证券代码：600525 证券简称：ST长园 公告编号：2025070 长园科技集团股份有限公司 关于公司股票被实施其他风险警示相关事项的进展 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。 重要提示： 长园科技集团股份有限公司（以下简称"公司"）2024年度审计机构上 会会计师事务所（特殊普通合伙）对公司2024年度财务报告内部控制出具了否定 意见的审计报告，根据《上海证券交易所股票上市规则》第9.8.1条等相关规定， 公司股票于2025年4月30日起被实施其他风险警示。 长园科技集团股份有限公司 董事会 二〇二五年八月三十日 一、公司被实施其他风险警示的相关情况 因公司2024年度内部控制被公司2024年度审计机构上会会计师事务所（特殊 普通合伙）出具了否定意见的《内部控制审计报告》，根据《上海证券交易所股 票上市规则》第 9.8.1 条"上市公司出现以下情形之一的，本所对其股票实施 其他风险警示：……（三）最近一个会计年度财务报告内部控制被出具无法表示 意见或否定意见的审计报告，或未按照规定披露财务报告内部控制审计报 ...

Core Viewpoint - ST Changyuan (600525) reported a decline in revenue and a significant increase in net loss for the first half of 2025, indicating financial distress and rising short-term debt pressure [1] Financial Performance Summary - Total revenue for H1 2025 was 3.47 billion yuan, a decrease of 0.89% year-on-year [1] - Net profit attributable to shareholders was -344 million yuan, a decline of 774.65% year-on-year [1] - In Q2 2025, total revenue was 2.07 billion yuan, an increase of 11.95% year-on-year, while net profit was -252 million yuan, a decrease of 351.46% year-on-year [1] - Gross margin was 32.94%, up 0.16% year-on-year, while net margin was -10.64%, down 514.21% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 817 million yuan, accounting for 23.54% of revenue, a slight decrease of 0.38% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased by 23.63% to 4.31 billion yuan, with restricted cash accounting for 3.68 billion yuan [1][2] - Accounts receivable rose by 4.79% to 3.67 billion yuan [1] - Interest-bearing debt decreased by 19.42% to 2.81 billion yuan [1] Changes in Key Financial Metrics - Long-term equity investments decreased by 50.03% due to the transfer of a 25% stake in Changyuan Electronics, resulting in a reduction of 622 million yuan in equity investments [2] - Construction in progress increased by 36.38% due to investments in new material parks and upgrades [2] - Current liabilities saw significant changes, with a 158.56% increase in current portion of non-current liabilities due to long-term borrowings being reclassified [3] Cash Flow Analysis - Net cash flow from operating activities increased by 4.11%, attributed to higher cash receipts from sales [8] - Net cash flow from investing activities surged by 147.55%, driven by the sale of stocks and the receipt of funds from equity transfers [8] - Net cash flow from financing activities decreased by 171.1%, reflecting increased loan repayments [9] Investment and Business Model Insights - The company has historically shown weak investment returns, with a median ROIC of 2.91% over the past decade [11] - The business model relies heavily on R&D and marketing, necessitating a thorough examination of the underlying drivers [12]

Core Viewpoint - ST Changyuan (600525) reported a decline in revenue and a significant increase in net loss for the first half of 2025, indicating financial distress and rising short-term debt pressure [1]. Financial Performance Summary - Total revenue for H1 2025 was 3.47 billion yuan, a decrease of 0.89% year-on-year [1]. - Net profit attributable to shareholders was -344 million yuan, a decline of 774.65% year-on-year [1]. - In Q2 2025, total revenue was 2.07 billion yuan, an increase of 11.95% year-on-year, while net profit was -252 million yuan, a decrease of 351.46% year-on-year [1]. - The gross margin was 32.94%, up 0.16% year-on-year, while the net margin was -10.64%, down 514.21% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 817 million yuan, accounting for 23.54% of revenue, a slight decrease of 0.38% year-on-year [1]. Key Financial Metrics - Earnings per share (EPS) was -0.26 yuan, a decrease of 772.24% year-on-year [1]. - Net asset value per share was 2.83 yuan, down 26.78% year-on-year [1]. - Operating cash flow per share was -0.17 yuan, an increase of 4.4% year-on-year [1]. Significant Changes in Financial Items - Cash and cash equivalents increased by 23.63% to 4.31 billion yuan, primarily due to increased bank acceptance bills and loan guarantees [1]. - Long-term equity investments decreased by 50.03% due to the transfer of 25% equity in Changyuan Electronics, resulting in a reduction of 622 million yuan [1]. - Construction in progress increased by 36.38% due to investments in new material parks and upgrades [1]. - Accounts payable increased by 79.51% due to increased bill issuance [1]. - The current ratio was 0.97, indicating rising short-term debt pressure [1]. Business Evaluation - The company's historical return on invested capital (ROIC) has been weak, with a median of 2.91% over the past decade and a low of -10.83% in 2021 [4]. - The business model relies heavily on research and marketing, necessitating careful examination of the underlying drivers [4]. - Recommendations include monitoring cash flow status and debt levels, as the liquidity ratio is only 44.45% and the current ratio is 0.97 [4].

Group 1 - Sichuan Gold achieved a net profit of 209 million yuan in the first half of 2025, a year-on-year increase of 48.41% [1] - Hai Xin Co. reported a net profit of 108 million yuan, up 5.62% year-on-year, despite a revenue decline of 8.35% [1] - Shanhe Pharmaceutical Auxiliary's net profit decreased by 2.61% to 93.04 million yuan, with a revenue increase of 4.65% [2] Group 2 - Donghua Software's net profit fell by 15.78% to 244 million yuan, with a slight revenue decline of 1.76% [2] - Zhongyuan Haike reported a significant net profit drop of 91.21% to 9.83 million yuan, alongside a revenue decrease of 9.97% [3] - Xingxin New Materials experienced a net profit decline of 21.72% to 33.64 million yuan, with a minimal revenue growth of 0.02% [4] Group 3 - Longban Media's net profit increased by 13.28% to 120 million yuan, despite a revenue drop of 24.01% [6] - Guangge Technology reported a net loss of 31.38 million yuan, worsening from a loss of 20.17 million yuan in the previous year, with a revenue increase of 71.44% [7] - Ge Ke Wei's net profit decreased by 61.59% to 29.76 million yuan, despite a revenue growth of 30.33% [8] Group 4 - Shaoyang Hydraulic's net profit fell by 31.68% to 7.11 million yuan, with a revenue decline of 12.84% [9] - Qianjiang Biochemical achieved a net profit of 107 million yuan, a year-on-year increase of 30.24%, despite a revenue decline of 9.64% [10] - Jianhui Information's net profit dropped by 82.99% to 502.52 million yuan, with a revenue increase of 9.03% [11] Group 5 - Nobon Co. reported a net profit of 65.33 million yuan, up 48.33% year-on-year, with a revenue increase of 33.35% [12] - Proya's net profit increased by 13.80% to 799 million yuan, with a revenue growth of 7.21% [13] - Huayuan Holdings reported a net loss of 22.48 million yuan, improving from a loss of 39.2 million yuan in the previous year, with a revenue decline of 94.74% [15] Group 6 - Chihong Zn & Ge's net profit increased by 3.27% to 932 million yuan, with a revenue growth of 7.67% [17] - Dae Oriental's net profit decreased by 45.33% to 59.04 million yuan, with a revenue decline of 5.20% [19] - Zhongnong Lihua's net profit fell by 10.06% to 142 million yuan, despite a revenue increase of 3.27% [20] Group 7 - Triangle Tire's net profit decreased by 35.31% to 396 million yuan, with a revenue decline of 4.50% [21] - Lianchuang Optoelectronics reported a net profit of 263 million yuan, up 15.18% year-on-year, with a revenue increase of 6.51% [22] - Taijing Technology's net profit fell by 61.59% to 22.04 million yuan, despite a revenue growth of 16.73% [23] Group 8 - Congsheng Co. announced plans to establish a wholly-owned subsidiary with an investment of 5 million yuan [24] - Yilian Network's net profit decreased by 8.84% to 1.24 billion yuan, with a slight revenue decline of 0.64% [25] - Weichuang Electric's net profit increased by 4.87% to 141 million yuan, with a revenue growth of 16.39% [26] Group 9 - Liuyuan Chemical reported a net loss of 149 million yuan, worsening from a profit of 29.37 million yuan in the previous year, with a revenue increase of 3.10% [28] - Luxshare Precision achieved a net profit of 6.644 billion yuan, a year-on-year increase of 23.13%, with a revenue growth of 20.18% [29] - Jiangfeng Electronics reported a net profit of 253 million yuan, up 56.79% year-on-year, with a revenue increase of 28.71% [30] Group 10 - Hongqiao Technology reported a net loss of 22.97 million yuan, worsening from a profit of 21.96 million yuan in the previous year, with a revenue decline of 11.76% [31] - Hong Sifang's net profit decreased by 47.10% to 43.97 million yuan, with a revenue decline of 8.18% [32] - Huaxia Happiness reported a net loss of 6.827 billion yuan, worsening from a loss of 4.849 billion yuan in the previous year, with a revenue decline of 50.90% [35] Group 11 - Watson Bio's net profit decreased by 74.69% to 43.16 million yuan, with a revenue decline of 19.47% [37] - Huayang Lianzhong's controlling shareholder plans to increase its stake by 1% to 2% [39] - Lanhua Ketech's net profit decreased by 89.58% to 57.48 million yuan, with a revenue decline of 26.05% [41] Group 12 - Aike Optoelectronics reported a net profit increase of 127.40% to 36.04 million yuan, with a revenue growth of 64.39% [43] - Guojia Automobile's net profit decreased by 14.32% to 21.3 million yuan, with a revenue decline of 11.64% [44] - Yingjia Gongjiu's net profit decreased by 18.19% to 1.13 billion yuan, with a revenue decline of 16.89% [46] Group 13 - China Shipbuilding Technology reported a net loss of 574 million yuan, worsening from a loss of 81.71 million yuan in the previous year, with a revenue increase of 30.79% [48] - Dayang Electric's net profit increased by 34.41% to 602 million yuan, with a revenue growth of 7.66% [49] - Shoukai Co. reported a net loss of 1.839 billion yuan, improving from a loss of 1.948 billion yuan in the previous year, with a revenue increase of 105.19% [51]

Core Viewpoint - ST Changyuan (600525.SH) reported a decline in revenue and net profit for the first half of 2025, indicating ongoing financial challenges and a need for strategic adjustments [1][3]. Financial Performance - The company's total revenue for the first half of 2025 was 3.47 billion yuan, a decrease of 31.14 million yuan or 0.89% compared to the same period last year [1]. - The net profit attributable to shareholders was -344 million yuan, down 305 million yuan from the previous year [1]. - Operating cash flow showed a net inflow of -226 million yuan, which is an increase of 9.69 million yuan year-on-year, marking two consecutive years of improvement [1]. Key Financial Ratios - The latest debt-to-asset ratio stood at 77.13%, an increase of 0.27 percentage points from the previous quarter and up 9.21 percentage points from the same period last year [3]. - The gross profit margin was 32.94%, down 1.00 percentage points from the previous quarter and down 2.19 percentage points year-on-year [3]. - Return on equity (ROE) was -9.20%, a decrease of 8.43 percentage points compared to the same period last year [3]. Earnings Per Share and Turnover Ratios - The diluted earnings per share were -0.26 yuan, a decrease of 0.23 yuan from the previous year [3]. - The total asset turnover ratio was 0.21 times, down 0.01 times year-on-year, reflecting a decline of 2.64% [3]. - The inventory turnover ratio was 0.80 times, a decrease of 0.04 times compared to the previous year, representing a decline of 4.57% [3]. Shareholder Structure - The number of shareholders was 33,600, with the top ten shareholders holding 533 million shares, accounting for 40.43% of the total share capital [3]. - The largest shareholder is Zhuhai Gree Financial Investment Management Co., Ltd., holding 12.9% of the shares [3].

Core Points - The company held its ninth board meeting on August 22, 2025, where several key resolutions were passed, including the approval of the 2025 semi-annual report and an increase in expected daily related transactions for 2025 [1][2] - The company approved the sale of assets from its wholly-owned subsidiary, OptoFidelity Oy, which focuses on optical testing equipment [2][3] - The financial data of OptoFidelity Oy as of December 31, 2024, shows total assets of 90.2441 million yuan, net assets of -49.1399 million yuan, operating income of 12.41644 million yuan, and a net loss of 6.37516 million yuan [2][3] - The company plans to sell its mobile phone refurbishment business assets for 480,000 USD (approximately 3.445 million yuan) to Hyla Mobile, Inc., with the proceeds aimed at repaying internal loans and supplementing working capital [3][4] - The transaction is not classified as a related party transaction and is expected to generate an investment income of approximately 3.445 million yuan [4]

Group 1 - The company held its third meeting of the ninth Supervisory Board on August 22, 2025, via electronic communication, with all three supervisors participating in the voting [1][2]. - The meeting approved the full and summary report for the first half of 2025, which will be disclosed on August 26, 2025, on the Shanghai Stock Exchange website [1][2]. - The Supervisory Board confirmed that the report complies with the regulations of the China Securities Regulatory Commission and the Shanghai Stock Exchange, accurately reflecting the company's operational management and financial status for the first half of 2025 [1]. Group 2 - The voting results showed unanimous support with 3 votes in favor, 0 against, and 0 abstentions [2]. - The Supervisory Board takes legal responsibility for the truthfulness, accuracy, and completeness of the report's content [1]. - The company has established internal management systems that adhere to confidentiality regulations [1].

Group 1 - The company will hold a half-year performance briefing on September 5, 2025, from 13:00 to 14:00 [1][2] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [2][3] - Key personnel attending the briefing include the CEO, Board Secretary, Financial Officer, and an Independent Director [2] Group 2 - Investors can submit questions from August 29, 2025, to September 4, 2025, via email or through the online platform [3] - After the briefing, investors can access the main content and details of the event on the Shanghai Stock Exchange Roadshow Center [3]

Core Viewpoint - The company has announced an increase in the expected daily related transactions for the year 2025, emphasizing that these transactions will not adversely affect its financial status or independence [1][15]. Summary by Sections Daily Related Transactions Overview - The company held a special meeting on August 12, 2025, to approve the increase in expected daily related transactions for 2025, with one director abstaining from the vote [1][2]. - The total expected amount for daily related transactions has been adjusted to reflect business development needs, with specific amounts detailed for various related parties [2][3]. Details of Increased Expected Transactions - The expected transaction amounts for various related parties have been outlined, including: - Longyuan Vision Technology: Increased from 100 million to 220 million RMB [3]. - Chengdu Shunrui Technology: Increased from 530 million to 795.49 million RMB [3]. - Guizhou Taiyong Changzheng Technology: Increased to 560.97 million RMB [3]. - Shenzhen Daoyuan Industrial: Total amount of 212.39 million RMB [3]. - Zhuhai Chengbangda: Increased to 25,005.72 million RMB [3]. - Zhuhai Honglitai: Increased to 5,952.77 million RMB [3]. - Zhuhai Chunyu Intelligent: Increased to 618.26 million RMB [3]. Related Parties and Their Financial Data - Longyuan Vision Technology: Total assets of 210.37 million RMB, net assets of 44.19 million RMB, and a net loss of 1.17 million RMB for the first half of 2025 [5]. - Chengdu Shunrui Technology: Total assets of 72.99 million RMB, net assets of 13.67 million RMB, and a net profit of 0.79 million RMB for the first half of 2025 [6]. - Guizhou Taiyong Changzheng: Total assets of 1,648.84 million RMB, net assets of 1,026.39 million RMB, and a net profit of 1.36 million RMB for the first quarter of 2025 [7]. - Shenzhen Daoyuan Industrial: Total assets of 756.78 million RMB, net assets of 369.01 million RMB, and a net profit of 0.98 million RMB for the first half of 2025 [8]. - Zhuhai Chengbangda: Total assets of 192.50 million RMB, net assets of 61.05 million RMB, and a net profit of 0.39 million RMB for the first half of 2025 [9]. Purpose and Impact of Related Transactions - The daily related transactions are necessary for the company's operational needs and are based on market-driven choices aimed at improving operational efficiency [15]. - The company will enhance the review and supervision of these transactions to ensure they meet actual needs and are conducted at fair prices [15].

Core Viewpoint - ChangYuan Technology Group Ltd. reported a significant decline in net profit for the first half of 2025, with a net loss attributable to shareholders of approximately RMB 343.91 million, compared to a loss of RMB 39.32 million in the same period last year, indicating a worsening financial situation [2][4]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately RMB 3.47 billion, a decrease of 0.89% compared to the previous year [2][3]. - The total profit for the period was a loss of approximately RMB 337.43 million, compared to a loss of RMB 30.75 million in the same period last year [2][3]. - The net cash flow from operating activities was negative at approximately RMB 225.97 million, showing a slight improvement from the previous year's negative cash flow of RMB 235.66 million [2][3]. Business Overview - The company operates through subsidiaries such as ChangYuan ShenRui, ChangYuan Electric, and ChangYuan High Energy, focusing on various sectors including traditional power systems, new energy, electric vehicle charging, and industrial safety solutions [4][8]. - The company has been actively pursuing opportunities in the new energy sector, with contracts reaching RMB 800 million and successfully entering major energy group lists [8][11]. - The company’s intelligent equipment business includes testing and automation equipment, which has expanded into sectors like consumer electronics, new energy vehicles, and medical devices [5][7]. Industry Context - The rapid growth in electricity demand is driving investments in the power grid, with urbanization and electrification in various sectors contributing to increased electricity consumption [4][8]. - The National Development and Reform Commission has outlined a plan for the new power system from 2024 to 2027, focusing on enhancing grid stability and integrating renewable energy sources [4][8]. - The company aims to capitalize on the growing investment in distribution networks and the increasing demand for smart grid solutions, particularly in the context of renewable energy integration [4][8].