（二）《中华人民共和国公务员法》关于公务员兼任职务的 规定； 独立董事候选人声明与承诺 本人冷建兴，已充分了解并同意由提名人杭州前进齿轮箱集 团股份有限公司董事会提名为杭州前进齿轮箱集团股份有限公 司第七届董事会独立董事候选人。本人公开声明，本人具备独立 董事任职资格，保证不存在任何影响本人担任杭州前进齿轮箱集 团股份有限公司独立董事独立性的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、部门规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 本人已经参加培训并取得证券交易所认可的相关培训证明 材料。 二、本人任职资格符合下列法律、行政法规和部门规章以及 公司规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退（离）休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定； （五）中共中央组 ...

独立董事提名人声明与承诺 提名人杭州前进齿轮箱集团股份有限公司董事会,现提名冷 建兴为杭州前进齿轮箱集团股份有限公司第七届董事会独立董 事候选人,并已充分了解被提名人职业、学历、职称、详细的工 作经历、全部兼职、有无重大失信等不良记录等情况。被提名人 已同意出任杭州前进齿轮箱集团股份有限公司第七届董事会独 立董事候选人(参见该独立董事候选人声明)。提名人认为,被 提名人具备独立董事任职资格,与杭州前进齿轮箱集团股份有限 公司之间不存在任何影响其独立性的关系,具体声明并承诺如下: 一、被提名人具备上市公司运作的基本知识,熟悉相关法律、 行政法规、规章及其他规范性文件,具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训 证明材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章 的要求: (一)《中华人民共和国公司法》关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的 规定; (三)中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的 ...

证券代码：601177 证券简称：杭齿前进 公告编号：2025-026 杭州前进齿轮箱集团股份有限公司 关于召开2025年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 杭州前进齿轮箱集团股份有限公司（以下简称"公司"） 2025年第一次临时股东 大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 5 日 14 点 30 分 召开地点：浙江省杭州市萧山区萧金路 45 号—公司大楼二楼会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票起止时间：自2025 年 9 月 5 日 至2025 年 9 月 5 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大 会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网 ...

杭州前进齿轮箱集团股份有限公司 会议由监事会主席陈烨丹女士召集并主持，会议审议通过如下决议： （一）审议通过《杭州前进齿轮箱集团股份有限公司 2025 年半年度报告》 全文和摘要 议案表决情况：本议案有效表决票 5 票，同意 5 票，反对 0 票，弃权 0 票。 （二）审议通过《关于取消监事会并修订<公司章程>的议案》。 为贯彻落实新《公司法》《上市公司章程指引》等相关规定，进一步规范公 司运作机制，提升公司治理水平，结合公司实际情况，公司拟取消监事会，监事 会的职权由董事会审计委员会行使，公司《监事会议事规则》相应废止。 本议案需提交公司股东大会审议。 证券代码：601177 证券简称：杭齿前进 公告编号：临2025-024 杭州前进齿轮箱集团股份有限公司 第六届监事会第十五次会议决议公告 本公司监事会及全体监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。 杭州前进齿轮箱集团股份有限公司（以下简称"公司"）第六届监事会第十 五次会议于 2025 年 8 月 19 日以现场结合通讯表决方式召开，会议应出席监事 5 人，实际出席监事 5 人，本次会 ...

杭州前进齿轮箱集团股份有限公司 证券代码：601177 证券简称：杭齿前进 公告编号：临2025-023 杭州前进齿轮箱集团股份有限公司 第六届董事会第十八次会议决议公告 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。 一、 董事会会议召开情况 杭州前进齿轮箱集团股份有限公司（以下简称"公司"）于 2025 年 8 月 19 日以现场结合通讯表决方式召开第六届董事会第十八次会议。本次会议的通知及 材料于 2025 年 8 月 9 日以电子邮件方式送达全体董事，公司董事均收到会议通 知和会议资料，知悉本次会议的审议事项，并充分表达意见。会议应参加表决董 事 9 人，实际参加表决董事 9 人，出席会议的董事人数符合法定人数。本次会议 的召开符合《公司法》及《公司章程》的有关规定。 会议由董事长杨水余先生召集并主持，与会董事审议并以记名投票的方式表 决通过了本次会议的全部议案。 二、 董事会会议审议情况 （一）审议通过公司《2025 年半年度报告》全文和摘要。 具体内容详见公司同日在上海证券交易所网站（http://www.sse. ...

[Important Notice](index=2&type=section&id=Important%20Notice) The company ensures the truthfulness, accuracy, and completeness of this unaudited semi-annual report, with no profit distribution, forward-looking statement commitments, fund occupation, or external guarantees [Statement by the Board of Directors, Supervisory Board, and Senior Management](index=2&type=section&id=Statement%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Senior%20Management) The company's Board of Directors, Supervisory Board, and senior management declare the truthfulness, accuracy, and completeness of the semi-annual report content and assume corresponding legal responsibilities - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content and assume legal responsibility[3](index=3&type=chunk) - All company directors attended the board meeting, and this semi-annual report is unaudited[4](index=4&type=chunk)[5](index=5&type=chunk) [Profit Distribution Plan or Capital Reserve to Share Capital Increase Plan](index=2&type=section&id=Profit%20Distribution%20Plan%20or%20Capital%20Reserve%20to%20Share%20Capital%20Increase%20Plan) The profit distribution plan or capital reserve to share capital increase plan approved by the Board of Directors for this reporting period is "none" - There is no profit distribution plan or capital reserve to share capital increase plan for this reporting period[6](index=6&type=chunk) [Risk Statement for Forward-Looking Statements](index=2&type=section&id=Risk%20Statement%20for%20Forward-Looking%20Statements) The company reminds investors that forward-looking statements in this report, such as future plans and development strategies, do not constitute substantial commitments and involve investment risks - Forward-looking statements in this report do not constitute substantial commitments, and investors should be aware of investment risks[6](index=6&type=chunk) [Fund Occupation and External Guarantees](index=2&type=section&id=Fund%20Occupation%20and%20External%20Guarantees) During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties, nor did it provide external guarantees in violation of decision-making procedures - No non-operating fund occupation by controlling shareholders or other related parties[7](index=7&type=chunk) - No external guarantees provided in violation of decision-making procedures[8](index=8&type=chunk) [Major Risk Warning](index=2&type=section&id=Major%20Risk%20Warning) The company has detailed potential risks in "Management Discussion and Analysis" (Section III) and reminds investors to review it and be aware of investment risks - The company has detailed potential risks in Section III of the report, reminding investors to be aware of investment risks[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions of common terms used in the report, including the company itself, related parties, subsidiaries, and currency units, to ensure clear understanding of the report content [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides the company's basic information, contact details, stock profile, and key financial data, highlighting a 6.79% revenue growth and 11.10% net profit increase in H1 2025 [Company Information](index=5&type=section&id=Company%20Information) This section lists the company's basic information, including its Chinese name, abbreviation, foreign name, acronym, and legal representative - The company's Chinese name is Hangzhou Advance Gearbox Group Co., Ltd., abbreviated as Advance Gearbox, with Yang Shuiyu as the legal representative[14](index=14&type=chunk) [Contact Person and Contact Information](index=5&type=section&id=Contact%20Person%20and%20Contact%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses - The Board Secretary is Zhang Dejun, and the Securities Affairs Representative is Hou Lei, both located at Advance Gearbox Board Office, No. 45 Xiaojin Road, Xiaoshan District, Hangzhou[15](index=15&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered and office addresses are both No. 45 Xiaojin Road, Xiaoshan District, Hangzhou, Zhejiang Province, with no changes during the reporting period - The company's registered and office addresses are both No. 45 Xiaojin Road, Xiaoshan District, Hangzhou, Zhejiang Province, with no historical changes during the reporting period[16](index=16&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) The company's designated information disclosure newspaper is "Securities Times", the semi-annual report website is www.sse.com.cn, and the document storage location is the Board Office, with no changes during the reporting period - The company's information disclosure newspaper is "Securities Times", the report website is www.sse.com.cn, and the document storage location is the Board Office, with no changes during the reporting period[17](index=17&type=chunk) [Company Stock Profile](index=5&type=section&id=Company%20Stock%20Profile) The company's stock is RMB ordinary shares (A-shares), listed on the Shanghai Stock Exchange, with stock abbreviation "Advance Gearbox" and stock code 601177, with no previous stock abbreviation changes during the reporting period - The company's stock is RMB ordinary shares (A-shares), listed on the Shanghai Stock Exchange, with stock abbreviation "Advance Gearbox" and stock code 601177, with no previous stock abbreviation[18](index=18&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue increased by 6.79% to 1.073 billion yuan, and net profit attributable to shareholders increased by 11.10% to 127 million yuan 2025 H1 Key Accounting Data | Major Accounting Data | Current Period (Jan-Jun) (Yuan) | Prior Year Period (Yuan) | Current Period vs. Prior Year Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,073,408,415.02 | 1,005,184,075.68 | 6.79 | | Total Profit | 132,622,631.12 | 117,309,661.17 | 13.05 | | Net Profit Attributable to Listed Company Shareholders | 127,399,126.32 | 114,670,778.92 | 11.10 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | 116,490,489.73 | 95,056,429.56 | 22.55 | | Net Cash Flow from Operating Activities | 56,369,520.05 | -15,103,681.89 | Not Applicable | | Net Assets Attributable to Listed Company Shareholders | 2,746,920,948.05 | 2,657,590,832.40 | 3.36 | | Total Assets | 5,168,703,471.04 | 4,972,473,161.75 | 3.95 | 2025 H1 Key Financial Indicators | Major Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Current Period vs. Prior Year Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.3173 | 0.2866 | 10.71 | | Diluted Earnings Per Share (Yuan/share) | 0.3146 | 0.2866 | 9.77 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (Yuan/share) | 0.2900 | 0.2376 | 22.05 | | Weighted Average Return on Net Assets (%) | 4.70 | 4.75 | Decrease of 0.05 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 4.30 | 3.93 | Increase of 0.37 percentage points | - Net cash flow from operating activities increased year-on-year, primarily due to a year-on-year decrease in accounts payable bills settled and redeemed[21](index=21&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to 10.91 million yuan, mainly from government subsidies and fair value changes in financial assets 2025 H1 Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Items | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -165,820.33 | | Government grants recognized in current profit or loss | 11,152,484.50 | | Gains and losses from changes in fair value of financial assets and liabilities and disposal of financial assets and liabilities | 635,699.93 | | Debt restructuring gains and losses | 14,283.79 | | Other non-operating income and expenses apart from the above | -355,175.83 | | Less: Income tax impact | 164,815.67 | | Minority interest impact (after tax) | 208,019.80 | | Total | 10,908,636.59 | [Net Profit After Deducting Share-Based Payment Impact](index=7&type=section&id=Net%20Profit%20After%20Deducting%20Share-Based%20Payment%20Impact) After deducting the impact of share-based payments, the company's net profit for the first half of 2025 was 131 million yuan, a year-on-year increase of 13.94% Net Profit After Deducting Share-Based Payment Impact | Major Accounting Data | Current Period (Jan-Jun) (Yuan) | Prior Year Period (Yuan) | Current Period vs. Prior Year Period Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact | 131,449,231.94 | 115,368,997.34 | 13.94 | [Section III Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section discusses the company's industry, main business, operational performance, and core competitiveness, detailing market expansion, R&D innovation, internal management, and potential risks faced during the reporting period [Explanation of the Company's Industry and Main Business During the Reporting Period](index=7&type=section&id=Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company primarily manufactures and sells gearboxes and transmission systems for marine, construction machinery, wind power, and agricultural machinery sectors. Despite global economic slowdown, domestic machinery industry remained stable, with differentiated downstream demand [Company's Main Business](index=7&type=section&id=Company%27s%20Main%20Business) The company primarily produces and sells marine gearboxes and propulsion systems, construction machinery transmissions, wind power gearboxes and industrial gearboxes, automotive transfer cases, agricultural machinery transmissions and drive axles, friction materials and plates, and elastic couplings - The company's main products include marine gearboxes, construction machinery transmissions, wind power gearboxes, automotive transfer cases, agricultural machinery transmissions and drive axles, and friction materials[29](index=29&type=chunk) [Business Model](index=8&type=section&id=Business%20Model) The company's procurement combines centralized and subsidiary-level purchasing; production is primarily order-based, multi-variety, and small-batch; sales include direct and indirect channels, supported by extensive domestic and international service networks - Procurement Model: Centralized procurement for bulk goods (bidding), subsidiary-level procurement for low-sharing materials (targeted inquiry order-based)[30](index=30&type=chunk) - Production Model: Centralized production at headquarters, order-based, multi-variety, small-batch, with production plans based on orders[30](index=30&type=chunk) - Sales Model: Direct sales and indirect sales (through subsidiaries and agents), customized for high-power products, stock for medium and small power, direct sales for construction machinery, wind power, and agricultural machinery, direct sales or agent export for international markets, and established domestic and international maintenance service centers[30](index=30&type=chunk) [Industry Overview](index=8&type=section&id=Industry%20Overview) The gear transmission device market is vast and driven by downstream industries. In the first half of 2025, global economic growth slowed, but China's economy remained stable, with the machinery industry operating steadily - Gear transmission devices are fundamental products for the national economy, with a huge market size driven by downstream industry development[31](index=31&type=chunk) - In the first half of 2025, global economic growth momentum weakened, China's economy remained generally stable, and the machinery industry maintained stable operations[31](index=31&type=chunk) 2025 H1 Downstream Industry Data | Industry | Key Indicator | 2025 Jan-Jun Data | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Shipbuilding Industry | Shipbuilding Completion Volume | 24.13 million DWT | Down 3.5% | | | New Orders Received | 44.33 million DWT | Down 18.2% | | | Order Backlog | 234.54 million DWT | Up 36.7% | | Wind Power Industry | New Wind Power Installed Capacity | 51.39 GW | Increase of 25.55 GW | | | New Approved Capacity | 90 GW | Comparable to Jan-Aug 2024 | | Construction Machinery | Loader Sales | 64,769 units | Up 13.6% | | | Grader Sales | 4,343 units | Up 9.23% | | | Road Roller Sales | 9,450 units | Up 21.3% | | Agricultural Machinery | Agricultural Machinery Market Climate Index (AMI) | 40.9% | Down 0.3 percentage points | [Discussion and Analysis of Operations](index=10&type=section&id=Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company achieved steady growth with operating revenue of 1.073 billion yuan, up 6.79%, and net profit attributable to parent company of 127 million yuan, up 11.10%, by strengthening market development, R&D innovation, and internal management despite a complex operating environment - In the first half of 2025, the company's operating revenue was **1.073 billion yuan**, a year-on-year increase of **6.79%**[36](index=36&type=chunk) - In the first half of 2025, net profit attributable to owners of the parent company was **127 million yuan**, a year-on-year increase of **11.10%**[36](index=36&type=chunk) [Deepen Market Expansion, Solidify Brand Influence and Market Share](index=10&type=section&id=Deepen%20Market%20Expansion%2C%20Solidify%20Brand%20Influence%20and%20Market%20Share) The company actively adapted to new energy trends in the domestic marine market, increasing orders for new energy and hybrid products. International marine sales saw growth in light-duty high-speed and high-power products through market visits and structural adjustments - Domestic Marine Sales: New energy, hybrid, and light-duty high-speed products grew, while special products and gearboxes for dredgers and liquefied cargo ships maintained a leading position[37](index=37&type=chunk) - International Marine Sales: Actively visited Southeast Asian markets, with light-duty high-speed and high-power products generating new business growth[37](index=37&type=chunk) - Construction Machinery: Strengthened promotion of electro-hydraulic electric drive and new energy products, with new products in small-batch application and conventional product sales revenue showing significant year-on-year growth[37](index=37&type=chunk) - Agricultural Machinery Products: Expanded small-batch customers for high-horsepower tractor transmissions and large harvesting machinery transmission systems, broadening new markets[37](index=37&type=chunk) [Strengthen R&D Innovation, Continuously Enhance Core Competitiveness](index=10&type=section&id=Strengthen%20R%26D%20Innovation%2C%20Continuously%20Enhance%20Core%20Competitiveness) The company continued to increase R&D investment in new products and technologies, completing multiple intelligent and green upgrades for marine products, successfully developing and delivering the electric propulsion gearbox with the largest output torque and a 10MW wind power gearbox - Marine Products: Promoted intelligent and green upgrades, completed transformation and upgrade of multiple small and medium-power products, lightweighting of medium and large-power products, and hybrid product development, successfully developing and delivering the electric propulsion gearbox with the largest output torque[39](index=39&type=chunk) - Wind Power Products: **10MW gearbox** completed development and delivery, with design and prototype delivery for multiple 6.X and 7.X new structural products[39](index=39&type=chunk) - In the first half of the year, **77 new products** and **6 key components** were developed; **15 patent applications** were accepted, and **19 patents** were granted[39](index=39&type=chunk) [Strengthen Internal Management, Promote Efficiency Improvement](index=10&type=section&id=Strengthen%20Internal%20Management%2C%20Promote%20Efficiency%20Improvement) The company enhanced internal management efficiency by building intelligent manufacturing workshops, optimizing production layouts, deploying informatization systems in subsidiaries, exploring AI applications in design and quality inspection, and strengthening talent development - Built intelligent manufacturing workshops, optimized production layout, relocated and put into use the new marine thruster base, increasing production capacity[40](index=40&type=chunk) - Promoted the deployment of informatization systems in subsidiaries, strengthened group-level control, and explored AI applications in design, quality inspection, production scheduling, safety prevention and control, and contract review[40](index=40&type=chunk)[41](index=41&type=chunk) - The company was selected for Hangzhou Xiaoshan District's "**2025 Xiaoshan District Green Low-Carbon Factory**" list[41](index=41&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=11&type=section&id=Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its market and service network, products and technology, brand, and equipment advantages. It holds the largest market share in domestic marine gearboxes, possesses extensive domestic and international sales and service networks, deep technological accumulation and multi-field R&D platforms, a highly reputable "Advance" brand, and production equipment and testing capabilities reaching international advanced levels [Market and Service Network Advantages](index=11&type=section&id=Market%20and%20Service%20Network%20Advantages) The company holds the largest market share in domestic marine gearboxes and is a major independent supplier of transmissions in the construction machinery industry. It has a strong domestic and international sales and service network, establishing strategic partnerships with complete machine manufacturers to provide rapid response customer service - **Domestic market share first** in marine gearboxes, major independent supplier of transmissions in the construction machinery industry[42](index=42&type=chunk) - Established a strong domestic and international sales and service network, with **6 sales companies, 10 offices, 50 first-tier agents, and over 300 after-sales technical service stations domestically**, and **over 70 agents in more than 50 countries and regions overseas**[42](index=42&type=chunk) [Product and Technology Advantages](index=11&type=section&id=Product%20and%20Technology%20Advantages) The company is a key enterprise in China's gear industry with the widest product application scope, largest sales scale for marine gearboxes, and broadest coverage of construction machinery transmission devices. It specializes in R&D of gear transmission devices and friction materials, possessing deep technological accumulation and multi-field R&D platforms, with a cumulative total of 332 valid patents, including 75 invention patents, placing its technical level and R&D capabilities at the industry forefront - Wide product application scope, covering marine, construction machinery, automotive, wind power, agricultural machinery, power, and mining industries[42](index=42&type=chunk) - Specializes in R&D of gear transmission devices and friction materials, possessing deep technological accumulation and multi-field R&D platforms[42](index=42&type=chunk) - As of the end of June 2025, accumulated **332 valid patents**, including **75 invention patents**; led and participated in revising **39 national and industry standards** and **10 group standards**[42](index=42&type=chunk) [Brand Advantage](index=11&type=section&id=Brand%20Advantage) The company's "Advance" trademark enjoys a high reputation in the gear manufacturing industry and is highly recognized by customers. It has obtained product certifications from China Classification Society and multiple international classification societies, and its construction machinery products have passed assessment and testing by ZF Germany - The "**Advance**" trademark enjoys a high reputation in the gear manufacturing industry and is highly recognized by customers[43](index=43&type=chunk) - Certified by China Classification Society and multiple international classification societies such as ABS, BV, GL, KR, LR[43](index=43&type=chunk) [Equipment Advantage](index=11&type=section&id=Equipment%20Advantage) The company currently possesses over 5,200 pieces of equipment, with more than 30% being high-precision CNC equipment. Its main production equipment and testing capabilities have reached international advanced levels, and its manufacturing processes and product quality are at a leading domestic position - Currently possesses **over 5,200 pieces of equipment**, with **over 1,500 main production equipment (sets)**, and **more than 30% being high-precision CNC equipment**[43](index=43&type=chunk) - Main production equipment and testing capabilities have reached international advanced levels, with manufacturing processes and product quality at a leading domestic position[43](index=43&type=chunk) [Key Operating Performance During the Reporting Period](index=11&type=section&id=Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company's operating revenue increased by 6.79%, mainly due to higher revenue from marine gearboxes and construction machinery transmissions. Net cash flow from operating activities significantly improved, while net cash flow from investing activities sharply decreased due to increased purchases of wealth management products, and net cash flow from financing activities saw a significant outflow due to increased repayment of interest-bearing debt [Analysis of Main Business](index=11&type=section&id=Analysis%20of%20Main%20Business) The company's operating revenue increased by 6.79%, primarily driven by higher revenue from marine gearboxes and construction machinery transmissions. R&D expenses increased by 17.81%, net cash flow from operating activities turned from negative to positive, and net cash flow from both investing and financing activities significantly decreased Analysis Table of Changes in Financial Statement Accounts | Account | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,073,408,415.02 | 1,005,184,075.68 | 6.79 | | Operating Cost | 859,810,311.47 | 807,735,281.96 | 6.45 | | Selling Expenses | 24,129,237.61 | 23,878,527.17 | 1.05 | | Administrative Expenses | 81,179,210.88 | 82,863,811.94 | -2.03 | | Financial Expenses | 13,057,449.78 | 9,272,258.26 | 40.82 | | R&D Expenses | 67,821,996.35 | 57,569,539.64 | 17.81 | | Net Cash Flow from Operating Activities | 56,369,520.05 | -15,103,681.89 | Not Applicable | | Net Cash Flow from Investing Activities | -60,286,666.84 | 15,418,649.46 | -491.00 | | Net Cash Flow from Financing Activities | -80,945,034.51 | 8,642,151.14 | -1036.63 | | Fair Value Change Gains | 524,285.04 | 384,000.00 | 36.53 | | Credit Impairment Losses | -2,291,262.78 | -6,228,929.19 | Not Applicable | | Asset Impairment Losses | -3,388,972.46 | -8,276,981.57 | Not Applicable | | Asset Disposal Gains | 8,970.52 | 2,899,963.70 | -99.69 | | Non-Operating Expenses | 606,409.69 | 156,215.38 | 288.19 | | Income Tax Expense | 1,206,154.86 | 752,746.07 | 60.23 | - Changes in operating revenue primarily due to year-on-year increase in revenue from marine gearboxes and construction machinery transmissions[46](index=46&type=chunk) - Net cash flow from operating activities increased year-on-year, mainly due to a year-on-year decrease in accounts payable bills settled and redeemed[47](index=47&type=chunk) - Net cash flow from investing activities significantly decreased year-on-year, mainly due to an increase in wealth management products purchased during the current period[47](index=47&type=chunk) - Net cash flow from financing activities significantly decreased year-on-year, mainly due to a year-on-year increase in net outflow from repayment of interest-bearing debt and the receipt of restricted stock subscription funds in the prior year[47](index=47&type=chunk) [Analysis of Assets and Liabilities](index=12&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets increased by 3.95%, and net assets attributable to shareholders increased by 3.36%. Trading financial assets surged by 402.44%, short-term borrowings increased by 30.17%, accounts payable increased by 46.74%, and construction in progress decreased by 60.43% mainly due to the completion and capitalization of a subsidiary's joint factory building project Changes in Assets and Liabilities | Item | Period-End Balance (Yuan) | Period-End Balance as % of Total Assets | Prior Year-End Balance (Yuan) | Prior Year-End Balance as % of Total Assets | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 282,704,370.04 | 5.47 | 399,253,063.02 | 8.03 | -29.19 | | Accounts Receivable | 667,224,387.70 | 12.91 | 572,930,013.63 | 11.52 | 16.46 | | Inventories | 727,632,378.67 | 14.08 | 594,322,154.97 | 11.95 | 22.43 | | Construction in Progress | 57,288,588.34 | 1.11 | 144,769,005.52 | 2.91 | -60.43 | | Short-Term Borrowings | 416,232,135.43 | 8.05 | 319,762,319.78 | 6.43 | 30.17 | | Notes Payable | 111,999,928.00 | 2.17 | 195,657,182.46 | 3.93 | -42.76 | | Accounts Payable | 793,882,343.88 | 15.36 | 541,018,172.48 | 10.88 | 46.74 | | Trading Financial Assets | 82,996,685.04 | 1.61 | 16,518,777.45 | 0.33 | 402.44 | - Construction in progress decreased by **60.43%**, mainly due to the completion and capitalization of a subsidiary's joint factory building project[50](index=50&type=chunk) - Short-term borrowings increased by **30.17%**, mainly due to the company's adjustment of its financing structure[52](index=52&type=chunk) - Trading financial assets increased by **402.44%**, mainly due to an increase in wealth management products purchased during the current period compared to the end of the previous year[52](index=52&type=chunk) - Accounts payable increased by **46.74%**, mainly due to an increase in outstanding purchase payments to suppliers at the end of the reporting period[52](index=52&type=chunk) [Major Asset Restrictions as of the End of the Reporting Period](index=14&type=section&id=Major%20Asset%20Restrictions%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, the company's total restricted assets amounted to 121 million yuan, primarily including monetary funds, notes receivable, accounts receivable financing, fixed assets, and intangible assets, mainly restricted due to deposits, pledged notes, and bank loan credit Major Asset Restrictions | Item | Period-End Book Value (Yuan) | Restriction Reason | | :--- | :--- | :--- | | Monetary Funds | 21,098,445.29 | Deposit/ETC Deposit Freeze | | Notes Receivable | 6,062,555.97 | Pledged for issuing notes | | Accounts Receivable Financing | 26,637,893.99 | Pledged for issuing notes | | Fixed Assets | 41,667,112.45 | Bank loan credit | | Intangible Assets | 25,904,194.54 | Bank loan credit | | Total | 121,370,202.24 | | - Restricted monetary funds amounted to **21,098,445.29 yuan**, including ETC deposit freezes, bank acceptance bill deposits, and letter of guarantee deposits[55](index=55&type=chunk) [Investment Analysis](index=14&type=section&id=Investment%20Analysis) The company's external equity investments primarily include investments in Hangzhou Advance Drive Chain Technology Service Co., Ltd., Xiaoshan Rural Commercial Bank, and Advance Forging. At the end of the period, financial assets measured at fair value totaled 197 million yuan, with trading financial assets significantly increasing to 82.9967 million yuan, mainly due to increased purchases of wealth management products during the current period Overall Analysis of External Equity Investments | Investee | Main Business | Investment Cost (Yuan) | Period-End Balance (Yuan) | 2025 H1 Change (Yuan) | Shareholding Ratio in Investee (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Advance Drive Chain Technology Service Co., Ltd. | Technical services and related product sales for wind power drive chains and gearboxes, maintenance, monitoring, etc. | 10,000,000.00 | 11,104,499.21 | -854,121.92 | 50.0000 | | Xiaoshan Rural Commercial Bank | Deposits, loans, bank settlements | 529,999,960.00 | 1,659,336,701.58 | 51,096,123.49 | 5.8185 | | Advance Forging | Ferrous metal smelting and rolling processing industry | 128,353,960.09 | 162,227,946.76 | 4,086,944.65 | 45.0000 | | Total | | 668,353,920.09 | 1,832,669,147.55 | 54,328,946.22 | | Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | Fair Value Change Gains/Losses for Current Period (Yuan) | Purchases for Current Period (Yuan) | Sales/Redemptions for Current Period (Yuan) | Period-End Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 126,084,861.33 | | | | 109,226,335.18 | | Trading Financial Assets | 16,518,777.45 | 524,285.04 | 420,100,000.00 | 354,127,600.00 | 82,996,685.04 | | Other Equity Instrument Investments | 5,000,000.00 | | | | 5,000,000.00 | | Total | 147,603,638.78 | 524,285.04 | 420,100,000.00 | 354,127,600.00 | 197,223,020.22 | [Analysis of Major Holding and Participating Companies](index=17&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's main subsidiaries and associates include Shaoxing Advance, Advance Casting, Advance Couplings, Linjiang Company, Anhui Transmission, Hangfen Institute, Advance Trading, and Xiaoshan Rural Commercial Bank. Among these, Xiaoshan Rural Commercial Bank and Linjiang Company had an impact of over 10% on the company's net profit Major Subsidiaries and Associates with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (Ten Thousand Yuan) | Total Assets (Ten Thousand Yuan) | Net Assets (Ten Thousand Yuan) | Operating Revenue (Ten Thousand Yuan) | Operating Profit (Ten Thousand Yuan) | Net Profit (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shaoxing Advance | Subsidiary | Production: Gearboxes | 1,000.00 | 25,436.89 | 16,003.07 | 9,289.85 | 180.47 | 92.31 | | Advance Casting | Subsidiary | Manufacturing, processing: Mechanical parts (cast iron) | 3,100.00 | 17,519.86 | 9,068.46 | 8,807.53 | -10.91 | -12.73 | | Advance Couplings | Subsidiary | Manufacturing, sales of high-elastic couplings, hydraulic hose assemblies | 1,000.00 | 9,626.62 | 6,234.82 | 2,942.63 | 919.39 | 821.14 | | Linjiang Company | Subsidiary | Production: Transmission devices and control systems, wind power gearboxes, high-speed special gearboxes | 18,000.00 | 82,331.41 | -10,585.89 | 26,818.85 | -1,749.21 | -1,749.16 | | Anhui Transmission | Subsidiary | Production: Automotive transfer cases, hydraulic torque converters | 1,000.00 | 7,752.20 | 3,037.56 | 4,581.43 | 381.98 | 317.74 | | Hangfen Institute | Subsidiary | Technology development and services, forging and powder metallurgy manufacturing | 300 | 1,008.07 | 533.82 | 2,028.47 | 6.64 | 4.47 | | Advance Trading | Subsidiary | Import and export of goods and technology | 500.00 | 3,856.69 | 1,998.16 | 5,210.96 | 122.44 | 110.68 | | Xiaoshan Rural Commercial Bank | Associate | Absorbing public deposits; issuing short-term, medium-term, and long-term loans, etc. | 272,424.09 | 40,258,469.79 | 2,882,261.73 | 358,195.78 | 192,676.59 | 179,564.79 | - Xiaoshan Rural Commercial Bank and Linjiang Company had an impact of **over 10%** on the company's net profit[62](index=62&type=chunk) - Advance General and Anhui Transmission's net profits increased by **2.2383 million yuan** and **2.1668 million yuan** respectively year-on-year, mainly due to a year-on-year increase in operating revenue[62](index=62&type=chunk) - Shaoxing Advance's net profit decreased by **2.1290 million yuan** year-on-year, mainly due to a year-on-year decrease in operating revenue[62](index=62&type=chunk) [Other Disclosure Matters](index=18&type=section&id=Other%20Disclosure%20Matters) The company faces multiple risks including external environment, accounts receivable bad debts, RMB exchange rate fluctuations, cost control, and technological updates and product development. It has formulated corresponding countermeasures, such as adjusting product structure, strengthening contract management, monitoring exchange rates, implementing comprehensive budget management, and increasing R&D investment [Potential Risks](index=18&type=section&id=Potential%20Risks) The company faces risks from a complex and severe external environment, accounts receivable bad debts, RMB exchange rate fluctuations, rising raw material and labor costs, and R&D failures in technological updates and product development. It has adopted corresponding countermeasures, such as adjusting product structure, strengthening contract management, monitoring exchange rates, strictly controlling costs, and increasing R&D investment - External Environment Risk: Complex and severe international environment, domestic economic difficulties such as insufficient demand and overcapacity, potentially impacting company performance[62](index=62&type=chunk) - Accounts Receivable Bad Debt Risk: Oversupply in the machinery industry, some enterprises facing difficulties, long warranty periods and high accounts receivable ratios in the wind power industry, posing bad debt risks[63](index=63&type=chunk) - RMB Exchange Rate Fluctuation Risk: Exchange rate fluctuations affect the price competitiveness of export products and the procurement cost of imported raw materials, thereby impacting operating performance[64](index=64&type=chunk) - Cost Control Risk: Fluctuations in raw material prices, increased labor costs, and higher environmental protection investments may increase operating costs[64](index=64&type=chunk) - Technological Update and Product Development Risk: Failure to accurately grasp technological development trends and market demand changes may lead to R&D failures[65](index=65&type=chunk) [Section IV Corporate Governance, Environment and Society](index=20&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%20and%20Society) This section covers changes in directors, supervisors, and senior management, profit distribution plans, equity incentive programs, and environmental information disclosure, emphasizing the company's commitment to governance and sustainability [Changes in Directors, Supervisors, and Senior Management](index=20&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) No changes occurred in the company's directors, supervisors, and senior management during the reporting period - No changes occurred in the company's directors, supervisors, and senior management during the reporting period[68](index=68&type=chunk) [Profit Distribution or Capital Reserve to Share Capital Increase Plan](index=20&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20to%20Share%20Capital%20Increase%20Plan) The company's semi-annual profit distribution plan and capital reserve to share capital increase plan propose no distribution or increase, with zero bonus shares, cash dividends, and share transfers per 10 shares Semi-Annual Profit Distribution or Capital Reserve to Share Capital Increase Plan | Indicator | Value | | :--- | :--- | | Whether to distribute or increase | No | | Number of bonus shares per 10 shares (shares) | 0 | | Cash dividend per 10 shares (Yuan) (tax included) | 0 | | Number of shares transferred from capital reserve per 10 shares (shares) | 0 | [Status and Impact of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=20&type=section&id=Status%20and%20Impact%20of%20Company%27s%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%2C%20or%20Other%20Employee%20Incentive%20Measures) The company's 2024 Restricted Stock Incentive Plan completed the grant registration during the reporting period, granting 7,915,000 restricted shares to 287 incentive recipients, increasing the total share capital from 400,060,000 shares to 407,975,000 shares - On April 10, 2024, the company's Board of Directors approved the "2024 Restricted Stock Incentive Plan (Draft)"[69](index=69&type=chunk) - On June 14, 2024, the company completed the grant registration for the 2024 Restricted Stock Incentive Plan, granting **7,915,000 restricted shares** to **287 incentive recipients**[70](index=70&type=chunk) - After grant registration, the company's total share capital increased from **400,060,000 shares** to **407,975,000 shares**[70](index=70&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=21&type=section&id=Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company is included in the list of enterprises required to disclose environmental information by law and continuously emphasizes ecological environmental protection, actively promoting pollution prevention and control through various measures - The company is included in the list of enterprises required to disclose environmental information by law and continuously promotes pollution prevention and control[71](index=71&type=chunk) - During the reporting period, the company maintained and updated oil mist purification devices in the gear grinding workshop, installed exhaust gas purification processors, reducing exhaust gas emissions[71](index=71&type=chunk) - The company's main noise-generating workshops are equipped with foundation shock absorption and noise reduction facilities, and all production and domestic wastewater in the factory area is pre-treated before being discharged to the sewage treatment plant[71](index=71&type=chunk) [Section V Significant Matters](index=22&type=section&id=Section%20V%20Significant%20Matters) This section details the fulfillment of commitments, absence of fund occupation or irregular guarantees, unaudited status of the report, major related party transactions, and the ongoing uncertainty regarding the company's planned relocation [Fulfillment of Commitments](index=22&type=section&id=Fulfillment%20of%20Commitments) The company's controlling shareholder, Chanfa Group, committed in the acquisition report not to change the composition of the listed company's board or senior management, not to amend the articles of association, not to significantly alter employee hiring plans, not to significantly adjust dividend policies, and to have no other major plans affecting business and organizational structure. All commitments were strictly fulfilled during the reporting period - Controlling shareholder Chanfa Group committed not to change the composition of the listed company's board or senior management, not to amend the articles of association, not to significantly alter employee hiring plans, not to significantly adjust dividend policies, and to have no other major plans affecting business and organizational structure; all were strictly fulfilled during the reporting period[74](index=74&type=chunk)[75](index=75&type=chunk) - Equity incentive recipients committed to return all benefits obtained if information disclosure documents contain false records, misleading statements, or major omissions[75](index=75&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period](index=23&type=section&id=Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties - During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties[76](index=76&type=chunk) [Irregular Guarantees](index=23&type=section&id=Irregular%20Guarantees) During the reporting period, there were no irregular guarantees - During the reporting period, there were no irregular guarantees[76](index=76&type=chunk) [Semi-Annual Report Audit Status](index=24&type=section&id=Semi-Annual%20Report%20Audit%20Status) This semi-annual report is unaudited - This semi-annual report is unaudited[77](index=77&type=chunk) [Major Litigation and Arbitration Matters](index=24&type=section&id=Major%20Litigation%20and%20Arbitration%20Matters) There were no major litigation or arbitration matters for the company during this reporting period - There were no major litigation or arbitration matters for the company during this reporting period[77](index=77&type=chunk) [Major Related Party Transactions](index=24&type=section&id=Major%20Related%20Party%20Transactions) The company expects to have daily related party transactions totaling 220.3 million yuan with Advance Forging, Drive Chain Technology, and Xiaoshan Rural Commercial Bank in 2025. During the reporting period, actual daily related party transactions with Advance Forging amounted to 54.7262 million yuan, and with Drive Chain Technology to 1.3143 million yuan. At the end of the period, deposit and loan balances with Xiaoshan Rural Commercial Bank were 69,984.91 yuan - The company expects daily related party transactions with Advance Forging, Drive Chain Technology, and Xiaoshan Rural Commercial Bank to total **220.3 million yuan** in 2025[77](index=77&type=chunk) - During the reporting period, actual daily related party transactions with Advance Forging amounted to **54.7262 million yuan**, and with Drive Chain Technology to **1.3143 million yuan**[77](index=77&type=chunk) - At the end of the period, deposit and loan balances with Xiaoshan Rural Commercial Bank were **69,984.91 yuan**[77](index=77&type=chunk) [Explanation of Other Significant Matters](index=26&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The company received a notice from the Hangzhou Xiaoshan District People's Government regarding planned relocation and land acquisition, intending to move its production and operation facilities to the Sanjiang Smart Town start-up area. The specific timing, plan, and compensation agreement for the relocation are currently undetermined, posing uncertainties, but the company will continue operations at its current site until then, without significant impact on production and operations - The company received a notice from the Hangzhou Xiaoshan District People's Government regarding planned relocation and land acquisition, intending to move its production and operation facilities to the Sanjiang Smart Town start-up area[81](index=81&type=chunk) - The relocation matters, including specific timing, formal plan, and compensation agreement, are yet to be determined, posing significant uncertainties[81](index=81&type=chunk) - Before a formal plan is clarified, the company will continue its production and operation activities at its current site, which will not have a significant impact on the company's production and operations[81](index=81&type=chunk) [Section VI Share Changes and Shareholder Information](index=26&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section outlines the company's share capital changes, shareholder structure, and information on directors, supervisors, and senior management, noting no changes in share capital or executive shareholdings during the period [Share Capital Changes](index=26&type=section&id=Share%20Capital%20Changes) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[83](index=83&type=chunk) [Shareholder Information](index=26&type=section&id=Shareholder%20Information) As of the end of the reporting period, the total number of ordinary shareholders was 80,573. Among the top ten shareholders, Hangzhou Xiaoshan Industrial Development Group Co., Ltd. held 44.13% of shares, being the controlling shareholder. China Orient Asset Management Co., Ltd. held 9.86 million shares, accounting for 2.42% - As of the end of the reporting period, the total number of ordinary shareholders was **80,573**[83](index=83&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name (Full Name) | Period-End Shareholding (Shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Hangzhou Xiaoshan Industrial Development Group Co., Ltd. | 180,056,250 | 44.13 | State-owned Legal Person | | China Orient Asset Management Co., Ltd. | 9,860,000 | 2.42 | State-owned Legal Person | | Nan Ge | 3,811,000 | 0.93 | Domestic Natural Person | | Chu Yun | 2,900,000 | 0.71 | Domestic Natural Person | | Lu Mengmei | 1,758,100 | 0.43 | Domestic Natural Person | | Xu Shudi | 1,514,200 | 0.37 | Domestic Natural Person | | Hong Kong Securities Clearing Company Limited | 1,378,100 | 0.34 | Domestic Non-State-owned Legal Person | | Zhang Wenjuan | 1,000,000 | 0.25 | Domestic Natural Person | | Fang Qingjiu | 694,300 | 0.17 | Domestic Natural Person | | Goldman Sachs International - Proprietary Trading | 668,400 | 0.16 | Other | [Information on Directors, Supervisors, and Senior Management](index=28&type=section&id=Information%20on%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of current or former directors, supervisors, and senior management, nor were they granted equity incentives - During the reporting period, the shareholding changes of current and former directors, supervisors, and senior management were "not applicable"[86](index=86&type=chunk) - During the reporting period, directors, supervisors, and senior management were not granted equity incentives[86](index=86&type=chunk) [Section VII Bond-Related Information](index=29&type=section&id=Section%20VII%20Bond-Related%20Information) This section provides details on the company's non-financial enterprise debt financing instruments, including the redemption of its medium-term notes, and presents key accounting data and financial indicators related to its debt [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=29&type=section&id=Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company issued "22 Advance Gearbox MTN001" medium-term notes in the interbank bond market, with a balance of 150 million yuan and an interest rate of 3.49%, which were fully paid and redeemed on February 20, 2025. The notes were fully and irrevocably guaranteed by Xiaoshan State-owned Assets. During the reporting period, the guarantee situation, repayment plan, and security measures remained unchanged, and the company strictly fulfilled its obligations [Basic Information on Non-Financial Enterprise Debt Financing Instruments](index=30&type=section&id=Basic%20Information%20on%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company issued "22 Advance Gearbox MTN001" medium-term notes, with a balance of 150 million yuan, an interest rate of 3.49%, and a maturity date of February 20, 2025, traded on the China Interbank Bond Market Basic Information on Non-Financial Enterprise Debt Financing Instruments | Bond Name | Abbreviation | Code | Issue Date | Interest Commencement Date | Maturity Date | Bond Balance (Billion Yuan) | Interest Rate (%) | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Advance Gearbox Group Co., Ltd. 2022 First Tranche Medium-Term Notes | 22 Advance Gearbox MTN001 | 102280296 | Feb 17-18, 2022 | Feb 21, 2022 | Feb 20, 2025 | 1.5 | 3.49 | China Interbank Bond Market | [Execution and Changes of Guarantee Situation, Debt Repayment Plan, and Other Debt Security Measures During the Reporting Period and Their Impact](index=31&type=section&id=Execution%20and%20Changes%20of%20Guarantee%20Situation%2C%20Debt%20Repayment%20Plan%2C%20and%20Other%20Debt%20Security%20Measures%20During%20the%20Reporting%20Period%20and%20Their%20Impact) The company's first tranche of medium-term notes in 2022 was fully and irrevocably guaranteed by Xiaoshan State-owned Assets. During the reporting period, the guarantee situation, repayment plan, and security measures remained unchanged, and the company strictly paid the interest or redeemed the principal in full as agreed - The company's first tranche of medium-term notes in 2022 was fully and irrevocably guaranteed by Xiaoshan State-owned Assets[91](index=91&type=chunk) - During the reporting period, the guarantee situation, debt repayment plan, and debt security measures for the company's medium-term notes remained unchanged[91](index=91&type=chunk) - The company strictly paid the interest or redeemed the principal in full to the noteholders as agreed in the medium-term note prospectus[91](index=91&type=chunk) [Explanation of Other Matters Regarding Non-Financial Enterprise Debt Financing Instruments](index=31&type=section&id=Explanation%20of%20Other%20Matters%20Regarding%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company completed the interest payment and redemption of its first tranche of medium-term notes in 2022 on February 20, 2025 - The company completed the interest payment and redemption of its first tranche of medium-term notes in 2022 on **February 20, 2025**[92](index=92&type=chunk) [Key Accounting Data and Financial Indicators](index=32&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) At the end of the reporting period, the company's current ratio and asset-liability ratio slightly increased, while the quick ratio slightly decreased. Net profit after deducting non-recurring gains and losses increased by 22.55%. Interest coverage ratio and cash interest coverage ratio significantly improved, mainly due to increased net profit and net cash flow from operating activities Key Accounting Data and Financial Indicators | Major Indicators | Period-End / Current Period (Jan-Jun) | Prior Year-End / Prior Year Period | Period-End vs. Prior Year-End / Current Period vs. Prior Year Period Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Current Ratio | 1.17 | 1.15 | 1.64 | | | Quick Ratio | 0.73 | 0.77 | -4.85 | | | Asset-Liability Ratio (%) | 45.01 | 44.69 | 0.32 | | | Net Profit After Deducting Non-Recurring Gains and Losses (Yuan) | 116,490,489.73 | 95,056,429.56 | 22.55 | | | Total Debt to EBITDA | 0.05 | 0.04 | 25.00 | | | Interest Coverage Ratio | 10.75 | 8.09 | 32.88 | Mainly due to a year-on-year increase in net profit | | Cash Interest Coverage Ratio | 4.30 | 0.30 | 1,333.33 | Mainly due to a year-on-year increase in net cash flow from operating activities | | EBITDA Interest Coverage Ratio | 8.56 | 5.74 | 49.13 | Mainly due to a year-on-year increase in net profit | | Loan Repayment Rate (%) | 100.00 | 100.00 | - | - | | Interest Payment Rate (%) | 100.00 | 100.00 | - | - | [Section VIII Financial Report](index=33&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxes, and financial risks [Audit Report](index=33&type=section&id=Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[97](index=97&type=chunk) [Financial Statements](index=33&type=section&id=Financial%20Statements) This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting the company's financial position, operating results, and cash flows [Consolidated Balance Sheet](index=33&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were 5.169 billion yuan, with total current assets of 1.943 billion yuan and total non-current assets of 3.226 billion yuan. Total liabilities were 2.326 billion yuan, and total owners' equity was 2.843 billion yuan Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Current Assets | 1,942,881,908.07 | 1,791,315,383.07 | | Total Non-Current Assets | 3,225,821,562.97 | 3,181,157,778.68 | | Total Assets | 5,168,703,471.04 | 4,972,473,161.75 | | Total Current Liabilities | 1,661,779,483.98 | 1,557,284,436.49 | | Total Non-Current Liabilities | 664,421,067.84 | 664,722,709.06 | | Total Liabilities | 2,326,200,551.82 | 2,222,007,145.55 | | Total Owners' Equity Attributable to Parent Company | 2,746,920,948.05 | 2,657,590,832.40 | | Minority Interests | 95,581,971.17 | 92,875,183.80 | | Total Owners' Equity | 2,842,502,919.22 | 2,750,466,016.20 | | Total Liabilities and Owners' Equity | 5,168,703,471.04 | 4,972,473,161.75 | [Parent Company Balance Sheet](index=35&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were 4.459 billion yuan, with total current assets of 1.487 billion yuan and total non-current assets of 2.972 billion yuan. Total liabilities were 1.704 billion yuan, and total owners' equity was 2.755 billion yuan Parent Company Balance Sheet Key Data (June 30, 2025) | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Current Assets | 1,486,958,319.18 | 1,450,557,743.66 | | Total Non-Current Assets | 2,971,867,666.14 | 2,926,667,193.90 | | Total Assets | 4,458,825,985.32 | 4,377,224,937.56 | | Total Current Liabilities | 1,098,422,927.18 | 1,145,715,081.55 | | Total Non-Current Liabilities | 605,599,317.68 | 583,911,866.77 | | Total Liabilities | 1,704,022,244.86 | 1,729,626,948.32 | | Total Owners' Equity | 2,754,803,740.46 | 2,647,597,989.24 | | Total Liabilities and Owners' Equity | 4,458,825,985.32 | 4,377,224,937.56 | [Consolidated Income Statement](index=37&type=section&id=Consolidated%20Income%20Statement) In the first half of 2025, the company's consolidated total operating revenue was 1.073 billion yuan,同比增长6.79%. Net profit was 131 million yuan,同比增长12.75%. Net profit attributable to parent company shareholders was 127 million yuan,同比增长11.10% Consolidated Income Statement Key Data (January-June 2025) | Item | 2025 Half-Year (Yuan) | 2024 Half-Year (Yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 1,073,408,415.02 | 1,005,184,075.68 | | II. Total Operating Costs | 1,058,925,435.34 | 993,803,162.49 | | III. Operating Profit | 133,178,235.77 | 117,407,952.39 | | IV. Total Profit | 132,622,631.12 | 117,309,661.17 | | V. Net Profit | 131,416,476.26 | 116,556,915.10 | | Net Profit Attributable to Parent Company Shareholders | 127,399,126.32 | 114,670,778.92 | | Minority Interest Income | 4,017,349.94 | 1,886,136.18 | | VI. Net Other Comprehensive Income After Tax | -26,109,482.19 | 41,727,574.92 | | VII. Total Comprehensive Income | 105,306,994.07 | 158,284,490.02 | | Basic Earnings Per Share (Yuan/share) | 0.3173 | 0.2866 | | Diluted Earnings Per Share (Yuan/share) | 0.3146 | 0.2866 | [Parent Company Income Statement](index=39&type=section&id=Parent%20Company%20Income%20Statement) In the first half of 2025, the parent company's operating revenue was 864 million yuan, a year-on-year increase of 16.53%. Net profit was 147 million yuan, a year-on-year increase of 8.08% Parent Company Income Statement Key Data (January-June 2025) | Item | 2025 Half-Year (Yuan) | 2024 Half-Year (Yuan) | | :--- | :--- | :--- | | I. Operating Revenue | 863,679,644.49 | 741,152,140.57 | | Less: Operating Cost | 713,908,886.13 | 604,857,888.77 | | II. Operating Profit | 146,437,740.59 | 135,443,827.00 | | III. Total Profit | 146,201,363.79 | 135,369,683.13 | | IV. Net Profit | 147,041,707.63 | 136,044,510.52 | | V. Net Other Comprehensive Income After Tax | -26,213,783.55 | 41,775,509.40 | | VI. Total Comprehensive Income | 120,827,924.08 | 177,820,019.92 | [Consolidated Cash Flow Statement](index=41&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, net cash flow from operating activities was 56.37 million yuan, turning positive from negative year-on-year. Net cash flow from investing activities was -60.29 million yuan, mainly due to increased purchases of wealth management products. Net cash flow from financing activities was -80.95 million yuan, mainly due to increased net outflow from repayment of interest-bearing debt Consolidated Cash Flow Statement Key Data (January-June 2025) | Item | 2025 Half-Year (Yuan) | 2024 Half-Year (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 56,369,520.05 | -15,103,681.89 | | Net Cash Flow from Investing Activities | -60,286,666.84 | 15,418,649.46 | | Net Cash Flow from Financing Activities | -80,945,034.51 | 8,642,151.14 | | Net Increase in Cash and Cash Equivalents | -84,807,922.36 | 9,319,324.73 | | Period-End Cash and Cash Equivalents Balance | 261,605,924.75 | 277,747,022.72 | [Parent Company Cash Flow Statement](index=42&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In the first half of 2025, net cash flow from operating activities was 49.80 million yuan, turning positive from negative year-on-year. Net cash flow from investing activities was -16.70 million yuan, and net cash flow from financing activities was -72.58 million yuan Parent Company Cash Flow Statement Key Data (January-June 2025) | Item | 2025 Half-Year (Yuan) | 2024 Half-Year (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 49,796,492.64 | -24,363,008.78 | | Net Cash Flow from Investing Activities | -16,702,158.22 | 16,652,098.29 | | Net Cash Flow from Financing Activities | -72,576,735.10 | -6,085,173.88 | | Net Increase in Cash and Cash Equivalents | -39,441,182.49 | -13,556,573.77 | | Period-End Cash and Cash Equivalents Balance | 180,705,557.31 | 161,582,534.88 | [Consolidated Statement of Changes in Owners' Equity](index=44&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In the first half of 2025, the company's consolidated total owners' equity increased by 92.04 million yuan, mainly influenced by total comprehensive income, owner contributions, and profit distribution. Of this, owners' equity attributable to the parent company increased by 89.33 million yuan Consolidated Statement of Changes in Owners' Equity (January-June 2025) | Item | Beginning Balance (Yuan) | Changes for Current Period (Yuan) | Period-End Balance (Yuan) | | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 407,975,000.00 | - | 407,975,000.00 | | Capital Reserve | 891,495,484.61 | 9,676,068.02 | 901,171,552.63 | | Less: Treasury Stock | 32,847,250.00 | -474,900.00 | 32,372,350.00 | | Other Comprehensive Income | 123,821,276.62 | -26,109,482.19 | 97,711,794.43 | | Special Reserves | 5,813,247.96 | 2,368,003.50 | 8,181,251.46 | | Surplus Reserve | 160,016,651.68 | 14,704,170.76 | 174,720,822.44 | | Retained Earnings | 1,101,316,421.53 | 88,216,455.56 | 1,189,532,877.09 | | Total Owners' Equity Attributable to Parent Company | 2,657,590,832.40 | 89,330,115.65 | 2,746,920,948.05 | | Minority Interests | 92,875,183.80 | 2,706,787.37 | 95,581,971.17 | | Total Owners' Equity | 2,750,466,016.20 | 92,036,903.02 | 2,842,502,919.22 | [Parent Company Statement of Changes in Owners' Equity](index=49&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In the first half of 2025, the parent company's total owners' equity increased by 107 million yuan, mainly influenced by total comprehensive income, owner contributions, and profit distribution Parent Company Statement of Changes in Owners' Equity (January-June 2025) | Item | Beginning Balance (Yuan) | Changes for Current Period (Yuan) | Period-End Balance (Yuan) | | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 407,975,000.00 | - | 407,975,000.00 | | Capital Reserve | 846,042,436.58 | 9,676,068.02 | 855,718,504.60 | | Less: Treasury Stock | 32,847,250.00 | -474,900.00 | 32,372,350.00 | | Other Comprehensive Income | 126,669,646.57 | -26,213,783.55 | 100,455,863.02 | | Special Reserves | 1,944,785.98 | 705,359.12 | 2,650,145.10 | | Surplus Reserve | 167,928,611.41 | 14,704,170.76 | 182,632,782.17 | | Retained Earnings | 1,129,884,758.70 | 107,859,036.87 | 1,237,743,795.57 | | Total Owners' Equity | 2,647,597,989.24 | 107,205,751.22 | 2,754,803,740.46 | [Company Basic Information](index=52&type=section&id=Company%20Basic%20Information) Hangzhou Advance Gearbox Group Co., Ltd. was established through an overall change in September 2008 and listed on the Shanghai Stock Exchange on October 11, 2010, stock code 601177. The company has a registered capital of 408 million yuan, primarily engaged in general equipment manufacturing, with products covering over a thousand types in ten major categories, including marine gearboxes, construction machinery transmissions, and wind power gearboxes - The company was established through an overall change in **September 2008** and listed on the Shanghai Stock Exchange on **October 11, 2010**, stock code **601177**[129](index=129&type=chunk) - The company's registered capital is **407,975,000.00 yuan**, with a total of **407,975,000 shares**[129](index=129&type=chunk) - The company belongs to "General Equipment Manufacturing", with main products including marine gearboxes and propulsion systems, construction machinery transmissions, wind power gearboxes, and industrial gearboxes, covering **ten major categories** and **over a thousand types of products**[130](index=130&type=chunk) [Basis of Financial Statement Preparation](index=52&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, in accordance with Accounting Standards for Business Enterprises, their application guidelines, and interpretations, and disclose financial information as per relevant regulations of the China Securities Regulatory Commission. The company assessed its going concern ability for the next 12 months and found no matters affecting it - The company prepares its financial statements on a going concern basis, in accordance with Accounting Standards for Business Enterprises, their application guidelines, and interpretations[131](index=131&type=chunk) - The company assessed its going concern ability for the 12 months from the end of the reporting period and found no matters affecting its going concern ability[132](index=132&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=52&type=section&id=Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the significant accounting policies and estimates followed by the company in preparing its financial stateme

Group 1 - The company reported a revenue of 1.073 billion in the first half of 2025, representing a year-on-year growth of 6.79% [1] - The net profit for the same period was 127 million, showing an increase of 11.10% compared to the previous year [1]

金融界消息 截至2025年8月20日收盘，杭齿前进（601177）报收于21.23元，上涨3.76%，换手率 13.96%，成交量55.84万手，成交金额11.67亿元。 资金流向方面，今日主力资金净流入1.01亿元，占比成交额8.65%。其中，超大单净流入5817.81万元、 占成交额4.99%，大单净流入4275.06万元、占成交额3.66%，中单净流出流出5139.97万元、占成交额 4.41%，小单净流出4952.89万元、占成交额4.25%。 杭齿前进最新一期业绩显示，截至2025一季报，公司营业总收入4.51亿元、同比增长6.61%，归属净利 润5363.99万元，同比增长2.46%，扣非净利润5022.38万元，同比增长3.57%，流动比率1.155、速动比率 0.730、资产负债率44.67%。 通过天眼查大数据分析，杭州前进齿轮箱集团股份有限公司共对外投资了20家企业，参与招投标项目 153次，知识产权方面有商标信息33条，专利信息786条，此外企业还拥有行政许可88个。 来源：金融界 天眼查商业履历信息显示，杭州前进齿轮箱集团股份有限公司，成立于1997年，位于杭州市，是一家以 从事其他制 ...

Market Overview - On August 6, the Shanghai Composite Index rose by 0.45%, with the total margin trading balance reaching 2009.41 billion yuan, an increase of 9.155 billion yuan compared to the previous trading day [1] - The margin trading balance in the Shanghai market was 1023.066 billion yuan, up by 3.839 billion yuan; in the Shenzhen market, it was 979.971 billion yuan, up by 5.161 billion yuan; and in the Beijing Stock Exchange, it was 6.377 billion yuan, up by 0.155 billion yuan [1] Industry Analysis - Among the industries tracked by Shenwan, 21 industries saw an increase in margin trading balances, with the mechanical equipment industry leading with an increase of 2.043 billion yuan, followed by the electronics and defense industries with increases of 1.395 billion yuan and 1.338 billion yuan, respectively [1] Stock Performance - A total of 2104 stocks experienced an increase in margin trading balances, accounting for 56.70% of the total, with 523 stocks seeing an increase of over 5% [1] - Tianming Technology had the largest increase in margin trading balance, reaching 16.6608 million yuan, a rise of 111.76% from the previous trading day, and its stock price increased by 5.09% [1] - Other notable stocks with significant increases in margin trading balances included Yuanhang Precision and LIGONG Navigation, with increases of 86.49% and 65.40%, respectively [1] Top Gainers and Losers - Among the top 20 stocks with the largest increases in margin trading balances, the average increase in stock prices was 6.11%, with Huami New Materials, Riyue Ming, and Yuanhang Precision leading with increases of 29.96%, 19.99%, and 11.99%, respectively [2] - Conversely, stocks with the largest declines in margin trading balances included Baolijie, with a decrease of 34.99%, followed by Feng'an Co. and Anke Innovation, with declines of 33.76% and 25.58%, respectively [4][5]

证券之星消息，8月6日通用设备板块较上一交易日上涨2.26%，海昌新材领涨。当日上证指数报收于 3633.99，上涨0.45%。深证成指报收于11177.78，上涨0.64%。通用设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300885 | 海昌新材 | 28.86 | 20.00% | 46.10万 | | 12.02亿 | | 301616 | 浙江华业 | 52.39 | 20.00% | 9.87万 | | 4.95 Z | | 300906 | 日月明 | 35.66 | 19.99% | 10.90万 | | 3.59亿 | | 300946 | 恒而达 | 64.50 | 13.44% | 10.57万 | | 6.33亿 | | 688697 | 细威数控 | 16.29 | 12.19% | 26.99万 | | 4.28亿 | | 002248 | 华东数控 | 66'01 | 10.01% | 37.40万 | | 4.02亿 ...