瓦轴B：2025年半年度报告

2025MidyearReport 2025-31 August2025 ChapterI.Importantnotes,contentsanddefinitions Theboardofdirectors,thedirectorsandseniormanagersofthecompanyshallguaranteethatthecontentsofthesemi-annualreportaretrue,accurateandcompletewithoutanyfalserecords,misleadingstatementsormajoromissions,andshallbearindividualandjointlegalliabilities. WangJiyuan,thepersoninchargeofthecompany,SunNajuan,thepersoninchargeoftheaccountingwork,andXuanSongtao,thepersoninchargeoftheaccountingorganization(thepersoninchargeoftheaccounting)declarethattheyguaranteethetruthfulness,accuracyandcompletenessofthefinancialreportinthesemi-annualreport. Alldirectorshaveattendedthemeetingoftheboardofdirectorstoreviewthesemi-annualreport. Inthethirdsectionofthisreport,"ManagementDiscussionandAnalysis",under"X.RisksFacedbytheCompanyandCountermeasures",thecompanyhasdetailedlydescribedthepossiblerisksinitsoperationsandthecountermeasures.Investorsarekindlyrequestedtopayattentiontotherelevantcontent. Thecompanydoesnotplantodistributecashdividends,donotsendbonusshares,donotincreasecapitalstockwithaccumulationfund. Catalogue ChapterI.Importantnotes,contentsanddefinitions..........................................................................................................2Glossary.....................................................................................................................................................................5ChapterII.CompanyProfile..............................................................................................................................................6ChapterIIIManagementDiscussionandanalysis.............................................................................................................9I.MajorbusinessoftheCompanyduringthereportingperiod.........................................................................................9IV.Analysisofnon-mainbusiness...............................................................................................................................11V.Analysisofassetsandliabilities..............................................................................................................................11VI.Analysisofinvestmentstatus.................................................................................................................................13ChapterIVCorporategovernance,environmentandsociety............................................................................................14ChapterVImportantMatters...........................................................................................................................................16ChapterVIChangeofSharesandParticularsaboutShareholders....................................................................................22ChapterVIIRelatedSituationofbonds............................................................................................................................25ChapterVIIIFinancialReports........................................................................................................................................26III.Basicinformationofthecompany...........................................................................................................................46ChapterIXOtherSubmittedData..................................................................................................................................104 Filedirectoryforfuturereference (1)The2025half-yearfinancialstatementoftheCompanycontainingthesignatureandsealofthelegalrepresentative,thepersoninchargeofaccountingandthepersoninchargeofaccounting; (2)thesemi-annualreportcontainingthesignatureofthelegalrepresentativeofthecompany; (3)OriginalsofalldocumentsofthecompanypubliclydisclosedinnewspapersdesignatedbytheCSRCduringthereportingperiodandmanuscriptsofannouncements. Glossary ChapterII.CompanyProfile I.CompanyInformation III.Otherinformation 1.Companycontactinformation Thecompany'sregisteredaddress,officeaddressanditspostalcode,thecompany'swebsiteaddress,E-mailboxduringthereportingperiodwhetherchanges □ApplicableInapplicable Thecompany'sregisteredaddress,officeaddressanditspostalcode,company'swebsiteaddressandE-mailaddresswillnotchangeduringthereportingperiod.Pleaserefertothe2023AnnualReportfordetails. 2.Informationdisclosureandstoragelocation Whetherthelocationofinformationdisclosureandstoragechangesduringthereportingperiod □ApplicableInapplicable Thenameoftheinformationdisclosurenewspaperselectedbythecompany,andthewebsitedesignatedbyChinaSecuritiesRegulatoryCommissiontopublishthesemi-annualreport.Thereportingperiodofthepreparationplaceofthesemi-annualreportofthecompanyremainsunchanged,fordetails,pleaserefertothe2023annualreport. 3.Otherrelevantinformation Whetherotherrelevantinformationhaschangedduringthereportingperiod □ApplicableInapplicable IV.Mainaccountingdataandfinancialindicators Whetherthecompanyneedstoretroactivelyadjustorrestatethep