凌云工业股份有限公司 信息披露暂缓与豁免业务管理制度 （2025 年修订） 第一章 总则 第一条 为规范凌云工业股份有限公司（以下简称"公司"）和其他信息披 露义务人（以下统称"信息披露义务人"）信息披露暂缓与豁免行为，确保公司 依法合规履行信息披露义务，保护投资者的合法权益，根据《中华人民共和国证 券法》、中国证监会《上市公司信息披露暂缓与豁免管理规定》、《上海证券交 易所股票上市规则》（以下简称《股票上市规则》）以及《公司章程》等规定， 制定本制度。 第二条 信息披露义务人暂缓、豁免临时报告，在定期报告、临时报告中豁 免披露中国证监会和上海证券交易所规定或者要求披露的内容，适用本制度。 第三条 信息披露义务人应当真实、准确、完整、及时、公平地披露信息， 不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不得实施内幕交易、 操纵市场等违法行为。 信息披露义务人应当审慎确定信息披露暂缓、豁免事项，履行内部审核程序 后实施，并采取有效措施防止暂缓或豁免披露的信息泄露。 （三）披露后可能严重损害公司、他人利益的其他情形。 第七条 信息披露义务人暂缓、豁免披露商业秘密后，出现下列情形之一的， 应当及时披露： （ ...

凌云工业股份有限公司 独立董事工作制度 （2025年修订） 第一章 总 则 第一条 为进一步完善凌云工业股份有限公司(以下简称" 公司")法人治理结构，充分发挥独立董事在公司治理中的作 用，促进公司规范运作，根据《中华人民共和国公司法》《中 华人民共和国证券法》、中国证券监督管理委员会（以下简称 "中国证监会"）《上市公司独立董事管理办法》以及《上海 证券交易所上市公司自律监管指引第1号—规范运作》等规定， 制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务， 并与公司及其主要股东、实际控制人不存在直接或者间接利害 关系，或者其他可能影响其进行独立客观判断关系的董事。 1 独立董事应当独立履行职责，不受公司及其主要股东、实 际控制人等单位或者个人的影响。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务， 应当按照法律、行政法规、中国证监会规定、上海证券交易所 业务规则和公司章程的规定，认真履行职责，在董事会中发挥 参与决策、监督制衡、专业咨询作用，维护公司整体利益，保 护中小股东合法权益。 第四条 公司独立董事占董事会成员的比例不得低于三分 之一，且至少包括一名会计专业人士。 （一）在公司或 ...

第四条 公司证券事务管理部门协助董事会秘书履行向董事长、董事会汇报 的义务，具体负责内幕信息知情人的登记入档和报送事宜。 第一章 总则 第一条 为规范凌云工业股份有限公司（以下简称"公司"）的内幕信息管 理，做好公司内幕信息保密工作，维护信息披露的公开、公平与公正，防范内幕 信息知情人员滥用知情权，泄露内幕信息，进行内幕交易，根据《中华人民共和 国证券法》《上市公司信息披露管理办法》《 上市公司监管指引第 5 号-关于上市 公司内幕信息知情人登记管理制度》以及《上海证券交易所上市公司自律监管指 引第 2 号——信息披露事务管理》等相关规定，结合公司实际，制定本制度。 第二条 本制度适用于公司各职能部门、各分子公司、各参股公司。 第三条 公司董事会应当按照本制度规定及时登记和报送内幕信息知情人档 案，保证内幕信息知情人档案真实、准确和完整，董事长为主要责任人。董事会 秘书负责组织办理公司内幕信息知情人的登记入档和报送事宜。董事长与董事会 秘书应当对内幕信息知情人档案的真实、准确和完整签署书面确认意见。 凌云工业股份有限公司 内幕信息知情人登记管理制度 （2025 年修订） 第二章 内幕信息及其知情人的界定 1． ...

第四条 公司董事、高级管理人员在买卖本公司股票及其衍生品种前，应知悉 《公司法》《证券法》等法律、行政法规、规范性文件关于内幕交易、操纵市场等 禁止行为的规定，不得进行违法违规行为的交易。 第二章 持股变动管理 第三条 公司董事、高级管理人员所持本公司股份，是指登记在其名下和利用 他人账户持有的所有本公司股份。董事、高级管理人员从事融资融券交易的，还包 括记载在其信用账户内的本公司股份。 第一章 总则 第一条 为加强对凌云工业股份有限公司（以下简称"公司"或"本公司"） 董事、高级管理人员持有及买卖本公司股票的管理，做好相应的信息披露工作，根 据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）、《上市公司董事和高级管理人员所持本公司 股份及其变动管理规则》《上海证券交易所上市公司自律监管指引第 15 号——股东 及董事、高级管理人员减持股份》《上海证券交易所上市公司自律监管指引第 8 号 ——股份变动管理》等法律、行政法规、规范性文件及《公司章程》的有关规定， 制定本办法。 第二条 本办法适用于公司董事、高级管理人员所持本公司股份及其变动的管 理。董事、 ...

凌云工业股份有限公司 投资者关系管理制度 （2025 年修订） 第一章 总则 第一条 为规范凌云工业股份有限公司（以下简称"公司"）投资者关系管 理，促进公司完善治理、规范运作，提高公司质量，切实保护投资者特别是中小 投资者合法权益，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司投资者关系管理工作指引》及其他有关法律、行政法规，制定本制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、互动交流、诉求 处理、信息披露等工作，加强与投资者及潜在投资者之间的沟通，增进投资者对 公司的了解和认同，以提升公司治理水平和企业整体价值，形成尊重投资者、保 护投资者和回报投资者目的的相关活动。 第三条 投资者关系管理的基本原则是： （一）合规性原则。公司投资者关系管理应当在依法履行信息披露义务的基 础上开展，符合法律、法规、规章及规范性文件、行业规范和自律规则、公司内 部规章制度，以及行业普遍遵守的道德规范和行为准则； （二）主动性原则。公司应当主动开展投资者关系管理活动，听取投资者意 见建议，及时回应投资者诉求； （三）平等性原则。公司开展投资者关系管理活动，应当平等对待所有投资 者，尤其为中小投 ...

凌云工业股份有限公司 关联交易管理制度 （2025 年修订） 第一章 总则 第一条 为了规范凌云工业股份有限公司（以下简称"公司"）与各关联方 之间的关联交易，保证公司与关联方之间订立的关联交易合同符合公平、公正、 公开的原则，根据《上海证券交易所股票上市规则》（以下简称"《股票上市规 则》"）及国家有关法律、法规的要求，以及公司章程的规定，特制定本制度。 第二条 公司的关联交易应当符合有关法律、法规及规范性文件的规定，并 遵循法律、法规及规范性文件规定的基本原则。 第二章 关联交易和关联方 第三条 关联交易是指公司、控股子公司及其控制的其他主体与关联方之间 发生的转移资源或义务的事项，包括但不限于： （一）购买或者出售资产； （十一）放弃权利（含放弃优先购买权、优先认缴出资权等）； （十二）购买原材料、燃料、动力； 1 （二）对外投资（含委托理财、对子公司投资等）； （三）提供财务资助（含有息或者无息借款、委托贷款等）； （四）提供担保（含对控股子公司担保等）； （五）租入或者租出资产； （六）委托或者受托管理资产和业务； （七）赠与或者受赠资产； （八）债权、债务重组； （九）签订许可使用协议； （十）转 ...

凌云工业股份有限公司 章 程 （二 O 二五年八月修订） | 第一章 总则 | | 3 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 4 | | 第三章 股份 | | 5 | | 第四章 | 股东和股东会 8 | | | 第五章 | 董事会 22 | | | 第六章 | 高级管理人员 34 | | | 第七章 党委 | | 36 | | 第八章 | 财务会计制度、利润分配和审计 | 37 | | 第九章 | 通知和公告 | 41 | | 第十章 | 合并、分立、增资、减资、解散和清算 | 42 | | 第十一章 | 修改章程 | 46 | | 第十二章 附则 | | 46 | 第一章 总则 公司于 1995 年 4 月 10 日设立，在河北省保定市工商行政管理局登记注 册，依法取得中华人民共和国企业法人资格，公司类型为有限责任公司 （中外合资经营企业）。 2000 年 11 月 10 日公司类型变更为股份有限公司（中外合资）。 2003 年 6 月 19 日经中国证券监督管理委员会批准，公司首次向社会公 众发行人民币普通股 6,800 万股，公众股部分于 2003 年 8 月 ...

[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 chapter defines key terms used in the report, including regulatory bodies, company entities, and important project names, ensuring clear understanding of the content - China Securities Regulatory Commission (CSRC) refers to the China Securities Regulatory Commission[17](index=17&type=chunk) - The Company, this Company, Lingyun Co., Ltd. refers to Lingyun Industrial Co., Ltd[17](index=17&type=chunk) - Controlling Shareholder, Lingyun Group refers to North Lingyun Industrial Group Co., Ltd[17](index=17&type=chunk) [Company Profile and Key Financial Indicators](index=4&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) [I. Company Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This chapter provides the company's basic identification information, including its Chinese name, abbreviation, foreign name, and legal representative - The company's Chinese name is Lingyun Industrial Co., Ltd[14](index=14&type=chunk) - The company's Chinese abbreviation is Lingyun Co., Ltd[14](index=14&type=chunk) - The company's legal representative is Luo Kaiquan[14](index=14&type=chunk) [II. Contact Person and Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This chapter lists the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative - The Board Secretary's name is Li Chao, and the Securities Affairs Representative's name is Wang Haixia[15](index=15&type=chunk) - The contact telephone number is 0312-3951002, and the fax number is 0312-3951234[15](index=15&type=chunk) - The email addresses are lichao@lygf.com and wanghaixia@lygf.com, respectively[15](index=15&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=4&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This chapter introduces the company's registered address, office address, and website, confirming no changes in basic information during the reporting period - The company's registered and office addresses are both located in Songlindian Town, Zhuozhou City, Hebei Province[16](index=16&type=chunk) - The company's website is http://www.lingyun.com.cn[16](index=16&type=chunk) - No changes occurred in the company's basic information during the reporting period[16](index=16&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=%E5%9B%9B%E3%80%81%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 chapter specifies the designated newspapers and website for company information disclosure, as well as the location for the semi-annual report, noting no changes during the reporting period - The company's selected newspapers for information disclosure are "China Securities Journal" and "Shanghai Securities News"[18](index=18&type=chunk) - The website address for publishing the semi-annual report is www.sse.com.cn[18](index=18&type=chunk) - No changes occurred in the company's information disclosure or document custody locations during the reporting period[18](index=18&type=chunk) [V. Company Stock Overview](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This chapter provides information on the company's A-share listing exchange, stock abbreviation, and stock code - The company's stock type is A-shares, listed on the Shanghai Stock Exchange[19](index=19&type=chunk) - The stock abbreviation is Lingyun Co., Ltd., and the stock code is 600480[19](index=19&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This chapter presents the company's key accounting data and financial indicators for the first half of 2025, comparing them with the same period last year and explaining the adjustment of earnings per share due to capital reserve capitalization Key Accounting Data (January-June 2025 vs. Same Period Last Year) | Indicator | Current Reporting Period (Jan-Jun) | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 9.26 billion Yuan | 8.94 billion Yuan | 3.61 | | Total Profit | 669.69 million Yuan | 614.67 million Yuan | 8.95 | | Net Profit Attributable to Shareholders of Listed Company | 432.97 million Yuan | 399.19 million Yuan | 8.46 | | Net Cash Flow from Operating Activities | 70.71 million Yuan | 555.95 million Yuan | -87.28 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 7.76 billion Yuan | 7.47 billion Yuan | 3.91 | | Total Assets (Period-end) | 19.90 billion Yuan | 19.38 billion Yuan | 2.69 | Key Financial Indicators (January-June 2025 vs. Same Period Last Year) | Indicator | Current Reporting Period (Jan-Jun) | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.36 | 0.33 | 9.09 | | Diluted Earnings Per Share (Yuan/share) | 0.36 | 0.33 | 9.09 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (Yuan/share) | 0.31 | 0.29 | 6.90 | | Weighted Average Return on Net Assets (%) | 5.58 | 5.50 | Increase of 0.08 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 4.82 | 4.85 | Decrease of 0.03 percentage points | - During the reporting period, the company implemented a capital reserve capitalization plan, converting 3 shares for every 10 shares, increasing the total share capital to **1,222,360,477 shares**, leading to a recalculation of last year's earnings per share based on the adjusted share count[21](index=21&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This chapter details the non-recurring gains and losses items and their amounts during the reporting period, totaling **59.29 million Yuan** Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -1,535,973.30 | | Government grants recognized in current profit or loss | 80,139,063.27 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 139,961.84 | | Gains or losses from debt restructuring | -249,136.91 | | Other non-operating income and expenses apart from the above | 10,455,043.04 | | Other gains and losses that meet the definition of non-recurring gains and losses | 1,100,296.90 | | Less: Income tax impact | 10,026,865.45 | | Impact on minority interests (after tax) | 20,730,866.64 | | **Total** | **59,291,522.75** | [X. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-Based Payment Impact](index=7&type=section&id=%E5%8D%81%E3%80%81%E5%AD%98%E5%9C%A8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E7%9A%84%E5%85%AC%E5%8F%B8%E5%8F%AF%E9%80%89%E6%8B%A9%E6%8A%AB%E9%9C%B2%E6%89%A3%E9%99%A4%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E5%BD%B1%E5%93%8D%E5%90%8E%E7%9A%84%E5%87%80%E5%88%A9%E6%B6%A6) This chapter discloses the net profit after deducting the impact of share-based payments, showing a **6.18% increase** in the current reporting period compared to the same period last year Net Profit After Deducting Share-Based Payment Impact | Key Accounting Data | Current Reporting Period (Jan-Jun) | Same Period Last Year | Current Period vs. Same Period Last Year Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact | 575.41 million Yuan | 541.91 million Yuan | 6.18 | [Management Discussion and Analysis](index=7&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [I. Description of the Company's Industry and Main Business During the Reporting Period](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This chapter elaborates on the company's main business, product uses, operating model, performance drivers, major clients, and the latest developments and trends in the automotive and municipal pipeline industries [1. Main Business](index=7&type=section&id=1.%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company and its subsidiaries primarily engage in the production and sale of automotive parts and plastic pipeline systems, with no significant changes in main business during the reporting period - The company and its subsidiaries primarily engage in the production and sale of automotive parts and plastic pipeline systems[28](index=28&type=chunk) - During the reporting period, there were no significant changes in the company's main business or products[28](index=28&type=chunk) [2. Main Products and Uses](index=7&type=section&id=2.%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%8F%8A%E7%94%A8%E9%80%94) The company's main products include metal and non-metal automotive parts for vehicle structures and piping systems, as well as municipal plastic pipes widely used in urban water supply, drainage, and gas networks - Automotive parts primarily cover two categories: metal parts and non-metal parts, used for supporting vehicle body structures, piping systems, and other automotive components[29](index=29&type=chunk) - Plastic pipes are an important component of municipal pipelines, offering advantages such as corrosion resistance and anti-aging, widely used in urban water supply, drainage, and gas pipeline networks[29](index=29&type=chunk) [3. Business Model](index=7&type=section&id=3.%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company has established a comprehensive supply chain management system, adopts a "production-to-order" model, primarily uses direct sales for automotive parts to OEMs, and secures plastic pipeline orders through bidding - The company has established a comprehensive supply chain management system, implementing effective selection, dynamic assessment, and continuous optimization management for suppliers to control procurement costs and quality[30](index=30&type=chunk) - The company's self-produced products adopt a "production-to-order" model, primarily formulating production plans based on orders[30](index=30&type=chunk) - The company's automotive parts and plastic pipes are primarily sold through direct sales, with automotive parts mainly supplied to domestic and international OEMs, and plastic pipes orders secured through bidding[30](index=30&type=chunk) [4. Key Performance Drivers](index=7&type=section&id=4.%E4%B8%BB%E8%A6%81%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) The company's performance is primarily driven by innovation, market expansion, and strengthened internal management, enhancing competitiveness through technological innovation, major client management, and digital and intelligent construction - Adhering to innovation-driven development, focusing on collaborative innovation and research in new composite materials, new energy battery casings, and high-strength lightweight safety anti-collision systems[31](index=31&type=chunk)[32](index=32&type=chunk) - Concentrating on market expansion, guided by a major client management model, strengthening group-wide control, optimizing product structure, and improving profitability[33](index=33&type=chunk) - Strengthening internal management, promoting systematization, standardization, digitalization, and intelligent construction to improve operational quality and enhance production and operational decision-making efficiency[34](index=34&type=chunk) [5. Major Clients](index=8&type=section&id=5.%20%E4%B8%BB%E8%A6%81%E5%AE%A2%E6%88%B7) The company's major clients include mainstream domestic and international automotive manufacturers, new energy vehicle battery manufacturers, and group and key local clients in municipal gas and water supply sectors - Major clients for automotive metal and plastic parts include BMW, Mercedes-Benz, Audi, BYD, CATL, and other mainstream domestic and international automakers and new energy vehicle battery manufacturers[35](index=35&type=chunk) - Clients for plastic pipeline systems include China Resources Gas, Towngas, Capital Environmental Protection, Beijing Enterprises Water Group, and other important clients in the gas and water supply sectors[35](index=35&type=chunk) [6. Industry Development Status](index=8&type=section&id=6.%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) In the first half of 2025, China's automotive production and sales achieved double-digit growth, with a significant increase in new energy vehicle market share, while the municipal pipeline market, driven by urbanization, is transitioning towards functionalization and high-end development - From January to June 2025, China's automotive production and sales reached **15.621 million units** and **15.653 million units**, respectively, representing year-on-year increases of **12.5%** and **11.4%**[36](index=36&type=chunk) - From January to June 2025, new energy vehicle production and sales reached **6.968 million units** and **6.937 million units**, respectively, representing year-on-year increases of **41.4%** and **40.3%**, with sales accounting for **44.3%** of total automotive sales[37](index=37&type=chunk) - The municipal pipeline industry is vast with stable market demand, requiring close alignment with national urbanization trends, increased technological R&D, and transformation towards functionalization, systematization, high-end, and intelligent upgrades[39](index=39&type=chunk) [II. Discussion and Analysis of Operations](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 the first half of 2025, the company's operating revenue and profit both grew, primarily due to the transformation and upgrading of automotive parts, optimization of global layout, deepening of state-owned enterprise reform, and active promotion of quality and efficiency improvement initiatives - In the first half of 2025, the company achieved operating revenue of **9.26 billion Yuan**, a **3.61% increase** year-on-year; total profit of **669.69 million Yuan**, an **8.95% increase** year-on-year; and net profit attributable to the parent company of **432.97 million Yuan**, an **8.46% increase** year-on-year[40](index=40&type=chunk) [(I) Actively Promoting Transformation and Upgrading of Automotive Parts, Continuously Enhancing Market Position and Industry Competitiveness](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E7%A7%AF%E6%9E%81%E6%8E%A8%E8%BF%9B%E6%B1%BD%E8%BD%A6%E9%9B%B6%E9%83%A8%E4%BB%B6%E8%BD%AC%E5%9E%8B%E5%8D%87%E7%BA%A7%EF%BC%8C%E6%8C%81%E7%BB%AD%E6%8F%90%E5%8D%87%E5%B8%82%E5%9C%BA%E5%9C%B0%E4%BD%8D%E5%92%8C%E8%A1%8C%E4%B8%9A%E7%AB%9E%E4%BA%89%E5%8A%9B) The company significantly enhanced its market position and competitiveness by optimizing client and product structures, increasing R&D investment, and making positive progress in new energy vehicle thermal management, robot sensors, and automotive steer-by-wire transformation projects - In the first half, a total of **526 new projects** were designated, including **161 automotive metal projects** with **86.99%** from high-quality clients, and **365 automotive piping system projects**[40](index=40&type=chunk) - In the first half, the company invested **395 million Yuan** in R&D expenses, a **11.67% increase** year-on-year, actively promoting the re-evaluation of the national enterprise technology center and the application for high-tech enterprise status[41](index=41&type=chunk) - Transformation and upgrading projects such as new energy vehicle thermal management systems, robot sensor projects, and automotive steer-by-wire systems achieved positive progress, with some products entering mass production preparation or sample delivery stages[41](index=41&type=chunk) [(II) Actively Responding to Overseas Risks and Challenges, Promoting Optimization of Global Layout and Improvement of Overseas Enterprise Operations](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E7%A7%AF%E6%9E%81%E5%BA%94%E5%AF%B9%E5%A2%83%E5%A4%96%E9%A3%8E%E9%99%A9%E6%8C%91%E6%88%98%EF%BC%8C%E6%8E%A8%E5%8A%A8%E5%85%A8%E7%90%83%E5%B8%83%E5%B1%80%E4%BC%98%E5%8C%96%E5%92%8C%E5%A2%83%E5%A4%96%E4%BC%81%E4%B8%9A%E8%BF%90%E8%90%A5%E6%94%B9%E5%96%84) The company effectively improved the operations of WAG in Germany and WAM in Mexico through deepened collaboration between headquarters and overseas teams and personalized KPI assessment and incentive schemes, while steadily advancing the Morocco plant project to optimize its global layout - Deepened the collaborative linkage mechanism between headquarters and expatriate management teams, implementing personalized KPI assessment and incentive schemes for WAG in Germany and WAM in Mexico[42](index=42&type=chunk) - WAG in Germany continued to improve its operational quality, significantly reducing labor costs year-on-year, and received Porsche A-level supplier status for two consecutive years[42](index=42&type=chunk) - The Morocco plant project is steadily progressing, with commercial registration, company name approval, and plant site selection completed[43](index=43&type=chunk) [(III) Comprehensively Deepening State-Owned Enterprise Reform, Continuously Enhancing Governance Capability and Management Level](index=10&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%85%A8%E9%9D%A2%E6%B7%B1%E5%8C%96%E5%9B%BD%E6%9C%89%E4%BC%81%E4%B8%9A%E6%94%B9%E9%9D%A9%EF%BC%8C%E6%8C%81%E7%BB%AD%E6%8F%90%E5%8D%87%E6%B2%BB%E7%90%86%E8%83%BD%E5%8A%9B%E5%92%8C%E7%AE%A1%E7%90%86%E6%B0%B4%E5%B9%B3) The company steadily advanced state-owned enterprise reform, completing board elections and articles of association revisions, strengthening shareholder returns, and successfully unlocking equity incentive restricted shares, thereby effectively enhancing governance and management capabilities - Completed the re-election of the board of directors to ensure corporate governance compliance; revised the company's articles of association, with the audit committee assuming the supervisory board's functions as stipulated by the Company Law[44](index=44&type=chunk) - Completed the 2024 annual profit distribution and capitalization plan, distributing a total of **282 million Yuan** in cash dividends and **282 million shares** through capitalization[44](index=44&type=chunk) - The first tranche of restricted shares under the equity incentive plan was unlocked as scheduled, and the performance targets for the second restricted period were fully met, stimulating the vitality of core talent[44](index=44&type=chunk) [(IV) Enhancing Value Creation, Steadily Advancing Quality and Efficiency Improvement Initiatives](index=10&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E5%A2%9E%E5%BC%BA%E4%BB%B7%E5%80%BC%E5%88%9B%E9%80%A0%E6%B0%B4%E5%B9%B3%EF%BC%8C%E6%89%8E%E5%AE%9E%E6%8E%A8%E8%BF%9B%E6%8F%90%E8%B4%A8%E5%A2%9E%E6%95%88%E4%B8%93%E9%A1%B9%E8%A1%8C%E5%8A%A8) The company continuously promotes quality and efficiency improvement and the standardization of four major business processes, enhancing technological and cost advantages through various methods such as procurement cost reduction and financing cost savings, thereby increasing value creation - Continuously promoting quality and efficiency improvement and the standardization of four major business processes, achieving cost reduction and efficiency enhancement through various methods such as procurement cost reduction, financing cost savings, and tax refunds/exemptions[45](index=45&type=chunk) - Continuously optimizing procurement supply chain management processes, forming a mechanism for continuous improvement, and expanding the standardization of planning management processes and resource management processes[45](index=45&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](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 competitiveness lies in its extensive global presence, strong innovation and R&D capabilities, advanced intelligent production lines, high-end client resources, and a comprehensive 1+7 product innovation platform system and regional operating structure - Lingyun Co., Ltd. is a specialized automotive parts listed company under North Lingyun Industrial Group Co., Ltd., with **37 wholly-owned and controlling subsidiaries** and **3 associate companies** located in Germany, Mexico, Indonesia, and over 30 provinces and cities in China[46](index=46&type=chunk) - Leveraging its national-level technology center's innovation and R&D advantages and leading intelligent and digital production lines, the company successfully promoted independent R&D of core products such as high-strength lightweight safety anti-collision systems and hot-formed structural parts[47](index=47&type=chunk) - Lingyun Co., Ltd. possesses core technologies for high-strength, lightweight automotive parts and global high-end client resources, establishing strategic partnerships with international premium brands such as Porsche, BMW, Mercedes-Benz, and Audi[48](index=48&type=chunk) - A "1+7" product innovation platform system has been formed, with Lingyun Central Research Institute as the main body and Wuhan Automotive Engineering Technology Research Institute as a branch, boasting **1 national-level** and **20 provincial-level enterprise technology centers**[48](index=48&type=chunk)[49](index=49&type=chunk) - The company optimized resource allocation, forming three specialized companies for automotive piping, new energy products, and hot-formed products, complemented by five regional operating structures (North China, Northeast, East China, Central China, Southwest) to strengthen specialized operations and regional integrated control[49](index=49&type=chunk) [IV. Major Operating Conditions During the Reporting Period](index=11&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This chapter analyzes the changes in financial statement items, detailing the variations and primary reasons for operating revenue, costs, various expenses, and net cash flow during the reporting period [(I) Analysis of Main Business](index=11&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This chapter provides a detailed analysis of changes in operating revenue, costs, selling expenses, administrative expenses, financial expenses, R&D expenses, and net cash flows from operating, investing, and financing activities, explaining the main reasons for these changes Financial Statement Related Item Fluctuation Analysis Table (January-June 2025 vs. Same Period Last Year) | Item | Current Period Amount (Yuan) | Same Period Last Year Amount (Yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 9,260,607,500.33 | 8,937,844,503.17 | 3.61 | Actively expanding markets, securing orders, and continuous growth in sales scale[51](index=51&type=chunk) | | Operating Cost | 7,723,995,883.83 | 7,364,047,714.57 | 4.89 | Increase in operating revenue led to a corresponding increase in operating cost[52](index=52&type=chunk) | | Selling Expenses | 173,083,872.07 | 165,905,067.87 | 4.33 | Year-on-year increase in warehousing and storage fees[52](index=52&type=chunk) | | Administrative Expenses | 426,952,457.35 | 456,402,616.32 | -6.45 | Year-on-year decrease in employee compensation, consulting fees, and share-based payment expenses[52](index=52&type=chunk) | | Financial Expenses | -52,237,090.04 | 53,792,468.86 | -197.11 | Exchange rate fluctuations led to a year-on-year decrease in exchange gains/losses[52](index=52&type=chunk) | | R&D Expenses | 395,186,584.85 | 353,895,491.06 | 11.67 | Continued increase in R&D investment for new energy vehicle products, hot-formed products, and high-strength lightweight automotive products[52](index=52&type=chunk) | | Net Cash Flow from Operating Activities | 70,705,881.43 | 555,949,660.12 | -87.28 | Year-on-year decrease in cash received from sales of goods and provision of services[53](index=53&type=chunk) | | Net Cash Flow from Investing Activities | -249,981,028.84 | -243,828,197.25 | -2.52 | Year-on-year decrease in cash received from investment income[54](index=54&type=chunk) | | Net Cash Flow from Financing Activities | -265,924,140.29 | -442,853,767.29 | 39.95 | Year-on-year increase in cash received from borrowings[54](index=54&type=chunk) | [(III) Analysis of Assets and Liabilities](index=12&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) This chapter provides a detailed analysis of the composition and changes in the company's period-end assets and liabilities, explaining the reasons for changes in major items such as contract assets, investment properties, short-term borrowings, and non-current liabilities due within one year Assets and Liabilities Status (Period-end vs. Previous Year-end) | Item Name | Current Period-end Amount (Yuan) | Current Period-end % of Total Assets | Previous Year-end Amount (Yuan) | Previous Year-end % of Total Assets | Current Period-end vs. Previous Year-end Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,985,220,345.81 | 15.00 | 3,447,068,831.14 | 17.79 | -13.40 | | Accounts Receivable | 5,371,005,158.77 | 26.99 | 4,748,994,277.36 | 24.51 | 13.10 | | Inventories | 2,374,085,837.39 | 11.93 | 2,072,730,359.68 | 10.70 | 14.54 | | Contract Assets | 92,772,792.33 | 0.47 | 147,912,678.35 | 0.76 | -37.28 | | Investment Properties | 2,234,747.65 | 0.01 | 7,087,903.81 | 0.04 | -68.47 | | Short-Term Borrowings | 1,605,851,781.38 | 8.07 | 816,662,314.36 | 4.21 | 96.64 | | Non-Current Liabilities Due Within One Year | 160,330,752.70 | 0.81 | 813,546,371.51 | 4.20 | -80.29 | - The period-end balance of contract assets was **92.77 million Yuan**, a **37.28% decrease** from the beginning of the year, primarily due to a reduction in the company's quality assurance deposits[56](index=56&type=chunk) - The period-end balance of short-term borrowings was **1.61 billion Yuan**, a **96.64% increase** from the beginning of the year, primarily due to the company increasing short-term borrowings to supplement working capital during the current reporting period[57](index=57&type=chunk) - Overseas assets amounted to **3.14 billion Yuan**, accounting for **15.79%** of total assets[58](index=58&type=chunk) Major Asset Restrictions at Period-end | Item | Period-end Book Value (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 266,521,149.52 | Acceptance bill deposits, letter of guarantee deposits, etc | | Notes Receivable | 4,211,372.49 | Pledged notes | | Accounts Receivable Financing | 41,961,192.83 | Pledged notes | [(IV) Analysis of Investment Status](index=13&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) This chapter analyzes the company's external equity investments during the reporting period, showing a significant increase in investment amount, and discloses a major capital increase in its Mexican subsidiary Overall Analysis of External Equity Investments | Indicator | Amount (million Yuan) | | :--- | :--- | | Investment Amount During Reporting Period | 109.32 | | Increase in Investment Amount | 67.52 | | Investment Amount in Same Period Last Year | 41.80 | | Percentage Change in Investment Amount (%) | 161.52 | Significant Equity Investments | Investee Company Name | Main Business | Investment Method | Investment Amount (million Yuan) | Shareholding Ratio (%) | Consolidated | Financial Statement Item | Source of Funds | Impact on Current Period Profit/Loss (million Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Waldaschaff Automotive Mexico S.de R.L.de C.V. | Automotive parts production and sales | Capital increase | 109.32 | 76.54 | Yes | Long-term equity investment | Self-raised | 17.50 | [(VI) Analysis of Major Holding and Participating Companies](index=15&type=section&id=%EF%BC%88%E5%85%AD%EF%BC%89%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This chapter lists the financial overview of the company's major holding and participating subsidiaries, including total assets, net assets, operating revenue, operating profit, and net profit, reflecting their operational scale and profitability Major Subsidiary Financial Data (Unit: million Yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hebei Yada Automotive Plastic Products Co., Ltd. | Subsidiary | Automotive parts | 8 million USD | 2,011.84 | 1,372.70 | 890.76 | 105.91 | 110.91 | | Changchun Yada Automotive Parts Manufacturing Co., Ltd. | Subsidiary | Automotive parts | 10.00 | 1,000.99 | 655.23 | 464.89 | 58.28 | 52.66 | | Shanghai Yada Automotive Plastic Products Co., Ltd. | Subsidiary | Automotive parts | 5.5 million USD | 2,151.96 | 928.48 | 1,335.92 | 68.16 | 49.58 | | Lingyun Genes Technology Co., Ltd. | Subsidiary | Automotive parts | 369.44 | 2,468.69 | 987.80 | 1,363.00 | 116.86 | 99.27 | | Waldaschaff Automotive GmbH | Subsidiary | Automotive parts | 179.5 million EUR | 2,026.09 | 445.82 | 638.08 | -68.84 | -68.84 | [V. Other Disclosure Matters](index=16&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) This chapter identifies and analyzes the industry, market, financial, and international operating risks faced by the company, and proposes corresponding countermeasures to ensure its continuous and stable development [(I) Potential Risks](index=16&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces multiple risks including automotive industry transformation, intensified market competition, exchange rate fluctuations, and geopolitical conflicts, with management having developed strategies to address these challenges through technological innovation, market expansion, and risk prevention - **Industry Risks**: The automotive parts industry is transforming towards intelligence and greening, with new energy vehicles driving demand, but global automotive sales growth has stagnated, pure electric vehicle penetration rates are lower than expected, China's economic growth is slowing, market competition is intensifying, making it harder for companies to secure orders; geopolitical tensions are raising global trade barriers, hindering corporate exports and overseas expansion; electrification and intelligence are increasing software costs; fluctuating upstream raw material prices and downstream vehicle price wars are compressing corporate profit margins, making profitability difficult, and some less competitive companies face survival crises[66](index=66&type=chunk) - **Market Risks**: Global political instability, geopolitical conflicts, and other risks persist, market competition such as automotive industry globalization of supply chains is intensifying, and risks like exchange rate fluctuations and deflation still exist. Domestic automotive market competition is escalating, with prices continuously falling, further compressing profit margins for parts companies[68](index=68&type=chunk) - **Financial Risks**: Global economic development faces immense challenges, and the complex and volatile political and economic environment may exacerbate exchange rate market fluctuations; as financial regulatory systems become stricter, policies for domestic guarantees for overseas loans are tightening, and bank approval procedures are complex and time-consuming, leading to pressure on overseas enterprise project funding gaps and renewal of domestic guarantees for overseas loans[69](index=69&type=chunk) - **International Operation Risks**: Intensified geopolitical conflicts, rising trade protectionism, increased market volatility, and heightened risks in overseas operations[70](index=70&type=chunk) [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) [I. Changes in Company Directors and Senior Management](index=17&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) This chapter discloses the company's board re-election, with Ma Chaosong and Zheng Yuanwu no longer serving as independent directors, and Song Yanheng and Cai Chengwei elected as new independent directors, forming the ninth board of directors - Ma Chaosong and Zheng Yuanwu no longer serve as company directors[72](index=72&type=chunk) - Song Yanheng and Cai Chengwei were elected as independent directors, joining existing directors Luo Kaiquan, Zheng Yingjun, Wei Kai, Li Yanbo, and Wang Zidong to form the company's ninth board of directors[72](index=72&type=chunk) [II. Profit Distribution or Capital Reserve to Share Capital Increase 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 board of directors approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of **1.00 Yuan (tax inclusive)** per 10 shares to all shareholders, totaling **122.24 million Yuan**, subject to shareholder approval - The second meeting of the ninth board of directors approved the 2025 semi-annual profit distribution plan, agreeing to distribute a cash dividend of **1.00 Yuan (tax inclusive)** per 10 shares to all shareholders based on the total share capital registered on the equity distribution record date[73](index=73&type=chunk) - The total estimated cash dividend distribution is **122.24 million Yuan (tax inclusive)**[73](index=73&type=chunk) - This plan still requires approval from the general meeting of shareholders[73](index=73&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=17&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) This chapter outlines the progress of the company's equity incentive plan, including the repurchase and cancellation of restricted shares, the lifting of restrictions for the first vesting period of initially granted shares, and the achievement of conditions for the first vesting period of reserved granted shares, with performance targets for the second vesting period also fully met - The company has disclosed an announcement on the implementation of the repurchase and cancellation of restricted shares under the equity incentive plan[74](index=74&type=chunk) - The conditions for lifting restrictions for the first vesting period of initially granted shares under the equity incentive plan have been met[74](index=74&type=chunk) - The conditions for lifting restrictions for the first vesting period of reserved granted shares under the equity incentive plan have been met[74](index=74&type=chunk) - The company's performance targets for the second vesting period of the equity incentive plan have been fully met[75](index=75&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=18&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%81%AF%E6%83%85%E5%86%B5) This chapter lists the company and three subsidiaries included in the list of enterprises required to disclose environmental information by law, and provides an index for accessing the reports - The number of enterprises included in the list of enterprises required to disclose environmental information by law is **4**[76](index=76&type=chunk) - These include Lingyun Industrial Co., Ltd., Kordan Lingyun Automotive Hose Co., Ltd., and Beijing Shidong Lingyun Automotive Technology Co., Ltd[76](index=76&type=chunk) [V. Specific Progress in Consolidating Poverty Alleviation Achievements 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) This chapter reports on the company's contributions to social responsibility, specifically a **10,000 Yuan donation** by its subsidiary Tianjin Lingyun Gaoxin Automotive Technology Co., Ltd. to Xiaozhan Town, Jinnan District, Tianjin City, for charitable activities - As of June 30, 2025, Tianjin Lingyun Gaoxin Automotive Technology Co., Ltd. donated **10,000 Yuan** to Xiaozhan Town, Jinnan District, Tianjin City, for the "5.28" brand charity event[76](index=76&type=chunk) [Significant Matters](index=18&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) [I. Fulfillment of Commitments](index=18&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This chapter discloses the fulfillment of commitments by the company's actual controller, shareholders, and related parties during or continuing into the reporting period, primarily concerning financial business, fund security, and measures to mitigate the dilution of immediate returns from non-public stock issuance, with all commitments strictly fulfilled - Lingyun Group committed to ensuring the financial business and fund security between the company and Binggong Finance, with the commitment made on November 19, 2018, for a long-term period, and has been strictly fulfilled[79](index=79&type=chunk) - Lingyun Group committed to ensuring the effective implementation of measures to mitigate the dilution of immediate returns from non-public stock issuance, with the commitment made on July 15, 2021, for a long-term period, and has been strictly fulfilled[79](index=79&type=chunk) - Norinco Group also made similar commitments, which have been strictly fulfilled[79](index=79&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=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) This chapter states that during the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts, indicating a good integrity status - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts[80](index=80&type=chunk) [X. Significant Related Party Transactions](index=20&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) This chapter details the company's significant daily transactions with related parties, including commodity procurement and sales, labor services, leasing, and financial business dealings with related financial companies, covering transaction amounts and their proportion of similar transactions [(I) Related Party Transactions Related to Daily Operations](index=20&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E4%B8%8E%E6%97%A5%E5%B8%B8%E7%BB%8F%E8%90%A5%E7%9B%B8%E5%85%B3%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engages in various daily related party transactions, including raw material procurement, labor services, engineering, equipment, fuel and power, automotive parts sales, plastic pipeline sales, energy supply, trademark usage fees, leasing, and deposit, loan, and bill businesses with related parties Procurement of Goods and Acceptance of Services (Unit: million Yuan) | Related Party Transaction Category | Further Breakdown by Product or Service | Related Party | Related Party Transaction Amount | % of Similar Transaction Amount | | :--- | :--- | :--- | :--- | :--- | | Procurement of Goods and Acceptance of Services | Raw Materials | Shanghai George Fischer Yada Plastic Pipe Fittings Co., Ltd. | 44.27 | 0.65 | | Procurement of Goods and Acceptance of Services | Raw Materials | Norinco Group and its affiliated enterprises | 269.46 | 3.98 | | Procurement of Goods and Acceptance of Services | Labor and Service Fees | Lingyun Group and its affiliated enterprises | 5.01 | 1.20 | | Procurement of Goods and Acceptance of Services | Engineering Fees | Norinco Group and its affiliated enterprises | 5.49 | 22.56 | Sales of Goods and Energy Supply (Unit: million Yuan) | Related Party Transaction Category | Further Breakdown by Product or Service | Related Party | Related Party Transaction Amount | % of Similar Transaction Amount | | :--- | :--- | :--- | :--- | :--- | | Sales of Goods and Energy Supply | Automotive parts, plastic pipeline systems, and other products | Norinco Group and its affiliated enterprises | 11.23 | 0.13 | | Sales of Goods and Energy Supply | Fuel and Power | Nexteer Lingyun Drive System (Zhuozhou) Co., Ltd. | 8.13 | 83.63 | Deposit, Loan, and Bill Business (Unit: million Yuan) | Related Party Transaction Category | Further Breakdown by Product or Service | Related Party | Related Party Transaction Amount | % of Similar Transaction Amount | | :--- | :--- | :--- | :--- | :--- | | Deposit, Loan, and Bill Business | Loans | Binggong Finance Co., Ltd. | 250.00 | 23.82 | | Deposit, Loan, and Bill Business | Deposits | Binggong Finance Co., Ltd. | 2,296.58 | 76.95 | | Deposit, Loan, and Bill Business | Entrusted Loans | Binggong Finance Co., Ltd. | 85.00 | 100.00 | [(V) Financial Business Between the Company and Related Financial Companies, and Between the Company's Controlled Financial Company and Related Parties](index=22&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%20%E5%85%AC%E5%8F%B8%E4%B8%8E%E5%AD%98%E5%9C%A8%E5%85%B3%E8%81%94%E5%85%B3%E7%B3%BB%E7%9A%84%E8%B4%A2%E5%8A%A1%E5%85%AC%E5%8F%B8%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E8%82%A1%E8%B4%A2%E5%8A%A1%E5%85%AC%E5%8F%B8%E4%B8%8E%E5%85%B3%E8%81%94%E6%96%B9%E4%B9%8B%E9%97%B4%E7%9A%84%E9%87%91%E8%9E%8D%E4%B8%9A%E5%8A%A1) The company has deposit and loan businesses with Binggong Finance Co., Ltd., with a period-end deposit balance of **2.30 billion Yuan** and a loan balance of **500 million Yuan** Deposit Business (Unit: Yuan) | Related Party | Related Relationship | Maximum Daily Deposit Limit | Deposit Interest Rate Range | Beginning Balance | Total Deposits This Period | Total Withdrawals This Period | Period-end Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Binggong Finance Co., Ltd. | Controlled by the same ultimate controlling party | 2,500,000,000.00 | 0.15%-0.75% | 2,296,075,428.69 | 15,055,269,349.63 | 15,054,767,364.36 | 2,296,577,413.96 | Loan Business (Unit: Yuan) | Related Party | Related Relationship | Loan Limit | Loan Interest Rate Range | Beginning Balance | Total Loans This Period | Total Repayments This Period | Period-end Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Binggong Finance Co., Ltd. | Controlled by the same ultimate controlling party | 3,000,000,000.00 | 2.3%-2.8% | 260,000,000.00 | 250,000,000.00 | 10,000,000.00 | 500,000,000.00 | [XI. Significant Contracts and Their Fulfillment](index=23&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) This chapter discloses the company's significant guarantees during the reporting period, primarily for its subsidiaries, with the total guarantee amount accounting for **7.32%** of the company's net assets Company's Total Guarantee Amount | Indicator | Amount (Yuan) | | :--- | :--- | | Total Guarantees Provided to Subsidiaries During Reporting Period | 336,096,000.00 | | Total Guarantees Provided to Subsidiaries at Period-end (B) | 568,002,240.00 | | Total Guarantees (A+B) | 568,002,240.00 | | Total Guarantees as % of Company's Net Assets | 7.32 | | Debt Guarantees Provided Directly or Indirectly to Guaranteed Parties with Debt-to-Asset Ratio Exceeding 70% (D) | 568,002,240.00 | | Total of the Above Three Guarantee Amounts (C+D+E) | 568,002,240.00 | Other Significant Contracts | Related Party | Related Relationship | Business Type | Total Amount (Yuan) | Actual Amount Incurred (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Binggong Finance Co., Ltd. | Controlled by the same ultimate controlling party | Group Credit Line | 3,500,000,000.00 | 885,219,082.48 | [XII. Explanation of Progress in Use of Raised Funds](index=24&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) This chapter details the company's overall use of raised funds, specific investment projects, changes or termination of projects during the reporting period, and temporary use of idle raised funds to supplement working capital [(I) Overall Use of Raised Funds](index=24&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E6%95%B4%E4%BD%93%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company raised funds through a non-public offering of shares, with a cumulative investment of **1.14 billion Yuan** as of the end of the reporting period, representing a cumulative investment progress of **83.58%** Details of Raised Funds Usage (Unit: million Yuan) | Source of Raised Funds | Date Funds Received | Total Raised Funds | Net Raised Funds | Total Committed Investment in Prospectus or Offering Document | Cumulative Raised Funds Invested as of Period-end | Cumulative Raised Funds Investment Progress (%) as of Period-end | Amount Invested This Year | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Non-public Offering of Shares | March 8, 2022 | 138.00 | 1,366.39 | 1,366.39 | 1,141.97 | 83.58 | 28.56 | [(III) Changes or Termination of Raised Fund Investment Projects During the Reporting Period](index=26&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%8B%9F%E6%8A%95%E5%8F%98%E6%9B%B4%E6%88%96%E7%BB%88%E6%AD%A2%E6%83%85%E5%86%B5) The Wuhan New Energy Automotive Parts Project was terminated due to lower-than-expected customer orders, and its remaining raised funds of **55.91 million Yuan** were fully reallocated to the Hot-Formed Lightweight Automotive Structural Parts Expansion Project (Phase III) - The Wuhan New Energy Automotive Parts Project was terminated because customer order volume was lower than expected, and the invested amount could meet customer demand, making further investment not cost-effective[95](index=95&type=chunk) - The remaining raised funds of **55.91 million Yuan** were entirely reallocated to the new project, "Hot-Formed Lightweight Automotive Structural Parts Expansion Project (Phase III)"[95](index=95&type=chunk) [(IV) Other Circumstances Regarding the Use of Raised Funds During the Reporting Period](index=26&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E7%9A%84%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company used **150 million Yuan** of idle raised funds to temporarily supplement working capital on August 26, 2024, which was fully returned to the dedicated raised funds account by July 24, 2025 - The company's board of directors approved the use of **150 million Yuan** of idle raised funds to temporarily supplement working capital at a meeting on August 26, 2024[96](index=96&type=chunk) - As of July 24, 2025, the company had fully returned the **150 million Yuan** used for temporary working capital supplementation to the respective dedicated raised funds accounts[96](index=96&type=chunk) [Share Changes and Shareholder Information](index=27&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) [I. Share Capital Changes](index=27&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) This chapter details the company's share capital changes during the reporting period, primarily including the repurchase and cancellation of restricted shares, the lifting of restrictions on equity incentive shares, and the capitalization of capital reserves, resulting in a total share count of **1,222,360,477 shares** Share Capital Change Table (Unit: shares) | Category | Quantity Before This Change | % Before This Change | Capitalization from Reserves | Other | Subtotal | Quantity After This Change | % After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 23,533,000 | 2.50 | 4,199,652 | -9,534,160 | -5,334,508 | 18,198,492 | 1.49 | | II. Unrestricted Tradable Shares | 916,965,410 | 97.50 | 277,883,535 | 9,313,040 | 287,196,575 | 1,204,161,985 | 98.51 | | III. Total Shares | 940,498,410 | 100.00 | 282,083,187 | -221,120 | 281,862,067 | 1,222,360,477 | 100.00 | - During the reporting period, the company repurchased and canceled **221,120 restricted shares** held by **2 equity incentive recipients**[99](index=99&type=chunk) - The first vesting period of the equity incentive plan expired, and a total of **9,313,040 shares** were unlocked[99](index=99&type=chunk) - The capital reserve capitalization plan was implemented, converting a total of **282,083,187 shares** to all shareholders[99](index=99&type=chunk) Restricted Share Change Table (Unit: shares) | Category | Restricted Shares at Beginning of Period | Restricted Shares Unlocked This Period | Restricted Shares Increased This Period | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Equity Incentive Plan Grantees | 23,533,000 | 9,313,040 | 4,199,652 | 18,198,492 | Restricted shares still within lock-up period | [II. Shareholder Information](index=28&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This chapter provides the total number of shareholders, the shareholding status of the top ten shareholders and top ten unrestricted tradable share shareholders as of the end of the reporting period, and explains the related party relationships among major shareholders - As of the end of the reporting period, the total number of common shareholders was **46,355**[103](index=103&type=chunk) Top Ten Shareholders' Shareholding Status (Unit: shares) | Shareholder Name | Change During Reporting Period | Shares Held at Period-end | % | Number of Restricted Shares Held | Share Status | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | North Lingyun Industrial Group Co., Ltd. | 92,025,385 | 387,117,487 | 31.67 | 0 | Unrestricted | State-owned legal person | | China Ordnance Investment Management Co., Ltd. | 64,314,318 | 148,695,378 | 12.16 | 0 | Unrestricted | State-owned legal person | | China Construction Bank Co., Ltd. - Yongying Advanced Manufacturing Smart Selection Mixed Initiated Securities Investment Fund | 57,734,129 | 57,734,129 | 4.72 | 0 | Unrestricted | Unknown | - North Lingyun Industrial Group Co., Ltd. and China Ordnance Investment Management Co., Ltd. are both subsidiaries of China North Industries Group Corporation Limited, the actual controller of the company[106](index=106&type=chunk) Top Ten Restricted Shareholders' Shareholding and Restriction Conditions (Unit: shares) | No. | Restricted Shareholder Name | Number of Restricted Shares Held | Date Available for Trading | Restriction Conditions | | :--- | :--- | :--- | :--- | :--- | | 1 | Luo Kaiquan | 228,228 | March 24, 2025 | Restricted shares still within lock-up period | | 9 | Other Grantees | 16,575,468 | March 24, 2025/June 8, 2025 | Restricted shares still within lock-up period | - During the reporting period, the first vesting period of the company's 2022 restricted stock incentive plan expired, with **40%** of the initially granted and reserved granted shares unlocked on March 24, 2025, and June 9, 2025, respectively, totaling **9,313,040 shares**[109](index=109&type=chunk) [Bond-Related Information](index=31&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This chapter states that the company had no corporate bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - Corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments: Not applicable[112](index=112&type=chunk) - Convertible corporate bonds: Not applicable[112](index=112&type=chunk) [Financial Report](index=31&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) [I. Audit Report](index=31&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This chapter explicitly states that this semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk) [II. Financial Statements](index=32&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This chapter includes the company's consolidated and parent company financial statements for the first half of 2025, comprising the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position and operating results [Consolidated Balance Sheet](index=32&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) This chapter presents the company's consolidated balance sheet as of June 30, 2025, detailing the composition of current assets, non-current assets, current liabilities, non-current liabilities, and owners' equity [Parent Company Balance Sheet](index=34&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) This chapter presents the company's parent company balance sheet as of June 30, 2025, detailing the parent company's assets, liabilities, and owners' equity [Consolidated Income Statement](index=36&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) This chapter presents the company's consolidated income statement for January-June 2025, reflecting key operating results such as total operating revenue, total operating costs, total profit, net profit, and earnings per share [Parent Company Income Statement](index=38&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) This chapter presents the company's parent company income statement for January-June 2025, reflecting the parent company's operating revenue, operating costs, total profit, and net profit [Consolidated Cash Flow Statement](index=39&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) This chapter presents the company's consolidated cash flow statement for January-June 2025, detailing net cash flows from operating, investing, and financing activities [Parent Company Cash Flow Statement](index=41&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) This chapter presents the company's parent company cash flow statement for January-June 2025, reflecting the parent company's cash flows from operating, investing, and financing activities [Consolidated Statement of Changes in Owners' Equity](index=42&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) This chapter presents the company's consolidated statement of changes in owners' equity for January-June 2025, detailing changes in paid-in capital, capital reserves, other comprehensive income, special reserves, surplus reserves, and undistributed profits [Parent Company Statement of Changes in Owners' Equity](index=46&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) This chapter presents the company's parent company statement of changes in owners' equity for January-June 2025, reflecting changes in equity items such as share capital, capital reserves, special reserves, surplus reserves, and undistributed profits [III. Company Basic Information](index=48&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) This chapter provides comprehensive information on the company's historical evolution, share capital changes, equity incentive plans, main business nature, and scope of operations, as well as the approval status of financial statements, offering a complete background for understanding the company - Lingyun Industrial Co., Ltd. was formerly Lingyun Automotive Parts Co., Ltd., established in April 1995[139](index=139&type=chunk) - In June 2003, the company publicly issued **68 million RMB ordinary shares** and was listed on the Shanghai Stock Exchange in August 2003[140](index=140&type=chunk) - On April 25, 2025, the company approved the "2024 Annual Profit Distribution and Capital Reserve to Share Capital Increase Plan," after which the company's total share capital became **1,222,360,477 shares**[154](index=154&type=chunk) - The company and its subsidiaries' business nature and main operating activities involve the production and sale of automotive metal and plastic parts, plastic pipeline systems, and other products[155](index=155&type=chunk) [IV. Basis of Financial Statement Preparation](index=51&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) This chapter clarifies that the company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant regulations of the China Securities Regulatory Commission, and measured at historical cost - The company's financial statements are prepared on a going concern basis[156](index=156&type=chunk) - These financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the relevant provisions of "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports" by the China Securities Regulatory Commission[156](index=156&type=chunk) - The company's accounting is based on the accrual basis, and except for certain financial instruments, these financial statements are measured at historical cost[157](index=157&type=chunk) [V. Significant Accounting Policies and Estimates](index=51&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 chapter details the company's key accounting policies and significant accounting estimates regarding financial instruments, fixed asset depreciation, intangible asset amortization, R&D expense capitalization, revenue recognition, leases, and government grants, also explaining materiality standards and significant accounting judgments [1. Statement of Compliance with Enterprise Accounting Standards](index=51&type=section&id=1.%E9%81%B5%E5%BE%AA%E4%BC%81%E4%B8%9A%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E7%9A%84%E5%A3%B0%E6%98%8E) The company declares that its financial statements comply with enterprise accounting standards, accurately and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[159](index=159&type=chunk) [5. Methods and Basis for Determining and Selecting Materiality Standards](index=51&type=section&id=5.%E9%87%8D%E8%A6%81%E6%80%A7%E6%A0%87%E5%87%86%E7%A1%AE%E5%AE%9A%E6%96%B9%E6%B3%95%E5%92%8C%E9%80%89%E6%8B%A9%E4%BE%9D%E6%8D%AE) The company determines materiality based on specific criteria, such as construction in progress budgets exceeding **10 million Yuan**, and non-wholly-owned subsidiaries whose net assets and net profit exceed **10%** of the consolidated financial statements - Significant construction in progress: Individual project budget greater than **10.00 million Yuan**[163](index=163&type=chunk) - Significant non-wholly-owned subsidiaries: Non-wholly-owned subsidiaries whose net assets account for more than **10%** of the consolidated net assets attributable to the parent company, and whose net profit accounts for more than **10%** of the consolidated net profit attributable to the parent company's shareholders[163](index=163&type=chunk)[164](index=164&type=chunk) [11. Financial Instruments](index=54&type=section&id=11.%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7) The company classifies financial assets into three categories and financial liabilities into two categories based on business models and contractual cash flow characteristics, detailing the expected credit loss measurement method, criteria for significant increase in credit risk, and accounting treatment for financial asset transfers and offsetting - The company classifies financial assets into three categories: those measured at amortized cost, those measured at fair value with changes recognized in other comprehensive income, and those measured at fair value with changes recognized in current profit or loss[180](index=180&type=chunk) - The company classifies financial liabilities into two categories: those measured at fair value with changes recognized in current profit or loss, and those measured at amortized cost[184](index=184&type=chunk) - The company performs impairment accounting for financial assets measured at amortized cost, debt investments measured at fair value with changes recognized in other comprehensive income, and other items, based on expected credit losses[188](index=188&type=chunk) - The company assesses whether credit risk has significantly increased by comparing the risk of default on the financial instrument at the balance sheet date with the risk of default at initial recognition[193](index=193&type=chunk) [21. Fixed Assets](index=64&type=section&id=21.%E5%9B%BA%E5%AE%9A%E8%B5%84%E4%BA%A7) The company initially measures fixed assets at actual cost, depreciates them using the straight-line method, determines depreciation rates based on category, estimated useful life, and residual value rate, and clarifies the recognition and depreciation methods for fixed assets acquired through finance leases - The company's fixed assets refer to tangible assets held for the production of goods, provision of services, rental, or operational management, with a useful life exceeding one accounting year[219](index=219&type=chunk) Annual Depreciation Rates for Various Fixed Assets | Category | Depreciation Method | Useful Life (Years) | Residual Value Rate | Annual Depreciation Rate | | :--- | :--- | :--- | :--- | :--- | | Buildings and Structures | Straight-line method | 20-40 | 5.00 | 4.75-2.38 | | Machinery and Equipment | Straight-line method |

证券代码：600480 证券简称：凌云股份 公告编号：2025-052 凌云工业股份有限公司 关于变更注册资本及修订《公司章程》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。 凌云工业股份有限公司（以下简称"公司"）于 2025 年 5 月 20 日召开 2024 年度股东大会，批准公司实施 2024 年度资本公积金转增股本方案，以总股本 940,277,290 股为基数，向全体股东每 10 股转增 3 股。2024 年度资本公积金转 增 股 本 方 案 已 于 2025 年 6 月 23 日 实 施 完 成 ， 公 司 注 册 资 本 变 更 为 1,222,360,477 元，总股本变更为 1,222,360,477 股。《公司章程》中的注册资 本、股份总数需要进行相应修订，具体如下： | 修订前 | 修订后 | | --- | --- | | 第五条 | 第五条 | | 公司注册资本为人民币 元。 940,277,290 | 公司注册资本为人民币 元。 1,222,360,477 | | 第十九条 | 第十九条 ...

凌云工业股份有限公司 关于与兵工财务有限责任公司关联存贷款等 金融业务的风险持续评估报告 根据《上海证券交易所上市公司自律监管指引第5号—交易 与关联交易》的要求，凌云工业股份有限公司（以下简称"凌云 股份"）通过查验兵工财务有限责任公司（以下简称"兵工财务"） 的《营业执照》与《金融许可证》等资料，并审阅了兵工财务的 财务报告，对其经营资质、业务和风险状况进行了评估，具体情 况报告如下： 一、兵工财务的基本情况 兵工财务创建于1997年6月4日，其前身是北方工业集团财务 有限责任公司，2001年11月更名为兵器财务有限责任公司，2005 年办理了增资扩股及变更营业范围等事项，2011年再次办理了增 资扩股事项，2011年底更名为兵工财务有限责任公司，2020年再 次进行了增资扩股，兵工财务注册资本扩到634,000万元。 2024年2月6日经国家金融监督管理总局北京监管局批准换 发了新的《金融许可证》。2016年3月14日更换统一社会信用代 码为91110000100026734U。 兵工财务注册资本为634,000万元，目前股东构成及出资比例 如下： — 1 — | 序号 | 股东名称 | 认缴出资额（万 ...