刘永行这人，1948年出生在四川新津一个普通农家，那时候日子过得紧巴巴的。他年轻时在公职单位干活，收入刚够温饱，但改革开放一开闸，风向就变 了。 说起中国民营企业里的那些传奇人物，刘永行绝对算得上一个低调却硬气的代表。 别人家企业一红眼就冲IPO圈钱，搞得债台高筑，刘永行偏偏反其道而行之，靠自有资金一步步滚雪球，硬是把东方希望从一个养鸡场玩儿成了全球电解铝 和多晶硅的巨头。 2025年9月刚出的中国民营企业500强榜单上，东方希望集团以2024年1784.1亿元的营收稳坐第39位，这数字听着就让人咋舌。更绝的是，这家公司从1982年 创业到现在，43年下来从来没上市融资，没借过一分钱银行贷款，也没拖欠过员工一分工资。 为什么他能这么玩儿？说白了，就是抓住了实业的核心——稳扎稳打，不被短期风口忽悠走神。 1982年，他和三位兄弟——大哥刘永言、三弟刘永美、四弟刘永好——坐下来合计合计，觉得机会来了。二哥刘永行前阵子在街边摆摊修电器，七天就挣了 300块。 这在当时可是大数目，够一家人吃半年米了。四兄弟咬咬牙，辞了铁饭碗，卖掉手表自行车啥的，凑了1000块启动资金，跑到成都郊区办了个育新良种场， 主攻养鸡和鹌鹑。 ...

Core Viewpoint - The report highlights the financial performance of Luxin Venture Capital Group Co., Ltd. for the first half of 2025, indicating a mixed performance with a notable increase in investment income but a decline in total profit and fair value changes [1][3]. Financial Performance - Total assets increased by 1.85% to CNY 9,140.44 million compared to the end of the previous year [1]. - Operating revenue rose by 3.67% to CNY 41,043.49 million year-on-year [1]. - Total profit decreased by 21.29% to CNY 243.43 million compared to the same period last year [1]. - Investment income surged by 401.01% to CNY 251.72 million [1]. - Fair value change income dropped by 81.88% to CNY 63.53 million [1]. - Net profit attributable to shareholders decreased by 11.07% to CNY 209.76 million [1]. Cash Flow and Ratios - The net cash flow from operating activities was negative at CNY -16.45 million [1]. - The asset-liability ratio stood at 49.66%, up from 47.14% at the end of the previous year [3]. - EBITDA interest coverage ratio improved to 5.65 from 5.43 [3]. Investment Activities - The company established 59 funds and investment platforms with a total subscribed capital of CNY 222.02 billion, of which CNY 150.73 billion has been funded [5]. - There are 20 IPO projects in the pipeline, with 3 applications accepted by stock exchanges and 17 in the counseling phase [6]. - The company completed 14 primary investment projects during the reporting period, with a total investment of CNY 5.14 billion [6]. Shareholder Structure - The largest shareholder, Shandong Luxin Investment Holding Group Co., Ltd., holds 69.41% of the shares, making it the controlling shareholder [2].