证券代码：600335 证券简称：国机汽车 公告编号：临 2025-19 号 国机汽车股份有限公司 第九届董事会第十二次会议决议公告 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法律责任。 一、董事会会议召开情况 （二）公司 2025 年半年度利润分配方案 1 截至2025 年 6月 30 日，公司母公司报表中期末未分配利润为 295，045,068.52 元（未经审计），公司拟以实施权益分派股权登记日登记的总股本为基数向全体 股东每股派发现金红利 0.03 元（含税）。截至 2025 年 6 月 30 日，公司总股本 1,495,788,692 股，以此计算合计拟派发现金红利 44,873,660.76 元（含税）。在实 施权益分派的股权登记日前公司总股本发生变动的，拟维持分配总额不变，相应 调整每股分配比例。 具体内容请详见刊载于《中国证券报》《上海证券报》及上海证券交易所网 站（www.sse.com.cn）的《2025 年半年度利润分配方案公告》。 表决结果：9 票赞成，0 票反对，0 票弃权。 国机汽车股份有限公司（以下简称 ...

2025 年半年度利润分配方案公告 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法律责任。 重要内容提示： 证券代码：600335 证券简称：国机汽车 公告编号：临 2025-20 号 国机汽车股份有限公司 二、公司履行的决策程序 （一）董事会会议的召开、审议和表决情况 公司于 2025 年 8 月 25 日召开第九届董事会第十二次会议，审议通过《公司 2025 年半年度利润分配方案》，本方案符合《公司章程》规定的利润分配政策。 一、利润分配方案内容 （一）利润分配方案的具体内容 截至2025年6月30日，公司母公司报表中期末未分配利润为295，045,068.52 元（未经审计）。经董事会决议，公司 2025 年半年度拟以实施权益分派股权登记 日登记的总股本为基数分配利润。本次利润分配方案如下： 公司拟向全体股东每股派发现金红利 0.03 元（含税）。截至 2025 年 6 月 30 日，公司总股本 1,495,788,692 股，以此计算合计拟派发现金红利 44,873,660.76 元（含税）。 在实施权益分派的股权登记日前公司 ...

Core Viewpoint - The company reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its operational performance [1] Financial Performance - The company achieved operating revenue of 16.829 billion yuan in the first half of 2025, a year-on-year decrease of 11.64% [1] - The net profit attributable to shareholders was 213 million yuan, down 14.32% compared to the previous year [1] - Basic earnings per share were reported at 0.1422 yuan [1] Dividend Distribution - The company plans to distribute a cash dividend of 0.3 yuan (including tax) for every 10 shares to all shareholders [1]

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) [Statement by the Board of Directors, Supervisory Board, and Senior Management](index=2&type=section&id=%E4%B8%80%E3%80%81%20%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%8F%8A%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7%EF%BC%8C%E4%B8%8D%E5%AD%98%E5%9C%A8%E8%99%9A%E5%81%87%E8%AE%B0%E8%BD%BD%E3%80%81%E8%AF%AF%E5%AF%BC%E6%80%A7%E9%99%88%E8%BF%B0%E6%88%96%E9%87%8D%E5%A4%A7%E9%81%97%E6%BC%8F%EF%BC%8C%E5%B9%B6%E6%89%BF%E6%8B%85%E4%B8%AA%E5%88%AB%E5%92%8C%E8%BF%9E%E5%B8%A6%E7%9A%84%E6%B3%95%E5%BE%8B%E8%B4%A3%E4%BB%BB%E3%80%82) The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility, with all directors attending the board meeting and the report being unaudited - Company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, and assume individual and joint legal responsibility[3](index=3&type=chunk) - All company directors attended the Board of Directors meeting[4](index=4&type=chunk) - This semi-annual report is unaudited[5](index=5&type=chunk) [Profit Distribution Plan](index=2&type=section&id=%E4%BA%94%E3%80%81%20%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%86%B3%E8%AE%AE%E9%80%9A%E8%BF%87%E7%9A%84%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88%E6%88%96%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E9%A2%84%E6%A1%88) The Board of Directors approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of **0.30 yuan** (tax inclusive) per 10 shares to all shareholders, totaling **44.8737 million yuan** (tax inclusive) - The company proposes a cash dividend of **0.30 yuan (tax inclusive) per 10 shares** to all shareholders based on the total share capital registered on the equity distribution record date[6](index=6&type=chunk) 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount (RMB) | | :--- | :--- | | Cash dividend per 10 shares (tax inclusive) | 0.30 yuan | | Total proposed cash dividend (tax inclusive) | 44,873,660.76 yuan | [Risk Statement for Forward-Looking Statements](index=2&type=section&id=%E5%85%AD%E3%80%81%20%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) The company reminds investors that forward-looking descriptions regarding future plans and development strategies in the report do not constitute substantial commitments and involve investment risks - Forward-looking descriptions in this report, such as future plans and development strategies, do not constitute substantial commitments to investors; investors are advised to be aware of investment risks[7](index=7&type=chunk) [Major Risk Warning](index=2&type=section&id=%E5%8D%81%E3%80%81%20%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company's associate, Sinomach Zhijun Automobile Co., Ltd., was ruled bankrupt and reorganized in October 2024, with uncertainty regarding the success of the reorganization, posing a significant risk - The company's associate, Sinomach Zhijun Automobile Co., Ltd., was ruled bankrupt and reorganized by Ganzhou Intermediate People's Court in October 2024[8](index=8&type=chunk) - Uncertainty exists regarding the success of Sinomach Zhijun's reorganization, constituting a major risk[8](index=8&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) [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including legal and regulatory bodies, company names, and core business activities - This section clarifies the definitions of common terms used in the report, covering laws and regulations, regulatory bodies, the company and its related parties (e.g., Sinomach Group, China Auto Engineering, Sinomach Auto Trade), and core businesses (e.g., automotive engineering business)[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%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) [Company Basic Information](index=5&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section introduces Sinomach Automobile Co., Ltd.'s Chinese name, abbreviation, foreign name, and legal representative, Dai Min - The company's Chinese name is **Sinomach Automobile Co., Ltd.**, abbreviated as **Sinomach Automobile**, with **Dai Min** as the legal representative[15](index=15&type=chunk) [Contact Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%20%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 provides contact details for the company's Board Secretary, Zhang Zhiliang, including address, phone, fax, and email - The company's Board Secretary is **Zhang Zhiliang**, located at North Building, Zhongke Resources Building, No. 6 South 3rd Street, Zhongguancun, Haidian District, Beijing; phone and fax are **010-88825988**, and email is **600335@sinomach-auto.com**[16](index=16&type=chunk) [Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%20%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 discloses historical changes in the company's registered address and lists the current office address, postal code, and company website, with no changes during the reporting period - The company's registered address has changed historically; currently, it is No. 2-1605, No. 2 Rongyuan Road, Huayuan Industrial Zone, Binhai High-tech Zone, Tianjin, and the office address is North Building, Zhongke Resources Building, No. 6 South 3rd Street, Zhongguancun, Haidian District, Beijing[17](index=17&type=chunk) - The company's website is **http://www.sinomach-auto.com**, and email is **600335@sinomach-auto.com**[17](index=17&type=chunk) [Information Disclosure and Document Availability](index=5&type=section&id=%E5%9B%9B%E3%80%81%20%E4%BF%A1%E6%81%AF%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 specifies the company's designated newspapers for information disclosure, the website for semi-annual reports, and the location for report availability, with no changes during the reporting period - The company's designated newspapers for information disclosure are "China Securities Journal" and "Shanghai Securities News", and the report is published on **www.sse.com.cn**[18](index=18&type=chunk) - The company's semi-annual report is available at the company's Board of Directors Office[18](index=18&type=chunk) [Company Stock Information](index=5&type=section&id=%E4%BA%94%E3%80%81%20%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides brief information on the company's A-shares, including the listing exchange, stock abbreviation, stock code, and previous stock abbreviation Company Stock Information | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Sinomach Automobile | 600335 | *ST Sheng Gong | [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%20%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) In the first half of 2025, the company's operating revenue decreased by **11.64%** to **16.829 billion yuan**, and net profit attributable to shareholders decreased by **14.32%** to **213 million yuan**, while net cash flow from operating activities significantly increased by **1,450.13%** to **3.418 billion yuan** 2025 H1 Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 16,828,589,957.58 yuan | 19,044,961,199.85 yuan | -11.64 | | Total Profit | 300,984,334.57 yuan | 310,308,983.14 yuan | -3.00 | | Net Profit Attributable to Shareholders of Listed Company | 212,747,193.45 yuan | 248,294,569.33 yuan | -14.32 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 202,638,139.69 yuan | 202,299,229.80 yuan | 0.17 | | Net Cash Flow from Operating Activities | 3,418,387,757.13 yuan | 220,523,296.37 yuan | 1,450.13 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 11,500,573,229.69 yuan | 11,395,403,847.68 yuan | 0.92 | | Total Assets (Period-end) | 32,685,590,006.39 yuan | 35,191,003,384.31 yuan | -7.12 | 2025 H1 Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan／share) | 0.1422 | 0.1660 | -14.34 | | Diluted Earnings Per Share (yuan／share) | 0.1422 | 0.1660 | -14.34 | | Basic Earnings Per Share (Excluding Non-Recurring Items) (yuan／share) | 0.1355 | 0.1352 | 0.22 | | Weighted Average Return on Net Assets (%) | 1.85 | 2.25 | Decrease of 0.40 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | 1.76 | 1.83 | Decrease of 0.07 percentage points | [Non-Recurring Gains and Losses](index=6&type=section&id=%E4%B9%9D%E3%80%81%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Non-recurring gains and losses for the reporting period totaled **10.1091 million yuan**, primarily including government subsidies, disposal gains/losses of non-current assets, and reversal of impairment provisions for receivables, net of fair value changes and income tax effects 2025 H1 Non-Recurring Gains and Losses | Non-Recurring Gain/Loss Item | Amount (RMB yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | 1,471,190.28 | | Government subsidies recognized in current profit/loss | 12,939,433.24 | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains/losses | -21,354,546.33 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 15,707,486.22 | | Other non-operating income and expenses | 14,568,166.18 | | Less: Income tax impact | 5,328,067.38 | | Minority interest impact (after tax) | 7,894,608.45 | | Total | 10,109,053.76 | [Section III Management Discussion and Analysis](index=8&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) [Industry and Main Business Overview](index=8&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) In H1 2025, China's automotive market saw production and sales exceed **15 million units**, with domestic brands gaining market share and NEV production/sales growing over **40%**; the company, as a Sinomach Group subsidiary, focuses on automotive engineering and circulation services - In H1 2025, China's automotive production and sales completed **15.621 million units** and **15.653 million units** respectively, with YoY growth of **12.5%** and **11.4%**[27](index=27&type=chunk) - Sales of domestic brand passenger vehicles reached **9.270 million units** in H1, a **25.0% YoY increase**, capturing a market share of **68.5%**, up **6.6 percentage points** from 2024[27](index=27&type=chunk) - NEV production and sales reached **6.968 million units** and **6.937 million units** respectively, with YoY growth of **41.4%** and **40.3%**, and a market penetration rate of **44.3%**[28](index=28&type=chunk) - The company, a large integrated automotive service enterprise under Sinomach Group, focuses on automotive engineering system services and automotive circulation operation services, promoting the coordinated development of its four main businesses: automotive engineering, automotive import and domestic circulation, automotive leasing, and automotive and parts export[29](index=29&type=chunk)[32](index=32&type=chunk) [Industry Conditions](index=8&type=section&id=(%E4%B8%80)%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) In H1 2025, China's automotive production and sales both surpassed **15 million units**, with domestic brands achieving a **68.5%** market share; imported car demand declined, while NEV production and sales grew over **40%**, and NEV exports surged by **75.2%** - In H1 2025, China's automotive production and sales completed **15.621 million units** and **15.653 million units** respectively, with YoY growth of **12.5%** and **11.4%**[27](index=27&type=chunk) - Domestic brand passenger vehicles sold **9.270 million units** in H1, a **25.0% YoY increase**, reaching a market share of **68.5%**[27](index=27&type=chunk) - China imported **224,000 vehicles**, a **34.2% YoY decrease**, with terminal sales of **277,000 units**, a **14.5% YoY decrease**[27](index=27&type=chunk) - NEV production and sales reached **6.968 million units** and **6.937 million units** respectively, with YoY growth of **41.4%** and **40.3%**, and a market penetration rate of **44.3%**[28](index=28&type=chunk) - China's automotive exports reached **3.083 million units**, a **10.4% YoY increase**, with NEV exports reaching **1.060 million units**, a **75.2% YoY increase**[28](index=28&type=chunk) [Description of Main Business](index=8&type=section&id=(%E4%BA%8C)%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's main businesses include automotive engineering system services (global leading painting and general assembly line solutions) and automotive circulation operation services (multi-brand trade, ToB/ToG leasing, and overseas export exploration) - The company is a large integrated automotive service enterprise under the Fortune Global 500 Sinomach Group, and the only central enterprise among leading players in China's automotive circulation industry[32](index=32&type=chunk) - Automotive engineering business is a core strength, offering full-chain, full-lifecycle engineering technical services, with painting and general assembly line system solutions in a globally leading position[33](index=33&type=chunk) - Automotive import and domestic circulation business is a foundational segment, a leading multi-brand automotive import trade service provider in China, operating **20 4S stores**[34](index=34&type=chunk) - Automotive leasing business is a developing segment, primarily serving the domestic ToB and ToG markets, having established an operating network of over **70 branches**[34](index=34&type=chunk) - Automotive and parts export business is an exploratory segment, actively promoting the incubation of an overseas general distributor business model[34](index=34&type=chunk) [Analysis of Operating Conditions](index=9&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) In H1 2025, facing a complex external environment, the company achieved operating revenue of **16.829 billion yuan**, a **11.64%** YoY decrease; total profit of **301 million yuan**, a **3.00%** YoY decrease; and net profit attributable to shareholders of **213 million yuan**, a **14.32%** YoY decrease, with progress across all four business segments 2025 H1 Operating Performance | Indicator | Amount (billion yuan) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 16.829 | -11.64 | | Total Profit | 0.301 | -3.00 | | Net Profit Attributable to Shareholders of Listed Company | 0.213 | -14.32 | - Automotive engineering business achieved both quantitative and qualitative growth, deepening its presence in domestic and international markets, securing projects with new energy vehicle manufacturers like BYD, Xiaomi, and Leapmotor, and undertaking international projects for Volvo and BYD Thailand[36](index=36&type=chunk) - Core technologies continued to advance, with R&D into low-carbon solutions for painting workshops and the AE-SolutionX interconnected intelligent manufacturing platform; R&D investment in H1 totaled **311.7462 million yuan**[37](index=37&type=chunk)[38](index=38&type=chunk) - Automotive import and domestic circulation business consolidated and expanded, strengthening import operations and accelerating the development of domestic brands (e.g., Volvo, Zeekr, Lantu), transforming port operations, and expanding digital-driven power battery circulation chain business[39](index=39&type=chunk) - Automotive leasing business continuously improved its service system, with steady growth in long-term leasing and rapid growth in ecosystem business[40](index=40&type=chunk) - Automotive and parts export business showed initial results from restructuring and integration, actively exploring overseas markets, and building competitive advantages in complete vehicle exports[41](index=41&type=chunk) [Analysis of Core Competencies](index=10&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 competencies remained largely unchanged, primarily stemming from its central enterprise background, resource capabilities, dual structure of automotive engineering and circulation operations, industry position, and global presence - The company's core competencies include advantages from its central enterprise background, resource capabilities, dual structure of automotive engineering system services and automotive circulation operation services, industry position, and global presence[42](index=42&type=chunk) - During the reporting period, there were no significant changes in the company's core competencies[42](index=42&type=chunk) [Key Operating Conditions](index=10&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 the company's H1 2025 financial statement items, including revenue, costs, expenses, and net cash flow, and discloses asset-liability status, **7.33%** overseas assets, equity investments, fair value financial assets, and performance of major subsidiaries and associates - Operating revenue decreased by **11.64% YoY**, primarily due to a decline in revenue from automotive import and domestic circulation businesses[45](index=45&type=chunk) - Net cash flow from operating activities significantly increased by **1,450.13%**, mainly due to a YoY decrease in cash paid for goods purchased[45](index=45&type=chunk) - Financial expenses decreased by **253.01% YoY**, primarily due to an increase in net exchange gains compared to the same period last year[45](index=45&type=chunk) - Period-end inventory decreased by **36.69% YoY**, mainly due to reduced procurement in automotive import and domestic circulation businesses[46](index=46&type=chunk) - Overseas assets totaled **2.397 billion yuan**, accounting for **7.33%** of total assets[48](index=48&type=chunk) - The company's wholly-owned subsidiary, China Auto Engineering, increased capital by **245 million yuan** to its wholly-owned subsidiary, China Auto Engineering Germany Co., Ltd[50](index=50&type=chunk) [Financial Analysis of Main Business](index=10&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) In H1 2025, the company's operating revenue decreased by **11.64%**, with a corresponding **11.04%** decrease in operating costs; sales and R&D expenses fell by **17.17%** and **27.44%** respectively, while financial expenses significantly decreased by **253.01%** due to increased net exchange gains, and net cash flow from operating activities surged by **1,450.13%** Analysis of Changes in Financial Statement Items | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 16,828,589,957.58 | 19,044,961,199.85 | -11.64 | Decrease in revenue scale of automotive import and domestic circulation business | | Operating Cost | 15,575,906,020.09 | 17,509,469,974.43 | -11.04 | Costs decreased with revenue scale | | Selling Expenses | 214,406,089.83 | 258,835,849.81 | -17.17 | Decrease in labor costs and depreciation/amortization expenses YoY | | Administrative Expenses | 399,327,555.86 | 411,506,175.36 | -2.96 | Decrease in depreciation/amortization expenses YoY | | Financial Expenses | -52,496,350.02 | 34,308,030.52 | -253.01 | Increase in net exchange gains compared to the same period | | R&D Expenses | 311,746,189.42 | 429,630,957.49 | -27.44 | Decrease in R&D investment in the current period compared to the same period | | Net Cash Flow from Operating Activities | 3,418,387,757.13 | 220,523,296.37 | 1,450.13 | Decrease in cash paid for goods purchased in the current period | | Net Cash Flow from Investing Activities | -945,991,978.77 | -299,217,199.90 | Not applicable | Increase in cash paid for acquisition of long-term assets in the current period | | Net Cash Flow from Financing Activities | -2,814,075,194.21 | -513,643,110.95 | Not applicable | Decrease in cash received from financing activities in the current period | [Asset and Liability Analysis](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) At the end of the reporting period, total assets decreased by **7.12%** YoY, while net assets attributable to shareholders increased by **0.92%**; significant decreases were seen in notes receivable, inventory, non-current assets due within one year, and long-term receivables, while advances from customers, employee compensation payable, and long-term borrowings increased substantially; overseas assets accounted for **7.33%** of total assets Changes in Assets and Liabilities | Item Name | Current Period End Amount (yuan) | % of Total Assets (Current Period End) | Prior Year End Amount (yuan) | % of Total Assets (Prior Year End) | % Change from Prior Year End | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 306,467,979.19 | 0.94 | 575,020,555.92 | 1.63 | -46.70 | Increase in notes matured and cashed in the current period | | Receivables Financing | 175,339,294.09 | 0.54 | 250,943,918.41 | 0.71 | -30.13 | Decrease in notes to be discounted in the current period | | Inventory | 5,284,669,067.09 | 16.17 | 8,347,555,132.85 | 23.72 | -36.69 | Decrease in procurement for automotive import and domestic circulation business in the current period | | Non-current Assets Due Within One Year | 1,253,731.13 | 0.00 | 3,067,481.68 | 0.01 | -59.13 | Decrease in finance lease business and gradual maturity of receivables | | Long-term Receivables | 0.00 | 0.00 | 57,177.76 | 0.00 | -100.00 | Decrease in finance lease business and gradual maturity of receivables | | Construction in Progress | 24,168,825.81 | 0.07 | 48,930,562.55 | 0.14 | -50.61 | Decrease in vehicles awaiting license plates at period-end | | Advances from Customers | 43,199,822.58 | 0.13 | 15,446,429.27 | 0.04 | 179.68 | Increase in prepaid rent at period-end | | Employee Compensation Payable | 597,018,546.90 | 1.83 | 292,746,017.55 | 0.83 | 103.94 | Increase in employee compensation payable at period-end | | Taxes Payable | 191,227,702.53 | 0.59 | 287,108,272.66 | 0.82 | -33.40 | Decrease in taxes payable at period-end | | Non-current Liabilities Due Within One Year | 26,694,774.73 | 0.08 | 148,832,308.05 | 0.42 | -82.06 | Reclassification based on maturity, decrease in long-term borrowings due within one year | | Other Current Liabilities | 573,945,019.75 | 1.76 | 3,754,322,705.90 | 10.67 | -84.71 | Decrease in discounted but unmatured notes at period-end | | Long-term Borrowings | 522,888,927.44 | 1.60 | 130,716,167.31 | 0.37 | 300.02 | Increase in external borrowings for automotive leasing business in the current period | - Overseas assets amounted to **2,397,274,093.94 yuan**, accounting for **7.33%** of total assets[48](index=48&type=chunk) [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's wholly-owned subsidiary, China Auto Engineering, increased capital by **245 million yuan** to its German subsidiary; at the end of the reporting period, the company's financial assets measured at fair value totaled **1.41 billion yuan**, including **87.16 million yuan** in trading financial assets, **175 million yuan** in receivables financing, and **1.148 billion yuan** in other equity instrument investments - The company's wholly-owned subsidiary, China Auto Engineering, injected **245 million yuan** of its own funds into its wholly-owned subsidiary, China Auto Engineering Germany Co., Ltd., with the entire capital injection recorded as capital reserve[50](index=50&type=chunk) Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Fair Value Change Gain/Loss (yuan) | Purchases (yuan) | Sales/Redemptions (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading financial assets | 108,864,614.85 | -21,354,546.33 | 0 | 0 | 87,161,639.52 | | Receivables financing | 250,943,918.41 | 0 | 2,993,392,332.22 | 3,068,996,956.54 | 175,339,294.09 | | Other equity instrument investments | 1,147,913,872.19 | 0 | 0 | 0 | 1,147,913,872.19 | | Total | 1,507,722,405.45 | -21,354,546.33 | 2,993,392,332.22 | 3,068,996,956.54 | 1,410,414,805.80 | [Analysis of Major Holding and Associate Companies](index=14&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%90%A5%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%AF%B9%E5%85%AC%E5%8F%B8%E5%87%80%E5%88%A9%E6%B6%A6%E5%BD%B1%E5%93%8D%E8%BE%BE10%25%E4%BB%A5%E4%B8%8A%E7%9A%84%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E6%83%85%E5%86%B5) This section lists financial data for the company's major holding and associate companies, including China National Heavy Duty Truck Group Fourth Design Institute Co., Ltd., China National Automobile Import & Export Co., Ltd., Sinomach Auto Trade Services Co., Ltd., Fourth Design Institute Thailand Co., Ltd., and China Auto Engineering Co., Ltd., which contribute significant profits across automotive engineering, import/domestic circulation, and leasing businesses Major Subsidiaries and Associates with over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (10,000 yuan) | Total Assets (10,000 yuan) | Net Assets (10,000 yuan) | Operating Revenue (10,000 yuan) | Operating Profit (10,000 yuan) | Net Profit (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China National Heavy Duty Truck Group Fourth Design Institute Co., Ltd. | Subsidiary | Automotive engineering business | 40,000 | 503,219 | 175,951 | 143,782 | 8,664 | 7,915 | | China National Automobile Import & Export Co., Ltd. | Subsidiary | Automotive import and domestic circulation business | 105,312 | 932,710 | 513,271 | 712,015 | 6,421 | 5,296 | | Sinomach Auto Trade Services Co., Ltd. | Subsidiary | Automotive leasing business | 70,000 | 297,596 | 110,849 | 47,599 | 4,100 | 3,156 | | Fourth Design Institute Thailand Co., Ltd. | Subsidiary | Automotive engineering business | 196 | 69,480 | 17,336 | 34,221 | 3,637 | 3,060 | | China Auto Engineering Co., Ltd. | Subsidiary | Automotive engineering business | 147,895 | 1,024,219 | 160,617 | 454,392 | 4,770 | 2,770 | [Other Disclosures](index=14&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) The company faces macroeconomic, market competition, and international operation risks; to address these, it is developing its "15th Five-Year Plan," maintaining cash dividends, strengthening governance and investor communication, and actively practicing ESG principles, earning industry recognition - The company faces macroeconomic risks such as stalled global economic recovery and increasing trade protectionism[54](index=54&type=chunk) - The domestic automotive industry faces challenges of "volume growth, profit reduction," imported car market pressure, fragmented automotive leasing market, and international trade barriers and localization challenges for automotive exports[55](index=55&type=chunk) - The company's automotive engineering business involving the US market faces increasing policy risks, and automotive and parts exports face tightening policy tariffs and exchange rate fluctuation risks[55](index=55&type=chunk) - The company has fully commenced the preparation of its "15th Five-Year Plan" to guide high-quality development[56](index=56&type=chunk) - The company continued to implement interim dividends in H1 2025, proposing a total cash dividend of **44.8737 million yuan**, and formulated the "Shareholder Dividend Return Plan for the Next Three Years (2025-2027)," committing to annual cash dividends of no less than **35%** of net profit attributable to the parent company[56](index=56&type=chunk) - The company strictly adheres to laws and regulations to improve its corporate governance structure, revising documents such as the "Articles of Association," and ensuring that information disclosure is truthful, accurate, complete, timely, and fair[57](index=57&type=chunk) - The company strengthens investor communication through platforms like "SSE e-interaction," investor hotlines, and performance briefings, and launched visualized annual report interpretations and dedicated ESG communications[57](index=57&type=chunk)[58](index=58&type=chunk) - The company disclosed its "2024 Environmental, Social and Governance (ESG) Report," received the highest Wind ESG rating of **AA** in its industry for 2024, and was selected as a "2025 China Automotive Industry Sustainable Development Practice Case" with the "Smart Innovation Technology" honor[58](index=58&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=17&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) [Profit Distribution Plan](index=17&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's semi-annual profit distribution plan proposes a cash dividend of **0.30 yuan** (tax inclusive) per 10 shares, totaling **44.8737 million yuan** (tax inclusive), with no bonus shares or capital reserve conversion Semi-Annual Profit Distribution Plan | Indicator | Amount | | :--- | :--- | | Bonus shares per 10 shares (shares) | 0 | | Cash dividend per 10 shares (yuan) (tax inclusive) | 0.30 | | Capital reserve conversion per 10 shares (shares) | 0 | | Total proposed cash dividend (tax inclusive) | 44,873,660.76 yuan | - If the company's total share capital changes before the equity distribution record date, the total distribution amount will remain unchanged, and the per-share distribution ratio will be adjusted accordingly[60](index=60&type=chunk) [Environmental Information Disclosure](index=17&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%81%AF%E4%BE%9D%E6%B3%95%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 has two subsidiaries, Sinomach (Tianjin) Automotive Equipment Co., Ltd. and Sinomach (Tianjin) System Engineering Co., Ltd., included in the list of enterprises required to disclose environmental information, with their reports available via specified links - The company has **2 subsidiaries** included in the list of enterprises required to disclose environmental information by law[61](index=61&type=chunk) Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Sinomach (Tianjin) Automotive Equipment Co., Ltd. | https://hjxxpl.sthj.tj.gov.cn:10800//gkwz/lspl/qyxq?id=de2617e77e92412d9805f2ac3eb5f515&publicView=true | | 2 | Sinomach (Tianjin) System Engineering Co., Ltd. | https://hjxxpl.sthj.tj.gov.cn:10800//gkwz/ndpl/qyxq?id=2024-A383237E762946DDAA7C75381FD221B0 | [Poverty Alleviation and Rural Revitalization](index=18&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%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) In 2025, the company increased funding for Sinomach Group's assistance work in Huaibin County, Henan Province, investing **1.28 million yuan** in H1, a **5%** increase, and achieved **1.7622 million yuan** in consumption-based assistance; its subsidiary, Fourth Design Institute, significantly aided Sanwang Village in Yichuan County, Luoyang City, Henan Province, through team building, environmental improvement, safety, and collective economic growth, including building **700 meters** of new production roads and generating **35,000 yuan** from new charging pile projects - In H1, the company invested **1.28 million yuan** in Sinomach Group's assistance work in Huaibin County, Henan Province, an amount that increased by **5%** compared to last year[62](index=62&type=chunk) - Through a "Consumption-based Poverty Alleviation for Spring Festival" fair and online platforms, the company's consumption-based assistance totaled **1.7622 million yuan** in H1[62](index=62&type=chunk) - The company's wholly-owned subsidiary, Fourth Design Institute, undertook targeted assistance work in Sanwang Village, Jiuho Town, Yichuan County, Luoyang City, Henan Province, achieving results in team building, environmental improvement, safety, and strengthening the collective economy[63](index=63&type=chunk) - Fourth Design Institute helped Sanwang Village build **700 meters of new production roads** and successfully applied for the "Beautiful Rural Roads, Streetlights, and Irrigation Canal Renovation Project"[63](index=63&type=chunk) - In H1 2025, Sanwang Village signed a new contract with PetroChina for **5 charging pile projects**, generating an additional **35,000 yuan** in collective income for the village[63](index=63&type=chunk) [Section V Important Matters](index=19&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) [Fulfillment of Commitments](index=19&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) The company's actual controller, Sinomach Group, consistently and strictly fulfilled multiple long-term commitments during the reporting period, including resolving property title defects, ensuring company independence, and addressing related-party transactions and horizontal competition, thereby ensuring stable business operations and protecting legal rights - Sinomach Group committed that if incomplete property lease procedures adversely affect Sinomach Auto Trade's operations, it would provide or arrange similar properties with complete ownership documents within six months and fully compensate for losses in cash[65](index=65&type=chunk) - Sinomach Group committed to ensuring the company's independence in personnel, assets, finance, organization, and business, and strictly fulfills this commitment long-term[65](index=65&type=chunk)[67](index=67&type=chunk) - Sinomach Group committed to avoiding and reducing related-party transactions with the listed company, and for unavoidable transactions, it will adhere to market fairness, impartiality, and openness principles, and fulfill information disclosure obligations according to law[66](index=66&type=chunk)[67](index=67&type=chunk) - Sinomach Group committed not to engage in businesses identical or similar to those of the listed company to avoid horizontal competition, and voluntarily waives commercial opportunities that may unfairly affect the listed company[66](index=66&type=chunk)[67](index=67&type=chunk)[70](index=70&type=chunk) - Sinomach Group committed to resolving property title defect issues, and if not resolved as scheduled, leading to losses for the company, it will provide timely and full cash compensation[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk)[71](index=71&type=chunk) [Significant Related-Party Transactions](index=26&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 disclosed its estimated 2025 daily related-party transactions and signed a financial services cooperation agreement with Sinomach Finance Co., Ltd., covering deposit and loan services, and engaged in accounts receivable factoring with Sinomach Commercial Factoring Co., Ltd.; the company's deposits with Sinomach Finance exceeded its loans, and the cooperation was based on mutual benefit, without coercion or harm to shareholder interests - The company approved the estimated 2025 daily related-party transactions and signed a financial services cooperation agreement with Sinomach Finance Co., Ltd., with an estimated deposit balance not exceeding **6 billion yuan** and a comprehensive credit line of **6 billion yuan**[73](index=73&type=chunk) - The company plans to conduct accounts receivable factoring business with Sinomach Commercial Factoring Co., Ltd., for a total amount not exceeding **500 million yuan**[73](index=73&type=chunk) 2025 H1 Deposit Business with Sinomach Finance | Related Party | Relationship | Max Daily Deposit Limit (10,000 yuan) | Deposit Interest Rate Range | Beginning Balance (10,000 yuan) | Total Deposits This Period (10,000 yuan) | Total Withdrawals This Period (10,000 yuan) | Ending Balance (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sinomach Finance Co., Ltd. | Controlled by the same parent company | 600,000.00 | 0.15%-1.25% | 373,224.71 | 5,154,229.23 | 5,172,865.30 | 354,588.64 | 2025 H1 Loan Business with Sinomach Finance | Related Party | Relationship | Loan Limit (10,000 yuan) | Loan Interest Rate Range | Beginning Balance (10,000 yuan) | Total Loans This Period (10,000 yuan) | Total Repayments This Period (10,000 yuan) | Ending Balance (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sinomach Finance Co., Ltd. | Controlled by the same parent company | 600,000.00 | 2.2%-3.2% | 170,806.00 | 283,113.87 | 265,346.07 | 188,573.80 | - The company's deposit balance with Sinomach Finance is higher than its loan balance, and the cooperation is based on mutual benefit and equality, with no coercion or harm to the company's and shareholders' interests[84](index=84&type=chunk) [Significant Contracts and Guarantees](index=28&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had zero external guarantees, but guarantees for subsidiaries totaled **47.2161 million yuan**, representing **0.41%** of net assets, with **40.0281 million yuan** for subsidiaries with asset-liability ratios exceeding **70%**; the company centrally manages subsidiary guarantees, posing extremely low default risk Company's Total Guarantees (Including Guarantees for Subsidiaries) | Indicator | Amount (10,000 yuan) | | :--- | :--- | | Total guarantees incurred during the reporting period (excluding guarantees for subsidiaries) | 0 | | Total guarantee balance at the end of the reporting period (A) (excluding guarantees for subsidiaries) | 0 | | Total guarantees incurred for subsidiaries during the reporting period | 4,721.61 | | Total guarantee balance for subsidiaries at the end of the reporting period (B) | 4,721.61 | | Total guarantees (A+B) | 4,721.61 | | Ratio of total guarantees to company's net assets (%) | 0.41 | | Amount of guarantees provided for shareholders, actual controllers, and their related parties (C) | 0 | | Amount of debt guarantees provided directly or indirectly for guaranteed parties with asset-liability ratios exceeding 70% (D) | 4,002.81 | | Amount of guarantees exceeding 50% of net assets (E) | 0 | | Total of the above three guarantee amounts (C+D+E) | 4,002.81 | - The company has no guarantees for external companies; all guaranteed companies are subsidiaries within the consolidated scope, and the company centrally manages guarantee credit for all subsidiaries, resulting in extremely low default risk and no risk of compensatory payment[87](index=87&type=chunk) [Section VI Share Changes and Shareholder Information](index=31&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) [Share Capital Changes](index=31&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) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[90](index=90&type=chunk) [Shareholder Information](index=31&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **38,696** common shareholders; among the top ten shareholders, China National Machinery Industry Corporation held **68.70%**, serving as the controlling shareholder, with other shareholders holding less than **1%** each - As of the end of the reporting period, the company had a total of **38,696 common shareholders**[91](index=91&type=chunk) Top Ten Shareholders' Holdings as of the End of the Reporting Period | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | China National Machinery Industry Corporation | 1,027,608,282 | 68.70 | State-owned legal person | | Hong Kong Securities Clearing Company Limited | 11,997,634 | 0.80 | Unknown | | China State-owned Enterprise Structural Adjustment Fund Co., Ltd. | 8,222,408 | 0.55 | State-owned legal person | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | 5,513,700 | 0.37 | Unknown | | Li Suhong | 4,789,800 | 0.32 | Unknown | | Industrial and Commercial Bank of China Co., Ltd. - GF Multi-Factor Flexible Allocation Mixed Securities Investment Fund | 4,558,800 | 0.30 | Unknown | | China Merchants Bank Co., Ltd. - Huaxia CSI 1000 ETF | 3,255,600 | 0.22 | Unknown | | Zhuang Hancheng | 2,948,569 | 0.20 | Unknown | | Industrial and Commercial Bank of China Co., Ltd. - GF CSI 1000 ETF | 2,629,400 | 0.18 | Unknown | | Penghua Fund Management Co., Ltd. - Social Security Fund 1804 Portfolio | 2,292,150 | 0.15 | Unknown | - There are no related-party transactions or concerted actions between the controlling shareholder, China National Machinery Industry Corporation, and the second to tenth largest shareholders[93](index=93&type=chunk) [Section VII Bond-Related Information](index=34&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) [Corporate Bonds and Debt Financing Instruments](index=34&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments [Convertible Corporate Bonds](index=34&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) During the reporting period, the company had no convertible corporate bonds [Section VIII Financial Report](index=35&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) [Audit Report](index=35&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is unaudited[99](index=99&type=chunk) [Financial Statements](index=35&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, providing a comprehensive view of its financial position, operating results, and cash flows [Consolidated Balance Sheet](index=35&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were **32.686 billion yuan**, a **7.12%** decrease from the end of the previous year; consolidated total liabilities were **21.261 billion yuan**, an **11.09%** decrease; and total equity attributable to parent company owners was **11.501 billion yuan**, a **0.92%** increase Key Consolidated Balance Sheet Data (June 30, 2025) | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 32,685,590,006.39 | 35,191,003,384.31 | | Total Liabilities | 21,261,384,365.15 | 23,871,005,244.77 | | Total Equity Attributable to Parent Company Owners | 11,500,573,229.69 | 11,395,403,847.68 | | Total Owners' Equity | 11,424,205,641.24 | 11,319,998,139.54 | [Consolidated Income Statement](index=39&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, the company's consolidated total operating revenue was **16.829 billion yuan**, a **11.64%** YoY decrease; consolidated total profit was **301 million yuan**, a **3.00%** YoY decrease; and net profit attributable to parent company shareholders was **213 million yuan**, a **14.32%** YoY decrease Key Consolidated Income Statement Data (Jan-Jun 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 16,828,589,957.58 | 19,044,961,199.85 | | Total Operating Costs | 16,522,515,587.52 | 18,715,608,760.10 | | Total Profit | 300,984,334.57 | 310,308,983.14 | | Net Profit | 216,507,736.00 | 256,908,763.42 | | Net Profit Attributable to Parent Company Shareholders | 212,747,193.45 | 248,294,569.33 | | Basic Earnings Per Share (yuan/share) | 0.1422 | 0.1660 | [Consolidated Cash Flow Statement](index=42&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, the company's net cash flow from operating activities was **3.418 billion yuan**, a significant **1,450.13%** YoY increase; net cash flow from investing activities was **-946 million yuan**; and net cash flow from financing activities was **-2.814 billion yuan** Key Consolidated Cash Flow Statement Data (Jan-Jun 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 3,418,387,757.13 | 220,523,296.37 | | Net Cash Flow from Investing Activities | -945,991,978.77 | -299,217,199.90 | | Net Cash Flow from Financing Activities | -2,814,075,194.21 | -513,643,110.95 | | Net Increase in Cash and Cash Equivalents | -293,295,987.18 | -603,735,483.50 | | Cash and Cash Equivalents at Period End | 4,682,412,265.08 | 2,584,819,069.88 | [Company Basic Information](index=50&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Sinomach Automobile Co., Ltd., established in March 1999 and listed in March 2001, is controlled by Sinomach Group, with **1.496 billion shares**, primarily engaged in automotive engineering system services and automotive circulation operation services, ultimately controlled by the State-owned Assets Supervision and Administration Commission - Sinomach Automobile Co., Ltd. was established in **March 1999** and listed on the Shanghai Stock Exchange in **March 2001**[125](index=125&type=chunk) - After multiple major asset restructurings, as of June 30, 2025, the company's total share capital is **1,495,788,692 shares**, with Sinomach Group holding **68.70%** of the shares[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk) - The company's main businesses are automotive engineering system services and automotive circulation operation services, including automotive engineering, automotive import and domestic circulation, automotive leasing, and automotive and parts export[134](index=134&type=chunk) - The company's parent company and ultimate controlling party are both Sinomach Group, controlled by the State-owned Assets Supervision and Administration Commission of the State Council[135](index=135&type=chunk) [Basis of Financial Statement Preparation](index=52&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) These financial statements are prepared based on the company's going concern assumption, in accordance with enterprise accounting standards and relevant regulations, with no significant doubts about its ability to continue as a going concern - These financial statements are prepared on a going concern basis, in accordance with relevant provisions of enterprise accounting standards[137](index=137&type=chunk) - There are no matters or circumstances that cause significant doubt about the company's ability to continue as a going concern within 12 months from the end of the reporting period[138](index=138&type=chunk) [Significant Accounting Policies and Estimates](index=52&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's specific accounting policies and estimates for financial instrument impairment, fixed asset depreciation, intangible asset amortization, and revenue recognition, ensuring compliance with enterprise accounting standards and accurate reflection of financial status - The company has formulated specific accounting policies and estimates for transactions and events such as financial instrument impairment, fixed asset depreciation, intangible asset amortization, and revenue recognition, based on its actual production and operation characteristics[139](index=139&type=chunk) - The company adheres to the requirements of enterprise accounting standards to truthfully and completely reflect its financial position, operating results, and cash flows[140](index=140&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss, detailing recognition criteria, measurement methods, and derecognition conditions[150](index=150&type=chunk) - The company performs impairment testing on various financial assets based on expected credit losses, using simplified measurement methods or general models for loss provisions depending on changes in credit risk[155](index=155&type=chunk)[156](index=156&type=chunk) - The company's revenue recognition principle involves identifying individual performance obligations within a contract and determining whether they are fulfilled over time or at a point in time, recognizing revenue based on the progress of fulfillment or when the customer obtains control[208](index=208&type=chunk) [Taxation](index=70&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section discloses the company's main tax categories and rates, including VAT, consumption tax, and corporate income tax, detailing different tax rates for various entities; several subsidiaries enjoy preferential corporate income tax rates of **15%** or **20%** due to high-tech enterprise status or small and micro enterprise classification Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services | 3%、5%、6%、9%、13% | | Consumption Tax | Taxable sales amount (volume) | 3%-40% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 1%、5%、7% | | Corporate Income Tax | Taxable income | 9%、15%、16.5%、20%、21%、25%、27.8%、33% | | Land Appreciation Tax | Appreciation amount | Progressive rates based on appreciation rate | | Property Tax | Original value of property or rental income | 1.2%；12% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - Several of the company's subsidiaries (e.g., China Auto Engineering Co., Ltd., China National Heavy Duty Truck Group Fourth Design Institute Co., Ltd.) are recognized as high-tech enterprises and apply a **15% corporate income tax rate** for 2025[230](index=230&type=chunk)[231](index=231&type=chunk)[232](index=232&type=chunk) - Some subsidiaries (e.g., Sinomach Construction Engineering (Luoyang) Testing Co., Ltd., Beijing Sinomach Daoda Automobile Co., Ltd.) are classified as small and micro enterprises and apply a **20% preferential corporate income tax policy** for 2025 as per regulations[233](index=233&type=chunk)[234](index=234&type=chunk) [Notes to Consolidated Financial Statement Items](index=73&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on consolidated financial statement items, including cash and bank balances, accounts receivable, inventory, long-term equity investments, short-term borrowings, employee compensation payable, operating revenue, and cash flows, disclosing period-end balances, beginning balances, and changes with explanations Cash and Bank Balances at Period End | Item | Ending Balance (yuan) | | :--- | :--- | | Cash on hand | 201,503.04 | | Bank deposits | 1,156,496,603.71 | | Other cash and bank balances | 908,662,497.00 | | Deposits with finance companies | 3,545,886,351.15 | | Total | 5,611,246,954.90 | | Of which: Funds deposited overseas | 745,327,790.96 | - Restricted cash and bank balances totaled **928,834,689.82 yuan** at period-end, primarily for bank acceptance bills, letters of guarantee, bank loans, and letter of credit margins[235](index=235&type=chunk) - Accounts receivable had a book balance of **7.318 billion yuan** at period-end, with **2.317 billion yuan** for individually impaired items and **5.001 billion yuan** for collectively impaired items[249](index=249&type=chunk) - Inventory had a book value of **5.285 billion yuan** at period-end, a **36.69% decrease** from the beginning of the period, mainly due to reduced procurement in automotive import and domestic circulation businesses[285](index=285&type=chunk) - Short-term borrowings totaled **2.227 billion yuan** at period-end, a **14.28% decrease** from the beginning of the period, with credit borrowings accounting for the largest proportion[339](index=339&type=chunk) - Net cash flow from operating activities was **3.418 billion yuan**, a significant **1,450.13% YoY increase**, primarily due to a decrease in cash paid for goods purchased[417](index=417&type=chunk) [Research and Development Expenses](index=121&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) In H1 2025, the company's total R&D expenditure was **311.7462 million yuan**, all expensed; key R&D projects included high-speed body line steel-aluminum hybrid connection application research, steel-aluminum hybrid body connection application research, and the development and application of high-flexibility intelligent stereo warehouse AE-ICube 2025 H1 R&D Expenditure | Project | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | 60jph high-speed body line steel-aluminum hybrid connection application research | 75,305,649.02 | 0 | | Steel-aluminum hybrid body connection application research | 44,056,886.61 | 0 | | Development and application of high-flexibility intelligent stereo warehouse AE-ICube | 10,402,473.25 | 0 | | Shanghai Jingyao Automotive LED Light Design Fee | 2,501,941.47 | 3,305,181.50 | | Other projects | 179,479,239.07 | 270,817,041.77 | | Total | 311,746,189.42 | 429,651,560.46 | | Of which: Expensed R&D expenditure | 311,746,189.42 | 429,630,957.49 | | Capitalized R&D expenditure | 0 | 20,602.97 | - All R&D expenditure in the current period was expensed, with no capitalized R&D expenditure[430](index=430&type=chunk) [Changes in Consolidation Scope](index=122&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company's consolidation scope changed, primarily due to the liquidation and deregistration of Shanghai Yingsheng Automobile Sales and Service Co., Ltd., and the absorption merger of Tianjin Sinomach Industrial International Trade Co., Ltd Changes in Consolidation Scope Due to Other Reasons | Company Name | Equity Disposal Method | Equity Disposal Date | Net Assets at Disposal Date (yuan) | Net Profit from Beginning to Disposal Date (yuan) | | :--- | :--- | :--- | :--- | :--- | | Shanghai Yingsheng Automobile Sales and Service Co., Ltd. | Liquidation and deregistration | February 19, 2025 | -14,944,809.62 | -11,571.17 | | Tianjin Sinomach Industrial International Trade Co., Ltd. | Absorption merger | May 21, 2025 | 0.00 | 0.00 | [Interests in Other Entities](index=123&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section details the company's interests in subsidiaries, joint ventures, and associates; the company holds full or controlling interests in multiple subsidiaries engaged in automotive wholesale, retail, and engineering services, and has significant influence over associates like Beijing Zhuozhong Publishing Co., Ltd. and Xinbang (Zhuhai) Sci-Tech Industrial Development Co., Ltd - The company owns multiple wholly-owned subsidiaries, including China National Automobile Import & Export Co., Ltd. and China Auto Engineering Co., Ltd., as well as controlling subsidiaries like Sinomach Auto Trade Services Co., Ltd. and Ningbo Sinomach Ningxing Automobile Co., Ltd[434](index=434&type=chunk)[435](index=435&type=chunk)[436](index=436&type=chunk) - The company has significant influence over associates such as Beijing Zhuozhong Publishing Co., Ltd., Xinbang (Zhuhai) Sci-Tech Industrial Development Co., Ltd., and Sinomach Industrial (Zhuhai) Co., Ltd., through appointing directors to participate in decision-making[443](index=443&type=chunk)[444](index=444&type=chunk) - Tianjin Binhai Shengshi International Automobile Park Investment Development Co., Ltd. is included in the consolidation scope because the company holds **80%** of the voting rights through a entrustment agreement[437](index=437&type=chunk) - Jiangyin Sinomach Lexus Automobile Sales and Service Co., Ltd. and Tianjin Sinomach Peixian Automobile Service Co., Ltd., with company shareholdings of **45%** and **50%** respectively, are included in the consolidation scope as the company holds controlling interest as the largest shareholder[438](index=438&type=chunk)[439](index=439&type=chunk) - Xinbang (Zhuhai) Sci-Tech Industrial Development Co., Ltd. has accumulated unrecognized excess losses of **8.2218 million yuan**[447](index=447&type=chunk) [Government Grants](index=131&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) This section discloses the company's government grant-related liabilities and grants recognized in current profit or loss; at period-end, deferred income from asset-related government grants totaled **114.4146 million yuan**, and current period grants recognized in profit or loss totaled **13.2944 million yuan**, comprising **5.6659 million yuan** asset-related and **7.6285 million yuan** income-related Liabilities Related to Government Grants | Financial Statement Item | Beginning Balance (yuan) | New Grants This Period (yuan) | Transferred to Other Income This Period (yuan) | Ending Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred income | 119,698,672.22 | 381,800.65 | 5,665,903.98 | 114,414,568.89 | Asset-related | | Total | 119,698,672.22 | 381,800.65 | 5,665,903.98 | 114,414,568.89 | / | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Asset-related | 5,665,903.98 | 3,858,400.65 | | Income-related | 7,628,467.19 | 20,677,995.39 | | Other | 2,700.00 | 0 | | Total | 13,294,371.17 | 24,539,096.04 | [Financial Instrument Risk Management](index=132&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages financial instrument risks by balancing risk and return to minimize negative impacts on operating performance, primarily addressing credit, liquidity, and market risks (interest rate, foreign exchange) through credit assessment, diversified financing, and foreign currency trading; financial asset transfers involved derecognition of endorsed or discounted notes receivable and receivables financing, while some supply chain debt instruments were not derecognized - The company's risk management objective is to balance risk and return, minimizing negative impacts on operating performance and maximizing shareholder interests[452](index=452&type=chunk) - The main financial instrument risks faced by the company include credit risk, liquidity risk, and market risk (interest rate risk, foreign exchange risk)[452](index=452&type=chunk) - To control credit risk, the company regularly assesses customer credit and monitors accounts receivable balances; the top five customers account for **54.16%** of the total[460](index=460&type=chunk) - To control liquidity risk, the company utilizes various financing methods such as bill settlement and bank loans, combining long-term and short-term financing appropriately[462](index=462&type=chunk) - The company's financial asset transfers primarily involve endorsing or discounting notes receivable and receivables financing, with **1.413 billion yuan** derecognized, while some supply chain debt instruments were not derecognized[471](index=471&type=chunk) [Fair Value Disclosure](index=138&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses the company's assets and liabilities measured at fair value at period-end; total assets continuously measured at fair value were **1.41 billion yuan**, mainly comprising trading financial assets, receivables financing, and other equity instrument investments, with trading financial assets measured at Level 1 and other equity instrument investments at Level 3, detailing valuation techniques and key parameters Fair Value Measurement Items at Period End | Item | Level 1 Fair Value Measurement (yuan) | Level 2 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | :--- | | I. Continuous fair value measurement | | | | | | （I）Trading financial assets | 87,161,639.52 | 0 | 0 | 87,161,639.52 | | （II）Receivables financing | 0 | 0 | 175,339,294.09 | 175,339,294.09 | | （III）Other equity instrument investments | 0 | 0 | 1,147,913,872.19 | 1,147,913,872.19 | | Total assets continuously measured at fair value | 87,161,639.52 | 0 | 1,323,253,166.28 | 1,410,414,805.80 | - The market price for Level 1 fair value measurement items is determined by the closing price of equity instruments on **June 30, 2025**[474](index=474&type=chunk) - Level 3 fair value measurement items (e.g., Sinomach Finance Co., Ltd., Tianjin Lishen Battery Co., Ltd.) are valued using transaction comparable method, adjusted net asset book value method, or market approach[475](index=475&type=chunk) [Related Parties and Related-Party Transactions](index=139&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section details the company's parent company, subsidiaries, joint ventures, associates, and other related parties; during the

国机汽车股份有限公司 董事会审计与风险管理委员会工作细则 第一章 总 则 第一条 为强化董事会决策功能，持续完善公司内控体系建设， 不断完善公司治理结构，根据《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司治理准则》《上市公司独立董事管理办法》 《上海证券交易所股票上市规则》（以下简称"《上市规则》"）、 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等法 律法规、部门规章、规范性文件的规定，以及《国机汽车股份有限公 司章程》（以下简称"《公司章程》"）等公司治理制度的有关规定， 公司特设立审计与风险管理委员会，并制订本工作细则。 第二条 审计与风险管理委员会是董事会下设的专门委员会，对 董事会负责，向董事会报告工作。 审计与风险管理委员会成员须保证足够的时间和精力履行委员 会的工作职责，勤勉尽责，切实有效地监督、评估公司的内外部审计 工作，促进公司建立有效的内部控制并提供真实、准确、完整的财务 报告。 第三条 公司须为审计与风险管理委员会提供必要的工作条件， 审计与风险管理委员会的日常办事机构为董事会办公室（战略投资 部），负责工作联络、会议组织、材料准备和档案管理等日常工作。 审 ...

国机汽车股份有限公司 章 程 二○二五年八月 | . | 2 | K | | --- | --- | --- | | P | | | | | | 第一章 总则 第一条 为维护国机汽车股份有限公司（以下简称"公司"或者 "本公司"）、股东、职工和债权人的合法权益，规范公司的组织和 行为，根据《中华人民共和国公司法》（以下简称"《公司法》"） 和其他有关规定，制定本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限 公司。公司经国家经贸委国经贸企改[1999]171 号文批准，以发起方 式设立；1999 年 3 月 26 日在天津市工商行政管理局注册登记，取得 营业执照，社会信用代码号为 91120000712875155R。 第三条 公司于 2001 年 1 月 10 日经中国证券监督管理委员会核 准，转为社会募集公司向社会公众发行人民币普通股 3500 万股。该 等股份均为公司向境内投资人发行的以人民币认购的内资股，于2001 年 3 月 5 日在上海证券交易所（以下简称"上交所"）上市。 第四条 公司注册名称：国机汽车股份有限公司 Sinomach Automobile Co.,Ltd. 董事 ...

证券代码：600335 证券简称：国机汽车 公告编号：临 2025-24 号 国机汽车股份有限公司 第九届监事会第六次会议决议公告 本公司监事会及全体监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法律责任。 一、监事会会议召开情况 国机汽车股份有限公司（以下简称"公司"）第九届监事会第六次会议通知 于 2025 年 8 月 20 日以电子邮件方式发出，会议于 2025 年 8 月 25 日下午以现场 方式在公司会议室召开。 本次会议应出席监事 3 人，实际出席监事 3 人。本次会议由监事会主席董建 红女士主持，公司部分高级管理人员列席了会议，本次会议的召集和召开符合有 关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 二、监事会会议审议情况 （一）公司 2025 年半年度报告及摘要 具体内容请详见刊载于上海证券交易所网站（www.sse.com.cn）的《2025 年 半年度报告》，以及刊载于《中国证券报》《上海证券报》及上海证券交易所网 站（www.sse.com.cn）的《2025 年半年度报告摘要》。 监事会对 2025 年半年度报告的 ...

Market Overview - On August 25, the automotive service sector rose by 0.34% compared to the previous trading day, with Altec leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Stock Performance - Altec (300825) closed at 13.15, with a gain of 5.28% and a trading volume of 817,300 shares, amounting to a turnover of 1.056 billion yuan [1] - Other notable stocks include: - Transportation Co. (600676) at 5.99, up 2.22% with a volume of 252,000 shares [1] - China Automotive Research (601965) at 19.41, down 0.36% with a volume of 61,500 shares [1] - Xiamen Xinda (000701) at 6.15, down 1.13% with a volume of 334,300 shares [1] Capital Flow - The automotive service sector experienced a net outflow of 14.17 million yuan from institutional investors, while retail investors saw a net outflow of 40.38 million yuan [2] - Conversely, speculative funds recorded a net inflow of 54.55 million yuan [2] Individual Stock Capital Flow - Altec (300825) had a net outflow of 22.25 million yuan from institutional investors, while speculative funds saw a net inflow of 48.09 million yuan [3] - Xiamen Xinda (000701) faced a significant net outflow of 41.78 million yuan from institutional investors, with a net inflow of 14.54 million yuan from speculative funds [3] - Transportation Co. (600676) had a net inflow of 14.72 million yuan from institutional investors, but a net outflow of 1.12 million yuan from retail investors [3]

Market Overview - On August 22, the automotive service sector rose by 0.54% compared to the previous trading day, with Altec leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Stock Performance - Altec (300825) closed at 12.49, with a gain of 4.69% and a trading volume of 569,300 shares, amounting to a transaction value of 706 million yuan [1] - Other notable stocks included: - Shunping Holdings (600653) at 2.04, up 0.49% [1] - China Automotive Research (601965) at 19.48, up 0.41% [1] - Shanghai Material Trade (600822) at 12.57, down 0.24% [1] Capital Flow - The automotive service sector saw a net inflow of 3.9763 million yuan from institutional investors, while retail investors experienced a net outflow of 6.3145 million yuan [2] - The overall capital flow indicates a mixed sentiment among different investor types, with institutional investors showing confidence while retail investors withdrew funds [2] Individual Stock Capital Flow - Altec (300825) had a net inflow of 64.0937 million yuan from institutional investors, but a net outflow of 75.7938 million yuan from retail investors [3] - Other stocks with significant capital flow included: - Xiamen Xinda (000701) with a net outflow of 29.0195 million yuan from institutional investors [3] - North Media (600386) with a net outflow of 6.2772 million yuan from institutional investors [3]

Market Overview - On August 18, the automotive service sector rose by 0.7% compared to the previous trading day, with Dezhong Automobile leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Stock Performance - Key stocks in the automotive service sector showed varied performance, with Dezhong Automobile closing at 7.56, up 3.14%, and Altec at 11.95, up 2.31% [1] - Other notable performers included Xiamen Xinda at 6.15, up 1.65%, and Shinhua Holdings at 1.92, up 1.59% [1] Trading Volume and Value - Trading volumes varied, with Altec recording a volume of 266,500 shares and a transaction value of 319 million yuan, while Dezhong Automobile had a volume of 39,000 shares [1] - The overall trading activity in the automotive service sector indicated a mix of buying and selling pressures [2] Capital Flow Analysis - The automotive service sector experienced a net outflow of 7.49 million yuan from institutional investors, while retail investors saw a net inflow of 2.42 million yuan [2] - Notably, Xiamen Xinda had a significant net inflow from retail investors amounting to 22.56 million yuan, despite a net outflow from institutional investors [3] Individual Stock Capital Flow - Xiamen Xinda had a net inflow of 20.97 million yuan from institutional investors, while Altec faced a net outflow of 20.78 million yuan [3] - The capital flow data indicates that while some stocks attracted institutional interest, others faced selling pressure from institutional investors [3]