Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Zhejiang Supor Co. Ltd.2025 Semiannual Report
August 2025
1Zhejiang Supor Co. Ltd. 2025 Semiannual Report
SECTION I IMPORTANT NOTES TABLE OF CONTENTS AND
DEFINITIONS
The Board of Directors and the Board of Supervisors of Zhejiang Supor
Co. Ltd. (hereinafter referred to as the "Company") and all its directors
supervisors and senior executives warrant that this semiannual report is true
accurate and complete and does not contain any fictitious statements
misleading information or significant omissions; all directors supervisors and
senior executives of the Company undertake separately and jointly all
responsibilities in relation to the truth accuracy and completeness hereof.Mr. Thierry de LA TOUR D'ARTAISE person in charge of the Company
and Mr. Xu Bo person in charge of accounting and person in charge of
accounting department (accountant in charge) hereby confirm that the
financial report enclosed in this semiannual report is true accurate and
complete.All directors have attended the Board Meeting of semiannual report in
person.It is of great uncertainty for whether it can be realized or not depends on
multiple factors including market change and effort of management team.Please be careful of investment risks.For details of the risk factors faced by the Company please refer to Part X
"Risks Faced by the Company and Countermeasures" of Section III
"DISCUSSION AND ANALYSIS OF THE MANAGEMENT".
2Zhejiang Supor Co. Ltd. 2025 Semiannual Report
The Company plans not to distribute cash dividend issue bonus shares or
transfer reserve to common shares.
3Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Table of Contents
SECTION I IMPORTANT NOTES TABLE OF CONTENTS AND DEFINITIONS ........ 2
SECTION II COMPANY FILE AND MAJOR FINANCIAL INDICA... 7
SECTION III DISCUSSION AND ANALYSIS OF THE MANAGEM.. 10
SECTION IV CORPORATION GOVERNANCE ENVIRONMENT AND SOCIETY .... 21
SECTION V SIGNIFICANT EVENTS ....................... 25
SECTION VI CHANGES IN SHARE CAPITAL AND PARTICULARS ABOUT
SHAREHOLDERS ....................................... 33
SECTION VII BONDS .................................. 39
SECTION VIII FINANCIAL REPORT ...................... 40
SECTION IX OTHER SUBMISSION DATA .................. 151
4Zhejiang Supor Co. Ltd. 2025 Semiannual Report
CATALOG OF REFERENCE DOCUMENTS
I. 2025 Semiannual Report of the Company and Abstract with signature of legal representative;
II. Financial statements with signature of legal representative person in charge of accounting and person in charge of accounting
department and seal of the Company;
III. Originals of all documents and announcements published in newspapers designated by CSRC during the reporting period.Reference documents above shall be prepared by Securities Department of the Company.
5Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Definitions
Items to be Defined Means Definitions
SZSE Means Shenzhen Stock Exchange
CSRC Means China Securities Regulatory Commission
Shenzhen Branch of China Securities Depository and Clearing
CSDCC Means
Corporation Limited
The Company/this Company/Supor Means Zhejiang Supor Co. Ltd.SEB Internationale Means SEB INTERNATIONALE S.A.S
Groupe SEB Means SEB S.A.Zhejiang Supor Electrical Means Zhejiang Supor Electrical Appliances Manufacturing Co. Ltd.Shaoxing Supor Means Zhejiang Shaoxing Supor Domestic Electrical Appliances Co. Ltd.Supor Vietnam Means Supor (Vietnam) Co. Ltd.Wuhan Recycling Means Wuhan Supor Recycling Co. Ltd.Wuhan Supor Cookware Means Wuhan Supor Cookware Co. Ltd.Wuhan Supor Pressure Cooker Means Wuhan Supor Pressure Cooker Co. Ltd.Omegna Means Hangzhou Omegna Commercial Trade Co. Ltd.Shanghai Marketing Means Shanghai Supor Cookware Marketing Co. Ltd.P&R Products Means Zhejiang Supor Plastic & Rubber Co. Ltd.Yuhuan Sales Company Means Yuhuan Supor Cookware Marketing Co. Ltd.SEADA Means SOUTH EAST ASIA DOMESTIC APPLIANCES PTE. LTD.AFS Means AFS VIETNAM MANAGEMENT CO.LTD.Shanghai WMF Means Shanghai WMF Enterprise Development Co. Ltd.Zhejiang WMF Means Zhejiang WMF Housewares Co. Ltd.Shaoxing Supor Housewares Means Zhejiang Shaoxing Supor Housewares Co. Ltd.Supor Large Kitchen Appliance Means Zhejiang Supor Large Kitchen Appliance Co. Ltd.Supor Water Heater Means Zhejiang Supor Water Heater Co. Ltd.GSIM or Indonesian Company Means PT Groupe SEB Indonesia MSD
Hainan Supor E-commerce Company Means Hainan Supor E-Commerce Co. Ltd.Hainan Tefal Trade Company Means Hainan Tefal Trade Co. Ltd.
2021 Equity Incentive Plan Means 2021 Restricted Stock Incentive Plan (Draft)
2022 Equity Incentive Plan Means 2022 Restricted Stock Incentive Plan (Draft)
2023 Equity Incentive Plan Means 2023 Stock Option Incentive Plan (Draft)
2024 Equity Incentive Plan Means 2024 Stock Option Incentive Plan (Draft)
Performance Incentive Fund Means Administration Measures for the Performance Incentive Fund
Administration Measures for the Second Performance Incentive
Second Performance Incentive Fund Means
Fund
6Zhejiang Supor Co. Ltd. 2025 Semiannual Report
SECTION II COMPANY FILE AND MAJOR FINANCIAL
INDICATORS
I. Company Profile
Short Form of the Stock: Supor Stock Code 002032
Short Form of the Original Stock (if
None
any)
Stock Exchange for Stock Listing Shenzhen Stock Exchange
Chinese Name of the Company 浙江苏泊尔股份有限公司
Short Form of Chinese Name of the苏泊尔
Company (if any)
English Name of the Company (if
ZHEJIANG SUPOR CO. LTD.any)
Short Form of English Name of the
SUPOR
Company (if any)
Legal Representative Thierry de LA TOUR D'ARTAISE
II. Contact Person and Contact Information
Board Secretary Representative of Securities Affairs
Name Ye Jide Fang Lin
Securities Department at 23F of Supor Building Securities Department at 23F of Supor Building
Address No.1772 Jianghui Road New & High Tech No.1772 Jianghui Road New & High Tech
Development Zone Hangzhou China Development Zone Hangzhou China
Tel. 0571-86858778 0571-86858778
Fax 0571-86858678 0571-86858678
Email yjd@supor.com flin@supor.com
III. Other Conditions
1. Way of contact
Whether the Company registered address office address post code Company website email address etc. have changed within the
reporting period
□ Applicable ? Not-applicable
The Company registered address office address post code Company website and email address have not changed during the
reporting period. Please refer to the 2024 Annual Report.
2. Place for information disclosure and archiving
Whether information disclosure and designated location have changed within the reporting period
□ Applicable ? Not-applicable
7Zhejiang Supor Co. Ltd. 2025 Semiannual Report
The securities exchange website and media name along with their respective URLs where the Company disclosed its semiannual
report as well as the location of the Company's semiannual report archives remain unchanged during the reporting period. For
specific details please refer to the 2024 Annual Report.
3. Other relevant information
Change situation of other relevant data within the reporting period
□ Applicable ? Not-applicable
IV. Major Accounting Data and Financial Indicators
Does the Company need to retroactively adjust or restate previous year's accounting data
□ Yes ? No
Increase/decrease of this
This reporting period Same period of last year reporting period from the same
period of the last year
Operating income (RMB) 11477500800.41 10964777968.45 4.68%
Net profit attributable to shareholders of
939913794.13940593117.65-0.07%
listed company (RMB)
Net profit attributable to shareholders of
listed company with non-recurring profit 907401664.89 922655960.65 -1.65%
or loss deducted (RMB)
Net cash flows from operating activities
512444707.87548524464.81-6.58%
(RMB)
Basic earnings per share (RMB/share) 1.180 1.181 -0.08%
Diluted earnings per share (RMB/share) 1.180 1.181 -0.08%
Decrease by 0.15 percentage
Weighted average return on net assets 15.30% 15.45%
points
Increase/decrease of the end of
End of this reporting
End of last year this reporting period from the
period
end of last year
Total assets (RMB) 11624528534.96 13265856724.52 -12.37%
Net asset attributable to shareholders of
5118520351.046424414343.69-20.33%
listed company (RMB)
V. Financial Data Difference on Principle of Domestic and Overseas Accounting
1. Net profit and net assets discrepancies in financial reports disclosed separately under International
Accounting Standards and Chinese Accounting Standards
□ Applicable ? Not-applicable
No net profit and net assets discrepancies in financial reports disclosed separately under International Accounting Standards and
Chinese Accounting Standards existed during the reporting period.
8Zhejiang Supor Co. Ltd. 2025 Semiannual Report
2. Net profit and net assets discrepancies in financial reports disclosed separately under Overseas
Accounting Standards and Chinese Accounting Standards
□ Applicable ? Not-applicable
No net profit and net assets discrepancies in financial reports disclosed separately under Overseas Accounting Standards and
Chinese Accounting Standards existed during the reporting period.VI. Non-recurring Profit or Loss Items and Amount
? Applicable □ Not-applicable
Unit: RMB
Item Amount Notes
Profit and loss on disposal of non-current assets (including the write-off of provision
-535770.00
for asset impairment)
Government subsidies included into the current profits and losses (except those that
are closely related to the Company's normal business operations comply with
12166078.75
national policies and regulations available according to determined standards and
have a continuous impact on the profit and loss of the Company)
Except the effective hedging business related to the normal operation of the
Company profits and losses from fair value changes of held-for-trading financial
30062449.24
assets and financial liabilities by non-financial enterprises and profits and losses
obtained from disposal of financial assets and financial liabilities
Other non-operating incomes or expenditures except for the foregoing items -13320.86
Minus: influenced amount of income tax 9141279.63
Influenced amount of minority shareholders' equities (after tax) 26028.26
Total 32512129.24
Other specific circumstances of other items of profits and losses complying with the definition of non-recurring profits or losses:
□ Applicable ? Not-applicable
The Company does not have other specific circumstances of other items of profits and losses complying with the definition of non-
recurring profits or losses.Description of defining non-recurring profits or losses items listed in the Explanatory Announcement No.1 on Disclosure of the
Information of Companies Offering Their Securities to the Public -- Non-recurring Profit or Loss as recurring profits and losses
□ Applicable ? Not-applicable
The Company does not have the description of defining non-recurring profits or losses items listed in the Explanatory
Announcement No.1 on Disclosure of the Information of Companies Offering Their Securities to the Public -- Non-recurring Profit
or Loss as recurring profits and losses.
9Zhejiang Supor Co. Ltd. 2025 Semiannual Report
SECTION III DISCUSSION AND ANALYSIS OF THE
MANAGEMENT
I. Major Businesses of the Company during the Reporting Period
(I) Main businesses of the Company
As China's famous cookware and small domestic appliance R&D manufacturing company and leading brand the Company is
also the first listed company in China's cookware industry. Established in 1994 the headquarters of the Company locates in
Hangzhou and it owns seven R&D and manufacture bases located in Yuhuan City Hangzhou City Shaoxing City (Binhai New
Area and Keqiao District) in Zhejiang Province Wuhan City in Hubei Province and Ho Chi Minh City Vietnam.Supor's main businesses include open fire cookware and kitchen tools small domestic appliances large kitchen appliances
and H&PC appliances.
(1) Open fire cookware and kitchen tools mainly include wok pressure cooker frying pan sauce pan steamer clay pot kettle
knife spatula thermal pot thermos & flask kitchen gadgets crisper etc.;
(2) The small domestic appliances mainly include electric rice cooker electric pressure cooker induction hob soymilk maker
electric kettle juicer slow cooker electric steamer electric hotpot food processor baking pan air fryer desktop electric oven
desktop water purifier etc.;
(3) The large kitchen appliances mainly include range hood gas stove disinfection cabinet water purifier embedded
steaming oven integrated stove water heater etc.;
(4) The H&PC appliances mainly include: air purifier garment steamer vacuum cleaner floor washer and electric iron
electric heater air-circulating fan etc.The Company's cookware and electrical products have been exported to more than 50 countries and regions such as Japan
Euro America and South East Asia countries mainly through Groupe SEB.(II) Development of major industries involved and market position of the Company
In the first half of 2025 the domestic consumer market experienced a polarizing trend of rational consumption and
premiumization. On the one hand consumer demands for high-quality high-value products continued to rise ; on the other hand
more consumers favored good value-for-money products offering. Facing this complex market environment and the growing
rationality of consumer demand the Company reinforced the leading position of core categories with continuous innovation and
strong channel competitive advantage.In the open fire cookware social E-commerce platforms drove the overall growth of online business while offline continued
to be under pressure. As a leading brand Supor actively embraces changes to better meet the diverse consumer demands.According to AVC in the first half of 2025 Supor firmly solidified its position as the market leader in both online and offline
markets. Products associated with health concepts such as steamers clay pot achieved stable growth. Materials emphasizing
health benefits such as titanium and cast iron also became increasingly popular.In the small domestic appliance Supor continuously gained market share through its strong innovation capabilities and
superior channel advantages. According to AVC Supor's market share in the small domestic appliance ranked first in both online
and offline markets further widening the lead over the second-place competitor (above data include categories: electric rice cooker
induction hob electric pressure cooker soymilk maker high-speed blender mixer juicer electric kettle electric steamer and slow
cooker health kettle baking pan small desktop single function oven and air fryer). By category nondiscretionary categories e.g.rice cooker maintained steady growth; Categories related to health concepts such as electric steamers and health pot continued
with strong growth momentum.(III) Operating condition during the reporting period
10Zhejiang Supor Co. Ltd. 2025 Semiannual Report
1. Domestic sales during the reporting period
Facing a complex domestic market environment and more rational consumer demand the Company's operating income has
grown steadily compared to the same period last year through the product strategy of continuous innovation and strong channel
competitive advantages during the reporting period.
(1) Product strategy
During the reporting period Supor continued the "consumer-centric" strategy guiding its innovation and new product
development and deeply explored consumer needs so as to constantly provide smart and ingenious product solutions.In the business of open fire cookware Supor focused on core categories and sustained emphasis on breakthroughs in non-
stick technology and new materials application. For example Yuexuan single hand open & close pressure cooker with a
convenient design effectively addresses the pain points of traditional pressure cookers such as difficult alignment and multiple-
steps operation. It was awarded the 2025 Successful Design Award. Meanwhile the Company explored more niche segments.Riding on the trend of smaller household Supor launched the mini Titanium No Coating Non-stick Iron Wok to serve single-
person dinning. In the business of drinkware Supor continues to refine its hero product strategy. The “anytime sharing” thermos
bottles have been one of best-seller since its launch two years ago.In the business of small domestic appliance Supor continuously launched new differentiated products to reinforce its leading
position in core categories such as electric rice cooker and electric pressure cooker. According to AVC FIR steam IH rice cooker
ranked first in offline market for six consecutive months since its launch in January 2025. Additionally it was honored the
"Pioneer in Innovation of Inner Pot" award at the "2025 Kitchen Appliances & Water Heater Industry Development Conference".While strengthening its core nondiscretionary categories Supor also actively expands into new sub-categories such as desktop
water purifiers and ice makers.In the business of H&PC appliance Supor continued to expand new categories. During the reporting period the Company
launched a disruptive handheld garment steamer which revolutionized traditional iron with a new suction ironing technology. The
new personal care categories also created new growth opportunities. According to AVC Supor ranked first in handheld garment
steamer online during the reporting period.In the business of large kitchen appliances Supor continues to focus on core categories and drives growth from replacement
market. According to AVC Supor maintained a leading position in online stove market in the first half of 2025.
(2) Channel strategy
With the accelerating integration of online and offline markets Supor keeps optimizing its channels management to better
meet fast changing consumer needs.During the reporting period Supor's online sales achieved healthy growth. On traditional ecommerce the Company
continuously widened its market leadership through optimizing its product and store matrix. On social ecommerce Supor
improved marketing efficiency through more exclusive assortments supply and refining sales mix between KOL livestream own-
store livestream and platform shopping mall.In offline channels Supor actively seeks growth amid declining foot traffic. In high tier cities the Company's partners with
platforms such as Meituan Shan Gou JD.com Home Delivery and Ele.me to further expand its instant retail business. In low tier
cities the Company drives O2O growth with refined standard operations process (SOP) and improve store productivity. In B2B
the Company actively enriches customer pipeline across various sectors including banks airlines and telecom operators to further
expanding the B2B business.
(3) Brand building
During the reporting period the Company proactively explored diversified marketing initiatives to continuously enhance
brand awareness and reputation.In the operation of private domain Supor drives consumer engagement by effectively integrating WeChat malls loyalty
program and company media matrix.
11Zhejiang Supor Co. Ltd. 2025 Semiannual Report
With the co-branding "Butter Bear" water bottles the Company strengthened the emotional connection with young
consumers. In addition the Company anchored on "Safety Upgrades" in gas stove by hosting the "Quality and Safety · Supor Safe
Kitchen" launch event and jointly releasing the Safe Kitchen Trend Report on platforms together with JD.com and Redbook. This
has strengthened the brand as the leader of "safe kitchens" in the kitchen appliance sector.
2. Export sales during the reporting period
During the reporting period the Company's export business experienced good growth in the first half of 2025 driven by
increased demand from Groupe SEB and other overseas customers.II. Core Competitiveness Analysis
(I) Superior product innovation capacity
Supor has been upholding the design philosophy of "people-oriented design-driven innovation" over the years with the
adherence on technological leading green design and internal-external innovation synergy. The Company continuously introduces
healthier smarter and diversified products to better meet consumer demands.By fully leveraging internal and external innovation resources Supor has built an open innovation eco-system to stay ahead
of technologies and categories development both inside and outside the industry. The Company continuously integrates new
processes and materials to drive business growth. Additionally Supor has strengthened its innovation synergy with the Groupe
SEB introducing new categories and technologies to further enrich its product portfolio.In terms of product design Supor integrates industrial design user experience and consumer insights into innovation to
further enhance the visual aesthetic feeling form and usage of products and bring consumers a better product experience.Guided by its distinctive innovation system Supor refines its innovation tools and methodologies. By originating from
consumer needs the Company maps out technological development roadmap and defines innovation directions ensuring a solid
technical foundation to meet intense market competition.(II) Strong and stable channel advantages
Supor has a reliable distribution network maintaining long-term and sound cooperative relationships with distributors and
third party operators (TPs). In online channels the Company continuously promotes DTC (Direct to Consumers) distribution and
"one-basket" operating model collaborating with distributors and TPs to establish a comprehensive store matrix that provides
exceptional online shopping experience. In offline channels in high tier cities the Company has established a great number of
point-of-sale terminals and service outlets as well as has entered large mainstream supermarkets. In low tier cities Supor
continuously increases O2O penetration and ensures that consumers can purchase Supor products more conveniently. At the same
time the Company also expands its instant retail business to provide a faster and better shopping experience.(III) Leading R&D and manufacturing capabilities
Supor has developed seven R&D and manufacture bases located in Yuhuan City Hangzhou City Shaoxing City (Binhai
New Area and Keqiao District) in Zhejiang Province Wuhan City in Hubei Province and Ho Chi Minh City Vietnam. Over the
years the Company has been continuously improving industrial efficiency and the strong R&D and manufacturing capabilities
play a pivotal role in ensuring the competitiveness of Supor’s products.(IV) Synergistic effect of integration with Groupe SEB
Groupe SEB a global leader in cookware and small domestic appliances with over 160 years of history has been a strategic
partner of Supor since 2006. The powerful cooperation between Supor and Groupe SEB has brought stable export orders to the
Company and increased its overall business size and manufacturing capacity. Meanwhile Supor strengthens cooperation with the
Groupe SEB in varied fields such as production R&D IT and management providing comprehensive support for the Company’s
sustainable development.(V) Advantages of multiple brands and categories
12Zhejiang Supor Co. Ltd. 2025 Semiannual Report
In terms of the multiple brands operation in addition to Supor brand the Company also introduced a lot of high-end brands
under Groupe SEB such as WMF LAGOSTINA KRUPS and TEFAL so as to fully cover the high-end brands in small domestic
appliances and kitchen cookware fields. In terms of category expansion the Company actively expands new categories in kitchen
appliances home and personal care and other adjacent categories on top of the current leading categories such as open fire
cookware and small domestic appliances. Supor’s multi-brand multi-category strategy has established a strong competitive
advantage in the domestic market enabling the company to evolve into a comprehensive home lifestyle brand.III. Main Business Analysis
Overview
During the reporting period the Company achieved an operating income of RMB11477500800.41 a year-on-year increase
of 4.68%. The net profit attributable to shareholders of listed company was RMB939913794.13 a year-on-year decrease of
0.07%; and the earnings per share were RMB 1.180 a year-on-year decrease of 0.08%. Among them the realized revenue from
the main business of cookware was RMB3162954841.12 a year-on-year increase of 7.48%; the realized revenue from the main
business of electric appliances was RMB8162103106.80 a year-on-year increase of 3.65%; the realized revenue from the main
business of domestic sales was RMB7682002651.60 a year-on-year increase of 3.35%; and the realized revenue from the main
business of export business was RMB3667689329.79 a year-on-year increase of 7.84%.Year-on-year alternation conditions of main financial data
Unit: RMB
Increase/
Same period of last
This reporting period decrease Variation reason
year
YoY (%)
Operating income 11477500800.41 10964777968.45 4.68%
Operating cost 8768097687.83 8357581004.66 4.91%
Sales expenses 1152072774.05 1070841629.54 7.59%
Administrative expenses 198795000.32 194416893.38 2.25%
Mainly due to a decrease in
interest revenue compared to the
same period last year coupled
Financial expenses -14185238.46 -57464983.30 75.31% with exchange rate fluctuation of
RMB during the reporting
period which led to a reduction
in exchange gains.Income tax expenses 234006082.99 231061024.52 1.27%
R&D investment 210369305.81 204504710.21 2.87%
Net cash flows from operating
512444707.87548524464.81-6.58%
activities
Net cash flows from investing
1377059584.611910642639.60-27.93%
activities
Net cash flows from financing
-1733386573.87-2200649143.1421.23%
activities
Mainly due to the increase in
Net increase in cash and cash
154738138.38 262818756.57 -41.12% cash outflow from investing
equivalents
activities in the current period.The profit structure or profit source within the reporting period has been significantly changed
□ Applicable ? Not-applicable
13Zhejiang Supor Co. Ltd. 2025 Semiannual Report
The profit structure or profit source within the reporting period has no change.Operating income constitution
Unit: RMB
This reporting period Same period of last year
Increase/
Percentage to Percentage to decrease
Amount total operating Amount total operating YoY (%)
income income
Total operating
11477500800.41100%10964777968.45100%4.68%
income
By industry
Cookware 3162954841.12 27.56% 2942755534.25 26.84% 7.48%
Electric appliance 8162103106.80 71.11% 7874467595.73 71.81% 3.65%
Others 152442852.49 1.33% 147554838.47 1.35% 3.31%
By products
Cookware and
3162954841.1227.56%2942755534.2526.84%7.48%
utensil
Electrical cooking 4696864915.02 40.92% 4643226317.56 42.35% 1.16%
Food processor
1946794376.0316.96%1900634481.6117.33%2.43%
appliance
Other household
1670886668.2414.56%1478161635.0313.48%13.04%
electric appliances
By areas
Domestic sales 7761261756.01 67.62% 7509322088.47 68.49% 3.36%
Export sales 3716239044.40 32.38% 3455455879.98 31.51% 7.55%
Remarks: "Others" by industry "Other household electric appliances" by product and area-based operating income all include
other business incomes the same below.The industry product or region accounts for more than 10% of the Company's operating incomes or operating profits.? Applicable □ Not-applicable
Unit: RMB
Increase/
Increase/ Increase/
decrease YoY
Gross decrease YoY decrease YoY
Operating income Operating cost (%) for
margin (%) for (%) for gross
operating
operating cost margin
income
By industry
Cookware 3162954841.12 2356249927.12 25.50% 7.48% 9.12% -1.12%
Electric
8162103106.806284941750.7723.00%3.65%3.48%0.13%
appliance
By products
Cookware and
3162954841.122356249927.1225.50%7.48%9.12%-1.12%
utensil
Electrical
4696864915.023592730437.3823.51%1.16%0.35%0.61%
cooking
Food processor
1946794376.031550719571.5520.34%2.43%2.16%0.21%
appliance
Other household
1670886668.241268397751.7824.09%13.04%15.29%-1.48%
electric
14Zhejiang Supor Co. Ltd. 2025 Semiannual Report
appliances
By areas
Domestic sales 7761261756.01 5610009016.37 27.72% 3.36% 2.51% 0.60%
Export sales 3716239044.40 3158088671.46 15.02% 7.55% 9.46% -1.49%
If the statistical caliber of the Company's operation business data is adjusted during the reporting period the main business data for
the latest period after the statistical caliber is adjusted.□ Applicable ? Not-applicable
IV. Analysis on Non-main Business
□ Applicable ? Not-applicable
V. Analysis on Assets and Liabilities
1. Significant changes in assets
Unit: RMB
End of this reporting period End of previous year Increase/
Percentage Percentage
decrease
Descriptions of major changes
Amount to total Amount to total in
assets assets proportion
Mainly due to the dividend
expenditure in cash outflow of the
Monetary capital 2027964341.78 17.45% 2480007318.69 18.69% -1.24%
Company's financing activities
during the reporting period.Mainly due to the increase in
Accounts accounts receivable of export
3263294382.4428.07%2690049028.8020.28%7.79%
receivable business at the end of the
reporting period.Mainly due to the improvement in
Inventories 2040635147.21 17.55% 2565958108.47 19.34% -1.79%
inventory turnover.Long-term
No significant change during the
equity 60143090.14 0.52% 60739389.71 0.46% 0.06%
reporting period.investment
No significant change during the
Fixed assets 1229132222.45 10.57% 1265771512.34 9.54% 1.03%
reporting period.Construction in No significant change during the
44469207.180.38%13026975.920.10%0.28%
progress reporting period.Right-of-use No significant change during the
222540938.431.91%226926299.471.71%0.20%
assets reporting period.Mainly due to the discount of
Short-term bank acceptance bills of
527874712.484.54%0.00%4.54%
borrowings subsidiaries at the reporting
period.Mainly due to the decrease in
advance payments from some
Contract
443037837.02 3.81% 1088405139.86 8.20% -4.39% distributors of the subsidiaries
liabilities
during the end of the reporting
period.No significant change during the
Lease obligation 180997779.16 1.56% 188428980.22 1.42% 0.14%
reporting period.
15Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Mainly due to the decrease in the
Receivables amount of the bank acceptance
122957338.741.06%368776534.932.78%-1.72%
financing bills of the subsidiaries at the end
of the reporting period.Mainly due to the fact that
Other government subsidies have been
21031976.330.18%94546924.000.71%-0.53%
receivables received at the end of the
reporting period.Mainly due to the decrease in
Non-current
negotiable certificates of deposit
assets due within 1048108460.27 9.02% 1558446438.34 11.75% -2.73%
due within one year at the end of
one year
the reporting period.Mainly due to the decrease in
Other debt negotiable certificates of deposit
125239643.851.08%279210191.782.10%-1.02%
investment due above one year at the end of
the reporting period.
2. Major foreign assets conditions
□ Applicable ? Not-applicable
3. Assets and liabilities measured at the fair value
? Applicable □ Not-applicable
Unit: RMB
Profit and
Accumulated
loss from fair Impairment
fair value Amount of Amount of
value loss of the
Item Opening balance changes purchasing of the selling of the Other changes Closing balance
changes in current
included into current period current period
the current period
equity
period
Financial assets
1. Transactional financial
assets (excluding
281234235.253463140.71100000000.00284687037.37100010338.59
derivative financial
assets)
2. Receivables 368776534.93 -245819196.19 122957338.74
3. Other debt investments 1837656630.12 1358322736.69 2049230573.14 26599310.45 1173348104.12
Total 2487667400.30 3463140.71 1458322736.69 2333917610.51 -219219885.74 1396315781.45
Financial liabilities 0.00 0.00
Content of other changes
Receivables financing: As the demand of daily fund management Supor will discount or transfer an endorsed bill the business
mode of related bank acceptance bill including not only collect contractual cash flow but sales as the target so reclass the bank
acceptance bill as financial assets measured at the fair value with their changes included into other comprehensive incomes.Other debt investment: The business mode of negotiable certificates of deposit including collecting contractual cash flow and
selling the negotiable certificates of deposit as the target so reclass the negotiable certificates of deposit as financial assets
measured at the fair value with their changes included into other comprehensive incomes. Interest revenue is accrued according to
the actual interest rate during the expected duration.Are there any major changes about the valuation attribute of Company's main assets during the reporting period
16Zhejiang Supor Co. Ltd. 2025 Semiannual Report
□ Yes ? No
4. Restrictions of assets and rights by the end of reporting period
See No.18. "Assets with title or use right restrictions" of Part VII "Notes to Items of Consolidated Financial Statements" of SECTION
VIII "FINANCIAL REPORT" for details.VI. Investment Situation Analysis
1. General condition
□ Applicable ? Not-applicable
2. Significant equity investment to be acquired during the reporting period
□ Applicable ? Not-applicable
3. Significant non-equity investment to be handled during the reporting period
□ Applicable ? Not-applicable
4. Investments in Financial Assets
(1) Conditions of the securities investment
□ Applicable ? Not-applicable
The Company involves no securities investment during the reporting period.
(2) Derivative investment
? Applicable □ Not-applicable
1) Hedging derivative investment during the reporting period
? Applicable □ Not-applicable
Unit: RMB10000
Proportion
of
Profit
Accumul investment
and loss
ated fair Purchase amount in
Initial from fair Sales amount
value amount the
investme Opening value during the Closing
Derivative investment type changes during the Company's
nt amount changes reporting amount
included reporting net assets at
amount in the period
into period the end of
current
equity the
period
reporting
period
19229.1
Foreign exchange derivatives 19229.14 52.50 0 58325.99 55749.45 21805.68 4.26%
4
17Zhejiang Supor Co. Ltd. 2025 Semiannual Report
19229.1
Total 19229.14 52.50 0 58325.99 55749.45 21805.68 4.26%
4
Explanation on detailed accounting
policies and specific accounting
principles of hedging business and The Company recognizes measures and presents in accordance with Accounting Standards for Business
Enterprises No. 22 -- Recognition and Measurement of Financial Instruments Accounting Standards for
whether they have been significantly Business Enterprises No. 24 - Hedging and Accounting Standards for Business Enterprises No. 37 - Presentation
changed during the reporting period of Financial Instruments. There are no significant changes compared to the previous reporting period.compared with the previous reporting
period
During the reporting period the Company conducted derivative transactions and fair value hedging in accordance
with the variety and duration determined by the Board of Directors. During the reporting period the amount
Explanation on realized gains and losses included in the current profit and loss was RMB-525000 and the amount included in equity was RMB0. The
during the reporting period amount of profit or loss is entirely derived from the net fair value change formed by the forward settlement of
foreign exchange and the hedged item. During the reporting period the Company did not engage in foreign
exchange swap business with no profit or loss or equity impact.The value of hedging tools of the Company changed inversely to that of hedged foreign exchange accounts
receivable and payable effectively achieving the risk management objectives.During the reporting period the Company conducted assessment on the fluctuation of the value of foreign
Explanation on hedging effect exchange accounts receivable and payable and signed forward exchange contracts with banks in the same
currency. Such hedging tool was one of those approved by the Board of Directors.The execution complied with the internal control requirements and operated within the approved quota to ensure
that the hedging tools match the hedged items in the scale term and currency.Capital source of derivative investment Self-owned capital
In order to hedge the foreign exchange risk in operating activities reduce the impact of exchange rate
fluctuations and give full play to the hedging function of foreign exchange derivative transaction the Company
implemented foreign exchange derivative transaction business consistent with its business scale term and
currency.(I) Risks of conducting foreign exchange derivatives transactions
1. Market risks: market risks such as losses resulted from changes in the price of foreign exchange derivatives
due to the fluctuated underlying interest rate exchange rate or other market price may arise.
2. Internal control risks: considering the specialty and complexity of foreign exchange derivative transaction
business inadequate internal control mechanisms may lead to risks.
3. Liquidity risks: risk of failure to complete transactions due to lack of market liquidity.
4. Performance risks: foreign exchange derivatives business faces the risk of default due to failed contract
fulfillment when the contract expires.
5. Legal risks: changes in relevant laws or violations of the relevant legal system by counterparty resulting in the
contract cannot be executed properly may cause losses to the Company.Risk analysis and control measure (II) Risk response measures
1. Clarify the principles of foreign exchange derivative transaction: foreign exchange derivative transaction is
explanation for derivative holding during based on the hedging principle to avoid risks from exchange rate fluctuations to the greatest extent and based on
the reporting period (including but not market conditions operation strategies shall be adjusted in time to improve hedging effects.
2. System construction: the Company has established the Management Measures for Foreign Exchange
limited to market risk liquidity risk
Derivative Transactions in which the scope of authorization approval procedures key operation points risk
credit risk operation risk and law risk) management and information disclosure concerning foreign exchange derivative transactions are well defined so
that the conduct and risks of foreign exchange derivative transactions can be effectively regulated.
3. Product selection: prior to any FX derivative transactions it's necessary to select an FX derivative that suits the
Company's business context best and is highly liquid and risk-controlled through a comparative analysis of
various counterparties and products before conducting business. The Company used forward instruments for
general hedge and swap contracts for rolling hedge.
4. Counterparty management: be prudent when selecting counterparties for foreign exchange derivatives
business. The Company only conducts foreign exchange derivative transaction business with large commercial
banks and other foreign exchange organization with legal qualifications thus avoiding potential default and legal
risks.
5. Management by specially-assigned persons: a special working group set up by the Company's management
representatives Fund Department Financial Sharing Center Audit Department Securities Department and other
departments concerned is responsible for the risk assessment operation recording and supervision of foreign
exchange derivatives transactions. The working group is supposed to decide on emergency mitigations in case of
any significant changes in the market.Changes in market prices or fair values of
invested derivatives during the reporting The delivered foreign exchange derivatives were recorded as the profit and loss with instruments by the
period specific methods used for analysis Company. Changes in the fair value of undelivered foreign exchange derivatives were evaluated by the
of the fair value of derivatives and the comparison between the exchange rate of the derivative contract and the corresponding forward foreign exchange
setting of related assumptions and quotation provided by the contracting bank at the end of the period.parameters
Litigation-related situation (if applicable) Not-applicable
The disclosure date of approval
announcement by the Board of Directors March 28 2025
of derivative investment (if any)
18Zhejiang Supor Co. Ltd. 2025 Semiannual Report
2) Speculation derivative investment during the reporting period
□ Applicable ? Not-applicable
During the reporting period there was no speculative investment on derivatives.
5. Application of capital raised
□ Applicable ? Not-applicable
No capital raised was used in reporting period
VII. Sales for Major Assets and Equity
1. Sales for major assets
□ Applicable ? Not-applicable
The Company did not sell major assets till the end of the reporting period.
2. Sales for major equities
□ Applicable ? Not-applicable
VIII. Analysis for Main Holding Companies and Joint Stock Companies
? Applicable □ Not-applicable
Status of main subsidiaries and joint stock companies with influence on the Company's net profit exceeding 10%
Unit: RMB
Company Main Registered Operating Operating
Company name Total assets Net assets Net profit
type business capital income profit
Wuhan Supor Subsidiar RMB91160 126321671 513677564. 162446324 32504194.7
Cookware 25026626.14
Cookware Co. Ltd. y 000 9.74 79 5.96 7
Zhejiang Supor
Electrical
Subsidiar Electrical RMB133697 136122995 656502157. 191669743 41368210.0
Appliances 30421856.50
y products 100 8.24 63 6.74 3
Manufacturing Co.Ltd.Zhejiang Shaoxing Small
Supor Domestic domestic
Subsidiar RMB610000 331520634 247163710 348312596 524571730.Electrical appliance 445900163.11
y 000 1.77 2.16 3.71 19
Appliances Co. kitchen
Ltd. appliance
Subsidiary obtaining and disposal details during the reporting period
□ Applicable ? Not-applicable
IX. Structural Subject under the Company's Control
□ Applicable ? Not-applicable
19Zhejiang Supor Co. Ltd. 2025 Semiannual Report
X. Risks Faced by the Company and Counter Measures
(I) Risk from macroeconomic fluctuation
In 2025 the domestic cookware and small domestic appliance industry experiences both opportunities and risks. The
domestic appliance market has evolved with polarizing demands. Supor will continuously adhere to established strategies. On one
hand it will stimulate demand for renewing traditional products; on the other hand Supor looks for new growth through
exploration of new categories and new occasions. In addition the continued "trade-in" policy is expected to revive new demand
for home appliances.In terms of exports business the tariff changes in the first half of the year caused short-term uncertainty to the Company's
export business. In the future the Company will enhance the competitiveness of its export business by optimizing production
capacity of its overseas production base and actively working with overseas customers to drive new product development improve
efficiency and reduce costs.(II) Risk from price change of production elements
The prices of key raw materials for cookware and small domestic appliance such as aluminum copper stainless steel and
plastic may fluctuate amid geopolitical and economic changes. Supor will continue to drive lean operation to improve production
productivity thereby improving the cost competitiveness of its domestic and export sales. Besides the Company is actively
implementing automation of production line to improve labor output and mitigate risk of rising labor cost.(III) Risk of intensifying market competitiveness
With polarizing consumption in the cookware and domestic appliance market on the one hand high-end brands continue to
expand their channels and adjust their product and price strategies in order to take up more market share on the other hand price
competition is expected to intensify in coming years.Supor will continue to adhere to the strategy of product innovation launch more high-value-added and high margin products
as well as introduce price-competitive products to balance product portfolio. In addition the Company will actively invest in low
tier cities in order to serve more consumers. The Company will continue to strengthen core categories accelerate product
development in emerging categories and niche segments to maintain a steady and sustainable growth.(IV) Product export and exchange loss caused by exchange rate fluctuation
The Company has adopted RMB settlement for key export customer Groupe SEB with low exchange rate risk.XI. Implementation of the Formulation of the Market Value Management System and the
Valuation Improvement Plan
Has the Company formulated a market value management system
□ Yes ? No
Has the Company disclosed a plan for improving its valuation
□ Yes ? No
XII. Implementation of the Action Plan for "Double Improvement of Quality and Return"
Whether the Company has disclosed an action plan for "double improvement of quality and return" or not.□ Yes ? No
20Zhejiang Supor Co. Ltd. 2025 Semiannual Report
SECTION IV CORPORATION GOVERNANCE ENVIRONMENT
AND SOCIETY
I. Change of Directors Supervisors and Senior Executives
? Applicable □ Not-applicable
Name Position Type Date Reason
Cheung Kwok Wah General Manager Resigned January 23 2025 Personal reasons
Director Member of
Delphine SEGURA VAYLET Compensation and Resigned February 28 2025 Personal reasons
Appraisal Committee
Left office upon Left office upon the
Hervé MACHENAUD Independent director the expiration of April 21 2025 expiration of the six-
the term year term
Left office upon Left office upon the
Jean-Michel PIVETEAU Independent director the expiration of April 21 2025 expiration of the six-
the term year term
Director Member of
Rachel PAGET Compensation and Elected April 21 2025 Personal reasons
Appraisal Committee
Catherine CHAUVINC Independent director Elected April 21 2025 Personal reasons
Zhen HUANG Independent director Elected April 21 2025 Personal reasons
II. Profit Distribution and Conversion from Capital Reserves to Share Capital during the
Reporting Period
□ Applicable ? Not-applicable
The Company plans not to distribute semiannual cash dividend issue bonus shares or transfer reserve to common shares.III. Implementation of Company's Equity Incentive Plan Employee Stock Holding Plan or
Other Employee Incentive Measures
? Applicable □ Not-applicable
1. Equity incentive
(I) 2021 Equity Incentive Plan
1. On January 10 2025 the 13th Session of the Eighth Board of Directors and 13th Session of the Eighth Board of
Supervisors reviewed and adopted the Proposal on Unlocking of Restricted Stock within the Second Unlock Period of 2021
Restricted Stock Incentive Plan agreeing to unlock the Restricted Stock for 266 qualified Incentive Employees in the second
unlock period. The number of Restricted Stock unlocked is 548250 shares. The date of circulation of the Restricted Stock
unlockable during the second unlock period is February 11 2025.For detailed contents see Announcement of Unlocking of Restricted Stock within the Second Unlock Period of 2021
Restricted Stock Incentive Plan and the Suggestive Announcement on Listing of Restricted Stock Unlockable during the Second
21Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Unlock Period of 2021 Restricted Stock Incentive Plan disclosed on Securities Times China Securities Journal Securities Daily
and http://www.cninfo.com.cn on January 11 2025 and February 10 2025 (Announcement No.: 2025-004 2025-010)
(II) 2022 Equity Incentive Plan
1. On October 24 2024 the 11th Session of the Eighth Board of Directors and the 11th Session of the Eighth Board of
Supervisors reviewed and adopted Proposal on Unlocking of Restricted Stock within the First Unlock Period of 2022 Restricted
Stock Incentive Plan and Proposal on Repurchasing and Canceling a Part of Restricted Stock agreeing to unlock the Restricted
Stock for 286 qualified Incentive Employees in the first unlock period. The number of Restricted Stock unlocked is 456201 shares.The date of circulation of the Restricted Stock unlockable during the first unlock period is November 19 2024. Since the
performance assessment of business units that incentive employees serve did not achieve the 100% unlocking target under the first
unlock period the Company decided to repurchase and cancel Restricted Stock amounting to 178674 shares in accordance with
the 2022 Restricted Stock Incentive Plan at the price of RMB1 per share. The Proposal on Repurchasing and Canceling a Part of
Restricted Stock has been adopted by the Fourth Interim General Meeting of Shareholders in 2024 held on November 11 2024.The Company repurchased and canceled 178674 shares of Restricted Stock of 2022 Equity Incentive Plan at the price of RMB1
per share and paid totally RMB178674 to the above incentive employees. After confirmed by Shenzhen Branch of China
Securities Depository and Clearing Corporation Limited the Company completed repurchase and cancellation on January 17
2025.
For detailed contents see Announcement of Unlocking of Restricted Stock within the First Unlock Period of 2022 Restricted
Stock Incentive Plan Announcement of Repurchasing and Canceling a Part of Restricted Stock Suggestive Announcement on
Listing of Restricted Stock Unlockable during the First Unlock Period of 2022 Restricted Stock Incentive Plan and Announcement
of Completion of Repurchase and Cancellation of Restricted Stock disclosed on Securities Times China Securities Journal
Securities Daily and http://www.cninfo.com.cn on October 25 2024 November 14 2024 and January 21 2025 (Announcement
No.: 2024-057 2024-058 2024-062 and 2025-006).
2. On January 10 2025 the 13th Session of the Eighth Board of Directors and the 13th Session of the Eighth Board of
Supervisors reviewed and adopted Proposal on Unlocking of Postponed Portion of Restricted Stock within the First Unlock Period
of 2022 Restricted Stock Incentive Plan agreeing to unlock the postponed portion of Restricted Stock for 2 qualified Incentive
Employees in the first unlock period. The number of Restricted Stock unlocked is 29625 shares. The date of unlocking of the
postponed portion of Restricted Stock unlockable during the first unlock period is March 3 2025 (since the incentive employees in
the postponed portion are top management of the Company those unlocked shares have been locked as locked stocks of top
management).For detailed contents see Announcement of Unlocking of Postponed Portion of Restricted Stock within the First Unlock
Period of 2022 Restricted Stock Incentive Plan and the Suggestive Announcement on Listing of Postponed Portion of Restricted
Stock Unlockable during the First Unlock Period of 2022 Restricted Stock Incentive Plan disclosed on Securities Times China
Securities Journal Securities Daily and http://www.cninfo.com.cn on January 11 2025 and February 28 2025 (Announcement
No.: 2025-005 2025-012)
(III) 2023 Equity Incentive Plan
During the reporting period there were no updates on the implementation of the equity incentive plan 2023 of the Company.(IV) 2024 Equity Incentive Plan
1. On March 27 2025 the 14th Session of the Eighth Board of Directors and the 14th Session of the Eighth Board of
Supervisors reviewed and adopted the Proposal on the Canceling a Part of Stock Options. The Company intends to cancel a total
of 64500 stock options that had been granted to two resigned Incentive Employees but had not yet met the vesting conditions for
exercise. After confirmed by Shenzhen Branch of China Securities Depository and Clearing Corporation Limited the Company
completed the cancellation on April 8 2025.
22Zhejiang Supor Co. Ltd. 2025 Semiannual Report
For detailed contents see Announcement of Canceling a Part of Stock Options and the Announcement of Completion of
Canceling a Part of Stock Options disclosed on Securities Times China Securities Journal Securities Daily and
http://www.cninfo.com.cn on March 28 2025 and April 9 2025 (Announcement No.: 2025-024 2025-032).
2. Implementation of the employee stock holding plan
□ Applicable ? Not-applicable
3. Other employee incentive measures
? Applicable □ Not-applicable
(I) Administration Measures for the Performance Incentive Fund
On March 27 2025 the 14th Session of the Eighth Board of Directors and the 14th Session of the Eighth Board of
Supervisors reviewed and adopted the Proposal on Accrual and Allocation Scheme of Performance Incentive Fund in 2024.According to the Administration Measures for the Performance Incentive Fund the accrual condition of the Performance
Incentive Fund in 2024 is satisfied the Company plans to accrue RMB22800474 incentive funds and distribute to 280 eligible
reward employees.For detailed contents see Announcement of Accrual and Allocation Scheme of Performance Incentive Fund in 2024 disclosed
on Securities Times China Securities Journal Securities Daily and http://www.cninfo.com.cn on March 28 2025
(Announcement No.: 2025-023).
(II) Administration Measures for the Second Performance Incentive Fund
On March 27 2025 the 14th Session of the Eighth Board of Directors and the 14th Session of the Eighth Board of
Supervisors reviewed and adopted the Proposal on Accrual and Allocation Scheme of Performance Incentive Fund in 2024.According to the Administration Measures for the Second Performance Incentive Fund the accrual condition of the Performance
Incentive Fund in 2024 is satisfied the Company plans to accrue RMB26248536 incentive funds and distribute to 286 eligible
reward employees.For detailed contents see Announcement of Accrual and Allocation Scheme of Performance Incentive Fund in 2024 disclosed
on Securities Times China Securities Journal Securities Daily and http://www.cninfo.com.cn on March 28 2025
(Announcement No.: 2025-023).
IV. Environmental Information Disclosure
Do the listed company and its subsidiary belong to the list of environmental information disclosure entities
? Yes □ No
Number of enterprises that belong to the list of environmental information disclosure
4
entities (units)
SN Enterprise Name Query index for environmental information disclosure reports in accordance with the law
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
1 The Company morecode=913300007046976861&uniqueCode=24887d5bce253975&date=2024&type=true
&isSearch=true
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
Zhejiang Supor
2 morecode=91330108757219514R&uniqueCode=1916a0eab131f642&date=2024&type=true
Electrical
&isSearch=true
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
3 Shaoxing Supor morecode=91330600788832354H&uniqueCode=460465420d0bd49d&date=2024&type=true
&isSearch=true
23Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Wuhan Supor http://219.140.164.18:8007/hbyfpl/frontal/index.html#/home/enterpriseInfoXTXH=e69d353b
4
Cookware -a852-4f5c-806b-4ab7c26661e9&XH=1677751041494009244672&year=2024
V. Social Responsibilities
During the reporting period the Company actively supported the national policy of rural revitalization and common
prosperity adhered to the vision and mission of the enterprise supporting community services around enterprises and rural
revitalization work in remote areas in central and western China and donating funds to improve the conditions of basic education
in the mountainous areas of central and western China to support the urban and rural schools to promote the education of life
literacy and to cultivate future-oriented life-loving and healthy children and teenagers of the new era.By the end of the reporting period the Company has donated for the construction of 31 Supor Primary Schools in remote
mountainous areas of central and western China as well as in the Company's birthplace with cumulative donations over RMB 40
million. Following the completion of poverty alleviation and the development of urban and rural societies the Company adjusted
its project strategy to focus on enhancing the living and educational functions of town boarding schools while continuing to
deepen its support for rural education.In 2025 in collaboration with its public welfare partners Supor continued to provide online livestreaming courses in art
foreign languages and science to 16 Supor Primary Schools. It also supplied volunteer teachers to 4 rural schools facing faculty
shortages ensuring that children in remote villages have access to quality educational resources. During Children's Day in
collaboration with its public welfare partners Supor delivered holiday gifts to Supor Primary School in Sichuan's Daliang
Mountain region. The Company has long been committed to broadening the educational horizons of teachers in mountainous areas
through training and incentive programs. In the summer of 2025 the Company organized the 11th Supor Primary School Rural
Teachers Study Tour program. With Supor's support 19 rural teachers from different provinces namely Yunnan Guizhou Sichuan
Gansu Qinghai Hubei Henan and other regions participated in educational training in Qinhuangdao to enhance their teaching
methodologies.In the first half of 2025 Supor continued to advance the "Hope Project - Little Artists of Life" implemented jointly with
Zhejiang Youth Development Foundation supporting urban and rural schools in building living and educational spaces
conducting life skill classes and enhancing life literacy education enabling children to grow through practical experiences.While fulfilling its social responsibilities Supor employees enthusiastically participated in the Company's public welfare
projects through volunteer services. Product engineers from Supor's Shaoxing Base leveraged their professional expertise to visit
surrounding community schools educating children on the scientific principles and proper usage of small domestic appliances.Supor employee volunteers visited Supor Primary School in Honghe Yunnan Province to organize graduation ceremony activities
for the children.In the future the Company will actively support the national policies of rural revitalization and common prosperity give full
play to the advantages of Supor's business capabilities and resources promote various charity programs and activities in terms of
literacy education for children in rural villages and broadening their horizons and work with more like-minded charity partners to
contribute to a better life and better society in rural areas.Indicator Measurement unit Quantity/fulfillment
Rural revitalization and common prosperity —— ——
Coverage of rural students Person 30000
Investment amount for improving the educational resources
RMB 10000 131
(material value) in rural areas
Awards received (content grade) —— ——
24Zhejiang Supor Co. Ltd. 2025 Semiannual Report
SECTION V SIGNIFICANT EVENTS
I. Commitments Fulfilled during the Reporting Period and Unfulfilled till the End of
Reporting Period by Actual Controllers Shareholders Related Parties Acquirers and
Other Commitment Parties of the Company
□ Applicable ? Not-applicable
There were no commitments fulfilled during the reporting period and unfulfilled till the end of reporting period by actual
controllers shareholders related parties acquirers and other commitment parties of the Company.II. Occupied Non-business Capital of Listed Company for Controlling Shareholders and
Related Parties
□ Applicable ? Not-applicable
There was no non-operating occupation of capital of listed companies by controlling shareholders and their related parties of the
Company during the reporting period.III. Illegal External Guarantee
□ Applicable ? Not-applicable
There was no illegal external guarantee of the Company during the reporting period.IV. Employment and Disengagement of Certified Public Accountants
Whether the semiannual financial report has been audited
□ Yes ? No
The Company's semiannual report has not been audited.V. Explanation on the Board of Directors and the Board of Supervisors on the "Non-
standard Audit Report" provided by the accounting firm during the reporting period
□ Applicable ? Not-applicable
VI. Explanation of the Board of Directors on Last Year's "Non-standard Audit Report"
□ Applicable ? Not-applicable
VII. Bankruptcy or Reorganization
□ Applicable ? Not-applicable
There was no bankruptcy reorganization or related matters in the Company during the reporting period.
25Zhejiang Supor Co. Ltd. 2025 Semiannual Report
VIII. Litigation Matters
Significant litigations and arbitrations
□ Applicable ? Not-applicable
There was no significant litigation and arbitration occurred during the reporting period.Other litigation matters
□ Applicable ? Not-applicable
IX. Punishment and Rectification
□ Applicable ? Not-applicable
There was no punishment and rectification during the reporting period.X. Integrity of the Company Its Controlling Shareholders and Actual Controllers
□ Applicable ? Not-applicable
XI. Major Connected Transactions
1. Connected transaction related to daily business
? Applicable □ Not-applicable
Pricing Price Percent Approv Excee Market
Contents Amount of Refe
principle of age to ed ding Means of price of Date
Type of of connected rence
Connected of conne amount transacti appro payments of availabl of
Connected party connected connected transaction for
relation connected cted of same on limit ved connected e same disclo
transaction transactio (RMB1000 discl
transactio transa transacti (RMB limit transaction transacti sure
n 0) osure
n ction on 10000) or not on
Wuhan Anzai Bank
Associated Purchase of Finished Contract
Cookware Co. - 9480.26 1.32% No transfer or -
enterprise commodity products price
Ltd. notes
Wuhan Anzai Bank
Associated Purchase of Accessori Contract
Cookware Co. - 1043.91 0.15% No transfer or -
enterprise commodity es price
Ltd. notes
Same controlling
Bank
GROUPE SEB shareholder with Purchase of Finished Market
- 12.85 0.00% No transfer or -
EXPORT the controlling commodity products price
notes
shareholder
Same controlling
Bank
shareholder with Purchase of Accessori Market
TEFAL S.A.S. - 976.36 0.14% No transfer or -
the controlling commodity es price
notes
shareholder
Bank
LAGOSTINA Same controlling Purchase of Finished Contract
- 116.25 0.02% No transfer or -
S.P.A. shareholder commodity products price
notes
SEB Same controlling
Bank
INTERNATIONA shareholder with Purchase of Accessori Contract
- 1.81 0.00% No transfer or -
L SERVICE the controlling commodity es price
notes
S.A.S. shareholder
SEB Same controlling Purchase of Finished Contract Bank
- 3.71 0.00% No -
INTERNATIONA shareholder with commodity products price transfer or
26Zhejiang Supor Co. Ltd. 2025 Semiannual Report
L SERVICE the controlling notes
S.A.S. shareholder
Bank
Same controlling Purchase of Finished Contract
SEB ASIA LTD. - 52.02 0.01% No transfer or -
shareholder commodity products price
notes
Same controlling
Bank
GROUPE SEB shareholder with Purchase of Accessori Market
- 67.38 0.01% No transfer or -
MOULINEX the controlling commodity es price
notes
shareholder
Bank
WMF GROUPE Same controlling Purchase of Finished Contract
- 199.87 0 . 0 3 % N o t r a n s f e r o r -
GMBH shareholder commodity products price
notes
WMF BUSINESS
Bank
UNIT Same controlling Purchase of Finished Contract
- 3735.24 0.52% No transfer or -
CONSUMER shareholder commodity products price
notes
GMBH
Bank
Same controlling Purchase of Finished Contract
EMSA GMBH - 29.93 0.00% No transfer or -
shareholder commodity products price
notes
Bank
Same controlling Sale of Finished Contract
SEB ASIA LTD. - 340544.11 29.67% No transfer or -
shareholder commodities products price
notes
Bank
Same controlling Sale of Accessori Contract
SEB ASIA LTD. - 420.89 0.04% No transfer or -
shareholder commodities es price
notes
Same controlling
Bank
shareholder with Sale of Finished Contract
S.A.S. SEB - 42.73 0.00% No transfer or -
the controlling commodities products price
notes
shareholder
Same controlling
Bank
shareholder with Sale of Accessori Contract
S.A.S. SEB - 91.69 0.01% No transfer or -
the controlling commodities es price
notes
shareholder
Same controlling
Bank
shareholder with Sale of Finished Contract
TEFAL S.A.S. - 358.57 0.03% No transfer or -
the controlling commodities products price
notes
shareholder
Same controlling
Bank
shareholder with Sale of Accessori Contract
TEFAL S.A.S. - 1285.44 0.11% No transfer or -
the controlling commodities es price
notes
shareholder
Same controlling
Bank
GROUPE SEB shareholder with Sale of Finished Contract
- 564.36 0.05% No transfer or -
MOULINEX the controlling commodities products price
notes
shareholder
Company
Bank
Supor Group Co. controlled by Sale of Finished Market
- 167.63 0.01% No transfer or -
Ltd. related natural commodities products price
notes
person
Company
Zhejiang Sukean Bank
controlled by Sale of Finished Market
Pharmaceutical - 24.23 0.00% No transfer or -
related natural commodities products price
Co. Ltd. notes
person
SEB Same controlling
Bank
INTERNATIONA shareholder with Sale of Accessori Contract
- 1560.54 0.14% No transfer or -
L SERVICE the controlling commodities es price
notes
S.A.S. shareholder
27Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Bank
LAGOSTINA Same controlling Sale of Accessori Contract
- 108.32 0.01% No transfer or -
S.P.A. shareholder commodities es price
notes
Bank
IMUSA USA Same controlling Sale of Accessori Contract
- 2.17 0.00% No transfer or -
LLC shareholder commodities es price
notes
WMF Consumer Bank
Same controlling Sale of Finished Contract
Goods (Shanghai) - 11.72 0.00% No transfer or -
shareholder commodities products price
Co Ltd. notes
Saiyibo Business
Bank
Consulting Same controlling Sale of Finished Contract
- 30.31 0.00% No transfer or -
(Shenzhen) Co. shareholder commodities products price
notes
Ltd.GROUPE SEB
Bank
VIETNAM Same controlling Sale of Finished Contract
- 251.62 0.02% No transfer or -
JOINT STOCK shareholder commodities products price
notes
COMPANY
GROUPE SEB
Bank
VIETNAM Same controlling Sale of Accessori Contract
- 124.50 0.01% No transfer or -
JOINT STOCK shareholder commodities es price
notes
COMPANY
Bank
GROUPE SEB Same controlling Sale of Finished Contract
270.96 0.02% No transfer or
CANADA shareholder commodities products price
notes
Bank
GROUPE SEB Same controlling Sale of Accessori Contract
- 365.41 0.03% No transfer or -
ANDEAN S.A. shareholder commodities es price
notes
Total -- -- 361944.79 -- -- -- -- -- --
Details of large sales return Not-applicable
Actual implementation of estimated total amount of related
From January to June 2025 the actual amount of daily related transactions between the
transaction by category incurred during the period in the
Company and Groupe SEB reached RMB 3512.2876 million.reporting period (if any)
Reason for the big difference between transaction price and
Not-applicable
market reference price (if applicable)
2. Connected transactions from purchase and sales for assets or equity
□ Applicable ? Not-applicable
There were no related transactions from purchase and sales for assets or equity during the reporting period.
3. Connected transaction from external co-investment
□ Applicable ? Not-applicable
There was no connected transaction involving joint external investment during the reporting period.
4. Connected creditor's rights and debts
□ Applicable ? Not-applicable
There were no connected creditor's rights and debts during the reporting period
28Zhejiang Supor Co. Ltd. 2025 Semiannual Report
5. Dealings with associated financial companies
□ Applicable ? Not-applicable
There was no deposit loan credit or other financial business between the Company and associated financial companies and their
related parties.
6. Dealings between the financial companies controlled by the Company and their connected parties
□ Applicable ? Not-applicable
There was no deposit loan credit or other financial business between the Company and holding financial companies and their
connected parties.
7. Other important connected transactions
□ Applicable ? Not-applicable
There were no significant connected transactions during the reporting period.XII. Significant Contracts and Performance
1. Custody contracting and leasing
(1) Custody
□ Applicable ? Not-applicable
No custody was made during the reporting period.
(2) Contracting
□ Applicable ? Not-applicable
No contracting was made during the reporting period.
(3) Leasing
? Applicable □ Not-applicable
Circumstances of leasing
Please refer to "15. Right-of-use assets" and "28. Lease obligation" of Part VIII "Notes to Items of Consolidated Financial Statements" of
SECTION X "FINANCIAL REPORT".The profit and loss brought to the Company reaches more than 10% of the total profit of the Company during the reporting period.□ Applicable ? Not-applicable
During the reporting period there are no leasing items that bring profits and losses of the Company to more than 10% of the total
profits of the Company during the reporting period.
2. Major guarantee
? Applicable □ Not-applicable
29Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Unit: RMB 10000
External guarantee of the Company and its subsidiaries (excluding the guarantee to subsidiaries)
Disclosure date Whethe
of r it is
Actual Collater Counter-
Name of guaranteed announcement Guaranteed Actual Guarantee Fulfilled guarant
guaranteed al (if guarantee Guarantee period
object related to the amount occurring date type or not eed by
amount any) (if any)
guaranteed related
amount parties
Supor's distributors July 2024- General
March 30 July 2024-June
who meet certain 140000.00 December 49930.10 guarantee Cash Yes Yes No
20242025
conditions 2024 and pledge
Supor's distributors General
March 30 January 2025- January 2025-
who meet certain 140000.00 28999.36 guarantee Cash Yes No No
2024 March 2025 September 2025
conditions and pledge
Supor's distributors General
March 28 April 2025 - April 2025-
who meet certain 140000.00 13220.20 guarantee Cash Yes No No
2025 June 2025 December 2025
conditions and pledge
Total external guaranteed amount Total actual amount of
approved during the reporting period 140000.00 external guarantee during 92149.66
(A1) the reporting period (A2)
Total actual external
Total external guaranteed amount
guarantee balance at the
approved at the end of the reporting 280000.00 23157.74
end of the reporting period
period (A3)
(A4)
Guarantee of the Company to subsidiaries
Disclosure date Whethe
of r it is
Actual Collater Counter-
Name of guaranteed announcement Guaranteed Actual Guarantee Fulfilled guarant
guaranteed al (if guarantee Guarantee period
object related to the amount occurring date type or not eed by
amount any) (if any)
guaranteed related
amount parties
Zhejiang Shaoxing July 2024- Joint
March 30 July 2024-June
Supor Housewares 260000.00 December 109307.20 liability None None Yes No
20242025
Co. Ltd. 2024 guarantee
Zhejiang Shaoxing Joint
March 30 January 2025- January 2025-
Supor Housewares 260000.00 21655.00 liability None None No No
2024 March 2025 September 2025
Co. Ltd. guarantee
Zhejiang Shaoxing Joint
March 28 April 2025 - April 2025-
Supor Housewares 460000.00 66225.00 liability None None No No
2025 June 2025 December 2025
Co. Ltd. guarantee
Total actual amount of
Approved total guaranteed amount
guarantee to subsidiaries
towards the subsidiaries during the 600000.00 197187.20
during the reporting period
reporting period (B1)
(B2)
Total actual guarantee
Total guaranteed amounts to
balance for subsidiaries at
subsidiaries approved at the end of 1000000.00 87880.00
the end of the reporting
the reporting period (B3)
period (B4)
Guarantee of the subsidiaries to subsidiaries
Disclosure date Whethe
of Actual Collater Counter- r it is
Name of guaranteed Guaranteed Actual Guarantee Fulfilled
announcement guaranteed al (if guarantee Guarantee period guarant
object amount occurring date type or not
related to the amount any) (if any) eed by
guaranteed related
30Zhejiang Supor Co. Ltd. 2025 Semiannual Report
amount parties
Zhejiang Shaoxing
March 30 January 2025- General January 2025-
Supor Housewares 260000.00 30900.00 None None No No
2024 March 2025 guarantee September 2025
Co. Ltd.Zhejiang Shaoxing
March 28 April 2025 - General April 2025-
Supor Housewares 460000.00 19745.00 None None No No
2025 June 2025 guarantee December 2025
Co. Ltd.Total actual amount of
Approved total guaranteed amount
guarantee to subsidiaries
towards the subsidiaries during the 0 50645.00
during the reporting period
reporting period (C1)
(C2)
Total actual guarantee
Total guaranteed amounts to
balance for subsidiaries at
subsidiaries approved at the end of 0 50645.00
the end of the reporting
the reporting period (C3)
period (C4)
Total guaranteed amount of the Company (namely the total of the first three items)
Total guaranteed actual
Total approved guaranteed amount
amount during the
during the reporting period 740000.00 339981.86
reporting period
(A1+B1+C1)
(A2+B2+C2)
Total actual guarantee
Total approved guaranteed amount at
balance at the end of the
the end of the reporting period 1280000.00 161682.74
reporting period
(A3+B3+C3)
(A4+B4+C4)
Proportion of the total amount of actual guarantee (i.e. A4+B4+C4) to the net assets of the
31.59%
Company
Including:
Total guaranteed amount towards shareholders actual controllers and related parties (D) 0
Balance of debt guarantee directly or indirectly provided to the guaranteed object with an asset-
138525.00
liability ratio exceeding 70% (E)
Amount of the total guarantee exceeding 50% of the net assets (F) 0
Total amount of the above three guarantees (D+E+F) 138525.00
Description of the guarantee liability occurred during the reporting period or there is evidence
that it is possible to bear joint and several liability for settlement for the unexpired guarantee Not-applicable
contract (if any)
Explanation on external guarantee provided against the established procedures (if any) Not-applicable
Note: The 14th Session of the Eighth Board of Directors and the Annual General Meeting of Shareholders for 2024 Fiscal Year of
the Company reviewed and adopted the Proposal on Guarantee for Wholly-owned Subsidiaries and Mutual Guarantee among
Wholly-owned Subsidiaries and agreed that the Company and its wholly-owned subsidiaries would provide guarantees up to RMB
6 billion for the wholly-owned subsidiaries in the year of 2025. Among them the guaranteed amount for companies with higher
than 70% (inclusive) asset-liability ratio was RMB 4.65 billion and RMB 1.35 billion for companies with an asset-liability ratio
below 70%.Specific description for using the composite guarantee situation
None
3. Entrusted financing
? Applicable □ Not-applicable
31Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Unit: RMB 10000
The amount of
impairment
Amount incurred
Source of fund for Overdue amount accrued from
Specific type of entrusted Undue balance
entrusted financing unclaimed overdue financial
financing
investment
products
Bank financial
Self-owned capital 25000 10000 0 0
products
Others Self-owned capital 13000 0 0 0
Total 38000 10000 0 0
Note: The Company is allowed to utilize its self-owned capital of not exceeding RMB 4 billion in aggregate to purchase short-term
financial products during the 2025 fiscal year. Details can be found in the Announcement of Short-term Investment Using
Excessive Cash (Announcement No.: 2025-019) disclosed on the http://www.cninfo.com.cn.Specific situation of high-risk entrusted finance with significant single amount low security and poor liquidity
□ Applicable ? Not-applicable
Circumstances in which principal of entrusted financing may not be recovered or which may result in decrease in value:
□ Applicable ? Not-applicable
4. Other significant contracts
□ Applicable ? Not-applicable
There were no other significant contracts involved in the Company during the reporting period.XIII. Explanation on Other Important Matters
□ Applicable ? Not-applicable
The Company has no other important matters to be explained during the reporting period.XIV. Important Matters of Subsidiaries
□ Applicable ? Not-applicable
32Zhejiang Supor Co. Ltd. 2025 Semiannual Report
SECTION VI CHANGES IN SHARE CAPITAL AND
PARTICULARS ABOUT SHAREHOLDERS
I. Changes in Share Capital
1. Changes in Shares Capital
Unit: share
Before change Increase/decrease in the period (+ -) After change
New Shares Converte
Share number Proportion Others Subtotal Share number Proportion
shares bonus d capital
I. Restricted Outstanding Shares 1720116 0.21% -728004 -728004 992112 0.12%
1. Shares held by the state
2. State-owned legal person
shares
3. Other domestic shareholdings 1720116 0.21% -728004 -728004 992112 0.12%
Including: Shares held by
domestic legal entities
Shares held by domestic
17201160.21%-728004-7280049921120.12%
natural persons
4. Shares held by foreign
capitals
Including: Shares held by
foreign legal entities
Shares held by foreign
natural persons
II. Non-restricted Outstanding
79981829199.79%54933054933080036762199.88%
Shares
1. Common shares in RMB 799818291 99.79% 549330 549330 800367621 99.88%
2. Domestically listed foreign
shares
3. Overseas listed foreign shares
4. Others
III. Sum of Shares 801538407 100.00% -178674 -178674 801359733 100.00%
Reasons for the change of shares
? Applicable □ Not-applicable
1. Top management of the Company unlocked 25% of the shares registered under their names based on holding shares at last
transaction date of the last year.
2. Since the performance assessment of business units that incentive employees of 2022 Restricted Stock Incentive Plan serve did
not achieve the 100% unlocking target under the first unlock period the Company repurchased and canceled a total of 178674
shares of Restricted Stock that did not satisfy the unlocking conditions on January 17 2025. Following the completion of
repurchase and cancellation the Company's total capital stock was reduced from 801538407 shares to 801359733 shares.
33Zhejiang Supor Co. Ltd. 2025 Semiannual Report
3. On January 24 2025 the unrestricted shares held by Cheung Kwok Wah the Company's former general manager were
automatically locked due to his resignation.
4. On February 11 2025 totally 548250 shares of Restricted Stock in the second unlock period under the 2021 Restricted Stock
Incentive Plan were unlocked and circulated on the market. Among these 62500 shares held by top management were locked as
locked stocks of top management.
5. On March 3 2025 totally 29625 shares of Restricted Stock in the first unlock period of the postponed portion under the 2022
Restricted Stock Incentive Plan were unlocked. Since the incentive employees in the postponed portion are top management of the
Company those unlocked shares have been locked as locked stocks of top management.Approval of change in shares
? Applicable □ Not-applicable
1. On January 10 2025 the 13th Session of the Eighth Board of Directors and 13th Session of the Eighth Board of Supervisors
reviewed and adopted the Proposal on Unlocking of Restricted Stock within the Second Unlock Period of 2021 Restricted Stock
Incentive Plan agreeing to unlock the Restricted Stock for 266 qualified Incentive Employees in the second unlock period. The
number of Restricted Stock unlocked is 548250 shares. The date of circulation of the Restricted Stock unlockable during the
second unlock period is February 11 2025.
2. On October 24 2024 the 11th Session of the Eighth Board of Directors and the 11th Session of the Eighth Board of Supervisors
reviewed and adopted Proposal on Unlocking of Restricted Stock within the First Unlock Period of 2022 Restricted Stock
Incentive Plan and Proposal on Repurchasing and Canceling a Part of Restricted Stock. Since the performance assessment of
business units that incentive employees serve did not achieve the 100% unlocking target under the first unlock period the
Company decided to repurchase and cancel Restricted Stock amounting to 178674 shares in accordance with the 2022 Restricted
Stock Incentive Plan at the price of RMB 1 per share. The Proposal on Repurchasing and Canceling a Part of Restricted Stock has
been adopted by the Fourth Interim General Meeting of Shareholders in 2024 held on November 11 2024. After confirmed by
Shenzhen Branch of China Securities Depository and Clearing Corporation Limited the Company completed repurchase and
cancellation on January 17 2025.
3. On January 10 2025 the 13th Session of the Eighth Board of Directors and the 13th Session of the Eighth Board of Supervisors
reviewed and adopted Proposal on Unlocking of Postponed Portion of Restricted Stock within the First Unlock Period of 2022
Restricted Stock Incentive Plan agreeing to unlock the postponed portion of Restricted Stock for 2 qualified Incentive Employees
in the first unlock period. The number of Restricted Stock unlocked is 29625 shares. The date of unlocking of the postponed
portion of Restricted Stock unlockable during the first unlock period is March 3 2025. Since the incentive employees in the
postponed portion are top management of the Company those unlocked shares have been locked as locked stocks of top
management.Transfer of shares changed
□ Applicable ? Not-applicable
Progress in the implementation of share repurchase
□ Applicable ? Not-applicable
Progress in the reduction of shareholding of repurchased shares through auction
□ Applicable ? Not-applicable
Influence of shares changes on basic earnings per share and diluted earnings per share in latest year and period net assets per share
attributable to the Company's common shareholders and other financial indexes.? Applicable □ Not-applicable
Since the repurchase and cancellation of 178674 Restricted Stock has tiny influence on basic earnings per share and diluted
earnings per share in the current period and generates nearly no effect on other financial indicators (e.g. net assets per share
attributable to the Company's common shareholders).
34Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Other contents that the Company thinks fit to disclose or the securities regulatory authority requires to disclose
□ Applicable ? Not-applicable
2. Changes of restricted outstanding shares
? Applicable □ Not-applicable
Unit: share
Restricted Restricted
Restricted Restricted
outstandin outstandin
outstanding outstandin
g shares g shares Restriction
Name shares at the g shares at Date of releasing restriction
released increased reason
beginning of the end of
in current in current
the year the year
period period
Unlocked 25% of the shares registered under his name
Locked stocks of
Su Xianze 205088 51272 0 153816 based on holding shares at the last transaction date of the
top management
last year.During the reporting period the quota of Restricted Stock
Cheung Locked stocks of was readjusted based on the total shareholding amount.
2525006550090750
Kwok Wah top management Meanwhile the non-restricted shares held by the individual
were automatically locked due to resignation.Unlocked 25% of the shares registered under his name
based on holding shares at the last transaction date of the
Locked stocks of
Xu Bo 61711 35553 44250 70408 last year. During the reporting period the quota of
top management
Restricted Stock was readjusted based on the total
shareholding amount.Unlocked 25% of the shares registered under his name
based on holding shares at the last transaction date of the
Locked stocks of
Ye Jide 18018 12255 17875 23638 last year. During the reporting period the quota of
top management
Restricted Stock was readjusted based on the total
shareholding amount.In the Company's 2021 Restricted Stock Incentive Plan
Incentive 1209500 shares of Restricted Stock were transferred to
Employees 293 incentive employees on January 27 2022. The above
of 2021 Equity incentive Restricted Stock shall be unlocked in two phases after 24
54825054825000
Equity restricted shares months from the grant date with the unlocking proportion
Incentive of each phase being 50%. The two phases of Restricted
Plan Stock were unlocked and listed for trading on February 2
2024 and February 11 2025 respectively.
Restricted shares
In the Company's 2022 Restricted Stock Incentive Plan
under the equity
1253500 shares of Restricted Stock were transferred to
incentive plan/
288 incentive employees on November 10 2022. A total of
the Company
79000 shares of Restricted Stock of the postponed portion
repurchased and
Incentive were transferred to two incentive employees on February
canceled 178674
Employees 24 2023. The above Restricted Stock shall be unlocked in
shares of
of 2022 two phases after 24 months from the grant date with the
861799 208299 0 653500 Restricted Stock
Equity unlocking proportion of each phase being 50%. The first
during the first
Incentive phase and the postponed portion of the first phase were
half year which
Plan unlocked and listed for trading on November 19 2024 and
corresponded to
March 3 2025 respectively. The second phase is expected
performance
to be unlocked after November 10 2025 and the second
targets that failed
phase of the postponed portion is expected to be unlocked
to meet the 100%
after February 24 2026.unlocking target.Total 1720116 855629 127625 992112 -- --
35Zhejiang Supor Co. Ltd. 2025 Semiannual Report
II. Security Offering and Listing Information
□ Applicable ? Not-applicable
III. Number of Shareholders of the Company and Shareholding Information
Unit: share
Total number of preferred shareholders whose
Total number of common shareholders at the end of the
16894 voting right is recovered at the end of reporting 0
reporting period
period (if any) (refer to Note 8)
Shareholding information on shareholders holding more than 5% shares or top 10 shareholders (excluding shares lent through refinancing and financing)
Number of Increase/ Pledge marking or freezing
Number of
Shareholdi common shares decrease during Number of non-
Name Nature restricted Share
ng ratio at the end of the the reporting restricted shares Status of share
shares number
reporting period period
SEB INTERNATIONALE Foreign
83.19% 666681904 0 0 666681904 Not-applicable 0
S.A.S legal entity
Hong Kong Securities Foreign
4.34% 34756141 -10706070 0 34756141 Not-applicable 0
Clearing Company Ltd. legal entity
China Life Insurance Co.Ltd.-Traditional-General
Others 1.41% 11329744 11329744 0 11329744 Not-applicable 0
Insurance Products-005L-
CT001 (SSEC)
China Construction Bank －
Huatai-Pinebridge CSI
Dividend Low Volatility Others 0.90% 7231729 1653615 0 7231729 Not-applicable 0
Traded Open-end Securities
Investment Funds
Ningbo Bank-Zhongtai
Xingyuan Value-selected
Others 0.63% 5017112 -1247266 0 5017112 Not-applicable 0
Flexible Complex Securities
Investment Funds
ABC-Southern Asset
Management S&P China A-
Share Large-Cap Dividend
Others 0.56% 4515976 1994800 0 4515976 Not-applicable 0
Low Volatility 50 Index
Traded Open-end Securities
Investment Funds
China Life Insurance (Group)
Company - Traditional-
General Insurance Products- Others 0.38% 3050123 3050123 0 3050123 Not-applicable 0
Hong Kong Stock Connect
(Innovation Strategy)
State-owned
SDIC Securities Co. Ltd. 0.33% 2672501 2619701 0 2672501 Frozen 1652501
legal person
China Merchants Securities State-owned
0.32% 2575695 26000 0 2575695 Not-applicable 0
Co. Ltd. legal person
China Merchants Bank-
Zhongtai Yuheng Value-
Others 0.22% 1742466 -382731 0 1742466 Not-applicable 0
selected Flexible Complex
Securities Investment Funds
Strategic investor or general corporate
investor who becomes top 10 shareholder as None
a result of rights issue (if any) (see Note 3)
36Zhejiang Supor Co. Ltd. 2025 Semiannual Report
China Life Insurance (Group) Company which manages China Life Insurance (Group) Company - Traditional-
General Insurance Products- Stock Connect (Innovation Strategy) is the controlling shareholder of China Life
Insurance Co. Ltd. which manages China Life Insurance Co. Ltd.-Traditional-General Insurance Products-
Explanation on the above-mentioned
005L- CT001 (SSEC). Ningbo Bank-Zhongtai Xingyuan Value-selected Flexible Complex Securities Investment
shareholder relationships or concerted
Funds and China Merchants Bank-Zhongtai Yuheng Value-selected Flexible Complex Securities Investment
actions
Funds are both managed by Zhongtai Securities (Shanghai) Asset Management Co. Ltd. It is unknown whether
other shareholders are associated with each other and whether they are persons acting in concert as stipulated in
the Measures for the Administration of the Acquisition of Listed Companies.Explanation on the above shareholders on
entrusting/entrusted voting rights and None
abstaining from voting rights
Special instructions on the existence of
At the end of the reporting period the Company held a total of 4667500 shares in the special securities account
repurchase special accounts of the top 10
for repurchase.shareholders (if any) (see Note 11)
Shareholding information of top 10 shareholders holding non-restricted shares (excluding shares lent through refinancing and financing and locked stocks of
top management)
Number of non-restricted Type of share
Name of Shareholders shares held at the end of
Type of share Share number
the reporting period
SEB INTERNATIONALE S.A.S 666681904 RMB common shares 666681904
Hong Kong Securities Clearing Company Ltd. 34756141 RMB common shares 34756141
China Life Insurance Co. Ltd.-Traditional-General Insurance Products-005L- CT001
11329744 RMB common shares 11329744
(SSEC)
China Construction Bank－Huatai-Pinebridge CSI Dividend Low Volatility Traded
7231729 RMB common shares 7231729
Open-end Securities Investment Funds
Ningbo Bank-Zhongtai Xingyuan Value-selected Flexible Complex Securities
5017112 RMB common shares 5017112
Investment Funds
ABC-Southern Asset Management S&P China A-Share Large-Cap Dividend Low
4515976 RMB common shares 4515976
Volatility 50 Index Traded Open-end Securities Investment Funds
China Life Insurance (Group) Company - Traditional-General Insurance Products-
3050123 RMB common shares 3050123
Hong Kong Stock Connect (Innovation Strategy)
SDIC Securities Co. Ltd. 2672501 RMB common shares 2672501
China Merchants Securities Co. Ltd. 2575695 RMB common shares 2575695
China Merchants Bank-Zhongtai Yuheng Value-selected Flexible Complex Securities
1742466 RMB common shares 1742466
Investment Funds
Explanation on associated relationship or concerted actions among top 10
shareholders holding non-restricted shares and between top 10 shareholders holding Same as above
non-restricted shares and top 10 shareholders
Information on top 10 common shareholders involved in securities margin trading
None
business (if any) (see Note 4)
Shareholders holding more than 5% of shares the top 10 shareholders and the top 10 shareholders with unrestricted shares
participating in the refinancing business to lend shares
□ Applicable ? Not-applicable
Top 10 shareholders and the top 10 shareholders with unrestricted shares changed from the previous period due to
lending/returning of refinancing
□ Applicable ? Not-applicable
Did the top 10 common shareholders and the top 10 common shareholders holding non-restricted shares conduct the agreed
repurchase transaction during the reporting period
□ Yes ? No
The top 10 common shareholders and the top 10 common shareholders holding non-restricted shares did not conduct the agreed
repurchase transaction during the reporting period.
37Zhejiang Supor Co. Ltd. 2025 Semiannual Report
IV. Shareholding Change of the Directors Supervisors and Senior Executives
? Applicable □ Not-applicable
Number of
Number of Restricted Number of Number of
Number of Number of
shares held Number of Stock Restricted Restricted
increased decreased
at the shares held granted at Stock Stock
Position shares in shares in
Name Position beginning at the end of the granted in granted at
status the current the current
of the the period beginning the current the end of
period period
period (share) of the period the period
(share) (share)
(share) period (share) (share)
(share)
On-
Su Xianze Director 205088 0 51272 153816 0 0 0
service
Chief Financial On-
Xu Bo 142211 0 35553 99408 80500 0 29000
Officer service
Vice General
On-
Ye Jide Manager Board 49018 0 12255 34138 31000 0 10500
service
Secretary
Cheung
Former General Resigne
Kwok 142000 0 0 131750 81250 0 41000
Manager d
Wah
Total -- -- 538317 0 99080 419112 192750 0 80500
Note: During the reporting period 44250 shares 17875 shares and 30000 shares of Restricted Stock granted to Xu Bo (Chief Financial Officer) Ye Jide
(Vice General Manager Board Secretary) and former General Manager Cheung Kwok Wah (resigned) respectively were unlocked. However since the
performance assessment of business units that incentive employees serve under 2022 Equity Incentive Plan did not achieve the 100% unlocking target under
the first unlock period the Company repurchased and cancelled 7250 shares 2625 shares and 10250 shares held by these individuals respectively. These
repurchase and cancellation procedures were completed on January 17 2025.V. Change Condition of Controlling Shareholders and Actual Controllers
Change of controlling shareholders during the reporting period
□ Applicable ? Not-applicable
No change of controlling shareholders during the reporting period.Change of actual controllers during the reporting period
□ Applicable ? Not-applicable
No change of actual controllers during the reporting period.VI. Information on Preferred Share
□ Applicable ? Not-applicable
No preferred share existed during the reporting period.
38Zhejiang Supor Co. Ltd. 2025 Semiannual Report
SECTION VII BONDS
□ Applicable ? Not-applicable
39Zhejiang Supor Co. Ltd. 2025 Semiannual Report
SECTION VIII FINANCIAL REPORT
I. Audit Report
Whether the semiannual report has been audited.□ Yes ? No
The Company's semiannual financial report has not been audited.II. Financial Statements
Unit of statement in notes to financial statement: RMB
1. Consolidated balance sheet
Compiled by: Zhejiang Supor Co. Ltd.June 30 2025
Unit: RMB
Item Closing balance Opening balance
Current assets:
Monetary capital 2027964341.78 2480007318.69
Settlement reserve
Loans to other banks
Transactional financial assets 100010338.59 281234235.25
Derivative financial assets
Notes receivable 4637478.94 4036734.84
Accounts receivable 3263294382.44 2690049028.80
Receivables financing 122957338.74 368776534.93
Advance payment 233609931.19 272876022.08
Premiums receivable
Reinsurance accounts receivable
Reinsurance contract reserve receivable
Other receivables 21031976.33 94546924.00
Including: interest receivable
Dividend receivable
Reverse-REPO financial assets
Inventories 2040635147.21 2565958108.47
Including: Data resource
Contract assets
Held-for-sale assets
Non-current assets due within one year 1048108460.27 1558446438.34
Other current assets 220438069.77 287995915.36
40Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Total current assets 9082687465.26 10603927260.76
Non-current assets:
Loans and advances granted
Debt investment
Other debt investment 125239643.85 279210191.78
Long-term receivables
Long-term equity investment 60143090.14 60739389.71
Other equity instrument investment
Other non-current financial assets
Investment properties
Fixed assets 1229132222.45 1265771512.34
Construction in progress 44469207.18 13026975.92
Productive biological assets
Oil and gas assets
Right-of-use assets 222540938.43 226926299.47
Intangible assets 396485298.27 408007646.66
Including: Data resource
Development expenditures
Including: Data resource
Goodwill
Long-term unamortized expenses
Deferred income tax assets 463830669.38 408247447.88
Other non-current assets
Total non-current assets 2541841069.70 2661929463.76
Total assets 11624528534.96 13265856724.52
Current liabilities:
Short-term borrowings 527874712.48
Central bank loan
Loans from other banks
Transactional financial liabilities
Derivative financial liabilities
Notes payable 1208510157.52 1282200000.00
Accounts payable 3268444563.78 3161736072.40
Advance receipt
Contract liabilities 443037837.02 1088405139.86
Proceeds from sale of repurchase financial assets
Deposit taken and interbank deposit
Proceeds from security transaction agency
Proceeds from security underwriting agency
Employee remuneration payable 280910129.36 357563855.07
Taxes payable 188810976.42 284299883.91
41Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Other payables 137518777.54 135584472.49
Including: Interest payable
Dividend payable
Handling fee and commission payable
Reinsurance accounts payable
Held-for-sale liabilities
Non-current liabilities due within one year 45748916.27 41987421.60
Other current liabilities 77635588.53 172075402.77
Total current liabilities 6178491658.92 6523852248.10
Non-current liabilities:
Insurance contract reserve
Long-term borrowings
Bonds payable
Including: Preferred share
Perpetual bond
Lease obligation 180997779.16 188428980.22
Long-term payables
Long-term employee remuneration payable 59346032.42 39199438.59
Estimated liabilities 52924760.05 52848734.33
Deferred incomes
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 293268571.63 280477153.14
Total liabilities 6471760230.55 6804329401.24
Owners' equities:
Share capital 801359733.00 801359733.00
Other equity instruments
Including: Preferred share
Perpetual bond
Capital reserve 196521235.18 191294609.67
Minus: treasury share 233919830.25 234497705.25
Other comprehensive incomes -41129847.96 -28222735.40
Special reserve
Surplus reserve 298792437.44 294492653.92
General risk reserve
Undistributed profit 4096896623.63 5399987787.75
Total owners' equities belonging to parent company 5118520351.04 6424414343.69
Minority shareholders' equities 34247953.37 37112979.59
Total owners' equities 5152768304.41 6461527323.28
Total liabilities and owners' equities 11624528534.96 13265856724.52
Legal representative: Thierry de LA TOUR D'ARTAISE Person in charge of accounting: Xu Bo Person in charge of accounting
42Zhejiang Supor Co. Ltd. 2025 Semiannual Report
department: Xu Bo
2. Balance sheet of parent company
Unit: RMB
Item Closing balance Opening balance
Current assets:
Monetary capital 768743653.58 748311712.70
Transactional financial assets
Derivative financial assets
Notes receivable 179815.00
Accounts receivable 703235036.01 682534678.42
Receivables financing
Advance payment 17853215.60 16122846.23
Other receivables 445006188.07 505784147.11
Including: interest receivable
Dividend receivable
Inventories 158628627.80 128970803.25
Including: Data resource
Contract assets
Held-for-sale assets
Non-current assets due within one year 301258282.19 111824575.34
Other current assets 23418521.61 37656555.24
Total current assets 2418323339.86 2231205318.29
Non-current assets:
Debt investment
Other debt investment 73911424.66 217857260.27
Long-term receivables
Long-term equity investment 2862244393.63 2860985202.54
Other equity instrument investment
Other non-current financial assets
Investment properties
Fixed assets 120863110.70 128714726.20
Construction in progress 797600.00 2574841.73
Productive biological assets
Oil and gas assets
Right-of-use assets 10927567.97 1948264.71
Intangible assets 59101848.78 63599380.61
Including: Data resource
Development expenditures
Including: Data resource
43Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Goodwill
Long-term unamortized expenses
Deferred income tax assets 31875540.36 27648932.96
Other non-current assets
Total non-current assets 3159721486.10 3303328609.02
Total assets 5578044825.96 5534533927.31
Current liabilities:
Short-term borrowings
Transactional financial liabilities
Derivative financial liabilities
Notes payable 300000000.00
Accounts payable 250600242.99 211251634.27
Advance receipt
Contract liabilities 3869419.87 2321881.15
Employee remuneration payable 47900016.61 63078502.91
Taxes payable 8938375.43 31210194.65
Other payables 2661674650.28 751756230.39
Including: Interest payable
Dividend payable
Held-for-sale liabilities
Non-current liabilities due within one year 367308.49 586811.04
Other current liabilities 217913.96 62056.02
Total current liabilities 3273567927.63 1060267310.43
Non-current liabilities:
Long-term borrowing
Bonds payable
Including: Preferred share
Perpetual bond
Lease obligation 10400263.04 1336858.43
Long-term payables
Long-term employee remuneration payable 28723799.85 17745958.51
Estimated liabilities
Deferred incomes
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 39124062.89 19082816.94
Total liabilities 3312691990.52 1079350127.37
Owners' equities:
Share capital 801359733.00 801359733.00
Other equity instruments
44Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Including: Preferred share
Perpetual bond
Capital reserve 272903058.71 267604558.65
Minus: treasury share 233919830.25 234497705.25
Other comprehensive incomes
Special reserve
Surplus reserve 346206864.12 341907080.60
Undistributed profit 1078803009.86 3278810132.94
Total owners' equities 2265352835.44 4455183799.94
Total liabilities and owners' equities 5578044825.96 5534533927.31
3. Consolidated profit statement
Unit: RMB
Semiannual period in Semiannual period in
Item
20252024
I. Total Operating Incomes 11477500800.41 10964777968.45
Including: Operating income 11477500800.41 10964777968.45
Interest revenues
Premium earned
Revenue from handling fees and commissions
II. Total Operating Costs 10379977771.00 9832752716.56
Including: Operating cost 8768097687.83 8357581004.66
Interest expense
Expense of handling fees and commissions
Surrender value
Net payment for insurance claims
Net amount of withdrawn reserve fund for insured liability
Policy dividend expenditures
Reinsurance expenses
Taxes and surcharges 64828241.45 62873462.07
Sales expenses 1152072774.05 1070841629.54
Administrative expenses 198795000.32 194416893.38
R&D expenses 210369305.81 204504710.21
Financial expenses -14185238.46 -57464983.30
Including: interest expenses 8659753.35 7397414.94
Interest revenues 17556636.37 53980532.58
Plus: other incomes 65643615.29 40169658.31
Investment income ("-" for loss) 29459978.74 16336567.86
Including: investment income on associated enterprise and
-592131.91-705587.15
joint venture
Income from derecognition of financial assets
45Zhejiang Supor Co. Ltd. 2025 Semiannual Report
measured at amortized cost
Exchange gain ("-" for loss)
Net exposure hedging gains ("-" for loss)
Gains from changes in fair value ("-" for loss) 10338.59 164631.01
Credit impairment loss ("-" for loss) -20102225.95 -16494532.64
Asset impairment loss ("-" for loss) -313225.29 -933627.88
Assets disposal income ("-" for loss) -423082.72 -1320658.00
III. Operating Profit ("-" for Loss) 1171798428.07 1169947290.55
Plus: Non-operating income 2292794.06 3690918.17
Minus: Non-operating expense 2418802.20 2408825.95
IV. Total Profit ("-" for Total Loss) 1171672419.93 1171229382.77
Minus: Income tax expenses 234006082.99 231061024.52
V. Net Profit ("-" for Net Loss) 937666336.94 940168358.25
(I) By business continuity
1. Net profit under continuing operation ("-" for net loss) 937666336.94 940168358.25
2. Net profit under discontinuing operation ("-" for net loss)
(II) By ownership
1. Net profit attributable to the shareholders of the parent company ("-
939913794.13940593117.65
" for net loss)
2. Minority shareholders' profit and loss ("-" for net loss) -2247457.19 -424759.40
VI. After-tax Net Amount of Other Comprehensive Incomes -13524681.59 -11517433.32
After-tax net amount of other comprehensive income belonging to the
-12907112.56-11161336.71
owners of parent company
(I) Other comprehensive incomes that cannot be reclassified into
profit and loss
1. Remeasured amount of changes in defined benefit plan
2. Other comprehensive incomes that cannot be transferred to gain
and loss under the equity method
3. Changes in the fair value of other equity instrument investments
4. Changes in the fair value of the Company's own credit risk
5. Others
(II) Other comprehensive incomes that can be reclassified into profit
-12907112.56-11161336.71
and loss
1. Other comprehensive incomes that can be transferred to gain and
loss under the equity method
2. Changes in the fair value of other debt investments
3. Amount of financial assets reclassified into other comprehensive
incomes
4. Credit impairment provision for other debt investments
5. Cash flow hedging reserve
6. Conversion difference in foreign currency financial statement -12907112.56 -11161336.71
7. Others
After-tax net amount of other comprehensive incomes attributable to
-617569.03-356096.61
minority shareholders
VII. Total Comprehensive Incomes 924141655.35 928650924.93
46Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Total comprehensive incomes attributable to owners of parent company 927006681.57 929431780.94
Total comprehensive incomes attributable to minority shareholders -2865026.22 -780856.01
VIII. Earnings Per Share:
(I) Basic earnings per share 1.180 1.181
(II) Diluted earnings per share 1.180 1.181
For the enterprise merger under the same control in the current period the net profit realized by the merged party before merger
was RMB 0 and the net profit realized by the merged party during the prior period was RMB 0.Legal representative: Thierry de LA TOUR D'ARTAISE Person in charge of accounting: Xu Bo Person in charge of accounting
department: Xu Bo
4. Profit statement of the parent company
Unit: RMB
Semiannual period in Semiannual period in
Item
20252024
I. Operating Incomes 1515624140.23 1382747931.38
Minus: Operating cost 1370194891.41 1222405392.74
Taxes and surcharges 9394121.01 5620347.12
Sales expenses 20579242.83 18767270.13
Administrative expenses 75353189.64 76890166.72
R&D expenses 3714235.53 4439247.54
Financial expenses -14173149.84 -38655392.70
Including: interest expenses 244636.73 79770.88
Interest revenues 9280157.42 32934074.79
Plus: other incomes 1470286.28 465330.54
Investment income ("-" for loss) 4856978.09 3855999.30
Including: investment income on associated enterprise and joint
-592131.91-705587.15
venture
Income from derecognition of financial assets measured
at amortized cost
Net exposure hedging gains ("-" for loss)
Gains from changes in fair value ("-" for loss) 95631.95
Credit impairment loss ("-" for loss) -903227.88 -1973393.91
Asset impairment loss ("-" for loss) 15756.89 -1413262.79
Assets disposal income ("-" for loss) 150689.00 135792.11
II. Operating Profit ("-" for Loss) 56152092.03 94446997.03
Plus: Non-operating income 792313.79 1443710.40
Minus: Non-operating expense 1372475.98 1491388.60
III. Total Profit ("-" for Total Loss) 55571929.84 94399318.83
Minus: Income tax expenses 12574094.67 23101698.25
IV. Net Profit ("-" for Net Loss) 42997835.17 71297620.58
(I) Net profit under continuing operation ("-" for net loss) 42997835.17 71297620.58
47Zhejiang Supor Co. Ltd. 2025 Semiannual Report
(II) Net profit under discontinuing operation ("-" for net loss)
V. After-tax Net Amount of Other Comprehensive Incomes
(I) Other comprehensive incomes that cannot be reclassified into
profit and loss
1. Remeasured amount of changes in defined benefit plan
2. Other comprehensive incomes that cannot be transferred to gain
and loss under the equity method
3. Changes in the fair value of other equity instrument investments
4. Changes in the fair value of the Company's own credit risk
5. Others
(II) Other comprehensive incomes that can be reclassified into profit
and loss
1. Other comprehensive incomes that can be transferred to gain and
loss under the equity method
2. Changes in the fair value of other debt investments
3. Amount of financial assets reclassified into other comprehensive
incomes
4. Credit impairment provision for other debt investments
5. Cash flow hedging reserve
6. Conversion difference in foreign currency financial statement
7. Others
VI. Total Comprehensive Incomes 42997835.17 71297620.58
VII. Earnings Per Share:
(I) Basic earnings per share
(II) Diluted earnings per share
5. Consolidated cash flow statement
Unit: RMB
Semiannual period in Semiannual period in
Item
20252024
I. Cash Flows from Operating Activities:
Cash received from sales of commodities or rendering of services 9071347950.31 8765885030.93
Net increase of customer deposit and interbank deposit
Net increase of central bank loans
Net increase of loans from other financial institutions
Cash received from original insurance contract premium
Net cash received from reinsurance
Net increase of policy-holder deposit and investment
Cash receipts from interests handling fees and commissions
Net increase of loans from other banks
Net increase of repurchase capital
Net cash from security transaction agency
Tax refund received 328344736.67 251971215.79
48Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Other cash receipts related to operating activities 127056675.42 62494211.70
Subtotal of cash inflows from operating activities 9526749362.40 9080350458.42
Cash payment for purchasing commodities and receiving services 5943324735.55 5455884638.55
Net increase of customer loans and advances
Net increase of central bank deposit and interbank deposit
Cash payment for insurance indemnities of original insurance contracts
Net increase of loans to other banks
Cash payment for interests handling fees and commissions
Cash payment of policy dividend
Cash paid to and for employees 1019138905.48 1040161140.75
Taxes paid 749986692.00 730898645.07
Other cash expenses related to operating activities 1301854321.50 1304881569.24
Subtotal of cash outflows from operating activities 9014304654.53 8531825993.61
Net cash flows from operating activities 512444707.87 548524464.81
II. Net Cash Flows from Investing Activities:
Cash received from return of investments
Cash received from investment incomes 68759555.18 56035340.47
Net cash received from disposal of fixed assets intangible assets and
9000.00
other long-term assets
Net cash receipts from disposal of subsidiaries and other business units
Other cash receipts related to investing activities 3218684000.00 2200000000.00
Subtotal of cash inflows from investing activities 3287452555.18 2256035340.47
Net cash paid for the construction of fixed assets intangible assets and
74138179.0985392700.87
other long-term assets
Cash paid for investment
Net increase of pledge loans
Net cash paid for acquiring subsidiaries and other business units
Other cash payments related to investing activities 1836254791.48 260000000.00
Subtotal of cash outflows from investing activities 1910392970.57 345392700.87
Net cash flows from investing activities 1377059584.61 1910642639.60
III. Net Cash Flows from Financing Activities:
Cash from absorbing investments
Including: cash received by subsidiaries from minority shareholder
investment
Cash received from obtaining borrowings 527277488.88 198257000.00
Other cash receipts related to financing activities
Subtotal of cash inflows from financing activities 527277488.88 198257000.00
Cash paid for debt repayment 200000000.00
Cash paid for distribution of dividends or profits or for payment of
2238705174.732175512858.61
interests
Including: dividends or profits paid by subsidiaries to minority
shareholders
Other cash payments related to financing activities 21958888.02 23393284.53
49Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Subtotal of cash outflows from financing activities 2260664062.75 2398906143.14
Net cash flows from financing activities -1733386573.87 -2200649143.14
IV. Impact of Change in Exchange Rate on Cash and Cash Equivalents -1379580.23 4300795.30
V. Net Increase in Cash and Cash Equivalents 154738138.38 262818756.57
Plus: balance of cash and cash equivalents at the beginning of the period 1569118972.78 1405752936.36
VI. Balance of Cash and Cash Equivalents at the End of the Period 1723857111.16 1668571692.93
6. Cash flow statement of parent company
Unit: RMB
Semiannual period in Semiannual period in
Item
20252024
I. Cash Flows from Operating Activities:
Cash received from sales of commodities or rendering of services 1480233214.91 1247199054.55
Tax refund received 131434990.94 96971620.67
Other cash receipts related to operating activities 34272488.89 25231429.56
Subtotal of cash inflows from operating activities 1645940694.74 1369402104.78
Cash payment for purchasing commodities and receiving services 1067620052.04 1196059089.13
Cash paid to and for employees 115248567.60 114388017.61
Taxes paid 53421911.29 72222198.39
Other cash expenses related to operating activities 51028344.31 70371621.82
Subtotal of cash outflows from operating activities 1287318875.24 1453040926.95
Net cash flows from operating activities 358621819.50 -83638822.17
II. Net Cash Flows from Investing Activities:
Cash received from return of investments
Cash received from investment incomes 1186273.97 37841364.97
Net cash received from disposal of fixed assets intangible assets and
other long-term assets
Net cash receipts from disposal of subsidiaries and other business units
Other cash receipts related to investing activities 200000000.00 1440000000.00
Subtotal of cash inflows from investing activities 201186273.97 1477841364.97
Net cash paid for the construction of fixed assets intangible assets and
8111380.568974479.83
other long-term assets
Cash paid for investment
Net cash paid for acquiring subsidiaries and other business units
Other cash payments related to investing activities 270810195.49 200051289.70
Subtotal of cash outflows from investing activities 278921576.05 209025769.53
Net cash flows from investing activities -77735302.08 1268815595.44
III. Net Cash Flows from Financing Activities:
Cash from absorbing investments
Cash received from obtaining borrowings
Other cash receipts related to financing activities 1979820198.11 678196836.22
50Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Subtotal of cash inflows from financing activities 1979820198.11 678196836.22
Cash paid for debt repayment
Cash paid for distribution of dividends or profits or for payment of
2238705174.732175512858.61
interests
Other cash payments related to financing activities 516240.35 262785.24
Subtotal of cash outflows from financing activities 2239221415.08 2175775643.85
Net cash flows from financing activities -259401216.97 -1497578807.63
IV. Impact of Change in Exchange Rate on Cash and Cash Equivalents -1053359.57 4215136.49
V. Net Increase in Cash and Cash Equivalents 20431940.88 -308186897.87
Plus: balance of cash and cash equivalents at the beginning of the period 748311712.70 987570531.73
VI. Balance of Cash and Cash Equivalents at the End of the Period 768743653.58 679383633.86
7. Statement of Changes in Consolidated Owners' Equities
Amount in the current period
Unit: RMB
Semiannual period in 2025
Owners' equities belonging to parent company Minorit
Other equity Other y Total
Item instruments Minus: compre Genera Undistr shareh owners'
Share Capital Special Surplus Subtota
capital Preferr
treasur hensive l risk ibuted Others olders' equitie
Perpetu reserve reserve r eserve l
ed Others y share i ncome reserve profit equitie s
al bond
share s s
I. Closing 80135 19129 23449 - 29449 53999 64244 64615
37112
Balance of Last 9733.0 4609.6 7705.228222 2653.9 87787. 14343. 27323.
979.59
Year 0 7 5 735.40 2 75 69 28
Plus: changes of
accounting
policies
Error correction
of prior period
Others
II. Opening 80135 19129 23449 - 29449 53999 64244 64615
37112
Balance of 9733.0 4609.6 7705.228222 2653.9 87787. 14343. 27323.
979.59
Current Year 0 7 5 735.40 2 75 69 28
-
III. Current - -
--4299713030-
Period Increase 52266 13058 13087
577871290783.5291164.28650
("-" for 25.51 93992. 59018.
5.00112.561226.22
Decrease) 65 87
(I) Total of - 93991 92700 - 92414
comprehensive 12907 3794.1 6681.528650 1655.3
incomes 112.56 3 7 26.22 5
(II) Capital
-
invested and 52266 58045 58045
57787
reduced by 25.51 00.51 00.51
5.00
owners
1. Common
shares invested
by owners
2. Capital
invested by
other equity
51Zhejiang Supor Co. Ltd. 2025 Semiannual Report
instrument
holders
3. Amount of
share-based -
522665804558045
payment 57787
25.5100.5100.51
included into 5.00
owners' equities
4. Others
-
--
4299722430
(III) Profit 22387 22387
83.5204958.
distribution 05174. 05174.
25
7373
-
1. Appropriation 42997
42997
of surplus 83.52
83.52
reserve
2. Appropriation
of general risk
reserve
---
3. Distribution
223872238722387
to owners (or
05174.05174.05174.
shareholders)
737373
4. Others
(IV) Internal
carry-over
within owners'
equities
1. Transfer of
capital reserve
to capital (or
share capital)
2. Transfer of
surplus reserve
to capital (or
share capital)
3. Surplus
reserve to cover
losses
4. Retained
earnings after
carrying over
amount of
changes in
defined benefit
plan
5. Retained
earnings after
carrying over
other
comprehensive
incomes
6. Others
(V) Special
reserve
1. Appropriation
of current
period
2. Application
of current
52Zhejiang Supor Co. Ltd. 2025 Semiannual Report
period
(VI) Others
2987940968
IV. Closing 80135 19652 23391 - 51185 51527
2437.496623.34247
Balance of 9733.0 1235.1 9830.241129 20351. 68304.
463953.37
Current Period 0 8 5 847.96 04 41
Amount of last year
Unit: RMB
Semiannual period in 2024
Owners' equities belonging to parent company Minorit
Other equity Other y Total
Item instruments Minus: compre Genera Undistr shareh owners'
Share Capital Special Surplus Subtota
Preferr treasur hensive l risk ibuted Others olders' equitiecapital Perpetu reserve reserve reserve l
ed Others y share i ncome reserve profit equitie s
al bond
share s s
I. Closing 80670 17311 48805 - 35593 55168 63453 63818
36500
Balance of Last 8657.0 0627.0 7333.719176 9901.8 07622. 33020. 33057.
037.26
Year 0 2 6 454.59 2 62 11 37
Plus: changes of
accounting
policies
Error correction
of prior period
Others
II. Opening 80670 17311 48805 - 35593 55168 63453 63818
36500
Balance of 8657.0 0627.0 7333.719176 9901.8 07622. 33020. 33057.
037.26
Current Year 0 2 6 454.59 2 62 11 37
III. Current - - - - -
---
Period Increase 67133 25290 24006 12420 12388 12395
515001116178085
("-" for 20.04 4503.5 8991.4 49503. 12007. 92863.
00.00336.716.01
Decrease) 1 5 02 63 64
(I) Total of - 94059 92943 - 92865
comprehensive 11161 3117.6 1780.9 78085 0924.9
incomes 336.71 5 4 6.01 3
(II) Capital - -
-
invested and 67133 25290 24719 72690 72690
51500
reduced by 20.04 4503.5 8753.5 70.04 70.04
00.00
owners 1 1
1. Common
shares invested
by owners
2. Capital
invested by
other equity
instrument
holders
3. Amount of
share-based -
671337269072690
payment 55575
20.0470.0470.04
included into 0.00
owners' equities
--
-
2523424719
4. Others 51500
8753.58753.5
00.00
11
---
(III) Profit 71297
218262175521755
distribution 62.06
42620.12858.12858.
53Zhejiang Supor Co. Ltd. 2025 Semiannual Report
676161
1. Appropriation -
71297
of surplus 71297
62.06
reserve 62.06
2. Appropriation
of general risk
reserve
---
3. Distribution
217552175521755
to owners (or
12858.12858.12858.
shareholders)
616161
4. Others
(IV) Internal
carry-over
within owners'
equities
1. Transfer of
capital reserve
to capital (or
share capital)
2. Transfer of
surplus reserve
to capital (or
share capital)
3. Surplus
reserve to cover
losses
4. Retained
earnings after
carrying over
amount of
changes in
defined benefit
plan
5. Retained
earnings after
carrying over
other
comprehensive
incomes
6. Others
(V) Special
reserve
1. Appropriation
of current
period
2. Application
of current
period
(VI) Others
IV. Closing 80155 17982 23515 - 11587 42747 51065 51422
35719
Balance of 8657.0 3947.0 2830.230337 0910.3 58119. 21012. 40193.
181.25
Current Period 0 6 5 791.30 7 60 48 73
8. Statement of Changes in Owners' Equities of the Parent Company
Amount in the current period
Unit: RMB
54Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Semiannual period in 2025
Other equity instruments Other
Item Minus: Undistrib Total Share Capital compreh Special Surplus
Preferred Perpetual treasury uted Others owners' capital Others reserve ensive reserve reserve
share bond share profit equities incomes
I. Closing
801359267604234497341907327881445518
Balance of Last
733.00558.65705.25080.600132.943799.94
Year
Plus: changes of
accounting
policies
Error correction
of prior period
Others
II. Opening
801359267604234497341907327881445518
Balance of
733.00558.65705.25080.600132.943799.94
Current Year
III. Current -
Period Increase 529850 220000
577875.3.52218983
("-" for 0.06 7123.08
000964.50
Decrease)
(I) Total of
429978429978
comprehensive
35.1735.17
incomes
(II) Capital
-
invested and 529850 587637
577875.
reduced by 0.06 5.06
00
owners
1. Common
shares invested
by owners
2. Capital
invested by
other equity
instrument
holders
3. Amount of
share-based -
529850587637
payment 577875.
0.065.06
included into 00
owners' equities
4. Others
429978--
(III) Profit
3.52224300223870
distribution
4958.255174.73
1. Appropriation 429978 -
of surplus 3.52 429978
reserve 3.52
2. Distribution - -
to owners (or 223870 223870
shareholders) 5174.73 5174.73
3. Others
(IV) Internal
carry-over
within owners'
equities
1. Transfer of
capital reserve
to capital (or
share capital)
55Zhejiang Supor Co. Ltd. 2025 Semiannual Report
2. Transfer of
surplus reserve
to capital (or
share capital)
3. Surplus
reserve to cover
losses
4. Retained
earnings after
carrying over
amount of
changes in
defined benefit
plan
5. Retained
earnings after
carrying over
other
comprehensive
incomes
6. Others
(V) Special
reserve
1. Appropriation
of current
period
2. Application
of current
period
(VI) Others
IV. Closing 346206 107880
801359272903233919226535
Balance of 864.12 3009.86
733.00058.71830.252835.44
Current Period
Amount of last year
Unit: RMB
Semiannual period in 2024
Other equity instruments Other
Item Minus: Undistrib Total Share Capital compreh Special Surplus
Preferred Perpetual treasury uted Others owners' capital Others reserve ensive reserve reserve
share bond share profit equities incomes
I. Closing
806708249621488057403354378255475418
Balance of Last
657.00368.24333.76328.509441.046461.02
Year
Plus: changes of
accounting
policies
Error correction
of prior period
Others
II. Opening
806708249621488057403354378255475418
Balance of
657.00368.24333.76328.509441.046461.02
Current Year
III. Current
-----
Period Increase 696271
515000252904240068211134209669
("-" for 9.72
0.00503.51991.455000.096768.31
Decrease)
(I) Total of
712976712976
comprehensive
20.5820.58
incomes
56Zhejiang Supor Co. Ltd. 2025 Semiannual Report
(II) Capital
---
invested and 696271 751846
515000252904247198
reduced by 9.72 9.72
0.00503.51753.51
owners
1. Common
shares invested
by owners
2. Capital
invested by
other equity
instrument
holders
3. Amount of
share-based -
696271751846
payment 555750.
9.729.72
included into 00
owners' equities
---
4. Others 515000 252348 247198
0.00753.51753.51
--
(III) Profit 712976
218264217551
distribution 2.06
2620.672858.61
1. Appropriation -
712976
of surplus 712976
2.06
reserve 2.06
2. Distribution - -
to owners (or 217551 217551
shareholders) 2858.61 2858.61
3. Others
(IV) Internal
carry-over
within owners'
equities
1. Transfer of
capital reserve
to capital (or
share capital)
2. Transfer of
surplus reserve
to capital (or
share capital)
3. Surplus
reserve to cover
losses
4. Retained
earnings after
carrying over
amount of
changes in
defined benefit
plan
5. Retained
earnings after
carrying over
other
comprehensive
incomes
6. Others
(V) Special
reserve
57Zhejiang Supor Co. Ltd. 2025 Semiannual Report
1. Appropriation
of current
period
2. Application
of current
period
(VI) Others
IV. Closing
801558256584235152163285167121265748
Balance of
657.00087.96830.25337.054440.959692.71
Current Period
III. Company Profile
Zhejiang Supor Co. Ltd. (hereinafter referred to as "the Company") is a limited liability company (by shares) transformed on
an integral basis from Zhejiang Supor Cookware Co. Ltd. under the approval of Leading Group for Enterprise Listing of the
People's Government of Zhejiang Province with No. ZSS [2000] 24 approval document. On November 10 2000 the Company
registered at Zhejiang Administration for Industry and Commerce. Registered address: Yuhuan City Zhejiang Province; head
office address: Hangzhou City Zhejiang Province. The Company's parent company is SEB INTERNATIONALE S.A.S whose
final parent company is SEB S.A. The Company has a corporate business license numbered 913300007046976861.The Company and its subsidiaries (hereinafter referred to as "Supor") are mainly engaged in the R&D production and
distribution of kitchen utensils stainless steel products daily hardware small domestic appliances and cookware; products are
cookware and small domestic appliances.The financial statement was released after the approval of the Company's Board of Directors on August 28 2025.As of June 30 2025 there were altogether 20 subsidiaries included in the scope of consolidated financial statement. See Note
X. "Equity in Other Entities" for details.IV. Preparation Basis of the Financial Statements
1. Preparation basis
The financial statements of the Group are prepared based on the assumption of continuing operation and actual transactions
and items and in accordance with the Accounting Standard for Business Enterprises -- Basic Standard (Released CZBL No.33
Revised CZBL No.76) issued by the Ministry of Finance of the People's Republic of China (hereinafter referred to as the "Ministry
of Finance") and 42 specific accounting standards guidelines for the application of Accounting Standards for Business
Enterprises interpretations to the Accounting Standards for Business Enterprises and other provisions released and revised on and
after February 15 2006 (hereinafter referred to as Accounting Standards for Business Enterprises) and the disclosure provisions of
the Regulations of Corporate Information Disclosure and Preparation by Companies Publicly Issuing Securities No.15 -- General
Provisions on Financial Reporting (Revised in 2023) of the China Securities Regulatory Commission.According to the relevant regulations of the Accounting Standards for Business Enterprises the Group's accounting is made
on accrual basis. Except for certain financial instruments measurements in these financial statements are made on the basis of
historical cost. If an asset is impaired corresponding impairment provision will be made in accordance with relevant regulations.
2. Continuing operation
The Company has the ability to continue operations for at least 12 months since the end of this reporting period and there are
no important matters affecting the ability to continue operations.
58Zhejiang Supor Co. Ltd. 2025 Semiannual Report
V. Important Accounting Policies and Estimates
Prompt for specific accounting policies and estimates:
Supor has formulated a number of specific accounting policies and estimates based on the actual characteristics of its
production and operation as well as the relevant provisions of accounting standards for business enterprises.When preparing the financial statement the management layer of Supor was required to use estimation and hypothesis
which would have influences on the application of the accounting policies as well as the amounts of the assets liabilities revenues
and costs. The actual situation may differ from these estimates. The management of Supor has carried out continuous evaluation
for judgment involving critical assumption and uncertainties and alteration influence of accounting estimate shall be confirmed
during the current period of alteration and future period. The major accounting estimates of Supor include depreciation and
amortization of fixed assets and intangible assets (refer to Note V 17 and 20) impairment of various assets (refer to Note VII 4
6 8 13 as well as Note XIX 1 and 2) deferred income tax asset and deferred income tax liabilities (refer to Note VII 17)
disclosure of fair value (refer to Note XIII) and share-based payments (refer to Note XV).
1. Statement of abidance of the Accounting Standards for Business Enterprises
The financial statement conforms to the requirements of Accounting Standards for Business Enterprises issued by the
Ministry of Finance and has reflected relevant information such as the consolidated financial conditions and financial conditions
on June 30 2025 semiannual operating results and operating results consolidated cash flow and cash flow in the half year of 2025
of the Company and Supor on an authentic and intact basis. In addition the financial statements of the Company and Supor
conform to the disclosure requirements of the Regulations of Corporate Information Disclosure and Preparation by Companies
Publicly Issuing Securities No. 15 -- General Provisions on Financial Reporting revised by the China Securities Regulatory
Commission (hereinafter referred to as "CSRC") in 2023 and related financial statements and their notes.
2. Accounting period
The accounting period of Supor is divided into annual period and interim period; an interim period refers to a reporting period
which is shorter than a whole fiscal year. Supor takes calendar year as the fiscal year i.e. from January 1 to December 31.
3. Operating cycle
The normal operating cycle means the period from the time when Supor purchases the assets used for processing to the time
of realizing cash or cash equivalents. Supor takes 12 months as an operating cycle and uses it as a standard for classifying the
liquidity of assets and liabilities.
4. Recording currency
RMB is used in the main economic environment in which the Company and its domestic subsidiaries operate and the
Company and its domestic subsidiaries use RMB as the recording currency. Recording currency for foreign subsidiaries of the
Company is determined as VND SGD and IDR separately based on the currency in main economic environment in which they
operate. Supor uses RMB as the recording currency to prepare the financial statement.
5. Method for determining importance criteria and selection criteria
? Applicable □ Not-applicable
59Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Item Importance criteria
Significant accounts receivable written off
Other important debt investment
Important construction in progress
5% of total profit in the last year
Significant accounts payable with an age of more than one year
Significant not wholly-owned subsidiaries
Significant joint venture or associated enterprises
6. Accounting treatment method for the enterprise merger under and not under the same control
Enterprise merger refers to the transaction or event of two or more separate enterprises combining into a reporting entity.Enterprise merger is divided into the enterprise merger under the same control and enterprise merger not under the same control.For transactions not under the same control the purchasing party will consider whether to choose the simplified judgment
method of "concentration test" when judging whether the acquired asset portfolio constitutes a business. If the portfolio passes the
concentration test it is judged that it does not constitute a business. Otherwise it shall still be judged in line with business
conditions.When Supor acquires a group of assets or net assets that do not constitute a business the purchase cost shall be allocated on
the basis of the relative fair value of the identifiable assets and liabilities acquired on the purchase date and shall not be treated as
per the following accounting treatment methods for enterprise merger.
(1) Enterprise merger under the same control
If enterprises involved with merger are under the final control of the same party or same multiple parties before and after
merger and for a non-temporary period then it belongs to an enterprise merger under the same control. The assets and liabilities
obtained in enterprise merger is measured based on the book value of the merging party in the consolidated financial statements of
the final controlling party on the merger date. As to the difference between the book value of net assets and the book value of
merger consideration paid by it (or total amount of the face value of shares issued) the capital reserve (share capital premium)
shall be adjusted correspondingly; If the share capital premium in the capital reserve is insufficient to be deducted the surplus
reserve and undistributed profits shall be deducted in turn. The direct expenses incurred from enterprise merger shall be included
into the current profits and losses at the time of occurrence. The merger date refers to the day when the merging party actually
obtains the control rights of the merged party.
(2) Enterprise merger not under the same control
If enterprises involved with merger are not under the final control of the same party or same multiple parties before and after
merger then this is an enterprise merger not under the same control. For enterprise merger not under the same control the party
which has obtained the control rights for other combining enterprises on the purchase date will be considered as the purchasing
party and other participating enterprise is the purchased party. The purchase date refers to the day when the purchasing party
obtains the control right over the purchased party.As for enterprise merger not under the same control the merger costs include the assets paid by the purchasing party the
liabilities accrued and assumed as well as the fair value of equity securities issued for obtaining purchased party's control right on
the purchase date; the intermediary fees such as auditing legal service and evaluation and consulting and other related
administrative expenses for the enterprise merger shall be included into the current profits and losses at the time of occurrence.Transaction cost of equity securities or debt securities issued by the purchasing party as merger consideration shall be included
60Zhejiang Supor Co. Ltd. 2025 Semiannual Report
into initial recognition amount of the equity securities or debt securities. Contingent consideration involved shall be included into
the merger cost according to the fair value at the purchase date; if new or further proofs appearing within 12 months after the
purchase date show that the contingent consideration needs to be adjusted the merger goodwill shall be adjusted correspondingly.The merger costs incurred by the purchasing party and the identifiable net assets obtained in the merger shall be measured at the
fair value on the purchase date. The amount of the merger cost larger than the fair value of identifiable net assets of the purchased
party acquired by it on the purchase date shall be recognized as goodwill after considering the impact of related deferred taxes. If
the merger cost is lower than the fair value of identifiable net assets of the purchased party obtained during merging the
measurement of the identifiable assets of the purchased party obtained liabilities or fair value of contingent liabilities and the
merger costs shall be reviewed firstly. If the merger cost is still lower than the fair value of identifiable net assets of the purchased
party obtained during merger the difference shall be included into the current profits and losses.If the deductible temporary difference of the purchased party gained by purchasing party fails to be confirmed on the
purchase date due to the inconformity of the recognition condition of deferred income tax assets and in case new or further
information obtained indicates that the relevant conditions on the purchase date have existed within 12 months after the purchase
date and it is predicted that the economic benefits brought by the purchased party from deductible temporary differences can be
realized on the purchase date relevant deferred income tax assets shall be confirmed at the same time the goodwill shall be
reduced; if the goodwill is insufficient for offset the differential part shall be confirmed as the current profits and losses; except
for above conditions in case the deferred income tax assets are confirmed to be related to the enterprise merger they shall be
included into the current profits and losses.As for the enterprise merger not under the same control realized step by step through multiple transactions it shall judge
whether the multiple transactions belong to the "package deal" according to No. 5 Notice about Printing and Issuing Accounting
Standards for Business Enterprises Explanation in Ministry of Finance (CK [2012] No. 19) and the judgment standard (refer to the
Note V. 7 "Judgment criteria for control and preparation method for consolidated financial statements" (2)) about "package deal"
in Article 51 of the Accounting Standards for Business Enterprises No. 33 -- Consolidated Financial Statement. If the multiple
transactions belong to the "package deal" refer to the above descriptions of the part and Note V. "16. Long-term equity
investment" to conduct the accounting treatment; for those not belonging to "package deal" it shall distinguish individual financial
statements and consolidated financial statements to conduct relevant accounting treatment.The sum of book value of the purchased party's equity investment held prior to the purchase date and the new investment cost
on the purchase date in individual financial statements shall be regarded as the initial investment cost of such investment; in case
that the equity of the purchased party held before the purchase date is involved in other comprehensive incomes when disposing
of the investment other comprehensive income related shall be transferred to the current investment income.In consolidated financial statements the equity of the purchased party held before the purchase date shall be measured again
according to the fair value of the equity at the purchase date and the difference between fair value and its book value shall be
included into the current investment income; in case that equity of the purchased party held before the purchase date is involved in
other comprehensive incomes other comprehensive income related shall be transferred to the current investment income on the
purchase date.
7. Judgment criteria for control and preparation method for consolidated financial statements
(1) Principles for defining the scope of consolidated financial statements
The scope of the consolidated financial statements is control-based. Control refers to that Supor has the right in an investee
which allows it to enjoy variable returns by participating relevant activities of such investee and to use such right to influence the
amount of such returns. In determining whether Supor has control over an investee Supor considers substantive rights related to
the investee (including substantive rights held by Supor itself and those held by other parties). The financial condition operating
results and cash flows of the subsidiaries are included in the consolidated financial statements from the date control commences to
61Zhejiang Supor Co. Ltd. 2025 Semiannual Report
the date control ceases. The merger scope shall include the Company and all its subsidiaries and "subsidiaries" refers to the bodies
under the control of Supor.Supor will re-evaluate the situation once the change in relevant facts and circumstances affects the factors involved in the
above definition of control.
(2) Preparation method for consolidated financial statements
From the date of obtaining actual control right of the subsidiaries' net assets and production operation decision Supor will
begin to include them into the merger scope; subsidiaries will not be included into the merger scope from the date when Supor
loses the actual control right. As for the disposed subsidiaries the operating results and cash flow before disposal date have been
properly included into the consolidated profit statement and consolidated cash flow statement; as for subsidiaries disposed in the
current period the beginning amount of the consolidated balance sheet will not be adjusted. As for the subsidiary increased due to
the enterprise merger not under the same control its operating results and cash flow after the purchase date have been properly
included into the consolidated profit statement and consolidated cash flow statement and the beginning amount and contrast
amount of the consolidated financial statement shall not be adjusted. As for the subsidiary increased due to the enterprise merger
under the same control and the merged party under consolidation by merger the operating results and cash flow from the
beginning of the current period of the merger to the merger date have been properly included into the consolidated profit statement
and the consolidated cash flow statement and the contrast amount of the consolidated financial statement shall be adjusted
simultaneously.When consolidated financial statements are prepared in case the accounting policies or accounting periods employed by the
subsidiary and the Company are different it's required to make necessary adjustment on the subsidiary's financial statements
according to the Company's accounting policy and accounting period. As to the subsidiary acquired by the enterprise merger not
under the same control it's required to adjust its financial statements on the basis of fair value of identifiable net assets at the
purchase date.All significant current balance and transaction and unrealized profits in the Group are offset in the preparation of consolidated
financial statement.The shareholders' equities and current net profits or losses of subsidiaries that do not belong to the part owned by the
Company shall be separately listed in the shareholders' equities and minority shareholders' profit and loss in the consolidated
financial statement as the minority shareholders' equities and profits and losses. The share in the current net profit or loss of the
subsidiary that belongs to minority shareholders' equities shall be set out as "minority shareholders' profit and loss" under net
profit in the consolidated profit statement. In case the losses of the subsidiary shared by minority shareholders exceed the share
that shall be enjoyed by minority shareholders in the subsidiary's shareholders' equities at the beginning of period they shall be
offset with minority shareholders' equities.In case of losing the control right for the original subsidiary due to disposal of partial equity investment or other reasons the
residual equity shall be measured again according to the fair value at the date when the control right is lost. The difference
between the sum of the consideration acquired by equity disposal and the fair value of residual equity and the share of net assets of
the original subsidiary that shall be enjoyed and is calculated continuously from the purchase date according to the original
shareholding ratio shall be included into the investment income of the current period when the control right is lost. As for other
comprehensive incomes which relate to the equity investment of the original subsidiaries when the control right is lost the
accounting treatment shall be carried out on the same basis as the subsidiary's direct disposal of relevant assets or liabilities.Thereafter the residual equity of this part shall be further measured in accordance with Accounting Standards for Business
Enterprises No. 2 -- Long-term Equity Investment or Accounting Standards for Business Enterprises No. 22 -- Recognition and
Measurement of Financial Instruments. See Note V. "16. Long-term equity investment" or Note V. "10. Financial instruments" for
details.
62Zhejiang Supor Co. Ltd. 2025 Semiannual Report
If Supor disposes the equity investment of subsidiary step by step via multiple transactions until losing the control right it is
necessary to distinguish whether transactions for disposal to the equity investment of subsidiary until losing the control right
belong to the package deal. When the disposal of the articles conditions and the economic impact of various transactions for the
equity investment of the subsidiary is subject to one or more of the following conditions it generally indicates that it shall conduct
accounting treatment by taking the multiple transactions as a package deal: * These transactions are considered to be concluded
at the same time or made in the case of considering mutual influence; * These transactions as a whole can reach a complete
business result; * The occurrence of a transaction depends on the occurrence of at least one other transaction; * One transaction
alone is not economical but when being considered together with other transactions it is economical. If it is not package deal
every transaction will be conducted by the accounting treatment according to the following suitable principles namely "partially
dispose the long-term equity investment of subsidiary when the control right is not lost" (See Note V. "16. Long-term equity
investment (2) (d)") and "lose the control right for the original subsidiary due to disposal of partial equity investment or other
reasons" (see previous paragraph) for details. If the disposal of transactions on subsidiaries' equity investments until loss of control
right is a package deal they are regarded as a transaction that disposes the subsidiary and loses the control right; however the
difference between each disposal price and the subsidiary's net asset share enjoyed corresponding to disposing investment before
loss of control right shall be recognized as other comprehensive incomes in the consolidated financial statements which will be
transferred into the current investment profits and losses on investments from losing the control right when the control right is lost.
8. Determining standards for cash and cash equivalents
Cash and cash equivalents of Supor includes cash on hand and the deposit that can be used for making payment at any time as
well as investments that are held by Supor have a short term (generally mature within 3 months since the purchase date) and
strong liquidity can be converted into the cash of known amount easily and have small risks in value change.
9. Foreign currency business and foreign currency statement conversion
(1) Conversion method for foreign currency transactions
After initial recognition the foreign currency transactions occurring in Supor are converted into recording currency amounts
at the approximate spot rate prevailing on the transaction date.
(2) Conversion method for foreign currency monetary items and foreign currency non-monetary items
For the balance sheet date the spot rate on the balance sheet date will be adopted in the conversion of the foreign currency
monetary items. In terms of the resulting exchange differences: * The exchange difference of special foreign currency borrowings
related to acquiring and constructing assets which meet capitalization conditions is disposed on the principle of the capitalization
of borrowing expense; and * foreign currency monetary items measured at the fair value with their changes included into other
comprehensive incomes except that the exchange difference created by other book balance changes other than by amortized costs
(including decrease in value) is included into other comprehensive incomes are included into the current profits and losses.As to foreign currency non-monetary items measured by historical cost the amount in the recording currency converted at the
spot rate on the transaction date is still employed for measurement; as to foreign currency non-monetary items measured by fair
value it's required to employ the spot rate at the fair value confirmation date for conversion and the resulting exchange difference
belongs to the difference of equity instrument investment measured at the fair value with their changes included into other
comprehensive incomes and is included into other comprehensive income or recognized as other comprehensive incomes; other
differences are included into current profits and losses.
63Zhejiang Supor Co. Ltd. 2025 Semiannual Report
(3) Conversion method for foreign currency financial statement
The foreign currency financial statement of overseas business is converted to RMB statement with the following method: the
assets and liabilities in the balance sheet shall be converted based on the spot rate on the balance sheet date; as for shareholders'
equities except the "undistributed profits" other items shall be converted by the spot rate on the date of occurrence. Items under
income and expense in the profit statement shall be translated according to the spot rate at the transaction date. The undistributed
profits at the beginning of the year is the year-end undistributed profit after conversion of last year; the period-end undistributed
profit is calculated and presented according to the profit distribution of each item after conversion; the balance of the total amount
among the assets and liabilities as well as shareholders' equities after conversion serves as "conversion difference in foreign
currency statement" and is recognized as other comprehensive income; For disposal of overseas business and the loss of control
right the conversion difference in foreign currency statement related to the overseas business and presented under the
shareholders' equities in the balance sheet is transferred wholly or according to the disposal ratio of the overseas business into the
current disposal profits and losses.Foreign cash flows and cash flows of subsidiaries overseas are converted based on spot rate on the occurring date of cash
flows. The influenced amount of changes in the exchange rate on cash is listed separately in the cash flow statement as an
adjustment item.The beginning amount and actual amount of the year shall be presented according to the amount after conversion of financial
statement of last year.In case of loss of control right of overseas business due to disposal of Supor's entire owners' equities in overseas business or
the disposal of partial equity investment or other reasons the foreign currency conversion difference listed in the shareholders'
equities items in the balance sheet related to the overseas business and attributable to owners' equities belonging to parent
company shall be totally converted into the current disposal profits and losses.In case of decrease of the ratio of overseas business but no loss of control right due to disposal of partial equity investment or
other reasons the conversion difference related to the disposal of part of related currency in the overseas business shall be
attributable to the minority shareholders' equities and not converted into the current profits and losses.If there are any foreign currency monetary items that substantially constitute net investment in overseas businesses the
exchange difference generated due to the exchange rate change in the consolidated financial statements shall be determined to
other comprehensive incomes as "conversion difference in foreign currency statements"; when disposing overseas business it shall
be included into the current disposal profits and losses.
10. Financial instruments
When Supor becomes one party of financial instrument contract it's required to recognize financial assets or financial
liabilities.
(1) Classification recognition and measurement of financial assets
Based on the business mode for managing financial assets and the contractual cash flow characteristics of financial assets
Supor divides the financial assets into: financial assets measured by amortized cost financial assets measured at the fair value with
their changes included into other comprehensive incomes financial assets measured at the fair value with their changes included
into the current profits and losses.The business mode of the Company's management of financial assets means that how Supor manages its financial assets so as
to generate cash flows. Through business mode it can be determined that whether the cash flow of financial assets managed by
Supor is from the collection of contractual cash flow sales of financial assets or both. Supor based on the objective fact and
64Zhejiang Supor Co. Ltd. 2025 Semiannual Report
specific business objective of financial asset management determined by key management personnel makes decisions on the
business mode for managing financial assets.Supor evaluates the contractual cash flow characteristic of financial assets to determine whether the contractual cash flow
generated by the relevant financial assets on the specific date is only payment of principal and interests for outstanding principal
amount. Wherein the principal refers to the fair value of financial assets at initial recognition; interest includes consideration of
the time value of money the credit risk related to the outstanding principal amount for a specific period and other basic borrowing
risks costs and profits. Furthermore Supor evaluates the contract terms that are likely to cause changes in the distribution of time
or amount of the contractual cash flow of financial assets to determine whether the terms satisfy the requirements of the above
contractual cash flow characteristics.Unless Supor changes its business mode for managing financial assets all affected related financial assets are reclassified on
the first day of the first reporting period after the change of business mode otherwise financial assets cannot be reclassified after
initial recognition.Financial assets shall be measured by fair value during initial recognition. As to financial assets measured at the fair value
with their changes included into the current profits and losses related transaction cost shall be included into the current profits and
losses directly; as to other categories of financial assets related transaction cost shall be included into initial recognition amount.Accounts receivable or notes receivable that are from sale of products or rendering of labors and do not include or take into
account significant financing parts are taken as initial recognition amount by Supor based on the consideration amount that Supor
is entitled to receive.(a) Financial assets measured by amortized cost
The business mode of Supor to manage financial assets measured by amortized cost is aimed at receiving contractual cash
flows; the contractual cash flow characteristics of such financial assets are consistent with basic loan arrangements that is cash
flows generated at specific date are only payment of principal and interests for outstanding principal amount. Effective interest
method is used by Supor to carry out subsequent measurement of such financial asset according to the amortized cost and the
gains or losses arising from amortization and impairment are included into the current profits and losses.(b) Financial assets measured at the fair value with their changes included into other comprehensive incomes
The business mode of Supor to manage such financial assets is aimed at receiving contractual cash flows as well as sales; the
contractual cash flow characteristics of such financial assets are consistent with basic loan arrangements. Supor measures such
financial assets at the fair value with their changes included into other comprehensive incomes but impairment losses or gains
exchange profits and losses and interest revenue calculated based on effective interest method are included into the current profits
and losses. When the financial asset is derecognized the accumulated gains or losses previously included into other
comprehensive income shall be transferred out of other comprehensive income and included into the current profits and losses.In addition for investments in non-transactional equity instruments Supor can irrevocably designate them as financial assets
measured at the fair value with their changes included into other comprehensive incomes upon initial recognition. The designation
is made on a single investment basis and the relevant investment meets the definition of equity instrument from the issuer's point
of view. Supor includes the related dividend income of such financial assets into the current profits and losses with the change in
fair value included into other comprehensive income. When the financial asset is derecognized the accumulated gains or losses
previously included into other comprehensive income shall be transferred out of other comprehensive income to retained earnings
and not included into the current profits and losses.(c) Financial assets measured at the fair value with their changes included into the current profits and losses.Supor recognizes foregoing financial assets measured by amortized cost and that are not financial assets measured at the fair
value with their changes included into other comprehensive incomes as financial assets measured at the fair value with their
changes included into the current profits and losses. In addition during initial recognition in order to eliminate or significantly
reduce accounting mismatches Supor designates part of the financial assets measured at the fair value with their changes included
into the current profits and losses. As to such financial assets subsequent measurement shall be carried out by Supor based on fair
65Zhejiang Supor Co. Ltd. 2025 Semiannual Report
value and the resulting gains or losses (including interest and dividend income) are included into current profits and losses unless
the financial asset is part of the hedging relationship.
(2) Classification recognition and measurement of financial liabilities
Financial liabilities are classified as financial liabilities measured at the fair value with their changes included into the current
profits and losses financial guarantee liabilities and other financial liabilities upon initial recognition. As to financial liabilities
measured at the fair value with their changes included into the current profits and losses related transaction cost shall be included
into the current profits and losses directly; as to other financial liabilities related transaction cost shall be included into initial
recognition amount.(a) Financial liabilities measured at the fair value with their changes included into the current profits and losses
Financial liabilities measured at the fair value with their changes included into the current profits and losses include
transactional financial liabilities (including derivatives belonging to financial liabilities) and financial liabilities that are designated
to be measured at fair value with changes included into the current profits and losses during initial recognition.Transactional financial liabilities (including derivatives belonging to financial liabilities) are measured subsequently at fair
value and except for those related to hedge accounting changes in fair value are included into the current profits and losses.For financial liabilities measured at the fair value with their changes included into the current profits and losses changes in
their fair value caused by changes in Supor's own credit risk are included into other comprehensive income and when such
liabilities are stopped to be recognized accumulated changes in their fair value caused by changes in Supor's own credit risk that is
included into other comprehensive income are transferred to retained earnings. Other changes in fair value are included into
current profits and losses. If the treatment of impact of changes in credit risk of these financial liabilities in the above manner will
cause or expand accounting mismatches in profit or loss Supor will include all gains or losses of such financial liabilities
(including impact of changes in the Company's own credit risk) into the current profits and losses.(b) Financial guarantee liabilities
A financial guarantee contract refers to a contract that requires Supor to pay a specific amount to the contract holder who has
suffered a loss when the specific debtor fails to pay the debt in accordance with the original or modified terms of the debt
instrument at maturity.After initial recognition the income related to the financial guarantee contract is apportioned and included into the current
profits and losses in accordance with the accounting policies mentioned in Note V. "27. Revenue". Financial guarantee liabilities
are subsequently measured according to the higher of the loss provision amount determined according to the impairment principle
of financial instruments and the balance of its initial recognition amount after deducting the accumulated amortization amount of
income related to financial guarantee contracts.(c) Other financial liabilities
In addition to financial liabilities and financial guarantee contracts as a result of financial asset transfers that are not in line
with derecognition condition or continuous involvement in transferred financial asset other financial liabilities are classified as
financial liabilities measured at amortized cost and measured subsequently at amortized cost and gains or losses arising from
derecognition or amortization of such liabilities are included into the current profits and losses.
(3) Recognition basis and measurement method of the transfer of financial assets
If financial assets meet one of the following conditions derecognition of such financial assets will be carried out: * the
contractual right to receive cash flow from the financial assets is terminated; * the financial assets have been transferred and
almost all the risks and rewards in the ownership of the financial assets are transferred to the transferee; * the financial assets
have been transferred and although the Group has neither transferred nor retained almost all risks and rewards in the ownership of
the financial assets it has waived its control over the financial assets.
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If Supor neither transfers nor retains almost all the risks and rewards in the ownership of the financial assets and does not
relinquish control over the financial assets the financial assets shall be recognized according to the degree of continuous
involvement of the financial assets transferred and the relevant liabilities shall be recognized accordingly. Degree of continuous
involvement of the financial assets transferred is the risk level of Supor due to changes in value of such financial assets.In case whole transfer of financial assets satisfies the derecognition condition the difference between the sum of the book
value of financial assets transferred and consideration received due to the transfer and the sum of changes in fair value originally
included into other comprehensive income shall be included into the current profits and losses.In case partial transfer of financial assets satisfies the derecognition condition book value of the financial assets transferred
shall be amortized between the derecognition part and the part without derecognition according to their own fair value and the
difference between the sum of the consideration received for the transfer and accumulated amount of the change in fair value to be
amortized to derecognition part and originally included into other comprehensive income and the foregoing book value amortized
shall be included into the current profits and losses.For financial assets sold with right of recourse or to transfer financial assets by endorsement Supor needs to determine
whether almost all risks and rewards related to ownership of such financial assets have been transferred. If almost all risks and
rewards related to the ownership of such financial assets are transferred to the transferee derecognition of such financial assets
shall be conducted; derecognition of such financial assets should not be conducted if the risks and rewards related to the ownership
of such financial assets are reserved; if the risks and rewards related to the ownership of such financial assets are not transferred
nor reserved it needs to determine whether the Company keeps its control over such assets and make accounting treatment based
on principles as described in the foregoing paragraphs.
(4) Derecognition of financial liabilities
In case the current obligations of financial liabilities (or part of the financial liabilities) have been terminated Supor will carry
out derecognition of such financial liabilities or part of them. In case Supor (borrower) signs an agreement with the debtor to
replace the original financial liabilities by means of bearing new financial liabilities and contract clauses related to the new
financial liabilities and original financial liabilities are different in essence it's required to carry out derecognition of original
financial liabilities and recognize the new financial liabilities simultaneously. If Supor substantially modifies the contract terms of
the original financial liability (or part of it) the original financial liability is derecognized and a new financial liability is
recognized in accordance with the revised terms.In case derecognition is carried out for the whole or part of financial liabilities the difference between their book value and
the consideration paid (including non-cash assets transferred out or liabilities assumed) shall be included by Supor in the current
profits and losses.
(5) Offset of financial assets and financial liabilities
In case Supor has the legal right of offsetting the financial assets and financial liabilities recognized and such legal right is
executable now and Supor plans to carry out settlement by net amount or realize the financial assets and pay off the financial
liabilities simultaneously the net amount after mutual offset of such financial assets and financial liabilities shall be set out in the
balance sheet. Otherwise financial assets and financial liabilities shall be set out in the balance sheet respectively and will not be
offset mutually.
(6) Equity instruments
An equity instrument refers to a contract that can prove the ownership of residual interest in assets after Supor deducts all
liabilities. Supor's issuing (including refinancing) repurchase sale or cancellation of equity instruments are treated as changes in
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equity and transaction costs related to equity transactions are deducted from equity. In case the capital reserve is insufficient for
the offset it's required to adjust the retained earnings. Supor does not determine changes in fair value of equity instruments.Distribution of dividends (including "interest" from instruments classified as equity instruments) from the equity instruments
during the duration of Supor is treated as profit distribution.
11. Financial assets impairment
Supor needs to recognize the financial assets with impairment losses as financial asset measured at amortized costs and debt
tools measured at the fair value with their changes included into other comprehensive incomes including mainly notes receivable
accounts receivable receivables financing other receivables and other debt investments. Moreover for contract assets and some
financial guarantee contracts the impairment provision shall be accrued and the credit impairment loss shall be recognized
pursuant to the accounting policy set forth herein.
(1) Recognition method of impairment provision
The above items are accrued for impairment provision and credit impairment losses by Supor in accordance with applicable
expected credit loss measure methods (general or simplified) based on the expected credit loss.Expected credit loss refers to the weighted average of credit losses of financial instruments weighed by the risk of default.Credit loss refers to the difference between all contractual cash flows discounted as per the original effective interest rate and
receivable from the contract and all cash flows expected to be received by Supor namely the present value of a shortage of cash.Wherein the purchased or underlying financial assets with credit impairment of Supor shall be discounted as per effective interest
rate based on credit adjustment.The general method for measuring expected credit loss is as follows Supor evaluates whether credit risk of financial assets
(including contract assets and other applicable items the same below) has remarkably increased after initial recognition on each
balance sheet date. In case of credit risk having remarkably increased after initial recognition Supor will measure loss provision as
per the amount equivalent to expected credit loss in the entire duration; in case of credit risk failing to remarkably increase after
initial recognition Supor will measure loss provision as per the amount equivalent to expected credit loss in the next 12 months.At the time of evaluating expected credit loss Supor considers all reasonable and well-founded information including forward-
looking information.When the expected credit loss is measured the longest period to be considered by Supor is the longest contract period when
the enterprise faces the credit risk (including considering the renewal option). The expected credit loss of the entire duration refers
to the expected credit loss arising from all possible events of default regarding financial instrument occurring during the entire
expected duration. Expected credit loss in the next 12 months refers to expected credit loss resulting from default of financial
instruments likely occurring within 12 months after the balance sheet date (expected duration if the expected duration of financial
instruments is less than 12 months) which is part of expected credit loss during the entire duration.For the financial instrument with a lower credit risk on the balance sheet date Supor assumes that its credit risks have not
increased significantly since the initial recognition and measures the loss provisions according to the expected credit losses of the
future 12 months.
(2) Standard for judging whether credit risk has remarkably increased after initial recognition
In case that probability of default of one financial asset confirmed on the balance sheet date in the expected duration is
obviously higher than that confirmed at the moment of initial recognition in the expected duration it means credit risk of such
financial asset remarkably increases. The changes of default risk within the next 12 months are adopted by Supor other than
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special cases as reasonable estimate in the entire duration ensuring whether the credit risk has increased significantly since the
initial recognition.
(3) Combinatorial method of appraising future credit risk based on portfolio
Supor appraises the credit risk of the financial asset item of significantly different credit risks such as: receivables from the
related parties; receivables disputed with the opposite side or involving litigation or arbitration; there have been obvious signs
showing that the debtor possibly is not able to perform the repayment obligations of receivable amounts etc.Except financial assets of individual credit risk assessment Supor divides financial assets into different groups based on the
common risk characteristics and appraises credit risks based on portfolio.
(4) Accounting treatment method of financial assets impairment
The expected credit losses of all kinds of financial assets are calculated by Supor at the end of the duration. If the estimated
credit loss is greater than the book value of the current impairment provision the difference is recognized as impairment loss; If
not it is recognized as impairment profits.
(5) Determination method of credit losses of all kinds of financial assets
(a) Accounts receivable and contract assets
For accounts receivable and contract assets not involving significant financing component Supor always calculates the loss
provision as the amount of expected credit loss within the entire duration.For accounts receivable and contract asset involving significant financing component Supor always calculates the loss
provision as the amount of expected credit loss within the duration.The other accounts receivables other than individual credit risk assessment are divided into different portfolios based on their
credit risk characteristics:
Item Basis for determination of portfolio
Accounts receivable
Portfolio 1: age portfolio Aging of receivables is used as the credit risk feature for this portfolio.The portfolio includes very low-risk amounts such as the payment of export third-party Portfolio 2: low-risk portfolio
goods.Portfolio 3: merged related parties This portfolio includes current amount between related parties within the merger scope of
portfolio amounts receivable.(b) Other receivables
The impairment loss is measured by Supor in accordance with the amount of expected credit loss equivalent to that within
the next 12 months or the entire duration based on whether the credit risk of other receivables has increased significantly since the
initial recognition. The other receivables other than individual credit risk assessment are divided into different portfolios based on
their credit risk characteristics:
Item Basis for determination of portfolio
Portfolio 1: age portfolio Aging of receivables is used as the credit risk feature for this portfolio.The portfolio consists of dividends receivable receivables from government departments and Portfolio 2: low-risk portfolio
others with very low risk.Portfolio 3: merged related parties This portfolio includes current amount between related parties within the merger scope of
portfolio amounts receivable.(c) Notes receivable and receivables financing
69Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Item Basis for determination of portfolio
All the notes receivable of Supor are bank acceptance bills and Supor treats all the notes Notes receivable
receivable as a single portfolio.The receivables financing of Supor refers to bank acceptance bills with dual holding
Receivables financing purposes. Since the accepting banks are all highly credit-rated banks Supor treats all
receivables financing as a single portfolio.
12. Receivables financing
The notes receivable and accounts receivable measured at the fair value with their changes included into other comprehensive
incomes are listed as receivables financing with a term of less than one year (including one year) from the initial recognition; See
the Note V. "10. Financial instruments" and "11. Financial assets impairments" for relevant accounting policies.
13. Contract assets
Supor lists the customer's unpaid contract consideration as contract assets in the balance sheet under which Supor has
fulfilled its performance obligations in accordance with the contract and it does not have the right to collect payments from
customers unconditionally (that is only depending on the passage of time). Contract assets and liabilities under the same contract
are listed in net amount and those under different contracts shall not be offset.For the determination and accounting treatment methods of expected credit losses of contract assets please refer to Note V."11. Financial assets impairment".
14. Inventories
(1) Classification
Inventory mainly includes raw materials unfinished products finished products low value consumables and packing
materials.
(2) Valuation method for the acquisition and distribution of inventory
When inventories are acquired they are priced at actual costs. Inventory costs include procurement costs processing costs
and other costs. When inventories are used and distributed the price is calculated by the one-off weighted average method at the
end of a month.
(3) Inventory system is perpetual inventory system
(4) Amortization method for low value consumables and packing materials
The low value consumables are amortized using the one-time write-off method or the half amortization method; packing
materials are amortized using the one-time write-off method.
(5) Method of recognizing net realizable value and accruing depreciation reserve of inventories
At the balance sheet date the inventory shall be measured according to the cost or net realizable value subject to the lower
one.
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Net realizable value refers to the amount of the estimated selling price of inventories deducted by estimated costs to be
incurred upon completion estimated sales expenses and related taxes in daily activities. As regards the raw material held for
production its net realizable value shall be confirmed based on the realizable value of the finished product. For the inventories
held for executing the sales contract or labor contract the net realizable value shall be measured based on the contract price. When
the amount of holding inventory is more than the ordering amount in sales contract the net realizable value of the excess inventory
shall be measured based on general sales price.The difference between the cost calculated by the individual inventory item and the net realizable value of the inventory is
included into the current profits and losses.Inventory category Recognition basis of the net realizable value
Finished products Estimated selling price minus estimated sales expense and related taxes
Raw materials
Estimated selling price minus estimated costs to complete estimated sales expense and related
taxes
Low value consumables
15. Held-for-sale assets
(1) Held-for-sale non-current assets or non-current assets in the disposal group
In case Supor mainly recovers the book value by selling (including non-monetary assets exchange of commercial essence the
same below) rather than using a non-current asset or disposal group continuously it will be classified as held-for-sale category.Specific standard refers to meeting the following conditions at the same time: one non-current asset or disposal group can be
immediately sold under the current situation pursuant to the convention for selling such asset or disposal group in similar
transaction; Supor has made a resolution about sale plan and got certain of purchase commitment; it's predicted that the sale will
be completed within one year. Disposal group refers to a group of assets that will be disposed together as a whole by selling or
other means in a transaction and the liabilities directly related to these assets and transferred in the transaction. In case the asset
group or asset group portfolio where the disposal group belongs has amortized the goodwill acquired in enterprise merger
according to Accounting Standards for Business Enterprises No. 8 -- Impairment of Assets the disposal group shall include the
goodwill amortized to it.If there are non-current assets or disposal groups purchased to resell during initial measurement or on the balance sheet date
based on remeasurement of Supor if the book value is higher than the net amount by deducting the selling expenses with the fair
value the book value shall be written down and be equal to the net amount by deducting the selling expenses with the fair value.The write-down amount shall be confirmed as the asset impairment loss and included into the current profits and losses. At the
same time the impairment provision of the held-for-sale assets shall be calculated and withdrawn. For the disposal group it shall
deduct the book value of the goodwill in the disposal group with the asset impairment loss confirmed then deduct in proportion
the book value of each non-current asset in the disposal group conforming to the measurement provisions on Accounting
Standards for Business Enterprises No. 42 - Held-for-sale Non-current Assets Disposal Group and Discontinuing Operation
(hereinafter referred to as "the Standard for Held-for-sale Non-current Assets"). For the held-for-sale disposal group if the net
amount after deducting the selling expenses from the fair value on the subsequent balance sheet date increases the previous write-
down amount shall be recovered and shall be reversed from the confirmed amount of asset impairment loss amount of the non-
current asset as per the measurement provisions on the Standard for Held-for-sale Non-current Assets after the assets are classified
as held-for-sale category. The reverse amount shall be included into the current profits and losses and the book value shall be
added in proportion of the book value of each non-current asset in the disposal group applicable to the measurement provisions on
the Standard for Held-for-sale Non-current Assets except for the goodwill; Book value of the goodwill that has been offset and
71Zhejiang Supor Co. Ltd. 2025 Semiannual Report
asset impairment loss recognized before the non-current assets applying to the measurement provisions on the Standard for Held-
for-sale Non-current Assets are classified as held-for-sale category shall not be reversed.Depreciation or amortization will not be withdrawn for held-for-sale non-current assets or non-current assets in the disposal
group and the interest of liabilities in held-for-sale disposal group and other expenses shall be recognized continuously.When the non-current assets or disposal group can't be classified as held-for-sale category the Group will no longer continue
to classify them as held-for-sale or remove non-current assets from the held-for-sale disposal group and measure them according to
the following two items subject to the lower one: * book value before the assets are classified as held-for-sale category namely
the amount after the adjustment is carried out according to the depreciation amortization or impairment etc. that shall be
recognized in the condition that the assets are supposed not to be classified as held-for-sale category; * recoverable amount.
(2) Discontinuing operation
Supor defines discontinuing operation as separately identifiable components that meet one of the following conditions and
have been disposed of or classified as held for sale by Supor.- The component represents an independent main business or a single main business place;
- The component is part of an associated plan for the disposal of an independent main business or a single main business
place;
- The component is the subsidiary obtained specially for resale.For discontinuing operation presented in current period Supor lists profit and loss of continuous operation as well as
discontinuing operation in the current profit statement and presents the information on previous profit and loss of continuous
operation in the profit statement in the comparison period as profit and loss of discontinuing operation in the comparable
accounting period anew.
16. Long-term equity investment
The long-term equity investment mentioned in this part refers to the long-term equity investment of which Supor has control
right common control right or significant impact on the invested units. Long-term equity investments that Supor does not have
control common control or significant impact on the invested unit are accounted for as financial assets measured at the fair value
with their changes included into the current profits and losses. If such assets are not non-transactional Supor may specify these
capitals as measured at the fair value with their changes included into other comprehensive incomes at the time of initial
recognition. Relevant accounting policies can be seen in Note V. "10. Financial instruments".Common control refers to common control on a certain arrangement according to related provisions by Supor and related
activities of the arrangement can be decided only after the consent of the participant sharing the control right. Significant impact
refers to Supor's power on participating in the decision-making of financial and operating policies of the invested unit but it can't
control the formulation of these policies or control the formulation commonly with other party.
(1) Determination of investment cost
For the long-term equity investment obtained from the enterprise merger under the same control the initial investment cost of
the long-term equity investment shall be taken as the share of the book value of the merged party's shareholders' equities/owners'
equities in the final controlling party's consolidated financial statements on the merger date. As to the difference between initial
investment cost of long-term equity investments and the book value of the cash paid non-cash assets transferred and liabilities
assumed it's required to adjust the capital reserve correspondingly. In case the capital reserve is insufficient for the offset it's
required to adjust the retained earnings. In the case of treating issued equity securities as the merger consideration the share of the
book value of the merged party's shareholders' equities/owners' equities in the consolidated financial statement of the final
72Zhejiang Supor Co. Ltd. 2025 Semiannual Report
controlling party is regarded as the initial investment cost of long-term equity investment on the merger date; the capital reserves
shall be adjusted in accordance with taking the total face value of shares issued as share capital and the difference between the
initial investment cost of long-term equity investment and the total face value of shares issued; In case the capital reserve is
insufficient for the offset it's required to adjust the retained earnings. The equity of the merged party obtained step by step through
several transactions which finally forms enterprise merger under the same control shall be handled separately according to
whether it belongs to "package deal": if it belongs to the "package deal" the accounting treatment will be carried out by taking
transactions as a certain one with control right. If it does not belong to "package deal" the share of the book value of the merged
party's shareholders' equities/owners' equities in the final controlling party's consolidated financial statement on the merger date
will be taken as the initial investment cost of long-term equity investment and the capital reserves will be adjusted according to
the difference between the initial investment cost of long-term equity investment and the sum of book value of long-term equity
investment before combination and book value of consideration newly paid for acquiring the share; In case the capital reserve is
insufficient for the offset it's required to adjust the retained earnings. Other comprehensive income of equity investment held
before the merger date which is accounted by equity method or recognized as financial assets measured at the fair value with their
changes included into other comprehensive incomes is temporarily not subject to the accounting treatment.The long-term equity investment obtained from the enterprise merger not under the same control shall be used as the initial
investment cost of long-term equity investment according to the merger cost on the purchase date. The merger cost includes the
sum of assets paid by the purchasing party liabilities incurred or assumed and fair value of issued equity securities. The equity of
the purchased party held obtained step by step through several transactions which finally forms enterprise merger not under the
same control shall be handled separately according to whether it belongs to "package deal": if it belongs to the "package deal" the
accounting treatment will be carried out by taking transactions as a certain one with control right. If it does not belong to "package
deal" it shall take the sum of the book value of the original equity investment held by the original purchased party and the new
investment cost as the initial investment cost of the long-term equity investments under the cost method. If the equity originally
held is accounted for by equity method the relevant other comprehensive incomes will not be accounted for the time being.The initial measurement of other equity investments except for the long-term equity investment formed by the enterprise
merger shall be carried out according to the costs; in consideration of the different acquisition modes of long-term equity
investment such costs shall be determined respectively by the cash purchase price actually paid by Supor the fair value of equity
securities issued by Supor value agreed in the investment contract or agreement the fair value or original book value of assets
surrendered in the non-monetary assets exchange transaction the fair value of the long-term equity investment etc. The expenses
taxes and other necessary expenditures directly related to the acquisition of the long-term equity investment shall also be included
into the investment cost. If the significant impact or common control is implemented on the invested unit due to the additional
investment but it does not constitute the control the long-term equity investment cost is the sum of fair value of the originally
held equity investment determined according to Accounting Standards for Business Enterprises No. 22 -- Recognition and
Measurement of Financial Instruments and new investment cost.
(2) Methods for the subsequent measurement and the profit and loss confirmation
Long-term equity investments that have common control (except for joint operators) or significant impact on the invested unit
are accounted by equity method. Besides the Company's financial statement adopts the cost method to account the long-term
equity investment that can be controlled by the invested unit.(a) Long-term equity investments under the cost method
When the cost method is adopted for accounting long-term equity investment is priced at the initial investment cost and the
cost of long-term equity investment shall be adjusted when the investment is added or recovered. The current investment incomes
shall be recognized by the cash dividends or profits announced and issued by the invested unit except for the actual price paid
when the investment is obtained or the cash dividends or profits which have been declared but not issued in the consideration.
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(b) Long-term equity investments under the equity method
As to long-term equity investments under the equity method in case the initial investment cost is more than the shares of fair
value of identifiable net assets of the invested unit that shall be enjoyed during the investment initial investment cost of the long-
term equity investments shall not be adjusted; in case the initial investment cost is less than the shares of fair value of identifiable
net assets of the invested unit that shall be enjoyed during the investment the difference shall be included into the current profits
and losses and the cost of long-term equity investments shall be adjusted simultaneously.When the equity method is adopted for accounting it's required to recognize the investment income and other comprehensive
income respectively according to net profit or loss realized by the invested unit that shall be enjoyed or shared and other
comprehensive income and book value of the long-term equity investment shall be adjusted simultaneously. As to the part that
shall be enjoyed and calculated according to the profits or cash dividends announced and distributed by the invested unit it's
required to reduce the book value of long-term equity investment correspondingly. As to other changes in owners' equities of the
invested unit except for net profits and losses other comprehensive incomes and profit distribution the book value of the long-
term equity investment shall be adjusted and included into the capital reserve. When the shares of net profit or loss of the invested
unit that shall be enjoyed are recognized it shall be based on fair value of each identifiable net asset of the invested unit when the
investment is acquired and after the adjustment is made on net profit of the invested unit. In case the accounting policy and
accounting period employed by the invested unit are different from those employed by Supor financial statements of the invested
unit shall be adjusted according to Supor's accounting policy and accounting period. Besides investment income other
comprehensive income etc. shall be recognized on this basis. For transactions between Supor and associated enterprise or joint
venture if the assets launched or sold do not constitute the business the unrealized internal trading profits and losses shall be
offset according to the proportion attributable to Supor and the investment profits and losses shall be recognized on this basis. In
case the part incurred between Supor and the invested unit without internal transaction loss belongs to the asset impairment loss it
shall not be offset. If the assets invested by Supor to the joint venture or associated enterprise constitute the business and the
investor thereupon obtains the long-term equity investment but fails to obtain the control right the fair value of business launched
is taken as the initial investment cost of newly long-term equity investment and the difference between the initial investment cost
and book value of business launched shall be included into the current profits and losses in full. If the assets sold by Supor to the
joint venture or associated enterprise constitute the business the difference between the consideration acquired and the book value
of business shall be fully included into the current profits and losses. If Supor's assets purchased from the joint venture or
associated enterprise constitute the business accounting treatment shall be conducted in accordance with the provisions of the
Accounting Standards for Business Enterprises No. 20 - Enterprise Merger and the gains or losses related to the transaction shall
be fully recognized.When the net loss of the invested unit that shall be shared is recognized the book value of the long-term equity investment
and other long-term equity that actually constitute the net investment of the investee shall be written down to zero. Besides if
Supor has the obligation to bear the additional loss for the invested unit the estimated liabilities will be recognized according to
the estimated obligation that shall be assumed and included into the current investment losses. In case the net profit is realized by
the invested unit later after Supor makes up the unrecognized loss amount shared by the income amount shared it's required to
recover the revenue recognition amount shared.(c) Acquisition of minority shareholders' equities
When compiling the consolidated financial statements the Company shall adjust the capital reserve due to the difference
between the newly-increased long-term equity investment from the purchase of the minority interest and the net asset shares
enjoyed according to the new shareholding proportion of the subsidiary continuously calculated from the purchase date (or the
merger date); in case that the capital reserves are not sufficient to offset the retained earnings shall be adjusted.(d) Disposal of the long-term equity investment
The parent company partially disposes the long-term equity investment of subsidiaries when the control right is not lost in
consolidated financial statement. The difference between disposal price and subsidiaries' net assets enjoyed corresponding to the
74Zhejiang Supor Co. Ltd. 2025 Semiannual Report
disposal of long-term equity investment will be included into the shareholders' equities; supposing that the parent company loses
the control right for the subsidiary due to the partial disposal of the long-term equity investment for the subsidiary it shall be dealt
with in accordance with the relevant accounting policies as specified in the Note V. "7. Judgment criteria for control and
preparation method for consolidated financial statements (2)".As for the disposal of the long-term equity investment under other circumstances the difference between the book value of
the disposed equity and the actually-obtained price shall be included into the current profits and losses.For long-term equity investments under the equity method if the residual equities after disposal shall still be accounted by the
equity method upon the disposal the part of other comprehensive income that was originally included into shareholders' equities
shall be accounted for on the same basis as the invested unit's direct disposal of relevant assets or liabilities in a corresponding
proportion. However the owners' equities that are recognized based on the changes in other owners' equities shall be carried
forward to the current profits and losses in proportion except for the net profits and losses other comprehensive incomes and
profit distribution of the investee.For the long-term equity investments under the cost method if the residual equities after disposal are still under the cost
method the accounting treatment of other comprehensive incomes recognized under the equity method or standards of recognition
and measurement of financial instruments before obtaining control of the invested unit shall be conducted on the same basis of the
invested unit's direct disposal of the relevant assets or liabilities and it shall be carried forward to the current profits and losses in
proportion; except for the net profits and losses other comprehensive incomes and profit distribution the changes in other owners'
equities in the invested unit's net assets which are accounted and recognized by the equity method shall be carried forward to the
current profits and losses in proportion.If Supor loses control of the invested unit due to disposal of partial equity investment and the residual equities after disposal
may exert common control or significant impact on the invested unit while preparing individual financial statements the equity
method will be adopted for accounting and it will be measured by the equity method and adjusted with equity method since
obtaining; if the residual equities after disposal cannot implement the common control or exert significant impact on the invested
unit the relevant provisions in respect of the standards of recognition and measurement of financial instruments shall be
referenced for the accounting treatment and the difference between the fair value and book value shall be included into the current
profits and losses on the date of losing control. Before Supor acquires the control of the invested unit for other comprehensive
incomes recognized under the equity method or standards of recognition and measurement of financial instruments when the
control of the invested unit is lost the accounting treatment shall be conducted on the same basis of the invested unit's direct
disposal of relevant assets or liabilities; the changes in the other owners' equities of the invested unit's net assets other than the net
profits and losses other comprehensive incomes and profit distribution calculated and recognized by the equity method shall be
settled and transferred to the current profits and losses in proportion. Among them if the residual equities after disposal are
calculated by the equity method other comprehensive incomes and other owners' equities shall be carried forward in proportion; if
the residual equities after disposal are to be conducted with accounting treatment in accordance with the standards of recognition
and measurement of financial instruments other comprehensive incomes and other owners' equities shall be carried forward.If Supor loses the common control or significant impact on the invested unit due to disposal of partial equity investment the
residual equities after disposal shall be accounted according to the standards of recognition and measurement of financial
instruments. The difference between the fair value and book value shall be included into the current profits and losses on the date
of losing common control or significant impact. As for other comprehensive incomes as recognized when the original equity
investment is under the equity method it shall be subject to the accounting treatment on the same basis of the assets or liabilities
which are directly disposed by the invested unit when the equity method is abandoned. The owners' equities which are recognized
by the investee due to the changes in other owners' equities except for the net profits and losses other comprehensive incomes and
profit distribution will be reckoned in the current investment incomes when the equity method is abandoned.Supor will take the multiple transactions to dispose the subsidiaries' equity investment step by step until losing its control
right. When the above-mentioned transactions belong to the package deal the transactions will be subject to the accounting
75Zhejiang Supor Co. Ltd. 2025 Semiannual Report
treatment as an equity investment of subsidiaries and transaction which has lost the control right. The difference between the
disposal price and the corresponding book value of long-term equity investment will be recognized as the other comprehensive
incomes before losing the control right which will be reckoned in the current profits and losses when the control right is lost.
17. Fixed assets
(1) Recognition conditions
Fixed assets refer to tangible assets held for producing commodities rendering of services leasing or operation management
with service life of more than 1 fiscal year. The fixed assets can be recognized only when the relevant economic interests are
possible to flow into Supor and its costs can be measured reliably. The initial measurement of fixed assets shall be carried out
according to the cost and considering the expected influence of the discard expenses.
(2) Depreciation method
Depreciation life Annual depreciation
Categories Depreciation method Residual rate
(years) rate
Buildings and
Straight-line method 20-30 0%-10% 3.00%-5.00%
structures
General equipment Straight-line method 3-7 0%-10% 12.86%-33.33%
Special equipment Straight-line method 3-10 3%-10% 9.00%-32.33%
Transport facilities Straight-line method 4-10 3%-10% 9.00%-24.25%
The expected net residual value refers to the expected amount that Supor may obtain from the current disposal of fixed assets
after deducting the expected disposal expenses at the expiration of its expected service life.
(3) Impairment test method and counting and withdrawing method of the impairment provision of fixed
assets
See more details about the impairment test method and the withdrawing method of impairment provision of fixed asset in
Note V. "21. Impairment of long-term assets".
(4) Other explanations
The subsequent expenditures related to fixed assets shall be included into fixed assets cost and the derecognition of the book
value of the substitution part shall be carried out if economic benefits related to such fixed assets may flow in and its cost can be
reliably measured. Other subsequent expenditures except for these shall be included into the current profits and losses once
occurred.As for each component constituting fixed assets in case that they have different service life or provide economic interest for
Supor by different ways and apply to different rates of depreciation and depreciation methods Supor recognizes each component
as a single fixed asset respectively.When the fixed assets are under disposal state or it is estimated that no economic benefits can be produced through usage or
disposal such fixed asset is derecognized. The difference of the amount left as the book value and relevant taxes are deducted
from the disposal income obtained from the sale transfer discard or damage of the fixed asset shall be included into the current
profits and losses.Supor shall review the service life expected net residual value and depreciation method of the fixed assets at least by the end
of the year. In case of any change it shall be deemed as changes in accounting estimate.
76Zhejiang Supor Co. Ltd. 2025 Semiannual Report
18. Construction in progress
The cost of construction in progress shall be recognized as per actual engineering expenditures including various project
expenditures under construction capitalized borrowing expenses for making the project reach the expected serviceable condition
and other relevant costs. The construction in progress shall be transferred to the fixed assets when it reaches the expected
serviceable condition.Disclosure of criteria and timing for the transfer of construction in progress to fixed assets by category:
Criteria and timing for the transfer of construction in progress to Categories
fixed assets
Achieve the completion standards stipulated in the contract or Buildings and structures
project plan
Meets the design and contractual qualified standards of
General/special equipment
installation and commissioning
See more details about the impairment test method and the withdrawing method of impairment provision of construction in
progress in Note V. "22. Impairment of long-term assets".Supor shall sell the products or by-products produced before the fixed assets reach the intended usable state and according to
the provisions of Accounting Standards for Business Enterprises No. 14 -- Revenue Accounting Standards for Business
Enterprises No. 1 -- Inventory etc. the relevant income and cost will be accounted for and included into the current profits and
losses.
19. Borrowing expenses
Borrowing expenses include interest on borrowings amortization of discounts or premiums auxiliary costs and exchange
differences arising from foreign currency borrowings etc. For the borrowing expense generated from the acquisition and
construction or production that can be directly attributable to the assets that meet capitalization conditions the capitalization shall
be started when the asset expenditure or the borrowing expense has incurred or the acquisition and construction or production
activities necessary for making the assets available for expected serviceable or marketable state have been started; capitalization
shall be stopped when the assets under acquisition and construction or production that meet capitalization conditions reach the
expected serviceable condition or marketable state. Other borrowing expenses are recognized as expenses in the occurrence period.The amount can be capitalized after the actual interest expense generated from the specific borrowing deducting the interest
revenue from the unused loan funds deposited in the bank or investment income obtained from the temporary investment in the
current period; for the general borrowing the capitalized amount will be determined after the weighted average of excessive part
of accumulative asset expenditures compared to the asset expenditure of special borrowing multiplied by the capitalization rate of
the general borrowing occupied. The capitalization rate is determined based on the weighted average interest rate of general
borrowing.When determining the effective interest rate for borrowings the Group uses the rate that discounts the future cash flows of
the borrowing over its expected life or a shorter applicable period to the amount initially recognized for the borrowing.In the capitalization period all exchange differences of special foreign currency borrowings shall be capitalized; exchange
difference of general foreign currency borrowing shall be included into the current profits and losses.Assets meeting capitalization conditions refer to the fixed assets investment properties inventories etc. which can reach the
expected serviceable state or marketable state after quite a long time of acquisition and construction or production.If assets meeting capitalization conditions are interrupted abnormally in the process of acquisition and construction or
production and the interruption lasts for more than 3 months the capitalization of borrowing expense shall be suspended till the
asset acquisition and construction or production restarts.
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20. Intangible assets
(1) Intangible assets
Intangible assets refer to the identifiable non-monetary assets that are owned or controlled by Supor and have no physical
form.The initial measurement of intangible assets shall be conducted according to costs. Expenditures related to intangible assets
shall be included into the cost of intangible assets if the relevant economic benefits may flow in Supor and costs can be reliably
measured. Other expenditures except for these shall be included into the current profits and losses once occurred.Land use right acquired is usually calculated as intangible assets. As for buildings such as self-developed and constructed
workshops the related land use right expenditure and construction cost of the buildings shall be calculated as intangible assets and
fixed assets respectively. As for purchased buildings and structures the related prices are distributed between land use right and
the buildings. If it is difficult to distribute them reasonably all of them shall be disposed as fixed assets.As for intangible assets with a limited service-life the accumulative amount after deducting the expected net residual value
and the accrued impairment provisions with original value since the serviceable date it is amortized with the straight-line method
within the expected service life. Intangible assets with undetermined service life will not be amortized.The service life of each intangible asset the basis for its determination and the amortization method are as follows:
Amortization period Item Determination basis Amortization method (years)
Land use right 43-50 Allowed period Straight-line method
The term that can bring economic benefits Software 2-10 Straight-line method
to the Company
Trademark use right 10 Allowed period Straight-line method
Pollutant discharge right 5 Contract period Straight-line method
At the end of each period the service life of intangible assets with limited service-life and the amortization method for them
will be rechecked. Changes of them will be regarded as changes of accounting estimate. In addition the service life of intangible
assets with undetermined service life will be rechecked. If there is evidence manifesting that an intangible asset can bring
economic benefits for the enterprise within a foreseeable period then its service life will be estimated and it will be amortized
according to the amortization policy for intangible assets with limited service-life.
(2) R&D expenditure
Expenditures on the internal R&D items of Supor are divided into research expenditure and development expenditure.Research expenditure is included into the current profits and losses at the time of occurrence.Development expenditure that can meet the following conditions will be recognized as intangible assets while those cannot
meet will be included into the current profits and losses:
-Complete the intangible asset so as to make the use or sale of it technically feasible;
-Have the intention to complete the intangible asset and use or sell it;
-The way that an intangible asset generates economic benefits is to certify that the products produced with the intangible asset
have market or the intangible asset itself has market or to certify its usability when it will be used internally;
-There are enough technology financial resources and other resources to support finishing the development of an intangible
asset and it is capable of using or selling this intangible asset;
-Expenditure within the development stage of this intangible asset can be measured reliably.If it is unable to distinguish the research expenditure from development expenditure both R&D expenditures will be included
into the current profits and losses.
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(3) Impairment test method and counting and withdrawing method of the impairment provision of
intangible assets
See more details about the impairment test method and the withdrawing method of impairment provision of intangible assets
in Note V. "21. Impairment of long-term assets".
21. Impairment of long-term assets
As for fixed assets construction in progress right-of-use assets intangible assets with a limited service-life investment
properties measured by cost measurement long-term unamortized expenses and non-current and non-financial assets such as the
long-term equity investment and goodwill of subsidiaries joint ventures and associated enterprises Supor shall determine whether
there is any sign of impairment on the balance sheet date. If there are signs of impairment the recoverable amount shall be
estimated and impairment test shall be carried out. Goodwill intangible assets with undetermined service life and intangible assets
that have not reached the serviceable state whether there is any sign of impairment shall be subject to impairment test every year.If the impairment test result shows that the recoverable amount of assets is lower than the book value thereof impairment
provision shall be accrued according to the difference and included into impairment losses. The recoverable amount shall be
determined as the net amount obtained by the fair value of the asset less the disposal expense or as the present value of the
estimated future cash flow of assets whichever is higher. The fair value of the asset is determined according to the price in the
sales agreement in the fair transaction; if there is no sales agreement but there is an active market of assets the fair value is
determined according to buyer's price of the asset; if there is no sales agreement and an active market of assets does not exist the
fair value of assets shall be estimated based on the best information obtained. The disposal expenses include the legal fees related
to the asset disposal relevant taxes carriage expenses as well as direct expenses for achieving the marketable state status. The
present value of the estimated future cash flow of assets shall be determined by the discounted amount by an appropriate discount
rate on the basis of the estimated future cash flow generated during the continuous usage and final disposal of assets. The
impairment provision shall be calculated and recognized on the basis of the single asset. If it is hard to estimate the recoverable
amount of the single asset the recoverable amount of the asset group shall be determined by the asset group to which the asset
belongs. Asset group refers to the minimum asset portfolio that can generate cash inflow independently.For the goodwill separately presented in the financial statements during the impairment test the book value of goodwill shall
be apportioned to the asset group or asset group portfolio expected to be benefited from the synergistic effect of enterprise merger.If the test results show that the recoverable amount of the asset group or asset group portfolio containing the apportioned goodwill
is lower than its book value the corresponding impairment loss shall be recognized. The amount of impairment loss firstly offsets
the book value of goodwill apportioned to the asset group or asset group portfolio and then offsets the book value of other assets
in proportion according to the proportion of the book value other than goodwill in the asset group or asset group portfolio.Once the above-mentioned asset impairment losses are recognized the part of which can be recovered shall not be reversed
in subsequent periods.
22. Long-term unamortized expenses
Long-term unamortized expenses are expenses that have occurred but shall be borne during the reporting period and
subsequent periods with a sharing period of more than one year. Long-term unamortized expenses of Supor mainly include
improvement expenditure of fixed assets leased for operation. Long-term unamortized expenses are amortized with the straight-
line method over the expected benefit period.
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23. Contract liabilities
Contract liabilities refer to the obligation of Supor to transfer commodities to customers for the received or receivable
consideration from customers. In the event that customers have paid the contractual consideration or Supor has obtained the
unconditional collection right before it transfers the commodities to customers Supor shall present the received or receivable
account as contract liabilities with regard to the actual payment by customers and the due payment whichever happens earlier.Contract assets and liabilities under the same contract are listed in net amount and those under different contracts shall not be
offset.
24. Employee remuneration
Supor's employee remuneration mainly includes short-term employee remuneration post-employment benefits termination
benefits and other long-term employee benefits. Including:
Short-term employee remuneration mainly includes salary bonus allowance and subsidy employee benefits expense
medical premium maternity premium occupational injuries premium housing accumulation fund labor union expenditure
personnel education fund non-monetary benefit etc. During the accounting period in which Supor's employees provide services
for Supor actual short-term employee remuneration incurred shall be recognized as the liabilities and included into the current
profits and losses or relevant asset costs. And the non-monetary benefits shall be measured at fair value.Post-employment benefits mainly include basic endowment insurance unemployment insurance and annuity. Plans of post-
employment benefit include defined contribution plans. In case that defined contribution plans are adopted corresponding amount
which shall be deposited will be included into the relevant asset costs or current profits and losses at the time of occurrence.Labor relation with employees shall be cancelled before the employee's labor contract expires or suggestion on giving
compensation shall be proposed for the purpose of encouraging employees to voluntarily accept downsizing. When Supor cannot
unilaterally withdraw termination benefits provided for cancellation of labor relation plan or downsizing suggestion and on the
date when Supor recognizes the cost related to restructuring involving payment of termination benefits whichever is the earlier
the employee remuneration liabilities caused by termination benefits shall be recognized and included into the current profits and
losses. However if it is expected that the termination benefits cannot be fully paid within twelve months after the annual reporting
period is over it shall be handled according to other long-term employee remuneration.The same principle for termination benefits described above shall be adopted for the plan of employee internal retirement.Staff salary and social insurance premium to be paid by Supor for early retired employees from the date of stopping providing
services to the date of normal retirement are included into the current profits and losses (termination benefits) if the recognition
conditions of estimated liabilities are met.
25. Estimated liabilities
If the obligation related to contingencies satisfies the following conditions at the same time it shall be recognized as the
estimated liabilities: * This obligation is the current obligation undertaken by Supor; * Performance of this obligation may make
economic benefits flow out of the enterprise; * Amount of this obligation can be reliably measured.The estimated liabilities are initially measured based on the optimal estimate of the expenditure required to perform the
relevant current obligations. In case of having a great effect on time value of currency estimated liabilities shall be confirmed
based on the amount after discounting of estimated future cash flow of assets. When confirming the optimal estimate Supor gave
comprehensive considerations to risks related to contingencies uncertainty time value of money and other factors. The necessary
expenditure has a contiguous range and within this range all kinds of results have the same possibility to occur. The optimal
estimate is determined according to the median of this range. In other circumstances the optimal estimate is treated as below:
80Zhejiang Supor Co. Ltd. 2025 Semiannual Report
- If the contingency involves a single item then the optimal estimate will be determined based on the amount that is most likely
to occur.- If the contingency involves with several items then the optimal estimate will be determined based on all possible results and
their probabilities.Supor rechecked the book value of the estimated liabilities on the balance sheet date and adjusted the book value based on the
current optimal estimate.
(1) Loss contract
The loss contract refers to a contract whose performance of the contractual obligations will inevitably incur costs in excess of
the expected economic benefits. When an enforceable contract becomes a loss contract for which the liability can conform to the
aforesaid estimated liabilities confirmation conditions confirm the part the estimated losses of the contract surpass the confirmed
impairment loss (if any) of the underlying asset in the contract as estimated liability.
(2) Restructuring obligations
It shall determine the estimated liabilities amount according to the direct expenditures related to the restructuring which has
detailed formal and publicly stated restructuring plan and which is in line with the recognition conditions of the aforesaid
estimated liabilities. The restructuring obligation related to partially-sold business will be recognized to be the associated
obligation only when Supor promises to sell partial businesses (namely signs the binding-force sales agreement).
(3) Product quality assurance
In accordance with the terms of the contract existing knowledge and historical experience the Group makes appropriate
provisions for product quality assurance. When the contingent event has given rise to a present obligation and it is probable that
the fulfillment of this obligation will result in an outflow of economic benefits the contingent event is recognized as a provision
measured at the best estimate of the expenditure required to settle the present obligation.
26. Share-based payment
(1) Accounting treatment of share-based payment
A share-based payment is a transaction that grants the equity instruments or assumes a liability determined on the basis of the
equity instruments in order to obtain services from employees or other parties. Share-based payments are divided into equity-
settled share-based payments and cash-settled share-based payments.(a) Equity-settled share-based payment
Equity-settled share-based payments in exchange for services provided by employees are measured at the fair value with the
equity instruments granted to the employees at the grant date. The amount of the fair value is included into the relevant cost or
expense based on the optimal estimate of the number of vesting equity instruments in case of completing the service within the
waiting period or meeting the required performance conditions; when the vesting right is granted immediately the relevant cost or
expense is included on the grant date according to the straight-line method and the capital reserves shall be increased accordingly.On each balance sheet date during the waiting period Supor makes the optimal estimate based on the latest information such
as the change in the number of employees with vesting rights and corrects the number of equity instruments that are expected to
be vested. The impact of the above estimates is included into the current relevant cost or expense and the capital reserves shall be
adjusted accordingly.
81Zhejiang Supor Co. Ltd. 2025 Semiannual Report
In the case of equity-settled share-based payments in exchange for other parties' services if the fair value of other parties'
services can be reliably measured the fair value of other parties' services is measured at the fair value on the date of acquisition; if
the fair value of other parties' services cannot be reliably measured but the fair value of equity instruments can be measured
reliably it shall be measured at the fair value of the equity instrument on the acquisition date and is included into the relevant cost
or expense and increases the shareholders' equities accordingly.(b) Cash-settled share-based payment
The cash-settled share-based payment is measured at the fair value of the liabilities determined by Supor based on shares or
other equity instruments. If the vesting right is granted immediately after the grant the relevant cost or expense will be included on
the grant date and the liabilities increased accordingly; if the service within the waiting period must be completed or the required
performance conditions are met the fair value of the liabilities assumed by Supor is based on the optimal estimate of the vesting
rights on each balance sheet date of the waiting period. The services obtained in the current period are included into the cost or
expense and the liabilities are increased accordingly.The fair value of the liability is re-measured at the balance sheet date and the settlement day before the settlement of the
relevant liabilities and the change shall be included into the current profits and losses.
(2) Accounting treatment related to the modification and termination of share-based payment plan
When Supor modifies the share-based payment plan if the modification increases the fair value of the equity instruments
granted the increase in the fair value of the equity instruments is recognized accordingly. The increase of the fair value of equity
instruments refers to the difference between the fair value of the equity instruments before and after the modification on the
modification day. If the modification reduces the total fair value of the share-based payment or adopts other methods that are not
conducive to the employee the service obtained will continue to be accounted for as if the change has never occurred unless
Supor cancels some or all of the equity instruments granted.During the waiting period if the granted equity instrument is cancelled Supor will cancel the granted equity instrument as an
accelerated exercise and the amount to be recognized in the remaining waiting period will be immediately included into the
current profits and losses and the capital reserves shall be recognized at the same time. If the employee or other party can choose
to meet the non-vesting conditions but fails to meet in the waiting period Supor will treat it as a cancellation of the equity
instrument.
(3) Accounting treatment of the share-based payment transactions involving Supor and the shareholders or actual
controllers of the Company
For share-based payment transaction involving Supor or the Company's shareholders or actual controller if either settlement
enterprise or enterprise accepting service is inside Supor or outside Supor the accounting treatment shall be conducted in the
consolidated financial statements of Supor according to the following regulations:
Where the settlement enterprise makes calculation by its own equity instruments the share-based payment transaction shall
be treated as the equity-settled share-based payment; in addition it shall be handled as a cash-settled share-based payment.-If the settlement enterprise is an investor of a service enterprise it shall be recognized as the long-term equity investment of
the service enterprise according to the fair value of the equity instrument at the grant date or the fair value of the liability to be
assumed and the capital reserves (other capital reserves) or liabilities shall be recognized.-If the enterprise accepting service does not have a settlement obligation or the equity instruments granted to the enterprise
employees are its own equity instrument such share-based payment transaction shall be treated as the equity-settled share-based
payment. If the enterprise accepting service has a settlement obligation and the equity instruments granted to the enterprise
employees are not its own equity instrument such share-based payment transaction shall be treated as the cash-settled share-based
payment.
82Zhejiang Supor Co. Ltd. 2025 Semiannual Report
The share-based payment transactions between the enterprises within Supor if the acceptance services enterprise and the
settlement enterprise are not the same enterprise and the confirmation and measurement of the share-based payment transaction in
individual financial statements of the acceptance service enterprise and the settlement enterprise shall be compared with the above
principles.
27. Revenue
Disclosure of the accounting policies adopted for revenue recognition and measurement by business type
Revenue is the total inflow of economic benefits that Supor has formed in its daily activities that will result in an increase in
shareholders' equities and has nothing to do with the capital invested by shareholders. Where the contract between Supor and its
customers can meet the following conditions at the same time the revenue shall be confirmed when the customer owns the
relevant control right of the commodity (including labor service the same below): all concerned parties have approved the contract
and promised to fulfill their respective obligations; the contract has specified rights and obligations of each concerned party related
to commodity transfer or labor provision; the contract has clear payment terms related to the transferred commodities; the contract
is of the commercial essence which means that performance of the contract will change the risk time distribution or amount of
future cash flow of Supor; the consideration that Supor is entitled to obtain due to the transfer of commodities to customers is
likely to be recovered. To obtain the control right of relevant commodities means to be able to lead the use of the commodities and
obtain almost all economic benefits therefrom.On the beginning date of the contract Supor identifies the individual performance obligation specified in the contract and
amortizes the transaction price to each individual performance obligation based on the relative proportion of the individual sales
price of the commodity guaranteed in individual performance obligation. Variable consideration significant financing part in the
contract non-cash consideration customer consideration payable etc. have been taken into account the transaction price.For the consideration payable to customers the consideration payable will be offset by the transaction price and the current
revenue will be offset at the later point of recognition of the relevant revenue and payment (or promised) of the customer's
consideration except for obtaining other products that can be clearly distinguished.For contracts with quality assurance clauses Supor analyzes the nature of the quality assurance provided by them. If the
quality assurance provides a separate service in addition to assuring customers that the commodities sold meet the established
standards Supor regards it as a single performance obligation.Transaction price is the consideration amount Supor is expected to be entitled to receive for the transfer of commodities or
services to customers excluding payments received on behalf of third parties. The transaction price recognized by Supor does not
exceed the amount for which it is highly probable that the accumulated recognized revenue will not be reversed significantly when
the relevant uncertainty is eliminated.As for each individual performance obligation in the contract if one of the following conditions is met Supor shall confirm
the transaction price which is amortized into the individual performance obligation based on the performance progress within a
relevant performance period as the revenue: the customer obtains and consumes the economic benefits while Supor fulfills the
performance obligation; the customer manages to control the commodities in process while Supor fulfills the performance
obligation. Commodities produced during the performance period have irreplaceable purposes and Supor has the right to receive
payment for the performance part which has been completed so far during the entire contract period. The performance progress
shall be confirmed based on the nature of commodities transferred by virtue of the input method or the output method. When the
performance progress cannot be confirmed reasonably if it is predicted that the incurred cost of Supor can be compensated the
revenue shall be confirmed based on the incurred cost amount until the performance progress can be confirmed reasonably.If one of the above conditions cannot be met Supor confirms the transaction price amortized to the individual performance
obligation at the time when the customer obtains the control right of relevant commodities as the revenue. When judging whether
the customer has obtained the control right of the commodity Supor can consider the following signs: the enterprise has the
current collection right of the commodity namely the customer is responsible for current payment obligation of the commodity;
83Zhejiang Supor Co. Ltd. 2025 Semiannual Report
the enterprise has transferred the legal ownership of the commodity to the customer namely the customer has possessed the legal
ownership of the commodity; the enterprise has transferred the real commodity to the customer namely the customer has
possessed the real commodity; the enterprise has transferred main risks and rewards of the commodity to the customer namely the
customer has obtained the main risks and rewards related to the ownership of the commodity; the customer has accepted the
commodity; other signs indicating that the customer has obtained the control right of the commodity.For sales with sales return clauses when customers obtain control over related commodities Supor recognizes revenue
according to the consideration amount expected to be received due to the transfer of commodities to customers (i.e. excluding the
amount expected to be refunded due to sales return) and recognizes liabilities as per the amount expected to be refunded due to
sales return. Simultaneously according to the expected book value of the returned commodities at the time of transfer the balance
after deducting the expected cost of recovering the commodities (including the impairment of the value of the returned
commodities) is recognized as an asset and the net cost of the above assets is carried forward according to the book value of the
transferred commodities at the time of transfer. On each balance sheet date Supor re-estimates the future sales returns and if there
is any change it will be treated as a change in accounting estimates.Supor's selling of commodities such as cookware and small domestic appliance is a type of performance obligation at a
certain time point of which the revenue is recognized when the control over the commodities has been transferred to the customer.According to the agreement in the sales contract Supor mainly recognizes the control over commodity as having been transferred
to the customer and recognizes relevant commodity revenue when such commodity has left Supor's warehouses or its specified
warehouses delivered to the customer with acceptance receipt issued or such commodity has been delivered on board to the sea
transport carrier with the customs declaration for export and bill of lading obtained.
28. Contract cost
The incremental cost incurred by Supor to obtain the contract and expected to be recovered shall be recognized as an asset as
the contract acquisition cost. However if the amortization period of the asset does not exceed one year it shall be included into the
current profits and losses at the time of occurrence.In the event that the cost incurred for the performance of the contract does not fall within the scope of the Accounting
Standards for Business Enterprises No. 14 - Revenue (Revised in 2017) and meets the following conditions at the same time it
shall be recognized as an asset as the contract performance cost: * The cost is directly related to a current or expected contract
including direct labor direct materials manufacturing expenses (or similar expenses) costs borne by the customer and other costs
only incurred by the contract; * The cost increases Supor's resources to fulfill its performance obligations in the future; * The
cost is expected to be recovered.Assets recognized for contract acquisition cost and assets recognized for contract performance cost (hereinafter referred to as
"assets related to contract cost") shall be amortized on the same basis as the revenue recognition of commodities or services related
to such assets and included into current profits and losses.Where the book value of assets related to contract costs is higher than the difference between the following two items Supor
shall withdraw the impairment provisions of the excess part and recognize it as the asset impairment loss:
- Residual consideration expected to be obtained arising from the transfer of commodities or services related to the assets by
Supor;
- Cost estimated to occur for the transfer of the relevant commodities or services.
29. Government subsidies
Government subsidies refer to monetary assets and non-monetary assets obtained by Supor from the government excluding
the capital invested by the government as the investor with enjoying corresponding owners' equities. Government subsidies are
divided into government subsidies concerning assets and government subsidies concerning benefits. The government subsidy that
84Zhejiang Supor Co. Ltd. 2025 Semiannual Report
is obtained by Supor used for purchasing or acquisition and construction or forming the long-term assets by other ways is
recognized as the government subsidies concerning assets; Other government subsidies shall be defined as the government
subsidies concerning benefits. If the government document does not clearly specify the subsidy object the subsidies will be
divided based on the following modes into government subsidies concerning benefits and government subsidies concerning assets:
* If the particular item of the subsidies is clear in the government document it shall make a division according to the relative
proportion of expense amount of the formed assets in the budget of the particular item and the expense amount included into the
cost review the division ratio at each balance sheet date and make changes if necessary; * In the government document for
general terms only for the purpose without specifying the particular item it will be used as the government subsidies concerning
benefits. If government subsidies are monetary assets they shall be measured according to the amount received or receivable. If
not they shall be measured according to their fair value; if their fair value cannot be reliably obtained they shall be measured
according to their nominal amount. The government subsidies measured by the nominal amount shall be directly included into the
current profits and losses.When Supor actually receives the government subsidies it shall be recognized and measured as the amount received.However for the end of the period there are conclusive evidences that it can meet the relevant conditions stipulated by the
financial support policy and it is expected that the financial support funds can be received it shall be measured according to the
amount receivable. The government subsidies measured as the amount receivable shall comply with the following conditions: *
The subsidy receivable has been recognized by the competent government department or may be reasonably calculated according
to the relevant provisions of the formally published financial fund management method and the estimated amount is free of
significant uncertainty; * It is based on the initiatively published financial support project by the local financial department and
its financial fund management method in accordance with the regulations of the Decree of Government Information Openness and
this management method shall be favorable to the public (any enterprise qualified can apply) not just to the specified companies;
* The relevant subsidy documents have clearly promised the appropriation period and the appropriation of this fund shall be
safeguarded by the relevant financial budget so it can be reasonably guaranteed that it can be received within the specified period;
* Other relevant conditions that shall be satisfied (if any) based on the specific circumstances of Supor and the grant.If the government subsidies concerning assets are recognized as deferred incomes and are included into the current profits and
losses by installments in a reasonable and systematic way within the service life of underlying assets. Government subsidies
concerning benefits used to compensate future relevant costs or losses will be recognized as deferred income and included into the
current profits and losses during the period when the related costs or losses are recognized; those used to compensate relevant
costs or losses that have occurred will be included into the current profits and losses directly.At the same time it includes the government subsidies related to assets and incomes and separates different parts for
accounting treatment; for those hard to be differentiated it shall be taken as government subsidies concerning benefits as a whole.The government subsidies concerning daily activities of Supor shall be included into other incomes or used to offset the
relevant costs according to the economic business nature. Government subsidies not concerning daily activities will be included
into the non-operating income and expenditure.If the government subsidies confirmed need to be returned and there is the deferred income balance concerned the book
balance of relevant deferred incomes shall be offset against but the excessive part shall be included into the current profits and
losses; In other circumstances they shall be included into the current profits and losses directly.
30. Deferred income tax assets/deferred income tax liabilities
(1) Current income taxes
On the balance sheet date the current income tax liabilities (or assets) formed in the current period and previous periods shall
be measured by the expected amount of income tax payable (or returnable) calculated in accordance with the provisions of the tax
85Zhejiang Supor Co. Ltd. 2025 Semiannual Report
law. The taxable income on which the current income tax expenses are calculated shall be calculated after the corresponding
adjustment of the pre-tax accounting profit in the current reporting period in accordance with the relevant tax law.
(2) Deferred income tax assets and deferred income tax liabilities
The difference between the book value of some assets and liabilities and their tax bases and the temporary difference caused
by the difference between the book value of the items that are not recognized as assets and liabilities but whose tax bases can be
determined according to the tax law shall be used to recognize deferred income tax assets and deferred income tax liabilities with
the balance sheet liability method.For taxable temporary differences related to the initial recognition of goodwill and the initial recognition of assets or
liabilities arising from transactions that are neither enterprise merger nor affect accounting profit and taxable income (or
deductible loss) at the time of occurrence the relevant deferred income tax liabilities shall not be recognized. In addition for
taxable temporary differences related to the investments of subsidiaries associated enterprises and joint ventures if Supor can
control the time of reversal of the temporary differences and the temporary differences are likely not to be reversed in the
foreseeable future the relevant deferred income tax liabilities shall not be recognized. Except for the above exceptions Supor shall
recognize all other deferred income tax liabilities incurred in the taxable temporary differences.For taxable temporary differences and deductible temporary differences related to the initial recognition of assets or liabilities
arising from individual transactions that are neither enterprise merger nor affect accounting profits and taxable income (or
deductible losses) at the time of occurrence the relevant deferred income tax liabilities and deferred income tax assets shall be
recognized separately. In addition for the deductible temporary differences related to the investment of subsidiaries associated
enterprises and joint ventures if the temporary differences are not likely to be reversed in the foreseeable future or it is not likely
to obtain the taxable income used to offset the deductible temporary differences in the future the relevant deferred income tax
assets shall not be recognized. Except for the above exceptions Supor shall recognize the deferred income tax assets arising from
other deductible temporary differences to the extent that taxable income is likely to be obtained for deducting the deductible
temporary differences.For deductible losses and tax deductions that can be carried down in subsequent years the corresponding deferred income tax
assets shall be recognized with the limit of the future taxable income which is likely to be obtained for deducting the deductible
losses and tax deduction.Deferred income tax assets and deferred income tax liabilities shall be calculated on the balance sheet date based on the
applicable tax rate during the period of expected recovery of relevant assets or clearing off relevant liabilities according to tax laws.On the balance sheet date it is required to recheck the book value of the deferred income tax assets. If sufficient taxable
income is not likely to be obtained for deducting the interest of deferred income tax assets in the future the book value of deferred
income tax assets shall be written down. When it is very likely to obtain enough taxable income the write-down amount shall be
reversed.
(3) Income tax expenses
The income tax expenses comprise the current income tax and deferred income tax.Moreover the other current income tax and deferred income tax expenses or earnings shall be included into the current profits
and losses except for book value of goodwill which is adjusted on the basis of the deferred income tax caused by the enterprise
merger and that the current income tax and the deferred income taxes related to other comprehensive incomes or transaction or
affairs of direct recording in the shareholders' equities are included into other comprehensive incomes or shareholders' equities.
(4) Offset of income tax
86Zhejiang Supor Co. Ltd. 2025 Semiannual Report
When it has the legal rights of settlement based on the net amount and it intends to make settlement based on net amount
obtain assets or offset liabilities simultaneously the current income tax assets and current income tax liabilities of Supor shall be
presented based on the net amount after offsetting.When it has the legal rights of settling the current tax assets and current income tax liabilities based on the net amount and
the deferred income tax assets and deferred income tax liabilities are related to income tax levied to the same subject of tax
payment by the same tax collection and administration department or are related to different taxpayers but in each important
period of deferred income tax assets and liabilities reverse in the future and when the involved taxpayers intend to settle the
current income tax assets and liabilities based on the net amount or obtain assets and pay off the liabilities at the same time
Supor's deferred income tax assets and deferred income tax liabilities shall be presented after offsetting.
31. Lease
Lease refers to a contract in which it is agreed that the lessor transfers the use right of assets to the lessee to get corresponding
consideration within a certain period.Supor evaluates whether the contract is used for lease or includes the lease on the contract commencement date. Where either
party thereto assigns one or more use rights of the recognized assets under its control in a certain period to get consideration the
contract is a lease or includes a lease.In order to determine whether the contract transfers the right of controlling the use of an identified asset for a certain period of
time Supor conducts the following assessment:
- Whether the contract involves the use of the identified asset. The identified asset may be explicitly specified by the contract
or implicitly specified when the asset is available for use by the customer and the asset is physically distinguishable or in the
event that any production capacity of the asset or other part of the asset is physically indistinguishable but it substantially
represents the full capacity of the asset and thus enables the customer to have access to almost all the economic benefits arising
from the use of the asset. If the supplier of the asset has the substantial right of replacing the asset throughout the period of use
then the asset is not attributed to an identified asset;
- Whether the lessee has the right to acquire almost all the economic benefits arising from the use of the identified asset
during the period of use;
- Whether the lessee has the right to direct the use of the identified asset during the period of use.If the contract contains multiple separate leases at the same time the lessee and lessor will split the contract and have each
separate lease separately subject to accounting treatment. If the contract includes lease and non-lease parts at the same time the
lessee and the lessor will split them separately.
(1) Supor as the lessee
At the beginning date of the lease term Supor recognizes the right-of-use asset and lease obligation of the lease. The right-of-
use asset is initially measured at cost including the initial measurement amount of the lease obligation the lease payment paid at
or before the beginning date of the lease term (less the amount of lease incentives already granted) the initial direct expenses
incurred and the costs expected to be incurred to demolish and remove the leased asset restore the site where the leased asset is
located or restore the leased asset to the state agreed upon in the provisions of the lease.Supor employs the straight-line method to depreciate right-of-use assets. If the ownership of the leased assets can be
reasonably confirmed to be obtained upon expiry of the lease term the depreciation of leased assets shall be withdrawn by Supor
during the remaining service life thereof; Otherwise the leased asset is depreciated during the shorter of the lease term and the
remaining service life of the leased asset. Impairment provisions for right-of-use assets shall be made in accordance with the
accounting policies described in Note V. "22. Impairment of long-term assets".
87Zhejiang Supor Co. Ltd. 2025 Semiannual Report
The lease obligation is initially measured at the present value of the lease payment that has not been paid at the beginning
date of the lease term and the discount rate is the implicit rate of the lease. If the implicit rate of the lease cannot be determined
the incremental borrowing rate of Supor shall be adopted as the discount rate.Supor calculates the interest expense of the lease obligation for each period of the lease term at a fixed periodic interest rate
which is included into the current profits and losses or relevant asset costs. The variable lease payment not included into the
measurement of lease obligations will be included into the current profits and losses or relevant asset costs when it actually occurs.In case of any of following circumstances after the beginning date of the lease term Supor will remeasure lease obligations at
the present value of the lease payment after any change:
- Where the amount payable anticipated changes according to the guaranteed residual value;
- Where the index or ratio used for recognizing the lease payment changes;
- Where there is a change in Supor's assessment results of the option of purchase renewal option or option of termination of
lease or the actual exercising of the termination of the renewal option or option of termination of lease is inconsistent with the
original assessment result.When the lease obligation is measured anew Supor will adjust the book value of right-of-use assets accordingly. If the book
value of the right-of-use asset has been reduced to zero but the lease obligation still needs to be further reduced Supor will
include the remaining amount in the current profits and losses.Supor chooses not to confirm the right-of-use asset and lease obligation for short-term lease (with a lease term not exceeding
12 months) and low-value asset lease (individual leased assets have a lower value when they are brand new) as well as includes
related lease payment into the current profits and losses or relevant asset costs in each period within the lease term pursuant to the
straight-line method.
(2) Supor as the lessor
At the beginning date of the lease term Supor divides leases into financing and operating leases. Financing lease refers to a
lease in which almost all the risks and rewards related to the ownership of the leased asset are essentially transferred regardless of
whether the ownership is finally transferred or not. The operating lease refers to the other leases except for the financing lease.Supor as the lessor provides classification of subleases based on the right-of-use assets created by the original lease rather
than the underlying assets of the original lease. If the original lease is a short-term lease and Supor chooses to apply the simplified
treatment of the above short-term lease to the original lease then Supor classifies the sublease as an operating lease.Under financing leases at the beginning date of the lease term Supor confirms financing lease receivables for financing lease
and derecognizes the financial leasing assets. Supor regards the net investment in a lease as the entry value of financing lease
receivables at the time of initial measurement of financing lease receivables. The net investment in a lease is the sum of the present
value of unguaranteed residual value and lease receipt not received yet on the beginning date of the lease term which is subject to
discounting at the interest rate implicit in the lease term.Supor calculates and recognizes the Interest revenue in each period within the lease term according to a fixed periodic rate.The derecognition and impairment of financing lease receivables shall be treated in accordance with the accounting policies
described in Note V. "10. Financial Instruments" and "11. Financial assets impairment". The variable lease payment which is not
included into the net lease investment shall be included into current profits and losses when it actually occurs.The lease receipts of operating lease are confirmed as rent revenue in each period within the lease term in light of straight-line
method. Supor capitalizes the initial direct expenses incurred in connection with operating leases apportioned them over the lease
term on the same basis as the rent revenue recognition and recorded into the current profits and losses by stages. The variable
lease payment which is not included into the lease receipt shall be included into current profits and losses when it actually occurs.
88Zhejiang Supor Co. Ltd. 2025 Semiannual Report
32. Dividend distribution
After the balance sheet date the proposed dividends or profits to be distributed in the profit distribution plan approved upon
review are not recognized as a liability on the balance sheet date and are disclosed separately in the notes.
33. Related parties
If one party controls or jointly controls the other party or imposes significant impact on the other party and two or more
parties are controlled or jointly controlled by one party these parties are related parties. Related party can be individual or
enterprise. An enterprise that is only controlled by the state but does not have other related party relationships does not constitute a
related party.In addition the Company also determines Supor or related parties of the Company in accordance with the Administrative
Measures for the Disclosure of Information of Listed Companies promulgated by the CSRC.
34. Segment reporting
Please refer to Note XVIII. "1. Segment information" for details of accounting policies related to segment reporting.
35. Other important accounting policies and estimates
(1) Repurchased shares
If Supor reduces its capital by acquiring the stocks of the Company with approval then it shall reduce share capital according
to the total amount of the face value of cancelled stocks and adjust owners' equities according to the difference between the price
paid to purchase stocks back (including transaction cost) and the face value of stocks. The part exceeding the total face value shall
write down capital reserve (share capital premium) surplus reserve and undistributed profit. If the price is lower than the total face
value then the part lower shall be added with capital reserve (share capital premium).Shares repurchased by Supor shall be managed as treasury shares before they are cancelled or transferred; total expenditure of
repurchased shares shall be transferred as the cost of treasury shares.When treasury shares are transferred the part higher than their cost shall increase capital reserve (share capital premium); the
part lower than their cost shall write down capital reserve (share capital premium) surplus reserve and undistributed profit in
sequence.If Supor repurchase shares for the reason of equity incentive it shall treat all expenses on shares repurchase as treasury shares
while repurchasing and make registration for future reference.
(2) Fair value measurement
Fair value refers to the price that a market participant can obtain or needs to pay after selling an asset or transferring a liability
among the orderly transactions made on the measurement date. Supor measures relevant asset or liability and considers the
characteristics of this asset or liability at fair value; supposes the selling of assets or transfer of liabilities by a market participant is
an orderly transaction under current market conditions; supposes the orderly selling of assets or transfer of liabilities is carried out
in the main market of relevant assets or liabilities; supposes the transaction is made in the most favorable market for relevant
assets or liabilities when there is no main market. Supor adopts the assumptions that market participants use to maximize their
economic benefits when they price assets or liabilities.
89Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Supor judges whether the fair value at initial recognition equals to its transaction price according to transaction nature and the
characteristics of relevant assets or liabilities; if the transaction price is not equal to the fair value relevant gains or losses will be
included into the current profits and losses unless otherwise specified by relevant accounting standards.Supor adopts the valuation technique that is applicable to the current situation and has enough available data and other
information to support. Mainly used valuation techniques include market approach income approach and cost method. In the
application of valuation techniques relevant observable input values shall be used first and unobserved input values can only be
used when relevant observable input values cannot be obtained or it is not feasible to obtain them.Input values used by Supor for fair value measurement are divided into 3 levels. The first level of input values will be used
first and then the second level and the third level. First-level input values are the quotations of same assets or liabilities that can be
obtained on the measurement date and are not adjusted in the active market; second-level input values are the direct or indirect
observable input values of relevant assets or liabilities other than the first-level input values; third-level input values are the
unobservable input values of relevant assets or liabilities.Supor measures non-financial assets with fair value considers market participant's ability to use them in the best way to
generate economic benefits or the ability to sell assets to other market participants who can use them in the best way to generate
economic benefits. To measure a liability with fair value it is supposed that this liability is transferred to other market participants
on the measurement date and further exists after transfer and the market participant who is the transferee performs obligations.To measure one's own equity instrument with fair value it is supposed that this equity instrument is transferred to other market
participants on the measurement date and further exists after transfer and the market participant as the transferee obtains
relevant rights to this instrument and undertakes corresponding obligations.
36. Change of important accounting policies and estimates
(1) Change of important accounting policies
□ Applicable ? Not-applicable
(2) Change of important accounting estimates
□ Applicable ? Not-applicable
(3) Adjustment of related items in the financial statements at the beginning of the year from 2025 following the first
implementation of the New Accounting Standards
□ Applicable ? Not-applicable
VI. Taxes
1. Main taxes and tax rates
Tax Tax base Tax rate
Taxable income is calculated at output tax rates of 0 6%
The taxable revenue from sales of 9% and 13% and VAT is calculated based on the
VAT
commodities or rendering of services difference after deducting the input tax allowable for the
current period.Urban maintenance
VAT payable 7%
and construction tax
90Zhejiang Supor Co. Ltd. 2025 Semiannual Report
The corporate income tax rate is 25%. Shaoxing Supor
Zhejiang WMF and Hainan Supor E-Commerce Company
are taxed at a preferential tax rate of 15%; Wuhan
Enterprise income tax Taxable income Recycling and Shanghai Marketing are taxed at a
preferential tax rate of 20%; for overseas subsidiaries
Indonesian Company is taxed at a 22% rate Supor Vietnam
and AFS are taxed at 20% and SEADA is taxed at 17%.Education surcharge VAT payable 3%
Local education
VAT payable 2%
surcharge
1.2% of the residual value after deducting
30% of the original value of the property
is calculated and paid in case of ad
Housing property tax 1.2% 12%
valorem; for housing property levied on
the basis of rent housing property tax is
levied at the rate of 12% of rent revenue.
2. Tax preferences
Pursuant to GKH Zi [2020] No. 32 document Shaoxing Supor and Zhejiang WMF passed the hi-tech enterprise qualification
in 2022 and are entitled to enjoy the preferential tax rate of 15% for the three-year period starting from January 1 2022. The re-
certification applications for Shaoxing Supor and Zhejiang WMF's High-Tech Enterprise (HTE) status are currently under review by the
Ministry of Science and Technology. Corporate income tax rate 15% is applying this reporting period.According to the Enterprise Income Tax Law of the People's Republic of China and its implementation regulations
the Notice on Preferential Policies for Enterprise Income Tax in Hainan Free Trade Port (CS [2020] No.31) as well as
other provisions business income tax will be levied at a rate of 15% for encouraged industrial enterp rises registered and
substantially operating in the Hainan Free Trade Port from January 1 2020 to December 31 2024. According to the
Notice by the Ministry of Finance and the State Taxation Administration of Continuing the Implementation of the Preferential
Income Tax Policies for Enterprises in Hainan Free Trade Port (CS [2025] No.3) issued on January 24 2025 by Ministry of
Finance and State Taxation Administration to support the construction of Hainan Free Trade Port the following notice is hereby
issued regarding the continuation and implementation of preferential income tax policies for enterprises: I.The execution period
for preferential policies stipulated in the Notice on Preferential Policies for Enterprise Income Tax in Hainan Free Trade Port
(CS [2020] No.31) by the Ministry of Finance and the State Taxation Administration shall be extended to December 31 2027.
Meeting the e-commerce in the encouraged industries catalogue Hainan Supor E-commerce Company applies the preferential tax
rate of 15% in 2025.According to the Announcement of the Ministry of Finance and the State Taxation Administration on the Preferential Income
Tax Policies for Micro and Small Enterprises and Individual Industrial and Commercial Households (CS [2023] No. 6) issued on
March 26 2023 the portion of the annual taxable income of small and micro profit enterprises that does not exceed RMB 1
million shall be reduced by 25% and included in the taxable income and enterprise income tax shall be paid at a tax rate of 20%
from January 1 2023 to December 31 2024. At the same time according to the Announcement of the Ministry of Finance and
the State Taxation Administration on Further Implementing the Preferential Income Tax Policies for Micro and Small
Enterprises (CS [2022] No. 13) from January 1 2022 to December 31 2024 the part of the annual taxable income of small
and micro enterprises that exceeds RMB 1 million but does not exceed RMB 3 million will be included into the taxable
income at a reduced rate of 25% and the enterprise income tax will be paid at a tax rate of 20%. The Announcement of the
Ministry of Finance and the State Taxation Administration on the Relevant Tax and Fee Policies for Further Supporting the
Development of Micro and Small Enterprises and Individual Industrial and Commercial Households (CS [2023] No.12) issued
on August 2 2023 extends the policy of calculating taxable income at 25% and applying a 20% tax rate for small and low-profit
91Zhejiang Supor Co. Ltd. 2025 Semiannual Report
enterprises until December 31 2027. Wuhan Recycling and Shanghai Marketing meet the criteria for small low-profit enterprises
in 2025 so the preferential tax rate of 20% is applicable in 2025.VII. Notes to Items of Consolidated Financial Statements
1. Monetary capital
Unit: RMB
Item Closing balance Opening balance
Cash on hand 82808.78 63867.50
Cash in bank 1783534029.32 2181724307.80
Other monetary capitals 244347503.68 298219143.39
Total 2027964341.78 2480007318.69
Including: deposits overseas 102904704.88 113595779.66
Other remarks
1) As of June 30 2025 the restricted bank deposits amounted to RMB 0 which was the frozen amount in the subsidiary's bank
account (December 31 2024: RMB 68400.00 which was the frozen amount in the subsidiary's bank account). Time deposits
which cannot be withdrawn at any time amounting to RMB 93944657.53 (December 31 2024: RMB 662696328.77).
2) As at June 30 2025 other monetary capitals at the end of the period included RMB 151200000.00 (December 31 2024: RMB
189178000) of the security for restricted acceptance bills RMB 962573.09 (December 31 2024: RMB 945617.14) of the
security for e-commerce platforms RMB 58000000.00 (December 31 2024: RMB 58000000.00) of the security for the deposits
of the advance payment financing business and RMB 34184930.59 (December 31 2024: RMB 50095526.25) of the non-
restricted currency funds of the Alipay wallet JD wallet TikTok wallet securities settlement accounts futures settlement accounts
and Youzan account etc.
3) As of June 30 2025 the monetary capital held by Supor in Vietnam totaled RMB 96904480.34 (December 31 2024:
equivalent to RMB 103650689.72); the monetary capital deposited in Singapore amounted to RMB 4547471.91 (December 31
2024: amounted to RMB 4467651.13); the monetary capital held in Indonesia totaled RMB 1452752.63 (December 31 2024:
equivalent to RMB 5477438.81).
2. Transactional financial assets
Unit: RMB
Item Closing balance Opening balance
Financial assets measured at the fair value with their changes included into
100010338.59281234235.25
the current profits and losses.Including:
Short-term financial products 100010338.59 281234235.25
Total 100010338.59 281234235.25
Other remarks
As at June 30 2025 the financial assets measured at the fair value with their changes included into the current profits and losses
are the financial products purchased by subsidiaries amounting to RMB 100000000.00 (December 31 2024: RMB
280000000.00). These financial products with floating income and linked to interest rates and exchange rates etc. and the
92Zhejiang Supor Co. Ltd. 2025 Semiannual Report
corresponding gains from changes in fair value i.e. RMB 10338.59 (December 31 2024: RMB 1234235.25) were recognized at
the end of the current period.
3. Notes receivable
(1) Details on categories
Unit: RMB
Item Closing balance Opening balance
Bank acceptance bill 4637478.94 4036734.84
Total 4637478.94 4036734.84
(2) Classified disclosure by the bad debt provision method
Unit: RMB
Closing balance Opening balance
Provision for Provision for
Book balance Book balance
bad debts bad debts
Categories
Provisi Provisi
Book value Book value
Amoun on Amoun on
Amount Proportion Amount Proportion
t proport t proport
ion ion
Notes
receivable
for
provision
4637478.94100.00%4637478.944036734.84100.00%4036734.84
for bad
debts made
on the basis
of portfolio
Including:
Portfolio:
bank
4637478.94100.00%4637478.944036734.84100.00%4036734.84
acceptance
bill
Total 4637478.94 100.00% 4637478.94 4036734.84 100.00% 4036734.84
If provision for bad debts for notes receivable is made based on the general model of expected credit losses:
□ Applicable ? Not-applicable
(3) Provisions made collected or reversed in current period
Provision for bad debts made in current period:
Unit: RMB
Amount of changes in current period
Opening
Categories Collected or Closing balance balance Accrued Written off Others
reversed
Bank
acceptance bill
93Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Wherein important amounts of provision for bad debts collected or reversed in the current period:
□ Applicable ? Not-applicable
(4) Endorsed or discounted notes receivable undue at the balance sheet date at the end of the year
Unit: RMB
Closing balance Closing balance not
Item
derecognized derecognized
Bank acceptance bill 4069734.87
Total 4069734.87
4. Accounts receivable
(1) Disclosure by aging
Unit: RMB
Ages Ending book balance Beginning book balance
Within 1 year (including 1 year) 3358802480.15 2770620082.25
1-2 years 11405321.17 6036063.60
2-3 years 2142853.33 1907485.94
Over 3 years 1363491.19 1461383.34
3-4 years 151354.42 580978.37
4-5 years 384343.74 127479.68
Over 5 years 827793.03 752925.29
Total 3373714145.84 2780025015.13
(2) Classified disclosure by the bad debt provision method
Unit: RMB
Closing balance Opening balance
Book balance Provision for bad debts Book balance Provision for bad debts
Categories
Provision Book value Provision Book value
Amount Proportion Amount Amount Proportion Amount
proportion proportion
Accounts
receivable
for
provision 195920.38 0.01% 195920.38 100.00% 195920.38 0.01% 195920.38 100.00%
made on an
individual
basis
Accounts
receivable
for
33735182110223843326329432779829089780065.26900490
provision 99.99% 3.27% 99.99% 3.23%
25.46.0282.4494.759528.80
for bad
debts made
on the basis
94Zhejiang Supor Co. Ltd. 2025 Semiannual Report
of portfolio
Including:
Portfolio 1:
32563851110106709314627832652497089652733.25628442
age 96.52% 3.38% 95.41% 3.38%
07.46.9097.5623.778889.89
portfolio
Portfolio 2:
117133118117015984127332070127204738
low-risk 3.47% 117133.12 0.10% 4.58% 127332.07 0.10%.00.88.98.91
portfolio
33737141110419763326329432780025089975986.26900490
Total 100.00% 3.27% 100.00% 3.24%
45.84.4082.4415.133328.80
Category name for provision for bad debts made on an individual basis:
Unit: RMB
Opening balance Closing balance
Name Provision for Provision for Provision
Book balance Book balance Reasons
bad debts bad debts proportion
Customers It is not expected to be recovered so the
41463.7841463.7841463.7841463.78100.00%
A provision for bad debts is fully accrued.Customer It is not expected to be recovered so the
75662.7275662.7275662.7275662.72100.00%
B provision for bad debts is fully accrued.Customer It is not expected to be recovered so the
78793.8878793.8878793.8878793.88100.00%
C provision for bad debts is fully accrued.Total 195920.38 195920.38 195920.38 195920.38
Category name for provision for bad debts by portfolio: Portfolio 1
Provision for bad debts made on the basis of portfolio: RMB 110106709.90
Unit: RMB
Closing balance
Name
Book balance Provision for bad debts Provision proportion
Within 1 year (including 1
3241671198.69107852684.153.33%
year)
1-2 years (including 2 years) 11405321.17 912425.70 8.00%
2-3 years (including 3 years) 2142853.33 321428.00 15.00%
3-4 years (including 4 years) 151354.42 75677.21 50.00%
4-5 years (including 5 years) 349425.02 279540.02 80.00%
Over 5 years 664954.83 664954.83 100.00%
Total 3256385107.46 110106709.90
Explanation on the basis for determining such portfolio:
The expected credit loss rate is calculated upon the experience in actual credit loss and adjusted based on the difference between
the economy during the historic period of data collection the current economy and the economy during the duration expected by
Supor.If provision for bad debts for accounts receivable is made based on the general model of expected credit losses:
□ Applicable ? Not-applicable
(3) Provisions made collected or reversed in current period
Provision for bad debts made in current period:
95Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Unit: RMB
Amount of changes in current period
Categories Opening balance Collected or Written Closing balance
Accrued Others
reversed off
Provision for bad
debts for accounts 89975986.33 20576094.40 -132317.33 110419763.40
receivable
Total 89975986.33 20576094.40 -132317.33 110419763.40
Note: Including decreased provision for bad debts of RMB 132317.33 for conversion difference in foreign currency statement
caused by the change in exchange rate.
(4) Accounts receivable actually written off in current period
Unit: RMB
Item Amount
Accounts receivable actually written off 0.00
Explanation for write-off of accounts receivable:
None
(5) Accounts receivable and contract assets details of the top 5 closing balances by debtors
Unit: RMB
Provision for bad
Proportion to the
debts for accounts
Closing Closing balance of total closing
receivable and
Closing balance of balance of accounts balance of
Entity name closing balance of
accounts receivable contract receivable and accounts
contract asset
assets contract assets receivable and
impairment
contract assets
provision
SEB S.A. and its affiliates 2164753741.08 2164753741.08 64.17% 54118843.53
Customer D 442175576.25 442175576.25 13.11% 22111289.36
Customer E 91107064.67 91107064.67 2.70% 91107.06
Customer F 77032936.46 77032936.46 2.28% 3851646.82
Customer G 75129756.81 75129756.81 2.23% 3763667.91
Total 2850199075.27 2850199075.27 84.49% 83936554.68
5. Receivables financing
(1) Presentation of receivables financing in classification
Unit: RMB
Item Closing balance Opening balance
Notes receivable 122957338.74 368776534.93
Total 122957338.74 368776534.93
Other remarks:
96Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Supor endorses or discounts certain bank acceptance bills by the needs of day-to-day fund management. Taking into account
of the amount and frequency of endorsement or discount of bank acceptance bills Supor determines that the objective of such
business model is to receive contractual cash flows and sell the notes receivable simultaneously and therefore such notes
receivable are classified into financial assets measured at the fair value with their changes included into other comprehensive
incomes and presented as receivables financing.As of June 30 2025 Supor had no receivables financing pledged. (December 31 2024: None).
(2) Endorsed or discounted receivables financing undue at the balance sheet date at the end of the year of
the Company
Unit: RMB
Closing balance Closing balance not
Item
derecognized derecognized
Bank acceptance bill 3359441522.74
Total 3359441522.74
Other remarks:
In order to settle part of the payables Supor endorses the equal amount of undue notes receivable to the suppliers and the
management of Supor considers that certain undue notes meet the conditions that is almost all risks and remuneration pertaining
to ownership have been transferred and meanwhile the current obligations of the relevant payables have been fully discharged
thus the relevant notes and payables are derecognized. The possible greatest loss undertaken by Supor for the continued
involvement therein is the amount of the undue notes receivable endorsed by Supor to suppliers. The said undue notes receivable
will get mature within 1 year.
6. Other receivables
Unit: RMB
Item Closing balance Opening balance
Other receivables 21031976.33 94546924.00
Total 21031976.33 94546924.00
(1) Other receivables
1) Other receivables categorized by nature
Unit: RMB
Beginning book
Nature of receivables Ending book balance
balance
Deposit as security 16446357.49 13672150.12
Temporary payment receivable 6604255.64 9547339.30
Personal deposit 980329.29 1760482.43
Tax refund receivable 1927065.56 1617531.28
Government subsidy receivable 72684645.29
Total 25958007.98 99282148.42
97Zhejiang Supor Co. Ltd. 2025 Semiannual Report
2) Disclosure by aging
Unit: RMB
Ages Ending book balance Beginning book balance
Within 1 year (including 1 year) 15409528.16 90024282.49
1-2 years 1829125.50 1522365.57
2-3 years 4354109.05 3406469.00
Over 3 years 4365245.27 4329031.36
3-4 years 1645734.30 1776419.50
4-5 years 449579.62 622310.36
Over 5 years 2269931.35 1930301.50
Total 25958007.98 99282148.42
3) Classified disclosure by the bad debt provision method
? Applicable □ Not-applicable
Unit: RMB
Closing balance Opening balance
Provision for bad Provision for bad
Book balance Book balance
debts debts
Categori
es Provisio Book Provisio Book
Proporti n value Proporti n value
Amount Amount Amount Amount
on proporti on proporti
on on
Provisio
n for bad
debts
made on 3000.00 0.01% 3000.00 100.00% 3000.00 0.00% 3000.00 100.00%
an
individu
al basis
Provisio
n for bad
debts
259550492303210319992791473222945469
made on 99.99% 18.97% 100.00% 4.77%
07.981.6576.3348.424.4224.00
the basis
of
portfolio
Includin
g:
Portfolio
240279492303191049249769473222202447
1: age 92.57% 20.49% 25.16% 18.95%
42.421.6510.7771.854.4247.43
portfolio
Portfolio
2: low- 192706 192706 743021 743021
7.42%74.84%
risk 5.56 5.56 76.57 76.57
portfolio
259580492603210319992821473522945469
Total 100.00% 18.98% 100.00% 4.77%
07.981.6576.3348.424.4224.00
Provision for bad debts made on an individual basis: RMB 3000.00
98Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Unit: RMB
Opening balance Closing balance
Name Provision Provision Book Book Provision
for bad for bad Reasons
balance balance proportion
debts debts
It is not expected to be recovered so the
Customer H 3000.00 3000.00 3000.00 3000.00 100.00%
provision for bad debts is fully accrued.Total 3000.00 3000.00 3000.00 3000.00
The number of categories for provision for bad debts by portfolio: Portfolio 1
Provision for bad debts made on the basis of portfolio: RMB 4923031.65 Unit: RMB
Closing balance
Name
Book balance Provision for bad debts Provision proportion
Within 1 year (including 1
13482462.60674123.055.00%
year)
1-2 years 1829125.50 146330.04 8.00%
2-3 years 4354109.05 653116.36 15.00%
3-4 years 1645734.30 822867.15 50.00%
4-5 years 449579.62 359663.70 80.00%
Over 5 years 2266931.35 2266931.35 100.00%
Total 24027942.42 4923031.65
Provision for bad debts based on the general model of expected credit losses
Unit: RMB
Phase I Phase II Phase III
Expected credit loss
Provision for bad debts Expected credit loss in Expected credit loss in the entire duration Total
the entire duration
in future 12 months (without credit
(credit impairment)
impairment)
Balance on January 1 2025 4732224.42 3000.00 4735224.42
Balance on January 1 2025 in
the current period
Withdrawal in the current
195826.55195826.55
period
Other changes -5019.32 -5019.32
Balance on June 30 2025 4923031.65 3000.00 4926031.65
Other remarks:
Including decreased provision for bad debts of RMB 5019.32 for conversion difference in foreign currency statement caused by
the change in exchange rate.Changes in book balance of loss provision due to significant changes in the current period
□ Applicable ? Not-applicable
4) Provisions made collected or reversed in current period
Provision for bad debts made in current period:
Unit: RMB
Categories Opening balance Amount of changes in current period Closing
99Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Collected or Write-off or balance
Accrued Others
reversed charge-off
Provision for bad debts of
4735224.42195826.55-5019.324926031.65
other receivables
Total 4735224.42 195826.55 -5019.32 4926031.65
5) Other receivables details of the top 5 closing balances by debtors
Unit: RMB
Closing
Proportion in the
balance of
Entity name Nature of receivables Closing balance Ages total closing balance
provision for
of other receivables
bad debts
Deposit as security/ Within 1 year 1-5
Customer D 2406986.00 9.27% 519349.30
receivable suspense debits years
Within 1 year 1-2
Entity A Deposit as security 2020500.00 7.78% 101640.00
years
Tax refund
Tax refund receivable 1927065.56 Within 1 year 7.42%
receivable
Entity B Deposit as security 1180000.00 3-4 years 4.55% 590000.00
Within 1 year 3-4
Entity C Deposit as security 1020000.00 3.93% 60000.00
years
Total -- 8554551.56 -- 32.95% 1270989.30
7. Advance payment
(1) Listing by ages
Unit: RMB
Closing balance Opening balance
Ages
Amount Proportion Amount Proportion
Within 1 year 226262809.64 96.86% 269994369.41 98.95%
1-2 years 6148584.95 2.63% 2208500.02 0.81%
2-3 years 845583.02 0.36% 441866.71 0.16%
Over 3 years 352953.58 0.15% 231285.94 0.08%
Total 233609931.19 272876022.08
(2) Advance payment of the top 5 closing balances by prepayment objects
Proportion in the balance of
Entity name Book balance
advance payment (%)
Supplier A 24111142.50 10.32%
Supplier B 19531287.71 8.36%
Supplier C 16752982.95 7.17%
Supplier D 16592861.90 7.10%
Supplier E 16578520.13 7.10%
Total 93566795.19 40.05%
100Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Other remarks:
Aging was calculated from the date of confirmation of advance payment.
8. Inventories
Whether the Company needs to comply with the disclosure requirements of the real estate industry
No
(1) Inventory classification
Unit: RMB
Closing balance Opening balance
Inventory Inventory
depreciation depreciation
reserves or reserves or
Item
Book balance impairment Book value Book balance impairment Book value
provision for provision for
contract contract
performance cost performance cost
Raw materials 359465767.23 8260924.17 351204843.06 340206359.81 7421752.13 332784607.68
Unfinished
89568360.3789568360.3792996160.9592996160.95
products
Finished
1500316483.9522196281.121478120202.832035266676.8523460922.002011805754.85
products
Low value
113568952.44237339.29113331613.15121972166.54237339.29121734827.25
consumables
Packing
8410127.808410127.806636757.746636757.74
materials
Total 2071329691.79 30694544.58 2040635147.21 2597078121.89 31120013.42 2565958108.47
(2) Inventory depreciation reserves and impairment provision for contract performance cost
Unit: RMB
Increase Decrease
Opening
Item Closing balance
balance Reversal or Accrued Others Others
write-off
Raw materials 7421752.13 2912973.96 1990163.28 83638.64 8260924.17
Finished
23460922.003580665.874843414.711892.0422196281.12
products
Low value
237339.29237339.29
consumables
Total 31120013.42 6493639.83 6833577.99 85530.68 30694544.58
Decreased inventory depreciation reserves of RMB 85530.68 for conversion difference in foreign currency statement caused by
the change in exchange rate.Inventory falling price reserve on a portfolio basis
Unit: RMB
Portfolio name End of this reporting period Beginning of this reporting period
101Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Falling Falling
Falling price price Falling price price
Closing balance Opening balance
reserve provision reserve provision
ratio ratio
Raw materials 359465767.23 8260924.17 2.30% 340206359.81 7421752.13 2.18%
Finished
1500316483.9522196281.121.48%2035266676.8523460922.001.15%
products
Low value
113568952.44237339.290.21%121972166.54237339.290.19%
consumables
Total 1973351203.62 30694544.58 2497445203.20 31120013.42
9. Non-current assets due within one year
Unit: RMB
Item Closing balance Opening balance
Other debt investments due within one year 1048108460.27 1558446438.34
Total 1048108460.27 1558446438.34
(1) Debt investment due within one year
□ Applicable ? Not-applicable
(2) Other debt investment due within one year
? Applicable □ Not-applicable
1) Other debt investment due within one year
Unit: RMB
Impairment
Fair Accum
provision that are
value ulated
cumulatively
Opening Accrued Interest changes fair Remar
Item Closing balance Cost determined in
balance interest adjustment in the value ks
other
current change
comprehensive
period s
incomes
Negotiable
1558446438.35379099.6-1048108460.21013000000.
certificates
343270639.36700
of deposit
1558446438.35379099.6-1048108460.21013000000.
Total
343270639.36700
(2) Other important debt investment due within one year at the end of the period
None
10. Other current assets
Unit: RMB
102Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Item Closing balance Opening balance
Return cost receivable 9407293.06 16498602.12
Creditable VAT 205477574.92 262746904.13
Others 5553201.79 8750409.11
Total 220438069.77 287995915.36
11. Other debt investments
(1) Other debt investment
Unit: RMB
Impairment
provisions
that are
Fair value
Accumulate cumulativel
Opening Accrued Interest changes in Closing
Item Cost d fair value y Remarks
balance interest adjustment the current balance
changes determined
period
in other
comprehens
ive incomes
Negotiable
1837656640700562.1173348111330000
certificates -352458.13
30.122504.1200.00
of deposit
Minus: Part - - - -
due within 15584464 35379099. 270639.36 10481084 10130000
one year 38.34 63 60.27 00.00
279210195321462.61252396412000000
Total -81818.77
1.7823.850.00
(2) Other important debt investment at the end of the period
None
12. Long-term equity investment
Unit: RMB
Increase/decrease
Opening Investme Closing
balance nt profit Cash balance
Opening Adjustment Change Accrued Closing
Invested of Investme Investme or loss dividend/pro of
balance in other s in impairme Other balance
unit impairme nt nt recognize fit declared impairme
(book value) comprehensi other nt s (book value)
nt increased decreased d by for nt
ve income equity provision
provision equity distribution provision
method
I. Joint Venture
II. Associated Enterprise
Wuhan
Anzai -
60739389.60143090.
Cookwa 596299.5
7114
re Co. 7
Ltd.
103Zhejiang Supor Co. Ltd. 2025 Semiannual Report
-
60739389.60143090.
Subtotal 596299.5
7114
7
-
60739389.60143090.
Total 596299.5
7114
7
The recoverable amount is determined based on the net amount after deducting disposal expenses from fair value
□ Applicable ? Not-applicable
The recoverable amount is determined based on the present value of estimated future cash flow of assets
□ Applicable ? Not-applicable
13. Fixed assets
Unit: RMB
Item Closing balance Opening balance
Fixed assets 1229132222.45 1265771512.34
Total 1229132222.45 1265771512.34
(1) Fixed assets
Unit: RMB
Buildings and General Transport
Item Special equipment Total
structures equipment facilities
I. Original Book Value:
1. Opening balance 1293686792.41 305247517.47 1018847394.31 33458585.86 2651240290.05
2. Increase 235039.95 5250614.80 24896438.66 4616171.63 34998265.04
(1) Acquisition 235039.95 5126973.52 15661291.97 4616171.63 25639477.07
(2) Transferred in
from construction in 123641.28 9235146.69 9358787.97
progress
(3) Increase from
enterprise merger
3. Decrease 3714822.42 13127085.47 2125528.05 18967435.94
(1) Disposal or
3714822.4213127085.472125528.0518967435.94
scrapping
(2) Transfer into
construction in progress
4. Impact of change
-1036823.47-261755.26-2177448.03-86322.67-3562349.43
in exchange rate
5. Closing balance 1292885008.89 306521554.59 1028439299.47 35862906.77 2663708769.72
II. Accumulated
Depreciation
1. Opening balance 461230720.50 241655177.60 658213704.85 24369174.76 1385468777.71
2. Increase 23888108.80 11019475.68 31028066.94 1849560.58 67785212.00
(1) Provision 23888108.80 11019475.68 31028066.94 1849560.58 67785212.00
3. Decrease 3506015.90 11439495.05 1729769.95 16675280.90
(1) Disposal or 3506015.90 11439495.05 1729769.95 16675280.90
104Zhejiang Supor Co. Ltd. 2025 Semiannual Report
scrapping
(2) Transfer into
construction in progress
4. Impact of change
-426873.33-216189.26-1280818.36-78280.59-2002161.54
in exchange rate
5. Closing balance 484691955.97 248952448.12 676521458.38 24410684.80 1434576547.27
III. Impairment Provision
IV. Book Value
1. Closing book
808193052.9257569106.47351917841.0911452221.971229132222.45
value
2. Opening book
832456071.9163592339.87360633689.469089411.101265771512.34
value
(2) Fixed assets with certificate of titles unsettled
Unit: RMB
Item Book value Reasons for unsettlement
After all projects were completed and the completion and
Function dormitory of Shaoxing Supor 31207388.65 settlement procedures were fulfilled the property ownership
certificate shall be processed uniformly
After all projects were completed and the completion and
No. 3 plant of Shaoxing Supor 23064140.76 settlement procedures were fulfilled the property ownership
certificate shall be processed uniformly
After all projects were completed and the completion and
No. 1 plant of Shaoxing Supor 21478095.54 settlement procedures were fulfilled the property ownership
certificate shall be processed uniformly
After all projects were completed and the completion and
No. 8 plant of Shaoxing Supor 25812889.05 settlement procedures were fulfilled the property ownership
certificate shall be processed uniformly
After all projects were completed and the completion and
Function cafeteria of Shaoxing Supor 8346802.72 settlement procedures were fulfilled the property ownership
certificate shall be processed uniformly
After all projects were completed and the completion and
No.12 plant of Shaoxing Supor 11131878.54 settlement procedures were fulfilled the property ownership
certificate shall be processed uniformly
After all projects were completed and the completion and
Transformer substation (35 kV) of
1011575.41 settlement procedures were fulfilled the property ownership
Shaoxing Supor
certificate shall be processed uniformly
After all projects were completed and the completion and
No. 13 plant of Shaoxing Supor 13116100.16 settlement procedures were fulfilled the property ownership
certificate shall be processed uniformly
After all projects were completed and the completion and
No. 14 plant of Shaoxing Supor 20359938.71 settlement procedures were fulfilled the property ownership
certificate shall be processed uniformly
After all projects were completed and the completion and
No. 15 plant of Shaoxing Supor 36926783.70 settlement procedures were fulfilled the property ownership
certificate shall be processed uniformly
After all projects were completed and the completion and
Forklift charging room of Shaoxing
771440.95 settlement procedures were fulfilled the property ownership
Supor
certificate shall be processed uniformly
After all projects were completed and the completion and
No. 13-B warehouse project of Shaoxing
12607567.38 settlement procedures were fulfilled the property ownership
Supor
certificate shall be processed uniformly
105Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Transfer procedures of land use right certificate were not
Generator room of P&R Products 446.25
settled due to land ownership issue
Water pump building and structures of Transfer procedures of land use right certificate were not
45301.84
P&R Products settled due to land ownership issue
Extended plant for bakelite workshop of Transfer procedures of land use right certificate were not
99993.35
P&R Products settled due to land ownership issue
Transfer procedures of land use right certificate were not
Polishing workshop of P&R Products 54720.00
settled due to land ownership issue
Total 206035063.01
14. Construction in progress
Unit: RMB
Item Closing balance Opening balance
Construction in progress 44469207.18 13026975.92
Total 44469207.18 13026975.92
(1) Details of construction in progress
Unit: RMB
Closing balance Opening balance
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Wuhan Supor Cookware
Workshop Layout 8940257.17 8940257.17
Optimization Initiative
Supor Vietnam Phase II &
17132839.9517132839.95
III Capital Investment
Project
Zhejiang WMF Stainless
Steel Production Line 6556068.61 6556068.61
Modernization
Piecemeal projects 7720063.05 7720063.05 12074143.87 12074143.87
Equipment payment 4119978.40 4119978.40 952832.05 952832.05
Total 44469207.18 44469207.18 13026975.92 13026975.92
(2) Impairment test of construction in progress
□ Applicable ? Not-applicable
15 Right-of-use assets
(1) Right-of-use assets
Unit: RMB
Buildings and
Item Land General equipment Total
structures
I. Original Book Value
1. Opening balance 341557441.08 3257157.49 38527155.31 383341753.88
106Zhejiang Supor Co. Ltd. 2025 Semiannual Report
2. Increase 10344523.35 10594897.12 20939420.47
3. Decrease 5340256.60 5340256.60
4. Impact of change
-27557.40-84280.62-451625.07-563463.09
in exchange rate
5. Closing balance 346534150.43 3172876.87 48670427.36 398377454.66
II. Accumulated
Depreciation
1. Opening balance 154784395.63 422555.50 1208503.28 156415454.41
2. Increase 22028310.94 43476.93 983593.95 23055381.82
(1) Provision 22028310.94 43476.93 983593.95 23055381.82
3. Decrease 3590894.15 3590894.15
(1) Disposal 3590894.15 3590894.15
4. Impact of change
-19813.85-9311.55-14300.45-43425.85
in exchange rate
5. Closing balance 173201998.57 456720.88 2177796.78 175836516.23
III. Impairment Provision
IV. Book Value
1. Closing book
173332151.862716155.9946492630.58222540938.43
value
2. Opening book
186773045.452834601.9937318652.03226926299.47
value
16. Intangible assets
(1) Intangible assets
Unit: RMB
Trademark use Pollutant
Item Land use right Software Total
right discharge right
I. Original Book Value
1. Opening balance 474805122.19 47328811.32 108372586.86 9980411.45 640486931.82
2. Increase 2757261.57 2757261.57
(1) Acquisition 2757261.57 2757261.57
(2) In-house R&D
(3) Increase from
enterprise merger
3. Decrease 2778262.21 2778262.21
(1) Disposal 2778262.21 2778262.21
4. Impact of change
-159130.50-19543.30-178673.80
in exchange rate
5. Closing balance 474645991.69 47328811.32 108332042.92 9980411.45 640287257.38
II. Accumulated
Amortization
1. Opening balance 118334599.07 42550880.16 67610206.40 3983599.53 232479285.16
2. Increase 4985821.86 2366440.57 5806098.21 1015171.24 14173531.88
107Zhejiang Supor Co. Ltd. 2025 Semiannual Report
(1) Provision 4985821.86 2366440.57 5806098.21 1015171.24 14173531.88
3. Decrease 2776303.49 2776303.49
(1) Disposal 2776303.49 2776303.49
4. Impact of change
-63860.03-10694.41-74554.44
in exchange rate
5. Closing balance 123256560.90 44917320.73 70629306.71 4998770.77 243801959.11
III. Impairment Provision
IV. Book Value
1. Closing book
351389430.792411490.5937702736.214981640.68396485298.27
value
2. Opening book
356470523.124777931.1640762380.465996811.92408007646.66
value
At the end of the current period the proportion of intangible assets formed through internal R&D in the balance of intangible
assets is 0.00%.
17. Deferred income tax assets/deferred income tax liabilities
(1) Un-offset deferred income tax assets
Unit: RMB
Closing balance Opening balance
Item Deductible temporary Deferred income tax Deductible temporary Deferred income tax
difference assets difference assets
Impairment provision
133025393.3529371734.65111138817.8424494103.97
of assets
Profits not realized by
96240585.0123598328.1494550609.5123220723.04
internal transaction
Deductible losses 6853111.70 1554302.66 7251431.15 1641932.94
Accrued expenses 1452930011.77 350810243.67 1257474814.34 301349873.33
Accrued salary 110814173.55 25976741.05 105431046.38 25003717.86
Estimated liabilities 52924760.05 12561036.56 52848734.33 12661490.81
Share-based payment 79141364.38 18310047.06 75636317.17 17498092.50
Expected returns 7169558.09 1708162.86 11121206.55 2612314.13
Lease obligation 226746695.43 53468754.21 230416401.82 54345224.36
Total 2165845653.33 517359350.86 1945869379.09 462827472.94
(2) Un-offset deferred income tax liabilities
Unit: RMB
Closing balance Opening balance
Item Taxable temporary Deferred income tax Taxable temporary Deferred income tax
difference liabilities difference liabilities
Right-of-use assets 222540938.43 52420300.07 226926299.47 53471643.65
Depreciation of fixed
7389215.931108381.417389215.931108381.41
assets
108Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Total 229930154.36 53528681.48 234315515.40 54580025.06
(3) Deferred income tax assets or liabilities presented with net amount after offsetting
Unit: RMB
Offsetting amount Offsetting amount
Closing balance of Opening balance of
between deferred between deferred
deferred income tax deferred income tax
Item income tax assets and income tax assets and
assets or liabilities after assets or liabilities after
liabilities at the end of liabilities at the
offsetting offsetting
the period beginning of the period
Deferred income tax
53528681.48463830669.3854580025.06408247447.88
assets
Deferred income tax
53528681.4854580025.06
liabilities
(4) Detail about unrecognized deferred income tax assets
Unit: RMB
Item Closing balance Opening balance
Deductible temporary difference 13014946.27 14708679.24
Deductible losses 102074232.74 93544350.35
Total 115089179.01 108253029.59
(5) Deductible losses of unconfirmed deferred income tax assets shall expire in the following years
Unit: RMB
Year Closing amount Opening amount Remarks
20256945189.336945189.33
20267751051.177751051.17
20275232792.235232792.23
202828065715.3828065715.38
202945549602.2445549602.24
20308529882.39
Total 102074232.74 93544350.35
18. Assets with title or use right restrictions
Unit: RMB
End of this reporting period Beginning of this reporting period
Item Restricted Restricted Restricted Restricted
Book balance Book value Book balance Book value
type situation type situation
Bank
Monetary Bank acceptance
151200000.00 151200000.00 Freezing acceptance bill 189178000.00 189178000.00 Freezing
capital bill security
security
109Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Deposit
Deposit security
security for
Monetary for advance
58000000.00 58000000.00 Freezing advance 58000000.00 58000000.00 Freezing
capital payment
payment
financing
financing
Security and Security and
Monetary frozen funds of frozen funds of
962573.09 962573.09 Freezing 945617.14 945617.14 Freezing
capital e-commerce e-commerce
platforms platforms
Restricted funds
Monetary
68400.00 68400.00 Freezing used in bank
capital
deposits
Total 210162573.09 210162573.09 248192017.14 248192017.14
19. Short-term loans
(1) Classification of short-term loans
Unit: RMB
Item Closing balance Opening balance
Bank acceptance draft discount 527874712.48
Total 527874712.48
Description for classification of short-term borrowings:
There are no overdue and unpaid loans at the end of the year.
20. Notes payable
Unit: RMB
Type Closing balance Opening balance
bank acceptance bill 1208510157.52 1282200000.00
Total 1208510157.52 1282200000.00
21. Accounts payable
(1) Details
Unit: RMB
Item Closing balance Opening balance
Goods payment 1720897091.42 1821729996.38
Equipment and engineering funds 41308334.10 35599639.05
Expenses payment 1506239138.26 1304406436.97
Total 3268444563.78 3161736072.40
22. Other payables
Unit: RMB
110Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Item Closing balance Opening balance
Other payables 137518777.54 135584472.49
Total 137518777.54 135584472.49
(1) Other payables
1) Listing by nature
Unit: RMB
Item Closing balance Opening balance
Deposit as security 105525768.17 97023753.29
Temporary receipts payable 7904185.51 16328753.68
Others 24088823.86 22231965.52
Total 137518777.54 135584472.49
23. Contract liabilities
Unit: RMB
Item Closing balance Opening balance
Advances on sales 443037837.02 1088405139.86
Total 443037837.02 1088405139.86
The amount with major changes in its book value during the reporting period and its reasons
Unit: RMB
Item Variation amount Variation reason
Advances on Including the revenue recognized by the amount of book value of contract
-1088405139.86
sales liabilities at the beginning of the year
Advances on The amount increased due to receipt of cash (excluding the amount recognized as
443037837.02
sales revenue in the current year)
Total -645367302.84
24. Employee remuneration payable
(1) Details
Unit: RMB
Item Opening balance Increase Decrease Closing balance
I. Short-term Employee
348974175.79922180452.571002571045.81268583582.55
Remuneration
II. Post-employment benefits -
8179611.7763375416.5062286541.229268487.05
defined contribution plan
III. Termination Benefit 410067.51 9281306.68 6633314.43 3058059.76
Total 357563855.07 994837175.75 1071490901.46 280910129.36
111Zhejiang Supor Co. Ltd. 2025 Semiannual Report
(2) Details of short-term employee remuneration
Unit: RMB
Item Opening balance Increase Decrease Closing balance
1. Salary bonus allowance and
303870127.35815815549.18899291444.25220394232.28
subsidy
2. Employee services and benefits 5340464.53 34514424.77 36275304.81 3579584.49
3. Social insurance charges 4919972.11 32317200.35 32141717.63 5095454.83
Including: Medical insurance
4416738.4529378586.4729162273.254633051.67
premium
Occupational injuries
503233.662938613.882979444.38462403.16
premium
4. Housing accumulation fund 153863.60 26176548.77 26139862.77 190549.60
5. Trade union fund and employee
34689748.2013356729.508722716.3539323761.35
education fund
Total 348974175.79 922180452.57 1002571045.81 268583582.55
(3) Details of defined contribution plan
Unit: RMB
Item Opening balance Increase Decrease Closing balance
1. Basic endowment insurance 7915929.11 61468229.43 60389166.26 8994992.28
2. Unemployment insurance
263682.661907187.071897374.96273494.77
premium
Total 8179611.77 63375416.50 62286541.22 9268487.05
(4) Termination benefit
Supor paid termination benefits of RMB 6633314.43 (2024: RMB 1089476.41) due to the termination of employment
relationships during the year. The amount payable but unpaid at the end of the year was RMB 3058059.76 (December 31 2024:
RMB 410067.51).
25. Taxes payable
Unit: RMB
Item Closing balance Opening balance
VAT 16746556.81 35886885.98
Enterprise income tax 145548030.67 201467590.23
Individual income tax 7957798.07 4401978.83
Urban maintenance and construction tax 2796652.35 11677943.91
Housing property tax 5938465.78 11184562.99
Land use tax 3477015.83 6702356.51
Stamp tax 4318276.79 4619205.79
Education surcharge 1181748.91 5000990.12
112Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Local education surcharge 846431.21 3358369.55
Total 188810976.42 284299883.91
26. Non-current liabilities due within one year
Unit: RMB
Item Closing balance Opening balance
Lease obligations due within one year 45748916.27 41987421.60
Total 45748916.27 41987421.60
27. Other current liabilities
Unit: RMB
Item Closing balance Opening balance
Refund payable 16576851.12 27619808.67
Endorsed bank acceptance bill unrecognized 4069734.87 3608696.65
Output tax to be written-off 56989002.54 140846897.45
Total 77635588.53 172075402.77
28. Lease obligation
Unit: RMB
Item Closing balance Opening balance
Long-term lease obligations 226746695.43 230416401.82
Minus: Lease obligations due within one year -45748916.27 -41987421.60
Total 180997779.16 188428980.22
Other remarks:
Supor also rents employee dormitories temporary warehouses etc. for a lease term up to one year representing short-term
leases. Supor had chosen not to recognize the right-of-use assets and lease obligations for these leases.
29. Long-term employee remuneration payable
(1) Details
Unit: RMB
Item Closing balance Opening balance
I. Termination Benefit 784773.45 822218.97
II. Other Long-term Welfare 58561258.97 38377219.62
Total 59346032.42 39199438.59
30. Estimated liabilities
Unit: RMB
Item Closing balance Opening balance Reasons for the balance
113Zhejiang Supor Co. Ltd. 2025 Semiannual Report
For details please refer to Note XVI. "Commitments and
Pending lawsuit 3082977.50 3082977.50
Contingencies"
Financial guarantee For details please refer to Note XVI. "Commitments and
1157887.201827582.20
contract Contingencies"
Product quality For details please refer to Note XVI. "Commitments and
48683895.3547938174.63
assurance Contingencies"
Total 52924760.05 52848734.33
31. Share capital
Unit: RMB
Increase/decrease in the period (+ -)
Opening balance Shares Converted Closing balance
New shares Others Subtotal
bonus capital
Total shares 801359733.00 801359733.00
32. Capital reserve
Unit: RMB
Item Opening balance Increase Decrease Closing balance
Other capital reserve 191294609.67 5446303.00 219677.49 196521235.18
Total 191294609.67 5446303.00 219677.49 196521235.18
Other remarks (including increase and decrease in current period and variation reason):
The increase of RMB 5446303.00 in other capital reserves in the current year refers to the equity-settled share-based payment
amount of RMB 5446303.00 in the current year included in the capital reserve (other capital reserves) as detailed in Note XV."Description of Share-based Payment" to these financial statements.The decrease of RMB 219677.49 in other capital reserves in the current year refers to the estimated deductible amount of the
share-based payment in the future of this year exceeds the cost recognized in the waiting period. The deferred income tax assets
formed by the excess of RMB -219677.49 are directly included into the capital reserve - other capital reserves.
33. Treasury shares
Unit: RMB
Item Opening balance Increase Decrease Closing balance
treasury share 234497705.25 577875.00 233919830.25
Total 234497705.25 577875.00 233919830.25
Other remarks (including increase and decrease in current period and variation reason):
1) The 13th Session of the Eighth Board of Director reviewed and adopted Proposal on Unlocking of Restricted Stock within the
Second Unlock Period of 2021 Restricted Stock Incentive Plan agreeing to unlock the Restricted Stock for 266 qualified Incentive
Employees in the second unlock period. The number of Restricted Stock unlocked is 548250 shares. The corresponding
repurchase obligation of RMB 1 per share has disappeared leading to a decrease in treasury shares of RMB 548250 during this
period.
114Zhejiang Supor Co. Ltd. 2025 Semiannual Report
2) The 13th Session of the Eighth Board of Director reviewed and adopted Proposal on Unlocking of Postponed Portion of
Restricted Stock within the First Unlock Period of 2022 Restricted Stock Incentive Plan agreeing to unlock the Restricted Stock
for 2 qualified Incentive Employees in the first unlock period. The number of Restricted Stock unlocked is 29625 shares. The
corresponding repurchase obligation of RMB 1 per share has disappeared leading to a decrease in treasury shares of RMB 29625
during this period.
34. Other comprehensive incomes
Unit: RMB
Amount incurred during this period
Minus: Other Minus: Other
Current period comprehensive comprehensive
Opening Minus: Attributable to
Item cumulative incomes carried incomes carried Attributable to Closing balance
balance Income tax minority
before income forward forward parent company
expenses shareholder
tax transferred to transferred to
profits and losses retained earnings
I. Other
comprehensive
incomes to be
-28222735.40-13524681.59-12907112.56-617569.03-41129847.96
reclassified into
the profit and
loss
Conversio
n difference in
foreign
-28222735.40-13524681.59-12907112.56-617569.03-41129847.96
currency
financial
statement
Total other
comprehensive -28222735.40 -13524681.59 -12907112.56 -617569.03 -41129847.96
income
35. Surplus reserve
Unit: RMB
Item Opening balance Increase Decrease Closing balance
Statutory surplus
294492653.924299783.52298792437.44
reserve
Total 294492653.92 4299783.52 298792437.44
Remarks on surplus reserve (including increase and decrease in current period and variation reason):
During this period the increase in surplus reserve by RMB 4299783.52 is the statutory surplus reserve allocated based on 10% of
the net profit realized by the parent company.
36. Undistributed profits
Unit: RMB
Item Current period Preceding period
Undistributed profits at the end of last period before adjustment 5399987787.75 5516807622.62
115Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Undistributed profits at period beginning after adjustment 5399987787.75 5516807622.62
Plus: Net profit attributable to owners of the parent company 939913794.13 940593117.65
Minus: withdrawal of statutory surplus reserve 4299783.52 7129762.06
Common share dividends payable 2238705174.73 2175512858.61
Undistributed profits at the end of the period 4096896623.63 4274758119.60
Adjustment of undistributed profits at period beginning:
1). Due to retroactive adjustment of Accounting Standards for Business Enterprises and relevant new regulations undistributed
profit at period beginning was changed by RMB 0.
2). Due to change of accounting policies undistributed profit at period beginning was changed by RMB 0.
3). Due to rectification of important accounting errors undistributed profit at period beginning was changed by RMB 0.
4). Due to change of merger scope resulted from same control undistributed profit at period beginning was changed by RMB 0.
5). Due to other adjustment undistributed profit at period beginning was changed by RMB 0.
37. Operating incomes and costs
Unit: RMB
Amount incurred during this period Amount incurred during prior period
Item
Revenue Cost Revenue Cost
Main business 11349691981.39 8659439760.46 10833678971.47 8244383261.73
Revenue from other
127808819.02108657927.37131098996.98113197742.93
operations
Total 11477500800.41 8768097687.83 10964777968.45 8357581004.66
Breakdown information of operating income and operating cost:
Unit: RMB
Total
Contract classification
Operating income Operating cost
Business type
Including:
Cookware 3162954841.12 2356249927.12
Electric appliance 8162103106.80 6284941750.77
Others 152442852.49 126906009.94
Classified by business area
Including:
Domestic 7761261756.01 5610009016.37
Foreign 3716239044.40 3158088671.46
Total 11477500800.41 8768097687.83
Information related to performance obligations:
None
Information related to the transaction price allocated to the remaining performance obligations:
At the end of the reporting period the amount of revenue corresponding to the performance obligations that have been signed but
have not been performed or not yet completed is RMB 443037837.02 of which RMB 443037837.02 is expected to be
recognized as revenue in 2025.
116Zhejiang Supor Co. Ltd. 2025 Semiannual Report
38. Taxes and surcharges
Unit: RMB
Amount incurred during Amount incurred during
Item
this period prior period
Urban maintenance and construction tax 26755879.86 25870892.88
Education surcharge 11621676.46 11288326.73
Resource tax 4891.80
Housing property tax 6450355.41 6149515.92
Land use tax 3728690.98 3728691.00
Vehicle and vessel use tax 27483.42 24100.31
Stamp tax 8500752.67 8255533.64
Local education surcharge 7696579.62 7524662.67
Environmental protection tax 41931.23 31738.92
Total 64828241.45 62873462.07
Other remarks:
See Note VI. "Taxes" for calculating standard of taxes and surcharges.
39. Administrative expenses
Unit: RMB
Amount incurred during Amount incurred during
Item
this period prior period
Employee remuneration 129757084.47 117480975.61
Office business traveling and depreciation and amortization expenses 41593063.64 43702192.80
Equity incentive and performance incentive fund cost 11749981.53 13690850.13
Others 15694870.68 19542874.84
Total 198795000.32 194416893.38
40. Sales expense
Unit: RMB
Amount incurred during Amount incurred during
Item
this period prior period
Advertising sales promotion and special gift expenses 908549431.99 832213718.35
Employee remuneration 154873106.66 153497885.15
Office and business traveling expenses 50749338.88 54946905.08
Equity incentive and performance incentive fund cost 4164451.11 4283291.97
Others 33736445.41 25899828.99
Total 1152072774.05 1070841629.54
117Zhejiang Supor Co. Ltd. 2025 Semiannual Report
41. R&D expenses
Unit: RMB
Amount incurred during Amount incurred during
Item
this period prior period
Employee remuneration 128502215.54 115380914.95
Trial production experiment cost and consumption expenditure 29053349.94 29631031.59
New product design cost 15941651.00 20891202.96
Patent and external institutional fees 19732805.69 21218726.86
Equity incentive and performance incentive fund cost 4641736.60 4020047.53
Others 12497547.04 13362786.32
Total 210369305.81 204504710.21
42. Financial expenses
Unit: RMB
Amount incurred during Amount incurred during
Item
this period prior period
Interest expense of loans and accounts payable 2932632.38 2062528.25
Interest revenue of deposits and receivables -17556636.37 -53980532.58
Interest expense of lease obligations 5727120.97 5334886.69
Gains on net foreign exchange -6927569.96 -12870900.39
Handling fee and other financial expenses 1639214.52 1989034.73
Total -14185238.46 -57464983.30
43. Other incomes
(1) Classification of other income
Unit: RMB
Amount incurred during Amount incurred during Amount included into non-recurring
Source of other revenues
this period prior period profit or loss of the current year
Government subsidies concerning daily
42557214.2736756610.6611010976.01
activities
Refund of handling fee for withholding
1155102.741065897.131155102.74
individual income tax
VAT tax plus deduction 21931298.28 2347150.52
Total 65643615.29 40169658.31 12166078.75
(2) Government subsidies concerning daily activities
Subsidy item Amount incurred during this period Amount incurred during prior period Related to assets/income
Project subsidy 8111976.01 2428630.24 Related to benefits
Government reward 2899000.00 Related to benefits
Tax returns 31546238.26 34327980.42 Related to benefits
Total 42557214.27 36756610.66
118Zhejiang Supor Co. Ltd. 2025 Semiannual Report
44. Gains from changes in fair value
Unit: RMB
Amount incurred during Amount incurred during
Resource for gains from changes in fair value
this period prior period
Transactional financial assets 10338.59 164631.01
Total 10338.59 164631.01
45. Investment income
Unit: RMB
Amount incurred during Amount incurred during
Item
this period prior period
Income from long-term equity investments under the equity method -592131.91 -705587.15
Investment income from disposal of transactional financial assets 3452802.12 2696040.43
Investment income from the disposal of other debt investments 20189562.49 4108333.76
Investment income of debt investment during the holding period 6409746.04 10237780.82
Total 29459978.74 16336567.86
46. Credit impairment loss
Unit: RMB
Amount incurred during Amount incurred during
Item
this period prior period
Bad debt losses for accounts receivable -20576094.40 -16636225.12
Loss for bad debts of other receivables -195826.55 -526107.52
Financial guarantee contract 669695.00 667800.00
Total -20102225.95 -16494532.64
47. Asset impairment loss
Unit: RMB
Amount incurred during Amount incurred during
Item
this period prior period
I. Loss on inventory depreciation and impairment loss of contract
-313225.29-933627.88
performance cost
Total -313225.29 -933627.88
48. Assets disposal income
Unit: RMB
Amount incurred during Amount incurred during
Source of assets disposal income
this period prior period
Assets disposal income -618084.26 -1406833.43
Proceeds from the disposal of the right-of-use assets 195001.54 86175.43
119Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Total -423082.72 -1320658.00
49. Non-operating incomes
Unit: RMB
Amount included into non-
Amount incurred during this Amount incurred during
Item recurring profit or loss of the
period prior period
current period
Gain from the disposal of
7412.39139478.407412.39
non-current assets
Including: Gains from
7412.39139478.407412.39
disposal of fixed assets
Liquidated damages and
1278263.621679748.011278263.62
default fine revenue
Others 1007118.05 1871691.76 1007118.05
Total 2292794.06 3690918.17 2292794.06
50. Non-operating expenses
Unit: RMB
Amount included into non-
Amount incurred during this Amount incurred during
Item recurring profit or loss of the
period prior period
current period
Donation expenditures 1531865.55 1391041.79 1531865.55
Loss on disposal of non-
120099.67223820.63120099.67
current assets
Including: Losses from
120099.67223820.63120099.67
disposal of fixed assets
Others 766836.98 793963.53 766836.98
Total 2418802.20 2408825.95 2418802.20
51. Income tax expenses
(1) Details
Unit: RMB
Amount incurred during Amount incurred during
Item
this period prior period
Current period income tax expenses 289808981.98 249217844.53
Deferred income tax expenses -55802898.99 -18156820.01
Total 234006082.99 231061024.52
(2) Reconciliation of accounting profit to income tax expenses
Unit: RMB
Item Amount incurred during this period
Total profit 1171672419.93
120Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Income tax expenses based on statutory/applicable tax rate 292918104.98
Effect of different tax rate applicable to subsidiaries -65011625.60
Effect of prior income tax reconciliation 1591708.27
Effect of non-deductible costs expenses and losses 403276.09
Effect of deductible temporary differences or deductible losses of
4104619.25
unrecognized deferred income tax assets in the current period
Income tax expenses 234006082.99
52. Other comprehensive incomes
See Note. 34 for details.
53. Cash flow statement items
(1) Cash related to operating activities
Other cash receipts related to operating activities
Unit: RMB
Amount incurred during Amount incurred during
Item
this period prior period
Receipt of government subsidies 84850724.04 5841677.89
Receipt of deposit security and staff reserve fund loan 14292511.99 12159144.85
Interest revenues 14279366.02 31920212.62
Others 13634073.37 12573176.34
Total 127056675.42 62494211.70
Other cash payments related to operating activities
Unit: RMB
Amount incurred during Amount incurred during
Item
this period prior period
Cash payment for sales expense 1104953986.40 1109432018.32
Cash payment for administrative expenses 85735081.36 88904349.57
Cash payment for R&D expenses 109319343.41 102761552.11
Donations payment 1356002.82 814455.04
Other payments 489907.51 2969194.20
Total 1301854321.50 1304881569.24
(1) Cash related to investing activities
Other cash receipts related to investing activities
Unit: RMB
Amount incurred during Amount incurred during
Item
this period prior period
Recovery of financial products and principal of term deposit 3218684000.00 2200000000.00
Total 3218684000.00 2200000000.00
121Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Other cash payments related to investing activities
Unit: RMB
Amount incurred during Amount incurred during
Item
this period prior period
Investment of financial products and principal of term deposit 1836254791.48 260000000.00
Total 1836254791.48 260000000.00
(3) Cash related to financing activities
Other cash receipts related to financing activities
None
Other cash payments related to financing activities
Unit: RMB
Amount incurred during Amount incurred during
Item
this period prior period
Cash paid for repayment of lease obligation principal and interest 21958888.02 23393284.53
Total 21958888.02 23393284.53
Changes in liabilities arising from financing activities
? Applicable □ Not-applicable
Unit: RMB
Increase Decrease
Opening
Item Non-cash Non-cash Closing balance balance Cash changes Cash changes
changes changes
Short-term borrowings 527277488.88 597223.60 527874712.48
Other payables -
Capital inter-bank
16215032.991120955.7717335988.76
lending of related
parties
Other payables-
restricted stock 1231375.00 577875.00 653500.00
repurchase obligations
Other payables -
2238705174.732238705174.73
payable dividend
Lease obligation 230416401.82 18289181.63 21958888.02 226746695.43
Total 247862809.81 528398444.65 2257591579.96 2260664062.75 577875.00 772610896.67
54. Supplement information to the cash flow statement
(1) Supplement information to the cash flow statement
Unit: RMB
Amount in the current
Supplement information Amount of last period
period
1. Reconciliation of net profit to cash flow from operating activities:
Net profit 937666336.94 940168358.25
Plus: Impairment provision of assets 313225.29 933627.88
122Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Credit impairment loss 20102225.95 16494532.64
Depreciation of fixed assets oil and gas assets productive
67785660.2265149389.29
biological assets
Depreciation of right-of-use assets 23055381.82 24535799.45
Amortization of intangible assets 14173531.89 13703335.95
Amortization of long-term unamortized expenses
Loss on disposal of fixed assets intangible assets and other long-
423082.721320658.00
term assets ("-" for gains)
Fixed assets retirement loss ("-" for gains) 112687.28 84342.23
Losses from changes in fair value ("-" for revenue) -10338.59 -164631.01
Financial expenses ("-" for gains) -6927569.96 -12870900.39
Investment losses ("-" for gains) -29459978.74 -16336567.86
Decrease of deferred income tax assets ("-" for increase) -55583221.50 -17596250.05
Increase of deferred income tax liabilities ("-" for decrease)
Decrease in inventories ("-" for increase) 525748430.10 270990776.88
Decrease in operating receivables ("-" for increase) -168322601.77 -273026536.21
Increase in operating payables ("-" for increase) -821858769.29 -471574790.28
Others 5226625.51 6713320.04
Net cash flows from operating activities 512444707.87 548524464.81
2. Significant investing and financing activities not related to cash receipts
and payments:
Conversion of debt into capital
Convertible bonds to be matured within one year
Fixed assets under financing lease
3. Net changes in cash and cash equivalents:
Cash at the end of the period 1723857111.16 1668571692.93
Minus: Cash at the beginning of the period 1569118972.78 1405752936.36
Plus: Cash equivalents at the end of the period
Minus: Cash equivalents at the beginning of the period
Net increase in cash and cash equivalents 154738138.38 262818756.57
(2) Cash and cash equivalents
Unit: RMB
Item Closing balance Opening balance
I. Cash 1723857111.16 1569118972.78
Including: Cash on hand 82808.78 63867.50
Cash in bank on demand for payment 1689589371.79 1518959579.03
Other monetary capitals on demand for payment 34184930.59 50095526.25
II. Cash Equivalents
III. Balance of Cash and Cash Equivalents at the End of the Period 1723857111.16 1569118972.78
123Zhejiang Supor Co. Ltd. 2025 Semiannual Report
(3) Monetary capitals that do not belong to cash and cash equivalents
Unit: RMB
Amount in the current Reasons for not being classified as
Item Amount of last period
period cash and cash equivalents
Term deposit 93944657.53 52256164.38 Cannot be withdrawn at any time
Deposit security for advance Restricted use right
58000000.0058000000.00
payment financing
Bank acceptance bill security 151200000.00 214338000.00 Restricted use right
Security and frozen funds of e- Restricted use right
962573.09929102.94
commerce platforms
Total 304107230.62 325523267.32
55. Foreign currency monetary item
(1) Foreign currency monetary item
Unit: RMB
Closing balance in foreign
Item Conversion rate RMB equivalent
currencies
Monetary capital
Including: USD 62025010.25 7.1586 444012238.38
EUR 21785.47 8.4024 183050.23
GBP 0.70 9.8300 6.88
VND 75467204491.00 0.000274066 20682994.87
SGD 96107.46 5.6179 539922.10
IDR 3279351315.00 0.000443 1452752.63
Accounts receivable
Including: USD 36714170.59 7.1586 262822061.59
VND 20134265977.50 0.000274066 5518117.74
IDR 13229032412.04 0.000443 5860461.36
Accounts payable
Including: USD 2385698.79 7.1586 17078263.36
VND 48381343966.17 0.000274066 13259681.42
SGD 20878.00 5.6179 117290.52
IDR 4553875462.26 0.000443 2017366.83
(2) Description of overseas business entities including important overseas business entities shall disclose
their principal overseas place of business the recording currency and the basis for selection and shall
also disclose the reasons for changes in the recording currency.□ Applicable ? Not-applicable
124Zhejiang Supor Co. Ltd. 2025 Semiannual Report
56. Lease
(1) The Company acts as the leasee
? Applicable □ Not-applicable
Variable lease payments not recognized through the measurement of lease obligation
□ Applicable ? Not-applicable
Simplified handling of short-term leasing or leasing costs for low value assets
? Applicable □ Not-applicable
Item 2025 2024
Costs of short-term leases with simplified treatment
6939042.055515580.94
method selected
Lease-related total cash outflow 28897930.07 28908865.47
(2) The Company acts as the lessor
Operating lease as lessor
? Applicable □ Not-applicable
Unit: RMB
Including: Revenue related to variable
Item Lease revenue
lease payments not through lease receipts
Buildings and structures 457990.44
Total 457990.44
Financing lease as lessor
□ Applicable ? Not-applicable
Annual undiscounted lease receipts for the next five years
□ Applicable ? Not-applicable
(3) Recognition of the profit and loss of financing lease sales as a manufacturer or distributor
□ Applicable ? Not-applicable
VIII. R&D Expenditure
Unit: RMB
Item Amount incurred during this period Amount incurred during prior period
Employee remuneration 128502215.54 115380914.95
Trial production experiment cost and
29053349.9429631031.59
consumption expenditure
New product design cost 15941651.00 20891202.96
Patent and external institutional fees 19732805.69 21218726.86
Equity incentive and performance
4641736.604020047.53
incentive fund cost
Others 12497547.04 13362786.32
Total 210369305.81 204504710.21
125Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Including: Expensed R&D expenditure 210369305.81 204504710.21
IX. Change on merger scope
1. Others
During the current period the Company has not changed the merger scope.X. Equity in Other Entities
1. Equity in subsidiaries
(1) Structure of enterprise group
Unit: RMB
Main Shareholding ratio
Place of Business Acquisition
Subsidiary name Registered capital operating
registration nature
place Direct Indirect
method
Manufactu
Zhejiang Supor Electrical Appliances Manufacturing
133697100.00 Hangzhou Hangzhou ring 100.00% Establishment
Co. Ltd.industry
Manufactu
Zhejiang Shaoxing Supor Domestic Electrical
610000000.00 Shaoxing Shaoxing ring 100.00% Establishment
Appliances Co. Ltd.industry
Manufactu
Supor (Vietnam) Co. Ltd. 104934081.16 Vietnam Vietnam ring 100.00% Establishment
industry
Commerc
Wuhan Supor Recycling Co. Ltd. 1000000.00 Wuhan Wuhan 100.00% Establishment
e
Manufactu
Wuhan Supor Cookware Co. Ltd. [Note 1] 91160000.00 Wuhan Wuhan ring 25.00% 75.00% Establishment
industry
Commerc
Hangzhou Omegna Commercial Trade Co. Ltd. 10000000.00 Hangzhou Hangzhou 100.00% Establishment
e
Commerc
Shanghai Supor Cookware Marketing Co. Ltd. 5000000.00 Shanghai Shanghai 100.00% Establishment
e
Enterprise
Manufactu
merger under
Wuhan Supor Pressure Cooker Co. Ltd. 224039000.00 Wuhan Wuhan ring 100.00%
the same
industry
control
Enterprise
Manufactu
merger under
Zhejiang Supor Plastic & Rubber Co. Ltd. 8044670.77 Yuhuan Yuhuan ring 100.00%
the same
industry
control
Enterprise
Commerc merger not
Yuhuan Supor Cookware Marketing Co. Ltd. 8000000.00 Yuhuan Yuhuan 100.00%
e under the same
control
Enterprise
Commerc merger under
SEADA 23314945.98 Singapore Singapore 51.00%
e the same
control
AFS Vietnam Management Co. Ltd. [Note 2] 2453486.50 Vietnam Vietnam Commerc 100.00% Enterprise
126Zhejiang Supor Co. Ltd. 2025 Semiannual Report
e merger under
the same
control
Manufactu
Shanghai WMF Enterprise Development Co. Ltd. 50000000.00 Shanghai Shanghai ring 100.00% Establishment
industry
Manufactu
Zhejiang WMF Housewares Co. Ltd. 100000000.00 Yuhuan Yuhuan ring 100.00% Establishment
industry
Manufactu
Zhejiang Shaoxing Supor Housewares Co. Ltd. 50000000.00 Shaoxing Shaoxing ring 100.00% Establishment
industry
Manufactu
Zhejiang Supor Large Kitchen Appliance Co. Ltd. 100000000.00 Shaoxing Shaoxing ring 100.00% Establishment
industry
Commerc
PT GROUPE SEBINDONESIA MSD [Note 3] 32714774.74 Indonesia Indonesia 66.67% Establishment
e
Manufactu
Zhejiang Supor Water Heater Co. Ltd. [Note 4] 100000000.00 Shaoxing Shaoxing ring 52.00% Establishment
industry
Commerc
Hainan Supor E-commerce Co. Ltd. [Note 5] 8000000.00 Hainan Hainan 100.00% Establishment
e
Commerc
Hainan Tefal Trade Co. Ltd. [Note 5] 10000000.00 Hainan Hainan 100.00% Establishment
e
Explanation on shareholding ratio in subsidiary different from voting ratio:
Note 1: This Company is a subsidiary of Wuhan Supor Pressure Cooker Co. Ltd.; of which Wuhan Supor Pressure Cooker Co.Ltd. holds 75% shares and the Company holds 25% shares.Note 2: The Company holds 51% equity of SEADA and SEB INTERNATIONALE S.A.S holds 49% equity of the Company;
AFS is a subsidiary totally held by SEADA.Note 3: PT GROUPE SEB INDONESIA MSD was established jointly by SEADA a subsidiary of the Company and PT
MULTIFORTUNA in Indonesia. SEADA holds 66.67% shares and PT MULTIFORTUNA holds 33.33% shares.Note 4: Zhejiang Supor Water Heater Co. Ltd. is jointly invested and established by the Company and Supor Group Co. Ltd.The Company holds 52% of the shares and Supor Group Co. Ltd. holds 48% of the shares.Note 5: Hainan Supor E-commerce Company and Hainan Tefal Trade Company are wholly owned subsidiaries of Zhejiang Supor
Electrical.
2. Equity in joint venture or associated enterprises
(1) Financial information summary of unimportant joint ventures and associated enterprises
Unit: RMB
Opening
Closing balance/amount
balance/amount
incurred during this
incurred during prior
period
period
Associated enterprise:
Total investment book values 60143090.14 60739389.71
Total amounts of the following items calculated according to the
shareholding ratio
- Net profit -596299.57 -720742.08
127Zhejiang Supor Co. Ltd. 2025 Semiannual Report
- Total Comprehensive Incomes -596299.57 -720742.08
XI. Government subsidies
1. Government subsidies recognized as per receivable at the end of reporting period
□ Applicable ? Not-applicable
Reasons for not receiving the expected amount of government subsidies at the expected time point
□ Applicable ? Not-applicable
2. Liabilities projects involving government subsidies
□ Applicable ? Not-applicable
3. Government subsidies included into the current profits and losses
? Applicable □ Not-applicable
Unit: RMB
Accounting item Amount incurred during this period Amount incurred during prior period
Other incomes 42557214.27 36756610.66
VII. Risks related to financial instruments
1. All kinds of risks generated by financial instruments
(I) Risk management objectives and policies
Supor aims to seek the appropriate balance between the risks and benefits from its use of financial instruments and to
minimize the adverse effects of risks on Supor's financial performance. Based on such objectives Supor's risk management
policies are established to identify and analyze the risks faced by Supor to set appropriate risk limits and controls and to monitor
risks and adherence to limits.
1. Market risk
(1) Foreign exchange risk
Foreign exchange risk is the risk that the Company may encounter fluctuation in fair value of financial instruments or future
cash flows due to changes in exchange rate. Supor's foreign currency risk relates mainly to foreign currency monetary assets and
liabilities of Supor. When short-term imbalance occurred to foreign currency assets and liabilities Supor may conduct foreign
exchange hedge or trade foreign currency at market exchange rate when necessary in order to maintain the net risk exposure
within an acceptable level.Please refer to Note VII. 55 Foreign currency monetary items for details in foreign currency financial assets and liabilities at
the end of the year of Supor.Sensitivity analysis:
Assuming that other risk variables other than the exchange rate remain unchanged the increase in shareholders' equities and
net profits due to the 1% appreciation of RMB due to the change in exchange rate of RMB against all foreign currencies as at June
30 of Supor will be as follows. This influence is translated into RMB at the spot rate on the balance sheet date.
Shareholders' equities Net profit
128Zhejiang Supor Co. Ltd. 2025 Semiannual Report
June 30 2025 ? ?
USD 5326584.16 5326584.16
EUR 1430.03 1430.03
GBP 0.06 0.06
VND 103531.45 103531.45
SGD 3507.84 3507.84
IDR 41307.61 41307.61
Total 5476361.15 5476361.15
December 31 2024 ? ?
USD 5122258.99 5122258.99
EUR 1186.38 1186.38
GBP 0.05 0.05
VND -185093.19 -185093.19
SGD 2616.76 2616.76
IDR 83065.88 83065.88
Total 5024034.87 5024034.87
(2) Interest risk - risk for cash flow changes
Interest risk is the risk that the Company may encounter fluctuation in fair value of financial instruments or future cash flows
due to market rate. As of June 30 2025 Supor's bank borrowings are at a fixed rate Supor's gross profits and shareholders'
equities will not be significantly affected by interest risk.
2. 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.The monetary capital of Supor other than cash is mainly deposited in creditworthy financial institutions and the entrusted
financial products are issued by creditworthy financial institutions. The management considers that there is not any significant
credit risk and it is not expected to create losses to Supor as a result of default by the counterparty.The exposure of the maximum credit risk assumed by Supor is the book value of each financial asset in the balance sheet
(including derivative financial instruments). Except for the financial guarantee provided by Supor in Note XIV Supor has not
provided any other guarantee that may expose Supor to credit risk. The exposure of the maximum credit risk assumed by the above
financial guarantees on the balance sheet date has been disclosed in Note XIV.Supor's credit risk is primarily attributable to receivables. In order to control such risks Supor has taken the following
measures:
(1) Receivables financing and notes receivable
Receivables financing and notes receivable of Supor is mainly bank acceptance bill receivable. Supor conducts ongoing
monitoring on receivables to avoid significant risks in bad debts.
(2) Accounts receivable
Supor only conducts business with credible and well-reputed third parties. According to Supor's policies credit evaluations
are performed on all customers to determine the credit limit and terms applicable to the customers. In addition Supor conducts
ongoing monitoring on accounts receivable to avoid significant risks in bad debts.(i) Continue to strengthen risk awareness strengthen risk management of accounts receivable and strengthen internal control of
customer credit policy management. Customer credit policy adjustments are required to pass the necessary approval procedures.
129Zhejiang Supor Co. Ltd. 2025 Semiannual Report
(ii) Keep detailed business records and accounting work. And use the records as important reference for future credit rating. Keep
real time updating on customers' information and learn their latest credit situation in order to make suitable credit policies.Supor's accounts receivable from related party SEB S.A. and its affiliates accounted for 64.17% of closing balance
(December 31 2024: 63.60%) and the Company's account receivables were expected to have less credit risk. As the Company's
credit risks fall into several business partners and customers as of June 30 2025 20.32% (December 31 2024: 22.33%) of the
total accounts receivable was due from the five largest customers of the Company after deducting receivables from related party
SEB S.A. and its affiliates. The Company has no significant central credit risk.
(3) Other receivables
Other receivables of Supor are mainly export rebate receivable and deposit as security receivable etc. Supor performed
collective management and ongoing monitoring on such receivables and related business to avoid significant risks in bad debts.
3. Liquidity risk
Liquidity risk is the risk that Supor may encounter deficiency of funds in meeting obligations associated with cash or other
financial assets settlement. Liquidity risk is possibly attributable to failure in selling financial assets at fair value on a timely basis
or failure in collecting liabilities from counterparts of contracts or early redemption of debts or failure in achieving estimated
cash flows.In order to control such risk Supor optimizes the structure of assets and liabilities and finally maintains a balance between
financing sustainability and flexibility.Financial instruments classified based on remaining time period till maturity
Unit: RMB
Closing balance
Item
Book value Within 1 year 1-3 years Over 3 years Total
Financial assets
Monetary capital 2027964341.78 2027964341.78 2027964341.78
Transactional financial assets 100010338.59 100010338.59 100010338.59
Notes receivable 4637478.94 4637478.94 4637478.94
Accounts receivable 3263294382.44 3263294382.44 3263294382.44
Receivables financing 122957338.74 122957338.74 122957338.74
Other receivables 21031976.33 21031976.33 21031976.33
Other debt investment 1173348104.12 1092509000.00 129960000.00 1222469000.00
Subtotal 6713243960.94 6632404856.82 129960000.00 6762364856.82
Financial liabilities
Short-term borrowings 527874712.48 530000000.00 530000000.00
Notes payable 1208510157.52 1208510157.52 1208510157.52
Accounts payable 3268444563.78 3268444563.78 3268444563.78
Other payables 137518777.54 137518777.54 137518777.54
Other current liabilities 4069734.87 4069734.87 4069734.87
Lease obligation 226746695.43 52901570.88 103900766.97 110754935.45 267557273.30
Subtotal 5373164641.62 5201444804.59 103900766.97 110754935.45 5416100507.01
(Continued)
Item Beginning balance
130Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Book value Within 1 year 1-3 years Over 3 years Total
Financial assets
Monetary capital 2480007318.69 2480007318.69 2480007318.69
Transactional financial assets 281234235.25 281234235.25 281234235.25
Notes receivable 4036734.84 4036734.84 4036734.84
Accounts receivable 2690049028.80 2690049028.80 2690049028.80
Receivables financing 368776534.93 368776534.93 368776534.93
Other receivables 94546924.00 94546924.00 94546924.00
Other debt investment 1837656630.12 1623810000.00 292264000.00 1916074000.00
Subtotal 7756307406.63 7542460776.51 292264000.00 7834724776.51
Financial liabilities
Notes payable 1282200000.00 1282200000.00 1282200000.00
Accounts payable 3161736072.40 3161736072.40 3161736072.40
Other payables 135584472.49 135584472.49 135584472.49
Other current liabilities 3608696.65 3608696.65 3608696.65
Lease obligation 230416401.82 52594680.89 104682376.18 121066821.14 278343878.21
Subtotal 4813545643.36 4635723922.43 104682376.18 121066821.14 4861473119.75
Note: Other current assets are term deposits for the purpose of obtaining benefits.(II) Transfer of financial assets
Transferred but not wholly derecognized financial assets
For details please refer to Note VII. "3. Notes receivable" and "27. Other current liabilities".XIII. Disclosure of Fair Value
1. Details of fair value of assets and liabilities at fair value at the balance sheet date
Unit: RMB
Fair value as of the balance sheet date
Item
Level 1 Level 2 Level 3 Total
I. Recurring Fair Value
--------
Measurement
(I) Transactional financial
100010338.59100010338.59
assets
(II) Other debt investments 1173348104.12 1173348104.12
(III) Receivables financing
(1) Notes receivable 122957338.74 122957338.74
II. Non-continued
--------
Measurement of Fair Value
131Zhejiang Supor Co. Ltd. 2025 Semiannual Report
2. Basis for determining the market value of continuous and non-continuous Level 1 fair value
measurement items
None
3. Qualitative and quantitative information of continuous and non-continuous Level 2 fair value
measurement items valuation techniques adopted and important parameters
The fair value of the financial products other debt investment and receivables financing are in the financial assets measured at the
fair value with their changes included into the current profits and losses and its fair value is determined by valuation technique.The valuation technique should make the best use of available observable market data and rely as little as possible on the specific
estimates of the entity.
4. Qualitative and quantitative information of continuous and non-continuous Level 3 fair value
measurement items valuation techniques adopted and important parameters
None
5. For continuous Level 3 fair value measurement items adjustments between the beginning and ending
book values as well as sensitivity analysis of unobservable parameters
As at June 30 there was not a significant difference between the book value and fair value of Supor's various financial assets and
financial liabilities.XIV. Related Parties and Related Transactions
1. Parent company
Holding
Voting right
Place of Business proportion over
Parent company name Registered capital proportion over
registration nature the Company
the Company (%)
(%)
Investment
SEB INTERNATIONALE S.A.S France EUR 830 million 83.19% 83.19%
company
Explanation on the parent company of Supor
Business scope of the parent company: equity participation in all kinds of French and overseas enterprises (regardless
operation purpose) namely purchase and subscription of shares bonds company shares and interest various securities and
marketable securities and transfer of such securities or notes all financial operations related to equity participation purchase
manufacturing and selling of home appliances for the purpose of distribution and rendering of relevant services all activiti es
directly or indirectly contributing to the realization of these operations particularly in the areas of movable properties real
estate finance commerce and industry operation.Supor's final controlling party is SEB S.A.
2. Company's subsidiaries
Please refer Note X. "1. Equity in subsidiaries" for details on the Company's subsidiaries.
132Zhejiang Supor Co. Ltd. 2025 Semiannual Report
3. Joint ventures and associated enterprises of the Company
Please refer to Note X. "2. Equity in joint ventures or associated enterprises" for details on the Company's significant joint
ventures and associates.Details of other joint ventures or associated enterprises carrying out related party transactions with the Company in current period
or in preceding period but with balance in current period are as follows:
Name of joint venture or associated enterprise Relationships with the Company
Wuhan Anzai Cookware Co. Ltd. Associated enterprise
4. Other related parties of the Company
Related party Relationship between other related parties and the Company
SEB S.A. Final controlling shareholder
SEB ASIA LTD. Same controlling shareholder
TEFAL S.A.S. Same controlling shareholder with the controlling shareholder
S.A.S. SEB Same controlling shareholder with the controlling shareholder
SEB INTERNATIONAL SERVICE S.A.S. Same controlling shareholder with the controlling shareholder
LAGOSTINA S.P.A. Same controlling shareholder
GROUPE SEB MOULINEX Same controlling shareholder with the controlling shareholder
GROUPE SEB EXPORT Same controlling shareholder with the controlling shareholder
SEB DEVELOPMENT SAS Same controlling shareholder with the controlling shareholder
IMUSA USA LLC Same controlling shareholder
Supor Group Co. Ltd. Company controlled by related natural person
ETHERA Same controlling shareholder with the controlling shareholder
SEB Professional (Shanghai) Co. Ltd. Same controlling shareholder
WMF GROUPE GMBH Same controlling shareholder
WMF BUSINESS UNIT CONSUMER GMBH Same controlling shareholder
GROUPE SEB VIETNAM JOINT STOCK COMPANY Same controlling shareholder
WMF (Heshan) Manufacturing Company Limited Same controlling shareholder
EMSA GMBH Same controlling shareholder
GROUPE SEB CANADA Same controlling shareholder
GROUPE SEB ANDEAN S.A. Same controlling shareholder
GROUPE SEB KOREA LTD. Same controlling shareholder
Groupe SEB Innovation Center (Zhejiang) Co. Ltd. Same controlling shareholder
Saichuang Commercial Electric Appliance (Shaoxing) Co. Ltd Same controlling shareholder
Zhejiang Sukean Pharmaceutical Co. Ltd. Company controlled by related natural person
GROUPE SEB (SHENZHEN) CO. LTD Same controlling shareholder
133Zhejiang Supor Co. Ltd. 2025 Semiannual Report
5. Related transactions
(1) Related transactions in the purchase and sale of commodities and provision and acceptance of labor
services
Purchase of commodities and receiving of services
Unit: RMB
Contents of Transaction Exceeding
Amount incurred Amount incurred
Related parties related quota transaction
during this period during prior period
transaction granted limit or not
Finished
Wuhan Anzai Cookware Co. Ltd. 94802633.66 No 69910686.62
products
Wuhan Anzai Cookware Co. Ltd. Accessories 10439063.01 No 17158185.35
Finished
GROUPE SEB EXPORT 128450.67 No 223104.57
products
GROUPE SEB EXPORT Accessories No 147620.00
TEFAL S.A.S. Accessories 9763627.76 No 13989885.04
Finished
LAGOSTINA S.P.A. 1162471.35 No 2409631.88
products
SEB INTERNATIONAL SERVICE S.A.S. Accessories 18126.30 No 55119.64
Finished
SEB INTERNATIONAL SERVICE S.A.S. 37147.64 No 165447.15
products
Finished
SEB ASIA LTD. 520183.95 No 333726.61
products
GROUPE SEB MOULINEX Accessories 673818.09 No 540589.10
Finished
WMF (Heshan) Manufacturing Company Limited No 6888.85
products
ETHERA Accessories No 23654.59
Finished
WMF GROUPE GMBH 1998708.72 No 30625736.93
products
Finished
WMF BUSINESS UNIT CONSUMER GMBH 37352397.77 No
products
Finished
SEB Professional (Shanghai) Co. Ltd. No 97168.57
products
Finished
GROUPE SEB KOREA LTD. No 24966.30
products
Finished
GROUPE SEB VIETNAM JOINT STOCK COMPANY No 160609.57
products
Finished
EMSA GMBH 299346.98 No
products
Sale of commodities and rendering of services
Unit: RMB
Contents of
Amount incurred Amount incurred
Related parties related
during this period during prior period
transaction
Finished
SEB ASIA LTD. 3405441070.07 3198642188.81
products
SEB ASIA LTD. Accessories 4208934.55 16782336.05
Finished
S.A.S. SEB 427338.79 3465969.35
products
134Zhejiang Supor Co. Ltd. 2025 Semiannual Report
S.A.S. SEB Accessories 916867.14 341696.74
Finished
TEFAL S.A.S. 3585741.62 1762548.02
products
TEFAL S.A.S. Accessories 12854435.15 10787351.42
Finished
GROUPE SEB MOULINEX 5643595.78 12384297.80
products
Finished
Supor Group Co. Ltd. 1676296.95 2022282.93
products
SEB INTERNATIONAL SERVICE S.A.S. Accessories 15605361.45 12088995.01
LAGOSTINA S.P.A. Accessories 1083209.45 426029.92
Finished
IMUSA USA LLC 3625408.16
products
IMUSA USA LLC Accessories 21677.18 10395.37
Finished
SEB Professional (Shanghai) Co. Ltd. 117227.43 124158.64
products
Finished
GROUPE SEB (SHENZHEN) CO. LTD 303147.42
products
GROUPE SEB CANADA 2709557.03 3775240.83
Finished
GROUPE SEB VIETNAM JOINT STOCK COMPANY 2516209.62 7420342.51
products
GROUPE SEB VIETNAM JOINT STOCK COMPANY Accessories 1244961.31 18348.68
GROUPE SEB ANDEAN S.A. Accessories 3654090.60 4324196.02
Finished
Zhejiang Sukean Pharmaceutical Co. Ltd. 242299.12
products
(2) Related party leases
The Company acts as the lessee:
Unit: RMB
Rent costs of short- Variable lease
term leases and low- payments not included Interest expense of
Increased right-of-use
value asset leases with in the measurement of Rentals lease obligation
asset
simplified treatment lease obligation (if undertaken
Types of
(if applicable) applicable)
Leaser leased
Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount
assets
incurred incurred incurred incurred incurred incurred incurred incurred incurred incurred
during during during during during during during during during during
this prior this prior this prior this prior this prior
period period period period period period period period period period
Supor
Real 673196 691069 124047 116376 32049.5 118579
Group
estate 3.13 1.78 5.01 1.31 0 27.25
Co. Ltd.
(3) Capital inter-bank lending of related parties
Unit: RMB
Related parties Borrowed/lent amount Start date Expiry date Notes
Borrowing
SEB S.A. 1120955.77 January 1 2025 Non-fixed term Loans
135Zhejiang Supor Co. Ltd. 2025 Semiannual Report
(4) Key management's emoluments
Unit: RMB
Amount incurred during Amount incurred during
Item
this period prior period
Key management's remuneration 1396.50 899.65
Share-based payment cost and performance incentive funds for key
167.31450.32
management
(5) Other related transactions
* Property management maintenance and berth fees
Amount incurred in current Amount incurred during
Service provider Purchasing parties
year prior period
Supor Group Co. Ltd. The Company 115503.52
* Consulting fee
Amount incurred in current Amount incurred during
Service provider Purchasing parties
year prior period
The Company 605916.00 605916.00
Wuhan Supor Cookware 306510.00 306510.00
SEB ASIA LTD.Shaoxing Supor 429996.00 429996.00
Zhejiang Supor Electrical 277578.00 277578.00
* Research and development (R&D) and human resources services
Amount incurred during this Amount incurred during
Service provider Purchasing parties
period prior period
Zhejiang Supor
Groupe SEB Innovation Center (Zhejiang) Co. Ltd. 264719.02
Electrical
AFS GROUPE SEB VIETNAM JOINT STOCK COMPANY 1209244.53 1347118.88
* Interest expenses
Amount incurred during this Amount incurred during prior
Selling parties Purchasing parties
period period
SEB S.A. SEADA 210121.26 319528.26
* Pursuant to the Technical License Contract entered into between Wuhan Supor Cookware Co. Ltd. and S.A.S SEB on December
29 2013 S.A.S SEB licensed Wuhan Supor Cookware Co. Ltd. compensated use of its patent of Household Appliance for Food
Cooking under Pressure with Elastomer Safety Valve and other four utility patents. According to related terms in the contract signed
by both parties use charges are accrued at 3% of revenue from sales of products licensed. In the current period Wuhan Supor
Cookware Co. Ltd. should pay S.A.S SEB technology use charges of RMB 1025669.42 (2024: RMB 1862564.78) and as of June
30 2025 a balance of RMB 215117.17 has not been paid (December 31 2024: RMB 268451.45).
* Pursuant to the Trademark License entered into between Wuhan Supor Cookware Co. Ltd. and LAGOSTINA SPA. on December
15 2014 LAGOSTINA SPA licensed Wuhan Supor Cookware Co. Ltd. for compensated use of its trademark "LAGOSTINA".
According to related terms in the contract signed by both parties use charges are accrued at 4% of revenue from sales of products
licensed. This year Wuhan Supor Cookware should pay LAGOSTINA SPA. a trademark royalty of RMB 789.80 (RMB 0 in 2024)
which has been fully paid by June 30 2025 (RMB 0 as of December 31 2024).* Pursuant to the Trademark License Agreement entered into between Omegna and LAGOSTINA SPA. on December 5 2016
LAGOSTINA SPA licensed Omegna for compensated use of its trademark "LAGOSTINA". According to related terms in the
contract signed by both parties use charges are accrued at 4% of revenue from sales of products licensed. In the current period
136Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Omegna should pay LAGOSTINA SPA. trademark use charges of RMB 61725.31 (2024: RMB 70094.55) and as of June 30 2025
a balance of RMB 61725.31 has not been paid (December 31 2024: RMB 76619.65).* Shaoxing Supor purchased and used particles product of air purifier and relevant technology in accordance with Agreement on
Purchase and Using for Particles of Air Purifier signed by Shaoxing Supor on April 25 2016 with ETHERA. According to relevant
terms in the contract signed by both parties Shaoxing Supor should pay technology transfer fee RMB 0 (2024: RMB 0) to ETHERA
in current period which was calculated as per corresponding unit price of actual total sales. This fee has been fully paid by June 30
2025 (fully paid as of December 31 2024).
6. Receivables and payables by related parties
(1) Items receivable
Unit: RMB
Closing balance Opening balance
Items Related parties Provision for Provision for
Book balance Book balance
bad debts bad debts
Accounts
SEB ASIA LTD. 2127824913.84 53195622.85 1736534035.86 43413350.89
receivable
S.A.S. SEB 255687.95 6392.20
TEFAL S.A.S. 12608201.12 315205.03 6131159.29 153278.98
SEB INTERNATIONAL
10474786.77261869.678180857.92204521.45
SERVICE S.A.S.GROUPE SEB MOULINEX 2235212.19 55880.30 2351347.91 60581.78
IMUSA USA LLC 21677.18 541.93 9219.55 230.49
Supor Group Co. Ltd. 760601.45 38030.07
SEB Professional (Shanghai) Co.
35660.42891.5112297.24307.43
Ltd.GROUPE SEB CANADA 1284050.04 32101.25 3903240.19 97581.00
GROUPE SEB VIETNAM JOINT
6506161.94162654.057116121.79177903.04
STOCK COMPANY
GROUPE SEB ANDEAN S.A. 2069629.86 51740.75 1219607.81 30490.20
LAGOSTINA S.P.A. 755721.40 18893.04 152431.85 3810.80
Groupe SEB Innovation Center
339481.798487.042398872.3959971.81
(Zhejiang) Co. Ltd.Saichuang Commercial Electric
136841.003421.03
Appliance (Shaoxing) Co. Ltd.GROUPE SEB (SHENZHEN) CO.
342556.588563.91
LTD
Total 2165514342.53 54156873.60 1768146032.80 44205448.90
Advance
EMSA GMBH 197.55 197.55
payment:
LAGOSTINA S.P.A. 2303.78
Total 2501.33 197.55
Other
Supor Group Co. Ltd. 70000.00 3500.00 145000.00 130000.00
receivables:
Total 70000.00 3500.00 145000.00 130000.00
137Zhejiang Supor Co. Ltd. 2025 Semiannual Report
(2) Payables
Unit: RMB
Items Related parties Ending book balance Beginning book balance
Accounts
Wuhan Anzai Cookware Co. Ltd. 10877595.13 15639559.75
payable
WMF GROUPE GMBH 320348.72 15323780.96
GROUPE SEB EXPORT 7381.00 7381.00
WMF BUSINESS UNIT CONSUMER GMBH 20594432.30
TEFAL S.A.S. 4353663.24 4373217.14
S.A.S. SEB 217760.35 271094.63
LAGOSTINA S.P.A. 783517.63 1104411.95
GROUPE SEB MOULINEX 382569.90 798500.07
SEB INTERNATIONAL SERVICE S.A.S. 46870.44 58127.43
WMF (Heshan) Manufacturing Company Limited 66848.61
SEB ASIA LTD. 543840.09 471883.29
SEB DEVELOPPMENT SAS 1358245.45
GROUPE SEB VIETNAM JOINT STOCK COMPANY 13161.21
EMSA GMBH 146469.31
Total 38354457.93 39406201.67
Contract
Supor Group Co. Ltd. 116409.73 401246.04
liabilities:
S.A.S.SEB 1423550.16
GROUPE SEB ANDEAN S.A. 12320.02
Zhejiang Sukean Pharmaceutical Co. Ltd. 116409.73
Total 245139.48 1824796.20
Other
Wuhan Anzai Cookware Co. Ltd. 50000.00
payables
SEB S.A. 17335988.76 16215032.99
Total 17335988.76 16265032.99
Lease
Supor Group Co. Ltd. 46610450.08 51993313.22
obligation:
Total 46610450.08 51993313.22
XV. Share-based payment
1. Overall information
? Applicable □ Not-applicable
Unit: RMB
Granted in the Vested in the current Invalid in the current
Granted Released in the current period current period period period
object
category Share Share Share Amount Amount Share number Amount Amount
number number number
138Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Management 389375.00 21096736.65
Sales
108500.005983216.58
personnel
R&D
80000.004411588.26
personnel
Total 577875.00 31491541.49
Stock options or other equity instruments issued to the public at the end of the period
? Applicable □ Not-applicable
Restricted stock incentive plans in 2021 and 2022:
Stock options issued to the public at the end of the Other equity instruments issued to the
period public at the end of the period
Granted object category The range of The remaining
The range of exercise The remaining period
exercise price of period of the
price of stock options of the contract
stock options contract
Management sales personnel and R&D
RMB1/share 0.58 - 1.36 years
personnel
2023 and 2024 Stock Option Incentive Plans:
Stock options issued to the public at the end of the Other equity instruments issued to the
period public at the end of the period
Granted object category The range of The remaining
The range of exercise The remaining period
exercise price of period of the
price of stock options of the contract
stock options contract
Management sales personnel and R&D
RMB 36.49-37.89/share 2.36-3.29 years
personnel
2. Equity-settled share-based payment
Unit: RMB
Restricted stock incentive plans in 2021 and 2022 Related Information
Determination method for fair value of equity instruments on
According to the market price on the grant date.grant date
Based on the corresponding equity instruments of incentive targets
Determination method for the optimal estimate of the number
the performance of the Company and the forecast of future
of equity instruments expected to vest
performance of the Company
The significant difference of estimation between this period
None
and last period
Capital reserve accumulated due to equity-settled share-based
101964704.87
payment
Total expenses incurred due to equity-settled share-based
payment transactions
2023 and 2024 Stock Option Incentive Plans Related Information
Determination method for fair value of equity instruments on
Fair value in accordance with the Black-Scholes model
grant date
Important parameters for fair value of equity instruments on
Estimated dividends historical volatility and risk-free interest rate
grant date
Based on the corresponding equity instruments of incentive targets
Determination method for the optimal estimate of the number
the performance of the Company and the forecast of future
of equity instruments expected to vest
performance of the Company
The significant difference between this year's estimate and last
None
year
139Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Capital reserve accumulated due to equity-settled share-based
21494251.03
payment
Total expenses incurred due to equity-settled share-based
5446303.00
payment transactions in this year
According to the resolution passed at the 13th Session of the Eighth Board of Directors held by our company on January 20
2025 regarding the achievement of the Proposal on Unlocking of Restricted Stock within the Second Unlock Period of 2021
Restricted Stock Incentive Plan the second lifting of the restriction period and the lifting of the restriction conditions set for the
2021 restricted stock incentive plan have been achieved. The total number of Restricted Stock lifted this time is 548250 with a
fair value of RMB 30233165.80. According to the resolution passed at the 13th Session of the Eighth Board of Directors held by
our company on January 10 2025 regarding the achievement of the Unlocking of Postponed Portion of Restricted Stock within the
First Unlock Period of 2022 Restricted Stock Incentive Plan the first lifting of the restriction period and the lifting of the
restriction conditions set for the postponed portion of 2022 Restricted Stock Incentive Plan have been achieved. The total number
of Restricted Stock lifted this time is 29625 with a fair value of RMB 1258375.69.The impact of 2021 Equity Incentive Plan on the capital reserve is RMB 61744201.01 at the beginning of the year with an
accrual of RMB 0 in the current year amounting to an accrued amount of RMB 61744201.01.The impact of 2022 Equity Incentive Plan on the capital reserve is RMB 40220503.86 at the beginning of the year with an
accrual of RMB 0 in the current year amounting to an accrued amount of RMB 40220503.86.The impact of 2023 Equity Incentive Plan on the capital reserve is RMB 10026250.99 at the beginning of the year with an
accrual of RMB 486996.00 in the current year amounting to an accrued amount of RMB 10513246.99.The impact of 2024 Equity Incentive Plan on the capital reserve is RMB 6021697.04 at the beginning of the year with an
accrual of RMB 4959307.00 in the current year amounting to an accrued amount of RMB 10981004.04.
3. Current share-based payment expenses
? Applicable □ Not-applicable
Unit: RMB
Equity-settled share-based payment Cash-settled share-based payment
Granted object category
amount amount
Management 3558680.87
Sales personnel 834456.79
R&D personnel 1053165.34
Total 5446303.00
XVI. Commitments and Contingencies
1. Important commitments
Significant commitments existing at the balance sheet date
In 2020 export customers filed legal proceedings against Shaoxing Supor a subsidiary on the grounds of user disputes.Based on the principle of conservatism Supor still retains an estimated liability of RMB 1544300 (December 31 2024: RMB
1544300) as at June 30 2025. In 2021 export customers filed claims for product quality problems against Shaoxing Supor a
subsidiary on the grounds of user disputes based on the principle of conservatism Supor still retained an estimated liability of
RMB 1538700 (December 31 2024: RMB 1538700) on June 30 2025.Contingent liabilities formed by financial guarantee and their financial impact
140Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Supor signs tripartite acceptance agreements with distributors and banks and Supor provides financing guarantee for the
banks to issue bank acceptance bills to the distributors. In the event that Supor endorses and assigns an acceptance bill obtained by
Supor and if the distributor fails to repay the difference between the security and the amount of the acceptance bill after the
maturity of the acceptance bill Supor will bear part of the loss of the difference that the bank has not recovered from the
distributor. As at June 30 2025 the risk exposure undertaken by Supor was RMB 231.5774 million (December 31 2024 RMB
365.5164 million) and the estimated liabilities accrued by the Company under the financial guarantee contracts for the risk
exposure amounted to RMB 1.1579 million (RMB 1.8276 million as of December 31 2024).Supor offers a product quality guarantee to consumers who purchase its products providing free repairs for any malfunctions
or quality issues that occur during the warranty period after the product is sold. Based on its recent product quality assurance
experience Supor estimates and accrues for the estimated liabilities when providing product quality guarantees to consumers at the
time of sale. As of June 30 2025 Supor had accrued RMB 48683900 for product quality guarantee (December 31 2024: RMB
47938200).
2. Contingencies
(1) A statement shall be given even if the Company has no significant contingencies to disclose.
The Company has no significant contingencies to disclose.XVII. Events after the Balance Sheet Date
1. Profit distribution situation
None.XVIII. Other Important Matters
1. Segment information
(1) Determination basis and accounting policy of report segment
Supor establishes operating segment according to internal organizational structure management requirement and
internal report system; determines report segment and discloses segment information based on Operating Segment.Operating Segment refers to Supor's organization meeting following conditions: (1) The organization can yield income and cost
in daily activity; (2) Supor's management can appraise operating result of the organization regularly so as to allocate resources on a targeted basis and
evaluate its performance; (3) Supor can obtain financial condition operating result cash flow and other relevant accounting information of
the organization. Two or more operating segments which have similar economic characteristics and meet a certain condition can
be combined into an operating segment.The preparation of branch reports is conducted with the revenue of trans-branch transaction measured at the actual
transaction price. The accounting policy for branch report preparation is consistent with that used in Supor's financial
statement.Supor with main product focused on cookware and SDA (small domestic appliances) in kitchen establishes report segment
based on product and geographic segments and assets and liabilities shared by product segments are unable to be clearly
distinguished.
141Zhejiang Supor Co. Ltd. 2025 Semiannual Report
(2) Financial information of reportable segments
Unit: RMB
Inter-segment
Item Cookware Electrical products Others Total
offsetting
Revenue from
3227440416.868212374926.34105714854.39195838216.2011349691981.39
main business
Cost of main
2429303330.846335000986.2490902098.04195766654.668659439760.46
business
(3) Other explanations
* Geographic segment
Information on Supor's income from external transactions and non-current assets (excluding financial assets and deferred
income tax assets the same below) by region is shown in the following table. Income from external transactions is divided
according to the location of customers who receive services or purchase products. Non-current assets are classified as per the
physical location of the assets (for fixed assets and construction in progress) or the location where they are allocated to related
business (for intangible assets) or the location of joint ventures and associated enterprises.Item Domestic Foreign Inter-segment offsetting Total
Revenue from main
7682002651.603681300801.7713611471.9811349691981.39
business
Cost of main business 5432119739.83 3241294872.22 13974851.59 8659439760.46
Non-current assets 1982079254.96 87725289.60 117033788.09 1952770756.47
* Major customers
Among Supor's customers one customer (2024: 1) whose revenue from a single customer accounted for 10% or more of
Supor's total revenue was related party SEB S.A. and its affiliates accounting for approximately 30.15% (same period in 2024:
29.89%) of Supor's total revenue.
XIX. Notes to Items of Parent Company Financial Statements
1. Accounts receivable
(1) Disclosure by aging
Unit: RMB
Ages Ending book balance Beginning book balance
Within 1 year (including 1 year) 718401906.10 696852004.62
Total 718401906.10 696852004.62
(2) Classified disclosure by the bad debt provision method
Unit: RMB
Closing balance Opening balance
Categories
Book balance Provision for bad debts Book value Book balance Provision for bad debts Book value
142Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Provision Provision
Amount Proportion Amount Amount Proportion Amount
proportion proportion
Accounts
receivable
for
provision 718401906 15166870. 703235036 696852004 14317326. 682534678
100.00%2.11%100.00%2.05%
for bad .10 09 .01 .62 20 .42
debts made
on the basis
of portfolio
Including:
Portfolio 1:
60648586515060978.59142488756696564714199145.552766502
age 84.42% 2.48% 81.36% 2.50%.6834.34.7144.27
portfolio
Portfolio 2:
105891750105785858118180757118062576
low-risk 14.74% 105891.75 0.10% 16.96% 118180.76 0.10%.04.29.32.56
portfolio
Portfolio 3:
merged
6024290.36024290.311705599.11705599.
related 0.84% 0.00% 1.68% 0.00%
885959
parties
portfolio
71840190615166870.70323503669685200414317326.682534678
Total 100.00% 2.11% 100.00% 2.05%.1009.01.6220.42
The number of categories for provision for bad debts by portfolio: Portfolio 1
Provision for bad debts made on the basis of portfolio: RMB 15060978.34
Unit: RMB
Closing balance
Name
Book balance Provision for bad debts Provision proportion
Within 1 year 606485865.68 15060978.34 2.48%
Total 606485865.68 15060978.34 --
If provision for bad debts for accounts receivable is made based on the general model of expected credit losses:
□ Applicable ? Not-applicable
(3) Provisions made collected or reversed in current period
Provision for bad debts made in current period:
Unit: RMB
Amount of changes in current period
Categories Opening balance Collected or Written Closing balance
Accrued Others
reversed off
Provision for bad debts
14317326.20849543.8915166870.09
for accounts receivable
Total 14317326.20 849543.89 15166870.09
(4) Accounts receivable and contract assets details of the top 5 closing balances by debtors
Unit: RMB
143Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Provision for bad
Closing Proportion to the
debts for accounts
Closing balance of total closing
Closing balance receivable and
balance of accounts balance of
Entity name of accounts closing balance of
contract receivable accounts
receivable contract asset
assets and contract receivable and
impairment
assets contract assets
provision
SEB S.A. and its affiliates 606296927.67 84.40% 15157423.19
Customer E 87055246.10 12.12% 87055.25
Customer I 12745049.10 1.77% 12745.05
Customer J 3126384.97 0.44% 3126.38
PT Groupe SEB Indonesia MSD 2282979.35 0.32%
Total 711506587.19 99.05% 15260349.87
2. Other receivables
Unit: RMB
Item Closing balance Opening balance
Other receivables 445006188.07 505784147.11
Total 445006188.07 505784147.11
(1) Other receivables
1) Other receivables categorized by nature
Unit: RMB
Nature of receivables Ending book balance Beginning book balance
Deposit as security 1380000.00 305528.00
Fund pool 441574499.02 478904614.39
Temporary payment receivable 2950207.75 4599119.06
Personal deposit 275843.13 314090.57
Government subsidy receivable 22789200.00
Total 446180549.90 506912552.02
2) Disclosure by aging
Unit: RMB
Ages Ending book balance Beginning book balance
Within 1 year (including 1 year) 444532460.05 505905774.84
1-2 years
2-3 years 708030.67 85528.00
Over 3 years 940059.18 921249.18
3-4 years 39600.00 20000.00
Over 5 years 900459.18 901249.18
144Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Total 446180549.90 506912552.02
3) Classified disclosure by the bad debt provision method
Unit: RMB
Closing balance Opening balance
Book balance Provision for bad debts Book balance Provision for bad debts
Categories
Provision Book value Provision Book value
Amount Proportion Amount Amount Proportion Amount
proportion proportion
Provision for
bad debts made
446180549.90100.00%1174361.830.26%445006188.07506912552.02100.00%1128404.910.22%505784147.11
on the basis of
portfolio
Including:
Portfolio 1: age
4606050.881.03%1174361.8325.50%3431689.055093307.991.00%1128404.9122.15%3964903.08
portfolio
Portfolio 2: low-
441574499.0298.97%0.00%441574499.02501819244.0399.00%0.00%501819244.03
risk portfolio
Total 446180549.90 100.00% 1174361.83 0.26% 445006188.07 506912552.02 100.00% 1128404.91 0.22% 505784147.11
Categories for bad debts provision: Portfolio 1
Provision for bad debts made on a portfolio basis: RMB1174361.83
Unit: RMB
Closing balance
Name
Book balance Provision for bad debts Provision proportion
Within 1 year (including 1
2957961.03147898.055.00%
year)
1-2 years
2-3 years 708030.67 106204.60 15.00%
3-4 years 39600.00 19800.00 50.00%
4-5 years
Over 5 years 900459.18 900459.18 100.00%
Total 4606050.88 1174361.83
Provision for bad debts based on the general model of expected credit losses
Unit: RMB
Phase I Phase II Phase III
Expected credit loss
Provision for bad debts Expected credit loss Expected credit loss in in the entire duration Total
in the entire duration
future 12 months (without credit
(credit impairment)
impairment)
Balance on January 1 2025 1128404.91 1128404.91
Balance on January 1 2025 in
the current period
Withdrawal in the current
45956.9245956.92
period
Balance on June 30 2025 1174361.83 1174361.83
Changes in book balance of loss provision due to significant changes in the current period
145Zhejiang Supor Co. Ltd. 2025 Semiannual Report
□ Applicable ? Not-applicable
4) Provisions made collected or reversed in current period
Provision for bad debts made in current period:
Unit: RMB
Amount of changes in current period
Categories Opening balance Collected or Write-off or Closing balance
Accrued Others
reversed charge-off
Provision for bad debts of
1128404.9145956.921174361.83
other receivables
Total 1128404.91 45956.92 1174361.83
5) Other receivables details of the top 5 closing balances by debtors
Unit: RMB
Closing
Proportion in the total
Nature of balance of
Entity name Closing balance Ages closing balance of
receivables provision for
other receivables
bad debts
Hainan Supor E- Within 1
Fund pool 157035749.79 35.20%
commerce Company year
Within 1
Zhejiang Supor Electrical Fund pool 108624936.62 24.35%
year
Within 1
Omegna Fund pool 78086563.55 17.50%
year
Within 1
Shanghai WMF Fund pool 75000000.00 16.81%
year
Hainan Tefal Trade Within 1
Fund pool 22827249.06 5.12%
Company year
Total 441574499.02 98.98%
6) Reported as other receivables due to centralized fund management
Unit: RMB
Reported as other receivables due to centralized fund
441574499.02
management
3. Long-term equity investment
Unit: RMB
Closing balance Opening balance
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Investment in
2802146936.362802146936.362800295613.362800295613.36
subsidiaries
Investments in
associates and 60097457.27 60097457.27 60689589.18 60689589.18
joint ventures
146Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Total 2862244393.63 2862244393.63 2860985202.54 2860985202.54
(1) Investments in subsidiaries
Unit: RMB
Opening Increase/decrease Closing
Opening balance balance of Closing balance Accrued balance of
Invested unit Investment Investment
(book value) impairment impairment Others (book value) impairment
increased decreased
provision provision provision
Wuhan Supor Pressure Cooker 240428244.41 240428244.41
P&R Products 20804297.92 20804297.92
Yuhuan Sales Company 10490149.81 10490149.81
Zhejiang Supor Electrical 785290608.11 352171.00 785642779.11
Shaoxing Supor 652709468.26 389700.00 653099168.26
Supor Vietnam 105143165.64 105143165.64
Wuhan Recycling 1000000.00 1000000.00
Omegna 10000000.00 10000000.00
Shanghai Marketing 5000000.00 5000000.00
Wuhan Supor Cookware 607875744.18 126270.00 608002014.18
SEADA 11890622.45 11890622.45
Shanghai WMF 50247050.26 20731.00 50267781.26
Zhejiang WMF 105301194.98 357306.00 105658500.98
Supor Large Kitchen Appliance 101424831.70 58542.00 101483373.70
Shaoxing Supor Housewares 57141449.57 278269.00 57419718.57
Supor Water Heater 31200000.00 31200000.00
Hainan Supor E-commerce
4348786.07268334.004617120.07
Company
Total 2800295613.36 1851323.00 2802146936.36
(2) Investments in associates and joint ventures
Unit: RMB
Increase/decrease
Cash
Adjust
Opening dividend/p Closing
Opening balance Invest Investm Investment ment in Changbalance of rofit Accrued Closing balance balance of
Investing unit ment ent profit or loss other es in Oth
(book value) impairmen declared impairmen (book value) impairmen
increa decreas recognized by compre other ers
t provision for t provision t provision
sed ed equity method hensive equity
distributio
income
n
I. Joint Venture
II. Associated Enterprise
Wuhan Anzai
Cookware Co. 60689589.18 -592131.91 60097457.27
Ltd.Subtotal 60689589.18 -592131.91 60097457.27
147Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Total 60689589.18 -592131.91 60097457.27
The recoverable amount is determined based on the net amount after deducting disposal expenses from fair value
□ Applicable ? Not-applicable
The recoverable amount is determined based on the present value of estimated future cash flow of assets
□ Applicable ? Not-applicable
4. Operating incomes and costs
Unit: RMB
Amount incurred during this period Amount incurred during prior period
Item
Revenue Cost Revenue Cost
Main business 1501070297.19 1356013090.75 1349519521.85 1192335337.56
Revenue from other
14553843.0414181800.6633228409.5330070055.18
operations
Total 1515624140.23 1370194891.41 1382747931.38 1222405392.74
Breakdown information of operating income and operating cost:
Unit: RMB
Total
Contract classification
Operating income Operating cost
Business type
Including:
Cookware 1501070297.19 1356013090.75
Others 14553843.04 14181800.66
Classified by business area
Including:
Domestic 395051359.96 306639587.06
Foreign 1120572780.27 1063555304.35
Total 1515624140.23 1370194891.41
Information related to the transaction price allocated to the remaining performance obligations:
At the end of this reporting period the amount of revenue corresponding to the performance obligations that have been signed but
have not been performed or not yet completed is RMB 3869419.87 of which RMB 3869419.87 is expected to be recognized as
revenue in the year.
5. Investment income
Unit: RMB
Amount incurred during this
Item Amount incurred during prior period
period
Income from long-term equity investments under
-592131.91-705587.15
the equity method
Investment income from disposal of transactional
316619.28879291.91
financial assets
Investment income of debt investment during the
3128076.7252657.54
holding period
148Zhejiang Supor Co. Ltd. 2025 Semiannual Report
Investment income from the disposal of other
2004414.003629637.00
debt investments
Total 4856978.09 3855999.30
XX. Supplementary Information
1. Breakdown of non-recurring profit or loss in the current period
? Applicable □ Not-applicable
Unit: RMB
Item Amount Notes
Profit and loss on disposal of non-current assets -535770.00
Government subsidies included into the current profits and losses (except those
that are closely related to the Company's normal business operations comply
12166078.75
with national policies and regulations available according to determined
standards and have a continuous impact on the profit and loss of the Company)
Except the effective hedging business related to the normal operation of the
Company profits and losses from fair value changes of held-for-trading financial
30062449.24
assets and financial liabilities by non-financial enterprises and profits and losses
obtained from disposal of financial assets and financial liabilities
Other non-operating incomes or expenditures except for the foregoing items -13320.86
Minus: influenced amount of income tax 9141279.63
Influenced amount of minority shareholders' equities (after tax) 26028.26
Total 32512129.24 --
Other specific circumstances of other items of profits and losses complying with the definition of non-recurring profits or losses:
□ Applicable ? Not-applicable
The Company does not have other specific circumstances of other items of profits and losses complying with the definition of non-
recurring profits or losses.Description of defining non-recurring profits or losses items listed in the Explanatory Announcement No.1 on Disclosure of the
Information of Companies Offering Their Securities to the Public -- Non-recurring Profit or Loss as recurring profits and losses
□ Applicable ? Not-applicable
2. Return on net assets and earnings per share
Earnings per share
Weighted average return
Profit of the reporting period
on net assets Basic earnings per share Diluted earnings per share
(RMB/share) (RMB/share)
Net profit attributable to shareholders
15.30%1.1801.180
of common shares
Net profit attributable to shareholders
of common shares after deducting non- 14.77% 1.139 1.139
recurring profit or loss
149Zhejiang Supor Co. Ltd. 2025 Semiannual Report
3. Financial Data Difference on Principles of Domestic and Overseas Accounting
(1) Net profit and net assets discrepancies in financial reports disclosed separately under International
Accounting Standards and Chinese Accounting Standards
□ Applicable ? Not-applicable
(2) Net profit and net assets discrepancies in financial reports disclosed separately under Overseas
Accounting Standards and Chinese Accounting Standards
□ Applicable ? Not-applicable
(3) The reason of accounting data difference under domestic and foreign accounting standard shall be
explained. If the data audited by the foreign audit organization carries out the different adjustment the
name of foreign organization shall be indicated.
150Zhejiang Supor Co. Ltd. 2025 Semiannual Report
SECTION IX OTHER SUBMISSION DATA
I. Other Significant Public Safety Issues
Were there any other significant public safety issues involving the listed company or its subsidiaries
□ Yes □ No ? Not-applicable
Were there any administrative penalties imposed during the reporting period
□ Yes □ No ? Not-applicable
II. Investigation & Research Communication and Interview Activities During the Reporting
Period
? Applicable □ Not-applicable
Main content Index for basic
Reception Type of Reception talked about condition of
Reception time Reception place
manner reception object object and materials investigation
provided and survey
See the
Management
Information for
Investor
Relations of
Annual Supor on
Analysts and performance February 28
February 27
Company Conference call Institutions institutional and operating 2025 disclosed
2025
investors conditions in by the
2024 fiscal year Company in
http://www.cni
nfo.com.cn on
February 28
2025 for
details.See the
Management
Information for
Investor
Annual Relations of
Analysts and performance Supor on April
March 31 2025 Company Conference call Institutions institutional and operating 1 2025
investors conditions in disclosed by the
2024 fiscal year Company in
http://www.cni
nfo.com.cn on
April 1 2025
for details.See the
Management
Online
Annual Information for
communication Individuals Investors of the
April 8 2025 Company performance Investor
on network Institutions Company
seminar Relations of
platforms
Supor on April
82025
151Zhejiang Supor Co. Ltd. 2025 Semiannual Report
disclosed by the
Company in
http://www.cni
nfo.com.cn on
April 8 2025
for details.See the
Management
Information for
Investor
Performance Relations of
Analysts and and operating Supor on April
April 25 2025 Company Conference call Institutions institutional conditions in 28 2025
investors the first quarter disclosed by the
of 2025 Company in
http://www.cni
nfo.com.cn on
April 28 2025
for details.III. Fund Transactions between the Listed Company and Its Controlling Shareholders and
Related Parties
□ Applicable ? Not-applicable
Zhejiang Supor Co. Ltd.Chairman: Thierry de LA TOUR D'ARTAISE
August 29 2025
152
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