公司代码：600497 公司简称：驰宏锌锗 云南驰宏锌锗股份有限公司 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、公司负责人杨美彦、主管会计工作负责人罗进及会计机构负责人（会计主管人员）李辉声明： 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 为及时回报股东，董事会建议公司2025年度中期利润分配预案为：以实施权益分派股权登记 日登记的总股本为基数，拟向全体股东每10股派发现金红利0.3元（含税），具体利润分配预案详 见本报告"公司治理、环境和社会"章节中"利润分配或资本公积金转增预案"。上述利润分配 预案尚需提交公司股东大会审议。 六、前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述不构成公司对投资者的实质性承诺，敬请投资 者注意投资风险。 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 ...

Section I Important Notes, Table of Contents, and Definitions This section provides crucial disclaimers, outlines the report's structure, and defines key terms for clarity [Important Notes](index=2&type=section&id=Important%20Notes) The Board of Directors, Supervisory Board, and senior management guarantee the report's accuracy and completeness, advising investors to review risk factors - The Board of Directors, Supervisory Board, and senior management guarantee the semi-annual report's content is true, accurate, and complete[3](index=3&type=chunk) - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for this half-year[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's nine main chapters, covering company profile, management discussion, governance, and financial statements - The report includes nine main chapters, covering company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, financial reports, and other submitted data[6](index=6&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms like reporting period, company name, management, subsidiaries, and EPC to ensure clear understanding - The reporting period refers to January 1, 2025, to June 30, 2025[10](index=10&type=chunk) - The company's full name is Jiangsu Zhongshe Group Co., Ltd., abbreviated as Zhongshe Shares[10](index=10&type=chunk) - EPC is defined as the company undertaking the entire process or several stages of engineering project design, procurement, construction, and trial operation on behalf of the owner[10](index=10&type=chunk) Section II Company Profile and Key Financial Indicators This section provides the company's basic information and presents a summary of its key financial performance and position [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) The company, Zhongshe Shares (stock code 002883), is listed on the Shenzhen Stock Exchange, with Hu Zhiwei as its legal representative - Company stock name: Zhongshe Shares, stock code: **002883**[13](index=13&type=chunk) - Company stock listed on: Shenzhen Stock Exchange[13](index=13&type=chunk) - Company legal representative: Hu Zhiwei[13](index=13&type=chunk) [II. Contact Person and Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Information) Chen Chen serves as the Board Secretary, with contact details including address, phone, fax, and email provided - Board Secretary: Chen Chen[14](index=14&type=chunk) - Contact address: No. 1 Xingyang Road, Binhu District, Wuxi City[14](index=14&type=chunk) - Phone/Fax: 0510-88102883, Email: jszs@jszs-group.com[14](index=14&type=chunk) [III. Other Information](index=6&type=section&id=III.%20Other%20Information) No changes occurred in the company's registered address, office address, website, email, or information disclosure locations during the reporting period - Company contact information, information disclosure and placement locations, and other relevant details remained unchanged during the reporting period[15](index=15&type=chunk)[16](index=16&type=chunk)[17](index=17&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=6&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Revenue and net profit significantly declined year-on-year, leading to negative basic earnings per share, while operating cash flow improved Major Accounting Data and Financial Indicators Year-on-Year Change | Indicator | Current Period (Yuan) | Previous Year (Yuan) | Change from Previous Year (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 94,767,902.70 | 309,766,961.66 | -69.41 | | Net Profit Attributable to Shareholders of Listed Company | -7,218,452.48 | 18,829,795.72 | -138.34 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -7,495,325.86 | 17,108,992.46 | -143.81 | | Net Cash Flow from Operating Activities | -27,709,354.58 | -41,956,905.94 | 33.96 | | Basic Earnings Per Share (Yuan/share) | -0.0462 | 0.12 | -138.50 | | Diluted Earnings Per Share (Yuan/share) | -0.0462 | 0.12 | -138.50 | | Weighted Average Return on Net Assets | -1.07 | 2.74 | -3.81 | | **Period-End Indicators** | **End of Current Period (Yuan)** | **End of Previous Year (Yuan)** | **Change from End of Previous Year (%)** | | Total Assets | 838,915,478.46 | 935,616,109.13 | -10.34 | | Net Assets Attributable to Shareholders of Listed Company | 667,520,558.65 | 677,862,154.45 | -1.53 | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit or net assets between international/overseas and Chinese accounting standards - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under international accounting standards and those under Chinese accounting standards[19](index=19&type=chunk) - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and those under Chinese accounting standards[20](index=20&type=chunk) [VI. Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) Total non-recurring gains and losses amounted to 276,873.38 yuan, primarily from non-current asset disposal, government grants, and other non-operating income/expenses Non-Recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 201,450.27 | | Government grants recognized in current profit or loss | 115,940.05 | | Other non-operating income and expenses apart from the above | -8,840.83 | | Less: Income tax impact | 31,676.11 | | Total | 276,873.38 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor has it reclassified non-recurring gains and losses as recurring gains and losses[22](index=22&type=chunk)[23](index=23&type=chunk) Section III Management Discussion and Analysis This section provides an in-depth analysis of the company's business operations, core competencies, financial performance, and risk management strategies [I. Company's Main Business Activities During the Reporting Period](index=9&type=section&id=I.%20Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company primarily offers full-process engineering design consulting and EPC services across transportation, municipal, construction, and environmental sectors - The company's main business focuses on providing full-process engineering design consulting and engineering general contracting services across four major business areas: transportation, municipal, construction, and environment[33](index=33&type=chunk) - Policy guidance emphasizes domestic demand potential, high-quality promotion of "two major constructions," and urban renewal, bringing development opportunities to the construction industry[25](index=25&type=chunk) - New infrastructure investment serves as a crucial driver for stable growth, with the design consulting industry capable of providing professional services for these projects[26](index=26&type=chunk) - Digitalization of transportation infrastructure is a major trend, with the AI+ era driving traditional industry upgrades, and BIM technology combined with AI expected to improve design efficiency[30](index=30&type=chunk)[31](index=31&type=chunk) - Full-process engineering consulting is the development direction for the engineering consulting industry, covering the entire engineering lifecycle and providing integrated, one-stop services[32](index=32&type=chunk) [(I) Industry Development Background](index=9&type=section&id=(I)%20Industry%20Development%20Background) 2025 is crucial for "14th Five-Year Plan" conclusion and "15th Five-Year Plan" initiation, with policies focusing on domestic demand, urban renewal, and new infrastructure - 2025 is a critical period for concluding the "14th Five-Year Plan" and planning the "15th Five-Year Plan"[25](index=25&type=chunk) - The Central Political Bureau meeting emphasized "effectively unleashing domestic demand potential" as the top priority for the second half, deploying high-quality "two major constructions" and urban renewal[25](index=25&type=chunk) - New infrastructure investment is a key driver for stable growth, offering professional services opportunities for the design consulting industry[26](index=26&type=chunk) - Scaled development of AI and other innovative fields brings new business directions to the design consulting industry[26](index=26&type=chunk) [(II) Impact of Macroeconomic Situation and Industry Policies on the Sector](index=9&type=section&id=(II)%20Impact%20of%20Macroeconomic%20Situation%20and%20Industry%20Policies%20on%20the%20Sector) Infrastructure investment grew, driven by policies promoting urban renewal, digital transportation, and full-process engineering consulting - National fixed asset investment increased by **2.8%** year-on-year in the first half, with infrastructure investment growing by **4.6%**[27](index=27&type=chunk) - Water transport industry investment grew by **21.8%**, and water conservancy management investment by **15.4%**[27](index=27&type=chunk) - Policies promote urban renewal actions, emphasizing the construction of "good houses, good communities, good neighborhoods, good urban areas" to drive housing industry adjustment and upgrading[28](index=28&type=chunk)[29](index=29&type=chunk) - The "Outline for Building a Nation with Strong Transportation" and "AI+" initiatives drive the digitalization of transportation infrastructure; the company will promote BIM application and explore artificial intelligence technology[30](index=30&type=chunk)[31](index=31&type=chunk) - Full-process engineering consulting is the development direction for the engineering consulting industry, integrating investment decision-making, survey and design, bidding and procurement, supervision, and project management[32](index=32&type=chunk) [(III) Company's Main Business Types](index=10&type=section&id=(III)%20Company%27s%20Main%20Business%20Types) The company's core business includes full-process design consulting and EPC services for urban and transportation infrastructure - The company provides full-process engineering design consulting and engineering general contracting services across four major business areas: transportation, municipal, construction, and environment[33](index=33&type=chunk) - Full-process design consulting is the company's core business, covering planning consulting, survey and design, engineering supervision, and project management across the industry chain[34](index=34&type=chunk)[35](index=35&type=chunk) - The Engineering General Contracting (EPC) business integrates the company's strengths in planning consulting, survey and design, engineering supervision, and project management to provide delivery-oriented engineering general contracting services[36](index=36&type=chunk) [II. Analysis of Core Competencies](index=11&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core strengths include comprehensive top-tier qualifications, a national operating network, strong R&D in emerging fields, and an effective talent and management model - The company possesses cross-industry, full-business chain top-tier qualifications, covering highways, municipal, water transport, construction, environment, smart transportation, and rail transit, as well as planning, research, design, consulting, survey, testing, supervision, and project management[37](index=37&type=chunk) - The company has strong integrated technical capabilities, particularly in urban spatial design, comprehensive transportation hubs, urban space development, and urban renewal[38](index=38&type=chunk) - The company has established a national operating network, with six regional operating divisions and 18 branches nationwide, aligning with major national regional strategies[39](index=39&type=chunk) - The company actively engages in industry-academia-research integrated innovation, achieving breakthroughs in low-altitude economy, vehicle-road-cloud integration, and smart transportation, while comprehensively promoting digital empowerment with BIM technology as the core[40](index=40&type=chunk) - The company has established compensation and performance incentive policies that favor production and operations, along with a stock incentive plan, achieving a win-win for employees and the company[41](index=41&type=chunk) - The company leverages its technical advantages and financing capabilities to develop an "investment, construction, management, and maintenance integrated" business model, and expands digital economy businesses through digital empowerment of management[42](index=42&type=chunk) [III. Analysis of Main Business](index=12&type=section&id=III.%20Analysis%20of%20Main%20Business) Revenue and net profit significantly declined due to subsidiary divestment, smaller project sizes, slow new business conversion, and increased asset impairment, prompting strategic adjustments and new business development - During the reporting period, the company's operating revenue was **94.77 million yuan**, a year-on-year decrease of **69.41%**; net profit was **-7.22 million yuan**, a year-on-year decrease of **138.34%**[44](index=44&type=chunk) - The revenue decline was mainly due to the sale of subsidiary Zhongshe Kexin, smaller individual project volumes, unclear conversion of new business revenue, and increased asset impairment losses[44](index=44&type=chunk) - The company continuously advances research projects, successfully applying for 5 Jiangsu Province transportation technology projects and 3 Wuxi City transportation technology and achievement transformation projects[44](index=44&type=chunk) - The company actively explores Deepseek application, completing the development and launch of its knowledge base, and exploring digital enhancement solutions based on BIM positive design and construction management[44](index=44&type=chunk) - The company leads the national vehicle-road-cloud integration pilot, completing the first phase in Wuxi City, and seizes low-altitude economy strategic opportunities by completing the "Wuxi City Low-Altitude Economy Infrastructure Planning Research"[45](index=45&type=chunk) Key Financial Data Year-on-Year Change | Indicator | Current Period (Yuan) | Previous Year (Yuan) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 94,767,902.70 | 309,766,961.66 | -69.41 | Project construction slowdown, reduced orders, and Zhongshe Kexin no longer consolidated | | Operating Cost | 68,914,913.62 | 214,112,567.87 | -67.81 | Reduced revenue scale, corresponding decrease in operating costs, and change in consolidation scope | | Selling Expenses | 2,631,683.78 | 4,013,504.98 | -34.43 | Reduced orders, leading to lower expenses | | Administrative Expenses | 12,247,036.95 | 49,325,155.01 | -75.17 | Zhongshe Kexin no longer consolidated | | Financial Expenses | 328,614.32 | 1,119,736.73 | -70.65 | Reduced bank loans | | Income Tax Expense | 808,269.35 | 2,746,083.80 | -70.57 | Overall company profit decline | | R&D Investment | 6,834,407.51 | 14,598,300.31 | -53.18 | Zhongshe Kexin no longer consolidated | | Net Cash Flow from Operating Activities | -27,709,354.58 | -41,956,905.94 | 33.96 | Reduced cash paid for goods and services, taxes, and labor costs; Zhongshe Kexin no longer consolidated | | Net Cash Flow from Investing Activities | -31,365,598.78 | -1,660,062.46 | -1,789.42 | Primarily due to increased purchases of wealth management products | | Net Cash Flow from Financing Activities | -18,453,615.36 | -5,086,680.40 | -262.78 | Primarily due to reduced bank borrowings | | Net Increase in Cash and Cash Equivalents | -77,528,568.72 | -48,703,648.80 | -59.18 | | Operating Revenue Composition (by Product and Region) | Category | Item | Current Period Amount (Yuan) | Share of Operating Revenue (%) | Previous Year Amount (Yuan) | Share of Operating Revenue (%) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Product** | Planning Consulting and Survey Design | 77,285,637.41 | 81.55 | 250,448,650.90 | 80.85 | -69.14 | | | Engineering Supervision | 7,828,318.61 | 8.26 | 8,101,610.18 | 2.62 | -3.37 | | | Project Management | 0.00 | 0.00 | 1,797,224.28 | 0.58 | -100.00 | | | Engineering General Contracting | 8,653,823.38 | 9.13 | 49,042,863.11 | 15.83 | -82.35 | | | Other | 1,000,123.30 | 1.06 | 376,613.19 | 0.12 | 165.56 | | **By Region** | Regions Outside Jiangsu Province | 11,971,363.87 | 12.63 | 162,892,076.73 | 52.59 | -92.65 | | | Within Jiangsu Province (excluding Wuxi) | 26,901,135.34 | 28.39 | 60,205,301.92 | 19.44 | -55.32 | | | Wuxi Region | 55,895,403.49 | 58.98 | 86,669,583.01 | 27.98 | -35.51 | [IV. Analysis of Non-Core Business](index=15&type=section&id=IV.%20Analysis%20of%20Non-Core%20Business) The company had no non-core business analysis content during the reporting period - No non-core business analysis for the reporting period[52](index=52&type=chunk) [V. Analysis of Assets and Liabilities](index=15&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets and net assets attributable to shareholders decreased, with reductions in monetary funds, short-term borrowings, and accounts payable, while financial assets at fair value and restricted assets were noted Significant Changes in Asset Composition | Item | End of Current Period Amount (Yuan) | Share of Total Assets (%) | End of Previous Year Amount (Yuan) | Share of Total Assets (%) | Change in Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 112,128,155.08 | 13.37 | 190,631,748.80 | 20.37 | -7.00 | | Accounts Receivable | 148,328,314.11 | 17.68 | 149,500,428.27 | 15.98 | 1.70 | | Contract Assets | 405,155,550.13 | 48.30 | 454,325,009.25 | 48.56 | -0.26 | | Short-term Borrowings | 58,566,817.66 | 6.98 | 73,144,450.69 | 7.82 | -0.84 | | Accounts Payable | 73,571,117.05 | 8.77 | 126,787,336.11 | 13.55 | -4.78 | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (Yuan) | Amount Purchased in Current Period (Yuan) | Amount Sold in Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets (Wealth Management Products) | 0.00 | 80,000,000.00 | 50,000,000.00 | 30,000,000.00 | | Other Equity Instrument Investments | 10,201,710.88 | 0.00 | 0.00 | 10,201,710.88 | | Total | 10,251,710.88 | 87,200,000.00 | 57,250,000.00 | 40,201,710.88 | Asset Restriction Status | Item | Ending Book Value (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 1,152,746.10 | Guarantee, acceptance bill margin | | Monetary Funds | 3,500,000.00 | Judicial freeze | | Total | 4,652,746.10 | | [VI. Analysis of Investment Status](index=16&type=section&id=VI.%20Analysis%20of%20Investment%20Status) The company reported no significant equity, non-equity, securities, or derivative investments, and no disclosure of raised capital usage - The company's reporting period shows no significant equity investments, non-equity investments, securities investments, or derivative investments[55](index=55&type=chunk)[56](index=56&type=chunk) - The company's reporting period shows no use of raised capital[57](index=57&type=chunk) [VII. Significant Asset and Equity Sales](index=17&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) The company did not sell any significant assets or equity during the reporting period - The company did not sell any significant assets during the reporting period[58](index=58&type=chunk) - The company did not sell any significant equity during the reporting period[59](index=59&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=17&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company had no important holding or participating company information requiring disclosure during the reporting period - The company's reporting period shows no important holding or participating company information that should be disclosed[59](index=59&type=chunk) [IX. Structured Entities Controlled by the Company](index=17&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company reported no structured entities under its control during the reporting period - The company's reporting period shows no structured entities under its control[60](index=60&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=17&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from fluctuating infrastructure investment and accounts receivable/contract asset recovery, addressed by strategic adjustments, market expansion, and enhanced collection management - The company faces risks from fluctuating infrastructure investment, which is significantly influenced by national macroeconomic policies and economic cycles[60](index=60&type=chunk) - Countermeasures include strengthening forward-looking policy and market research, timely adjusting operating strategies, expanding full-process engineering consulting and engineering general contracting businesses, and increasing market development efforts outside Jiangsu Province[60](index=60&type=chunk) - The company faces risks in accounts receivable and contract asset recovery, which could lead to reduced cash flow turnover and operational efficiency[61](index=61&type=chunk) - Countermeasures include continuously strengthening aging analysis and recovery management of accounts receivable, and closely linking performance appraisal indicators to project collections[61](index=61&type=chunk) [XI. Implementation of Market Value Management System and Valuation Enhancement Plan](index=17&type=section&id=XI.%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has established a market value management system to enhance investment value and shareholder returns but has not disclosed a valuation enhancement plan - The company has established the "Market Value Management System" and published it on April 25, 2025[62](index=62&type=chunk)[63](index=63&type=chunk) - The company has not disclosed a valuation enhancement plan[63](index=63&type=chunk) [XII. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=18&type=section&id=XII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan) The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[64](index=64&type=chunk) Section IV Corporate Governance, Environment, and Society This section details changes in the company's governance, profit distribution plans, environmental disclosures, and social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management](index=18&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The company appointed Xia Zhi as Chief Engineer, while former Chairman Gu Xiaojun, Vice Chairman/CFO Zhou Zhidong, and Director Zhang Zhaoting resigned due to work adjustments - The company appointed Xia Zhi as Chief Engineer on January 9, 2025[65](index=65&type=chunk) - Former Chairman Gu Xiaojun, Vice Chairman and CFO Zhou Zhidong, and Director Zhang Zhaoting resigned due to work adjustments[65](index=65&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=18&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for this half-year - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the half-year[65](index=65&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=18&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company's reporting period shows no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation[66](index=66&type=chunk) [IV. Environmental Information Disclosure](index=18&type=section&id=IV.%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[67](index=67&type=chunk) [V. Social Responsibility](index=18&type=section&id=V.%20Social%20Responsibility) The company integrates corporate culture with party building, brand management, team building, customer relations, and social responsibility, ensuring shareholder and employee rights - The company is committed to deeply integrating corporate culture construction with party building leadership, brand management, team building, customer maintenance, and social responsibility to enhance organizational performance[67](index=67&type=chunk) - The company strictly optimizes its governance structure in accordance with laws and regulations, safeguarding shareholder rights, especially the legitimate rights and interests of small and medium shareholders[69](index=69&type=chunk) - The company fulfills its information disclosure obligations in a timely, truthful, accurate, and complete manner, and communicates and interacts fully with investors through various channels[69](index=69&type=chunk) - The company highly values investor returns, strictly implementing cash dividend policies in accordance with the relevant provisions on profit distribution in its Articles of Association[69](index=69&type=chunk) - The company strictly complies with the "Labor Law" and "Labor Contract Law," effectively protecting the legitimate rights and interests of employees, and provides statutory and various supplementary corporate welfare benefits to build harmonious labor relations[70](index=70&type=chunk) Section V Significant Events This section covers commitments, related party transactions, legal matters, and other significant events during the reporting period [I. 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=20&type=section&id=I.%20Commitments%20Fulfilled%20or%20Overdue%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) No commitments by controlling shareholders, shareholders, related parties, acquirers, or the company were fulfilled or overdue during the reporting period - The company's reporting period shows no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were fulfilled during the reporting period or overdue as of the end of the reporting period[72](index=72&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties](index=20&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) No non-operating funds were occupied by controlling shareholders or other related parties during the reporting period - The company's reporting period shows no non-operating funds occupied by controlling shareholders and other related parties of the listed company[73](index=73&type=chunk) [III. Irregular External Guarantees](index=20&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company's reporting period shows no irregular external guarantees[74](index=74&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=20&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[75](index=75&type=chunk) [V. Board of Directors' and Supervisory Board's Explanations on "Non-Standard Audit Report" for the Current Period](index=20&type=section&id=V.%20Board%20of%20Directors%27%20and%20Supervisory%20Board%27s%20Explanations%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The company had no explanations from the Board or Supervisory Board regarding a "non-standard audit report" for the current period - The company's reporting period shows no explanations from the Board of Directors or Supervisory Board regarding a "non-standard audit report" for the current period[76](index=76&type=chunk) [VI. Board of Directors' Explanations on "Non-Standard Audit Report" for the Previous Year](index=20&type=section&id=VI.%20Board%20of%20Directors%27%20Explanations%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) The company had no explanations from the Board of Directors regarding a "non-standard audit report" for the previous year - The company's reporting period shows no explanations from the Board of Directors regarding a "non-standard audit report" for the previous year[76](index=76&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=20&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy or reorganization matters during the reporting period - The company's reporting period shows no bankruptcy or reorganization matters[76](index=76&type=chunk) [VIII. Litigation Matters](index=20&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation, arbitration, or other litigation matters during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[77](index=77&type=chunk) - The company had no other litigation matters during the reporting period[77](index=77&type=chunk) [IX. Penalties and Rectification](index=21&type=section&id=IX.%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company's reporting period shows no penalties or rectification situations[78](index=78&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=21&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company, its controlling shareholder, and actual controller maintained good integrity status during the reporting period - The company's reporting period shows no integrity issues concerning the company, its controlling shareholder, or actual controller[79](index=79&type=chunk) [XI. Significant Related Party Transactions](index=21&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company reported no significant related party transactions, including those related to daily operations, asset/equity sales, joint investments, or financial dealings - The company's reporting period shows no related party transactions related to daily operations[79](index=79&type=chunk) - The company's reporting period shows no related party transactions involving asset or equity acquisition/disposal[80](index=80&type=chunk) - The company's reporting period shows no related party creditor-debtor relationships[82](index=82&type=chunk) - The company has no deposits, loans, credit lines, or other financial business with related financial companies[83](index=83&type=chunk) - The company's reporting period shows no other significant related party transactions[85](index=85&type=chunk) [XII. Significant Contracts and Their Performance](index=22&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no significant entrustment, contracting, or leasing matters, nor major guarantees, but engaged in wealth management with 30 million yuan outstanding - The company's reporting period shows no entrustment, contracting, or leasing situations[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk) - The company's reporting period shows no significant guarantees[89](index=89&type=chunk) Wealth Management Details | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Occurred (Ten Thousand Yuan) | Unexpired Balance (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 8,000 | 3,000 | - The company's reporting period shows no other significant contracts[91](index=91&type=chunk) [XIII. Explanation of Other Significant Matters](index=22&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company had no other significant matters requiring explanation during the reporting period - The company's reporting period shows no other significant matters requiring explanation[92](index=92&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=23&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company had no significant matters concerning its subsidiaries during the reporting period - The company's reporting period shows no significant matters concerning company subsidiaries[93](index=93&type=chunk) Section VI Share Changes and Shareholder Information This section details changes in share capital, shareholder structure, and the status of the controlling shareholder [I. Share Change Status](index=24&type=section&id=I.%20Share%20Change%20Status) Restricted shares decreased by 21,900,494, increasing unrestricted shares, primarily due to the lifting of restrictions on senior management shares Share Change Status | Category | Number of Shares Before This Change (Shares) | Proportion (%) | Increase/Decrease in This Change (Shares) | Number of Shares After This Change (Shares) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 24,732,611 | 15.84 | -21,900,494 | 2,832,117 | 1.81 | | Of which: Shares held by domestic natural persons | 24,732,611 | 15.84 | -21,900,494 | 2,832,117 | 1.81 | | II. Unrestricted Shares | 131,424,555 | 84.16 | 21,900,494 | 153,325,049 | 98.19 | | Of which: RMB ordinary shares | 131,424,555 | 84.16 | 21,900,494 | 153,325,049 | 98.19 | | III. Total Shares | 156,157,166 | 100.00 | 0 | 156,157,166 | 100.00 | Restricted Share Change Status | Shareholder Name | Restricted Shares at Beginning of Period (Shares) | Restricted Shares Released in Current Period (Shares) | Restricted Shares at End of Period (Shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Zhou Xiaohui | 2,339,908 | 2,339,908 | 0 | Senior management lock-up shares | | Ye Song | 246,597 | 246,597 | 0 | Senior management lock-up shares | | Pan Xiaodong | 83,520 | 83,520 | 0 | Senior management lock-up shares | | Chen Fengjun | 19,230,244 | 19,230,244 | 0 | Senior management lock-up shares | | Chen Chen | 225 | 225 | 0 | Senior management lock-up shares | | Total | 21,900,494 | 21,900,494 | 0 | | [II. Securities Issuance and Listing](index=25&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company's reporting period shows no securities issuance or listing activities[99](index=99&type=chunk) [III. Number of Shareholders and Shareholding Status](index=25&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the reporting period end, the company had 15,415 common shareholders, with Wuxi Traffic Industry Group and its concerted parties controlling 26.23% of voting rights - Total common shareholders at the end of the reporting period: **15,415**[100](index=100&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at End of Reporting Period (Shares) | Number of Restricted Shares Held (Shares) | Number of Unrestricted Shares Held (Shares) | Share Status | Number (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Fengjun | Domestic Natural Person | 12.31 | 19,230,244 | 0 | 19,230,244 | Pledged | 13,932,587 | | Wuxi Traffic Industry Group Co., Ltd. | State-owned Legal Person | 8.61 | 13,439,952 | 0 | 13,439,952 | Not Applicable | 0 | | Wuxi Juhang Investment Partnership (Limited Partnership) | Other | 8.59 | 13,418,686 | 0 | 13,418,686 | Not Applicable | 0 | | Wuxi Zhongshe Chuangtou Management Center (Limited Partnership) | Other | 5.60 | 8,746,824 | 0 | 8,746,824 | Not Applicable | 0 | | Lu Weidong | Domestic Natural Person | 1.73 | 2,706,048 | 2,029,536 | 676,512 | Not Applicable | 0 | | Liao Fangling | Domestic Natural Person | 1.68 | 2,626,466 | 0 | 2,626,466 | Not Applicable | 0 | | Sun Jiajun | Domestic Natural Person | 1.58 | 2,475,000 | 0 | 2,475,000 | Not Applicable | 0 | | Chen Jun | Domestic Natural Person | 1.40 | 2,185,944 | 0 | 2,185,944 | Not Applicable | 0 | | Zhou Xiaohui | Domestic Natural Person | 1.14 | 1,779,277 | 0 | 1,779,277 | Not Applicable | 0 | | Wang Mingchang | Domestic Natural Person | 1.08 | 1,680,084 | 0 | 1,680,084 | Not Applicable | 0 | - Wuxi Traffic Industry Group Co., Ltd. and its concerted parties (Wuxi Zhongshe Chuangtou Management Center, Wuxi Juhang Investment Partnership) are concerted parties[100](index=100&type=chunk)[101](index=101&type=chunk) - Liao Fangling and Zhou Xiaohui signed a "Voting Rights Entrustment Agreement" with Wuxi Traffic Group, entrusting their voting rights to Wuxi Traffic Group, making Wuxi Traffic Industry Group Co., Ltd. the controlling shareholder with a total of **26.23%** of the company's voting rights[100](index=100&type=chunk)[134](index=134&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=27&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) No changes occurred in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - The company's directors, supervisors, and senior management had no changes in shareholdings during the reporting period[102](index=102&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=27&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder did not change during the reporting period[103](index=103&type=chunk) - The company's actual controller did not change during the reporting period[103](index=103&type=chunk) [VI. Preferred Share Information](index=28&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[104](index=104&type=chunk) Section VII Bond-Related Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[106](index=106&type=chunk) Section VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity [I. Audit Report](index=30&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[108](index=108&type=chunk) [II. Financial Statements](index=30&type=section&id=II.%20Financial%20Statements) This section provides the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in 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[109](index=109&type=chunk)[113](index=113&type=chunk)[117](index=117&type=chunk)[121](index=121&type=chunk)[125](index=125&type=chunk)[127](index=127&type=chunk)[129](index=129&type=chunk)[137](index=137&type=chunk) [III. Company Basic Information](index=47&type=section&id=III.%20Company%20Basic%20Information) The company is a listed joint-stock enterprise in the engineering technology service industry, headquartered in Wuxi, primarily offering planning, design, supervision, and EPC services - Company registered address: No. 268-1 Qingyuan Road, Binhu District, Wuxi City; Headquarters address: No. 1 Xingyang Road, Xuelang Street, Binhu District, Wuxi City[143](index=143&type=chunk) - Company organizational form: Joint-stock company (listed), belonging to the engineering technology service industry[143](index=143&type=chunk) - Company's main businesses are planning consulting and survey design, engineering supervision, project management, and engineering general contracting[144](index=144&type=chunk) [IV. Basis of Financial Statement Preparation](index=48&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) Financial statements are prepared on a going concern basis, adhering to Chinese accounting standards, with no significant factors affecting going concern within 12 months - The company's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" and relevant regulations[146](index=146&type=chunk) - The company comprehensively assessed that there are no significant factors affecting its ability to continue as a going concern within 12 months from the end of the reporting period[147](index=147&type=chunk) [V. Significant Accounting Policies and Estimates](index=48&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's key accounting policies and estimates for financial reporting, covering areas like financial instruments, receivables, fixed assets, and revenue recognition - The financial statements prepared by the company comply with the requirements of Enterprise Accounting Standards, truly and completely reflecting the enterprise's financial position, operating results, and cash flows[149](index=149&type=chunk) - Significant accounting policies and estimates are primarily reflected in the methods for bad debt provision for receivables, inventory valuation methods, depreciation of fixed assets and amortization of intangible assets, and revenue recognition timing[148](index=148&type=chunk) - The company uses one year (12 months) as its normal operating cycle and RMB as its functional currency[151](index=151&type=chunk)[152](index=152&type=chunk) - The company has detailed provisions for the classification, recognition basis, and measurement methods of financial instruments, as well as conditions for the transfer of financial assets and derecognition of financial liabilities[171](index=171&type=chunk)[172](index=172&type=chunk)[175](index=175&type=chunk)[176](index=176&type=chunk) - The company's general principle for revenue recognition is to recognize revenue when the customer obtains control of the relevant goods or services, and to determine the progress of performance obligations using either the output method or the input method based on the type of performance obligation[223](index=223&type=chunk)[224](index=224&type=chunk) [VI. Taxation](index=75&type=section&id=VI.%20Taxation) This section outlines the company's main taxes and rates, including VAT, urban maintenance and construction tax, and corporate income tax, with high-tech enterprise and small-profit enterprise tax incentives Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7% | | Corporate Income Tax | Taxable income | 15%, 20% | | Education Surcharge | Amount of turnover tax payable | 5% | | Property Tax | Self-used property based on residual value/rental income | 1.2%/12% | | Land Use Tax | Land area | 3 yuan/㎡, 9 yuan/㎡ | - As a high-tech enterprise, the company's corporate income tax rate is adjusted from **25%** to **15%** for 2024-2026[240](index=240&type=chunk) - Several holding subsidiaries qualify as small-profit enterprises, enjoying a reduced corporate income tax rate of **20%** on **25%** of taxable income, a policy extended until December 31, 2027[240](index=240&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=76&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on the consolidated financial statement items, including balances and changes in assets, liabilities, equity, income, and expenses - Monetary funds ending balance: **112,128,155.08 yuan**, beginning balance: **190,631,748.80 yuan**, primarily composed of bank deposits[242](index=242&type=chunk) - Trading financial assets ending balance: **30,000,000.00 yuan**, entirely wealth management products[244](index=244&type=chunk) - Accounts receivable ending book value: **148,328,314.11 yuan**, bad debt provision: **53,975,690.06 yuan**, with a provision rate of **26.68%**[256](index=256&type=chunk) - Contract assets ending book value: **405,155,550.13 yuan**, bad debt provision: **106,070,530.38 yuan**, with a provision rate of **20.75%**[265](index=265&type=chunk)[269](index=269&type=chunk) - Fixed assets ending book value: **70,543,941.53 yuan**, primarily consisting of buildings[349](index=349&type=chunk)[352](index=352&type=chunk) - Short-term borrowings ending balance: **58,566,817.66 yuan**, mainly credit borrowings and financing bills[394](index=394&type=chunk) - Operating revenue for the current period: **94,767,902.70 yuan**, operating cost: **68,914,913.62 yuan**[452](index=452&type=chunk) - Net profit attributable to parent company owners for the current period: **-7,218,452.48 yuan**[448](index=448&type=chunk) [VIII. Research and Development Expenses](index=122&type=section&id=VIII.%20Research%20and%20Development%20Expenses) Total R&D expenses for the period were 6,834,407.51 yuan, entirely expensed, primarily for employee compensation, and decreased due to the deconsolidation of Zhongshe Kexin R&D Expense Composition | Item | Amount Incurred in Current Period (Yuan) | Amount Incurred in Previous Period (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 6,615,109.96 | 13,721,650.43 | | Direct Input | 19,230.64 | 125,313.29 | | Depreciation and Amortization | 75,462.98 | 202,058.23 | | Depreciation of Right-of-Use Assets | 0.00 | 68,048.35 | | Amortization of Intangible Assets | 74,792.61 | 211,114.90 | | Entrusted R&D Fees | 49,811.32 | 0.00 | | Other Expenses | 0.00 | 270,115.11 | | Total | 6,834,407.51 | 14,598,300.31 | | Of which: Expensed R&D Expenditure | 6,834,407.51 | 14,598,300.31 | - Current period R&D investment decreased by **53.18%** year-on-year, mainly due to the deconsolidation of Zhongshe Kexin[47](index=47&type=chunk) [IX. Changes in Consolidation Scope](index=123&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The company had no business combinations under common control or not under common control, but the consolidation scope changed due to the liquidation of Jiangsu Zhongshe Huitong Smart Parking Technology Co., Ltd - The company's reporting period shows no business combinations under non-common control or under common control[505](index=505&type=chunk)[509](index=509&type=chunk) - The liquidation of Jiangsu Zhongshe Huitong Smart Parking Technology Co., Ltd. was completed in June 2025, resulting in a change in the consolidation scope[512](index=512&type=chunk) [X. Interests in Other Entities](index=126&type=section&id=X.%20Interests%20in%20Other%20Entities) This section lists the company's group structure, including wholly-owned and controlled subsidiaries, with no significant non-wholly-owned, joint, or associate entities, and no financial support to structured entities - The company owns several wholly-owned subsidiaries, such as Wuxi Traffic Planning and Design Institute Co., Ltd. and Jiangsu Zhongshe Group Architectural Design Co., Ltd., as well as controlled subsidiaries like Wuxi Jiuheng Engineering Design Co., Ltd. (with a **65%** stake) and Hebei Xiong'an Zhongshe Baotong Engineering Consulting Co., Ltd. (with a **60%** stake)[513](index=513&type=chunk) - There were no important non-wholly-owned subsidiaries, nor important joint ventures or associates during the reporting period[514](index=514&type=chunk)[518](index=518&type=chunk)[520](index=520&type=chunk)[522](index=522&type=chunk) [XI. Government Grants](index=130&type=section&id=XI.%20Government%20Grants) Total government grants recognized in profit or loss for the current period amounted to 115,940.05 yuan, significantly lower than the previous year Government Grants Recognized in Profit or Loss | Accounting Item | Amount Incurred in Current Period (Yuan) | Amount Incurred in Previous Period (Yuan) | | :--- | :--- | :--- | | Other Income | 115,940.05 | 1,966,566.61 | | Total | 115,940.05 | 1,966,566.61 | [XII. Risks Related to Financial Instruments](index=131&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks (interest rate and foreign exchange) through monitoring, optimizing financing, and cash flow forecasting, with no significant foreign exchange risk - The company faces credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)[525](index=525&type=chunk) - Credit risk is primarily related to accounts receivable; the company's major clients are government and related investment entities with good credit, but there is a risk of delayed payments[526](index=526&type=chunk) - The company manages credit risk by monitoring debtor credit records, taking written collection actions, and shortening or canceling credit periods[526](index=526&type=chunk) - Liquidity risk is controlled by comprehensively utilizing bill settlements, optimizing the financing structure, monitoring cash balances, and rolling cash flow forecasts[528](index=528&type=chunk) - All of the company's operating activities are conducted within China, and major transactions are settled in RMB, thus there is no significant foreign exchange risk[528](index=528&type=chunk) [XIII. Disclosure of Fair Value](index=133&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of assets and liabilities measured at fair value, including wealth management products (Level 2) and other equity instrument investments (Level 3) Fair Value of Assets and Liabilities Measured at Fair Value at Period End | Item | Level 2 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | | Wealth Management Products | 30,000,000.00 | 0.00 | 30,000,000.00 | | Other Equity Instrument Investments | 0.00 | 10,201,710.88 | 10,201,710.88 | | Total Assets Continuously Measured at Fair Value | 30,000,000.00 | 10,201,710.88 | 40,201,710.88 | - Wealth management products are measured at Level 2 fair value, with future cash flows predicted using expected return rates[533](index=533&type=chunk) - Other equity instrument investments are measured at Level 3 fair value, using the share of their book assets as the best estimate of fair value[534](index=534&type=chunk) [XIV. Related Parties and Related Party Transactions](index=134&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section identifies the company's parent, subsidiaries, and other related parties, detailing related party transactions for services, leasing, and outstanding receivables/payables - Wuxi Traffic Industry Group Co., Ltd. directly holds **8.61%** of the company's shares, indirectly controls **22.80%** through concerted parties, and through voting rights entrustment, controls a total of **26.23%** of voting rights, making it the controlling shareholder[535](index=535&type=chunk)[536](index=536&type=chunk) Sales of Goods/Provision of Services (Related Party Transactions) | Related Party | Related Transaction Content | Amount Incurred in Current Period (Yuan) | Amount Incurred in Previous Period (Yuan) | | :--- | :--- | :--- | :--- | | Wuxi Dingshu General Airport Co., Ltd. | Survey and Design Fees | 105,660.37 | 2,502,006.00 | | Wuxi Metro Group and its Affiliates | Survey and Design Fees and Engineering General Contracting Fees | 2,697,003.96 | 26,695,030.36 | | Wuxi Yunsheng Urban Operation Management Service Co., Ltd. | Survey and Design Fees | 256,658.30 | 1,801,813.85 | | Wuxi Internet of Vehicles Industry Development Group Co., Ltd. | Survey and Design Fees | 789,037.74 | 0.00 | | Wuxi Jianxia Development Co., Ltd. | Survey and Design Fees | 166,037.74 | 0.00 | | Huaren Construction Group Co., Ltd. | Survey and Design Fees | 66,905.66 | 0.00 | Accounts Receivable from Related Parties at Period End | Item Name | Related Party | Ending Book Balance (Yuan) | Bad Debt Provision (Yuan) | | :--- | :--- | :--- | :--- | | Accounts Receivable | Wuxi Metro Group and its Affiliates | 8,949,927.13 | 1,136,589.57 | | Contract Assets | Wuxi Metro Group and its Affiliates | 28,490,995.41 | 3,232,944.71 | [XV. Share-Based Payment](index=138&type=section&id=XV.%20Share-Based%20Payment) The company had no share-based payment information, including overall situation, equity-settled, or cash-settled, during the reporting period - The company's reporting period shows no overall share-based payment information[555](index=555&type=chunk) [XVI. Commitments and Contingencies](index=138&type=section&id=XVI.%20Commitments%20and%20Contingencies) As of June 30, 2025, the company had performance guarantees totaling 21,258,471.92 yuan, some backed by deposits and some by credit, with no other significant contingencies - As of June 30, 2025, the company had performance guarantees applied for from banks totaling **21,258,471.92 yuan**[555](index=555&type=chunk) - Of this amount, **1,268,874.03 yuan** was issued with a margin deposit, and **19,989,597.89 yuan** was issued on credit[555](index=555&type=chunk) - As of June 30, 2024, the company had no significant contingencies requiring disclosure[556](index=556&type=chunk)[557](index=557&type=chunk) [XVII. Events After the Balance Sheet Date](index=139&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) The company reported no significant non-adjusting events, profit distribution, sales returns, or other post-balance sheet events - The company's reporting period shows no important non-adjusting events[560](index=560&type=chunk) - The company's reporting period shows no profit distribution[561](index=561&type=chunk) - The company's reporting period shows no sales returns[561](index=561&type=chunk) [XVIII. Other Significant Matters](index=139&type=section&id=XVIII.%20Other%20Significant%20Matters) The company had no prior period accounting error corrections, debt restructurings, annuity plans, or discontinued operations, and does not report segment information due to its single business nature - The company's reporting period shows no prior period accounting error corrections, debt restructurings, annuity plans, or discontinued operations[561](index=561&type=chunk)[564](index=564&type=chunk)[569](index=569&type=chunk) - The company's business is singular, primarily engineering technology services, and management views this business as a whole for management and performance assessment, thus no segment information is presented[566](index=566&type=chunk) [XIX. Notes to Parent Company Financial Statement Items](index=141&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides notes on the parent company's key financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue, and investment income - Parent company accounts receivable ending book value: **142,391,333.95 yuan**, bad debt provision: **52,899,569.60 yuan**[573](index=573&type=chunk)[575](index=575&type=chunk) - Parent company other receivables ending book balance: **9,959,499.47 yuan**, primarily deposits and guarantees[597](index=597&type=chunk)[599](index=599&type=chunk) - Parent company long-term equity investments ending book value: **43,324,034.99 yuan**, mainly investments in subsidiaries[611](index=611&type=chunk) - Parent company operating revenue for the current period: **87,452,605.46 yuan**, operating cost: **65,452,599.74 yuan**[615](index=615&type=chunk) - Parent company investment income for the current period: **2,527,572.38 yuan**, primarily from long-term equity investments accounted for using the cost method[620](index=620&type=chunk) [XX. Supplementary Information](index=150&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary information, including non-recurring gains and losses, net asset return, and earnings per share, confirming no accounting data differences under domestic and overseas standards Non-Recurring Gains and Losses Details | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 201,450.27 | | Government grants recognized in current profit or loss | 115,940.05 | | Other non-operating income and expenses apart from the above | -8,840.83 | | Less: Income tax impact | 31,676.11 | | Total | 276,873.38 | Net Asset Return and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (Yuan/share) | Diluted Earnings Per Share (Yuan/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | -1.07 | -0.0462 | -0.0462 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | -1.11 | -0.0480 | -0.0480 | - The company shows no differences in net profit and net assets between financial reports disclosed simultaneously under international accounting standards and Chinese accounting standards[624](index=624&type=chunk) Section IX Other Submitted Data The company reported no other significant social safety issues, administrative penalties, investor relations activities, or fund transfers with controlling shareholders/related parties - The listed company and its subsidiaries have no other significant social safety issues[627](index=627&type=chunk) - No administrative penalties were received during the reporting period[627](index=627&type=chunk) - No investor research, communication, or interview activities were conducted during the reporting period[627](index=627&type=chunk) - There are no fund transfers between the listed company and its controlling shareholder or other related parties[627](index=627&type=chunk)

[Section 1 Definitions](index=7&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section provides definitions of key terms used throughout the report [Section 2 Company Profile and Key Financial Indicators](index=9&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information and key financial performance metrics for the reporting period [I. Company Information](index=9&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section outlines the basic information of Sino-Agri Leading Biosciences Co., Ltd., including company name, abbreviation, foreign name, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 中农立华生物科技股份有限公司 (Sino-Agri Leading Biosciences Co., Ltd.) | | Chinese Abbreviation | 中农立华 (Sino-Agri Leading) | | Foreign Name | SINO-AGRI LEADING BIOSCIENCES CO.,LTD | | Foreign Name Abbreviation | SAL | | Legal Representative | 苏毅 (Su Yi) | [II. Contacts and Contact Information](index=9&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including name, address, phone, fax, and email Contact Information | Position | Name | Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | 黄柏集 (Huang Baiji) | 北京市西城区宣武门外大街甲1号九层912室 (Room 912, 9th Floor, Building A1, Xuanwumenwai Street, Xicheng District, Beijing) | 010-59337358 | 010-59337389 | sal@sino-agri-sal.com | | Securities Affairs Representative | 常青 (Chang Qing) | 北京市西城区宣武门外大街甲1号九层912室 (Room 912, 9th Floor, Building A1, Xuanwumenwai Street, Xicheng District, Beijing) | 010-59337358 | 010-59337389 | sal@sino-agri-sal.com | [III. Brief Introduction to Changes in Basic Information](index=9&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) During the reporting period, there were no changes in the company's basic information such as registered address, office address, website, and email - During the reporting period, the company's basic information remained unchanged[29](index=29&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=9&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) During the reporting period, there were no changes in the company's information disclosure website address and semi-annual report custody location - During the reporting period, the company's information disclosure and document custody locations remained unchanged[31](index=31&type=chunk) [V. Company Stock Overview](index=10&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) The company's stock is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation Sino-Agri Leading and stock code 603970 Company Stock Information | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | SSE | 中农立华 (Sino-Agri Leading) | 603970 | - | [VII. Key Accounting Data and Financial Indicators](index=10&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, the company's operating revenue increased by **3.27%** to **6.745 billion yuan**, but total profit and net profit attributable to shareholders both decreased by over **10%**; net cash flow from operating activities was negative and significantly declined, while total assets increased by **20.54%** H1 2025 Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 6,745,417,178.40 yuan | 6,531,899,796.88 yuan | 3.27 | | Total Profit | 204,247,225.52 yuan | 228,000,032.22 yuan | -10.42 | | Net Profit Attributable to Shareholders of Listed Company | 142,180,574.70 yuan | 158,090,134.79 yuan | -10.06 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 136,464,935.58 yuan | 153,153,287.76 yuan | -10.90 | | Net Cash Flow from Operating Activities | -1,174,294,556.38 yuan | -617,103,636.02 yuan | N/A | | **End of Current Period** | **End of Prior Year** | **Period-end vs Prior Year-end Change (%)** | | | Net Assets Attributable to Shareholders of Listed Company | 1,540,916,331.57 yuan | 1,520,445,416.61 yuan | 1.35 | | Total Assets | 6,752,721,194.42 yuan | 5,602,253,258.06 yuan | 20.54 | H1 2025 Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | 0.5289 | 0.5881 | -10.07 | | Diluted Earnings Per Share (Yuan/Share) | 0.5289 | 0.5881 | -10.07 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (Yuan/Share) | 0.5077 | 0.5698 | -10.90 | | Weighted Average Return on Net Assets (%) | 8.94 | 10.41 | Decreased by 1.47 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 8.58 | 10.08 | Decreased by 1.50 percentage points | [IX. Non-Recurring Gains and Losses Items and Amounts](index=11&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) In H1 2025, the company's total non-recurring gains and losses amounted to **5.7156 million yuan**, primarily from government grants, gains/losses from entrusted investments, and fair value changes of financial assets/liabilities H1 2025 Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from disposal of non-current assets | -445,155.41 | | Government grants recognized in current profit/loss | 4,434,476.90 | | Gains/Losses from fair value changes and disposal of financial assets and liabilities | 382,416.66 | | Gains/Losses from entrusted investments or asset management | 4,508,066.45 | | Other non-operating income and expenses | 447,732.89 | | Less: Income tax impact | 2,330,991.41 | | Minority interest impact (after tax) | 1,280,906.96 | | **Total** | **5,715,639.12** | [Section 3 Management Discussion and Analysis](index=12&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section discusses the company's industry, main business operations, core competencies, and key financial performance during the reporting period, along with risk factors and mitigation strategies [I. Description of the Company's Industry and Main Business Operations During the Reporting Period](index=12&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's main business is pesticide distribution and plant protection technical services, covering the entire industry chain from raw material trade to formulation sales; in H1 2025, raw material prices fluctuated at the bottom, exports grew steadily, and stricter safety regulations are anticipated - The company's main business is pesticide distribution and plant protection technical services, including raw material and formulation sales, and crop health solutions[37](index=37&type=chunk) - The company's operating model focuses on high-value segments in agrochemical, building a global supply chain platform with four business segments: Crop Health, International, Chemical, and Joint Sales[38](index=38&type=chunk) - In H1 2025, the pesticide raw material price index decreased by **1.27%** year-on-year, with herbicides down **2.43%**, fungicides down **5.2%**, and insecticides up **6.04%**; China's pesticide export volume and value increased by **15.9%** and **13.4%** respectively[39](index=39&type=chunk) - A chemical plant explosion in Shandong indicates future stricter safety production regulations for pesticides, presenting market opportunities for enterprises with "technology + cost" advantages[40](index=40&type=chunk) [II. Discussion and Analysis of Operations](index=12&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) Facing declining pesticide raw material prices and sluggish market demand, the company achieved total assets of **6.753 billion yuan**, operating revenue of **6.745 billion yuan**, and net profit of **159 million yuan** in H1 2025, implementing strategies like service center expansion, product optimization, and supply chain enhancement - In H1 2025, the company's total assets were **6.753 billion yuan**, operating revenue **6.745 billion yuan**, net profit **159 million yuan**, and net profit attributable to shareholders **142 million yuan**[40](index=40&type=chunk) - The company promoted the construction of China Agricultural Materials - Farmer Service Centers, establishing 5 new centers in Zhejiang, Henan, Sichuan, and Hunan[41](index=41&type=chunk) - The company launched 11 new products, improving product lines and crop solutions, with service area for key solution products increasing by over **100%**[42](index=42&type=chunk) - The company obtained 40 new independent product registrations overseas, accumulating 2,081 overseas pesticide product registrations, and increasing the sales proportion of independently registered products[43](index=43&type=chunk) - The company adjusted the product structure of raw materials and intermediates, optimizing the proportion of high-value-added products, accelerating the digestion of old product inventory, and improving product turnover[44](index=44&type=chunk) - The company optimized warehouse and logistics resources, ensuring 24-hour delivery for provincial orders, and controlling warehousing costs through temporary short-term leases[45](index=45&type=chunk)[46](index=46&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=13&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies span brand influence, global supply chain, R&D application, information services, and talent team, leveraging its "SINO-AGRI" and "China Agricultural Materials" brands, extensive network, patented technologies, industry price index, and skilled workforce - The company promotes its independent brand "SINO-AGRI" in international markets and inherits the "China Agricultural Materials" brand gene domestically, building the "Lihua Weihong" service brand and launching crop solutions like "Zhongnong Dingliangzhu"[47](index=47&type=chunk)[48](index=48&type=chunk) - The company collaborates with over 300 global suppliers, building a "one-stop" integrated supply platform with 6 overseas subsidiaries, 27 domestic warehousing and distribution centers, and over 3,000 channel partners, creating a global glyphosate supply chain value platform[49](index=49&type=chunk)[50](index=50&type=chunk) - The company has a pesticide application R&D center with "Pesticide Registration Test Unit" qualification, undertakes national and supply and marketing cooperative technology projects, collaborates with domestic and international research institutes, holds 19 national invention patents, and conducts nearly 6,000 trials and demonstrations annually[51](index=51&type=chunk)[52](index=52&type=chunk) - The company pioneered the Sino-Agri Leading Raw Material Price Index, becoming an industry benchmark, and established long-term cooperation with several central and industry media to enhance brand visibility[53](index=53&type=chunk)[54](index=54&type=chunk) - The company possesses a professional, efficient, and advanced management team and a high-caliber professional talent pool, with **57%** of employees under 35 years old and **65%** holding a bachelor's degree or above[55](index=55&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=15&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) In H1 2025, operating revenue increased by **3.27%**, but total profit and net profit declined; sales and administrative expenses rose, R&D investment increased, and operating cash flow saw a significant outflow; total assets grew by **20.54%**, with notable increases in accounts receivable and prepayments, and significant increases in short-term borrowings and accounts payable H1 2025 Financial Statement Item Changes | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 6,745,417,178.40 | 6,531,899,796.88 | 3.27 | | Operating Cost | 6,317,359,596.00 | 6,096,899,513.54 | 3.62 | | Selling Expenses | 119,422,066.82 | 111,089,111.50 | 7.50 | | Administrative Expenses | 37,032,569.81 | 28,928,778.60 | 28.01 | | Financial Expenses | 17,278,859.33 | 18,745,422.61 | -7.82 | | R&D Expenses | 29,276,430.61 | 26,781,175.52 | 9.32 | | Net Cash Flow from Operating Activities | -1,174,294,556.38 | -617,103,636.02 | N/A | | Net Cash Flow from Investing Activities | 934,096,877.20 | 392,274,714.62 | 138.12 | | Net Cash Flow from Financing Activities | 215,182,750.01 | 275,808,966.62 | -21.98 | - Operating revenue and cost increases are primarily due to increased export volume and value; selling expenses increased due to higher promotion and credit insurance costs; administrative expenses increased due to higher management-related expenditures; financial expenses decreased due to lower exchange losses from currency fluctuations; R&D expenses increased due to greater R&D investment[57](index=57&type=chunk) - Net cash flow from operating activities significantly decreased primarily due to increased procurement payments; net cash flow from investing activities significantly increased primarily due to higher redemption of structural deposits; net cash flow from financing activities decreased primarily due to reduced interest-bearing debt[57](index=57&type=chunk) Assets and Liabilities Changes (Period-end vs Prior Year-end) | Item Name | Current Period-end Amount (Yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | | Total Assets | 6,752,721,194.42 | 20.54 | | | Financial Assets Held for Trading | 71,396,958.67 | -92.86 | Decrease in balance of structural deposits purchased | | Notes Receivable | 13,169,977.63 | -90.74 | Partial commercial acceptance bills matured and settled | | Accounts Receivable | 3,226,309,279.34 | 119.17 | Adjustment of credit terms due to business development, and overseas subsidiary settlement business not applicable to hedge accounting | | Prepayments | 558,161,048.64 | 60.74 | Increase in advance payments for locking in procurement prices | | Inventories | 1,752,197,897.79 | 11.37 | | | Short-term Borrowings | 991,379,983.00 | 57.74 | Increase in procurement scale | | Financial Liabilities Held for Trading | 0.00 | -100.00 | Exchange rate fluctuations of forward foreign exchange contracts | | Accounts Payable | 1,311,562,461.91 | 103.58 | Increase in outstanding procurement payments not yet due | | Deferred Income | 962,192.87 | 559.45 | Increase in government grants related to income received | - Overseas assets at period-end were **1.408 billion yuan**, accounting for **20.85%** of total assets[60](index=60&type=chunk) - Restricted funds at period-end amounted to **98.9559 million yuan**, primarily for bank acceptance bill deposits and temporary judicial freezes[61](index=61&type=chunk) [V. Other Disclosures](index=20&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces risks from intensified market competition, low raw material prices, changes in cooperation with manufacturers and distributors, and exchange rate fluctuations; to address these, the company is implementing a "quality improvement, efficiency enhancement, and return focus" action plan, emphasizing core business, stable dividends, R&D innovation, investor communication, and governance optimization - Market competition intensification risk: The pesticide industry is undergoing structural adjustments, facing fierce competition and challenges from well-funded competitors[65](index=65&type=chunk) - Raw material price low-level fluctuation risk: Raw material prices are expected to remain at the bottom in H2 2025, with potential for sharp fluctuations due to unforeseen events[66](index=66&type=chunk) - Cooperation relationship change risk: The company's operations rely on stable cooperation with pesticide manufacturers and distributors, and policy changes may impact operating performance[67](index=67&type=chunk) - Exchange rate fluctuation risk: Overseas sales are settled in USD, and fluctuations in the RMB to USD exchange rate will affect the company's profitability[67](index=67&type=chunk) - The company focuses on core business and sustainable development by promoting service center construction, launching new products, optimizing product structure and supply chain, and improving warehousing service quality[68](index=68&type=chunk) - The company maintains stable dividends and increases shareholder returns, having distributed cash dividends 8 times since listing, totaling **594 million yuan**, with an average annual cash dividend payout ratio of **44.80%** of net profit[69](index=69&type=chunk) - The company drives innovation and develops core competencies by increasing R&D investment in green pesticides, undertaking national and supply and marketing cooperative technology projects, and obtaining 19 invention patents[70](index=70&type=chunk) - The company emphasizes investor communication and conveys company value by improving information disclosure quality, holding earnings calls, and completing 65 institutional surveys[71](index=71&type=chunk) - The company adheres to standardized operations and optimizes corporate governance by formulating a "Public Opinion Management System," revising 27 institutional documents, and improving governance structure[72](index=72&type=chunk) - The company strengthens "key minority" responsibilities and enhances performance capabilities by organizing training for directors, supervisors, and senior management on regulatory policies[73](index=73&type=chunk) [Section 4 Corporate Governance, Environment, and Society](index=22&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section covers changes in the company's directors and senior management, profit distribution plans, employee incentive measures, environmental information, and contributions to poverty alleviation and rural revitalization [I. Changes in Company Directors and Senior Management](index=22&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's directors and senior management - During the reporting period, the company's directors and senior management remained unchanged[75](index=75&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=22&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company will not distribute profits or convert capital reserves into share capital for the semi-annual period - The company will not conduct semi-annual profit distribution or capital reserve conversion into share capital[75](index=75&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) During the reporting period, there was no progress or change in the company's equity incentive plans, employee stock ownership plans, or other employee incentive measures - During the reporting period, there was no progress or changes in company equity incentive plans, employee stock ownership plans, or other employee incentive measures[76](index=76&type=chunk) [IV. Environmental Information of Listed Companies and Their Main Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=22&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) Except for its controlling subsidiary Tianjin Lihua, which engages in pesticide formulation processing and packaging, the company and its other subsidiaries primarily conduct pesticide distribution and are not in heavily polluting industries; Tianjin Lihua's environmental monitoring reports show compliance with environmental requirements for wastewater, exhaust gas, and noise - The company and its other subsidiaries primarily engage in pesticide distribution and are not in heavily polluting industries; only the controlling subsidiary Tianjin Lihua engages in pesticide formulation processing and packaging services[76](index=76&type=chunk) - Tianjin Lihua's environmental monitoring results for Q1 and Q2 2025 show that wastewater, exhaust gas, and noise conditions all comply with environmental requirements[77](index=77&type=chunk) [V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=23&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company actively consolidates poverty alleviation achievements and contributes to rural revitalization by ensuring pesticide supply, strengthening offline and online technical services, and optimizing yield-increasing solutions, including signing supply agreements, being listed as a key agricultural material supplier, conducting popular science promotion, and achieving significant yield increases with its "Zhongnong Dingliangzhu" solution - The company ensures pesticide supply by signing spring plowing supply cooperation agreements with 166 pesticide manufacturers, being selected as a "2025 National Supply and Marketing Cooperative Key Agricultural Material Supplier," and carrying out "Escort Spring Plowing 315" popular science promotion[78](index=78&type=chunk) - The company strengthens offline and online technical services by conducting over 3,000 trials and demonstrations and over 5,000 farmer training sessions; in H1, it held over 90 live broadcasts, with over **4 million** viewers, and released over 600 short videos[79](index=79&type=chunk) - The promoted "Zhongnong Dingliangzhu" yield increase solution showed an average wheat yield increase of **141.1 jin per mu** (yield increase rate of **12.2%**) and an average rice yield increase of **237.3 jin per mu** (yield increase rate of **19.8%**)[79](index=79&type=chunk) [Section 5 Significant Matters](index=24&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details the fulfillment of commitments, non-operating fund occupation by controlling shareholders, illegal guarantees, significant litigation, integrity status, major related-party transactions, and significant contracts [I. Fulfillment of Commitments](index=24&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's actual controller, shareholders, and related parties (Supply and Marketing Group, Sino-Agri Group, Guangdong Yilong) have strictly fulfilled their commitments to resolve horizontal competition, not engaging in competitive businesses since June 2015 - Supply and Marketing Group, Sino-Agri Group, and Guangdong Yilong have strictly fulfilled their commitments to resolve horizontal competition, not engaging in competitive businesses since June 2015[81](index=81&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period](index=24&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there was no non-operating occupation of funds by the controlling shareholder or other related parties - During the reporting period, there was no non-operating occupation of funds by the controlling shareholder or other related parties[82](index=82&type=chunk) [III. Illegal Guarantees](index=25&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures - During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures[83](index=83&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=25&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company is involved in significant litigation and arbitration matters, including administrative penalty disputes and cargo leakage disputes; subsidiary Guangzhou Lihua was fined **3.8614 million yuan** for unlicensed pesticide sales, with a re-trial application rejected and a provision for liabilities made; subsidiary Shanghai Aige is involved in a cargo leakage arbitration, facing a claim of **35.9275 million yuan**, with **24.2894 million yuan** in bank deposits frozen, but the company believes it has a high probability of winning; subsidiary Zhongnong Fengmao is involved in a sales contract dispute, with **750,000 yuan** in bank accounts frozen, and the company believes it has a high probability of winning - Administrative penalty dispute: Subsidiary Guangzhou Lihua was fined a total of **3,861,378.00 yuan** by Guangzhou Baiyun District Agriculture and Rural Bureau for unlicensed sales of restricted pesticides; the company has fully accrued estimated liabilities, and Guangdong High People's Court has rejected the re-trial application[83](index=83&type=chunk)[269](index=269&type=chunk)[375](index=375&type=chunk)[504](index=504&type=chunk)[505](index=505&type=chunk)[506](index=506&type=chunk) - Cargo leakage dispute: Subsidiary Shanghai Aige was subject to arbitration by Brazilian Agricultural Cooperation Co., Ltd., demanding compensation of **35.9275 million yuan**, with Shanghai Aige's bank deposits of **24.2894 million yuan** frozen; the company believes it has a high probability of winning[507](index=507&type=chunk)[508](index=508&type=chunk)[509](index=509&type=chunk)[510](index=510&type=chunk)[511](index=511&type=chunk) - Sales contract dispute: Subsidiary Zhongnong Fengmao was sued by Laiyang Jiabao Auto Parts Co., Ltd., involving **706,166.16 yuan**, with bank accounts frozen for **750,000 yuan**; the company believes it has a high probability of winning[512](index=512&type=chunk)[513](index=513&type=chunk)[514](index=514&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=25&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts, maintaining good integrity - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts[84](index=84&type=chunk) [X. Major Related-Party Transactions](index=25&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's estimated daily related-party transactions for 2025 are not to exceed **741 million yuan**, with **136 million yuan** incurred as of June 30; the company conducts financial business with Supply and Marketing Group Finance Co., Ltd., including deposits, credit facilities, and cross-border fund centralization services, earning **22,500 yuan** in financial service fees - The company expects daily related-party transactions with associated parties, including goods sales, procurement, and warehousing and transportation services, to not exceed **740.8 million yuan** in 2025[86](index=86&type=chunk) - As of June 30, 2025, the company's various daily related-party transactions amounted to **136.05 million yuan**[86](index=86&type=chunk) Financial Business with Supply and Marketing Group Finance Co., Ltd | Related Party | Relationship | Business Type | Beginning Balance (Yuan) | Ending Balance (Yuan) | Total Deposits This Period (Yuan) | Total Withdrawals This Period (Yuan) | Total Credit Line (Yuan) | Actual Amount Incurred (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 供销集团财务有限公司 (Supply and Marketing Group Finance Co., Ltd.) | 受同一最终控制方控制 (Under same ultimate control) | 存款业务 (Deposit Business) | 99,283,277.74 | 98,382,287.92 | 297,906,210.18 | 298,807,200.00 | - | - | | 供销集团财务有限公司 (Supply and Marketing Group Finance Co., Ltd.) | 受同一最终控制方控制 (Under same ultimate control) | 授信业务 (Credit Business) | - | - | - | - | 100,000,000.00 | 0.00 | - The company processed **100 million yuan** in cross-border cash pool business through Supply and Marketing Group Finance Co., Ltd., collecting **22,450.00 yuan** in financial service fees[93](index=93&type=chunk) [XI. Significant Contracts and Their Performance](index=28&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company has several related-party lease contracts, primarily for office buildings and warehouses, with a high estimated annual rent; additionally, the company provided a **250 million yuan** guarantee for its subsidiary SINO AGRI BIOSCIENCES SINGAPORE PTE.LTD., valid until June 2026 Major Related-Party Lease Information (Estimated Annual Rent) | Lessor Name | Leased Asset | Amount Involved in Leased Asset (Yuan) | Related Party Relationship | | :--- | :--- | :--- | :--- | | 中国农业生产资料集团有限公司 (China Agricultural Materials Group Co., Ltd.) | 办公楼 (Office Building) | 4,701,640.16 | 控股股东 (Controlling Shareholder) | | 中国农业生产资料集团有限公司 (China Agricultural Materials Group Co., Ltd.) | 办公楼 (Office Building) | 1,835,128.20 | 控股股东 (Controlling Shareholder) | | 天津中农化肥储运贸易有限公司 (Tianjin Zhongnong Chemical Fertilizer Storage and Transportation Trade Co., Ltd.) | 仓库 (Warehouse) | 1,120,000.00 | 集团兄弟公司 (Group Sister Company) | | 天津中农化肥储运贸易有限公司 (Tianjin Zhongnong Chemical Fertilizer Storage and Transportation Trade Co., Ltd.) | 仓库 (Warehouse) | 1,730,000.00 | 集团兄弟公司 (Group Sister Company) | | 天津中农化肥储运贸易有限公司 (Tianjin Zhongnong Chemical Fertilizer Storage and Transportation Trade Co., Ltd.) | 仓库 (Warehouse) | 4,195,218.00 | 集团兄弟公司 (Group Sister Company) | | 中国供销集团南通国际棉花有限公司 (China Supply and Marketing Group Nantong International Cotton Co., Ltd.) | 仓库 (Warehouse) | 1,060,000.00 | 集团兄弟公司 (Group Sister Company) | Company Guarantees for Subsidiaries | Guarantor | Guaranteed Party | Guarantee Amount (Ten Thousand Yuan) | Guarantee Start Date | Guarantee End Date | Is Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | The Company | SINO AGRI BIOSCIENCES SINGAPORE PTE.LTD. | 15,000.00 | June 20, 2025 | June 20, 2026 | No | | The Company | SINO AGRI BIOSCIENCES SINGAPORE PTE.LTD. | 10,000.00 | June 26, 2025 | June 25, 2026 | No | | **Total Guarantee Amount** | **25,000.00** | | | | | | **Total Guarantee Amount as % of Company's Net Assets** | **16.22%** | | | | | - The company plans to provide guarantees for its controlling subsidiary Shanghai Aige and its wholly-owned subsidiary Singapore Company, with amounts not exceeding **200 million yuan** and **300 million yuan** (converted to RMB) respectively[490](index=490&type=chunk) [Section 6 Share Changes and Shareholder Information](index=31&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital, shareholder structure, and the holdings of directors and senior management, confirming no changes in share capital or controlling shareholder during the reporting period [I. Share Capital Changes](index=31&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital and share structure remained unchanged, with a total of 268,800,134 shares at period-end - During the reporting period, the company's total share capital and share structure remained unchanged[102](index=102&type=chunk) Share Capital Changes | Item | Beginning Balance (Shares) | Changes This Period (+, -) | Ending Balance (Shares) | | :--- | :--- | :--- | :--- | | Total Shares | 268,800,134.00 | 0 | 268,800,134.00 | [II. Shareholder Information](index=31&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 15,403 common shareholders; China Agricultural Materials Group Co., Ltd. was the largest shareholder with **50.25%** stake, and Guangdong Yilong Investment Co., Ltd. held **9.45%**; all top ten shareholders held unrestricted tradable shares - As of the end of the reporting period, the total number of common shareholders was **15,403**[103](index=103&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Shares Held at Period-end (Shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | 中国农业生产资料集团有限公司 (China Agricultural Materials Group Co., Ltd.) | 135,072,000 | 50.25 | 境内非国有法人 (Domestic Non-State-Owned Legal Person) | | 广东益隆投资有限公司 (Guangdong Yilong Investment Co., Ltd.) | 25,401,600 | 9.45 | 境内非国有法人 (Domestic Non-State-Owned Legal Person) | | 北京中农利成管理咨询有限公司 (Beijing Zhongnong Licheng Management Consulting Co., Ltd.) | 3,225,600 | 1.20 | 境内非国有法人 (Domestic Non-State-Owned Legal Person) | | 刘锋 (Liu Feng) | 2,887,800 | 1.07 | 境内自然人 (Domestic Natural Person) | | 浙江浙农金泰生物科技有限公司 (Zhejiang Zhenong Jintai Biotechnology Co., Ltd.) | 2,736,000 | 1.02 | 境内非国有法人 (Domestic Non-State-Owned Legal Person) | | 中国对外经济贸易信托有限公司－外贸信托－仁桥泽源股票私募证券投资基金 (China Foreign Economy and Trade Trust Co., Ltd. - Foreign Trade Trust - Renqiao Zeyuan Stock Private Securities Investment Fund) | 2,035,080 | 0.76 | 境内非国有法人 (Domestic Non-State-Owned Legal Person) | | 何海林 (He Hailin) | 1,955,071 | 0.73 | 境内自然人 (Domestic Natural Person) | | 刘荣珍 (Liu Rongzhen) | 1,210,960 | 0.45 | 境内自然人 (Domestic Natural Person) | | 韦红 (Wei Hong) | 1,120,340 | 0.42 | 境内自然人 (Domestic Natural Person) | | 张捷 (Zhang Jie) | 1,036,760 | 0.39 | 境内自然人 (Domestic Natural Person) | - Among the top ten shareholders, China Agricultural Materials Group Co., Ltd. is the controlling shareholder, holding **50.25%** of the shares[105](index=105&type=chunk) [III. Directors and Senior Management Information](index=33&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the shareholdings of the company's directors and senior management, nor were they granted any equity incentives - During the reporting period, there were no changes in the shareholdings of the company's current and former directors and senior management[107](index=107&type=chunk) - During the reporting period, directors and senior management were not granted equity incentives[107](index=107&type=chunk) [IV. Changes in Controlling Shareholder or Actual Controller](index=33&type=section&id=%E5%9B%9B%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - During the reporting period, there were no changes in the company's controlling shareholder or actual controller[107](index=107&type=chunk) [Section 7 Bond-Related Information](index=34&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor any convertible corporate bonds during the reporting period [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=34&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[109](index=109&type=chunk) [II. Convertible Corporate Bonds](index=34&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E6%83%85%E5%86%B5) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[109](index=109&type=chunk) [Section 8 Financial Report](index=35&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited semi-annual financial statements for 2025, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxes, and financial items [I. Audit Report](index=35&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report has not been audited - This semi-annual report has not been audited[16](index=16&type=chunk) [II. Financial Statements](index=35&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, comprehensively presenting the company's financial position and operating results [Consolidated Balance Sheet](index=35&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were **6.753 billion yuan**, with a high proportion of current assets; total liabilities were **5.045 billion yuan**, primarily short-term borrowings and accounts payable; equity attributable to parent company owners was **1.541 billion yuan** - As of June 30, 2025, consolidated total assets were **6,752,721,194.42 yuan**, with total current assets of **6,498,249,851.57 yuan**[112](index=112&type=chunk) - Total liabilities were **5,045,172,150.60 yuan**, including short-term borrowings of **991,379,983.00 yuan**, notes payable of **1,509,172,894.47 yuan**, and accounts payable of **1,311,562,461.91 yuan**[112](index=112&type=chunk)[113](index=113&type=chunk) - Total equity attributable to parent company owners was **1,540,916,331.57 yuan**[113](index=113&type=chunk) [Parent Company Balance Sheet](index=37&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were **5.432 billion yuan**, with a high proportion of current assets; total liabilities were **4.042 billion yuan**, primarily short-term borrowings, notes payable, and contract liabilities; total owners' equity was **1.390 billion yuan** - As of June 30, 2025, parent company total assets were **5,431,794,222.41 yuan**, with total current assets of **5,029,334,491.92 yuan**[114](index=114&type=chunk)[115](index=115&type=chunk) - Total liabilities were **4,041,955,344.52 yuan**, including short-term borrowings of **849,486,635.00 yuan**, notes payable of **1,446,023,119.93 yuan**, and contract liabilities of **766,126,424.63 yuan**[115](index=115&type=chunk)[116](index=116&type=chunk) - Total owners' equity was **1,389,838,877.89 yuan**[116](index=116&type=chunk) [Consolidated Income Statement](index=39&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In January-June 2025, the company's consolidated total operating revenue was **6.745 billion yuan**, a **3.27%** year-on-year increase; net profit was **159 million yuan**, a **7.73%** year-on-year decrease; net profit attributable to parent company shareholders was **142 million yuan**, a **10.06%** year-on-year decrease - In January-June 2025, consolidated total operating revenue was **6,745,417,178.40 yuan**, a year-on-year increase of **3.27%**[118](index=118&type=chunk) - Consolidated net profit was **159,282,374.69 yuan**, compared to **172,574,061.09 yuan** in the prior year period, a year-on-year decrease of **7.73%**[119](index=119&type=chunk) - Net profit attributable to parent company shareholders was **142,180,574.70 yuan**, compared to **158,090,134.79 yuan** in the prior year period, a year-on-year decrease of **10.06%**[119](index=119&type=chunk) - Basic earnings per share were **0.5289 yuan/share**, compared to **0.5881 yuan/share** in the prior year period, a year-on-year decrease of **10.07%**[119](index=119&type=chunk) [Parent Company Income Statement](index=41&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) In January-June 2025, the parent company's operating revenue was **3.132 billion yuan**, a **1.54%** year-on-year decrease; net profit was **126 million yuan**, a **6.50%** year-on-year decrease - In January-June 2025, parent company operating revenue was **3,132,174,342.96 yuan**, compared to **3,181,286,141.62 yuan** in the prior year period, a year-on-year decrease of **1.54%**[121](index=121&type=chunk) - Parent company net profit was **125,880,519.69 yuan**, compared to **134,631,237.34 yuan** in the prior year period, a year-on-year decrease of **6.50%**[121](index=121&type=chunk) [Consolidated Cash Flow Statement](index=42&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In January-June 2025, net cash flow from operating activities was **-1.174 billion yuan**, indicating a significant increase in cash outflow; net cash flow from investing activities was **934 million yuan**, mainly due to increased cash received from investment redemptions; net cash flow from financing activities was **215 million yuan** - Net cash flow from operating activities was **-1,174,294,556.38 yuan**, compared to **-617,103,636.02 yuan** in the prior year period, indicating a significant increase in cash outflow[123](index=123&type=chunk) - Net cash flow from investing activities was **934,096,877.20 yuan**, compared to **392,274,714.62 yuan** in the prior year period, primarily due to increased cash received from investment redemptions[124](index=124&type=chunk) - Net cash flow from financing activities was **215,182,750.01 yuan**, compared to **275,808,966.62 yuan** in the prior year period, a year-on-year decrease of **21.98%**[124](index=124&type=chunk) [Parent Company Cash Flow Statement](index=43&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In January-June 2025, the parent company's net cash flow from operating activities was **-1.149 billion yuan**, net cash flow from investing activities was **958 million yuan**, and net cash flow from financing activities was **189 million yuan** - Net cash flow from operating activities was **-1,149,086,502.72 yuan**, compared to **-482,179,810.04 yuan** in the prior year period[126](index=126&type=chunk) - Net cash flow from investing activities was **958,104,902.75 yuan**, compared to **412,089,968.99 yuan** in the prior year period[127](index=127&type=chunk) - Net cash flow from financing activities was **189,011,105.51 yuan**, compared to **215,419,643.86 yuan** in the prior year period[127](index=127&type=chunk) [Consolidated Statement of Changes in Owners' Equity](index=45&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) As of June 30, 2025, the company's consolidated total owners' equity was **1.708 billion yuan**, an increase of **24.8616 million yuan** from the beginning of the period, with equity attributable to parent company owners increasing by **20.4709 million yuan** and minority interests by **4.3907 million yuan** - As of June 30, 2025, consolidated total owners' equity was **1,707,549,043.82 yuan**, an increase of **24,861,569.85 yuan** from the beginning of the period[131](index=131&type=chunk) - Total equity attributable to parent company owners increased by **20,470,914.96 yuan**, and minority interests increased by **4,390,654.89 yuan**[131](index=131&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=49&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) As of June 30, 2025, the parent company's total owners' equity was **1.390 billion yuan**, an increase of **4.9205 million yuan** from the beginning of the period, with total comprehensive income of **126 million yuan** and profit distribution decreasing by **121 million yuan** - As of June 30, 2025, parent company total owners' equity was **1,389,838,877.89 yuan**, an increase of **4,920,459.54 yuan** from the beginning of the period[135](index=135&type=chunk) - Total comprehensive income for the period was **125,880,519.84 yuan**, with profit distribution decreasing by **120,960,060.30 yuan**[135](index=135&type=chunk)[136](index=136&type=chunk) [III. Company Basic Information](index=53&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Sino-Agri Leading Biosciences Co., Ltd. was established on April 8, 2009, with its registered capital increasing to **269 million yuan**; the company's business scope includes agricultural science, technology services, and trade, with China National Supply and Marketing Cooperatives as the ultimate controlling party; the financial statements were approved by the board on August 26, 2025 - The company was established on April 8, 2009, with registered capital increasing from **80 million yuan** through multiple increments, changing to **268,800,134.00 yuan** as of May 18, 2023[139](index=139&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk) - The company's business scope is extensive, including agricultural science research, technical services, fertilizer sales, chemical product sales, agricultural machinery services, and import/export of goods, also covering licensed items like hazardous chemical operations and pesticide wholesale[144](index=144&type=chunk) - The company's parent company is China Agricultural Materials Group Co., Ltd., and the ultimate controlling party is China National Supply and Marketing Cooperatives[144](index=144&type=chunk) - The company's financial statements were approved for issuance by the board of directors on August 26, 2025[145](index=145&type=chunk) [IV. Basis of Financial Statement Preparation](index=54&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) These financial statements are prepared on a going concern basis, adhering to enterprise accounting standards, and a comprehensive assessment of the company's ability to continue as a going concern for the next 12 months has been conducted, with sufficient resources reasonably expected - These financial statements are prepared on a going concern basis, in accordance with relevant provisions of enterprise accounting standards, based on actual transactions[146](index=146&type=chunk) - The company has fully assessed its ability to continue as a going concern for the next 12 months from the balance sheet date, reasonably expecting to have sufficient resources to maintain continuous operations[148](index=148&type=chunk) [V. Significant Accounting Policies and Estimates](index=55&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) The company has established specific accounting policies and estimates for items like bad debt provisions for receivables, inventory impairment, depreciation of fixed assets, amortization of right-of-use assets, intangible assets, and revenue recognition, adhering to the latest enterprise accounting standards; the fiscal year is the calendar year, with RMB as the functional currency for domestic entities and USD for overseas sub-subsidiaries; this section details policies on business combinations, consolidated financial statements, financial instruments, inventories, contract assets, long-term equity investments, fixed assets, intangible assets, employee benefits, provisions, revenue, government grants, deferred income tax, leases, and hedge accounting - The company has formulated specific accounting policies and estimates for transactions such as bad debt provisions for receivables, inventory impairment provisions, depreciation of fixed assets, amortization of right-of-use assets, amortization of intangible assets, and revenue recognition, based on industry operating characteristics[149](index=149&type=chunk) - These financial statements comply with the latest enterprise accounting standards, their application guidelines, interpretations, and other relevant regulations issued by the Ministry of Finance, truly and completely reflecting the company's financial position, operating results, and cash flows[150](index=150&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, with 12 months as the normal operating cycle; the company and its domestic subsidiaries use RMB as the functional currency, while overseas sub-subsidiaries use USD[151](index=151&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk) - The company classifies financial assets based on the business model for managing financial assets and their cash flow characteristics into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[170](index=170&type=chunk) - For accounts receivable and notes receivable that do not contain a significant financing component, the company applies the simplified model for expected credit losses, always measuring loss provisions at an amount equal to the expected credit losses over the entire lifetime[184](index=184&type=chunk)[188](index=188&type=chunk) - The company's revenue primarily includes sales revenue from pesticide raw materials and formulations, recognized when the customer obtains control of the related goods; domestic sales are recognized upon receipt of customer signed documents, and export sales are recognized upon obtaining the bill of lading after customs declaration and shipment[233](index=233&type=chunk)[234](index=234&type=chunk) [VI. Taxes](index=78&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, urban maintenance and construction tax, education surcharge, property tax, and corporate income tax; the company and its subsidiaries' pesticide formulation and agricultural machinery wholesale/retail businesses are exempt from VAT; some subsidiaries, as small low-profit enterprises, enjoy a corporate income tax reduction, paying at a **20%** rate on **25%** of taxable income Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods or provision of taxable services | Exempt, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Actual paid turnover tax amount | 5%, 7% | | Education Surcharge | Actual paid turnover tax amount | 2%, 3% | | Property Tax | Original value, rent | 1.2%, 12% | | Corporate Income Tax | Taxable income | 17%, 20%, 22%, 25%, 35% | - The company and its subsidiaries' pesticide formulation and agricultural machinery wholesale and retail businesses are exempt from Value-Added Tax[251](index=251&type=chunk) - Some subsidiaries are eligible for corporate income tax preferential policies for small low-profit enterprises, calculating taxable income at **25%** and paying corporate income tax at a **20%** rate, extended until December 31, 2027[252](index=252&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=79&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details the period-end balances, beginning balances, and changes for each item in the company's consolidated financial statements, including cash, financial assets held for trading, notes receivable, accounts receivable, inventories, short-term borrowings, accounts payable, operating revenue and cost, various expenses, investment income, credit impairment losses, and asset impairment losses; notably, accounts receivable and short-term borrowings significantly increased, while financial assets held for trading and notes receivable substantially decreased Consolidated Financial Statement Key Items Period-end Balances | Item | Period-end Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash and Bank Balances | 454,724,884.47 | 405,312,076.94 | | Financial Assets Held for Trading | 71,396,958.67 | 1,000,000,000.00 | | Notes Receivable | 13,169,977.63 | 142,210,395.93 | | Accounts Receivable | 3,226,309,279.34 | 1,472,052,100.51 | | Inventories | 1,752,197,897.79 | 1,573,274,085.46 | | Short-term Borrowings | 991,379,983.00 | 628,482,348.09 | | Accounts Payable | 1,311,562,461.91 | 644,241,980.56 | | Operating Revenue | 6,745,417,178.40 | 6,531,899,796.88 | | Operating Cost | 6,317,359,596.00 | 6,096,899,513.54 | | Selling Expenses | 119,422,066.82 | 111,089,111.50 | | Administrative Expenses | 37,032,569.81 | 28,928,778.60 | | R&D Expenses | 29,276,430.61 | 26,781,175.52 | | Financial Expenses | 17,278,859.33 | 18,745,422.61 | | Investment Income | 5,848,555.45 | 4,877,103.04 | | Credit Impairment Losses | -11,516,617.59 | -14,324,414.66 | | Inventory Impairment Losses and Contract Performance Cost Impairment Losses | -17,640,979.94 | -12,974,097.23 | - At period-end, restricted funds for use, such as pledged, mortgaged, or frozen funds, amounted to **98,955,897.03 yuan**, primarily for bank acceptance bill deposits and temporary judicial freezes[255](index=255&type=chunk) - Financial assets held for trading significantly decreased by **92.86%**, mainly due to a lower balance of structural deposits purchased at the end of the current period[59](index=59&type=chunk)[257](index=257&type=chunk) - Accounts receivable significantly increased by **119.17%**, mainly due to adjustments in credit terms for business development and the inapplicability of hedge accounting to settlement business through overseas subsidiaries[59](index=59&type=chunk)[62](index=62&type=chunk) - Short-term borrowings increased by **57.74%**, mainly due to an increase in procurement scale during the current period[59](index=59&type=chunk)[62](index=62&type=chunk) - Accounts payable increased by **103.58%**, mainly due to an increase in outstanding procurement payments not yet due during the current period[59](index=59&type=chunk)[62](index=62&type=chunk) [VIII. R&D Expenses](index=129&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) In H1 2025, the company's R&D expenses were **29.2764 million yuan**, a **9.32%** year-on-year increase, primarily comprising employee compensation, travel expenses, and accumulated depreciation and amortization; all R&D expenditures were expensed, with no capitalized R&D expenditures R&D Expenses by Nature of Expense | Item | Amount This Period (Yuan) | Amount Last Period (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 21,998,690.22 | 18,890,229.40 | | Travel Expenses | 5,513,192.65 | 5,484,280.91 | | Accumulated Depreciation and Amortization | 928,031.70 | 1,102,739.16 | | Technical Experiment Fees | 680,406.79 | 912,532.50 | | Office Expenses | 76,060.38 | 203,715.00 | | Other | 80,048.87 | 187,678.55 | | **Total** | **29,276,430.61** | **26,781,175.52** | | Of which: Expensed R&D Expenditures | 29,276,430.61 | 26,781,175.52 | | Capitalized R&D Expenditures | 0 | 0 | - All R&D expenditures for the current period were expensed, with no capitalized R&D expenditures[399](index=399&type=chunk) [IX. Changes in Consolidation Scope](index=130&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, there were no changes in the company's consolidation scope, including non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposal of subsidiaries - During the reporting period, there were no changes in the company's consolidation scope, including non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposal of subsidiaries[481](index=481&type=chunk) [X. Interests in Other Entities](index=132&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company holds interests in multiple controlling subsidiaries, primarily engaged in pesticide sales and technical consulting services across various domestic provinces and overseas countries; Aige (Shanghai) Biotechnology Co., Ltd. is a significant non-wholly-owned subsidiary with a **30%** minority interest, contributing **15.2349 million yuan** to minority shareholders' profit for the period; the company also holds interests in associates like Hebei Jilong Biotechnology Co., Ltd. and Sino-Agri Group Seed Industry Holding Co., Ltd Major Subsidiaries | Subsidiary Name | Registered Place | Business Nature | Direct Shareholding (%) | Indirect Shareholding (%) | | :--- | :--- | :--- | :--- | :--- | | 黑龙江中农立华北大荒生物科技有限公司 (Heilongjiang Sino-Agri Leading Beidahuang Biotechnology Co., Ltd.) | 黑龙江 (Heilongjiang) | 农药销售及技术咨询服务 (Pesticide sales and technical consulting services) | 55.00 | | | 中农立华农业科技（上海）有限公司 (Sino-Agri Leading Agricultural Technology (Shanghai) Co., Ltd.) | 上海 (Shanghai) | 农药销售及技术咨询服务 (Pesticide sales and technical consulting services) | 100.00 | | | 爱格（上海）生物科技有限公司 (Aige (Shanghai) Biotechnology Co., Ltd.) | 上海 (Shanghai) | 农药销售及技术咨询服务 (Pesticide sales and technical consulting services) | 70.00 | | | SINO AGRI BIOSCIENCES SINGAPORE PTE.LTD. | 新加坡 (Singapore) | 农药销售及技术咨询服务 (Pesticide sales and technical consulting services) | | 70.00 | Financial Information of Significant Non-Wholly-Owned Subsidiary (Aige (Shanghai) Biotechnology Co., Ltd.) | Indicator | Amount (Yuan) | | :--- | :--- | | Minority Shareholding (%) | 30.00 | | Profit/Loss Attributable to Minority Shareholders This Period | 15,234,898.47 | | Dividends Declared to Minority Shareholders This Period | 9,000,000.00 | | Minority Interest Balance at Period-end | 98,196,162.14 | | Operating Revenue | 1,972,072,993.23 | | Net Profit | 51,105,814.94 | | Total Comprehensive Income | 50,035,070.25 | | Cash Flow from Operating Activities | -26,429,249.16 | - The company holds interests in associates such as Hebei Jilong Biotechnology Co., Ltd. and Sino-Agri Group Seed Industry Holding Co., Ltd., with a total investment gain of **876,700 yuan** recognized this period[317](index=317&type=chunk)[454](index=454&type=chunk) [XI. Government Grants](index=136&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) In H1 2025, the company received **1.0186 million yuan** in income-related government grants, with **4.5450 million yuan** recognized in current profit or loss Government Grant Liability Item Changes | Financial Statement Item | Beginning Balance (Yuan) | New Grants This Period (Yuan) | Amount Recognized in Non-Operating Income This Period (Yuan) | Amount Transferred to Other Income This Period (Yuan) | Ending Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 145,907.77 | 1,018,600.00 | 0 | 202,314.90 | 962,192.87 | 与收益相关 (Income Related) | - Government grants recognized in current profit or loss for this period amounted to **4,544,961.32 yuan**[457](index=457&type=chunk) [XII. Risks Related to Financial Instruments](index=136&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company's main financial instruments include cash, receivables, and borrowings, exposing it to credit risk, liquidity risk, and market risk (interest rate risk, exchange rate risk); these risks are managed through credit assessment, accounts receivable monitoring, cash flow planning, and the use of forward foreign exchange contracts and hedge accounting - The company's main financial instruments include cash, notes receivable financing, other receivables, bank borrowings, notes payable, accounts payable, other payables, lease liabilities, non-current liabilities due within one year, and other non-current liabilities, primarily for financing its operations[458](index=458&type=chunk) - The main risks faced by the company are credit risk, liquidity risk, and market risk (interest rate risk, exchange rate risk)[460](index=460&type=chunk) - The company manages credit risk by conducting credit risk assessments for new customers, setting credit limits, quarterly monitoring customer credit ratings, and monthly reviewing accounts receivable aging[461](index=461&type=chunk) - The company manages liquidity risk by preparing monthly cash plans, monitoring cash balances, and rolling forecasts of future 12-month cash flows[462](index=462&type=chunk) - The company faces low interest rate risk; exchange rate risk is primarily related to overseas operating activities and net investments in overseas subsidiaries, mitigated through forward foreign exchange contracts[464](index=464&type=chunk)[465](index=465&type=chunk)[466](index=466&type=chunk) - The company engages in forward foreign e

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北京华远新航控股股份有限公司2025 年半年度报告 公司代码：600743 公司简称：华远控股 北京华远新航控股股份有限公司 2025 年半年度报告 1 / 127 北京华远新航控股股份有限公司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、 公司负责人王乐斌、主管会计工作负责人靳慧玲及会计机构负责人（会计主管人员）李艳 娇声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 公司在本报告中涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，请投资者注 意投资风险。 公司已在本报告中详细描述所存在的主要风险，详情请查阅第三节、五、（一）"可能面对 的风险"。 十一、 其他 √适用 □不适用 公司于 2025 年 4 月 28 日召开第八届董事会第三十次会议和监事会第二十二次会议、于 20 ...

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