证券代码：603933 证券简称：睿能科技 公告编号：2025-039 福建睿能科技股份有限公司关于 召开2025年半年度网上业绩说明会预告公告 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： ●会议召开时间：2025年9月9日（星期二）11:00-12:00 ●参会网址：上证路演中心（http://roadshow.sseinfo.com） ●投资者可于2025年9月2日至2025年9月8日16:00前登录上证路演中心网站 首页点击"提问预征集"栏目，或通过公司投资者关系邮箱（investor@raynen.cn） 进行提问。公司将在本次业绩说明会上对投资者普遍关心的问题进行回答。 福建睿能科技股份有限公司（以下简称"公司"）2025年半年度报告已于2025 年8月30日在上海证券交易所网站（www.sse.com.cn）披露。为了更好地与广大 投资者进行交流，公司将召开业绩说明会，就投资者普遍关心的问题进行交流。 具体内容如下： 一、业绩说明会的类型 本次业绩说明会以网络文字互动方式召开，将对公司20 ...

证券代码：603933 证券简称：睿能科技 公告编号：2025-036 福建睿能科技股份有限公司 2025 年半年度 募集资金存放与实际使用情况的专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●本专项报告经 2025 年 8 月 29 日召开的公司第四届董事会第十九次会议和 第四届监事会第十九次会议审议通过。 ●2025 年 5 月，公司首发募投项目全部结项并注销专户，节余募集资金转 入自有资金账户，用于永久补充流动资金。 ●本专项报告为半年度专项报告，无须保荐机构出具专项核查报告和会计师 事务所出具鉴证报告。 一、募集资金基本情况 经中国证券监督管理委员会《关于核准福建睿能科技股份有限公司首次公开 发行股票的批复》（证监许可[2017]889 号）核准，福建睿能科技股份有限公司 （以下简称"公司"、"睿能科技"）向社会首次公开发行人民币普通股（A 股） 股票 2,567.00 万股，每股发行价格为 20.20 元，募集资金总额为 518,534,000.00 元，扣除各项发行费用 47,32 ...

证券代码：603933 证券简称：睿能科技 公告编号：2025-038 福建睿能科技股份有限公司关于 2025 年半年度计提资产减值准备的提示性公告 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： ●福建睿能科技股份有限公司（以下简称"公司"）2025 年半年度相关 财务数据未经会计师事务所审计，本次预计计提资产减值准备（含信用减值准备） 的最终会计处理及对公司 2025 年年度利润的影响以年度审计结果为准。 一、本次计提资产减值准备情况 根据《企业会计准则》及相关会计政策的规定，为了公允地反映公司的财务 状况及经营成果，公司对合并财务报表范围内截至 2025 年 6 月 30 日各类资产进 行了减值测试，对存在减值迹象的相关资产计提相应的减值准备。公司 2025 年 半年度计提资产减值准备（含信用减值准备）2,648.62 万元，具体情况如下： 单位：人民币 元 | | 项 目 | | | 2025 年半年度发生额 | | --- | --- | --- | --- | --- | | 信用 减值 | 应 ...

[Definitions](index=4&type=section&id=Item%20I%20Definitions) This section defines key terms, entities, and industry-specific terminology used throughout the report, including company names, subsidiaries, and financial periods [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines common terms, including company entities, subsidiaries, industrial automation and semiconductor industry terminology, and financial reporting periods - The report defines key entities such as **Raynen Technology**, Raynen Industrial, Pingtan Jierun, Hong Kong Ruijie, Jiankun Investment, and Jupiter Investment[12](index=12&type=chunk) - Multiple subsidiary names are listed, including Raynen Intelligent, Fuzhou Raynen, Shanghai Raynen, Jiangsu Raynen, Jiaxing Raynen, Qidian Electric, Raynen Electric, Shenzhen Yiwei, Qili Software, Hong Kong Raynen Electronics, Singapore Raynen, Beneng International, Fujian Beneng, Shanghai Beneng, Hong Kong Taihe, Hong Kong Guangtai, and Taiwan Linsheng[12](index=12&type=chunk) - Professional terms in industrial automation are explained, including **industrial control (IC)**, servo systems, servo drives, servo motors, inverters, soft starters, **PLCs**, **HMIs**, and **IoT**[12](index=12&type=chunk) - Major **IC design manufacturers** mentioned include Microchip Technology, Infineon, Littelfuse, Rohm, China Resources Micro, Xiaohua Semiconductor, 3PEAK, GigaDevice, Silergy, SaiZhuo Electronics, and Yutai Micro[12](index=12&type=chunk)[13](index=13&type=chunk) - The reporting period is defined as the **first half of 2025**[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Item%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides the company's basic information, contact details, stock overview, and key financial data and indicators for the first half of 2025 [Company Information](index=6&type=section&id=I.%20Company%20Information) This section outlines the company's basic registration details, including its Chinese name, abbreviation, and legal representative - The company's Chinese name is Fujian Raynen Technology Co., Ltd., abbreviated as **Raynen Technology**[15](index=15&type=chunk) - The legal representative is **Yang Weijian**[15](index=15&type=chunk) [Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, and contact details - The Board Secretary is **Lan Lichun**, and the Securities Affairs Representative is **Su Ningyi**[16](index=16&type=chunk) - The company's contact address is No. 12 Zhihui Avenue, Nanyu Town, Minhou County, Fuzhou City, Fujian Province, with telephone **0591-88267278** and email **investor@raynen.cn**[16](index=16&type=chunk) [Brief Introduction to Changes in Basic Information](index=6&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section details changes in the company's registered and office addresses, with references to relevant announcements - The company's registered address is **Floor 3, Building A, No. 26, C Zone, Software Park, No. 89 Tongpan Road, Gulou District, Fuzhou City**[17](index=17&type=chunk) - The company's office address changed to **No. 12 Zhihui Avenue, Nanyu Town, Minhou County, Fuzhou City, Fujian Province**, announced on **June 12, 2025**[17](index=17&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Placement Locations](index=6&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Placement%20Locations) This section specifies the company's designated newspapers and website for information disclosure, along with the placement location for the semi-annual report - Designated information disclosure newspapers include **China Securities Journal**, **Shanghai Securities News**, **Securities Times**, and **Securities Daily**[18](index=18&type=chunk) - The website address for the semi-annual report is **www.sse.com.cn**[18](index=18&type=chunk) [Company Stock Summary](index=6&type=section&id=V.%20Company%20Stock%20Summary) This section provides the company's stock listing information, including stock type, exchange, ticker symbol, and code - The company's A-shares are listed on the **Shanghai Stock Exchange** under the ticker symbol **Raynen Technology (603933)**[19](index=19&type=chunk) - The company was listed on the Shanghai Stock Exchange on **July 6, 2017**[19](index=19&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=7&type=section&id=VII.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for H1 2025, showing revenue growth, but declines in profit, EPS, and operating cash flow Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 1,132,915,190.24 | 995,291,167.74 | 13.83 | | Total Profit (yuan) | 37,064,989.48 | 53,017,908.99 | -30.09 | | Net Profit Attributable to Shareholders of Listed Company (yuan) | 35,587,208.45 | 51,900,946.63 | -31.43 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) (yuan) | 33,136,651.71 | 48,497,493.24 | -31.67 | | Net Cash Flow from Operating Activities (yuan) | -45,613,534.91 | 55,600,115.43 | -182.04 | | Net Assets Attributable to Shareholders of Listed Company (End of Current Period/End of Prior Year) (yuan) | 1,317,563,627.33 | 1,295,285,621.64 | 1.72 | | Total Assets (End of Current Period/End of Prior Year) (yuan) | 2,466,725,727.46 | 2,348,465,029.98 | 5.04 | Key Financial Indicators for H1 2025 | Key Financial Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.1715 | 0.2501 | -31.43 | | Diluted Earnings Per Share (yuan/share) | 0.1715 | 0.2501 | -31.43 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (yuan/share) | 0.1597 | 0.2337 | -31.67 | | Weighted Average Return on Net Assets (%) | 2.72 | 3.99 | Decrease of 1.27 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 2.53 | 3.73 | Decrease of 1.20 percentage points | [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) This section details the company's non-recurring gains and losses for H1 2025, totaling **2.45 million yuan** Non-Recurring Gains and Losses for H1 2025 | Non-Recurring Gain/Loss Item | Amount (yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 13,701.30 | | Government grants included in current profit/loss (excluding those closely related to business and enjoyed consistently) | 2,372,596.93 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 385,235.61 | | Other non-operating income and expenses | 126,333.46 | | Less: Income tax impact | 427,311.98 | | Minority interest impact (after tax) | 19,998.58 | | **Total** | **2,450,556.74** | [Management Discussion and Analysis](index=9&type=section&id=Item%20III%20Management%20Discussion%20and%20Analysis) This section presents management's analysis of the company's industry, business operations, financial performance, core competencies, and risk factors [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=9&type=section&id=I.%20Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section details the company's industrial automation and semiconductor IC industries, outlining business operations and models, noting a weak recovery in industrial automation and continued growth in IC distribution - The company's main businesses are divided into two segments: **industrial automation** and **IC distribution**[27](index=27&type=chunk) - In H1 2025, the industrial automation market size was approximately **148.64 billion yuan**, a slight **0.5% YoY increase**, with OEM market growing by 1.98% and project-based market decreasing by 0.31%[29](index=29&type=chunk) - In H1 2025, the global semiconductor market size is estimated at **$700.9 billion**, growing **11.2% YoY**; domestic integrated circuit output increased by **15.8% YoY**[32](index=32&type=chunk)[33](index=33&type=chunk) - New energy vehicle production and sales increased by **41.4% and 40.3% YoY**, respectively, accounting for **44.3% of China's total vehicle sales**, driving industrial transformation[33](index=33&type=chunk) - The company's **IC distribution business** actively explores emerging application fields such as new energy vehicles, photovoltaic inverters, charging piles, energy storage, high-efficiency motor control, industrial interconnection, and robotics[36](index=36&type=chunk) [Industry Overview During the Reporting Period](index=9&type=section&id=Part%20I%20Industry%20Overview%20During%20the%20Reporting%20Period) This section analyzes the industrial automation and semiconductor IC industries, highlighting market status, trends, and data, noting weak industrial automation recovery, sustained semiconductor growth, and strong emerging sectors - In H1 2025, the industrial automation industry market size was approximately **148.64 billion yuan**, a slight **0.5% YoY increase**[29](index=29&type=chunk) H1 2025 Industrial Automation Sub-Market Data | Sub-Market | Market Size (billion yuan) | YoY Growth (%) | | :--- | :--- | :--- | | Low-voltage Inverters | 13.6 | 8 | | General Servo Systems | 11.3 | 7 | | PLCs | 8.4 | 5 | | Industrial Robot Shipments (units) | 163,000 | 16 | - In H1 2025, China's automobile production and sales grew by **12.5% and 11.4%**, respectively, with new energy vehicles growing by **41.4% and 40.3%**[33](index=33&type=chunk) - In H1 2025, China's power battery shipments reached **477 GWh**, a **49% YoY increase**; energy storage lithium battery shipments reached **265 GWh**, a **128% YoY increase**[35](index=35&type=chunk) [Company's Business Operations During the Reporting Period](index=11&type=section&id=Part%20II%20Company%27s%20Business%20Operations%20During%20the%20Reporting%20Period) This section details the company's industrial automation and IC distribution businesses, including products, applications, and operating models, emphasizing technological innovation and market expansion in emerging sectors - Industrial automation products cover the 'information layer, control layer, drive layer, and execution layer' of industrial control systems, including dedicated control systems, **PLCs**, servo systems, inverters, soft starters, **HMIs**, and **Industrial IoT**[37](index=37&type=chunk) - The **IC distribution business** operates on a 'technical support + distribution' model, offering microcontrollers, power devices and modules, power management and driver ICs, and analog and mixed-signal ICs[41](index=41&type=chunk) - The company expanded its product lines to include **automotive-grade MCUs**, power management ICs, high-power modules, and Flash, attracting high-quality customers in automotive electronics, photovoltaic energy storage, and smart wearables[41](index=41&type=chunk) - The industrial automation business adopts an R&D model that is 'customer-demand oriented, based on independent R&D, with a three-generation product development strategy, and **IPD development process**'[42](index=42&type=chunk) - The **IC distribution business** procurement model is determined by inventory, orders, market forecasts, and other factors, with phased ordering to control inventory risk[45](index=45&type=chunk) [Discussion and Analysis of Operations](index=14&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, operating revenue grew by **13.83%**, but net profit attributable to shareholders decreased by **31.43%**, driven by a decline in industrial automation and significant growth in IC distribution, alongside R&D and manufacturing optimization H1 2025 Operating Performance Overview | Indicator | Amount (ten thousand yuan) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 113,291.52 | 13.83 | | Net Profit Attributable to Shareholders of Listed Company | 3,558.72 | -31.43 | H1 2025 Business Segment Revenue | Business Segment | Operating Revenue (ten thousand yuan) | YoY Change (%) | | :--- | :--- | :--- | | Industrial Automation Business | 41,710.31 | -11.68 | | IC Distribution Business | 70,137.81 | 37.34 | - Industrial automation business in knitting flat machine control systems faced downward pressure, but **glove machine** and **embroidery machine control systems** performed well[48](index=48&type=chunk) - The **IC distribution business** accelerated expansion into emerging sectors like robotics, new energy, and AI, launching **GaN high-power density motor solutions**, photovoltaic energy storage bidirectional digital power solutions, automotive variable frequency water pump and air conditioner compressor solutions, and deploying **AI server applications**[52](index=52&type=chunk) - In H1 2025, R&D investment in the industrial automation business accounted for **13.15% of its operating revenue**[54](index=54&type=chunk) - The **Jiaxing manufacturing base** topped out in **May 2025** and is expected to commence production in early 2026, enhancing production efficiency and flexible customization capabilities[56](index=56&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=17&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies span R&D, industry experience, manufacturing, brand and customer resources, supplier networks, and management talent, with a strong focus on industrial automation and IC distribution - The company possesses multiple industry-leading core technologies, including automatic control, motor control, servo drive, frequency conversion control, digital power systems, embedded system software, industrial Ethernet, and **CAD software**[57](index=57&type=chunk) - As of **June 30, 2025**, the company holds **226 valid patent certificates** (**126 invention patents**) and **256 computer software copyrights**[58](index=58&type=chunk) - The company has evolved from an industrial control product supplier to a 'reconstructor of intelligent equipment value,' continuously strengthening its core competitive advantages in the **knitting and sewing machinery sector**[59](index=59&type=chunk) - By implementing **MOM systems** and smart park systems, the company achieves full-domain data interconnection and Industrial IoT device linkage, significantly reducing labor costs and material waste, while improving production efficiency and product yield[60](index=60&type=chunk)[61](index=61&type=chunk) - The company maintains partnerships with renowned domestic and international **IC design manufacturers** such as Microchip Technology, Infineon, Littelfuse, Rohm, China Resources Micro, Xiaohua Semiconductor, 3PEAK, GigaDevice, and Silergy[63](index=63&type=chunk) [Key Operating Performance During the Reporting Period](index=19&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes H1 2025 financial statement changes, asset-liability status, and investment, showing revenue growth driven by IC distribution, but declining profits, with adjustments in asset-liability structure and increased construction in progress and long-term deferred expenses H1 2025 Financial Statement Item Changes | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,132,915,190.24 | 995,291,167.74 | 13.83 | | Operating Cost | 867,070,573.25 | 741,300,388.79 | 16.97 | | Selling Expenses | 82,007,225.43 | 70,246,637.07 | 16.74 | | Administrative Expenses | 55,937,230.93 | 47,697,163.86 | 17.28 | | Financial Expenses | 10,138,379.09 | 9,286,563.36 | 9.17 | | R&D Expenses | 60,058,437.02 | 59,387,253.20 | 1.13 | | Net Cash Flow from Operating Activities | -45,613,534.91 | 55,600,115.43 | -182.04 | | Net Cash Flow from Financing Activities | 33,101,346.91 | 10,659,838.85 | 210.52 | - Operating revenue growth was primarily driven by a **37.34% YoY increase in IC distribution business revenue**, while industrial automation business revenue decreased by **11.68% YoY**[65](index=65&type=chunk) - Net cash flow from operating activities significantly decreased by **182.04%**, mainly due to reduced net inflows from IC distribution sales and purchases, and increased employee compensation payments[65](index=65&type=chunk) H1 2025 Major Asset and Liability Changes | Item Name | Current Period End Amount (yuan) | Current Period End % of Total Assets | Prior Year End Amount (yuan) | Prior Year End % of Total Assets | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 6,021,095.14 | 0.24 | - | 0.00 | Not applicable | | Notes Receivable | 173,634.31 | 0.01 | 870,729.37 | 0.04 | -80.06 | | Prepayments | 8,418,282.92 | 0.34 | 18,043,901.04 | 0.77 | -53.35 | | Other Receivables | 9,308,794.52 | 0.38 | 5,078,418.76 | 0.22 | 83.30 | | Other Current Assets | 33,241,019.45 | 1.35 | 113,988,060.26 | 4.85 | -70.84 | | Construction in Progress | 75,803,764.42 | 3.07 | 23,319,156.82 | 0.99 | 225.07 | | Long-term Deferred Expenses | 24,508,338.24 | 0.99 | 3,348,854.54 | 0.14 | 631.84 | | Other Non-current Assets | 13,271,855.48 | 0.54 | 7,715,105.84 | 0.33 | 72.02 | | Contract Liabilities | 15,861,731.52 | 0.64 | 23,307,162.90 | 0.99 | -31.94 | | Employee Compensation Payable | 39,539,141.26 | 1.60 | 60,211,245.22 | 2.56 | -34.33 | | Other Payables | 101,631,498.51 | 4.12 | 77,672,567.92 | 3.31 | 30.85 | | Long-term Borrowings | 76,800,000.00 | 3.11 | 58,899,999.88 | 2.51 | 30.39 | | Lease Liabilities | 4,645,360.96 | 0.19 | 2,620,809.03 | 0.11 | 77.25 | - Overseas assets totaled **622.57 million yuan**, accounting for **25.24% of total assets**[68](index=68&type=chunk) H1 2025 External Equity Investments | Investment Type | Current Period Investment Amount (ten thousand yuan) | Prior Year Period Investment Amount (ten thousand yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Equity Investment | 2,283.02 | 4,266.33 | -46.49 | - The **Jiaxing Raynen Industrial Automation Production Base project** invested **54.72 million yuan** in the current period, with a cumulative investment of **71.28 million yuan**, reaching **46.38% completion**[73](index=73&type=chunk) [Analysis of Main Business](index=19&type=section&id=(I)%20Analysis%20of%20Main%20Business) This section analyzes changes in key financial statement items, attributing revenue growth to IC distribution, while noting increased operating costs, selling, administrative, financial, and R&D expenses, and a significant decline in net operating cash flow - Operating revenue increased by **13.83% YoY**, primarily due to a **37.34% YoY increase in IC distribution business revenue**[65](index=65&type=chunk) - Net cash flow from operating activities decreased by **182.04% YoY**, mainly due to reduced net inflows from IC distribution sales and purchases, and increased employee compensation payments[65](index=65&type=chunk) - Selling, administrative, and R&D expenses all increased due to higher payroll costs; administrative expenses also rose due to increased depreciation and utility costs from relocating to the new headquarters[65](index=65&type=chunk) [Analysis of Assets and Liabilities](index=20&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) This section analyzes period-end changes in assets and liabilities, showing significant increases in trading financial assets, construction in progress, long-term deferred expenses, other receivables, long-term borrowings, and lease liabilities, while notes receivable, prepayments, other current assets, contract liabilities, and employee compensation payable decreased - Trading financial assets increased at period-end compared to the prior year, mainly due to subsidiary Shenzhen Yiwei's purchase of wealth management products that had not yet matured for redemption[67](index=67&type=chunk) - Construction in progress increased by **225.07%** at period-end compared to the prior period, mainly due to increased infrastructure investment by subsidiary Jiaxing Raynen[67](index=67&type=chunk) - Long-term deferred expenses increased by **631.84%** at period-end compared to the prior period, mainly due to the completion and capitalization of office building renovations at the Fuzhou production base[67](index=67&type=chunk) - Employee compensation payable decreased by **34.33%** at period-end compared to the prior period, mainly due to the payment of year-end bonuses accrued in the previous year[67](index=67&type=chunk) - Overseas assets totaled **622.57 million yuan**, accounting for **25.24% of total assets**[68](index=68&type=chunk) [Analysis of Investment Status](index=21&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) This section analyzes the company's external equity and non-equity investments, showing a YoY decrease in equity investment, but continued investment in the Jiaxing Raynen Industrial Automation Production Base project, reaching **46.38% completion** - Equity investment during the reporting period was **22.83 million yuan**, a **46.49% decrease** compared to the prior year period[71](index=71&type=chunk) - The **Jiaxing Raynen Industrial Automation Production Base project** invested **54.72 million yuan** in the current period, with a cumulative investment of **71.28 million yuan**, reaching **46.38% completion**[73](index=73&type=chunk) Major Asset Restrictions at Period End | Item | Book Balance (yuan) | Book Value (yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 35,354,180.57 | 35,354,180.57 | Pledge | Pledged deposits, letter of guarantee deposits, letter of credit deposits, bill deposits | | Investment Properties | 11,633,537.24 | 6,538,323.10 | Mortgage | Subsidiary Beneng International borrowed from HSBC Hong Kong, with Hong Kong Guangtai's property in Hong Kong as collateral | | Fixed Assets | 20,126,783.03 | 12,027,730.35 | Mortgage | Subsidiary Fujian Beneng borrowed from China Merchants Bank, with Raynen Technology's R&D building in Minhou County, Fuzhou City as collateral | | **Total** | **67,114,500.84** | **53,920,234.02** | / | / | [Other Disclosures](index=24&type=section&id=V.%20Other%20Disclosures) This section discloses seven major risks the company may face, including macroeconomic, market competition, exchange rate fluctuations, supplier concentration, inventory, accounts receivable, and goodwill impairment - The company faces **macroeconomic risks**, as the growth of its industrial automation and IC distribution businesses is highly correlated with the national economic climate[76](index=76&type=chunk) - The market is highly competitive; failure to keep pace with technological trends and enhance service and innovation capabilities will lead to **increased market competition risk**[77](index=77&type=chunk) - Exchange rate fluctuations may result in **exchange gains or losses**, impacting the company's profit[78](index=78&type=chunk) - The **IC distribution business** has a high concentration of suppliers; termination of cooperation with major suppliers could affect the company's operating performance[79](index=79&type=chunk)[80](index=80&type=chunk) - Inventory impairment risk may increase if sales forecasting differs significantly from actual conditions or if downstream demand is not timely captured[81](index=81&type=chunk) - Increased accounts receivable balances pose a risk of **significant uncollected receivables**, leading to increased financial pressure or decreased operating performance[82](index=82&type=chunk) - Acquired companies failing to meet operational and profitability expectations may lead to **goodwill impairment risk**[83](index=83&type=chunk) [Potential Risks](index=24&type=section&id=(I)%20Potential%20Risks) This section details seven major risks, including macroeconomic fluctuations, intensified market competition, exchange rate volatility, high supplier concentration, inventory write-downs, accounts receivable collection difficulties, and goodwill impairment, all potentially impacting the company's operating performance - Industrial automation and IC distribution businesses are significantly affected by the macroeconomic environment; adverse changes in downstream industries will indirectly impact the company's operating performance[76](index=76&type=chunk) - The industrial automation market is crowded and highly competitive; the company must continuously innovate and enhance service capabilities to mitigate risks[77](index=77&type=chunk) - The company's foreign exchange receipts and payments primarily involve IC distribution, foreign currency borrowings, and overseas operations; significant exchange rate fluctuations will impact operating results[78](index=78&type=chunk) - The **IC distribution business** has a high concentration of suppliers; if major IC design manufacturers terminate cooperation, the company's operating performance will be affected[79](index=79&type=chunk)[80](index=80&type=chunk) - Increased volatility in the semiconductor integrated circuit industry, coupled with significant discrepancies between sales forecasts and actuals, may lead to **inventory impairment risk**[81](index=81&type=chunk) - Increased accounts receivable balances, coupled with customer operational difficulties or delayed payments, pose risks of **cash flow pressure** and **declining performance**[82](index=82&type=chunk) - Goodwill arising from mergers and acquisitions faces impairment pressure, potentially affecting current period profitability[83](index=83&type=chunk) [Corporate Governance, Environment and Society](index=26&type=section&id=Item%20IV%20Corporate%20Governance%2C%20Environment%20and%20Society) This section covers the company's corporate governance, environmental, and social responsibilities, including profit distribution plans [Profit Distribution or Capital Reserve Conversion Plan](index=26&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company will not implement a profit distribution or capital reserve conversion plan for the first half of 2025 - The company's proposed semi-annual profit distribution or capital reserve conversion plan is **'No'**[86](index=86&type=chunk) [Significant Matters](index=27&type=section&id=Item%20V%20Significant%20Matters) This section covers significant matters such as commitment fulfillment, major related-party transactions, significant contracts, and the utilization of raised funds [Fulfillment of Commitments](index=27&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's actual controller and controlling shareholders strictly fulfilled all commitments during the reporting period, including share reduction intentions, avoiding competition, regulating related-party transactions, and not occupying company funds - Controlling shareholder Raynen Industrial committed to reducing shares by no more than **10% of total share capital annually** within two years after the lock-up period, with a reduction price no lower than the offering price[90](index=90&type=chunk) - Shareholder Pingtan Jierun committed to reducing shares by no more than **5% of total share capital annually** within two years after the lock-up period, with a reduction price no lower than the offering price[91](index=91&type=chunk) - The controlling shareholder and actual controller committed to **avoiding horizontal competition** and not engaging in businesses identical, similar, or competitive with the company[92](index=92&type=chunk)[93](index=93&type=chunk) - The controlling shareholder and actual controller committed to **reducing and regulating related-party transactions**, conducting fair operations based on market principles and fair prices[94](index=94&type=chunk) - The controlling shareholder and actual controller committed to **not directly or indirectly occupying company funds or assets** for any reason or in any form[95](index=95&type=chunk) - During the commitment period, all promisors strictly fulfilled their commitments, with **no instances of non-fulfillment**[95](index=95&type=chunk) [Major Related-Party Transactions](index=29&type=section&id=X.%20Major%20Related-Party%20Transactions) In H1 2025, the company's total daily related-party transactions amounted to **572,500 yuan**, with an increased estimated IC product sales quota to **1.75 million yuan** for associate Taiwan Linsheng - In H1 2025, the total actual daily related-party transactions of the company and its subsidiaries amounted to **572,500 yuan**[97](index=97&type=chunk) - The company increased the estimated annual IC product sales quota from wholly-owned subsidiary Beneng International to associate Taiwan Linsheng from **50,000 yuan to 1.75 million yuan** for 2025[97](index=97&type=chunk) [Related-Party Transactions Related to Daily Operations](index=29&type=section&id=(I)%20Related-Party%20Transactions%20Related%20to%20Daily%20Operations) During the reporting period, the company engaged in daily related-party transactions, primarily involving IC product sales to associate Taiwan Linsheng, with an increased annual sales quota based on customer demand - In H1 2025, total daily related-party transactions amounted to **572,500 yuan**[97](index=97&type=chunk) - The estimated IC product sales quota to associate Taiwan Linsheng was increased from **50,000 yuan to 1.75 million yuan**[97](index=97&type=chunk) [Significant Contracts and Their Fulfillment](index=31&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) At the end of the reporting period, the company's total guarantee balance for subsidiaries was **377.40 million yuan**, representing **27.91% of its net assets** Company Guarantee Total Amount | Indicator | Amount (yuan) | | :--- | :--- | | Total Guarantees Provided to Subsidiaries During the Reporting Period | 237,545,952.02 | | Total Guarantees Provided to Subsidiaries at Period End (B) | 377,403,408.86 | | Total Guarantees (A+B) | 377,403,408.86 | | Total Guarantees as % of Company's Net Assets | 27.91 | [Significant Guarantees](index=31&type=section&id=(II)%20Significant%20Guarantees%20Executed%20and%20Outstanding%20During%20the%20Reporting%20Period) During the reporting period, the company primarily provided guarantees for subsidiaries, with a total outstanding guarantee balance of **377 million yuan**, representing **27.91% of its net assets** - Total guarantees provided to subsidiaries during the reporting period amounted to **237.55 million yuan**[102](index=102&type=chunk) - At period-end, total outstanding guarantees for subsidiaries amounted to **377.40 million yuan**, accounting for **27.91% of the company's net assets**[102](index=102&type=chunk) [Explanation of Progress in Use of Raised Funds](index=32&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The company's IPO net proceeds were **499.49 million yuan**, with **447.75 million yuan** cumulatively invested by period-end, reaching **89.64% completion**; in May 2025, all IPO projects were closed, and **93.45 million yuan** in remaining funds were transferred to own accounts for permanent working capital Overall Use of Raised Funds | Indicator | Amount (ten thousand yuan) | | :--- | :--- | | Total Raised Funds | 51,853.40 | | Net Raised Funds (1) | 49,949.20 | | Cumulative Investment of Raised Funds at Period End (2) | 44,775.31 | | Cumulative Investment Progress (%) = (2)/(1) | 89.64 | | Investment Amount for the Current Year | 1,455.20 | | Total Raised Funds with Changed Purpose | 25,728.53 | - In **May 2025**, the company closed all IPO investment projects and canceled special accounts, transferring **93.45 million yuan** (including interest income and wealth management product gains) of remaining funds to its own capital account for permanent working capital replenishment[108](index=108&type=chunk) [Overall Use of Raised Funds](index=32&type=section&id=(I)%20Overall%20Use%20of%20Raised%20Funds) The company's IPO net proceeds were **499.49 million yuan**, with **447.75 million yuan** cumulatively invested by period-end, reaching **89.64% completion**; the current year's investment amounted to **14.55 million yuan** - The net proceeds from the initial public offering of shares amounted to **499.49 million yuan**[104](index=104&type=chunk)[105](index=105&type=chunk) - As of the end of the reporting period, the cumulative total investment of raised funds was **447.75 million yuan**, with an investment progress of **89.64%**[104](index=104&type=chunk) - The investment amount for the current year was **14.55 million yuan**[104](index=104&type=chunk) [Details of Raised Fund Investment Projects](index=33&type=section&id=(II)%20Details%20of%20Raised%20Fund%20Investment%20Projects) Raised fund projects include knitting flat machine and sock machine control system production, and the acquisition of Shanghai Qidian Electric, with most projects completed or near completion, and remaining funds transferred to own accounts Details of Raised Fund Investment Project Usage | Project Name | Planned Total Investment of Raised Funds (ten thousand yuan) | Cumulative Investment of Raised Funds at Period End (ten thousand yuan) | Cumulative Investment Progress (%) | Current Year's Benefits (ten thousand yuan) | Remaining Amount (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Knitting Flat Machine Computer Control System Production Project | 17,460.33 | 14,817.97 | 84.87 | 1,038.26 | 2,642.36 | | Knitting Sock Machine Computer Control System Production Project | 10,022.36 | 9,085.10 | 90.65 | -58.06 | 937.26 | | Acquisition of 100% Equity in Shanghai Qidian Electric Technology Co., Ltd. Project | 15,000.00 | 14,785.01 | 98.57 | -562.61 | 214.99 | | Knitting Equipment Control System R&D Center Project | 3,492.14 | 3,492.14 | 100.00 | Not applicable | - | | Working Capital Supplement Project | 2,594.83 | 2,594.83 | 100.00 | Not applicable | - | | Unused Accrued Interest | - | - | - | - | 4,171.47 | | **Total** | **49,949.20** | **44,775.31** | / | / | **9,345.36** | - The reason for the knitting flat machine and sock machine production projects not reaching **100% investment progress** is that remaining funds are used to pay contract final payments and quality assurance deposits[107](index=107&type=chunk) - The reason for the acquisition of **100% equity in Shanghai Qidian Electric Technology Co., Ltd. project** not reaching **100% investment progress** is that unpaid equity transaction payments will be settled based on 2025 accounts receivable collection[107](index=107&type=chunk) [Other Information on Use of Raised Funds During the Reporting Period](index=34&type=section&id=(IV)%20Other%20Information%20on%20Use%20of%20Raised%20Funds%20During%20the%20Reporting%20Period) In **May 2025**, the company closed all IPO investment projects and canceled special accounts, transferring **93.45 million yuan** in remaining funds to its own capital account for permanent working capital replenishment - In **May 2025**, the company closed all IPO investment projects and canceled special accounts[108](index=108&type=chunk) - Remaining raised funds of **93.45 million yuan** (including interest income and wealth management product gains) were transferred to the company's own capital account for permanent working capital replenishment[108](index=108&type=chunk) [Share Changes and Shareholder Information](index=35&type=section&id=Item%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section provides details on changes in the company's share capital and shareholder structure, including the total number of shareholders and the top ten shareholders [Changes in Share Capital](index=35&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were **no changes** in the company's total share capital or share structure[111](index=111&type=chunk) [Shareholder Information](index=35&type=section&id=II.%20Shareholder%20Information) As of period-end, the company had **28,119 common shareholders**; Raynen Industrial held the largest stake at **59.75%** with no pledges or freezes, and actual controller Mr. Yang Weijian indirectly held **60.75%** through Raynen Industrial and Pingtan Jierun - As of the end of the reporting period, the total number of common shareholders was **28,119**[112](index=112&type=chunk) Top Ten Shareholders' Holdings at Period End | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Restricted Shares Held (shares) | Pledge, Mark, or Freeze Status (Share Status/Quantity) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Raynen Industrial Co., Ltd. | 124,016,836 | 59.75 | 0 | None/0 | Overseas Legal Person | | Pingtan Jierun Equity Investment Management Partnership (Limited Partnership) | 9,525,264 | 4.59 | 0 | None/0 | Other | | Dajia Life Insurance Co., Ltd. - Dividend Product | 811,000 | 0.39 | 0 | None/0 | Other | | UBS AG | 498,030 | 0.24 | 0 | None/0 | Other | | Shanghai Yicun Investment Management Co., Ltd. - Yicun Donglinshi No. 1 Private Securities Investment Fund | 450,600 | 0.22 | 0 | None/0 | Other | | Yu Jianguo | 438,400 | 0.21 | 0 | None/0 | Domestic Natural Person | | Yang Zejiang | 385,400 | 0.19 | 0 | None/0 | Domestic Natural Person | | Dajia Life Insurance Co., Ltd. - Traditional Product | 377,000 | 0.18 | 0 | None/0 | Other | | China International Capital Corporation Limited | 329,223 | 0.16 | 0 | None/0 | State-owned Legal Person | | Dajia Life Insurance Co., Ltd. - Universal Product | 317,000 | 0.15 | 0 | None/0 | Other | - Mr. Yang Weijian, the company's chairman, indirectly holds a total of **126,086,383 shares** through his stakes in Raynen Industrial and Pingtan Jierun, representing **60.75% of the company's equity**, making him the actual controller[115](index=115&type=chunk) [Bond-Related Information](index=38&type=section&id=Item%20VII%20Bond-Related%20Information) This section confirms that the company had no corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=38&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had **no corporate bonds or non-financial enterprise debt financing instruments**[119](index=119&type=chunk) [Convertible Corporate Bonds](index=38&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had **no convertible corporate bonds**[119](index=119&type=chunk) [Financial Report](index=39&type=section&id=Item%20VIII%20Financial%20Report) This section presents the company's unaudited H1 2025 financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, with notes on accounting policies and related parties [Audit Report](index=39&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is **unaudited**[5](index=5&type=chunk) [Financial Statements](index=39&type=section&id=II.%20Financial%20Statements) This section provides the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity - Financial statements include the **consolidated balance sheet**, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in equity, and parent company statement of changes in equity[121](index=121&type=chunk)[125](index=125&type=chunk)[129](index=129&type=chunk)[132](index=132&type=chunk)[134](index=134&type=chunk)[137](index=137&type=chunk)[140](index=140&type=chunk)[143](index=143&type=chunk) - The financial statements were approved for issuance by the **19th meeting of the Fourth Board of Directors on August 29, 2025**[146](index=146&type=chunk) [Company's Basic Information](index=53&type=section&id=III.%20Company%27s%20Basic%20Information) This section outlines the company's basic profile, including unified social credit code, registered and headquarters addresses, legal representative, company type, operating period, and consolidated subsidiaries - The company's Unified Social Credit Code is **9135000066509091XF**, and its registered address is **Floor 3, Building A, No. 26, C Zone, Software Park, No. 89 Tongpan Road, Gulou District, Fuzhou City**[146](index=146&type=chunk) - The company and its subsidiaries primarily engage in two businesses: **R&D, production, and sales of industrial automation control products**, and **IC product distribution**[146](index=146&type=chunk) - The company has **13 first-tier subsidiaries** and **11 second-tier subsidiaries** within its consolidated scope[146](index=146&type=chunk) [Basis of Financial Statement Preparation](index=53&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section states that the company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and relevant disclosure regulations - The financial statements are prepared on a **going concern basis**, adhering to **Enterprise Accounting Standards** and the China Securities Regulatory Commission's 'Rules for Information Disclosure by Companies Issuring Securities Publicly No. 15 – General Provisions for Financial Reports' (Revised 2023)[148](index=148&type=chunk) - The company possesses **going concern capability for at least 12 months** from the end of the reporting period, with no significant matters affecting this capability[149](index=149&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=54&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's significant accounting policies and estimates, including statements of compliance, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statements, cash and cash equivalents, foreign currency transactions, financial instruments, receivables, inventory, long-term equity investments, fixed assets, construction in progress, intangible assets, employee compensation, and revenue recognition - The company's accounting year runs from **January 1 to December 31**, with a **12-month operating cycle**, and the functional currency is **RMB**[152](index=152&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk) - Detailed accounting treatment methods for **business combinations under common control** and **business combinations not under common control** are defined[156](index=156&type=chunk) - The classification, recognition criteria, and measurement methods for financial assets and liabilities are clarified, including those measured at **amortized cost**, at **fair value through other comprehensive income**, and at **fair value through profit or loss**[172](index=172&type=chunk)[173](index=173&type=chunk)[175](index=175&type=chunk) - Revenue recognition and measurement policies are based on recognizing revenue when the customer obtains control of the goods, distinguishing between performance obligations satisfied over time or at a point in time, and recognizing revenue based on whether the company is a principal or an agent[231](index=231&type=chunk)[234](index=234&type=chunk)[235](index=235&type=chunk) - In **December 2024**, the Ministry of Finance issued 'Interpretation No. 18 of Enterprise Accounting Standards,' leading the company to adopt retrospective adjustment, revising the **2024 semi-annual consolidated and parent company income statements' operating costs and selling expenses**[248](index=248&type=chunk) [Taxation](index=83&type=section&id=VI.%20Taxation) This section discloses the company's main tax types and rates, including VAT, urban maintenance and construction tax, corporate income tax, education surcharges, property tax, and stamp duty, with several subsidiaries benefiting from high-tech or small and micro enterprise income tax incentives Main Tax Types and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Value added from sales of goods or provision of taxable services | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Amount of VAT payable | 7%, 5% | | Corporate Income Tax | Taxable income | 25%, 20%, 17%, 16.5%, 15% | | Education Surcharge | Amount of VAT payable | 3% | | Local Education Surcharge | Amount of VAT payable | 2% | | Property Tax | Rental income / Residual value of property | 12% / 1.2% | - **Raynen Technology**, Qidian Electric, Shenzhen Yiwei, Raynen Intelligent, and Fuzhou Raynen are **high-tech enterprises**, with an actual corporate income tax rate of **15%**[250](index=250&type=chunk)[253](index=253&type=chunk)[254](index=254&type=chunk) - Hong Kong subsidiaries have a profits tax rate of **16.50%**, and Singapore subsidiaries have a profits tax rate of **17.00%**[250](index=250&type=chunk)[252](index=252&type=chunk) - Beijing Beneng, Chengdu Beneng, Qingdao Beneng, Shenzhen Beneng, Zhuji Raynen, and Jiaxing Danaher are eligible for **small and micro enterprise income tax preferential policies**, paying corporate income tax at a rate of **20%**[251](index=251&type=chunk)[255](index=255&type=chunk) [Notes to Consolidated Financial Statement Items](index=85&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes to consolidated financial statement items, covering assets, liabilities, equity, and income statement accounts, including cash, financial assets, receivables, inventory, investments, fixed assets, construction in progress, intangible assets, goodwill, deferred expenses, borrowings, payables, revenue, costs, and cash flow items - Period-end monetary funds balance was **195.68 million yuan**, of which **112.23 million yuan** was deposited overseas[257](index=257&type=chunk) - Period-end book value of accounts receivable was **709.78 million yuan**, with a bad debt provision of **53.99 million yuan**[265](index=265&type=chunk) - Period-end book value of inventory was **594.07 million yuan**, with an inventory impairment provision of **46.80 million yuan**[292](index=292&type=chunk) - During the reporting period, operating revenue was **1.13 billion yuan**, and operating cost was **867.07 million yuan**[363](index=363&type=chunk) - Net cash flow from operating activities was **-45.61 million yuan**, a **182.04% YoY decrease**[389](index=389&type=chunk) - Overseas operating entities primarily include Beneng International Co., Ltd., Raynen Electronics (Hong Kong) Co., Ltd., Guangtai Industrial Co., Ltd., and Taihe Technology Co., Ltd., with functional currencies mainly **USD or HKD**[396](index=396&type=chunk) [R&D Expenses](index=144&type=section&id=VIII.%20R%26D%20Expenses) This section details the company's H1 2025 R&D expenses, totaling **60.06 million yuan**, all expensed, primarily comprising employee compensation, material costs, and travel expenses H1 2025 R&D Expenses by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 50,812,678.58 | 49,520,621.62 | | Depreciation | 1,721,750.96 | 1,676,693.88 | | Material Costs | 3,121,245.19 | 2,595,133.11 | | Travel Expenses | 2,502,119.62 | 2,224,415.20 | | Right-of-Use Asset Depreciation | 291,766.46 | 424,319.79 | | Other | 1,608,876.21 | 2,946,069.60 | | **Total** | **60,058,437.02** | **59,387,253.20** | | Of which: Expensed R&D Expenditure | 60,058,437.02 | 59,387,253.20 | - All R&D expenditures for the current period were **expensed**, with no capitalized R&D expenditures[400](index=400&type=chunk) [Changes in Consolidation Scope](index=144&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, there were no changes in the consolidation scope due to business combinations not under common control, under common control, reverse acquisitions, or disposal of subsidiaries - During the reporting period, the company had **no changes in consolidation scope** due to business combinations not under common control, under common control, reverse acquisitions, or disposal of subsidiaries[401](index=401&type=chunk)[402](index=402&type=chunk) [Interests in Other Entities](index=146&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries, joint ventures, and associates, including their principal places of business, registered capital, business nature, shareholding percentages, acquisition methods, and key financial information for significant associates - The company owns subsidiaries including **Beneng International**, Fujian Beneng, Guangtai Industrial, Raynen Electronics (Hong Kong), Fujian Raynen Intelligent Electronics, Fuzhou Qili Software, Fuzhou Raynen Electric Technology, Shanghai Raynen Gaoqi Automation, Beneng Electronics (Shanghai), Fuzhou Raynen Control Technology, Jiangsu Raynen Control Technology, Beneng Electronics (Qingdao), Beneng Core Technology Development (Beijing), Beneng Core Electronics (Chengdu), Beneng Electronics (Shenzhen), Shanghai Qidian Electric Technology, Shanghai Danaher Electric Technology, Jiaxing Danaher Electronic Technology, Shenzhen Yiwei Automation Technology, Guangdong Yiwei Intelligent Technology, Zhuji Raynen Control System, Taihe Technology, and Raynen Technology Singapore Pte. Ltd.[404](index=404&type=chunk)[405](index=405&type=chunk)[406](index=406&type=chunk) - The company's significant associate is **Zhejiang Zhongzi Electromechanical Control Technology Co., Ltd.**, with a **35% shareholding**, accounted for using the equity method[409](index=409&type=chunk) - Zhejiang Zhongzi Electromechanical Control Technology Co., Ltd. reported H1 2025 operating revenue of **37.99 million yuan** and net profit attributable to the parent company of **8.74 million yuan**[411](index=411&type=chunk) [Government Grants](index=152&type=section&id=XI.%20Government%20Grants) This section discloses the company's H1 2025 government grants recognized in current profit or loss, totaling **6.91 million yuan**, primarily from VAT refunds for software products and other grants H1 2025 Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Income-related | 6,911,304.38 | 7,376,682.87 | | **Total** | **6,911,304.38** | **7,376,682.87** | - Government grants recognized in current profit or loss primarily include **4.54 million yuan** from VAT refunds for software products and **2.37 million yuan** from other government grants[415](index=415&type=chunk) [Risks Related to Financial Instruments](index=153&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section outlines the company's credit, market (exchange rate, interest rate), and liquidity risks, along with risk management strategies; during the period, **372.27 million yuan** in receivables financing was derecognized due to financial asset transfers - The company faces **credit risk**, **market risk** (exchange rate risk, interest rate risk), and **liquidity risk**[416](index=416&type=chunk) - The company mitigates credit risk through credit limit management, credit approval, monitoring procedures, and daily review of receivables collection[416](index=416&type=chunk) - The purchasing, selling, and financing activities of the company's wholly-owned subsidiaries, Beneng International and Raynen Electronics (Hong Kong), are primarily denominated and settled in **USD**, exposing them to **exchange rate risk**[416](index=416&type=chunk) - The company mitigates interest rate risk by optimizing capital planning and adjusting the scale and structure of interest-bearing debt[417](index=417&type=chunk) - The company derecognized **372.27 million yuan** in financial assets due to endorsement or discounting of bank acceptance bills within receivables financing[420](index=420&type=chunk)[422](index=422&type=chunk) [Fair Value Disclosure](index=155&type=section&id=XIII.%20Fair%20Value%20Disclosure) This section discloses period-end assets measured at fair value, totaling **109.70 million yuan**, including trading financial assets, other equity instrument investments, and receivables financing, noting minimal differences between book and fair values for financial instruments not measured at fair value Assets Measured at Fair Value at Period End | Item | Period-End Fair Value (yuan) | | :--- | :--- | | Trading Financial Assets | 6,021,095.14 | | Other Equity Instrument Investments | 328,200.00 | | Receivables Financing | 103,349,691.91 | | **Total Assets Measured at Fair Value on a Recurring Basis** | **109,698,987.05** | - The fair value of receivables financing (notes receivable) is close to its book balance; trading financial assets (wealth management products) are measured based on contractual returns, and other equity instrument investments are valued using the comparable market approach[427](index=427&type=chunk) - The book value and fair value of financial assets and liabilities not measured at fair value (e.g., monetary funds, notes receivable, accounts receivable, other receivables, accounts payable, other payables) differ minimally[428](index=428&type=chunk) [Related Parties and Related-Party Transactions](index=156&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) This section discloses the company's parent company, ultimate controlling party, subsidiaries, joint ventures, associates, and other related parties, listing related-party transactions during the period, including goods purchases/sales, leases, key management compensation, and receivables/payables - The parent company is **Raynen Industrial Co., Ltd.**, with a **59.75% shareholding**, and the ultimate controlling party is **Mr. Yang Weijian**[430](index=430&type=chunk)[431](index=431&type=chunk) - During the reporting period, goods sales to associate Zhejiang Zhongzi Electromechanical Control Technology Co., Ltd. amounted to **384,770.80 yuan**, and to Shanghai Yiwei Tongchuang Automation Technology Co., Ltd. amounted to **175,844.02 yuan**[435](index=435&type=chunk) - As lessor, the company recognized rental income of **43,648.52 yuan** from Raynen Industrial Co., Ltd.[436](index=436&type=chunk) - As lessee, the company paid rent of **144,055.14 yuan** and **61,100.94 yuan** to Fuzhou Jiankun Industrial Partnership (Limited Partnership)[438](index=438&type=chunk) - Key management personnel compensation for the current period amounted to **3.65 million yuan**[440](index=440&type=chunk) - Period-end receivables from associate Zhejiang Zhongzi Electromechanical Control Technology Co., Ltd. were **1.25 million yuan**, and other receivables from Raynen Industrial Co., Ltd. were **43,531.95 yuan**[442](index=442&type=chunk) - Period-end contract liabilities payable to Shanghai Yiwei Tongchuang Automation Technology Co., Ltd. were **88,495.58 yuan**[444](index=444&type=chunk) [Share-based Payment](index=161&type=section&id=XV.%20Share-based%20Payment) During the reporting period, the company had no share-based payment arrangements - During the reporting period, the company had **no share-based payment arrangements**[25](index=25&type=chunk) [Commitments and Contingencies](index=161&type=section&id=XVI.%20Commitments%20and%20Contingencies) As of **June 30, 2025**, the company had **372.27 million yuan** in discounted and endorsed bank acceptance bills not yet due, with no other significant discloseable contingencies - As of **June 30, 2025**, the company had **372.27 million yuan** in discounted and endorsed bank acceptance bills that had not yet matured[446](index=446&type=chunk) - Aside from the aforementioned, as of **June 30, 2025**, the company had **no other significant discloseable undisclosed contingencies**[447](index=447&type=chunk) [Events After the Balance Sheet Date](index=162&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) During the reporting period, the company had no significant non-adjusting events, profit distribution, sales returns, or other events after the balance sheet date - During the reporting period, the company had **no significant non-adjusting events**, profit distribution, sales returns, or other events after the balance sheet date[162](index=162&type=chunk) [Other Significant Matters](index=162&type=section&id=XVIII.%20Other%20Significant%20Matters) This section discloses financial information for the company's industrial automation, IC distribution, and other three reporting segments, determined by internal organizational structure, management requirements, and reporting systems - The company identified **industrial automation business**, **IC distribution business**, and **three other reporting segments** based on internal organizational structure, management requirements, and internal reporting systems[449](index=449&type=chunk) Reporting Segment Financial Information | Item | Industrial Automation Business (ten thousand yuan) | IC Distribution Business (ten thousand yuan) | Other (ten thousand yuan) | Total (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 41,710.31 | 70,137.81 | 1,443.40 | 113,291.52 | | Operating Cost | 26,646.06 | 59,387.14 | 673.86 | 86,707.06 | - As of **June 30, 2025**, the company had **no other significant matters requiring disclosure**[452](index=452&type=chunk) [Notes to Parent Company Financial Statement Items](index=163&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes to the parent company's financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income - Parent company's period-end book value of accounts receivable was **304.99 million yuan**, with a bad debt provision of **20.71 million yuan**[455](index=455&type=chunk) - Parent company's period-end book value of other receivables was **71.62 million yuan**, with a bad debt provision of **158,537.33 yuan**, primarily consisting of subsidiary loans[461](index=461&type=chunk)[467](index=467&type=chunk)[470](index=470&type=chunk) - Parent company's period-end investment in subsidiaries was **884.12 million yuan**, and investment in associates and joint ventures was **34.08 million yuan**[474](index=474&type=chunk) - Parent company's current period operating revenue was **275.30 million yuan**, and operating cost was **209.54 million yuan**[478](index=478&type=chunk) - Parent company's current period investment income was **3.86 million yuan**, primarily from long-term equity investment income accounted for using the cost and equity methods[478](index=478&type=chunk) [Supplementary Information](index=174&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary information, including a detailed statement of non-recurring gains and losses, return on net assets, and earnings per share H1 2025 Non-Recurring Gains and Losses Details | Item | Amount (yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 13,701.30 | | Government grants included in current profit/loss (excluding those closely related to business and enjoyed consistently) | 2,372,596.93 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 385,235.61 | | Other non-operating income and expenses | 126,333.46 | | Less: Income tax impact | 427,311.98 | | Minority interest impact (after tax) | 19,998.58 | | **Total** | **2,450,556.74** | H1 2025 Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share | Diluted Earnings Per Share | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 2.72 | 0.1715 | 0.1715 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 2.53 | 0.1597 | 0.1597 |

Core Viewpoint - Yingfa Ruineng Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds primarily for establishing and upgrading its Indonesian base, advancing technology for photovoltaic cell products, and optimizing sales channels [1][2] Group 1: Company Overview - Yingfa Ruineng, established in 2016, specializes in the research, production, and sales of photovoltaic cells, focusing on both P-type and N-type cells [2][3] - The company is the third-largest specialized manufacturer of N-type TOPCon cells globally, with a market share of 14.7% as of 2024 [2][3] - Yingfa Ruineng has a production capacity of 32.7 GW for N-type TOPCon cells as of April 2025, with a focus on large-size cells of 182mm and above [2] Group 2: Financial Performance - Revenue for Yingfa Ruineng during the reporting period was approximately 5.643 billion, 10.494 billion, 4.359 billion, and 2.408 billion yuan, with profits of about 350 million, 410 million, -864 million, and 355 million yuan respectively [3][4] - The revenue share from N-type TOPCon cells surged from 7.1% in 2023 to 95.5% in the first four months of 2025 [3] Group 3: Inventory and Supply Chain - The company has experienced a significant increase in inventory amounts, with figures of 265 million, 277 million, 1.153 billion, and 1.346 billion yuan during the reporting period [5] - Inventory turnover days increased from 15 days to 63 days, attributed to expanded production capacity and intensified competition in the industry [5] - The company acknowledges challenges in managing inventory levels effectively, which could lead to potential overstock or missed sales opportunities [5]

睿能科技最新一期业绩显示，截至2025一季报，公司营业总收入5.33亿元、同比增长23.29%，归属净利 润1311.27万元，同比减少27.40%，扣非净利润1240.83万元，同比减少22.34%，流动比率1.604、速动比 率1.038、资产负债率43.98%。 天眼查商业履历信息显示，福建睿能科技股份有限公司，成立于2007年，位于福州市，是一家以从事软 件和信息技术服务业为主的企业。企业注册资本20754.4575万人民币，实缴资本6907.8947万人民币。公 司法定代表人为杨维坚。 金融界消息 截至2025年8月25日收盘，睿能科技（603933）报收于17.37元，下跌1.19%，换手率 3.22%，成交量6.69万手，成交金额1.17亿元。 资金流向方面，今日主力资金净流出1718.06万元，占比成交额14.73%。其中，超大单净流出417.16万 元、占成交额3.58%，大单净流出1300.90万元、占成交额11.16%，中单净流出流出58.75万元、占成交 额0.5%，小单净流入1776.81万元、占成交额15.24%。 通过天眼查大数据分析，福建睿能科技股份有限公司共对外投资了17家企 ...

证券代码：603933 证券简称：睿能科技 公告编号：2025-033 福建睿能科技股份有限公司 关于更换首次公开发行股票持续督导保荐代表人的公告 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。 东吴证券为公司首次公开发行股票并上市的保荐机构，委派周祥先生和崔柯 先生担任公司首次公开发行股票并上市的保荐代表人。 由于原保荐代表人崔柯先生工作变动，不再负责公司的持续督导保荐工作， 东吴证券决定由保荐代表人赵昕女士接替担任公司的持续督导保荐代表人，继续 履行相关保荐职责。 本次变更后，公司持续督导保荐代表人为周祥先生和赵昕女士。本次变更不 影响东吴证券对公司的持续督导工作。 公司董事会对崔柯先生在担任公司保荐代表人期间所做的贡献表示衷心感谢！ 特此公告。 福建睿能科技股份有限公司董事会 2025 年 8 月 23 日 保荐代表人赵昕女士简历: 赵昕女士，保荐代表人、非执业注册会计师、具有法律职业资格，硕士研究生 学历，现任东吴证券投资银行管理委员会业务总部事业六部总经理，曾主持或参与 的项目有：佳合科技（872392）向不特 ...

8月22日，睿能科技盘中上涨2.01%，截至09:39，报17.74元/股，成交1596.11万元，换手率0.44%，总市值36.82亿元。 截至3月31日，睿能科技股东户数2.10万，较上期减少10.71%；人均流通股9881股，较上期增加11.99%。2025年1月-3月，睿能科技实现营业收入5.33亿元，同比增长23.29%；归母净利润 分红方面，睿能科技A股上市后累计派现2.06亿元。近三年，累计派现5864.77万元。 机构持仓方面，截止2025年3月31日，睿能科技十大流通股东中，上证综指ETF（510210）位居第九大流通股东，持股32.92万股，相比上期减少9.63万股。 责任编辑：小浪快报 资金流向方面，主力资金净流入57.93万元，大单买入86.55万元，占比5.42%，卖出28.62万元，占比1.79%。 睿能科技今年以来股价涨14.60%，近5个交易日涨5.66%，近20日涨7.65%，近60日涨15.87%。 资料显示，福建睿能科技股份有限公司位于福建省福州市闽侯县南屿镇智慧大道12号，成立日期2007年9月12日，上市日期2017年7月6日，公司主营业务涉及工业自动化控制产品的研发 ...

Core Viewpoint - Sichuan Yingfa Ruineng Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds primarily for establishing and upgrading its Indonesian base, R&D for advanced photovoltaic cell technologies, and optimizing sales channels [1][2] Group 1: Company Overview - Yingfa Ruineng is the world's third-largest specialized manufacturer of N-type TOPCon solar cells, with a global market share of 14.7% as of 2024 [2] - The company was established in 2016 and focuses on the R&D, production, and sales of photovoltaic cells, offering both P-type and N-type products [1][3] - Yingfa Ruineng has a production capacity of 32.7 GW for N-type TOPCon cells and has strategically located its facilities in Yibin, Sichuan, and other regions [2][3] Group 2: Financial Performance - The company's revenue during the reporting period was approximately 56.43 billion, 104.94 billion, 43.59 billion, and 24.08 billion, with profits of 3.50 billion, 4.1 billion, -8.64 billion, and 3.55 billion respectively [3][4] - In the first four months of this year, Yingfa Ruineng's revenue grew by approximately 111% year-on-year, and it returned to profitability [3][4] - The revenue contribution from N-type TOPCon cells increased significantly, rising from 7.1% in 2023 to 95.5% in the first four months of this year [3] Group 3: Customer Base and Market Expansion - The top five customers of Yingfa Ruineng are primarily Chinese photovoltaic module manufacturers, with significant overseas markets in India and Vietnam [4] - The overseas revenue share increased from 3.2% in 2022 to 24.5% in the first four months of this year [4] Group 4: Raw Material Costs and Inventory Management - Raw material costs accounted for over 80% of total sales costs during the reporting period, with significant fluctuations noted [4][5] - The inventory amount increased significantly, reflecting the need for raw materials to support production at the new Indonesian base [5] - Inventory turnover days increased due to expanded production capacity, intense industry competition, and longer delivery cycles for overseas sales [5]

Core Viewpoint - Sichuan Yingfa Ruineng Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities International and Huatai International as joint sponsors [1] Company Overview - Yingfa Ruineng is a leading global manufacturer of photovoltaic (PV) cells, focusing on the research, production, and sales of PV cells since its establishment in 2016 [3] - The company offers both P-type and N-type cells, with a leading position in N-type TOPCon cells and is developing the next-generation N-type xBC cell technology [3][4] - According to Frost & Sullivan, Yingfa Ruineng is the third-largest specialized manufacturer of N-type TOPCon cells globally, holding a market share of 14.7% as of 2024 [3] Production Capacity - As of April 30, 2025, the company's production capacity includes 32.7 GW of N-type TOPCon cells, with a previous capacity of 5.7 GW for P-type PERC cells in 2022 [3][4] - The company has transitioned its production to mainstream large-size cells of 182mm and above, leveraging the advantages of its location in Yibin, Sichuan [4] Strategic Initiatives - Yingfa Ruineng has established its first overseas manufacturing base in Indonesia in 2024, aimed at serving Southeast Asia, the Middle East, and European and American markets [4] - This strategic move is expected to reduce logistics costs and enhance the company's ability to navigate global trade uncertainties [4] Technological Advancements - The company has built technological barriers and successfully transformed economic results by capturing market opportunities in P-type PERC and N-type TOPCon cells [6] - As of June 30, 2025, the company's N-type TOPCon cells have achieved a light conversion efficiency exceeding 27.1%, which is above the industry average and close to the theoretical limit of 28.7% [6] Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the four months ending April 30, 2025, were approximately RMB 56.43 billion, RMB 104.94 billion, RMB 43.59 billion, and RMB 24.08 billion, respectively [7] - The net profit/loss for the same periods were approximately RMB 3.50 billion, RMB 4.10 billion, -RMB 8.64 billion, and RMB 3.55 billion, respectively [7][8]