Group 1 - The company held its second board meeting on August 22, 2025, with all nine directors present, and the meeting was deemed legal and effective [3][6] - The board approved the 2025 semi-annual report and its summary, which reflects the company's operational and financial status [4][13] - The board also approved a special report on the storage and actual use of raised funds for the first half of 2025 [7][16] Group 2 - The company raised a total of RMB 863.05 million from its initial public offering, with a net amount of RMB 798.28 million after deducting issuance costs [19] - As of June 30, 2025, the company had used RMB 437.51 million of the raised funds, with a remaining balance of RMB 372.15 million [21] - The company has established a management system for raised funds to ensure compliance with relevant laws and regulations [22] Group 3 - The company has not changed its fundraising investment projects during the reporting period [34] - There were no instances of using raised funds for temporary working capital or for repaying bank loans [30] - The company has disclosed its fundraising usage and management in accordance with legal requirements, with no violations reported [34]

Group 1 - The second meeting of the second supervisory board of the company was held on August 22, 2025, with all three supervisors present, confirming the legality and validity of the meeting [1][2] - The supervisory board approved the proposal regarding the 2025 semi-annual report, stating that the report complies with relevant laws and regulations and accurately reflects the company's operational and financial status for the first half of 2025 [1][2] - The supervisory board also approved the special report on the storage and actual use of raised funds for the first half of 2025, with all votes in favor [2]

Core Viewpoint - The company reported a slight increase in revenue and profit for the first half of 2025, indicating stable financial performance despite a challenging market environment [1] Financial Performance - The company achieved a revenue of 946 million yuan, representing a year-on-year growth of 1.41% [1] - The net profit attributable to shareholders was 76.15 million yuan, showing a year-on-year increase of 6.82% [1] - The net profit after deducting non-recurring gains and losses was 75.48 million yuan, reflecting a year-on-year growth of 7.26% [1] - The basic earnings per share stood at 0.47 yuan [1]

Group 1 - The company reported a revenue of 946 million yuan for the first half of the year, representing a year-on-year increase of 1.41% [1] - The net profit attributable to shareholders of the listed company was 76.1465 million yuan, showing a year-on-year growth of 6.82% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 75.479 million yuan, with a year-on-year increase of 7.26% [1]

证券代码：603082 证券简称：北自科技 公告编号：2025-042 北自所（北京）科技发展股份有限公司 2025 年半年度募集资金存放与实际使用情况的专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上市公司募集资金监管规则》《上海证券交易所上市公司自律监管指引第1 号——规范运作》《上海证券交易所股票上市规则》等有关规定，北自所（北京）科技 发展股份有限公司（以下简称"公司"、"本公司"或"北自科技"）就2025年半年度募集资 金存放与实际使用情况专项说明如下： 一、募集资金基本情况 （一）募集资金到位情况 经中国证券监督管理委员会出具的《关于同意北自所（北京）科技发展股份有限公 司首次公开发行股票注册的批复》（证监许可[2023]2063号），同意公司首次公开发行 股票的注册申请，公司首次公开发行人民币普通股（A股）股票4,055.69万股，每股面值 1.00元，每股发行价格为人民币21.28元，募集资金总额为人民币86,305.08万元，扣除不 含税发行费用人民币6,477.23万元，实际募集资金净额为 ...

证券代码：603082 证券简称：北自科技 公告编号：2025-041 北自所（北京）科技发展股份有限公司 第二届监事会第五次会议决议公告 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。 表决情况：同意3票，反对0票，弃权0票。 北自所（北京）科技发展股份有限公司（以下简称"公司"）第二届监事 会第五次会议于2025年8月12日以通讯方式向全体监事发出会议通知和材料，并 于2025年8月22日在公司会议室以现场方式召开会议。会议应出席监事3名，实际 出席3名，会议由监事会主席李东方女士主持召开，董事会秘书列席了本次会议。 会议召开符合《公司法》《公司章程》等法律法规的规定，会议决议合法、有效。 二、监事会会议审议情况 （一）审议通过《关于2025年半年度报告及其摘要的议案》 监事会认为：2025年半年度报告的编制和审议程序符合有关法律法规及《公 司章程》的规定；报告全文及摘要的内容和格式符合中国证监会和上海证券交易 所的有关规定，所载资料不存在任何虚假记载、误导性陈述或者重大遗漏，真实 反映了公司2025年半年度的经营情况和财务状 ...

北自所（北京）科技发展股份有限公司 第二届董事会第五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 北自所（北京）科技发展股份有限公司（以下简称"公司"）第二届董事会第五次会 议于2025年8月12日以通讯方式向全体董事发出会议通知和材料，并于2025年8月22日在 公司会议室以现场方式召开会议。会议应出席董事9名，实际出席9名，会议由董事长王 振林先生主持召开，公司监事、董事会秘书及高级管理人员列席了会议。会议召开符合 《公司法》《公司章程》等法律法规的规定，会议决议合法、有效。 二、董事会会议审议情况 证券代码：603082 证券简称：北自科技 公告编号：2025-040 本议案经审计委员会审议通过。 表决情况：同意9票，反对0票，弃权0票。 （二）审议通过《关于<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》 具体内容详见公司披露于上海证券交易所网站的《2025年半年度募集资金存放与实 际使用情况的专项报告》。 表决情况：同意9票，反对0票，弃权0票。 （三）审议 ...

[Definitions](index=4&type=section&id=Section%201%20Definitions) This section defines key entities and the reporting period for the report - Company Full Name: Beizisu (Beijing) Technology Development Co, Ltd (Beizisu Technology)[12](index=12&type=chunk) - Controlling Shareholder: Beijing Research Institute of Automation for Machinery Industry Co, Ltd (BRIAM)[12](index=12&type=chunk) - Indirect Controlling Shareholder: China Academy of Machinery Science & Technology Group Co, Ltd (CAM)[12](index=12&type=chunk) - Actual Controller: The State-owned Assets Supervision and Administration Commission of the State Council (SASAC)[12](index=12&type=chunk) - Reporting Period: January 1, 2025, to June 30, 2025[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides the company's basic information, contact details, and key financial data for the reporting period [Company Information](index=5&type=section&id=I.%20Company%20Information) This section outlines the company's basic registration information, including its Chinese name, abbreviation, English name and abbreviation, and legal representative - The company's legal representative is **Wang Zhenlin**[15](index=15&type=chunk) [Contact Persons and Methods](index=5&type=section&id=II.%20Contact%20Persons%20and%20Methods) This section provides the names, contact addresses, telephone numbers, fax numbers, and email addresses of the Board Secretary and Securities Affairs Representative - Board Secretary: **Zhang Xinran**; Securities Affairs Representative: **Yao Huimei**[16](index=16&type=chunk) - Contact Address: Building 3, No 1 Jiaochangkou Street, Xicheng District, Beijing[16](index=16&type=chunk) [Changes in Basic Information](index=5&type=section&id=III.%20Changes%20in%20Basic%20Information) This section details the company's registered and office addresses, confirming no changes occurred during the reporting period - The company's registered and office address is Building 3, No 1 Jiaochangkou Street, Xicheng District, Beijing, with **no changes during the reporting period**[17](index=17&type=chunk) [Changes in Information Disclosure and Document Location](index=5&type=section&id=IV.%20Changes%20in%20Information%20Disclosure%20and%20Document%20Location) This section lists the designated newspapers for information disclosure, the website for the semi-annual report, and its physical location, confirming no changes - Designated newspapers for information disclosure: **Shanghai Securities News, China Securities Journal, Securities Times, Securities Daily**[18](index=18&type=chunk) - Website for the semi-annual report: **http://www.sse.com.cn/**[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses key accounting data and financial indicators, including revenue, profit, and earnings per share, with year-over-year comparisons Key Accounting Data (Consolidated) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change YoY (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 945,698,196.70 | 932,567,452.20 | 1.41 | | Total Profit | 85,034,910.80 | 79,916,947.04 | 6.40 | | Net Profit Attributable to Shareholders | 76,146,512.36 | 71,283,552.78 | 6.82 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 75,478,991.75 | 70,367,687.34 | 7.26 | | Net Cash Flow from Operating Activities | 45,115,041.68 | 40,698,679.92 | 10.85 | | Net Assets Attributable to Shareholders (End of Period) | 1,551,317,223.49 | 1,567,684,462.26 | -1.04 | | Total Assets (End of Period) | 4,063,531,400.28 | 4,068,741,316.88 | -0.13 | Key Financial Indicators (Consolidated) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change YoY (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/Share) | 0.47 | 0.46 | 2.17 | | Diluted Earnings Per Share (CNY/Share) | 0.47 | 0.46 | 2.17 | | Basic EPS (Excluding Non-recurring Items) (CNY/Share) | 0.47 | 0.45 | 4.44 | | Weighted Average Return on Equity (%) | 4.79 | 5.17 | Decreased by 0.38 percentage points | | Weighted Average ROE (Excluding Non-recurring Items) (%) | 4.74 | 5.11 | Decreased by 0.37 percentage points | [Non-recurring Profit and Loss Items and Amounts](index=6&type=section&id=IX.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) This section lists specific non-recurring profit and loss items and their amounts, including government grants and fair value changes of financial assets Non-recurring Profit and Loss Items | Item | Amount (CNY) | | :--- | :--- | | Government grants included in current profit or loss (excluding continuous impact) | 99,700.00 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 679,344.95 | | Other profit and loss items meeting the definition of non-recurring | 6,273.42 | | Less: Income tax impact | 117,797.76 | | Minority interest impact (after tax) | 0.00 | | **Total** | **667,520.61** | [Management Discussion and Analysis](index=7&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section analyzes the company's industry, core business, operating performance, and competitive advantages during the reporting period [Industry and Core Business Overview](index=7&type=section&id=I.%20Industry%20and%20Core%20Business%20Overview) This section details the intelligent logistics industry context, including policy support and market demand, and introduces the company's products and business model - The company's main business is the **R&D, design, manufacturing, and integration of intelligent logistics systems**[26](index=26&type=chunk) - **Policy Support**: The state has issued policies such as the "Guiding Catalogue of Key Products and Services for Strategic Emerging Industries" and the "14th Five-Year Plan for Intelligent Manufacturing Development" to support the intelligent logistics equipment industry[27](index=27&type=chunk) - **Advanced Technology Application**: Cutting-edge technologies like IoT, cloud computing, big data, AI, 5G, and digital twins are driving innovation and expanding application scenarios in the industry[28](index=28&type=chunk) - **Market Demand**: Continuous release of domestic and international market demand presents significant development opportunities for the intelligent logistics systems industry[30](index=30&type=chunk) [Industry Overview](index=7&type=section&id=(I)%20Industry%20Overview) This section analyzes the development environment of the intelligent logistics system industry, highlighting strong policy support, technological advancement, and growing market demand - The company belongs to the **"C Manufacturing"** category, specifically **"C34 General Equipment Manufacturing"** and the **"Intelligent Logistics and Warehousing Equipment"** industry[26](index=26&type=chunk) - National policies, including the **"14th Five-Year Plan for Intelligent Manufacturing Development,"** support the growth of the intelligent logistics equipment industry[27](index=27&type=chunk) - Advanced technologies such as **IoT, cloud computing, big data, AI, 5G, and digital twins** are driving innovation in the industry[28](index=28&type=chunk) - The continuous release of domestic and international market demand creates **favorable development opportunities** for the intelligent logistics system industry[30](index=30&type=chunk) [Business Operations Overview](index=8&type=section&id=(II)%20Business%20Operations%20Overview) This section details the company's main products and services, including various intelligent logistics systems and software, and explains its core operating models - Main products and services include **intelligent warehousing logistics systems, intelligent production logistics systems, intelligent logistics equipment, intelligent logistics software, and maintenance services**[31](index=31&type=chunk) - Intelligent warehousing logistics systems are widely used in industries such as **chemical fiber, food and beverage, home appliances, electronics, and pharmaceuticals**[32](index=32&type=chunk) - Intelligent production logistics systems are extensively applied in fiber manufacturing fields like **chemical and glass fibers**[34](index=34&type=chunk) - The company independently develops software systems including **WMS, WCS, and the IntelliTwin digital twin industrial software**[37](index=37&type=chunk) - The sales model is primarily **direct sales**, securing projects through business negotiations or bidding, with installment-based payments[40](index=40&type=chunk) - The procurement model is mainly **"procurement based on sales,"** divided into order-based and inventory-based procurement[41](index=41&type=chunk) - The production model is **order-based**, covering construction design, manufacturing, on-site implementation, and after-sales service[42](index=42&type=chunk) - The R&D model is **market-oriented and technology-driven**, with direction set by a technical committee and execution by project teams[43](index=43&type=chunk) [Discussion and Analysis of Operations](index=12&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) The company focused on high-quality development, enhancing value creation through technological innovation, strategic cooperation, and market expansion - **Technological Innovation**: Developed the fifth-generation "all-gearbox pallet four-way shuttle" and a new-generation WMS software system, advancing the application of AI technologies like machine vision and digital twins[44](index=44&type=chunk) - **Intellectual Property**: Participated in formulating and releasing 4 national, 3 industry, and 3 group standards; obtained **27 new patents (including 20 invention patents)** and 22 new software copyrights[45](index=45&type=chunk) - **Strategic Cooperation**: Signed a strategic cooperation agreement with Donghua University to establish a joint innovation center; partnered with Astribot to promote the engineering application of humanoid robots in intelligent logistics[46](index=46&type=chunk) - **Market Expansion**: Established a Wuxi office to strengthen presence in East and Southwest China; secured **CNY 140 million in new overseas orders** in H1; successfully entered the liquor production and tire manufacturing logistics sectors[47](index=47&type=chunk) - **Order Backlog**: As of June 2025, the company's order backlog stood at **CNY 5.266 billion**[47](index=47&type=chunk) - **Management Enhancement**: Deepened institutional reforms, promoted digital transformation, strengthened the high-level talent pool by hiring several PhDs, and completed the main structure of the Huzhou intelligent logistics equipment industrialization project on schedule[48](index=48&type=chunk)[49](index=49&type=chunk) [Analysis of Core Competitiveness](index=13&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness) This section outlines the company's five core competencies, including its leading R&D, system integration, talent, project experience, and client resources - **Leading R&D Capabilities**: Adheres to technological innovation, independently developing multiple core technologies, complete equipment sets, and software systems to meet diverse customer needs[50](index=50&type=chunk) - **Strong System Integration Capabilities**: Leverages accumulated knowledge, process, expert, and standard libraries to integrate self-developed equipment with renowned domestic and international brands[51](index=51&type=chunk) - **Stable Talent Pool**: Employs **59 senior engineers (including 1 expert with a special government allowance from the State Council)**, forming a well-structured and experienced team[52](index=52&type=chunk)[53](index=53&type=chunk) - **Extensive Project Implementation Experience**: Based on over 50 years of industry experience, has established a comprehensive quality control system and detailed workflows, accumulating rich experience in various sub-sectors[54](index=54&type=chunk) - **High-Quality Long-Term Client Resources**: Has accumulated a base of leading domestic and international clients, including **China Jushi, Mengniu Dairy, Yili Group, Kweichow Moutai, and Wuliangye**[55](index=55&type=chunk) [Main Operating Activities](index=14&type=section&id=IV.%20Main%20Operating%20Activities) This section analyzes the company's main operating activities by examining changes in financial statement items, asset and liability structure, and investment activities [Analysis of Changes in Financial Statement Items](index=14&type=section&id=1.%20Analysis%20of%20Changes%20in%20Financial%20Statement%20Items) This section details changes in key financial statement items, including revenue, expenses, profit, and cash flows, with explanations for significant variances Analysis of Changes in Financial Statement Items | Item | Current Period (CNY) | Prior Year Period (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 945,698,196.70 | 932,567,452.20 | 1.41 | | | Operating Costs | 785,534,856.73 | 781,928,459.18 | 0.46 | | | Taxes and Surcharges | 2,082,496.11 | 3,916,580.43 | -46.83 | Increase in deductible VAT input tax this period | | Selling Expenses | 20,740,438.98 | 18,635,227.98 | 11.30 | | | Administrative Expenses | 21,287,593.07 | 21,220,832.90 | 0.31 | | | Finance Costs | -1,925,625.16 | -2,654,793.98 | N/A | | | R&D Expenses | 38,886,546.06 | 27,832,507.86 | 39.72 | Primarily due to increased R&D investment | | Other Income | 1,372,099.81 | 3,642,370.56 | -62.33 | Primarily due to a decrease in income-related government grants | | Investment Income | 679,344.95 | 1,017,895.89 | -33.26 | Primarily due to a decrease in investment income from trading financial assets | | Credit Impairment Loss | 2,539,365.20 | -5,046,938.61 | N/A | Primarily due to the collection of receivables and reversal of impairment provisions | | Asset Impairment Loss | 1,345,936.51 | -1,415,911.49 | N/A | Primarily due to the collection of contract assets and reversal of impairment provisions | | Net Cash Flow from Operating Activities | 45,115,041.68 | 40,698,679.92 | 10.85 | | | Net Cash Flow from Investing Activities | -53,085,326.44 | -218,215,218.59 | N/A | Primarily due to the purchase of structured deposits with idle raised funds in the prior year period | | Net Cash Flow from Financing Activities | -94,168,690.94 | 693,952,986.17 | -113.57 | Primarily due to the receipt of funds from the public offering in the prior year period | [Asset and Liability Status](index=16&type=section&id=1.%20Asset%20and%20Liability%20Status) This section analyzes the composition and changes in the company's assets and liabilities, focusing on significant movements in key accounts Analysis of Changes in Assets and Liabilities | Item Name | Current Period-End Balance (CNY) | % of Total Assets | Prior Year-End Balance (CNY) | % of Total Assets | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 953,688,884.78 | 23.47 | 1,055,827,860.48 | 25.95 | -9.67 | | | Accounts Receivable | 497,825,412.44 | 12.25 | 434,571,704.08 | 10.68 | 14.56 | | | Receivables Financing | 7,689,540.00 | 0.19 | 50,465,680.33 | 1.24 | -84.76 | Primarily due to a decrease in bank acceptance bills received | | Prepayments | 359,826,017.89 | 8.85 | 244,129,545.22 | 6.00 | 47.39 | Primarily due to an increase in advance payments for contracts | | Inventories | 1,546,322,325.18 | 38.05 | 1,653,657,051.12 | 40.64 | -6.49 | | | Other Current Assets | 10,972,323.45 | 0.27 | 82,339.74 | 0.002 | 13,225.67 | Primarily due to an increase in VAT credits to be deducted | | Construction in Progress | 123,005,630.20 | 3.03 | 37,950,183.02 | 0.93 | 224.12 | Primarily due to increased investment in plant construction | | Notes Payable | 9,750,000.00 | 0.24 | 15,000,000.00 | 0.37 | -35.00 | Primarily due to the acceptance of bills this period | | Contract Liabilities | 1,418,237,571.55 | 34.90 | 1,516,444,587.02 | 37.27 | -6.48 | | | Taxes Payable | 2,207,085.57 | 0.05 | 18,833,233.54 | 0.46 | -88.28 | Primarily due to a decrease in VAT payable | | Other Current Liabilities | 50,540,656.49 | 1.24 | 32,416,230.78 | 0.80 | 55.91 | Primarily due to an increase in deferred output tax | | Lease Liabilities | 2,614,081.06 | 0.06 | 5,166,597.43 | 0.13 | -49.40 | Primarily due to rent payments made as per lease agreements | [Overall Analysis of External Equity Investments](index=17&type=section&id=1.%20Overall%20Analysis%20of%20External%20Equity%20Investments) This section provides an overview of the company's external equity investments, noting the growth in the parent company's long-term equity investment balance - As of June 30, 2025, the parent company's long-term equity investment balance was **CNY 317.65 million**, a year-over-year increase of **23.29%**[62](index=62&type=chunk) [Significant Non-equity Investments](index=18&type=section&id=(2).%20Significant%20Non-equity%20Investments) This section describes the company's significant non-equity investments, primarily related to increased investment in construction in progress projects - Significant non-equity investments were mainly due to **increased investment in plant construction**, with details available in the notes on construction in progress in the financial report[63](index=63&type=chunk) [Financial Assets Measured at Fair Value](index=18&type=section&id=(3).%20Financial%20Assets%20Measured%20at%20Fair%20Value) This section explains the composition of financial assets measured at fair value, including structured deposits and bank acceptance bills - Financial assets measured at fair value consist of **"trading financial assets"** and **"receivables financing,"** which are structured deposits purchased by the company and high-credit-rated bank acceptance bills received[64](index=64&type=chunk) Changes in Financial Assets Measured at Fair Value | Asset Class | Opening Balance (CNY) | Purchases this Period (CNY) | Sales/Redemptions this Period (CNY) | Closing Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | Other (Structured Deposits) | 0.00 | 300,000,000.00 | 300,000,000.00 | 0.00 | | Other (Receivables Financing) | 50,465,680.33 | 0.00 | 0.00 | 7,689,540.00 | | **Total** | **50,465,680.33** | **300,000,000.00** | **300,000,000.00** | **7,689,540.00** | [Analysis of Major Subsidiaries and Associates](index=19&type=section&id=(VI)%20Analysis%20of%20Major%20Subsidiaries%20and%20Associates) This section discloses financial information for the company's main subsidiary, Huzhou Deao Machinery Equipment Co, Ltd Financials of Main Subsidiary Huzhou Deao | Company Name | Company Type | Main Business | Registered Capital (CNY 10k) | Total Assets (CNY 10k) | Net Assets (CNY 10k) | Operating Revenue (CNY 10k) | Operating Profit (CNY 10k) | Net Profit (CNY 10k) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huzhou Deao | Subsidiary | Intelligent logistics equipment manufacturing | 8,000.00 | 58,663.45 | 40,532.64 | 5,800.81 | 774.05 | 752.33 | [Other Disclosures](index=20&type=section&id=V.%20Other%20Disclosures) This section details various significant risks the company may face, including fluctuations in operating performance, seasonality, and gross margin [Potential Risks](index=20&type=section&id=(I)%20Potential%20Risks) This section lists potential operational risks, including performance volatility due to long project cycles, seasonality, margin pressure, and credit risks - **Risk of Operating Performance Fluctuation and Decline**: Long implementation cycles for intelligent logistics systems, with acceptance timing controlled by clients, may lead to significant fluctuations in revenue and profit; policy changes or demand decline in downstream industries could reduce orders[67](index=67&type=chunk) - **Risk of Seasonal Revenue Fluctuation**: The intelligent logistics industry experiences seasonal fluctuations, which may affect the company's quarterly operating performance and cash flow[68](index=68&type=chunk) - **Risk of Gross Margin Fluctuation**: Gross margin may decline due to factors such as market competition, project complexity, equipment configuration, and implementation cycles[69](index=69&type=chunk) - **Risk of Bad Debt from Accounts Receivable and Contract Assets**: Long project payment cycles and potential delays in client payments, combined with adverse macroeconomic conditions or client operational issues, could lead to bad debt losses[70](index=70&type=chunk) - **Risk of Inventory Write-down**: A large order backlog results in high inventory balances; changes in client payment ability, solution adjustments, or project extensions could lead to inventory write-downs[71](index=71&type=chunk) [Corporate Governance, Environment, and Society](index=21&type=section&id=Section%204%20Corporate%20Governance,%20Environment,%20and%20Society) This section covers changes in corporate governance personnel, social responsibility initiatives, and environmental protection measures [Changes in Directors, Supervisors, and Senior Management](index=21&type=section&id=I.%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) This section discloses changes in the company's directors, supervisors, and senior management during the reporting period, including new appointments and departures - During the reporting period, the company completed the **re-election of its Board of Directors and Board of Supervisors** and appointed new senior management[74](index=74&type=chunk) - **New appointees** include directors Wang Zhenlin, Ge Xin, Liu Bo, and Zhao Ning (independent); supervisors Li Dongfang (Chairman) and Zhao Xuanzeng; and senior managers Xu Hui (General Counsel), Zhang Keyi (Deputy General Manager), Zhang Xinran (Board Secretary), and Fu Haifeng (CFO)[74](index=74&type=chunk)[75](index=75&type=chunk) - Several former directors, supervisors, and senior managers, including Li Jincun, Kuang Yongjiang, Liu Qian, Wang Zhuan, Bai Guolin, Wang Yan, Xu Hui, and Xiao Tongxian, **departed from their positions**[74](index=74&type=chunk) [Profit Distribution or Capitalization of Capital Reserve Plan](index=22&type=section&id=II.%20Profit%20Distribution%20or%20Capitalization%20of%20Capital%20Reserve%20Plan) This section states that the company's proposed profit distribution or capitalization of capital reserve plan for the semi-annual period is "None" - The proposed profit distribution or capitalization of capital reserve plan for this semi-annual period is **"None"**[76](index=76&type=chunk) [Environmental Information of Listed Companies and Their Main Subsidiaries](index=22&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Main%20Subsidiaries) This section details the company's philosophy, policies, and practices regarding environmental protection and sustainable development - The company firmly implements the new development concept of **"innovation, coordination, green, openness, and sharing,"** adhering to a green development strategy[77](index=77&type=chunk) - The company strictly complies with environmental laws such as the **Environmental Protection Law of the PRC** and has established GB/T 24001 (ISO14001) environmental and GB/T23331 (ISO50001) energy management systems[78](index=78&type=chunk)[79](index=79&type=chunk) - Adopts **energy-saving technologies**, strengthens project management (e.g, green packaging, digital twin systems), and promotes paperless and green offices[79](index=79&type=chunk) - Actively explores clean energy by installing a distributed photovoltaic power station on its subsidiary's factory roof, generating **569.055 MWh** in H1 2025 and reducing carbon emissions by an estimated **467.19 tCO2e**[80](index=80&type=chunk) [Efforts in Poverty Alleviation and Rural Revitalization](index=23&type=section&id=V.%20Efforts%20in%20Poverty%20Alleviation%20and%20Rural%20Revitalization) This section showcases the company's commitment to social responsibility through charitable activities and support for rural revitalization - The company actively responded to the call for consumption-based poverty alleviation, purchasing **490 units of products from Xin County, Henan, for a total of CNY 205,800** during the reporting period[81](index=81&type=chunk) [Significant Matters](index=24&type=section&id=Section%205%20Significant%20Matters) This section details the fulfillment of commitments, major transactions, use of proceeds, and other significant corporate events [Fulfillment of Commitments](index=24&type=section&id=I.%20Fulfillment%20of%20Commitments) This section details the fulfillment of commitments made by the company, its shareholders, and related parties during its IPO and major asset reorganizations - The company's controlling shareholder, actual controller, shareholders with over 5% holdings, and directors, supervisors, and senior management have **strictly fulfilled all commitments**, including share lock-ups, stock price stabilization, information disclosure accuracy, avoidance of horizontal competition, and regulation of related-party transactions[83](index=83&type=chunk)[84](index=84&type=chunk)[86](index=86&type=chunk)[89](index=89&type=chunk)[91](index=91&type=chunk)[93](index=93&type=chunk)[96](index=96&type=chunk)[98](index=98&type=chunk)[104](index=104&type=chunk)[106](index=106&type=chunk)[108](index=108&type=chunk)[110](index=110&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk)[129](index=129&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) - All commitments were **strictly fulfilled on schedule**, with no instances of non-compliance[83](index=83&type=chunk) [Significant Related-Party Transactions](index=44&type=section&id=X.%20Significant%20Related-Party%20Transactions) This section discloses routine related-party transactions during the reporting period, including procurement, sales, and leasing, confirming their proper execution - During the reporting period, the company engaged in **routine related-party transactions**, including receiving services and purchasing goods, all in compliance with regulations[142](index=142&type=chunk)[155](index=155&type=chunk) - Sales of goods to Beijing Research Institute of Automation for Machinery Industry Co, Ltd amounted to **CNY 2,654,867.27**[156](index=156&type=chunk) - Leased office buildings and warehouses from Beijing Research Institute of Automation for Machinery Industry Co, Ltd, with rent payments of **CNY 5,926,707.25**[157](index=157&type=chunk) [Significant Contracts and Their Performance](index=45&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Performance) This section discloses significant contracts signed and being performed, including intelligent logistics system projects and a strategic cooperation agreement - Signed an intelligent logistics system project contract with Zhejiang Huilong New Materials Co, Ltd for a total price of **CNY 103.80 million**, which is currently being executed[148](index=148&type=chunk) - Signed a full-process doffing and packaging system project contract with Guowang High-tech Fiber (Suqian) Co, Ltd for a total price of **CNY 100.00 million**, which is currently being executed[148](index=148&type=chunk) - Signed a strategic cooperation agreement with Beijing Astribot Technology Co, Ltd to collaborate on the application of humanoid robots in intelligent logistics scenarios, which is currently being executed[148](index=148&type=chunk) [Progress on the Use of Raised Funds](index=46&type=section&id=XII.%20Progress%20on%20the%20Use%20of%20Raised%20Funds) This section details the overall use of raised funds, project specifics, use of over-raised funds, and cash management of idle funds - Total funds raised: **CNY 863.05 million**; Net funds raised: **CNY 798.28 million**[149](index=149&type=chunk) - As of the end of the reporting period, the cumulative investment of raised funds was **CNY 437.51 million**, representing an investment progress of **54.81%**[149](index=149&type=chunk) - The amount of raised funds invested this year was **CNY 63.37 million**[149](index=149&type=chunk) - Total over-raised funds: **CNY 148.42 million**; cumulative investment as of the period-end: **CNY 44.50 million**, representing an investment progress of **29.98%**[149](index=149&type=chunk)[153](index=153&type=chunk) - As of June 30, 2025, the balance of outstanding cash management products was **CNY 240.00 million**[157](index=157&type=chunk) - The company has used **CNY 178.00 million** of raised funds to increase the capital of its wholly-owned subsidiary, Huzhou Deao, to implement investment projects[159](index=159&type=chunk) [Overall Use of Raised Funds](index=46&type=section&id=(I)Overall%20Use%20of%20Raised%20Funds) This section summarizes the total amount of raised funds received, committed investment, over-raised funds, and cumulative investment progress to date Overall Use of Raised Funds | Funding Source | Total Funds Raised (CNY 10k) | Net Funds Raised (CNY 10k) | Committed Investment in Prospectus (CNY 10k) | Total Over-raised Funds (CNY 10k) | Cumulative Investment of Raised Funds (CNY 10k) | Cumulative Investment Progress (%) | Investment this Year (CNY 10k) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 86,305.08 | 79,827.85 | 64,986.05 | 14,841.80 | 43,751.00 | 54.81 | 6,337.31 | [Details of Investment Projects](index=47&type=section&id=(II)Details%20of%20Investment%20Projects) This section details the planned investment, cumulative investment, and progress for each fund-raising project, including the use of over-raised funds Use of Funds for Investment Projects | Project Name | Committed Investment in Prospectus (CNY 10k) | Cumulative Investment of Raised Funds (CNY 10k) | Investment Progress (%) | | :--- | :--- | :--- | :--- | | Huzhou Intelligent Logistics Equipment Industrialization Project | 33,633.85 | 10,839.83 | 32.23 | | R&D Center Construction Project | 9,203.05 | 7,874.78 | 85.57 | | Marketing and Service Network Construction Project | 5,249.15 | 3,686.39 | 70.23 | | Supplementary Working Capital Project | 16,900.00 | 16,900.00 | 100.00 | Use of Over-raised Funds | Use | Planned Investment of Over-raised Funds (CNY 10k) | Cumulative Investment of Over-raised Funds (CNY 10k) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | | Permanent Supplement to Working Capital | 4,450.00 | 4,450.00 | 100.00 | | Unspecified Over-raised Funds | 10,391.80 | 0.00 | N/A | | **Total** | **14,841.80** | **4,450.00** | **/** | [Other Uses of Raised Funds During the Reporting Period](index=49&type=section&id=(IV)Other%20Uses%20of%20Raised%20Funds%20During%20the%20Reporting%20Period) This section provides supplementary information on other uses of raised funds, including reimbursement of pre-invested funds, cash management, and capital injections - The company used its own funds for initial project payments and subsequently reimbursed them with raised funds, with a cumulative reimbursement of **CNY 4.3778 million** in H1 2025[158](index=158&type=chunk) - The company used a portion of idle raised funds for cash management; as of June 30, 2025, the balance of outstanding cash management products was **CNY 240.00 million**[157](index=157&type=chunk) - The company has used **CNY 178.00 million** of raised funds to increase the capital of its wholly-owned subsidiary, Huzhou Deao, to implement investment projects[159](index=159&type=chunk) [Explanation of Other Significant Matters](index=51&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) This section discloses the company's ongoing plan for a major asset restructuring involving the acquisition of Suzhou Suike Intelligent Technology Co, Ltd - The company is planning to acquire **100% of the shares of Suzhou Suike Intelligent Technology Co, Ltd** through the issuance of shares and payment of cash, while also planning to raise supporting funds through a share issuance[160](index=160&type=chunk) - The related audit and valuation work for this transaction is still in progress, and the Board of Directors has decided not to convene a shareholders' meeting to review the matter at this time[161](index=161&type=chunk) [Changes in Share Capital and Shareholders](index=53&type=section&id=Section%206%20Changes%20in%20Share%20Capital%20and%20Shareholders) This section details changes in the company's share capital structure and provides an overview of its major shareholders [Changes in Share Capital](index=53&type=section&id=I.%20Changes%20in%20Share%20Capital) This section details changes in the company's share capital due to the listing of IPO strategic placement shares, which increased unrestricted shares - On February 5, 2025, the company's **IPO strategic placement shares (with a 12-month lock-up period) became tradable**[164](index=164&type=chunk) Changes in Share Capital | Category | Pre-Change Quantity (Shares) | Pre-Change Ratio (%) | Change (+/-) (Shares) | Post-Change Quantity (Shares) | Post-Change Ratio (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 129,782,023 | 80.00 | -8,111,380 | 121,670,643 | 75.00 | | II. Unrestricted Circulating Shares | 32,445,520 | 20.00 | 8,111,380 | 40,556,900 | 25.00 | | III. Total Shares | 162,227,543 | 100.00 | 0 | 162,227,543 | 100.00 | [Shareholder Information](index=55&type=section&id=II.%20Shareholder%20Information) This section provides the total number of shareholders, details on the top ten shareholders, and information on strategic investors' holdings - Total number of common shareholders at the end of the reporting period: **16,695**[169](index=169&type=chunk) Top Ten Shareholders | Shareholder Name | Shares Held at Period-End | Percentage (%) | Number of Restricted Shares | Shareholder Type | | :--- | :--- | :--- | :--- | :--- | | Beijing Research Institute of Automation for Machinery Industry Co, Ltd | 72,000,000 | 44.38 | 72,000,000 | State-owned legal entity | | Zhang Rongwei | 13,244,235 | 8.16 | 13,244,235 | Domestic individual | | Ningbo Beizi Jiaofu Meihao Gongqiang Enterprise Management Partnership (LP) | 8,040,512 | 4.96 | 8,040,512 | Other | | CRI Capital Holdings Co, Ltd | 8,000,000 | 4.93 | 8,000,000 | State-owned legal entity | | Ningbo Beizi Jiaofu Meihao Zongfu Enterprise Management Partnership (LP) | 7,418,136 | 4.57 | 7,418,136 | Other | | Ningbo Beizi Jiaofu Meihao Jigao Enterprise Management Partnership (LP) | 7,291,659 | 4.49 | 7,291,659 | Other | | Ningbo Weibin Wenli Enterprise Management Partnership (LP) | 5,676,101 | 3.50 | 5,676,101 | Other | | China Logistics Group Capital Management Co, Ltd | 1,587,009 | 0.98 | 0 | State-owned legal entity | | Tongkun Group Co, Ltd | 1,058,006 | 0.65 | 0 | Domestic non-state-owned legal entity | | Yang Guolin | 635,700 | 0.39 | 0 | Domestic individual | - The strategic placement shares held by **China Logistics Group Capital Management Co, Ltd** and **Tongkun Group Co, Ltd** were released from restriction on February 5, 2025[175](index=175&type=chunk) [Bond-related Matters](index=60&type=section&id=Section%207%20Bond-related%20Matters) This section confirms the absence of corporate bonds or other debt financing instruments during the reporting period - The company had **no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments** during the reporting period[179](index=179&type=chunk) - The company had **no convertible corporate bonds** during the reporting period[179](index=179&type=chunk) [Financial Report](index=61&type=section&id=Section%208%20Financial%20Report) This section presents the complete financial statements and detailed notes, covering accounting policies, key statement items, and related risks [Financial Statements](index=61&type=section&id=II.%20Financial%20Statements) This section contains the consolidated and parent company's balance sheets, income statements, cash flow statements, and statements of changes in equity [Company Basic Information](index=80&type=section&id=III.%20Company%20Basic%20Information) This section introduces the company's establishment date, listing date, registered capital, address, controlling shareholder, and ultimate actual controller - The company was established on October 23, 2002, and was listed on the **Shanghai Stock Exchange on January 30, 2024**[212](index=212&type=chunk) - As of June 30, 2025, the company's total share capital was **162,227,543 shares**, with a registered capital of **CNY 162.23 million**[212](index=212&type=chunk) - The company's main business is the **R&D, design, manufacturing, and integration of intelligent logistics systems**[212](index=212&type=chunk) - The parent company is Beijing Research Institute of Automation for Machinery Industry Co, Ltd, and the ultimate actual controller is the **State-owned Assets Supervision and Administration Commission of the State Council**[212](index=212&type=chunk) - The scope of consolidation includes **one subsidiary (Huzhou Deao)**, which is unchanged from the previous period[213](index=213&type=chunk) [Basis of Preparation for Financial Statements](index=80&type=section&id=IV.%20Basis%20of%20Preparation%20for%20Financial%20Statements) This section states that the financial statements are prepared on a going concern basis, with no significant doubts about the company's ability to continue operating - The company's financial statements are prepared on a **going concern basis**[214](index=214&type=chunk) - The company has evaluated its going concern ability for the 12 months from June 30, 2025, and found **no material uncertainties** that would cast significant doubt on its ability to continue as a going concern[215](index=215&type=chunk) [Significant Accounting Policies and Estimates](index=80&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the accounting standards, periods, and key policies for financial instruments, inventory, revenue recognition, and government grants - The financial statements are prepared in accordance with **China's Accounting Standards for Business Enterprises (ASBEs)**, providing a true and fair view of the company's financial position and performance[217](index=217&type=chunk) - The company's operating cycle is **12 months**, which is used as the basis for classifying current and non-current assets and liabilities[219](index=219&type=chunk) - Financial assets are classified as measured at **amortized cost, fair value through other comprehensive income, or fair value through profit or loss**[232](index=232&type=chunk) - Financial instrument impairment is based on **expected credit losses**, applied to items such as accounts receivable and notes receivable[236](index=236&type=chunk) - Inventories, including raw materials and project costs, are measured at the **lower of cost and net realizable value**[253](index=253&type=chunk)[254](index=254&type=chunk) - Revenue is recognized when the customer obtains control of the goods or services, primarily from **intelligent logistics systems, equipment, spare parts, and maintenance services**[289](index=289&type=chunk)[292](index=292&type=chunk) [Taxation](index=103&type=section&id=VI.%20Taxation) This section lists the company's main taxes and tax rates and details applicable tax incentives, including those for high-tech enterprises Main Taxes and Tax Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods, taxable labor, and services | 13%; 9%; 6% | | Urban Maintenance and Construction Tax | Actual turnover tax paid | 7%; 5% | | Education Surcharge | Actual turnover tax paid | 3% | | Local Education Surcharge | Actual turnover tax paid | 2% | | Corporate Income Tax | Taxable income | 15% | | Property Tax | 70% of the original property value (or rental income) | 1.20% or 12.00% | - **Beizisu Technology and Huzhou Deao** are recognized as high-tech enterprises and are eligible for a preferential corporate income tax rate of **15%**[307](index=307&type=chunk) - Beizisu Technology's embedded software enjoys a **VAT refund policy** for the portion of the actual tax burden exceeding 3%[307](index=307&type=chunk) - Huzhou Deao, as an advanced manufacturing enterprise, is eligible for a **5% additional VAT deduction**[307](index=307&type=chunk) [Notes to Consolidated Financial Statements](index=104&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed notes on major items in the consolidated financial statements, including assets, liabilities, equity, revenue, and expenses [Cash and Cash Equivalents](index=104&type=section&id=1.%20Cash%20and%20Cash%20Equivalents) This section lists the company's cash and cash equivalents balances, which primarily consist of bank deposits Cash and Cash Equivalents | Item | Closing Balance (CNY) | Opening Balance (CNY) | | :--- | :--- | :--- | | Bank Deposits | 953,688,884.78 | 1,055,827,860.48 | | **Total** | **953,688,884.78** | **1,055,827,860.48** | [Accounts Receivable](index=107&type=section&id=5.%20Accounts%20Receivable) This section details the aging structure of accounts receivable, bad debt provisions, and the top five debtors by balance Accounts Receivable by Aging | Aging | Closing Book Balance (CNY) | Opening Book Balance (CNY) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 318,187,945.33 | 225,594,890.13 | | 1 to 2 years | 112,224,420.63 | 133,513,242.95 | | 2 to 3 years | 84,233,771.30 | 82,319,583.66 | | 3 to 4 years | 66,723,355.98 | 77,928,625.98 | | 4 to 5 years | 11,097,839.56 | 17,533,091.30 | | Over 5 years | 14,837,100.97 | 11,784,537.09 | | **Total** | **607,304,433.77** | **548,673,971.11** | Bad Debt Provision for Accounts Receivable | Category | Opening Balance (CNY) | Provision this Period (CNY) | Closing Balance (CNY) | | :--- | :--- | :--- | :--- | | Aging Portfolio | 114,102,267.03 | -4,623,245.70 | 109,479,021.33 | | **Total** | **114,102,267.03** | **-4,623,245.70** | **109,479,021.33** | Top 5 Debtors by Closing Balance (Accounts Receivable and Contract Assets) | Debtor Name | Accounts Receivable (CNY) | Contract Assets (CNY) | Total Balance (CNY) | % of Total | Bad Debt Provision (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Debtor 1 | 52,770,238.00 | 4,634,000.00 | 57,404,238.00 | 7.05 | 3,725,956.10 | | Debtor 2 | 33,241,574.08 | 9,650,000.00 | 42,891,574.08 | 5.26 | 3,323,078.70 | | Debtor 3 | 22,035,000.00 | 14,690,000.00 | 36,725,000.00 | 4.51 | 1,836,250.00 | | Debtor 4 | 30,104,847.85 | 3,474,750.00 | 33,579,597.85 | 4.12 | 4,911,793.11 | | Debtor 5 | 26,990,500.00 | 95,000.00 | 27,085,500.00 | 3.32 | 5,491,150.00 | | **Total** | **165,142,159.93** | **32,543,750.00** | **197,685,909.93** | **24.26** | **19,288,227.91** | [Contract Assets](index=109&type=section&id=6.%20Contract%20Assets) This section discloses the closing balance of contract assets, primarily retention money, and the related bad debt provisions Contract Assets | Item | Closing Book Balance (CNY) | Bad Debt Provision (CNY) | Book Value (CNY) | | :--- | :--- | :--- | :--- | | Retention Money Receivable | 173,030,413.39 | 10,755,764.12 | 162,274,649.27 | | **Total** | **173,030,413.39** | **10,755,764.12** | **162,274,649.27** | Bad Debt Provision for Contract Assets | Item | Opening Balance (CNY) | Provision this Period (CNY) | Closing Balance (CNY) | Reason | | :--- | :--- | :--- | :--- | :--- | | Retention Money Receivable | 12,354,687.33 | -1,598,923.21 | 10,755,764.12 | Retention money not yet collected as project warranty periods have not expired | | **Total** | **12,354,687.33** | **-1,598,923.21** | **10,755,764.12** | **/** | [Inventories](index=118&type=section&id=10.%20Inventories) This section discloses the classification, closing balance, and write-down provisions for inventories, which mainly consist of raw materials and project costs Inventory Classification and Book Value | Item | Closing Book Balance (CNY) | Inventory Write-down Provision (CNY) | Book Value (CNY) | | :--- | :--- | :--- | :--- | | Raw Materials | 51,753,161.64 | 870,982.80 | 50,882,178.84 | | Work in Progress (Consigned) | 15,262,209.89 | 0.00 | 15,262,209.89 | | Project Costs | 1,480,476,048.52 | 298,112.07 | 1,480,177,936.45 | | **Total** | **1,547,491,420.05** | **1,169,094.87** | **1,546,322,325.18** | Inventory Write-down and Contract Cost Impairment Provision | Item | Opening Balance (CNY) | Additions (Provision) (CNY) | Reductions (Reversal or Write-off) (CNY) | Closing Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | Raw Materials | 855,458.85 | 105,405.52 | 89,881.57 | 870,982.80 | | Project Costs | 298,112.07 | 0.00 | 0.00 | 298,112.07 | | **Total** | **1,153,570.92** | **105,405.52** | **89,881.57** | **1,169,094.87** | - The reversal or write-off this period is due to the sale of inventories for which a write-down provision was made at the beginning of the period[359](index=359&type=chunk) [Construction in Progress](index=124&type=section&id=22.%20Construction%20in%20Progress) This section discloses the balance of construction in progress, primarily for the Huzhou intelligent logistics equipment industrialization project Construction in Progress | Item | Closing Book Balance (CNY) | Opening Book Balance (CNY) | | :--- | :--- | :--- | | Huzhou Intelligent Logistics Equipment Industrialization Project | 123,005,630.20 | 37,950,183.02 | | **Total** | **123,005,630.20** | **37,950,183.02** | Changes in Major Construction in Progress Projects | Project Name | Budget (CNY billion) | Opening Balance (CNY billion) | Additions this Period (CNY billion) | Closing Balance (CNY billion) | Project Progress (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Huzhou Intelligent Logistics Equipment Industrialization Project | 2.20 | 0.38 | 0.85 | 1.23 | 55.91 | | **Total** | **2.20** | **0.38** | **0.85** | **1.23** | **55.91%** | [Goodwill](index=127&type=section&id=27.%20Goodwill) This section discloses the book value of goodwill, which arose from the acquisition of Huzhou Deao Machinery Equipment Co, Ltd Goodwill Book Value | Investee Name or Event Forming Goodwill | Opening Balance (CNY) | Closing Balance (CNY) | | :--- | :--- | :--- | | Huzhou Deao Machinery Equipment Co, Ltd | 47,426,473.27 | 47,426,473.27 | | **Total** | **47,426,473.27** | **47,426,473.27** | - Goodwill was primarily formed from the acquisition of **Huzhou Deao Machinery Equipment Co, Ltd**, and the related asset group is consistent with that identified at the acquisition date and used for impairment testing[381](index=381&type=chunk) [Contract Liabilities](index=132&type=section&id=38.%20Contract%20Liabilities) This section discloses the balance of contract liabilities, primarily advance payments from customers, and details significant long-term balances Contract Liabilities | Item | Closing Balance (CNY) | Opening Balance (CNY) | | :--- | :--- | :--- | | Advance Payments for Projects | 1,418,237,571.55 | 1,516,444,587.02 | | **Total** | **1,418,237,571.55** | **1,516,444,587.02** | Significant Contract Liabilities Over 1 Year | Item | Closing Balance (CNY) | Reason for Non-settlement | | :--- | :--- | :--- | | Debtor 1 | 104,200,283.19 | Project in progress | | Debtor 2 | 94,503,832.70 | Project in progress | | Debtor 3 | 42,343,849.54 | Project in progress | | Debtor 4 | 33,185,840.71 | Project in progress | | Debtor 5 | 25,489,778.77 | Project in progress | | **Total** | **299,723,584.91** | **/** | [Employee Benefits Payable](index=132&type=section&id=39.%20Employee%20Benefits%20Payable) This section discloses the balance and movements of employee benefits payable, including short-term compensation and post-employment benefits Employee Benefits Payable | Item | Opening Balance (CNY) | Additions this Period (CNY) | Reductions this Period (CNY) | Closing Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | I. Short-term Compensation | 49,837,446.02 | 76,517,317.54 | 90,766,745.77 | 35,588,017.79 | | II. Post-employment Benefits - Defined Contribution Plans | 1,889,310.65 | 11,649,817.25 | 11,641,338.11 | 1,897,789.79 | | III. Termination Benefits | 0.00 | 219,171.77 | 219,171.77 | 0.00 | | **Total** | **51,726,756.67** | **88,386,306.56** | **102,627,255.65** | **37,485,807.58** | [Retained Earnings](index=138&type=section&id=60.%20Retained%20Earnings) This section discloses the closing balance of retained earnings and the impact of net profit and dividend payments during the period Retained Earnings | Item | Amount this Period (CNY) | | :--- | :--- | | Retained earnings at the beginning of the period (adjusted) | 370,363,509.72 | | Add: Net profit attributable to parent company owners this period | 76,146,512.36 | | Less: Dividends payable on common stock | 94,091,974.94 | | **Retained earnings at the end of the period** | **352,418,047.14** | [Operating Revenue and Costs](index=138&type=section&id=61.%20Operating%20Revenue%20and%20Costs) This section details operating revenue and costs, broken down by product type, geographical region, and timing of revenue recognition Operating Revenue and Costs | Item | Current Period (Revenue) (CNY) | Current Period (Cost) (CNY) | Prior Period (Revenue) (CNY) | Prior Period (Cost) (CNY) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 944,833,814.85 | 785,206,591.47 | 931,678,493.70 | 781,618,510.78 | | Other Business | 864,381.85 | 328,265.26 | 888,958.50 | 309,948.40 | | **Total** | **945,698,196.70** | **785,534,856.73** | **932,567,452.20** | **781,928,459.18** | Breakdown of Revenue and Costs (by Product Type) | Product Type | Operating Revenue (CNY) | Operating Cost (CNY) | | :--- | :--- | :--- | | Intelligent Warehousing Logistics Systems | 445,693,870.82 | 398,800,642.42 | | Intelligent Production Logistics Systems | 480,259,643.31 | 375,384,040.96 | | Intelligent Logistics Equipment | 7,534,513.27 | 5,474,268.56 | | Spare Parts, Maintenance & Other | 11,345,787.45 | 5,547,639.53 | | Other Business Revenue | 864,381.85 | 328,265.26 | | **Total** | **945,698,196.70** | **785,534,856.73** | Breakdown of Revenue and Costs (by Geographical Region) | Region | Operating Revenue (CNY) | Operating Cost (CNY) | | :--- | :--- | :--- | | Domestic | 937,061,282.62 | 779,420,594.39 | | Overseas | 8,636,914.08 | 6,114,262.34 | | **Total** | **945,698,196.70** | **785,534,856.73** | [R&D Expenses](index=140&type=section&id=65.%20R&D%20Expenses) This section discloses the amount and composition of R&D expenses, showing an increase in R&D investment during the reporting period R&D Expenses | Item | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Employee Compensation | 27,659,899.66 | 23,083,545.18 | | Material Costs | 6,852,861.24 | 790,515.21 | | Travel Expenses | 1,025,126.93 | 885,745.77 | | Technical Service Fees | 581,216.58 | 1,563,111.02 | | Other | 2,767,441.65 | 1,509,590.68 | | **Total** | **38,886,546.06** | **27,832,507.86** | | Of which: Expensed R&D | 38,886,546.06 | 27,832,507.86 | | Capitalized R&D | 0.00 | 0.00 | - R&D expenses for the current period **increased by 39.72% year-over-year**, primarily due to the company's increased investment in research and development[56](index=56&type=chunk) [Cash Flow Statement Items](index=143&type=section&id=78.%20Cash%20Flow%20Statement%20Items) This section details cash inflows and outflows from operating, investing, and financing activities, reflecting the company's sources and uses of funds Other Cash Receipts Related to Operating Activities | Item | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Receipt of deposits and guarantees | 30,866,546.25 | 20,565,975.00 | | Bank deposit interest income | 2,551,263.51 | 3,277,737.88 | | Refund of tax withholding handling fees | 158,826.32 | 102,686.14 | | Government grant income | 99,700.00 | 28,700.00 | | Other | 1,411,443.01 | 4,324,815.07 | | **Total** | **35,087,779.09** | **28,299,914.09** | Other Cash Payments Related to Operating Activities | Item | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Payment of deposits and guarantees | 41,935,678.50 | 29,029,600.00 | | Cash expenses and other | 24,456,287.89 | 28,249,640.69 | | Bank handling fees | 403,700.59 | 153,893.14 | | **Total** | **66,795,666.98** | **57,433,133.83** | Significant Cash Receipts from Investing Activities | Item | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Redemption of structured deposits | 300,000,000.00 | 270,000,000.00 | | **Total** | **300,000,000.00** | **270,000,000.00** | Significant Cash Payments for Investing Activities | Item | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Purchase of structured deposits | 300,000,000.00 | 470,000,000.00 | | **Total** | **300,000,000.00** | **470,000,000.00** | Other Cash Payments Related to Financing Activities | Item | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Property rent | 76,716.00 | 2,298,529.83 | | IPO intermediary fees | 0.00 | 16,241,858.44 | | **Total** | **76,716.00** | **18,540,388.27** | [Supplementary Information to the Cash Flow Statement](index=145&type=section&id=79.%20Supplementary%20Information%20to%20the%20Cash%20Flow%20Statement) This section provides supplementary information, including the reconciliation of net profit to operating cash flow and the composition of cash and cash equivalents Supplementary Information to the Cash Flow Statement | Supplementary Information | Amount this Period (CNY) | | :--- | :--- | | 1. Reconciliation of net profit to cash flow from operating activities: | | | Net profit | 76,146,512.36 | | Add: Provision for asset impairment | -1,345,936.51 | | Credit impairment loss | -2,539,365.20 | | Depreciation of fixed assets, investment properties, and right-of-use assets | 5,528,245.43 | | Amortization of intangible assets | 227,460.69 | | Amortization of long-term deferred expenses | 145,631.07 | | Finance costs (gains are negative) | 223,113.24 | | Investment loss (gains are negative) | -679,344.95 | | Decrease in deferred tax assets (increase is negative) | -463,792.31 | | Increase in deferred tax liabilities (decrease is negative) | -11,374.58 | | Decrease in inventories (increase is negative) | 107,319,201.99 | | Decrease in operating receivables (increase is negative) | -127,814,356.48 | | Increase in operating payables (decrease is negative) | -11,620,953.07 | | **Net cash flow from operating activities** | **45,115,041.68** | | 3. Net change in cash and cash equivalents: | | | Cash at the end of the period | 953,688,884.78 | | Less: Cash at the beginning of the period | 1,055,827,860.48 | | **Net increase in cash and cash equivalents** | **-102,138,975.70** | Composition of Cash and Cash Equivalents | Item | Closing Balance (CNY) | Opening Balance (CNY) | | :--- | :--- | :--- | | I. Cash | 953,688,884.78 | 1,055,827,860.48 | | Of which: Bank deposits available for payment at any time | 953,688,884.78 | 1,055,827,860.48 | | **III. Closing balance of cash and cash equivalents** | **953,688,884.78** | **1,055,827,860.48** | [Leases](index=147&type=section&id=82.%20Leases) This section discloses information related to the company's leasing activities as both a lessee and a lessor Leases as Lessee | Item | Amount this Period (CNY) | | :--- | :--- | | Interest expense on lease liabilities | 203,161.59 | | Short-term lease expenses recognized in profit or loss (simplified approach) | 1,205,794.74 | | Total cash outflow related to leases | 1,408,784.40 | Operating Leases as Lessor | Item | Lease Income (CNY) | | :--- | :--- | | Buildings and structures | 862,634.06 | | **Total** | **862,634.06** | [R&D Expenditure](index=148&type=section&id=VIII.%20R&D%20Expenditure) This section presents the breakdown of R&D expenditure by nature, confirming that all R&D spending has been expensed R&D Expenditure by Nature | Item | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Employee Compensation | 27,659,899.66 | 23,083,545.18 | | Material Costs | 6,852,861.24 | 790,515.21 | | Travel Expenses | 1,025,126.93 | 885,745.77 | | Technical Service Fees | 581,216.58 | 1,563,111.02 | | Other | 2,767,441.65 | 1,509,590.68 | | **Total** | **38,886,546.06** | **27,832,507.86** | | Of which: Expensed R&D | 38,886,546.06 | 27,832,507.86 | | Capitalized R&D | 0.00 | 0.00 | [Interests in Other Entities](index=149&type=section&id=X.%20Interests%20in%20Other%20Entities) This section discloses the composition of the company's corporate group, primarily its wholly-owned subsidiary, Huzhou Deao Machinery Equipment Co, Ltd Composition of the Corporate Group | Subsidiary Name | Main Place of Business | Registered Capital (CNY 10k) | Place of Registration | Business Nature | Ownership (%) (Direct) | Method of Acquisition | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huzhou Deao Machinery Equipment Co, Ltd | Huzhou, Zhejiang | 8,000.00 | No 1188 Dongmanan Road, Nanxun Economic Development Zone, Huzhou, Zhejiang | General equipment manufacturing | 100.00 | Equity acquisition | [Government Grants](index=150&type=section&id=XI.%20Government%20Grants) This section discloses the balance of liabilities related to government grants (deferred income) and the amount of grants recognized in profit or loss Liabilities Related to Government Grants | Financial Statement Item | Opening Balance (CNY) | New Grants this Period (CNY) | Recognized in Non-operating Income (CNY) | Transferred to Other Income (CNY) | Closing Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 2,660,000.00 | 0.00 | 0.00 | 0.00 | 2,660,000.00 | Income-related | | **Total** | **2,660,000.00** | **0.00** | **0.00** | **0.00** | **2,660,000.00** | **/** | Government Grants Recognized in Current Profit or Loss | Type | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Income-related | 651,339.54 | 3,245,859.09 | [Risks Related to Financial Instruments](index=151&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section details the company's exposure to various financial risks, including market, credit, and liquidity risks, and outlines its risk management policies - The company is exposed to **market risk (foreign exchange risk, interest rate risk), credit risk, and liquidity risk**[466](index=466&type=chunk) - Management controls these risks within acceptable limits by establishing appropriate credit policies and continuously monitoring interest rate levels and funding needs[466](index=466&type=chunk)[467](index=467&type=chunk)[468](index=468&type=chunk) Financial Assets and Bad Debt Provisions at Period-End | Item | Closing Balance (CNY) | Bad Debt Provision (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 953,688,884.78 | 0.00 | | Notes Receivable | 106,280,609.97 | 221,160.00 | | Accounts Receivable | 607,304,433.77 | 109,479,021.33 | | Other Receivables | 59,222,773.91 | 9,461,458.83 | | **Total** | **1,726,496,702.43** | **119,161,640.16** | Financial Liabilities and Off-Balance Sheet Guarantees by Remaining Contractual Maturity | Item | Within 1 Year (CNY) | 1-2 Years (CNY) | 2-5 Years (CNY) | Over 5 Years (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Notes Payable | 9,750,000.00 | 0.00 | 0.00 | 0.00 | 9,750,000.00 | | Accounts Payable | 959,351,003.30 | 0.00 | 0.00 | 0.00 | 959,351,003.30 | | Other Payables | 22,336,700.87 | 0.00 | 0.00 | 0.00 | 22,336,700.87 | | Lease Liabilities | 5,922,767.66 | 2,614,081.06 | 0.00 | 0.00 | 8,536,848.72 | | **Total** | **997,360,471.83** | **2,614,081.06** | **0.00** | **0.00** | **999,974,552.89** | [Fair Value Disclosures](index=153&type=section&id=XIII.%20Fair%20Value%20Disclosures) This section discloses the fair value of assets and liabilities measured at fair value, primarily receivables financing, classified by fair value hierarchy Fair Value of Assets and Liabilities at Period-End | Item | Level 1 Fair Value (CNY) | Level 2 Fair Value (CNY) | Level 3 Fair Value (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | | I. Continuous Fair Value Measurement | | | | | | (V) Receivables Financing | 0.00 | 0.00 | 7,689,540.00 | 7,689,540.00 | | **Total Assets at Continuous Fair Value** | **0.00** | **0.00** | **7,689,540.00** | **7,689,540.00** | [Related Parties and Transactions](index=154&type=section&id=XIV.%20Related%20Parties%20and%20Transactions) This section details the company's parent, subsidiaries, and other related parties, as well as transactions and balances with them during the period [Parent Company Information](index=154&type=section&id=1.%20Parent%20Company%20Information) This section discloses information about the company's parent, including its name, location, business nature, registered capital, and ownership stake Parent Company Information | Parent Company Name | Place of Registration | Business Nature | Registered Capital (CNY 10k) | Ownership Stake (%) | Voting Rights (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Research Institute of Automation for Machinery Industry Co, Ltd | Beijing | Scientific research and technical services | 36,900.00 | 44.38 | 44.38 | - The company's indirect controlling shareholder is **China Academy of Machinery Science & Technology Group Co, Ltd**, and the ultimate actual controller is the **State-owned Assets Supervision and Administration Commission of the State Council**[476](index=476&type=chunk) [Related-Party Transactions](index=155&type=section&id=5.%20Related-Party%20Transactions) This section details transactions with related parties, including procurement, sales, and leasing arrangements Purchases of Goods/Services | Related Party | Transaction Content | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | :--- | | China First Design and Research Institute Co, Ltd | Services received | 737,358.50 | 0.00 | | Beijing Research Institute of Automation for Machinery Industry Co, Ltd | Services received | 259,080.55 | 189,301.29 | | Zhonglian Certification Center (Beijing) Co, Ltd | Services received | 71,528.31 | 28,971.70 | | Logistics Technology and Application Editorial Department, University of Science and Technology Beijing | Services received | 90,566.04 | 0.00 | | Harbin Welding Institute Huatong (Changzhou) Welding Co, Ltd | Goods purchased | 29,469.03 | 0.00 | Sales of Goods/Services | Related Party | Transaction Content | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | :--- | | Beijing Research Institute of Automation for Machinery Industry Co, Ltd | Goods sold | 2,654,867.27 | 0.00 | Related-Party Leases (as Lessee) | Lessor Name | Leased Asset Type | Rent Paid (CNY) | Lease Liability Interest Expense (CNY) | Increase in Right-of-Use Assets (CNY) | | :--- | :--- | :--- | :--- | :--- | | Beijing Research Institute of Automation for Machinery Industry Co, Ltd | Office building, warehouse | 5,926,707.25 | 203,161.59 | 1,544,729.20 | | Jiangsu Changjiang Intelligent Manufacturing Research Institute Co, Ltd | Office | 19,024.00 | 0.00 | 0.00 | Key Management Personnel Compensation | Item | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 2,466,709.45 | 2,459,639.54 | [Receivables from and Payables to Related Parties](index=158&type=section&id=6.%20Receivables%20from%20and%20Payables%20to%20Related%20Parties) This section lists outstanding balances with related parties at the end of the reporting period, including receivables and payables Receivables from Related Parties | Item Name | Related Party | Closing Book Balance (CNY) | Bad Debt Provision (CNY) | | :--- | :--- | :--- | :--- | | Accounts Receivable | Beijing Research Institute of Automation for Machinery Industry Co, Ltd | 2,736,293.36 | 136,814.67 | | Accounts

北自科技8月25日披露的半年报显示，公司上半年实现营业收入9.46亿元，同比增长1.41%；归属于上市 公司股东的净利润7614.65万元，同比增长6.82%；基本每股收益0.47元。 ...

北自科技（603082）发布2025年半年度报告。本报告期末总资产40.64亿元，较上年度末降0.13%；归属 于上市公司股东的净资产15.51亿元，降1.04%。本报告期，营业收入9.46亿元，同比增1.41%；利润总 额8503.49万元，增6.40%；归属于上市公司股东的净利润7614.65万元，增6.82%；经营活动产生的现金 流量净额4511.50万元，增10.85%。 ...