大业股份8月18日晚间发布半年度业绩报告称，2025年上半年营业收入约25.21亿元，同比减少4.19%； 归属于上市公司股东的净利润约4240万元；基本每股收益0.12元。2024年同期营业收入约26.31亿元；归 属于上市公司股东的净利润亏损约2455万元；基本每股收益亏损0.07元。 （文章来源：每日经济新闻） ...

证券代码：603278 证券简称：大业股份 公告编号：2025-034 山东大业股份有限公司 关于核销部分应收账款坏账准备的公告 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、准确性和完整性承担个别及连带责任。 山东大业股份有限公司（以下简称"公司"）于 2025 年 8 月 18 日召开第五 届董事会第十六次会议和第五届监事会第十一次会议，审议通过了《关于核销部 分应收账款坏账准备的议案》，同意公司将确认无法收回且已全额计提坏账准备 的应收账款 1,908,592.76 元在 2025 年度予以核销。具体情况如下： 一、核销的应收账款概况 （一）本次核销的应收账款金额 为进一步加强公司的资产管理，公允地反映公司财务状况及经营成果，使会 计信息更加真实可靠，根据《企业会计准则》等相关规定，公司将确认已无法收 回的山东长虹橡胶科技有限公司（以下简称"长虹橡胶"）应收账款合计 1,908,592.76元在2025年度予以核销，具体如下： 单位：元/人民币 根据上述情况，公司确认长虹橡胶重整清偿后的剩余应收账款已无回收的可 能性，依据会计准则及税法的相关规定， ...

证券代码：603278 证券简称：大业股份 公告编号：2025-035 公司在轮胎骨架材料行业内具有较强的竞争实力,是目前国内规模最大的胎 圈钢丝制造企业，现有主要国内客户有中策橡胶、玲珑轮胎、赛轮轮胎、风神股 份、森麒麟、恒丰橡塑、华盛橡胶、昊华轮胎等规模较大、行业内知名度较高的 轮胎制造商；主要国际客户有米其林、普利司通、固特异、德国大陆、住友橡胶、 韩泰轮胎、倍耐力等国际知名轮胎生产商。公司始终秉持以客户需求为导向，重 点围绕产品需求、质量提升、节能降耗和生产效率提高，进一步扩大主业产能， 全面改造升级智能化生产线，为下一步产能的提升和产品质量的提高打好了坚实 的基础。 公司紧跟国际轮胎巨头的全球布局和发展步伐，进一步开拓海外市场，扩大 销售渠道，开发国际高端新客户和优质客户。加快摩洛哥海外生产基地项目建设 进度，利用摩洛哥良好产业基础和区位优势，更好的服务欧美客户，逐步建立起 具有全球竞争力的海外生产销售一体化布局。 加快建设生物质热电联产和风力发电项目，目前 200 兆瓦风力发电项目土建 工程正在紧张施工当中，集电线路正在铺设，所有设备设施都已订购并具备安装 条件，计划 2026 年实现并网发电；7 ...

山东大业股份有限公司 证券代码：603278 证券简称：大业股份 公告编号：2025-033 第五届监事会第十一次会议决议公告 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。 2、审议并通过了《关于核销部分应收账款坏账准备的议案》 监事会认为，公司本次核销应收账款坏账准备符合《企业会计准则》和相关 会计政策的规定，核销依据充分，决策程序符合有关法律法规和《公司章程》等 规定。同意本次核销应收账款坏账准备事宜。 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。 特此公告。 山东大业股份有限公司监事会 本公司及监事会全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、监事会会议召开情况 山东大业股份有限公司（以下简称"公司"）第五届监事会第十一次会议于 2025 年 8 月 18 日在公司会议室召开。本次监事会应参加会议监事 3 人，实际参 加会议监事 3 人，会议由监事会主席潘雷先生主持。会议的召集和召开程序符合 《中华人民共和国公司法》等法律法规、行政部门规章、规范性文件和《山东大 业股份有限公司章程》的有关规定 ...

证券代码：603278 证券简称：大业股份 公告编号：2025-032 山东大业股份有限公司 第五届董事会第十六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 表决结果：5 票同意，0 票反对，0 票弃权。 议案二：审议并通过了《关于核销部分应收账款坏账准备的议案》 董事会认为公司本次核销应收账款坏账准备符合《企业会计准则》及相关会 计政策的规定，能够公允地反映公司的财务状况，有助于提供更加真实可靠的会 计信息，能够客观、公允地反映公司现时资产状况，同意本次核销应收账款坏账 准备。具体内容详见公司于同日披露的《山东大业股份有限公司关于核销部分应 收账款坏账准备的公告》。 表决结果：5 票同意，0 票反对，0 票弃权。 议案三：审议并通过了《山东大业股份有限公司 2025 年度"提质增效重回 报"行动方案》 具体内容详见公司于同日披露的《山东大业股份有限公司 2025 年度"提质 增效重回报"行动方案》。 一、董事会会议召开情况 山东大业股份有限公司（以下简称"公司"）第五届董事会第十六次会议于 2025 ...

Part I [Definitions](index=4&type=section&id=Item%20I.%20Definitions) This chapter defines key terms used in the report, ensuring clarity and accuracy of the content [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines key terms used in the report, ensuring clarity and accuracy of the content - The reporting period is from January 1, 2025, to June 30, 2025[15](index=15&type=chunk) - The Company, Daye Co., Ltd. all refer to Shandong Daye Co., Ltd.[15](index=15&type=chunk) Part II [Company Profile and Key Financial Indicators](index=4&type=section&id=Item%20II.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, key accounting data, and financial performance indicators for the reporting period [Company Information](index=4&type=section&id=I.%20Company%20Information) This section provides the company's basic registration information, including names and legal representative Basic Company Information | Indicator | Content | | :--- | :--- | | Chinese Name | 山东大业股份有限公司 | | Chinese Abbreviation | 大业股份 | | Foreign Name | Shandong Daye Co., Ltd. | | Legal Representative | 窦勇 | [Contact Person and Information](index=4&type=section&id=II.%20Contact%20Person%20and%20Information) This section lists detailed contact information for the Board Secretary and Securities Affairs Representative for stakeholder communication Company Contact Information | Position | Name | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | 牛海平 | 0536-6528805 | 0536-6112898 | helongnhp@126.com | | Securities Affairs Representative | 张岚 | 0536-6528805 | 0536-6112898 | zqb@sddaye.com | [Brief Introduction to Changes in Basic Information](index=4&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered and office addresses have remained unchanged historically - The company's registered and office addresses have no historical changes[13](index=13&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=4&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section specifies designated media and website for timely information disclosure to investors - The company's selected information disclosure newspapers include Shanghai Securities News, China Securities Journal, Securities Daily, and Securities Times[14](index=14&type=chunk) - The website address for publishing the semi-annual report is http://www.sse.com.cn/[14](index=14&type=chunk) [Brief Introduction to Company Shares](index=5&type=section&id=V.%20Brief%20Introduction%20to%20Company%20Shares) This section provides basic information on the company's shares, including type, exchange, abbreviation, and code Brief Introduction to Company Shares | Share Type | Listing Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | 大业股份 | 603278 | -- | [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue decreased by 4.19%, but net profit attributable to shareholders turned profitable, enhancing profitability, while total assets increased by 5.32% and net assets slightly decreased Key Accounting Data (January-June 2025) | Indicator | Current Period (Jan-Jun) (yuan) | Prior Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,521,267,698.85 | 2,631,397,559.15 | -4.19 | | Total Profit | 43,738,937.26 | -38,150,362.87 | Not Applicable | | Net Profit Attributable to Shareholders | 42,397,855.44 | -24,549,620.85 | Not Applicable | | Net Profit Attributable to Shareholders After Non-Recurring Items | 25,623,911.38 | -32,015,938.45 | Not Applicable | | Net Cash Flow from Operating Activities | 132,692,844.77 | 195,403,025.60 | -32.09 | | **End of Current Period** | | | | | Net Assets Attributable to Shareholders | 2,036,964,407.45 | 2,101,690,426.07 | -3.08 | | Total Assets | 8,109,736,407.63 | 7,699,799,836.44 | 5.32 | Key Financial Indicators (January-June 2025) | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.12 | -0.07 | Not Applicable | | Diluted Earnings Per Share (yuan/share) | 0.12 | -0.07 | Not Applicable | | Basic EPS After Non-Recurring Items (yuan/share) | 0.07 | -0.09 | Not Applicable | | Weighted Average ROE (%) | 2.00 | -1.07 | Increased by 3.07 percentage points | | Weighted Average ROE After Non-Recurring Items (%) | 1.21 | -1.40 | Increased by 2.61 percentage points | - The company achieved a net profit attributable to parent company shareholders of **42.40 million yuan** and a net profit after deducting non-recurring gains and losses of **25.62 million yuan**, turning losses into profits compared to the same period last year[19](index=19&type=chunk) - Improved profitability is primarily due to core technological advantages, increased market expansion, higher product sales, and effective control over raw material procurement, production, and transportation costs[19](index=19&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details non-recurring gains and losses, totaling **16.77 million yuan**, primarily from asset disposal, government subsidies, and financial asset fair value changes Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Item | Amount (yuan) | | :--- | :--- | | Disposal Gains/Losses of Non-Current Assets | 2,493,903.69 | | Government Subsidies Recognized in Current Profit/Loss | 13,230,507.89 | | Fair Value Changes and Disposal Gains/Losses of Financial Assets and Liabilities Held by Non-Financial Enterprises | 3,373,799.01 | | Debt Restructuring Gains/Losses | 632,595.23 | | Other Non-Operating Income and Expenses | -2,250,298.26 | | Less: Income Tax Impact | 403,771.05 | | Minority Interest Impact (After Tax) | 302,792.45 | | **Total** | **16,773,944.06** | Part III [Management Discussion and Analysis](index=7&type=section&id=Item%20III.%20Management%20Discussion%20and%20Analysis) This section provides management's perspective on the company's operations, industry, core competencies, and key financial performance during the reporting period [Explanation of the Company's Industry and Main Business During the Reporting Period](index=7&type=section&id=I.%20Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company's main business is R&D, production, and sales of tire skeleton materials, holding leading industry positions, with the sector stabilizing and market share increasing despite fierce competition - The company's main business is the R&D, production, and sales of bead wire, steel cord, and hose wire, primarily used in various tire products such as passenger car tires, truck tires, engineering tires, and aircraft tires[23](index=23&type=chunk) - The company is currently the largest bead wire manufacturer in China, with well-known domestic and international tire manufacturers such as Zhongce Rubber, Linglong Tire, Michelin, and Bridgestone as its main customers[23](index=23&type=chunk) - In the first half of 2025, driven by the development of the automotive market, downstream tire industry demand was released, and the rubber skeleton material industry showed signs of stabilization and recovery, with improved industry profitability[25](index=25&type=chunk) [Main Business](index=7&type=section&id=(I)%20Main%20Business) The company specializes in R&D, production, and sales of tire skeleton materials, leading the domestic bead wire sector with global partnerships - The company's main business has not undergone significant changes since its establishment, with primary products being bead wire, steel cord, and hose wire[23](index=23&type=chunk) - The company is the largest bead wire manufacturer in China, possessing outstanding technical R&D capabilities and manufacturing process expertise[23](index=23&type=chunk) - Key customers include well-known domestic and international tire manufacturers such as Zhongce Rubber, Linglong Tire, Michelin, Bridgestone, and Goodyear, with market share increasing year by year[23](index=23&type=chunk) [Main Business Model](index=7&type=section&id=(II)%20Main%20Business%20Model) The company uses a centralized procurement, make-to-order production model with direct sales, ensuring quality and stable customer relations - Procurement Model: Main raw materials (wire rod) and auxiliary materials are centrally procured by the supply department, adhering to standardized procurement procedures and supplier audit systems[23](index=23&type=chunk)[24](index=24&type=chunk) - Production Model: Adopts a "make-to-order" production model, where the sales department formulates production plans based on customer orders, the production department arranges production considering inventory and capacity, and the technical department provides guidance[24](index=24&type=chunk) - Sales Model: Primarily direct sales, with a sales department and an overseas business department, mainly targeting well-known domestic and international tire companies; inclusion in the supplier list requires an assessment period of approximately three years[25](index=25&type=chunk) [Industry Overview](index=8&type=section&id=(III)%20Industry%20Overview) The rubber skeleton material industry stabilized in H1 2025, with bead wire output up 6.07%, while steel cord declined, as the downstream tire sector grew and Chinese firms gained global market share - In the first half of 2025, statistics from the China Rubber Industry Association's Skeleton Material Professional Committee showed bead wire output of **586,700 tons**, a year-on-year increase of **6.07%**; steel cord output of **1.6167 million tons**, a year-on-year decrease of **1.55%**; and hose wire output of **177,400 tons**, a year-on-year increase of **0.66%**[25](index=25&type=chunk) - With the rapid growth in China's new energy vehicle sales and the increasing market share of domestic brands, downstream tire industry demand continues to drive steady growth in bead wire[26](index=26&type=chunk) - The skeleton material industry has entered a mature phase, with intensified market competition; leading enterprises demonstrate clear advantages in scale, cost, and market, and market concentration is expected to further increase[27](index=27&type=chunk) - Changes in global tire production layout, with increased production investment by skeleton material enterprises in Southeast Asia, India, and Eastern Europe, will lead to a continuous increase in export volumes for domestic skeleton material enterprises[29](index=29&type=chunk) - In the 2024 global top 75 tire manufacturers ranking, Chinese enterprises accounted for 38 positions, with Zhongce Rubber and Sailun Tire entering the global top ten[30](index=30&type=chunk) [Discussion and Analysis of Operations](index=10&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) Management achieved significant progress in R&D, internationalization, clean energy, digital transformation, and talent, enhancing profitability and competitiveness amid complex market conditions - The company increased R&D investment, making progress in new product development such as engineering tire cable-type bead wire and ultra-high strength bead wire, increasing the proportion of high-performance series wire products[32](index=32&type=chunk) - Actively responding to the "Belt and Road" initiative, accelerating the construction of the Morocco overseas production base project, and gradually establishing a global integrated production and sales layout[33](index=33&type=chunk) - Strengthening clean energy construction, with a **200 MW** wind power generation project and a **70 MW** biomass cogeneration project under construction, expected to achieve grid connection/heating power generation by 2026, increasing the proportion of green electricity usage[35](index=35&type=chunk) - Continuously promoting digital transformation, building a smart steel cord factory, recognized as a 2025 Shandong Province Advanced Smart Factory, enhancing operational efficiency and corporate competitiveness[35](index=35&type=chunk) - Continuously expanding talent reserves, improving recruitment and training systems, creating a talent growth path with company characteristics, and maintaining the enthusiasm and stability of the core team[36](index=36&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=11&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) Core competencies include extensive customer resources, strong brand influence, leading production scale, robust innovation, regional advantages, flexible production, and an experienced team - The company has established long-term stable strategic partnerships with well-known domestic and international tire enterprises such as Zhongce Rubber, Linglong Tire, Michelin, and Bridgestone, forming a business pattern of simultaneous domestic and international sales[37](index=37&type=chunk) - The company holds multiple honors such as "Shandong Famous Brand", "China Rubber Industry Association Annual Recommended Brand", and "National Manufacturing Single Champion Demonstration Enterprise", demonstrating significant brand influence[37](index=37&type=chunk)[38](index=38&type=chunk) - The company is the largest bead wire production enterprise in China, with bead wire output accounting for **37.53%** of the domestic market share in 2024, holding a prominent industry position[38](index=38&type=chunk) - The company has established multiple R&D platforms, including a national-level enterprise technology center and engineering research center, and collaborates with universities and research institutes, demonstrating strong technological innovation capabilities[38](index=38&type=chunk) - Located in Shandong Province, the company benefits from abundant tire industry customers and steel raw material supply, possessing prominent regional comprehensive resource advantages[39](index=39&type=chunk) - The company has established a flexible production system, capable of mass production according to customer customization requirements, improving equipment and labor efficiency[39](index=39&type=chunk) [Key Operating Performance](index=13&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) Operating revenue decreased by 4.19%, but net profit turned profitable through cost control and market expansion, with significant changes in asset-liability structure and fair value of financial assets - During the reporting period, the company achieved operating revenue of **2.521 billion yuan**, a year-on-year decrease of **4.19%**; net profit attributable to shareholders was **42.40 million yuan**, turning losses into profits[18](index=18&type=chunk)[19](index=19&type=chunk) - Total assets at the end of the period were **8.11 billion yuan**, an increase of **5.32%** compared to the end of the previous year[18](index=18&type=chunk) - The company's main controlled and investee companies include Zhucheng Jinyi Trading Co., Ltd., Shandong Daye New Material Co., Ltd., and Shandong Shengtong Steel Cord Co., Ltd., among which Shandong Shengtong Steel Cord Co., Ltd. achieved a net profit of **10.73 million yuan**[52](index=52&type=chunk)[55](index=55&type=chunk) [Analysis of Main Business](index=13&type=section&id=(I)%20Analysis%20of%20Main%20Business) Operating revenue decreased by 4.19% due to lower selling prices, but improved profitability resulted from a 6.25% drop in operating costs and significant reductions in financial and R&D expenses Changes in Key Financial Statement Items | Item | Current Period (yuan) | Prior Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,521,267,698.85 | 2,631,397,559.15 | -4.19 | | Operating Cost | 2,326,067,208.87 | 2,481,086,126.63 | -6.25 | | Selling Expenses | 40,644,731.97 | 36,392,482.84 | 11.68 | | Administrative Expenses | 42,397,685.47 | 53,231,724.89 | -20.35 | | Financial Expenses | 44,192,506.24 | 71,426,652.39 | -38.13 | | R&D Expenses | 25,306,647.66 | 34,571,023.62 | -26.80 | | Other Income | 26,121,666.69 | 44,505,057.28 | -41.31 | | Net Cash Flow from Operating Activities | 132,692,844.77 | 195,403,025.60 | -32.09 | | Net Cash Flow from Investing Activities | -208,872,920.66 | -164,571,426.64 | -26.92 | | Net Cash Flow from Financing Activities | -43,394,391.08 | 92,288,407.88 | -147.02 | - The change in operating revenue is primarily due to the combined effect of a year-on-year decrease in the selling price of main products and a year-on-year increase in sales volume[42](index=42&type=chunk) - The decrease in financial expenses is mainly due to the combined effect of reduced discount expenses and increased exchange gains[42](index=42&type=chunk) [Analysis of Assets and Liabilities](index=15&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) Total assets grew by 5.32% to **8.11 billion yuan**, with significant shifts in asset and liability composition, including increases in financial assets and borrowings, and decreases in notes receivable and construction in progress Changes in Assets and Liabilities | Item | Current Period End (yuan) | Proportion of Total Assets (%) | Prior Period End (yuan) | Proportion of Total Assets (Prior Period End) (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 1,778,046.20 | 0.02 | 1,003,748.84 | 0.01 | 77.14 | | Notes Receivable | 213,961,645.46 | 2.64 | 244,452,075.25 | 3.17 | -12.47 | | Notes Receivable Financing | 195,632,987.90 | 2.41 | 74,493,634.48 | 0.97 | 162.62 | | Prepayments | 123,261,345.25 | 1.52 | 89,319,221.28 | 1.16 | 38.00 | | Construction in Progress | 199,329,010.87 | 2.46 | 390,355,409.65 | 5.07 | -48.94 | | Other Non-Current Assets | 473,774,543.33 | 5.84 | 67,414,138.83 | 0.88 | 602.78 | | Short-Term Borrowings | 1,982,057,244.28 | 24.44 | 1,685,325,275.16 | 21.89 | 17.61 | | Trading Financial Liabilities | 0.00 | 0.00 | 2,218,359.26 | 0.03 | -100.00 | | Accounts Payable | 654,068,840.24 | 8.07 | 539,939,333.53 | 7.01 | 21.14 | | Contract Liabilities | 9,909,762.20 | 0.12 | 24,812,347.81 | 0.32 | -60.06 | | Other Payables | 36,339,123.31 | 0.45 | 28,325,210.94 | 0.37 | 28.29 | | Non-Current Liabilities Due Within One Year | 594,531,119.03 | 7.33 | 421,402,254.13 | 5.47 | 41.08 | | Other Current Liabilities | 75,194,973.50 | 0.93 | 145,953,874.41 | 1.90 | -48.48 | | Long-Term Borrowings | 837,499,681.17 | 10.33 | 679,358,246.25 | 8.82 | 23.28 | | Long-Term Payables | 496,624,149.44 | 6.12 | 259,480,610.76 | 3.37 | 91.39 | - Overseas assets at the end of the period totaled **26.62 million yuan**, accounting for **0.33%** of total assets[48](index=48&type=chunk) - The decrease in construction in progress is mainly due to the completion and capitalization of steel cord installation equipment and the second-phase factory building project at Kenli plant[46](index=46&type=chunk) - The increase in other non-current assets is mainly due to prepayments for wind power projects and new time deposit products with maturities over one year[46](index=46&type=chunk) [Analysis of Investment Status](index=17&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) The company's investments in fair value financial assets totaled **228 million yuan** at period-end, a significant increase, including trading financial assets and notes receivable financing Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Amount Purchased in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 1,003,748.84 | 774,297.36 | 1,778,046.20 | | Notes Receivable Financing | 74,493,634.48 | 121,139,353.42 | 195,632,987.90 | | Other Equity Instrument Investments | 23,980,812.36 | 0 | 23,980,812.36 | | Other Non-Current Financial Assets | 6,800,000.00 | 0 | 6,800,000.00 | | **Total** | **106,278,195.68** | **121,913,650.78** | **228,191,846.46** | [Analysis of Major Controlled and Investee Companies](index=19&type=section&id=(VI)%20Analysis%20of%20Major%20Controlled%20and%20Investee%20Companies) Major controlled and investee companies operate across diverse sectors, with Shandong Daye New Material and Shandong Shengtong Steel Cord being key subsidiaries, reporting revenues of **419 million yuan** and **522 million yuan** respectively Financial Information of Major Controlled and Investee Companies (Partial) | Company Name | Main Business | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhucheng Daye Metal Products Co., Ltd. | Production and sales of metallurgical rolls and accessories, etc. | 36,157,188.91 | 18,609,030.05 | 12,646,791.81 | -157,368.58 | | Zhucheng Jinyi Trading Co., Ltd. | Sales of steel, wire, tire wire, etc. | 465,146,864.53 | -51,401,979.82 | 9,952,367.38 | -5,209,461.14 | | Shandong Daye New Material Co., Ltd. | Manufacturing of high-performance fibers and composite materials, etc. | 2,992,296,490.66 | 1,766,119,024.53 | 418,742,449.96 | -26,177,864.03 | | Shandong Shengtong Steel Cord Co., Ltd. | Hose wire, steel cord, bead wire, etc. | 1,195,915,618.81 | 822,472,650.85 | 521,851,382.23 | 10,734,681.94 | Part IV [Corporate Governance, Environment, and Society](index=23&type=section&id=Item%20IV.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers the company's governance practices, environmental disclosures, and social responsibilities [Profit Distribution or Capital Reserve Conversion Plan](index=23&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The board resolved no semi-annual profit distribution or capital reserve conversion to share capital for the reporting period - There is no profit distribution plan or capital reserve conversion to share capital plan for the current reporting period[58](index=58&type=chunk) [Environmental Information Disclosure Status](index=23&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information) The company and its major subsidiary are listed for environmental information disclosure and report via the Shandong system - The company and Shandong Shengtong Steel Cord Co., Ltd. are both included in the list of enterprises required to disclose environmental information[59](index=59&type=chunk) - Environmental information disclosure reports can be accessed on the Enterprise Environmental Information Disclosure System (Shandong)[59](index=59&type=chunk) Part V [Significant Matters](index=24&type=section&id=Item%20V.%20Significant%20Matters) This section addresses important events and disclosures, including integrity status, related party transactions, and significant contracts [Explanation of the Integrity Status of the Company and Its Controlling Shareholders and Actual Controllers During the Reporting Period](index=25&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%20and%20Its%20Controlling%20Shareholders%20and%20Actual%20Controllers%20During%20the%20Reporting%20Period) The company, its controlling shareholders, and actual controllers maintained good integrity, with no instances of dishonesty or unfulfilled obligations - During the reporting period, the company, its controlling shareholders, and actual controllers had no instances of dishonesty[62](index=62&type=chunk) - There were no instances of failure to comply with effective court judgments or large overdue debts[62](index=62&type=chunk) [Significant Related Party Transactions](index=25&type=section&id=X.%20Significant%20Related%20Party%20Transactions) Related party transactions totaled **250,800 yuan**, primarily for equipment procurement from Hubei Sanjiang Aerospace and electricity from Cairui Electronics Related Party Transactions in Ordinary Course of Business | Related Party | Type of Related Party Transaction | Content of Related Party Transaction | Amount of Related Party Transaction (yuan) | | :--- | :--- | :--- | :--- | | Hubei Sanjiang Aerospace Jiangbei Mechanical Engineering Co., Ltd. | Purchase of Goods | Equipment Procurement | 50,176.99 | | Cairui Electronics (Zhucheng) Co., Ltd. | Purchase of Goods | Electricity Procurement | 200,671.24 | | **Total** | | | **250,848.23** | [Significant Contracts and Their Performance](index=26&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Performance) Significant guarantees for subsidiaries totaled **1.123 billion yuan** at period-end, representing **55.13%** of net assets, mainly for loan guarantees to Shandong Daye New Material and Shandong Shengtong Steel Cord Company Guarantees for Subsidiaries | Indicator | Amount (yuan) | | :--- | :--- | | Total Guarantees Provided to Subsidiaries During Reporting Period | 1,164,000,000.00 | | Total Guarantee Balance for Subsidiaries at Period-End (B) | 1,122,890,000.00 | | Total Guarantees (A+B) | 1,122,890,000.00 | | Proportion of Total Guarantees to Company's Net Assets (%) | 55.13 | - The company provided guarantee for subsidiaries including Shandong Daye New Material Co., Ltd., Shandong Shengtong Steel Cord Co., Ltd., and Shandong Daye New Energy Co., Ltd., with a total amount of **1.164 billion yuan**[67](index=67&type=chunk)[68](index=68&type=chunk) Part VI [Share Changes and Shareholder Information](index=29&type=section&id=Item%20VI.%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in share capital and provides an overview of the company's shareholder structure [Share Capital Change Status](index=29&type=section&id=I.%20Share%20Capital%20Change%20Status) The company's total share capital and structure remained stable and unchanged during the reporting period - During the reporting period, the company's total share capital and share structure remained unchanged[70](index=70&type=chunk) [Shareholder Information](index=29&type=section&id=II.%20Shareholder%20Information) As of period-end, the company had **24,895** common shareholders; actual controllers Dou Yong and Dou Baosen held **32.59%** and **18.11%** respectively, with pledged shares - As of the end of the reporting period, the company had a total of **24,895** common shareholders[71](index=71&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-End (shares) | Shareholding (%) | Share Status | Quantity (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Dou Yong | 111,384,000 | 32.59 | Pledged | 73,200,000 | Domestic Natural Person | | Dou Baosen | 61,898,440 | 18.11 | Pledged | 49,000,000 | Domestic Natural Person | | Zhu Jianwei | 5,593,500 | 1.64 | Unpledged | 0 | Domestic Natural Person | | Zheng Hongxia | 4,525,000 | 1.32 | Pledged | 3,500,000 | Domestic Natural Person | | Zhucheng Yihe Axle Co., Ltd. | 3,460,000 | 1.01 | Unpledged | 0 | Domestic Non-State-Owned Legal Person | | China Construction Bank - Guotai JINMA Stable Return Securities Investment Fund | 2,795,300 | 0.82 | Unpledged | 0 | Other | | Shandong Daye Co., Ltd. Repurchase Special Securities Account | 2,511,100 | 0.73 | Unpledged | 0 | Other | | China Minsheng Bank Co., Ltd. - Everbright Pramerica Credit Plus Bond Fund | 2,394,420 | 0.70 | Unpledged | 0 | Other | | Agricultural Bank of China Co., Ltd. - ICBC Credit Suisse Small and Mid-Cap Growth Mixed Securities Investment Fund | 2,316,304 | 0.68 | Unpledged | 0 | Other | | Wang Chunxiang | 1,975,500 | 0.58 | Unpledged | 0 | Domestic Natural Person | - Dou Baosen and Dou Yong are father and son and act in concert[74](index=74&type=chunk) Part VII [Bond-Related Information](index=32&type=section&id=Item%20VII.%20Bond-Related%20Information) This section provides information regarding the company's bonds and other debt financing instruments [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=32&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no outstanding or overdue corporate bonds or non-financial enterprise debt financing instruments during the reporting period - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[77](index=77&type=chunk) [Convertible Corporate Bonds Status](index=32&type=section&id=II.%20Convertible%20Corporate%20Bonds%20Status) The company had no convertible corporate bonds during the reporting period - The company has no convertible corporate bonds[77](index=77&type=chunk) Part VIII [Financial Report](index=33&type=section&id=Item%20VIII.%20Financial%20Report) This section presents the company's financial statements, including the audit report, balance sheets, income statements, cash flow statements, and statements of changes in owners' equity [Audit Report](index=33&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[6](index=6&type=chunk)[79](index=79&type=chunk) [Financial Statements](index=33&type=section&id=II.%20Financial%20Statements) This section presents the company's 2025 semi-annual consolidated and parent company financial statements, reflecting financial position and operating results - This section includes 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[79](index=79&type=chunk) [Consolidated Balance Sheet](index=33&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets were **8.11 billion yuan** (up 5.32%), total liabilities **6.073 billion yuan** (up 15.19%), and parent equity **2.037 billion yuan** (down 3.08%) Key Data from Consolidated Balance Sheet | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 8,109,736,407.63 | 7,699,799,836.44 | | Total Liabilities | 6,072,772,000.18 | 5,272,112,143.45 | | Total Equity Attributable to Parent Company Owners | 2,036,964,407.45 | 2,101,690,426.07 | | Minority Interests | 0 | 325,997,266.92 | [Parent Company Balance Sheet](index=35&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, parent company total assets were **6.881 billion yuan** (up 5.80%), total liabilities **4.559 billion yuan** (up 7.21%), and total owners' equity **2.323 billion yuan** (up 3.13%) Key Data from Parent Company Balance Sheet | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 6,881,471,571.64 | 6,504,392,674.15 | | Total Liabilities | 4,558,566,316.43 | 4,252,051,834.99 | | Total Owners' Equity | 2,322,905,255.21 | 2,252,340,839.16 | [Consolidated Income Statement](index=37&type=section&id=Consolidated%20Income%20Statement) In H1 2025, consolidated operating revenue was **2.521 billion yuan** (down 4.19%), total profit **43.74 million yuan** (turning profitable), and net profit attributable to parent shareholders **42.40 million yuan** (EPS **0.12 yuan/share**) Key Data from Consolidated Income Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 2,521,267,698.85 | 2,631,397,559.15 | | Total Operating Cost | 2,501,787,597.73 | 2,695,381,644.05 | | Total Profit | 43,738,937.26 | -38,150,362.87 | | Net Profit | 39,895,514.47 | -32,731,343.92 | | Net Profit Attributable to Parent Company Shareholders | 42,397,855.44 | -24,549,620.85 | | Basic Earnings Per Share (yuan/share) | 0.12 | -0.07 | [Parent Company Income Statement](index=39&type=section&id=Parent%20Company%20Income%20Statement) In H1 2025, parent company operating revenue was **1.906 billion yuan** (down 4.61%), and net profit was **70.56 million yuan** (up 125.94%) Key Data from Parent Company Income Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Operating Revenue | 1,906,285,836.82 | 1,998,327,422.27 | | Operating Cost | 1,737,138,941.12 | 1,861,228,619.46 | | Total Profit | 79,356,738.43 | 26,331,080.07 | | Net Profit | 70,564,416.05 | 31,231,202.12 | [Consolidated Cash Flow Statement](index=40&type=section&id=Consolidated%20Cash%20Flow%20Statement) In H1 2025, net cash flow from operating activities was **133 million yuan** (down 32.09%), investing activities had a **-209 million yuan** net outflow, and financing activities shifted to a **-43.39 million yuan** net outflow Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 132,692,844.77 | 195,403,025.60 | | Net Cash Flow from Investing Activities | -208,872,920.66 | -164,571,426.64 | | Net Cash Flow from Financing Activities | -43,394,391.08 | 92,288,407.88 | | Net Increase in Cash and Cash Equivalents | -112,655,364.71 | 130,419,287.07 | [Parent Company Cash Flow Statement](index=41&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In H1 2025, parent company operating cash flow was **96.77 million yuan** (down 41.85%), investing cash flow was **-425 million yuan** (increased outflow), and financing cash flow was **266 million yuan** (shifted to inflow) Key Data from Parent Company Cash Flow Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 96,769,779.08 | 166,429,659.58 | | Net Cash Flow from Investing Activities | -425,024,714.02 | -48,095,083.49 | | Net Cash Flow from Financing Activities | 266,260,168.93 | -26,096,497.31 | | Net Increase in Cash and Cash Equivalents | -57,966,276.35 | 96,188,237.09 | [Consolidated Statement of Changes in Owners' Equity](index=43&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In H1 2025, consolidated owners' equity decreased by **16.18%** to **2.037 billion yuan**, primarily due to a **42.40 million yuan** net profit and a **107 million yuan** capital reserve reduction from minority interest acquisition Key Data from Consolidated Statement of Changes in Owners' Equity | Item | H1 2025 Period-End Balance (yuan) | H1 2024 Period-End Balance (yuan) | | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 341,759,392.00 | 341,759,392.00 | | Capital Reserve | 1,012,348,683.41 | 1,119,472,557.48 | | Retained Earnings | 597,741,957.90 | 712,887,677.32 | | Total Equity Attributable to Parent Company Owners | 2,036,964,407.45 | 2,259,234,000.95 | | Minority Interests | 0 | 344,878,577.07 | | Total Owners' Equity | 2,036,964,407.45 | 2,604,112,578.02 | - Total comprehensive income attributable to parent company owners for the current period was **42.40 million yuan**[97](index=97&type=chunk) - Capital reserve decreased by **107 million yuan**, mainly due to the company's acquisition of minority interests in its subsidiary, Daye New Material Co., Ltd.[97](index=97&type=chunk)[346](index=346&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=47&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In H1 2025, parent company owners' equity increased by **3.13%** to **2.323 billion yuan**, driven by a **70.56 million yuan** increase in comprehensive income Key Data from Parent Company Statement of Changes in Owners' Equity | Item | H1 2025 Period-End Balance (yuan) | H1 2024 Period-End Balance (yuan) | | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 341,759,392.00 | 341,759,392.00 | | Capital Reserve | 1,127,004,998.75 | 1,127,004,998.75 | | Retained Earnings | 769,026,490.32 | 756,568,339.21 | | Total Owners' Equity | 2,322,905,255.21 | 2,310,447,104.10 | - Total comprehensive income for the current period was **70.56 million yuan**[102](index=102&type=chunk) [Company Basic Information](index=51&type=section&id=III.%20Company%20Basic%20Information) The company, listed on SSE in 2017, specializes in R&D, production, and sales of tire steel materials for automotive and tire industries - The company was listed on the Shanghai Stock Exchange on November 13, 2017, and as of June 30, 2025, had a total issued share capital of **341,759,392.00 shares**[106](index=106&type=chunk) - The company operates in the metal products industry, with main products including bead wire, steel cord, and hose wire, applied in automotive, tire, and other fields[106](index=106&type=chunk) - Business scope includes the production, sales, and import/export of tire wire, hose wire, steel cord, and other products, as well as investment, construction, production, and electricity sales for solar energy projects[107](index=107&type=chunk) [Basis of Financial Statement Preparation](index=51&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared on a going concern basis, confirming the company's ability to operate for at least 12 months - The company's financial statements are prepared on a going concern basis[108](index=108&type=chunk) - The company has the ability to continue as a going concern for at least 12 months from the end of the reporting period[108](index=108&type=chunk) [Significant Accounting Policies and Estimates](index=51&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's accounting standards, policies, and estimates for financial instruments, revenue, asset impairment, depreciation, amortization, and deferred tax, ensuring financial report accuracy - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting financial position, operating results, and other information[110](index=110&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[134](index=134&type=chunk) - Revenue is recognized when the customer obtains control of the related goods, and revenue is recognized based on the progress or point in time of performance[211](index=211&type=chunk)[212](index=212&type=chunk)[213](index=213&type=chunk) - The company depreciates fixed assets and amortizes intangible assets using the straight-line method over their useful lives after considering their residual value[293](index=293&type=chunk)[191](index=191&type=chunk)[232](index=232&type=chunk) - The company assesses impairment of financial instruments using the expected credit loss model and makes provisions for inventory obsolescence[141](index=141&type=chunk)[164](index=164&type=chunk)[229](index=229&type=chunk) [Taxation](index=84&type=section&id=VI.%20Taxation) This section details the company's and subsidiaries' main tax types and rates, including VAT, urban maintenance tax, and corporate income tax, with some enjoying preferential rates Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Income | 13% | | Urban Maintenance and Construction Tax | Actual Turnover Tax Paid | 7% | | Corporate Income Tax | Taxable Income | 15%, 20%, 25%, 16.5%, 5%, 21%, 27.375% | - Shandong Daye Co., Ltd. and Shandong Shengtong Steel Cord Co., Ltd., as high-tech enterprises, enjoy a preferential corporate income tax rate of **15%**[237](index=237&type=chunk)[238](index=238&type=chunk) - Shandong Baotongyuan Technology Co., Ltd., as a small and micro-profit enterprise, enjoys a preferential policy where the portion of annual taxable income exceeding **1 million yuan** but not exceeding **3 million yuan** is included in taxable income at **25%** and subject to a corporate income tax rate of **20%**[237](index=237&type=chunk) [Notes to Consolidated Financial Statement Items](index=85&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for consolidated financial statement items, explaining period-end balances, changes, and reasons for monetary funds, receivables, inventory, fixed assets, borrowings, revenue, and expenses - Monetary funds at period-end totaled **1.063 billion yuan**, including bank deposits of **71.05 million yuan** and other monetary funds of **992 million yuan**[240](index=240&type=chunk) - Accounts receivable at period-end totaled **1.471 billion yuan**, with **98.53%** having an aging of less than 1 year, and total bad debt provisions of **94.26 million yuan**[251](index=251&type=chunk)[253](index=253&type=chunk) - Inventory book value at period-end was **688 million yuan**, with inventory impairment provisions of **13.45 million yuan**, mainly comprising raw materials, work-in-progress, finished goods, and goods in transit[280](index=280&type=chunk)[281](index=281&type=chunk) - Fixed assets book value at period-end was **2.643 billion yuan**, increasing by **344 million yuan** in the current period, mainly from transfers from construction in progress[293](index=293&type=chunk)[294](index=294&type=chunk) - Construction in progress book value at period-end was **199 million yuan**, with major projects including Kenli plant production workshops, steel cord production line installation equipment, new energy wind power projects, and biomass cogeneration projects[300](index=300&type=chunk)[302](index=302&type=chunk)[303](index=303&type=chunk) - Short-term borrowings at period-end totaled **1.982 billion yuan**, mainly consisting of pledged and mortgaged borrowings[318](index=318&type=chunk) - Long-term borrowings at period-end totaled **837 million yuan**, mainly consisting of pledged and mortgaged borrowings[338](index=338&type=chunk) - Operating revenue for the current period was **2.521 billion yuan**, operating cost was **2.326 billion yuan**, with main business revenue primarily from steel cord, bead wire, and hose wire[354](index=354&type=chunk)[356](index=356&type=chunk) - Financial expenses for the current period were **44.19 million yuan**, a decrease of **38.13%** from the prior period, mainly due to reduced discount expenses and increased exchange gains[361](index=361&type=chunk) - Other income for the current period was **26.12 million yuan**, mainly comprising government subsidies and refunds of individual income tax withholding service fees[362](index=362&type=chunk)[363](index=363&type=chunk) - Investment income for the current period was **4.28 million yuan**, turning losses into profits compared to the prior period, mainly including investment income from long-term equity investments accounted for using the equity method, debt restructuring gains, and gains from options and forward foreign exchange transactions[364](index=364&type=chunk) - Credit impairment losses for the current period were **2.11 million yuan**, a significant improvement from the prior period, mainly due to reduced bad debt losses on notes receivable[368](index=368&type=chunk) - Asset impairment losses for the current period were **-11.65 million yuan**, mainly due to inventory obsolescence losses[368](index=368&type=chunk) [R&D Expenses](index=140&type=section&id=VIII.%20R%26D%20Expenses) R&D expenses totaled **25.31 million yuan** for the period, primarily comprising material costs, employee compensation, fuel, power, and other expenses, all expensed R&D Expenses by Nature of Expense | Item | Current Period (yuan) | Prior Period (yuan) | | :--- | :--- | :--- | | Direct Materials | 6,971,291.24 | 7,296,790.51 | | Employee Compensation | 10,154,697.52 | 12,528,931.95 | | Fuel and Power | 3,509,284.31 | 3,544,114.80 | | Other Expenses | 4,671,374.60 | 11,201,186.36 | | **Total** | **25,306,647.66** | **34,571,023.62** | | Of which: Expensed R&D | 25,306,647.66 | 34,571,023.62 | | Capitalized R&D | 0 | 0 | - All R&D expenses for the current period were expensed and not capitalized[390](index=390&type=chunk) [Changes in Consolidation Scope](index=140&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The company had no business combinations or disposals of subsidiaries resulting in loss of control during the reporting period - No business combinations not under common control occurred in the current period[391](index=391&type=chunk) - No business combinations under common control occurred in the current period[391](index=391&type=chunk) - There were no transactions or events resulting in the loss of control over subsidiaries in the current period[392](index=392&type=chunk) [Interests in Other Entities](index=143&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details interests in subsidiaries, joint ventures, and associates, including the acquisition of a 19.4444% stake in Shandong Daye New Material, making it a wholly-owned subsidiary and reducing capital reserve by **107 million yuan** - The company owns wholly-owned subsidiaries including Zhucheng Jinyi Trading Co., Ltd., Zhucheng Baocheng Trading Co., Ltd., Zhucheng Daye Metal Products Co., Ltd., Daye Europe LLC, Daye (Hong Kong) International Development Co., Ltd., Daye (Americas) LLC, Shandong Zhihuigu Electronic Technology Co., Ltd., Shandong Daye New Energy Co., Ltd., Shandong Baotongyuan Technology Co., Ltd., Shandong Zhixu New Energy Co., Ltd., Shandong Xiangyu Intelligent Technology Co., Ltd., Shandong Daye New Material Co., Ltd., Shandong Shengtong Steel Cord Co., Ltd., Dongying Huitong International Trade Co., Ltd., Shandong Shengtong Machinery Manufacturing Co., Ltd., Shandong Shengtong Import and Export Co., Ltd., Shandong Yetai New Energy Co., Ltd., Shandong Zhipeng Green Energy Co., Ltd., Shandong Yefeng Green Energy Co., Ltd., Shandong Daye Zhilian Logistics Co., Ltd., and Shandong Daye Robot Technology Co., Ltd.[394](index=394&type=chunk)[395](index=395&type=chunk) - The company acquired a **19.4444%** equity stake in Shandong Daye New Material Co., Ltd. from Weifang City Urban Construction Development Investment Group Co., Ltd., making it a wholly-owned subsidiary[397](index=397&type=chunk) - This acquisition resulted in a purchase cost of **431 million yuan**, with the subsidiary's net asset share calculated based on the acquired equity ratio being **323 million yuan**, and the difference of **107 million yuan** adjusted to capital reserve[398](index=398&type=chunk) [Government Grants](index=147&type=section&id=XI.%20Government%20Grants) This section details government grants received, totaling **26.12 million yuan** recognized in profit or loss, comprising **12.29 million yuan** asset-related and **13.83 million yuan** income-related Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (yuan) | New Grants Added in Current Period (yuan) | Transferred to Other Income in Current Period (yuan) | Ending Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 191,259,675.01 | 23,247,919.90 | 12,289,257.89 | 202,218,337.02 | Asset-Related | | Deferred Income | 980,089.60 | 0.00 | 0.00 | 980,089.60 | Income-Related | | **Total** | **192,239,764.61** | **23,247,919.90** | **12,289,257.89** | **203,198,426.62** | / | Government Grants Recognized in Current Profit or Loss | Type | Current Period (yuan) | Prior Period (yuan) | | :--- | :--- | :--- | | Asset-Related | 12,289,257.89 | 8,693,890.72 | | Income-Related | 13,832,408.8 | 35,811,166.56 | | **Total** | **26,121,666.69** | **44,505,057.28** | [Risks Related to Financial Instruments](index=148&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages market, credit, and liquidity risks through monitoring exchange rates, adjusting financial instrument proportions, assessing credit, and forecasting cash flows - The company's main financial instruments include debt investments, accounts receivable, and accounts payable[403](index=403&type=chunk) - Foreign exchange risk primarily arises from export business, and the company closely monitors the impact of exchange rate fluctuations[403](index=403&type=chunk) - Interest rate risk is managed by determining the proportion of fixed and floating rate financial instruments[406](index=406&type=chunk) - Credit risk is prevented by assessing new customer credit, quarterly monitoring existing customer credit ratings, and accounts receivable aging[408](index=408&type=chunk) - Liquidity risk is managed by monitoring cash balances, marketable securities, and 12-month cash flow forecasts to ensure sufficient funds, and by utilizing various financing methods[409](index=409&type=chunk) [Disclosure of Fair Value](index=150&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of assets and liabilities, totaling **228 million yuan**, including trading financial assets and notes receivable financing, determined by market prices and valuation techniques Fair Value of Assets Measured at Fair Value at Period-End | Item | Level 2 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 1,778,046.20 | 0 | 1,778,046.20 | | Other Equity Instrument Investments | 0 | 23,980,812.36 | 23,980,812.36 | | Other Non-Current Financial Assets | 0 | 6,800,000.00 | 6,800,000.00 | | Notes Receivable Financing | 0 | 195,632,987.90 | 195,632,987.90 | | **Total Assets Continuously Measured at Fair Value** | **1,778,046.20** | **226,413,800.26** | **228,191,846.46** | - The fair value of derivative financial assets is determined based on the settlement price of futures contracts on the futures exchange[414](index=414&type=chunk) - The fair value of non-current financial assets and other equity instrument investments is determined based on valuation techniques; the fair value of notes receivable financing (bank acceptance bills) is determined based on the face amount[415](index=415&type=chunk) [Related Parties and Related Party Transactions](index=151&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section identifies key related parties and discloses transactions, including equipment and electricity procurement, and guarantees provided by the company for subsidiaries and by related parties for the company - Key related parties include the company's director and general manager Zheng Hongxia, deputy general manager Gong Haixia, actual controller Dou Baosen and his spouse Wang Bingying, and other enterprises they control or hold positions in[417](index=417&type=chunk) Related Party Transactions for Purchase/Sale of Goods/Acceptance of Services | Related Party | Content of Related Party Transaction | Current Period (yuan) | | :--- | :--- | :--- | | Hubei Sanjiang Aerospace Jiangbei Mechanical Engineering Co., Ltd. | Equipment Procurement | 50,176.99 | | Cairui Electronics (Zhucheng) Co., Ltd. | Electricity Procurement | 200,671.24 | - The company provided guarantees for subsidiaries including Shandong Daye New Material Co., Ltd., Shandong Shengtong Steel Cord Co., Ltd., and Shandong Daye New Energy Co., Ltd., with a total guarantee amount of **1.123 billion yuan**[422](index=422&type=chunk)[67](index=67&type=chunk) - The company received guarantees from related parties including Dou Baosen, Dou Yong, Gong Haixia, and Wang Bingying, with a total guarantee amount exceeding **1 billion yuan**[423](index=423&type=chunk)[424](index=424&type=chunk) - The company borrowed **20 million yuan** from Cairui Electronics (Zhucheng) Co., Ltd.[426](index=426&type=chunk) [Notes to Parent Company Financial Statement Items](index=158&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes for parent company financial statement items, including accounts receivable (**1.186 billion yuan**), long-term equity investments (**2.086 billion yuan**), operating revenue (**1.906 billion yuan**), and investment income (**3.65 million yuan**) - The parent company's accounts receivable book balance at period-end was **1.186 billion yuan**, with **98.54%** having an aging of less than 1 year, and total bad debt provisions of **71.05 million yuan**[432](index=432&type=chunk)[433](index=433&type=chunk)[439](index=439&type=chunk) - The parent company's other receivables book balance at period-end was **124 million yuan**, mainly including intercompany fund transfers, business deposits, and wind power project deposits[445](index=445&type=chunk)[448](index=448&type=chunk) - The parent company's long-term equity investments book value at period-end was **2.086 billion yuan**, mainly including investments in subsidiaries of **1.881 billion yuan** and investments in associates of **64.99 million yuan**[454](index=454&type=chunk)[456](index=456&type=chunk) - The parent company's operating revenue for the current period was **1.906 billion yuan**, operating cost was **1.737 billion yuan**, with main business revenue accounting for **98.42%**[459](index=459&type=chunk) - The parent company's investment income for the current period was **3.65 million yuan**, mainly from investment income from long-term equity investments accounted for using the equity method, gains from options and forward foreign exchange settlement and sales, and time deposit interest income[460](index=460&type=chunk) [Supplementary Information](index=169&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary financial information, including non-recurring gains and losses (**16.77 million yuan**), weighted average ROE (**2.00%**), and basic EPS (**0.12 yuan/share**) Detailed Statement of Non-Recurring Gains and Losses for the Current Period | Item | Amount (yuan) | | :--- | :--- | | Disposal Gains/Losses of Non-Current Assets | 2,493,903.69 | | Government Subsidies Recognized in Current Profit/Loss | 13,230,507.89 | | Fair Value Changes and Disposal Gains/Losses of Financial Assets and Liabilities Held by Non-Financial Enterprises | 3,373,799.01 | | Debt Restructuring Gains/Losses | 632,595.23 | | Other Non-Operating Income and Expenses | -2,250,298.26 | | Less: Income Tax Impact | 403,771.05 | | Minority Interest Impact (After Tax) | 302,792.45 | | **Total** | **16,773,944.06** | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average ROE (%) | Basic EPS (yuan) | Diluted EPS (yuan) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 2.00 | 0.12 | 0.12 | | Net Profit Attributable to Common Shareholders After Non-Recurring Items | 1.21 | 0.07 | 0.07 |

格隆汇8月18日丨大业股份(603278.SH)公布半年度报告，报告期内，公司实现营业收入252,126.77万 元，同比下降4.19%，实现归属于母公司股东的净利润4,239.79万元，同比扭亏，实现扣除非经常性损 益后的净利润2562.39万元，较去年同期扭亏为盈。2025年上半年，公司充分发挥核心技术优势，进一 步加大市场开拓力度，产品销量同比增加，同时持续加强对原材料采购成本、生产成本、运输成本的管 控，提高产品毛利率，整体盈利能力提升。 ...

Core Insights - The development of tendon ropes, a key component of cable-driven robots, is accelerating among listed companies and startups to meet future demands in robotics [1][2] Group 1: Industry Overview - Cable-driven robots are characterized by their lightweight, flexibility, high safety performance, energy efficiency, and strong biomimetic capabilities [1] - Current prototypes of cable-driven robots have been developed by various companies, including a university's octopus-like robotic arm capable of handling fragile and irregular objects [1] Group 2: Company Developments - Jiangsu Henghui Security Co., Ltd. is actively developing ultra-high molecular weight polyethylene fibers for use in robotic tendons, having completed multiple rounds of sample testing with leading robotics firms [2] - Shandong Daye Co., Ltd. is focusing on the development of metal tendons for cable-driven robots, having received small batch orders based on their research in high-performance steel wire [2] - Shandong Nanshan Zhishang Technology Co., Ltd. is producing ultra-high molecular weight polyethylene fibers with properties suitable for robotics, and is in the process of sending samples to various downstream robotics companies [2] Group 3: Material Innovations - Some companies are exploring carbon fiber materials for tendon development due to their superior tensile strength, corrosion resistance, and fatigue performance compared to metals and polymers [3]

证券时报·数据宝统计，截至今日上午收盘，上证综指3567.02点，收于半年线之上，涨跌幅0.20%，A股 总成交额为9323.22亿元。到目前为止，今日有89只A股价格突破了半年线，其中乖离率较大的个股有盟 升电子、金杨股份、百傲化学等，乖离率分别为4.81%、3.91%、3.74%；启明信息、大业股份、片仔癀 等个股乖离率较小，刚刚站上半年线。 8月4日突破半年线个股乖离率排名 | 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 半年线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 688311 | 盟升电 子 | 6.33 | 4.01 | 37.68 | 39.49 | 4.81 | | 301210 | 金杨股 份 | 5.81 | 10.97 | 42.39 | 44.05 | 3.91 | | 603360 | 百傲化 学 | 6.19 | 2.38 | 20.51 | 21.28 | 3.74 | | 002625 | 光启技 术 | ...

金融界消息 截至2025年7月30日收盘，大业股份（603278）报收于10.0元，下跌1.77%，换手率3.26%， 成交量11.15万手，成交金额1.12亿元。 资金流向方面，今日主力资金净流出2251.38万元，占比成交额20.11%。其中，超大单净流出1659.49万 元、占成交额14.82%，大单净流出591.89万元、占成交额5.29%，中单净流出流出800.36万元、占成交 额7.15%，小单净流入3051.74万元、占成交额27.25%。 大业股份最新一期业绩显示，截至2025一季报，公司营业总收入12.10亿元、同比减少2.33%，归属净利 润492.87万元，同比减少29.81%，扣非净利润395.89万元，同比减少215.94%，流动比率0.910、速动比 率0.756、资产负债率74.56%。 天眼查商业履历信息显示，山东大业股份有限公司，成立于2003年，位于潍坊市，是一家以从事金属制 品业为主的企业。企业注册资本34175.9392万人民币，实缴资本9800万人民币。公司法定代表人为窦 勇。 通过天眼查大数据分析，山东大业股份有限公司共对外投资了18家企业，参与招投标项目37次，知 ...