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Core Viewpoint - The company reported a decline in revenue and net profit for the year 2024, attributed to a challenging economic environment and increased competition in the automotive market, while focusing on optimizing its business structure and expanding into new markets and technologies [2][3][4]. Company Overview and Financial Indicators - The company, Paslin Digital Technology Co., Ltd., reported a revenue of approximately 1.84 billion RMB for 2024, a decrease of 13.75% compared to 2023 [3]. - The net profit attributable to shareholders was approximately 64.43 million RMB, down 46.85% from the previous year [3]. - The company’s total assets were approximately 3.59 billion RMB, reflecting a decrease of 9.41% from 2023 [3]. Business Strategy and Market Position - The company aims to enhance its global presence by optimizing its business structure and increasing its focus on non-automotive automation sectors, while maintaining its core automotive manufacturing automation business [4][5]. - The company has established manufacturing bases and R&D centers in China, the USA, and Mexico, and is committed to strengthening partnerships with major automotive manufacturers and suppliers [4][5]. - The company has successfully entered the supply chains of major automotive manufacturers such as BMW, General Motors, and Volvo, expanding its market share [4][5]. Industry Context - The industrial automation market is experiencing significant growth, with a projected compound annual growth rate (CAGR) of 9.9%, expected to reach approximately 471 billion USD by 2031 [9]. - The Chinese government is actively promoting the development of industrial automation, with policies aimed at enhancing technological innovation and upgrading traditional manufacturing [9][10]. - The integration of artificial intelligence and industrial automation is becoming a key focus, driving the transition from traditional manufacturing to smart manufacturing [10][11]. Future Outlook - The company plans to continue expanding into sectors such as intelligent warehousing, aerospace manufacturing, and construction automation, aiming to leverage its expertise in industrial automation [5][6]. - The company is also focusing on the development of humanoid robots and artificial intelligence applications to enhance its product offerings and market competitiveness [16][17]. - The emphasis on green and intelligent manufacturing is expected to reshape the industry landscape, with the company adopting sustainable practices to reduce environmental impact [19].

Core Viewpoint - The company, Paislin Digital Technology Co., Ltd., reported a significant decline in operating performance for 2024, with a 13.75% decrease in revenue and a 46.85% drop in net profit, attributed to various factors including market policy impacts and increased competition in the automotive sector [2][3]. Group 1: Operating Performance - In 2024, the company achieved operating revenue of 1.843 billion yuan, a year-on-year decrease of 13.75%, and a net profit attributable to shareholders of 64 million yuan, down 46.85% [2]. - The decline in performance is primarily due to several factors: uncertainty in North American automotive market policies, intensified industry competition, fluctuations in product and raw material prices, and increased period expenses [2]. Group 2: Industry Comparison - The company's performance aligns with the broader industry trend, as comparable listed companies in the same sector also reported poor operating results for 2024 [3]. Group 3: Profitability and Margins - There is a significant difference in gross profit margins between domestic and overseas operations, with overseas gross margin at 16.39% and domestic at 6.66%, reflecting different stages of business development [4]. - The lower gross margin for domestic operations is attributed to high initial costs and a focus on smaller projects, while overseas operations benefit from a more stable competitive landscape and larger, complex projects [4]. Group 4: Cash Flow and Financial Health - The company's net cash flow from operating activities improved from -312 million yuan in 2023 to -55 million yuan in 2024, turning positive in Q1 2025 with 24 million yuan [5]. - The negative cash flow in recent years is mainly due to business characteristics and strategic transformation impacts, but the cash flow has shown signs of recovery [5]. Group 5: Revenue Recognition and Accounts Receivable - The company uses the time-based method for revenue recognition, which complies with accounting standards, and the significant change in the ratio of contract assets to accounts receivable is reasonable due to project delays [6]. - The company has the right to collect payments for completed performance, indicating prudent revenue recognition practices [6]. Group 6: Goodwill and Performance Commitments - The performance commitment completion rate for the U.S. subsidiary, Wan Feng, was only 60.14%, necessitating a compensation of approximately 99.37 million yuan [7]. - The company asserts that the failure to meet performance commitments is primarily due to uncertainties in the North American electric vehicle market, and the goodwill impairment testing method is compliant, justifying the lack of impairment [7]. Group 7: Foreign Currency and Liquidity - By the end of 2024, the company's dollar-denominated cash balance decreased by 71.45%, and long-term dollar borrowings fell by 98.78%, attributed to revenue decline and optimized borrowing structure [8]. - The current cash balance is aligned with the scale of operating revenue, indicating no significant liquidity pressure in the short term [8].

证券代码：600215 证券简称：派斯林 公告编号：临 2025-028 派斯林数字科技股份有限公司 关于 2024 年年度报告的更正公告 本公司董事会及全体董事保证公告内容不存在虚假记载、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法律责任。 派斯林数字科技股份有限公司（以下简称"公司"）于2025年4月30日在上海 证券交易所网站（www.sse.com.cn）披露了公司《2024年年度报告》。经事后核 查发现前述报告中部分数据填写有误，现对相关内容予以更正。本次更正不会对 公司2024年度财务状况及经营成果产生影响，具体如下： 一、对"第十节 财务报告-七、合并财务报表项目注释-27、商誉-（4）可 收回金额的具体确定方法"中预测期的年限数据，进行更正： 更正前： | | | | | | | 减 | | 预测期 | 预测期 | 稳定期 的关键 | 稳定期 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 的关键 | | | 的关键 | | 项目 | 账面价值 | 可收回金额 | 值 | 预测期的 ...

中兴财光华会计师事务所（特殊普通合伙） 《关于派斯林数字科技股份有限公司 2024 年年度报告 的信息披露监管问询函》的回复 上海证券交易所: 根据贵所《关于派斯林数字科技股份有限公司 2024年年度报告的信息披露 监管问询函》(上证公函【2025】0854 号）(以下简称"问询函")的要求,中兴 财光华会计师事务所(特殊普通合伙)(以下简称"会计师"或"我们")作为派 斯林数字科技股份有限公司（以下简称"公司"或"派斯林"）2024 年度财务报 表审计机构,对问询函中与会计师相关的内容作了认真核查,现将情况回复如 下： 问题二:关于收入确认。 年报显示,公司工业自动化系统集成业务根据已完成劳务的进度在一段时 间内确认收入,已完成劳务的进度按照已发生的成本占预计总成本的比例确 定。公司按照进度确认收入时,对于已经取得无条件收款权的部分,确认为应 收账款,其余部分确认为合同资产。2024年末,公司合同资产和应收账款合计 账 面金额 11.40 亿元,同比下降 14.41%，与营业收入下降趋势基本一致，但合 同资产与应收账款比例发生重大变化,合同资产由 2023年末的 6.06 亿元增长至 8.16 亿元,同比增 ...

中联资产评估咨询(上海)有限公司关于上海证券交易所 《关于派斯林数字科技股份有限公司 2024年年度报告的信 息披露监管问询函》(上证公函〔2025〕第 0854 号) 所涉及资产评估相关问题的回复 上海证券交易所: 派斯林数字科技股份有限公司(以下简称"公司")于近日收到贵部《关于 对派斯林数字科技股份有限公司 2024年年报的问询函》<上证公函〔2025〕第 0854 号>(以下简称"《问询函》"),公司对《问询函》所涉及问题进行了认 真研究和核实并进行答复,我司对相关问题发表意见如下: 三、关于业绩承诺与商誉减值。公司于 2021 年收购 America Wanfeng Corporation(以下简称美国万丰),交易对手方作出业绩承诺,2024年美国万 丰业绩承诺完成率仅 60.14%,交易对手方需进行业绩补偿 9.936.95 万元。除 2024 年外,前期业绩承诺均已完成。公司称,未完成业绩承诺主要系北美新能 源汽车市场受不确定性因素影响,主机厂对政策及市场观望情绪较大,延后或取 消其投资计划。此外,报告期末,公司收购美国万丰形成的商誉账面净值为 6.94 亿元,公司未对上述商誉计提减值。目前,美 ...

证券代码：600215 证券简称：派斯林 公告编号：临 2025-027 派斯林数字科技股份有限公司 关于对上海证券交易所《关于派斯林数字科技股份有 限公司 2024 年年度报告的信息披露监管问询函》的 回复公告 本公司董事会及全体董事保证公告内容不存在虚假记载、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法律责任。 派斯林数字科技股份有限公司（以下简称"公司"）于近日收到上海证券交 易所《关于派斯林数字科技股份有限公司 2024 年年度报告的信息披露监管问询 函》（上证公函【2025】0854 号）（以下简称"《问询函》"）。收到《问询函》后， 公司高度重视，积极组织相关部门及年审会计师事务所、评估公司对相关问题进 行逐项核查落实和回复，具体内容如下： 问题一、关于经营业绩。 公司主营工业自动化产线业务，2024 年实现营业收入 18.43 亿元，同比下 降 13.75%；实现归属于上市公司股东的净利润 0.64 亿元，同比下降 46.85%。 毛利率方面，公司主营业务毛利率为 14.83%，境内、境外毛利率分别为 6.66% 和 16.39%，境内外毛利率差异较大且低于同行业可比上市公 ...

[Company Profile and Key Financial Indicators](index=5&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) An overview of the company's basic information and a summary of its key financial performance over recent years [Company Information Overview](index=5&type=section&id=Company%20Information%20Overview) Paslin Digital Technology Co., Ltd. (stock code 600215) is an intelligent manufacturing company, formerly known as Changchun Jingkai - The company's Chinese name is Paslin Digital Technology Co., Ltd., stock code **600215**, changed from "Changchun Jingkai"[15](index=15&type=chunk)[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators for the Past Three Years](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Past%20Three%20Years) In 2024, the company's operating revenue decreased by **13.75%** to **RMB 1.843 billion**, and net profit attributable to shareholders significantly declined by **46.85%** to **RMB 64.43 million** Key Accounting Data (Unit: RMB) | Key Accounting Data | 2024 | 2023 | YoY Change (%) | 2022 | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 1,843,073,469.13 | 2,136,876,638.97 | -13.75 | 1,118,618,540.93 | | **Net Profit Attributable to Shareholders of Listed Company** | 64,431,326.35 | 121,223,984.12 | -46.85 | 142,535,175.84 | | **Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items)** | 62,304,089.69 | 143,464,170.26 | -56.57 | 20,622,202.80 | | **Net Cash Flow from Operating Activities** | -54,866,596.78 | -311,628,660.15 | N/A | 108,689,826.63 | | **Net Assets Attributable to Shareholders of Listed Company** | 2,001,415,034.46 | 1,982,584,041.80 | 0.95 | 1,623,553,375.24 | | **Total Assets** | 3,586,449,004.70 | 3,958,962,441.61 | -9.41 | 3,586,368,771.71 | Key Financial Indicators | Key Financial Indicators | 2024 | 2023 | YoY Change (%) | 2022 | | :--- | :--- | :--- | :--- | :--- | | **Basic Earnings Per Share (RMB/share)** | 0.1409 | 0.2653 | -46.88 | 0.3216 | | **Basic EPS (Excluding Non-recurring Items) (RMB/share)** | 0.1363 | 0.3139 | -56.59 | 0.0465 | | **Weighted Average Return on Net Assets (%)** | 3.23 | 6.75 | Decreased by 3.52 percentage points | 9.52 | | **Weighted Average Return on Net Assets (Excluding Non-recurring Items) (%)** | 3.12 | 7.98 | Decreased by 4.86 percentage points | 1.38 | [Quarterly Key Financial Data](index=8&type=section&id=Quarterly%20Key%20Financial%20Data) The company's 2024 performance showed a front-loaded trend, with most profit generated in Q1 and a Q4 loss, indicating increasing cash flow pressure 2024 Quarterly Key Financial Data (Unit: RMB) | Indicator | Q1 (Jan-Mar) | Q2 (Apr-Jun) | Q3 (Jul-Sep) | Q4 (Oct-Dec) | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 634,049,375.70 | 408,854,062.56 | 394,879,363.71 | 405,290,667.16 | | **Net Profit Attributable to Shareholders of Listed Company** | 51,952,643.12 | 17,067,892.79 | 16,804,868.24 | -21,394,077.80 | | **Net Cash Flow from Operating Activities** | 107,683,580.56 | -38,585,999.62 | -49,719,695.84 | -74,244,481.88 | [Non-recurring Gains and Losses](index=8&type=section&id=Non-recurring%20Gains%20and%20Losses) In 2024, the company's non-recurring gains and losses totaled **RMB 2.1272 million**, primarily from government subsidies, a significant decrease from 2023 - Total non-recurring gains and losses in 2024 amounted to **RMB 2.1272 million**, primarily from **RMB 2.7755 million** in government subsidies[27](index=27&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) An in-depth analysis of the company's operational performance, industry trends, business overview, core competencies, and future development strategies [Discussion and Analysis of Operations](index=11&type=section&id=Discussion%20and%20Analysis%20of%20Operations) In 2024, the company faced challenges from delayed North American EV investments and intense domestic competition, leading to declines in revenue and net profit - Affected by delayed investments in the North American new energy vehicle market and intensified domestic market competition, the company's 2024 revenue and net profit both declined[31](index=31&type=chunk) - The company's strategic priorities include: - **Global Market**: Consolidating cooperation with leading international automotive OEMs and suppliers, and expanding into the European market[32](index=32&type=chunk) - **Domestic Market**: Expanding into general assembly automation and power battery manufacturing, having entered the supply chains of BMW, GM, and Seres[33](index=33&type=chunk) - **Non-Automotive Market**: Deepening cooperation with clients in intelligent warehousing and prefabricated construction to increase the proportion of non-automotive business[34](index=34&type=chunk) - **Technological Innovation**: Investing in low-altitude economy, bionic intelligent robots, and industrial artificial intelligence, collaborating with institutions like Shanghai Jiao Tong University for industry-academia research[35](index=35&type=chunk) [Industry Overview](index=12&type=section&id=Industry%20Overview) The industrial automation sector is a key driver for high-quality manufacturing development, with global market expansion and significant growth potential in China driven by AI and equipment upgrade policies - The global industrial automation market is projected to reach **USD 471.04 billion** by 2031, with a compound annual growth rate of **9.9%**[40](index=40&type=chunk) - China's new round of equipment upgrade policies is expected to generate a market size exceeding **RMB 5 trillion**, focusing on upgrading core equipment like industrial robots and intelligent speed control systems[41](index=41&type=chunk) - Industry development exhibits five major trends: - **AI Empowerment**: Shifting production decisions from "experience-based rules" to "data intelligence"[47](index=47&type=chunk) - **Humanoid Robots**: Expected to create a trillion-level blue ocean market, with Goldman Sachs forecasting a global market size of **USD 154 billion** by 2035[48](index=48&type=chunk) - **System Integration**: Integrated intelligent manufacturing solutions becoming mainstream[51](index=51&type=chunk) - **Green Intelligent Manufacturing**: Becoming a core variable in reshaping the industrial competitive landscape[52](index=52&type=chunk) - **Expanded Application Scenarios**: New markets like intelligent warehousing and low-altitude economy offer broad prospects[52](index=52&type=chunk) [Company Business Overview](index=16&type=section&id=Company%20Business%20Overview) The company's core business remains unchanged, focusing on industrial automation line solutions for intelligent manufacturing across various sectors - The company's main business is industrial automation production line solutions, primarily applied in automotive manufacturing, intelligent warehousing, prefabricated construction, and digital factory fields[56](index=56&type=chunk) - The company is among the first tier in North American automotive welding technology, alongside giants like KUKA and Comau, holding leading technological advantages and market share in automotive structural component automated welding and new energy vehicle equipment manufacturing[64](index=64&type=chunk)[65](index=65&type=chunk) [Core Competitiveness Analysis](index=18&type=section&id=Core%20Competitiveness%20Analysis) The company's core competitiveness stems from over **80 years** of technical expertise, efficient project management, strong client relationships, global presence, and an experienced international team - The company possesses over **80 years** of industrial automation experience, with leading technology and absolute advantages in automotive welding deformation control[66](index=66&type=chunk) - The company has established a RASCI 4.0 process control system, enabling full-process management for large and complex automation production line projects[68](index=68&type=chunk) - The company's global client base includes a leading international new energy vehicle OEM, General Motors, Ford, BYD, and Li Auto, having established long-term strategic partnerships with core clients[69](index=69&type=chunk) [Analysis of Key Operating Performance](index=19&type=section&id=Analysis%20of%20Key%20Operating%20Performance) In 2024, the company experienced a decline in revenue and net profit, but domestic business doubled, R&D investment significantly increased, and financial structure improved [Analysis of Income Statement and Cash Flow Statement](index=19&type=section&id=Analysis%20of%20Income%20Statement%20and%20Cash%20Flow%20Statement) Revenue and costs decreased due to delayed orders, while R&D expenses significantly increased, and cash flow from operations improved due to enhanced collections Income Statement and Cash Flow Statement Key Item Changes | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 1,843,073,469.13 | 2,136,876,638.97 | -13.75 | Delayed existing orders led to a decrease in revenue | | **R&D Expenses** | 27,493,690.69 | 15,434,967.92 | 78.13 | Increased R&D investment for new technologies and products | | **Net Cash Flow from Operating Activities** | -54,866,596.78 | -311,628,660.15 | N/A | Enhanced collection of payments, increasing cash inflow | | **Net Cash Flow from Investing Activities** | 169,152,930.20 | -2,965,690.21 | N/A | Recovery of the second installment of equity transfer payment for Liuhe Real Estate | | **Net Cash Flow from Financing Activities** | 18,069,497.72 | 316,560,857.92 | -94.29 | Strengthened cash flow management, reduced borrowings | [Revenue and Cost Analysis](index=21&type=section&id=Revenue%20and%20Cost%20Analysis) Industrial automation revenue declined, with domestic business doubling but at a lower margin, while overseas revenue decreased with stable margins, and customer concentration remained high Main Business by Region (Unit: RMB) | Region | Operating Revenue | Operating Cost | Gross Margin (%) | YoY Change in Operating Revenue (%) | | :--- | :--- | :--- | :--- | :--- | | **Domestic** | 294,815,131.65 | 275,176,889.98 | 6.66 | 113.11 | | **Overseas** | 1,543,088,368.75 | 1,290,124,950.93 | 16.39 | -22.58 | - Sales to the top five customers totaled **RMB 1.425 billion**, accounting for **77.30%** of total annual sales[82](index=82&type=chunk) [Asset and Liability Analysis](index=26&type=section&id=Asset%20and%20Liability%20Analysis) Total assets decreased, with significant reductions in accounts receivable and payables due to improved collections and project delays, while contract assets increased Balance Sheet Key Item Changes | Item Name | Current Period End (RMB) | Prior Period End (RMB) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | **Accounts Receivable** | 324,306,116.10 | 725,856,759.39 | -55.32 | Strengthened accounts receivable management, increased cash collection | | **Contract Assets** | 816,280,255.29 | 605,809,866.51 | 34.74 | Project delays, some projects not yet at invoicing stage | | **Accounts Payable** | 159,224,569.70 | 455,393,755.86 | -65.04 | Project delays, reduced external procurement | | **Non-current Liabilities Due Within One Year** | 26,133,530.79 | 376,777,593.29 | -93.06 | Repayment of bank loans by Paslin US | - As of the end of the reporting period, the company's overseas assets amounted to **RMB 2.311 billion**, accounting for **64%** of total assets[93](index=93&type=chunk) [Future Development Discussion and Analysis](index=30&type=section&id=Future%20Development%20Discussion%20and%20Analysis) The company will adhere to its "1+2+3" development strategy, focusing on industrial automation, two key industries, and three markets, while addressing identified risks - The company's development strategy is "1+2+3": - **1 Industry**: Industrial automation[108](index=108&type=chunk) - **2 Sectors**: Automotive industry and non-automotive industry (intelligent warehousing, aircraft manufacturing, etc.)[109](index=109&type=chunk) - **3 Markets**: Consolidate North America, expand Asia-Pacific, and establish presence in Europe[109](index=109&type=chunk) - Key initiatives for the 2025 operating plan include: - **Automotive Business**: Consolidating advantages in passenger vehicles, expanding into commercial vehicles and new energy "three-electric" system equipment markets[111](index=111&type=chunk) - **Domestic Market**: Focusing on leading OEMs to secure high-profit projects[112](index=112&type=chunk) - **Non-Automotive Business**: Expanding into intelligent warehousing, prefabricated construction, and consumer goods sectors[113](index=113&type=chunk) - **Emerging Businesses**: Accelerating commercialization of intelligent robots and implementing aircraft automation production lines[114](index=114&type=chunk) - **Technology Integration**: Empowering intelligent manufacturing with AI to enhance product intelligence[115](index=115&type=chunk) - The main risks faced by the company include macroeconomic and industry cycle fluctuations, intensified market competition, and global management risks[118](index=118&type=chunk)[119](index=119&type=chunk) [Corporate Governance](index=34&type=section&id=Corporate%20Governance) Details on the company's adherence to governance standards, board and supervisory committee changes, and shareholder return planning [Overview of Corporate Governance](index=34&type=section&id=Overview%20of%20Corporate%20Governance) During the reporting period, the company maintained a sound and compliant corporate governance structure, completing board and supervisory committee elections and adhering to disclosure requirements - During the reporting period, the company's corporate governance practices complied with the "Company Law" and relevant regulatory documents from the CSRC and SSE[123](index=123&type=chunk) - The company completed the re-election of the eleventh Board of Directors and Supervisory Board, and formulated the "Shareholder Return Plan for the Next Three Years (2024-2026)"[124](index=124&type=chunk)[125](index=125&type=chunk) [Environmental and Social Responsibility](index=49&type=section&id=Environmental%20and%20Social%20Responsibility) Outlines the company's commitment to environmental protection and social responsibility initiatives [Environmental Information](index=49&type=section&id=Environmental%20Information) The company has established environmental protection mechanisms, complies with regulations, and has received ISO14001:2015 certification and EcoVadis bronze recognition for its environmental efforts - The company's subsidiary, Shanghai Paslin, obtained the **ISO14001:2015 Environmental Management System certification**[170](index=170&type=chunk) - Shanghai Paslin received a **bronze medal certification** after passing the EcoVadis Corporate Social Responsibility (CSR) assessment[172](index=172&type=chunk) [Significant Matters](index=51&type=section&id=Significant%20Matters) Covers the fulfillment of commitments, particularly regarding the performance of acquired assets, and the company's guarantee situation [Fulfillment of Commitments](index=51&type=section&id=Fulfillment%20of%20Commitments) While general commitments were met, Paslin US, a major asset reorganization target, failed to meet its 2024 performance commitment due to delayed North American EV investments, triggering compensation - Paslin US, the target of a major asset reorganization, failed to meet its **2024 performance commitment**[183](index=183&type=chunk)[184](index=184&type=chunk) Paslin US 2024 Performance Commitment Fulfillment (Unit: Million USD) | Indicator | Committed Performance (Million USD) | Actual Performance (Million USD) | Completion Rate (%) | | :--- | :--- | :--- | :--- | | **2024 Net Profit (Excluding Non-recurring Items)** | 26.45 | 15.9063 | 60.14 | - The primary reason for the unfulfilled performance commitment was the delay or cancellation of investment plans by North American new energy vehicle OEMs. According to the agreement, the performance commitment party, Wanfeng Technology, is required to compensate the company with **RMB 99.3695 million**[184](index=184&type=chunk) [Guarantees](index=63&type=section&id=Guarantees) The company has no external guarantees, with all guarantees provided to wholly-owned subsidiaries or between subsidiaries, totaling **RMB 169 million**, representing **8.44%** of net assets Company Guarantee Total (Unit: RMB Billion) | Item | Amount | | :--- | :--- | | **Total Guarantee Balance for Subsidiaries at Period End** | 0.169 | | **Ratio of Total Guarantees to Company's Net Assets (%)** | 8.44 | | **Debt Guarantees Provided to Guaranteed Parties with Asset-Liability Ratio Exceeding 70%** | 0.169 | [Share Capital Changes and Shareholder Information](index=65&type=section&id=Share%20Capital%20Changes%20and%20Shareholder%20Information) Details changes in the company's share capital and provides an overview of its shareholder structure and controlling parties [Share Capital Changes](index=65&type=section&id=Share%20Capital%20Changes) The company's total share capital decreased due to the repurchase and cancellation of **2,037,500** restricted shares from the 2023 incentive plan, as performance targets were not met - Due to the repurchase and cancellation of restricted shares that did not meet unlocking conditions, the company's total share capital decreased by **2,037,500 shares** to **462,995,380 shares** at period-end[196](index=196&type=chunk)[197](index=197&type=chunk) [Shareholders and Actual Controller Information](index=67&type=section&id=Shareholders%20and%20Actual%20Controller%20Information) As of the reporting period end, the company had **28,667** common shareholders, with Wanfeng Jinyuan Holding Group Co., Ltd. as the controlling shareholder and Chen Ailian and Wu Jinhua as the actual controllers - The controlling shareholder is Wanfeng Jinyuan Holding Group Co., Ltd., holding **22.71%** of shares. The actual controllers are Chen Ailian and Wu Jinhua[204](index=204&type=chunk)[208](index=208&type=chunk)[209](index=209&type=chunk) - The controlling shareholder Wanfeng Jinyuan and its concerted parties Wanfeng Jinyuan Investment and Wu Jinhua collectively hold **132,984,707 shares**, accounting for **28.72%** of the total share capital[205](index=205&type=chunk)[582](index=582&type=chunk) [Financial Report](index=74&type=section&id=Financial%20Report) Presents the company's audited financial statements, including the audit report and key consolidated financial data [Audit Report](index=74&type=section&id=Audit%20Report) Zhongxingcai Guanghua Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2024 financial statements, highlighting goodwill impairment and revenue recognition for overseas subsidiaries as key audit matters - The audit firm issued a **standard unqualified audit opinion**[220](index=220&type=chunk) - Key audit matters include: - **Goodwill Impairment**: As of year-end, goodwill had a carrying value of **RMB 694 million**, accounting for **19.35%** of total assets. Its impairment test involves significant judgments on key assumptions such as future revenue growth rates, profit margins, and discount rates[221](index=221&type=chunk) - **Revenue Recognition for Overseas Subsidiaries**: Revenue for overseas subsidiaries is primarily recognized using the input method (cost method) to determine performance progress, which relies on management's reasonable estimation and continuous assessment of total estimated contract costs[222](index=222&type=chunk) [Consolidated Financial Statement Key Data](index=76&type=section&id=Consolidated%20Financial%20Statement%20Key%20Data) As of December 31, 2024, the company reported total assets of **RMB 3.586 billion**, total liabilities of **RMB 1.585 billion**, and net profit of **RMB 64.43 million** Consolidated Balance Sheet Key Data (December 31, 2024) | Item | Amount (RMB) | | :--- | :--- | | **Total Current Assets** | 1,616,541,746.20 | | **Total Non-current Assets** | 1,969,907,258.50 | | **Total Assets** | 3,586,449,004.70 | | **Total Current Liabilities** | 1,241,356,211.35 | | **Total Non-current Liabilities** | 343,677,758.89 | | **Total Liabilities** | 1,585,033,970.24 | | **Total Equity Attributable to Parent Company Shareholders** | 2,001,415,034.46 | Consolidated Income Statement Key Data (2024) | Item | Amount (RMB) | | :--- | :--- | | **Total Operating Revenue** | 1,843,073,469.13 | | **Total Operating Costs** | 1,758,904,370.05 | | **Total Profit** | 78,633,599.77 | | **Net Profit** | 64,431,326.35 | | **Net Profit Attributable to Parent Company Shareholders** | 64,431,326.35 | Consolidated Cash Flow Statement Key Data (2024) | Item | Amount (RMB) | | :--- | :--- | | **Net Cash Flow from Operating Activities** | -54,866,596.78 | | **Net Cash Flow from Investing Activities** | 169,152,930.20 | | **Net Cash Flow from Financing Activities** | 18,069,497.72 | | **Net Increase in Cash and Cash Equivalents** | 121,732,327.85 |

Core Viewpoint - The company, Paislin Digital Technology Co., Ltd., anticipates a significant loss for the first half of 2025, with projected net profit ranging from -37 million to -33 million yuan, indicating a downturn compared to the previous year [2][4]. Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to June 30, 2025 [3]. - The company expects a net profit attributable to shareholders of the parent company to be between -37 million and -33 million yuan, indicating a loss [2][4]. - The projected net profit, excluding non-recurring gains and losses, is expected to be between -39 million and -35 million yuan [2][4]. Group 2: Previous Year Comparison - In the same period last year, the total profit was 65.885 million yuan, with a net profit attributable to shareholders of the parent company at 69.0205 million yuan [6]. - The net profit, excluding non-recurring gains and losses, was 68.1398 million yuan [6]. - The earnings per share for the previous year were 0.1511 yuan [7]. Group 3: Reasons for Performance Decline - The decline in performance is attributed to a complex and changing macroeconomic environment, particularly affecting overseas business due to uncertainties in the North American automotive market, leading to delayed capital expenditures and project launches [8]. - Domestic business has also been impacted by intensified industry competition and a slowdown in investment demand from manufacturers, resulting in insufficient new order growth [8]. - Despite the challenges, new orders in overseas business increased by 43.06% year-on-year by the end of the second quarter of 2025, as policies became clearer [8]. - The company plans to actively advance project execution and delivery while expanding into new customer segments and projects in various industries, including intelligent warehousing and construction machinery [8].

[Paslin 2025 Semi-Annual Performance Forecast Interpretation](index=1&type=section&id=Paslin%20Digital%20Technology%20Co.%2C%20Ltd.%202025%20Semi-Annual%20Performance%20Forecast) This report interprets Paslin Digital Technology Co., Ltd.'s 2025 semi-annual performance forecast, highlighting a significant projected loss compared to the prior year [Current Period Performance Forecast (2025 H1)](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast%20Overview) The company anticipates a significant loss for the first half of 2025, with net profit attributable to shareholders projected between -RMB 37 million and -RMB 33 million, a stark contrast to the prior year's profit 2025 Semi-Annual Performance Forecast vs. Prior Year Period Performance | Financial Indicator | 2025 H1 Estimated | 2024 H1 Actual | | :--- | :--- | :--- | | **Net Profit Attributable to Parent (RMB)** | -37,000,000.00 to -33,000,000.00 | 69,020,500.00 | | **Net Profit Attributable to Parent (Excl. Non-recurring Items) (RMB)** | -39,000,000.00 to -35,000,000.00 | 68,139,800.00 | | **Earnings Per Share (RMB)** | Not Disclosed | 0.1511 | - The data in this performance forecast is a preliminary estimate by the company's finance department and has not been audited by a certified public accountant[3](index=3&type=chunk) [Prior Year Period Operating Performance (2024 H1)](index=1&type=section&id=II.%20Prior%20Year%20Period%20Operating%20Performance%20and%20Financial%20Status) In the first half of 2024, the company achieved profitability with net profit attributable to shareholders at RMB 69.0205 million, providing a benchmark for the current period's decline 2024 Semi-Annual Key Financial Data | Indicator | Amount | | :--- | :--- | | Total Profit | 65,885,000.00 RMB | | Net Profit Attributable to Parent | 69,020,500.00 RMB | | Net Profit Attributable to Parent (Excl. Non-recurring Items) | 68,139,800.00 RMB | | Earnings Per Share | 0.1511 RMB | [Reasons for Projected Loss and Outlook](index=1&type=section&id=III.%20Primary%20Reasons%20for%20Current%20Period%27s%20Projected%20Loss) The company attributes its first-half loss to macroeconomic conditions, North American automotive market policy uncertainties, and intensified domestic competition, leading to reduced revenue, but notes positive signals for the second half with project recovery and overseas order growth - Core Reasons for Performance Decline: - **Overseas Business**: Affected by policy uncertainties in the North American automotive market, OEMs delayed capital expenditures, causing the company's ongoing projects to not start on schedule[6](index=6&type=chunk) - **Domestic Business**: Facing intensified industry competition and a slowdown in OEM production line investment demand, new order growth was insufficient[6](index=6&type=chunk) - Positive Signals and Future Strategy: - **Project Recovery**: By the end of Q2 2025, North American policies became clear, and delayed projects gradually began execution[6](index=6&type=chunk) - **Order Growth**: Overseas new orders increased by **43.06%** year-on-year in the first half[6](index=6&type=chunk) - **Business Expansion**: Plans to deepen engagement in the automotive industry while actively expanding into non-automotive sectors such as intelligent warehousing, building assembly, and construction machinery[6](index=6&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) The company confirms no significant uncertainties exist that could impact the accuracy of this performance forecast - The company confirms no significant uncertainties exist that could impact the accuracy of this performance forecast[7](index=7&type=chunk) [Other Explanatory Notes](index=2&type=section&id=V.%20Other%20Explanatory%20Notes) The company emphasizes that the disclosed data is preliminary, with final results subject to the officially released 2025 semi-annual report, and advises investors to consider investment risks - The forecast data provided is preliminary, with final results subject to the company's officially disclosed 2025 semi-annual report[8](index=8&type=chunk)