格隆汇9月29日丨南京熊猫电子股份(00553.HK)宣布，本公司将于2025年10月28日（星期二）召开董事 会会议，藉以（其中包括）审议及批准本公司及其附属公司截至2025年9月30日止第三季度未经审计的 业绩及其发布并处理任何其他事务（如有）。 ...

董事會會議日期 南 京 熊 猫 電 子 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，本 公 司 將 於 二 零 二 五 年 十 月 二 十 八 日（星 期 二）召 開 董 事 會 會 議，藉 以（其 中 包 括）審 議 及 批 准 本 公 司 及 其 附 屬 公 司 截 至 二 零 二 五 年 九 月 三 十 日 止 第 三 季 度 未 經 審 計 之 業 績 及 其 發 佈 並 處 理 任 何 其 他 事 務（如 有）。 承董事會命 南京熊猫電子股份有限公司 夏德傳 董事長 中華人民共和國 • 南 京 二零二五年九月 二十九 日 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 於 本 公 告 日 期，董 事 會 包 括 執 行 董 事：夏 德 傳 先 生 及 胡 回 春 先 生；非 執 行 董 事：劉 劍 鋒 先 生、胡 進 先 生、易 國 富 先 ...

[Section I Definitions](index=3&type=section&id=Section%20I%20Definitions) This section provides definitions of common terms used in the report to ensure a clear understanding of professional terminology and company-related entities [Definitions of Common Terms](index=3&type=section&id=Definitions%20of%20Common%20Terms) This section provides definitions of common terms used in the report to ensure readers have a clear understanding of professional terminology and company-related entities - Defines "the Company/Company/Nanjing Panda" as Nanjing Panda Electronics Company Limited, and "the Group" as Nanjing Panda Electronics Company Limited and its subsidiaries[3](index=3&type=chunk) - Lists major related parties such as "Panda Group Company," "CEC Panda," "China Electronics" and their respective groups[3](index=3&type=chunk) - Explains common industry abbreviations such as AFC (Automatic Fare Collection System), ACC (Automated Clearing Center), EMS (Electronic Manufacturing Services)[4](index=4&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information and key financial performance, highlighting a narrowed net loss despite decreased operating revenue [I. Company Information](index=5&type=section&id=I.%20Company%20Information) This section outlines the basic information of Nanjing Panda Electronics Company Limited, including its Chinese abbreviation, English abbreviation, and legal representative - Company's Chinese abbreviation: Nanjing Panda, English abbreviation: NPEC[5](index=5&type=chunk) - Company's legal representative: Hu Huichun (Director, General Manager)[5](index=5&type=chunk) [II. Contact Person and Information](index=5&type=section&id=II.%20Contact%20Person%20and%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including name, address, telephone, fax, and email - Both the Board Secretary and Securities Affairs Representative are Wang Dongdong, with the contact address at No. 7 Jingtian Road, Nanjing, People's Republic of China[5](index=5&type=chunk) - Contact number is **(86 25) 84801144**, email is dms@panda.cn[5](index=5&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section briefly introduces the historical changes in the company's registered address; currently, both the registered and office addresses are No. 7 Jingtian Road, Nanjing, Jiangsu Province, People's Republic of China - The company's registered address is currently No. 7 Jingtian Road, Nanjing, Jiangsu Province, People's Republic of China[6](index=6&type=chunk) - The company's registered address was changed to Room 1701, No. 301 Zhongshan East Road, Xuanwu District, Nanjing in 2019, and changed back to No. 7 Jingtian Road in 2021[6](index=6&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) This section specifies the company's selected newspapers for information disclosure, the internet website for semi-annual reports, and the location for storing the company's semi-annual reports - The company's selected newspapers for information disclosure are "Shanghai Securities News" and "China Securities Journal"[7](index=7&type=chunk) - The international internet websites for semi-annual reports and information disclosure are the Shanghai Stock Exchange website (http://www.sse.com.cn) and the Hong Kong Stock Exchange website (http://www.hkex.com.hk)[7](index=7&type=chunk) - The company's semi-annual report storage location is the Board Secretary's Office at No. 7 Jingtian Road, Nanjing, People's Republic of China[7](index=7&type=chunk) [V. Company Stock Information](index=5&type=section&id=V.%20Company%20Stock%20Information) This section lists the types of shares, listing exchanges, stock abbreviations, and stock codes for the company's shares listed on domestic and overseas exchanges - The company's A-shares are listed on the Shanghai Stock Exchange, stock abbreviation "Nanjing Panda", stock code **600775**[8](index=8&type=chunk) - The company's H-shares are listed on the Hong Kong Stock Exchange, stock abbreviation "Nanjing Panda", stock code **00553**[8](index=8&type=chunk) [VI. Other Relevant Information](index=5&type=section&id=VI.%20Other%20Relevant%20Information) This section states that the company has no other relevant information to disclose - Not applicable[9](index=9&type=chunk) [VII. Key Accounting Data and Financial Indicators (Prepared in accordance with PRC Enterprise Accounting Standards)](index=6&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators%20%28Prepared%20in%20accordance%20with%20PRC%20Enterprise%20Accounting%20Standards%29) This section presents the company's key accounting data and financial indicators for the first half of 2025, explaining the main reasons for significant changes, including a 16.61% year-on-year decrease in operating revenue but a narrowed net loss attributable to shareholders 2025 H1 Key Accounting Data (Consolidated Statement) | Indicator | Current Period (Jan–Jun 2025) | Prior Year Period (Jan–Jun 2024) | | :--- | :--- | :--- | | Operating Revenue | 1,042,651,233.72 Yuan | 1,250,346,512.09 Yuan | | Total Profit | -6,768,483.31 Yuan | -36,574,327.28 Yuan | | Net Profit Attributable to Shareholders of Listed Company | -45,584,145.10 Yuan | -68,198,110.51 Yuan | | Net Cash Flow from Operating Activities | -144,931,633.58 Yuan | -133,262,704.33 Yuan | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 3,068,265,743.01 Yuan | 3,114,294,647.60 Yuan | | Total Assets (Period-end) | 5,086,054,275.35 Yuan | 5,320,807,895.66 Yuan | 2025 H1 Key Financial Indicators | Indicator | Current Period (Jan–Jun 2025) | Prior Year Period (Jan–Jun 2024) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | -0.0499 | -0.0746 | Not applicable | | Diluted Earnings Per Share (Yuan/share) | -0.0499 | -0.0746 | Not applicable | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (Yuan/share) | -0.0673 | -0.0838 | Not applicable | | Weighted Average Return on Net Assets (%) | -1.47 | -2.09 | Increased by 0.62 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | -1.99 | -2.34 | Increased by 0.35 percentage points | - Operating revenue decreased year-on-year primarily due to reduced export orders, fewer completed acceptance and settlement of industrial internet and intelligent manufacturing projects in the first half, and intense competition in the power supply and communication business[11](index=11&type=chunk) - Net profit attributable to shareholders of the listed company increased year-on-year (loss narrowed) mainly due to increased investment income from the associate LG Panda, and disposal gains from the liquidation of Beijing Soai Putian Mobile Communication Co., Ltd., an associate of the company[11](index=11&type=chunk) - Net cash flow from operating activities decreased year-on-year, mainly due to reduced cash received from sales of goods and provision of services[11](index=11&type=chunk) [VIII. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=6&type=section&id=VIII.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) This section states that there are no differences in the company's accounting data under domestic and overseas accounting standards - Not applicable[12](index=12&type=chunk) [IX. Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling **RMB 15,934,319.80** 2025 H1 Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (RMB Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets, including the portion of impairment provisions reversed | 11,035,112.38 | | Government grants recognized in current profit or loss (excluding those closely related to normal business operations and continuously affecting the company) | 1,386,789.44 | | Gains or losses from changes in fair value of financial assets and financial liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and financial liabilities, excluding effective hedging activities related to normal business operations | 5,038,173.73 | | Reversal of impairment provisions for receivables for which individual impairment tests were performed | 115,104.48 | | Other non-operating income and expenses apart from the above items | 124,243.43 | | Less: Income tax impact | 820,318.97 | | Impact on minority interests (after tax) | 944,784.69 | | Total | 15,934,319.80 | [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=X.%20Companies%20with%20Equity%20Incentive%20or%20Employee%20Stock%20Ownership%20Plans%20May%20Choose%20to%20Disclose%20Net%20Profit%20After%20Deducting%20Share-based%20Payment%20Impact) This section states that the company has no equity incentive or employee stock ownership plans, so the relevant disclosure is not applicable - Not applicable[15](index=15&type=chunk) [XI. Others](index=7&type=section&id=XI.%20Others) This section states that the company has no other matters requiring disclosure - Not applicable[15](index=15&type=chunk) [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's industry, business operations, core competencies, and financial performance, along with potential risks and other significant disclosures [I. Overview of the Company's Industry and Main Business During the Reporting Period](index=8&type=section&id=I.%20Overview%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) This section describes the steady growth of the electronic information manufacturing industry in the first half of 2025, along with the positive impact of national "AI+" and digitalization policies, and the company's focus on smart transportation, industrial internet, and green service-oriented electronic manufacturing - The company operates in the computer, communication, and other electronic equipment manufacturing industry, with the added value of electronic information manufacturing above designated size increasing by **11.1%** year-on-year, and operating revenue reaching **RMB 6.49 trillion**, a year-on-year increase of **9.4%** in the first half of 2025[16](index=16&type=chunk) - The "Digital China Construction 2025 Action Plan" deploys "AI+" actions, promoting the development of new-generation intelligent terminals and intelligent manufacturing equipment such as intelligent connected new energy vehicles, AI mobile phones and computers, and intelligent robots[17](index=17&type=chunk) - The company's three main businesses are smart transportation and safe cities, industrial internet and intelligent manufacturing, and green service-oriented electronic manufacturing[19](index=19&type=chunk) - The company promotes an all-staff marketing model and adheres to independent innovation, upholding a "response + leadership" dual-driven R&D model[20](index=20&type=chunk)[21](index=21&type=chunk) [(I) Industry Overview](index=8&type=section&id=%28I%29%20Industry%20Overview) This section states that the electronic information manufacturing industry, where the company operates, showed steady growth, optimized structure, and innovation-driven characteristics in the first half of 2025, becoming a crucial force supporting industrial economic recovery and high-quality development - The company operates in the computer, communication, and other electronic equipment manufacturing industry[16](index=16&type=chunk) - In the first half of 2025, the added value of electronic information manufacturing above designated size increased by **11.1%** year-on-year, with cumulative export delivery value increasing by **3.3%** year-on-year[16](index=16&type=chunk) - Operating revenue reached **RMB 6.49 trillion**, a year-on-year increase of **9.4%**; total profit reached **RMB 216.2 billion**, a year-on-year increase of **11.9%**[16](index=16&type=chunk) [(II) Impact of New Policies on the Industry](index=8&type=section&id=%28II%29%20Impact%20of%20New%20Policies%20on%20the%20Industry) This section elaborates on new policies such as the "Digital China Construction 2025 Action Plan," "Light Industry Digital Transformation Implementation Plan," and "Electronic Information Manufacturing Digital Transformation Implementation Plan" issued by the National Data Bureau and the Ministry of Industry and Information Technology, which bring development opportunities for the company's industry, especially in AI and digital transformation - The "Digital China Construction 2025 Action Plan" deploys "AI+" actions, deeply exploring AI application scenarios, and developing new-generation intelligent terminals and intelligent manufacturing equipment such as intelligent connected new energy vehicles, AI mobile phones and computers, and intelligent robots[17](index=17&type=chunk) - The "Light Industry Digital Transformation Implementation Plan" proposes that by 2030, light industry enterprises above designated size will generally implement digital transformation, forming a "smart transformation, digital upgrade, and network connection" digital ecosystem[17](index=17&type=chunk) - The "Electronic Information Manufacturing Digital Transformation Implementation Plan" proposes that by 2027, the numerical control rate of key processes in electronic information manufacturing enterprises above designated size will exceed **85%**, and by 2030, a relatively complete data basic institutional system will be established[18](index=18&type=chunk) [(III) Main Business and Products](index=9&type=section&id=%28III%29%20Main%20Business%20and%20Products) This section details the company's three main businesses: smart transportation and safe cities, industrial internet and intelligent manufacturing, and green service-oriented electronic manufacturing, listing key development directions and products for each business area - The company's three main businesses are smart transportation and safe cities, industrial internet and intelligent manufacturing, and green service-oriented electronic manufacturing[19](index=19&type=chunk) - In the smart transportation and safe cities sector, the focus is on developing smart transportation and safe city business clusters, expanding into smart urban rail, safe city communication, digital parks, high-tech electronics, and energy storage power supply businesses[19](index=19&type=chunk) - In the industrial internet and intelligent manufacturing sector, the company provides smart factory system solutions, including smart industrial control equipment, smart robots, smart logistics equipment, and other new intelligent manufacturing specialized and general equipment[19](index=19&type=chunk) - In the green service-oriented electronic manufacturing sector, the company provides complete manufacturing services for domestic and international brand manufacturers, including R&D, process design, procurement management, production, manufacturing, and warehousing logistics for 3C products, new display module components, core components for white goods, automotive electronics, communication equipment, and other electronic products[19](index=19&type=chunk) [(IV) Operating Model](index=9&type=section&id=%28IV%29%20Operating%20Model) This section describes the company's management, R&D, production and service provision, and marketing models, emphasizing its active integration into China Electronics' development strategy, commitment to independent innovation, market and customer-oriented approach, and promotion of all-staff marketing - Management Model: Adapting to the times, flexibly responding to new situations and tasks, actively integrating into China Electronics' development strategy, implementing industrial integration and restructuring, and continuously deepening enterprise transformation and upgrading[20](index=20&type=chunk) - R&D Model: Always adhering to independent innovation, upholding a "response + leadership" dual-driven R&D model, and implementing a "three-tight" R&D strategy (closely linked to national strategic direction, closely following technological development trends, and closely aligned with market demand)[20](index=20&type=chunk) - Production and Service Provision Model: Market and customer-oriented, organizing R&D and production activities, committed to providing products, overall system solutions, and delivery of system engineering projects[20](index=20&type=chunk) - Marketing Model: Promoting an all-staff marketing model, encouraging all employees to participate in the company's marketing activities through training and incentive mechanisms to expand brand influence and performance[21](index=21&type=chunk) [(V) Market Position and Key Achievements](index=10&type=section&id=%28V%29%20Market%20Position%20and%20Key%20Achievements) This section introduces the company's market position and key achievements in the first half of 2025 across smart transportation and safe cities, industrial internet and intelligent manufacturing, and green manufacturing services, including multiple successful bids and business breakthroughs - In smart transportation business, deeply involved in intelligent construction of urban rail transit in multiple regions, successfully bidding for multiple urban rail transit AFC system and communication system equipment procurement projects[22](index=22&type=chunk) - In digital park business, providing intelligent overall solutions for medical, transportation, industrial park, and other scenarios, successfully bidding for **30** intelligent engineering projects and related projects[22](index=22&type=chunk) - In industrial internet and intelligent manufacturing, achieving business breakthroughs in flexible assembly, smart warehousing, and electronic glass, successfully signing **16** key projects, with both the number of successful bids and contract value increasing[23](index=23&type=chunk) - In green manufacturing services, intensifying efforts to expand external markets, with automotive electronics business closely following multiple leading clients, and white goods business deepening cooperation with strategic clients[23](index=23&type=chunk) [II. Discussion and Analysis of Operating Performance](index=10&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) In the first half of 2025, the company adhered to its core annual goals, focused on quality improvement and efficiency, deepened reform, but due to the macroeconomic situation, export orders decreased, industrial internet and intelligent manufacturing businesses were in a transition period, and power supply and communication businesses faced intense competition, leading to a year-on-year decrease in operating revenue and a net loss attributable to shareholders of the listed company of **RMB 45.5841 million** - The company adhered to its core annual goals, firmly guarding the two lifelines of development and safety, focusing on quality improvement and efficiency, deepening reform, and strictly controlling risks[24](index=24&type=chunk) - Affected by the macroeconomic situation, the company's export orders decreased, and revenue declined year-on-year[24](index=24&type=chunk) - The industrial internet and intelligent manufacturing businesses are in a transitional adjustment period, with fewer completed acceptance and settlement of related businesses in the first half, impacting operating revenue and net profit attributable to the parent company's owners[24](index=24&type=chunk) 2025 H1 Operating Performance | Indicator | Amount (RMB) | | :--- | :--- | | Operating Revenue | 104,265.12 Ten Thousand Yuan | | Total Loss | 676.85 Ten Thousand Yuan | | Net Loss Attributable to Shareholders of Listed Company | 4,558.41 Ten Thousand Yuan | [III. Analysis of Core Competencies During the Reporting Period](index=11&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company continuously strengthened its core competencies during the reporting period, mainly in five aspects: construction of a scientific and technological innovation system, effectiveness of R&D investment, breakthroughs in intellectual property, sound quality control system, and deep integration of industry-university-research, ensuring its leading position and market competitiveness - The company continuously improved its scientific and technological innovation system; **8** major subsidiaries maintained high-tech enterprise certification, and **4** subsidiaries were recognized and maintained as provincial "specialized, refined, unique, and new" enterprises[25](index=25&type=chunk) - The company emphasized R&D investment, with cumulative R&D investment exceeding **RMB 100 million** in the first half of 2025; **3** scientific research achievements passed the scientific and technological achievement appraisal organized by the Jiangsu Provincial Science and Technology Innovation Association, with project results all at a leading domestic level[25](index=25&type=chunk) - The company's intellectual property and standardization work continuously made breakthroughs, with **20** patent applications accepted (including **20** invention patents) and **17** patents granted (including **10** invention patents) in the first half of 2025[25](index=25&type=chunk) - The company improved its quality control system, maintaining ISO9001, ISO14001, ISO45001, ATF16949, and other certifications, and obtained ISO13485 medical device quality management system certification and ISO50001 energy management system certification in the first half of 2025[25](index=25&type=chunk) - The company actively promoted deep integration of industry-university-research, carrying out joint R&D projects with Nanjing University, Southeast University, and other universities, and was approved to establish the Nanjing New Generation Autonomous and Controllable Intelligent Communication Network Innovation Consortium in cooperation with Nanjing University of Posts and Telecommunications[25](index=25&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=12&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section details the company's financial statement item changes, asset and liability status, and investment activities in the first half of 2025, showing decreased operating revenue and costs, significantly increased net cash flow from investment activities, and stable asset-liability structure with some asset reductions - Operating revenue decreased by **16.61%** year-on-year, and operating costs decreased by **18.97%** year-on-year, mainly due to reduced export orders, fewer completed acceptance and settlement of industrial internet and intelligent manufacturing projects, and intense market competition in power supply and communication businesses[27](index=27&type=chunk) - Net cash flow from investment activities was **RMB 267,138,820.66**, a year-on-year increase of **131.42%**, mainly due to the recovery of investment from the liquidation of an associate and a year-on-year decrease in the purchase of structured deposits[27](index=27&type=chunk)[29](index=29&type=chunk) - Period-end notes receivable decreased by **75.47%** year-on-year, mainly due to a decrease in un-derecognized bank acceptance bills and commercial acceptance bills at period-end[31](index=31&type=chunk) - Period-end short-term borrowings decreased by **100%** year-on-year, mainly due to the maturity of un-derecognized bank acceptance bills discounted at the end of the previous year and un-derecognized accounts receivable factored[31](index=31&type=chunk) - The company plans to publicly list and transfer its **27%** equity in associate Nanjing Ericsson Panda Communications Co., Ltd. through the Shanghai United Assets and Equity Exchange, with a reserve price of **RMB 284.6067 million**[46](index=46&type=chunk) [(I) Analysis of Main Business](index=12&type=section&id=%28I%29%20Analysis%20of%20Main%20Business) This section analyzes the changes in the company's main accounting items and their reasons in the first half of 2025, showing that both operating revenue and costs decreased due to changes in market environment and business settlement progress, while net cash flow from investment activities significantly increased 2025 H1 Financial Statement Items Change Analysis | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,042,651,233.72 | 1,250,346,512.09 | -16.61 | | Operating Cost | 881,242,988.19 | 1,087,598,858.49 | -18.97 | | Selling Expenses | 20,891,732.02 | 23,290,719.32 | -10.30 | | Administrative Expenses | 114,512,870.03 | 119,385,910.50 | -4.08 | | Financial Expenses | -4,527,196.16 | -7,823,878.43 | Not applicable | | R&D Expenses | 99,991,645.72 | 109,855,250.05 | -8.98 | | Net Cash Flow from Operating Activities | -144,931,633.58 | -133,262,704.33 | Not applicable | | Net Cash Flow from Investment Activities | 267,138,820.66 | 115,436,141.90 | 131.42 | | Net Cash Flow from Financing Activities | -8,729,418.84 | 30,138,541.71 | -128.96 | | Gains from Changes in Fair Value | 4,412,265.15 | -1,481,275.69 | Not applicable | | Credit Impairment Losses | -6,698,654.55 | -4,246,517.83 | Not applicable | | Asset Impairment Losses | 1,194,286.77 | -21,313.55 | Not applicable | | Gains from Asset Disposal | 2,152.11 | 8,373.69 | -74.30 | | Non-operating Income | 207,324.72 | 471,339.02 | -56.01 | | Non-operating Expenses | 82,289.21 | 174,101.74 | -52.73 | - Changes in operating revenue and operating costs were mainly due to reduced export orders, fewer completed acceptance and settlement of industrial internet and intelligent manufacturing projects in the first half, and intense competition in the power supply and communication business[27](index=27&type=chunk) - Changes in net cash flow from investment activities were mainly due to the recovery of investment from the liquidation of an associate and a year-on-year decrease in the purchase of structured deposits[29](index=29&type=chunk) [(II) Explanation of Significant Profit Changes Caused by Non-Main Business](index=13&type=section&id=%28II%29%20Explanation%20of%20Significant%20Profit%20Changes%20Caused%20by%20Non-Main%20Business) This section states that the company's non-main business did not cause significant changes in profit - Not applicable[28](index=28&type=chunk) [(III) Analysis of Assets and Liabilities](index=14&type=section&id=%28III%29%20Analysis%20of%20Assets%20and%20Liabilities) This section analyzes the changes in the company's asset and liability balances at the end of the first half of 2025 compared to the end of the previous year, showing a significant decrease in notes receivable and short-term borrowings, an increase in prepayments and construction in progress, and also discloses the restricted status of major assets 2025 H1 Assets and Liabilities Change Analysis | Item Name | Current Period End Amount (Yuan) | % of Total Assets | Prior Year End Amount (Yuan) | % of Total Assets | Change Ratio (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 833,316,771.39 | 16.38 | 757,643,131.44 | 14.24 | 9.99 | | Notes Receivable | 24,153,385.62 | 0.47 | 98,477,213.49 | 1.85 | -75.47 | | Prepayments | 38,086,465.61 | 0.75 | 27,410,781.74 | 0.52 | 38.95 | | Construction in Progress | 2,377,750.38 | 0.05 | 1,506,311.96 | 0.03 | 57.85 | | Long-term Equity Investments | 389,991,205.34 | 7.67 | 492,989,930.44 | 9.27 | -20.89 | | Short-term Borrowings | 0 | 0 | 42,326,327.88 | 0.80 | -100.00 | | Notes Payable | 33,484,535.53 | 0.66 | 110,289,431.12 | 2.07 | -69.64 | | Employee Benefits Payable | 30,760,321.04 | 0.60 | 59,341,157.51 | 1.12 | -48.16 | - Changes in notes receivable were mainly due to a decrease in un-derecognized bank acceptance bills and commercial acceptance bills at period-end[31](index=31&type=chunk) - Changes in prepayments were mainly due to increased prepayments for materials for urban rail transit projects[31](index=31&type=chunk) - Restricted status of major assets at period-end: monetary funds **RMB 51,805,272.91**, notes receivable **RMB 10,648,755.38**, accounts receivable **RMB 8,276,712.67**, totaling **RMB 70,730,740.96**[33](index=33&type=chunk) [(IV) Analysis of Investment Status](index=15&type=section&id=%28IV%29%20Analysis%20of%20Investment%20Status) This section analyzes the company's external equity investments and financial assets measured at fair value in the first half of 2025, showing that the company prudently advanced fixed asset and related project investments, with significant amounts of purchases and redemptions of trading financial assets and notes receivable financing - In the first half of 2025, the company strictly followed the annual capital expenditure budget and actual operating conditions, prudently, standardly, and orderly advanced fixed asset and related project investments[34](index=34&type=chunk) 2025 H1 Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | Fair Value Change Gains/Losses for Current Period (Yuan) | Purchases for Current Period (Yuan) | Sales/Redemptions for Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 491,594,758.95 | 4,412,265.15 | 595,000,000.00 | 684,004,590.04 | 407,002,434.06 | | Notes Receivable Financing | 30,350,019.89 | | 106,754,068.59 | 102,813,589.79 | 34,290,498.69 | | Total | 521,944,778.84 | 4,412,265.15 | 701,754,068.59 | 786,818,179.83 | 441,292,932.75 | - No significant equity investments, non-equity investments, securities investments, private equity fund investments, or derivative investments during the reporting period[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) [(V) Significant Asset and Equity Disposals](index=16&type=section&id=%28V%29%20Significant%20Asset%20and%20Equity%20Disposals) This section states that the company had no significant asset and equity disposals during the reporting period - Not applicable[41](index=41&type=chunk) [(VI) Analysis of Major Holding and Associate Companies](index=16&type=section&id=%28VI%29%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) This section analyzes the company's major holding subsidiaries and associate companies with an impact of **10%** or more on the company's net profit, focusing on the operating performance and equity disposal progress of Nanjing LG Panda Appliances Co., Ltd. and Nanjing Ericsson Panda Communications Co., Ltd Major Subsidiaries and Associate Companies with >10% Impact on Net Profit (2025 H1) | Company Name | Company Type | Main Business | Registered Capital (Ten Thousand Yuan) | Total Assets (Ten Thousand Yuan) | Net Assets (Ten Thousand Yuan) | Operating Revenue (Ten Thousand Yuan) | Operating Profit (Ten Thousand Yuan) | Net Profit (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Electronic Equipment Co. | Subsidiary | Production and sales of automatic transmission equipment and industrial robots | 19,000.00 | 31,605.96 | -16,650.73 | 4,256.25 | -4,734.71 | -4,719.92 | | Information Industry Co. | Subsidiary | Production and sales of urban rail transit AFC and ACC systems, equipment, building intelligence and system integration | 21,681.4228 | 157,611.12 | 43,762.53 | 40,916.16 | 2,267.95 | 2,210.52 | | Electronic Manufacturing Co. | Subsidiary | EMS services | USD2,000 | 73,106.32 | 25,268.29 | 26,081.73 | -962.29 | -967.52 | | Shenzhen Jinghua | Subsidiary | R&D, production and sales of communication equipment, digital products | 11,507.00 | 58,749.45 | 48,151.57 | 24,543.33 | 5,447.93 | 4,294.56 | | LG Panda | Associate | Development and production of fully automatic washing machines and related components | USD3,570 | 347,682.18 | 105,632.16 | 357,762.03 | 25,805.74 | 19,371.23 | - Nanjing LG Panda Appliances Co., Ltd.'s operating revenue in the first half of 2025 was **RMB 3,577.6203 million**, a year-on-year increase of **2.71%**; net profit was **RMB 193.7123 million**, a year-on-year increase of **0.85%**, mainly due to increased export orders for washing machines. The company recognized investment income of **RMB 48.3774 million**[43](index=43&type=chunk) - The operating period of Nanjing Ericsson Panda Communications Co., Ltd. (ENC) was extended to December 14, 2025. The company plans to publicly list and transfer its **27%** equity in ENC through the Shanghai United Assets and Equity Exchange, with a reserve price of **RMB 284.6067 million**[44](index=44&type=chunk)[46](index=46&type=chunk) [(VII) Information on Structured Entities Controlled by the Company](index=18&type=section&id=%28VII%29%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) This section states that the company has no structured entities under its control - Not applicable[48](index=48&type=chunk) [V. Other Disclosure Matters](index=18&type=section&id=V.%20Other%20Disclosure%20Matters) This section discloses potential technical, market, and litigation risks faced by the company and outlines corresponding countermeasures, along with other important information such as liquidity, share purchases/sales, pre-emptive rights, D&O liability insurance, and compliance with corporate governance codes - The company faces technical risk, market risk, and litigation risk, and has formulated corresponding countermeasures, such as strengthening scientific and technological innovation, optimizing business structure, and enhancing litigation management[49](index=49&type=chunk)[48](index=48&type=chunk) - As of June 30, 2025, the company's consolidated asset-liability ratio was **33.74%**, current ratio was **2.17**, quick ratio was **1.80**, and short-term bank and other borrowings were **RMB 0**[50](index=50&type=chunk) - During the reporting period, the Group did not purchase, sell, or redeem any shares of the Company[50](index=50&type=chunk) - The company has adopted and complied with the Corporate Governance Code contained in Appendix 14 and the Model Code for Securities Transactions by Directors of Listed Issuers contained in Appendix 10 of the Listing Rules[51](index=51&type=chunk)[52](index=52&type=chunk) - The Audit Committee has reviewed the company's unaudited financial report for the six months ended June 30, 2025, and believes that the financial report complies with applicable accounting standards and legal requirements and has made appropriate disclosures[52](index=52&type=chunk) [(I) Potential Risks](index=18&type=section&id=%28I%29%20Potential%20Risks) This section details the technical, market, and litigation risks the company may face and proposes corresponding countermeasures - Technical Risk: Accelerated technological iteration poses a significant challenge to the company's ability to build industrial innovation capabilities and core competitiveness. The company will focus on the construction of the Digital Intelligence Industry Research Institute to enhance scientific and technological innovation capabilities and the economic benefits transformation of R&D achievements[49](index=49&type=chunk)[48](index=48&type=chunk) - Market Risk: Affected by economic cycles, policy changes, and market demand changes, market competition in the company's main businesses is intensifying. The company will optimize its business structure, strive to find new growth points, and actively explore overseas business markets[48](index=48&type=chunk) - Litigation Risk: In recent years, the company's litigation disputes have generally shown an increasing trend. The company will invest more effort in pre-litigation risk prevention, in-litigation case handling, and post-litigation review and summary analysis to fully avoid and recover losses through judicial procedures[48](index=48&type=chunk) [(II) Other Disclosure Matters](index=19&type=section&id=%28II%29%20Other%20Disclosure%20Matters) This section discloses the company's liquidity status, share purchase/sale situation, pre-emptive rights, D&O liability insurance, and compliance with corporate governance codes - As of June 30, 2025, the company's consolidated asset-liability ratio was **33.74%**, current ratio was **2.17**, quick ratio was **1.80**, bank deposits and cash were **RMB 833 million**, and short-term bank and other borrowings were **RMB 0**[50](index=50&type=chunk) - During the reporting period, the Group did not purchase, sell, or redeem any shares of the Company[50](index=50&type=chunk) - The company has adopted and complied with the Corporate Governance Code contained in Appendix 14 and the Model Code for Securities Transactions by Directors of Listed Issuers contained in Appendix 10 of the Listing Rules[51](index=51&type=chunk)[52](index=52&type=chunk) - The Audit Committee has reviewed the company's unaudited financial report for the six months ended June 30, 2025, and believes that the financial report complies with applicable accounting standards and legal requirements and has made appropriate disclosures[52](index=52&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=21&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in directors, supervisors, and senior management, profit distribution plans, equity incentive plans, environmental information disclosure, and efforts in poverty alleviation and rural revitalization [I. Changes in Directors, Supervisors, and Senior Management](index=21&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section states that there were no changes in the company's directors, supervisors, and senior management during the reporting period - During the reporting period, there were no changes in the company's directors, supervisors, and senior management[53](index=53&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=21&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) This section states that the company will not carry out profit distribution or capital reserve conversion into share capital for the first half of 2025 - The company will not carry out profit distribution or capital reserve conversion into share capital for the semi-annual period[2](index=2&type=chunk) - According to the 2024 annual profit distribution plan, the company's net loss attributable to shareholders of the listed company for 2024 was **RMB 188,854,556.25**, therefore no profit distribution, capital reserve conversion into share capital, or other forms of distribution will be made[54](index=54&type=chunk) [III. Information on the Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures and Their Impact](index=21&type=section&id=III.%20Information%20on%20the%20Company%27s%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures%20and%20Their%20Impact) This section states that the company has no equity incentive plans, employee stock ownership plans, or other employee incentive measures - Not applicable[55](index=55&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=21&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) This section discloses that the company's subsidiary, Nanjing Huage Electric Plastic Co., Ltd., has been included in the list of enterprises required to disclose environmental information by law, and provides an inquiry index - The number of enterprises included in the list of enterprises required to disclose environmental information by law is **1**[55](index=55&type=chunk) - The enterprise name is Nanjing Huage Electric Plastic Co., Ltd., and the inquiry index for its environmental information disclosure report has been provided[55](index=55&type=chunk) [V. Specific Information on Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=21&type=section&id=V.%20Specific%20Information%20on%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20and%20Other%20Work) This section states that the company actively participated in the "Central Enterprise Consumer Assistance Spring Action" launched by China Electronics Corporation to help consolidate and expand poverty alleviation achievements and continuously promote rural revitalization - The company actively participated in the "Central Enterprise Consumer Assistance Spring Action" launched by China Electronics Corporation[56](index=56&type=chunk) - Purchased and assisted in selling agricultural products through the State-owned Assets Supervision and Administration Commission of the State Council's "Central Enterprise Consumer Assistance" e-commerce platform and "CEC Consumer Assistance Mall"[56](index=56&type=chunk) - In this assistance action, the company purchased **1,983** units of agricultural products and other items, with a total assistance fund of **RMB 149,600**[56](index=56&type=chunk) [Section V Significant Matters](index=22&type=section&id=Section%20V%20Significant%20Matters) This section covers the fulfillment of commitments, absence of non-operating fund occupation and irregular guarantees, unaudited semi-annual report, significant litigation, penalties, integrity status, major related party transactions, significant contracts, and other important disclosures [I. Fulfillment of Commitments](index=22&type=section&id=I.%20Fulfillment%20of%20Commitments) This section details the fulfillment of commitments by the company's actual controller, shareholders, related parties, and the company itself during or continuing into the reporting period, with China Electronics, Panda Group Company, and CEC Panda all strictly fulfilling their commitments - China Electronics committed to avoiding horizontal competition, not directly or indirectly engaging in businesses that constitute horizontal competition with the listed company's main business, and has strictly fulfilled this[57](index=57&type=chunk) - China Electronics committed to regulating and avoiding related party transactions, minimizing or reducing related party transactions, and for unavoidable related party transactions, signing agreements and performing approval procedures in accordance with the law, and has strictly fulfilled this[57](index=57&type=chunk) - China Electronics committed to ensuring the company's independence in personnel, asset integrity, financial independence, and independent operating capability, and has strictly fulfilled this[57](index=57&type=chunk) - Panda Group Company and CEC Panda both committed to avoiding horizontal competition, not engaging in any form of business identical or similar to Nanjing Panda and its subsidiaries, and have strictly fulfilled this[58](index=58&type=chunk)[59](index=59&type=chunk) - China Electronics committed not to reduce its holdings of shares in its controlled listed companies during periods of abnormal stock market fluctuations, and to actively explore measures such as share repurchases and increased holdings to strengthen its holdings in listed companies whose stock prices seriously deviate from their value, and has strictly fulfilled this[59](index=59&type=chunk) [II. Non-operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period](index=25&type=section&id=II.%20Non-operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) This section states that there was no non-operating fund occupation by the controlling shareholder and other related parties during the reporting period - Not applicable[62](index=62&type=chunk) [III. Irregular Guarantees](index=25&type=section&id=III.%20Irregular%20Guarantees) This section states that there were no irregular guarantees during the reporting period - Not applicable[62](index=62&type=chunk) [IV. Semi-Annual Report Audit Status](index=25&type=section&id=IV.%20Semi-Annual%20Report%20Audit%20Status) This section states that the company's semi-annual report was unaudited - Not applicable[62](index=62&type=chunk) [V. Changes and Handling of Matters Involving Non-Standard Audit Opinions in the Previous Year's Annual Report](index=25&type=section&id=V.%20Changes%20and%20Handling%20of%20Matters%20Involving%20Non-Standard%20Audit%20Opinions%20in%20the%20Previous%20Year%27s%20Annual%20Report) This section states that there were no changes or handling of matters involving non-standard audit opinions in the previous year's annual report - Not applicable[62](index=62&type=chunk) [VI. Bankruptcy and Reorganization Related Matters](index=25&type=section&id=VI.%20Bankruptcy%20and%20Reorganization%20Related%20Matters) This section states that the company has no bankruptcy and reorganization related matters - Not applicable[62](index=62&type=chunk) [VII. Significant Litigation and Arbitration](index=25&type=section&id=VII.%20Significant%20Litigation%20and%20Arbitration) This section discloses the significant litigation and arbitration cases involving the company during the reporting period, including a sales contract dispute where the company won the second instance judgment, and a construction project contract dispute where the second instance upheld the original judgment but the opposing party entered substantive consolidated reorganization - Nanjing Panda Electronic Equipment Co., Ltd. v. Jiangsu Jinmao Robot Technology Co., Ltd. sales contract dispute, with the original claim involving **RMB 22.5932 million** and the counterclaim **RMB 123 million**. The second instance judgment rejected Jinmao Company's claims and ordered it to pay Electronic Equipment Co. **RMB 22,593,150** in goods payment and overdue payment liquidated damages. Electronic Equipment Co. has applied for compulsory enforcement[61](index=61&type=chunk)[63](index=63&type=chunk) - Nanjing Panda Information Industry Co., Ltd. v. Xuzhou Suning Real Estate Co., Ltd. construction project contract dispute, involving **RMB 6.6112 million** in principal and interest. The second instance upheld the first instance judgment, ordering Xuzhou Suning Real Estate to pay project fees and overdue liquidated damages, and Panda Information to have priority claim for construction project payments. Xuzhou Suning Real Estate Co., Ltd. and **38** other companies entered substantive consolidated reorganization, and Panda Information has participated in the creditors' meeting and confirmed its claims[64](index=64&type=chunk) - Suzhou Fuqiang Technology Co., Ltd. v. Nanjing Panda Electronic Equipment Co., Ltd. sales contract dispute, involving **RMB 8.6882 million** in principal and interest. The second instance judgment upheld the original judgment, and Electronic Equipment Co. has fulfilled its payment obligations as per the judgment. The application for retrial was rejected[65](index=65&type=chunk) [VIII. Penalties and Rectification of Listed Company, Its Directors, Supervisors, Senior Management, Controlling Shareholder, Actual Controller, and Acquirer](index=28&type=section&id=VIII.%20Penalties%20and%20Rectification%20of%20Listed%20Company%2C%20Its%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholder%2C%20Actual%20Controller%2C%20and%20Acquirer) This section discloses that the company received a warning letter from the Jiangsu Regulatory Bureau of the China Securities Regulatory Commission during the reporting period - In January 2025, the company received a warning letter (Letter No.: [2025]6) from the Jiangsu Regulatory Bureau of the China Securities Regulatory Commission addressed to the company and relevant personnel[66](index=66&type=chunk) [IX. Explanation of the Integrity Status of the Company, Its Controlling Shareholder, and Actual Controller During the Reporting Period](index=28&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20Its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) This section states that the integrity status of the company, its controlling shareholder, and actual controller was good during the reporting period - Not applicable[66](index=66&type=chunk) [X. Significant Related Party Transactions](index=29&type=section&id=X.%20Significant%20Related%20Party%20Transactions) This section details the company's significant related party transactions during the reporting period, including the renewal of a financial services agreement with China Electronics Finance Co., Ltd., and daily purchases and sales of goods, provision and acceptance of labor, related party creditor-debtor transactions, and financial services with various related parties - The company renewed its financial services cooperation agreement with China Electronics Finance Co., Ltd., stipulating that the Group's fund settlement balance limit at the finance company is **RMB 700 million**, and the comprehensive credit limit is **RMB 800 million**[68](index=68&type=chunk) - As of June 30, 2025, the Group's fund settlement balance at the finance company was **RMB 635.8165 million**, and the comprehensive credit limit provided by the finance company to the Group was **RMB 13.2560 million**[70](index=70&type=chunk) 2025 H1 Amount of Related Party Transactions Related to Daily Operations | Related Party Transaction Type | Related Party Transaction Amount (Yuan) | | :--- | :--- | | Purchase of Goods | 5,518,705.72 | | Acceptance of Services | 3,505,948.80 | | Sale of Goods | 60,000,000.00 (Estimated) | | Provision of Services | 24,268,033.94 | | Lease Out Assets | 195,136.82 | | Lease In Assets | 3,247.71 | | Trademark License Usage | 25,491.51 | | Total | 94,665,242.39 | 2025 H1 Related Party Creditor-Debtor Transactions | Related Party | Related Party Relationship | Period-end Balance (Yuan) | | :--- | :--- | :--- | | Nanjing CEC Panda Information Industry Group Co., Ltd. | Indirect Controlling Shareholder | 9,790,000.00 | | Panda Electronics Group Co., Ltd. | Controlling Shareholder | 3,785,242.53 | | Nanjing Panda Handa Technology Co., Ltd. | Shareholder's Subsidiary | 1,191,994.58 | | Total | | 14,843,159.11 | 2025 H1 Deposit Business with Finance Company | Related Party | Related Party Relationship | Period-end Balance (Yuan) | | :--- | :--- | :--- | | China Electronics Finance Co., Ltd. | Shareholder's Subsidiary | 635,816,467.82 | [XI. Significant Contracts and Their Fulfillment](index=33&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This section discloses the fulfillment of the company's significant contracts during the reporting period, including housing lease matters and guarantees provided for subsidiaries, specifically for Nanjing Huage Electric Plastic Co., Ltd. and Nanjing Panda Communication Technology Co., Ltd 2025 H1 Housing Lease Information | Lessor Name | Lessee Name | Leased Asset Information | Lease Income (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | | Nanjing Panda Electronics Company Limited | Nanjing Gusheng Enterprise Management Co., Ltd. | Floors 1-4, 14-17 of Panda Building, No. 301 Zhongshan East Road, Nanjing, and ancillary equipment and facilities, area 27,502.165 square meters | 1,103.03 | - The company provided a maximum guarantee for Nanjing Huage Electric Plastic Co., Ltd.'s **RMB 20 million** bank comprehensive credit line at China Electronics Finance Co., Ltd. As of June 30, 2025, the utilized credit line was **RMB 13,256,016.07**[90](index=90&type=chunk)[167](index=167&type=chunk) - The company provided a maximum joint and several liability guarantee for Nanjing Panda Communication Technology Co., Ltd.'s **RMB 10 million** bank comprehensive credit line at Nanjing Bank Co., Ltd. Chengdong Branch. As of June 30, 2025, the utilized credit line was **RMB 191,926.72**[90](index=90&type=chunk)[168](index=168&type=chunk) 2025 H1 Company's Total Guarantee Amount | Indicator | Amount (RMB Yuan) | | :--- | :--- | | Total Guarantees Provided to Subsidiaries During Reporting Period | 30,000,000.00 | | Total Guarantees Provided to Subsidiaries at Period-end (B) | 13,447,942.79 | | Total Guarantees (A+B) | 13,447,942.79 | | Total Guarantees as % of Company's Net Assets | 0.44 | [XII. Explanation of Progress in Use of Raised Funds](index=35&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) This section states that the company has no progress in the use of raised funds to disclose - Not applicable[94](index=94&type=chunk) [XIII. Explanation of Other Significant Matters](index=35&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) This section states that the company has no other significant matters to disclose - Not applicable[94](index=94&type=chunk) [Section VI Share Changes and Shareholder Information](index=36&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital, shareholder structure, top ten shareholders, controlling shareholder's share pledge status, and interests of major shareholders in the company's shares [I. Share Change Information](index=36&type=section&id=I.%20Share%20Change%20Information) This section reports that the company's total share capital and share structure did not change in the first half of 2025 - During the reporting period, the company's total share capital and share structure did not change[95](index=95&type=chunk) - Changes in restricted shares are not applicable[96](index=96&type=chunk) [II. Shareholder Information](index=36&type=section&id=II.%20Shareholder%20Information) This section details the company's total number of shareholders, top ten shareholders' shareholdings, and the controlling shareholder's share pledge status as of the end of the reporting period, with Hong Kong Securities Clearing Company Nominees Limited as the largest shareholder and Panda Electronics Group Co., Ltd. holding **23.05%** of shares, with part of its shares pledged - As of the end of the reporting period, the total number of ordinary shareholders was **87,485** (of which: **87,460** A-share shareholders, **25** H-share shareholders)[96](index=96&type=chunk) Top Ten Shareholders' Shareholdings (Period-end) | Shareholder Name (Full Name) | Period-end Shareholding (Shares) | Percentage (%) | Share Status | Pledged Amount (Shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Hong Kong Securities Clearing Company Nominees Limited | 243,023,035 | 26.59 | Unknown | | Overseas Legal Person | | Panda Electronics Group Co., Ltd. | 210,661,444 | 23.05 | Pledged | 105,091,430 | State-owned Legal Person | | Nanjing CEC Panda Information Industry Group Co., Ltd. | 35,888,611 | 3.93 | Unknown | | State-owned Legal Person | | Barclays Bank PLC | 14,537,374 | 1.59 | Unknown | | Other | | Lv Ping | 10,390,910 | 1.14 | Unknown | | Domestic Natural Person | - Controlling shareholder Panda Electronics Group Co., Ltd. pledged **105,091,430** shares of the company, accounting for **49.89%** of its total shares held and **11.50%** of the company's total share capital[102](index=102&type=chunk) - China Electronics holds **29.98%** of the company's shares through its subsidiaries, making it the actual controller of the company[101](index=101&type=chunk) [III. Information on Directors, Supervisors, and Senior Management](index=39&type=section&id=III.%20Information%20on%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section states that there were no changes in the shareholdings of the company's current and former directors, supervisors, and senior management during the reporting period, and no equity incentive plans - During the reporting period, there were no changes in the shares held by the company's current and former directors, supervisors, and senior management[103](index=103&type=chunk) - As of June 30, 2025, none of the company's directors, supervisors, and senior management or their associates had any interests or short positions in the shares, underlying shares, and debentures of the company and its associated corporations that needed to be notified to the company and the Stock Exchange[103](index=103&type=chunk) - Equity incentive information granted to directors, supervisors, and senior management during the reporting period is not applicable[104](index=104&type=chunk) [IV. Changes in Controlling Shareholder or Actual Controller](index=39&type=section&id=IV.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) This section states that there were no changes in the company's controlling shareholder or actual controller during the reporting period - During this reporting period, there were no changes in the company's controlling shareholder and actual controller, which are Panda Group Company and China Electronics, respectively[105](index=105&type=chunk) [V. Preferred Share Related Information](index=39&type=section&id=V.%20Preferred%20Share%20Related%20Information) This section states that the company has no preferred share related information - Not applicable[106](index=106&type=chunk) [VI. Interests and Short Positions of Major Shareholders in the Company's Shares and Related Shares](index=39&type=section&id=VI.%20Interests%20and%20Short%20Positions%20of%20Major%20Shareholders%20in%20the%20Company%27s%20Shares%20and%20Related%20Shares) This section discloses the interests and short positions of major shareholders in the company's shares and related shares as of June 30, 2025, with China Electronics holding a total of **29.98%** of the company's shares - Panda Group Company holds **210,661,444** domestic shares, representing approximately **23.05%** of the total issued shares[106](index=106&type=chunk) - CEC Panda holds a total of **246,550,055** shares of the company, both beneficially and through corporations controlled by it, representing approximately **26.98%** of the total issued shares[106](index=106&type=chunk) - China Electronics holds a total of **273,964,055** shares of the company through corporations controlled by it, representing approximately **29.98%** of the total issued shares[106](index=106&type=chunk) - China State Shipbuilding Corporation Limited disposed of its H-shares on June 17, 2025, and held **0** H-shares as of June 30, 2025[106](index=106&type=chunk) [Section VII Bond Related Information](index=40&type=section&id=Section%20VII%20Bond%20Related%20Information) This section states that the company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor any convertible corporate bonds [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=40&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) This section states that the company has no corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments - Not applicable[109](index=109&type=chunk) [II. Convertible Corporate Bonds](index=40&type=section&id=II.%20Convertible%20Corporate%20Bonds) This section states that the company has no convertible corporate bonds - Not applicable[109](index=109&type=chunk) [Section VIII Financial Report](index=40&type=section&id=Section%20VIII%20Financial%20Report) This section confirms the unaudited status of the 2025 semi-annual financial report, its preparation in accordance with China Enterprise Accounting Standards, and provides detailed consolidated financial statements, notes to significant items, and supplementary information [I. 2025 Semi-Annual Financial Report Unaudited](index=40&type=section&id=I.%202025%20Semi-Annual%20Financial%20Report%20Unaudited) This section states that the company's 2025 semi-annual financial report was unaudited - The 2025 semi-annual financial report is unaudited[110](index=110&type=chunk) [II. Financial Statements and Notes Attached (in accordance with China Enterprise Accounting Standards)](index=40&type=section&id=II.%20Financial%20Statements%20and%20Notes%20Attached%20%28in%20accordance%20with%20China%20Enterprise%20Accounting%20Standards%29) This section states that the company's financial statements and notes are prepared in accordance with China Enterprise Accounting Standards - Financial statements and notes are attached (in accordance with China Enterprise Accounting Standards)[110](index=110&type=chunk) [Consolidated Balance Sheet](index=41&type=section&id=Consolidated%20Balance%20Sheet) This section presents the company's consolidated balance sheet as of June 30, 2025, reflecting the composition of the company's assets, liabilities, and owners' equity at the end of the period Consolidated Balance Sheet Key Data (June 30, 2025) | Asset | Period-end Balance (RMB Yuan) | Year-beginning Balance (RMB Yuan) | | :--- | :--- | :--- | | Total Current Assets | 3,634,182,143.84 | 3,730,401,134.18 | | Total Non-current Assets | 1,451,872,131.51 | 1,590,406,761.48 | | Total Assets | 5,086,054,275.35 | 5,320,807,895.66 | | Total Current Liabilities | 1,673,975,911.97 | 1,883,107,411.48 | | Total Non-current Liabilities | 41,899,109.21 | 48,081,339.35 | | Total Liabilities | 1,715,875,021.18 | 1,931,188,750.83 | | Total Equity Attributable to Parent Company Shareholders | 3,068,265,743.01 | 3,114,294,647.60 | | Minority Interests | 301,913,511.16 | 275,324,497.23 | | Total Shareholders' Equity | 3,370,179,254.17 | 3,389,619,144.83 | | Total Liabilities and Shareholders' Equity | 5,086,054,275.35 | 5,320,807,895.66 | [Consolidated Income Statement](index=46&type=section&id=Consolidated%20Income%20Statement) This section presents the company's consolidated income statement for January-June 2025, reflecting the company's operating results for the first half of the year, showing a net loss but a narrower loss compared to the same period last year Consolidated Income Statement Key Data (Jan-Jun 2025) | Item | Current Period Amount (RMB Yuan) | Prior Year Period Amount (RMB Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,042,651,233.72 | 1,250,346,512.09 | | Total Operating Costs | 1,121,306,995.88 | 1,341,161,134.03 | | Operating Profit (Loss indicated by "－") | -6,893,518.82 | -36,871,564.56 | | Total Profit (Total Loss indicated by "－") | -6,768,483.31 | -36,574,327.28 | | Net Profit (Net Loss indicated by "－") | -18,995,131.17 | -43,818,164.09 | | Net Profit Attributable to Parent Company Shareholders | -45,584,145.10 | -68,198,110.51 | | Minority Interests | 26,589,013.93 | 24,379,946.42 | | Total Comprehensive Income | -18,995,131.17 | -43,818,164.09 | | Basic Earnings Per Share (Yuan/share) | -0.0499 | -0.0746 | | Diluted Earnings Per Share (Yuan/share) | -0.0499 | -0.0746 | [Consolidated Cash Flow Statement](index=52&type=section&id=Consolidated%20Cash%20Flow%20Statement) This section presents the company's consolidated cash flow statement for January-June 2025, reflecting the company's cash inflows and outflows for the first half of the year, with negative net cash flow from operating activities, positive from investing activities, and negative from financing activities Consolidated Cash Flow Statement Key Data (Jan-Jun 2025) | Item | Current Period Amount (RMB Yuan) | Prior Year Period Amount (

Market Overview - The Shanghai Composite Index closed at 3821.83 points, with a decline of 0.18% [1] - The total trading volume of A-shares reached 25,184.71 billion yuan [1] Technical Analysis - A total of 171 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Innovation Medical: 5-day MA at 22.60 yuan, 10-day MA at 23.25 yuan, a difference of -2.80% [1] - Xiangyu Medical: 5-day MA at 54.48 yuan, 10-day MA at 55.33 yuan, a difference of -1.54% [1] - Northern Long Dragon: 5-day MA at 122.21 yuan, 10-day MA at 123.92 yuan, a difference of -1.38% [1] Stock Performance - Key stocks with notable declines include: - Innovation Medical: down 2.97% with a turnover rate of 16.99% [1] - Xiangyu Medical: down 5.95% with a turnover rate of 2.14% [1] - Northern Long Dragon: down 2.23% with a turnover rate of 20.67% [1] - Other stocks with significant declines include: - Aorui: down 5.25% [1] - Changbai Mountain: down 7.15% [1] - Hengbao Shares: down 6.73% [1]

Market Overview - The Shanghai Composite Index closed at 3781.61 points, with a decline of 1.23% [1] - The total trading volume of A-shares reached 1713.539 billion yuan [1] Technical Analysis - A total of 228 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Innovation Medical: 5-day MA at 22.55 yuan, 10-day MA at 23.23 yuan, a difference of -2.92% [1] - North Long Dragon: 5-day MA at 121.67 yuan, 10-day MA at 123.65 yuan, a difference of -1.60% [1] - Xiangyu Medical: 5-day MA at 54.49 yuan, 10-day MA at 55.34 yuan, a difference of -1.53% [1] Individual Stock Performance - Significant declines in stock prices include: - Innovation Medical: down 4.27% with a turnover rate of 14.36% [1] - North Long Dragon: down 4.52% with a turnover rate of 13.85% [1] - Xiangyu Medical: down 5.86% with a turnover rate of 1.42% [1] - Other notable declines: - Shandong Mining Machine: down 4.43% [1] - Huakang Clean: down 6.50% [1] - Beautiful Ecology: down 5.15% [1] Additional Stock Data - The following stocks also showed significant declines: - Yuyin Co.: down 5.46% [2] - Kexin Information: down 5.22% [1] - Visual China: down 3.88% [1] - Stocks with notable trading activity include: - Hengbao: down 6.64% with a turnover rate of 10.88% [2] - Changbai Mountain: down 6.53% with a turnover rate of 4.05% [2]

Group 1 - The A-share market saw a significant decline in brain-computer interface concept stocks, with several companies experiencing drops of over 5% [1] - Notable companies that fell over 5% include Dineike, Xiangyu Medical, Meihao Medical, Chengdu Huamei, and Tom Cat [1] - Other companies such as Yanshan Technology, Zhongke Information, Aipeng Medical, Nanjing Panda, Weisi Medical, Innovation Medical, Robot, Mailande, Beiqingsong, Botuo Biological, and Rongtai Health dropped over 4% [1]

证券日报网讯 9月4日晚间，南京熊猫发布公告称，公司计划于2025年9月30日举行2025年半年度业绩说 明会。 （文章来源：证券日报） ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 本 公 告 乃 根 據 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）證 券 上 市 規 則 第 13.10B條 規 定 而 作 出。 茲 載 列 南 京 熊 猫 電 子 股 份 有 限 公 司（「本公司」）在 中 華 人 民 共 和 國 上 海 證 券 交 易 所 網 站 刊 登 的《南 京 熊 猫 電 子 股 份 有 限 公 司 關 於 召 開2025年 半 年 度 業 績 說 明 會 的 公 告》，僅 供 參 閱。 南京熊猫電子股份有限公司 夏德傳 董事長 中華人民共和國‧南京 二零二五年九月四日 於 本 公 告 日 期，董 事 會 包 括 執 行 董 事：夏 德 傳 先 生、胡 回 春 先 生；非 執 行 董 事：劉 劍 鋒 先 生、胡 進 先 生、易 國 富 先 生 及 呂 松 先 生；及 獨 立 非 ...

证券代码：600775 证券简称：南京熊猫 公告编号：临 2025-024 南京熊猫电子股份有限公司 关于召开 2025 年半年度业绩说明会的公告 董事长夏德传先生；董事、总经理胡回春先生；独立董事熊焰韧女士；总会 计师胡寿军先生；董事会秘书王栋栋先生。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 南京熊猫电子股份有限公司（以下简称"公司"）已于 2025 年 8 月 27 日在 上海证券交易所网站发布公司 2025 年半年度报告，为便于广大投资者更全面深 入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 9 月 30 日（星期二）下午 14:00-15:00 举行 2025 年半年度业绩说明会，就投资者关心的 问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025 ...

Market Overview - The Shanghai Composite Index closed at 3813.56 points, with a decline of 1.16% [1] - The total trading volume of A-shares reached 23956.82 billion yuan [1] Technical Analysis - A total of 16 A-shares experienced a crossover where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Sichuang Medical (300078) with a distance of -0.91% - Nanmo Biology (688265) with a distance of -0.80% - Shandong Weida (002026) with a distance of -0.75% [1] Individual Stock Performance - Sichuang Medical (300078) saw a decrease of 2.81% with a trading turnover rate of 3.15% [1] - Nanmo Biology (688265) decreased by 0.16% with a turnover rate of 1.39% [1] - Shandong Weida (002026) declined by 2.93% with a turnover rate of 2.90% [1] - Qingda Environmental (688501) dropped by 3.86% with a turnover rate of 1.84% [1] - Pulit (002324) fell by 2.62% with a turnover rate of 2.03% [1] - Other notable declines include: - Meili (000815) down by 4.03% - Hezhong (002383) down by 6.95% [1]