Core Viewpoint - The company has shown significant improvement in its financial performance, with a 56% reduction in net profit loss year-on-year, indicating a stabilization and recovery trend [1]. Group 1: Diesel Engine Business Growth - The company sold 86,265 diesel engines in the first half of 2025, achieving a year-on-year growth of 13.60%, significantly outperforming the industry average growth rate of 3.84% [2]. - The sales of diesel engines in external markets reached 43,600 units, marking a 32% increase and the highest level in nearly a decade [2]. - The company experienced substantial growth in various segments, with engine sales for construction machinery increasing by 39.0% and marine and power station engines rising by 48.8% [2]. - In the international market, self-exported engine sales surged by 83.4%, supported by the establishment of 18 new service networks overseas [2]. Group 2: New Power Generation and Renewable Energy Initiatives - The company is targeting opportunities in high-power generation equipment and the renewable energy sector, developing new products like the 17J mining truck and 12/16VK power station engines [3]. - The 2000kW generator set powered by the 16VK engine successfully passed certification, addressing industry challenges related to power fluctuations under partial load [3]. - The company's battery business has also seen growth, with sales of battery packs and electric drive bridges increasing by 86.6% year-on-year, aligning with national carbon neutrality strategies [3]. Group 3: Cost Control and Operational Quality Improvement - The company has optimized its operational quality, achieving an 11% reduction in manufacturing costs per unit and a 25% decrease in service costs per unit through smart manufacturing and lean management [4]. - The improvement in cost control has positively impacted the gross margin of the diesel engine business, providing stable profit support amid short-term fluctuations in heavy truck business performance [4]. - The company is expected to continue its upward trajectory in the second half of 2025, benefiting from ongoing industry recovery and strategic initiatives [4].

Group 1 - The core viewpoint of the articles highlights that Dongli New Science (动力新科) reported a significant reduction in net losses for the first half of 2025, with a net profit of -301 million yuan, compared to the previous year, driven by growth in non-heavy truck business segments such as engines and new energy [1] - In the first half of 2025, Dongli New Science achieved sales of 86,200 diesel engines, a year-on-year increase of 13.60%, surpassing the industry growth rate by nearly ten percentage points [1] - The company reported a substantial increase in sales of battery PACKs, totaling 5,760 units, which represents a year-on-year growth of 86.6% [1] Group 2 - The overseas market for Dongli New Science saw sales of 43,600 engines in the first half of 2025, marking a 32% increase year-on-year, achieving a ten-year high [1] - The sales in the engineering machinery supporting market grew by 39%, while the sales in the ship power station supporting market increased by 48.8% [1] - The joint venture with Mitsubishi, Shanghai Lingzhong Engine Co., Ltd., reported a net profit of 100 million yuan in the first half of 2025, reflecting a remarkable year-on-year growth of 451.57% [2] Group 3 - Dongli New Science established 18 new overseas service networks in the first half of 2025, laying a solid foundation for further international market expansion [1] - The company focused on product upgrades and quality improvements while enhancing research and development efficiency, targeting opportunities in the mining truck market and data center construction [1] - New industry-leading products were developed, including the 17J mining truck and the 12/16VK power station [1]

Core Viewpoint - The company reported a mixed performance in its semi-annual report, with a significant increase in diesel engine sales but a sharp decline in overall revenue and net profit due to challenges faced by its subsidiary [1] Group 1: Sales Performance - The company achieved diesel engine sales of 86,265 units in the first half of the year, representing a year-on-year growth of 13.60% [1] - The subsidiary, SAIC Hongyan, faced severe operational difficulties, resulting in only 569 vehicle sales, a year-on-year decrease of 87.57% [1] Group 2: Financial Performance - The company reported total operating revenue of 2.829 billion yuan in the first half of the year, a year-on-year decline of 23.80% [1] - The net profit attributable to the parent company was -301 million yuan, an improvement from -689 million yuan in the same period last year, indicating a reduction in losses [1]

国泰海通证券股份有限公司 关于上海新动力汽车科技股份有限公司 经上海新动力汽车科技股份有限公司（以下简称"公司"、"动力新科"） 董事会会议、股东大会审议通过，并经中国证券监督管理委员会《关于核准上海 柴油机股份有限公司向上海汽车集团股份有限公司等发行股份购买资产并募集 配套资金的批复》（证监许可[2021]2321 号）的核准（公司名称已于 2022 年 1 月由上海柴油机股份有限公司更名为上海新动力汽车科技股份有限公司），公司 非公开发行人民币普通股（A 股）股票 222,469,410 股（以下简称"本次发行"）， 每股面值为人民币 1.00 元，发行价格为每股人民币 8.99 元，募集资金总额为人 民币 1,999,999,995.90 元。扣除已发生的发行费用 19,021,232.77 元（不含增值税）， 实际募集资金净额为 1,980,978,763.13 元。扣除发行费用增值税计人民币 1,141,273.97 元后，募集资金账户结余额为人民币 1,979,837,489.16 元。 上述募集资金净额已全部存入公司募集资金专户。德勤华永会计师事务所 （特殊普通合伙）于 2021 年 10 月 ...

股票简称：动力新科 动力 B 股 股票代码：600841 900920 编号：临 2025-054 上海新动力汽车科技股份有限公司 2025年半年度募集资金存放与实际使用情况专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、募集资金基本情况 经上海新动力汽车科技股份有限公司（以下简称"公司"、"动力新科"） 董事会会议、股东大会审议通过，并经中国证券监督管理委员会《关于核 准上海柴油机股份有限公司向上海汽车集团股份有限公司等发行股份购买 资产并募集配套资金的批复》(证监许可[2021]2321号)的核准(公司名称 已于2022年1月由上海柴油机股份有限公司更名为上海新动力汽车科技股 份有限公司)，公司非公开发行人民币普通股(A股)股票222,469,410股(以 下简称"本次发行")，每股面值为人民币1.00元，发行价格为每股人民 币8.99元，募集资金总额为人民币1,999,999,995.90元。扣除已发生的发 行 费 用 19,021,232.77 元 （ 不 含 增 值 税 ） ， 实 际 募 集 资 金 ...

股票简称：动力新科 动力 B 股 股票代码：600841 900920 编号：临 2025-055 上海新动力汽车科技股份有限公司 关于部分募集资金投资项目延期和暂停的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2025 年 8 月 22 日，上海新动力汽车科技股份有限公司（以下简 称"公司"、"动力新科"）召开董事会十一届二次会议，审议通过 了《关于部分募集资金投资项目延期和暂停的议案》。现将相关情况 公告如下： 一、募集资金基本情况概述 经上海新动力汽车科技股份有限公司（以下简称"公司"、"动 力新科"）董事会会议、股东大会审议通过，并经中国证券监督管理 委员会《关于核准上海柴油机股份有限公司向上海汽车集团股份有限 公司等发行股份购买资产并募集配套资金的批复》(证监许可 [2021]2321 号)的核准(公司名称已于 2022 年 1 月由上海柴油机股份 有限公司更名为上海新动力汽车科技股份有限公司)，公司非公开发 行人民币普通股(A 股)股票 222,469,410 股(以下简称"本次发行")， 每股面值为人民 ...

上海新动力汽车科技股份有限公司 关于对上海汽车集团财务有限责任公司 2025 年上半年的风险评估报告 上海新动力汽车科技股份有限公司按照《上海证券交易所上市公司 自律监管指引第 5 号——交易与关联交易》的要求，通过查验上海汽车 集团财务有限责任公司（以下简称"上汽财务公司"）《金融许可证》、《营 业执照》等证件资料，审阅上汽财务公司相关财务报表，对上汽财务公 司 2025 年上半年的经营资质、业务和风险状况进行了评估，具体情况报 告如下： 一、上汽财务公司基本情况 上汽财务公司设立于 1994 年 4 月，是经中国人民银行批准成立，受 国家金融监督管理总局及其派出机构监管的非银行金融机构。截至 2025 年 6 月，公司注册资本人民币 153.80 亿元，为上海汽车集团股份有限公 司 100%持股全资子公司。 (3)办理成员单位票据贴现； (4)办理成员单位资金结算与收付； (5)提供成员单位委托贷款、债券承销、非融资性保函、财务顾问、 信用鉴证及咨询代理业务； 金融许可证机构编码：L0038H231000001 企业法人营业执照统一社会信用代码：913101151322268960 注册资本：人民币 15 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This chapter provides definitions of commonly used terms in the report to ensure consistent understanding of its content [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines key entities and periods, such as 'the Company' referring to Shanghai New Power Automotive Technology Co., Ltd., and 'Reporting Period' referring to January-June 2025 Definitions of Common Terms | Term | Meaning | | :--- | :--- | | The Company | Shanghai New Power Automotive Technology Co., Ltd. | | Controlling Shareholder, SAIC Group | SAIC Motor Corporation Limited | | Reporting Period | January-June 2025 | | Articles of Association | Articles of Association of Shanghai New Power Automotive Technology Co., Ltd. | | SAIC Hongyan | SAIC Hongyan Automotive Co., Ltd. | | SAIC Fiat Hongyan | SAIC Fiat Hongyan Power Co., Ltd. | | SCIE Haian | SCIE Power Haian Co., Ltd. | | Yihua Power Tech | Shanghai Yihua Power Technology Co., Ltd. | | Mitsubishi Heavy Industries Turbocharger | Shanghai Mitsubishi Heavy Industries Turbocharger Co., Ltd. | | Mitsubishi Heavy Industries Engine | Shanghai Mitsubishi Heavy Industries Engine Co., Ltd. | | Finance Company | SAIC Motor Group Finance Co., Ltd. | | Yuan, Ten Thousand Yuan, Hundred Million Yuan | RMB Yuan, RMB Ten Thousand Yuan, RMB Hundred Million Yuan | [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This chapter outlines the company's basic information, contact details, stock overview, key financial data and indicators for H1 2025, and discloses non-recurring gains/losses and the bankruptcy reorganization progress of its subsidiary SAIC Hongyan [I. Company Information](index=4&type=section&id=I.%20Company%20Information) The company's full Chinese name is Shanghai New Power Automotive Technology Co., Ltd., abbreviated as Power New Tech, with Yang Huaijing as its legal representative Basic Company Information | Indicator | Content | | :--- | :--- | | Chinese Name | Shanghai New Power Automotive Technology Co., Ltd. | | Chinese Abbreviation | Power New Tech | | English Name | ShanghaiNewPowerAutomotiveTechnologyCompanyLimited | | English Abbreviation | SNAT | | Legal Representative | Yang Huaijing | [II. Contact Person and Contact Information](index=4&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) The company's Board Secretary is Wang Hongbin, and the Securities Affairs Representative is Zhang Jiang, both with the contact address at No. 2636 Jungong Road, Yangpu District, Shanghai Contact Information | Position | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Wang Hongbin | Zhang Jiang | | Contact Address | No. 2636 Jungong Road, Yangpu District, Shanghai | No. 2636 Jungong Road, Yangpu District, Shanghai | | Phone | (021)60652207 | (021)60652207 | | Fax | (021)65749845 | (021)65749845 | | Email | snatdsh@snat.com | snatdsh@snat.com | [III. Overview of Changes in Basic Information](index=4&type=section&id=III.%20Overview%20of%20Changes%20in%20Basic%20Information) The company's registered and office addresses are both located at No. 2636 Jungong Road, Yangpu District, Shanghai, with no changes during the reporting period Company Address Information | Indicator | Content | | :--- | :--- | | Company Registered Address | No. 2636 Jungong Road, Yangpu District, Shanghai | | Historical Changes to Company Registered Address | Not Applicable | | Company Office Address | No. 2636 Jungong Road, Yangpu District, Shanghai | | Postal Code of Company Office Address | 200438 | | Company Website | www.snat.com | | Email | snatdsh@snat.com | | Index for Changes During Reporting Period | Not Applicable | [IV. Overview of Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Overview%20of%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) The company's designated information disclosure newspapers are 'Shanghai Securities News' and 'Hong Kong Wen Wei Po', the semi-annual report is published on the Shanghai Stock Exchange website, and the custody location is the company's Board Secretary Office, with no changes during the reporting period Information Disclosure Channels | Indicator | Content | | :--- | :--- | | Names of Designated Information Disclosure Newspapers | Shanghai Securities News, Hong Kong Wen Wei Po | | Website Address for Semi-Annual Report Publication | Shanghai Stock Exchange www.sse.com.cn | | Location for Company's Semi-Annual Report Custody | Company Board Secretary Office | | Index for Changes During Reporting Period | Not Applicable | [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) Both the company's A-shares and B-shares are listed and traded on the Shanghai Stock Exchange, with stock abbreviations of Power New Tech and Power B-share, respectively Company Stock Information | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Power New Tech | 600841 | | B-share | Shanghai Stock Exchange | Power B-share | 900920 | [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, the company's operating revenue decreased by **23.80%** year-on-year to **2.83 billion Yuan**, but net loss attributable to parent company shareholders narrowed to **-301 million Yuan**, primarily due to increased diesel engine sales and cost-reduction efforts, despite a significant decline in SAIC Hongyan's vehicle sales Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 2,828,618,317.49 | 3,711,959,713.15 | -23.80 | | Total Profit (Yuan) | -279,666,583.28 | -690,070,809.70 | N/A | | Net Profit Attributable to Shareholders of Listed Company (Yuan) | -300,730,037.29 | -688,951,982.07 | N/A | | Net Profit Attributable to Shareholders of Listed Company After Non-recurring Gains/Losses (Yuan) | -431,176,478.20 | -746,582,862.11 | N/A | | Net Cash Flow from Operating Activities (Yuan) | -214,895,632.41 | -444,485,448.43 | N/A | | Net Assets Attributable to Shareholders of Listed Company (End of Period) (Yuan) | 3,211,885,496.60 | 3,517,657,215.23 | -8.69 | | Total Assets (End of Period) (Yuan) | 12,996,751,835.17 | 13,228,031,924.39 | -1.75 | Key Financial Indicators for H1 2025 | Key Financial Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | -0.22 | -0.50 | N/A | | Basic EPS After Non-recurring Gains/Losses (Yuan/share) | -0.31 | -0.54 | N/A | | Weighted Average Return on Net Assets (%) | -8.74 | -13.35 | Increased by 4.61 percentage points | | Weighted Average RONAE After Non-recurring Gains/Losses (%) | -12.53 | -14.46 | Increased by 1.93 percentage points | - Diesel engine sales reached **86,265 units**, a **13.60%** year-on-year increase[20](index=20&type=chunk) - Wholly-owned subsidiary SAIC Hongyan sold **569 vehicles**, a **87.57%** year-on-year decrease[20](index=20&type=chunk) [IX. Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **130.45 million Yuan**, primarily including reversals of impairment provisions for receivables, government subsidies, and debt restructuring gains/losses Non-recurring Gains and Losses Items and Amounts | Non-recurring Gain/Loss Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 70,794.96 | | Government Subsidies Included in Current Profit/Loss | 1,173,593.72 | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Testing | 111,263,041.67 | | Gains/Losses from Debt Restructuring | 5,866,838.07 | | Other Non-operating Income and Expenses Apart from the Above | 120,548.28 | | Other Gain/Loss Items Meeting the Definition of Non-recurring Gains/Losses | 11,958,634.63 | | Of which: Gains from Changes in Fair Value | 10,765,495.43 | | Dividend Income from Other Equity Instrument Investments Still Held | 684,536.08 | | Dividend Income from Other Non-current Financial Assets Still Held | 508,603.12 | | Less: Income Tax Impact | 7,010.42 | | Total | 130,446,440.91 | [XI. Other Matters](index=6&type=section&id=XI.%20Other%20Matters) The company's wholly-owned subsidiary SAIC Hongyan was accepted for bankruptcy reorganization by the court in July 2025 due to insolvency and tight operating capital; successful reorganization would mitigate debt risks and ease operational pressure, but the final impact remains uncertain - On July 1, 2025, SAIC Hongyan's creditors applied for its bankruptcy reorganization, which was accepted by the Chongqing No. 5 Intermediate People's Court on July 18[25](index=25&type=chunk) - Successful reorganization of SAIC Hongyan would help resolve debt risks and alleviate the company's operational pressure[26](index=26&type=chunk) - The reorganization plan is not yet finalized, and the process and outcome are uncertain, but it will not significantly impact the company's non-heavy truck business[26](index=26&type=chunk)[27](index=27&type=chunk) [Section III Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This chapter details the company's H1 2025 operations, including industry analysis, main business performance, core competencies, financial changes, and H2 operating plans and risks; diesel engine business performed well, but heavy truck business faces severe challenges, with subsidiary SAIC Hongyan entering bankruptcy reorganization [I. Description of the Company's Industry and Main Business During the Reporting Period](index=7&type=section&id=I.%20Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company primarily manufactures and sells diesel engines and heavy-duty trucks; in H1 2025, the domestic economy showed stable recovery, with growth in internal combustion engine and commercial vehicle sales, but intensified competition due to industry overcapacity - The company's main business is the manufacturing and sales of diesel engines and heavy-duty trucks[29](index=29&type=chunk) - In H1 2025, China's GDP grew by **5.3%** year-on-year, with the national economy continuing its recovery and improvement trend[29](index=29&type=chunk) - In H1 2025, domestic multi-cylinder diesel engine sales reached **2.15 million units**, a **3.84%** year-on-year increase[30](index=30&type=chunk) - In H1 2025, the domestic commercial vehicle industry sold **2.12 million vehicles**, up **2.58%** year-on-year; heavy-duty truck sales were **539,200 vehicles**, up **6.88%** year-on-year[31](index=31&type=chunk) [II. Discussion and Analysis of Operations](index=7&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company's diesel engine business achieved **13.60%** sales growth, with strong performance in external markets and exports, and orderly development of new energy business; however, wholly-owned subsidiary SAIC Hongyan faced operational difficulties, with heavy truck sales plummeting **87.57%** year-on-year and entering bankruptcy reorganization, while the company plans to continue its 'dual-track' strategy, strengthening market expansion, product R&D, and lean management in H2 - In the first half, diesel engine sales reached **86,265 units**, a **13.60%** year-on-year increase[32](index=32&type=chunk) - In the first half, SAIC Hongyan achieved vehicle sales of only **569 units**, a **87.57%** year-on-year decrease[32](index=32&type=chunk) - In the first half, the company achieved operating revenue of **2.83 billion Yuan**, a **23.80%** year-on-year decrease; net profit attributable to parent company owners was **-301 million Yuan**, narrowing the loss year-on-year[32](index=32&type=chunk) - Diesel engine sales in external markets reached **43,600 units**, a **32%** year-on-year increase; sales in the construction machinery market grew by **39%**, and in the marine engine and power station market by **48.8%**[33](index=33&type=chunk) - New energy business battery PACK and electric drive axles combined sold **5,760 sets**, an **86.6%** year-on-year increase[33](index=33&type=chunk) - SAIC Hongyan achieved sales revenue of **198 million Yuan** in the first half, a **85.68%** year-on-year decrease, with a net loss of **-389 million Yuan**[34](index=34&type=chunk) - SAIC Hongyan's application for bankruptcy reorganization was accepted by the court in July 2025[34](index=34&type=chunk)[37](index=37&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=9&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies include a long brand history, strong R&D capabilities (with a national-level technology center and multiple patents), high-performance product advantages (diverse diesel engine and heavy truck product lines), a nationwide and expanding marketing network, and an efficient management system - The company's diesel engine business, formerly Shanghai Diesel Engine Works, was founded in April 1947, boasting a long history and brand advantage[40](index=40&type=chunk) - The company possesses a national-level technology center and a postdoctoral workstation, demonstrating strong R&D capabilities with numerous invention, utility model, and design patents[41](index=41&type=chunk) - Diesel engine products feature high horsepower, large torque, high reliability, low fuel consumption, low emissions, low noise, and high cost-effectiveness[41](index=41&type=chunk) - The company's diesel engine marketing network largely covers major cities and key regions nationwide, with a gradually expanding overseas service network[42](index=42&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=10&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section details the company's H1 2025 financial statement item changes, asset-liability status, investment activities, and operating performance of major subsidiaries and associates; revenue and costs declined primarily due to SAIC Hongyan's sales, while financial expenses significantly increased due to SAIC Hongyan's higher interest payments; the company actively expanded overseas markets and continued investing in joint ventures and associates Changes in Financial Statement Items (H1 2025 vs. Prior Period) | Item | Current Period (Yuan) | Prior Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,828,618,317.49 | 3,711,959,713.15 | -23.80 | | Operating Cost | 2,663,696,498.74 | 3,770,119,337.75 | -29.35 | | Selling Expenses | 71,715,088.58 | 135,836,005.45 | -47.20 | | Administrative Expenses | 220,058,463.04 | 300,926,175.02 | -26.87 | | Financial Expenses | 40,450,641.76 | 7,612,710.91 | 431.36 | | R&D Expenses | 120,207,479.57 | 142,771,751.85 | -15.80 | | Credit Impairment Loss | -3,648,247.86 | -54,847,820.01 | N/A | | Asset Impairment Loss | -57,739,822.55 | -49,397,769.35 | N/A | | Net Profit Attributable to Parent Company Owners | -300,730,037.29 | -688,951,982.07 | N/A | | Net Cash Flow from Operating Activities | -214,895,632.41 | -444,485,448.43 | N/A | | Net Cash Flow from Investing Activities | 8,671,884.94 | 88,353,201.51 | -90.18 | | Net Cash Flow from Financing Activities | -21,537,473.60 | -380,555,106.92 | N/A | - The decrease in operating revenue and operating costs was primarily due to the decline in sales of subsidiary SAIC Hongyan[44](index=44&type=chunk) - Financial expenses significantly increased by **431.36%**, mainly due to increased interest expenses of subsidiary SAIC Hongyan[44](index=44&type=chunk)[45](index=45&type=chunk) Changes in Assets and Liabilities (End of Period vs. End of Prior Year) | Item Name | Current Period End (Yuan) | Share of Total Assets (%) | Prior Year End (Yuan) | Share of Total Assets (%) | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 4,361,623,089.48 | 33.56 | 4,833,243,851.05 | 36.54 | -9.76 | | Receivables | 2,806,061,171.13 | 21.59 | 2,514,483,155.28 | 19.01 | 11.60 | | Inventories | 909,293,262.16 | 7.00 | 1,017,910,481.34 | 7.70 | -10.67 | | Construction in Progress | 122,903,445.48 | 0.95 | 145,527,497.06 | 1.10 | -15.55 | | Short-term Borrowings | 475,420,948.93 | 3.66 | 591,793,659.25 | 4.47 | -19.66 | | Contract Liabilities | 356,362,865.02 | 2.74 | 395,660,995.33 | 2.99 | -9.93 | | Non-current Liabilities Due Within One Year | 2,652,437,842.17 | 20.41 | 2,495,862,546.60 | 18.87 | 6.27 | | Long-term Borrowings | 0 | 0 | 165,000,000.00 | 1.25 | -100.00 | | Other Receivables | 196,450,109.37 | 1.51 | 55,360,262.65 | 0.42 | 254.86 | | Intangible Assets | 579,901,868.33 | 4.46 | 450,697,945.80 | 3.41 | 28.67 | | Development Expenditures | 73,061,760.99 | 0.56 | 158,197,323.52 | 1.20 | -53.82 | - The decrease in cash and cash equivalents was mainly due to net cash outflow from operating activities, including SAIC Hongyan's repayment of working capital loans and maturity of bills[47](index=47&type=chunk) - Other receivables increased by **254.86%**, primarily due to the accrual of dividends receivable from joint ventures and associates and the recognition of funds deducted from subsidiary SAIC Hongyan due to financial loan contract disputes[48](index=48&type=chunk) - The company established a wholly-owned subsidiary, New Power Technology (Brazil) Investment Co., Ltd., in Brazil with a registered capital of **10 million Brazilian Real**, primarily engaged in diesel engine production and sales[49](index=49&type=chunk) - As of June 30, 2025, SAIC Hongyan's restricted assets due to bank loan collateral and litigation freezes included **169 million Yuan** in cash and cash equivalents, **554 million Yuan** in accounts receivable, **2.99 million Yuan** in inventories, **67.29 million Yuan** in buildings, **125 million Yuan** in fixed assets, and **197 million Yuan** in land use rights[52](index=52&type=chunk)[53](index=53&type=chunk) Financial Data of Major Subsidiaries and Associates (H1 2025) | Company Name | Company Type | 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) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | SAIC Hongyan Automotive Co., Ltd. | Subsidiary | 232,350.12 | -328,167.95 | 19,757.97 | -38,663.54 | -38,943.57 | | SCIE Power Haian Co., Ltd. | Subsidiary | 40,167.71 | 32,806.49 | 17,157.55 | 38.53 | 36.86 | | Shanghai Yihua Power Technology Co., Ltd. | Subsidiary | 8,425.74 | 4,713.63 | 4,378.61 | 20.49 | 15.34 | | New Power Technology (Brazil) Investment Co., Ltd. | Subsidiary | 629.54 | 495.79 | 0.10 | -79.14 | -84.52 | | Shanghai Mitsubishi Heavy Industries Engine Co., Ltd. | Joint Venture | 79,478.70 | 37,562.54 | 45,884.95 | 13,365.96 | 10,000.52 | | SAIC Fiat Hongyan Power Co., Ltd. | Associate | 199,108.41 | 137,217.74 | 42,785.36 | 2,784.09 | 2,368.67 | | Shanghai Mitsubishi Heavy Industries Turbocharger Co., Ltd. | Associate | 104,505.71 | 59,137.31 | 43,187.16 | 486.67 | 376.23 | [V. Other Disclosure Matters](index=15&type=section&id=V.%20Other%20Disclosure%20Matters) The company faces risks from macroeconomic fluctuations, intensified market competition, SAIC Hongyan's going concern and reorganization, and stock price volatility; measures include market expansion, technological innovation, and debt restructuring, while SAIC Hongyan is advancing debt restructuring with dealers, involving **106 million Yuan** in principal and **46.9 million Yuan** in discounts - The company faces risks from macroeconomic fluctuations, intensified market competition, SAIC Hongyan's going concern and reorganization risks, and stock price volatility[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) - SAIC Hongyan is advancing debt restructuring with dealers; as of the end of June 2025, it had executed debt restructuring with **17 dealers**, involving **106.1072 million Yuan** in principal and **46.9013 million Yuan** in discounts[61](index=61&type=chunk)[62](index=62&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=17&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This chapter discloses changes in the company's directors and senior management, profit distribution plan, environmental information disclosure, and specific work in rural revitalization; Director Hao Jingxian resigned due to work changes, no profit distribution plan for this half-year, and the company and its subsidiaries actively engage in pollution prevention and rural revitalization pairing assistance [I. Changes in Company Directors and Senior Management](index=17&type=section&id=I.%20Changes%20in%20Company%20Directors%20and%20Senior%20Management) Mr. Hao Jingxian resigned as a company director and from relevant board committees on July 4, 2025, due to work changes, and will no longer hold any positions in the company or its subsidiaries after his resignation Changes in Directors and Senior Management | Name | Position Held | Change Status | | :--- | :--- | :--- | | Hao Jingxian | Former Director | Resigned | - Mr. Hao Jingxian resigned from his positions as director, member of the Board's Strategy Committee, and member of the Board's Audit Committee due to work changes, and will no longer hold any positions in the company or its subsidiaries after his resignation[64](index=64&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=17&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The profit distribution plan or capital reserve to share capital conversion plan approved by the Board of Directors for this reporting period is not applicable, meaning no distribution or conversion will occur Semi-Annual Profit Distribution Plan | Indicator | Content | | :--- | :--- | | Whether to Distribute or Convert | No | | Number of Bonus Shares per 10 Shares (shares) | N/A | | Dividend per 10 Shares (Yuan) (tax inclusive) | N/A | | Number of Shares Converted from Capital Reserve per 10 Shares (shares) | N/A | [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=17&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) Both the company's parent company and its wholly-owned subsidiary SAIC Hongyan are included in the list of enterprises required to disclose environmental information by law; both actively engage in pollution prevention, improve environmental facilities, strictly comply with environmental regulations, and conduct regular environmental monitoring and emergency drills to ensure pollutant discharge meets standards - Both the company's parent company and its wholly-owned subsidiary SAIC Hongyan are included in the list of enterprises required to disclose environmental information by law[66](index=66&type=chunk)[67](index=67&type=chunk) - Both the company's parent company and SAIC Hongyan actively engage in pollution prevention, improving wastewater, exhaust gas, and solid waste treatment facilities, and conducting regular operational inspections, maintenance, and monitoring[68](index=68&type=chunk)[69](index=69&type=chunk) - The company and its operating entities' environmental treatment facilities operate well, with wastewater, exhaust gas, and noise emissions meeting standards and complying with relevant national environmental laws and regulations[70](index=70&type=chunk) [V. Specific Work on Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, etc.](index=18&type=section&id=V.%20Specific%20Work%20on%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20etc.) The company's Party Committee collaborates with Kaigang Village and Qiyang Village in Zhongxing Town, Chongming District, Shanghai, on Party organization pairing assistance and co-construction, focusing on industrial prosperity and ecological livability, by jointly organizing studies, supporting village construction, improving public facilities, and creating a green ecological environment, investing aid funds to promote rural revitalization - The company's Party Committee collaborates with Kaigang Village and Qiyang Village in Zhongxing Town, Chongming District, Shanghai, on Party organization pairing assistance and co-construction[71](index=71&type=chunk) - Assistance activities focus on industrial prosperity, ecological livability, civilized rural customs, effective governance, and prosperous living, strengthening communication and cooperation[71](index=71&type=chunk)[72](index=72&type=chunk) - In 2024, the company provided **200,000 Yuan** in assistance funds annually, and will continue to invest in 2025[72](index=72&type=chunk) [Section V Significant Matters](index=20&type=section&id=Section%20V%20Significant%20Matters) This chapter details the company's significant matters during and continuing into the reporting period, including controlling shareholder's commitment fulfillment, follow-up on prior year's non-standard audit opinion, major lawsuits and arbitrations, related party transactions, significant contract performance, and progress in the use of raised funds, reiterating the bankruptcy reorganization of subsidiary SAIC Hongyan [I. Fulfillment of Commitments](index=20&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's actual controller, controlling shareholder, and its directors and senior management strictly fulfilled all commitments during the reporting period, primarily concerning resolving horizontal competition, related party transactions, and maintaining the company's independence - SAIC Motor Corporation Limited committed to taking measures to avoid horizontal competition with the company and ensuring that related party transactions do not harm the company and its minority shareholders' interests[74](index=74&type=chunk) - Shanghai Automotive Industry (Group) Co., Ltd. committed not to operate businesses competing with the company and to avoid non-ordinary related party transactions[74](index=74&type=chunk) - The controlling shareholder committed to maintaining the company's independence in personnel, assets, finance, organization, and business[77](index=77&type=chunk) - The listed company's directors and senior management committed to diligently performing their duties and not harming the company's interests[78](index=78&type=chunk) [V. Changes and Handling of Matters Related to Non-Standard Audit Opinion in Prior Year's Annual Report](index=26&type=section&id=V.%20Changes%20and%20Handling%20of%20Matters%20Related%20to%20Non-Standard%20Audit%20Opinion%20in%20Prior%20Year%27s%20Annual%20Report) The company's 2024 annual financial report received an unqualified audit opinion with an emphasis of matter paragraph, primarily concerning subsidiary SAIC Hongyan's continuous losses, insolvency, and litigation freezes; the company has actively taken measures to reverse the situation, including market expansion, cost reduction, and debt resolution, with SAIC Hongyan now in bankruptcy reorganization - The 2024 audit report included an emphasis of matter paragraph regarding SAIC Hongyan's continuous losses, insolvency, tight working capital, and litigation freezes[81](index=81&type=chunk) - The company actively implemented measures, including focusing on engineering dump trucks and new energy products, expanding overseas exports, strengthening cost control, and resolving debt risks[82](index=82&type=chunk) - SAIC Hongyan's application for bankruptcy reorganization was accepted by the court in July 2025, and the impact of the reorganization outcome on the company's consolidated financial statements remains uncertain[83](index=83&type=chunk) [VII. Major Litigation and Arbitration Matters](index=26&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) In H1 2025, the company and its subsidiaries were involved in **119 lawsuits**, totaling **472 million Yuan**, representing **13.41%** of net assets at year-end 2024; subsidiary SAIC Hongyan was a defendant in **104 lawsuits/arbitrations** with **238 million Yuan** in principal, and a plaintiff in **12 cases** with **234 million Yuan** in principal, and the company is actively communicating with relevant parties for resolution - In H1 2025, the company (including subsidiaries) was involved in **119 lawsuits**, with a total amount of **471.6512 million Yuan**[86](index=86&type=chunk) - The amount involved represents **13.41%** of the company's audited net assets attributable to shareholders of the listed company as of December 31, 2024[86](index=86&type=chunk) - SAIC Hongyan was a defendant in **104 lawsuits or arbitrations**, with a principal amount of **237.6572 million Yuan**; it was a plaintiff in **12 lawsuits or arbitrations**, with a principal amount of **233.8240 million Yuan**[86](index=86&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=27&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholder, and actual controller diligently upheld principles of honesty and trustworthiness and actively fulfilled social responsibilities, with no instances of dishonest behavior or circumstances - During the reporting period, the company, its controlling shareholder, and actual controller diligently upheld principles of honesty and trustworthiness and actively fulfilled social responsibilities, with no instances of dishonest behavior or circumstances[88](index=88&type=chunk) [X. Significant Related Party Transactions](index=28&type=section&id=X.%20Significant%20Related%20Party%20Transactions) The company engages in various related party transactions in its daily operations with controlling shareholder SAIC Group and its subsidiaries, joint ventures, associates, and other related parties, including goods supply, service provision, financial services, and leasing; these transactions adhere to market principles and do not affect the company's independence Framework Agreement for Parts and Accessories Supply with SAIC Group and its Subsidiaries (H1 2025) | Transaction Type | Actual Amount (Ten Thousand Yuan) | Estimated Amount (Ten Thousand Yuan) | | :--- | :--- | :--- | | SAIC Group and its subsidiaries supplying goods to the Company and its subsidiaries | 6,460.65 | 30,740.79 | | The Company and its subsidiaries supplying goods to SAIC Group and its subsidiaries | 75,078.61 | 281,666.53 | | Total | 81,539.26 | 312,407.32 | Framework Agreement for Production Services with SAIC Group and its Subsidiaries (H1 2025) | Transaction Type | Actual Amount (Ten Thousand Yuan) | Estimated Amount (Ten Thousand Yuan) | | :--- | :--- | :--- | | SAIC Group and its subsidiaries supplying services to the Company and its subsidiaries | 2,620.19 | 46,119.46 | | The Company and its subsidiaries supplying services to SAIC Group and its subsidiaries | 481.04 | 6,791.54 | | Total | 3,101.23 | 52,911.00 | Framework Agreement for Financial Services with Finance Company (H1 2025) | Transaction Type | Actual Amount (Ten Thousand Yuan) | Estimated Amount (Ten Thousand Yuan) | | :--- | :--- | :--- | | Finance Company Service Income (excluding principal) | 80.45 | 1,880.01 | | Finance Company Service Expenses (excluding principal) | 0.83 | 652.00 | | Total | 81.28 | 2,532.01 | Total Ordinary Related Party Transactions (H1 2025, not disclosed in temporary announcements) | Related Party Transaction Content | Related Party Transaction Amount (Yuan) | | :--- | :--- | | Purchase of Goods or Materials | 92,248,945.69 | | Logistics and Other Expenses | 45,000,000.00 (Estimated) | | Sales of Products | 752,000,000.00 (Estimated) | | Provision of Labor and Services | 7,200,000.00 (Estimated) | | Leasing - Outgoing | 6,707,225.50 | | Interest Income | 804,514.77 | | Service Fee Rebate | 318,804.58 | | Handling Fees | 8,275.99 | | **Total** | **922,489,456.94** | Deposit Business with Finance Company (H1 2025) | Related Party | Beginning Balance (Ten Thousand Yuan) | Total Deposits in Current Period (Ten Thousand Yuan) | Total Withdrawals in Current Period (Ten Thousand Yuan) | Ending Balance (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | | SAIC Motor Group Finance Co., Ltd. | 66,928.85 | 99,968.25 | 140,255.25 | 26,641.85 | [XI. Significant Contracts and Their Performance](index=33&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Performance) The company signed a land use right lease agreement with controlling shareholder SAIC Group, with an annual rent of **10 million Yuan**; during the reporting period, the company (including controlled subsidiaries) had an external guarantee balance of **110,400 Yuan**, mainly for SAIC Hongyan's prior year repurchase guarantee business; SAIC Hongyan faces collection risks as some dealers and end-customers failed to repay financing institution loans on time, leading to the financing institution deducting business deposits - The company signed a land use right lease agreement with controlling shareholder SAIC Group, with a lease term until December 31, 2031, and an annual rent of **10 million Yuan**[105](index=105&type=chunk) - As of June 30, 2025, the company (including controlled subsidiaries) had an external guarantee balance of **110,400 Yuan**, representing **0.003%** of net assets at year-end 2024[107](index=107&type=chunk) - SAIC Hongyan advanced **258.4826 million Yuan** for some dealers, and financing institutions deducted **30.9159 million Yuan** from SAIC Hongyan's business deposit accounts as per agreement[107](index=107&type=chunk)[108](index=108&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=35&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The company's 2021 non-public offering of shares raised net proceeds of **1.98 billion Yuan**, with **1.07 billion Yuan** cumulatively invested as of the end of the reporting period, representing **53.86%** progress; some projects like 'Smart Factory' are completed, while 'New Generation Intelligent Heavy Truck' and others are ongoing; subsidiary SAIC Hongyan's special fund account for raised funds had **281 million Yuan** forcibly deducted due to litigation, resulting in the freezing of the account balance - The company's 2021 non-public offering of shares raised net proceeds of **1,980,978,763.13 Yuan**[109](index=109&type=chunk) Overall Use of Raised Funds (As of End of Reporting Period) | Indicator | Amount (Ten Thousand Yuan) | | :--- | :--- | | Total Raised Funds | 200,000 | | Net Raised Funds | 198,097.88 | | Total Committed Investment | 198,097.88 | | Total Raised Funds Cumulatively Invested as of End of Reporting Period | 106,702.93 | | Cumulative Investment Progress of Raised Funds as of End of Reporting Period (%) | 53.86 | | Amount Invested in Current Year | 4,816.98 | | Total Raised Funds with Changed Purpose | 100,956.17 | - Funds totaling **280.6458 million Yuan** from subsidiary SAIC Hongyan's special fund account for raised funds were forcibly deducted by relevant courts due to litigation, resulting in the freezing of the remaining **94.4567 million Yuan** in the account[116](index=116&type=chunk) - The company used idle raised funds not exceeding **1.039 billion Yuan** for cash management, including time deposits and seven-day notice deposits[115](index=115&type=chunk) [XIII. Explanation of Other Significant Matters](index=38&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) It is reiterated that subsidiary SAIC Hongyan's application for bankruptcy reorganization was accepted by the court in July 2025; successful reorganization would help resolve debt risks, but the reorganization plan is not yet finalized, and the ultimate impact remains uncertain, with the company to perform accounting treatment based on the reorganization outcome - SAIC Hongyan's creditors applied for its bankruptcy reorganization on July 1, 2025, which was accepted by the Chongqing No. 5 Intermediate People's Court on July 18[117](index=117&type=chunk) - Successful reorganization would help resolve SAIC Hongyan's debt risks, but the reorganization plan is not yet finalized, and the ultimate impact remains uncertain[117](index=117&type=chunk)[118](index=118&type=chunk) [Section VI Share Changes and Shareholder Information](index=39&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This chapter discloses that the company's share capital structure remained unchanged during the reporting period, restricted shares have been released, and lists the total number of shareholders and the top ten shareholders' holdings as of the end of the reporting period [I. Share Capital Changes](index=39&type=section&id=I.%20Share%20Capital%20Changes) The company's total share capital and share capital structure remained unchanged during the reporting period; the **122,880,366** restricted shares held by controlling shareholder SAIC Group were released from restriction and listed for trading on March 7, 2025 - During the reporting period, the company's total share capital and share capital structure remained unchanged[120](index=120&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Released During Reporting Period | Restricted Shares Increased During Reporting Period | Restricted Shares at End of Reporting Period | Reason for Restriction | Date of Release from Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | SAIC Motor Corporation Limited | 122,880,366 | 122,880,366 | | | Commitment for restricted shares issued for asset acquisition in major asset restructuring | 42 months from the end of share issuance | - The aforementioned restricted shares of SAIC Group were listed for trading on March 7, 2025[122](index=122&type=chunk) [II. Shareholder Information](index=39&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **59,454** common shareholders; the top two shareholders were SAIC Motor Corporation Limited and Chongqing Machinery & Electronics Holding (Group) Co., Ltd., holding **38.86%** and **12.67%** respectively Total Number of Shareholders | Indicator | Quantity | | :--- | :--- | | Total Number of Common Shareholders (accounts) as of End of Reporting Period | 59,454 | | Total Number of Preferred Shareholders with Restored Voting Rights (accounts) as of End of Reporting Period | N/A | Top Ten Shareholders' Holdings (As of End of Reporting Period) | Shareholder Name | Number of Shares Held at Period End | Percentage (%) | Number of Restricted Shares Held | Share Status | Quantity | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | SAIC Motor Corporation Limited | 539,332,896 | 38.86 | 0 | None | 0 | State-owned Legal Person | | Chongqing Machinery & Electronics Holding (Group) Co., Ltd. | 175,782,178 | 12.67 | 0 | None | 0 | State-owned Legal Person | | Yongqing Technology Group Co., Ltd. | 7,730,820 | 0.56 | 0 | Unknown | | Other | | Li Pengyong | 6,674,082 | 0.48 | 0 | Unknown | | Other | | West Shanghai (Group) Co., Ltd. | 6,674,082 | 0.48 | 0 | Unknown | | Other | | Tianrun Industrial Technology Co., Ltd. | 6,674,082 | 0.48 | 0 | Unknown | | Other | | Kailong High-Tech Co., Ltd. | 6,674,082 | 0.48 | 0 | Unknown | | Other | | Ma Yingbo | 6,526,582 | 0.47 | 0 | Unknown | | Other | | Shaanxi International Trust Co., Ltd. - Shanguotou·Jinyu No. 185 Securities Investment Collective Fund Trust Plan | 5,561,735 | 0.40 | 0 | Unknown | | Other | | Hong Kong Securities Clearing Company Limited | 4,829,398 | 0.35 | 0 | Unknown | | Other | [Section VII Bond-Related Information](index=41&type=section&id=Section%20VII%20Bond-Related%20Information) This chapter states that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor any convertible corporate bonds during the reporting period [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=41&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments [II. Convertible Corporate Bonds](index=41&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds [Section VIII Financial Report](index=42&type=section&id=Section%20VIII%20Financial%20Report) This chapter contains the company's unaudited H1 2025 financial report, including consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed financial statement notes covering company overview, significant accounting policies, taxation, specific notes on assets, liabilities, and profit/loss items, R&D expenses, changes in consolidation scope, interests in other entities, government grants, financial instrument risks, fair value disclosures, related parties and transactions, commitments and contingencies, post-balance sheet events, other significant matters, and supplementary information [I. Audit Report](index=42&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk) [II. Financial Statements](index=42&type=section&id=II.%20Financial%20Statements) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, reflecting the financial position and operating results at the end of the reporting period Key Consolidated Balance Sheet Data (June 30, 2025) | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Current Assets | 8,339,013,705.21 | 8,515,890,821.96 | | Total Non-current Assets | 4,657,738,129.96 | 4,712,141,102.43 | | Total Assets | 12,996,751,835.17 | 13,228,031,924.39 | | Total Current Liabilities | 9,476,133,634.93 | 9,240,405,322.37 | | Total Non-current Liabilities | 308,732,703.64 | 469,969,386.79 | | Total Liabilities | 9,784,866,338.57 | 9,710,374,709.16 | | Total Equity Attributable to Parent Company Owners | 3,211,885,496.60 | 3,517,657,215.23 | | Total Liabilities and Owners' Equity | 12,996,751,835.17 | 13,228,031,924.39 | Key Consolidated Income Statement Data (Jan-Jun 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 2,828,618,317.49 | 3,711,959,713.15 | | Total Operating Costs | 3,139,651,254.25 | 4,377,067,257.62 | | Operating Profit | -279,787,131.56 | -686,527,322.13 | | Total Profit | -279,666,583.28 | -690,070,809.70 | | Net Profit | -300,730,037.29 | -688,951,982.07 | | Net Profit Attributable to Parent Company Shareholders | -300,730,037.29 | -688,951,982.07 | | Total Comprehensive Income | -305,654,417.12 | -697,835,748.97 | | Basic Earnings Per Share (Yuan/share) | -0.22 | -0.50 | Key Consolidated Cash Flow Statement Data (Jan-Jun 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -214,895,632.41 | -444,485,448.43 | | Net Cash Flow from Investing Activities | 8,671,884.94 | 88,353,201.51 | | Net Cash Flow from Financing Activities | -21,537,473.60 | -380,555,106.92 | | Net Increase in Cash and Cash Equivalents | -228,924,300.81 | -728,780,304.97 | | Cash and Cash Equivalents at End of Period | 4,192,601,518.05 | 5,308,180,841.07 | [III. Company Overview](index=54&type=section&id=III.%20Company%20Overview) The company was incorporated in Shanghai on December 27, 1993, and its shares are listed on the Shanghai Stock Exchange; after multiple capital changes, as of June 30, 2025, total shares were **1,387,821,784**, with SAIC Group holding **38.86%** and Chongqing Machinery & Electronics holding **12.67%**; the company's main business is the design, production, and sales of diesel engines and components for commercial vehicles, construction machinery, marine vessels, and generator sets, as well as the development, manufacturing, and sales of automobiles and components - The company was incorporated in Shanghai on December 27, 1993, and its shares are listed on the Shanghai Stock Exchange[152](index=152&type=chunk) - As of June 30, 2025, the company's total shares were **1,387,821,784**, with SAIC Group holding **38.86%** and Chongqing Machinery & Electronics holding **12.67%**[155](index=155&type=chunk) - The company's main business is the design, production, and sales of diesel engines and components for commercial vehicles, construction machinery, marine vessels, and generator sets, as well as the development, manufacturing, and sales of automobiles and components[155](index=155&type=chunk) [IV. Basis of Financial Statement Preparation](index=54&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and relevant regulations issued by the Ministry of Finance, and financial information is disclosed in accordance with 'Reporting Rules for Information Disclosure by Companies Issuing Securities to the Public No. 15 – General Provisions on Financial Reports (Revised 2023)'; subsidiary SAIC Hongyan was in a non-going concern state during the reporting period - The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and relevant regulations issued by the Ministry of Finance[156](index=156&type=chunk) - The Group evaluated its ability to continue as a going concern for the six months ended June 30, 2025, and found no significant doubts regarding its going concern ability, but SAIC Hongyan was in a non-going concern state during the reporting period[158](index=158&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=55&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the significant accounting policies and estimates followed by the company in preparing its financial statements, including financial instrument classification, impairment, inventory valuation, long-term equity investments, fixed asset depreciation, intangible asset amortization, revenue recognition, government grants, deferred income tax, and explains key assumptions and uncertainties in accounting estimates - The Group's accounting is based on the accrual basis, with historical cost as the measurement basis, except for certain financial instruments measured at fair value[159](index=159&type=chunk) - Financial assets are measured at fair value upon initial recognition and subsequently classified as measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss, based on the business model and contractual cash flow characteristics[176](index=176&type=chunk)[178](index=178&type=chunk) - The Group applies impairment accounting based on expected credit losses for financial assets measured at amortized cost and financial assets measured at fair value through other comprehensive income[185](index=185&type=chunk) - The Group recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the related goods or services, at the transaction price allocated to that performance obligation[255](index=255&type=chunk) - In applying accounting policies, the Group made significant judgments and accounting estimates regarding impairment provisions for receivables, inventory write-downs, impairment of non-current assets, and estimated useful lives and residual values of fixed assets[292](index=292&type=chunk)[293](index=293&type=chunk)[294](index=294&type=chunk)[295](index=295&type=chunk) [VI. Taxation](index=78&type=section&id=VI.%20Taxation) This section lists the company's main tax categories and rates; the parent company, subsidiary SAIC Hongyan, and its subsidiary SAIC Hongyan Axle all enjoy a **15%** preferential corporate income tax rate, while other subsidiaries apply a **25%** rate Main Tax Categories and Rates | Tax Type | Taxable Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods, provision of processing, repair and maintenance services, tangible movable property leasing services | 13%, 3% | | | Modern services (excluding real estate leasing and tangible movable property leasing services) (including R&D and technical services, logistics auxiliary services, etc.) | 6% | | | Real estate leasing services | 5% | | Corporate Income Tax | Taxable income of enterprises | 15% or 25% | - The company is recognized as a high-tech enterprise and enjoys a **15%** preferential corporate income tax rate[300](index=300&type=chunk) - SAIC Hongyan and SAIC Hongyan Axle are enterprises established in the western region, whose main businesses comply with the 'Catalogue of Industries Encouraged in the Western Region', thus applying a **15%** preferential corporate income tax rate[301](index=301&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=79&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each major item in the consolidated financial statements, including cash and cash equivalents, accounts receivable, inventories, fixed assets, intangible assets, short-term borrowings, accounts payable, employee benefits payable, operating revenue and costs, various expenses, investment income, credit impairment losses, asset impairment losses, income tax expenses, and supplementary cash flow information, explaining the composition, reasons for changes, and period-end balances of each item - Cash and cash equivalents at period-end amounted to **4.362 billion Yuan**, a **9.76%** decrease from the beginning of the period, including **169 million Yuan** in restricted cash[303](index=303&type=chunk)[304](index=304&type=chunk) - Accounts receivable at period-end totaled **3.004 billion Yuan**, with bad debt provisions of **1.851 billion Yuan**, including **2.204 billion Yuan** in high-risk receivables for which **1.806 billion Yuan** in bad debt provisions have been made[312](index=312&type=chunk) - Inventories had a book value of **909 million Yuan** at period-end, with inventory impairment provisions of **393 million Yuan**[344](index=344&type=chunk) - Fixed assets had a book value of **1.388 billion Yuan** at period-end, with some buildings and fixed assets of SAIC Hongyan mortgaged or frozen[363](index=363&type=chunk) - Short-term borrowings at period-end amounted to **475 million Yuan**, of which **94.2791 million Yuan** were overdue and unpaid[389](index=389&type=chunk)[390](index=390&type=chunk) - Operating revenue was **2.829 billion Yuan**, a **23.80%** year-on-year decrease; operating costs were **2.664 billion Yuan**, a **29.35%** year-on-year decrease[433](index=433&type=chunk) - Financial expenses were **40.4506 million Yuan**, a **431.36%** year-on-year increase, mainly due to increased interest expenses[446](index=446&type=chunk) - Net cash flow from operating activities was **-215 million Yuan**, net cash flow from investing activities was **8.6719 million Yuan**, and net cash flow from financing activities was **-21.5375 million Yuan**[138](index=138&type=

股票简称：动力新科 动力 B 股 股票代码：600841 900920 编号：临 2025-053 （表决结果：同意 8 票，弃权 0 票，反对 0 票） 二、关于《公司 2025 年半年度募集资金存放与实际使用情况的 专项报告》的议案 本议案已经公司董事会审计委员会 2025 年度第三次会议事前认 可并审议通过。 详见上海证券交易所（www.sse.com.cn）网站同日公告。 （表决结果：同意 8 票，弃权 0 票，反对 0 票） 上海新动力汽车科技股份有限公司 董事会十一届二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海新动力汽车科技股份有限公司（以下简称"公司"）董事会 十一届二次会议于 2025 年 8 月 22 日在公司会议室以现场和通讯表决 相结合方式召开。郝景贤先生因工作安排原因已向公司董事会辞去公 司董事职务，本次会议应出席董事 8 名，实际出席 8 名。会议符合《公 司法》及《公司章程》的有关规定。经与会董事审议，通过如下议案： 一、2025 年上半年内部控制评价报告 本议案已经公司董 ...

Core Insights - The article discusses the growth and production statistics of the Chinese engine industry, highlighting a projected increase in engine output by 8.8% year-on-year by June 2025 [1] - It mentions specific companies involved in the engine sector, including Weichai Power, Dongfeng Motor, and others, indicating a competitive landscape [1] Industry Overview - According to the National Bureau of Statistics, the engine production in China is expected to reach 200 million kilowatts by June 2025, reflecting a year-on-year growth of 8.8% [1] - In the first half of 2025, the cumulative engine production in China is reported to be 1.16 billion kilowatts, with a slight increase of 0.7% [1] Companies Involved - Key players in the engine industry include Weichai Power (000338), Dongfeng Motor (600841), Quanchai Power (600218), Zongshen Power (001696), Yunnei Power (000903), Aviation Power (600893), Longxin General (603766), and GAC Group (601238) [1]