Summary of Key Points Core Viewpoint - The company has announced the provision for asset impairment amounting to 2,421,185.91 yuan, reflecting a cautious approach to accurately represent its financial status and operational results [1][2]. Group 1: Asset Impairment Provision Details - The company conducted a comprehensive review of its assets as of June 30, 2025, and decided to recognize an asset impairment provision of 2,421,185.91 yuan [1]. - The breakdown of the impairment provision includes: - Credit impairment losses totaling -1,010,804.55 yuan for accounts receivable - Other receivables impairment of -18,201.72 yuan - Inventory write-down provision of 3,450,192.18 yuan [1][2]. Group 2: Impact on Financial Status - The asset impairment provision will affect the company's total profit for the first half of 2025, aligning with the requirements of the Accounting Standards for Enterprises [2]. - The provision is intended to provide a true and fair view of the company's financial condition and operational results, ensuring reliable accounting information for investors [2]. Group 3: Approval Process - The asset impairment provision was approved during the tenth meeting of the fifth board of directors, confirming compliance with the Accounting Standards for Enterprises and the company's internal regulations [2]. - The supervisory board also agreed with the decision, emphasizing that the provision reflects the actual asset situation and adheres to legal and regulatory procedures [2].

Core Viewpoint - The company has announced a provision for credit and asset impairment totaling 485.879 million yuan as of June 30, 2025, reflecting a cautious approach to accurately represent its financial condition and operational results [1][3]. Summary by Sections Overview of Impairment Provision - The company conducted a comprehensive review and impairment testing of various assets as of June 30, 2025, resulting in a total impairment provision of 485.879 million yuan, which includes 4.5942 million yuan for accounts receivable, 62.9777 million yuan for other receivables, and 418.3071 million yuan for inventory [1][2]. Credit Impairment Provision - The company has recognized a credit impairment provision of 67.5719 million yuan for receivables, which includes 4.5942 million yuan for accounts receivable and 62.9777 million yuan for other receivables. This assessment is based on expected credit loss models considering customer types, historical default loss experiences, and current economic conditions [2]. Inventory Impairment Provision - An inventory impairment provision of 418.3071 million yuan has been made, based on the lower of cost and net realizable value principle. The net realizable value is determined by estimating the selling price less any costs to complete and sell the inventory [2]. Impact of Impairment Provision on Financials - The estimated total provision for credit and asset impairment is expected to reduce the company's total profit for the first half of 2025 by 486 million yuan [3]. Reasonableness of Impairment Provision - The impairment provision is in accordance with accounting standards and reflects a prudent approach, ensuring that the company's financial statements accurately represent its financial position and asset values as of June 30, 2025 [3].

Group 1 - The company held its ninth meeting of the fourth Supervisory Board on July 14, 2025, with all three supervisors present, ensuring compliance with legal and procedural requirements [1] - The Supervisory Board approved the extension of the validity period for the resolution regarding the issuance of shares to specific targets by 12 months, allowing for the continuation of related work without changes to other aspects of the issuance [2] - The Supervisory Board also approved the extension of the authorization for the Board of Directors to handle matters related to the issuance of shares to specific targets for an additional 12 months, maintaining the same conditions as before [2] Group 2 - The company agreed to recognize an asset impairment provision of 18.4036 million yuan and to reverse a credit impairment provision of 3.9264 million yuan, resulting in a net reduction of 14.4772 million yuan in the consolidated profit total [3]

Core Viewpoint - Zhejiang Baida Precision Engineering Co., Ltd. (the "Company") reported a significant decline in its 2024 annual performance, primarily due to asset impairment provisions related to its solar cell project, which is currently on hold and not yet completed [1] Group 1: Project Investment and Progress - The Company has invested in a 4.5GW TOPCON solar cell project through its subsidiary, Jiangxi Baida New Energy Co., Ltd., with an expected investment of 1.331 billion yuan and a construction period of 10 months [1] - As of the end of the reporting period, the project was 62% complete, with a construction balance of 663 million yuan, accounting for approximately 50% of the Company's net assets [1] - The Company has recognized an impairment provision of 72.24 million yuan for the project due to slower-than-expected progress and the project not being operational [1] Group 2: Financial Impact and Future Outlook - The Company plans to further assess the project and may recognize additional impairment provisions based on the prudence principle, which could adversely affect its profits [1] - The Company has established a partnership with Suzhou Zhonglai Photovoltaic New Materials Co., Ltd. to enhance its technical capabilities, although it acknowledges the risks associated with cross-industry operations [1] - The Company has decided to suspend the remaining 1.5GW of the TOPCON solar cell project investment due to intensified competition and significant price declines in the photovoltaic industry [5] Group 3: Market Conditions and Strategic Decisions - The solar cell market has experienced rapid fluctuations, leading the Company to slow down its project construction pace, with plans to resume based on market conditions [5] - The management has conducted feasibility studies and believes that the investment decision was reasonable and prudent, considering existing asset utilization and local government support [5] - The Company expects that the solar cell market will stabilize and improve by 2026, with a gradual return to normal profitability levels by 2029-2032 [8]

Core Points - The company has established a system to effectively prevent and mitigate asset loss risks, enhancing its risk resistance capabilities [1] - The system is based on relevant financial accounting standards and guidelines, tailored to the company's actual situation [1] Group 1: Asset Impairment - Asset impairment refers to the difference when the recoverable amount of an asset is less than its book value [1] - The company recognizes impairment losses for various assets, including financial assets, inventory, long-term equity investments, fixed assets, and goodwill [2][11] - The company calculates expected credit losses based on historical data, current conditions, and future economic forecasts [3][6] Group 2: Financial Asset Impairment - The company measures expected credit losses for financial instruments based on their credit risk stages [3][4] - Financial instruments are categorized into three stages based on credit risk changes, affecting how expected credit losses are calculated [3][4] - The company assumes that financial instruments with low credit risk have not significantly increased in credit risk since initial recognition [5] Group 3: Inventory Impairment - Inventory is valued at the lower of cost and net realizable value, with impairment recognized for damaged or obsolete items [9][10] - The company conducts inventory checks at the end of the reporting period to assess potential impairment [10] Group 4: Long-term Equity Investment Impairment - Long-term equity investments are assessed for impairment based on their recoverable amount compared to book value [11][12] - The company must conduct a detailed review of long-term equity investments at the end of the reporting period [12] Group 5: Approval and Reporting - The company requires written reports for the recognition and write-off of impairment losses, detailing the methods and impacts on financial status [17][19] - Impairment loss recognition and write-off must be disclosed in periodic reports [19]

Company Overview - Tongling Jieya Biotechnology Co., Ltd. was established in 1999 and specializes in the research, production, and sales of wet wipes, with over 20 years of industry experience [2]. - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on December 3, 2021, and is steadily advancing its fundraising projects [2]. - In Q1 2025, the company reported a revenue of 124 million yuan and a net profit of 10.06 million yuan [2]. Q&A Highlights - **Impact of Tariffs**: The current tariff policies have a relatively limited impact on the company's overall business [3]. - **US Wet Wipe Factory Project**: The project is currently under construction and is expected to commence production next year [3]. - **Kimberly-Clark European Orders**: Production began in April 2025, and order deliveries are progressing as planned [3]. - **Asset Impairment**: The company adheres to accounting standards and will reasonably assess asset impairment based on prudence [3]. - **Self-Branding Considerations**: The company is exploring self-branding through an industrial fund but has seen low revenue conversion rates [3]. - **Facial Mask Business Outlook**: Currently serving major clients like L'Oréal and Galen Group, with a gradual expansion to other domestic brands, though new client orders are relatively small [3]. - **Jiechuang Medical Subsidiary**: The subsidiary is undergoing strategic adjustments, with cautious investment based on overall business layout and resource optimization [3]. - **Equity Incentives**: The company is focused on establishing long-term incentive mechanisms and will disclose plans as they develop [3]. - **Compliance with Regulations**: The company conducted the investor communication event in accordance with regulatory guidelines, ensuring no undisclosed significant information leaks occurred [3].

Core Viewpoint - The company is preparing for its 2024 annual meeting, focusing on independent audits, financial reports, and proposals for asset impairment provisions and guarantees for subsidiaries [3][4][5]. Meeting Agenda and Related Matters - The meeting is scheduled for May 29, 2025, at 14:30, in Nanjing, with a detailed agenda including the welcome address, independent director reports, and voting on various proposals [3][4]. - The meeting will address the independent audit report for 2024, the financial settlement report for 2023, and the proposal for the appointment of the accounting firm for 2024 [4][5]. Supervisory Board Work Report - The supervisory board held four meetings during the reporting period, reviewing the company's compliance with laws and regulations, and confirming that the board's operations were in accordance with the company's articles of association [4][5]. - The financial activities of the company were conducted in accordance with accounting standards, and the 2023 annual report accurately reflects the company's financial status [5][6]. Related Transactions - The company engaged in related transactions with its subsidiaries, ensuring that these transactions were conducted at market prices and did not harm the interests of shareholders [6][11]. - The total expected amount for related transactions in 2025 is projected to be 18,800 million yuan, with specific categories including construction materials and engineering services [8][9]. Asset Impairment Provisions - The company plans to recognize an asset impairment provision of 1,035.02 million yuan based on the results of impairment testing conducted on various assets as of December 31, 2024 [18][19]. - Specific provisions include 437.65 million yuan for the Nanjing Xingye Happy Garden and 276.92 million yuan for the Nanjing Fengqing Yuefu [18][19]. Guarantees for Subsidiaries - The company intends to provide guarantees for its subsidiaries, with a total authorization limit of 3.26 billion yuan for 2025, ensuring support for their operational needs [15][16]. - The guarantees are structured based on the subsidiaries' asset-liability ratios, with specific limits set for those above and below 70% [15][16]. Financial Data Overview - The financial data for 2024 indicates total assets and net assets for various subsidiaries, with some reporting losses, highlighting the need for careful financial management [10][17]. - The company's total external guarantees amount to 3.2986 billion yuan, representing 97.34% of the most recent audited net assets [18].

Meeting Information - The shareholders' meeting of Tianyang New Materials (Shanghai) Technology Co., Ltd. is scheduled for May 19, 2025, at 14:30 in Shanghai [1] - Voting will be conducted through both on-site and online methods, with specific time slots for each [1] Board of Directors' Report - The Board of Directors reported that in 2024, the company completed various tasks according to its development strategy and annual work plan, with the support of all shareholders [3] - The Board held 7 meetings in 2024, discussing and approving multiple proposals [3][4] Financial Performance - The company reported a net profit attributable to shareholders of -21,265.51 million yuan in 2024, a decrease of 125.73% compared to the previous year [14] - Total revenue for 2024 was 1,318.70 million yuan, a slight decrease of 0.50% from 2023 [14] - The company’s cash flow from operating activities was 51.14 million yuan, down 29.8% from the previous year [15] Shareholder Proposals - Proposal 1: Approval of the 2024 Board of Directors' work report [6] - Proposal 2: Approval of the 2024 Supervisory Board's work report [10] - Proposal 3: Approval of the 2024 Independent Directors' performance report [12] - Proposal 4: Approval of the 2024 financial settlement report [14] - Proposal 5: No cash dividends or stock dividends will be distributed for 2024 due to negative net profit [17] - Proposal 6: Approval of the 2024 annual report and summary [18] - Proposal 7: Approval of the 2025 Directors' remuneration plan [20] - Proposal 8: Approval of the 2025 Supervisors' remuneration plan [21] - Proposal 9: Approval to apply for a bank comprehensive credit line of up to 2.5 billion yuan for 2025 [24][25] Future Outlook - The company plans to expand into high-margin markets such as wind power and new energy vehicles while optimizing its organizational structure and enhancing production efficiency [7][8] - The company aims to innovate its product lines in response to environmental policies and market demands, particularly in the adhesive materials sector [8][9]

Core Points - The company held its 2024 Annual General Meeting to discuss various proposals and reports, including financial performance and governance matters [1][5][6] Group 1: Financial Performance - In 2024, the company achieved a revenue of 602.62 million yuan, an increase of 0.42% compared to the previous year [24] - The net profit attributable to shareholders was -190.67 million yuan, a decrease of 4.33 million yuan from the previous year [7][22] - The company proposed not to distribute profits for 2024 due to the negative net profit, maintaining a focus on sustainable operations [22][26] Group 2: Governance and Reporting - The board of directors and the supervisory board presented their respective work reports, emphasizing compliance with legal and regulatory requirements [7][16] - The company plans to enhance its governance structure and internal control systems to ensure effective decision-making and operational efficiency [10][19] Group 3: Asset Management - The company proposed to recognize an asset impairment provision totaling 37.26 million yuan for various assets, including accounts receivable and inventory [29][30] - The company reported a significant reduction in various liabilities, including a 72.77% decrease in other current liabilities [27][28] Group 4: Future Financing - The company intends to apply for a comprehensive financing credit limit of up to 1 billion yuan from banks and financial institutions to support business development [30][31] - The company currently has an external guarantee balance of 312.61 million yuan, which exceeds its audited net assets [31]

Group 1 - The company will hold a shareholders' meeting on May 23, 2024, at 10:00 AM in Beijing, with attendance required from all registered shareholders and representatives [6][9] - The meeting will follow specific rules to ensure order and efficiency, including a combination of on-site and online voting [4][5] - The agenda includes the presentation of various reports and proposals for shareholder approval, including the annual financial report and profit distribution plan [10][11][12] Group 2 - The company reported a net loss of approximately 72.87 million yuan for the year 2024, with retained earnings at -525.30 million yuan, leading to a proposal of no profit distribution for the year [13][16] - The company plans to address its significant losses, which exceed one-third of its paid-in capital, by optimizing cost structures and exploring strategic transformations [16][18] - The company has proposed to purchase directors and officers liability insurance to enhance risk management and protect the interests of investors [19][20] Group 3 - Three independent directors have resigned due to personal reasons, prompting the need for a replacement election at the upcoming shareholders' meeting [21][22] - The board has recommended three candidates for the independent director positions, ensuring compliance with legal requirements [22][23] - The company acknowledges the contributions of the departing independent directors and expresses gratitude for their service [22]