摘要

1公司披露重大资产重组备考合并财务报表审阅报告，假设自2025年1月1日起完成对标的资产56%股权的收购（交易对价3.82亿元）。

2备考数据显示，2026年上半年营收约1.60亿元，归母净利润为负；

32025年全年营收约2.43亿元。

4重组后公司总资产增至约5.19亿元，净资产约3.92亿元。

5报告详细列示了备考期间的资产负债、利润及现金流情况，为评估重组对公司财务状况的影响提供依据。

1-2

3
4-77

22 5 100004

+86 10 8566 5588 +86 10 8566 5120

www.grantthornton.cn

2026 440A034736

2025 12 31 2026 6 30 2025 2026 1-6

2101

“ ” “ ” “ ” 2016 3

25 914401167640027192 16

2021 2320 A 1,750.00

2021 440C000621 6,999.7606 2021 9 13 2023

6,999.7606 7,046.5521 6,999.7606 7,046.5521

2 “ ” 56.00%

2025 12 31 [2026] 070227

“ ” 68,700.00

56.00% 38,192.00

“ ” 2022 6 7

2022 6 20

91310118MABP9AGC6E 39 8 2 207A

26 — 2022

2025 12 31 2026 6 30 2025 2026 1-6

“ ” 15 — 2014

2025 1 1 “ ”) 2025 1

1 56% A.

B. 2025 1 1 13,950,000.00 1 A 17.60 2025 1 1

2025
2026 6

30 2025 2026 1-6

2026 6 30

16,578.08 2025 1 1

136,400,000.00

245,520,000.00

381,920,000.00 216,139,237.11 165,780,762.89

2025 12 31

100% 68,700.00

56.00%

38,192.00 24,552.00 64.29% 13,640.00

35.71%

1 24,552.00 24,552.00

2 13,640.00 - 13,640.00 38,192.00 24,552.00 13,640.00

24,552.00 13,640.00 2025 1 1

“ ” “ ” “ ” “ ” “ ” “ ”

10 15 25

2025 12 31 2026 6 30 2025 2026 1-6

2 1 1 12 31
3 12
4
5

“ ”

1212

3

4
5 11
6

14 ——

12 12 12

A 1 2
B

1
2
3
4 12

22 ——

20% 20% 50%

20%

4 20

% % 30 5.00 3.17

% % 30 5.00 3.17 3-10 0.00 3.00 5.00 33.33-9.50

3-10 3.00 5.00 32.33-9.50 2-10 3.00 5.00 48.50-9.50
4-8 3.00 5.00 24.25-11.88

3 20
4
5

1 2

3 4

1 2 3

30 50 10 3-10

“ ” “ ”

A B C D E

“ ”

10 6

“ ” “ ” “ ” “ ”

“ ”

“ ” “ ”

22 —23 ——

—4

14 ——

22 ——

13 ——

2
3 20

32 1

2022 11 30 16 [2022]31 16 “

” 2023 1 1 2023 1 1 16 2022 1 1 16

16 18

—— 2022 1 1

2024 12 18

13 ——

13% 9% 6% 0%

7% 5% 3% 2%

25%

% 15

% 15 25 25 15 25 25 25 25 25 25 25 25 25 25 25 25 15 15

1 2017 12 11 GR201744004616 2020 2021 23 GR202044011960 2023 12 28

GR202344015851 2023 12 28 2026 12 27 2024-2025 15%

2018 11 30 GR201832006556 2021

GR202132010482 2024 12 16 GR202432015556 2024-2025 15%

2024 12 11 2021

GR202444008086 2024-2025 15%

2023 6

2023 12 2023 1 1 2027 12 31

300 25% 20% 5% 2024 12 4

GR202431000762 3 2024 1 1 15.00% 2023 12 12

GR202331006546 3 2023 1 1 15.00%

2 2011

100 13% 3%

3 2016 36 3
4

( 2023 43 ) 5%

5 2023 7

2023 1 1 100%

2026.6.30 2025.12.31 173,475,338.09 92,731,363.23 5,715,607.96 14,316,433.53 179,190,946.05 107,047,796.76

1 “ 20 ”
2

2

2026.6.30 2025.12.31

316,400.00 791.00 315,609.00 329,620.00 824.05 328,795.95

329,415.00 316,400.00

2026.6.30

(%)

(%) 316,400.00 100.00 791.00 0.25 315,609.00

316,400.00 100.00 791.00 0.25 315,609.00 316,400.00 100.00 791.00 0.25 315,609.00

2025.12.31

(%)

(%) 329,620.00 100.00 824.05 0.25 328,795.95

329,620.00 100.00 824.05 0.25 328,795.95 329,620.00 100.00 824.05 0.25 328,795.95

2026.6.30 2025.12.31

(%) (%) 316,400.00 791.00 0.25 329,620.00 824.05 0.25

5

824.05 33.05 791.00

3 1

2026.6.30 2025.12.31

1 38,263,707.62 50,969,281.91

1 2 36,126,349.05 33,034,073.77
2 3 33,262,061.39 31,570,093.91
3 4 16,015,848.87 13,562,296.31
4 5 3,246,059.21 3,477,694.57
5 2,314,272.20 2,555,654.08 129,228,298.34 135,169,094.55

42,240,338.30 42,384,025.62 86,987,960.04 92,785,068.93

2026.6.30

(%)

(%) 129,228,298.34 100.00 42,240,338.30 32.69 86,987,960.04

73,673,935.65 57.01 16,243,432.53 22.05 57,430,503.12 55,554,362.69 42.99 25,996,905.77 46.80 29,557,456.92

129,228,298.34 100.00 42,240,338.30 32.69 86,987,960.04

2025.12.31

(%)

(%) 135,169,094.55 100.00 42,384,025.62 31.36 92,785,068.93

70,040,385.43 51.82 14,127,148.47 20.17 55,913,236.96 65,128,709.12 48.18 28,256,877.15 43.39 36,871,831.97

135,169,094.55 100.00 42,384,025.62 31.36 92,785,068.93

2026.6.30 2025.12.31

(%) (%) 1 21,109,116.61 1,039,845.68 4.93 18,068,722.56 887,257.62 4.91

1 2 22,006,949.05 2,804,467.05 12.74 27,240,397.99 3,505,437.40 12.87
2 3 24,186,139.30 6,027,389.11 24.92 19,974,442.49 4,977,631.06 24.92
3 4 4,993,135.45 4,993,135.45 100.00 2,378,794.35 2,378,794.35 100.00
4 5 1,235,774.71 1,235,774.71 100.00 2,259,040.72 2,259,040.72 100.00
5 142,820.53 142,820.53 100.00 118,987.32 118,987.32 100.00 73,673,935.65 16,243,432.53 22.05 70,040,385.43 14,127,148.47 20.17

2026.6.30 2025.12.31

(%) (%) 1 17,154,591.01 1,644,499.81 9.59 32,900,559.35 2,144,460.31 6.52

1 2 14,119,400.00 2,193,077.27 15.53 5,793,675.78 2,387,846.56 41.21
2 3 9,075,922.09 6,954,879.10 76.63 11,595,651.42 8,885,747.71 76.63
3 4 11,022,713.42 11,022,713.42 100.00 11,183,501.96 11,183,501.96 100.00
4 5 2,010,284.50 2,010,284.50 100.00 1,218,653.85 1,218,653.85 100.00
5 2,171,451.67 2,171,451.67 100.00 2,436,666.76 2,436,666.76 100.00 55,554,362.69 25,996,905.77 46.80 65,128,709.12 28,256,877.15 43.39

3

42,384,025.62 156,454.20

300,141.52 42,240,338.30

2026 6 30 ( ) 44,192,764.93 ( ) 34.20% 6,788,808.01

2026.6.30 2025.12.31 890,809.64 25,000.00 890,809.64 25,000.00

890,809.64 25,000.00

2026.6.30 2025.12.31 % %

1 8,107,677.16 76.07 9,500,605.27 83.41

1 2 1,010,417.70 9.48 274,742.19 2.41
2 3 708,566.49 6.65 1,586,977.16 13.93
3 830,892.11 7.80 28,032.80 0.25 10,657,553.46 100.00 11,390,357.42 100.00

2 2026 6 30
3,884,130.48 36.44 %

2026.6.30 2025.12.31

6,780,744.50 9,968,690.00 6,780,744.50 9,968,690.00

1

2026.6.30 2025.12.31 1 6,236,554.14 8,761,733.43 1 2 871,594.94 2,268,521.44 2 3 869,467.31 492,585.00 3 4 209,500.00 573,700.00 4 5 361,000.00 193,400.00 5 914,600.00 914,600.00

9,462,716.39 13,204,539.87 2,681,971.89 3,235,849.87 6,780,744.50 9,968,690.00

2026.6.30 2025.12.31

8,336,743.01 1,944,044.30 6,392,698.71 10,774,064.57 2,037,018.59 8,737,045.98

80,000.00 4,000.00 76,000.00 115,105.50 610.06 114,495.44 1,045,973.38 733,927.59 312,045.79 2,315,369.80 1,198,221.22 1,117,148.58

9,462,716.39 2,681,971.89 6,780,744.50 13,204,539.87 3,235,849.87 9,968,690.00

(%)

8,630,452.80 21.43 1,849,708.30 6,780,744.50 8,188,743.01 21.93 1,796,044.30 6,392,698.71

80,000.00 5.00 4,000.00 76,000.00

361,709.79 13.73 49,664.00 312,045.79 8,630,452.80 21.43 1,849,708.30 6,780,744.50

607,663.59 100.00 607,663.59

224,600.00 100.00 224,600.00 148,000.00 100.00 148,000.00

76,600.00 100.00 76,600.00 224,600.00 100.00 224,600.00

(%)

11,158,241.77 17.40 1,941,717.35 9,216,524.42

10,626,064.57 17.78 1,889,018.59 8,737,045.98

115,105.50 0.53 610.06 114,495.44

417,071.70 12.49 52,088.70 364,983.00

11,158,241.77 17.40 1,941,717.35 9,216,524.42

1,350,000.00 44.28 597,834.42 752,165.58

% 1,350,000.00 44.28 597,834.42 752,165.58

696,298.10 100.00 696,298.10 148,000.00 100.00 148,000.00 548,298.10 100.00 548,298.10 696,298.10 100.00 696,298.10

(

)

1,941,717.35 597,834.42 696,298.10 3,235,849.87 9,829.17 9,829.17 92,009.05 371,698.10 463,707.15 100,000.00 100,000.00 1,849,708.30 607,663.59 224,600.00 2,681,971.89

(%)

1,914,000.00 1 20.23 95,700.00 1,823,400.00 1 19.27 91,700.00

685,950.00 1 7.25 34,297.50 680,000.00 5 7.19 680,000.00

1 1

2 2 3

673,053.20

7.11 189,602.11

5,776,403.20 61.04 1,091,299.61

47

2026.6.30 2025.12.31 / /

72,016,571.16 13,140,261.49 58,876,309.67 69,984,710.31 11,312,421.75 58,672,288.56 91,959,624.48 19,856,851.00 72,102,773.48 65,064,737.13 18,167,914.61 46,896,822.52

188,866,214.78 2,515,077.41 186,351,137.37 173,949,077.71 3,172,452.62 170,776,625.09 50,371,681.16 10,398,145.81 39,973,535.35 38,959,606.40 8,788,468.42 30,171,137.98 1,797,380.96 1,797,380.96 1,096,071.04 1,096,071.04 405,011,472.54 45,910,335.71 359,101,136.83 349,054,202.59 41,441,257.40 307,612,945.19

2025.12.31 2026.6.30

11,312,421.75 1,857,763.04 29,923.30 13,140,261.49 18,167,914.61 1,889,931.17 200,994.78 19,856,851.00

3,172,452.62 101,993.35 759,368.56 2,515,077.41 8,788,468.42 1,609,677.39 10,398,145.81

41,441,257.40 5,459,364.95 990,286.64 45,910,335.71

2024.12.31 2025.12.31

4,470,784.61 7,023,416.53 181,779.39 11,312,421.75

13,050,682.14 7,125,109.78 2,007,877.31 18,167,914.61 2,180,528.50 5,220,411.47 4,228,487.35 3,172,452.62 1,515,061.28 10,278,787.20 3,005,380.06 8,788,468.42 7,963,249.91 7,963,249.91

29,180,306.44 29,647,724.98 17,386,774.02 41,441,257.40

/ /

8

2026.6.30 2025.12.31 3,240,723.89 4,878,523.43

1,149,260.28 1,915,796.16
2,091,463.61 2,962,727.27 342,000.00 168,222.10

1,749,463.61 2,794,505.17

1

2026.6.30

(%)

2,880,723.89 100.00 1,131,260.28 39.27 1,749,463.61

2,880,723.89 100.00 1,131,260.28 39.27 1,749,463.61 2,880,723.89 100.00 1,131,260.28 39.27 1,749,463.61

2025.12.31

(%)

4,601,523.43 100.00 1,807,018.26 39.27 2,794,505.17

2025.12.31

(%)

4,601,523.43 100.00 1,807,018.26 39.27 2,794,505.17 4,601,523.43 100.00 1,807,018.26 39.27 2,794,505.17

2026.6.30 2025.12.31

9

(%) (%) 1 2,880,723.89 1,131,260.28 39.27 4,601,523.43 1,807,018.26 39.27

10

2026.6.30 2025.12.31

3,024.93 365,396.84 13,256,217.20 13,041,488.12 13,259,242.13 13,406,884.96

2025.12.31 / 2026.6.30

333,781.50 333,781.50

333,781.50 333,781.50 333,781.50 333,781.50

2025.1.1 2025.12.31 /

1,742,738.43 -1,408,956.93 333,781.50

1,742,738.43 -1,408,956.93 333,781.50 1,742,738.43 -1,408,956.93 333,781.50

2026.6.30 2025.12.31 8,429,900.00 8,429,900.00 481,200.00 481,200.00 8,323,469.78 8,323,469.78 17,234,569.78 17,234,569.78

2026.6.30 2025.12.31 391,683,241.08 403,338,361.08

391,683,241.08 403,338,361.08

1.2025.12.31 378,819,317.60 104,313,170.10 25,645,703.54 9,930,135.66 3,242,112.36 521,950,439.26
2. 845,689.85 398,000.00 85,575.22 1,329,265.07

1 511,923.39 398,000.00 85,575.22 995,498.61
2 333,766.46 333,766.46
3. 647,078.21 3,175,445.54 187,136.98 20,961.60 4,030,622.33 1 647,078.21 3,175,445.54 187,136.98 20,961.60 4,030,622.33
4.2026.6.30 378,819,317.60 104,511,781.74 22,470,258.00 10,140,998.68 3,306,725.98 519,249,082.00

1. 2025.12.31 24,067,229.51 52,357,009.04 23,454,893.85 5,000,896.93 2,508,291.14 107,388,320.47

2. 5,958,904.00 5,778,267.47 285,095.55 422,020.61 198,278.52 12,642,566.15 1 5,958,904.00 5,778,267.47 285,095.55 422,020.61 198,278.52 12,642,566.15
3. 510,918.54 2,944,540.31 177,625.83 18,871.28 3,651,955.96 1 510,918.54 2,944,540.31 177,625.83 18,871.28 3,651,955.96
4. 2026.6.30 30,026,133.51 57,624,357.97 20,795,449.09 5,245,291.71 2,687,698.38 116,378,930.66

1. 4,118,566.83 6,947,577.92 157,612.96 11,223,757.71
2. 1
3. 19,989.89 16,857.56 36,847.45 1 19,989.89 16,857.56 36,847.45
4. 4,118,566.83 6,927,588.03 140,755.40 11,186,910.26

1. 2026.6.30 344,674,617.26 39,959,835.74 1,534,053.51 4,895,706.97 619,027.60 391,683,241.08
2.2025.12.31 350,633,521.26 45,008,583.14 2,033,196.73 4,929,238.73 733,821.22 403,338,361.08

1.2024.12.31 221,598,364.11 91,936,826.96 29,288,645.09 10,988,451.03 3,151,174.19 356,963,461.38
2. 157,220,953.49 16,517,119.39 6,194.69 273,021.16 174,017,288.73

1 477,065.11 16,183,352.93 6,194.69 273,021.16 16,939,633.89
2 156,743,888.38 333,766.46 157,077,654.84
3. 4,140,776.25 3,642,941.55 1,064,510.06 182,082.99 9,030,310.85 1 4,140,776.25 3,642,941.55 1,064,510.06 182,082.99 9,030,310.85
4.2025.12.31 378,819,317.60 104,313,170.10 25,645,703.54 9,930,135.66 3,242,112.36 521,950,439.26

1.2024.12.31 16,364,625.49 43,687,367.14 24,609,564.89 5,078,558.25 2,168,974.13 91,909,089.90
2. 7,909,451.81 10,834,976.53 2,138,616.53 907,297.73 505,301.44 22,295,644.04 1 7,909,451.81 10,834,976.53 2,138,616.53 907,297.73 505,301.44 22,295,644.04
3. 206,847.79 2,165,334.63 3,293,287.57 984,959.05 165,984.43 6,816,413.47 1 206,847.79 2,165,334.63 3,293,287.57 984,959.05 165,984.43 6,816,413.47
4.2025.12.31 24,067,229.51 52,357,009.04 23,454,893.85 5,000,896.93 2,508,291.14 107,388,320.47

1. 2,334,129.89 2,334,129.89

2. 4,118,566.83 4,633,883.67 157,612.96 8,910,063.46 1 4,118,566.83 4,633,883.67 157,612.96 8,910,063.46

3. 20,435.64 20,435.64 1 20,435.64 20,435.64
4. 4,118,566.83 6,947,577.92 157,612.96 11,223,757.71

1.2025.12.31

350,633,521.26 45,008,583.14 2,033,196.73 4,929,238.73 733,821.22 403,338,361.08 2.2024.12.31

205,233,738.62 45,915,329.93 4,679,080.20 5,909,892.78 982,200.06 262,720,241.59

2026.6.30 2025.12.31

1.2025.12.31 4,527,172.43
2. 1,236,639.35 1 1,236,639.35
3. 823,464.07 1 823,464.07
4.2026.6.30 4,940,347.71

1.2025.12.31 2,908,196.81
2. 863,200.59 1 863,200.59
3. 823,464.07 1 823,464.07
4.2026.6.30 2,947,933.33

1.2026.6.30 1,992,414.38
2.2025.12.31 1,618,975.62

1.2024.12.31 4,359,159.17
2. 339,022.02 1 339,022.02
3. 171,008.76 1 171,008.76
4.2025.12.31 4,527,172.43

1.2024.12.31 1,293,166.96 2. 1,721,910.40

1 1,721,910.40 3. 106,880.55 1 106,880.55 4.2025.12.31 2,908,196.81

1.2025.12.31 1,618,975.62
2.2024.12.31 3,065,992.21 49

15 1

1.2025.12.31 50,706,891.35 13,842,625.20 39,743,114.01 45,591.00 104,338,221.56
2. 1,683,575.46 1,683,575.46 1 1,683,575.46 1,683,575.46
3. 1
4.2026.6.30 50,706,891.35 15,526,200.66 39,743,114.01 45,591.00 106,021,797.02

1.2025.12.31 5,391,994.73 5,632,255.96 2,706,000.07 1,556.76 13,731,807.52
2. 533,158.46 760,733.06 1,347,770.40 778.38 2,642,440.30 1 533,158.46 760,733.06 1,347,770.40 778.38 2,642,440.30
3. 1
4.2026.6.30 5,925,153.19 6,392,989.02 4,053,770.47 2,335.14 16,374,247.82

1.2026.6.30 44,781,738.16 9,133,211.64 35,689,343.54 43,255.86 89,647,549.20 2.2025.12.31 45,314,896.62 8,210,369.24 37,037,113.94 44,034.24 90,606,414.04

1.2024.12.31 50,706,891.35 14,423,406.76 39,743,114.01 45,591.00 104,919,003.12
2.
3. 580,781.56 580,781.56 1 580,781.56 580,781.56
4.2025.12.31 50,706,891.35 13,842,625.20 39,743,114.01 45,591.00 104,338,221.56

1.2024.12.31 4,325,677.82 4,368,835.68 20,108.92 8,714,622.42
2. 1,066,316.91 1,503,697.62 2,685,891.15 1,556.76 5,257,462.44 1 1,066,316.91 1,503,697.62 2,685,891.15 1,556.76 5,257,462.44
3. 240,277.34 240,277.34 1 240,277.34 240,277.34
4.2025.12.31 5,391,994.73 5,632,255.96 2,706,000.07 1,556.76 13,731,807.52

1.2025.12.31 45,314,896.62 8,210,369.24 37,037,113.94 44,034.24 90,606,414.04
2.2024.12.31 46,381,213.53 10,054,571.08 39,723,005.09 45,591.00 96,204,380.70

16 1

2025.12.31 2026.6.30

165,780,762.89 165,780,762.89

2025.1.1 2025.12.31

165,780,762.89 165,780,762.89

2025.12.31 2026.6.30

404,351.68 319,223.34 341,525.14 382,049.88 58,910.89 20,792.08 38,118.81 463,262.57 319,223.34 362,317.22 420,168.69

2025.1.1 2025.12.31

966,503.80 562,152.12 404,351.68 100,495.04 41,584.15 58,910.89

1,066,998.84 603,736.27 463,262.57

2026.6.30 2025.12.31 /

38,076,633.06 6,542,025.42 36,670,016.03 6,411,075.84 46,105,739.06 7,177,828.61 43,061,886.93 6,755,848.25

2,800,288.38 441,888.66 2,888,195.17 456,322.38 10,824,797.52 1,742,792.82 11,568,040.32 1,854,691.19 70,791.73 10,618.76 135,082.60 20,262.39

2,183,734.98 327,560.25 2,621,452.30 393,217.84 21,766,297.42 5,441,574.36 22,557,680.98 5,639,420.24 16,760,430.22 2,514,064.53 16,760,430.22 2,514,064.53

138,588,712.37 24,198,353.41 136,262,784.55 24,044,902.66

105,551,502.35 15,833,246.19 106,966,458.69 16,045,489.64

2026.6.30 2025.12.31 /

/ 105,551,502.35 15,833,246.19 106,966,458.69 16,045,489.64

2

2026.6.30 2025.12.31 10,417,165.83 8,950,683.51 12,140,767.19 11,518,924.34

400,819,937.29 370,632,059.75 423,377,870.31 391,101,667.60

3

19

2026.6.30 2025.12.31

2025 —— 15,304,881.81

2026 15,171,920.20 24,085,328.86
2027 23,756,841.07 17,923,387.75 2027 17,917,473.72 22,590,339.66

2029 22,590,339.66 14,756,494.31
2030 15,075,727.91 ——
2031 306,307,634.73 275,971,627.36 400,819,937.29 370,632,059.75

2026.6.30 2025.12.31

20

52,964.60 52,964.60 809,883.00 809,883.00 342,000.00 342,000.00 168,222.10 168,222.10 394,964.60 394,964.60 978,105.10 978,105.10

2026.6.30

951,863.40 1,500.00 ETC

1,983,539.02 58,048.66

2,697,753.95 315,609.00

2026.6.30

2,804,454.18 1 35,421,253.76 2 6,556,030.22 4 149,072,589.47 2 6,309,355.96 3 135,591,155.31 4 60,010,872.48 5

401,774,025.41

1 2022 5

“32010420220000509” “32100220220037461”

( (2020) 3080513 ) 2,000 10,000 2022 5 10 10

2 2023 3

SHLP202302 SHLP20230202 SHLP20230203

11 4/59 2023 16016271 56,050,060.78 50000 10 2023 3 1 2024 1 18

SHLP20230203-1 (1) 16.5 25%

( )

(2) 16.8 SHLP202302

2023 3 1 2033 3 1

3 2024 8 26 “ZY2024PH-H08006”

1,000 2024 10 25 2027 10 25

4 2025 12 8 “ 2025 020 ”

“ 2025 020 ” “ 2025 020 ” “

16 16 16 16 ” 2022 06070066 10,000 1,000

2025 12 18 2025 12 26 2028 12 26

5 2026 6

“ (2026) 0918665 ” “ (2026) 0918778 ” “

(2026) 0896624 ” “

(2026) 0896625 ” 311 (2024) 3044489 311 001 311 002 (2024)

3044489 5,000 4,800 2026 6 11 2046

6 10 15

21 1

2026.6.30 2025.12.31 101,276,461.12 92,455,422.42

2026.6.30 2025.12.31 1,983,539.02

2026.6.30 2025.12.31 66,302,439.26 40,716,707.19

6,688,699.29 22,462,885.16 23,131,878.79 25,778,837.36 96,123,017.34 88,958,429.71

2026.6.30 2025.12.31 114,833,888.18 127,901,083.20

114,833,888.18 127,901,083.20

25

2025.12.31 2026.6.30 16,348,777.08 31,091,391.37 35,242,279.15 12,197,889.30

- 204,743.00 2,517,370.72 2,491,247.45 230,866.27 42,680.00 878,644.50 772,524.50 148,800.00

16,596,200.08 34,487,406.59 38,506,051.10 12,577,555.57

2024.12.31 2025.12.31 16,983,325.60 71,852,127.18 72,486,675.70 16,348,777.08

- 161,818.02 5,666,739.26 5,623,814.28 204,743.00 2,684,755.72 3,355,038.00 5,997,113.72 42,680.00

19,829,899.34 80,873,904.44 84,107,603.70 16,596,200.08

1

2025.12.31 2026.6.30 16,105,333.24 26,874,528.50 31,025,041.55 11,954,820.19 1,265,907.19 1,265,907.19 -116,026.40 1,285,693.25 1,284,500.37 117,219.28

1 108,094.96 1,198,038.94 1,197,475.66 108,658.24

2 2,310.46 54,029.27 53,621.96 2,717.77

3 5,620.98 33,625.04 33,402.75 5,843.27 74,669.99 1,394,746.01 1,388,414.00 81,002.00 52,747.45 267,312.42 275,212.04 44,847.83

3,204.00 3,204.00 16,348,777.08 31,091,391.37 35,242,279.15 12,197,889.30

2024.12.31 2025.12.31 16,765,616.51 63,926,832.31 64,587,115.58 16,105,333.24

1,987,951.22 1,987,951.22 91,547.12 1,785,663.74 1,761,184.46 116,026.40

1 85,749.34 1,655,268.98 1,632,923.36 108,094.96
2 2,157.61 103,483.33 103,330.48 2,310.46
3 3,640.17 26,911.43 24,930.62 5,620.98 50,105.00 3,427,956.99 3,403,392.00 74,669.99 76,056.97 723,722.92 747,032.44 52,747.45

2024.12.31 2025.12.31 16,983,325.60 71,852,127.18 72,486,675.70 16,348,777.08

2025.12.31 2026.6.30

1 198,482.29 2,431,476.65 2,405,411.60 224,547.34
2 6,260.71 85,894.07 85,835.85 6,318.93 204,743.00 2,517,370.72 2,491,247.45 230,866.27

2024.12.31 2025.12.31

26

1 156,914.39 5,520,076.74 5,478,508.84 198,482.29 2 4,903.63 146,662.52 145,305.44 6,260.71

161,818.02 5,666,739.26 5,623,814.28 204,743.00

2026.6.30 2025.12.31 432,982.53 775,876.06 1,803,622.27 2,017,658.23

110,111.76 253,064.68 27,615.10 7,996.00 11,835.05 3,426.86

7,890.03 2,284.57

951,640.92 238,381.89 43,407.09 20,592.94 42,409.19 55,815.88

27

3,431,513.94 3,375,097.11

2026.6.30 2025.12.31

144,462,402.72 143,561,284.66 144,462,402.72 143,561,284.66

1

28

2026.6.30 2025.12.31 1,713,845.02 2,703,066.89 877,750.52 730,824.32 136,400,000.00 136,400,000.00 5,470,807.18 3,727,393.45 144,462,402.72 143,561,284.66

29

2026.6.30 2025.12.31

16,304,729.98 15,255,524.80 1,289,655.86 1,553,571.86

17,594,385.84 16,809,096.66

30

2026.6.30 2025.12.31 13,528,334.11 15,923,682.39 316,400.00 329,620.00 13,844,734.11 16,253,302.39

31

2026.6.30 2025.12.31

278,357,365.31 3.20%-6.00% 187,682,464.89 3.20%-6.00% 8,000,000.00 2.85%-3.90% 13,725,116.44 2.85%-3.90%

286,357,365.31 201,407,581.33 16,304,729.98 15,255,524.80 270,052,635.33 186,152,056.53

2026.6.30 2025.12.31 2,063,206.11 1,678,528.75 2,063,206.11 1,678,528.75 1,289,655.86 1,553,571.86

773,550.25 124,956.89

2026.6.30 2025.12.31

1,602,951.28

2026.6.30 2025.12.31

2,613,246.81 3,284,314.31

2025.12.31 2026.6.30 53,961,073.26 1,275,500.00 4,896,411.30 50,340,161.96

2026.6.30 2025.12.31 2,063,343.57 2,063,343.57

2026.6.30 2025.12.31 492,547,432.49 472,451,959.47

2026 1-6 2025

155,168,237.44 83,583,025.97 242,548,330.19 128,147,576.92 4,633,491.01 1,399,369.36 9,525,607.68 5,770,432.39 159,801,728.45 84,982,395.33 252,073,937.87 133,918,009.31

2026 1-6 2025

8,498,967.30 4,248,932.45 22,214,649.82 13,593,381.48 112,305.23 120,347.64 4,621,580.26 4,290,835.89 4,910,796.47 3,430,300.27 10,725,220.30 6,702,631.43

2026 1-6 2025

66,675,849.71 36,287,598.00 80,178,477.87 44,064,606.50

57,773,802.69 29,766,921.08 68,111,669.17 24,311,911.63 649,308.40 500,492.59 4,391,159.82 1,435,300.84 138,621,029.80 74,354,592.03 168,028,107.42 80,805,286.29 10,879,603.97 5,104,317.27 32,305,859.94 17,247,743.17 5,667,603.67 4,124,116.67 19,999,713.01 16,501,165.98 16,547,207.64 9,228,433.94 52,305,572.95 33,748,909.15 4,633,491.01 1,399,369.36 9,525,607.68 5,770,432.39 159,801,728.45 84,982,395.33 252,073,937.87 133,918,009.31

38

2026 1-6 2025

202,283.88 352,221.77 86,693.11 150,785.42 57,795.39 100,523.59

1,290,121.78 2,110,844.28 70,666.68 114,666.76 93,320.01 143,068.99

720.18 1,801,601.03 2,972,110.81

39

2026 1-6 2025

6,285,495.90 15,962,140.14 2,222,078.44 6,290,020.93

407,069.39 898,481.06 816,605.72 2,352,300.81 714,439.55 1,460,534.64 477,665.41 791,718.92

58,219.14 393,773.14 52,400.79 563,937.09

236,573.70 506,784.06 -12,565.95 11,270,548.04 29,207,124.84

40

41

2026 1-6 2025 7,896,720.68 20,118,388.22

2,277,712.70 5,294,185.99 5,559,939.55 7,810,080.97
3,058,614.98 5,930,933.20 839,131.78 1,112,329.15

-428,648.08 66,778.62 289,955.06 19,698,898.31 40,127,224.51

42

2026 1-6 2025

9,537,644.74 17,536,511.04 3,975,949.12 8,353,740.20

25,321.33 1,374,216.70 3,007,297.80 4,170,653.86 29,768.26 38,053.09 132,745.23 613,897.15 84,025.50 171,980.20

182,771.11 472,768.24 37,468.75 8,126.42 11,767.26 105,118.18

-788,013.07 200,000.00 33,962.26 88,449.02 29,060.66 17,313,208.12 32,120,074.93

2026 1-6 2025

5,564,989.58 7,234,189.31 5,564,989.58 7,234,189.31

87,657.58 370,362.55 24,102.97

161,474.72 16,717.15 49,062.05 270,252.52 34,959.31 81,151.91

5,722,828.08 7,256,051.31

43

2026 1-6 2025

6,382,963.51 10,425,584.57 70,423.89 67,794.20

1,384,454.84 749,427.28 146,325.75 48,384.68

7,984,167.99 11,291,190.73

1
2 01

44

2026 1-6 2025

-1,408,956.93

15.00

242,841.64 141,900.74 242,856.64 -1,267,056.19

45 “—”

2026 1-6 2025 33.05 13,466.05

-156,454.20 -1,874,592.66 453,877.98 1,678,249.35 297,456.83 -182,877.26

46 “—”

2026 1-6 2025 766,535.88 -31,995.60

-5,459,364.95 -29,647,724.98

-8,910,063.46

-4,692,829.07 -38,589,784.04

47 “-”

2026 1-6 2025 “-”

517,717.92 1,374,402.68 “-”

-19,911.99 517,717.92 1,354,490.69

2026 1-6 2025

193,755.18 163,524.03 122,856.84 255,570.30 419,094.33 316,612.02

2026 1-6 2025 100,000.00

24,765.13 589,247.35 197,985.69 90,053.76 143,655.40 486,108.85

181,671.68 366,406.22 1,447,081.64

2026 1-6 2025

5,119,175.29 6,872,623.66 -365,694.20 18,370,417.69 4,753,481.09 25,243,041.35

2026 1-6 2025

23,414,307.96 -22,051,163.53 3,512,146.20 -3,285,560.79

-743,322.17 -1,100,013.82
-1,083,892.00 -355,483.92

-2.25 211,343.54

2026 1-6 2025

12,759.31 110,483.91 -3,138,469.10

-350,401.96

“-”

5,771,603.51 37,087,956.01 - -2,365,409.55 -4,273,895.92 -13,318.56 4,753,481.09 25,243,041.35

2026 1-6 2025

55,954.52 461,792.99 25,260.19 131,243.42 81,214.71 593,036.41

2026 1-6 2025 4,624,105.94 5,433,851.62

2026 1-6

1 9,743,614.03

2 9,766,604.14

3 5,490,768.79

4 2,192,851.38

5 90,046.24

27,283,884.58

1

2026 1-6 2025

9,537,644.74 17,536,511.04 3,975,949.12 8,353,740.20

25,321.33 1,374,216.70 3,007,297.80 4,170,653.86 29,768.26 38,053.09 132,745.23 613,897.15 84,025.50 171,980.20

182,771.11 472,768.24 37,468.75 8,126.42 11,767.26 105,118.18

-788,013.07 200,000.00 33,962.26 88,449.02 29,060.66 17,313,208.12 32,120,074.93

6,000.00 100.00

500.00 100.00

1,000.00 100.00

1,200.00 74.00

200.00 74.00

950.00 70.00

5,300.00 71.70

1,000.00 100.00

1,000.00 100.00

200.00 100.00

2,000.00 100.00

500.00 56.00

400.00 56.00

2 2025 2025 5 22
3

2025.12.31/2025 1-12

2026.6.30/2026 1-6

333,781.50

-1,408,956.93
-1,408,956.93
-1,408,956.93

1 2026 6 30

2

3

2025.12.31 2026.6.30

40,169,585.54 52,895.58 2,908,148.72 37,314,332.40

14,651,656.83 1,275,500.00 1,988,262.58 13,885,998.67 54,821,242.37 1,328,395.58 4,896,411.30 51,200,331.07

2026 1-6 2025

2,908,148.72 3,445,335.14

3,961,983.62 6,986,981.07 6,870,132.34 10,432,316.21

% % % 20.76 8.57 29.33

100.00%

85%

5

2026 1-6 2025

293,396.23 234,525.39 72,815.53 566,037.75 411,320.74

2026 1-6 2025 103,018.87

2026 1-6 2025

148,349.03

2,505,589.08

16,040.40

6 1

2026.6.30 2025.12.31

5,405,592.42 754,535.98 5,405,592.42 721,675.89 3,166,523.57 469,595.45

2026.6.30 2025.12.31

195,200.00 28,948.16 188,679.25 188,679.26

2

2026.6.30 2025.12.31 697,975.81 697,975.81 58,384.58 213,384.58

1

2025 2025 2025 2025

80,119.00 51.71 287,920.00 230.44 175,529.00 72.19 566,000.00 283.79

34,812.00 12.58 60,560.00 21.89 177,455.00 68.84 590,400.00 295.53 467,915.00 205.32 1,504,880.00 831.65

2026 1-6 2026 1-6

2026 1-6

175,529.00 72.19 566,000.00 283.79

34,812.00 12.58 60,560.00 21.89 177,455.00 68.84 590,400.00 295.53 467,915.00 205.32 1,504,880.00 831.65 175,529.00 72.19 566,000.00 283.79

1 2019 4 3 2019

300.00 2018 12 31

5,249.7606 5.71% 2019 68.80 5.00 /

73

2 2020 8 10 2020 2019

30.12 13.00 / 51 27 24

(3) 2023 8 22 2023 <2023

<2023 >

2023 8 24 74 376.22 88.42 16.52 /

287.80 33.04 /

2 2015 2019

2020

2023 Black-Scholes BS

2023

16,709,391.15

2025

-42.86
-1.26
-78.80
-122.92

2026 1-6

2026.6.30 2025.12.31 9,135,004.45 34,225,152.46 10,540,000.00 10,540,000.00

2023 5 11 10 2,000 2026 6 30

1,000.00 2025 9

300 54

18% 246 82% 2026 6 30

2026 6 30

2026 6 30 951,863.40 896,415.00 55,448.40

896,415.00 55,448.40

2026 6 30

56.00% 35 ( “

”) 2025 4 4 2025 4

23 2025 8 5 2025 8 14 2025 9 27 2025 10 25

2025 11 25 2026 4 1 2026 5 29 2026 5 30 2026 6 3 2026 6 19 2026 9 12

2024 12 31

2024 12 31 2025 1 1

29.50% 30%

摘要

1212

3

2

5

3 1

3

1

47

8

1

9

10

16 1

2

3

19

20

25

1

26

27

1

28

29

30

31

38

39

40

41

42

43

44

45 “—”

46 “—”

1

2

3

5

6 1

2

1

73

此件仅供业务报告使用，复印无效

此件仅供业务报告使用，复印无效

3-5-84