Semi-annualReport2025 August2025 SectionIImportantNotes,ContentsandDefinitions TheBoardofDirectorsandBoardofSupervisors,aswellasdirectors,supervisorsandseniorexecutivesoftheCompanyguaranteethatthecontentsofthesemi-annualreportaretrue,accurateandcomplete,thereisnofalserecord,misleadingstatementormajoromission,andshallbearindividualandjointlegalresponsibilities. LiSheng,thepersoninchargeoftheCompany,YuChangxin,thepersoninchargeoftheworkrelatedtoaccounting,andYangLi,thepersoninchargeoftheaccountingorganization(chiefaccountant)declarethattheyguaranteetheauthenticity,accuracyandcompletenessofthefinancialreportinthissemi-annualreport. Exceptforthefollowingdirectors,othersattendedtheboardmeetingtoreviewthesemi-annualreportinperson. Thissemi-annualreportinvolvesprospectivestatementssuchasfutureplans,anddoesnotconstituteasubstantialcommitmentoftheCompanytoinvestors.Investorsandrelevantindividualsshouldmaintainsufficientriskawarenessand understand the differences between plans,forecasts,andcommitments. TheCompany has described in detail the possible risks andcountermeasuresforits future development in the section of Management DiscussionandAnalysis.Investorsarekindlyrequestedtopayattentiontorelevantcontents.ChinaSecuritiesJournal,SecuritiesTimesandCNINFO(http://www.cninfo.com.cn)arethedesignatedinformationdisclosuremediaselectedbytheCompany.AllinformationoftheCompanyissubjecttothatpublishedintheaboveselectedmedia.Investorsarekindlyrequestedtopayattentiontoinvestmentrisks. TheCompanydoesnotplantopaycashdividendsorbonusshares,orconvertreservesintosharecapital. TableofContents SectionIImportantNotes,ContentsandDefinitions..............................................2SectionIICompanyProfileandMainFinancialIndicators...................................7SectionIIIManagementDiscussionandAnalysis..................................................12SectionIVCorporateGovernance,Environment,andSocialResponsibility.....36SectionVImportantMatters....................................................................................40SectionVIChangesinSharesandShareholders....................................................50SectionVIIBonds.......................................................................................................60SectionVIIIFinancialReport...................................................................................61SectionIXOtherSubmittedData...........................................................................211 ListofDocumentsforFutureReference (I)FinancialstatementsweresignedandsealedbythepersoninchargeoftheCompany,thepersoninchargeofaccountingandthepersoninchargeoftheaccountingorganization(chiefaccountant). (II)Originals of all company documents and announcements publicly disclosed during thereportingperiod. Interpretation SectionIICompanyProfileandMainFinancialIndicators I.CompanyProfile II.ContactPersonandContactInformation III.OtherInformation 1.CompanyContactInformation Whethertheregisteredaddress,officeaddressandpostalcode,websiteande-mailaddressoftheCompanyhavechangedinthereportingperiod□ApplicableNotapplicable Theregistered address,office address and postal code,website and e-mail address of theCompanyhavenotchangedinthereportingperiod,pleaserefertotheAnnualReport2024fordetails. 2.InformationDisclosureandPreparationLocation Whethertheinformationdisclosureandpreparationlocationhaschangedinthereportingperiod□ApplicableNotapplicable TherearenochangesinthenameandwebsiteofthestockexchangeandmediawheretheCompanydisclosesitssemi-annualreport,aswellasthepreparationlocationoftheCompany’ssemi-annualreportduringthereportingperiod.Fordetails,pleaserefertothe2024AnnualReport. 3.OtherRelevantData Whetherotherrelevantdatahaschangedinthereportingperiod □ApplicableNotapplicable IV.MainAccountingDataandFinancialIndicators WhethertheCompanyneedstoretroactivelyadjustorrestatetheaccountingdataofprevious years Reasonsfortheretroactiveadjustmentorrestatement Businesscombinationundercommoncontrol V.DifferencesinAccountingDataunderDomesticandForeignAccountingStandards 1.Differences in net profits and net assets in the financial report are disclosedsimultaneouslyaccordingtotheinternationalaccountingstandardsandChinaaccountingstandards □ApplicableNotapplicable InthereportingperiodoftheCompany,thereisnodifferenceinnetprofitsandnetassetsinthefinancialreport disclosed according to the international accounting standards and Chinaaccountingstandards. 2.DifferencesinnetprofitsandnetassetsinthefinancialreportdisclosedsimultaneouslyaccordingtoforeignaccountingstandardsandChinaaccountingstandards □ApplicableNotapplicable InthereportingperiodoftheCompany,thereisnodifferenceinnetprofitsandnetassetsinthefinancialreport disclosed according to foreign accounting standards and China accountingstandards. VI.ItemsandAmountsofNon-recurringProfitandLoss Applicable□Notapplicable Unit:CNY Specificconditionsofotherprofitandlossitemsmeetingthedefinitionofnon-recurringprofitandloss: