[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board and management guarantee the report's accuracy; the unaudited report proposes a 2025 semi-annual cash dividend of 0.07 yuan per share, totaling 10.22 million yuan - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[4](index=4&type=chunk) - This semi-annual report is unaudited[6](index=6&type=chunk) 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount/Percentage | | :--- | :--- | | Net Profit Attributable to Shareholders of Listed Company (million yuan) | 29.67 | | Undistributed Profit at Period-End (million yuan) | 272.12 | | Cash Dividend Per Share (yuan/share, tax inclusive) | 0.07 | | Total Expected Distribution (million yuan, tax inclusive) | 10.22 | | Percentage of Semi-Annual Net Profit Attributable to Parent Company (%) | 34.46 | [Section I Definitions](index=5&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines key terms used in the report, including company name, reporting period, actual controller, controlling shareholder, major subsidiaries, and automotive industry specific terms like PPM, ensuring clear understanding - The reporting period is from **January 1, 2025, to June 30, 2025**[15](index=15&type=chunk) - The company's actual controllers are Mr. Yu Liming and Ms. Zheng Xiaomin, with Mr. Yu Zhenhuan as a party acting in concert[15](index=15&type=chunk) - PPM (Parts Per Million) in quality management refers to the statistical standard for defect rates per million products, categorized into 0 km PPM and after-sales PPM[15](index=15&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) This section covers Zhejiang Liming Intelligent Manufacturing Co., Ltd.'s basic information, contact details, stock overview, and key financial data for the reporting period, showing revenue and net profit growth but a significant decrease in net cash flow from operating activities [I. Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) The company's full name is Zhejiang Liming Intelligent Manufacturing Co., Ltd., abbreviated as Zhejiang Liming, with Yu Liming as its legal representative - The company's Chinese name is Zhejiang Liming Intelligent Manufacturing Co., Ltd., abbreviated as **Zhejiang Liming**[18](index=18&type=chunk) - The company's legal representative is **Yu Liming**[18](index=18&type=chunk) [II. Contact Person and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary is Chen Guanyu, contact number 0580-2820008, and email address lmin@zhejiangliming.com - The Board Secretary is Chen Guanyu, contact number **0580-2820008**[19](index=19&type=chunk) - The company's email address is **lmim@zhejiangliming.com**[19](index=19&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) The company's registered and office addresses are both located at Honglu Avenue, Xingang Park, Zhoushan High-tech Industrial Park, Zhejiang Province, with a registered address change in 2013 - The company's registered and office addresses are both Zhejiang Province, Zhoushan High-tech Industrial Park, Xingang Park, Honglu Avenue[20](index=20&type=chunk) - The company's registered address was changed in **2013** from Zhoushan Economic Development Zone B Area to the current address[20](index=20&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=6&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%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) The company designates "Shanghai Securities News" and three other newspapers as information disclosure media, with the Shanghai Stock Exchange website for semi-annual reports, and the company's securities department as the document custody location - The company's selected information disclosure newspapers include **"Shanghai Securities News"**, **"China Securities Journal"**, **"Securities Times"**, and **"Securities Daily"**[21](index=21&type=chunk) - The website address for publishing the semi-annual report is **http://www.sse.com.cn/**[21](index=21&type=chunk) [V. Company Stock Overview](index=6&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) The company's A-shares are listed on the Shanghai Stock Exchange, with the stock abbreviation Zhejiang Liming and stock code 603048 - The company's stock type is **A-shares**, listed on the **Shanghai Stock Exchange**[22](index=22&type=chunk) - The stock abbreviation is **Zhejiang Liming**, and the stock code is **603048**[22](index=22&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%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) In the first half of 2025, the company's operating revenue increased by 10.51% year-on-year, and net profit attributable to shareholders increased by 14.65%, but net cash flow from operating activities significantly decreased by 146.72% due to increased bill discounting and endorsement transfers 2025 Semi-Annual Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) | Previous Year's Corresponding Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 341,365,278.13 | 308,894,085.95 | 10.51 | | Total Profit (yuan) | 30,546,313.58 | 25,706,057.68 | 18.83 | | Net Profit Attributable to Shareholders of Listed Company (yuan) | 29,674,269.53 | 25,883,420.89 | 14.65 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses (yuan) | 26,789,004.77 | 22,050,269.34 | 21.49 | | Net Cash Flow from Operating Activities (yuan) | -18,594,531.16 | 39,800,596.25 | -146.72 | | Net Assets Attributable to Shareholders of Listed Company (Period-End, yuan) | 1,271,633,277.96 | 1,282,868,620.48 | -0.88 | | Total Assets (Period-End, yuan) | 1,624,565,420.46 | 1,595,281,898.04 | 1.84 | 2025 Semi-Annual Key Financial Indicators | Indicator | Current Reporting Period (Jan-Jun) | Previous Year's Corresponding Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.20 | 0.18 | 11.11 | | Diluted Earnings Per Share (yuan/share) | 0.20 | 0.18 | 11.11 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.18 | 0.15 | 20.00 | | Weighted Average Return on Net Assets (%) | 2.30 | 1.98 | Increased by 0.32 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 2.08 | 1.68 | Increased by 0.40 percentage points | - Net cash flow from operating activities decreased by **146.72%** year-on-year, primarily due to a larger amount of bills discounted in the previous year and a significant year-on-year increase in bills endorsed and transferred in the current period[26](index=26&type=chunk) 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 20,474.84 | | Government Grants Recognized in Current Profit and Loss | 3,756,671.43 | | Gains and Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | 209,514.54 | | Other Non-Operating Income and Expenses | -600,215.39 | | Less: Income Tax Impact | 501,180.66 | | Total | 2,885,264.76 | [Section III Management Discussion and Analysis](index=8&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) This section details the company's industry position, main business, operating results, core competitiveness, and financial status during the reporting period, highlighting steady revenue and profit growth through core business focus, R&D enhancement, and overseas market expansion [I. Description of the Company's Industry and Main Business During the Reporting Period](index=8&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 specializes in R&D, production, and sales of automotive precision components, primarily categorized into precision forgings, assemblies, stampings, and other parts, serving as a Tier 1 supplier to renowned domestic and international automotive manufacturers - The company continuously focuses on the R&D, production, and sales of automotive precision components[30](index=30&type=chunk) - Main products are categorized into four types: precision forgings (e.g., valve bridges, valve spring upper seats), assemblies (e.g., piston cooling nozzles), stampings (e.g., valve cotters, crankshaft sensor signal plates), and other parts[30](index=30&type=chunk) - The company primarily serves as a Tier 1 supplier to well-known domestic and international automotive manufacturers[30](index=30&type=chunk) [II. Discussion and Analysis of Operating Performance](index=8&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) As a leading domestic Tier 1 supplier of automotive precision components, the company achieved a 10.51% year-on-year increase in operating revenue and a 14.65% year-on-year increase in net profit attributable to the parent company in the first half of 2025, driven by core business focus, product upgrades, industry trend monitoring, and accelerated overseas expansion - The company has been deeply involved in the automotive precision components segment for over **20 years**, with its main products holding a leading market share nationwide[30](index=30&type=chunk) - Key customers include FAW Toyota/GAC Toyota, Dongfeng Honda, Weichai Power, Cummins, and other renowned domestic and international OEMs or engine manufacturers[31](index=31&type=chunk) 2025 First Half Operating Performance | Indicator | Amount/Growth Rate | | :--- | :--- | | Operating Revenue (million yuan) | 341.37, year-on-year increase of 10.51% | | Net Profit Attributable to Parent Company (million yuan) | 29.67, year-on-year increase of 14.65% | - The company's strategic initiatives include continuously focusing on core businesses, enhancing R&D and management capabilities, prioritizing product transformation and upgrading, monitoring trends in automotive lightweighting, intelligence, and connected vehicles, and accelerating overseas business expansion[31](index=31&type=chunk)[32](index=32&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=8&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness stems from its high-quality customer base, excellent product quality, strong R&D capabilities, efficient production management, and rapid customer response, collectively solidifying its market position in automotive precision components [(I) High-Quality Customer Resources](index=8&type=section&id=(%E4%B8%80)%E3%80%81%E4%BC%98%E8%B4%A8%E7%9A%84%E5%AE%A2%E6%88%B7%E8%B5%84%E6%BA%90) Leveraging superior quality and delivery capabilities, the company has cultivated a high-quality customer base including Weichai Power, Great Wall Motor, Cummins, and FAW Toyota, earning numerous "Excellent Supplier" awards - The company boasts a high-quality customer base including Weichai Power, Great Wall Motor, Cummins, FAW Toyota, SAIC General Motors, and many other renowned domestic and international automotive OEMs or engine manufacturers[33](index=33&type=chunk) - The company has become a designated supplier for FAW-Volkswagen, SAIC Volkswagen, MAN Germany, Navistar US, and other companies[34](index=34&type=chunk) - The company has been recognized over **150 times** by customers with "Excellent Supplier" or "Excellent Quality Award" honors, and has established a global strategic partnership with Cummins US, earning the title of "Strategic Core Supplier"[36](index=36&type=chunk) [(II) Product Quality Advantage](index=9&type=section&id=(%E4%BA%8C)%E3%80%81%E4%BA%A7%E5%93%81%E8%B4%A8%E9%87%8F%E4%BC%98%E5%8A%BF) Adhering to a "zero defects, zero customer complaints" goal, the company has established a comprehensive quality management system and laboratory, achieving a 0 km PPM value as low as 0.53, and has received multiple customer quality awards - The company aims for "zero defects, zero customer complaints", establishing a Quality Assurance Department with Quality Assurance, Inspection, and Laboratory sections[36](index=36&type=chunk) - The laboratory has obtained three major measuring tool calibration certificates, capable of providing new product technical feedback and support, and performing metrological verification of internal testing equipment[36](index=36&type=chunk) - During the reporting period, the company's 0 km PPM value reached as low as **0.53**, with **0 PPM** for over **40 customers** and **0 after-sales PPM** for over **60 customers** in 2021[37](index=37&type=chunk) [(III) Technology and R&D Advantage](index=9&type=section&id=(%E4%B8%89)%E3%80%81%E6%8A%80%E6%9C%AF%E5%92%8C%E7%A0%94%E5%8F%91%E4%BC%98%E5%8A%BF) With over 110 R&D professionals, extensive use of CAD/CAE/CAM software, and strong independent mold development capabilities, the company achieves one-time forming through world-class equipment and proprietary processes, collaborating with Zhejiang University for R&D and holding 61 patents and multiple industry standard achievements - The company currently employs over **110** professional R&D personnel engaged in product development and manufacturing process technology R&D[37](index=37&type=chunk) - The company utilizes CAD/CAE/CAM software such as Creo, EESY-Form, NX, and SolidWorks to shorten R&D cycles and reduce R&D costs[37](index=37&type=chunk) - The company possesses world-class equipment, including Italian cold heading machines, Swiss fine blanking machines, and Japanese automatic lathes, combined with self-developed cold precision forging and precision stamping processes, enabling various products to be formed in one step[38](index=38&type=chunk) - The company established the "Zhejiang University-Liming Engine Valve Train System Product R&D Center" with Zhejiang University, obtaining **61 patents** (3 domestic invention patents, 1 overseas invention patent, 57 utility model patents)[39](index=39&type=chunk) - The company led the formulation of **2 group standards** and participated in the formulation of **1 national industry standard**, covering main products such as valve bridges and piston cooling nozzles[39](index=39&type=chunk) [(IV) Production Management Advantage](index=10&type=section&id=(%E5%9B%9B)%E3%80%81%E7%94%9F%E4%BA%A7%E7%AE%A1%E7%90%86%E4%BC%98%E5%8A%BF) The company implements advanced management methods combining lean production and 5S management, integrating ERP and Kanban management, and actively promoting full employee participation to enhance operational efficiency - The company implements advanced management methods combining lean production and 5S management, integrating ERP and Kanban management, and actively promoting full employee participation[39](index=39&type=chunk) - The company engages 5S management and lean production management experts for on-site guidance, fostering refined management and improving operational efficiency[39](index=39&type=chunk) [(V) Rapid Customer Response Capability](index=10&type=section&id=(%E4%BA%94)%E3%80%81%E5%BF%AB%E9%80%9F%E7%9A%84%E5%AE%A2%E6%88%B7%E5%93%8D%E5%BA%94%E8%83%BD%E5%8A%9B) Through an efficient project management system, strong mold development capabilities, advanced production processes, and skilled workers, the company can promptly, accurately, and efficiently meet diverse customer needs with high quality - The company possesses an efficient project management system, strong mold development capabilities, advanced production processes, and skilled production workers[40](index=40&type=chunk) - The company can promptly, accurately, and efficiently meet diverse customer needs, developing products that comply with customer requirements within specified timelines[40](index=40&type=chunk) [IV. Major Operating Performance During the Reporting Period](index=10&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) This section analyzes the company's main operating performance during the reporting period, including financial changes in its core business, asset-liability structure, and the operating status of major subsidiaries and associates, showing increased operating revenue but significant changes in selling and financial expenses, while maintaining a stable asset-liability structure [(I) Analysis of Main Business](index=10&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue increased by 10.51% year-on-year, and operating costs increased by 11.99%; selling expenses surged by 204.93% due to establishing provincial sales offices and expanding sales channels, while financial expenses shifted from positive to negative, decreasing by 335.56% year-on-year, primarily influenced by exchange gains and losses Analysis of Major Accounting Item Changes | Item | Current Period Amount (yuan) | Previous Year's Corresponding Period Amount (yuan) | Change Percentage (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 341,365,278.13 | 308,894,085.95 | 10.51 | | Operating Costs | 223,208,166.27 | 199,316,749.52 | 11.99 | | Selling Expenses | 8,526,576.01 | 2,796,284.57 | 204.93 | | Administrative Expenses | 58,221,446.95 | 53,394,052.35 | 9.04 | | Financial Expenses | -3,667,775.09 | 1,557,062.48 | -335.56 | | R&D Expenses | 18,802,727.86 | 18,749,420.83 | 0.28 | | Net Cash Flow from Operating Activities | -18,594,531.16 | 39,800,596.25 | -146.72 | | Net Cash Flow from Investing Activities | -54,174,642.99 | -15,179,139 | -256.90 | | Net Cash Flow from Financing Activities | 33,187,364.03 | -58,494,878.15 | 156.74 | - The change in selling expenses was primarily due to the establishment of provincial sales offices and active expansion of sales channels during the reporting period[42](index=42&type=chunk) - The change in financial expenses was primarily influenced by exchange gains and losses[42](index=42&type=chunk) [(III) Analysis of Assets and Liabilities](index=11&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) At the end of the reporting period, total assets increased by 1.84% year-on-year, while net assets attributable to shareholders slightly decreased; receivables financing increased by 45.76% due to bill discounting, short-term borrowings increased by 84.92%, and other payables surged by 1,613.41% mainly due to unpaid dividends Changes in Assets and Liabilities | Item Name | Current Period-End Amount (yuan) | Percentage of Total Assets at Current Period-End (%) | Previous Year-End Amount (yuan) | Percentage of Total Assets at Previous Year-End (%) | Change Percentage of Current Period-End Amount vs. Previous Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Receivables Financing | 117,888,558.41 | 7.26 | 80,876,354.21 | 5.07 | 45.76 | Impact of bill discounting | | Inventories | 186,446,877.39 | 11.48 | 187,314,937.97 | 11.74 | -0.46 | Stable inventory levels | | Long-term Equity Investments | 89,378,406.01 | 5.50 | 84,785,031.85 | 5.31 | 5.42 | Increased profit from investees | | Fixed Assets | 706,268,201.02 | 43.47 | 717,012,978.56 | 44.95 | -1.50 | Impact of asset depreciation | | Construction in Progress | 43,220,574.37 | 2.66 | 41,974,769.15 | 2.63 | 2.97 | Impact of new equipment purchases | | Right-of-Use Assets | 1,791,402.38 | 0.11 | 2,301,196.14 | 0.14 | -22.15 | Impact of asset depreciation | | Short-term Borrowings | 74,018,022.08 | 4.56 | 40,028,006.90 | 2.51 | 84.92 | Increase in short-term borrowings | | Contract Liabilities | 307,490.73 | 0.02 | 463,125.42 | 0.03 | -33.61 | Impact of revenue recognition in current period | | Lease Liabilities | 657,965.14 | 0.04 | 1,415,454.73 | 0.09 | -53.52 | Increase in lease liabilities due within one year | | Other Payables | 43,488,933.57 | 2.68 | 2,538,148.53 | 0.16 | 1,613.41 | Dividends unpaid | Restricted Assets at Period-End | Item | Period-End Carrying Amount (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 24,000.00 | ETC deposit | | Fixed Assets | 318,887,620.42 | Pledged | | Intangible Assets | 50,318,403.04 | Pledged | | Total | 369,230,023.46 | / | [(VI) Analysis of Major Controlled and Invested Companies](index=12&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) The company's main subsidiary, Liming Nozzle Company, specializes in R&D and manufacturing of piston cooling nozzles, achieving operating revenue of 93.62 million yuan and net profit of 4.59 million yuan during the reporting period Financial Data of Major Subsidiary Liming Nozzle Company | Indicator | Amount (million yuan) | | :--- | :--- | | Company Type | Subsidiary | | Main Business | R&D and manufacturing of piston cooling nozzles | | Registered Capital | 3.00 | | Total Assets | 96.53 | | Net Assets | 53.50 | | Operating Revenue | 93.62 | | Operating Profit | 5.21 | | Net Profit | 4.59 | [Section IV Corporate Governance, Environment, and Society](index=13&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) This section discloses the company's corporate governance, environmental, and social responsibility performance, including the board's approval of the semi-annual profit distribution plan, detailed emissions of major pollutants and hazardous waste, and active participation in poverty alleviation and rural revitalization initiatives [II. Profit Distribution or Capital Reserve Conversion Plan](index=13&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The board approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of 0.07 yuan per 10 shares (tax inclusive), totaling 10.22 million yuan, representing 34.46% of the semi-annual net profit attributable to the parent company, without requiring shareholder approval 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount | | :--- | :--- | | Whether to Distribute or Convert | No | | Number of Bonus Shares Per 10 Shares (shares) | 0 | | Cash Dividend Per 10 Shares (yuan, tax inclusive) | 0.07 | | Number of Shares Converted from Capital Reserve Per 10 Shares (shares) | 0 | - The net profit attributable to shareholders of the listed company for the first half of 2025 was **29.67 million yuan**[50](index=50&type=chunk) - The total estimated cash dividend is **10.22 million yuan** (tax inclusive), accounting for approximately **34.46%** of the net profit attributable to shareholders of the listed company for the first half of 2025[50](index=50&type=chunk) - This profit distribution plan does not require submission to the general meeting of shareholders for deliberation[51](index=51&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=13&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%83%85%E5%86%B5) The company, listed for environmental information disclosure, details annual emissions and disposal of major pollutants (COD, total nitrogen, phosphate, ammonia nitrogen) and industrial solid waste (scrap metal, polishing sludge), along with the generation and disposal of hazardous waste (waste oil, emulsion cutting fluid, phosphating sludge, waste chemical packaging) - The company has been included in the list of enterprises required to disclose environmental information by law, which can be queried through the Zhejiang Provincial Department of Ecology and Environment system[52](index=52&type=chunk) Annual Emissions of Major Pollutants | Pollutant | Annual Emission (tons) | | :--- | :--- | | Chemical Oxygen Demand | 1.158 | | Total Nitrogen | 0.7776 | | Phosphate | 0.03 | | Ammonia Nitrogen | 0.0396 | Annual Generation and Disposal of Industrial Solid Waste | Waste Type | Annual Generation and Entrusted Disposal (tons) | | :--- | :--- | | Scrap Metal | 534.2 | | General Polishing and Grinding Sludge | 189.38 | Annual Generation and Disposal of Hazardous Waste | Waste Type | Annual Generation and Entrusted Disposal (tons) | | :--- | :--- | | Waste Oil HW08 | 58.56 | | Emulsion Cutting Fluid HW09 | 9.304 | | Phosphating Sludge HW17 | 19.27 | | Waste Chemical Packaging, Waste Packaging Barrels HW49 | 1.88 | [V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=14&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company actively participates in East-West collaboration, partnering with Hongyan Community, Hongfeng Town, Xuanhan County, Dazhou City, Sichuan Province, for labor cooperation, industrial collaboration, and public welfare assistance, and has supported local community initiatives for difficult residents since 2019 - The company partners with Hongyan Community, Hongfeng Town, Xuanhan County, Dazhou City, Sichuan Province, for labor cooperation, industrial collaboration, public welfare assistance, and joint community building[54](index=54&type=chunk) - Since 2019, the company's Party General Branch has collaborated with Qingshan Community, Liuhang Town, Putuo District, providing over **120,000 yuan** in support for community initiatives to assist residents in need[54](index=54&type=chunk) [Section V Significant Matters](index=15&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) This section details the company's significant matters during the reporting period, including the fulfillment of commitments related to its initial public offering, major related party transactions, and the performance of significant contracts, confirming strict adherence to commitments and no violations or major litigation [I. Fulfillment of Commitments](index=15&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's controlling shareholder, actual controllers and their parties acting in concert, directors, supervisors, senior management, and other shareholders holding over 5% equity have all strictly fulfilled their commitments related to the initial public offering, including share lock-up, price stabilization, avoidance of horizontal competition, information disclosure, and standardized related party transactions - The company's controlling shareholder Liming Investment, and shareholders Jiheng Investment and Yifan Investment, committed not to transfer shares within **36 months** from the listing date, and the reduction price will not be lower than the offering price within **2 years** after the lock-up period expires[58](index=58&type=chunk) - Actual controllers Yu Liming and Zheng Xiaomin, and their party acting in concert Yu Zhenhuan, committed to a **36-month** share lock-up, with the reduction price not lower than the offering price within **2 years** after the lock-up period expires, and pledged not to transfer more than **25%** of their total holdings annually during their tenure[59](index=59&type=chunk) - The company formulated a share price stabilization plan for the three years post-listing, including company share repurchases, increased holdings by the controlling shareholder/actual controllers and their parties acting in concert, and increased holdings by directors/senior management[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) - The controlling shareholder, actual controllers, and their parties acting in concert committed to avoiding horizontal competition and standardizing related party transactions to ensure no harm to the company and other shareholders' interests[69](index=69&type=chunk)[70](index=70&type=chunk) - The company and relevant parties committed that information disclosure contains no false records, misleading statements, or major omissions, and will bear corresponding legal responsibilities[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk) [X. Major Related Party Transactions](index=21&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in routine operational related party transactions, such as purchasing goods from Zhejiang Liming Fangzhou Technology Co., Ltd., with transaction amounts not exceeding the approved limits - The company purchased goods from its associate, Zhejiang Liming Fangzhou Technology Co., Ltd.; the current period's transaction amount was not specifically disclosed but the approved transaction limit was **100,000 yuan**, which was not exceeded[78](index=78&type=chunk)[369](index=369&type=chunk) [XI. Major Contracts and Their Performance](index=22&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had no external guarantees, and the guarantee balance for subsidiaries was 1 million yuan, accounting for 0.07% of the company's net assets Company Guarantee Total | Indicator | Amount (yuan) | | :--- | :--- | | Total Guarantee Amount Incurred During Reporting Period (excluding guarantees for subsidiaries) | 0 | | Total Guarantee Balance at Period-End (A) (excluding guarantees for subsidiaries) | 0 | | Total Guarantee Amount Incurred for Subsidiaries During Reporting Period | 0 | | Total Guarantee Balance for Subsidiaries at Period-End (B) | 1,000,000.00 | | Total Guarantee Amount (A+B) | 1,000,000.00 | | Percentage of Total Guarantee Amount to Company's Net Assets (%) | 0.07 | [Section VI Share Changes and Shareholder Information](index=23&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) This section discloses the company's share capital structure and shareholder information during the reporting period; the total number of shares and share capital structure remained unchanged, with 16,521 ordinary shareholders at period-end, and the top three shareholders, Zhejiang Free Trade Zone Liming Investment Co., Ltd., Zhejiang Free Trade Zone Jiheng Investment Co., Ltd., and Zhoushan Yifan Equity Investment Partnership (Limited Partnership), collectively holding over 70% [I. Share Capital Changes](index=23&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total share capital or share capital structure - During the reporting period, there were no changes in the company's total share capital or share capital structure[83](index=83&type=chunk) [II. Shareholder Information](index=23&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 16,521 ordinary shareholders; among the top ten shareholders, Zhejiang Free Trade Zone Liming Investment Co., Ltd., Zhejiang Free Trade Zone Jiheng Investment Co., Ltd., and Zhoushan Yifan Equity Investment Partnership (Limited Partnership) were the top three, collectively holding over 70% of the shares - As of the end of the reporting period, the total number of ordinary shareholders was **16,521**[84](index=84&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Number of Shares Held at Period-End (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Zhejiang Free Trade Zone Liming Investment Co., Ltd. | 62,500,000 | 42.55 | Domestic Non-State-Owned Legal Person | | Zhejiang Free Trade Zone Jiheng Investment Co., Ltd. | 37,500,000 | 25.53 | Domestic Non-State-Owned Legal Person | | Zhoushan Yifan Equity Investment Partnership (Limited Partnership) | 9,160,000 | 6.24 | Other | | Cao Min | 600,000 | 0.41 | Domestic Natural Person | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | 452,664 | 0.31 | Overseas Legal Person | | Xiao Yunxia | 317,700 | 0.22 | Domestic Natural Person | | Lin Jianxin | 273,100 | 0.19 | Domestic Natural Person | | BARCLAYS BANK PLC | 265,053 | 0.18 | Overseas Legal Person | | Goldman Sachs (China) Co., Ltd. | 255,069 | 0.17 | Domestic Non-State-Owned Legal Person | | Jiao Fengli | 200,085 | 0.14 | Domestic Natural Person | - Zhejiang Free Trade Zone Liming Investment Co., Ltd. and Zhejiang Free Trade Zone Jiheng Investment Co., Ltd. are enterprises controlled by the company's actual controllers, Mr. Yu Liming and Ms. Zheng Xiaomin; Zhoushan Yifan Equity Investment Partnership (Limited Partnership) is an enterprise controlled by Mr. Yu Zhenhuan, a party acting in concert with the actual controllers[87](index=87&type=chunk) - As of the end of this reporting period, Zhejiang Liming Intelligent Manufacturing Co., Ltd.'s special securities account for share repurchase held **812,400 shares**, accounting for **0.55%** of the company's total share capital[87](index=87&type=chunk) [Section VII Bond-Related Information](index=26&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) During the reporting period, the company had no corporate bonds (including enterprise bonds), non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[90](index=90&type=chunk) - The company has no convertible corporate bonds[90](index=90&type=chunk) [Section VIII Financial Report](index=27&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) This section includes the company's unaudited consolidated and parent company financial statements, along with detailed notes covering basic company information, significant accounting policies, taxes, specific annotations for various asset, liability, and income statement items, and important information related to financial instruments and related party transactions [II. Financial Statements](index=27&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%AB%E8%A1%A8) This part presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting the financial position at period-end and operating results and cash flows during the reporting period [Consolidated Balance Sheet](index=27&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's total consolidated assets were 1.62 billion yuan, with total current assets of 661.09 million yuan and total non-current assets of 963.48 million yuan; total liabilities were 356.06 million yuan, and total owners' equity was 1.27 billion yuan Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Cash and Cash Equivalents | 121,959,878.47 | | Financial Assets Held for Trading | 20,215,501.67 | | Accounts Receivable | 205,461,334.37 | | Inventories | 186,446,877.39 | | Fixed Assets | 706,268,201.02 | | Short-term Borrowings | 74,018,022.08 | | Accounts Payable | 94,241,171.72 | | Total Liabilities | 356,062,998.46 | | Total Equity Attributable to Parent Company Owners | 1,271,633,277.96 | | Total Assets | 1,624,565,420.46 | [Consolidated Income Statement](index=31&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) From January to June 2025, the company's total consolidated operating revenue was 341.37 million yuan, a year-on-year increase of 10.51%; net profit attributable to parent company shareholders was 29.67 million yuan, a year-on-year increase of 14.65% Consolidated Income Statement Key Data (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 341,365,278.13 | | Total Operating Costs | 310,510,836.12 | | Operating Profit | 31,146,528.97 | | Total Profit | 30,546,313.58 | | Net Profit | 28,112,448.66 | | Net Profit Attributable to Parent Company Shareholders | 29,674,269.53 | | Basic Earnings Per Share (yuan/share) | 0.20 | [Consolidated Cash Flow Statement](index=34&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) From January to June 2025, the company's net cash flow from operating activities was -18.59 million yuan, a significant year-on-year decrease of 146.72%; net cash flow from investing activities was -54.17 million yuan, and net cash flow from financing activities was 33.19 million yuan Consolidated Cash Flow Statement Key Data (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -18,594,531.16 | | Net Cash Flow from Investing Activities | -54,174,642.99 | | Net Cash Flow from Financing Activities | 33,187,364.03 | | Net Increase in Cash and Cash Equivalents | -36,294,352.85 | | Cash and Cash Equivalents at Period-End | 121,935,878.47 | [III. Company Basic Information](index=45&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) Zhejiang Liming Intelligent Manufacturing Co., Ltd., established on May 15, 1997, with headquarters in Zhoushan, Zhejiang Province, and a registered capital of 146.88 million yuan, listed its shares on the Shanghai Stock Exchange on November 16, 2021, primarily engaging in R&D, production, and sales of automotive components - The company was established on **May 15, 1997**, with its headquarters in Zhoushan, Zhejiang Province[125](index=125&type=chunk) - The company's registered capital is **146.88 million yuan**, with a total of **146.88 million shares**[125](index=125&type=chunk) - The company's shares were listed and traded on the Shanghai Stock Exchange on **November 16, 2021**[125](index=125&type=chunk) - The main business involves the R&D, production, and sales of automotive components, including precision forgings, assemblies, and stampings[125](index=125&type=chunk) [V. Significant Accounting Policies and Estimates](index=45&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 specific accounting policies and estimates for financial instrument impairment, inventories, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition, ensuring financial statement preparation complies with enterprise accounting standards [11. Financial Instruments](index=47&type=section&id=11%E3%80%81%20%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7) The company classifies financial assets into three categories: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss; financial liabilities are classified into four categories: at fair value through profit or loss, those arising from transfers not meeting derecognition criteria or continuing involvement, financial guarantee contracts, and measured at amortized cost; the company performs impairment assessments on financial assets based on expected credit losses - Financial assets are classified into three categories: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[139](index=139&type=chunk) - Financial liabilities are classified into four categories: measured at fair value through profit or loss, those arising from transfers not meeting derecognition criteria or continuing involvement in transferred financial assets, financial guarantee contracts, and measured at amortized cost[139](index=139&type=chunk) - The company performs impairment assessments on financial assets measured at amortized cost, debt instrument investments measured at fair value through other comprehensive income, and other similar items, based on expected credit losses[144](index=144&type=chunk) [34. Revenue](index=57&type=section&id=34%E3%80%81%20%E6%94%B6%E5%85%A5) The company identifies distinct performance obligations within contracts and determines whether they are satisfied over time or at a point in time, with revenue measurement principles including transaction price allocation, best estimates for variable consideration, amortization of significant financing components, and transaction price allocation for multiple performance obligations; sales of automotive components are primarily recognized at a point in time, through consignment, domestic direct sales, and international direct sales models - The company identifies distinct performance obligations within contracts based on the relationship between satisfying performance obligations and customer payments, determining whether they are satisfied over time or at a point in time[185](index=185&type=chunk) - Revenue measurement principles include measuring at the transaction price allocated to each distinct performance obligation, using the best estimate for variable consideration, amortizing significant financing components, and allocating transaction prices for multiple performance obligations[186](index=186&type=chunk)[187](index=187&type=chunk) - The company's sales of automotive components such as precision forgings, assemblies, and stampings are recognized at a point in time, with revenue recognition methods including consignment, domestic direct sales, and international direct sales[187](index=187&type=chunk)[188](index=188&type=chunk) [VI. Taxes](index=60&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, property tax, urban maintenance and construction tax, education surcharges, local education surcharges, and corporate income tax; the company enjoys a 15% corporate income tax rate as a high-tech enterprise, while some subsidiaries, as small low-profit enterprises, are subject to a 20% corporate income tax rate and reduced resource tax and urban maintenance and construction tax Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate (%) | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 13%, 9%, 6%, 5% | | Property Tax | Original value of property or rental income | 1.2%, 12% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 5% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | | Corporate Income Tax | Taxable income | 15%, 20%, 25%, 27% | - As a high-tech enterprise, the company pays corporate income tax at a rate of **15%** from 2023 to 2025[202](index=202&type=chunk) - Subsidiaries Liming Solenoid Valve Company, Ji'an Electronic Control Company, Chongqing Liming Company, Liming Shenghe Company, and Liming Sensor Company, as small low-profit enterprises, calculate their taxable income at **25%** and pay corporate income tax at a rate of **20%**, also enjoying a **50% reduction** in resource tax, urban maintenance and construction tax, etc[203](index=203&type=chunk) - The corporate income tax rate for Liming America is **27%**[201](index=201&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=61&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 provides detailed notes for consolidated financial statement items, including assets, liabilities, owners' equity, income, costs, and expenses, such as cash and cash equivalents, accounts receivable, inventories, fixed assets, deferred income tax, short-term borrowings, and employee compensation, explaining their period-end balances, changes, and related accounting treatments [1. Cash and Cash Equivalents](index=61&type=section&id=1%E3%80%81%20%E8%B4%A7%E5%B8%81%E8%B5%84%E9%87%91) At period-end, the company's total cash and cash equivalents amounted to 121.96 million yuan, a decrease from the beginning of the period, comprising 119.27 million yuan in bank deposits and 2.69 million yuan in other cash and cash equivalents, including 24,000 yuan in restricted ETC deposits Cash and Cash Equivalents | Item | Period-End Balance (yuan) | Beginning-of-Period Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 0.00 | 31,200.39 | | Bank Deposits | 119,273,259.36 | 155,661,770.23 | | Other Cash and Cash Equivalents | 2,686,619.11 | 2,565,260.70 | | Total | 121,959,878.47 | 158,258,231.32 | - Among other cash and cash equivalents, **24,000 yuan** is an ETC deposit, with restricted use[205](index=205&type=chunk) - The total amount of funds held overseas at period-end was **421,968.54 yuan**[205](index=205&type=chunk) [5. Accounts Receivable](index=64&type=section&id=5%E3%80%81%20%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE) At period-end, the company's accounts receivable carrying amount was 205.46 million yuan, with 4.54 million yuan individually impaired, primarily from bankrupt entities, and 217.35 million yuan impaired by portfolio, with an impairment provision rate of 5.47% Accounts Receivable Classified by Impairment Provision Method (Period-End Balance) | Category | Carrying Balance (yuan) | Percentage (%) | Impairment Provision (yuan) | Provision Rate (%) | Carrying Amount (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Individually Impaired | 4,537,938.64 | 2.05 | 4,537,938.64 | 100.00 | 0.00 | | Impaired by Portfolio | 217,349,642.54 | 97.95 | 11,888,308.17 | 5.47 | 205,461,334.37 | | Total | 221,887,581.18 | / | 16,426,246.81 | / | 205,461,334.37 | - Individually impaired accounts receivable primarily involve Tongling Ruineng Procurement Co., Ltd., Dongfeng Chaoyang Chaichai Power Co., Ltd., and Tianjin Lovol Engine Co., Ltd.; due to the bankruptcy liquidation of these entities, the possibility of recovery is low, and a full impairment provision has been made[217](index=217&type=chunk) - The total of the top 5 accounts receivable balances at period-end was **82.34 million yuan**, accounting for **37.11%** of the total accounts receivable balance at period-end[221](index=221&type=chunk) [10. Inventories](index=71&type=section&id=10%E3%80%81%20%E5%AD%98%E8%B4%A7) At period-end, the company's inventory carrying amount was 186.45 million yuan, with inventory impairment provisions and contract cost impairment provisions totaling 26.95 million yuan; the current period's inventory impairment loss and contract cost impairment loss amounted to -8.12 million yuan Inventory Classification and Impairment Provisions (Period-End Balance) | Item | Carrying Balance (yuan) | Inventory Impairment Provision / Contract Cost Impairment Provision (yuan) | Carrying Amount (yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 40,221,175.55 | 3,742,395.07 | 36,478,780.48 | | Work in Progress | 33,652,078.58 | 3,610,421.18 | 30,041,657.40 | | Finished Goods | 68,865,390.44 | 14,363,579.12 | 54,501,811.32 | | Goods in Transit | 67,357,923.86 | 5,230,412.03 | 62,127,511.83 | | Consigned Processing Materials | 136,069.60 | 0.00 | 136,069.60 | | Packaging Materials | 1,032,835.84 | 0.00 | 1,032,835.84 | | Low-Value Consumables | 2,128,210.92 | 0.00 | 2,128,210.92 | | Total | 213,393,684.79 | 26,946,807.40 | 186,446,877.39 | Changes in Inventory Impairment Provisions and Contract Cost Impairment Provisions | Item | Beginning-of-Period Balance (yuan) | Current Period Increase (yuan) | Current Period Decrease (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Raw Materials | 3,122,739.01 | 665,427.11 | 45,771.05 | 3,742,395.07 | | Work in Progress | 5,671,834.95 | 728,803.11 | 2,790,216.88 | 3,610,421.18 | | Finished Goods | 13,856,256.04 | 3,866,525.83 | 3,359,202.75 | 14,363,579.12 | | Goods in Transit | 5,073,492.99 | 2,859,488.48 | 2,702,569.44 | 5,230,412.03 | | Total | 27,724,322.99 | 8,120,244.53 | 8,897,760.12 | 26,946,807.40 | - The reason for the reversal or write-off of inventory impairment provisions in the current period was primarily due to the consumption or sale of inventories for which impairment provisions had been made[245](index=245&type=chunk) [21. Fixed Assets](index=76&type=section&id=21%E3%80%81%20%E5%9B%BA%E5%AE%9A%E8%B5%84%E4%BA%A7) At period-end, the company's fixed assets carrying amount was 706.27 million yuan, a slight decrease from the beginning of the period; fixed assets increased by 25.95 million yuan in the current period, mainly from transfers from construction in progress and purchases; accumulated depreciation increased by 36.55 million yuan in the current period Fixed Assets Carrying Amount (Period-End) | Item | Period-End Carrying Amount (yuan) | | :--- | :--- | | Buildings and Structures | 471,478,919.51 | | Machinery and Equipment | 226,344,050.94 | | Transportation Equipment | 3,189,359.85 | | Other Equipment | 5,255,870.72 | | Total | 706,268,201.02 | - Fixed assets increased by **25.95 million yuan** in the current period, including **4.64 million yuan** from purchases and **21.31 million yuan** transferred from construction in progress[253](index=253&type=chunk) - Accumulated depreciation increased by **36.55 million yuan** in the current period[253](index=253&type=chunk) - The company has a factory building at Honglu Avenue No. 1 for which property certificates have not yet been processed, with a carrying amount of **144.82 million yuan**, currently undergoing processing[256](index=256&type=chunk) [22. Construction in Progress](index=77&type=section&id=22%E3%80%81%20%E5%9C%A8%E5%BB%BA%E5%B7%A5%E7%A8%8B) At period-end, the company's construction in progress carrying amount was 43.22 million yuan, primarily comprising machinery and equipment, engine in-cylinder braking device R&D and production project, annual production of 27.3 million precision stampings project, and smart factory renovation and information system upgrade project Construction in Progress (Period-End) | Item | Carrying Amount (yuan) | | :--- | :--- | | Machinery and Equipment | 18,013,740.70 | | Engine In-Cylinder Braking Device R&D and Production Project | 9,697,571.94 | | Annual Production of 27.3 Million Precision Stampings Project | 9,437,279.56 | | Smart Factory Renovation and Information System Upgrade Project | 5,203,919.26 | | Factory Renovation and Upgrade | 868,062.91 | | Total | 43,220,574.37 | Changes in Significant Construction in Progress Projects | Project Name | Budget Amount (yuan) | Beginning-of-Period Balance (yuan) | Current Period Increase (yuan) | Amount Transferred to Fixed Assets in Current Period (yuan) | Period-End Balance (yuan) | Cumulative Project Investment as Percentage of Budget (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Engine In-Cylinder Braking Device R&D and Production Project | 125,047,000.00 | 10,008,315.30 | 22,000.00 | 332,743.36 | 9,697,571.94 | 96.98 | | Annual Production of 27.3 Million Precision Stampings Project | 117,978,500.00 | 9,437,279.56 | 0.00 | 0.00 | 9,437,279.56 | 93.93 | | Total | 243,025,500.00 | 19,445,594.86 | 22,000.00 | 332,743.36 | 19,134,851.50 | / | [31. Assets with Restricted Ownership or Use Rights](index=84&type=section&id=31%E3%80%81%20%E6%89%80%E6%9C%89%E6%9D%83%E6%88%96%E4%BD%BF%E7%94%A8%E6%9D%83%E5%8F%97%E9%99%90%E8%B5%84%E4%BA%A7) At period-end, the company's total assets with restricted ownership or use rights amounted to 369.23 million yuan, primarily including pledged fixed assets and intangible assets, as well as ETC deposits Assets with Restricted Ownership or Use Rights (Period-End) | Item | Carrying Balance (yuan) | Carrying Amount (yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 24,000.00 | 24,000.00 | Frozen | ETC deposit | | Fixed Assets | 477,478,651.05 | 318,887,620.42 | Pledged | Pledged | | Intangible Assets | 67,131,127.98 | 50,318,403.04 | Pledged | Pledged | | Total | 544,633,779.03 | 369,230,023.46 | / | / | [32. Short-term Borrowings](index=84&type=section&id=32%E3%80%81%20%E7%9F%AD%E6%9C%9F%E5%80%9F%E6%AC%BE) At period-end, the company's total short-term borrowings amounted to 74.02 million yuan, a significant increase of 84.92% from the beginning of the period, primarily comprising pledged borrowings, pledged and guaranteed borrowings, and credit borrowings Short-term Borrowings Classification | Item | Period-End Balance (yuan) | Beginning-of-Period Balance (yuan) | | :--- | :--- | :--- | | Pledged Borrowings | 12,008,569.44 | 20,011,506.90 | | Pledged and Guaranteed Borrowings | 32,019,888.89 | 20,016,500.00 | | Credit Borrowings | 29,989,563.75 | 0.00 | | Total | 74,018,022.08 | 40,028,006.90 | [39. Employee Compensation Payable](index=86&type=section&id=39%E3%80%81%20%E5%BA%94%E4%BB%98%E8%81%8C%E5%B7%A5%E8%96%AA%E9%85%AC) At period-end, the company's total employee compensation payable was 22.68 million yuan, a decrease from the beginning of the period, primarily consisting of short-term compensation and post-employment benefits—defined contribution plans Employee Compensation Payable | Item | Beginning-of-Period Balance (yuan) | Current Period Increase (yuan) | Current Period Decrease (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | I. Short-term Compensation | 31,605,841.05 | 93,703,390.46 | 103,537,129.46 | 21,772,102.05 | | II. Post-employment Benefits - Defined Contribution Plans | 800,491.16 | 5,578,694.72 | 5,472,035.01 | 907,150.87 | | III. Termination Benefits | 0.00 | 91,683.34 | 91,683.34 | 0.00 | | Total | 32,406,332.21 | 99,373,768.52 | 109,100,847.81 | 22,679,252.92 | Short-term Compensation | Item | Beginning-of-Period Balance (yuan) | Current Period Increase (yuan) | Current Period Decrease (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | I. Wages, Bonuses, Allowances, and Subsidies | 28,940,180.64 | 82,909,499.95 | 91,603,711.41 | 20,245,969.18 | | II. Employee Welfare Expenses | 0.00 | 4,871,815.57 | 4,871,815.57 | 0.00 | | III. Social Insurance Premiums | 572,341.27 | 3,012,785.58 | 3,095,486.63 | 489,640.22 | | IV. Housing Provident Fund | 0.00 | 1,794,850.00 | 1,794,850.00 | 0.00 | | V. Union Funds and Employee Education Expenses | 2,093,319.14 | 1,114,439.36 | 2,171,265.85 | 1,036,492.65 | | Total | 31,605,841.05 | 93,703,390.46 | 103,537,129.46 | 21,772,102.05 | [41. Other Payables](index=87&type=section&id=41%E3%80%81%20%E5%85%B6%E4%BB%96%E5%BA%94%E4%BB%98%E6%AC%BE) At period-end, the company's total other payables amounted to 43.49 million yuan, a significant increase from the beginning of the period, primarily comprising 40.90 million yuan in dividends payable (fully distributed on July 31, 2025) and 2.59 million yuan in other payables Other Payables Items | Item | Period-End Balance (yuan) | Beginning-of-Period Balance (yuan) | | :--- | :--- | :--- | | Dividends Payable | 40,898,928.00 | 0.00 | | Other Payables | 2,590,005.57 | 2,538,148.53 | | Total | 43,488,933.57 | 2,538,148.53 | - Dividends payable of **40.90 million yuan** were fully distributed on **July 31, 2025**[295](index=295&type=chunk) [61. Operating Revenue and Operating Costs](index=92&type=section&id=61%E3%80%81%20%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E5%92%8C%E8%90%A5%E4%B8%9A%E6%88%90%E6%9C%AC) From January to June 2025, the company's consolidated operating revenue was 341.37 million yuan, and operating costs were 223.21 million yuan; main business revenue accounted for the vast majority, with precision forgings, assemblies, and stampings being the primary product types, and domestic sales significantly exceeding international sales Operating Revenue and Operating Costs | Item | Current Period Amount (yuan) | Previous Period Amount (yuan) | | :--- | :--- | :--- | | Revenue | 341,365,278.13 | 308,894,085.95 | | Costs | 223,208,166.27 | 199,316,749.52 | Operating Revenue, Operating Costs Breakdown (Current Period) | Contract Classification | Operating Revenue (yuan) | Operating Costs (yuan) | | :--- | :--- | :--- | | Main Business Revenue | 339,798,999.87 | 222,860,735.56 | | Precision Forgings | 101,444,552.65 | 60,115,305.17 | | Assemblies | 127,405,505.54 | 88,844,232.36 | | Stampings | 84,770,834.54 | 53,781,192.46 | | Other Parts | 26,178,107.14 | 20,120,005.57 | | Other Business Revenue | 1,466,392.54 | 267,786.64 | | International Sales | 13,757,027.68 | 10,529,894.59 | | Domestic Sales | 327,508,364.73 | 212,598,627.61 | | Revenue Recognized at a Point in Time | 341,265,392.41 | 223,128,522.20 | [63. Selling Expenses](index=93&type=section&id=63%E3%80%81%20%E9%94%80%E5%94%AE%E8%B4%B9%E7%94%A8) Current period selling expenses amounted to 8.53 million yuan, a significant increase of 204.93% from the previous period, primarily driven by increases in employee compensation, sales service fees, and business entertainment expenses Selling Expenses Details | Item | Current Period Amount (yuan) | Previous Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 3,873,563.51 | 1,718,886.30 | | Sales Service Fees | 1,572,843.72 | 72,194.44 | | Business Entertainment Expenses | 1,615,499.91 | 122,475.25 | | Travel Expenses | 740,960.18 | 38,687.37 | | Office Expenses | 321,446.79 | 37,713.82 | | Advertising and Publicity Expenses | 184,807.23 | 0.00 | | Other | 217,454.67 | 806,327.39 | | Total | 8,526,576.01 | 2,796,284.57 | [66. Financial Expenses](index=94&type=section&id=66%E3%80%81%20%E8%B4%A2%E5%8A%A1%E8%B4%B9%E7%94%A8) Current period financial expenses were -3.67 million yuan, a significant decrease from 1.56 million yuan in the previous period, primarily due to a net exchange gain of 3.90 million yuan in the current period Financial Expenses Details | Item | Current Period Amount (yuan) | Previous Period Amount (yuan) | | :--- | :--- | :--- | | Interest Expense | 402,651.15 | 1,448,558.37 | | Less: Interest Income | 283,181.88 | 423,308.87 | | Net Exchange Loss | -3,900,149.13 | 417,206.22 | | Handling Fees | 76,803.38 | 89,329.07 | | Unrecognized Financing Expenses on Lease Liabilities | 36,101.39 | 25,277.69 | | Total | -3,667,775.09 | 1,557,062.48 | [79. Supplementary Information to Cash Flow Statement](index=98&type=section&id=79%E3%80%81%20%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) Current period net profit was 28.11 million yuan, with net cash flow from operating activities at -18.59 million yuan; net increase in cash and cash equivalents was -36.29 million yuan, and the period-end balance of cash and cash equivalents was 121.94 million yuan Cash Flow Statement Supplementary Information Key Data | Supplementary Information | Current Period Amount (yuan) | Previous Period Amount (yuan) | | :--- | :--- | :--- | | Net Profit | 28,112,448.66 | 25,410,925.34 | | Add: Asset Impairment Provisions | 9,024,522.76 | 10,518,923.12 | | Depreciation of Fixed Assets, Depletion of Oil and Gas Assets, Depreciation of Productive Biological Assets | 36,552,765.50 | 34,756,652.22 | | Amortization of Right-of-Use Assets | 506,487.08 | 337,506.77 | | Amortization of Intangible Assets | 1,698,179.27 | 1,536,158.03 | | Net Cash Flow from Operating Activities | -18,594,531.16 | 39,800,596.25 | | Net Increase in Cash and Cash Equivalents | -36,294,352.85 | -34,263,632.95 | | Cash and Cash Equivalents at Period-End | 121,935,878.47 | 176,937,567.30 | - Cash and cash equivalents not classified as such amounted to **24,000 yuan**, which is an ETC deposit[337](index=337&type=chunk) [IX. Changes in Consolidation Scope](index=102&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 added a new subsidiary, Shanghai Limin Ji'an Automotive Suspension Co., Ltd., established on July 29, 2024, with a registered capital of 5 million yuan and a 70% shareholding by the company New Subsidiary Information | Company Name | Method of Equity Acquisition | Time of Equity Acquisition | Capital Contribution (million yuan) | Contribution Percentage (%) | | :--- | :--- | :--- | :--- | :--- | | Shanghai Limin Ji'an Automotive Suspension Co., Ltd. | Establishment | 2024-7-29 | 1.98 | 66.00 | [X. Interests in Other Entities](index=102&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company holds 9 subsidiaries, including Liming Nozzle Company, Zhoushan Liming Automotive Company, and Liming America, with shareholding percentages ranging from 66% to 100%; additionally, it holds two associates, Ningbo Ruineng Machinery Technology Co., Ltd. and Zhejiang Liming Fangzhou Technology Co., Ltd., recognizing investment income of 4.59 million yuan in the current period [(1). Composition of the Enterprise Group](index=102&type=section&id=(1).%E4%BC%81%E4%B8%9A%E9%9B%86%E5%9B%A2%E7%9A%84%E6%9E%84%E6%88%90) The company comprises 9 subsidiaries, including Liming Nozzle Company, Zhoushan Liming Automotive Company, and Liming America, all engaged in manufacturing or commercial activities, with shareholding percentages varying from 66% to 100%; Liming Electronic Control Company, Chongqing Liming Company, Liming Shenghe Company, Liming Sensor Company, and Limin Ji'an Suspension Company are non-wholly owned subsidiaries Composition of Enterprise Group | Subsidiary Name | Main Operating Location | Registered Capital (yuan) | Registered Location | Business Nature | Shareholding Percentage (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Liming Nozzle Company | Zhoushan | 3,000,000.00 | Zhoushan | Manufacturing | 100 | | Zhoushan Liming Automotive Company | Zhoushan | 35,000,000.00 | Zhoushan | Manufacturing | 100 | | Liming America | Ann Arbor, Michigan, USA | 681.52 | Ann Arbor, Michigan, USA | Commercial | 100 | | Liming Solenoid Valve Company | Zhoushan | 10,000,000.00 | Zhoushan | Manufacturing | 100 | | Liming Electronic Control Company | Zhoushan | 1,000,000.00 | Zhoushan | Manufacturing | 70 | | Chongqing Liming Company | Chongqing | 6,000,000.00 | Chongqing | Manufacturing | 51 | | Liming Shenghe Company | Zhoushan | 1,000,000.00 | Zhoushan | Manufacturing | 80 | | Liming Sensor Company | Zhoushan | 3,000,000.00 | Zhoushan | Manufacturing | 66 | | Limin Ji'an Suspension Company | Shanghai | 5,000,000.00 | Shanghai | Manufacturing | 70 | [(3). Key Financial Information of Significant Associates](index=104&type=section&id=(3).%20%E9%87%8D%E8%A6%81%E8%81%94%E8%90%A5%E4%BC%81%E4%B8%9A%E7%9A%84%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E4%BF%A1%E6%81%AF) The company holds two associates, Ningbo Ruineng Machinery Technology Co., Ltd. and Zhejiang Liming Fangzhou Technology Co., Ltd., with a total investment carrying amount of 89.38 million yuan at period-end; net profit and total comprehensive income recognized through equity method in the current period both amounted to 4.59 million yuan Summary Financial Information of Insignificant Joint Ventures and Associates | Item | Period-End Balance / Current Period Amount (yuan) | | :--- | :--- | | Total Carrying Amount of Investments in Associates | 89,378,406.01 | | Net Profit of Associates | 4,593,374.16 | | Total Comprehensive Income of Associates | 4,593,374.16 | [XI. Government Grants](index=105&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) Duri

通过天眼查大数据分析，浙江黎明智造股份有限公司共对外投资了10家企业，参与招投标项目18次，知 识产权方面有商标信息1条，专利信息122条，此外企业还拥有行政许可70个。 来源：金融界 浙江黎明最新一期业绩显示，截至2025一季报，公司营业总收入1.68亿元、同比增长5.96%，归属净利 润1341.29万元，同比减少23.42%，扣非净利润1232.61万元，同比减少23.15%，流动比率2.412、速动比 率1.701、资产负债率18.89%。 天眼查商业履历信息显示，浙江黎明智造股份有限公司，成立于1997年，位于舟山市，是一家以从事专 用设备制造业为主的企业。企业注册资本14688万人民币，实缴资本14688万人民币。公司法定代表人为 俞黎明。 金融界消息 截至2025年7月29日收盘，浙江黎明（603048）报收于19.16元，下跌1.19%，换手率 2.51%，成交量3.68万手，成交金额7029.57万元。 资金流向方面，今日主力资金净流出1615.55万元，占比成交额22.98%。其中，超大单净流出491.14万 元、占成交额6.99%，大单净流出1124.42万元、占成交额16.0%，中单净 ...

浙江京衡律师事务所 关于 法律意见书 地址：杭州市杭大路黄龙世纪广场C区十一层 邮编：310007 电话/Tel: (0571)8790 1648 传真/Fax:(0571) 8790 1646 网址/Website: www.celg.cn 二〇二五年七月 2024年度差异化分红事项之 浙江黎明智造股份有限公司 浙江京衡律师事务所 关于浙江黎明智造股份有限公司 2024年度差异化分红事项之 法律意见书 致:浙江黎明智造股份有限公司 浙江京衡律师事务所（以下简称"本所"或"京衡"）接受浙江黎明智造股份有 限公司(以下简称"浙江黎明"公司"或"上市公司")的委托,根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简 称"《证券法》"）、《上市公司股份回购规则》（以下简称"《回购规则》"）、 《上海证券交易所上市公司自律监管指引第7号 -- 回购股份（2025年3月修订）》 (以下简称"《监管指引第7号》")等相关法律、法规、规章和其他规范性文件及 《浙江黎明智造股份有限公司章程》(以下简称"《公司章程》")的规定,就公 司2024年度利润分配所涉及的差异化分红(以下简称"本 ...

证券代码：603048 证券简称：浙江黎明 公告编号：2025--024 浙江黎明智造股份有限公司 2024年年度权益分派实施公告 每股分配比例 A 股每股现金红利0.28元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/30 | － | 2025/7/31 | 2025/7/31 | 差异化分红送转： 是 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并 对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 29 日的2024年年度股东大会审议通过。 二、 分配方案 3. 差异化分红送转方案： （1）本次差异化分红送转方案 利 0.28 元（含税）。 （2）本次差异化分红除权（息）参考价格 根据上海证券交易所的相关规定，公司按照以下公式计算除权（息）开盘参考价： 除权（息）参考价格=（前收盘价格-现金红利）÷（1+流通股份变动比例） 根据公 ...

New Stock Issuance - New stock issued by Dingjia Precision at a price of 11.16 on July 22, 2025[1] - ST Kelly's tender offer period is from July 17 to August 15, 2025[1] - ST Zitian and other companies have also announced new stock issuances[1] Market Alerts - Significant abnormal fluctuations reported for several stocks including Guangshengtang and Huayin Power[1] - Multiple companies have disclosed announcements regarding stock performance and market activities[1] - The report includes links to detailed announcements for various stocks, indicating ongoing market monitoring[1]

New Stock Issuance - The new stock issued by Hanguo Group is priced at 15.43 RMB per share[1] - The subscription period for the tender offer of ST Kelly is from July 17, 2025, to August 15, 2025[1] Abnormal Fluctuations - Several stocks, including ST Zitian and Guangshengtang, have reported severe abnormal fluctuations[2] - The announcement links for stocks experiencing abnormal fluctuations are provided for investor reference[2] Market Updates - A total of 30 stocks have been listed for trading updates, with various announcements made between July 15 and July 21, 2025[1] - The report includes links to detailed announcements for each stock, ensuring transparency and accessibility for investors[1]

证券代码：603048 证券简称：浙江黎明 公告编号：2025-023 浙江黎明智造股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 浙江黎明智造股份有限公司（以下简称"公司"或"本公司"）股票于 2025 年 7 月 15 日、7 月 16 日、7 月 17 日连续三个交易日内日收盘价格涨幅偏离 值累计超过 20%。根据《上海证券交易所交易规则》的有关规定，属于股票交易异 常波动情形。 经公司自查并向控股股东、实际控制人核实，截至本公告披露日，不存在 应披露而未披露的重大事项。 公司敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 一、股票交易异常波动的具体情况 公司股票于2025年7月15日、7月16日、7月17日连续三个交易日内日收盘价格 涨幅偏离值累计超过20%。根据《上海证券交易所交易规则》的有关规定，属于股 票交易异常波动情形。 二、公司关注并核实的相关情况 针对公司股票交易异常波动的情况，公司对有关事项进行了核查，并发函问询 了控股股东及实际控制人， ...

Group 1: Stock Performance - Zhejiang Zhenyuan and Asia-Pacific Pharmaceutical both achieved a 2-day limit-up with increases of 10.01% and 9.98% respectively, driven by innovation in pharmaceuticals [2] - Chengdu XianDao saw a first board listing with a significant rise of 20.02%, attributed to innovative drug developments [2] - TaiJing Technology and YanHua Intelligent both recorded first board listings with increases of 9.97% and 9.94%, linked to Huawei's influence in robotics [5] Group 2: AI and Robotics - Nvidia's CEO suggested that Huawei's AI chips could potentially replace Nvidia's offerings, indicating a competitive shift in the AI chip market [4] - The domestic robotics industry is gaining traction with significant orders being awarded, highlighting its importance in national competition [7] Group 3: Market Trends - The light communication sector is expected to see sustained growth due to high demand in both domestic and international markets, with performance likely to continue improving [13] - The low-altitude economy is gaining attention, with a notable $1 billion procurement agreement signed for eVTOL aircraft, indicating growth potential in this sector [17] Group 4: Consumer and Retail - The Chinese government is implementing measures to boost consumer spending, which is expected to positively impact the retail sector [21] - Companies like Guoguang Chain and Hanshang Group have seen first board listings with increases of 9.98% and 9.97%, reflecting the positive sentiment in the retail market [23] Group 5: Solar and Food & Beverage - The price of polysilicon has increased by 12.4% week-on-week, indicating a rising trend in the solar industry [24] - The food and beverage sector is also benefiting from government initiatives aimed at enhancing consumer demand, with companies like Huangshi Group seeing a 10.10% increase [26]

Market Overview - The Shanghai Composite Index closed at 3500.62 points, below the five-day moving average, with a change of -0.12% [1] - The total trading volume of A-shares reached 926.995 billion yuan [1] Stock Performance - A total of 881 A-shares have prices that surpassed the five-day moving average [1] - Stocks with significant deviation rates include: - Yangdian Technology (13.80%) - Jujie Microfiber (13.15%) - Jindao Technology (9.04%) [1][2] - Stocks with minor deviation rates that just crossed the five-day moving average include: - Shanghai Laishi - Langsha Shares - Shanhe Intelligent [1] Individual Stock Data - Yangdian Technology (301012) had a trading rate of 20.02% with a latest price of 23.14 yuan and a deviation rate of 13.80% [2] - Jujie Microfiber (300819) also had a trading rate of 20.02%, latest price of 28.18 yuan, and a deviation rate of 13.15% [2] - Jindao Technology (301279) reported a trading rate of 13.38%, latest price of 25.00 yuan, and a deviation rate of 9.04% [2]

Group 1 - CITIC Construction Investment has received approval from the China Securities Regulatory Commission to issue perpetual subordinated bonds with a total face value of no more than 20 billion yuan [1] - Bluefocus Technology has received a loan commitment of up to 900 million yuan from CITIC Bank for stock repurchase [1] - Huaren Pharmaceutical's subsidiary has received approval for the listing of Bumetanide raw materials, which are used to treat severe heart failure and hypertension emergencies [3] Group 2 - Betta Pharmaceuticals has received approval for the listing of Enasidenib capsules in Macau, aimed at treating ALK-positive locally advanced or metastatic non-small cell lung cancer [4] - Juewei Food plans to use 110 million yuan of idle fundraising for cash management, with an expected annual yield of 1.00%-1.89% [6] - China Huadian has successfully completed the issuance of 1 billion yuan medium-term notes with a coupon rate of 1.95% [9] Group 3 - Fosun Pharma's subsidiary has received a GMP certificate from the Belgian Federal Agency for Medicines and Health Products for the production facilities of two monoclonal antibodies [11] - China Nuclear Engineering has signed a civil engineering contract for the Taishan Nuclear Power Units 3 and 4 [13] - Kanglongda has faced administrative regulatory measures from the Zhejiang Securities Regulatory Bureau due to the failure of performance commitment parties to fulfill compensation obligations [15] Group 4 - Gaoling Information has received three invention patent certificates in the second quarter, covering various technological fields [16] - Weimais plans to use 190 million yuan of excess fundraising to increase capital in its subsidiary for building a new energy vehicle powertrain production base [17] - Huazhong Technology has received a project designation notice from a leading eVTOL manufacturer for the development and supply of an intelligent cockpit multimedia display system [19] Group 5 - Madi Technology expects a net profit of 25 million to 27 million yuan for the first half of 2025, marking a turnaround from a loss in the previous year [19] - Dazhong Mining's subsidiary has obtained a mining license for the Zhouyoufang Iron Mine, increasing production capacity to 6.5 million tons per year [20] - Zhongguancun's subsidiary has had its application for the listing of Arolol hydrochloride tablets accepted by the National Medical Products Administration [21] Group 6 - Tianhong Co. has signed a property management contract worth 15 million yuan with a local company [22] - Dong'an Power has secured nine new market designation agreements in the second quarter, with a projected total sales volume of 1.5 million units [24] - Zhujiang Co. has appointed Zhao Kun as the new deputy general manager [25] Group 7 - Jinyi Industrial has won a bid for a project worth 335 million yuan from the China Railway Shanghai Bureau Group [26] - Kangchen Pharmaceutical has received a clinical trial notification for its innovative drug KC1086, aimed at treating advanced solid tumors [27] - Changhua Group has received a project designation notice from a new energy vehicle company, with an expected total sales amount of 970 million yuan [29] Group 8 - Lingxiao Pump Industry plans to use 60 million yuan of idle funds to purchase financial products [31] - Mould Technology has received a project designation for exterior parts from a well-known North American electric vehicle company, with an expected total sales of 1.236 billion yuan [34] - Fulongma has pre-bid for five sanitation service projects in June, with a total contract amount of 181 million yuan [35] Group 9 - Changchun High-tech plans to issue H-shares and list on the Hong Kong Stock Exchange [36] - *ST Yuancheng is under investigation by the CSRC for suspected false financial disclosures [37] - Beilu Pharmaceutical's subsidiary has received approval for the listing of Iopamidol raw materials [38] Group 10 - Zhejiang Liming's shareholder plans to reduce their stake by up to 2.93% [39] - Zhejiang Liming's actual controller has committed not to reduce their holdings within a year [40] - SAIC Motor reported a total vehicle sales of 2.0526 million units in the first half of 2025, a year-on-year increase of 12.35% [41] Group 11 - Xinhongcheng expects a net profit increase of 50%-70% for the first half of 2025 [42] - Xianhe Co. plans to invest 11 billion yuan in a bamboo pulp paper integrated project [42] - Great Wall Motors reported a total vehicle sales of 569,800 units in the first half of 2025, a year-on-year increase of 1.81% [43] Group 12 - Dongfeng Co. received a government subsidy of 10 million yuan [44] - Zhongke Environmental Protection has acquired two water environmental companies in Guangxi for a total of 353 million yuan [45] - Anji Food's H-share public offering is priced at 60 Hong Kong dollars per share [46]