2025年8月23日，德新科技(603032.SH)发布2025年中报。 公司营业总收入为2.51亿元，较去年同报告期营业总收入增加1.19亿元，同比较去年同期上涨90.50%。 归母净利润为2235.17万元，较去年同报告期归母净利润增加1456.61万元，同比较去年同期上涨 187.09%。经营活动现金净流入为4396.06万元。 公司最新资产负债率为29.56%，较上季度资产负债率减少2.67个百分点。 公司最新毛利率为36.50%，较上季度毛利率增加2.45个百分点，实现2个季度连续上涨，较去年同期毛 利率增加6.85个百分点。最新ROE为2.00%，较去年同期ROE增加1.38个百分点。 公司摊薄每股收益为0.10元，较去年同报告期摊薄每股收益增加0.07元，同比较去年同期上涨 233.33%。 公司最新总资产周转率为0.15次，较去年同期总资产周转率增加0.07次，同比较去年同期上涨92.96%。 最新存货周转率为2.81次，较去年同期存货周转率增加1.16次，实现3年连续上涨，同比较去年同期上涨 70.70%。 公司股东户数为3.02万户，前十大股东持股数量为1.44亿股，占总股本比例为61.6 ...

Core Viewpoint - 德新科技 (603032) reported significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance and improved profitability metrics [1] Financial Performance - Total revenue reached 251 million yuan, a year-on-year increase of 90.5% [1] - Net profit attributable to shareholders was 22.35 million yuan, up 187.09% year-on-year [1] - In Q2 2025, revenue was 154 million yuan, reflecting a 94.57% increase compared to the same quarter last year [1] - Q2 net profit was 23.43 million yuan, showing a 9.69% increase year-on-year [1] - Gross margin improved to 36.5%, up 23.11% year-on-year, while net margin rose to 12.99%, an increase of 134.53% [1] Cost and Expense Management - Total selling, administrative, and financial expenses amounted to 35.82 million yuan, accounting for 14.25% of revenue, a decrease of 43.65% year-on-year [1] - The company reported a significant reduction in operating expenses, contributing to improved profitability [1] Key Financial Ratios - Earnings per share (EPS) increased to 0.1 yuan, a rise of 233.33% year-on-year [1] - The company's net asset value per share decreased to 4.8 yuan, down 10.4% year-on-year [1] - Operating cash flow per share was 0.19 yuan, a decline of 42.92% year-on-year [1] Changes in Financial Position - Cash and cash equivalents decreased by 50.94% due to adjustments in cash management strategies [3] - Accounts receivable increased by 56.99%, indicating higher sales volume [3] - Interest-bearing debt rose by 39.34%, reflecting increased borrowing [3] Revenue and Cost Drivers - The increase in revenue was primarily driven by the precision automation business, which contributed significantly to the overall sales growth [4] - Operating costs rose by 71.95%, attributed to the costs associated with the new precision automation business [4] Cash Flow Analysis - Net cash flow from operating activities decreased by 43.16%, influenced by the timing of cash collections from previous sales [4] - Investment cash flow net amount dropped by 377.40%, due to increased net outflows from financial investments [4] - Financing cash flow net amount increased by 291.18%, driven by higher borrowings [4]

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This section presents the company's report declarations, risk disclosures, and key assurances [Report Statement and Risk Disclosure](index=2&type=section&id=%E6%8A%A5%E5%91%8A%E5%A3%B0%E6%98%8E%E4%B8%8E%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) Board guarantees report accuracy; unaudited, forward-looking statements; no unauthorized fund use or major risk warnings - The board of directors, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness[3](index=3&type=chunk) - This semi-annual report is unaudited[3](index=3&type=chunk) - The report contains forward-looking statements, which do not constitute substantive commitments, and investors are advised to note investment risks[3](index=3&type=chunk) - There is no non-operating occupation of funds by controlling shareholders or other related parties[3](index=3&type=chunk) - No significant risk warnings[3](index=3&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [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, company names, subsidiaries, industry terms, and financial units for accurate report interpretation - Company full name: Delixi New Energy Technology Co., Ltd., abbreviated as Dexin Technology[7](index=7&type=chunk) - Reporting period: January 1, 2025, to June 30, 2025[7](index=7&type=chunk) - Major subsidiaries include Zhihong Precision, Dexin Technology Hangzhou, Zhundong Jiaoyun, Dexinju Property, and Xinde High-Speed Rail Passenger Station[7](index=7&type=chunk) - Industry-related terms such as new energy vehicles, lithium batteries, and lithium iron phosphate are defined[7](index=7&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) Discloses the company's basic registration information, including its Chinese name, abbreviation, foreign name, legal representative, and addresses - Company Chinese name: Delixi New Energy Technology Co., Ltd., abbreviated as Dexin Technology[10](index=10&type=chunk) - Legal Representative: Qiu Ling[10](index=10&type=chunk) - Company registered and office address: No. 236, Gaotie North 5th Road, Economic and Technological Development Zone (Toutunhe District), Urumqi, Xinjiang[12](index=12&type=chunk) [Contact Person and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%20%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) Provides contact details for the company's Board Secretary, Geng Chao, including address, phone number, and email, to facilitate investor communication - Board Secretary: Geng Chao[11](index=11&type=chunk) - Contact number: **0991-5873797**[11](index=11&type=chunk) - Email: dxjy603032@163.com[11](index=11&type=chunk) [Information Disclosure and Document Availability](index=5&type=section&id=%E5%9B%9B%E3%80%81%20%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) Specifies the company's designated information disclosure media and the location for report availability - Company's selected information disclosure newspapers: "Shanghai Securities News" and "Securities Times"[13](index=13&type=chunk) - Website address for semi-annual report publication: Shanghai Stock Exchange (www.sse.com.cn)[13](index=13&type=chunk) - Location for company's semi-annual report: Company Securities Investment Department[13](index=13&type=chunk) [Company Stock Overview](index=5&type=section&id=%E4%BA%94%E3%80%81%20%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) Introduces basic information about the company's stock, including stock type, listing exchange, stock abbreviation and code, and previous abbreviation - Stock type: A-share[14](index=14&type=chunk) - Stock listing exchange: Shanghai Stock Exchange[14](index=14&type=chunk) - Stock abbreviation: Dexin Technology, Stock code: **603032**[14](index=14&type=chunk) - Previous stock abbreviation: Dexin Jiaoyun[14](index=14&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%20%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 achieved significant growth in operating revenue and net profit, with a substantial increase in basic earnings per share, though net cash flow from operating activities decreased 2025 Semi-Annual Key Accounting Data | Indicator | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 251,438,054.08 | 131,985,160.45 | 90.50 | | Total Profit | 35,976,438.35 | 16,285,803.00 | 120.91 | | Net Profit Attributable to Listed Company Shareholders | 22,351,731.71 | 7,785,593.00 | 187.09 | | Net Profit Attributable to Listed Company Shareholders After Non-Recurring Gains and Losses | 18,068,095.55 | -14,361,310.36 | Not Applicable | | Net Cash Flow from Operating Activities | 43,960,550.01 | 77,341,563.15 | -43.16 | | Net Assets Attributable to Listed Company Shareholders (Period-End) | 1,120,323,139.13 | 1,096,505,133.31 | 2.17 | | Total Assets (Period-End) | 1,658,690,227.10 | 1,615,279,766.09 | 2.69 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicator | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.10 | 0.03 | 223.67 | | Diluted Earnings Per Share (RMB/share) | 0.10 | 0.03 | 222.67 | | Basic Earnings Per Share After Non-Recurring Gains and Losses (RMB/share) | 0.08 | -0.06 | Not Applicable | | Weighted Average Return on Net Assets (%) | 2.02 | 0.63 | Increase of 1.39 percentage points | | Weighted Average Return on Net Assets After Non-Recurring Gains and Losses (%) | 1.63 | -1.16 | Increase of 2.79 percentage points | - Net profit after deducting the impact of share-based payments was **23,540,048.04 yuan**, a year-on-year increase of **34.46%**[20](index=20&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%20%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 **4,283,636.16 yuan**, primarily from government grants, fair value changes of financial assets, and reversal of impairment provisions for receivables 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 65,743.85 | | Government grants recognized in current profit or loss | 1,099,695.61 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains and losses | 1,447,167.22 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 3,084,450.00 | | Other non-operating income and expenses | 93,737.60 | | Less: Income tax impact | 1,035,557.06 | | Minority interest impact (after tax) | 471,601.06 | | Total | 4,283,636.16 | [Section III Management Discussion and Analysis](index=7&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Explanation of Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's main business spans precision manufacturing and transportation, with precision manufacturing benefiting from new energy and industrial automation, while transportation faces intense competition and shifts focus - Company's main businesses include precision manufacturing (lithium battery equipment cutting molds, coating dies, reducers, geared motors) and transportation (road passenger transport, bus station services)[22](index=22&type=chunk)[23](index=23&type=chunk) - Precision mold products are primarily used in lithium battery production, including energy storage, power, and consumer lithium-ion batteries[24](index=24&type=chunk) - The lithium equipment industry has achieved import substitution, with leading domestic enterprises now targeting overseas markets, and the thriving new energy vehicle market continues to drive demand for lithium equipment[28](index=28&type=chunk)[29](index=29&type=chunk) - Precision automation products are applied in solar power generation, industrial automation, intelligent service robots, and warehousing robots, with continuous market growth[30](index=30&type=chunk)[31](index=31&type=chunk) - The transportation business in Xinjiang faces fierce competition, with high-speed rail, intercity rail, and private cars becoming preferred choices, leading traditional road transport enterprises to focus on short-to-medium distance transport, with declining performance and gross profit margins[33](index=33&type=chunk) [Precision Manufacturing Business Segment](index=8&type=section&id=1.%E7%B2%BE%E5%AF%86%E5%88%B6%E9%80%A0%E4%B8%9A%E5%8A%A1%E6%9D%BF%E5%9D%97) Precision manufacturing primarily serves the lithium battery production sector, providing high-precision molds and components, and expanding into precision planetary reducers and geared motors, benefiting from new energy and industrial automation trends - Precision mold products are primarily used in lithium battery production, including energy storage, power, and consumer lithium-ion batteries[24](index=24&type=chunk) - The company is a core supplier and partner for its major customers' lithium battery cutting mold products, deeply involved in new product development[26](index=26&type=chunk) - The domestic lithium equipment market is growing rapidly, with leading enterprises having competitive advantages in cost, delivery, and after-sales service, and beginning to capture overseas markets[28](index=28&type=chunk)[29](index=29&type=chunk) - Precision automation business provides application solutions for precision planetary reducers and geared motors, used in solar power generation, industrial automation, and intelligent service robots[30](index=30&type=chunk) - China's reducer industry market size continues to grow, reaching **144.8 billion yuan** in 2024, projected to reach **151 billion yuan** in 2025[31](index=31&type=chunk) [Transportation Business Segment](index=9&type=section&id=2.%E4%BA%A4%E9%80%9A%E8%BF%90%E8%BE%93%E4%B8%9A%E5%8A%A1%E6%9D%BF%E5%9D%97) Transportation business in Xinjiang faces intense competition from rail, air, and private cars, leading to a focus on short-to-medium distance transport and cost reduction - Xinjiang's transportation infrastructure investment remains high, with fierce competition between road transport, railways, and aviation[33](index=33&type=chunk) - High-speed rail, intercity rail, and private cars have become preferred travel options, posing severe challenges to traditional road transport enterprises' survival[33](index=33&type=chunk) - Highway transport is shifting to focus on short-to-medium distance routes, undertaking "bottom-line" transport tasks, with declining performance and gross profit margins[33](index=33&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) During the reporting period, operating revenue increased by **90.50%** and net profit attributable to shareholders by **187.09%**, mainly due to precision automation, with an asset-liability ratio of **29.56%** 2025 Semi-Annual Overall Operating Performance | Indicator | Amount (10,000 RMB) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 25,143.81 | 90.50 | | Operating Profit | 3,590.14 | Increased by 4,692.52 | | Net Profit Attributable to Listed Company Shareholders | 2,235.17 | 187.09 | - As of June 30, 2025, the company's total assets were **1,658.69 million yuan**, total liabilities **490.27 million yuan**, net assets **1,168.42 million yuan**, and asset-liability ratio **29.56%**[42](index=42&type=chunk) - The precision mold and components business segment gradually recovered in the first half of 2025, primarily serving leading enterprises in power battery and energy storage battery sectors[44](index=44&type=chunk) - The precision automation business segment's main revenue comes from solar photovoltaic business, gradually entering the industrial automation field, and is a future growth driver[47](index=47&type=chunk) - The transportation business segment consolidated revenue channels and reduced costs through resource integration, short-distance route diversion, increasing charter and commuter services, and commercial property leasing[48](index=48&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=14&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) Company's core strengths include precision manufacturing's high-accuracy processing, leading product development, advanced equipment, and customer service, alongside transportation's regional advantages and robust safety systems - The precision mold and components business possesses high-precision mold processing and manufacturing capabilities, meeting the stacking process requirements for high energy density batteries[50](index=50&type=chunk)[51](index=51&type=chunk) - The company has leading product development capabilities, having repeatedly been the first to launch technically challenging precision lithium battery cutting molds and components[52](index=52&type=chunk) - The company owns multiple international first-tier precision production and processing equipment, such as JG coordinate grinding machines and slow-wire EDM machines[54](index=54&type=chunk) - The company has established over ten after-sales service points covering major customer sites or nearby locations, providing 24-hour rapid response services to enhance customer loyalty[56](index=56&type=chunk) - The precision automation business holds multiple patents, offering application solutions for precision planetary reducers and geared motors, used in photovoltaic power generation and industrial automation[58](index=58&type=chunk)[60](index=60&type=chunk) - The transportation business benefits from Xinjiang's regional advantage as a land transport hub connecting Central and West Asia, and the fuel cost advantage from abundant natural gas resources[62](index=62&type=chunk)[64](index=64&type=chunk) - The company has achieved Level 1 safety production compliance, possessing a comprehensive safety production responsibility system and an experienced management team[65](index=65&type=chunk)[66](index=66&type=chunk) [Key Operating Performance During the Reporting Period](index=17&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) Operating revenue increased by **90.50%** due to precision automation growth; costs, financial, and R&D expenses rose, but operating cash flow decreased due to collection cycle changes 2025 Semi-Annual Financial Statement Item Changes Analysis | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 251,438,054.08 | 131,985,160.45 | 90.50 | | Operating Cost | 159,660,653.04 | 92,851,825.61 | 71.95 | | Selling Expenses | 7,921,818.02 | 7,734,732.73 | 2.42 | | Administrative Expenses | 23,235,573.42 | 22,487,349.87 | 3.33 | | Financial Expenses | 4,667,128.33 | 3,148,218.18 | 48.25 | | R&D Expenses | 15,160,390.43 | 12,782,730.15 | 18.60 | | Net Cash Flow from Operating Activities | 43,960,550.01 | 77,341,563.15 | -43.16 | | Net Cash Flow from Investing Activities | -181,620,835.04 | -38,043,787.12 | Not Applicable | | Net Cash Flow from Financing Activities | 24,246,276.03 | -12,682,326.33 | Not Applicable | | Non-Operating Expenses | 47,035.97 | -27,133,986.13 | Not Applicable | - Operating revenue increased by **90.5%**, mainly due to incremental revenue from precision automation business and an increase of **10.195 million yuan** in trade business revenue this period[67](index=67&type=chunk) - Net cash flow from operating activities decreased by **43.16%**, primarily due to changes in the collection cycle for precision mold business, though new precision automation business had a positive impact[69](index=69&type=chunk) - Net cash outflow from investing activities increased by **143.577 million yuan**, mainly due to increased net expenditure on wealth management products this period[70](index=70&type=chunk) - Net cash flow from financing activities increased by **36.9286 million yuan**, mainly due to an increase of **94 million yuan** in borrowings[70](index=70&type=chunk) [(III) Analysis of Assets and Liabilities](index=18&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) Period-end total assets and net assets increased; monetary funds decreased while transactional financial assets surged, reflecting cash management adjustments and debt structure shifts 2025 Semi-Annual Asset and Liability Status Changes | Item Name | Period-End Amount (RMB) | Period-End % of Total Assets | Prior Year-End Amount (RMB) | Prior Year-End % of Total Assets | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 99,696,868.25 | 6.01 | 212,744,277.15 | 13.17 | -53.14 | | Transactional Financial Assets | 199,711,664.67 | 12.04 | 31,687,291.67 | 1.96 | 530.26 | | Notes Receivable | 21,335,662.66 | 1.29 | 27,199,330.68 | 1.68 | -21.56 | | Prepayments | 1,508,208.18 | 0.09 | 1,005,405.76 | 0.06 | 50.01 | | Other Current Assets | 4,505,183.22 | 0.27 | 711,929.45 | 0.04 | 532.81 | | Other Non-Current Assets | 5,086,974.75 | 0.31 | 950,633.50 | 0.06 | 435.11 | | Short-Term Borrowings | 5,003,847.23 | 0.30 | 22,020,444.46 | 1.36 | -77.28 | | Contract Liabilities | 5,807,445.34 | 0.35 | 2,650,463.60 | 0.16 | 119.11 | | Non-Current Liabilities Due Within One Year | 147,145,708.06 | 8.87 | 91,559,277.91 | 5.67 | 60.71 | | Treasury Stock | 14,937,094.56 | 0.90 | 31,766,304.00 | 1.97 | -52.98 | | Other Comprehensive Income | 256,902.32 | 0.02 | -108,576.42 | -0.01 | Not Applicable | - Monetary funds decreased by **53.14%**, mainly due to the company's adjustment of its cash management strategy[73](index=73&type=chunk) - Transactional financial assets increased by **530.26%**, mainly due to an increase in funds placed in wealth management products at period-end[74](index=74&type=chunk) - Short-term borrowings decreased by **77.28%**, mainly due to the company repaying part of its financial institution loans during the period[74](index=74&type=chunk) - Non-current liabilities due within one year increased by **60.71%**, mainly due to the reclassification of long-term borrowings planned for early repayment within one year to this item[75](index=75&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=21&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Major subsidiaries Zhihong Precision, Xinde High-Speed Rail Passenger Station, and Anhui Hamps performed well, with Zhihong Precision and Anhui Hamps significantly contributing to precision manufacturing revenue and net profit Major Subsidiaries 2025 Semi-Annual Financial Data | Company Name | Company Type | Main Business | Registered Capital (10,000 RMB) | Total Assets (10,000 RMB) | Net Assets (10,000 RMB) | Operating Revenue (10,000 RMB) | Net Profit (10,000 RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhihong Precision | Subsidiary | Precision Manufacturing | 2,222.22 | 38,251.90 | 31,259.86 | 10,957.14 | 2,462.91 | | Xinde High-Speed Rail Passenger Station | Subsidiary | Road Passenger Transport | 5,000 | 32,478.86 | 24,609.02 | 2,253.43 | 123.58 | | Anhui Hamps | Subsidiary | Precision Manufacturing | 858 | 15,547.66 | 8,381.69 | 10,308.08 | 2,221.91 | [Section IV Corporate Governance, Environment, and Society](index=23&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company elected its fifth board of directors and supervisory board members and re-appointed senior management, ensuring governance continuity - The company's fourth board of directors and supervisory board terms expired, and the fifth board of directors and supervisory board members were elected[81](index=81&type=chunk) - Mr. Qiu Ling was elected as a non-independent director of the fifth board of directors and re-appointed as the company's general manager[81](index=81&type=chunk) - Li Wei, Gu Mengdi, and Zhang Zhanping were elected as independent directors of the fifth board of directors[81](index=81&type=chunk) - Huang Shengzhou was elected as the chairman of the supervisory board, and Tang Ting as the employee representative supervisor[81](index=81&type=chunk) - Du Haitao, Bi Shimin, and Geng Chao were re-appointed as the company's deputy general manager, chief financial officer, and board secretary, respectively[81](index=81&type=chunk) [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) No profit distribution or capital reserve conversion plan is applicable for the company in this reporting period - Profit distribution plan or capital reserve conversion plan for this reporting period: Not applicable[82](index=82&type=chunk) [Status and Impact of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=24&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) The company completed partial restricted share repurchases and cancellations, and lifted lock-up conditions for its 2021 restricted stock incentive plan - On February 5, 2025, the company completed the repurchase and cancellation of some restricted shares[83](index=83&type=chunk) - On May 21, 2025, the company completed the repurchase and cancellation of some restricted shares[83](index=83&type=chunk) - On June 5, 2025, the conditions for the third vesting period of the initial grant and the second vesting period of the reserved grant under the company's 2021 Restricted Stock Incentive Plan were met, and the related restricted shares were listed for trading[83](index=83&type=chunk) [Specifics of Work on Consolidating and Expanding Poverty Alleviation Achievements and Rural Revitalization](index=24&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's labor union actively participated in "consumption-based poverty alleviation" activities, aiding Yingyeer Village in Kashgar Prefecture to achieve prosperity and consolidate poverty alleviation achievements - The company's labor union actively participated in "consumption-based poverty alleviation" activities[84](index=84&type=chunk) - Aiding Yingyeer Village in Xiheitudun Township, Makit County, Kashgar Prefecture, to achieve prosperity and consolidate poverty alleviation achievements[84](index=84&type=chunk) [Section V Significant Matters](index=25&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [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 and its related parties strictly fulfilled all commitments during the reporting period, including information disclosure, avoiding horizontal competition, and performance pledges - The listed company and its directors, supervisors, and senior management commit to providing true, accurate, and complete information and bear legal responsibility[86](index=86&type=chunk) - The listed company's controlling shareholder and actual controller commit to avoiding horizontal competition, standardizing related-party transactions, and ensuring the listed company's independence[89](index=89&type=chunk)[90](index=90&type=chunk) - Anhui Hamps management shareholders commit that the annual turnover rate will not exceed **10%** during the performance commitment period and for **2 years** thereafter[96](index=96&type=chunk) - Anhui Hamps management shareholders commit not to engage in reducer or geared motor businesses similar to Anhui Hamps during their tenure and for **two years** after leaving their positions[96](index=96&type=chunk) - Anhui Hamps performance commitment: Net profit for 2024, 2025, and 2026 shall not be less than **23 million yuan**, **27.6 million yuan**, and **31.74 million yuan**, respectively[97](index=97&type=chunk) [Major Litigation and Arbitration Matters](index=38&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 Urumqi People's Procuratorate rejected Xinjiang Xingcai Investment Development Co., Ltd.'s supervision application in an unjust enrichment dispute with the company - The company received a "Notice of Acceptance" from the Urumqi People's Procuratorate of Xinjiang Uygur Autonomous Region in December 2024, regarding Xinjiang Xingcai Investment Development Co., Ltd.'s application for supervision against a civil judgment[100](index=100&type=chunk) - In June 2025, the Urumqi People's Procuratorate decided to reject Xingcai Investment's supervision application[100](index=100&type=chunk) [Alleged Violations, Penalties, and Rectification of Listed Company, its Directors, Supervisors, Senior Management, Controlling Shareholders, and Actual Controllers](index=38&type=section&id=%E5%85%AB%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E3%80%81%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%E6%B6%89%E5%AB%8C%E8%BF%9D%E6%B3%95%E8%BF%9D%E8%A7%84%E3%80%81%E5%8F%97%E5%88%B0%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) Company director Mr. Hu Yuhao received an "Administrative Penalty Decision" from the Guangdong Regulatory Bureau of the China Securities Regulatory Commission on May 19, 2023, for matters unrelated to the company - Company director Mr. Hu Yuhao received an "Administrative Penalty Decision" from the Guangdong Regulatory Bureau of the China Securities Regulatory Commission on May 19, 2023, for matters unrelated to the company[101](index=101&type=chunk) [Major Related-Party Transactions](index=38&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) The company's wholly-owned subsidiary, Delixi New Energy Technology (Hangzhou) Co., Ltd., signed procurement contracts totaling **40 million yuan** with related parties - The company's wholly-owned subsidiary, Delixi New Energy Technology (Hangzhou) Co., Ltd., signed procurement contracts with related parties Delixi (Hangzhou) Frequency Converter Co., Ltd. and Hangzhou Xizi Group Co., Ltd., totaling **40 million RMB** for a one-year term[103](index=103&type=chunk) - Related directors Hu Yuhao, Deng Jiayi, Feng Bingying, and Huang Yuan abstained from voting on this proposal[103](index=103&type=chunk) [(II) Major Guarantees Performed and Not Yet Performed During the Reporting Period](index=41&type=section&id=(%E4%BA%8C)%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E7%9A%84%E5%8F%8A%E5%B0%9A%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) Subsidiary Zhihong Precision provided a maximum amount joint and several liability guarantee for the company's **350 million yuan** M&A loan, which remains unfulfilled - Subsidiary Zhihong Precision provided a maximum amount joint and several liability guarantee for Dexin Jiaoyun's **350 million RMB** M&A loan agreement with China Minsheng Bank[108](index=108&type=chunk)[109](index=109&type=chunk) - The period of creditor's rights for this guarantee is from March 25, 2022, to March 25, 2027[109](index=109&type=chunk) [Section VI Share Changes and Shareholder Information](index=44&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Capital Changes](index=44&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) Total shares decreased due to restricted share repurchases and cancellations, while some restricted shares were unlocked and listed, increasing unrestricted tradable shares 2025 Semi-Annual Share Change Status | Share Category | Quantity Before Change | % Before Change | Change (+, -) | Quantity After Change | % After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 3,935,400 | 1.68 | -2,083,760 | 1,851,640 | 0.79 | | II. Unrestricted Tradable Shares | 230,118,000 | 98.32 | +1,545,040 | 231,663,040 | 99.21 | | III. Total Shares | 234,053,400 | 100.00 | -538,720 | 233,514,680 | 100.00 | - On February 5, 2025, the company repurchased and canceled **78,400** restricted shares[114](index=114&type=chunk) - On May 21, 2025, the company repurchased and canceled **460,320** restricted shares[115](index=115&type=chunk) - On June 5, 2025, **1,545,040** restricted shares were unlocked and listed for trading[115](index=115&type=chunk) [(II) Changes in Restricted Shares](index=45&type=section&id=(%E4%BA%8C)%20%E9%99%90%E5%94%AE%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Due to an equity incentive plan, **1,545,040** restricted shares were unlocked, and **538,720** were repurchased and canceled, reducing period-end restricted shares to **1,851,640** 2025 Semi-Annual Restricted Share Change Status | Shareholder Name | Beginning-of-Period Restricted Shares | Restricted Shares Unlocked During Period | Restricted Shares Increased During Period | End-of-Period Restricted Shares | Reason for Restriction | Unlocking Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Company 2021 Restricted Stock Incentive Plan Grantees | 3,935,400 | 1,545,040 | -538,720 | 1,851,640 | The 1,545,040 shares from the third unlocking period of the initial grant and the second unlocking period of the reserved grant under the company's restricted stock incentive plan were listed for trading, reducing the total restricted shares to 1,851,640 | June 5, 2025 | - On February 5, 2025, and May 21, 2025, the company repurchased and canceled **538,720** restricted shares through China Securities Depository and Clearing Corporation Limited Shanghai Branch[117](index=117&type=chunk) [Shareholder Information](index=45&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of period-end, the company had **30,152** common shareholders; controlling shareholder Delixi Xinjiang Investment Group Co., Ltd. held **47.96%** and pledged some shares - Total number of common shareholders at period-end: **30,152** households[118](index=118&type=chunk) 2025 Semi-Annual Top Ten Shareholders' Shareholding Status | Shareholder Name | Period-End Shareholding Quantity | Proportion (%) | Restricted Shareholding Quantity | Pledged, Marked, or Frozen Status | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Delixi Xinjiang Investment Group Co., Ltd. | 112,000,028 | 47.96 | 0 | Pledged 49,000,000 | Domestic Non-State-Owned Legal Person | | Xinjiang Uygur Autonomous Region State-Owned Assets Investment and Management Co., Ltd. | 14,817,568 | 6.35 | 0 | None 0 | State-Owned Legal Person | | Ji Deshun | 8,034,700 | 3.44 | 0 | None 0 | Domestic Natural Person | | Hu Chengzhong | 2,090,800 | 0.90 | 0 | None 0 | Domestic Natural Person | | UBS AG | 1,697,708 | 0.73 | 0 | None 0 | Overseas Legal Person | - Controlling shareholder Delixi Xinjiang Investment Group Co., Ltd. pledged **49,000,000** shares[121](index=121&type=chunk) - Mr. Hu Chengzhong is the actual controller of the company's controlling shareholder, Delixi Xinjiang Investment Group Co., Ltd., forming a concerted action relationship[121](index=121&type=chunk) [Information on Directors, Supervisors, and Senior Management](index=47&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) During the reporting period, Deputy General Manager Mr. Du Haitao reduced his shareholding by **26,000** shares through centralized bidding, with his period-end holding at **79,000** shares 2025 Semi-Annual Directors, Supervisors, and Senior Management Shareholding Change Status | Name | Position | Beginning-of-Period Shareholding | End-of-Period Shareholding | Change in Shares During Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Du Haitao | Deputy General Manager | 105,000 | 79,000 | -26,000 | Centralized bidding share reduction | [Section VII Bond-Related Information](index=49&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=49&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 - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[128](index=128&type=chunk) [Convertible Corporate Bonds](index=49&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 - The company has no convertible corporate bonds[128](index=128&type=chunk) [Section VIII Financial Report](index=50&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=50&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 is unaudited - This semi-annual report is unaudited[130](index=130&type=chunk) [Financial Statements](index=50&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, and cash flow statements for the first half of 2025, reflecting financial position and operating results - The consolidated balance sheet shows total assets of **1,658,690,227.10 yuan** and net assets attributable to listed company shareholders of **1,120,323,139.13 yuan** as of June 30, 2025[131](index=131&type=chunk)[133](index=133&type=chunk) - The consolidated income statement shows operating revenue of **251,438,054.08 yuan** and net profit attributable to parent company shareholders of **22,351,731.71 yuan** for the first half of 2025[139](index=139&type=chunk)[140](index=140&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **43,960,550.01 yuan** and net cash flow from investing activities of **-181,620,835.04 yuan** for the first half of 2025[146](index=146&type=chunk)[147](index=147&type=chunk) [Consolidated Balance Sheet](index=50&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, consolidated total assets reached **1.659 billion yuan**, with transactional financial assets significantly increasing, and short-term borrowings decreasing while non-current liabilities due within one year increased - As of June 30, 2025, total assets amounted to **1,658,690,227.10 yuan**, a **2.69%** increase from the end of the previous year[131](index=131&type=chunk)[133](index=133&type=chunk) - Total current assets were **639,985,275.81 yuan**, with transactional financial assets at **199,711,664.67 yuan**, a **530.26%** increase from the end of the previous year[131](index=131&type=chunk) - Total non-current assets were **1,018,704,951.29 yuan**, including goodwill of **365,580,373.15 yuan**[132](index=132&type=chunk) - Total current liabilities were **341,750,290.30 yuan**, with short-term borrowings at **5,003,847.23 yuan**, a **77.28%** decrease from the end of the previous year[132](index=132&type=chunk) - Non-current liabilities due within one year were **147,145,708.06 yuan**, a **60.71%** increase from the end of the previous year[132](index=132&type=chunk) [Parent Company Balance Sheet](index=52&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, parent company total assets were **1.499 billion yuan**, a **12.79%** increase, with transactional financial assets increasing by **146 million yuan** and long-term borrowings decreasing - As of June 30, 2025, parent company total assets amounted to **1,498,892,277.56 yuan**, a **12.79%** increase from the end of the previous year[136](index=136&type=chunk) - Total current assets were **193,165,717.60 yuan**, including transactional financial assets of **146,000,000.00 yuan**[135](index=135&type=chunk) - Total non-current assets were **1,305,726,559.96 yuan**, including long-term equity investments of **1,092,411,099.20 yuan**[136](index=136&type=chunk) - Total current liabilities were **189,047,265.44 yuan**, with non-current liabilities due within one year at **138,902,496.65 yuan**[136](index=136&type=chunk) - Total non-current liabilities were **74,991,655.83 yuan**, including long-term borrowings of **71,000,000.00 yuan**, a **23.8%** decrease from the end of the previous year[137](index=137&type=chunk) [Consolidated Income Statement](index=54&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For the first half of 2025, consolidated total operating revenue increased by **90.50%** to **251.44 million yuan**, and net profit attributable to parent company shareholders increased by **187.09%** to **22.35 million yuan**, with significant growth in total comprehensive income - Total operating revenue was **251,438,054.08 yuan**, a year-on-year increase of **90.50%**[139](index=139&type=chunk) - Operating profit was **35,901,435.05 yuan**, turning from loss to profit compared to the prior year[140](index=140&type=chunk) - Net profit attributable to parent company shareholders was **22,351,731.71 yuan**, a year-on-year increase of **187.09%**[140](index=140&type=chunk) - Total comprehensive income was **33,029,020.62 yuan**, a year-on-year increase of **351.65%**[141](index=141&type=chunk) - Basic earnings per share were **0.10 yuan/share**, a year-on-year increase of **223.67%**[141](index=141&type=chunk) [Parent Company Income Statement](index=56&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) For the first half of 2025, parent company operating revenue was **4.46 million yuan**, and net profit reached **109.04 million yuan**, primarily driven by a substantial increase in investment income - Operating revenue was **4,455,830.15 yuan**, a slight decrease from the prior year[143](index=143&type=chunk) - Investment income was **120,562,695.55 yuan**, a significant increase from the prior year[143](index=143&type=chunk) - Net profit was **109,035,104.82 yuan**, a **642.89%** increase from the prior year[144](index=144&type=chunk) [Consolidated Cash Flow Statement](index=57&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the first half of 2025, net cash flow from operating activities was **43.96 million yuan**, a **43.16%** decrease; investing activities had a net outflow of **182 million yuan**, while financing activities turned positive at **24.25 million yuan** - Net cash flow from operating activities was **43,960,550.01 yuan**, a year-on-year decrease of **43.16%**[146](index=146&type=chunk) - Net cash flow from investing activities was **-181,620,835.04 yuan**, with outflow increasing by **143.577 million yuan** compared to the prior year[147](index=147&type=chunk) - Net cash flow from financing activities was **24,246,276.03 yuan**, turning from negative to positive compared to the prior year[147](index=147&type=chunk) - Net increase in cash and cash equivalents was **-113,047,408.90 yuan**[148](index=148&type=chunk) [Parent Company Cash Flow Statement](index=59&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the first half of 2025, parent company net cash flow from operating activities was **-5.81 million yuan**, investing activities **-28.46 million yuan**, and financing activities **53.87 million yuan** - Net cash flow from operating activities was **-5,805,962.02 yuan**[150](index=150&type=chunk) - Net cash flow from investing activities was **-28,463,867.54 yuan**[150](index=150&type=chunk) - Net cash flow from financing activities was **53,869,844.04 yuan**[150](index=150&type=chunk) - Net increase in cash and cash equivalents was **19,600,014.48 yuan**[150](index=150&type=chunk) [Consolidated Statement of Changes in Owners' Equity](index=62&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) For the first half of 2025, total consolidated owners' equity increased by **34.13 million yuan**, influenced by net profit, other comprehensive income, share repurchases, and equity incentives - Period-end owners' equity attributable to the parent company totaled **1,120,323,139.13 yuan**, an increase of **23,818,005.82 yuan** from the beginning of the period[153](index=153&type=chunk)[157](index=157&type=chunk) - Total comprehensive income for the period was **33,029,020.62 yuan**[154](index=154&type=chunk) - Owners' contributions and reductions in capital led to a decrease in owners' equity of **14,111,141.85 yuan**, primarily due to share repurchases and cancellations[154](index=154&type=chunk) - Profit distribution led to a decrease in owners' equity of **13,076,822.08 yuan**[155](index=155&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=70&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) For the first half of 2025, parent company owners' equity increased by **110.07 million yuan**, mainly due to significant net profit growth, also affected by share repurchases - Period-end total owners' equity was **1,234,853,356.29 yuan**, an increase of **110,068,022.87 yuan** from the beginning of the period[170](index=170&type=chunk) - Total comprehensive income for the period was **109,035,104.82 yuan**[170](index=170&type=chunk) - Owners' contributions and reductions in capital led to an increase in owners' equity of **14,111,141.85 yuan**, primarily due to the amount of share-based payments recognized in owners' equity[170](index=170&type=chunk)[171](index=171&type=chunk) - Profit distribution led to a decrease in owners' equity of **13,076,822.08 yuan**[171](index=171&type=chunk) [Company Basic Information](index=74&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) Delixi New Energy Technology Co., Ltd., established from Delixi Xinjiang Passenger Transport Group, first issued shares in 2016, and as of June 30, 2025, has **233,514,680.00** shares, primarily in precision manufacturing and transportation - The company was established through the overall conversion of the former Delixi Xinjiang Passenger Transport Group Co., Ltd[167](index=167&type=chunk) - On December 9, 2016, it first publicly issued **33,340,000** RMB ordinary shares[167](index=167&type=chunk) - As of June 30, 2025, the company's total share capital was **233,514,680.00** shares[167](index=167&type=chunk) - Its main business scope includes road passenger transport, bus station services, and precision mold manufacturing[168](index=168&type=chunk) [Basis of Financial Statement Preparation](index=74&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) These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises and relevant CSRC regulations, on a going concern basis - These financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and "Information Disclosure Rules for Companies Issuing Securities No. 15 - General Provisions for Financial Reports" by the China Securities Regulatory Commission[169](index=169&type=chunk) - These financial statements are prepared on a going concern basis[170](index=170&type=chunk) [Significant Accounting Policies and Estimates](index=74&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 company's adherence to accounting standards, covering accounting period, functional currency, financial instrument classification, impairment of receivables, revenue recognition, and government grants - The company adheres to Accounting Standards for Business Enterprises, with an accounting year from January 1 to December 31, an operating cycle of **12 months**, and uses RMB as its functional currency[172](index=172&type=chunk)[173](index=173&type=chunk)[174](index=174&type=chunk)[175](index=175&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[186](index=186&type=chunk) - Bad debt provisions for accounts receivable are calculated using different percentages based on business type (passenger transport and precision manufacturing), with precision manufacturing at **1%** for within **6 months** and passenger transport at **7%** for within **1 year**[200](index=200&type=chunk)[201](index=201&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services, based on performance obligations fulfilled over time or at a point in time[248](index=248&type=chunk)[250](index=250&type=chunk) - Government grants are classified as asset-related or income-related, either reducing the carrying amount of assets or recognized as deferred income, or recognized in current profit or loss[255](index=255&type=chunk)[256](index=256&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 and corporate income tax, benefiting from multiple tax incentives such as small low-profit enterprise, high-tech enterprise, and Western Development tax reductions - Main tax types: Value-added tax (rates of **13%**, **9%**, **6%**, or simplified collection of **5%**, **3%**, **1%**), Corporate income tax (rates of **25%**, **20%**, **15%**)[263](index=263&type=chunk) - Subsidiaries Xinjiang Zhundong Delixi Transportation Co., Ltd. and Xinjiang Dexinju Property Service Co., Ltd. are eligible for corporate income tax incentives for small low-profit enterprises[265](index=265&type=chunk) - Subsidiary Dongguan Zhihong Precision Mold Co., Ltd. is recognized as a high-tech enterprise, with corporate income tax provisionally paid at a **15%** rate for January-June 2025[266](index=266&type=chunk) - Subsidiary Xinjiang Delixi High-Speed Rail International Bus Station Co., Ltd. is eligible for Western Development corporate income tax incentives, taxed at a **15%** rate[266](index=266&type=chunk) - Holding subsidiaries Chuzhou Hamps Precision Transmission Co., Ltd. and Anhui Boji Electromechanical Technology Co., Ltd. are recognized as high-tech enterprises, eligible for a **15%** corporate income tax incentive[267](index=267&type=chunk) - The company benefits from VAT exemption policies for small-scale taxpayers and urban public transport stations and road passenger transport stations are exempt from urban land use tax[268](index=268&type=chunk) [Notes to Consolidated Financial Statement Items](index=97&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 consolidated financial statement items' period-end and beginning-of-period balances and changes, including monetary funds, transactional financial assets, accounts receivable, and goodwill, with explanations for significant movements - Monetary funds period-end balance was **99,696,868.25 yuan**, a **53.14%** decrease from the beginning of the period, mainly due to adjustments in cash management strategy[270](index=270&type=chunk)[73](index=73&type=chunk) - Transactional financial assets period-end balance was **199,711,664.67 yuan**, a **530.26%** increase from the beginning of the period, mainly due to increased funds placed in wealth management products[271](index=271&type=chunk)[74](index=74&type=chunk) - Accounts receivable period-end balance was **241,845,747.05 yuan**, with bad debt provision of **28,357,001.01 yuan**[283](index=283&type=chunk)[291](index=291&type=chunk) - Inventory period-end carrying amount was **60,942,933.59 yuan**, with inventory impairment provision of **4,802,542.96 yuan**[316](index=316&type=chunk) - Fixed assets period-end carrying amount was **211,577,370.00 yuan**, with accumulated depreciation of **179,235,531.50 yuan**[329](index=329&type=chunk) - Goodwill original carrying amount was **529,877,135.65 yuan**, with goodwill impairment provision of **164,296,762.50 yuan**[342](index=342&type=chunk)[344](index=344&type=chunk) - Short-term borrowings period-end balance was **5,003,847.23 yuan**, a **77.28%** decrease from the beginning of the period[364](index=364&type=chunk)[74](index=74&type=chunk) - Long-term borrowings period-end balance was **71,000,000.00 yuan**, a **27.44%** decrease from the beginning of the period[385](index=385&type=chunk)[72](index=72&type=chunk) - Share capital period-end balance was **233,514,680.00 yuan**, a decrease of **538,720.00 yuan** from the beginning of the period, mainly due to the repurchase and cancellation of restricted shares[395](index=395&type=chunk) - Operating revenue was **251,438,054.08 yuan**, and operating cost was **159,660,653.04 yuan**[415](index=415&type=chunk) - Net cash flow from operating activities was **43,960,550.01 yuan**, and net cash flow from investing activities was **-181,620,835.04 yuan**[448](index=448&type=chunk) [Research and Development Expenses](index=152&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) For the first half of 2025, total R&D expenses were **15.16 million yuan**, primarily comprising employee compensation, direct materials, and equity incentive wages, all expensed 2025 Semi-Annual R&D Expenses by Nature | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Equity Incentive Wages | 1,984,012.76 | 5,433,261.26 | | Direct Materials | 4,205,862.01 | 1,992,613.93 | | Employee Compensation | 8,188,551.32 | 5,061,693.60 | | Depreciation and Amortization | 427,248.82 | 110,293.23 | | Right-of-Use Asset Amortization | 34,262.22 | 39,862.19 | | Other Expenses | 320,453.30 | 95,005.96 | | Outsourced R&D Expenses | 0 | 49,999.98 | | Total | 15,160,390.43 | 12,782,730.15 | - All R&D expenditures have been expensed[424](index=424&type=chunk) [Changes in Consolidation Scope](index=153&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 business combinations, reverse acquisitions, or disposals of subsidiaries leading to loss of control - No business combinations involving entities not under common control during the reporting period[461](index=461&type=chunk) - No business combinations involving entities under common control during the reporting period[461](index=461&type=chunk) - No reverse acquisitions during the reporting period[462](index=462&type=chunk) - No transactions or events leading to loss of control over subsidiaries during the reporting period[462](index=462&type=chunk) [Interests in Other Entities](index=154&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) This section discloses the composition of the company's major subsidiaries, shareholding percentages, and key financial information for significant non-wholly-owned subsidiaries - The company owns multiple subsidiaries, with business activities spanning transportation, services, specialized equipment manufacturing, and scientific research and technical services[463](index=463&type=chunk) - Major subsidiaries include Xinjiang Zhundong Delixi Transportation Co., Ltd. (holding **51%**), Dongguan Zhihong Precision Mold Co., Ltd. (holding **100%**), and Anhui Hamps Precision Transmission Co., Ltd. (holding **51%**)[463](index=463&type=chunk) 2025 Semi-Annual Financial Information of Important Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding Proportion (%) | Current Period Profit or Loss Attributable to Minority Shareholders (RMB) | Current Period Dividends Declared to Minority Shareholders (RMB) | Period-End Minority Interest Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | Anhui Hamps Precision Transmission Co., Ltd. | 49.00 | 10,256,347.56 | 0 | 43,458,643.79 | | Xinjiang Zhundong Delixi Transportation Co., Ltd. | 49.00 | 19,614.92 | 0 | -160,723.75 | | Guangdong Zhifeng Technology Co., Ltd. | 32.00 | 35,847.69 | 0 | 4,799,360.97 | [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) For the first half of 2025, total government grants recognized in profit or loss amounted to **1,099,695.61 yuan**, primarily including export enterprise foreign exchange collection prevention subsidies, vocational skill subsidies, and factory rent support funds 2025 Semi-Annual Government Grants Recognized in Profit or Loss | Type | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Income-Related | 1,099,695.61 | 1,806.29 | | Total | 1,099,695.61 | 1,806.29 | - Income-related government grants include export enterprise foreign exchange collection prevention subsidies of **6,693.00 yuan**, office vocational skill subsidies of **48,200.00 yuan**, enterprise vocational skill level certification subsidies of **110,000.00 yuan**, and factory rent support funds of **934,802.61 yuan**[472](index=472&type=chunk) [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 manages credit, liquidity, and market risks (interest rate and foreign currency) through credit policies, cash flow monitoring, and reviewing fixed/floating rate instrument proportions - Credit risk primarily arises from monetary funds, notes receivable, accounts receivable, and notes receivable financing; the company controls risk by assessing customer creditworthiness and regular monitoring[473](index=473&type=chunk) - Liquidity risk is centrally controlled by the finance department, monitoring cash balances, marketable securities, and 12-month cash flow forecasts to ensure sufficient funds[474](index=474&type=chunk) - Market risk includes interest rate risk and foreign currency risk; the company hedges by adjusting the proportion of fixed and floating rate instruments and using interest rate swaps when necessary[476](index=476&type=chunk) 2025 Semi-Annual Undiscounted Contractual Cash Flows of Financial Liabilities by Maturity | Item | Within 1 Year (RMB) | 1-2 Years (RMB) | 2-5 Years (RMB) | Over 5 Years (RMB) | Total Undiscounted Contractual Amount (RMB) | Carrying Amount (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Short-Term Borrowings | 5,066,476.39 | 0 | 0 | 0 | 5,066,476.39 | 5,003,847.23 | | Accounts Payable | 100,178,000.15 | 0 | 0 | 0 | 100,178,000.15 | 100,178,000.15 | | Long-Term Borrowings | 0 | 17,208,708.33 | 59,328,325.00 | 0 | 76,537,033.33 | 71,000,000.00 | | Lease Liabilities | 0 | 4,931,100.52 | 11,596,071.20 | 0 | 16,527,171.72 | 15,436,090.72 | | Non-Current Liabilities Due Within One Year | 146,494,629.61 | 0 | 0 | 0 | 146,494,629.61 | 143,021,874.06 | | Total | 251,739,106.15 | 22,139,808.85 | 70,924,396.20 | 0 | 344,803,311.21 | 334,639,812.16 | [Disclosure of Fair Value](index=163&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) This section discloses the period-end fair value of assets and liabilities measured at fair value, including transactional financial assets, notes receivable financing, and other non-current financial assets, with valuation techniques explained 2025 Semi-Annual Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value Measurement (RMB) | Level 2 Fair Value Measurement (RMB) | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | (I) Transactional Financial Assets | 0 | 199,711,664.67 | 0 | 199,711,664.67 | | (VI) Notes Receivable Financing | 0 | 8,651,580.22 | 0 | 8,651,580.22 | | (VII) Other Non-Current Financial Assets | 188,395,185.61 | 0 | 0 | 188,395,185.61 | | Total Assets Continuously Measured at Fair Value | 188,395,185.61 | 208,363,244.89 | 0 | 396,758,430.50 | - The fair value of transactional financial assets (bank wealth management products) and other non-current financial assets (equity instrument investments) is determined based on their expected rate of return at the balance sheet date[480](index=480&type=chunk) - Notes receivable financing is measured at the carrying amount of notes receivable as a reasonable estimate of fair value[481](index=481&type=chunk) [Related Parties and Related-Party Transactions](index=165&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) This section discloses the company's related parties and related-party transactions, including purchases, leases, and guarantees, along with key management personnel compensation - The parent company is Delixi Xinjiang Investment Group Co., Ltd., with a shareholding ratio of **47.96%**, and the ultimate controlling party is Hu Chengzhong[483](index=483&type=chunk) - Other related parties include China Delixi Holding Group Co., Ltd., Hangzhou Delixi Group Co., Ltd., and other companies controlled by the actual controller[485](index=485&type=chunk) - In related-party transactions for purchasing goods/receiving services this period, Delixi (Hangzhou) Frequency Converter Co., Ltd.'s goods purchase amount was **11,966,766.02 yuan**[486](index=486&type=chunk) - As a lessee, the company leased buildings from China Delixi Holding Group Co., Ltd., paying **181,863.00 yuan** in rent[490](index=490&type=chunk) - The company, as the guaranteed party, received a **350 million yuan** guarantee from Delixi Group Co., Ltd. and Dongguan Zhihong Precision Mold Co., Ltd[492](index=492&type=chunk) - Key management personnel compensation for the current period amounted to **916,900 yuan**[493](index=493&type=chunk) - Among amounts payable to related parties, accounts payable to Delixi (Hangzhou) Frequency Converter Co., Ltd. had a period-end balance of **11,340,176.58 yuan**[496](index=496&type=chunk) [Share-Based Payment](index=170&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's equity incentive plan unlocked **1,545,040** shares, primarily for management, R&D, and production personnel, recognizing **1,640,461.85 yuan** in equity-settled share-based payment expenses 2025 Semi-Annual Details of Equity Instruments | Grantee Category | Current Period Unlocked Quantity (shares) | Current Period Unlocked Amount (RMB) | Current Period Forfeited Quantity (shares) | Current Period Forfeited Amount (RMB) | | :--- | :--- | :--- | :--- | :--- | | Sales Personnel | 17,080.00 | 273,158.00 | 0 | 0 | | Management Personnel | 326,200.00 | 8,411,720.00 | 89,600.00 | 2,142,800.32 | | R&D Personnel | 623,560.00 | 10,405,706.00 | 0 | 0 | | Production Personnel | 445,200.00 | 9,935,820.00 | 84,000.00 | 3,733,856.08 | | Workshop Management Personnel | 133,000.00 | 2,127,050.00 | 0 | 0 | | Total | 1,545,040.00 | 31,153,454.00 | 173,600.00 | 5,876,656.40 | - The cumulative amount of equity-settled share-based payments recognized in capital reserve was **176,182,335.07 yuan**[500](index=500&type=chunk) - Total share-based payment expenses for the current period were **1,640,461.85 yuan**[501](index=501&type=chunk) [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) The company has significant commitments, including pledging subsidiary equity and mortgaging buildings for M&A loans, and a provision for liabilities related to historical litigation - The company pledged **100%** equity of Dongguan Zhihong Precision Mold Co., Ltd. as collateral for a **350 million yuan** M&A loan[501](index=501&type=chunk) - The company pledged **51%** equity of Anhui Hamps Precision Transmission Co., Ltd. and mortgaged buildings of subsidiary Xinjiang Delixi High-Speed Rail International Bus Station Co., Ltd. as collateral for a **91 million yuan** M&A loan[502](index=502&type=chunk)[503](index=503&type=chunk) - The company has a provision for liabilities of **1,702,898.07 yuan** related to historical litigation[504](index=504&type=chunk)[392](index=392&type=chunk) [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 financial report approval date, the company has no significant non-adjusting events, profit distribution, or sales returns requiring disclosure - No significant non-adjusting events after the reporting period[505](index=505&type=chunk) - No profit distribution after the reporting period[505](index=505&type=chunk) - No sales returns after the reporting period[505](index=505&type=chunk) [Notes to Parent Company Financial Statement Major 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 parent company financial statement items' period-end and beginning-of-period balances and changes, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income, with explanations for significant movements - Parent company accounts receivable period-end balance was **170,139.13 yuan**, with bad debt provision of **16,953.57 yuan**[510](index=510&type=chunk)[512](index=512&type=chunk) - Parent company other receivables period-end balance was **2,638,875.06 yuan**, a **793.85%** increase from the beginning of the period, mainly due to increased intercompany balances[515](index=515&t

德新科技8月22日披露半年报，公司上半年实现营业收入2.51亿元，同比增长90.50%；归属于上市公司 股东的净利润2235.17万元，同比增长187.09%；基本每股收益0.1元。 ...

Core Insights - The stock price of Dexin Technology (603032) closed at 18.89 yuan, with a 0.8% increase and a turnover rate of 4.29% as of August 19, 2025 [1] - The company reported a total revenue of 97.68 million yuan for Q1 2025, representing an 84.44% year-on-year growth, and a net profit of 1.07 million yuan, up 92.08% year-on-year [1] - The company has a current ratio of 2.242, a quick ratio of 2.045, and a debt-to-asset ratio of 32.23% [1] Financial Performance - Total revenue for Q1 2025: 97.68 million yuan, up 84.44% year-on-year [1] - Net profit for Q1 2025: 1.07 million yuan, up 92.08% year-on-year [1] - Non-recurring net profit: 1.47 million yuan, up 89.78% year-on-year [1] Capital Flow - Main capital outflow on the reporting day was 19.36 million yuan, accounting for 10.39% of the total transaction amount [1] - Large orders saw a net outflow of 13.85 million yuan, representing 7.43% of the transaction amount [1] - Small orders had a net inflow of 20.63 million yuan, accounting for 11.07% of the transaction amount [1] Company Background - Dexin Technology, officially known as Delixi New Energy Technology Co., Ltd., was established in 2003 and is based in Urumqi [2] - The company primarily engages in the manufacturing of specialized equipment [2] - Registered capital is 2.335 billion yuan, with paid-in capital of 1 billion yuan [2]

Summary of Chemical Logistics Industry Conference Call Industry Overview - The chemical logistics sector is cyclical and closely tied to macroeconomic trends, particularly in consumption, real estate, and automotive industries [1][2][3] - From 2000 to 2024, the average annual growth rate of chemical production is approximately 7% [1][3] - The third-party chemical logistics market is nearing 1 trillion, representing a small portion of the total market size of 2.4 trillion, indicating low industry concentration with leading companies holding less than 1% market share [1][6] Key Insights - The industry is currently at a low point, awaiting a reversal, with companies like Michal Wei and Hongchuan Zhihui showing signs of recovery [2] - The demand for chemical products is expected to remain strong for exports, while domestic demand is currently weak [5][10] - The Chemical Commodity Price Index (CCPI) indicates a low state for the chemical industry, but prices are expected to recover with the implementation of macroeconomic policies [9][10] Company Performance - Michal Wei's revenue and net profit are significantly influenced by industry beta, with a forecasted revenue of approximately 6.5 billion in 2025, 7.6 billion in 2026, and 8.6 billion in 2027 [11][12] - New Tong Co. is expected to double its export capacity by adding over 100,000 tons of carrying capacity from 2025 to 2027, which will significantly boost revenue and profit [14] - Both companies are expanding through acquisitions, with Michal Wei acquiring a Shanghai chemical company to enhance distribution capabilities [7] Market Dynamics - The industry is characterized by a fragmented structure, with leading companies like Michal Wei and New Tong Co. expanding against the trend [10] - The current domestic demand is under pressure, as indicated by the CCPI, which has not shown significant signs of recovery [8][9] - The logistics sector is expected to benefit from a potential economic recovery and interest rate cuts in late 2025 [5][10] Future Outlook - The valuation for Michal Wei is projected at 14 times in 2025, 12 times in 2026, and 10 times in 2027, suggesting it is not overly expensive for a company at the bottom of the cycle [12][13] - The importance of forward-looking strategies in the chemical logistics sector is emphasized, particularly in identifying companies with significant elasticity like Michal Wei and New Tong Co. [17] Additional Considerations - The trend of third-party chemical logistics is growing due to lower costs and improved safety measures, which may lead to increased market penetration [6] - The performance of New Tong Co.'s domestic business is expected to remain stable due to regulatory challenges, while its export business is anticipated to drive growth [15][16]

Group 1 - The core viewpoint of the news is that 德新科技 (DeXin Technology) has experienced a decline in stock price and significant net outflow of funds, despite reporting strong revenue and profit growth in its latest quarterly results [1][3]. - As of August 13, 2025, the stock price of 德新科技 closed at 19.36 yuan, down 3.44%, with a turnover rate of 8.09% and a trading volume of 187,400 hands, amounting to a transaction value of 365 million yuan [1]. - The net outflow of main funds today was 32.36 million yuan, accounting for 8.88% of the transaction amount, with large orders contributing to the majority of the outflow [1]. Group 2 - In the latest quarterly report, 德新科技 reported total operating revenue of 97.68 million yuan, a year-on-year increase of 84.44%, and a net profit attributable to shareholders of 1.07 million yuan, up 92.08% year-on-year [1]. - The company has a current ratio of 2.242, a quick ratio of 2.045, and a debt-to-asset ratio of 32.23%, indicating a strong liquidity position [1]. - 德力西新能源科技股份有限公司, established in 2003 and located in Urumqi, primarily engages in the manufacturing of specialized equipment, with a registered capital of 2.335 billion yuan [2].

Group 1 - The core viewpoint of the news is that 德新科技 (DeXin Technology) has shown significant revenue growth in its latest quarterly report, indicating a strong performance in the market [1] - As of August 5, 2025, the stock price of 德新科技 is 18.56 yuan, with a slight decline of 0.11% [1] - The company reported total operating revenue of 97.68 million yuan for the first quarter of 2025, representing a year-on-year growth of 84.44% [1] - The net profit attributable to shareholders for the same period was 1.07 million yuan, up 92.08% year-on-year [1] - The company's liquidity ratios are strong, with a current ratio of 2.242 and a quick ratio of 2.045, while the debt-to-asset ratio stands at 32.23% [1] Group 2 - 德力西新能源科技股份有限公司 (Delixi New Energy Technology Co., Ltd.) was established in 2003 and is primarily engaged in the manufacturing of specialized equipment [2] - The company has made investments in 14 enterprises and participated in 52 bidding projects [2] - 德力西 holds 13 trademark registrations and has obtained 59 administrative licenses [2]

Group 1 - The core point of the article highlights that 德新科技 (Dexin Technology) reported a stock price of 18.56 yuan on August 5, experiencing a slight decline of 0.02 yuan, or 0.11% from the previous trading day [1] - The company specializes in precision machining and intelligent manufacturing, with its products primarily used in the automotive parts and electronics sectors [1] - On August 5, the main capital outflow was 13.31 million yuan, with a cumulative net outflow of 10.65 million yuan over the past five days [1] Group 2 - 德新科技 has introduced a new concept of "2025 mid-term profit increase," projecting a net profit attributable to shareholders of 20 million to 25 million yuan for the first half of 2025 [1] - The trading volume on August 5 was 93,787 hands, with a total transaction amount reaching 174 million yuan [1] - The company is associated with several concept sectors, including batteries, Xinjiang sector, reducers, and solid-state batteries [1]

Group 1 - Zhejiang Dingli achieved a net profit of 1.051 billion yuan in the first half of 2025, a year-on-year increase of 27.49% [1] - The company reported an operating income of 4.336 billion yuan, representing a year-on-year growth of 12.35% [1] - Basic earnings per share were 2.08 yuan [1] Group 2 - Dexin Technology announced that its shareholder plans to reduce its stake by no more than 1%, equating to 2.3351 million shares [1] - The company specializes in the research, design, manufacturing, and sales of lithium battery cutting molds and precision components [1] Group 3 - Fangda Group signed new orders worth 970 million yuan in the second quarter of 2025 [1] - The total amount of signed but uncompleted contracts reached 4.916 billion yuan by the end of the second quarter [1] Group 4 - Warner Pharmaceutical's shareholder plans to reduce its stake by no more than 1.3 million shares, which is approximately 0.9899% of the total share capital [3] - The company focuses on the research, production, and sales of chemical raw materials and traditional Chinese medicine [3] Group 5 - Zijin Mining's vice president plans to reduce his holdings by no more than 250,300 shares [4] - The company is engaged in the exploration and development of mineral resources, including gold, copper, and lithium [4] Group 6 - Shenkong Co. received government subsidies totaling 14.9 million yuan [6] - The company specializes in the research, production, and sales of large-diameter silicon materials and semiconductor products [6] Group 7 - Jincai Hulin's shareholder plans to reduce its stake by no more than 2.5%, which amounts to 19.4798 million shares [1] - The company is involved in heat treatment equipment manufacturing and related services [1] Group 8 - New Media Co. plans to reduce its stake by no more than 6.8434 million shares, approximately 2.99% of the total share capital [1] - The company focuses on IPTV, internet audio-visual services, and content copyright [1] Group 9 - Aidi Pharmaceutical received a drug registration certificate for its product in Zanzibar, allowing for commercial sales [8] - The product is a new drug developed for the treatment of HIV-1 infection [8] Group 10 - Changlan Technology plans to reduce its stake by no more than 1%, equating to 1.9311 million shares [10] - The company specializes in the research, production, and sales of power cable accessories [10] Group 11 - Qiaofeng Intelligent announced that two shareholders plan to reduce their holdings by no more than 2.14% of the total share capital [12] - The company focuses on the research, production, and sales of CNC machine tools [12] Group 12 - Junxin Co. signed a tripartite preliminary agreement to build a solid waste disposal power facility valued at approximately 280 million USD in Almaty [13] - The company specializes in waste incineration power generation and related environmental services [13] Group 13 - Qinglong Pipe Industry signed a strategic cooperation framework agreement with Tian Shan High-tech [14] - The company is involved in the research, production, and sales of high-quality water supply pipes [14] Group 14 - Defang Nano's shareholder plans to reduce its stake by no more than 1%, equating to 2.7954 million shares [1] - The company specializes in the research, production, and sales of lithium-ion battery materials [1] Group 15 - ST Lutong's specific shareholder plans to reduce its stake by up to 3%, including 2 million shares through centralized bidding and 4 million shares through block trading [1] - The company focuses on cable television network equipment and smart control systems [1] Group 16 - Tongzhou Electronics reported a net profit of 203 million yuan in the first half of 2025, a significant turnaround from a loss of 36.08 million yuan in the previous year [17] - The company achieved an operating income of approximately 540 million yuan, representing a year-on-year growth of 606.52% [17] Group 17 - Rebecca reported a net profit of 9.3759 million yuan in the first half of 2025, a year-on-year increase of 15.31% [18] - The company achieved total operating revenue of approximately 598 million yuan, reflecting a year-on-year growth of 4.20% [18] Group 18 - Ruixin Technology's shareholders plan to reduce their holdings by no more than 4.9493 million shares, which is up to 3% of the total share capital [20] - The company specializes in the research, production, and sales of precision aluminum alloy components [20]