Financial Performance - The company reported a total revenue of 1.057 billion yuan for the first half of 2025, an increase of 8.72% year-on-year [1] - The net profit attributable to shareholders was 40.497 million yuan, a decrease of 2.63% year-on-year [1] - The gross profit margin was 13.96%, up 6.82% year-on-year, while the net profit margin was 3.83%, down 10.52% year-on-year [1] - The company’s accounts receivable increased by 26.35% year-on-year, reaching 683 million yuan, which is 1012.3% of the net profit [1] Cost and Expenses - Operating costs increased by 7.61% due to higher revenue [8] - Selling expenses rose by 8.7%, attributed to increased warehousing and travel costs [9] - Administrative expenses increased by 17.9%, driven by higher employee compensation and intermediary service fees [9] - Financial expenses grew by 21.49%, mainly due to reduced exchange gains [10] Cash Flow and Assets - The net cash flow from operating activities decreased by 210.26%, primarily due to increased procurement expenditures [12] - The company’s cash and cash equivalents decreased by 7.93% year-on-year, totaling 342 million yuan [1] - The company’s total liabilities increased, with interest-bearing liabilities rising by 4.83% to 563 million yuan [1] Business Development - The company is actively exploring new business directions, including industrial robots and drone components, with ongoing product testing and customer validation [25] - A joint venture named "Qijing Nuotong Technology (Ningbo) Co., Ltd." was established to focus on high-temperature heat pump technology [25] - The company aims to expand its international presence, with a new factory in Thailand set to begin operations in September 2024 [29] Research and Development - R&D expenses increased by 34.31%, reflecting a higher number of ongoing projects [11] - The company emphasizes a research-driven business model, which is crucial for its performance [26] Market Position - The company has a historical Return on Invested Capital (ROIC) of 5.24%, indicating average capital returns [24] - The company maintains a flexible production model, allowing for quick responses to customer needs and efficient product variety transitions [27]

Core Insights - The company reported a revenue of 1.057 billion yuan for the first half of 2025, marking an 8.72% year-on-year increase, while net profit attributable to shareholders decreased by 2.63% to 40.497 million yuan [1][2] Business Performance - The home appliance components segment generated 806 million yuan in revenue, up 7.57% year-on-year [1] - The automotive components segment saw significant growth, achieving 158 million yuan in revenue, a 17.03% increase year-on-year, becoming a key driver of performance [1] - The electric tools components segment experienced a slight decline, with revenue of 64 million yuan, down 4.95% year-on-year, prompting the company to optimize its product structure in this area [1] Market Expansion - Domestic sales reached 695 million yuan, reflecting an 8.36% year-on-year growth, while international sales amounted to 337 million yuan, up 7.92% year-on-year, indicating strong global supply-demand resilience and customer recognition [1] Project Development - The company is making steady progress on several key projects, including the drone components project, with over 10 products in the sampling stage, and 2 products having passed customer review, awaiting mass production approval [1] - A joint venture focused on heat pump products, Qijing Nuotong, was established in June and is expected to commence production in the fourth quarter [1] Capacity Expansion - The overseas factory in Thailand has passed customer review for the Samsung clutch project and is awaiting mass production approval; the Whirlpool clutch and processing project is progressing well, with line testing scheduled for late August and factory inspection in September [2] - The Thai factory is set to achieve dual business line operations for clutches and automotive components, enhancing global supply capabilities [2] - The domestic factory in Ninghai has completed its relocation, with functional integration and management process adjustments finalized, having passed customer site audits and commenced production [2] Company Profile - The company specializes in the research, design, production, and sales of washing machine clutches, automotive components, and electric tool components, focusing on "professionalization and intensification" in its operations [2]

Core Viewpoint - Qijing Machinery Co., Ltd. reported a revenue increase of 8.72% in the first half of 2025 compared to the same period in 2024, driven by domestic consumption policies and increased market demand [7][21]. Company Overview and Financial Indicators - The company achieved operating income of approximately 1.06 billion yuan in the first half of 2025, compared to approximately 972 million yuan in the same period of 2024 [7][21]. - Total profit for the period was approximately 43.33 million yuan, a decrease of 4.22% from the previous year [7][21]. - Net profit attributable to shareholders was approximately 40.50 million yuan, down 2.63% year-on-year [7][21]. - The company's net cash flow from operating activities was negative 47.40 million yuan, a significant decrease of 210.26% compared to the previous year [7][21]. - Total assets increased by 4.47% to approximately 2.36 billion yuan compared to the end of the previous year [7][21]. Business Operations - Qijing Machinery specializes in precision machining, focusing on components for washing machines, automotive parts, and electric tool parts [7][21]. - The company has established stable relationships with well-known clients in the industry, including Hisense, Samsung, and Whirlpool, through long-term agreements [7][21]. - The main business segments include home appliance components, automotive parts, and electric tool components, with the home appliance segment generating approximately 8.06 billion yuan in revenue, a 7.57% increase [7][21]. Industry Context - The washing machine market in China has a high ownership rate, with nearly 99.2 units per 100 households as of the end of 2024, indicating limited growth potential in the domestic market [9][10]. - The overall washing machine sales volume in the first half of 2025 increased by 12.98% year-on-year, reflecting a recovery in consumer demand [9][10]. - The automotive industry in China continues to grow, with total vehicle production and sales reaching approximately 15.62 million and 15.65 million units, respectively, in the first half of 2025, both showing over 10% growth [12][14]. Future Outlook - The company is advancing several key projects, including the expansion of its Thailand factory and the development of drone component projects, which are expected to contribute to future growth [21][22]. - The implementation of government policies promoting the replacement of old appliances is anticipated to further stimulate demand in the home appliance sector [11][21].

Core Viewpoint - Qijing Machinery Co., Ltd. reported its semi-annual financial results for 2025, highlighting a mixed performance with an increase in revenue but a decline in net profit compared to the previous year [2][3]. Financial Summary - Total assets at the end of the reporting period amounted to CNY 2,362.15 million, reflecting a 4.47% increase from the previous year [2]. - The net assets attributable to shareholders decreased by 0.32% to CNY 1,150.99 million [2]. - Operating revenue reached CNY 1,056.84 million, marking an 8.72% increase year-on-year [2]. - Total profit for the period was CNY 43.33 million, down 4.22% from the previous year [2]. - Net profit attributable to shareholders decreased by 2.63% to CNY 40.50 million [2]. - The net cash flow from operating activities showed a significant decline, with a net outflow of CNY 47.40 million compared to a positive inflow of CNY 42.99 million in the previous year, representing a 210.26% change [2]. - The weighted average return on equity was 3.49%, a slight decrease of 0.04 percentage points from the previous year [2]. - Basic and diluted earnings per share were both CNY 0.2103, down 2.86% from CNY 0.2165 [2]. Shareholder Information - The largest shareholder, Ningbo Industrial Investment Group Co., Ltd., holds 29.92% of the shares [3]. - Ningbo Qijing Holdings Co., Ltd. is the second-largest shareholder with 22.75% [3]. - Other notable shareholders include individuals such as Wang Xingqi (4.47%) and Wang Yongqi (3.83%) [3].

Core Points - The company held its 27th meeting of the 4th Board of Directors on August 19, 2025, where several important resolutions were passed [1] - The board approved the proposal for asset impairment provision [2] - The board also approved the 2025 semi-annual report and its summary [2] - A proposal to cancel the supervisory board was passed, pending approval from the first extraordinary general meeting of 2025 [3] - Multiple amendments to the company's articles of association and various management rules were approved, all pending shareholder approval [4][5] - The board approved an increase in the bank's comprehensive credit limit and guarantees for subsidiaries [5] - A proposal to convene the first extraordinary general meeting of 2025 was also approved [5] Summary by Category Board Meeting Details - The meeting was convened by Chairman Mei Xuhui and attended by all 9 directors, with some represented by proxies [1] - The meeting's procedures complied with relevant laws and regulations [1] Financial Proposals - The board unanimously approved the asset impairment provision with a vote of 9 in favor [2] - The 2025 semi-annual report and its summary were also approved [2] Governance Changes - The proposal to cancel the supervisory board received unanimous approval and will be submitted for shareholder vote [3] - Amendments to the company's articles of association and various governance rules were approved, pending shareholder approval [4][5] Financial Management - The board approved an increase in the bank's comprehensive credit limit and guarantees for subsidiaries, with unanimous support [5] Upcoming Meetings - The board approved the proposal to convene the first extraordinary general meeting of 2025 [5]

Group 1 - The company held its 23rd meeting of the 4th Supervisory Board on August 19, 2025, with all three supervisors present, confirming the legality and validity of the meeting [1] - The Supervisory Board approved the proposal for asset impairment provision, stating that it aligns with the company's accounting policies and reflects its financial status accurately [1] - The voting result for the asset impairment provision was unanimous, with 3 votes in favor and no opposition or abstentions [1] Group 2 - The Supervisory Board reviewed and approved the 2025 semi-annual report and its summary, confirming compliance with legal and regulatory requirements [2] - The semi-annual report accurately reflects the company's operational results and financial condition for the first half of 2025, with no false statements or omissions [2] - The voting result for the semi-annual report was also unanimous, with 3 votes in favor and no opposition or abstentions [2]

Core Viewpoint - The company is proposing several amendments to its governance documents and management systems in response to recent regulatory changes and to enhance operational efficiency. Group 1: Governance Changes - The company plans to abolish the supervisory board, transferring its powers to the audit committee of the board of directors, which requires a two-thirds majority approval from shareholders [8][10][16]. - A comprehensive revision of the company's articles of association is proposed, aligning with the latest regulations and reflecting the removal of the supervisory board [10][12]. - The company intends to update the rules governing shareholder meetings, including changes to proposal rights and meeting procedures, reducing the minimum shareholding required to propose a meeting from 3% to 1% [11][12]. Group 2: Management System Revisions - The company is revising the remuneration and assessment management methods for directors and senior management, removing references to the supervisory board [16][18]. - Amendments to the related party transaction management system are proposed, emphasizing the need for independent director approval for significant transactions [17][18]. - The fundraising management system will be updated to ensure compliance with new regulations, including provisions for the use of raised funds and reporting requirements [19][20]. Group 3: Compliance and Regulatory Alignment - The company is aligning its internal regulations with the latest laws and guidelines, including the Company Law and the Securities Law, to ensure compliance and enhance governance [8][10][19]. - The company will revise the external guarantee management system to require independent director approval for guarantees provided to related parties [20][21]. - The selection process for accounting firms will also be updated to reflect the new terminology and compliance requirements [21].

Meeting Information - The shareholders' meeting of Qijing Machinery Co., Ltd. is scheduled for September 5, 2025, at 13:30 [1] - The meeting will be held at the company's office building in Ninghai County, Zhejiang Province [1] - Voting will be conducted through both on-site and online methods using the Shanghai Stock Exchange's voting system [1] Voting Procedures - Shareholders can vote via the Shanghai Stock Exchange's online voting system from 9:15 to 15:00 on the day of the meeting [1][2] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts [3][4] - The first voting result will be considered valid if the same voting right is exercised multiple times [4] Attendance and Registration - Shareholders registered by the close of trading on September 1, 2025, are eligible to attend the meeting [4] - Legal representatives of corporate shareholders must provide specific documentation for registration [4] - Natural person shareholders must present their identification for registration [4] Agenda Items - The meeting will review non-cumulative voting proposals that have been approved by the board [2] - There are no related shareholders that need to abstain from voting on the proposals [2] Contact Information - For inquiries, shareholders can contact the company via phone, fax, or email [5]

Core Viewpoint - The company has approved the provision for asset impairment totaling 12,512,855.34 yuan for the first half of 2025, reflecting a cautious approach to financial reporting and asset valuation [1][3][4]. Summary by Sections Overview of Asset Impairment Provision - The company conducted a comprehensive review and impairment testing of its assets as of June 30, 2025, identifying certain assets with impairment signs and decided to make provisions accordingly [1][3]. Details of Asset Impairment Provision - The breakdown of the asset impairment provision is as follows: - Inventory impairment provision: 7,362,489.31 yuan - Bad debt provision for notes receivable: -2,314,440.49 yuan - Bad debt provision for accounts receivable: 7,203,519.75 yuan - Bad debt provision for other receivables: 261,286.77 yuan - Total: 12,512,855.34 yuan [1][2][3]. Impact on Financial Position - The total provision for asset impairment will reduce the company's profit before tax by 12,512,855.34 yuan for the first half of 2025, thereby affecting the overall financial performance [3][4]. Opinions from Audit Committee - The audit committee agrees that the provision for asset impairment is in line with the company's actual situation and complies with accounting standards, which will provide a more accurate reflection of the company's financial status [3][4]. Opinions from Supervisory Committee - The supervisory committee has reviewed the decision and confirmed that the provision for asset impairment aligns with the company's actual circumstances and relevant regulations, supporting the decision made by the board [4].

奇精机械股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 会议召开时间：2025 年 08 月 29 日（星期五）15:00-16:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心视频结合网络互动 证券代码：603677 证券简称：奇精机械 公告编号：2025-033 （三）会议召开方式：上证路演中心视频结合网络互动 三、参加人员 公司总裁汪伟东先生；独立董事潘俊先生；副总裁、财务总监姚利群女士； 董事会秘书田林女士。 四、投资者参加方式 ? 投资者可于 2025 年 08 月 22 日(星期五)至 08 月 28 日(星期四)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 IR@qijing-m.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 奇精机械股份有限公司（以下简称"公司"）于 2025 ...