登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603356 证券简称：华菱精工 公告编号：2025-027 宣城市华菱精工科技股份有限公司 关于参加2025年安徽辖区上市公司投资者网上集体接待日活动的公告 特此公告！ 宣城市华菱精工科技股份有限公司 2025年9月12日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 为进一步加强与投资者的互动交流，宣城市华菱精工科技股份有限公司（以下简称"公司"）将参加由安 徽证监局指导，安徽上市公司协会与深圳市全景网络有限公司联合举办的"2025年安徽上市公司投资者 网上集体接待日"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站（https://rs.p5w.net），或关注微信 公众号：全景财经，或下载全景路演APP,参与本次互动交流，活动时间为2025年9月15日（周一） 15:00-17:00。届时公司高管将在线就公司业绩、公司治理、发展战略、经营状况、融资计划、股权激励 和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ ...

特此公告！ 宣城市华菱精工科技股份有限公司 2025 年 9 月 12 日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，宣城市华菱精工科技股份有限公司（以 下简称"公司"）将参加由安徽证监局指导，安徽上市公司协会与深圳市全景网络 有限公司联合举办的"2025 年安徽上市公司投资者网上集体接待日"，现将相关事 项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP,参与 本次互动交流，活动时间为 2025 年 9 月 15 日（周一）15:00-17:00。届时公司高 管将在线就公司业绩、公司治理、发展战略、经营状况、融资计划、股权激励和 可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊 跃参与！ 证券代码：603356 证券简称：华菱精工 公告编号：2025-027 宣城市华菱精工科技股份有限公司 关于参加 2025 年安徽辖区上市公司投资者 网上集体接待日活动的公告 ...

Group 1 - Kone Elevator announced a significant investment plan in the Guangdong-Hong Kong-Macao Greater Bay Area, including the establishment of a southern headquarters, R&D center, and smart logistics and assembly center in Shenzhen, focusing on modernization and digital maintenance services [1][11] - The Chinese elevator market has the largest elevator ownership globally, with international brands like Kone and Otis holding about 70% market share, while domestic brands account for only around 30% [2][5] - The elevator industry has faced revenue declines due to a slowdown in real estate demand, leading to increased competition and price wars among companies [2][4] Group 2 - In the first half of 2025, 10 out of 12 listed elevator companies in China reported revenue declines, with Shanghai Mechanical and Guangri shares experiencing decreases of 6.41% and 3.05%, respectively [3][4] - The total revenue of 12 A-share elevator companies in the first half of 2025 was 18.125 billion yuan, marking a five-year low compared to over 22 billion yuan in the same period in 2021 [3][4] - The demand for elevator maintenance and modernization is expected to grow, with over 1.2 million elevators in use and more than 1 million old elevators exceeding 15 years of service [9][10] Group 3 - Domestic brands are increasingly focusing on digitalization and smart technology to enhance competitiveness, with significant investments in R&D for IoT and AI applications [5][6] - Companies like Kone and Guangri are implementing smart elevator cloud service platforms and optimizing business structures to improve profitability [6][9] - The Chinese government is supporting the modernization of old elevators through special long-term bonds, with 6.2 billion yuan allocated for updating over 41,000 residential elevators [10][11]

Core Insights - Hualing Precision Engineering (603356.SH) released its semi-annual report for 2025 on August 28, 2025, indicating a total of 18.3946 million A-shares held by institutional investors, accounting for 13.80% of the company's total share capital [1] - The report shows a decrease of 1.42 percentage points in the proportion of shares held by institutional investors compared to the previous quarter [1] Institutional Holdings - As of August 27, 2025, four institutional investors disclosed their holdings in Hualing Precision Engineering [1] - The institutional investors include Jiedeng Zero Carbon (Jiangsu) New Energy Technology Co., Ltd., Hangzhou Xuanwu Investment Management Co., Ltd. - Xuanwu Steady 3 Private Securities Investment Fund, Shannan Yuntuo Cultural Media Co., Ltd., and Tibet Xingrui Enterprise Management Service Co., Ltd. [1] - The total holding by these institutional investors represents a significant stake in the company, although it has decreased from the previous quarter [1]

Section 1: Important Notes - The semi-annual report summary is derived from the full semi-annual report, and investors are encouraged to read the complete report for a comprehensive understanding of the company's operational results, financial status, and future development plans [1] - The company's board of directors, supervisory board, and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report, and they bear individual and joint legal responsibility for any false records, misleading statements, or significant omissions [1] - All directors attended the board meeting [1] - The semi-annual report has not been audited [1] - The profit distribution plan or capital reserve transfer to share capital plan approved by the board of directors for this reporting period is not applicable [1] Section 2: Company Overview - Company profile and basic information are provided [2] - Key financial data is presented in RMB [2] - The top 10 shareholders' shareholding situation is detailed [2] - There are no applicable details regarding the total number of preferred shareholders or the top 10 preferred shareholders [2] - There is no change in the controlling shareholder or actual controller [2] - There are no applicable details regarding the bonds in existence as of the report approval date [2] Section 3: Important Matters - The company is required to explain significant changes in its operational situation during the reporting period, as well as any matters that have had or are expected to have a significant impact on the company's operations [3]

Core Viewpoint - The stock price of Hualing Precision Engineering has decreased, reflecting challenges in its financial performance and market conditions [1] Company Summary - Hualing Precision Engineering's stock price is reported at 13.34 yuan, down by 0.51 yuan from the previous trading day, with a trading volume of 61,306 hands and a transaction amount of 0.83 billion yuan [1] - The company specializes in the research, development, production, and sales of elevator counterweight products and sheet metal products, with applications in the elevator manufacturing sector and involvement in renewable energy fields such as wind and solar power [1] Financial Performance - According to the company's 2025 semi-annual report, it achieved an operating revenue of 4.45 billion yuan, representing a year-on-year decline of 20.48% [1] - The net profit attributable to shareholders of the listed company was -0.46 billion yuan, indicating an expanded loss compared to the same period last year [1] - The basic earnings per share were reported at -0.35 yuan [1]

Core Viewpoint - Hualing Precision Engineering (603356.SH) reported a significant decline in revenue and net profit for the first half of 2025, indicating potential challenges in its operational performance [1] Financial Performance - The company achieved an operating revenue of 445 million yuan, representing a year-on-year decrease of 20.48% [1] - The net profit attributable to shareholders of the listed company was -46 million yuan, with a net profit of -46 million yuan after deducting non-recurring gains and losses [1] - The basic earnings per share were -0.35 yuan [1]

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This section provides critical declarations, profit distribution plans, forward-looking statements, and risk warnings [Management Statement](index=2&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%82%E5%A3%B0%E6%98%8E) The Board, Supervisory Board, and senior management declare the semi-annual report's truthfulness, accuracy, and completeness, assuming legal responsibility - Management guarantees the report's truthfulness, accuracy, and completeness, assuming legal responsibility[3](index=3&type=chunk) - All company directors attended the board meeting[4](index=4&type=chunk) - This semi-annual report is unaudited[5](index=5&type=chunk) - The company's head, chief accountant, and head of accounting department declare the financial report is true, accurate, and complete[5](index=5&type=chunk) [Profit Distribution Plan](index=2&type=section&id=%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88) No profit distribution or capital reserve capitalization plan is applicable for this reporting period - The profit distribution plan or capital reserve capitalization plan is not applicable for this reporting period[6](index=6&type=chunk) [Risk Statement for Forward-Looking Statements](index=2&type=section&id=%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) Forward-looking statements in this report, including future plans, do not constitute substantive commitments, and investors should be aware of investment risks - Forward-looking statements in the report do not constitute substantive commitments, and investors should be aware of investment risks[6](index=6&type=chunk) [Non-Operating Fund Occupation and External Guarantees](index=2&type=section&id=%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E8%B5%84%E9%87%91%E5%8D%A0%E7%94%A8%E4%B8%8E%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D) The company has no non-operating fund occupation by controlling shareholders or related parties, nor any external guarantees violating regulatory procedures - There is no non-operating fund occupation by controlling shareholders or other related parties[7](index=7&type=chunk) - There are no external guarantees provided in violation of prescribed decision-making procedures[7](index=7&type=chunk) [Significant Risk Warning](index=2&type=section&id=%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company has detailed potential risks in this report, specifically referring to "Section III Management Discussion and Analysis" for related content - The company has detailed potential risks in "Section III Management Discussion and Analysis"[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section provides definitions for commonly used terms within the report [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, reporting period, and controlling parties - Reporting Period: January 1, 2025, to June 30, 2025[15](index=15&type=chunk) - Controlling Shareholder: Mr. Huang Yehua, directly holding **18.62%** of the company's equity[15](index=15&type=chunk) - Actual Controllers: Huang Yehua, Huang Chao, Ma Xiping[15](index=15&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides the company's basic information and key financial performance indicators [Company Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section discloses the company's basic information, including its Chinese name and legal representative - Company Chinese Name: Xuancheng Hualing Precision Engineering Technology Co., Ltd[13](index=13&type=chunk) - Company Chinese Abbreviation: Hualing Precision Engineering[13](index=13&type=chunk) - Legal Representative: Huang Chao[13](index=13&type=chunk) [Contact Person and Information](index=4&type=section&id=%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the company's Board Secretary - Board Secretary: Yan Kaidan[14](index=14&type=chunk) - Contact Number: 0563-7798808[14](index=14&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section discloses the company's addresses and website, with no changes during the reporting period - Company Registered Address: Langmei Road, Meizhu Town, Langxi County, Xuancheng City, Anhui Province[17](index=17&type=chunk) - Company Website: www.xchualing.com[17](index=17&type=chunk) - There were no historical changes to the company's registered address during the reporting period[17](index=17&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section details information disclosure channels and report storage, with no changes - Information Disclosure Newspapers: China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily[18](index=18&type=chunk) - Website for Semi-Annual Report Publication: http://www.sse.com.cn[18](index=18&type=chunk) - Company Semi-Annual Report Storage Location: Board of Directors Office[18](index=18&type=chunk) [Brief Introduction to Company Shares](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides information on the company's stock type, listing exchange, and code - Stock Type: A-shares[19](index=19&type=chunk) - Stock Exchange: Shanghai Stock Exchange[19](index=19&type=chunk) - Stock Abbreviation: Hualing Precision Engineering[19](index=19&type=chunk) - Stock Code: 603356[19](index=19&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Operating revenue decreased by **20.48%**, net profit was negative, and assets declined 2025 Semi-Annual Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 444,619,698.29 | 559,121,993.79 | -20.48 | | Total Profit | -57,182,761.46 | -48,802,907.26 | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company | -46,107,474.34 | -39,277,219.86 | Not Applicable | | Net Cash Flow from Operating Activities | -48,375,828.98 | -76,196,436.28 | Not Applicable | | | End of Current Period (RMB) | End of Prior Year (RMB) | Change from End of Prior Year (%) | | Net Assets Attributable to Shareholders of Listed Company | 407,168,774.77 | 450,197,016.63 | -9.56 | | Total Assets | 1,377,619,320.58 | 1,433,143,569.57 | -3.87 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | -0.35 | -0.30 | Not Applicable | | Diluted Earnings Per Share (RMB/share) | -0.35 | -0.30 | Not Applicable | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (RMB/share) | -0.35 | -0.29 | Not Applicable | | Weighted Average Return on Net Assets (%) | -10.79 | -6.07 | Decrease of 4.72 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -10.84 | -5.95 | Decrease of 4.89 percentage points | [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Total non-recurring gains and losses amounted to **RMB 181,146.31**, primarily from asset disposal and government grants 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 79,835.84 | | Government grants recognized in current profit or loss | 521,994.84 | | Gains and losses from changes in fair value and disposal of financial assets and liabilities | -43,259.45 | | Other non-operating income and expenses apart from the above | -535,740.18 | | Less: Income tax impact | 100,326.47 | | Minority interest impact (after tax) | -258,641.73 | | **Total** | **181,146.31** | [Section III Management Discussion and Analysis](index=6&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section discusses the company's industry, main business operations, and financial performance during the reporting period [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=6&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company primarily researches, develops, produces, and sells elevator components, sheet metal parts, and new energy accessories, while also expanding into elevator energy storage, facing a slowing and competitive elevator market with new growth in old elevator upgrades and maintenance - Company's main business: Research, development, production, and sales of elevator components, sheet metal processing, and new energy accessories[26](index=26&type=chunk) - New business: Investment in and establishment of Hangzhou Juzhun Cloud Energy Storage Technology Co., Ltd., a controlled subsidiary, to expand into elevator energy storage business[27](index=27&type=chunk) - Elevator industry status: China is the world's largest elevator producer and consumer, but demand for new elevators is slowing, while old elevator upgrades and maintenance services are continuously increasing[33](index=33&type=chunk) - Market data: As of the end of 2024, China's elevator stock exceeded **11 million units**, with approximately **900,000 old elevators** over 15 years old[34](index=34&type=chunk) - Policy support: **RMB 18 billion** in ultra-long-term special government bonds are allocated in 2025 to support the renovation of **120,000 old elevators**[34](index=34&type=chunk) [Discussion and Analysis of Operations](index=8&type=section&id=%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) Facing a slowing and competitive elevator industry, the company actively optimizes management, develops new products, and expands new energy businesses to seek growth - Operational pressure: The elevator industry faces slowing demand and intense competition[34](index=34&type=chunk) - Strategic direction: Stabilize the core elevator business through cost reduction and efficiency improvement, and deeply expand into new energy fields such as wind power accessories, photovoltaic brackets, new energy sheet metal, and elevator energy storage[34](index=34&type=chunk) - R&D focus: Industrial steel wire ropes, high-speed elevator ropes, flexible roof brackets, distributed trackers, overseas balcony photovoltaic systems, and new energy battery sheet metal components[35](index=35&type=chunk) - Market expansion: Hualing New Energy Co. is developing differentiated strategies for emerging photovoltaic markets in Southeast Asia and the Middle East[35](index=35&type=chunk) - Resource optimization: Ceased investment in Anhui Hualing New Energy Technology Co., Ltd., and deregistered Jiangsu Huaxin and Jiangsu Huaxin Energy Storage to reduce management costs[37](index=37&type=chunk) - Cost control: Implemented cost reduction and control measures through supply chain management, process optimization, strict expense budget control, and waste material recycling[38](index=38&type=chunk) - New business synergy: Jointly invested with Juzhun Holdings and Tiedian Company to establish Hangzhou Juzhun Cloud Energy Storage Technology Co., Ltd., to promote market expansion of elevator energy storage products[39](index=39&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=9&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) Core competitiveness remains stable, driven by technology, customer resources, and quality - Core competitiveness remains largely unchanged, encompassing technological development, customer resources, scaled production, market layout, management talent, and product quality[41](index=41&type=chunk) - Technological development advantage: High-tech enterprise with **233 intellectual property rights** (**52 invention patents**), demonstrating continuous innovation[42](index=42&type=chunk) - High-quality customer advantage: Established long-term partnerships with globally renowned elevator companies, major domestic intelligent stereo garage, wind power, and photovoltaic bracket enterprises[43](index=43&type=chunk) - Scaled customized production advantage: Possesses rapid response capabilities for "customization," "multi-variety," and "small-batch" orders[44](index=44&type=chunk) - Localized production and distribution advantage: Production bases in Anhui, Guangzhou, Chongqing, Tianjin, Changzhou, and Wuxi enable rapid response and reduced logistics costs[45](index=45&type=chunk) - Product quality advantage: Certified with ISO 9001:2015 and ISO 14001:2015, ensuring stable product quality[47](index=47&type=chunk) [Main Operating Conditions During the Reporting Period](index=11&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) Operating revenue decreased by **20.48%**, expenses declined, and financing cash flow turned positive [Analysis of Main Business](index=11&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Revenue and costs decreased, expenses were reduced, and cash flows improved 2025 Semi-Annual Financial Statement Related Account Changes Analysis | Account | Current Period (RMB) | Prior Year Period (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 444,619,698.29 | 559,121,993.79 | -20.48 | Overall market downturn, reduced sales orders, lower selling prices | | Operating Cost | 439,518,934.39 | 531,029,863.57 | -17.23 | Reduced sales orders, corresponding decrease in sales costs | | Selling Expenses | 4,077,492.50 | 8,128,684.16 | -49.84 | Implemented cost-saving measures, reduced travel expenses and business entertainment | | Administrative Expenses | 36,067,313.55 | 41,155,855.56 | -12.36 | Decreased management consulting fees and depreciation of assets used for management | | Financial Expenses | 11,235,208.99 | 12,053,411.40 | -6.79 | Reduced bank loans, decreased bank loan interest | | Research and Development Expenses | 9,739,018.58 | 11,848,493.41 | -17.80 | Reduced R&D projects, decreased R&D investment | | Net Cash Flow from Operating Activities | -48,375,828.98 | -76,196,436.28 | Not Applicable | Optimized production, sales, and collection strategies, improved collection efficiency, reduced period expenses | | Net Cash Flow from Financing Activities | 22,419,216.16 | -67,794,361.15 | Not Applicable | Share repurchase in prior year period, no such expenditure in current period | [Analysis of Assets and Liabilities](index=11&type=section&id=%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, cash and notes receivable decreased, while short-term borrowings and notes payable significantly increased 2025 Semi-Annual Asset and Liability Status Changes | Item Name | End of Current Period (RMB) | % of Total Assets at Period End | End of Prior Year (RMB) | % of Total Assets at Prior Year End | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 73,299,030.78 | 5.32 | 112,231,110.63 | 7.83 | -34.69 | Reduced cash collection from sales, repayment of working capital loans | | Notes Receivable | 27,352,992.36 | 1.99 | 48,332,941.52 | 3.37 | -43.41 | Reduced collection of matured notes | | Construction in Progress | 3,846,330.97 | 0.28 | 933,739.33 | 0.07 | 311.93 | Increased payments for equipment purchases | | Deferred Income Tax Assets | 12,944,054.98 | 0.94 | 6,996,777.77 | 0.49 | 85.00 | Recognition of deferred income tax assets corresponding to deductible losses | | Short-Term Borrowings | 275,112,222.22 | 19.97 | 165,252,296.45 | 11.53 | 66.48 | Increase in 1-year working capital loans | | Notes Payable | 65,000,000.00 | 4.72 | 11,000,000.00 | 0.77 | 490.91 | Increase in notes payable for letters of credit | | Other Payables | 62,604,866.71 | 4.54 | 28,824,352.60 | 2.01 | 117.19 | Increase in supply chain payables | | Contract Liabilities | 2,495,780.94 | 0.18 | 16,034,869.17 | 1.12 | -84.44 | Decrease due to recognition of pre-received goods payments as revenue | | Non-Current Liabilities Due Within One Year | 111,398,051.13 | 8.09 | 262,573,564.87 | 18.32 | -57.57 | Repayment of matured bank loans | | Long-Term Borrowings | 89,250,000.00 | 6.48 | 109,250,000.00 | 7.62 | -18.31 | Repayment of matured long-term borrowings | - Total restricted assets at period-end amounted to **RMB 73,163,785.71**, primarily comprising cash and bank balances, fixed assets, and intangible assets, with **RMB 1,100,000** of cash and bank balances serving as letter of credit margin[53](index=53&type=chunk) [Analysis of Investment Status](index=13&type=section&id=%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company established a new subsidiary to expand its elevator energy storage business - Newly established controlled subsidiary, Hangzhou Juzhun Cloud Energy Storage Technology Co., Ltd., with main business involving elevator energy storage product development, sales, and technical consulting[54](index=54&type=chunk) [Analysis of Major Holding and Participating Companies](index=14&type=section&id=%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Most subsidiaries reported negative net profits, reflecting industry pressure, while one achieved profitability Major Holding and Participating Companies Financial Status (2025 Semi-Annual) | Company Name | Registered Capital (RMB 10,000) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xuancheng Anhua Electromechanical Equipment Co., Ltd. | 800 | 378,119,474.52 | 132,380,317.87 | 118,041,750.15 | -15,186,060.40 | -11,340,415.81 | | Chongqing Hualing Elevator Accessories Co., Ltd. | 10,000 | 85,491,383.22 | 44,904,659.31 | 30,081,568.04 | -2,943,296.41 | -3,221,865.73 | | Guangzhou Hualing Elevator Accessories Co., Ltd. | 1,000 | 55,802,221.15 | 13,258,495.40 | 33,857,193.64 | -1,015,660.62 | -1,048,004.97 | | Wuxi General Steel Rope Co., Ltd. | 10,000 | 336,983,248.70 | 253,250,889.97 | 107,856,563.34 | -3,721,588.03 | -4,092,266.46 | | Liyang Hualing Precision Engineering Technology Co., Ltd. | 5,000 | 118,928,230.00 | -24,756,623.76 | 36,220,466.42 | -6,217,055.77 | -6,652,735.91 | | Anhui Hualing New Energy Co., Ltd. | 5,000 | 22,179,521.79 | 5,673,315.73 | 32,240,811.21 | -137,591.47 | -124,273.16 | | Tianjin Hualing Electromechanical Equipment Co., Ltd. | 1,500 | 25,665,246.14 | -31,653.74 | 16,202,126.07 | -2,167,045.78 | -2,167,045.68 | | Jiangsu Sans Wind Power Technology Co., Ltd. | 2,500 | 76,100,286.22 | 28,947,570.76 | 21,275,096.85 | 949,913.21 | 698,994.37 | | Liyang Anhua Precision Engineering Technology Co., Ltd. | 13,340.54 | 222,728,761.47 | 110,582,250.94 | 4,087,544.04 | -2,581,315.54 | -2,581,469.40 | | Xuancheng Huawei Wind Power Intelligent Co., Ltd. | 1,500 | 2,127,513.27 | 120,141.77 | 117,577.43 | -894,117.21 | -894,217.21 | | Anhui Hualing New Energy Technology Co., Ltd. | 1,000 | 2,595,429.21 | -12,343,380.13 | 0 | -579,837.39 | -579,837.39 | | Langxi Huazhan Machinery Manufacturing Co., Ltd. | 1,500 | 4,973,399.88 | 4,806,951.84 | 43,486.73 | -384,654.06 | -656,420.43 | [Other Disclosure Matters](index=19&type=section&id=%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces risks including customer concentration, new business development, and tight liquidity - Risk of customer concentration: A significant portion of sales is to core customers, which could adversely affect the company if these customers face operational difficulties or if the company fails to meet their evolving demands in a timely manner[61](index=61&type=chunk) - Risk of new business development falling short of expectations: The new energy industry chain business layout is subject to uncertainties from policy, market, capital, and technology factors[62](index=62&type=chunk) - Risk of rising raw material prices: Fluctuations in prices of major raw materials like steel and cast iron impact gross profit margin and profitability[63](index=63&type=chunk) - Risk of intensified market competition and lower-than-expected prosperity: The elevator industry is linked to real estate, experiencing slowing growth and fierce competition[65](index=65&type=chunk) - Risk of accounts receivable collection: Accounts receivable remain high, and ineffective collection or customer changes could lead to unrecoverable amounts[68](index=68&type=chunk) - Risk of tight liquidity: Potential for strained cash flow due to delayed accounts receivable collection or failure to renew loans in a timely manner[69](index=69&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=21&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section covers governance, profit distribution, employee incentives, and environmental information [Changes in Company Directors, Supervisors, and Senior Management](index=21&type=section&id=%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) No changes in directors, supervisors, or senior management during the reporting period - No changes in the company's directors, supervisors, or senior management during the reporting period[72](index=72&type=chunk) [Profit Distribution or Capital Reserve Capitalization Plan](index=21&type=section&id=%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The proposed semi-annual profit distribution and capitalization plan is "No" - The proposed semi-annual profit distribution plan and capital reserve capitalization plan is "No"[72](index=72&type=chunk) - The number of bonus shares, cash dividends, and capitalization shares per 10 shares is **0**[72](index=72&type=chunk) [Company Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=21&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD) No equity incentive or employee incentive measures were applicable during the reporting period - No equity incentive, employee stock ownership plan, or other employee incentive measures were applicable to the company during the reporting period[73](index=73&type=chunk) [Environmental Information Disclosure](index=21&type=section&id=%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) A subsidiary was fined **RMB 384,000** for environmental violations and is actively rectifying the issue - Liyang Hualing Precision Engineering Technology Co., Ltd. was included in the list of enterprises required to disclose environmental information by law[73](index=73&type=chunk) - On June 5, 2025, Liyang Hualing Precision Engineering Technology Co., Ltd. was fined **RMB 384,000** for "significant changes in the production process of its elevator steel wire rope project without re-applying for environmental protection facility acceptance procedures"[74](index=74&type=chunk) - The company is actively rectifying the issues as required by the penalty[74](index=74&type=chunk) [Section V Significant Matters](index=23&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details commitments, fund occupation, guarantees, litigation, penalties, integrity, and related party transactions [Fulfillment of Commitments](index=23&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) Actual controllers and management have strictly fulfilled commitments regarding competition, related party transactions, and returns - The actual controllers committed to resolving horizontal competition, ensuring they do not engage in businesses that compete with the company, and this commitment remains continuously effective[77](index=77&type=chunk)[78](index=78&type=chunk) - The actual controllers committed to resolving related party transactions, avoiding and reducing them, and conducting them on fair terms with proper approval procedures when unavoidable[78](index=78&type=chunk)[79](index=79&type=chunk) - Shangrao Juzhun and Zheng Jianbo committed not to overstep their authority in interfering with company operations, not to infringe upon company interests, and to implement measures to compensate for returns[79](index=79&type=chunk) - All company directors and senior management committed not to transfer benefits without compensation, to restrain job-related consumption, to comply with codes of conduct, and to support measures to compensate for returns[80](index=80&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=26&type=section&id=%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) 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[81](index=81&type=chunk) [Illegal Guarantees](index=26&type=section&id=%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) No illegal guarantees were provided by the company during the reporting period - During the reporting period, there were no illegal guarantees provided by the company[81](index=81&type=chunk) [Significant Litigation and Arbitration Matters](index=27&type=section&id=%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company had no significant litigation or arbitration matters - The company had no significant litigation or arbitration matters during this reporting period[82](index=82&type=chunk) [Listed Company and Related Personnel Suspected of Violations, Penalties, and Rectification](index=27&type=section&id=%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E7%9B%B8%E5%85%B3%E4%BA%BA%E5%91%98%E6%B6%89%E5%AB%8C%E8%BF%9D%E6%B3%95%E8%BF%9D%E8%A7%84%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company and related persons received a regulatory warning from the SSE for various violations and disclosed a rectification report - On January 14, 2025, the company received a regulatory warning from the Shanghai Stock Exchange[82](index=82&type=chunk) - Violations included: non-operating fund occupation of **RMB 9.45 million**, undisclosed related party transactions, irregular management and use of raised funds, non-compliant annual report information disclosure, and irregular corporate governance[82](index=82&type=chunk) - Responsible persons: Luo Xu (former Chairman, General Manager, and Board Secretary), He Deyong (former CFO), Huang Yehua (former Chairman)[83](index=83&type=chunk) - The company disclosed the "Rectification Report on the Administrative Regulatory Measures Decision by Anhui Securities Regulatory Bureau" on January 23, 2025[83](index=83&type=chunk) [Integrity Status of the Company, Controlling Shareholders, and Actual Controllers](index=28&type=section&id=%E5%85%AC%E5%8F%B8%E5%8F%8A%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company and its controlling parties operated with integrity, with no unfulfilled judgments or overdue debts - During the reporting period, the company, its controlling shareholders, and actual controllers operated with integrity and compliance[84](index=84&type=chunk) - There were no unfulfilled effective court judgments or overdue significant debts[84](index=84&type=chunk) [Significant Related Party Transactions](index=28&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company approved related party transaction quotas and plans to issue A-shares to raise funds for working capital and debt repayment - The "Proposal on Estimating the 2025 Annual Ordinary Related Party Transaction Quota" was approved at the General Meeting on June 27, 2025[85](index=85&type=chunk) - The company plans to issue no more than **40,000,000 A-shares** to specific investors, raising a total of no more than **RMB 453.20 million**[88](index=88&type=chunk) - The raised funds are intended entirely for supplementing working capital and repaying interest-bearing debts, aiming to enhance the company's financial strength, solidify business development foundations, and strengthen core competitiveness and profitability[88](index=88&type=chunk) [Significant Contracts and Their Fulfillment](index=30&type=section&id=%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) Total guarantee balance for subsidiaries was **RMB 161,000,000.00**, representing **35.76%** of net assets Company Total Guarantee Status (2025 Semi-Annual) | Indicator | Amount (RMB) | Percentage (%) | | :--- | :--- | :--- | | Total guarantees provided to subsidiaries during the reporting period | 71,000,000.00 | - | | Total guarantee balance for subsidiaries at the end of the reporting period (B) | 161,000,000.00 | - | | Total Guarantees (A+B) | 161,000,000.00 | - | | Percentage of total guarantees to company's net assets | - | 35.76 | | Debt guarantees provided directly or indirectly to guaranteed entities with an asset-liability ratio exceeding 70% (D) | 35,000,000.00 | - | - All guarantees were provided by the company for its wholly-owned and controlled subsidiaries[91](index=91&type=chunk) [Section VI Share Changes and Shareholder Information](index=32&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital and information regarding its shareholders [Changes in Share Capital](index=32&type=section&id=%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) No changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[93](index=93&type=chunk) [Shareholder Information](index=32&type=section&id=%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) The company had **10,483** shareholders; the largest shareholder's shares were mostly frozen - Total number of common shareholders at the end of the reporting period: **10,483** households[94](index=94&type=chunk) Top Ten Shareholders' Shareholding Status at the End of the Reporting Period | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Share Status | Quantity (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Huang Yehua | 24,823,542 | 18.62 | Frozen | 17,856,232 | Domestic Natural Person | | Jiedeng Zero Carbon (Jiangsu) New Energy Technology Co., Ltd. | 12,667,300 | 9.50 | Marked/Frozen | 7,000,000/5,667,300 | Domestic Non-State-Owned Legal Person | | Yuan Fumin | 4,968,000 | 3.73 | Unrestricted | - | Domestic Natural Person | | Huang Chao | 3,864,475 | 2.90 | Unrestricted | - | Domestic Natural Person | | Zheng Jianbo | 3,398,000 | 2.55 | Unrestricted | - | Domestic Natural Person | | Hu Muhua | 3,000,000 | 2.25 | Unrestricted | - | Domestic Natural Person | | Hangzhou Xuanwu Investment Management Co., Ltd. - Xuanwu Stable No. 3 Private Securities Investment Fund | 2,264,200 | 1.70 | Unrestricted | - | Other | | He Kankan | 2,231,500 | 1.67 | Unrestricted | - | Domestic Natural Person | | Shannan Yuntu Culture Media Co., Ltd. | 2,100,000 | 1.57 | Unrestricted | - | Domestic Non-State-Owned Legal Person | | Tibet Xingrui Enterprise Management Service Co., Ltd. | 1,363,100 | 1.02 | Unrestricted | - | Domestic Non-State-Owned Legal Person | - The company's share repurchase special account held **6,373,000 shares**, accounting for **4.78%** of the total share capital[97](index=97&type=chunk) - Huang Yehua and Huang Chao are father and son, and Huang Yehua and Hu Muhua constitute a concerted action relationship[97](index=97&type=chunk) [Information on Directors, Supervisors, and Senior Management](index=34&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) No changes in shareholdings or equity incentives for directors, supervisors, and senior management - During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management[98](index=98&type=chunk) - During the reporting period, the company's directors, supervisors, and senior management were not granted any equity incentives[98](index=98&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=34&type=section&id=%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) No changes in the company's controlling shareholder or actual controller - During the reporting period, there were no changes in the company's controlling shareholder or actual controller[98](index=98&type=chunk) [Section VII Bond-Related Information](index=35&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms the absence of company bonds and convertible corporate bonds [Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=35&type=section&id=%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) No corporate bonds or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[100](index=100&type=chunk) [Convertible Corporate Bonds](index=35&type=section&id=%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E6%83%85%E5%86%B5) No convertible corporate bonds during the reporting period - During the reporting period, the company had no convertible corporate bonds[100](index=100&type=chunk) [Section VIII Financial Report](index=36&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents unaudited financial statements, accounting policies, taxes, and detailed financial item notes [Audit Report](index=36&type=section&id=%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is unaudited[102](index=102&type=chunk) [Financial Statements](index=36&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides consolidated and parent company financial statements reflecting period-end financial position and operating results - The consolidated balance sheet shows total assets of **RMB 1,377,619,320.58** and net assets attributable to shareholders of the listed company of **RMB 407,168,774.77**[103](index=103&type=chunk)[105](index=105&type=chunk) - The consolidated income statement shows total operating revenue of **RMB 444,619,698.29** and net profit attributable to parent company shareholders of **RMB -46,107,474.34**[110](index=110&type=chunk)[112](index=112&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **RMB -48,375,828.98** and net cash flow from financing activities of **RMB 22,419,216.16**[118](index=118&type=chunk)[119](index=119&type=chunk) [Company Basic Information](index=57&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company, established in 2005 and listed in 2018, primarily produces elevator accessories - The company was established on September 7, 2005[137](index=137&type=chunk) - Listed on the Shanghai Stock Exchange on January 24, 2018, with a total share capital of **133,340,000 shares**[137](index=137&type=chunk) - Main business: Production and sales of elevator accessory products (sheet metal parts, counterweights, elevator ropes, elevator compensation cables, and other steel structure products), as well as elevator repair and maintenance accessory products[138](index=138&type=chunk) - Legal Representative: Huang Chao[139](index=139&type=chunk) [Basis for Preparation of Financial Statements](index=57&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) Financial statements are prepared on a going concern basis, adhering to accounting standards and CSRC regulations - Financial statements are prepared on a going concern basis[141](index=141&type=chunk)[142](index=142&type=chunk) - Prepared in accordance with Enterprise Accounting Standards and the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities No. 15 - General Provisions for Financial Reports" (Revised 2023)[141](index=141&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=57&type=section&id=%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details accounting policies and estimates for receivables, inventory, fixed assets, and revenue recognition - Statement of compliance with Enterprise Accounting Standards: Financial statements comply with Enterprise Accounting Standards requirements, truly and completely reflecting the financial position[144](index=144&type=chunk) - Accounting period: From January 1 to December 31 of the Gregorian calendar year[145](index=145&type=chunk) - Materiality standards: Accounts receivable for which bad debt provisions are individually recognized are above **RMB 2 million**, significant construction in progress is above **RMB 5 million**, and significant cash flows from investment activities are above **RMB 10 million**[148](index=148&type=chunk) - Financial asset classification: Measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[161](index=161&type=chunk) - Provision for bad debts on accounts receivable: Classified by aging, **5.00%** for within 1 year, **20.00%** for 1-2 years, **50.00%** for 2-3 years, and **100.00%** for over 3 years[177](index=177&type=chunk) - Fixed asset depreciation: Buildings and structures **20 years**, machinery and equipment **5-10 years**, tools and fixtures **5 years**, transportation equipment **5 years**, office equipment **5 years**, with a residual value rate of **5%** for all[225](index=225&type=chunk) - Revenue recognition: Revenue is recognized when the customer obtains control of the related goods or services, generally upon receipt of the customer's signed delivery confirmation[240](index=240&type=chunk)[245](index=245&type=chunk) [Taxation](index=82&type=section&id=%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT and corporate income tax, with various tax incentives applied - Main tax types and rates: Value-added tax **13%**, **9%**, **6%**; Urban Maintenance and Construction Tax **7%**, **5%**; Corporate Income Tax **25%**, **20%**, **15%**[257](index=257&type=chunk) - Xuancheng Hualing Precision Engineering Technology Co., Ltd., Jiangsu Sans Wind Power Technology Co., Ltd., and Wuxi General Steel Rope Co., Ltd. are subject to a **15%** corporate income tax preferential rate[258](index=258&type=chunk) - Some subsidiaries enjoy preferential corporate income tax policies for small and micro enterprises, where the portion of annual taxable income not exceeding **RMB 1 million** is reduced by **25%** and taxed at a **20%** rate[259](index=259&type=chunk) - Corporate R&D expense super deduction policy: For expenses not forming intangible assets, **100%** is super deducted before tax; for expenses forming intangible assets, **200%** of the cost is amortized before tax[259](index=259&type=chunk) - Advanced manufacturing enterprises VAT super deduction policy: From January 1, 2023, to December 31, 2027, a **5%** super deduction is allowed against payable VAT[260](index=260&type=chunk) [Notes to Consolidated Financial Statement Items](index=83&type=section&id=%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details period-end balances and changes for assets, liabilities, equity, and profit/loss items - Cash and bank balances at period-end amounted to **RMB 73,299,030.78**, of which **RMB 1,100,000** was for letter of credit margin[264](index=264&type=chunk) - Accounts receivable at period-end amounted to **RMB 334,511,698.27**, with a bad debt provision of **RMB 30,247,008.97**[276](index=276&type=chunk)[277](index=277&type=chunk) - Inventory book value at period-end was **RMB 122,409,924.82**, with an inventory depreciation provision of **RMB 7,620,760.81**[313](index=313&type=chunk) - Fixed assets book value at period-end was **RMB 469,991,844.58**[330](index=330&type=chunk) - Short-term borrowings at period-end amounted to **RMB 275,112,222.22**, an increase of **66.48%** from the beginning of the period[361](index=361&type=chunk) - Operating revenue was **RMB 444,619,698.29**, and operating cost was **RMB 439,518,934.39**[396](index=396&type=chunk) - Net profit attributable to parent company owners was **RMB -46,107,474.34**[112](index=112&type=chunk) [Research and Development Expenses](index=132&type=section&id=%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure was **RMB 9,739,018.58**, all expensed, primarily for materials and compensation 2025 Semi-Annual R&D Expenses by Nature | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Material Costs | 5,407,198.24 | 6,109,544.07 | | Employee Compensation | 2,937,528.74 | 3,676,015.43 | | Depreciation and Amortization | 1,245,637.54 | 1,895,498.42 | | Testing and Inspection Fees | 17,264.15 | 32,243.95 | | Outsourced R&D Design Fees | 0.00 | 12,621.36 | | Other | 131,389.91 | 122,570.18 | | **Total** | **9,739,018.58** | **11,848,493.41** | | Of which: Expensed R&D Expenditure | 9,739,018.58 | 11,848,493.41 | [Changes in Consolidation Scope](index=133&type=section&id=%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) A new subsidiary was established in April 2025 to engage in energy storage technology services - In April 2025, Hangzhou Juzhun Cloud Energy Storage Technology Co., Ltd. was newly established, primarily engaged in energy storage technology services[434](index=434&type=chunk) [Equity in Other Entities](index=134&type=section&id=%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section outlines the enterprise group structure and details a significant non-wholly-owned subsidiary Composition of Major Subsidiaries in the Enterprise Group | Subsidiary Name | Main Operating Location | Registered Capital (RMB 10,000) | Business Nature | Shareholding Percentage (%) (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Xuancheng Anhua Electromechanical Equipment Co., Ltd. | Xuancheng City | 800 | Elevator Accessories | 100.00 | Purchase | | Chongqing Hualing Elevator Accessories Co., Ltd. | Chongqing City | 10000 | Elevator Accessories | 100.00 | Establishment | | Wuxi General Steel Rope Co., Ltd. | Wuxi City | 10,000 | Steel Wire Ropes | 74.0019 | Purchase | | Hangzhou Juzhun Cloud Energy Storage Technology Co., Ltd. | Hangzhou City | 500 | Energy Storage Technology Services | 51 | Establishment | - Wuxi General Steel Rope Co., Ltd. is a significant non-wholly-owned subsidiary, with minority shareholders holding **25.9981%**[439](index=439&type=chunk) - The current period's profit/loss attributable to minority shareholders of Wuxi General Steel Rope Co., Ltd. was **RMB -1,355,726.68**[439](index=439&type=chunk) [Government Grants](index=138&type=section&id=%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) Government grants in deferred income had a period-end balance of **RMB 4,288,232.66**, with **RMB 524,999.03** recognized in other income - Period-end balance of government grants in deferred income: **RMB 4,288,232.66**[443](index=443&type=chunk) - Government grants recognized in other income for the current period: **RMB 524,999.03**, which are asset-related[444](index=444&type=chunk)[445](index=445&type=chunk) [Risks Related to Financial Instruments](index=139&type=section&id=%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) This section does not detail financial instrument risk management or hedging activities - The company did not engage in hedging activities for risk management[445](index=445&type=chunk) - The company did not engage in eligible hedging activities and apply hedge accounting[445](index=445&type=chunk) [Disclosure of Fair Value](index=140&type=section&id=%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section does not disclose fair value of assets/liabilities or related valuation techniques - The fair value of assets and liabilities measured at fair value at period-end is not disclosed[446](index=446&type=chunk) - The basis for determining market prices, valuation techniques, and significant parameters for Level 1, 2, and 3 fair value measurement items (both recurring and non-recurring) are not disclosed[446](index=446&type=chunk) [Related Parties and Related Party Transactions](index=140&type=section&id=%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in various transactions with multiple related parties, with key management compensation totaling **RMB 1.7988 million** - Other related parties include Anhui Langxi Xinhua Rural Commercial Bank Co., Ltd., Beijing Xinling Weiye Electromechanical Equipment Co., Ltd., Jiangsu Zhuowei Intelligent Technology Co., Ltd., and others[447](index=447&type=chunk) - Procured goods of **RMB 772.00** from related party Xuancheng Shenling Electromechanical Co., Ltd. in the current period[449](index=449&type=chunk) - Sold goods of **RMB 2,606,373.57** to related party Langxi Huaxin New Energy Technology Co., Ltd. in the current period[449](index=449&type=chunk) - The company, as a guaranteed party, received multiple guarantees from related parties such as Huang Yehua, Huang Chao, Ma Xiping, and subsidiary Xuancheng Anhua Electromechanical Equipment Co., Ltd., with a significant total guarantee amount[451](index=451&type=chunk)[452](index=452&type=chunk) - The company borrowed multiple working capital loans from Anhui Langxi Xinhua Rural Commercial Bank Co., Ltd.[452](index=452&type=chunk)[453](index=453&type=chunk) - Key management personnel compensation for the current period amounted to **RMB 1.7988 million**[454](index=454&type=chunk) - Accounts receivable from related party Langxi Huaxin New Energy Technology Co., Ltd. at period-end amounted to **RMB 1,372,881.24**[456](index=456&type=chunk) - Accounts payable to related party Xuancheng Shenling Electromechanical Co., Ltd. at period-end amounted to **RMB 540,383.35**[459](index=459&type=chunk) [Share-Based Payment](index=144&type=section&id=%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) No share-based payment arrangements during the reporting period - During the reporting period, the company had no share-based payment arrangements[460](index=460&type=chunk) [Commitments and Contingencies](index=145&type=section&id=%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) No significant commitments or important contingencies requiring disclosure - During the reporting period, the company had no significant commitments[461](index=461&type=chunk) - The company had no important contingencies requiring disclosure[461](index=461&type=chunk) [Events After the Balance Sheet Date](index=145&type=section&id=%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) No important non-adjusting events, profit distribution, or sales returns - During the reporting period, the company had no important non-adjusting events[461](index=461&type=chunk) - During the reporting period, the company had no profit distribution[461](index=461&type=chunk) - During the reporting period, the company had no sales returns[461](index=461&type=chunk) [Other Significant Matters](index=145&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) No prior period accounting error corrections, debt restructurings, or other significant transactions - During the reporting period, the company had no prior period accounting error corrections[461](index=461&type=chunk) - During the reporting period, the company had no significant debt restructurings[462](index=462&type=chunk) - During the reporting period, the company had no asset exchanges[462](index=462&type=chunk) - During the reporting period, the company had no discontinued operations[462](index=462&type=chunk) - During the reporting period, the company had no segment information[462](index=462&type=chunk) [Notes to Major Items in Parent Company Financial Statements](index=146&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details period-end balances and changes for major items in the parent company's financial statements - Parent company's accounts receivable book value at period-end was **RMB 96,068,293.80**, with a bad debt provision of **RMB 9,185,003.07**[465](index=465&type=chunk)[466](index=466&type=chunk) - Parent company's other receivables at period-end amounted to **RMB 214,631,031.45**, including **RMB 53,425,000.00** in dividends receivable from subsidiaries[470](index=470&type=chunk)[472](index=472&type=chunk) - Parent company's long-term equity investments book value at period-end was **RMB 611,637,501.59**, including **RMB 601,965,741.79** in investments in subsidiaries[486](index=486&type=chunk) - Parent company's operating revenue was **RMB 138,953,770.23**, and operating cost was **RMB 130,982,190.66**[489](index=489&type=chunk) - Parent company's investment income was **RMB 82,000,512.36**, primarily from subsidiary profit distribution[494](index=494&type=chunk) [Supplementary Information](index=157&type=section&id=%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides non-recurring gains/losses, net asset return, and earnings per share 2025 Semi-Annual Non-Recurring Gains and Losses Detailed Statement | Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 79,835.84 | | Government grants recognized in current profit or loss | 521,994.84 | | Gains and losses from changes in fair value and disposal of financial assets and liabilities, excluding effective hedge accounting related to normal business operations | -43,259.45 | | Other non-operating income and expenses apart from the above | -535,740.18 | | Less: Income tax impact | 100,326.47 | | Minority interest impact (after tax) | -258,641.73 | | **Total** | **181,146.31** | 2025 Semi-Annual Net Asset Return and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (RMB/share) | Diluted Earnings Per Share (RMB/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | -10.79 | -0.35 | -0.35 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | -10.84 | -0.35 | -0.35 |

Core Insights - Hualing Precision Engineering (华菱精工) reported a stock price of 13.98 yuan as of August 1, 2025, with a decrease of 0.71% and a turnover rate of 3.86% [1] - The company experienced a significant decline in financial performance, with total revenue of 191 million yuan, a year-on-year decrease of 20.21%, and a net profit of 21.58 million yuan, down 58.90% year-on-year [1] Financial Performance - Total revenue for Q1 2025 was 191 million yuan, reflecting a 20.21% decrease compared to the previous year [1] - Net profit attributable to shareholders was 21.58 million yuan, a decline of 58.90% year-on-year [1] - The company's non-recurring net profit was 21.16 million yuan, down 35.41% year-on-year [1] - Current ratio stood at 1.013, quick ratio at 0.779, and debt-to-asset ratio at 63.44% [1] Market Activity - The main capital outflow for the day was 19.41 million yuan, accounting for 26.85% of the total transaction amount [1] - Large orders saw a net outflow of 18.20 million yuan, representing 25.16% of the transaction amount [1] - Small orders had a net inflow of 14.01 million yuan, making up 19.37% of the transaction amount [1] Company Background - Hualing Precision Engineering was established in 2005 and is located in Xuancheng, primarily engaged in general equipment manufacturing [2] - The company has invested in 22 enterprises and has participated in one bidding project [2] - It holds 110 patents and has 2 trademark registrations, along with 8 administrative licenses [2]

Group 1 - The company expects a net profit attributable to shareholders of the parent company for the first half of 2025 to be between -40 million and -50 million yuan, indicating an increase in losses compared to the same period last year by 722,800 to 1,072,800 yuan [2][4] - The estimated net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is projected to be between -39 million and -49 million yuan [2][4] - The performance forecast period is from January 1, 2025, to June 30, 2025 [3] Group 2 - In the same period last year, the total profit was -48.8029 million yuan, and the net profit attributable to shareholders of the parent company was -39.2772 million yuan [6] - The net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, was -38.4727 million yuan [6] - The earnings per share for the previous year was -0.30 yuan per share [7] Group 3 - The main reasons for the expected losses during the forecast period include intensified industry competition, a decrease in market orders, falling product prices, reduced profit margins, and a decline in main business revenue and sales gross margin [8]