Core Viewpoint - Shanghai Jinshan Capital Management Group Co., Ltd. increased its stake in Shanghai Phoenix by acquiring 496,600 A-shares, raising its ownership from 23.90% to 24.00% during the period from August 20 to August 27, 2025. This change does not trigger a mandatory bid and does not affect the company's controlling shareholder or actual controller status, nor does it significantly impact the company's governance structure or ongoing operations [1]. Group 1 - Shanghai Jinshan Capital acquired 496,600 A-shares of Shanghai Phoenix [1] - Ownership percentage increased from 23.90% to 24.00% [1] - The acquisition period was from August 20 to August 27, 2025 [1] Group 2 - The rights change does not trigger a mandatory bid [1] - The controlling shareholder and actual controller status remains unchanged [1] - No significant impact on the company's governance structure or ongoing operations [1]

Market Overview - On August 27, the motorcycle and other sectors fell by 2.03%, with Jiuyi Co. leading the decline [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Notable stock performances included: - Huayang Racing (834058) closed at 37.45, up 2.46% with a trading volume of 17,700 and a turnover of 65.42 million [1] - Jiuyi Co. (300994) closed at 20.37, down 6.26% with a trading volume of 206,700 and a turnover of 428 million [2] - Aima Technology (603529) closed at 36.26, down 2.40% with a trading volume of 130,300 and a turnover of 479 million [1][2] Capital Flow - The motorcycle and other sectors experienced a net outflow of 264 million from main funds, while retail investors saw a net inflow of 276 million [2] - Specific capital flows included: - Jiuyi Co. had a main fund net outflow of 25.42 million [3] - Aima Technology experienced a main fund net outflow of 36.18 million [3] - Shanghai Phoenix (600679) had a main fund net outflow of 13.95 million [3]

ST华鹏盘中涨停，上演"地天板"，成交额超8700万元。 ...

Market Overview - On August 25, the motorcycle and other sectors fell by 0.58%, with Qianli Technology leading the decline [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Stock Performance - Key stocks in the motorcycle sector showed varied performance, with Lvtong Technology rising by 5.52% to 36.31 and Qianjiang Motorcycle falling by 0.64% to 17.12 [1] - Qianli Technology closed at 10.64, down 2.65%, with a trading volume of 1.0726 million shares and a transaction value of 1.147 billion [2] Capital Flow - The motorcycle and other sectors experienced a net outflow of 205 million in main funds, while retail investors saw a net inflow of 1.52 billion [2] - Notable capital flows included a net inflow of 699.91 million for Yong'anxing and a net outflow of 253.87 million for Taotao Vehicle [3]

| 上海凤凰企业（集团）股份有限公司2025 | | 年半年度报告摘要 | | | | --- | --- | --- | --- | --- | | 公司代码：600679 900916 | 公司简称：上海凤凰 | 凤凰 B 股 | | | | 上海凤凰企业（集团）股份有限公司 | | | | | | 上海凤凰企业（集团）股份有限公司2025 | | 年半年度报告摘要 | | | | 第一节 重要提示 | | | | | | 规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 | | | | | | 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | | 无 | | | | | | 上海凤凰企业（集团）股份有限公司2025 | | 年半年度报告摘要 | | | | 第二节 公司基本情况 | | | | | | 公司股票简况 | | | | | | 股票种类 股票上市交易所 股票简称 | | 股票代码 | | 变更前股 | | 票简称 | | | | | | A股 上海证券交易所 上海凤凰 | | 600679 | | 金山开发 | | B股 上海证券 ...

证券代码：600679 900916 股票简称：上海凤凰 凤凰 B 股 编号：2025-049 上海凤凰企业（集团）股份有限公司 第十一届董事会第五次会议决议公告 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个别及连带责任。 内容详见《上海凤凰关于全资子公司固定资产投资项目的公告》 （2025-050） 特此公告。 是合法有效的。会议审议并表决通过了以下决议： 一、审议通过了《上海凤凰关于 2025 年半年度报告及报告摘要的议案》 表决结果：同意 11 票，反对 0 票，弃权 0 票。 内容详见上海证券交易所网站（www.sse.com.cn)。 二、审议通过了《上海凤凰关于全资子公司固定资产投资项目的议案》 表决结果：同意 11 票，反对 0 票，弃权 0 票。 上海凤凰企业（集团）股份有限公司（以下简称公司）董事会于 2025 年 8 月 12 日以书面和邮件形式发出召开第十一届董事会第五次会议的通知，会议于 际出席董事 11 名；公司全体高级管理人员列席会议。本次会议由董事长胡伟先 生主持。本次会议的召集、召开及表决程序符合《公 ...

格隆汇8月22日丨上海凤凰（维权）(600679.SH)公布2025年半年度报告，报告期实现营业收入12.99亿 元，同比增长7.36%；归属于上市公司股东的净利润4786.63万元，同比增长17.87%；归属于上市公司股 东的扣除非经常性损益的净利润3982.6万元，同比增长3.32%；基本每股收益0.0929元。 ...

证券代码：600679 900916 股票简称：上海凤凰 凤凰 B 股 编号：2025-050 上海凤凰企业（集团）股份有限公司 关于全资子公司固定资产投资项目的公告 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个别及连带责任。 重要内容提示： ●项目名称：火灾事故后基建重新投资项目 ●投资实施主体：天津天任车料有限公司、天津爱赛克车业有限公司 ●投资项目内容：重建厂房、购置设备、生产线改造等五项内容 ●项目预计费用：3823.85 万元 上海凤凰企业（集团）股份有限公司（以下简称公司）于 2025 年 8 月 22 日召开第十一届第五次董事会，审议通过了《关于上海凤凰全资子公司固定投资 项目的议案》。同意全资子公司天津天任车料有限公司（以下简称天津天任）、天 津爱赛克车业有限公司（以下简称天津爱赛克）投资建设天津天任厂房建设及维 修项目、天津天任烤漆生产设备扩建项目、天津爱赛克生产线重建项目等五个项 目（以下并称为天津生产基地火灾事故后基建重新投资项目、本项目）。项目总 投资合计 3,823.85 万元，具体如下： 一、投资主体情况 ...

表决结果：同意 11 票，反对 0 票，弃权 0 票。 内容详见上海证券交易所网站（www.sse.com.cn)。 二、审议通过了《上海凤凰关于全资子公司固定资产投资项目的议案》 表决结果：同意 11 票，反对 0 票，弃权 0 票。 内容详见《上海凤凰关于全资子公司固定资产投资项目的公告》（2025-050） 特此公告。 上海凤凰企业（集团）股份有限公司董事会 证券代码：600679 900916 股票简称：上海凤凰 凤凰 B 股 编号：2025-049 上海凤凰企业（集团）股份有限公司 第十一届董事会第五次会议决议公告 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个别及连带责任。 上海凤凰企业（集团）股份有限公司（以下简称公司）董事会于 2025 年 8 月 12 日以书面和邮件形式发出召开第十一届董事会第五次会议的通知，会议于 2025 年 8 月 22 日以现场结合通讯的方式召开。本次会议应出席董事 11 名，实 际出席董事 11 名；公司全体高级管理人员列席会议。本次会议由董事长胡伟先 生主持。本次会议的召集、召开及表决程 ...

[Important Notice](index=2&type=section&id=Important%20Notice) [Board of Directors and Management Statement](index=2&type=section&id=Board%20of%20Directors%20and%20Management%20Statement) The company's board of directors, directors, and senior management affirm the truthfulness, accuracy, and completeness of the half-annual report content, assuming legal responsibilities - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the half-annual report content, and assume legal responsibilities[3](index=3&type=chunk) [Audit Status](index=2&type=section&id=Audit%20Status) This half-annual report is unaudited - This half-annual report is unaudited[5](index=5&type=chunk) [Forward-Looking Statement Risk Disclaimer](index=2&type=section&id=VI.%20Forward-Looking%20Statement%20Risk%20Disclaimer) Forward-looking descriptions in the report, such as future plans and development strategies, do not constitute substantive commitments, and investors are reminded to be aware of investment risks - Forward-looking descriptions in the report, such as future plans and development strategies, do not constitute substantive commitments, and investors should be aware of investment risks[6](index=6&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines common terms used in the report, including regulatory bodies, company entities, laws and regulations, and the reporting period, to ensure consistency in information understanding Definitions of Common Terms | Common Term | Definition | | :--- | :--- | | China Securities Regulatory Commission | China Securities Regulatory Commission (CSRC) | | Shanghai Stock Exchange | Shanghai Stock Exchange (SSE) | | Jinshan District SASAC | Shanghai Jinshan District State-owned Assets Supervision and Administration Commission | | Articles of Association | Articles of Association of Shanghai Phoenix Enterprise (Group) Co., Ltd. | | Company Law | Company Law of the People's Republic of China | | Securities Law | Securities Law of the People's Republic of China | | Reporting Period | January 1, 2025 to June 30, 2025 | | Yuan, 10,000 Yuan, 100 million Yuan | RMB Yuan, RMB 10,000, RMB 100 million, the legal tender of China | | Company, Shanghai Phoenix | Shanghai Phoenix Enterprise (Group) Co., Ltd. | | Jiangsu Meile, Meile Investment | Jiangsu Meile Investment Co., Ltd. | | Tianjin Fushida, Fushida Technology | Tianjin Fushida Technology Co., Ltd. | | Huajiu Spokes | Jiangsu Huajiu Spokes Manufacturing Co., Ltd. | | Phoenix Bicycle | Shanghai Phoenix Bicycle Co., Ltd. | | Jinkai Investment | Shanghai Jinshan Development Investment Management Co., Ltd. | | Jinji Real Estate | Shanghai Jinji Real Estate Co., Ltd. | | Phoenix Hotel | Shanghai Phoenix Hotel Co., Ltd. | | Tianjin Aisaike | Tianjin Aisaike Bicycle Co., Ltd. | | Tianjin Tianren | Tianjin Tianren Vehicle Parts Co., Ltd. | [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Basic Information](index=5&type=section&id=Company%20Basic%20Information) This section provides the company's basic registration information, including its Chinese name, abbreviation, English name, abbreviation, and legal representative Company Basic Information | Item | Detail | | :--- | :--- | | Chinese Name of the Company | Shanghai Phoenix Enterprise (Group) Co., Ltd. | | Chinese Abbreviation of the Company | Shanghai Phoenix | | English Name of the Company | Shanghai Phoenix Enterprise (Group) CO., LTD. | | English Abbreviation of the Company | SPEG | | Legal Representative of the Company | Hu Wei | [Contact Person and Information](index=5&type=section&id=Contact%20Person%20and%20Information) This section lists the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative for investor communication Contact Person and Information | | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Zhu Pengcheng | Li Renjie | | Contact Address | 5th Floor, Building 6, No. 518 Fuquan North Road, Changning District, Shanghai | 4th Floor, Building 6, No. 518 Fuquan North Road, Changning District, Shanghai | | Phone | 021-32795679 | 021-32795679 | | Fax | 021-32795557 | 021-32795557 | | Email | zpc@phoenix.com.cn | master@phoenix.com.cn | [Brief Introduction to Changes in Basic Information](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section provides the current status of the company's basic information, including its registered address, office address, postal code, company website, and email address Brief Introduction to Changes in Basic Information | Item | Detail | | :--- | :--- | | Company Registered Address | Building 6, No. 158 Kaile Avenue, Jinshan Industrial Zone, Shanghai | | Historical Changes in Company Registered Address | | | Company Office Address | 4th Floor, Building 6, No. 518 Fuquan North Road, Shanghai | | Postal Code of Company Office Address | 200335 | | Company Website | www.phoenix.com.cn | | Email Address | master@phoenix.com.cn | | Index of Changes during the Reporting Period | | [Information Disclosure and Document Availability](index=5&type=section&id=Information%20Disclosure%20and%20Document%20Availability) This section specifies the company's designated newspapers for information disclosure, the website address for publishing the half-annual report, and the location where the company's half-annual report is available for inspection Information Disclosure and Document Availability | Item | Detail | | :--- | :--- | | Name of Newspapers Selected for Information Disclosure | "Shanghai Securities News", "Hong Kong Commercial Daily", "China Securities Journal" | | Website Address for Publishing Half-Annual Report | www.sse.com.cn | | Location for Company's Half-Annual Report Availability | Company Board of Directors and Securities Affairs Department | | Index of Changes during the Reporting Period | | [Company Stock Overview](index=5&type=section&id=Company%20Stock%20Overview) This section lists the company's A-shares and B-shares listed on the Shanghai Stock Exchange, including stock type, abbreviation, code, and former abbreviation Company Stock Overview | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Shanghai Phoenix | 600679 | Jinshan Development | | B-share | Shanghai Stock Exchange | Phoenix B-share | 900916 | Jinshan B-share | [Key Accounting Data and Financial Indicators](index=6&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for the first half of 2025, including operating revenue, net profit, earnings per share, and return on net assets, with comparisons to the same period last year Key Accounting Data (Consolidated Statements) | Indicator | Current Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,299,311,968.74 | 1,210,268,039.00 | 7.36 | | Total Profit | 59,507,397.81 | 48,413,928.79 | 22.91 | | Net Profit Attributable to Shareholders of Listed Company | 47,866,278.66 | 40,608,023.91 | 17.87 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 39,826,018.79 | 38,546,244.28 | 3.32 | | Net Cash Flow from Operating Activities | -87,538,017.04 | 24,976,896.78 | -450.48 | | Net Assets Attributable to Shareholders of Listed Company (End of Current Period/End of Prior Year) | 2,084,832,018.46 | 2,033,832,956.40 | 2.51 | | Total Assets (End of Current Period/End of Prior Year) | 3,654,726,411.03 | 3,321,304,338.23 | 10.04 | Key Financial Indicators | Key Financial Indicator | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.0929 | 0.0788 | 17.89 | | Diluted Earnings Per Share (RMB/share) | 0.0929 | 0.0788 | 17.89 | | Basic Earnings Per Share After Deducting Non-Recurring Gains/Losses (RMB/share) | 0.0773 | 0.0748 | 3.34 | | Weighted Average Return on Net Assets (%) | 2.3261 | 1.8637 | Increase by 0.46 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains/Losses (%) | 1.9354 | 1.7690 | Increase by 0.17 percentage points | Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -188,547.08 | | Government grants recognized in current profit or loss | 2,779,064.48 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 4,390,965.04 | | Other non-operating income and expenses | 2,137,578.05 | | Less: Income tax impact | 1,072,613.36 | | Impact on minority interests (after tax) | 6,187.26 | | Total | 8,040,259.87 | - Non-recurring gains and losses for this period include **RMB 2 million** in fire insurance compensation received by a subsidiary[22](index=22&type=chunk) [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) [Industry and Principal Business Overview](index=8&type=section&id=Industry%20and%20Principal%20Business%20Overview) The company's principal business involves the production and sale of complete bicycles and components, featuring well-known brands like "Phoenix". In the first half of 2025, the bicycle industry stabilized and recovered, with the mid-to-high-end sports bicycle market shifting towards rational consumption, and both export volume and value increasing, while electric-assist bicycles emerged as a significant growth driver, despite ongoing challenges from cost fluctuations and international uncertainties - The company's principal business is the production and sale of bicycles, mopeds, two-wheeled motorcycles, children's bicycles, fitness equipment, and related supporting products, also involving property, warehousing, and logistics management[26](index=26&type=chunk) - The company enhanced its bicycle business scale and competitiveness through acquisitions of Huajiu Spokes, Tianjin Aisaike, Tianjin Tianren, and Phoenix Bicycle equity, with no significant changes to its principal business[26](index=26&type=chunk) - In the first half of 2025, China's bicycle industry continued its steady recovery, with stable production, sustained improvement in domestic sales, and steady export recovery[26](index=26&type=chunk) - The mid-to-high-end sports bicycle market transitioned from rapid growth to rational consumption, with demand shifting towards "leisure sports" and "commuter practicality," integrating "cycling + fitness/social/travel" scenarios[27](index=27&type=chunk) 2025 H1 Bicycle and Two-Wheeled Electric Vehicle Export Data | Product Type | Export Volume (10,000 units) | Year-on-Year Increase (%) | Export Value (RMB 100 million) | Year-on-Year Increase (%) | | :--- | :--- | :--- | :--- | :--- | | Bicycles | 2,538 | 9.5 | 103.1 | 5.3 | | Two-Wheeled Electric Vehicles | 1,221 | 28.3 | 241.2 | 19.8 | - The industry faces challenges such as raw material price fluctuations, rising labor costs, international geopolitical issues, trade policies, and exchange rate volatility, but high-end categories like electric-assist bicycles are expected to drive industry transformation, upgrading, and profitability improvements[30](index=30&type=chunk) [Discussion and Analysis of Operations](index=9&type=section&id=Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company continuously optimized corporate governance and enhanced market competitiveness through various initiatives, including board re-election, institutional restructuring, brand revitalization, channel deepening, resource integration, and risk control, achieving significant growth in electric-assist bicycle exports - The company completed the re-election of its board of directors and the selection of its management team, optimizing governance mechanisms, clarifying the synergistic development direction of the "Phoenix" main brand and "FNIX" sub-brand, and advancing the construction of overseas manufacturing bases[31](index=31&type=chunk) - The company revised over twenty core policies, implemented "term-based objective contract management" and "market-oriented compensation incentives," improved management efficiency through departmental integration and digital empowerment, with internal control rectification completion rate approaching **90%**[32](index=32&type=chunk) - The company enhanced the influence of its "FNIX" sub-brand through professional sports marketing activities, opened its first FNIXSPACE flagship experience store in Shanghai, strengthened online marketing, and received a Wind "AA" rating for its ESG report[33](index=33&type=chunk) - In the domestic market, the company deepened channel coverage in third-tier and lower cities and strengthened dealer cooperation; in the international market, it expanded cross-border e-commerce business and enhanced cooperation with local dealers, with the Bulgaria overseas manufacturing base under construction as planned[34](index=34&type=chunk) - The company continued to advance its "high-end, lithium-powered, intelligent" product strategy, upgrading the Tianjin factory and increasing capacity at the Jiangsu Danyang factory, launching new road bikes, mountain bikes, and lithium-powered electric-assist bicycles, resulting in a **100.6% year-on-year increase** in electric-assist bicycle exports and a **110.2% year-on-year increase** in export value[35](index=35&type=chunk) - The company strengthened internal control systems, optimized supply chain management, and enhanced quality control of key components, maintaining overall stable production safety during the reporting period[36](index=36&type=chunk) Major Accounting Data Fluctuation Analysis Table (Consolidated Statements) | Item | Current Period (RMB) | Prior Year Period (RMB) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,299,311,968.74 | 1,210,268,039.00 | 7.36 | | Operating Cost | 1,104,666,793.10 | 1,033,581,112.86 | 6.88 | | Selling Expenses | 51,052,634.13 | 42,437,839.84 | 20.30 | | Administrative Expenses | 73,499,483.44 | 71,105,160.34 | 3.37 | | Financial Expenses | -4,788,332.67 | -6,132,060.36 | Not Applicable | | R&D Expenses | 12,984,295.38 | 9,942,467.36 | 30.59 | | Gains/Losses from Fair Value Changes (Losses indicated by "-") | -405,274.07 | 296,900.58 | -236.50 | | Gains/Losses from Asset Disposal (Losses indicated by "-") | -188,547.08 | 156,692.19 | -220.33 | | Non-Operating Income | 3,961,163.05 | 1,424,396.14 | 178.09 | | Non-Operating Expenses | 1,823,585.00 | 6,453,411.20 | -71.74 | | Income Tax Expense | 11,325,252.60 | 7,986,831.23 | 41.80 | | Minority Interest Income/Loss (Net Loss indicated by "-") | 315,866.55 | -180,926.35 | 274.58 | | Net Cash Flow from Operating Activities | -87,538,017.04 | 24,976,896.78 | -450.48 | | Net Cash Flow from Investing Activities | -168,567,748.10 | 5,909,410.32 | -2,952.53 | | Net Cash Flow from Financing Activities | 239,408,579.95 | -122,206,464.18 | 295.91 | - Operating revenue growth is primarily due to increased bicycle sales; operating cost growth is mainly due to increased production volume[39](index=39&type=chunk)[40](index=40&type=chunk) - Selling expenses increased primarily due to higher sales personnel salaries and export customs declaration fees; R&D expenses increased mainly due to increased use of R&D materials[40](index=40&type=chunk) - Net cash flow from operating activities significantly decreased by **450.48%**, mainly due to increased cash payments for goods purchased and services received[41](index=41&type=chunk) - Net cash flow from investing activities significantly decreased by **2,952.53%**, primarily due to reduced redemptions of wealth management products and large-denomination certificates of deposit[41](index=41&type=chunk) - Net cash flow from financing activities significantly increased by **295.91%**, mainly due to increased cash obtained from bank borrowings[41](index=41&type=chunk) [Core Competitiveness Analysis](index=10&type=section&id=Core%20Competitiveness%20Analysis) The company's core competitiveness stems from its strong brand portfolio (Phoenix, FNIX, Maruishi, 89), professional operational management system, supply chain advantages formed by three major production bases, and continuous investment in high-end and intelligent R&D capabilities - The company owns well-known brands such as "Phoenix," "FNIX," "Maruishi," and "89," with "Phoenix" having deep brand heritage and numerous accolades; the "FNIX" sub-brand is driving brand rejuvenation and sports-oriented transformation through product innovation and event participation[37](index=37&type=chunk) - As a long-established brand in the bicycle industry, the company has accumulated rich production and operation experience, established its own risk control system, and continuously improved through enhanced management capabilities and digital transformation[38](index=38&type=chunk) - The company operates three major production bases in Danyang (Jiangsu), Tianjin, and Guangdong, forming a regional联动模式 of "differentiated positioning + order collaboration," with the Danyang base focusing on electric-assist and high-end sports bicycles, the Tianjin base on exports to Japan and North America, and the Guangdong base handling shared bicycle orders[38](index=38&type=chunk) - The company places high importance on R&D, building a strong R&D team that enhances new product, technology, and material application capabilities through independent and collaborative research; the Jiangsu Danyang factory completed intelligent transformation, lithium-powered electric-assist bicycle products won industry design gold awards, and the testing laboratory obtained CNAS certification[38](index=38&type=chunk) [Financial Analysis of Key Operating Performance](index=11&type=section&id=Financial%20Analysis%20of%20Key%20Operating%20Performance) This section provides a detailed analysis of the company's non-principal business profit contribution, changes in asset and liability structure, and major asset restrictions during the reporting period, revealing dynamic adjustments in the company's financial position and risk management measures Explanation of Significant Profit Changes from Non-Principal Business | Account | Amount (RMB) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | | Investment Income | 1,610,163.32 | Dividend income from other equity instrument investments held | No | | Investment Income | 1,380,791.63 | Investment income from debt investments held | No | | Non-Operating Income | 2,852,160.88 | Income from liquidated damages and fire insurance claims | No | Analysis of Changes in Assets and Liabilities | Item | Current Period End (RMB) | Proportion of Total Assets at Current Period End (%) | Prior Year End (RMB) | Proportion of Total Assets at Prior Year End (%) | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 101,380,222.07 | 2.77 | 64,334,496.24 | 1.94 | 57.58 | | Accounts Receivable | 540,004,020.02 | 14.78 | 330,709,931.47 | 9.96 | 63.29 | | Accounts Receivable Financing | 15,875,000.00 | 0.43 | 24,091,622.85 | 0.73 | -34.11 | | Prepayments | 63,834,272.88 | 1.75 | 40,440,307.36 | 1.22 | 57.85 | | Other Receivables | 44,596,310.52 | 1.22 | 23,774,688.60 | 0.72 | 87.58 | | Contract Assets | 6,402,878.45 | 0.18 | 1,619,308.92 | 0.05 | 295.41 | | Other Current Assets | 11,294,713.21 | 0.31 | 17,428,374.78 | 0.52 | -35.19 | | Debt Investments | 112,345,000.00 | 3.07 | 31,817,083.33 | 0.96 | 253.10 | | Long-Term Equity Investments | 53,699,370.48 | 1.47 | 30,140,577.70 | 0.91 | 78.16 | | Construction in Progress | 22,642,538.14 | 0.62 | 7,420,923.71 | 0.22 | 205.12 | | Right-of-Use Assets | 21,319,630.79 | 0.58 | 33,925,446.64 | 1.02 | -37.16 | | Short-Term Borrowings | 526,005,284.51 | 14.39 | 159,474,441.09 | 4.80 | 229.84 | | Employee Benefits Payable | 21,230,662.17 | 0.58 | 36,524,583.67 | 1.10 | -41.87 | | Other Current Liabilities | 9,719,346.25 | 0.27 | 70,219,161.55 | 2.11 | -86.16 | | Long-Term Borrowings | 13,454,627.46 | 0.37 | 122,031,142.51 | 3.67 | -88.97 | - Financial assets held for trading and accounts receivable significantly increased, mainly due to increased bank wealth management products and business-related accounts receivable[47](index=47&type=chunk) - Debt investments and long-term equity investments grew significantly, primarily due to large-denomination certificates of deposit and new equity investments[47](index=47&type=chunk) - Short-term borrowings increased substantially by **229.84%**, while long-term borrowings decreased significantly by **88.97%**, indicating a notable shift in the liability structure[47](index=47&type=chunk)[48](index=48&type=chunk) - Overseas assets amounted to **RMB 93,934,465.44**, accounting for **2.57%** of total assets[49](index=49&type=chunk) Major Asset Restriction Status as of the End of the Reporting Period | Item | Book Value at Period End (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances - Other Cash and Bank Balances | 98,712,398.16 | Bill deposit | | Cash and Bank Balances - Bank Deposits | 1,000.00 | ETC deposit, etc. | | Fixed Assets - Buildings | 4,709,090.70 | Loan collateral | | Intangible Assets - Land | 2,337,781.01 | Loan collateral | | Total | 105,760,269.87 | | [Investment Status Analysis](index=13&type=section&id=Investment%20Status%20Analysis) The company's external equity investments remained largely unchanged during the reporting period, but the fair value of financial assets (including stocks and others) at period-end significantly increased, and an associate company invested in a private equity fund, indirectly investing in a Pre-IPO round enterprise Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (RMB) | Fair Value Change Gain/Loss for Current Period (RMB) | Amount Purchased in Current Period (RMB) | Amount Sold/Redeemed in Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 64,077,716.81 | | 676,621,377.00 | 639,577,356.79 | 101,121,737.02 | | Stocks | 256,779.43 | 1,705.62 | | | 258,485.05 | | Stocks | 285,973,549.47 | 22,333,920.58 | | | 308,307,470.05 | | Other | 24,091,622.85 | | 15,875,000.00 | 24,091,622.85 | 15,875,000.00 | | Other | 164,426,707.77 | 2,490,972.18 | | | 166,917,679.95 | | Total | 538,826,376.33 | 24,826,598.38 | 692,496,377.00 | 663,668,979.64 | 592,480,372.07 | - The company's associate, Shanghai Phoenix Meile Enterprise Management Co., Ltd., invested **RMB 50 million** in the private equity fund Hangzhou Tangqi Venture Capital Partnership (Limited Partnership), which became a shareholder of Sibice Technology Co., Ltd. through a Pre-IPO round investment[80](index=80&type=chunk) Financial Status of Major Holding and Associate Companies | Company Name | Company Type | Principal Business | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Phoenix Hotel Co., Ltd. | Subsidiary | Hotel Industry | 96,497,199.04 | 81,850,090.15 | 4,181,957.15 | 27,950.65 | -5,928.32 | | Shanghai Phoenix Technology Venture Capital Co., Ltd. | Subsidiary | Investment Management | 94,317,340.01 | 70,133,028.58 | 193,385.36 | -777,648.15 | -777,429.21 | | Shanghai Jinshan Development Investment Management Co., Ltd. | Subsidiary | Investment Management | 320,704,201.86 | -16,366,841.68 | 11,795,507.86 | -1,688,396.69 | -1,942,420.20 | | Jiangsu Huajiu Spokes Manufacturing Co., Ltd. | Subsidiary | Manufacturing | 386,005,283.64 | 289,900,169.96 | 82,868,256.89 | 6,004,103.07 | 4,691,530.88 | | Shanghai Phoenix Bicycle Co., Ltd. | Subsidiary | Manufacturing | 1,201,904,282.52 | 383,537,203.83 | 838,837,370.46 | 67,561,745.68 | 58,406,982.06 | | Phoenix International Investment (Tianjin) Co., Ltd. | Subsidiary | Investment Management | 4,796,743.58 | 4,796,743.58 | 6,113,432.75 | 3,588,083.34 | 3,588,083.34 | | Tianjin Aisaike Bicycle Co., Ltd. | Subsidiary | Manufacturing | 325,926,742.53 | 191,165,633.68 | 248,353,240.88 | 14,588,965.63 | 16,979,296.79 | | Tianjin Tianren Vehicle Parts Co., Ltd. | Subsidiary | Manufacturing | 279,171,358.96 | -16,661,955.00 | 185,305,630.74 | -16,611,152.14 | -17,066,021.16 | [Section IV Corporate Governance, Environment, and Society](index=17&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Changes in Directors and Senior Management](index=17&type=section&id=Changes%20in%20Directors%20and%20Senior%20Management) During the reporting period, the company's board of directors and senior management underwent multiple changes, including appointments and resignations of directors, general managers, and chief accountants, as well as the abolition of the supervisory board, aiming to optimize the corporate governance structure - Wang Rundong, a company director and audit committee member, resigned due to retirement, and Gu Weifeng was appointed as an audit committee member[60](index=60&type=chunk) - Chief Accountant Cao Weichun resigned due to work changes, and Zhang Xiaofeng was appointed as the company's Chief Accountant[60](index=60&type=chunk) - Song Ning was added as a director of the Tenth Board of Directors; Gu Weifeng was elected as an employee representative director of the Eleventh Board of Directors, and Li Renjie was elected as an employee supervisor of the Tenth Supervisory Board[60](index=60&type=chunk) - The company elected the eleventh non-independent directors and independent directors, and appointed Wang Chaoyang as General Manager, Li Weizhong, Zhang Yong, Shang Jingdian, Gan Lin as Deputy General Managers, and Zhang Xiaofeng as Chief Accountant[61](index=61&type=chunk) - The company revised its Articles of Association to abolish the supervisory board, and former Supervisory Board Chairman Lu Guigen, Supervisor Miao Weidong, and Employee Supervisor Li Renjie no longer serve as supervisors[61](index=61&type=chunk) [Profit Distribution Plan](index=17&type=section&id=Profit%20Distribution%20Plan) The company's proposed half-annual profit distribution plan or capital reserve to share capital conversion plan is "none," meaning no profit distribution or capital reserve to share capital conversion will be carried out for this reporting period - The company has no half-annual profit distribution plan or capital reserve to share capital conversion plan[62](index=62&type=chunk) [Equity Incentive and Employee Stock Ownership Plans](index=18&type=section&id=Equity%20Incentive%20and%20Employee%20Stock%20Ownership%20Plans) During the reporting period, the company did not implement any equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor did it disclose any related temporary announcements or subsequent progress - During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures[63](index=63&type=chunk) [Environmental Information Disclosure](index=18&type=section&id=Environmental%20Information%20Disclosure) Three of the company's subsidiaries are included in the list of enterprises required to disclose environmental information by law and have disclosed environmental information on relevant platforms as required Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Tianjin Aisaike Bicycle Co., Ltd. | Enterprise Environmental Information Disclosure System (Tianjin) http://111.33.173.33:10800//gkwz/jcym | | 2 | Tianjin Tianren Vehicle Parts Co., Ltd. | Enterprise Environmental Information Disclosure System (Tianjin) http://111.33.173.33:10800//gkwz/jcym | | 3 | Jiangsu Huajiu Spokes Manufacturing Co., Ltd. | Official Website of Jiangsu Provincial Department of Ecology and Environment http://sthjt.jiangsu.gov.cn/ | [Fulfillment of Social Responsibilities](index=18&type=section&id=Fulfillment%20of%20Social%20Responsibilities) The company actively fulfills its social responsibilities, donating **RMB 400,000** to the Shanghai Charity Foundation in the first half of 2025 and organizing the Phoenix Volunteer Service Team to provide **36 hours** of volunteer service, contributing to poverty alleviation and rural revitalization - In the first half of 2025, the company donated **RMB 400,000** to the "Love Under the Blue Sky" charity fundraising project of the Shanghai Charity Foundation[64](index=64&type=chunk) - The company's Phoenix Volunteer Service Team provided a cumulative **36 hours** of volunteer service in schools[64](index=64&type=chunk) [Section V Significant Matters](index=19&type=section&id=Section%20V%20Significant%20Matters) [Fulfillment of Commitments](index=19&type=section&id=Fulfillment%20of%20Commitments) The company's controlling shareholder, Jinshan District SASAC, and other related parties (Jiangsu Meile, Tianjin Gray, Song Xuechang, Dou Peizhen, Fushida Technology) have strictly fulfilled all commitments regarding resolving horizontal competition and regulating related party transactions, with no violations of commitments Fulfillment of Commitments by Controlling Shareholder and Other Related Parties | Commitment Background | Commitment Type | Promising Party | Summary of Commitment Content | Commitment Date | Has Performance Deadline | Commitment Deadline | Strictly Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Commitments related to major asset restructuring | Resolving horizontal competition | Jinshan District SASAC | Not to directly or indirectly develop, participate in, or operate activities that compete with the company's business, and not to provide support to competing companies | March 26, 2015 | No | | Yes | | Commitments related to major asset restructuring | Resolving related party transactions | Jinshan District SASAC | Avoid and reduce related party transactions, follow market principles when necessary, and not occupy listed company funds | March 26, 2015 | No | | Yes | | Commitments related to major asset restructuring | Resolving horizontal competition | Jiangsu Meile | Not to engage in or develop businesses that compete with Huajiu Spokes' existing business or the listed company's complete bicycle business | April 18, 2015 | No | | Yes | | Commitments related to major asset restructuring | Resolving related party transactions | Jiangsu Meile and its actual controllers Wang Xiangyu, Wang Guobao | Minimize and regulate related party transactions, not seek special benefits through related party relationships, and not occupy listed company funds | July 27, 2020 | No | | Yes | | Commitments related to major asset restructuring | Resolving horizontal competition | Tianjin Gray | Not to engage in or develop businesses that constitute horizontal competition with Tianjin Tianren Vehicle Parts Co., Ltd.'s principal business | July 27, 2020 | No | | Yes | | Commitments related to major asset restructuring | Resolving horizontal competition | Song Xuechang and his spouse, Dou Peizhen and her spouse | Not to engage in or develop businesses that constitute horizontal competition with Tianjin Aisaike Bicycle Co., Ltd.'s principal business | July 27, 2020 | No | | Yes | | Commitments related to major asset restructuring | Resolving horizontal competition | Fushida Technology and its actual controller Xin Jiansheng and his concerted party Zhao Liqin | Not to conduct transactions with Tianjin Aisaike and its subsidiaries' top five customers from the reporting period, and not to engage in competitive business in the Japanese market within five years | July 27, 2020 | No | | Yes | | Commitments related to major asset restructuring | Resolving horizontal competition | Jiangsu Meile | Not to engage in or develop businesses that constitute horizontal competition with Shanghai Phoenix Bicycle Co., Ltd. and its subsidiaries' principal business | July 27, 2020 | No | | Yes | [Non-Operating Funds Occupancy](index=22&type=section&id=Non-Operating%20Funds%20Occupancy) During the reporting period, the company had no instances of non-operating funds being occupied by controlling shareholders or other related parties - During the reporting period, the company had no instances of non-operating funds being occupied by controlling shareholders or other related parties[70](index=70&type=chunk) [Irregular Guarantees](index=22&type=section&id=Irregular%20Guarantees) During the reporting period, the company did not provide any external guarantees in violation of prescribed decision-making procedures - During the reporting period, the company did not provide any external guarantees in violation of prescribed decision-making procedures[70](index=70&type=chunk) [Half-Year Report Audit Status](index=22&type=section&id=Half-Year%20Report%20Audit%20Status) This half-annual report is unaudited - This half-annual report is unaudited[5](index=5&type=chunk) [Significant Litigation and Arbitration Matters](index=23&type=section&id=Significant%20Litigation%20and%20Arbitration%20Matters) The company is involved in several significant lawsuits, including 29 investor lawsuits due to information disclosure violations (some model cases have had the plaintiffs' claims rejected in the first instance), and one trademark infringement lawsuit Significant Litigation and Arbitration Matters | Plaintiff (Applicant) | Defendant (Respondent) | Type of Litigation/Arbitration | Basic Situation of Litigation/Arbitration | Amount Involved (million RMB) | Progress of Litigation/Arbitration | Outcome and Impact of Litigation/Arbitration | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 29 Investors | Shanghai Phoenix Enterprise (Group) Co., Ltd. | Civil Litigation | Due to the Group's penalties from the CSRC and SSE in 2023 for information disclosure violations, a total of 29 shareholders filed relevant lawsuits | 5.1983 | First instance concluded for some cases | Model cases have been heard, and the first instance rejected all claims of plaintiffs Cao Moumou and others | | Shanghai Phoenix Enterprise (Group) Co., Ltd., Shanghai Phoenix Bicycle Co., Ltd. | Gansu Niudian Senxiang Vehicle Manufacturing Co., Ltd., Shanghai Phoenix Xinyao Economic and Trade Cooperation Co., Ltd., Gansu Senxiang Yongjiu Motorcycle Manufacturing Co., Ltd. | Civil Litigation | Gansu Niudian Senxiang Vehicle Manufacturing Co., Ltd. and others prominently used the "Shanghai Phoenix" logo on electric tricycles they produced and sold, infringing upon the "Phoenix" registered trademark, leading to a trademark infringement lawsuit | 20.1162 | First instance not yet ruled | None | [Significant Related Party Transactions](index=24&type=section&id=Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in related party transactions related to its daily operations, including procurement of goods, acceptance of services, sale of goods, provision of services, and related party leases, all of which were disclosed and approved as required - The company has approved the 2025 Q1 daily related party transaction plan and the completion status of 2024 daily related party transactions and the 2025 plan[74](index=74&type=chunk) Related Party Transactions for Purchase of Goods/Acceptance of Services | Related Party | Related Transaction Content | Amount for Current Period (million RMB) | Approved Transaction Limit (if applicable) (million RMB) | Amount for Prior Period (million RMB) | | :--- | :--- | :--- | :--- | :--- | | Jiangsu Meile Chain Wheel Co., Ltd. | Purchase of goods and materials | 28.2595 | 45.6240 | 0.9181 | | Jiangsu Meile Wheel Rim Co., Ltd. | Purchase of goods and materials | 0.9472 | 2.2600 | 10.6669 | | Jiangsu Meile Wheel Rim Co., Ltd. | Payment for water and electricity | 0.3177 | 3.0000 | 1.4703 | | Jiangsu Meile Investment Co., Ltd. | Payment for water and electricity | 1.5337 | 0.2000 | 0.4791 | | Jiangsu Meile Chain Wheel Co., Ltd. | Payment for water and electricity | 0.1098 | 0.2800 | | | Phoenix (Tianjin) Bicycle Co., Ltd. | Purchase of goods and materials | | | 7.7791 | | Jiangsu Meiya Chain Co., Ltd. | Purchase of goods | | | 0.8073 | Related Party Transactions for Sale of Goods/Provision of Services | Related Party | Related Transaction Content | Amount for Current Period (million RMB) | Amount for Prior Period (million RMB) | | :--- | :--- | :--- | :--- | | Jiangsu Meile Chain Wheel Co., Ltd. | Sale of goods, provision of services | 23.4988 | 22.5445 | | Shanghai Musu Technology Co., Ltd. | Sale of goods | 0.1695 | 0.1706 | | Jiangsu Meile Chain Wheel Co., Ltd. | Collection of gas fees | 0.1265 | | | Jiangsu Meile Investment Co., Ltd. | Sale of goods, provision of services | 0.0396 | | | Shanghai Bikan Technology Co., Ltd. | Collection of water and electricity fees | 0.0172 | 0.0197 | | Phoenix (Tianjin) Bicycle Co., Ltd. | Sale of goods, provision of services | | 8.6220 | | Jiangsu Meile Wheel Rim Co., Ltd. | Sale of goods, provision of services | | 11.3732 | | Jiangsu Meile Wheel Rim Co., Ltd. | Collection of gas fees | | 0.2781 | Related Party Leases (Company as Lessee) | Lessor Name | Type of Leased Asset | Rent Paid in Current Period (million RMB) | Lease Liability Interest Expense in Current Period (million RMB) | Right-of-Use Assets Increased in Current Period (million RMB) | Rent Paid in Prior Period (million RMB) | Lease Liability Interest Expense in Prior Period (million RMB) | Right-of-Use Assets Increased in Prior Period (million RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Musu Technology Co., Ltd. | Buildings and Structures | 6.6952 | 0.1518 | | 6.5995 | 0.4164 | | | Jiangsu Meile Wheel Rim Co., Ltd. | Buildings and Structures | 1.3276 | 3.3532 | | 1.3205 | 0.8875 | | | Jiangsu Meile Investment Co., Ltd. | Buildings and Structures | 0.4863 | 2.0339 | | 0.5003 | | | [Significant Contracts and Their Performance](index=25&type=section&id=Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had significant guarantees for its subsidiaries, with the total guarantee amount accounting for **16.21%** of net assets. Concurrently, the company entered into multiple lease contracts as both lessor and lessee, involving hazardous chemical warehouses and office buildings, with lease income and expenses having a certain impact on the company's total profit Company Guarantees for Subsidiaries | Indicator | Amount (million RMB) | | :--- | :--- | | Total Guarantees for Subsidiaries in Current Period | 180.00 | | Total Guarantee Balance for Subsidiaries at Period End (B) | 338.00 | | Total Guarantees (A+B) | 338.00 | | Proportion of Total Guarantees to Company's Net Assets (%) | 16.21% | Significant Lease Contracts | Lessor Name | Lessee Name | Leased Asset Details | Lease Income (million RMB) | Impact of Lease Income on Company Profit | | :--- | :--- | :--- | :--- | :--- | | Shanghai Heyi Industrial Co., Ltd. | Shanghai Beifang Hazardous Goods Logistics Co., Ltd. | Phase I Hazardous Chemical Warehouse | 4.7565 | Current period lease income accounts for **7.99%** of the company's total profit | | Shanghai Heyu Industrial Co., Ltd. | Shanghai Beifang Storage and Transportation Group Co., Ltd. | Phase II Hazardous Chemical Warehouse | 4.4258 | Current period lease income accounts for **7.44%** of the company's total profit | | Shanghai Phoenix Hotel Co., Ltd. | Shanghai Haoshi Asset Management Co., Ltd. | Shanghai Phoenix Hotel at No. 1690 Kongjiang Road, Shanghai | 4.1819 | Current period lease income accounts for **7.03%** of the company's total profit | | Shanghai Musu Technology Co., Ltd. | Shanghai Phoenix Enterprise (Group) Co., Ltd. | Partial floors of Building 6, No. 518 Fuquan North Road | -3.6680 | Current period lease expense accounts for **6.16%** of the company's total profit | | Shanghai Musu Technology Co., Ltd. | Shanghai Phoenix Enterprise (Group) Co., Ltd. | Partial floors of Building 6, No. 518 Fuquan North Road | -2.8311 | Current period lease expense accounts for **4.76%** of the company's total profit | | Jiangsu Meile Wheel Rim Co., Ltd. | Shanghai Phoenix Bicycle Jiangsu Co., Ltd. | No. 1 Guanhe Road, Situ Town, Danyang City | -3.3532 | Current period lease expense accounts for **5.63%** of the company's total profit | [Other Significant Matters](index=27&type=section&id=Other%20Significant%20Matters) The company's associate, Shanghai Phoenix Meile Enterprise Management Co., Ltd., invested **RMB 50 million** in the private equity fund Hangzhou Tangqi Venture Capital Partnership (Limited Partnership), which became a shareholder of Sibice Technology Co., Ltd. through a Pre-IPO round investment - The company's associate, Shanghai Phoenix Meile Enterprise Management Co., Ltd., invested **RMB 50 million** in the private equity fund Hangzhou Tangqi Venture Capital Partnership (Limited Partnership), which became a shareholder of Sibice Technology Co., Ltd. through a Pre-IPO round investment[80](index=80&type=chunk) [Section VI Share Changes and Shareholder Information](index=28&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) [Share Capital Changes](index=28&type=section&id=Share%20Capital%20Changes) During the reporting period, the company's total share capital and share structure remained unchanged, but some restricted shares from a non-public offering were released from restriction on January 2, 2025 - During the reporting period, the company's total share capital and share structure remained unchanged[82](index=82&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Released in Current Period | Restricted Shares Increased in Current Period | Restricted Shares at End of Period | Reason for Restriction | Date of Release from Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Song Xuechang | 3,126,010 | 3,126,010 | 0 | 0 | Non-public offering of new shares listed | January 2, 2025 | | Dou Peizhen | 2,381,722 | 2,381,722 | 0 | 0 | Non-public offering of new shares listed | January 2, 2025 | | Total | 5,507,732 | 5,507,732 | | | / | / | [Shareholder Information](index=28&type=section&id=Shareholder%20Information) As of the end of the reporting period, the total number of common shareholders was **51,613**. This section details the shareholding of the top ten shareholders, including the number of shares held, their proportion, the number of restricted shares, and pledge status - As of the end of the reporting period, the total number of common shareholders was **51,613** households[85](index=85&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name (Full Name) | Change in Current Period | Number of Shares Held at Period End | Proportion (%) | Number of Restricted Shares Held | Share Status | Number | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Jinshan District State-owned Assets Supervision and Administration Commission | 0 | 1,173,773,339 | 22.78% | 0 | Unpledged | | State-owned Legal Person | | Jiangsu Meile Investment Co., Ltd. | 0 | 64,743,722 | 12.56% | 0 | Pledged | 64,743,722 | Domestic Non-State-owned Legal Person | | Wang Xiangyu | 0 | 17,131,581 | 3.32% | 0 | Pledged | 13,931,181 | Domestic Natural Person | | Shanghai Jinshan Capital Management Group Co., Ltd. | 0 | 5,796,590 | 1.12% | 0 | Unpledged | | State-owned Legal Person | | GUOTAIJUNAN SECURITIES (HONGKONG) LIMITED | -15,000 | 5,759,999 | 1.12% | 0 | Unpledged | | Overseas Legal Person | | Wang Rongsheng | 2,265,501 | 2,265,501 | 0.44% | 0 | Unpledged | | Domestic Natural Person | | China Merchants Securities (Hong Kong) Co., Ltd. | 0 | 1,624,073 | 0.32% | 0 | Unpledged | | Overseas Legal Person | | Zhou Xiaojian | 0 | 1,380,255 | 0.27% | 0 | Unpledged | | Domestic Natural Person | | Industrial and Commercial Bank of China Co., Ltd. - CSI Shanghai State-owned Enterprise ETF | 823,701 | 1,229,102 | 0.24% | 0 | Unpledged | | State-owned Legal Person | | SHENWAN HONGYUAN NOMINEES (H.K.) LIMITED | 0 | 1,092,602 | 0.21% | 0 | Unpledged | | Overseas Legal Person | [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=30&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's current and former directors, supervisors, and senior management, nor were they granted any equity incentives - During the reporting period, the shareholding changes of the company's current and former directors and senior management were "not applicable," indicating no changes in shareholdings[88](index=88&type=chunk) - During the reporting period, directors, supervisors, and senior management were not granted any equity incentives[88](index=88&type=chunk) [Section VII Bond-Related Information](index=31&type=section&id=Section%20VII%20Bond-Related%20Information) [Corporate Bonds and Debt Financing Instruments](index=31&type=section&id=Corporate%20Bonds%20and%20Debt%20Financing%20Instruments) During the reporting period, the company had no outstanding or fully redeemed 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[90](index=90&type=chunk) [Convertible Corporate Bonds](index=31&type=section&id=Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[90](index=90&type=chunk) [Section VIII Financial Report](index=32&type=section&id=Section%20VIII%20Financial%20Report) [Audit Report](index=32&type=section&id=Audit%20Report) This half-annual financial report is unaudited - This half-annual financial report is unaudited[92](index=92&type=chunk) [Financial Statements](index=32&type=section&id=Financial%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 financial position and operating results at the end of the reporting period Consolidated Balance Sheet (Summary) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Total Current Assets | 2,007,293,348.49 | 1,783,892,292.69 | | Total Non-Current Assets | 1,647,433,062.54 | 1,537,412,045.54 | | Total Assets | 3,654,726,411.03 | 3,321,304,338.23 | | Total Current Liabilities | 1,448,274,726.14 | 1,061,625,263.46 | | Total Non-Current Liabilities | 107,294,787.71 | 211,837,106.20 | | Total Liabilities | 1,555,569,513.85 | 1,273,462,369.66 | | Total Equity Attributable to Parent Company Shareholders | 2,084,832,018.46 | 2,033,832,956.40 | | Total Owners' Equity | 2,099,156,897.18 | 2,047,841,968.57 | | Total Liabilities and Owners' Equity | 3,654,726,411.03 | 3,321,304,338.23 | Consolidated Income Statement (Summary) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 1,299,311,968.74 | 1,210,268,039.00 | | Total Operating Costs | 1,242,055,106.33 | 1,156,057,443.72 | | Operating Profit | 57,369,819.76 | 53,442,943.85 | | Total Profit | 59,507,397.81 | 48,413,928.79 | | Net Profit | 48,182,145.21 | 40,427,097.56 | | Net Profit Attributable to Parent Company Shareholders | 47,866,278.66 | 40,608,023.91 | | Net Other Comprehensive Income After Tax | 17,353,673.75 | 13,571,180.37 | | Total Comprehensive Income | 65,535,818.96 | 53,998,277.93 | | Basic Earnings Per Share (RMB/share) | 0.0929 | 0.0788 | | Diluted Earnings Per Share (RMB/share) | 0.0929 | 0.0788 | Consolidated Cash Flow Statement (Summary) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -87,538,017.04 | 24,976,896.78 | | Net Cash Flow from Investing Activities | -168,567,748.10 | 5,909,410.32 | | Net Cash Flow from Financing Activities | 239,408,579.95 | -122,206,464.18 | | Net Increase in Cash and Cash Equivalents | -17,176,594.82 | -89,942,670.23 | | Cash and Cash Equivalents at End of Period | 812,689,814.93 | 391,136,517.63 | [Company Basic Information](index=41&type=section&id=Company%20Basic%20Information) The company, formerly "Jinshan Development and Construction Co., Ltd.," was restructured and listed in 1993, primarily engaged in the production and sale of bicycles, mopeds, and related products and services. As of June 30, 2025, the company's total share capital was **515 million shares**, with the ultimate controlling party being the Shanghai Jinshan District State-owned Assets Supervision and Administration Commission - The company, originally named "Jinshan Development and Construction Co., Ltd.," was restructured from Shanghai Phoenix Bicycle Company into a joint-stock company in July 1993 and listed on December 29, 1993[111](index=111&type=chunk) - The company's business scope includes the production and sale of bicycles, mopeds, two-wheeled motorcycles, children's bicycles, fitness equipment, bicycle industrial equipment and molds, as well as property, warehousing, and logistics management[111](index=111&type=chunk) - As of June 30, 2025, the company's total issued share capital was **515,294,257 shares**, with a registered capital of **RMB 515,294,257.00**[111](index=111&type=chunk) - The parent company and ultimate controlling party is the Shanghai Jinshan District State-owned Assets Supervision and Administration Commission[111](index=111&type=chunk) [Basis of Financial Statement Preparation](index=41&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) These financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, and on a going concern basis - 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 No. 15 - General Provisions for Financial Reports" by the China Securities Regulatory Commission[113](index=113&type=chunk) - These financial statements are prepared on a going concern basis[114](index=114&type=chunk) [Significant Accounting Policies and Estimates](index=41&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's statement of compliance with enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statement preparation, financial instruments, inventories, contract assets, long-term equity investments, fixed assets, intangible assets, employee benefits, provisions, revenue recognition, government grants, deferred income tax, and leases, and explains that the new accounting standard interpretations effective from 2024 had no significant impact on financial position and operating results - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the financial position, operating results, and cash flows[116](index=116&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, with an operating cycle of **12 months**, and the functional currency is RMB[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) - The company classifies financial assets into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss, based on the business model for managing financial assets and the contractual cash flow characteristics[133](index=133&type=chunk) - The company recognizes revenue when it satisfies a performance obligation, meaning the customer obtains control of the related goods or services, primarily including domestic sales, international sales (FOB, CIF, C&F models), and online sales[210](index=210&type=chunk)[215](index=215&type=chunk) - The company implemented "Interpretation No. 17 of Enterprise Accounting Standards" and "Interim Provisions on Accounting Treatment of Enterprise Data Resources," as well as "Interpretation No. 18 of Enterprise Accounting Standards" regarding quality assurance, effective from January 1, 2024, with no significant impact on the company's financial position and operating results[240](index=240&type=chunk)[243](index=243&type=chunk)[244](index=244&type=chunk)[245](index=245&type=chunk) [Taxation](index=65&type=section&id=VI.%20Taxation) This section details the main tax categories and rates for the company and its subsidiaries, including VAT, urban maintenance and construction tax, and corporate income tax, and discloses the tax incentives enjoyed by several subsidiaries as high-tech enterprises or small and micro-profit enterprises Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Calculated based on sales of goods and taxable services as per tax laws, after deducting deductible input VAT for the current period | 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Calculated based on actual VAT paid | 5%, 7% | | Corporate Income Tax | Calculated based on taxable income | 15%, 20%, 25%, 30% | | Education Surcharge | Calculated based on actual VAT paid | 3% | | Local Education Surcharge | Calculated based on actual VAT paid | 2% | | Property Tax | Remaining value of property, rental income | 1.2%, 12% | | Japanese Consumption Tax | Taxable sales | 10% | Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate (%) | | :--- | :--- | | Shanghai Phoenix Hotel Co., Ltd. | 25% | | Shanghai Phoenix Bicycle Sales Co., Ltd. | 25% | | Shanghai Phoenix Import & Export Co., Ltd. | 25% | | Shanghai Phoenix Electric Vehicle Co., Ltd. | 25% | | Shanghai Phoenix Medical Equipment Co., Ltd. | 25% | | Jiangsu Fengzhui Metal Products Co., Ltd. | 25% | | Shanghai Phoenix Children's Bicycle Sales Co., Ltd. | 25% | | Danyang FNIX Sports Culture Communication Co., Ltd. | 25% | | Shanghai Phoenix Youli Culture Communication Co., Ltd. | 25% | | Shanghai Phoenix Technology Venture Capital Co., Ltd. | 25% | | Shanghai Phoenix Yizhan Sports Culture Development Co., Ltd. | 25% | | Shanghai Jinshan Development Investment Management Co., Ltd. | 25% | | Shanghai Jinji Real Estate Development Co., Ltd. | 25% | | Shanghai Heyi Industrial Co., Ltd. | 25% | | Shanghai Heyu Industrial Co., Ltd. | 25% | | Jiangsu Jiujiu Metal Technology Co., Ltd. | 25% | | Phoenix International Investment (Tianjin) Co., Ltd. | 25% | | Maruishi Cycle Co., Ltd. | 30% | | Guangdong Yuefeng Bicycle Co., Ltd. | 20% | | Guangdong Yuefeng Vehicle Co., Ltd. | 20% | | Shanghai Phoenix Bicycle Co., Ltd. | 15% | | Shanghai Phoenix Bicycle Jiangsu Co., Ltd. | 15% | | Jiangsu Huajiu Spokes Manufacturing Co., Ltd. | 15% | | Tianjin Aisaike Bicycle Co., Ltd. | 15% | | Tianjin Tianren Vehicle Parts Co., Ltd. | 15% | - Shanghai Phoenix Bicycle Co., Ltd., Shanghai Phoenix Bicycle Jiangsu Co., Ltd., Jiangsu Huajiu Spokes Manufacturing Co., Ltd., Tianjin Aisaike Bicycle Co., Ltd., and Tianjin Tianren Vehicle Parts Co., Ltd. are recognized as high-tech enterprises, with an actual corporate income tax rate of **15%** for 2025[247](index=247&type=chunk)[248](index=248&type=chunk) - Guangdong Yuefeng Bicycle Co., Ltd. and Guangdong Yuefeng Vehicle Co., Ltd. meet the criteria for small and micro-profit enterprises and enjoy corporate income tax preferential policies for such enterprises[248](index=248&type=chunk) [Notes to Consolidated Financial Statement Items](index=68&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on various asset, liability, owners' equity, and profit and loss items in the consolidated financial statements, including cash and bank balances, accounts receivable, long-term equity investments, operating revenue and costs, and explains the reasons for changes in each item Cash and Bank Balances | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash on Hand | 577,170.67 | 731,118.20 | | Bank Deposits | 812,094,652.27 | 828,989,972.59 | | Other Cash and Bank Balances | 98,731,390.15 | 77,934,917.60 | | Total | 911,403,213.09 | 907,656,008.39 | | Of which: Total Funds Deposited Overseas | 13,721,364.85 | 12,793,929.34 | | Total Funds Restricted for Use due to Pledges, Mortgages, or Freezes | 98,713,398.16 | 77,789,598.64 | - Other cash and bank balances primarily consist of deposits for bank acceptance bills issued externally[249](index=249&type=chunk) Accounts Receivable by Age | Age | Ending Book Balance (RMB) | Beginning Book Balance (RMB) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 553,901,468.20 | 334,292,416.26 | | 1 to 2 years | 14,206,165.48 | 14,433,636.02 | | 2 to 3 years | 13,034,787.36 | 15,849,057.26 | | Over 3 years | 200,822,562.16 | 197,758,268.59 | | Subtotal | 781,964,983.20 | 562,333,378.13 | | Less: Provision for Bad Debts | 241,960,963.18 | 231,623,446.66 | | Total | 540,004,020.02 | 330,709,931.47 | Long-Term Equity Investments | Investee Company | Beginning Balance (Book Value) (RMB) | Changes in Current Period - Additional Investment (RMB) | Changes in Current Period - Investment Income Recognized under Equity Method (RMB) | Ending Balance (Book Value) (RMB) | | :--- | :--- | :--- | :--- | :--- | | Shanghai Jufeng Bicycle Co., Ltd. | 14,017,528.66 | | -1,940.80 | 14,015,587.86 | | Shanghai Phoenix Real Estate Co., Ltd. | 13,730,203.55 | | -648,098.24 | 13,082,105.31 | | Shanghai Phoenix Meile Enterprise Management Co., Ltd. | 2,392,845.49 | 21,500,000.00 | 1,439,886.71 | 25,332,732.20 | | Shanghai Fengchang Jungu Technology Development Co., Ltd. | 2,280,166.19 | | | 2,280,166.19 | | Tianjin Tianfeng Technology Co., Ltd. | | 1,424,415.33 | -155,470.22 | 1,268,945.11 | | Subtotal | 32,420,743.89 | 22,924,415.33 | 634,377.45 | 55,979,536.67 | | Total | 32,420,743.89 | 22,924,415.33 | 634,377.45 | 55,979,536.67 | Operating Revenue and Operating Cost | Item | Current Period - Revenue (RMB) | Current Period - Cost (RMB) | Prior Period - Revenue (RMB) | Prior Period - Cost (RMB) | | :--- | :--- | :--- | :--- | :--- | | Principal Business | 1,289,296,912.09 | 1,102,970,738.48 | 1,192,714,288.37 | 1,026,055,644.90 | | Other Businesses | 10,015,056.65 | 1,696,054.62 | 17,553,750.63 | 7,525,467.96 | | Total | 1,299,311,968.74 | 1,104,666,793.10 | 1,210,268,039.00 | 1,033,581,112.86 | Breakdown of Operating Revenue and Operating Cost | Contract Classification - Product Type | Operating Revenue (RMB) | Operating Cost (RMB) | | :--- | :--- | :--- | | Bicycle Business | 1,265,269,449.32 | 1,080,204,237.47 | | Real Estate Business | 18,030,259.48 | 8,134,755.10 | | Steel Strip Business | 16,012,259.94 | 16,327,800.53 | | Total | 1,299,311,968.74 | 1,104,666,793.10 | [Research and Development Expenses](index=114&type=section&id=VIII.%20Research%20and%20Development%20Expenses) The company's R&D expenses for the reporting period were entirely expensed, primarily for employee compensation and material consumption, reflecting continuous investment in product development R&D Expenses by Nature of Expense | Item | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 6,974,861.26 | 6,152,191.07 | | Materials Consumed | 5,718,978.08 | 3,367,318.71 | | Depreciation and Amortization | 194,459.63 | 93,238.18 | | Other | 95,996.41 | 63,030.64 | | Total | 12,984,295.38 | 9,942,467.36 | | Of which: Expensed R&D Expenditure | 12,984,295.38 | 9,942,467.36 | | Capitalized R&D Expenditure | | | [Changes in Consolidation Scope](index=115&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope did not change due to business combinations under non-common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries - During the reporting period, the company's consolidation scope did not change[407](index=407&type=chunk) [Interests in Other Entities](index=116&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the composition of the company's enterprise group, including the names, registered places, business nature, and shareholding percentages of domestic and overseas subsidiaries, and discloses key financial information of significant associates Composition of Enterprise Group (Subsidiaries) | Subsidiary Name | Principal Place of Business | Registered Capital (10,000 RMB) | Business Nature | Shareholding Ratio (%) - Direct | Shareholding Ratio (%) - Indirect | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Phoenix Hotel Co., Ltd. | Shanghai | 4,000.00 | Hotel Industry | 100 | | Establishment | | Shanghai Phoenix Bicycle Co., Ltd. | Shanghai | 6,274.51 | Manufacturing | 100 | | Establishment | | Phoenix Japan Co., Ltd. | Japan | | Import and Export Trade | 80 | | Establishment | | Jiangsu Huajiu Spokes Manufacturing Co., Ltd. | Danyang | 9,409.21 | Manufacturing | 100 | | Business Combination under Non-Common Control | | Tianjin Aisaike Bicycle Co., Ltd. | Tianjin | 500.00 | Manufacturing | 100 | | Business Combination under Non-Common Control | | Maruishi Cycle Co., Ltd. | Japan | 9,000.00 | Bicycle Sales | | 100 | Business Combination under Non-Common Control | | Tianjin Tianren Vehicle Parts Co., Ltd. | Tianjin | 7,380.00 | Manufacturing | 100 | | Business Combination under Non-Common Control | Key Financial Information of Significant Associates | Item | Shanghai Phoenix Real Estate Co., Ltd. (RMB) | Shanghai Jufeng Bicycle Co., Ltd. (RMB) | | :--- | :--- | :--- | | Total Assets | 116,774,478.95 | 34,235,012.82 | | Total Liabilities | 88,770,795.87 | 3,089,261.98 | | Equity Attributable to Parent Company Shareholders | 32,705,263.24 | 31,145,750.84 | | Net Profit | -1,620,245.62 | -4,312.86 | | Total Comprehensive Income | -1,620,245.62 | -4,312.86 | Excess Losses Incurred by Joint Ventures or Associates | Name of Joint Venture or Associate | Cumulative Unrecognized Losses from Prior Periods (RMB) | Unrecognized Losses in Current Period (or Net Profit Share in Current Period) (RMB) | Cumulative Unrecognized Losses at End of Current Period (RMB) | | :--- | :--- | :--- | :--- | | Shanghai Phoenix Equipment Leasing Co., Ltd. | 1,364,365.73 | | 1,364,365.73 | [Government Grants](index=119&type=section&id=XI.%20Government%20Grants) This section discloses the government grants received by the company during the reporting period, including asset-related environmental equipment grants and multiple income-related government grants, totaling **RMB 2,779,064.48** Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (RMB) | New Grants in Current Period (RMB) | Amount Recognized in Non-Operating Income in Current Period (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Ending Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Environmental Equipment Grants | 9,124,218.11 | | | 1,133,473.32 | 7,990,744.79 | Asset-related | | Total | 9,124,218.11 | | | 1,133,473.32 | 7,990,744.79 | / | Government Grants Recognized in Current Profit or Loss | Type | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Asset-related | 1,133,473.32 | 1,463,613.23 | | Income-related | 92,340.33 | 185,067.55 | | Income-related | 1,138,049.83 | 1,268,493.48 | | Income-related | 10