Summary of Key Points Core Viewpoint - The company plans to distribute a cash dividend of 0.05 yuan per share (including tax) for the first half of 2025, without any stock bonus or capital reserve conversion [1][2]. Profit Distribution Plan - As of June 30, 2025, the company's undistributed profits amounted to 2,193,731,717.20 yuan, with a distributable profit of 258,557,817.73 yuan for the first half of 2025 [1]. - The total share capital as of August 17, 2025, was 512,599,264 shares, with 898,900 shares held in the repurchase account, resulting in 511,700,364 shares eligible for profit distribution [1]. - The total cash dividend distribution will amount to 27,249,715.20 yuan, which represents a proportion of 10.54% of the distributable profit for the first half of 2025 [1]. Decision-Making Process - The profit distribution plan does not require approval from the shareholders' meeting, as it was authorized during the annual shareholders' meeting held on April 29, 2025 [2]. - The board of directors held a meeting on August 27, 2025, where the profit distribution plan was approved with 9 votes in favor, confirming compliance with the company's profit distribution policy [2]. - The supervisory board has stated that the profit distribution plan adheres to relevant laws and regulations, ensuring that it does not harm the interests of the company or minority shareholders [2].

Meeting Details - The fifth meeting of the board of directors was held on August 27, 2025, via electronic communication, with all 9 directors participating in the voting process [1] Financial Performance - As of June 30, 2025, the company's undistributed profits amounted to 2,193,731,717.20 yuan, with a distributable profit of 258,557,817.73 yuan for the first half of 2025 [2] - The company plans to distribute a cash dividend of 0.05 yuan per share (tax included) to all shareholders, totaling 25,585,018.20 yuan (tax included) based on 511,700,364 shares eligible for profit distribution [2] - The amount spent on share repurchase during the first half of 2025 accounted for 10.54% of the company's distributable profit and 9.49% of the net profit attributable to shareholders [2] Resolutions Passed - All proposals presented at the board meeting were approved, including the profit distribution plan and risk assessment reports for associated companies [1][3][4][5]

Group 1 - The company held its 16th meeting of the 5th Supervisory Board on August 27, 2025, via electronic communication, with all three supervisors participating and voting [1] - All proposals presented during the meeting were approved, indicating a consensus among the supervisory board members [1] Group 2 - As of June 30, 2025, the company's undistributed profits amounted to 2,193,731,717.20 yuan, with a distributable profit of 258,557,817.73 yuan for the first half of 2025 [2] - The company plans to distribute a cash dividend of 0.05 yuan per share (tax included) to all shareholders, totaling 25,585,018.20 yuan based on the actual shares eligible for distribution [2] - The cash repurchase of shares accounted for 10.54% of the company's distributable profit and 9.49% of the net profit attributable to shareholders for the first half of 2025 [2] Group 3 - The profit distribution plan for the first half of 2025 complies with relevant laws and regulations, ensuring no harm to the interests of the company and minority shareholders [3] - The supervisory board confirmed that the preparation and review of the 2025 half-year report adhered to legal and regulatory requirements, accurately reflecting the company's financial status and operational results [3][4] - No confidentiality violations were reported by the personnel involved in the preparation and review of the report [4]

格隆汇8月27日丨亚普股份(603013.SH)公布2025年半年度报告，报告期实现营业收入43.45亿元，同比增 长12.79%；归属于上市公司股东的净利润2.87亿元，同比增长11.82%；归属于上市公司股东的扣除非经 常性损益的净利润2.85亿元，同比增长11.88%；基本每股收益0.56元。公司拟向全体股东每股派发现金 红利0.05元（含税）。 ...

1. 聚焦主业，稳步提升经营质量 2025 年上半年，公司在"1234"战略引领下，全面推动"储能系统+热管理系 统"双主业发展新格局落地见效，聚焦主业，稳步提升公司经营质量，主动适应 变化，积极拥抱新能源，在危机中寻找机遇。公司上半年经营业绩同比有所改善， 报告期内实现营业收入同比增长 12.79%，归母净利润同比增长 11.82%。 证券代码：603013 证券简称：亚普股份 公告编号：2025-049 亚普汽车部件股份有限公司 关于 2025 年度"提质增效重回报"行动方案的半年度评估 报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 亚普汽车部件股份有限公司（以下简称亚普股份、公司）为深入贯彻党的二 十大和中央金融工作会议精神，落实国务院《关于进一步提高上市公司质量的意 见》，积极响应上海证券交易所《关于开展沪市公司"提质增效重回报"专项行动 的倡议》，推动公司持续优化经营、规范治理和积极回报投资者，以新质生产力 推动高质量发展和投资价值提升，增强投资者回报与提升投资者获得感，公司结 合自身发展战略、经营情况及财务 ...

关于融实国际财资管理有限公司 2025 年半年度风险持续评估报告 按照《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交易》 的要求，亚普汽车部件股份有限公司（以下简称公司）通过查验融实国际财资管 理有限公司（以下简称融实财资）《公司注册证书》《商业登记证》等证件资料， 取得并审阅融实财资的财务报表，对融实财资的业务和风险状况进行了评估，现 将有关风险评估情况报告如下： 一、 融实财资基本情况 融实财资于 2018 年 11 月 20 日在香港注册成立，是融实国际控股有限公司 （以下简称融实国际）的全资子公司，实际控制人为国家开发投资集团有限公司。 注册证明编码：2768064 法定代表人：齐吉安 注册资本：5,000 万美元 住所：香港金钟金钟道 89 号力宝中心 1 座 24 楼 2412 室 经营范围：对成员单位办理财税和融资顾问及相关咨询业务；办理成员单位 之间的内部转账结算；吸收成员单位的存款；对成员单位办理贷款；其他财资业 务。 二、 融实财资内部控制的基本情况 融实财资建立了规范的公司治理体系，董事会对股东负责，董事会负责内部 控制的建立健全和有效实施，是内部控制的最高决策机构。董事 ...

关于国投财务有限公司 2025 年半年度风险持续评估报告 按照《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交易》 的要求, 亚普汽车部件股份有限公司（以下简称公司）通过查验国投财务有限公 司（以下简称财务公司）《金融许可证》《营业执照》等证件资料，取得并审阅财 务公司的财务报表，对财务公司的经营资质、业务和风险状况进行了评估，具体 情况报告如下： 一、财务公司基本情况 财务公司是 2008 年底经原中国银行业监督管理委员会批准设立，并核发金 融许可证的企业集团财务公司(有限责任公司)，于 2009 年 2 月 11 日经原国家工 商行政管理总局核准注册成立。财务公司注册资本为 50 亿元人民币。 1、法定代表人：崔宏琴 2、注册地址：北京市西城区阜成门北大街 2 号 18 层 3、企业类型：其他有限责任公司 4、统一社会信用代码：911100007178841063 5、经营范围：吸收成员单位存款；办理成员单位贷款；办理成员单位票据 贴现；办理成员单位资金结算与收付；提供成员单位委托贷款、债券承销、非融 资性保函、财务顾问、信用鉴证及咨询代理业务；从事同业拆借；办理成员单位 票据承兑；办理成员 ...

证券代码：603013 证券简称：亚普股份 公告编号：2025-047 亚普汽车部件股份有限公司 2025 年半年度利润分配方案公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： A 股每股派发现金红利 0.05 元（含税），不转增。 本次利润分配以实施权益分派股权登记日登记的总股本扣除公司回购 专用证券账户中的股份为基数，具体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分 配比例不变，相应调整分配总额，并将在相关公告中披露。 一、利润分配方案内容 截至 2025 年 6 月 30 日，公司母公司报表中期末未分配利润 2,193,731,717.20 元，2025 年半年度实现可供分配利润额为 258,557,817.73 元。经董事会决议，公 司 2025 年半年度拟以实施权益分派股权登记日登记的总股本扣除公司回购专用 证券账户中的股份为基数分配利润。本次利润分配方案如下： 公司拟向全体股东每股派发现金红利 0.05 元（含税）。截至 2025 年 8 月 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions of key terms and abbreviations used throughout the report, ensuring clarity and consistent understanding [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines common terms used in the report, including company name, reporting period, regulatory bodies, and key products like fuel systems, power battery pack housings, hydrogen storage systems, and thermal management systems, ensuring clear understanding of the report content - Company's short name is "YAPP Automotive", reporting period is from January 1, 2025, to June 30, 2025[10](index=10&type=chunk) - Key products include fuel systems, power battery pack housings, hydrogen storage systems, and thermal management systems[10](index=10&type=chunk) - Fuel system is defined as an independent tank assembly fixed on a vehicle for fuel storage[10](index=10&type=chunk) - Power battery pack housing is the main carrier for new energy vehicle power batteries, storing cells and providing sealing, insulation, and protection[10](index=10&type=chunk) - Hydrogen storage system is a core functional module for fuel cell vehicles, enabling hydrogen refueling, storage, delivery, and pressure/flow monitoring[10](index=10&type=chunk) - Thermal management system comprises subsystems like air conditioning, motor and electronic control cooling, engine cooling, and power battery thermal management, managing vehicle energy flow for efficient operation[10](index=10&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information, contact details, stock profile, and presents key accounting data and financial indicators for the reporting period [I. Company Information](index=5&type=section&id=I.%20Company%20Information) YAPP Automotive Systems Co., Ltd. (YAPP Automotive) has Ding Houwen as its legal representative - Company's Chinese name: YAPP Automotive Systems Co., Ltd., short name: YAPP Automotive[12](index=12&type=chunk) - Company's English name: YAPP Automotive Systems Co.,Ltd., abbreviation: YAPP[12](index=12&type=chunk) - Legal Representative: Ding Houwen[12](index=12&type=chunk) [II. Contact Person and Information](index=5&type=section&id=II.%20Contact%20Person%20and%20Information) The report discloses contact information for Board Secretary Zhu Lei and Securities Affairs Representative Yang Lin, including address, phone, fax, and email, facilitating investor communication - Board Secretary: Zhu Lei, Securities Affairs Representative: Yang Lin[13](index=13&type=chunk) - Contact Address: No. 508, Yangtze South Road, Yangzhou, Jiangsu Province[13](index=13&type=chunk) - Phone: 0514-87777181, Fax: 0514-87846888, Email: stock@yapp.com[13](index=13&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered and office addresses are both at No. 508, Yangtze South Road, Yangzhou, Jiangsu Province, with no historical changes during the reporting period - Company's registered and office addresses: No. 508, Yangtze South Road, Yangzhou, Jiangsu Province[14](index=14&type=chunk) - Company Website: www.yapp.com, Email: stock@yapp.com[14](index=14&type=chunk) - No historical changes to the registered address during the reporting period[14](index=14&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) The company designates China Securities Journal and Shanghai Securities News for information disclosure, with the semi-annual report published on the Shanghai Stock Exchange website and available at the company's office address - Information Disclosure Newspapers: China Securities Journal, Shanghai Securities News[15](index=15&type=chunk) - Website address for semi-annual report publication: www.sse.com.cn[15](index=15&type=chunk) - Company's semi-annual report custody location: No. 508, Yangtze South Road, Yangzhou, Jiangsu Province[15](index=15&type=chunk) [V. Company Stock Profile](index=5&type=section&id=V.%20Company%20Stock%20Profile) The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation "YAPP Automotive" and stock code 603013, with no prior stock abbreviation - Stock Type: A-shares[16](index=16&type=chunk) - Stock Exchange: Shanghai Stock Exchange[16](index=16&type=chunk) - Stock Abbreviation: YAPP Automotive, Stock Code: 603013[16](index=16&type=chunk) [VII. Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue grew by 12.79%, and net profit attributable to parent company increased by 11.82%, but net cash flow from operating activities decreased by 47.34%, mainly due to increased cash payments for goods and services; basic and diluted earnings per share both increased by 12% 2025 Semi-Annual Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,345,149,157.60 | 3,852,343,935.23 | 12.79 | | Total Profit | 372,517,769.14 | 316,177,923.17 | 17.82 | | Net Profit Attributable to Shareholders of Listed Company | 287,061,584.66 | 256,715,088.60 | 11.82 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 285,033,313.37 | 254,762,023.04 | 11.88 | | Net Cash Flow from Operating Activities | 362,055,276.30 | 687,561,515.45 | -47.34 | | Net Assets Attributable to Shareholders of Listed Company (End of Current Period) | 4,427,974,591.91 | 4,204,577,069.91 | 5.31 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (RMB/share) | 0.56 | 0.50 | 12.00 | | Diluted EPS (RMB/share) | 0.56 | 0.50 | 12.00 | | Basic EPS Excluding Non-Recurring Gains and Losses (RMB/share) | 0.56 | 0.50 | 12.00 | | Weighted Average ROE (%) | 6.56 | 6.26 | Increase 0.30 percentage points | | Weighted Average ROE Excluding Non-Recurring Gains and Losses (%) | 6.51 | 6.21 | Increase 0.30 percentage points | - Net cash flow from operating activities decreased by **RMB 326 million** year-on-year, primarily due to increased cash payments for goods and services in the current period[19](index=19&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **RMB 2,028,271.29**, primarily comprising government grants, disposal gains/losses on non-current assets, and other non-operating income/expenses 2025 Semi-Annual Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -166,253.48 | | Government Grants Included in Current Period Profit/Loss | 3,845,471.13 | | Other Non-Operating Income and Expenses Apart from the Above | -490,515.06 | | Less: Income Tax Impact | 420,338.03 | | Minority Interest Impact (After Tax) | 740,093.27 | | Total | 2,028,271.29 | [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's industry, main business operations, core competitiveness, and key financial performance during the reporting period [I. Explanation of the Company's Industry and Main Business During the Reporting Period](index=8&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company specializes in R&D, manufacturing, sales, and service of energy storage and thermal management system products, widely used in traditional and new energy vehicles, serving renowned domestic and international automakers, holding a leading market position in automotive fuel systems while actively expanding new energy vehicle products [(I) Company's Main Business, Products, and Their Uses](index=8&type=section&id=(I)%20Company's%20Main%20Business%2C%20Products%2C%20and%20Their%20Uses) The company primarily engages in R&D, manufacturing, sales, and service of energy storage systems (fuel systems, battery pack housings, hydrogen storage systems, etc.) and thermal management systems (extreme cold heating systems, air ducts, integrated thermal management modules, etc.), providing energy storage carriers and temperature management solutions for automotive and other energy storage sectors - Main business: R&D, manufacturing, sales, and service of energy storage system products and thermal management system products[26](index=26&type=chunk) - Energy storage system products include: fuel systems (including high-pressure fuel systems for new energy hybrid vehicles), battery pack housings, energy storage battery pack enclosures, and fuel cell vehicle hydrogen storage systems[26](index=26&type=chunk) - Thermal management system products include: extreme cold heating systems, air ducts, and integrated thermal management modules[26](index=26&type=chunk) - Key customers include Volkswagen, Audi, GM, Mercedes-Benz, Nissan, Toyota, BYD, FAW, Great Wall, Changan, SAIC, Chery, Geely, NIO, Leapmotor, Seres, Hozon, and others[26](index=26&type=chunk) [(II) Company's Business Model](index=8&type=section&id=(II)%20Company's%20Business%20Model) The company operates a global business model covering the entire R&D, procurement, manufacturing, and sales value chain, directly selling non-standardized products to global automakers with synchronous R&D, adopting a "production-based-on-sales, procurement-based-on-production" approach with long-term supplier partnerships, and maintaining forward R&D through domestic and international engineering centers for co-development with vehicle manufacturers - Business Model: Focused on energy storage and thermal management systems, with a full-value-chain R&D, procurement, manufacturing, and sales system, implementing global operations[28](index=28&type=chunk) - Sales Model: Direct sales to global renowned automakers, non-standardized products requiring global synchronous R&D, with procurement and production organized based on orders[28](index=28&type=chunk) - Procurement Model: "Production based on sales, procurement based on production," establishing long-term stable cooperative relationships with large-scale suppliers[28](index=28&type=chunk) - Production Model: "Production based on sales," multi-variety, small-batch or single-variety, large-batch production, ensuring timely delivery[28](index=28&type=chunk) - R&D Model: Market demand and national policy-oriented, leveraging collaborative layouts of domestic and international engineering centers, adhering to forward R&D, covering the entire R&D process from concept to new technology and product realization[28](index=28&type=chunk) [(III) Company's Product Market Position](index=9&type=section&id=(III)%20Company's%20Product%20Market%20Position) The company is one of the earliest domestic enterprises to focus on R&D and production of energy storage system products, ranking first in the domestic automotive fuel system market and third globally - The company is one of the earliest domestic enterprises to focus on R&D and production of energy storage system products[29](index=29&type=chunk) - In the automotive fuel system sector, the company ranks **first in the domestic market** and **third globally**[29](index=29&type=chunk) [(IV) Performance Driving Factors](index=9&type=section&id=(IV)%20Performance%20Driving%20Factors) The company's performance growth is primarily driven by stable macroeconomic growth, continuous national industrial policy support for the automotive industry (especially new energy vehicles and trade-in policies), significant internal technological innovation, successful new market and product development, and enhanced refined management - External drivers: Stable macroeconomic growth (**5.3% GDP growth** in H1 2025), continuous industrial policy promotion for the automotive industry (trade-in policies showing effect, rapid growth in new energy vehicles, sustained export volume growth)[30](index=30&type=chunk) - Internal drivers: Abundant technological innovation achievements (**25 patents granted**, including **10 invention patents**, 35MPa large-diameter bottle and tail valves passing mandatory certification, securing international client hydrogen vehicle refueling system assembly projects, and breakthrough in multi-way water valve projects for integrated thermal management modules)[30](index=30&type=chunk) - Internal drivers: Significant achievements in new market expansion and new product development (hybrid vehicle high-pressure fuel systems entering mature growth phase, lightweight power battery pack housing products gaining market recognition and mass production, fuel cell hydrogen storage systems launched, and fruitful market expansion for thermal management system products)[31](index=31&type=chunk) - Internal drivers: Refined management (full implementation of refined management, leveraging intelligent manufacturing and digitalization, continuously carrying out lean production and cost reduction/efficiency improvement)[31](index=31&type=chunk) [(V) Industry Situation of the Company During the Reporting Period](index=9&type=section&id=(V)%20Industry%20Situation%20of%20the%20Company%20During%20the%20Reporting%20Period) In the first half of 2025, global automotive sales increased by **4.9%**, with China maintaining its position as the world's largest market; China's automotive production and sales grew by **12.5%** and **11.4%** respectively, while new energy vehicle production and sales surged by **41.4%** and **40.3%**, reaching a market share of **44.3%**; the fuel system market experienced structural growth driven by hybrid vehicles, the battery pack housing market is in a growth phase, the fuel cell hydrogen storage system market is still in its early industrialization stage, and demand for automotive thermal management systems continues to grow significantly - Global automotive sales in H1 2025 are estimated at **44.47 million units**, a **4.9% year-on-year increase**, with China remaining the world's largest market[32](index=32&type=chunk) - In H1 2025, China's automotive production and sales reached **15.621 million units** and **15.653 million units** respectively, growing by **12.5%** and **11.4%** year-on-year[33](index=33&type=chunk) - In H1 2025, China's new energy vehicle production and sales reached **6.968 million units** and **6.937 million units** respectively, growing by **41.4%** and **40.3%** year-on-year, with a market share of **44.3%**[34](index=34&type=chunk) - Fuel system market: Hybrid vehicle production and sales play a major role in market capacity, with the rise of new energy hybrid vehicles, increased sales of domestic brands, and automotive exports bringing structural growth opportunities[35](index=35&type=chunk) - Battery pack housing sector: The market is in a growth phase with numerous technological routes, and no clear leading enterprises have emerged[35](index=35&type=chunk) - Fuel cell hydrogen storage system sector: Benefiting from national policies, the industry has achieved some development but is still in the early stages of industrialization with a relatively small market size[35](index=35&type=chunk) - Automotive thermal management system sector: Rapid development of the global automotive industry, especially new energy vehicles, drives continuous significant growth in market demand, with a substantial increase in the value of single-vehicle thermal management systems, indicating a rapid development phase[36](index=36&type=chunk) [(VI) Company's Response Measures](index=10&type=section&id=(VI)%20Company's%20Response%20Measures) The company promotes the application of hybrid high-pressure fuel systems, battery pack housings, and fuel cell hydrogen storage systems through technological innovation, actively developing thermal management system products, while also seeking breakthroughs through M&A, having completed the acquisition of Winshuang Technology to strengthen its core competitiveness in automotive components - The company adheres to technological innovation, accelerating the promotion and application of hybrid high-pressure fuel systems, battery pack housings, and fuel cell hydrogen storage systems, and advancing thermal management system product R&D[36](index=36&type=chunk) - Hybrid high-pressure fuel systems: Commercialized, with new energy hybrid fuel system orders significantly exceeding traditional fuel system orders during the reporting period, achieving cost reduction and efficiency improvement through optimized design and self-developed key components[37](index=37&type=chunk) - Battery pack housings: Self-developed composite material power battery pack top covers, bottom protection plates, and multi-material integrated lower trays offer lightweight and high-strength advantages, having secured new project nominations and mass supply, with thermoplastic molding top cover pre-research underway[37](index=37&type=chunk) - Fuel cell hydrogen storage systems: Continuously expanding new customers and markets, focusing on R&D and trial production of Type III and Type IV hydrogen storage cylinders, mastering various cylinder liner forming processes, with self-developed **35MPa** and **70MPa** valves certified, securing international client hydrogen vehicle refueling system assembly projects[37](index=37&type=chunk) - Automotive thermal management systems: Refined product planning, introduction of key talents, breakthrough in integrated module and key component project nominations, multiple project products launched on fully automated production lines, achieving a breakthrough from zero to one in multi-way water valve projects for core components, and forward-looking layout in environmentally friendly new refrigerant system research[38](index=38&type=chunk) - Investment and M&A: Actively seeking high-quality target enterprises aligned with strategic development and strong synergy, having completed the acquisition of approximately **54.50%** of Winshuang Technology's shares; Winshuang Technology achieves domestic substitution in the field of resolver sensors, critical core components for new energy vehicle electric drive systems, with this acquisition strengthening the company's core competitiveness[38](index=38&type=chunk)[39](index=39&type=chunk) [II. Discussion and Analysis of Operations](index=11&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company achieved significant market expansion, securing multiple new project nominations for new energy hybrid high-pressure fuel tanks, thermal management systems, battery pack systems, and hydrogen storage systems; brand influence enhanced with numerous client awards and national honors; intelligent manufacturing and "dual carbon" initiatives steadily advanced; increased investment in overseas operations; successful M&A project closing; and continuous strengthening of safety production and compliance management systems - Market expansion: Secured over **twenty new project nominations** for new energy hybrid high-pressure fuel tanks, expected to bring approximately **9 million units** in new product sales[39](index=39&type=chunk) - Market expansion: Achieved new breakthroughs in thermal management systems, battery pack systems, and hydrogen storage systems, including nominations for integrated thermal management modules, battery pack upper housings, battery pack housing assemblies, logistics vehicle hydrogen systems, and international high-end client hydrogen vehicle refueling system assembly projects[40](index=40&type=chunk) - Corporate brand: Received multiple client awards from Volkswagen, GM, Changan, Chery, Great Wall, and successfully selected as one of the first national "Excellent Intelligent Factories"[40](index=40&type=chunk) - Intelligent manufacturing: Completed the new lean target technical architecture, steadily advancing the implementation of an intelligent manufacturing system encompassing "production automation, digital process control, intelligent inspection, and networked supply chain management," with **12 intelligent manufacturing projects** completed during the reporting period[40](index=40&type=chunk)[41](index=41&type=chunk) - "Dual Carbon" initiatives: Completed **9.8MW** distributed photovoltaic projects, expected to generate **10 million kWh** of green electricity annually, reducing approximately **5,800 tons** of CO2 emissions, implementing multiple energy-saving and emission-reduction measures, and promoting a smart energy management platform[41](index=41&type=chunk)[42](index=42&type=chunk) - International operations: Increased investment in overseas business, transferring some domestic surplus capacity to overseas subsidiaries in Brazil, Czech Republic, etc., accelerating overseas intelligent manufacturing, strengthening international talent team building, and further improving the operating performance of overseas subsidiaries[42](index=42&type=chunk) - Investment and M&A: Completed the industrial and commercial changes and project closing for the acquisition of approximately **54.50%** of Winshuang Technology's shares[42](index=42&type=chunk) - Safety production: Enhanced employee safety awareness and emergency response capabilities through specialized training, safety inspections, and emergency drills[43](index=43&type=chunk) - Compliance management: Continuously strengthened compliance management system construction, issued the "Compliance Management Implementation Guide," optimized corporate governance, and reinforced performance risk prevention and control[43](index=43&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=12&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its strong brand advantage, high-quality global customer resources, comprehensive global layout, continuous technological innovation capabilities, excellent product quality management, and leading informatization and digitalization management levels - Brand advantage: The company's "YAPP/YAPP" brand enjoys high reputation in the global automotive fuel system market, having received honors such as "National Intellectual Property Advantage Enterprise" and "National Excellent Intelligent Factory"[44](index=44&type=chunk) - Customer resource advantage: Established long-term stable strategic partnerships with renowned domestic and international automakers, breaking through with new customers in the new energy sector, boasting a superior customer base, global footprint, and diverse product structure, thereby reducing operational risks[45](index=45&type=chunk) - Global layout advantage: Established **25 production bases** (9 overseas) and **7 engineering technology centers** (4 overseas) globally, located near major customers for rapid response[46](index=46&type=chunk) - Technological advantage: As a national high-tech enterprise, it adheres to independent innovation, focusing on its main business to enhance the "gold content" of product technology, solving "bottleneck" technical problems, possessing excellent system integration and core component self-R&D capabilities, and successfully developing hybrid high-pressure fuel systems, thermal management systems, lightweight power battery pack housings, and vehicle-mounted hydrogen systems[47](index=47&type=chunk) - Product quality advantage: Certified with multiple quality management systems including ISO9001, VDA6.1, IATF16949, fully implementing excellent performance management, with industry-leading product qualification rates and PPM indicators, high customer satisfaction, and numerous global client awards[48](index=48&type=chunk) - Informatization and digitalization management advantage: Deeply promoting "intelligent transformation and digital upgrade," upgrading the PMS project management system, launching the ALM system platform, establishing an intellectual property management system, enhancing operational efficiency, and reducing costs and risks[49](index=49&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=13&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company's operating revenue and costs both increased, but financial expenses significantly decreased due to reduced interest expenses and exchange losses, and increased interest income; net cash flow from operating activities decreased due to increased cash payments for goods, while net cash flow from investing activities saw a substantial outflow due to equity acquisition payments; the asset and liability structure changed, with significant increases in notes receivable, prepayments, other receivables, construction in progress, intangible assets, and goodwill, primarily influenced by M&A activities; overseas assets accounted for **35.68%** [(I) Analysis of Main Business](index=13&type=section&id=(I)%20Analysis%20of%20Main%20Business) During the reporting period, the company's operating revenue and operating costs both increased, but financial expenses significantly decreased due to reduced interest expenses and exchange losses, and increased interest income; net cash flow from operating activities decreased year-on-year, mainly due to increased cash payments for goods and services; net cash flow from investing activities saw a substantial year-on-year outflow, primarily due to equity acquisition payments 2025 Semi-Annual Financial Statement Item Variation Analysis | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,345,149,157.60 | 3,852,343,935.23 | 12.79 | | Operating Cost | 3,694,939,811.80 | 3,238,421,131.31 | 14.10 | | Selling Expenses | 21,374,843.13 | 18,790,185.70 | 13.76 | | Administrative Expenses | 144,062,915.84 | 140,960,371.47 | 2.20 | | Financial Expenses | -30,007,071.09 | -7,099,267.00 | -322.68 | | R&D Expenses | 139,013,668.41 | 140,309,572.82 | -0.92 | | Net Cash Flow from Operating Activities | 362,055,276.30 | 687,561,515.45 | -47.34 | | Net Cash Flow from Investing Activities | -489,154,040.64 | -62,819,288.27 | -678.67 | | Net Cash Flow from Financing Activities | -207,260,088.07 | -240,540,233.33 | 13.84 | - Reason for financial expense change: Year-on-year decrease in interest expenses and exchange losses, and year-on-year increase in interest income[50](index=50&type=chunk) - Reason for net cash flow from operating activities change: Decreased by **RMB 326 million** year-on-year, primarily due to increased cash payments for goods and services in the current period[50](index=50&type=chunk) - Reason for net cash flow from investing activities change: Increased net outflow by **RMB 426 million** year-on-year, primarily due to equity acquisition payments in the current period[51](index=51&type=chunk) [(III) Analysis of Assets and Liabilities](index=14&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets increased by **12.23%** year-on-year; notes receivable, prepayments, other receivables, construction in progress, intangible assets, and goodwill significantly increased, mainly due to equity acquisitions and production line equipment investments; notes payable, employee compensation payable, other payables, and deferred income tax liabilities also grew substantially; overseas assets accounted for **35.68%** 2025 Semi-Annual Asset and Liability Status Changes | Item Name | Current Period End Amount (RMB) | Proportion of Total Assets at Current Period End (%) | Prior Year End Amount (RMB) | Proportion of Total Assets at Prior Year End (%) | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 7,544,464,169.05 | 100.00 | 6,722,341,092.61 | 100.00 | 12.23 | | Financial Assets Held for Trading | 45,913,788.62 | 0.61 | - | - | Not applicable | | Notes Receivable | 136,902,320.98 | 1.81 | 27,206,807.23 | 0.40 | 403.19 | | Prepayments | 92,877,910.27 | 1.23 | 47,951,420.99 | 0.71 | 93.69 | | Other Receivables | 23,723,593.48 | 0.31 | 4,021,314.54 | 0.06 | 489.95 | | Construction in Progress | 104,105,897.44 | 1.38 | 51,265,991.75 | 0.76 | 103.07 | | Intangible Assets | 254,342,727.06 | 3.37 | 162,262,183.11 | 2.41 | 56.75 | | Goodwill | 230,385,380.10 | 3.05 | - | - | Not applicable | | Other Non-Current Assets | 56,986,170.57 | 0.76 | 34,340,483.50 | 0.51 | 65.94 | | Notes Payable | 120,087,384.66 | 1.59 | 14,873,989.60 | 0.22 | 707.36 | | Employee Compensation Payable | 161,535,505.02 | 2.14 | 92,124,761.28 | 1.37 | 75.34 | | Other Payables | 78,662,624.24 | 1.04 | 17,267,182.09 | 0.26 | 355.56 | | Other Current Liabilities | 48,077,348.76 | 0.64 | 17,218,618.28 | 0.26 | 179.22 | | Deferred Income Tax Liabilities | 61,516,660.58 | 0.82 | 46,848,901.49 | 0.70 | 31.31 | - Overseas asset scale: **RMB 2,692,127,965.06**, accounting for **35.68%** of total assets[55](index=55&type=chunk) - Overseas subsidiary YAPP US Holding Co., Ltd. reported operating revenue of **RMB 819,540,111.22** and net profit of **RMB 20,800,384.64** in the current period[57](index=57&type=chunk) - Restricted assets: Cash and cash equivalents of **RMB 102,347,265.42** (bill deposits, letter of guarantee deposits, regulated account funds), notes receivable of **RMB 34,849,648.49** (endorsed but not yet due and not derecognized), accounts receivable of **RMB 12,770,931.98** (transferred but not derecognized)[59](index=59&type=chunk) [(IV) Analysis of Investment Status](index=15&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) During the reporting period, the company's investment amounted to **RMB 577.727 million**, primarily for acquiring **54.50%** of Shanghai Winshuang Motor Technology Co., Ltd., which specializes in resolvers and special motor products, with the acquisition aiming to strengthen the company's core competitiveness in the automotive components sector - Investment amount during the reporting period: **RMB 577.727 million**[61](index=61&type=chunk) - Significant equity investment: Acquisition of **54.50%** of Shanghai Winshuang Motor Technology Co., Ltd., which primarily engages in R&D and production of resolvers and special motors[62](index=62&type=chunk) - Acquisition purpose: Deeply aligns with the company's business layout in critical automotive components, forming significant synergistic effects through complementary advantages, strengthening the company's core competitiveness and market position[39](index=39&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=17&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, the company gained control of Shanghai Winshuang Motor Technology Co., Ltd. through equity acquisition, but due to the closing date being June 30, 2025, it had no significant impact on the production, operations, and performance of the current reporting period - Subsidiary acquired during the reporting period: Shanghai Winshuang Motor Technology Co., Ltd., acquired via equity acquisition[63](index=63&type=chunk) - Impact on production, operations, and performance: Equity closing date was June 30, 2025, with no significant impact on the company's production, operations, and performance from the closing date to the end of the reporting period[63](index=63&type=chunk) Major Subsidiary Financial Data (Unit: RMB 10,000) | Company Name | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Operating Profit (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | YAPP US Holding | 90,055.23 | 64,970.47 | 81,954.01 | 2,939.70 | 2,080.04 | | YAPP Czech | 51,862.94 | 28,827.49 | 52,201.80 | 2,410.55 | 2,379.86 | | YAPP Brazil | 30,450.25 | 25,078.54 | 10,659.23 | 1,685.31 | 1,095.62 | | Dajiang YAPP | 30,525.65 | 12,451.33 | 23,402.83 | 1,287.79 | 1,047.27 | | Wuhu Yaqi | 68,613.28 | 14,539.13 | 45,793.21 | 1,076.54 | 1,052.02 | | YAPP Kaifeng | 26,323.07 | 11,772.12 | 23,662.16 | 2,932.29 | 2,349.93 | [V. Other Disclosures](index=18&type=section&id=V.%20Other%20Disclosures) The company faces risks from macroeconomic and market environments, international trade frictions, and intensified market competition; to address these, it will closely monitor market dynamics, research new energy vehicle policies, expand diversified markets, optimize the supply chain, and continuously enhance core competitiveness, strengthen technological R&D, and improve operational management - Macroeconomic and market environment risks: Domestic and international macroeconomic conditions falling short of expectations, and weak domestic consumption potentially impacting the automotive market[64](index=64&type=chunk) - International trade friction risks: Western countries' new energy vehicle policies and trade protection measures potentially affecting China's automotive exports and intensifying trade frictions[64](index=64&type=chunk) - Intensified market competition risks: New entrants in innovative automotive sectors and domestic automotive price wars leading to heightened market competition, with cost reduction pressures passed on to suppliers[64](index=64&type=chunk) - Response measures: Closely monitor economic and market dynamics, thoroughly research domestic and international new energy vehicle policies, actively expand diversified markets, and optimize supply chain layout[64](index=64&type=chunk) - Response measures: Enhance core competitiveness, strengthen technological R&D and innovation, optimize operational management to reduce costs, and establish closer cooperative relationships with suppliers[64](index=64&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=19&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers the company's profit distribution plan, efforts in poverty alleviation, and contributions to rural revitalization initiatives [II. Profit Distribution or Capital Reserve Conversion Plan](index=19&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's 25th meeting of the Fifth Board of Directors approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of **RMB 0.05 per share** (tax inclusive) to all shareholders, totaling **RMB 25,585,018.20** (tax inclusive), with no capital reserve conversion - Profit distribution plan: Proposed cash dividend of **RMB 0.05 per share** (tax inclusive) to all shareholders[3](index=3&type=chunk) - Total proposed cash dividend: **RMB 25,585,018.20** (tax inclusive)[3](index=3&type=chunk) - No capital reserve conversion will be carried out[3](index=3&type=chunk) - Total cash dividends and share repurchases amounted to **RMB 27,249,715.20**, representing **10.54%** of the parent company's distributable profit for H1 2025 and **9.49%** of the consolidated net profit attributable to shareholders of the listed company for H1 2025[3](index=3&type=chunk) [V. Specifics of Consolidating Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=19&type=section&id=V.%20Specifics%20of%20Consolidating%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20and%20Other%20Work) The company actively responded to national calls by purchasing aid materials online through central enterprise consumer assistance platforms and other channels, acquiring **RMB 67,500** worth of aid materials during the reporting period, contributing to consolidating poverty alleviation achievements and rural revitalization - The company actively carried out consumer assistance work[68](index=68&type=chunk) - Purchased **RMB 67,500** worth of aid materials during the reporting period[68](index=68&type=chunk) [Section V Significant Matters](index=20&type=section&id=Section%20V%20Significant%20Matters) This section details the company's fulfillment of commitments, significant related party transactions, and major contracts during the reporting period [I. Fulfillment of Commitments](index=20&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's actual controller, controlling shareholder, and the company itself have strictly fulfilled all commitments, including resolving horizontal competition, prospectus truthfulness commitments, and share increase and repurchase plans; SDIC High-Tech and SDIC High-Tech Investment plan to increase their shareholding by no less than **RMB 40 million** and no more than **RMB 80 million**, while the company plans to repurchase shares worth no less than **RMB 100 million** and no more than **RMB 200 million** - SDIC High-Tech Investment and SDIC Group committed to resolving horizontal competition, which remains long-term effective and strictly fulfilled[70](index=70&type=chunk)[71](index=71&type=chunk) - The company committed to repurchasing new shares and compensating investors for losses in case of false statements, misleading representations, or major omissions in the prospectus, which is strictly fulfilled[71](index=71&type=chunk) - SDIC High-Tech and SDIC High-Tech Investment plan to increase their shareholding by no less than **RMB 40 million** and no more than **RMB 80 million** within 6 months from April 8, 2025, having already increased by **210,000 shares**[73](index=73&type=chunk)[129](index=129&type=chunk) - The company plans to repurchase shares through centralized bidding for no less than **RMB 100 million** and no more than **RMB 200 million** within 12 months from the date the repurchase plan is approved by the shareholders' meeting, having already repurchased **100,000 shares**[74](index=74&type=chunk)[127](index=127&type=chunk) [X. Significant Related Party Transactions](index=23&type=section&id=X.%20Significant%20Related%20Party%20Transactions) The company engages in multiple daily related party transactions with affiliates concerning goods purchase/sale, service provision, and fund transfers, with disclosed full-year 2025 estimated amounts; during the reporting period, the company's maximum deposit balance at SDIC Finance Co., Ltd. reached **RMB 1.21 billion**, and at Rongshi International Treasury Management Co., Ltd. reached **USD 2.0139 million** [(I) Related Party Transactions Related to Daily Operations](index=23&type=section&id=(I)%20Related%20Party%20Transactions%20Related%20to%20Daily%20Operations) The company's total estimated daily related party transactions for full-year 2025 are **RMB 2.794 billion**, with **RMB 1.0527367 billion** actually incurred from January to June, primarily involving the purchase of raw materials, products, fuel, and power from related parties, and the sale of products, goods, and provision of services to related parties 2025 Daily Related Party Transactions: Estimated and Actual (Jan-Jun) | Related Party Transaction Type | 2025 Full-Year Estimated Amount (RMB 10,000) | 2025 Jan-Jun Actual Amount (RMB 10,000) | | :--- | :--- | :--- | | Purchase of Raw Materials, Products from Related Parties | 68,420.00 | 22,310.04 | | Purchase of Fuel and Power from Related Parties | 1,800.00 | 394.75 | | Sale of Products, Goods to Related Parties | 176,350.00 | 78,982.74 | | Provision of Services to Related Parties | 5,020.00 | 319.01 | | Acceptance of Services from Related Parties | 4,410.00 | 1,238.85 | | Others (Lease, Patent Transfer, etc.) | 500.00 | 0.00 | | Joint Investment with Related Parties | 900.00 | 0.00 | | Loans from Related Party Finance Companies | 22,000.00 | 2,028.28 | | Total | 279,400.00 | 105,273.67 | - The company expects its maximum daily deposit balance at SDIC Finance Co., Ltd. in 2025 not to exceed **RMB 3 billion**, with the highest single-day deposit balance in the current reporting period being **RMB 1.21 billion**[77](index=77&type=chunk) - The company expects its maximum daily deposit balance at Rongshi International Treasury Management Co., Ltd. in 2025 not to exceed the equivalent of **USD 1 billion**, with the highest single-day deposit balance in the current reporting period being **USD 2.0139 million**[78](index=78&type=chunk) [(III) Significant Related Party Transactions for Joint External Investment](index=26&type=section&id=(III)%20Significant%20Related%20Party%20Transactions%20for%20Joint%20External%20Investment) On October 27, 2023, the company, Yien New Power, and related party SDIC Power jointly established a joint venture with a registered capital of **RMB 30 million**, where the company invested **RMB 9 million** of its own funds for a **30%** stake, having already contributed **RMB 0.9 million** in 2023 - The company, Yien New Power, and related party SDIC Power jointly established a joint venture with a registered capital of **RMB 30 million**[80](index=80&type=chunk) - The company invested **RMB 9 million** of its own funds, holding a **30%** stake[80](index=80&type=chunk) - The company had already contributed **RMB 0.9 million** in 2023[80](index=80&type=chunk) [(V) Financial Business Between the Company and Related Finance Companies, and Between Company-Controlled Finance Companies and Related Parties](index=27&type=section&id=(V)%20Financial%20Business%20Between%20the%20Company%20and%20Related%20Finance%20Companies%2C%20and%20Between%20Company-Controlled%20Finance%20Companies%20and%20Related%20Parties) The company has deposit, loan, and credit line businesses with SDIC Finance Co., Ltd. and Rongshi International Treasury Management Co., Ltd.; at the end of the reporting period, the company's deposit balance at SDIC Finance Co., Ltd. was **RMB 2,946,823,300.77**, and at Rongshi International Treasury Management Co., Ltd. was **RMB 14,329,956.61** Company's Deposit Business with Related Finance Companies | Related Party | Maximum Daily Deposit Limit | Deposit Interest Rate Range | Beginning Balance (RMB) | Ending Balance (RMB) | Total Deposits in Current Period (RMB) | Total Withdrawals in Current Period (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | SDIC Finance Co., Ltd. | RMB 3 billion | 0.05%-1.85% | 1,143,754,903.52 | 2,946,823,300.77 | 2,535,517,414.70 | 732,449,017.45 | | Rongshi International Treasury Management Co., Ltd. | USD 1 billion | 4% | 14,178,486.58 | 14,329,956.61 | 151,556.17 | 86.14 | Company's Loan Business with Related Finance Companies | Related Party | Loan Limit (RMB) | Loan Interest Rate Range | Beginning Balance (RMB) | Ending Balance (RMB) | Total Loans in Current Period (RMB) | Total Repayments in Current Period (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | SDIC Finance Co., Ltd. | 50,000,000.00 | 2.35%-2.5% | 25,000,000.00 | 20,000,000.00 | 20,000,000.00 | 25,000,000.00 | | Rongshi International Treasury Management Co., Ltd. | 100,000,000.00 | - | - | - | - | - | - The company's total credit line for bill business and other facilities at SDIC Finance Co., Ltd. is **RMB 70 million**[83](index=83&type=chunk) [XI. Significant Contracts and Their Performance](index=29&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company entered into several significant contracts to acquire partial shares of Shanghai Winshuang Motor Technology Co., Ltd., with a total transaction price of **RMB 577.727 million**, and most payments and equity transfers have been completed - The company signed multiple contracts to purchase partial shares of Shanghai Winshuang Motor Technology Co., Ltd[87](index=87&type=chunk) - The final transaction price totaled **RMB 577.727 million**[87](index=87&type=chunk) - Pricing principle: Friendly negotiation between buyer and seller, comprehensively considering asset appraisal results, interim dividend matters, and post-investment shareholder empowerment[87](index=87&type=chunk) - First and second installments of consideration totaling **RMB 157.1379 million** have been paid to management shareholders, and **100%** of the transfer price totaling **RMB 401.3045 million** has been paid to external shareholders[88](index=88&type=chunk) [Section VI Share Changes and Shareholder Information](index=30&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section presents information on the company's share capital changes and the profile of its major shareholders [I. Changes in Share Capital](index=30&type=section&id=I.%20Changes%20in%20Share%20Capital) 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[91](index=91&type=chunk) [II. Shareholder Information](index=30&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **19,077** common shareholders; the top two shareholders were SDIC High-Tech Investment Co., Ltd. (holding **49.29%**) and Huayu Automotive Systems Co., Ltd. (holding **29.76%**), together holding nearly **80%** of the shares - Total number of common shareholders as of the end of the reporting period: **19,077**[92](index=92&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | SDIC High-Tech Investment Co., Ltd. | 252,660,000 | 49.29 | State-owned Legal Person | | Huayu Automotive Systems Co., Ltd. | 152,550,000 | 29.76 | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 4,027,725 | 0.79 | Overseas Legal Person | | Bank of Communications Co., Ltd. - Guotai Jinying Growth Flexible Allocation Mixed Securities Investment Fund | 2,035,700 | 0.40 | Other | | China CITIC Bank Co., Ltd. - Fullgoal Cycle Select Three-Year Holding Mixed Securities Investment Fund | 1,750,000 | 0.34 | Other | | China Merchants Bank Co., Ltd. - Guotai Research Advantage Mixed Securities Investment Fund | 1,430,500 | 0.28 | Other | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | 1,419,266 | 0.28 | Other | | Sun Yan | 1,353,700 | 0.26 | Domestic Natural Person | | Industrial and Commercial Bank of China Limited - GF CSI Guoxin Central SOE Shareholder Return ETF | 848,500 | 0.17 | Other | | China Merchants Bank Co., Ltd. - ChinaAMC CSI 1000 ETF | 838,329 | 0.16 | Other | - SDIC High-Tech Investment Co., Ltd. change during the reporting period: **+210,000 shares**[94](index=94&type=chunk) - Hong Kong Securities Clearing Company Limited change during the reporting period: **+2,538,913 shares**[94](index=94&type=chunk) [Section VII Bond-Related Information](index=33&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms the absence of corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds during the reporting period [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=33&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds or non-financial enterprise debt financing instruments[98](index=98&type=chunk) [II. Convertible Corporate Bonds](index=33&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[98](index=98&type=chunk) [Section VIII Financial Report](index=34&type=section&id=Section%20VIII%20Financial%20Report) This section comprises the unaudited financial statements, including balance sheets, income statements, cash flow statements, and detailed notes on accounting policies and financial items [I. Audit Report](index=34&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[6](index=6&type=chunk) [II. Financial Statements](index=34&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow - Consolidated balance sheet shows total assets of **RMB 7,544,464,169.05**, total liabilities of **RMB 2,664,859,481.60**, and total owners' equity of **RMB 4,879,604,687.45**[102](index=102&type=chunk) - Consolidated income statement shows total operating revenue of **RMB 4,345,149,157.60**, net profit of **RMB 305,314,255.85**, and net profit attributable to parent company shareholders of **RMB 287,061,584.66**[108](index=108&type=chunk)[109](index=109&type=chunk) - Consolidated cash flow statement shows net cash flow from operating activities of **RMB 362,055,276.30**, net cash flow from investing activities of **RMB -489,154,040.64**, and net cash flow from financing activities of **RMB -207,260,088.07**[114](index=114&type=chunk)[115](index=115&type=chunk) - Parent company income statement shows net profit of **RMB 258,557,817.73**[112](index=112&type=chunk) [III. Company Basic Information](index=48&type=section&id=III.%20Company%20Basic%20Information) YAPP Automotive Systems Co., Ltd. was listed on the Shanghai Stock Exchange on May 9, 2018, with a registered capital of **RMB 512,599,264.00**; the company primarily engages in automotive parts manufacturing, focusing on R&D, manufacturing, sales, and service of energy storage and thermal management system products; during the reporting period, controlling shareholder SDIC High-Tech Investment and its controlling shareholder SDIC High-Tech implemented share increase plans, and the company also carried out share repurchases - The company was listed on the Shanghai Stock Exchange on May 9, 2018[124](index=124&type=chunk) - As of June 2025, the company's total share capital was **RMB 512,599,264.00**[130](index=130&type=chunk) - The company primarily engages in R&D, manufacturing, sales, and service of energy storage system products and thermal management system products[130](index=130&type=chunk) - Controlling shareholder SDIC High-Tech Investment Co., Ltd. holds **49.29%**, and Huayu Automotive Systems Co., Ltd. holds **29.76%**[130](index=130&type=chunk) - As of the end of June 2025, SDIC High-Tech Investment increased its shareholding by **210,000 shares**, and SDIC High-Tech purchased **90,000 shares** of the company[129](index=129&type=chunk) - As of June 2025, the company had cumulatively repurchased **100,000 shares**, with a payment of **RMB 1,664,697.00**[127](index=127&type=chunk) [IV. Basis of Financial Statement Preparation](index=49&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The Group's financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, and are presented on a going concern basis - Financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" and the China Securities Regulatory Commission's "No. 15 Rules for the Preparation of Information Disclosure by Companies Issuing Securities to the Public—General Provisions on Financial Reports" (Revised 2023)[131](index=131&type=chunk) - The Group evaluated its ability to continue as a going concern for 12 months from the end of the reporting period, found no significant doubts, and thus the financial statements are presented on a going concern basis[132](index=132&type=chunk) [V. Significant Accounting Policies and Estimates](index=49&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's adherence to accounting standards, including statements on enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statement preparation, joint arrangements, cash and cash equivalents, foreign currency transactions and translation, financial instruments, notes receivable, accounts receivable, financing for receivables, other receivables, inventories, contract assets, assets held for sale, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, share-based payments, revenue, contract costs, government grants, deferred income tax assets/liabilities, leases, and other significant accounting policies and estimates - The company prepares and discloses financial statements following the materiality principle, classifying receivables with a single amount exceeding **RMB 5 million** or **0.2%** of the latest audited consolidated net assets as material[138](index=138&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[149](index=149&type=chunk) - Receivables such as accounts receivable, notes receivable, financing for receivables, and contract assets apply simplified measurement methods, with loss provisions measured at an amount equal to the expected credit losses over the entire lifetime[153](index=153&type=chunk) - Fixed assets are depreciated using the straight-line method, with depreciation periods of **12-20 years** for buildings and structures, and **5-10 years** for machinery and equipment[201](index=201&type=chunk) - Intangible assets include land use rights, patent rights, non-patent technologies, software, etc., measured at actual cost upon acquisition, with finite-lived intangible assets amortized using the straight-line method[207](index=207&type=chunk)[208](index=208&type=chunk) - Revenue recognition principle is to recognize revenue when the customer obtains control of the related goods or services; for products like automotive fuel tanks, revenue is recognized upon customer acceptance, confirmation of usage, or network notification[224](index=224&type=chunk)[227](index=227&type=chunk) - Government grants are classified as asset-related or income-related; asset-related grants are recognized as deferred income and amortized into profit or loss over the asset's useful life[233](index=233&type=chunk) [VI. Taxation](index=70&type=section&id=VI.%20Taxation) This section discloses the main tax categories and rates for the company and its subsidiaries, including VAT, corporate income tax, and urban maintenance and construction tax; the company and some subsidiaries enjoy a **15%** corporate income tax preferential rate as high-tech enterprises, while others benefit from small and micro-enterprise income tax preferential policies and VAT super deduction policies for advanced manufacturing enterprises; overseas subsidiaries follow the tax policies of their respective countries Major Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 6.00% to 28.00% | | Corporate Income Tax | 15.00% to 34.00% | | Urban Maintenance and Construction Tax | 5.00%, 7.00% | | Education Surcharge | 3.00% | | Local Education Surcharge | 2.00% | - The company, Wuhu YAPP Automotive, YAPP Kaifeng, Dajiang YAPP, and Winshuang Technology are recognized as high-tech enterprises, applying a **15%** corporate income tax rate[253](index=253&type=chunk) - Dajiang YAPP also enjoys preferential policies for Western Development, applying a **15%** corporate income tax rate[253](index=253&type=chunk) - Winshuang Huzhou qualifies as a small and micro-profit enterprise, enjoying corresponding income tax preferential policies[254](index=254&type=chunk) - The company and some domestic subsidiaries belong to the automotive parts manufacturing industry, and R&D expenses enjoy pre-tax super deduction policies[255](index=255&type=chunk) - The company and its subsidiaries Wuhu YAPP Automotive, YAPP Kaifeng, Dajiang YAPP, and Winshuang Technology are advanced manufacturing enterprises, enjoying VAT super deduction policies[255](index=255&type=chunk) - Overseas subsidiaries such as YAPP Russia, YAPP India, YAPP Germany, YAPP Czech, YAPP US Holding, YAPP Mexico, YAPP Brazil, and YAPP Uzbekistan follow the tax policies of their respective countries[256](index=256&type=chunk)[257](index=257&type=chunk)[258](index=258&type=chunk)[259](index=259&type=chunk)[260](index=260&type=chunk)[261](index=261&type=chunk)[262](index=262&type=chunk)[263](index=263&type=chunk)[264](index=264&type=chunk)[265](index=265&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=73&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed disclosures of the consolidated financial statement items, including ending balances, beginning balances, current period amounts, prior period amounts, and their changes and reasons for various assets, liabilities, owners' equity, revenue, costs, and expenses, such as cash and cash equivalents, financial assets held for trading, notes receivable, accounts receivable, contract assets, financing for receivables, prepayments, other receivables, inventories, other current assets, long-term equity investments, other equity instruments investments, fixed assets, construction in progress, right-of-use assets, intangible assets, goodwill, long-term deferred expenses, deferred income tax assets/liabilities, other non-current assets, restricted assets, short-term borrowings, notes payable, accounts payable, contract liabilities, employee compensation payable, taxes payable, other payables, non-current liabilities due within one year, other current liabilities, lease liabilities, provisions, deferred income, share capital, treasury shares, other comprehensive income, specific reserves, surplus reserves, retained earnings, operating revenue and costs, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, credit impairment losses, asset impairment losses, asset disposal gains, non-operating income, non-operating expenses, income tax expenses, cash flow statement items, notes to statement of changes in owners' equity, foreign currency monetary items, and leases - Cash and cash equivalents ending balance of **RMB 979,254,548.94**, with **RMB 419,248,325.16** deposited overseas[268](index=268&type=chunk) - Financial assets held for trading ending balance of **RMB 45,913,788.62**, primarily due to new additions from M&A in the current period[270](index=270&type=chunk) - Notes receivable ending balance of **RMB 136,902,320.98**, an increase of **403.19%** from the beginning of the period, mainly due to an increase in bank acceptance bills received[272](index=272&type=chunk)[54](index=54&type=chunk) - Accounts receivable ending balance of **RMB 1,690,247,426.15**, an increase of **22.43%** from the beginning of the period[281](index=281&type=chunk)[54](index=54&type=chunk) - Inventories ending balance of **RMB 1,208,261,497.95**, an increase of **2.32%** from the beginning of the period[321](index=321&type=chunk)[54](index=54&type=chunk) - Construction in progress ending balance of **RMB 104,105,897.44**, an increase of **103.07%** from the beginning of the period, mainly due to an increase in production line equipment under construction[339](index=339&type=chunk)[54](index=54&type=chunk) - Intangible assets ending balance of **RMB 254,342,727.06**, an increase of **56.75%** from the beginning of the period, mainly due to the acquisition of a new company through equity purchase[345](index=345&type=chunk)[54](index=54&type=chunk) - Goodwill ending balance of **RMB 230,385,380.10**, primarily formed from the acquisition of a new company through equity purchase[346](index=346&type=chunk)[54](index=54&type=chunk) - Notes payable ending balance of **RMB 120,087,384.66**, an increase of **707.36%** from the beginning of the period, mainly due to an increase in bank acceptance bills issued[368](index=368&type=chunk)[54](index=54&type=chunk) - Employee compensation payable ending balance of **RMB 161,535,505.02**, an increase of **75.34%** from the beginning of the period, mainly due to accrued performance bonuses[375](index=375&type=chunk)[54](index=54&type=chunk) - Other payables ending balance of **RMB 78,662,624.24**, an increase of **355.56%** from the beginning of the period, mainly due to increased final payment for equity acquisition[378](index=378&type=chunk)[54](index=54&type=chunk) - Operating revenue for the current period was **RMB 4,345,149,157.60**, and operating cost was **RMB 3,694,939,811.80**[402](index=402&type=chunk) - Financial expenses for the current period were **RMB -30,007,071.09**, compared to **RMB -7,099,267.00** in the prior period, mainly due to a year-on-year decrease in interest expenses and exchange losses, and a year-on-year increase in interest income[414](index=414&type=chunk)[50](index=50&type=chunk) - Net cash flow from operating activities for the current period was **RMB 362,055,276.30**, compared to **RMB 687,561,515.45** in the prior period, a year-on-year decrease of **47.34%**[439](index=439&type=chunk) - Net cash flow from investing activities for the current period was **RMB -489,154,040.64**, compared to **RMB -62,819,288.27** in the prior period, a year-on-year decrease of **678.67%**[439](index=439&type=chunk) - Net cash flow from financing activities for the current period was **RMB -207,260,088.07**, compared to **RMB -240,540,233.33** in the prior period, a year-on-year increase of **13.84%**[439](index=439&type=chunk) [VIII. R&D Expenses](index=127&type=section&id=VIII.%20R%26D%20Expenses) During the reporting period, the company's total R&D expenses amounted to **RMB 139,013,668.41**, a slight year-on-year decrease of **0.92%**, entirely expensed, primarily invested in personnel costs and direct inputs 2025 Semi-Annual R&D Expenses by Nature of Expense | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Direct Inputs | 43,741,199.18 | 50,164,851.50 | | Personnel Costs | 68,091,861.27 | 59,773,734.11 | | Depreciation | 14,070,171.26 | 15,869,816.98 | | New Product Design Fees | 4,928,885.04 | 5,631,885.05 | | Fees for R&D Activities Entrusted to External Institutions or Individuals | 1,246,386.18 | 2,409,039.70 | | Amortization of Intangible Assets | 893,583.49 | 503,064.48 | | Other Related Expenses | 6,041,581.99 | 5,957,181.00 | | Total | 139,013,668.41 | 140,309,572.82 | - All R&D expenses in the current period were expensed[454](index=454&type=chunk) [IX. Changes in Consolidation Scope](index=127&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company acquired approximately **54.50%** of Shanghai Winshuang Motor Technology Co., Ltd. through a business combination not under common control, gaining control on the acquisition date, resulting in goodwill of **RMB 230,385,380.10** - Business combination not under common control occurred in the current period: Acquisition of Shanghai Winshuang Motor Technology Co., Ltd[455](index=455&type=chunk) - Equity acquisition date: June 30, 2025, with an acquired equity ratio of **54.50%**[459](index=459&type=chunk) - Consolidation cost: **RMB 577,726,968.00**[457](index=457&type=chunk) - Goodwill formed: **RMB 230,385,380.10**[457](index=457&type=chunk) - Fair value share of identifiable net assets on acquisition date: **RMB 347,341,587.90**[457](index=457&type=chunk) [X. Interests in Other Entities](index=13

亚普汽车部件股份有限公司 内部审计管理办法 第一章 总则 第一条 为规范亚普汽车部件股份有限公司（以下简称"公司"）内 部审计工作，提高内部审计工作质量，根据《中华人民共和国审计法》《审 计署关于内部审计工作的规定》（审计署令第 11 号）和《中国内部审计准 则》等法律法规及股东方有关规定，并结合公司实际，制定本办法。 第二条 本办法适用于公司及控股投资企业（以下合称各单位），参 股企业可参照执行。 第三条 本办法所称内部审计，是指运用系统、规范的方法，独立、 客观地审查和评价组织的业务活动、内部控制和风险管理的适当性和有效 性，以促进完善治理、增加价值和实现目标。 本办法所称内部审计机构，是指公司内部设置的从事上述内部审计业 务活动的机构。 第四条 公司依照股东方有关的要求，建立内部审计机构、配备必要 人员、编制内部审计计划、从事内部审计工作，建立"上审下"的内部审 计管理体制。 第五条 公司内部审计机构在本单位党组织、董事会（或者主要负责 人）的直接领导下开展审计工作，向其负责并报告工作。董事会负责审议 1 / 13 内部审计基本制度、审计计划、重要审计问题，决定内部审计机构设置及 其负责人，加强对内部审 ...