浙江吉华集团股份有限公司2025 年半年度报告 公司代码：603980 公司简称：吉华集团 浙江吉华集团股份有限公司 2025 年半年度报告 1 / 129 浙江吉华集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人邵辉、主管会计工作负责人张颖辉及会计机构负责人（会计主管人员）沈海燕 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司不进行半年度利润分配，不进行公积金转增股本 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实 ...

杭州正强传动股份有限公司 2025 年半年度报告全文 杭州正强传动股份有限公司 2025 年半年度报告 2025-043 2025 年 8 月 27 日 1 杭州正强传动股份有限公司 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。 公司负责人许正庆、主管会计工作负责人王杭燕及会计机构负责人(会计 主管人员)王杭燕声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来经营计划或规划等前瞻性陈述，均不构成公司对 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，敬请投资者注意投 资风险。 公司目前不存在影响公司正常经营的重大风险。公司日常经营中可能面 临的风险因素详见"第三节 管理层讨论与分析"之"十、公司面临的风险和应 对措施"，敬请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 ...

广东美联新材料股份有限公司 2025 年半年度报告 2025 年 8 月 1 广东美联新材料股份有限公司 2025 年半年度报告全文 广东美联新材料股份有限公司 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。 公司负责人黄伟汕、主管会计工作负责人易东生及会计机构负责人(会计 主管人员)刘志裕声明：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。 公司半年度报告中涉及的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，并请理解 计划、预测与承诺之间的差异。 公司目前不存在影响公司正常经营的重大风险。公司日常经营中可能面 临的风险因素详见"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"。 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 | | | 五、备查文件备置地点：公司董事办。 4 广东美联新材料股份有限公司 2025 年半年度报告全文 ...

重庆市涪陵榨菜集团股份有限公司 2025 年半年度报告 2025-043 2025 年 8 月 1 重庆市涪陵榨菜集团股份有限公司 2025 年半年度报告全文 重庆市涪陵榨菜集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 一、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。 二、公司负责人高翔、主管会计工作负责人韦永生及会计机构负责人(会 计主管人员)杨娅声明：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。 三、本报告中涉及的未来发展计划等前瞻性陈述，不构成公司对投资者的 实质承诺，敬请投资者注意投资风险。 四、公司在本报告第三节"管理层讨论与分析"中"十、公司面临的风险 和应对措施"部分，详细描述了公司经营中可能存在的风险，敬请投资者关 注相关内容。 五、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 备查文件目录 一、载有公司负责人、主管会计工作负责人、会计机构负责人（会计主管人员）签名并盖章的财务报表。 二、报告 ...

[Part I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=第一节%20重要提示、目录和释义) This section provides crucial preliminary information, including the report's table of contents and definitions of key terms [Important Notice](index=2&type=section&id=重要提示) The company's board, supervisors, and senior management guarantee the report's truthfulness, accuracy, and completeness, and the company plans no cash dividends, bonus shares, or capital increase from reserves - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the report's content[4](index=4&type=chunk) - Company head Chi Yufeng, chief accountant Wang Xiangyu, and head of accounting department Yang Lu declare the financial report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=目录) This report's clear table of contents lists nine main chapters, providing comprehensive information navigation for investors - The report contains nine main chapters, structured clearly for easy reference[7](index=7&type=chunk) [Reference Documents Catalog](index=4&type=section&id=备查文件目录) Reference documents include signed financial statements, original public disclosures, and the chairman's signed report, all available at the company's securities department - Reference documents include signed and stamped financial statements, original public disclosure documents, and the chairman's signed report text[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) [Definitions](index=5&type=section&id=释义) This section defines key terms used in the report, including company and subsidiary names, their history, and abbreviations of regulatory bodies - "The Company" refers to Perfect World Co., Ltd., formerly known as Perfect World Entertainment Co., Ltd[14](index=14&type=chunk) - "Perfect World Pictures" refers to Perfect World (Beijing) Interactive Entertainment Co., Ltd., formerly known as Beijing Perfect World Pictures Co., Ltd[14](index=14&type=chunk) - "Perfect World Games" refers to Perfect World Games Co., Ltd., formerly known as Shanghai Perfect World Network Technology Co., Ltd[14](index=14&type=chunk) [Part II Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company's basic information and key financial performance metrics [Company Profile](index=6&type=section&id=一、公司简介) Perfect World Co., Ltd., stock code 002624, is listed on the Shenzhen Stock Exchange, with Chi Yufeng as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Perfect World | | Stock Code | 002624 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Chi Yufeng | [Contact Person and Information](index=6&type=section&id=二、联系人和联系方式) The company's board secretary is Ma Jun, and the securities affairs representative is Xue Ting, with contact details provided - The Board Secretary is Ma Jun, and the Securities Affairs Representative is Xue Ting[17](index=17&type=chunk) - The company's contact address is Building A, Perfect World, No. 4, Courtyard 1, Wangjing East Road, Chaoyang District, Beijing[17](index=17&type=chunk) - The company's securities affairs email is zhengquanbu@pwrd.com[17](index=17&type=chunk) [Other Information](index=6&type=section&id=三、其他情况) The company's registered address, office address, website, email, and information disclosure locations remained unchanged during the reporting period - The company's contact information remained unchanged during the reporting period, details can be found in the 2024 Annual Report[18](index=18&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period, details can be found in the 2024 Annual Report[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=四、主要会计数据和财务指标) The company achieved significant revenue growth, turned net profit to positive, and saw substantial increases in operating cash flow and EPS during the reporting period Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (RMB) | Prior Year (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,690,992,631.88 | 2,759,914,394.43 | 33.74% | | Net Profit Attributable to Shareholders of Listed Company | 503,205,318.94 | -176,860,206.36 | 384.52% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 318,082,847.73 | -235,404,481.79 | 235.12% | | Net Cash Flow from Operating Activities | 502,214,625.90 | -155,527,712.50 | 422.91% | | Basic Earnings Per Share (RMB/share) | 0.27 | -0.09 | 400.00% | | Diluted Earnings Per Share (RMB/share) | 0.27 | -0.09 | 400.00% | | Weighted Average Return on Net Assets | 7.22% | -2.04% | 9.26% | | **Period-End Indicators** | **Current Period-End (RMB)** | **Prior Year-End (RMB)** | **Period-End vs. Prior Year-End Change** | | Total Assets | 11,148,087,466.17 | 11,365,625,431.97 | -1.91% | | Net Assets Attributable to Shareholders of Listed Company | 6,913,681,127.89 | 6,752,408,376.06 | 2.39% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=五、境内外会计准则下会计数据差异) The company reported no differences in net profit and net assets between international/overseas and Chinese accounting standards - The company had no differences in accounting data under domestic and overseas accounting standards during the reporting period[22](index=22&type=chunk)[23](index=23&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=六、非经常性损益项目及金额) Non-recurring gains and losses totaled 185.12 million yuan, primarily from the sale of Feng Studio, government grants, and fair value changes of financial assets Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Disposal gains/losses of non-current assets | 171,936,313.27 | Primarily disposal gains from the sale of Feng Studio | | Government grants included in current profit and loss | 40,105,783.58 | | | Fair value changes and disposal gains/losses of financial assets | 22,704,442.55 | Primarily tax refunds for films related to Universal Pictures' film slate assets in agreed countries, and fair value changes of other non-current financial assets during the holding period | | Gains/losses from entrusted investment or asset management | 778,301.89 | | | Other non-operating income and expenses | 4,266,869.03 | Primarily compensation received | | Other gains/losses meeting the definition of non-recurring gains/losses | 63,453.79 | | | Less: Income tax impact | 48,538,812.57 | | | Impact on minority interests (after tax) | 6,193,880.33 | | | **Total** | **185,122,471.21** | | [Part III Management Discussion and Analysis](index=9&type=section&id=第三节%20管理层讨论与分析) This section provides an in-depth analysis of the company's operations, financial performance, and strategic outlook [Main Businesses During the Reporting Period](index=9&type=section&id=一、报告期内公司从事的主要业务) Perfect World is a global cultural entertainment group focused on game R&D, publishing, and operations, with a growing presence in film and TV production - The company's core business is the research, development, publishing, and operation of online games, while also developing film and television businesses, including TV series and short-form dramas[28](index=28&type=chunk) - The gaming business, relying on self-developed 3D game engines, has established full-platform R&D and publishing capabilities covering PC, mobile, console, cloud, and mini-program games, and is deepening AI technology applications[28](index=28&type=chunk) - The company is the exclusive operator of "DOTA2" and "CS" in mainland China, building a complete and multi-dimensional professional esports event and operation system[29](index=29&type=chunk) - The film and television business, established in 2008, adheres to a boutique strategy, having participated in the creation and distribution of over 300 film and television works, winning over 500 authoritative awards[29](index=29&type=chunk) [Core Competitiveness Analysis](index=9&type=section&id=二、核心竞争力分析) The company builds a diversified product matrix through a "boutique content" strategy, driven by technology, diversified development, global market expansion, and refined operations - The company adheres to a "boutique content" strategy, expanding its product matrix and deepening user value excavation, forming an IP-centric, innovation-driven content ecosystem[30](index=30&type=chunk) - The company highly values R&D investment, driven by innovative technology R&D and cutting-edge technology applications, fully integrating AI tools into the R&D pipeline to significantly improve R&D efficiency[32](index=32&type=chunk) - The company focuses on strategic expansion, deepening diversified layouts, with the gaming business advancing a "classic and trending genres dual-track" model, the esports business deepening its ecosystem, and the film and television business adopting a "long-form deep cultivation, short-form refined production, co-existence and co-growth" strategy[36](index=36&type=chunk) - The company adheres to an international strategy of "boutique products, global expansion," promoting high-quality cultural products worldwide, with gaming, esports, and film/TV businesses actively exploring overseas markets[39](index=39&type=chunk) - The company insists on "boutique R&D and production" and "user-centric operations," continuously activating the full lifecycle value of products through content renewal, refined marketing, and community co-creation[41](index=41&type=chunk) [Craftsmanship: Building a Boutique Content Matrix](index=9&type=section&id=1、匠心制作%20构建精品内容矩阵) The company's "boutique content" strategy drives game and film/TV production, balancing classic and trending genres while earning numerous industry awards - The gaming business promotes a "classic and trending genres dual-track" model, consolidating MMORPG advantages and successfully developing trending genres like "Tower of Fantasy"[30](index=30&type=chunk) - "Jade Dynasty World" launched in December 2024, further solidifying the company's layout and advantages in MMORPG games[30](index=30&type=chunk) - The film and television business adheres to a boutique creation philosophy, adopting a "long-form deep cultivation, short-form refined production, co-existence and co-growth" strategy, with productions winning multiple prestigious awards[31](index=31&type=chunk) [Technology-Driven: Empowering Product Iteration and Upgrades](index=10&type=section&id=2、技术驱动%20赋能产品迭代升级) Continuous R&D investment, self-developed engines, AI integration, and strategic partnerships enhance product capabilities and user experience across all business segments - The company has completed the construction of a full-platform R&D system and fully integrated AI tools into the R&D pipeline, improving R&D efficiency through the scaled application of AIGC production tools[32](index=32&type=chunk) - Deep cooperation with renowned technology manufacturers such as Microsoft, NVIDIA, Epic, and Unity promotes the integration of cutting-edge technology with the gaming business for innovative development[33](index=33&type=chunk) - "Jade Dynasty 2" mobile game collaborated with Huawei, using AI Super Resolution and AI Super Frame solutions to achieve triple improvements in performance, image quality, and energy efficiency[33](index=33&type=chunk) - The film and television business independently developed the Arc Intelligent Production System (A.R.C) to optimize production management, while the esports business combines VR holographic viewing and XR real-time sandbox technology to create immersive experiences[34](index=34&type=chunk) [Diversified Development: Classic and Innovation Synergistic Efforts](index=10&type=section&id=3、多元发展%20经典与创新协同发力) Strategic focus enables diversified and synergistic development across gaming, esports, and film/TV, balancing established strengths with innovative new ventures - The gaming business steadily advances a "classic and trending genres dual-track" model, consolidating MMORPG advantages and deepening innovative practices in trending genres[36](index=36&type=chunk) - The esports business builds a multi-dimensional event system covering mass events, professional leagues, and international competitions, driving refined product operations through event management[37](index=37&type=chunk) - The film and television business deepens its "co-existence and co-growth" strategy, enhancing the quality of long-form dramas and the scale of short-form dramas, with the micro-short drama "Couple's Spring Festival" exceeding 500 million views, becoming a hit in the 2025 Spring Festival season[38](index=38&type=chunk) [Global Presence: Expanding into Broad Overseas Markets](index=11&type=section&id=4、立足全球%20开拓海外广阔市场) As a pioneer in digital culture export, the company pursues a "boutique products, global expansion" strategy across its gaming, esports, and film/TV businesses - The company adheres to an international strategy of "boutique products, global expansion," promoting high-quality cultural products worldwide[39](index=39&type=chunk) - "Tower of Fantasy" console version successfully launched in international markets, becoming the company's first global product covering mobile, PC, and console platforms[39](index=39&type=chunk) - The company successfully hosted the 2024 Counter-Strike World Championship (Shanghai Major), setting a record for all previous CS Majors, and established the Steam Platform to assist Chinese game ecosystem expansion globally[40](index=40&type=chunk) [Multi-Dimensional Marketing and Refined Operations](index=12&type=section&id=5、立体营销%20精细运营) The company prioritizes "boutique R&D" and "user-centric operations" to maximize product lifecycle value through continuous iteration, precise marketing, and community co-creation - The company insists on "boutique R&D and production" and "user-centric operations," continuously activating the full lifecycle value of products through content renewal, refined marketing, and community co-creation[41](index=41&type=chunk) - "Perfect World Classic" achieves refined operations through nationwide competitive events and player co-creation columns, maintaining vitality for nearly 20 years[42](index=42&type=chunk) - The esports business achieves full-chain synergy from events to content, community, and commercialization, with refined operations through the Perfect World Esports Platform, virtual idols, and cultural integration marketing[43](index=43&type=chunk) [Main Business Analysis](index=13&type=section&id=三、主营业务分析) The company achieved significant revenue and net profit growth, driven by strong performance in both gaming and film/TV segments, alongside cost-efficiency measures Main Business Financial Overview | Indicator | Current Period (RMB 10,000) | Prior Year (RMB 10,000) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 369,099.26 | 275,991.44 | 33.74% | | Net Profit Attributable to Shareholders of Listed Company | 50,320.53 | -17,686.02 | 384.52% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 31,808.28 | -23,540.45 | 235.12% | | Non-Recurring Gains and Losses | 18,512.25 | | | - The gaming business benefited from the launch of the new Chinese-style MMORPG PC game "Jade Dynasty World" and the growth in esports revenue, with initial results from cost reduction and efficiency improvement measures[46](index=46&type=chunk) - Film and television business revenue grew significantly, with multiple platform-customized dramas and micro-short dramas successfully broadcast[47](index=47&type=chunk) [Overview](index=13&type=section&id=（一）概述) Revenue increased by 33.74%, and net profit attributable to shareholders turned positive, primarily due to growth in gaming and film/TV businesses [Main Business Operating Performance](index=13&type=section&id=（二）主营业务经营情况) Gaming business saw growth from new titles and esports, while film/TV revenue surged due to successful custom dramas and short-form series, though overall gross margin was impacted by revenue mix - The gaming business focuses on evergreen products, optimizes its R&D pipeline, steadily advances new projects, and deeply optimizes its global publishing system[48](index=48&type=chunk) - "Persona 5: The Phantom X" topped iOS game free charts in Japan, Europe, and America on its overseas open beta launch day, and entered Japan's iOS best-selling TOP3[51](index=51&type=chunk) - "Jade Dynasty World" launched in December 2024, bringing significant performance increments; "Jade Dynasty 2" had its domestic open beta on August 7, 2025, topping the iOS game free chart on its launch day[53](index=53&type=chunk)[54](index=54&type=chunk) - The esports business developed steadily, with revenue continuing to grow year-on-year during the reporting period, consistently contributing stable performance, and forming the "Perfect Esports Partner Alliance" with NVIDIA, Intel, and others[66](index=66&type=chunk) - The film and television business adopted a "quality over quantity" strategy, and through "long-form deep cultivation, short-form refined production, co-existence and co-growth" strategies, the micro-short drama "Couple's Spring Festival" exceeded 500 million views, becoming a hit in the 2025 Spring Festival season[71](index=71&type=chunk) Operating Revenue Composition (by Industry and Product) | Category | Current Period Amount (RMB) | % of Operating Revenue | Prior Year Amount (RMB) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | Gaming | 2,906,125,333.33 | 78.73% | 2,649,830,892.82 | 96.01% | 9.67% | | Film and Television | 767,331,191.30 | 20.79% | 89,604,576.43 | 3.25% | 756.35% | | **By Product** | | | | | | | PC Online Games | 1,852,101,454.41 | 50.18% | 1,086,242,388.60 | 39.36% | 70.51% | | Mobile Online Games | 968,286,288.11 | 26.23% | 1,446,166,413.14 | 52.40% | -33.04% | | TV Series and Short-Form Dramas | 748,956,673.05 | 20.29% | 60,898,653.88 | 2.21% | 1,129.84% | Gross Margin Changes by Industry/Product | Category | Current Period Gross Margin | Prior Year Gross Margin | Gross Margin Change YoY | | :--- | :--- | :--- | :--- | | **By Industry** | | | | | Gaming | 68.90% | 67.42% | 2.38% | | Film and Television | 11.05% | 27.84% | -16.79% | | **By Product** | | | | | PC Online Games | 68.62% | 69.00% | -0.76% | | Mobile Online Games | 71.29% | 67.57% | 3.72% | | TV Series and Short-Form Dramas | 11.06% | 2.21% | -22.22% | [Gaming Business](index=13&type=section&id=1、游戏业务) The gaming business achieved growth through evergreen products, optimized R&D, new title launches, and robust esports operations, leveraging advanced AI and Unreal Engine technologies - The company focuses on evergreen products, maintaining an active player ecosystem through continuous content iteration and refined user operations, achieving long-term stable operation[49](index=49&type=chunk)[50](index=50&type=chunk) - "Persona 5: The Phantom X" topped iOS game free charts in Japan, Europe, and America on its overseas open beta launch day, and entered Japan's iOS best-selling TOP3[51](index=51&type=chunk) - "Jade Dynasty World" launched in December 2024, bringing significant performance increments; "Jade Dynasty 2" had its domestic open beta on August 7, 2025, topping the iOS game free chart on its launch day[53](index=53&type=chunk)[54](index=54&type=chunk) - The original supernatural urban open-world RPG game "Etheria" began its second domestic test at the end of June 2025, with simultaneous overseas tests in English and Japanese regions, receiving enthusiastic market response[57](index=57&type=chunk) - The esports business developed steadily, with revenue continuing to grow year-on-year during the reporting period, consistently contributing stable performance, and forming the "Perfect Esports Partner Alliance" with NVIDIA, Intel, and others[66](index=66&type=chunk) - The company has completed the construction of a full-platform R&D system and fully integrated AI tools into the R&D pipeline, significantly improving R&D efficiency through the scaled application of AIGC production tools[67](index=67&type=chunk) [Film and Television Business](index=18&type=section&id=2、影视业务) The film and television business adopted a "quality over quantity" strategy, focusing on long-form and short-form dramas, with several short-form series becoming major hits - The company's film and television business focuses on a "quality over quantity" strategy, strictly controlling investment risks, reducing overall investment scale, and increasing layout in the short-form drama segment[70](index=70&type=chunk) - The company's productions, including "A Thousand Blossoms" and "Only This Jianghu Dream," were successively broadcast on multiple platforms[71](index=71&type=chunk) - The micro-short drama "Couple's Spring Festival" exceeded 500 million views, becoming the first micro-short drama on the entire network to surpass 100 million viewers in 2025, a hit in the 2025 Spring Festival season[71](index=71&type=chunk) - The micro-short drama "Tide" was broadcast on both Hongguo and Douyin platforms, quickly gaining popularity and setting another benchmark for high-quality micro-short drama production[71](index=71&type=chunk) [Non-Core Business Analysis](index=22&type=section&id=四、非主营业务分析) Non-core profits primarily stemmed from investment gains from the sale of Feng Studio and fair value changes in financial assets, offset by impairment losses and other non-operating items Non-Core Business Profit Composition | Item | Amount (RMB) | % of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment income | 191,982,057.46 | 27.11% | Primarily investment income from the sale of Feng Studio | | Fair value change gains/losses | 4,560,296.03 | 0.64% | Primarily gains from fair value changes of other non-current financial assets and trading financial assets | | Asset impairment | -9,997,558.94 | -1.41% | Primarily impairment losses on contract performance costs | | Non-operating income | 7,314,383.89 | 1.03% | Primarily compensation received | | Non-operating expenses | 3,047,514.86 | 0.43% | Primarily donation expenses | [Analysis of Assets and Liabilities](index=22&type=section&id=五、资产及负债状况分析) Total assets slightly decreased, while net assets attributable to shareholders increased, with notable changes in cash, receivables, inventory, and contract liabilities Significant Changes in Asset Composition | Item | Current Period-End Amount (RMB) | % of Total Assets | Prior Year-End Amount (RMB) | % of Total Assets | % Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 3,287,207,510.59 | 29.49% | 3,117,342,251.21 | 27.43% | 2.06% | | Accounts Receivable | 746,462,372.54 | 6.70% | 668,177,646.64 | 5.88% | 0.82% | | Inventories | 1,327,872,609.09 | 11.91% | 1,795,213,378.18 | 15.80% | -3.89% | | Contract Liabilities | 2,152,475,569.48 | 19.31% | 2,452,638,513.25 | 21.58% | -2.27% | | Other Payables | 404,246,037.49 | 3.63% | 203,588,431.88 | 1.79% | 1.84% | | Development Expenditures | 78,029,828.96 | 0.70% | 11,983,541.38 | 0.11% | 0.59% | Financial Assets Measured at Fair Value at Period-End | Item | Period-End Amount (RMB) | | :--- | :--- | | Trading Financial Assets | 109,505,031.75 | | Other Equity Instrument Investments | 192,302,837.12 | | Other Non-Current Financial Assets | 846,166,167.71 | | **Subtotal of Financial Assets** | **1,147,974,036.58** | [Significant Changes in Asset Composition](index=22&type=section&id=1、资产构成重大变动情况) Increases in cash, receivables, prepayments, and development expenditures were offset by decreases in inventory and contract liabilities, reflecting operational and investment activities - Monetary funds increased by **2.06%**, primarily due to the combined effect of net cash flows from operating, investing, and financing activities[80](index=80&type=chunk) - Accounts receivable increased by **0.82%**, mainly due to increased receivables from film and television sales and game product operations during the reporting period[80](index=80&type=chunk) - Inventories decreased by **3.89%**, primarily due to the cost of multiple film and television works broadcast during the reporting period being transferred to cost of goods sold[80](index=80&type=chunk) - Contract liabilities decreased by **2.27%**, primarily due to the net effect of decreased film and television prepayments and increased game deferred revenue during the reporting period[80](index=80&type=chunk) - Development expenditures increased by **0.59%**, primarily due to the capitalization of the company's self-developed games during the reporting period[81](index=81&type=chunk) [Assets and Liabilities Measured at Fair Value](index=23&type=section&id=3、以公允价值计量的资产和负债) The company's financial assets measured at fair value totaled 1.15 billion yuan, including trading financial assets, other equity instrument investments, and other non-current financial assets Financial Assets Measured at Fair Value at Period-End | Item | Period-End Amount (RMB) | | :--- | :--- | | Trading Financial Assets | 109,505,031.75 | | Other Equity Instrument Investments | 192,302,837.12 | | Other Non-Current Financial Assets | 846,166,167.71 | | **Subtotal of Financial Assets** | **1,147,974,036.58** | - Current period fair value change gains were **4,560,296.03 RMB**[83](index=83&type=chunk) - Other changes were mainly due to exchange rate differences from trading financial assets and other equity instrument investments, as well as the transfer of some financial assets to intangible assets and exchange rate differences for other non-current financial assets[83](index=83&type=chunk) [Investment Analysis](index=24&type=section&id=六、投资状况分析) Total investment decreased significantly due to high prior-year gains from asset disposal, with current financial asset investments primarily in domestic and international equities Investment Amount Change During Reporting Period | Indicator | Current Period Investment Amount (RMB) | Prior Year Investment Amount (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 5,587,278.59 | 374,161,818.19 | -98.51% | - Financial asset investments include domestic and overseas stocks such as **Fululu Holdings** and **Zhihu-W**, as well as other equity instrument investments like **Embracer B** and **Asmodee B**[87](index=87&type=chunk)[89](index=89&type=chunk) - Embracer Group spun off its subsidiary Asmodee for separate listing, and the company reallocated the fair value of its original Embracer holdings to Asmodee shares based on their fair values at the spin-off date[89](index=89&type=chunk) [Financial Asset Investments](index=24&type=section&id=4、金融资产投资) Financial asset investments include trading financial assets and other equity instrument investments, with notable changes due to the spin-off of Asmodee from Embracer Group Securities Investment Information | Security Type | Security Name | Beginning Book Value (RMB) | Current Period Fair Value Change Gains/Losses (RMB) | Period-End Book Value (RMB) | Accounting Subject | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic and Overseas Stocks | Fululu Holdings | 344,905.11 | -71,861.45 | 271,833.45 | Trading Financial Assets | | Domestic and Overseas Stocks | Zhihu-W | 8,739,588.14 | 522,701.01 | 9,229,896.17 | Trading Financial Assets | | Domestic and Overseas Stocks | EMBRAC B | 130,143,476.48 | -269,602,580.10 | 89,118,365.00 | Other Equity Instrument Investments | | Domestic and Overseas Stocks | ASMDEE B | | 84,484,618.56 | 103,184,472.12 | Other Equity Instrument Investments | - Embracer Group spun off its subsidiary Asmodee for separate listing, and the company reallocated the fair value of its original Embracer holdings to Asmodee shares based on their fair values at the spin-off date[89](index=89&type=chunk) [Significant Asset and Equity Disposals](index=25&type=section&id=七、重大资产和股权出售) The company sold assets and the team related to Feng Studio's in-development game for $34.5 million, contributing 123.58 million yuan to net profit and optimizing business layout Significant Asset Disposal Information | Asset | Transaction Counterparty | Disposal Date | Transaction Price | Net Profit Contribution This Period (RMB 10,000) | % of Total Net Profit Contributed | | :--- | :--- | :--- | :--- | :--- | :--- | | Feng Studio in-development game related assets and team | Scopely, Inc. | January 2025 | USD 34.5 million | 12,357.71 | 24.56% | - The sale of Feng Studio aims to optimize the company's business layout and resource allocation, with no negative impact on the company's operations[92](index=92&type=chunk) [Analysis of Major Holding and Participating Companies](index=26&type=section&id=八、主要控股参股公司分析) Perfect World Games Co., Ltd., a major subsidiary, reported total assets of 9.50 billion yuan, net assets of 2.58 billion yuan, and net profit of 504 million yuan, significantly impacting the company's net profit Major Subsidiary Financial Data | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Perfect World Games Co., Ltd. | Subsidiary | Gaming | 50,000,000.00 | 9,497,972,409.78 | 2,580,239,832.14 | 2,909,908,574.48 | 676,983,976.67 | 503,780,947.77 | [Structured Entities Controlled by the Company](index=26&type=section&id=九、公司控制的结构化主体情况) Information on structured entities controlled by the company is detailed in the financial report, indicating their inclusion in the consolidated financial statements - Information on structured entities controlled by the company is detailed in Section VIII, Note X, 1, Interests in Subsidiaries[96](index=96&type=chunk) [Risks Faced by the Company and Countermeasures](index=26&type=section&id=十、公司面临的风险和应对措施) The company addresses risks from policy changes, market competition, talent loss, and investment operations through compliance, strategic focus, talent development, and robust investment management - The company faces risks from industry policy changes, which it addresses through legal and compliant operations, strengthened policy risk management, active response to regulatory requirements, and implementation of minor protection measures[96](index=96&type=chunk)[97](index=97&type=chunk) - Facing intensified industry competition, the company firmly implements a four-pronged strategy of boutique products, diversification, internationalization, and technology empowerment, focusing on advantageous segments, expanding diversified layouts, and deepening technological transformation[98](index=98&type=chunk) - To address talent loss and insufficient talent reserve risks, the company continuously optimizes talent梯队 construction, strengthens internal training, introduces young and excellent talent, and builds a solid talent foundation through long-term incentive mechanisms like employee stock ownership plans[99](index=99&type=chunk) - For investment business risks, the company improves its investment management system, strictly controls investment decisions at the pre-investment stage, and closely monitors invested companies' dynamics at the post-investment stage to timely identify and respond to potential risks[101](index=101&type=chunk) [Industry Policy Change Risk](index=26&type=section&id=1、行业政策变化风险) The cultural industry faces risks from strict regulatory changes, which the company mitigates through compliance, policy risk management, and proactive minor protection measures - The cultural industry, due to its special ideological attributes, has long been under a strict national regulatory system, and policy changes may lead to decreased market competitiveness and increased operational risks[96](index=96&type=chunk) - The company consistently adheres to the philosophy of legal and compliant operations, strengthens policy risk management capabilities, actively responds to government supervision, and proactively implements minor protection work[97](index=97&type=chunk) - All of the company's operating games have been connected to the National Press and Publication Administration's online game anti-addiction real-name verification system and strictly implement measures such as real-name registration and login, time limits, and top-up limits for user accounts[97](index=97&type=chunk) [Risk of Intensified Industry Competition](index=27&type=section&id=2、行业竞争加剧的风险) Intensified competition in the cultural creative industry, driven by technological innovation and evolving consumer demands, shifts focus to creative capabilities and advanced AI integration [Talent Loss and Insufficient Talent Reserve Risk](index=27&type=section&id=3、人才流失及储备不足风险) The company faces talent loss and insufficient reserves, addressed by optimizing talent development, internal training, external recruitment, and long-term incentive plans - Excellent talent is the core driving force for the development of cultural and creative enterprises, but intensified industry competition leads to the company facing risks of high-end talent loss and insufficient excellent talent reserves[99](index=99&type=chunk) - The company continuously optimizes talent echelon construction, strengthens in-depth internal training, introduces young and excellent talent, and activates youthful potential[99](index=99&type=chunk) - Through long-term incentive mechanisms such as employee stock ownership plans, the company achieves shared responsibility and shared benefits with employees, building a solid talent foundation for sustainable development[99](index=99&type=chunk) [Investment Business Risk](index=27&type=section&id=4、投资业务风险) Investment risks in small and medium-sized digital cultural creative enterprises are managed through a robust investment system, including pre-investment due diligence and post-investment monitoring - The company's external investment enterprises are mainly concentrated in small and medium-sized enterprises in the digital cultural and creative field, whose operating conditions are susceptible to various factors, potentially facing risks of underperforming business results[100](index=100&type=chunk)[101](index=101&type=chunk) - The company improves its investment management system, accurately assessing industry trends and the core competitiveness of target enterprises at the pre-investment stage, strictly controlling investment decision-making processes[101](index=101&type=chunk) - At the post-investment stage, the company closely monitors industry dynamics, continuously tracks the market competition, business progress, and financial data of invested enterprises, timely identifying and responding to potential risks with appropriate measures[101](index=101&type=chunk) [Implementation of Market Value Management System and Valuation Enhancement Plan](index=28&type=section&id=十一、市值管理制度和估值提升计划的制定落实情况) The company has established a market value management system to enhance investment value and shareholder returns but did not disclose a valuation enhancement plan for the reporting period - The company has formulated the "Market Value Management System" to strengthen market value management and enhance investment value and investor returns[102](index=102&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[102](index=102&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=28&type=section&id=十二、“质量回报双提升”行动方案贯彻落实情况) The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period[102](index=102&type=chunk) [Part IV Corporate Governance, Environment, and Society](index=29&type=section&id=第四节%20公司治理、环境和社会) This section details the company's governance structure, environmental practices, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=29&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[104](index=104&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital for the Reporting Period](index=29&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 to share capital for the half-year period - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for the half-year period[105](index=105&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=29&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 2015 stock option incentive plan concluded, while the 2023 employee stock ownership plan saw share recovery due to unmet performance, and the 2025 plan completed its initial share transfer - The company's 2015 stock option incentive plan expired, with 37,460 unexercised stock options canceled, completing the plan[108](index=108&type=chunk) - The company's 2021 employee stock ownership plan saw 9,370,000 shares recovered due to unmet performance targets at the company level for each period[111](index=111&type=chunk) - The initial grant portion of the company's 2025 employee stock ownership plan completed non-trading share transfer on June 20, 2025, involving 27,128,700 shares[111](index=111&type=chunk) [Equity Incentives](index=29&type=section&id=1、股权激励) The company's 2015 stock option incentive plan expired on July 2, 2025, with unexercised options canceled, marking the completion of the plan - The company's 2015 stock option incentive plan expired on July 2, 2025, and 37,460 unexercised stock options granted to 8 incentive recipients have been canceled[108](index=108&type=chunk) - This equity incentive plan has been fully implemented[108](index=108&type=chunk) [Implementation of Employee Stock Ownership Plans](index=29&type=section&id=2、员工持股计划的实施情况) The company has active 2023 and 2025 employee stock ownership plans, with the 2021 plan seeing share recovery due to unmet performance targets All Valid Employee Stock Ownership Plans During the Reporting Period | Scope of Employees | Number of Employees | Total Shares Held (shares) | % of Total Share Capital of Listed Company | Funding Source for Implementation Plan | | :--- | :--- | :--- | :--- | :--- | | 2023 Employee Stock Ownership Plan—Key personnel and employees deemed by the Board of Directors to have made outstanding contributions to the company's future development | 399 | 14,650,000 | 0.76% | Employees' legal remuneration, self-raised funds, and other methods permitted by laws and regulations | | 2025 Employee Stock Ownership Plan—Key personnel and employees deemed by the Board of Directors to have made outstanding contributions to the company's future development | 433 (initial grant) | 27,128,700 (initial grant) | 1.40% | Employees' legal remuneration, self-raised funds, and other methods permitted by laws and regulations | - The company's 2021 employee stock ownership plan saw 9,370,000 shares recovered by the company because the performance appraisal indicators at the company level for each period were not met[111](index=111&type=chunk) - The initial grant portion of the company's 2025 employee stock ownership plan completed non-trading share transfer on June 20, 2025[111](index=111&type=chunk) [Environmental Information Disclosure](index=31&type=section&id=四、环境信息披露情况) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[113](index=113&type=chunk) [Social Responsibility](index=31&type=section&id=五、社会责任情况) The company actively fulfills social responsibilities through its "Perfect Consumer Assistance Program," investing over 2.39 million yuan in purchasing agricultural products from poverty-stricken areas - The company's labor union committee actively carries out the "Perfect Consumer Assistance Program" series of actions, purchasing agricultural and sideline products from targeted assistance areas through "purchase instead of donation" and "buy instead of help" methods[113](index=113&type=chunk) - As of the end of June 2025, the "Perfect Consumer Assistance Program" has invested over **2.39 million yuan**, effectively promoting income growth for local farmers and herders and economic development[113](index=113&type=chunk) - During the 2025 Dragon Boat Festival, the company launched the ninth phase of its assistance program, purchasing high-quality agricultural and sideline products from targeted assistance areas such as Kezuoqianqi, Inner Mongolia, and Hotan, Xinjiang, which are supported by Haidian District, Beijing[113](index=113&type=chunk) [Part V Significant Matters](index=32&type=section&id=第五节%20重要事项) This section outlines all significant events and transactions impacting the company during the reporting period [Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=32&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) There were no overdue or unfulfilled commitments by the company's controlling shareholder, shareholders, related parties, acquirers, or the company during the reporting period - The company had no overdue or unfulfilled commitments by related parties during the reporting period[115](index=115&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties](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 non-operating funds occupied by the controlling shareholder or other related parties of the listed company during the reporting period - The company had no non-operating funds occupied by the controlling shareholder or other related parties during the reporting period[116](index=116&type=chunk) [Irregular External Guarantees](index=32&type=section&id=三、违规对外担保情况) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[117](index=117&type=chunk) [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 report was not audited[118](index=118&type=chunk) [Board of Directors' and Supervisory Board's Explanations on "Non-Standard Audit Report" for the Reporting Period](index=32&type=section&id=五、董事会、监事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 a "non-standard audit report" from its accounting firm during the reporting period - The company had no "non-standard audit report" during the reporting period[119](index=119&type=chunk) [Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year](index=32&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 had no "non-standard audit report" related matters for the previous year - The company had no "non-standard audit report" related matters for the previous year during the reporting period[119](index=119&type=chunk) [Bankruptcy and Reorganization Matters](index=32&type=section&id=七、破产重整相关事项) The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[119](index=119&type=chunk) [Litigation Matters](index=32&type=section&id=八、诉讼事项) 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 this reporting period[120](index=120&type=chunk) [Penalties and Rectification](index=33&type=section&id=九、处罚及整改情况) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[121](index=121&type=chunk) [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 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 during the reporting period[122](index=122&type=chunk) [Significant Related Party Transactions](index=33&type=section&id=十一、重大关联交易) The company engaged in routine related party transactions with its controlling shareholder and associates, primarily for leasing and service provision, all at market prices and within approved limits Related Party Transactions Related to Routine Operations | Related Party | Related Transaction Content | Current Period Transaction Amount (RMB 10,000) | % of Similar Transaction Amount | Approved Transaction Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Perfect World Holding Group Co., Ltd. | Provision of leasing services | 863.07 | 68.36% | 2,000 | | Perfect World Holding Group Co., Ltd. | Provision of office system and property management services | 454.91 | 99.53% | 1,100 | | Zulong Entertainment Co., Ltd. and its subsidiaries | Provision of authorization services | 363.06 | 2.42% | 800 | | **Total** | | **1,681.04** | | **3,900** | - All related party transactions were priced at market rates and did not exceed the approved limits[122](index=122&type=chunk) - The company had no related party transactions involving significant asset or equity acquisitions or disposals during the reporting period[123](index=123&type=chunk) - The company had no related party creditor-debtor transactions during the reporting period[125](index=125&type=chunk) [Related Party Transactions Related to Routine Operations](index=33&type=section&id=1、与日常经营相关的关联交易) Routine related party transactions included leasing services, office system and property management, and authorization services, all conducted at market prices and within approved limits [Significant Contracts and Their Performance](index=34&type=section&id=十二、重大合同及其履行情况) The company incurred significant leasing expenses for office spaces and recognized leasing income from sub-leasing, with no other major contracts like trusteeship, contracting, or guarantees - During the reporting period, the company and its subsidiaries incurred total leasing expenses of **53.19 million yuan** for leased office spaces and other items[132](index=132&type=chunk) - A subsidiary of the company incurred a disposal loss of **0.11 million yuan** from the disposal of right-of-use assets due to the return of some office floors during this period[132](index=132&type=chunk) - The company and its subsidiaries recognized total leasing income of **12.62 million yuan** from leasing out/sub-leasing office spaces and other items, including **8.87 million yuan** from related party leases[132](index=132&type=chunk) - The company had no trusteeship, contracting, significant guarantees, entrusted wealth management, or other significant contracts during the reporting period[129](index=129&type=chunk)[130](index=130&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk) [Trusteeship, Contracting, and Leasing Matters](index=34&type=section&id=1、托管、承包、租赁事项情况) The company had no trusteeship or contracting, but incurred 53.19 million yuan in leasing expenses and recognized 12.62 million yuan in leasing income, including related party leases - The company had no trusteeship matters during the reporting period[129](index=129&type=chunk) - The company had no contracting matters during the reporting period[130](index=130&type=chunk) - During the reporting period, the company and its subsidiaries incurred total leasing expenses of **53.19 million yuan** for leased office spaces and other items[132](index=132&type=chunk) - A subsidiary of the company incurred a disposal loss of **0.11 million yuan** from the disposal of right-of-use assets due to the return of some office floors during this period[132](index=132&type=chunk) - The company and its subsidiaries recognized total leasing income of **12.62 million yuan** from leasing out/sub-leasing office spaces and other items, including **8.87 million yuan** from related party leases[132](index=132&type=chunk) [Explanation of Other Significant Matters](index=35&type=section&id=十三、其他重大事项的说明) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[136](index=136&type=chunk) [Significant Matters of Company Subsidiaries](index=35&type=section&id=十四、公司子公司重大事项) There were no significant matters concerning the company's subsidiaries during the reporting period - There were no significant matters concerning the company's subsidiaries during the reporting period[137](index=137&type=chunk) [Part VI Share Changes and Shareholder Information](index=36&type=section&id=第六节%20股份变动及股东情况) This section details changes in the company's share capital and information about its shareholders [Share Change Information](index=36&type=section&id=一、股份变动情况) The company's total share capital, restricted shares, and unrestricted shares remained unchanged during the reporting period, with no impact on financial indicators Share Change Information | Category | Number Before Change | % Before Change | Number After Change | % After Change | | :--- | :--- | :--- | :--- | :--- | | Restricted Shares | 112,235,363 | 5.79% | 112,235,363 | 5.79% | | Unrestricted Shares | 1,827,733,041 | 94.21% | 1,827,733,041 | 94.21% | | Total Shares | 1,939,968,404 | 100.00% | 1,939,968,404 | 100.00% | - The company's total share capital remained unchanged during the reporting period[140](index=140&type=chunk) [Securities Issuance and Listing](index=36&type=section&id=二、证券发行与上市情况) There were no securities issuance or listing activities by the company during the reporting period - The company had no securities issuance or listing activities during the reporting period[141](index=141&type=chunk) [Number of Shareholders and Shareholding Information](index=37&type=section&id=三、公司股东数量及持股情况) As of the reporting period end, the company had 102,144 common shareholders, with Perfect World Holding Group Co., Ltd. as the largest shareholder - As of the end of the reporting period, the total number of common shareholders was **102,144**[142](index=142&type=chunk) Shareholding Information of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period-End (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Perfect World Holding Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 22.32% | 432,907,448 | 432,907,448 | Pledged 86,513,400 shares | | Chi Yufeng | Domestic Natural Person | 7.69% | 149,122,401 | 37,280,600 | | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 5.99% | 116,195,506 | 116,195,506 | | | Tianjin Dongfu Ruijin Investment Management Center (Limited Partnership) | State-Owned Legal Person | 5.00% | 96,995,898 | 96,995,898 | | - Perfect World Holding and Kuaile Yongjiu are companies controlled by Chi Yufeng, and Perfect World Holding, Kuaile Yongjiu, and Chi Yufeng constitute parties acting in concert[142](index=142&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=38&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 - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[144](index=144&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=38&type=section&id=五、控股股东或实际控制人变更情况) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[145](index=145&type=chunk) - The company's actual controller did not change during the reporting period[145](index=145&type=chunk) [Preferred Share Information](index=38&type=section&id=六、优先股相关情况) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[146](index=146&type=chunk) [Part VII Bond-Related Information](index=39&type=section&id=第七节%20债券相关情况) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[148](index=148&type=chunk) [Part VIII Financial Report](index=40&type=section&id=第八节%20财务报告) This section presents the company's comprehensive financial statements and detailed notes on accounting policies and financial items [Audit Report](index=40&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[150](index=150&type=chunk) [Financial Statements](index=40&type=section&id=二、财务报表) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity for the half-year period - This section includes the Consolidated Balance Sheet, Parent Company Balance Sheet, Consolidated Income Statement, Parent Company Income Statement, Consolidated Cash Flow Statement, Parent Company Cash Flow Statement, Consolidated Statement of Changes in Owners' Equity, and Parent Company Statement of Changes in Owners' Equity[151](index=151&type=chunk)[155](index=155&type=chunk)[159](index=159&type=chunk)[161](index=161&type=chunk)[164](index=164&type=chunk)[166](index=166&type=chunk)[168](index=168&type=chunk)[172](index=172&type=chunk)[176](index=176&type=chunk)[180](index=180&type=chunk) [Consolidated Balance Sheet](index=40&type=section&id=1、合并资产负债表) As of June 30, 2025, the company's consolidated total assets were 11.48 billion yuan, with a slight decrease from the beginning of the period, and net assets attributable to the parent company were 6.91 billion yuan Consolidated Balance Sheet Key Data | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 11,148,087,466.17 | 11,365,625,431.97 | | Total Current Assets | 6,281,415,700.13 | 6,443,668,288.38 | | Total Non-Current Assets | 4,866,671,766.04 | 4,921,957,143.59 | | Total Liabilities | 4,363,008,750.71 | 4,496,058,836.16 | | Total Owners' Equity Attributable to Parent Company | 6,913,681,127.89 | 6,752,408,376.06 | | Total Owners' Equity | 6,785,078,715.46 | 6,869,566,595.81 | [Consolidated Income Statement](index=45&type=section&id=3、合并利润表) For the first half of 2025, the company achieved total operating revenue of 3.69 billion yuan, a 33.74% increase, with net profit attributable to parent company shareholders turning positive at 503 million yuan Consolidated Income Statement Key Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 3,690,992,631.88 | 2,759,914,394.43 | | Operating Profit | 703,890,825.69 | 132,284,380.61 | | Total Profit | 708,157,694.72 | 135,291,667.64 | | Net Profit | 507,299,924.25 | -122,219,319.00 | | Net Profit Attributable to Parent Company Shareholders | 503,205,318.94 | -176,860,206.36 | | Basic Earnings Per Share | 0.27 | -0.09 | [Consolidated Cash Flow Statement](index=47&type=section&id=5、合并现金流量表) In the first half of 2025, net cash flow from operating activities significantly turned positive to 502 million yuan, while investment activities decreased, and financing activities resulted in a net outflow Consolidated Cash Flow Statement Key Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 502,214,625.90 | -155,527,712.50 | | Net Cash Flow from Investing Activities | 259,091,992.28 | 994,114,873.25 | | Net Cash Flow from Financing Activities | -582,022,840.24 | -741,764,321.70 | | Net Increase in Cash and Cash Equivalents | 169,174,869.38 | 108,382,466.73 | | Period-End Cash and Cash Equivalents Balance | 3,284,310,428.59 | 3,123,854,321.40 | [Company Basic Information](index=58&type=section&id=三、公司基本情况) Perfect World Co., Ltd., with a registered capital of 1.94 billion yuan, is controlled by Chi Yufeng, focusing on broadcasting, animation, software development, and investment management - The company was formerly Zhejiang Jinlei High Temperature Materials Co., Ltd., and was renamed Perfect World Co., Ltd. in 2016[184](index=184&type=chunk)[185](index=185&type=chunk) - The company's registered capital is **1,939,968,404 RMB**, and its actual controller is Chi Yufeng[185](index=185&type=chunk)[186](index=186&type=chunk) - Its main business scope includes broadcasting and television program production and operation, animation, software development, cultural and artistic activity planning, and investment management[186](index=186&type=chunk) [Basis of Financial Statement Preparation](index=58&type=section&id=四、财务报表的编制基础) The financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and CSRC disclosure regulations, with no significant going concern issues - The company prepares its financial statements on a going concern basis, in accordance with enterprise accounting standards and the information disclosure regulations of the China Securities Regulatory Commission[187](index=187&type=chunk) - The company has the ability to continue as a going concern for 12 months from the end of this reporting period, with no significant matters affecting its going concern ability[188](index=188&type=chunk) [Significant Accounting Policies and Estimates](index=58&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, including financial instruments, revenue recognition, and asset impairment, ensuring accurate financial reporting - The company adheres to enterprise accounting standards to truly and completely reflect its financial position, operating results, and cash flows[190](index=190&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in current profit and loss, based on the business model for managing financial assets and the contractual cash flow characteristics[208](index=208&type=chunk) - The company recognizes revenue when performance obligations in the contract are satisfied, i.e., when the customer obtains control of the relevant goods or services, at the amount of consideration it expects to be entitled to receive[271](index=271&type=chunk) - The company divides internal research and development project expenditures into research phase expenditures and development phase expenditures, with development phase expenditures capitalized as intangible assets when specific conditions are met simultaneously[254](index=254&type=chunk)[255](index=255&type=chunk) - As a lessee, except for short-term leases and leases of low-value assets, the company recognizes the right to use the leased asset during the lease term as a right-of-use asset and recognizes a lease liability[292](index=292&type=chunk) [Methods and Basis for Determining Materiality Standards](index=59&type=section&id=5、重要性标准确定方法和选择依据) The company defines materiality standards for various financial items, such as receivables, contract liabilities, investment projects, and R&D projects, to guide disclosure Materiality Standards | Item | Materiality Standard | | :--- | :--- | | Significant individually impaired accounts receivable | Individually impaired amount exceeds RMB 10 million | | Significant contract liabilities | Period-end balance of a single contract liability exceeds RMB 50 million | | Significant investment projects | Single investment project exceeds RMB 50 million | | Significant capitalized R&D projects | Single capitalized R&D project's period-end balance exceeds RMB 50 million | | Significant joint ventures or associates | Book value of long-term equity investment in a single investee accounts for more than 5% of the company's net assets attributable to shareholders of the listed company at the end of the reporting period, and the investment gains/losses under the equity method attributable to shareholders of the listed company account for more than 10% of the net profit attributable to shareholders of the listed company during the reporting period | [Criteria for Control and Preparation Method for Consolidated Financial Statements](index=60&type=section&id=7、控制的判断标准和合并财务报表的编制方法) The company determines the scope of consolidated financial statements based on control, including all subsidiaries and structured entities, applying consistent accounting policies - The scope of the company's consolidated financial statements is determined based on control, and all subsidiaries and structured entities are included in the consolidated financial statements[196](index=196&type=chunk) - Control refers to the company's power over the investee, its exposure or rights to variable returns from its involvement with the investee, and its ability to u

葫芦岛锌业股份有限公司 2025 年半年度报告全文 葫芦岛锌业股份有限公司 2025 年半年度报告 2025-031 2025 年 8 月 25 日 1 葫芦岛锌业股份有限公司 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。 公司负责人于恩沅、主管会计工作负责人张俊廷及会计机构负责人(会计 主管人员)杜光辉声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资 者的实质承诺，敬请投资者注意投资风险。 公司已在本报告中详细描述可能存在的相关风险，敬请查阅"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"。《证券时报》《中国证 券报》《上海证券报》和巨潮资讯网(http://www.cninfo.com.cn)为本公司的 指定信息披露媒体，本公司所发布信息均以上述媒体刊登的为准，敬请投资 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 ...

Section I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The board and management affirm the report's truthfulness and completeness, with no plans for cash dividends or bonus shares this period - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume legal responsibility[5](index=5&type=chunk) - Company head Qiao Zhiyong, chief accountant Tong Yao, and head of accounting department Fu Fangtao declare and guarantee the truthfulness, accuracy, and completeness of the financial report[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report's clear table of contents includes eight main chapters, covering key information, company profile, management discussion, governance, significant matters, share changes, bond status, and financial reports - The report contains eight main chapters, with a clear structure[8](index=8&type=chunk) [List of Documents for Reference](index=4&type=section&id=List%20of%20Documents%20for%20Reference) Reference documents, including signed financial statements and the semi-annual report, are available at the company's board office - Reference documents include signed financial statements, original drafts of publicly disclosed documents, the semi-annual report and its summary, among others[10](index=10&type=chunk) - All reference documents are kept at the company's board of directors' office[11](index=11&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, ensuring accurate understanding of company names, subsidiaries, partners, regulations, and reporting periods - "Qiaoyuan Gas", "the Company", and "Company" refer to Sichuan Qiaoyuan Gas Co., Ltd[12](index=12&type=chunk) - "Reporting Period", "Current Period", and "Current Reporting Period" refer to January 1, 2025, to June 30, 2025[14](index=14&type=chunk) - Several subsidiaries and partners are listed, such as Aba Qiaoyuan, Fuzhou Qiaoyuan, Hangyang Stock, and CATL[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators [1. Company Profile](index=7&type=section&id=1.%20Company%20Profile) The company, listed on the Shenzhen Stock Exchange with stock code 301286, is named Qiaoyuan Gas Co., Ltd., and its legal representative is Qiao Zhiyong Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Qiaoyuan Gas | | Stock Code | 301286 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Sichuan Qiaoyuan Gas Co., Ltd. | | Legal Representative | Qiao Zhiyong | [2. Contact Persons and Information](index=7&type=section&id=2.%20Contact%20Persons%20and%20Information) The company's board secretary and securities affairs representative are located at the same address in Dujiangyan, Chengdu, with provided contact details Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Tong Yao | No. 1399, Guanwen Road, Dujiangyan City, Chengdu, Sichuan Province | 028-87229039 | 028-87229696 | tongy@qygas.com | | Securities Affairs Representative | Qiao Xin | No. 1399, Guanwen Road, Dujiangyan City, Chengdu, Sichuan Province | 028-87229039 | 028-87229696 | qiaoxin@qygas.com | [3. Other Information](index=7&type=section&id=3.%20Other%20Information) While contact details and registration remained unchanged, the company completed a business scope amendment in April and May 2025, without significantly impacting its main operations - The company's registered address, office address, website, and email remained unchanged during the reporting period[18](index=18&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[19](index=19&type=chunk) - The company approved resolutions to increase its business scope and amend its Articles of Association on April 21, 2025, and May 15, 2025, respectively, and completed the industrial and commercial change registration[21](index=21&type=chunk) - After the business scope adjustment, the company's main business has not changed and will not have a significant impact on its operating performance[21](index=21&type=chunk) [4. Key Accounting Data and Financial Indicators](index=8&type=section&id=4.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company achieved significant year-on-year growth in revenue, net profit, and operating cash flow, with increases in total assets and net assets Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 529,313,090.56 | 479,310,554.03 | 10.43% | | Net Profit Attributable to Shareholders of Listed Company | 117,420,286.99 | 74,414,564.85 | 57.79% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 108,821,697.16 | 68,880,769.83 | 57.99% | | Net Cash Flow from Operating Activities | 88,704,435.96 | 41,359,176.59 | 114.47% | | Basic Earnings Per Share (RMB/share) | 0.2961 | 0.1860 | 59.19% | | Diluted Earnings Per Share (RMB/share) | 0.2961 | 0.1860 | 59.19% | | Weighted Average Return on Net Assets | 6.47% | 4.22% | 2.25% | Asset and Liability Indicators (End of Current Reporting Period vs. End of Prior Year) | Indicator | End of Current Reporting Period (RMB) | End of Prior Year (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Total Assets | 2,004,976,130.50 | 1,996,863,826.20 | 0.41% | | Net Assets Attributable to Shareholders of Listed Company | 1,844,676,920.22 | 1,753,088,859.98 | 5.22% | [5. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=8&type=section&id=5.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reports no differences in net profit or net assets between international/overseas accounting standards and Chinese accounting standards for the period - The company's financial report for the current period shows no differences in net profit and net assets between international accounting standards and Chinese accounting standards[23](index=23&type=chunk) - The company's financial report for the current period shows no differences in net profit and net assets between overseas accounting standards and Chinese accounting standards[24](index=24&type=chunk) [6. Non-Recurring Gains and Losses Items and Amounts](index=9&type=section&id=6.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's non-recurring gains and losses totaled RMB 8,598,589.83, primarily from government subsidies, fair value changes, and non-current asset disposals Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets | -270,055.89 | Primarily due to gains and losses from disposal of fixed assets in the current reporting period | | Government grants recognized in current profit and loss | 10,073,160.45 | Primarily due to government grants received in the current reporting period | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 382,266.61 | Primarily due to gains from bank wealth management products in the current reporting period | | Other non-operating income and expenses apart from the above items | 15,587.46 | | | Less: Income tax impact | 1,602,368.80 | | | Total | 8,598,589.83 | | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[26](index=26&type=chunk)[27](index=27&type=chunk) Section III Management Discussion and Analysis [1. Main Business Activities During the Reporting Period](index=10&type=section&id=1.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company specializes in industrial gas production and sales, serving diverse industries with high-purity oxygen, nitrogen, and argon, and operates production bases in Southwest China and Fujian [1. Industry Development Status](index=10&type=section&id=1.%20Industry%20Development%20Status) China's industrial gas market is rapidly expanding, driven by emerging industries and supportive national policies, despite regional and cyclical characteristics, with intense competition from domestic and international players - China's industrial gas industry market size is approximately **RMB 220 billion**, with an average compound annual growth rate of about **10%** from 2019 to 2023, projected to reach **RMB 280 billion** by 2026[30](index=30&type=chunk) - The industrial gas industry has certain cyclical characteristics, but with the rapid development of emerging industries such as new energy, new materials, and electronic information, cyclical fluctuations are further weakened[30](index=30&type=chunk) - National policies strongly support the development of the industrial gas industry, listing it as one of the key supported industries[31](index=31&type=chunk)[32](index=32&type=chunk) - Major competitors include international giants such as Linde, Air Products, and Air Liquide, as well as domestic enterprises like Yingde Gas, Heyuan Gas, and Hangyang Stock[32](index=32&type=chunk)[33](index=33&type=chunk) [2. Main Products and Services](index=11&type=section&id=2.%20Main%20Products%20and%20Services) The company is a comprehensive supplier of high-purity gases, including oxygen, nitrogen, and argon, serving traditional and emerging industries through liquid, pipeline, and cylinder supply modes from its Sichuan and Fujian bases - The company's main products include high-purity oxygen, high-purity nitrogen, high-purity argon, medical oxygen, food-grade nitrogen, industrial oxygen, carbon dioxide, hydrogen, various electronic gases, and mixed gases[33](index=33&type=chunk) - The company's products primarily meet the demands of traditional industries such as metallurgy, chemical, military, medical, and food, as well as emerging industries like new energy, semiconductors, electronic information, biomedicine, and new materials[33](index=33&type=chunk) - The company operates the largest all-liquid air separation gas production line in Southwest China in the Sichuan region, and two air separation gas production lines in the Fujian region[34](index=34&type=chunk) [3. Main Business Model](index=11&type=section&id=3.%20Main%20Business%20Model) The company operates an integrated system for procurement, production, sales, and service, ensuring continuous supply through diverse gas delivery methods and efficient logistics - The company's procurement primarily includes energy (electricity), machinery and equipment, transport vehicles, auxiliary materials, and some outsourced air separation gas products and finished gases for adjustment[34](index=34&type=chunk) - The company's production system consists of a main system and a backup system to ensure continuous and sufficient gas supply[35](index=35&type=chunk) - The company primarily sells gas products to end-users, expanding business through marketing personnel, and maintains business relationships with peer gas companies, gas filling stations, and gas traders who are not self-users[36](index=36&type=chunk) - The company offers various gas supply modes, including liquid gas, pipeline gas, and cylinder gas, and provides professional service teams for supporting facilities and regular services[37](index=37&type=chunk) - The logistics model is primarily self-delivery, with over **100** transport vehicles, supplemented by qualified third-party delivery[38](index=38&type=chunk) [4. Company's Industry Position](index=12&type=section&id=4.%20Company's%20Industry%20Position) With over two decades in the Southwest and Fujian industrial gas markets, the company holds a leading position in the Sichuan-Chongqing region, supported by a strong brand, core technologies, and a diverse client base - The company has been recognized as a "Chengdu Famous Trademark", its products awarded "Sichuan Famous Brand Product" title, and its medical oxygen and industrial gas products listed in the "Provincial Famous and High-Quality Products Promotion and Application Catalog"[38](index=38&type=chunk) - Core customers include listed companies such as Sansteel Minguang, Tongwei Co., Ltd., Dongfang Electric, and CATL, as well as renowned military and medical institutions like China Academy of Engineering Physics and West China Hospital of Sichuan University[39](index=39&type=chunk)[40](index=40&type=chunk) - The company possesses core technologies such as "waste gas and residual liquid recovery", "vacuum pipeline application", and "energy recovery comprehensive utilization", which improve product purity, extraction efficiency, and reduce energy consumption[40](index=40&type=chunk) - The company is one of the largest professional suppliers of all-liquid air separation gas in Southwest China, establishing a leading position in the Sichuan-Chongqing market competition against international giants[41](index=41&type=chunk) [2. Analysis of Core Competencies](index=13&type=section&id=2.%20Analysis%20of%20Core%20Competencies) The company's core strengths include a first-mover advantage in the Sichuan-Chongqing retail market, high-quality products, leading scale, cost advantages from hydropower and energy-saving technologies, efficient logistics, diverse customer resources, and flexible supply models - The company has a prominent first-mover advantage in the Sichuan-Chongqing air separation gas retail market, with a deep understanding of local customers' personalized needs[42](index=42&type=chunk) - The company's product quality is stable, with medical oxygen and industrial gas products listed in the "Provincial Famous and High-Quality Products Promotion and Application Catalog", and "Qiaoyuan Brand Gas" awarded the "Sichuan Famous Brand Product" title[42](index=42&type=chunk) - The company operates large-scale air separation gas production lines in Sichuan and Fuzhou, possessing a regionally leading scale and supply assurance capability[43](index=43&type=chunk) - The company achieves production cost advantages through large-scale production, low electricity prices at its Wenchuan base, and energy-saving technologies (such as "waste gas and residual liquid recovery")[43](index=43&type=chunk)[44](index=44&type=chunk) - The company owns over **100** dedicated transport vehicles and a real-time monitoring system, providing professional and efficient logistics and distribution services[44](index=44&type=chunk) - The company has accumulated high-quality customer resources covering multiple industries, including several listed companies and renowned enterprises[44](index=44&type=chunk) - The company offers diverse gas supply modes, including liquid gas, pipeline gas, and cylinder gas, and provides one-stop, comprehensive service solutions[45](index=45&type=chunk) [3. Analysis of Main Business](index=14&type=section&id=3.%20Analysis%20of%20Main%20Business) The company's main business revenue increased by 10.43%, while operating costs decreased, leading to a significant 57.79% rise in net profit, driven by increased sales and improved oxygen product gross margin Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 529,313,090.56 | 479,310,554.03 | 10.43% | | | Operating Cost | 342,455,862.45 | 344,082,461.66 | -0.47% | | | Financial Expenses | 416,299.13 | 970,831.73 | -57.12% | Primarily due to repayment of part of the loan principal in the current reporting period | | Income Tax Expenses | 30,717,631.64 | 21,163,488.29 | 45.14% | Primarily due to increased profit in the current reporting period | | R&D Investment | 147,385.59 | 293,743.63 | -49.83% | Primarily due to reduction in R&D personnel in the current reporting period | | Net Cash Flow from Operating Activities | 88,704,435.96 | 41,359,176.59 | 114.47% | Primarily due to increased cash collection in the current reporting period | | Net Cash Flow from Investing Activities | 12,656,897.78 | -7,895,689.30 | 260.30% | Primarily due to redemption of wealth management products upon maturity in the reporting period | | Net Increase in Cash and Cash Equivalents | 7,014,673.18 | -80,625,959.27 | 108.70% | Primarily due to increased sales collection in the current reporting period | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Year-on-year Change in Operating Revenue | Year-on-year Change in Operating Cost | Year-on-year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Oxygen | 223,873,653.31 | 132,767,457.00 | 40.70% | 9.22% | -9.05% | 11.92% | | Nitrogen | 203,245,216.00 | 156,401,970.46 | 23.05% | 7.59% | 12.17% | -3.14% | | Argon | 28,825,342.53 | 19,124,677.34 | 33.65% | -32.51% | -38.42% | 6.36% | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[48](index=48&type=chunk) [4. Analysis of Non-Main Business](index=15&type=section&id=4.%20Analysis%20of%20Non-Main%20Business) Non-main business income primarily includes government subsidies (sustainable), investment income from structured deposits (non-sustainable), and fair value changes from wealth management products (non-sustainable), with credit impairment losses as a negative contributor Non-Main Business Analysis | Item | Amount (RMB) | Proportion of Total Profit | Explanation for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 379,683.23 | 0.26% | Structured deposits | No | | Fair Value Change Gains and Losses | 2,583.38 | 0.00% | Fair value changes of wealth management products | No | | Asset Impairment | -1,067.38 | 0.00% | Inventory depreciation losses | No | | Non-Operating Income | 114,682.29 | 0.08% | Gains from disposal of non-current assets, etc. | No | | Non-Operating Expenses | 393,336.41 | 0.27% | Losses from disposal of non-current assets, etc. | No | | Other Income | 10,133,431.42 | 6.84% | Government grants received | Yes | | Credit Impairment Losses | -2,928,264.29 | -1.98% | Provision for bad debts | Yes | | Asset Disposal Gains | 24,185.69 | 0.02% | Gains from disposal of non-current assets | No | [5. Analysis of Assets and Liabilities](index=15&type=section&id=5.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets slightly increased by 0.41%, with fixed assets rising due to construction project transfers, while long-term borrowings decreased from principal repayments, and trade receivables financing significantly increased 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 for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 220,684,339.23 | 11.01% | 213,576,838.36 | 10.70% | 0.31% | | | Fixed Assets | 1,004,151,965.53 | 50.08% | 947,263,596.91 | 47.44% | 2.64% | Primarily due to transfer of some construction in progress to fixed assets in the current reporting period | | Construction in Progress | 250,670,671.57 | 12.50% | 298,788,222.30 | 14.96% | -2.46% | Primarily due to transfer of some construction in progress to fixed assets in the current reporting period | | Contract Liabilities | 12,911,388.09 | 0.64% | 6,483,852.18 | 0.32% | 0.32% | Primarily due to increased advance receipts for goods in the current reporting period | | Long-term Borrowings | 27,500,000.00 | 1.37% | 91,237,500.00 | 4.57% | -3.20% | Primarily due to repayment of part of the loan principal in the current reporting period | | Trading Financial Assets | 0.00 | 0.00% | 31,005,836.63 | 1.55% | -1.55% | Primarily due to redemption of wealth management products upon maturity in the reporting period | | Notes Receivable | 9,138,017.23 | 0.46% | 6,414,047.41 | 0.32% | 0.14% | Primarily due to an increase in the outstanding amount of commercial acceptance bills received at the end of the current reporting period | | Notes Receivable Financing | 79,867,243.58 | 3.98% | 42,894,738.91 | 2.15% | 1.83% | Primarily due to an increase in the outstanding amount of bank acceptance bills received at the end of the current reporting period | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (RMB) | Fair Value Change Gains and Losses for the Period (RMB) | Amount Purchased During the Period (RMB) | Amount Sold During the Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 31,005,836.63 | 2,583.38 | 232,000,000.00 | 263,008,420.01 | 0.00 | | Notes Receivable Financing | 42,894,738.91 | | | | 79,867,243.58 | | Total | 74,550,575.54 | 2,583.38 | 232,000,000.00 | 263,008,420.01 | 80,517,243.58 | - There were no significant changes in the measurement attributes of the company's main assets during the reporting period[57](index=57&type=chunk) Restricted Asset Rights | Item | Carrying Amount at Period End (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Fixed Assets | 1,366,312.91 | Loan collateral | | Intangible Assets | 2,866,394.28 | Loan collateral | | Total | 4,232,707.19 | | [6. Analysis of Investment Status](index=17&type=section&id=6.%20Analysis%20of%20Investment%20Status) Total investment decreased by 28.10%, with major non-equity investments in nitrogen recovery and air separation projects under construction, and a significant portion of raised funds used for committed projects, with some yet to yield expected returns Investment Amount for the Reporting Period | Investment Amount for the Reporting Period (RMB) | Investment Amount for the Prior Year Period (RMB) | Change Rate | | :--- | :--- | :--- | | 44,624,539.86 | 62,066,959.42 | -28.10% | - There were no significant equity investments during the reporting period[59](index=59&type=chunk) Significant Non-Equity Investments in Progress | Project Name | Investment Method | Investment Industry | Amount Invested in Current Reporting Period (RMB) | Cumulative Actual Investment Amount as of End of Reporting Period (RMB) | Project Progress | Estimated Return (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1100TPD Nitrogen Recovery Environmental Protection and Energy Saving Technical Transformation Project | Self-built | Gas Industry | 129,811.32 | 42,291,029.95 | 13.20% | 1,041,756,000.00 | | Jintang Qiaoyuan Phase III 40000 Air Separation Project | Self-built | Gas Industry | 26,853,391.67 | 164,956,364.16 | 65.98% | 821,835,400.00 | Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (RMB) | Fair Value Change Gains and Losses for the Period (RMB) | Amount Purchased During the Reporting Period (RMB) | Amount Sold During the Reporting Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 74,550,575.54 | 2,583.38 | 232,000,000.00 | 263,008,420.01 | 80,517,243.58 | Overall Utilization of Raised Funds (Unit: RMB 10,000) | Net Raised Funds | Total Raised Funds Used in Current Period | Total Raised Funds Used Cumulatively | Proportion of Raised Funds Used at End of Reporting Period | | :--- | :--- | :--- | :--- | | 62,551.17 | 242.35 | 54,467.58 | 87.08% | - As of June 30, 2025, the balance of raised funds was **RMB 83,330,242.06**, including **RMB 82,000,000.00** used for cash management of idle raised funds[66](index=66&type=chunk) - The "1100TPD Nitrogen Recovery Environmental Protection and Energy Saving Technical Transformation Project" and "Integrated Intelligent Management Platform" have not yet reached their expected returns because the projects have not reached the date of availability for use[67](index=67&type=chunk) Overview of Wealth Management Entrustment During the Reporting Period (Unit: RMB 10,000) | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management Occurred | Outstanding Balance | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 28,700 | 0 | | Other Categories | Raised Funds | 8,200 | 8,200 | | Total | | 36,900 | 8,200 | - The company had no derivative investments or entrusted loans during the reporting period[72](index=72&type=chunk)[73](index=73&type=chunk) [7. Significant Asset and Equity Disposals](index=23&type=section&id=7.%20Significant%20Asset%20and%20Equity%20Disposals) The company did not engage in any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[74](index=74&type=chunk) - The company did not dispose of significant equity during the reporting period[75](index=75&type=chunk) [8. Analysis of Major Holding and Participating Companies](index=23&type=section&id=8.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's key subsidiaries, including those in Aba Wenchuan, Fuzhou, Meishan, and Jintang, primarily engage in industrial gas production and sales, contributing significantly to net profit, with no new acquisitions or disposals during the period Financial Data of Major Subsidiaries (Unit: RMB 10,000) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Aba Wenchuan Qiaoyuan Gas Co., Ltd. | Subsidiary | Production, sales: oxygen, nitrogen, argon, medical oxygen, etc. | 8,116 | 57,249.15 | 33,709.94 | 18,565.71 | 1,496.25 | 1,073.59 | | Qiaoyuan Gas (Fuzhou) Co., Ltd. | Subsidiary | Research, development, production, operation of industrial gases; medical oxygen, etc. | 1,169 | 33,338.42 | 22,359.67 | 13,121.94 | 5,293.31 | 3,983.30 | | Qiaoyuan Gas (Meishan) Co., Ltd. | Subsidiary | Production of hazardous chemicals; operation of hazardous chemicals; production of food additives, etc. | 5,216 | 49,794.19 | 18,383.54 | 13,641.30 | 4,170.02 | 3,526.30 | | Qiaoyuan (Jintang) Gas Co., Ltd. | Subsidiary | Production and operation of hazardous chemicals; production of food additives; production of pharmaceuticals, etc. | 10,000 | 46,436.65 | 16,007.36 | 9,418.46 | 2,523.51 | 2,127.20 | - The company did not acquire or dispose of any subsidiaries during the reporting period[77](index=77&type=chunk) [9. Information on Structured Entities Controlled by the Company](index=24&type=section&id=9.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[78](index=78&type=chunk) [10. Risks Faced by the Company and Countermeasures](index=24&type=section&id=10.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company addresses risks such as production safety, energy price fluctuations, bad debts, and market competition through robust safety management, energy-saving technologies, stringent accounts receivable management, and a regional leadership strategy - Product production and transportation involve safety risks, which the company addresses by improving management systems, equipping safety facilities, and strengthening internal management[78](index=78&type=chunk)[79](index=79&type=chunk) - Significant increases in energy prices could impact profitability, which the company mitigates through energy-saving technologies and timely adjustments to product sales pricing[79](index=79&type=chunk)[80](index=80&type=chunk) - The risk of bad debts from accounts receivable is managed by improving credit ratings, strengthening information system management, enhancing collection efforts, and implementing performance appraisals[80](index=80&type=chunk)[81](index=81&type=chunk) - Intense market competition is addressed by adhering to a regional leadership strategy, enhancing product quality and supply assurance capabilities, controlling costs, and optimizing logistics[81](index=81&type=chunk)[82](index=82&type=chunk) [11. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=25&type=section&id=11.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) The company held an online performance briefing on May 8, 2025, via Dongfang Fortune Roadshow Center, engaging with the public and investors Research Activities Received During the Reporting Period | Reception Date | Reception Location | Reception Method | Type of Reception Object | Main Content Discussed and Materials Provided | | :--- | :--- | :--- | :--- | :--- | | May 08, 2025 | Dongfang Fortune Roadshow Center (Online Platform) | Online platform communication | General public, investors, etc. | Refer to Juchao Information Network | [12. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=26&type=section&id=12.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has established a Market Value Management System, approved by the board on January 22, 2025, to standardize market value management and enhance investment value - The company has formulated the "Sichuan Qiaoyuan Gas Co., Ltd. Market Value Management System"[85](index=85&type=chunk) - This system was approved by the company's Twelfth Meeting of the Fifth Board of Directors on January 22, 2025[85](index=85&type=chunk) [13. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=26&type=section&id=13.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan) The company implemented a "Quality and Return Dual Enhancement" plan, focusing on core business, governance, investor communication, and shareholder returns, including RMB 31.7258 million in cash dividends and RMB 105 million in share repurchases for 2024 - The company has formulated and disclosed the "Quality and Return Dual Enhancement" action plan, aiming to thoroughly implement the business philosophy of "investor-centric"[86](index=86&type=chunk) - The company focuses on main business development, maintaining a healthy development trend through technological innovation and refined management[86](index=86&type=chunk) - The company improves its governance system, formulating "Market Value Management System" and "Public Opinion Management System", and revising multiple internal systems[86](index=86&type=chunk) - The company strengthens information disclosure and investor communication, with its 2023 information disclosure rated "A", and high-frequency interaction with investors through online and offline channels[87](index=87&type=chunk) 2024 Shareholder Return Measures | Return Measure | Amount/Proportion | | :--- | :--- | | Cash Dividend | Cash dividend of RMB 0.80 per 10 shares (tax inclusive), totaling RMB 31.7258 million (tax inclusive) | | Share Repurchase | RMB 105 million | | Comprehensive Return Rate (as a percentage of net profit attributable to shareholders of the listed company in 2024) | 91.66% | Section IV Corporate Governance, Environment, and Society [1. Changes in Directors, Supervisors, and Senior Management](index=28&type=section&id=1.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Li Hong was elected as an employee representative director on May 15, 2025, due to a job transfer Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Li Hong | Employee Representative Director | Elected | May 15, 2025 | Job transfer | [2. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=28&type=section&id=2.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[92](index=92&type=chunk) [3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=28&type=section&id=3.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company's 2025 Restricted Stock Incentive Plan was approved in February, granting 739,700 restricted shares to 229 employees at RMB 17.64 per share, with the first batch registered on April 3 - The company's board of directors convened on January 22, 2025, and approved the "2025 Restricted Stock Incentive Plan (Draft)" and its summary, among other proposals[93](index=93&type=chunk) - The incentive plan was approved by the shareholders' meeting on February 13, 2025[94](index=94&type=chunk) - On February 27, 2025, the company agreed to grant **739,700** restricted shares (of which **66,000** are Class I and **673,700** are Class II) to **229** incentive recipients at a price of **RMB 17.64 per share**[95](index=95&type=chunk) - On April 3, 2025, the company completed the registration of the first class of restricted shares under the 2025 Restricted Stock Incentive Plan, with **66,000 shares** granted and registered[95](index=95&type=chunk) - The company had no employee stock ownership plans or other employee incentive measures during the reporting period[96](index=96&type=chunk) [4. Environmental Information Disclosure](index=29&type=section&id=4.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[96](index=96&type=chunk) [5. Social Responsibility](index=29&type=section&id=5.%20Social%20Responsibility) The company upholds stakeholder rights, ensures employee welfare, prioritizes safety and green development, and actively contributes to local economic growth and philanthropy - The company ensures shareholder rights by improving its governance structure, operating in compliance, diligently fulfilling information disclosure obligations, and actively communicating with investors[96](index=96&type=chunk) - The company standardizes employment systems, protects employees' legitimate rights and interests, values talent reserves and training, actively conducts employee training, and ensures employee occupational safety and health[97](index=97&type=chunk) - The company strictly adheres to national safety production laws and regulations, upholding the policy of "safety first, prevention foremost, comprehensive governance", with no safety production accidents or casualties during the reporting period[98](index=98&type=chunk) - The company continuously increases safety investment for safety production education and training, protective equipment, hazard investigation and rectification, and emergency rescue drills[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk) - The company focuses on and values the protection of legitimate rights and interests of customers and suppliers, establishing fair and just selection mechanisms, and improving product quality and service efficiency[110](index=110&type=chunk) - The company actively creates employment opportunities, participates in charitable activities, assists the needy and supports education, and pays taxes according to law, supporting local economic development[111](index=111&type=chunk) - The company's middle and senior management actively participate in social public relations activities, promoting the introduction of local industrial policies through the CPPCC platform[112](index=112&type=chunk) Section V Significant Matters [1. 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=32&type=section&id=1.%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) All commitments by the company, its actual controller, shareholders, directors, supervisors, and senior management regarding share lock-up, profit distribution, share price stability, and control maintenance were fulfilled on time during the reporting period - Commitments by shareholders Qiao Xin, Zhang Lirong, Zhechuang Haoyu, Huatuo Zhiyuan, etc., regarding share lock-up, which began on June 14, 2022, for a period of **36 months**, have been fulfilled[114](index=114&type=chunk) - Commitments by the company, controlling shareholder Qiao Zhiyong, directors (Jin Zhi, Li Guoping, Qiao Kun, Qiao Zhiyong, Wang Shaonan), supervisors (Chen Na, Chen Haijun, Wei Jiarong), and senior management (Li Guoping, Li Hong, Qiao Kun, Qiao Lina, Tong Yao, Zheng Yongping) regarding profit distribution policy have been fulfilled[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) - Commitments by the company, controlling shareholder, actual controller, and directors and senior management regarding share price stability have been fulfilled[119](index=119&type=chunk) - Commitments by controlling shareholders Qiao Zhiyong, Zhang Lirong, Qiao Kun, and Qiao Xin regarding maintaining the issuer's control have been fulfilled[119](index=119&type=chunk)[120](index=120&type=chunk) - All commitments were fulfilled on time, with no overdue unfulfilled situations[120](index=120&type=chunk) [2. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties of the Listed Company](index=38&type=section&id=2.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) There was no non-operating occupation of listed company funds by the controlling shareholder or other related parties during the reporting period - There was no non-operating occupation of listed company funds by the controlling shareholder or other related parties during the reporting period[121](index=121&type=chunk) [3. Irregular External Guarantees](index=38&type=section&id=3.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[122](index=122&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=38&type=section&id=4.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was unaudited[123](index=123&type=chunk) [5. Board of Directors, Supervisory Board, and Audit Committee's Explanation of the Accounting Firm's "Non-Standard Audit Report" for the Current Reporting Period](index=38&type=section&id=5.%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee's%20Explanation%20of%20the%20Accounting%20Firm's%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Reporting%20Period) As the semi-annual report was unaudited, there is no explanation regarding a non-standard audit report - The company's semi-annual report was unaudited, thus there is no explanation regarding a non-standard audit report[124](index=124&type=chunk) [6. Board of Directors' Explanation of the "Non-Standard Audit Report" for the Previous Year](index=38&type=section&id=6.%20Board%20of%20Directors'%20Explanation%20of%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) As the semi-annual report was unaudited, there is no explanation regarding a non-standard audit report for the previous year - The company's semi-annual report was unaudited, thus there is no explanation regarding a non-standard audit report for the previous year[124](index=124&type=chunk) [7. Bankruptcy Reorganization Matters](index=39&type=section&id=7.%20Bankruptcy%20Reorganization%20Matters) The company did not experience any bankruptcy reorganization matters during the reporting period - The company did not experience any bankruptcy reorganization matters during the reporting period[125](index=125&type=chunk) [8. Litigation Matters](index=39&type=section&id=8.%20Litigation%20Matters) The company had no major litigation or arbitration matters, with minor ongoing cases totaling RMB 4.0705 million having no significant impact - The company had no major litigation or arbitration matters in the current reporting period[126](index=126&type=chunk) Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Whether Provision for Liabilities Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | Status of Litigation (Arbitration) Judgment Execution | | :--- | :--- | :--- | :--- | :--- | :--- | | Summary of other non-major litigation (arbitration) matters where the company/subsidiary is the plaintiff | 407.05 | No | Some have been ruled, some are still in progress | No significant impact | Currently being executed | [9. Penalties and Rectification](index=39&type=section&id=9.%20Penalties%20and%20Rectification) The company had no significant penalties or rectification situations during the reporting period - The company had no significant penalties or rectification situations during the reporting period[127](index=127&type=chunk) [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=39&type=section&id=10.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) 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 during the reporting period[128](index=128&type=chunk) [11. Significant Related Party Transactions](index=39&type=section&id=11.%20Significant%20Related%20Party%20Transactions) The company had no significant related party transactions, including those related to daily operations, asset/equity acquisitions, joint investments, or intercompany debt, nor any financial business with affiliated finance companies - The company had no significant related party transactions related to daily operations during the reporting period[128](index=128&type=chunk) - The company had no related party transactions involving asset or equity acquisition or disposal during the reporting period[129](index=129&type=chunk) - The company had no related party transactions involving joint external investment during the reporting period[130](index=130&type=chunk) - There were no significant related party creditor-debtor transactions during the reporting period[131](index=131&type=chunk) - The company had no deposits, loans, credit lines, or other financial business with affiliated finance companies, nor did its controlled finance companies have such business with related parties[132](index=132&type=chunk)[133](index=133&type=chunk) - The company had no other significant related party transactions during the reporting period[134](index=134&type=chunk) [12. Significant Contracts and Their Performance](index=40&type=section&id=12.%20Significant%20Contracts%20and%20Their%20Performance) The company had no托管 or 承包 situations, generated RMB 6.9185 million in rental income, provided guarantees totaling RMB 16.4175 million to subsidiaries, and has major gas supply contracts under construction - The company had no entrustment or contracting situations during the reporting period[135](index=135&type=chunk)[136](index=136&type=chunk) - During the reporting period, the company and some of its controlled subsidiaries had property leasing situations, incurring rental expenses of **RMB 685,800**[137](index=137&type=chunk) - During the reporting period, some customers leased the company's fixed assets, generating rental income of **RMB 6,918,500**[137](index=137&type=chunk) Company Guarantees to Subsidiaries (Unit: RMB 10,000) | Name of Guaranteed Party | Disclosure Date of Guarantee Limit Announcement | Guarantee Limit | Actual Occurrence Date | Actual Guarantee Amount | Type of Guarantee | Whether Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Qiaoyuan (Jintang) Gas Co., Ltd. | April 23, 2025 | 40,000.00 | June 21, 2023 | 1,154.25 | Joint and several liability guarantee | Yes | | Qiaoyuan (Jintang) Gas Co., Ltd. | April 23, 2025 | 40,000.00 | June 20, 2024 | 487.50 | Joint and several liability guarantee | No | | Aba Wenchuan Qiaoyuan Gas Co., Ltd. | April 23, 2025 | 20,000.00 | | 0.00 | Joint and several liability guarantee | | | Qiaoyuan Gas (Meishan) Co., Ltd. | April 23, 2025 | 20,000.00 | | 0.00 | Joint and several liability guarantee | | Total Company Guarantees (Unit: RMB 10,000) | Indicator | Amount | | :--- | :--- | | Total Guarantee Limit Approved During the Reporting Period | 80,000 | | Total Actual Guarantee Amount Occurred During the Reporting Period | 1,641.75 | | Total Approved Guarantee Limit at End of Reporting Period | 80,000 | | Total Actual Guarantee Balance at End of Reporting Period | 87.5 | | Proportion of Total Actual Guarantee Amount to Company's Net Assets | 0.05% | Significant Daily Operating Contracts (Unit: RMB 100 million) | Name of Company Party to Contract | Name of Counterparty to Contract | Total Contract Amount | Contract Performance Progress | Sales Revenue Recognized in Current Period | Cumulative Sales Revenue Recognized | | :--- | :--- | :--- | :--- | :--- | :--- | | Aba Wenchuan Qiaoyuan Gas Co., Ltd. | Deyang Chuanfa Longmang New Materials Co., Ltd. | 4.60 | Project under construction | 0.00 | 0.00 | | Qiaoyuan (Jintang) Gas Co., Ltd. | Chengdu Bamo Technology Co., Ltd. | 20.00 | Project under construction (delayed performance) | 0.00 | 0.00 | | Qiaoyuan (Jintang) Gas Co., Ltd. | Chengdu Bamo Technology Co., Ltd. | 10.23 | Project under construction (delayed performance) | 0.00 | 0.00 | Other Significant Contracts (Unit: RMB 10,000) | Name of Company Party to Contract | Name of Counterparty to Contract | Contract Subject | Total Contract Amount (RMB 10,000) | Execution Status as of End of Reporting Period | | :--- | :--- | :--- | :--- | :--- | | Sichuan Qiaoyuan Gas Co., Ltd. | Deyang-Aba Ecological Economic Industrial Park Management Committee | Deyang Qiaoyuan Phase I Line 1 Project | 76,000.00 | Project under construction | | Qiaoyuan (Jintang) Gas Co., Ltd. | Tangshan Dachang Engineering Co., Ltd. | Expansion of Tongwei Solar Photovoltaic Industrial Base Project Qiaoyuan Gas Supporting Air Separation Production Line | 38,000.00 | Project under construction | [13. Explanation of Other Significant Matters](index=46&type=section&id=13.%20Explanation%20of%20Other%20Significant%20Matters) The company has no other significant matters requiring explanation during the reporting period - The company has no other significant matters requiring explanation during the reporting period[148](index=148&type=chunk) [14. Significant Matters of Company Subsidiaries](index=46&type=section&id=14.%20Significant%20Matters%20of%20Company%20Subsidiaries) There were no significant matters concerning the company's subsidiaries during the reporting period - There were no significant matters concerning the company's subsidiaries during the reporting period[149](index=149&type=chunk) Section VI Share Changes and Shareholder Information [1. Share Change Information](index=47&type=section&id=1.%20Share%20Change%20Information) The company's total share capital remained at 400,100,000 shares, with a decrease in restricted shares due to the expiration of lock-up periods and an increase in restricted shares from the 2025 equity incentive plan Share Change Information (Unit: shares) | Item | Number Before This Change | Proportion Before This Change | Increase/Decrease in This Change (Subtotal) | Number After This Change | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 360,375,000 | 90.07% | -121,554,398 | 238,820,602 | 59.69% | | Of which: Shares held by domestic legal persons | 356,053,920 | 88.99% | -117,233,318 | 238,820,602 | 59.69% | | Funds, wealth management products, etc. | 4,321,080 | 1.08% | -4,321,080 | 0 | 0.00% | | II. Unrestricted Shares | 39,725,000 | 9.93% | 121,554,398 | 161,279,398 | 40.31% | | III. Total Shares | 400,100,000 | 100.00% | 0 | 400,100,000 | 100.00% | - On June 16, 2025, some shares issued before the company's initial public offering became unrestricted and were released from lock-up, involving **6 shareholders** and a total of **360,090,000 shares**, accounting for **90.00%** of the company's total share capital[153](index=153&type=chunk) - On April 3, 2025, the company completed the registration of the first class of restricted shares under the 2025 Restricted Stock Incentive Plan, with **66,000 shares** granted and registered, resulting in **66,000 shares** being converted from unrestricted tradable shares to restricted shares[154](index=154&type=chunk) Changes in Restricted Shares (Unit: shares) | Shareholder Name | Restricted Shares at Beginning of Period | Shares Released from Restriction in Current Period | Shares Added to Restriction in Current Period | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Qiao Zhiyong | 284,471,100 | 284,471,100 | 213,353,325 | 213,353,325 | Senior management lock-up shares | | Qiao Kun | 33,488,370 | 33,488,370 | 25,116,277 | 25,116,277 | Senior management lock-up shares | | Zhang Lirong | 23,405,850 | 23,405,850 | 0 | 0 | Pre-IPO restricted shares | | Qiao Xin | 14,403,600 | 14,403,600 | 0 | 0 | Pre-IPO restricted shares | | Zhejiang Zhechuang Haoyu Emerging Industry Equity Investment Partnership (Limited Partnership) | 2,520,630 | 2,520,630 | 0 | 0 | Pre-IPO restricted shares | | Shenzhen Huatuo Zhiyuan No. 3 Investment Enterprise (Limited Partnership) | 1,800,450 | 1,800,450 | 0 | 0 | Pre-IPO restricted shares | | Qiao Lina | 285,000 | 0 | 0 | 285,000 | Senior management lock-up shares | | Li Guoping | 0 | 0 | 20,000 | 20,000 | Equity incentive restricted shares | | Tong Yao | 0 | 0 | 30,000 | 30,000 | Equity incentive restricted shares | | Li Hong | 0 | 0 | 16,000 | 16,000 | Equity incentive restricted shares | | Total | 360,375,000 | 360,090,000 | 238,535,602 | 238,820,602 | | [2. Securities Issuance and Listing](index=50&type=section&id=2.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[162](index=162&type=chunk) [3. Number of Shareholders and Shareholding Information](index=50&type=section&id=3.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) As of the reporting period end, the company had 6,797 common shareholders, with Qiao Zhiyong holding the largest stake at 71.10%, and the company's buyback account holding 3,527,606 shares - The total number of common shareholders at the end of the reporting period was **6,797**[163](index=163&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders (Unit: shares) | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period | Number of Restricted Shares Held | Number of Unrestricted Shares Held | | :--- | :--- | :--- | :--- | :--- | :--- | | Qiao Zhiyong | Domestic Natural Person | 71.10% | 284,471,100 | 213,353,325 | 71,117,775 | | Qiao Kun | Domestic Natural Person | 8.37% | 33,488,370 | 25,116,277 | 8,372,093 | | Zhang Lirong | Domestic Natural Person | 5.85% | 23,405,850 | 0 | 23,405,850 | | Qiao Xin | Domestic Natural Person | 3.65% | 14,613,600 | 0 | 14,613,600 | | Shanghai Fengying Investment Center (Limited Partnership) - Fengying Wealth No. 1 Private Securities Investment Fund | Other | 0.46% | 1,844,100 | 0 | 1,844,100 | | Shanghai Panyao Asset Management Co., Ltd. - Panyao Jinxuan Multi-Strategy No. 1 Private Securities Investment Fund | Other | 0.41% | 1,621,400 | 0 | 1,621,400 | | Shanghai Panyao Asset Management Co., Ltd. - Panyao Phase III Private Securities Investment Fund | Other | 0.37% | 1,462,800 | 0 | 1,462,800 | | Shanghai Weichen Private Fund Management Co., Ltd. - Weichen Juyuan Private Securities Investment Fund | Other | 0.25% | 1,017,600 | 0 | 1,017,600 | | Shanxi Province No. 9 Occupational Annuity Plan - CITIC Bank | Other | 0.17% | 696,600 | 0 | 696,600 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.17% | 679,258 | 0 | 679,258 | - Qiao Zhiyong and Zhang Lirong are a married couple, Qiao Kun is Qiao Zhiyong's younger brother, and Qiao Xin is the daughter of Qiao Zhiyong and Zhang Lirong, indicating a related party relationship[164](index=164&type=chunk) - As of the end of the reporting period, the company's dedicated securities account for share repurchases held **3,527,606 shares** of the company[164](index=164&type=chunk) [4. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=52&type=section&id=4.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Directors and senior management, including Li Guoping, Li Hong, and Tong Yao, increased their restricted stock holdings through the equity incentive plan during the reporting period Changes in Shareholdings of Directors, Supervisors, and Senior Management (Unit: shares) | Name | Position | Employment Status | Shares Held at Beginning of Period | Shares Increased in Current Period | Shares Held at End of Period | Number of Restricted Shares Granted at End of Period | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Li Guoping | Director, General Manager, Chief Engineer | Current | 0 | 20,000 | 20,000 | 20,000 | | Li Hong | Employee Representative Director, Deputy General Manager, Core Technical Personnel | Current | 0 | 16,000 | 16,000 | 16,000 | | Tong Yao | CFO, Board Secretary | Current | 0 | 30,000 | 30,000 | 30,000 | | Total | | | 0 | 66,000 | 66,000 | 66,000 | [5. Changes in Controlling Shareholder or Actual Controller](index=53&type=section&id=5.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[167](index=167&type=chunk) - The company's actual controller did not change during the reporting period[167](index=167&type=chunk) [6. Preferred Share Information](index=53&type=section&id=6.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[168](index=168&type=chunk) Section VII Bond-Related Information [Bond-Related Information](index=54&type=section&id=Bond-Related%20Information) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[170](index=170&type=chunk) Section VIII Financial Report [1. Audit Report](index=55&type=section&id=1.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was unaudited[172](index=172&type=chunk) [2. Financial Statements](index=55&type=section&id=2.%20Financial%20Statements) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 - This section includes the Consolidated Balance Sheet, Parent Company Balance Sheet, Consolidated Income Statement, Parent Company Income Statement, Consolidated Cash Flow Statement, Parent Company Cash Flow Statement, Consolidated Statement of Changes in Owners' Equity, and Parent Company Statement of Changes in Owners' Equity[173](index=173&type=chunk)[177](index=177&type=chunk)[181](index=181&type=chunk)[186](index=186&type=chunk)[188](index=188&type=chunk)[190](index=190&type=chunk)[192](index=192&type=chunk)[199](index=199&type=chunk) [3. Company Basic Information](index=73&type=section&id=3.%20Company%20Basic%20Information) Sichuan Qiaoyuan Gas Co., Ltd., established in March 2011 with a registered capital of RMB 400.10 million, is controlled by Qiao Zhiyong, specializes in industrial gas, and consolidates 10 subsidiaries this period - The company was established as a joint-stock company by the overall conversion of Sichuan Qiaoyuan Gas Co., Ltd. in March 2011[206](index=206&type=chunk) - As of June 30, 2025, the company's total issued share capital was **400.10 million shares**, with a registered capital of **RMB 400.10 million**, and the actual controller is Qiao Zhiyong[206](index=206&type=chunk) - The company belongs to the industrial gas industry, with main products including oxygen, nitrogen, and other industrial gases[208](index=208&type=chunk) - The company consolidated **10 subsidiaries** in the current period[209](index=209&type=chunk) [4. Basis of Financial Statement Preparation](index=73&type=section&id=4.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared in accordance with PRC Accounting Standards for Business Enterprises and CSRC regulations, based on a going concern assumption, with no significant doubts about its ability to continue as a going concern - The company prepares its financial statements in accordance with the "Accounting Standards for Business Enterprises" promulgated by the Ministry of Finance and "No. 15 Rules for Information Disclosure by Companies Issuing Securities to the Public - General Provisions for Financial Reports" (Revised in 2023) issued by the China Securities Regulatory Commission[211](index=211&type=chunk) - These financial statements are prepared on a going concern basis, and no significant doubts or circumstances regarding the ability to continue as a going concern have been identified[212](index=212&type=chunk) [5. Significant Accounting Policies and Estimates](index=74&type=section&id=5.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's specific accounting policies and estimates, covering compliance with accounting standards, reporting periods, business cycles, functional currency, materiality, business combinations, financial instruments, fixed assets, revenue recognition, government grants, and other key areas - The company's financial statements comply with the requirements of enterprise accounting standards, truly and completely reflecting financial position, operating results, cash flows, and other information[214](index=214&type=chunk) - The accounting period is from January 1 to December 31 of the Gregorian calendar, the operating cycle is **12 months**, and the functional currency is RMB[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk) - Materiality criteria include significant individual accounts receivable for which bad debt provisions are made, significant construction in progress, and significant non-wholly-owned subsidiaries, with monetary thresholds of **RMB 5 million** or **RMB 20 million**, or accounting for over **10%** of consolidated net profit[218](index=218&type=chunk) - Financial assets are classified into three categories based on business model and contractual cash flow characteristics: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss for the current period[234](index=234&type=chunk) - The company applies impairment accounting for financial assets measured at amortized cost based on expected credit losses[247](index=247&type=chunk) - Fixed asset depreciation is calculated using the straight-line method, with depreciation periods of **20 years** for buildings and structures, **10 years** for machinery and equipment, structures, and auxiliary facilities, and **5 years** for transportation equipment, office equipment, and other equipment[278](index=278&type=chunk) - Revenue recognition follows the principle of recognizing revenue when the customer obtains control of the related goods or services, with specific methods determined by liquid gas, pipeline gas, and cylinder gas models[297](index=297&type=chunk)[298](index=298&type=chunk) - Government grants are classified as asset-related or income-related based on the beneficiary specified in relevant government documents, and are accounted for separately[305](index=305&type=chunk)[306](index=306&type=chunk) - The company had no significant changes in accounting policies or accounting estimates during the reporting period, nor any adjustments to financial statement items at the beginning of the first year of implementation due to the initial adoption of new accounting standards[313](index=313&type=chunk) [6. Taxation](index=96&type=section&id=6.%20Taxation) The company's main taxes include VAT (tax rates 13%, 9%, 6%), Urban Maintenance and Construction Tax (7%), and Education Surcharge (5%). Corporate income tax rates vary from 15% to 25% based on the taxpayer and policy preferences, with some subsidiaries enjoying a 15% preferential rate under the Western Development policy or a 20% rate for small and micro-enterprises Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Domestic sales, provision of tangible movable property leasing services; provision of transportation, construction, real estate leasing services; other taxable sales services | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Amount of actual turnover tax paid | 7% | | Corporate Income Tax | Taxable income | 25%, 20%, 15% | | Education Surcharge (including local education surcharge) | Amount of actual turnover tax paid | 5% | Taxpayers with Different Corporate Income Tax Rates | Taxpayer Name | Income Tax Rate | | :--- | :--- | | Sichuan Qiaoyuan Gas Co., Ltd. | 25% | | Chengdu Chenyuan Logistics Co., Ltd. | 15% | | Chengdu Chenyuan Gas Co., Ltd. | 20% | | Sichuan Qiaoyuan Investment Co., Ltd. | 20% | | Chengdu Qiaoyuan Gas Co., Ltd. | 25% | | Qiaoyuan (Chongqing) Gas Co., Ltd. | 20% | | Qiaoyuan Gas (Meishan) Co., Ltd. | 15% | | Qiaoyuan Gas (Fuzhou) Co., Ltd. | 25% | | Qiaoyuan (Jintang) Gas Co., Ltd. | 15% | | Qiaoyuan (Deyang) Gas Co., Ltd. | 25% | | Aba Wenchuan Qiaoyuan Gas Co., Ltd. | 25% | - Some subsidiaries (e.g., Qiaoyuan Gas (Meishan) Co., Ltd., Qiaoyuan (Jintang) Gas Co., Ltd., Chengdu Chenyuan Logistics Co., Ltd.) enjoy a **15%** preferential corporate income tax policy under the Western Development program[315](index=315&type=chunk) - Some subsidiaries (e.g., Sichuan Qiaoyuan Investment Co., Ltd., Qiaoyuan (Chongqing) Gas Co., Ltd., Chengdu Chenyuan Gas Co., Ltd.) qualify for small and micro-enterprise corporate income tax preferential policies, taxed at **20%**[315](index=315&type=chunk) [7. Notes to Consolidated Financial Statement Items](index=97&type=section&id=7.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items, highlighting changes in fixed assets, construction in progress, long-term borrowings, financi

云鼎科技股份有限公司 2025 年半年度报告 2025 年 8 月 云鼎科技股份有限公司 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。 公司负责人刘波先生、主管会计工作负责人郑云红先生及会计机构负责人杨豹先生声 明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的未来发展规划等前瞻性陈述，不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 公司可能存在宏观环境、市场竞争、技术创新和人才流失等方面风险，具体内容详见 本报告第三节"管理层讨论与分析"之"十、公司面临的风险和应对措施"，敬请广大投 资者注意投资风险。 公司计划 2025 年半年度不派发现金红利，不送红股，不以公积金转增股本。 1 | 第一节 | 重要提示、目录和释义 | | 1 | | --- | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | | 5 | | 第三节 | 管理层讨论与分析 | | 8 ...

国睿科技股份有限公司 2025 年半年度报告 公司代码：600562 公司简称：国睿科技 国睿科技股份有限公司 2025 年半年度报告 1 / 168 国睿科技股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人郭际航、主管会计工作负责人卓悦及会计机构负责人（会计主管人员）王志权声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的发展战略、经营计划等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司不存在可预见的重大 ...

浙江恒达新材料股份有限公司 2025 年半年度报告全文 浙江恒达新材料股份有限公司 2025 年半年度报告 2025-047 2025 年 8 月 27 日 1 浙江恒达新材料股份有限公司 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。 公司负责人潘昌、主管会计工作负责人叶民及会计机构负责人(会计主管 人员)张依群声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的未来发展规划等前瞻性陈述不构成公司对投资者的实质 承诺，敬请广大投资者理性投资，注意风险。 公司在本报告中详细阐述了未来可能发生的有关风险因素，详见"第三节 管理层讨论与分析"之"十、公司面临的风险和应对措施"，敬请广大投资者予 以关注。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 6 | | ...