Core Insights - Taiyuan Heavy Industry (600169) reported a total revenue of 4.759 billion yuan for the first half of 2025, marking a year-on-year increase of 30.81% [1] - The net profit attributable to shareholders reached 43.8483 million yuan, up 5.92% year-on-year [1] - The company has a significant accounts receivable issue, with accounts receivable amounting to 3984.05% of the latest annual net profit [5] Financial Performance - Total revenue for 2025 was 4.759 billion yuan, compared to 3.638 billion yuan in 2024, reflecting a growth of 30.81% [1] - Net profit attributable to shareholders increased from 41.396 million yuan in 2024 to 43.8483 million yuan in 2025, a rise of 5.92% [1] - Gross margin decreased to 17.24% from 20.60% in the previous year, a decline of 16.31% [1] - Net margin also fell to 1.76% from 2.16%, down 18.16% [1] - Total operating expenses (selling, administrative, and financial) amounted to 450 million yuan, which is 9.46% of revenue, down 29.74% year-on-year [1] Cash Flow and Debt - Operating cash flow per share decreased to 0.02 yuan, down 42.8% year-on-year [1] - The company’s cash flow from operating activities saw a decline of 43.13%, attributed to longer collection periods for sales in the construction machinery sector [2] - The company’s interest-bearing debt increased to 16.27 billion yuan, a rise of 2.84% from the previous year [1] Accounts Receivable and Inventory - Accounts receivable increased by 18.29% to 7.769 billion yuan, indicating potential liquidity issues [1] - Inventory levels are concerning, with inventory to revenue ratio reaching 101.63% [5] Business Model and Historical Performance - The company's return on invested capital (ROIC) was 2.93%, indicating weak capital returns [4] - Historical performance shows a median ROIC of 3.45% over the past decade, with four years of losses since its listing [4] - The business model relies heavily on R&D, marketing, and capital expenditures, necessitating careful evaluation of capital projects [4]

Core Points - The company has released its semi-annual report, emphasizing the importance of reading the full report for a comprehensive understanding of its operational results, financial status, and future development plans [1] - The board of directors guarantees the authenticity, accuracy, and completeness of the report, taking legal responsibility for any false statements or omissions [1] - The semi-annual report has not been audited [1] Company Overview - The company is identified as Taiyuan Heavy Industry Co., Ltd. with the stock code 600169 [1] - The report includes key financial data, although specific figures are not provided in the excerpt [1] Board Meeting Details - The company's board of directors held its second meeting of the tenth session on August 22, 2025, in compliance with legal and regulatory requirements [4] - All seven directors were present at the meeting, and the resolutions passed were deemed legal and effective [7][5] - The meeting approved several key reports and proposals, including the general manager's work report and the semi-annual report [8][10] Governance and Compliance - The board approved a proposal to enhance corporate governance by revising and establishing various governance-related systems [13] - The revisions aim to improve governance standards and comply with relevant laws and regulations [13]

Group 1 - The company reported a revenue of 4.759 billion yuan for the first half of 2025, representing a year-on-year growth of 30.81% [1] - The net profit attributable to shareholders was 43.85 million yuan, showing a year-on-year increase of 5.92% [1] - The company experienced a non-recurring net profit loss of 1.33 million yuan [1] - The basic earnings per share were 0.0130 yuan [1]

Group 1 - Taiyuan Heavy Industry held its 10th second board meeting on August 22, 2025, to review the semi-annual report proposal for 2025 [1] - For the first half of 2025, the revenue composition of Taiyuan Heavy Industry was 77.88% from heavy equipment products and 22.12% from construction machinery products [1] Group 2 - As of the report, the market capitalization of Taiyuan Heavy Industry is 8.2 billion yuan [2]

太原重工股份有限公司规章制度 担保管理办法 一、总 则 第一条 为进一步完善太原重工股份有限公司（以下简称"公司"） 担保事项管理，规范担保行为，防范担保风险，根据《中华人民共和 国公司法》、《中华人民共和国民法典》、《上市公司监管指引第 8 号——上市公司资金往来、对外担保的监管要求》、《上海证券交易 所股票上市规则》、《山西省国有资本运营有限公司出资企业融资担 保管理办法》等法律法规的规定，结合集团公司《担保管理办法》、 《太原重工股份有限公司章程》《"三重一大"决策制度实施办法》 及公司实际情况，制定本办法。 第二条 本办法适用于公司及所属子公司（以下简称各单位）担 保事项的管理（本办法所称的子公司是指出资企业所属全资、控股、实 际控制的各级企业）。 第三条 担保行为应遵循以下原则： 1.集中管理、严禁对外 担保业务由公司统一管理，各单位严禁对外担保。 3.依法合规、规范运作 各单位应严格执行有关政策法规，遵照担保管理办法，规范担保 工作程序，确保担保行为合法规范、风险可控。 - 1 - 4.严格程序、审慎决策 在办理担保业务前要严格履行担保决策程序，对被担保方进行资 质审查，对担保项目进行分析论证和风 ...

太原重工股份有限公司规章制度 总经理工作细则 一、总 则 第一条 太原重工股份有限公司总经理由董事会根据《公司法》 和《公司章程》聘任，对董事会负责。 4.拟订公司的基本管理制度； 第二条 总经理每届任期三年，可以连聘连任。 第三条 《公司法》第一百七十八条规定的情形以及被中国证监会 确定为市场禁入者，并且禁入尚未解除的人员，不得担任公司总经理。 第四条 公司董事可受聘兼任总经理。非董事总经理可列席董事 会，但在董事会上没有表决权。 第五条 总经理应当遵守法律、行政法规和《公司章程》的规定， 履行诚信和勤勉的义务。 第六条 总经理可以在任期届满以前提出辞职。有关总经理辞职 的具体程序和办法由总经理与公司之间的劳动合同规定。 二、总经理的权限及报告制度 第七条 根据《公司章程》的规定，总经理对董事会负责，行使 以下职权： 1.主持公司的生产经营管理工作，组织实施董事会决议，并向董 事会报告工作； 2.组织实施公司年度经营计划和投资方案； 3.拟订公司内部管理机构设置方案； - 1 - 5.制定公司的具体规章； 6.提请董事会聘任或者解聘公司副总经理、财务负责人和总监级 管理人员； 7.决定聘任或者解聘除应由董事 ...

太原重工股份有限公司 2025 年度"提质增效重回报"行动方案的半年度评估报告 为响应上海证券交易所《关于开展沪市公司"提质增效重回报"专项行动的 倡议》，积极践行"以投资者为本"理念，进一步提高公司经营发展质量，重视 投资者回报，推动公司高质量发展和投资价值提升，公司制定并发布了《2025 年度"提质增效重回报"行动方案》。2025 年上半年，行动方案主要举措的进 展及成效如下： 一、行动方案执行情况 （一）聚焦主业，经营质量持续提升 2025 年上半年，公司围绕"做强传统产品、做优战新产品、做精批量产品、 做好未来产品"的目标，在多方面协同发力，推动高质量发展。公司上半年实现 营业收入 47.59 亿元,同比增长 30.81%；利润总额 1.2 亿元,同比增长 3.38%。 1.产品推广实现突破 扎实推进六西格玛、卓越绩效管理，内部废品率、外部质量损失率均实现同 比下降。公司荣获"第四届山西省质量奖"，再次展现了"匠心铸魂、质创精品" 的太重追求。 4.财务管控持续强化 制定实施《非生产性支出价格审核管理办法》，围绕重点费用，全面加强价 格管控与支出必要性评估；加强融资管理，保障资金安全，综合融资成本持续 ...

证券代码：600169 证券简称：太原重工 公告编号：2025-047 太原重工股份有限公司 第十届董事会第二次会议决议公告 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、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 （一）会议召开符合有关法律、法规情况 太原重工股份有限公司（以下简称"公司"）第十届董事会第二次会议于 2025 年 8 月 22 日以现场方式召开。本次董事会会议经过了适当的通知程序，会议程 序符合有关法律、行政法规及《公司章程》的规定，会议及通过的决议合法有效。 （二）《公司章程》第一百一十六条规定：董事会每年至少召开两次会议， 由董事长召集，于会议召开十日以前书面通知全体董事。 公司第十届董事会根据上述规定，以现场方式召开董事会。 公司于 2025 年 8 月 12 日以书面方式发出召开董事会的通知及会议资料。 本次会议审议通过以下决议： （一）审议通过《2025 年上半年总经理工作报告》。 表决结果：7 票同意，0 票反对，0 票弃权。 （二）审议通过《关于 2025 年半年度报告的议案》。 本议案已经董事会独立董事专 ...

Core Insights - Taiyuan Heavy Industry reported a revenue of 4.759 billion yuan for the first half of the year, representing a year-on-year growth of 30.81% [1] - The net profit attributable to shareholders of the listed company was 43.8483 million yuan, with a year-on-year increase of 5.92% [1] - The basic earnings per share stood at 0.013 yuan [1]

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board, directors, and senior management affirm the semi-annual report's truthfulness, accuracy, and completeness, bearing legal responsibility - The company's board of directors, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions, and bear individual and joint legal liabilities[3](index=3&type=chunk) - This semi-annual report has not been audited[5](index=5&type=chunk) - The company's responsible person, chief accountant, and head of accounting department declare that the financial report in the semi-annual report is true, accurate, and complete[5](index=5&type=chunk) - There is no profit distribution plan or capital reserve conversion to share capital plan for this reporting period[6](index=6&type=chunk) - The company's future operating outlook in this report does not constitute a performance commitment, and investors should be aware of investment risks[6](index=6&type=chunk) - There are no non-operating funds occupied by controlling shareholders or other related parties, nor are there any external guarantees provided in violation of decision-making procedures[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines key terms used within the report - "Taiyuan Heavy Industry", "the Company", and "the Company" all refer to Taiyuan Heavy Industry Co., Ltd[16](index=16&type=chunk) - "TZ Group" refers to Taiyuan Heavy Machinery Group Co., Ltd[16](index=16&type=chunk) - "Reporting Period" refers to January 1, 2025, to June 30, 2025[16](index=16&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%B8%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's profile, contact information, stock overview, and key financial performance indicators [1. Company Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's official names and legal representative details - Company Chinese name: Taiyuan Heavy Industry Co., Ltd., abbreviation: Taiyuan Heavy Industry[13](index=13&type=chunk) - Company legal representative: Tao Jiajin[13](index=13&type=chunk) [2. Contact Person and Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section lists contact details for the Board Secretary and Securities Affairs Representative - Board Secretary: Zhao Xiaoqiang, Securities Affairs Representative: Lei Tao[14](index=14&type=chunk) - Contact address: Taiyuan Intelligent High-end Equipment Industrial Park, 229 Beige West Road, Qingxu County, Taiyuan City[14](index=14&type=chunk) [3. Brief Introduction to Changes in Basic Information](index=4&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section outlines changes to the company's registered and office addresses - Company registered address: 53 Yuhe Street, Wanbailin District, Taiyuan City, Shanxi Province[15](index=15&type=chunk) - Company office address: Taiyuan Intelligent High-end Equipment Industrial Park, 229 Beige West Road, Qingxu County, Taiyuan City[15](index=15&type=chunk) [4. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section details the company's information disclosure channels and report storage locations - Company's selected newspapers for information disclosure: "China Securities Journal", "Shanghai Securities News", "Securities Daily", "Securities Times"[17](index=17&type=chunk) - Website address for the semi-annual report: www.sse.com.cn[17](index=17&type=chunk) [5. Company Stock Overview](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section summarizes the company's A-share listing details, including its exchange and stock codes - Stock type: A-share, Listing exchange: Shanghai Stock Exchange[18](index=18&type=chunk) - Stock abbreviation: Taiyuan Heavy Industry, Stock code: 600169[18](index=18&type=chunk) [7. Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents key accounting data and financial indicators for the reporting period, including revenue, profit, and cash flow, with explanations for adjustments 2025 Semi-Annual Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Year (Adjusted) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | RMB 4,758,613,916.87 | RMB 3,637,880,092.00 | 30.81 | | Total Profit | RMB 120,487,764.97 | RMB 116,552,820.67 | 3.38 | | Net Profit Attributable to Shareholders of Listed Company | RMB 43,848,289.76 | RMB 41,395,954.65 | 5.92 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | RMB -1,330,676.55 | RMB -24,928,610.14 | Not Applicable | | Net Cash Flow from Operating Activities | RMB 68,630,532.99 | RMB 120,687,326.72 | -43.13 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | RMB 5,306,289,930.30 | RMB 5,259,438,095.03 | 0.89 | | Total Assets (Period-end) | RMB 32,418,329,371.82 | RMB 31,247,956,478.27 | 3.75 | 2025 Semi-Annual Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year (Adjusted) | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.0130 | 0.0122 | 6.56 | | Diluted Earnings Per Share (RMB/share) | 0.0130 | 0.0122 | 6.56 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (RMB/share) | -0.0004 | -0.0074 | Not Applicable | | Weighted Average Return on Net Assets (%) | 0.83 | 0.75 | Increased by 0.08 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | -0.03 | -0.48 | Not Applicable | - The retrospective adjustment of key accounting data and financial indicators is due to a business combination under common control, with Shanxi Taiyuan Heavy Industry Intelligent Equipment Co., Ltd. included in the company's consolidated scope in July 2024[21](index=21&type=chunk) [9. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section details non-recurring gains and losses for the period, totaling **RMB 45.18 million** 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets, including the write-off of impairment provisions already made | 722,556.22 | | Government grants recognized in profit or loss for the current period, except for those closely related to the company's normal business operations, conforming to national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 23,849,614.08 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 4,380,739.14 | | Gains or losses from debt restructuring | 4,970,469.98 | | Other non-operating income and expenses apart from the above items | 15,223,180.26 | | Other profit and loss items that meet the definition of non-recurring gains and losses | 15,183.82 | | Less: Income tax impact | 2,493,565.23 | | Impact on minority interests (after tax) | 1,489,211.96 | | **Total** | **45,178,966.31** | [Section III Management Discussion and Analysis](index=7&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section analyzes the company's industry, main business, operating performance, core competitiveness, and risk factors [1. Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section outlines the company's heavy machinery business, operating model, and an analysis of the industry's strategic importance and performance in H1 2025 - The company's main business includes rail transit equipment, hoisting equipment, excavation equipment, coke oven equipment, gear transmission, metallurgical equipment, construction machinery, oil film bearings, castings and forgings, and general contracting for engineering projects[27](index=27&type=chunk) - The company adopts a build-to-order operating model, formulating production and sales plans based on annual budget targets and arranging procurement and production according to sales orders[27](index=27&type=chunk) - The heavy machinery industry is a fundamental and strategic industry that provides various technical equipment for national economic and defense construction[27](index=27&type=chunk) 2025 Jan-Jun Heavy Machinery Industry Key Data | Indicator | Amount/Quantity | | :--- | :--- | | Enterprises above designated size | 5996 companies | | Operating Revenue | RMB 535.8 billion (down 1.7% year-on-year) | | Total Profit | RMB 35.2 billion (down 3.9% year-on-year) | | Profit Margin | 6.6% (down 0.1 percentage points from prior year) | | Total Industry Imports and Exports | USD 23.47 billion (up 9.04% year-on-year) | - The "Implementation Plan for Digital Transformation of the Machinery Industry (2025-2030)" focuses on intelligent manufacturing to promote high-end, intelligent, and green development of the machinery industry[28](index=28&type=chunk)[29](index=29&type=chunk) [2. Discussion and Analysis of Operations](index=8&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) The company's operations improved in the reporting period, with revenue up **30.81% to RMB 4.759 billion** and profit up **3.38% to RMB 120 million**, driven by strategic initiatives - The company achieved operating revenue of **RMB 4.759 billion** in the first half of the year, a **30.81% year-on-year increase**; total profit was **RMB 120 million**, a **3.38% year-on-year increase**[29](index=29&type=chunk) - Deepening reforms stimulated institutional vitality, becoming one of the first listed companies in Shanxi Province to abolish the board of supervisors, revising 25 rules and regulations, and digitizing 27 offline operations[30](index=30&type=chunk) - Technological innovation drove product upgrades, with 103 new products developed in the first half of the year, successful delivery of the world's first WK-55 electric shovel permanent magnet direct drive project, and smooth delivery of the first batch of high-fatigue performance axles[30](index=30&type=chunk) - Product promotion achieved breakthroughs, successfully signing an annual framework contract for low-pressure rotor forgings, winning the bid for a nuclear power fuel transfer system for the first time, and receiving frequent good news from overseas markets for rail transit products[31](index=31&type=chunk)[32](index=32&type=chunk) - Lean management improved operational efficiency, shortening the installation and adjustment cycle of main products by **26% year-on-year** and compressing the acceptance and delivery cycle by **30%**, earning the "Fourth Shanxi Province Quality Award"[32](index=32&type=chunk) - Financial control was continuously strengthened, with the formulation of the "Management Measures for Price Review of Non-Productive Expenditures", continuous reduction in comprehensive financing costs, and acquisition of Taiyuan Heavy Industry Xiangming to accelerate business expansion and layout optimization[32](index=32&type=chunk) - Risk prevention established a safety baseline, building a "horizontal to the edge, vertical to the bottom" responsibility management system and a "1+N" compliance system centered on the "Compliance Management Manual"[33](index=33&type=chunk) - In the second half of the year, the company will coordinate efforts in deepening reforms, technological innovation, market expansion, lean manufacturing, risk prevention, and party building to achieve its annual budget targets[33](index=33&type=chunk) [3. Analysis of Core Competitiveness During the Reporting Period](index=9&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness stems from its diverse products, strong R&D, brand influence, advanced manufacturing, stable customer base, and global expansion - The company boasts a rich product portfolio and significant market advantages, mitigating adverse effects of economic cyclical fluctuations and promoting deep integration of advanced manufacturing and modern service industries[33](index=33&type=chunk) - The company possesses strong technical R&D capabilities, forming an integrated mechanical, electrical, hydraulic, and transmission R&D system, and is the only equipment manufacturing (heavy machinery) standardization pilot enterprise in China[34](index=34&type=chunk) - The company has cultivated two national "Manufacturing Single Champion" products: metallurgical cranes and mining mechanical front shovel excavators, with multiple products recognized as "China Famous Brands"[34](index=34&type=chunk) - The company owns over 2,500 sets of production equipment and places high importance on enhancing equipment capabilities, continuously increasing investment in technological transformation[35](index=35&type=chunk) - The company has established a high-quality user base primarily composed of renowned large domestic enterprises, accumulating valuable market experience[35](index=35&type=chunk) - Each subsidiary and branch specializes in the production and manufacturing of its professional products, effectively improving production efficiency[35](index=35&type=chunk) - The company's internationalization process is accelerating, with products exported to over 60 countries and regions, and multiple overseas offices established[35](index=35&type=chunk) - The company's vision is to "build a modern intelligent equipment manufacturing enterprise with world-class competitiveness", actively practicing its core values to provide inexhaustible动力 for enterprise reform and transformation[36](index=36&type=chunk)[37](index=37&type=chunk) [4. Key Operating Performance During the Reporting Period](index=11&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes changes in key financial accounts, asset-liability status, and cash flows, highlighting significant movements in revenue, costs, and financing [1. Analysis of Changes in Financial Statement Accounts](index=11&type=section&id=1.%20Analysis%20of%20Changes%20in%20Financial%20Statement%20Accounts) This section details changes and reasons for variations in key income statement and cash flow items 2025 Semi-Annual Financial Statement Account Changes | Account | Current Period (RMB) | Prior Year (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,758,613,916.87 | 3,637,880,092.00 | 30.81 | | Operating Cost | 3,938,323,542.90 | 2,888,566,629.81 | 36.34 | | Selling Expenses | 69,546,127.12 | 78,833,301.94 | -11.78 | | Administrative Expenses | 158,383,423.40 | 162,356,277.71 | -2.45 | | Financial Expenses | 222,368,727.78 | 248,738,265.93 | -10.60 | | R&D Expenses | 229,023,563.96 | 176,443,920.30 | 29.80 | | Net Cash Flow from Operating Activities | 68,630,532.99 | 120,687,326.72 | -43.13 | | Net Cash Flow from Investing Activities | 6,891,668.57 | -597,346,905.34 | Not Applicable | | Net Cash Flow from Financing Activities | 524,591,331.77 | 666,450,484.91 | -21.29 | - Reason for operating revenue change: Gradual expansion of market scale for batch products led to increased revenue[39](index=39&type=chunk) - Reason for net cash flow from operating activities change: Increased sales revenue of construction machinery products in the current period, which is still in the market introduction phase with a long collection cycle[39](index=39&type=chunk) - Reason for net cash flow from investing activities change: Received remaining equity transfer payment from the disposal of a subsidiary in the current period[39](index=39&type=chunk) [(III) Analysis of Assets and Liabilities](index=11&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) This section analyzes the company's asset and liability composition and changes, including monetary funds, receivables, and overseas assets 2025 Semi-Annual Asset and Liability Status Changes | Item Name | Current Period End (RMB) | % of Total Assets (Current Period End) | Prior Year End (RMB) | % of Total Assets (Prior Year End) | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 2,171,124,332.27 | 6.70 | 1,598,525,196.39 | 5.12 | 35.82 | Company orders increased, reserving funds for current period raw material procurement | | Accounts Receivable | 7,768,645,767.71 | 23.96 | 7,107,549,887.27 | 22.75 | 9.30 | | | Inventories | 9,399,560,853.52 | 28.99 | 8,918,832,438.52 | 28.54 | 5.39 | | | Construction in Progress | 2,598,366,803.89 | 8.02 | 2,327,703,275.82 | 7.45 | 11.63 | | | Short-term Borrowings | 2,642,914,784.73 | 8.15 | 3,279,829,157.98 | 10.50 | -19.42 | | | Long-term Borrowings | 9,111,890,619.64 | 28.11 | 7,588,115,475.54 | 24.28 | 20.08 | | | Accounts Receivable Financing | 286,859,817.69 | 0.88 | 129,069,411.25 | 0.41 | 122.25 | Decrease in pledged bank acceptance bills, increase in bank acceptance bills available for discounting or endorsement in the current period | | Other Receivables | 89,675,364.80 | 0.28 | 686,274,359.28 | 2.20 | -86.93 | Received remaining equity transfer payment from the disposal of a subsidiary in the current period | | Taxes Payable | 51,314,522.49 | 0.16 | 37,173,512.77 | 0.12 | 38.04 | Increase in corporate income tax accrued but not yet paid at the end of the current period | | Other Current Liabilities | 279,931,406.47 | 0.86 | 211,099,091.24 | 0.68 | 32.61 | Increase in supply chain bills endorsed to suppliers but not yet due in the current period | | Special Reserves | 3,146,839.02 | 0.01 | 1,424,814.55 | 0.00 | 120.86 | Increase in unused safety production expenses in the current period | - Overseas assets totaled **RMB 156,546,411.18**, accounting for **0.48%** of total assets[43](index=43&type=chunk) [(IV) Analysis of Investment Status](index=12&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company acquired **67%** equity in Taiyuan Heavy Industry Xiangming for **RMB 299.52 million** to expand business, with disclosures on fair value financial assets - The company approved the acquisition of **67%** equity in Taiyuan Heavy Industry Xiangming Intelligent Equipment Co., Ltd. from TZ Group, with a total transaction price of **RMB 299,515,795**[44](index=44&type=chunk)[45](index=45&type=chunk) - As of the end of the reporting period, the transfer of the target shares for Taiyuan Heavy Industry Xiangming is being processed, and upon completion, it will be included in the company's consolidated financial statements[46](index=46&type=chunk) 2025 Semi-Annual Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (RMB) | Fair Value Change Gain/Loss (Current Period) (RMB) | Purchase Amount (Current Period) (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | Stocks | 7,530,332.04 | -4,172,687.41 | 0 | 7,344,308.49 | | Trust Products | 3,150,520.36 | -4,605,892.43 | 202,150.00 | 3,352,670.36 | | Accounts Receivable Financing | 129,069,411.25 | 0 | 157,790,406.44 | 286,859,817.69 | | Others | 61,728,318.19 | -4,989,716.80 | 0 | 61,728,318.19 | | **Total** | **201,478,581.84** | **-13,768,296.64** | **157,992,556.44** | **359,285,114.73** | - Securities investments include shares in Chongqing Iron & Steel Company Limited and Rongfa Nuclear Equipment Co., Ltd., measured at fair value[49](index=49&type=chunk)[50](index=50&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=16&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%90%A5%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section provides financial and operating results for major subsidiaries and details the acquisition of Taiyuan Heavy Industry Xiangming to boost competitiveness Major Subsidiary Financial Data (Unit: RMB 10,000) | Company Name | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | | Taiyuan Heavy Industry Rail Transit Equipment Co., Ltd. | 792,396.50 | 349,808.22 | 156,624.43 | 23,623.52 | 20,164.89 | | Taiyuan Heavy Industry Engineering Technology Co., Ltd. | 39,325.12 | 7,513.47 | 6,483.71 | 572.06 | 585.43 | | Shanxi Taiyuan Heavy Industry Intelligent Equipment Co., Ltd. | 338,567.17 | 33,660.69 | 8,727.23 | -947.28 | -1,039.87 | | Taiyuan Heavy Industry (Chahar Right Wing Middle Banner) New Energy Technology Co., Ltd. | 32,498.07 | 4,730.61 | 18,515.64 | 4.19 | -32.95 | - Subsidiaries acquired during the reporting period: Acquisition of Taiyuan Heavy Industry Xiangming Intelligent Equipment Co., Ltd. aims to enhance the company's profitability, leverage business synergies, and improve competitiveness[52](index=52&type=chunk) [5. Other Disclosures](index=17&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) This section outlines market, contract, credit, raw material, and financial risks, along with their respective mitigation strategies - Market risk: Macroeconomic cyclical fluctuations and intensified market competition may adversely affect the company's operations; mitigation measures include scientific forecasting, innovation, and promoting stable operations[54](index=54&type=chunk) - Contract risk: New products, new areas, and new settlement methods like finance leases pose potential contract risks; mitigation measures include improving risk control systems, implementing differentiated management, and fully leveraging legal review functions[54](index=54&type=chunk) - Customer credit risk: Market changes may lead to a decline in customer credit, affecting accounts receivable collection; mitigation measures include developing tailored strategies for each customer and, if necessary, taking legal action to accelerate collection[55](index=55&type=chunk) - Raw material and energy price fluctuation risk: Fluctuations in material and energy prices directly impact production costs and profitability; mitigation measures include systematizing material procurement, establishing strategic partnerships with industry leaders, and optimizing procurement costs[55](index=55&type=chunk) - Financial risk: Changes in macroeconomic policies may lead to interest rate changes, increasing interest-bearing debt and affecting company profitability; mitigation measures include strengthening debt risk prevention, controlling financing costs with red lines, and replacing high-interest debt with low-interest debt to continuously reduce financial expenses[56](index=56&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=18&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details corporate governance, profit distribution, employee incentives, environmental disclosures, and rural revitalization efforts [1. Changes in Directors and Senior Management](index=18&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) This section discloses changes in the company's board of directors and senior management appointments - The company has completed the re-election of the Tenth Board of Directors and appointed a new term of senior management[58](index=58&type=chunk) - Mr. Tao Jiajin was elected Chairman, Mr. Wang Shenglin was appointed General Manager, Mr. Cheng Dongsheng and Mr. Zhang Jiangong were appointed Deputy General Managers, Mr. Duan Zhihong was appointed Chief Financial Officer, and Mr. Zhao Xiaoqiang was appointed Board Secretary[59](index=59&type=chunk) [2. Profit Distribution or Capital Reserve Conversion Plan](index=18&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company has no semi-annual profit distribution or capital reserve conversion plan - Whether to distribute or convert in this reporting period: No[60](index=60&type=chunk) - The number of bonus shares, dividends, and conversion shares per 10 shares are all not applicable[60](index=60&type=chunk) [3. Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures and Their Impact](index=19&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) This section details the repurchase and cancellation of **14.15 million** restricted shares from the 2022 incentive plan - The company repurchased and cancelled **14.15367 million** restricted shares from its 2022 restricted stock incentive plan[61](index=61&type=chunk) - The repurchase and cancellation were completed on July 10, 2025[61](index=61&type=chunk) [4. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=19&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%83%85%E5%86%B5) The company and its subsidiary are on the environmental disclosure list, with reports submitted or pending - Two companies are included in the list of enterprises required to disclose environmental information by law[62](index=62&type=chunk) - Taiyuan Heavy Industry Co., Ltd. submitted its "2024 Annual Environmental Information Disclosure Report" in February 2025[62](index=62&type=chunk) - Taiyuan Heavy Industry Rail Transit Equipment Co., Ltd. was newly selected for the "2025 Taiyuan City Environmental Information Disclosure Enterprise List" in March 2025, and its report will be submitted after the end of the current year[62](index=62&type=chunk) [5. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=20&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%B5%AB%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company exceeded its **RMB 1 million** consumption assistance target, benefiting over **200 households** and promoting rural revitalization through various initiatives - The company actively explored diverse agricultural assistance models, conducted 6 live-streaming sales events attracting over **10,000 online viewers**, and established a "company + farmer" direct procurement mechanism, achieving agricultural product sales of **RMB 200,200**[63](index=63&type=chunk) - The company exceeded its annual **RMB 1 million** consumption assistance target, directly helping over **200 local farming households** increase their income by over **RMB 1,000 per household**[64](index=64&type=chunk) - The company's village-based office organized 27 special study sessions on the spirit of the 20th National Congress of the Communist Party of China and rural revitalization policies, and innovatively established "field classrooms" to promote agricultural policies over 20 times[64](index=64&type=chunk) - A total of **6,072 household visits** were made, over **100 opinions and suggestions** were collected, **86 urgent issues** for residents were coordinated and resolved, and **RMB 300,000** was coordinated to repair 2.5 kilometers of irrigation canals[64](index=64&type=chunk) - **799 short videos** on rural revitalization were planned and produced, with total views exceeding **3.35 million**; **189 news articles** were written, 3 of which were published by provincial media[65](index=65&type=chunk) [Section V Significant Matters](index=22&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers commitment fulfillment, major litigation, alleged violations, and significant related party transactions [1. Fulfillment of Commitments](index=22&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section details the strict fulfillment of commitments by TZ Group regarding relocation compensation, profit forecasts, and shareholding stability - Taiyuan Heavy Machinery Group Co., Ltd. committed to compensating Taiyuan Heavy Industry for losses incurred during relocation, and this commitment has been strictly fulfilled[68](index=68&type=chunk) - Taiyuan Heavy Machinery Group Co., Ltd. committed that during the commitment period, the cumulative net profit attributable to shareholders of Taiyuan Heavy Industry Xiangming would be no less than **RMB 139.8109 million**, and this commitment has been strictly fulfilled[68](index=68&type=chunk) - Taiyuan Heavy Machinery Group Co., Ltd. committed not to reduce its shareholding in the company during the implementation period of this share increase plan and within the statutory period, and this commitment has been strictly fulfilled[68](index=68&type=chunk) [7. Major Litigation and Arbitration Matters](index=23&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company was involved in multiple major lawsuits and arbitrations during the period, with some cases concluded and others pending judgment or appraisal 2025 Semi-Annual Major Litigation and Arbitration Matters | Plaintiff (Applicant) | Defendant (Respondent) | Basic Situation of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Progress | Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | :--- | | Taiyuan Heavy Industry Co., Ltd. | AnYang Longteng Heat Treatment Material Co., Ltd. | Defendant failed to pay for goods on time | 3,142 | Received ruling from Anyang Intermediate People's Court, dismissing the company's lawsuit, case closed | Case closed | | Taiyuan Heavy Industry Co., Ltd. | Henan Yulong Pipe Industry Co., Ltd. | Defendant owed payment for goods, Henan Yulong Pipe Industry provided guarantee | 3,234 | Hearing held, awaiting judgment | Awaiting judgment | | Inner Mongolia Hengyi Heavy Industry Co., Ltd. | Taiyuan Heavy Industry Chahar Right Wing Middle Banner Co., Taiyuan Heavy Industry Co., Ltd. | Failed to provide orders as agreed, demanding contract termination and compensation for losses | 1,782 | Received second-instance judgment, the company bears joint and several liability, case closed | Executed in accordance with the second-instance judgment | | Yu Zhanhai | Xixiang Mining Hongtong Coal Chemical Co., Taiyuan Heavy Industry Co., Ltd. | Plaintiff completed non-standard equipment installation, two defendants delayed contract supplement and payment | 1,096 | Remanded for retrial, first-instance hearing held, awaiting judgment | Awaiting judgment | | Shanxi Installation Group Co., Ltd. | Taiyuan Heavy Industry Co., Ltd. | Outstanding payment for coal preparation system contract and engineering settlement price issues for Xiangkuang project | 2,311 | Received first-instance judgment, both parties appealed, awaiting notice for second-instance hearing | Awaiting second-instance judgment | | Huadian Fuxin Chahar Right Wing Middle Banner Hongpan Wind Power Co., Ltd. | Taiyuan Heavy Industry Co., Ltd. | Power generation loss, breach of contract | 2,804 | Under appraisal | Under appraisal | | Shanxi Meihua Electric Co., Ltd. | Taiyuan Heavy Industry Co., Ltd. | Settlement and outstanding engineering payment matters | 1,164 | Hearing held, awaiting judgment | Awaiting judgment | | China Life Property and Casualty Insurance Co., Ltd. Beijing Branch | Taiyuan Heavy Industry Co., Ltd. | Wind turbine quality issues led plaintiff to pay insurance claims for losses to users | 1,144 | Hearing held, awaiting judgment | Awaiting judgment | [8. Alleged Violations, Penalties, and Rectification by the Listed Company, Its Directors, Senior Management, Controlling Shareholder, and Actual Controller](index=24&type=section&id=%E5%85%AB%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%B6%89%E5%AB%8C%E8%BF%9D%E6%B3%95%E8%BF%9D%E8%A7%84%E3%80%81%E5%8F%97%E5%88%B0%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company received a CSRC case filing notice on July 26, 2025, for alleged information disclosure violations - The company received a case filing notice from the China Securities Regulatory Commission on July 26, 2025[73](index=73&type=chunk) - Reason for case filing: The company is suspected of violating information disclosure regulations[73](index=73&type=chunk) [10. Significant Related Party Transactions](index=24&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in significant related party transactions, including **RMB 6.569 billion** in estimated daily transactions and asset acquisitions/disposals with its controlling shareholder [1. Matters Already Disclosed in Interim Announcements with Subsequent Progress or Changes (Daily Related Party Transactions)](index=25&type=section&id=1.%20Matters%20Already%20Disclosed%20in%20Interim%20Announcements%20with%20Subsequent%20Progress%20or%20Changes%20(Daily%20Related%20Party%20Transactions)) Estimated daily related party transactions for 2025 total **RMB 6.569 billion**, with **RMB 396.69 million** in purchases and **RMB 1.84 billion** in sales incurred - The company's estimated total daily operating related party transactions with associated parties for 2025 are **RMB 6.569 billion**[75](index=75&type=chunk) - As of the end of the reporting period, the company incurred **RMB 396.6912 million** in related party purchases and **RMB 1.8398521 billion** in related party sales with associated parties[75](index=75&type=chunk)[78](index=78&type=chunk) 2025 Semi-Annual Daily Related Party Transactions (Unit: RMB 10,000) | Related Party Transaction Category | 2025 Estimated Amount | 2025 Amount Incurred | | :--- | :--- | :--- | | Purchase of raw materials and goods from related parties | 97,000.00 | 26,506.58 | | Sale of products and goods to related parties | 517,500.00 | 181,031.34 | | Provision of labor to related parties | 10,000.00 | 2,953.87 | | Acceptance of labor from related parties | 32,400.00 | 13,162.54 | | **Total** | **656,900.00** | **223,654.33** | [2. Matters Already Disclosed in Interim Announcements with Subsequent Progress or Changes (Asset Transactions)](index=27&type=section&id=2.%20Matters%20Already%20Disclosed%20in%20Interim%20Announcements%20with%20Subsequent%20Progress%20or%20Changes%20(Asset%20Transactions)) The company completed asset sales totaling **RMB 1.426 billion** to its controlling shareholder and acquired **67%** equity in Taiyuan Heavy Industry Xiangming for **RMB 299.52 million** - The company transferred its pull-stretch-foam project assets to its wholly-owned subsidiary, Taiyuan Heavy Industry Chahar Right Wing Middle Banner Co., and simultaneously transferred the wind power equipment (tower barrel) manufacturing business-related assets held by Taiyuan Heavy Industry Chahar Right Wing Middle Banner Co. back to Taiyuan Heavy Industry, then transferred **100%** equity of Taiyuan Heavy Industry Chahar Right Wing Middle Banner Co. to its controlling shareholder, TZ Group, with the asset sale price of **RMB 959.2432 million** fully completed[79](index=79&type=chunk) - The company sold its controlling wind power company equity to its controlling shareholder, TZ Group, with the asset sale price of **RMB 466.5568 million** fully completed[80](index=80&type=chunk) - The company acquired a total of **67%** equity in Taiyuan Heavy Industry Xiangming, with a total transaction price of **RMB 299,515,795**[80](index=80&type=chunk) [Section VI Share Changes and Shareholder Information](index=30&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details the company's share capital, shareholder structure, and director/senior management holdings, including post-period adjustments [1. Share Capital Changes](index=30&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) While share capital was stable in the period, it decreased post-period from **3.361 billion to 3.347 billion shares** due to restricted stock cancellation - During the reporting period, the company's total share capital and share structure remained unchanged[88](index=88&type=chunk) - On July 8, 2025, the company disclosed the repurchase and cancellation of **14,153,670 restricted shares** from its 2022 restricted stock incentive plan, which was completed on July 10, 2025[89](index=89&type=chunk) - This matter resulted in the company's total share capital changing from **3,361,256,840 shares to 3,347,103,170 shares**, which is a post-reporting period event[89](index=89&type=chunk) [2. Shareholder Information](index=30&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) At period-end, the company had **100,020** common shareholders, with TZ Group holding **49.91%** as the controlling shareholder - Total number of common shareholders at the end of the reporting period: **100,020** households[90](index=90&type=chunk) Top Ten Shareholders as of the End of the Reporting Period | Shareholder Name | Shares Held at Period End (shares) | % | Shareholder Nature | | :--- | :--- | :--- | :--- | | Taiyuan Heavy Machinery Group Co., Ltd. | 1,677,742,925 | 49.91 | State-owned Legal Person | | Zhu Qing | 40,600,939 | 1.21 | Unknown | | Shanxi Provincial Tourism Investment Holding Group Co., Ltd. | 32,723,400 | 0.97 | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 31,531,587 | 0.94 | Unknown | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | 15,874,400 | 0.47 | Unknown | | Henan Zhaoteng Investment Group Co., Ltd. | 9,482,689 | 0.28 | Unknown | | China Merchants Bank Co., Ltd. - ChinaAMC CSI 1000 ETF | 9,150,300 | 0.27 | Unknown | | Xing Guibin | 8,315,100 | 0.25 | Unknown | | Industrial and Commercial Bank of China Co., Ltd. - GF CSI 1000 ETF | 7,289,920 | 0.22 | Unknown | | Zhao Chuanmin | 6,500,000 | 0.19 | Unknown | - Controlling shareholder: Taiyuan Heavy Machinery Group Co., Ltd[93](index=93&type=chunk) [3. Directors and Senior Management Information](index=32&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) Post-period, senior management shareholdings changed due to restricted stock repurchase and cancellation - On July 8, 2025, the company disclosed the repurchase and cancellation of some restricted shares from its 2022 restricted stock incentive plan, leading to changes in the shareholdings of senior management[94](index=94&type=chunk) Senior Management Shareholding Changes (Post-Reporting Period) | Name | Shares Held Before Change | Number of Shares Changed | Shares Held After Change | | :--- | :--- | :--- | :--- | | Zhang Jiangong | 82,800 | -41,400 | 41,400 | | Han Yuming | 246,000 | -123,000 | 123,000 | | Cheng Dongsheng | 306,000 | -153,000 | 153,000 | | He Wei | 230,280 | -115,140 | 115,140 | | Duan Zhihong | 205,860 | -102,930 | 102,930 | | Zhao Xiaoqiang | 196,440 | -98,220 | 98,220 | [Section VII Bond-Related Information](index=33&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section details corporate bonds, including redemption status, interest-bearing debt structure, and key financial indicators [1. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=33&type=section&id=1.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) This section provides basic information and redemption status for the "22 Taiyuan Heavy Industry 01" bond, fully redeemed on June 17, 2025 - The company bond "22 Taiyuan Heavy Industry 01" (abbreviation), code 194709, was issued on June 17, 2022, and matured on June 17, 2025[97](index=97&type=chunk) - The bond's coupon rate was **3.10%**, with annual interest payment and principal repayment at maturity[97](index=97&type=chunk) - The "22 Taiyuan Heavy Industry 01" corporate bond was fully redeemed on June 17, 2025[97](index=97&type=chunk) [4. Significant Matters Related to Corporate Bonds During the Reporting Period](index=34&type=section&id=4.%20Significant%20Matters%20Related%20to%20Corporate%20Bonds%20During%20the%20Reporting%20Period) The company had no non-operating intercompany receivables or fund borrowings, with interest-bearing debt showing minor changes - At the beginning and end of the reporting period, the company's consolidated non-operating intercompany receivables and fund borrowings balances were both **RMB 0 billion**[99](index=99&type=chunk) Company (Non-Consolidated) Interest-Bearing Debt Structure (Unit: RMB 100 million) | Interest-Bearing Debt Category | Total Amount | % of Total Interest-Bearing Debt | | :--- | :--- | :--- | | Bank Loans | 112.08 | 96.95 | | Other Interest-Bearing Debt | 3.53 | 3.05 | | **Total** | **115.61** | **—** | Company Consolidated Interest-Bearing Debt Structure (Unit: RMB 100 million) | Interest-Bearing Debt Category | Total Amount | % of Total Interest-Bearing Debt | | :--- | :--- | :--- | | Bank Loans | 157.77 | 94.94 | | Other Interest-Bearing Debt | 8.42 | 5.06 | | **Total** | **166.19** | **—** | - At the end of the reporting period, the balance of overseas bonds issued within the company's consolidated scope was **RMB 0 billion**[104](index=104&type=chunk) [7. Key Accounting Data and Financial Indicators](index=35&type=section&id=7.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents key financial indicators like liquidity, leverage, and profitability ratios, with explanations for their period-end changes 2025 Semi-Annual Key Financial Indicator Changes | Key Indicator | Current Period End | Prior Year End | Change from Prior Year End (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Current Ratio | 1.35 | 1.25 | 8.00 | Increase in accounts receivable and inventories in current assets; change in financing structure, decrease in short-term borrowings | | Quick Ratio | 0.77 | 0.72 | 6.94 | Increase in accounts receivable in quick assets; change in financing structure, decrease in short-term borrowings | | Asset-Liability Ratio (%) | 81.49 | 81.07 | 0.42 | Investment in transformation projects and working capital for batch product production and operation increased financing scale, temporarily pushing it up | | Net Profit After Deducting Non-Recurring Gains and Losses | RMB -1,330,676.55 | RMB -24,928,610.14 | Not Applicable | Company's profitability strengthened, net profit attributable to shareholders of listed company increased, non-recurring gains and losses decreased compared to prior year | | Total Debt to EBITDA | 0.0365 | 0.0350 | 4.29 | Total debt decreased in the current period compared to prior year | | Interest Coverage Ratio | 1.46 | 1.49 | -2.01 | Earnings before interest and taxes decreased in the current period compared to prior year | | Cash Interest Coverage Ratio | 1.42 | 1.44 | -1.39 | Net cash flow from operating activities decreased in the current period | | Interest Coverage Ratio (EBITDA) | 3.00 | 2.73 | 9.89 | Financing costs decreased in the current period, leading to reduced interest expenses | | Loan Repayment Rate (%) | 100 | 100 | 0 | | | Interest Payment Rate (%) | 100 | 100 | 0 | | [Section VIII Financial Report](index=37&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section includes financial statements, company basics, accounting policies, taxation, and detailed notes on various financial items and risks [2. Financial Statements](index=37&type=section&id=2.%20Financial%20Statements) This section presents the consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity - Consolidated balance sheet (June 30, 2025) shows total assets of **RMB 32,418,329,371.82**[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) - Consolidated income statement (January-June 2025) shows total operating revenue of **RMB 4,758,613,916.87** and net profit of **RMB 83,932,020.75**[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) - Consolidated cash flow statement (January-June 2025) shows net cash flow from operating activities of **RMB 68,630,532.99**[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk) [3. Company Basic Information](index=54&type=section&id=3.%20Company%20Basic%20Information) This section outlines the company's establishment, governance, products, and identifies its controlling and ultimate actual controllers - Taiyuan Heavy Industry Co., Ltd. was registered with the Shanxi Provincial Administration for Industry and Commerce on July 6, 1998, and listed on the Shanghai Stock Exchange on September 4, 1998[141](index=141&type=chunk) - The company operates in the machinery manufacturing industry, primarily manufacturing and selling train wheels, train axles, metallurgical, rolling, forging, hoisting, non-standard equipment, and other products or services[143](index=143&type=chunk) - The company's controlling shareholder is Taiyuan Heavy Machinery Group Co., Ltd.; the actual controller and ultimate controller is the State-owned Assets Supervision and Administration Commission of Shanxi Provincial People's Government[144](index=144&type=chunk) - The company consolidated 20 subsidiaries in January-June 2025[144](index=144&type=chunk) [4. Basis of Financial Statement Preparation](index=54&type=section&id=4.%20Basis%20of%20Financial%20Statement%20Preparation) Financial statements are prepared on a going concern basis, adhering to accounting standards, using historical cost, and recognizing impairment provisions - The company's financial statements are prepared on a going concern basis[145](index=145&type=chunk) - These financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance, their application guidelines, interpretations, and other relevant regulations[147](index=147&type=chunk) - The company's accounting is based on the accrual basis; except for certain financial instruments, these financial statements are measured at historical cost[147](index=147&type=chunk) [5. Significant Accounting Policies and Estimates](index=55&type=section&id=5.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates across various financial areas, including financial instruments, assets, liabilities, revenue, and share-based payments, along with materiality standards - The company determines the recognition and measurement of bad debt provisions for accounts receivable, inventory valuation methods, depreciation of fixed assets, amortization of intangible assets, capitalization conditions for R&D expenses, and revenue recognition policies based on its production and operation characteristics[148](index=148&type=chunk) - Financial instrument classification and measurement: Classified as financial assets measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss, based on the business model for managing financial assets and contractual cash flow characteristics[166](index=166&type=chunk) - Revenue recognition: Revenue is recognized when performance obligations in a contract are satisfied, i.e., when the customer obtains control of the related goods or services, including sales of goods and provision of engineering project construction services[236](index=236&type=chunk)[238](index=238&type=chunk)[239](index=239&type=chunk) - R&D expenditures: Distinguished between research phase expenditures and development phase expenditures, with development phase expenditures capitalized when specific conditions are met simultaneously[219](index=219&type=chunk) - Key accounting estimates and critical assumptions include the classification of financial assets, measurement of expected credit losses for accounts receivable, goodwill impairment, development expenditures, deferred tax assets, and fair value determination of unlisted equity investments[260](index=260&type=chunk)[261](index=261&type=chunk)[262](index=262&type=chunk)[263](index=263&type=chunk)[264](index=264&type=chunk)[265](index=265&type=chunk)[266](index=266&type=chunk) [6. Taxation](index=77&type=section&id=6.%20Taxation) This section discloses the company's main tax categories and rates, including corporate income tax rates and high-tech enterprise incentives Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Income | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Amount of Turnover Tax Payable | 7%, 5% | | Corporate Income Tax | Taxable Income | 15%-25% | | Education Surcharge | Amount of Turnover Tax Payable | 5% | | Property Tax | Based on Value, Based on Rent | 1.2%, 12% | | Land Use Tax | Taxable Area | RMB 2.7/M², RMB 4/M² | - The company, Taiyuan Heavy Industry Engineering Technology Co., Ltd., and Taiyuan Heavy Industry Rail Transit Equipment Co., Ltd. have all obtained high-tech enterprise certificates and enjoy a **15%** corporate income tax preferential rate[269](index=269&type=chunk) - Some subsidiaries (e.g., Taiyuan Heavy Industry (Shanghai) Equipment Sales Co., Ltd.) are eligible for small and micro-profit enterprise policies, calculating taxable income at **25%** and paying corporate income tax at a **20%** rate, extended until December 31, 2027[271](index=271&type=chunk) [7. Notes to Consolidated Financial Statement Items](index=79&type=section&id=7.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for consolidated financial statement items, including monetary funds, receivables, inventories, and operating performance - Monetary funds at period-end totaled **RMB 2,171,124,332.27**, of which **RMB 420,076,475.20** were restricted funds, mainly for bank acceptance bills and letter of guarantee deposits[273](index=273&type=chunk)[379](index=379&type=chunk) - Accounts receivable at period-end totaled **RMB 7,768,645,767.71**, with bad debt provisions of **RMB 999,681,752.83**[289](index=289&type=chunk) - Inventories at period-end had a book value of **RMB 9,399,560,853.52**, with inventory impairment provisions of **RMB 84,408,452.07**[331](index=331&type=chunk) - Construction in progress at period-end had a book value of **RMB 2,598,366,803.89**, with major projects including the high-end machinery assembly line project, machining capability enhancement project, and Pinglu District Xiamian Gao Township 100MW wind power project[356](index=356&type=chunk)[358](index=358&type=chunk) - Operating revenue was **RMB 4,758,613,916.87**, and operating cost was **RMB 3,938,323,542.90**[432](index=432&type=chunk) - Government grants recognized in profit or loss for the current period totaled **RMB 23,849,614.08**[491](index=491&type=chunk) - Losses from the company's overall relocation will be compensated by the government through land revenue return, recognized as relocation shutdown losses of **RMB 2,148,392,028.27** in other non-current assets[378](index=378&type=chunk) [8. Research and Development Expenses](index=136&type=section&id=8.%20Research%20and%20Development%20Expenses) Total R&D expenditure for the period was **RMB 361.13 million**, with **RMB 229.02 million** expensed and **RMB 132.11 million** capitalized, detailing project progress 2025 Semi-Annual R&D Expenses by Nature | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Labor Costs | 120,180,226.11 | 94,480,445.59 | | Material Costs | 75,555,571.01 | 91,549,113.22 | | Depreciation and Amortization | 71,330,194.62 | 73,469,731.51 | | Travel Expenses | 5,033,486.49 | 5,646,735.03 | | Service Fees | 18,106,849.96 | 1,582,316.09 | | Commissioned Development Fees | 68,316,875.91 | 15,843,355.22 | | Others | 2,610,724.33 | 4,592,218.80 | | **Total** | **361,133,928.43** | **287,163,915.46** | | Of which: Expensed R&D | 229,023,563.96 | 176,443,920.30 | | Capitalized R&D | 132,110,364.47 | 110,719,995.16 | - Important capitalized R&D projects include large open-pit mining, excavation, and transportation equipment development projects, new rolling mill equipment and key technology development, and engineering cranes and civil cranes series product development projects[478](index=478&type=chunk) [9. Changes in Consolidation Scope](index=138&type=section&id=9.%20Changes%20in%20Consolidation%20Scope) The company reported no changes in consolidation scope, including business combinations or subsidiary disposals - During the reporting period, the company had no business combinations involving non-common control[479](index=479&type=chunk) - During the reporting period, the company had no business combinations involving common control[480](index=480&type=chunk) - During the reporting period, the company had no reverse acquisitions[480](index=480&type=chunk) - During the reporting period, the company had no disposals of subsidiaries leading to loss of control[480](index=480&type=chunk) [10. Interests in Other Entities](index=139&type=section&id=10.%20Interests%20in%20Other%20Entities) This section details the company's group structure, including 20 subsidiaries, and provides financial information for significant non-wholly-owned subsidiaries and immaterial associates - The company's corporate group consists of **20 subsidiaries**, including Taiyuan Heavy Industry Engineering Technology Co., Ltd. and Taiyuan Heavy Industry Rail Transit Equipment Co., Ltd[140](index=140&type=chunk) - The significant non-wholly-owned subsidiary is Taiyuan Heavy Industry Rail Transit Equipment Co., Ltd., with a minority shareholder's equity ratio of **20%**[484](index=484&type=chunk) Taiyuan Heavy Industry Rail Transit Equipment Co., Ltd. Key Financial Information (Unit: RMB) | Indicator | Period-End Balance | Period-Beginning Balance | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | :--- | :--- | | Current Assets | 5,934,272,954.90 | 4,980,128,049.19 | | | | Non-Current Assets | 1,989,692,032.49 | 1,981,588,566.42 | | | | Total Assets | 7,923,964,987.39 | 6,961,716,615.61 | | | | Current Liabilities | 3,042,655,377.17 | 1,996,856,224.18 | | | | Non-Current Liabilities | 1,383,227,410.96 | 1,668,427,133.20 | | | | Total Liabilities | 4,425,882,788.13 | 3,665,283,357.38 | | | | Operating Revenue | | | 1,566,244,322.18 | 1,450,281,450.69 | | Net Profit | | | 201,648,941.03 | 197,374,048.01 | | Total Comprehensive Income | | | 201,648,941.03 | 197,374,048.01 | | Operating Cash Flow | | | -586,517,798.44 | -648,788,837.43 | - The total book value of investments in immaterial associates is **RMB 29,313,209.60**[487](index=487&type=chunk) [11. Government Grants](index=144&type=section&id=11.%20Government%20Grants) New government grants totaled **RMB 9.23 million**, with **RMB 23.85 million** recognized in profit or loss for the period Deferred Income Government Grants (Unit: RMB) | Financial Statement Item | Beginning Balance | New Grants (Current Period) | Amount Recognized in Non-Operating Income (Current Period) | Amount Transferred to Other Income (Current Period) | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 347,885,678.10 | 9,225,452.16 | | 17,064,336.44 | 340,046,793.82 | Government Grants Recognized in Profit or Loss for the Current Period (Unit: RMB) | Type | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Asset-Related | 17,064,336.44 | 14,797,607.02 | | Income-Related | 6,785,277.64 | 13,923,324.88 | | **Total** | **23,849,614.08** | **28,720,931.90** | [12. Risks Related to Financial Instruments](index=145&type=section&id=12.%20Risks%20Related%20to%20Financial%20Instruments) This section analyzes credit, liquidity, and market risks related to financial instruments, outlining management strategies for each - Credit risk primarily arises from bank deposits and accounts receivable, managed by assessing debtor creditworthiness, setting credit limits and terms, and regularly monitoring credit records[492](index=492&type=chunk) - Liquidity risk is managed by maintaining sufficient cash and cash equivalents, monitoring bank loan utilization, and securing committed backup facilities[493](index=493&type=chunk) - Market risk includes interest rate risk and exchange rate risk; interest rate risk, mainly from long-term bank borrowings and bonds payable, is managed by determining the relative proportion of fixed and floating rate contracts, while exchange rate risk, from financial instruments denominated in foreign currencies like USD and EUR, is closely monitored[498](index=498&type=chunk)[499](index=499&type=chunk)[500](index=500&type=chunk) - The company's capital management policy aims to ensure continuous operation, provide returns to shareholders, and maintain an optimal capital structure to minimize capital costs[501](index=501&type=chunk) [13. Disclosure of Fair Value](index=147&type=section&id=13.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of assets and liabilities, totaling **RMB 359.29 million**, categorized by fair value hierarchy 2025 Semi-Annual Fair Value of Assets and Liabilities Measured at Fair Value at Period-End (Unit: RMB) | Item | Level 1 Fair Value Measurement | Level 2 Fair Value Measurement | Level 3 Fair Value Measurement | Total | | :--- | :--- | :--- | :--- | :--- | | Other Equity Instrument Investments | 7,344,308.49 | | 65,080,988.55 | 72,425,297.04 | | Accounts Receivable Financing | | 286,859,817.69 | | 286,859,817.69 | | **Total Assets Continuously Measured at Fair Value** | **7,344,308.49** | **286,859,817.69** | **65,080,988.55** | **359,285,114.73** | [14. Related Parties and Related Party Transactions](index=149&type=section&id=14.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section details related parties and transactions, including purchases, sales, services, leases, guarantees, and asset transfers - The company's parent company is Taiyuan Heavy Machinery Group Co., Ltd., with a shareholding ratio of **49.91%**[507](index=507&type=chunk) - Other related parties include several enterprises controlled by the same parent company as the company[508](index=508&type=chunk) - During the current period, related party transactions for purchases and sales of goods, and provision and acceptance of services, included **RMB 223,654,330.28** for purchasing goods/accepting services and **RMB 1,839,852,100.00** for selling goods/providing services[78](index=78&type=chunk)[511](index=511&type=chunk) - As a lessee, the company paid rent and interest expenses to related parties such as Shanxi Intelligent Equipment Industrial Park Co., Ltd[513](index=513&type=chunk) - As a guaranteed party, the company received multiple guarantees from Taiyuan Heavy Machinery Group Co., Ltd., totaling **RMB 1,744,221,406.02**[514](index=514&type=chunk)[517](index=517&type=chunk) - Related party asset transfers occurred in the current period, with sales of fixed assets totaling **RMB 1,620,427.00**[519](index=519&type=chunk) - The company signed a trademark use license agreement with Taiyuan Heavy Machinery Group Co., Ltd. for the free use of the "TZ" brand trademark[520](index=520&type=chunk) [15. Share-Based Payments](index=159&type=section&id=15.%20Share-Based%20Payments) This section discloses equity-settled share-based payment plans, with **RMB 2.20 million** in expenses recognized - The cumulative amount of equity-settled share-based payments recognized in capital reserve is **RMB 11,736,577.66**[528](index=528&type=chunk) - Total share-based payment expenses for the current period were **RMB 2,195,030.28**, comprising **RMB 1,811,329.68** for initial grants and **RMB 383,700.60** for reserved grants[531](index=531&type=chunk) - Total amortization expenses for initially granted restricted shares to incentive recipients were **RMB 48.9307 million**, and for reserved granted restricted shares were **RMB 10.3582 million**[528](index=528&type=chunk)[529](index=529&type=chunk) [16. Commitments and Contingencies](index=161&type=section&id=16.%20Commitments%20and%20Contingencies) This section discloses significant commitments, including long-term asset construction and unfulfilled capital contributions, and contingent liabilities from debt guarantees - Commitments for constructing long-term assets that have been signed but not yet recognized in the financial statements total **RMB 325.4759 million**[532](index=532&type=chunk) - Several subsidiaries have unfulfilled registered capital contributions, such as Shanxi Taiyuan Heavy Industry Intelligent Equipment Co., Ltd. with **RMB 328.97 million** yet to be contributed[532](index=532&type=chunk)[533](index=533&type=chunk)[534](index=534&type=chunk) - As of June 30, 2025, the company provided balance repurchase guarantees for Anda Laohugang Wind Farm Co., Ltd. and Dorbod Mongolian Autonomous County Latuanpao Wind Power Generation Co., Ltd., with total guarantee amounts of **RMB 900 million** at period-end[535](index=535&type=chunk)[536](index=536&type=chunk)[537](index=537&type=chunk) - The company has no other significant contingent matters requiring disclosure[538](index=538&type=chunk) [19. Notes to Major Items in Parent Company Financial Statements](index=163&type=section&id=19.%20Notes%20to%20Major%20Items%20in%20Parent%20Company%20Financial%20Statements) This section provides detailed notes for the parent company's financial statements, including receivables, investments, and operating performance - Parent company's accounts receivable at period-end totaled **RMB 7,592,587,554.66**, with bad debt provisions of **RMB 962,995,055.21**[164](index=164&type=chunk)[545](index=545&type=chunk)[552](index=552&type=chunk) - Parent company's other receivables at period-end totaled **RMB 469,584,735.60**, with bad debt provisions of **RMB 31,262,875.24**[167](index=167&type=chunk)[563](index=563&type=chunk)[565](index=565&type=chunk) - Parent company's investments in subsidiaries at period-end had a book value of **RMB 2,313,835,197.25**[568](index=568&type=chunk) - Parent company's operating revenue was **RMB 3,131,801,363.94**, and operating cost was **RMB 2,740,933,299.76**[575](index=575&type=chunk) - Parent company's investment income was **RMB 4,318,475.75**[577](index=577&type=chunk) [20. Supplementary Information](index=176&type=section&id=20.%20Supplementary%20Information) This section provides supplementary information, including non-recurri