深圳市金溢科技股份有限公司 2025 年半年度报告全文 深圳市金溢科技股份有限公司 Shenzhen Genvict Technologies Co., Ltd. （深圳市南山区粤海街道高新区社区科技南路16号深圳湾科技生态园 11栋A1901-07号、20层01-08号） 2025 年半年度报告 二〇二五年八月 深圳市金溢科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人罗瑞发、主管会计工作负责人李锋龙及会计机构负责人（会计 主管人员）潘逢春声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告如果有涉及未来计划等前瞻性陈述，不构成公司对投资者的 实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解 计划、预测与承诺之间的差异。 公司敬请投资者认真阅读本半年度报告全文，本报告在第三节"管理层讨 论与分析"之"十、公司面临的风险和应对措施"部分， ...

陕西兴化化学股份有限公司 2025 年半年度报告全文 陕西兴化化学股份有限公司 2025 年半年度报告 2025 年 08 月 1 陕西兴化化学股份有限公司 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。 公司负责人韩磊、主管会计工作负责人胡明松及会计机构负责人(会计主 管人员)丁燕声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划、发展战略等前瞻性描述，并不代表公司的 盈利预测，不构成公司对投资者的实质承诺，投资者及相关人士均应对此保 持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。请广大投 资者注意投资风险。 公司子公司兴化化工和榆神能化主营业务为煤制合成氨、甲醇、甲胺、 DMF、乙醇、乙酸甲酯等，属于煤化工行业。其主要面临安全生产风险、环 保风险、原材料价格波动风险、市场需求及竞争风险、产业政策风险等，提 请广大投资者仔细阅读本报告"第三节 管理层讨论与分 ...

黄山永新股份有限公司 2025 年半年度报告全文 黄山永新股份有限公司 2025 年半年度报告 2025 年 8 月 26 日 1 黄山永新股份有限公司 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。 公司负责人江蕾、主管会计工作负责人吴旭及会计机构负责人(会计主管 人员)吴旭声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划、发展战略等前瞻性描述，不代表公司盈利预 测，不构成公司对投资者的实质承诺，投资者及相关人士均应对此保持足够 的风险认识，并且应当理解计划、预测与承诺之间的差异。请投资者注意投 资风险。 公司已在本报告中详细描述可能存在的相关风险，敬请查阅第三节"管理 层讨论与分析"中关于公司面临的风险和应对措施等内容。 公司经本次董事会审议通过的利润分配预案为：以 612,491,866 股为基 数，向全体股东每 10 股派发现金红利 2.80 元（含税），送红股 ...

重庆国际复合材料股份有限公司 2025 年半年度报告全文 重庆国际复合材料股份有限公司 2025 年半年度报告 【2025-043】 2025 年 8 月 1 重庆国际复合材料股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人江凌、主管会计工作负责人欧阳山及会计机构负责人(会计主管人员)张英明声明：保证 本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划、发展战略等前瞻性陈述，不构成本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。 公司在本半年度报告中详细阐述了未来可能发生的有关风险因素及对策，详见"第三节管理层讨论 与分析"之"十、公司面临的风险和应对措施"，敬请广大投资者予以关注。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一节 重 ...

山西蓝焰控股股份有限公司 2025 年半年度报告全文 山西蓝焰控股股份有限公司 2025 年半年度报告 2025-028 【2025 年 8 月】 1 山西蓝焰控股股份有限公司 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、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。 2 | 第二节 | 公司简介和主要财务指标 6 | | --- | --- | | 第三节 | 管理层讨论与分析 9 | | 第四节 | 公司治理、环境和社会 22 | | 第五节 | 重要事项 24 | | 第六节 | 股份变动及股东情况 31 | | 第七节 | 债券相关情况 36 | | 第八节 | 财务报告 38 | | 第九节 | 其他报送数据 150 | 山西蓝焰控股股份有限公司 2025 年半年度报告全文 公司负责人茹志鸿、主管会计工作负责人张志勇及会计机构负责人(会计 主管人员)陈鹏声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及未来计划等前瞻性陈述，不 ...

Part I [Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides crucial disclaimers, a detailed report structure, and definitions of key terms used throughout the financial report [Important Notes](index=2&type=section&id=Important%20Notes) The Board of Directors, Board of Supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with the company's head affirming the financial report's authenticity - The company's Board of Directors, Board of Supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, and the company's head declares the financial report is authentic[4](index=4&type=chunk) - The report highlights major risks including safety and environmental protection, procurement, industry overcapacity, accounts receivable, exchange rates, raw material supply, and investments[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this semi-annual period[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the main chapters of the report, covering company profile, key financial indicators, management discussion and analysis, corporate governance, environmental and social aspects, significant matters, share changes, shareholder information, bond-related matters, and financial statements - The report's main chapters include Company Profile and Key Financial Indicators, Management Discussion and Analysis, Corporate Governance, Environment and Society, Significant Matters, Changes in Share Capital and Shareholder Information, Bond-Related Information, and Financial Report[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, controlling shareholders, key chemicals (e.g., ethylene oxide, EOD, polyether, EC, PEG, ethylene sulfite) and their derivatives, as well as the full names of major subsidiaries - Key terms such as the Company, controlling shareholder, ethylene oxide, EOD, polyether, EC, ethoxylation, polyether monomer, polycarboxylate superplasticizer, PEG, and ethylene sulfite are defined[13](index=13&type=chunk) - The full names of major subsidiaries including Jiangsu Oxirane, Guangdong Oxirane, Sichuan Oxirane, Wuhan Oxirane, Jilin Oxirane, Hainan Oxirane, and Oxirane Pharma are listed[13](index=13&type=chunk) Part II [Company Profile and Key Financial Indicators](index=6&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, and key financial performance metrics for the reporting period [Company Profile](index=6&type=section&id=Company%20Profile) The company's stock abbreviation is "Oxirane Chemical", stock code 300082, listed on the Shenzhen Stock Exchange, with Zhu Jianmin as the legal representative - The company's stock abbreviation is "Oxirane Chemical", stock code 300082, and it is listed on the Shenzhen Stock Exchange[15](index=15&type=chunk) - The company's legal representative is Zhu Jianmin[15](index=15&type=chunk) [Contact Person and Information](index=6&type=section&id=Contact%20Person%20and%20Information) This section provides contact information for the company's Board Secretary Ma Shuai and Securities Affairs Representative Cao Xiaohan, including address, phone, fax, and email, to facilitate investor communication - The Board Secretary is Ma Shuai, and the Securities Affairs Representative is Cao Xiaohan[16](index=16&type=chunk) - The contact address is Room L1A-706, Hongqiao World Center, No. 568, Zhuguang Road, Xujing Town, Qingpu District, Shanghai; phone and fax are both 021-69830086; and the email is oxiranchem@126.com[16](index=16&type=chunk) [Other Information](index=6&type=section&id=Other%20Information) During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure and document storage locations, or registration status, with specific details available in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[17](index=17&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period[18](index=18&type=chunk) - The company's registration status remained unchanged during the reporting period[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue increased by 11.21% year-on-year, and net profit attributable to shareholders turned profitable, growing by 101.29%; however, net cash flow from operating activities decreased by 22.27%, while total assets and net assets attributable to shareholders slightly declined 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (yuan) | Prior Year Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,041,997,301.20 | 1,836,117,836.40 | 11.21 | | Net Profit Attributable to Listed Company Shareholders | 1,303,496.00 | -100,781,590.33 | 101.29 | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | -34,522,890.96 | -110,097,658.59 | 68.64 | | Net Cash Flow from Operating Activities | -498,932,743.76 | -408,059,362.80 | -22.27 | | Basic Earnings Per Share (yuan/share) | 0.0019 | -0.1482 | 101.27 | | Diluted Earnings Per Share (yuan/share) | 0.0019 | -0.1482 | 101.27 | | Weighted Average Return on Net Assets | 0.05 | -3.49 | 3.54 | | **End of Current Period (yuan)** | **End of Prior Year (yuan)** | **Change from Prior Year-End (%)** | | | Total Assets | 5,457,811,498.58 | 5,726,716,255.37 | -4.70 | | Net Assets Attributable to Listed Company Shareholders | 2,750,745,065.09 | 2,757,273,722.49 | -0.24 | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under International Accounting Standards or overseas accounting standards and those prepared under Chinese Accounting Standards - The company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[21](index=21&type=chunk) - The company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[22](index=22&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **RMB 35.826 million**, primarily from disposal gains on non-current assets, government grants, fair value changes, and non-operating income such as performance compensation and equity-for-debt from Shanghai Dongshuo 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 6,838,733.71 | | | Government Grants Included in Current Profit/Loss | 5,134,645.46 | | | Gains/Losses from Changes in Fair Value of Financial Assets and Liabilities, and Disposal of Financial Assets and Liabilities (excluding effective hedging activities related to normal business operations) | 183,900.00 | | | Gains/Losses from Entrusted Investment or Asset Management | 625,513.15 | | | Reversal of Impairment Provisions for Accounts Receivable Subject to Separate Impairment Testing | 1,269,587.26 | | | Other Non-Operating Income and Expenses (excluding the above) | 28,119,517.01 | Primarily performance compensation and equity-for-debt received from Shanghai Dongshuo | | Less: Income Tax Impact | 6,158,170.59 | | | Impact on Minority Interests (after tax) | 187,339.04 | | | Total | 35,826,386.96 | | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[25](index=25&type=chunk) Part III [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) This section analyzes the company's main business activities, core competencies, financial performance, investment status, and risks, along with corresponding countermeasures [Company's Main Business Activities During the Reporting Period](index=9&type=section&id=Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company adheres to a green, low-carbon, fine chemical, new energy, and new materials development strategy based on epoxy derivatives, expanding into new energy materials like ethylene sulfite (ES) while optimizing operations and enhancing innovation to improve efficiency amidst industry challenges - The company adheres to the development strategy of "creating value by focusing on the industrialization of high-end technologies such as epoxy-derived green, low-carbon, fine chemicals, new energy, and new materials"[27](index=27&type=chunk) - While maintaining traditional business segments (polyether monomer for superplasticizers, pharmaceutical excipients, non-ionic surfactants), the company is expanding into epoxy-derived polyethylene glycol for lithium battery cathode materials, battery-grade ethylene carbonate solvents, and has achieved mass production of the new lithium battery additive material ethylene sulfite (ES)[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - In the first half of 2025, the company achieved operating revenue of **RMB 2.042 billion**, a year-on-year increase of **11.21%**; net profit attributable to listed company shareholders was **RMB 1.3035 million**, an increase of **RMB 102.0851 million** compared to the first half of 2024[53](index=53&type=chunk) [Company's Main Products and Uses](index=9&type=section&id=Company%27s%20Main%20Products%20and%20Uses) The company's products are categorized into traditional epoxy derivatives and new energy new materials, with traditional products serving infrastructure, pharmaceuticals, and daily chemicals, while new materials focus on lithium batteries and energy storage - Traditional epoxy derivative products include polyether monomers for superplasticizers, pharmaceutical excipients (high-purity polyethylene glycol), and non-ionic surfactants[28](index=28&type=chunk) - New energy new materials products include polyethylene glycol (PEG) for lithium battery cathode materials, battery-grade carbonate solvents, and the new lithium battery additive material ethylene sulfite (ES)[28](index=28&type=chunk) - The company's ethylene carbonate and dimethyl carbonate production process technology holds independent intellectual property rights and is "world-first, internationally leading," achieving resource utilization of carbon dioxide[28](index=28&type=chunk)[29](index=29&type=chunk) [Industry Analysis](index=10&type=section&id=Industry%20Analysis) The company operates in diverse sectors: the construction chemicals industry faces demand challenges but has long-term growth potential, new energy materials benefit from EV growth despite temporary oversupply, pharmaceutical excipients are driven by aging populations and healthcare reforms, and non-ionic surfactants maintain stable demand with a green development trend - The construction chemicals industry (polycarboxylate superplasticizer polyether monomer) is experiencing bottoming demand, impacted by national infrastructure and real estate, leading to short-term profit pressure, but benefits long-term from capacity rationalization and international market demand[30](index=30&type=chunk)[31](index=31&type=chunk)[33](index=33&type=chunk) - The new energy new materials industry benefits from the rapid development of new energy vehicles (cumulative production increased by **38.7%** from January to June 2025) and power batteries (cumulative output increased by **60.40%** year-on-year), though the electrolyte solvent market is experiencing temporary oversupply[34](index=34&type=chunk)[35](index=35&type=chunk) - The pharmaceutical excipients industry is driven by an aging population, expanded medical insurance, and new medical reform policies, leading to steady market growth and accelerated domestic substitution[37](index=37&type=chunk) - The non-ionic surfactant industry maintains stable market demand and is developing towards green sustainability, but short-term growth is limited by overcapacity and environmental policies[38](index=38&type=chunk) [Industry Competitive Landscape and Company's Position](index=12&type=section&id=Industry%20Competitive%20Landscape%20and%20Company%27s%20Position) Despite overcapacity in polycarboxylate superplasticizer polyether monomer, the company maintains a leading market position; in new energy materials, carbon ester sales decreased, but new lithium battery additive ES achieved industrial production, and pharmaceutical excipient sales significantly increased - The polycarboxylate superplasticizer polyether monomer industry faces overcapacity and weak end-user demand, yet the company's main products consistently hold a leading market share in China[39](index=39&type=chunk)[40](index=40&type=chunk) - The new energy new materials industry is highly competitive, with the company's carbonate series product sales decreasing by **31%** year-on-year, but the new lithium battery additive material ethylene sulfite (ES) project achieved industrial production using a world-first new process[41](index=41&type=chunk) - The company is a major supplier of pharmaceutical-grade polyethylene glycol excipients to over 400 domestic formulation enterprises, holding EXCiPACT certification, with raw material sales increasing **8.3 times** year-on-year and injectable-grade product sales increasing **5 times** year-on-year[43](index=43&type=chunk)[44](index=44&type=chunk) [Main Business Models](index=14&type=section&id=Main%20Business%20Models) The company's business model integrates a complete ethylene-epoxy ethylene-epoxy derivative industrial chain with a national footprint, focusing on customer-centric marketing, centralized procurement, autonomous production, and R&D collaboration to expand into new energy battery materials - Profit Model: Leveraging a complete ethylene-ethylene oxide-ethylene oxide derivative industrial chain, million-ton capacity, and national layout, while expanding into the new energy battery materials market[46](index=46&type=chunk) - Marketing Model: Customer-centric approach, capturing new markets through national presence, implementing "production based on sales, sales promoting production," and controlling accounts receivable risks[47](index=47&type=chunk)[48](index=48&type=chunk) - Procurement Model: Centralized procurement with separation of management and operations, optimizing supply channels, strengthening price control for bulk raw materials, and collaborating with upstream manufacturers for ethylene resources[49](index=49&type=chunk) - Production Model: All products are self-produced; conventional products (polycarboxylate superplasticizer polyether monomer, carbonate series products, and conventional polyethylene glycol) use inventory-based production, while differentiated products (differentiated superplasticizer polyether, high-end polyethylene glycol, and fatty alcohol ethers) use order-based production[50](index=50&type=chunk) - R&D Model: Enterprise-led, market-oriented, combining industry, academia, and research, focusing on epoxy-derived new energy battery new materials, with national-level technology centers and postdoctoral research workstations as innovation platforms[51](index=51&type=chunk)[52](index=52&type=chunk) [Analysis of Company's Operations and Management](index=16&type=section&id=Company%27s%20Operations%20and%20Management) In the first half of 2025, the company achieved a year-on-year increase in operating revenue and a turnaround in net profit, driven by talent development, efficiency improvements, technological innovation, organizational reforms, and scientific management, leading to significant growth in new energy and pharmaceutical product sales and international market expansion 2025 Semi-Annual Operating Performance | Indicator | Amount (RMB 10,000) | YoY Change (RMB 10,000) | | :--- | :--- | :--- | | Operating Revenue | 204,199.73 | 11.21% | | Net Profit Attributable to Listed Company Shareholders | 130.35 | Increase 10,208.51 | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | -3,452.29 | Loss reduced by 7,557.48 | - The company implements a talent-strengthening strategy to enhance the professional quality of its workforce[53](index=53&type=chunk) - The company comprehensively improves quality and efficiency, optimizes procurement strategies, reduces production costs, achieves **21,000 tons** in sales of polyethylene glycol for new energy lithium batteries, significantly increases sales of pharmaceutical-grade and injectable-grade polyethylene glycol, and sees a **46%** year-on-year increase in international market sales[54](index=54&type=chunk) - The company continuously promotes a comprehensive technology-strengthening strategy, accelerating the formation of new productive forces, developing specialized and innovative products, and cultivating future industries[54](index=54&type=chunk)[55](index=55&type=chunk) - The company deepens institutional reforms, implements a matrix-style operational management model, and comprehensively promotes scientific management, solidifying the safety, environmental, and risk control bottom line, while practicing ESG management and a green, low-carbon development strategy[55](index=55&type=chunk) [Analysis of Core Competencies](index=17&type=section&id=Analysis%20of%20Core%20Competencies) The company's core competencies stem from its comprehensive industrial layout, robust technological innovation, strong brand reputation, advanced process and environmental technologies, and a well-developed talent management system, positioning it as a leader in epoxy-derived fine chemicals and new materials - The company possesses the most complete, largest, and most widely distributed epoxy-derived green, low-carbon fine chemical new materials manufacturing enterprise in China, with production bases in Liaoning, Jilin, Jiangsu, Hubei, Sichuan, Guangdong, and Hainan, forming a strong industrial layout advantage[56](index=56&type=chunk) - The company is among the first batch of national innovative enterprises and a key national high-tech enterprise, boasting innovation platforms such as a national-level enterprise technology center, postdoctoral research workstation, and academician workstation; in the first half of 2025, it obtained **8** authorized patents, with a total of **353** effective authorized patents[57](index=57&type=chunk)[58](index=58&type=chunk) - The company's brand "Oxirane OXIRANE and logo" is recognized as a China Well-known Trademark, and it has established strategic partnerships with renowned enterprises like Kezhijie, Subote, and CATL, enjoying a strong reputation in the industry[58](index=58&type=chunk) - All of the company's production lines adopt full-process, high-standard automated design, promote green planning and development, and enhance carbon management awareness among all employees through a carbon management system, practicing a "green and low-carbon" development strategy[59](index=59&type=chunk) - The company adheres to the philosophy that "talent is the primary resource," building a precise recruitment system, improving layered and categorized training mechanisms, perfecting incentive and restraint mechanisms, and optimizing talent evaluation and development mechanisms to provide talent assurance for high-quality development[59](index=59&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk) [Analysis of Main Business](index=19&type=section&id=Analysis%20of%20Main%20Business) In the first half of 2025, the company's operating revenue increased by 11.21% due to higher sales volume, while operating costs rose by 6.10%; sales expenses increased by 36.99% due to higher employee compensation, management expenses decreased by 21.74% due to reduced downtime losses and repair costs, and financial expenses surged by 115.93% due to lower bank deposit interest income; polyether monomer, polyethylene glycol, and fatty alcohol ethers are key products, with polyethylene glycol and fatty alcohol ethers showing significant revenue growth and stable or improved gross margins 2025 Semi-Annual Major Financial Data Year-on-Year Changes | Indicator | Current Period (yuan) | Prior Year Period (yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,041,997,301.20 | 1,836,117,836.40 | 11.21 | Primarily due to increased product sales during the reporting period | | Operating Cost | 1,933,797,903.00 | 1,822,653,987.76 | 6.10 | Primarily due to increased product sales during the reporting period | | Selling Expenses | 12,097,186.81 | 8,830,727.28 | 36.99 | Primarily due to increased employee compensation during the reporting period | | Administrative Expenses | 65,416,761.14 | 83,589,252.82 | -21.74 | Primarily due to decreased downtime losses and repair costs during the reporting period | | Financial Expenses | 26,807,345.85 | 12,414,941.63 | 115.93 | Primarily due to decreased bank deposit interest income during the reporting period | | Income Tax Expense | 4,485,881.41 | -15,770,137.42 | 128.45 | Primarily due to increased deferred income tax expense during the reporting period | | Net Cash Flow from Operating Activities | -498,932,743.76 | -408,059,362.80 | -22.27 | Primarily due to decreased cash received from sales of goods and provision of services during the reporting period | | Net Cash Flow from Investing Activities | 289,960,607.28 | 83,971,238.90 | 245.31 | Primarily due to increased redemption of bank wealth management products compared to the prior year period | | Net Cash Flow from Financing Activities | 5,209,381.08 | 254,717,700.42 | -97.95 | Primarily due to decreased borrowed funds compared to the prior year period | | Net Increase in Cash and Cash Equivalents | -201,929,184.89 | -65,586,364.24 | -207.88 | Primarily due to net outflow from operating activities exceeding net inflow from investing and financing activities during the reporting period | 2025 Semi-Annual Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Polyether Monomer | 1,110,672,967.42 | 1,076,064,079.94 | 3.12 | -7.49 | -11.68 | 4.60 | | Polyethylene Glycol | 351,098,423.19 | 288,807,887.27 | 17.74 | 48.40 | 47.78 | 0.34 | | Fatty Alcohol Ether | 238,597,992.53 | 232,742,288.57 | 2.45 | 77.02 | 71.59 | 3.09 | [Analysis of Non-Core Business](index=20&type=section&id=Analysis%20of%20Non-Core%20Business) During the reporting period, non-core business significantly contributed to total profit, with investment income accounting for 52.47% (primarily from long-term equity investments and wealth management products, whose sustainability depends on the performance of associates and joint ventures), and non-operating income accounting for 173.97% (mainly from performance compensation and equity-for-debt from Shanghai Dongshuo, which is not sustainable); asset and credit impairments negatively impacted total profit, and other income, mainly government grants, is not sustainable 2025 Semi-Annual Non-Core Business Analysis | Item | Amount (yuan) | Proportion of Total Profit (%) | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 8,563,304.96 | 52.47 | Primarily from long-term equity investment income and wealth management product investment income | Depends on the performance of associates and joint ventures | | Gains/Losses from Changes in Fair Value | 204,851.49 | 1.26 | | No | | Asset Impairment | -8,422,827.90 | -51.61 | Primarily due to inventory write-downs | No | | Non-Operating Income | 28,390,399.18 | 173.97 | Primarily due to performance compensation and equity-for-debt received from Shanghai Dongshuo | No | | Non-Operating Expenses | 531,590.43 | 3.26 | | No | | Credit Impairment | -4,674,783.27 | -28.65 | Primarily due to increased provision for bad debts | No | | Other Income | 11,927,954.66 | 73.09 | Primarily due to government grants received | No | [Analysis of Assets and Liabilities](index=20&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets decreased by 4.70% year-on-year, and net assets attributable to shareholders decreased by 0.24%; monetary funds decreased due to reduced retained funds, while inventories and long-term equity investments increased; trading financial assets significantly decreased due to wealth management product redemptions, and accounts payable and notes payable decreased; the company has restricted assets including pledged land use rights, fixed assets, bank acceptance bills, letter of guarantee deposits, frozen litigation funds, and pledged notes 2025 Semi-Annual Significant Changes in Asset Composition | Item | End of Current Period Amount (yuan) | Proportion of Total Assets (%) | End of Prior Year Amount (yuan) | Proportion of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 460,598,300.61 | 8.44 | 606,177,019.26 | 10.59 | -2.15 | Primarily due to decreased retained funds at the end of the reporting period | | Inventories | 475,502,934.23 | 8.71 | 338,030,761.57 | 5.90 | 2.81 | Primarily due to increased inventory at the end of the reporting period | | Long-Term Equity Investments | 472,611,151.08 | 8.66 | 419,679,398.80 | 7.33 | 1.33 | Primarily due to new investments in Shanghai Dongshuo and Shaanxi Blue Valley during the reporting period | | Notes Receivable | 151,566,165.74 | 2.78 | 227,622,125.79 | 3.97 | -1.19 | Primarily due to decreased notes receivable endorsed or discounted and not yet due at the balance sheet date | | Trading Financial Assets | 4,372,335.01 | 0.08 | 327,349,654.52 | 5.72 | -5.64 | Primarily due to redemption of bank wealth management products at the end of the reporting period | | Accounts Receivable Financing | 325,943,300.73 | 5.97 | 235,083,431.66 | 4.11 | 1.86 | Primarily due to increased notes receivable held at the end of the reporting period | | Notes Payable | 0.00 | 0.00 | 58,750,000.00 | 1.03 | -1.03 | Primarily due to maturity and settlement of notes payable | | Accounts Payable | 90,630,744.32 | 1.66 | 159,000,124.14 | 2.78 | -1.12 | Primarily due to decreased raw material payables at the end of the reporting period | - The company reported no major overseas assets during the reporting period[70](index=70&type=chunk) - The company has restricted assets including pledged land use rights and fixed assets, bank acceptance bill and letter of guarantee deposits, frozen litigation funds, and pledged notes, totaling **RMB 126.4615 million** (deposits), **RMB 6.0112 million** (restricted funds), and **RMB 144.423 million** (pledged notes)[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) [Analysis of Investment Status](index=22&type=section&id=Analysis%20of%20Investment%20Status) During the reporting period, the company's investment amount increased by 148.83% year-on-year, primarily due to new equity investments in Shanghai Dongshuo and Shaanxi Blue Valley, alongside ongoing expansion projects for ethylene oxide deep processing and tri(2-hydroxyethyl) isocyanurate; entrusted wealth management amounted to **RMB 327.35 million**, with an outstanding balance of **RMB 4.1884 million** at period-end; the company also engaged in hedging derivative investments, mainly forward foreign exchange and structured swaps, with overall controllable risk 2025 Semi-Annual Investment Amount Changes | Indicator | Investment Amount Current Period (yuan) | Investment Amount Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 151,511,586.16 | 60,889,712.38 | 148.83 | - New equity investments were made in Shanghai Dongshuo Environmental Protection Technology Co., Ltd. and Shaanxi Blue Valley New Energy Technology Co., Ltd. during the reporting period[77](index=77&type=chunk)[78](index=78&type=chunk) 2025 Semi-Annual Significant Non-Equity Investments in Progress | Project Name | Investment Method | Industry | Amount Invested Current Period (yuan) | Cumulative Actual Investment at Period-End (yuan) | Project Progress (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Phase II 150,000 tons/year Ethylene Oxide (Propylene Oxide) Deep Processing and Derivative New Materials Expansion Project | Self-built | Chemical | 1,969,958.23 | 10,427,398.93 | 44.37 | | Annual Production of 20,000 tons Tri(2-hydroxyethyl) Isocyanurate Project | Self-built | Chemical | 904,698.92 | 6,306,558.91 | 42.04 | 2025 Semi-Annual Overview of Entrusted Wealth Management | Specific Type | Source of Entrusted Funds | Amount of Entrusted Wealth Management (RMB 10,000) | Unexpired Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 32,734.97 | 418.84 | - The company engages in derivative investments for hedging purposes, primarily forward foreign exchange and structured swaps, with overall controllable risk, achieving its hedging objectives[85](index=85&type=chunk)[86](index=86&type=chunk) [Significant Asset and Equity Disposals](index=26&type=section&id=Significant%20Asset%20and%20Equity%20Disposals) During the reporting period, the company did not undertake any significant asset or equity disposals - The company did not dispose of significant assets during the reporting period[89](index=89&type=chunk) - The company did not dispose of significant equity during the reporting period[90](index=90&type=chunk) [Analysis of Major Holding and Associate Companies](index=26&type=section&id=Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) This section presents the financial data for the company's major holding and associate companies, including total assets, net assets, operating revenue, and net profit, highlighting Liaoning Oxirane Pharma Co., Ltd. with the highest net profit and Wuhan Jihechang New Materials Co., Ltd. with the highest operating revenue 2025 Semi-Annual Financial Data of Major Holding and Associate Companies | Company Name | Company Type | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Liaoning Oxirane Pharma Co., Ltd. | Subsidiary | 66,000,000.00 | 226,121,147.01 | 125,837,859.85 | 110,874,050.63 | 30,545,204.20 | 25,305,057.62 | | Jiangsu Oxirane Chemical Co., Ltd. | Subsidiary | 429,000,000.00 | 2,143,538,505.20 | 812,330,624.79 | 709,092,755.40 | -43,045,615.54 | -36,555,786.03 | | Sichuan Oxirane Chemical Co., Ltd. | Subsidiary | 204,080,000.00 | 637,136,710.68 | 398,958,049.92 | 346,901,361.03 | 20,256,057.99 | 17,306,113.46 | | Suzhou Huayi New Energy Technology Co., Ltd. | Associate | 51,000,000.00 | 1,504,080,040.27 | 512,454,841.61 | 170,510,592.03 | -10,721,522.20 | -11,043,955.67 | | Wuhan Jihechang New Materials Co., Ltd. | Associate | 83,330,800.00 | 705,359,275.12 | 472,635,052.00 | 254,031,244.87 | 36,495,070.99 | 31,022,289.33 | - The company did not acquire or dispose of any subsidiaries during the reporting period[92](index=92&type=chunk) [Information on Structured Entities Controlled by the Company](index=27&type=section&id=Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities - The company reported no structured entities under its control during the reporting period[93](index=93&type=chunk) [Risks Faced by the Company and Countermeasures](index=27&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces multiple risks including safety and environmental protection, raw material price fluctuations, industry overcapacity, accounts receivable, investment, exchange rates, and raw material supply, which it actively addresses through enhanced management, optimized strategies, product upgrading, and diversified supply channels - Safety and Environmental Risks: The company strengthens occupational health, safety, and environmental system management, continuously investing resources and upgrading systems to achieve higher levels of inherent safety and cleaner production[93](index=93&type=chunk) - Raw Material Price Volatility Risk: The company addresses this by expanding ethylene procurement channels, strengthening strategic cooperation with international and domestic ethylene producers, and enhancing technical upgrades of existing production facilities[94](index=94&type=chunk) - Industry Capacity Risk: The company counters this by accelerating the expansion and process upgrading of existing production facilities, relying on technological innovation and supply adjustments for transformation, and moving towards differentiated, high-end products[95](index=95&type=chunk)[96](index=96&type=chunk) - Accounts Receivable Risk: The company strengthens control through dedicated departments, conducts customer credit evaluations, strictly limits total receivables, and strives to increase cash sales proportion[97](index=97&type=chunk) - Investment Risk: The company will further improve its investment decision-making mechanism, strengthen post-investment management, increase talent reserves, and formulate corresponding risk response strategies[98](index=98&type=chunk) - Exchange Rate Risk: The company establishes and improves an exchange rate control mechanism, implements a foreign exchange hedging management system, and regularly analyzes exchange rate trends[99](index=99&type=chunk) - Raw Material Supply Risk: The company mitigates this by diversifying production base layouts, optimizing raw material procurement structures, and increasing the proportion of domestic ethylene raw material purchases to reduce single-supplier risk[100](index=100&type=chunk) [Registration Form for Research, Communication, and Interview Activities During the Reporting Period](index=28&type=section&id=Registration%20Form%20for%20Research%2C%20Communication%2C%20and%20Interview%20Activities%20During%20the%20Reporting%20Period) During the reporting period, on May 13, 2025, the company participated in an online investor communication event to discuss its 2024 annual performance - On May 13, 2025, the company participated in an online investor communication event to discuss its 2024 annual performance and related matters[102](index=102&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=29&type=section&id=Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) During the reporting period, the company did not formulate a market value management system or disclose a valuation enhancement plan - The company has not formulated a market value management system[103](index=103&type=chunk) - The company has not disclosed a valuation enhancement plan[103](index=103&type=chunk) [Implementation of the 'Dual Improvement in Quality and Returns' Action Plan](index=29&type=section&id=Implementation%20of%20the%20%27Dual%20Improvement%20in%20Quality%20and%20Returns%27%20Action%20Plan) During the reporting period, the company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan[103](index=103&type=chunk) Part IV [Corporate Governance, Environment, and Society](index=29&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's corporate governance structure, environmental information disclosure, and social responsibility initiatives, including changes in key personnel, profit distribution plans, and employee incentive measures [Changes in Directors, Supervisors, and Senior Management](index=29&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, or senior management, with specific details available in the 2024 annual report - There were no changes in the company's directors, supervisors, or senior management during the reporting period[104](index=104&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=29&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[105](index=105&type=chunk) [Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=29&type=section&id=Implementation%20of%20Company%27s%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures or their implementation during the reporting period[106](index=106&type=chunk) [Environmental Information Disclosure](index=30&type=section&id=Environmental%20Information%20Disclosure) The company and its nine major subsidiaries are listed as enterprises required to disclose environmental information by law, and they have publicly disclosed their environmental information reports, demonstrating the company's compliance with environmental protection regulations - The company and its **9** major subsidiaries are included in the list of enterprises required to disclose environmental information by law[107](index=107&type=chunk) - Each subsidiary has publicly disclosed its environmental information disclosure report on the designated website[107](index=107&type=chunk) [Social Responsibility](index=30&type=section&id=Social%20Responsibility) The company operates in compliance with laws and regulations, actively fulfilling its social responsibilities by safeguarding shareholder and creditor rights, ensuring equal employment and competitive compensation for employees, maintaining customer and supplier relationships, promoting green development, and engaging in public welfare initiatives like "Charity Day Donation" and establishing an education fund - The company strictly adheres to laws and regulations to improve its corporate governance structure, strengthen information disclosure, and protect shareholder rights, with no instances of controlling shareholders, actual controllers, or their related parties occupying company funds during the reporting period[109](index=109&type=chunk) - The company ensures equal employment and promotion opportunities, equal pay for equal work, and has no incidents of child labor or forced labor, while actively encouraging employment for people with disabilities[110](index=110&type=chunk) - The company adheres to a "customer-centric" approach, formulating a "Customer Complaint Management System" and focusing on maintaining friendly cooperative relationships with customers and suppliers[111](index=111&type=chunk)[112](index=112&type=chunk) - The company deeply implements ecological civilization concepts, adheres to green environmental protection principles, strictly enforces environmental monitoring laws and regulations, and promotes green, high-quality development[113](index=113&type=chunk) - The company actively participates in social welfare initiatives, including annual "Charity Day Donation" activities and establishing a special fund with Nanjing Forestry University for the development of the fine chemical discipline in the School of Chemical Engineering[114](index=114&type=chunk) Part V [Significant Matters](index=32&type=section&id=Significant%20Matters) This section details significant events, including commitments, related party transactions, litigation, and other important disclosures, providing insight into the company's operational and financial landscape [Commitments from the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company, etc., that were Fulfilled or Overdue and Unfulfilled at the End of the Reporting Period](index=32&type=section&id=Commitments%20from%20the%20Company%27s%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%2C%20etc.%2C%20that%20were%20Fulfilled%20or%20Overdue%20and%20Unfulfilled%20at%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, the company reported no commitments from its actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled or overdue and unfulfilled at the end of the reporting period - The company reported no commitments from its actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled or overdue and unfulfilled at the end of the reporting period[116](index=116&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties](index=32&type=section&id=Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) During the reporting period, the company reported no non-operating funds occupied by its controlling shareholder or other related parties - The company reported no non-operating funds occupied by its controlling shareholder or other related parties during the reporting period[117](index=117&type=chunk) [Irregular External Guarantees](index=32&type=section&id=Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[118](index=118&type=chunk) [Appointment and Dismissal of Accounting Firms](index=32&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was not audited - The company's semi-annual report was not audited[119](index=119&type=chunk) [Explanations from the Board of Directors, Board of Supervisors, and Audit Committee on the 'Non-Standard Audit Report' for the Current Period](index=32&type=section&id=Explanations%20from%20the%20Board%20of%20Directors%2C%20Board%20of%20Supervisors%2C%20and%20Audit%20Committee%20on%20the%20%27Non-Standard%20Audit%20Report%27%20for%20the%20Current%20Period) During the reporting period, the company had no non-standard audit report - The company had no non-standard audit report during the reporting period[120](index=120&type=chunk) [Explanations from the Board of Directors on the 'Non-Standard Audit Report' for the Previous Year](index=32&type=section&id=Explanations%20from%20the%20Board%20of%20Directors%20on%20the%20%27Non-Standard%20Audit%20Report%27%20for%20the%20Previous%20Year) During the reporting period, the company had no non-standard audit report from the previous year - The company had no non-standard audit report from the previous year during the reporting period[120](index=120&type=chunk) [Bankruptcy Reorganization Matters](index=32&type=section&id=Bankruptcy%20Reorganization%20Matters) During the reporting period, the company did not experience any bankruptcy reorganization matters - The company did not experience any bankruptcy reorganization matters during the reporting period[120](index=120&type=chunk) [Litigation Matters](index=32&type=section&id=Litigation%20Matters) The company is involved in several significant litigation and arbitration matters, including an unresolved arbitration case with Sinopec Group Assets Management Co., Ltd. regarding investment funds, an ongoing lawsuit against Chengdu Jinshida High-Tech Co., Ltd. for impairment compensation, a completed performance compensation dispute with Shanghai Dongshuo Environmental Protection Technology Co., Ltd., and an appeal filed after losing a first-instance ruling in a sales contract dispute with Shanghai Keying Environmental Equipment Co., Ltd., in addition to other pending sales contract and labor disputes 2025 Semi-Annual Significant Litigation and Arbitration Matters | Basic Situation of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Provision for Liabilities Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Trial | Enforcement Status of Judgment | | :--- | :--- | :--- | :--- | :--- | :--- | | Arbitration with Sinopec Group Assets Management Co., Ltd. regarding cooperation investment dispute for Tianjin Polyether Project | 7,485.00 | No | The China International Economic and Trade Arbitration Commission heard the case on April 15, 2025, and has not yet rendered a decision | Not yet decided | | | Liaoning Oxirane Chemical Co., Ltd. sued Chengdu Jinshida High-Tech Co., Ltd. and Jiaye Petrochemical Co., Ltd. for impairment compensation regarding Sichuan Oxirane's solvent oil unit | 4,424.79 | No | The company, as plaintiff, has filed a lawsuit with the court, which is currently under trial | Not yet judged | | | Liaoning Oxirane Chemical Co., Ltd. v. Dongshuo Chen Yegang, Chen Manman for performance commitment compensation and equity impairment compensation dispute | 17,574.52 | No | The company won the case, and this enforcement has been terminated | Enforcement completed, **RMB 28.3195 million** in enforcement assets used to offset liquidated damages for equity impairment compensation | Enforcement concluded | | Shanghai Xipuo Import and Export Co., Ltd. v. Shanghai Keying Environmental Equipment Co., Ltd. for sales contract dispute | 956.2 | No | Lost in first instance, appeal accepted for second instance | All claims of Shanghai Xipuo Import and Export Co., Ltd. were rejected | Judgment not yet enforced | | Shanghai Keying Environmental Equipment Co., Ltd. v. Shanghai Xipuo Import and Export Co., Ltd. for sales contract dispute | 600.6 | No | First instance judgment rendered, appeal accepted for second instance | Ruled that Shanghai Xipuo Import and Export Co., Ltd. should continue to perform the contract and pay for goods and liquidated damages | Judgment not yet enforced | [Penalties and Rectification](index=35&type=section&id=Penalties%20and%20Rectification) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[125](index=125&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=35&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, the company, its controlling shareholder, and actual controller maintained a good integrity status, with no instances of dishonesty - The company reported no integrity issues concerning itself, its controlling shareholder, or actual controller during the reporting period[126](index=126&type=chunk) [Significant Related Party Transactions](index=35&type=section&id=Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in multiple routine related party transactions involving the provision of services, sales of goods, and purchases of goods, all priced at market rates and within approved limits; on August 22, 2025, the company increased its daily related party transaction limits with Nanjing Yangzi Oxirane Chemical Co., Ltd., Shanghai Dongshuo Environmental Protection Technology Co., Ltd., and Shaanxi Blue Valley New Energy Technology Co., Ltd. and their subsidiaries 2025 Semi-Annual Related Party Transactions Related to Routine Operations | Related Party | Relationship | Type of Related Party Transaction | Content of Related Party Transaction | Amount of Related Party Transaction (RMB 10,000) | Proportion of Similar Transactions (%) | Approved Transaction Limit (RMB 10,000) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Oxirane Holding Group Co., Ltd. and its subsidiaries | Controlling shareholder and its related parties | Provision of Services | Transportation service fees | 0.34 | 0.00 | 32 | No | | Oxirane Holding Group Co., Ltd. and its subsidiaries | Controlling shareholder and its related parties | Sale of Goods | COSMO NATE M 200, mixed alcohol | 612.52 | 0.30 | 2,012 | No | | Guangdong Demei Fine Chemical Group Co., Ltd. and its subsidiaries | Related party | Sale of Goods | Polyethylene glycol, O25 | 128.97 | 0.06 | 1,990 | No | | Suzhou Huayi New Energy Technology Co., Ltd. and its subsidiaries | Associate | Provision of Services | Labor fees | 11.5 | 0.01 | 30 | No | | CNBM Zhongyan Technology Co., Ltd. and its subsidiaries | Related party | Sale of Goods | Superplasticizer polyether monomer | 1,036.63 | 0.51 | 3,350 | No | | Wuhan Jihechang New Materials Co., Ltd. and its subsidiaries | Associate | Sale of Goods | XF-29 | 4.04 | 0.00 | 19 | No | | Wuhan Jihechang New Materials Co., Ltd. and its subsidiaries | Associate | Provision of Services | Meal expenses, utility services, Oxirane service fees | 40.57 | 0.02 | 90 | No | | Oxirane Holding Group Co., Ltd. and its subsidiaries | Controlling shareholder and its related parties | Acceptance of Services | Meal expenses, entertainment expenses, small labor protection | 348.57 | 0.18 | 1,450 | No | | Oxirane Holding Group Co., Ltd. and its subsidiaries | Controlling shareholder and its related parties | Purchase of Goods | RMB 185/galvanized drum, RMB 200/ton drum, RMB 550/company | 7.08 | 0.00 | 955 | No | | Wuhan Jihechang New Materials Co., Ltd. and its subsidiaries | Associate | Purchase of Goods | Isodecyl alcohol ethoxylate | 0.15 | 0.00 | 2 | No | | Nanjing Yangzi Oxirane Chemical Co., Ltd. | Related party | Provision of Services | Labor fees | 3.9 | 0.00 | 5 | No | | Shaanxi Blue Valley New Energy Technology Co., Ltd. and its subsidiaries | Related party | Sale of Goods | ES, processing fees | 23.64 | 0.01 | 2,000 | No | | Shanghai Dongshuo Environmental Protection Technology Co., Ltd. | Related party | Provision of Services | Labor fees | 52.05 | 0.03 | 60 | No | - On August 22, 2025, the company increased its daily related party transaction limits with Nanjing Yangzi Oxirane Chemical Co., Ltd., Shanghai Dongshuo Environmental Protection Technology Co., Ltd., and Shaanxi Blue Valley New Energy Technology Co., Ltd. and their subsidiaries, totaling **RMB 20.65 million**[130](index=130&type=chunk) [Significant Contracts and Their Performance](index=40&type=section&id=Significant%20Contracts%20and%20Their%20Performance) The company leases assets from the Huzhuang Village Committee in Chenji Town, Funing County, Yancheng City, Jiangsu Province, for a 25-year term expiring in 2039; the total guarantee amount for subsidiaries is **RMB 1.256 billion**, representing 45.67% of the company's net assets, with **RMB 156.82 million** provided for guaranteed entities with a debt-to-asset ratio exceeding 70%; there were no significant routine operating contracts during the reporting period - The company leases assets from the Huzhuang Village Committee in Chenji Town, Funing County, Yancheng City, Jiangsu Province, with a lease term of **25 years**, expiring in 2039[139](index=139&type=chunk) 2025 Semi-Annual Company Guarantees for Subsidiaries | Name of Guaranteed Entity | Guarantee Limit (RMB 10,000) | Actual Guarantee Amount (RMB 10,000) | Type of Guarantee | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Oxirane Chemical Co., Ltd. | 195,200 | 25,000 | Joint and several liability guarantee | Three years after the maturity date of the debt under the main contract | No | | Jiangsu Oxirane Chemical Co., Ltd. | 195,200 | 35,000 | Joint and several liability guarantee | Three years from the day after the maturity date of the loan | Yes | | Jiangsu Oxirane Chemical Co., Ltd. | 195,200 | 35,000 | Joint and several liability guarantee | Three years from the day after the maturity date of the loan | No | | Jiangsu Oxirane Chemical Co., Ltd. | 195,200 | 20,000 | Joint and several liability guarantee | Three years from the maturity date of the debt | No | | Jiangsu Oxirane Chemical Co., Ltd. | 195,200 | 25,000 | Joint and several liability guarantee | Three years from the last maturity date of the principal debt under all main contracts (or the date of creditor's advance payment) | Yes | | Jiangsu Oxirane Chemical Co., Ltd. | 195,200 | 25,000 | Joint and several liability guarantee | Three years from the last maturity date of the principal debt under all main contracts (or the date of creditor's advance payment) | No | | Jiangsu Oxirane Chemical Co., Ltd. | 195,200 | 15,000 | Joint and several liability guarantee | The guarantee period for this debt is three years from the maturity date of the debt | Yes | | Jiangsu Oxirane Chemical Co., Ltd. | 195,200 | 10,000 | Joint and several liability guarantee | The guarantee period for this debt is three years from the maturity date of the debt | No | | Jiangsu Oxirane Chemical Co., Ltd. | 195,200 | 12,000 | Joint and several liability guarantee | Three years from the maturity date (including extension, deferral) of the debt under the main contract | Yes | | Jiangsu Oxirane Chemical Co., Ltd. | 195,200 | 12,000 | Joint and several liability guarantee | Three years from the maturity date (including extension, deferral) of the debt under the main contract | No | | Jiangsu Oxirane Chemical Co., Ltd. | 195,200 | 10,000 | Joint and several liability guarantee | Final maturity date under the credit contract and specific business contract | Yes | | Jiangsu Oxirane Chemical Co., Ltd. | 195,200 | 10,000 | Joint and several liability guarantee | Final maturity date under the credit contract and specific business contract | No | | Jiangsu Oxirane Chemical Co., Ltd. | 195,200 | 2,000 | Joint and several liability guarantee | Three years from the maturity date of the last debt | No | | Jiangsu Oxirane Chemical Co., Ltd. | 195,200 | 12,000 | Joint and several liability guarantee | Three years from the maturity date of the debt stipulated in the main contract | Yes | | Jiangsu Oxirane Chemical Co., Ltd. | 195,200 | 10,000 | Joint and several liability guarantee | Three years after the maturity date of the debt stipulated in the creditor's contract | Yes | | Jiangsu Oxirane Chemical Co., Ltd. | 195,200 | 10,000 | Joint and several liability guarantee | Three years after the maturity date of the debt stipulated in the creditor's contract | No | | Jiangsu Oxirane Chemical Co., Ltd. | 195,200 | 10,000 | Joint and several liability guarantee | Three years from the maturity date of the debt incurred each time the debtor uses the credit line under the main contract | No | | Jiangsu Oxirane Chemical Co., Ltd. | 195,200 | 10,000 | Joint and several liability guarantee | Three years from the maturity date of the debtor's performance of debt stipulated in the main contract | No | | Sichuan Oxirane Chemical Co., Ltd. | 34,000 | 11,000 | Joint and several liability guarantee | Three years from the maturity date of the debt stipulated in the specific business contract by the debtor | No | | Sichuan Oxirane Chemical Co., Ltd. | 34,000 | 5,000 | Joint and several liability guarantee | The guarantee period for this debt is three years from the maturity date of the debt | No | | Sichuan Oxirane Chemical Co., Ltd. | 34,000 | 1,000 | Joint and several liability guarantee | Three years from the maturity date of the debt under the main contract | No | | Liaoning Oxirane Pharma Co., Ltd. | 10,921 | 3,350 | Joint and several liability guarantee | Three years after the maturity date of the debt under the main contract | Yes | | Liaoning Oxirane Pharma Co., Ltd. | 10,921 | 3,350 | Joint and several liability guarantee | Three years after the maturity date of the debt under the main contract | No | | Liaoning Oxirane Pharma Co., Ltd. | 10,921 | 2,010 | Joint and several liability guarantee | Three years from the due date of each loan or other financing or the assignment date of accounts receivable by your bank, or the advance payment date of each advance | No | | Liaoning Oxirane Pharma Co., Ltd. | 10,921 | 871 | Joint and several liability guarantee | Three years from the day after the maturity date of the loan | No | | Liaoning Oxirane Pharma Co., Ltd. | 10,921 | 636.5 | Joint and several liability guarantee | The guarantee period for this debt is three years from the maturity date of the debt | No | | Hainan Oxirane Chemical Co., Ltd. | 55,800 | 30,000 | Joint and several liability guarantee | The guarantee period for this debt is three years from the maturity date of the debt | Yes | | Hainan Oxirane Chemical Co., Ltd. | 55,800 | 20,000 | Joint and several liability guarantee | The guarantee period for this debt is three years from the maturity date of the debt | No | | Hainan Oxirane Chemical Co., Ltd. | 55,800 | 18,000 | Joint and several liability guarantee | Three years from the maturity date of the debt under the main contract | No | | Wuhan Oxirane Chemical Co., Ltd. | 13,000 | 1,000 | Joint and several liability guarantee | Three years from the maturity date of the debt under the main contract | No | | Guangdong Oxirane Chemical Co., Ltd. | 21,000 | 0 | Joint and several liability guarantee | | | | Shanghai Xipuo Import and Export Co., Ltd. | 10,000 | 0 | Joint and several liability guarantee | | | - The company's total guarantee amount (total actual guarantee balance) is **RMB 1.256 billion**, accounting for **45.67%** of the company's net assets[146](index=146&type=chunk) - Of this, the debt guarantee balance provided directly or indirectly for guaranteed entities with a debt-to-asset ratio exceeding **70%** is **RMB 156.82 million**[146](index=146&type=chunk) [Explanation of Other Significant Matters](index=46&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The company disclosed progress on several significant matters, including the Liaoyang Intermediate People's Court's ruling to transfer **32.7166%** equity in Shanghai Dongshuo Environmental Protection Technology Co., Ltd. held by Chen Yegang to the company to offset debts, the company's lawsuit against Chengdu Jinshida High-Tech Co., Ltd. and Jiaye Petrochemical Co., Ltd. for unfulfilled impairment compensation obligations, and the ongoing arbitration case with Sinopec Group Assets Management Co., Ltd. regarding investment funds - The Liaoyang Intermediate People's Court in Liaoning Province ruled to transfer **32.7166%** of the equity in Shanghai Dongshuo Environmental Protection Technology Co., Ltd. held by the执行人 Chen Yegang to the company to offset debts, and the case enforcement has been concluded[150](index=150&type=chunk) - The company filed a lawsuit against Chengdu Jinshida High-Tech Co., Ltd. and Jiaye Petrochemical Co., Ltd. for failing to fulfill their obligation to pay impairment compensation for the solvent oil unit to Sichuan Oxirane Chemical Co., Ltd.; the case has been accepted but not yet heard[151](index=151&type=chunk) - The arbitration case between the company and Sinopec Group Assets Management Co., Ltd. regarding investment funds was heard on April 15, 2025, and is currently awaiting a decision[151](index=151&type=chunk) [Significant Matters of Company's Subsidiaries](index=47&type=section&id=Significant%20Matters%20of%20Company%27s%20Subsidiaries) During the reporting period, there were no significant matters concerning the company's subsidiaries - The company reported no significant matters concerning its subsidiaries during the reporting period[152](index=152&type=chunk) Part VI [Changes in Share Capital and Shareholder Information](index=48&type=section&id=Changes%20in%20Share%20Capital%20and%20Shareholder%20Information) This section details changes in the company's share capital, information on securities issuance and listing, shareholder numbers, shareholding structures, and changes in holdings by directors, supervisors, and senior management [Changes in Share Capital](index=48&type=section&id=Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital, restricted shares, or unrestricted shares, either in quantity or proportion 2025 Semi-Annual Changes in Share Capital | Share Type | Quantity Before Change (shares) | Proportion Before Change (%) | Increase/Decrease in This Change (shares) | Quantity After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 1,890,237 | 0.26 | 0 | 1,890,237 | 0.26 | | Of which: Shares held by domestic natural persons | 1,890,237 | 0.26 | 0 | 1,890,237 | 0.26 | | II. Unrestricted Shares | 678,207,963 | 99.74 | 0 | 678,207,963 | 99.74 | | Of which: RMB ordinary shares | 678,207,963 | 99.74 | 0 | 678,207,963 | 99.74 | | III. Total Shares | 680,098,200 | 100.00 | 0 | 680,098,200 | 100.00 | - During the reporting period, there were no reasons, approvals, or transfer situations for share changes, nor any progress on share repurchases[156](index=156&type=chunk) [Issuance and Listing of Securities](index=49&type=section&id=Issuance%20and%20Listing%20of%20Securities) During the reporting period, the company had no issuance or listing of securities - The company had no issuance or listing of securities during the reporting period[156](index=156&type=chunk) [Number of Shareholders and Shareholding Information](index=49&type=section&id=Number%20of%20Shareholders%20and%20Shareholding%20Information) As of the end of the reporting period, the company had **35,553** ordinary shareholders; the controlling shareholder, Oxirane Holding Group Co., Ltd., held **52.89%** of shares, making it the largest shareholder, with some of its shares pledged; other top ten shareholders each held less than **5%**, and the company is unaware of any associated relationships or concerted actions among other shareholders - The total number of ordinary shareholders at the end of the reporting period was **35,553**[157](index=157&type=chunk) 2025 Semi-Annual Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Oxirane Holding Group Co., Ltd. | Domestic non-state-owned legal person | 52.89 | 359,698,573.00 | 0 | 359,698,573.00 | Pledged | 75,024,092 | | Guangdong Demei Fine Chemical Group Co., Ltd. | Domestic non-state-owned legal person | 4.74 | 32,267,200.00 | 0 | 32,267,200.00 | Not applicable | 0 | | Zhu Xiangyang | Domestic natural person | 0.65 | 4,441,900.00 | 0 | 4,441,900.00 | Not applicable | 0 | | Yuan Zhonghua | Domestic natural person | 0.46 | 3,131,800.00 | 0 | 3,131,800.00 | Not applicable | 0 | | Wu Jianting | Domestic natural person | 0.26 | 1,752,400.00 | 0 | 1,752,400.00 | Not applicabl

新兴铸管股份有限公司 2025 年半年度报告全文 新兴铸管股份有限公司 2025 年 半 年 度 报 告 2025 年 08 月 1 新兴铸管股份有限公司 2025 年半年度报告全文 | | S | | --- | --- | | P | 4 | | | 1 œ | | | | 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。 公司负责人何齐书、主管会计工作负责人王美英及会计机构负责人(会计 主管人员)南志高声明：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。 半年度报告中涉及公司未来计划、业绩预测等方面的前瞻性陈述，均不构 成本公司对投资者的实质承诺，能否实现取决于市场状况变化等多种因素，存 在不确定性，投资者及相关人士应对此保持足够的风险认识，并且应当理解计 划、预测与承诺之间的差异。敬请投资者注意投资风险。 公司在本报告"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"部分描述了公司未来经营中可能存在的风险及 ...

Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board and senior management assure the report's accuracy; the company plans no semi-annual cash dividends or bonus shares, with future plans subject to uncertainty - The company's board of directors and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility[3](index=3&type=chunk) - Company head Yao Ya, chief accountant Cheng Zhongfa, and head of accounting department Liang Lu declare the financial report is true, accurate, and complete[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) The report's table of contents outlines eight main chapters, from company profile to financial reports, including reference documents - The report comprises eight main chapters, ranging from company profile to financial reports[7](index=7&type=chunk) - Reference documents include signed and sealed financial statements and publicly disclosed documents on Juchao Information Network[9](index=9&type=chunk)[10](index=10&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms, company entities, and time concepts used throughout the report, including 'Company' and its subsidiaries - 'Company' or 'Taihe Technology' refers to Shandong Taihe Technology Co., Ltd[13](index=13&type=chunk) - Lists several wholly-owned subsidiaries including Taihe Import & Export, Sainuosi, and Taihe Intelligent[13](index=13&type=chunk) - The reporting period is from January 1, 2025, to June 30, 2025[13](index=13&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Shandong Taihe Technology Co., Ltd. (stock code: 300801) is listed on the Shenzhen Stock Exchange, with Yao Ya as legal representative - The company's stock abbreviation is 'Taihe Technology,' stock code '300801,' listed on the Shenzhen Stock Exchange[15](index=15&type=chunk) - The company's legal representative is Yao Ya[15](index=15&type=chunk) [Contact Persons and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) Yao Ya and Shi Hui serve as Board Secretary and Securities Affairs Representative, with contact details provided for the company's Zaozhuang office - The Board Secretary is Yao Ya, and the Securities Affairs Representative is Shi Hui[16](index=16&type=chunk) - The company's contact number is 0632-5201266, and email is thzq@thwater.com[16](index=16&type=chunk) [Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) No changes occurred in the company's registered address, office address, website, or email during the reporting period, but the legal representative changed to Yao Ya - The company's registered address, office address, website, and email remained unchanged during the reporting period[17](index=17&type=chunk) - The company's legal representative changed from Mr. Cheng Zhongfa to General Manager Ms. Yao Ya, with industrial and commercial registration completed[21](index=21&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, revenue grew **27.68%** to **1.392 billion yuan**, net profit attributable to shareholders increased **3.90%** to **56.37 million yuan**, while non-recurring net profit and operating cash flow decreased Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,391,596,947.69 | 1,089,945,945.31 | 27.68% | | Net Profit Attributable to Listed Company Shareholders | 56,368,198.99 | 54,251,419.58 | 3.90% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | 39,313,708.61 | 44,399,702.30 | -11.46% | | Net Cash Flow from Operating Activities | 86,498,822.78 | 147,157,767.80 | -41.22% | | Basic Earnings Per Share (CNY/share) | 0.2618 | 0.2500 | 4.72% | | Diluted Earnings Per Share (CNY/share) | 0.2618 | 0.2500 | 4.72% | | Weighted Average Return on Net Assets | 2.30% | 2.29% | 0.01% | | **End of Current Reporting Period** | **End of Prior Year** | **Change from Prior Year-End (%)** | | | Total Assets | 3,212,491,522.02 | 3,329,341,753.08 | -3.51% | | Net Assets Attributable to Listed Company Shareholders | 2,477,270,806.82 | 2,421,576,301.95 | 2.30% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reported no differences in net profit and net assets under domestic and overseas accounting standards during the reporting period - The company reported no differences in net profit and net assets under domestic and overseas accounting standards during the reporting period[23](index=23&type=chunk)[24](index=24&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%A2%9D) The company's total non-recurring gains and losses for the reporting period amounted to **17.05 million yuan**, primarily from government subsidies and financial asset fair value changes Non-Recurring Gains and Losses for H1 2025 | Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -1,987,355.08 | | Government grants recognized in current profit or loss | 14,279,318.25 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | 3,452,965.89 | | Capital occupation fees received from non-financial enterprises recognized in current profit or loss | 5,834,801.98 | | Gains or losses from debt restructuring | 48,000.00 | | Other non-operating income and expenses apart from the above | -1,181,614.33 | | Less: Income tax impact | 3,391,626.33 | | **Total** | **17,054,490.38** | - The company has no other gain or loss items that meet the definition of non-recurring gains and losses[26](index=26&type=chunk) Management Discussion and Analysis [Company's Main Business Activities During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company, a leading water treatment chemical producer, achieved significant revenue and sales growth in H1 2025 through optimized strategies and R&D, advancing in new material fields - In H1 2025, operating revenue was **1.392 billion yuan**, a **27.68%** year-on-year increase; total sales volume reached **654,300 tons**, up **74.45%** year-on-year[38](index=38&type=chunk) - Net profit attributable to parent company shareholders was **56.37 million yuan**, a **3.90%** year-on-year increase[38](index=38&type=chunk) - The company is conducting hundreds of R&D projects in over ten fields, including new energy battery materials, electronic chemicals, engineering materials, and human-computer interaction, to develop new technologies and products[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) [Industry Overview](index=9&type=section&id=1%E3%80%81%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The company operates in the 'C2662 Specialized Chemical Product Manufacturing' sector, a stable and essential industry for water treatment chemicals without significant cyclicality - The company operates in the 'C2662 Specialized Chemical Product Manufacturing' sector, which is in a steady development phase[29](index=29&type=chunk) - Water treatment chemical products are necessities and consumables, exhibiting no significant cyclicality[30](index=30&type=chunk) [Company's Main Business, Products, and Their Applications](index=9&type=section&id=2%E3%80%81%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%E3%80%81%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%8F%8A%E5%85%B6%E7%94%A8%E9%80%94) The company primarily produces water treatment chemicals such as scale inhibitors, corrosion inhibitors, and biocides, widely used across various industrial sectors - The company's main products include scale inhibitors, corrosion inhibitors, biocides, chelating agents, dispersants, reverse osmosis chemicals, and detergent builders, along with their co-products[31](index=31&type=chunk) - Products are widely applied in power generation, metallurgy, chemical, oil exploration, papermaking, daily chemical, textile printing and dyeing, and semiconductor industries[31](index=31&type=chunk) [Company's Business Model](index=9&type=section&id=3%E3%80%81%E5%85%AC%E5%8F%B8%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company focuses on water treatment chemical production, selling exclusively to service providers and traders, not directly to end-users, to optimize resources for technology and efficiency - The company sells water treatment single-agent and blended products exclusively to water treatment service providers and traders, not directly to end-users[32](index=32&type=chunk) - This model allows the company to concentrate resources on improving product technology, quality, and production capacity, achieving economies of scale[32](index=32&type=chunk) [Company's Market Position](index=9&type=section&id=4%E3%80%81%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E7%9A%84%E5%B8%82%E5%9C%BA%E5%9C%B0%E4%BD%8D) The company is a global leader in water treatment chemical production, with **56.72%** of its water treatment chemical revenue from international sales - The company is one of the largest water treatment chemical producers globally in terms of production scale and product variety[33](index=33&type=chunk) - During the reporting period, domestic and international sales of water treatment chemicals accounted for **43.28%** and **56.72%** of total water treatment chemical revenue, respectively[33](index=33&type=chunk) [Key Performance Drivers](index=9&type=section&id=5%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E7%9A%84%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) The company's performance is driven by continuous business expansion, sustained R&D investment, a comprehensive product line, and economies of scale, supported by high-level innovation platforms - Continuous business expansion capability is a driving force for sustained performance growth, with the company actively exploring new application areas for its products[34](index=34&type=chunk) - Sustained R&D investment continuously strengthens the company's technological capabilities, possessing multiple high-level innovation platforms such as a national enterprise technology center and a national postdoctoral research workstation[35](index=35&type=chunk) - A comprehensive product line and economies of scale ensure the company's rapid growth, with water treatment chemical production capacity of **747,200 tons/year** and raw material capacity of **330,000 tons/year** in H1 2025[37](index=37&type=chunk) [Operating Performance During the Reporting Period](index=10&type=section&id=6%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) In H1 2025, the company achieved **1.392 billion yuan** in revenue, a **27.68%** increase, with total sales volume up **74.45%**, driven by core business focus, R&D in new materials, and enhanced production efficiency - In H1 2025, operating revenue was **1.392 billion yuan**, a **27.68%** year-on-year increase; total sales volume reached **654,300 tons**, up **74.45%** year-on-year[38](index=38&type=chunk) - Water treatment chemical sales volume was **178,200 tons**, up **19.94%** year-on-year; chlor-alkali sales volume was **476,000 tons**, up **110.23%** year-on-year[38](index=38&type=chunk) - The company is conducting hundreds of R&D projects in over ten fields, including new energy battery materials, electronic chemicals, engineering materials, and human-computer interaction, to develop new technologies and products[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) [Analysis of Core Competencies](index=15&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include strong R&D, digitalized production, cost advantages from R&D-production synergy, precise market positioning, and robust safety, environmental, and quality control - The company possesses multiple high-level innovation platforms, including a national enterprise technology center and a national postdoctoral research workstation, and has received numerous national and provincial honors[50](index=50&type=chunk)[51](index=51&type=chunk) - As of June 30, 2025, the company has obtained **115** authorized invention patents and **74** utility model patents, and has led or participated in the revision of **23** national standards and **35** industry standards[53](index=53&type=chunk) - The company adheres to the principle of 'separating producers from service providers,' pledging 'never to be an end-user and not to compete with customers,' focusing on fine chemical production[62](index=62&type=chunk) [Strong R&D Capabilities for Efficient Response to Evolving Customer Needs](index=15&type=section&id=1%E3%80%81%E4%BB%A5%E9%9B%84%E5%8E%9A%E7%A0%94%E5%8F%91%E5%AE%9E%E5%8A%9B%EF%BC%8C%E9%AB%98%E6%95%88%E5%93%8D%E5%BA%94%E5%AE%A2%E6%88%B7%E5%8D%87%E7%BA%A7%E9%9C%80%E6%B1%82) The company leverages national-level innovation platforms, significant R&D investment, and **115** invention patents to efficiently meet evolving customer demands with advanced analytical equipment - The company possesses multiple high-level innovation platforms, including a national enterprise technology center and a national postdoctoral research workstation[50](index=50&type=chunk)[53](index=53&type=chunk) - As of June 30, 2025, the company has obtained **115** authorized invention patents, **74** utility model patents, and **5** registered software copyrights[53](index=53&type=chunk) - The company has acquired a batch of advanced experimental, analytical, and testing instruments, including superconducting nuclear magnetic resonance spectrometers and mass spectrometers[52](index=52&type=chunk) [Digitalized Production Integration, Solidifying the Global Water Treatment Supply Chain Foundation](index=21&type=section&id=2%E3%80%81%E6%95%B0%E6%99%BA%E5%8C%96%E7%94%9F%E4%BA%A7%E8%9E%8D%E5%90%88%EF%BC%8C%E7%AD%91%E7%89%A2%E5%85%A8%E7%90%83%E6%B0%B4%E5%A4%84%E7%90%86%E4%BE%9B%E5%BA%94%E9%93%BE%E5%9F%BA%E7%9F%B3) The company integrates continuous, automated, and intelligent production with information technology to build an efficient operational system, achieving **747,200 tons/year** water treatment chemical capacity and **330,000 tons/year** raw material capacity in H1 2025 - The company builds an intelligent, efficient, and stable production and operation system, achieving full-process automation and remote control of production[59](index=59&type=chunk) - In H1 2025, the company's water treatment chemical production capacity was **747,200 tons/year**, and total raw material production capacity was **330,000 tons/year**[60](index=60&type=chunk) [R&D-Production Synergy Builds Cost Advantage](index=22&type=section&id=3%E3%80%81%E7%A0%94%E4%BA%A7%E5%8D%8F%E5%90%8C%E7%AD%91%E5%B0%B1%E6%88%90%E6%9C%AC%E4%BC%98%E5%8A%BF) The company achieves significant cost advantages through R&D-production synergy, enabling low investment, high capacity, and efficient, lean operations, further enhanced by a vertically integrated supply chain - Through R&D-production synergy, the company achieves low project investment, large production capacity, stable product quality, and minimal workshop staffing, building a competitive cost control system[61](index=61&type=chunk) - Possesses a complete vertical industrial chain layout, from chlorine gas to organophosphorus products, and co-produces acetyl chloride, enhancing resource utilization and reducing costs[61](index=61&type=chunk) [Precise Industry Positioning](index=22&type=section&id=4%E3%80%81%E7%B2%BE%E5%87%86%E7%9A%84%E8%A1%8C%E4%B8%9A%E5%AE%9A%E4%BD%8D) The company positions itself as a specialized fine chemical producer, focusing on R&D and manufacturing, adhering to a 'producer-service provider separation' model, and has become a national manufacturing single champion enterprise - The company is positioned as a professional fine chemical producer, focusing on full-process R&D, design, and manufacturing[62](index=62&type=chunk) - The company adheres to the principle of 'separating producers from service providers,' pledging 'never to be an end-user and not to compete with customers'[62](index=62&type=chunk) - The company has become a national manufacturing single champion enterprise[62](index=62&type=chunk) [Safety and Environmental Advantages](index=22&type=section&id=5%E3%80%81%E5%AE%89%E5%85%A8%E7%8E%AF%E4%BF%9D%E4%BC%98%E5%8A%BF) The company has established robust environmental, health, and safety management systems, achieving intrinsic safety through process hazard analysis and automation, recognized as a green factory - The company has established environmental, health, and safety management systems and process safety management systems to effectively control production and operational risks[63](index=63&type=chunk) - Intrinsic safety design is achieved through process hazard analysis, and unmanned operations are realized through automatic control[63](index=63&type=chunk) - The company was selected as a typical case for green development among national private enterprises in 2024 and awarded titles such as 'Shandong Province Green Factory'[63](index=63&type=chunk) [Quality Control Advantages](index=22&type=section&id=6%E3%80%81%E8%B4%A8%E9%87%8F%E6%8E%A7%E5%88%B6%E4%BC%98%E5%8A%BF) The company maintains a comprehensive quality management system, ISO 9001:2015 certified, covering procurement to sales, ensuring product quality through strict controls and customer feedback - The company has established a complete quality management and control system and passed GB/T 19001-2016/ISO 9001:2015 standard system certification[65](index=65&type=chunk) - The product Hydroxyethylidene Diphosphonic Acid HEDP (50% liquid) was awarded the 'Good Product Shandong' title and received honors such as 'Shandong Province Quality Benchmark'[65](index=65&type=chunk)[66](index=66&type=chunk) [Analysis of Main Business](index=23&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's main business revenue increased by **27.68%**, while operating costs rose **32.42%** due to higher sales volume; management expenses increased, and financial expenses increased due to reduced exchange gains Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,391,596,947.69 | 1,089,945,945.31 | 27.68% | | | Operating Cost | 1,238,201,735.45 | 935,081,043.20 | 32.42% | Primarily due to increased sales volume | | Administrative Expenses | 49,234,486.78 | 37,160,475.50 | 32.49% | Primarily due to accrual of employee stock ownership plan related expenses in the current period | | Financial Expenses | -1,388,464.53 | -5,434,042.96 | 74.45% | Primarily due to decreased exchange gains in the current period | | Net Cash Flow from Operating Activities | 86,498,822.78 | 147,157,767.80 | -41.22% | Primarily due to increased payments | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Profit Margin (%) | Year-on-Year Change in Operating Revenue (%) | Year-on-Year Change in Operating Cost (%) | Year-on-Year Change in Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Water Treatment Chemicals and Co-products | 1,062,427,560.02 | 939,465,073.45 | 11.57% | 11.97% | 18.76% | -5.06% | | Chlor-Alkali Products | 321,433,948.05 | 294,346,667.83 | 8.43% | 131.26% | 105.10% | 11.68% | [Analysis of Non-Core Business](index=23&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) In the reporting period, non-core business investment income was **2.41 million yuan** from wealth management, fair value change gains were **1.04 million yuan**, and net non-operating expenses were **1.22 million yuan** due to increased compensation payments Non-Core Business Analysis for H1 2025 | Item | Amount (CNY) | Proportion of Total Profit (%) | Reason for Change | | :--- | :--- | :--- | :--- | | Investment Income | 2,409,060.57 | 3.62% | Primarily due to recovery of wealth management income in the current period | | Gains or Losses from Fair Value Changes | 1,043,905.32 | 1.57% | Primarily due to fair value changes in wealth management products | | Non-Operating Income | 710,095.85 | 1.07% | Primarily due to gains from disposal of scrapped fixed assets in the current period | | Non-Operating Expenses | 1,926,126.78 | 2.89% | Primarily due to increased compensation payments in the current period | [Analysis of Assets and Liabilities](index=24&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, total assets decreased by **3.51%** to **3.212 billion yuan**, with changes in asset composition, while fair value financial assets totaled **364.06 million yuan** Significant Changes in Asset Composition for H1 2025 | Item | Amount at Current Period-End (CNY) | Proportion of Total Assets (%) | Amount at Prior Year-End (CNY) | Proportion of Total Assets (%) | Change in Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 346,360,719.04 | 10.78% | 459,624,985.97 | 13.81% | -3.03% | | Accounts Receivable | 348,826,482.16 | 10.86% | 292,525,091.77 | 8.79% | 2.07% | | Inventories | 192,455,162.94 | 5.99% | 215,671,556.88 | 6.48% | -0.49% | | Fixed Assets | 520,883,909.72 | 16.21% | 509,643,198.45 | 15.31% | 0.90% | | Construction in Progress | 456,600,745.96 | 14.21% | 524,408,490.01 | 15.75% | -1.54% | - Financial assets measured at fair value totaled **364.06 million yuan** at period-end, primarily comprising trading financial assets and notes receivable financing[77](index=77&type=chunk) - Restricted monetary funds at period-end amounted to **67.15 million yuan**, mainly consisting of deposits[78](index=78&type=chunk) [Analysis of Investment Status](index=25&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, total investment increased by **7.12%** to **1.245 billion yuan**, with major non-equity investments in new material projects and water treatment chemical projects, alongside **430 million yuan** in wealth management and a **120 million yuan** entrusted loan - Investment during the reporting period amounted to **1.245 billion yuan**, a **7.12%** year-on-year increase[79](index=79&type=chunk) - The 10,000 tons/year lithium iron phosphate high-end cathode material project is in trial production, with a cumulative investment of **66.61 million yuan**[81](index=81&type=chunk) - The 20,000 tons/year VC (vinylene carbonate) project is in trial production, with a cumulative investment of **115.19 million yuan**[82](index=82&type=chunk) - Entrusted wealth management transactions amounted to **430 million yuan**, with an outstanding balance of **294.6 million yuan**, primarily bank wealth management products[87](index=87&type=chunk) - The company provided a **120 million yuan** entrusted loan to Shandong Zhonghui Urban Development Investment Group Co., Ltd. at an interest rate of **5.00%**[89](index=89&type=chunk) [Significant Asset and Equity Sales](index=28&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell any significant assets during the reporting period[90](index=90&type=chunk) - The company did not sell any significant equity during the reporting period[91](index=91&type=chunk) [Analysis of Major Holding and Participating Companies](index=28&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's major subsidiaries include Shandong Taihe Chemical Import & Export Co., Ltd., Beijing Fenghuitaihe Investment Management Co., Ltd., and Hydrogen Power New Materials (Shandong) Co., Ltd., with the latter generating **360 million yuan** in revenue and **17.79 million yuan** in net profit Major Subsidiaries and Associates with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (million CNY) | Total Assets (million CNY) | Net Assets (million CNY) | Operating Revenue (million CNY) | Operating Profit (million CNY) | Net Profit (million CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Taihe Chemical Import & Export Co., Ltd. | Subsidiary | Export trade of water treatment chemicals | 5.00 | 314.54 | 46.36 | 544.16 | 5.70 | 3.41 | | Beijing Fenghuitaihe Investment Management Co., Ltd. | Subsidiary | Investment management, project investment, investment consulting | 100.00 | 120.48 | 120.32 | 0.00 | 0.36 | 0.27 | | Hydrogen Power New Materials (Shandong) Co., Ltd. | Subsidiary | Production and sales of chlor-alkali products | 100.00 | 527.59 | 106.80 | 360.04 | 22.25 | 17.79 | - The company neither acquired nor disposed of any subsidiaries during the reporting period[92](index=92&type=chunk) [Information on Structured Entities Controlled by the Company](index=28&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[93](index=93&type=chunk) [Risks Faced by the Company and Countermeasures](index=28&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from raw material price fluctuations, intensified competition, exchange rate volatility, international trade changes, safety production, project implementation, and geopolitical conflicts, addressed through strategic partnerships and risk hedging - Raw material price fluctuation risk: Addressed by analyzing trends, strengthening strategic cooperation, and strategic procurement[93](index=93&type=chunk) - Increased industry competition risk: Addressed by expanding into new industries and areas, improving product quality and service levels, and increasing international market development[94](index=94&type=chunk)[95](index=95&type=chunk) - Exchange rate fluctuation risk: Addressed by conducting forward foreign exchange settlement, improving foreign exchange fund utilization efficiency, and reducing financial expenses[96](index=96&type=chunk) - Risks in ongoing and planned project implementation: Including capacity absorption, project delays or cancellations, and underperforming results, the company will strengthen project management and accelerate construction progress[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) - Risk of demand changes due to external conflicts: Closely monitoring the international political and economic environment, adjusting operations, and increasing domestic business expansion[104](index=104&type=chunk)[105](index=105&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=30&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) During the reporting period, the company participated in the 2024 Annual Performance Briefing and Shandong Listed Companies Investor Online Collective Reception Day activities in April and May 2025 - On April 25, 2025, the company participated in the 2024 Annual Performance Briefing[106](index=106&type=chunk) - On May 15, 2025, the company participated in the Shandong Listed Companies Investor Online Collective Reception Day activity[106](index=106&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=30&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has established a market value management system, revised on August 25, 2025, but has not disclosed a valuation enhancement plan - The company has formulated a market value management system, which was revised on August 25, 2025[107](index=107&type=chunk) - The company has not disclosed a valuation enhancement plan[107](index=107&type=chunk) [Implementation of 'Quality and Return Dual Enhancement' Action Plan](index=30&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed an announcement regarding the 'Quality and Return Dual Enhancement' action plan - The company has not disclosed an announcement regarding the 'Quality and Return Dual Enhancement' action plan[108](index=108&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=30&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, several changes occurred in the company's board, supervisory board, and senior management, including resignations of Vice General Managers and CFO, and election of an employee representative director - Wan Zhentao resigned as Vice General Manager on January 7, 2025[110](index=110&type=chunk) - Jian Qian resigned as Director and Vice General Manager on January 22, 2025[110](index=110&type=chunk) - Wang Donghai was elected as an employee representative director on January 23, 2025[110](index=110&type=chunk) - Yan Xiu resigned as Chief Financial Officer on August 4, 2025[110](index=110&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital for the Reporting Period](index=31&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no semi-annual cash dividends, bonus shares, or capital reserve conversions to share capital - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[111](index=111&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=31&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company did not implement an equity incentive plan, but its 2024 employee stock ownership plan, involving **7.25 million shares** (3.32% of total capital), saw **485,000 shares** recovered due to employee departures - The company did not implement any equity incentive plans during the reporting period[112](index=112&type=chunk) - The 2024 employee stock ownership plan involves **365** employees holding **7,251,900 shares**, accounting for **3.32%** of the company's total share capital[113](index=113&type=chunk) - During the reporting period, **15** holders resigned, and **485,000 shares** were recovered by the company's management committee, currently awaiting disposal[115](index=115&type=chunk) - The employee stock ownership plan is accounted for in accordance with 'Accounting Standard for Business Enterprises No. 11 – Share-based Payment'[115](index=115&type=chunk) [Environmental Information Disclosure](index=33&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its key subsidiaries are listed as legally required environmental information disclosure enterprises, with reports available on the disclosure system - The company and its subsidiaries, Shandong Taihe Technology Co., Ltd. and Hydrogen Power New Materials (Shandong) Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[116](index=116&type=chunk) - Environmental information disclosure reports can be accessed through the enterprise environmental information disclosure system[116](index=116&type=chunk) [Social Responsibility Performance](index=33&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company prioritizes ESG governance and social responsibility, evidenced by SA8000:2014 certification and concrete actions to protect stakeholder rights and improve environmental performance - The company emphasizes ESG governance and has obtained SA8000:2014 social responsibility management system certification[117](index=117&type=chunk) - Protecting shareholder rights: Enhancing corporate governance and strictly adhering to profit distribution policies[117](index=117&type=chunk) - Protecting employee rights: Ensuring equal recruitment, providing 'five social insurances and one housing fund,' paid leave, salary incentives, and health examinations[118](index=118&type=chunk) - Protecting the social environment: As an advanced unit for clean production and a green factory in Shandong Province, the company improves pollution treatment facilities, promotes energy conservation and emission reduction, explores low-carbon development, and carries out afforestation activities[120](index=120&type=chunk)[121](index=121&type=chunk) Significant Matters [Fulfillment of Commitments](index=35&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, all commitments made by the company's actual controller, shareholders, related parties, and the company itself were fulfilled on time - Wan Zhentao's commitments regarding share reduction, avoiding horizontal competition, regulating related-party transactions, and compensating for diluted returns have been fulfilled[123](index=123&type=chunk)[124](index=124&type=chunk) - Jian Qian's commitments regarding horizontal competition, related-party transactions, fund occupation, and compensating for diluted returns have been fulfilled[124](index=124&type=chunk) - All commitments have been fulfilled on time[124](index=124&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=36&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) There was no non-operating fund occupation by the controlling shareholder or other related parties during the reporting period - The company reported no non-operating fund occupation by the controlling shareholder or other related parties during the reporting period[125](index=125&type=chunk) [Irregular External Guarantees](index=36&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[126](index=126&type=chunk) [Appointment and Dismissal of Accounting Firms](index=36&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[128](index=128&type=chunk) [Explanation of 'Non-Standard Audit Report' for the Current Reporting Period](index=37&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E3%80%81%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) The company did not have a non-standard audit report for the current reporting period - The company did not have a non-standard audit report for the reporting period[129](index=129&type=chunk) [Explanation of 'Non-Standard Audit Report' for the Previous Year](index=37&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company did not have a non-standard audit report for the previous year - The company did not have a non-standard audit report for the reporting period[129](index=129&type=chunk) [Bankruptcy and Reorganization Matters](index=37&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) During the reporting period, the company did not experience any bankruptcy or reorganization matters - The company did not experience any bankruptcy or reorganization matters during the reporting period[129](index=129&type=chunk) [Litigation Matters](index=37&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no significant litigation or arbitration matters during the reporting period; other lawsuits totaled **32.25 million yuan**, with **11.06 million yuan** settled and **21.19 million yuan** pending, with no major impact - The company had no significant litigation or arbitration matters during the current reporting period[130](index=130&type=chunk) - Other lawsuits totaled **32.25 million yuan**, with **11.06 million yuan** settled and **21.19 million yuan** pending[131](index=131&type=chunk) - All settled amounts are due from defendants to Taihe Technology, currently in progress, with no significant impact on the company[131](index=131&type=chunk) [Penalties and Rectification](index=37&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) During the reporting period, the company had no penalties or rectification situations - The company reported no penalties or rectification situations during the reporting period[132](index=132&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=37&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company, its controlling shareholder, and actual controller had no integrity issues regarding unfulfilled court judgments or large overdue debts during the reporting period - The company reported no integrity issues concerning its controlling shareholder and actual controller during the reporting period[133](index=133&type=chunk) [Significant Related-Party Transactions](index=37&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company did not engage in any significant related-party transactions, including those related to daily operations, asset/equity, or debt - The company reported no related-party transactions related to daily operations during the reporting period[134](index=134&type=chunk) - The company reported no related-party transactions involving asset or equity acquisitions or disposals during the reporting period[135](index=135&type=chunk) - The company reported no related-party creditor-debtor relationships during the reporting period[137](index=137&type=chunk) [Significant Contracts and Their Performance](index=38&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had no trust or contracting arrangements, but its subsidiary leased assets for chlor-alkali production, generating **360 million yuan** in revenue and **17.79 million yuan** in net profit - The company reported no trust or contracting arrangements during the reporting period[141](index=141&type=chunk)[142](index=142&type=chunk) - The company leased assets from Zaozhuang Zhongke Chemical Co., Ltd. for chlor-alkali product production, implemented by Hydrogen Power New Materials[143](index=143&type=chunk) - From January to June 2025, this lease generated **360.04 million yuan** in operating revenue and **17.79 million yuan** in net profit for the company[143](index=143&type=chunk)[144](index=144&type=chunk) - The company reported no significant guarantee situations during the reporting period[145](index=145&type=chunk) [Explanation of Other Significant Matters](index=40&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, Vice General Manager and Director/Vice General Manager resigned, the company implemented its 2024 annual equity distribution plan, revised its Articles of Association, changed its legal representative, and experienced abnormal stock trading - Vice General Manager Wan Zhentao resigned on January 7, 2025[148](index=148&type=chunk) - Non-independent Director and Vice General Manager Jian Qian resigned on January 22, 2025[148](index=148&type=chunk) - The company implemented its 2024 annual equity distribution plan, distributing a cash dividend of **1.00 yuan** (tax inclusive) per **10 shares**[149](index=149&type=chunk) - The company revised its 'Articles of Association' and changed its legal representative to Yao Ya, while also revising 'Rules of Procedure for Shareholder Meetings' and other documents[150](index=150&type=chunk) - The company's stock trading experienced abnormal fluctuations on June 23 and 25, 2025[151](index=151&type=chunk) [Significant Matters of Company Subsidiaries](index=40&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company's subsidiaries had no significant matters during the reporting period - The company's subsidiaries reported no significant matters during the reporting period[152](index=152&type=chunk) Share Changes and Shareholder Information [Share Change Information](index=41&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital remained unchanged at **218.43 million shares**, with limited-sale shares increasing by **388,300 shares** due to executive lock-up share changes Share Change Information | Share Class | Quantity Before Change (shares) | Proportion (%) | Increase/Decrease in Current Change (+, -) (shares) | Quantity After Change (shares) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 81,550,575 | 37.33% | +388,300 | 81,938,875 | 37.51% | | II. Unrestricted Shares | 136,879,425 | 62.67% | -388,300 | 136,491,125 | 62.49% | | III. Total Shares | 218,430,000 | 100.00% | 0 | 218,430,000 | 100.00% | - Changes in restricted shares primarily involved executive lock-up shares, with increases due to the resignations of Wan Zhentao and Jian Qian[157](index=157&type=chunk) [Securities Issuance and Listing Information](index=42&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) During the reporting period, the company had no securities issuance or listing activities - The company reported no securities issuance or listing activities during the reporting period[158](index=158&type=chunk) [Number of Shareholders and Shareholding Information](index=42&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) At the end of the reporting period, the company had **38,478** common shareholders; Cheng Zhongfa held **47.63%** as controlling shareholder, with related parties among the top ten - The total number of common shareholders at the end of the reporting period was **38,478**[159](index=159&type=chunk) Shareholding Information of Shareholders Holding 5% or More, or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cheng Zhongfa | Domestic Natural Person | 47.63% | 104,029,600 | 78,022,200 | 26,007,400 | | Zaozhuang Hesheng Investment Management Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 5.78% | 12,636,000 | 0 | 12,636,000 | | Shandong Taihe Technology Co., Ltd. – 2024 Employee Stock Ownership Plan | Other | 3.32% | 7,251,900 | 0 | 7,251,900 | | Li Jingjuan | Domestic Natural Person | 1.43% | 3,119,600 | 0 | 3,119,600 | | Cheng Xia | Domestic Natural Person | 1.25% | 2,721,600 | 0 | 2,721,600 | | Cheng Cheng | Domestic Natural Person | 1.25% | 2,721,600 | 0 | 2,721,600 | | Yao Ya | Domestic Natural Person | 1.11% | 2,426,200 | 1,819,650 | 606,550 | | Wan Zhentao | Domestic Natural Person | 0.54% | 1,175,000 | 1,175,000 | 0 | | Liu Quanhua | Domestic Natural Person | 0.18% | 400,000 | 300,000 | 100,000 | | Jian Qian | Domestic Natural Person | 0.17% | 378,200 | 378,200 | 0 | - Li Jingjuan, Cheng Xia, Liu Quanhua, and Cheng Cheng are close family members of the actual controller Cheng Zhongfa; Zaozhuang Hesheng Investment Management Center (Limited Partnership) is an enterprise controlled by Cheng Zhongfa[160](index=160&type=chunk) - The company's dedicated share repurchase account holds **3,125,900 shares**, which are not included in the top 10 shareholders list[160](index=160&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=44&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - The company's directors, supervisors, and senior management in the reporting period had no changes in shareholdings[163](index=163&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=44&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[164](index=164&type=chunk) - The company's actual controller did not change during the reporting period[164](index=164&type=chunk) [Preferred Share Information](index=45&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[165](index=165&type=chunk) Bond-Related Information The company had no bond-related information during the reporting period - The company reported no bond-related information during the reporting period[167](index=167&type=chunk) Financial Report [Audit Report](index=47&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[169](index=169&type=chunk) [Financial Statements](index=47&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's H1 2025 consolidated and parent company financial statements, offering a comprehensive overview of financial position, operating results, and cash flows - Provides consolidated balance sheets, parent company balance sheets, consolidated income statements, parent company income statements, consolidated cash flow statements, parent company cash flow statements, consolidated statements of changes in owners' equity, and parent company statements of changes in owners' equity[170](index=170&type=chunk)[174](index=174&type=chunk)[177](index=177&type=chunk)[181](index=181&type=chunk)[184](index=184&type=chunk)[187](index=187&type=chunk)[189](index=189&type=chunk)[195](index=195&type=chunk) [Company Overview](index=63&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Shandong Taihe Technology Co., Ltd., established on March 14, 2006, is a Shenzhen Stock Exchange-listed chemical company based in Zaozhuang, primarily engaged in water treatment chemicals and import/export - The company was established on March 14, 2006, with its registered office in Zaozhuang City, Shandong Province[201](index=201&type=chunk) - The company's shares are listed on the Shenzhen Stock Exchange, operating in the chemical industry[201](index=201&type=chunk)[202](index=202&type=chunk) - Primarily engaged in the production, sales, and technical services of water treatment agents and auxiliaries, as well as import and export business[202](index=202&type=chunk) - These financial statements were approved for issuance by the Board of Directors on August 25, 2025[202](index=202&type=chunk) [Basis of Financial Statement Preparation](index=64&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The consolidated financial statements are prepared in accordance with 'Enterprise Accounting Standards' and relevant regulations, including CSRC rules, on a going concern basis - The financial statements are prepared in accordance with 'Enterprise Accounting Standards' and relevant regulations of the China Securities Regulatory Commission[203](index=203&type=chunk) - The company's ability to continue as a going concern for at least 12 months from the end of the reporting period has no significant doubts, and the statements are prepared on a going concern basis[204](index=204&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=64&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's significant accounting policies and estimates, covering compliance, accounting period, functional currency, materiality, business combinations, consolidation, cash, foreign currency, financial instruments, receivables, inventories, fixed assets, and revenue recognition - The company adheres to Enterprise Accounting Standards, accurately and completely reflecting its financial position[206](index=206&type=chunk) - The accounting year is from January 1 to December 31 of the Gregorian calendar, and the reporting period is from January 1, 2025, to June 30, 2025[207](index=207&type=chunk) Materiality Standards | Item | Materiality Standard (million CNY) | | :--- | :--- | | Significant prepayments with an aging over 1 year at period-end | 3.00 | | Significant accounts payable with an aging over 1 year at period-end | 5.00 | | Significant contract liabilities with an aging over 1 year at period-end | 1.00 | | Significant construction in progress projects | 20.00 | | Significant cash related to investment activities | 70.00 | - Financial assets are classified as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[219](index=219&type=chunk) - Revenue recognition principle: Revenue is recognized when performance obligations are satisfied, and the customer obtains control of the related goods or services[263](index=263&type=chunk) [Taxation](index=79&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, urban maintenance tax, and corporate income tax; as a high-tech enterprise, corporate income tax is reduced to **15%**, with some subsidiaries at **5%**, and export products enjoy 'exemption and refund' policies Major Taxes and Tax Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods, taxable services income | 13%, 6% | | Urban Maintenance and Construction Tax | Amount of turnover tax actually paid | 7% | | Corporate Income Tax | Taxable income | 25%, 15%, 5% | | Education Surcharge | Amount of turnover tax actually paid | 3% | | Local Education Surcharge | Amount of turnover tax actually paid | 2% | | Property Tax | 70% of original property value as tax base | 1.2% | | Land Use Tax | Land use area | 2.4, 4.8, 9.6 CNY/square meter | - As a high-tech enterprise, the company's corporate income tax is levied at a reduced rate of **15%**[278](index=278&type=chunk) - Some subsidiaries, as small low-profit enterprises, have an effective corporate income tax rate of **5%**[278](index=278&type=chunk) - Export products enjoy 'exemption and refund' tax preferential policies, with a refund rate of **13%**[278](index=278&type=chunk) [Notes to Consolidated Financial Statement Items](index=80&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on consolidated financial statement items, including composition, balances, and changes for various assets, liabilities, equity, and income statement accounts - Monetary funds at period-end totaled **346 million yuan**, with other monetary funds primarily consisting of bank acceptance deposits[280](index=280&type=chunk) - Trading financial assets at period-end totaled **297 million yuan**, mainly comprising bank wealth management products[282](index=282&type=chunk) - Accounts receivable at period-end totaled **349 million yuan**, with **93.44%** being within one year of age[293](index=293&type=chunk)[296](index=296&type=chunk) - Fixed assets had a book value of **521 million yuan** at period-end, with an increase of **71.05 million yuan** during the period, primarily from transfers from construction in progress[400](index=400&type=chunk)[401](index=401&type=chunk) - Construction in progress had a book value of **301 million yuan** at period-end, with major projects including water treatment chemical series products, vinylene carbonate, and lithium iron phosphate cathode materials[408](index=408&type=chunk)[411](index=411&type=chunk) - Operating revenue for the current period was **1.392 billion yuan**, and operating cost was **1.238 billion yuan**[506](index=506&type=chunk) [R&D Expenses](index=125&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) During the reporting period, total R&D expenses were **33.30 million yuan**, all expensed, representing a **14.66%** year-on-year increase, with no capitalized R&D projects R&D Expense Details | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Direct Input | 5,860,679.98 | 3,189,278.72 | | Employee Compensation | 20,301,580.64 | 18,561,521.39 | | Depreciation | 5,709,673.83 | 4,944,077.22 | | Other | 1,430,493.03 | 2,350,063.81 | | **Total** | **33,302,427.48** | **29,044,941.14** | | Of which: Expensed R&D Expenditure | 33,302,427.48 | 29,044,941.14 | - The company has no R&D projects that meet capitalization criteria or significant externally acquired R&D projects[559](index=559&type=chunk)[561](index=561&type=chunk) [Changes in Consolidation Scope](index=126&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company did not experience any non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposals of subsidiaries leading to loss of control - The company did not experience any non-same-control business combinations during the reporting period[562](index=562&type=chunk) - The company did not experience any same-control business combinations during the reporting period[567](index=567&type=chunk) - The company did not experience any reverse acquisitions during the reporting period[571](index=571&type=chunk) - The company did not experience any transactions or events resulting in the loss of control over subsidiaries during the reporting period[571](index=571&type=chunk) [Interests in Other Entities](index=129&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section discloses the company's interests in various wholly-owned subsidiaries, but does not include significant non-wholly-owned subsidiaries, joint ventures, associates, or unconsolidated structured entities - The company owns several wholly-owned subsidiaries, including Shandong Taihe Chemical Import & Export Co., Ltd., Shandong Sainuosi Fine Chemical Co., Ltd., and Taihe Intelligent (Shandong) Co., Ltd.[573](index=573&type=chunk) - The company has not disclosed financial information for significant non-wholly-owned subsidiaries, joint ventures, or associates[574](index=574&type=chunk)[578](index=578&type=chunk)[581](index=581&type=chunk) - The company is not involved in significant joint operations or structured entities not included in the consolidated financial statements[584](index=584&type=chunk)[585](index=585&type=chunk) [Government Grants](index=133&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) At the end of the reporting period, the company's deferred income from government grants was **855,200 yuan**, with **9.45 million yuan** recognized as other income during the period Liability Items Involving Government Grants | Accounting Account | Beginning Balance (CNY) | New Grants in Current Period (CNY) | Amount Recognized in Non-Operating Income in Current Period (CNY) | Amount Transferred to Other Income in Current Period (CNY) | Other Changes in Current Period (CNY) | Ending Balance (CNY) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 1,246,555.29 | | | 391,332.96 | | 855,222.33 | Asset-related | - Government grants recognized in current profit or loss for the period amounted to **9.45 million yuan**[588](index=588&type=chunk) [Risks Related to Financial Instruments](index=133&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces market (exchange rate), credit, and liquidity risks related to financial instruments, managed through monitoring, provisions, and ensuring fund availability, with no hedging activities - The company faces market risk (exchange rate risk), credit risk, and liquidity risk[588](index=588&type=chunk) - Exchange rate risk is primarily related to USD and EUR, and the company closely monitors exchange rate fluctuations[590](index=590&type=chunk)[591](index=591&type=chunk) - Credit risk primarily arises from monetary funds, notes receivable, accounts receivable, etc., and the company mitigates risk through credit limit management and bad debt provision accrual[592](index=592&type=chunk) - The criterion for a significant increase in credit risk is overdue days exceeding **30** days, and credit impairment is defined as overdue days exceeding **90** days[592](index=592&type=chunk)[593](index=593&type=chunk) - Some notes receivable financing has been derecognized through bill endorsement, amounting to **98.61 million yuan**[598](index=598&type=chunk)[601](index=601&type=chunk) [Disclosure of Fair Value](index=136&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) At the end of the reporting period, the company's total assets measured at fair value on a recurring basis amounted to **364.06 million yuan**, primarily comprising trading financial assets (Level 2) and notes receivable financing, other equity instrument investments (Level 3) Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 2 Fair Value Measurement (CNY) | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | | (I) Trading Financial Assets | 297,450,110.61 | | 297,450,110.61 | | (4) Wealth Management Products | 297,450,110.61 | | 297,450,110.61 | | (5) Notes Receivable Financing | | 10,260,069.80 | 10,260,069.80 | | (III) Other Equity Instrument Investments | | 56,350,694.61 | 56,350,694.61 | | **Total Assets Measured at Fair Value on a Recurring Basis** | **297,450,110.61** | **66,610,764.41** | **364,060,875.02** | - Trading financial assets are principal-protected floating-rate structured deposits[604](index=604&type=chunk) - Notes receivable financing is measured at fair value based on its face amount[605](index=605&type=chunk) - The carrying amounts of financial assets and liabilities not measured at fair value do not significantly differ from their fair values[608](index=608&type=chunk) [Related Parties and Related-Party Transactions](index=137&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%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 ultimate controlling party is Cheng Zhongfa, who directly and indirectly controls its shares; key management personnel compensation for the period was **1.78 million yuan**, with no significant related-party transactions involving sales, services, leases, guarantees, or fund transfers during the reporting period - The company's ultimate controlling party is Cheng Zhongfa, who directly holds **47.63%** of shares and indirectly controls **5.78%** through Zaozhuang Hesheng Investment Management Center (Limited Partnership)[609](index=609&type=chunk) - Other related parties include directors, senior management, and shareholders holding **5%** or more[611](index=611&type=chunk)[612](index=612&type=chunk) - During the reporting period, the company had no related-party transactions involving goods purchases/sales, provision/acceptance of services, entrusted management/contracting, entrusted management/outsourcing, leases, guarantees, fund borrowings/lendings, or asset transfer/debt restructuring[613](index=613&type=chunk)[614](index=614&type=chunk)[615](index=615&type=chunk)[616](index=616&type=chunk)[617](index=617&type=chunk)[619](index=619&type=chunk)[620](index=620&type=chunk)[621](index=621&type=chunk)[622](index=622&type=chunk) - Key management personnel compensation for the current period amount

广州新莱福新材料股份有限公司 2025 年半年度报告全文 广州新莱福新材料股份有限公司 2025 年半年度报告 是否以公积金转增股本 2025 年 8 月 1 广州新莱福新材料股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人汪小明、主管会计工作负责人徐江平及会计机构负责人(会计 主管人员)徐江平声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的未来发展规划等前瞻性陈述不构成公司对投资者的实质 承诺，敬请广大投资者理性投资，注意风险。 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和 应对措施"，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。 董事会审议的报告期内的半年度利润分配预案或公积金转增股本预案 适用 □不适用 □是 否 公司经本次董事会审议通过的利润分配预案为：以 103,524,100 股为基 数，向全体股东 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=第一节%20重要提示、目录和释义) This section provides essential disclaimers, outlines the report's structure, and defines key terms for clarity [Important Notice](index=2&type=section&id=重要提示) The company's board and senior management guarantee the report's truthfulness, accuracy, and completeness, while forward-looking statements do not constitute substantive commitments, and no cash dividends, bonus shares, or capital reserve conversions are planned - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the report's content[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) - Forward-looking statements in the report do not constitute substantive commitments, involve uncertainties, and investors are advised to be aware of investment risks[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=目录) The report's clear table of contents lists nine main chapters, providing comprehensive information navigation from company profile to financial reports and other submitted data - The report comprises nine main chapters, covering company overview to financial reports and other submitted data[9](index=9&type=chunk) [Definitions](index=5&type=section&id=释义) This section defines key terms used in the report, including company name, reporting period, currency units, and names of major related parties and subsidiaries, ensuring accurate understanding of the report's content - The reporting period refers to January 1, 2025, to June 30, 2025[15](index=15&type=chunk) - Key related parties include Jiangsu Asset Management Co., Ltd., Wuxi Suxin Industrial Optimization and Adjustment Investment Partnership (Limited Partnership), and Wuxi Lianxin Asset Management Co., Ltd[15](index=15&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介和主要财务指标) This section introduces the company's basic information, contact details, and presents key accounting data and financial indicators [Company Profile](index=6&type=section&id=一、公司简介) Yuan Cheng Cable Co., Ltd., stock abbreviation "Yuan Cheng Shares" and stock code **002692**, is listed on the Shenzhen Stock Exchange, with Zhao Jun as its legal representative - The company's stock abbreviation is 'Yuan Cheng Shares', stock code **002692**, listed on the Shenzhen Stock Exchange[18](index=18&type=chunk) - The company's legal representative is Zhao Jun[18](index=18&type=chunk) [Contact Person and Information](index=6&type=section&id=二、联系人和联系方式) The company's Board Secretary is Qiu Zhen, and the Securities Affairs Representative is Lu Ziwei, both located at No. 8 Yuancheng Road, Yixing City, Jiangsu Province, with contact phone and fax **(0510) 80777896** and email **IR@yccable.cn** - The Board Secretary is Qiu Zhen, and the Securities Affairs Representative is Lu Ziwei[19](index=19&type=chunk) - The company's contact phone and fax are **(0510) 80777896**, and the email address is **IR@yccable.cn**[19](index=19&type=chunk) [Other Information](index=6&type=section&id=三、其他情况) During the reporting period, there were no changes in the company's registered address, office address, website, email, or information disclosure and filing locations, consistent with the 2024 annual report - The company's contact information, information disclosure, and filing locations remained unchanged during the reporting period[20](index=20&type=chunk)[21](index=21&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=四、主要会计数据和财务指标) In H1 2025, the company's operating revenue increased by **18.46%** to **2.26 billion yuan**, while net profit attributable to shareholders decreased by **1.67%** to **41.96 million yuan**; net cash flow from operating activities significantly dropped by **71.42%** to **-364.49 million yuan**, total assets decreased by **1.11%**, and net assets attributable to shareholders increased by **2.35%** Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (yuan) | Prior Period (yuan) | Current Period vs. Prior Period Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,256,480,667.06 | 1,904,803,244.13 | 18.46% | | Net Profit Attributable to Shareholders of the Listed Company | 41,956,556.76 | 42,668,987.91 | -1.67% | | Net Profit Attributable to Shareholders of the Listed Company Excluding Non-Recurring Gains and Losses | 27,034,032.74 | 34,814,680.32 | -22.35% | | Net Cash Flow from Operating Activities | -364,490,274.47 | -212,626,456.64 | -71.42% | | Basic Earnings Per Share (yuan/share) | 0.06 | 0.06 | -1.68% | | Diluted Earnings Per Share (yuan/share) | 0.06 | 0.06 | -1.68% | | Weighted Average Return on Net Assets | 3.52% | 3.74% | -0.22% | | **Period-End Indicators** | **Current Period-End (yuan)** | **Prior Year-End (yuan)** | **Current Period-End vs. Prior Year-End Change** | | Total Assets | 3,124,871,145.89 | 3,159,860,196.33 | -1.11% | | Net Assets Attributable to Shareholders of the Listed Company | 1,202,017,135.87 | 1,174,423,499.11 | 2.35% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=五、境内外会计准则下会计数据差异) During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and Chinese Accounting Standards - The company had no differences in accounting data under domestic and overseas accounting standards during the reporting period[24](index=24&type=chunk)[25](index=25&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=六、非经常性损益项目及金额) The company's total non-recurring gains and losses for the reporting period amounted to **14.92 million yuan**, primarily from disposal gains/losses of non-current assets, government grants, reversal of impairment provisions for receivables, and gains/losses from contingent events unrelated to normal operations Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Item | Amount (yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | 2,523,332.92 | | Government grants recognized in current profit or loss | 1,232,852.83 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 2,797,159.20 | | Gains/losses from contingent events unrelated to the company's normal operations | 8,737,041.83 | | Other non-operating income and expenses apart from the above | 740,889.45 | | Less: Income tax impact | 1,108,752.21 | | Total | 14,922,524.02 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor has it classified non-recurring gains and losses as recurring gains and losses[28](index=28&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=第三节%20管理层讨论与分析) This section provides an in-depth analysis of the company's main business, core competitiveness, financial performance, investment activities, and risk management strategies [Company's Main Business Activities During the Reporting Period](index=9&type=section&id=一、报告期内公司从事的主要业务) The company's main business involves R&D, production, and operation of wires and cables, widely applied in power, rail transit, and new energy sectors, recognized as a "National Specialized, Refined, Unique, and New Little Giant Enterprise," operating on a make-to-order model, with industry growth driven by macroeconomic trends and new infrastructure investments, and emerging opportunities from 5G, new energy, and AI [Overview of Company's Main Business](index=9&type=section&id=1、公司主营业务概述) The company specializes in the wire and cable industry, offering products such as power cables up to 500kV, special cables, bare conductors, and electrical equipment wires, extensively used in major projects like State Grid, nuclear power plants, and new energy, holding multiple national honors and certifications, and competitive advantages in niche markets like nuclear-grade and fire-resistant cables - The company's main business is the R&D, production, and operation of wire and cable products, covering four major categories: power cables, special cables, bare conductors, and electrical equipment wires and cables[30](index=30&type=chunk) - The company is recognized as a 'National Specialized, Refined, Unique, and New Little Giant Enterprise', 'National 5G Factory', 'National High-tech Enterprise', and possesses a provincial engineering technology research center and a national postdoctoral research workstation[30](index=30&type=chunk) - The company holds competitive advantages in nuclear power plant cables, high-voltage cross-linked polyethylene insulated power cables, mineral insulated cables, and carbon fiber conductors[31](index=31&type=chunk) [Business Model](index=9&type=section&id=2、经营模式) The company's cable business primarily operates on a make-to-order model, securing orders through customer bidding and formulating production plans based on these orders, while continuously investing in technological innovation, new product R&D, and talent acquisition, and obtaining various domestic and international quality management system and product certifications to ensure product quality and market competitiveness - The company's cable business primarily operates on a make-to-order model, where production plans are formulated based