证券代码：603081 证券简称：大丰实业 公告编号：2025-052 浙江大丰实业股份有限公司 关于召开 2025 年半年度业绩说明会的公告 会议召开时间：2025 年 09 月 19 日 （星期五） 13:00-14:00 会议召开地点：上海证券交易所上证路演中心（网址： 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半 年度的经营成果及财务指标的具体情况与投资者进行互动交流和沟 通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一）会议召开时间：2025年09月19日（星期五）13:00-14:00 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 12 日 （星期五） 至 09 月 18 日 （星 期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱（stock@chinadafeng.c ...

证券代码：603081 证券简称：大丰实业 公告编号：2025-050 表决结果：同意 3 票、反对 0 票、弃权 0 票，该议案审议通过。 详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《2025 年 半年度报告》及摘要。 2、审议通过《关于审议<2025 年半年度募集资金存放与实际使用情况的专 项报告>的议案》 浙江大丰实业股份有限公司 第四届监事会第十二次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 浙江大丰实业股份有限公司（以下简称"公司"）第四届监事会第十二次会 议于 2025 年 8 月 27 日在公司住所地会议室以现场结合通讯方式召开。会议应到 监事 3 名，出席会议监事 3 名。本次会议的召集、召开及表决程序符合《公司法》、 《公司章程》的规定，合法有效。 二、监事会会议审议情况 1、审议通过《关于审议<2025 年半年度报告及摘要>的议案》 表决结果：同意 3 票、反对 0 票、弃权 0 票，该议案审议通过。 详见公司同日在上海证券交易所网站（w ...

证券代码：603081 证券简称：大丰实业 公告编号：2025-049 浙江大丰实业股份有限公司 第四届董事会第二十一次会议决议公告 本议案已经公司董事会审计委员会审议通过。 详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《2025 年 半年度报告》及摘要。 表决结果：同意 9 票、反对 0 票、弃权 0 票。 2、审议通过《关于审议<2025 年半年度募集资金存放与实际使用情况的专 项报告>的议案》 详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《2025 年 半年度募集资金存放与实际使用情况的专项报告》（公告编号：2025-051）。 表决结果：同意 9 票、反对 0 票、弃权 0 票。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 浙江大丰实业股份有限公司（以下简称"公司"）第四届董事会第二十一次 会议于 2025 年 8 月 27 日在公司住所地会议室以现场结合通讯方式召开。会议应 到董事 9 名，出席会议董事 9 名。本次会议的召集、召开及表决 ...

[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 chapter defines key terms such as the Company, controlling shareholder, actual controller, and reporting period, ensuring accurate understanding of the report content - Company, This Company, Dafeng Industrial: Refers to Zhejiang Dafeng Industrial Co., Ltd[17](index=17&type=chunk) - Controlling Shareholder: Refers to Feng Hua[17](index=17&type=chunk) - Actual Controller: Refers to the concerted parties Feng Hua, Wang Xiaohong (LOUISA W FENG), Feng Jialong (GAVIN JL FENG), and Feng Jiamin (JAMIN JM FENG)[17](index=17&type=chunk) - Current Period/Reporting Period: Refers to January 1, 2025, to June 30, 2025[17](index=17&type=chunk) [Company Profile and Key Financial Indicators](index=4&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=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This chapter discloses the company's basic registration information, including its Chinese name, abbreviation, foreign name, and legal representative - Company Chinese Name: Zhejiang Dafeng Industrial Co., Ltd[14](index=14&type=chunk) - Legal Representative: Feng Hua[14](index=14&type=chunk) [Contact Person and Information](index=4&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) This chapter provides contact information for the company's board secretary, including name, address, phone, fax, and email - Board Secretary: Xie Wenjie[15](index=15&type=chunk) - Contact Number: 0574-62899078[15](index=15&type=chunk) - Email: stock@chinadafeng.com[15](index=15&type=chunk) [Brief Introduction to Changes in Basic Information](index=4&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) This chapter introduces the company's registered address, office address, and website, noting no historical changes during the reporting period - Company Registered Address: No. 737, Xinjian North Road, Yangming Science and Technology Industrial Park, Yuyao City[16](index=16&type=chunk) - Company Website: www.chinadafeng.com[16](index=16&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=%E5%9B%9B%E3%80%81%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) This chapter specifies the company's chosen newspapers for information disclosure, the website for semi-annual reports, and the report storage location - Information Disclosure Newspapers: China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily[18](index=18&type=chunk) - Website for Semi-Annual Report Publication: www.sse.com.cn[18](index=18&type=chunk) [Brief Introduction to Company Shares](index=5&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) This chapter outlines the company's A-share listing exchange, stock abbreviation, and code - Share Type: A-shares[19](index=19&type=chunk) - Stock Exchange: Shanghai Stock Exchange[19](index=19&type=chunk) - Stock Code: 603081[19](index=19&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=5&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) During the reporting period, the company achieved significant growth in operating revenue and total profit, improved net cash flow from operating activities, and significantly increased earnings per share, reflecting positive changes in its operating status Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,003,864,688.83 CNY | 659,727,570.70 CNY | 52.16 | | Total Profit | 88,591,131.76 CNY | 54,230,451.59 CNY | 63.36 | | Net Profit Attributable to Shareholders of the Listed Company | 75,191,242.63 CNY | 47,950,310.04 CNY | 56.81 | | Net Cash Flow from Operating Activities | -8,885,616.94 CNY | -38,691,785.52 CNY | N/A | | Net Assets Attributable to Shareholders of the Listed Company (Period-End) | 3,238,384,499.48 CNY | 2,869,559,578.15 CNY (Prior Year-End) | 12.85 | | Total Assets (Period-End) | 7,798,504,210.54 CNY | 7,947,351,913.15 CNY (Prior Year-End) | -1.87 | Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.18 | 0.12 | 50.00 | | Diluted Earnings Per Share (CNY/share) | 0.18 | 0.13 | 38.46 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (CNY/share) | 0.16 | 0.10 | 60.00 | | Weighted Average Return on Net Assets (%) | 2.47 | 1.65 | Increased by 0.82 percentage points | - Operating revenue increased by **52.16%**, primarily due to an increase in projects commenced[23](index=23&type=chunk) - Total profit increased by **63.36%**, and net profit attributable to shareholders of the listed company increased by **56.81%**, primarily due to expanded revenue scale and increased exchange gains during the reporting period[23](index=23&type=chunk) - Net cash flow from operating activities increased by **CNY 30 million** year-on-year, primarily due to the company strengthening project payment collection and improved collection status[23](index=23&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%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) This chapter details the non-recurring gains and losses items and their amounts for the reporting period, totaling **CNY 7,946,393.87**, primarily including government grants and fair value changes in financial assets Non-Recurring Gains and Losses Items for H1 2025 | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Disposal gains and losses of non-current assets | -952,689.95 | | Government grants recognized in current profit or loss | 6,431,311.49 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises and disposal gains and losses | 4,253,358.22 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 500,000.00 | | Other non-operating income and expenses apart from the above | -781,322.60 | | Less: Income tax impact | 1,443,041.27 | | Minority interest impact (after tax) | 61,222.02 | | **Total** | **7,946,393.87** | [Net Profit After Deducting Share-Based Payment Impact](index=7&type=section&id=%E5%8D%81%E3%80%81%E5%AD%98%E5%9C%A8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E7%9A%84%E5%85%AC%E5%8F%B8%E5%8F%AF%E9%80%89%E6%8B%A9%E6%8A%AB%E9%9C%B2%E6%89%A3%E9%99%A4%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E5%BD%B1%E5%93%8D%E5%90%8E%E7%9A%84%E5%87%80%E5%88%A9%E6%B6%A6) This chapter discloses the net profit after deducting share-based payment impact was **CNY 75,234,594.13**, a **56.58%** year-on-year increase, providing a clearer profitability assessment Net Profit After Deducting Share-Based Payment Impact | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact | 75,234,594.13 CNY | 48,047,850.90 CNY | 56.58 | [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) [Company's Industry and Main Business Overview](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 aims to be a global leader in cultural, sports, and tourism industry solutions, providing full-chain services from planning to operation, covering technology equipment, digital art, rail transit, and operation services, holding over **1,000 patents** and leading **32 national and industry standards** - Company Vision: Global leading provider of cultural, sports, and tourism industry solutions[30](index=30&type=chunk) - Core Businesses: Cultural, sports, and tourism technology equipment, digital art technology, rail transit equipment, and cultural, sports, and tourism operation services[30](index=30&type=chunk) - The company holds over **1,000 patents**, including more than **250 invention patents**, and has led the formulation of **32 national, industry, and group standards**[30](index=30&type=chunk) [Main Businesses](index=7&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company primarily offers cultural, sports, and tourism innovation technology, including system integration and digital cultural creativity for various venues and scenic spots, and equipment integration for rail transit, alongside empowering services like venue operation and cultural tourism project planning - Cultural, Sports, and Tourism Innovation Technology: Provides system integration and overall solutions for grand theaters, cultural centers, radio and television centers, including stage machinery, lighting, audio, conference systems, intelligent systems, grandstands, seating, and acoustic decoration[30](index=30&type=chunk) - Sports Venues: Provides system integration and overall solutions for professional hardware, venue technology, sound and light intelligent control, and competition intelligence, fully participating in top domestic and international sports events and venue construction[31](index=31&type=chunk) - Digital Cultural Creativity: Provides digital cultural creative planning, products, services, and system solutions for cities, scenic spots, and cultural, commercial, and tourism complexes, having created over **100 cultural tourism performance projects**[32](index=32&type=chunk) - Rail Transit Equipment: Provides product integration and overall solutions for high-speed trains, urban rail, intercity, and sightseeing trains, including interiors, masks, seats, equipment integration, process equipment, and smart services[32](index=32&type=chunk) - Cultural, Sports, and Tourism Empowering Services: Focuses on general cultural venues, providing business planning, solution design, and operation and maintenance services, specializing in overall operation solutions centered on repertoire content, performance brokerage, event curation, sports and arts education, and ticketing services[32](index=32&type=chunk) [Business Model](index=8&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company provides full-process solutions from project planning to operation management, offering customized services through hard technology and soft services to enhance competitiveness and achieve deep integration in cultural, sports, and tourism industries - The company provides full-process solutions including planning and design, creative conceptualization, product provision, implementation, maintenance services, and operation management[34](index=34&type=chunk) - Hard technology (product provision, implementation, maintenance services) provides technical support and innovation, while soft services (project planning, creative conceptualization, operation management) enhance market adaptability[34](index=34&type=chunk)[35](index=35&type=chunk) [Industry Overview](index=9&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The company operates in special equipment manufacturing, serving cultural, sports, tourism, and rail transit sectors, which benefited from policy support and technological innovation, especially in AIGC, VR/AR, cultural new infrastructure, sports venue REITs, smart scenic area transformation, and rail transit upgrades - The company operates in the special equipment manufacturing industry (C73) within manufacturing, primarily serving the cultural, sports, tourism, and rail transit sectors[36](index=36&type=chunk) - Cultural Industry: Technologies like AIGC and VR/AR boost creative capacity, with policies supporting "cultural new infrastructure" and "cultural technology integration funds"; the high-end cultural equipment sector is shifting from project-based to platform-based, standardized, and asset-based models[36](index=36&type=chunk) - Sports Industry: Policies introduce "one-time approval for events, national tours," and sports venues are included in consumer infrastructure REITs, shifting the industry from "construction dividends" to "operation dividends"[36](index=36&type=chunk) - Tourism Industry: The National Immigration Administration relaxed transit visa exemptions, and the State Council General Office supports "smart scenic area transformation and night tour performances," shifting tourism consumption from "destination economy" to "scene economy"[37](index=37&type=chunk) - Rail Transit Industry: The "Eight Verticals and Eight Horizontals" high-speed rail main corridors are largely completed, and rail transit upgrades are a key focus for ultra-long-term special national bonds; industry competition has upgraded from "delivery speed" to "scene definition capability"[37](index=37&type=chunk) [Discussion and Analysis of Operating Performance](index=10&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) In H1 2025, the company achieved **CNY 1.004 billion** in operating revenue, a **52.16%** increase, and **CNY 88.5911 million** in total profit, a **63.36%** increase, improving operating quality through internationalization, immersive IP development, digital cultural tourism certification, advanced manufacturing, smart rail transit, humanoid robot applications, and talent development - In H1 2025, the company achieved operating revenue of **CNY 1.004 billion**, a **52.16%** year-on-year increase[38](index=38&type=chunk) - In H1 2025, the company achieved total profit of **CNY 88.5911 million**, a **63.36%** year-on-year increase[38](index=38&type=chunk) [Rooted in Domestic Market, Deepening International Strategy](index=10&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%89%8E%E6%A0%B9%E5%9B%BD%E5%86%85%EF%BC%8C%E6%B7%B1%E5%8C%96%E5%9B%BD%E9%99%85%E5%8C%96%E6%88%98%E7%95%A5) The company focuses on 'culture + sports + tourism,' strengthening venue construction and expanding from equipment export to creative planning and standard concept export, securing exclusive creative rights for the **2026 Aichi-Nagoya Asian Games** and recognized as a **National Key Cultural Export Enterprise** - The company focuses on "culture + sports + tourism" as its core track, leveraging its strong foundation in traditional stage machinery manufacturing to continuously move towards higher value-added segments of the industrial chain[38](index=38&type=chunk) - The company secured exclusive creative rights for the opening and closing ceremonies and torch system of the **2026 Aichi-Nagoya Asian Games**[39](index=39&type=chunk) - The company was awarded the title of National Key Cultural Export Enterprise, and its "Belt and Road" promotion project for intelligent performing arts equipment integration system was included in the list of National Key Cultural Export Projects[39](index=39&type=chunk) [Immersive IP Matrix Enters "Self-Catalytic" Stage](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%B2%89%E6%B5%B8%E5%BC%8F%20IP%20%E7%9F%A9%E9%98%B5%E8%BF%9B%E5%85%A5%E2%80%9C%E8%87%AA%E5%82%AC%E5%8C%96%E2%80%9D%E9%98%B6%E6%AE%B5) The company's proprietary night tour IP 'Jinxie' series launched 'Jinxie Dongli Lake,' and developed Qufu 'Luyuan Wonderful Night' and Qingdao Oriental Eden, demonstrating a multiplier effect with 'multiple projects, multiple cultural themes, and shared technology stacks,' leading to decreasing marginal costs - The proprietary night tour IP "Jinxie" series launched "Jinxie Dongli Lake," pioneering a "multi-perspective immersive" viewing experience[39](index=39&type=chunk) - Qufu "Luyuan Wonderful Night" integrates culture and tourism, empowering Confucius's hometown with technology, exporting a new paradigm for "breaking the circle" of traditional Chinese culture to the world[39](index=39&type=chunk) - Qingdao Oriental Eden officially opened, using water as a medium to present a unique immersive experience for visitors[39](index=39&type=chunk) [Digital Cultural Tourism Benchmark Re-certified by Authority](index=10&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E6%95%B0%E5%AD%97%E6%96%87%E6%97%85%E6%A0%87%E6%9D%86%E5%86%8D%E8%8E%B7%E6%9D%83%E5%A8%81%E8%AE%A4%E8%AF%81) The company's 'Jinxie Gongsixi' was selected as a 'Hangzhou Digital Cultural Tourism Benchmark Case,' the company was appointed as Ningbo's 'Culture + Technology' industry consultant, and its subsidiary Dafeng Digital Art was honored as one of the 'First Batch of Hangzhou Digital Cultural Tourism Benchmark Enterprises,' demonstrating the company's comprehensive leadership in digital cultural tourism - The company's Song Rhyme immersive drama "Jinxie Gongsixi" was selected as a "Hangzhou Digital Cultural Tourism Benchmark Case"[39](index=39&type=chunk) - The company was appointed as Ningbo's "Culture + Technology" industry consultant[39](index=39&type=chunk) - Subsidiary Dafeng Digital Art was honored as one of the "First Batch of Hangzhou Digital Cultural Tourism Benchmark Enterprises"[39](index=39&type=chunk) [Deepening High-End Manufacturing, Creating the "Second Growth Curve" for Smart Rail Transit](index=10&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E9%AB%98%E7%AB%AF%E5%88%B6%E9%80%A0%E7%BA%B5%E6%B7%B1%EF%BC%8C%E6%89%93%E9%80%A0%E6%99%BA%E8%83%BD%E8%BD%A8%E4%BA%A4%E7%9A%84%E2%80%9C%E7%AC%AC%E4%BA%8C%E5%A2%9E%E9%95%BF%E6%9B%B2%E7%BA%BF%E2%80%9D) Dafeng Cultural and Sports Creative and Equipment Manufacturing Industrial Park (Phase III) and the unmanned rail sightseeing vehicle system production project commenced, positioning it as a national leading smart rail transit manufacturing base, independently developing an intelligent train control platform, and securing two major unmanned sightseeing projects - Dafeng Cultural and Sports Creative and Equipment Manufacturing Industrial Park (Phase III) and the unmanned rail sightseeing vehicle system production project officially commenced, positioning it as a national leading smart rail transit manufacturing base[40](index=40&type=chunk) - Independently developed an intelligent train control platform, integrating autonomous driving and clean energy technologies to create zero-emission, high-safety, and customizable immersive transportation solutions[40](index=40&type=chunk) - Secured two major unmanned sightseeing projects: Qinglongshan Sky Capsule and Xi'an Silk Road Happy World "Mirage"[40](index=40&type=chunk) [New Technologies Reshape the Value Curve of Cultural, Sports, and Tourism Scenarios](index=10&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E6%96%B0%E7%A7%91%E6%8A%80%E9%87%8D%E5%A1%91%E6%96%87%E4%BD%93%E6%97%85%E5%9C%BA%E6%99%AF%E4%BB%B7%E5%80%BC%E6%9B%B2%E7%BA%BF) The company signed strategic and equity cooperation agreements with Shanghai Zhiyuan Xinchuang Technology Co., Ltd., establishing a joint venture focused on 'humanoid robot + cultural, sports, and tourism,' promoting large-scale application of embodied AI technology in diverse scenarios to drive value upgrading in the cultural tourism industry - The company signed in-depth strategic cooperation and equity cooperation agreements with Shanghai Zhiyuan Xinchuang Technology Co., Ltd[40](index=40&type=chunk) - Established a joint venture focusing on the high-potential cross-sector of "humanoid robot + cultural, sports, and tourism"[40](index=40&type=chunk) - Committed to exploring the application of humanoid robots in cultural, entertainment, sports, tourism, and commercial scenarios, promoting the large-scale implementation of embodied AI technology in diverse settings[40](index=40&type=chunk)[41](index=41&type=chunk) [Cultural Renewal and "Fengrun Plan" Talent Project](index=11&type=section&id=%EF%BC%88%E5%85%AD%EF%BC%89%E6%96%87%E5%8C%96%E7%84%95%E6%96%B0%E4%B8%8E%E2%80%9C%E4%B8%B0%E6%B6%A6%E8%AE%A1%E5%88%92%E2%80%9D%E4%BA%BA%E6%89%8D%E5%B7%A5%E7%A8%8B) During the reporting period, the company completed enterprise culture iteration and talent system upgrade, and launched the '2025 Fengrun Plan' in cooperation with Zhejiang University Continuing Education College, fostering talent with composite capabilities and global vision through industry-academia-research integration to support strategic development - The company simultaneously completed enterprise culture iteration and talent system upgrade[41](index=41&type=chunk) - In April 2025, the company launched the "2025 Fengrun Plan" in cooperation with Zhejiang University Continuing Education College, focusing on enterprise talent reserves[41](index=41&type=chunk) [Analysis of Core Competencies](index=11&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 competencies include full-chain integration, talent team, technology R&D, integration, consolidation, efficient implementation, and smart operation with continuous service, collectively establishing its leading position in cultural, sports, and tourism technology equipment - Full-Chain Integration Advantage: Built a "planning-creativity-intelligent manufacturing-operation" full industrial chain layout, capable of providing complete industry solutions to clients[42](index=42&type=chunk) - Talent Team Advantage: Core team members have a reasonable professional structure and rich industry experience; the company highly values talent acquisition and development[42](index=42&type=chunk) - Technology R&D Advantage: Significant professional technical advantages in stage machinery and electrical control business, possessing the first National Enterprise Technology Center and National Industrial Design Center in the "performing arts equipment and services sector," with over **1,000 intellectual property rights** accumulated[42](index=42&type=chunk) - Integration Advantage: Pioneered the theater equipment integration business model, possessing integration capabilities for specialized facilities and overall solutions such as stage machinery, lighting and audio-video, intelligent systems, seating and grandstands, and decorative curtain walls[43](index=43&type=chunk) - Consolidation Advantage: Strong financial strength, high brand reputation and recognition, abundant industry resources, and a global leader in integrating high-quality industry resources[44](index=44&type=chunk) - Efficient Implementation Advantage: Possesses the industry's largest delivery capability for products such as stage machinery, lighting and audio, and seating, as well as system integration, demonstrating efficient delivery capabilities in major urgent projects[44](index=44&type=chunk) - Smart Operation and Continuous Service Advantage: Independently developed a digital operation system, providing full-cycle services such as smart venue construction and digital operation and maintenance for cultural, sports, tourism, and commercial complexes[44](index=44&type=chunk) [Key Operating Performance](index=12&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) During the reporting period, operating revenue and costs significantly increased due to more projects, sales expenses grew due to higher employee compensation, and financial expenses decreased due to increased exchange gains. Net cash flow from operating activities improved, while net cash flow from financing activities significantly decreased due to convertible bond repayment. Asset and liability structures were adjusted, with overseas assets accounting for **2.33%** of total assets [Analysis of Main Business](index=12&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, operating revenue and costs increased by **52.16%** and **68.86%** respectively due to more projects. Sales expenses rose by **45.33%** due to higher employee compensation, and financial expenses decreased by **CNY 34 million** due to increased exchange gains. Net cash flow from operating activities increased by **CNY 30 million** year-on-year, while net cash flow from financing activities decreased by **259.57%** primarily due to convertible bond repayment Analysis of Major Accounting Item Changes | Item | Current Period (CNY) | Prior Period (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,003,864,688.83 | 659,727,570.70 | 52.16 | Increase in projects commenced | | Operating Cost | 741,659,787.05 | 439,207,623.00 | 68.86 | Increase in projects commenced | | Selling Expenses | 86,744,851.37 | 59,689,622.67 | 45.33 | Increase in employee compensation expenses | | Financial Expenses | -73,435,438.06 | -39,473,460.07 | N/A | Increase in exchange gains | | Net Cash Flow from Operating Activities | -8,885,616.94 | -38,691,785.52 | N/A | Improved collection status (increased by CNY 30 million) | | Net Cash Flow from Financing Activities | -202,242,016.90 | 126,743,717.84 | -259.57 | Repayment of convertible bonds | | Impact of Exchange Rate Changes on Cash Equivalents | 19,637,903.49 | 1,683,304.60 | 1,066.63 | Changes in foreign currency exchange rates | [Analysis of Assets and Liabilities](index=13&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, trading financial assets decreased by **57.24%**, notes receivable increased by **119.56%**, prepayments increased by **116.46%**, and construction in progress increased by **944.86%** due to Ditang factory Phase III project investment. Short-term borrowings and non-current liabilities due within one year significantly decreased due to financing structure adjustments and convertible bond conversion/repayment. Overseas assets accounted for **2.33%** of total assets Changes in Assets and Liabilities | Item Name | Current Period End (CNY) | Prior Year End (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 90,269,506.86 | 211,101,392.23 | -57.24 | Decrease in wealth management products | | Notes Receivable | 42,701,491.77 | 19,449,028.02 | 119.56 | Increase in commercial bills | | Prepayments | 130,585,039.34 | 60,326,268.45 | 116.46 | Increase in prepaid goods | | Construction in Progress | 2,824,590.46 | 270,330.84 | 944.86 | Investment in Ditang factory Phase III project | | Other Non-Current Assets | 188,455,993.08 | 808,833,854.99 | -76.70 | PPP projects transferred to operation | | Short-Term Borrowings | 19,823,597.22 | 137,168,100.27 | -85.55 | Adjustment of financing structure, increase in long-term borrowings | | Non-Current Liabilities Due Within One Year | 247,089,212.42 | 891,578,939.81 | -72.29 | Convertible bond conversion and repayment at maturity | - Overseas assets totaled **CNY 181,436,928.90**, accounting for **2.33%** of total assets[48](index=48&type=chunk) Major Asset Restrictions as of Report End | Item | Book Value as of June 30, 2025 (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 35,695,496.61 | Margin deposits | | Monetary Funds | 26,559,221.28 | Frozen | | Accounts Receivable | 199,555,333.77 | Factoring, PPP project loan pledge | | Fixed Assets | 63,012,875.32 | Mortgage | | Intangible Assets | 81,960,243.17 | Mortgage | | Other Non-Current Assets Due Within One Year | 110,756,142.79 | Pledge | | Long-Term Receivables | 1,722,671,732.56 | Pledge | | Other Non-Current Assets | 57,415,624.42 | Pledge | | **Total** | **2,297,626,669.92** | | [Analysis of Investment Status](index=14&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's overall equity investment is detailed in the financial report. This period, financial assets measured at fair value totaled **CNY 150,399,486.30**, including **CNY 90,269,506.86** in trading financial assets, **CNY 26,127,546.44** in notes receivable financing, and **CNY 34,002,433.00** in other equity instrument investments Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (CNY) | Fair Value Change P&L for Current Period (CNY) | Impairment Provision for Current Period (CNY) | Purchases for Current Period (CNY) | Sales/Redemptions for Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 211,101,392.23 | -847,140.51 | - | 1,542,647,311.58 | 1,662,632,056.44 | 90,269,506.86 | | Notes Receivable Financing | 51,920,633.97 | - | -898,034.16 | - | 26,691,121.69 | 26,127,546.44 | | Other Equity Instrument Investments | 27,502,433.00 | - | - | 6,500,000.00 | - | 34,002,433.00 | | **Total** | **290,524,459.20** | **-847,140.51** | **-898,034.16** | **1,549,147,311.58** | **1,689,323,178.13** | **150,399,486.30** | [Analysis of Major Holding and Participating Companies](index=16&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) During the reporting period, the company established **5 new subsidiaries** and deregistered **2 subsidiaries**. Major subsidiaries like Dafeng Decoration, Dafeng Sports, and Dafeng Digital Art all achieved profitability, with Russia Dafeng's net profit reaching **CNY 29,545,645.54** - New subsidiaries established during the reporting period: Jingjiang Fengyu Cultural Arts Training Co., Ltd., Taixing Fengtai Cultural Development Co., Ltd., Tianjin Dongli Lake Dafeng Cultural Tourism Performing Arts Co., Ltd., Hangzhou Chaofeng Information Technology Co., Ltd., Zhejiang Guiji Fangzhou Robotics Co., Ltd[53](index=53&type=chunk) - Subsidiaries deregistered during the reporting period: Henan Dafeng Cultural Technology Development Co., Ltd., Hubei Dafeng Rail Transit Equipment Co., Ltd[55](index=55&type=chunk) Financial Data of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Dafeng Decoration | Subsidiary | Acoustic engineering, decoration | 100,000,000 | 910,972,536.80 | 208,316,875.01 | 86,585,629.76 | 23,879,223.67 | 20,563,425.34 | | Dafeng Sports | Subsidiary | Sports technology equipment | 25,000,000 | 372,123,917.39 | 234,842,444.86 | 91,964,950.47 | 2,519,337.74 | 2,726,329.80 | | Dafeng Rail Transit | Subsidiary | Rail transit equipment | 19,287,000 | 257,855,851.94 | 90,129,410.67 | 66,811,294.46 | -4,060,631.43 | -2,815,520.97 | | Dafeng Digital Art | Subsidiary | Digital art technology | 85,000,000 | 613,783,851.92 | 97,350,935.79 | 138,085,863.18 | 7,217,516.13 | 6,809,611.65 | | Dafeng Culture | Subsidiary | Theater operation, theater agency, event planning | 10,000,000 | 67,184,859.53 | 6,273,369.56 | 96,311,055.42 | 3,788,078.32 | 1,631,407.56 | | Xixi Digital Art | Subsidiary | Cultural tourism performing arts | 15,000,000 | 89,644,963.90 | -121,240,131.38 | 2,923,642.98 | -15,719,606.32 | -15,602,886.80 | | Russia Dafeng | Subsidiary | Cultural, sports, and tourism technology equipment | 10,000 RUB | 177,684,970.86 | 38,681,290.37 | 37,742,072.07 | 39,285,183.47 | 29,545,645.54 | [Corporate Governance, Environment, and Society](index=18&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 Company Directors and Senior Management](index=18&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%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) During the reporting period, Mr. Zhang Jinlong resigned as financial controller due to personal career development, and Ms. Liu Yuxiu was appointed as deputy general manager - Mr. Zhang Jinlong resigned from his position as the company's financial controller due to personal career development plans[57](index=57&type=chunk) - Upon review by the company's Board Nomination Committee, the Board of Directors approved the appointment of Ms. Liu Yuxiu as the company's Deputy General Manager[57](index=57&type=chunk) [Equity Incentive and Employee Stock Ownership Plans](index=18&type=section&id=%E4%BA%8C%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) In June 2025, the company completed the securities registration for the repurchase and cancellation of **3,132,600 restricted shares** from the 2021 Restricted Stock Incentive Plan, optimizing its equity structure - In June 2025, the company completed the securities registration for the repurchase and cancellation of **3,132,600 restricted shares** at China Securities Depository and Clearing Corporation Limited Shanghai Branch[59](index=59&type=chunk) - The repurchase and cancellation involved restricted shares from the third vesting period of the initial grant and the second vesting period of the reserved grant under the 2021 Restricted Stock Incentive Plan, for which vesting conditions were not met[59](index=59&type=chunk) [Poverty Alleviation and Rural Revitalization](index=19&type=section&id=%E5%9B%9B%E3%80%81%E5%B7%B1%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) During the reporting period, the company, through the Dafeng Charity Foundation, implemented the 'Fengfu Plan - Rural Revitalization Jinyang Aid Agriculture' project in Jinyang County, Sichuan, established a 'Chuying Class' in Guizhou, and carried out 'Fairy Tales in Spring' and other public welfare activities, donating to rural schools in Xinjiang, Sichuan, and other regions, actively fulfilling its social responsibilities - During the reporting period, the company, through the Dafeng Charity Foundation, continued to strengthen targeted assistance through a "education for intelligence, public welfare safety net" linkage mechanism[61](index=61&type=chunk) - Implemented the "Fengfu Plan - Rural Revitalization Jinyang Aid Agriculture" project in Jinyang County, Sichuan, using a "economic cooperative management + villager participation" model to increase villagers' income[61](index=61&type=chunk) - Jointly established a "Chuying Class" with the Wangmo County United Front Work Department and County Experimental High School in Guizhou; and, leveraging the three public welfare brand activities "Fairy Tales in Spring," "Fengyuan Action," and "Love in Southern Xinjiang," donated to rural schools in Xinjiang, Sichuan, and other regions[61](index=61&type=chunk) [Significant Matters](index=20&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=20&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's actual controller, directors, and senior management strictly fulfilled their refinancing commitments, including not overstepping management, not encroaching on company interests, and restricting job-related consumption, to protect small and medium investors - The controlling shareholder and actual controller committed not to overstep their authority in interfering with the company's operations, not to infringe upon company interests, and are willing to bear corresponding legal responsibilities if the commitments are violated[63](index=63&type=chunk) - Directors and senior management committed not to transfer benefits to other entities or individuals without compensation or under unfair conditions, to restrict job-related consumption, and to link the compensation system with the implementation of the company's return compensation measures[63](index=63&type=chunk) - All commitments were strictly fulfilled during the reporting period[63](index=63&type=chunk) [Violations, Penalties, and Rectification](index=22&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) During the reporting period, Director Feng Yue received a rectification order from the Ningbo Regulatory Bureau of the China Securities Regulatory Commission for illegal share reductions. The company will strengthen training on relevant laws and regulations for major shareholders and directors, supervisors, and senior management, and urge them to standardize stock trading behavior to prevent similar incidents - On February 17, 2025, company director Feng Yue received a "Decision on Taking Rectification Measures Against Feng Yue" from the Ningbo Regulatory Bureau of the China Securities Regulatory Commission, and it was recorded in the securities and futures market integrity file[65](index=65&type=chunk) - The company will further strengthen training for shareholders holding over **5%** and all directors, supervisors, and senior management on relevant laws and regulations, such as the Securities Law[65](index=65&type=chunk) - Actively communicate and further urge all directors, supervisors, and senior management to strengthen supervision over their own and their relatives' conduct, strictly regulating the buying and selling of company shares[65](index=65&type=chunk) [Explanation of Integrity Status](index=22&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company, its controlling shareholder, and actual controller had no major litigation, arbitration, or criminal proceedings, nor any unfulfilled effective court judgments or significant overdue debts, maintaining a good integrity record - During the reporting period, the company, its controlling shareholder, and actual controller had no contingent matters involving major litigation, arbitration, or criminal proceedings[66](index=66&type=chunk) - There were no unfulfilled effective court judgments or significant overdue debts, indicating no adverse integrity status[66](index=66&type=chunk) [Major Contracts and Their Fulfillment](index=24&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's total external guarantees amounted to **CNY 134,000,000.00**, accounting for **4.09%** of its net assets, with **CNY 80,000,000.00** provided for guaranteed parties with an asset-liability ratio exceeding **70%**, primarily for subsidiaries Company's Total Guarantee Amount | Indicator | Amount (CNY) | Percentage of Company's Net Assets (%) | | :--- | :--- | :--- | | Total guarantee balance for subsidiaries at period-end (B) | 134,000,000.00 | | | Total guarantees (A+B) | 134,000,000.00 | 4.09 | | Of which: Debt guarantees provided directly or indirectly for guaranteed parties with an asset-liability ratio exceeding 70% (D) | 80,000,000.00 | | [Explanation of Progress in Use of Raised Funds](index=26&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) As of the end of the reporting period, the company had cumulatively invested **CNY 491.01 million** from its IPO (**103.48%** progress) and **CNY 649.4793 million** from convertible bond issuance (**105.29%** progress). The company completed the cancellation of special accounts for raised funds and transferred remaining funds to its own accounts, demonstrating effective management Overall Use of Raised Funds | Source of Raised Funds | Net Raised Funds (1) (CNY 10,000) | Cumulative Investment of Raised Funds as of Report End (4) (CNY 10,000) | Cumulative Investment Progress of Raised Funds as of Report End (%) (6)=(4)/(1) | Amount Invested This Year (8) (CNY 10,000) | Total Raised Funds with Changed Use (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 47,451.55 | 49,101.01 | 103.48 | 1,800.00 | 38,669.70 | | Issuance of Convertible Bonds | 61,685.80 | 64,947.93 | 105.29 | 0 | 0 | | **Total** | **109,137.35** | **114,048.94** | | **1,800.00** | **38,669.70** | - As of the end of this reporting period, all balances in the company's special accounts for raised funds have been transferred out as required, and the cancellation procedures for the special accounts have been completed[73](index=73&type=chunk)[80](index=80&type=chunk) - The company conducted cash management for idle raised funds, with an ending balance of **CNY 0** for cash management[79](index=79&type=chunk) [Share Changes and Shareholder Information](index=30&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) [Changes in Share Capital](

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The A-share market is currently experiencing a valuation recovery. Measures such as large-scale equipment upgrades and consumer goods trade-ins are expected to boost domestic demand, while export growth may decline. A weak resonance between the domestic economic fundamentals and capital flows is expected to gradually emerge [30]. - Considering the impact of refinancing policies, the subsequent issuance pressure of convertible bonds is not expected to be high. As the stock market recovers, the inflow of incremental funds into convertible bonds has driven the valuation to a relatively high level in history. Attention should be paid to the risk of valuation correction. In terms of terms and conditions, it is recommended to continue to focus on the space for lower revision games, be vigilant against the risk of early redemption, and appropriately pay attention to short-term game opportunities for near-maturity convertible bonds [31]. - Industries worthy of attention include popular themes such as AI computing power, humanoid robots, intelligent driving, low-altitude economy, data elements, and satellite Internet of Things; repair opportunities in low-position science and technology growth sectors such as semiconductors and innovative drugs; pro-cyclical and domestic demand sectors such as real estate, chemicals, and consumer electronics whose prosperity is gradually recovering; industries with both export advantages and domestic demand growth potential such as automobiles, home appliances, and engineering machinery; central state-owned enterprises represented by "China-headquartered" companies, the "Belt and Road" theme, and high-dividend sectors such as public utilities, petrochemicals, and precious metals under the Chinese characteristic valuation system; and the military industry driven by the resonance of hedging demand and industrial demand cycles [31]. 3. Summary by Relevant Catalogs 3.1. Convertible Bond Weekly Special and Outlook 3.1.1. The "Diverse States" of Near-Maturity Convertible Bonds - As of August 22, 2025, 82 convertible bonds have been delisted this year, including 20 that have reached maturity. Among the matured and delisted convertible bonds, 6 have an actual maturity payment ratio of less than 1%, 3 have a payment ratio of over 90% (Nuclear Construction Convertible Bond, Haoke Convertible Bond, and Intelligent Convertible Bond), and the rest have a maturity payment ratio concentrated between 20% - 60% [10]. - The paths of promoting conversion and maturity payment of convertible bonds that have reached maturity this year vary. For example, the issuance amount of CITIC Convertible Bond is 40 billion yuan, but the final payment ratio is less than 1%. Its methods of promoting conversion are diverse, including the controlling shareholder's premium conversion and conversion during periods of negative premium rate due to the positive stock's "abnormal movement." Since December 2024, with the continuous rise of bank stocks, the conversion value of CITIC Convertible Bond has been significantly higher than the maturity value, accelerating the conversion process [13][14]. - In contrast, the Nuclear Construction Convertible Bond, a large central enterprise convertible bond, has a maturity payment ratio as high as 99.27%. The company's main business has a stable profit margin, and it has a relatively weak willingness to promote conversion, resulting in a smooth maturity payment [19]. - Most private enterprise convertible bonds (11 out of 18) have proposed to lower the conversion price during their tenure. However, due to factors such as weak performance and poor stock price performance of the underlying stocks, large-scale conversion has not been achieved. For example, Dafeng Convertible Bond achieved a large-scale conversion through a high negative premium rate before maturity, alleviating the payment pressure to some extent [21]. - As of August 22, there are still 14 convertible bonds approaching maturity this year. Some companies have a strong willingness to promote conversion, such as Jinneng Convertible Bond, which recently lowered its conversion price. It is recommended to analyze the company's willingness to promote conversion based on factors such as company attributes, debt repayment pressure, and research and communication, and pay attention to negative premium rate conversion and lower revision games during the conversion promotion process [28]. 3.1.2. Weekly Review and Market Outlook - This week, the A-share market showed an overall upward trend with active trading, and technology sectors led the market. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all rose to varying degrees, with the ChiNext Index performing particularly well. Sectors such as communication, comprehensive, and computer led the gains, while real estate and petrochemical sectors declined slightly [29]. - In the convertible bond market, considering the impact of refinancing policies, the subsequent issuance pressure is not expected to be high. As the stock market recovers, the inflow of incremental funds has driven the valuation to a relatively high level in history. Attention should be paid to the risk of valuation correction. It is recommended to continue to focus on the space for lower revision games, be vigilant against the risk of early redemption, and appropriately pay attention to short-term game opportunities for near-maturity convertible bonds [31]. 3.2. Weekly Tracking of the Convertible Bond Market 3.2.1. The Equity Market Rose, with Communication, Electronics, and Comprehensive Sectors Leading - This week, major equity market indices rose. The Wind All A Index rose 3.87%, the Shanghai Composite Index rose 3.49%, the Shenzhen Component Index rose 4.57%, and the ChiNext Index rose 5.85%. The market style was more inclined towards large-cap growth stocks. Among small-cap indices, the CSI 1000 Index rose 3.45%, and the STAR 50 Index rose 13.31% [35]. - All 31 Shenwan industry indices rose this week, with communication, electronics, and comprehensive sectors leading the market with increases of 10.84%, 8.95%, and 8.25% respectively [38]. 3.2.2. The Convertible Bond Market Rose Significantly, and the Median of the 100-yuan Premium Rate Increased - This week, the convertible bond market rose. The CSI Convertible Bond Index rose 2.83%, the Shanghai Convertible Bond Index rose 2.77%, the Shenzhen Convertible Bond Index rose 2.96%, the Wind Convertible Bond Equal-Weighted Index rose 3.20%, and the Wind Convertible Bond Weighted Index rose 2.86%. The average daily trading volume of convertible bonds increased, with an average daily trading volume of 94.06 billion yuan, an increase of 0.975 billion yuan compared to last week, and a total weekly trading volume of 470.3 billion yuan [40]. - At the industry level of convertible bonds, 29 industries rose, with the social services, beauty care, and computer industries ranking among the top three in terms of gains, with increases of 9.16%, 7.01%, and 5.28% respectively. At the corresponding underlying stock level, 26 industries rose, and 3 industries fell. The computer, electronics, and food and beverage industries led the gains, with increases of 10.14%, 8.92%, and 7.29% respectively [43]. - Most individual convertible bonds rose this week (414 out of 450). After excluding the closing data of newly listed convertible bonds, the top five convertible bonds in terms of weekly gains were Dongshi Convertible Bond (social services, 90.12%), Jintong Convertible Bond (non-ferrous metals, 22.92%), Huayi Convertible Bond (pharmaceutical biology, 19.84%), Weice Convertible Bond (electronics, 18.48%), and Dongjie Convertible Bond (machinery and equipment, 17.05%). The top five in terms of weekly trading volume were Outong Convertible Bond (power equipment, 23.791 billion yuan), Dayuan Convertible Bond (machinery and equipment, 23.686 billion yuan), Saili Convertible Bond (pharmaceutical biology, 12.55 billion yuan), Dongjie Convertible Bond (machinery and equipment, 12.492 billion yuan), and Huahong Convertible Bond (environmental protection, 11.35 billion yuan) [45]. - In terms of price, the number of absolute low-price convertible bonds decreased, and the median price of convertible bonds increased significantly. The number of convertible bonds with an absolute price of less than 110 yuan decreased by 3 compared to last week, the number in the 110 - 130 yuan range decreased by 40, the number in the 130 - 150 yuan range increased by 17, the number in the 150 - 200 yuan range increased by 14, and the number of those with a price greater than 200 yuan increased by 6. As of this Friday, the median price of the entire market's convertible bonds closed at 135.19 yuan, an increase of 3.03 yuan compared to last weekend [47]. - This week, the weighted conversion value of the entire market increased, and the premium rate decreased. The weighted average conversion value of the entire market based on the remaining bond balance was 102.18 yuan, an increase of 3.03 yuan compared to last weekend. The weighted conversion premium rate of the entire market was 40.64%, a decrease of 1.05 percentage points compared to last weekend. The 100-yuan parity premium rate (weighted average) was 29.42%, an increase of 4.92 percentage points compared to last weekend, and the median was 33.05%, an increase of 2.50 percentage points compared to last weekend. Currently, the 100-yuan parity premium rate is above the 50th percentile since 2017. The median implied volatility of the entire market was 41.78%, an increase of 3.91 percentage points compared to last weekend, and the pure bond premium rate of debt-biased convertible bonds was 14.50%, an increase of 3.55 percentage points compared to last weekend [51]. 3.2.3. High-Frequency Tracking of Different Types of Convertible Bonds 3.2.3.1. Classification Valuation Changes - This week, the valuation of balanced convertible bonds slightly declined, while that of equity-biased convertible bonds increased significantly. The valuation of convertible bonds with a parity of 110 - 120 yuan decreased, while the valuation of other parity convertible bonds increased, with those in the 0 - 80 yuan and 100 - 110 yuan ranges increasing more significantly. The valuation of AAA, A+, and A and below convertible bonds increased, while that of AA+, AA, and AA- convertible bonds decreased. The valuation of small-cap and small - medium-cap convertible bonds increased, while that of medium-cap and large-cap convertible bonds decreased [59]. - Since the beginning of 2024, the conversion premium rates of equity-biased and balanced convertible bonds have both rebounded from their lows. As of this Friday, the conversion premium rate of equity-biased convertible bonds is above the 35th percentile since 2017, and that of balanced convertible bonds is below the 50th percentile since 2017 [59]. 3.2.3.2. Market Index Performance - This week, all convertible bonds of different ratings rose. AAA convertible bonds rose 1.77%, AA+ convertible bonds rose 3.57%, AA convertible bonds rose 3.67%, AA- convertible bonds rose 2.69%, A+ convertible bonds rose 3.67%, and A and below convertible bonds rose 2.55%. Since 2023, AAA convertible bonds have recorded a 22.35% return, AA+ convertible bonds 15.24%, AA convertible bonds 21.33%, AA- convertible bonds 29.60%, A+ convertible bonds 32.92%, and A and below convertible bonds 34.83%. Historically, high-rated AAA convertible bonds have shown stable performance, while low-rated convertible bonds have shown weaker downside resistance and greater rebound strength [74]. - This week, all convertible bonds of different scales rose. Small-cap convertible bonds rose 2.84%, small - medium-cap convertible bonds rose 2.66%, medium-cap convertible bonds rose 3.86%, and large-cap convertible bonds rose 2.29%. Since 2023, small-cap convertible bonds have recorded a 34.82% return, small - medium-cap convertible bonds 29.29%, medium-cap convertible bonds 26.30%, and large-cap convertible bonds 19.79% [74]. 3.3. Tracking of Convertible Bond Supply and Terms 3.3.1. This Week's Primary Market Issuance Plans - This week, there were no newly listed convertible bonds, and there were 3 convertible bonds that had been issued but not yet listed. Among the convertible bonds to be listed, Weidao Convertible Bond and Jinwei Convertible Bond both have a scale of over 1 billion yuan. This week, there were 12 primary approvals (from August 18 to August 23, 2025), with no convertible bonds approved for registration by the CSRC. Three convertible bonds, including Dingjie Shuzhi (828 million yuan), Lianrui Xincai (720 million yuan), and Jinpan Technology (1.672 billion yuan), were accepted by the exchange [80]. - From the beginning of 2023 to August 22, 2025, the total number of planned convertible bonds was 93, with a total scale of 150.36 billion yuan. Among them, the number of convertible bonds approved by the board of directors was 19, with a total scale of 28.493 billion yuan; the number approved by the general meeting of shareholders was 36, with a total scale of 64.672 billion yuan; the number accepted by the exchange was 30, with a total scale of 41.847 billion yuan; the number approved by the listing committee was 4, with a total scale of 8.979 billion yuan; and the number approved for registration by the CSRC was 4, with a total scale of 6.37 billion yuan [81]. 3.3.2. Lower Revision and Redemption Clauses - This week, 8 convertible bonds announced that they were expected to trigger a lower revision, 4 convertible bonds announced that they would not be revised downward, and Qifan Convertible Bond proposed a lower revision, with no convertible bonds announcing the result of the lower revision [84][87]. - This week, 12 convertible bonds announced that they were expected to trigger early redemption, 7 convertible bonds announced that they would not be redeemed early, and 6 convertible bonds, including Chongda Zhuan 2, Dayuan Convertible Bond, Haitai Convertible Bond, Sheyan Convertible Bond, Dongjie Convertible Bond, and Rongtai Convertible Bond, announced early redemption [86][88][89]. - As of the end of this week, there was 1 convertible bond still in the put option declaration period and 9 convertible bonds still in the company's capital reduction and settlement declaration period. Attention should be paid to the price changes of convertible bonds and the marginal changes in the company's tendency for lower revision [91].

Group 1 - The stock price of Dafeng Industrial is reported at 13.42 yuan, down 0.24 yuan from the previous trading day, with a decline of 1.76% [1] - The highest price during the trading session was 13.66 yuan, and the lowest was 13.36 yuan, with a trading volume of 141,900 hands and a transaction amount of 191 million yuan [1] - Dafeng Industrial operates in the specialized equipment sector, covering areas such as smart stages and cultural equipment, and is headquartered in Zhejiang [1] Group 2 - In June 2025, Dafeng Industrial established a joint venture, Zhejiang Silicon-based Ark Robotics Co., Ltd., with a related company, Zhiyuan Robotics, to explore the application of embodied intelligent robots in cultural tourism scenarios [1] - Zhiyuan Robotics recently announced plans to deploy robots in large cultural tourism projects to enhance visitor interaction experiences [1] Group 3 - On August 21, Dafeng Industrial experienced a net outflow of main funds amounting to 26.0181 million yuan, accounting for 0.45% of its circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 103 million yuan, representing 1.78% of its circulating market value [1]

通过天眼查大数据分析，浙江大丰实业股份有限公司共对外投资了47家企业，参与招投标项目1740次， 知识产权方面有商标信息274条，专利信息1038条，此外企业还拥有行政许可50个。 来源：金融界 大丰实业最新一期业绩显示，截至2025一季报，公司营业总收入2.90亿元、同比增长0.23%，归属净利 润3274.40万元，同比减少3.37%，扣非净利润2728.05万元，同比减少3.91%，流动比率1.557、速动比率 1.423、资产负债率58.19%。 天眼查商业履历信息显示，浙江大丰实业股份有限公司，成立于2002年，位于宁波市，是一家以从事计 算机、通信和其他电子设备制造业为主的企业。企业注册资本40962.7512万人民币，实缴资本 40904.4046万人民币。公司法定代表人为丰华。 金融界消息 截至2025年8月15日收盘，大丰实业（603081）报收于13.52元，上涨3.36%，换手率 5.23%，成交量22.66万手，成交金额3.04亿元。 资金流向方面，今日主力资金净流入1647.93万元，占比成交额5.43%。其中，超大单净流出374.15万 元、占成交额1.23%，大单净流入2022. ...

通过天眼查大数据分析，浙江大丰实业股份有限公司共对外投资了47家企业，参与招投标项目1740次， 知识产权方面有商标信息274条，专利信息1038条，此外企业还拥有行政许可50个。 大丰实业最新一期业绩显示，截至2025一季报，公司营业总收入2.90亿元、同比增长0.23%，归属净利 润3274.40万元，同比减少3.37%，扣非净利润2728.05万元，同比减少3.91%，流动比率1.557、速动比率 1.423、资产负债率58.19%。 天眼查商业履历信息显示，浙江大丰实业股份有限公司，成立于2002年，位于宁波市，是一家以从事计 算机、通信和其他电子设备制造业为主的企业。企业注册资本40962.7512万人民币，实缴资本 40904.4046万人民币。公司法定代表人为丰华。 金融界消息 截至2025年8月14日收盘，大丰实业（603081）报收于13.08元，下跌3.82%，换手率 6.14%，成交量26.63万手，成交金额3.53亿元。 资金流向方面，今日主力资金净流出3779.67万元，占比成交额10.71%。其中，超大单净流出1412.59万 元、占成交额4.0%，大单净流出2367.07万元、占 ...

金融界消息 截至2025年8月11日收盘，大丰实业（603081）报收于12.85元，下跌0.77%，换手率 3.66%，成交量15.86万手，成交金额2.05亿元。 资金流向方面，今日主力资金净流出1197.60万元，占比成交额5.86%。其中，超大单净流出619.82万 元、占成交额3.03%，大单净流出577.77万元、占成交额2.82%，中单净流出流入121.43万元、占成交额 0.59%，小单净流入1076.17万元、占成交额5.26%。 大丰实业最新一期业绩显示，截至2025一季报，公司营业总收入2.90亿元、同比增长0.23%，归属净利 润3274.40万元，同比减少3.37%，扣非净利润2728.05万元，同比减少3.91%，流动比率1.557、速动比率 1.423、资产负债率58.19%。 天眼查商业履历信息显示，浙江大丰实业股份有限公司，成立于2002年，位于宁波市，是一家以从事计 算机、通信和其他电子设备制造业为主的企业。企业注册资本40962.7512万人民币，实缴资本 40904.4046万人民币。公司法定代表人为丰华。 通过天眼查大数据分析，浙江大丰实业股份有限公司共对外投资了47 ...

Core Points - As of August 1, 2025, Dafeng Industrial (603081) closed at 12.38 yuan, down 2.37% with a turnover rate of 3.99% and a trading volume of 173,100 hands, amounting to 215 million yuan in transaction value [1] - The latest quarterly report shows total revenue of 290 million yuan, a year-on-year increase of 0.23%, while net profit attributable to shareholders decreased by 3.37% to 32.74 million yuan, and non-recurring net profit fell by 3.91% to 27.28 million yuan [1] - The company has a current ratio of 1.557, a quick ratio of 1.423, and a debt-to-asset ratio of 58.19% [1] Investment and Business Activities - Dafeng Industrial has made investments in 48 companies and participated in 1,736 bidding projects [2] - The company holds 274 trademark registrations and 1,038 patents, along with 50 administrative licenses [2] Company Background - Zhejiang Dafeng Industrial Co., Ltd. was established in 2002 and is located in Ningbo, primarily engaged in the manufacturing of computers, communications, and other electronic equipment [1]