Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 2.007 billion yuan in the first half of 2025, representing a year-on-year growth of 27.31%. The net profit attributable to shareholders was 271 million yuan, up 43.29% year-on-year [7] - The company is making significant progress in its global layout, enhancing supply chain resilience, and has completed the first phase of its logistics and production base in Europe [7] - The company has made notable breakthroughs in R&D innovation, particularly in robotic actuators, which are expected to become a new growth point [7] - The forecast for net profit attributable to shareholders for 2025-2027 is 504 million, 651 million, and 792 million yuan, respectively, with corresponding PE ratios of 30, 23, and 19 times [7] Financial Performance - The company’s revenue is projected to grow from 3.034 billion yuan in 2023 to 6.496 billion yuan in 2027, with a compound annual growth rate (CAGR) of 22.70% [6][8] - The net profit is expected to increase from 206 million yuan in 2023 to 792 million yuan in 2027, reflecting a significant growth trajectory [6][8] - The earnings per share (EPS) is forecasted to rise from 0.54 yuan in 2023 to 2.07 yuan in 2027 [6][8] Market Performance - The company’s stock has shown a performance of -7% over the last 12 months, compared to a 39% increase in the CSI 300 index [4]

Market Overview - The automation equipment sector increased by 0.51% on August 29, with Jiechang Drive leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Performers - Jiechang Drive (603583) closed at 42.81, up 9.99% with a trading volume of 330,200 shares [1] - Kaidi Co. (605288) also rose by 9.99% to 78.91, with a trading volume of 29,800 shares [1] - Ruisheng Intelligent (688215) increased by 6.95% to 68.80, with a trading volume of 40,800 shares [1] - Huagong Technology (000988) saw a 6.24% rise to 68.42, with a trading volume of 1,041,400 shares [1] Underperformers - Sitake (301568) fell by 7.98% to 53.37, with a trading volume of 139,700 shares [2] - Dongjie Intelligent (300486) decreased by 7.02% to 20.12, with a trading volume of 665,200 shares [2] - Aifute (688165) dropped by 5.61% to 24.71, with a trading volume of 289,100 shares [2] Capital Flow - The automation equipment sector experienced a net outflow of 497 million yuan from institutional investors, while retail investors saw a net inflow of 275 million yuan [2][3] - Jiechang Drive had a net inflow of 187 million yuan from retail investors, but a net outflow of 194 million yuan from institutional investors [3] - Huagong Technology had a significant net inflow of 1.93 billion yuan from institutional investors, despite a net outflow of 3.50 billion yuan from retail investors [3]

Group 1 - The company reported a total operating revenue of 2.007 billion yuan and a net profit attributable to shareholders of 271 million yuan for the first half of 2025 [2] - The net cash inflow from operating activities was 355 million yuan [2] - The latest debt-to-asset ratio is 31.83%, which is an increase of 0.75 percentage points compared to the previous quarter [4] Group 2 - The company's gross profit margin is 30.15%, ranking 46th among disclosed peers, and has decreased by 0.06 percentage points compared to the same period last year [4] - The latest return on equity (ROE) is 5.95% [4] - The diluted earnings per share (EPS) is 0.71 yuan [4] Group 3 - The total asset turnover ratio is 0.30 times, and the inventory turnover ratio is 1.54 times [5] - The number of shareholders is 41,900, with the top ten shareholders holding 240 million shares, accounting for 62.56% of the total share capital [6]

Core Viewpoint - The company reported significant growth in both revenue and net profit for the first half of 2025, indicating strong operational performance and potential for future investment opportunities [1] Financial Performance - The company achieved operating revenue of 2.007 billion, representing a year-on-year increase of 27.31% [1] - The net profit attributable to shareholders reached 271 million, reflecting a year-on-year growth of 43.29% [1] - Basic earnings per share were reported at 0.71 yuan [1]

Group 1 - The company announced the approval of the proposal regarding the full text and summary of the 2025 semi-annual report during the third meeting of the sixth board of directors [2]

Group 1 - The company reported a revenue of 2.007 billion yuan for the first half of 2025, representing a year-on-year growth of 27.31% [1] - The net profit attributable to shareholders reached 271 million yuan, an increase of 43.29% compared to the previous year [1] - The net profit excluding non-recurring items was 255 million yuan, showing a significant year-on-year growth of 65.87% [1] - The basic earnings per share stood at 0.71 yuan [1]

证券代码：603583 证券简称：捷昌驱动 公告编号：2025-044 浙江捷昌线性驱动科技股份有限公司 第六届董事会第三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、会议召开情况 浙江捷昌线性驱动科技股份有限公司（以下简称"公司"）第六届董事会第三 次会议于 2025 年 8 月 15 日以电话、电子邮件方式向公司全体董事发出会议通知， 以现场结合通讯方式于 2025 年 8 月 27 日在公司会议室召开。本次董事会会议应 出席董事 9 人，实际出席董事 9 人（其中委托出席董事 0 人，以通讯表决方式出 席董事 3 人）。本次会议由公司董事长胡仁昌先生主持，公司高级管理人员列席 了会议。本次会议的召集、召开符合《中华人民共和国公司法》和《浙江捷昌线 性驱动科技股份有限公司章程》及其他有关法律法规的规定，会议合法有效。 二、会议审议议案及表决情况 1、审议通过了《关于 2025 年半年度报告全文及其摘要的议案》 具体内容详见公司同日披露于上海证券交易所官方网站及指定媒体上的 《2025 年半年度报告》《 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines common terms, including regulatory bodies, company names, and the reporting period, ensuring clarity for report content [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines common terms used in the report, including regulatory bodies, exchanges, company and major subsidiary names, and reporting periods, ensuring clear understanding of the report content - Reporting period defined as **January 1, 2025, to June 30, 2025**[13](index=13&type=chunk) - Mr. Hu Renchang is the **controlling shareholder and actual controller** of the company[13](index=13&type=chunk) - Lists several domestic and overseas **wholly-owned or controlled subsidiaries**, including J-STAR (USA), JIECANG (Germany), and J-STAR (Malaysia)[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides the company's basic information and key financial data for H1 2025, highlighting significant performance growth [I. Company Information](index=5&type=section&id=I.%20Company%20Information) This section provides the company's basic registration details, including its Chinese and foreign names, and legal representative - The company's Chinese name is **Zhejiang Jiecang Linear Drive Technology Co., Ltd.**, abbreviated as Jiecang Drive[15](index=15&type=chunk) - The company's legal representative is **Hu Renchang**[15](index=15&type=chunk) [II. Contact Persons and Information](index=5&type=section&id=II.%20Contact%20Persons%20and%20Information) This section lists contact details for the Board Secretary and Securities Affairs Representative, facilitating investor communication - The Board Secretary is **Lao Yi**, and the Securities Affairs Representative is **Wang Jueying**[16](index=16&type=chunk) - The contact address for both is **Provincial High-tech Industrial Park, Xinchang County, Shaoxing City, Zhejiang Province**[16](index=16&type=chunk) [III. Overview of Basic Information Changes](index=5&type=section&id=III.%20Overview%20of%20Basic%20Information%20Changes) This section outlines the company's registered address, office address, website, and email, confirming no changes during the reporting period - The company's registered and office addresses are both located in the **Provincial High-tech Industrial Park, Xinchang County, Shaoxing City, Zhejiang Province**[17](index=17&type=chunk) - The company's website is **www.jiecang.com**, and its email is **jczq@jiecang.com**[17](index=17&type=chunk) [IV. Overview of Information Disclosure and Document Storage Location Changes](index=5&type=section&id=IV.%20Overview%20of%20Information%20Disclosure%20and%20Document%20Storage%20Location%20Changes) This section specifies the company's designated information disclosure channels and the location for semi-annual report storage - The company's selected newspapers for information disclosure are **"Shanghai Securities News" and "Securities Times"**[18](index=18&type=chunk) - The website for publishing the semi-annual report is the **Shanghai Stock Exchange website, http://www.sse.com.cn**[18](index=18&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) This section provides the company's stock listing details, including stock type, exchange, abbreviation, and code - The company's stock is **A-shares**, listed on the **Shanghai Stock Exchange**, with stock abbreviation **Jiecang Drive** and stock code **603583**[19](index=19&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section summarizes the company's H1 2025 key accounting data and financial indicators, demonstrating significant performance growth [(I) Key Accounting Data](index=6&type=section&id=(I)%20Key%20Accounting%20Data) The company's H1 2025 operating revenue and net profit grew substantially, with a significant increase in net cash flow from operating activities 2025 H1 Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2.007 billion yuan | 1.576 billion yuan | 27.31 | | Total Profit | 321.27 million yuan | 212.92 million yuan | 50.89 | | Net Profit Attributable to Listed Company Shareholders | 271.05 million yuan | 189.16 million yuan | 43.29 | | Net Profit Attributable to Listed Company Shareholders Excluding Non-recurring Items | 254.80 million yuan | 153.62 million yuan | 65.87 | | Net Cash Flow from Operating Activities | 355.17 million yuan | 235.66 million yuan | 50.71 | | Net Assets Attributable to Listed Company Shareholders (Period-End) | 4.557 billion yuan | 4.322 billion yuan | 5.42 | | Total Assets (Period-End) | 6.687 billion yuan | 6.494 billion yuan | 2.97 | [(II) Key Financial Indicators](index=6&type=section&id=(II)%20Key%20Financial%20Indicators) The company's H1 2025 earnings per share and return on net assets significantly improved, indicating enhanced profitability 2025 H1 Key Financial Indicators | Key Financial Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.71 | 0.49 | 44.90 | | Diluted Earnings Per Share (yuan/share) | 0.71 | 0.49 | 44.90 | | Basic Earnings Per Share After Deducting Non-recurring Items (yuan/share) | 0.67 | 0.40 | 67.50 | | Weighted Average Return on Net Assets (%) | 6.36 | 4.53 | Increased by 1.83 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Items (%) | 5.97 | 3.68 | Increased by 2.29 percentage points | [IX. Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the company's H1 2025 non-recurring gains and losses items and their amounts, totaling **16.25 million yuan** 2025 H1 Non-recurring Gains and Losses Items | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | -1,138,978.46 | | Government grants recognized in current profit/loss | 12,868,603.07 | | Fair value changes and disposal gains/losses of financial assets/liabilities (excluding hedging) | 6,510,020.76 | | Other non-operating income and expenses | 1,232,156.42 | | Less: Income tax impact | 2,994,161.36 | | Minority interest impact (after tax) | 231,239.99 | | Total | 16,246,400.44 | [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides management's discussion and analysis of the company's operations, industry, core competencies, and financial performance during the reporting period [I. Industry and Main Business Overview during the Reporting Period](index=8&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20during%20the%20Reporting%20Period) This section details the linear drive industry, the company's main business scope, and its operating model, highlighting industry growth potential and market presence [(I) Industry Overview](index=8&type=section&id=(I)%20Industry%20Overview) The company operates in the electrical machinery and equipment manufacturing sector, specializing in linear drive systems, a high-growth emerging industry with broad applications - Company belongs to **C38 Electrical Machinery and Equipment Manufacturing industry**, primarily engaged in R&D, production, and sales of linear drive systems and equipment, medical device components, and functional furniture[28](index=28&type=chunk) - Linear drive products are widely used in **smart office (smart desks), medical care (electric medical beds), smart home (reclining sofas), industrial technology (solar trackers), automotive intelligence (electric trailer hitch systems), and humanoid robots (linear joint actuators)**[28](index=28&type=chunk) - Linear drive industry is **rapidly developing globally**, a high-growth emerging segment with significant untapped market demand[29](index=29&type=chunk) [(II) Main Business Overview](index=8&type=section&id=(II)%20Main%20Business%20Overview) The company's core business involves the R&D, production, and sales of linear drive systems, categorized by application into medical care, smart office, smart home, industrial automation, and automotive intelligence - Company primarily engages in the **R&D, production, and sales of linear drive systems**[29](index=29&type=chunk) - Main products are categorized by application into **medical care drive systems, smart office drive systems, smart home control systems, industrial automation control systems, and automotive intelligence control systems**[29](index=29&type=chunk) [(III) Operating Model](index=8&type=section&id=(III)%20Operating%20Model) The company adopts a "production-to-order" model for its diverse, small-to-medium batch, customized products, primarily using direct sales, with ODM for overseas markets and significant domestic potential - Production model is customer-demand-oriented, primarily **"production-to-order,"** characterized by multi-variety, small-to-medium batch, and customized products[30](index=30&type=chunk) - Sales model is mainly **direct sales**, with overseas markets primarily adopting an **ODM model** in cooperation with foreign manufacturers, and significant potential in the domestic market[30](index=30&type=chunk)[31](index=31&type=chunk) [II. Discussion and Analysis of Operations](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, management steadfastly executed its strategy, focusing on annual operational goals, and achieved steady performance growth through internal management, capacity expansion, market development, and R&D - Company achieved **operating revenue of 2.007 billion yuan**, a **27.31% increase** year-on-year[32](index=32&type=chunk) - **Net profit attributable to listed company shareholders was 271 million yuan**, a **43.29% increase** year-on-year[32](index=32&type=chunk) - **Net profit attributable to listed company shareholders after deducting non-recurring items was 255 million yuan**, a **65.87% increase** year-on-year[32](index=32&type=chunk) [(I) Focusing on Core Business, Continuously Improving Operational Quality and Efficiency](index=10&type=section&id=(I)%20Focusing%20on%20Core%20Business,%20Continuously%20Improving%20Operational%20Quality%20and%20Efficiency) By optimizing resource allocation and intensifying market development, the company effectively increased market share, achieving steady growth in core business revenue and profitability - Company remains focused on its core business development, consolidating and expanding its competitive advantages through scientific coordination and optimized internal resource allocation[33](index=33&type=chunk) - Increased market development efforts, deepening existing markets, and actively exploring potential in emerging markets to enhance customer satisfaction and loyalty[33](index=33&type=chunk) [(II) Strengthening R&D Innovation System, Technology Breakthroughs Driving Diversified Growth](index=10&type=section&id=(II)%20Strengthening%20R%26D%20Innovation%20System,%20Technology%20Breakthroughs%20Driving%20Diversified%20Growth) Guided by market demand, the company continuously upgrades products, with the Robotics Actuator Business Center achieving significant breakthroughs in core drive component R&D and application, building a full-stack self-developed and self-manufactured system - Robotics Actuator Business Center achieved significant breakthroughs in independent R&D and application of core drive components, with some products already in **small-scale batch production**[34](index=34&type=chunk) - **Hollow cup motor assembly completed mass production**; rotary modules passed reliability verification, entering multi-scenario testing; reverse planetary roller screws continued to advance process and material innovation[34](index=34&type=chunk) - Company established a **full-stack self-developed and self-manufactured system** for robot actuators, effectively shortening the industrialization cycle of R&D achievements[34](index=34&type=chunk) [(III) Accelerating Global Expansion, Building a Resilient Supply Chain System](index=10&type=section&id=(III)%20Accelerating%20Global%20Expansion,%20Building%20a%20Resilient%20Supply%20Chain%20System) The company's globalization strategy made significant progress, with the first phase of the European logistics and production base largely completed and the Malaysian production base expansion actively advancing, optimizing global capacity and supply chain resilience - The first phase of the company's **European logistics and production base project is largely completed**, which will enhance technical R&D, production delivery, and supply chain management capabilities in Europe[36](index=36&type=chunk) - Actively advancing the **expansion project of the Malaysian production base** to further optimize capacity allocation in the Asia-Pacific region[36](index=36&type=chunk) [(IV) Sustained Stable Dividends, Achieving Shareholder Value Sharing](index=10&type=section&id=(IV)%20Sustained%20Stable%20Dividends,%20Achieving%20Shareholder%20Value%20Sharing) The company highly values investor returns, implemented the 2024 cash dividend plan, and committed to continuing a stable, sustainable investor return mechanism in the future - The company completed its 2024 cash dividend plan: distributing a cash dividend of **3.00 yuan (including tax) per 10 shares** to all shareholders[37](index=37&type=chunk) - A total cash dividend of **115.037 million yuan** was distributed, accounting for **40.80%** of the net profit attributable to listed company shareholders in 2024[37](index=37&type=chunk) - Over the past three fiscal years (2022-2024), the company's cumulative cash dividends totaled **280.4228 million yuan**, representing **103.14%** of the average annual net profit during that period[37](index=37&type=chunk) [(V) Deepening Standardized Operating Mechanisms, Comprehensively Enhancing Governance Level](index=10&type=section&id=(V)%20Deepening%20Standardized%20Operating%20Mechanisms,%20Comprehensively%20Enhancing%20Governance%20Level) The company strictly adheres to laws and regulations, improved its corporate governance structure and internal control system, revised its Articles of Association, and completed the board re-election, enhancing governance effectiveness - The company completed the revision of its **Articles of Association** and some supporting governance systems in **May 2025**[39](index=39&type=chunk) - The governance structure was streamlined from the original **"three meetings and one layer" to a "two meetings and one layer" structure**, and the re-election of the new board was completed simultaneously[39](index=39&type=chunk) [III. Analysis of Core Competencies during the Reporting Period](index=11&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20during%20the%20Reporting%20Period) The company possesses significant advantages in technology R&D, industry standard setting, sales expansion, production scale and quality, operating philosophy, talent, and management, building robust core competencies [1. Technology R&D Advantage](index=11&type=section&id=1.%20Technology%20R%26D%20Advantage) The company is a national high-tech enterprise with a strong R&D system and numerous patents, continuously achieving breakthroughs in core technologies and undertaking multiple provincial R&D projects - The company is a **national high-tech enterprise, a national intellectual property advantage enterprise, and a Zhejiang provincial science and technology "little giant" enterprise**, with a provincial key enterprise research institute and provincial enterprise technology center[40](index=40&type=chunk)[41](index=41&type=chunk) - As of the end of the reporting period, the company had obtained **982 patents**, including **135 domestic invention patents** and **118 international invention patents**[41](index=41&type=chunk) - Undertook the Zhejiang Province 2024 **"Pioneer and Leader + X" R&D project** - research on key technologies for high-thrust-density electric linear actuators, and carried out multiple R&D projects[41](index=41&type=chunk) [2. Industry Standard Setting Advantage](index=11&type=section&id=2.%20Industry%20Standard%20Setting%20Advantage) As a key player in China's linear drive industry, the company has led the drafting of multiple national and local industry standards, with its product quality and performance widely recognized - The company led the drafting of industry standards for **DC electric push rods (QB/T4288-2012)** and **electric height-adjustable desks (QB/T5271-2018)**[42](index=42&type=chunk)[43](index=43&type=chunk) - In 2021, the company chaired the drafting of the Zhejiang Manufacturing Group Standard **T/ZZB2234-2021 "Electric Height-Adjustable Desks"**[43](index=43&type=chunk) [3. Sales Expansion Advantage](index=12&type=section&id=3.%20Sales%20Expansion%20Advantage) The company strategically deploys in domestic and international markets, achieving a leading position in overseas markets through international exhibitions, collaborations with local manufacturers, and global subsidiary establishments - The company actively participates in various **international exhibitions** to directly engage with customers and gather overseas market information[43](index=43&type=chunk) - Collaborates with **well-known local manufacturers** to jointly develop overseas markets, expanding sales channels and customer resources[43](index=43&type=chunk) - To better serve global customers, the company has subsidiaries in the **United States, Germany, Singapore, India, Japan, Malaysia, Austria, Hungary, and Brazil**[43](index=43&type=chunk) [4. Production Scale and Product Quality Advantage](index=12&type=section&id=4.%20Production%20Scale%20and%20Product%20Quality%20Advantage) With multiple production bases and intelligent equipment, the company possesses rapid batch delivery capabilities, product performance close to international brands, and numerous international product certifications - The company has production bases in **Ningbo, Xinchang, Malaysia, the United States, and Europe**, introducing intelligent SMT high-speed production lines, automatic PCB visual inspection, and other intelligent equipment[44](index=44&type=chunk) - Many of the company's products have obtained various international product certifications, including **CB, CE, GS, CCC, CQC, UL, ETL, PSE, KC, SAA, UKCA, FCC, and IC**[44](index=44&type=chunk) - The company has obtained management system certifications such as **ISO9001, ISO14001, ISO45001, and ISO50001**[44](index=44&type=chunk) [5. Operating Philosophy Advantage](index=12&type=section&id=5.%20Operating%20Philosophy%20Advantage) Adhering to a philosophy of rapidly meeting customer needs, the company responds quickly to customization requests and provides comprehensive customized solutions, earning trust from domestic and international clients - The company's primary operating philosophy is to **rapidly meet customer needs**, responding quickly to customer customization requests with flexible delivery cycles[45](index=45&type=chunk) - Through years of technological accumulation, the company has developed capabilities in **sensing technology, synchronous control technology, and network technology** to compete with international enterprises, offering comprehensive customized solutions[45](index=45&type=chunk) [6. Talent Advantage](index=12&type=section&id=6.%20Talent%20Advantage) The company boasts an experienced founder, skilled R&D professionals, and multilingual sales talent, providing strong support for technological innovation and international sales - The company's founder is a **technical expert in mechanical and electrical fields**, who participated in the national "863" CIMS project research group[45](index=45&type=chunk) - The R&D team covers specialties such as **mechanical design, electronic engineering, automation control, embedded software, and industrial design mold design**[45](index=45&type=chunk) - The company focuses on cultivating sales talent, forming a reasonable mix of **multilingual business personnel**, giving it an advantage in international sales operations[46](index=46&type=chunk) [7. Management Advantage](index=13&type=section&id=7.%20Management%20Advantage) The company possesses a comprehensive management team for the linear drive industry and a modern scientific management system, enabling it to effectively grasp industry trends, seize market opportunities, and achieve excellent operating performance - The company has a comprehensive **linear drive industry management team**, with strong professional judgment and keen market insight regarding industry development trends[47](index=47&type=chunk) - The company has gradually established a **modern scientific management system** covering new product development, raw material procurement, production operations, quality control, cost management, financial management, marketing, and brand building[47](index=47&type=chunk) [IV. Major Operating Conditions during the Reporting Period](index=13&type=section&id=IV.%20Major%20Operating%20Conditions%20during%20the%20Reporting%20Period) This section analyzes the company's financial statement item changes, asset and liability status, investment activities, and the operating performance of major subsidiaries during the reporting period [(I) Main Business Analysis](index=13&type=section&id=(I)%20Main%20Business%20Analysis) Main business analysis shows that both operating revenue and costs moved in the same direction due to market demand and sales volume growth, financial expenses significantly decreased due to increased exchange gains, and R&D investment continued to rise [1. Analysis Table of Financial Statement Item Changes](index=13&type=section&id=1.%20Analysis%20Table%20of%20Financial%20Statement%20Item%20Changes) This period's operating revenue increased by **27.31%**, operating costs by **27.42%**, financial expenses significantly decreased due to increased exchange gains, and net cash flow from operating activities grew by **50.71%** Analysis of Financial Statement Item Changes | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,006,798,645.71 | 1,576,346,423.95 | 27.31 | | Operating Cost | 1,401,691,367.39 | 1,100,055,789.33 | 27.42 | | Sales Expenses | 102,126,449.48 | 85,925,386.92 | 18.85 | | Administrative Expenses | 137,242,753.55 | 112,103,527.22 | 22.43 | | Financial Expenses | -53,699,853.10 | -1,354,333.44 | Not applicable | | R&D Expenses | 117,855,614.75 | 108,344,866.85 | 8.78 | | Net Cash Flow from Operating Activities | 355,171,690.88 | 235,663,943.71 | 50.71 | | Net Cash Flow from Investing Activities | -279,865,556.81 | 595,909,516.80 | Not applicable | | Net Cash Flow from Financing Activities | -103,583,608.89 | -479,491,013.01 | Not applicable | - Financial expenses change primarily due to **increased exchange gains**[47](index=47&type=chunk) - Investing activities cash flow change primarily due to **increased investment expenditures** in the current period[47](index=47&type=chunk) [(III) Analysis of Assets and Liabilities](index=14&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) The company's asset and liability structure underwent several changes, with decreases in financial assets held for trading and export tax refunds receivable, while accounts receivable financing, prepayments, other current assets, construction in progress, notes payable, and long-term borrowings all significantly increased [1. Asset and Liability Status](index=14&type=section&id=1.%20Asset%20and%20Liability%20Status) Period-end financial assets held for trading decreased by **65.90%**, accounts receivable financing increased by **525.97%**, prepayments by **171.59%**, construction in progress by **47.18%**, and long-term borrowings by **68.21%** Changes in Asset and Liability Status | Item Name | Current Period End Amount (yuan) | Current Period End Ratio to Total Assets (%) | Prior Year End Amount (yuan) | Prior Year End Ratio to Total Assets (%) | Current Period End Change vs. Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 61,049,595.63 | 0.91 | 179,025,395.09 | 2.76 | -65.90 | Primarily due to decrease in financial assets held for trading | | Accounts Receivable Financing | 10,335,702.00 | 0.15 | 1,651,152.56 | 0.03 | 525.97 | Primarily due to increase in bank acceptance bills | | Prepayments | 35,369,512.05 | 0.53 | 13,023,188.19 | 0.20 | 171.59 | Primarily due to increase in prepayments for inventory in current period | | Other Receivables | 38,714,571.65 | 0.58 | 75,396,918.17 | 1.16 | -48.65 | Primarily due to decrease in export tax refunds receivable | | Other Current Assets | 114,124,845.10 | 1.71 | 50,243,044.62 | 0.77 | 127.15 | Primarily due to increase in wealth management products within one year | | Construction in Progress | 331,880,770.30 | 4.96 | 225,499,167.30 | 3.47 | 47.18 | Primarily due to continuous investment in fundraising projects | | Notes Payable | 377,803,840.60 | 5.65 | 273,050,324.63 | 4.20 | 38.36 | Primarily due to increase in bank acceptance bills | | Other Payables | 28,177,081.38 | 0.42 | 43,127,488.19 | 0.66 | -34.67 | Primarily due to repurchase of unfulfilled equity incentives | | Non-current Liabilities Due Within One Year | 95,021,856.26 | 1.42 | 182,419,261.65 | 2.81 | -47.91 | Primarily due to decrease in long-term borrowings due within one year | | Long-term Borrowings | 174,618,086.30 | 2.61 | 103,807,461.30 | 1.60 | 68.21 | Primarily due to increase in long-term borrowings | | Other Comprehensive Income | 28,944,737.71 | 0.43 | -46,668,100.77 | -0.72 | Not applicable | Primarily due to foreign currency translation differences from exchange rate changes | [2. Overseas Asset Situation](index=14&type=section&id=2.%20Overseas%20Asset%20Situation) The company's overseas assets totaled **4.481 billion yuan**, accounting for **67.02%** of total assets, with major overseas subsidiaries contributing significant operating revenue and net profit - Total overseas assets amounted to **4.481 billion yuan**, accounting for **67.02%** of total assets[50](index=50&type=chunk) Operating Performance of Major Overseas Subsidiaries | Overseas Asset Name | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | | J-STAR (USA) | 521,960,559.25 | 9,402,151.14 | | JIECANG (Germany) | 246,853,962.89 | 7,883,794.99 | | J-STAR (Malaysia) | 430,709,843.92 | 28,387,606.34 | | J-STAR (Singapore) | 434,483,582.07 | 7,644,305.03 | | LEG | 203,244,842.23 | -46,780,942.91 | [3. Major Asset Restrictions as of the End of the Reporting Period](index=15&type=section&id=3.%20Major%20Asset%20Restrictions%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The company's major asset restrictions are detailed in the financial report notes, involving assets with restricted ownership or use rights - Major asset restrictions are detailed in "Section VIII Financial Report," "VII. Notes to Consolidated Financial Statements," "31. Assets with Restricted Ownership or Use Rights" of this report[54](index=54&type=chunk) [(IV) Investment Analysis](index=15&type=section&id=(IV)%20Investment%20Analysis) During the reporting period, the company made a new equity investment in Zhejiang Lingqiao Intelligent Technology Co., Ltd. and continued to advance its fundraising investment projects [1. Overall Analysis of External Equity Investments](index=15&type=section&id=1.%20Overall%20Analysis%20of%20External%20Equity%20Investments) The company made a new equity investment of **10 million yuan** in Zhejiang Lingqiao Intelligent Technology Co., Ltd. this period, holding a **1.67%** stake - In this reporting period, the company made a new investment of **10 million yuan** in Zhejiang Lingqiao Intelligent Technology Co., Ltd., holding a **1.67%** stake[55](index=55&type=chunk) [2. Significant Non-Equity Investments](index=15&type=section&id=2.%20Significant%20Non-Equity%20Investments) The company's significant non-equity investments during the reporting period were primarily fundraising investment projects, which have been separately disclosed - Significant non-equity investments during the reporting period were fundraising investment projects, for which the company has separately prepared and disclosed the **"2025 Semi-Annual Report on the Storage and Use of Raised Funds"**[56](index=56&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=17&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section lists the financial data of the company's major holding and participating companies, including total assets, net assets, operating revenue, and net profit, reflecting their operating status Financial Performance of Major Holding and Participating Companies | Company Name | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | | Haisikai | 1,164,944,101.10 | 614,553,085.32 | 516,626,991.25 | 34,781,778.24 | | Jiecang Import & Export | 788,965,004.87 | 123,243,859.56 | 595,401,660.01 | 47,902,902.24 | | J-STAR (Malaysia) | 851,166,653.94 | 242,372,538.20 | 430,709,843.92 | 28,387,606.34 | | LEG | 694,517,146.13 | 285,343,039.00 | 203,244,842.23 | -46,780,942.91 | [V. Other Disclosures](index=18&type=section&id=V.%20Other%20Disclosures) This section discloses potential risks faced by the company, including industry market risks, operational risks, management risks, and financial risks, and details the progress of the company's "Quality Improvement, Efficiency Enhancement, and Return Focus" action plan [(I) Potential Risks](index=18&type=section&id=(I)%20Potential%20Risks) The company faces risks from macroeconomic fluctuations, intensified market competition, uncertainty in US tariff policies, gross margin volatility, raw material price fluctuations, exchange rate fluctuations, performance volatility, expanding management scale, loss of technical talent, shortage of high-quality technical workers, technical risks, accounts receivable bad debts, and changes in export tax rebate policies - Industry and market risks include **macroeconomic changes and cyclical fluctuations in downstream industries, intense market competition, and uncertainty regarding changes in US tariff policies**[61](index=61&type=chunk)[62](index=62&type=chunk) - Operational risks include **gross margin volatility, fluctuations in major raw material prices, RMB exchange rate fluctuations, and performance volatility**[63](index=63&type=chunk)[64](index=64&type=chunk) - Management risks include **management risks due to expanding business scale, risk of technical talent loss, risk of shortage of high-quality technical workers, and technical risks**[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) - Financial risks include the **risk of accounts receivable bad debts and changes in export tax rebate policies**[67](index=67&type=chunk) [(II) Other Disclosure Items](index=20&type=section&id=(II)%20Other%20Disclosure%20Items) The company actively promotes its "Quality Improvement, Efficiency Enhancement, and Return Focus" action plan, focusing on core business, strengthening R&D innovation, maintaining stable cash dividends, and emphasizing investor communication to comprehensively enhance corporate governance - The company focuses on core business development, achieving **steady growth in operating revenue and net profit** through optimized resource allocation and market expansion[68](index=68&type=chunk) - Continuously advancing overseas project construction, with the **first phase of the European logistics and production base largely completed**, and the Malaysian production base expansion project optimizing Asia-Pacific capacity allocation[69](index=69&type=chunk) - Strengthening the R&D innovation system, with the **Robotics Actuator Business Center achieving significant breakthroughs** in independent R&D and application of core drive components[70](index=70&type=chunk) - Implemented the 2024 cash dividend plan, distributing a cash dividend of **3.00 yuan (including tax) per 10 shares** to all shareholders, with cumulative cash dividends totaling **280.4228 million yuan**[70](index=70&type=chunk) - Strengthened investor communication through various channels, revised the Articles of Association, and streamlined the governance structure to a **"two meetings and one layer"** to enhance corporate governance effectiveness[71](index=71&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=22&type=section&id=Section%20IV%20Corporate%20Governance,%20Environment,%20and%20Society) This section covers changes in the company's governance structure, director and senior management appointments, profit distribution, equity incentive plans, and environmental information disclosure [I. Changes in Directors and Senior Management](index=22&type=section&id=I.%20Changes%20in%20Directors%20and%20Senior%20Management) In May 2025, the company completed the election of its Sixth Board of Directors and the appointment of senior management, abolishing the Supervisory Board, whose functions are now exercised by the Board's Audit Committee - The company held its 2024 Annual General Meeting and the first Employee Representative Meeting in **May 2025**, completing the election of the company's Sixth Board of Directors[75](index=75&type=chunk) - The company's Sixth Board of Directors consists of **9 directors**, including **6 non-independent directors** and **3 independent directors**[75](index=75&type=chunk) - The company abolished the **Supervisory Board**, and its functions are now exercised by the **Board's Audit Committee**[75](index=75&type=chunk) - **Mr. Lu Xiaojian was appointed General Manager; Mr. Wu Dizeng as Deputy General Manager; Mr. Fang Hongqiang as Chief Financial Officer; and Ms. Lao Yi as Board Secretary**[75](index=75&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=22&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's semi-annual profit distribution plan or capital reserve conversion plan is not applicable for this reporting period - The semi-annual profit distribution plan and capital reserve conversion plan are **not applicable**[76](index=76&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) The company completed the repurchase and cancellation of certain restricted shares from its 2022 restricted stock incentive plan, involving resigned incentive recipients and portions where company-level performance targets were not met - The company approved the **"Proposal on Adjusting the Repurchase Price and Repurchasing and Canceling Part of Restricted Shares"**[77](index=77&type=chunk) - A total of **1,209,600 restricted shares** were repurchased and canceled, belonging to **2 resigned incentive recipients** and those corresponding to the 2024 company-level performance targets not met, which had been granted but not yet unblocked[77](index=77&type=chunk) - These shares were canceled on **July 11, 2025**, accounting for approximately **0.32%** of the company's current total share capital[77](index=77&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=23&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) One of the company's subsidiaries, Ningbo Haisikai Drive Technology Co., Ltd., is on the list of enterprises required to disclose environmental information by law and has done so as required - The number of enterprises included in the list of enterprises required to disclose environmental information by law is **1**[78](index=78&type=chunk) - This enterprise is **Ningbo Haisikai Drive Technology Co., Ltd.**, and its environmental information disclosure report can be found on the designated website[78](index=78&type=chunk) [Section V Significant Matters](index=24&type=section&id=Section%20V%20Significant%20Matters) This section covers the fulfillment of commitments, related-party fund occupation, irregular guarantees, audit status, significant litigation, integrity status, major related-party transactions, significant contracts, and the use of raised funds [I. Fulfillment of Commitments](index=24&type=section&id=I.%20Fulfillment%20of%20Commitments) All commitments made by the company's actual controller, shareholders, related parties, and the company itself, either during or continuing into the reporting period, including share lock-ups, resolution of related-party transactions, avoidance of horizontal competition, measures to offset diluted immediate returns, and equity incentive commitments, were strictly fulfilled - All commitments regarding **share lock-ups** by directors, senior management, and supervisors were strictly fulfilled[80](index=80&type=chunk)[81](index=81&type=chunk) - Commitments regarding **share reduction prices, reduction ratios, and information disclosure** by controlling shareholder and actual controller Hu Renchang, and shareholders holding 5% or more of shares, Lu Xiaojian and Xinchang County Zhongsheng Investment Co., Ltd., were strictly fulfilled[80](index=80&type=chunk)[81](index=81&type=chunk) - The company, controlling shareholder, directors, and senior management's commitments and measures to **offset diluted immediate returns** remained effective and were strictly fulfilled[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) - Controlling shareholder and actual controller Hu Renchang's commitment to **resolve horizontal competition** remained effective and was strictly fulfilled[85](index=85&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties during the Reporting Period](index=28&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20during%20the%20Reporting%20Period) During the reporting period, the company had no non-operating funds occupied by controlling shareholders or other related parties - There was **no non-operating fund occupation** by controlling shareholders or other related parties during the reporting period[86](index=86&type=chunk) [III. Irregular Guarantees](index=28&type=section&id=III.%20Irregular%20Guarantees) During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures - There were **no external guarantees provided in violation of prescribed decision-making procedures** during the reporting period[86](index=86&type=chunk) [IV. Semi-Annual Report Audit Status](index=29&type=section&id=IV.%20Semi-Annual%20Report%20Audit%20Status) This semi-annual report has not been audited - This semi-annual report has **not been audited**[6](index=6&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=29&type=section&id=VII.%20Significant%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no significant litigation or arbitration matters - The company had **no significant litigation or arbitration matters** during this reporting period[87](index=87&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller during the Reporting Period](index=29&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller%20during%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled effective court judgments or large overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained **good integrity**[87](index=87&type=chunk) - There were **no unfulfilled effective court judgments or large overdue debts**[87](index=87&type=chunk) [X. Significant Related-Party Transactions](index=29&type=section&id=X.%20Significant%20Related-Party%20Transactions) This section discloses the company's related-party transactions in ordinary operations, primarily involving goods procurement, all within the estimated amounts [(I) Related-Party Transactions Related to Ordinary Operations](index=29&type=section&id=(I)%20Related-Party%20Transactions%20Related%20to%20Ordinary%20Operations) As of June 30, 2025, the company and its subsidiaries' related-party transactions for purchasing goods from Zhejiang Wendao Intelligent Equipment Co., Ltd. and Ningbo Youdao Metal Products Co., Ltd. did not exceed the annual estimated scope - The company estimated that the total amount of ordinary related-party transactions with Zhejiang Wendao Intelligent Equipment Co., Ltd. (including its subsidiaries), Ningbo Youdao Metal Products Co., Ltd., and Zhejiang Jiecang Holding Co., Ltd. for 2025 would not exceed **287.89 million yuan**[88](index=88&type=chunk) - As of June 30, 2025, actual related-party transactions for purchasing goods from Zhejiang Wendao Intelligent Equipment Co., Ltd. amounted to **45.2489 million yuan**, with other actual related-party transactions totaling **0.1651 million yuan**[88](index=88&type=chunk) - Actual related-party transactions for purchasing goods from Ningbo Youdao Metal Products Co., Ltd. amounted to **66.9722 million yuan**, with other actual related-party transactions totaling **0.0309 million yuan**, all within the estimated scope[88](index=88&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=30&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This section discloses significant guarantees executed and outstanding during the reporting period, primarily for subsidiaries, with the total guarantee amount representing **12.58%** of the company's net assets [(II) Significant Guarantees Executed and Outstanding during the Reporting Period](index=31&type=section&id=(II)%20Significant%20Guarantees%20Executed%20and%20Outstanding%20during%20the%20Reporting%20Period) During the reporting period, the company's total guarantees for subsidiaries amounted to **278 million yuan**, with an outstanding balance of **573 million yuan** at period-end, representing **12.58%** of the company's net assets, all for consolidated subsidiaries Company's Total Guarantee Situation (Including Guarantees for Subsidiaries) | Indicator | Amount (million yuan) | | :--- | :--- | | Total guarantees for subsidiaries incurred during the reporting period | 278 | | Total outstanding guarantees for subsidiaries at period-end (B) | 573 | | Total guarantees (A+B) | 573 | | Ratio of total guarantees to company's net assets (%) | 12.58 | | Debt guarantees provided directly or indirectly for guaranteed parties with asset-liability ratio exceeding 70% (D) | 573 | - All aforementioned guarantees were for **subsidiaries within the scope of consolidated financial statements**, with no other external guarantees[93](index=93&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=32&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) This section details the overall use of the company's raised funds and the progress of fundraising investment projects, including the replacement of early-stage investments and the temporary use of idle raised funds for working capital [(I) Overall Use of Raised Funds](index=32&type=section&id=(I)Overall%20Use%20of%20Raised%20Funds) The company's total raised funds were **1,485.00 million yuan**, with a net amount of **1,461.3242 million yuan**; as of the end of the reporting period, cumulative investment totaled **1,367.5588 million yuan**, with an investment progress of **93.58%** Overall Use of Raised Funds | Indicator | Amount (million yuan) | | :--- | :--- | | Total Raised Funds | 1,485.00 | | Net Raised Funds | 1,461.3242 | | Cumulative Investment of Raised Funds as of Period-End | 1,367.5588 | | Cumulative Investment Progress of Raised Funds as of Period-End (%) | 93.58 | [(II) Details of Fundraising Investment Projects](index=32&type=section&id=(II)Details%20of%20Fundraising%20Investment%20Projects) The company's fundraising investment projects include smart office drive system production expansion, European logistics and production base construction, and digital system upgrades with intelligent production line transformation; some projects have been canceled or terminated, while others are progressing as planned Details of Fundraising Investment Projects Use | Project Name | Planned Investment Total (million yuan) | Cumulative Investment of Raised Funds as of Period-End (million yuan) | Cumulative Investment Progress as of Period-End (%) | Has Project Feasibility Changed Significantly | | :--- | :--- | :--- | :--- | :--- | | Smart Office Drive System Production Construction Upgrade and Expansion Project | 27,232.42 | 33,636.31 | 123.52 | No | | European Logistics and Production Base Construction Project | 42,000.00 | 27,094.07 | 64.51 | No | | Digital System Upgrade and Production Line Intelligent Transformation Project | 20,000.00 | 18,000.54 | 90.00 | No | | Jiecang Global Operations Management Construction Project | 8,281.43 | 8,281.43 | 100.00 | Yes, this project was canceled | | Replenishment of Working Capital | 34,700.00 | 34,700.00 | 100.00 | No | | Permanent Replenishment of Working Capital after Termination of Jiecang Global Operations Center Construction Project | 13,918.57 | 15,043.53 | 108.08 | Not applicable | [(IV) Other Circumstances Regarding the Use of Raised Funds during the Reporting Period](index=34&type=section&id=(IV)Other%20Circumstances%20Regarding%20the%20Use%20of%20Raised%20Funds%20during%20the%20Reporting%20Period) The company used its own foreign exchange to pay for fundraising investment projects and subsequently replaced it with an equivalent amount of raised funds, and temporarily used part of idle raised funds to supplement working capital, which has been repaid on schedule - The company used its own foreign exchange to pay for engineering costs, equipment procurement, and other expenses for the fundraising investment project **"European Logistics and Production Base Construction Project,"** and then transferred an equivalent amount from the special raised funds account to the company's own funds account[99](index=99&type=chunk) - As of the end of this reporting period, the company had used **3,011,199.09 Euros** of raised funds to replace its own foreign exchange previously invested in fundraising projects[99](index=99&type=chunk) - On **April 15, 2025**, the company repaid **150 million yuan** of idle raised funds, temporarily used to supplement working capital, to the special raised funds account[100](index=100&type=chunk) - The company plans to use no more than **100 million yuan** of idle raised funds temporarily to supplement working capital, with a usage period not exceeding **12 months** from the date of board approval[100](index=100&type=chunk) [Section VI Share Changes and Shareholder Information](index=35&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, shareholder structure, and the shareholdings of directors and senior management [I. Share Capital Changes](index=35&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, there were 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**[103](index=103&type=chunk) [II. Shareholder Information](index=35&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **41,897** common shareholders. This section lists the top ten shareholders' holdings, with controlling shareholder Hu Renchang holding **27.47%** - As of the end of the reporting period, the total number of common shareholders was **41,897**[104](index=104&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Shares Held at Period-End (shares) | Percentage (%) | | :--- | :--- | :--- | | Hu Renchang | 105,347,070 | 27.47 | | Lu Xiaojian | 66,112,799 | 17.24 | | Xinchang County Zhongsheng Investment Co., Ltd. | 24,529,000 | 6.40 | | China Merchants Bank Co., Ltd. - Penghua Carbon Neutral Theme Mixed Securities Investment Fund | 9,152,551 | 2.39 | | Hong Kong Securities Clearing Company Limited | 8,319,653 | 2.17 | | Wu Dizeng | 8,021,200 | 2.09 | | Shen Anbin | 7,673,400 | 2.00 | | National Social Security Fund Council 602 Portfolio | 3,758,500 | 0.98 | | Zhejiang Jiecang Holding Co., Ltd. | 3,671,864 | 0.96 | | Pan Baixin | 3,308,480 | 0.86 | - Xinchang County Zhongsheng Investment Co., Ltd. and Zhejiang Jiecang Holding Co., Ltd. are **enterprises controlled by the company's controlling shareholder and actual controller**[107](index=107&type=chunk) [III. Directors and Senior Management Information](index=37&type=section&id=III.%20Directors%20and%20Senior%20Management%20Information) During the reporting period, Board Secretary Lao Yi's shareholding decreased due to secondary market transactions Changes in Shareholdings of Directors and Senior Management | Name | Position | Shares Held at Beginning of Period (shares) | Shares Held at End of Period (shares) | Change in Shares During Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Lao Yi | Board Secretary | 42,630 | 40,000 | -2,630 | Secondary market trading | [Section VII Bond-Related Information](index=38&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms the absence of corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds during the reporting period [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=38&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - **Not applicable**[113](index=113&type=chunk) [II. Convertible Corporate Bonds](index=38&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - **Not applicable**[113](index=113&type=chunk) [Section VIII Financial Report](index=39&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's audited financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxation, and financial items [I. Audit Report](index=39&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has **not been audited**[6](index=6&type=chunk) [II. Financial Statements](index=39&type=section&id=II.%20Financial%20Statements) This section provides the company's H1 2025 consolidated and parent company financial statements, comprehensively presenting its financial position and operating results [Consolidated Balance Sheet](index=39&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **6.687 billion yuan**, total liabilities were **2.128 billion yuan**, and total owners' equity was **4.558 billion yuan** Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 6,686,727,988.71 | 6,494,172,233.49 | | Total Liabilities | 2,128,292,110.39 | 2,170,261,575.11 | | Total Owners' Equity | 4,558,435,878.32 | 4,323,910,658.38 | [Parent Company Balance Sheet](index=41&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **6.110 billion yuan**, total liabilities were **1.625 billion yuan**, and total owners' equity was **4.485 billion yuan** Key Data from Parent Company Balance Sheet (June 30, 2025) | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 6,110,298,807.09 | 6,049,087,544.19 | | Total Liabilities | 1,625,206,020.67 | 1,691,863,528.15 | | Total Owners' Equity | 4,485,092,786.42 | 4,357,224,016.04 | [Consolidated Income Statement](index=43&type=section&id=Consolidated%20Income%20Statement) In H1 2025, the company's consolidated total operating revenue was **2.007 billion yuan**, a **27.31%** increase year-on-year; net profit attributable to parent company shareholders was **271 million yuan**, a **43.29%** increase year-on-year Key Data from Consolidated Income Statement (Jan-Jun 2025) | Item | 2025 Half-Year (yuan) | 2024 Half-Year (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 2,006,798,645.71 | 1,576,346,423.95 | | Total Operating Costs | 1,719,461,959.75 | 1,416,892,931.84 | | Total Profit | 321,270,741.03 | 212,920,045.05 | | Net Profit | 271,163,775.87 | 186,997,694.00 | | Net Profit Attributable to Parent Company Shareholders | 271,051,292.61 | 189,157,580.72 | | Basic Earnings Per Share (yuan/share) | 0.71 | 0.49 | | Diluted Earnings Per Share (yuan/share) | 0.71 | 0.49 | [Parent Company Income Statement](index=45&type=section&id=Parent%20Company%20Income%20Statement) In H1 2025, the parent company's operating revenue was **1.455 billion yuan**, a **27.43%** increase year-on-year; net profit was **243 million yuan**, a **33.63%** increase year-on-year Key Data from Parent Company Income Statement (Jan-Jun 2025) | Item | 2025 Half-Year (yuan) | 2024 Half-Year (yuan) | | :--- | :--- | :--- | | Operating Revenue | 1,455,438,784.07 | 1,142,145,013.05 | | Operating Profit | 275,437,484.72 | 206,422,205.96 | | Total Profit | 275,695,267.76 | 206,394,195.17 | | Net Profit | 242,902,301.23 | 181,773,384.02 | | Basic Earnings Per Share (yuan/share) | 0.64 | 0.48 | [Consolidated Cash Flow Statement](index=47&type=section&id=Consolidated%20Cash%20Flow%20Statement) In H1 2025, the company's net cash flow from operating activities was **355 million yuan**, a **50.71%** increase year-on-year; cash outflow from investing activities increased, while cash outflow from financing activities decreased Key Data from Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | 2025 Half-Year (yuan) | 2024 Half-Year (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 355,171,690.88 | 235,663,943.71 | | Net Cash Flow from Investing Activities | -279,865,556.81 | 595,909,516.80 | | Net Cash Flow from Financing Activities | -103,583,608.89 | -479,491,013.01 | | Net Increase in Cash and Cash Equivalents | -19,385,509.20 | 349,054,368.61 | [Parent Company Cash Flow Statement](index=48&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In H1 2025, the parent company's net cash flow from operating activities was **436 million yuan**; cash outflow from investing activities increased, while cash outflow from financing activities decreased Key Data from Parent Company Cash Flow Statement (Jan-Jun 2025) | Item | 2025 Half-Year (yuan) | 2024 Half-Year (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 435,931,408.30 | 442,661,533.63 | | Net Cash Flow from Investing Activities | -233,534,955.56 | 361,742,512.49 | | Net Cash Flow from Financing Activities | -259,002,784.54 | -667,639,517.57 | | Net Increase in Cash and Cash Equivalents | -54,293,040.93 | 140,909,947.81 | [Consolidated Statement of Changes in Owners' Equity](index=50&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) As of June 30, 2025, the company's consolidated total owners' equity was **4.558 billion yuan**, an increase of **235 million yuan** this period, primarily due to an increase in total comprehensive income Consolidated Statement of Changes in Owners' Equity (Jan-Jun 2025) | Item | Beginning Balance (yuan) | Change in Current Period Amount (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 4,323,910,658.38 | 234,525,219.94 | 4,558,435,878.32 | | Total Owners' Equity Attributable to Parent Company | 4,322,255,796.74 | 234,414,029.02 | 4,556,669,825.76 | | Of which: Other Comprehensive Income | -46,668,100.77 | 78,396,267.26 | 31,728,166.49 | | Retained Earnings | 1,543,966,772.51 | 156,017,761.76 | 1,699,984,534.27 | [Parent Company Statement of Changes in Owners' Equity](index=54&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) As of June 30, 2025, the parent company's total owners' equity was **4.485 billion yuan**, an increase of **128 million yuan** this period, primarily due to an increase in total comprehensive income Parent Company Statement of Changes in Owners' Equity (Jan-Jun 2025) | Item | Beginning Balance (yuan) | Change in Current Period Amount (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 4,357,224,016.04 | 127,868,770.38 | 4,485,092,786.42 | | Of which: Retained Earnings | 1,529,643,821.78 | 127,868,770.38 | 1,657,512,592.16 | [III. Company Basic Information](index=58&type=section&id=III.%20Company%20Basic%20Information) This section introduces the company's history, registered capital, registration location, headquarters address, main business activities, and actual controller - The company was established through the overall change of Zhejiang Jiecang Linear Drive Technology Co., Ltd. and listed on the Shanghai Stock Exchange in **September 2018**[150](index=150&type=chunk) - As of June 30, 2025, the company's total issued share capital was **383,456,555 shares**, with a registered capital of **383,456,555 yuan**[150](index=150&type=chunk) - Its main business activities include R&D, production, and sales of **linear drive systems and equipment, medical device components, and functional furniture**, with **Mr. Hu Renchang** as the actual controller[150](index=150&type=chunk) [IV. Basis of Financial Statement Preparation](index=58&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section states that the company's financial statements are prepared on a going concern basis and comply with enterprise accounting standards and relevant disclosure regulations - The company's financial statements are prepared on a **going concern basis** and comply with the requirements of **enterprise accounting standards**[151](index=151&type=chunk)[152](index=152&type=chunk)[154](index=154&type=chunk) - The company has the ability to continue as a going concern for at least **12 months** from the end of this reporting period, with no significant matters affecting its going concern ability[152](index=152&type=chunk) [V. Significant Accounting Policies and Estimates](index=58&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates adopted by the company in preparing its financial statements, covering key areas such as financial instruments, fixed assets, and revenue recognition - The company's accounting year runs from **January 1 to December 31**, with an operating cycle of **12 months**, and the recording currency is **RMB**[155](index=155&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk) - Detailed disclosure of the classification, recognition criteria, and measurement methods for **financial instruments**, including those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[169](index=169&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk)[172](index=172&type=chunk)[173](index=173&type=chunk) - Fixed assets are depreciated using the **straight-line method**, with depreciation periods of **10-20 years for buildings** and **2-10 years for machinery and equipment**[211](index=211&type=chunk) - Revenue is recognized when the customer obtains **control of the related goods or services**, with the method of revenue recognition determined by whether performance obligations are satisfied over time or at a point in time[239](index=239&type=chunk)[240](index=240&type=chunk)[241](index=241&type=chunk)[242](index=242&type=chunk)[243](index=243&type=chunk) [VI. Taxation](index=83&type=section&id=VI.%20Taxation) This section lists the company's main tax categories and rates, and explains the high-tech enterprise income tax incentives and VAT immediate refund policy for software products enjoyed by the company and its subsidiaries Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | VAT | 9%, 10%, 13%, 19%, 20% | | Urban Maintenance and Construction Tax | 5% | | Corporate Income Tax | 15%, 16.5%, 17%, 21%, 23.2%, 24%, 25%, 26%, 31.23% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - The company and its subsidiaries Ningbo Haisikai Drive Technology Co., Ltd., Zhejiang Juyou Intelligent Technology Co., Ltd., and Zhejiang Zhiyou Automotive Technology Co., Ltd. are all recognized as **high-tech enterprises** and pay corporate income tax at a rate of **15%** for 2025[263](index=263&type=chunk)[264](index=264&type=chunk)[265](index=265&type=chunk) - When selling self-developed and produced software products, the company enjoys an immediate VAT refund for the portion exceeding a **3% actual tax burden**[265](index=265&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=85&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, explaining their composition, changes, and accounting treatment - Monetary funds balance at period-end was **1.932 billion yuan**, of which **407 million yuan** was deposited overseas[266](index=266&type=chunk) - Accounts receivable book value at period-end was **630 million yuan**, with a bad debt provision ratio of **5.10%**[276](index=276&type=chunk) - Inventory book value at period-end was **924 million yuan**, including **545 million yuan in raw materials** and **315 million yuan in finished goods**[312](index=312&type=chunk) - Fixed assets book value at period-end was **1.691 billion yuan**, and construction in progress balance at period-end was **332 million yuan**, primarily due to continuous investment in fundraising projects[328](index=328&type=chunk)[331](index=331&type=chunk) - Goodwill original book value at period-end was **242 million yuan**, primarily from the acquisition of Logic Endeavor Group GmbH equity[341](index=341&type=chunk) - Operating revenue for the current period was **2.007 billion yuan**, and operating cost was **1.402 billion yuan**, primarily from linear drive product sales[397](index=397&type=chunk)[399](index=399&type=chunk) [VIII. R&D Expenses](index=145&type=section&id=VIII.%20R%26D%20Expenses) This section lists the company's R&D expenses for the reporting period, totaling **118 million yuan**, all of which were expensed R&D Expenses by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Direct Input | 12,575,993.01 | 17,752,366.74 | | Employee Compensation | 77,964,730.05 | 73,7

格隆汇8月28日丨捷昌驱动(603583.SH)公布2025年半年度报告，报告期内，公司实现营业收入20.07亿 元，同比增长27.31%；归属于上市公司股东的净利润2.71亿元，同比增长43.29%；归属于上市公司股东 的扣除非经常性损益的净利润2.55亿元，同比增长65.87%；基本每股收益0.71元。 ...

证券代码：603583 证券简称：捷昌驱动 公告编号：2025-045 浙江捷昌线性驱动科技股份有限公司 关于公司 2025 年半年度募集资金存放与实际使用 情况的专项报告 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。 根据中国证券监督管理委员会《上市公司募集资金监管规则》《上海证券交 易所上市公司自律监管指引第 1 号——规范运作》等相关规定，浙江捷昌线性 驱动科技股份有限公司（以下简称"公司"或"本公司"）就 2025 年半年度募集资 金存放与使用情况作如下专项报告： 一、 募集资金基本情况 （一）实际募集资金金额、资金到位情况 公司经中国证券监督管理委员会《关于核准浙江捷昌线性驱动科技股份有 限公司非公开发行股票的批复》（证监许可[2020]1758 号）核准，向胡仁昌等 十四名特定投资者非公开发行人民币普通股（A 股）24,392,247 股，发行价格 为每股 60.88 元，本次发行募集资金总额为 148,500.00 万元，扣除与发行有关 的费用 2,367.58 万元，募集资金净额为 146,132.42 万元 ...