Group 1 - Xinhua Media achieved a net profit of 32.34 million yuan in the first half of 2025, a year-on-year increase of 9.29% [1] - Xinhua Media's operating income for the first half of 2025 was 631 million yuan, a year-on-year growth of 2.45% [1] - China Galaxy reported a net profit of 6.488 billion yuan, up 47.86% year-on-year, with an operating income of 137.47 billion yuan, a 37.71% increase [2] Group 2 - Lek Electric's net profit decreased by 29.01% to 428 million yuan, despite a slight revenue increase of 0.65% to 4.781 billion yuan [3] - Honghui Fruits and Vegetables reported a net profit of 6.9243 million yuan, down 44.82%, with revenue of 470 million yuan, up 7.86% [4] - Bull Group's net profit fell by 8% to 2.06 billion yuan, with a revenue decline of 2.6% to 8.168 billion yuan [5] Group 3 - Nanshan Aluminum achieved a net profit of 2.625 billion yuan, a year-on-year increase of 19.95%, with operating income of 17.274 billion yuan, up 10.25% [6] - Zhujiang Beer reported a net profit of 612 million yuan, a 22.51% increase, with revenue of 3.198 billion yuan, up 7.09% [8] - Baolong Technology's net profit decreased by 9.15% to 135 million yuan, with revenue growth of 24.06% to 3.95 billion yuan [10] Group 4 - Jindi Co. reported a net profit of 75.93 million yuan, a year-on-year increase of 32.86%, with operating income of 835 million yuan, up 40.57% [12] - China Vision Media turned a profit with a net profit of 19.9811 million yuan, compared to a loss of 18.4349 million yuan in the previous year, despite a revenue decline of 10.75% to 229 million yuan [14] - Botao Bio's net profit fell by 82.82% to 12.4024 million yuan, with revenue down 23.91% to 203 million yuan [16] Group 5 - Caitong Securities reported a net profit of 1.083 billion yuan, a year-on-year increase of 16.85%, with operating income of 2.959 billion yuan, down 2.19% [18] - Yili Group's net profit decreased by 4.39% to 7.2 billion yuan, with revenue growth of 3.49% to 61.777 billion yuan [19] - Springlight Technology achieved a net profit of 7.3787 million yuan, a year-on-year increase of 83.73%, with revenue of 251 million yuan, up 39.6% [20] Group 6 - China Haifeng reported a net profit of 94.5739 million yuan, a year-on-year increase of 25.48%, with operating income of 1.385 billion yuan, up 19.64% [21] - Zhongke Titanium White's net profit decreased by 14.83% to 259 million yuan, with revenue growth of 19.66% to 3.77 billion yuan [23] - Huasheng Tiancai turned a profit with a net profit of 14 million yuan, compared to a loss in the previous year, despite a revenue decline of 10.75% to 226 million yuan [25] Group 7 - Shen Zhou Cell reported a net loss of 33.7711 million yuan, with revenue down 25.50% to 972 million yuan [26] - Meihu Co. achieved a net profit of 101 million yuan, a year-on-year increase of 10.26%, with operating income of 1.075 billion yuan, up 10.74% [28] - Jifeng Technology plans to apply for a comprehensive credit of 170 million yuan to supplement working capital [29] Group 8 - Foton Motor reported a net profit of 777 million yuan, a year-on-year increase of 87.57%, with operating income of 30.371 billion yuan, up 26.71% [41] - BOE Technology achieved a net profit of 3.247 billion yuan, a year-on-year increase of 42.15%, with operating income of 110.278 billion yuan, up 8.45% [42] - CIMC reported a net profit of 1.278 billion yuan, a year-on-year increase of 47.63%, with operating income of 76.09 billion yuan, down 3.82% [43]

证券代码：600166 证券简称：福田汽车 公告编号：2025-071 北汽福田汽车股份有限公司 非公开发行限售股上市流通公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为非公开发行股份；股票认购方式为网下，上市股数为 1,428,571,428股。 本次发行新增股份 1,428,571,428 股，已于 2022 年 9 月 2 日在中国证券登记结算 有限责任公司上海分公司办理完毕登记手续。本次非公开发行新增股份为有限售条件流 通股，限售期为 36 个月，将于限售期届满后的次一交易日起在上海证券交易所上市流 通交易。具体内容详见公司在上海证券交易所网站（www.sse.com.cn）及《中国证券报》 《上海证券报》《证券日报》披露的《非公开发行股票发行结果暨股本变动公告》（公告 二、本次限售股形成后至今公司股本数量变化情况 2022 年 9 月 2 日，本次发行的新股登记完成后，公司增加 1,428,571,428 股限售 股，总股本由 6,575,192,047 股增加至 8,00 ...

第一创业证券承销保荐有限责任公司 关于北汽福田汽车股份有限公司 2022 年 9 月 2 日，公司完成本次发行的新股登记，本次发行新增 1,428,571,428 股限售股，公司总股本由 6,575,192,047 股增加至 8,003,763,475 股。 2024 年 10 月 16 日，因公司注销回购股份 86,363,108 股，公司总股本由 8,003,763,475 股变更为 7,917,400,367 股。 非公开发行限售股上市流通事项的核查意见 第一创业证券承销保荐有限责任公司（简称"保荐机构"）作为北汽福田汽 车股份有限公司（简称 "上市公司"或"公司"）2022 年非公开发行 A 股股 票的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票 上市规则》等有关规定，对公司非公开发行限售股份解除限售事项进行核查，具 体情况如下： 一、本次限售股上市类型 2022 年 8 月 19 日，北汽福田汽车股份有限公司收到中国证监会出具的《关 于核准北汽福田汽车股份有限公司非公开发行股票的批复》（证监许可〔2022〕 1817 号），核准公司非公开发行数量为 1,428,571,428 ...

Core Insights - The company reported a revenue of 30.37 billion yuan for the first half of 2025, representing a year-on-year increase of 26.7% [1] - The net profit attributable to the parent company was 777 million yuan, showing a significant year-on-year growth of 87.6% [1] - The net operating cash flow reached 1.894 billion yuan, marking an impressive year-on-year increase of 415% [1]

Market Overview - The commercial vehicle sector increased by 0.84% on August 28, with Shuguang Co. leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - Shuguang Co. (600303) closed at 3.84, up 3.23% with a trading volume of 633,800 shares and a turnover of 240 million yuan [1] - Jianghuai Automobile (600418) closed at 51.19, up 2.34% with a trading volume of 733,100 shares and a turnover of 3.714 billion yuan [1] - Zhongshun Vehicles (301039) closed at 9.03, up 1.12% with a trading volume of 217,300 shares and a turnover of 19.4 million yuan [1] - Foton Motor (600166) closed at 2.74, up 0.37% with a trading volume of 1,409,800 shares and a turnover of 384 million yuan [1] - Yutong Bus (600066) closed at 27.35, up 0.22% with a trading volume of 118,100 shares and a turnover of 322 million yuan [1] - Other notable performances include FAW Jiefang (000800) at 7.14, up 0.14%, and Ankai Bus (000868) at 5.84, unchanged [1] Fund Flow Analysis - The commercial vehicle sector experienced a net outflow of 270 million yuan from institutional investors, while retail investors saw a net inflow of 247 million yuan [2] - The overall fund flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Detailed Fund Flow by Stock - Jianghuai Automobile saw a net inflow of 29.0692 million yuan from institutional investors, but a net outflow of 47.1443 million yuan from speculative funds [3] - Shuguang Co. experienced a net outflow of 7.9935 million yuan from institutional investors, while speculative funds contributed a net inflow of 17.2662 million yuan [3] - China National Heavy Duty Truck (000951) had a significant net outflow of 36.9903 million yuan from institutional investors, but a net inflow of 38.2937 million yuan from speculative funds [3]

Core Insights - The company reported significant growth in revenue and net profit for the first half of 2025, with a revenue of 30.37 billion yuan, representing a 26.71% increase year-on-year, and a net profit of 776.86 million yuan, up 87.57% from the previous year [3] Financial Performance - Revenue for the reporting period reached 30.37 billion yuan, compared to 23.97 billion yuan in the same period last year, marking a 26.71% increase [3] - Total profit amounted to 750.31 million yuan, a 70.23% increase from 440.77 million yuan year-on-year [3] - Net profit attributable to shareholders was 776.86 million yuan, up 87.57% from 414.17 million yuan [3] - Net profit excluding non-recurring items was 550.60 million yuan, reflecting an 80.81% increase from 304.52 million yuan [3] - The net cash flow from operating activities was 1.89 billion yuan, a significant increase of 415.01% compared to 367.76 million yuan [3] Asset and Equity Position - As of the end of the reporting period, net assets attributable to shareholders were 15.08 billion yuan, a 5.31% increase from 14.32 billion yuan at the end of the previous year [3] - Total assets reached 58.75 billion yuan, representing a 13.31% increase from 51.85 billion yuan at the end of the previous year [3] Strategic Initiatives - The company has accelerated its transition to new energy, improving the profitability of its new energy products and enhancing its product lineup, including electric batteries and hydrogen systems [2] - In the first half of 2025, the company sold 50,142 new energy vehicles, a 151% increase year-on-year, capturing a market share of 12.5%, up 4.2 percentage points [2] - The company is focusing on internationalization and enhancing product capabilities, particularly in heavy trucks, pickups, and buses, while supporting domestic dealers in expanding overseas [2]

Core Viewpoint - Foton Motor has demonstrated strong performance in the first half of 2025, achieving significant growth in sales, revenue, and net profit, indicating successful implementation of its strategic initiatives and a focus on high-quality development [1][2][3]. Group 1: Financial Performance - In the first half of 2025, Foton Motor sold 327,000 vehicles, a year-on-year increase of 9.1%, with a market share increase of 0.9 percentage points [1][9]. - The company's revenue reached 30.37 billion RMB, up 26.7% year-on-year, while net profit attributable to shareholders was 780 million RMB, reflecting an 87.6% increase [2][9]. - The return on equity (ROE) improved to 5.3%, an increase of nearly 2.4 percentage points compared to the previous year [1][2]. Group 2: Business Operations and Strategy - Foton Motor has a comprehensive product and service portfolio covering over 130 countries, focusing on customer-centric innovation and technology [3][5]. - The company has established 17 global R&D centers and is advancing its smart manufacturing capabilities across the entire commercial vehicle supply chain [5][6]. - Foton's sales network includes over 21,000 locations worldwide, with a strong emphasis on after-sales services and a comprehensive energy service system for electric vehicles [6][7]. Group 3: Market Trends and Product Performance - The Chinese commercial vehicle market showed resilience, with a total sales volume of 2.122 million units in the first half of 2025, a 2.6% increase year-on-year, driven by policies like "trade-in" [9]. - Foton's heavy-duty truck sales reached 72,246 units, a 33.4% increase, while sales of new energy vehicles surged by 151.0% to 50,142 units, capturing a 12.5% market share [9][13]. - The company aims to enhance its market presence in heavy-duty trucks and expand its new energy product offerings to meet growing demand [9][10].

Core Viewpoint - Foton Motor's stock has experienced fluctuations, with a recent decline of 2.20% and a total market capitalization of 21.139 billion yuan, while the company shows a year-to-date stock price increase of 6.37% [1] Financial Performance - For the first half of 2025, Foton Motor achieved a revenue of 30.371 billion yuan, representing a year-on-year growth of 26.71%, and a net profit attributable to shareholders of 777 million yuan, which is an increase of 87.57% compared to the previous year [2] Shareholder Information - As of June 30, 2025, the number of Foton Motor shareholders decreased by 18.00% to 123,200, while the average number of circulating shares per person increased by 21.95% to 52,686 shares [2] - The company has cumulatively distributed 2.441 billion yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder with 201 million shares, an increase of 11 million shares from the previous period, while Southern CSI 500 ETF ranks sixth with 70.5401 million shares, up by 9.6199 million shares [3]

Core Insights - Foton Motor reported a revenue of 30.37 billion yuan for the first half of 2025, representing a year-on-year increase of 26.7% [1] - The company's net profit attributable to shareholders reached 777 million yuan, showing a significant year-on-year growth of 87.6% [1] - Operating cash flow net amount was 1.894 billion yuan, with a remarkable year-on-year increase of 415% [1] Business Performance - The company focused on the development of its commercial vehicle core business, achieving sales of 330,000 units, which is a year-on-year increase of 9.08% [1] - Foton's overseas business continued to grow, with sales reaching 78,500 units, indicating an improvement in profitability [1] New Energy Vehicles - Foton actively promoted its market layout for new energy vehicles, achieving sales of 50,100 units in the first half of the year, which is a year-on-year increase of 151% [1] - The market share for new energy vehicles increased to 12.5% [1]

[Definitions](index=4&type=section&id=Section%201%20Definitions) [Common Terms and Definitions](index=4&type=section&id=Common%20Terms%20and%20Definitions) This section defines key terms used in the report to ensure clear understanding of its content - Defines "Foton Motor" as BAIC Foton Motor Co, Ltd[12](index=12&type=chunk) - Clarifies the "Reporting Period" as January-June 2025[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=4&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Information](index=4&type=section&id=I.%20Company%20Information) This section provides basic company information, including its name, abbreviation, and legal representative - The company is BAIC Foton Motor Co, Ltd, abbreviated as Foton Motor[14](index=14&type=chunk) - The legal representative is Chang Rui[14](index=14&type=chunk) [Contact Persons and Methods](index=4&type=section&id=II.%20Contact%20Persons%20and%20Methods) This section lists the contact information for the Secretary of the Board and the Securities Affairs Representative - The Secretary of the Board is Chen Weijuan, and the Securities Affairs Representative is Wang Guiqing[15](index=15&type=chunk) - Contact phone and fax are both 010-80716459[15](index=15&type=chunk) [Changes in Basic Information](index=4&type=section&id=III.%20Changes%20in%20Basic%20Information) This section discloses the company's registered address, office address, website, and email, noting no changes during the reporting period - The registered and office addresses are both located at Laoniuwan Village North, Shayang Road, Shahe Town, Changping District, Beijing[16](index=16&type=chunk) - **No changes** to the company's basic information occurred during the reporting period[16](index=16&type=chunk) [Information Disclosure and Document Location](index=4&type=section&id=IV.%20Information%20Disclosure%20and%20Document%20Location) This section specifies the designated newspapers for information disclosure, the website for the semi-annual report, and the document location - Designated newspapers for information disclosure are *Shanghai Securities News*, *China Securities Journal*, and *Securities Daily*[17](index=17&type=chunk) - The report is published on the website www.sse.com.cn[17](index=17&type=chunk) [Company Stock Profile](index=5&type=section&id=V.%20Company%20Stock%20Profile) This section provides details of the company's A-share stock, including the listing exchange, ticker symbol, and code - Stock Type: A-Share, listed on the **Shanghai Stock Exchange**[18](index=18&type=chunk) - Stock Ticker: Foton Motor, Stock Code: **600166**[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section details key accounting data for H1 2025, showing significant growth in total profit, net profit attributable to shareholders, and operating cash flow Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 30,370,991,018.43 | 23,968,217,219.13 | 26.71 | | Total Profit | 750,308,268.16 | 440,766,002.45 | 70.23 | | Net Profit Attributable to Shareholders | 776,858,166.03 | 414,171,229.14 | 87.57 | | Net Cash Flow from Operating Activities | 1,894,001,180.60 | 367,757,571.73 | 415.01 | Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/Share) | 0.0981 | 0.0523 | 87.57 | | Basic EPS after Non-recurring Items (RMB/Share) | 0.0695 | 0.0385 | 80.52 | | Weighted Average Return on Equity (%) | 5.28 | 2.86 | Increase of 2.42 p.p. | | Weighted Average ROE after Non-recurring Items (%) | 3.75 | 2.11 | Increase of 1.64 p.p. | - **Total profit increased by 70.23%** year-over-year, driven by a 9.08% rise in commercial vehicle sales, improved profitability in overseas business, innovative marketing models, and cost reductions across the value chain[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=6&type=section&id=IX.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) This section discloses non-recurring profit and loss items for H1 2025, totaling RMB 226.26 million Non-recurring Profit and Loss Items for H1 2025 | Non-recurring Profit and Loss Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 135,824,051.76 | | Government Grants Recognized in Current Profit or Loss | 109,844,084.19 | | Fair Value Gains/Losses and Gains/Losses from Disposal of Financial Assets/Liabilities | -11,181,593.87 | | Other Non-operating Income and Expenses | 2,620,007.48 | | Other Items Meeting the Definition of Non-recurring Profit or Loss | -3,620,147.50 | | Less: Income Tax Impact | 6,154,683.11 | | Minority Interest Impact (After Tax) | 1,076,043.66 | | **Total** | **226,255,675.29** | [Management's Discussion and Analysis](index=7&type=section&id=Section%203%20Management's%20Discussion%20and%20Analysis) [Industry and Core Business Overview](index=7&type=section&id=I.%20Industry%20and%20Core%20Business%20Overview) This section details Foton Motor's core business, operating model, global presence, R&D system, manufacturing, sales, and after-sales ecosystem, along with an overview of the automotive industry - Founded in 1996, the company is a state-controlled listed entity with a business presence in **over 130 countries and regions**[26](index=26&type=chunk) - The product portfolio includes a full range of commercial vehicles such as heavy-duty trucks, light-duty trucks, pickups, VANs, and buses, with a new energy vehicle matrix covering **pure electric, hybrid, and hydrogen fuel cell technologies**[26](index=26&type=chunk) - The company operates **17 R&D centers globally**, forming a technology innovation system focused on new energy, intelligent connectivity, testing, and lightweighting[26](index=26&type=chunk) - In H1 2025, China's auto production and sales grew by **12.5% and 11.4%** respectively, with commercial vehicle production and sales up by 4.7% and 2.6%[31](index=31&type=chunk) China's Automotive Industry Production and Sales Data (H1 2025) | Product Category | Sales Volume in Reporting Period (Units) | Year-over-Year Change (%) | | :--- | :--- | :--- | | Total Automobiles | 15,652,790 | 11.43 | | Total Commercial Vehicles | 2,121,671 | 2.58 | | Total Passenger Vehicles | 13,531,119 | 12.96 | [Discussion and Analysis of Operations](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company advanced its new energy, overseas, and heavy-duty truck strategies, achieving growth in both sales volume and market share - In H1 2025, the company sold a total of **327,000 vehicles** (including Foton Daimler), a year-over-year increase of **9.1%**, with its market share rising by 0.9 percentage points to **15.4%**[34](index=34&type=chunk) - Medium and heavy-duty truck sales reached **72,246 units**, up **33.4%** YoY, with market share increasing by 2.6 percentage points to 12.1%; heavy-duty truck sales grew by **74.3%**[34](index=34&type=chunk) - Light-duty truck (including mini-trucks) sales totaled **229,499 units**, a **6.5%** YoY increase, with market share growing by 1.0 percentage point to 18.2%[35](index=35&type=chunk) - New energy vehicle sales reached **50,142 units**, a significant **151.0%** YoY increase, with market share rising by 4.2 percentage points to 12.5%[37](index=37&type=chunk) - Export sales totaled **78,518 units**, remaining stable compared to the same period last year[38](index=38&type=chunk) - Engine sales reached **133,845 units**, a slight decrease of **0.4%** YoY; Foton Cummins sales grew by 8.7%, while Foton Engine sales declined by 15.4%[39](index=39&type=chunk) [Analysis of Core Competitiveness](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness) The company enhances its core competitiveness through strategic leadership, innovation, digital transformation, and building a world-class value chain - The company adheres to a strategy of "comprehensive internationalization, new energy focus, and intelligence," aiming to maintain its top position in commercial vehicles[39](index=39&type=chunk)[40](index=40&type=chunk) - R&D investment continues to increase, with **RMB 960 million** spent in H1, accounting for **3.2% of operating revenue**, to achieve autonomy in core new energy and autonomous driving technologies[41](index=41&type=chunk)[78](index=78&type=chunk) - Autonomous driving products have achieved large-scale application in various scenarios, with HWP products delivered to 282 units and operating mileage exceeding **24 million kilometers**[44](index=44&type=chunk) - The company deepens cooperation with strategic partners to develop core components and key technologies in new energy and intelligence, with a focus on hydrogen energy R&D[45](index=45&type=chunk) - The company received the "2025 China Commercial Vehicle Innovative Technology Achievement" award and was re-selected for the SASAC's "Science and Technology Reform Enterprise" list[50](index=50&type=chunk) [Review of Key Operations](index=13&type=section&id=IV.%20Review%20of%20Key%20Operations) This section analyzes changes in major financial statement items, asset and liability structure, investment status, and the performance of key subsidiaries [(I) Core Business Analysis](index=13&type=section&id=(I)%20Core%20Business%20Analysis) During the reporting period, the company's operating revenue and costs grew significantly, while sales and financial expenses varied, and R&D expenses decreased Analysis of Major Financial Statement Item Changes (H1 2025 vs H1 2024) | Item | Current Period (RMB) | Prior Year Period (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 30,370,991,018.43 | 23,968,217,219.13 | 26.71 | Increased sales volume YoY | | Operating Costs | 27,239,100,426.64 | 21,027,844,471.19 | 29.54 | Increased sales volume YoY | | Selling Expenses | 1,023,745,640.34 | 849,088,057.80 | 20.57 | Increased sales and labor costs | | Finance Costs | -28,512,330.82 | -20,147,494.79 | N/A | Increased foreign exchange gains due to currency fluctuations | | R&D Expenses | 960,557,907.17 | 1,043,496,166.64 | -7.95 | Reduced expensed R&D due to project phase changes | | Net Cash Flow from Operating Activities | 1,894,001,180.60 | 367,757,571.73 | 415.01 | Increased cash collection from sales YoY | [(III) Analysis of Assets and Liabilities](index=13&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the period, total assets and net assets attributable to the parent company increased, while accounts receivable, notes receivable, and receivables financing saw significant growth Changes in Assets and Liabilities (End of Current Period vs End of Prior Year) | Item | Current Period-end (RMB) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | | Accounts Receivable | 9,177,575,967.95 | 51.00 | Increase in receivables from vehicle sales | | Contract Assets | 200,009,679.74 | -67.86 | Receipt of new energy subsidy payments | | Notes Receivable | 8,579,629.20 | 681.69 | Increase in holdings of commercial acceptance bills | | Receivables Financing | 2,245,855,628.96 | 148.30 | Increase in holdings of bank acceptance bills | | Short-term Borrowings | 837,476,621.20 | 65.13 | Increase in new borrowings | | Taxes Payable | 195,324,318.09 | 92.09 | Increase in VAT payable | | Minority Interests | 625,411,338.35 | 214.03 | Receipt of capital contributions from minority shareholders | - Overseas assets amounted to **RMB 1.48 billion**, accounting for **2.52%** of total assets[56](index=56&type=chunk) - Restricted assets at period-end totaled **RMB 2.16 billion**, primarily consisting of cash and cash equivalents (collateral for acceptance bills) and fixed assets (mortgaged for loans)[58](index=58&type=chunk) [(IV) Investment Analysis](index=15&type=section&id=(IV)%20Investment%20Analysis) The company's financial assets measured at fair value primarily consist of equity investments, while other changes are mainly due to an increase in bank acceptance bills - Financial assets measured at fair value at period-end are mainly equity investments, with other changes driven by an increase in bank acceptance bills held[61](index=61&type=chunk) - The company's participation in the private placement of BAIC BluePark New Energy Technology Co, Ltd has not yet been completed, and no capital has been contributed[62](index=62&type=chunk) [(VI) Analysis of Major Subsidiaries and Investees](index=17&type=section&id=(VI)%20Analysis%20of%20Major%20Subsidiaries%20and%20Investees) This section discloses the operating performance of major subsidiaries and investees, along with details on the acquisition and disposal of subsidiaries during the period - Acquired a 20% stake in Beijing Zhicheng Yunli New Energy Technology Co, Ltd, making it a controlled subsidiary and generating non-operating income of RMB 98,900[62](index=62&type=chunk) - Transferred 100% of the shares in FOTON MOTOR CO, LTD, which is no longer consolidated, resulting in a decrease in investment income of RMB 5.45 million[62](index=62&type=chunk) Financial Data of Major Subsidiaries and Investees (H1 2025) | Company Name | Company Type | Main Business | Registered Capital (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Foton Cummins Engine Co, Ltd | Investee | Engine manufacturing and sales | 2,288,000,000.00 | 453,023,721.28 | 392,699,999.17 | | ZF Foton Automated Transmissions (Jiaxing) Co, Ltd | Investee | Heavy-duty commercial vehicle transmissions | 267,000,000.00 | 145,570,507.81 | 108,834,219.84 | | Beijing Anpeng Zhongrong Auto New Retail Technology Co, Ltd | Investee | Financial leasing, factoring | 3,535,977,900.00 | 29,392,478.44 | 26,824,940.96 | | Beijing Carvin New Energy Vehicle Co, Ltd | Subsidiary | R&D and production of new energy commercial vehicles | 1,305,848,668.00 | -11,971,429.63 | -11,971,426.65 | [Other Disclosures](index=18&type=section&id=V.%20Other%20Disclosures) This section discloses risks related to market, supply chain, policy, technology, and exchange rates, and details progress on the "Quality and Efficiency Enhancement, Shareholder Return" action plan [(I) Potential Risks](index=18&type=section&id=(I)%20Potential%20Risks) The company faces risks from uncertain export growth, rising supply chain costs, evolving regulations for vehicle electrification and intelligence, and exchange rate fluctuations - **Market Risk**: Uncertainties in commercial vehicle export growth in H2 due to ongoing geopolitical risks and rising trade protectionism[65](index=65&type=chunk) - **Supply Chain Risk**: The complex global situation creates risks of rising costs, partnership constraints, and supply chain disruptions[66](index=66&type=chunk) - **Policy and Technology Risk**: The automotive industry is rapidly evolving towards electrification, intelligence, and low-carbon development, driven by national strategies, leading to continuous regulatory updates[67](index=67&type=chunk) - **Exchange Rate Fluctuation Risk**: The USD/RMB exchange rate is subject to various factors, creating short-term and long-term uncertainties[69](index=69&type=chunk) [(II) Progress on "Quality and Efficiency Enhancement, Shareholder Return" Action Plan](index=19&type=section&id=(II)%20Other%20Disclosures) The company achieved significant progress in its action plan in H1 2025, enhancing operational quality and profitability through strategic initiatives and improved governance - In H1, the company achieved sales of **327,000 units** (+9.1% YoY), operating revenue of **RMB 30.37 billion** (+26.7% YoY), and net profit attributable to shareholders of **RMB 780 million** (+87.6% YoY)[70](index=70&type=chunk) - New energy vehicle sales reached **50,000 units**, a **151.0%** YoY increase, with market share rising by 4.2 percentage points to 12.5%[73](index=73&type=chunk) - Continued to advance overseas industrialization projects, exporting **79,000 vehicles** in H1, on par with the same period last year[74](index=74&type=chunk) - The business model is transitioning to "Vehicle + Parts + Service Ecosystem," developing maintenance, used car, and digital intelligence business segments[75](index=75&type=chunk) - Established a "Market Value Management System" and is exploring long-term incentives and asset integration, committing to share buybacks if necessary to stabilize the stock price[76](index=76&type=chunk) - R&D investment in H1 was **RMB 960 million**, representing 3.2% of operating revenue, with **4,334 valid patents** held[78](index=78&type=chunk) - Completed the development and optimization of over 10 digital platforms/modules, with more than 60 projects completed and the process architecture upgraded to version 2.0[81](index=81&type=chunk) - Published 2 periodic reports and 47 ad-hoc announcements, held 1 earnings call, and hosted 8 investor research visits in H1[83](index=83&type=chunk)[84](index=84&type=chunk) - Established a three-tiered ESG management structure and voluntarily disclosed its first sustainability report[85](index=85&type=chunk) - Abolished the Supervisory Board, transferring some of its functions to the Board's Audit/Internal Control Committee to strengthen the role of independent directors and subsidiary governance[86](index=86&type=chunk)[87](index=87&type=chunk)[89](index=89&type=chunk) [Corporate Governance, Environment, and Society](index=25&type=section&id=Section%204%20Corporate%20Governance,%20Environment,%20and%20Society) [Changes in Directors and Senior Management](index=25&type=section&id=I.%20Changes%20in%20Directors%20and%20Senior%20Management) During the period, several changes occurred in senior management and the board, including reappointments, new appointments, and departures, with the Supervisory Board being abolished post-period - Wu Xibin was reappointed as the company's General Manager[94](index=94&type=chunk) - Liu Xuguang and Sun Jing were appointed as Deputy General Managers; Gong Haidong stepped down as Deputy General Manager[94](index=94&type=chunk) - Li Qinghua was elected as the employee representative director for the 9th Board of Directors, replacing Gong Haidong[94](index=94&type=chunk) - Post-period, the company abolished the Supervisory Board, leading to the departure of several supervisors[95](index=95&type=chunk) [Profit Distribution or Capitalization of Capital Reserve Plan](index=25&type=section&id=II.%20Profit%20Distribution%20or%20Capitalization%20of%20Capital%20Reserve%20Plan) The company will not distribute profits or capitalize capital reserves for the first half of the year as the parent company's unappropriated profits are negative - No profit distribution or capitalization of capital reserves will be conducted for this reporting period[96](index=96&type=chunk) - The parent company's negative balance of unappropriated profits does not meet the conditions for dividend distribution[96](index=96&type=chunk) [Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=25&type=section&id=III.%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) During the period, several participants in the company's employee stock ownership plans became ineligible due to resignation or termination of employment - Participants in the 4th, 7th, and 2023 employee stock ownership plans became ineligible due to resignation or termination of employment[98](index=98&type=chunk) - The shares held by these individuals will be handled in accordance with the plan's regulations[98](index=98&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries on the Mandatory Disclosure List](index=26&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20on%20the%20Mandatory%20Disclosure%20List) Four of the company's subsidiaries are included on the list of enterprises required to disclose environmental information - The number of entities on the mandatory environmental information disclosure list is **four**[98](index=98&type=chunk) - These include the Beijing Auhui Bus Branch, Shandong Multi-purpose Vehicle Plant, Times Linghang Truck Plant, and Zhucheng Automobile Plant[98](index=98&type=chunk) [Poverty Alleviation and Rural Revitalization Efforts](index=26&type=section&id=V.%20Poverty%20Alleviation%20and%20Rural%20Revitalization%20Efforts) The company actively supports poverty alleviation and rural revitalization through organizational support, employment assistance, and targeted aid programs - The company has established a leadership and working group to oversee and implement rural revitalization initiatives[99](index=99&type=chunk) - As of June 2025, the company has employed **79 individuals** from nine targeted poverty-stricken regions[100](index=100&type=chunk) - In H1 2025, the company's consumption-based poverty alleviation efforts totaled **RMB 507,000**[101](index=101&type=chunk) - The company dispatched an employee to serve as the first party secretary in a paired-assistance village to help local residents achieve prosperity[102](index=102&type=chunk) [Significant Matters](index=27&type=section&id=Section%205%20Significant%20Matters) [Fulfillment of Commitments](index=27&type=section&id=I.%20Fulfillment%20of%20Commitments) This section discloses the fulfillment of commitments made by the controlling shareholder, BAIC Group, all of which have been strictly adhered to - BAIC Group has strictly adhered to the **36-month lock-up period** for shares subscribed in the private placement[104](index=104&type=chunk) - BAIC Group has committed not to improperly interfere with the company's operations or encroach on its interests[104](index=104&type=chunk) - BAIC Group has committed to resolving inter-industry competition and refraining from engaging in businesses that compete with the company[104](index=104&type=chunk)[105](index=105&type=chunk) - BAIC Group has committed to minimizing related-party transactions and ensuring they are conducted on fair and transparent market principles[105](index=105&type=chunk)[106](index=106&type=chunk) [Significant Related-Party Transactions](index=30&type=section&id=X.%20Significant%20Related-Party%20Transactions) This section discloses routine related-party transactions in sales, services, deposits, loans, and credit, and provides updates on related-party debts and credits [(I) Related-Party Transactions in Connection with Daily Operations](index=30&type=section&id=(I)%20Related-Party%20Transactions%20in%20Connection%20with%20Daily%20Operations) The company engages in significant routine related-party transactions with entities like Beijing Foton Daimler Automotive and Beijing Foton Cummins Engine, based on market pricing Major Related-Party Purchases/Services Received (H1 2025) | Counterparty | Relationship | Transaction Content | Transaction Amount (RMB 10k) | % of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | | Beijing Foton Cummins Engine Co, Ltd | Joint Venture | Purchase of raw materials; services received | 315,623.75 | 42.46% | | Beijing Foton Daimler Automotive Co, Ltd | Joint Venture | Purchase of vehicles and raw materials; services received | 179,423.86 | 24.14% | | Beijing Foton Cummins Emission Solutions Co, Ltd | Joint Venture | Purchase of raw materials | 69,442.90 | 9.34% | | BAIC Group (incl subsidiaries) | Controlling Shareholder | Purchase of raw materials, assets; financial services | 50,818.09 | 6.84% | Major Related-Party Sales/Services Provided (H1 2025) | Counterparty | Relationship | Transaction Content | Transaction Amount (RMB 10k) | % of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | | Beijing Foton Daimler Automotive Co, Ltd | Joint Venture | Sales of engines, transmissions, parts; financial and information services | 452,519.93 | 90.14% | | Beijing Foton Cummins Engine Co, Ltd | Joint Venture | Technical services, accommodation, warranty claims | 33,378.09 | 6.65% | | BAIC Group (incl subsidiaries) | Controlling Shareholder | Sales of vehicles, engines, parts; services provided | 16,122.17 | 3.21% | [(IV) Related-Party Debts and Credits](index=32&type=section&id=(IV)%20Related-Party%20Debts%20and%20Credits) As of June 30, 2025, Beijing Electric Vehicle Co, Ltd has made timely partial repayments of asset transfer fees and rent, with some amounts still outstanding - As of June 30, 2025, Beijing Electric Vehicle Co, Ltd has repaid **RMB 85 million** of the asset transfer fee, with **RMB 765 million** remaining outstanding[113](index=113&type=chunk) - BAIC BJEV has paid a deposit of **RMB 7 million** and the first rent installment of **RMB 85 million**, with **RMB 250 million** remaining outstanding[113](index=113&type=chunk) [(V) Financial Business with Related-Party Finance Companies](index=32&type=section&id=(V)%20Financial%20Business%20with%20Related-Party%20Finance%20Companies) The company conducts deposit and credit business with its controlling shareholder's finance company, BAIC Group Finance Co, Ltd Deposit Business with BAIC Group Finance Co, Ltd (H1 2025) | Related Party | Max Daily Deposit Limit (RMB) | Deposit Interest Rate Range | Opening Balance (RMB) | Closing Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | BAIC Group Finance Co, Ltd | 5,900,000,000.00 | 1.088%-1.16% | 3,970,242,888.03 | 3,685,983,411.79 | - The total comprehensive credit line with BAIC Group Finance Co, Ltd is **RMB 10.5 billion**, with an actual utilized amount of **RMB 23.66 million**[119](index=119&type=chunk) [Significant Contracts and Their Performance](index=34&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Performance) This section discloses significant guarantees provided by the company, with the total guarantee amount representing 85.01% of the company's net assets [(II) Significant Guarantees Performed and Outstanding](index=34&type=section&id=(II)%20Significant%20Guarantees%20Performed%20and%20Outstanding) The company has provided joint liability guarantees for several subsidiaries and investees, with the total guarantee amount reaching RMB 12.18 billion, or 85.01% of net assets Company's Total Guarantee Amount (H1 2025) | Indicator | Amount (RMB 100 million) | | :--- | :--- | | Guarantees provided during the period (excluding subsidiaries) | 41.63 | | Outstanding guarantee balance at period-end (A) (excluding subsidiaries) | 97.23 | | Guarantees provided to subsidiaries during the period | 6.50 | | Outstanding guarantee balance for subsidiaries at period-end (B) | 24.52 | | Total Guarantee Amount (A+B) | 121.75 | | Total Guarantee Amount as a % of Net Assets | 85.01 | | Guarantees for shareholders, actual controllers, and their affiliates (C) | 47.42 | | Amount of guarantees exceeding 50% of net assets (E) | 50.14 | | Total of the above three items (C+D+E) | 170.13 | - The company has provided joint liability guarantees for several subsidiaries and investees, including Beijing Sinotruk Xinyuan Financial Leasing Co, Ltd and Beijing Foton Commercial Factoring Co, Ltd[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk) [Changes in Share Capital and Shareholders](index=42&type=section&id=Section%206%20Changes%20in%20Share%20Capital%20and%20Shareholders) [Changes in Share Capital](index=42&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, the company's total number of shares and share capital structure remained unchanged - The company's total number of shares and share capital structure **did not change** during the reporting period[131](index=131&type=chunk) - The total share capital is **7,917,400,367 shares**, of which 1,428,571,428 are restricted shares[131](index=131&type=chunk) [Shareholders](index=42&type=section&id=II.%20Shareholders) As of the end of the reporting period, the company had 123,160 common shareholders, with the controlling shareholder, BAIC Group, holding 40.84% of the shares - Total number of common shareholders at the end of the reporting period: **123,160**[132](index=132&type=chunk) Top Ten Shareholders (as of Period-end) | Shareholder Name | Shares Held at Period-end | Percentage (%) | Number of Restricted Shares | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | BAIC Group Co, Ltd | 3,233,860,362 | 40.84 | 1,428,571,428 | State-owned legal person | | Beijing State-owned Capital Operation and Management Co, Ltd | 296,626,400 | 3.75 | 0 | State-owned legal person | | Hong Kong Securities Clearing Company Ltd | 201,099,762 | 2.54 | 0 | Other | | Changchai Co, Ltd | 144,500,000 | 1.83 | 0 | State-owned legal person | | Weichai Power Co, Ltd | 80,000,000 | 1.01 | 0 | State-owned legal person | - The restricted shares held by the controlling shareholder, BAIC Group, will become tradable on **September 3, 2025**[138](index=138&type=chunk) [Bond-Related Information](index=46&type=section&id=Section%207%20Bond-Related%20Information) [Corporate Bonds and Non-financial Enterprise Debt Financing Instruments](index=46&type=section&id=I.%20Corporate%20Bonds%20and%20Non-financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no corporate bonds or non-financial enterprise debt financing instruments during the reporting period - The company has **no corporate bonds** or non-financial enterprise debt financing instruments[141](index=141&type=chunk) [Convertible Corporate Bonds](index=46&type=section&id=II.%20Convertible%20Corporate%20Bonds) The company had no convertible corporate bonds during the reporting period - The company has **no convertible corporate bonds**[141](index=141&type=chunk) [Financial Report](index=47&type=section&id=Section%208%20Financial%20Report) [Audit Report](index=47&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report is **unaudited**[5](index=5&type=chunk)[143](index=143&type=chunk) [Financial Statements](index=47&type=section&id=II.%20Financial%20Statements) This section provides the consolidated and parent company financial statements for H1 2025, reflecting the company's financial position, operating results, and cash flows Key Data from Consolidated Balance Sheet (June 30, 2025 vs Dec 31, 2024) | Item | June 30, 2025 (RMB) | Dec 31, 2024 (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 11,246,389,367.45 | 8,822,372,291.48 | | Accounts Receivable | 9,177,575,967.95 | 6,077,673,458.00 | | Inventories | 6,830,667,409.73 | 6,976,127,102.22 | | Total Assets | 58,750,982,860.99 | 51,848,813,097.04 | | Total Liabilities | 43,042,803,746.88 | 37,327,936,247.70 | | Total Equity Attributable to Parent Company | 15,082,767,775.77 | 14,321,719,535.57 | Key Data from Consolidated Income Statement (H1 2025 vs H1 2024) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 30,370,991,018.43 | 23,968,217,219.13 | | Operating Profit | 744,917,416.06 | 431,006,191.91 | | Total Profit | 750,308,268.16 | 440,766,002.45 | | Net Profit | 727,980,904.60 | 397,566,764.59 | | Net Profit Attributable to Parent Company Shareholders | 776,858,166.03 | 414,171,229.14 | | Basic Earnings Per Share (RMB/Share) | 0.0981 | 0.0523 | Key Data from Consolidated Cash Flow Statement (H1 2025 vs H1 2024) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,894,001,180.60 | 367,757,571.73 | | Net Cash Flow from Investing Activities | -67,099,574.72 | -293,381,752.13 | | Net Cash Flow from Financing Activities | 536,190,166.25 | 3,080,155,312.28 | | Net Increase in Cash and Cash Equivalents | 2,371,360,436.01 | 3,169,985,539.08 | [Company Basic Information](index=66&type=section&id=III.%20Company%20Basic%20Information) This section provides an overview of the company, including its history, listing date, controlling shareholder, registered capital, and primary business scope - The company issued public shares on May 11, 1998, and was listed on the **Shanghai Stock Exchange** on June 2, 1998[175](index=175&type=chunk) - As of June 30, 2025, the company's registered capital is **RMB 7.92 billion**, with BAIC Group holding a **40.84%** stake[175](index=175&type=chunk) - The company operates in the automotive manufacturing industry, primarily engaged in the production and sale of vehicles, including new energy vehicle components[176](index=176&type=chunk) [Basis of Preparation for Financial Statements](index=67&type=section&id=IV.%20Basis%20of%20Preparation%20for%20Financial%20Statements) The company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and based on historical cost - The financial statements are prepared on a **going concern basis**[178](index=178&type=chunk) - The financial statements comply with the Enterprise Accounting Standards issued by the Ministry of Finance and relevant disclosure rules from the CSRC[179](index=179&type=chunk) - The company uses the accrual basis of accounting and measures most items at **historical cost**, except for certain financial instruments[179](index=179&type=chunk) [Significant Accounting Policies and Estimates](index=67&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's accounting policies and estimates for key areas such as financial instruments, inventory, revenue recognition, and government grants - The company determines its accounting policies for expected credit losses, depreciation, amortization, R&D capitalization, and revenue recognition based on its operational characteristics[180](index=180&type=chunk) - Financial assets are classified at initial recognition based on the business model for managing them and their contractual cash flow characteristics[197](index=197&type=chunk) - For notes receivable, accounts receivable, and contract assets, the company measures the loss allowance at an amount equal to **lifetime expected credit losses**[210](index=210&type=chunk) - The company uses the **straight-line method** for depreciation of fixed assets, which begins when the asset is ready for its intended use[240](index=240&type=chunk)[242](index=242&type=chunk) - Intangible assets are amortized over their estimated useful lives using a method that reflects the pattern of economic benefits consumption; the straight-line method is used if the pattern cannot be reliably determined[248](index=248&type=chunk)[250](index=250&type=chunk) - Revenue is recognized when the company satisfies a performance obligation by transferring control of a promised good or service to a customer[269](index=269&type=chunk)[270](index=270&type=chunk) - Government grants are recognized when there is reasonable assurance that the conditions will be met and the grants will be received[275](index=275&type=chunk) [Taxation](index=99&type=section&id=VI.%20Taxation) This section discloses the company's main taxes and tax rates, as well as preferential tax policies enjoyed by the company and its subsidiaries - Main taxes include Value-Added Tax (6%, 9%, 13%), Consumption Tax (3%-12%), Corporate Income Tax (15%, 25%), and others[290](index=290&type=chunk) - The company and several subsidiaries are recognized as High and New Technology Enterprises, qualifying for a reduced **Corporate Income Tax rate of 15%**[291](index=291&type=chunk)[292](index=292&type=chunk) - R&D expenses are eligible for a **100% super deduction** if expensed, and amortization is based on 200% of the cost if capitalized[292](index=292&type=chunk) - The company benefits from VAT exemptions for technology transfers and a 5% additional VAT deduction for advanced manufacturing enterprises[292](index=292&type=chunk)[293](index=293&type=chunk) [Notes to Consolidated Financial Statements](index=100&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed notes on major items in the consolidated financial statements, including assets, liabilities, revenue, costs, and investment income - The closing balance of cash and cash equivalents was **RMB 11.25 billion**, of which RMB 336.94 million was held overseas[295](index=295&type=chunk) - The closing book value of accounts receivable was **RMB 9.18 billion**, with a bad debt provision of RMB 478.89 million for individually assessed items[302](index=302&type=chunk)[303](index=303&type=chunk) - The closing book value of inventories was **RMB 6.83 billion**, with a provision for inventory write-down and contract cost impairment totaling RMB 183.43 million[335](index=335&type=chunk)[337](index=337&type=chunk) - The closing book value of long-term equity investments was **RMB 4.58 billion**, including investments in joint ventures and associates[350](index=350&type=chunk) - The closing book value of fixed assets was **RMB 10.14 billion**, with accumulated depreciation of RMB 8.34 billion[355](index=355&type=chunk) - Operating revenue for the period was **RMB 30.37 billion**, and operating costs were **RMB 27.24 billion**[425](index=425&type=chunk) - Investment income for the period was **RMB 298.35 million**, primarily from long-term equity investments accounted for using the equity method[434](index=434&type=chunk) [Research and Development Expenses](index=154&type=section&id=VIII.%20Research%20and%20Development%20Expenses) During the reporting period, total R&D expenditure was RMB 1.19 billion, with RMB 585.48 million expensed and RMB 607.47 million capitalized R&D Expenses by Nature (H1 2025) | Item | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Personnel Costs | 557,292,756.67 | 529,173,665.53 | | Depreciation and Amortization | 67,583,948.97 | 84,609,665.21 | | Development Fees | 104,565,791.98 | 88,879,638.15 | | Announcement Fees | 67,616,379.79 | 135,207,788.60 | | Prototype Vehicle Fees | 113,438,458.70 | 63,322,392.13 | | Testing Fees | 122,622,574.61 | 48,965,141.99 | | Others | 159,827,475.94 | 136,755,717.67 | | **Total** | **1,192,947,386.66** | **1,086,914,009.28** | | Of which: Expensed R&D | 585,477,007.43 | 675,907,162.40 | | Capitalized R&D | 607,470,379.23 | 411,006,846.88 | - Internally developed intangible assets accounted for **66%** of the total intangible asset balance at the end of the period[371](index=371&type=chunk) [Changes in the Scope of Consolidation](index=155&type=section&id=IX.%20Changes%20in%20the%20Scope%20of%20Consolidation) The scope of consolidation changed due to the acquisition of control over one company and the disposal of shares in another - The company acquired control of Beijing Zhicheng Yunli New Energy Technology Co, Ltd through a business combination not under common control on May 16, 2025[155](index=155&type=chunk) - The company disposed of its 100% stake in FOTON MOTOR CO, LTD on March 31, 2025, resulting in a loss of control[158](index=158&type=chunk) - A new subsidiary, "FOTON VIETNAM VEHICLE COMPANY LIMITED," was established during the period[158](index=158&type=chunk) [Interests in Other Entities](index=159&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the composition of the company's corporate group, including its major subsidiaries, joint ventures, and associates - The company has several wholly-owned or controlled subsidiaries, including Beijing Yindaxin Financing Guarantee Co, Ltd and Beijing Foton AUV New Energy Vehicle Co, Ltd[159](index=159&type=chunk)[160](index=160&type=chunk)[161](index=161&type=chunk) - Key joint ventures include Beijing Foton Cummins Engine Co, Ltd and Beijing Foton Daimler Automotive Co, Ltd, both with a **50%** shareholding[163](index=163&type=chunk) - Key associates include Beijing Anpeng Zhongrong Auto New Retail Technology Co, Ltd and ZF Foton Automated Transmissions (Jiaxing) Co, Ltd[164](index=164&type=chunk)[165](index=165&type=chunk) [Government Grants](index=165&type=section&id=XI.%20Government%20Grants) This section discloses liability items related to government grants and the amount of grants recognized in the current period's profit or loss - The closing balance of government grants in deferred income was **RMB 777.40 million**[408](index=408&type=chunk) - The amount of government grants recognized in current profit or loss was **RMB 109.74 million**, with RMB 30.65 million related to assets and RMB 79.09 million related to income[433](index=433&type=chunk)[492](index=492&type=chunk) [Risks Related to Financial Instruments](index=167&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section describes the company's exposure to credit risk, liquidity risk, and market risk, and outlines the policies for managing these risks - The company's main financial instruments include cash, receivables, payables, borrowings, and various investments[492](index=492&type=chunk) - **Credit risk** arises mainly from bank deposits and receivables, which is managed by assessing customer creditworthiness and regular monitoring[493](index=493&type=chunk)[494](index=494&type=chunk) - **Liquidity risk** is managed by maintaining sufficient cash reserves; as of June 30, 2025, the company had unused bank credit facilities of **RMB 19.16 billion**[495](index=495&type=chunk) - **Interest rate risk** arises from long-term interest-bearing debt, and the company manages this by balancing fixed and floating rate contracts[496](index=496&type=chunk) - **Foreign exchange risk** arises from transactions denominated in foreign currencies, primarily USD and EUR, and is managed by monitoring exposure and using forward contracts[499](index=499&type=chunk)[501](index=501&type=chunk) - The company monitors its capital structure based on the debt-to-asset ratio, which was **73.26%** as of June 30, 2025[503](index=503&type=chunk) [Fair Value Disclosures](index=171&type=section&id=XIII.%20Fair%20Value%20Disclosures) This section discloses the fair value of assets and liabilities measured at fair value and explains the basis for determining fair value at different levels Items Measured at Fair Value at Period-end (June 30, 2025) | Item | Level 2 Fair Value (RMB) | Level 3 Fair Value (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 12,369,904.96 | - | 12,369,904.96 | | Other Non-current Financial Assets | - | 997,230,976.09 | 997,230,976.09 | | **Total Assets at Fair Value** | **12,369,904.96** | **997,230,976.09** | **1,009,600,881.05** | | Trading Financial Liabilities | 10,525,510.57 | - | 10,525,510.57 | | **Total Liabilities at Fair Value** | **10,525,510.57** | **-** | **10,525,510.57** | - **Level 1** fair value is based on unadjusted quoted prices in active markets for identical assets or liabilities[507](index=507&type=chunk) - **Level 2** fair value is determined using valuation techniques with observable inputs other than Level 1 quoted prices[508](index=508&type=chunk) - **Level 3** fair value is determined using valuation techniques with significant unobservable inputs[509](index=509&type=chunk) [Related Parties and Related-Party Transactions](index=173&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) This section details the company's parent, subsidiaries, joint ventures, associates, and other related parties, and lists transactions with them - The company's parent is **BAIC Group Co, Ltd**, which holds a **40.84%** stake[514](index=514&type=chunk) - The company engages in sales and service transactions with joint ventures and associates like Beijing Foton Cummins Engine and Beijing Foton Daimler Automotive[519](index=519&type=chunk)[521](index=521&type=chunk) - The company acts as a lessor, providing rental services to related parties such as Beijing Foton Daimler Automotive[524](index=524&type=chunk)[525](index=525&type=chunk) - The company provides guarantees for related parties, with a total guarantee amount of **RMB 474.20 million**[526](index=526&type=chunk)[527](index=527&type=chunk) - Compensation for key management personnel for the period amounted to **RMB 6.02 million**[529](index=529&type=chunk) [Share-based Payments](index=188&type=section&id=XV.%20Share-based%20Payments) This section discloses the company's equity-settled share-based payment plans, with expenses of RMB 3.62 million recognized during the period - The equity-settled share-based payments are granted to senior executives and key employees[541](index=541&type=chunk) - The fair value of the equity instruments is determined based on the stock's closing price on the grant date[541](index=541&type=chunk) - The total expense recognized for share-based payments in the current period was **RMB 3.62 million**[544](index=544&type=chunk) [Commitments and Contingencies](index=189&type=section&id=XVI.%20Commitments%20and%20Contingencies) This section details the company's significant commitments, including employee stock ownership plans and investment projects, as well as major contingencies - The company's 4th, 5th, 6th, 7th, and 2023 employee stock ownership plans are ongoing, with lock-up periods of 36 months[543](index=543&type=chunk)[545](index=545&type=chunk)[546](index=546&type=chunk)[547](index=547&type=chunk)[548](index=548&type=chunk)[549](index=549&type=chunk) - The company has committed to investing no less than **16.76 billion Rupees** in Maharashtra, India, with RMB 100 million already invested in construction in progress[551](index=551&type=chunk) - The company provides repurchase guarantees for bank acceptance bills issued by dealers, with an outstanding balance of **RMB 4.17 billion** as of June 30, 2025[555](index=555&type=chunk) - The company provides guarantees for customer vehicle financing, with an outstanding balance of **RMB 115.20 million** as of June 30, 2025[557](index=557&type=chunk) [Post-Balance Sheet Events](index=193&type=section&id=XVII.%20Post-Balance%20Sheet%20Events) This section discloses significant non-adjusting events that occurred after the balance sheet date, including board approvals for new investments and transactions - On July 8, 2025, the Board of Directors approved a proposal to participate in a fund subscription, which constitutes a related-party transaction[560](index=560&type=chunk) - On July 10, 2025, the Board approved proposals for new routine related-party transactions and an increase in the guarantee limit for related parties[560](index=560&type=chunk) [Other Significant Matters](index=194&type=section&id=XVIII.%20Other%20Significant%20Matters) This section discloses that the company's business is divided into six reportable segments based on its internal organizational structure and management reporting system - The company's operations are divided into six reportable segments: Light-duty Vehicles, Medium and Large Buses, Engines, Overseas, Management & R&D, and Others[561](index=561&type=chunk) Reportable Segment Financial Information (H1 2025) | Item | Light-duty Vehicle (RMB) | Bus (RMB) | Engine (RMB) | Overseas (RMB) | Mgmt & R&D (RMB) | Others (RMB) | Inter-segment Elim. (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 32,570,481,092.70 | 2,276,797,317.92 | 3,140,521,449.79 | 9,018,427,063.74 | 8,011,697,855.54 | 248,437,558.58 | -24,895,371,319.84 | 30,370,991,018.43 | | Operating Profit | 333,912,386.05 | -119,317,197.37 | 22,166,830.49 | 376,443,574.74 | 121,676,910.03 | 10,034,912.12 | 0.00 | 744,917,416.06 | | Total Assets | 35,772,630,383.82 | 6,467,454,664.78 | 3,440,868,573.69 | 12,129,537,341.07 | 61,852,143,699.81 | 4,558,038,590.79 | -65,469,690,392.97 | 58,750,982,860.99 | | Total Liabilities | 35,800,972,658.53 | 5,640,606,143.69 | 3,803,225,948.57 | 10,294,975,653.68 | 45,161,877,503.42 | 3,479,009,034.95 | -61,137,863,195.96 | 43,042,803,746.88 | [Notes to Parent Company Financial Statements](index=196&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statements) This section provides detailed notes on major items in the parent company's financial statements, including receivables, long-term investments, and revenue - The parent company's accounts receivable had a closing book value of **RMB 5.92 billion**, including RMB 2.75 billion from consolidated related parties[196](index=196&type=chunk) - The parent company's other receivables had a closing book value of **RMB 2.21 billion**, including RMB 1.67 billion from share transfers[201](index=201&type=chunk)[202](index=202&type=chunk) - The parent company's long-term equity investments had a closing book value of **RMB 9.95 billion**, including investments in subsidiaries, associates, and joint ventures[204](index=204&type=chunk) - The parent company's operating revenue for the period was **RMB 25.89 billion**, and operating costs were **RMB 23.82 billion**[208](index=208&type=chunk) - The parent company's investment income for the period was **RMB 298.55 million**, primarily from long-term equity investments accounted for using the equity method[208](index=208&type=chunk)[209](index=209&type=chunk) [Supplementary Information](index=209&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary information, including a detailed schedule of non-recurring profit and loss items and calculations for ROE and EPS Total Non-recurring Profit and Loss for H1 2025 | Item | Amount (RMB) | | :--- | :--- | | Total Non-recurring Profit and Loss | 226,255,675.29 | Return on Equity (ROE) and Earnings Per Share (EPS) (H1 2025) | Profit for the Period | Weighted Average ROE (%) | Basic EPS | | :--- | :--- | :--- | | Net profit attributable to common shareholders | 5.28 | 0.0981 | | Net profit attributable to common shareholders after non-recurring items | 3.75 | 0.0695 |