【2025 年 8 月 15 日】 1 利民控股集团股份有限公司 2025 年半年度报告全文 利民控股集团股份有限公司 2025 年半年度报告 利民控股集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人李新生、主管会计工作负责人沈书艳及会计机构负责人(会计 主管人员)侯艳莉声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的未来发展计划等前瞻性陈述，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，请投资者注意投资风险。 公司存在市场竞争风险、主要原材料价格变动风险、环保风险、安全生 产风险、汇率波动风险，敬请广大投资者注意投资风险。详细内容见本报告 "第三节 十、公司面临的风险和应对措施"。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 一、载有法定代表人、主管会计工作负责 ...

东莞市达瑞电子股份有限公司 2025 年半年度报告全文 东莞市达瑞电子股份有限公司 2025 年半年度报告 2025-068 2025 年 08 月 1 东莞市达瑞电子股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人李清平、主管会计工作负责人李俊峰及会计机构负责人(会计 主管人员)胡启芳声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来发展战略、经营计划等前瞻性陈述，不构成公司对 投资者的实质性承诺，敬请投资者注意投资风险。 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"中详细阐述了公司未来经营中可能面临的风险及应对措施，敬请 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 | ਨਾ | | --- | | 第一节 | 重要提示、目录和释义 2 | | | --- | --- | --- | | 第二节 | ...

共达电声股份有限公司 2025 年半年度报告全文 共达电声股份有限公司 2025 年半年度报告 2025 年 8 月 1 共达电声股份有限公司 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。 公司负责人傅爱善、主管会计工作负责人张常善及会计机构负责人(会计主管人员)张 常善声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 重要提示、目录和释义 2 | | --- | | 第二节 公司简介和主要财务指标 7 | | 第三节 管理层讨论与分析 10 | | 第四节 公司治理、环境和社会 18 | | 第五节 重要事项 20 | | 第六节 股份变动及股东情况 27 | | 第七节 债券相关情况 31 | | 第八节 财务报告 32 | | 第九节 其他报送数据 169 | 共达电声股份有限公司 2025 年半年度报告全文 备查文件 ...

泛微网络科技股份有限公司2025 年半年度报告 公司代码：603039 公司简称：泛微网络 泛微网络科技股份有限公司 2025 年半年度报告 1/205 泛微网络科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人韦利东、主管会计工作负责人包小娟及会计机构负责人（会计主管人员）张元 雪声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司将根据第五届董事会第十四次会议决定通过的2025年半年度利润分配议案，2025年半年 度归属于上市公司股东的净利润人民币65,694,644.36元，母公司实现净利润77,382,510.07元。 母 公 司 以 2025 年 半 年 度 净 利 润 77,382,510.07 元 为 基 数 ， 加 往 年 累 积 的 未 分 配 利 润 1,372,467,436. ...

上海数据港股份有限公司2025 年半年度报告 公司代码：603881 公司简称：数据港 上海数据港股份有限公司 2025 年半年度报告 1 / 157 上海数据港股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人孙中峰、主管会计工作负责人李静及会计机构负责人（会计主管人员）李静声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 截至2025年6月30日，公司实现归属于上市公司股东的净利润为84,958,577.73元，合并报表 可供股东分配的利润为965,271,763.18元，母公司可供股东分配的利润为337,164,139.59元。公 司拟以总股本718,376,999股为基数，向全体股东每10股派发现金红利0.24元（含税），拟派发现 金红利17,241,047.98元（含税）。本次利润分配不送红股 ...

恒为科技（上海）股份有限公司2025 年半年度报告 公司代码：603496 公司简称：恒为科技 恒为科技（上海）股份有限公司 2025 年半年度报告 1 / 166 恒为科技（上海）股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人沈振宇、主管会计工作负责人秦芳及会计机构负责人（会计主管人员）秦芳声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 以权益分派方案实施股权登记日为基数，向全体股东每10股派发现金红利0.05元（含税）， 不转增，不送红股。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 ...

公司代码：600301 公司简称：华锡有色 2025 年半年度报告 广西华锡有色金属股份有限公司2025 年半年度报告 广西华锡有色金属股份有限公司 广西华锡有色金属股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人张小宁、主管会计工作负责人叶亚斌及会计机构负责人（会计主管人员）梁小 凤声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本报告期无利润分配或公积金转增股本预案。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告内容涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 □适用 √不适用 | 第一节 | 释义 | 1 | | --- | --- | - ...

华工科技产业股份有限公司 2025 年半年度报告 华工科技产业股份有限公司 2025 年半年度报告 证券代码：000988 2025 年 8 月 15 日 华工科技产业股份有限公司 2025 年半年度报告 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。 公司董事长、总经理马新强，财务总监王霞及财务部经理刘莹声明：保证本半年度报 告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，敬请投 资者注意投资风险。 本半年度报告无需遵守特殊行业的披露要求，敬请投资者注意投资风险。 一、载有公司负责人、主管会计工作负责人、会计机构负责人签名并盖章的财务报表。 二、报告期内在中国证监会指定信息披露媒体上公开披露过的所有公司文件的正本及公告 的原稿。 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 | 目录 | | --- | | 第一节 | 重要提示、目录和释义 | 2 | | - ...

广东天安新材料股份有限公司2025 年半年度报告 公司代码：603725 公司简称：天安新材 广东天安新材料股份有限公司 2025 年半年度报告 1 / 172 广东天安新材料股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人吴启超、主管会计工作负责人刘巧云及会计机构负责人（会计主管人员）廖龙 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本报告期内无半年度利润分配预案或公积金转增股本预案。 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告涉及的公司未来计划等前瞻性陈述不构成公司对投资者的实质性承诺，敬请投 资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、 ...

[Definitions](index=6&type=section&id=Section%20I.%20Definitions) This chapter defines key professional terms and common phrases, such as the reporting period (first half of 2025), controlling shareholder (Debon Holdings), and LTL freight, to ensure clarity and accuracy - This chapter defines key professional terms and common phrases, such as the reporting period (first half of 2025), controlling shareholder (Debon Holdings), and LTL freight, to ensure clarity and accuracy[16](index=16&type=chunk) [Company Profile and Key Financial Indicators](index=8&type=section&id=Section%20II.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents its core financial performance metrics for the reporting period [Company Basic Information](index=8&type=section&id=I.%20Company%20Information) This chapter provides basic information about Debon Logistics Co., Ltd., including its Chinese and English names, legal representative, contact details, registered address, and information disclosure channels - The company's legal representative is **Wang Yanfeng**[21](index=21&type=chunk) [Key Accounting Data and Financial Indicators](index=9&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company reported an **11.43%** increase in operating revenue but an **84.34%** decrease in net profit attributable to shareholders, with non-recurring net profit turning to a loss, while operating cash flow grew stably Key Accounting Data (First Half of 2025) | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 20.55 billion CNY | 18.45 billion CNY | 11.43% | | Net Profit Attributable to Shareholders | 52.15 million CNY | 332.91 million CNY | -84.34% | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) | -33.44 million CNY | 197.61 million CNY | -116.92% | | Net Cash Flow from Operating Activities | 1.87 billion CNY | 1.83 billion CNY | 2.19% | | **Asset Data** | **End of Current Period** | **End of Prior Year** | **YoY Change (%)** | | Net Assets Attributable to Shareholders | 8.36 billion CNY | 8.46 billion CNY | -1.18% | | Total Assets | 16.41 billion CNY | 16.97 billion CNY | -3.30% | Key Financial Indicators (First Half of 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.05 | 0.33 | -84.85% | | Basic Earnings Per Share (Excl. Non-recurring Items) (CNY/share) | -0.03 | 0.20 | -115.00% | | Weighted Average Return on Net Assets (%) | 0.61% | 4.26% | Decrease of 3.65 percentage points | | Weighted Average Return on Net Assets (Excl. Non-recurring Items) (%) | -0.39% | 2.53% | Decrease of 2.92 percentage points | - During the reporting period, non-recurring gains and losses totaled **85.5876 million CNY**, primarily from government subsidies and disposal gains on non-current assets, significantly impacting current net profit[29](index=29&type=chunk)[30](index=30&type=chunk) [Management Discussion and Analysis (MD&A)](index=12&type=section&id=Section%20III.%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's operational performance, financial condition, and key factors influencing its results during the reporting period [Industry and Principal Business Overview](index=12&type=section&id=I.%20Description%20of%20the%20Company%27s%20Industry%20and%20Principal%20Business%20During%20the%20Reporting%20Period) The company operates in the logistics industry, with road freight as a key component, experiencing market consolidation and service upgrades driven by digitalization, with express freight as its core business - The LTL freight market is characterized by fragmentation, but industry concentration is continuously increasing, with leading enterprises expanding market share through network, digitalization, scale, and capital advantages[41](index=41&type=chunk)[42](index=42&type=chunk) - Digital supply chains and the trend of large-item e-commerce demand higher standards for express freight services, driving industry service upgrades[43](index=43&type=chunk)[44](index=44&type=chunk) Principal Business Revenue (First Half of 2025) | Business Segment | Revenue (Billion CNY) | YoY Change | | :--- | :--- | :--- | | Express Freight Business | 18.61 | +11.89% | | Express Delivery Business | 0.95 | -11.63% | [Discussion and Analysis of Operations](index=18&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) The company achieved **11.43%** revenue growth in H1 2025, primarily from express freight and supply chain, but a significant **30.20%** increase in transportation costs led to an **84.34%** decline in net profit, despite stable financial health and improved service metrics Revenue by Business Segment (First Half of 2025) | Business Segment (Billion CNY) | Jan-Jun 2025 | Jan-Jun 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Express Freight Business Revenue | 18.61 | 16.64 | 11.89% | | Express Delivery Business Revenue | 0.95 | 1.07 | -11.63% | | Other Business Revenue | 0.99 | 0.74 | 34.49% | | **Total** | **20.55** | **18.45** | **11.43%** | - Operating costs increased by **14.20%** year-on-year, with transportation costs rising by **30.20%** due to strategic resource allocation and changes in business structure, increasing their proportion of revenue by **6.85 percentage points**, which was a primary factor impacting profitability[65](index=65&type=chunk)[67](index=67&type=chunk) Profitability (First Half of 2025) | Profitability Indicator (Billion CNY) | Jan-Jun 2025 | Jan-Jun 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | 0.052 | 0.333 | -84.34% | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) | -0.033 | 0.198 | -116.92% | - The company continuously optimized its large-item delivery service experience, with upstairs delivery complaint rates decreasing by **61.5%** year-on-year, principal product damage rates decreasing by **22.4%** year-on-year, and customer complaint rates per ten thousand tickets decreasing by **23.4%** year-on-year during the reporting period[71](index=71&type=chunk)[72](index=72&type=chunk) [Analysis of Core Competencies](index=21&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies include a comprehensive network, direct-operation model, large-item market expertise, strong brand, talent, and advanced technology, ensuring service quality and efficiency - The company adheres to a direct-operation model, maintaining strong control over its network, operations, customers, brand, and compliance, ensuring strategic execution and high-standard services[77](index=77&type=chunk) - Leveraging nearly **30 years** of large-item delivery experience, the company continuously reduces cargo damage rates (down **22.4%** year-on-year in H1) and improves delivery quality (upstairs delivery complaint rates down **61.5%** year-on-year) through optimized packaging, operational processes, and after-sales service[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk) - The company empowers its business operations with technology, applying intelligent systems such as GIS address parsing, unmanned forklifts, and smart routing across collection, transit, and transportation links to achieve cost reduction and efficiency improvement[95](index=95&type=chunk)[96](index=96&type=chunk) [Financial Analysis of Key Operating Performance](index=30&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) Operating revenue grew by **11.43%**, but higher operating and selling costs reduced profit, while administrative and R&D expenses decreased, with asset disposal gains significantly contributing to total profit Analysis of Major Financial Statement Item Changes | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 20.55 billion | 18.45 billion | 11.43 | | Operating Cost | 19.46 billion | 17.04 billion | 14.20 | | Selling Expenses | 394.18 million | 273.18 million | 44.29 | | Administrative Expenses | 554.17 million | 699.37 million | -20.76 | | Research and Development Expenses | 62.25 million | 99.46 million | -37.41 | - During the reporting period, asset disposal gains from the Debon Gold equity transfer amounted to **30.4674 million CNY**, accounting for **46.70%** of total profit for the period, representing a significant source of non-principal business profit[116](index=116&type=chunk) - Among the company's major subsidiaries and associates, Shanghai Deqi Information Technology Co., Ltd., Shanghai Detang Supply Chain Co., Ltd., and Debon (Shanghai) Transportation Co., Ltd. were the primary profit contributors[117](index=117&type=chunk) [Risk Analysis](index=39&type=section&id=V.%20Other%20Disclosures) The company faces external risks from macroeconomic factors, policy changes, and competition, alongside internal risks related to cost control, strategic adjustments, and personnel management - External risks include macroeconomic fluctuations, changes in industry regulatory policies (e.g., new "Express Delivery Market Management Measures"), rising fuel and labor costs, and intense market competition[122](index=122&type=chunk)[123](index=123&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk) - Internal risks include labor and transportation costs as major cost items, which could pressure profitability if not effectively controlled; the company also faces internal operational risks such as strategic adjustments, personnel turnover, and information system security[137](index=137&type=chunk)[140](index=140&type=chunk)[142](index=142&type=chunk) [Corporate Governance, Environment, and Social (ESG)](index=45&type=section&id=Section%20IV.%20Corporate%20Governance%2C%20Environment%2C%20and%20Social) This section details the company's governance structure, changes in senior management, and its commitment to environmental and social responsibilities, including efforts in rural revitalization [Executive Changes and Corporate Governance](index=45&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The company experienced a change in general manager with Mr. Wang Yanfeng's appointment, and no profit distribution or capital reserve conversion is planned for H1 2025 - On July 29, 2025, Huang Huabo resigned as director and general manager, and the Board of Directors appointed Wang Yanfeng as the new general manager the following day[148](index=148&type=chunk) - The company does not plan to distribute profits or convert capital reserves into share capital for the first half of 2025[149](index=149&type=chunk) [Social Responsibility and Rural Revitalization](index=46&type=section&id=V.%20Specifics%20of%20Consolidating%20and%20Expanding%20Poverty%20Aleviation%20Achievements%2C%20Rural%20Revitalization%2C%20and%20Other%20Work) The company actively supports rural revitalization by expanding its logistics network to achieve **95.21%** township coverage and providing customized services for agricultural product sales - As of June 30, 2025, the company operated **7,570** outlets nationwide, achieving a township coverage rate of **95.21%**, effectively supporting "logistics into villages"[151](index=151&type=chunk) - The company provides one-stop logistics services for specialty agricultural products through a combination of customized packaging, direct origin shipments, and its own e-commerce platform, helping farmers increase their income[151](index=151&type=chunk)[152](index=152&type=chunk) [Significant Matters](index=48&type=section&id=Section%20V.%20Significant%20Matters) This section covers key events and commitments, including the fulfillment of undertakings, major related-party transactions, and significant contracts and guarantees during the reporting period [Fulfillment of Commitments](index=48&type=section&id=I.%20Fulfillment%20of%20Commitments) The company and its related parties strictly fulfilled all commitments during the reporting period, including resolving horizontal competition and standardizing related-party transactions - Acquirer JD Zhuofeng committed to gradually resolve horizontal competition issues with Debon Logistics within **five years** from the completion date of the tender offer[157](index=157&type=chunk) [Major Related-Party Transactions](index=52&type=section&id=X.%20Major%20Related-Party%20Transactions) The company engaged in significant daily operating related-party transactions with JD Group, primarily providing transportation services and conducting factoring business to accelerate accounts receivable collection Major Daily Related-Party Transactions (First Half of 2025) (Unit: Million CNY) | Related-Party Transaction Category | Related Party | Actual Amount Incurred in H1 2025 (Excl. Tax) (Million CNY) | | :--- | :--- | :--- | | **Services Provided to Related Parties** | JD Group and its controlled entities | 2,618.41 | | **Services Received from Related Parties** | JD Group and its controlled entities | 21.86 | | **Assets Leased from Related Parties** | JD Group and its controlled entities | 62.31 | - The company conducted non-recourse factoring business with Banghui Factoring, a subsidiary of JD Technology, with an actual amount of **327.7912 million CNY** in the first half of 2025, aiming to accelerate accounts receivable collection[165](index=165&type=chunk)[166](index=166&type=chunk) [Significant Contracts and Guarantees](index=55&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) The company has a significant headquarters lease contract and provides guarantees to subsidiaries totaling **1.19 billion CNY**, representing **14.25%** of net assets, with all procedures duly followed Total Company Guarantees (As of End of Reporting Period) | Guarantee Item | Amount (Million CNY) | | :--- | :--- | | Total Guarantees to Subsidiaries at End of Reporting Period | 1,191.44 | | Ratio of Total Guarantees to Company's Net Assets (%) | 14.25 | [Share Changes and Shareholder Information](index=59&type=section&id=Section%20VI.%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital due to repurchased share cancellation and provides an overview of its shareholder structure, including major shareholders and their holdings [Share Capital Changes](index=59&type=section&id=I.%20Share%20Capital%20Changes) The company's total share capital decreased to **1,019,815,388** shares after canceling **7,139,877** repurchased shares on February 14, 2025 - The company's total share capital decreased by **7,139,877** shares to **1,019,815,388** shares due to the cancellation of repurchased shares[177](index=177&type=chunk)[178](index=178&type=chunk) [Shareholder Information](index=60&type=section&id=II.%20Shareholder%20Information) As of the reporting period end, the company had **38,556** common shareholders, with the top two, Ningbo Meishan Debon Investment and Suqian Jingdong Zhuofeng, holding a combined **79.59%** as parties acting in concert Top Ten Shareholders' Holdings | Shareholder Name | Shares Held at Period End | Percentage (%) | | :--- | :--- | :--- | | Ningbo Meishan Bonded Port Area Debon Investment Holding Co., Ltd. | 682,890,461 | 66.96 | | Suqian Jingdong Zhuofeng Enterprise Management Co., Ltd. | 128,822,767 | 12.63 | | Hong Kong Securities Clearing Company Limited | 12,735,653 | 1.25 | | Debon Logistics Co., Ltd. - Second Employee Stock Ownership Plan | 7,133,300 | 0.70 | [Bond-Related Information](index=64&type=section&id=Section%20VII.%20Bond-Related%20Information) This section provides details on the company's outstanding bonds, if any, during the reporting period [Corporate Bond Information](index=64&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - The company had no corporate bonds or convertible corporate bonds during the reporting period[188](index=188&type=chunk) [Financial Report](index=66&type=section&id=Section%20VIII.%20Financial%20Report) This section presents the company's unaudited financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, along with significant accounting policies and notes to the financial statements [Financial Statements](index=66&type=section&id=II.%20Financial%20Statements) The unaudited consolidated financial statements show total assets of **16.41 billion CNY** and total liabilities of **8.025 billion CNY**, with total operating revenue of **20.55 billion CNY** and total profit of **65.23 million CNY** for H1 2025 Key Items from Consolidated Balance Sheet (June 30, 2025) | Item | Amount (Billion CNY) | | :--- | :--- | | Total Assets | 16.41 | | Total Liabilities | 8.025 | | Total Owners' Equity Attributable to Parent Company | 8.36 | Key Items from Consolidated Income Statement (Jan-Jun 2025) | Item | Amount (Billion CNY) | | :--- | :--- | | Total Operating Revenue | 20.55 | | Total Operating Costs | 20.55 | | Total Profit | 0.065 | | Net Profit | 0.054 | [Significant Accounting Policies and Estimates](index=83&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This chapter outlines the company's adherence to enterprise accounting standards, accrual basis, and specific policies for revenue recognition, financial instrument impairment, and long-term asset valuation - The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and using the accrual basis of accounting[223](index=223&type=chunk)[224](index=224&type=chunk)[227](index=227&type=chunk) - Revenue recognition policy: The company recognizes revenue when customers obtain control of the related goods or services; express freight and express delivery services are generally recognized at the point of service completion; warehousing and supply chain services are recognized over time based on performance progress[329](index=329&type=chunk)[333](index=333&type=chunk) - Impairment of financial instruments adopts the Expected Credit Loss (ECL) model, with loss provisions recognized for assets such as accounts receivable[257](index=257&type=chunk) [Notes to Consolidated Financial Statement Items](index=119&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed notes on key consolidated financial statement items, including monetary funds, accounts receivable (**2.922 billion CNY** balance, **66.70 million CNY** provision), and fixed assets (**3.264 billion CNY** book value) - Monetary funds at period-end totaled **1.447 billion CNY**, of which **264 million CNY** were restricted funds, primarily including standby funds, court-frozen funds, and deposits[372](index=372&type=chunk)[373](index=373&type=chunk)[441](index=441&type=chunk) - Accounts receivable at period-end had a book balance of **2.922 billion CNY** and a bad debt provision of **66.70 million CNY**; the top five customers by outstanding balance accounted for **37.57%** of total accounts receivable[379](index=379&type=chunk)[381](index=381&type=chunk)[385](index=385&type=chunk) - Fixed assets at period-end had a book value of **3.264 billion CNY**, primarily comprising machinery and equipment (**1.454 billion CNY**) and transportation vehicles (**1.761 billion CNY**)[421](index=421&type=chunk)[422](index=422&type=chunk)