2025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Zhejiang NHU Company Ltd.2025 Semi-Annual Report
August 20252025 Semi-Annual Report of Zhejiang NHU Co. Ltd.Section I Important Notes Contents and Definitions
The Board of Directors and its members Board of Supervisors and its members
and senior executives of the Company hereby guarantee that the information
presented in this semi-annual report is authentic accurate complete and free of
false records misleading statements or material omissions and they will bear
individual and joint liabilities for such information.胡柏藩（Hu Baifan） the Company’s legal representative 石观群（ ShiGuanqun） the officer in charge of accounting and 刘芳露（Liu Fanglu） the
head of accounting department hereby declare that they guarantee the financial
statements in this semi-annual report are authentic accurate and complete.All members of the Board of Directors have attended the meeting of the Board
of Directors for deliberation of this semi-annual report.The future plan and other forward-looking information disclosed in this semi-
annual report shall not be regarded as a commitment to investors. We kindly
remind investors of all possible risks in investments. The company provides a
detailed description of the potential risks and countermeasures that may exist in
the company's operations in X. Risks and countermeasures under Section III
Management Discussion and Analysis section of this report. We kindly remind
investors of all possible risks in investments.Profit distribution proposal deliberated and approved by the meeting of the
Board of Directors is as follows: Based on 3059121988 shares [Note]
(calculated by excluding 14299692 repurchased shares from the total share
capital of 3073421680 shares as of July 31 2025) the Company intends to
distribute cash dividend of 2 yuan (tax included) and no bonus shares will be
distributed and the capital reserve will not be converted into share capital.Note: As of July 31 2025 the Company’s share capital totaled 3073421680 shares including
12025 Semi-Annual Report of Zhejiang NHU Co. Ltd.repurchased share of 14299692 shares. According to the “Rules on Share Repurchase ofListed Companies” shares in the special account for repurchase of listed companies carry no
right of profit distribution and conversion of capital reserve into share capital.If the Company’s total share capital changes due to the conversion of convertible
bonds share repurchase exercise of equity incentives refinancing and listing of
new shares etc. before the implementation of the profit distribution proposal
the total distribution will be adjusted accordingly based on the same distribution
ratio.This Semi-Annual Report is an English translation of the Chinese Semi-Annual Report. In case the English version does not
conform to the Chinese version the Chinese version prevails.
22025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Contents
Section I Important Notes Contents and Definitions... 1
Section II Company Profile and Key Financial Indic....6
Section III Management Discussion and Analysis ...... 9
Section IV Corporate Governance、Environmental and .. 19
Section V Significant Events ....................... 22
Section VI Changes in Share Capital and Shareholde...31
Section VII Bonds ...................................37
Section VIII Financial Report .......................38
Section IX Other Submitted Data ....................143
32025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Documents Available for Reference
I. Financial statements signed and sealed by the Company’s legal representative officer in charge of accounting
and head of accounting department;
II. Original copy of all the Company's documents and announcements published on the newspapers designated by
CSRC within the reporting period;
III. Other documents for reference.
42025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Definitions
Abbreviations Refers to Contents of definitions
The Company NHU Refers to ZHEJIANG NHU CO. LTD.CSRC Refers to China Securities Regulatory Commission
China Securities Regulatory Commission Zhejiang
CSRC Zhejiang Office Refers to
Office
PPS Refers to Polyphenylene Sulfide
PPA Refers to Polyphthalamide
HSE Refers to Health safety and environment
IPDA Refers to Isophorone Diamine
HDI Refers to Hexamethylene Diisocyanate
52025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Section II Company Profile and Key Financial Indicators
I. Company profile
Stock abbreviation NHU Stock code 002001
Stock Exchange Shenzhen Stock Exchange
Company Name in Chinese 浙江新和成股份有限公司
Company Abbreviation in
Chinese 新和成
Company name in foreign
ZHEJIANG NHU COMPANY LTD.language (if any)
Company Abbreviation in
NHU
foreign language (if any)
Legal representative Hu Baifan
II. Contact information
Items Board secretary Securities affairs representative
Name 石观群（Shi Guanqun） 曾淑颖 (Zeng Shuying)
No.418 Xinchang Dadao West Road No.418 Xinchang Dadao West Road
Contact address
Xinchang Zhejiang P.R.China Xinchang Zhejiang P.R.China
Tel. +86 575 86017157 +86 575 86017157
Fax +86 575 86125377 +86 575 86125377
E-mail address sgq@cnhu.com 002001@cnhu.com
III. Other Information
1. Company’s Contact Information
Whether the Company’s registered address office address zip code website and e-mail address has changed during the reporting
period
□ Applicable √ Not applicable
The Company’s registered address office address zip code website and e-mail address have not changed during the reporting
period which can be found in the 2024 Annual Report.
2. Information Disclosure and Location of Documents for Public Inspection
Whether information disclosure and location of documents for public inspection has changed during the reporting period
□ Applicable √ Not applicable
The name of the Company’s selected information disclosure newspaper the URL of the website designated by the CSRC where
the semi-annual report is posted and the place where the Company’s semi-annual report is available have not changed during the
reporting period which can be found in the 2024 Annual Report.
3. Other relevant Information
Whether other relevant information has changed during the reporting period
□ Applicable √ Not applicable
62025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
IV. Key accounting data and financial indicators
Whether the Company needs to perform retroactive adjustment or restatement on financial data of prior years
□Yes √ No
Items Current Reporting Period Prior-Year Period Change(%)
Operating revenue (yuan) 11100632836.78 9844712214.36 12.76%
Net profit attributable to
shareholders of listed company 3603323979.16 2204361642.96 63.46%
(yuan)
Net profit attributable to
shareholders of listed company after
3678562540.562157462467.7070.50%
deducting non-recurring profit or
loss (yuan)
Net cash flows from operating
3242727802.312138324059.3551.65%
activities (yuan)
Basic EPS (yuan/share) 1.17 0.71 64.79%
Diluted EPS (yuan/share) 1.17 0.71 64.79%
Increased by 3.29 percentage
Weighted average ROE 11.87% 8.58%
points
Items Jun. 30 2025 Dec. 31 2024 Change(%)
Total assets (yuan) 43728859981.08 42989132470.97 1.72%
Net assets attributable to
shareholders of listed 30485059536.26 29324997728.95 3.96%
company (yuan)
V. Differences in accounting data under Chinese accounting standards and overseas
accounting standards
1. Difference in net profit and net assets in financial statements disclosed respectively under IFRS Standards and Chinese
accounting standards
□Applicable √ Not Applicable
The Company has no difference in net profit or net assets in financial statements disclosed respectively under IFRS Standards and
Chinese accounting standards.
2. Difference in net profit and net assets in financial statements disclosed respectively under overseas accounting standards
and Chinese accounting standards
□Applicable √ Not Applicable
The Company has no difference in net profit or net assets in financial statements disclosed respectively under overseas accounting
standards and Chinese accounting standards.VI. Non-recurring profit or loss
√ Applicable □ Not Applicable
72025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Unit: RMB Yuan
Items Amount Remarks
Gains or losses on disposal of non-
current assets including write-off of -1582139.69
provision for impairment
Government grants included in profit or
loss (excluding those closely related to
operating activities of the Company
satisfying government policies and 53301140.51
regulations and continuously enjoyed
with certain quantity or quota based on
certain standards)
Gains or losses on changes in fair value
of held-for-trading financial assets and
held-for-trading financial liabilities and
investment income from disposal of
-126732336.07
held-for-trading financial assets and
held-for-trading financial liabilities
excluding those arising from hedging
business related to operating activities
Gains or losses on assets consigned to
the third party for investment or 8184998.28
management
Other non-operating revenue or
-1780103.34
expenditures
Less: Enterprise income tax affected 6698630.00
Non-controlling interest affected (after
-68508.91
tax)
Total -75238561.40
Remarks on other profit or loss satisfying the definition of non-recurring profit or loss:
□ Applicable √ Not Applicable
The Company has no other profit or loss satisfying the definition of non-recurring profit or loss.Remarks on defining non-recurring profit or loss listed in the “Interpretation Pronouncement on Information Disclosure Criteria forPublic Companies No. 1 – Non-Recurring Profit or Loss” as recurring profit or loss.□ Applicable √ Not ApplicableThe Company has no situation of defining non-recurring profit or loss listed in the “Interpretation Pronouncement on InformationDisclosure Criteria for Public Companies No. 1 – Non-Recurring Profit or Loss” as recurring profit or loss.
82025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Section III Management Discussion and Analysis
I. Principal Business Activities During the Reporting Period
There were no material changes to the Company's core business operations during the reporting period... For details please refer to
the company's 2024 annual report.II. Core Competitiveness analysis
The core competitiveness of the company has not undergone any material change during the reporting period. For details please
refer to the company's 2024 annual report.III. Principal Business Activities Analysis
Overview
Is it consistent with the disclosure of the company's principal business activities during the reporting period
√ Yes □ No
In the first half of 2025 centering on the annual objectives of "accelerating global market expansion enhancing innovation for
development improving capabilities and management and ensuring stable operations to prevent risks" the company proactively
responded to the complex and changing domestic and international environment and achieved steady growth in its key operational
indicators. During the reporting period the company recorded operating revenue of 11100632836.78 yuan an increase of
12.76% compared to the same period last year. The total profit reached 4229402341.10 yuan an increase of 56.68% compared to
the same period last year. The net profit attributable to shareholders of the listed company was 3603323979.16 yuan an increase
of 63.46% compared to the same period last year.
1. Production-Sales Coordination for Market Expansion
During the reporting period the sales team seized market opportunities in key sectors such as nutritional products new materials
and fragrances. While consolidating the market advantages of existing products they actively drove the market expansion of new
products including the HA series and tryptophan. On the Production front the focus remained on cost reduction and efficiency
improvement. Operations continuously optimized production capacity utilization maintaining highly efficient pipeline
performance through strategies like co-production lines centralized start-stop procedures and high-output low-consumption
operations.
2. Orderly Advancement of Project Construction
During the reporting period the majority of the company's projects progressed steadily with overall schedules remaining stable
and under control. The 180000-ton/year liquid methionine (converted pure) project a joint venture with Sinopec Zhenhai Refining
& Chemical commenced trial production operations. The Tianjin nylon new Materials project has completed the compliance
approvals for resources such as energy and land use. Other technical upgrade and management enhancement initiatives continued
to advance steadily while reserve projects and new project planning proceeded in an orderly manner.
3. Innovation Initiatives Enhance Endogenous Growth Momentum
During the reporting period the Company consistently adhered to innovation-driven developmentmaintaining robust R&D
investment to strengthen its endogenous growth momentum. By categorizing and prioritizing various R&D and technical upgrade
92025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
initiatives the Company achieved precise resource allocation for strategic projects. On one hand it continued to deepen new
product development and expand the product portfolio; on the other hand it systematically organized specialized projects aimed at
enhancing the competitiveness of existing products driving continuous improvement and innovation to steadily boost product
competitiveness. Through the establishment of a technical resource library and a modular technology database the Company
enabled "vertical knowledge inheritance and horizontal technology cross-reference" laying a solid foundation for technological
innovation.
4. Steady Progress in Global Expansion
During the reporting period the Company actively expanded its overseas digital footprint with global operations in sales and
R&D accelerating their local implementation.. At the same time the company established overseas management systems piloted
recruitment in international universities systematically reviewed and optimized the international employee training program and
continuously improved the global management framework laying a solid foundation for the company's internationalization
strategy.
5. Risk Prevention Enhances Management Efficiency
During the reporting period the Company implemented targeted measures to address various potential risks. By thoroughly
studying and accurately interpreting newly promulgated national standards and policy directives while extensively incorporating
valuable insights from past practices and industry peers the company advanced the upgrade of its management system framework
strengthened risk prevention and process management ensured comprehensive protection for compliant and efficient operations
thereby establishing a robust foundation for sustainable long-term development.Year-on-year Changes in Key Financial Data
Unit: RMB Yuan
Item Current Reporting Prior-Year Period YoY Change(%) Reasons for Changes
Period
Operating Revenue 11100632836.78 9844712214.36 12.76%
Operating Cost 6006367357.09 6191379061.37 -2.99%
It was mainly due to an
increase in urban maintenance
and constrution tax and
Taxes and surcharges 126138622.06 93982574.82 34.21% education surcharges resulting
from higher opretating
revenue during the reporting
period.Sales Expenses 88602406.65 74869581.39 18.34%
Administration
309618405.74295567957.534.75%
Expenses
R&D Expenses 522723563.18 480961724.14 8.68%
It was mainly due to
increased exchange gains
Financial Expenses -178098697.47 71051340.26 -350.66% caused by exchange rate
fluctuations during the
reporting period.Income Tax Expenses 607906795.85 482498449.43 25.99%
It was mainly due to the rise
Net Cash Flows from in revenue and improved
3242727802.312138324059.3551.65%
Operating Activities collection of accounts
receivable during the
102025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Item Current Reporting Prior-Year Period YoY Change(%) Reasons for Changes
Period
reporting period.It was mainly due to an
Net Cash Flows from increase in the purchase of
-1108314695.05-745685689.42-48.63%
Investing Activities wealth management products
during the reporting period.It was mainly due an increase
Net Cash Flows from
-2154111363.13 -1070263034.77 -101.27% in dividend distribution
Financing Activities
during the reporting period.It was mainly due to an
increase in the purchase of
Net Increase in Cash
-12707478.21 383746932.62 -103.31% wealth management products
and Cash Equivalents
and dividend distribution
during the reporting period.Significant changes in the composition of the Company’s profit or sources of profit during the reporting period
□ Applicable √ Not applicable
No significant changes in the composition of the Company’s profit or sources of profit during the reporting period.Operating Revenue Breakdown
Unit: RMB Yuan
Current Reporting Period Prior-Year PeriodItems YoY Change(%）
Amount % to total Amount % to total
Total 11100632836.78 100% 9844712214.36 100% 12.76%
By industry
Pharmaceutical
10015550568.4690.23%9076866530.5492.20%10.34%
chemicals
Others 1085082268.32 9.77% 767845683.82 7.80% 41.32%
By product
Nutrition 7199720687.58 64.86% 6680260846.33 67.86% 7.78%
Flavor and
2104560598.2818.96%1924696068.1919.55%9.35%
fragrance
New polymer
1038207401.789.35%722250116.777.34%43.75%
materials
Others 758144149.14 6.83% 517505183.07 5.25% 46.50%
By region
Domestic sales 4657675802.41 41.96% 4404308500.06 44.74% 5.75%
Overseas sales 6442957034.37 58.04% 5440403714.30 55.26% 18.43%
By sales channel
Direct sales 8176473106.34 73.66% 7519499621.91 76.38% 8.74%
Agent sales 2924159730.44 26.34% 2325212592.45 23.62% 25.76%
Industry product or regions accounting for more than 10% of the Company’s operating revenue or profit
√ Applicable □ Not applicable
Unit: RMB Yuan
YoY
YoY Change in YoY Change in Gross
Items Gross Change inOperating Revenue Operating Cost Operating Margin (PercentageMargin Operating
Revenue(%) Points)
Costs (%)
By industry
Pharmace Increased by 9.27
10015550568.465267675845.9947.41%10.34%-6.19%
utical percentage points
112025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
YoY
YoY Change in YoY Change in Gross
Items Gross Change inOperating Revenue Operating Cost Operating Margin (PercentageMargin Operating
Revenue(%) Points)
Costs (%)
chemicals
By product
Increased by 11.93
Nutrition 7199720687.58 3759160396.04 47.79% 7.78% -12.26%
percentage points
Flavor and Increased by 4.32
2104560598.28967888630.2554.01%9.35%-0.04%
fragrance percentage points
By region
Domestic Increased by 5.59
4657675802.412730782399.0341.37%5.75%-3.46%
sales percentage points
Overseas Increased by 10.97
6442957034.373275584958.0649.16%18.43%-2.59%
sales percentage points
The company's statistical methodology for core business data was adjusted during the reporting period. The most recent data has
been retroactively adjusted based on the revised methodology at the end of the reporting period.□ Applicable √ Not applicable
IV. Non-Core Business Activities Analysis
√ Applicable □ Not Applicable
Unit: RMB Yuan
Items % to total profitAmount Explanation Sustainbility
before tax
It was mainly due to the financial
products investment income and
Investment income 18237922.39 0.43% profits realized from affiliated No
enterprises during the reporting
period.Gains/Losses from Fair It was mainly due to the changes
Value Changes in the fair value of forward
-106860384.44 -2.53% No
(Losses are indicated exchange contracts during the
with a "-") reporting period.It was mainly due to government
Other income 121765131.08 2.88% subsidies received during the No
reporting period.It was mainly due to an increase
Credit impairment loss in customer repayments which
(Losses are indicated 7613141.39 0.18% led to a decrease in accounts No
with a "-") receivable balances and a
reduction in bad debt provisions.It was mainly due to the
Asset Impairment impairment losses recognized in
Losses accordance with the Asset
-33272405.82 -0.79% No
(Losses are indicated Impairment Standardsand related
with a "-") accounting principles for various
asset classes.It was mainly due to
Non-operating Income 1218592.90 0.03% No
compensation income received
122025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Items % to total profitAmount Explanation Sustainbility
before tax
during the reporting period.It was mainly due to non-
operating expenses arising from
Non-operating asset impairment losses from
2998696.24 0.07% No
Expenses disposal and philanthropic
contributions made during the
reporting period.V. Assets and Liabilities Analysis
1. Significant changes in asset composition
Unit: RMB Yuan
Jun. 30 2025 Dec. 31 2024 Remarks
Items Percentage of on
Amount % to total Amount % to total change significant
changes
Cash and bank Decreased by 3.47
6554229563.1814.99%7936504805.6518.46%
balances percentage points
Financial
Assets at Fair Increased by 4.46
1950814253.314.46%745816.340.00%
Value Through percentage points
Profit or Loss
Accounts Decreased by 0.31
3579302408.758.19%3653676104.378.50%
receivable percentage points
Increased by 0.89
Inventories 4549697775.39 10.40% 4090096841.96 9.51%
percentage points
Long-term
Decreased by 0.01
equity 875657371.33 2.00% 865262148.36 2.01%
percentage points
investments
Decreased by 2.64
Fixed assets 21139844047.48 48.34% 21915984823.43 50.98%
percentage points
Construction in Decreased by 0.03
568658217.831.30%571610643.681.33%
progress percentage points
Right-of-use
11376617.88 0.03% 13222869.09 0.03% stay level
assets
Short-term Decreased by 0.34
1030424607.192.36%1162512239.042.70%
borrowings percentage points
Contract Increased by 0.16
309712065.180.71%237013669.770.55%
liabilities percentage points
Non-current
Increased by 2.53
liabilities due 3612607139.81 8.26% 2465378913.94 5.73%
percentage points
within one year
Long-term Decreased by 2.77
4204668204.139.62%5327243721.2512.39%
borrowings percentage points
Lease liabilities 2719804.76 0.01% 3584791.02 0.01% stay level
132025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
2. Major overseas assets
□Applicable √ Not applicable
3. Assets and liabilities at fair value
√ Applicable □ Not Applicable
Unit: RMB Yuan
Accumu
Impairme
lated
nt Sales in Other
Opening changes in changes Purchases in Closing
Items Provision Current change
balance fair value in fair Current Period balance
in Current Period s
value in
Period
equity
Financial
assets
1. Financi
al assets at
fair value
through
profit or 1950000000.00 1950000000.00
loss
(excluding
derivative
assets)
2. Derivativ
e financial 745816.34 68436.97 814253.31
assets
Subtotal 745816.34 68436.97 1950000000.00 1950814253.31
Financial
11151258.4660182841.5771334100.03
liabilities
Whether the Company has significant changes in measurement attributes of main assets during the reporting period
□ Yes √ No
4. Restrictions on assets as of the end of the reporting period
Unit: RMB Yuan
Items Book balance Carrying amount Type of restriction Restrictions
114720511.24 114720511.24 pledged Banker's acceptance deposit
8800000.00 8800000.00 pledged Foreign Exchange Option Margin
9987956.83 9987956.83 pledged Guarantee Bond Deposit
4201200.00 4201200.00 pledged Customs Duty Deposit
Cash and bank 691276.80 691276.80 pledged Letter of Credit Deposit
balances 1063583.51 1063583.51 pledged Water Fee deposit
877057.74 877057.74 pledged Safety Construction deposit
855093.79 855093.79 pledged Project Labor Wage Deposit
1885.57 1885.57 pledged Emissions Rights Deposit
23500.00 23500.00 pledged ETC Deposit
Notes receivable 91635728.01 91635728.01 pledged Bank Acceptance Bill Pledge
142025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Items Book balance Carrying amount Type of restriction Restrictions
Receivables financing 20451667.83 20451667.83 pledged Bank Acceptance Bill Pledge
Fixed assets 104269302.58 82617587.55 mortgaged Bank Collateral for Loans
Intangible assets 11013767.86 11013767.86 mortgaged Bank Collateral for Loans
Total 368592531.76 346940816.73
VI. Investment Activities Analysis
1. Overall information
√Applicable □ Not Applicable
Investments during the reporting period Investments of the preceding period
Percentage of change
(yuan) (yuan)
817601567.39848541432.20-3.65%
2. Significant equity investments made during the reporting period
□ Applicable √ Not Applicable
3. Significant non-equity investments in progress during the reporting period
□Applicable √ Not Applicable
4. Investments in financial assets
(1) investments in securities
□Applicable √ Not Applicable
There is no investment in securities during the reporting period.
(2) Investments in derivatives
√ Applicable □ Not Applicable
1） Derivative investments for hedging purposes during the reporting period
√Applicable □ Not Applicable
Unit: RMB 0000 yuan
Amount
Cumulative Amount sold
Initial purchased Ratio to Net
Opening Changes in Fair Value during the Closing
Investment Type Investment during the Assets at Period
Balance Fair Value Change in reporting Balance
Amount reporting End (%)
Equity period
period
Forward
32201.5532201.55-9681.790494785.31362103.34164883.525.41%
contracts
structured
forward 48381.10 48381.10 -1004.25 0 52424.00 87294.00 13511.10 0.44%
contracts
Total 80582.65 80582.65 -10686.04 0 547209.31 449397.34 178394.62 5.85%
Disclosure on Hedge Accounting Policies Specific The Company accounts for the hedging business conducted in accordance
Accounting Principles and Explanation of Significant with the relevant provisions of the Ministry of Finance's AS 22 -
Changes Compared to the Previous Reporting Period Recognition and AS 23 - Transfer of Financial Assets and AS 37 -
152025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Presentation of Financial Instruments and its guidance. There were no
significant changes in accounting policies and specific principles of
accounting compared with the previous reporting period.In order to reduce the impact of exchange rate fluctuations on the
Company's operating results the Company carried out foreign exchange
hedging business in accordance with a certain percentage of its export
Explanation of Actual Gains/Losses Incurred During the
business with business varieties mainly including forward exchange
Reporting Period
settlement and other foreign exchange derivative products all of which
were within the expected scale of sales business and the actual gain or loss
on derivatives at the end of the reporting period was -66.62million yuan.The Company carries out foreign exchange hedging business based on the
principle of exchange rate risk neutrality. By carrying out foreign exchange
Assessment of Hedging Effectiveness hedging business the Company reduces the impact of exchange rate
fluctuation on the Company's operation and effectively controls the
operation risk.Derivatives Investment Funding Self-funded.Risk analysis and control measures for derivative positions In order to prevent exchange rate risk the Company and its subsidiaries
during the reporting period (including but not limited to have carried out derivative business and the Company and its subsidiariesmarket risk liquidity risk credit risk operational risk legal have strictly implemented the “Foreign Exchange Hedging Businessrisk etc.) Management Regulations”.Disclosure on Fair Value Changes of Derivative
Investments During the Reporting Period The unrealized loss on derivatives due to fair value fluctuations during the
reporting period amounted to 106.8604 million yuan. The fair value
(Fair value analysis shall disclose specific valuation changes were determined at the end of each month based on market quotes
methodologies associated assumptions and parameter provided by external financial institutions.settings)
Litigation involved (if applicable) No
Date of disclosure of board announcement for approval of
April 15 2025
derivative investments (if any)
2） Investments in derivatives for speculative purposes during the reporting period
□Applicable √ Not Applicable
The Company did not engage in any derivative investments for speculative purposes during the reporting period.
5. Use of Proceeds from Fundraising
□Applicable √ Not Applicable
The Company did not utilize any proceeds from fundraising activities during the reporting period.VII. Sale of major assets and equities
1. Sale of major assets
□Applicable √ Not Applicable
There is no sale of major assets during the reporting period.
2.Sale of Major Equity Interests
□Applicable √ Not Applicable
162025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
VIII. Analysis of Major Subsidiaries and Associates
√Applicable □ Not Applicable
Details of principal subsidiaries and associates whose contribution to the Company’s net profit reached 10% or more.Unit: RMB 0000 yuan
Major Registered Operating Operating
Entities Categories Total Assets Net Assets Net Profit
Businesses Capital Revenue Profit
Shandong
Production
NHU Amino- 1100
Subsidiary and sales of 1354409.75 1217345.37 375807.33 169535.96 143821.92
acids Co. million yuan
methionine
Ltd.Shandong
Production
NHU 590 million
Subsidiary and sales of 592532.39 504400.71 214778.69 99005.15 85056.46
Pharmaceutic yuan
fragrances
al Co. Ltd.Shandong
NHU Fine Production
Chemical and sales of 900 million
Subsidiary 592077.39 342196.56 208508.34 126250.16 120925.14
Science and feed yuan
Technology additives
Co. Ltd.Details of acquisition and disposal of subsidiaries during the reporting period
√Applicable □ Not Applicable
Effect on the overall
Method for acquisition and disposal of
Entities production operation and
subsidiaries during the reporting period
performance
No material impact in the
Shandong NHU Vitamins Co. Ltd. Absorbed and subsequently dissolved
initial phase
No material impact in the
Zhejiang NHU Holding Group Co. Ltd.? ? Newly established
initial phase
NHU BESLENME GIDA SANAYi VE TiCARET No material impact in the
Newly established
LiMiTED SIRKETI initial phase
No material impact in the
NHU North America LLC Newly established
initial phase
Description of major holding and participating companies
Not applicable
IX.Structured entities controlled by the Company
□ Applicable √ Not Applicable
X. The risks faced by the Company and the countermeasures
The risks faced by the company and the response measures have not undergone significant changes during the reporting period.For specific details please refer to the company's 2024 annual report.XI. Development and implementation of market value management system and valuation
enhancement plan
Whether the Company has formulated a market value management system.
172025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
√Yes □ no
Whether the Company has disclosed the valuation enhancement plan.□Yes √ no
The Company considered and passed the Market Value Management System at the Eleventh Meeting of the Ninth Session of the
Board of Directors of the Company held on April 11 2025 which specifies the institutions and responsibilities of market value
management the main methods of market value management the monitoring and early warning mechanism and the contingency
measures etc. as detailed in the announcement of the Company published on the Juchao Information Network
(http://www.cninfo.com.cn) on April 15 2025.XII. Implementation of the “Quality-Return dual improvement” action plan
Whether the Company disclosed the “quality-return dual improvement” action plan.√Yes □ no
In alignment with the guiding principles proposed by the Central Political Bureau Meeting to "activate capital markets and boost
investor confidence" and the State Council Executive Meeting's directive to "significantly enhance the quality and investment
value of listed companies through more robust and effective measures to stabilize markets and confidence" the Company is
committed to safeguarding shareholder rights strengthening investor confidence and promoting the Company's long-term
sustainable development. The Company published the "Announcement on the Action Plan of" Double Improvement of Quality and
Return " (2024-002) on 9 March 2024 on designated information disclosure media and the Network (http://www.cninfo.com.cn).The main contents of the action plan include: ‘Innovation-driven development to excel and specialize in core businesses’ ‘Putting
Contributors First and Sharing the Company's Development Achievements ’ ‘Deepening Corporate Governance and Enhancing
Operational Standards’ and ‘Compliant Information Disclosure and Sincere Two-Way Communication.’
During the reporting period based on confidence in the company's future sustained and stable development and recognition of its
value the company actively implemented the ‘Quality and Returns Dual Improvement ’ action plan to boost investor confidence
and maintain market stability. Mr. Shi Guanqun director board secretary vice president and chief financial officer of the
company increased his shareholding by 200000 through secondary market trading representing 0.0065% of the company's total
issued share capital. Additionally to effectively protect the interests of all investors and enhance investor confidence the company
issued a ‘Share Repurchase Plan ’ on 15 April 2025 announcing its intention to repurchase a portion of the company's publicly
traded shares through centralized biddin with a total value between RMB 300 million to RMB 600 million. As of 30 June 2025 the
company had repurchased 14299692 shares at a total cost of RMB 309114666.59 (excluding transaction fees). For further
details please refer to the ‘Announcement on the Progress of Share Repurchase’ (2025-035) published by the company on 1 July
2025 on designated information disclosure media and the China Securities Information Network (http://www.cninfo.com.cn).
During the reporting period in order to better reward shareholders and share the company's development achievements with them
the company implemented a special dividend and 2024 annual equity distribution distributing a total of 2150761326 yuan
(including tax) in cash.The Company will continue to focus on technological development and product innovation continuously researching and
developing functional chemicals to enrich the product lines of its ‘Chemical+ ’ and ‘Biotech+ ’ platforms enhancing its core
specialty chemicals business and continuously improving its core competitiveness to achieve steady and sustainable corporate
development.
182025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Section IV Corporate Governance、Environmental and Society
I.Changes of directors supervisors and senior executives
□ Applicable √ Not applicable
The Company’s directors supervisors and senior executives remains unchanged during the current reporting period
please refer to the 2024 Annual Report for details.II. Profit distribution and conversion of capital reserve into share capital
√ Applicable □ Not applicable
Bonus Shares per 10 shares (shares) 0
Dividends per 10 shares (yuan) (tax included) 2.00
Total Shares as Base for Distribution Plan (shares) 3059121988
Cash Dividend Amount (yuan pre-tax) 611824397.60
Cash Distributed via Other Methods (e.g. Share Repurchase) (yuan) 309134899.57
Total Cash Distribution (Including Other Methods) (yuan) 920959297.17
Distributable Profit (yuan) 6457942840.65
Proportion of total cash dividends (including those by other methods)
100%
to total profit distribution
Cash Dividend Policy Requirement
For companies in the growth phase with significant capital expenditure arrangements the cash dividend ratio shall account for at
least 20% of the total profit distribution.Details on proposals on profit distribution or conversion of capital reserve into share capital
Temporarily based on 3059121988 shares [Note] (calculated by excluding 14299692 repurchased shares from the total share
capital of 3073421680 shares as of July 31 2025) the Company intends to distribute cash dividend of 2 yuan (tax included) and
and no bonus shares will be distributed and the capital reserve will not be converted into share capital. The total cash distribution
amounts to RMB 611824397.6 with the remaining distributable profit carried forward to the following year.Note: As of July 31 2025 the Company’s share capital totaled 3073421680 shares including repurchased share of 14299692
shares. According to the“Rules for Share Repurchase by Listed Companies” shares held in the Company’s repurchase account
are not eligible for profit distribution or capital reserve capitalization.If the Company’ s total share capital changes due to the conversion of convertible bonds share repurchase exercise of equity
incentives refinancing and listing of new shares etc. before the implementation of the profit distribution proposal the total
distribution will be adjusted accordingly and distribution ratio per share remain unchanged.III. Implementation of equity incentive plans employee stock ownership plans or other
employee incentive programs
√ Applicable □ Not applicable
1. Equity incentive
Not applicable.
192025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
2. Implementation of employee stock ownership plans
√ Applicable □ Not applicable
All active employee stock ownership plans during the reporting period
Proportion to
Scope of employees Number of Total shares total share Sources of fund toemployees held Changes capital of the implement the plan
Company
The forth phase of employee Legal
stock ownership plan: directors remuneration of
supervisors senior executives the employees
of the Company and regular self-raised funds
employees of the Company and 627 29528181 N/A 0.96% and other methods
its holding subsidiaries or permitted by laws
wholly-owned subsidiaries who and administrative
meet the criteria regulations
Shareholdings of directors supervisors and senior executives in the employee stock ownership plan during the
reporting period
Number of shares
Name Position held at the beginning
Number of shares Proportion to total
of the reporting held at the end of the share capital of the
period reporting period Company
The fourth phase of employee
stock ownership plan:Hu Baifan
Hu Baishan Shi Guanqun Wang
Xuewen Wang Zhengjiang Zhou Directors
Guiyang Shi Fangbin Lyu supervisors and 8664835 0 0.00%
Guofeng Yu Hongwei Yan senior executives
Hongyue Chen Zhaofeng Wang
Xiaobi Li Huafeng Zhang
Liying
Changes in asset management agency during the reporting period
□ Applicable √ Not applicable
Changes in equity during the reporting period due to disposal of shares by holders
□ Applicable √ Not applicable
Exercise of shareholders’ rights during the reporting period
Pursuant to the Forth Phase of Employee Stock Ownership Plan (Draft) such plan voluntarily waives the voting
rights of holding shares in the general meeting of the Company while shares acquired through the employee stock
ownership plan carry no voting rights in the general meeting. During the reporting period the employee stock
ownership plan did not exercise the voting rights of holding shares in the general meeting but still enjoyed the right
to profit distribution.Other relevant situations and remarks of the employee stock ownership plan during the reporting period
□ Applicable √ Not applicable
Change in membership of the management committee of employee stock ownership plan
□ Applicable √ Not applicable
Financial impact of employee stock ownership plan on the Company in the reporting period and related accounting
treatments
202025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
□ Applicable √ Not applicable
Termination of employee stock ownership plan during the reporting period
√ Applicable □ Not applicable
As of June 26 2025 the company has fully disposed of all shares held under its fourth-phase Employee Stock
Ownership Plan. For details please refer to the Announcement on the Completion of Disposal and Termination of the
Fourth-phase Employee Stock Ownership Plan(Announcement No.2025-034) published on the designated
information disclosure media and the Cninfo website (http://www.cninfo.com.cn)
3.Other employee incentive programs
□ Applicable √ Not applicable
IV. Environmental Information Disclosure Status
Whether listed companies and their major subsidiaries are included in the List of Enterprises Subject to Mandatory Environmental
Information Disclosure
√Applicable □ Not Applicable
Number of enterprises included in the
List of Enterprises Subject to
10
Mandatory Environmental Information
Disclosure (units)
Serial
Enterprise Name Query Index of Legally Disclosed Environmental Information Reports
No.The website of Zhejiang Enterprise Environmental Information Legal Disclosure
1 The Company
System is: https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search
Shangyu NHU Bio-Chem The website of Zhejiang Enterprise Environmental Information Legal Disclosure
2
Co. Ltd. System is: https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search
Zhejiang NHU The website of Zhejiang Enterprise Environmental Information Legal Disclosure
3
Pharmaceutical Co. Ltd. System is: https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search
Zhejiang NHU Special The website of Zhejiang Enterprise Environmental Information Legal Disclosure
4
Materials Co.Ltd. System is: https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search
Shaoxing Yuchen New The website of Zhejiang Enterprise Environmental Information Legal Disclosure
5
Materials Co. Ltd. System is: https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search
Shandong NHU The website of Shandong Enterprise Environmental Information Legal Disclosure
6
Pharmaceutical Co. Ltd. System is: http://221.214.62.226:8090/EnvironmentDisclosure/
Shandong NHUAmino-acids The website of Shandong Enterprise Environmental Information Legal Disclosure
7
Co. Ltd. System is: http://221.214.62.226:8090/EnvironmentDisclosure/
Shandong NHU Fine
The website of Shandong Enterprise Environmental Information Legal Disclosure
8 Chemical Science and
System is: http://221.214.62.226:8090/EnvironmentDisclosure/
Technology Co. Ltd.Weifang Haicheng Thermal The website of Shandong Enterprise Environmental Information Legal Disclosure
9
Power Co. Ltd. System is: http://221.214.62.226:8090/EnvironmentDisclosure/
Heilongjiang NHU The website of Heilongjiang Enterprise Environmental Information Legal Disclosure
10
Biotechnology Co. Ltd. System is: http://111.40.190.123:8082/eps/list
V. Social responsibilities
Not applicable
212025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Section V Significant Matters
1. Commitment performance fulfilled during the reporting period and overdue commitments
as of the end of the reporting period by parties related to commitments including the actual
controller of the Company shareholders related parties acquirers and the Company itself.√ Applicable □ Not Applicable
Commitments Parties making Types of Content of commitments Time of Term of
commitments commitments commitment commitment Status
Commitments None None None None None None
to share reform
Commitments
made in reports
on acquisition None None None None None None
and changes in
equity
Commitments
made in asset None None None None None None
restructuring
NHU HoldingGroup Co. Ltd. Commitments The signing of “Commitmentand Zhang Pingyi on No Engagement inShi Cheng Yuan on horizontal
Yizhong Hu competitionCompeting Business” and
Baishan Shi related party
commitments on no June 25 2004 Long-term Strictly
Guanqun Wang transactions and
engagement in business performed
occupation of activities that would constituteXuewen Cui funds competition with the CompanyXinrong Wang after listing
Xulin
The Company's directors and
senior executives committed to
perform their duties faithfully
and diligently to safeguard the
legitimate rights and interests
of the Company and
shareholders and make the
following commitments in
accordance with the relevant
provisions of the CSRC for the
Commitments full performance of measures
made in IPO or on filling immediate returns: 1.refinancing not to transfer benefits to other
Hu Baifan; Hu entities or individuals without
Baishan; Guanqun; compensation or on unfair
Wang Xuewen; terms and not to use other
Cui Xinrong; means to harm the benefits of
January 12 Long-term Strictly
Wang Zhengjiang; the Company; 2. to impose
2017 performed
Zhou Guiyang restrictions on dutyconsumption of members of the
Board of Directors and senior
executives; 3. not to use assets
of the Company to engage in
investment or consumption
activities not related to duty
performance; 4. to link
remuneration system
formulated by the Board of
Directors or remuneration
committee to the
implementation of measures on
filling immediate returns; 5. to
link vesting conditions of
222025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Commitments Parties making Types of Content of commitments Time of Term of
commitments commitments commitment commitment Status
equity incentive to be published
in the future to the
implementation of measures on
filling immediate returns.Not to interfere in the
Company's business and
Hu Baifan; NHU management activities in
Holding Group excess of authority; not to January 12 Long-term Strictly
Co. Ltd. encroach on benefits of the 2017 performedCompany; to perform measures
on filling immediate returns in
a practical way.Commitments
to equity None None None None None None
incentive
Other
commitments to
small and None None None None None None
medium-sized
shareholders of
the Company
Other
commitments to
minority None None None None None None
shareholders of
the Company
Whether commitments are performed on time Yes
If commitment performance is not fulfilled on time please explain detailed reasons for it and the next work plans. N/A
II. Non-operating occupation of funds over listed companies by controlling shareholders and
other related parties
□ Applicable √ Not Applicable
There is no non-operating occupation of funds over listed companies by controlling shareholders and other related
parties during the reporting period.III. Illegal external guarantees
□ Applicable √ Not Applicable
There is no illegal external guarantee during the reporting period.IV、Engagement and dismissal of accounting firms
Whether the semi-annual report has been audited or not
□ Yes √ No
The semi-annual report has not been audited.V. Statements by the Board of Directors the Board of Supervisors on the “Modified Auditor’sReport” issued by the accounting firm during the reporting period
□ Applicable √ Not Applicable
232025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
VI. Explanations by the Board of Directors on the “Modified Auditor’s Report” issued by the
accounting firm last year
□ Applicable √ Not Applicable
VII. Matters related to bankruptcy and restructuring
□ Applicable √ Not Applicable
There are no matters related to bankruptcy and restructuring during the reporting period.VIII. Lawsuits
Significant lawsuits and arbitration
□ Applicable √ Not Applicable
There is no significant lawsuit and arbitration during the reporting period.Other lawsuits
□ Applicable √ Not Applicable
IX. Penalties and rectification
□ Applicable √ Not Applicable
X. Integrity of the Company its controlling shareholders and the actual controller
□ Applicable √ Not Applicable
XI. Significant related party transactions
1. Related party transactions relevant to daily operations
□Applicable √ Not Applicable
There is no related party transaction relevant to daily operations during the reporting period.
2. Related party transactions in purchase or sale of assets or equities
□Applicable √ Not Applicable
There is no related party transaction in purchase or sale of assets or equities during the reporting period.
3. Related party transactions in joint external investments
□Applicable √ Not Applicable
There is no related party transaction in joint external investments during the reporting period.
4. Related party creditor’s rights and debts
□Applicable √ Not Applicable
There is no related creditor’s rights or debts during the reporting period.
242025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
5. Transactions with related financial companies
□Applicable √ Not Applicable
There is no business of deposits loans credit granting or other financial businesses between the Company and its
related financial companies.
6. Transactions between financial companies controlled by the Company and the Company’s related
parties
□Applicable √ Not Applicable
There is no business of deposits loans credit granting or other financial businesses between financial companies
controlled by the Company and the Company’s related parties.
7. Other significant related party transactions
□Applicable √ Not Applicable
There is no other material connected transactions during the reporting period.XV. Significant contracts and performance
1. Matters of trusteeship contracting and leases
(1) Trusteeship
□Applicable √ Not Applicable
There is no trusteeship during the reporting period.
(2) Contracting
□Applicable √ Not Applicable
There is no contracting during the reporting period.
(3) Leases
□Applicable √ Not Applicable
There is no lease during the reporting period.
252025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
2. Significant guarantees
√ Applicable □ Not Applicable
Unit: RMB 0000 yuan
External guarantees by the Company and its subsidiaries to third parties (guarantees to subsidiaries are excluded)
Count
Announcem Wheth Whether
Actual Coll er
ent date of Amount Actual er the guarante
amount Types of atera guaran Period of
Guaranteed parties disclosure of guarante commence guaran e for
guarante guarantees ls (if tees guarantee
amount ed ment date tee is related
ed any) (if
guaranteed mature parties
any)
No
Total amount actually
Total amount of guarantees approved during
0 guaranteed during the 0
the reporting period (A1)
reporting period (A2)
Total amount actually
Total amount of guarantees approved at the
0 guaranteed at the end of the 0
end of the reporting period (A3)
reporting period (A4)
The Company’s guarantees to subsidiaries
Count
Announcem Wheth Whether
Actual Coll er
ent date of Amount Actual er the guarante
amount Types of atera guaran Period of
Guaranteed parties disclosure of guarante commence guaran e for
guarante guarantees ls (if tees guarantee
amount ed ment date tee is related
ed any) (if
guaranteed mature parties
any)
Joint and
Shandong NHU Fine
several 03.24.2021-
Chemical Science and 5/22/2020 50000 3/24/2021 50000 No No
liability 12.25.2025
Technology Co. Ltd.guarantee
Joint and
Heilongjiang NHU several 08.26.2021-
4/22/2021 40000 8/26/2021 37000 No No
Biotechnology Co. Ltd. liability 12.21.2025
guarantee
Joint and
Xinchang NHU Vitamins several 12.16.2021-
4/22/2021 40000 12/16/2021 29000 No No
Co. Ltd. liability 12.25.2026
guarantee
Joint and
NHU (Hong Kong) several 06.05.2024-
5/16/2024 50000 6/5/2024 105.95 Yes No
Trading Co. Ltd. liability 02.20.2025
guarantee
Joint and
NHU (Hong Kong) several 08.29.2024-
5/16/2024 50000 8/29/2024 50.75 Yes No
Trading Co. Ltd. liability 05.15.2025
guarantee
Joint and
NHU (Hong Kong) several 11.19.2024-
5/16/2024 50000 11/19/2024 37.22 No No
Trading Co. Ltd. liability 08.19.2025
guarantee
Joint and
Zhejiang NHU several 06.24.2022-
5/11/2022 60000 6/24/2022 55000 No No
Pharmaceutical Co. Ltd. liability 06.23.2027
guarantee
262025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Joint and
Xinchang NHU Vitamins several 10.14.2022-
5/11/2022 20000 10/14/2022 18000 No No
Co. Ltd. liability 10.14.2027
guarantee
Joint and
NHU (Hong Kong) several 06.12.2024-
5/16/2024 50000 6/12/2024 7874.46 Yes No
Trading Co. Ltd. liability 06.12.2025
guarantee
Joint and
Shandong NHU Fine
several 06.06.2023-
Chemical Science and 5/20/2023 58600 6/6/2023 58600 No No
liability 03.29.2028
Technology Co. Ltd.guarantee
Joint and
NHU (Hong Kong) several 11.08.2023-
5/20/2023 100000 11/20/2023 57268.8 No No
Trading Co. Ltd. liability 11.08.2026
guarantee
Joint and
Zhejiang NHU Import & several 06.24.2024-
5/16/2024 25000 6/24/2024 15000 Yes No
Export Co. Ltd. liability 06.23.2025
guarantee
Joint and
NHU (Hong Kong) several 08.01.2024-
5/16/2024 50000 8/1/2024 35793 No No
Trading Co. Ltd. liability 08.01.2027
guarantee
Joint and
NHU (Hong Kong) several 03.25.2025-
5/16/2024 50000 3/25/2025 68.04 No No
Trading Co. Ltd. liability 12.11.2025
guarantee
Joint and
NHU (Hong Kong) several 06.13.2025-
5/9/2025 50000 6/13/2025 11.96 No No
Trading Co. Ltd. liability 02.26.2026
guarantee
Total amount actually
Total amount of guarantees
guaranteed for
approved for subsidiaries during 240000.00 80.00
subsidiaries during the
the reporting period (B1)
reporting period (B2)
Total amount actually
Total amount of guarantees guaranteed for
approved for subsidiaries at the 580767.06 subsidiaries at the end 340779.02
end of the reporting period (B3) of the reporting period
(B4)
Guarantees by subsidiaries to subsidiaries
Announcem Count Wheth Whether
Amount Coll
ent date of Amount Actual er er the guarante
actually Types of atera Period of
Guaranteed parties disclosure of guarante commence guaran guaran e for
guarante guarantees ls (if guarantee
amount ed ment date tee (if tee is related
ed any)
guaranteed any) mature parties
No
Total amount actually
Total amount of guarantees
guaranteed for
approved for subsidiaries during 0 0
subsidiaries during the
the reporting period (C1)
reporting period (C2)
Total amount of guarantees Total amount actually
approved for subsidiaries at the 0 guaranteed for 0
end of the reporting period (C3) subsidiaries at the end
272025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
of the reporting period
(C4)
Total amount guaranteed by the Company (namely sum of the above three items)
Total amount actually
Total amount of guarantees
guaranteed during the
approved during the reporting 240000.00 80.00
reporting period
period (A1+B1+C1)
(A2+B2+C2)
Total amount actually
Total amount of guarantees
guaranteed at the end
approved at the end of the 580767.06 340779.02
of the reporting period
reporting period (A3+B3+C3)
(A4+B4+C4)
Proportion of the amount actually guaranteed (A4+B4+C4) to
11.18%
net assets of the Company
Including:
Balance of guarantees for shareholders the actual controller
0
and its related parties (D)
Balance of debt guarantee directly or indirectly for
177179.02
guaranteed parties with debt to asset ratio exceeding 70% (E)
The amount of the total amount guaranteed exceeding 50% of
0
net assets (F)
Total amount guaranteed of three items above (D+E+F) 177179.02
Remarks on unexpired guarantee contracts with guarantee
liabilities incurred or evidence indicating the possibility of
None
undertaking joint liquidation liabilities during the reporting
period (if applicable)
Remarks on external guarantee in violation of provisions (if
None
applicable)
Specific description of the use of composite guarantees:
None
3. Entrusted Wealth Management
√ Applicable □ Not Applicable
Unit: RMB 0000 yuan
Amount Impairment amount
Source of Outstanding
Types Entrusted amount overdue and accrued for overdue
entrusted funds Balance
not recovered products
Bank Wealth
Management Proprietary Funds 265000.00 195000.00 0 0
Products
Total 265000.00 195000.00 0 0
High-risk entrusted financial products with individual significant amount or low security and poor liquidity
□ Applicable √ Not Applicable
When the principal of entrusted financial products is expected to be irrevocable or there are other conditions result in impairment
of entrusted financial products
□ Applicable √ Not Applicable
4. Other significant contracts
□ Applicable √ Not Applicable
There is no other significant contract during the reporting period.
282025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
XIII. Other significant matters
√ Applicable □ Not Applicable
1. Progress of the fourth employee stock ownership plan
The fourth Employee stock ownership Plan of the Company was reviewed and approved by the first Shareholdeder General
meeting held on June 26 2023. This plan is managed by the Company itself acquired and held by the Company through the
secondary market trading with a duration of not more than 24 months. As of September 25 2023 a total of 29528181 shares of
the Company have been purchased under the fourth phase of the employee stock ownership plan through the secondary market
bidding transaction accounting for 0.9553% of the Company's total share capital at that time with a total transaction amount of
479442157.08 yuan (excluding transaction costs). The average transaction price was about 16.2368 yuan per share and the
company completed the target stock purchase of the fourth phase of the employee stock ownership plan. The lock-up period of the
underlying shares acquired under the fourth Employee Stock Ownership Plan is 12 months calculated from the date of the
Company's announcement of the transfer of the last underlying shares to the plan. As of June 26 2025 all shares of the company
held under the fourth phase of the Employee Stock Ownership Plan have been sold out. For details please refer to the
"Announcement on the Completion of Sale and Termination of the Fourth Phase of the Employee Stock Ownership Plan" (2025-
034) published by the company on designated information disclosure media and on http://www.cninfo.com.cn.
(Note: On December 13 2024 the Company completed the cancellation of 17485676 repurchased shares reducing the total number
of shares outstanding from 3090907356 to 3073421680. The proportion of shares held under the fourth-phase employee stock
ownership plan was adjusted to 0.9607% of the current total shares outstanding.)
2. Progress of share repurchase
On April 11 2025 the 11th meeting of the 9th Board of Directors held by the company deliberated and approved the "Proposal on
the Plan of Repurchasing the Company's Shares" agreeing to the company's use of its own funds or special loans for share
repurchases to repurchase a portion of the company's public shares through centralized bidding transactions for the
implementation of equity incentive plans or employee stock ownership plans. The repurchase amount ranges from RMB 300
million to RMB 600 million with the repurchase price not exceeding RMB 32 per share. The specific number of shares
repurchased and its proportion to the total share capital shall be based on the actual number of shares repurchased upon the
expiration of the repurchase period. On May 21 2025 the company implemented the annual equity distribution for 2024 with the
repurchase price adjusted from no more than RMB 32 per share to no more than RMB 31.5 per share.The implementation period
for this share repurchase is not to exceed 12 months from the date the company's Board of Directors deliberates and approves the
share repurchase plan. As of June 30 2025 the company has repurchased 14299692 shares through a dedicated securities
account for share repurchases through centralized bidding transactions accounting for 0.4653% of the company's total share
capital. The highest transaction price was RMB 22.23 per share and the lowest transaction price was RMB 21.25 per share with a
total transaction amount of RMB 309114666.59 (excluding transaction costs). This repurchase is in compliance with the
company's established share repurchase plan and relevant laws and regulations. For specific details please refer to the
"Announcement on the Progress of Share Repurchases" (2025-035) published by the company on designated information
disclosure media and on http://www.cninfo.com.cn.XIV. Significant matters of the subsidiaries of the Company
√ Applicable □ Not Applicable
The Company’s wholly owned subsidiary Shandong NHU Fine Chemical Science and Technology Co. Ltd. has completed the
absorption and merger of another wholly owned subsidiary Shandong NHU Vitamins Co. Ltd. Post-merger Shandong NHU Fine
292025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Chemical Science and Technology Co. Ltd. continues operations with its registered capital increased from RMB 400 million to
RMB 900 million while Shandong NHU Vitamins Co. Ltd. has been dissolved with all its assets liabilities and obligations
transferred to the surviving entity. The relevant industrial and commercial registration procedures were finalized in February 2025.This transaction does not constitute a connected transaction under the Administrative Measures for Major Asset Restructuring of
Listed Companies nor a material asset reorganization. Pursuant to the relevant provisions of the Shenzhen Stock Exchange Listing
Rules this absorption merger qualifies for exemption from standard procedural requirements as it constitutes a transaction
between entities under the Company's consolidated financial reporting scope.
302025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Section VI Changes in Share Capital and Shareholders
I. Changes in Share Capital
1. Details
Unit: Share
Before Changes After
Items % to Issue of Bonus ReserveQuantity
total new shares transferred to
Others Subtotal Quantity % to total
shares shares
I. Restricted shares 36409752 1.18% 150000 150000 36559752 1.19%
1. Held by other
domestic parties 36409752 1.18% 150000 150000 36559752 1.19%
Including: Held by
domestic natural persons 36409752 1.18% 150000 150000 36559752 1.19%
II. Unrestricted shares 3037011928 98.82% -150000 -150000 3036861928 98.81%
1. RMB ordinary shares 3037011928 98.82% -150000 -150000 3036861928 98.81%
III. Total 3073421680 100.00% 3073421680 100.00%
Reason for movements
√ Applicable □ Not Applicable
Based on confidence in the company's sustained and stable future development and recognition of its value and in active
implementation of the ‘Quality and Returns Dual Improvement’ action plan to boost investor confidence and maintain market
stability Mr. Shi Guanqun Director Board Secretary Vice President and Chief Financial Officer of the company purchased an
additional 200000 shares of the company's stock through secondary market trading on 17 June 2025 representing 0.0065% of the
company's total issued share capital. Prior to this purchase Mr. Shi Guanqun directly held 10477838 shares of the company
representing 0.34% of the company's total issued share capital. After the completion of this purchase Mr. Shi Guanqun directly
holds 10677838 shares of the company representing 0.35% of the company's total issued share capital.Approval on movements in shares
□ Applicable √ Not Applicable
Transfer of shares
□ Applicable √ Not Applicable
Actual progress of share repurchase
√ Applicable □ Not Applicable
At its 11th meeting of the 9th Board of Directors held on 11 April 2025 the Company approved the ‘Proposal on the Share
Repurchase Plan’ agreeing to use its own funds or a special loan for share repurchases to repurchase a portion of its publicly
traded shares through centralized auction trading for the purpose of implementing an equity incentive plan or employee stock
ownership plan. The repurchase amount is expected to range from RMB 300 million to RMB 600 million. As of 30 June 2025 the
Company repurchased shares through a dedicated securities account for share repurchases via centralized auction trading
repurchasing a total of 14299692 shares representing 0.4653% of the Company's total issued share capital. The highest
312025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
transaction price was RMB 22.23 per share and the lowest transaction price was RMB 21.25 per share. The total transaction
amount was RMB 309114666.59 (excluding transaction fees). This repurchase complies with the Company's established share
repurchase plan and relevant laws and regulations. For further details please refer to the Company's announcement titled ‘Notice
on the Progress of Share Repurchase’ (2025-035) published on the designated information disclosure media and CNINFO
website(http://www.cninfo.com.cn).Implementation progress of shareholding reduction for shares repurchased through centralized bidding
□ Applicable √ Not applicable
Effect of changes in shares on financial indicators of preceding year and preceding period such as basic EPS and diluted EPS net
assets per share attributable to shareholders of ordinary shares
□ Applicable √ Not Applicable
Other contents the Company considered as necessary or securities regulatory institutions required disclosure
□ Applicable √ Not applicable
2、Changes in restricted shares
√ Applicable □ Not Applicable
Unit: Share
Number of
Number of restricted Number of Number of
restricted shares with restricted restricted
Reason for Date of release
Shareholders shares at the lifted shares added in shares at the
restriction from restriction
beginning of restrictions in the current end of the
the period the current period period
period
Locked in at
Executive lock- 75% of total
Shi Guanqun 7858378 0 150000 8008378
in shareholding
each year
Total 7858378 0 150000 8008378 -- --
II. Issuance and listing of securities
□Applicable √ Not applicable
322025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
III. Number of shareholders of the Company and their shareholding conditions
Unit: Share
Total number of ordinary Total number of preferred shareholders
shareholders at the end of the 80733 whose voting rights were restored at the 0
reporting period end of the reporting period
Shareholders with holding proportion over 5% or the top 10 shareholders with largest holding proportions
Nature Quantity of Quantit Shares pledged
of Holding ordinary shares
Movements
during the y of Quantity of marked or frozenShareholders shareho proporti at the end of reporting restrict unrestricted Qua
lders on the reportingperiod period
ed shares Condition
shares ntity
Domest
ic non-
NHU Holding state-
Group Co. Ltd. owned 50.08% 1539232431 0 0 1539232431 N/A 0
legal
person
Hong Kong
Securities Overse
Clearing as legal 6.24% 191901175 54077516 0 191901175 N/A 0
Company Limited person
National Social
Security Fund Others 1.01% 30999980 -10000020 0 30999980 N/A 0
No.503 Portfolio
Industrial and
Commercial Bank
of China Limited Others 0.89% 27443541 817000 0 27443541 N/A 0
– Huatai-
PineBridge SSE
300 ETF
Shanghai
Chongyang
Strategic
Investment Co. Others 0.88% 26930663 0 0 26930663 N/A 0
Ltd.－
Chongyang
Strategic Huizhi
Fund
China
Construction
Bank Corporation
- E Fund
Shanghai and Others 0.82% 25187882 -3310700 0 25187882 N/A 0
Shenzhen 300
Medical and
Health Trading
Open-end Index
Fund
China
Construction
Bank Corporation Others 0.63% 19506431 1109200 0 19506431 N/A 0
- E Fund CSI 300
Open-End Index
Initiated Fund
MORGAN Overse
STANLEY & CO. as legal 0.63% 19230181 13442904 0 19230181 N/A 0
INTERNATIONA person
332025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
L PLC.Shanghai
Chongyang
Strategic
Investment Co. Others 0.62% 19150780 0 0 19150780 N/A 0
Ltd.－
Chongyang
Strategic Caizhi
Fund
Shanghai
Chongyang
Strategic
Investment Co. Others 0.49% 15096694 0 0 15096694 N/A 0
Ltd.－
Chongyang
Strategic Juzhi
Fund
Strategic investors or
ordinary legal persons that Shanghai Chongyang Strategic Investment Co. Ltd.－ Chongyang Strategic Huizhi Fund
became one of the top 10 became one of the top 10 shareholders with largest holding proportions due to its participation in
shareholders due to the private placement of shares in 2017.allotment of new shares
Remarks on relationships or The Company does not know whether other shareholders have relationships and whether they are
concerted action between the persons acting in concert as defined in Administration of the Takeover of Listed Companies
top 10 shareholders with
largest holding proportions Procedures.Remarks on proxy voting and
waiver of voting right of the N/A
above shareholders
Special remarks on top 10
shareholders with special N/A
repurchase accounts
Top 10 shareholders with unrestricted shares (excluding shares lent through transfer facility and shares locked up by executives)
Quantity of unrestricted shares at the end of the reporting Category of sharesShareholders period Category Quantity
NHU Holding Group Co. RMB ordinary
Ltd. 1539232431 shares 1539232431
Hong Kong Securities RMB ordinary
Clearing Company Limited 191901175 shares 191901175
National Social Security RMB ordinary
30999980
Fund No.503 Portfolio shares
30999980
Industrial and Commercial
Bank of China Limited – RMB ordinary
27443541 shares 27443541Huatai-PineBridge SSE 300
ETF
Shanghai Chongyang
Strategic Investment Co. RMB ordinary
2693066326930663
Ltd.－ Chongyang Strategic shares
Huizhi Fund
China Construction Bank
Corporation - E Fund RMB ordinary
Shanghai and Shenzhen 300 25187882 shares 25187882
Medical and Health Trading
Open-end Index Fund
China Construction Bank RMB ordinary
Corporation - E Fund CSI 19506431 shares 19506431
300 Open-End Index
342025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Initiated Fund
MORGAN STANLEY& RMB ordinary
CO. INTERNATIONAL 19230181 shares 19230181
PLC.Shanghai Chongyang
Strategic Investment Co. RMB ordinary
19150780 shares 19150780Ltd.－ Chongyang Strategic
Caizhi Fund
Shanghai Chongyang
Strategic Investment Co. RMB ordinary
15096694
Ltd.－ Chongyang Strategic shares
15096694
Juzhi Fund
Remarks on relationships or
concerted action between the
top 10 shareholders with
unrestricted shares and The Company does not know whether other shareholders have relationships and whether they are
between the top 10 persons acting in concert as defined in Administration of the Takeover of Listed Companies
shareholders with Procedures.unrestricted shares and the
top 10 shareholders with
largest holding proportions.Shanghai Chongyang Strategic Investment Co. Ltd. － Chongyang Strategic Huizhi Fund holds
26930563 shares through a client account of collateral securities for margin trading of Guotai
Remarks on top 10 Haitong Securities Co. Ltd.; Shanghai Chongyang Strategic Investment Co. Ltd - Chongyang
shareholders of ordinary Strategic Caizhi Fund holds 19150780 shares through a client credit transaction guarantee
shares participating in securities account at China Merchants Securities Co;
securities margin trading Shanghai Chongyang Strategic Investment Co. Ltd - Chongyang Strategic Juzhi Fund held
15096694 shares through a client credit transaction guarantee securities account of China
Merchants Securities Co.The participation of shareholders holding more than 5% of shares the top 10 shareholders and the top 10 shareholders with
unlimited shares in circulation in lending of shares in the transfer and financing business
□ Applicable √ Not applicable
Top 10 shareholders and top 10 shareholders with unlimited shares outstanding Change from the previous period due to
lending/returning of convertible bonds
□ Applicable √ Not applicable
Did the top 10 common shareholders and the top 10 unrestricted common shareholders of the company engage in any agreed
repurchase transactions during the reporting period
□ Yes √ No
The top 10 common shareholders and the top 10 unrestricted common shareholders of the company did not engage in any agreed
repurchase transactions during the reporting period.IV.Changes in shareholdings of directors supervisors and senior management
√ Applicable □ Not Applicable
352025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Number Number
Number Number
of shares of Number
Number of of shares of
reduced Number of restricted of
shares held increased restricted
in shares held shares restricted
Emplo at the in shares
holdings at the end granted at shares
Name Position yment beginning holdings granted
during of the the granted at
Status of the during the during the
the period beginning the end of
period current current
current (shares) of the the period
(shares) period period
period period (shares)
(shares) (shares)
(shares) (shares)
Director
Vice
President
Secretary
Shi of the
Current 10477838 200000 0 10677838 0 0 0
Guanqun Board of
Directors
Chief
Financial
Officer
Total -- -- 10477838 200000 0 10677838 0 0 0
V. Changes in controlling shareholders or actual controllers
Changes of holding shareholders during the reporting period
□ Applicable √ Not applicable
The Company has no changes of holding shareholders during the reporting period.Changes of actual controller within the reporting period
□ Applicable √ Not applicable
The Company has no changes in actual controller within the reporting period.Block diagram of title and control relationships between the Company and the actual controller
VI. Details of Preferred Stock
□ Applicable √ Not Applicable
The Company has no preferred shares during the reporting period.
362025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Section VII Bonds
□Applicable √ Not applicable
372025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Section VIII Financial Report
I. Audit Reports
Has the semi-annual report been audited
□ Yes √ No
The Company’s semi-annual report has not been audited.II. Financial Statements
The monetary unit of the financial statements is Renminbi (RMB) Yuan.
1. Consolidated balance sheet
Prepared by Zhejiang NHU Co. Ltd.June 30 2025
Unit: RMB Yuan
Items June 30 2025 January 1 2025
Current assets:
Cash and bank balances 6554229563.18 7936504805.65
Settlement funds
Loans to other banks
Held-for-trading financial assets 1950814253.31 745816.34
Derivative financial assets
Notes receivable 280460227.83 292562093.90
Accounts receivable 3579302408.75 3653676104.37
Receivables financing 615913861.51 523913135.22
Advances paid 205663994.48 163216512.08
Premiums receivable
Reinsurance accounts receivable
Provision for Reinsurance Contracts
Other receivables 501788220.65 225516143.49
Including: Interest receivable
Dividend receivable
Financial assets under reverse repo
Inventories 4549697775.39 4090096841.96
Including: Data resources
Contract assets
Assets held for sale
Non-current assets due within one
year
Other current assets 25561234.37 35969632.09
Total current assets 18263431539.47 16922201085.10
382025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Items June 30 2025 January 1 2025
Non-current assets:
Loans and advances
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 875657371.33 865262148.36
Other equity instrument investments 17790147.55 19498147.55
Other non-current financial assets
Investment property
Fixed assets 21139844047.48 21915984823.43
Construction in progress 568658217.83 571610643.68
Productive biological assets
Oil & gas assets
Right-of-use assets 11376617.88 13222869.09
Intangible assets 2543797744.37 2482899966.19
Including: Data resources
Development expenditures
Including: Data resources
Goodwill 3622704.97 3622704.97
Long-term prepayments 26254846.45 33059580.89
Deferred tax assets 5218066.85 2106046.31
Other non-current assets 273208676.90 159664455.40
Total non-current assets 25465428441.61 26066931385.87
Total assets 43728859981.08 42989132470.97
Current liabilities:
Short-term borrowings 1030424607.19 1162512239.04
Central bank loans
Loans from other banks
Held-for-trading financial liabilities 71334100.03 11151258.46
Derivative financial liabilities
Notes payable 132043730.49 159164822.28
Accounts payable 1472714046.89 1685979157.55
Prepayment received
Contract liabilities 309712065.18 237013669.77
Financial liabilities under repo
Absorbing deposit and interbank
deposit
Deposit for agency security
transaction
Deposit for agency security
underwriting
Employee benefits payable 301962901.77 473107111.45
392025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Items June 30 2025 January 1 2025
Taxes and rates payable 594076046.88 538903915.30
Other payables 100273996.96 122424090.50
Including: Interest payable
Dividend payable
Handling fee and commission
payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one
3612607139.812465378913.94
year
Other current liabilities 32414011.72 53564334.90
Total current liabilities 7657562646.92 6909199513.19
Non-current liabilities:
Insurance policy reserve
Long-term borrowings 4204668204.13 5327243721.25
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 2719804.76 3584791.02
Long-term payables
Long-term employee benefits
payable
Provisions
Deferred income 970432959.72 1025834591.04
Deferred tax liabilities 270237147.76 277719591.54
Other non-current liabilities
Total non-current liabilities 5448058116.37 6634382694.85
Total liabilities 13105620763.29 13543582208.04
Equity:
Share capital 3073421680.00 3073421680.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserve 3132531649.49 3132519968.42
Less: Treasury shares 309134899.57
Other comprehensive income 72928005.59 91513343.50
Special reserve 141556575.47 106348864.91
Surplus reserve 1545453678.00 1545453678.00
General risk reserve
Undistributed profit 22828302847.28 21375740194.12
Total equity attributable to the parent
30485059536.2629324997728.95
company
Non-controlling interest 138179681.53 120552533.98
Total equity 30623239217.79 29445550262.93
Total liabilities & equity 43728859981.08 42989132470.97
Legal representative: Hu Baifan Officer in charge of accounting: Shi Guanqun Head of accounting department: Liu Fanglu
402025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
2. Parent company balance sheet
Unit: RMB Yuan
Items June 30 2025 January 1 2025
Current assets:
Cash and bank balances 2917281917.59 3810717348.40
Held-for-trading financial assets 500000000.00
Derivative financial assets
Notes receivable 280460227.83 292562093.90
Accounts receivable 1139817408.98 1455089726.43
Receivables financing
Advances paid 4116061.10 2099814.14
Other receivables 1072783699.27 1008085932.79
Including: Interest receivable
Dividend receivable
Inventories 438151645.56 400830486.99
Including: Data resources
Contract assets
Assets held for sale
Non-current assets due within one
year
Other current assets 1366639.66 3049642.27
Total current assets 6353977599.99 6972435044.92
Non-current assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 11203456708.69 11488137747.99
Other equity instrument investments 657790147.55 69498147.55
Other non-current financial assets
Investment property
Fixed assets 735769532.72 757545856.68
Construction in progress 30550538.31 25813815.03
Productive biological assets
Oil & gas assets
Right-of-use assets 2389188.28 2469722.68
Intangible assets 147397464.68 146947405.16
Including: Data resources
Development expenditures
Including: Data resources
Goodwill
412025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Items June 30 2025 January 1 2025
Long-term prepayments 177061.11 389534.31
Deferred tax assets 605226.35
Other non-current assets 109683728.66 55399951.70
Total non-current assets 12887214370.00 12546807407.45
Total assets 19241191969.99 19519242452.37
Current liabilities:
Short-term borrowings 199123255.56 304056277.79
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 62937989.99
Accounts payable 111133577.58 156311918.60
Advances received
Contract liabilities 6572219.28 7720715.41
Employee benefits payable 56175666.64 89940402.47
Taxes and rates payable 45491805.34 21422158.51
Other payables 21163060.82 20443244.50
Including: Interest payable
Dividend payable
Liabilities held for sale
Non-current liabilities due within one
2645064273.851817695895.34
year
Other current liabilities 490816.50 6244444.91
Total current liabilities 3085214675.57 2486773047.52
Non-current liabilities:
Long-term borrowings 2463549311.11 3020447965.04
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 2428007.48 2603650.85
Long-term payables
Long-term employee benefits
payable
Provisions
Deferred income 20702542.56 18171910.38
Deferred tax liabilities 4599961.52
Other non-current liabilities
Total non-current liabilities 2491279822.67 3041223526.27
Total liabilities 5576494498.24 5527996573.79
Equity:
Share capital 3073421680.00 3073421680.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
422025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Items June 30 2025 January 1 2025
Capital reserve 2871243235.01 2871231553.94
Less: Treasury shares 309134899.57
Other comprehensive income 506954.43 506954.43
Special reserve 25263983.23 19478463.14
Surplus reserve 1545453678.00 1545453678.00
Undistributed profit 6457942840.65 6481153549.07
Total equity 13664697471.75 13991245878.58
Total liabilities & equity 19241191969.99 19519242452.37
Legal representative: Hu Baifan Officer in charge of accounting: Shi Guanqun Head of accounting department: Liu Fanglu
3. Consolidated income statement
Unit: RMB Yuan
Items 2025 Semi-Annual 2024 Semi-Annual
I. Total operating revenue 11100632836.78 9844712214.36
Including: Operating revenue 11100632836.78 9844712214.36
Interest income
Premiums earned
Revenue from handling
charges and commission
II. Total operating cost 6875351657.25 7207812239.51
Including: Operating cost 6006367357.09 6191379061.37
Interest expenses
Handling charges and
commission expenditures
Surrender value
Net payment of insurance
claims
Net provision of insurance
policy reserve
Premium bonus expenditures
Reinsurance expenses
Taxes and surcharges 126138622.06 93982574.82
Selling expenses 88602406.65 74869581.39
Administrative expenses 309618405.74 295567957.53
R&D expenses 522723563.18 480961724.14
Financial expenses -178098697.47 71051340.26
Including: Interest expenses 112615701.07 143713361.26
Interest income 39620525.39 67461973.58
Add: Other income 121765131.08 130215288.28
Investment income (or less:
18237922.3947554398.65
losses)
Including: Investment
income from associates and joint 24632875.74 25496597.50
ventures
432025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Items 2025 Semi-Annual 2024 Semi-Annual
Gains from
derecognition of financial assets at
amortized cost
Gains on foreign exchange (or
less: losses)
Gains on net exposure to hedging
risk (or less: losses)
Gains on changes in fair value (or
-106860384.44-4445860.49
less: losses)
Credit impairment loss 7613141.39 -98041802.36
Assets impairment loss -33272405.82 -10175642.76
Gains on asset disposal (or less:
-1582139.69-1128442.54
losses)
III. Operating profit (or less: losses) 4231182444.44 2700877913.63
Add: Non-operating revenue 1218592.90 2373545.46
Less: Non-operating expenditures 2998696.24 3797633.81
IV. Profit before tax (or less: total loss) 4229402341.10 2699453825.28
Less: Income tax 607906795.85 482498449.43
V. Net profit (or less: net loss) 3621495545.25 2216955375.85
(I) Categorized by the continuity of
operations
1. Net profit from continuing
3621495545.252216955375.85
operations (or less: net loss)
2. Net profit from discontinued
operations (or less: net loss)
(II) Categorized by the portion of
equity ownership
1. Net profit attributable to owners
3603323979.162204361642.96
of parent company
2. Net profit attributable to non-
18171566.0912593732.89
controlling shareholders
VI. Other comprehensive income after
-19129756.45-768510.72
tax
Items attributable to the owners of the
-18585337.912144278.96
parent company
(I) Not to be reclassified
subsequently to profit or loss
1. Changes in remeasurement on
the net defined benefit plan
2. Items under equity method that
will not be reclassified to profit or loss
3. Changes in fair value of other
equity instrument investments
4. Changes in fair value of own
credit risk
5. Others
(II) To be reclassified subsequently
-18585337.912144278.96
to profit or loss
1. Items under equity method that
may be reclassified to profit or loss
2. Changes in fair value of other
debt investments
442025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Items 2025 Semi-Annual 2024 Semi-Annual
3. Profit or loss from
reclassification of financial assets into
other comprehensive income
4. Provision for credit impairment
of other debt investments
5. Cash flow hedging reserve
6. Translation reserve -18585337.91 2144278.96
7. Others
Items attributable to non-controlling
-544418.54-2912789.68
shareholders
VII. Total comprehensive income 3602365788.80 2216186865.13
Items attributable to the owners of the
3584738641.252206505921.92
parent company
Items attributable to non-controlling
17627147.559680943.21
shareholders
VIII. Earnings per share (EPS):
(I) Basic EPS (yuan per share) 1.17 0.71
(II) Diluted EPS (yuan per share) 1.17 0.71
Legal representative: Hu Baifan Officer in charge of accounting: Shi Guanqun Head of accounting department: Liu Fanglu
The net profit realized by the merged entity before the combination in the current period where a same-control business
combination occurred is: RMB 0.00 and the net profit realized in the prior period is: RMB 0.00.
4. Parent company income statement
Unit: RMB Yuan
Items 2025 Semi-Annual 2024 Semi-Annual
I. Operating revenue 2288910353.91 1678611503.49
Less: Operating cost 1621351248.43 1478674881.01
Taxes and surcharges 17236515.74 1801342.29
Selling expenses 21103533.89 17887398.02
Administrative expenses 89152501.14 86384680.36
R&D expenses 124532788.27 104631263.58
Financial expenses 45720895.39 36830555.80
Including: Interest expenses 65621366.30 82789341.19
Interest income 19823918.91 47586057.68
Add: Other income 20424472.11 18076084.86
Investment income (or less:
1793286828.791586250480.59
losses)
Including: Investment income
17307279.6313076861.11
from associates and joint ventures
Gains from
derecognition of financial assets at
amortized cost
Gains on net exposure to hedging
risk (or less: losses)
Gains on changes in fair value (or
less: losses)
Credit impairment loss 10852149.30 39523400.83
452025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Items 2025 Semi-Annual 2024 Semi-Annual
Assets impairment loss -15460631.24 -5439745.02
Gains on asset disposal (or less:
-643654.25-451622.70
losses)
II. Operating profit (or less: losses) 2178272035.76 1590359980.99
Add: Non-operating revenue 202867.23 555050.49
Less: Non-operating expenditures 215135.17 733814.28
III. Profit before tax (or less: total loss) 2178259767.82 1590181217.20
Less: Income tax 50709150.24 3861304.36
IV. Net profit (or less: net loss) 2127550617.58 1586319912.84
(I) Net profit from continuing
2127550617.581586319912.84
operations (or less: net loss)
(II) Net profit from discontinued
operations (or less: net loss)
V. Other comprehensive income after tax
(I) Not to be reclassified
subsequently to profit or loss
1. Changes in remeasurement on
the net defined benefit plan
2. Items under equity method that
will not be reclassified to profit or loss
3. Changes in fair value of other
equity instrument investments
4. Changes in fair value of own
credit risk
5. Others
(II) To be reclassified subsequently
to profit or loss
1. Items under equity method that
may be reclassified to profit or loss
2. Changes in fair value of other
debt investments
3. Profit or loss from
reclassification of financial assets into
other comprehensive income
4. Provision for credit impairment
of other debt investments
5. Cash flow hedging reserve
6. Translation reserve
7. Others
VI. Total comprehensive income 2127550617.58 1586319912.84
VII. Earnings per share (EPS):
(I) Basic EPS (yuan per share)
(II) Diluted EPS (yuan per share)
Legal representative: Hu Baifan Officer in charge of accounting: Shi Guanqun Head of accounting department: Liu Fanglu
5. Consolidated cash flow statement
Unit: RMB Yuan
Items 2025 Semi-Annual 2024 Semi-Annual
I. Cash flows from operating activities:
Cash receipts from sale of goods or
11266097495.558604890987.69
rendering of services
462025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Items 2025 Semi-Annual 2024 Semi-Annual
Net increase of client deposit and
interbank deposit
Net increase of central bank loans
Net increase of loans from other
financial institutions
Cash receipts from original insurance
contract premium
Net cash receipts from reinsurance
Net increase of policy-holder deposit
and investment
Cash receipts from interest handling
charges and commission
Net increase of loans from others
Net increase of repurchase
Net cash receipts from agency security
transaction
Receipts of tax refund 460059989.38 366540460.23
Other cash receipts related to
104830537.50153666344.64
operating activities
Subtotal of cash inflows from operating
11830988022.439125097792.56
activities
Cash payments for goods purchased
5656926781.964967376966.76
and services received
Net increase of loans and advances to
clients
Net increase of central bank deposit
and interbank deposit
Cash payments for insurance
indemnities of original insurance
contracts
Net increase of loans to others
Cash payments for interest handling
charges and commission
Cash payments for policy bonus
Cash paid to and on behalf of
1260472740.561135778052.77
employees
Cash payments for taxes and rates 1144724413.30 682887168.82
Other cash payments related to
526136284.30200731544.86
operating activities
Subtotal of cash outflows from operating
8588260220.126986773733.21
activities
Net cash flows from operating activities 3242727802.31 2138324059.35
II. Cash flows from investing activities:
Cash receipts from withdrawal of
1708000.001000000.00
investments
Cash receipts from investment income 26149305.22 16184824.86
Net cash receipts from the disposal of
fixed assets intangible assets and other 120800.00 160774.19
long-term assets
Net cash receipts from the disposal of
80930328.36
subsidiaries & other business units
Other cash receipts related to investing 2150000000.00 145000000.00
472025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Items 2025 Semi-Annual 2024 Semi-Annual
activities
Subtotal of cash inflows from investing
2177978105.22243275927.41
activities
Cash payments for the acquisition of
fixed assets intangible assets and other 634342800.27 833286216.66
long-term assets
Cash payments for investments 155675400.17
Net increase of pledged borrowings
Net cash payments for the acquisition
of subsidiaries & other business units
Other cash payments related to
2651950000.00
investing activities
Subtotal of cash outflows from investing
3286292800.27988961616.83
activities
Net cash flows from investing activities -1108314695.05 -745685689.42
III. Cash flows from financing activities:
Cash receipts from absorbing
1927407.95
investments
Including: Cash received by
subsidiaries from non-controlling 1927407.95
shareholders as investments
Cash receipts from borrowings 1737092525.26 2383504630.93
Other cash receipts related to
financing activities
Subtotal of cash inflows from financing
1737092525.262385432038.88
activities
Cash payments for the repayment of
1305624740.381931710157.62
borrowings
Cash payments for distribution of
dividends or profits and for interest 2276198922.57 1523177553.77
expenses
Including: Cash paid by subsidiaries to
non-controlling shareholders as dividend
or profit
Other cash payments related to
309380225.44807362.26
financing activities
Subtotal of cash outflows from financing
3891203888.393455695073.65
activities
Net cash flows from financing activities -2154111363.13 -1070263034.77
IV. Effect of foreign exchange rate
6990777.6661371597.46
changes on cash & cash equivalents
V. Net increase in cash and cash
-12707478.21383746932.62
equivalents
Add: Opening balance of cash and
5521452666.474446570415.30
cash equivalents
VI. Closing balance of cash and cash
5508745188.264830317347.92
equivalents
Legal representative: Hu Baifan Officer in charge of accounting: Shi Guanqun Head of accounting department: Liu Fanglu
482025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
6. Parent company cash flow statement
Unit: RMB Yuan
Items 2025 Semi-Annual 2024 Semi-Annual
I. Cash flows from operating activities:
Cash receipts from sale of goods and
2612605837.481562609239.27
rendering of services
Receipts of tax refund 87585823.10 52439904.66
Other cash receipts related to
52796332.3170576046.68
operating activities
Subtotal of cash inflows from operating
2752987992.891685625190.61
activities
Cash payments for goods purchased
1822628821.221542197500.63
and services received
Cash paid to and on behalf of
235325982.05215665834.99
employees
Cash payments for taxes and rates 37783744.06 10889249.62
Other cash payments related to
69964013.5886102146.54
operating activities
Subtotal of cash outflows from operating
2165702560.911854854731.78
activities
Net cash flows from operating activities 587285431.98 -169229541.17
II. Cash flows from investing activities:
Cash receipts from withdrawal of
1708000.0083791000.00
investments
Cash receipts from investment income 1766219371.71 1530581043.13
Net cash receipts from the disposal of
fixed assets intangible assets and other 120800.00
long-term assets
Net cash receipts from the disposal of
subsidiaries & other business units
Other cash receipts related to investing
2417850000.002613000000.00
activities
Subtotal of cash inflows from investing
4185898171.714227372043.13
activities
Cash payments for the acquisition of
fixed assets intangible assets and other 67230055.13 56124869.55
long-term assets
Cash payments for investments 288000000.00 755672000.00
Net cash payments for the acquisition
of subsidiaries & other business units
Other cash payments related to
1794550000.001720830000.00
investing activities
Subtotal of cash outflows from investing
2149780055.132532626869.55
activities
Net cash flows from investing activities 2036118116.58 1694745173.58
III. Cash flows from financing activities:
Cash receipts from absorbing
investments
Cash receipts from borrowings 999000000.00 750000000.00
Other cash receipts related to
financing activities
Subtotal of cash inflows from financing
999000000.00750000000.00
activities
Cash payments for the repayment of
829000000.00676000000.00
borrowings
Cash payments for distribution of 2220631198.81 1465505652.48
492025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Items 2025 Semi-Annual 2024 Semi-Annual
dividends or profits and for interest
expenses
Other cash payments related to
309231676.57460205.73
financing activities
Subtotal of cash outflows from financing
3358862875.382141965858.21
activities
Net cash flows from financing activities -2359862875.38 -1391965858.21
IV. Effect of foreign exchange rate
414212.64-70342.71
changes on cash and cash equivalents
V. Net increase in cash and cash
263954885.82133479431.49
equivalents
Add: Opening balance of cash and
1700342936.462903317341.85
cash equivalents
VI. Closing balance of cash and cash
1964297822.283036796773.34
equivalents
Legal representative: Hu Baifan Officer in charge of accounting: Shi Guanqun Head of accounting department: Liu Fanglu
502025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
7. Consolidated statement of changes in equity
Current period
Unit: RMB Yuan
2025 Semi-Annual
Equity attributable to parent company
Items Other equity instruments Other Non-controlling
Share capital Capital reserve Less: comprehensive Special reserve Surplus
General Total equity
Preferred Perpetual Treasury shares reserve risk Undistributed profit Others Subtotal
interest
shares bonds Others income reserve
I. Balance at the end of
prior year 3073421680.00 3132519968.42 91513343.50 106348864.91 1545453678.00 21375740194.12 29324997728.95 120552533.98 29445550262.93
Add: Cumulative changes
of accounting policies
Error correction of
prior period
Others
II. Balance at the
beginning of current year 3073421680.00 3132519968.42 91513343.50 106348864.91 1545453678.00 21375740194.12 29324997728.95 120552533.98 29445550262.93
III. Current period
increase (or less: 11681.07 309134899.57 -18585337.91 35207710.56 1452562653.16 1160061807.31 17627147.55 1177688954.86
decrease)
(I) Total comprehensive
income -18585337.91 3603323979.16 3584738641.25 33066557.55 3617805198.80
(II) Capital contributed or
withdrawn by owners 309134899.57 -309134899.57 -309134899.57
1. Ordinary shares
contributed by owners
2. Capital contributed by
holders of other equity
instruments
3. Amount of share-based
payment included in
equity
4. Others 309134899.57 -309134899.57 -309134899.57
(III) Profit distribution -2150761326.00 -2150761326.00 -15439410.00 -2166200736.00
1. Appropriation of
surplus reserve
2. Appropriation of
general risk reserve
3. Appropriation of profit
to owners -2150761326.00 -2150761326.00 -15439410.00 -2166200736.00
4. Others
(IV) Internal carry-over
within equity
1. Transfer of capital
reserve to capital
2. Transfer of surplus
reserve to capital
3. Surplus reserve to
cover losses
4. Changes in defined
benefit plan carried over
512025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
2025 Semi-Annual
Equity attributable to parent company
Items Other equity instruments Other General Non-controlling Total equity
Share capital Capital reserve Less:Preferred Perpetual Treasury shares comprehensive Special reserve
Surplus
reserve risk Undistributed profit Others Subtotal
interest
shares bonds Others income reserve
to retained earnings
5. Other comprehensive
income carried over to
retained earnings
6. Others
(V) Special reserve 35207710.56 35207710.56 35207710.56
1. Appropriation of
current period 59342545.02 59342545.02 59342545.02
2. Application of current
period -24134834.46 -24134834.46 -24134834.46
(VI) Others 11681.07 11681.07 11681.07
IV. Balance at the end of
current period 3073421680.00 3132531649.49 309134899.57 72928005.59 141556575.47 1545453678.00 22828302847.28 30485059536.26 138179681.53 30623239217.79
Preceding period comparative
Unit: RMB Yuan
2024 Semi-Annual
Equity attributable to parent company
Items Other equity instruments Other General Non-controlling Total equity
Share capital Capital reserve Less:Preferred Perpetual Treasury shares comprehensive Special reserve
Surplus interest
Others income reserve
risk Undistributed profit Others Subtotal
shares bonds reserve
I. Balance at the end of prior
year 3090907356.00 3613345485.13 500059711.25 103920732.85 60860818.76 1545453678.00 16890233961.50 24804662320.99 115045831.88 24919708152.87
Add: Cumulative changes of
accounting policies
Error correction of prior
period
Others
II. Balance at the beginning of
current year 3090907356.00 3613345485.13 500059711.25 103920732.85 60860818.76 1545453678.00 16890233961.50 24804662320.99 115045831.88 24919708152.87
III. Current period increase (or
less: decrease) 2144278.96 30166768.34 821321886.96 853632934.26 9680943.21 863313877.47
(I) Total comprehensive
income 2144278.96 2204361642.96 2206505921.92 9680943.21 2216186865.13
(II) Capital contributed or
withdrawn by owners
1. Ordinary shares contributed
by owners
2. Capital contributed by
holders of other equity
instruments
3. Amount of share-based
payment included in equity
4. Others
(III) Profit distribution -1383039756.00 -1383039756.00 -1383039756.00
1. Appropriation of surplus
reserve
2. Appropriation of general risk
522025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
2024 Semi-Annual
Equity attributable to parent company
Items Other equity instruments Other General Non-controlling Total equity
Share capital Less:Preferred Perpetual Capital reserve Treasury shares comprehensive Special reserve
Surplus
reserve risk Undistributed profit Others Subtotal
interest
shares bonds Others income reserve
reserve
3. Appropriation of profit to
owners -1383039756.00 -1383039756.00 -1383039756.00
4. Others
(IV) Internal carry-over within
equity
1. Transfer of capital reserve to
capital
2. Transfer of surplus reserve
to capital
3. Surplus reserve to cover
losses
4. Changes in defined benefit
plan carried over to retained
earnings
5. Other comprehensive
income carried over to retained
earnings
6. Others
(V) Special reserve 30166768.34 30166768.34 30166768.34
1. Appropriation of current
period 41724799.37 41724799.37 41724799.37
2. Application of current period -11558031.03 -11558031.03 -11558031.03
(VI) Others
IV. Balance at the end of
current period 3090907356.00 3613345485.13 500059711.25 106065011.81 91027587.10 1545453678.00 17711555848.46 25658295255.25 124726775.09 25783022030.34
8. Parent company statements of changes in equity
Current period
Unit: RMB Yuan
2025 Semi-Annual
Items Other equity instrumentsShare capital Capital reserve Less: Treasury
Other
Preferred Perpetual comprehensive Special reserve Surplus reserve Undistributed profit Others Total equity
shares bonds Others
shares income
I. Balance at the end of prior year 3073421680.00 2871231553.94 506954.43 19478463.14 1545453678.00 6481153549.07 13991245878.58
Add: Cumulative changes of accounting
policies
Error correction of prior period
Others
II. Balance at the beginning of current
year 3073421680.00 2871231553.94 506954.43 19478463.14 1545453678.00 6481153549.07 13991245878.58
III. Current period increase (or less: 11681.07 309134899.57 5785520.09 -23210708.42 -326548406.83
532025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
2025 Semi-Annual
Items Other equity instruments Less: Treasury OtherShare capital Preferred Perpetual Capital reserve shares comprehensive Special reserve Surplus reserve Undistributed profit Others Total equity
shares bonds Others income
decrease)
(I) Total comprehensive income 2127550617.58 2127550617.58
(II) Capital contributed or withdrawn by
owners 309134899.57 -309134899.57
1. Ordinary shares contributed by owners
2. Capital contributed by holders of other
equity instruments
3. Amount of share-based payment
included in equity
4. Others 309134899.57 -309134899.57
(III) Profit distribution -2150761326.00 -2150761326.00
1. Appropriation of surplus reserve
2. Appropriation of profit to owners -2150761326.00 -2150761326.00
3. Others
(IV) Internal carry-over within equity
1. Transfer of capital reserve to capital
2. Transfer of surplus reserve to capital
3. Surplus reserve to cover losses
4. Changes in defined benefit plan
carried over to retained earnings
5. Other comprehensive income carried
over to retained earnings
6. Others
(V) Special reserve 5785520.09 5785520.09
1. Appropriation of current period 7156485.65 7156485.65
2. Application of current period -1370965.56 -1370965.56
(VI) Others 11681.07 11681.07
IV. Balance at the end of current period 3073421680.00 2871243235.01 309134899.57 506954.43 25263983.23 1545453678.00 6457942840.65 13664697471.75
Preceding period comparative
Unit: RMB Yuan
2024 Semi-Annual
Items Other equity instruments
Share capital Capital reserve Less: Treasury shares Other comprehensive Special reserve Surplus reserve UndistributedPreferred Perpetual Others Total equity
shares bonds Others
income profit
I. Balance at the end of prior year 3090907356.00 3353675803.74 500059711.25 506954.43 10583344.97 1545453678.00 5137599917.63 12638667343.52
Add: Cumulative changes of
accounting policies
Error correction of prior period
Others
542025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
2024 Semi-Annual
Items Other equity instruments
Share capital Preferred Perpetual Capital reserve Less: Treasury shares
Other comprehensive
income Special reserve Surplus reserve
Undistributed
Others profit
Others Total equity
shares bonds
II. Balance at the beginning of current
year 3090907356.00 3353675803.74 500059711.25 506954.43 10583344.97 1545453678.00 5137599917.63 12638667343.52
III. Current period increase (or less:
decrease) 4426769.78 203280156.84 207706926.62
(I) Total comprehensive income 1586319912.84 1586319912.84
(II) Capital contributed or withdrawn
by owners
1. Ordinary shares contributed by
owners
2. Capital contributed by holders of
other equity instruments
3. Amount of share-based payment
included in equity
4. Others
(III) Profit distribution -1383039756.00 -1383039756.00
1. Appropriation of surplus reserve
2. Appropriation of profit to owners -1383039756.00 -1383039756.00
3. Others
(IV) Internal carry-over within equity
1. Transfer of capital reserve to capital
2. Transfer of surplus reserve to
capital
3. Surplus reserve to cover losses
4. Changes in defined benefit plan
carried over to retained earnings
5. Other comprehensive income
carried over to retained earnings
6. Others
(V) Special reserve 4426769.78 4426769.78
1. Appropriation of current period 5513474.04 5513474.04
2. Application of current period -1086704.26 -1086704.26
(VI) Others
IV. Balance at the end of current
period 3090907356.00 3353675803.74 500059711.25 506954.43 15010114.75 1545453678.00 5340880074.47 12846374270.14
552025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
III. Company profile
Zhejiang NHU Co. Ltd. (the “Company”) was jointly established by Xinchang County Synthetic Chemical Plant renamed as
NHU Holding Group Co. Ltd. on November 17 2009) and 9 natural persons including Zhang Pingyi Yuan Yizhong Shi Cheng
Hu Baishan Shi Guanqun Wang Xuewen Shi Sanfu Cui Xinrong and Wang Xulin under the document of approval numbered
Zhe Zheng Wei [1999] 9 issued by the former Securities Commission of the People’s Government of Zhejiang Province.Headquartered in Shaoxing City Zhejiang Province the Company was registered at Zhejiang Administration for Industry and
Commerce on April 5 1999. Currently the Company holds a business license with unified social credit code of
91330000712560575G with registered capital of 3073421680.00yuan total share of 3073421680shares (each with par value
of one yuan) of which 36559752 shares are restricted outstanding shares and 3036861928 shares are unrestricted outstanding
shares. The Company’s shares were listed on Shenzhen Stock Exchange on June 25 2004.The Company belongs to pharmaceutical manufacturing industry and is mainly engaged in manufacturing and sales of nutrition
products flavor and fragrance and new polymer materials. This financial statement has been approved for external release by the
Board of Directors at its Fourteenth Meeting on August 26 2025.IV. Preparation basis of the financial statements
1. Preparation basis
The financial statements have been prepared on the basis of going concern.
2. Going concern
The Company has no events or conditions that may cast significant doubts upon the Company’s ability to continue as a going concern
within the 12 months after the reporting period.V. Significant accounting policies and estimates
Note to specific accounting policies and estimates:Based on its actual production and operating characteristics the Company has
formulated specific accounting policies and estimates for transactions and events such as impairment of financial instruments
inventory depreciation of fixed assets construction in progress intangible assets and revenue recognition.
1. Statement of compliance
The financial statements have been prepared in accordance with the requirements of China Accounting Standards for Business
Enterprises (CASBEs) and present truly and completely the financial position results of operations and cash flows of the Company.
2. Accounting period
The accounting year of the Company runs from January 1 to December 31 under the Gregorian calendar.
3. Operating cycle
Except for the real estate industry the Company has a relatively short operating cycle for its business an asset or a liability is
classified as current if it is expected to be realized or due within 12 months. The operating cycle for real estate industry starts from
the development of property and ends at sales which normally extends over 12 months and is subject to specific projects therefore
an asset or a liability is classified as current if it is expected to be realized or due within such operating cycle.
562025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
4. Functional currency
The functional currency of the Company and its domestic subsidiaries is Renminbi (RMB) Yuan while the functional currency of
subsidiaries engaged in overseas operations including NHU (Hong Kong) Trading Co. Ltd. NHU Europe GmbH and NHU
Singapore PTE. LTD. NHU/CHR. OLESEN LATIN AMERICA A/S NHU LIFE SCIENCE GmbH CONG TY TNHH NHU
VIETNAM NHU JAPAN CO. LTD. NHU BESLENME GIDA SANAYi VE TiCARET LiMiTED SIRKETI NHU North America
LLC is the currency of the primary economic environment in which they operate.
5. Methodology for determining materiality threshold and basis for selection
√applicable □Not applicable
Items Materiality threshold
Material write-offs of receivables 0.5% of total assets
Material prepayments aged over 1 year 0.5% of total assets
Material construction projects in progress 0.5% of total assets
Material accounts payable aged over 1 year 0.5% of total assets
Material other accounts payable aged over 1
0.5% of total assets
year
Material contractual liabilities older than 1 year 0.5% of total assets
Material cash flows from investing activities 10.00% of total assets
The Company identifies overseas operating entities whose total assets/total
Material offshore operating entities revenues/total profits exceed 15% of the Group's total assets/total
revenues/total profits as Material overseas operating entities
Material capitalized R&D projects outsourced
0.5% of total assets
R&D projects
The Company identifies subsidiaries with total assets/total revenues/total
Material subsidiaries non-wholly owned
profits exceeding 15% of the Group's total assets/total revenues/total profits as
subsidiaries
important subsidiaries important non-wholly owned subsidiaries
The company identifies joint ventures associates and joint operations whose
Material Joint Ventures Associates Co- total assets/total revenues/total profits exceed 15% of the group's total
Operations assets/total revenues/total profits as Material joint ventures associates and
joint operations
6. Accounting treatments of business combination under and not under common control
(1)Accounting treatment of business combination under common control
Assets and liabilities arising from business combination are measured at carrying amount of the combined party included in the
consolidated financial statements of the ultimate controlling party at the combination date. Difference between carrying amount of
the equity of the combined party included in the consolidated financial statements of the ultimate controlling party and that of the
combination consideration or total par value of shares issued is adjusted to capital reserve if the balance of capital reserve is
insufficient to offset any excess is adjusted to retained earnings.
(2)Accounting treatment of business combination not under common control
When combination cost is in excess of the fair value of identifiable net assets obtained from the acquiree at the acquisition date the
excess is recognized as goodwill; otherwise the fair value of identifiable assets liabilities and contingent liabilities and the
measurement of the combination cost are reviewed then the difference is recognized in profit or loss.
7. Criteria for determining control and preparation method of consolidated financial statements
(1)Criteria for determine control
A parent company is recognized as controlling if it has power over the investee enjoys variable returns through participation in the
investee's relevant activities and has the ability to use its power over the investee to affect the amount of its variable returns.
(2) Compilation method of consolidated financial statements
572025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
The parent company brings all its controlled subsidiaries into the consolidation scope. The consolidated financial statements are
compiled by the parent company according to “CASBE 33 – Consolidated Financial Statements” based on relevant information
and the financial statements of the parent company and its subsidiaries.
8.Classification of joint venture arrangements and accounting treatment of joint operations
(1)Joint arrangements are categorized as joint operations and joint ventures.
(2)When the company is a joint venture partner in a joint operation the following items related to the share of interest in the joint
operation are recognized:
1) Recognize assets held separately and assets held jointly in proportion to the share held;
2) Recognize liabilities assumed individually and liabilities assumed jointly in proportion to the share held;
3) Recognize revenues from the sale of the company's share of joint operating outputs;
4) Recognize income from joint operations arising from the sale of assets based on the company's share of ownership;
5) Recognition of expenses incurred individually as well as expenses incurred by the joint operation based on the company's share
of ownership.
9. Recognition criteria of cash and cash equivalents
Cash as presented in cash flow statement refers to cash on hand and deposit on demand for payment. Cash equivalents refer to
short-term highly liquid investments that can be readily converted to cash and that are subject to an insignificant risk of changes in
value.
10. Foreign currency translation
(1)Translation of transactions denominated in foreign currency
Transactions denominated in foreign currency are translated into RMB yuan at the approximate exchange rate similar to the spot
exchange rate at the transaction date at initial recognition. At the balance sheet date monetary items denominated in foreign
currency are translated at the spot exchange rate at the balance sheet date with difference except for those arising from the
principal and interest of exclusive borrowings eligible for capitalization included in profit or loss; non-cash items carried at
historical costs are translated at the approximate exchange rate similar to the spot exchange rate at the transaction date with the
RMB amounts unchanged; non-cash items carried at fair value in foreign currency are translated at the spot exchange rate at the
date when the fair value was determined with difference included in profit or loss or other comprehensive income.
(2)Translation of financial statements measured in foreign currency
The assets and liabilities in the balance sheet are translated into RMB at the spot rate at the balance sheet date; the equity items
other than undistributed profit are translated at the spot rate at the transaction date; the revenues and expenses in the income
statement are translated into RMB at the approximate exchange rate similar to the spot exchange rate at the transaction date. The
difference arising from the aforementioned foreign currency translation is included in other comprehensive income.
11. Financial instruments
(1)Classification of financial assets and financial liabilities
Financial assets are classified into the following three categories when initially recognized: 1) financial assets at amortized cost; 2)
financial assets at fair value through other comprehensive income; 3) financial assets at fair value through profit or loss.
582025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Financial liabilities are classified into the following four categories when initially recognized: 1) financial liabilities at fair value
through profit or loss; 2) financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or
when the continuing involvement approach applies; 3) financial guarantee contracts not fall within the above categories 1) and 2)
and commitments to provide a loan at a below-market interest rate which do not fall within the above category 1); 4) financial
liabilities at amortized cost.
(2)Recognition criteria measurement method and derecognition condition of financial assets and financial liabilities
1) Recognition criteria and measurement method of financial assets and financial liabilities
When the Company becomes a party to a financial instrument it is recognized as a financial asset or financial liability. The
financial assets and financial liabilities initially recognized by the Company are measured at fair value; for the financial assets and
liabilities at fair value through profit or loss the transaction expenses thereof are directly included in profit or loss; for other
categories of financial assets and financial liabilities the transaction expenses thereof are included into the initially recognized
amount. However at initial recognition for accounts receivable that do not contain a significant financing component or in
circumstances where the Company does not consider the financing components in contracts within one year the Company
measures the transaction price in accordance with “CASBE 14 – Revenues”.
2) Subsequent measurement of financial assets
* Financial assets measured at amortized cost
The Company measures its financial assets at the amortized costs using effective interest method. Gains or losses on financial
assets that are measured at amortized cost and are not part of hedging relationships shall be included into profit or loss when the
financial assets are derecognized reclassified amortized using effective interest method or recognized with impairment loss.* Debt instrument investments at fair value through other comprehensive income
The Company measures its debt instrument investments at fair value. Interests impairment gains or losses and gains and losses on
foreign exchange that calculated using effective interest method shall be included into profit or loss while other gains or losses are
included into other comprehensive income. Accumulated gains or losses that initially recognized as other comprehensive income
should be transferred out into profit or loss when the financial assets are derecognized.* Equity instrument investments at fair value through other comprehensive income
The Company measures its equity instrument investments at fair value. Dividends obtained (other than those as part of investment
cost recovery) shall be included into profit or loss while other gains or losses are included into other comprehensive income.Accumulated gains or losses that initially recognized as other comprehensive income should be transferred out into retained
earnings when the financial assets are derecognized.* Financial assets at fair value through profit or loss
The Company measures its financial assets at fair value. Gains or losses arising from changes in fair value (including interests and
dividends) shall be included into profit or loss except for financial assets that are part of hedging relationships.
3) Subsequent measurement of financial liabilities
* Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include held-for-trading financial liabilities (including derivatives that are
liabilities) and financial liabilities designated as at fair value through profit or loss. The Company measures such kind of liabilities
at fair value. The amount of changes in the fair value of the financial liabilities that are attributable to changes in the Company’s
592025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
own credit risk shall be included into other comprehensive income unless such treatment would create or enlarge accounting
mismatches in profit or loss. Other gains or losses on those financial liabilities (including interests changes in fair value that are
attributable to reasons other than changes in the Company’s own credit risk) shall be included into profit or loss except for
financial liabilities that are part of hedging relationships. Accumulated gains or losses that originally recognized as other
comprehensive income should be transferred out into retained earnings when the financial liabilities are derecognized.* Financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing
involvement approach applies
The Company measures its financial liabilities in accordance with “CASBE 23 – Transfer of Financial Assets”.* Financial guarantee contracts not fall within the above categories 1) and 2) and commitments to provide a loan at a below-
market interest rate which do not fall within the above category 1)
The Company measures its financial liabilities at the higher of: a. the amount of loss allowances in accordance with impairment
requirements of financial instruments; b. the amount initially recognized less the amount of accumulated amortization recognized
in accordance with “CASBE 14 – Revenues”.* Financial liabilities at amortized cost
The Company measures its financial liabilities at amortized cost using effective interest method. Gains or losses on financial
liabilities that are measured at amortized cost and are not part of hedging relationships shall be included into profit or loss when
the financial liabilities are derecognized and amortized using effective interest method.
4) Derecognition of financial assets and financial liabilities
* Financial assets are derecognized when:
a. the contractual rights to the cash flows from the financial assets expire; orb. the financial assets have been transferred and the transfer qualifies for derecognition in accordance with “CASBE 23 – Transferof Financial Assets”.* Only when the underlying present obligations of a financial liability are relieved totally or partly may the financial liability be
derecognized accordingly.
(3)Recognition criteria and measurement method of financial assets transfer
Where the Company has transferred substantially all of the risks and rewards related to the ownership of the financial asset it
derecognizes the financial asset and any right or liability arising from such transfer is recognized independently as an asset or a
liability. If it retained substantially all of the risks and rewards related to the ownership of the financial asset it continues
recognizing the financial asset. Where the Company does not transfer or retain substantially all of the risks and rewards related to
the ownership of a financial asset it is dealt with according to the circumstances as follows respectively: 1) if the Company does
not retain its control over the financial asset it derecognizes the financial asset and any right or liability arising from such transfer
is recognized independently as an asset or a liability; 2) if the Company retains its control over the financial asset according to the
extent of its continuing involvement in the transferred financial asset it recognizes the related financial asset and recognizes the
relevant liability accordingly.If the transfer of an entire financial asset satisfies the conditions for derecognition the difference between the amounts of the
following two items is included in profit or loss: 1) the carrying amount of the transferred financial asset as of the date of
derecognition; 2) the sum of consideration received from the transfer of the financial asset and the accumulative amount of the
602025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
changes of the fair value originally included in other comprehensive income proportionate to the transferred financial asset
(financial assets transferred refer to debt instrument investments at fair value through other comprehensive income). If the transfer
of financial asset partially satisfies the conditions to derecognition the entire carrying amount of the transferred financial asset is
between the portion which is derecognized and the portion which is not apportioned according to their respective relative fair
value and the difference between the amounts of the following two items is included into profit or loss: 1) the carrying amount of
the portion which is derecognized; 2) the sum of consideration of the portion which is derecognized and the portion of the
accumulative amount of the changes in the fair value originally included in other comprehensive income which is corresponding to
the portion which is derecognized (financial assets transferred refer to debt instrument investments at fair value through other
comprehensive income).
(4)Fair value determination method of financial assets and liabilities
The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data and information are
available to measure fair value. The inputs to valuation techniques used to measure fair value are arranged in the following
hierarchy and used accordingly:
1) Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company can access at
the measurement date.
2) Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability either
directly or indirectly. Level 2 inputs include: quoted prices for similar assets or liabilities in active markets; quoted prices for
identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the
asset or liability for example interest rates and yield curves observable at commonly quoted intervals; market-corroborated inputs;
3) Level 3 inputs are unobservable inputs for the asset or liability. Level 3 inputs include interest rate that is not observable and
cannot be corroborated by observable market data at commonly quoted intervals historical volatility future cash flows to be paid
to fulfill the disposal obligation assumed in business combination financial forecast developed using the Company’s own data etc.
(5) Impairment of financial instruments
The Company uses expected credit losses as the basis for impairment of financial assets measured at amortized cost investments
in debt instruments at fair value through other comprehensive income contract assets lease receivables loan commitments
classified as other than financial liabilities at fair value through profit or loss financial liabilities that are not classified as financial
liabilities at fair value through profit or loss or financial guarantee contracts that do not Financial guarantee contracts for which
the transfer of financial assets does not meet the conditions for derecognition or for which there is a continuing involvement in the
financial liability arising from the transferred financial asset are treated as impaired and a loss provision is recognized.Expected credit losses the weighted average of credit losses on financial instruments weighted by the risk of default. Credit losses
are the difference between all contractual cash flows receivable by the company under the contract discounted at the original
effective interest rate and all cash flows expected to be collected i.e. the present value of all cash shortfalls. In particular for
financial assets purchased or originated by the company that are credit impaired they are discounted at the credit-adjusted
effective interest rate of the financial asset.For purchased or originated financial assets that have been subject to credit impairment the Company recognizes only the
cumulative change in expected credit losses over the entire period of existence from initial recognition as a provision for losses at
the balance sheet date.
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For lease receivables receivables resulting from transactions regulated by ASBE No. 14 - Revenue and contract assets the
Company applies a simplified measurement approach and measures the allowance for losses at an amount equal to the expected
credit losses over the entire duration.For financial assets other than those measured above the Company assesses at each balance sheet date whether there has been a
significant increase in credit risk since initial recognition. If there has been a significant increase in credit risk since initial
recognition the Company measures the allowance for losses based on the amount of expected credit losses over the entire duration
of the financial instrument; if there has not been a significant increase in credit risk since initial recognition the Company
measures the allowance for losses based on the amount of expected credit losses of the financial instrument over the next 12
months.The company determines whether the credit risk of a financial instrument has increased significantly since initial recognition by
comparing the risk of default of the financial instrument at the balance sheet date with the risk of default at the date of initial
recognition using reasonably available and supportable information including forward-looking information.At the balance sheet date if the company determines that a financial instrument has only a low credit risk it assumes that the
credit risk of the financial instrument has not increased significantly since initial recognition.The company assesses expected credit risk and measures expected credit losses on the basis of an individual financial instrument
or a portfolio of financial instruments. When a portfolio of financial instruments is used as the basis the company classifies the
financial instruments into different portfolios based on common risk characteristics.The company remeasures expected credit losses at each balance sheet date and the resulting increase or reversal of the amount of
loss provision is recognized as an impairment loss or gain in profit or loss for the period. For financial assets carried at amortized
cost the allowance for losses is offset against the carrying amount of the financial asset as stated in the balance sheet; for debt
investments carried at fair value through other comprehensive income the Company recognizes its allowance for losses in other
comprehensive income without offsetting the carrying amount of the financial asset.
(6) Offsetting of financial assets and financial liabilities
Financial assets and financial liabilities are presented separately in the balance sheet and are not offset against each other.However the company presents them in the balance sheet at the net amount after offsetting each other if the following conditions
are simultaneously met: 1) the company has a legal right to offset the recognized amount and such legal right is currently
enforceable; 2) the company plans to settle the net amount or to realize the financial asset and settle the financial liability at the
same time.For transfers of financial assets that do not meet the conditions for derecognition the company does not offset the transferred
financial assets and related liabilities.
12．Criteria for recognizing and providing for expected credit losses on receivables
(1) Receivables with expected credit losses based on a combination of credit risk characteristics
Basis for
Portfolio Type determining Methodology for measuring expected credit losses
the portfolio
Expected credit losses are calculated by reference to historical
Bankers' acceptances receivable
Type of credit loss experience taking into account current conditions
notes and projections of future economic conditions through defaultexposures and expected credit loss rates over the entire
Commercial acceptances receivable duration
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Basis for
Portfolio Type determining Methodology for measuring expected credit losses
the portfolio
Prepare a table of accounts receivable aging versus expected
Accounts receivable – Portfolio grouped with ages age of credit loss rates to calculate expected credit losses taking intoaccounts account historical credit loss experience current conditions
and projections of future economic conditions
Other receivables - export tax refund receivable
portfolio
Other receivables - VAT refund receivable portfolio Expected credit losses are calculated by reference to historical
credit loss experience taking into account current conditions
Other receivables - land bond receivable portfolio Nature ofpayment and forecasts of future economic conditions through defaultexposures and expected credit loss rates over the next 12
Other receivables - portfolio of security deposits months or the entire duration
receivable from customs and tax authorities
Other receivables -- special injection portfolio
Calculate expected credit losses by reference to historical
credit loss experience and by preparing a table of the ageing of
Other receivables - ageing portfolio Ages other receivables against the expected credit loss rate taking
into account current conditions and forecasts of future
economic conditions
(2) Accounts receivable – comparison table of ages and lifetime expected credit loss rate of portfolio grouped with ages
Ages Accounts Receivable
Expected credit loss ratio Other receivables Expected credit loss ratio (%)
(%)
Within 1 year (inclusive the same
hereinafter) 5.00 5.00
1-2 years 20.00 20.00
2-3 years 80.00 80.00
Over 3 years 100.00 100.00
The ageing of accounts receivable/other receivables is calculated from the month in which the amounts are actually incurred.
(3) Criteria for identifying receivables for which expected credit losses are provided on an individual basis
For receivables and contract assets with credit risk significantly different from that of the portfolio the Company accrues expected
credit losses on an individual basis.
13．Inventories
(1) Classification of inventories
Inventories include finished goods or goods held for sale in the ordinary course of business work in process in the process of
production materials or supplies etc. to be consumed in the production process or in the rendering of services.
(2) Accounting method for dispatching inventories:
1) Inventories other than development products are issued using the month-end lump-sum weighted-average method.
2) When a project is developed the land used for development is included in the development cost of the project by calculating the
apportionment based on the floor area of the development products.
3) Issuance of similar development products is accounted for by the average floor area method.
4) If the public ancillary facilities are completed earlier than the relevant development products after the public ancillary facilities
are completed and finalized they are allocated to the development costs of the relevant development projects according to the
budgeted costs of the relevant development projects; if the public ancillary facilities are completed later than the relevant
632025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
development products the public ancillary facilities fees are first withheld from the relevant development products and then
adjusted according to the difference between the actual number of fees incurred and the number of fees withdrawn after the
completion and finalization of the public ancillary facilities. If the public facilities are later than the completion of the relevant
development products the public facilities fees will be withheld by the relevant development products first and the difference
between the actual amount incurred and the amount withheld will be adjusted according to the final account after the completion
of the public facilities.
(3) Inventory system
Perpetual inventory method is adopted.
(4) Amortization method of low-value consumables and packages
1) Low-value consumables
Low-value consumables are amortized with one-off method.
2) Packages
Packages are amortized with one-off method.
(5) Criteria for recognizing and providing for provision for decline in value of inventories
At the balance sheet date inventories are measured at the lower of cost or net realizable value and provision for decline in value
of inventories is made for the difference between cost and net realizable value. The net realizable value of inventories used directly
for sale is determined in the normal course of production and operation by the estimated selling price of the inventories less
estimated selling expenses and related taxes; the net realizable value of inventories requiring processing is determined in the
normal course of production and operation by the estimated selling price of the finished goods produced less estimated costs to be
incurred up to the time of completion estimated selling expenses and related taxes; At the balance sheet date if there is a contract
price agreed for one part of the same inventory and no contract price exists for the other part the net realizable value is determined
separately and compared with its corresponding cost and the amount of provision or reversal of allowance for decline in value of
inventories is determined separately.
14 .Long-term equity investments
(1) Judgment of joint control and significant influence
Joint control is the contractually agreed sharing of control of an arrangement which exists only when decisions about the relevant
activities require the unanimous consent of the parties sharing control. Significant influence is the power to participate in the
financial and operating policy decisions of the investee but is not control or joint control of these policies.
(2) Determination of investment cost
1) For business combination under common control if the consideration of the combining party is that it makes payment in cash
transfers non-cash assets assumes its liabilities or issues equity securities on the date of combination it regards the share of the
carrying amount of the equity of the combined party included in the consolidated financial statements of the ultimate controlling
party as the initial cost of the investment. The difference between the initial cost of the long-term equity investments and the
carrying amount of the combination consideration paid or the par value of shares issued offsets capital reserve; if the balance of
capital reserve is insufficient to offset any excess is adjusted to retained earnings.When long-term equity investments are obtained through business combination under common control achieved in stages the
Company determines whether it is a “bundled transaction”. If it is a “bundled transaction” stages as a whole are considered as one
642025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
transaction in accounting treatment. If it is not a “bundled transaction” on the date of combination investment cost is initially
recognized at the share of the carrying amount of net assets of the combined party included the consolidated financial statements
of the ultimate controlling party. The difference between the initial investment cost of long-term equity investments at the
acquisition date and the carrying amount of the previously held long-term equity investments plus the carrying amount of the
consideration paid for the newly acquired equity is adjusted to capital reserve; if the balance of capital reserve is insufficient to
offset any excess is adjusted to retained earnings.
2) For business combination not under common control investment cost is initially recognized at the acquisition-date fair value of
considerations paid.When long-term equity investments are obtained through business combination not under common control achieved in stages the
Company determined whether they are stand-alone financial statements or consolidated financial statements in accounting
treatment:
a. In the case of stand-alone financial statements investment cost is initially recognized at the carrying amount of the previously
held long-term equity investments plus the carrying amount of the consideration paid for the newly acquired equity.b. In the case of consolidated financial statements the Company determines whether it is a “bundled transaction”. If it is a
“bundled transaction” stages as a whole are considered as one transaction in accounting treatment. If it is not a “bundledtransaction” the carrying amount of the acquirer’s previously held equity interest in the acquiree is remeasured at the acquisition-
date fair value and the difference between the fair value and the carrying amount is recognized in investment income; when the
acquirer’s previously held equity interest in the acquiree involves other comprehensive income under equity method the related
other comprehensive income is reclassified as income for the acquisition period excluding other comprehensive income arising
from changes in net liabilities or assets from remeasurement of defined benefit plan of the acquiree.
3) Long-term equity investments obtained through ways other than business combination: the initial cost of a long-term equity
investment obtained by making payment in cash is the purchase cost which is actually paid; that obtained on the basis of issuing
equity securities is the fair value of the equity securities issued; that obtained through debt restructuring is determined according to
“CASBE 12 – Debt Restructuring”; and that obtained through non-cash assets exchange is determined according to “CASBE 7 –Non-cash Assets Exchange”
(3) Subsequent measurement and recognition method of profit or loss
For long-term equity investments with control relationship it is accounted for with cost method; for long-term equity investments
with joint control or significant influence relationship it is accounted for with equity method.
(4)Disposal of a subsidiary in stages resulting in the Company’s loss of control
1) Principles for determining whether or not a transaction is a "package deal"
In the case of a step-by-step disposal of equity investments in subsidiaries through multiple transactions until loss of control the
Company determines whether a step-by-step transaction is a "package deal" by taking into account the terms and conditions of the
transaction agreement for each step of the step-by-step transaction the respective disposal consideration the target of the disposal
the method of disposal and the point of time of the disposal among other information. If the terms conditions and economic
impacts of each transaction meet one or more of the following conditions it is generally recognized that multiple transactions are
"package deals":
a. The transactions are entered into at the same time or in consideration of the effects of each other;
b. The transactions as a whole achieve a complete business result;
652025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
c. the occurrence of one transaction is dependent on the occurrence of at least one other transaction;
d. a transaction is uneconomic when viewed in isolation but is economic when considered in conjunction with other transactions.
2) Accounting treatment for transactions that are not "package deals"
a. Individual financial statements
For equity interests disposed of the difference between the book value and the actual acquisition price is recognized in profit or
loss for the current period. For the remaining equity interest if it still has significant influence over the investee unit or exercises
joint control with other parties it is transferred to the equity method of accounting; if it can no longer exercise control joint
control or significant influence over the investee unit it is accounted for in accordance with the relevant provisions of "Accounting
Standard for Business Enterprises (ASBE) No. 22 - Recognition and Measurement of Financial Instruments".b. Consolidated financial statements
Prior to the loss of control the difference between the disposal price and the disposal long-term equity investment's corresponding
share of the subsidiary's net assets calculated on a continuous basis from the date of purchase or the date of consolidation is
adjusted to capital surplus (capital premium) and if capital premium is not sufficient to be eliminated it is eliminated to retained
earnings.Upon loss of control over Atomics the remaining equity interest is remeasured at its fair value at the date of loss of control. The
difference between the sum of the consideration obtained from the disposal of the equity interest and the fair value of the
remaining equity interest less the share of the original subsidiary's net assets continuously measured from the date of purchase or
the date of consolidation based on the original shareholding ratio is recognized as investment income in the period in which
control is lost and goodwill is also eliminated. Other comprehensive income such as other comprehensive income related to
equity investments in the original subsidiaries should be transferred to investment income in the current period when control is
lost.
3）Accounting treatment of "package transactions
a. Individual financial statements
Each transaction is accounted for as a disposal of a subsidiary and loss of control. However the difference between the disposal
price and the carrying value of the long-term equity investment corresponding to the disposal of the investment in each case before
the loss of control is recognized as other comprehensive income in the individual financial statements and transferred to profit or
loss in the period of the loss of control when the loss of control occurs.b. Consolidated financial statements
Each transaction is accounted for as a disposal of a subsidiary and loss of control. However the difference between the disposal
price and the share of the net assets of the subsidiary corresponding to the disposal of the investment in each case before the loss of
control is recognized as other comprehensive income in the consolidated financial statements and transferred to profit or loss in the
period of loss of control when the control is lost.
15. Fixed assets
(1) Recognition principles
Fixed assets are tangible assets held for use in the production of goods or rendering of services for rental to others or for
administrative purposes and expected to be used during more than one accounting year. Fixed assets are recognized if and only if
662025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
it is probable that future economic benefits associated with the assets will flow to the Company and the cost of the assets can be
measured reliably.
(2) Depreciation method
Residual value Annual depreciation
Categories Depreciation method Useful life (years)
proportion (%) rate (%)
Buildings and
Straight-line method 7-70 5 13.57-1.36
structures
General equipment Straight-line method 5-10 5 19.00-9.50
Special equipment Straight-line method 5-15 5 19.00-6.33
Transport facilities Straight-line method 5-7 5 19.00-13.57
16. Construction in progress
(1) Construction in progress is recognized if and only if it is probable that future economic benefits associated with the item will
flow to the Company and the cost of the item can be measured reliably. Construction in progress is measured at the actual cost
incurred to reach its designed usable conditions.
(2) Construction in progress is transferred into fixed assets at its actual cost when it reaches the designed usable conditions. When
the auditing of the construction in progress was not finished while reaching the designed usable conditions it is transferred to
fixed assets using estimated value first and then adjusted accordingly when the actual cost is settled but the accumulated
depreciation is not to be adjusted retrospectively.Categories Criteria and point in time for carrying forward construction in progress to fixed assets
Buildings and structures Construction works reach the state of intended use from the date of reaching the state of
intended use
General equipment After installation and commissioning to meet the design requirements or contractual
standards
Special equipment After installation and commissioning to meet the design requirements or contractual
standards
17、Borrowing costs
(1) Recognition principle of borrowing costs capitalization
Where the borrowing costs incurred to the Company can be directly attributable to the acquisition and construction or production
of assets eligible for capitalization it is capitalized and included in the costs of relevant assets; other borrowing costs are
recognized as expenses on the basis of the actual amount incurred and are included in profit or loss.
(2)Borrowing costs capitalization period
1) The borrowing costs are not capitalized unless the following requirements are all met: 1) the asset disbursements have already
incurred; 2) the borrowing costs have already incurred; and 3) the acquisition and construction or production activities which are
necessary to prepare the asset for its intended use or sale have already started.
2) Suspension of capitalization: where the acquisition and construction or production of a qualified asset is interrupted abnormally
and the interruption period lasts for more than 3 months the capitalization of the borrowing costs is suspended; the borrowing
costs incurred during such period are recognized as expenses and are included in profit or loss till the acquisition and construction
or production of the asset restarts.
672025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
3) Ceasing of capitalization: when the qualified asset under acquisition and construction or production is ready for the intended use
or sale the capitalization of the borrowing costs is ceased.
(3)Capitalization rate and capitalized amount of borrowing costs
For borrowings exclusively for the acquisition and construction or production of assets eligible for capitalization the to-be-
capitalized amount of interests is determined in light of the actual interest expenses incurred (including amortization of premium
or discount based on effective interest method) of the special borrowings in the current period less the interest income on the
unused borrowings as a deposit in the bank or as a temporary investment; where a general borrowing is used for the acquisition
and construction or production of assets eligible for capitalization the Company calculates and determines the to-be-capitalized
amount of interests on the general borrowing by multiplying the weighted average asset disbursement of the part of the
accumulative asset disbursements less the general borrowing by the capitalization rate of the general borrowing used.
18. Intangible assets
(1) Measurement method useful lives and impairment test
1)Intangible assets include land use right patent right non-patented technology etc. The initial measurement of intangible assets is
based on its cost.
2)For intangible assets with finite useful lives their amortization amounts are amortized within their useful lives systematically and
reasonably if it is unable to determine the expected realization pattern reliably intangible assets are amortized by the straight-line
method with details as follows:
Items Useful life and the basis for its determination Amortization method
Land use right 50、70(Based on the number of years contained in linear method
the warrants)
Software 10(Based on projected years of benefit) linear method
Patent right 10 (Based on projected years of benefit) linear method
Non-patented technology 15 (Based on projected years of benefit) linear method
(2) Scope of R&D expenditures and related accounting treatment
1) The scope of R&D expenditures to be pooled
* Personnel labor costs
Personnel labor costs include wages and salaries basic pension insurance premiums basic medical insurance premiums
unemployment insurance premiums work injury insurance premiums maternity insurance premiums and housing fund of the
Company's research and development personnel as well as labor costs of external research and development personnel.Where research and development personnel serve on multiple research and development projects at the same time labor costs are
recognized on the basis of the records of hours worked by research and development personnel for each research and development
project provided by the Company's management and are allocated on a pro rata basis among the different research and
development projects.Where personnel directly engaged in research and development activities and external research and development personnel are
simultaneously engaged in non-research and development activities the Company allocates the personnel labor costs actually
incurred by the research and development personnel between research and development expenses and production and operating
expenses based on the records of their working hours in different positions in accordance with the proportion of their actual
working hours and other reasonable methods.* Direct input costs
682025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Direct input costs refer to the relevant expenditures actually incurred by the Company for the implementation of research and
development activities. It includes:
a. directly consumed materials fuel and power costs;
b. the development and manufacturing costs of molds and process equipment used for intermediate tests and product trial
production the purchase costs of samples prototypes and general testing means that do not constitute fixed assets and the
inspection costs of trial products;
c.) the costs of operating and maintaining adjusting inspecting testing and repairing instruments and equipment used for research
and development activities.* Depreciation expense and long-term amortization expense
Depreciation expense refers to the depreciation of instruments equipment and buildings in use used in research and development
activities.If instruments equipment and buildings in use are used for research and development activities and are also used for non-research
and development activities necessary records are kept of the use of such instruments equipment and buildings in use and the
depreciation expense actually incurred is allocated between research and development expenses and production and operating
expenses using a reasonable method based on factors such as actual man-hours worked and square footage of space utilized.Long-term amortized expenses are long-term amortized expenses incurred in the course of alteration modification renovation and
repair of research and development facilities which are summarized on the basis of actual expenditures and amortized equally
over a specified period of time.* Amortization expense of intangible assets
Amortization expense of intangible assets is the amortization expense of software intellectual property and non-patented
technologies (know-how licenses designs and calculation methods etc.) used in research and development activities.* Design costs
Design expenses are expenses incurred for the conception development and manufacture of new products and processes design of
processes technical specifications formulation of protocols operational characteristics etc. including expenses related to creative
design activities for obtaining innovative creative and breakthrough products.* Equipment debugging costs and test costs
Equipment debugging costs are costs incurred for research and development activities in the process of preparing workpieces
including costs incurred for activities such as the development of special specialized production machines changes in production
and quality control procedures or the development of new methods and standards.Costs incurred for routine tooling preparation and industrial engineering for mass production and commercialization are not
included in the scope of collection.* Commissioned external research and development costs
Entrusted external research and development expenses are expenses incurred by the Company for research and development
activities entrusted to other organizations or individuals inside or outside the country (the results of the research and development
activities are owned by the Company and are closely related to the Company's main business operations).* Other expenses
692025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Other expenses refer to expenses other than those mentioned above that are directly related to research and development activities
including technical library and data fees data translation fees expert consultation fees insurance fees for high-tech research and
development search demonstration evaluation appraisal and acceptance fees for research and development results application
fees registration fees and agency fees for intellectual property rights meeting fees travel fees and communication fees.
2）Expenditures on the research phase of an internal project are recognized as profit or loss when they are incurred. An intangible
asset arising from the development phase of an internal project is recognized if the Company can demonstrate all of the followings:
1) the technical feasibility of completing the intangible asset so that it will be available for use or sale; 2) its intention to complete
the intangible asset and use or sell it; 3) how the intangible asset will generate probable future economic benefits among other
things the Company can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or
if it is to be used internally the usefulness of the intangible asset; 4) the availability of adequate technical financial and other
resources to complete the development and to use or sell the intangible asset; and 5) its ability to measure reliably the expenditure
attributable to the intangible asset during its development.
19. Impairment of part of long-term assets
For long-term assets such as long-term equity investments fixed assets construction in progress right-of-use assets intangible
assets with finite useful lives etc. if at the balance sheet date there is indication of impairment the recoverable amount is to be
estimated. For goodwill recognized in business combination and intangible assets with indefinite useful lives no matter whether
there is indication of impairment impairment test is performed annually. Impairment test on goodwill is performed on related asset
group or asset group portfolio.When the recoverable amount of such long-term assets is lower than their carrying amount the difference is recognized as
provision for assets impairment through profit or loss.
20. Long-term prepaid expenses
Long-term prepaid expenses refer to costs that have been recognized but with amortization period over one year (excluding one
year). They are recorded with actual cost and evenly amortized within the beneficiary period or stipulated period. If items of long-
term prepayments fail to be beneficial to the following accounting periods residual values of such items are included in profit or
loss.
21. Employee benefits
(1) Short-term employee benefits
The Company recognizes in the accounting period in which an employee provides service short-term employee benefits actually
incurred as liabilities with a corresponding charge to profit or loss or the cost of a relevant asset.
(2) Post-employment benefits
The Company classifies post-employment benefit plans as either defined contribution plans or defined benefit plans.
1) The Company recognizes in the accounting period in which an employee provides service the contribution payable to a defined
contribution plan as a liability with a corresponding charge to profit or loss or the cost of a relevant asset.
2) Accounting treatment by the Company for defined benefit plan usually involves the following steps:
* In accordance with the projected unit credit method using unbiased and mutually compatible actuarial assumptions to estimate
related demographic variables and financial variables measure the obligations under the defined benefit plan and determine the
702025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
periods to which the obligations are attributed. Meanwhile the Company discounts obligations under the defined benefit plan to
determine the present value of the defined benefit plan obligations and the current service cost;
* When a defined benefit plan has assets the Company recognizes the deficit or surplus by deducting the fair value of defined
benefit plan assets from the present value of the defined benefit plan obligation as a net defined benefit plan liability or net defined
benefit plan asset. When a defined benefit plan has a surplus the Company measures the net defined benefit plan asset at the lower of
the surplus in the defined benefit plan and the asset ceiling;
* At the end of the period the Company recognizes the following components of employee benefits cost arising from defined
benefit plan: a. service cost; b. net interest on the net defined benefit plan liability (asset); and c. changes as a result of
remeasurement of the net defined benefit liability (asset). Item a and item b are recognized in profit or loss or the cost of a relevant
asset. Item c is recognized in other comprehensive income and is not to be reclassified subsequently to profit or loss. However the
Company may transfer those amounts recognized in other comprehensive income within equity.
(3) Termination benefits
Termination benefits provided to employees are recognized as an employee benefit liability for termination benefits with a
corresponding charge to profit or loss at the earlier of the following dates: a. when the Company cannot unilaterally withdraw the
offer of termination benefits because of an employment termination plan or a curtailment proposal; or b. when the Company
recognizes cost or expenses related to a restructuring that involves the payment of termination benefits.
(4) Other long-term employee benefits
When other long-term employee benefits provided to the employees satisfied the conditions for classifying as a defined contribution
plan those benefits are accounted for in accordance with the requirements relating to defined contribution plan while other benefits
are accounted for in accordance with the requirements relating to defined benefit plan. The Company recognizes the cost of employee
benefits arising from other long-term employee benefits as the followings: a. service cost; b. net interest on the net liability or net
assets of other long-term employee benefits; and c. changes as a result of remeasurement of the net liability or net assets of other
long-term employee benefits. As a practical expedient the net total of the aforesaid amounts is recognized in profit or loss or
included in the cost of a relevant asset.
22. projected liability
（1）When an obligation arising from contingencies such as guarantees given to others litigation matters product quality assurance
loss contracts etc. becomes a present obligation of the company and it is probable that the performance of the obligation will result
in an outflow of economic benefits to the company and the amount of the obligation can be measured reliably the company
recognizes the obligation as a projected liability.
（2）The company initially measures a projected liability on the basis of the best estimate of the expenditure required to settle the
relevant present obligation and reviews the carrying amount of the projected liability at the balance sheet date.
23. Revenue
Accounting policies on revenue recognition and measurement
（1）Revenue recognition principles
At contract inception the Company shall assess the contracts and shall identify each performance obligation in the contracts and
determine whether the performance obligation should be satisfied over time or at a point in time.The Company satisfies a performance obligation over time if one of the following criteria is met otherwise the performance
obligation is satisfied at a point in time: 1) the customer simultaneously receives and consumes the economic benefits provided by
the Company’s performance as the Company performs; 2) the customer can control goods as they are created by the Company’s
performance; 3) goods created during the Company’s performance have irreplaceable uses and the Company has an enforceable right
to the payments for performance completed to date during the whole contract period.For each performance obligation satisfied over time the Company shall recognize revenue over time by measuring the progress
towards complete satisfaction of that performance obligation. In the circumstance that the progress cannot be measured reasonably
712025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
but the costs incurred in satisfying the performance obligation are expected to be recovered the Company shall recognize revenue
only to the extent of the costs incurred until it can reasonably measure the progress. For each performance obligation satisfied at a
point in time the Company shall recognize revenue at the time point that the customer obtains control of relevant goods or services.To determine whether the customer has obtained control of goods the Company shall consider the following indications: 1) the
Company has a present right to payment for the goods i.e. the customer is presently obliged to pay for the goods; 2) the Company
has transferred the legal title of the goods to the customer i.e. the customer has legal title to the goods; 3) the Company has
transferred physical possession of the goods to the customer i.e. the customer has physically possessed the goods; 4) the Company
has transferred significant risks and rewards of ownership of the goods to the customer i.e. the customer has obtained significant
risks and rewards of ownership of the goods; 5) the customer has accepted the goods; 6) other evidence indicating the customer has
obtained control over the goods.
（2）Revenue measurement principle
1) Revenue is measured at the amount of the transaction price that is allocated to each performance obligation. The transaction price
is the amount of consideration to which the Company expects to be entitled in exchange for transferring goods or services to a
customer excluding amounts collected on behalf of third parties and those expected to be refunded to the customer.
2) If the consideration promised in a contract includes a variable amount the Company shall confirm the best estimate of variable
consideration at expected value or the most likely amount. However the transaction price that includes the amount of variable
consideration only to the extent that it is high probable that a significant reversal in the amount of cumulative revenue recognized
will not occur when the uncertainty associated with the variable consideration is subsequently resolved.
3) In the circumstance that the contract contains a significant financing component the Company shall determine the transaction
price based on the price that a customer would have paid for if the customer had paid cash for obtaining control over those goods or
services. The difference between the transaction price and the amount of promised consideration is amortized under effective interest
method over contractual period. The effects of a significant financing component shall not be considered if the Company expects at
the contract inception that the period between when the customer obtains control over goods or services and when the customer pays
consideration will be one year or less.
4) For contracts containing two or more performance obligations the Company shall determine the stand-alone selling price at
contract inception of the distinct good underlying each performance obligation and allocate the transaction price to each performance
obligation on a relative stand-alone selling price basis.Different operating models for the same type of business involving different revenue recognition and measurement
methods
(1) Revenue from sales of products
The Company’s main products are nutrition flavor and fragrance new polymer materials etc. Sales of products are performance
obligations satisfied at a point in time. Revenue from domestic sales is recognized when the Company has delivered goods to the
customer as agreed by contract and has obtained delivery note signed by the customer and the Company has collected the payments
or has obtained the right to the payments and related economic benefits are highly probable to flow to the Company. Revenue from
overseas sales is recognized when the Company has declared goods to the customs based on contractual agreements and has obtained
a bill of lading and the Company has collected the payments or has obtained the right to the payments and related economic benefits
are highly probable to flow to the Company.
(2) Revenue from real estate sales
Real estate sales are performance obligations satisfied at a point in time. Revenue from real estate sales is recognized when the
Company has delivered properties to the customer as agreed by contract and has obtained the client acceptance receipts signed by the
customer and the Company has collected the payments or has obtained the right to the payments and related economic benefits are
highly probable to flow to the Company.
24. Contract assets contract liabilities
The Company presents contract assets or contract liabilities in the balance sheet based on the relationship between its performance
obligations and customers’ payments. Contract assets and contract liabilities under the same contract shall offset each other and be
722025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
presented on a net basis.The Company presents an unconditional right to consideration (i.e. only the passage of time is required before the consideration is
due) as a receivable and presents a right to consideration in exchange for goods that it has transferred to a customer (which is
conditional on something other than the passage of time) as a contract asset.The Company presents an obligation to transfer goods to a customer for which the Company has received consideration (or the
amount is due) from the customer as a contract liability.
25．Government grants
(1) Government grants shall be recognized if and only if the following conditions are all met:
1) the Company will comply with the conditions attaching to the grants;
2) the grants will be received. Monetary government grants are measured at the amount received or receivable. Non-monetary
government grants are measured at fair value and can be measured at nominal amount in the circumstance that fair value cannot be
assessed.
（2）Basis of judgment and accounting treatment of government grants related to assets
Government grants that are stipulated in government documents to be used for the purchase construction or other formation of long-
term assets are classified as asset-related government grants. If the government documents are unclear the government grants are
judged on the basis of the basic conditions that must be met in order to obtain the grants and those that are based on the basic
conditions of purchasing constructing or otherwise forming long-term assets are classified as asset-related government grants.Government grants related to assets are offset against the carrying amount of the related assets or recognized as deferred income. If
the government grants related to assets are recognized as deferred income they are recognized in profit or loss in a reasonable and
systematic manner over the useful lives of the related assets. Government grants that are measured at a nominal amount are
recognized directly in profit or loss. If the related assets are sold transferred retired or destroyed before the end of their useful lives
the unallocated balance of the related deferred income is transferred to profit or loss in the period in which the assets are disposed of.
（3）Basis of judgment and accounting treatment of government grants related to revenues
Government grants other than asset-related government grants are classified as revenue-related government grants. For government
grants that contain both asset-related and revenue-related components if it is difficult to distinguish between asset-related and
revenue-related government grants the entire government grant is categorized as revenue-related government grants. Government
grants related to income that are used to compensate for related costs or losses in future periods are recognized as deferred income
and are credited to current profit or loss or charged to current cost in the period in which the related costs or losses are recognized;
those that are used to compensate for related costs or losses that have already been incurred are directly credited to current profit or
loss or charged to current cost.
（4）Government grants that are related to the Company's daily operations are recognized in other income or offset against related
costs and expenses in accordance with the substance of the economic operations. Government grants that are not related to the
Company's daily activities are recognized as non-operating income or expenses.
（5）Policy interest subvention
1) If the treasury disburses the subsidized interest funds to a lending bank and the lending bank provides loans to the Company at a
policy preferential interest rate the actual amount of the loan received is used as the recorded value of the loan and the related
borrowing costs are calculated based on the principal amount of the loan and the policy preferential interest rate.
2) If the subsidized interest rate funds are directly allocated to the company by the treasury the corresponding subsidized interest rate
shall be offset against the relevant borrowing costs.
26. Deferred tax assets/Deferred tax liabilities（ 1）Deferred tax assets or deferred tax liabilities are calculated and recognized based on the difference between the carrying
amount and tax base of assets and liabilities (and the difference of the carrying amount and tax base of items not recognized as assets
and liabilities but with their tax base being able to be determined according to tax laws) and in accordance with the tax rate
732025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
applicable to the period during which the assets are expected to be recovered or the liabilities are expected to be settled.
（2）A deferred tax asset is recognized to the extent of the amount of the taxable income which is most likely to obtain and which
can be deducted from the deductible temporary difference. At the balance sheet date if there is any exact evidence that it is probable
that future taxable income will be available against which deductible temporary differences can be utilized the deferred tax assets
unrecognized in prior periods are recognized.
（3）At the balance sheet date the carrying amount of deferred tax assets is reviewed. The carrying amount of a deferred tax asset is
reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow the benefit of the deferred
tax asset to be utilized. Such reduction is subsequently reversed to the extent that it becomes probable that sufficient taxable income
will be available.
（4） The income tax and deferred tax for the period are treated as income tax expenses or income through profit or loss excluding
those arising from the following circumstances: 1) business combination; and 2) the transactions or items directly recognized in
equity.
（5）Deferred income tax assets and deferred income tax liabilities are stated at net amounts after offsetting when the following
conditions are simultaneously met: 1) there is a legal right to settle current income tax assets and current income tax liabilities on a
net basis; 2) the deferred income tax assets and deferred income tax liabilities relate to income taxes levied by the same tax authority
on the same taxpaying entity or relate to different taxpaying entities but are not realized or settled during each significant future
period in which the deferred income tax assets and deferred income tax liabilities are reversed. each future period in which the
deferred income tax assets and deferred income tax liabilities are reversed to the extent that the taxable entity involved intends to
either settle the current income tax assets and current income tax liabilities on a net basis or to acquire the assets and settle the
liabilities at the same time.
27. Leases
（1）Accounting treatment of leases as a lessee
At the commencement date the Company recognizes a lease that has a lease term of 12 months or less as a short-term lease which
shall not contain a purchase option; the Company recognizes a lease as a lease of a low-value asset if the underlying asset is of low
value when it is new. If the Company subleases an asset or expects to sublease an asset the head lease does not qualify as a lease
of a low-value asset.For all short-term leases and leases of low-value assets lease payments are recognized as cost or profit or loss with straight-line
method/unit-of-production method over the lease term.Apart from the above-mentioned short-term leases and leases of low-value assets with simplified approach the Company
recognizes right-of-use assets and lease liabilities at the commencement date.
1) Right-of-use assets
A right-of-use asset is initially measured at cost which consists of: * the initial measurement amount of the lease liability; *
lease payments made on or before the commencement date of the lease term net of amounts related to lease incentives received if
any; * initial direct costs incurred by the lessee; and* costs expected to be incurred by the lessee in order to dismantle and
remove the leased asset to rehabilitate the site where the leased asset is located or to restore the leased asset to the agreed-upon
condition under the terms of the lease. * Costs expected to be incurred by the lessee for dismantling and removing the leased asset
or restoring the leased asset to the agreed state under the lease terms.
742025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
The Company depreciates right-of-use assets on a straight-line basis. If ownership of the leased assets can be reasonably
determined at the end of the lease term depreciation is provided over the remaining useful life of the leased assets. If it is not
reasonably certain that the Company will obtain ownership of the leased asset by the end of the lease term the Company
depreciates the asset over the shorter of the lease term or the remaining useful life of the leased asset.
2) Lease liability
At the commencement date the Company measures the lease liability at the present value of the lease payments that are not paid at
that date discounted using the interest rate implicit in the lease. If that rate cannot be readily determined the Company’s
incremental borrowing rate shall be used. Unrecognized financing expenses calculated at the difference between the lease
payment and its present value are recognized as interest expenses over the lease term using the discount rate which has been used
to determine the present value of lease payment and included in profit or loss. Variable lease payments not included in the
measurement of lease liabilities are included in profit or loss in the periods in which they are incurred.After the commencement date if there is a change in the following items: a. actual fixed payments; b. amounts expected to be
payable under residual value guarantees; c. an index or a rate used to determine lease payments; d. assessment result or exercise of
purchase option extension option or termination option. the Company remeasures the lease liability based on the present value of
lease payments after changes and adjusts the carrying amount of the right-of-use asset accordingly. If the carrying amount of the
right-of-use asset is reduced to zero but there shall be a further reduction in the lease liability the remaining amount shall be
recognized into profit or loss.
（2） Accounting for leases as lessor
At the inception date of a lease the Company classifies leases that transfer substantially all the risks and rewards associated with
ownership of the leased asset as finance leases and all other leases as operating leases.
1) Operating leases
The Company recognizes lease receipts as rental income on a straight-line basis in each period of the lease term. Initial direct costs
incurred are capitalized and amortized on the same basis as rental income and recognized in profit or loss in the current period.Variable lease payments related to operating leases that are not recognized as lease receipts are recognized in profit or loss when
they are actually incurred.
2) Finance leases
At the commencement date of the lease term the Company recognizes a finance lease receivable based on the net investment in
the lease (the sum of the unguaranteed residual value and the present value of the lease receipts not yet received at the
commencement date of the lease term discounted at the interest rate embedded in the lease) and derecognizes the asset under a
finance lease. During each period of the lease term the Company calculates and recognizes interest income based on the interest
rate embedded in the lease.
752025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Variable lease payments acquired by the Company that are not included in the measurement of the net investment in the lease are
recognized in profit or loss when they are actually incurred.
28. Work safety fund
Safety production fees extracted by the Company in accordance with the Administrative Measures for the Extraction and Use of
Enterprise Production Safety Expenses (Cai Zi [2022] No. 136) issued by the Ministry of Finance and the Ministry of Emergency
Response are included in the cost of the relevant products or in current profit or loss and are also recorded in the account of
"special reserve". When the safety production fee is used if it is an expense it is directly deducted from the special reserve. If a
fixed asset is formed the expenditure incurred is summarized under the "construction in progress" account and recognized as a
fixed asset when the safety project is completed and reaches the intended state of use; at the same time the special reserve is
deducted in accordance with the cost of forming the fixed asset and accumulated depreciation of the same amount is recognized
and no depreciation will be provided for the fixed asset in the subsequent period.
29. Segment reporting
Operating segments are determined based on the structure of the Company’s internal organization management requirements and
internal reporting system. An operating segment is a component of the Company:
（1） that engages in business activities from which it may earn revenues and incur expenses;
（2）whose financial performance is regularly reviewed by the Management to make decisions about resource to be allocated to
the segment and to assess its performance; and
（3）for which accounting information regarding financial position financial performance and cash flows is available through
analysis.
30.Accounting treatment related to share repurchase
When the Company repurchases its shares for the purpose of reducing its registered capital or rewarding its employees if the
purchased shares are to be kept as treasury shares the treasury shares are recorded at the cash distributed to existing shareholders
for repurchase; if the purchased shares are to be retired the difference between the total par value of shares retired and the cash
distributed to existing shareholders for repurchase is to reduce capital reserve or retained earnings when the capital reserve is not
enough to reduce. If the Company repurchases vested equity instruments in equity-settled share-based payment transactions with
employees cost of treasury shares granted to employees and capital reserve (other capital reserve) accumulated within the vesting
period are to be written off on the payment made to employees with a corresponding adjustment in capital reserve (share
premium).
31.Significant changes in accounting policies and estimates
(1) Significant changes in accounting policies
□ Applicable √ Not Applicable
762025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
(2) Significant changes in accounting estimates
□ Applicable √ Not Applicable（ 3） Adjustments to items related to financial statements at the beginning of the year of first-time
implementation of new accounting standards from 2025 onwards
□ Applicable √ Not Applicable
VI. Taxes
1. Main taxes and tax rates
Taxes Tax bases Tax rates
13% 9% 8% 6% 5% and 19%; exportThe output tax calculated based on the goods enjoy the “exemption credit andrevenue from sales of goods or rendering refund” policy and the refund rate ranges
Value-added tax (VAT) of services in accordance with the tax from 0% to 13%; the subsidiary Zhejiang
law net of the input tax that is allowed to NHU Import & Export Co. Ltd. enjoys
be deducted in the current period the “refund upon collection” policy and
the refund rate ranges from 0% to 13%.Urban maintenance and construction tax Turnover tax actually paid 5% 7%
8.25%、8.7%、15%、16.5%、17%、Enterprise income tax Taxable income 20%、22%、25%、30%、34%、
34.59%
A four-grade progressive tax system is
adopted. The rates are: 30% for
appreciated value not over 50% of total
The incremental amount arising from the deductible amount; 40% for appreciated
transfer of state-owned land use right and value over 50% but not over 100% of
Land appreciation tax
the buildings and structures that are total deductible amount; 50% for
constructed on the land appreciated value over 100% but not
over 200% of total deductible amount;
and 60% for appreciated value over
200% of total deductible amount.
For housing property levied on the basis
of price housing property tax is levied at
the rate of 1.2% of the balance after
Housing property tax deducting 30% of the cost; for housing 1.2%、12%
property levied on the basis of rent
housing property tax is levied at the rate
of 12% of rent revenue.Education surcharge Turnover tax actually paid 3%
Local education surcharge Turnover tax actually paid 2%
Solidarity surcharge [Note] Income tax payable 5.5%
Trade tax [Note] Taxable income 13.3%
Note: The subsidiaries NHU EUROPE GmbH NHU PERFORMANCE MATERIALS GMBH and Bardoterminal GmbH are subject
to these rates.Different enterprise income tax rates applicable to different taxpayers:
Taxpayers Income tax rate
The Company 15%
Shangyu NHU Bio-Chem Co. Ltd. 15%
Shandong NHU Pharmaceutical Co. Ltd. 15%
Shandong NHUAmino-acids Co. Ltd. 15%
772025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Taxpayers Income tax rate
Zhejiang NHU Special Materials Co. Ltd. 15%
Heilongjiang NHU Biotechnology Co. Ltd. 15%
Zhejiang NHU Pharmaceutical Co. Ltd 15%
Shandong NHU Fine Chemical Science and Technology Co. 15%
Adoption of the territorial source principle of taxation with
profits tax rate of 8.25% for the first HK$2 million of Hong
NHU (Hong Kong) Trading Co. Ltd. Kong-sourced profits and 16.5% for the subsequent Hong
Kong-sourced profits while profits sourced elsewhere are not
subject to Hong Kong profits tax
NHU EUROPE GMBH 15%
NHU Performance Materials GMBH 15%
Bardoterminal GmbH 15%
NHU LIFE SCIENCE GmbH 15%
NHU Singapore PTE. LTD. 17%
Shandong New Shuang'an Biotechnology Co. Ltd 20%
NHU/Chr.Olesen Latin America A/S 22%
NHU/CHR.OLESEN MEXICO SAPIDE CV 30%
NHU/CHR.OLESEN BRASIL LTDA 34%
CONGTY TNHH NHU VIETNAM 20%
NHU Japan Co. Ltd 34.59%
NHU North America LLC 8.70%
Subjects of taxation other than those mentioned above 25%
2. Tax preferential policies
（1）Enterprise income tax
1) Tax incentives for high-tech enterprises
* According to the Hi-Tech Enterprise Certificate (GR202333009429) issued by Zhejiang Provincial Department of Science and
Technology Zhejiang Provincial Department of Finance and Zhejiang Provincial Tax Service State Taxation Administration
(STA) the Company is accredited as a hi-tech enterprise and entitled to enjoy the tax preferential policy from 2023 to 2025. It is
subject to the rate of 15% for enterprise income tax in 2025.* According to the Hi-Tech Enterprise Certificate (GR202233002530) issued by Zhejiang Provincial Department of Science and
Technology Zhejiang Provincial Department of Finance and Zhejiang Provincial Tax Service STA the subsidiary Shangyu NHU
Bio-Chem Co. Ltd. is accredited as a hi-tech enterprise and entitled to enjoy the tax preferential policy from 2022 to 2024. It is
subject to the rate of 15% for enterprise income tax in 2025.* According to the Hi-Tech Enterprise Certificate (GR202337003609) issued by Department of Science and Technology of
Shandong Province Shandong Provincial Department of Finance and Shandong Provincial Tax Service STA the subsidiary
Shandong NHU Pharmaceutical Co. Ltd. is accredited as a hi-tech enterprise and entitled to enjoy the tax preferential policy from
2023 to 2025. It is subject to the rate of 15% for enterprise income tax in 2025.
* According to the Hi-Tech Enterprise Certificate (GR202437003425) issued by Department of Science and Technology of
Shandong Province Shandong Provincial Department of Finance and Shandong Provincial Tax Service STA the subsidiary
Shandong NHU Amino Acid Co. Ltd. is accredited as a hi-tech enterprise and entitled to enjoy the tax preferential policy from
2024to 2026. It is subject to the rate of 15% for enterprise income tax in 2025.
* According to the Hi-Tech Enterprise Certificate (GR202433008150)) issued by Zhejiang Provincial Department of Science and
Technology Zhejiang Provincial Department of Finance and Zhejiang Provincial Tax Service STA the subsidiary Zhejiang NHU
782025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Special Materials Co. Ltd. is accredited as a hi-tech enterprise and entitled to enjoy the tax preferential policy from 2024to 2026.It is subject to the rate of 15% for enterprise income tax in 2025.* According to the Hi-Tech Enterprise Certificate (GR202423000652) issued by Heilongjiang Provincial Department of Science
and Technology Heilongjiang Provincial Department of Finance and Heilongjiang Provincial Tax Service STA the subsidiary
Heilongjiang NHU Biotechnology Co. Ltd. is accredited as a hi-tech enterprise and entitled to enjoy the tax preferential policy
from 2024 to 2026. It is subject to the rate of 15% for enterprise income tax in 2025.* According to the Hi-Tech Enterprise Certificate (GR202233004365) issued by Zhejiang Provincial Department of Science and
Technology Zhejiang Provincial Department of Finance and Zhejiang Provincial Tax Service STA the subsidiary Zhejiang NHU
Pharmaceutical Co. Ltd. is accredited as a hi-tech enterprise and entitled to enjoy the tax preferential policy from 2022 to 2024. It
is subject to the rate of 15% for enterprise income tax in 2025.* According to the Hi-Tech Enterprise Certificate (GR202237005690) issued by Department of Science and Technology of
Shandong Province Shandong Provincial Department of Finance and Shandong Provincial Tax Service STA the subsidiary
Shandong NHU Fine Chemical Science and Technology Co. is accredited as a hi-tech enterprise and entitled to enjoy the tax
preferential policy from 2022 to 2024. It is subject to the rate of 15% for enterprise income tax in 2025.
2) Tax incentives for small and micro enterprises
According to the Announcement of the Ministry of Finance and the State Administration of Taxation on Further Supporting the
Development of Small and Micro Enterprises and Individual Entrepreneurs in Relation to Tax Policies (Announcement of the
Ministry of Finance and the State Administration of Taxation No. 12 of 2023): the policy of reducing the calculation of taxable
income by 25% for small and micro-profit enterprises and paying the enterprise income tax at a rate of 20% was extended to
December 31 2027 for implementation. Ltd. a subsidiary of the Company is subject to enterprise income tax at the corresponding
preferential tax rate.
3) Overseas Enterprise income tax
According to Section 14 of the Inland Revenue Ordinance Chapter 112 of the Laws of Hong Kong Hong Kong adopts the
territorial source principle of taxation i.e. only profits derived from Hong Kong are subject to Hong Kong tax whereas profits
derived from elsewhere are not subject to Hong Kong profits tax. The subsidiary Sun Woo Shing (Hong Kong) Trading Company
Limited is subject to enterprise income tax at the corresponding preferential tax rate.
（2）VAT
Pursuant to the ''Announcement of the Ministry of Finance and the State Administration of Taxation on the Policy of Value-added
Tax Credits for Enterprises in the Advanced Manufacturing Sector'' (Announcement of the Ministry of Finance and the State
Administration of Taxation No. 43 of 2023) from 1 January 2023 to 31 December 2027 enterprises in the advanced
manufacturing sector are permitted to offset the value-added tax payable against the current period's creditable input tax by adding
a 5% credit to the current period's creditable input tax amount. The Company and its subsidiaries Shangyu NHU Bio-Chem Co.Ltd Zhejiang NHU Pharmanceutical Co.Ltd.Zhejiang NHU Special Materials Co.Ltd.Shaoxing Yuchen New Materials Co.Ltd.Shandong NHU Amino Acid Co. Ltd Shangdong NHU Pharmanceutical Co.Ltd. Shandong NHU Fine Chemical Science and
Technology Co. Ltd Heilongjiang NHU Biotechnology Co. Ltd. are entitled to the Preferential policy of input tax credit.
792025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
VII. Notes to items of consolidated financial statements
1. Cash and bank balances
Unit: RMB Yuan
Items Closing balance Opening balance
Cash on hand 12019.36 12825.19
Cash in bank 6166047031.04 7880453812.72
Other cash and bank balances 388170512.78 56038167.74
Total 6554229563.18 7936504805.65
Including: Deposited overseas 272135544.97 464483762.87
Other remarks：Other cash and bank balances
Unit: RMB Yuan
Items Closing balance Opening balance
Banker's acceptance deposit 114720511.24 30809898.16
Foreign Exchange Option Margin 8800000.00 8800000.00
Guarantee Bond Deposit 9987956.83 8183592.83
Letter of Credit Deposit 691276.80 1458021.83
Water Fee deposit 1063583.51 1263178.80
Safety Construction deposit 877057.74 875023.57
Project Labor Wage Deposit 855093.79 854699.63
ETC Deposit 23500.00 22500.00
Alipay balance 8401.07 8401.07
Emissions Rights Deposit 1885.57
Deposited investment fund 246940046.23 1.85
Customs Margin 4201200.00 3762850.00
Total 388170512.78 56038167.74
2. Held-for-trading financial assets
Unit: RMB Yuan
Items Closing balance Opening balance
Financial assets at fair value through
1950814253.31745816.34
profit or loss
Including：
Including: Financial products with
1950000000.00
guaranteed principal and floating income
Derivative financial assets 814253.31 745816.34
Total 1950814253.31 745816.34
3. Notes receivable
(1) Details on categories
Unit: RMB Yuan
Items Closing balance Opening balance
Bank acceptance 280460227.83 292562093.90
Total 280460227.83 292562093.90
802025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
(2) Disclosure by bad debt accrual method
Unit: RMB Yuan
Closing balance
Categories Book balance Provision for bad debts
Carrying amount
Amount % to total Amount Provision
proportion
Including:
Notes receivable with provision for 280460227.83 100.00% 280460227.83
bad debts made on a collective basis
Including:
Bank acceptance 280460227.83 100.00% 280460227.83
Total 280460227.83 100.00% 280460227.83
(Continued)
Opening balance
Categories Book balance Provision for bad debts
Carrying amount
Amount % to total Amount Provision
proportion
Including:
Notes receivable with provision for 292562093.90 100.00% 292562093.90
bad debts made on a collective basis
Including:
Bank acceptance 292562093.90 100.00% 292562093.90
Total 292562093.90 100.00% 292562093.90
Provision for bad debts is made on a portfolio basis: Bank acceptance
Unit: RMB Yuan
Closing balance
Categories
Book balance Provision for bad debts Provision proportion
Bankers' acceptances
280460227.83
portfolio
Total 280460227.83
If the allowance for bad debts on notes receivable is based on a general model of expected credit losses:
□Applicable √ Not applicable
（3） Pledged notes at the balance sheet date
Unit: RMB Yuan
Items Closing balance of pledged notes
Bank acceptance 91635728.01
Total 91635728.01
（4） Endorsed or discounted but undue notes at the balance sheet date
Unit: RMB Yuan
Items Closing balance derecognized Closing balance not yet derecognized
Bank acceptance 96830291.00
812025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Items Closing balance derecognized Closing balance not yet derecognized
Total 96830291.00
4. Accounts receivable
（1）Age analysis
Unit: RMB Yuan
Ages Closing balance Opening balance
Within 1 year (inclusive) 3758798906.28 3820258543.87
1-2 years 10220003.56 30298898.20
2-3 years 1337225.60 956846.12
Over 3 years 2120460.98 2106280.80
3-4 years 14180.18
4-5 years 57000.00 57000.00
Over 5 years 2049280.80 2049280.80
Total 3772476596.42 3853620568.99
（2） Details on categories
Unit: RMB Yuan
Closing balance
Categories Book balance Provision for bad debts
Carrying amount
Amount % to total Amount Provision
proportion
Including:
Accounts receivable with provision
for bad debts made on a collective 3772476596.42 100.00% 193174187.67 5.12% 3579302408.75
basis
Total 3772476596.42 100.00% 193174187.67 5.12% 3579302408.75
(Continued)
Opening balance
Categories Book balance Provision for bad debts
Amount % to total Amount Provision
Carrying amount
proportion
Including:
Accounts receivable with provision
for bad debts made on a collective 3853620568.99 100.00% 199944464.62 5.19% 3653676104.37
basis
Total 3853620568.99 100.00% 199944464.62 5.19% 3653676104.37
Provision for bad debts is made on a portfolio basis: Accounts receivable grouped by aging for bad debt provision?
Unit: RMB Yuan
Closing balance
Ages Closing balance of provision
Closing balance Closing balance
for bad debts
Within 1 year (inclusive) 3758798906.28 187939945.50 5.00%
1-2 years 10220003.56 2044000.71 20.00%
822025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Closing balance
Ages Closing balance of provision
Closing balance Closing balance
for bad debts
2-3 years 1337225.60 1069780.48 80.00%
Over 3 years 2120460.98 2120460.98 100.00%
Total 3772476596.42 193174187.67
A description of the basis for determining the portfolio:
Provision for bad debts using an ageing portfolio
If the allowance for bad debts for accounts receivable is based on the general model of expected credit losses:
□Applicable √ Not applicable
（3） Provisions made collected or reversed in the current period
Provisions made in the current period:
Unit: RMB Yuan
Increase/Decrease
Opening
Categories Recovery/ Closing balance
balance Accrual Reversal Write-off Others
Provision made
on a collective 199944464.62 -6770276.95 193174187.67
basis
Total 199944464.62 -6770276.95 193174187.67
（4） Details of the top 5 debtors with largest balances
Unit: RMB Yuan
Proportion to the total balance Closing balance of provision
Debtors Closing balance
of receivables (%) for bad debts
Client A 294432643.02 7.80% 14721632.15
Client B 200161058.89 5.31% 10530172.74
Client C 73341232.45 1.94% 3667061.62
Client D 68339982.94 1.81% 3416999.15
Client E 53300788.02 1.41% 2665039.40
Total 689575705.32 18.27% 35000905.06
5. Receivables financing
（1） Presentation of receivable financing classifications
Unit: RMB Yuan
Items Closing balance Opening balance
Bank acceptance 615913861.51 523913135.22
Total 615913861.51 523913135.22
832025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
（2） Disclosure by category of bad debt provision method
Unit: RMB Yuan
Closing balance
Categories Book balance Provision for bad debts
Carrying amount
Amount % to total Amount Provision
proportion
Including:
Provision for bad debts by portfolio 615913861.51 100.00% 615913861.51
Including:
Bank acceptance 615913861.51 100.00% 615913861.51
Total 615913861.51 100.00% 615913861.51
(Continued)
Opening balance
Categories Book balance Provision for bad debts
Provision Carrying amountAmount % to total Amount
proportion
Including:
Provision for bad debts by portfolio 523913135.22 100.00% 523913135.22
Including:
Bank acceptance 523913135.22 100.00% 523913135.22
Total 523913135.22 100.00% 523913135.22
Provision for bad debts by portfolio: Bank acceptance
Unit: RMB Yuan
Closing balance
Categories
Book balance Provision for bad debts Book balance
Bank acceptance 615913861.51
Total 615913861.51
（3） Pledged Financing Receivables at balance sheet date
Unit: RMB Yuan
Items Closing balance of pledged notes
Bank acceptance 20451667.83
Subtotal 20451667.83
（4） Receivable financing at the end of the period that has been endorsed or discounted by the
Company and is not yet due at the balance sheet date
Unit: RMB Yuan
Items Closing balance derecognized Closing balance not yet derecognized
Bank acceptance 852136845.14
Total 852136845.14
842025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
6. Other receivables
Unit: RMB Yuan
Items Closing balance Opening balance
Other receivables 501788220.65 225516143.49
Total 501788220.65 225516143.49
（1） Dividend receivable
1） Classification of dividends receivable
Unit: RMB Yuan
Items/Investees Closing balance Opening balance
Export tax refund 95465174.49 155510799.79
Security deposits 332145418.85 28016052.55
Refundable VAT 58523628.36 22474837.60
Employee petty cash 16214574.14 19683594.24
Temporary Accounts Receivable? 5345211.43
Special injection 3698633.08
Others 5993145.54 4326094.50
Total 513687152.81 233710011.76
2）Ages analysis
Unit: RMB Yuan
Ages Closing book balance Opening book balance
Within 1 year (inclusive) 474692330.52 205033057.78
1-2 years 12205370.60 4490776.06
2-3 years 4309945.26 3096856.11
Over 3 years 22479506.43 21089321.81
3-4 years 6214206.22 5158410.73
4-5 years 1059068.50 910984.75
Over 5 years 15206231.71 15019926.33
Total 513687152.81 233710011.76
3） Disclosure by bad debt accrual method
□Applicable □Not applicable
Unit: RMB Yuan
Closing balance
Book balance Provision for bad debts
Categories
Provision Carrying amount
Amount % to total Amount
proportion
Including:
Provision for bad
513687152.81100.00%11898932.162.32%501788220.65
debts by portfolio
Total 513687152.81 100.00% 11898932.16 2.32% 501788220.65
852025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
(Continued)
Opening balance
Book balance Provision for bad debts
Categories
Provision Carrying amount
Amount % to total Amount
proportion
Including:
Provision for bad
233710011.76100.00%8193868.273.51%225516143.49
debts by portfolio
Total 233710011.76 100.00% 8193868.27 3.51% 225516143.49
Category name for bad debt provisions calculated by combination: Other receivables for which bad debt provisions are calculated
by combination
Unit: RMB Yuan
Closing balance
Ages
Amount Carrying amount Amount
Export Refund Receivable
95465174.49
Portfolio
VAT refund receivable
58523628.36
portfolio
Land deposit receivable
320360243.50
portfolio
Ages 39338106.46 11898932.16 30.25%
Within 1 year (inclusive) 17697777.67 884888.89 5.00%
1-2 years 12205370.60 2441074.13 20.00%
2-3 years 4309945.26 3447956.21 80.00%
Over 3 years 5125012.93 5125012.93 100.00%
Total 513687152.81 11898932.16
Provision for bad debts is made on the basis of a general model of expected credit losses:
Unit: RMB Yuan
Phase I Phase II Phase III
Provision for bad debts Lifetime expected Lifetime expected12- month expected Total
credit losses (credit not credit losses (credit
credit losses
impaired) impaired)
Opening balance 1167439.35 858065.81 6168363.11 8193868.27
Opening balance in the
current period
--Transferred to phase II -610268.53 610268.53
--Transferred to phase III -861989.05 861989.05
Provision made in the
327718.071834728.841542616.983705063.89
current period
Closing balance 884888.89 2441074.13 8572969.14 11898932.16
Classification of stages and bad debt provisioning ratio
The basis of classification by stages: Accounts aged less than one year are classified as stage I accounts aged 1 to 2 years are
classified as stage II and accounts aged more than 2 years are classified as stage III.Changes in carrying amounts for which the amount of change in the provision for losses during the period is material.□Applicable √Not applicable
862025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
4） Provisions made collected or reversed in the current period
Provisions made in the current period:
Unit: RMB Yuan
Increase/Decrease
Opening
Categories Recovery/ Closing balance
balance Accrual Reversal Write-off Others
Provision made
on a collective 8193868.27 3705063.89 11898932.16
basis
Total 8193868.27 3705063.89 11898932.16
5） Details of the top 5 debtors with largest balances
Unit: RMB Yuan
Proportion to the
Provision
total balance of
Debtors Nature of receivables Book balance Ages for bad
other receivables
debts
(%)
Hangzhou Municipal
Land guarantee Within 1 year
Bureau of Planning and 207370000.00 40.37%
deposit (inclusive)
Natural Resources?
Tianjin Economic and
Technological
Land deposit Within 1 year
Development Zone 95635750.00 18.62%
compensation (inclusive)
Nangang Development
Group Co. Ltd.?
National Revenue
Within 1 year
Service (export tax export tax rebate 95465174.49 18.58%
(inclusive)
refunds receivable)
Within 1 year
Finanzamt Lüneburg Refundable VAT 29825263.89 5.81%
(inclusive)
Servicio de
Within 1 year
Administración Refundable VAT 24401473.32 4.75%
(inclusive)
Tributaria
Total 452697661.70 88.13%
7. Prepayments
(1) Age analysis
Unit: RMB Yuan
Closing balance Opening balance
Ages
Amount % to total Amount % to total
Within 1 year 204759130.20 99.56% 162128120.14 99.33%
1-2 years 443462.13 0.21% 627814.76 0.38%
2-3 years 17356.00 0.01% 369577.18 0.23%
Over 3 years 444046.15 0.22% 91000.00 0.06%
Total 205663994.48 163216512.08
872025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
(2) Details of the top 5 debtors with largest balances
Unit: RMB Yuan
Debtors Book balance Proportion to the total balance ofadvances paid (%)
Supplier A 27398179.53 13.32
Supplier B 26210899.92 12.74
Supplier C 18239159.76 8.87
Supplier D 16520144.74 8.03
Supplier E 14211155.91 6.91
Subtotal 102579539.86 49.87
8. Inventories
Is the company subject to disclosure requirements for the real estate industry
No
(1) Inventory classification
Unit: RMB Yuan
Closing balance Opening balance
Items ? ? Inventory ? ? Inventory
Book balance Carrying amount Book balance Carrying amount
Write-down? Write-down?
Raw materials 434625342.77 6248444.25 428376898.52 442728793.37 6460736.28 436268057.09
Work in
1023314735.99747568.991022567167.001121647464.746519042.731115128422.01
process
Goods on hand 3060554636.57 155292603.28 2905262033.29 2419984677.77 140206380.43 2279778297.34
Goods
116031009.93116031009.93100921025.52100921025.52
dispatched
Development
54960480.2254960480.2254960480.2254960480.22
cost
Materials on
consignment
3365787.073365787.074971296.824971296.82
for further
processing
Packages 17876088.23 17876088.23 18485345.27 18485345.27
Low-value
1258311.131258311.1379583917.6979583917.69
consumables
Total 4711986391.91 162288616.52 4549697775.39 4243283001.40 153186159.44 4090096841.96
(2) Inventory Write-down
Unit: RMB Yuan
Increase Decrease
Opening
Items Recovery/ Closing balance
balance Accrual Others Reversal Others
Raw materials 6460736.28 212292.03 6248444.25
Work in
6519042.73-5771473.74747568.99
process
Goods on hand 140206380.43 39043879.56 23957656.71 155292603.28
Total 153186159.44 33272405.82 24169948.74 162288616.52
882025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Specific basis for determining net realizable value reasons for reversal or write-off of provision for decline in value of
inventories in the period
Determination basis of net realizable Reasons for write-off ofItems provision for inventory write- Reasons for reversal of provisionvalue down for decline in value of inventories
Net realizable value is determined as
the estimated selling price of the Increase in net realizable value Consumption of inventories for
Raw materials relevant finished goods less costs
of inventories for which
provision for decline in value of which provision for decline inestimated to be incurred to inventories was made in prior value of inventories has beencompletion estimated selling periods made during the periodexpenses and related taxes.Net realizable value is determined as
the estimated selling price of the Increase in net realizable value Inventories for which provision
relevant finished goods less costs of inventories for which for inventory write-downs wasWork in process estimated to be incurred to provision for decline in value of made at the beginning of the
completion estimated selling inventories was made in prior period were depleted during the
expenses and related taxes. periods period.Net realizable value is determined as Increase in net realizable value Inventories for which provision
the estimated selling price of the of inventories for which for decline in value of inventories
Goods on hand relevant finished goods less provision for decline in value of was made at the beginning of the
estimated selling expenses and inventories was made in prior period were sold during the
related taxes. periods period
Provision for decline in value of inventories by portfolio: None
(3) Inventories – Development cost
Unit: RMB Yuan
Items Estimated total investment Opening balance Closing balance
Weifang NHU Town Phase II 398.53 million 54960480.22 54960480.22
Subtotal 54960480.22 54960480.22
9. Other current assets
Unit: RMB Yuan
Items Closing balance Opening balance
Prepaid VAT or input VAT to be credited 15830723.85 28566490.04
Prepaid enterprise income tax 61699.24
Prepaid insurance premiums 6610266.18 4885881.13
Amortized service charges 787071.72 2184667.56
Amortized rent costs 2271473.38 332593.36
Total 25561234.37 35969632.09
892025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
10. Other equity instrument investments
Unit: RMB Yuan
Gains Losses Reasons for
Gains Losses accumulated accumulated designating as
recognized in recognized in and recognized and recognized Dividend measured at
Items Opening balance other other in other in other
income fair value with
comprehensi comprehensive comprehensive comprehensive recognized in Closing balance changes
ve income for income for the income at the income at the the current recognized in
the period period end of the end of the period other
period period comprehensive income
Zhejiang Second Pharma
7790147.557790147.55
Co. Ltd.Shanghai NewMargin
Yongjin Eqiuty Enterprise 11708000.00 5292000.00 10000000.00
(LP)
Total 19498147.55 5292000.00 17790147.55
11. Long-term equity investments
Unit: RMB Yuan
Increase/Decrease Closing
Closing balance ofOpening carrying Investme Investm Investment Adjustment
Cash Provis
Investees carrying ents income/losses in other Changes dividend/ ion
Closing carrying provision
amount amount nts decrease recognized under comprehens in other Profit for Others
amount for
increased d equity method ive income equity declared for impai
impairmen
distribution rment t
I. Joint ventures
Ningbo
ZRCC
NHU
358644929.90-15076323.59343568606.31
Biotechn
ology
Co. Ltd.Subtotal 358644929.90 -15076323.59 343568606.31
II. Associates
Zhejiang
Chunhui
Environme
ntal 302422406.40 32414200.80 11681.07 334848288.27
Protection
Energy
Co. Ltd.Envalior
NHU
Engineerin
36570912.796837431.33-1787149.4041621194.72
g Materials
(Zhejiang)
Co.Ltd.Zhejiang
Saiya
Chemical 129803674.22 1538444.36 12250000.00 -93749.70 118998368.88
Materials
Co. Ltd.CysBio
28785541.95-254894.33-118434.7428412212.88
ApS
902025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Increase/Decrease Closing
balance of
Opening carrying Closing Investme Investm Investment Adjustment
Cash Provis
Investees carrying Closing carrying provisionamount nts ents income/losses in other
Changes dividend/ ion
amount amount for
increased decrease recognized under comprehens
in other Profit for Others
equity declared for impai impairmend equity method ive income distribution rment t
Shandong
Bin’an
Vocational
4022621.53-795385.253227236.28
Training
School
Co. Ltd.Anhui
Innovation
5012061.57-30597.584981463.99
Technolog
y Co. Ltd
Subtotal 506617218.46 39709199.33 -118434.74 12250000.00 -1869218.03 532088765.02
Total 865262148.36 24632875.74 -118434.74 12250000.00 -1869218.03 875657371.33
Recoverable amount determined as fair value less costs of disposal net
□Applicable √Not applicable
Recoverable amount is determined as the present value of the expected future cash flows
□Applicable √Not applicable
12. Fixed assets
Unit: RMB Yuan
Items Closing balance Opening balance
Fixed assets 21139844047.48 21915984823.43
Total 21139844047.48 21915984823.43
(1) Details
Unit: RMB Yuan
Buildings and Generali
Items Special equipment Transport facilities Total
structures equipment
I. Cost:
1. Opening
8454066940.85264629823.6523279364467.7328462249.1132026523481.34
balance
2. Increase 21788906.11 18860261.07 294200916.81 4359422.81 339209506.80
(1) Acquisition 21489596.11 17959742.52 103536085.31 4359422.81 147344846.75
(2) Transferred in
from construction 299310.00 900518.55 190664831.50 191864660.05
in progress
3. Decrease 363653.95 1874664.91 24187953.36 2784440.15 29210712.37
(1) Disposal/
363653.951874664.9124187953.362784440.1529210712.37
Scrapping
4. Closing balance 8475492193.01 281615419.81 23549377431.18 30037231.77 32336522275.77
II. Accumulated
depreciation
1. Opening
1307579725.86184226362.778542577649.5714670898.4410049054636.64
balance
912025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Buildings and Generali
Items Special equipment Transport facilities Total
structures equipment
2. Increase 126181540.59 16709686.84 970252721.78 1962778.46 1115106727.67
(1) Accrual 126181540.59 16709686.84 970252721.78 1962778.46 1115106727.67
3. Decrease 7435041.91 1590367.49 17975064.20 1966530.61 28967004.21
(1) Disposal/
7435041.911590367.4917975064.201966530.6128967004.21
Scrapping
4. Closing balance 1426326224.54 199345682.12 9494855307.15 14667146.29 11135194360.10
III. Provision for
impairment
1. Opening
20975435.817112.7440501472.7261484021.27
balance
2. Increase
(1) Accrual
3. Decrease 153.08 153.08
(1) Disposal/
153.08153.08
Scrapping
4. Closing balance 20975435.81 7112.74 40501319.64 61483868.19
IV. Carrying
amount
1. Closing balance 7028190532.66 82262624.95 14014020804.39 15370085.48 21139844047.48
2. Opening
7125511779.1880396348.1414696285345.4413791350.6721915984823.43
balance
(2) Fixed assets temporarily idle
Unit: RMB Yuan
Accumulated Provision for
Items Cost Carrying amount Remarks
depreciation impairment
Buildings and
173902760.2854911959.8520975435.8198015364.62
structures
General equipment 135296.73 115332.07 2420.51 17544.15
Special equipment 589174324.73 456991286.57 39273709.19 92909328.97
Subtotal 763212381.74 512018578.49 60251565.51 190942237.74
(3) Fixed assets leased out under operating leases
Unit: RMB Yuan
Items Closing carrying amount
Buildings and structures 30767732.39
(4) Fixed assets with certificate of titles being unsettled
Unit: RMB Yuan
Items Carrying amount Reasons for unsettlement
Relevant procedures have not yet been
Buildings and structures 915060655.98
completed.
(5) Impairment testing of fixed assets
□Applicable √ Not applicable
922025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
13. Construction in progress
Unit: RMB Yuan
Items Closing balance Opening balance
Construction in progress 568658217.83 571610643.68
Total 568658217.83 571610643.68
(1) Details
Unit: RMB Yuan
Closing balance Opening balance
Items Book balance Provision for Carrying Book balance Provision for Carrying
impairment amount impairment amount
Series Aldehyde
Switching
Production Project 74316206.46 74316206.46 68706885.55 68706885.55
of 1500 tons in
Workshop 615
Process and
legitimacy project
with annual
production
capacity of 0.02 50305981.40 50305981.40 49623769.12 49623769.12
million of
glufosinate
ammonium
chloride
New Material
Industry Chain 57245864.57 57245864.57 24534038.09 24534038.09
Project
1500 tons/year
aniseed brain 55770423.77 55770423.77
project
Citral New
Process
37142112.6837142112.68
Expansion
Project
Annual output
of 1000 tons of
calcium 34260717.66 34260717.66 33944620.16 33944620.16
hydroxymethio
nine project
Workshop 520
asset
27710990.0827710990.0824035797.8624035797.86
revitalization
project
2024 Menthol
Expansion
21570515.7421570515.7416854381.0816854381.08
Technical
Reform Project
Other
miscellaneous 303247941.92 303247941.92 260998615.37 260998615.37
projects
Total 568658217.83 568658217.83 571610643.68 571610643.68
932025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
（2） Changes in significant construction-in-progress projects
Unit: RMB Yuan
Accumu Comple Accumulate
Including:
Amount of
Budgets lated tion d amount of borrowing Annual
Projects RMB 0000 Opening balance Increase Transferred to Other input to percent borrowing Fund
Yuan fixed assets decrease
Closing balance cost capitaliz
budget age costcapitalizatio capitalization ation rate
source
（%） （%） n in currentperiod
Series
Aldehyde
Switching
Production
Project of 11687.27 68706885.55 5609320.91 74316206.46 63.59 90.00 Others
1500 tons
in
Workshop
615
New
Material
Industry 403624.00 24534038.09 32711826.48 57245864.57 1.42 5.00 Others
Chain
Project
1500
tons/year
aniseed 7966.00 55770423.77 9861628.99 65632052.76 82.39 100.00 622670.37 413803.49 2.31 Others
brain
project
Total 423277.27 149011347.41 48182776.38 65632052.76 0 131562071.03 622670.37 413803.49
（3） Impairment testing of construction in progress
□Applicable√Not applicable
14. Right-of-use assets
(1) Details
Unit: RMB Yuan
Items Buildings and structures Total
I. Cost
1.Opening balance 16612419.88 16612419.88
2. Increase -12921.85 -12921.85
3. Decrease
4. Closing balance 16599498.03 16599498.03
4.Closing balance
II. Accumulated depreciation 3389550.79 3389550.79
1. Opening balance 1833329.36 1833329.36
(1) Accrual 1833329.36 1833329.36
4.Closing balance 5222880.15 5222880.15
III. Carrying amount
1. Closing balance 11376617.88 11376617.88
2. Opening balance 13222869.09 13222869.09
(2) Impairment testing of right-of-use assets
□Applicable√Not applicable
942025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
15. Intangible assets
(1) Details
Unit: RMB Yuan
Non-patented
Items Land use right Patent right Software Total
technology
I. Cost
1. Opening
2635898144.0237568541.6290580942.2190169674.902854217302.75
balance
2. Increase 182326337.60 5216975.80 5004208.46 192547521.86
(1) Acquisition 182326337.60 5216975.80 1848904.55 189392217.95
(2) Transfer from
construction in 3155303.91 3155303.91
progress
3. Decrease 95635750.00 95635750.00
(1) Disposal 95635750.00 95635750.00
4.Closing balance 2722588731.62 42785517.42 90580942.21 95173883.36 2951129074.61
II. Accumulated
amortization
1. Opening
315858841.8511137654.0813330650.9030990189.73371317336.56
balance
2. Increase 26713722.46 1884777.83 4448485.30 4082758.51 37129744.10
(1) Accrual 26713722.46 1884777.83 4448485.30 4082758.51 37129744.10
3. Decrease 1115750.42 1115750.42
(1) Disposal 1115750.42 1115750.42
4.Closing balance 341456813.89 13022431.91 17779136.20 35072948.24 407331330.24
III. Carrying
amount
1. Closing
2381131917.7329763085.5172801806.0160100935.122543797744.37
balance
2. Opening
2320039302.1726430887.5477250291.3159179485.172482899966.19
balance
Intangible assets formed through in-house research and development accounted for 0.08% of the balance of intangible assets at the
end of the period.
(2) Impairment testing of intangible assets
□Applicable√Not applicable
16. Goodwill
(1) Original carrying amount of goodwill
Unit: RMB Yuan
Investees or Increase Decrease
Opening Closing balance
events resulting
balance Business Translation Translation
in goodwill Disposalcombination reserve reserve
Bardoterminal
2163742.00252063.282415805.28
GmbH
NHU/Chr.Olese 3622704.97 3622704.97
952025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Investees or Increase Decrease
Opening Closing balance
events resulting
balance Business Translation Translation
in goodwill Disposalcombination reserve reserve
n LatinAmerica
A/S
Total 5786446.97 252063.28 6038510.25
(2) Provision for impairment
Unit: RMB Yuan
Investees or Increase Decrease
Opening
events resulting Translation Translation Closing balancebalance
in goodwill Accrual Disposalreserve reserve
Bardoterminal
2163742.00252063.282415805.28
GmbH
Total 2163742.00 252063.28 2415805.28
(3) Information about the asset group or combination of asset groups in which goodwill is located
Composition and basis of the
name (of an organization) asset group or portfolio to Operating segments and basis Consistency with prior years
which it belongs
Offshore self-accounting
warehousing and logistics
companies which Independent warehousing and
Bardoterminal GmbH Yes
management recognizes as an logistics company
asset group in its entirety
from the point of acquisition
Foreign self-accounting sales
entities which management
NHU/Chr.Olesen Latin
recognizes in their entirety as Independent sales agents Yes
America A/S
an asset group from the point
of acquisition
(4) Specific determination of recoverable amount
The recoverable amount is determined as the net fair value less costs of disposal
□Applicable√Not applicable
Recoverable amount is determined as the present value of estimated future cash flows
□Applicable√Not applicable
17. Long-term prepayments
Unit: RMB Yuan
Items Opening balance Increase Amortization Other decrease Closing balance
Decoration fees 5086726.47 -11348.34 1924269.28 3151108.85
Catalysts 27972854.42 4869116.82 23103737.60
Total 33059580.89 -11348.34 6793386.10 26254846.45
962025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
18. Deferred tax assets and deferred tax liabilities
(1) Deferred tax assets before offset
Unit: RMB Yuan
Closing balance Opening balance
Items
Deductible temporary Deductible temporary
Deferred tax assets Deferred tax assets
difference difference
Provision for
96009246.1916636434.2082764678.6513331701.98
impairment of assets
Unrealized profit from
217102855.1434617443.54106224182.3115933627.32
internal transactions
Deferred income 162344281.15 24351642.18 182140134.06 27321020.11
Lease liabilities 2780757.13 417113.57 2715619.54 407342.93
Total 478237139.61 76022633.49 373844614.56 56993692.34
(2) Deferred tax liabilities before offset
Unit: RMB Yuan
Closing balance Opening balance
Items Taxable temporary Taxable temporary
Deferred tax liabilities Deferred tax liabilities
difference difference
Difference due to one-
off pre-tax deduction 1406845990.72 211063741.72 1544604208.17 241027455.22
of fixed assets
Profit before tax of
NHU (Hong Kong) 855734355.67 128360153.35 598372110.33 89755816.55
Trading Co. Ltd.usufructuary assets 9428373.33 1414256.00 10916744.74 1637511.71
Changes in fair value
of trading financial
814253.32203563.33745816.34186454.09
instruments derivative
financial instruments
Total 2272822973.04 341041714.40 2154638879.58 332607237.57
(3) Deferred tax assets or liabilities after offset
Unit: RMB Yuan
Closing balance of Opening balance of
Closing balance of Opening balance of
deferred tax assets deferred tax assets
Items deferred tax assets/ deferred tax assets/
offset by deferred tax offset by deferred tax
liabilities after offset liabilities after offset
liabilities liabilities
Deferred tax assets 70804566.64 5218066.85 54887646.03 2106046.31
Deferred tax liabilities 70804566.64 270237147.76 54887646.03 277719591.54
(4) Details of unrecognized deferred tax assets
Unit: RMB Yuan
Items Closing balance Opening balance
Deductible temporary difference 1771821172.25 904662832.02
Deductible losses 3254534321.49 3375918624.25
972025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Items Closing balance Opening balance
Total 5026355493.74 4280581456.27
(5) Maturity years of deductible losses of unrecognized deferred tax assets
Unit: RMB Yuan
Maturity years Closing balance Opening balance Remarks
Year 2025 23414489.87
Year 2026 36440047.05
Year 2027 4380243.82 165841662.42
Year 2028 30796368.80 97699902.16
Year 2029 64991691.35 169350596.82
Year 2030 219563010.86 198032265.79
Year 2031 274325335.16 240693205.88
Year 2032 951402378.58 898257207.22
Year 2033 863890045.60 781328690.97
Year 2034 845185247.32 764860556.07
Total 3254534321.49 3375918624.25
19. Other non-current assets
Unit: RMB Yuan
Closing balance Opening balance
Items Book balance Provision for Carrying Book balance Provision for Carrying
impairment amount impairment amount
Pollution
emission 10982987.95 10982987.95 12404429.26 12404429.26
trading fees
Payments for
68888400.0068888400.0072113200.0072113200.00
coal quota
Prepayments
for long-term 193337288.95 193337288.95 75146826.14 75146826.14
assets
Total 273208676.90 273208676.90 159664455.40 159664455.40
20. Restrictions on assets as of the end of the reporting period
Unit: RMB Yuan
Closing balance Opening balance
Type
Items Type ofCarrying of Carrying
Book balance Restrictions Book balance restricti Restrictions
amount restric amount
on
tion
Cash and Banker's Banker's
bank 141222065.48 141222065.48 pledges acceptance 56029764.82 56029764.82 pledges acceptance
balances deposit deposit
Opening a Opening a
Notes pledge of pledge of
91635728.01 91635728.01 pledges 99511561.32 99511561.32 pledges
receivable banker's banker's
acceptances acceptances
982025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Closing balance Opening balance
Type
Items Type ofCarrying of Carrying
Book balance Restrictions Book balance restricti Restrictions
amount restric amount
on
tion
Mortgage to a Mortgage to a
bank for the bank for the
Fixed collater
104269302.58 82617587.55 purpose of 93273121.97 75137838.29 collateral purpose of
assets al
obtaining a obtaining a
loan loan
Mortgage to a Mortgage to a
bank for the bank for the
Intangible collater
11013767.86 11013767.86 purpose of 9864599.74 9864599.74 collateral purpose of
assets al
obtaining a obtaining a
loan loan
Opening a Opening a
Receivabl
pledge of pledge of
es 20451667.83 20451667.83 pledges 36038583.82 36038583.82 pledges
banker's banker's
financing
acceptances acceptances
Total 368592531.76 346940816.73 294717631.67 276582347.99
992025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
21. Short-term borrowings
(1) Details on categories
Unit: RMB Yuan
Items Closing balance Opening balance
Guaranteed borrowings 133632940.51 16626789.02
Credit borrowings 896791666.68 1145885450.02
Total 1030424607.19 1162512239.04
22. Held-for-trading financial liabilities
Unit: RMB Yuan
Items Closing balance Opening balance
Held-for-trading financial liabilities 71334100.03 11151258.46
Including:
Derivative financial liabilities 71334100.03 11151258.46
Total 71334100.03 11151258.46
23. Notes payable
Unit: RMB Yuan
Categories Closing balance Opening balance
Bank acceptance 132043730.49 159164822.28
Total 132043730.49 159164822.28
24. Accounts payable
(1) Details
Unit: RMB Yuan
Items Closing balance Opening balance
Materials and labor costs 878554142.31 785807160.73
Payments for engineering and equipment 594159904.58 900171996.82
Total 1472714046.89 1685979157.55
25. Other payables
Unit: RMB Yuan
Items Closing balance Opening balance
Other payables 100273996.96 122424090.50
Total 100273996.96 122424090.50
1002025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
（1） Other payables
1) Categorized by nature
Unit: RMB Yuan
Items Closing balance Opening balance
Security deposits 36645881.92 19802441.12
Unpaid expenses payable 44887489.38 83120582.74
Temporary receipts payable 5191198.33 9926159.87
Others 13549427.33 9574906.77
Total 100273996.96 122424090.50
26. Contract liabilities
Unit: RMB Yuan
Items Closing balance Opening balance
Payments for goods received in advance 309712065.18 237013669.77
Total 309712065.18 237013669.77
27. Employee benefits payable
(1) Details
Unit: RMB Yuan
Items Opening balance Increase Decrease Closing balance
I. Short-term employee
473107111.451122005019.741293149229.42301962901.77
benefits
II. Post-employment
benefits – defined 70177579.27 70177579.27
contribution plan
Total 473107111.45 1192182599.01 1363326808.69 301962901.77
(2) Details of short-term employee benefits
Unit: RMB Yuan
Items Opening balance Increase Decrease Closing balance
1. Wage bonus
452079180.40964369430.231134748847.34281699763.29
allowance and subsidy
2. Employee welfare
60444442.2160444442.21
fund
3. Social insurance
52927411.1852927411.18
premium
Including: Medicare
34380298.1734380298.17
premium
Occupational
4128661.964128661.96
injuries premium
4. Housing provident
35147183.1335147183.13
fund
5. Trade union fund and
employee education 21027931.05 9116552.99 9881345.56 20263138.48
fund
1012025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Items Opening balance Increase Decrease Closing balance
Total 473107111.45 1122005019.74 1293149229.42 301962901.77
(3) Details of defined contribution plan
Unit: RMB Yuan
Items Opening balance Increase Decrease Closing balance
1. Basic endowment
68176530.6568176530.65
insurance premium
2. Unemployment
2001048.622001048.62
insurance premium
Total 70177579.27 70177579.27
28. Taxes and rates payable
Unit: RMB Yuan
Items Closing balance Opening balance
VAT 136493169.29 82104457.53
Enterprise income tax 410875089.38 383826117.39
Individual income tax withheld for tax
7156341.8712121593.63
authorities
Urban maintenance and construction tax 6895937.62 10830229.90
Land appreciation tax 14381841.18 21150454.52
Housing property tax 12704345.31 20979824.95
Education surcharge (local education
5569322.237891237.38
surcharge)
Total 594076046.88 538903915.30
29. Non-current liabilities due within one year
Unit: RMB Yuan
Items Closing balance Opening balance
Long-term borrowings due within one
3610790265.732463866907.63
year
Lease liabilities due within one year 1816874.08 1512006.31
Total 3612607139.81 2465378913.94
30. Other current liabilities
Unit: RMB Yuan
Items Closing balance Opening balance
Output VAT to be recognized 32414011.72 25698183.73
Withholding Rebate 27866151.17
Total 32414011.72 53564334.90
1022025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
31. Long-term borrowings
(1) Categories
Unit: RMB Yuan
Items Closing balance Opening balance
Mortgaged borrowings 15901538.64 18036415.25
Credit borrowings 4188766665.49 5309207306.00
Total 4204668204.13 5327243721.25
32. Lease liabilities
Unit: RMB Yuan
Items Closing balance Opening balance
Unpaid lease payments 3664045.66 4602267.00
Less: Unrealized financing expenses 944240.90 1017475.98
Total 2719804.76 3584791.02
33. Deferred income
Unit: RMB Yuan
Reasons for
Items Opening balance Increase Decrease Closing balance
balance
The Company
received
government grants
related to assets
which were
Government grants 1025834591.04 14608714.00 70010345.32 970432959.72
amortized based
on the depreciation
progress of
corresponding
assets.Total 1025834591.04 14608714.00 70010345.32 970432959.72 --
34. Share capital
Unit: RMB Yuan
Movements
Items Opening balance Issue Reserve Closing balance
of new Bonus shares transferred to Others Subtotal
shares shares
Total shares 3073421680.00 3073421680.00
35. Capital reserve
Unit: RMB Yuan
Items Opening balance Increase Decrease Closing balance
Share/capital premium 2854024919.08 2854024919.08
Other capital reserve 278495049.34 11681.07 278506730.41
Total 3132519968.42 11681.07 3132531649.49
1032025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Other Notes Including Changes During the Reporting Period and Reasons for the Changes:
The increase in other capital reserves of RMB 11681.07 during the reporting period is attributable to the increase in special
reserves of Zhejiang Chunhui Environmental Protection Energy Co. Ltd. an associate company of the Company resulting in
changes in the share of net assets attributable to the Company.?
36. Treasury shares
Unit: RMB Yuan
Items Opening balance Increase Decrease Closing balance
Treasury shares 309134899.57 309134899.57
Total 309134899.57 309134899.57
Other Notes Including Changes and Reasons for the Changes During the Reporting Period:
The increase in treasury stock during the reporting period was due to the company repurchasing some of its publicly traded shares
for use in equity incentive plans or employee stock ownership plans.
37 Other comprehensive income (OCI)
Unit: RMB Yuan
Current period cumulative
Less: OCI Less: OCI
Items Opening balance Current period previously previously Closing
cumulative before recognized but recognized but
Less: Attributable to parenAtttributable to non- balance
income tax transferred to profit transferred to
Income company controlling
or loss in current retained earnings in tax shareholders
period current period
Items not to be
reclassified 91513343.50 -19129756.45 -18585337.91 -544418.54 72928005.59
subsequently to profit or
loss
Including: Other
comprehensive income
to be transferred to 506954.43 506954.43
profit or loss under
equity method
Translation reserves 91006389.07 -19129756.45 -18585337.91 -544418.54 72421051.16
Total 91513343.50 -19129756.45 -18585337.91 -544418.54 72928005.59
38. Special reserve
Unit: RMB Yuan
Items Opening balance Increase Decrease Closing balance
Work safety fund 106348864.91 59342545.02 24134834.46 141556575.47
Total 106348864.91 59342545.02 24134834.46 141556575.47
Other remarks including remarks on current movements and reasons for movements:
According to the “enterprise safety production costs and the use of management practices” the production and storage of
dangerous goods enterprises based on the actual business income of the previous year the adoption of the regressive approach to
the average monthly withdrawal in accordance with the following standards: 1) operating income of up to 10 million yuan in
accordance with 4.5%; 2) operating income of more than 10 million yuan to 100 million yuan in accordance with 2.25%
extraction; 3) operating income of more 100 million to 1 billion yuan in accordance with 0.55% extraction; 4) 0.2% for the part
of business income exceeding RMB 1 billion.
1042025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
According to the “ Electricity production and supply enterprises” the production and storage of dangerous goods enterprises based
on the actual business income of the previous year the adoption of the regressive approach to the average monthly withdrawal in
accordance with the following standards: 1) operating income of up to 10 million yuan in accordance with 3%; 2) operating
income of more than 10 million yuan to 100 million yuan in accordance with 1.5% extraction; 3) 0.8% for the part of business
income exceeding 100 million to 1 billion; 4) 0.6% for the part of business income exceeding RMB 1 billion.
39. Surplus reserve
Unit: RMB Yuan
Items Opening balance Increase Decrease Closing balance
Statutory surplus
1545453678.001545453678.00
reserve
Total 1545453678.00 1545453678.00
Other remarks including remarks on current movements and reasons for movements:
In accordance with the Company Law of the People's Republic of China and the Company's Articles of Incorporation the
Company is required to set aside 10% of the net profit of the parent company as legal reserve which may be discontinued when
the accumulated legal reserve reaches 50% of the registered capital.
40. Undistributed profit
Unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Unallocated earnings at the end of the
21375740194.1216890233961.50
previous period before adjustment
Adjustment to unappropriated earnings at
21375740194.1216890233961.50
the beginning of the period
Add: Net profit attributable to owners of
3603323979.165868545988.62
the parent company
Less: Dividend payable on ordinary
2150761326.001383039756.00
shares
Closing balance 22828302847.28 21375740194.12
41. Operating revenue/Operating cost
Unit: RMB Yuan
Current period cumulative Preceding period comparative
Items
Revenue Cost Revenue Cost
Main operations 11072628572.89 5996026761.47 9724806954.17 6107204399.47
Other operations 28004263.89 10340595.62 119905260.19 84174661.90
Total 11100632836.78 6006367357.09 9844712214.36 6191379061.37
Including: Revenue
from contracts with 11097016365.52 6006031204.71 9840985911.28 6191168443.70
customers
Breakdown of operating revenue and operating costs:
Unit: RMB Yuan
Categories of contracts Revenue Cost
By product
Including:
1052025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Categories of contracts Revenue Cost
Nutrition 7199720687.58 3759160396.04
Flavor and fragrance 2104560598.28 967888630.25
New materials 1038207401.78 711427896.23
Others 754527677.88 567554282.19
Subtotal 11097016365.52 6006031204.71
By operating region
Including:
Domestic 4654059331.15 2730446246.65
Overseas 6442957034.37 3275584958.06
Subtotal 11097016365.52 6006031204.71
By revenue recognition time
Including:
Goods (transferred at a point in time) 11097016365.52 6006031204.71
Subtotal 11097016365.52 6006031204.71
By sales channel
Including:
Direct sales 8172856635.08 4343390068.56
Agent sales 2924159730.44 1662641136.15
Subtotal 11097016365.52 6006031204.71
Information on Transaction Prices Allocated to Remaining Performance Obligations:
As of June 30 2025 revenue corresponding to performance obligations for which the Company has entered into contracts but not
yet performed or fulfilled amounted to 3541.22 million yuan of which 3541.22 million yuan is expected to be recognized as
revenue in 2025.
42. Taxes and surcharges
Unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Urban maintenance and construction tax 39551225.95 27950701.13
Education surcharge (local education
31641245.2321044886.66
surcharge)
Housing property tax 22065671.62 17957390.24
Land use tax 23618662.08 19771525.43
Vehicle and vessel use tax 18249.52 27613.13
Stamp Duty 7240307.89 6121701.84
Environmental protection tax 1965289.57 1010089.72
Land appreciation tax 98666.67
Water Resources Tax 37970.20
Total 126138622.06 93982574.82
43. Administrative expenses
Unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Employee benefits 169842730.77 147795992.48
Depreciation amortization of intangible 57537198.65 57880982.28
1062025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Items Current period cumulative Preceding period comparative
assets
Office expenses business traveling
24292173.9214857158.93
expenses
Business entertainment expenses 8226105.71 10334287.75
Consultancy fee 12834499.47 8965176.43
Insurance premiums 9121780.69 8250263.26
Long-term stoppage losses 6810846.07 18229044.65
Others 20953070.46 29255051.75
Total 309618405.74 295567957.53
44. Selling expenses
Unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Employee benefits 37142722.42 39905704.51
Sales commission and customs
28787391.6210294553.22
declaration charges
Office expenses business traveling
12935899.4710531658.41
expenses
Advertising and promotion expenses
7271760.737467376.85
business entertainment expenses
Others 2464632.41 6670288.40
Total 88602406.65 74869581.39
45. R&D expenses
Unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Employee benefits 243369740.34 212938383.40
Direct input 194855941.97 198007999.74
Depreciation amortization of intangible
45699299.1743345244.55
assets
Outsourcing expenses 7801144.90 6414946.81
Office expenses business traveling
4910364.404938593.21
expenses
Others 26087072.40 15316556.43
Total 522723563.18 480961724.14
46. Financial expenses
Unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Interest expenses 112615701.07 143713361.26
Less: Interest income 39620525.39 67461973.58
Losses on foreign exchange (or less:
-261991904.62-18026719.38
gains)
Others 10898031.47 12826671.96
Total -178098697.47 71051340.26
1072025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
47. Other income
Unit: RMB Yuan
Sources of other income Current period cumulative Preceding period comparative
Government grants related to assets 68463990.57 67954853.18
Government grants related to income 51815263.87 61039443.38
Refund of handling fees for withholding
1485876.641220991.72
individual income tax
Total 121765131.08 130215288.28
48. Gains on changes in fair value
Unit: RMB Yuan
Sources of gains arising from changes in
Current period cumulative Preceding period comparative
fair value
Held-for-trading financial assets 16328109.27 11140363.10
Including: Gains on changes in fair value
arising from financial assets classified as 16328109.27 11140363.10
at fair value through profit or loss
Held-for-trading financial liabilities -123188493.71 -15586223.59
Including: Gains on changes in fair value
arising from financial liabilities
-123188493.71-15586223.59
classified as at fair value through profit
or loss
Total -106860384.44 -4445860.49
49. Investment income
Unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Investment income from long-term
24632875.7425496597.50
equity investments under equity method
Investment income from disposal of
27067307.36
long-term equity investments
Investment income from disposal of
-19871951.63-7317634.93
financial instruments
Including: Financial assets classified as
-581571.44-5489429.09
at fair value through profit or loss
Financial liabilities classified as at fair
-19290380.19-1828205.84
value through profit or loss
Investment income from bank financial
8184998.28808128.72
products and structured deposits
Dividend income earned on investments
in other equity instruments during the 5292000.00 1500000.00
holding period
Total 18237922.39 47554398.65
50. Credit impairment loss
1082025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Bad debts 7613141.39 -98041802.36
Total 7613141.39 -98041802.36
51. Assets impairment loss
Unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Inventory write-down loss -33272405.82 -10175642.76
Total -33272405.82 -10175642.76
52. Gains on asset disposal
Unit: RMB Yuan
Sources of asset disposal gains Current period cumulative Preceding period comparative
Gains on disposal of non-current assets -1582139.69 -1128442.54
Total -1582139.69 -1128442.54
53. Non-operating revenue
Unit: RMB Yuan
Amount included in non-
Items Current period cumulative Preceding period comparative
recurring profit or loss
Indemnity income 689062.82 2205585.34 689062.82
Others 529530.08 167960.12 529530.08
Total 1218592.90 2373545.46 1218592.90
54. Non-operating expenditures
Unit: RMB Yuan
Amount included in non-
Items Current period cumulative Preceding period comparative
recurring profit or loss
Donation expenditures 157421.42 290144.43 157421.42
Others 2841274.82 3507489.38 2841274.82
Total 2998696.24 3797633.81 2998696.24
55. Income tax expenses
(1) Schedule of income tax expense
Unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Current period income tax expenses 618501260.17 466762110.51
Deferred income tax expenses -10594464.32 15736338.92
Total 607906795.85 482498449.43
1092025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
(2) Reconciliation of accounting profit to income tax expenses
Unit: RMB Yuan
Items Current period cumulative
Profit before tax 4229402341.10
Income tax expenses based on statutory/applicable tax rate 634410351.17
Effect of different tax rate applicable to subsidiaries 8405680.41
Effect of prior income tax reconciliation 7551756.79
Effect of non-taxable income -3245568.58
Effect of non-deductible costs expenses and losses 3427090.09
Effect of utilization of deductible losses not previously
37906326.40
recognized as deferred tax assets
Effect of extra deduction of R&D expenses -74521018.22
Additional tax deduction for wages paid to disabled persons
-142500.00
and other employees encouraged by the state to be employed
Tax exemptions for specialized equipment used in
environmental protection energy conservation water -5885322.21
conservation and occupational safety
Income tax expenses 607906795.85
56. Other comprehensive income
Please refer to item VII 37 of this section for details.
57. Notes to items of the cash flow statement
(1) Cash related to operating activities
Other cash receipts related to operating activities
Unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Interest income from cash in bank 46489138.86 67372735.75
Receipt of government grants 46323276.36 79176571.17
Recovery of temporary borrowings and
86687.91500.00
security deposits
Other receipts and net current accounts 11931434.37 7116537.72
Total 104830537.50 153666344.64
Other cash payments related to operating activities
Unit: RMB Yuan
Items Current period cumulative Preceding period comparative
R&D expenditures in the form of cash 23435352.94 7704883.00
Office expenses and business traveling
17645221.9451265858.74
expenses
Advertising and promotion expenses
14296751.9714130735.80
business entertainment expenses
Sales commission and customs
36152773.528404749.45
declaration charges
1102025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Items Current period cumulative Preceding period comparative
Insurance expenses 7687775.66 1140556.20
Payment of land deposit 207370000.00
Other payments and net current accounts 219548408.27 118084761.67
Total 526136284.30 200731544.86
(2) Cash related to investing activities
Other cash receipts related to investing activities
Unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Redemption of wealth management
2150000000.00145000000.00
products and certificates of deposit
Total 2150000000.00 145000000.00
Other cash payments related to investing activities
Unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Purchase financial products and
2651950000.00
certificates of deposit
Total 2651950000.00
(3) Cash related to financing activities
Other cash payments related to financing activities
Unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Pay bank financing fees 245325.87 807362.26
Repurchase company shares 309134899.57
Total 309380225.44 807362.26
Changes in liabilities related to financing activities
√ Applicable □ Not applicable
Unit: RMB Yuan
Increase Decrease
Opening
Items
balance Cash Non-cash
Closing balance
Non-cash changes Cash movements
movements changes
Short-term
1162512239.04695807680.56736241.67828631554.081030424607.19
borrowings
Long-term
borrowings(in
cluding long- 7791110628.88 1000329186.00 542594.63 976523939.65 7815458469.86
term loans due
within one
1112025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Increase Decrease
Opening
Items Cash Non-cash Closing balancebalance Non-cash changes Cash movements
movements changes
year)
Lease
liabilities(incl
uding lease
5096797.33259037.01819155.504536678.84
liabilities due
within one
year)
dividend
2164626638.852164626638.85
payable
Total 8958719665.25 1696136866.56 2166164512.16 3970601288.08 8850419755.89
(4) Net presentation of cash flows
Relevant factual
Items Basis for adopting a net presentation Financial impact
circumstances
Redemption of Cash flows related to the Company's investment
Other cash received
financial products and business are the cash inflows and outflows of fast-
related to investing 1385000000.00
structured deposits turnover large-amount and short-term projects and
activities
the presentation of the above cash flows on a net
basis is more indicative of their impact on the
Company's ability to pay and solvency and is more
Purchase of financial useful for evaluating the Company's ability to pay
Other cash paid related
products and and solvency and for analyzing the Company's 1385000000.00
to investing activities
structured deposits future cash flows; thus the Company has presented
the cash flows related to the above business on a
net basis.
58. Supplement information to the cash flow statement
（1）Supplementary information on the statement of cash flows
Unit: RMB Yuan
Supplement information Current period cumulative Preceding period comparative
1. Reconciliation of net profit to cash flows from
operating activities:
Net profit 3621495545.25 2216955375.85
Add: Provision for assets impairment loss 25659264.43 108217445.12
Depreciation of fixed assets oil and gas assets
1115106727.671058316863.50
productive biological assets
Depreciation of right-of-use assets 1833329.36 963876.97
Amortization of intangible assets 37129744.10 32588600.65
Amortization of long-term prepayments 6793386.10 5679778.05
Losses on disposal of fixed assets intangible
1582139.691128442.54
assets and other long-term assets (Less: gains)
Fixed assets retirement loss (Less: gains)
Losses on changes in fair value (Less: gains) 106860384.44 4445860.49
1122025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Supplement information Current period cumulative Preceding period comparative
Financial expenses (Less: gains) -145534087.33 74353659.15
Investment losses (Less: gains) -18237922.39 -47554398.65
Decrease of deferred tax assets (Less: increase) -19028941.15 -4193435.59
Increase of deferred tax liabilities (Less: decrease) 8434476.83 19929774.51
Decrease of inventories (Less: increase) -468703390.51 102731329.68
Decrease of operating receivables (Less: increase) -313836326.44 -961441855.30
Increase of operating payables (Less: decrease) -716826527.74 -473797257.62
Others
Net cash flows from operating activities 3242727802.31 2138324059.35
2. Significant investing and financing activities not
related to cash receipts and payments:
Conversion of debt into capital
Convertible bonds due within one year
Fixed assets leased in under finance leases
3. Net changes in cash and cash equivalents:
Cash at the end of the period 5508745188.26 4830317347.92
Less: Cash at the beginning of the period 5521452666.47 4446570415.30
Add: Cash equivalents at the end of the period
Less: Cash equivalents at the beginning of the period
Net increase of cash and cash equivalents -12707478.21 383746932.62
(2) Composition of cash and cash equivalents
Unit: RMB Yuan
Items Closing balance Opening balance
I. Cash 5508745188.26 5521452666.47
Including: Cash on hand 12019.36 12825.19
Cash in bank on demand for
5261784721.605521431438.36
payment
Other cash and bank balances on
246948447.308402.92
demand for payment
Deposits held at the central bank
that can be used for payments
II. Cash and cash equivalents at the end of
5508745188.265521452666.47
the period
Including: use of restricted cash and cash
equivalents by the parent company or group 272135544.97 464483762.87
subsidiaries
(3) Restricted use but still cash and cash equivalents presentation
Unit: RMB Yuan
Reasons for remaining cash
Items Current period cumulative Preceding period comparative
and cash equivalents
Cash and bank balances 272135544.97 464483762.87 Currency funds held abroad
Total 272135544.97 464483762.87
1132025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
(4) Monetary funds other than cash and cash equivalents
Unit: RMB Yuan
Reasons for not being cash
Items Current period cumulative Preceding period comparative
and cash equivalents
Large Certificates of Deposit
904262309.442359022374.36
and Interest
114720511.24 30809898.16 Banker's acceptance deposit
8800000.00 8800000.00 Forex Option Margin
9987956.83 8183592.83 Letter of Guarantee Deposit
4201200.00 3762850.00 customs Deposit
Cash and bank balances 691276.80 1458021.83 Letter of Credit Deposit
1063583.51 1263178.80 Water deposit
877057.74 875023.57 Safety Construction deposit
Project works labor wage
855093.79854699.63
deposit
23500.00 22500.00 ETC deposit
Pollution Discharge Rights
1885.57
Security Deposit
Total 1045484374.92 2415052139.18
59 Monetary items in foreign currencies
(1) Details
Unit: RMB Yuan
Closing balance in foreign RMB equivalent at the end of
Items Exchange rate
currencies the period
Cash and bank balances 260795378.01
Including: USD 20571129.20 7.158600 147260485.49
EUR 9609567.82 8.402400 80743432.65
HKD 604286.77 0.911950 551079.32
JPY 293924123.00 0.049594 14576872.96
BRL 10182703.11 1.305045 13288885.78
MXN 4197586.26 0.380880 1598776.65
SGD 251576.85 5.617900 1413333.59
VND 3655374894.00 0.000365 1334211.84
TRY 157520.00 0.179658 28299.73
Accounts receivable 2720772598.77
Including: USD 288875610.21 7.158600 2067944943.25
EUR 56086870.47 8.402400 471264320.44
GBD 1009501.19 9.830000 9923396.70
BRL 130366116.60 1.305045 170133648.64
SGD 266726.40 5.617900 1498442.24
VND 21500000.00 0.000365 7847.50
Long-term borrowings 15901538.64
1142025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Closing balance in foreign RMB equivalent at the end of
Items Exchange rate
currencies the period
Including: EUR 1892499.60 8.402400 15901538.64
Other receivables 67728441.01
Including: USD 1572.00 7.158600 11253.32
EUR 4696314.82 8.402400 39460315.64
JPY 145179.00 0.049594 7200.01
HKD 31700.00 0.911950 28908.82
BRL 2644168.65 1.305045 3450759.08
MXN 64205782.59 0.380880 24454698.47
SGD 54728.31 5.617900 307458.17
VND 21500000.00 0.000365 7847.50
Short-term borrowings 34553855.87
Including: USD 1575513.87 7.158600 11278473.59
EUR 1800449.47 8.402400 15128096.63
DKK 7233974.65 1.126253 8147285.65
Accounts payable 1047526832.14
Including: USD 127040546.51 7.158600 909432456.25
EUR 447688.01 8.402400 3761653.74
JPY 110000.00 0.049594 5455.34
BRL 86992719.87 1.305045 113529414.10
MXN 54350084.09 0.380880 20700860.03
DKK 86119.80 1.126253 96992.68
Other payables 47568911.88
Including: USD 3356557.73 7.158600 24028254.17
EUR 2710062.58 8.402400 22771029.82
HKD 36590.00 0.911950 33368.25
BRL 200685.81 1.305045 261904.01
SGD 34730.31 5.617900 195111.41
PLN 30.00 1.982600 59.48
CHF 28424.00 8.764000 249107.94
VND 16.00 0.000365 -
TRY 167411.39 0.179658 30076.80
Non-current liabilities due
9877128.42
within one year
Including: USD 185651.93 7.158600 1329007.91
EUR 972923.91 8.402400 8174895.86
BRL 285986.04 1.305045 373224.65
Lease liabilities 291803.96
Including: USD 13699.88 7.158600 98071.96
BRL 148448.52 1.305045 193732.00
1152025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
(2) A description of the foreign operating entity including in the case of a significant foreign operating
entity a disclosure of its principal place of business outside the country the local currency of its accounts
and the basis for its selection and the reasons for any change in the local currency of its accounts.□Applicable√Not applicable
60. Leasing
(1) The Company as a lessee
√Applicable □Not applicable
Variable lease payments not included in the measurement of lease liabilities
□Applicable √Not applicable
Lease costs for short-term leases or low-value assets with simplified treatment
√Applicable□ Not applicable
Situations involving sale and leaseback transactions
1) Information on right-to-use assets Please refer to item VII 14 of this section for details
2) The Company's accounting policies for short-term leases and leases of low-value assets Please refer to item V 27 of this section
for details. The amounts of short-term lease charges and lease charges for low-value assets recognized in profit or loss are as
follows:
Unit: RMB Yuan
Items Current period Increase Preceding period Decrease
Short-term rental costs 865262.56 8166223.97
Total 865262.56 8166223.97
3) Current profit or loss and cash flows related to leases
Unit: RMB Yuan
Items Current period Increase Preceding period Decrease
Interest expense on lease liabilities 65137.59 67698.96
Total cash outflows related to leases 1795192.45 8736731.81
4) The maturity analysis of lease liabilities and the corresponding liquidity risk management Please refer to item XII 1 of this
section for details.
(2) The Company as lessor
Operating leases as lessor
√Applicable □ Not applicable
Unit: RMB Yuan
Of which: Income related to variable
Items Rental income lease payments not included in lease
receipts
Rental income 3080766.87
Total 3080766.87
Financial leases as lessor
□Applicable √ Not applicable
Undiscounted lease receipts for each of the next five years
√Applicable □ Not applicable
1162025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Unit: RMB Yuan
Annual undiscounted lease receipts
Items
Closing balance Opening balance
First year 1262061.30 1028642.20
Second year 419043.30 330275.23
Third year 330275.23
Total undiscounted lease receipts after
1681104.601689192.66
five years
(3) Recognition of gains and losses on sales under finance leases as a manufacturer or distributor
□Applicable √ Not applicable
VIII. R&D expenses
Unit: RMB Yuan
Items Current period Increase Preceding period Decrease
Employee benefits 243369740.34 212938383.40
Direct input 194855941.97 198007999.74
Depreciation amortization of intangible
45699299.1743345244.55
assets
Outsourcing expenses 7801144.90 6414946.81
Office expenses business traveling
4910364.404938593.21
expenses
Others 26087072.40 15316556.43
Employee benefits 522723563.18 480961724.14
Of which: Expensed research and
522723563.18480961724.14
development expenditure
IX. Changes in the scope of consolidation
1. Changes in the scope of consolidation due to other reasons
Explain other reasons for changes in the scope of consolidation (e.g. establishment of new subsidiaries liquidation of subsidiaries
etc.) and related circumstances:
(1) Increase in scope of consolidation
Methods of
company identification equity Point ofacquisition capital contribution percentage of contributionacquisition
NHU North America LLC establish January 2 2025 [Note] 100.00%
NHU BESLENME GIDA SANAYi VE
TiCARET LiMiTED SIRKETI establish January 17 2025 USD 80000 100.00%
Zhejiang NHU Holding Group Co.Ltd.? ? establish April 15 2025 RMB 500 million 100.00%
[Note] Invest USD 250000 in July 2025.
1172025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
(2) Reduction in scope of consolidation
Company Name Equity DisposalMethod Equity Disposal Date Net Assets on Disposal Date
Net Profit on Disposal
Date
Shandong NHU Vitamins Co. Ltd. Absorption merger[Note] January 1 2025 2129.11million yuan
[Note] The company's wholly-owned subsidiary Shandong NHU Fine Chemical Science and Technology Co. Ltd. was absorbed
in a merger. After the merger Shandong NHU Fine Chemical Science and Technology Co. Ltd. continued to operate with its
registered capital changed from 400 million yuan to 900 million yuan while Shandong NHU Vitamins Co. Ltd. was dissolved.X. Interest in other entities
1. Interest in subsidiaries
(1) Composition of the group
Main Holding proportion Acquisition
Place of
Subsidiaries registered capital operating Business nature (%) method
registration
place Direct Indirect
NHU (Hong
Hong Kong Hong Kong
Kong) Trading USD2.40millions Commerce 100.00% Establishment
China China
Co. Ltd.Shandong NHU
Weifang Weifang
Amino-acids 1100million yuan Manufacturing 100.00% Establishment
Shandong Shandong
Co. Ltd.Shandong NHU
Weifang Weifang
Pharmaceutical 590 million yuan Manufacturing 100.00% Establishment
Shandong Shandong
Co. Ltd.Shandong NHU
Fine Chemical
Weifang Weifang
Science and 900 million yuan Manufacturing 33.33% 66.67% Establishment
Shandong Shandong
Technology Co.Ltd.
2. Interests in joint arrangements or associates
(1) Aggregated financial information of insignificant joint ventures and associates
Unit: RMB Yuan
Closing balance/ Opening balance/
Item Current period cumulative Preceding period comparative
Joint ventures:
Total carrying amount of investments 343568606.31 358644929.90
Total of the following by percentage of
shareholding
-- Net profit -15076323.59 -15649565.41
-- Total comprehensive income -15076323.59 -15649565.41
Associates:
Total carrying value of investments 532088765.02 506617218.46
Total of the following by percentage of
shareholding
-- Net profit 38312710.19 39911718.06
-- Other comprehensive income 38312710.19 39911718.06
1182025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
XI. Government grants
1. Government grants recognized at the end of the reporting period at the amount receivable
□Applicable √ Not applicable
Reasons for not receiving the projected amount of government grants at the projected point in time
□Applicable √ Not applicable
2. Government grants related to assets
√ Applicable □Not applicable
Unit: RMB Yuan
non-
Opening Asset/reven
Item Increase operating Decrease other Closing balance
balance ue related
income
Deferred
1025834591.04 14608714.00 68463990.57 1546354.75 970432959.72 Asset related
income
Total 1025834591.04 14608714.00 68463990.57 1546354.75 970432959.72
3. Government grants related to income
√ Applicable □Not applicable
Unit: RMB Yuan
Item Current period Increase Preceding period Decrease
Government grants related to income 120279254.44 128994296.56
XII. Risks related to financial instruments
1. Various types of risks arising from financial instruments
In risk management the Company aims to seek the appropriate balance between the risks and benefits from its use of financial
instruments and to mitigate the adverse effects that the risks of financial instruments have on the Company’s financial performance
so as to maximize the profits of shareholders and other equity investors. Based on such risk management objectives the
Company’s risk management policies are established to identify and analyze the risks faced by the Company to set appropriate
risk limits and controls and to monitor risks and adherence to limits on a timely and reliable basis.The Company faces various risks related to financial instruments in its daily activities mainly including credit risk liquidity risk
and market risk. Management has reviewed and approved policies for managing these risks which are summarized below.(I) Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge
an obligation.
1. Credit risk management practice
(1) Evaluation method of credit risk
1192025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
At each balance sheet date the Company assesses whether the credit risk on a financial instrument has increased significantly
since initial recognition. When assessing whether the credit risk has increased significantly since initial recognition the Company
takes into account reasonable and supportable information which is available without undue cost or effort including qualitative
and quantitative analysis based on historical data external credit risk rating and forward-looking information. The Company
determines the changes in default risk of financial instruments during the estimated lifetime through comparison of the default risk
at the balance sheet date and the initial recognition date on an individual basis or a collective basis.The Company considers the credit risk on a financial instrument has increased significantly when one or more of the following
qualitative and quantitative standards are met:
1) Quantitative standard mainly relates to the scenario in which at the balance sheet date the probability of default in the
remaining lifetime has risen by more than a certain percentage compared with the initial recognition;
2) Qualitative standard mainly relates to significant adverse changes in the debtor’s operation or financial position present or
expected changes in technology market economy or legal environment that will have significant adverse impact on the debtor’s
repayment ability.
(2) Definition of default and credit-impaired assets
A financial instrument is defined as defaulted when one or more following events have occurred of which the standard is
consistent with that for credit-impairment:
1) significant financial difficulty of the debtor;
2) a breach of binding clause of contract;
3) it is very likely that the debtor will enter bankruptcy or other financial reorganization;
4) the creditor of the debtor for economic or contractual reasons relating to the debtor’s financial difficulty having granted to the
debtor a concession(s) that the creditor would not otherwise consider.
2. Measurement of expected credit losses
The key factors in the measurement of expected credit loss include the probability of default loss rate of default and exposure to
default risk. The Company develops a model of the probability of default loss rate of default and exposure to default risk on the
basis of quantitative analysis of historical data (e.g. counterparty rating guarantee measures and collateral type payment method
etc.) and forward-looking information.
3. Please refer to item VII 3、4、5、 and 6 of this section for details on the reconciliation table of opening balance and closing
balance of provision for losses of financial instrument.
4. Exposure to credit risk and concentration of credit risk
The Company’s credit risk is primarily attributable to cash and bank balances and receivables. In order to control such risks the
Company has taken the following measures:
(1) Cash and bank balances
The Company deposits its bank balances and other cash and bank balances in financial institutions with relatively high credit
levels hence its credit risk is relatively low.
(2) Receivables
1202025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
The Company performs credit assessment on customers using credit settlement on a continuous basis. The Company selects
credible and well-reputed customers based on credit assessment result and conducts ongoing monitoring on balance of receivables
to avoid significant risks in bad debts.As the Company only conducts business with credible and well-reputed third parties collateral is not required from customers.The Company manages credit risk aggregated by customers. As of June 30 2025 the Company has certain concentration of credit
risk and 18.26% (December 31 2024: 28.57%) of the total accounts receivable was due from the five largest customers of the
Company. The Company held no collateral or other credit enhancement on balance of receivables.The maximum amount of exposure to credit risk of the Company is the carrying amount of each financial asset at the balance sheet.(II) Liquidity risk
Liquidity risk is the risk that the Company may encounter deficiency of funds in meeting obligations associated with cash or other
financial assets settlement which is possibly attributable to failure in selling financial assets at fair value on a timely basis or failure
in collecting liabilities from counterparties of contracts or early redemption of debts or failure in achieving estimated cash flows.In order to control such risk the Company comprehensively utilized financing tools such as notes settlement bank borrowings etc.and adopts long-term and short-term financing methods to optimize financing structures and finally maintains a balance between
financing sustainability and flexibility. The Company has obtained credit limit from several commercial banks to meet working
capital requirements and expenditures.Financial liabilities classified based on remaining time period till maturity
Unit: RMB Yuan
June 30 2025
Items
Carrying amount Contract amount not yetdiscounted Within 1 year 1-3 years Over 3 years
Bank borrowings 8845883077.05 9087588489.92 4798923241.69 4285705394.61 2959853.62
Notes payable 132043730.49 132043730.49 132043730.49
Accounts payable 1472714046.89 1472714046.89 1472714046.89
Other payables 100273996.96 100273996.96 100273996.96
Lease liabilities 4536678.84 5669652.11 2005606.45 773664.70 2890380.96
Subtotal 10555451530.23 10798289916.37 6505960622.48 4286479059.31 5850234.58
(Continued)
Unit: RMB Yuan
December 31 2024
Items
Carrying amount Contract amount notyet discounted Within 1 year 1-3 years Over 3 years
Bank
borrowings 8953622867.92 9265719511.92 3821786544.74 5361753527.03 82179440.15
Notes payable 159164822.28 159164822.28 159164822.28
Accounts
payable 1685979157.55 1685979157.55 1685979157.55
Other
payables 122424090.50 122424090.50 122424090.50
1212025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
December 31 2024
Items
Carrying amount Contract amount notyet discounted Within 1 year 1-3 years Over 3 years
Lease
liabilities 5096797.33 6313749.85 1711482.85 1711886.07 2890380.93
Subtotal 10926287735.58 11239601332.10 5791066097.92 5363465413.10 85069821.08
(III) Market risk
Market risk is the risk that the Company may encounter fluctuation in fair value or future cash flows of financial instruments due to
changes in market price. Market risk mainly includes interest risk and foreign currency risk.
1. Interest risk
Interest risk is the risk that an enterprise may encounter fluctuation in fair value or future cash flows of financial instruments due to
changes in market interest. The Company’s fair value interest risks arise from fixed-rate financial instruments while the cash flow
interest risks arise from floating-rate financial instruments. The Company determines the proportion of fixed-rate financial
instruments and floating-rate financial instruments based on the market environment and maintains a proper financial instruments
portfolio through regular review and monitoring. The Company’s interest risk in cash flows relates mainly to bank borrowings with
floating interest rate.As of June 30 2025 balance of borrowings with interest accrued at floating interest rate totaled 5500.65 million yuan (December 31
2024: 4534.01 million yuan). If interest rates had been 50 basis points higher/lower and all other variables were held constant the
Company’s profit before tax and equity will not be significantly affected.
2. Foreign currency risk
Foreign currency risk is the risk arising from changes in fair value or future cash flows of financial instrument resulted from changes
in exchange rate. The Company’s foreign currency risk relates mainly to foreign currency monetary assets and liabilities. When
short-term imbalance occurred to foreign currency assets and liabilities the Company may trade foreign currency at market exchange
rate when necessary in order to maintain the net risk exposure within an acceptable level.Please refer to item VII 59 of the notes to the financial statements for details on foreign currency financial assets and liabilities at the
end of the period.
2. Hedging
(1) The Company conducts hedging business for risk management.
√Applicable □Not applicable
1) During the period under review the Company carried out foreign exchange hedging business using forward settlement and
other derivative contracts as hedging instruments and some of the expected purchases and sales transactions involving foreign
exchange cash flows as hedged items as a means of hedging the risk of fluctuations in expected future cash flows arising from
expected purchases and sales borne by the Company as the prices in the foreign exchange market fluctuate.
2) During the period under review the Company conducted foreign exchange hedging business using forward settlement and
other derivative contracts as hedging instruments and certain foreign exchange deposits as hedged items as a means of hedging the
Company's exposure to the risk of fluctuations in existing foreign exchange deposits in response to fluctuations in foreign
exchange market prices.
1222025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
(2) The Company conducts eligible hedging operations and applies hedge accounting
□Applicable √ Not applicable
(3) The Company conducts hedging operations for risk management and expects to achieve its risk management objectives
but does not apply hedge accounting
√Applicable □Not applicable
Items Reasons for not applying hedge accounting Effect on the financial statements
The Company extensively uses foreign
exchange forward contracts and other tools for
foreign exchange risk management between Derivative financial assets:814253.31yuan
USD EUR CNY and JPY on a global scale; Derivative financial liabilities:71334100.03
foreign exchange swap because there is a certain offsetting relationship yuan
(FX) contract between the exchange rate changes between Investment income:-19871951.63 yuan
different currencies which can to a certain Gains on changes in fair value:-106860384.44
extent have the same effect as that of hedge yuan
accounting hedge accounting has not been
applied.
3. Financial assets
(1) Classification of transfer methods
√ Applicable □Not applicable
Unit: RMB Yuan
Nature of financial Amount of financial Status of
Items Basis for determining derecognition
assets transferred assets transferred derecognition
Endorsement Full
Receivables financing 852136845.14 The main risks and rewards such as the
discounting derecognition related interest rate risk and credit risk
Endorsement Full have been transferred to banks and third
notes receivable 96830291.00
discounting derecognition parties
Total 948967136.14
(2) Financial assets derecognized due to transfers
√ Applicable □Not applicable
Unit: RMB Yuan
Modalities for the transfer of Amount of financial assets Gains or losses related to
Items
financial assets derecognized derecognition
Receivables financing Endorsement discounting 852136845.14
Notes receivable Endorsement discounting 96830291.00
Total 948967136.14
(3) Transfer of financial assets with continuing involvement in assets
□Applicable √ Not applicable
1232025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
XIII. Fair value disclosure
1. Details of fair value of assets and liabilities at fair value at the balance sheet date
Unit: RMB Yuan
Fair value as at the balance sheet date
Items Level 1 fair value Level 2 fair value Level 3 fair value
Total
measurement measurement measurement
I. Recurring fair value
--------
measurement
(i) Financial assets held
814253.311950000000.001950814253.31
for trading
1. Financial assets at
fair value through 814253.31 1950000000.00 1950814253.31
profit or loss
（i）Derivative 814253.31 814253.31
financial assets（ii）Principal-
protected floating-rate
1950000000.001950000000.00
wealth management
product
2. Receivables
615913861.51615913861.51
financing
3. Other investments
17790147.5517790147.55
in equity instruments
Total assets measured
at fair value on an 814253.31 2583704009.06 2584518262.37
ongoing basis
(ii) Trading financial
71334100.0371334100.03
liabilities
Derivative
71334100.0371334100.03
financial liabilities
Total liabilities
measured at fair value 71334100.03 71334100.03
on an ongoing basis
II. Non-continuing fair
--------
value measurements
2. Qualitative and quantitative information of valuation technique(s) and key input(s) for level 2 fair value at recurring and
non-recurring fair measurement
Derivative financial assets/liabilities held by the Company for fair value measurement in Level 2 are forward foreign exchange
contracts and the Company uses the present value of the difference between the agreed delivery rate of the forward foreign
exchange contract and the forward foreign exchange rate in the market at the balance sheet date to determine its fair value.
3. Qualitative and quantitative information of valuation technique(s) and key input(s) for level 3 fair value at recurring and
non-recurring fair measurement
(1) The receivable financing held by the Company for Level 3 fair value measurement is bank acceptance receivables which have
low credit risk and short remaining maturity and the Company determines the fair value of these receivables based on their face
balances.
1242025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
(2) The Company's investments in other equity instruments measured at fair value in Level 3 are equity in unlisted companies. For
unlisted investments in equity instruments the Company estimates the fair value using a combination of market approach and
discounted future cash flows. The Company measures the investment cost as a reasonable estimate of fair value because the
business environment and operating conditions and financial conditions of the investee companies Zhejiang Second Pharma Co.Ltd. and Shanghai NewMargin Yongjin Eqiuty Enterprise (LP) have not undergone any significant changes.XIV Related parties and related party transactions
1. Parent company
Holding Voting right
Place of
Parent company Business nature Registered capital proportion over the proportion over the
registration
Company Company
NHU Holding Xinchang 120.00 million
Manufacturing 50.08% 50.08%
Group Co. Ltd. Zhejiang yuan
Remarks on the parent company
The Company’s ultimate controlling party is the natural person Hu Baifan.
2. Subsidiaries of the Company
Please refer to item IX 1(1) of the notes to the financial statements for details on the Company’s subsidiaries.
3. Joint ventures and associates of the Company
Please refer to item VII 11 of the notes to the financial statements for details on the Company’s significant joint ventures and
associates.The following is a summary of other joint ventures or associates that have engaged in related party transactions with the Company
during the current period or have outstanding balances from related party transactions with the Company in previous periods:
Name of joint venture or joint operation Relationship with the Company
Ningbo ZRCC NHU Biotechnology Co. Ltd. The Company's joint venture
Zhejiang Chunhui Environmental Protection Energy Co. Ltd. The Company's Associates
Envalior NHU Engineering Materials (Zhejiang) Co.Ltd. The Company's Associates
Zhejiang Saiya Chemical Materials Co. Ltd. The Company's Associates
CysBio ApS The Company's Associates
Shandong Bin’an Vocational Training School Co. Ltd. The Company's Associates
Anhui Innovation Technology Co. Ltd The Company's Associates
4. Other related parties of the Company
Related parties Relationships with the Company
Beijing Front Pharmaceutical Co. Ltd. Controlled by NHU Holding Group Co. Ltd.Zhejiang Asen Pharmaceutical Co. Ltd. Controlled by NHU Holding Group Co. Ltd.Zhejiang Deli Equipment Co. Ltd. Controlled by NHU Holding Group Co. Ltd.Front Pharmaceutical PLC. Controlled by NHU Holding Group Co. Ltd.Weifang NHU Real Estate Co. Ltd. Controlled by NHU Holding Group Co. Ltd.Qionghai Heyue Property Services Co. Ltd. Controlled by NHU Holding Group Co. Ltd.Qionghai Boao Holliyard Hotel Management Co. Ltd. Controlled by NHU Holding Group Co. Ltd.Shaoxing Heyue Property Services Co. Ltd. Controlled by NHU Holding Group Co. Ltd.Zhejiang Jingshi Real Estate Co. Ltd. Controlled by NHU Holding Group Co. Ltd.Shaoxing Yuexiu Education Development Co. Ltd. Controlled by NHU Holding Group Co. Ltd.Shaoxing Jinghe Hotel Management Co. Ltd. Controlled by NHU Holding Group Co. Ltd.Shaoxing Shangyu NHU Real Estate Co. Ltd. Controlled by NHU Holding Group Co. Ltd.Zhejiang Yuexiu University of Foreign Languages Controlled by NHU Holding Group Co. Ltd.
1252025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Related parties Relationships with the Company
Changbai Mountain Nature Reserve and Yuehe Real Estate
Controlled by NHU Holding Group Co. Ltd.Development Co. Ltd
Heilongjiang Haotian Corn Development Co. Ltd. Minority shareholders of subsidiaries
Fuyuan Pharmaceutical Co. Ltd. Cangzhou Branch Branch of Beijing Winsunny Pharmaceutical Co. Ltd.Shaoxing Heyue Property Service Co. Ltd. Shangyu Branch Branch of Shaoxing Heyue Property Services Co. Ltd.Other remarks：
As Client B holds 25% equity of NHU Europe GmbH the holding subsidiary of the Company’s subsidiary NHU (Hong Kong)
Trading Co. Ltd. the Company discloses transactions between Client B and NHU Europe GmbH as well as balances in related
party transactions for the sake of prudence.
5. Related party transactions
(1) Purchase and sale of goods rendering and receiving of services
Purchase of goods and receiving of services
Unit: RMB Yuan
Preceding
Content of Current period Transaction limit Whether exceeds
Related parties period
transaction cumulative approved transaction limit
comparative
Zhejiang Deli Equipment Purchase of
8320553.16 68000000.00 No 87399810.62
Co. Ltd. goods
Zhejiang Chunhui Buy Steam 48597383.90 53776671.24
Environmental Protection Receiving of
Energy Co. Ltd. 437189.89 330547.17services
Zhejiang Saiya Chemical Purchase of
111801148.68 235000000.00 No 129190831.15
Materials Co. Ltd. goods
Zhejiang Asen Purchase of
54785.84103812.56
Pharmaceutical Co. Ltd. goods
Qionghai Boao Holliyard Food and
Hotel Management Co. accommodati 2288.00 11565.62
Ltd. on services
Shaoxing Jinghe Hotel
No 764004.04 733057.43
Management Co. Ltd.Catering and
Qionghai Heyue Property
accommodati 108074.04
Services Co. Ltd.on services 3300000.00 No
Catering and
Shaoxing Heyue Property
accommodati 188264.15 214360.00
Services Co. Ltd.on services
Zhejiang Jingshi Real Receiving of
43594.01
Estate Co. Ltd. services
Changbai Mountain
Nature Reserve and Receiving of
17368.50
Yuehe Real Estate services
Development Co. Ltd
Heilongjiang Haotian
Purchase of
Corn Development Co. 20125109.65 700819.04
goods
Ltd.Shandong Bin’an
Receiving of
Vocational Training 56940.57
services
School Co. Ltd.Total 190347667.88 306300000.00 272630511.38
1262025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Sale of goods and rendering of services
Unit: RMB Yuan
Related parties Content of transaction Current period cumulative Preceding period comparative
Zhejiang Deli Equipment Co. Ltd. New Materials 589492.03 77876.10
Pharmaceutical
Front Pharmaceutical PLC. 398230.09 353982.31
intermediates testing fees
New Materials 74760442.59 71388365.86
Envalior NHU Engineering Labor costs etc. 4961.85 12933.42
Materials (Zhejiang) Co.Ltd. water and electricity
857110.29
charges
Beijing Front Pharmaceutical Co.testing fee 391509.43
Ltd.Ningbo ZRCC NHU Biotechnology Providing labor services 465000.00
Co. Ltd. Selling goods 2484792.93
Total 79951539.21 71833157.69
(2) Related party leases
The Company as the lessor:
Unit: RMB Yuan
Lease income recognized in Lease income recognized in
Lessees Types of assets leased
the current period preceding period
Envalior NHU Engineering Land use right and
316724.37422065.14
Materials (Zhejiang) Co.Ltd. buildings
Qionghai Boao Holliyard Hotel Land use right and
156000.00
Management Co. Ltd. buildings
Zhejiang Jingshi Real Estate Co. Land use right and
69357.80326238.53
Ltd. buildings
Land use right and
NHU Holding Group Co. Ltd. 13400.92 16513.76
buildings
Land use right and
Weifang NHU Real Estate Co. Ltd. 5142.86 5142.86
buildings
The Company as the lessee:
Unit: RMB Yuan
Rental costs for short-term leases and leases of low-value assets
with simplified treatment (if applicable)
Lessors Types of assets leased
Lease expenses recognized in Lease expenses recognized in
the current period preceding period
NHU Holding Group Co. Ltd. Land use right and buildings 342290.74
(3) Related party guarantees
The Company as a guaranteed party
Unit: RMB Yuan
Whether the guarantee
Guarantors Amount guaranteed Commencement date Maturity date
is mature
NHU Holding Group 128000000.00 December 3 2020 September 21 2025 No
Co. Ltd. 200000000.00 November 17 2022 November 14 2025 No
Total 328000000.00
1272025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
(4) Key management’s emoluments
Unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Key management’s emoluments 7181369.40 5926687.50
(5) Other related party transactions
During the current period the subsidiary NHU Europe GmbH sold goods amounting to RMB 94555091.05 (excluding tax) to
Client B with an ending accounts receivable balance of RMB 44018389.43 as of the reporting date.
6. Balance due to or from related parties
(1) Balance due from related parties
Unit: RMB Yuan
Closing balance Opening balance
Items Related parties Provision for bad Provision for bad
Book balance Book balance
debts debts
Envalior NHU Engineering
Accounts
Materials (Zhejiang) 41446520.62 2072326.03 33814553.47 1690727.67
receivable
Co.Ltd.Subtotal 41446520.62 2072326.03 33814553.47 1690727.67
Ningbo ZRCC NHU
2000000.00100000.00
Biotechnology Co. Ltd.Zhejiang Chunhui
Other Environmental Protection 20000.00 1000.00 20000.00 1000.00
receivables Energy Co. Ltd.Envalior NHU Engineering
Materials (Zhejiang) 1312112.90 65605.65
Co.Ltd.Subtotal 1332112.90 66605.65 2020000.00 101000.00
(2) Balance due to related parties
Unit: RMB Yuan
Items Related parties Closing book balance Opening book balance
Zhejiang Deli Equipment Co. Ltd. 5759523.53 11421085.71
Zhejiang Saiya Chemical Materials Co.
80509771.45
Ltd.Accounts Zhejiang Second Pharma Co. Ltd. 6408.00 6408.00
payable Heilongjiang Haotian Corn Development
2061681.57852650.48
Co. Ltd.Zhejiang Chunhui Environmental
9482218.0811789009.62
Protection Energy Co. Ltd.Subtotal 97819602.63 24069153.81
Zhejiang Deli Equipment Co. Ltd. 13009.64 13009.64
Contract
liabilities Ningbo ZRCC NHU Biotechnology Co. 120037204.74 119219670.23
Ltd.Subtotal 120050214.38 119232679.87
Zhejiang Deli Equipment Co. Ltd. 3500.00 4190.00
Ningbo ZRCC NHU Biotechnology Co.
1650.00
Other payables Ltd.Shaoxing Jinghe Hotel Management Co.
680.00
Ltd.
1282025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Items Related parties Closing book balance Opening book balance
Subtotal 4180.00 5840.00
Zhejiang Deli Equipment Co. Ltd. 1691.25 1691.25
Other current
liabilities Ningbo ZRCC NHU Biotechnology Co. 15604836.62 15498557.13
Ltd.Subtotal 15606527.87 15500248.38
XV. Share-based payments
1. Overall situation of share-based payments
□Applicable √ Not applicable
2. Share-based payments settled in equity
□Applicable √ Not applicable
3. Share-based payments settled in cash
□Applicable √ Not applicable
4. Share-based payment expenses for the current period
□Applicable √ Not applicable
XVI. Commitments and contingencies
1. Significant commitments
Significant commitments as at the balance sheet date
(1)Forward exchange settlement contracts
Pursuant to “ISDA 2002 MASTER AGREEMENT” entered into between the Company and Bank of China (Hong Kong) Limited
“ ISDA 2002 MASTER AGREEMENT” entered into with DBS Bank (China) Limited the GLOBAL CAPITAL MARKETS
TRANSACTION and the related transaction application form entered into with HSBC Bank (China) Limited Hangzhou Branch
the NAFMII Master Agreement and Supplemental Agreement (No. Y161136) with the Bank of China Limited Zhejiang Branch
NAFMII Master Agreement and Supplemental Agreement (No. Y161136) as of June 30 2025 the details of the Company's
undelivered forward settlement contracts are as follows:
Forms of settlement and sale of
Currency Amount Exchange Rate Settlement Date
foreign exchange
settle foreign exchange 10000000.00 7.7045 7/23/2025
settle foreign exchange 5000000.00 7.7880 7/9/2025
settle foreign exchange 5000000.00 7.7890 7/16/2025
EUR settle foreign exchange 5000000.00 7.8372 7/23/2025
settle foreign exchange 5000000.00 7.8396 7/28/2025
settle foreign exchange 5000000.00 7.8647 8/7/2025
settle foreign exchange 5000000.00 7.8743 8/14/2025
1292025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Forms of settlement and sale of
Currency Amount Exchange Rate Settlement Date
foreign exchange
settle foreign exchange 5000000.00 7.8300 8/19/2025
settle foreign exchange 5000000.00 7.8308 8/21/2025
settle foreign exchange 10000000.00 7.8575 9/4/2025
settle foreign exchange 10000000.00 7.9580 10/16/2025
settle foreign exchange 10000000.00 7.9575 10/23/2025
settle foreign exchange 10000000.00 7.9575 10/28/2025
settle foreign exchange 10000000.00 7.8878 9/25/2025
settle foreign exchange 5000000.00 7.8998 8/27/2025
settle foreign exchange 10000000.00 7.8682 9/18/2025
settle foreign exchange 5000000.00 8.1702 8/27/2025
settle foreign exchange 5000000.00 8.1641 11/12/2025
settle foreign exchange 5000000.00 8.1830 11/19/2025
settle foreign exchange 5000000.00 8.1824 11/26/2025
settle foreign exchange 5000000.00 8.1815 11/25/2025
settle foreign exchange 5000000.00 8.1815 11/26/2025
settle foreign exchange 5000000.00 8.2680 11/12/2025
settle foreign exchange 5000000.00 8.2745 11/26/2025
settle foreign exchange 1000000.00 8.3142 7/24/2025
settle foreign exchange 1000000.00 8.3112 8/26/2025
settle foreign exchange 1000000.00 8.3088 9/25/2025
settle foreign exchange 1000000.00 8.3067 10/28/2025
settle foreign exchange 1000000.00 8.3042 11/25/2025
settle foreign exchange 1000000.00 8.2872 7/24/2025
settle foreign exchange 1000000.00 8.2842 8/26/2025
settle foreign exchange 1000000.00 8.2818 9/25/2025
settle foreign exchange 1000000.00 8.2797 10/28/2025
settle foreign exchange 1000000.00 8.2772 11/25/2025
settle foreign exchange 5000000.00 8.3000 12/10/2025
settle foreign exchange 5000000.00 8.3020 12/17/2025
settle foreign exchange 5000000.00 8.3060 12/23/2025
settle foreign exchange 5000000.00 8.3110 12/23/2025
settle foreign exchange 1000000.00 8.3260 7/24/2025
settle foreign exchange 1000000.00 8.3220 8/26/2025
settle foreign exchange 1000000.00 8.3200 9/25/2025
settle foreign exchange 1000000.00 8.3180 10/28/2025
settle foreign exchange 1000000.00 8.3160 11/25/2025
settle foreign exchange 5000000.00 8.3490 12/23/2025
1302025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Forms of settlement and sale of
Currency Amount Exchange Rate Settlement Date
foreign exchange
settle foreign exchange 5000000.00 8.3565 12/23/2025
settle foreign exchange 5000000.00 8.3905 9/25/2025
USD purchase of foreign currency 10000000.00 7.0542 12/30/2025
Subtotal 215000000.00
(2) Letters of guarantee issued but undue
As of June 30 2025 the undue letters of credit issued by the Company and its subsidiaries are as follows:
Issuing banks Applicants Type of L/G Amount Conditions for issuing
Performance USD52000.00 Occupying credit line
guarantee
Bank of China Limited Occupying credit line
Xinchang Sub-branch The Company
Performance USD95050.00
guarantee
Performance USD16710.00 Occupying credit line
guarantee
Bank of China Binhai Sub- Shandong NHU Amino-acids quality CNY8183592.83
branch Weifang? Co. Ltd. guarantee Deposit of 8183592.83yuan
China Construction Bank
Binhai Sub-branch Shandong NHU Amino-acids performance CNY1004364.00Co. Ltd. bond Deposit of 1004364.00yuanWeifang?
Bank of China Binhai Sub- Weifang Haicheng Thermal Performance CNY800000.00
branch Weifang? Power Co. Ltd. bond Deposit of 800000.00yuan
(3)Letters of credit issued but undue
As of June 30 2025 the undue letters of credit issued by the Company and its subsidiaries are as follows:
Issuing banks Applicants Balance of L/C Conditions
Bank of Hangzhou Xinchang
Sub-branch? The Company CNY 50000000.00 Occupying credit line
Agricultural Bank of China
Xinchang Sub-branch? The Company CNY 100000000.00 Occupying credit line
CNY 200000000.00 Occupying credit line
Export-Import Bank of China
Zhejiang Provincial Branch? The Company
CNY 100000000.00 Occupying credit line
JPY 180000000.00 Occupying credit line
USD 29526.00 Occupying credit line
USD 139153.00 Occupying credit line
Bank of China Xinchang Sub-
branch? The Company
CNY 50000000.00 Occupying credit line
CNY 100000000.00 Occupying credit line
CNY 100000000.00 Occupying credit line
China Construction Bank
Shangyu New District Sub- Shangyu NHU Bio-Chem Co.Ltd. USD 96000.00 Deposit of USD96000.00branch?
(4) Bill Pool Agreements
Based on actual operational needs the Company entered into bill pool agreements with China Zheshang Bank Co. Ltd. and China
Merchants Bank Co. Ltd. As of June 30 2025 the balance of bank acceptance bills pledged by the Company and its subsidiaries
1312025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
amounted to RMB 112087395.84 of which RMB 110127395.84 was pledged through the China Zheshang Bank bill pool and
RMB 1960000.00. through the China Merchants Bank bill pool.Except for the above matters and those disclosed in the "Assets with Restricted Ownership or Usage Rights" section of the notes to
these financial statements the Company had no other significant commitments as of the balance sheet date.
2. Contingencies
(1) There are no material contingencies that the Company is required to disclose which should also be
explained
In accordance with the Derivative Trading Mandate submitted by the Company and its subsidiaries to China Merchants Bank the
details of outstanding option contracts held by the Company and its subsidiaries as of June 30 2025 are outlined below:
Authorized Bank Applicant Currency ontingent Strike Rate Settlement CollateralNotional Amount Date Requirement
CMB Hangzhou
Branch The Company USD 2000000.00 7.7600 12/30/2025
Margin deposit:
RMB 1200000.00
CMB Hangzhou Shangyu NHU Biochemical
Branch Co. Ltd. USD 2000000.00 7.7600 12/30/2025
Margin deposit:
RMB 1200000.00
CMB Hangzhou Zhejiang NHU Special Margin deposit:
Branch Materials Co. Ltd. USD 2000000.00 7.7600 12/30/2025 RMB 1200000.00
CMB Hangzhou Shandong NHU Amino Acid USD 2000000.00 7.7600 12/30/2025 Margin deposit:Branch Co. Ltd. RMB 1200000.00
(2) Disclosure of Significant Contingencies
The Company hereby confirms that there are no material contingent liabilities requiring disclosure as of the reporting date.XVII. Events after the balance sheet date
1. Profit distribution
Proposed cash dividend per 10 shares (RMB) 2
Proposed bonus share issue per 10 shares (share) 0
Proposed capital conversion per 10 shares
0
(share)
Approved cash dividend per 10 shares (RMB) 2
Approved bonus share issue per 10 shares
0
(share)
Approved capital conversion per 10 shares
0
(share)
Temporarily based on 3059121988 shares [Note] (calculated by excluding
14299692 repurchased shares from the total share capital of 3073421680
shares as of July 31 2025) the Company intends to distribute cash dividend
Profit distribution plan of 2 yuan (tax included) and and no bonus shares will be distributed and the
capital reserve will not be converted into share capital.Note: As of July 31 2025 the Company’s share capital totaled
3073421680 shares including repurchased share of 14299692 shares.
1322025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
According to the “Rules on Share Repurchase of Listed Companies” shares
in the special account for repurchase of listed companies carry no right of
profit distribution and conversion of capital reserve into share capital.If the Company’s total share capital changes due to the conversion of
convertible bonds share repurchase exercise of equity incentives refinancing
and listing of new shares etc. before the implementation of the profit
distribution proposal the total distribution will be adjusted accordingly based
on the same distribution ratio.
2. Description of other events after the balance sheet date
As of the date of approval for issuing the financial statements the Company has no other significant events after the balance sheet
date to be disclosed.XVIII. Other significant events
1. Segment information
(1) Identification basis and accounting policies for report table segments
Report table segments are identified according to the structure of the Company’s internal organization management requirements
and internal reporting system and based on business segments. Assets and liabilities shared by different segments are allocated
among segments proportionate to their respective sizes.
(2) Financial information of report table segments
Unit: RMB Yuan
Pharmaceutical Inter-segment
Items Others Total
chemicals offsetting
Operating revenue 10776701720.67 812971612.20 489040496.09 11100632836.78
Including: Revenue
from contracts with 10776701720.67 809355140.94 489040496.09 11097016365.52
customers
Operating cost 6007145682.64 488262170.54 489040496.09 6006367357.09
Total assets 40771693204.96 3173532760.98 216365984.86 43728859981.08
Total liabilities 12440183622.57 881803125.58 216365984.86 13105620763.29
2. Other important transactions and matters that may affect investors' decisions
Please refer to the explanations in Sections 13 and 14 of Chapter 5 of this periodic report for details.XIX. Notes to the main items of the parent company's financial statements
1. Accounts receivable
(1) Age analysis
Unit: RMB Yuan
Ages Closing balance Opening balance
Within 1 year 1199807798.93 1531673396.24
Total 1199807798.93 1531673396.24
1332025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
(2) Details on categories
Unit: RMB Yuan
Closing balance Opening balance
Book balance Provision for bad debts Book balance Provision for bad debts
Categories Carrying Provisi Carrying
% to Provision on
Amount Amount amount Amount % to total Amount amount
total proportion proporti
on
Including:
Receivabl
es with
provision
1199807798.93100.00%59990389.955.00%1139817408.981531673396.24100.00%76583669.815.00%1455089726.43
made on a
collective
basis
Total 1199807798.93 100.00% 59990389.95 5.00% 1139817408.98 1531673396.24 100.00% 76583669.81 5.00% 1455089726.43
Provision made on a collective basis using age analysis method:
Unit: RMB Yuan
Closing balance
Items
Book balance Provision for bad debts Provision proportion
Within 1 year 1199807798.93 59990389.95 5.00%
Total 1199807798.93 59990389.95
Provision for bad debts on accounts receivable is made in accordance with the general model of expected credit losses if any:
□Applicable√Not applicable
(3) Provisions made collected or reversed in the current period
Provisions made in the current period:
Unit: RMB Yuan
Increase/Decrease
Opening
Categories Recovery/ Closing balance
balance Accrual Reversal Write-off Others
Provision made
on a collective 76583669.81 -16593279.86 59990389.95
basis
Total 76583669.81 -16593279.86 59990389.95
(4) Details of the top 5 debtors with largest balances
Unit: RMB Yuan
Proportion to the total balance
Debtors Book balance Provision for bad debts
of accounts receivable (%)
Client 1 818309930.15 68.20% 40915496.51
Client 2 179317069.02 14.95% 8965853.45
1342025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Proportion to the total balance
Debtors Book balance Provision for bad debts
of accounts receivable (%)
Client 3 44445350.00 3.70% 2222267.50
Client 4 22757780.06 1.90% 1137889.00
Client 5 13934950.00 1.16% 696747.50
Total 1078765079.23 89.91% 53938253.96
2. Other receivables
Unit: RMB Yuan
Items Closing balance Opening balance
Other receivables 1072783699.27 1008085932.79
Total 1072783699.27 1008085932.79
(1) Other receivables
1) Details on categories
Unit: RMB Yuan
Nature of receivables Closing book balance Opening book balance
loan splitting 1086032637.48 995850000.00
Deposit Guarantee 13271220.50 13368946.50
Export Tax Refund 21692624.85 41117094.74
Employee reserve fund 6966697.00 5580822.60
Other 2063213.78 3670632.73
Total 1130026393.61 1059587496.57
2) Age analysis
Unit: RMB Yuan
Ages Closing book balance Opening book balance
Within 1 year (inclusive) 1110763753.73 1044830990.72
1-2 years 4764739.67 1070952.85
2-3 years 714738.76 325560.47
Over 3 years 13783161.45 13359992.53
3-4 years 423168.92
4-5 years
Over 5 years 13359992.53 13359992.53
Total 1130026393.61 1059587496.57
1352025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
3) Disclosure by bad debt accrual method
Unit: RMB Yuan
Closing balance Opening balance
Book balance Provision for bad debts Book balance Provision for bad debts
Categories Provision Carrying amount Provision Carrying amount
Amount % to total Amount proportio Amount % to total Amount
proportion
n
Including:
Receivables
with provision
made on a 1130026393.61 100.00% 57242694.34 5.07% 1072783699.27 1059587496.57 100.00% 51501563.78 4.86% 1008085932.79
collective
basis
Including:
Total 1130026393.61 100.00% 57242694.34 5.07% 1072783699.27 1059587496.57 100.00% 51501563.78 4.86% 1008085932.79
Category name for bad debt provisions calculated by combination: Other receivables for which bad debt provisions are calculated
by combination
Unit: RMB Yuan
Closing balance
Categories
Book balance Provision for bad debts Provision proportion
Land deposit receivable
12518762.50
portfolio
Export Refund Receivable
21692624.85
Portfolio
Ages 1095815006.26 57242694.34 5.22%
Within 1 year (inclusive) 1089071128.88 54453556.45 5.00%
1-2 years 4764739.67 952947.93 20.00%
2-3 years 714738.76 571791.01 80.00%
Over 3 years 1264398.95 1264398.95 100.00%
Total 1130026393.61 57242694.34
Provision for bad debts based on the expected credit loss general model:
Unit: RMB Yuan
Phase I Phase II Phase III
Provision for bad debts Lifetime expected Lifetime expected12- month expected Totalcredit losses (credit not credit losses (credit
credit losses
impaired) impaired)
Opening balance 50185694.80 214190.57 1101678.41 51501563.78
Opening balance in the
current period
--Transferred to phase
-238236.98238236.98
II
--Transferred to phase
-142947.75142947.75
III
Provision made in the
4506098.63643468.13591563.805741130.56
current period
Closing balance 54453556.45 952947.93 1836189.96 57242694.34
1362025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
The basis for the classification of each stage and the percentage of provision for bad debts:
Accounts aged less than one year are classified as stage I those aged 1-2 years are classified as stage II and those aged more than
2 years are classified as stage III.
Changes in the carrying amount of the provision for losses that are significant in terms of the amount of change during the period.□Applicable√Not Applicable
4) Details of the top 5 debtors with largest balances
Unit: RMB Yuan
Proportion to the
Nature of total balance of Provision for bad
Debtors Book balance Ages
receivables other receivables debts
(%)
Shandong NHU Fine
Within 1 year
Chemical Science and Call loans 383664138.86 33.95% 19183206.94
(inclusive)
Technology Co. Ltd.Tianjin NHU Materials Within 1 year
Call loans 261318236.12 23.12% 13065911.81
Technology Co. Ltd. (inclusive)
Heilongjiang Xinhao Within 1 year
Call loans 211449306.96 18.71% 10572465.35
Thermal Power Co.Ltd. (inclusive)
Xinchang NHU Within 1 year
Call loans 156942180.55 13.89% 7847109.03
Vitamins Co. (inclusive)
Shaoxing Nayang
Within 1 year
Materials Technology Call loans 40310000.00 3.57% 2015500.00
(inclusive)
Co. Ltd.Total 1053683862.49 93.24% 52684193.13
3. Long-term equity investments
Unit: RMB Yuan
Closing balance Opening balance
Items Provision for Provision for
Book balance Carrying amount Book balance Carrying amount
impairment impairment
Investments in
10520058350.1210520058350.1210822058350.1210822058350.12
subsidiaries
Investments in
associates and 683398358.57 683398358.57 666079397.87 666079397.87
joint ventures
Total 11203456708.69 11203456708.69 11488137747.99 11488137747.99
(1) Investments in subsidiaries
Unit: RMB Yuan
Increase/Decrease
Opening
Investees Opening carrying balance of Investm Provisi Closing carrying
Closing balance
amount provision for Investments ents on for Others amount
of provision for
impairment increased decreas impair impairment
ed ment
Xinchang NHU
149407990.1580000000.00229407990.15
Vitamins Co. Ltd.Zhejiang NHU
13500000.0013500000.00
Import & Export
1372025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Increase/Decrease
Opening
Investees Opening carrying balance of Investm Provisi Closing carrying
Closing balance
amount provision for Investments ents on for amount of provision for
impairment increased decreas impair Others impairment
ed ment
Co. Ltd.Zhejiang Vityesun
Animal Nutrition 5000000.00 5000000.00
and Health Co. Ltd.Shangyu NHU Bio-
414100091.44414100091.44
Chem Co. Ltd.NHU (Hong Kong)
16406160.0016406160.00
Trading Co. Ltd.Zhejiang NHU
Pharmaceutical Co. 480000000.00 480000000.00
Ltd.Zhejiang NHU
Special Materials 554844108.53 554844108.53
Co. Ltd.Shandong NHU
Amino-acids Co. 5800000000.00 5800000000.00
Ltd.Shandong NHU
200000000.00200000000.00
Holdings Co. Ltd.Heilongjiang NHU
Biotechnology Co. 1900000000.00 1900000000.00
Ltd.Shandong NHU
Pharmaceutical Co. 586000000.00 586000000.00
Ltd.Shandong NHU Fine
Chemical Science
590000000.00-590000000.00
and Technology Co.Ltd.NHU Singapore
12800000.0012800000.00
PTE. LTD.Tianjin NHU Mat
erials Technology 100000000.00 100000000.00
Co. Ltd.ZhejiangNHU
Holding Group 208000000.00 208000000.00
Co. Ltd.? ?
10520058350.1
Total 10822058350.12 288000000.00 -590000000.00
2
1382025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
(2) Investments in associates and joint ventures
Unit: RMB Yuan
Opening Increase/Decrease Closi
balance ng
of Investment Cash balanprovisio Adjustment ce of
Investees Openingcarrying amount n for Investments Investments
income Changes in dividend/ Provision Closing carrying
impairm increased decreased recognized
in other
comprehensi other Profit for Others amount
provi
under equity equity declared for impairment sionent method ve income distribution forimpai
rment
I. joint venture
Ningbo ZRCC
NHU 358644929.90 -15076323.59 343568606.31
Biotechnology
Co. Ltd.Subtotal 358644929.90 -15076323.59 343568606.31
II. Associates
Zhejiang
Chunhui
Environmental 302422406.40 32414200.80 11681.07 334848288.27
Protection
Energy Co.Ltd.Anhui Yingna
Weixun 5012061.57 -30597.58 4981463.99
Technology
Co. Ltd
Subtotal 307434467.97 32383603.22 11681.07 339829752.26
Total 666079397.87 17307279.63 11681.07 683398358.57
The recoverable amount is determined as the net of fair value less costs of disposal
□Applicable√Not applicable
Recoverable amount is determined as the present value of the expected future cash flows
□Applicable√Not applicable
4. Operating revenue/Operating cost
Unit: RMB Yuan
Current period cumulative Preceding period comparative
Items
Revenue Cost Revenue Cost
Main operations 2272445803.50 1608253690.17 1648027716.97 1455263461.14
Other operations 16464550.41 13097558.26 30583786.52 23411419.87
Total 2288910353.91 1621351248.43 1678611503.49 1478674881.01
Including: Revenue
from contracts with 2287433972.45 1620857070.99 1676857697.21 1478180865.14
customers
Details of revenue
Unit: RMB Yuan
Contract Classification Revenue Cost
By product
Including:
Nutrition 2272445803.50 1608253690.17
Others 14988168.95 12603380.82
1392025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Contract Classification Revenue Cost
Subtotal 2287433972.45 1620857070.99
By operating region
Including:
Domestic 1119202378.36 848040501.75
Overseas 1168231594.09 772816569.24
Subtotal 2287433972.45 1620857070.99
By revenue recognition time
Including:
Transferred at a point in time 2287433972.45 1620857070.99
Subtotal 2287433972.45 1620857070.99
Information related to transaction price allocated to the remaining performance obligations:
As of June 30 2025 revenue corresponding to performance obligations for which the Company has entered into contracts but not
yet performed or fulfilled amounted to 565.89 million yuan of which 565.89million yuan is expected to be recognized as revenue
in 2025.
5. Investment income
Unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Investment income from long-term
1750000000.001500000000.00
equity investments under cost method
Investment income from long-term
17307279.6313076861.11
equity investments under equity method
Investment income from disposal of
28770508.00
long-term equity investments
Interest income from call loans 16565281.42 42903111.48
Dividend income earned on investments
in other equity instruments during the 5292000.00 1500000.00
holding period
Returns on wealth management products
4122267.74
and structured deposits
Subtotal 1793286828.79 1586250480.59
6. R&D expenses
Items Current period cumulative Preceding periodcomparative
Employee benefits 82725549.50 69875104.74
Depreciation amortization of intangible assets 10733137.45 14600630.38
Outsourcing expenses 6077358.50 170000.00
Direct input 13547258.16 10920350.03
Office expenses business traveling expenses 1285946.17 890223.62
Others 10163538.49 8174954.81
Total 124532788.27 104631263.58
1402025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
XX. Supplementary information
1. Schedule of non-recurring profit or loss
√ Applicable □ Not applicable
Unit: RMB Yuan
Items Amount Remarks
Gains or losses on disposal of non-
current assets including write-off of -1582139.69
provision for impairment
Government grants included in profit or
loss (excluding those closely related to
operating activities of the Company
satisfying government policies and 53301140.51
regulations and continuously enjoyed
with certain quantity or quota based on
certain standards)
Gains or losses on changes in fair value
of held-for-trading financial assets and
held-for-trading financial liabilities and
investment income from disposal of
-126732336.07
held-for-trading financial assets and
held-for-trading financial liabilities
excluding those arising from hedging
business related to operating activities
Gains or losses on assets consigned to
the third party for investment or 8184998.28
management
Other non-operating revenue or
-1780103.34
expenditures
Less: Enterprise income tax affected 6698630.00
Non-controlling interest affected
-68508.91
(after tax)
Total -75238561.40 --
Remarks on other profit or loss satisfying the definition of non-recurring profit or loss:
□ Applicable √ Not applicable
The Company has no other profit or loss satisfying the definition of non-recurring profit or loss.Remarks on defining non-recurring profit or loss listed in the “Interpretation Pronouncement on Information Disclosure Criteria forPublic Companies No. 1 – Non-Recurring Profit or Loss” as recurring profit or loss
□ Applicable √ Not applicable
2. ROE and EPS
EPS (yuan/share)
Profit of the reporting period Weighted average ROE (%)
Basic EPS Diluted EPS
Net profit attributable to
shareholders of ordinary 11.87% 1.17 1.17
shares
1412025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
EPS (yuan/share)
Profit of the reporting period Weighted average ROE (%)
Basic EPS Diluted EPS
Net profit attributable to
shareholders of ordinary
12.11%1.201.20
shares after deducting non-
recurring profit or loss
3. Differences in Accounting Data Between Domestic and International Standards
(1) Differences in Net Profit and Net Assets Under IFRS and Chinese Accounting Standards (CAS)
□Applicable√ Not Applicable
(2) Differences in Net Profit and Net Assets Under Overseas Accounting Standards and CAS
□Applicable √ Not Applicable
(3) Explanation of Differences Between Domestic and International Accounting Standards(If the
overseas-audited data has been reconciled the name of the overseas auditing firm shall be specified)
□Applicable √ Not Applicable
1422025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Section IX Other Submitted Data
I. Other major social security issues
Whether the listed company and its subsidiaries have other major social security issues
□Yes □No√ Not Applicable
Whether it was subject to administrative penalties during the reporting period
□Yes □No√ Not Applicable
II. Researches communications and interviews received by the Company during the
reporting period
√ Applicable □Not applicable
Major contents Index for basic
Date of Type ofReception site Way of Visitors of conversation information of
reception reception visitor and information the
provided investigation
Please refer to
the Investor
Relations
Introduce the Activities
1. Shenwan Hongyuan
operating Record Sheet of
Securities (Song Tao Shao
conditions of February 27
27 February Meeting room Field Instituti Jingyu); 2. Southern Fund
the Company 2025 which
2025 of the company research on (Zheng Yong Li Xinmi
and answer was published
Chen Zhuo); 3. Zhuque
questions from on the website
Fund (Liu Congcong)
investors http://irm.cninf
o.com.cn/ssessg
s/S002001 for
details.
1. Dongwu Securities
(Chen Shuxian Zhou
Shaomei); 2. Taikang Asset
Management (Wang
Duolin); 3. CCB Insurance
Asset Management (Yue Please refer to
Xiaolin Cao Xinyi Ban the Investor
Peiqi); 4. Naxuan Relations
Investment (Zhang Introduce the Activities
Qingyun); 5. Kuanyuan operating Record Sheet of
NHU Life and Asset Management (Shu conditions of March 13
Field Instituti
13March 2025 Health Qihang); 6. Haitong the Company 2025 which
research on
Industrial Park Securities (Sun Weirong); and answer was published
7. Hongshang Asset questions from on the website
Management (Sha investors http://irm.cninf
Zhengjiang); 8. Xincheng o.com.cn/ssessg
Fund (Yao Sizhou); 9. s/S002001 for
China International Capital details.Corporation (Hou Yilin);
10. Great Wall Securities
(Xiao Yaping Wang Tong);
11. Shanxi Securities (Ji
Yongjie Wang Rui)
1432025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Type of Major contents Index for basicDate of Reception site Way of Visitors of conversation information of
reception reception visitor and information the
provided investigation
Please refer to
the Investor
Relations
Introduce the Activities“InvestorNetwork operating Record Sheet of
Relations Investors who attended the
platform conditions of April 29 2025
Interactive Company's online annual
29April2025 online Others the Company which wasPlatform”of performance presentation
communica and answer published on
Panorama of 2024
tion questions from the website
Network
investors http://irm.cninf
o.com.cn/ssessg
s/S002001 for
details.
1. Zheshang Securities (Li
Hui Chen Haibo); 2.Chengtong Securities Asset
Management (Zhou
Hexiang); 3. Chengtong
Securities (Zhou Hexiang);
4. Zhongyou Fund (Zhou
Daiwei); 5. Harvest Fund
Management (Chen Luhua
Chen Jingcheng); 6. Shibei
Investment (Zheng Hui); 7.Please refer to
Changsheng Fund
the Investor
Management (Zhao
Relations
Qichao); 8. Penghua Fund
Introduce the Activities
Management (Wang
operating Record Sheet of
Xiwei); 9. China Life
conditions of May 7 2025
Meeting room Field Instituti Anbao Fund Management
7 May 2025 the Company which was
of the company research on (Li Bowen); 10. ICBC
and answer published on
Wealth Management (Si
questions from the website
Huajing); 11. Heng'an
investors http://irm.cninf
Standard Life Insurance
o.com.cn/ssessg
(Wang Zhiheng); 12.s/S002001 for
Huaxia Jiuying (Chen
details.Hang); 13. Jinding Capital
(Tang Chen Zhuo); 14.Yuance Investment (Li
Chao); 15. CITIC Asset
Management (Chen Han);
16. Ginkgo Capital (Zhang
Haijun); 17. PICC Pension
(Xu Kunlun); 18. Yuri
Capital (Wang Yutian); 19.Founder Fubon Fund (Liu
Meng)
1. Bohai Securities (You Introduce the Please refer to
Yue); 2. GF Securities (Wu operating the Investor
Xinnan); 3. Sinolink conditions of Relations
Meeting room Field Instituti
8 May 2025 Securities (Li Hanyu); 4. the Company Activities
of the company research on
Guolian Securities (Zhang and answer Record Sheet of
Weihang); 5. SDIC questions from May 8 2025
Securities (Feng Yongkun); investors which was
1442025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Type of Major contents Index for basicDate of Reception site Way of Visitors of conversation information of
reception reception visitor and information the
provided investigation
6. Huaan Securities (Wang published on
Qiangfeng Liu Tianqi); 7. the website
Great Wall Securities (Xiao http://irm.cninf
Yaping Wang Tong); 8. o.com.cn/ssessg
Changjiang Securities (Ma s/S002001 for
Tai Wang Cheng); 9. details.Huatai Securities (Zhuang
Tingzhou); 10. Shanxi
Securities (Ji Yongjie); 11.Zhongtai Securities (Sun
Ying Wang Peng); 12.Minsheng Securities (Zeng
Jiachen); 13. Guoxin
Securities (Yang Lin Wang
Xinhang); 14. Tianfeng
Securities (Tang Jie Xing
Yanning); 15. Bank of
China Securities (Fan
Qiyang); 16. CITIC
Securities (Tian
Xiancheng); 17. Minsheng
Securities (Zeng Jiachen);
18. Zheshang Securities
(Wang Yuan); 19. East
Money (Zhang Zhiyang);
20. Huatai Fortune Fund
(Liu Gaoxiao); 21. Zhuque
Fund (Liu Congcong); 22.SDIC Ruiying (Zhou
Sijie); 23. Qianlin
Investment (Zeng Lin); 24.Hangzhou Jintou (Zhan
Qian); 25. Hongchou
Investment (Liu Jianyang);
26. Shengyu Investment
(Wu Shengbo); 27. CITIC
Securities (Tao Aipu); 28.Junhe Capital (Liu Jian Ji
Liu Yu Zhang Yujie); 29.Qingyu Capital (Zhang
Xinbin); 30. Guohai
Franklin (Zhang Rui); 31.Guotai Haitong (Zhou
Zhipeng); 32. Huaneng
Guicheng (Sun Yu Zhou
Hao); 33. HSBC Qianhai
(Huang Qian); 34. TaiPu
Bio-Science (Wang Yong
Ye Tingting Lei Rong);
35. Shanghai Jinglin (Jiang
Wenchao); 36. Shanghai
Ningquan (Qiu Weijia); 37.Supor Group (Li Yulu); 38.Xizangt Hezhong Yisheng
1452025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Type of Major contents Index for basicDate of Reception site Way of Visitors of conversation information of
reception reception visitor and information the
provided investigation
(Xu Xingke); 39. Yujian
Technology (Lu Zhikai);
40. Shanghai Ruijun (Liu
Li); 41. China International
Capital Corporation (Jia
Xiongwei Hou Yilin); 42.Huanong Asset
Management (Sun Meng);
43. Individual
shareholders etc.
1. CITIC Securities (Liu
Chang); 2. Dongwu
Securities (Yu Yanqiu); 3.Dongfang International
(Huang Jiansong); 4.Taikang Fund (Wang
Lingli); 5. Ningbo Liangli
(Chen Jinzhuan); 6. Allianz
Fund (Zhang Zhuyuan); 7.CITIC Asset Management
Please refer to
(Sheng Liyang); 8.the Investor
Xingzheng Global (Ye
Relations
Fei); 9. Quan Guo Fund
Introduce the Activities
(Wei Boyang); 10. Jinglin
operating Record Sheet of
Asset Management (Jiang
Shangri-La conditions of May 29 2025
Field Instituti Wenchao); 11. Dingtai
29May2025 Hotel Pudong the Company which was
research on Sifang (Chen Yongbao);
Shanghai and answer published on
12. Xueshi Asset
questions from the website
Management (Wu Xi); 13.investors http://irm.cninf
Hongchou Investment
o.com.cn/ssessg
(Wang Zhidong); 14.s/S002001 for
Singapore Baoning Capital
details.(Huang Jing); 15. Bank of
China Fund (Zhang
Xiangdong); 16. Haifutong
Fund (Bai Xiaolan); 17.Yuan Shijie (Huang Tianfu
Chen Zhiqiang); 18. Jiu
Zhao Investment (Wang
Chu Li Yuxin); 19. Junhe
Capital (Ji Liu Yu Sun
Zhenxin)
1. Guotai Haitong (Zhou Please refer to
Zhipeng Xiao Jie); 2. the Investor
The Ritz- Huatai Securities (Zhuang Relations
Introduce the
Carlton Tingzhou Yang Wentao); Activities
operating
Shanghai 3. Northeast Securities Record Sheet of
conditions of
Pudong Field Instituti Proprietary Trading (Feng June 5 2025
5June2025 the Company
Shanghai research on Xiantao); 4. Hongshang which was
and answer
Pudong Asset Management (Sha published on
questions from
Shangri-La Zhengjiang); 5. Fidelity the website
investors
Hotel (Yuan Ruipeng); 6. GIC http://irm.cninf
(Liu Zhuoyu); 7. Harvest o.com.cn/ssessg
Fund (Cai Chengfeng); 8. s/S002001 for
1462025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
Major contents Index for basic
Date of Reception site Way of
Type of
Visitors of conversation information of
reception reception visitor and information the
provided investigation
China Universal Asset details.(Hua Xiuning) ; 9. Haitong
Asset Management (Li
Chen); 10. Boyu Capital
(Dou Shuai); 11. Shengyu
Investment (Wu Shengbo);
12. Aoxia Investment
(Zhou Zhikang); 13.Xingzheng Global (Xia
Siheng); 14. Songxi Asset
Management (Ge Xinyu);
15. ChangjiangPension
(Ma Rui); 16. Ningbo
Zetian Investment (Zhang
Lujun); 17. Shanghai
Kuanyuan Asset
Management (Shu
Qihang); 18. Heng'an Life
Insurance (Wang Zhiheng);
19. Ruiyuan Fund (Zhu
Ling); 20. Haifutong (Zong
Jingzhen); 21. Taipu Asset
Management (Fu He); 22.CCB Insurance Asset
Management (Ban Peiqi);
23. Suzhou Junrong Asset
Management (Zhang
Jiguang); 24. Banxia
Investment (Liu Wei); 25.Huatai Baoxing (Li Chen);
26. Shanghai Tianyi Dao
(Hu Jia); 27. CITIC
Prudential Fund (Yao
Sizhou); 28. Yimi Fund
(Liu Jiaxi); 29. Manulife
Fund (Fan Yaqin)
Tianfeng Securities (Xing
Please refer to
Yanning); 2. Huaan
the Investor
Securities (Wang
Relations
Qiangfeng Liu Tianqi); 3.Shangri-La Introduce the Activities
China International Capital
Hotel Pudong operating Record Sheet of
Corporation (Jin Binbin);
Shanghai conditions of June 26 2025
Field Instituti 4. Yue Kaichuang (Zhao
26 June 2025 Tower A the Company which was
research on Qi); 5. Minsheng Tonghui
Lujiazui Fuhui and answer published on
(Ai Mengqi); 6. Supor
Building questions from the website
Group (Li Yulu); 7.investors http://irm.cninf
Qinchen Asset
o.com.cn/ssessg
Management (Yang Jin); 8.s/S002001 for
Huatai Baoxing (Li Chen);
details.
9. Wanji Fund (Lei Yinjia)
1472025 Semi-Annual Report of Zhejiang NHU Co. Ltd.
III. Financial Transactions between Listed Companies and Controlling Shareholders and
Other Related Parties
√Applicable □ Not applicable
Please refer to the Summary of Non-operational Capital Occupation and Other Related Capital Transactions for the First Half of
2025 disclosed on the same date.?
148
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