内容概况：汽车自动变速器摩擦片作为实现自动变速器传动功能的关键核心部件，其技术水平直接影响 着自动变速器的整体性能表现。我国在汽车自动变速器摩擦片领域起步较晚，长期以来市场关注度不 足，国际巨头凭借先发优势垄断了大部分市场份额，导致国内缺乏能与国外大型企业相抗衡的自主品 牌。然而近年来，以林泰新材为代表的本土企业通过持续的技术攻关和自主创新，成功突破了多项关键 技术瓶颈，有效打破了国外企业的市场垄断，显著提升了国产汽车自动变速器摩擦片的整体竞争力，带 动了整个行业规模的快速扩张。数据显示，中国汽车自动变速器摩擦片市场规模已从2021年的53.64亿 元稳步增长至2024年的63.47亿元，实现了5.77%的年均复合增长率。随着汽车产业链自主可控战略的深 入推进，国产自动变速器摩擦片的市场规模有望继续保持增长态势，预计2025年将达到65.74亿元，展 现出良好的发展前景。 相关上市企业：林泰新材（920106）、旺成科技（830896）、金麒麟（603586）、首钢股份 （000959）、中信特钢（000708）、东方盛虹（000301）、蓝晓科技（300487）、中国巨石 （600176）、中材科技（002 ...

证券之星消息，8月22日兴证证券资产管理有限公司发布《兴证资管金麒麟3个月持有期混合型基金中基 金(FOF)集合资产管理计划暂停申购、定期定额投资业务的公告》。公告中提示，为了保证本集合计划 的平稳运作，保护本集合计划份额持有人的利益，自2025年8月25日起兴证资管金麒麟3个月持有期混合 型基金中基金(FOF)集合资产管理计划暂停申购、定期定额投资业务，下属分级基金调整明细如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 | 分级基金简称 | 代码 | 是否暂停（大额）申购 (转入转出、赎回、定投) | 申购限额 转入限额 定投限额 (元) | (元) | (元) | | --- | --- | --- | --- | --- | --- | | 兴证资管金麒麟3 | 970194 | | | | | | 个月(FOF)A | | 를 | | | | | 兴证资管金麒麟3 | 970195 | 를 | | | | | 个月(FOF)C | | | | | | ...

Core Insights - The company reported a revenue of 964 million yuan for the first half of 2025, representing a year-on-year growth of 24.34% [1] - The net profit attributable to shareholders reached 108 million yuan, showing a significant year-on-year increase of 226.14% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 106 million yuan, reflecting a year-on-year growth of 212.92% [1] - The basic earnings per share stood at 0.55 yuan [1]

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 问 题 征 集 ： 投 资 者 可 于 2025 年 8 月 29 日 前 访 问 网 址 https://eseb.cn/1qTymeYX8di 或使用微信扫描下方小程序码进行会前提问，公司 将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进行回 答。 证券代码：603586 证券简称：金麒麟 公告编号：2025-031 山东金麒麟股份有限公司 关于召开 2025 年半年度业绩说明会的公告 一、说明会类型 山东金麒麟股份有限公司（以下简称"公司"）于 2025 年 8 月 22 日在上海证 券交易所网站（www.sse.com.cn）披露《山东金麒麟股份有限公司 2025 年半年 度报告》《山东金麒麟股份有限公司 2025 年半年度报告摘要》。为便于广大投 资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于 2025 年 8 月 29 日（星期五）15:00-16:00 在"价值在线"（www.ir-online.cn）举办山东 ...

证券代码：603586 证券简称：金麒麟 公告编号：2025-029 山东金麒麟股份有限公司 关于聘任高级管理人员的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据《中华人民共和国公司法》(以下简称"《公司法》")和《山东金麒麟 股份有限公司章程》(以下简称"《公司章程》")等有关规定，经董事会提名委 员会审查，山东金麒麟股份有限公司(以下简称"公司")于 2025 年 8 月 21 日召 开第五届董事会 2025 年第三次会议，审议通过了《山东金麒麟股份有限公司关 于聘任高级管理人员的议案》，同意聘任张建勇先生为公司副总经理，任期从就 任之日起计算，至本届董事会任期届满时为止。 提名委员会审查意见：提名委员会对张建勇先生的任职资格和标准进行了审 查，认为其具备有关法律法规规定的任职资格，不存在《公司法》和《公司章程》 中规定的不得担任公司副总经理的情形，以及被中国证监会确定为市场禁入者或 者禁入尚未解除的情况。任职资格和聘任程序符合《公司法》《上海证券交易所 股票上市规则》和《公司章程》等有关规定。 张建勇先 ...

一、 募集资金基本情况 (一) 募集资金到位情况 经中国证券监督管理委员会证监许可[2017]343 号《关于核准山东金麒麟股份 有限公司首次公开发行股票的批复》批准,本公司公开发行 5,250.00 万股人民币普 通股股票。实际发行 5,250.00 万股，每股发行价为人民币 21.37 元，募集资金总 额为人民币 112,192.50 万元，扣除已从募集资金中直接扣减的证券承销费及保荐 费合计 7,422.46 万元，汇入公司募集资金专用户的资金净额 104,770.04 万元，扣 除公司自行支付的中介机构费用和其他发行费用（含税）人民币 786.04 万元，实 际募集的资金人民币 103,984.00 万元，加上发行费用可抵扣的增值税进项税 464.05 万元，实际募集资金为人民币 104,448.05 万元。2017 年 3 月 30 日，经立 信会计师事务所（特殊普通合伙）出具的信会师报字[2017]第 ZC10268 号验资报 告验证。 (二) 截至 2025 年 6 月 30 日募集资金使用情况及余额 证券代码：603586 证券简称：金麒麟 公告编号：2025-028 山东金麒麟股份有限公司 ...

证券代码：603586 证券简称：金麒麟 公告编号：2025-030 山东金麒麟股份有限公司 2025 年半年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 山东金麒麟股份有限公司（以下简称"公司"）根据上海证券交易所《上市 公司行业信息披露指引第六号——汽车制造》《关于做好上市公司 2025 年半年度 报告披露工作的通知》要求，现将公司 2025 年半年度主要经营数据披露如下： 单位：元，币种：人民币 | 分产品 | 营业收入 | 营业成本 | 毛利率 | 营业收入比 | 营业成本比 | | 毛利率比 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | （%） | 上年增减（%） | 上年增减（%） | | 上年增减（%） | | 刹车片 | 655,524,247.31 | 512,268,496.46 | 21.85 | 20.18 | 19.32 | 上升 | 0.56 个百分点 | | 刹车盘 | 286,669,335.8 ...

证券代码：603586 证券简称：金麒麟 公告编号：2025-027 山东金麒麟股份有限公司 监事会决议公告 二、监事会会议审议情况 会议审议通过了以下议案，并形成了决议： (一)《山东金麒麟股份有限公司2025年半年度报告全文及摘要》 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、监事会会议召开情况 山东金麒麟股份有限公司(以下简称"公司")第五届监事会 2025 年第三次会 议于 2025 年 8 月 11 日以书面、电话和电子邮件等方式通知全体监事，并于 2025 年 8 月 21 日在公司监事会会议室以现场方式召开。会议由监事会主席张永华先 生召集并主持，会议应出席监事 3 名，实际出席监事 3 名，公司董事会秘书列席 了会议。会议的通知、召开及审议程序符合《公司法》等法律法规及《公司章程》 的规定，所作决议合法有效。 监事会认为：公司2025年半年度报告全文及摘要的编制和审议程序符合法律 法规、《公司章程》和公司内部管理制度等各项规定；公司2025年半年度报告全 文及摘要的内容和格式符合中国证监会和上海证 ...

证券代码：603586 证券简称：金麒麟 公告编号：2025-026 山东金麒麟股份有限公司 董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 （二）《山东金麒麟股份有限公司 2025 年半年度募集资金存放与使用情况 的专项报告》 二、董事会会议审议情况 会议审议通过了以下议案，并形成了决议： （一）《山东金麒麟股份有限公司 2025 年半年度报告全文及摘要》 表决结果：9 票同意，0 票反对，0 票弃权。 《山东金麒麟股份有限公司 2025 年半年度报告全文及摘要》已经公司董事 会审计委员会审议通过，一致认为：公司 2025 年半年度报告全文及摘要的编制 和审议程序符合法律法规、《公司章程》和公司内部管理制度等各项规定；公司 2025 年半年度报告全文及摘要的内容和格式符合中国证监会和上海证券交易所 的各项规定，所包含的信息公允的反映了公司报告期内的财务状况和经营成果， 所包含的信息能从各个方面真实地反映出公司报告期内的经营管理和财务状况 等事项；未发现参与公司年度报告编制和审议的人员有泄漏报告信息的行为 ...

[Glossary](index=4&type=section&id=Item%201.%20Glossary) This chapter defines professional terms and company entity abbreviations used in the report for better investor understanding - This chapter primarily defines professional terms and company entity abbreviations used in the report[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Basic Company Information](index=5&type=section&id=Item%202.1.%20Basic%20Company%20Information) This chapter provides an overview of the company's basic business registration, contact details, stock listing, and code Basic Company Information | Item | Content | | :--- | :--- | | Chinese Name | Shandong Jinqilin Co., Ltd. | | Chinese Abbreviation | Jinqilin | | Legal Representative | Sun Peng | | Stock Exchange | Shanghai Stock Exchange | | Stock Abbreviation | Jinqilin | | Stock Code | 603586 | [Key Accounting Data and Financial Indicators](index=5&type=section&id=Item%202.7.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) H1 2025 saw significant performance growth, with operating revenue, net profit, and operating cash flow all increasing substantially Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 964,374,020.37 CNY | 775,604,102.52 CNY | 24.34% | | Net Profit Attributable to Shareholders | 107,696,721.46 CNY | 33,021,644.47 CNY | 226.14% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 106,268,189.44 CNY | 33,959,727.84 CNY | 212.92% | | Net Cash Flow from Operating Activities | 102,579,493.39 CNY | 27,269,798.93 CNY | 276.17% | Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.55 | 0.17 | 223.53% | | Weighted Average Return on Net Assets (%) | 4.64% | 1.46% | 3.18 percentage points increase | - The growth in the company's financial indicators is primarily attributed to increased sales of main products, receipt of investment fund dividends, and the impact of exchange rate fluctuations during the reporting period[23](index=23&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=Item%202.9.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses totaled **1.43 million CNY**, primarily from entrusted investment gains and government subsidies Non-recurring Gains and Losses | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Government Subsidies | 984,192.03 | | Gains/Losses from Entrusted Investment or Asset Management | 1,050,333.33 | | Gains/Losses from Fair Value Changes of Financial Assets/Liabilities | -281,318.08 | | Other Non-operating Income and Expenses | -138,106.72 | | Gains/Losses from Disposal of Non-current Assets | -5,768.10 | | Income Tax Impact | -180,800.44 | | **Total** | **1,428,532.02** | [Management Discussion and Analysis](index=8&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) [Industry and Main Business Overview during the Reporting Period](index=8&type=section&id=Item%203.1.%20Industry%20and%20Main%20Business%20Overview%20during%20the%20Reporting%20Period) The company manufactures friction materials and braking products for global automotive AM and OEM markets, with overseas AM as its main revenue source - The company primarily engages in the R&D, production, and sales of friction materials and braking products, belonging to the automotive parts and accessories manufacturing industry, with its development closely linked to the downstream automotive sector[29](index=29&type=chunk) - The company's main products are automotive brake pads and brake discs, with over **300 formulas** capable of producing **6,800 types of brake pads** and over **4,600 types of brake discs** suitable for mainstream global vehicle models, primarily targeting the overseas AM market while also supplying OEM parts to manufacturers like Daimler[33](index=33&type=chunk) - The company employs diversified sales models: the overseas AM market primarily uses ODM, leveraging core R&D technology; the domestic AM market sells through distributors under its own brands (e.g., "LPB Jinqilin"); and the OEM market directly supplies braking system integrators[43](index=43&type=chunk)[44](index=44&type=chunk)[46](index=46&type=chunk) [Discussion and Analysis of Operations](index=13&type=section&id=Item%203.2.%20Discussion%20and%20Analysis%20of%20Operations) H1 2025 saw strong revenue and net profit growth, driven by international market expansion, domestic aftermarket sales, and R&D initiatives Key Operating Indicators | Indicator | H1 2025 | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 964 million CNY | 24.34% | | Net Profit Attributable to Shareholders | 108 million CNY | 226.14% | | Net Cash Flow from Operating Activities | 103 million CNY | 276.17% | - In terms of market expansion, the company actively responded to Sino-US trade friction, maintaining cooperation with US customers while focusing on developing emerging markets through global exhibitions, with **5 new customers** entering the transaction stage, and domestic aftermarket brake disc sales increasing by **44.65%**[46](index=46&type=chunk)[47](index=47&type=chunk) - In R&D and innovation, the company continues to advance formula development compliant with Euro 7 brake dust emission regulations, steadily progressing the European Mercedes-Benz OES project for mass production, and increasing R&D investment in new energy vehicle products[49](index=49&type=chunk) [Analysis of Core Competencies during the Reporting Period](index=15&type=section&id=Item%203.3.%20Analysis%20of%20Core%20Competencies%20during%20the%20Reporting%20Period) Core competencies include advanced technology, extensive customer base, broad product range, high-quality systems, and 'one-stop' supply capability - Technology and Manufacturing Advantage: The company possesses independent R&D capabilities, a "National Certified Enterprise Technology Center," and masters over **300 brake friction material formulas**, including high-end ceramic formulas[52](index=52&type=chunk) - Scale and Product Variety Advantage: The company is one of the largest enterprises in the domestic industry, offering over **6,800 varieties of brake pads** and over **4,600 varieties of brake discs** to meet customers' "small batch, multi-variety" demands[53](index=53&type=chunk) - Quality Advantage: The company has passed high-level quality system certifications such as IATF16949:2016, with products meeting strict domestic and international standards including GB5763-2018, AMECA, NSF, and ECER90, and a large number of products have obtained E-Mark certification[53](index=53&type=chunk)[54](index=54&type=chunk) [Main Operating Conditions during the Reporting Period](index=16&type=section&id=Item%203.4.%20Main%20Operating%20Conditions%20during%20the%20Reporting%20Period) Key financial accounts showed significant changes, including increased revenue and costs, decreased financial expenses due to exchange rates, and higher operating cash flow, alongside reduced contract liabilities and long-term borrowings Income Statement Items | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 964,374,020.37 | 775,604,102.52 | 24.34 | Increased sales of main products | | Operating Cost | 752,739,616.02 | 609,255,845.77 | 23.55 | Increased sales of main products | | Financial Expenses | -16,893,128.66 | 5,823,544.23 | -390.08 | Exchange rate fluctuations | | Net Cash Flow from Operating Activities | 102,579,493.39 | 27,269,798.93 | 276.17 | Increased sales and collections | Balance Sheet Items | Asset/Liability Item | Period-End Amount (CNY) | Prior Year-End Amount (CNY) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Contract Liabilities | 2,802,028.53 | 12,890,118.41 | -78.26 | Decrease in product sales prepayments | | Long-term Borrowings | 30,000,000.00 | 60,000,000.00 | -50.00 | Reclassification of some long-term borrowings due within one year | | Non-current Liabilities Due Within One Year | 60,642,937.09 | 974,974.19 | 6,119.95 | Reclassification of long-term borrowings due within one year | [Analysis of Investment Status](index=18&type=section&id=Item%203.4.4.%20Analysis%20of%20Investment%20Status) Main equity investments include a new energy vehicle fund and a 50/50 joint venture with Brembo (Boqilin) for the international brake pad aftermarket - The company, as a limited partner, invested **75 million CNY** (accounting for **29.70%**) to establish Zhuhai Shangqi Huajin Automotive Industry Equity Investment Fund, primarily investing in new energy and intelligent connected vehicle sectors[62](index=62&type=chunk) - In 2022, the company established a joint venture, Boqilin, with Brembo, with both parties contributing **50%** each, aiming to combine their strengths to serve the aftermarket for passenger vehicles, light commercial vehicles, and heavy-duty trucks[63](index=63&type=chunk) [Potential Risks](index=19&type=section&id=Item%203.5.1.%20Potential%20Risks) The company faces risks in product quality, export operations, raw material price volatility, RMB appreciation, and operational management due to scale expansion - Product Quality Risk: Brake pads and discs are critical automotive safety components, and any significant quality issues could lead to substantial losses and impact product certification and sales[64](index=64&type=chunk) - Export Business Operational Risk: Over **80%** of the company's main business revenue comes from exports, and changes in the political and economic environment or trade policies of destination countries and regions will adversely affect operating performance[64](index=64&type=chunk) - Raw Material Price Fluctuation Risk: Significant fluctuations in the prices of major raw materials like steel, if product price adjustments lag, will have a considerable impact on production costs and profitability[65](index=65&type=chunk) - Exchange Loss Risk: The company's exports are primarily settled in USD, and RMB appreciation will lead to exchange losses, adversely affecting operating performance[65](index=65&type=chunk) [Corporate Governance, Environment, and Society](index=21&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) No changes occurred in directors, supervisors, or senior management, no half-year profit distribution plan was set, and a subsidiary was listed for environmental disclosure - During the reporting period, there were no changes in the company's directors, supervisors, or senior management[69](index=69&type=chunk) - The company has no half-year profit distribution or capital reserve capitalization plan[69](index=69&type=chunk) - The subsidiary "Jinan Jinqilin Brake System Co., Ltd." was included in the list of enterprises required to disclose environmental information by law[70](index=70&type=chunk) [Significant Matters](index=22&type=section&id=Item%205.%20Significant%20Matters) [Fulfillment of Commitments](index=22&type=section&id=Item%205.1.%20Fulfillment%20of%20Commitments) The company and related parties strictly fulfilled all IPO commitments, including resolving horizontal competition and share lock-up - The company's controlling shareholder, Jinqilin Investment, and actual controller, Sun Zhongyi, committed not to engage in businesses that compete with the company, and this long-term commitment was strictly fulfilled during the reporting period[73](index=73&type=chunk) [Significant Related Party Transactions](index=26&type=section&id=Item%205.10.%20Significant%20Related%20Party%20Transactions) Significant related party transactions with joint venture Boqilin totaled **107 million CNY**, and the financing counter-guarantee obligation was fulfilled - The company expects to have ordinary related party transactions with affiliate Boqilin not exceeding **307.2412 million CNY** for 2025, with actual transactions during the reporting period amounting to **106.6382 million CNY**, of which material sales transactions were **97.5222 million CNY**[78](index=78&type=chunk)[79](index=79&type=chunk) - As of April 2025, Boqilin had repaid the **40 million CNY** loan, and the company's counter-guarantee obligation for it was fulfilled[82](index=82&type=chunk)[86](index=86&type=chunk) [Significant Contracts and Their Fulfillment](index=27&type=section&id=Item%205.11.%20Significant%20Contracts%20and%20Their%20Fulfillment) The company's **25 million CNY** guarantee for joint venture Boqilin was fulfilled, resulting in a zero external guarantee balance at period-end - The company's guarantee for joint venture Boqilin was fulfilled by April 2025, as Boqilin repaid the **40 million CNY** loan on schedule[86](index=86&type=chunk) Guarantee Information | Guarantee Status | Amount (million CNY) | | :--- | :--- | | Total Guarantees Issued During Reporting Period | -25.00 | | Total Guarantee Balance at Period-End | 0.00 | [Explanation of Proceeds Utilization Progress](index=30&type=section&id=Item%205.12.%20Explanation%20of%20Proceeds%20Utilization%20Progress) All IPO fundraising projects are complete, with **103.47 million CNY** from a brake disc project transferred to working capital, and all special accounts closed - The company's net proceeds from its initial public offering amounted to **1.04 billion CNY**, with a cumulative investment of **900 million CNY** as of the end of the reporting period, representing an investment progress of **86.52%**[88](index=88&type=chunk) - During the reporting period, the company completed the "Annual Production of 6 Million High-Performance Automotive Brake Discs Project" and permanently transferred the remaining **103.4688 million CNY** of raised funds to supplement working capital[92](index=92&type=chunk) - All special fundraising accounts opened by the company for its initial public offering have been closed[93](index=93&type=chunk) [Share Changes and Shareholder Information](index=33&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) Total share capital and structure remained unchanged, with **20,483** common shareholders and stable equity among the top three shareholders - During the reporting period, the company's total share capital and capital structure remained unchanged[96](index=96&type=chunk) Top Three Shareholders | Shareholder Name | Shares Held at Period-End | Proportion (%) | | :--- | :--- | :--- | | Shandong Jinqilin Investment Management Co., Ltd. | 90,672,757 | 46.25 | | Sun Zhongyi | 19,300,062 | 9.84 | | Leling Jinfeng Investment Management Co., Ltd. | 7,012,698 | 3.58 | [Bond-Related Information](index=36&type=section&id=Item%207.%20Bond-Related%20Information) This chapter clarifies that the company has no outstanding corporate bonds, enterprise bonds, or convertible corporate bonds - The company has no outstanding corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[103](index=103&type=chunk) - The company has no outstanding convertible corporate bonds[103](index=103&type=chunk) [Financial Report](index=37&type=section&id=Item%208.%20Financial%20Report) [Financial Statements](index=37&type=section&id=Item%208.2.%20Financial%20Statements) This chapter presents the company's unaudited H1 2025 consolidated and parent company financial statements, reflecting financial position, operating results, and cash flows - Consolidated balance sheet and parent company balance sheet as of June 30, 2025 are provided[105](index=105&type=chunk)[108](index=108&type=chunk) - Consolidated income statement and parent company income statement for January-June 2025 are provided[110](index=110&type=chunk)[114](index=114&type=chunk) - Consolidated cash flow statement and parent company cash flow statement for January-June 2025 are provided[117](index=117&type=chunk)[120](index=120&type=chunk) [Significant Accounting Policies and Estimates](index=60&type=section&id=Item%208.5.%20Significant%20Accounting%20Policies%20and%20Estimates) This chapter details fundamental accounting principles, policies, and estimates for financial instruments, inventories, fixed assets, revenue recognition, and government grants - Financial statements are prepared on a going concern basis and in accordance with the requirements of the Enterprise Accounting Standards[135](index=135&type=chunk)[136](index=136&type=chunk) - Revenue recognition policy: Revenue is recognized when the customer obtains control of the related goods or services, typically for export business, when export customs procedures are completed and bills of lading or other documents are obtained[223](index=223&type=chunk)[227](index=227&type=chunk) - Impairment of financial instruments adopts the expected credit loss model, with bad debt provisions for receivables calculated based on aging portfolios[165](index=165&type=chunk)[167](index=167&type=chunk) [Notes to Consolidated Financial Statements](index=90&type=section&id=Item%208.7.%20Notes%20to%20Consolidated%20Financial%20Statements) This chapter provides detailed notes for major consolidated financial statement items, including assets, liabilities, and owners' equity - As of period-end, the company's monetary funds balance was **746 million CNY**, of which **1.0058 million CNY** were restricted funds (primarily deposits)[252](index=252&type=chunk) - Accounts receivable had a book balance of **660 million CNY** at period-end, with bad debt provisions of **40.2359 million CNY**, resulting in a book value of **619 million CNY**, and the top five customers' accounts receivable collectively accounted for **49.53%** of the total[262](index=262&type=chunk)[265](index=265&type=chunk) - Long-term equity investments had a book value of **69.5831 million CNY** at period-end, entirely comprising investments in joint venture Shandong Boqilin Friction Material Technology Co., Ltd[296](index=296&type=chunk)