Core Viewpoint - Ningbo Gaofa Automotive Control System Co., Ltd. is set to hold an online performance briefing on September 2, 2025, to discuss its 2025 semi-annual report and address investor inquiries [1][2]. Group 1: Performance Briefing Details - The performance briefing will take place on September 2, 2025, from 09:00 to 10:00 [1][2]. - The event will be conducted via the Shanghai Stock Exchange Roadshow Center, allowing for interactive communication with investors [1][2]. - Key company personnel, including Vice Chairman Qian Guoyao, CFO Zhu Zhirong, Board Secretary Peng Lina, and Independent Director Wu Weiming, will participate in the briefing [1]. Group 2: Investor Participation - Investors can participate online through the Roadshow Center and submit questions in advance via the "Pre-Question Collection" section on the website or through the company's email [2]. - The company will address commonly asked questions during the briefing [2]. - After the briefing, investors can access the event's details and main content on the Roadshow Center website [2].

Core Insights - Ningbo Gaofa announced that for the first half of 2025, the company achieved operating revenue of 786,803,152.86 yuan, representing a year-on-year growth of 7.83% [2] - The net profit attributable to shareholders of the listed company was 103,885,304.72 yuan, reflecting a year-on-year increase of 11.93% [2] Financial Performance - Operating revenue for the first half of 2025: 786.80 million yuan, up 7.83% year-on-year [2] - Net profit for the same period: 103.89 million yuan, up 11.93% year-on-year [2]

智通财经APP讯，宁波高发(603788.SH)披露2025年半年度报告，报告期公司实现营收7.87亿元，同比增 长7.83%;归母净利润1.04亿元，同比增长11.93%;扣非净利润9917万元，同比增长15.30%;基本每股收益 0.47元。 ...

Core Viewpoint - Ningbo Gaofa (603788) reported a revenue of 787 million yuan for the first half of 2025, reflecting a year-on-year growth of 7.83% and a net profit attributable to shareholders of 104 million yuan, which is an increase of 11.93% compared to the previous year [1] Financial Performance - The company achieved an operating income of 787 million yuan in the first half of 2025, marking a 7.83% increase year-on-year [1] - The net profit attributable to shareholders reached 104 million yuan, representing an 11.93% year-on-year growth [1] - Basic earnings per share were reported at 0.47 yuan [1]

宁波高发汽车控制系统股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日发布 公司《2025 年半年度报告》，为便于广大投资者更全面深入地了解公司 2025 年半年度 经营成果、财务状况，公司计划于 2025 年 9 月 2 日上午 09:00-10:00 举行 2025 年半 年度网上业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 证券代码：603788 证券简称：宁波高发 公告编号：2025-028 宁波高发汽车控制系统股份有限公司 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个别及连带责任。 重要内容提示： 本次业绩说明会以网络互动方式召开，公司将针对 2025 年半年度的经营成果及财 务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普 遍关注的问题进行回答。 二、说明会召开的时间、地点 五、联系人及咨询办法 联系部门：公司董事会办公室 召开时间：2025 年 9 月 2 日（星期二）上午 9:00-10:00 召开网址：上证路演中心（网 ...

[Glossary](index=4&type=section&id=Item%201.%20Glossary) This section defines key terms used in the report, including company names, regulatory bodies, reporting periods, and major products [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter explains key terms used in the report, including company names, regulatory bodies, reporting periods, and major products such as gear shifters, control cables, and electronic accelerator pedals - The report defines the company's main products, such as **gear shifters, automotive control cables, electronic accelerator pedals, brake pedals, and electronic shift systems**, which are applied in both new energy and traditional vehicles[13](index=13&type=chunk)[34](index=34&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and summarizes its key financial data and indicators for the reporting period [Company Information](index=5&type=section&id=1.%20Company%20Information) This chapter discloses the company's basic registration details, including its Chinese name, abbreviation, foreign name, and legal representative - The company's full name is **Ningbo Gaofa Automotive Control Systems Co., Ltd.**, abbreviated as **Ningbo Gaofa**, with **Qian Gaofa** as its legal representative[15](index=15&type=chunk) [Contact Person and Information](index=5&type=section&id=2.%20Contact%20Person%20and%20Information) This chapter provides the contact details for the company's Board Secretary, including name, address, telephone, and email - The Board Secretary is **Peng Lina**, with contact address at No. 717 Xiaying North Road, Yinzhou District, Ningbo City, Zhejiang Province, telephone **0574-88169136**, and email **ir@gaofacable.com**[16](index=16&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=3.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This chapter describes the company's registered and office addresses, noting no historical changes during the reporting period - The company's registered and office addresses are both at **Yinzhou Investment and Entrepreneurship Center (No. 717 Xiaying North Road), Ningbo City, Zhejiang Province**, with no changes during the reporting period[17](index=17&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=4.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This chapter lists the company's designated newspapers and websites for information disclosure, as well as the location for report custody - The company's designated newspapers for information disclosure are **China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily**, with the website being the **Shanghai Stock Exchange website**, and the report custody location is the **company's Board of Directors Office**[18](index=18&type=chunk) [Brief Introduction to Company Shares](index=5&type=section&id=5.%20Brief%20Introduction%20to%20Company%20Shares) This chapter provides information on the company's stock listing exchange, abbreviation, and code - The company's A-shares are listed on the **Shanghai Stock Exchange**, with stock abbreviation **“Ningbo Gaofa”** and code **603788**[19](index=19&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=7.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This chapter summarizes the company's key accounting data and financial indicators for the current and prior year periods, showing growth in operating revenue and net profit but a significant decrease in net cash flow from operating activities Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Current Period vs. Prior Year Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 786,803,152.86 | 729,668,179.51 | 7.83 | | Total Profit | 115,313,286.73 | 109,755,278.30 | 5.06 | | Net Profit Attributable to Shareholders of Listed Company | 103,885,304.72 | 92,809,623.40 | 11.93 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 99,174,096.90 | 86,015,276.73 | 15.30 | | Net Cash Flow from Operating Activities | -44,811,259.02 | -10,900,102.06 | -311.11 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 2,014,371,413.08 | 2,066,970,652.29 | -2.54 | | Total Assets (Period-end) | 2,585,844,833.42 | 2,658,284,092.99 | -2.73 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Current Period vs. Prior Year Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.47 | 0.42 | 11.90 | | Diluted Earnings Per Share (yuan/share) | 0.47 | 0.42 | 11.90 | | Basic Earnings Per Share (Excluding Non-recurring Gains and Losses) (yuan/share) | 0.44 | 0.39 | 12.82 | | Weighted Average Return on Net Assets (%) | 4.90 | 4.50 | Increased by 0.40 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Gains and Losses) (%) | 4.68 | 4.17 | Increased by 0.51 percentage points | [Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=9.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This chapter details the non-recurring gains and losses items and their amounts for the reporting period, totaling 4,711,207.82 yuan Non-recurring Gains and Losses Items for H1 2025 | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 9,266.13 | | Government grants recognized in current profit or loss | 3,135,741.47 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 1,775,591.68 | | Other non-operating income and expenses | 647,764.30 | | Less: Income tax impact | -856,631.62 | | Minority interests impact (after tax) | -524.14 | | **Total** | **4,711,207.82** | [Management Discussion and Analysis](index=8&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides management's perspective on the company's performance, industry trends, and future outlook [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=1.%20Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) The company operates in the automotive parts industry, benefiting from China's growing automotive production and sales, rapid development of new energy vehicles, and increasing market share of domestic brands - The company operates in the **automotive parts industry**, benefiting from China's automotive production and sales growth of **12.5%** and **11.4%**, respectively[28](index=28&type=chunk)[30](index=30&type=chunk) - New energy vehicle production and sales grew by **41.4%** and **40.3%**, respectively, with new energy vehicle sales accounting for **44.3%** of total new vehicle sales[32](index=32&type=chunk) - The market share of **Chinese brand passenger vehicles** continued to rise, reaching **68.5%**, an increase of **6.6 percentage points** compared to the prior year period[34](index=34&type=chunk) - The company's main products include **automotive gear shifting control system assemblies, pedal products (electronic accelerator pedals and brake pedals), and automotive control cables**, all applicable to both new energy and traditional vehicles[34](index=34&type=chunk) - During the reporting period, the company's **gear shifter sales reached 2.63 million sets**, and **pedal product sales reached 5.31 million sets**, both ranking among the top in China[34](index=34&type=chunk) [Discussion and Analysis of Operations](index=8&type=section&id=2.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, China's automotive market showed “overall growth, structural optimization, and kinetic energy conversion,” and the company actively responded to market competition through its “quality improvement, efficiency enhancement, and return focus” plan, achieving revenue and net profit growth while expanding product lines and international markets - In H1 2025, China's automotive market exhibited characteristics of **“overall growth, structural optimization, and kinetic energy conversion”**, with new energy vehicles continuing to lead and domestic brands achieving record market share[34](index=34&type=chunk)[35](index=35&type=chunk) - The company implemented the **“quality improvement, efficiency enhancement, and return focus”** action plan, emphasizing production organization and quality management, and strictly controlling production costs and administrative expenses[35](index=35&type=chunk) - The company implemented its 2024 profit distribution plan, distributing a cash dividend of **RMB 7.00 (tax inclusive) per 10 shares** to all shareholders, totaling **RMB 156,145,547.60**, which represents **81.93%** of the 2024 net profit attributable to the parent company[36](index=36&type=chunk) Operating Results for H1 2025 | Indicator | Amount (RMB 10,000) | Year-on-year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 78,680.32 | 7.83 | | Operating Profit | 11,466.55 | 4.56 | | Net Profit | 10,328.51 | 11.63 | | Net Profit Attributable to Owners of Listed Company | 10,388.53 | 11.93 | | Net Cash Flow from Operating Activities | -4,481.13 | -311.11 | - The company's main products, **gear shifting control system assemblies and pedal products**, both achieved record high total sales, further increasing market share, with pedal products entering the supplier systems of **FAW-Volkswagen and SAIC Volkswagen**[37](index=37&type=chunk) - The factory renovation for **Gaofa Electronics Jiangbei Production Base (Phase I)**, a wholly-owned subsidiary, is underway, and the factory construction for **Gaofa New Energy Jiangbei Production Base (Phase II)** is progressing smoothly, with civil engineering expected to be completed in the second half of this year[37](index=37&type=chunk) - The company increased capital in its wholly-owned subsidiary **Gaofa New Energy by RMB 60 million** using its own funds, of which **RMB 24 million** was through debt-to-equity conversion, primarily for factory construction investment and supplementing working capital[38](index=38&type=chunk) - The company invested **RMB 100,000** to acquire a **10% equity stake** in its controlled subsidiary **Yaoming Medical**, increasing its shareholding to **70%**; Yaoming Medical's laparoscopic insufflator system market development is progressing but has not yet generated profit[39](index=39&type=chunk) - The company's wholly-owned grandchild company, **Gaofa Malaysia**, completed factory leasing and is steadily advancing production line construction and pre-production preparations, with production expected to commence in the second half of the year[39](index=39&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=10&type=section&id=3.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies include excellent customer resources, efficient production organization and quality cost control, clear product positioning and brand strategy, a stable management team, and growing economies of scale - The company possesses high-quality customer resources including **Geely, Chery, BYD, SAIC-GM-Wuling, FAW-Volkswagen, and SAIC Volkswagen**, and actively expands new clients, ensuring long-term stable development[34](index=34&type=chunk)[40](index=40&type=chunk) - The company introduced a **lean production management system**, optimizing production organization and processes, strictly controlling production costs and administrative expenses, to achieve **“low cost, light asset, high efficiency, and high quality”** operations[41](index=41&type=chunk) - The company has a clear product market positioning, deeply engaging with **leading domestic brands**, adapting to the trend of new energy vehicle startups, and expanding into joint venture and overseas markets, enhancing its brand awareness and reputation[42](index=42&type=chunk) - The company's management team is stable and pragmatic, focusing on its core business, deeply cultivating traditional advantageous products, actively expanding into new application areas for automotive electronics and control products, and maintaining its leading market position in segmented product areas[43](index=43&type=chunk) - The company's annual sales of **gear shifters and electronic accelerator pedals reach millions of sets**, demonstrating significant economies of scale, which helps enhance market competitiveness[44](index=44&type=chunk) [Major Operating Conditions During the Reporting Period](index=10&type=section&id=4.%20Major%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section analyzes the changes in key financial statement items during the reporting period, including operating revenue, costs, various expenses, and cash flows, and describes the asset and liability situation [(1) Main Business Analysis](index=10&type=section&id=(1)%20Main%20Business%20Analysis) Operating revenue increased by 7.83% due to higher sales of gear shifters and pedal products; operating costs rose by 8.98% mainly due to labor costs and new factory depreciation; net cash flow from operating activities significantly decreased by 311.11% due to reduced sales collections and lower interest income Analysis of Changes in Financial Statement Items | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 786,803,152.86 | 729,668,179.51 | 7.83 | Increased product sales | | Operating Cost | 607,946,838.79 | 557,855,468.38 | 8.98 | Increased labor costs and depreciation of new factory buildings | | Selling Expenses | 16,184,913.46 | 17,231,020.65 | -6.07 | Increased employee compensation and business entertainment expenses, decreased warehousing fees | | Administrative Expenses | 18,920,497.81 | 18,513,691.81 | 2.20 | Increased employee compensation and intermediary service fees | | Financial Expenses | -2,986,395.80 | -7,648,148.10 | 60.95 | Decreased interest income due to lower deposit rates | | R&D Expenses | 33,329,134.20 | 34,509,555.90 | -3.42 | Decreased R&D material consumption and testing fees | | Net Cash Flow from Operating Activities | -44,811,259.02 | -10,900,102.06 | -311.11 | Decreased sales collections and interest income | | Net Cash Flow from Investing Activities | 326,952,737.17 | 19,109,203.78 | 1,610.97 | Decreased redemption of matured wealth management products and maturity of some large-denomination certificates of deposit | | Net Cash Flow from Financing Activities | -160,786,493.88 | -143,924,265.87 | -11.72 | Increased cash dividend distribution due to higher dividend per share | [(3) Analysis of Assets and Liabilities](index=11&type=section&id=(3)%20Analysis%20of%20Assets%20and%20Liabilities) Cash and bank balances significantly increased by 138.00% due to matured wealth management products and large-denomination certificates of deposit; financial assets held for trading decreased by 64.87% due to reduced re-purchase of matured wealth management products; accounts receivable financing increased by 78.41% due to higher revenue and fewer discounted acceptance bills Changes in Assets and Liabilities | Item Name | Current Period-end Amount (yuan) | Current Period-end % of Total Assets | Prior Year-end Amount (yuan) | Prior Year-end % of Total Assets | Current Period-end vs. Prior Year-end Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 229,603,832.96 | 8.88 | 96,472,403.71 | 3.63 | 138.00 | Decreased redemption of matured wealth management products and maturity of some large-denomination certificates of deposit and time deposits reclassified to cash and bank balances | | Financial Assets Held for Trading | 164,133,334.11 | 6.35 | 467,203,889.69 | 17.58 | -64.87 | Decreased re-purchase of matured wealth management products | | Accounts Receivable Financing | 460,053,513.94 | 17.79 | 257,864,777.92 | 9.70 | 78.41 | Increased bank acceptance bills received due to higher revenue, and decreased discounting of acceptance bills | | Non-current Assets Due Within One Year | 137,964,407.93 | 5.34 | 206,198,125.00 | 7.76 | -33.09 | Maturity of some large-denomination certificates of deposit and time deposits | | Other Current Assets | 4,668,555.91 | 0.18 | 9,674,440.19 | 0.36 | -51.74 | Decreased input VAT to be deducted | | Notes Payable | 125,500,000.00 | 4.85 | 91,450,000.00 | 3.44 | 37.23 | Increased supplier payments by acceptance bills due to higher revenue | | Contract Liabilities | 6,995,374.81 | 0.27 | 17,173,087.86 | 0.65 | -59.27 | Decreased advance receipts from customers | | Employee Benefits Payable | 59,998,986.57 | 2.32 | 72,278,825.62 | 2.72 | -16.99 | Decreased accrued bonuses due to distribution of 2024 annual bonuses | | Taxes Payable | 14,055,364.52 | 0.54 | 8,978,889.57 | 0.34 | 56.54 | Increased VAT payable due to higher revenue and increased property tax payable for Gaofa Electronics' new factory | | Other Payables | 11,221,141.38 | 0.43 | 372,909.40 | 0.01 | 2,909.08 | Increased temporary other intercompany payables | | Other Current Liabilities | 46,413,259.57 | 1.79 | 35,908,345.01 | 1.35 | 29.25 | Increased quality assurance provisions due to higher revenue | - The company's overseas assets amount to **RMB 4.8351 million**, accounting for **0.19%** of total assets[50](index=50&type=chunk) Major Asset Restrictions as of the End of the Reporting Period | Item | Book Balance (yuan) | Book Value (yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 31,608,600.00 | 31,608,600.00 | Pledged | Bill deposits, letter of guarantee deposits | | Notes Receivable | 2,791,400.00 | 2,791,400.00 | Other | Endorsed, discounted but not yet matured, not derecognized | | Fixed Assets | 46,838,039.62 | 20,949,117.70 | Mortgaged | Bank credit line | | Intangible Assets | 11,599,860.00 | 7,501,242.79 | Mortgaged | Bank credit line | | **Total** | **92,837,899.62** | **62,850,360.49** | | | [(6) Analysis of Major Subsidiaries and Associates](index=13&type=section&id=(6)%20Analysis%20of%20Major%20Subsidiaries%20and%20Associates) The company increased its equity stake in controlled subsidiary Yaoming Medical by 10% to 70%, whose laparoscopic insufflator system is being promoted but is not yet profitable; SaiZhuo Electronics shares were transferred to wholly-owned subsidiary Gaofa Electronics, and SaiZhuo Electronics operates normally - The company increased its equity stake in controlled subsidiary **Yaoming Medical by 10%**, raising its shareholding from **60% to 70%**. Yaoming Medical's independently developed **laparoscopic insufflator system** has begun market promotion and sales but is not yet profitable[54](index=54&type=chunk) - The company gratuitously transferred all its shares in **SaiZhuo Electronics** to its wholly-owned subsidiary **Gaofa Electronics**, and SaiZhuo Electronics' operations are normal[54](index=54&type=chunk) [(1) Potential Risks](index=13&type=section&id=(1)%20Potential%20Risks) The company faces risks from macroeconomic fluctuations, intensified market competition, supply chain instability, stock market volatility, and insufficient management capabilities - Downward pressure on macroeconomic growth and volatile international political situations may trigger a global economic crisis, impacting the automotive parts industry and adversely affecting the company's development[55](index=55&type=chunk) - The automotive parts industry is highly competitive, and if the company fails to continuously increase technological investment, enhance synchronous R&D capabilities, improve product technological content, optimize product structure, and continuously expand production capacity, it may face increasing market competition risks[56](index=56&type=chunk)[57](index=57&type=chunk) - Geopolitical conflicts and trade measures may lead to sharp fluctuations in raw material prices and disrupted logistics, posing supply chain risks[58](index=58&type=chunk) - The stock market is influenced by macroeconomic conditions, industry prosperity, national policy adjustments, market supply and demand, and investor sentiment, thus carrying certain stock investment risks[59](index=59&type=chunk) - During a cyclical downturn in the industry, if the company's management capabilities do not keep pace, and talent development, organizational models, and management systems are not further improved and perfected, corresponding management risks may arise[60](index=60&type=chunk) [Corporate Governance, Environment, and Society](index=15&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers the company's governance structure, environmental initiatives, and social responsibilities [Changes in Directors, Supervisors, and Senior Management](index=15&type=section&id=1.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period - The status of changes in the company's directors, supervisors, and senior management during the reporting period is **“not applicable”**, indicating no changes[63](index=63&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=15&type=section&id=2.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's proposed semi-annual profit distribution or capital reserve conversion plan is "none" - The company's proposed semi-annual profit distribution plan or capital reserve conversion plan is **“no”**, meaning no such plan exists[63](index=63&type=chunk) [Significant Matters](index=16&type=section&id=Item%205.%20Significant%20Matters) This section details important events and disclosures that occurred during the reporting period, including commitments, related party transactions, and legal proceedings [Fulfillment of Commitments](index=16&type=section&id=1.%20Fulfillment%20of%20Commitments) The company's actual controllers, controlling shareholders, and directors/senior management strictly fulfilled commitments to avoid horizontal competition, regulate related party transactions, and implement compensation measures during the reporting period - The company's **actual controllers, controlling shareholders, and directors/senior management** all committed to **avoiding horizontal competition and regulating related party transactions**, and have strictly fulfilled these commitments[66](index=66&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) - The company's **directors and senior management** committed not to transfer benefits to other entities or individuals without compensation or under unfair conditions, to restrict job-related consumption, not to use company assets for irrelevant investment consumption, and to link the compensation system with return enhancement measures[70](index=70&type=chunk) - The company's **controlling shareholders and actual controllers** committed not to overstep their authority in interfering with the company's business management activities, not to infringe upon company interests, and to actively take all necessary and reasonable measures to ensure the effective implementation of return enhancement measures[71](index=71&type=chunk) [Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period](index=17&type=section&id=2.%20Non-operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) There was no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - During the reporting period, there was **no non-operating fund occupation** by controlling shareholders or other related parties of the company[72](index=72&type=chunk) [Illegal Guarantees](index=18&type=section&id=3.%20Illegal%20Guarantees) There were no illegal guarantees by the company during the reporting period - During the reporting period, there were **no illegal guarantees** by the company[73](index=73&type=chunk) [Significant Litigation and Arbitration Matters](index=18&type=section&id=7.%20Significant%20Litigation%20and%20Arbitration%20Matters) There were no significant litigation or arbitration matters for the company during the reporting period - During the reporting period, the company had **no significant litigation or arbitration matters**[73](index=73&type=chunk) [Explanation of the Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers During the Reporting Period](index=18&type=section&id=9.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers%20During%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholders, and actual controllers did not receive any administrative or other penalties related to the securities market - During the reporting period, the company, its controlling shareholders, and actual controllers **Qian Gaofa, Qian Guonian, and Qian Guoyao** did not receive any administrative or other penalties related to the securities market[73](index=73&type=chunk) [Significant Related Party Transactions](index=18&type=section&id=10.%20Significant%20Related%20Party%20Transactions) The company did not have any disclosed or undisclosed significant related party transactions during the reporting period - During the reporting period, the company had **no significant related party transactions** related to daily operations, asset acquisition or equity acquisition/disposal, joint external investment, or related party creditor-debtor relationships[74](index=74&type=chunk)[75](index=75&type=chunk) [Share Changes and Shareholder Information](index=21&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section provides details on changes in the company's share capital and information about its shareholders [Changes in Share Capital](index=21&type=section&id=1.%20Changes%20in%20Share%20Capital) There were no changes in the company's total share capital or share structure during the reporting period - During the reporting period, there were **no changes** in the company's total share capital or share structure[78](index=78&type=chunk) [Shareholder Information](index=21&type=section&id=2.%20Shareholder%20Information) As of the end of the reporting period, the company had 19,572 common shareholders, with controlling shareholder Ningbo Gaofa Holding Co., Ltd. holding 37.56%, and actual controllers Qian Gaofa, Qian Guoyao, and Qian Guonian being father and sons - As of the end of the reporting period, the total number of common shareholders was **19,572**[79](index=79&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Change During Reporting Period | Shares Held at Period-end | Percentage (%) | Restricted Shares Held | Pledge, Mark, or Freeze Status | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Gaofa Holding Co., Ltd. | 0 | 83,790,000 | 37.56 | 0 | None | Domestic Non-state-owned Legal Person | | Qian Gaofa | 0 | 10,956,400 | 4.91 | 0 | None | Domestic Natural Person | | Great Wall Guorong Investment Management Co., Ltd. | -940,300 | 10,679,700 | 4.79 | 0 | Unknown | Unknown | | Qian Guoyao | 0 | 9,739,100 | 4.37 | 0 | None | Domestic Natural Person | | Qian Guonian | 0 | 9,739,100 | 4.37 | 0 | None | Domestic Natural Person | | Xu Qinshan | -3,347,840 | 3,368,820 | 1.51 | 0 | Unknown | Unknown | | Zhejiang Zheshang Innovation Capital Management Co., Ltd. - Zhejiang Zheshang Transformation and Upgrade Mother Fund Partnership (Limited Partnership) | 0 | 3,271,877 | 1.47 | 0 | Unknown | Unknown | | Wang Jiancheng | +100,000 | 2,500,000 | 1.12 | 0 | Unknown | Unknown | | Great Wall (Tianjin) Equity Investment Fund Management Co., Ltd. - Great Wall Guotai - Private Placement No. 1 Contractual Private Equity Fund | 0 | 1,414,908 | 0.63 | 0 | Unknown | Unknown | | Jiang Zhenlin | +1,293,700 | 1,293,700 | 0.58 | 0 | Unknown | Unknown | - The related party relationships among the company's shareholders are: **Qian Gaofa is the father of Qian Guonian and Qian Guoyao**, and **Qian Guonian and Qian Guoyao are brothers**; the company's controlling shareholder, **Gaofa Holding**, is an enterprise controlled by Qian Gaofa, Qian Guonian, and Qian Guoyao[82](index=82&type=chunk) [Bond-Related Information](index=24&type=section&id=Item%207.%20Bond-Related%20Information) This section provides information regarding the company's bonds and other debt financing instruments [Corporate Bonds (Including Enterprise Bonds) and Non-financial Enterprise Debt Financing Instruments](index=24&type=section&id=1.%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 - The company's corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments status during the reporting period is **“not applicable”**[86](index=86&type=chunk) [Convertible Corporate Bonds](index=24&type=section&id=2.%20Convertible%20Corporate%20Bonds) The company had no convertible corporate bonds during the reporting period - The company's convertible corporate bonds status during the reporting period is **“not applicable”**[86](index=86&type=chunk) [Financial Report](index=25&type=section&id=Item%208.%20Financial%20Report) This section presents the company's financial statements and related notes, providing a comprehensive view of its financial performance and position [Audit Report](index=25&type=section&id=1.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report is **unaudited**[6](index=6&type=chunk)[88](index=88&type=chunk) [Financial Statements](index=25&type=section&id=2.%20Financial%20Statements) This chapter includes the consolidated and company balance sheets, income statements, cash flow statements, and statements of changes in equity, comprehensively presenting the company's financial status and operating results for H1 2025 [Consolidated Balance Sheet](index=25&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total assets were 2,585,844,833.42 yuan, total liabilities were 572,790,596.47 yuan, and total owners' equity was 2,013,054,236.95 yuan Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 2,585,844,833.42 | | Total Liabilities | 572,790,596.47 | | Total Owners' (or Shareholders') Equity | 2,013,054,236.95 | [Company Balance Sheet](index=27&type=section&id=Company%20Balance%20Sheet) As of June 30, 2025, the company's total assets were 2,501,308,911.40 yuan, total liabilities were 506,742,166.71 yuan, and total owners' equity was 1,994,566,744.69 yuan Key Data from Company Balance Sheet (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 2,501,308,911.40 | | Total Liabilities | 506,742,166.71 | | Total Owners' (or Shareholders') Equity | 1,994,566,744.69 | [Consolidated Income Statement](index=29&type=section&id=Consolidated%20Income%20Statement) For H1 2025, the company achieved total operating revenue of 786,803,152.86 yuan, a 7.83% year-on-year increase; net profit of 103,285,117.58 yuan, an 11.63% year-on-year increase; and net profit attributable to parent company shareholders of 103,885,304.72 yuan, an 11.93% year-on-year increase Key Data from Consolidated Income Statement (Jan-Jun 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 786,803,152.86 | 729,668,179.51 | | Total Operating Cost | 681,180,887.44 | 626,046,475.60 | | Operating Profit | 114,665,522.49 | 109,668,219.00 | | Total Profit | 115,313,286.73 | 109,755,278.30 | | Net Profit | 103,285,117.58 | 92,522,384.85 | | Net Profit Attributable to Parent Company Shareholders | 103,885,304.72 | 92,809,623.40 | | Basic Earnings Per Share (yuan/share) | 0.47 | 0.42 | [Company Income Statement](index=30&type=section&id=Company%20Income%20Statement) For H1 2025, the company achieved operating revenue of 787,113,178.90 yuan, a 7.70% year-on-year increase; and net profit of 106,219,524.03 yuan, a 10.69% year-on-year increase Key Data from Company Income Statement (Jan-Jun 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Operating Revenue | 787,113,178.90 | 730,861,332.98 | | Operating Profit | 117,249,440.81 | 113,508,136.80 | | Total Profit | 117,682,189.33 | 113,374,457.23 | | Net Profit | 106,219,524.03 | 95,964,552.95 | [Consolidated Cash Flow Statement](index=32&type=section&id=Consolidated%20Cash%20Flow%20Statement) For H1 2025, net cash flow from operating activities was -44,811,259.02 yuan, a significant year-on-year decrease of 311.11%; net cash flow from investing activities was 326,952,737.17 yuan, a significant year-on-year increase of 1,610.97%; and net cash flow from financing activities was -160,786,493.88 yuan Key Data from Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -44,811,259.02 | -10,900,102.06 | | Net Cash Flow from Investing Activities | 326,952,737.17 | 19,109,203.78 | | Net Cash Flow from Financing Activities | -160,786,493.88 | -143,924,265.87 | | Net Increase in Cash and Cash Equivalents | 121,437,229.25 | -135,715,164.15 | [Company Cash Flow Statement](index=33&type=section&id=Company%20Cash%20Flow%20Statement) For H1 2025, net cash flow from operating activities was -66,546,720.18 yuan, a year-on-year decrease of 220.07%; net cash flow from investing activities was 315,525,277.20 yuan, a year-on-year increase of 964.77%; and net cash flow from financing activities was -152,468,302.73 yuan Key Data from Company Cash Flow Statement (Jan-Jun 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -66,546,720.18 | -20,791,576.60 | | Net Cash Flow from Investing Activities | 315,525,277.20 | 29,646,853.97 | | Net Cash Flow from Financing Activities | -152,468,302.73 | -142,888,361.11 | | Net Increase in Cash and Cash Equivalents | 96,510,254.29 | -134,033,083.74 | [Consolidated Statement of Changes in Equity](index=35&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, total owners' equity attributable to the parent company was 2,014,371,413.08 yuan, a 2.54% decrease from the beginning of the period, primarily due to profit distribution Key Data from Consolidated Statement of Changes in Equity (Jan-Jun 2025) | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 2,014,371,413.08 | 2,066,970,652.29 | | Minority Interests | -1,317,176.13 | -955,985.32 | | Total Owners' (or Shareholders') Equity | 2,013,054,236.95 | 2,066,014,666.97 | [Company Statement of Changes in Equity](index=37&type=section&id=Company%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, total owners' equity of the parent company was 1,994,566,744.69 yuan, a 3.62% decrease from the beginning of the period, primarily due to profit distribution and capital reserve transfers Key Data from Company Statement of Changes in Equity (Jan-Jun 2025) | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Owners' (or Shareholders') Equity | 1,994,566,744.69 | 2,069,492,768.26 | [Company Profile](index=40&type=section&id=3.%20Company%20Profile) Ningbo Gaofa Automotive Control Systems Co., Ltd. was listed on the Shanghai Stock Exchange in January 2015, primarily engaged in the design, manufacturing, and sales of vehicle transmission and acceleration control systems and components, with Qian Gaofa, Qian Guonian, and Qian Guoyao as its actual controllers - The company was listed on the **Shanghai Stock Exchange in January 2015**, with a registered capital of **RMB 223.0651 million**[117](index=117&type=chunk) - The company's main business includes the design, manufacturing, and sales of **vehicle transmission and acceleration control systems, vehicle electronic control systems, vehicle cables, flexible shafts, and vehicle components**[117](index=117&type=chunk) - The company's actual controllers are **Qian Gaofa, Qian Guonian, and Qian Guoyao**[117](index=117&type=chunk) [Basis of Financial Statement Preparation](index=40&type=section&id=4.%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared in accordance with enterprise accounting standards and relevant regulations of the China Securities Regulatory Commission, on a going concern basis - The financial statements are prepared in accordance with the **“Enterprise Accounting Standards”** issued by the Ministry of Finance and the **“No. 15 General Provisions for Financial Reporting of Companies Issuing Securities Publicly”** issued by the China Securities Regulatory Commission[119](index=119&type=chunk) - The financial statements are prepared on a **going concern basis**, and the company has the ability to continue as a going concern for 12 months from the end of the reporting period[120](index=120&type=chunk) [Significant Accounting Policies and Estimates](index=40&type=section&id=5.%20Significant%20Accounting%20Policies%20and%20Estimates) This chapter details the significant accounting policies and estimates followed by the company in preparing its financial statements, covering financial instruments, inventories, long-term equity investments, fixed assets, intangible assets, revenue recognition, government grants, and leases - The company adheres to **Enterprise Accounting Standards**, with the accounting year running from **January 1 to December 31** of the Gregorian calendar, an operating cycle of **12 months**, and the functional currency being **RMB**[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk) - The company has detailed provisions for the **classification, recognition, measurement, and impairment of financial instruments**, including financial assets and liabilities measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[143](index=143&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk)[149](index=149&type=chunk)[151](index=151&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk)[156](index=156&type=chunk)[165](index=165&type=chunk) - Inventories are classified as **raw materials, finished goods, work-in-progress, and goods in transit**, valued at the **weighted average method** when issued, and impairment provisions are made based on the lower of cost and net realizable value[169](index=169&type=chunk)[171](index=171&type=chunk) - Long-term equity investments are accounted for using the **cost method or equity method** based on control or significant influence, with provisions for initial investment cost determination, subsequent measurement, and profit or loss recognition methods[175](index=175&type=chunk)[176](index=176&type=chunk)[179](index=179&type=chunk)[181](index=181&type=chunk) - Fixed assets are depreciated using the **straight-line method**, and construction in progress is measured at actual cost and transferred to fixed assets when it reaches its intended usable condition[187](index=187&type=chunk)[191](index=191&type=chunk) - Intangible assets are initially measured at cost, those with finite useful lives are amortized over their economic benefit period, and R&D expenditures are divided into **research and development phases**, with development phase expenditures capitalized when conditions are met[192](index=192&type=chunk)[193](index=193&type=chunk)[196](index=196&type=chunk)[199](index=199&type=chunk) - Revenue is recognized when performance obligations are satisfied and the customer obtains control of the goods or services, with the transaction price determined based on contract terms, considering factors such as variable consideration and significant financing components[211](index=211&type=chunk)[212](index=212&type=chunk) - Government grants are classified as **asset-related or income-related**, recognized when conditions are met and received, and accounted for as deferred income or current profit or loss based on their nature[217](index=217&type=chunk)[222](index=222&type=chunk) - Leases are classified as **finance leases and operating leases**, and as a lessee, the company recognizes right-of-use assets and lease liabilities for leases other than short-term and low-value asset leases[228](index=228&type=chunk)[229](index=229&type=chunk)[230](index=230&type=chunk)[236](index=236&type=chunk) [Taxation](index=60&type=section&id=6.%20Taxation) This chapter discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, education surcharges, local education surcharges, and corporate income tax, noting the company's high-tech enterprise status allows for a reduced 15% corporate income tax rate Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Calculated based on sales of goods and taxable services as stipulated by tax law, with output tax calculated and input tax deductible for the current period, the difference being VAT payable | 5%、6%、9%、13% | | Urban Maintenance and Construction Tax | Calculated based on actual VAT paid | 7% | | Education Surcharge | Calculated based on actual VAT paid | 3% | | Local Education Surcharge | Calculated based on actual VAT paid | 2% | | Corporate Income Tax | Taxable Income | 15%、25% | - **Ningbo Gaofa Automotive Control Systems Co., Ltd.** is recognized as a **high-tech enterprise**, and its corporate income tax for 2025 is levied at a reduced rate of **15%**[248](index=248&type=chunk) - The company benefits from the **VAT super deduction policy for advanced manufacturing enterprises**, allowing an additional **5% deduction** from the current period's deductible input VAT against VAT payable[248](index=248&type=chunk) [Notes to Consolidated Financial Statements](index=60&type=section&id=7.%20Notes%20to%20Consolidated%20Financial%20Statements) This chapter provides detailed notes on various assets, liabilities, owners' equity, income, costs, and expense items in the consolidated financial statements, explaining their period-end balances, changes, and related accounting treatments - Cash and bank balances at period-end were **RMB 229,603,832.96**, an increase of **138.00%** from the beginning of the period, mainly due to decreased redemption of matured wealth management products and the reclassification of some matured large-denomination certificates of deposit and time deposits to cash and bank balances[250](index=250&type=chunk)[49](index=49&type=chunk) - Financial assets held for trading at period-end were **RMB 164,133,334.11**, a decrease of **64.87%** from the beginning of the period, mainly due to decreased re-purchase of matured wealth management products[251](index=251&type=chunk)[49](index=49&type=chunk) - Accounts receivable financing at period-end was **RMB 460,053,513.94**, an increase of **78.41%** from the beginning of the period, mainly due to an increase in reputable bank acceptance bills received with higher revenue during the reporting period, coupled with a year-on-year decrease in discounted acceptance bills[271](index=271&type=chunk)[49](index=49&type=chunk) - Operating revenue for the current period was **RMB 786,803,152.86**, and operating cost was **RMB 607,946,838.79**, mainly due to increased sales of the company's main products, **gear shifters and pedal products**, during the reporting period[354](index=354&type=chunk)[47](index=47&type=chunk) - Net cash flow from operating activities was **RMB -44,811,259.02**, a year-on-year decrease of **311.11%**, mainly due to reduced sales collections and lower interest income compared to the prior year period[390](index=390&type=chunk)[47](index=47&type=chunk) [Research and Development Expenses](index=91&type=section&id=8.%20Research%20and%20Development%20Expenses) The company's total R&D expenditure for the reporting period was 33,329,134.20 yuan, all of which was expensed, primarily comprising direct labor, mold tooling, and equipment depreciation and amortization R&D Expenses by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Material Consumption | 1,474,529.17 | 2,890,285.94 | | Direct Labor | 20,893,059.90 | 20,252,472.48 | | Mold Tooling | 5,404,978.53 | 5,174,327.32 | | Inspection and Testing Fees | 1,191,621.14 | 2,171,515.12 | | Equipment Depreciation and Amortization | 3,118,288.67 | 2,970,228.08 | | Other | 1,246,656.79 | 1,050,726.96 | | **Total** | **33,329,134.20** | **34,509,555.90** | | Of which: Expensed R&D Expenditures | 33,329,134.20 | 34,509,555.90 | [Changes in Consolidation Scope](index=91&type=section&id=9.%20Changes%20in%20Consolidation%20Scope) There were no significant changes in the company's consolidation scope during the reporting period, such as non-same-entity business combinations, same-entity business combinations, reverse acquisitions, or disposal of subsidiaries - During the reporting period, there were **no significant changes** in the company's consolidation scope, such as non-same-entity business combinations, same-entity business combinations, reverse acquisitions, or disposal of subsidiaries[398](index=398&type=chunk)[399](index=399&type=chunk) [Interests in Other Entities](index=93&type=section&id=10.%20Interests%20in%20Other%20Entities) This chapter discloses the composition of the company's major subsidiaries, including Ningbo Gaofa Machinery Manufacturing Co., Ltd., Ningbo Gaofa Electronics Co., Ltd., and Ningbo Yaoming Medical Technology Co., Ltd., listing their registered capital, business nature, and shareholding percentages Composition of the Enterprise Group (Major Subsidiaries) | Subsidiary Name | Main Operating Location | Registered Capital (RMB 10,000) | Business Nature | Shareholding (%) (Direct) | | :--- | :--- | :--- | :--- | :--- | | Ningbo Gaofa Machinery Manufacturing Co., Ltd. | Ningbo | 150.00 | Manufacturing | 100 | | Ningbo Gaofa Electronics Co., Ltd. | Ningbo | 20,000.00 | Manufacturing | 100 | | Ningbo Yaoming Medical Technology Co., Ltd. | Ningbo | 100.00 | Manufacturing | 70 | | Ningbo Gaofa New Energy Automotive Components Co., Ltd. | Ningbo | 12,000.00 | Manufacturing | 100 | | Gaofa International Investment (Singapore) Co., Ltd. | Singapore | 0.10 (SGD) | Investment | 100 | | Gaofa Automotive Control Systems (Malaysia) Co., Ltd. | Malaysia | 261.894 (MYR) | Manufacturing | 100 | [Government Grants](index=94&type=section&id=11.%20Government%20Grants) The total government grants recognized in current profit or loss for the reporting period amounted to 3,135,741.47 yuan, comprising 181,305.06 yuan related to assets and 2,954,436.41 yuan related to income Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Asset-related | 181,305.06 | 137,060.04 | | Income-related | 2,954,436.41 | 5,415,322.90 | | **Total** | **3,135,741.47** | **5,552,382.94** | Liability Items Involving Government Grants (Deferred Income) | Item | Beginning Balance (yuan) | New Grants in Current Period (yuan) | Amount Recognized in Non-operating Income in Current Period (yuan) | Amount Transferred to Other Income in Current Period (yuan) | Ending Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 2,436,824.72 | 0 | 0 | 181,305.06 | 2,255,519.66 | Asset-related | [Risks Related to Financial Instruments](index=94&type=section&id=12.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, liquidity risk, and market risk (including interest rate risk and exchange rate risk), which it manages through customer credit assessment, cash flow monitoring, and continuous foreign currency transaction oversight - In its operations, the company faces **credit risk** (counterparties failing to fulfill contractual obligations), **liquidity risk** (shortage of funds), and **market risk** (fair value or future cash flows of financial instruments fluctuating due to market price changes)[404](index=404&type=chunk)[405](index=405&type=chunk)[409](index=409&type=chunk) - The company manages credit risk by **assessing new customer credit, setting credit limits, and regularly monitoring customer credit records**[405](index=405&type=chunk) - The company's finance department manages liquidity risk by **monitoring cash balances, readily marketable securities, and rolling forecasts of cash flows for the next 12 months**, ensuring sufficient funds to repay debts under all reasonable projections[406](index=406&type=chunk) - The company has **no bank borrowings**, and its interest-related assets are bank deposits, thus facing relatively **low interest rate risk**; the company continuously monitors the scale of foreign currency transactions and foreign currency assets and liabilities to minimize foreign exchange risk[410](index=410&type=chunk)[411](index=411&type=chunk) [Fair Value Disclosures](index=95&type=section&id=13.%20Fair%20Value%20Disclosures) This chapter discloses the period-end fair values of the company's assets measured at fair value, including financial assets held for trading, other equity instrument investments, other non-current financial assets, and accounts receivable financing, explaining the basis for fair value determination and valuation techniques for each level Period-end Fair Value of Assets Measured at Fair Value | Item | Level 1 Fair Value Measurement (yuan) | Level 2 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 4,133,334.11 | 160,000,000.00 | | 164,133,334.11 | | Other Equity Instrument Investments | | | 25,000,000.00 | 25,000,000.00 | | Other Non-current Financial Assets | | | 84,621,693.00 | 84,621,693.00 | | Accounts Receivable Financing | | | 460,053,513.94 | 460,053,513.94 | | **Total Assets Continuously Measured at Fair Value** | **4,133,334.11** | **160,000,000.00** | **569,675,206.94** | **733,808,541.05** | - Level 1 fair value measurement for financial assets (stocks) is determined by the **securities exchange's period-end closing price**; Level 2 (wealth management products) is determined by **estimating future cash flows based on expected returns and discounting them**; Level 3 (other equity instrument investments, other non-current financial assets, accounts receivable financing) are measured using the **net asset amount corresponding to the company's shareholding percentage or book value** as a reasonable estimate of fair value[414](index=414&type=chunk)[415](index=415&type=chunk)[416](index=416&type=chunk) [Related Parties and Related Party Transactions](index=96&type=section&id=14.%20Related%20Parties%20and%20Related%20Party%20Transactions) This chapter discloses the company's parent company and ultimate controlling parties, as well as related party leases and key management personnel compensation during the reporting period, and lists amounts due from related parties - The company's parent company is **Ningbo Gaofa Holding Co., Ltd.**, with a shareholding of **37.56%**, and the ultimate controlling parties are **Qian Gaofa, Qian Guonian, and Qian Guoyao**[418](index=418&type=chunk) Related Party Leases (as Lessee) | Lessor Name | Type of Leased Asset | Current Period Amount (Rent Paid) (yuan) | Prior Period Amount (Rent Paid) (yuan) | | :--- | :--- | :--- | :--- | | Ningbo Gaofa Holding Co., Ltd. | Buildings and Structures | 10,506,013.79 | 10,020,143.69 | Key Management Personnel Compensation | Item | Current Period Amount (RMB 10,000) | Prior Period Amount (RMB 10,000) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 150.50 | 150.67 | Amounts Due from Related Parties (Other Receivables) | Item Name | Related Party | Period-end Book Balance (yuan) | Period-end Impairment Provision (yuan) | Period-start Book Balance (yuan) | Period-start Impairment Provision (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other Receivables | Gaofa Holding | 2,700,000.00 | 2,700,000.00 | 2,700,000.00 | 2,700,000.00 | [Commitments and Contingencies](index=98&type=section&id=15.%20Commitments%20and%20Contingencies) This chapter discloses the company's significant commitments as of the end of the reporting period, including mortgage guarantees for bank credit lines using buildings and land use rights, and subsidiary guarantees for letter of guarantee agreements, with no significant contingencies during the reporting period - The company provided mortgage guarantees for all debts of **Industrial and Commercial Bank of China, Ningbo Yinzhou Branch**, not exceeding **RMB 90,000,000.00**, using buildings with an original value totaling approximately **RMB 46,838,039.62** and land use rights with an original value totaling approximately **RMB 11,599,860.00**[424](index=424&type=chunk) - The company has **RMB 25,100,000.00** in bank acceptance bill deposits at **Industrial and Commercial Bank of China**, with outstanding bank acceptance bills totaling **RMB 125,500,000.00**[425](index=425&type=chunk) - Subsidiary **Ningbo Gaofa New Energy Automotive Components Co., Ltd.** provided **RMB 1,614,400.00** as a letter of guarantee deposit for payment guarantee to **Ningbo Jiangbei New Emerging Industry Service Center**, with a maximum guarantee amount not exceeding **RMB 16,144,000.00**[425](index=425&type=chunk) - Subsidiary **Ningbo Gaofa Electronics Co., Ltd.** provided a total of **RMB 4,894,200.00** as a letter of guarantee deposit for payment guarantee to **Ningbo Jiangbei District People's Government Zhuangqiao Sub-district Office**, with a maximum guarantee amount not exceeding **RMB 4,894,200.00**[426](index=426&type=chunk) - The company has **no significant contingencies** requiring disclosure[427](index=427&type=chunk) [Events After the Balance Sheet Date](index=99&type=section&id=16.%20Events%20After%20the%20Balance%20Sheet%20Date) From the end of the reporting period to the date of financial statement approval, the company had no significant non-adjusting events, profit distribution, sales returns, or other events after the balance sheet date - From the end of the reporting period to the date of financial statement approval, the company had **no significant non-adjusting events, profit distribution, sales returns, or other events after the balance sheet date**[428](index=428&type=chunk) [Other Significant Matters](index=99&type=section&id=17.%20Other%20Significant%20Matters) During the reporting period, the company had no prior period accounting error corrections, significant debt restructurings, asset exchanges, annuity plans, discontinued operations, or segment information, or other important transactions and matters affecting investor decisions - During the reporting period, the company had **no prior period accounting error corrections, significant debt restructurings, asset exchanges, annuity plans, discontinued operations, or segment information**, or other important transactions and matters affecting investor decisions[428](index=428&type=chunk)[429](index=429&type=chunk) [Notes to Company Financial Statements](index=100&type=section&id=18.%20Notes%20to%20Company%20Financial%20Statements) This chapter provides detailed notes on key items in the company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and cost, and investment income, explaining their period-end balances, changes, and related accounting treatments - The parent company's accounts receivable at period-end were **RMB 374,501,817.53**, of which **RMB 50,903,405.04** was individually provided for bad debts, mainly involving amounts expected to be unrecoverable from **BAIC Yinxiang, Zotye Auto**, and others[430](index=430&type=chunk)[431](index=431&type=chunk)[432](index=432&type=chunk) - The parent company's other receivables at period-end were **RMB 10,490,483.62**, mainly including **intercompany balances, lease deposits, and petty cash**[438](index=438&type=chunk)[441](index=441&type=chunk) - The parent company's book value of investments in subsidiaries at period-end was **RMB 311,556,960.00**, with an increase of **RMB 49,456,960.00** in the current period, mainly comprising additional investment in **Gaofa New Energy**[450](index=450&type=chunk)[451](index=451&type=chunk) - The parent company's operating revenue for the current period was **RMB 787,113,178.90**, and operating cost was **RMB 610,552,366.32**, primarily derived from **automotive parts revenue**[452](index=452&type=chunk)[453](index=453&type=chunk)[456](index=456&type=chunk) - The parent company's investment income for the current period was **RMB 2,236,149.72**, mainly from **wealth management products, structured deposits, time deposits, large-denomination certificates of deposit, and stock investment income**[454](index=454&type=chunk)[455](index=455&type=chunk) [Supplementary Information](index=107&type=section&id=19.%20Supplementary%20Information) This chapter provides supplementary information, including a detailed statement of non-recurring gains and losses, net asset return, and earnings per share Current Period Non-recurring Gains and Losses Details | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 9,266.13 | | Government grants recognized in current profit or loss | 3,135,741.47 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 1,775,591.68 | | Other non-operating income and expenses | 647,764.30 | | Less: Income tax impact | -856,631.62 | | Minority interests impact (after tax) | -524.14 | | **Total** | **4,711,207.82** | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share (yuan/share) | | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 4.90 | 0.47 | | Net Profit Attributable to Ordinary Shareholders of the Company (Excluding Non-recurring Gains and Losses) | 4.68 | 0.44 |

格隆汇8月25日丨宁波高发(603788.SH)布2025年半年度报告，报告期实现营业收入7.87亿元，同比增长 7.83%；归属于上市公司股东的净利润1.04亿元，同比增长11.93%；归属于上市公司股东的扣除非经常 性损益的净利润9917.41万元，同比增长15.30%；基本每股收益0.47元。 ...

宁波高发公告，2025年上半年营业收入7.87亿元，同比增长7.83%。净利润1.04亿元，同比增长 11.93%。 ...

天眼查App显示，近日，高发国际投资（海南）有限公司成立，法定代表人为，钱高法，注册资本100 万人民币，经营范围包括通用零部件制造、汽车零部件及配件制造、汽车零部件再制造等。股东信息显 示，该公司由宁波高发（603788）全资持股。 ...

一、合伙企业基本情况 1、投资的合伙企业基本情况 证券代码： 603788 证券简称：宁波高发 公告编号：2025-027 宁波高发汽车控制系统股份有限公司 关于宁波江北创业投资合伙企业（有限合伙）变更的公告 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。 宁波高发汽车控制系统股份有限公司（以下简称"公司"）于 2021 年 11 月 4 日召开了公司第四届董事会第十四次会议，审议通过了《关于参与设立创业投资合 伙企业（有限合伙）暨对外投资的议案》，公司以自有资金出资人民币 5,000 万元参 与设立宁波江北创业投资合伙企业（有限合伙）。详情请参见公司在上海证券交易所 网站披露的《关于参与设立创业投资合伙企业（有限合伙）暨对外投资的公告》及 进展公告（公告编号：2021-038、2021-041、2022-003）。 由于该合伙企业变更了部分有限合伙人，近期公司与各方签署了新的《宁波江 北创业投资合伙企业（有限合伙）合伙协议》，该合伙企业近日在市场监督管理局完 成工商变更登记，领取了营业执照，并完成了在中国证券投资基金业 ...