证券代码：601126 证券简称：四方股份 公告编号：2025-040 北京四方继保自动化股份有限公司 关于启航 2 号限制性股票激励计划预留授予部分 第一个解除限售期解除限售条件成就的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 本次符合解除限售条件的激励对象人数：64 人 本次解除限售股票数量：66.25 万股，约占目前公司总股本的 0.08% 本次解除限售事宜需在有关机构办理相关手续结束后方可解除限售，届 时公司将另行公告。 北京四方继保自动化股份有限公司（以下简称"公司"）于2025年8月28日 召开第八届董事会第二次会议，审议通过了《关于启航2号限制性股票激励计划 预留授予部分第一个解除限售期解除限售条件成就的议案》。董事会认为公司启 航2号限制性股票激励计划预留授予部分第一个解除限售期解除限售条件已成就， 同意为符合解除限售条件的64名激励对象所持共计66.25万股限制性股票办理解 除限售的相关事宜，现将具体情况公告如下： 一、本次限制性股票激励计划批准及实施情况 （一）本次限制性股票 ...

上海荣正企业咨询服务（集团） 股份有限公司 证券代码：601126 证券简称：四方股份 北京四方继保自动化股份有限公司 相关事项 之 独立财务顾问报告 2025 年 8 月 1 / 10 | 二、声明 | 4 | | --- | --- | | 三、基本假设 | 5 | | 四、本次激励计划的审批程序 6 | | | 五、独立财务顾问意见 9 | | 回购注销部分限制性股票及调整回购价格 启航 2 号限制性股票激励计划 关于 一、释义 本独立财务顾问报告中，除非文义载明，下列简称具有如下含义： | 四方股份、本公司、公 | 指 | 北京四方继保自动化股份有限公司 | | --- | --- | --- | | 司、上市公司 | | | | 独立财务顾问、财务顾 | 指 | 上海荣正企业咨询服务（集团）股份有限公司 | | 问 | | | | 本激励计划、本计划、 | | 北京四方继保自动化股份有限公司启航 2 号限制性股票激励 | | 限制性股票激励计划、 股权激励计划 | 指 | 计划 | | | | 公司根据本激励计划规定的条件和价格，授予激励对象一定数 | | 限制性股票 | 指 | 量的公司股票，该等 ...

证券代码：601126 证券简称：四方股份 上海荣正企业咨询服务（集团）股份有限公司 关于 北京四方继保自动化股份有限公司 启航 2 号限制性股票激励计划预留授予部分 第一个解除限售期解除限售条件成就 之 独立财务顾问报告 2025 年 8 月 | | | | | | 一、释义 （一）本独立财务顾问报告所依据的文件、材料由四方股份提供，本计划所 涉及的各方已向独立财务顾问保证：所提供的出具本独立财务顾问报告所依据的 所有文件和材料合法、真实、准确、完整、及时，不存在任何遗漏、虚假或误导 性陈述，并对其合法性、真实性、准确性、完整性、及时性负责。本独立财务顾 问不承担由此引起的任何风险责任。 （二）本独立财务顾问仅就本次限制性股票激励计划解除限售条件成就相关 事项对四方股份股东是否公平、合理，对股东的权益和上市公司持续经营的影响 发表意见，不构成对四方股份的任何投资建议，对投资者依据本报告所做出的任 何投资决策而可能产生的风险，本独立财务顾问均不承担责任。 （三）本独立财务顾问未委托和授权任何其它机构和个人提供未在本独立财 务顾问报告中列载的信息和对本报告做任何解释或者说明。 （四）本独立财务顾问提请上市公司全 ...

中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: (86-10) 5809-1000 传真: (86-10) 5809-1100 北京市竞天公诚律师事务所 关于北京四方继保自动化股份有限公司 启航 2 号限制性股票激励计划 回购注销部分限制性股票及调整回购价格以及 预留授予部分第一个解除限售期解除限售条件成就 中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: (86-10) 5809-1000 传真: (86-10) 5809-1100 北京市竞天公诚律师事务所 关于北京四方继保自动化股份有限公司 启航 2 号限制性股票激励计划 回购注销部分限制性股票及调整回购价格以及 预留授予部分第一个解除限售期解除限售条件成就相关事项的 相关事项的法律意见书 二〇二五年八月 法律意见书 致：北京四方继保自动化股份有限公司 北京市竞天公诚律师事务所（以下简称"本所"）接受北京四方继保自动化 股份有限公司（以下简称"四方股份"或"公司"）委托，担任四方股份启航 2 号限制性股票激励计划（以下简称"本计划"或"本次激励计划"）的专项 ...

[Definitions](index=4&type=section&id=Section%201%20Definitions) This section provides definitions of common terms used in the report, including company name, regulatory bodies, accounting firms, laws, currency units, and major subsidiary names, clarifying the reporting period as January 1 to June 30, 2025 [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines common terms used in the report, including company name, regulatory bodies, accounting firms, laws, currency units, and major subsidiary names, clarifying the reporting period as January 1 to June 30, 2025 - The reporting period is defined as **January 1 to June 30, 2025**[13](index=13&type=chunk) - The company's full name is Beijing Sifang Automation Co., Ltd., abbreviated as **Sifang Co.**[13](index=13&type=chunk) - Lists names of several subsidiaries including Sifang Sanyi, Jibao Engineering, and Nanjing Yineng[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, and significant financial performance metrics for the reporting period [Company Information](index=5&type=section&id=I.%20Company%20Information) This section provides basic registration information, including Chinese name, abbreviation, foreign name, legal representative, and contact details for the Board Secretary and Securities Affairs Representative - The company's Chinese name is Beijing Sifang Automation Co., Ltd., abbreviated as **Sifang Co.**[15](index=15&type=chunk) - The legal representative is **Gao Xiuhuan**[15](index=15&type=chunk) - The Board Secretary is **Qian Jinwen**, and the Securities Affairs Representative is **Qin Chunmei**[16](index=16&type=chunk) [Contacts and Contact Information](index=5&type=section&id=II.%20Contacts%20and%20Contact%20Information) This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses - Board Secretary **Qian Jinwen**, contact number **010-82181000**[16](index=16&type=chunk) - Securities Affairs Representative **Qin Chunmei**, contact number **010-82181064**[16](index=16&type=chunk) - Both email addresses are **ir@sf-auto.com**[16](index=16&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered and office addresses are both at No. 9, Sijie, Shangdi Information Industry Base, Haidian District, Beijing, with no historical changes during the reporting period - The company's registered and office addresses have not changed[17](index=17&type=chunk) - The company's website is **www.sf-auto.com**[17](index=17&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) The company designates China Securities Journal and Shanghai Securities News as information disclosure newspapers, with the semi-annual report published on the Shanghai Stock Exchange website and available at the company's Board of Directors Office - Information disclosure newspapers are **China Securities Journal** and **Shanghai Securities News**[18](index=18&type=chunk) - The report website is **www.sse.com.cn**[18](index=18&type=chunk) [Brief Introduction to Company Shares](index=5&type=section&id=V.%20Brief%20Introduction%20to%20Company%20Shares) The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation Sifang Co. and stock code 601126, with no previous stock abbreviation - Stock type is **A-shares**, listed on the **Shanghai Stock Exchange**[19](index=19&type=chunk) - Stock code **601126**, stock abbreviation **Sifang Co.**[19](index=19&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, the company's operating revenue increased by **15.62%** to **RMB 4.02 billion**, and net profit attributable to parent company increased by **12.41%** to **RMB 476 million**. Net cash flow from operating activities significantly decreased by **100.78%** to **RMB -472.3 thousand**. Basic earnings per share were **RMB 0.58**, an increase of **11.54%** Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,020,225,138.80 | 3,477,205,242.58 | 15.62 | | Total Profit | 532,695,309.85 | 494,009,490.89 | 7.83 | | Net Profit Attributable to Shareholders of the Listed Company | 476,162,821.63 | 423,591,108.29 | 12.41 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-recurring Gains and Losses | 460,375,022.72 | 408,565,681.81 | 12.68 | | Net Cash Flow from Operating Activities | -472,300.42 | 60,590,079.49 | -100.78 | | Net Assets Attributable to Shareholders of the Listed Company (Period End) | 4,486,412,784.35 | 4,575,255,106.85 | -1.94 | | Total Assets (Period End) | 10,878,483,509.51 | 11,045,737,341.05 | -1.51 | Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.58 | 0.52 | 11.54 | | Diluted Earnings Per Share (RMB/share) | 0.58 | 0.52 | 11.54 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (RMB/share) | 0.56 | 0.50 | 12.00 | | Weighted Average Return on Net Assets (%) | 10.07 | 9.85 | Increase of 0.22 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 9.74 | 9.50 | Increase of 0.24 percentage points | Non-recurring Gains and Losses for H1 2025 | Non-recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 1,182,552.26 | | Government grants recognized in current profit or loss | 3,714,204.52 | | Gains and losses from changes in fair value and disposal of financial assets and liabilities | 4,117,863.37 | | Gains and losses from entrusted investments or asset management | 6,396,461.67 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 1,397,090.98 | | Other non-operating income and expenses apart from the above | 2,133,214.57 | | Less: Income tax impact | 3,143,853.27 | | Impact on minority interests (after tax) | 9,735.19 | | Total | 15,787,798.91 | [Management Discussion and Analysis](index=7&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive review of the company's industry, business operations, core competencies, and financial performance during the reporting period [Explanation of the Company's Industry and Main Business Operations during the Reporting Period](index=7&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20during%20the%20Reporting%20Period) As a new power system solution provider, the company focuses on smart power generation and new energy, smart grid, new distribution networks, and smart electricity consumption, offering relay protection, automation, and control systems. In H1 2025, the power industry, driven by clean energy, saw rapid growth in new energy installations and deepened smart grid upgrades, providing favorable opportunities for the company's business development - The company's main business covers smart power generation and new energy, smart grid, new distribution networks, and smart electricity consumption, providing products and solutions such as **relay protection, automation and control systems, and power electronics**[27](index=27&type=chunk) - The company's products are sold nationwide and exported to **over 90 countries and regions**, maintaining a leading market share in the industry[27](index=27&type=chunk) - In H1 2025, China's GDP grew by **5.3%** year-on-year, and total electricity consumption increased by **3.7%** year-on-year[36](index=36&type=chunk) - National power generation installed capacity increased by **18.7%** year-on-year, with wind power growing by **22.7%** and solar power by **54.2%**[36](index=36&type=chunk) - Grid engineering construction investment reached **RMB 291.1 billion**, a year-on-year increase of **14.6%**[36](index=36&type=chunk) - The power industry is dominated by clean energy, with **wind and solar power installations continuing to grow rapidly**[37](index=37&type=chunk) - Breakthrough progress has been made in building a unified national electricity market, with **new energy storage and virtual power plants included as market settlement entities**[37](index=37&type=chunk) - Smart grid upgrades are deepening, with **AI and big data technologies empowering dispatch optimization, fault prediction, and precise load forecasting**[37](index=37&type=chunk) [Discussion and Analysis of Operations](index=10&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company achieved operating revenue of **RMB 4.02 billion**, a **15.62%** year-on-year increase, and net profit attributable to parent company of **RMB 476 million**, a **12.41%** year-on-year increase. The company actively responded to external changes, continued technological innovation, strengthened market sales and product development management, and focused on AI technology applications in power systems. All market segments, including grid automation, smart power generation and new energy, smart electricity consumption, and primary equipment products, expanded steadily - During the reporting period, the company's operating revenue was **RMB 4.02 billion**, a year-on-year increase of **15.62%**; net profit attributable to shareholders of the listed company was **RMB 476 million**, a year-on-year increase of **12.41%**[40](index=40&type=chunk) - The company highly values AI technology development and actively conducts research on **AI applications in power systems**[40](index=40&type=chunk) - In the smart grid sector, the winning bid amount in State Grid centralized tenders increased by **60%** year-on-year, and in Southern Grid framework tenders by **15%** year-on-year[41](index=41&type=chunk) - In new energy generation, the company consolidated its leading position in niche markets like **offshore wind power and large-scale wind-solar bases**, and deepened its distributed energy layout[42](index=42&type=chunk) - In smart electricity consumption, the company expanded into industrial electricity sub-sectors, achieving breakthroughs in scenarios such as **data centers, zero-carbon smart parks, source-grid-load-storage integration, and smart rail transit**[44](index=44&type=chunk) - Primary and secondary integrated distribution products benefited from the construction of new power systems and the trend of independent control, leading to **stable market demand growth**[45](index=45&type=chunk) - Power electronic products saw **scaled development of SVG**, and static synchronous compensator products continued to achieve market breakthroughs[46](index=46&type=chunk) - Energy storage products expanded both domestically and internationally, with **accelerated R&D iteration of grid-forming energy storage systems**, and **EMS maintaining market leadership**[47](index=47&type=chunk) - In new product and technology R&D, the company launched an **overall smart application solution based on large model technology**, building core competitiveness around 'intelligent query engine + point semantic matching + multi-modal intelligent early warning + AR intelligent control'[48](index=48&type=chunk) Analysis of Changes in Major Financial Statement Items | Item Name | Current Period End Amount (RMB) | % of Total Assets at Current Period End | Prior Year End Amount (RMB) | % of Total Assets at Prior Year End | % Change from Prior Year End | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 4,020,225,138.80 | - | 3,477,205,242.58 | - | 15.62 | Steady growth in business scale | | Operating Cost | 2,793,427,068.56 | - | 2,313,597,609.87 | - | 20.74 | Business scale growth | | Investment Income | 7,180,500.78 | - | 999,739.78 | - | 618.24 | Increase in income from bank structured deposits | | Fair Value Change Income | 4,117,863.37 | - | 0.00 | - | Not applicable | Fair value change of broker wealth management products | | Asset Disposal Income | 1,182,552.26 | - | 38,045.74 | - | 3,008.24 | Increase in income from disposal of fixed assets | | Non-operating Income | 7,193,844.54 | - | 18,453,756.40 | - | -61.02 | Received performance compensation from an associate in the prior period | | Net Cash Flow from Operating Activities | -472,300.42 | - | 60,590,079.49 | - | -100.78 | Increased operating cash outflows for purchases, expenses, etc., due to business scale growth | | Net Cash Flow from Investing Activities | -449,978,076.24 | - | -45,067,013.92 | - | Not applicable | Investment in safe, liquid, low-risk broker wealth management products | | Net Cash Flow from Financing Activities | -600,668,279.96 | - | -502,525,350.00 | - | Not applicable | Increase in cash dividends distributed | Main Business by Product | Product Segment | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Profit Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Profit Margin (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Grid Automation | 1,726,423,650.92 | 1,021,501,809.47 | 40.83 | 2.21 | 7.28 | -2.80 | | Power Plant and Industrial Automation | 2,002,819,239.26 | 1,525,741,475.66 | 23.82 | 31.25 | 36.02 | -2.67 | | Other | 284,969,484.90 | 244,729,301.33 | 14.12 | 11.85 | 3.42 | 7.00 | Main Business by Region | Region | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Profit Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Profit Margin (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic Business | 3,911,930,003.85 | 2,734,783,471.10 | 30.09 | 16.68 | 22.38 | -3.26 | | International Business | 102,282,371.23 | 57,189,115.36 | 44.09 | -12.61 | -24.72 | 9.00 | [Analysis of Core Competencies during the Reporting Period](index=13&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20during%20the%20Reporting%20Period) The company's core competencies lie in technological innovation, brand advantage, and talent advantage. It has established a complete R&D innovation management system, holds numerous patents and software copyrights, and has received national honors. As a renowned brand in power system secondary equipment manufacturing, the company holds a leading position in the industry and possesses a high-quality technical and management talent pool - The company has established a complete R&D innovation management system, with **932 authorized invention patents**, **649 software copyrights**, and participation in **540 international/national/industry standard formulations**[52](index=52&type=chunk) - Received **over 200 provincial/ministerial level or higher scientific and technological awards**, and undertaken or participated in **over 20 national key R&D projects**[52](index=52&type=chunk) - The company is a renowned brand in domestic power system secondary equipment manufacturing, with **relay protection and substation automation products ranking among the industry leaders**[54](index=54&type=chunk) - The company is a technology-intensive enterprise, with **technical personnel accounting for over 60% of the total workforce**, and a management team and professional staff with strong technical backgrounds in R&D, marketing, technology, and production[55](index=55&type=chunk) [Major Operating Conditions during the Reporting Period](index=14&type=section&id=IV.%20Major%20Operating%20Conditions%20during%20the%20Reporting%20Period) This section details the company's asset and liability status, investment situation, and operating performance of major subsidiaries and associates. At the end of the reporting period, total assets were **RMB 10.878 billion**, and net assets attributable to the parent company were **RMB 4.486 billion**. Monetary funds and accounts receivable financing decreased, while trading financial assets, accounts receivable, and contract assets increased. Construction in progress significantly decreased due to the commissioning of the Huzhou Smart Equipment Digital Factory project Analysis of Changes in Assets and Liabilities | Item Name | Current Period End Amount (RMB) | % of Total Assets at Current Period End | Prior Year End Amount (RMB) | % of Total Assets at Prior Year End | % Change from Prior Year End | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 2,501,266,613.98 | 22.99 | 3,532,161,472.90 | 31.98 | -29.19 | Investment in broker wealth management products and distribution of cash dividends | | Trading Financial Assets | 604,063,137.02 | 5.55 | 240,000,000.00 | 2.17 | 151.69 | Increase in investment in broker wealth management products | | Accounts Receivable | 1,433,589,500.86 | 13.18 | 1,189,564,984.90 | 10.79 | 20.51 | - | | Accounts Receivable Financing | 242,322,743.68 | 2.23 | 346,211,496.90 | 3.13 | -30.01 | Decrease in outstanding balance of unexpired bank acceptance bills | | Other Receivables | 65,188,938.22 | 0.60 | 43,703,969.42 | 0.40 | 49.16 | Increase in outstanding balance of bid deposits paid | | Contract Assets | 2,238,585,871.28 | 20.58 | 1,759,939,311.53 | 15.93 | 27.20 | - | | Construction in Progress | 17,070,455.96 | 0.16 | 138,813,362.20 | 1.26 | -87.70 | Huzhou Smart Equipment Digital Factory project put into operation | | Right-of-use Assets | 0.00 | 0.00 | 2,666,234.48 | 0.02 | -100.00 | Right-of-use assets for leased factory fully amortized upon expiration | | Other Non-current Assets | 34,878,529.84 | 0.32 | 21,980,380.32 | 0.20 | 58.68 | Increase in outstanding balance of prepaid engineering equipment | | Taxes Payable | 60,262,621.18 | 0.55 | 85,225,696.04 | 0.77 | -29.29 | Decrease in outstanding balance of corporate income tax payable | - Overseas assets amounted to **RMB 37.75 million**, accounting for **0.35%** of total assets[68](index=68&type=chunk) - Restricted monetary funds at period-end were **RMB 294.36 million**, mainly for **performance bonds, bid bonds, bank acceptance bills, and other deposits**[70](index=70&type=chunk) Operating Performance of Major Subsidiaries (Unit: RMB 10,000) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Sifang Jibao Engineering Technology Co., Ltd. | Subsidiary | Manufacturing | 105,000.00 | 595,566.05 | 216,886.44 | 309,907.40 | 41,390.10 | 37,128.04 | | Nanjing Sifang Yineng Electric Automation Co., Ltd. | Subsidiary | Manufacturing | 3,000.00 | 113,282.77 | 28,530.59 | 99,351.10 | 5,522.01 | 5,001.82 | [Other Disclosures](index=19&type=section&id=V.%20Other%20Disclosures) This section discloses risks faced by the company, including macroeconomic and industry policies, technological innovation, talent loss, and changes in the international environment, and details the progress of the company's 'Quality Improvement, Efficiency Enhancement, and Return Focus' initiative, covering aspects such as focusing on main business, adhering to technological innovation, continuous management optimization, strengthening corporate governance, improving information disclosure quality, and emphasizing shareholder returns - The company faces risks from **macroeconomic and industry policies, technological innovation, talent loss, and changes in the international environment**[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk)[80](index=80&type=chunk) - The company continuously monitors AI technology applications in power systems, **increases R&D investment, and seeks cooperation with research institutions to enhance technological competitiveness**[77](index=77&type=chunk) - The company formulated a 'Quality Improvement, Efficiency Enhancement, and Return Focus' action plan, with operating revenue growing by **15.62%** and net profit attributable to parent company by **12.41%** during the reporting period[81](index=81&type=chunk) - Innovation achievements are abundant, with **6 technological achievements identified as internationally leading**; **90 patent applications** and **60 granted patents**[82](index=82&type=chunk) - The company proactively abolished the supervisory board and successfully completed the transfer of audit committee functions, establishing a **governance structure with clear responsibilities and standardized operations**[84](index=84&type=chunk) - Conducted **over 50 investor research activities**, covering **over 250 participants**, enhancing investor understanding and trust[86](index=86&type=chunk) - The company highly values shareholder returns, with **cash dividends in 2024 accounting for 84% of net profit attributable to parent company**; dividend payout ratios have **exceeded 80% in the past three years**[87](index=87&type=chunk) [Corporate Governance, Environment, and Society](index=22&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section outlines changes in the company's governance structure, including board and senior management appointments, profit distribution plans, equity incentive programs, and environmental and social responsibility initiatives [Changes in Company Directors and Senior Management](index=22&type=section&id=I.%20Changes%20in%20Company%20Directors%20and%20Senior%20Management) During the reporting period, the company's Board of Directors completed its re-election and the appointment of senior management. Gao Xiuhuan was elected Chairman, Liu Zhichao appointed President, Qin Hongxia, Hu Xiaodong, Yang Jun, Qian Jinwen, Liu Shu, Gao Feng, Xu Gang appointed Vice Presidents, Fu Rao appointed Chief Financial Officer, and Qian Jinwen concurrently served as Board Secretary - On **May 8, 2025**, the company completed the re-election of its Board of Directors and the appointment of senior management[90](index=90&type=chunk) - **Gao Xiuhuan** was elected Chairman of the company's Eighth Board of Directors, and **Liu Zhichao** was appointed President[90](index=90&type=chunk) - **Qin Hongxia, Hu Xiaodong, Yang Jun, Qian Jinwen, Liu Shu, Gao Feng, Xu Gang** were appointed Vice Presidents, **Fu Rao** was appointed Chief Financial Officer, and **Qian Jinwen** concurrently served as Board Secretary[90](index=90&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=22&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) During the reporting period, the company did not implement any profit distribution or capital reserve conversion plans - There was **no profit distribution plan or capital reserve to share capital conversion plan** during the reporting period[91](index=91&type=chunk) [Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company's 'Qihang No. 2' Restricted Stock Incentive Plan is ongoing, with **168,000 restricted shares** held by **7 departing incentive recipients** repurchased and cancelled during the reporting period - The company's **'Qihang No. 2' Restricted Stock Incentive Plan** is continuously implemented[92](index=92&type=chunk) - During the reporting period, due to the departure of **7 incentive recipients**, **168,000 restricted shares** held by them were repurchased and cancelled[93](index=93&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries Required to Disclose Environmental Information by Law](index=24&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company actively complies with environmental protection laws and regulations, implements ISO14001 environmental management and ISO50001 energy management systems, and experienced no environmental pollution incidents in H1 2025. The company adopts multiple measures in green production, low-carbon office, and carbon management, including organizational-level carbon inventory, product carbon footprint verification, and purchasing green electricity certificates - The company complies with environmental protection laws and regulations, implementing **ISO14001 environmental management system** and **ISO50001 energy management system**[94](index=94&type=chunk) - In H1 2025, the company experienced **no environmental pollution incidents**, and environmental and energy management performance significantly improved[94](index=94&type=chunk) - In green production, the company selects **environmentally friendly, low-energy consumption equipment and raw materials**, promoting new technologies, processes, and materials[95](index=95&type=chunk) - The company conducts **organizational-level carbon inventory and verification, product carbon footprint verification**, and purchased **4,250 green electricity certificates** in June 2025[97](index=97&type=chunk) [Significant Matters](index=26&type=section&id=Section%205%20Significant%20Matters) This section covers the company's fulfillment of commitments, absence of fund occupation or illegal guarantees, audit status, major litigation, integrity, related party transactions, major contracts, and other significant events [Fulfillment of Commitments](index=26&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's controlling shareholder, Sifang Electric (Group) Co., Ltd., and actual controllers, Yang Qixun and Wang Xuzhao, have strictly fulfilled their commitments to avoid horizontal competition - Controlling shareholder **Sifang Electric (Group) Co., Ltd.** signed a commitment letter to avoid horizontal competition on **February 23, 2009**, and has strictly fulfilled it[100](index=100&type=chunk) - Actual controllers **Yang Qixun and Wang Xuzhao** each signed a commitment letter to avoid horizontal competition on **February 23, 2009**, and have strictly fulfilled them[100](index=100&type=chunk) [Non-operating Fund Occupation by Controlling Shareholder and Other Related Parties during the Reporting Period](index=26&type=section&id=II.%20Non-operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20during%20the%20Reporting%20Period) During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties - There was **no non-operating fund occupation by the controlling shareholder or other related parties** during the reporting period[101](index=101&type=chunk) [Illegal Guarantees](index=26&type=section&id=III.%20Illegal%20Guarantees) During the reporting period, there were no illegal guarantees - There were **no illegal guarantees** during the reporting period[101](index=101&type=chunk) [Semi-Annual Report Audit Status](index=27&type=section&id=IV.%20Semi-Annual%20Report%20Audit%20Status) This semi-annual report has not been audited - This semi-annual report has **not been audited**[5](index=5&type=chunk) [Major Litigation and Arbitration Matters](index=27&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no major litigation or arbitration matters - The company had **no major litigation or arbitration matters** during the reporting period[102](index=102&type=chunk) [Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controllers 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%20Controllers%20during%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholder, and actual controllers operated with integrity and maintained good credit - During the reporting period, the company, its controlling shareholder, and actual controllers operated with **integrity and maintained good credit**[102](index=102&type=chunk) [Major Related Party Transactions](index=27&type=section&id=X.%20Major%20Related%20Party%20Transactions) During the reporting period, the company engaged in related party transactions including product/technology sales, provision/acceptance of leasing services, and joint external investments. Sales of products/technology to related parties amounted to **RMB 29.88 million**, and house leasing services amounted to **RMB 8.6461 million**. The company jointly established Tianjin Shandianbang Electric Technology Co., Ltd. with Sifang Electric (Group) Co., Ltd., with the company holding a **49%** stake Related Party Transactions Related to Ordinary Operations (Unit: RMB 10,000) | Transaction Type | Estimated Amount for 2025 | Amount Executed as of June 30, 2025 | | :--- | :--- | :--- | | Sales of Products/Technology | 13,000 | 2,988 | | Purchases of Products/Technology | 500 | 0 | | Purchases of Engineering Services | 4,500 | 0 | | House Leasing Services (Received) | 1,200 | 864.61 | - The company jointly invested with a related party to establish **Tianjin Shandianbang Electric Technology Co., Ltd.**, with a registered capital of **RMB 6 million** and the company holding a **49%** stake[108](index=108&type=chunk) [Major Contracts and Their Performance](index=29&type=section&id=XI.%20Major%20Contracts%20and%20Their%20Performance) During the reporting period, the total amount of guarantees provided to subsidiaries was **RMB 13.87 million**, with a total outstanding guarantee balance of **RMB 43.25 million** at period-end, accounting for **0.96%** of the company's net assets Total Company Guarantees (Unit: RMB) | Indicator | Amount | | :--- | :--- | | Total amount of guarantees provided to subsidiaries during the reporting period | 13,871,016.48 | | Total outstanding guarantee balance to subsidiaries at period-end (B) | 43,248,810.10 | | Total Guarantees (A+B) | 43,248,810.10 | | % of Total Guarantees to Company's Net Assets | 0.96 | [Explanation of Other Significant Matters](index=31&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) From January to June 2025, the company used its own funds to subscribe for bank wealth management products (structured deposits) with a rolling renewal amount totaling **RMB 1.518 billion**, and broker wealth management products with a rolling renewal amount totaling **RMB 600 million** Wealth Management Product Investment Status (Unit: RMB) | Type | Source of Funds | Amount Incurred | Unexpired Balance | Overdue Unrecovered Amount | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 1,518,000,000 | 0 | 0 | | Broker Wealth Management Products | Own Funds | 600,000,000 | 600,000,000 | 0 | [Share Changes and Shareholder Information](index=31&type=section&id=Section%206%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides an overview of its shareholder structure, including the top ten shareholders and their holdings [Changes in Share Capital](index=31&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, the company's total share capital decreased from **833,436,000 shares** to **833,268,000 shares** due to the repurchase and cancellation of **168,000 restricted shares**. Restricted shares decreased, while the proportion of unrestricted tradable shares slightly increased Table of Share Changes (Unit: shares) | Item | Quantity Before This Change | % Before This Change | Increase/Decrease in This Change (+, -) | Quantity After This Change | % After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 14,582,300 | 1.75 | -168,000 | 14,414,300 | 1.73 | | 3. Other Domestic Shares | 14,582,300 | 1.75 | -168,000 | 14,414,300 | 1.73 | | Domestic Natural Person Holdings | 14,582,300 | 1.75 | -168,000 | 14,414,300 | 1.73 | | II. Unrestricted Tradable Shares | 818,853,700 | 98.25 | 0 | 818,853,700 | 98.27 | | 1. RMB Ordinary Shares | 818,853,700 | 98.25 | 0 | 818,853,700 | 98.27 | | III. Total Shares | 833,436,000 | 100.00 | -168,000 | 833,268,000 | 100.00 | - During the reporting period, due to the departure of **7 incentive recipients**, the company repurchased and cancelled **168,000 restricted shares** that had been granted but not yet lifted from restrictions[117](index=117&type=chunk) - As of the end of the reporting period, the company's total shares changed from **833,436,000 shares** to **833,268,000 shares**[117](index=117&type=chunk) [Shareholder Information](index=32&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **100,000 shareholders**. Among the top ten shareholders, Sifang Electric (Group) Co., Ltd. held **42.01%**, serving as the controlling shareholder. Hong Kong Securities Clearing Company Limited and Qianhai Life Insurance Co., Ltd. - Dividend Insurance Product, among other institutional investors, saw changes in their shareholding proportions - As of the end of the reporting period, the company had a total of **100,000 shareholders**[121](index=121&type=chunk) Top Ten Shareholders' Holdings (Unit: shares) | Shareholder Name | Increase/Decrease during Reporting Period | Number of Shares Held at Period End | Proportion (%) | Number of Restricted Shares Held | Pledged, Marked, or Frozen Status | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sifang Electric (Group) Co., Ltd. | -487,200 | 350,020,466 | 42.01 | 0 | None | Domestic Non-state-owned Legal Person | | Beijing Huake Hengji Digital Technology Co., Ltd. | 0 | 38,196,802 | 4.58 | 0 | None | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | -1,680,076 | 17,902,185 | 2.15 | 0 | None | Unknown | | Qianhai Life Insurance Co., Ltd. - Dividend Insurance Product | -12,222,080 | 11,222,420 | 1.35 | 0 | None | Unknown | | Yang Qixun | 0 | 6,454,680 | 0.77 | 0 | None | Domestic Natural Person | - Controlling shareholder **Sifang Electric (Group) Co., Ltd.** held **42.01%** of the shares[122](index=122&type=chunk) - Actual controller **Mr. Yang Qixun** is one of the company's actual controllers and a shareholder of the controlling shareholder, Sifang Electric (Group) Co., Ltd.[124](index=124&type=chunk) [Bond-Related Information](index=35&type=section&id=Section%207%20Bond-Related%20Information) This section confirms the absence of corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds during the reporting period [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=35&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%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 - The company had **no corporate bonds or non-financial enterprise debt financing instruments** during the reporting period[127](index=127&type=chunk) [Convertible Corporate Bonds](index=35&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - The company had **no convertible corporate bonds** during the reporting period[127](index=127&type=chunk) [Financial Report](index=36&type=section&id=Section%208%20Financial%20Report) This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with notes on accounting policies, taxation, and other significant financial details [Audit Report](index=36&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has **not been audited**[129](index=129&type=chunk) [Financial Statements](index=36&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, reflecting the company's asset and liability structure, profitability, and cash flow - Provides the **Consolidated Balance Sheet, Parent Company Balance Sheet, Consolidated Income Statement, Parent Company Income Statement, Consolidated Cash Flow Statement, Parent Company Cash Flow Statement, Consolidated Statement of Changes in Owners' Equity, and Parent Company Statement of Changes in Owners' Equity**[130](index=130&type=chunk)[136](index=136&type=chunk)[141](index=141&type=chunk)[145](index=145&type=chunk)[149](index=149&type=chunk)[153](index=153&type=chunk)[158](index=158&type=chunk)[169](index=169&type=chunk) [Company Basic Information](index=59&type=section&id=III.%20Company%20Basic%20Information) Beijing Sifang Automation Co., Ltd. was established in April 1994 and listed on the Shanghai Stock Exchange in December 2010 (stock code 601126). The company primarily engages in R&D, production, and sales of products in areas such as power transmission and transformation protection and automation systems, power generation and enterprise power systems, distribution and consumption systems, and power electronic applications. As of the end of the reporting period, the company had **19 subsidiaries** included in its consolidated scope - The company was established in **April 1994**, publicly issued A-shares on **December 24, 2010**, and was listed on the Shanghai Stock Exchange on **December 31** with stock code **601126**[174](index=174&type=chunk) - The company primarily engages in R&D, production, and sales of products in areas such as **power transmission and transformation protection and automation systems, power generation and enterprise power systems, distribution and consumption systems, and power electronic applications**[174](index=174&type=chunk) - As of the end of the reporting period, the company had a total of **19 subsidiaries** included in its consolidated scope[175](index=175&type=chunk) [Basis of Financial Statement Preparation](index=59&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant regulations, and, except for the cash flow statement, are prepared under the accrual basis of accounting - Financial statements are prepared on a **going concern basis**, complying with enterprise accounting standards[176](index=176&type=chunk)[177](index=177&type=chunk) - Except for the cash flow statement prepared on a **cash basis**, all others are prepared on an **accrual basis**[176](index=176&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=59&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's specific accounting policies and estimates for financial instruments, inventories, contract assets, fixed assets, intangible assets, revenue recognition, government grants, deferred income tax assets/liabilities, and leases, ensuring the standardization and accuracy of financial statement preparation - Details the classification, measurement, and impairment of financial instruments, including financial assets measured at **amortized cost, fair value through other comprehensive income, and fair value through profit or loss**[195](index=195&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk)[200](index=200&type=chunk)[201](index=201&type=chunk) - Inventories are measured at the **lower of cost and net realizable value**, and valued using the **standard cost method or moving weighted average method** upon issuance[219](index=219&type=chunk)[221](index=221&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services, and revenue from **sales of goods, provision of services, and construction contracts** is recognized based on contract terms and performance progress[258](index=258&type=chunk)[259](index=259&type=chunk)[260](index=260&type=chunk) - R&D expenditures are divided into **research and development phases**, with development phase expenditures recognized as intangible assets when specific conditions are met[243](index=243&type=chunk)[244](index=244&type=chunk) [Taxation](index=79&type=section&id=VI.%20Taxation) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax. The company and several subsidiaries enjoy a **15%** corporate income tax preferential rate as high-tech enterprises, and also benefit from tax incentives such as VAT immediate refund for software products, VAT exemption for technology transfer/development, and VAT additional deduction for advanced manufacturing enterprises Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Value Added | 6%、9%、13% | | Urban Maintenance and Construction Tax | Amount of VAT Paid | 7% | | Corporate Income Tax | Taxable Income | 15% or 25% (preferential for small and micro enterprises) | - **Sifang Co., Jibao Engineering, Nanjing Yineng**, and several other subsidiaries enjoy a **15% corporate income tax preferential rate** as high-tech enterprises[281](index=281&type=chunk) - The company benefits from **VAT immediate refund policy for software products**, and **VAT exemption for technology transfer and development**[281](index=281&type=chunk) - Advanced manufacturing enterprises enjoy a policy of **5% additional VAT deduction** from taxable amounts[282](index=282&type=chunk) [Notes to Consolidated Financial Statement Items](index=81&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details specific information for each consolidated financial statement item, including monetary funds, trading financial assets, notes receivable, accounts receivable, contract assets, inventories, long-term equity investments, fixed assets, intangible assets, goodwill, deferred income tax assets/liabilities, notes payable, accounts payable, contract liabilities, employee benefits payable, taxes payable, other payables, other current liabilities, deferred income, share capital, capital reserves, treasury stock, other comprehensive income, retained earnings, operating revenue and cost, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change income, credit impairment losses, asset impairment losses, asset disposal income, non-operating income, non-operating expenses, income tax expenses, cash flow statement items, notes to statement of changes in owners' equity, foreign currency monetary items, and leases - Monetary funds at period-end totaled **RMB 2.501 billion**, of which **RMB 294 million** were restricted other monetary funds, mainly for **performance bonds, bid bonds, and other deposits**[284](index=284&type=chunk) - Trading financial assets at period-end totaled **RMB 604 million**, primarily **broker wealth management products**[286](index=286&type=chunk) - Accounts receivable at period-end had a book value of **RMB 1.434 billion**, with **RMB 544 million** in bad debt provisions[296](index=296&type=chunk) - Contract assets at period-end had a book value of **RMB 2.239 billion**, with **RMB 206 million** in bad debt provisions[307](index=307&type=chunk) - Inventories at period-end had a book value of **RMB 1.917 billion**, with **RMB 133 million** in inventory impairment provisions and contract performance cost impairment provisions[336](index=336&type=chunk) - Construction in progress at period-end totaled **RMB 17.07 million**, a significant decrease of **87.70%** from the beginning of the period, mainly due to the **commissioning of the Huzhou Smart Equipment Digital Factory project**[359](index=359&type=chunk) - Intangible assets at period-end had a book value of **RMB 236 million**, with **28.86%** of internally developed intangible assets[368](index=368&type=chunk) - Goodwill had a book value of **RMB 129 million**, with **full impairment provisions** made[371](index=371&type=chunk)[372](index=372&type=chunk) - Share capital decreased by **168,000 shares** due to the repurchase and cancellation of restricted shares, with total share capital of **833 million shares** at period-end[410](index=410&type=chunk) - Operating revenue was **RMB 4.02 billion**, and operating cost was **RMB 2.793 billion**[423](index=423&type=chunk) - Net cash flow from operating activities was **RMB -472.3 thousand**, a significant year-on-year decrease of **100.78%**[463](index=463&type=chunk) [R&D Expenditures](index=137&type=section&id=VIII.%20R%26D%20Expenditures) During the reporting period, the company's total R&D expenditures were **RMB 350 million**, including **RMB 341 million** in expensed R&D and **RMB 9.7218 million** in capitalized R&D. Capitalized R&D projects primarily relate to patents and non-patent technologies R&D Expenditures by Nature of Expense (Unit: RMB) | Item | Amount Incurred in Current Period | Amount Incurred in Prior Period | | :--- | :--- | :--- | | Employee Compensation | 259,732,984.52 | 227,280,136.81 | | Depreciation and Amortization | 21,788,853.80 | 20,522,695.53 | | Testing Fees | 14,754,331.05 | 26,000,240.85 | | Material Costs | 7,367,333.84 | 7,053,012.75 | | Travel Expenses | 7,163,902.31 | 6,142,870.96 | | Office Expenses | 5,958,297.88 | 4,062,336.57 | | Entrusted Scientific Research and Technical Services | 6,929,872.30 | 5,588,944.64 | | Lease Expenses | 650,477.06 | 814,821.10 | | Utilities | 406,828.29 | 856,308.94 | | Property and Building Equipment Maintenance Fees | 149,302.68 | 197,126.35 | | Equity Incentive Costs | 11,085,930.55 | 19,492,812.84 | | Other | 14,485,630.69 | 10,312,505.99 | | Total | 350,473,744.97 | 328,323,813.33 | | Of which: Expensed R&D Expenditures | 340,751,933.59 | 320,490,135.96 | | Capitalized R&D Expenditures | 9,721,811.38 | 7,833,677.37 | - Capitalized R&D projects primarily consist of **patents and non-patent technologies**, with a period-end balance of **RMB 18.66 million**[474](index=474&type=chunk) [Changes in Consolidation Scope](index=138&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company had no changes in consolidation scope due to business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries - During the reporting period, the company had **no changes in consolidation scope** due to business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries[475](index=475&type=chunk)[476](index=476&type=chunk) [Interests in Other Entities](index=139&type=section&id=X.%20Interests%20in%20Other%20Entities) As of the end of the reporting period, the company had **19 subsidiaries** included in its consolidated scope, including Jibao Engineering, Nanjing Yineng, and Sifang Sanyi. The company also held interests in two significant joint ventures/associates, Sifang Menghua Electric (**60%** stake) and Zhongneng Zhixin (**20%** stake), both accounted for using the equity method Composition of the Enterprise Group (Partial Subsidiaries) | Subsidiary Name | Main Operating Location | Registered Capital (RMB 10,000) | Business Nature | Shareholding Ratio (%) (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Jibao Engineering | Beijing | 105,000.00 | Manufacturing | 100.00 | Establishment | | Nanjing Yineng | Nanjing | 3,000.00 | Manufacturing | 100.00 | Business Combination under Common Control | | Sifang Sanyi | Baoding | 4,800.00 | Manufacturing | 100.00 | Business Combination not under Common Control | | Sifang Zhidian | Suzhou | 1,000.00 | Manufacturing | 60.00 | Establishment | | Sifang Ruihe | Beijing | 3,497.00 | Manufacturing | 93.93 | Establishment | - The company holds a **60%** stake in **Sifang Menghua Electric**, accounted for as a joint venture using the equity method due to joint control[484](index=484&type=chunk) - The company holds a **20%** stake in **Zhongneng Zhixin**, accounted for as an associate using the equity method[484](index=484&type=chunk) Key Financial Information of Significant Non-Wholly Owned Subsidiaries (Unit: RMB) | Subsidiary Name | Minority Shareholding Ratio (%) | Profit/Loss Attributable to Minority Shareholders in Current Period | Minority Interest Balance at Period End | | :--- | :--- | :--- | :--- | | Sifang Ruihe | 6.07 | 12,260.41 | 1,128,583.68 | | Sifang Zhidian | 40.00 | -238,711.60 | 3,691,355.68 | [Government Grants](index=144&type=section&id=XI.%20Government%20Grants) During the reporting period, the company's total government grants recognized in profit or loss amounted to **RMB 90.77 million**, including **RMB 678.9 thousand** related to assets and **RMB 90.0557 million** related to income. Deferred income at period-end was **RMB 14.8236 million** Government Grants Recognized in Profit or Loss (Unit: RMB) | Type | Amount Incurred in Current Period | Amount Incurred in Prior Period | | :--- | :--- | :--- | | Related to Assets | 678,903.05 | 805,000.02 | | Related to Income | 90,055,650.96 | 82,829,941.94 | - Deferred income at period-end was **RMB 14.82 million**[490](index=490&type=chunk) [Risks Related to Financial Instruments](index=145&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces market risks (foreign exchange and interest rate risks), credit risk, and liquidity risk. It manages potential adverse impacts through management plans, with low foreign exchange risk for foreign currency financial assets. Credit risk is controlled by assessing customer creditworthiness and regular monitoring. Liquidity risk is managed by continuously monitoring funding needs and maintaining ample cash reserves - The company faces **market risks (foreign exchange risk and interest rate risk), credit risk, and liquidity risk**[491](index=491&type=chunk) - As of June 30, 2025, the company's foreign currency financial assets, converted to RMB, amounted to **RMB 198.49 million**, indicating **low foreign exchange risk**[491](index=491&type=chunk) - Credit risk is primarily controlled by assessing factors such as **customer creditworthiness, possibility of obtaining guarantees, credit history, and market conditions**[492](index=492&type=chunk) - Liquidity risk is managed by **summarizing cash flow forecasts from subsidiaries, continuously monitoring funding needs at the group level, and maintaining ample cash reserves**[492](index=492&type=chunk) [Disclosure of Fair Value](index=146&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) At period-end, the company's total assets measured at fair value on a recurring basis amounted to **RMB 870 million**, primarily including trading financial assets (broker wealth management products and equity investments) and accounts receivable financing (bank acceptance bills). The fair value of these assets is mainly determined through Level 2 (broker wealth management products, equity investments) and Level 1 (accounts receivable financing) measurements Fair Value of Assets and Liabilities Measured at Fair Value at Period End (Unit: RMB) | Item | Level 1 Fair Value Measurement | Level 2 Fair Value Measurement | Level 3 Fair Value Measurement | Total | | :--- | :--- | :--- | :--- | :--- | | (I) Trading Financial Assets | | 628,028,151.07 | | 628,028,151.07 | | (4) Broker Wealth Management Products | | 604,063,137.02 | | 604,063,137.02 | | (II) Other Non-current Financial Assets | | 23,965,014.05 | | 23,965,014.05 | | (VI) Accounts Receivable Financing | 242,322,743.68 | | | 242,322,743.68 | | Total Assets Measured at Fair Value on a Recurring Basis | 242,322,743.68 | 628,028,151.07 | | 870,350,894.75 | - Trading financial assets are **broker wealth management products** with short holding periods, and their book balances are close to fair values[497](index=497&type=chunk) - Other non-current financial assets are **equity investments**, with fair values determined by reference to the investee's latest valuation report[497](index=497&type=chunk) - Accounts receivable financing consists of **bank acceptance bills** with short remaining maturities, and their book balances are close to fair values[497](index=497&type=chunk) [Related Parties and Related Party Transactions](index=148&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) The company's controlling shareholder is Sifang Electric (Group) Co., Ltd., and its actual controllers are Yang Qixun and Wang Xuzhao. During the reporting period, the company had transactions with related party Zhongneng Zhixin for purchasing materials and selling products, and leased fixed assets from Sifang Electric. At period-end, accounts receivable from Zhongneng Zhixin were **RMB 10.3266 million**, accounts payable to Zhongneng Zhixin were **RMB 2.3695 million**, and other payables to Sifang Electric were **RMB 5.2866 million** - The company's controlling shareholder is **Sifang Electric (Group) Co., Ltd.**, with a shareholding ratio of **42.01%**[500](index=500&type=chunk) - The actual controllers are **Yang Qixun and Wang Xuzhao**[500](index=500&type=chunk) Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services (Unit: RMB) | Related Party | Related Party Transaction Content | Amount Incurred in Current Period | | :--- | :--- | :--- | | Zhongneng Zhixin | Purchase of Materials | 4,760,176.99 | | Zhongneng Zhixin | Sale of Products | 147,493.60 | - As a lessee, the company leased fixed assets from Sifang Electric, paying **RMB 4,858,266.66** in rent during the current period[506](index=506&type=chunk) Outstanding Balances of Receivables and Payables with Related Parties (Unit: RMB) | Item Name | Related Party | Book Balance at Period End | | :--- | :--- | :--- | | Accounts Receivable | Zhongneng Zhixin | 10,326,597.98 | | Accounts Payable | Zhongneng Zhixin | 2,369,535.00 | | Contract Liabilities | Zhongneng Zhixin | 9,420,619.47 | | Other Payables | Sifang Electric | 5,286,622.98 | - Key management personnel compensation amounted to **RMB 10.0675 million** in the current period[508](index=508&type=chunk) [Share-based Payment](index=152&type=section&id=XV.%20Share-based%20Payment) The company's 'Qihang No. 2' Restricted Stock Incentive Plan is ongoing, with **168,000 shares** amounting to **RMB 1.2751 million** forfeited due to the departure of incentive recipients in the current period. Total equity-settled share-based payment expenses for the current period were **RMB 23.8128 million**, primarily for senior management, middle management, and core technical/business personnel Details of Each Equity Instrument (Unit: shares/RMB) | Category of Grantee | Number Forfeited in Current Period | Amount Forfeited in Current Period | | :--- | :--- | :--- | | Qihang No. 2 Incentive Recipients | 168,000.00 | 1,275,120.00 | | Total | 168,000.00 | 1,275,120.00 | - For the 'Qihang No. 2' Restricted Stock Incentive Plan, the grant price per share was **RMB 7.59**, fair value per share on grant date was **RMB 15.09**, total equity incentive expenses expected to be amortized over the vesting period are **RMB 143 million**, with **RMB 19.2514 million** amortized in the current period[519](index=519&type=chunk) - For the 'Qihang No. 2' Restricted Stock Incentive Plan (Reserved Grant), the grant price per share was **RMB 6.99**, fair value per share on grant date was **RMB 16.17**, total equity incentive expenses expected to be amortized over the vesting period are **RMB 12.1635 million**, with **RMB 4.5613 million** amortized in the current period[520](index=520&type=chunk) Share-based Payment Expenses for Current Period (Unit: RMB) | Category of Grantee | Equity-settled Share-based Payment Expenses | | :--- | :--- | | Qihang No. 2 Incentive Recipients | 19,251,437.50 | | Qihang No. 2 Incentive Recipients (Reserved Grant) | 4,561,312.50 | | Total | 23,812,750.00 | [Commitments and Contingencies](index=154&type=section&id=XVI.%20Commitments%20and%20Contingencies) During the reporting period, the company had no significant commitments or contingencies requiring disclosure - The company had **no significant commitments** requiring disclosure during the reporting period[523](index=523&type=chunk) - The company had **no significant contingencies** requiring disclosure during the reporting period[524](index=524&type=chunk) [Post-Balance Sheet Events](index=154&type=section&id=XVII.%20Post-Balance%20Sheet%20Events) Between the end of the reporting period and the disclosure date of the semi-annual report, the company had no significant non-adjusting events, profit distribution, or sales returns requiring disclosure as post-balance sheet events - Between the end of the reporting period and the disclosure date of the semi-annual report, the company had **no significant non-adjusting events, profit distribution, or sales returns** requiring disclosure as post-balance sheet events[523](index=523&type=chunk)[524](index=524&type=chunk) [Other Significant Matters](index=155&type=section&id=XVIII.%20Other%20Significant%20Matters) During the reporting period, the company had no other significant matters such as prior period accounting error corrections, major debt restructurings, asset exchanges, annuity plans, discontinued operations, or segment information - During the reporting period, the company had **no other significant matters** such as prior period accounting error corrections, major debt restructurings, asset exchanges, annuity plans, discontinued operations, or segment information[524](index=524&type=chunk)[525](index=525&type=chunk) [Notes to Parent Company Financial Statement Items](index=155&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section details the notes to the parent company's major financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue and cost, and investment income. The parent company's accounts receivable had a period-end book value of **RMB 559 million**, with **RMB 297 million** in bad debt provisions. Long-term equity investments had a period-end book value of **RMB 1.475 billion** - Parent company's accounts receivable had a period-end book balance of **RMB 856 million**, bad debt provisions of **RMB 297 million**, and a book value of **RMB 559 million**[531](index=531&type=chunk) - Parent company's other receivables had a period-end book balance of **RMB 91.8349 million**, bad debt provisions of **RMB 4.4494 million**, and a book value of **RMB 87.3856 million**[543](index=543&type=chunk)[552](index=552&type=chunk) - Parent company's long-term equity investments had a period-end book value of **RMB 1.475 billion**, including **RMB 1.415 billion** in investments in subsidiaries and **RMB 59.1017 million** in investments in associates and joint ventures[557](index=557&type=chunk) - Parent company's operating revenue was **RMB 1.052 billion**, and operating cost was **RMB 770 million**[565](index=565&type=chunk) - Parent company's investment income was **RMB 2.8974 million**, mainly from **long-term equity investment income accounted for by the equity method and structured deposit income**[567](index=567&type=chunk) [Supplementary Information](index=168&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary information including the detailed statement of non-recurring gains and losses, net asset return, and earnings per share. Total non-recurring gains and losses amounted to **RMB 15.7878 million**. The company's weighted average return on net assets was **10.07%**, and basic earnings per share were **RMB 0.58** Detailed Statement of Non-recurring Gains and Losses for the Current Period (Unit: RMB) | Item | Amount | | :--- | :--- | | Gains and losses from disposal of non-current assets | 1,182,552.26 | | Government grants recognized in current profit or loss | 3,714,204.52 | | Gains and losses from changes in fair value and disposal of financial assets and liabilities | 4,117,863.37 | | Gains and losses from entrusted investments or asset management | 6,396,461.67 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 1,397,090.98 | | Other non-operating income and expenses apart from the above | 2,133,214.57 | | Less: Income tax impact | 3,143,853.27 | | Impact on minority interests (after tax) | 9,735.19 | | Total | 15,787,798.91 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share (RMB/share) | | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders of the company | 10.07 | 0.58 | | Net profit attributable to ordinary shareholders of the company after deducting non-recurring gains and losses | 9.74 | 0.56 |

证券代码：601126 证券简称：四方股份 公告编号：2025-039 北京四方继保自动化股份有限公司 关于回购注销部分限制性股票减少注册资本 暨通知债权人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、通知债权人的原由 北京四方继保自动化股份有限公司（以下简称"公司"）于2025年8月28日 召开第八届董事会第二次会议，审议通过了《关于回购注销部分激励对象已获授 但尚未解除限售的限制性股票及调整回购价格的议案》。根据《上市公司股权激 励管理办法》《北京四方继保自动化股份有限公司启航2号限制性股票激励计划 （草案）》的相关规定，鉴于公司启航2号限制性股票激励计划中2名激励对象离 职，不再具备激励对象资格，公司董事会同意对其已获授但尚未解除限售的全部 限制性股票共计59,500股进行回购注销。本次回购注销完成后，公司总股本预计 将减少59,500股，公司注册资本也相应减少59,500元。具体内容详见公司同日于 上海证券交易所网站（www.sse.com.cn）披露的《关于回购注销部分激励对象已 获授但尚未解除限 ...

证券代码：601126 证券简称：四方股份 公告编号：2025-041 北京四方继保自动化股份有限公司 关于为子公司提供担保的公告 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。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | Sifang | Automation | India Private Limited（以下简称 | | --- | --- | --- | --- | --- | | 担保 对象一 | | 万元 | | "四方印度"），系公司全资孙公司 | | | 本次担保金额 | 2,500.00 | 万元 | | | | 实际为其提供的 担保余额 | 0 | | | | | 是否在前期预计 额度内 | 是 | □否 | 不适用：前期未进行预计 | | | 本次担保是否有 反担保 | □是 | 否 | □不适用：______________ | | | 被担保人名称 | Sifang | Electric | Corporation（以下简称"四 Philippines 方电气菲律宾"），系公司 ...

Group 1 - The company reported a revenue of 4.02 billion yuan for the first half of 2025, representing a year-on-year growth of 15.62% [1] - The net profit for the same period was 476 million yuan, showing a year-on-year increase of 12.41% [1] - The basic earnings per share reached 0.58 yuan, which is an increase of 11.54% compared to the previous year [1]

Core Viewpoint - Sifang Co., Ltd. has shown a mixed performance in financing activities and stockholder dynamics, with notable revenue growth and profit increase in recent financial reports [1][2][3]. Financing Activities - On August 27, Sifang Co., Ltd. experienced a 2.34% decline in stock price with a trading volume of 246 million yuan. The financing buy-in amounted to 18.95 million yuan, while financing repayment was 25.12 million yuan, resulting in a net financing outflow of 6.16 million yuan [1]. - As of August 27, the total financing and securities lending balance for Sifang Co. was 355 million yuan, with the financing balance at 354 million yuan, representing 2.41% of the circulating market value, indicating a high level compared to the past year [1]. - The securities lending activity on the same day showed no shares were repaid, with 6,900 shares sold, amounting to 123,600 yuan. The securities lending balance was 1.38 million yuan, also at a high level compared to the past year [1]. Financial Performance - For the period from January to March 2025, Sifang Co. reported a revenue of 1.83 billion yuan, reflecting a year-on-year growth of 18.34%. The net profit attributable to shareholders was 241 million yuan, marking a 33.38% increase compared to the previous year [2]. Shareholder Dynamics - As of March 31, 2025, the number of shareholders for Sifang Co. was 41,800, a decrease of 3.54% from the previous period. The average circulating shares per person increased by 3.67% to 19,594 shares [2]. - The company has distributed a total of 4 billion yuan in dividends since its A-share listing, with 1.6 billion yuan distributed over the last three years [3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third largest with 23.38 million shares, an increase of 3.80 million shares from the previous period. New entrants include several funds, indicating a shift in institutional holdings [3].

Group 1 - The core viewpoint of the article highlights the growth in the electrical machinery and equipment manufacturing industry in China, with an increase in the number of enterprises and their contribution to the overall industrial sector [1][3]. - As of the first half of 2025, there are 37,051 enterprises in the electrical machinery and equipment manufacturing sector, which is an increase of 1,576 enterprises compared to the same period last year, representing a year-on-year growth of 4.44% [1]. - The electrical machinery and equipment manufacturing sector accounts for 7.12% of the total number of industrial enterprises in China [1]. Group 2 - The report referenced is the "2025-2031 China Electrical Machinery Industry Market Competition Situation and Prospects Strategic Research Report" published by Zhiyan Consulting [1]. - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [2]. - The data used in the report is sourced from the National Bureau of Statistics and organized by Zhiyan Consulting [3].