（文章来源：证券日报） 证券日报网讯 8月26日晚间，合锻智能发布公告称，公司第五届董事会第十九次会议审议通过了《公司 2025年半年度报告及摘要》等多项议案。 ...

格隆汇8月26日丨合锻智能（维权）(603011.SH)公布2025年半年度报告，报告期实现营业收入9.82亿 元，同比增长8.23%；归属于上市公司股东的净利润951.31万元，同比下降11.39%；归属于上市公司股 东的扣除非经常性损益的净利润961.88万元，同比增长27.56%；基本每股收益0.02元。 ...

证券代码：603011 证券简称：合锻智能 公告编号：2025-039 合肥合锻智能制造股份有限公司 关于召开2025年第三次临时股东会的通知 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： ? 股东会召开日期：2025年9月12日 ? 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 一、 召开会议的基本情况 (一)股东会类型和届次 (二)股东会召集人：董事会 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 联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 (三)投票方式：本次股东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 12 日 14 点 3 ...

证券代码：603011 证券简称：合锻智能 公告编号：2025-038 合肥合锻智能制造股份有限公司 关于使用公积金弥补亏损的公告 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。 合肥合锻智能制造股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日 召开第五届董事会第十九次会议，审议通过了《关于公司使用公积金弥补亏损的 议案》。为积极推动公司高质量发展，提升投资者回报能力和水平，保护投资者 特别是中小投资者的合法权益，公司拟依据《中华人民共和国公司法》（以下简 称"《公司法》"）、财政部《关于公司法、外商投资法施行后有关财务处理问题的 通知》等法律法规、规范性文件以及《公司章程》的相关规定使用公积金弥补亏 损，进一步推动公司符合法律法规和《公司章程》规定的利润分配条件。现将具 体情况公告如下： 一、本次使用公积金弥补亏损的基本情况 根据容诚会计师事务所（特殊普通合伙）出具的《审计报告》，截至 2024 年 12 月 31 日，公司母公司财务报表口径累计未分配利润为-398,157,643.03 元， 盈余公 ...

2025 年半年度募集资金存放与实际使用情况的专项报告 证券代码：603011 证券简称：合锻智能 公告编号：2025-037 合肥合锻智能制造股份有限公司 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。 根据中国证券监督管理委员会《上市公司募集资金监管规则》和上海证券交 易所《上海证券交易所上市公司自律监管指引第 1 号——规范运作》、《上海证 券交易所上市公司自律监管指南第 1 号——公告格式》的规定，将合肥合锻智能 制造股份有限公司（以下简称"公司"）2025 年半年度募集资金存放与实际使 用情况报告如下： 一、募集资金基本情况 1、实际募集资金金额、资金到位时间 经中国证券监督管理委员会证监许可〔2021〕3322 号文核准，公司以非公 开方式发行人民币普通股（A 股）股票 55,845,145 股，每股发行价格为人民币 7.89 元 ， 共 计 募 集 资 金 人 民 币 440,618,194.05 元 ， 扣 除 各 项 发 行 费 用 6,605,685.93 元，募集资金净额为 434,012,508. ...

证券代码：603011 证券简称：合锻智能 公告编号：2025-039 合肥合锻智能制造股份有限公司 关于召开2025年第三次临时股东会的通知 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)股东会类型和届次 2025年第三次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东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 12 日 14 点 30 分 召开地点：公司会议室 (五)网络投票的系统、起止日期和投票时间。 股东会召开日期：2025年9月12日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 9 月 12 日 至2025 年 9 月 12 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 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30， ...

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、董事会会议召开情况 合肥合锻智能制造股份有限公司（以下简称"公司"）第五届董事会第十九 次会议经全体董事同意，于 2025 年 8 月 26 日上午 9 时 30 分在公司会议室以现 场结合通讯表决方式召开，本次会议通知于 2025 年 8 月 16 日以专人送达、邮件 等方式发出。本次会议应出席董事 9 人，实际出席董事 9 人，其中刘宝莹先生、 赵猛先生、朱卫东先生、刘志迎先生、徐枞巍先生以通讯表决方式出席会议。本 次会议由严建文先生主持，公司高级管理人员列席了会议。本次会议的召开符合 《中华人民共和国公司法》等有关法律、行政法规、部门规章、规范性文件和《公 司章程》的规定。 二、董事会会议审议情况 本次会议经过投票表决，通过了如下决议： 证券代码：603011 证券简称：合锻智能 公告编号：2025-036 合肥合锻智能制造股份有限公司 第五届董事会第十九次会议决议公告 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的 《公司 20 ...

Core Viewpoint - The report highlights the financial performance and operational developments of Hefei Metalforming Intelligent Manufacturing Co., Ltd. for the first half of 2025, indicating a mixed performance with revenue growth but a decline in net profit. Financial Performance - The company's operating income for the first half of 2025 was approximately 982.29 million yuan, representing an increase of 8.23% compared to 907.60 million yuan in the same period last year [2]. - Total profit for the period was approximately 19.92 million yuan, up 6.56% from 18.69 million yuan year-on-year [2]. - The net profit attributable to shareholders decreased by 11.39% to approximately 9.51 million yuan from 10.74 million yuan in the previous year [2]. - The net cash flow from operating activities showed a significant decline, with a negative cash flow of approximately 26.13 million yuan compared to a positive flow of 59.04 million yuan in the same period last year, marking a decrease of 144.26% [2]. - As of the end of the reporting period, the company's total assets were approximately 4.66 billion yuan, an increase of 3.01% from 4.52 billion yuan at the end of the previous year [2]. Industry Overview - The company operates in the high-end equipment manufacturing sector, focusing on hydraulic and mechanical presses, with a commitment to research and development [3]. - The machine tool industry experienced a slight decline in revenue of 1.7% in the first half of 2025, although there was a recovery in demand driven by increased investment in certain user industries [3]. - The nuclear fusion sector is advancing, with significant investments and developments in engineering feasibility, indicating potential for future growth [3]. Business Segments - The hydraulic press business serves multiple sectors, including automotive, aerospace, and defense, with products designed for lightweight automotive applications and advanced manufacturing processes [6][7]. - The mechanical press segment focuses on high-end, large-scale automatic pressure machines, with increasing demand from the automotive and appliance industries [17]. - The company is also involved in the production of intelligent optical sorting equipment, which has seen growth in applications across various industries, including agriculture and recycling [12][19]. Technological Advancements - The company is leveraging deep learning and advanced imaging technologies in its optical sorting equipment, enhancing performance and expanding application areas [12][19]. - Continuous innovation in product design and technology is a key strategy for maintaining competitive advantage in the high-end manufacturing sector [18].

Meeting Details - The fifth meeting of the board of directors of Hefei Huoan Intelligent Manufacturing Co., Ltd. was held on August 26, 2025, with all 9 directors present, including some via telecommunication [1] - The meeting was conducted in accordance with relevant laws and regulations [1] Resolutions Passed - The board approved the 2025 semi-annual report and summary, confirming that it accurately reflects the company's financial status and operational results without any false statements or omissions [1][2] - The board also approved the special report on the storage and actual use of raised funds for the first half of 2025, with unanimous support [2] - A resolution to use reserve funds to cover losses was passed, pending approval from the upcoming third extraordinary shareholders' meeting [2][3] - The board agreed to convene the third extraordinary shareholders' meeting in 2025, with details to be disclosed on the Shanghai Stock Exchange website [3]

Important Notice [Board of Directors and Management Statement](index=2&type=section&id=%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%8F%8A%E7%AE%A1%E7%90%86%E5%B1%82%E5%A3%B0%E6%98%8E) The company's board of directors, directors, and senior management affirm the truthfulness, accuracy, and completeness of this semi-annual report, assuming legal responsibility; the report is unaudited, and key financial officers declare the financial report to be true, accurate, and complete - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume legal responsibility[5](index=5&type=chunk) - This semi-annual report has not been audited[7](index=7&type=chunk) - The company's head, chief accountant, and head of accounting department declare the financial report to be true, accurate, and complete[7](index=7&type=chunk) [Risk Statement for Forward-Looking Statements](index=2&type=section&id=%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) Forward-looking statements regarding business plans and development strategies in this report do not constitute a substantive commitment to investors, urging caution regarding investment risks - Forward-looking descriptions such as business plans and development strategies in the report do not constitute a substantive commitment by the company to investors[8](index=8&type=chunk) - Investors are kindly reminded to pay attention to investment risks[8](index=8&type=chunk) [Significant Risk Warning](index=2&type=section&id=%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company has detailed various potential risks in "Section III Management Discussion and Analysis," advising investors to review it - The company has elaborated on various potential risks in "Section III Management Discussion and Analysis," "V. Other Disclosures," "(I) Potential Risks"[9](index=9&type=chunk) Section I Definitions [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, related parties, subsidiaries, regulatory bodies, and laws, to ensure accurate understanding of the content - In the report, "Company," "the Company," "Hefei Forging," and "Hefei Forging Intelligent" all refer to Hefei Hefei Forging Intelligent Manufacturing Co., Ltd[14](index=14&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[14](index=14&type=chunk) Section II Company Profile and Key Financial Indicators [Company Basic Information](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) This section outlines the company's Chinese name, abbreviation, foreign name, and acronym, clarifying Wang Lei as the legal representative - The company's Chinese name is Hefei Hefei Forging Intelligent Manufacturing Co., Ltd., abbreviated as Hefei Forging Intelligent[16](index=16&type=chunk) - The company's legal representative is Wang Lei[16](index=16&type=chunk) [Contact Person and Contact Information](index=5&type=section&id=%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details, including address, phone, fax, and email, for the company's Board Secretary Wang Xiaofeng and Securities Affairs Representative Xu Qin - The Board Secretary is Wang Xiaofeng, and the Securities Affairs Representative is Xu Qin[17](index=17&type=chunk) - The contact address for both is No. 123 Ziyun Road, Economic and Technological Development Zone, Hefei City, Anhui Province[17](index=17&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue increased by **8.23%**, and total profit grew by **6.56%**; however, net profit attributable to listed company shareholders decreased by **11.39%**, and net cash flow from operating activities significantly fell by **144.26%**, primarily due to increased cash payments for goods and services Key Accounting Data (Jan-Jun 2025 vs. Prior Period) | Indicator | Current Period (Jan-Jun) | Prior Period | Period-on-period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 982,291,903.84 | 907,597,945.14 | 8.23 | | Total Profit (yuan) | 19,920,796.49 | 18,694,104.05 | 6.56 | | Net Profit Attributable to Listed Company Shareholders (yuan) | 9,513,077.66 | 10,736,496.97 | -11.39 | | Net Profit Attributable to Listed Company Shareholders Excluding Non-recurring Gains and Losses (yuan) | 9,618,568.42 | 7,540,399.88 | 27.56 | | Net Cash Flow from Operating Activities (yuan) | -26,127,786.80 | 59,038,988.98 | -144.26 | | **Current Period-end vs. Prior Year-end** | | | | | Net Assets Attributable to Listed Company Shareholders (yuan) | 2,158,145,854.14 | 2,143,533,447.76 | 0.68 | | Total Assets (yuan) | 4,659,772,219.22 | 4,523,611,936.79 | 3.01 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Period) | Indicator | Current Period (Jan-Jun) | Prior Period | Period-on-period Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.02 | 0.02 | - | | Diluted Earnings Per Share (yuan/share) | 0.02 | 0.02 | - | | Basic Earnings Per Share Excluding Non-recurring Gains and Losses (yuan/share) | 0.02 | 0.02 | - | | Weighted Average Return on Net Assets (%) | 0.44 | 0.48 | Decrease of 0.04 percentage points | | Weighted Average Return on Net Assets Excluding Non-recurring Gains and Losses (%) | 0.45 | 0.34 | Increase of 0.11 percentage points | - Net cash flow from operating activities decreased by **144.26%** year-on-year, primarily due to increased cash payments for goods and services[23](index=23&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to **-105,490.76 yuan**, primarily comprising government grants, non-current asset disposal gains/losses, and other non-operating income/expenses Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 135,727.88 | | Government grants recognized in current profit or loss | 3,498,896.12 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 411.38 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 1,479,980.18 | | Other non-operating income and expenses apart from the above | -5,067,135.85 | | Less: Income tax impact | 153,370.47 | | Total | -105,490.76 | Section III Management Discussion and Analysis [Industry and Main Business Overview](index=7&type=section&id=%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%A6%82%E5%86%B5) The company primarily operates in high-end forming equipment and intelligent sorting equipment, belonging to the metal forming machine tool and intelligent manufacturing equipment industries; during the period, the machine tool industry continued to recover, while intelligent optoelectronic sorting grew, entering the AI sorting era, with the company achieving broad application and innovation in hydraulic presses, mechanical presses, cutting-edge manufacturing, and intelligent sorting - The company's industry belongs to "C342 Metal Processing Machinery Manufacturing - C3422 Metal Forming Machine Tool Manufacturing" and "C34 General Equipment Manufacturing"[29](index=29&type=chunk) - The company's main products comply with "2 High-end Equipment Manufacturing Industry, 2.1 Intelligent Manufacturing Equipment Industry, 2.1.4 Intelligent Processing Equipment"[29](index=29&type=chunk) - In the first half of 2025, the machine tool industry's operating revenue decreased by **1.7%** year-on-year, and total profit decreased by **37.6%**, but the decline narrowed, indicating continued industry recovery[29](index=29&type=chunk) - The intelligent optoelectronic sorting industry has fully entered the era of intelligent AI sorting, with expanding application fields and strong performance in domestic and international markets[33](index=33&type=chunk) [Industry Situation](index=7&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The high-end forming equipment industry sees recovering demand in new energy vehicles and aerospace, while the nuclear fusion industry enters engineering feasibility validation with rapid growth in international private investment; intelligent optoelectronic sorting technology continuously upgrades, expanding applications from traditional grains to solid waste and minerals, driving rapid market expansion - The high-end forming equipment industry benefited from "two major" constructions and "two new" policies, with equipment and tool purchase investment increasing by **17.3%** year-on-year, driving a rebound in machine tool market demand[30](index=30&type=chunk) - The controlled nuclear fusion industry has entered the engineering feasibility verification stage, with Q-value breakthroughs expected to trigger a commercialization revolution[31](index=31&type=chunk) - As of June 10, 2025, private fusion enterprises have accumulated **9.9 billion euros** in investment, with **50** fusion companies established globally[31](index=31&type=chunk) - The intelligent optoelectronic sorting industry has completed its technological upgrade from analog to digital, and digital to intelligent, fully entering the era of intelligent AI sorting[33](index=33&type=chunk) - Sorting material application fields have expanded from rice impurity removal to thousands of materials such as miscellaneous grains, tea, solid waste, ore, and coal[33](index=33&type=chunk) [Main Business Operations](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The company's main business involves high-end forming equipment and intelligent sorting devices, offering hydraulic presses, mechanical presses, color sorters, fusion reactor core component manufacturing, intelligent integrated control, and new materials; it continuously innovates and upgrades products in hydraulic presses, mechanical presses, and intelligent sorting (rice, grains, tea, ore, coal, plastics), achieving significant progress in cutting-edge manufacturing, including the delivery of "BEST vacuum chamber first batch gravity supports" and independent development of fusion reactor Inconel 718 super bolts - The company's main business focuses on high-end forming equipment and intelligent sorting equipment, providing products and services such as hydraulic presses, mechanical presses, color sorters, and cutting-edge manufacturing of fusion reactor core components[35](index=35&type=chunk) - The hydraulic press business covers multiple fields including automotive, aerospace, national defense, smart home appliances, shipbuilding, rail transit, new materials, and electronics[36](index=36&type=chunk) - Cutting-edge manufacturing business progressed smoothly in fusion reactor core component manufacturing, completing the delivery of "BEST vacuum chamber first batch gravity supports" and taking the lead in achieving **100%** independent development of fusion reactor Inconel 718 super bolts[42](index=42&type=chunk) - Intelligent sorting equipment targets six major sorting fields: rice, miscellaneous grains, tea, solid waste, ore, and coal, and has expanded into derivative fields such as aquatic products and fruits/vegetables[43](index=43&type=chunk) - The company pioneered the introduction of deep learning technology into optoelectronic sorting, driving multiple iterations of AI technology and establishing a large dataset and specialized models[44](index=44&type=chunk) [Discussion and Analysis of Operations](index=12&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) The company's high-end forming equipment business actively expanded market share, with hydraulic press demand stabilizing but growing in emerging sectors, while mechanical press products advanced towards high-end and intelligent development, showing rapid order growth; cutting-edge manufacturing achieved breakthroughs in fusion reactor core component production; intelligent optoelectronic sorting equipment continuously expanded market scale through new product R&D and technology promotion, innovating in agricultural and industrial products to enhance market influence - High-end forming machine tools are applied in automotive, home appliances, forging, shipbuilding, transportation, aerospace, petrochemical, electronics, and other fields, expanding application scenarios with new materials and processes[48](index=48&type=chunk) - Overall demand for hydraulic press products was stable but slowing, with slight growth in emerging fields such as aviation, aerospace, shipbuilding, rail transit, military, and new materials[49](index=49&type=chunk) - Mechanical press products are developing towards high-end and mid-range products such as large high-speed automatic press lines, high-end blanking line progressive dies, heavy multi-station presses, and flexible die trial centers, showing rapid order growth[50](index=50&type=chunk) - Cutting-edge manufacturing business made progress in the fusion reactor vacuum chamber pre-research project, completing the delivery of "BEST vacuum chamber first batch gravity supports" and achieving **100%** independent development of fusion reactor Inconel 718 super bolts[50](index=50&type=chunk) - Intelligent optoelectronic sorting equipment through new product R&D, new technology promotion, and other measures, continuously expanded its market scale, especially innovating in fields such as rice, miscellaneous grains, tea, plastics, ore, and coal[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) [Analysis of Core Competencies](index=13&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness lies in its two main businesses: high-end forming equipment, boasting industry-leading R&D, stable product quality, an excellent management team, lean manufacturing, and a comprehensive large-scale scientific apparatus manufacturing management system; and intelligent sorting equipment, featuring R&D and innovation advantages, product matrix management, lean and efficient production, a complete marketing and technical service network, and a sound management and talent system - The company is a primary drafting unit for national and industry standards for hydraulic presses, leading or participating in the revision of **8** national standards and **35** industry standards[56](index=56&type=chunk) - The company holds honors such as "National Manufacturing Single Champion Demonstration Enterprise" and "National Technology Innovation Demonstration Enterprise," and has established multiple national-level R&D platforms[57](index=57&type=chunk) - During the reporting period, the company was approved to participate in **1** "National Major Science and Technology Project," issued **2** industry standards, applied for **20** invention patents, and was granted **11** invention patents[57](index=57&type=chunk) - Intelligent sorting equipment boasts a professional R&D team of over **200** people, making it the optoelectronic sorting manufacturer with the widest range of varieties, broadest coverage, and most comprehensive product matrix in the industry[63](index=63&type=chunk) - The company achieves lean and efficient production by increasing modular production coverage and component standardization, shortening customized product cycles, and reducing costs[63](index=63&type=chunk) [Key Operating Performance During the Reporting Period](index=15&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) During the reporting period, the company's operating revenue increased by **8.23%**, operating costs by **6.30%**, and R&D expenses by **23.46%**; net cash flow from operating activities significantly decreased by **144.26%** due to increased payments for goods and services; net cash flow from investing activities improved by **84.67%**, and from financing activities turned positive, growing by **147.45%**; the asset-liability structure optimized, with significant increases in accounts receivable financing, construction in progress, and long-term borrowings, while employee compensation and non-current liabilities due within one year decreased; key subsidiaries, including Zhongke Optoelectronics, Lauffer, and Hezou Electronics, all achieved profitability Key Accounting Data Changes (Jan-Jun 2025 vs. Prior Period) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 982,291,903.84 | 907,597,945.14 | 8.23 | | Operating Cost | 725,465,617.92 | 682,447,515.24 | 6.30 | | Selling Expenses | 71,401,559.78 | 70,378,083.86 | 1.45 | | Administrative Expenses | 74,704,393.26 | 66,877,526.42 | 11.70 | | Financial Expenses | 9,025,722.08 | 9,836,414.41 | -8.24 | | R&D Expenses | 61,980,415.79 | 50,201,396.99 | 23.46 | | Net Cash Flow from Operating Activities | -26,127,786.80 | 59,038,988.98 | -144.26 | | Net Cash Flow from Investing Activities | -25,496,092.74 | -166,275,144.71 | 84.67 | | Net Cash Flow from Financing Activities | 92,673,925.59 | -195,294,118.78 | 147.45 | - Net cash flow from operating activities decreased by **144.26%** year-on-year, primarily due to increased cash payments for goods and services[67](index=67&type=chunk) - Net cash flow from investing activities increased by **84.67%** year-on-year, primarily due to a decrease in cash paid for investments[67](index=67&type=chunk) - Net cash flow from financing activities increased by **147.45%** year-on-year, primarily due to increased cash received from borrowings and decreased cash paid for debt repayment[67](index=67&type=chunk) Changes in Assets and Liabilities (Period-end vs. Prior Year-end) | Item Name | Current Period-end Amount (yuan) | Prior Year-end Amount (yuan) | Change Ratio (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 254,703,587.17 | 192,803,767.87 | 32.11 | Larger amount of D-chain vouchers received from customers | | Other Receivables | 11,246,638.47 | 7,859,299.09 | 43.10 | Increase in deposits paid | | Construction in Progress | 21,622,282.25 | 11,973,825.57 | 80.58 | More investment in the industrialization project for 20 intelligent coal dry sorters and 820 intelligent optoelectronic sorters | | Right-of-Use Assets | 8,196,640.42 | 12,833,586.85 | -36.13 | Increase in depreciation accrued this year | | Employee Compensation Payable | 44,803,946.48 | 106,461,432.26 | -57.92 | Bonuses accrued at the end of last year were paid this period | | Taxes Payable | 10,411,233.67 | 16,561,028.64 | -37.13 | Decrease in VAT, corporate income tax, and individual income tax payable | | Non-current Liabilities Due Within One Year | 21,102,639.92 | 71,340,380.96 | -70.42 | Decrease in long-term borrowings due within one year | | Other Current Liabilities | 66,402,231.34 | 44,694,673.90 | 48.57 | Increase in output VAT in contract liabilities | | Long-term Borrowings | 124,600,000.00 | 70,400,000.00 | 76.99 | New bank borrowings in the current period | Financial Information of Major Holding and Associate Companies (Unit: 10,000 yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhongke Optoelectronics | Subsidiary | Production of Class II, III X-ray devices | 40,000.00 | 142,674.53 | 90,069.78 | 44,089.65 | 7,578.36 | 6,836.92 | | Lauffer | Subsidiary | R&D, manufacturing, sales, and service of optoelectronic sorting equipment and accessories | 5,000.00 | 18,893.77 | 12,094.69 | 7,182.39 | 2,490.99 | 2,096.92 | | Hezou Electronics | Subsidiary | Development, manufacturing, sales, and service of precision sheet metal parts and pneumatic components | 4,000.00 | 8,979.00 | 5,167.95 | 4,413.60 | 216.50 | 137.45 | | Nahe Intelligent | Subsidiary | R&D, manufacturing, sales, service, and accessory sales, technical support for automated non-standard production lines | 1,000.00 | 5,206.18 | -355.60 | 1,982.06 | -18.34 | -14.14 | | Hefei Huizhi | Associate Company | Technology R&D, consulting, and design services for metals, non-metals, ceramics, and composite materials | 1,740.00 | 21,495.24 | 10,690.73 | 5,685.25 | 883.54 | 883.50 | | Tongqiao Technology | Associate Company | Technology development, transfer, consulting, service, manufacturing, and sales of automotive parts and metal processing machinery | 12,792.00 | 18,912.56 | 6,202.34 | 5,337.93 | -643.50 | -634.66 | [Other Disclosures](index=21&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces risks including macroeconomic fluctuations, industry cyclicality, talent shortages due to technological upgrades, accounts receivable collection, underperforming investment projects, and uncertainties in overseas business expansion; the intelligent sorting equipment business also confronts intensified market competition, uncertainties in overseas expansion and international situations, bad debt risks, and supply chain and cost control risks - High-end forming equipment faces risks from macroeconomic fluctuations, industry cycles, lack of high-end design and R&D talent due to technological upgrades, accounts receivable collection, underperforming investment projects, and uncertainties in overseas business expansion[73](index=73&type=chunk)[74](index=74&type=chunk) - Intelligent sorting equipment faces risks from industry fluctuations and market competition, uncertainties in overseas expansion and international situations, bad debt formation from accounts receivable, and supply chain and cost control[75](index=75&type=chunk)[76](index=76&type=chunk) Section IV Corporate Governance, Environment and Society [Profit Distribution or Capital Reserve Conversion Plan](index=23&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company has no profit distribution or capital reserve to share capital conversion plan for this semi-annual period - The company's proposed profit distribution or capital reserve to share capital conversion plan for this semi-annual period is "none"[79](index=79&type=chunk) [Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, etc.](index=23&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company actively responds to national policies, serving grassroots development through "Four Links and Four Determinations" activities and leveraging its intelligent sorting equipment business to support rural industrial development and agricultural modernization; its wholly-owned subsidiary, Zhongke Optoelectronics, continuously increases R&D investment to enhance agricultural product sorting and identification capabilities, promoting high-quality rural revitalization - The company participated in the "Four Links and Four Determinations" activity, visiting Yanhe Village in Gaoliu Street to offer advice for increasing collective village income and promoting agricultural efficiency, rural vitality, and farmer income[81](index=81&type=chunk) - The company's intelligent optoelectronic sorting equipment performed outstandingly in agricultural applications, improving smart sorting scenarios for grains, tea, and traditional Chinese medicine, enhancing agricultural product quality and value[81](index=81&type=chunk) - Wholly-owned subsidiary Zhongke Optoelectronics continuously increased R&D investment, introducing AI algorithms and image recognition technology to enhance agricultural product defect and impurity identification capabilities, deeply integrating into the entire agricultural value chain[82](index=82&type=chunk) Section V Important Matters [Fulfillment of Commitments](index=25&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's actual controller, shareholders, and related parties strictly fulfilled all commitments during the reporting period, including resolving horizontal competition, non-compete clauses, term of office, and share reduction intentions, with no instances of overdue fulfillment - Duan Qizhang, Zhang Cun'ai, and **11** other transaction counterparts and their related parties committed not to engage in, participate in, or assist others in engaging in business activities competitive with Zhongke Optoelectronics and Hefei Forging Intelligent, and have strictly fulfilled these commitments in a timely manner[84](index=84&type=chunk) - Yan Jianwen committed to diligently perform his duties as Chairman and General Manager, safeguard the interests of the company and its shareholders, avoid conflicts of interest, and has strictly fulfilled this commitment in a timely manner[86](index=86&type=chunk) - Hefei Construction Investment and CITIC Investment committed that the share reduction price would not be lower than **120%** of the latest audited net asset per share within two/three years after the lock-up period expires, and have strictly fulfilled this commitment in a timely manner[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk) [Significant Litigation and Arbitration Matters](index=32&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) During the reporting period, the company had significant litigation involving overdue commercial acceptance bills endorsed by customer FAW Lingyuan Automobile Manufacturing Co., Ltd.; the company has filed a lawsuit, which was disclosed in a temporary announcement with no subsequent developments - The company's customer, FAW Lingyuan Automobile Manufacturing Co., Ltd., failed to honor commercial acceptance bills (total face value of **137.10 million yuan**) endorsed to the company, leading the company to file a lawsuit[92](index=92&type=chunk) - This litigation matter has been disclosed in a temporary announcement, with no subsequent developments during the reporting period[92](index=92&type=chunk) [Explanation of Integrity Status](index=32&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company's controlling shareholder and actual controller had no adverse integrity issues, such as unfulfilled effective court judgments or large overdue debts - During the reporting period, the company's controlling shareholder and actual controller had no adverse integrity issues, such as unfulfilled effective court judgments or large overdue debts[93](index=93&type=chunk) [Significant Related Party Transactions](index=32&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in ordinary course of business related party transactions, including purchasing goods/receiving services and selling goods/providing services, which were disclosed in temporary announcements as required - On February 25, 2025, the company's 16th meeting of the Fifth Board of Directors approved the "Proposal on Estimated Daily Related Party Transactions for 2025"[95](index=95&type=chunk) Related Party Transactions for Purchase of Goods/Receipt of Services | Related Party | Related Transaction Content | Current Period Amount (yuan) | Approved Transaction Limit (yuan) | Exceeded Transaction Limit | Prior Period Amount (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Hefei Huizhi | Purchase of Goods | 1,359,099.71 | 4,000,000.00 | No | - | | Sanheyi | Purchase of Goods | 70,705.80 | 4,000,000.00 | No | 259,637.63 | | Sanheyi | Receipt of Services | 30,962.26 | - | No | - | Related Party Transactions for Sale of Goods/Provision of Services | Related Party | Related Transaction Content | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | :--- | | Jike Guochuang | Provision of Services | 23,008.85 | - | | Tongqiao Technology | Sale of Goods | - | 452,318.59 | [Explanation of Progress in Use of Raised Funds](index=35&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) The company's overall utilization progress of raised funds is **51.08%**; the industrialization project for **20** intelligent coal dry sorters and **820** intelligent optoelectronic sorters (originally **80** intelligent coal dry sorters) has had its investment structure, implementing entity, and location adjusted and extended to December 2026 to ensure investment benefits Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (10,000 yuan) | Net Raised Funds (10,000 yuan) | Total Investment Committed in Prospectus or Offering Document (10,000 yuan) | Cumulative Investment of Raised Funds as of Report End (10,000 yuan) | Cumulative Investment Progress of Raised Funds as of Report End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Issuance of Shares to Specific Objects | 44,061.82 | 43,401.25 | 44,061.82 | 22,170.59 | 51.08 | - The scheduled date for the industrialization project of **20** intelligent coal dry sorters and **820** intelligent optoelectronic sorters (originally **80** intelligent coal dry sorters) to reach its intended usable state has been adjusted from February 2025 to December 2026[101](index=101&type=chunk) - This adjustment does not change the total project investment or the total amount of raised funds intended for use[101](index=101&type=chunk) Section VI Share Changes and Shareholder Information [Changes in Share Capital](index=39&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) 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[106](index=106&type=chunk) [Shareholder Information](index=40&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **70,878** common shareholders; among the top ten shareholders, Yan Jianwen held **30.02%**, making him the largest shareholder, while Hefei Construction Investment Holding (Group) Co., Ltd. held **5.17%**, and institutional investors like UBS AG and Bank of China Ltd. - China Asset Management High-end Manufacturing Flexible Allocation Mixed Fund increased their holdings - As of the end of the reporting period, the total number of common shareholders was **70,878** households[108](index=108&type=chunk) Top Ten Shareholders' Holdings (As of Report End) | Shareholder Name | Period-end Shareholding (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Yan Jianwen | 148,438,422 | 30.02 | Domestic Natural Person | | Hefei Construction Investment Holding (Group) Co., Ltd. | 25,569,090 | 5.17 | State-owned Legal Person | | UBS AG | 6,009,215 | 1.22 | Overseas Legal Person | | Bank of China Ltd. - China Asset Management High-end Manufacturing Flexible Allocation Mixed Fund | 4,642,800 | 0.94 | Other | | Goldman Sachs International - Proprietary Trading | 3,840,343 | 0.78 | Unknown | | CITIC Investment Holdings Co., Ltd. | 3,371,000 | 0.68 | State-owned Legal Person | | Chen Wenjun | 3,244,200 | 0.66 | Unknown | | Zhou Qun | 3,096,100 | 0.63 | Unknown | | J. P. Morgan Securities PLC - Proprietary Trading | 2,032,038 | 0.41 | Overseas Legal Person | | Industrial and Commercial Bank of China Ltd. - China Asset Management Leading Stock Fund | 2,000,000 | 0.40 | Other | - The company is unaware if the aforementioned shareholders have any related party relationships or if they are acting in concert as defined by the "Measures for the Administration of the Takeover of Listed Companies"[111](index=111&type=chunk) Section VII Bond-Related Information [Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=42&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments [Convertible Corporate Bonds](index=42&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) During the reporting period, the company had no convertible corporate bonds Section VIII Financial Report [Audit Report](index=43&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report has not been audited - This semi-annual report has not been audited[7](index=7&type=chunk) [Financial Statements](index=43&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting the financial position, operating results, and cash flows at the end of the reporting period [Consolidated Balance Sheet](index=43&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's total assets were **4.66 billion yuan**, a **3.01%** increase from the prior year-end; total current assets were **3.34 billion yuan**, total non-current assets were **1.32 billion yuan**; total liabilities were **2.50 billion yuan**, and total owners' equity was **2.16 billion yuan** Key Data from Consolidated Balance Sheet (As of June 30, 2025) | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Cash and Bank Balances | 776,208,756.55 | 758,939,983.81 | | Accounts Receivable | 684,569,243.80 | 721,871,695.04 | | Inventories | 1,367,294,260.54 | 1,233,861,235.32 | | Fixed Assets | 485,328,129.80 | 501,366,453.07 | | Short-term Borrowings | 586,016,505.64 | 506,676,483.97 | | Contract Liabilities | 592,536,723.94 | 473,032,931.66 | | Total Liabilities | 2,504,765,616.76 | 2,382,917,193.63 | | Total Owners' Equity Attributable to Parent Company | 2,158,145,854.14 | 2,143,533,447.76 | | Total Assets | 4,659,772,219.22 | 4,523,611,936.79 | [Consolidated Income Statement](index=47&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) From January to June 2025, the company achieved total operating revenue of **982.29 million yuan**, an **8.23%** year-on-year increase; total profit was **19.92 million yuan**, up **6.56%** year-on-year; net profit attributable to parent company shareholders was **9.51 million yuan**, a **11.39%** year-on-year decrease Key Data from Consolidated Income Statement (Jan-Jun 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 982,291,903.84 | 907,597,945.14 | | Total Operating Costs | 949,632,460.27 | 888,617,422.74 | | Total Profit | 19,920,796.49 | 18,694,104.05 | | Net Profit | 9,212,530.58 | 10,659,277.50 | | Net Profit Attributable to Parent Company Shareholders | 9,513,077.66 | 10,736,496.97 | | Basic Earnings Per Share (yuan/share) | 0.02 | 0.02 | [Consolidated Cash Flow Statement](index=51&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) From January to June 2025, net cash flow from operating activities was **-26.13 million yuan**, a **144.26%** year-on-year decrease; net cash flow from investing activities was **-25.50 million yuan**, an **84.67%** year-on-year improvement; net cash flow from financing activities was **92.67 million yuan**, a significant **147.45%** year-on-year increase Key Data from Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -26,127,786.80 | 59,038,988.98 | | Net Cash Flow from Investing Activities | -25,496,092.74 | -166,275,144.71 | | Net Cash Flow from Financing Activities | 92,673,925.59 | -195,294,118.78 | | Net Increase in Cash and Cash Equivalents | 41,018,050.04 | -300,009,024.65 | [Company Basic Information](index=64&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Hefei Hefei Forging Intelligent Manufacturing Co., Ltd. was established through the overall conversion of Hefei Forging Machine Tool Co., Ltd., undergoing multiple equity changes and capital increases, with its registered capital ultimately changing to **494.41 million yuan**; headquartered in Hefei, Anhui Province, the company primarily offers hydraulic presses, mechanical presses, color sorters, and related products and services - The company was established through the overall conversion of Hefei Forging Machine Tool Co., Ltd., obtaining its business license on December 24, 2010[148](index=148&type=chunk) - The company's registered capital underwent multiple changes, ultimately becoming **494.41 million yuan**[152](index=152&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk)[155](index=155&type=chunk)[156](index=156&type=chunk) - The company's main business activities are providing customers with products and services such as hydraulic presses, mechanical presses, color sorters, mobile crushing and screening equipment, intelligent integrated control, and new materials[156](index=156&type=chunk) [Basis of Financial Statement Preparation](index=65&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, recognized and measured in accordance with enterprise accounting standards, their application guidelines, and interpretations, and comply with the China Securities Regulatory Commission's "Rules for the Disclosure of Information by Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports (Revised 2023)" - The company prepares its financial statements on a going concern basis, adhering to enterprise accounting standards and relevant disclosure rules of the China Securities Regulatory Commission[157](index=157&type=chunk) - The company assessed its ability to continue as a going concern for **12** months from the end of the reporting period and found no matters affecting its going concern ability[158](index=158&type=chunk) [Significant Accounting Policies and Estimates](index=66&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the significant accounting policies and estimates followed by the company in preparing its financial statements, covering financial instruments, inventories, revenue recognition, long-term equity investments, fixed assets, intangible assets, employee compensation, government grants, deferred income tax, and other aspects, along with the basis for key accounting judgments and estimates - At initial recognition, the company classifies financial assets as measured at amortized cost, at fair value through profit or loss, or at fair value through other comprehensive income, based on the business model for managing financial assets and their contractual cash flow characteristics[189](index=189&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the related goods[277](index=277&type=chunk) - The company assesses whether there are indications of impairment for long-term equity investments in subsidiaries, associates, and joint ventures, fixed assets, construction in progress, right-of-use assets, intangible assets, goodwill, and other assets at the balance sheet date, and conducts impairment tests[254](index=254&type=chunk) - The company accrues safety production expenses in accordance with the "Measures for the Management of Enterprise Safety Production Expense Extraction and Use," recognizing them in relevant product costs or current profit and loss, and simultaneously recording them in the "Special Reserve" account[307](index=307&type=chunk) [Taxation](index=95&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, urban maintenance and construction tax, enterprise income tax, and education surcharge; the company and some subsidiaries enjoy a **15%** preferential income tax rate as high-tech enterprises, while some small and micro-profit subsidiaries enjoy a **20%** preferential rate; additionally, software product sales benefit from a VAT immediate refund policy Major Taxes and Tax Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable goods or services sales amount | 9%, 13% | | Urban Maintenance and Construction Tax | Turnover tax amount | 7% | | Enterprise Income Tax | Taxable income | 15%, 20% | | Education Surcharge | Turnover tax amount | 5% | - Hefei Forging Intelligent, Zhongke Optoelectronics, Lauffer, Nahe Intelligent, and other companies and subsidiaries enjoy a **15%** preferential enterprise income tax rate as high-tech enterprises[313](index=313&type=chunk)[314](index=314&type=chunk) - Subsidiaries Siyuan Sanqing, Intelligent Equipment, and Kuafu Jianduan enjoy a **20%** preferential enterprise income tax rate as small and micro-profit enterprises[315](index=315&type=chunk) - General VAT taxpayers selling self-developed software products are subject to an immediate refund policy for the portion of actual VAT burden exceeding **3%**[315](index=315&type=chunk) [Notes to Consolidated Financial Statement Items](index=96&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details the period-end and period-beginning balances of major consolidated financial statement items, along with their changes and reasons; asset items like accounts receivable financing, construction in progress, and long-term borrowings significantly increased, while liabilities such as employee compensation, taxes payable, and non-current liabilities due within one year decreased; operating revenue and costs both grew, but net profit attributable to the parent company declined, and net cash flow from operating activities turned negative; other income and non-operating income substantially increased, as did credit impairment losses and non-operating expenses - Cash and bank balances at period-end amounted to **776.21 million yuan**, including bank acceptance bill deposits, letter of guarantee deposits, and judicially frozen bank deposits[317](index=317&type=chunk)[318](index=318&type=chunk) - Accounts receivable financing at period-end was **254.70 million yuan**, an increase of **32.11%** from the beginning of the period, primarily due to a larger amount of D-chain vouchers received from customers[351](index=351&type=chunk)[359](index=359&type=chunk) - Construction in progress at period-end was **21.62 million yuan**, an increase of **80.58%** from the beginning of the period, primarily due to significant investment in the industrialization project for **20** intelligent coal dry sorters and **820** intelligent optoelectronic sorters[401](index=401&type=chunk)[404](index=404&type=chunk) - Long-term borrowings at period-end were **124.60 million yuan**, an increase of **76.99%** from the beginning of the period, primarily due to new bank borrowings in the current period[451](index=451&type=chunk) - Employee compensation payable at period-end was **44.80 million yuan**, a decrease of **57.92%** from the beginning of the period, primarily due to the payment of bonuses accrued at the end of last year[435](index=435&type=chunk)[439](index=439&type=chunk) - Operating revenue for the current period was **982.29 million yuan**, and operating cost was **725.47 million yuan**, both showing year-on-year growth[472](index=472&type=chunk) - Net cash flow from operating activities was **-26.13 million yuan**, a **144.26%** year-on-year decrease, primarily due to increased cash payments for goods and services[132](index=132&type=chunk) - Credit impairment losses for the current period amounted to **-19.34 million yuan**, an increase of **1,559.36%** from the prior period, primarily due to increased bad debt losses on accounts receivable[489](index=489&type=chunk)[486](index=486&type=chunk) - Non-operating income for the current period was **694,795.93 yuan**, an increase of **614.29%** from the prior period, primarily due to debt restructuring gains[494](index=494&type=chunk)[495](index=495&type=chunk) - Non-operating expenses for the current period amounted to **5.76 million yuan**, an increase of **1,290.87%** from the prior period, primarily due to shareholder litigation settlement fees paid in the current period[497](index=497&type=chunk) [Research and Development Expenses](index=156&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) During the reporting period, the company's total R&D expenditure was **61.98 million yuan**, all expensed, representing a **23.46%** increase from the prior period, primarily invested in direct materials and employee compensation, with increased outsourced technology development R&D Expenses by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Direct Materials | 25,309,005.85 | 21,162,359.91 | | Employee Compensation | 30,630,315.64 | 25,836,720.95 | | Travel Expenses | 1,013,039.85 | 1,196,309.58 | | Outsourced Technology Development | 2,150,000.00 | - | | Depreciation and Amortization | 2,449,021.33 | 1,355,982.18 | | Other | 429,033.12 | 650,024.37 | | Total | 61,980,415.79 | 50,201,396.99 | | Of which: Expensed R&D Expenditure | 61,980,415.79 | 50,201,396.99 | | Capitalized R&D Expenditure | - | - | [Changes in Consolidation Scope](index=157&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company had no transactions or events leading to changes in the scope of consolidation, such as business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries resulting in loss of control, nor any other reasons for changes in consolidation scope [Interests in Other Entities](index=158&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company holds interests in subsidiaries such as Zhongke Optoelectronics, Lauffer, Siyuan Sanqing, Hezou Electronics, Intelligent Equipment, Kuafu Jianduan, and Nahe Intelligent, mostly with **100%** or **70%** ownership; in associates, the company has investment interests in Hefei Shuimu Xinbao Intelligent Manufacturing Industry Fund, Beijing Jike Guochuang Lightweight Science Research Institute Co., Ltd., and Hefei Huizhi New Material Technology Co., Ltd Interests in Subsidiaries (Unit: 10,000 yuan) | Subsidiary Name | Main Operating Location | Registered Capital | Registered Address | Business Nature | Shareholding Ratio (%) Direct | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhongke Optoelectronics | Hefei | 40,000.00 | Hefei | Machinery Manufacturing | 100.00 | Business Combination Not Under Common Control | | Lauffer | Hefei | 5,000.00 | Hefei | Machinery Manufacturing | 100.00 | Establishment | | Siyuan Sanqing | Hefei | 1,005.00 | Hefei | Machinery Manufacturing | 100.00 | Establishment | | Hezou Electronics | Hefei | 4,000.00 | Hefei | Machinery Manufacturing | - (100.00 Indirect) | Establishment | | Intelligent Equipment | Hefei | 5,000.00 | Hefei | Machinery Manufacturing | 100.00 | Establishment | | Kuafu Jianduan | Hefei | 10,000.00 | Hefei | Machinery Manufacturing | 70.00 | Establishment | | Nahe Intelligent | Hefei | 1,000.00 | Hefei | Machinery Manufacturing | 100.00 | Business Combination Not Under Common Control | Summarized Financial Information of Insignificant Joint Ventures and Associates | Item | Period-end Balance/Current Period Amount (yuan) | Period-beginning Balance/Prior Period Amount (yuan) | | :--- | :--- | :--- | | Associates: Total Carrying Amount of Investments | 142,981,854.45 | 149,109,769.58 | | --Net Profit | -6,127,915.13 | -7,421,656.20 | | --Total Comprehensive Income | -6,127,915.13 | -7,421,656.20 | [Government Grants](index=160&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) During the reporting period, the company received new government grants of **7.99 million yuan**, transferred **2.12 million yuan** to other income, with a period-end deferred income balance of **36.72 million yuan**; total government grants recognized in current profit or loss were **20.40 million yuan**, comprising **16.36 million yuan** related to assets and **4.04 million yuan** related to income Liability Items Involving Government Grants | Financial Statement Item | Period-beginning Balance (yuan) | New Grants in Current Period (yuan) | Transferred to Other Income in Current Period (yuan) | Other Changes in Current Period (yuan) | Period-end Balance (yuan) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 31,103,172.90 | 7,987,000.00 | 2,120,376.20 | 250,000.00 | 36,719,796.70 | Related to Assets/Income | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Related to Assets | 16,362,605.89 | 2,081,805.28 | | Related to Income | 4,040,694.64 | 12,170,166.58 | | Total | 20,403,300.53 | 14,251,971.86 | [Risks Related to Financial Instruments](index=161&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces credit risk, liquidity risk, and market risk (foreign exchange and interest rate risks); it controls credit risk exposure through internal policies, regularly monitors liquidity needs, and closely observes exchange rate fluctuations; a **10%** appreciation or depreciation of RMB against major foreign currencies would increase or decrease annual net profit by **24.33 million yuan**; the company's short-term bank borrowings are at fixed rates, thus interest rate changes have no impact on net profit - The company faces credit risk, liquidity risk, and market risk (foreign exchange risk and interest rate risk)[526](index=526&type=chunk) - The company controls credit risk by assessing customer creditworthiness and regularly monitoring credit records[527](index=527&type=chunk) - As of June 30, 2025, the maturity of the company's financial liabilities is primarily within **1** year, totaling **1.61 billion yuan**[532](index=532&type=chunk) - If the RMB appreciates or depreciates by **10%** against foreign currencies such as USD, EUR, and HKD, the company's net profit for the year would increase or decrease by **24.33 million yuan**[535](index=535&type=chunk) - The company's short-term bank borrowings are all fixed-rate loans, so interest rate changes have no impact on the company's net profit[535](index=535&type=chunk) [Disclosure of Fair Value](index=164&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) The company's financial assets measured at fair value at period-end primarily consist of accounts receivable financing, with fair value determined by face amount; for financial assets and liabilities not measured at fair value, their fair value approximates their carrying amount Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 1 Fair Value Measurement (yuan) | Level 2 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | :--- | | (VI) Accounts Receivable Financing | - | - | 254,703,587.17 | 254,703,587.17 | | Total Assets Continuously Measured at Fair Value | - | - | 254,703,587.17 | 254,703,587.17 | - Accounts receivable financing, due to its short remaining term, has a carrying amount close to its fair value, with the face amount used as fair value[544](index=544&type=chunk) - Financial assets and liabilities not measured at fair value primarily include cash and bank balances, notes receivable, accounts receivable, other receivables, short-term borrowings, notes payable, accounts payable, etc., whose fair values approximate their carrying amounts[545](index=545&type=chunk) [Related Parties and Related Party Transactions](index=166&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's related parties include associates, key management personnel such as Chairman Yan Jianwen and General Manager Wang Lei, and other related companies; during the reporting period, the company engaged in ordinary course of business related party transactions, including purchasing and selling goods, providing services, and leasing, and disclosed period-end balances of receivables from and payables to related parties Other Related Party Information | Other Related Party Name | Relationship with the Company | | :--- | :--- | | Yan Jianwen | Chairman, Actual Controller | | Wang Lei | Director, General Manager | | Zhang Anping | Director, CFO | | Wang Xiaofeng | Director, Board Secretary | | Liu Baoying, Zhao Meng | Directors | | Zhu Weidong, Liu Zhiying, Xu Congwei | Independent Directors | | Wang Haiming, Shi Xin, Yin Zhifeng, Sun Hui, Chen Chuan | Supervisors | | Sun Hui, Chen Chuan | Employee Supervisors | | Han Xiaofeng, Zhang Lanjun, Li Guishan | Deputy General Managers | | Lauffer GmbH & Co. KG | Grand-subsidiary of Baihui Technology, a subsidiary of Shuimu Xinbao Investment | | Anhui Hefei Forklift Co., Ltd. | Company where Yan Jianwen serves as Chairman and Han Xiaofeng as Director | Related Party Leases (Company as Lessor) | Lessee Name | Type of Leased Asset | Lease Income Recognized in Current Period (yuan) | Lease Income Recognized in Prior Period (yuan) | | :--- | :--- | :--- | :--- | | Hefei Huizhi | Factory Building | 965,179.84 | 961,656.90 | Related Party Leases (Company as Lessee) | Lessor Name | Type of Leased Asset | Rent Paid (yuan) | Lease Liability Interest Expense (yuan) | | :--- | :--- | :--- | :--- | | Anhui Hefei Forklift Co., Ltd. | Factory Building | 3,221,226.00 | 118,114.35 | Key Management Personnel Compensation | Item | Current Period Amount (10,000 yuan) | Prior Period Amount (10,000 yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 239.85 | 182.11 | Period-End Balances of Receivables from Related Parties | Item Name | Related Party | Period-end Carrying Amount (yuan) | Impairment Provision (yuan) | | :--- | :--- | :--- | :--- | | Accounts Receivable | Tongqiao Technology | 1,990,447.00 | 262,868.40 | | Accounts Receivable | Jike Guochuang | 1,569,000.00 | 443,180.00 | | Accounts Receivable | Lauffer GmbH & Co. KG | 2,240,998.56 | 212,408.65 | | Accounts Receivable | Hefei Huizhi | 1,325,801.91 | 118,700.40 | Period-End Balances of Payables to Related Parties | Item Name | Related Party | Period-end Carrying Amount (yuan) | | :--- | :--- | :--- | | Accounts Payable | Sanheyi | 119,490.00 | | Accounts Payable | Hefei Huizhi | 1,064,955.84 | [Share-based Payment](index=171&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) During the reporting period, the company had no share-based payment matters [Commitments and Contingencies](index=171&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no significant commitments or material contingencies requiring disclosure [Events After the Balance Sheet Date](index=172&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) From the end of the reporting period to the date the financial statements were approved for issuance, the company had no significant non-adjusting events, profit distribution, sales returns, or other events after the balance sheet date [Other Significant Matters](index=172&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no other significant transactions or events impacting investor decisions, such as prior period accounting error corrections, major debt restructurings, asset exchanges, annuity plans, discontinued operations, or segment information [Notes to Parent Company Financial Statement Items](index=173&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details the period-end and period-beginning balances of major parent company financial statement items, along with their changes and reasons; parent company accounts receivable at period-end were **249.42 million yuan**, and other receivables were **9.44 million yuan**; long-term equity investments at period-end were **1.20 billion yuan**, with an increase of **185.00 million yuan** in investments in subsidiaries; parent company operating revenue and costs both grew, and investment income significantly increased to **188.10 million yuan** Parent Company Accounts Receivable by Age | Age | Period-end Carrying Amount (yuan) | Period-beginning Carrying Amount (yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 105,484,830.81 | 150,949,442.66 | | 1-2 years | 79,841,150.16 | 90,787,112.70 | | 2-3 years | 87,713,213.02 | 81,983,407.30 | | 3-4 years | 32,201,250.69 | 22,674,315.11 | | 4-5 years | 19,347,867.45 | 19,462,467.59 | | Over 5 years | 35,254,533.56 | 39,313,941.15 | | Total | 359,842,845.69 | 405,170,686.51 | Parent Company Long-Term Equity Investments | Investee Company | Period-beginning Balance (Carrying Amount) (yuan) | Changes in Current Period - Additional Investment (yuan) | Period-end Balance (Carrying Amount) (yuan) | | :--- | :--- | :--- | :--- | | Zhongke Optoelectronics | 780,000,000.00 | 180,000,000.00 | 960,000,000.00 | | Kuafu Jianduan | 22,000,000.00 | 5,000,000.00 | 27,000,000.00 | | Total | 867,550,000.00 | 185,000,000.00 | 1,052,550,000.00 | Parent Company Operating Revenue and Operating Costs | Item | Current Period Amount - Revenue (yuan) | Current Period Amount - Cost (yuan) | Prior Period Amount - Revenue (yuan) | Prior Period Amount - Cost (yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 443,966,125.35 | 432,092,855.24 | 445,039,753.57 | 418,412,523.81 | | Other Business | 13,576,007.88 | 9,309,199.55 | 11,683,392.91 | 6,760,956.46 | | Total | 457,542,133.23 | 441,402,054.79 | 456,723,146.48 | 425,173,480.27 | Parent Company Investment Income | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Investment Income from Long-term Equity Investments Accounted for Using Cost Method | 194,228,510.33 | 70,000,000.00 | | Investment Income from Long-term Equity Investments Accounted for Using Equity Method | -6,127,915.13 | -7,421,656.20 | | Investment Income from Disposal of Trading Financial Assets | 411.38 | - | | Total | 188,101,006.58 | 62,578,343.80 | [Supplementary Information](index=185&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides supplementary information including a detailed statement of non-recurring gains and losses, return on net assets, and earnings per share; during the reporting period, total non-recurring gains and losses were **-105,490.76 yuan**, the weighted average return on net assets attributable to common shareholders was **0.44%**, and basic earnings per share was **0.02 yuan/share** Detailed Statement of Non-recurring Gains and Losses for the Current Period | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 135,727.88 | | Government grants recognized in current profit or loss | 3,498,896.12 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 411.38 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 1,479,980.18 | | Other non-operating income and expenses apart from the above | -5,067,135.85 | | Less: Income tax impact | 153,370.47 | | Total | -105,490.76 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (yuan) | Diluted Earnings Per Share (yuan) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 0.44 | 0.02 | 0.02 | | Net Profit Attributable to Common Shareholders of the Company Excluding Non-recurring Gains and Losses | 0.45 | 0.02 | 0.02 |