| 证券代码：603131 | 证券简称：上海沪工 | 公告编号：2025-045 | | --- | --- | --- | | 债券代码：113593 | 债券简称：沪工转债 | | （二）本次董事会会议于 2025 年 8 月 15 日以邮件、微信等方式发出董事会 会议通知和材料。 （三）本次董事会会议于 2025 年 8 月 25 日以通讯会议的方式召开。 （四）本次董事会会议应当出席董事 7 人，实际出席会议董事 7 人。 （五）本次董事会会议由公司董事长舒振宇先生主持，公司监事及高级管理 人员列席了本次会议。 二、董事会会议审议情况 上海沪工焊接集团股份有限公司 第五届董事会第八次会议决议公告 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 （一）上海沪工焊接集团股份有限公司（以下简称"公司"）第五届董事会 第八次会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司章程 的规定。 该议案已经董事会审计委员会审议通过。 （二）审议通过《关于 2025 年半年度募集资金存放、管理与实 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This section contains important declarations regarding the report's accuracy, profit distribution, forward-looking statements, and significant risks [Statement by the Board of Directors, Supervisory Board, and Senior Management](index=2&type=section&id=%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%8F%8A%E9%AB%98%E7%AE%A1%E5%A3%B0%E6%98%8E) The company's board, supervisory board, and senior management guarantee the report's truthfulness and completeness, accepting legal responsibility, with all directors attending the meeting and the report being unaudited - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, and bear legal responsibility[3](index=3&type=chunk) - All company directors attended the board meeting, and this semi-annual report is unaudited[4](index=4&type=chunk)[5](index=5&type=chunk) [Profit Distribution Plan](index=2&type=section&id=%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88) No profit distribution or capital reserve to share capital conversion plan was approved by the board for this reporting period - No profit distribution or capital reserve to share capital conversion plan for this reporting period[6](index=6&type=chunk) [Risk Statement for Forward-Looking Statements](index=2&type=section&id=%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) Forward-looking descriptions in the report, such as future plans and development strategies, do not constitute a substantive commitment to investors, who are advised to be aware of investment risks - Forward-looking descriptions in this report, such as future plans and development strategies, do not constitute a substantive commitment to investors, who are advised to be aware of investment risks[6](index=6&type=chunk) [Major Risk Warning](index=2&type=section&id=%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company has detailed major operational risks in the report, advising readers to consult the "Risks Faced" section in "Management Discussion and Analysis" - The company has detailed the major risks that may exist in its operations in this report, please refer to the "Risks Faced" section in "Part III Management Discussion and Analysis" Section V "Other Disclosures" (I)[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section provides definitions for common terms used throughout the report, including company names, regulatory bodies, exchanges, and financial measurement units [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section provides definitions for common terms used throughout the report, including company itself, regulatory bodies, exchanges, and major subsidiary names, as well as financial measurement units and reporting period timeframes - "The Company" or "Company" refers to Shanghai Hugong Welding Group Co, Ltd[12](index=12&type=chunk) - "Reporting Period" refers to January 1, 2025, to June 30, 2025[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information, key accounting data, and financial indicators for the reporting period [Company Basic Information](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) This section outlines the company's basic registration details, contact information, registered and office addresses, information disclosure media, and stock overview, with Shu Zhenyu as the legal representative - The company's Chinese name is Shanghai Hugong Welding Group Co, Ltd, and its legal representative is Shu Zhenyu[14](index=14&type=chunk) - The company's shares are listed on the Shanghai Stock Exchange, with stock code 603131[18](index=18&type=chunk) [Company Key Accounting Data and Financial Indicators](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In the first half of 2025, operating revenue decreased by 11.31% year-on-year, and net profit attributable to shareholders significantly dropped by 87.79%, mainly due to revenue decline, poor performance of an associate, and tax expenses, while net cash flow from operating activities increased by 94.10% due to increased sales collection from high-end equipment supporting business 2025 Semi-Annual Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (Yuan) | Prior Period (Yuan) | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 430,751,340.83 | 485,687,797.14 | -11.31 | | Total Profit | 15,334,532.09 | 43,670,933.68 | -64.89 | | Net Profit Attributable to Shareholders of Listed Company | 4,790,150.11 | 39,231,264.88 | -87.79 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -3,565,340.00 | 33,268,423.89 | -110.72 | | Net Cash Flow from Operating Activities | 30,686,194.40 | 15,809,866.53 | 94.10 | | Net Assets Attributable to Shareholders of Listed Company (End of Period) | 1,226,200,162.62 | 1,224,080,681.99 | 0.17 | | Total Assets (End of Period) | 2,137,720,799.72 | 2,229,052,021.83 | -4.10 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | 0.02 | 0.12 | -83.33 | | Diluted Earnings Per Share (Yuan/Share) | 0.02 | 0.12 | -83.33 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (Yuan/Share) | -0.01 | 0.10 | -110.00 | | Weighted Average Return on Net Assets (%) | 0.39 | 3.19 | Decrease by 2.80 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -0.29 | 2.70 | Decrease by 2.99 percentage points | - The decline in total profit, net profit attributable to shareholders of the listed company, basic earnings per share, and weighted average return on net assets was mainly due to decreased operating revenue, poor operating performance of an associate, and increased tax and related expenses[22](index=22&type=chunk) - The increase in net cash flow from operating activities was primarily due to increased sales collection from the high-end equipment supporting business segment[22](index=22&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=%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) In the first half of 2025, the company's total non-recurring gains and losses amounted to **8.36 million yuan**, primarily comprising government grants recognized in current profit or loss, and fair value changes and disposal gains/losses of financial assets 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -100,227.91 | | Government grants recognized in current profit or loss | 2,710,760.59 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains or losses | 6,605,522.58 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 43,034.50 | | Gains or losses from debt restructuring | 97,173.00 | | Other non-operating income and expenses apart from the above | 888,583.57 | | Less: Income tax impact | 1,778,670.11 | | Minority interest impact (after tax) | 110,686.11 | | **Total** | **8,355,490.11** | [Section III Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides a comprehensive discussion and analysis of the company's industry, main business operations, core competitiveness, and financial performance during the reporting period [Description of the Company's Industry and Main Business Operations](index=8&type=section&id=%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's main business is divided into intelligent manufacturing and high-end equipment supporting segments; the intelligent manufacturing segment focuses on welding and cutting equipment, benefiting from industry transformation, while the high-end equipment supporting segment, though cyclical, operates in a favorable policy environment - The company's intelligent manufacturing business segment is in the welding and cutting equipment manufacturing industry, classified under C34 of the China Securities Regulatory Commission's "Industry Classification Guidelines for Listed Companies"[28](index=28&type=chunk) - The welding and cutting equipment industry is embracing opportunities for intelligent and green transformation, with market demand for high-precision, high-efficiency, and intelligent equipment continuously rising[29](index=29&type=chunk) - The company's high-end equipment supporting segment is in the C37 industry as per the China Securities Regulatory Commission's "Industry Classification Guidelines for Listed Companies", belonging to the high-end manufacturing industry strongly supported by the state[31](index=31&type=chunk) [Intelligent Manufacturing Business Segment](index=8&type=section&id=%E6%99%BA%E8%83%BD%E5%88%B6%E9%80%A0%E4%B8%9A%E5%8A%A1%E6%9D%BF%E5%9D%97) The intelligent manufacturing segment primarily engages in the R&D, production, and sales of welding and cutting equipment, being one of the largest domestic manufacturers with a comprehensive product line including digital welders and robotic systems, widely applied in marine engineering, rail transit, and automotive manufacturing - The company's intelligent manufacturing segment is one of the largest domestic manufacturers of welding and cutting equipment, with products exported to over 110 countries and regions worldwide[29](index=29&type=chunk) - The product line covers digital intelligent welders, digital welding cloud platform group control systems, CNC cutting equipment, and robotic complete sets of equipment[30](index=30&type=chunk) - Applications are extensive, including marine engineering, rail transit, construction machinery, automotive manufacturing, new energy, and power batteries[30](index=30&type=chunk) [High-End Equipment Supporting Segment](index=9&type=section&id=%E9%AB%98%E7%AB%AF%E8%A3%85%E5%A4%87%E9%85%8D%E5%A5%97%E6%9D%BF%E5%9D%97) The high-end equipment supporting segment primarily provides manufacturing, assembly, and testing services for equipment and related products, benefiting from national strategic emerging industry policies, though industry gross profit margin and scale have declined due to market conditions - The high-end equipment supporting segment primarily engages in the manufacturing, assembly, and on-site testing services for equipment and related products[31](index=31&type=chunk) - This industry belongs to the high-end manufacturing sector strongly supported by the state, but its gross profit margin and scale have declined in recent years due to market conditions and other factors[31](index=31&type=chunk) [Discussion and Analysis of Operations](index=9&type=section&id=%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 the first half of 2025, the intelligent manufacturing segment saw declines in both revenue and net profit due to market conditions and poor associate performance, while the high-end equipment supporting segment's revenue slightly decreased but net profit remained stable through effective credit impairment loss reduction - The intelligent manufacturing business segment's external transaction revenue was **419.28 million yuan**, a decrease of **11.49%** year-on-year[33](index=33&type=chunk) - The intelligent manufacturing business segment achieved a net profit of **19.71 million yuan**, a decrease of **32.52 million yuan** year-on-year[33](index=33&type=chunk) - The high-end equipment supporting business's external transaction revenue decreased by **4.23%** year-on-year to **11.47 million yuan**, with a net loss of **13.78 million yuan**, an increase of **0.19 million yuan** year-on-year[33](index=33&type=chunk) [Intelligent Manufacturing Segment Operating Analysis](index=9&type=section&id=%E6%99%BA%E8%83%BD%E5%88%B6%E9%80%A0%E6%9D%BF%E5%9D%97%E7%BB%8F%E8%90%A5%E5%88%86%E6%9E%90) The company actively invested in digital welders, robotic welding systems, and laser welding/cutting systems, launching a digital intelligent welding and cutting cloud platform, while strengthening market expansion and R&D, but revenue and net profit declined due to market conditions and poor associate performance - The company increased investment in digital welders, intelligent welders, robotic welding complete systems, and laser welding and cutting systems[31](index=31&type=chunk) - It launched a series of products with expert databases, full waveform control, expandable group control, special machine interfaces, and robot digital interfaces, as well as a digital intelligent welding and cutting cloud platform[31](index=31&type=chunk) - During the reporting period, external transaction revenue for the intelligent manufacturing business segment decreased by **11.49%**, and net profit decreased by **32.52 million yuan**, mainly due to market conditions and poor operating performance of an associate[33](index=33&type=chunk) [High-End Equipment Supporting Segment Operating Analysis](index=10&type=section&id=%E9%AB%98%E7%AB%AF%E8%A3%85%E5%A4%87%E9%85%8D%E5%A5%97%E6%9D%BF%E5%9D%97%E7%BB%8F%E8%90%A5%E5%88%86%E6%9E%90) The high-end equipment supporting business segment's revenue slightly decreased, but net profit remained largely stable due to strengthened management and reduced credit impairment losses; the company will continue to enhance internal management to adapt to market changes - External transaction revenue for the high-end equipment supporting business segment slightly decreased year-on-year, but net profit remained largely stable[33](index=33&type=chunk) - The net profit remained largely stable because the company strengthened management, leading to an effective reduction in credit impairment losses[33](index=33&type=chunk) [Analysis of Core Competitiveness](index=10&type=section&id=%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness lies in its intelligent manufacturing and high-end equipment supporting segments, with the former boasting product, technology, brand, market, process, and location advantages, and the latter possessing advanced process technology and a professional talent team - The intelligent manufacturing segment offers a full range of welding and cutting equipment product lines, integrating IoT and big data technologies to provide overall intelligent manufacturing solutions[34](index=34&type=chunk) - The company has been recognized as a "National High-Tech Enterprise" and an "Industrial and Information Technology Ministry Specialized, Refined, Unique, and New 'Little Giant' Enterprise", and participates in the formulation of multiple industry national standards[35](index=35&type=chunk) - The high-end equipment supporting segment possesses advanced process technology and a professional talent team, capable of meeting high customer standards and maintaining high product yield rates[41](index=41&type=chunk)[42](index=42&type=chunk) [Core Competitiveness of Intelligent Manufacturing Segment](index=10&type=section&id=%E6%99%BA%E8%83%BD%E5%88%B6%E9%80%A0%E6%9D%BF%E5%9D%97%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B) The intelligent manufacturing segment's core competitiveness includes superior product performance and comprehensive product lines, high technological content with numerous awards, a strong brand image and high recognition, extensive domestic and international market coverage with quality customers, advanced precision processing equipment and flexible production lines, and a unique geographical advantage in the Yangtze River Delta - The company's products offer good performance, stable quality, and a comprehensive product line, centered on digital control technology and deeply integrating IoT and big data technologies[34](index=34&type=chunk) - The company has been recognized as a "National High-Tech Enterprise" and an "Academician Expert Workstation in Shanghai", and participates in the formulation of multiple industry national standards[35](index=35&type=chunk) - The "Hugong" brand has been recognized as a "China Well-Known Trademark" and "Shanghai Famous Trademark", and is included in the "First Batch of Shanghai Key Trademark Protection List"[37](index=37&type=chunk) - Product sales cover the entire country and are exported to over 110 countries and regions worldwide, with export value ranking among the top in the industry for many years[38](index=38&type=chunk) - The company is equipped with a full set of precision processing equipment and flexible production lines, capable of quickly responding to market changes and diverse customer needs[39](index=39&type=chunk) - The company's location in Qingpu District, Shanghai, as a demonstration zone for integrated development in the Yangtze River Delta, offers significant industrial location advantages[40](index=40&type=chunk)[41](index=41&type=chunk) [Core Competitiveness of High-End Equipment Supporting Segment](index=12&type=section&id=%E9%AB%98%E7%AB%AF%E8%A3%85%E5%A4%87%E9%85%8D%E5%A5%97%E6%9D%BF%E5%9D%97%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B) The high-end equipment supporting segment's core competitiveness lies in its advanced process technology and professional talent team, with enterprise standards stricter than national standards, ensuring high product yield rates through accumulated technology and experience, and a core team with rich expertise and deep industry understanding - This segment's enterprise standards are stricter than ordinary national standards in production processes and technical indicators, forming high technical barriers[41](index=41&type=chunk) - The company's subsidiaries have maintained consistently high product yield rates over years of technological accumulation and experience[41](index=41&type=chunk) - The company possesses a skilled, experienced, well-structured, and stable team of artisan-level technicians[42](index=42&type=chunk) [Major Operating Conditions During the Reporting Period](index=12&type=section&id=%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) In the first half of 2025, the company's operating revenue decreased by 11.31% year-on-year, primarily due to reduced sales of welding and cutting equipment, leading to significant declines in total profit and net profit, while net cash flow from operating activities grew substantially, and both investing and financing cash flows decreased significantly Major Financial Statement Item Changes Analysis | Item | Current Period (Yuan) | Prior Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 430,751,340.83 | 485,687,797.14 | -11.31 | | Operating Cost | 345,425,707.14 | 378,399,395.77 | -8.71 | | Selling Expenses | 18,279,446.79 | 20,683,560.47 | -11.62 | | Administrative Expenses | 22,642,656.66 | 25,381,148.90 | -10.79 | | Financial Expenses | 5,814,782.35 | -1,882,908.03 | 408.82 | | R&D Expenses | 23,631,434.48 | 25,454,258.52 | -7.16 | | Net Cash Flow from Operating Activities | 30,686,194.40 | 15,809,866.53 | 94.10 | | Net Cash Flow from Investing Activities | -258,715,674.71 | -63,955,801.55 | -304.52 | | Net Cash Flow from Financing Activities | -58,473,761.22 | 38,254,268.85 | -252.86 | - The decrease in operating revenue was mainly due to a decline in sales revenue from the welding and cutting equipment business[43](index=43&type=chunk) - Financial expenses increased by **408.82%**, primarily due to a decrease in interest income and exchange gains[45](index=45&type=chunk) [Analysis of Main Business Operations](index=12&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Current period operating revenue decreased by 11.31% year-on-year, mainly due to reduced sales of welding and cutting equipment, with corresponding declines in operating costs, selling, administrative, and R&D expenses; financial expenses significantly increased by 408.82% due to lower interest income and exchange gains; net cash flow from operating activities rose by 94.10% from increased sales collection in the high-end equipment supporting business, while net cash flows from investing and financing activities both significantly decreased due to increased purchases of wealth management products and repayment of borrowings - Operating revenue decreased by **11.31%**, mainly due to a decline in sales revenue from the welding and cutting equipment business[43](index=43&type=chunk) - Financial expenses increased by **408.82%**, primarily due to a decrease in interest income and exchange gains[45](index=45&type=chunk) - Net cash flow from operating activities increased by **94.10%**, mainly due to increased sales collection from the high-end equipment supporting business segment[45](index=45&type=chunk) - Net cash flow from investing activities decreased by **304.52%**, primarily due to increased purchases of wealth management products[45](index=45&type=chunk) - Net cash flow from financing activities decreased by **252.86%**, mainly due to repayment of borrowings in the current period and new borrowings in the prior period[45](index=45&type=chunk) [Explanation of Significant Profit Changes Due to Non-Core Business](index=13&type=section&id=%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%AF%BC%E8%87%B4%E5%88%A9%E6%B6%A6%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8C%96%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company's net profit attributable to shareholders decreased year-on-year, primarily due to the poor operating performance of an associate and the company's tax and related expenses - The poor operating performance of an associate, coupled with the company's tax and related expenses, led to a year-on-year decrease in net profit attributable to shareholders of the listed company[46](index=46&type=chunk) [Analysis of Assets and Liabilities](index=13&type=section&id=%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) As of the end of the reporting period, the company's monetary funds decreased by 52.11% year-on-year, while trading financial assets increased by 47.38%, mainly due to repayment of short-term borrowings and net cash inflow from operating activities; notes receivable and accounts receivable financing decreased, while prepayments and long-term deferred expenses increased; long-term equity investments decreased by 31.28% due to poor performance of an associate Asset and Liability Status Changes | Item Name | Current Period End (Yuan) | Current Period End as % of Total Assets | Prior Period End (Yuan) | Prior Period End as % of Total Assets | Change from Prior Period End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 262,569,676.01 | 12.28 | 548,267,117.28 | 24.60 | -52.11 | | Trading Financial Assets | 819,752,520.72 | 38.35 | 556,201,060.39 | 24.95 | 47.38 | | Notes Receivable | 2,547,213.02 | 0.12 | 4,313,593.29 | 0.19 | -40.95 | | Accounts Receivable Financing | 9,892,624.26 | 0.46 | 20,719,940.93 | 0.93 | -52.26 | | Prepayments | 8,189,135.29 | 0.38 | 5,329,281.99 | 0.24 | 53.66 | | Long-Term Equity Investments | 28,022,599.20 | 1.31 | 40,775,361.82 | 1.83 | -31.28 | | Short-Term Borrowings | 0 | 0 | 50,033,333.33 | 2.24 | -100.00 | | Long-Term Deferred Expenses | 4,950,997.11 | 0.23 | 2,979,018.59 | 0.13 | 66.20 | - The combined amount of monetary funds and trading financial assets decreased by **22.15 million yuan**, mainly due to the repayment of **50 million yuan** in short-term borrowings and a net cash inflow of **30.69 million yuan** from operating activities in the current period[48](index=48&type=chunk) - Long-term equity investments decreased by **31.28%**, primarily due to the poor operating performance of an associate[49](index=49&type=chunk) [Analysis of Investment Status](index=15&type=section&id=%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company had no significant new equity investments, with the balance of long-term equity investments at **28.02 million yuan**, and financial assets measured at fair value totaling **830.43 million yuan**, mainly comprising trading financial assets and accounts receivable financing - During the reporting period, the company had no significant new equity investment matters; as of June 30, 2025, the balance of long-term equity investments was **28.02 million yuan**[54](index=54&type=chunk) Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | Fair Value Change Gains/Losses for Current Period (Yuan) | Purchase Amount for Current Period (Yuan) | Sale/Redemption Amount for Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 556,201,060.39 | 551,460.33 | 263,000,000.00 | 0 | 819,752,520.72 | | Accounts Receivable Financing | 20,719,940.93 | 0 | 43,522,700.96 | 50,428,705.72 | 9,892,624.26 | | Other Non-Current Financial Assets | 788,000.00 | 0 | 0 | 0 | 788,000.00 | | **Total** | **577,709,001.32** | **551,460.33** | **306,522,700.96** | **50,428,705.72** | **830,433,144.98** | [Overall Analysis of External Equity Investments](index=15&type=section&id=%E5%AF%B9%E5%A4%96%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%80%BB%E4%BD%93%E5%88%86%E6%9E%90) During the reporting period, the company did not have any significant new equity investment matters; as of June 30, 2025, the balance of the company's long-term equity investments was **28.02 million yuan**, with an investment cost of **41.00 million yuan** - During the reporting period, the company had no significant new equity investment matters[54](index=54&type=chunk) - As of June 30, 2025, the company's long-term equity investment balance was **28.02 million yuan**, with an investment cost of **41.00 million yuan**[54](index=54&type=chunk) [Financial Assets Measured at Fair Value](index=15&type=section&id=%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7) The company's financial assets measured at fair value totaled **830.43 million yuan** at the end of the period, primarily comprising trading financial assets (bank structured deposits) and accounts receivable financing, with fair value changes in trading financial assets amounting to **0.55 million yuan** for the current period Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | Fair Value Change Gains/Losses for Current Period (Yuan) | Purchase Amount for Current Period (Yuan) | Sale/Redemption Amount for Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 556,201,060.39 | 551,460.33 | 263,000,000.00 | 0 | 819,752,520.72 | | Accounts Receivable Financing | 20,719,940.93 | 0 | 43,522,700.96 | 50,428,705.72 | 9,892,624.26 | | Other Non-Current Financial Assets | 788,000.00 | 0 | 0 | 0 | 788,000.00 | | **Total** | **577,709,001.32** | **551,460.33** | **306,522,700.96** | **50,428,705.72** | **830,433,144.98** | [Analysis of Major Holding and Associate Companies](index=16&type=section&id=%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) In the first half of 2025, the associate company Nanchang Huhang's operating revenue decreased by 42.08% year-on-year, resulting in a net loss of **31.53 million yuan**, which led to the company recognizing an investment loss of **12.61 million yuan**, an increase of **11.48 million yuan** year-on-year Major Holding and Associate Companies Operating Performance | Company Name | Company Type | Main Business | Operating Revenue (10,000 Yuan) | Operating Profit (10,000 Yuan) | Net Profit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Suzhou Hugong | Subsidiary | Manufacturing | 7,290.77 | 230.60 | 150.24 | | Shanghai Qihan | Subsidiary | Manufacturing | 84.05 | -35.68 | -41.45 | | Hugong E-commerce | Subsidiary | Sales & Commerce | 1,441.91 | 5.61 | 5.57 | | Huhang Satellite | Subsidiary | Manufacturing | 491.79 | -215.56 | -215.09 | | Huayu Technology | Subsidiary | Technical Services & Consulting | 783.60 | -1,247.16 | -1,153.47 | | Shenxing Robot | Subsidiary | Manufacturing | 538.20 | 126.98 | 126.42 | | Nanchang Huhang | Associate | Manufacturing | 5,930.53 | -3,132.92 | -3,153.20 | - Associate company Nanchang Huhang's operating revenue decreased by **42.08%** year-on-year in the first half of 2025, with a net loss of **31.53 million yuan**[57](index=57&type=chunk) - Due to Nanchang Huhang's performance decline, the company recognized an investment loss of **12.61 million yuan**, reducing the company's consolidated net profit by **12.61 million yuan**, with the investment loss increasing by **11.48 million yuan** year-on-year[57](index=57&type=chunk) [Potential Risks](index=17&type=section&id=%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces risks from fluctuations in major raw material prices, changes in tax policies (e.g., export tax rebate rate adjustments, income tax rate changes), international operations (e.g., exchange rate fluctuations, unstable political and economic environments), and volatility in the high-end equipment supporting business - Fluctuations in major raw material prices significantly impact the company's product costs and profitability, posing a risk of declining operating performance[58](index=58&type=chunk) - Changes in tax policies, such as a reduction in export tax rebate rates or the inability to sustain high-tech enterprise income tax preferential policies, will adversely affect export business and net profit[58](index=58&type=chunk) - International operations face risks from exchange rate fluctuations, unstable political and economic environments in some sales destination countries or regions, and changes in tariff policies[59](index=59&type=chunk) - The high-end equipment supporting business is subject to fluctuations in order expectations and gross profit margins due to changes in upstream customer demand and pricing policies[59](index=59&type=chunk)[60](index=60&type=chunk) [Section IV 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) This section details changes in the company's directors, supervisors, and senior management, profit distribution plans, and equity incentive schemes [Changes in Directors, Supervisors, and Senior Management](index=18&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, Ms Liu Guanqun resigned as an independent director due to compliance requirements for concurrent positions, and Mr Ni Chenkai was elected as an independent director to the fifth board of directors, also serving as chairman of the audit committee and member of the nomination committee Changes in Directors, Supervisors, and Senior Management | Name | Position | Change Type | | :--- | :--- | :--- | | Liu Guanqun | Independent Director | Resignation | | Ni Chenkai | Independent Director | Election | - Ms Liu Guanqun resigned from her position as an independent director due to the need for compliance management regarding concurrent positions in her prospective employer's industry[62](index=62&type=chunk) - Mr Ni Chenkai was elected as an independent director to the fifth board of directors, and appointed as chairman of the audit committee and member of the nomination committee, following approval by the shareholders' meeting[62](index=62&type=chunk) [Profit Distribution or Capital Reserve to Share Capital Conversion Plan](index=18&type=section&id=%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company's semi-annual profit distribution plan and capital reserve to share capital conversion plan propose no distribution or conversion, with zero bonus shares, cash dividends, and conversion shares per 10 shares Semi-Annual Profit Distribution or Capital Reserve to Share Capital Conversion Plan | Indicator | Value | | :--- | :--- | | Is there a distribution or conversion | No | | Number of bonus shares per 10 shares (shares) | 0 | | Cash dividend per 10 shares (Yuan) (tax inclusive) | 0 | | Number of conversion shares per 10 shares (shares) | 0 | [Equity Incentive and Employee Stock Ownership Plans](index=18&type=section&id=%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E5%8F%8A%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92) During the reporting period, the company had no disclosed equity incentive plans, employee stock ownership plans, or other employee incentive measures with subsequent progress or changes - During the reporting period, the company had no equity incentive matters that were disclosed in temporary announcements and had no subsequent progress or changes[64](index=64&type=chunk) - The company had no incentive situations, including equity incentives, employee stock ownership plans, or other incentive measures, that were not disclosed in temporary announcements or had subsequent progress[64](index=64&type=chunk)[65](index=65&type=chunk) [Section V Important 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) This section covers the fulfillment of commitments, non-operating fund occupation by controlling shareholders and related parties, illegal guarantees, integrity status, major related party transactions, significant contracts, and progress on the use of raised funds [Fulfillment of Commitments](index=20&type=section&id=%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 controllers, shareholders, related parties, and the company itself have timely and strictly fulfilled their commitments made during or continuing into the reporting period, primarily concerning major asset restructuring, resolution of horizontal competition, related party transactions, and measures to enhance immediate returns - The company and all its directors, supervisors, and senior management commit that the information disclosure for major asset restructuring transactions is true, accurate, and complete[67](index=67&type=chunk) - The company's controlling shareholder, actual controller, and natural person shareholders of Huayu Technology commit to resolving horizontal competition and avoiding businesses that are identical or competitive with the listed company's main business[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) - The company's controlling shareholder, actual controller, and natural person shareholders of Huayu Technology commit to minimizing and avoiding related party transactions, and conducting fair operations based on market principles and fair prices[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk) - The company's directors, senior management, controlling shareholder, and actual controller commit to taking measures to enhance returns and not to harm the company's interests[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period](index=40&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there was no non-operating occupation of funds by the company's controlling shareholders or other related parties - During the reporting period, there was no non-operating occupation of funds by the company's controlling shareholders or other related parties[88](index=88&type=chunk) [Illegal Guarantees](index=40&type=section&id=%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company did not provide any external guarantees in violation of prescribed decision-making procedures - During the reporting period, the company did not provide any external guarantees in violation of prescribed decision-making procedures[88](index=88&type=chunk) [Explanation of Integrity Status](index=41&type=section&id=%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E8%AF%B4%E6%98%8E) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled effective court judgments or large overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled effective court judgments or large overdue debts[89](index=89&type=chunk) [Major Related Party Transactions](index=41&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company had no related party transactions related to daily operations, asset/equity acquisitions/disposals, joint external investments, or related party creditor/debtor relationships that were disclosed in temporary announcements and had subsequent progress or changes - During the reporting period, the company had no related party transactions related to daily operations that were disclosed in temporary announcements and had no subsequent progress or changes[90](index=90&type=chunk) - During the reporting period, the company had no related party transactions involving asset or equity acquisitions or disposals that were disclosed in temporary announcements and had no subsequent progress or changes[90](index=90&type=chunk) - During the reporting period, the company had no significant related party transactions involving joint external investments that were disclosed in temporary announcements and had no subsequent progress or changes[91](index=91&type=chunk) - During the reporting period, the company had no related party creditor or debtor relationships that were disclosed in temporary announcements and had no subsequent progress or changes[91](index=91&type=chunk) [Major Contracts and Their Fulfillment](index=42&type=section&id=%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had no entrustment, contracting, leasing matters, or other major contracts; the company provided a bank comprehensive credit guarantee of up to **50 million yuan** for its wholly-owned subsidiary Suzhou Hugong, with a guarantee balance of **36.20 million yuan** as of June 30, 2025 - During the reporting period, the company had no entrustment, contracting, or leasing matters[91](index=91&type=chunk) - The company provided a bank comprehensive credit guarantee of up to **50 million yuan** for its wholly-owned subsidiary Suzhou Hugong[93](index=93&type=chunk) Company Guarantee Total Amount | Indicator | Amount (Yuan) | | :--- | :--- | | Total guarantee amount for subsidiaries during the reporting period | 36,268,531.78 | | Total guarantee balance for subsidiaries at the end of the reporting period (B) | 36,204,743.78 | | Total guarantee amount (A+B) | 36,204,743.78 | | Total guarantee amount as a percentage of the company's net assets (%) | 2.95 | [Company Guarantees for Subsidiaries](index=43&type=section&id=%E5%85%AC%E5%8F%B8%E5%AF%B9%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company provided a bank comprehensive credit guarantee of up to **50 million yuan** for its wholly-owned subsidiary Suzhou Hugong, with the guarantee period being two years from the expiration of the main contract's debt performance period; as of June 30, 2025, the guarantee balance was **36.20 million yuan** - The company provided a bank comprehensive credit guarantee of up to **50 million yuan** for its wholly-owned subsidiary Suzhou Hugong[93](index=93&type=chunk) - The guarantee period is two years from the expiration of the debtor's debt performance period as stipulated in the main contract[93](index=93&type=chunk) - As of June 30, 2025, the guarantee balance was **36,204,743.78 yuan**[93](index=93&type=chunk) [Progress on Use of Raised Funds](index=44&type=section&id=%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) The company's convertible bond raised funds totaled **400 million yuan**, with **230.85 million yuan** cumulatively invested, representing a **58.58%** investment progress; both the Precision CNC Laser Cutting Equipment Expansion Project and the Aerospace Equipment Manufacturing Base Phase I Project were delayed until December 31, 2025, due to various factors; the company used **44.16 million yuan** of raised funds to replace self-raised funds previously invested in projects and managed idle raised funds Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (10,000 Yuan) | Net Raised Funds (10,000 Yuan) | Committed Investment Amount of Raised Funds (10,000 Yuan) | Total Cumulative Investment as of End of Reporting Period (10,000 Yuan) | Cumulative Investment Progress as of End of Reporting Period (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Issuance of Convertible Bonds | 40,000 | 39,411.30 | 40,000 | 23,085.28 | 58.58 | - The Precision CNC Laser Cutting Equipment Expansion Project and the Aerospace Equipment Manufacturing Base Phase I Project have both been delayed until December 31, 2025[99](index=99&type=chunk)[100](index=100&type=chunk) - The company has used **44.16 million yuan** of raised funds to replace self-raised funds previously invested in projects[102](index=102&type=chunk) - The company manages idle raised funds, with an ending balance of **178 million yuan**[104](index=104&type=chunk) [Overall Use of Raised Funds](index=44&type=section&id=%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E6%95%B4%E4%BD%93%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company issued convertible bonds with a total raised fund amount of **400 million yuan** and a net amount of **394.11 million yuan**; as of the end of the reporting period, **230.85 million yuan** had been cumulatively invested, representing an investment progress of **58.58%** Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (10,000 Yuan) | Net Raised Funds (10,000 Yuan) | Committed Investment Amount of Raised Funds (10,000 Yuan) | Total Cumulative Investment as of End of Reporting Period (10,000 Yuan) | Cumulative Investment Progress as of End of Reporting Period (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Issuance of Convertible Bonds | 40,000 | 39,411.30 | 40,000 | 23,085.28 | 58.58 | [Details of Raised Fund Investment Projects](index=45&type=section&id=%E5%8B%9F%E6%8A%95%E9%A1%B9%E7%9B%AE%E6%98%8E%E7%BB%86) Both the Precision CNC Laser Cutting Equipment Expansion Project and the Aerospace Equipment Manufacturing Base Phase I Project have been delayed until December 31, 2025; the former due to delayed fire acceptance, macroeconomic uncertainty, and plan optimization, and the latter due to long equipment procurement and installation cycles, supply chain obstacles, and an added implementation location Details of Raised Fund Investment Projects | Project Name | Committed Investment Amount of Raised Funds (10,000 Yuan) | Total Cumulative Investment as of End of Reporting Period (10,000 Yuan) | Cumulative Investment Progress as of End of Reporting Period (%) | Scheduled Date of Ready for Use | | :--- | :--- | :--- | :--- | :--- | | Precision CNC Laser Cutting Equipment Expansion Project | 9,000 | 226.01 | 2.51 | December 31, 2025 | | Aerospace Equipment Manufacturing Base Phase I Project | 19,000 | 11,224.71 | 59.08 | December 31, 2025 | | Replenishment of Working Capital | 12,000 | 11,634.56 | 96.95 | Not Applicable | - The Precision CNC Laser Cutting Equipment Expansion Project's scheduled date of ready for use has been delayed until December 31, 2025, due to delayed fire acceptance, macroeconomic environment uncertainty, and optimization adjustments to the plan[98](index=98&type=chunk)[99](index=99&type=chunk) - The Aerospace Equipment Manufacturing Base Phase I Project's scheduled date of ready for use has been delayed until December 31, 2025, due to long equipment procurement, installation, and commissioning cycles, as well as supply chain obstacles, and an additional implementation location has been added[100](index=100&type=chunk) [Other Uses of Raised Funds During the Reporting Period](index=48&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E7%9A%84%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company used **44.16 million yuan** of raised funds to replace self-raised funds previously invested in projects; concurrently, the company managed idle raised funds, with an ending balance of **178 million yuan**, and opened a dedicated settlement account at China CITIC Bank for this purpose - The company has used **44.16 million yuan** of raised funds to replace self-raised funds previously invested in projects[102](index=102&type=chunk) Idle Raised Funds Cash Management | Board of Directors Review Date | Cash Management Limit (10,000 Yuan) | Start Date | End Date | Ending Balance of Cash Management (10,000 Yuan) | Exceeded Authorized Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | April 25, 2024 | 20,000 | May 21, 2024 | May 20, 2025 | 17,800 | No | | April 23, 2025 | 20,000 | May 16, 2025 | May 15, 2026 | 17,800 | No | - The company opened a dedicated settlement account for raised funds cash management on May 28, 2025[104](index=104&type=chunk) [Section VI Share Changes and Shareholder Information](index=50&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital and shareholder structure during the reporting period [Share Capital Changes](index=50&type=section&id=%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital increased from 317,991,010 shares to 317,991,057 shares due to the conversion of 47 shares of "Hugong Convertible Bonds", all of which are unrestricted tradable shares Share Capital Change Table | Share Type | Quantity Before This Change (Shares) | Increase/Decrease (+,-) Other (Shares) | Quantity After This Change (Shares) | | :--- | :--- | :--- | :--- | | II. Unrestricted Tradable Shares | 317,991,010 | 47 | 317,991,057 | | III. Total Shares | 317,991,010 | 47 | 317,991,057 | - During the reporting period, "Hugong Convertible Bonds" cumulatively converted into **47 shares**, increasing the company's total share capital from **317,991,010 shares** to **317,991,057 shares**[110](index=110&type=chunk) [Shareholder Information](index=51&type=section&id=%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 36,226 common shareholders; among the top ten shareholders, Miao Liping and Shu Zhenyu were the top two, holding 19.30% and 18.43% respectively, and formed a concerted action relationship with Shu Hongrui and the Fucheng Haifutong Xinyi No. 6 Single Asset Management Plan - As of the end of the reporting period, the total number of common shareholders was **36,226**[111](index=111&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Ending Shareholding (Shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Miao Liping | 61,358,455 | 19.30 | Domestic Natural Person | | Shu Zhenyu | 58,613,600 | 18.43 | Domestic Natural Person | | Shanghai Mingxin Guangchu Enterprise Management Co., Ltd. | 25,314,077 | 7.96 | Domestic Non-State-Owned Legal Person | | Suzhou Zhiqiang Management Consulting Co., Ltd. | 12,489,076 | 3.93 | Domestic Non-State-Owned Legal Person | | Fucheng Haifu Asset Management - Shu Zhenyu - Fucheng Haifutong Xinyi No. 6 Single Asset Management Plan | 7,566,224 | 2.38 | Other | | Yue Qinbin | 2,100,000 | 0.66 | Domestic Natural Person | | Shu Hongrui | 1,988,167 | 0.63 | Domestic Natural Person | | Hong Kong Securities Clearing Company Limited | 1,006,000 | 0.32 | Overseas Legal Person | | China Merchants Bank Co., Ltd. - Yongying High-End Equipment Smart Selection Mixed Initiated Securities Investment Fund | 976,920 | 0.31 | Other | | Tao Wen | 859,000 | 0.27 | Domestic Natural Person | - Mr Shu Zhenyu is the company's chairman, Mr Shu Hongrui is his father, and Ms Miao Liping is his mother; combined with Mr Shu Zhenyu's shareholding in Suzhou Zhiqiang and the "Concerted Action Agreement" signed between Mr Shu Zhenyu and Fucheng Haifutong Xinyi No. 6 Single Asset Management Plan, they constitute a concerted action relationship[114](index=114&type=chunk) [Information on Directors, Supervisors, and Senior Management](index=53&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, nor were they granted any equity incentives - During the reporting period, the shareholding changes of the company's current and former directors, supervisors, and senior management were "not applicable"[115](index=115&type=chunk) - During the reporting period, directors, supervisors, and senior management were not granted equity incentives[115](index=115&type=chunk) [Section VII Bond-Related Information](index=54&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section provides details on the company's convertible bonds, including issuance, holder information, changes, conversion status, price adjustments, and credit ratings [Convertible Corporate Bonds](index=54&type=section&id=%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) On July 20, 2020, the company publicly issued "Hugong Convertible Bonds" totaling **400 million yuan** with a 6-year term; as of the end of the reporting period, there were 4,032 bondholders, with Shu Hongrui as the guarantor; during the reporting period, **1,000 yuan** of bonds were converted into **47 shares**, with a cumulative conversion of **16,805 shares**; the conversion price has been adjusted multiple times, with the latest being **21.09 yuan/share**; both the company's long-term credit rating and "Hugong Convertible Bonds" credit rating remain A, with a stable outlook - On July 20, 2020, the company publicly issued A-share convertible corporate bonds totaling **4 million shares**, with a face value of **100 yuan** per share, and a total issuance amount of **400 million yuan**, with a 6-year term[117](index=117&type=chunk) - As of the end of the reporting period, there were **4,032** bondholders, and Shu Hongrui is the guarantor for the company's convertible bonds[118](index=118&type=chunk) - During the reporting period, **1,000 yuan** of "Hugong Convertible Bonds" were converted into **47 shares**, with a cumulative conversion of **16,805 shares**[121](index=121&type=chunk) - The company's long-term credit rating and the "Hugong Convertible Bonds" credit rating both remain A, with a stable outlook[126](index=126&type=chunk) [Convertible Bond Issuance](index=54&type=section&id=%E8%BD%AC%E5%80%BA%E5%8F%91%E8%A1%8C%E6%83%85%E5%86%B5) On July 20, 2020, the company publicly issued 4 million A-share convertible corporate bonds, each with a face value of **100 yuan**, totaling **400 million yuan**, which began trading on the Shanghai Stock Exchange on August 10, 2020, under the ticker "Hugong Convertible Bonds" (code "113593") - On July 20, 2020, the company publicly issued **4 million** A-share convertible corporate bonds, each with a face value of **100 yuan**, totaling **400 million yuan**[117](index=117&type=chunk) - "Hugong Convertible Bonds" began trading on the Shanghai Stock Exchange on August 10, 2020, with bond code "113593"[117](index=117&type=chunk) [Convertible Bond Holders and Guarantor During the Reporting Period](index=54&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E8%BD%AC%E5%80%BA%E6%8C%81%E6%9C%89%E4%BA%BA%E5%8F%8A%E6%8B%85%E4%BF%9D%E4%BA%BA%E6%83%85%E5%86%B5) As of the end of the reporting period, the company's convertible corporate bonds "Hugong Convertible Bonds" had 4,032 holders, with Shu Hongrui as the guarantor; among the top ten bondholders, Ding Bixia held the largest amount, accounting for 9.05% - As of the end of the period, there were **4,032** convertible bondholders, and Shu Hongrui is the guarantor for the company's convertible bonds[118](index=118&type=chunk) Top Ten Convertible Bond Holders | Convertible Corporate Bond Holder Name | Ending Holding Amount (Yuan) | Holding Percentage (%) | | :--- | :--- | :--- | | Ding Bixia | 36,160,000 | 9.05 | | Li Yiming | 30,130,000 | 7.54 | | China Everbright Bank Co., Ltd. - Boshi Convertible Bond Enhanced Bond Fund | 19,041,000 | 4.76 | | China Merchants Bank Co., Ltd. - Boshi CSI Convertible Bond and Exchangeable Bond ETF | 18,338,000 | 4.59 | | Shanghai Mingda Industrial (Group) Co., Ltd. | 13,200,000 | 3.30 | | Dacheng International Asset Management Co., Ltd. - Dacheng China Flexible Allocation Fund | 11,534,000 | 2.89 | | CITIC Securities Xinfu Antai Fixed Income Pension Product - Industrial and Commercial Bank of China Co., Ltd. | 11,323,000 | 2.83 | | China Merchants Bank Co., Ltd. - Boshi Stable Return Bond Fund (LOF) | 9,518,000 | 2.38 | | Taikang Asset Bond Preferred Fixed Income Pension Product - China Construction Bank Co., Ltd. | 8,385,000 | 2.10 | | Shanghai International Trust Co., Ltd. - Shanghai Trust Ruby Stable and Prudent Series Investment Fund Trust (Shanghai Trust - H - 6001) | 6,521,000 | 1.63 | [Convertible Bond Changes During the Reporting Period](index=54&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E8%BD%AC%E5%80%BA%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, "Hugong Convertible Bonds" converted **1,000 yuan** into shares, with an ending balance of **399,641,000 yuan** Convertible Corporate Bond Changes | Convertible Corporate Bond Name | Amount Before This Change (Yuan) | Increase/Decrease from Conversion (Yuan) | Amount After This Change (Yuan) | | :--- | :--- | :--- | :--- | | Hugong Convertible Bonds | 399,642,000 | 1,000 | 399,641,000 | [Cumulative Convertible Bond Conversion During the Reporting Period](index=55&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E8%BD%AC%E5%80%BA%E7%B4%AF%E8%AE%A1%E8%BD%AC%E8%82%A1%E6%83%85%E5%86%B5) During the reporting period, "Hugong Convertible Bonds" converted **1,000 yuan** into **47 shares**; cumulatively, **16,805 shares** have been converted, representing **0.0053%** of the company's total shares issued before conversion; the unconverted amount is **399,641,000 yuan**, accounting for **99.91%** of the total convertible bond issuance Cumulative Convertible Bond Conversion During the Reporting Period | Indicator | Value | | :--- | :--- | | Conversion amount during the reporting period (Yuan) | 1,000 | | Number of shares converted during the reporting period (shares) | 47 | | Cumulative number of shares converted (shares) | 16,805 | | Cumulative number of shares converted as a percentage of total shares issued before conversion (%) | 0.0053 | | Unconverted amount (Yuan) | 399,641,000 | | Percentage of unconverted convertible bonds to total issuance (%) | 99.91 | [History of Conversion Price Adjustments](index=55&type=section&id=%E8%BD%AC%E8%82%A1%E4%BB%B7%E6%A0%BC%E5%8E%86%E6%AC%A1%E8%B0%83%E6%95%B4%E6%83%85%E5%86%B5) The conversion price of "Hugong Convertible Bonds" has been adjusted three times, all due to annual profit distributions; the latest conversion price is **21.09 yuan/share**, with the most recent adjustment occurring on June 10, 2025 History of Conversion Price Adjustments | Conversion Price Adjustment Date | Adjusted Conversion Price (Yuan) | Disclosure Time | Disclosure Media | Explanation of Conversion Price Adjustment | | :--- | :--- | :--- | :--- | :--- | | 2021/6/10 | 21.12 | 2021/6/4 | China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily | Price adjustment due to 2020 annual profit distribution | | 2022/6/29 | 21.10 | 2022/6/22 | China Securities Journal, Shanghai Securities News, Securities Times | Price adjustment due to 2021 annual profit distribution | | 2025/6/10 | 21.09 | 2025/6/4 | China Securities Journal, Shanghai Securities News, Securities Times | Price adjustment due to 2024 annual profit distribution | | Latest conversion price as of the end of this reporting period | 21.09 | | | | [Debt Status, Credit Changes, and Repayment Arrangements](index=55&type=section&id=%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E3%80%81%E8%B5%84%E4%BF%A1%E5%8F%98%E5%8C%96%E5%8F%8A%E8%BF%98%E5%80%BA%E5%AE%89%E6%8E%92) The company's **400 million yuan** convertible bonds have a 6-year term, with annual interest payments and principal repayment plus the final year's interest at maturity, primarily funded by operating cash flow; the company's long-term credit rating and "Hugong Convertible Bonds" credit rating were downgraded to A in June 2024 and maintained at A in June 2025, with a stable outlook - The company's publicly issued convertible corporate bonds total **400 million yuan**, with a 6-year term, annual interest payments, and principal repayment plus the final year's interest at maturity[124](index=124&type=chunk) - The company's future debt repayment will primarily be funded by cash flow generated from its production and operating activities[124](index=124&type=chunk) - In June 2024, Lianhe Credit Rating Co, Ltd, downgraded the company's long-term credit rating to A and the "Hugong Convertible Bonds" credit rating to A, with a stable outlook[126](index=126&type=chunk) - In June 2025, Lianhe Credit Rating Co, Ltd, maintained the company's long-term credit rating at A and the "Hugong Convertible Bonds" credit rating at A, with a stable outlook[126](index=126&type=chunk) [Section VIII Financial Report](index=57&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity [Audit Report](index=57&type=section&id=%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk) [Financial Statements](index=57&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting the financial position, operating results, and cash flow at the end of the reporting period [Consolidated Balance Sheet](index=57&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were **2.14 billion yuan**, a 4.10% decrease from the end of the previous year; consolidated total liabilities were **905.50 million yuan**, a 9.46% decrease; and owners' equity attributable to the parent company was **1.23 billion yuan**, a slight increase of 0.17% Consolidated Balance Sheet Key Data | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Assets | 2,137,720,799.72 | 2,229,052,021.83 | | Total Liabilities | 905,498,778.20 | 1,000,089,893.59 | | Total Owners' Equity Attributable to Parent Company | 1,226,200,162.62 | 1,224,080,681.99 | - Monetary funds decreased by **52.11%** from the end of the previous year, while trading financial assets increased by **47.38%** year-on-year[129](index=129&type=chunk) - Short-term borrowings decreased by **100%** from the end of the previous year, and notes payable decreased by **19.45%**[130](index=130&type=chunk) [Consolidated Income Statement](index=61&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first half of 2025, the company's consolidated total operating revenue was **430.75 million yuan**, a year-on-year decrease of 11.31%; total profit was **15.33 million yuan**, a year-on-year decrease of 64.89%; and net profit attributable to parent company shareholders was **4.79 million yuan**, a year-on-year decrease of 87.79% Consolidated Income Statement Key Data | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 430,751,340.83 | 485,687,797.14 | | Total Profit | 15,334,532.09 | 43,670,933.68 | | Net Profit | 5,930,516.59 | 37,946,142.74 | | Net Profit Attributable to Parent Company Shareholders | 4,790,150.11 | 39,231,264.88 | | Basic Earnings Per Share (Yuan/Share) | 0.02 | 0.12 | - Total operating revenue decreased by **11.31%** year-on-year, while total operating costs decreased by **6.65%** year-on-year[137](index=137&type=chunk) - Financial expenses changed from **-1.88 million yuan** in the prior period to **5.81 million yuan** in the current period, mainly due to a decrease in interest income[137](index=137&type=chunk) [Consolidated Cash Flow Statement](index=64&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In the first half of 2025, net cash flow from operating activities was **30.69 million yuan**, a year-on-year increase of 94.10%; net cash flow from investing activities was **-258.72 million yuan**, a year-on-year decrease of 304.52%, mainly due to increased purchases of wealth management products; net cash flow from financing activities was **-58.47 million yuan**, a year-on-year decrease of 252.86%, primarily due to repayment of borrowings Consolidated Cash Flow Statement Key Data | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 30,686,194.40 | 15,809,866.53 | | Net Cash Flow from Investing Activities | -258,715,674.71 | -63,955,801.55 | | Net Cash Flow from Financing Activities | -58,473,761.22 | 38,254,268.85 | | Net Increase in Cash and Cash Equivalents | -283,789,058.90 | -5,120,951.81 | - Net cash flow from operating activities increased by **94.10%**, mainly due to increased sales collection from the high-end equipment supporting business segment[45](index=45&type=chunk) - Net cash flow from investing activities decreased by **304.52%**, primarily due to increased purchases of wealth management products[45](index=45&type=chunk) - Net cash flow from financing activities decreased by **252.86%**, mainly due to repayment of borrowings in the current period and new borrowings in the prior period[45](index=45&type=chunk) [Company Basic Information](index=74&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Shanghai Hugong Welding Group Co, Ltd, established on October 18, 2011, and listed on the Shanghai Stock Exchange on June 7, 2016, primarily engages in intelligent manufacturing of welding and cutting equipment and robotic system integration, as well as high-end equipment supporting businesses, with Shu Zhenyu, Miao Liping, and Shu Hongrui as the actual controllers - Shanghai Hugong Welding Group Co, Ltd, was established on October 18, 2011, and listed on the Shanghai Stock Exchange on June 7, 2016[159](index=159&type=chunk) - The company's main business activities involve the R&D, production, and sales of intelligent manufacturing, such as welding and cutting equipment and robotic system integration, as well as high-end equipment supporting manufacturing and processing serv

资金流向方面，今日主力资金净流入5266.47万元，占比成交额6.54%。其中，超大单净流入2862.72万 元、占成交额3.56%，大单净流入2403.75万元、占成交额2.99%，中单净流出流出1541.15万元、占成交 额1.92%，小单净流出3725.32万元、占成交额4.63%。 上海沪工最新一期业绩显示，截至2025一季报，公司营业总收入2.08亿元、同比减少6.11%，归属净利 润843.54万元，同比减少54.88%，扣非净利润488.62万元，同比减少70.79%，流动比率3.522、速动比率 2.915、资产负债率43.25%。 金融界消息 截至2025年8月25日收盘，上海沪工（603131）报收于21.35元，上涨4.4%，换手率 12.08%，成交量38.41万手，成交金额8.05亿元。 来源：金融界 天眼查商业履历信息显示，上海沪工焊接集团股份有限公司，成立于1995年，位于上海市，是一家以从 事通用设备制造业为主的企业。企业注册资本31799.1057万人民币，实缴资本15280.34554万人民币。公 司法定代表人为舒振宇。 通过天眼查大数据分析，上海沪工焊接集团股份有限公司共 ...

Key Points - The main focus of the article is on the significant outflow of capital from specific stocks as of August 11, with detailed figures indicating the amount of money withdrawn from each stock [1][2] Group 1: Stock Outflows - The top stock with capital outflow is China Shipbuilding, with an outflow of 508 million yuan [1] - Ningbo Yunsen follows with an outflow of 431 million yuan [1] - Huayin Power experienced a capital outflow of 375 million yuan [1] - Other notable stocks with significant outflows include: - Changjiang Power (-328 million yuan) [1] - Northern Rare Earth (-321 million yuan) [1] - Tibet Tianlu (-278 million yuan) [1] - Xiyu Tourism (-270 million yuan) [1] - Furi Electronics (-263 million yuan) [1] - Light Media (-256 million yuan) [1] - Tianshan Shares (-225 million yuan) [1] - Shanghai Huguang (-209 million yuan) [1] - Shanhe Intelligent (-209 million yuan) [1] - China Heavy Industry (-190 million yuan) [1] - Zhongchao Holdings (-180 million yuan) [1] - SMIC (-173 million yuan) [1] - ST Huaton (-165 million yuan) [1] - AVIC Shenyang Aircraft (-150 million yuan) [1] - Sunshine Power (-143 million yuan) [1] - Guoji Precision (-141 million yuan) [1] - Zhangqu Technology (-139 million yuan) [1]

Group 1 - Shanghai Huguang (603131) closed at 21.62 yuan on August 8, 2025, up 20.71% from last week's 17.91 yuan [1] - The stock reached a weekly high of 21.62 yuan and a low of 17.7 yuan on August 4, 2025, with one instance of a limit-up close and no limit-down closes [1] - The current total market capitalization of Shanghai Huguang is 6.875 billion yuan, ranking 69th out of 216 in the general equipment sector and 2485th out of 5151 in the A-share market [1] Group 2 - Shanghai Huguang redeemed 90 million yuan in cash management products, earning 495,000 yuan in interest [2] - The company redeemed a structured deposit from Shanghai Pudong Development Bank, with a principal of 90 million yuan and a term of 90 days [2] - The decision to manage idle fundraising of up to 200 million yuan was approved at the annual shareholder meetings in 2024 and 2025 [2]

Core Viewpoint - The company plans to utilize idle raised funds amounting to 90 million yuan for cash management through structured deposits, aiming to enhance fund efficiency and increase investment returns for shareholders [1][2][6]. Group 1: Cash Management Overview - The purpose of cash management is to ensure the normal implementation of fundraising projects while effectively utilizing idle funds to increase investment returns for shareholders [2]. - The cash management amount is set at 90 million yuan [2]. - The funds for this cash management will come from idle raised funds [3]. Group 2: Fundraising Background - The company was approved by the China Securities Regulatory Commission to publicly issue convertible bonds totaling 400 million yuan, with an actual received amount of approximately 395.47 million yuan after deducting fees [4]. - The raised funds are designated for projects including precision CNC laser cutting equipment expansion and the construction of an aerospace equipment manufacturing base [5]. Group 3: Cash Management Details - The cash management period is 90 days, and the income generated will be returned to the dedicated account for fundraising projects [6]. - The company has followed the necessary approval procedures, ensuring compliance with regulations and that the cash management does not alter the intended use of the raised funds [6][10]. Group 4: Approval Process - The board and supervisory committee approved the cash management proposal on April 23, 2025, and it was subsequently ratified by the annual shareholders' meeting [7].

Market Overview - The Shanghai Composite Index experienced a narrow fluctuation, closing down 0.12% at 3635.13 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.26% and 0.38%, respectively [2] - The total trading volume in the Shanghai and Shenzhen markets was 173.66 billion yuan, a decrease of approximately 116 billion yuan from the previous day [2] Sector Performance - Semiconductor, brokerage, and banking sectors saw declines, while the hydropower concept surged, with companies like Shen Shui Gui Yuan and Shan He Zhi Neng hitting the daily limit [2][3] - The high-speed rail concept also rose sharply, with Jin Ying Zhong Gong and other related stocks experiencing significant gains [6] - Resource stocks, including steel, electricity, and non-ferrous metals, collectively rallied, with Ba Yi Steel and Hua Yin Electric hitting the daily limit [2] - The commercial aerospace sector was active, with Fei Wo Technology and De En Precision Engineering also reaching the daily limit [9] Specific Company Highlights - Shen Shui Gui Yuan closed with a 20% increase, while She Yan Yuan rose nearly 13% [3][4] - Jin Ying Zhong Gong achieved a 20% limit up, and Jiao Da Tie Fa saw a nearly 24% increase [6][7] - The newly listed You Li Intelligent on the Beijing Stock Exchange surged by 246.9%, closing at 83.22 yuan per share, with an intraday high of 98.8 yuan [2] Major Projects and Investments - The Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to significantly boost regional economic growth and clean energy development [5] - 16 central enterprises signed 75 investment agreements for aid to Tibet, with a total investment of 317.5 billion yuan [5] - The establishment of Xin Zang Railway Co., Ltd. with a registered capital of 95 billion yuan indicates ongoing infrastructure development in the railway sector [7][8] Commercial Aerospace Developments - The frequency of satellite launches in China's GW constellation has significantly increased, indicating a rapid development phase for the commercial aerospace industry [11] - The successful launches of multiple satellite groups demonstrate advancements in satellite internet capabilities [11]

Market Overview - The market experienced fluctuations with all three major indices slightly declining. Over 2800 stocks in Shanghai, Shenzhen, and Beijing markets were in the red, with a total trading volume of 1.74 trillion [1] Hot Topics Xinjiang Concept - Stocks related to Xinjiang surged, with Hongtong Gas achieving a four-day consecutive limit up, and companies like Xinjiang Communications Construction, Beixin Road and Bridge, and Tiensheng Co. also hitting the limit up. The establishment of the Xinjiang-Tibet Railway Company with a registered capital of 95 billion RMB was announced, which is expected to boost local infrastructure stocks [4][6][13] Satellite Internet - The satellite internet sector saw significant activity, with Shanghai Port Bay and other companies hitting the limit up. Recent successful launches of low-orbit satellites in July and August have catalyzed this surge, indicating a rapid acceleration in the satellite internet sector [7][9][12] Liquid Cooling Servers - The liquid cooling sector remained active, with companies like Rihai Intelligent and Yingweike hitting the limit up. The market for liquid cooling is projected to grow significantly, with estimates suggesting a market size of approximately 354 billion RMB by 2025 and potentially exceeding 1 trillion RMB by 2027 [10][11][12] Individual Stock Performance Xinjiang Stocks - Hongtong Gas: Latest price 16.90, up 10.03%, market cap 4.781 billion RMB [5] - Xinjiang Communications Construction: Latest price 13.81, up 10.04%, market cap 8.915 billion RMB [5] - Beixin Road and Bridge: Latest price 4.61, up 10.02%, market cap 5.847 billion RMB [5] - Tiensheng Co.: Latest price 15.92, up 10.02%, market cap 2.255 billion RMB [5] Satellite Internet Stocks - Shanghai Port Bay: Latest price 29.32, up 10.02%, market cap 7.125 billion RMB [8] - Deen Precision: Latest price 21.26, up 19.98%, market cap 2.230 billion RMB [8] - Shanghai Huguang: Latest price 21.62, up 10.03%, market cap 6.875 billion RMB [8] Liquid Cooling Stocks - Rihai Intelligent: Latest price 14.96, up 10.00%, market cap 5.601 billion RMB [11] - Yingweike: Latest price 46.39, up 10.01%, market cap 39.075 billion RMB [11] - Huaguang New Materials: Latest price 51.18, up 16.82%, market cap 4.611 billion RMB [11]

上海沪工焊接集团股份有限公司 关于使用闲置募集资金进行现金管理的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 一、现金管理概述 | 证券代码：603131 | 证券简称：上海沪工 | 公告编号：2025-044 | | --- | --- | --- | | 债券代码：113593 | 债券简称：沪工转债 | | （一）现金管理目的 根据公司募集资金的使用情况，在确保募投项目正常实施和风险可控的前提 下，公司使用部分闲置募集资金进行现金管理，购买安全性高、流动性好、有保 本约定的理财产品，能有效提高闲置资金的使用效率，增加公司的投资收益，有 利于为公司股东获取更多的投资回报。 （二）现金管理金额 本次现金管理金额为 9,000 万元。 1 现金管理种类：结构性存款 现金管理金额：募集资金 9,000 万元 已履行的审议程序：2025 年 4 月 23 日，上海沪工焊接集团股份有限公 司（以下简称"公司"）召开第五届董事会第七次会议和第五届监事会 第四次会议，会议审议通过了《关于使用闲置募集资金进行现 ...

Market Overview - A-shares experienced narrow fluctuations in the morning session, with the three major indices showing slight increases. The total trading volume in the Shanghai and Shenzhen markets was 1.08 trillion, a decrease of 111.9 billion compared to the previous trading day [1] - The market sentiment was mixed, with over 2900 stocks declining, indicating a broader trend of weakness among individual stocks [1] Sector Performance - The super hydropower concept stocks rebounded, with Shanhe Intelligent hitting the daily limit [3] - The commercial aerospace sector saw a brief surge, with Shanghai Huguang also reaching the daily limit [3] - Medical device stocks remained active, with Shangrong Medical hitting the daily limit [3] - In contrast, AI application stocks collectively adjusted, with Jinxiandai dropping over 10% [3] - Sectors that performed well included super hydropower, brain-computer interface, medical devices, and steel, while sectors that saw declines included multimodal AI, Huawei Ascend, semiconductors, and education [3] - By the end of the session, the Shanghai Composite Index rose by 0.07%, the Shenzhen Component Index increased by 0.14%, and the ChiNext Index gained 0.21% [3]