[Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This report is unaudited, proposes no profit distribution for the period, and highlights significant risks in overseas operations and global management - This semi-annual report is unaudited[6](index=6&type=chunk) - No profit distribution or capitalization of capital reserves is planned for this reporting period[7](index=7&type=chunk) - The company faces significant risks related to overseas market operations, exchange rates, global management, and new business model implementation[9](index=9&type=chunk) [Section 1 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 key terms used throughout the report [Section 2 Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's profile and highlights key financial data and indicators for the reporting period [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%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) Revenue and profit declined year-over-year, with operating cash flow turning negative due to project delays, demand fluctuations, and increased investments Key Accounting Data (Jan-Jun 2025 vs Prior Year Period) | Indicator | Current Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,923,978,480.77 | 2,254,754,065.49 | -14.67% | | Total Profit | 425,760,540.15 | 613,707,161.74 | -30.62% | | Net Profit Attributable to Shareholders | 395,934,644.46 | 533,162,470.28 | -25.74% | | Net Cash Flow from Operating Activities | -11,112,067.97 | 339,375,381.38 | -103.27% | Key Financial Indicators (Jan-Jun 2025 vs Prior Year Period) | Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/Share) | 0.82 | 1.10 | -25.45% | | Weighted Average Return on Equity (%) | 5.44% | 7.77% | Decrease of 2.33 percentage points | - The year-over-year decrease in total profit was mainly due to **delayed execution of some domestic projects**, **fluctuating demand in certain overseas countries** leading to lower revenue, and **increased expenses from proactive counter-cyclical investments**[24](index=24&type=chunk) - The year-over-year decrease in net cash flow from operating activities was primarily caused by an **increase in inventory and operating receivables**[24](index=24&type=chunk) Non-recurring Profit and Loss Items and Amounts | Non-recurring Profit and Loss Item | Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 12,067,463.07 | | Government Grants Recognized in Current Profit or Loss | 12,921,409.64 | | Fair Value Changes and Disposal Gains/Losses on Financial Assets/Liabilities | 2,121,055.12 | | Total | 19,482,984.48 | [Section 3 Management Discussion and Analysis](index=7&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 details the company's business environment, operational performance, financial results, and risk management strategies for the reporting period [Industry and Core Business Overview](index=7&type=section&id=%E4%B8%80%E3%80%81%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's core business in smart power and new energy systems benefits from global grid modernization and rapid growth in PV and energy storage installations - The company's products are mainly categorized into smart power distribution and utilization products and systems, and new energy products and system integration[29](index=29&type=chunk) Main Product Categories | Product Category | Specific Product Examples | | :--- | :--- | | Smart Power Distribution and Utilization Products & Systems | Smart meters, smart electricity terminals, smart ultrasonic water meters, smart gateways, distribution automation terminals, energy management systems, AI-based big data management and analytics software | | New Energy Products & System Integration | Charging piles, inverters, commercial & industrial energy storage, microgrid EMS, distributed power stations, microgrids, solar-storage-diesel, solar-storage-charging, and integrated energy management solutions | - Smart Power Distribution Industry: Global grid modernization spending is projected to reach **$400 billion** in 2025, with the smart meter market expected to reach **$29-36 billion**[32](index=32&type=chunk) - New Energy Industry: Global new PV installations are expected to grow from **585GW to 655GW** in 2025; global energy storage capacity will reach **449GWh**, a year-over-year increase of approximately **31.5%**[32](index=32&type=chunk) [Analysis of Operations](index=9&type=section&id=%E4%BA%8C%E3%80%81%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) The company proactively increased counter-cyclical investments to optimize its product and talent structure while advancing its smart power and new energy businesses [Smart Power Distribution and Utilization Business](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%99%BA%E8%83%BD%E9%85%8D%E7%94%A8%E7%94%B5%E4%B8%9A%E5%8A%A1) The company solidified its market position through localized overseas operations, a new factory launch, platform upgrades, and significant contract wins at home and abroad - Overseas Market: The **South African smart ultrasonic water meter factory** officially commenced operations, marking a key step in the localization of the smart water business[34](index=34&type=chunk) - Overseas Market: Launched the **"Orca" platform 10.0**, expanding system capacity from millions to tens of millions of sensor connections and integrating cutting-edge technologies like edge computing and AI[34](index=34&type=chunk) - Domestic Market: Won a **CNY 140 million** bid in the State Grid's centralized procurement for electricity metering products and a total of **CNY 149 million** for primary-secondary integrated products in the first regional joint tender for distribution networks[35](index=35&type=chunk) [New Energy Business](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%96%B0%E8%83%BD%E6%BA%90%E4%B8%9A%E5%8A%A1) The company accelerated its global supply chain development and microgrid solution deployment while expanding its new energy channel business - Accelerated the establishment of local operating entities and WMS digital logistics systems in key regions to expand new energy channels in Europe, Asia, Africa, and Latin America[35](index=35&type=chunk) - Completed in-house R&D for key equipment and EMS systems for low and medium-voltage microgrid solutions, securing projects in Africa and Latin America for various applications like weak-grid communities and agricultural irrigation[35](index=35&type=chunk) [Financial Analysis of Key Operations](index=10&type=section&id=%E5%9B%9B%E3%80%81%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) Revenue and costs decreased while operating expenses rose, but financial expenses fell significantly due to exchange gains; cash flows were impacted by working capital changes and investment activities [Core Business Financial Analysis](index=10&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Revenue and costs declined, operating expenses increased, and financial expenses decreased significantly due to higher exchange gains, while operating cash flow turned negative Analysis of Financial Statement Item Changes (Jan-Jun 2025 vs Prior Year Period) | Item | Current Period (CNY) | Prior Year Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,923,978,480.77 | 2,254,754,065.49 | -14.67% | | Operating Costs | 1,124,417,324.03 | 1,258,237,236.04 | -10.64% | | Selling Expenses | 218,055,443.21 | 195,344,181.11 | 11.63% | | Financial Expenses | -135,727,398.09 | -53,482,228.53 | N/A (Mainly due to increased exchange gains) | | Net Cash Flow from Operating Activities | -11,112,067.97 | 339,375,381.38 | -103.27% | | Net Cash Flow from Investing Activities | 261,701,312.65 | -1,198,413,878.02 | 121.84% | - The change in financial expenses was primarily due to an **increase in foreign exchange gains**[38](index=38&type=chunk) - The change in net cash flow from operating activities was mainly due to an **increase in inventory and operating receivables** during the reporting period[38](index=38&type=chunk) [Analysis of Assets and Liabilities](index=10&type=section&id=(%E4%B8%89)%20%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) Cash and equivalents decreased significantly due to dividends and share buybacks, while inventories and notes receivable grew; treasury stock increased substantially from repurchases Changes in Assets and Liabilities (Period-End vs Prior Year-End) | Item | Current Period-End (CNY) | Change vs Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,292,208,704.13 | -49.93% | Mainly due to dividend payments, share repurchases, and purchase of large-denomination CDs with maturities over one year | | Notes Receivable | 17,364,443.51 | 159.26% | Mainly due to an increase in bank acceptance bills received during the period | | Inventories | 1,224,026,308.79 | 51.71% | Mainly due to increased stock preparation | | Short-term Borrowings | 138,463,888.89 | -34.40% | Mainly due to increased repayments during the period | | Treasury Stock | 100,985,747.40 | 236.56% | Mainly due to an increase in treasury stock from share repurchases | - Overseas assets amounted to **CNY 2,086,049,517.54**, accounting for **22.14%** of total assets[43](index=43&type=chunk) [Investment Analysis](index=12&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) External equity investment surged by 932.05%, driven by the establishment of a private equity fund with a professional investment firm to target strategic technology sectors External Equity Investment (CNY 10,000) | Indicator | Equity Investment in Reporting Period (CNY 10,000) | Equity Investment in Prior Year Period (CNY 10,000) | Change (%) | | :--- | :--- | :--- | :--- | | Equity Investment Amount | 61,879.85 | 5,995.81 | 932.05 | - The significant increase in equity investment was mainly due to the **co-establishment of a private equity fund partnership** with a professional investment firm, where the company and its wholly-owned subsidiary committed a total of **CNY 400 million**, representing a 50% stake[45](index=45&type=chunk)[48](index=48&type=chunk) - The fund primarily invests in upstream and downstream sectors of cutting-edge technology industries, including **new energy, energy algorithms, IoT technology, and smart manufacturing**[46](index=46&type=chunk) [Analysis of Major Subsidiaries and Investees](index=14&type=section&id=(%E5%85%AD)%20%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) Ningbo Holley-Meters Co., Ltd. remains a key subsidiary, while several other subsidiaries were disposed of, newly established, or deregistered without material impact on overall operations Financials of Major Subsidiary (Unit: CNY 10,000) | Company Name | Company Type | Main Business | Registered Capital | Operating Revenue | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Holley-Meters Co., Ltd. | Subsidiary | Smart Power Distribution | 35,000.00 | 40,939.18 | 5,884.54 | - During the reporting period, the company disposed of three subsidiaries (LIVOLTEK POLSKA, AGIL ENERGIA SOLAR SPAIN, HEXING ENERGY Z), established three new ones (HEXING ECO POWER SpA, HEXING ENERGY ZAMBIA, Hangzhou Lanjing Water Technology), and deregistered one (Zhejiang Hexing Supply Chain Management), with no significant impact[49](index=49&type=chunk)[50](index=50&type=chunk)[372](index=372&type=chunk) [Other Disclosures](index=15&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company actively manages operational risks, maintains a strong commitment to shareholder returns through dividends and buybacks, and upholds high standards of corporate governance [Potential Risks and Countermeasures](index=15&type=section&id=(%E4%B8%80)%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces risks from overseas operations, currency fluctuations, and global management, which it mitigates through localization, financial instruments, and digital systems - **Overseas Market Operation Risk**: Mitigated by implementing a localization strategy, including building overseas factories, hiring local employees, and deeply integrating into local supply chains to navigate trade protectionism and barriers[15](index=15&type=chunk)[51](index=51&type=chunk) - **Exchange Rate Risk**: Managed by using financial instruments such as forward contracts, foreign exchange options, and swaps to lock in exchange rates; overseas subsidiaries also use local currency loans for hedging, balance payables and receivables, and timely settlement[16](index=16&type=chunk)[52](index=52&type=chunk) - **Global Management Risk**: Addressed through cloud-based digital management systems for real-time data sharing and a comprehensive commercial, legal, and financial control platform to enhance compliance and risk management[16](index=16&type=chunk)[53](index=53&type=chunk) [Shareholder Returns and Corporate Governance](index=16&type=section&id=(%E4%BA%8C)%20%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company demonstrates a strong commitment to shareholder returns through nine consecutive years of cash dividends and a new share repurchase plan, while continuously refining its governance structure - **Shareholder Returns**: Since its listing in 2016, the company has paid cash dividends for **nine consecutive years**, with a cumulative total of approximately **CNY 2.306 billion** (pre-tax)[55](index=55&type=chunk) - **Shareholder Returns**: During the period, the company launched a share repurchase plan with a total amount of **CNY 100 million to CNY 200 million**, with the repurchased shares intended for employee stock ownership or equity incentive plans[55](index=55&type=chunk) - **Corporate Governance**: The company continuously enhances its governance system based on regulatory requirements, systematically revises internal policies, and refines its governance structure[56](index=56&type=chunk) [Section 4 Corporate Governance, Environment, and Society](index=18&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section covers changes in key management personnel, the profit distribution plan, environmental management practices, and the company's social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=18&type=section&id=%E4%B8%80%E3%80%81%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) During the reporting period, Supervisor Mr. Dai Yingpeng resigned for personal reasons and was replaced by Ms. Lou Xiaoli - Former Supervisor Mr. Dai Yingpeng resigned for personal reasons, and Ms. Lou Xiaoli was elected as the shareholder representative supervisor for the fifth session of the Supervisory Committee[58](index=58&type=chunk) [Profit Distribution Proposal](index=18&type=section&id=%E4%BA%8C%E3%80%81%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) No profit distribution or capitalization of capital reserves is proposed for this semi-annual period - No profit distribution or capitalization of capital reserves is planned for this reporting period[59](index=59&type=chunk) [Environmental Information](index=18&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company adheres to environmental regulations, maintains an ISO4001-certified management system, and ensures compliant pollutant discharge through regular monitoring and process upgrades - The company strictly complies with national environmental regulations, fulfills its environmental responsibilities, and has established a standardized environmental management system certified under ISO4001[61](index=61&type=chunk) - During the period, the company conducted regular monitoring of wastewater, exhaust gas, and noise, and upgraded its exhaust gas treatment facility from a photo-oxygen catalysis process to an activated carbon process, ensuring all pollutant emissions meet standards[61](index=61&type=chunk) [Rural Revitalization and Social Responsibility](index=19&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company supports community development through educational funding and university partnerships domestically, and by providing clean energy and water solutions and job training internationally - Domestically, the company participates in village-twinning programs, establishes educational support funds for rural students, and collaborates with universities on R&D and educational quality improvement[62](index=62&type=chunk) - Overseas, the company provides accessible and sustainable distributed energy and clean water solutions for local communities, while also training local youth to create employment opportunities[62](index=62&type=chunk) [Section 5 Significant Matters](index=20&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details the fulfillment of commitments, major related-party transactions, and significant contracts and guarantees during the reporting period [Fulfillment of Commitments](index=20&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) Mr. Zhou Junhe has strictly adhered to his commitment not to reduce his holdings of company shares acquired through a recent transaction for a period of 12 months - Mr. Zhou Junhe has strictly fulfilled his commitment not to sell any company shares acquired in the transaction for 12 months following the registration transfer on May 5, 2025[64](index=64&type=chunk) [Major Related-Party Transactions](index=21&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's estimated ordinary course related-party transactions for 2025, not exceeding CNY 707 million, have been approved by the Board and shareholders - The company's board approved the "Proposal on Estimated Ordinary Course Related-Party Transactions for 2025" on April 18, 2025, with an estimated total not exceeding **CNY 707 million**, which was subsequently approved at the 2024 Annual General Meeting[66](index=66&type=chunk) [Major Contracts and Guarantees](index=22&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%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) The company provided CNY 50 million in new guarantees to subsidiaries during the period, bringing the total outstanding guarantee balance to CNY 165.61 million Company Guarantee Summary (Unit: CNY) | Indicator | Amount | | :--- | :--- | | Guarantees Provided to Subsidiaries During the Period | 50,000,000.00 | | Outstanding Guarantee Balance for Subsidiaries at Period-End (B) | 165,610,200.00 | | Total Guarantees (A+B) | 165,610,200.00 | | Total Guarantees as a Percentage of Net Assets (%) | 2.34% | - All company guarantees are provided to its controlled subsidiaries[71](index=71&type=chunk) [Section 6 Changes in Share Capital and Shareholders](index=24&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 outlines changes to the company's share capital due to share cancellations and provides an overview of the shareholder structure at the end of the period [Changes in Share Capital](index=24&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital decreased from 488,684,040 to 486,264,170 shares following the cancellation of 2,419,870 repurchased shares Share Capital Change Table (Unit: Shares) | | Shares Before Change | % Before Change | Change (+, -) | Shares After Change | % After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | II. Unrestricted Circulating Shares | 488,684,040 | 100 | -2,419,870 | 486,264,170 | 100 | | III. Total Shares | 488,684,040 | 100 | -2,419,870 | 486,264,170 | 100 | - The company changed the intended use of **2,419,870 shares** in its repurchase account from "for equity incentive or employee stock ownership plans" to "for cancellation to reduce registered capital," with the cancellation completed on March 12, 2025[75](index=75&type=chunk)[76](index=76&type=chunk) [Shareholder Information](index=25&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the period-end, the company had 26,742 shareholders, with Zhejiang Hexing Holding Group Co., Ltd. being the largest shareholder with a 49.30% stake - Total number of common shareholders at the end of the reporting period: **26,742**[77](index=77&type=chunk) Top Ten Shareholders (at Period-End) | Shareholder Name | Shares Held (Shares) | Percentage (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | Zhejiang Hexing Holding Group Co., Ltd. | 239,713,292 | 49.30 | Domestic Non-State-Owned Legal Entity | | Li Xiaoqing | 42,964,103 | 8.84 | Domestic Natural Person | | Lishui Haiju Equity Investment Co., Ltd. | 33,821,701 | 6.96 | Domestic Non-State-Owned Legal Entity | | Zhou Liangzhang | 11,064,216 | 2.28 | Domestic Natural Person | | Hong Kong Securities Clearing Company Ltd. | 10,425,500 | 2.14 | Unknown | - At the end of the reporting period, the company's special repurchase account held a total of **3,749,780 shares**[80](index=80&type=chunk) - Hexing Holding is the company's controlling shareholder and also the controlling shareholder of Lishui Haiju; Mr. Zhou Liangzhang is the actual controller of the company[80](index=80&type=chunk) [Section 7 Bond-related Matters](index=28&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) The company has no outstanding corporate bonds, non-financial enterprise debt financing instruments, or convertible bonds - The company has no corporate bonds (including enterprise bonds), non-financial enterprise debt financing instruments, or convertible corporate bonds[83](index=83&type=chunk) [Section 8 Financial Report](index=29&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the unaudited financial statements, key accounting policies, and detailed notes on financial items for the semi-annual period ended June 30, 2025 [Financial Statements](index=29&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the consolidated and parent company financial statements for the first half of 2025, reflecting the company's financial position and performance - The consolidated balance sheet shows total assets of **CNY 9,423,637,237.31**, total liabilities of **CNY 2,317,052,561.92**, and total equity attributable to parent company shareholders of **CNY 7,088,791,268.43**[86](index=86&type=chunk)[88](index=88&type=chunk) - The consolidated income statement shows total operating revenue of **CNY 1,923,978,480.77**, total profit of **CNY 425,760,540.15**, and net profit attributable to parent company shareholders of **CNY 395,934,644.46**[93](index=93&type=chunk)[95](index=95&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **-CNY 11,112,067.97**, from investing activities of **CNY 261,701,312.65**, and from financing activities of **-CNY 602,420,334.64**[100](index=100&type=chunk) [Company Basic Information](index=54&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Hangzhou Hexing Electrical Co., Ltd., established in 2001 and listed on the Shanghai Stock Exchange in 2016, specializes in smart power and new energy products - Hangzhou Hexing Electrical Co., Ltd. was established on July 6, 2001, and its RMB ordinary A-shares were listed on the Shanghai Stock Exchange on November 10, 2016[120](index=120&type=chunk) - The company's main business includes the R&D, production, and sales of smart power distribution products and the provision of related system solutions[120](index=120&type=chunk) - The group's parent company is Zhejiang Hexing Holding Group Co., Ltd., and the ultimate controller is Mr. Zhou Liangzhang[120](index=120&type=chunk) [Significant Accounting Policies and Estimates](index=54&type=section&id=%E4%BA%94%E3%80%81%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 the company's accounting policies and estimates, which are based on enterprise accounting standards and tailored to its specific business operations - These financial statements comply with the requirements of the Enterprise Accounting Standards, providing a true and complete reflection of the company's and the group's financial position as of June 30, 2025, and their operating results and cash flows for the first half of 2025[124](index=124&type=chunk) - The group has formulated specific accounting policies and estimates based on its operational characteristics, particularly concerning bad debt provisions for receivables, inventory write-downs, depreciation, amortization, revenue recognition, and deferred tax asset recognition[123](index=123&type=chunk) [Taxes and Tax Preferences](index=72&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company is subject to various taxes but benefits from preferential policies, including a reduced income tax rate for high-tech enterprises and VAT refunds for software products Main Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Domestic product sales revenue | 13% | | Corporate Income Tax | Taxable income | Applicable rate | | Overseas Taxes | Tax regulations in various countries and regions | Applicable local rates | Preferential Corporate Income Tax Rates | Company Name | Preferential Rate | Applicable Years | | :--- | :--- | :--- | | Hangzhou Hexing Electrical Co., Ltd. | 15% | 2024-2026 | | Hangzhou Hexing Zeko Information Technology Co., Ltd. | 0% | 2023-2025 | - The Brazilian subsidiary ELETRA enjoys a **75% reduction** in corporate income tax, a **75% reduction** in the Tax on Circulation of Goods and Services (ICMS), and a **99.25% reduction** in the Industrialized Products Tax (IPI)[190](index=190&type=chunk)[191](index=191&type=chunk) [Notes to Consolidated Financial Statement Items](index=74&type=section&id=%E4%B8%83%E3%80%81%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 provides detailed disclosures and explanations for major items in the consolidated financial statements, including assets, liabilities, equity, income, and expenses - Cash and cash equivalents at period-end were **CNY 1,292,208,704.13**, a decrease of **49.93%** from the beginning of the period, mainly due to dividend payments, share repurchases, and the purchase of large-denomination CDs with maturities over one year[40](index=40&type=chunk)[193](index=193&type=chunk) - Inventories at period-end were **CNY 1,224,026,308.79**, an increase of **51.71%** from the beginning of the period, primarily due to increased stock preparation[41](index=41&type=chunk)[236](index=236&type=chunk) - Short-term borrowings at period-end were **CNY 138,463,888.89**, a decrease of **34.40%** from the beginning of the period, mainly due to increased repayments[41](index=41&type=chunk)[286](index=286&type=chunk) - Operating revenue was **CNY 1,923,978,480.77**, a year-over-year decrease of **14.67%**; operating costs were **CNY 1,124,417,324.03**, a year-over-year decrease of **10.64%**[38](index=38&type=chunk)[326](index=326&type=chunk) - Financial expenses were **-CNY 135,727,398.09**, a significant decrease compared to -CNY 53,482,228.53 in the prior year period, mainly due to increased foreign exchange gains[38](index=38&type=chunk)[338](index=338&type=chunk) [R&D Expenditures](index=131&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure for the period was CNY 164.41 million, a 6.17% increase year-over-year, all of which was expensed R&D Expenditures by Nature | Item | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Employee Compensation and Benefits | 125,574,613.26 | 115,815,729.91 | | Project Research Fees | 7,004,705.32 | 5,561,762.17 | | Depreciation and Amortization | 6,900,040.33 | 5,502,685.55 | | Total | 164,414,102.83 | 154,852,956.27 | | Of which: Expensed R&D | 164,414,102.83 | 154,852,956.27 | - All R&D expenditures during the reporting period were expensed, with no capitalized R&D expenditures[369](index=369&type=chunk) [Changes in Consolidation Scope](index=131&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the period, the company disposed of three subsidiaries, established three new ones, and deregistered one, with no material impact on overall operations - **Disposed Subsidiaries**: AGIL ENERGIA SOLAR SPAIN, S.L., LIVOLTEK POLSKA SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ, HEXING ENERGY SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ[371](index=371&type=chunk) - **Newly Established Subsidiaries**: HEXING ECO POWER SpA, HEXING ENERGY ZAMBIA LIMITED, Hangzhou Lanjing Water Technology Co., Ltd[372](index=372&type=chunk) - **Deregistered Subsidiary**: Zhejiang Hexing Supply Chain Management Co., Ltd[372](index=372&type=chunk) [Interests in Other Entities](index=133&type=section&id=%E5%8D%81%E3%80%81%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) The company holds interests in numerous domestic and international subsidiaries and several associate companies, with the total carrying value of investments in associates at CNY 81.74 million - The company has numerous domestic and international subsidiaries, including Ningbo Holley-Meters, Hexing Indonesia, Hexing Hong Kong, Hexing Brazil, and Nanjing Hexing, with business activities spanning manufacturing, trading, and investment holding[374](index=374&type=chunk)[375](index=375&type=chunk)[376](index=376&type=chunk)[377](index=377&type=chunk) Carrying Value of Investments in Key Associates | Item | Period-End Balance (CNY) | | :--- | :--- | | Total Carrying Value of Investments in Associates | 81,744,455.32 | | Of which: Net Profit | 17,453,980.40 | [Risks Related to Financial Instruments](index=141&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%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) The company manages credit, liquidity, and market risks through credit reviews, receivables monitoring, and the use of financial instruments like foreign exchange hedging - The company is exposed to credit risk, liquidity risk, and market risk in its daily operations[386](index=386&type=chunk) - **Credit Risk Management**: The company trades with recognized, reputable third parties, conducts credit checks on all customers requiring credit terms, and continuously monitors accounts receivable balances[386](index=386&type=chunk) - **Market Risk (Exchange Rate Risk)**: The company faces transactional exchange rate risk and manages it through the use of foreign exchange forward contracts[391](index=391&type=chunk) [Fair Value Disclosures](index=146&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) The company's assets measured at fair value primarily consist of financial assets, which are valued using Level 2 and Level 3 inputs Total Assets Continuously Measured at Fair Value (Unit: CNY) | Item | Level 1 Fair Value | Level 2 Fair Value | Level 3 Fair Value | Total | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | - | 516,980,143.94 | - | 516,980,143.94 | | Other Equity Instrument Investments | - | - | 9,053,797.36 | 9,053,797.36 | | Notes Receivable Financing | 14,553,824.64 | - | - | 14,553,824.64 | | Other Non-current Financial Assets | - | - | 79,670,664.45 | 79,670,664.45 | | Total | 14,553,824.64 | 516,980,143.94 | 88,724,461.81 | 620,258,430.39 | - Unlisted equity instrument investments, classified as other equity instrument investments, are valued using the comparable company analysis method to estimate their fair value[405](index=405&type=chunk) - Unlisted debt instrument investments, classified as other non-current financial assets, are valued using the net asset value method of the underlying investment to estimate their fair value[405](index=405&type=chunk) [Related Parties and Transactions](index=149&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%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 engages in ordinary course transactions with related parties, including its parent company and other entities under common control by Mr. Zhou Liangzhang - The ultimate controlling party of the enterprise is Mr. Zhou Liangzhang, and the parent company is Zhejiang Hexing Holding Group Co., Ltd[409](index=409&type=chunk) Related-Party Purchases/Services Received (Current Period) | Related Party | Transaction Content | Amount (CNY) | | :--- | :--- | :--- | | Livoltek Power | Purchase of goods/services | 186,140,845.44 | | Ningbo Zelian | Purchase of goods/services | 116,880,481.01 | | Hangzhou Lihe | Purchase of goods/services | 20,199,735.31 | Related-Party Sales/Services Provided (Current Period) | Related Party | Transaction Content | Amount (CNY) | | :--- | :--- | :--- | | Livoltek Power | Sale of goods/services | 22,146,108.08 | | Ningbo Zelian | Sale of goods/services | 15,701,558.28 | | Hangzhou Lihe | Sale of goods/services | 7,510,642.24 | Key Management Personnel Compensation (Unit: CNY 10,000) | Item | Current Period (CNY 10,000) | Prior Period (CNY 10,000) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 830.27 | 518.19 | [Commitments and Contingencies](index=153&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) As of the period-end, the company had investment and capital commitments totaling CNY 92.76 million and no significant contingencies to disclose Significant Outstanding Commitments at Balance Sheet Date (Unit: CNY) | Item | Period-End Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Investment Commitments | 33,012,236.20 | 33,012,236.20 | | Capital Commitments | 59,746,188.70 | 49,505,819.00 | | Total | 92,758,424.90 | 82,518,055.20 | - The company has no significant contingencies that require disclosure[427](index=427&type=chunk) [Other Significant Matters](index=154&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company operates as a single business segment focused on smart meter sales, thus no detailed segment information is presented - For management purposes, the company is organized into a single operating segment focused on the sale of smart meters, and therefore does not present more detailed operating segment information[428](index=428&type=chunk) [Notes to Parent Company Financial Statement Items](index=155&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%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 provides detailed disclosures for major items in the parent company's financial statements, including receivables, long-term investments, revenue, and investment income - The parent company's accounts receivable had a carrying value of **CNY 1,362,776,506.77** at period-end, a slight decrease from the beginning of the period[433](index=433&type=chunk) - The parent company's long-term equity investments had a carrying value of **CNY 1,495,649,188.36** at period-end, an increase of **9.8%** from the beginning of the period[456](index=456&type=chunk) - The parent company's operating revenue was **CNY 1,255,998,063.76**, a year-over-year decrease of **25.39%**; operating costs were **CNY 748,212,226.00**, a year-over-year decrease of **21.32%**[462](index=462&type=chunk) - The parent company's investment income was **CNY 74,078,475.41**, a significant decrease from CNY 185,935,770.79 in the prior year period[464](index=464&type=chunk) [Supplementary Information](index=167&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides supplementary details on non-recurring items and key performance metrics like return on equity and earnings per share Detailed Schedule of Non-recurring Profit and Loss (Unit: CNY) | Item | Amount | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 12,067,463.07 | | Government Grants Recognized in Current Profit or Loss | 12,921,409.64 | | Fair Value Changes and Disposal Gains/Losses on Financial Assets/Liabilities | 2,121,055.12 | | Total | 19,482,984.48 | Return on Equity and Earnings Per Share | Profit for the Period | Weighted Average ROE (%) | Basic EPS | Diluted EPS | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | 5.44 | 0.82 | 0.82 | | Net Profit Attributable to Common Shareholders (Excluding Non-recurring Items) | 5.18 | 0.78 | 0.78 |

Core Viewpoint - Haixing Electric (603556) reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved an operating revenue of 1.924 billion yuan, a year-on-year decrease of 14.67% [1] - The net profit attributable to shareholders was 396 million yuan, reflecting a year-on-year decline of 25.74% [1] - Basic earnings per share stood at 0.82 yuan [1]

Group 1 - The company's operating revenue for the first half of 2025 is 1.924 billion yuan, representing a year-on-year decrease of 14.67% [1] - The net profit for the same period is 396 million yuan, showing a year-on-year decline of 25.74% [1] - The company will not distribute profits or increase capital reserves through stock dividends during this reporting period [1]

Market Overview - On August 18, the A-share market reached a historic milestone, with the Shanghai Composite Index opening high and breaking the previous high of 3731.69 points from February 2021, peaking at 3745.94 points, marking the highest level since August 2015. The index closed at 3728.03 points, up 0.85% [1] - The A-share market set multiple records, including the North Star 50 Index rising over 4% to a historical high, and the total trading volume for the day reaching 2.76 trillion yuan, an increase of 519.6 billion yuan from the previous trading day, marking a new high for the year. Additionally, the total market capitalization of A-share companies surpassed 100 trillion yuan for the first time in history [1] Stock Performance - Among the 358 stocks that have doubled in value this year, significant contributions came from the machinery and pharmaceutical sectors, each with over 50 doubling stocks. The automotive sector followed with 29 doubling stocks, while several other sectors, including computer, defense, and light manufacturing, also had more than 10 doubling stocks [3] - The top-performing stock, Upwind New Materials (603556.SH), saw a staggering increase of 1368.35%, becoming the only "tenfold stock" this year, driven by its association with robotics concepts. Other notable stocks with over 400% gains include Shuyou Shen (300204.SZ), Great Wall Military Industry (601606.SH), and Shenghong Technology (300476.SZ), reflecting strong market interest in the biopharmaceutical, defense, and electronics sectors [3][5] Economic Insights - The current market rally, which began at the start of the year, is attributed to China's recent push for technological innovation, with advancements in areas such as AI, innovative pharmaceuticals, and digital transformation enhancing the attractiveness of Chinese assets to global investors, thereby driving the prosperity of the Chinese stock market [3] - Economic experts noted that the capital market is continuing its recovery trend under policy support, with supply-side improvements, including the rectification of "involutionary" competition and capacity management, contributing to a rebound in nominal GDP and improved profit expectations for companies [3]

Market Overview - On August 18, the A-share market reached a historic moment with the Shanghai Composite Index opening high and breaking the previous high of 3731.69 points from February 2021, peaking at 3745.94 points, the highest in nearly ten years since August 2015 [2] - The Shanghai Composite Index closed at 3728.03 points, up 0.85% [2] - The total market capitalization of A-share companies exceeded 100 trillion yuan for the first time, marking a historical milestone [2] Trading Activity - The North Star 50 Index rose over 4%, setting a new historical high [2] - The total trading volume in the Shanghai and Shenzhen markets reached 2.76 trillion yuan, an increase of 519.6 billion yuan compared to the previous trading day, marking a new high for the year [2] - A total of 358 stocks in the A-share market have seen their prices double this year, excluding newly listed stocks [3] Sector Performance - The mechanical equipment and pharmaceutical biotechnology sectors contributed significantly to the doubling stocks, each having over 50 stocks that doubled in price [3] - The automotive sector followed with 29 doubling stocks, while the computer, defense military, and light manufacturing sectors each had over 10 doubling stocks [3] Economic Insights - The current market rally began at the start of the year, driven by China's push for technological innovation, with advancements in AI models, innovative drugs, and digital transformation increasing the attractiveness of Chinese assets to global investors [3] - Economic recovery is supported by supply-side reforms, including the rectification of "involution" competition, which has improved nominal GDP and corporate profit expectations [3] Notable Stocks - The stock with the highest increase this year is Shangwei New Materials (603556.SH), with a staggering rise of 1368.35%, becoming the only "tenfold stock" this year, linked to the robotics concept [3] - Other notable stocks include Shuyou Shen (300204.SZ) and Changcheng Military Industry (601606.SH), both with increases exceeding 400%, reflecting market interest in the biopharmaceutical, defense military, and electronics sectors [3]

Market Overview - On August 18, the A-share market reached a historic moment with the Shanghai Composite Index opening high and breaking the previous high of 3731.69 points from February 2021, hitting an intraday high of 3745.94 points, the highest in nearly ten years since August 2015 [1] - The Shanghai Composite Index closed at 3728.03 points, up 0.85% [1] - The total market capitalization of A-share companies surpassed 100 trillion yuan for the first time, marking a historical milestone [1] Trading Activity - The North Star 50 Index rose over 4%, reaching a historical high [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.76 trillion yuan, an increase of 519.6 billion yuan compared to the previous trading day, setting a new annual high [1] - As of August 18, there were 358 stocks in the A-share market that had doubled in value this year, excluding newly listed stocks [1] Sector Performance - The technology growth stocks led the market rally, with significant contributions from the machinery and pharmaceutical sectors, each having over 50 stocks that doubled in value [2] - The automotive sector followed closely with 29 stocks doubling in value, while the computer, defense, and light manufacturing sectors also had over 10 stocks that doubled [1][2] Notable Stocks - The stock with the highest increase was Upway New Materials (603556.SH), which surged by 1368.35%, becoming the only "tenfold stock" this year, linked to the robotics concept [2] - Other notable stocks with significant increases included Shuyou Shen (300204.SZ) and Changcheng Military Industry (601606.SH), both exceeding 400% growth, indicating strong market interest in the biopharmaceutical, defense, and electronics sectors [2]

Market Overview - On August 18, the A-share market reached a historic moment with the Shanghai Composite Index opening high and breaking the previous high of 3731.69 points from February 2021, hitting a peak of 3745.94 points, the highest in nearly ten years since August 2015. The index closed at 3728.03 points, up 0.85% [1] - The A-share market set multiple records, including the North Star 50 Index rising over 4% to a historical high, and total trading volume in the Shanghai and Shenzhen markets reaching 2.76 trillion yuan, an increase of 519.6 billion yuan from the previous trading day, marking a new high for the year. Additionally, the total market capitalization of A-share companies exceeded 100 trillion yuan for the first time in history [1] Stock Performance - The strong market performance led to impressive individual stock results, with 358 stocks in the A-share market having more than 100% increase in their year-to-date performance, excluding newly listed stocks [1][3] - Among the 358 doubling stocks, the mechanical equipment and pharmaceutical industries contributed significantly, each having over 50 doubling stocks. The automotive industry followed with 29 doubling stocks, while the computer, national defense, and light manufacturing sectors each had over 10 doubling stocks [3] Economic Insights - The current market rally, which began at the start of the year, is attributed to China's recent push for technological innovation, with advancements in areas such as AI models, innovative drugs, and digital transformation enhancing the attractiveness of Chinese assets to global investors, thereby driving the prosperity of the Chinese stock market [3] - Economists noted that the capital market is stabilizing and improving under policy support. On the supply side, efforts to address "involution" competition and capacity management are expected to boost nominal GDP and improve corporate profit expectations. Continued policy resources are also promoting high-quality development in new industries such as "artificial intelligence+" and biomanufacturing [3] Notable Stocks - The stock with the highest increase this year is Aowei New Materials (603556.SH), which surged by 1368.35%, becoming the only "tenfold stock" of the year, driven by its association with the robotics concept of Zhiyuan Innovation Holdings. Other notable stocks include Shuyuan Pharmaceutical (300204.SZ), Great Wall Military Industry (601606.SH), and Shenghong Technology (300476.SZ), each with increases exceeding 400%, reflecting market interest in the biopharmaceutical, national defense, and electronics sectors [3][4]

Group 1 - The core viewpoint of the article highlights that Haixing Electric Power has seen a net financing inflow of 16.47 million yuan in the last week, ranking 485th in the market [1] - The company had a total financing purchase amount of 87.05 million yuan and repayment amount of 70.57 million yuan during the same period [1] - Haixing Electric Power operates in various sectors including power grid equipment, Zhejiang region, and smart grid, among others [1] Group 2 - Over the past 5 days, the main capital outflow from Haixing Electric Power was 2.30 million yuan, with a decline of 0.24% [1] - In the last 10 days, the total main capital outflow reached 26.20 million yuan, resulting in a decrease of 1.69% [1] - The company, established in 2001, is primarily engaged in the manufacturing of electrical machinery and equipment, with a registered capital of 4.86 billion yuan [1] Group 3 - Haixing Electric Power has made investments in 15 companies and participated in 541 bidding projects [1] - The company holds 36 trademark registrations and 596 patent registrations, along with 124 administrative licenses [1]

证券代码：603556 证券简称：海兴电力 公告编号：2025-048 杭州海兴电力科技股份有限公司 关于召开 2025 半年度业绩说明会的公告 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法律责任。 重要内容提示： 会议召开时间：2025 年 8 月 22 日（星期五）16:00-17:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadsh ow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2025 年 8 月 22 日（星期五）16:00-17:00 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 董事长周良璋先生、副董事长兼财务负责人李小青女士、总经理张仕权先 生、独立董事张文亮先生、董事王素霞女士及董 ...

Core Viewpoint - The A-share market has reached a nearly four-year high, with the Shanghai Composite Index closing at 3683.46 points, up 0.48%, surpassing the previous high of 3674.4 points from October 8 of the previous year. However, 172 stocks have fallen below their prices at the start of the "924" market rally, indicating a divergence in stock performance [1][3]. Group 1: Market Performance - As of August 13, 2025, 3511 stocks have surpassed their opening prices from October 8, 2024, accounting for 65.9% of the total [1]. - The A-share market saw a total trading volume of 2.15 trillion yuan, a significant increase of 269.4 billion yuan compared to the previous trading day, marking a return to above 2 trillion yuan after 114 trading days [1]. Group 2: Underperforming Stocks - Among the 172 stocks that closed below their prices from September 24, 2024, the ST sector is particularly affected, with 39 stocks in this category [1][3]. - The stock *ST Suwu (002005.SZ) has seen the largest decline, down 87.8% from its opening price of 8.50 yuan on September 24, 2024, closing at 1.04 yuan on August 13, 2025 [3][4]. - Other notable declines include *ST Zitian (300280.SZ) and *ST Mubang (603398.SH), with decreases of 77.8% and 60.0%, respectively [3][4]. Group 3: Sector Analysis - The food and beverage and real estate sectors are under pressure, with stocks like Yingjia Gongjiu (603198.SH) and *ST Zhongdi (000736.SZ) experiencing declines of 20.2% and 58.2%, respectively [12][13]. - The report from Guotai Junan Securities suggests that the industry is moving towards an earnings bottom, with expectations for a recovery in 2026 [13]. Group 4: High-Performing Stocks - In contrast, sectors such as defense and biomedicine have seen significant gains, with 60 stocks rising over 200% since October 8, 2024 [15]. - Notable performers include Changcheng Military Industry (601606.SH) and Hotgen Biotech (688068.SH), with increases of 466.11% and 553.4%, respectively [15][16]. Group 5: Future Outlook - Analysts from Zheshang Securities predict that the market is in a "systematic slow bull" phase, with expectations for the Shanghai Composite Index to exceed previous highs [18]. - Pacific Securities indicates a long-term upward trend in the A-share market, supported by policy shifts towards increased fiscal spending aimed at boosting consumer demand [19].