions and Hefei Guofeng in a capacity ramp-up phase Financial Performance of Major Holding Subsidiaries for H1 2025 | Company Name | Company Type | Main Business | Registered Capital (10,000 yuan) | Total Assets (10,000 yuan) | Net Assets (10,000 yuan) | Operating Revenue (10,000 yuan) | Operating Profit (10,000 yuan) | Net Profit (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Anhui Guofeng Wood-Plastic Technology Co., Ltd. | Subsidiary | Wood-plastic new materials, new wood-plastic products | 7,000 | 16,516.51 | 8,715.48 | 5,608.14 | 202.66 | 237.80 | | Wuhu Guofeng Plastic Technology Co., Ltd. | Subsidiary | Automotive parts, home appliance injection molded parts, logistics parts, etc. | 11,500 | 55,167.24 | 16,243.80 | 18,430.27 | -842.14 | -814.91 | | Hefei Guofeng Advanced Base Materials Technology Co., Ltd. | Subsidiary | Manufacturing, R&D, and sales of electronic special materials | 60,000 | 115,925.31 | 91,566.81 | 6,389.74 | 1,227.32 | 1,197.75 | - Wuhu Guofeng Plastic Technology Co., Ltd. experienced a decline in operating performance due to price reductions for some vehicle model products by its major customers[74](index=74&type=chunk) - Hefei Guofeng Advanced Base Materials Technology Co., Ltd.'s projects are gradually completing construction, with capacity still in the ramp-up phase[75](index=75&type=chunk) [Structured Entities Controlled by the Company](index=20&type=section&id=%E4%B9%9D%E3%80%81%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 did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[76](index=76&type=chunk) [Risks Faced by the Company and Countermeasures](index=20&type=section&id=%E5%8D%81%E3%80%81%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 industry cyclicality, market competition, raw material price fluctuations, and new project underperformance, addressed by strategic transformation, market expansion, and robust project management - The company's film business faces risks from industry cyclical fluctuations, which will be addressed by anchoring strategic emerging materials transformation, accelerating product structure adjustment, and new project construction[76](index=76&type=chunk) - The company faces risks from intensified market competition, which will be addressed by deepening product structure adjustment, accelerating industrial transformation and upgrading, strengthening technological innovation, implementing differentiated operating strategies, and enhancing cost reduction and efficiency improvement[76](index=76&type=chunk) - The company faces risks from raw material price fluctuations, which will be addressed by improving procurement mechanisms, strengthening market forecasting, optimizing inventory management, and flexibly adjusting product prices[77](index=77&type=chunk) - The company's new projects carry the risk of not meeting expected investment returns, which will be addressed by comprehensively allocating resources, accelerating engineering construction, and ensuring smooth production and market integration[78](index=78&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%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 has not formulated a market value management system nor disclosed any valuation enhancement plan - The company has not formulated a market value management system[79](index=79&type=chunk) - The company has not disclosed a valuation enhancement plan[79](index=79&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=21&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%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 has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[79](index=79&type=chunk) [Corporate Governance, Environment, and Society](index=21&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details changes in the company's governance, profit distribution plans, environmental disclosures, and social responsibility initiatives during the reporting period [Changes in Directors, Supervisors, and Senior Management](index=21&type=section&id=%E4%B8%80%E3%80%81%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[80](index=80&type=chunk) [Profit Distribution and Capital Reserve to Share Capital Conversion for the Reporting Period](index=21&type=section&id=%E4%BA%8C%E3%80%81%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 to share capital conversions for the half-year period - The company plans no cash dividends, bonus shares, or capital reserve to share capital conversions for the half-year period[81](index=81&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=21&type=section&id=%E4%B8%89%E3%80%81%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 in place or implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[82](index=82&type=chunk) [Environmental Information Disclosure](index=21&type=section&id=%E5%9B%9B%E3%80%81%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 company and its subsidiary, Wuhu Guofeng Plastic Technology Co., Ltd., are listed as enterprises required to disclose environmental information, with reports available on the Anhui environmental disclosure system - The company and its main subsidiary, Wuhu Guofeng Plastic Technology Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[83](index=83&type=chunk) - Wuhu Guofeng Plastic Technology Co., Ltd.'s environmental information disclosure report can be found on the Enterprise Environmental Information Disclosure System (Anhui)[83](index=83&type=chunk) [Social Responsibility](index=22&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities by supporting rural revitalization, maintaining robust corporate governance, protecting shareholder rights, fostering employee innovation, and ensuring a safe and healthy work environment - The company continuously deepens its rural revitalization strategy, dispatches Party members and cadres for temporary assignments, innovates consumer assistance initiatives, conducts special sales of Ying Shang Gualou seeds and yellow peaches, and engages in Xinjiang aid cooperation procurement[84](index=84&type=chunk) - The company has established a standardized corporate governance structure, including a Shareholders' Meeting, Board of Directors, Supervisory Board, and specialized committees, diligently fulfills information disclosure obligations, and protects shareholder rights through various investor relations management activities[84](index=84&type=chunk) - The company carries out various initiatives focused on industrial worker team building reform, employee innovation, and the establishment of model worker innovation studios, with a project receiving a second-place award in Hefei City's 10th Employee Innovation Competition[85](index=85&type=chunk) - The company strictly adheres to labor laws and regulations, has a labor union and employee representative assembly, ensures employees' rights to participate in management, provides a safe and healthy workplace, and organizes activities such as Spring Festival condolences, serious illness assistance, and summer childcare classes for employees' children[85](index=85&type=chunk) [Significant Matters](index=23&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers the company's commitments, related party transactions, legal proceedings, and other significant events during the reporting period [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=23&type=section&id=%E4%B8%80%E3%80%81%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 reported no commitments that were overdue and unfulfilled by its actual controller, shareholders, related parties, acquirers, or other committed parties during or as of the end of the reporting period - The company reported no overdue unfulfilled commitments during the reporting period[87](index=87&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=23&type=section&id=%E4%BA%8C%E3%80%81%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 reported no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period - The company reported no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period[88](index=88&type=chunk) [Irregular External Guarantees](index=23&type=section&id=%E4%B8%89%E3%80%81%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 reported no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[89](index=89&type=chunk) [Appointment and Dismissal of Accounting Firms](index=23&type=section&id=%E5%9B%9B%E3%80%81%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 financial report was not audited - The company's semi-annual financial report was not audited[90](index=90&type=chunk) [Board of Directors' and Supervisory Board's Explanation on "Non-Standard Audit Report" for the Reporting Period](index=23&type=section&id=%E4%BA%94%E3%80%81%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%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) The company did not have a non-standard audit report during the reporting period - The company did not have a non-standard audit report during the reporting period[91](index=91&type=chunk) [Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year](index=23&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company did not have a non-standard audit report during the reporting period - The company did not have a non-standard audit report during the reporting period[91](index=91&type=chunk) [Bankruptcy and Reorganization Matters](index=23&type=section&id=%E4%B8%83%E3%80%81%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 did not have any bankruptcy or reorganization matters during the reporting period - The company did not have any bankruptcy or reorganization matters during the reporting period[91](index=91&type=chunk) [Litigation Matters](index=23&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no significant litigation, arbitration, or other litigation matters during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[92](index=92&type=chunk) [Penalties and Rectification](index=24&type=section&id=%E4%B9%9D%E3%80%81%E7%BD%9A%E5%A4%84%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company reported no penalties or rectification situations during the reporting period - The company reported no penalties or rectification situations during the reporting period[93](index=93&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=24&type=section&id=%E5%8D%81%E3%80%81%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 actual controller is the Hefei Municipal People's Government State-owned Assets Supervision and Administration Commission, and its controlling shareholder maintains good integrity with stable operations and no unfulfilled judgments or overdue debts - The company's actual controller is the Hefei Municipal People's Government State-owned Assets Supervision and Administration Commission[94](index=94&type=chunk) - The controlling shareholder, Hefei Industrial Investment Holding (Group) Co., Ltd., maintains stable operations and has no unfulfilled court judgments or large overdue debts, demonstrating good integrity[94](index=94&type=chunk) [Significant Related Party Transactions](index=24&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company reported no significant related party transactions concerning daily operations, asset/equity acquisition/disposal, joint external investments, or related party receivables/payables, and terminated its investments in two equity investment funds - The company reported no related party transactions concerning daily operations, asset or equity acquisition/disposal, joint external investments, or related party receivables/payables during the reporting period[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk) - The company terminated its capital contributions to Guolian Capital Equity Investment Fund and Jianhui Zhanxin Equity Investment Fund[102](index=102&type=chunk) [Significant Contracts and Their Performance](index=25&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%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 entrustment, contracting, or leasing matters, or entrusted wealth management. Total guarantees for subsidiaries amounted to **105.4533 million yuan**, representing **3.83%** of net assets, with **69.8356 million yuan** for entities with a debt-to-asset ratio exceeding **70%** [Entrustment, Contracting, and Leasing Matters](index=25&type=section&id=1%E3%80%81%E6%89%98%E7%AE%A1%E3%80%81%E6%89%BF%E5%8C%85%E3%80%81%E7%A7%9F%E8%B5%81%E4%BA%8B%E9%A1%B9%E6%83%85%E5%86%B5) The company had no entrustment, contracting, or leasing matters during the reporting period - The company had no entrustment matters during the reporting period[104](index=104&type=chunk) - The company had no contracting matters during the reporting period[105](index=105&type=chunk) - The company had no leasing matters during the reporting period[106](index=106&type=chunk) [Significant Guarantees](index=25&type=section&id=2%E3%80%81%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D) During the reporting period, the company approved a total guarantee limit of **670 million yuan** for subsidiaries, with actual guarantees totaling **43.3525 million yuan** and an outstanding balance of **105.4533 million yuan** at period-end Company Guarantees for Subsidiaries for H1 2025 | Name of Guaranteed Party | Guarantee Limit (10,000 yuan) | Actual Guarantee Amount (10,000 yuan) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Anhui Guofeng Wood-Plastic Technology Co., Ltd. | 6,000 | 0 | Joint and several liability guarantee | Two years | Yes | | Wuhu Guofeng Plastic Technology Co., Ltd. | 16,000 | 0 | Joint and several liability guarantee | One year | Yes | | Wuhu Guofeng Plastic Technology Co., Ltd. | 6,000 | 1,487.95 | Joint and several liability guarantee | Two years | No | | Wuhu Guofeng Plastic Technology Co., Ltd. | 3,000 | 0 | Pledge | One year | Yes | | Wuhu Guofeng Plastic Technology Co., Ltd. | 6,000 | 3,577.53 | Joint and several liability guarantee | One year | No | | Wuhu Guofeng Plastic Technology Co., Ltd. | 16,000 | 413.08 | Joint and several liability guarantee | One year | No | | Wuhu Guofeng Plastic Technology Co., Ltd. | 16,000 | 1,505 | Joint and several liability guarantee | One year | No | | Hefei Guofeng Advanced Base Materials Technology Co., Ltd. | 20,000 | 731.51 | Joint and several liability guarantee | Two years | No | | Anqing Guofeng New Energy Materials Co., Ltd. | 8,000 | 2,830.25 | Joint and several liability guarantee | One year | No | Company Total Guarantees for H1 2025 | Indicator | Amount (10,000 yuan) | | :--- | :--- | | Total Guarantee Limit Approved in Current Reporting Period | 67,000 | | Total Actual Guarantees Issued in Current Reporting Period | 4,335.25 | | Total Approved Guarantee Limit as of Period-End | 67,000 | | Total Actual Guarantee Balance as of Period-End | 10,545.33 | | Proportion of Total Actual Guarantees to Company's Net Assets | 3.83% | | Of which: Debt Guarantee Balance Provided Directly or Indirectly for Guaranteed Parties with Debt-to-Asset Ratio Exceeding 70% | 6,983.56 | [Entrusted Wealth Management](index=27&type=section&id=3%E3%80%81%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2) The company did not engage in any entrusted wealth management during the reporting period - The company did not engage in any entrusted wealth management during the reporting period[109](index=109&type=chunk) [Other Significant Contracts](index=27&type=section&id=4%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C) The company had no other significant contracts during the reporting period - The company had no other significant contracts during the reporting period[110](index=110&type=chunk) [Explanation of Other Significant Matters](index=27&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%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 plans to transfer assets from its polyimide branch to its wholly-owned subsidiary, Hefei Guofeng Advanced Base Materials Technology Co., Ltd., and is advancing the acquisition of **58.33%** of Jinzhang Technology shares - The company plans to transfer assets from its polyimide branch at book value to its wholly-owned subsidiary, Hefei Guofeng Advanced Base Materials Technology Co., Ltd[111](index=111&type=chunk) - The company continues to advance the acquisition of **46,263,796 shares** (representing **58.33%** of total share capital) of Jinzhang Technology through share issuance and cash payment, along with raising supporting funds; this matter has been submitted to the Shenzhen Stock Exchange for review[111](index=111&type=chunk) [Significant Matters of Company Subsidiaries](index=27&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%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 reported no significant matters concerning its subsidiaries during the reporting period - The company reported no significant matters concerning its subsidiaries during the reporting period[112](index=112&type=chunk) [Share Changes and Shareholder Information](index=28&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details the company's share capital structure, shareholder numbers, and changes in holdings for directors, supervisors, and senior management during the reporting period [Share Change Situation](index=28&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) As of the end of the reporting period, the company's total shares were **895,976,271**, with **51,000** restricted shares (**0.01%**) and **895,925,271** unrestricted shares (**99.99%**), with no changes in total shares or structure [Share Change Situation](index=28&type=section&id=1%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) As of the end of the reporting period, the company's total shares were **895,976,271**, with **51,000** restricted shares and **895,925,271** unrestricted shares, showing no changes in total shares or structure Share Change Situation as of H1 2025 | Share Type | Number Before This Change (shares) | Proportion | Increase/Decrease in This Change (shares) | Number After This Change (shares) | Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 51,000 | 0.01% | 0 | 51,000 | 0.01% | | 3. Other Domestic Shares | 51,000 | 0.01% | 0 | 51,000 | 0.01% | | Domestic Natural Person Shares | 51,000 | 0.01% | 0 | 51,000 | 0.01% | | II. Unrestricted Shares | 895,925,271 | 99.99% | 0 | 895,925,271 | 99.99% | | 1. RMB Ordinary Shares | 895,925,271 | 99.99% | 0 | 895,925,271 | 99.99% | | III. Total Shares | 895,976,271 | 100.00% | 0 | 895,976,271 | 100.00% | - Reasons for share changes, approval status, transfer status, and progress of share repurchases are all not applicable for the reporting period[115](index=115&type=chunk) [Changes in Restricted Shares](index=29&type=section&id=2%E3%80%81%E9%99%90%E5%94%AE%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company reported no changes in restricted shares during the reporting period - The company reported no changes in restricted shares during the reporting period[116](index=116&type=chunk) [Securities Issuance and Listing](index=29&type=section&id=%E4%BA%8C%E3%80%81%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 reported no securities issuance or listing activities during the reporting period - The company reported no securities issuance or listing activities during the reporting period[116](index=116&type=chunk) [Number of Shareholders and Shareholding](index=29&type=section&id=%E4%B8%89%E3%80%81%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) As of the end of the reporting period, the company had **71,260** common shareholders, with the controlling shareholder, Hefei Industrial Investment Holding (Group) Co., Ltd., holding **29.11%** of shares - The total number of common shareholders at the end of the reporting period was **71,260**[117](index=117&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders as of H1 2025 | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at End of Reporting Period (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Hefei Industrial Investment Holding (Group) Co., Ltd. | State-owned Legal Person | 29.11% | 260,841,634 | 260,841,634 | | Wang Ziquan | Domestic Natural Person | 1.73% | 15,539,195 | 15,539,195 | | Li Guofeng | Domestic Natural Person | 1.32% | 11,867,136 | 11,867,136 | | Shang Pengyu | Domestic Natural Person | 0.67% | 6,021,200 | 6,021,200 | | Song Guoqiang | Domestic Natural Person | 0.67% | 6,011,670 | 6,011,670 | | Zhang Caihong | Domestic Natural Person | 0.43% | 3,826,100 | 3,826,100 | | Zhang Mingmin | Domestic Natural Person | 0.36% | 3,200,000 | 3,200,000 | | Luo Datong | Domestic Natural Person | 0.34% | 3,080,200 | 3,080,200 | | Hu Tianyi | Domestic Natural Person | 0.32% | 2,902,200 | 2,902,200 | | Ye Yongkang | Domestic Natural Person | 0.32% | 2,836,100 | 2,836,100 | - There is no associated relationship between the controlling shareholder and other shareholders, and it is unknown whether other shareholders have associated relationships or are acting in concert[117](index=117&type=chunk)[118](index=118&type=chunk) - Several top 10 common shareholders hold shares through both ordinary securities accounts and margin trading and securities lending accounts[118](index=118&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=30&type=section&id=%E5%9B%9B%E3%80%81%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[119](index=119&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=31&type=section&id=%E4%BA%94%E3%80%81%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[120](index=120&type=chunk) - The company's actual controller remained unchanged during the reporting period[120](index=120&type=chunk) [Preferred Shares Information](index=32&type=section&id=%E5%85%AD%E3%80%81%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 had no preferred shares during the reporting period[121](index=121&type=chunk) [Bond-Related Information](index=33&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company reported no bond-related information during the reporting period - The company reported no bond-related information during the reporting period[123](index=123&type=chunk) [Financial Report](index=34&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited consolidated and parent company financial statements for H1 2025, including balance sheets, income statements, cash flow statements, and statements of changes in equity [Audit Report](index=34&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[125](index=125&type=chunk) [Financial Statements](index=34&type=section&id=%E4%BA%8C%E3%80%81%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 owner's equity for H1 2025 Consolidated Balance Sheet Key Data as of June 30, 2025 | Item | Ending Balance (yuan) | | :--- | :--- | | Total Assets | 4,339,070,836.11 | | Total Liabilities | 1,587,741,845.76 | | Total Owner's Equity | 2,751,328,990.35 | | Total Owner's Equity Attributable to Parent Company | 2,751,328,990.35 | Consolidated Income Statement Key Data for H1 2025 | Item | Amount for Current Period (yuan) | | :--- | :--- | | Total Operating Revenue | 1,025,064,434.76 | | Total Operating Cost | 1,089,521,824.35 | | Operating Profit | -39,736,937.63 | | Total Profit | -38,380,508.85 | | Net Profit | -40,065,514.50 | | Net Profit Attributable to Parent Company Shareholders | -40,065,514.50 | | Basic Earnings Per Share (yuan/share) | -0.04 | | Diluted Earnings Per Share (yuan/share) | -0.04 | Consolidated Cash Flow Statement Key Data for H1 2025 | Item | Amount for Current Period (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 998,345.54 | | Net Cash Flow from Investing Activities | -219,816,824.04 | | Net Cash Flow from Financing Activities | 149,890,867.07 | | Net Increase in Cash and Cash Equivalents | -68,049,397.97 | | Cash and Cash Equivalents at End of Period | 253,634,701.18 | [Consolidated Balance Sheet](index=34&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, consolidated total assets were **4.339 billion yuan**, with total liabilities of **1.588 billion yuan** and total owner's equity at