宝泰隆新材料股份有限公司2025 年半年度报告 公司代码：601011 公司简称：宝泰隆 宝泰隆新材料股份有限公司 2025 年半年度报告 1 / 167 宝泰隆新材料股份有限公司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、 公司负责人焦强、主管会计工作负责人秦怀及会计机构负责人（会计主管人员）常万昌声 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 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，请投 资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 报 ...

深圳市迪威迅股份有限公司 2025 年半年度报告全文 深圳市迪威迅股份有限公司 2025 年半年度报告 【2025 年 8 月 26 日】 1 深圳市迪威迅股份有限公司 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。 公司负责人季红、主管会计工作负责人季刚及会计机构负责人(会计主管 人员)季刚声明：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。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | | 2 | | --- | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | | 9 | | 第三节 | 管理层讨论与分析 | | 9 | | 第四节 | 公司治理、环境和社会 | | 23 | | 第五节 | 重要事项 | | 27 | | 第六节 | 股份变动及股东情况 | | 32 | | 第七节 | 债券相关情况 | | ...

[Part I: Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Part%20I%3A%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential disclaimers, outlines the report's structure, and defines key terms for clarity [Important Notice](index=2&type=section&id=Important%20Notice) The Board, Supervisory Board, and senior management guarantee the report's accuracy, with no cash dividends or capital reserve conversions planned - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming legal responsibility[5](index=5&type=chunk) - Company head Chen Baixiao, chief accountant Chen Huaqin, and head of accounting department Li Yaping declare the financial report in this semi-annual report is true, accurate, and complete[5](index=5&type=chunk) - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's overall structure, including eight main chapters and their corresponding page numbers Report Chapter Directory | Chapter | Title | Page Number | | :--- | :--- | :--- | | Part I | Important Notice, Table of Contents, and Definitions | 2 | | Part II | Company Profile and Key Financial Indicators | 6 | | Part III | Management Discussion and Analysis | 9 | | Part IV | Corporate Governance, Environment, and Society | 25 | | Part V | Significant Matters | 27 | | Part VI | Share Changes and Shareholder Information | 31 | | Part VII | Bond-Related Information | 35 | | Part VIII | Financial Report | 36 | [Reference Documents](index=4&type=section&id=Reference%20Documents) Reference documents include signed financial statements, public disclosures, and other materials, available at the company's securities affairs department - Reference documents include financial statements signed and sealed by the company's head, chief accountant, and head of the accounting department (accounting manager)[9](index=9&type=chunk) - Reference documents also include the originals of all company documents publicly disclosed during the reporting period and announcement drafts[10](index=10&type=chunk) - The aforementioned reference documents are available at the company's Securities Affairs Department[12](index=12&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, covering company names, related parties, financial units, and specialized sludge treatment terminology - "The Company, Company, Guotai Environmental" refers to Hangzhou Guotai Environmental Technology Co., Ltd[13](index=13&type=chunk) - "Reporting Period" refers to January 1, 2025, to June 30, 2025[13](index=13&type=chunk) - "Company's Deep Dewatering" refers to the company's independently developed sludge deep dewatering technology, which dewaters sludge to approximately **45% moisture content**, with some sludge dewatered to below **40%**[13](index=13&type=chunk) [Part II: Company Profile and Key Financial Indicators](index=6&type=section&id=Part%20II%3A%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents key financial performance metrics [Company Profile](index=6&type=section&id=Company%20Profile) Hangzhou Guotai Environmental Technology Co., Ltd. (Stock Code: 301203) is listed on the Shenzhen Stock Exchange, with Chen Baixiao as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Guotai Environmental | | Stock Code | 301203 | | Stock Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | Hangzhou Guotai Environmental Technology Co., Ltd. | | Company's Legal Representative | Chen Baixiao | [Contact Information](index=6&type=section&id=Contact%20Information) The company's Board Secretary is Shen Jialiang, and the Securities Affairs Representative is Tian Qunchao, both located at 8th Floor, 398 Jinhui Road, Xiaoshan District, Hangzhou, Zhejiang Province Company Contact Information | Position | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Shen Jialiang | Tian Qunchao | | Contact Address | 8th Floor, 398 Jinhui Road, Xiaoshan District, Hangzhou, Zhejiang Province | 8th Floor, 398 Jinhui Road, Xiaoshan District, Hangzhou, Zhejiang Province | | Phone | 0571-83733615 | 0571-83733615 | | Fax | 0571-82896399 | 0571-82896399 | | Email | gthb@mail.hzgthb.com | gthb@mail.hzgthb.com | [Other Information](index=6&type=section&id=Other%20Information) During the reporting period, there were no changes in the company's contact details, information disclosure, or registration status, as detailed in the 2024 annual report - The company's registered address, office address and postal code, website, and email address remained unchanged during the reporting period; refer to the 2024 annual report[17](index=17&type=chunk) - The securities exchange website and media name and URL for the company's semi-annual report disclosure, and the company's semi-annual report placement location remained unchanged during the reporting period; refer to the 2024 annual report[18](index=18&type=chunk) - The company's registration status remained unchanged during the reporting period; refer to the 2024 annual report[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) This reporting period saw a 1.14% decrease in operating revenue and a 6.40% decrease in net profit attributable to shareholders, while net cash flow from operating activities increased by 47.84% Key Accounting Data and Financial Indicators (Year-on-Year) | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 166,987,559.50 | 168,905,803.49 | -1.14% | | Net Profit Attributable to Shareholders of Listed Company | 66,034,872.37 | 70,551,247.35 | -6.40% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 63,018,176.57 | 70,076,887.06 | -10.07% | | Net Cash Flow from Operating Activities | 61,188,433.85 | 41,387,149.48 | 47.84% | | Basic Earnings Per Share (RMB/share) | 0.83 | 0.88 | -5.68% | | Diluted Earnings Per Share (RMB/share) | 0.83 | 0.88 | -5.68% | | Weighted Average Return on Net Assets | 4.63% | 4.86% | -0.23% | | **Indicator** | **End of Current Reporting Period (RMB)** | **End of Prior Year (RMB)** | **Change from End of Prior Year** | | Total Assets | 1,519,388,853.98 | 1,522,485,043.60 | -0.20% | | Net Assets Attributable to Shareholders of Listed Company | 1,449,170,448.49 | 1,447,135,576.12 | 0.14% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) During the reporting period, there were no differences in net profit and net assets between financial reports prepared under international or foreign accounting standards and those under Chinese accounting standards - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and those under Chinese Accounting Standards[22](index=22&type=chunk) - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under foreign accounting standards and those under Chinese Accounting Standards[23](index=23&type=chunk) [Non-Recurring Gains and Losses](index=7&type=section&id=Non-Recurring%20Gains%20and%20Losses) Total non-recurring gains and losses for this reporting period amounted to 3,016,695.80 RMB, primarily from non-current asset disposal, government grants, and wealth management income, net of tax and minority interest Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains/losses from disposal of non-current assets | 522,863.39 | Mainly gains/losses from disposal of right-of-use assets | | Government grants recognized in current profit or loss | 2,702,089.57 | Mainly fiscal subsidies | | Gains/losses from entrusted investments or asset management | 814,780.42 | Mainly investment income from wealth management products | | Other non-operating income and expenses apart from the above | -197,832.39 | Mainly traffic accident compensation expenses | | Less: Income tax impact | 580,458.09 | | | Minority interest impact (after tax) | 244,747.10 | | | Total | 3,016,695.80 | | [Part III: Management Discussion and Analysis](index=9&type=section&id=Part%20III%3A%20Management%20Discussion%20and%20Analysis) This section analyzes the company's business operations, core competencies, financial performance, and risks during the reporting period [Main Business Activities during the Reporting Period](index=9&type=section&id=Main%20Business%20Activities%20during%20the%20Reporting%20Period) The company's main business includes sludge treatment services, manufacturing and sales of environmental equipment for sludge and new energy industries, and water environment ecological restoration - The company's main business includes sludge treatment services, manufacturing and sales of environmental equipment for sludge and new energy industries, and water environment ecological restoration[28](index=28&type=chunk) - The company's cumulative total scale of sludge treatment projects is approximately **3 million tons/year**, leading its listed peers[29](index=29&type=chunk) - The company is advancing overseas business, including VOC treatment and resource recovery equipment for the lithium battery industry in Europe, and oil sludge treatment and other oilfield pollution control equipment in the Middle East[32](index=32&type=chunk) [Company's Main Business Activities](index=9&type=section&id=Company%27s%20Main%20Business%20Activities) The company focuses on sludge treatment and resource utilization, providing deep dewatering and fuelization services with a cumulative scale of approximately 3 million tons/year, demonstrating significant economic and energy efficiency - The company's cumulative total scale of sludge treatment projects is approximately **3 million tons/year**, leading its listed peers[29](index=29&type=chunk) - Compared to projects using overseas technology, the company's typical sludge disposal projects can save **90% in investment** and reduce operating costs by **50%** during the operating period, with deep dewatering technology saving over **90% more energy** than thermal drying technology[29](index=29&type=chunk) - The company has achieved R&D and application of complete sets of equipment in sludge treatment, oil sludge treatment, high-salinity wastewater treatment, other novel wastewater treatment processes and equipment, VOC treatment and resource recovery, and oilfield pollution control[32](index=32&type=chunk) [Operating Model](index=10&type=section&id=Operating%20Model) The company's sludge treatment services primarily utilize BOO and O&M models, with pricing determined by bidding or market negotiation, and new projects targeting large cities in economically developed regions Sludge Treatment Project Operating Models | No. | Project Name | Operating Model | Operating Period | | :--- | :--- | :--- | :--- | | 1 | Qige Project | Build-Own-Operate (BOO) / Operate & Maintain (O&M) | 2009 to June 2031 | | 2 | Linjiang Project | Build-Own-Operate (BOO) / Operate & Maintain (O&M) | 2007 to January 2033 | | 3 | Shaoxing Project | Build-Own-Operate (BOO) | 2012 to April 2030 | - The company's sludge treatment service fees are generally determined through bidding, government pricing, or negotiation based on market prices for similar services, with agreed-upon adjustment mechanisms[34](index=34&type=chunk)[35](index=35&type=chunk) - The company's main target projects for sludge treatment services are those with a scale of **500 tons/day or more**, located in large and medium-sized cities in economically developed regions[36](index=36&type=chunk) [Analysis of Core Competencies](index=11&type=section&id=Analysis%20of%20Core%20Competencies) The company's core strengths lie in its robust R&D innovation system, multidisciplinary talent pool, and leading technical and operational advantages in sludge deep dewatering - The company's technology center has been recognized as a "Zhejiang Provincial Enterprise Technology Center" since **2015** and a Zhejiang Provincial Enterprise Research Institute in **2017**[42](index=42&type=chunk) - The company has successfully developed sludge deep dewatering technology, achieving sludge dewatering and volume reduction to approximately **45% moisture content** under ambient temperature and low pressure through unique conditioning agent formulations and processes[45](index=45&type=chunk) - The per-ton investment cost and operating cost of the company's deep dewatering technology are approximately **1/5** of thermal drying technology and **1/3** and **1/2** of conventional mechanical dewatering routes, respectively[47](index=47&type=chunk) [R&D and Talent Advantages](index=11&type=section&id=R%26D%20and%20Talent%20Advantages) The company has established a comprehensive R&D innovation system, continuously developing and reserving technologies in sludge treatment, wastewater treatment, and water environment ecological restoration, supported by a multidisciplinary professional R&D team - The company's technology center has been recognized as a "Zhejiang Provincial Enterprise Technology Center" since **2015** and a Zhejiang Provincial Enterprise Research Institute in **2017**[42](index=42&type=chunk) - The company continuously conducts R&D activities, primarily focusing on adapting to sludge changes, subsequent disposal pathways, reducing consumption, improving quality and efficiency, technology reserves, and production environmental automation[42](index=42&type=chunk) - The company actively promotes exchanges and cooperation with universities and research institutes such as Tongji University, Zhejiang University of Technology, and Qingdao University of Technology, integrating cutting-edge theories with engineering application experience[43](index=43&type=chunk) [Technical and Operational Advantages](index=12&type=section&id=Technical%20and%20Operational%20Advantages) The company's sludge deep dewatering technology achieves approximately 45% moisture content at ambient temperature and low pressure, offering high economic efficiency, safety, adaptability, energy saving, and resource utilization, aligning with market demand and green development strategies - The company has successfully developed sludge deep dewatering technology, achieving sludge dewatering and volume reduction to approximately **45% moisture content** under ambient temperature and low pressure through unique conditioning agent formulations and processes[45](index=45&type=chunk) - The per-ton investment cost and operating cost of the company's deep dewatering technology are approximately **1/5** of thermal drying technology and **1/3** and **1/2** of conventional mechanical dewatering routes, respectively[47](index=47&type=chunk) - The lithium battery solvent (NMP) and waste heat recovery and recycling equipment developed by the company can effectively improve NMP recovery and utilization, with full-process air emission concentrations below EU standards[52](index=52&type=chunk) [Main Business Analysis](index=14&type=section&id=Main%20Business%20Analysis) Operating revenue slightly decreased, but net cash flow from operating activities significantly increased; sludge treatment services remain the primary revenue source, with a 55.73% gross margin, though down 4.63% year-on-year Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 166,987,559.50 | 168,905,803.49 | -1.14% | | | Selling Expenses | 1,557,460.36 | 979,680.54 | 58.98% | Mainly due to increased bidding service fees and employee compensation in this period | | R&D Investment | 8,088,431.11 | 9,168,373.16 | -11.78% | | | Net Cash Flow from Operating Activities | 61,188,433.85 | 41,387,149.48 | 47.84% | Mainly due to reduced inventory purchases in this period | Product or Service Accounting for Over 10% of Revenue | Product or Service | Operating Revenue | Operating Cost | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sludge Treatment Services | 154,517,243.13 | 68,406,253.82 | 55.73% | 12.22% | 25.32% | -4.63% | [Non-Main Business Analysis](index=15&type=section&id=Non-Main%20Business%20Analysis) Non-main business had a minor impact on total profit, primarily from wealth management income, contract asset impairment, and traffic accident compensation, which are non-recurring items Non-Main Business Analysis | Item | Amount (RMB) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,026,646.00 | 1.34% | Mainly investment income from wealth management products | No | | Asset Impairment | -24,391.74 | -0.03% | Contract asset impairment provision | No | | Non-Operating Expenses | 197,832.39 | 0.26% | Mainly traffic accident compensation expenses | No | [Analysis of Assets and Liabilities](index=16&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) Total assets and net assets attributable to shareholders remained stable, with cash and equivalents being the largest component, while 16,399,077.23 RMB of cash was restricted at period-end Significant Changes in Asset Composition (Period-End Balance) | Item | Amount at End of Current Reporting Period (RMB) | Proportion of Total Assets | Amount at End of Prior Year (RMB) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Equivalents | 957,848,530.41 | 63.04% | 946,549,625.11 | 62.17% | 0.87% | | Accounts Receivable | 164,437,170.88 | 10.82% | 138,225,589.34 | 9.08% | 1.74% | | Inventory | 1,955,709.75 | 0.13% | 14,149,620.30 | 0.93% | -0.80% | | Construction in Progress | 226,376,382.80 | 14.90% | 221,257,354.06 | 14.53% | 0.37% | | Contract Liabilities | 810,662.79 | 0.05% | 2,438,897.52 | 0.16% | -0.11% | Assets and Liabilities Measured at Fair Value (Period-End) | Item | Period-End Amount (RMB) | | :--- | :--- | | 5. Other Non-Current Financial Assets | 30,000,000.00 | | Accounts Receivable Financing | 13,207,612.01 | | Total Above | 43,207,612.01 | - As of the end of the reporting period, a total of **16,399,077.23 RMB** in cash and equivalents was restricted, mainly for letter of guarantee deposits, ETC deposits, and unexpired accrued interest[67](index=67&type=chunk) [Investment Analysis](index=17&type=section&id=Investment%20Analysis) Total investment decreased significantly by 69.79% year-on-year, with major non-equity investment projects delayed due to economic uncertainty and industry fluctuations, and 823.8535 million RMB of raised capital remaining unutilized - The equipment manufacturing base project and R&D center project are delayed due to comprehensive consideration of current economic environment uncertainties, industry development cycle fluctuations, and the company's overall operational situation, leading to slower-than-expected project investment progress[70](index=70&type=chunk)[71](index=71&type=chunk) - As of June 30, 2025, the company's unused raised funds balance was **823,853,500 RMB**, which includes net interest income from raised funds after deducting handling fees totaling **32,653,600 RMB**[75](index=75&type=chunk) [Overall Situation](index=17&type=section&id=Overall%20Situation) During the reporting period, the company's investment amounted to 5,119,028.74 RMB, a significant decrease of 69.79% compared to 16,946,325.08 RMB in the prior year period Investment Amount for the Reporting Period | Indicator | Investment Amount for Reporting Period (RMB) | Investment Amount for Prior Year Period (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 5,119,028.74 | 16,946,325.08 | -69.79% | [Significant Non-Equity Investments in Progress during the Reporting Period](index=17&type=section&id=Significant%20Non-Equity%20Investments%20in%20Progress%20during%20the%20Reporting%20Period) The company's equipment manufacturing base project and R&D center project are delayed due to economic uncertainties, industry fluctuations, and operational considerations, with new completion dates set for 2026 and 2025, respectively - In the implementation of the equipment manufacturing base project, the company comprehensively considered the uncertainties of the current economic environment, fluctuations in the industry development cycle, and the company's overall operational situation, leading to slower-than-expected project investment progress, and has decided to postpone it until **January 15, 2026**[70](index=70&type=chunk)[71](index=71&type=chunk) - The R&D center project has been delayed until **December 9, 2025**, due to appropriate adjustments to the project design based on the needs of R&D work and actual business development, resulting in construction progress not meeting original plans[71](index=71&type=chunk) [Use of Raised Funds](index=19&type=section&id=Use%20of%20Raised%20Funds) The company's net proceeds from its initial public offering were 856.536 million RMB, with a cumulative investment of 65.3361 million RMB (7.63% utilization rate), and the remaining 823.8535 million RMB held in special accounts and cash management Overall Use of Raised Funds | Total Raised Funds (10,000 RMB) | Net Raised Funds (10,000 RMB) | Total Raised Funds Used in Current Period (10,000 RMB) | Total Raised Funds Cumulatively Used (10,000 RMB) | Raised Funds Utilization Rate at Period-End | | :--- | :--- | :--- | :--- | :--- | | 92,260 | 85,653.6 | 292.27 | 6,533.61 | 7.63% | - As of June 30, 2025, the company's unused raised funds balance was **823,853,500 RMB**, which includes net interest income from raised funds after deducting handling fees totaling **32,653,600 RMB**[75](index=75&type=chunk) - The raised investment projects "Equipment Manufacturing Base Project" and "R&D Center Project" have both been delayed, postponed to **January 15, 2026**, and **December 9, 2025**, respectively[71](index=71&type=chunk)[78](index=78&type=chunk) [Wealth Management, Derivative Investments, and Entrusted Loans](index=21&type=section&id=Wealth%20Management%2C%20Derivative%20Investments%2C%20and%20Entrusted%20Loans) The company engaged in wealth management products using both raised and自有 funds, with an outstanding balance of 106 million RMB, but had no derivative investments or entrusted loans during the reporting period Overview of Wealth Management during the Reporting Period | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Transactions (10,000 RMB) | Unexpired Balance (10,000 RMB) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 12,100 | 7,600 | | Bank Wealth Management Products | Own Funds | 3,000.1 | 3,000 | | Brokerage Wealth Management Products | Raised Funds | 0 | 5,000 | | Total | | 15,100.1 | 15,600 | - The company had no derivative investments during the reporting period[83](index=83&type=chunk) - The company had no entrusted loans during the reporting period[84](index=84&type=chunk) [Significant Asset and Equity Sales](index=22&type=section&id=Significant%20Asset%20and%20Equity%20Sales) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[85](index=85&type=chunk) - The company did not sell significant equity during the reporting period[86](index=86&type=chunk) [Analysis of Major Holding and Participating Companies](index=22&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Shaoxing Taipu Environmental Technology Co., Ltd. is a key subsidiary, generating 52,828,097.63 RMB in operating revenue and 12,292,319.57 RMB in net profit, with no new or disposed subsidiaries during the period Financial Performance of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shaoxing Taipu Environmental Technology Co., Ltd. | Subsidiary | Sludge Treatment Services | 12,000,000 | 96,806,657.21 | 55,949,713.57 | 52,828,097.63 | 13,936,061.14 | 12,292,319.57 | - The company did not acquire or dispose of any subsidiaries during the reporting period[87](index=87&type=chunk) [Information on Structured Entities Controlled by the Company](index=23&type=section&id=Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[88](index=88&type=chunk) [Risks Faced by the Company and Countermeasures](index=23&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks such as new projects not meeting expected commercial benefits, product/service substitution, loss of core technical personnel, and macroeconomic changes, which it addresses through technical adaptability, continuous upgrades, talent development, and prudent decision-making - Risk of new projects not meeting expected commercial benefits: Differences in wastewater composition, treatment processes, and discharge standards across cities may lead to higher short-term treatment costs and smaller treatment scales, resulting in new projects not meeting expected commercial benefits[88](index=88&type=chunk) - Risk of company products or services being substituted: If the company cannot accurately and timely upgrade and iterate more effective technical solutions to meet customer and relevant environmental policy requirements, its products or services may be replaced by competitors[89](index=89&type=chunk) - Risk of core technical personnel departure adversely affecting the company's continuous operation: The company's chairman has a comprehensive understanding and mastery of the sludge treatment and disposal technology system; if such personnel leave, it may temporarily affect the timeliness of the company's sludge treatment process adjustments and project design progress[90](index=90&type=chunk) - Impact of macroeconomic changes on the company's operations: Future changes in global and domestic macroeconomic conditions, or significant adverse changes in the environmental protection industry, may negatively impact the company's operating performance, financial condition, and long-term development prospects[91](index=91&type=chunk) [Registration Form for Research, Communication, Interview, etc. Activities during the Reporting Period](index=23&type=section&id=Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20etc.%20Activities%20during%20the%20Reporting%20Period) During the reporting period, the company held its 2024 annual performance briefing on the Shenzhen Stock Exchange's "Interactive Easy" platform on May 8, 2025, to communicate with investors Research Activities during the Reporting Period | Reception Date | Reception Location | Reception Method | Type of Reception Object | Main Content Discussed and Materials Provided | Index of Basic Survey Information | | :--- | :--- | :--- | :--- | :--- | :--- | | May 08, 2025 | Shenzhen Stock Exchange "Interactive Easy" Platform | Other | Investors | 2024 Annual Performance Briefing | See "Investor Relations Activity Record Form" (No.: 2025-001) published on Juchao Information Network on May 8, 2025 | [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=23&type=section&id=Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company adopted a "Market Value Management System" on April 22, 2025, to strengthen market value management and protect investor rights, but has not disclosed a valuation enhancement plan - The company has formulated a market value management system[93](index=93&type=chunk) - The company has not disclosed a valuation enhancement plan[93](index=93&type=chunk) - The company formulated the "Market Value Management System" and submitted it for review and approval at the tenth meeting of the Fourth Board of Directors on **April 22, 2025**[94](index=94&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=24&type=section&id=Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) The company did not disclose any "Quality and Return Dual Improvement" action plan announcements during the reporting period - The company did not disclose any "Quality and Return Dual Improvement" action plan announcements during the reporting period[95](index=95&type=chunk) [Part IV: Corporate Governance, Environment, and Society](index=25&type=section&id=Part%20IV%3A%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in governance personnel, profit distribution, incentive plans, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=25&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the company's directors, supervisors, and senior management, as detailed in the 2024 annual report - The company's directors, supervisors, and senior management did not change during the reporting period; refer to the 2024 annual report[97](index=97&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital during the Reporting Period](index=25&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20during%20the%20Reporting%20Period) The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for the half-year - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for the half-year[98](index=98&type=chunk) [Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=25&type=section&id=Implementation%20of%20Company%27s%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation 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[99](index=99&type=chunk) [Environmental Information Disclosure](index=25&type=section&id=Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises legally required to disclose environmental information - The listed company and its major subsidiaries are not included in the list of enterprises legally required to disclose environmental information[100](index=100&type=chunk) [Social Responsibility](index=25&type=section&id=Social%20Responsibility) The company prioritizes ESG, actively fulfilling social responsibilities by protecting stakeholder rights, ensuring safe production, promoting environmental protection through sludge treatment, and engaging in public welfare - The company's Board of Directors emphasizes the construction of an ESG system, integrating ESG concepts into daily operations and actively fulfilling social responsibilities[100](index=100&type=chunk) - The company, with its independently developed sludge treatment and disposal technology as its core, achieves clean energy output throughout the entire process of sludge dewatering and clean incineration, aligning with national "dual carbon" policy directives[103](index=103&type=chunk) - The company voluntarily donated **5 million RMB** to the Zhejiang University of Technology Education Foundation to establish the "Zhejiang University of Technology Guotai Environmental Education Development Fund" for scientific research, college development, and other educational endeavors[104](index=104&type=chunk) [Part V: Significant Matters](index=27&type=section&id=Part%20V%3A%20Significant%20Matters) This section details important events, commitments, and compliance matters affecting the company during the reporting period [Commitments](index=27&type=section&id=Commitments) During the reporting period, there were no commitments made by the company's actual controllers, shareholders, related parties, acquirers, or the company that were fulfilled or overdue - During the reporting period, there were no commitments made by the company's actual controllers, shareholders, related parties, acquirers, or the company that were fulfilled or overdue[106](index=106&type=chunk) [Non-Operating Funds Occupied](index=27&type=section&id=Non-Operating%20Funds%20Occupied) During the reporting period, there were no instances of controlling shareholders or other related parties non-operationally occupying the listed company's funds - During the reporting period, there were no instances of controlling shareholders or other related parties non-operationally occupying the listed company's funds[107](index=107&type=chunk) [Irregular External Guarantees](index=27&type=section&id=Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[108](index=108&type=chunk) [Appointment and Dismissal of Accounting Firms](index=27&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[109](index=109&type=chunk) [Explanation of "Non-Standard Audit Report" by Board, Supervisory Board, and Audit Committee](index=27&type=section&id=Explanation%20of%20%22Non-Standard%20Audit%20Report%22%20by%20Board%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee) As there was no non-standard audit report for this reporting period, no explanation from the Board, Supervisory Board, or Audit Committee is required - Not applicable[110](index=110&type=chunk) [Board's Explanation of "Non-Standard Audit Report" for Previous Year](index=27&type=section&id=Board%27s%20Explanation%20of%20%22Non-Standard%20Audit%20Report%22%20for%20Previous%20Year) As there was no non-standard audit report for the previous year, no explanation from the Board is required - Not applicable[110](index=110&type=chunk) [Bankruptcy and Reorganization Matters](index=27&type=section&id=Bankruptcy%20and%20Reorganization%20Matters) The company did not experience any bankruptcy or reorganization matters during the reporting period - The company did not experience any bankruptcy or reorganization matters during the reporting period[110](index=110&type=chunk) [Litigation Matters](index=27&type=section&id=Litigation%20Matters) The company had no significant litigation or arbitration matters during this reporting period - The company had no significant litigation or arbitration matters during this reporting period[111](index=111&type=chunk) [Penalties and Rectification](index=28&type=section&id=Penalties%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[112](index=112&type=chunk) [Integrity Status](index=28&type=section&id=Integrity%20Status) The company, its controlling shareholder, and actual controllers had no unfulfilled commitments or dishonest behavior during the reporting period - Not applicable[113](index=113&type=chunk) [Significant Related Party Transactions](index=28&type=section&id=Significant%20Related%20Party%20Transactions) The company engaged in daily related party transactions, primarily purchasing utilities and engineering services and leasing from Zhejiang Guotai Construction Group Co., Ltd., and providing technical services to them Related Party Transactions Related to Daily Operations | Related Party | Related Transaction Content | Related Transaction Amount (10,000 RMB) | Proportion of Similar Transactions | Approved Transaction Limit (10,000 RMB) | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Guotai Construction Group Co., Ltd. | Purchase of utilities, engineering services | 267.53 | 100.00% | 4,875.46 | | Zhejiang Guotai Construction Group Co., Ltd. | Property Lease | 23.81 | 100.00% | 47.62 | | Zhejiang Guotai Construction Group Co., Ltd. | Provision of Technical Services | 5.66 | 100.00% | | | Total | | 297.00 | | 4,923.08 | - The company had no related party transactions involving asset or equity acquisition or disposal during the reporting period[115](index=115&type=chunk) - The company had no related party creditor-debtor transactions during the reporting period[117](index=117&type=chunk) [Significant Contracts and Their Performance](index=29&type=section&id=Significant%20Contracts%20and%20Their%20Performance) The company had no trusteeship, contracting, or leasing matters, nor any significant guarantees during the reporting period, with no mentioned risks of non-performance for other significant contracts - The company had no trusteeship situations during the reporting period[122](index=122&type=chunk) - The company had no leasing situations during the reporting period[124](index=124&type=chunk) - The company had no significant guarantee situations during the reporting period[125](index=125&type=chunk) [Explanation of Other Significant Matters](index=30&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[127](index=127&type=chunk) [Significant Matters of Company Subsidiaries](index=30&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[128](index=128&type=chunk) [Part VI: Share Changes and Shareholder Information](index=31&type=section&id=Part%20VI%3A%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital structure, shareholder composition, and any changes during the reporting period [Share Changes](index=31&type=section&id=Share%20Changes) During the reporting period, the company's total share capital remained at 80,000,000 shares, with the proportions of restricted and unrestricted shares unchanged at 45.20% and 54.80% respectively Share Changes | Share Type | Quantity Before Change (shares) | Proportion Before Change | Increase/Decrease in Current Change (shares) | Quantity After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 36,157,500 | 45.20% | 0 | 36,157,500 | 45.20% | | II. Unrestricted Shares | 43,842,500 | 54.80% | 0 | 43,842,500 | 54.80% | | III. Total Shares | 80,000,000 | 100.00% | 0 | 80,000,000 | 100.00% | - During the reporting period, the company's total share capital remained unchanged[131](index=131&type=chunk) [Issuance and Listing of Securities](index=32&type=section&id=Issuance%20and%20Listing%20of%20Securities) The company had no issuance or listing of securities during the reporting period - Not applicable[132](index=132&type=chunk) [Number of Shareholders and Shareholding](index=32&type=section&id=Number%20of%20Shareholders%20and%20Shareholding) At the end of the reporting period, there were 6,611 common shareholders, with controlling shareholder Chen Baixiao holding 36.38%, and Jiangxi Wenxin Industrial Co., Ltd. having reduced its holdings and pledged 1,744,195 shares - At the end of the reporting period, the total number of common shareholders was **6,611**[133](index=133&type=chunk) - Chen Baixiao is the company's controlling shareholder, and Chen Baixiao and Lu Wei are a married couple, serving as the company's actual controllers[133](index=133&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-End (shares) | Change in Holdings during Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Baixiao | Domestic Natural Person | 36.38% | 29,100,000 | 0 | 29,100,000 | 0 | Not applicable | 0 | | Zhejiang Guotai Construction Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 7.50% | 6,000,000 | 0 | 0 | 6,000,000 | Not applicable | 0 | | Jiangxi Wenxin Industrial Co., Ltd. | Domestic Non-State-Owned Legal Person | 2.18% | 1,744,195 | -2,025,365 | 0 | 1,744,195 | Pledged | 1,744,195 | [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=33&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period; refer to the 2024 annual report[135](index=135&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=33&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder did not change during the reporting period[136](index=136&type=chunk) - The company's actual controller did not change during the reporting period[137](index=137&type=chunk) [Preferred Shares](index=34&type=section&id=Preferred%20Shares) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[138](index=138&type=chunk) [Part VII: Bond-Related Information](index=35&type=section&id=Part%20VII%3A%20Bond-Related%20Information) This section confirms that there is no bond-related information for the company during the reporting period [Bond-Related Information](index=35&type=section&id=Bond-Related%20Information) The company had no bond-related information during the reporting period - Not applicable[140](index=140&type=chunk) [Part VIII: Financial Report](index=36&type=section&id=Part%20VIII%3A%20Financial%20Report) This section presents the company's comprehensive financial statements and detailed notes for the reporting period [Audit Report](index=36&type=section&id=Audit%20Report) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[142](index=142&type=chunk) [Financial Statements](index=36&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 the first half of 2025 - This section includes the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[143](index=143&type=chunk)[147](index=147&type=chunk)[151](index=151&type=chunk)[153](index=153&type=chunk)[155](index=155&type=chunk)[157](index=157&type=chunk)[160](index=160&type=chunk)[166](index=166&type=chunk) [Consolidated Balance Sheet](index=36&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were 1,519,388,853.98 RMB, with total liabilities of 56,906,338.81 RMB and total owners' equity of 1,462,482,515.17 RMB Consolidated Balance Sheet Key Data | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Current Assets | 1,200,072,443.46 | 1,223,116,092.53 | | Total Non-Current Assets | 319,316,410.52 | 299,368,951.07 | | Total Assets | 1,519,388,853.98 | 1,522,485,043.60 | | Total Current Liabilities | 54,550,512.50 | 60,672,134.19 | | Total Non-Current Liabilities | 2,355,826.31 | 1,820,861.00 | | Total Liabilities | 56,906,338.81 | 62,492,995.19 | | Total Owners' Equity Attributable to Parent Company | 1,449,170,448.49 | 1,447,135,576.12 | | Total Owners' Equity | 1,462,482,515.17 | 1,459,992,048.41 | [Consolidated Income Statement](index=41&type=section&id=Consolidated%20Income%20Statement) For the first half of 2025, the company's consolidated total operating revenue was 166,987,559.50 RMB, with a net profit of 66,490,466.76 RMB, and basic earnings per share of 0.83 RMB Consolidated Income Statement Key Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 166,987,559.50 | 168,905,803.49 | | Total Operating Costs | 87,564,880.87 | 87,787,319.95 | | Operating Profit | 76,951,110.61 | 82,564,590.80 | | Total Profit | 76,753,278.22 | 82,568,525.68 | | Net Profit | 66,490,466.76 | 71,559,762.75 | | Net Profit Attributable to Parent Company Shareholders | 66,034,872.37 | 70,551,247.35 | | Basic Earnings Per Share | 0.83 | 0.88 | [Consolidated Cash Flow Statement](index=44&type=section&id=Consolidated%20Cash%20Flow%20Statement) For the first half of 2025, net cash flow from operating activities increased by 47.84% to 61,188,433.85 RMB, while investing and financing activities resulted in net outflows, with period-end cash and cash equivalents at 233,859,453.18 RMB Consolidated Cash Flow Statement Key Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 61,188,433.85 | 41,387,149.48 | | Net Cash Flow from Investing Activities | -54,790,623.09 | -19,893,772.00 | | Net Cash Flow from Financing Activities | -66,009,102.79 | -122,426,081.78 | | Net Increase in Cash and Cash Equivalents | -59,611,292.03 | -100,932,704.30 | | Cash and Cash Equivalents at Period-End | 233,859,453.18 | 972,469,442.60 | [Company Basic Information](index=53&type=section&id=Company%20Basic%20Information) Hangzhou Guotai Environmental Technology Co., Ltd., established on June 25, 2014, with a registered capital of 80 million RMB, was listed on the Shenzhen Stock Exchange on April 4, 2023, specializing in ecological protection and environmental governance - Hangzhou Guotai Environmental Technology Co., Ltd. was established on **June 25, 2014**, with a registered capital of **80 million RMB** and a total of **80 million shares**[172](index=172&type=chunk) - The company's shares were listed and traded on the Shenzhen Stock Exchange on **April 4, 2023**[172](index=172&type=chunk) - The company belongs to the ecological protection and environmental governance industry, with main business activities including R&D and sales of environmental technologies and equipment for sludge treatment and water environment ecological restoration[172](index=172&type=chunk) [Basis of Financial Statement Preparation](index=53&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue as a going concern for the next 12 months - The company's financial statements are prepared on a going concern basis[173](index=173&type=chunk) - The company has no matters or circumstances that would cause significant doubt about its ability to continue as a going concern for the next 12 months from the end of the reporting period[175](index=175&type=chunk) [Significant Accounting Policies and Estimates](index=54&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) The company has formulated specific accounting policies and estimates for financial instrument impairment, inventory, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition, adhering to enterprise accounting standards - The company has formulated specific accounting policies and estimates for transactions or matters such as financial instrument impairment, inventory, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition based on its actual production and operation characteristics[176](index=176&type=chunk) - The company assesses at each balance sheet date whether the credit risk of relevant financial instruments has significantly increased since initial recognition and makes loss provisions based on expected credit losses[195](index=195&type=chunk) - The company measures revenue by allocating the transaction price to each distinct performance obligation and recognizes revenue based on whether the performance obligation is satisfied over time or at a point in time[236](index=236&type=chunk) [Taxes](index=70&type=section&id=Taxes) The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, property tax, and education surcharges, benefiting from various tax incentives such as a 70% VAT refund for sludge treatment and a 15% CIT rate for high-tech enterprises Main Tax Categories and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services, calculated as output tax minus input tax | 6%, 13% (varies for sludge treatment services based on treatment method) | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 5%, 7% | | Corporate Income Tax | Taxable income | 15%, 20%, 25% (varies by taxpayer entity) | - The company and its subsidiary Shaoxing Taipu Environmental Technology Co., Ltd. enjoy a **70% VAT refund** policy for sludge treatment services provided from January to June 2025[252](index=252&type=chunk) - The company and its subsidiaries Shaoxing Taipu Environmental Technology Co., Ltd. and Hangzhou Min'an Environmental Engineering Co., Ltd. apply a **15% corporate income tax rate** from January to June 2025, benefiting from high-tech enterprise incentives[253](index=253&type=chunk) - The company and its subsidiaries enjoy a **100% super deduction** policy for R&D expenses before tax[255](index=255&type=chunk) [Notes to Consolidated Financial Statement Items](index=71&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items, including 958 million RMB in cash and equivalents (16.40 million RMB restricted), 187 million RMB in accounts receivable (22.34 million RMB impairment), and 226 million RMB in construction in progress Cash and Equivalents Period-End Balance | Item | Period-End Balance (RMB) | | :--- | :--- | | Cash on Hand | 37,953.90 | | Bank Deposits | 957,777,796.51 | | Other Cash and Equivalents | 32,780.00 | | Total | 957,848,530.41 | - Period-end bank deposits include unexpired accrued interest of **16,366,297.23 RMB**, and other cash and equivalents include a guarantee deposit of **26,280.00 RMB** for letters of guarantee and **6,500.00 RMB** frozen for bank ETC[257](index=257&type=chunk) Accounts Receivable Period-End Balance and Impairment Provision | Category | Book Balance (RMB) | Impairment Provision (RMB) | Book Value (RMB) | | :--- | :--- | :--- | :--- | | Accounts Receivable for which impairment provision is made by portfolio | 186,775,037.78 | 22,337,866.90 | 164,437,170.88 | Construction in Progress Period-End Balance | Item | Book Value (RMB) | | :--- | :--- | | Equipment Manufacturing Base Project | 16,312,581.27 | | R&D Center Project | 67,364,649.40 | | Sci-Tech Innovation Center Project | 134,325,266.28 | | Dangwan Xingfu Village Property Renovation Project | 8,373,885.85 | | Total | 226,376,382.80 | Operating Revenue and Operating Cost | Item | Revenue (RMB) | Cost (RMB) | | :--- | :--- | :--- | | Main Business | 166,789,619.58 | 75,461,509.80 | | Other Business | 197,939.92 | 78,303.60 | | Total | 166,987,559.50 | 75,539,813.40 | Financial Expenses | Item | Amount Incurred in Current Period (RMB) | | :--- | :--- | | Interest Income | -9,807,091.87 | | Interest Expense | 95,270.67 | | Handling Fees | 2,323.78 | | Total | -9,709,497.42 | [R&D Expenses](index=124&type=section&id=R%26D%20Expenses) Total R&D expenses for this reporting period were 8,088,431.11 RMB, all expensed, primarily comprising personnel, direct input, depreciation, and technical service fees, with no capitalized R&D projects R&D Expense Composition | Item | Amount Incurred in Current Period (RMB) | Amount Incurred in Prior Period (RMB) | | :--- | :--- | :--- | | Personnel Expenses | 6,238,710.87 | 6,974,646.27 | | Direct Input | 692,636.39 | 1,485,150.34 | | Depreciation and Amortization | 280,232.81 | 175,377.03 | | Technical Service Fees | 655,410.68 | 194,174.76 | | Other | 221,440.36 | 339,024.76 | | Total | 8,088,431.11 | 9,168,373.16 | | Of which: Expensed R&D Expenditure | 8,088,431.11 | 9,168,373.16 | - There were no R&D projects meeting capitalization conditions in this period[536](index=536&type=chunk) [Changes in Consolidation Scope](index=125&type=section&id=Changes%20in%20Consolidation%20Scope) The company's consolidation scope increased this period due to the establishment of Hainan Haoke Energy Technology Co., Ltd., with no non-same control, same control, reverse acquisition, or loss of control over subsidiaries - The consolidation scope increased in this period with the establishment of Hainan Haoke Energy Technology Co., Ltd., with the equity acquisition date being **January 3, 2025**, and the company's subscribed proportion being **51%**[546](index=546&type=chunk) - No non-same control business combinations occurred in this period[538](index=538&type=chunk) - No same control business combinations occurred in this period[542](index=542&type=chunk) [Interests in Other Entities](index=129&type=section&id=Interests%20in%20Other%20Entities) The company holds interests in several subsidiaries, primarily in ecological protection and environmental governance, and an associate, Zhejiang Jianshui Environment Co., Ltd., with a period-end investment carrying value of 13,817,515.58 RMB Composition of Enterprise Group (Partial Subsidiaries) | Subsidiary Name | Registered Capital (RMB) | Business Nature | Shareholding Proportion (Direct) | | :--- | :--- | :--- | :--- | | Shaoxing Taipu Environmental Technology Co., Ltd. | 12,000,000.00 | Ecological Protection and Environmental Governance | 100.00% | | Shanghai Danyuan Environmental Technology Co., Ltd. | 20,000,000.00 | Ecological Protection and Environmental Governance | 90.00% | | Hangzhou Min'an Environmental Engineering Co., Ltd. | 30,000,000.00 | Ecological Protection and Environmental Governance | 51.00% | | Hainan Haoke Energy Technology Co., Ltd. | 10,000,000.00 | Technology Promotion and Application Services | 51.00% | Financial Information of Significant Non-Wholly Owned Subsidiaries (Hangzhou Min'an Environmental Engineering Co., Ltd.) | Indicator | Amount Incurred in Current Period (RMB) | | :--- | :--- | | Minority Shareholding Proportion | 49.00% | | Net Profit Attributable to Minority Shareholders in Current Period | 475,766.55 | | Minority Interest Balance at Period-End | 12,749,454.98 | | Operating Revenue | 10,811,897.83 | | Net Profit | 970,952.14 | Summary Financial Information of Associates | Item | Period-End Balance/Amount Incurred in Current Period (RMB) | | :--- | :--- | | Total Investment Carrying Value | 13,817,515.58 | | Net Profit | 317,515.58 | | Total Comprehensive Income | 317,515.58 | [Government Grants](index=134&type=section&id=Government%20Grants) Total government grants recognized in current profit or loss for this reporting period amounted to 5,912,827.03 RMB, primarily through the "Other Income" account, with no disclosure of grants recognized based on receivables Government Grants Recognized in Current Profit or Loss | Accounting Account | Amount Incurred in Current Period (RMB) | Amount Incurred in Prior Period (RMB) | | :--- | :--- | :--- | | Other Income | 5,912,827.03 | 4,092,200.07 | [Risks Related to Financial Instruments](index=135&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company faces credit, liquidity, and market risks (interest rate and foreign exchange), managing them through credit assessments, diverse financing, and noting that foreign exchange risk is not significant as most activities are RMB-denominated, with no hedging activities undertaken - The company faces various risks related to financial instruments in its daily activities, primarily including credit risk, liquidity risk, and market risk[563](index=563&type=chunk) - The company's credit risk mainly arises from cash and equivalents and accounts receivable; the company places bank deposits and other cash and equivalents in financial institutions with higher credit ratings and regularly conducts credit assessments for customers trading on credit[565](index=565&type=chunk) - To control liquidity risk, the company comprehensively utilizes various financing methods such as bill settlement and bank loans, and adopts an appropriate combination of long-term and short-term financing[566](index=566&type=chunk) - The company operates in mainland China, and its main activities are denominated in RMB; therefore, the foreign exchange market risk undertaken by the company is not significant[569](index=569&type=chunk) - The company does not engage in hedging activities for risk management[570](index=570&type=chunk) [Disclosure of Fair Value](index=138&type=section&id=Disclosure%20of%20Fair%20Value) At period-end, the company's total assets measured at fair value amounted to 43,207,612.01 RMB, primarily comprising other non-current financial assets and accounts receivable financing, all categorized as Level 3 fair value measurements Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | | Other Non-Current Financial Assets | 30,000,000.00 | 30,000,000.00 | | Accounts Receivable Financing | 13,207,612.01 | 13,207,612.01 | | Total Assets Continuously Measured at Fair Value | 43,207,612.01 | 43,207,612.01 | - The company's accounts receivable financing measured at Level 3 fair value are bank acceptance bills, with their fair value determined by their face amount[577](index=577&type=chunk) - The company's other equity instrument investments measured at Level 3 fair value are equity interests in unlisted companies, with fair value estimated by comprehensively considering market approach and discounted future cash flow methods[577](index=577&type=chunk) [Related Parties and Related Party Transactions](index=139&type=section&id=Related%20Parties%20and%20Related%20Party%20Transactions) The company's ultimate control rests with Chen Baixiao and Lu Wei, with significant related party transactions involving Zhejiang Guotai Construction Group Co., Ltd. for purchases, leases, and technical services, and key management personnel compensation totaling 2,494,000.00 RMB - The ultimate controlling parties of the company are Chen Baixiao and Lu Wei, who collectively hold **40.13%** of the company's shares[578](index=578&type=chunk)[579](index=579&type=chunk) Purchase of Goods/Acceptance of Services | Related Party | Related Transaction Content | Amount Incurred in Current Period (RMB) | | :--- | :--- | :--- | | Zhejiang Guotai Construction Group Co., Ltd. | Utilities, Engineering Services | 2,675,339.51 | The Company as Lessee (Related Party Lease) | Lessor Name | Type of Leased Asset | Rent Paid in Current Period (RMB) | | :--- | :--- | :--- | | Zhejiang Guotai Construction Group Co., Ltd. | Buildings | 476,190.48 | Key Management Personnel Compensation | Item | Amount Incurred in Current Period (RMB) | Amount Incurred in Prior Period (RMB) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 2,494,000.00 | 2,310,000.00 | [Share-Based Payment](index=143&type=section&id=Share-Based%20Payment) The company had no share-based payment situations during the reporting period - Not applicable[600](index=600&type=chunk) [Commitments and Contingencies](index=143&type=section&id=Commitments%20and%20Contingencies) The company has significant commitments, including a 235 million RMB construction contract with Zhejiang Guotai Construction Group Co., Ltd., and contingencies related to a 26,280.00 RMB advance payment guarantee with equivalent collateral - On **March 1, 2021**, the company's subsidiary Hangzhou Guotai Environmental Development Co., Ltd. signed a "Construction Engineering Construction Contract" with Zhejiang Guotai Construction Group Co., Ltd., with a total contract price of **235 million RMB**; as of **June 30, 2025**, the contract is being performed normally[600](index=600&type=chunk) - Subsidiary Hangzhou Min'an Environmental Engineering Co., Ltd. has opened an advance payment guarantee at China Merchants Bank Hangzhou Branch; as of **June 30, 2025**, there are two unexpired guarantees totaling **26,280.00 RMB**, secured by a **26,280.00 RMB** margin deposit[601](index=601&type=chunk) [Post-Balance Sheet Events](index=144&type=section&id=Post-Balance%20Sheet%20Events) The company has important non-adjusting events, with other post-balance sheet events detailed in an announcement published on Juchao Information Network on August 17, 2025 - Other post-balance sheet events are detailed in the announcement (No.: 2025-021) published on Juchao Information Network (www.cninfo.com.cn) on **August 17, 2025**[605](index=605&type=chunk) [Other Significant Matters](index=144&type=section&id=Other%20Significant%20Matters) The company did not experience prior period error corrections, debt restructurings, asset exchanges, annuity plans, or discontinued operations, and reports segments based on business lines including sludge treatment, equipment sales, and water environment restoration - The company did not experience prior period error corrections, debt restructurings, asset exchanges, annuity plans, or discontinued operations[606](index=606&type=chunk)[608](index=608&type=chunk)[609](index=609&type=chunk)[610](index=610&type=chunk) - The company determines its reportable segments based on its internal organizational structure, management requirements, and internal reporting system, with business segments as the basis for reportable segments[610](index=610&type=chunk) Financial Information of Reportable Segments | Item | Sludge Treatment Services (RMB) | Equipment Sales (RMB) | Water Environment Ecological Restoration (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | Main Business Revenue | 154,517,243.13 | 1,584,528.33 | 10,687,848.12 | 166,789,619.58 | | Main Business Cost | 68,406,253.82 | 81,415.93 | 6,973,840.05 | 75,461,509.80 | [Notes to Parent Company Financial Statement Items](index=146&type=section&id=Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes on the parent company's financial statement items, including 180 million RMB in accounts receivable (16.81 million RMB impairment), 489 million RMB in other receivables (mainly intercompany balances), and 98.82 million RMB in long-

浙江哈尔斯真空器皿股份有限公司 2025 年半年度报告全文 浙江哈尔斯真空器皿股份有限公司 2025 年半年度报告 2025-064 2025 年 8 月 26 日 1 浙江哈尔斯真空器皿股份有限公司 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。 公司负责人吕强、主管会计工作负责人吴汝来及会计机构负责人(会计主 管人员)陈芳声明：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。 本报告所涉公司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，敬请投资者注意投资风险！ 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" 中描述了公司未来发展可能面对的风险，敬请投资者注意阅读相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一节 | 重要提示、目录和释义 2 ...

Section I Important Notice, Table of Contents and Definitions This section covers important notices, the report's table of contents, and definitions of key terms used throughout the report. [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board, Supervisory Board, and senior management guarantee the report's accuracy, with no cash dividends or capital increases from reserves for the period. - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility for no false records, misleading statements, or major omissions[4](index=4&type=chunk) - Company head Zhang Chi, chief accountant Zhang Chi, and head of accounting department Deng Peihong declare that the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The company will not distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for this reporting period[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This report comprises eight main sections, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports. Report Chapter Overview | Chapter | Title | Starting Page | | :--- | :--- | :--- | | Section I | Important Notice, Table of Contents and Definitions | 2 | | Section II | Company Profile and Key Financial Indicators | 7 | | Section III | Management Discussion and Analysis | 10 | | Section IV | Corporate Governance, Environment and Society | 22 | | Section V | Significant Matters | 25 | | Section VI | Share Changes and Shareholder Information | 30 | | Section VII | Bond Information | 34 | | Section VIII | Financial Report | 35 | [Definitions](index=5&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This section defines common terms used in the report, primarily covering company names, subsidiaries, electronic materials, and industry-specific concepts. Definitions of Key Terms | Term | Refers to | Definition | | :--- | :--- | :--- | | Company, the Company, Tongyu New Materials | Refers to | Tongyu New Materials (Guangdong) Co., Ltd. | | Electronic Resin | Refers to | Synthetic resins meeting the electronics industry's requirements for purity, performance, and stability | | Copper Clad Laminate | Refers to | A laminate covered with copper foil on one or both sides | | Printed Circuit Board, PCB | Refers to | Printed Circuit Board, abbreviated as PCB, refers to an interconnected structure on an insulating substrate that provides point-to-point connection lines and printed components according to a predetermined design, containing the functions of printed circuits | | Glass Transition Temperature | Refers to | Glass Transition Temperature, abbreviated as Tg, is the temperature at which an amorphous polymer transitions from a brittle glassy state to a viscous flow state or a highly elastic state | | Dielectric Dissipation Factor | Refers to | Dielectric Dissipation Factor, abbreviated as Df, is the complement of the phase angle between the current phasor through the dielectric and the voltage phasor when a sinusoidal voltage is applied to the dielectric, and the tangent of the dielectric loss angle is the loss factor | - The reporting period refers to **January 1, 2025**, to **June 30, 2025**[13](index=13&type=chunk) Section II Company Profile and Key Financial Indicators This section provides an overview of the company's profile and presents its key financial data and indicators for the reporting period. [Company Profile](index=7&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Tongyu New Materials (Guangdong) Co., Ltd. listed on the Shenzhen Stock Exchange ChiNext on July 10, 2025, with stock code 301630 and legal representative Zhang Chi, maintaining unchanged contact information during the reporting period. - Company abbreviation: Tongyu New Materials, stock code: **301630**, stock exchange: Shenzhen Stock Exchange[15](index=15&type=chunk) - The company's legal representative is **Zhang Chi**[15](index=15&type=chunk) - The company's registered address, office address and postal code, website, and email address remained unchanged during the reporting period[17](index=17&type=chunk) - The company was listed on the ChiNext board of the Shenzhen Stock Exchange on **July 10, 2025**[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, revenue grew by **19.98%** to **CNY 571 million**, but net profit attributable to shareholders decreased by **11.81%** to **CNY 66.24 million**, mainly due to initial production ramp-up and increased expenses at Jiangxi Tongyu, with operating cash flow significantly down by **91.63%**. Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 571,337,419.52 | 476,189,051.50 | 19.98% | | Net Profit Attributable to Shareholders | 66,243,869.17 | 75,116,880.09 | -11.81% | | Net Profit Attributable to Shareholders Excluding Non-recurring Gains and Losses | 65,862,364.24 | 72,470,939.11 | -9.12% | | Net Cash Flow from Operating Activities | 4,684,292.15 | 55,966,854.30 | -91.63% | | Basic Earnings Per Share (CNY/share) | 2.2081 | 2.5039 | -11.81% | | Diluted Earnings Per Share (CNY/share) | 2.2081 | 2.5039 | -11.81% | | Weighted Average Return on Net Assets | 7.59% | 11.04% | -3.45% | | **End of Current Period** | **End of Prior Year** | **Change from Prior Year-End** | | | Total Assets | 1,643,548,074.64 | 1,506,755,252.24 | 9.08% | | Net Assets Attributable to Shareholders | 873,174,566.30 | 798,420,822.07 | 9.36% | - The company's financial reports for the period show no differences in net profit and net assets between International Accounting Standards and Chinese Accounting Standards[21](index=21&type=chunk)[22](index=22&type=chunk) Non-recurring Gains and Losses for H1 2025 | Item | Amount (CNY) | Description | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -125,985.49 | | | Government Grants Recognized in Current Profit/Loss | 488,587.92 | | | Fair Value Changes and Disposal Gains/Losses from Financial Assets/Liabilities Held by Non-financial Enterprises (Excluding Effective Hedging Related to Normal Operations) | 0.00 | | | Other Non-operating Income and Expenses | -97,293.11 | | | Reversal of Impairment Provisions for Receivables Subject to Individual Impairment Testing | 183,520.01 | | | Less: Income Tax Impact | 67,324.40 | | | Total | 381,504.93 | | Section III Management Discussion and Analysis This section provides an in-depth analysis of the company's operations, financial performance, and future outlook, including key business activities, competitive advantages, and risk factors. [Principal Business Activities During the Reporting Period](index=10&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company primarily engages in R&D, production, and sales of electronic resins for copper clad laminates, a specialized electronic materials manufacturing sector, achieving **19.98%** revenue growth in H1 due to Jiangxi Tongyu's operation, despite a **11.81%** net profit decline from new product certification and capacity ramp-up costs, while actively pursuing domestic substitution and technological breakthroughs in high-frequency and high-speed applications. - The company primarily engages in the R&D, production, and sales of electronic resins, with products mainly used in copper clad laminate manufacturing, belonging to the specialized electronic materials manufacturing industry[27](index=27&type=chunk) Global and Mainland China Rigid Copper Clad Laminate Output Value Changes | Region | 2021 (USD 100 million) | 2022 (USD 100 million) | 2023 (USD 100 million) | 2024 (USD 100 million) | 2024 YoY Growth | | :--- | :--- | :--- | :--- | :--- | :--- | | Global | 188 | 152 | 127 | 150.13 | 17.9% | | Mainland China | 139 | 112 | 93 | 112.26 | 20.3% | - In H1 2025, demand for electronic resins in high-frequency and high-speed applications grew rapidly, driven by emerging technologies such as AI, 5G networks, and new energy vehicles[29](index=29&type=chunk) - China's electronic resin industry is highly dependent on imports for specialized electronic resins, with the company actively promoting domestic substitution in high-frequency, high-speed, and IC substrate fields[30](index=30&type=chunk) Operating Results for H1 2025 | Indicator | Amount (CNY) | YoY Growth | | :--- | :--- | :--- | | Revenue | 571,337,419.52 | 19.98% | | Net Profit | 66,243,869.17 | -11.81% | - Revenue growth primarily benefited from increased production and sales after Jiangxi Tongyu commenced operations in **July 2024**; net profit decline was mainly due to higher unit manufacturing costs resulting from new product certification cycles and capacity ramp-up at Jiangxi Tongyu[32](index=32&type=chunk)[34](index=34&type=chunk) - The company's products include various electronic resins with high reliability, flame retardancy, and excellent comprehensive performance, achieving technological breakthroughs in halogen-free electronic resin solutions (DOPO-modified epoxy resin) and resins suitable for high-frequency and high-speed copper clad laminates (benzoxazine resin, bismaleimide resin, polyphenylene ether resin, high-grade hydrocarbon resin)[37](index=37&type=chunk) - The company adopts a direct sales model, expanding its market through industry forums and client visits, and has established cooperative relationships with renowned copper clad laminate enterprises such as Kingboard Group and Shengyi Technology[40](index=40&type=chunk)[42](index=42&type=chunk) - The company possesses multiple core technologies, including phosphorus-containing flame retardant modified epoxy synthesis technology and special high heat-resistant benzoxazine resin synthesis technology, holding **17** authorized valid invention patents[43](index=43&type=chunk)[45](index=45&type=chunk) [Analysis of Core Competencies](index=14&type=section&id=%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include a rich product portfolio, extensive client certifications, leading R&D, market proximity, and advanced manufacturing technology, covering a wide range of copper clad laminates and high-speed applications, with **19** authorized invention patents and strong responsiveness to client needs. - Product system advantage: Product specifications cover lead-free and halogen-free copper clad laminates suitable for high, medium, and low glass transition temperatures, as well as low Dk and low Df high-speed copper clad laminates[46](index=46&type=chunk) - Client certification advantage: Certified by renowned manufacturers such as Kingboard Group, Shengyi Technology, Nanya New Material, Ultrasonic Electronics, and Huazheng New Material, entering their supplier systems[48](index=48&type=chunk) - Technological R&D advantage: One of the few domestic enterprises mastering core technologies for multiple series of lead-free, halogen-free, and high-speed electronic resins, holding **19** authorized invention patents[49](index=49&type=chunk) - Market proximity advantage: Adopts a direct sales model, directly engaging with downstream clients to provide systematic solutions, and leveraging localization advantages to quickly respond to client needs[50](index=50&type=chunk) - Manufacturing technology advantage: Possesses DCS automatic control production lines with a high degree of automation, capable of rapid delivery of differentiated products and small-to-medium batch mass production[51](index=51&type=chunk) [Analysis of Principal Business](index=16&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) In H1 2025, operating revenue increased by **19.98%** due to higher production from Jiangxi Tongyu, but operating costs grew faster, leading to a decline in gross margin; financial expenses surged due to capitalized interest from Jiangxi Tongyu's project loans, and net cash flow from operating activities significantly decreased by **91.63%** due to increased operating expenditures. Year-on-Year Changes in Key Financial Data | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 571,337,419.52 | 476,189,051.50 | 19.98% | | | Operating Cost | 454,742,521.48 | 345,412,521.75 | 31.65% | Primarily due to increased production after Jiangxi Tongyu commenced operations | | Selling Expenses | 3,979,918.44 | 3,299,936.02 | 20.61% | | | Administrative Expenses | 20,108,954.13 | 25,928,285.46 | -22.44% | | | Financial Expenses | 1,789,568.19 | -256,955.05 | 796.45% | Primarily due to increased capitalization of project loan interest after Jiangxi Tongyu commenced operations | | R&D Investment | 11,833,908.77 | 13,745,349.19 | -13.91% | | | Net Cash Flow from Operating Activities | 4,684,292.15 | 55,966,854.30 | -91.63% | Primarily due to increased operating cash outflows after Jiangxi Tongyu commenced operations | | Net Cash Flow from Investing Activities | -7,678,772.23 | -108,964,439.44 | 92.95% | Primarily due to reduced fixed asset investment expenditures after Jiangxi Tongyu commenced operations | | Net Cash Flow from Financing Activities | 1,321,172.08 | -145,671,737.04 | 100.91% | Primarily due to the replacement of Jiangxi Tongyu's project loans and repayment of project loans in the prior period | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Electronic Resins | 567,108,642.92 | 447,830,750.38 | 21.03% | 19.18% | 29.71% | -6.41% | [Analysis of Assets and Liabilities](index=17&type=section&id=%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, total assets and net assets attributable to shareholders increased, with cash, accounts receivable, and inventory rising due to increased sales collections, expanded revenue, and enhanced production scale, while short-term borrowings and contract liabilities decreased, and certain assets, including pledged cash, notes receivable, and accounts receivable financing, along with mortgaged construction in progress and intangible assets, were restricted. Significant Changes in Asset Composition | Item | Amount at Period-End (CNY) | % of Total Assets | Amount at Prior Year-End (CNY) | Prior Year-End % of Total Assets | Change in % | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 109,753,087.63 | 6.68% | 91,056,940.73 | 6.04% | 0.64% | Primarily due to increased sales collections during the reporting period | | Accounts Receivable | 300,784,065.22 | 18.30% | 264,531,122.39 | 17.56% | 0.74% | Primarily due to increased revenue scale during the reporting period | | Inventories | 130,878,174.87 | 7.96% | 95,292,804.16 | 6.32% | 1.64% | Primarily due to increased production scale at Jiangxi Tongyu during the reporting period | | Short-term Borrowings | 23,218,271.06 | 1.41% | 60,859,800.23 | 4.04% | -2.63% | | | Contract Liabilities | 8,858.41 | 0.00% | 184,778.76 | 0.01% | -0.01% | | Asset Restrictions at Period-End | Item | Book Balance (CNY) | Book Value (CNY) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 81,681,100.12 | 81,681,100.12 | Pledge | Deposits for electricity guarantees and bank acceptance bills | | Notes Receivable | 42,296,583.37 | 42,296,583.37 | Pledge | Notes receivable pledged, endorsed, or discounted but not yet due at period-end | | Accounts Receivable Financing | 8,649,983.36 | 8,649,983.36 | Pledge | Accounts receivable financing pledged by the company at period-end | | Construction in Progress | 111,556,280.23 | 111,556,280.23 | Mortgage | Mortgage of Jiangxi Tongyu's construction in progress | | Intangible Assets | 36,817,107.18 | 33,871,738.40 | Mortgage | Mortgage of land use rights | | Total | 281,001,054.26 | 278,055,685.48 | — | — | [Analysis of Investment Status](index=18&type=section&id=%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company had no significant equity investments, non-equity investments, wealth management, derivative investments, or entrusted loans, nor any use of raised funds. - The company had no use of raised funds during the reporting period[61](index=61&type=chunk) - The company had no entrusted wealth management, derivative investments, or entrusted loans during the reporting period[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) [Significant Asset and Equity Sales](index=18&type=section&id=%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) During the reporting period, the company did not sell any significant assets or equity. - The company did not sell any significant assets during the reporting period[65](index=65&type=chunk) - The company did not sell any significant equity during the reporting period[66](index=66&type=chunk) [Analysis of Major Holding and Participating Companies](index=19&type=section&id=%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The main subsidiary, Jiangxi Tongyu New Materials Co., Ltd., has a registered capital of **CNY 49.8 million**, total assets of **CNY 978.159 million**, net assets of **CNY 106.9586 million**, and achieved operating revenue of **CNY 224.122 million** and net profit of **CNY 5.761 million** in H1. Financial Performance of Major Subsidiary Jiangxi Tongyu New Materials Co., Ltd. | Company Name | Company Type | Principal 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) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangxi Tongyu New Materials Co., Ltd. | Subsidiary | R&D, production, and sales of electronic materials | 4,980.00 | 97,815.90 | 10,695.86 | 22,412.20 | 687.18 | 576.10 | [Risks Faced by the Company and Countermeasures](index=19&type=section&id=%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks including innovation, client concentration, production safety, declining product prices, raw material price fluctuations, and intensified market competition, actively addressing them through continuous R&D, client diversification, enhanced safety, process optimization, price monitoring, and deepened collaborations. - Innovation risk: Rapid technological innovation and frequent product iteration in downstream industries require the company to adjust its technical roadmap and product positioning promptly, or face client loss risk; countermeasures include prioritizing new product R&D, focusing on niche markets, leveraging engineering technology research centers, standardizing research processes, stimulating innovation, and strengthening technical capabilities[67](index=67&type=chunk)[68](index=68&type=chunk) - Risk of client concentration: The copper clad laminate industry has high market concentration, and changes in major clients' operating conditions could impact company performance; countermeasures include expanding client channels, acquiring new clients, enhancing competitiveness, increasing R&D investment, and optimizing product quality and service[69](index=69&type=chunk)[70](index=70&type=chunk) - Production safety risk: Expanding business scale brings risks of safety accidents, and stricter standards may increase costs; countermeasures include strict adherence to safety management systems, robust risk prevention and control, enhancing employee safety awareness, strengthening hazard identification, and developing and practicing emergency plans[71](index=71&type=chunk) - Risk of declining product sales prices: Decreasing raw material prices, low-price strategies, and intensified market competition may lead to further declines in product sales prices; countermeasures include continuous increase in R&D investment, raising technological barriers, optimizing production processes, reducing costs, and formulating market strategies[72](index=72&type=chunk) - Risk of raw material price fluctuations: Prices of major raw materials are influenced by international crude oil and supply-demand dynamics, with fluctuations potentially impacting costs and profitability; countermeasures include continuous monitoring of raw material prices, timely procurement and stocking, adjusting product selling prices, expanding supplier channels, enhancing bargaining power, and improving raw material utilization efficiency[73](index=73&type=chunk)[74](index=74&type=chunk) - Risk of intensified market competition: The expanding mid-to-high-end copper clad laminate market attracts new entrants, and capacity release may intensify competition; countermeasures include focusing on mid-to-high-end electronic resins, increasing R&D investment, accelerating new product and process development, accurately grasping market dynamics, deepening client cooperation, and attracting and cultivating talent[75](index=75&type=chunk) Section IV Corporate Governance, Environment and Society This section details the company's corporate governance structure, environmental protection initiatives, and social responsibility practices. [Changes in Directors, Supervisors, and Senior Management](index=22&type=section&id=%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's directors, supervisors, or senior management. - There were no changes in the company's directors, supervisors, and senior management during the reporting period[79](index=79&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Period](index=22&type=section&id=%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company will not distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for this reporting period. - The company will not distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for this reporting period[80](index=80&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company has not implemented equity incentive or employee stock ownership plans, but motivates employees through performance bonuses, dynamic compensation adjustments, training, innovation incentives, career development, and team-building activities. - The company has no equity incentive plans or employee stock ownership plans[81](index=81&type=chunk)[82](index=82&type=chunk) - The company implemented performance bonuses and dynamic salary adjustments, distributing bonuses and adjusting salaries based on **2024** annual performance appraisal results[82](index=82&type=chunk) - The company organized multiple internal training sessions and external professional courses to enhance employees' professional capabilities and comprehensive qualities, and hosted high-level industry forums[83](index=83&type=chunk) - The company established a technological innovation incentive mechanism, providing preferential compensation, benefits, and rewards to technical development personnel[84](index=84&type=chunk)[85](index=85&type=chunk) - The company built multi-dimensional promotion channels, selecting and promoting management personnel based on performance appraisals[86](index=86&type=chunk) - The company organized cultural activities such as annual meetings, birthday parties, department team building, and safety month knowledge competitions to enhance team cohesion[87](index=87&type=chunk) [Environmental Information Disclosure](index=23&type=section&id=%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The 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[88](index=88&type=chunk) [Social Responsibility](index=23&type=section&id=%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) Adhering to sustainable development, the company actively fulfills social responsibilities in corporate governance, environmental protection, employee care, and supply chain management, ensuring compliant operations, regulatory pollutant emissions, employee welfare, and transparent supply chain relationships to enhance client satisfaction. - The company operates strictly in accordance with laws, regulations, and its articles of association, ensuring standardized and efficient corporate governance, with no significant violations during the reporting period[88](index=88&type=chunk) - The company highly values environmental protection and production safety, strictly adheres to regulations for pollutant emissions, and organizes environmental awareness campaigns, safety training, hazard identification, and emergency drills[89](index=89&type=chunk) - The company fully implements employee rights protection, legally signing labor contracts and paying social insurance, while providing care measures such as health check-ups, paid annual leave, optimized working environments, and assistance for employees in need[91](index=91&type=chunk) - The company established a responsible supply chain system, signed "Integrity Cooperation Agreements" with suppliers, and implemented an annual client satisfaction survey mechanism, enhancing client value through technological synergy and resource integration[92](index=92&type=chunk) Section V Significant Matters This section addresses various significant matters, including commitments, fund occupation, external guarantees, litigation, penalties, related party transactions, and major contracts. [Commitments](index=25&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, no commitments by the company's actual controllers, shareholders, related parties, acquirers, or the company itself were overdue or unfulfilled at period-end. - During the reporting period, there were no commitments by the company's actual controllers, shareholders, related parties, acquirers, or the company itself that were either fulfilled within the period or overdue and unfulfilled at the end of the reporting period[94](index=94&type=chunk) [Fund Occupation and External Guarantees](index=25&type=section&id=%E8%B5%84%E9%87%91%E5%8D%A0%E7%94%A8%E4%B8%8E%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D) During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties, nor any irregular external guarantees. - During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company[95](index=95&type=chunk) - The company had no irregular external guarantees during the reporting period[96](index=96&type=chunk) [Accounting Firm Information](index=25&type=section&id=%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was unaudited, thus no explanation for a non-standard audit report is provided. - The company's semi-annual report was unaudited[97](index=97&type=chunk) [Litigation Matters](index=25&type=section&id=%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no significant litigation or arbitration matters during the reporting period; other litigation involved **CNY 197,100**, which is closed/filed and has no material impact on the company. - The company had no significant litigation or arbitration matters during the reporting period[99](index=99&type=chunk) Other Litigation Matters | Basic Information on Litigation (Arbitration) | Amount Involved (CNY 10,000) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Execution Status of Litigation (Arbitration) Judgment | | :--- | :--- | :--- | :--- | :--- | :--- | | Other litigation (arbitration) matters not meeting disclosure standards for the reporting period | 19.71 | No | Closed/Filed | No material impact on the company | Executed/Not yet in execution phase | [Penalties and Integrity Status](index=26&type=section&id=%E5%A4%84%E7%BD%9A%E5%8F%8A%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) During the reporting period, the company had no penalties or rectification requirements, and neither the company nor its controlling shareholders or actual controllers had unfulfilled court judgments or overdue unpaid debts, indicating good integrity status. - The company had no penalties or rectification requirements during the reporting period[101](index=101&type=chunk) - During the reporting period, neither the company nor its controlling shareholders and actual controllers, Mr. Zhang Chi and Mr. Su Shiguo, had unfulfilled effective court judgments or significant overdue unpaid debts[102](index=102&type=chunk) [Significant Related Party Transactions](index=26&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company had no related party transactions concerning daily operations, asset/equity acquisitions/disposals, joint external investments, related party debt/credit, or dealings with affiliated financial companies. - During the reporting period, the company had no related party transactions concerning daily operations, asset or equity acquisitions/disposals, joint external investments, or related party debt/credit transactions[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk) - There were no deposits, loans, credit lines, or other financial business between the company and affiliated financial companies, or between the company's controlled financial companies and related parties[107](index=107&type=chunk)[108](index=108&type=chunk) [Significant Contracts and Their Performance](index=27&type=section&id=%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had no entrustment, contracting, or leasing matters, but provided several joint liability guarantees for its subsidiary Jiangxi Tongyu New Materials Co., Ltd., with an approved total of **CNY 700 million** and an actual outstanding balance of **CNY 400 million**, representing **45.81%** of the company's net assets. - The company had no entrustment, contracting, or leasing situations during the reporting period[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) Company Guarantees for Subsidiaries | Guaranteed Party Name | Approved Guarantee Amount (CNY 10,000) | Actual Occurrence Date | Actual Guarantee Amount (CNY 10,000) | Guarantee Type | Guarantee Period | Whether Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangxi Tongyu New Materials Co., Ltd. | 20,000 | November 24, 2023 | 20,000 | Joint and Several Liability Guarantee | From signing date until three years after the maturity date of the principal debt | No | | Jiangxi Tongyu New Materials Co., Ltd. | 6,000 | December 27, 2024 | 6,000 | Joint and Several Liability Guarantee | From signing date until three years after the maturity date of the principal debt | No | | Jiangxi Tongyu New Materials Co., Ltd. | 4,000 | January 20, 2025 | 4,000 | Joint and Several Liability Guarantee | From signing date until three years after the maturity date of the principal debt | No | | Jiangxi Tongyu New Materials Co., Ltd. | 5,000 | March 13, 2025 | 5,000 | Joint and Several Liability Guarantee | From signing date until three years after the maturity date of the principal debt | No | | Jiangxi Tongyu New Materials Co., Ltd. | 5,000 | December 24, 2024 | 5,000 | Joint and Several Liability Guarantee | From signing date until three years after the maturity date of the principal debt | No | | Total approved guarantee amount for subsidiaries within the reporting period (B1) | 30,000 | | Total actual guarantee amount for subsidiaries within the reporting period (B2) | 40,000 | | | | Total approved guarantee amount for subsidiaries at period-end (B3) | 70,000 | | Total actual guarantee balance for subsidiaries at period-end (B4) | 40,000 | | | | Ratio of total actual guarantee amount (A4+B4+C4) to company's net assets | 45.81% | | | | | | [Other Significant Matters](index=29&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no other significant matters requiring explanation, nor did its subsidiaries. - The company had no other significant matters requiring explanation during the reporting period[117](index=117&type=chunk) - The company's subsidiaries had no significant matters during the reporting period[118](index=118&type=chunk) Section VI Share Changes and Shareholder Information This section details changes in the company's share capital, shareholder structure, and holdings of directors, supervisors, and senior management. [Share Changes](index=30&type=section&id=%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital remained unchanged at **30,000,000** shares, with **100%** being restricted shares; the company was listed on the Shenzhen Stock Exchange ChiNext on **July 10, 2025**. Share Changes | Share Type | Quantity Before Change | Proportion Before Change | Change (Increase/Decrease) | Quantity After Change | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 30,000,000 | 100.00% | 0 | 30,000,000 | 100.00% | | Of which: Shares Held by Domestic Legal Persons | 1,577,500 | 5.26% | 0 | 1,577,500 | 5.26% | | Shares Held by Domestic Natural Persons | 28,422,500 | 94.74% | 0 | 28,422,500 | 94.74% | | II. Unrestricted Shares | 0 | 0.00% | 0 | 0 | 0.00% | | III. Total Shares | 30,000,000 | 100.00% | 0 | 30,000,000 | 100.00% | - The company was listed on the ChiNext board of the Shenzhen Stock Exchange on **July 10, 2025**[121](index=121&type=chunk) [Shareholder Numbers and Shareholding Status](index=31&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) At period-end, there were **78** common shareholders; among the top ten, Zhang Chi held **39.99%** and Su Shiguo held **26.13%**, together controlling **71.38%** of voting rights as co-actual controllers, with all top ten shareholders holding restricted shares. - At the end of the reporting period, the total number of common shareholders was **78**[123](index=123&type=chunk) Shareholding Status of Shareholders Holding 5% or More, or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-End | Number of Restricted Shares Held | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Chi | Domestic Natural Person | 39.99% | 11,997,300 | 11,997,300 | N/A | | Su Shiguo | Domestic Natural Person | 26.13% | 7,839,700 | 7,839,700 | N/A | | Ji Zhonglin | Domestic Natural Person | 12.00% | 3,600,000 | 3,600,000 | N/A | | Zhang Xing | Domestic Natural Person | 8.60% | 2,580,100 | 2,580,100 | N/A | | Deng Kaihua | Domestic Natural Person | 6.02% | 1,806,100 | 1,806,100 | N/A | | Sihui Zhaoyu Enterprise Management Partnership (Limited Partnership) | Other | 5.26% | 1,577,500 | 1,577,500 | N/A | - Zhang Chi and Su Shiguo signed a "Concerted Action Agreement," forming a concerted action relationship, and together control **71.38%** of the company's voting rights, serving as the company's co-actual controllers[124](index=124&type=chunk)[536](index=536&type=chunk) - The company was not listed during the reporting period, so there were no unrestricted tradable shares[124](index=124&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=32&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management. - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[125](index=125&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=32&type=section&id=%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) During the reporting period, neither the company's controlling shareholder nor its actual controller changed. - The company's controlling shareholder did not change during the reporting period[126](index=126&type=chunk) - The company's actual controller did not change during the reporting period[128](index=128&type=chunk) [Preferred Share Information](index=33&type=section&id=%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no preferred shares. - The company had no preferred shares during the reporting period[129](index=129&type=chunk) Section VII Bond Information This section provides information regarding the company's bond-related matters. [Bond Information](index=34&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no bond-related matters. - The company had no bond-related matters during the reporting period[131](index=131&type=chunk) Section VIII Financial Report This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies and financial items. [Audit Report](index=35&type=section&id=%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was unaudited. - The company's semi-annual financial report was unaudited[133](index=133&type=chunk) [Financial Statements](index=35&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, presenting financial position and operating results at period-end. - This section includes the Consolidated Balance Sheet, Parent Company Balance Sheet, Consolidated Income Statement, Parent Company Income Statement, Consolidated Cash Flow Statement, Parent Company Cash Flow Statement, Consolidated Statement of Changes in Owners' Equity, and Parent Company Statement of Changes in Owners' Equity[134](index=134&type=chunk)[139](index=139&type=chunk)[143](index=143&type=chunk)[147](index=147&type=chunk)[151](index=151&type=chunk)[153](index=153&type=chunk)[155](index=155&type=chunk)[162](index=162&type=chunk) [Company Overview](index=52&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Tongyu New Materials (Guangdong) Co., Ltd. was established through a comprehensive change from Guangdong Tongyu New Materials Co., Ltd., with an initial registered capital of **CNY 30 million**, later increased to **CNY 40 million** after its IPO, primarily engaging in R&D, production, and sales of specialized electronic materials, engineering plastics, and synthetic resins. - The company was established through a comprehensive change from the former Guangdong Tongyu New Materials Co., Ltd., with its registered and headquarters operating address in Mafang Development Zone, Dasha Town, Sihui City[168](index=168&type=chunk) - The company's initial registered capital was **CNY 30 million**, which later changed to **CNY 40 million** after the initial public offering of **10,000,000** RMB ordinary shares[168](index=168&type=chunk)[170](index=170&type=chunk) - The company's principal business activities include the R&D, production, and sales of specialized electronic materials, engineering plastics, synthetic resins, chemical raw materials, and chemical products[171](index=171&type=chunk) [Basis of Financial Statement Preparation](index=53&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company prepares its financial statements on a going concern basis, in accordance with Enterprise Accounting Standards and relevant CSRC regulations, and has assessed its ability to continue as a going concern for the next **12** months, deeming the basis of preparation reasonable. - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with Enterprise Accounting Standards, their application guidelines, and interpretations, and discloses financial information in compliance with the China Securities Regulatory Commission's "Rules for Information Disclosure by Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports (Revised 2023)"[172](index=172&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[173](index=173&type=chunk) [Significant Accounting Policies and Estimates](index=54&type=section&id=%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's significant accounting policies and estimates, including compliance with Enterprise Accounting Standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, cash and cash equivalents, financial instruments, various receivables, inventories, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee compensation, share-based payments, revenue, government grants, deferred income tax assets/liabilities, and leases. - The company adheres to Enterprise Accounting Standards, accurately and completely reflecting its financial position, operating results, changes in owners' equity, and cash flows[175](index=175&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, with the functional currency being RMB[176](index=176&type=chunk)[178](index=178&type=chunk) - The company classifies financial assets as measured at amortized cost, fair value through profit or loss, or fair value through other comprehensive income, and recognizes loss provisions based on the expected credit loss model[197](index=197&type=chunk)[209](index=209&type=chunk) - Fixed assets are depreciated using the straight-line method, with depreciation periods of **12-20 years** for buildings and structures, and **3-10 years** for machinery and equipment[255](index=255&type=chunk) - Intangible assets (such as land use rights, computer software) are amortized using the straight-line method over their estimated useful lives, while R&D expenditures are divided into research phase (expensed to current profit/loss) and development phase (capitalized when conditions are met)[262](index=262&type=chunk)[266](index=266&type=chunk)[268](index=268&type=chunk) - Revenue is recognized when the client obtains control of the related goods, with the transaction price determined based on contractual agreements and the best estimate of variable consideration[296](index=296&type=chunk) - Government grants are classified as asset-related or income-related; asset-related grants are recognized as deferred income and amortized to profit or loss over the asset's useful life, while income-related grants are directly recognized in current profit or loss or deferred and amortized over time[304](index=304&type=chunk)[305](index=305&type=chunk) [Taxation](index=82&type=section&id=%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT (**13%**, **9%**, **6%**), Urban Maintenance and Construction Tax (**5.00%**), and Corporate Income Tax (**15.00%**), benefiting from high-tech enterprise income tax incentives and additional VAT deductions for advanced manufacturing enterprises. Major Taxes and Tax Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services calculated according to tax laws, after deducting deductible input VAT for the current period, the difference is VAT payable | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | VAT payable | 5.00% | | Corporate Income Tax | Taxable income | 15.00% | | Local Education Surcharge | VAT payable | 2.00% | | Education Surcharge | VAT payable | 3.00% | - The company passed the high-tech enterprise re-certification in **December 2023**, and will be subject to a reduced corporate income tax rate of **15%** in **2025**[335](index=335&type=chunk) - The company enjoys VAT exemption, offset, and refund policies for self-operated export goods, and benefits from a **5%** additional VAT deduction for advanced manufacturing enterprises (**January 1, 2023, to December 31, 2027**)[336](index=336&type=chunk) [Notes to Consolidated Financial Statement Items](index=83&type=section&id=%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details the period-end and period-beginning balances and changes for each consolidated financial statement item, including cash, notes receivable, accounts receivable, inventories, fixed assets, construction in progress, intangible assets, short-term borrowings, notes payable, accounts payable, employee compensation, taxes payable, long-term borrowings, deferred income, share capital, capital reserves, special reserves, retained earnings, operating revenue and costs, various expenses, other income, investment income, credit impairment losses, asset impairment losses, income tax expenses, cash flow statement items, and equity in subsidiaries. Composition of Cash and Cash Equivalents | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Cash on Hand | 108,459.20 | 128,999.80 | | Bank Deposits | 27,963,528.31 | 29,620,777.22 | | Other Cash and Cash Equivalents | 81,681,100.12 | 61,307,163.71 | | Total | 109,753,087.63 | 91,056,940.73 | - Other cash and cash equivalents at period-end primarily consist of letter of guarantee deposits and bank acceptance bill deposits, which are subject to usage restrictions[338](index=338&type=chunk) Categorization of Notes Receivable | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Bank Acceptance Bills | 142,405,885.25 | 168,228,257.61 | | Finance Company Acceptance Bills | 1,965,404.72 | 673,075.00 | | Total | 144,371,289.97 | 168,901,332.61 | - Accounts receivable period-end balance was **CNY 318,301,820.72**, with bad debt provision of **CNY 17,517,755.50**, resulting in a book value of **CNY 300,784,065.22**[354](index=354&type=chunk)[355](index=355&type=chunk) - Accounts receivable financing period-end balance was **CNY 162,096,857.69**, primarily consisting of bank acceptance bills, with no bad debt provision recognized[365](index=365&type=chunk)[366](index=366&type=chunk)[367](index=367&type=chunk) Inventory Classification | Item | Period-End Book Value (CNY) | Period-Beginning Book Value (CNY) | | :--- | :--- | :--- | | Raw Materials | 63,467,670.37 | 39,219,115.16 | | Work in Progress | 2,898,369.69 | 1,458,950.79 | | Finished Goods | 60,896,390.63 | 50,635,243.33 | | Revolving Materials | 577,576.00 | 2,254,263.99 | | Goods in Transit | 3,038,168.18 | 1,725,230.89 | | Total | 130,878,174.87 | 95,292,804.16 | - Fixed assets period-end book value was **CNY 549,000,033.00**, including **CNY 238,495,258.92** for buildings and structures, and **CNY 291,676,289.15** for machinery and equipment[400](index=400&type=chunk) - Construction in progress period-end book value was **CNY 111,556,280.23**, primarily for the first phase of the Jingdezhen plant project[405](index=405&type=chunk) - Intangible assets period-end book value was **CNY 43,814,759.36**, primarily consisting of land use rights[412](index=412&type=chunk) - Short-term borrowings period-end balance was **CNY 23,218,271.06**, mainly from notes receivable discounting[426](index=426&type=chunk) - Notes payable period-end balance was **CNY 382,237,100.15**, all of which were bank acceptance bills[428](index=428&type=chunk) - Accounts payable period-end balance was **CNY 103,808,137.92**, primarily consisting of payables for goods and construction projects[431](index=431&type=chunk) - Employee compensation payable period-end balance was **CNY 9,724,326.99**, mainly comprising salaries, bonuses, allowances, and subsidies[450](index=450&type=chunk)[452](index=452&type=chunk) - Long-term borrowings period-end balance was **CNY 168,191,982.90**, primarily consisting of guaranteed and mortgaged loans[461](index=461&type=chunk) - Deferred income period-end balance was **CNY 51,621,438.30**, entirely composed of asset-related government grants[462](index=462&type=chunk) - Capital reserves period-end balance was **CNY 204,349,831.69**, with an increase of **CNY 5,627,328.30** in the current period, mainly due to share-based payments[465](index=465&type=chunk) - Retained earnings period-end balance was **CNY 602,213,863.37**[470](index=470&type=chunk) - Operating revenue for the current period was **CNY 571,337,419.52**, operating cost was **CNY 454,742,521.48**, with electronic resins as the principal business[472](index=472&type=chunk)[473](index=473&type=chunk) - R&D expenses for the current period were **CNY 11,833,908.77**, compared to **CNY 13,745,349.19** in the prior period, representing a **13.91%** year-on-year decrease[481](index=481&type=chunk) - Financial expenses for the current period were **CNY 1,789,568.19**, compared to **-CNY 256,955.05** in the prior period, primarily due to increased interest expenses[482](index=482&type=chunk) - Other income for the current period was **CNY 5,656,288.06**, mainly from government grants and additional input VAT deductions[484](index=484&type=chunk) - Investment income for the current period was **-CNY 802,456.13**, primarily due to notes discounting interest[486](index=486&type=chunk) - Income tax expense for the current period was **CNY 12,119,000.18**, compared to **CNY 10,451,196.61** in the prior period[492](index=492&type=chunk) - Net cash flow from operating activities for the current period was **CNY 4,684,292.15**, compared to **CNY 55,966,854.30** in the prior period, representing a significant year-on-year decrease[501](index=501&type=chunk) - The company's sole subsidiary is Jiangxi Tongyu New Materials Co., Ltd., with a **100%** shareholding acquired through establishment[518](index=518&type=chunk) [R&D Expenses](index=114&type=section&id=%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenses for the current period were **CNY 11,833,908.77**, all expensed, primarily comprising employee compensation, material input costs, testing fees, utilities, and depreciation/amortization, indicating a year-on-year decrease in R&D investment. Composition of R&D Expenses | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation | 6,347,297.08 | 5,151,897.54 | | Material Input Costs | 2,585,495.50 | 6,193,807.02 | | Testing Fees | 276,499.11 | 2,783.01 | | Utilities and Fuel Costs | 379,225.81 | 465,634.15 | | Depreciation and Amortization | 1,415,249.24 | 891,737.16 | | Other | 830,142.03 | 1,039,490.31 | | Total | 11,833,908.77 | 13,745,349.19 | | Of which: Expensed R&D Expenditures | 11,833,908.77 | 13,745,349.19 | - All R&D expenditures for the current period were expensed, with no R&D projects meeting capitalization criteria[514](index=514&type=chunk)[515](index=515&type=chunk) [Equity in Other Entities](index=115&type=section&id=%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company's sole subsidiary is Jiangxi Tongyu New Materials Co., Ltd., primarily engaged in R&D, production, and sales of specialized electronic materials, with the company directly holding **100%** of its equity. Composition of the Enterprise Group | Subsidiary Name | Principal Place of Business | Registered Place | Nature of Business | Shareholding Percentage (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangxi Tongyu New Materials Co., Ltd. | Jingdezhen, Jiangxi | Jingdezhen, Jiangxi | R&D, manufacturing, and sales of specialized electronic materials, etc. | 100.00% | Newly Established | [Government Grants](index=116&type=section&id=%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) At period-end, the balance of asset-related government grants in deferred income was **CNY 51,621,438.30**; total government grants recognized in current profit or loss for the period were **CNY 3,136,042.86**, with **CNY 2,986,042.86** transferred from deferred income. Liability Items Involving Government Grants | Accounting Account | Period-Beginning Balance (CNY) | New Grants Added This Period (CNY) | Amount Recognized in Non-operating Income This Period (CNY) | Amount Transferred to Other Income This Period (CNY) | Other Changes This Period (CNY) | Period-End Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 54,607,481.16 | | | 2,986,042.86 | | 51,621,438.30 | Asset-related | Government Grants Recognized in Current Profit or Loss | Accounting Account | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Other Income | 3,136,042.86 | 2,990,587.92 | [Risks Related to Financial Instruments](index=117&type=section&id=%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces credit, liquidity, and market risks; credit risk primarily stems from accounts receivable, with the top five clients accounting for **65.94%** of the total, while liquidity risk is managed by monitoring short-term and long-term funding needs, and market risk, mainly foreign exchange risk, had no significant exposure at period-end, with no hedging activities undertaken. - The company's risks related to financial instruments primarily include credit risk, liquidity risk, and market risk[525](index=525&type=chunk) - Credit risk primarily arises from cash and cash equivalents, notes receivable, accounts receivable, other receivables, etc., with accounts receivable from the top five clients accounting for **65.94%** of the total[526](index=526&type=chunk)[527](index=527&type=chunk) - Liquidity risk is managed by regularly monitoring short-term and long-term liquidity needs to ensure sufficient cash reserves are maintained[528](index=528&type=chunk) Maturity Analysis of Financial Liabilities (as of June 30, 2025) | Item Name | Within 1 Year (CNY) | 1-2 Years (CNY) | 2-3 Years (CNY) | Over 3 Years (CNY) | | :--- | :--- | :--- | :--- | :--- | | Short-term Borrowings | 23,218,271.06 | - | - | - | | Notes Payable | 382,237,100.15 | - | - | - | | Accounts Payable | 103,808,137.92 | - | - | - | | Other Payables | 2,506,243.58 | - | - | - | | Non-current Liabilities Due Within 1 Year | 18,826,600.75 | - | - | - | | Other Current Liabilities | 3,383,876.21 | - | - | - | | Long-term Borrowings | - | 37,375,996.20 | 56,063,994.30 | 74,751,992.40 | | Total | 533,980,229.67 | 37,375,996.20 | 56,063,994.30 | 74,751,992.40 | - Market risk primarily consists of foreign exchange risk, but there was no significant risk exposure at the end of the reporting period; the company did not engage in hedging activities[529](index=529&type=chunk)[530](index=530&type=chunk)[532](index=532&type=chunk) [Fair Value Disclosure](index=119&type=section&id=%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) At period-end, assets measured at fair value primarily comprised accounts receivable financing, totaling **CNY 162,096,857.69**, classified as Level 3 fair value measurements. Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | | Accounts Receivable Financing | 162,096,857.69 | 162,096,857.69 | [Related Parties and Related Party Transactions](index=119&type=section&id=%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's actual controllers are Zhang Chi and Su Shiguo, who together control **71.38%** of voting rights; key related parties include shareholders, directors, supervisors, and senior management; no routine related party transactions occurred during the period, but the company received guarantees from related parties, primarily Zhang Chi and Su Shiguo, with key management personnel compensation totaling **CNY 2,731,988.67**. - The company's actual controllers are **Zhang Chi** and **Su Shiguo**, who together control **71.38%** of the company's voting shares[536](index=536&type=chunk) - Other related parties include shareholders (Ji Zhonglin, Zhang Xing, Deng Kaihua), directors, supervisors, and senior management (Zheng Yemei, Wang Yan, Yu Yuying, Yang Jin, Xu Guozheng, Su Wenping, Deng Peihong), as well as Sihui Zhaoyu Enterprise Management Partnership (Limited Partnership), where actual controller Zhang Chi serves as the executive partner[537](index=537&type=chunk) - During the reporting period, the company had no related party transactions involving the purchase or sale of goods, or the provision or acceptance of services[538](index=538&type=chunk)[539](index=539&type=chunk) Company as Guaranteed Party | Guarantor | Guarantee Amount (CNY) | Guarantee Start Date | Guarantee End Date | Whether Guarantee Has Been Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Zhang Chi, Su Shiguo | 5,000,000.00 | September 18, 2019 | December 31, 2027 | Yes | | Zhang Chi, Su Shiguo | 10,000,000.00 | September 18, 2019 | December 31, 2025 | Yes | | Zhang Chi, Su Shiguo | 150,000,000.00 | August 28, 2023 | August 28, 2024 | Yes | | Zhang Chi, Su Shiguo | 100,000,000.00 | October 14, 2024 | October 13, 2025 | No | | Zhang Chi, Jiangxi Tongyu | 150,000,000.00 | February 03, 2023 | January 10, 2024 | Yes | | Zhang Chi, Jiangxi Tongyu | 150,000,000.00 | November 23, 2023 | November 12, 2024 | No | | Zhang Chi | 200,000,000.00 | November 23, 2023 | November 24, 2024 | No | | Zhang Chi, Jiangxi Tongyu | 120,000,000.00 | December 24, 2024 | December 23, 2027 | No | | Zhang Chi, Zhang Xing, Deng Kaihua, Su Shiguo | 17,800,000.00 | October 25, 2021 | October 25, 2026 | Yes | | Zhang Chi, Ji Zhonglin | 240,000,000.00 | June 10, 2022 | June 09, 2025 | Yes | | Zhang Chi, Su Shiguo, Ji Zhonglin | 100,000,000.00 | December 05, 2022 | March 25, 2025 | Yes | | Zhang Chi, Ji Zhonglin | 100,000,000.00 | December 22, 2023 | December 21, 2026 | No | - Key management personnel compensation for the current period was **CNY 2,731,988.67**[543](index=543&type=chunk) [Share-based Payment](index=121&type=section&id=%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) The company recognized total equity-settled share-based payment expenses of **CNY 5,627,328.30** for the current period, with a cumulative amount of **CNY 40,798,130.24** recorded in capital reserves, granted to employee stock ownership platforms. Equity-Settled Share-based Payment Information | Item | Amount (CNY) | | :--- | :--- | | Cumulative Amount of Equity-Settled Share-based Payments Recognized in Capital Reserves | 40,798,130.24 | | Total Expense Recognized for Equity-Settled Share-based Payments This Period | 5,627,328.30 | Share-based Payment Expenses This Period | Category of Grantees | Equity-Settled Share-based Payment Expense (CNY) | | :--- | :--- | | Employee Stock Ownership Platform | 5,627,328.30 | | Total | 5,627,328.30 | [Commitments and Contingencies](index=122&type=section&id=%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) As of the balance sheet date, the company had no significant commitments or material contingencies requiring disclosure. - As of the balance sheet date, the company had no significant commitments[550](index=550&type=chunk) - The company had no material contingencies requiring disclosure[552](index=552&type=chunk) [Events After the Balance Sheet Date](index=123&type=section&id=%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) The company issued and listed its shares on **July 10, 2025**, which is a significant non-adjusting event. Significant Non-Adjusting Events | Item | Content | Impact on Financial Position and Operating Results | Reason for Inability to Estimate Impact | | :--- | :--- | :--- | :--- | | Issuance of Stocks and Bonds | Issued and listed on July 10, 2025 | | | [Notes to Parent Company Financial Statement Items](index=123&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes for parent company financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income; parent company accounts receivable totaled **CNY 253,283,968.42** at period-end, and other receivables totaled **CNY 412,599,498.44**, primarily from related parties within the consolidation scope, with long-term equity investments mainly in Jiangxi Tongyu New Materials Co., Ltd. - Parent company accounts receivable period-end book balance was **CNY 253,283,968.42**, with bad debt provision of **CNY 13,994,670.39**, resulting in a book value of **CNY 239,289,298.03**[556](index=556&type=chunk)[558](index=558&type=chunk)[559](index=559&type=chunk) - Parent company other receivables period-end book balance was **CNY 412,599,798.44**, with **100.00%** consisting of amounts due from related parties within the consolidation scope[568](index=568&type=chunk)[574](index=574&type=chunk) - Parent company long-term equity investments period-end balance was **CNY 126,814,270.85**, entirely comprising investments in its subsidiary Jiangxi Tongyu New Materials Co., Ltd.[581](index=581&type=chunk)[583](index=583&type=chunk) - Parent company operating revenue for the current period was **CNY 466,991,144.93**, and operating cost was **CNY 370,598,857.92**[585](index=585&type=chunk) - Parent company investment income for the current period was **-CNY 566,071.59**, primarily due to notes discounting interest[589](index=589&type=chunk) [Supplementary Information](index=129&type=section&id=%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides supplementary information, including a detailed statement of non-recurring gains and losses, return on net assets, and earnings per share; total non-recurring gains and losses amounted to **CNY 381,504.93**, with a weighted average return on net assets of **7.59%** and basic earnings per share of **CNY 2.2081/share**. Detailed Statement of Non-recurring Gains and Losses for the Current Period | Item | Amount (CNY) | Description | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -125,985.49 | | | Government Grants Recognized in Current Profit/Loss | 488,587.92 | | | Fair Value Changes and Disposal Gains/Losses from Financial Assets/Liabilities Held by Non-financial En

北京华如科技股份有限公司 2025 年半年度报告全文 北京华如科技股份有限公司 2025 年半年度报告 2025-040 2025 年 8 月 1 北京华如科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人韩超、主管会计工作负责人韩超及会计机构负责人(会计主管 人员)周珊声明：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。 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和 应对措施"部分，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，不送红股，不以公积金 ...

[Part I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides essential information, the report's structure, and definitions of key terms for clarity [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report. The company's head and chief accountant declare the financial report is true, accurate, and complete. Forward-looking statements regarding future plans do not constitute substantial commitments, and investors should remain aware of risks. The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) - Any forward-looking statements regarding future plans in this report do not constitute a substantial commitment by the company to any investor, and investors and relevant parties should maintain sufficient awareness of risks[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) The report's table of contents clearly lists eight main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports - The report comprises eight main chapters with a clear structure[8](index=8&type=chunk) [Reference Documents List](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) Four reference documents are listed, including signed and sealed financial statements, original drafts of documents publicly disclosed on the CSRC-designated website, the original full semi-annual report signed by the legal representative, and other reference documents, all available at the company's Board of Directors Office - Reference documents include financial statements signed and sealed by the company's head, chief accountant, and head of accounting, original copies of all company documents and announcements publicly disclosed on the CSRC-designated website during the reporting period, and the original full **2025** semi-annual report signed by the company's legal representative[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) - The aforementioned reference documents are available at the company's Board of Directors Office[14](index=14&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) Provides definitions for common terms used in the report, including company name, actual controllers, major subsidiary names, product types (e.g., thermal transfer ribbons, wax-based, wax-resin, resin-based), and reporting period, to ensure accurate understanding of the report - Definitions include 'Company', 'the Company', 'Tiandi Digital' referring to Hangzhou Tiandi Digital Technology Co., Ltd., 'Actual Controllers' referring to **Han Qiong** and **Liu Jianhai**, and names of several subsidiaries[15](index=15&type=chunk) - Explains core product and technical terms such as thermal transfer ribbon, thermal transfer color ribbon, thermal transfer printing, wax-based, wax-resin, resin-based, and TTO ribbon[16](index=16&type=chunk) [Part II Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section outlines the company's fundamental information and presents its key financial performance metrics [I. Company Profile](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Introduces basic information about Hangzhou Tiandi Digital Technology Co., Ltd., including stock abbreviation, code, listing exchange, Chinese and English names, and legal representative - Stock Abbreviation: Tiandi Digital, Stock Code: **300743**, Stock Exchange: **Shenzhen Stock Exchange**[18](index=18&type=chunk) - The company's legal representative: **Han Qiong**[18](index=18&type=chunk) [II. Contact Person and Information](index=7&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) Provides contact information for the company's Board Secretary, Lu Meihang, and Securities Affairs Representative, Ye Jiahui, including names, address, phone, fax, and email - Board Secretary: **Lu Meihang**, Securities Affairs Representative: **Ye Jiahui**[19](index=19&type=chunk) - Contact address: **No. 600 Kangxin Road, Donghu Street, Linping District, Hangzhou City, Zhejiang Province**[19](index=19&type=chunk) [III. Other Information](index=7&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) States that the company's contact information, information disclosure, and document storage locations remained unchanged during the reporting period, and discloses registration changes, showing the registration date at the end of the reporting period as January 14, 2025 - The company's registered address, office address and postal code, website, and email address remained unchanged during the reporting period[20](index=20&type=chunk) - The securities exchange website and media names and URLs where the company discloses its semi-annual report, and the location for semi-annual report availability, remained unchanged during the reporting period[21](index=21&type=chunk) - Registration date at the end of the reporting period: **January 14, 2025**[22](index=22&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Discloses the company's key accounting data and financial indicators for the current and prior year periods, showing significant growth in operating revenue and net profit attributable to the parent company, but a decrease in net cash flow from operating activities, with changes also observed in total assets and net assets attributable to the parent company Comparison of Key Financial Indicators for Current and Prior Year Periods | Indicator | Current Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 430,946,001.92 CNY | 360,378,226.43 CNY | 19.58% | | Net Profit Attributable to Shareholders of Listed Company | 62,607,903.47 CNY | 47,297,695.70 CNY | 32.37% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 58,853,004.47 CNY | 46,599,926.22 CNY | 26.29% | | Net Cash Flow from Operating Activities | 33,416,177.41 CNY | 36,915,381.70 CNY | -9.48% | | Basic Earnings Per Share (CNY/share) | 0.41 CNY/share | 0.31 CNY/share | 32.26% | | Diluted Earnings Per Share (CNY/share) | 0.41 CNY/share | 0.31 CNY/share | 32.26% | | Weighted Average Return on Net Assets | 9.98% | 7.63% | 2.35% | Comparison of Asset and Liability Indicators at Current Period-End and Prior Year-End | Indicator | Current Period-End (CNY) | Prior Year-End (CNY) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 1,101,634,305.40 CNY | 1,062,016,832.36 CNY | 3.73% | | Net Assets Attributable to Shareholders of Listed Company | 593,225,591.76 CNY | 629,953,341.36 CNY | -5.83% | [V. Differences in Accounting Data Under Domestic and International Accounting Standards](index=8&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5

北京中岩大地科技股份有限公司 2025 年半年度报告全文 北京中岩大地科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 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。 公司负责人王立建、主管会计工作负责人张会娟及会计机构负责人(会计 主管人员)李月斋声明：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。 本报告所涉及的未来计划等前瞻性陈述可能受宏观经济环境、市场环境 等因素的影响而存在一定的不确定性，不构成公司对投资者的实质性承诺， 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。 公司在本报告"第三节管理层讨论与分析"中"十、公司面临的风险和 应对措施"部分，详细描述了公司经营中可能存在的风险及应对措施，敬请 投资者注意相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 北京中岩大地科技股份有限公司 2025 年半年度报告全文 第一节重要提示、目录和释义 | 第一节重要提示、目录和 ...

1 【披露时间】 青鸟消防股份有限公司 2025 年半年度报告全文 青鸟消防股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 青鸟消防股份有限公司 2025 年半年度报告 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。 公司负责人蔡为民先生、主管会计工作负责人陈立先先生及会计机构负 责人(会计主管人员)王琳女士声明：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。 公司经营会受各种风险因素影响，公司已在本报告中详细阐述。详情请 查阅本报告第三节"管理层讨论与分析"之"十、公司面临的风险和应对措施" 中关于公司可能面临的风险和应对措施部分的内容，敬请广大投资者注意。 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 | 第二节 | 公司简介和主要财务指标 7 | | | --- | --- | --- | | 第三节 | 管理层讨论与分析 10 | | | 第四节 | 公司治理、环境和社会 | 32 | | 第五节 | 重要事 ...

开能健康科技集团股份有限公司 2025 年半年度报告全文 开能健康科技集团股份有限公司 2025 年半年度报告 公告编号：2025-066 2025 年 8 月 26 日 1 开能健康科技集团股份有限公司 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。 公司负责人瞿建国、主管会计工作负责人瞿亚明及会计机构负责人(会计 主管人员)刘文军声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来经营计划和未来目标等前瞻性陈述，不代表公司 的盈利预测或对投资者的实质性承诺。 公司在发展过程中，面临行业市场风险、关税及境外经营风险、并购带 来的财务风险、所投资标的公允价值变动可能影响公司经营业绩的风险以及 募投项目产生的风险等风险因素，上述风险及应对措施详见本报告第三节中 "十、公司面临的风险和应对措施"相关内容。敬请广大投资者注意投资风险。 公司经本次董事会审议通过的利润分配预案为：以实施 ...