上海凯利泰医疗科技股份有限公司 2025 年半年度报告 上海凯利泰医疗科技股份有限公司 2025 年半年度报告全文 股票代码：300326 股票简称：ST 凯利 披露日期：二〇二五年八月二十六日 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 上海凯利泰医疗科技股份有限公司 1 公司负责人王冲、主管会计工作负责人李元平及会计机构负责人（会计 主管人员）李元平声明：保证本半年度报告中财务报告的真实、准确、完整。 二○二五年半年度报告 备查文件目录 （一）载有公司法定代表人、主管会计工作负责人、公司会计机构负责人（会计主管人员）签名并盖章的财务报表； 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及的未来计划、发展战略等前瞻性描述不构成公司对投 资者的实质承诺，敬请投资者注意投资风险。公司在本报告"第三节、管理 层讨论与分析-十、公司面临的风险和应对措施"部分，详细描述了公司经营 中可能存在的风险及应对措施，敬请投资者关注相关内容。 公司计划不派发现金红利，不送 ...

Section I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The Board of Directors, Supervisory Board, and senior management guarantee the report's accuracy, with no cash dividends or share transfers planned - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) - Risk factors faced by the company are detailed in "Section III Management Discussion and Analysis," "X. Risks Faced by the Company and Countermeasures"[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section clearly lists the eight main chapters of the report and their corresponding starting page numbers for easy reference Report Chapter Directory | Chapter | Title | Page Number | | :--- | :--- | :--- | | Section I | Important Notice, Table of Contents, and Definitions | 2 | | Section II | Company Profile and Key Financial Indicators | 6 | | Section III | Management Discussion and Analysis | 9 | | Section IV | Corporate Governance, Environment, and Society | 20 | | Section V | Significant Matters | 23 | | Section VI | Share Changes and Shareholder Information | 32 | | Section VII | Bond-Related Information | 38 | | Section VIII | Financial Report | 39 | [Definitions](index=5&type=section&id=Definitions) This section defines key terms used in the report, clarifying "Company" and "Mingjiahui" as Shenzhen Mingjiahui Technology Co., Ltd., and "Reporting Period" as January 1 to June 30, 2025 - Company, Mingjiahui: Refers to Shenzhen Mingjiahui Technology Co., Ltd[13](index=13&type=chunk) - Reporting Period: Refers to January 1, 2025, to June 30, 2025[13](index=13&type=chunk) - Yuan, CNY 10,000, CNY 100 million: Refer to Renminbi Yuan, Renminbi CNY 10,000, Renminbi CNY 100 million[13](index=13&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) This section outlines the company's basic information, including its stock ticker "ST Mingjiahui," stock code 300506, legal representative Cheng Zongyu, and contact details for the Board Secretary Li Hairong Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | ST Mingjiahui | | Stock Code | 300506 | | Stock Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | 深圳市名家汇科技股份有限公司 | | Company's Legal Representative | 程宗玉 | Contact Information | Position | Name | Phone | | :--- | :--- | :--- | | Board Secretary | 李海荣 | 0755-26067248 | | Securities Affairs Representative | 饶依琳 | 0755-26067248 | - The company's registered address, office address, website, and email address remained unchanged during the reporting period[17](index=17&type=chunk) - Information disclosure and placement locations remained unchanged during the reporting period[18](index=18&type=chunk) - The company's registration status remained unchanged during the reporting period[19](index=19&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's key accounting data and financial indicators show a significant **50.43%** revenue decline, a **467.46%** increase in net loss, negative operating cash flow, and reduced total assets and net assets, indicating severe operational challenges Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 39,757,546.53 | 80,206,916.58 | -50.43% | | Net Profit Attributable to Shareholders of Listed Company | -80,880,046.34 | -14,252,890.52 | -467.46% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | -85,314,899.66 | -22,734,132.81 | -275.27% | | Net Cash Flow from Operating Activities | -60,266,851.38 | 5,300,202.59 | -1,237.07% | | Basic Earnings Per Share (CNY/share) | -0.12 | -0.02 | -500.00% | | Diluted Earnings Per Share (CNY/share) | -0.12 | -0.02 | -500.00% | | Weighted Average Return on Net Assets | -144.43% | -10.40% | -134.03% | Key Accounting Data and Financial Indicators (End of Current Reporting Period vs. End of Prior Year) | Indicator | End of Current Reporting Period (CNY) | End of Prior Year (CNY) | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | | Total Assets | 683,344,963.21 | 792,729,388.46 | -13.80% | | Net Assets Attributable to Shareholders of Listed Company | 15,560,055.53 | 96,440,101.87 | -83.87% | [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 and net assets between international or overseas accounting standards and Chinese accounting standards during the reporting period - The company's financial reports for the reporting period show no differences in net profit and net assets between International Accounting Standards and Chinese Accounting Standards[21](index=21&type=chunk) - The company's financial reports for the reporting period show no differences in net profit and net assets between overseas accounting standards and Chinese Accounting Standards[22](index=22&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses for the period amounted to **CNY 4.43 million**, primarily from disposal of non-current assets, government grants, and reversal of impairment provisions for receivables, offset by other non-operating income and expenses Non-Recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains or losses on disposal of non-current assets (including the write-off portion of asset impairment provisions already made) | 1,266,178.59 | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 121,036.68 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 4,586,091.63 | | Other non-operating income and expenses apart from the above items | -1,538,453.58 | | **Total** | **4,434,853.32** | Section III Management Discussion and Analysis [I. Main Business Activities During the Reporting Period](index=9&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company primarily engages in landscape lighting engineering, covering design, construction, R&D, production, and sales, with the industry evolving towards intelligence, green solutions, and cultural tourism integration - The company's main business is landscape lighting engineering, including the design, construction, and R&D, production, and sales of related lighting products[31](index=31&type=chunk) - The company's lighting products primarily include LED wall washers, point lights, linear lights, and other special artistic luminaires, used in commercial, municipal road, and landscape decorative lighting[31](index=31&type=chunk) - In the first half of 2025, China's landscape lighting engineering industry market size was approximately **CNY 28 billion**, growing by **8.2%** year-on-year, with cultural tourism night-time projects and urban renewal projects being the main drivers of growth[28](index=28&type=chunk) - Industry development trends include intelligence, green solutions, and cultural tourism integration, with leading enterprises gaining market share and differentiated regional development[29](index=29&type=chunk) - The company's business model primarily involves professional contracting for lighting engineering construction and EPC general contracting for lighting projects, supplemented by PPP and BT business models[31](index=31&type=chunk) - The company holds a significant position in the landscape lighting engineering industry, with its comprehensive competitive strength remaining leading in the industry, despite a decrease in market share[34](index=34&type=chunk) [(I) Industry Development During the Reporting Period](index=9&type=section&id=%28I%29%20Industry%20Development%20During%20the%20Reporting%20Period) The landscape lighting industry is shifting from expansion to value enhancement, with a market size of **CNY 28 billion** in H1 2025, growing **8.2%**, driven by urban renewal and night-time tourism, focusing on intelligence, green solutions, and cultural integration - The landscape lighting industry encompasses upstream raw material and component supply, midstream production and engineering implementation, and downstream application areas, with midstream enterprises transitioning towards an integrated "design-construction-operation and maintenance" service model[27](index=27&type=chunk) - In the first half of 2025, China's landscape lighting engineering industry market size was approximately **CNY 28 billion**, growing by **8.2%** year-on-year, with a rebound in growth rate compared to the same period in 2024[28](index=28&type=chunk) - Cultural tourism night-time projects (**35%**) and urban renewal projects (**30%**) have become the main drivers of market growth[28](index=28&type=chunk) - Intelligence, green solutions, and cultural tourism integration are core development directions for the industry, with future intelligent control systems possessing stronger environmental sensing capabilities and smart operation and maintenance management[29](index=29&type=chunk) [(II) Company's Main Business, Products, and Their Uses](index=10&type=section&id=%28II%29%20Company%27s%20Main%20Business%2C%20Products%2C%20and%20Their%20Uses) The company's core business is landscape lighting engineering, encompassing design, construction, and the R&D, production, and sales of LED lighting products for commercial, municipal, and decorative applications - The company's main business during the reporting period was landscape lighting engineering, including the design, construction, and R&D, production, and sales of related lighting products[31](index=31&type=chunk) - The company's lighting products primarily include LED wall washers, LED point lights, LED linear lights, LED guardrail lights, floodlights, tree lights, corrugated lights, window sill lights, and other special artistic luminaires[31](index=31&type=chunk) - Application scenarios mainly include commercial lighting, municipal road lighting, and landscape decorative lighting, primarily used for the company's own lighting projects and also sold externally[31](index=31&type=chunk) [(III) Company's Business Model and Market Position](index=10&type=section&id=%28III%29%20Company%27s%20Business%20Model%20and%20Market%20Position) The company's business model primarily involves professional contracting and EPC general contracting for lighting projects, supplemented by PPP and BT models, maintaining a leading position in the landscape lighting engineering industry despite market share decline - The company's business model primarily involves professional contracting for lighting engineering construction and EPC general contracting for lighting projects, supplemented by PPP and BT business models[31](index=31&type=chunk) - Under the EPC general contracting model for lighting projects, the general contractor is responsible for the entire process, including design, material procurement, construction and installation, commissioning, and subsequent maintenance[32](index=32&type=chunk) - Leveraging its EPC general contracting capabilities, extensive experience in large-scale projects, qualifications, technological advantages, and brand influence, the company holds a significant position in the landscape lighting engineering industry[34](index=34&type=chunk) - Despite the industry downturn, macroeconomic environment, and cash flow challenges in recent years, the company's market share has decreased, but its comprehensive competitive strength remains leading in the industry[34](index=34&type=chunk) [II. Analysis of Core Competencies](index=10&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include R&D and innovation, comprehensive lighting solutions, extensive project experience, strong brand influence, and efficient production and cost control, solidifying its market position in LED lighting - The company focuses on the R&D and application of lighting engineering technologies, accumulating multiple patented and core technologies, especially in landscape and smart lighting[35](index=35&type=chunk) - The company provides comprehensive lighting solutions from product design, scheme planning, engineering implementation to post-maintenance, enhancing customer loyalty and improving project win rates[35](index=35&type=chunk) - The company has undertaken and completed numerous influential urban and landscape lighting projects domestically, accumulating rich technical, management, and coordination capabilities[35](index=35&type=chunk) - The company has established brand recognition and reputation in China's LED lighting sector, particularly in landscape lighting and urban beautification markets, possessing a sales network and channels covering various domestic regions[36](index=36&type=chunk) - The company possesses certain large-scale production capabilities for LED lighting products, enhancing production efficiency and cost control through lean production and management optimization[36](index=36&type=chunk) [III. Analysis of Main Business](index=11&type=section&id=III.%20Analysis%20of%20Main%20Business) The company's main business revenue declined by **50.43%** year-on-year, with net loss widening due to market contraction, insufficient project reserves, and limited financing, leading to negative operating cash flow and increased credit impairment losses Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 39,757,546.53 | 80,206,916.58 | -50.43% | Business market demand contracted, insufficient project reserves, limited financing capacity | | Operating Cost | 24,809,847.19 | 35,616,334.56 | -30.34% | Costs decreased with revenue, labor costs for engineering construction projects reduced | | Selling Expenses | 4,414,907.36 | 12,757,052.27 | -65.39% | Strict control over labor and entertainment expenses, maintenance costs reclassified to operating costs under new standards | | Administrative Expenses | 28,248,464.81 | 25,534,319.80 | 10.63% | Increase in labor costs, entertainment expenses, and intermediary fees | | Financial Expenses | 14,213,706.95 | 10,718,360.39 | 32.61% | Overdue interest and penalties on short-term and long-term borrowings | | R&D Investment | 920,759.20 | 4,505,630.99 | -79.56% | Decrease in R&D labor and material input costs | | Net Cash Flow from Operating Activities | -60,266,851.38 | 5,300,202.59 | -1,237.07% | Decrease in cash received from sales of goods and services, increase in wages paid to employees, partial project funds recovered after accounts receivable transfer paid to transferee | | Credit Impairment Losses | -30,475,760.85 | -8,140,170.45 | -274.39% | Increase in bad debt provisions for accounts receivable | | Asset Impairment Losses | -16,430,484.87 | -16,089,952.14 | -2.12% | Increase in impairment provisions for contract assets | - Lu'an subsidiary's newly signed **CNY 150 million** lighting sales order officially commenced production in August, with a significant increase in Q3 revenue expected[38](index=38&type=chunk) Products or Services Accounting for Over 10% | Product or Service Category | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Engineering Construction | 35,063,627.12 | 19,117,563.24 | 45.48% | -51.52% | -37.74% | -20.98% | [IV. Analysis of Non-Core Business](index=13&type=section&id=IV.%20Analysis%20of%20Non-Core%20Business) Non-core business negatively impacted total profit, primarily due to negative investment income, significant asset impairment losses, and fluctuating non-operating income/expenses, none of which are sustainable Non-Core Business Analysis | Item | Amount (CNY) | Percentage of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -3,475.42 | 0.00% | Primarily due to income generated by the company's investments during the reporting period | No | | Gains and Losses from Changes in Fair Value | 0.00 | 0.00% | | No | | Asset Impairment | -16,430,484.87 | 20.33% | Primarily due to increased impairment provisions for contract assets | No | | Non-Operating Income | 607,882.46 | -0.75% | Primarily due to litigation settlement and reversal of accrued payables during the reporting period | No | | Non-Operating Expenses | 2,146,336.04 | -2.66% | Primarily due to the return of overpaid project funds during the reporting period | No | [V. Analysis of Assets and Liabilities](index=13&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) The company's total assets and net assets attributable to shareholders decreased at the end of the reporting period, with reduced monetary funds and contract liabilities, while short-term borrowings and construction in progress increased, and over **CNY 300 million** in assets are restricted Significant Changes in Asset Composition | Item | End of Current Reporting Period (CNY) | Percentage of Total Assets (%) | End of Prior Year (CNY) | Percentage of Total Assets (%) | Change in Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 106,409,889.05 | 15.57% | 157,885,587.34 | 19.92% | -4.35% | | Accounts Receivable | 271,227,382.98 | 39.69% | 306,793,894.65 | 38.70% | 0.99% | | Contract Assets | 97,085,803.85 | 14.21% | 118,437,376.87 | 14.94% | -0.73% | | Inventories | 11,786,978.94 | 1.72% | 13,311,209.84 | 1.68% | 0.04% | | Construction in Progress | 133,267,559.49 | 19.50% | 133,267,559.49 | 16.81% | 2.69% | | Short-Term Borrowings | 47,939,240.43 | 7.02% | 44,986,647.13 | 5.67% | 1.35% | | Contract Liabilities | 2,242,443.04 | 0.33% | 4,429,307.16 | 0.56% | -0.23% | | Long-Term Borrowings | 0.00 | 0.00% | 24,538,927.78 | 3.10% | -3.10% | Asset Restrictions as of the End of the Reporting Period | Item | Book Value (CNY) | Type of Restriction | | :--- | :--- | :--- | | Monetary Funds | 11,553,921.85 | Frozen, Sealed | | Intangible Assets | 11,873,423.48 | Mortgage Guarantee | | Accounts Receivable | 150,912,908.04 | Pledge Guarantee | | Investment Properties | 677,829.00 | Mortgage Guarantee | | Construction in Progress | 133,267,559.49 | Mortgage Guarantee | | **Total** | **308,285,641.86** | | [VI. Analysis of Investment Status](index=14&type=section&id=VI.%20Analysis%20of%20Investment%20Status) The company had no significant equity or non-equity investments, with **CNY 215.72 million** in raised funds utilized, but **CNY 30 million** in idle funds were not returned on time, and some projects faced delays or termination - As of June 30, 2025, the company had cumulatively invested **CNY 215.72 million** of non-public offering proceeds into projects[49](index=49&type=chunk) - Idle raised funds of **CNY 30 million** matured on March 14, 2024, and the company is temporarily unable to return them to the special bank account for raised funds on schedule[48](index=48&type=chunk) - The company terminated the "Headquarters Base Construction Project" and will use the returned land payment of **CNY 31.23 million** to permanently supplement working capital[48](index=48&type=chunk) - The "Jiuquan Urban Area Night Tourism Environment Improvement Project" experienced reduced actual settlement amounts and lower gross margins compared to forecasts due to changes in design and engineering scope by the owner[52](index=52&type=chunk)[53](index=53&type=chunk) - The "China Fenghuang Ancient City · Fengxianjing · Forest Hot Spring Art Town Art Landscape Lighting and Ancillary Construction Project" has not yet utilized raised funds for construction due to the construction carrier not being completed, leading to prolonged delays in commencement[52](index=52&type=chunk) [VII. Significant Asset and Equity Disposals](index=19&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Disposals) The company did not engage in any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[57](index=57&type=chunk) - The company did not dispose of significant equity during the reporting period[58](index=58&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=19&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company has no important holding or participating company information to disclose during the reporting period - The company has no important holding or participating company information that should be disclosed during the reporting period[58](index=58&type=chunk) [IX. Structured Entities Controlled by the Company](index=19&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[59](index=59&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=19&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces market, operational, and financial risks, including demand fluctuations, intense competition, raw material price volatility, and financing pressure, addressed by optimizing customer structure, strengthening R&D, and improving debt collection - Market volatility and competition risks: The lighting engineering industry is affected by government investment, urban renewal policies, and real estate cycles, leading to fluctuating market demand, intense industry competition, and product homogenization[59](index=59&type=chunk) - Countermeasures for market risks: Optimizing customer structure, strengthening market research, increasing R&D investment, enhancing brand building, and expanding market channels[59](index=59&type=chunk)[60](index=60&type=chunk) - Operational risks: Potential risks include raw material price fluctuations and unstable supply chains[60](index=60&type=chunk) - Countermeasures for operational risks: Establishing a stable supply chain system, optimizing inventory management, strengthening cost control, and flexibly adjusting operational strategies[61](index=61&type=chunk) - Financial risks: Facing financing pressure and accounts receivable collection risks, large-scale lighting projects have long collection cycles, leading to increased bad debt provisions[61](index=61&type=chunk) - Countermeasures for financial risks: Expanding financing channels, optimizing financial structure, strengthening contract review, establishing a customer credit rating system, and forming a special debt collection team[61](index=61&type=chunk) [XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=20&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) The company did not host any research, communication, or interview activities during the reporting period - The company did not host any research, communication, or interview activities during the reporting period[62](index=62&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=20&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company has not formulated a market value management system[63](index=63&type=chunk) - The company has not disclosed a valuation enhancement plan[63](index=63&type=chunk) [XIII. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=20&type=section&id=XIII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan) The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period - The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[63](index=63&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=20&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The company experienced multiple changes in its directors, supervisors, and senior management during the reporting period, including the election and departure of independent directors and supervisors, and the appointment of a Board Secretary and Vice Presidents due to work transfers Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | 周台 | Independent Director | Elected | 2025 年 01 月 06 日 | Re-election | | 周到 | Independent Director | Term Expired | 2025 年 01 月 06 日 | Re-election | | 侯艳丽 | Supervisor | Elected | 2025 年 01 月 06 日 | Re-election | | 余承诚 | Employee Representative Supervisor | Elected | 2025 年 01 月 06 日 | Re-election | | 杨伟坚 | Employee Representative Supervisor | Term Expired | 2025 年 01 月 06 日 | Re-election | | 李娜娜 | Supervisor | Term Expired | 2025 年 01 月 06 日 | Re-election | | 李海荣 | Board Secretary | Appointed | 2025 年 04 月 25 日 | Work Transfer | | 周家槺 | Vice President | Appointed | 2025 年 04 月 25 日 | Work Transfer | | 周渭根 | Vice President | Appointed | 2025 年 04 月 25 日 | Work Transfer | [II. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=21&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The company plans no cash dividend distribution, bonus shares, or capital reserve conversion to share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[66](index=66&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=21&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company did not implement any equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[67](index=67&type=chunk) [IV. Environmental Information Disclosure](index=22&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[68](index=68&type=chunk) [V. Social Responsibility](index=22&type=section&id=V.%20Social%20Responsibility) The company did not disclose specific social responsibility information during the reporting period - None[68](index=68&type=chunk) Section V Significant Matters [I. Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=23&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The company has an overdue unfulfilled commitment regarding **CNY 30 million** in idle raised funds temporarily used for working capital, which could not be returned on time due to tight liquidity Overdue Unfulfilled Commitments | Commitment Event | Promising Party | Commitment Type | Commitment Date | Commitment Period | Fulfillment Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Other Commitments | Company | Commitment to extend the return of idle raised funds and continue to use them for temporary working capital supplementation | 2023 年 03 月 14 日 | 2024 年 3 月 14 日 | Expired, not yet returned | - The company's temporary use of **CNY 30 million** of idle raised funds from non-public stock issuance for working capital has matured, and due to insufficient unrestricted monetary funds for operating activities, it is temporarily unable to return them to the raised funds account[70](index=70&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=23&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) The company reported no non-operating fund occupation by its controlling shareholder or other related parties during the reporting period - The company reported no non-operating fund occupation by its controlling shareholder or other related parties during the reporting period[71](index=71&type=chunk) [III. Irregular External Guarantees](index=24&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[72](index=72&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=24&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[73](index=73&type=chunk) [V. Board of Directors, Supervisory Board, and Audit Committee Explanations on "Non-Standard Audit Report" for the Current Period](index=24&type=section&id=V.%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20Explanations%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) This section is not applicable as there was no non-standard audit report for the current reporting period - Not applicable[74](index=74&type=chunk) [VI. Board of Directors' Explanation on "Non-Standard Audit Report" for the Prior Year](index=24&type=section&id=VI.%20Board%20of%20Directors%27%20Explanation%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Prior%20Year) The company's 2024 financial report received an unmodified audit opinion with a material uncertainty paragraph related to going concern, due to net losses, negative accumulated undistributed profits, high debt, overdue debts, and asset freezes, but the company is in pre-reorganization and actively addressing these issues - Zhongxinghua Certified Public Accountants issued an unmodified audit opinion with a material uncertainty paragraph related to going concern for the company's 2024 financial report[74](index=74&type=chunk) - Reasons for uncertainty include a **net loss of CNY 131 million** attributable to parent company shareholders in 2024, accumulated undistributed profits of **-CNY 1.479 billion**, an asset-liability ratio of **87.79%**, overdue debts, frozen bank accounts, and seized assets[74](index=74&type=chunk) - The company remains in pre-reorganization, with all operating activities proceeding normally and orderly; successful reorganization would significantly enhance both its business and financial standing[75](index=75&type=chunk) - Recently, local governments in multiple regions are settling debts through discounted payments or asset-for-debt swaps, positively impacting the company's recovery of long-overdue accounts receivable[75](index=75&type=chunk) [VII. Bankruptcy Reorganization Related Matters](index=24&type=section&id=VII.%20Bankruptcy%20Reorganization%20Related%20Matters) The company initiated pre-reorganization due to a creditor's application, with Shenzhen Intermediate People's Court appointing a pre-reorganization administrator, and Xinyu Lingjiu Investment Management Center (Limited Partnership) selected as the reorganization investor, though court acceptance of reorganization is pending - On May 17, 2024, creditor Zhongshan Guyue Lighting Manufacturing Co., Ltd. applied to the Shenzhen Intermediate People's Court for the company's reorganization and simultaneously requested the initiation of pre-reorganization procedures[76](index=76&type=chunk) - On July 30, 2024, the company received a "Decision" from the Shenzhen Intermediate People's Court to initiate pre-reorganization procedures and appointed Shenzhen Zhengyuan Liquidation Services Co., Ltd. as the pre-reorganization administrator[76](index=76&type=chunk) - On November 25, 2024, the creditors' meeting selected Xinyu Lingjiu Investment Management Center (Limited Partnership) as the primary reorganization investor for the company[77](index=77&type=chunk) - The company has signed a "Pre-reorganization Investment Agreement" with the selected pre-reorganization investor, but has not yet received the court's ruling on accepting the company's reorganization[77](index=77&type=chunk) [VIII. Litigation Matters](index=25&type=section&id=VIII.%20Litigation%20Matters) The company is involved in multiple significant lawsuits and arbitrations, primarily construction contract disputes and equity transfer disputes, with substantial amounts at stake, some of which are in trial or enforcement stages Significant Litigation and Arbitration Matters | Basic Information of Litigation (Arbitration) | Amount Involved (CNY 10,000) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Judgment Enforcement Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Dispute between the company and Ningbo Cultural Tourism Exhibition Group Co., Ltd. regarding performance compensation and deposits from equity transfer | 7,869.12 | No | On June 30, 2025, the first-instance judgment rejected all Mingjiahui's litigation requests | Mingjiahui's request for the defendant to pay equity transfer fees and liquidated damages was not supported by the court | Not applicable | | Construction engineering contract dispute between the company and Foshan Chancheng District Urban Management Comprehensive Service Center | 12,755.23 | No | In pre-trial hearing stage, first-instance appraisal hearing held, case not yet opened for trial | No trial outcome yet | Not applicable | | Construction engineering contract dispute involving Qingdao Xinghe Lighting Engineering Co., Ltd., Qingdao West Coast New Area Urban Management Bureau, and the company | 1,394.13 | Yes | Court has accepted, case opened for trial on August 5 | No trial outcome yet | Not applicable | | Construction engineering contract dispute between the company and Yuqing County Haina Investment Co., Ltd. | 10,860.08 | No | Court has accepted, case opened for trial on July 14 | No trial outcome yet | Not applicable | | Financial loan contract dispute between the company and Industrial Bank | 3,409.86 | Yes | Arbitration award issued on June 16, 2025, effective | Awarded the company to repay loan principal of CNY 32 million plus penalties and compound interest, five guarantors bear joint and several liability | In enforcement | | Construction engineering contract dispute between the company and Shenzhen Nanshan District Urban Management and Comprehensive Law Enforcement Bureau | 1,527.86 | No | Second-instance judgment issued on June 27, 2025: appeal rejected, original judgment upheld | First-instance judgment ordered Nanshan District Urban Management and Comprehensive Law Enforcement Bureau to pay the company project fees of CNY 6,731,478.97 plus interest, other claims rejected | In performance | | Construction engineering contract dispute between the company and Xintai Housing and Urban-Rural Development Bureau | 2,393.13 | No | Effective arbitration award issued on July 9, 2024 | Awarded Xintai Housing and Urban-Rural Development Bureau to pay project fees totaling CNY 13,064,353.74 in five installments | In performance | - The company is involved in **2 lawsuits/arbitrations** as plaintiff, with **CNY 11.26 million** involved; and **16 lawsuits/arbitrations** as defendant, with **CNY 30.78 million** involved, all currently in the trial stage[80](index=80&type=chunk) - Among previously concluded cumulative litigation and arbitration matters, the company was involved in **4 cases** as plaintiff, with **CNY 29.57 million** involved; and **20 cases** as defendant, with **CNY 24.38 million** involved, with some cases still awaiting fulfillment of obligations specified in the rulings[80](index=80&type=chunk)[81](index=81&type=chunk) [IX. Penalties and Rectification](index=28&type=section&id=IX.%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[82](index=82&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=28&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company's controlling shareholder, Mr. Cheng Zongyu, faced judicial enforcement due to overdue stock pledge financing debts and equity transfer contract disputes, leading to the forced execution of some company shares, with related debts still outstanding, though he is not a dishonest debtor - Controlling shareholder and actual controller Mr. Cheng Zongyu's stock pledge financing business with Shenzhen Hi-Tech Investment Group Co., Ltd. and its subsidiaries experienced overdue debts, leading to judicial enforcement of some of his company shares[83](index=83&type=chunk) - An effective judgment has been issued in the equity transfer contract dispute between Mr. Cheng Zongyu and China Xinxing Group Co., Ltd., requiring Mr. Cheng Zongyu to pay performance compensation and delayed performance interest[83](index=83&type=chunk) - As of the end of this reporting period, Mr. Cheng Zongyu is not a dishonest debtor[83](index=83&type=chunk) - As of the disclosure date of this report, the aforementioned stock pledge financing loans and performance compensation debts related to the equity transfer have not yet been fully repaid[83](index=83&type=chunk) [XI. Significant Related Party Transactions](index=28&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company did not engage in any significant related party transactions related to daily operations, asset/equity acquisitions or disposals, joint investments, related party debts, or financial services with affiliated finance companies during the reporting period - The company had no related party transactions related to daily operations during the reporting period[84](index=84&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[85](index=85&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[86](index=86&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[87](index=87&type=chunk) - There were no deposits, loans, credit lines, or other financial transactions between the company and affiliated finance companies, or between the company's controlled finance companies and related parties[88](index=88&type=chunk)[89](index=89&type=chunk) - The company had no other significant related party transactions during the reporting period[90](index=90&type=chunk) [XII. Significant Contracts and Their Performance](index=29&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no trusteeship, contracting, or leasing matters. It provided a **CNY 24.5 million** joint liability guarantee for its subsidiary Lu'an Mingjiahui Optoelectronics Technology Co., Ltd., which is fulfilled but represents **157.45%** of the company's net assets. A **CNY 150 million** lighting sales contract with Anhui Jinshengda Bio-electronic Technology Co., Ltd. has not yet recognized revenue - The company had no trusteeship, contracting, or leasing situations during the reporting period[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk) Company's Guarantees for Subsidiaries | Guaranteed Party Name | Guaranteed Amount (CNY 10,000) | Actual Occurrence Date | Actual Guaranteed Amount (CNY 10,000) | Guarantee Type | Guarantee Period | Whether Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lu'an Mingjiahui Optoelectronics Technology Co., Ltd. | 2,450 | 2024 年 02 月 09 日 | 2,450 | Joint and several liability guarantee | 3 年 | Yes | - The total actual guaranteed amount accounts for **157.45%** of the company's net assets[96](index=96&type=chunk) Significant Contracts in Ordinary Operations | Company Party Name | Counterparty Name | Total Contract Amount (CNY 100 million) | Contract Performance Progress | Sales Revenue Recognized This Period (CNY 100 million) | Cumulative Sales Revenue Recognized (CNY 100 million) | Accounts Receivable Collection Status | Whether Conditions Affecting Significant Contract Performance Have Changed Significantly | Whether There is Significant Risk of Contract Non-Performance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lu'an Mingjiahui Optoelectronics Technology Co., Ltd. | Anhui Jinshengda Bio-electronic Technology Co., Ltd. | 1.50 | 0 | 0.00 | 0.00 | No | No | No | [XIII. Explanation of Other Significant Matters](index=31&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The controlling shareholder Mr. Cheng Zongyu's judicially enforced share reduction might lead to a change in actual control, though his equity change did not alter the actual controller. The company responded to the Shenzhen Stock Exchange's annual report inquiry and had its delisting risk warning removed, while continuing other risk warnings - Controlling shareholder Mr. Cheng Zongyu received an effective court judgment regarding contract disputes involving frozen shares, if he is unable to fulfill his obligation to pay performance compensation, it may lead to a change in the company's actual control[100](index=100&type=chunk) - The equity interest of controlling shareholder and actual controller Mr. Cheng Zongyu in the company's shares decreased by **12.30%** due to share reduction, increase in total share capital, judicial enforcement, and judicial auction transfer, but this will not result in a change of the company's controlling shareholder or actual controller[100](index=100&type=chunk) - On April 8, 2025, the company received an annual report inquiry letter from the ChiNext Company Management Department of the Shenzhen Stock Exchange and responded after verification[100](index=100&type=chunk) - The company's shares were suspended for one day starting May 19, 2025, resumed trading on May 20, and had the delisting risk warning removed while continuing to implement other risk warnings[100](index=100&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=31&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company has no significant subsidiary matters to disclose during the reporting period Section VI Share Changes and Shareholder Information [I. Share Change Information](index=32&type=section&id=I.%20Share%20Change%20Information) The company's total share capital remained unchanged, but restricted shares decreased by **77,824,039 shares**, with a corresponding increase in unrestricted shares, mainly due to the release of restricted shares of resigned directors and judicial auction of Chairman Cheng Zongyu's shares Share Change Information | Item | Number Before Change (shares) | Proportion (%) | Increase/Decrease in This Change (＋, －) (shares) | Number After Change (shares) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 119,871,119 | 17.23% | -77,824,039 | 42,047,080 | 6.04% | | II. Unrestricted Shares | 575,725,450 | 82.77% | 77,824,039 | 653,549,489 | 93.96% | | III. Total Shares | 695,596,569 | 100.00% | 0 | 695,596,569 | 100.00% | - All shares held by resigned directors Zhang Jingshi and Yan Jun were released from restrictions, reducing executive restricted shares by a total of **11,449,566 shares**[105](index=105&type=chunk) - Chairman and President Cheng Zongyu's shares were judicially auctioned for **61,157,497 shares**, reducing executive restricted shares by **66,374,473 shares**[105](index=105&type=chunk) [2. Changes in Restricted Shares](index=33&type=section&id=2.%20Changes%20in%20Restricted%20Shares) Restricted shares decreased by **77,824,039 shares**, primarily due to the judicial auction of Chairman Cheng Zongyu's shares and the release of restricted shares held by resigned directors Zhang Jingshi and Yan Jun Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released This Period (shares) | Restricted Shares Increased This Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | 程宗玉 | 107,821,497 | 66,374,473 | 0 | 41,447,024 | Current Director, President, 75% of total shares restricted as executive restricted shares | | 程治文 | 262,556 | 0 | 0 | 262,556 | Current Director, 75% of total shares restricted as executive restricted shares | | 周家槺 | 112,500 | 0 | 0 | 112,500 | Current Director, Senior Management, 75% of total shares restricted as executive restricted shares | | 李海荣 | 225,000 | 0 | 0 | 225,000 | Current Director, Senior Management, 75% of total shares restricted as executive restricted shares | | 张经时 | 11,443,266 | 11,443,266 | 0 | 0 | Resigned Director's restricted shares released after 6 months from the end of original term | | 阎军 | 6,300 | 6,300 | 0 | 0 | Resigned Director, Senior Management's restricted shares released after 6 months from the end of original term | | **Total** | **119,871,119** | **77,824,039** | **0** | **42,047,080** | | [II. Securities Issuance and Listing](index=34&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - Not applicable[109](index=109&type=chunk) [III. Number of Shareholders and Shareholding Information](index=34&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) As of the reporting period end, the company had **14,884** common shareholders. Controlling shareholder Cheng Zongyu held **10.88%** of shares, all frozen and mostly pledged. China Xinxing Group Co., Ltd. was the second-largest shareholder with **10.72%** - Total number of common shareholders at the end of the reporting period: **14,884**[109](index=109&type=chunk) Shareholding Information of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion (%) | Number of Shares Held at End of Reporting Period (shares) | Changes in Shareholding During Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 程宗玉 | Domestic Natural Person | 10.88% | 75,648,531.00 | -61,157,497.00 | 41,447,024.00 | 34,201,507.00 | Frozen 75,648,531; Pledged 55,296,535 | | 中国新兴集团有限责任公司 | State-owned Legal Person | 10.72% | 74,556,697.00 | 0.00 | 0.00 | 74,556,697.00 | Not applicable 0 | | 张宇 | Domestic Natural Person | 8.36% | 58,157,497.00 | 58,157,497.00 | 0.00 | 58,157,497.00 | Not applicable 0 | - Controlling shareholder Mr. Cheng Zongyu has no related party relationship with the aforementioned shareholders, nor do they constitute persons acting in concert[110](index=110&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=36&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Chairman and President Cheng Zongyu's shareholding decreased by **61,157,497 shares**, with his total shares at period-end being **75,648,531 shares** Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Shares Held at Beginning of Period (shares) | Number of Shares Reduced This Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | 程宗玉 | Chairman, President | Current | 136,806,028 | 61,157,497 | 75,648,531 | [V. Changes in Controlling Shareholder or Actual Controller](index=36&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder or actual controller did not change during the reporting period - The company's controlling shareholder did not change during the reporting period[113](index=113&type=chunk) - The company's actual controller did not change during the reporting period[113](index=113&type=chunk) [VI. Preferred Share Information](index=37&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[114](index=114&type=chunk) Section VII Bond-Related Information [Bond-Related Information](index=38&type=section&id=Bond-Related%20Information) The company has no bond-related information to disclose during the reporting period - Not applicable[116](index=116&type=chunk) Section VIII Financial Report [I. Audit Report](index=39&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[118](index=118&type=chunk) [II. Financial Statements](index=39&type=section&id=II.%20Financial%20Statements) This section provides the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, offering a comprehensive view of its financial position, operating results, and cash flows [1. Consolidated Balance Sheet](index=39&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **CNY 683.34 million**, total liabilities **CNY 667.50 million**, and total owners' equity attributable to the parent company **CNY 15.56 million**, all showing significant decreases from the beginning of the period Key Data from Consolidated Balance Sheet | Item | Balance at Period-End (CNY) | Balance at Period-Beginning (CNY) | | :--- | :--- | :--- | | Total Assets | 683,344,963.21 | 792,729,388.46 | | Total Liabilities | 667,503,568.44 | 695,974,637.60 | | Total Owners' Equity Attributable to Parent Company | 15,560,055.53 | 96,440,101.87 | [2. Parent Company Balance Sheet](index=41&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **CNY 848.32 million**, total liabilities **CNY 650.51 million**, and total owners' equity **CNY 197.81 million**, all showing decreases from the beginning of the period Key Data from Parent Company Balance Sheet | Item | Balance at Period-End (CNY) | Balance at Period-Beginning (CNY) | | :--- | :--- | :--- | | Total Assets | 848,322,173.52 | 947,802,061.15 | | Total Liabilities | 650,508,422.77 | 675,327,014.41 | | Total Owners' Equity | 197,813,750.75 | 272,475,046.74 | [3. Consolidated Income Statement](index=43&type=section&id=3.%20Consolidated%20Income%20Statement) For the first half of 2025, consolidated total operating revenue was **CNY 39.76 million**, a **50.43%** year-on-year decrease. Net profit was a loss of **CNY 80.91 million**, with net profit attributable to parent company shareholders a loss of **CNY 80.88 million**, significantly widening the loss from the prior year Key Data from Consolidated Income Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 39,757,546.53 | 80,206,916.58 | | Operating Profit | -79,272,560.76 | -19,398,254.66 | | Total Profit | -80,811,014.34 | -14,345,156.20 | | Net Profit | -80,913,356.09 | -14,320,265.90 | | Net Profit Attributable to Parent Company Shareholders | -80,880,046.34 | -14,252,890.52 | [4. Parent Company Income Statement](index=45&type=section&id=4.%20Parent%20Company%20Income%20Statement) For the first half of 2025, parent company operating revenue was **CNY 36.05 million**, a **51.01%** year-on-year decrease. Net profit was a loss of **CNY 74.66 million**, significantly widening the loss from the prior year Key Data from Parent Company Income Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 36,054,737.80 | 73,596,746.55 | | Operating Profit | -73,039,043.61 | -14,662,794.12 | | Total Profit | -74,558,954.24 | -9,705,583.26 | | Net Profit | -74,661,295.99 | -9,680,692.96 | [5. Consolidated Cash Flow Statement](index=47&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) For the first half of 2025, net cash flow from operating activities was **-CNY 60.27 million**, a significant deterioration from the prior year's positive inflow. Net increase in cash and cash equivalents was **-CNY 63.03 million** Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -60,266,851.38 | 5,300,202.59 | | Net Cash Flow from Investing Activities | -107,010.00 | -676,405.19 | | Net Cash Flow from Financing Activities | -2,655,758.96 | -13,011,234.63 | | Net Increase in Cash and Cash Equivalents | -63,029,620.34 | -8,387,437.23 | [6. Parent Company Cash Flow Statement](index=48&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) For the first half of 2025, parent company net cash flow from operating activities was **-CNY 13.39 million**, and net increase in cash and cash equivalents was **-CNY 13.87 million**, indicating continued deterioration in cash flow Key Data from Parent Company Cash Flow Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -13,392,774.81 | 2,123,997.78 | | Net Cash Flow from Investing Activities | 0.00 | -176,405.19 | | Net Cash Flow from Financing Activities | -476,326.20 | -9,824,371.67 | | Net Increase in Cash and Cash Equivalents | -13,869,101.01 | -7,876,779.08 | [7. Consolidated Statement of Changes in Owners' Equity](index=49&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) For the first half of 2025, consolidated total owners' equity decreased by **CNY 80.91 million**, primarily due to a significant reduction in undistributed profits resulting from the net loss for the period Consolidated Changes in Owners' Equity | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company (Period-End) | 15,560,055.53 | 96,440,101.87 | | Total Comprehensive Income | -80,913,356.09 | -14,320,265.90 | [8. Parent Company Statement of Changes in Owners' Equity](index=53&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) For the first half of 2025, parent company total owners' equity decreased by **CNY 74.66 million**, primarily due to a reduction in undistributed profits resulting from the net loss for the period Parent Company Changes in Owners' Equity | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Owners' Equity (Period-End) | 197,813,750.75 | 293,871,067.21 | | Total Comprehensive Income | -74,661,295.99 | -9,680,692.96 | [III. Company Basic Information](index=56&type=section&id=III.%20Company%20Basic%20Information) Shenzhen Mingjiahui Technology Co., Ltd., listed in 2016 with **CNY 695.60 million** registered capital, primarily engages in lighting engineering, including design, construction, R&D, production, sales, and energy management, operating within the construction and decoration industry - Shenzhen Mingjiahui Technology Co., Ltd. became a ChiNext listed company on March 15, 2016[152](index=152&type=chunk) - As of December 31, 2024, the company's total issued share capital was **695,596,569 shares**, with a registered capital of **CNY 695,596,569.00**[152](index=152&type=chunk)[153](index=153&type=chunk) - The company primarily engages in lighting engineering business and related services, including lighting engineering design, R&D, production, sales of lighting products, and energy performance contracting[154](index=154&type=chunk) - The company belongs to the construction and decoration industry[154](index=154&type=chunk) [IV. Basis of Financial Statement Preparation](index=57&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared on a going concern basis, adhering to the Ministry of Finance's Accounting Standards for Business Enterprises and CSRC regulations, using the accrual basis and historical cost, with no identified going concern issues - The company's financial statements are prepared on a going concern basis, in accordance with actual transactions and events, and in compliance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and the "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports" (Revised 2023) issued by the China Securities Regulatory Commission[155](index=155&type=chunk) - The company's accounting is based on the accrual method, and except for certain financial instruments, these financial statements are measured at historical cost[155](index=155&type=chunk) - The company assessed its ability to continue as a going concern for 12 months from the end of the reporting period and found no matters affecting its going concern ability[156](index=156&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=57&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's and its subsidiaries' significant accounting policies and estimates, covering business combinations, financial instruments, revenue recognition, asset impairment, and leases, ensuring the financial statements accurately reflect the company's financial position and operating results - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's consolidated and parent company financial position as of December 31, 2024, and the consolidated and parent company operating results and cash flows for 2024, among other relevant information[158](index=158&type=chunk) - The company's accounting year adopts the calendar year, from January 1 to December 31 annually, with 12 months constituting an operating cycle[159](index=159&type=chunk)[160](index=160&type=chunk) - The company identifies individual accounts receivable and contract assets exceeding **CNY 3 million** as significant[162](index=162&type=chunk) - The company classifies financial assets based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets into: financial assets measured at amortized cost; financial assets measured at fair value through other comprehensive income; and financial assets measured at fair value through profit or loss[180](index=180&type=chunk) - When contracts with customers simultaneously meet specific conditions, revenue is recognized when the customer obtains control of the related goods, and individual performance obligations within the contract are identified[240](index=240&type=chunk)[242](index=242&type=chunk) - As a lessee, the company recognizes right-of-use assets and lease liabilities for leases other than short-term and low-value asset leases; as a lessor, leases are classified as finance leases and operating leases[258](index=258&type=chunk)[264](index=264&type=chunk) [VI. Taxation](index=85&type=section&id=VI.%20Taxation) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax. The company and some subsidiaries enjoy a **15%** corporate income tax rate as high-tech enterprises, while others benefit from tax reductions as small low-profit enterprises Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Domestic sales; provision of processing, repair, and maintenance services; construction contracts; provision of tangible asset leasing services | 3%、6%、9%、13% | | Urban Maintenance and Construction Tax | Actual Turnover Tax Paid | 5%、7% | | Corporate Income Tax | Taxable Income | 15%、25% | | Education Surcharge | Actual Turnover Tax Paid | 3% | | Local Education Surcharge | Actual Turnover Tax Paid | 2% | | Property Tax | Tax base is 70% of original property value (or rental income) | 1.2%/12% | - The company (parent company) obtained its high-tech enterprise certificate on November 15, 2023, and is subject to a **15%** corporate income tax rate in 2024[276](index=276&type=chunk) - Holding subsidiary Lu'an Mingjiahui Optoelectronics Technology Co., Ltd. obtained its high-tech enterprise certificate on November 28, 2024, and is subject to a **15%** corporate income tax rate in 2024[276](index=276&type=chunk) - The company's subsidiaries Mingjiang Zhihui, Qingyuan Mingjiahui, Dahua Shenyou, etc., are qualified small low-profit enterprises, enjoying a corporate income tax policy of calculating taxable income at **25%** and paying tax at a **20%** rate[276](index=276&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=86&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the period-end and period-beginning balances and changes for consolidated financial statement items, including monetary funds, accounts receivable, contract assets, inventories, fixed assets, construction in progress, restricted assets, short-term borrowings, accounts payable, other payables, employee compensation, taxes payable, non-current liabilities due within one year, operating revenue and costs, financial expenses, credit impairment losses, and asset impairment losses, reflecting the company's asset-liability structure, operating performance, and cash flow specifics [1. Monetary Funds](index=86&type=section&id=1.%20Monetary%20Funds) Total monetary funds at period-end were **CNY 106.41 million**, down from **CNY 157.89 million** at period-beginning. Restricted monetary funds amounted to **CNY 11.55 million**, primarily frozen bank deposits Composition of Monetary Funds | Item | Balance at Period-End (CNY) | Balance at Period-Beginning (CNY) | | :--- | :--- | :--- | | Cash on Hand | 4,109.68 | 20,991.75 |

北京昊华能源股份有限公司2025 年半年度报告 公司代码：601101 公司简称：昊华能源 北京昊华能源股份有限公司 2025 年半年度报告 1 / 123 北京昊华能源股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、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、 公司负责人薛令光、主管会计工作负责人张明川及会计机构负责人（会计主管人员）李鸣 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中关于未来计划、目标、举措等系非既成事实的前瞻性陈述，不构成本公司对投资者 的实质性承诺，未来可能受国内外市场环境、政策调整等因素的影响，存在一定的不确定性，请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数 ...

[Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines common terms used in the report, including abbreviations for the company and its main subsidiaries - Definitions of common terms used in the reporting period, including abbreviations for the company and its main subsidiaries[12](index=12&type=chunk) - Wuchan Zhongda, the Company, or the Listed Company refers to Wuchan Zhongda Group Co., Ltd[12](index=12&type=chunk) - Lists the full names and abbreviations of several major subsidiaries, including Wuchan Zhongda Metal, Yuantong Auto, and Wuchan Zhongda Cloud Business[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and key financial performance metrics [Company Information](index=4&type=section&id=I.%20Company%20Information) This section introduces the company's basic information, including its Chinese name, abbreviation, foreign name, and legal representative - The company's legal representative is Chen Xin[14](index=14&type=chunk) [Contacts and Contact Information](index=4&type=section&id=II.%20Contacts%20and%20Contact%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including name, address, phone, fax, and email - The Board Secretary is Yin Chang, with contact address at No. 56 Huancheng West Road, Hangzhou, phone 0571-85777029, and email stock@wzgroup.cn[15](index=15&type=chunk)[16](index=16&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section briefly outlines historical changes in the company's registered and office addresses, along with its website and email address - The company's registered and office address is No. 56 Huancheng West Road, Hangzhou, and its website is www.wzgroup.cn[17](index=17&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) This section details the company's selected newspapers for information disclosure, the website for semi-annual reports, and the location for report storage - The company's selected newspapers for information disclosure include "Shanghai Securities News", "China Securities Journal", "Securities Times", and "Securities Daily"[18](index=18&type=chunk) - The website address for publishing semi-annual reports is www.sse.com.cn[18](index=18&type=chunk) [Summary of Company Stock Information](index=5&type=section&id=V.%20Summary%20of%20Company%20Stock%20Information) This section provides basic information about the company's stock, including its type, listing exchange, stock abbreviation, and code - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation "Wuchan Zhongda" and stock code 600704[19](index=19&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue slightly decreased, but total profit, net profit attributable to shareholders, and net profit after non-recurring gains and losses all significantly increased, along with a substantial rise in EPS and ROE Key Accounting Data (January-June 2025) | Indicator | Current Period (CNY) | Same Period Last Year (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 288,537,345,445.09 | 294,172,227,986.79 | -1.92 | | Total Profit | 3,736,701,744.62 | 3,220,596,825.79 | 16.03 | | Net Profit Attributable to Shareholders of Listed Company | 2,039,881,586.35 | 1,573,405,380.82 | 29.65 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 1,843,329,208.37 | 1,367,372,085.40 | 34.81 | | Net Cash Flow from Operating Activities | -2,763,156,291.06 | -6,263,085,547.77 | Not Applicable | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 42,533,170,436.37 | 42,230,680,940.63 | 0.72 | | Total Assets (Period-end) | 204,654,222,649.06 | 175,878,580,897.81 | 16.36 | Key Financial Indicators (January-June 2025) | Indicator | Current Period | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.39 | 0.29 | 34.48 | | Diluted Earnings Per Share (CNY/share) | 0.39 | 0.29 | 34.48 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (CNY/share) | 0.36 | 0.26 | 38.46 | | Weighted Average Return on Net Assets (%) | 5.00 | 4.27 | Increased by 0.73 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 4.52 | 3.69 | Increased by 0.83 percentage points | [Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's non-recurring gains and losses totaled **CNY 197 million** during the reporting period, mainly from government subsidies and disposal gains/losses of non-current assets, while tax refund for withholding individual income tax was classified as recurring income Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets, including the reversal of impairment provisions already made | 74,153,598.78 | | Government subsidies recognized in current profit or loss, excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 246,078,115.85 | | Other non-operating income and expenses apart from the above items | 24,745,487.31 | | Less: Income tax impact | 76,441,344.88 | | Minority interests impact (after tax) | 80,707,748.91 | | Total | 196,552,377.98 | - The company classified the **CNY 8,421,343.73** refund of individual income tax withholding fees as recurring gains and losses, as it complies with national policies and occurs continuously[24](index=24&type=chunk) [Net Profit After Deducting Impact of Share-based Payments](index=7&type=section&id=X.%20Companies%20with%20Equity%20Incentive%20or%20Employee%20Stock%20Ownership%20Plans%20May%20Choose%20to%20Disclose%20Net%20Profit%20After%20Deducting%20Impact%20of%20Share-based%20Payments) After deducting the impact of share-based payments, the company's net profit for the reporting period was **CNY 2.053 billion**, representing a **26.89% year-on-year increase** Net Profit After Deducting Impact of Share-based Payments (January-June 2025) | Key Accounting Data | Current Period (CNY) | Same Period Last Year (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Impact of Share-based Payments | 2,053,110,632.54 | 1,618,070,742.63 | 26.89 | [Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operational performance, financial condition, and future outlook [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) The company is a leading integrated supply chain service provider in China, ranked 149th in the Fortune Global 500 in 2025, focusing on smart supply chain, financial services, and high-end manufacturing, with strategic expansion into public services [Business Model](index=7&type=section&id=(I)%20Business%20Model) The company's business model spans smart supply chain integrated services, financial services, and high-end manufacturing, leveraging "five-pronged" capabilities to link "four flows" and build an industrial ecosystem, while also exploring public service sectors - The company's smart supply chain integrated services leverage resource organization, network channels, and brand operation advantages, utilizing platform-based, integrated, intelligent, international, and financial "five-pronged" systemic capabilities to link commercial flow, logistics, capital flow, and information flow "four flows", building an industrial ecosystem around key categories such as metals, energy, chemicals, and automobiles[29](index=29&type=chunk) - Metal supply chain integrated services cover the entire steel industry chain, possessing rich international procurement channels and a nationwide steel resource network, with market reach extending to over **70 countries and regions**[31](index=31&type=chunk) - Energy supply chain integrated services actively fulfill national key power coal supply responsibilities, developing a "dual-driven" model of energy trade and energy industry, and expanding into environmental businesses such as solid waste disposal and new energy power generation[33](index=33&type=chunk) - Chemical supply chain integrated services achieve "well-drilling" vertical industry chain integration, providing services such as raw material procurement, capacity enhancement, finished product sales, futures and spot trading, and supply chain finance, focusing on petrochemicals, rubber tires, and agricultural products industries[36](index=36&type=chunk) - Automotive supply chain integrated services hold nearly **50 automotive brand agency authorizations** and over **200 service outlets**, with core businesses covering automotive sales and services, used cars and international trade, automotive finance, and automotive lifestyle services, while actively expanding into innovative industries such as new energy vehicles, automotive electronics, and automotive semiconductors[38](index=38&type=chunk) - Global mid-to-high-end consumer goods brand comprehensive services, primarily led by Wuchan Zhongda Cloud Business, deeply cultivate industries such as beauty, medical aesthetics, alcoholic beverages, and smart home appliances, collaborating with over **200 brands**, including Kweichow Moutai, Amorepacific, and Dyson[39](index=39&type=chunk)[40](index=40&type=chunk) - The smart supply chain logistics system, primarily carried by Wuchan Zhongda Logistics, has **206 network nodes** in **26 large and medium-sized cities** in China, with an annual comprehensive logistics volume exceeding **85 million tons** and an annual processing capacity of **13.14 million tons**[41](index=41&type=chunk)[43](index=43&type=chunk) - Financial services deepen the value of core financial licenses such as financial leasing, finance companies, and futures, strategically investing in **33% equity** of Xintai Insurance, and promoting the unveiling of the "Zhejiang International Bulk Commodity Exchange" to build an integrated futures and spot over-the-counter trading market[45](index=45&type=chunk) - High-end manufacturing is strategically positioned in industries such as wire and cable, cogeneration, tire manufacturing, magnesium mining, and magnesium alloy processing, boasting **4 national-level "Little Giant" enterprises** specializing in niche sectors and **264 invention patents**[46](index=46&type=chunk) - The company also strategically invests in public service industries such as elderly care (**47 quality projects**, over **15,500 planned beds**) and environmental utilities (operating wastewater projects with a capacity exceeding **535,000 tons/day**)[46](index=46&type=chunk) [Industry Overview](index=11&type=section&id=(II)%20Industry%20Overview) The smart supply chain integrated services industry benefits from national policies, while the bulk commodity market undergoes structural adjustments; financial services remain stable, and high-end manufacturing sectors like wire and cable, tire, cogeneration, and magnesium alloy processing show positive development prospects - The "Special Action Plan for Accelerating the Development of Smart Digital Supply Chains" aims to deepen supply chain innovation and application, fostering around **100 national leading smart digital supply chain enterprises by 2030**[47](index=47&type=chunk) - In the first half of 2025, the international bulk commodity market showed a mixed trend of "weak energy, strong precious metals, differentiated metals, and mild agricultural products", with domestic construction steel prices fluctuating down by **12.91%**[48](index=48&type=chunk) - China's wire and cable market size is expected to exceed **CNY 1.5 trillion** in 2025, with an average annual compound growth rate maintained at **4%-5%**[50](index=50&type=chunk) - From January to June 2025, China's rubber tire outer casing output increased by **2.0% year-on-year**, and export volume increased by **5.5% year-on-year**[50](index=50&type=chunk) - The cogeneration industry is evolving towards improving energy efficiency, reducing carbon emissions, intelligence, and clean energy, with diversified business models emerging[51](index=51&type=chunk) - Magnesium alloy is a crucial lightweight strategic emerging material in China, widely used in strategic emerging industries such as aviation, aerospace, new energy vehicles, and electronics[51](index=51&type=chunk) [Discussion and Analysis of Operations](index=13&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company achieved **CNY 288.537 billion** in operating revenue (-1.92% YoY), **CNY 3.737 billion** in total profit (+16.03% YoY), and **CNY 2.040 billion** in net profit attributable to parent (+29.65% YoY), demonstrating steady main business development, progressive financial services, enhanced high-end manufacturing, and active strategic innovation [Focusing on Core Business and Continuously Deepening the "One Body, Two Wings" Development Strategy](index=13&type=section&id=(I)%20Focusing%20on%20Core%20Business%20and%20Continuously%20Deepening%20the%20%22One%20Body,%20Two%20Wings%22%20Development%20Strategy) The company's "One Body, Two Wings" strategy continues to deepen, with smart supply chain integrated services accounting for over **92% of revenue**, leading in core businesses, while financial services show steady progress, and high-end manufacturing achieves quality and efficiency improvements with significant R&D growth Key Financial Data for H1 2025 | Indicator | Amount (CNY 100 million) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 2,885.37 | -1.92 | | Total Profit | 37.37 | 16.03 | | Net Profit Attributable to Parent | 20.40 | 29.65 | - The smart supply chain integrated services segment achieved operating revenue of **CNY 265.61 billion**, accounting for **92.06%** of the company's total operating revenue[52](index=52&type=chunk) - The bulk metal segment sold **37.972 million tons** of steel, a **6.46% year-on-year increase**; the coal segment sold **31.90 million tons** of coal, a **14.13% year-on-year increase**[52](index=52&type=chunk) - Total import and export volume (including re-export) reached **USD 9.411 billion**, with export volume growing by over **31.75% year-on-year**[53](index=53&type=chunk) - The financial services segment achieved operating revenue of **CNY 6.851 billion**, accounting for **2.37%** of the company's operating revenue; Zhejiang International Bulk Commodity Exchange's H1 capacity pre-sale transaction volume was **CNY 26.263 billion**, a **3.46% year-on-year increase**; Wuchan Zhongda Futures' H1 average margin scale was **CNY 6.868 billion**, a **30.98% year-on-year increase**[54](index=54&type=chunk)[55](index=55&type=chunk) - The high-end manufacturing segment achieved operating revenue of **CNY 16.076 billion**, accounting for **5.57%** of the company's operating revenue; R&D expenses were **CNY 655 million**, a **27.96% year-on-year increase**[55](index=55&type=chunk) - In wire and cable, H1 operating revenue reached **CNY 5.666 billion**, a **24.97% year-on-year increase**[55](index=55&type=chunk) - In magnesium mining and magnesium alloy processing, H1 operating revenue reached **CNY 928 million**, with primary magnesium production and sales continuing to rank among the top tier domestically; after acquiring Anhui Shunfu Precision Technology Co., Ltd., H1 operating revenue was **CNY 391 million**, a **45.52% year-on-year increase**, and total profit was **CNY 23 million**, a **54.22% year-on-year increase**[56](index=56&type=chunk) [Serving the Overall National Strategy and Firmly Shouldering the Responsibility of a Leading State-owned Enterprise](index=14&type=section&id=(II)%20Serving%20the%20Overall%20National%20Strategy%20and%20Firmly%20Shouldering%20the%20Responsibility%20of%20a%20Leading%20State-owned%20Enterprise) The company actively supports national strategies, promotes integrated development in the Yangtze River Delta, participates in the "Belt and Road" initiative, and builds "common prosperity" achievements by expanding elderly care and upgrading new energy - Focusing efforts to promote integrated development of the Yangtze River Delta, leading the integration and establishment of the Zhejiang International Bulk Commodity Exchange, which has been officially unveiled and is operational[57](index=57&type=chunk) - Deeply participating in the joint construction of the "Belt and Road" initiative, accelerating the "going out" strategy, and actively expanding business in countries along the route[57](index=57&type=chunk) - Continuously creating landmark achievements for "common prosperity", with "common prosperity elderly care" having **47 quality projects** and over **15,500 planned beds**[57](index=57&type=chunk) [Accelerating Reform and Innovation to Fully Activate New Engines for High-Quality Company Development](index=14&type=section&id=(III)%20Accelerating%20Reform%20and%20Innovation%20to%20Fully%20Activate%20New%20Engines%20for%20High-Quality%20Company%20Development) The company is advancing a new round of state-owned enterprise reform, initiating the "15th Five-Year Plan" strategy, accelerating "AI+" industry exploration, and deepening industrial chain integration to drive transformation through technological innovation - Continuously advancing a new round of state-owned enterprise reform and enhancement actions, ensuring accountability for reform responsibilities at all levels[58](index=58&type=chunk) - Initiating the compilation of the "15th Five-Year Plan" strategic plan ahead of schedule, with proactive planning and strengthened strategic layout[58](index=58&type=chunk) - Accelerating the exploration of "AI+" industries, with Wuchan Zhongda Jinshi Elderly Care Institution's AI integrated management and Wuchan Zhongda Logistics' bulk commodity logistics base inspection and patrol selected as the first batch of "AI+" open scenarios for Zhejiang state-owned enterprises[58](index=58&type=chunk) - Deepening industrial chain integration and extension, continuously forging a "perfect magnesium" industrial chain, with Wuchan Huaneng advancing the acquisition of Huzhou Nantaihu Power, further strengthening the cogeneration segment[59](index=59&type=chunk) [Adhering to Value Creation, Continuously Enhancing Group Governance Efficiency and Risk Control System Construction](index=15&type=section&id=(IV)%20Adhering%20to%20Value%20Creation,%20Continuously%20Enhancing%20Group%20Governance%20Efficiency%20and%20Risk%20Control%20System%20Construction) The company continuously optimizes its governance framework, integrating market value management into subsidiary board evaluations, implementing share buybacks and increasing cash dividends, and significantly improving its internal control system, ranking 3rd in the provincial listed company internal control index - Consolidating and optimizing the governance system foundation, continuously deepening the construction of subsidiary boards of directors, and for the first time incorporating market value management into the performance evaluation of subsidiary boards[60](index=60&type=chunk) - Implementing a "combination punch" of multiple measures for market value management, including share buyback and cancellation at the parent level, promoting Wuchan Jinlun to implement share buybacks, and increasing the cash dividend ratio to **35.27%**[60](index=60&type=chunk) - Comprehensively enhancing the internal control system, steadily advancing the "Internal Control Deepening and Improvement" project, and ranking **3rd** in the provincial listed company internal control index[60](index=60&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=15&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness stems from its leading industry position, innovative business model, optimized management mechanisms, and strong resource acquisition capabilities, transitioning from a traditional trader to a supply chain integrated service provider with an AAA credit rating - The company has been continuously listed in the Fortune Global 500 since 2011, is a leader in China's supply chain integrated services, and is a super-large state-owned holding enterprise group directly under Zhejiang Province[61](index=61&type=chunk) - The company transitioned early from a traditional trader earning price differences to a supply chain integrated service provider, committed to becoming an industrial ecosystem organizer and building a "supply chain+" industrial ecosystem, with its return on net assets ranking among the top comparable listed companies in the industry[62](index=62&type=chunk) - As an enterprise selected for "12 Samples of State-owned Enterprise Reform", the company has long adhered to management reform and innovation, stimulating employee vitality through employee stock ownership, "secondary mixed-ownership reform", and equity incentives, resulting in a more modernized governance system and standardized operational management[62](index=62&type=chunk)[63](index=63&type=chunk) - The company holds an **AAA credit rating**, giving it an advantage in acquiring relatively low-cost capital and other resources; headquartered in Hangzhou, it enjoys market reputation and strong government-enterprise relations, possessing powerful capabilities for optimizing domestic and international resource allocation[63](index=63&type=chunk) [Main Operating Conditions During the Reporting Period](index=16&type=section&id=IV.%20Main%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section analyzes the changes in the company's financial statement items and details its asset and liability situation, including significant increases in monetary funds, trading financial assets, prepayments, short-term borrowings, notes payable, and contract liabilities, with overseas assets accounting for **7.17%** of total assets [Analysis of Main Business](index=16&type=section&id=(I)%20Analysis%20of%20Main%20Business) This period, the company's operating revenue decreased by **1.92%** year-on-year, and operating costs decreased by **1.42%** year-on-year; net cash flows from operating, investing, and financing activities all decreased compared to the prior year, mainly due to increased inventory, reduced external investments, and lower operating cash demand Analysis Table of Financial Statement Items Changes (January-June 2025) | Item | Current Period Amount (CNY) | Same Period Last Year Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 288,537,345,445.09 | 294,172,227,986.79 | -1.92 | | Operating Cost | 282,705,831,861.18 | 286,766,982,201.30 | -1.42 | | R&D Expenses | 654,829,642.12 | 511,754,044.80 | 27.96 | | Net Cash Flow from Operating Activities | -2,763,156,291.06 | -6,263,085,547.77 | Not Applicable | | Net Cash Flow from Investing Activities | -563,372,676.76 | -1,831,296,976.96 | Not Applicable | | Net Cash Flow from Financing Activities | 5,847,780,944.96 | 11,397,801,952.87 | -48.69 | - Reason for change in net cash flow from operating activities: primarily due to a smaller increase in inventory this period compared to the same period last year, leading to reduced operating capital occupation[65](index=65&type=chunk) - Reason for change in net cash flow from investing activities: primarily due to a decrease in external investments this period compared to the same period last year[65](index=65&type=chunk) - Reason for change in net cash flow from financing activities: primarily due to reduced cash demand for operating activities this period, leading to lower capital requirements compared to the same period last year[65](index=65&type=chunk) [Analysis of Assets and Liabilities](index=17&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) The company's total assets at period-end were **CNY 204.654 billion**, a **16.36% increase** from the previous year-end, with significant growth in monetary funds, trading financial assets, prepayments, short-term borrowings, notes payable, and contract liabilities; overseas assets amounted to **CNY 14.691 billion**, representing **7.17%** of total assets, and restricted assets totaled **CNY 21.364 billion**, mainly for various deposits and pledged/mortgaged loans Changes in Assets and Liabilities (Period-end vs. Previous Year-end) | Item Name | Current Period-end Amount (CNY 10,000) | Proportion of Total Assets at Current Period-end (%) | Previous Year-end Amount (CNY 10,000) | Proportion of Total Assets at Previous Year-end (%) | Change Percentage of Current Period-end Amount vs. Previous Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 3,108,499.82 | 15.18 | 2,352,395.26 | 13.38 | 32.14 | Primarily due to an increase in bill deposits and futures margins at period-end compared to the beginning of the period | | Trading Financial Assets | 475,323.81 | 2.32 | 248,225.52 | 1.41 | 91.49 | Primarily due to an increase in equity instrument investments and reverse repurchase agreements on government bonds at period-end | | Receivables Financing | 315,861.48 | 1.54 | 178,861.01 | 1.02 | 76.60 | Primarily due to an increase in bank acceptance bills and commercial acceptance bills receivable at period-end compared to the beginning of the period | | Prepayments | 2,721,878.54 | 13.29 | 1,905,454.79 | 10.83 | 42.85 | Primarily due to an increase in prepayments to suppliers mid-year | | Loans and Advances | 476,271.40 | 2.33 | 318,030.74 | 1.81 | 49.76 | Primarily due to an increase in loans issued by pawn companies | | Debt Investments | 82,148.55 | 0.40 | 34,531.46 | 0.20 | 137.89 | Primarily due to an increase in debt investments by subsidiary Wuchan Asset Management Company | | Construction in Progress | 147,107.39 | 0.72 | 107,918.77 | 0.61 | 36.31 | Primarily due to increased investment in subsidiary factory buildings and production lines | | Development Expenditures | 1,532.58 | 0.01 | 1,132.73 | 0.01 | 35.30 | Primarily due to increased software development expenditures by subsidiary Wuchan Cloud Business Company | | Short-term Borrowings | 3,056,149.70 | 14.92 | 2,178,330.85 | 12.39 | 40.30 | Primarily due to increased operating capital demand mid-year | | Notes Payable | 2,831,435.12 | 13.84 | 1,958,665.14 | 11.14 | 44.56 | Primarily due to an increase in notes payable to suppliers at period-end | | Contract Liabilities | 2,519,573.09 | 12.30 | 1,706,579.74 | 9.70 | 47.64 | Primarily due to an increase in customer prepayments mid-year | | Employee Benefits Payable | 117,579.85 | 0.57 | 181,846.27 | 1.03 | -35.34 | Primarily due to bonuses accrued at the end of last year being paid this year | | Non-current Liabilities Due Within One Year | 272,372.83 | 1.33 | 621,984.50 | 3.54 | -56.21 | Primarily due to a decrease in bonds payable due within 1 year being redeemed this period | | Bonds Payable | 961,542.39 | 4.70 | 556,622.47 | 3.16 | 72.75 | Primarily due to the issuance of CNY 4 billion in medium-term notes this period | - Overseas assets amounted to **CNY 14.691 billion**, accounting for **7.17%** of total assets[70](index=70&type=chunk) Major Restricted Assets at the End of the Reporting Period | Item | Period-end Book Balance (CNY) | Period-end Book Value (CNY) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 16,030,999,235.37 | 16,030,999,235.37 | Frozen, etc | Various deposits, frozen funds, etc | | Accounts Receivable | 305,042,040.72 | 305,042,040.72 | Pledged | Pledged loans, factoring | | Receivables Financing | 185,042,040.72 | 185,042,040.72 | Pledged | Bill pool pledge | | Inventories | 878,880,958.06 | 878,880,958.06 | Pledged | Car certificate/warehouse receipt pledged loans, mortgage loans, etc | | Long-term Receivables | 1,755,894,536.72 | 1,755,894,536.72 | Pledged | Pledged loans | | Investment Properties | 450,758,600.00 | 450,758,600.00 | Mortgaged | For bank credit line application | | Fixed Assets | 1,188,129,612.46 | 911,051,423.76 | Mortgaged | Mortgage loans, for applying for bank acceptance bills, etc | | Intangible Assets | 568,702,222.90 | 468,510,848.17 | Mortgaged | Mortgage loans, for applying for bank acceptance bills, etc | | Other Non-current Assets | 100,000.00 | 100,000.00 | Frozen | Operating deposit | | Total | 21,363,549,246.95 | 20,986,279,683.52 | / | / | [Analysis of Investment Status](index=19&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) The company's external equity investments totaled **CNY 134 million** this period, primarily in venture capital funds and a metal supply chain joint venture; it holds financial assets such as stocks, trust products, private equity funds, futures, and derivatives, engaging in hedging activities to mitigate market risks - The company's external equity investment expenditures totaled **CNY 134 million**, mainly due to its subsidiary Hangzhou Junze No. 1 Enterprise Service Partnership (Limited Partnership) investing **CNY 49 million** in Suzhou Rongshang Wuyi Venture Capital Fund Partnership (Limited Partnership), and its subsidiary Wuchan Zhongda Metal investing **CNY 49 million** in Xianggang Wuchan Metal (Zhejiang) Co., Ltd[74](index=74&type=chunk) Financial Assets Measured at Fair Value (Period-end) | Asset Category | Period-end Amount (CNY) | | :--- | :--- | | Stocks | 710,096,059.25 | | Trust Products | 92,964,560.92 | | Private Equity Funds | 804,977,456.80 | | Futures | 90,622,971.68 | | Derivative Instruments | 409,990,882.41 | | Others | 6,843,974,115.71 | | Total | 8,952,626,046.77 | - The company and its controlled subsidiaries engage in commodity and foreign exchange derivative transactions for hedging purposes, to mitigate adverse effects from significant price and exchange rate fluctuations, ensuring the company's financial security and main business profitability[78](index=78&type=chunk) Derivative Investments for Hedging Purposes (Period-end) | Derivative Investment Type | Period-end Book Value (CNY 10,000) | Proportion of Period-end Book Value to Company's Net Assets at Period-end (%) | | :--- | :--- | :--- | | Commodity Options and Futures Contracts | 439,503.96 | 7.48 | | Foreign Exchange Contracts | 3,405.36 | 0.06 | | Total | 442,909.32 | 7.54 | [Analysis of Major Controlled and Invested Companies](index=25&type=section&id=(VI)%20Analysis%20of%20Major%20Controlled%20and%20Invested%20Companies) The company's major controlled subsidiaries, including Wuchan Zhongda Metal, Wuchan Zhongda Industrial, Wuchan Huaneng, Wuchan Zhongda International, Wuchan Zhongda Chemical, and Yuantong Auto (New), significantly contribute to operating revenue and net profit in supply chain integrated services, high-end manufacturing, and financial services; during the reporting period, the company acquired control of Zhejiang Natural Gas Trading Market Co., Ltd., Zhejiang Seaport Bulk Commodity Exchange Co., Ltd., and Anhui Shunfu Precision Technology Co., Ltd Key Financial Data of Major Subsidiaries (H1 2025) | Company Name | Company Type | Main Business | Registered Capital (CNY 10,000) | Total Assets (CNY 10,000) | Net Assets (CNY 10,000) | Operating Revenue (CNY 10,000) | Operating Profit (CNY 10,000) | Net Profit (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wuchan Zhongda Metal | Subsidiary | Supply Chain Integrated Services | 30,000.00 | 3,555,305.02 | 732,206.05 | 7,054,275.01 | 52,148.08 | 39,711.33 | | Wuchan Zhongda Industrial | Subsidiary | Supply Chain Integrated Services, High-end Manufacturing | 54,500.00 | 1,917,212.16 | 571,077.24 | 1,685,495.77 | 50,178.03 | 46,821.08 | | Wuchan Huaneng | Subsidiary | Supply Chain Integrated Services, High-end Manufacturing | 55,795.44 | 1,214,655.49 | 654,509.49 | 1,842,178.08 | 47,587.28 | 38,463.51 | | Wuchan Zhongda International | Subsidiary | Supply Chain Integrated Services | 49,271.16 | 2,378,080.47 | 479,569.06 | 7,407,242.78 | 46,629.56 | 34,487.73 | | Wuchan Zhongda Chemical | Subsidiary | Supply Chain Integrated Services | 50,000.00 | 1,715,868.57 | 350,254.31 | 4,945,473.87 | 31,304.80 | 26,075.09 | | Yuantong Auto (New) | Subsidiary | Supply Chain Integrated Services | 80,000.00 | 1,281,701.45 | 226,517.92 | 1,857,301.21 | 21,160.03 | 13,914.93 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition and Disposal of Subsidiaries During the Reporting Period | Impact on Overall Production, Operations, and Performance (CNY) | | :--- | :--- | :--- | | Zhejiang Natural Gas Trading Market Co., Ltd. | Purchase | -936,182.67 | | Zhejiang Seaport Bulk Commodity Exchange Co., Ltd. | Purchase | -498,997.51 | | Anhui Shunfu Precision Technology Co., Ltd. | Purchase | 20,091,760.92 | [Information on Structured Entities Controlled by the Company](index=27&type=section&id=(VII)%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) As of the end of the reporting period, the company's private equity fund investments as a manager totaled **CNY 2.391 billion**, with details provided for the period-end owner's equity and net profit of several structured entities, including Junyue Anxin No. 1 Private Equity Investment Fund and Junyue Kexin No. 1 Private Securities Investment Fund - As of the end of the reporting period, the investment balance of

[Important Notices, Contents and Definitions](index=2&type=section&id=Section%201%20Important%20Notices%2C%20Contents%20and%20Definitions) [Important Notices](index=2&type=section&id=1.1%20Important%20Notices) The company's management guarantees the truthfulness and accuracy of the semi-annual report and plans no profit distribution - The Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, and bear individual and joint legal responsibility[4](index=4&type=chunk) - The company's legal representative, chief financial officer, and head of the accounting department declare that the financial report is true, accurate, and complete[4](index=4&type=chunk) - The company **does not plan to distribute cash dividends**, issue bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Contents](index=3&type=section&id=1.2%20Contents) This section lists the overall structure of the report, providing a quick navigation guide for investors - The table of contents clearly lists eight main sections, covering important notices, company profile, management discussion, corporate governance, significant matters, share changes, bonds, and financial reports[7](index=7&type=chunk) [Definitions](index=5&type=section&id=1.3%20Definitions) This section provides definitions for common terms used in the report to ensure consistent understanding - "Xinguang Pharmaceutical," "the Company," and "our Company" all refer to Zhejiang Xinguang Pharmaceutical Co, Ltd[10](index=10&type=chunk) - "Reporting Period" and "this Reporting Period" refer to the period from January 1, 2025, to June 30, 2025[10](index=10&type=chunk) - "NMPA" refers to the National Medical Products Administration, and "GMP" refers to the Good Manufacturing Practice for Pharmaceutical Products[10](index=10&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Profile](index=6&type=section&id=2.1%20Company%20Profile) Zhejiang Xinguang Pharmaceutical Co, Ltd is listed on the Shenzhen Stock Exchange with stock code 300519 Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Xinguang Pharmaceutical | | Stock Code | 300519 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 浙江新光药业股份有限公司 | | Legal Representative | Wang Yuejun | - The company's contact information, including registered address, office address, website, and email, remained unchanged during the reporting period[14](index=14&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=2.2%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, revenue decreased while net profit attributable to shareholders grew significantly by 25.09% Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (CNY) | Prior Year Period (CNY) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 140,942,929.20 | 146,210,038.02 | -3.60% | | Net Profit Attributable to Shareholders | 31,907,696.41 | 25,507,669.29 | 25.09% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 29,439,271.34 | 22,574,542.06 | 30.41% | | Net Cash Flow from Operating Activities | 36,827,143.99 | 27,126,609.63 | 35.76% | | Basic Earnings Per Share (CNY/Share) | 0.20 | 0.16 | 25.00% | | Weighted Average Return on Equity | 3.80% | 3.01% | 0.79% | | Indicator | End of Current Period (CNY) | End of Prior Year (CNY) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 879,939,726.63 | 909,781,335.37 | -3.28% | | Net Assets Attributable to Shareholders | 814,658,032.16 | 830,531,829.60 | -1.91% | - There are no discrepancies in net profit or net assets between financial reports prepared under IFRS and Chinese Accounting Standards[18](index=18&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=2.3%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) Non-recurring profit and loss totaled CNY 2.47 million, mainly from government subsidies and fair value changes Non-recurring Profit and Loss Items and Amounts for H1 2025 | Item | Amount (CNY) | Notes | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -20,128.57 | | | Government Subsidies Included in Current Profit/Loss | 885,843.80 | Government subsidies received this period | | Fair Value Gains/Losses on Financial Assets and Liabilities | 1,799,444.32 | | | Other Non-operating Income and Expenses | 229,899.70 | | | Less: Income Tax Impact | 426,634.18 | | | Total | 2,468,425.07 | | - The company has no other items that meet the definition of non-recurring profit and loss, nor has it reclassified any non-recurring items as recurring[22](index=22&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [Principal Business Activities during the Reporting Period](index=9&type=section&id=3.1%20Principal%20Business%20Activities%20during%20the%20Reporting%20Period) The company engages in the R&D, production, and sale of traditional Chinese medicines, chemical drugs, and health foods - The company operates in the pharmaceutical manufacturing industry, benefiting from national support for traditional Chinese medicine and an aging population[24](index=24&type=chunk) - In H1 2025, intensive medical policy rollouts, including medical insurance catalog expansion and the promotion of traditional Chinese medicine, reshaped the industry[25](index=25&type=chunk) - The company is primarily engaged in the R&D, production, and sale of traditional Chinese medicines, chemical drugs, and health foods, holding 49 drug production licenses and 2 health food licenses[26](index=26&type=chunk)[27](index=27&type=chunk) [Industry Overview](index=9&type=section&id=3.1.1%20Industry%20Overview) The pharmaceutical manufacturing industry is a vital part of the national economy, with strong policy support for traditional Chinese medicine - The pharmaceutical industry is a key component of the national economy, with traditional Chinese medicine development receiving significant policy support, such as the "Three-Year Action Plan for the Revitalization and Development of Traditional Chinese Medicine (2025-2027)"[24](index=24&type=chunk)[25](index=25&type=chunk) - As of December 2024, China's elderly population (60 and above) reached **310 million**, accounting for **22% of the total population**, a demographic trend that will continue to drive pharmaceutical industry growth[24](index=24&type=chunk) [Main Business](index=9&type=section&id=3.1.2%20Main%20Business) The company's main business remains unchanged, focusing on pharmaceuticals and health foods across various therapeutic areas - The company's primary business involves the R&D, production, and sale of traditional Chinese medicines, chemical drugs, and health foods, covering a wide range of therapeutic areas[26](index=26&type=chunk) - The company can produce 6 dosage forms and holds **49 drug production licenses** and **2 health food licenses**[27](index=27&type=chunk) [Main Products](index=9&type=section&id=3.1.3%20Main%20Products) Key products include Huangqi Shengmai Yin, Shenjin Dan Capsules, and American Ginseng Oral Liquid Company's Main Product Indications | Category | Product Name | Indications | Remarks | | :--- | :--- | :--- | :--- | | Traditional Chinese Medicine | Huangqi Shengmai Yin | To replenish qi and nourish yin, nourish the heart and lungs, for coronary heart disease patients with qi and yin deficiency, palpitations, and shortness of breath | First-to-market product | | Traditional Chinese Medicine | Shenjin Dan Capsules | To relax muscles and activate collaterals, promote blood circulation and remove blood stasis, reduce swelling and relieve pain, for sequelae of fractures, cervical spondylosis, etc | | | Health Food | American Ginseng Oral Liquid | A health food made mainly from American ginseng, with anti-fatigue health benefits | | | Traditional Chinese Medicine | Huangqi Shengmai Granules | To replenish qi and nourish yin, nourish the heart and promote circulation, for chest pain and tightness caused by qi and yin deficiency and blood stasis | Exclusive product | [Operating Model](index=9&type=section&id=3.1.4%20Operating%20Model) The company employs a "procure-by-production" and "produce-by-sales" model, distributing products through dealers - Procurement Model: "Procure-by-production" based on production plans, inventory, and market conditions, with strict management of Chinese herbal medicine procurement[27](index=27&type=chunk) - Production Model: "Produce-by-sales" based on annual sales plans, with production organized in strict accordance with national GMP regulations and comprehensive quality management[28](index=28&type=chunk) - Sales Model: Primarily through distributors, who then supply products to retail terminals such as hospitals, pharmacies, and clinics[28](index=28&type=chunk) [Main Performance Drivers during the Reporting Period](index=10&type=section&id=3.1.5%20Main%20Performance%20Drivers%20during%20the%20Reporting%20Period) Performance is driven by rising incomes, expanded medical insurance, an aging population, and healthcare system reforms - Rising resident income and consumption levels, along with increased coverage and payment rates for urban and rural medical insurance, are key performance drivers[29](index=29&type=chunk) - Population aging, the multi-child policy, and deepening healthcare system reforms are among the various factors driving sustained growth in the pharmaceutical industry[29](index=29&type=chunk) [Core Competitiveness Analysis](index=11&type=section&id=3.2%20Core%20Competitiveness%20Analysis) The company's core competitiveness remains stable, centered on product advantages, quality control, brand image, and R&D innovation - The company's core competitiveness has not changed significantly, with strong advantages in leading products, product quality, corporate brand, R&D, and process technology[30](index=30&type=chunk) - Leading products **Huangqi Shengmai Yin** and **Shenjin Dan Capsules** have broad market prospects, with a sugar-free version and an exclusive granule form of Huangqi Shengmai developed to meet market demand[30](index=30&type=chunk)[31](index=31&type=chunk) - The company operates a provincial-level high-tech R&D center, collaborates with multiple research institutions, and holds **11 core proprietary intellectual property rights**[31](index=31&type=chunk) - The company utilizes advanced production technologies and has introduced a fully automated digital traditional Chinese medicine extraction production line[32](index=32&type=chunk)[33](index=33&type=chunk) [Main Business Analysis](index=12&type=section&id=3.3%20Main%20Business%20Analysis) Revenue declined slightly, but lower costs and higher financial income boosted net profit by 25.09% Year-on-Year Changes in Key Financial Data | Indicator | Current Period (CNY) | Prior Year Period (CNY) | Y-o-Y Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 140,942,929.20 | 146,210,038.02 | -3.60% | | | Operating Costs | 89,363,811.65 | 96,499,935.86 | -7.39% | Primarily due to lower raw material prices compared to the same period last year | | Financial Expenses | -10,658,993.74 | -3,855,390.27 | -176.47% | Primarily due to an increase in bank deposit interest income compared to the same period last year | | Operating Profit | 36,071,990.19 | 28,382,629.30 | 27.09% | Primarily due to decreased operating costs and increased interest income | | Net Profit | 31,907,696.41 | 25,507,669.29 | 25.09% | Primarily due to decreased operating costs and increased interest income | Products or Services Accounting for Over 10% of Revenue | Product Name | Operating Revenue (CNY) | Operating Costs (CNY) | Gross Margin | Revenue Y-o-Y Change | Cost Y-o-Y Change | Gross Margin Y-o-Y Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huangqi Shengmai Yin | 98,439,572.93 | 62,190,606.85 | 36.82% | -6.41% | -10.43% | 2.83% | | Shenjin Dan Capsules | 11,804,196.55 | 6,838,752.05 | 42.07% | -3.06% | -12.61% | 6.33% | | American Ginseng Oral Liquid | 28,134,440.52 | 17,312,671.75 | 38.46% | 11.56% | 10.71% | 0.47% | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[36](index=36&type=chunk) [Non-Main Business Analysis](index=13&type=section&id=3.4%20Non-Main%20Business%20Analysis) Non-main business income primarily consists of investment income and government subsidies, contributing 6.02% to total profit Composition of Non-Main Business Income | Item | Amount (CNY) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,185,287.20 | 6.02% | 1. Wealth management product income CNY 1,799,444.32; 2. Other equity instrument investment income CNY 240,000.00; 3. Stock investment income CNY 145,842.88 | No | | Asset Impairment | -177,676.58 | -0.49% | Provision for inventory write-down (loss shown with "-") | Impairment provision is made at each year-end according to accounting standards | | Other Income | 1,305,497.17 | 3.60% | 1. Amortization of asset-related government grants CNY 692,974.80; 2. Income-related government grants CNY 576,535.08; 3. Individual income tax withholding fee refund CNY 35,987.29 | No | [Analysis of Assets and Liabilities](index=14&type=section&id=3.5%20Analysis%20of%20Assets%20and%20Liabilities) Total assets decreased by 3.28%, with cash decreasing due to increased investment in wealth management products Significant Changes in Asset Composition | Item | Current Period-End Amount (CNY) | % of Total Assets | Prior Year-End Amount (CNY) | % of Total Assets | Change in Proportion | Reason for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 306,321,596.05 | 34.81% | 503,416,125.46 | 55.33% | -20.52% | Increase in purchases of wealth management products | | Trading Financial Assets | 370,000,000.00 | 42.05% | 185,000,000.00 | 20.33% | 21.72% | | | Total Assets | 879,939,726.63 | 100.00% | 909,781,335.37 | 100.00% | -3.28% | | | Total Liabilities | 65,281,694.47 | 7.42% | 79,249,505.77 | 8.71% | -17.62% | | | Net Assets Attributable to Shareholders | 814,658,032.16 | 92.58% | 830,531,829.60 | 91.29% | -1.91% | | Assets and Liabilities Measured at Fair Value | Item | Opening Balance (CNY) | Current Period Fair Value Change (CNY) | Current Period Purchases (CNY) | Current Period Sales (CNY) | Closing Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 185,000,000.00 | 1,799,444.32 | 420,000,000.00 | 236,799,444.32 | 370,000,000.00 | | Other Equity Instrument Investments | 21,420,408.13 | 257,066.07 | 0.00 | 0.00 | 21,677,474.20 | | Total | 206,420,408.13 | 2,056,510.39 | 420,000,000.00 | 236,799,444.32 | 391,677,474.20 | - At the end of the reporting period, notes receivable decreased by CNY 502,745.60[45](index=45&type=chunk) [Investment Analysis](index=15&type=section&id=3.6%20Investment%20Analysis) The company had no major equity investments, utilized 74.20% of raised funds, and continued cash management with idle funds Financial Assets Measured at Fair Value | Asset Class | Initial Investment Cost (CNY) | Current Period Fair Value Change (CNY) | Period-End Amount (CNY) | Funding Source | | :--- | :--- | :--- | :--- | :--- | | Stocks | 510,890.50 | 115,017.87 | 2,823,165.90 | Own funds | | Stocks | 120,000.00 | 142,048.20 | 1,954,308.30 | Own funds | | Total | 630,890.50 | 257,066.07 | 4,777,474.20 | -- | - As of June 30, 2025, the total amount of raised funds was **CNY 211.67 million**, with a cumulative usage of **CNY 157.06 million**, resulting in an overall utilization rate of **74.20%**[48](index=48&type=chunk) - The "Modern Traditional Chinese Medicine R&D Center Construction Project" has been completed, and the surplus funds of **CNY 17,329,671.05** have been permanently used to supplement working capital[51](index=51&type=chunk)[97](index=97&type=chunk) - The company continues to use up to **CNY 400 million** of idle proprietary funds and up to **CNY 15 million** of temporarily idle raised funds for cash management by purchasing low-risk, high-liquidity bank wealth management products[59](index=59&type=chunk) [Sale of Major Assets and Equity](index=22&type=section&id=3.7%20Sale%20of%20Major%20Assets%20and%20Equity) No major asset or equity sales occurred during the reporting period - The company did not sell any major assets during the reporting period[62](index=62&type=chunk) - The company did not sell any major equity during the reporting period[63](index=63&type=chunk) [Analysis of Major Subsidiaries and Investees](index=22&type=section&id=3.8%20Analysis%20of%20Major%20Subsidiaries%20and%20Investees) The main subsidiary, Zhejiang Xinguang Pharmaceutical Technology, reported a net profit of CNY 0.74 million Financial Information of Main Subsidiary | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Xinguang Pharmaceutical Technology Co, Ltd | Subsidiary | R&D and sales of traditional Chinese medicines, health foods, pharmaceuticals, food, medical devices, etc | 35,000,000.00 | 41,571,756.69 | 38,834,071.51 | 7,831,504.42 | 783,340.64 | 744,173.61 | - Zhejiang Xinguang Pharmaceutical Technology Co, Ltd is a wholly-owned subsidiary of the company, with a 100% equity stake[65](index=65&type=chunk) [Risks and Countermeasures](index=23&type=section&id=3.9%20Risks%20and%20Countermeasures) The company faces risks from policy changes, product concentration, market expansion, and raw material price volatility - **Policy Change Risk**: Stricter national regulations on drug production and sales, such as the "two-invoice system" and "volume-based procurement," may impact the company's operations[66](index=66&type=chunk) - **Product Concentration Risk**: The company's revenue and profitability are heavily dependent on three main products, creating a risk of product structure concentration[67](index=67&type=chunk) - **Market Expansion Risk**: Over **70% of sales revenue** comes from Zhejiang Province, posing a risk of adverse performance impact from changes in the regional market environment[67](index=67&type=chunk) - **Raw Material Price Fluctuation Risk**: Significant increases in the prices of major Chinese herbal medicines, influenced by various factors, could adversely affect the company's profitability[68](index=68&type=chunk) [Corporate Governance, Environment and Society](index=24&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%20and%20Society) [Changes in Directors, Supervisors, and Senior Management](index=24&type=section&id=4.1%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) No changes occurred in the composition of the company's directors, supervisors, or senior management during the period - There were no changes in the company's directors, supervisors, and senior management during the reporting period[71](index=71&type=chunk) [Profit Distribution and Capitalization of Capital Reserve for the Reporting Period](index=24&type=section&id=4.2%20Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserve%20for%20the%20Reporting%20Period) The company does not plan to distribute profits or capitalize capital reserves for the semi-annual period - The company plans **not to distribute cash dividends**, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[72](index=72&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=25&type=section&id=4.3%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) No equity incentive plans or other employee incentive measures were implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[73](index=73&type=chunk) [Environmental Information Disclosure](index=26&type=section&id=4.4%20Environmental%20Information%20Disclosure) The company and its main subsidiaries are not listed as enterprises required to disclose environmental information - The listed company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law[74](index=74&type=chunk) [Social Responsibility](index=26&type=section&id=4.5%20Social%20Responsibility) The company is committed to its corporate mission and values, focusing on operational excellence and social responsibility - The company's core values are "Pragmatism, Integrity, Responsibility," and its corporate mission is "To improve the quality of human life and share a new era of health"[74](index=74&type=chunk) - During the reporting period, the company actively adapted to policy changes, enhanced management, strengthened its marketing network, and fulfilled its social responsibilities[74](index=74&type=chunk) - The company has not yet carried out work to consolidate and expand poverty alleviation achievements or rural revitalization during the reporting period[74](index=74&type=chunk) [Significant Matters](index=27&type=section&id=Section%205%20Significant%20Matters) [Fulfillment of Commitments](index=27&type=section&id=5.1%20Fulfillment%20of%20Commitments) There were no fulfilled or overdue commitments from related parties during the reporting period - During the reporting period, there were no commitments fulfilled or overdue by the company's actual controllers, shareholders, related parties, acquirers, or the company itself[76](index=76&type=chunk) [Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=27&type=section&id=5.2%20Non-operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) No non-operating fund occupation by controlling shareholders or other related parties occurred during the period - The company did not experience any non-operating fund occupation by its controlling shareholder or other related parties during the reporting period[77](index=77&type=chunk) [Irregular External Guarantees](index=27&type=section&id=5.3%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[78](index=78&type=chunk) [Appointment and Dismissal of Accounting Firm](index=27&type=section&id=5.4%20Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The company's semi-annual financial report has not been audited - The company's semi-annual report has not been audited[79](index=79&type=chunk) [Litigation Matters](index=27&type=section&id=5.5%20Litigation%20Matters) No major litigation or arbitration matters occurred during the reporting period - The company had no major litigation or arbitration matters during this reporting period[81](index=81&type=chunk) [Penalties and Rectifications](index=28&type=section&id=5.6%20Penalties%20and%20Rectifications) The company was not subject to any penalties or rectifications during the reporting period - The company was not subject to any penalties or rectifications during the reporting period[82](index=82&type=chunk) [Major Related-Party Transactions](index=28&type=section&id=5.7%20Major%20Related-Party%20Transactions) No major related-party transactions occurred during the reporting period - The company had no related-party transactions associated with daily operations during the reporting period[83](index=83&type=chunk) - There were no related-party credit or debt transactions during the reporting period[86](index=86&type=chunk) - The company had no other major related-party transactions during the reporting period[89](index=89&type=chunk) [Major Contracts and Their Performance](index=29&type=section&id=5.8%20Major%20Contracts%20and%20Their%20Performance) The company has no major contracts for custody or contracting but has one leasing agreement as a lessor - The company had no custody arrangements during the reporting period[90](index=90&type=chunk) - The company leased four storefronts at 699 Jiangbin West Road to Zhejiang Zhenyuan Pharmaceutical Chain Co, Ltd, with the contract renewed until December 31, 2025, for an annual rent of **CNY 73,728.00** (including tax)[92](index=92&type=chunk) - The company had no major guarantees during the reporting period[93](index=93&type=chunk) [Explanation of Other Significant Matters](index=29&type=section&id=5.9%20Explanation%20of%20Other%20Significant%20Matters) The "Modern Traditional Chinese Medicine R&D Center" project was completed, and surplus funds were used for working capital - The "Modern Traditional Chinese Medicine R&D Center Construction Project" built by the company's wholly-owned subsidiary, Zhejiang Xinguang Pharmaceutical Technology Co, Ltd, has been completed[97](index=97&type=chunk) - As of May 30, 2025, the surplus raised funds of **CNY 17,329,671.05** (including interest and wealth management income) have been transferred to the subsidiary's basic account to permanently supplement working capital[97](index=97&type=chunk) - The aforementioned special account for raised funds has been closed, and the tripartite supervision agreement signed by the company, the bank, and the sponsor has been terminated accordingly[97](index=97&type=chunk) [Changes in Share Capital and Shareholders](index=31&type=section&id=Section%206%20Changes%20in%20Share%20Capital%20and%20Shareholders) [Changes in Share Capital](index=31&type=section&id=6.1%20Changes%20in%20Share%20Capital) The company's total share capital remained unchanged at 160 million shares during the reporting period Changes in Share Capital | Share Type | Pre-Change Quantity (Shares) | Pre-Change Proportion | Change (+/- Shares) | Post-Change Quantity (Shares) | Post-Change Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Shares with Selling Restrictions | 45,900,000 | 28.69% | 0 | 45,900,000 | 28.69% | | Of which: Domestic Natural Person Shares | 45,900,000 | 28.69% | 0 | 45,900,000 | 28.69% | | II. Shares without Selling Restrictions | 114,100,000 | 71.31% | 0 | 114,100,000 | 71.31% | | Of which: RMB Ordinary Shares | 114,100,000 | 71.31% | 0 | 114,100,000 | 71.31% | | III. Total Shares | 160,000,000 | 100.00% | 0 | 160,000,000 | 100.00% | - There were no changes in the reasons for share capital changes, approvals, transfers, or share repurchase implementation during the reporting period[102](index=102&type=chunk) [Securities Issuance and Listing](index=32&type=section&id=6.2%20Securities%20Issuance%20and%20Listing) No securities were issued or listed during the reporting period - The company had no securities issuance or listing activities during the reporting period[102](index=102&type=chunk) [Number of Shareholders and Shareholding Status](index=32&type=section&id=6.3%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the period-end, the company had 14,146 shareholders, with Wang Yuejun being the largest shareholder at 38.25% - The total number of ordinary shareholders at the end of the reporting period was **14,146**[103](index=103&type=chunk) Top 10 Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period-End | Restricted Shares Held | Unrestricted Shares Held | Share Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Yuejun | Domestic Natural Person | 38.25% | 61,200,000.00 | 45,900,000.00 | 15,300,000.00 | N/A | | Shengzhou Hefeng Investment Co, Ltd | Domestic Non-State-Owned Legal Entity | 16.74% | 26,780,900.00 | 0 | 26,780,900.00 | N/A | | Mo Changchun | Domestic Natural Person | 1.18% | 1,894,800.00 | 0 | 1,894,800.00 | N/A | | Qian Haixiao | Domestic Natural Person | 0.95% | 1,520,000.00 | 0 | 1,520,000.00 | N/A | | China Minsheng Bank - Golden Yuan Sunan Yuanqi Flexible Allocation Mixed Fund | Other | 0.54% | 867,600.00 | 0 | 867,600.00 | N/A | | BARCLAYS BANK PLC | Foreign Legal Entity | 0.49% | 778,500.00 | 0 | 778,500.00 | N/A | | China Construction Bank - Lion Multi-Strategy Equity Fund | Other | 0.43% | 692,344.00 | 0 | 692,344.00 | N/A | | Zhou Huichu | Domestic Natural Person | 0.43% | 690,000.00 | 0 | 690,000.00 | N/A | | Tan Yonghua | Domestic Natural Person | 0.35% | 557,500.00 | 0 | 557,500.00 | N/A | | Mo Junlong | Domestic Natural Person | 0.30% | 486,300.00 | 0 | 486,300.00 | N/A | - There is no affiliation or concerted action relationship between shareholder Wang Yuejun and Shengzhou Hefeng Investment Co, Ltd[104](index=104&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=34&type=section&id=6.4%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The shareholdings of directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period[106](index=106&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=34&type=section&id=6.5%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) No changes occurred in the company's controlling shareholder or actual controller during the period - The company's controlling shareholder did not change during the reporting period[107](index=107&type=chunk) - The company's actual controller did not change during the reporting period[107](index=107&type=chunk) [Bond-related Matters](index=36&type=section&id=Section%207%20Bond-related%20Matters) [Bond-related Matters](index=36&type=section&id=7.1%20Bond-related%20Matters) The company has no bond-related matters to report for this period - The company has no bond-related matters to report for this period[110](index=110&type=chunk) [Financial Report](index=37&type=section&id=Section%208%20Financial%20Report) [Audit Report](index=37&type=section&id=8.1%20Audit%20Report) The semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[112](index=112&type=chunk) [Financial Statements](index=37&type=section&id=8.2%20Financial%20Statements) This section presents the company's financial statements for H1 2025, showing total assets of CNY 880 million Key Data from Consolidated Balance Sheet (Period-End) | Item | Closing Balance (CNY) | | :--- | :--- | | Total Assets | 879,939,726.63 | | Total Liabilities | 65,281,694.47 | | Total Equity | 814,658,032.16 | | Cash and Cash Equivalents | 306,321,596.05 | | Trading Financial Assets | 370,000,000.00 | | Inventories | 61,596,098.12 | Key Data from Consolidated Income Statement (Current Period) | Item | H1 2025 (CNY) | | :--- | :--- | | Total Operating Revenue | 140,942,929.20 | | Operating Profit | 36,071,990.19 | | Total Profit | 36,285,483.59 | | Net Profit | 31,907,696.41 | | Net Profit Attributable to Parent Company Owners | 31,907,696.41 | | Basic Earnings Per Share | 0.20 | Key Data from Consolidated Cash Flow Statement (Current Period) | Item | H1 2025 (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | 36,827,143.99 | | Net Cash Flow from Investing Activities | -185,921,673.40 | | Net Cash Flow from Financing Activities | -48,000,000.00 | | Net Increase in Cash and Cash Equivalents | -197,094,529.41 | | Closing Balance of Cash and Cash Equivalents | 306,321,596.05 | [Company's Basic Information](index=55&type=section&id=8.3%20Company's%20Basic%20Information) Zhejiang Xinguang Pharmaceutical Co, Ltd, established in 1998, is a listed company engaged in pharmaceutical manufacturing - The company was established on November 18, 1998, with a registered capital of **CNY 160 million** and a total of **160 million shares**, and was listed on the Shenzhen Stock Exchange on June 24, 2016[144](index=144&type=chunk) - The company belongs to the pharmaceutical manufacturing industry, with a business scope covering the production and sale of various dosage forms and health foods[144](index=144&type=chunk) - The subsidiary, Zhejiang Xinguang Pharmaceutical Technology Co, Ltd, is included in the scope of the consolidated financial statements for this period[145](index=145&type=chunk) [Basis of Preparation of Financial Statements](index=55&type=section&id=8.4%20Basis%20of%20Preparation%20of%20Financial%20Statements) The financial statements are prepared on a going concern basis, with no significant doubts about this ability - The company's financial statements are prepared on a going concern basis[146](index=146&type=chunk) - The company has no events or conditions that cast significant doubt on its ability to continue as a going concern for the next 12 months from the end of the reporting period[147](index=147&type=chunk) [Significant Accounting Policies and Estimates](index=55&type=section&id=8.5%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the key accounting policies and estimates used in preparing the financial statements - The financial statements prepared by the company comply with the requirements of the "Enterprise Accounting Standards" and provide a true and complete view of the company's financial position, operating results, and cash flows[149](index=149&type=chunk) - The company uses a one-year (12-month) period as its normal operating cycle for classifying assets and liabilities and uses the Renminbi (RMB) as its functional currency[151](index=151&type=chunk)[152](index=152&type=chunk) - The company has formulated specific accounting policies and estimates for transactions or events such as financial instrument impairment, fixed asset depreciation, intangible asset amortization, and revenue recognition[148](index=148&type=chunk) [Taxes](index=76&type=section&id=8.6%20Taxes) The company benefits from a 15% preferential income tax rate as a high-tech enterprise Main Taxes and Rates | Tax Type | Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13%, 6%, 5% | | Urban Maintenance and Construction Tax | 7% | | Corporate Income Tax | 15%, 20% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - The company is recognized as a high-tech enterprise and is subject to a reduced corporate income tax rate of **15%**[249](index=249&type=chunk) - The subsidiary, Zhejiang Xinguang Pharmaceutical Technology Co, Ltd, qualifies as a small and micro-enterprise and enjoys a preferential corporate income tax rate of **20%** on 25% of its taxable income[249](index=249&type=chunk) - The company benefits from a **5%** additional VAT deduction for advanced manufacturing enterprises and a **50%** reduction in "six taxes and two fees" for small and micro-enterprises[250](index=250&type=chunk)[252](index=252&type=chunk) [Notes to Consolidated Financial Statement Items](index=77&type=section&id=8.7%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on items in the consolidated financial statements, including assets, liabilities, and income Cash and Cash Equivalents | Item | Closing Balance (CNY) | Opening Balance (CNY) | | :--- | :--- | :--- | | Cash on Hand | 4,676.49 | 2,001.93 | | Bank Deposits | 304,788,175.14 | 502,031,958.76 | | Other Monetary Funds | 1,528,744.42 | 1,382,164.77 | | Total | 306,321,596.05 | 503,416,125.46 | Trading Financial Assets | Item | Closing Balance (CNY) | Opening Balance (CNY) | | :--- | :--- | :--- | | Structured Deposits | 370,000,000.00 | 185,000,000.00 | | Total | 370,000,000.00 | 185,000,000.00 | Accounts Receivable | Category | Closing Book Value (CNY) | Opening Book Value (CNY) | | :--- | :--- | :--- | | Accounts Receivable | 10,831,408.99 | 11,800,922.88 | | Bad Debt Provision | 2,003,617.98 | 2,058,180.98 | Operating Revenue and Costs | Item | Current Period Revenue (CNY) | Current Period Costs (CNY) | Prior Period Revenue (CNY) | Prior Period Costs (CNY) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 140,882,733.58 | 89,277,685.97 | 146,152,540.08 | 96,414,345.44 | | Other Business | 60,195.62 | 86,125.68 | 57,497.94 | 85,590.42 | | Total | 140,942,929.20 | 89,363,811.65 | 146,210,038.02 | 96,499,935.86 | Financial Expenses | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Interest | -10,666,340.74 | -3,863,048.33 | | Bank Service Fees | 7,347.00 | 7,658.06 | | Total | -10,658,993.74 | -3,855,390.27 | [R&D Expenses](index=128&type=section&id=8.8%20R&D%20Expenses) Total R&D expenditure for the period was CNY 6.99 million, all of which was expensed R&D Expense Breakdown | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Direct Inputs | 1,723,836.35 | 3,775,058.25 | | Salaries and Wages | 2,710,532.69 | 1,958,503.61 | | Depreciation | 1,163,664.40 | 1,169,667.38 | | Outsourced Research Fees | 1,220,000.00 | 0.00 | | Other | 167,709.21 | 52,391.79 | | Total | 6,985,742.65 | 6,955,621.03 | | Of which: Expensed R&D | 6,985,742.65 | 6,955,621.03 | - All R&D expenditure in the current period was expensed, with no capitalized R&D expenditure[525](index=525&type=chunk) [Changes in Consolidation Scope](index=129&type=section&id=8.9%20Changes%20in%20Consolidation%20Scope) No changes in the scope of consolidation occurred during the reporting period - There were no business combinations involving enterprises not under common control during the period[530](index=530&type=chunk) - There were no business combinations involving enterprises under common control during the period[534](index=534&type=chunk) - There were no transactions or events resulting in the loss of control over a subsidiary during the period[536](index=536&type=chunk) [Interests in Other Entities](index=133&type=section&id=8.10%20Interests%20in%20Other%20Entities) The company holds a 100% interest in its wholly-owned subsidiary, Zhejiang Xinguang Pharmaceutical Technology Co, Ltd Composition of the Corporate Group | Subsidiary Name | Registered Capital (CNY) | Principal Place of Business | Place of Registration | Business Nature | Shareholding Ratio (Direct) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Xinguang Pharmaceutical Technology Co, Ltd | 35,000,000.00 | Hangzhou | Hangzhou | Pharmaceutical Manufacturing | 100.00% | - The company had no significant non-wholly-owned subsidiaries during the reporting period[539](index=539&type=chunk) - The company had no significant joint ventures or associates during the reporting period[543](index=543&type=chunk)[545](index=545&type=chunk) [Government Grants](index=138&type=section&id=8.11%20Government%20Grants) The company received CNY 0.89 million in government grants included in current profit and loss Liability Items Related to Government Grants | Account | Opening Balance (CNY) | Current Period Decrease (CNY) | Closing Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 6,281,745.36 | 692,974.80 | 5,588,770.56 | Asset-related | Government Grants Included in Current Profit and Loss | Account | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Government grants included in other income | 885,843.80 | 996,618.40 | [Risks Related to Financial Instruments](index=138&type=section&id=8.12%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks to balance risk and return - The company's risk management objective is to achieve a balance between risk and return, minimizing the negative impact of risks on its operating performance to maximize shareholder value[552](index=552&type=chunk) - The company faces **credit risk, liquidity risk, and market risk** in its daily activities[552](index=552&type=chunk) - Credit risk arises mainly from cash and receivables, which is managed by placing funds with highly-rated financial institutions and regularly assessing customer credit[558](index=558&type=chunk)[560](index=560&type=chunk)[561](index=561&type=chunk) - Liquidity risk is controlled by using a variety of financing instruments and optimizing the financing structure with a mix of long-term and short-term financing[563](index=563&type=chunk) - The company does not engage in hedging activities for risk management[565](index=565&type=chunk) [Fair Value Disclosure](index=141&type=section&id=8.13%20Fair%20Value%20Disclosure) Assets measured at fair value totaled CNY 391.95 million, primarily consisting of structured deposits and wealth management products Fair Value of Assets and Liabilities at Period-End | Item | Level 1 Fair Value (CNY) | Level 2 Fair Value (CNY) | Level 3 Fair Value (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | | Structured Deposits and Wealth Management Products | | 370,000,000.00 | | 370,000,000.00 | | Other Equity Instrument Investments | 4,777,474.20 | | 16,900,000.00 | 21,677,474.20 | | Notes Receivable Financing | | | 274,738.70 | 274,738.70 | | Total Assets at Fair Value | 4,777,474.20 | 370,000,000.00 | 17,174,738.70 | 391,952,212.90 | - The fair value of other equity instrument investments (stocks) is based on the closing price on the last trading day near the balance sheet date[569](index=569&type=chunk) - The fair value of trading financial assets (structured deposits) is based on available market information and value parameters[570](index=570&type=chunk) - Notes receivable financing and some other equity instrument investments are valued at cost as their fair value cannot be reliably measured[571](index=571&type=chunk) [Related Parties and Transactions](index=143&type=section&id=8.14%20Related%20Parties%20and%20Transactions) No major related-party transactions occurred during the period, except for one leasing arrangement where the company is the lessor - The company did not engage in related-party transactions for the purchase or sale of goods or the provision and receipt of services[576](index=576&type=chunk) - The company had no related-party entrustment management/contracting or entrusted management/outsourcing arrangements[577](index=577&type=chunk)[578](index=578&type=chunk) - The company has one related-party lease as a lessor, with the specific amount not disclosed[579](index=579&type=chunk)[580](index=580&type=chunk) - The company had no related-party guarantees, fund lending, asset transfers, or debt restructuring[582](index=582&type=chunk)[583](index=583&type=chunk)[584](index=584&type=chunk)[585](index=585&type=chunk) [Share-based Payment](index=146&type=section&id=8.15%20Share-based%20Payment) The company had no share-based payment arrangements during the reporting period - The company had no overall share-based payment situation during the reporting period[591](index=591&type=chunk) [Commitments and Contingencies](index=146&type=section&id=8.16%20Commitments%20and%20Contingencies) As of the balance sheet date, the company had no significant commitments or contingencies to disclose - As of the balance sheet date, the company had no significant commitments to disclose[592](index=592&type=chunk) - As of the balance sheet date, the company had no significant contingencies to disclose[593](index=593&type=chunk)[594](index=594&type=chunk) [Post-Balance Sheet Events](index=147&type=section&id=8.17%20Post-Balance%20Sheet%20Events) No significant post-balance sheet events occurred - The company had no significant non-adjusting events after the reporting period[596](index=596&type=chunk) - The company had no profit distribution plans after the reporting period[597](index=597&type=chunk) [Other Significant Matters](index=147&type=section&id=8.18%20Other%20Significant%20Matters) The company's primary business is managed as a single segment, thus no segment information is disclosed - The company had no other significant matters such as prior period accounting error corrections, debt restructuring, asset swaps, annuity plans, or discontinued operations[598](index=598&type=chunk)[600](index=600&type=chunk)[601](index=601&type=chunk)[602](index=602&type=chunk) - The company's main business is the production and sale of products like Huangqi Shengmai Yin, which is managed as a single integrated business, making segment information disclosure unnecessary[604](index=604&type=chunk) [Notes to Parent Company Financial Statement Items](index=149&type=section&id=8.19%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) The parent company's investment income of CNY 2.11 million was mainly from financial assets and equity investments Parent Company Accounts Receivable | Category | Closing Book Value (CNY) | Opening Book Value (CNY) | | :--- | :--- | :--- | | Accounts Receivable | 12,014,508.99 | 11,800,922.88 | | Bad Debt Provision | 1,932,517.98 | 2,058,180.98 | Parent Company Other Receivables | Item | Closing Balance (CNY) | Opening Balance (CNY) | | :--- | :--- | :--- | | Other Receivables | 220,451.40 | 38,221.68 | | Bad Debt Provision | 39,021.51 | 31,648.05 | Parent Company Long-term Equity Investments | Item | Closing Book Value (CNY) | Opening Book Value (CNY) | | :--- | :--- | :--- | | Investment in Subsidiaries | 35,000,000.00 | 35,000,000.00 | | Total | 35,000,000.00 | 35,000,000.00 | Parent Company Operating Revenue and Costs | Item | Current Period Revenue (CNY) | Current Period Costs (CNY) | Prior Period Revenue (CNY) | Prior Period Costs (CNY) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 139,394,591.98 | 89,277,685.97 | 145,095,504.70 | 96,414,345.44 | | Other Business | 60,195.62 | 86,125.68 | 57,497.94 | 85,590.42 | | Total | 139,454,787.60 | 89,363,811.65 | 145,153,002.64 | 96,499,935.86 | Parent Company Investment Income | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Investment income from disposal of trading financial assets | 1,723,197.22 | 2,004,538.65 | | Dividend income from other equity instrument investments | 385,842.88 | 285,746.60 | | Total | 2,109,040.10 | 2,290,285.25 | [Supplementary Information](index=159&type=section&id=8.20%20Supplementary%20Information) Non-recurring profit and loss totaled CNY 2.47 million, and the weighted average return on equity was 3.80% Details of Current Non-recurring Profit and Loss | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -20,128.57 | | Government Subsidies Included in Current Profit/Loss | 885,843.80 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | 1,799,444.32 | | Other Non-operating Income and Expenses | 229,899.70 | | Less: Income Tax Impact | 426,634.18 | | Total | 2,468,425.07 | Return on Equity and Earnings Per Share | Reporting Period Profit | Weighted Average Return on Equity | Basic EPS (CNY/Share) | Diluted EPS (CNY/Share) | | :--- | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders | 3.80% | 0.20 | 0.20 | | Net profit attributable to ordinary shareholders after deducting non-recurring items | 3.51% | 0.18 | 0.18 |

1 北京君正集成电路股份有限公司 2025 年半年度报告全文 证券代码：300223 证券简称：北京君正 公告编号：2025-044 北京君正集成电路股份有限公司 2025 年半年度报告 2025 年 8 月 北京君正集成电路股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人刘强、主管会计工作负责人叶飞及会计机构负责人(会计主管 人员)李莉声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的未来计划等前瞻性陈述属于计划性事项，能否实现取决 于市场状况变化等多种因素，存在不确定性，并不代表公司对未来年度的盈 利预测，也不构成公司对投资者及相关人士的实质性承诺，投资者及相关人 士均应对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差 异。 公司在发展过程中可能会存在产品开发风险、市场拓展风险、新技术研 发风险、毛利率下降风险等经营风险，具体内容详见本报告中第三节"十、 ...

万马科技股份有限公司 2025 年半年度报告全文 万马科技股份有限公司 2025 年半年度报告 2025 年 8 月 26 日 万马科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人张禾阳、主管会计工作负责人朱青芳及会计机构负责人(会计 主管人员)章显栋声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告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，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、 预测与承诺之间的差异。 1 | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 6 | | 第三节 | 管理层讨论与分析 9 | | 第四节 | 公司治理、环境和社会 32 | | 第五节 | 重要事项 34 | | 第六节 | 股份变动及股东情况 44 | | 第七节 | 债 ...

垒知控股集团股份有限公司 2025 年半年度报告全文 垒知控股集团股份有限公司 2025 年半年度报告 二〇二五年八月 1 垒知控股集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人蔡永太、主管会计工作负责人刘静颖及会计机构负责人(会计 主管人员)刘静颖声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司存在市场景气度风险、原材料波动风险、人力资源成本风险、行业竞 争风险、国际环境风险等风险，敬请广大投资者注意投资风险。详细内容见本 报告"第三节 管理层讨论与分析"之"十、公司面临的风险和应对措施"。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 重要提示、目录和释义 | | | | | | | | | | | | | | | | | | | 2 | | --- | --- | --- | --- | --- | --- | --- | -- ...

北京金自天正智能控制股份有限公司2025 年半年度报告 公司代码：600560 公司简称：金自天正 北京金自天正智能控制股份有限公司 2025 年半年度报告 1 / 157 北京金自天正智能控制股份有限公司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、 公司负责人郝晓东 、主管会计工作负责人吕思源及会计机构负责人（会计主管人员）刘琼 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 本报告所涉及的未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，请投资者注意投 资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十 ...

Important Notice [Statement by the Board of Directors, Supervisory Board, and Senior Management](index=2&type=section&id=Statement%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Senior%20Management) The company's board, supervisory board, and senior management guarantee the report's authenticity, accuracy, and completeness, assuming legal responsibility, with all directors attending the board meeting and the report being unaudited - The company's board, supervisory board, and senior management guarantee the report's authenticity, accuracy, and completeness, and assume legal responsibility[3](index=3&type=chunk) - All company directors attended the board meeting[4](index=4&type=chunk) - This semi-annual report is unaudited[5](index=5&type=chunk) - The company's head, chief accountant, and head of accounting department declare the financial report to be true, accurate, and complete[5](index=5&type=chunk) [Profit Distribution Plan](index=2&type=section&id=Profit%20Distribution%20Plan) The board of directors did not approve any profit distribution or capital reserve to share capital increase plan for this reporting period - No profit distribution or capital reserve to share capital increase plan for this reporting period[6](index=6&type=chunk) [Risk Statement for Forward-Looking Statements](index=2&type=section&id=Risk%20Statement%20for%20Forward-Looking%20Statements) Forward-looking statements in the report, including future plans, industry analysis, development trends, and strategies, do not constitute substantial commitments, and investors should be aware of investment risks - Forward-looking statements do not constitute substantial commitments, and investors should be aware of investment risks[6](index=6&type=chunk) [Fund Occupation and External Guarantees](index=2&type=section&id=Fund%20Occupation%20and%20External%20Guarantees) During the reporting period, there was non-operating fund occupation by controlling shareholders and other related parties, but no external guarantees were provided in violation of prescribed decision-making procedures - Non-operating fund occupation by controlling shareholders and other related parties exists[7](index=7&type=chunk) - No external guarantees were provided in violation of prescribed decision-making procedures[7](index=7&type=chunk) [Significant Risk Warning](index=2&type=section&id=Significant%20Risk%20Warning) The company has detailed relevant risks that may adversely affect its future development strategy and operating objectives in the discussion and analysis of operations and significant matters sections - The report details significant risks that may affect the company's future development strategy and operating objectives[7](index=7&type=chunk) Section I Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines common terms used in the report, such as company names, controlling shareholders, and regulatory bodies, for clarity Common Term Definitions | Term | Meaning | | :--- | :--- | | Shanghai Tech, Listed Company, Company | Refers to Shanghai Broadband Technology Co., Ltd. | | Kunming Jiaotou, Controlling Shareholder | Refers to Kunming City Transportation Investment Group Co., Ltd. | | CSRC | Refers to China Securities Regulatory Commission | | Exchange, SSE | Refers to Shanghai Stock Exchange | | Shanghai Yixuan | Refers to Shanghai Yixuan International Trade Co., Ltd. | | Hong Kong Petrochemical | Refers to Hong Kong Petrochemical Co., Ltd. | | Dianyu Holdings | Refers to Kunming Dianyu Investment Holdings Co., Ltd. | | Kunming Chantu, Chantu Company | Refers to Kunming Industrial Development Investment Co., Ltd. | | Jiaochang Co., Ltd. | Refers to Kunming Jiaochang Industrial Co., Ltd. | | Kunming Huapai | Refers to Kunming International Flower Auction Trading Center Co., Ltd. | Section II Company Profile and Key Financial Indicators [Company Information](index=4&type=section&id=Company%20Information) This section discloses the company's Chinese name, abbreviation, English name, abbreviation, and legal representative information Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | Shanghai Broadband Technology Co., Ltd. | | Chinese Abbreviation | Shanghai Tech | | English Name | SHANGHAI BROADBAND TECHNOLOGYCO.,LTD | | English Abbreviation | SBT | | Legal Representative | Wang Tianyang | [Contact Person and Contact Information](index=4&type=section&id=Contact%20Person%20and%20Contact%20Information) This section provides the names, contact addresses, telephone numbers, fax numbers, and email addresses of the Board Secretary and Securities Affairs Representative - The Board Secretary is Yun Feng, and the Securities Affairs Representative is Zhao Zhe, with contact details including addresses in Shanghai and Kunming, phone, fax, and email[15](index=15&type=chunk) [Brief Introduction to Changes in Basic Information](index=4&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered address remained unchanged during the reporting period, with its office located in Kunming, Yunnan Province, and its website and email provided - The company's registered address remained unchanged during this reporting period, with its office located at Room 2503A, Building B3, Yuntou Fortune Plaza, Xishan District, Kunming City, Yunnan Province[16](index=16&type=chunk) - The company's website is www.600608.net, and its email is invest@600608.net[16](index=16&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section discloses the company's designated information disclosure newspaper, website address for the semi-annual report, and report custody location, all of which remained unchanged during the reporting period - The information disclosure newspaper is "Shanghai Securities News," the website is www.sse.com.cn, and the report custody location is the Board of Directors' Office[17](index=17&type=chunk) [Summary of Company Stock](index=5&type=section&id=Summary%20of%20Company%20Stock) This section discloses that the company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation "*ST Huke" and code 600608 Company Stock Summary | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | *ST Huke | 600608 | ST Huke | [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue, total profit, net profit attributable to parent, and non-recurring net profit attributable to parent significantly decreased year-on-year, while net cash flow from operating activities increased, and net assets and total assets remained relatively stable Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,400,243.59 | 12,571,663.81 | -65.00 | | Total Profit | -442,431.75 | 273,011.30 | -262.06 | | Net Profit Attributable to Shareholders of Listed Company | 34,921.86 | 834,355.05 | -95.81 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | -305,959.33 | 837,418.41 | -136.54 | | Net Cash Flow from Operating Activities | 26,260,325.32 | 19,440,286.96 | 35.08 | | **As of End of Current Period** | | | | | Net Assets Attributable to Shareholders of Listed Company | 37,860,730.67 | 37,825,808.81 | 0.09 | | Total Assets | 122,456,597.99 | 124,562,766.40 | -1.69 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.0001 | 0.0025 | -96.00 | | Diluted Earnings Per Share (yuan/share) | 0.0001 | 0.0025 | -96.00 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (yuan/share) | -0.0009 | 0.0025 | -136.00 | | Weighted Average Return on Net Assets (%) | 0.09 | 1.90 | Decreased by 1.81 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | -0.81 | 1.91 | Decreased by 2.72 percentage points | - Operating revenue decreased by **65%** year-on-year, primarily due to a decline in chemical products, specifically plastic particles and titanium dioxide businesses[20](index=20&type=chunk) - Net profit significantly decreased, mainly due to business structure adjustments leading to reduced profits from chemical products, and increased credit impairment for accounts receivable from grain and agricultural products[21](index=21&type=chunk) - Net cash flow from operating activities increased by **35.08%** year-on-year, primarily due to reduced cash payments for goods purchased and cash flow offset by returns[21](index=21&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=6&type=section&id=Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) Non-recurring gains and losses for the reporting period totaled **340,881.19 yuan**, primarily comprising other non-operating income and expenses, and other items defined as non-recurring gains and losses H1 2025 Non-Recurring Gains and Losses | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Other non-operating income and expenses | 339,967.70 | | Other items defined as non-recurring gains and losses | 985.14 | | Less: Impact on minority interests (after tax) | 71.65 | | Total | 340,881.19 | Section III Management Discussion and Analysis [Explanation of the Company's Industry and Main Business Operations during the Reporting Period](index=7&type=section&id=Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20during%20the%20Reporting%20Period) The company's main business involves commodity trade, including agricultural and chemical products, classified under "F51 Wholesale Trade." In H1 2025, agricultural products focused on fresh cut flowers and liquor grains, while chemical products primarily involved titanium dioxide, as the company gradually transitions to a flower trade and related services provider - The company's main business is commodity trade, including agricultural products and chemical products, classified under "F51 Wholesale Trade"[24](index=24&type=chunk) - In H1 2025, the company's agricultural product business primarily focused on fresh cut flowers and liquor grain products, while chemical products mainly involved titanium dioxide[24](index=24&type=chunk) - The company is gradually transitioning to a flower trade and related services provider, building a "transaction + service" synergistic ecosystem around the Dounan Flower Trading Market[35](index=35&type=chunk) [Company's Main Business, Main Products, and Their Uses](index=7&type=section&id=Company's%20Main%20Business%2C%20Main%20Products%2C%20and%20Their%20Uses) The company's main business type remains unchanged, primarily focusing on commodity trade of agricultural and chemical products, with fresh cut flowers, liquor grains, and titanium dioxide being the main products in H1 - The company's main business type remains unchanged, primarily focusing on commodity trade of agricultural products, chemical products, and other goods[24](index=24&type=chunk) - In H1 2025, the company's agricultural product business primarily focused on fresh cut flowers and liquor grain products, while chemical products mainly involved titanium dioxide[24](index=24&type=chunk) [Company's Main Business Model](index=7&type=section&id=Company's%20Main%20Business%20Model) The company leverages industrial resources and trade experience to provide procurement and sales services for agricultural products, chemical products, and other non-production materials, enhancing operational efficiency through centralized procurement and order management - The company provides procurement and sales services for agricultural products, chemical products, and other non-production materials to upstream and downstream enterprises through centralized procurement, order management, inventory management, customized processing, and logistics planning[24](index=24&type=chunk) [Industry Development Status](index=7&type=section&id=Industry%20Development%20Status) This section details the development trends, market scale, technological applications, international market expansion, and challenges faced by the fresh cut flower, agricultural product supply chain, and titanium dioxide trade industries in H1 2025 - The fresh cut flower market size is steadily growing, with the retail market expected to reach **75 billion yuan** in H1 2025, a year-on-year increase of **12%-15%**[24](index=24&type=chunk) - The agricultural product supply chain industry continues to expand, with the total transaction volume of wholesale markets approaching **5.5 trillion yuan** in H1, and increased penetration of digital technologies[29](index=29&type=chunk)[30](index=30&type=chunk) - The titanium dioxide trade industry experienced fluctuating price increases, with H1 export volume reaching **873,000 tons**, a year-on-year increase of **3%**, and total export value exceeding **2.25 billion US dollars**[33](index=33&type=chunk) [Fresh Cut Flower Industry](index=7&type=section&id=Fresh%20Cut%20Flower%20Industry) In H1 2025, China's fresh cut flower industry saw steady market growth, optimized consumption structure, increased e-commerce share, technology-driven high-quality development, and stable international market expansion, but faced challenges in cold chain logistics and standardization - In H1 2025, China's fresh cut flower retail market size is estimated to reach **75 billion yuan**, a year-on-year increase of **12%-15%**[24](index=24&type=chunk) - Yunnan Province maintains its core position in the flower industry (expected to exceed **68%**), with emerging production areas like Shandong, Guangdong, and Jiangsu gaining momentum[25](index=25&type=chunk) - E-commerce channel sales increased by over **25%** year-on-year, with "single-serving" small bouquet sales experiencing an explosive growth of **120%**[26](index=26&type=chunk) - The penetration rate of smart networked planting management systems reached over **55%**, and AI pest and disease identification systems boosted per-mu yield by **10%**[26](index=26&type=chunk)[27](index=27&type=chunk) - H1 fresh cut flower exports are expected to approach **5 billion yuan**, with a year-on-year growth rate exceeding **30%**[27](index=27&type=chunk) - The industry faces challenges such as a cold chain delivery rate of only **65%** in small and medium-sized cities and lagging origin inspection systems[27](index=27&type=chunk) [Agricultural Product Supply Chain Industry](index=9&type=section&id=Agricultural%20Product%20Supply%20Chain%20Industry) In H1 2025, the agricultural product domestic trade scale grew steadily, consumption structure upgraded, digital technology permeated all aspects, supply chain efficiency improved, and logistics costs decreased, but challenges remained in source production organization and regional development imbalance - In H1, the total transaction volume of agricultural product wholesale markets approached **5.5 trillion yuan**, with a significant increase in transactions of organic and green certified agricultural products[29](index=29&type=chunk)[30](index=30&type=chunk) - Agricultural product online retail sales are expected to exceed **650 billion yuan**, cold chain logistics infrastructure investment increased, and the average loss rate of agricultural products decreased to below **13%**[30](index=30&type=chunk) - Provincial agricultural product quality and safety traceability platforms covered over **95%**, with widespread application of blockchain technology[30](index=30&type=chunk) - Logistics cost proportion decreased to below **15.5%**, and direct sourcing from origin models deepened[31](index=31&type=chunk) - The industry faces challenges such as insufficient standardization among small and medium-sized farmers and unbalanced regional development[32](index=32&type=chunk) [Titanium Dioxide Trade Industry](index=10&type=section&id=Titanium%20Dioxide%20Trade%20Industry) In H1 2025, the titanium dioxide trade industry experienced fluctuating price increases, stable export growth, cost structure pressure but stabilization, and stricter environmental policies driving industry concentration - The market price of domestic rutile titanium dioxide increased by approximately **6%** overall in H1, with leading manufacturers issuing price increase letters[33](index=33&type=chunk) - H1 total titanium dioxide exports reached **873,000 tons**, a year-on-year increase of **3%**; total export value exceeded **2.25 billion US dollars**[33](index=33&type=chunk) - Sulfuric acid and titanium concentrate prices remained high, with cost pressure persisting but gradually stabilizing[34](index=34&type=chunk) - New environmental standards promoted industry concentration, with leading enterprises' market share increasing to **45%**[34](index=34&type=chunk) [Discussion and Analysis of Operating Conditions](index=11&type=section&id=Discussion%20and%20Analysis%20of%20Operating%20Conditions) The company's H1 operating revenue was **4.40 million yuan**, a **65%** year-on-year decrease; net profit attributable to parent was **34,900 yuan**, a **95.81%** year-on-year decrease, as the company accelerates business transformation to focus on flower trade and related services to enhance its going concern ability - The company's H1 operating revenue was **4.40 million yuan**, a year-on-year decrease of **65%**[35](index=35&type=chunk) - Net profit attributable to shareholders of the listed company was **34,900 yuan**, a year-on-year decrease of **95.81%**[35](index=35&type=chunk) - The company is gradually transitioning to a flower trade and related services provider, building a "transaction + service" synergistic ecosystem around the Dounan Flower Trading Market in Kunming, Yunnan Province[35](index=35&type=chunk) [Analysis of Core Competitiveness during the Reporting Period](index=12&type=section&id=Analysis%20of%20Core%20Competitiveness%20during%20the%20Reporting%20Period) The company's core competitiveness lies in its multi-dimensional commodity trade service capabilities, refined business cost control, and efficient resource synergy advantages brought by its actual controller and controlling shareholder - The company possesses multi-dimensional commodity trade service capabilities, enabling it to provide customized solutions[37](index=37&type=chunk) - The company achieves refined business cost control through centralized procurement, optimized logistics, and standardized operations[37](index=37&type=chunk) - The actual controller and controlling shareholder provide deep regional resource integration and industrial empowerment advantages, forming efficient synergy[37](index=37&type=chunk) [Main Operating Conditions during the Reporting Period](index=12&type=section&id=Main%20Operating%20Conditions%20during%20the%20Reporting%20Period) This section details the reasons for changes in financial statement items, particularly operating revenue, operating costs, selling expenses, net cash flow from operating, investing, and financing activities, and significant shifts in asset and liability structure, such as substantial increases in monetary funds and accounts receivable, and significant decreases in notes receivable and other current assets Changes in Financial Statement Items | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,400,243.59 | 12,571,663.81 | -65.00 | | Operating Cost | 344,871.79 | 8,054,017.24 | -95.72 | | Selling Expenses | 476,682.96 | 723,617.20 | -34.12 | | Administrative Expenses | 1,894,214.24 | 2,283,431.81 | -17.05 | | Financial Expenses | 1,131,500.12 | 973,208.29 | 16.26 | | Net Cash Flow from Operating Activities | 26,260,325.32 | 19,440,286.96 | 35.08 | | Net Cash Flow from Investing Activities | -4,460.18 | -105,799.00 | Not applicable | | Net Cash Flow from Financing Activities | -310,197.20 | -9,136,599.97 | Not applicable | - Operating revenue and operating costs significantly decreased, primarily due to business structure adjustments and a year-on-year decline in chemical product business[39](index=39&type=chunk) - Net cash flow from operating activities increased, mainly due to reduced cash payments for goods purchased and cash flow offset by returns[39](index=39&type=chunk) [Analysis Table of Changes in Financial Statement Items](index=12&type=section&id=Analysis%20Table%20of%20Changes%20in%20Financial%20Statement%20Items) Operating revenue decreased by **65%** year-on-year due to chemical product business adjustments; operating costs declined with revenue; selling expenses decreased due to reduced agricultural product warehousing costs; net cash flow from operating activities increased due to reduced cash payments for purchases and returns; net cash flow from investing activities changed due to lower fixed asset investments; and net cash flow from financing activities changed due to reduced principal and interest repayments on borrowings - Operating revenue decreased by **65%** year-on-year, primarily due to business structure adjustments, with a year-on-year decline in chemical product plastic particle and titanium dioxide businesses[39](index=39&type=chunk) - Net cash flow from operating activities increased by **35.08%** year-on-year, mainly because cash paid for goods purchased decreased year-on-year, and returns of grain and agricultural products and chemical products offset cash flow from purchases during the reporting period[39](index=39&type=chunk) [Analysis of Assets and Liabilities](index=13&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's monetary funds significantly increased by **95.42%** due to agricultural product sales and returns; notes receivable and accounts receivable financing decreased by **100%** due to maturity; accounts receivable significantly increased by **580,697.58%** due to uncollected agricultural product sales; other current assets decreased by **79.41%** due to sales of goods recognized under the net method; and contract liabilities significantly increased by **1,219.81%** due to increased advance receipts for titanium dioxide Changes in Assets and Liabilities | Item Name | Current Period End Amount (yuan) | Current Period End % of Total Assets | Prior Year End Amount (yuan) | Prior Year End % of Total Assets | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 53,137,094.40 | 43.39 | 27,191,426.46 | 21.83 | 95.42 | Agricultural product sales receipts and received return payments | | Notes Receivable | 0.00 | 0.00 | 5,123,176.01 | 4.11 | -100.00 | Reduced bill settlement business, matured and accepted | | Accounts Receivable | 42,174,035.37 | 34.44 | 7,261.40 | 0.01 | 580,697.58 | Some agricultural product sales not yet collected | | Other Current Assets | 17,026,479.34 | 13.90 | 82,678,543.06 | 66.38 | -79.41 | Goods with revenue recognized under net method sold in current period, inventory decreased | | Contract Liabilities | 1,245,713.19 | 1.02 | 94,385.75 | 0.08 | 1,219.81 | Advance receipts for titanium dioxide increased at period-end | - As of the end of the reporting period, the company's restricted assets were bank deposits of **101,208.02 yuan**, accounting for **0.08%** of total assets at the end of the reporting period[45](index=45&type=chunk) [Analysis of Investment Status](index=14&type=section&id=Analysis%20of%20Investment%20Status) At the end of the reporting period, the parent company's book value of external equity investments was **3.03 million yuan**, primarily invested in the controlling subsidiary Shanghai Yixuan, with a **55%** stake. No new external investments were made during this period Overall Analysis of External Equity Investments | Item | Amount (yuan) | | :--- | :--- | | External investment balance at period-end | 5,500,000.00 | | External investment amount during the period | 0 | | Change in investment amount | 0 | | External investment balance in prior year period | 5,500,000.00 | | Change (%) | 0 | - The parent company's book value of external equity investments was **3.03 million yuan**, primarily invested in the controlling subsidiary Shanghai Yixuan, with a **55%** stake[46](index=46&type=chunk) [Analysis of Major Holding and Participating Companies](index=15&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's main controlling subsidiary is Shanghai Yixuan International Trade Co., Ltd., with a **55%** stake, primarily engaged in bulk commodity trade of chemical plastic particles. During the reporting period, Shanghai Yixuan's business scale significantly decreased year-on-year, with a net loss of **1.00 million yuan**, due to factors such as the liquidation of upstream suppliers Financial Status of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (million yuan) | Total Assets (million yuan) | Net Assets (million yuan) | Operating Revenue (million yuan) | Operating Profit (million yuan) | Net Profit (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Yixuan International Trade Co., Ltd. | Subsidiary | Bulk commodity trade | 10.00 | 19.04 | 4.64 | 0.0002 | -1.00 | -1.00 | - Shanghai Yixuan's business scale significantly decreased year-on-year, primarily due to factors such as the liquidation of major upstream suppliers[48](index=48&type=chunk) [Potential Risks](index=15&type=section&id=Potential%20Risks) The company faces commodity market risks (price fluctuations, supply-demand changes), management and operational risks (market adaptation, risk control, capital efficiency, operational credit), and delisting risks (2024 total profit, net profit, and non-recurring net profit were negative, and operating revenue was below **300 million yuan**) - The company's business is affected by market supply and demand, price fluctuations, product preferences, macroeconomics, policy guidance, and natural climate, facing commodity market risks[48](index=48&type=chunk) - The company faces management and operational risks, including market adaptation, business model innovation, risk control, capital utilization efficiency, and operational credit risks[50](index=50&type=chunk) - The company's stock has been subject to delisting risk warning (*ST) because its 2024 total profit, net profit, or the lower of net profit and non-recurring net profit was negative, and operating revenue was below **300 million yuan**[50](index=50&type=chunk) [Risk Mitigation Measures Planned by the Company](index=16&type=section&id=Risk%20Mitigation%20Measures%20Planned%20by%20the%20Company) The company plans to mitigate market, management, and delisting risks by building a market dynamic response mechanism, expanding supply channels, optimizing product structure, strengthening business cost control, improving credit assessment and collection mechanisms, accelerating core business transformation, perfecting internal control systems, advancing debt restructuring, and expanding strategic cooperation - To address market risks, the company will expand high-quality supply channels, optimize product structure, and establish multi-level customer channels[51](index=51&type=chunk) - To address management and operational risks, the company will strictly control risk processes, optimize asset-liability structure, and improve credit assessment and collection mechanisms[51](index=51&type=chunk) - To address delisting risks, the company will accelerate the construction of differentiated core businesses, enhance profitability, improve internal control systems, and advance debt restructuring efforts, including the transfer of Nanjing Sweet Group's claims and the handling of Hong Kong Petrochemical's claims and debts[52](index=52&type=chunk)[53](index=53&type=chunk) - The company will focus on its core business, actively expand strategic cooperation with leading industry enterprises, and promote efficient integration of industrial chain resources[53](index=53&type=chunk) Section IV Corporate Governance, Environment, and Society [Changes in Company Directors, Supervisors, and Senior Management](index=18&type=section&id=Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Ms. Zhang Lu was replaced by Mr. Wang Tianyang as Chairman, and Ms. Wen Zhaoyuan was added as a director. Independent director Mr. Li Zheng resigned due to personal reasons Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Wang Tianyang | Chairman | Election | | Wen Zhaoyuan | Director | Election | | Zhang Lu | Chairman | Resignation | - Former Chairman Ms. Zhang Lu resigned due to work reassignment but remains a director; Mr. Wang Tianyang was elected Chairman, and Ms. Wen Zhaoyuan was added as a director[56](index=56&type=chunk) - Independent director Mr. Li Zheng resigned due to personal reasons and will continue to perform his duties until a new independent director is elected[57](index=57&type=chunk) [Profit Distribution or Capital Reserve to Share Capital Increase Plan](index=18&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20to%20Share%20Capital%20Increase%20Plan) The company did not propose any profit distribution or capital reserve to share capital increase plan for this semi-annual period - The company did not propose any profit distribution or capital reserve to share capital increase plan for this semi-annual period[58](index=58&type=chunk) Section V Significant Matters [Fulfillment of Commitments](index=20&type=section&id=Fulfillment%20of%20Commitments) No disclosure of commitment fulfillment matters during or continuing into the reporting period - No disclosure of commitment matters by the company's actual controller, shareholders, related parties, acquirers, or the company itself during or continuing into the reporting period[62](index=62&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties during the Reporting Period](index=20&type=section&id=Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20during%20the%20Reporting%20Period) As of the end of the reporting period, the total non-operating funds occupied by controlling shareholders and other related parties amounted to **348.61 million yuan**, representing **921.63%** of the latest audited net assets, primarily historical issues that the company is addressing through claim transfers Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties | Shareholder or Related Party Name | Related Party Relationship | Occupation Period | Period-End Balance (yuan) | Balance as of Semi-Annual Report Disclosure Date (yuan) | Expected Repayment Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Nanjing Sweet Group Co., Ltd. | Other related party | 2000-2007 | 346,612,206.20 | 346,612,206.20 | Claim transfer | | Nanjing Port Import and Export Co., Ltd. | Other related party | 2000-2007 | 2,000,000.00 | 2,000,000.00 | Claim transfer | | Total | / | / | 348,612,206.20 | 348,612,206.20 | / | - The total occupied funds at period-end accounted for **921.63%** of the latest audited net assets[62](index=62&type=chunk) - The fund occupation is a historical issue, and the company has taken legal actions such as lawsuits and judicial enforcement for recovery, and plans to publicly list and transfer the claims to resolve it[63](index=63&type=chunk) [Significant Litigation and Arbitration Matters](index=22&type=section&id=Significant%20Litigation%20and%20Arbitration%20Matters) The company is involved in multiple significant lawsuits, including a recovery lawsuit for repaying Nanjing Broadband Technology Co., Ltd.'s loan, claim transfer matters related to Sweet Group's claims and debts, and sales contract and guarantee contract disputes with Hong Kong Petrochemical and Yan Fei, with some cases still ongoing - After repaying the loan for debtor Nanjing Broadband Technology Co., Ltd., the company filed a lawsuit for recovery, winning at first instance; the involved claim will be one of the assets for the company's claim transfer matter[65](index=65&type=chunk) - The company and its controlling subsidiary Shanghai Yixuan filed lawsuits against Hong Kong Petrochemical for sales contract disputes and against Yan Fei for guarantee contract disputes with the Minhang District People's Court of Shanghai; the cases have been heard but not yet ruled upon[66](index=66&type=chunk) [Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller during the Reporting Period](index=23&type=section&id=Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20during%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholder, and actual controller operated with integrity and in compliance, with no other overdue debts or default records in the public market, and no other unresolved significant lawsuits or arbitrations related to debt issues - During the reporting period, the company, its controlling shareholder, and actual controller operated with integrity and in compliance, with no overdue debts or default records[67](index=67&type=chunk) [Significant Related Party Transactions](index=23&type=section&id=Significant%20Related%20Party%20Transactions) The company has related party guarantees with its controlling shareholder Kunming Jiaotou and its subsidiary Jiaochang Co., Ltd., and a loan extension with Kunming Jiaotou. Additionally, the company anticipates daily related party transactions with the Flower Auction Center, but none occurred during the reporting period - The company applied for an annual comprehensive credit line from the bank, with the controlling shareholder Kunming Jiaotou providing joint liability guarantee, and the company providing counter-guarantee with inventory and accounts receivable of no less than **100 million yuan**[68](index=68&type=chunk)[69](index=69&type=chunk) - For 2025, the company expects daily related party transactions with Kunming International Flower Auction Trading Center Co., Ltd. for service and transaction commissions not exceeding **9 million yuan**, with no transactions occurring as of the reporting date[69](index=69&type=chunk) - The company's **21 million yuan** and **39 million yuan** loan contracts with Kunming Jiaotou have been extended to September and December 2025, respectively[71](index=71&type=chunk)[443](index=443&type=chunk) [Related Party Transactions Related to Daily Operations](index=23&type=section&id=Related%20Party%20Transactions%20Related%20to%20Daily%20Operations) The company applied for an annual comprehensive credit line from the bank, guaranteed by its controlling shareholder Kunming Jiaotou, with the company providing counter-guarantee. Additionally, the company anticipates daily related party transactions with the Flower Auction Center for flower trading services and commissions, but none occurred during the reporting period - The company applied for an annual comprehensive credit line of **100 million yuan** from the bank, with the controlling shareholder Kunming Jiaotou providing joint liability guarantee, and the company providing counter-guarantee with inventory and accounts receivable of no less than **100 million yuan**[68](index=68&type=chunk)[69](index=69&type=chunk) - For 2025, the company expects daily related party transactions with Kunming International Flower Auction Trading Center Co., Ltd. for service and transaction commissions totaling no more than **9 million yuan**, with no transactions occurring as of the reporting date[69](index=69&type=chunk) [Related Party Creditor and Debtor Transactions](index=25&type=section&id=Related%20Party%20Creditor%20and%20Debtor%20Transactions) The company's **21 million yuan** and **39 million yuan** loan contracts with its controlling shareholder Kunming Jiaotou have been extended, with maturity dates in September and December 2025, respectively - The company's **21 million yuan** loan contract with Kunming Jiaotou was extended to September 26, 2025, with an annual interest rate of **3.30%**[71](index=71&type=chunk)[443](index=443&type=chunk) - The company's **39 million yuan** loan contract with Kunming Jiaotou was extended to December 19, 2025, with an annual interest rate of **3.30%**[71](index=71&type=chunk)[443](index=443&type=chunk) [Significant Contracts and Their Fulfillment](index=25&type=section&id=Significant%20Contracts%20and%20Their%20Fulfillment) The company has external guarantees, including historical legacy guarantees of **7.46 million yuan** for related parties of the former controlling shareholder from previous years, and a counter-guarantee for its own **10 million yuan** working capital loan from the bank Company External Guarantees | Guarantor | Guaranteed Party | Guarantee Amount (million yuan) | Guarantee Start Date | Guarantee End Date | Guarantee Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Listed Company | Other | 7.46 | See Guarantee Explanation | See Guarantee Explanation | No | No | | Listed Company | Jiaochang Co., Ltd. | 10.00 | March 2024 | 2025/3/28 | Yes | Yes | | Listed Company | Jiaochang Co., Ltd. | 10.00 | March 2025 | 2026/3/29 | No | Yes | - The total guarantee amount at the end of the reporting period was **17.46 million yuan**, accounting for **46.12%** of the company's net assets[74](index=74&type=chunk) - The amount of guarantees provided for shareholders, actual controllers, and their related parties was **10 million yuan**[75](index=75&type=chunk) [Significant Guarantees Performed and Not Yet Performed during the Reporting Period](index=26&type=section&id=Significant%20Guarantees%20Performed%20and%20Not%20Yet%20Performed%20during%20the%20Reporting%20Period) The company has historical legacy guarantees of **7.46 million yuan** for related parties of the former controlling shareholder from previous years. Additionally, the company provided a counter-guarantee for its own **10 million yuan** working capital loan from Bank of China Yunnan Branch, which was guaranteed by Kunming Jiaochang Industrial Co., Ltd - The company's external guarantee amount of **7.46 million yuan** is a historical legacy issue from previous years for Nanjing Sweet Group Co., Ltd., the company's former controlling shareholder, and its related parties[75](index=75&type=chunk) - The company applied for a **10 million yuan** working capital loan from Bank of China Yunnan Branch, with Kunming Jiaochang Industrial Co., Ltd. providing joint liability guarantee, and the company providing counter-guarantee with equivalent inventory or accounts receivable[75](index=75&type=chunk) [Explanation of Other Significant Matters](index=28&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The company is advancing the transfer of Nanjing Sweet Group's claims to resolve historical issues, but progress is complex and uncertain. The equity transfer of controlling shareholder Kunming Jiaotou has completed payment but not registration, also facing uncertainty. Supplier Hong Kong Petrochemical was compulsorily wound up, and the company has accrued **89.9%** bad debt provision, with litigation ongoing and profit impact uncertain - The transfer of Nanjing Sweet Group's claims is still in progress; due to the complexity of historical issues, related work has not yet been completed, and there is uncertainty regarding approval and the solicitation of interested transferees[76](index=76&type=chunk)[77](index=77&type=chunk) - The controlling shareholder Kunming Jiaotou's transfer of **12.01%** shares to Dianyu Holdings has completed payment, but due to judicial freezing and successive freezing of the underlying equity, the change of registration has not yet been completed, leading to uncertainty[77](index=77&type=chunk)[78](index=78&type=chunk) - Supplier Hong Kong Petrochemical was compulsorily wound up, and the company has accrued **89.9%** bad debt provision; related litigation is still ongoing, and the impact on profit is uncertain[79](index=79&type=chunk)[81](index=81&type=chunk) Section VI Share Changes and Shareholder Information [Changes in Share Capital](index=29&type=section&id=Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total shares or share capital structure - During the reporting period, there were no changes in the company's total shares or share capital structure[83](index=83&type=chunk) [Shareholder Information](index=30&type=section&id=Shareholder%20Information) As of the end of the reporting period, the company had **12,021** common shareholders. Among the top ten shareholders, Kunming City Transportation Investment Group Co., Ltd. is the largest shareholder with a **12.01%** stake, which is frozen; Kunming Industrial Development Investment Co., Ltd. is the second largest shareholder with a **6.32%** stake, which is pledged, marked, or frozen - As of the end of the reporting period, the total number of common shareholders was **12,021**[84](index=84&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Period-End Shareholding (shares) | Percentage (%) | Pledge, Mark, or Freeze Status | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Kunming City Transportation Investment Group Co., Ltd. | 39,486,311 | 12.01 | Frozen 39,486,311 | State-owned Legal Person | | Kunming Industrial Development Investment Co., Ltd. | 20,785,371 | 6.32 | Pledged 10,392,685, Marked 10,392,685, Frozen 20,785,371 | State-owned Legal Person | | Luo Ruiyun | 12,035,447 | 3.66 | None | Domestic Natural Person | | Wu Mingxiao | 10,490,000 | 3.19 | None | Domestic Natural Person | | Mojiang County Changhong Mining Co., Ltd. | 9,147,749 | 2.78 | None | Domestic Non-State-owned Legal Person | - The listing and circulation of **10,490,000** restricted shares held by Wu Mingxiao require written consent from Shi Peixin and Kunming Jiaotou before implementation[88](index=88&type=chunk) Section VII Bond-Related Information [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=32&type=section&id=Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company has no information regarding corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments during the reporting period - The company has no information regarding corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments[91](index=91&type=chunk) [Convertible Corporate Bonds](index=32&type=section&id=Convertible%20Corporate%20Bonds) The company has no information regarding convertible corporate bonds during the reporting period - The company has no information regarding convertible corporate bonds[91](index=91&type=chunk) Section VIII Financial Report [Audit Report](index=33&type=section&id=Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[93](index=93&type=chunk) [Financial Statements](index=33&type=section&id=Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, reflecting its financial position, operating results, and cash flow situation - Financial statements include consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[93](index=93&type=chunk)[96](index=96&type=chunk)[99](index=99&type=chunk)[102](index=102&type=chunk)[105](index=105&type=chunk)[108](index=108&type=chunk)[111](index=111&type=chunk)[114](index=114&type=chunk)[117](index=117&type=chunk)[120](index=120&type=chunk) [Company Basic Information](index=50&type=section&id=Company%20Basic%20Information) This section details the company's overview, business scope, main operations, historical evolution, and ultimate actual controller. The company is registered in Shanghai, with its headquarters in Kunming, Yunnan, primarily engaged in commodity trade, and ultimately controlled by the Kunming Municipal People's Government State-owned Assets Supervision and Administration Commission - Company's registered address: Room 5110, Building C, No. 555 Dongchuan Road, Minhang District, Shanghai; headquarters office: Room 2503A, Building B3, Yuntou Fortune Plaza, Xishan District, Kunming City, Yunnan Province[123](index=123&type=chunk) - The company has a broad business scope, including food sales, value-added telecommunications services, internet information services, road freight transport, and various commodity trades[124](index=124&type=chunk)[125](index=125&type=chunk) - The company has a complex historical evolution with multiple equity changes; currently, the largest shareholder is Kunming City Transportation Investment Group Co., Ltd., and the ultimate actual controller is the Kunming Municipal People's Government State-owned Assets Supervision and Administration Commission[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk) [Basis for Preparation of Financial Statements](index=52&type=section&id=Basis%20for%20Preparation%20of%20Financial%20Statements) The company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant regulations of the China Securities Regulatory Commission, using the accrual basis of accounting, and measured at historical cost except for financial instruments - Financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports (Revised 2023)"[133](index=133&type=chunk) - Accounting is based on the accrual method, and except for certain financial instruments, all items are measured at historical cost[133](index=133&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=52&type=section&id=Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's declaration of compliance with enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statement preparation, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, notes receivable, accounts receivable, other receivables, inventories, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, revenue, government grants, deferred income tax assets/liabilities, and leases, as significant accounting policies and estimates - The company adheres to enterprise accounting standards, accurately and completely reflecting its financial position and operating results[134](index=134&type=chunk) - Detailed classification, recognition, measurement, transfer, and derecognition methods for financial assets and liabilities are specified, along with impairment provision methods for financial instruments[161](index=161&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk)[166](index=166&type=chunk)[167](index=167&type=chunk)[168](index=168&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk)[172](index=172&type=chunk)[173](index=173&type=chunk)[174](index=174&type=chunk)[175](index=175&type=chunk)[176](index=176&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk) - Revenue recognition and measurement policies are clarified, with revenue recognized when the customer obtains control of the goods, considering variable consideration and financing components[244](index=244&type=chunk)[245](index=245&type=chunk)[246](index=246&type=chunk) - The cost determination, subsequent measurement, and profit/loss recognition methods for long-term equity investments are explained, distinguishing between the cost method and the equity method of accounting[201](index=201&type=chunk)[202](index=202&type=chunk)[203](index=203&type=chunk)[204](index=204&type=chunk)[205](index=205&type=chunk)[206](index=206&type=chunk)[207](index=207&type=chunk)[208](index=208&type=chunk)[209](index=209&type=chunk)[210](index=210&type=chunk)[211](index=211&type=chunk) - Significant accounting judgments and estimates are disclosed, including revenue recognition, leases, impairment of financial assets, inventory write-down provisions, fair value of financial instruments, impairment provisions for long-term assets, depreciation and amortization, deferred income tax assets, income tax, and provisions[264](index=264&type=chunk)[265](index=265&type=chunk)[266](index=266&type=chunk)[267](index=267&type=chunk)[268](index=268&type=chunk)[269](index=269&type=chunk) [Taxation](index=84&type=section&id=Taxation) This section discloses the company's main tax categories and rates, including Value-Added Tax, Urban Maintenance and Construction Tax, Education Surcharge, Local Education Surcharge, and Corporate Income Tax Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate (%) | | :--- | :--- | :--- | | Value-Added Tax | VAT taxable income | 13, 9, 6 | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 5 | | Education Surcharge | Amount of turnover tax payable | 3 | | Local Education Surcharge | Amount of turnover tax payable | 2 | | Corporate Income Tax | Taxable income | 25 | [Notes to Consolidated Financial Statement Items](index=84&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the period-end balances, beginning-of-period balances, and current period changes for each consolidated financial statement item, with explanations for significant changes, including monetary funds, accounts receivable, other receivables, other current assets, short-term borrowings, contract liabilities, employee compensation payable, taxes payable, other payables, other current liabilities, lease liabilities, share capital, undistributed profits, operating revenue and costs, taxes and surcharges, selling expenses, administrative expenses, financial expenses, credit impairment losses, asset impairment losses, non-operating income, income tax expenses, and cash flow statement items - Monetary funds balance at period-end was **53,137,094.40 yuan**, an increase of **95.42%** from the beginning of the period, primarily due to agricultural product sales receipts and returns[272](index=272&type=chunk)[43](index=43&type=chunk) - Accounts receivable balance at period-end was **42,174,035.37 yuan**, a significant increase from the beginning of the period, mainly due to uncollected agricultural product sales[279](index=279&type=chunk)[43](index=43&type=chunk) - Other receivables balance at period-end was **4,422,624.07 yuan**, of which **346,612,206.20 yuan** for Nanjing Sweet Group Co., Ltd. was fully provided for impairment[307](index=307&type=chunk)[313](index=313&type=chunk) - Other current liabilities balance at period-end was **61,627,942.71 yuan**, primarily comprising **61,466,000.00 yuan** in borrowings from Kunming City Transportation Investment Group Co., Ltd[363](index=363&type=chunk) - Operating revenue for the current period was **4,400,243.59 yuan**, a year-on-year decrease of **65.00%**, mainly affected by the decline in chemical product plastic particle and titanium dioxide businesses[380](index=380&type=chunk)[39](index=39&type=chunk) - Net profit attributable to owners of the parent company for the current period was **34,921.86 yuan**, compared to **834,355.05 yuan** in the previous year, a significant year-on-year decrease[101](index=101&type=chunk) [Research and Development Expenses](index=125&type=section&id=Research%20and%20Development%20Expenses) The company had no research and development expenses during the reporting period - The company had no research and development expenses[410](index=410&type=chunk) [Changes in Consolidation Scope](index=125&type=section&id=Changes%20in%20Consolidation%20Scope) During the reporting period, the company had no changes in consolidation scope due to non-same-entity business combinations, same-entity business combinations, reverse acquisitions, disposal of subsidiaries, or other reasons - During the reporting period, the company had no changes in consolidation scope[410](index=410&type=chunk) [Interests in Other Entities](index=126&type=section&id=Interests%20in%20Other%20Entities) The company's significant non-wholly-owned subsidiary is Shanghai Yixuan International Trade Co., Ltd., with a **45%** minority interest balance of **2,088,447.19 yuan** at period-end, and a loss attributable to minority shareholders of **-451,907.43 yuan** for the current period Significant Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding (%) | Current Period Profit/Loss Attributable to Minority Shareholders (yuan) | Period-End Minority Interest Balance (yuan) | | :--- | :--- | :--- | :--- | | Shanghai Yixuan International Trade Co., Ltd. | 45.00 | -451,907.43 | 2,088,447.19 | Key Financial Information of Significant Non-Wholly-Owned Subsidiaries (Current Period) | Subsidiary Name | Operating Revenue (yuan) | Net Profit (yuan) | Total Comprehensive Income (yuan) | Cash Flow from Operating Activities (yuan) | | :--- | :--- | :--- | :--- | :--- | | Shanghai Yixuan International Trade Co., Ltd. | 176.99 | -1,004,238.73 | -1,004,238.73 | -994,212.30 | [Government Grants](index=129&type=section&id=Government%20Grants) At the end of the reporting period, the company had no government grants recognized at receivable amounts, nor any liability items related to government grants or government grants recognized in current profit or loss - At the end of the reporting period, the company had no government grants recognized at receivable amounts[418](index=418&type=chunk) - During the reporting period, the company had no liability items related to government grants or government grants recognized in current profit or loss[418](index=418&type=chunk) [Risks Related to Financial Instruments](index=129&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk (primarily from accounts receivable and other receivables), market risk (exchange rate risk, interest rate risk), and liquidity risk. The company manages these risks through credit assessment, hedging agreements, and monitoring funding needs - The company's credit risk primarily arises from accounts receivable and other receivables, managed by setting credit limits based on credit ratings and accruing bad debt provisions by portfolio[420](index=420&type=chunk) - The company faces exchange rate risk, mainly related to USD settlements, mitigated by signing hedging agreements[422](index=422&type=chunk) - The company faces interest rate risk, primarily from short-term borrowings and other interest-bearing current liabilities; a **25 basis point** change in interest rates would impact pre-tax profit by approximately **±175,000 yuan**[424](index=424&type=chunk) - The company manages liquidity risk by continuously monitoring funding needs and borrowing agreements to ensure sufficient cash reserves[425](index=425&type=chunk) Financial Liabilities Maturity Analysis (Undiscounted Contractual Cash Flows) | Item | Within 1 Year (million yuan) | 1-3 Years (million yuan) | 3-5 Years (million yuan) | Over 5 Years (million yuan) | Total (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Short-term Borrowings (incl. interest) | 10.01 | | | | 10.01 | | Accounts Payable | 1.82 | | | | 1.82 | | Other Payables | 4.12 | | | | 4.12 | | Non-current Liabilities Due Within 1 Year (incl. interest) | 0.54 | | | | 0.54 | | Other Current Liabilities | 61.47 | | | | 61.47 | | Lease Liabilities (incl. interest) | | 0.28 | | | 0.28 | [Disclosure of Fair Value](index=133&type=section&id=Disclosure%20of%20Fair%20Value) The company's management believes that the carrying amounts of financial assets and liabilities measured at amortized cost in the financial statements (including notes receivable, accounts receivable, other receivables, short-term borrowings, accounts payable, other payables, other current liabilities, etc.) approximate their fair values - The carrying amounts of financial assets and liabilities measured at amortized cost in the financial statements approximate their fair values[434](index=434&type=chunk) [Related Parties and Related Party Transactions](index=134&type=section&id=Related%20Parties%20and%20Related%20Party%20Transactions) This section discloses the company's parent company, subsidiaries, and other related parties, as well as related party transactions, including loan extensions with controlling shareholder Kunming Jiaotou, guarantees and counter-guarantees with subsidiary Jiaochang Co., Ltd., and anticipated daily related party transactions with the Flower Auction Center - The parent company is Kunming City Transportation Investment Group Co., Ltd., with a **12.01%** stake, and the ultimate controlling party is the Kunming Municipal People's Government State-owned Assets Supervision and Administration Commission[436](index=436&type=chunk) - The company's **21 million yuan** and **39 million yuan** loans with Kunming Jiaotou have been extended, with an annual interest rate of **3.30%**[443](index=443&type=chunk) - The company provided a counter-guarantee for its own **10 million yuan** working capital loan from the bank, which was guaranteed by Kunming Jiaochang Industrial Co., Ltd[442](index=442&type=chunk) - Key management personnel compensation for the current period was **0.49 million yuan**[445](index=445&type=chunk) Receivables from Related Parties | Item Name | Related Party | Period-End Balance (yuan) | Bad Debt Provision (yuan) | | :--- | :--- | :--- | :--- | | Other Receivables | Hong Kong Petrochemical Co., Ltd. | 30,340,532.39 | 27,205,498.30 | Payables to Related Parties | Item Name | Related Party | Period-End Book Balance (yuan) | | :--- | :--- | :--- | | Other Current Liabilities | Kunming City Transportation Investment Group Co., Ltd. | 61,466,000.00 | [Share-Based Payment](index=137&type=section&id=Share-Based%20Payment) The company had no share-based payment information during the reporting period - The company had no share-based payment information during the reporting period[450](index=450&type=chunk) [Commitments and Contingencies](index=138&type=section&id=Commitments%20and%20Contingencies) The company has significant contingencies, primarily provisions for guarantees provided in previous years for related enterprises of the former controlling shareholder, totaling **2.28 million yuan** Details of Provisions | Guaranteed Party/Borrowing Entity | Matter | Loan/Bill Balance (yuan) | Provision (yuan) | | :--- | :--- | :--- | :--- | | Nanjing Weiyou Mobile Technology Co., Ltd. | Bank loan | 4,000,000.00 | 1,000,000.00 | | Jiangsu Jinshui Computer System Engineering Co., Ltd. | Bank loan | 2,792,300.00 | 698,075.00 | | Jiangsu Jinshui Computer System Engineering Co., Ltd. | Bill | 169,384.03 | 84,692.02 | | Nanjing Tubo Software Technology Co., Ltd. | Bank loan | 500,000.00 | 500,000.00 | | Total | | 7,461,684.03 | 2,282,767.02 | - Provisions are accrued based on the guaranteed subject, guarantee method, assumed guarantee responsibility, and estimated loss ratio[451](index=451&type=chunk) [Events After the Balance Sheet Date](index=138&type=section&id=Events%20After%20the%20Balance%20Sheet%20Date) From the end of the reporting period to the date of approval for issuance of the financial report, the company had no significant non-adjusting events, profit distribution, or sales returns - From the end of the reporting period to the date of approval for issuance of the financial report, the company had no significant non-adjusting events, profit distribution, or sales returns[453](index=453&type=chunk) [Other Significant Matters](index=139&type=section&id=Other%20Significant%20Matters) This section details the outstanding debt and litigation progress of the former actual controller Nanjing Sweet Group Co., Ltd., the compulsory liquidation progress of supplier Hong Kong Petrochemical Co., Ltd., and the latest status of the controlling shareholder's equity change. All these matters involve uncertainties that may impact the company's financial position - The former actual controller Nanjing Sweet Group Co., Ltd. has **346.61 million yuan** in fund occupation with the company; the company has fully provided for impairment, won the lawsuit, and is currently advancing the claim transfer to resolve historical issues[457](index=457&type=chunk)[458](index=458&type=chunk)[459](index=459&type=chunk)[461](index=461&type=chunk) - Supplier Hong Kong Petrochemical was compulsorily wound up by a Hong Kong court; the company has filed lawsuits for sales contract and guarantee contract disputes, which have been heard but not yet ruled upon. The company has accrued **89.9%** bad debt provision, and the final settlement result's impact on profit is uncertain[462](index=462&type=chunk)[463](index=463&type=chunk) - The controlling shareholder Kunming Jiaotou's transfer of **12.01%** shares to Dianyu Holdings has completed payment, but due to judicial freezing and successive freezing of the underlying equity, the change of registration has not yet been completed, leading to uncertainty[464](index=464&type=chunk) [Regarding the Debt and Litigation Matters of Former Actual Controller Nanjing Sweet Group Co., Ltd.](index=139&type=section&id=Regarding%20the%20Debt%20and%20Litigation%20Matters%20of%20Former%20Actual%20Controller%20Nanjing%20Sweet%20Group%20Co.%2C%20Ltd.) The former actual controller Nanjing Sweet Group Co., Ltd. and its related parties had significant fund occupation with the company; the company has fully provided for impairment and won the lawsuit. The company is currently advancing the public listing and transfer of claims to resolve this historical issue, but uncertainties remain - Sweet Group's fund occupation balance with the company is **346,612,206.20 yuan**, for which the company has fully provided for impairment[457](index=457&type=chunk) - The company has won the lawsuit and plans to publicly list and transfer all claims against Sweet Group and its related companies, as well as other contingent claims[458](index=458&type=chunk)[461](index=461&type=chunk) - The related claim appraisal and filing work has not yet been completed, and there is uncertainty regarding approval and the solicitation of qualified interested transferees[461](index=461&type=chunk) [Supplier Hong Kong Petrochemical Co., Ltd. Issued with Compulsory Winding-Up Order by Hong Kong Court](index=141&type=section&id=Supplier%20Hong%20Kong%20Petrochemical%20Co.%2C%20Ltd.%20Issued%20with%20Compulsory%20Winding-Up%20Order%20by%20Hong%20Kong%20Court) The company's main supplier, Hong Kong Petrochemical, was issued a compulsory winding-up order by a Hong Kong court. The company has filed lawsuits for sales contract and guarantee contract disputes, which have been heard but not yet ruled upon. The company has accrued **89.9%** bad debt provision for advance payments to Hong Kong Petrochemical, a