（一）确保公司稳健运营，拓展业务领域。公司遵循稳健发展策 略，致力于传统装备制造和工程服务领域在维护现有市场份额基础上， 1 结合公司现有技术研发和科技创新成果、业务优势和特点，不断优化 技术方案，提升产品质量及成本控制，提高市场竞争力；紧盯行业发 展方向及市场动向，努力开拓新领域新市场，拓展相关业务领域，培 育新的增长点；积极强化战略性、基础性、前沿性研究思考，突破关 键技术，探索新兴产业赛道，推动传统产业转型升级。 国机通用机械科技股份有限公司 关于"提质增效重回报"行动方案 为深入贯彻党的二十大和二十届二中、三中全会和中央经济工作 会议精神，落实国务院《关于进一步提高上市公司质量的意见》要求， 积极响应上海证券交易所《关于开展沪市公司"提质增效重回报"专 项行动的倡议》，国机通用机械科技股份有限公司（以下简称"国机 通用"或"公司"）结合公司发展规划、科技研发、经营实际等，围 绕服务国家战略、强化主业竞争力、优化投资者回报机制、完善公司 治理、加强投资者沟通等核心目标，制定"提质增效重回报"行动方 案，具体如下： 一、聚焦主业提质增效，推动公司高质量发展 国机通用以"锻造国机所长 服务国家所需"的企业使 ...

证券代码：600444 证券简称：国机通用 公告编号：2025-020 国机通用机械科技股份有限公司 关于会计政策变更的公告 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： 本次会计政策变更系对 2025 年中期报告及以后期间的定期报告中分部报 告的列示进行调整，该变更不影响财务报表数据和列报，仅影响分部报告的列报， 不会对公司的财务状况、经营成果和现金流量产生影响，不存在损害公司及股东 利益的情况。 一、本次会计政策变更情况概述 根据财政部《企业会计准则第 35 号——分部报告》具体会计准则，国机通 用机械科技股份有限公司（以下简称"公司"）结合经营业务的发展及战略举措 的实施，对公司定期报告的业务分部进行调整，该调整属于会计政策变更。 1 公司原定期报告中分部报告中分为管业、流体机械两个分部。由于根据公司 决策，公司已经在逐渐退出管材业务，因此原有的业务分部披露口径已经不能准 确反映公司的实际经营分部情况，拟变更为工程承包及设备成套、产品、技术服 务及其他三个分部。 公司于 2025 年 8 月 20 日召 ...

国机通用机械科技股份有限公司 关于对国机财务有限责任公司的风险持续评估报告 国机通用机械科技股份有限公司（以下简称"公司"）根据《关于规范上市 公司与企业集团财务公司业务往来的通知》《证券交易所上市公司自律监管指引 第号——交易与关联交易》等要求，审阅了国机财务有限责任公司（以下简称"国 机财务"）的《营业执照》与《金融许可证》等资料及相关财务资料，对国机财 务的经营资质、业务和风险状况进行了评估，具体情况报告如下： 一、国机财务基本情况 国机财务经原中国银行业监督管理委员会批复，于 2003 年 9 月成立，属非 银行金融机构。2024 年 8 月 29 日取得北京市海淀区市场监督管理局换发的企业 法人营业执照。公司住所：北京市海淀区丹棱街 3 号 A 座 5 层 519、520、521、 522、523、525、8 层，法定代表人：赵建国，金融许可机构编码：L0010H211000001， 统一社会信用代码：9111010810001934XA，注册资本：175,000 万元。 目前营业执照载明的经营范围：对成员单位办理财务和融资顾问、信用鉴证 及相关的咨询、代理业务；协助成员单位实现交易款项的收付；经批 ...

证券代码：600444 证券简称：国机通用 公告编号：2025-019 国机通用机械科技股份有限公司 第八届董事会第二十一次会议决议公告 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 国机通用机械科技股份有限公司（以下简称"公司"或"本公司"）第八届 董事会第二十一次会议通知于 2025 年 8 月 8 日通过邮件和电话方式发出，会议 于 2025 年 8 月 20 日以通讯方式召开，会议应出席董事 11 人，实际出席董事 11 人。本次董事会会议的召开及程序符合国家有关法律、法规和公司章程的规定。 二、董事会会议审议情况 （一）审议通过《关于 2025 年半年度报告全文及摘要的议案》 公司 2025年半年度报告及摘要已经公司董事会审计委员会2025 年第三次会 议审议通过，并同意提交董事会审议。 具体内容详见同日公司在上海证券交易所网站（www.sse.com.cn）披露的《国 机通用关于对国机财务有限责任公司风险持续评估报告》。 第 1 页 共 2 页 表决时公司关联董事范志超先生、吴顺勇先生、樊 ...

Part I Definitions This section defines key terms used in the report, ensuring clear and consistent understanding. [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines key terms used in the report, including company name, controlling shareholder, actual controller, related parties, and reporting period, ensuring clear understanding of the report content. - The Company/Listed Company/Sinomach General refers to **Sinomach General Machinery Science & Technology Co., Ltd**[13](index=13&type=chunk) - Controlling Shareholder/Hefei General Institute refers to **Hefei General Machinery Research Institute Co., Ltd**[13](index=13&type=chunk) - Reporting Period refers to **January 1, 2025, to June 30, 2025**[13](index=13&type=chunk) Part II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, stock summary, and key financial performance for the reporting period. [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section outlines the company's basic registration details, including its Chinese name, abbreviation, foreign name, and legal representative. - The company's Chinese name is **Sinomach General Machinery Science & Technology Co., Ltd**, abbreviated as **Sinomach General**[15](index=15&type=chunk) - The legal representative is **Wu Shunyong**[15](index=15&type=chunk) [II. Contact Person and Contact Information](index=4&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax, and email, for investor communication. - The Board Secretary is **Du Shiwu**, and the Securities Affairs Representative is **Tong Chao**[16](index=16&type=chunk) - The contact number is **0551-63817860**, and the email address is **gt600444@126.com**[16](index=16&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=4&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section introduces the company's basic information such as registered address, office address, and website, noting no significant changes during the reporting period. - The company's registered address is **No. 616 Penglai Road, Economic and Technological Development Zone, Hefei City, Anhui Province**, and its office address is **No. 888 Changjiang West Road, Shushan District, Hefei City, Anhui Province**[17](index=17&type=chunk) - There were **no changes** in the company's basic information during the reporting period[17](index=17&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) This section specifies the company's designated newspaper and website for information disclosure, as well as the location for report storage, confirming no changes during the reporting period. - The company's designated information disclosure newspaper is **"Shanghai Securities News"**, and the website for publishing semi-annual reports is **www.sse.com.cn**[18](index=18&type=chunk) - The company's semi-annual report is stored at the **company's securities department**, with **no changes** during the reporting period[18](index=18&type=chunk) [V. Company Stock Summary](index=5&type=section&id=V.%20Company%20Stock%20Summary) This section provides the company's stock listing information, including stock type, listing exchange, stock abbreviation, and code. - The company's A-shares are listed on the **Shanghai Stock Exchange**, with stock abbreviation **Sinomach General** and stock code **600444**[19](index=19&type=chunk) [VII. Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing a 5.09% increase in operating revenue, a 43.85% increase in net profit attributable to shareholders, and a positive shift in net cash flow from operating activities, indicating stable financial health. 2025 Semi-Annual Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 411,610,527.65 RMB | 391,678,614.87 RMB | 5.09 | | Total Profit | 32,521,245.94 RMB | 28,034,816.89 RMB | 16.00 | | Net Profit Attributable to Shareholders of Listed Company | 32,063,739.62 RMB | 22,289,739.68 RMB | 43.85 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 32,500,542.26 RMB | 21,078,671.61 RMB | 54.19 | | Net Cash Flow from Operating Activities | 81,200,101.97 RMB | -92,043,182.31 RMB | Not Applicable | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 724,527,089.67 RMB | 708,512,911.28 RMB | 2.26 | | Total Assets (Period-end) | 1,406,023,831.11 RMB | 1,342,913,226.62 RMB | 4.7 | 2025 Semi-Annual Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.219 | 0.15 | 43.85 | | Diluted Earnings Per Share (RMB/share) | 0.219 | 0.15 | 43.85 | | Basic Earnings Per Share Excluding Non-Recurring Gains and Losses (RMB/share) | 0.222 | 0.14 | 58.55 | | Weighted Average Return on Net Assets (%) | 4.47 | 3.25 | Increased by 1.22 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | 4.54 | 3.07 | Increased by 1.47 percentage points | - Operating revenue slightly increased year-on-year, mainly due to an increase in system integration and equipment complete sets, products, and technical services projects[21](index=21&type=chunk) - Total profit, net profit attributable to shareholders, and non-recurring net profit increased, primarily due to improved gross margin, reduced administrative expenses, and decreased losses from the pipe material business[22](index=22&type=chunk) - Net cash flow from operating activities significantly increased year-on-year, mainly due to increased cash received from sales of goods and provision of services, and decreased cash paid for purchases of goods and acceptance of services[22](index=22&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the company's non-recurring gains and losses items and their amounts for the reporting period, totaling -0.44 million RMB, primarily including disposal losses of non-current assets and one-off expenses. 2025 Semi-Annual Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Disposal losses of non-current assets | -150,799.99 | | Fund occupation fees received from non-financial enterprises included in current profit and loss | 1,274.60 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 78,817.63 | | One-off expenses incurred by enterprises due to the discontinuation of related operating activities | -267,319.02 | | Other non-operating income and expenses apart from the above items | -98,775.86 | | Total | -436,802.64 | Part III Management Discussion and Analysis This section discusses the company's industry, main business, operating performance, core competitiveness, and future plans for the reporting period. [I. Explanation of the Company's Industry and Main Business during the Reporting Period](index=7&type=section&id=I.%20Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20during%20the%20Reporting%20Period) The company primarily engages in fluid machinery-related businesses, covering product R&D, manufacturing, technical services, and engineering complete sets, focusing on high-end, green, and intelligent manufacturing. The industry is positively driven by policies but faces challenges such as intensified market competition and reliance on imported key technologies. - The company belongs to the **general equipment manufacturing industry**, mainly engaged in fluid machinery-related businesses, including product R&D and manufacturing, technical services and consulting, and engineering design and complete sets[26](index=26&type=chunk) - The fluid machinery industry is widely applied in energy, construction, urban infrastructure, and other fields, transitioning towards **"high-end, intelligent, and green"** development[27](index=27&type=chunk) - The policy environment actively promotes industry development, but the industry faces challenges such as **intensified market competition, reliance on imported key core technologies, and increased environmental protection requirements**[28](index=28&type=chunk) [II. Discussion and Analysis of Operating Conditions](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Conditions) During the reporting period, the company's operations showed steady progress, achieving operating revenue of 411.61 million RMB, a 5.09% year-on-year increase, and net profit attributable to shareholders of 32.06 million RMB, a 43.85% year-on-year increase. The company achieved significant results in project contracting and technological innovation and plans to continue strengthening innovation, expanding markets, and reducing "two funds" in the second half of the year to achieve annual targets. 2025 Semi-Annual Operating Performance | Indicator | Amount | | :--- | :--- | | Operating Revenue | 411.61 million RMB | | Net Profit Attributable to Shareholders of Listed Company | 32.06 million RMB | | Earnings Per Share | 0.219 RMB | | Asset-Liability Ratio | 48.47% | - The company successfully signed projects such as **non-standard design and manufacturing of washing and drying machines, 10HP ultra-low temperature heat pump enthalpy difference laboratory, and airport runway degumming vehicle procurement**, and undertook the **Malaysia Daikin water-cooled chiller test device project**, enhancing market recognition[30](index=30&type=chunk) - Significant achievements in technological innovation include overcoming engineering challenges in **high-parameter efficient solid-liquid separation core equipment and pulverized coal angle valve products**, promoting independent innovation in the high-end industrial valve sector[30](index=30&type=chunk) - In the second half of the year, the company will continue to **strengthen innovation, optimize resource allocation, increase marketing efforts, expand into new markets**, and enhance the reduction of "two funds" to improve capital utilization efficiency[31](index=31&type=chunk) [III. Analysis of Core Competitiveness during the Reporting Period](index=8&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20during%20the%20Reporting%20Period) The company's core competitiveness stems from its multi-disciplinary comprehensive advantages, research institute background, national-level scientific research project platforms, and an innovation model of "scientific leaders + technical teams," focusing on high-end, green, and intelligent manufacturing, mastering core technologies with independent intellectual property rights, and establishing a leading position in the industry. - As a system solution provider for fluid machinery complete sets, the company possesses **multi-disciplinary comprehensive advantages**[32](index=32&type=chunk) - Relying on its research institute background and national key R&D programs, the company has formed a scientific research ecosystem centered on **excellent talent and guaranteed by innovative mechanisms**[32](index=32&type=chunk) - The talent team conducts technical research in environmental protection, refrigeration, petrochemical, new energy, and other fields, mastering a large number of **core technologies with independent intellectual property rights** and developing high-tech products to enhance market competitiveness[33](index=33&type=chunk) [IV. Main Operating Conditions during the Reporting Period](index=9&type=section&id=IV.%20Main%20Operating%20Conditions%20during%20the%20Reporting%20Period) This section details the company's financial statement item changes, asset and liability status, and investment situation during the reporting period. Operating revenue and costs both increased, administrative expenses significantly decreased, and R&D investment substantially rose. In terms of assets, monetary funds and contract assets increased, while notes receivable and accounts receivable decreased. For liabilities, notes payable and other payables increased. [ (I) Main Business Analysis](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20Main%20Business%20Analysis) Main business analysis shows that the company's operating revenue increased by 5.09% year-on-year, with increases in operating costs, selling expenses, and R&D expenses, while administrative and financial expenses significantly decreased, and net cash flow from operating activities turned substantially positive. Financial Statement Related Item Fluctuation Analysis | Item | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 411,610,527.65 | 391,678,614.87 | 5.09 | | Operating Cost | 348,523,320.23 | 337,910,231.17 | 3.14 | | Selling Expenses | 4,731,752.01 | 4,115,527.67 | 14.97 | | Administrative Expenses | 8,757,583.70 | 17,258,350.08 | -49.26 | | Financial Expenses | -3,501,709.24 | -3,074,860.85 | Not Applicable | | R&D Expenses | 18,339,309.06 | 11,466,309.79 | 59.94 | | Net Cash Flow from Operating Activities | 81,200,101.97 | -92,043,182.31 | Not Applicable | | Net Cash Flow from Investing Activities | -107,481,754.00 | 140,381,804.66 | -176.56 | | Net Cash Flow from Financing Activities | -2,123,887.86 | -910,380.00 | -133.3 | - The decrease in administrative expenses was mainly due to a **significant reduction in employee severance payments** resulting from the exit of the pipe material business in the prior year period[35](index=35&type=chunk) - R&D expenses increased by nearly **60%**, primarily due to **new R&D projects and increased R&D expenditures**[35](index=35&type=chunk) - Net cash flow from operating activities turned positive, mainly benefiting from **increased cash received from sales of goods and provision of services**[35](index=35&type=chunk) [ (III) Analysis of Assets and Liabilities](index=9&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%20Analysis%20of%20Assets%20and%20Liabilities) The company's period-end monetary funds increased by 20.29%, mainly due to increased net cash flow from operating activities; notes receivable and accounts receivable significantly decreased, while contract assets and investment properties increased. On the liability side, notes payable and other payables significantly grew, and employee compensation payable decreased. Asset and Liability Status Changes | Item Name | Period-end Amount (RMB) | Proportion of Total Assets at Period-end (%) | Change from Prior Year-end (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 499,567,709.14 | 35.53 | 20.29 | | Notes Receivable | 190,000.00 | 0.01 | -88.21 | | Accounts Receivable | 16,084,208.28 | 1.14 | -51.90 | | Other Receivables | 5,279,932.01 | 0.38 | 42.71 | | Contract Assets | 60,314,557.33 | 4.29 | 21.45 | | Investment Properties | 22,857,184.80 | 1.63 | 52.66 | | Fixed Assets | 25,615,941.82 | 1.82 | -27.65 | | Notes Payable | 70,731,304.16 | 5.03 | 50.20 | | Employee Compensation Payable | 1,540,873.07 | 0.11 | -62.16 | | Taxes Payable | 8,068,582.71 | 0.57 | 216.25 | | Other Payables | 27,051,261.59 | 1.92 | 207.33 | - The increase in monetary funds was mainly due to the **increase in net cash flow from operating activities**[37](index=37&type=chunk) - The decrease in notes receivable and accounts receivable was mainly due to a **reduction in commercial acceptance bills and bank acceptance bills not yet due** at period-end[37](index=37&type=chunk)[38](index=38&type=chunk) - Notes payable increased by **50.20%**, mainly due to an **increase in bank acceptance bills issued but not yet due**[38](index=38&type=chunk) - Other payables increased by **207.33%**, mainly due to **accrued dividends in accordance with the shareholders' meeting resolution**[38](index=38&type=chunk) [ (IV) Investment Status Analysis](index=11&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%20Investment%20Status%20Analysis) During the current period, the company's financial assets measured at fair value primarily consisted of accounts receivable financing, with a period-end balance of 16.08 million RMB, a decrease from the beginning of the period. Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (million RMB) | Amount Purchased in Current Period (million RMB) | Amount Sold/Redeemed in Current Period (million RMB) | Period-end Balance (million RMB) | | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 33.44 | 58.88 | 76.23 | 16.08 | [V. Other Disclosure Matters](index=12&type=section&id=V.%20Other%20Disclosure%20Matters) The company faces market demand fluctuations, intensified competition, and technology and supply chain risks. To address these challenges, the company plans to focus on national policies, increase reform and innovation, expand into new markets and products, and strengthen professional collaboration, R&D investment, and cost reduction and efficiency improvement measures. - The company faces risks of **market demand fluctuations and intensified competition** due to increased homogeneous market competition and reduced projects from slowing urbanization[44](index=44&type=chunk) - Reliance on imported core components for some equipment poses **supply chain risks**; high R&D investment in new materials for green technology iteration leads to **short-term cost pressure**[44](index=44&type=chunk) - The company will **offset market risks by focusing on national policies, increasing reform and innovation, and expanding into new markets and products**[44](index=44&type=chunk) - The company will **strengthen professional collaboration and technological innovation, increase R&D investment, optimize raw material procurement strategies, and fully implement cost reduction and efficiency improvement measures**[44](index=44&type=chunk) Part IV Corporate Governance, Environment, and Society This section covers changes in the company's directors and senior management, as well as its profit distribution plan. [I. Changes in Company Directors and Senior Management](index=13&type=section&id=I.%20Changes%20in%20Company%20Directors%20and%20Senior%20Management) During the reporting period, there were changes in the company's board of directors and supervisory board. Ms. Chen Xiaohong resigned as director and vice chairman, and Mr. Zhang Yikui was elected as a director. Additionally, following the revision of the company's articles of association, the supervisory board was abolished, with its functions transferred to the board's audit committee, leading to the departure of the original supervisors. - Ms. Chen Xiaohong resigned as a director and vice chairman due to **work arrangement adjustments**[47](index=47&type=chunk) - Mr. Zhang Yikui was elected as a **director of the company's Eighth Board of Directors**[47](index=47&type=chunk) - Following the revision of the company's articles of association, the supervisory board was abolished, with its functions exercised by the Board's Audit Committee, leading to the **departure of former supervisors Zhou Bin, Shu Bei, and Wu Yandong**[48](index=48&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=13&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company will not conduct profit distribution or capital reserve conversion into share capital for the semi-annual period, with zero bonus shares, dividends, and conversion shares per 10 shares. - The company will **not distribute or convert** for the semi-annual period[49](index=49&type=chunk) - The number of bonus shares, dividends (including tax), and conversion shares per 10 shares are **all zero**[49](index=49&type=chunk) Part V Significant Matters This section details the fulfillment of commitments, significant litigation, integrity status, related party transactions, and major contracts during the reporting period. [I. Fulfillment of Commitments](index=15&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's actual controller, controlling shareholder, and related parties consistently and strictly fulfilled various commitments during the reporting period, including asset injection, resolution of horizontal competition, and standardization of related party transactions, ensuring the company's independence and shareholder interests. - Hefei General Machinery Research Institute committed that its **100% equity in Environmental Company has legal and complete ownership**, with no pledges, mortgages, or other restrictions, and has strictly fulfilled this commitment[53](index=53&type=chunk) - Hefei General Machinery Research Institute and China National Machinery Industry Corporation Limited both committed to **avoiding horizontal competition** with the company and have strictly fulfilled this commitment[54](index=54&type=chunk)[57](index=57&type=chunk) - Hefei General Machinery Research Institute and China National Machinery Industry Corporation Limited committed to **reducing and standardizing related party transactions** and have strictly fulfilled this commitment[54](index=54&type=chunk)[56](index=56&type=chunk) - Sinomach Group and Hefei Institute committed to ensuring the **independence of the listed company in personnel, assets, finance, organization, and business**, and have strictly fulfilled this commitment[55](index=55&type=chunk)[56](index=56&type=chunk) [VII. Major Litigation and Arbitration Matters](index=20&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no major litigation or arbitration matters. - The company had **no major litigation or arbitration matters** during this reporting period[57](index=57&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller during the Reporting Period](index=20&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20during%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled effective court judgments or large overdue debts. - The integrity status of the company, its controlling shareholder, and actual controller was **good** during the reporting period[59](index=59&type=chunk) - There were **no unfulfilled effective court judgments** or large overdue debts[59](index=59&type=chunk) [X. Major Related Party Transactions](index=20&type=section&id=X.%20Major%20Related%20Party%20Transactions) This section discloses the company's financial business dealings with its related party, Sinomach Finance Co., Ltd., including deposit and credit facilities, showing significant deposits and credit lines with the finance company. Deposit Business with Sinomach Finance Co., Ltd. | Related Party | Relationship | Daily Maximum Deposit Limit (million RMB) | Beginning Balance (million RMB) | Amount Deposited in Current Period (million RMB) | Amount Withdrawn in Current Period (million RMB) | Period-end Balance (million RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sinomach Finance Co., Ltd. | Group Sister Company | 800.00 | 402.71 | 1,126.33 | 1,042.10 | 486.94 | Credit Business with Sinomach Finance Co., Ltd. | Related Party | Relationship | Business Type | Total Credit Line (million RMB) | Actual Amount Incurred (million RMB) | | :--- | :--- | :--- | :--- | :--- | | Sinomach Finance Co., Ltd. | Group Sister Company | Credit | 200.00 | 0 | [XI. Major Contracts and Their Fulfillment](index=22&type=section&id=XI.%20Major%20Contracts%20and%20Their%20Fulfillment) This section discloses the company's leasing matters during the reporting period, including leasing in R&D office space as a lessee and leasing out office buildings as a lessor, with detailed explanations of rental expenses and income. - The company leased part of the R&D center building and pump laboratory in Hefei General Institute's Changjiang West Road 888 campus for office and R&D use, with **rental expenses of 1.96 million RMB** during the reporting period[67](index=67&type=chunk) - The company leased out its Tianhu Road campus office building to Zhongke Chuanggu (Hefei) Management Co., Ltd., with **rental income of 1.71 million RMB** during the reporting period[67](index=67&type=chunk) Part VI Share Changes and Shareholder Information This section details the company's share capital changes and shareholder structure during the reporting period. [I. Share Capital Changes](index=23&type=section&id=I.%20Share%20Capital%20Changes) 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[69](index=69&type=chunk) [II. Shareholder Information](index=23&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had a total of 11,784 common shareholders. Among the top ten shareholders, Hefei General Machinery Research Institute Co., Ltd. held 36.82% of the shares, being the largest shareholder, and Hefei Industrial Investment Holding (Group) Co., Ltd. held 7.85%. Total Number of Shareholders as of the End of the Reporting Period | Indicator | Quantity | | :--- | :--- | | Total number of common shareholders (households) | 11,784 | | Total number of preferred shareholders with restored voting rights (households) | 0 | Top Ten Shareholders' Shareholding | Shareholder Name | Period-end Shareholding (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Hefei General Machinery Research Institute Co., Ltd. | 53,907,212 | 36.82 | State-owned Legal Person | | Hefei Industrial Investment Holding (Group) Co., Ltd. | 11,497,360 | 7.85 | State-owned Legal Person | | Zhang Qizhi | 1,196,096 | 0.82 | Domestic Natural Person | | Cao Weihong | 1,142,500 | 0.78 | Domestic Natural Person | | Zhuhai Julong Investment Management Co., Ltd. - Julong ESG No. 1 Private Securities Investment Fund | 1,034,700 | 0.71 | Other | | Pan Qing | 967,600 | 0.66 | Domestic Natural Person | | Goldman Sachs & Co. LLC | 765,723 | 0.52 | Unknown | | Liang Zhiming | 732,400 | 0.50 | Domestic Natural Person | | Huang Jinghan | 714,700 | 0.49 | Domestic Natural Person | | Wan Conglin | 632,000 | 0.43 | Domestic Natural Person | - The controlling shareholder, Hefei General Machinery Research Institute Co., Ltd., has **no associated relationship or concerted action relationship** with the other top ten shareholders[74](index=74&type=chunk) Part VII Bond-Related Information This section provides information on the company's bonds and convertible corporate bonds. [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=26&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments. - During the reporting period, the company had **no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments**[77](index=77&type=chunk) [II. Convertible Corporate Bonds](index=26&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds. - During the reporting period, the company had **no convertible corporate bonds**[77](index=77&type=chunk) Part VIII Financial Report This section includes the audit report, financial statements, company basic information, tax details, notes to consolidated financial statements, R&D expenditures, government grants, financial instrument risks, fair value disclosures, related parties and related party transactions, commitments and contingencies, and other significant matters. [I. Audit Report](index=27&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited. - This semi-annual report is **unaudited**[5](index=5&type=chunk) [II. Financial Statements](index=27&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting the company's financial position, operating results, and cash flow. [Consolidated Balance Sheet](index=27&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total consolidated assets were 1.41 billion RMB, an increase of 4.7% from the end of the previous year; total liabilities were 681.50 million RMB, an increase of 7.42% from the end of the previous year; and total owners' equity was 724.53 million RMB, an increase of 2.26% from the end of the previous year. Consolidated Balance Sheet Key Data | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Total Assets | 1,406,023,831.11 | 1,342,913,226.62 | | Total Liabilities | 681,496,741.44 | 634,400,315.34 | | Total Owners' Equity | 724,527,089.67 | 708,512,911.28 | [Consolidated Income Statement](index=31&type=section&id=Consolidated%20Income%20Statement) In the first half of 2025, the company achieved total operating revenue of 411.61 million RMB, a year-on-year increase of 5.09%; total profit of 32.52 million RMB, a year-on-year increase of 16.00%; and net profit of 32.06 million RMB, a year-on-year increase of 43.85%. Consolidated Income Statement Key Data | Item | 2025 Semi-Annual (RMB) | 2024 Semi-Annual (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 411,610,527.65 | 391,678,614.87 | | Total Operating Cost | 378,043,583.21 | 368,967,214.43 | | Total Profit | 32,521,245.94 | 28,034,816.89 | | Net Profit | 32,063,739.62 | 22,289,739.68 | | Net Profit Attributable to Parent Company Shareholders | 32,063,739.62 | 22,289,739.68 | | Basic Earnings Per Share (RMB/share) | 0.219 | 0.15 | [Consolidated Cash Flow Statement](index=35&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's net cash flow from operating activities was 81.20 million RMB, a significant positive shift from -92.04 million RMB in the same period last year; net cash flow from investing activities was -107.48 million RMB, mainly due to increased fixed deposit placements; and net cash flow from financing activities was -2.12 million RMB. Consolidated Cash Flow Statement Key Data | Item | 2025 Semi-Annual (RMB) | 2024 Semi-Annual (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 81,200,101.97 | -92,043,182.31 | | Net Cash Flow from Investing Activities | -107,481,754.00 | 140,381,804.66 | | Net Cash Flow from Financing Activities | -2,123,887.86 | -910,380.00 | | Net Increase in Cash and Cash Equivalents | -28,405,539.89 | 47,428,242.35 | - Net cash flow from operating activities significantly improved, mainly due to **increased cash received from sales of goods and provision of services** and **decreased cash paid for purchases of goods and acceptance of services**[94](index=94&type=chunk) - Net cash flow from investing activities turned from positive to negative, mainly due to an **increase in cash deposited as fixed deposits** during the reporting period[95](index=95&type=chunk) [III. Company Basic Information](index=47&type=section&id=III.%20Company%20Basic%20Information) This section details the company's historical evolution, equity changes, registered capital, registered address, office address, and main business nature and scope, showing that the company has undergone multiple equity changes and business reorganizations, ultimately focusing on the fluid machinery manufacturing and service industry. - The company's predecessor was Anhui De'an Pipe Manufacturing Co., Ltd., which, after multiple equity transfers and capital increases, was established as **Anhui Guotong High-tech Pipe Industry Co., Ltd. in 2000**[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) - In 2012, **Hefei General Machinery Research Institute became the controlling shareholder**, and China National Machinery Industry Corporation Limited became the actual controller[116](index=116&type=chunk) - In 2016, the company changed its name to **Sinomach General Machinery Science & Technology Co., Ltd.**, and in 2024, it absorbed and merged Hefei General Environmental Control Technology Co., Ltd[117](index=117&type=chunk) - The company's main business is **fluid machinery manufacturing and services**, with a wide range of business scope including R&D, design, production, trade, and engineering contracting of environmental protection equipment, refrigeration equipment, separation machinery, valves, and pumps[118](index=118&type=chunk) [VI. Taxes](index=78&type=section&id=VI.%20Taxes) This section discloses the company's main tax categories and rates, stating that the company enjoys a 15% corporate income tax preferential rate as a high-tech enterprise and also benefits from the value-added tax additional deduction policy for advanced manufacturing enterprises. Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods, services | 13%, 6%, 5% | | Urban Maintenance and Construction Tax | Actual paid turnover tax amount | 7% | | Corporate Income Tax | Taxable income | 15% | | Education Surcharge and Local Education Surcharge | Actual paid turnover tax amount | 3%, 2% | - The company is recognized as a **high-tech enterprise**, enjoying a **15% corporate income tax preferential rate**[251](index=251&type=chunk) - As an advanced manufacturing enterprise, the company enjoys a policy of **additional 5% deduction of VAT payable**[252](index=252&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=79&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on various asset, liability, owners' equity, revenue, cost, and expense items in the consolidated financial statements, explaining period-end balances, beginning balances, and current period changes, offering important financial details and reasons for fluctuations. [1. Monetary Funds](index=79&type=section&id=1.%20Monetary%20Funds) As of June 30, 2025, the company's total monetary funds amounted to 499.57 million RMB, an increase of 20.29% from the beginning of the period, primarily comprising bank deposits and deposits with finance companies, with no restricted funds. Composition of Monetary Funds | Item | Period-end Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Bank Deposits | 8,534,082.51 | 11,167,825.02 | | Deposits with Finance Companies | 486,939,076.59 | 402,710,873.97 | | Accrued Interest Receivable | 4,094,550.04 | 1,439,655.58 | | Total | 499,567,709.14 | 415,318,354.57 | - As of June 30, 2025, the company's monetary funds had **no pledges, freezes, or potential recovery risks**[256](index=256&type=chunk) - The company's fixed deposits in financial institutions amounted to **447 million RMB**, all reported under monetary funds[256](index=256&type=chunk) [5. Accounts Receivable](index=82&type=section&id=5.%20Accounts%20Receivable) As of June 30, 2025, the company's accounts receivable book balance was 154.61 million RMB, with bad debt provisions of 33.78 million RMB, resulting in a book value of 120.82 million RMB. Among these, accounts receivable for which bad debt provisions were individually made amounted to 12.44 million RMB, with a 100% provision rate. Accounts Receivable Classified by Bad Debt Provision Method | Category | Book Balance (RMB) | Bad Debt Provision (RMB) | Book Value (RMB) | | :--- | :--- | :--- | :--- | | Individually Provided for Bad Debts | 12,441,660.01 | 12,441,660.01 | - | | Provided for Bad Debts by Portfolio | 142,165,067.92 | 21,342,448.70 | 120,822,619.22 | | Total | 154,606,727.93 | 33,784,108.71 | 120,822,619.22 | Accounts Receivable Aging Distribution | Aging | Period-end Book Balance (RMB) | | :--- | :--- | | Within 1 Year | 64,485,606.22 | | 1 to 2 Years | 24,094,848.39 | | 2 to 3 Years | 34,069,139.13 | | Over 3 Years | 31,957,134.19 | | Total | 154,606,727.93 | - Accounts receivable for which bad debt provisions are individually made primarily target customers with **higher recovery risks**, with a **100% provision rate**[270](index=270&type=chunk) [10. Inventories](index=96&type=section&id=10.%20Inventories) As of June 30, 2025, the company's inventory book value was 354.65 million RMB, an increase of 10.89% from the beginning of the period. Contract performance costs accounted for the largest portion at 285.23 million RMB, and inventory impairment provisions and contract performance cost impairment provisions totaled 3.05 million RMB. Inventory Classification and Book Value | Item | Period-end Book Value (RMB) | Beginning Book Value (RMB) | | :--- | :--- | :--- | | Raw Materials | 449,675.73 | 690,548.82 | | Work in Progress | 66,604,194.78 | 70,406,621.19 | | Finished Goods | 2,362,977.52 | 3,787,780.73 | | Contract Performance Costs | 285,228,908.63 | 244,929,451.39 | | Total | 354,645,756.66 | 319,814,402.13 | Inventory Impairment Provisions and Contract Performance Cost Impairment Provisions | Item | Beginning Balance (RMB) | Amount Increased in Current Period (RMB) | Amount Decreased in Current Period (RMB) | Period-end Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | Raw Materials | 263,889.80 | - | - | 263,889.80 | | Work in Progress | 916,133.49 | - | 76,761.08 | 839,372.41 | | Finished Goods | 2,586,302.72 | - | 966,135.54 | 1,620,167.18 | | Contract Performance Costs | 466,562.34 | - | 136,212.05 | 330,350.29 | | Total | 4,232,888.35 | - | 1,179,108.67 | 3,053,779.68 | [31. Assets Whose Ownership or Use Rights Are Restricted](index=110&type=section&id=31.%20Assets%20Whose%20Ownership%20or%20Use%20Rights%20Are%20Restricted) As of June 30, 2025, the company's assets with restricted ownership or use rights primarily consisted of monetary funds, with a book value of 451.09 million RMB, an increase from the beginning of the period. Assets with Restricted Ownership or Use Rights | Item | Period-end Book Balance (RMB) | Period-end Book Value (RMB) | Beginning Book Balance (RMB) | Beginning Book Value (RMB) | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 451,094,550.04 | 451,094,550.04 | 338,439,655.58 | 338,439,655.58 | | Notes Receivable | 121,800.00 | 115,710.00 | - | - | | Total | 451,094,550.04 | 451,094,550.04 | 338,561,455.58 | 338,555,365.58 | [39. Employee Compensation Payable](index=113&type=section&id=39.%20Employee%20Compensation%20Payable) As of June 30, 2025, the company's employee compensation payable period-end balance was 1.54 million RMB, a significant decrease from 4.07 million RMB at the beginning of the period, mainly due to payments of employee compensation during the current period. Employee Compensation Payable Listing | Item | Beginning Balance (RMB) | Amount Increased in Current Period (RMB) | Amount Decreased in Current Period (RMB) | Period-end Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | I. Short-term Compensation | 2,824,754.39 | 32,808,033.17 | 34,857,833.86 | 774,953.70 | | II. Post-employment Benefits - Defined Contribution Plans | - | 4,134,408.09 | 4,134,408.09 | - | | III. Termination Benefits | 1,247,704.57 | 267,319.02 | 749,104.22 | 765,919.37 | | Total | 4,072,458.96 | 37,209,760.28 | 39,741,346.17 | 1,540,873.07 | [61. Operating Revenue and Operating Cost](index=120&type=section&id=61.%20Operating%20Revenue%20and%20Operating%20Cost) In the first half of 2025, the company's operating revenue was 411.61 million RMB, a year-on-year increase of 5.09%; operating cost was 348.52 million RMB, a year-on-year increase of 3.14%. Both main business revenue and cost increased, with system integration and equipment complete sets business contributing the most. Operating Revenue and Operating Cost | Item | Current Period Amount - Revenue (RMB) | Current Period Amount - Cost (RMB) | Prior Period Amount - Revenue (RMB) | Prior Period Amount - Cost (RMB) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 408,544,136.76 | 347,658,879.98 | 389,602,332.26 | 337,456,464.79 | | Other Business | 3,066,390.89 | 864,440.25 | 2,076,282.61 | 453,766.38 | | Total | 411,610,527.65 | 348,523,320.23 | 391,678,614.87 | 337,910,231.17 | Operating Revenue by Contract Type | Contract Classification | Operating Revenue (RMB) | Operating Cost (RMB) | | :--- | :--- | :--- | | System Integration and Equipment Complete Sets | 340,682,037.08 | 294,320,729.89 | | Products | 63,779,953.70 | 51,125,174.91 | | Technical Services and Others | 7,148,536.87 | 3,077,415.43 | | Total | 411,610,527.65 | 348,523,320.23 | [64. Administrative Expenses](index=122&type=section&id=64.%20Administrative%20Expenses) In the first half of 2025, the company's administrative expenses were 8.76 million RMB, a significant decrease of 49.26% from 17.26 million RMB in the same period last year, mainly due to a year-on-year decrease in employee severance payments and asset depreciation. Administrative Expenses Composition | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Employee Compensation | 4,946,696.36 | 10,779,886.44 | | Depreciation and Amortization | 1,139,839.48 | 4,157,686.07 | | Total | 8,757,583.70 | 17,258,350.08 | - The year-on-year decrease in administrative expenses was mainly due to a **decrease in employee severance payments and asset depreciation** during the current period[403](index=403&type=chunk) [65. R&D Expenses](index=122&type=section&id=65.%20R%26D%20Expenses) In the first half of 2025, the company's R&D expenses were 18.34 million RMB, an increase of 59.94% from 11.47 million RMB in the same period last year, mainly due to new R&D projects and increased R&D expenditures for ongoing projects. R&D Expenses Composition | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Employee Compensation | 9,318,135.73 | 7,778,182.11 | | Material Consumption | 8,850,419.24 | 3,680,699.30 | | Other | 170,754.09 | 7,428.38 | | Total | 18,339,309.06 | 11,466,309.79 | - The increase in R&D expenses was mainly due to **new R&D projects and increased R&D expenditures for ongoing projects**[405](index=405&type=chunk) [79. Supplementary Information to Cash Flow Statement](index=128&type=section&id=79.%20Supplementary%20Information%20to%20Cash%20Flow%20Statement) This section provides supplementary information to the cash flow statement, detailing the reconciliation of net profit to operating cash flow and the composition of cash and cash equivalents. Net cash flow from operating activities turned significantly positive, and the period-end balance of cash and cash equivalents was 48.47 million RMB. Reconciliation of Net Profit to Operating Cash Flow | Supplementary Information | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Profit | 32,063,739.62 | 22,289,739.68 | | Add: Asset Impairment Provisions | 1,296,274.15 | 52,503.01 | | Credit Impairment Losses | -165,476.02 | -1,286,291.17 | | Depreciation of Fixed Assets, Depletion of Oil and Gas Assets, Depreciation of Productive Biological Assets | 2,063,939.58 | 1,906,124.58 | | Amortization of Right-of-Use Assets | 1,739,970.44 | 3,212,306.69 | | Amortization of Intangible Assets | 94,860.48 | 615,020.88 | | Decrease in Inventories (Increase with "-") | -34,831,354.53 | -80,361,486.71 | | Decrease in Operating Receivables (Increase with "-") | 29,322,434.08 | -61,074,353.22 | | Increase in Operating Payables (Decrease with "-") | 52,235,464.01 | 27,295,366.41 | | Net Cash Flow from Operating Activities | 81,200,101.97 | -92,043,182.31 | Composition of Cash and Cash Equivalents | Item | Period-end Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | I. Cash | 48,473,159.10 | 76,878,698.99 | | Of which: Bank Deposits Readily Available for Payment | 48,473,159.10 | 76,878,698.99 | | III. Period-end Balance of Cash and Cash Equivalents | 48,473,159.10 | 76,878,698.99 | - Monetary funds not classified as cash and cash equivalents primarily consist of **undue fixed deposits and accrued interest**, with a period-end balance of **451 million RMB**[430](index=430&type=chunk) [VIII. R&D Expenses](index=131&type=section&id=VIII.%20R%26D%20Expenses) In the first half of 2025, the company's total R&D expenditure was 18.34 million RMB, all expensed, representing a 59.94% increase from the same period last year, primarily composed of employee compensation and material consumption. R&D Expenses by Nature | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Employee Compensation | 9,318,135.73 | 7,778,182.11 | | Material Consumption | 8,850,419.24 | 3,680,699.30 | | Other | 170,754.09 | 7,428.38 | | Total | 18,339,309.06 | 11,466,309.79 | | Of which: Expensed R&D Expenditure | 18,339,309.06 | 11,466,309.79 | | Capitalized R&D Expenditure | 0 | 0 | [XI. Government Grants](index=133&type=section&id=XI.%20Government%20Grants) This section discloses the company's government grant liability items and government grants recognized in current profit and loss during the reporting period. At period-end, asset-related government grants in deferred income amounted to 0.24 million RMB, and income-related government grants amounted to 2.12 million RMB. Government Grant Liability Items | Financial Statement Item | Beginning Balance (RMB) | Amount of New Grants in Current Period (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Period-end Balance (RMB) | Related to Asset/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 542,516.31 | - | 302,800.02 | 239,716.29 | Asset-related | | Deferred Income | 1,681,277.65 | 438,200.00 | 0 | 2,119,477.65 | Income-related | | Total | 2,223,793.96 | 438,200.00 | 302,800.02 | 2,359,193.94 | / | Government Grants Recognized in Current Profit and Loss | Type | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Income-related | 302,800.02 | 1,216,450.02 | | Total | 302,800.02 | 1,216,450.02 | [XII. Risks Related to Financial Instruments](index=134&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, liquidity risk, and market risk (foreign exchange risk and interest rate risk). The company manages these risks by setting credit policies, regularly monitoring liquidity needs, and interest rate levels. During the reporting period, the company derecognized some accounts receivable financing through endorsement and discounting. - The company faces **credit risk, liquidity risk, and market risk (foreign exchange risk and interest rate risk)**[438](index=438&type=chunk) - Credit risk primarily arises from monetary funds, notes receivable, accounts receivable, accounts receivable financing, other receivables, contract assets, etc., which the company controls by **assessing customer creditworthiness and regular monitoring**[439](index=439&type=chunk) - Liquidity risk is managed by **overall cash management and regular monitoring of short-term and long-term liquidity needs**[443](index=443&type=chunk) - Market risks, specifically foreign exchange risk and interest rate risk, are mitigated by **monitoring foreign currency transactions and interest rate levels**[446](index=446&type=chunk) Financial Assets Derecognized Due to Transfer | Item | Method of Financial Asset Transfer | Amount of Derecognized Financial Assets (RMB) | Gains or Losses Related to Derecognition (RMB) | | :--- | :--- | :--- | :--- | | Undue Bank Acceptance Bills in Accounts Receivable Financing | Endorsement | 14,120,303.68 | - | | Undue Bank Acceptance Bills in Accounts Receivable Financing | Discounting | 10,000.00 | -62.18 | | Total | / | 14,130,303.68 | -62.18 | [XIII. Disclosure of Fair Value](index=137&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the company's period-end assets and liabilities measured at fair value. Accounts receivable financing is the company's main asset continuously measured at fair value, with a period-end fair value of 16.08 million RMB, measured using Level 3 fair value. Period-end Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | | (I) Trading Financial Assets - Accounts Receivable Financing | 16,084,208.28 | 16,084,208.28 | | Total Assets Continuously Measured at Fair Value | 16,084,208.28 | 16,084,208.28 | - The company's Level 3 fair value measurement items primarily consist of **bank acceptance bills not yet endorsed or discounted**, whose fair value is determined by their amortized cost[455](index=455&type=chunk) [XIV. Related Parties and Related Party Transactions](index=139&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section details the company's parent company, other related parties, and related party transactions during the reporting period, including purchases and sales of goods, provision of labor, related party leases, key management personnel compensation, and financial dealings with related finance companies, and lists period-end receivables and payables to related parties. - The company's parent company is **Hefei General Machinery Research Institute Co., Ltd.**, with a shareholding ratio of **36.82%**, and the ultimate controlling party is the **State-owned Assets Supervision and Administration Commission of the State Council**[457](index=457&type=chunk) Related Party Transactions for Purchase of Goods/Acceptance of Services | Related Party | Related Transaction Content | Current Period Amount (RMB) | | :--- | :--- | :--- | | Hefei General Machinery Research Institute Co., Ltd. | Utilities | 140,482.83 | | Hefei General Machinery Research Institute Special Equipment Inspection Station Co., Ltd. | Testing Fees, Inspection and Testing Fees | 64,150.94 | | Hefei General Electromechanical Product Testing Institute Co., Ltd. | Testing Fees, Technical Service Fees, Inspection Fees | 47,169.81 | | Shanghai Industrial Boiler Research Institute Co., Ltd. | Products, Technical Service Fees | 2,513,274.34 | | Total | | 2,782,928.87 | Related Party Transactions for Sale of Goods/Provision of Services | Related Party | Related Transaction Content | Current Period Amount (RMB) | | :--- | :--- | :--- | | Hefei General Machinery Research Institute Co., Ltd. | Equipment Complete Sets\Products\Equipment Installation | 272,015,871.46 | | Hefei General Electromechanical Product Testing Institute Co., Ltd. | Technical Services\Equipment Complete Sets | 392,330.37 | | Hefei General Special Materials and Equipment Co., Ltd. | Products | 3,764,778.77 | Key Management Personnel Compensation | Item | Current Period Amount (million RMB) | Prior Period Amount (million RMB) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 1.32 | 0.65 | Receivables from Related Parties | Item Name | Related Party | Period-end Book Balance (RMB) | | :--- | :--- | :--- | | Monetary Funds - Accrued Interest | Sinomach Finance Co., Ltd. | 2,598,583.37 | | Monetary Funds - Bank Deposits | Sinomach Finance Co., Ltd. | 486,939,076.59 | | Accounts Receivable | Hefei General Special Materials and Equipment Co., Ltd. | 2,977,940.00 | | Prepayments | Shanghai Industrial Boiler Research Institute Co., Ltd. | 1,562,059.89 | | Total | | 496,786,641.14 | Payables to Related Parties | Item Name | Related Party | Period-end Book Balance (RMB) | | :--- | :--- | :--- | | Contract Liabilities | Hefei General Machinery Research Institute Co., Ltd. | 176,170,472.01 | | Lease Liabilities | Hefei General Machinery Research Institute Co., Ltd. | 9,251,464.70 | | Total | | 192,592,821.79 | [XVI. Commitments and Contingencies](index=147&type=section&id=XVI.%20Commitments%20and%20Contingencies) This section discloses the company's outstanding letters of guarantee as of the balance sheet date, totaling 3.09 million RMB. Outstanding Letters of Guarantee | Issuing Bank | Guaranteed Party | Guarantee Amount (RMB) | | :--- | :--- | :--- | | China CITIC Bank Co., Ltd. Hefei Branch Business Department | Xi'an Xianyang International Airport Co., Ltd. | 984,000.00 | | China CITIC Bank Co., Ltd. Hefei Branch Business Department | China Science and Technology Museum | 357,650.80 | | Bank of China Co., Ltd. Hefei High-tech Industrial Development Zone Branch | University of Science and Technology of China | 1,302,775.20 | | Total | | 3,086,676.00 | [XVIII. Other Significant Matters](index=148&type=section&id=XVIII.%20Other%20Significant%20Matters) This section discloses the company's participation in an annuity plan and details the determination basis, accounting policies, and financial information of its reporting segments. The company currently has three reporting segments: system integration and equipment complete sets, product segment, and technical services and others. - Some eligible employees of the company participate in the **annuity plan of China National Machinery Industry Corporation Limited**[479](index=479&type=chunk) - The company determines its operating segments based on its **internal organizational structure, management requirements, and internal reporting system**, and determines its reporting segments based on these operating segments[480](index=480&type=chunk) - The company currently has three reporting segments: **system integration and equipment complete sets, product segment, and technical services and others**[481](index=481&type=chunk) Financial Information of Reporting Segments | Item | System Integration and Equipment Complete Sets Segment (RMB) | Product Segment (RMB) | Technical Services and Others Segment (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 340,682,037.08 | 63,779,953.70 | 7,148,536.87 | 411,610,527.65 | | Operating Cost | 294,320,729.89 | 51,125,174.91 | 3,077,415.43 | 348,523,320.23 | - The company is **unable to disclose the total assets and total liabilities of each reporting segment** because some assets are jointly used and difficult to allocate clearly[484](index=484&type=chunk) [XX. Supplementary Information](index=160&type=section&id=XX.%20Supplementary%20Information) This section provides a detailed statement of non-recurring gains and losses and data on return on net assets and earnings per share. During the reporting period, total non-recurring gains and losses amounted to -0.44 million RMB, the weighted average return on net assets was 4.47%, and basic earnings per share was 0.219 RMB. Current Period Non-Recurring Gains and Losses Details | Item | Amount (RMB) | | :--- | :--- | | Disposal losses of non-current assets | -150,799.99 | | Fund occupation fees received from non-financial enterprises included in current profit and loss | 1,274.60 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 78,817.63 | | One-off expenses incurred by enterprises due to the discontinuation of related operating activities | -267,319.02 | | Other non-operating income and expenses apart from the above items | -98,775.86 | | Total | -436,802.64 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (RMB) | Diluted Earnings Per Share (RMB) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 4.47 | 0.219 | 0.219 | | Net Profit Attributable to Common Shareholders of the Company After Deducting Non-Recurring Gains and Losses | 4.54 | 0.222 | 0.222 |

格隆汇8月21日丨国机通用(600444.SH)公布半年度报告，报告期公司实现营业收入41161.05万元，同比 增长5.09%,实现归属上市公司股东净利润3206.37万元，同比增长43.85%，为完成年度工作目标奠定了 坚实基础。每股收益0.219元，期末资产负债率48.47%，公司整体财务状况继续保持稳健。业务发展稳 中向前，公司成功签订洗涤两用机非标设计制造、10HP超低温热泵焓差实验室、机场跑道除胶车采购 等项目，承接马来西亚大金1200RT&1500RT水冷冷水测试装置项目，各项目均在有序进行，进一步体 现出公司在相关领域的市场认可度。科技创新成果突出，高参数高效固液分离核心装备，实现高产能、 精准分离和自动化运行，解决了高品质半导体胶类材料离心分离的工程难题；粉煤角阀产品成功攻克流 致磨蚀风险预测、浓相粉煤流量稳定控制等核心技术，首次应用于320℃高温工况，为核心装置安全可 靠运行提供保障，有力推动我国高端工业阀门领域核心技术攻关与自主创新。 ...

Industry News - The national childcare subsidy policy has been announced, providing 3,600 yuan per child per year for children under three years old starting from January 1, 2025 [1][6] - The Ministry of Industry and Information Technology will consolidate the results of comprehensive rectification of "involution" competition in the new energy vehicle industry and strengthen governance in key industries such as photovoltaics [2][7] - The Shanghai Municipal Economic and Information Commission aims to achieve full-area opening of autonomous driving in Pudong by the end of this year, excluding key areas like Lujiazui [2][6] - The 2025 World Artificial Intelligence Conference highlighted the demonstration operation of intelligent connected vehicles in Shanghai, with plans to expand autonomous driving testing areas [6][8] - The Guangdong Provincial Paper Industry Association issued a letter advocating for high-quality development in the paper industry, resisting low-price competition [8] Company News - WuXi AppTec reported a net profit of 8.561 billion yuan for the first half of the year, a year-on-year increase of 101.92%, and raised its revenue forecast for 2025 to between 42.5 billion and 43.5 billion yuan [3][10] - China National Chemical Corporation announced plans to acquire 100% equity of Nantong Xingchen, with stock resuming trading [10] - Happiness Blue Sea reported that the cumulative box office of the film "Nanjing Photo Studio" has exceeded 412 million yuan, accounting for over 50% of the recent fiscal year's revenue [10] - Shandong Gold announced that its subsidiary, Shanjin International, plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [10]

Group 1 - The concept stocks related to the Yarlung Tsangpo River hydropower project continue to gain popularity, with over twenty stocks hitting the daily limit up, including Tiedao Heavy Industry and Deepwater Survey Institute, both reaching a 20% increase [4][6] - The total investment for the Yarlung Tsangpo River downstream hydropower project is approximately six times that of the Three Gorges Project, with an expected annual investment of 60 billion to 80 billion yuan over a construction period of 15 to 20 years [7] - Major players in the steel sector, such as China Electric Power Construction and China Energy Engineering, have seen their stock prices rise significantly, with total market values reaching 116.6 billion yuan and 128.8 billion yuan respectively [6][7] Group 2 - The steel sector experienced a sharp increase, with stocks like Shengde Xintai and Liugang Co. hitting the daily limit up, while the overall steel prices have risen week-on-week [8] - The Ministry of Industry and Information Technology announced a new round of growth stabilization plans for key industries, including steel, aimed at optimizing supply and eliminating outdated production capacity [8] - Meibang Co. saw a dramatic drop in stock price, falling from a limit up of 31.1 yuan to a limit down of 25.86 yuan, reflecting volatility in high-position stocks [9]

Group 1 - The stock of Guomachine General (600444) increased by 2.43% with a turnover rate of 37.06% and a trading volume of 1.202 billion yuan, showing a fluctuation of 10.38% throughout the day [1][2] - The stock was listed on the exchange due to its high turnover rate, with a net selling amount of 26.6047 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction of 171 million yuan, with a buying amount of 72.0742 million yuan and a selling amount of 98.6789 million yuan, resulting in a net selling of 26.6047 million yuan [2] Group 2 - The stock experienced a net outflow of 320 million yuan from main funds, including a net outflow of 184 million yuan from large orders and 136 million yuan from major funds [3] - In the first quarter, the company reported a revenue of 167 million yuan, representing a year-on-year growth of 3.23%, and a net profit of 12.0039 million yuan, reflecting a year-on-year increase of 20.58% [3]

New Stock Issuance - New stock issued by Dingjia Precision at a price of 11.16 on July 22, 2025[1] - ST Kelly's tender offer period is from July 17 to August 15, 2025[1] - ST Zitian and other companies have also announced new stock issuances[1] Market Alerts - Significant abnormal fluctuations reported for several stocks including Guangshengtang and Huayin Power[1] - Multiple companies have disclosed announcements regarding stock performance and market activities[1] - The report includes links to detailed announcements for various stocks, indicating ongoing market monitoring[1]