Important Notice [Board of Directors and Management Statement](index=2&type=section&id=Board%20of%20Directors%20and%20Management%20Statement) The company's board of directors, supervisory board, and senior management declare the semi-annual report content to be true, accurate, and complete, assuming corresponding legal responsibilities; the report is unaudited, and key financial officers affirm the financial report's integrity - The company's board of directors, supervisory board, and senior management guarantee the **truthfulness, accuracy, and completeness** of the semi-annual report content[4](index=4&type=chunk) - This semi-annual report is **unaudited**[6](index=6&type=chunk) - Company head Hu Jianli, chief financial officer Yu Zhongcan, and head of accounting Yu Zhongcan declare the financial report to be **true, accurate, and complete**[6](index=6&type=chunk) [Profit Distribution Plan](index=2&type=section&id=Profit%20Distribution%20Plan) The board of directors did not approve a profit distribution or capital reserve to share capital increase plan for this reporting period - There is **no profit distribution plan or capital reserve to share capital increase plan** for this reporting period[7](index=7&type=chunk) [Forward-Looking Statements and Risk Warning](index=2&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Warning) Forward-looking descriptions in the report, such as future plans and development strategies, do not constitute substantial commitments, and investors should be aware of investment risks; no particularly significant risks substantially affecting operations were present during the reporting period, but future strategies and objectives may face risks, detailed in "Section III Management Discussion and Analysis" "V. Other Disclosures" "(I) Potential Risks" - Forward-looking descriptions in this report, including future plans and development strategies, do not constitute a **substantial commitment** by the company to investors; investors are advised to be aware of **investment risks**[7](index=7&type=chunk) - During the reporting period, there were **no particularly significant risks** that substantially affected the company's production and operations[8](index=8&type=chunk) - For risks that may adversely affect the achievement of the company's future development strategies and operational goals, please refer to 'Section III Management Discussion and Analysis,' 'V. Other Disclosures,' '(I) Potential Risks'[8](index=8&type=chunk) Section I Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section provides definitions for common terms used in the report, including regulatory bodies, laws and regulations, the company itself and its main related parties, subsidiaries, actual controllers, and the reporting period, ensuring accuracy in report interpretation - This section defines key terms used in the report, such as CSRC, SSE, the Company, Board of Directors, Supervisory Board, controlling shareholder Antai Holdings, and actual controllers Hu Jianli and Zhang Xiujun[16](index=16&type=chunk) - The reporting period refers to **January-June 2025**, and Yuan refers to **RMB Yuan**[16](index=16&type=chunk) Section II Company Profile and Key Financial Indicators [Company Basic Information](index=4&type=section&id=Company%20Basic%20Information) This section discloses the company's Chinese name, abbreviation, foreign name and acronym, and legal representative information, clarifying the company's basic identity - The company's Chinese name is Ningbo Tianlong Electronics Co., Ltd., abbreviated as Tianlong Co., Ltd., with **Hu Jianli** as its legal representative[14](index=14&type=chunk) [Contact Information](index=4&type=section&id=Contact%20Information) This section provides the names, contact addresses, telephone numbers, faxes, and email addresses of the company's board secretary and securities affairs representative, facilitating communication for investors and relevant parties - The Board Secretary is Yu Jianfeng, and the Securities Affairs Representative is Zhu Younan; both can be reached at Building 3, No. 116 Batang Road, Ningbo Hangzhou Bay New Area[15](index=15&type=chunk) - The company's contact telephone is **0574-58999899**, and its email address is **tlinfo@ptianlong.com**[15](index=15&type=chunk)[17](index=17&type=chunk) [Registered and Office Address](index=5&type=section&id=Registered%20and%20Office%20Address) The company's registered and office address is Building 3, No. 116 Batang Road, Ningbo Hangzhou Bay New Area, postal code 315336, and its website is http://www.ptianlong.com; no changes occurred during the reporting period - The company's registered and office address is Building 3, No. 116 Batang Road, Ningbo Hangzhou Bay New Area, postal code **315336**[18](index=18&type=chunk) - The company's website is **http://www.ptianlong.com**, and its email address is **tlinfo@ptianlong.com**[18](index=18&type=chunk) - There were **no historical changes** to the company's registered address during the reporting period[18](index=18&type=chunk) [Information Disclosure Channels](index=5&type=section&id=Information%20Disclosure%20Channels) The company designates Shanghai Securities News, Securities Times, and China Securities Journal as information disclosure newspapers, and publishes its semi-annual report on the SSE website http://www.sse.com.cn/; the company's securities department serves as the report's repository, with no changes during the reporting period - The company designates **Shanghai Securities News, Securities Times, and China Securities Journal** as its information disclosure newspapers[19](index=19&type=chunk) - The semi-annual report is published on the **SSE website http://www.sse.com.cn/**[19](index=19&type=chunk) - The company's semi-annual report is available at the **company's securities department**, with no changes during the reporting period[19](index=19&type=chunk) [Stock Information](index=5&type=section&id=Stock%20Information) The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation Tianlong Co., Ltd. and stock code 603266; there was no previous stock abbreviation - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation **Tianlong Co., Ltd.** and stock code **603266**[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue and net profit both decreased year-on-year, but net cash flow from operating activities increased; total assets and net assets attributable to shareholders of the listed company both saw slight growth 2025 Semi-Annual Key Accounting Data (Unit: Yuan) | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 614,561,213.73 | 651,897,670.14 | -5.73 | | Total Profit | 61,551,840.79 | 63,634,281.37 | -3.27 | | Net Profit Attributable to Shareholders of Listed Company | 56,522,189.69 | 57,946,019.44 | -2.46 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 52,063,258.34 | 54,007,741.81 | -3.60 | | Net Cash Flow from Operating Activities | 96,025,299.27 | 78,653,899.82 | 22.09 | | **End of Current Period** | **End of Prior Year** | **Change from Prior Year-End (%)** | | | Net Assets Attributable to Shareholders of Listed Company | 1,543,931,816.40 | 1,499,820,276.30 | 2.94 | | Total Assets | 2,119,178,650.75 | 2,091,907,982.18 | 1.30 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.28 | 0.29 | -3.45 | | Diluted Earnings Per Share (Yuan/share) | 0.28 | 0.29 | -3.45 | | Basic EPS After Deducting Non-Recurring Gains and Losses (Yuan/share) | 0.26 | 0.27 | -3.70 | | Weighted Average Return on Net Assets (%) | 3.67 | 4.01 | Decrease of 0.34 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 3.38 | 3.74 | Decrease of 0.36 percentage points | [Non-Recurring Gains and Losses](index=6&type=section&id=Non-Recurring%20Gains%20and%20Losses) In the first half of 2025, the company's total non-recurring gains and losses amounted to 4,458,931.35 Yuan, primarily including gains/losses from disposal of non-current assets, government grants, fair value changes of financial assets, and non-recurring portions of investment income from associates 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts (Unit: Yuan) | Non-Recurring Gains and Losses Item | Amount | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 175,172.65 | | Government Grants Recognized in Current Profit/Loss | 1,554,190.84 | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities Held by Non-Financial Enterprises, and from Disposal of Financial Assets and Liabilities | 2,666,882.56 | | Other Non-Operating Income and Expenses Apart from the Above | 57,907.56 | | Other Items Meeting the Definition of Non-Recurring Gains and Losses | 668,995.63 | | Less: Income Tax Impact | 664,217.89 | | Total | 4,458,931.35 | - The company discloses the non-recurring gains and losses of Zhejiang Cuizhan Microelectronics Co., Ltd. (**668,995.63 Yuan**), accounted for using the equity method, as its own non-recurring gains and losses[27](index=27&type=chunk) Section III Management Discussion and Analysis [Industry and Main Business Overview](index=7&type=section&id=Industry%20and%20Main%20Business%20Overview) The company is a one-stop integrated solution provider for precision molds, injection molding, stamping, and assembly, with unchanged main businesses primarily in automotive parts and electrical appliances; it actively responds to the "plastic-for-steel" trend under "carbon neutrality" and focuses on new energy vehicle electronics and lightweight integrated components, operating mainly on a "production-to-order" model with long-term global client relationships - The company is a leading one-stop integrated solution provider for precision molds, injection molding, stamping, and assembly in the precision manufacturing sector, committed to the development direction of **'electronic integration, precision, and lightweighting'**[30](index=30&type=chunk) - Products primarily involve two major areas: **automotive parts and electrical appliances**, supplying international Tier-1 suppliers such as Brose Group, Hitachi Group, Continental Automotive, and Schneider[30](index=30&type=chunk) - Under the 'carbon neutrality' backdrop, the **'plastic-for-steel' trend** in automotive parts is evident, with the company's automotive functional door panels mass-produced for mainstream models like Tesla, BYD, and Xiaomi[33](index=33&type=chunk) - The company will focus on developing medium-to-large integrated components such as **headlamp assemblies, electronic cooling fans, front-end modules, and integrated liquid-cooled cold plates for thermal management** to enhance per-vehicle value[34](index=34&type=chunk) - New energy vehicle production and sales reached **6.968 million and 6.937 million units**, respectively, representing year-on-year increases of **41.4% and 40.3%**[44](index=44&type=chunk) - The company holds a **high position** in the plastic parts industry, primarily supplying products and services to renowned domestic and international clients, including Global 500 companies[49](index=49&type=chunk)[50](index=50&type=chunk) [Main Business Operations](index=7&type=section&id=Main%20Business%20Operations) The company's main business involves precision molds, injection molding, stamping, and assembly, with products primarily used in automotive parts (electronic control systems, lightweight functional structural components) and electrical appliances (precision components); it actively develops highly integrated electronic components for new energy vehicles and has successfully applied automotive functional door panels to mainstream models like Tesla and BYD - The company's main business involves precision mold development, highly complex injection molding processes, and automated assembly technology, with products primarily used in **automotive parts and electrical appliances**[30](index=30&type=chunk) - In the automotive parts sector, the company primarily supplies products to international Tier-1 suppliers such as Brose Group, Hitachi Group, and Continental Automotive, indirectly supporting mainstream automotive brands like Volkswagen, Honda, Toyota, Tesla, and BYD[30](index=30&type=chunk) - In the electrical appliance sector, the company primarily provides circuit breaker structural components and switch panels to large international manufacturers such as Schneider and Eaton Group[30](index=30&type=chunk) - The automotive functional door panels developed by the company have been mass-produced for mainstream models including Tesla, BYD, Xiaomi, AITO, Geely, Volkswagen, BMW, and Mercedes-Benz[33](index=33&type=chunk) - The company's new energy vehicle electronic products are primarily applied in intelligent connected systems and 'three-electric' systems, such as **ECU carriers, solenoid valves, and IGBT functional carrier modules**[37](index=37&type=chunk) [Business Model](index=9&type=section&id=Business%20Model) The company's procurement primarily involves domestic plastic particles, with some customer-designated suppliers and raw material prices significantly influenced by crude oil fluctuations; its production model is centered on "production-to-order," managed by an ERP system, and its sales model is direct order-based, focusing on early engagement and long-term stable cooperation with global top-tier clients - The company's main raw material is **plastic particles**, primarily sourced domestically, with some raw material suppliers designated by customers[38](index=38&type=chunk) - The company operates on a **'production-to-order' model**, using an ERP system as its information management platform, ensuring product quality through high-precision CNC machining and automated assembly technology[39](index=39&type=chunk) - The company's sales are directly to customers, adopting an **order-based sales model** categorized into consignment, domestic direct sales, and international direct sales[40](index=40&type=chunk) - The company focuses on cultivating global top-tier clients, participating in early-stage product design, and rapidly completing mold development and entering trial production based on its mold development and design capabilities[40](index=40&type=chunk) [Industry Overview](index=10&type=section&id=Industry%20Overview) The company's plastic parts manufacturing industry benefits from China's rapid plastic processing development and the '14th Five-Year Plan's' high-quality development theme, showing trends towards functionalization, lightweighting, precision, ecological sustainability, and intelligence; in H1 2025, the automotive market continued its strong performance, with new energy vehicle production and sales growing by 41.4% and 40.3% respectively, driving 'plastic-for-steel' and embedded plastic parts penetration, while the electrical appliance and mold industries also saw broad market prospects - The company operates in the **rubber and plastic products industry**, specifically the **plastic parts manufacturing sub-industry**, with industry code **C2928**[41](index=41&type=chunk) - During the '14th Five-Year Plan' period, the plastic processing industry will accelerate its transformation and development, exhibiting trends towards **functionalization, lightweighting, precision, ecological sustainability, and intelligence**[41](index=41&type=chunk)[42](index=42&type=chunk) - In the first half of 2025, automotive production and sales reached **15.621 million and 15.653 million units**, respectively, representing year-on-year increases of **12.5% and 11.4%**[43](index=43&type=chunk) - New energy vehicle production and sales reached **6.968 million and 6.937 million units**, respectively, representing year-on-year increases of **41.4% and 40.3%**[44](index=44&type=chunk) - Under the 'carbon neutrality' backdrop, the **'plastic-for-steel' trend** in automotive components is evident, with embedded plastic parts rapidly penetrating the new energy vehicle market[45](index=45&type=chunk) - The mold industry is the **mother of modern industry**, with **60%-80% of components formed by molds**, indicating a vast market for plastic molds[47](index=47&type=chunk)[48](index=48&type=chunk) [Industry Position](index=11&type=section&id=Industry%20Position) The company holds a leading position in precision manufacturing as a one-stop integrated solution provider for precision molds, injection molding, stamping, and assembly; leveraging strong mold development and product design capabilities, it primarily serves renowned domestic and international clients, including Global 500 companies, placing it at a high level within the plastic parts industry - The company is a leading one-stop integrated solution provider for **precision molds, injection molding, stamping, and assembly** in the precision manufacturing sector[49](index=49&type=chunk) - The company possesses strong mold development capabilities and product design expertise, enabling it to design and mass-produce parts according to customer requirements[50](index=50&type=chunk) - The company primarily supplies products and services to renowned domestic and international clients, mainly Global 500 companies, placing it at a **high level** within the plastic parts industry[50](index=50&type=chunk) [Discussion and Analysis of Operations](index=12&type=section&id=Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company's operating revenue decreased by 5.73% to 614.56 million Yuan, and net profit attributable to shareholders decreased by 2.46% to 56.52 million Yuan; the company actively focused on new energy vehicle electronics and lightweight businesses, achieving continued growth in new energy vehicle-related operations and securing 70 new project nominations, 51 of which are related to new energy vehicles; R&D investment increased by 3.75% to 31.89 million Yuan, accounting for 5.19% of revenue; the Thailand production base completed construction and began phased production, while management mechanisms and informatization continued to be optimized 2025 Semi-Annual Operating Performance Overview | Indicator | Amount (CNY 10,000) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 61,456.12 | -5.73 | | Net Profit Attributable to Shareholders of Listed Company | 5,652.22 | -2.46 | - The company's automotive parts business sales amounted to **CNY 491.366 million**, of which sales revenue directly applied to new energy vehicles was approximately **CNY 158.7496 million**, accounting for **25.83% of operating revenue**[50](index=50&type=chunk) - During the reporting period, the company secured **70 new project nominations** from key clients, with **51 of them related to new energy vehicles**[50](index=50&type=chunk) - The company's R&D investment was **CNY 31.8887 million**, accounting for **5.19% of operating revenue**, a year-on-year increase of **3.75%**[51](index=51&type=chunk) - The main construction of the **Thailand production base** has been completed and is gradually entering the production phase, having secured a switch and socket assembly project nomination in the smart home sector from a leading overseas client[51](index=51&type=chunk) - The company further advanced and improved its business intelligence (BI) analysis system, cost system, and other informatization management software, optimizing business processes through digital transformation[52](index=52&type=chunk) [Analysis of Core Competencies](index=13&type=section&id=Analysis%20of%20Core%20Competencies) The company's core competencies lie in technology and R&D, mold development, design and manufacturing, regional layout, management experience, a rich product line, and customer resources; it holds multiple high-tech enterprise qualifications and key technologies, possesses strong mold development capabilities, has production bases covering major national industrial clusters and extending to Thailand, boasts an experienced management team, offers diversified product lines, and maintains long-term stable cooperative relationships with renowned domestic and international top-tier clients - The company and its **6 subsidiaries are National High-Tech Enterprises**, mastering key technologies such as mold design, precision injection molding, and automated production, and possessing design capabilities for multiple core products[53](index=53&type=chunk) - The company holds multiple invention and utility model patents related to molds, directly participating in customer product synchronous development with its mold development, design, and manufacturing capabilities[53](index=53&type=chunk) - The company has established a **nationwide strategic layout**, with production bases in the Yangtze River Delta, Pearl River Delta, Beijing-Tianjin, Central China, Southwest, and Northeast regions, as well as **Thailand**[54](index=54&type=chunk) - The company's management team is highly experienced, focusing on talent acquisition, retention, and succession planning, and incorporating advanced external management expertise[54](index=54&type=chunk) - The company boasts a **rich product line**, covering two major application areas: automotive and electrical appliances, with a focus on new energy vehicles and automotive electronics, effectively diversifying operational risks[54](index=54&type=chunk) - The company has cultivated a stable base of high-quality customers, primarily renowned domestic and international Tier-1 automotive parts suppliers and electrical appliance manufacturers, such as leading enterprises like Brose Group, Hitachi Group, Continental Automotive, and Schneider[55](index=55&type=chunk) [Key Operating Performance](index=14&type=section&id=Key%20Operating%20Performance) During the reporting period, the company's operating revenue and operating costs both decreased year-on-year, but net cash flow from operating activities significantly increased; the asset-liability structure remained stable, with notable changes in notes receivable and other payables; the company's external equity investments include 10 wholly-owned/controlled subsidiaries and 7 associate companies, and it engaged in private equity funds and was approved for foreign exchange derivative transactions; major subsidiaries performed well, contributing stable profits - Operating revenue decreased by **5.73%** year-on-year, and operating costs decreased by **6.78%** year-on-year, primarily due to a **reduction in mold sales revenue**[56](index=56&type=chunk) - Net cash flow from operating activities increased by **22.09%** year-on-year, primarily due to an **increase in cash received from sales of goods and provision of services**[56](index=56&type=chunk) - Notes receivable at period-end increased by **38.96%** compared to the beginning of the period, mainly due to an **increase in customer bill settlements** during the current period[58](index=58&type=chunk) - Other payables at period-end increased by **2,708.71%** compared to the beginning of the period, primarily because **dividends payable at the end of the reporting period were paid after the reporting period**[59](index=59&type=chunk) - The company's external equity investments include **10 wholly-owned or controlled subsidiaries and sub-subsidiaries, 3 branches, and 7 associate companies**[61](index=61&type=chunk) - The company participates in **private equity fund investments**, specifically in the semiconductor sector, and was approved to conduct foreign exchange derivative transactions, but **did not actually engage in them** during the reporting period[64](index=64&type=chunk)[66](index=66&type=chunk) [Main Business Analysis](index=14&type=section&id=Main%20Business%20Analysis) During the reporting period, the company's operating revenue decreased by 5.73% to 614.56 million Yuan, and operating costs decreased by 6.78% to 472.79 million Yuan, primarily due to reduced mold sales revenue; selling expenses slightly decreased, while administrative and R&D expenses increased; net cash flow from operating activities increased by 22.09%, while net cash flow from investing and financing activities decreased year-on-year 2025 Semi-Annual Financial Statement Item Changes (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 614,561,213.73 | 651,897,670.14 | -5.73 | | Operating Cost | 472,787,546.92 | 507,197,268.45 | -6.78 | | Selling Expenses | 7,698,864.86 | 7,812,797.95 | -1.46 | | Administrative Expenses | 45,969,919.43 | 44,451,111.58 | 3.42 | | Financial Expenses | -1,317,259.37 | -2,522,604.43 | Not applicable | | R&D Expenses | 31,888,748.89 | 30,736,149.16 | 3.75 | | Net Cash Flow from Operating Activities | 96,025,299.27 | 78,653,899.82 | 22.09 | | Net Cash Flow from Investing Activities | -56,863,244.27 | -133,472,294.56 | Not applicable | | Net Cash Flow from Financing Activities | -10,736,262.05 | -44,577,276.88 | Not applicable | - The change in operating revenue was primarily due to a **year-on-year decrease in mold sales revenue** during the current period[56](index=56&type=chunk) - The increase in net cash flow from operating activities was mainly due to an **increase in cash received from sales of goods and provision of services**[56](index=56&type=chunk) [Analysis of Assets and Liabilities](index=14&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets were 2.119 billion Yuan, and net assets attributable to shareholders of the listed company were 1.543 billion Yuan; notes receivable increased by 38.96% from the prior year-end, mainly due to increased customer bill settlements; taxes payable decreased by 48.07% due to lower corporate income tax payable at period-end; other payables significantly increased by 2,708.71% as dividends payable at period-end were paid after the reporting period; overseas assets accounted for 4.25% of total assets, and restricted assets totaled 166 million Yuan, primarily bank acceptance bill deposits and pledged notes 2025 Semi-Annual Asset and Liability Changes (Unit: Yuan) | Item Name | Current Period-End Amount | Proportion of Total Assets at Period-End (%) | Prior Year-End Amount | Proportion of Total Assets at Prior Year-End (%) | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 164,708,956.08 | 7.77 | 118,532,261.94 | 5.67 | 38.96 | Mainly due to increased customer bill settlements in current period | | Taxes Payable | 6,047,986.24 | 0.29 | 11,647,198.81 | 0.56 | -48.07 | Mainly due to decrease in corporate income tax payable at period-end | | Other Payables | 35,309,182.15 | 1.67 | 1,257,130.09 | 0.06 | 2,708.71 | Mainly due to dividends payable at period-end being paid after the reporting period | - Overseas assets amounted to **89,960,931.16 Yuan**, accounting for **4.25% of total assets**[59](index=59&type=chunk) 2025 Semi-Annual Major Restricted Assets (Unit: Yuan) | Item | Period-End Book Balance | Period-End Book Value | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 3,390,637.58 | 3,390,637.58 | Frozen | Deposits, bank acceptance bill ETC deposits | | Notes Receivable | 163,126,296.49 | 163,022,471.10 | Pledged | Pledged to bank for acceptance issuance | | Total | 166,516,934.07 | 166,413,108.68 | | | [Analysis of Investment Status](index=15&type=section&id=Analysis%20of%20Investment%20Status) As of the end of the reporting period, the company's external equity investments included 10 wholly-owned or controlled subsidiaries, 3 branches, and 7 associate companies; the company held financial assets measured at fair value totaling 567 million Yuan, primarily structured deposits and wealth management products; the company also invested in the semiconductor sector through private equity funds and was approved to conduct foreign exchange derivative transactions, though none were actually carried out during the reporting period - The company's external equity investments include **10 wholly-owned or controlled subsidiaries and sub-subsidiaries, 3 branches, and 7 associate companies**[61](index=61&type=chunk) 2025 Semi-Annual Financial Assets Measured at Fair Value (Unit: Yuan) | Asset Category | Beginning Balance | Amount Purchased in Current Period | Amount Sold/Redeemed in Current Period | Period-End Balance | | :--- | :--- | :--- | :--- | :--- | | Other Non-Current Financial Assets | 77,811,709.68 | 4,500,000.00 | | 82,311,709.68 | | Structured Deposits | 250,000,000.00 | 340,000,000.00 | 330,000,000.00 | 260,000,000.00 | | Wealth Management Products | | 20,000,000.00 | | 20,000,000.00 | | Other Equity Instrument Investments | 204,719,427.62 | | | 204,719,427.62 | | Total | 532,531,137.30 | 364,500,000.00 | 330,000,000.00 | 567,031,137.30 | - The company invested in **Suzhou Qixin Micro Semiconductor Co., Ltd.** and **Guangzhou CanSemi Technology Inc.** through private equity funds[64](index=64&type=chunk) - The company was approved to conduct foreign exchange derivative transactions, with a cumulative limit of **not exceeding $20 million**, but **did not engage in them** during the authorization period[66](index=66&type=chunk) [Analysis of Major Holding and Associate Companies](index=18&type=section&id=Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) The company's major holding subsidiaries include Shanghai Tianhai, Jiangsu Yihang, Dongguan Tianlong, Changchun Tianlong, Langfang Tianlong, and Chengdu Tianlong, primarily engaged in the production, manufacturing, assembly, and sales of precision molds, automotive plastic parts, and electrical appliance components, contributing stable operating revenue and net profit during the reporting period 2025 Semi-Annual Major Subsidiary Financial Information (Unit: CNY 10,000) | Company Name | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Tianhai | Precision mold design, manufacturing, precision injection molded parts production, assembly, and sales | 3,293.36 | 19,465.81 | 12,001.42 | 10,002.71 | 1,170.13 | 1,066.92 | | Jiangsu Yihang | Production, manufacturing, sales, and service of automotive fans and fan shrouds and other automotive plastic parts | 2,500.00 | 20,226.93 | 7,351.46 | 8,506.44 | 483.97 | 480.12 | | Dongguan Tianlong | Production, processing, and sales of automotive plastic parts, electrical appliance precision plastic parts | 1,200.12 | 12,480.45 | 7,247.76 | 5,745.43 | 395.43 | 386.61 | | Changchun Tianlong | Production and sales of various automotive plastic parts | 3,500.00 | 13,916.88 | 8,712.01 | 6,837.50 | 997.34 | 902.65 | | Langfang Tianlong | Production and sales of plastic parts for automotive and electrical appliances | 3,500.00 | 14,345.65 | 8,051.85 | 7,226.21 | 783.92 | 712.43 | | Chengdu Tianlong | Production and sales of automotive plastic parts | 3,000.00 | 9,115.87 | 4,980.64 | 2,722.72 | 258.37 | 256.01 | [Other Disclosures](index=19&type=section&id=Other%20Disclosures) The company faces risks including intensified market competition, downstream industry fluctuations, raw material price volatility, loss of core technology and talent, and China-US trade friction; specifically, automotive industry price reduction demands, extended settlement cycles, and increased bill settlements may negatively impact profitability, while China-US trade friction could lead to a loss of competitive advantage in the US market - The company faces **market competition risks**, still lagging behind internationally renowned manufacturers and domestic joint ventures, while domestic enterprises are growing rapidly[69](index=69&type=chunk) - Downstream industry risks are mainly reflected in **price reduction demands for automotive products, longer settlement cycles, higher proportions of bill settlements, and longer accounts receivable collection periods**[69](index=69&type=chunk) - Raw material price fluctuation risk exists, as plastic particle prices are significantly affected by upstream crude oil prices, potentially impacting the **stability of the company's operating performance**[70](index=70&type=chunk) - Risk of loss of core technology and talent, as industry talent competition intensifies; failure to effectively stabilize the talent team and manage core technologies will negatively impact the company's development[70](index=70&type=chunk) - China-US trade friction risk, as the company's exports to the US account for approximately **7.33% of operating revenue**; if trade friction continues, products may lose competitive advantage in the US market[70](index=70&type=chunk) Section IV Corporate Governance, Environment and Society [Changes in Directors, Supervisors, and Senior Management](index=20&type=section&id=Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, there were no changes in the company's directors, supervisors, or senior management - During the reporting period, the status of changes in the company's directors, supervisors, and senior management was **'not applicable,' indicating no changes**[73](index=73&type=chunk) [Profit Distribution or Capital Reserve to Share Capital Increase Plan](index=20&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20to%20Share%20Capital%20Increase%20Plan) The company's semi-annual proposed profit distribution or capital reserve to share capital increase plan is 'no,' meaning no distribution or increase will occur in this reporting period - The company's semi-annual proposed profit distribution plan and capital reserve to share capital increase plan are **'no,'** with **0 bonus shares, dividends, and capital increases per 10 shares**[73](index=73&type=chunk) [Equity Incentive and Employee Stock Ownership Plans](index=20&type=section&id=Equity%20Incentive%20and%20Employee%20Stock%20Ownership%20Plans) During the reporting period, the company had no progress or changes related to equity incentive plans, employee stock ownership plans, or other employee incentive measures - The company has **no equity incentive plans, employee stock ownership plans, or other employee incentive measures**[74](index=74&type=chunk) [Environmental Information Disclosure](index=20&type=section&id=Environmental%20Information%20Disclosure) The company is not included in the list of enterprises required to disclose environmental information by law, thus no relevant environmental information is disclosed in this report - The company is **not included in the list of enterprises required to disclose environmental information by law**, thus relevant disclosure requirements are not applicable[74](index=74&type=chunk) [Poverty Alleviation and Rural Revitalization](index=20&type=section&id=Poverty%20Alleviation%20and%20Rural%20Revitalization) The company is not involved in work related to consolidating poverty alleviation achievements or rural revitalization, thus no specific details are disclosed in this report - The company is **not involved in work related to consolidating poverty alleviation achievements or rural revitalization**, thus relevant disclosure requirements are not applicable[74](index=74&type=chunk) Section V Significant Matters [Fulfillment of Commitments](index=21&type=section&id=Fulfillment%20of%20Commitments) The company's actual controllers, directors, senior management, controlling shareholders, and other related parties have timely and strictly fulfilled all commitments during or continuing into the reporting period, including share lock-ups, resolution of horizontal competition, resolution of related-party transactions, social insurance/housing provident fund补缴, and land title defects - Actual controller Hu Jianli committed to transferring **no more than 25%** of his directly or indirectly held company shares annually during his tenure, **no transfers within six months** after resignation, and **no more than 50% of the remaining shares within 6-12 months** after resignation[76](index=76&type=chunk) - Directors and senior management holding company shares, Chen Ming, Shen Chaohui, Yu Zhongcan, and Yu Jianfeng, also made **similar share lock-up commitments**[78](index=78&type=chunk) - Controlling shareholder Antai Holdings committed to reducing holdings by **no more than 10%** in the first year after the lock-up period expires, **no more than 15%** in the second year, with the reduction price **not lower than the issue price**[79](index=79&type=chunk) - The actual controllers, controlling shareholders, and other related parties committed to **resolving horizontal competition** and not engaging in businesses or activities that compete with the company's main business[81](index=81&type=chunk) - The actual controllers and controlling shareholders committed to **minimizing related-party transactions** and ensuring their fairness and compliance with approval and disclosure procedures[81](index=81&type=chunk)[82](index=82&type=chunk) - Actual controllers Hu Jianli and Zhang Xiujun committed to bearing the relocation losses of Dongguan Tianlong resulting from **social insurance/housing provident fund补缴 or defects in leased properties**[83](index=83&type=chunk) [Fund Occupation by Controlling Shareholders and Related Parties](index=23&type=section&id=Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Related%20Parties) During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties - During the reporting period, there was **no non-operating fund occupation** by controlling shareholders or other related parties[84](index=84&type=chunk) [Illegal Guarantees](index=23&type=section&id=Illegal%20Guarantees) During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures - During the reporting period, there were **no external guarantees provided in violation of prescribed decision-making procedures**[84](index=84&type=chunk) [Semi-Annual Report Audit Status](index=23&type=section&id=Semi-Annual%20Report%20Audit%20Status) This semi-annual report is unaudited - This semi-annual report is **unaudited**[6](index=6&type=chunk) [Significant Litigation and Arbitration Matters](index=23&type=section&id=Significant%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had one significant arbitration matter: Langfang Tianlong Yihang Automotive Components Co., Ltd. filed an arbitration against Dongfeng Mahle Thermal Systems Co., Ltd., claiming payment of mold fee balance, inventory loss, interest, and legal fees totaling approximately 8.033 million Yuan; the arbitration case is currently under review - Langfang Tianlong Yihang Automotive Components Co., Ltd. filed an arbitration against Dongfeng Mahle Thermal Systems Co., Ltd., involving an amount of **8,033,042.35 Yuan**[86](index=86&type=chunk) - The arbitration reason is the respondent's insufficient purchase volume leading to **unpaid mold fee balance and stagnant material losses**, and failure to fulfill payment obligations after unilaterally terminating the project[86](index=86&type=chunk) - The arbitration case is currently **under review**[86](index=86&type=chunk) [Explanation of Integrity Status](index=24&type=section&id=Explanation%20of%20Integrity%20Status) During the reporting period, the company, its controlling shareholders, and actual controllers had no adverse integrity issues such as unfulfilled court judgments or large overdue debts, nor did they receive any administrative or other penalties related to the securities market - During the reporting period, the company, its controlling shareholders, and actual controllers had **no adverse integrity issues**, such as unfulfilled court judgments or large overdue debts[87](index=87&type=chunk) - The company, its controlling shareholders, and actual controllers **received no administrative or other penalties** related to the securities market[87](index=87&type=chunk) [Significant Related-Party Transactions](index=24&type=section&id=Significant%20Related-Party%20Transactions) The company's estimated daily related-party transactions for 2025 do not exceed 26 million Yuan, with actual transactions totaling 5.7778 million Yuan during the reporting period, remaining within the estimated limit; this includes leasing property from controlling shareholder Antai Holdings for a canteen and employee dormitory at market prices, with a current period transaction amount of 541,291.44 Yuan - The company's estimated daily related-party transactions for 2025 do not exceed **CNY 26 million**, with actual transactions totaling **CNY 5.7778 million** during the reporting period, **not exceeding the estimated limit**[88](index=88&type=chunk) 2025 Semi-Annual Daily Related-Party Transactions (Unit: Yuan) | Related Party | Relationship | Transaction Type | Transaction Content | Pricing Principle | Transaction Price | Transaction Amount | Proportion of Similar Transactions (%) | Settlement Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Antai Holdings | Controlling Shareholder | Lease In/Out | Lease Property | Market Pricing | 541,291.44 | 541,291.44 | 4.83 | Bank Transfer | - The company leases part of Antai Holdings' property for a canteen and employee dormitory at market prices; the aforementioned related-party transaction amount **did not meet the conditions for board review**[89](index=89&type=chunk) [Significant Contracts and Their Performance](index=26&type=section&id=Significant%20Contracts%20and%20Their%20Performance) At the end of the reporting period, the company leased 20 properties for operations, offices, and employee dormitories, and leased out 3 idle properties, including leasing from controlling shareholder Antai Holdings at market prices; the total guarantee amount for subsidiaries was 33,877,403.84 Yuan, accounting for 2.19% of net assets, primarily for group bill pool operations, bank credit guarantees, and performance guarantees for Brose Group, with no guarantee defaults during the reporting period - At the end of the reporting period, the company and its subsidiaries leased a total of **20 properties or sites** for operational production, offices, and employee dormitories, and leased out **3 idle properties**[95](index=95&type=chunk) - The company leases part of Antai Holdings' idle factory buildings for a canteen and employee dormitory, transacting at **market prices**[95](index=95&type=chunk) 2025 Semi-Annual Lease Information (Partial, Unit: Yuan) | Lessor Name | Lessee Name | Leased Asset Description | Lease Start Date | Lease End Date | Lease Income/Expense | Basis for Lease Income/Expense | Is Related-Party Transaction | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Antai Holdings | Tianlong Co., Ltd. | First-floor canteen and some dormitories within the factory area at Batang Road, Hangzhou Bay New Area, Zhejiang Province | 2013.01.01 | 2027.12.31 | -541,291.44 | Market Pricing | Yes | | Suzhou Haogu Technology Development Co., Ltd. | Tianlong Co., Ltd. | East side of newly built steel structure workshop 1-1 at No. 218 Qingdao East Road, Taicang City | 2020.07.01 | 2028.07.31 | -1,308,273.86 | Market Pricing | No | | Minhang District Meilong Urban and Rural Construction Development Company | Shanghai Tianhai | Factory buildings No. 3 and 7, Lane 188, Jinglian Road, Meilong Town, Minhang District, Shanghai | 2013.09.01 | 2025.12.31 | -1,902,633.59 | Market Pricing | No | 2025 Semi-Annual Company Guarantee Total (Unit: Yuan) | Indicator | Amount | | :--- | :--- | | Total Guarantees Provided to Subsidiaries During Reporting Period | 57,269,489.54 | | Total Guarantee Balance for Subsidiaries at Period-End (B) | 33,877,403.84 | | Total Guarantees (A+B) | 33,877,403.84 | | Proportion of Total Guarantees to Company's Net Assets (%) | 2.19 | - Guarantees for subsidiaries at the end of the reporting period primarily involved **group bill pool operations, company guarantees for subsidiaries to obtain bank credit by issuing bills, and performance guarantees for Brose Fahrzeugteile GmbH and its subsidiaries**[97](index=97&type=chunk)[98](index=98&type=chunk) - During the reporting period, **no guarantee default liabilities** actually occurred for subsidiary guarantees[98](index=98&type=chunk) Section VI Share Changes and Shareholder Information [Changes in Share Capital](index=32&type=section&id=Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share capital structure - During the reporting period, there were **no changes** in the company's total share capital or share capital structure[100](index=100&type=chunk) [Shareholder Information](index=32&type=section&id=Shareholder%20Information) As of the end of the reporting period, the company had 25,720 common shareholders; among the top ten shareholders, Zhejiang Antai Holdings Group Co., Ltd. held 48.35% and was the controlling shareholder, with 44 million shares pledged; Ningbo Junrui Investment Partnership (Limited Partnership) held 5.91%, with 5 million shares pledged; actual controllers Hu Jianli and Zhang Xiujun indirectly controlled the company through Antai Holdings and Junrui Investment; Zhang Haidong and Zhang Xiujun are siblings, and Antai Holdings, Junrui Investment, and Zhang Haidong are parties acting in concert - As of the end of the reporting period, the total number of common shareholders was **25,720**[101](index=101&type=chunk) 2025 Semi-Annual Top Ten Shareholders' Shareholding (Partial) | Shareholder Name | Shares Held at Period-End | Proportion (%) | Share Status | Pledged Shares | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Antai Holdings Group Co., Ltd. | 96,167,400 | 48.35 | Pledged | 44,000,000 | | Ningbo Junrui Investment Partnership (Limited Partnership) | 11,760,000 | 5.91 | Pledged | 5,000,000 | | Zhang Yihua | 8,386,593 | 4.22 | None | 0 | | Zhang Haidong | 1,830,700 | 0.92 | None | 0 | - Zhejiang Antai Holdings Group Co., Ltd. is the company's controlling shareholder; actual controllers Hu Jianli and Zhang Xiujun hold **100% of Antai Holdings' shares**, and Zhang Xiujun holds **90% of Junrui Investment's equity**[104](index=104&type=chunk) - Zhejiang Antai Holdings Group Co., Ltd., Ningbo Junrui Investment Partnership (Limited Partnership), and Zhang Haidong are **parties acting in concert**[104](index=104&type=chunk) Section VII Bond-Related Information [Corporate Bonds and Debt Financing Instruments](index=35&type=section&id=Corporate%20Bonds%20and%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company has **no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments**[107](index=107&type=chunk) [Convertible Corporate Bonds](index=35&type=section&id=Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - The company has **no convertible corporate bonds**[107](index=107&type=chunk) Section VIII Financial Report [Audit Report](index=36&type=section&id=Audit%20Report) This semi-annual report is unaudited - This semi-annual report is **unaudited**[109](index=109&type=chunk) [Financial Statements](index=36&type=section&id=Financial%20Statements) 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 presenting the company's financial position, operating results, and cash flows at the end of the reporting period - Financial statements include the **Consolidated Balance Sheet, Parent Company Balance Sheet, Consolidated Income Statement, Parent Company Income Statement, Consolidated Cash Flow Statement, Parent Company Cash Flow Statement, Consolidated Statement of Changes in Owners' Equity, and Parent Company Statement of Changes in Owners' Equity**[109](index=109&type=chunk)[112](index=112&type=chunk)[115](index=115&type=chunk)[119](index=119&type=chunk)[122](index=122&type=chunk)[125](index=125&type=chunk)[128](index=128&type=chunk)[131](index=131&type=chunk) [Company Basic Information](index=53&type=section&id=Company%20Basic%20Information) Ningbo Tianlong Electronics Co., Ltd., formerly Cixi Tianlong Electronics Co., Ltd., was restructured into a joint-stock company in 2012 and listed on the Shanghai Stock Exchange on January 10, 2017; with a registered capital of 198,886,750.00 Yuan, its main business is the R&D, production, and sales of molds and automotive parts, covering electronic control system components, lightweight functional structural components, and electrical appliance precision components - Ningbo Tianlong Electronics Co., Ltd. was listed on the Shanghai Stock Exchange on **January 10, 2017**, with a registered capital of **198,886,750.00 Yuan**[135](index=135&type=chunk) - The company belongs to the **plastic parts manufacturing industry**, with main business activities in the **R&D, production, and sales of molds and automotive parts**[136](index=136&type=chunk) - Main products include: **electronic control system components, lightweight functional structural components, electrical appliance precision components, other precision plastic structural components, and precision molds**[136](index=136&type=chunk) [Basis of Financial Statement Preparation](index=53&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, comply with enterprise accounting standards, and truly and completely reflect the company's financial position, operating results, and cash flows; the company's operating cycle is short, using 12 months as the liquidity classification standard for assets and liabilities - The company's financial statements are prepared on a **going concern basis** and comply with the requirements of **Enterprise Accounting Standards**[137](index=137&type=chunk)[140](index=140&type=chunk) - There are **no matters or circumstances** that cause significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[138](index=138&type=chunk) - The company's operating cycle is relatively short, using **12 months as the liquidity classification standard** for assets and liabilities[142](index=142&type=chunk) [Significant Accounting Policies and Estimates](index=53&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) The company has formulated specific accounting policies and estimates for transactions such as financial instrument impairment, inventory, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition, based on its actual production and operation characteristics; this section details accounting treatment methods and judgment criteria for business combinations, consolidated financial statement preparation, cash and cash equivalents, foreign currency transactions, financial instrument classification and measurement, impairment provisions for notes and accounts receivable, inventory write-downs, long-term equity investments, fixed asset depreciation, intangible asset amortization, R&D expenditure capitalization, contract liabilities, employee compensation, government grants, deferred income tax assets/liabilities, and leases - The company has formulated specific accounting policies and estimates for transactions and matters such as **financial instrument impairment, inventory, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition**, based on its actual production and operation characteristics[139](index=139&type=chunk) - Financial assets are initially classified into three categories: **measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in current profit or loss**[150](index=150&type=chunk) - The company accrues impairment provisions for financial assets such as **notes receivable, accounts receivable, and other receivables** based on expected credit losses[157](index=157&type=chunk) - Fixed assets are depreciated using the **straight-line method**; buildings and structures have depreciation periods of **5, 10, or 20 years**, and machinery and equipment **5-10 years**[182](index=182&type=chunk) - Intangible assets with finite useful lives are amortized using the **straight-line method**; land use rights are amortized over the contractually agreed period, software **3-10 years**, and patent rights and non-patent technologies **5 years**[185](index=185&type=chunk)[186](index=186&type=chunk) - The company's revenue recognition principle is to identify each distinct performance obligation within a contract and determine whether it is satisfied **over time or at a point in time**[200](index=200&type=chunk) - The company primarily sells plastic parts and molds, which are performance obligations satisfied **at a point in time**; revenue recognition methods include consignment, domestic direct sales, and international direct sales[203](index=203&type=chunk) [Taxation](index=75&type=section&id=Taxation) The company's main taxes include VAT, property tax, urban maintenance and construction tax, education surcharges, local education surcharges, and corporate income tax; the company and several subsidiaries enjoy high-tech enterprise income tax preferential policies, paying corporate income tax at a 15% rate; Tianlong Mold Company, as a small low-profit enterprise, enjoys a corporate income tax reduction to 25% of taxable income and a 20% tax rate, along with a 50% reduction in "six taxes and two fees" Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13%, 9%, 7%, 6%, 5%, 3% | | Property Tax | 12%, 1.2% | | Urban Maintenance and Construction Tax | 5%, 7% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Corporate Income Tax | 15%, 20%, 16.5%, 17% | - The company and its subsidiaries, including Shanghai Tianhai, Jiangsu Yihang, Dongguan Tianlong, Changchun Tianlong, Langfang Tianlong, and Chengdu Tianlong, have all been recognized as **High-Tech Enterprises**, enjoying a preferential corporate income tax rate of **15%**[217](index=217&type=chunk)[218](index=218&type=chunk)[219](index=219&type=chunk)[220](index=220&type=chunk)[221](index=221&type=chunk)[222](index=222&type=chunk) - Cixi Tianlong Mold Co., Ltd. qualifies as a **small low-profit enterprise**, enjoying a corporate income tax reduction where taxable income is calculated at **25%** and taxed at a **20% rate**, along with a **50% reduction** in 'six taxes and two fees' such as resource tax, urban maintenance and construction tax, and property tax[222](index=222&type=chunk) [Notes to Consolidated Financial Statement Items](index=77&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the period-end balances, beginning balances, and changes for each item in the consolidated financial statements, including cash and cash equivalents, financial assets held for trading, notes and accounts receivable, other receivables, inventories, long-term equity investments, other equity instrument investments, fixed assets, construction in progress, right-of-use assets, intangible assets, deferred income tax assets/liabilities, notes and accounts payable, contract liabilities, employee compensation payable, taxes payable, other payables, lease liabilities, share capital, capital reserves, other comprehensive income, retained earnings, operating revenue and costs, various expenses, investment income, credit impairment losses, asset impairment losses, asset disposal gains, non-operating income/expenses, income tax expenses, cash flow statement items, and foreign currency monetary items - Period-end cash and cash equivalents totaled **237 million Yuan**, of which **3.3906 million Yuan** was restricted for use as bank acceptance bill deposits and ETC deposits[224](index=224&type=chunk)[225](index=225&type=chunk) - Period-end financial assets held for trading amounted to **280 million Yuan**, primarily consisting of **260 million Yuan in structured deposits and 20 million Yuan in wealth management products**[227](index=227&type=chunk) - Period-end notes receivable totaled **164 million Yuan**, of which **163 million Yuan** had been pledged to banks for acceptance issuance[228](index=228&type=chunk)[230](index=230&type=chunk) - Period-end accounts receivable book value was **453 million Yuan**, with bad debt provisions of **CNY 23.8655 million**, primarily accrued for the aging portfolio[240](index=240&type=chunk)[242](index=242&type=chunk) - Period-end inventory book value was **238 million Yuan**, with inventory impairment provisions of **CNY 5.7591 million**, mainly concentrated in work-in-progress, finished goods, and other revolving materials[267](index=267&type=chunk)[269](index=269&type=chunk) - Period-end long-term equity investments had a book value of **103 million Yuan**, primarily investments in associate companies **Zhejiang Cuizhan Co. and Burteck LLC**[276](index=276&type=chunk) - Period-end fixed assets had a book value of **194 million Yuan**, and construction in progress had a book value of **CNY 54.8846 million**, including **CNY 32.2542 million** for the Thailand factory building project, with a project progress of **99%**[284](index=284&type=chunk)[289](index=289&type=chunk)[290](index=290&type=chunk) - Period-end notes payable totaled **173 million Yuan**, accounts payable **242 million Yuan**, contract liabilities **CNY 7.5178 million**, and other payables **CNY 35.3092 million** (including **CNY 33.8107 million in dividends payable**)[311](index=311&type=chunk)[312](index=312&type=chunk)[315](index=315&type=chunk)[324](index=324&type=chunk) - Current period operating revenue was **614 million Yuan**, operating cost **472 million Yuan**, and main business revenue **608 million Yuan**, with **electronic control system components and lightweight functional structural components** being the primary revenue sources[340](index=340&type=chunk)[342](index=342&type=chunk) - Current period investment income was **-CNY 0.6165 million**, primarily comprising **-CNY 3.2833 million** from long-term equity investments accounted for by the equity method and **CNY 2.6669 million** from the disposal of financial assets held for trading[353](index=353&type=chunk) - Net cash flow from operating activities was **CNY 96.0253 million**, net cash flow from investing activities **-CNY 56.8632 million**, and net cash flow from financing activities **-CNY 10.7363 million**[373](index=373&type=chunk) [R&D Expenses](index=133&type=section&id=R%26D%20Expenses) During the reporting period, the company's total R&D expenditure was 31.8887 million Yuan, all expensed and recognized in current profit or loss, representing a 3.75% year-on-year increase; R&D investment was primarily allocated to personnel salaries and direct inputs 2025 Semi-Annual R&D Expenses (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Personnel Salaries | 21,314,344.55 | 20,933,008.35 | | Direct Inputs | 6,193,056.80 | 5,063,639.79 | | Testing Fees | | 110,024.01 | | Other Expenses | 4,381,347.54 | 4,629,477.01 | | Total | 31,888,748.89 | 30,736,149.16 | | Of which: Expensed R&D Expenditure | 31,888,748.89 | 30,736,149.16 | | Capitalized R&D Expenditure | | | - During the reporting period, all of the company's R&D expenditures were **expensed and not capitalized**[385](index=385&type=chunk) [Changes in Consolidation Scope](index=134&type=section&id=Changes%20in%20Consolidation%20Scope) During the reporting period, there were no changes in the company's consolidation scope, with no non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposal of subsidiaries - During the reporting period, there were **no changes in the company's consolidation scope**[387](index=387&type=chunk) [Interests in Other Entities](index=135&type=section&id=Interests%20in%20Other%20Entities) The company owns 10 wholly-owned subsidiaries, including Tianlong Mold, Shanghai Tianhai, Jiangsu Yihang, Changchun Tianlong, Chengdu Tianlong, Langfang Tianlong, Hong Kong Tianlong, Singapore Tianlong, and Thailand Tianlong, with business natures covering manufacturing and commerce; additionally, the company holds interests in associate companies Zhejiang Cuizhan Co. and Burteck LLC 2025 Semi-Annual Subsidiary Information (Unit: CNY 10,000) | Subsidiary Name | Main Operating Location | Registered Capital | Business Nature | Shareholding Proportion (%) | | :--- | :--- | :--- | :--- | :--- | | Tianlong Mold Co. | Cixi | 600 | Manufacturing | 100.00 | | Shanghai Tianhai Co. | Shanghai | 3,293.3633 | Manufacturing | 100.00 | | Dongguan Tianlong Co. | Dongguan | 1,200.1215 | Manufacturing | 100.00 | | Jiangsu Yihang Co. | Nanjing | 2,500 | Manufacturing | 100.00 | | Changchun Tianlong Co. | Changchun | 3,500 | Manufacturing | 100.00 | | Chengdu Tianlong Co. | Chengdu | 3,000 | Manufacturing | 100.00 | | Langfang Tianlong Co. | Langfang | 3,500 | Manufacturing | 100.00 | | Hong Kong Tianlong Co. | Hong Kong | 10,000 HKD | Commerce | 100.00 | | Singapore Tianlong Co. | Singapore | 1,000 SGD | Commerce | 100.00 | | Thailand Tianlong Co. | Thailand | 28,800 THB | Manufacturing | 100.00 | - The company's significant associate companies include **Zhejiang Cuizhan Co. and Burteck LLC**[413](index=413&type=chunk) 2025 Semi-Annual Summary Financial Information of Insignificant Associate Companies (Unit: Yuan) | Item | Current Period Amount Period-End Balance/ | Prior Period Amount Beginning Balance/ | | :--- | :--- | :--- | | Total Investment Book Value | 103,019,531.89 | 87,928,665.65 | | --Net Profit | -3,283,340.59 | -6,002,023.52 | | --Total Comprehensive Income | -3,283,340.59 | -6,002,023.52 | [Government Grants](index=137&type=section&id=Government%20Grants) During the reporting period, the company's total government grants recognized in current profit or loss amounted to 1,554,190.84 Yuan, comprising 989,843.71 Yuan related to assets and 564,347.13 Yuan related to income; the period-end balance of government grants in deferred income was 4,149,546.85 Yuan 2025 Semi-Annual Liability Items Involving Government Grants (Unit: Yuan) | Financial Statement Item | Beginning Balance | Transferred to Other Income in Current Period | Period-End Balance | Reason for Formation | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 5,139,390.56 | 989,843.71 | 4,149,546.85 | Asset-Related | 2025 Semi-Annual Government Grants Recognized in Current Profit or Loss (Unit: Yuan) | Type | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Asset-Related | 989,843.71 | 1,649,782.46 | | Income-Related | 564,347.13 | 1,169,480.54 | | Total | 1,554,190.84 | 2,819,263.00 | [Risks Related to Financial Instruments](index=138&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, liquidity risk, and market risk; credit risk, primarily from cash and cash equivalents and receivables, is managed through credit assessment and monitoring, with the top five accounts receivable customers accounting for 53.76%; liquidity risk is managed through various financing methods and bank credit lines; market risk mainly includes interest rate risk (no bank borrowings at period-end) and foreign exchange risk (related to foreign currency monetary assets and liabilities) - The company's risk management objective is to **balance risk and return**, minimizing the negative impact of risks on operating performance[393](index=393&type=chunk) - Credit risk primarily arises from cash and cash equivalents and receivables, controlled by depositing bank funds in **financial institutions with hig

Group 1 - The stock price of Tianlong Co., Ltd. closed at 21.74 yuan on August 27, 2025, down 0.73 yuan or 3.25% from the previous trading day [1] - The opening price was 22.26 yuan, with a highest point of 22.92 yuan and a lowest point of 21.72 yuan, with a trading volume of 107,595 hands and a transaction amount of 241 million yuan [1] - Tianlong Co., Ltd. specializes in the research, production, and sales of plastic products, which are widely used in the automotive and electronic appliance sectors [1] Group 2 - On the morning of August 27, Tianlong Co., Ltd. experienced a rapid rebound, with an increase of over 2% within 5 minutes, reaching a price of 22.39 yuan at 9:30 AM [1] - The net outflow of main funds on that day was 4.29 million yuan, with a cumulative net outflow of 35.07 million yuan over the past five trading days [1] - The company is involved in multiple concept sectors, including IGBT, sensors, and new energy vehicles [1]

Group 1 - The stock of Tianlong Co., Ltd. closed at 22.86 yuan on August 22, down 0.18 yuan from the previous trading day, showing a volatile trend with a quick rebound during the day [1] - Tianlong Co., Ltd. specializes in the research and production of precision molds and precision plastic components, with applications in the automotive and electronics sectors, and has capabilities in manufacturing components for new energy vehicles, including IGBT module production [1] - On August 22, the net inflow of main funds into Tianlong Co., Ltd. was 3.814 million yuan, with a cumulative net inflow of 41.9517 million yuan over the past five trading days [1] Group 2 - The stock exhibited a fluctuation of 3.3% and a turnover rate of 3.56%, with a total transaction volume of 163 million yuan on the same day [1]

Core Points - The company did not distribute cash dividends or issue bonus shares during the reporting period [3] - The company’s controlling shareholder and actual controller did not change during the reporting period [5] - The company’s production and operation were normal without significant changes during the reporting period [5] Financial Data and Indicators - The company does not require retrospective adjustments or restatements of previous accounting data [4] - There were no preferred shareholders or related holdings reported during the period [5] Important Matters - Investors are advised to refer to the full semi-annual report for comprehensive insights into the company's operational results, financial status, and future development plans [1]

Group 1 - The company focuses on precision manufacturing, specifically in automotive electronic precision components and lightweight functional parts, with nearly 30 years of experience in precision mold and injection molding development and manufacturing [1] - The main application development is centered around special engineering plastics such as PPS, PA, PBT, PC, POM, and PPE, with accumulated experience in mold development and manufacturing processes for high-end application materials like PEEK [1] - The automotive sector has widely adopted the use of plastics instead of steel, and lightweighting is a significant development direction for emerging industries such as humanoid robots [1] Group 2 - The company is actively monitoring changes in the industry and client business, seeking potential business cooperation opportunities, and continuously penetrating into higher value application scenarios [1]

来源：金融界 天眼查商业履历信息显示，宁波天龙电子股份有限公司，成立于2000年，位于宁波市，是一家以从事计 算机、通信和其他电子设备制造业为主的企业。企业注册资本19888.675万人民币，实缴资本19888.675 万人民币。公司法定代表人为胡建立。 通过天眼查大数据分析，宁波天龙电子股份有限公司共对外投资了17家企业，参与招投标项目2次，知 识产权方面有商标信息3条，专利信息71条，此外企业还拥有行政许可8个。 金融界消息 截至2025年8月14日收盘，天龙股份（603266）报收于20.9元，下跌3.86%，换手率4.2%， 成交量8.35万手，成交金额1.77亿元。 资金流向方面，今日主力资金净流出2623.24万元，占比成交额14.83%。其中，超大单净流出626.92万 元、占成交额3.54%，大单净流出1996.31万元、占成交额11.29%，中单净流出流出315.89万元、占成交 额1.79%，小单净流入2939.13万元、占成交额16.62%。 天龙股份最新一期业绩显示，截至2025一季报，公司营业总收入3.03亿元、同比减少8.56%，归属净利 润2557.96万元，同比减少22.35% ...

Market Overview - The Shanghai Composite Index is at 3701.99 points, with a change of +0.50% [1] - The total trading volume of A-shares is 103.51 billion yuan [1] Technical Analysis - 96 A-shares have seen their 5-day moving average cross below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Dengyun Co., Ltd. (002715) with a distance of -1.02% [1] - United Chemical (301209) with a distance of -0.93% [1] - Guangsheng Nonferrous (600259) with a distance of -0.79% [1] Individual Stock Performance - Dengyun Co., Ltd. (002715) has decreased by 2.88% with a latest price of 16.87 yuan [1] - United Chemical (301209) has decreased by 0.17% with a latest price of 92.78 yuan [1] - Guangsheng Nonferrous (600259) has decreased by 0.81% with a latest price of 58.82 yuan [1] - Other notable stocks with declines include: - Guoneng Rixin (301162) down 2.29% [1] - Daqian Energy (688303) down 2.44% [1] - Yijiahe (603666) down 0.43% [1] Additional Stock Data - Stocks with minor declines include: - Ningbo Bank (002142) up 0.25% with a latest price of 28.25 yuan [2] - Huayang New Materials (600281) down 0.59% with a latest price of 6.75 yuan [2] - The overall trend indicates a cautious market sentiment with several stocks experiencing downward pressure [1][2]

金融界消息 截至2025年8月12日收盘，天龙股份（603266）报收于21.72元，下跌1.32%，换手率 2.59%，成交量5.14万手，成交金额1.12亿元。 来源：金融界 资金流向方面，今日主力资金净流出1227.37万元，占比成交额10.99%。其中，超大单净流出568.91万 元、占成交额5.09%，大单净流出658.46万元、占成交额5.9%，中单净流出流入544.26万元、占成交额 4.87%，小单净流入683.11万元、占成交额6.12%。 天龙股份最新一期业绩显示，截至2025一季报，公司营业总收入3.03亿元、同比减少8.56%，归属净利 润2557.96万元，同比减少22.35%，扣非净利润2471.75万元，同比减少18.95%，流动比率2.864、速动比 率2.375、资产负债率26.18%。 天眼查商业履历信息显示，宁波天龙电子股份有限公司，成立于2000年，位于宁波市，是一家以从事计 算机、通信和其他电子设备制造业为主的企业。企业注册资本19888.675万人民币，实缴资本19888.675 万人民币。公司法定代表人为胡建立。 通过天眼查大数据分析，宁波天龙电子股份有限公司共对 ...

Group 1 - The report highlights an increase in institutional research focus on the automotive, electric equipment, and basic chemical industries compared to the previous year [3][15][23] - In the weekly analysis, the total number of institutional research instances across the A-share market decreased, indicating a cooling interest, likely due to some companies entering their earnings blackout period [16][23] - The monthly analysis shows that in July, the total number of institutional research instances was 1,313, down from 1,505 in the same month of 2024, reflecting a continued decline in research activity [23][26] Group 2 - From an individual stock perspective, companies such as InSai Group, JieYa Co., TianLong Co., JiangBoLong, and BeiTe Technology received significant market attention, with high numbers of research instances and participating institutions [28][34] - TianLong Co. is actively advancing its product matrix in the automotive parts sector, focusing on new energy vehicle components, and has been frequently researched by institutions [30] - WeiLi Transmission has made progress in wind power gearboxes and is enhancing its production capacity, also attracting considerable institutional interest [31]

Core Viewpoint - Tianlong Co., Ltd. is focusing on precision plastic manufacturing with a comprehensive capability in "precision molds, injection molding, stamping, and assembly," primarily serving the automotive and electrical appliance sectors [1] Group 1: Company Overview - The company specializes in automotive components, particularly in automotive electronic precision parts and lightweight structural components [1] - Tianlong's construction of its production base in Thailand has been completed, with most equipment expected to be in place by the end of July, and some equipment already in production [1] Group 2: Future Outlook - The company plans to actively pursue more overseas orders and continue its focus on the automotive industry [1] - There is potential for the company to expand its downstream application market through its developments in lightweight and sensor technologies [1] - The report initiates coverage with a "buy" investment rating for the company [1]