Group 1 - The core viewpoint of the report emphasizes the importance of reviewing the full semi-annual report for a comprehensive understanding of the company's operational results, financial status, and future development plans [1] - The board of directors and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report, taking legal responsibility for any false statements or omissions [1] - The company has proposed a profit distribution plan for the first half of 2025, which includes no distribution or capital increase [1] Group 2 - The company provides a brief introduction and outlines its basic information, including major financial data [2] - There is no change in the controlling shareholder or actual controller during the reporting period [2] - The report indicates that there are no significant changes in the company's operating conditions or any major events that could impact future operations [3]

Core Insights - The stock price of Zhongma Transmission (603767) closed at 31.76 yuan on August 19, 2025, with a slight increase of 0.06% and a turnover rate of 15.02% [1] - The company reported a total revenue of 443 million yuan for the first half of 2025, representing a year-on-year decrease of 9.87%, and a net profit attributable to shareholders of 11.65 million yuan, down 70.34% year-on-year [1] - The company has a current ratio of 3.899, a quick ratio of 3.201, and a debt-to-asset ratio of 16.19% [1] Financial Performance - Total revenue for the first half of 2025: 443 million yuan, down 9.87% year-on-year [1] - Net profit attributable to shareholders: 11.65 million yuan, down 70.34% year-on-year [1] - Deducted non-recurring profit: 12.18 million yuan, down 68.25% year-on-year [1] - Current ratio: 3.899 [1] - Quick ratio: 3.201 [1] - Debt-to-asset ratio: 16.19% [1] Investment and Intellectual Property - Zhongma Transmission has invested in 5 external companies and participated in 8 bidding projects [2] - The company holds 6 trademark registrations and 149 patents [2] - Additionally, it possesses 9 administrative licenses [2]

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines key company entities and industry-specific terms to ensure report clarity and consistency [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines company entities and industry terms, including passenger vehicles and new energy vehicle reducers, for report clarity - Company, "this Company", and Zomax Transmission all refer to Zhejiang Zomax Transmission Co., Ltd[15](index=15&type=chunk) - Passenger vehicles are defined as automobiles primarily used for carrying passengers and their luggage, with a maximum of **9 seats**[15](index=15&type=chunk) - New energy vehicle reducers are precision mechanisms that, along with motors and electronic controls, form the new energy vehicle transmission system, designed to reduce speed and increase torque[15](index=15&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents its key financial performance indicators [I. Company Information](index=4&type=section&id=I.%20Company%20Information) Established in 2005 with 308.6315 million CNY registered capital, Zomax Transmission specializes in automotive transmission and gear R&D, production, and sales, listed on the Shanghai Stock Exchange since 2017 - The company's Chinese name is Zhejiang Zomax Transmission Co., Ltd., abbreviated as Zomax Transmission[14](index=14&type=chunk) - The company's legal representative is Liang Xiaorui[14](index=14&type=chunk) - The company's stock code is **603767**, listed on the Shanghai Stock Exchange[19](index=19&type=chunk) [II. Contact Persons and Information](index=5&type=section&id=II.%20Contact%20Persons%20and%20Information) This chapter provides contact details for the Board Secretary and Securities Affairs Representative, including address, phone, fax, and email, for stakeholder communication - The Board Secretary is Lin Changchun, and the Securities Affairs Representative is Chen Yun[16](index=16&type=chunk) - The company's contact phone number is **0576-86146517**, and the email address is info@zomaxcd.com[16](index=16&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered and office addresses remain unchanged at No. 1, Jingyi Road, Shangma Industrial Zone, Shitang Town, Wenling City, Zhejiang Province - The company's registered and office addresses are both No. 1, Jingyi Road, Shangma Industrial Zone, Shitang Town, Wenling City, Zhejiang Province[17](index=17&type=chunk) - There were no historical changes to the company's registered address during the reporting period[17](index=17&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) The company designates "Shanghai Securities News" for information disclosure, with its semi-annual report available on the SSE website and at the Board Office, unchanged this period - The company's designated information disclosure newspaper is "Shanghai Securities News"[18](index=18&type=chunk) - The website address for publishing the semi-annual report is http://www.sse.com.cn[18](index=18&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) The company's A-shares are listed on the Shanghai Stock Exchange under the abbreviation Zomax Transmission and stock code 603767 - The company's stock type is A-shares, listed on the Shanghai Stock Exchange[19](index=19&type=chunk) - The stock abbreviation is Zomax Transmission, and the stock code is **603767**[19](index=19&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company experienced significant declines in operating revenue, total profit, net profit, and EPS, primarily due to reduced revenue and gross profit margin, with operating cash flow also decreasing 2025 Key Accounting Data for H1 (YoY) | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | Current Period vs. Prior Period Change (%) | | :------------------ | :----------------------------- | :----------------- | :----------------------------------------- | | Operating Revenue | 442,583,811.69 | 491,027,290.84 | -9.87 | | Total Profit | 15,802,546.05 | 42,371,998.19 | -62.71 | | Net Profit Attributable to Shareholders of Listed Company | 11,650,705.67 | 39,280,942.81 | -70.34 | | Net Cash Flow from Operating Activities | 45,767,978.81 | 80,284,534.78 | -42.99 | 2025 Key Financial Indicators for H1 (YoY) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Current Period vs. Prior Period Change (%) | | :----------------------- | :----------------------- | :----------- | :----------------------------------------- | | Basic Earnings Per Share (CNY/share) | 0.04 | 0.13 | -69.23 | | Diluted Earnings Per Share (CNY/share) | 0.04 | 0.13 | -69.23 | | Weighted Average Return on Net Assets (%) | 0.82 | 2.68 | Decrease of 1.86 percentage points | - The company's total profit, net profit attributable to parent, non-recurring net profit attributable to parent, basic EPS, and diluted EPS all decreased by over **50% year-on-year**, primarily due to reduced operating revenue and gross profit margin[23](index=23&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's total non-recurring gains and losses were **-533,796.44 CNY**, primarily from government subsidies, non-current asset disposal, and other non-operating items 2025 Non-Recurring Gains and Losses Items for H1 | Non-Recurring Gains and Losses Items | Amount (CNY) | | :--------------------------------- | :----------- | | Gains/Losses from Disposal of Non-Current Assets | -267.87 | | Government Subsidies Included in Current Profit/Loss | 84,619.62 | | Other Non-Operating Income and Expenses | -618,148.19 | | Total | -533,796.44 | [Section III Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides management's perspective on the company's operations, financial condition, and future outlook [I. Description of the Company's Industry and Main Business During the Reporting Period](index=7&type=section&id=I.%20Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company specializes in automotive transmission and gear R&D, production, and sales, directly supplying vehicle manufacturers, amidst China's H1 2025 automotive market growth, especially in new energy vehicles and exports - The company's main products include automotive transmissions, new energy vehicle reducers, electronically controlled transfer cases, automotive gears, motorcycle gears, and agricultural machinery gears[29](index=29&type=chunk) - The company operates on a "production based on sales" model, directly supplying products to vehicle manufacturers, primarily through direct sales[30](index=30&type=chunk)[31](index=31&type=chunk) China's Automotive Industry Production and Sales Data for Jan-Jun 2025 | Indicator | Production/Sales Volume (10,000 units) | Year-on-Year Growth (%) | | :----------------- | :------------------------------------- | :---------------------- | | Total Automobiles | 1562.1 / 1565.3 | 12.5 / 11.4 | | Passenger Vehicles | 1352.2 / 1353.1 | 13.8 / 13 | | Commercial Vehicles | 209.9 / 212.2 | 4.7 / 2.6 | | New Energy Vehicles | 696.8 / 693.7 | 41.4 / 40.3 | | Total Vehicle Exports | 308.3 | 10.4 | | New Energy Vehicle Exports | 106 | 75.2 | [II. Discussion and Analysis of Operations](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) Despite significant net profit decline, the company optimized resource allocation, expanded into new energy gears, upgraded production automation, diversified its supply chain, and implemented cost reduction and information management initiatives - The company's net profit significantly declined, primarily due to reduced operating revenue and gross profit margin[32](index=32&type=chunk) - The company optimized resource allocation, dynamically adjusted capacity layout and personnel structure, streamlined management processes and organizational structure, and tapped internal potential[32](index=32&type=chunk) - Increased market expansion and new product development efforts, focusing on new energy gears, motor shaft gears, and automatic transmission gears markets[33](index=33&type=chunk) - Promoted production process automation and intelligent upgrades, accelerated strategic capacity investment in new energy vehicle gears, and built a diversified supplier ecosystem to secure raw material supply[33](index=33&type=chunk) - Established a budget cost-reverse push model based on market price demands, comprehensively promoting cost reduction in technology development, efficiency improvement in manufacturing, and service optimization[33](index=33&type=chunk) - Continuously advanced the implementation and optimization of core systems such as PLM, MES, OA, ERP, and HR, accelerating the digitalization and intelligent upgrade of production lines[33](index=33&type=chunk)[34](index=34&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=9&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core strengths include strong R&D, extensive customer network, diversified product portfolio, robust quality control, and efficient cost management through lean practices and supply chain optimization - The company possesses an R&D team with over **20 years of experience** in vehicle gears and automotive transmissions, demonstrating strong synchronous development capabilities and advanced gear processing technology[35](index=35&type=chunk) - The company has established long-term partnerships with renowned vehicle manufacturers like Great Wall Motor, BAIC Foton, Chery Automobile, and global top 100 automotive component companies such as BorgWarner and Mando[35](index=35&type=chunk)[36](index=36&type=chunk) - Diversified product structure includes automotive transmissions, new energy vehicle reducers, electronically controlled transfer cases, automotive gears, motorcycle gears, and agricultural machinery gears, with assembly production and independent R&D design capabilities[36](index=36&type=chunk)[37](index=37&type=chunk) - Established a comprehensive quality control system, certified with **IATF16949:2016**, and recognized as an excellent supplier by multiple renowned enterprises[38](index=38&type=chunk) - Effectively controls manufacturing costs and administrative expenses through scientific management systems, lean production models, supply chain optimization (purchasing blanks, outsourced machining), and "zero inventory" management[39](index=39&type=chunk)[40](index=40&type=chunk) [IV. Major Operating Conditions During the Reporting Period](index=10&type=section&id=IV.%20Major%20Operating%20Conditions%20During%20the%20Reporting%20Period) Operating revenue and costs declined, with R&D expenses significantly reduced; monetary funds and receivables increased, while inventories and fixed assets decreased; notes payable and contract liabilities rose, and employee compensation payable fell 2025 Major Accounting Item Changes for H1 | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change Ratio (%) | Explanation for Change | | :------------------------------------- | :-------------------------- | :------------------------ | :--------------- | :--------------------------------------------------- | | Operating Revenue | 442,583,811.69 | 491,027,290.84 | -9.87 | Decrease in product sales | | Operating Cost | 382,232,143.40 | 393,881,499.27 | -2.96 | Decrease in operating revenue | | R&D Expenses | 15,232,987.42 | 23,034,856.38 | -33.87 | R&D project investment according to progress | | Net Cash Flow from Operating Activities | 45,767,978.81 | 80,284,534.78 | -42.99 | Decrease in customer fund collection due to lower operating revenue | | Net Cash Flow from Investing Activities | -4,108,583.54 | -13,131,343.72 | 68.71 | Decrease in company investment | | Financial Expenses | -3,379,170.52 | -3,062,481.60 | -10.34 | Increase in time deposit interest income | 2025 Changes in Assets and Liabilities for H1 | Item Name | Current Period End Amount (CNY) | % of Total Assets at Current Period End | Prior Year End Amount (CNY) | % of Total Assets at Prior Year End | % Change from Prior Year End | Explanation | | :------------------------- | :------------------------------ | :-------------------------------------- | :-------------------------- | :---------------------------------- | :--------------------------- | :----------------------- | | Monetary Funds | 445,406,563.09 | 27.12 | 438,395,503.32 | 26.06 | 1.60 | Increase in monetary funds | | Receivables | 265,721,384.54 | 16.18 | 252,613,974.45 | 15.02 | 5.19 | Increase in bank acceptance bills | | Inventories | 155,082,277.35 | 9.44 | 171,885,373.25 | 10.22 | -9.78 | Decrease in inventories | | Fixed Assets | 578,207,847.06 | 35.20 | 618,309,948.23 | 36.76 | -6.49 | Depreciation of fixed assets | | Construction in Progress | 0 | 0 | 225,000.00 | 0.01 | -100.00 | Transfer to fixed assets | | Notes Payable | 28,000,000.00 | 1.70 | 0 | 0 | - | Increase in bank acceptance bills | | Contract Liabilities | 4,254,931.02 | 0.26 | 3,832,459.65 | 0.23 | 11.02 | Increase in advance receipts for goods | | Employee Compensation Payable | 8,752,038.67 | 0.53 | 13,245,430.78 | 0.79 | -33.92 | Decrease in payment of employee compensation | Major Asset Restrictions at H1 2025 End | Item | Book Balance at Period End (CNY) | Type of Restriction | Reason for Restriction | | :--------------- | :------------------------------- | :------------------ | :------------------------- | | Bank Deposits | 3,804,219.44 | Accrual | Interest income from time deposits | | Other Monetary Funds | 14,000,000.00 | Pledge | Bank acceptance bill deposit | | Other Monetary Funds | 10,800,000.00 | Pledge | Letter of credit deposit | | Total | 28,604,219.44 | / | / | [V. Other Disclosure Matters](index=14&type=section&id=V.%20Other%20Disclosure%20Matters) The company faces risks from macroeconomic fluctuations, policy changes, and raw material price volatility, potentially impacting performance and production costs - Macroeconomic fluctuations or changes in national industrial policies may lead to a decline in company performance, as the automotive parts industry is strongly correlated with the prosperity of the downstream automotive manufacturing industry[49](index=49&type=chunk) - Fluctuations in raw material (steel, aluminum ingots) prices directly affect the company's production costs and profit levels[49](index=49&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=15&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's governance structure, environmental responsibilities, and social contributions [II. Profit Distribution or Capital Reserve Conversion Plan](index=15&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's H1 2025 profit distribution plan proposes no distribution and no capital reserve conversion - The company's profit distribution plan for the first half of 2025 is no distribution and no conversion[6](index=6&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=15&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) Zhejiang Zomax Transmission Co., Ltd. is designated as a key environmental supervision unit in Taizhou City for 2025, requiring legal environmental information disclosure - Zhejiang Zomax Transmission Co., Ltd. is included in Taizhou City's 2025 environmental supervision key units directory[53](index=53&type=chunk) [Section V Significant Matters](index=16&type=section&id=Section%20V%20Significant%20Matters) This section outlines significant events and commitments impacting the company's operations and financial position [I. Fulfillment of Commitments](index=16&type=section&id=I.%20Fulfillment%20of%20Commitments) Actual controllers Sheng Guiying and Jiang Shaoyi strictly adhered to their **18-month lock-up period** commitment, not transferring inherited Zomax Transmission shares - Sheng Guiying and Jiang Shaoyi both voluntarily committed to an **18-month lock-up period**, not transferring inherited Zomax Transmission shares during this period, and have strictly fulfilled this commitment[55](index=55&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=18&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) The company, its controlling shareholder, and actual controllers maintain good integrity, with no unfulfilled court judgments or unpaid large debts - The company has no unfulfilled effective court judgments or unpaid large debts[57](index=57&type=chunk) - The company has not received any materials regarding unfulfilled effective judgments or unpaid large debts by its controlling shareholder or actual controllers[57](index=57&type=chunk) [X. Significant Related Party Transactions](index=18&type=section&id=X.%20Significant%20Related%20Party%20Transactions) On March 29, 2025, the company approved the 2025 annual related party transactions forecast, with related director Ruan Siqun abstaining, as previously disclosed - The company convened a board meeting on March 29, 2025, and approved the "Proposal on the Forecast of 2025 Daily Related Party Transactions"[58](index=58&type=chunk) - Related director Mr. Ruan Siqun abstained from voting[58](index=58&type=chunk) [Section VI Share Changes and Shareholder Information](index=21&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides an overview of its shareholder structure [I. Changes in Share Capital](index=21&type=section&id=I.%20Changes%20in%20Share%20Capital) The company's total share capital and share structure remained unchanged during the reporting period - During the reporting period, there were no changes in the company's total share capital or share structure[64](index=64&type=chunk) [II. Shareholder Information](index=21&type=section&id=II.%20Shareholder%20Information) As of the period end, the company had **35,839 common shareholders**; the top two were Wenling Zhongtai Investment and Zomax Group, with Sheng Guiying and Jiang Shaoyi (and their children) as actual controllers, holding **66.06% of voting rights** - As of the end of the reporting period, the total number of common shareholders was **35,839**[65](index=65&type=chunk) Top Ten Shareholders' Holdings at H1 2025 End | Shareholder Name | Number of Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--------------------------- | :------------------------------------------- | :------------- | :--------------------- | | Wenling Zhongtai Investment Co., Ltd. | 93,556,478 | 30.31 | Domestic Non-State-Owned Legal Person | | Zomax Group Co., Ltd. | 79,553,522 | 25.78 | Domestic Non-State-Owned Legal Person | | Sheng Guiying | 23,450,000 | 7.60 | Domestic Natural Person | | Jiang Shaoyi | 4,900,000 | 1.59 | Domestic Natural Person | - Wenling Zhongtai Investment Co., Ltd., Zomax Group Co., Ltd., Sheng Guiying, Jiang Shaoyi, Wu Hongfei, and Wu Binghong are acting in concert; Sheng Guiying and Jiang Shaoyi are relatives by marriage, and Wu Hongfei and Wu Binghong are Jiang Shaoyi's children and Sheng Guiying's grandchildren[68](index=68&type=chunk) [Section VII Bond-Related Information](index=24&type=section&id=Section%20VII%20Bond-Related%20Information) This section provides information regarding the company's bond instruments and related financial activities [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=24&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no corporate bonds or non-financial enterprise debt financing instruments during the reporting period [II. Convertible Corporate Bonds](index=24&type=section&id=II.%20Convertible%20Corporate%20Bonds) The company had no convertible corporate bonds during the reporting period [Section VIII Financial Report](index=25&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's comprehensive financial statements, including balance sheets, income statements, and cash flow statements [II. Financial Statements](index=25&type=section&id=II.%20Financial%20Statements) This chapter presents the company's H1 2025 consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity Major Data from Consolidated Balance Sheet (June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :------------------------------------- | :------------------ | :---------------------- | | Monetary Funds | 445,406,563.09 | 438,395,503.32 | | Accounts Receivable | 213,304,246.33 | 216,264,958.54 | | Inventories | 155,082,277.35 | 171,885,373.25 | | Fixed Assets | 578,207,847.06 | 618,309,948.23 | | Total Assets | 1,642,644,504.63 | 1,682,074,313.80 | | Notes Payable | 28,000,000.00 | 0 | | Accounts Payable | 163,657,441.61 | 169,126,772.44 | | Total Liabilities | 265,983,880.77 | 255,338,095.61 | | Total Equity Attributable to Parent Company Owners | 1,376,660,623.86 | 1,426,736,218.19 | Major Data from Consolidated Income Statement (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :---------------------------- | :--------------- | :--------------- | | Total Operating Revenue | 442,583,811.69 | 491,027,290.84 | | Total Operating Cost | 432,150,944.83 | 454,207,794.84 | | Total Profit | 15,802,546.05 | 42,371,998.19 | | Net Profit | 11,650,705.67 | 39,280,942.81 | | Basic Earnings Per Share (CNY/share) | 0.04 | 0.13 | Major Data from Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :------------------------------------- | :--------------- | :--------------- | | Net Cash Flow from Operating Activities | 45,767,978.81 | 80,284,534.78 | | Net Cash Flow from Investing Activities | -4,108,583.54 | -13,131,343.72 | | Net Cash Flow from Financing Activities | -61,726,300.00 | -61,726,300.00 | | Net Increase in Cash and Cash Equivalents | -20,146,276.33 | 4,832,700.33 | [III. Company Basic Information](index=45&type=section&id=III.%20Company%20Basic%20Information) Established in 2005 with **308.6315 million CNY** registered capital, the company specializes in automotive transmission and gear R&D, production, and sales, listed on the Shanghai Stock Exchange since 2017 - The company was registered and established on December 15, 2005, with a registered capital of **308.6315 million CNY**[104](index=104&type=chunk) - The company's shares were listed on the Shanghai Stock Exchange on June 13, 2017[104](index=104&type=chunk) - The company's main business is the R&D, production, and sales of automotive transmissions and vehicle gears[104](index=104&type=chunk) [IV. Basis of Financial Statement Preparation](index=45&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, with no significant doubts regarding its ability to continue for the next 12 months - The company's financial statements are prepared on a going concern basis[105](index=105&type=chunk) - There are no matters or circumstances that raise significant doubts about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[106](index=106&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=45&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This chapter details the company's accounting policies and estimates for financial instrument impairment, inventories, fixed assets, construction in progress, intangible assets, and revenue recognition, including the impact of "Interpretation No. 18" from January 1, 2024 - The company has formulated specific accounting policies and estimates for financial instrument impairment, inventories, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition based on its actual production and operating characteristics[107](index=107&type=chunk) - The company implemented "Interpretation No. 18 of Accounting Standards for Business Enterprises" issued by the Ministry of Finance starting January 1, 2024, and retrospectively adjusted comparable period information, resulting in an increase of **2,933,069.03 CNY** in operating costs and a decrease of **2,933,069.03 CNY** in selling expenses in the H1 2024 income statement[189](index=189&type=chunk)[190](index=190&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in current profit or loss[118](index=118&type=chunk) - The company performs impairment testing on financial assets and recognizes loss provisions based on expected credit losses[124](index=124&type=chunk) - The company primarily sells automotive transmissions, automotive gears, and other products, with revenue recognized when customers obtain control of the related goods or services[175](index=175&type=chunk) [VI. Taxation](index=67&type=section&id=VI.%20Taxation) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with preferential rates for high-tech enterprises and its Chongqing subsidiary under Western Development policy Major Tax Categories and Rates | Tax Category | Tax Rate | | :--------------------------- | :------- | | Value-Added Tax (VAT) | 13%, 5% | | Urban Maintenance and Construction Tax | 5%, 7% | | Corporate Income Tax | 15% | | Property Tax | 1.2%, 12% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - The company was recognized as a high-tech enterprise in 2024, and its corporate income tax will be levied at a **15% rate** for three years starting from 2024[192](index=192&type=chunk) - Subsidiary Zomax Transmission Technology (Chongqing) Co., Ltd. enjoys the Western Development corporate income tax preferential policy for 2025, paying corporate income tax at a reduced **15% rate**[192](index=192&type=chunk) - The company meets the requirements for advanced manufacturing enterprises and is eligible for a **5% VAT additional deduction policy** for 2024[192](index=192&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=68&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed notes on consolidated financial statement items, including monetary funds, receivables, inventories, fixed assets, and operating expenses, with explanations for significant changes Composition of Monetary Funds (June 30, 2025) | Item | Balance at Period End (CNY) | | :--------------- | :-------------------------- | | Cash on Hand | 43,453.40 | | Bank Deposits | 420,563,109.69 | | Other Monetary Funds | 24,800,000.00 | | Total | 445,406,563.09 | - Other monetary funds at period end primarily consist of **14,000,000.00 CNY** for bank acceptance bill deposits and **10,800,000.00 CNY** for letter of credit deposits[194](index=194&type=chunk) Aging Analysis of Accounts Receivable (June 30, 2025) | Aging | Book Balance at Period End (CNY) | | :---------- | :------------------------------- | | Within 1 year | 238,510,276.16 | | 1-2 years | 295,589.20 | | 2-3 years | 266,331.72 | | Over 3 years | 39,043.75 | | Total | 239,111,240.83 | - Total bad debt provision for accounts receivable is **25,806,994.50 CNY**, with **14,591,693.03 CNY** specifically provided for Chengdu Dayun Automobile Group Co., Ltd. at an **80% provision rate** due to its bankruptcy reorganization[198](index=198&type=chunk)[200](index=200&type=chunk) - The amount of accounts receivable financing (bank acceptance bills) endorsed or discounted and not yet due at period end is **294,746,195.53 CNY**[210](index=210&type=chunk) Inventory Classification (June 30, 2025) | Item | Book Balance (CNY) | Inventory Impairment Provision (CNY) | Book Value (CNY) | | :----------------------- | :----------------- | :----------------------------------- | :--------------- | | Raw Materials | 21,912,526.67 | 558,156.31 | 21,354,370.36 | | Work in Progress | 11,948,952.54 | 0 | 11,948,952.54 | | Finished Goods | 53,859,723.95 | 3,581,260.00 | 50,278,463.95 | | Revolving Materials | 18,770,274.42 | 0 | 18,770,274.42 | | Goods in Transit | 53,010,212.77 | 2,611,992.18 | 50,398,220.59 | | Consigned Processing Materials | 2,331,995.49 | 0 | 2,331,995.49 | | Total | 161,833,685.84 | 6,751,408.49 | 155,082,277.35 | Book Value of Fixed Assets (June 30, 2025) | Item | Book Value at Period End (CNY) | | :-------------------- | :----------------------------- | | Buildings and Structures | 250,540,949.95 | | General Equipment | 1,619,295.99 | | Specialized Equipment | 320,386,162.20 | | Transportation Equipment | 1,134,499.78 | | Other Equipment | 4,526,939.14 | | Total | 578,207,847.06 | - At the end of the reporting period, the company's construction in progress balance was **0 CNY**, down from **225,000.00 CNY** at the beginning of the period, primarily due to the transfer of construction in progress to fixed assets[251](index=251&type=chunk) Book Value of Intangible Assets (June 30, 2025) | Item | Book Value at Period End (CNY) | | :------------ | :----------------------------- | | Land Use Rights | 92,633,073.07 | | Patent Rights | 36,399.86 | | Software | 1,998,958.10 | | Total | 94,668,431.03 | Deferred Income Tax Assets/Liabilities (June 30, 2025) | Item | Deferred Income Tax Assets at Period End (CNY) | Deferred Income Tax Liabilities at Period End (CNY) | | :----------------------- | :--------------------------------------------- | :-------------------------------------------------- | | Asset Impairment Provisions | 4,897,463.91 | - | | Product Quality Guarantees | 715,578.25 | - | | Deferred Income | 4,690,588.55 | - | | Additional Deduction for Fixed Assets | - | 12,554,887.41 | | Total | 10,303,630.71 | 12,554,887.41 | Employee Compensation Payable (June 30, 2025) | Item | Balance at Period End (CNY) | | :------------------------------------ | :-------------------------- | | Short-term Compensation | 7,993,835.29 | | Post-employment Benefits - Defined Contribution Plans | 758,203.38 | | Total | 8,752,038.67 | Operating Revenue and Operating Costs (Jan-Jun 2025) | Item | Revenue (CNY) | Cost (CNY) | | :------------ | :--------------- | :--------------- | | Main Business | 435,078,719.85 | 378,915,482.33 | | Other Business | 7,505,091.84 | 3,316,661.07 | | Total | 442,583,811.69 | 382,232,143.40 | Composition of R&D Expenses (Jan-Jun 2025) | Item | Amount Incurred in Current Period (CNY) | | :-------------------- | :-------------------------------------- | | Employee Compensation | 8,165,632.86 | | Material Input | 2,699,268.15 | | Depreciation and Amortization | 3,765,266.52 | | Other | 602,819.89 | | Total | 15,232,987.42 | Composition of Financial Expenses (Jan-Jun 2025) | Item | Amount Incurred in Current Period (CNY) | | :------------------ | :-------------------------------------- | | Interest Income | -3,372,841.73 | | Exchange Gains/Losses | -79,371.80 | | Handling Fee Expenses | 73,043.01 | | Total | -3,379,170.52 | Income Tax Expense (Jan-Jun 2025) | Item | Amount Incurred in Current Period (CNY) | | :------------------------ | :-------------------------------------- | | Current Income Tax Expense | 4,661,999.74 | | Deferred Income Tax Expense | -510,159.36 | | Total | 4,151,840.38 | [VIII. R&D Expenditures](index=113&type=section&id=VIII.%20R%26D%20Expenditures) Total R&D expenditure for the period was **15,232,987.42 CNY**, entirely expensed, consisting mainly of personnel, direct input, depreciation, and other costs R&D Expenditures by Nature of Expense (Jan-Jun 2025) | Item | Amount Incurred in Current Period (CNY) | | :------------------------ | :-------------------------------------- | | Personnel Costs | 8,165,632.86 | | Direct Input | 2,699,268.15 | | Depreciation and Amortization | 3,765,266.52 | | Other Expenses | 602,819.89 | | Total | 15,232,987.42 | | Of which: Expensed R&D Expenditures | 15,232,987.42 | | Capitalized R&D Expenditures | 0 | [IX. Changes in Consolidation Scope](index=114&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The company experienced no changes in its consolidation scope during the reporting period from business combinations, reverse acquisitions, or subsidiary disposals [X. Interests in Other Entities](index=115&type=section&id=X.%20Interests%20in%20Other%20Entities) The company holds **100% equity** in its non-operating subsidiary, Zomax Transmission Technology (Chongqing), and an investment in associate Jiaxing Yuantai Equity Investment Partnership with a book value of **1,496,564.36 CNY** - The company owns **100%** of its subsidiary, Zomax Transmission Technology (Chongqing) Co., Ltd., which is currently not engaged in production or operations[330](index=330&type=chunk) Summary Financial Information of Insignificant Associates (June 30, 2025) | Item | Balance at Period End (CNY) | | :--------------------------------- | :-------------------------- | | Associates: Total Book Value of Investments | 1,496,564.36 | [XI. Government Grants](index=118&type=section&id=XI.%20Government%20Grants) Government grants in deferred income totaled **31,270,590.34 CNY** at period-end, with **3,564,308.64 CNY** recognized in other income, comprising both asset-related and income-related grants Liability Items Involving Government Grants (June 30, 2025) | Financial Statement Item | Opening Balance (CNY) | Amount Included in Non-Operating Income in Current Period (CNY) | Amount Transferred to Other Income in Current Period (CNY) | Closing Balance (CNY) | Asset/Income Related | | :----------------------- | :-------------------- | :-------------------------------------------------------------- | :--------------------------------------------------------- | :-------------------- | :------------------- | | Deferred Income | 34,750,279.36 | 0 | 3,479,689.02 | 31,270,590.34 | Asset-Related | Government Grants Recognized in Current Profit or Loss (Jan-Jun 2025) | Item | Amount Incurred in Current Period (CNY) | | :------------ | :-------------------------------------- | | Asset-Related | 3,479,689.02 | | Income-Related | 84,619.62 | | Total | 3,564,308.64 | [XII. Risks Related to Financial Instruments](index=119&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks (interest rate and foreign exchange) through credit assessment, diversified deposits and financing, and market monitoring, noting a credit concentration risk in accounts receivable - The company faces credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)[337](index=337&type=chunk)[342](index=342&type=chunk) - Credit risk primarily arises from monetary funds and receivables, managed by depositing with highly-rated financial institutions and continuous credit assessment[339](index=339&type=chunk) - As of June 30, 2025, **72.61%** of the company's accounts receivable originated from its top five customers, indicating a certain credit concentration risk[340](index=340&type=chunk) - Liquidity risk is managed by comprehensively utilizing various financing methods such as bill settlement and bank loans, and by appropriately combining long-term and short-term financing[340](index=340&type=chunk) - The company's primary activities are denominated in CNY, and the market risk from foreign exchange fluctuations is not significant[343](index=343&type=chunk) [XIII. Disclosure of Fair Value](index=122&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) The company's total assets measured at fair value were **127,763,100.53 CNY** at period-end, primarily equity investments and receivables financing, all classified as Level 3 fair value Fair Value of Assets and Liabilities Measured at Fair Value at Period End (June 30, 2025) | Item | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :------------------------------------- | :----------------------------------- | :------------- | | Equity Instrument Investments | 80,000,000.00 | 80,000,000.00 | | Accounts Receivable Financing | 47,763,100.53 | 47,763,100.53 | | Total Assets Continuously Measured at Fair Value | 127,763,100.53 | 127,763,100.53 | [XIV. Related Parties and Related Party Transactions](index=124&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) Sheng Guiying and Jiang Shaoyi are the ultimate controlling parties with **66.06% voting rights**. Related party purchases from Wenling City Dazhong Precision Machinery totaled **538,469.54 CNY**, within approved limits, and key management compensation was **4.1591 million CNY** - The company's ultimate controlling parties are Sheng Guiying and Jiang Shaoyi, who collectively hold **66.06%** of the voting rights corresponding to the company's shares[124](index=124&type=chunk) Related Party Transactions for Purchase of Goods/Acceptance of Services (Jan-Jun 2025) | Related Party | Related Party Transaction Content | Amount Incurred in Current Period (CNY) | Approved Transaction Amount (CNY) | Exceeded Transaction Limit | | :--------------------------------- | :-------------------------------- | :-------------------------------------- | :-------------------------------- | :------------------------- | | Wenling City Dazhong Precision Machinery Co., Ltd. | Goods | 538,469.54 | 6,000,000.00 | No | Key Management Personnel Compensation (Jan-Jun 2025) | Item | Amount Incurred in Current Period (10,000 CNY) | | :----------------------------- | :--------------------------------------------- | | Key Management Personnel Compensation | 415.91 | Amounts Payable to Related Parties (June 30, 2025) | Item Name | Related Party | Book Balance at Period End (CNY) | | :----------- | :--------------------------------- | :------------------------------- | | Accounts Payable | Wenling City Dazhong Precision Machinery Co., Ltd. | 145,773.37 | [XV. Share-based Payment](index=128&type=section&id=XV.%20Share-based%20Payment) The company had no equity instruments, equity-settled, or cash-settled share-based payments, nor any related expenses, modifications, or terminations during the reporting period [XVI. Commitments and Contingencies](index=128&type=section&id=XVI.%20Commitments%20and%20Contingencies) The company had no significant commitments or contingencies requiring disclosure during the reporting period [XVII. Events After the Balance Sheet Date](index=128&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) No significant non-adjusting events, profit distributions, sales returns, or other post-balance sheet events occurred from the period-end to the financial report approval date [XVIII. Other Significant Matters](index=129&type=section&id=XVIII.%20Other%20Significant%20Matters) The company defines operating segments based on internal structure and reporting, disclosing domestic and overseas financial information, with no prior period error corrections, debt restructurings, or other significant events - The company determines its operating segments based on internal organizational structure, management requirements, and internal reporting systems[363](index=363&type=chunk) Financial Information of Reporting Segments (Jan-Jun 2025) | Item | Domestic (CNY) | Overseas (CNY) | Total (CNY) | | :------------ | :------------- | :------------- | :------------- | | Operating Revenue | 418,834,347.62 | 23,749,464.07 | 442,583,811.69 | | Operating Cost | 361,340,579.26 | 20,891,564.14 | 382,232,143.40 | [XIX. Notes to Major Items in Parent Company Financial Statements](index=130&type=section&id=XIX.%20Notes%20to%20Major%20Items%20in%20Parent%20Company%20Financial%20Statements) This chapter provides detailed notes on the parent company's financial statement items, including receivables, long-term equity investments, and operating revenue and costs Aging Analysis of Parent Company Accounts Receivable (June 30, 2025) | Aging | Book Balance at Period End (CNY) | | :---------- | :------------------------------- | | Within 1 year | 238,510,276.16 | | 1-2 years | 295,589.20 | | 2-3 years | 266,331.72 | | Over 3 years | 39,043.75 | | Total | 239,111,240.83 | - Total bad debt provision for parent company accounts receivable is **25,806,994.50 CNY**, with **14,591,693.03 CNY** specifically provided for Chengdu Dayun Automobile Group Co., Ltd. at an **80% provision rate** due to its bankruptcy reorganization[371](index=371&type=chunk)[372](index=372&type=chunk) Parent Company Long-term Equity Investments (June 30, 2025) | Investee | Balance at Period End (Book Value) (CNY) | | :----------------------------------------- | :--------------------------------------- | | Zomax Transmission Technology (Chongqing) Co., Ltd. | 32,400,000.00 | | Jiaxing Yuantai Equity Investment Partnership (Limited Partnership) | 1,496,564.36 | | Total | 33,896,564.36 | Parent Company Operating Revenue and Operating Costs (Jan-Jun 2025) | Item | Revenue (CNY) | Cost (CNY) | | :------------ | :--------------- | :--------------- | | Main Business | 435,078,719.85 | 378,915,482.33 | | Other Business | 7,505,091.84 | 3,316,661.07 | | Total | 442,583,811.69 | 382,232,143.40 | [XX. Supplementary Information](index=141&type=section&id=XX.%20Supplementary%20Information) This chapter provides supplementary details, including a non-recurring gains and losses statement totaling **-533,796.44 CNY**, with a weighted average return on net assets of **0.82%** and basic EPS of **0.04 CNY** 2025 Detailed Statement of Non-Recurring Gains and Losses for H1 | Item | Amount (CNY) | | :--------------------------------- | :----------- | | Gains/Losses from Disposal of Non-Current Assets | -267.87 | | Government Subsidies Included in Current Profit/Loss | 84,619.62 | | Other Non-Operating Income and Expenses | -618,148.19 | | Total | -533,796.44 | 2025 Return on Net Assets and Earnings Per Share for H1 | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (CNY) | Diluted Earnings Per Share (CNY) | | :---------------------------------------------------------------- | :---------------------------------------- | :----------------------------- | :------------------------------- | | Net Profit Attributable to Ordinary Shareholders of the Company | 0.82 | 0.04 | 0.04 | | Net Profit Attributable to Ordinary Shareholders of the Company After Deducting Non-Recurring Gains and Losses | 0.86 | 0.04 | 0.04 |

Core Viewpoint - The company Zhongma Transmission (603767.SH) reported a significant decline in both revenue and net profit for the first half of 2025 compared to the previous year, indicating potential challenges in its operational performance [1] Financial Performance - The company's operating revenue for the first half of 2025 was 443 million yuan, representing a year-on-year decrease of 9.87% [1] - The net profit attributable to shareholders of the listed company was 11.65 million yuan, down 70.34% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 12.18 million yuan, reflecting a year-on-year decrease of 68.25% [1] - Basic earnings per share were reported at 0.04 yuan [1] - Major financial indicators declined by over 50% compared to the same period last year, primarily due to decreases in operating revenue and sales gross margin [1]

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the first half of 2025 compared to the previous year [1] Financial Performance - The company achieved an operating income of 443 million yuan, representing a year-on-year decrease of 9.87% [1] - The net profit attributable to shareholders was 11.65 million yuan, down 70.34% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 12.18 million yuan, a decrease of 68.25% year-on-year [1] - The basic earnings per share were 0.04 yuan [1]

Core Viewpoint - The company Zhongma Transmission (603767) reported a decline in key financial metrics for the first half of 2025, indicating challenges in revenue generation and profitability [1] Financial Performance - The company achieved an operating revenue of 443 million yuan, representing a year-on-year decrease of 9.87% [1] - The net profit attributable to the parent company was 11.65 million yuan, down 70.34% compared to the same period last year [1] - The basic earnings per share stood at 0.04 yuan, reflecting the overall decline in financial performance [1] Reasons for Decline - The primary reasons for the decrease in financial metrics were attributed to a reduction in both operating revenue and sales gross margin compared to the same period last year [1]

Company Overview - Zhongma Transmission's stock price is reported at 32.05 yuan, down 1.84% from the previous trading day [1] - The trading volume for the day reached 1.412 billion yuan, with a turnover rate of 14.54% [1] - The stock experienced a high of 32.47 yuan and a low of 30.50 yuan, resulting in a volatility of 6.03% [1] Business Operations - Zhongma Transmission primarily engages in the research, development, production, and sales of automotive transmissions and vehicle gears [1] - The company's products are widely used in passenger cars and commercial vehicles [1] - The company operates within the automotive parts manufacturing industry and is registered in Zhejiang Province [1] Market Activity - During the morning session on August 15, Zhongma Transmission's stock price saw a rapid rebound, fluctuating over 2% within five minutes [1] - The trading volume during this period was 218 million yuan, with a turnover rate of 2.24% [1] - The net outflow of main funds for the day was 16.1634 million yuan, accounting for 0.16% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 271 million yuan, representing 2.74% of the circulating market value [1]

Group 1 - The stock price of Zhongma Transmission closed at 32.65 yuan on August 14, 2025, down 2.44 yuan or 6.95% from the previous trading day [1] - The stock opened at 34.08 yuan, reached a high of 34.97 yuan, and a low of 31.60 yuan, with an intraday volatility of 9.6% [1] - The trading volume was 511,449 hands, with a total transaction amount of 1.709 billion yuan [1] Group 2 - Zhongma Transmission primarily engages in the research, development, production, and sales of automotive transmissions and vehicle gears [1] - The company's product range includes automotive transmissions, automotive gears, motorcycle gears, and agricultural machinery gears [1] - On the morning of August 14, the stock experienced a rapid rebound, with a rise of over 2% within 5 minutes, peaking at 34.79 yuan [1] Group 3 - On the same day, the net outflow of main funds was 163.70 million yuan, with a cumulative net outflow of 430.06 million yuan over the past five trading days [1]

Group 1 - Great Wall Military Industry opened flat after 10 consecutive days of gains [1] - Beiwai Technology, a robotics concept stock, opened up 0.79% after 8 days of gains [1] - Zhongma Transmission opened down 2.88% after 11 days of gains [1] Group 2 - Hongtong Gas, a local stock in Xinjiang, opened up 6.02% after 7 days of gains [1] - Xinjiang Communications Construction opened down 2.18% after 4 consecutive days of gains [1] - Jishi Media, in the film and television sector, opened up 4.17% after 8 days of gains [1] Group 3 - Furi Electronics, in the consumer electronics sector, opened down 2.88% after 8 days of gains [1] - Haili Co., part of the chip industry chain, opened down 4.67% after 6 days of gains [1] - Wantong Development opened up 4.93% after 4 consecutive days of gains [1] Group 4 - Aerospace Technology, a commercial aerospace concept stock, opened up 4.84% after 7 days of gains [1] - Chunzhong Technology, in the liquid cooling IDC concept, opened up 3.62% after 10 days of gains [1]

（原标题：中马传动龙虎榜：营业部净卖出1.13亿元） 中马传动(603767)今日涨停，全天换手率17.50%，成交额17.05亿元，振幅18.95%。龙虎榜数据显示，营业部席位合计净卖出1.13亿元。 上交所公开信息显示，当日该股因日振幅值达18.95%上榜，营业部席位合计净卖出1.13亿元。 证券时报•数据宝统计显示，上榜的前五大买卖营业部合计成交3.78亿元，其中，买入成交额为1.33亿元，卖出成交额为2.46亿元，合计净卖出1.13 亿元。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 相关ETF 数字经济ETF 具体来看，今日上榜营业部中，第一大买入营业部为国泰海通证券股份有限公司总部，买入金额为3396.96万元，第一大卖出营业部为国泰海通证 券股份有限公司上海静安区新闸路证券营业部，卖出金额为8523.39万元。 近半年该股累计上榜龙虎榜7次，上榜次日股价平均涨0.06%，上榜后5日平均涨6.97%。 资金流向方面，今日该股主力资金净流出3394.32万元，其中，特大单净流入1653.85万元，大单资金净流出5048.17万元。近5日主力资金净流出 9720.66万元。 4月30 ...