证券代码：603950 证券简称：长源东谷 公告编号：2025-034 襄阳长源东谷实业股份有限公司 第五届监事会第十次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开的情况 （一）襄阳长源东谷实业股份有限公司（以下简称"公司"）第五届监事会 第十次会议（以下简称"本次会议"）的召开符合有关法律、行政法规、部门规 章、规范性文件和公司章程的规定。 （二）公司于 2025 年 8 月 17 日以电子邮件的形式发出本次会议通知和材料。 （三）公司于 2025 年 8 月 27 日以现场表决方式在公司 1 号会议室召开本次 会议。 （四）本次监事会应出席监事 3 人，实际出席会议的监事 3 人。 （五）本次会议由监事会主席张友群主持。公司董事会秘书、证券事务代表 列席了本次会议。 二、监事会会议审议情况 经与会监事审议，通过如下议案： 议案 1：审议《关于公司 2025 年半年度报告的议案》 监事会对公司 2025 年半年度报告及其摘要进行了审核，并出具如下审核意 见： （1）公司 2025 年半年度 ...

Core Viewpoint - Xiangyang Changyuandonggu Industry Co., Ltd. reported significant growth in revenue and profit for the first half of 2025, driven by the recovery in the commercial vehicle market and the expansion of new energy vehicle products [2][4]. Company Overview and Financial Indicators - The company achieved operating revenue of 1,035.26 million RMB, a 33.52% increase compared to the same period last year [2][12]. - Total profit reached 189.68 million RMB, marking an 81.04% increase year-on-year [2][12]. - Net profit attributable to shareholders was 164.00 million RMB, up 72.07% from the previous year [2][12]. - The company’s total assets increased by 14.05% to 57.98 billion RMB, while net assets rose by 3.79% to 27.85 billion RMB [2][12]. Industry and Main Business Situation - The company operates in the automotive parts industry, specifically in the manufacturing of engine components, which is a crucial part of the automotive manufacturing sector [4][5]. - The automotive industry plays a significant role in China's economic development, with its growth positively impacting related industries [4]. Main Business Operations - The company focuses on the research, production, and sales of automotive engine components, including cylinder blocks, cylinder heads, and connecting rods [5][11]. - The business model includes both product sales and contract processing, with major clients including Foton Cummins, Dongfeng Cummins, and BYD [5][11]. - The company employs an "order-driven" production model, ensuring that production aligns with customer demand [5][6]. Competitive Advantages - The company has established long-term relationships with major engine manufacturers, enhancing its brand recognition and market position [8][10]. - It has developed proprietary flexible manufacturing technologies, improving production efficiency and product quality [9][10]. - The company has passed various quality management certifications, ensuring high standards in production and customer satisfaction [10]. Financial Performance Analysis - The increase in operating revenue is attributed to the recovery in the commercial vehicle market and growth in new energy vehicle products [12]. - The company has maintained a strong cash flow from operating activities, amounting to 212.85 million RMB, an increase of 18.89% year-on-year [12]. - The company has also seen a significant increase in research and development expenses, reflecting its commitment to innovation and product development [12].

Group 1 - The company reported total assets of 579,788.37 million RMB, an increase of 14.05% compared to the previous year [1] - Operating revenue reached 103,526.33 million RMB, reflecting a growth of 33.52% year-on-year [1] - The total profit amounted to 18,968.37 million RMB, which is an increase of 81.04% compared to the same period last year [1] Group 2 - The net profit attributable to shareholders was 15,650.21 million RMB, showing a significant increase [1] - The net profit after deducting non-recurring gains and losses was 9,326.35 million RMB, up by 67.81% year-on-year [1] - The basic earnings per share were 0.51 RMB, representing a 75.86% increase compared to the previous year [1] Group 3 - The company did not distribute profits or increase capital reserves during the reporting period [1] - The total number of shareholders at the end of the reporting period was 10,992 [1] - Major shareholders include Li Zuoyuan, holding 40.72% of shares, and Xu Nengchen, holding 11.22% [3][4]

Group 1 - The meeting of the fifth supervisory board of Xiangyang Changyuan Donggu Industrial Co., Ltd. was held in accordance with relevant laws and regulations [1][2] - The meeting was convened on August 27, 2025, with all three supervisors present [1] - The supervisory board reviewed and approved the proposal regarding the company's 2025 semi-annual report, confirming compliance with legal and regulatory requirements [1][2] Group 2 - The supervisory board issued an opinion stating that the semi-annual report accurately reflects the company's financial status, operating results, and cash flow [1] - The report and its summary were found to be true, accurate, and complete, with no false records or misleading statements [1] - The voting result for the proposal was unanimous approval with 3 votes in favor, 0 against, and 0 abstentions [2]

Core Viewpoint - Changyuan Donggu (603950.SH) reported significant growth in its financial performance for the first half of 2025, indicating strong operational efficiency and market demand [1] Financial Performance - The company achieved operating revenue of 1.035 billion yuan, representing a year-on-year increase of 33.52% [1] - Net profit attributable to shareholders reached 164 million yuan, marking a year-on-year growth of 72.07% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 157 million yuan, reflecting a year-on-year increase of 67.81% [1] - Basic earnings per share stood at 0.51 yuan [1]

[Definitions](index=4&type=section&id=Definitions) This section provides definitions of key terms used throughout the report, ensuring clarity and consistency for readers [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter lists definitions of common terms used in the report, including company and subsidiary names, key customers, and automotive engine component terminology, to ensure accuracy and consistency - The Company/Changyuan Donggu refers to Xiangyang Changyuan Donggu Industrial Co., Ltd., and the Group refers to the Company and its subsidiaries[10](index=10&type=chunk) - Key subsidiaries include Beijing Changyuan Langhong Technology Co., Ltd., Wuhan Changyuan Langhong Technology Co., Ltd., and Xiangyang Changyuan Langhong Technology Co., Ltd[10](index=10&type=chunk) - Major customers include Foton Cummins, Dongfeng Cummins, BYD, and Seres[10](index=10&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents its key financial data and performance indicators for the reporting period [I. Company Information](index=5&type=section&id=I.%20Company%20Information) This section outlines the company's basic registration details, including its Chinese name, abbreviation, foreign name and acronym, and legal representative - The company's Chinese name is Xiangyang Changyuan Donggu Industrial Co., Ltd., abbreviated as Changyuan Donggu[12](index=12&type=chunk) - The legal representative is Li Zuoyuan[12](index=12&type=chunk) [II. Contact Persons and Information](index=5&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, phone numbers, faxes, and email addresses, to facilitate communication with investors and relevant parties - The Board Secretary is Liu Wangcheng, and the Securities Affairs Representative is Xu Xiang[13](index=13&type=chunk) - The contact address for both is No. 396, Diamond Avenue, Xiangzhou District, Xiangyang City, Hubei Province[13](index=13&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section briefly introduces historical changes to the company's registered address, which is currently located at Diamond Avenue, Xiangzhou District, Xiangyang City (Hongshantou Industrial Park) - The company's registered address changed to Diamond Avenue, Xiangzhou District, Xiangyang City (Hongshantou Industrial Park) on December 30, 2019[14](index=14&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section specifies the company's designated newspapers and websites for information disclosure, as well as the location for depositing semi-annual reports - The company's selected newspapers for information disclosure include China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily[15](index=15&type=chunk) - The website address for publishing semi-annual reports is www.sse.com.cn[15](index=15&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) This section provides basic information about the company's stock, including its type, listing exchange, stock abbreviation, and code - The company's stock is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation "Changyuan Donggu" and stock code "603950"[16](index=16&type=chunk) [VII. Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for the first half of 2025, showing significant growth in operating revenue and net profit, and a substantial improvement in profitability Key Accounting Data for H1 2025 (Unit: 10,000 Yuan) | 主要会计数据 | 本报告期（1-6月） | 上年同期 | 本报告期比上年同期增减(%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 103,526.33 | 77,538.64 | 33.52 | | Total Profit | 18,968.37 | 10,477.47 | 81.04 | | Net Profit Attributable to Shareholders of Listed Company | 16,398.43 | 9,529.95 | 72.07 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 15,650.21 | 9,326.35 | 67.81 | | Net Cash Flow from Operating Activities | 21,285.46 | 17,903.17 | 18.89 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 278,529.16 | 268,367.54 | 3.79 | | Total Assets (Period-end) | 579,788.37 | 508,343.66 | 14.05 | Key Financial Indicators for H1 2025 | 主要财务指标 | 本报告期（1-6月） | 上年同期 | 本报告期比上年同期增减(%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | 0.51 | 0.29 | 75.86 | | Diluted Earnings Per Share (Yuan/Share) | 0.51 | 0.29 | 75.86 | | Basic Earnings Per Share (Excluding Non-recurring Gains and Losses) (Yuan/Share) | 0.48 | 0.29 | 65.51 | | Weighted Average Return on Net Assets (%) | 5.99% | 3.78% | Increase 2.21 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Gains and Losses) (%) | 5.71% | 3.70% | Increase 2.01 percentage points | [IX. Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling **7,482,284.06 Yuan** Non-recurring Gains and Losses Items and Amounts for H1 2025 (Unit: Yuan) | 非经常性损益项目 | 金额 | | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets | -12,006.89 | | Government Grants Recognized in Current Profit or Loss | 5,787,664.37 | | Gains and Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-financial Enterprises, and Disposal Gains and Losses | 715,907.08 | | Other Non-operating Income and Expenses | 3,220,919.50 | | Other Gains and Losses Items Meeting the Definition of Non-recurring | -36,619.07 | | Less: Income Tax Impact | 2,189,411.76 | | Minority Interest Impact (After Tax) | 4,169.17 | | Total | 7,482,284.06 | [X. Disclosure of Net Profit After Deducting Share-based Payment Impact for Companies with Equity Incentive or Employee Stock Ownership Plans](index=7&type=section&id=X.%20Disclosure%20of%20Net%20Profit%20After%20Deducting%20Share-based%20Payment%20Impact%20for%20Companies%20with%20Equity%20Incentive%20or%20Employee%20Stock%20Ownership%20Plans) This section discloses the company's net profit after deducting the impact of share-based payments, which was **164.3788 million Yuan** for the first half of 2025, representing a **72.49% year-on-year increase** Net Profit After Deducting Share-based Payment Impact (Unit: 10,000 Yuan) | 主要会计数据 | 本报告期（1-6月） | 上年同期 | 本期比上年同期增减(%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-based Payment Impact | 16,437.88 | 9,529.95 | 72.49 | [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the company's operational performance, financial condition, and future outlook, including industry analysis and risk factors [I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) The company operates in the automotive parts manufacturing industry, with its main business being the R&D, production, and sales of automotive engine components, serving major engine and vehicle manufacturers - The company operates in the automotive parts industry, classified under "Automotive Parts and Accessories Manufacturing" within "Automotive Manufacturing" according to national and CSRC industry classifications[25](index=25&type=chunk) - The company's main business involves the R&D, production, and sales of automotive engine components, including cylinder blocks, cylinder heads, and connecting rods[26](index=26&type=chunk) - The company employs "order-based production" and "order-driven lean production" models, with major customers including Foton Cummins, Dongfeng Cummins, BYD, and Seres[26](index=26&type=chunk) [II. Discussion and Analysis of Operations](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company achieved significant operational growth, with operating revenue up **33.52%** and net profit attributable to parent company up **72.07%**, driven by a dual-track strategy in traditional and new energy vehicle markets, increased R&D, and cost-saving initiatives H1 2025 Operating Performance Overview (Unit: 10,000 Yuan) | 指标 | 金额 | 同比增长(%) | | :--- | :--- | :--- | | Operating Revenue | 103,526.33 | 33.52 | | Operating Profit | 18,528.68 | 77.13 | | Net Profit Attributable to Parent Company Shareholders | 16,398.43 | 72.07 | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-recurring Gains and Losses) | 15,650.21 | 67.81 | - The company remains focused on its core business, implementing a "dual-track" development strategy for traditional and new energy sources[27](index=27&type=chunk) - Progress in the new energy passenger vehicle market is smooth, with stable supply for BYD hybrid vehicle cylinder block and cylinder head projects, and rapidly increasing sales of Seres cylinder block and cylinder head products[28](index=28&type=chunk) - The company continues to increase R&D investment and promote comprehensive cost reduction efforts to enhance operational efficiency and core competitiveness[28](index=28&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=9&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its customer base, technology, equipment, quality control, and scale with product diversity, maintaining long-term partnerships with renowned manufacturers, possessing proprietary flexible production technology and advanced equipment, and upholding a stringent quality management system - The company has established long-term stable cooperative relationships with major engine and vehicle manufacturers such as Foton Cummins, Dongfeng Cummins, BYD, and Seres, demonstrating significant customer resource advantages[29](index=29&type=chunk) - The company possesses proprietary flexible engine component production technologies, such as multi-variety flexible production lines for cylinder heads and offset design technology for cylinder bores and crankshaft bores, enhancing production efficiency and product performance[30](index=30&type=chunk)[31](index=31&type=chunk) - The company is equipped with internationally leading equipment such as German horizontal machining centers and ALFING fracture splitting machines, and is certified with the IATF 16949 quality management system, ensuring product quality stability and high precision[31](index=31&type=chunk)[32](index=32&type=chunk) - The company boasts multiple specialized processing lines, offering advantages in production and sales scale and product diversity, covering cylinder blocks, cylinder heads, and connecting rods for diesel, natural gas, and gasoline engines, thereby reducing market risks[32](index=32&type=chunk) [IV. Major Operating Conditions During the Reporting Period](index=10&type=section&id=IV.%20Major%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section details the company's major operating conditions, including financial statement changes, asset and liability status, investment activities, and key subsidiaries, highlighting significant revenue and cost growth, reduced financial expenses, increased R&D, and stable asset-liability structure [1. Analysis Table of Changes in Financial Statement Items](index=10&type=section&id=1.%20Analysis%20Table%20of%20Changes%20in%20Financial%20Statement%20Items) This section details changes in key financial statement items, including current and prior period figures and percentage changes, explaining the reasons behind significant increases in revenue and profit driven by commercial vehicle market recovery and new energy passenger vehicle product growth, alongside increased R&D investment and decreased financial expenses Analysis of Changes in Financial Statement Items (Unit: Yuan) | 科目 | 本期数 | 上年同期数 | 变动比例（%） | 变动原因 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,035,263,278.48 | 775,386,446.41 | 33.52 | Commercial vehicle market recovery, new energy passenger vehicle product growth | | Operating Cost | 758,945,131.96 | 590,124,174.34 | 28.61 | Costs increased with revenue, but at a slower rate due to increased production volume | | Selling Expenses | 6,389,958.07 | 5,960,195.06 | 7.21 | Revenue growth led to a slight increase in sales-related expenses | | Administrative Expenses | 35,117,664.02 | 34,705,684.03 | 1.19 | Basically flat compared to the prior period | | Financial Expenses | 7,917,759.40 | 9,517,930.11 | -16.81 | Due to lower loan interest rates and decreased interest expenses in the current period | | R&D Expenses | 55,177,718.15 | 42,031,134.51 | 31.28 | New project development, increased R&D investment | | Net Cash Flow from Operating Activities | 212,854,576.49 | 179,031,737.22 | 18.89 | Increased sales revenue, increased cash inflow | | Net Cash Flow from Investing Activities | -382,688,403.11 | -196,943,494.46 | -94.31 | Acquisition of new equipment, increased investment expenditures | | Net Cash Flow from Financing Activities | 281,858,192.26 | 153,324,859.75 | 83.83 | Current period loan increase was greater than prior period | [1. Asset and Liability Status](index=11&type=section&id=1.%20Asset%20and%20Liability%20Status) This section details the company's period-end assets and liabilities, their changes from the prior year-end, and the reasons for major fluctuations, noting increases in total assets, net assets, current liabilities, and short-term borrowings due to new equipment, project investments, and increased loans Changes in Asset and Liability Status (Unit: 10,000 Yuan) | 项目名称 | 本期期末数 | 上年期末数 | 变动比例（%） | 情况说明 | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 55,929.88 | 28,582.24 | 95.68 | Net increase of 356 million Yuan in bank loans, 70 million Yuan in dividend payments, combined with increased net cash inflow from operating activities and net cash outflow from investing activities | | Trading Financial Assets | 1,885.39 | 5,430.06 | -65.28 | 50 million Yuan in bank wealth management products matured in the current period | | Accounts Receivable | 68,230.56 | 85,219.42 | -19.94 | | | Receivables Financing | 36,430.31 | 28,960.18 | 25.79 | | | Prepayments | 3,116.93 | 2,006.87 | 55.31 | Prepaid material purchase payments were higher than at the beginning of the period | | Other Receivables | 6,763.02 | 5,153.99 | 31.22 | Increased sales in the current period, higher raw material settlement payments collected on behalf of others than at the beginning of the period | | Inventories | 69,601.12 | 52,696.18 | 32.08 | Production reserve finished goods inventory was higher than at the beginning of the period | | Other Current Assets | 12,151.71 | 9,746.07 | 24.68 | | | Long-term Equity Investments | 5,855.50 | 3,291.08 | 77.92 | Investment of 25.82 million Yuan in newly established associates in the current period | | Fixed Assets | 205,060.46 | 213,228.32 | -3.83 | | | Construction in Progress | 63,782.68 | 43,124.25 | 47.90 | Increased investment in Seres cylinder block and cylinder head project | | Right-of-Use Assets | 728.03 | 17.69 | 4,014.39 | New factory lease contract signed in the current period, recognizing right-of-use assets | | Intangible Assets | 12,865.83 | 12,982.88 | -0.90 | | | Long-term Deferred Expenses | 830.36 | 869.90 | -4.54 | | | Deferred Income Tax Assets | 7,456.70 | 7,508.21 | -0.69 | | | Other Non-current Assets | 29,099.87 | 9,526.31 | 205.47 | Prepaid equipment purchase payments increased significantly in the current period | | Short-term Borrowings | 45,018.87 | 20,016.97 | 124.90 | Increased 100 million Yuan in secured loans and 150 million Yuan in unsecured loans in the current period | | Notes Payable | 49,719.20 | 28,854.61 | 72.31 | Increased purchases, increased use of notes for settlement | | Accounts Payable | 87,133.00 | 87,315.48 | -0.21 | | | Contract Liabilities | 782.16 | 718.39 | 8.88 | | | Employee Benefits Payable | 3,572.08 | 3,120.60 | 14.47 | | | Taxes Payable | 652.26 | 780.47 | -16.43 | | | Other Payables | 4,783.44 | 3,942.71 | 21.32 | | | Non-current Liabilities Due Within One Year | 15,588.49 | 5,614.29 | 177.66 | Amount of long-term borrowings due within one year increased significantly in the current period | | Other Current Liabilities | 141.67 | 146.29 | -3.15 | | | Long-term Borrowings | 54,355.35 | 48,600.00 | 11.84 | | | Lease Liabilities | 578.15 | - | | | | Provisions | 3,388.99 | 3,571.56 | -5.11 | | | Deferred Income | 32,724.43 | 34,663.50 | -5.59 | | | Deferred Income Tax Liabilities | 181.56 | 3.96 | 4,483.00 | New factory lease contract signed in the current period, recognizing deferred income tax liabilities related to right-of-use assets | | Share Capital | 32,413.08 | 32,413.08 | - | | | Capital Reserve | 97,531.33 | 97,707.02 | -0.18 | | | Less: Treasury Stock | 828.41 | 1,740.36 | | | | Other Comprehensive Income | 11.44 | 4.88 | 134.20 | | | Surplus Reserve | 14,690.57 | 14,690.57 | - | | | Retained Earnings | 134,711.15 | 125,292.34 | 7.52 | | | Minority Interests | 2,639.55 | 2,627.29 | 0.47 | | [1. Overall Analysis of External Equity Investments](index=13&type=section&id=1.%20Overall%20Analysis%20of%20External%20Equity%20Investments) To expand business and deepen customer collaboration, the company established two joint ventures with Guangxi Jinchuang Auto Parts Manufacturing Co., Ltd. (Guangxi Yuchai Changyuan Technology Co., Ltd. and Guangxi Yuchai Changyuan Zhihang Technology Co., Ltd.), and one with Kunhang (Shenzhen) International Intelligent Technology Co., Ltd. (Yiyuan Kunhang (Xiangyang) Intelligent Technology Co., Ltd.) to enhance market competitiveness and sustainable development - The company, together with Guangxi Jinchuang Auto Parts Manufacturing Co., Ltd., jointly established Guangxi Yuchai Changyuan Technology Co., Ltd. (registered capital of **36 million Yuan**) on January 6, 2025, and Guangxi Yuchai Changyuan Zhihang Technology Co., Ltd. (registered capital of **70 million Yuan**) on March 24, 2025, with the company holding a **49% stake** in both[38](index=38&type=chunk) - The company's wholly-owned subsidiary, Xiangyang Changyuan Langhong Technology Co., Ltd., jointly established Yiyuan Kunhang (Xiangyang) Intelligent Technology Co., Ltd. with Kunhang (Shenzhen) International Intelligent Technology Co., Ltd. and others on June 13, 2025, with a registered capital of **2 million Yuan**, and Xiangyang Changyuan Langhong Technology Co., Ltd. holds a **20% stake**[38](index=38&type=chunk) [(3). Financial Assets Measured at Fair Value](index=14&type=section&id=(3).%20Financial%20Assets%20Measured%20at%20Fair%20Value) This section discloses the company's financial assets measured at fair value, with period-end stock investments totaling **18.8539 million Yuan**, and bank wealth management products matured and redeemed in the current period Financial Assets Measured at Fair Value (Unit: 10,000 Yuan) | 资产类别 | 期初数 | 本期公允价值变动损益 | 本期购买金额 | 本期出售/赎回金额 | 期末数 | | :--- | :--- | :--- | :--- | :--- | :--- | | Stocks | 430.06 | 1.81 | 1,453.52 | 0 | 1,885.39 | | Other - Bank Wealth Management Products | 5,000.00 | 69.78 | 0 | 5,069.78 | 0 | | Total | 5,430.06 | 71.59 | 1,453.52 | 5,069.78 | 1,885.39 | [(VI) Analysis of Major Holding and Participating Companies](index=15&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section presents financial information for the company's major subsidiaries, Beijing Changyuan Langhong Technology Co., Ltd. and Xiangyang Changyuan Langhong Technology Co., Ltd., both contributing significant operating revenue and net profit from R&D, production, and sales of core engine components Financial Information of Major Holding and Participating Companies (Unit: 10,000 Yuan) | 公司名称 | 公司类型 | 主要业务 | 注册资本 | 总资产 | 净资产 | 营业收入 | 营业利润 | 净利润 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Changyuan Langhong Technology Co., Ltd. | Subsidiary | R&D, production, and sales of core engine components | 30,000 | 169,498.00 | 124,563.28 | 34,636.73 | 4,848.35 | 4,204.02 | | Xiangyang Changyuan Langhong Technology Co., Ltd. | Subsidiary | R&D, production, and sales of core engine components | 30,000 | 241,384.69 | 32,742.19 | 37,430.09 | 5,260.24 | 4,780.55 | [V. Other Disclosure Matters](index=16&type=section&id=V.%20Other%20Disclosure%20Matters) This section discloses significant risks the company may face, including industry cyclical fluctuations, the substitution of traditional commercial vehicles by new energy commercial vehicles, and raw material price volatility, all of which could adversely affect the company's operations and profitability [(I) Potential Risks](index=16&type=section&id=(I)%20Potential%20Risks) This section elaborates on three major risks the company may face: industry cyclical fluctuations, the substitution of traditional commercial vehicles by new energy commercial vehicles, and raw material price volatility, all of which could adversely affect the company's operating performance and market position - The company, operating in the automotive parts manufacturing industry, has commercial and passenger vehicle segments whose operations are closely tied to the downstream automotive industry's prosperity and are significantly affected by macroeconomic fluctuations[43](index=43&type=chunk) - The increasing penetration rate of new energy commercial vehicles and future breakthroughs in new energy vehicle technology may adversely impact the company's traditional gasoline and diesel-powered automotive industry landscape[43](index=43&type=chunk) - The prices of the company's main raw materials (engine component blanks, such as cast iron and aluminum) are affected by commodity market fluctuations, and despite price linkage mechanisms, there remains a risk of gross margin volatility[44](index=44&type=chunk) [Corporate Governance, Environment and Society](index=17&type=section&id=Corporate%20Governance,%20Environment%20and%20Society) This section covers the company's corporate governance structure, environmental protection initiatives, and social responsibilities, including profit distribution plans and equity incentive programs [II. Profit Distribution or Capital Reserve Conversion Plan](index=17&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's board of directors resolved not to proceed with profit distribution or capital reserve conversion into share capital for the current reporting period - No profit distribution or capital reserve conversion into share capital will be carried out in the current reporting period[6](index=6&type=chunk)[47](index=47&type=chunk) [III. Status and Impact of the Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=17&type=section&id=III.%20Status%20and%20Impact%20of%20the%20Company's%20Equity%20Incentive%20Plan,%20Employee%20Stock%20Ownership%20Plan,%20or%20Other%20Employee%20Incentive%20Measures) The company's 2025 Restricted Stock Incentive Plan has been disclosed in interim announcements, and the grant results have been announced - The company has disclosed the announcement of the grant results for its 2025 Restricted Stock Incentive Plan[48](index=48&type=chunk) [Significant Matters](index=18&type=section&id=Significant%20Matters) This section details significant events and commitments, including the fulfillment of undertakings, integrity status, and major contracts such as guarantees [I. Fulfillment of Commitments](index=18&type=section&id=I.%20Fulfillment%20of%20Commitments) The company, its controlling shareholders, actual controllers, directors, supervisors, and senior management have strictly fulfilled all commitments during the reporting period, including share repurchase and compensation, diluted immediate return compensation, share lock-up, shareholding and reduction intentions, avoidance of horizontal competition, regulation and reduction of related-party transactions, and resolution of land title defects and social insurance/housing provident fund补缴 commitments - The company, its controlling shareholders, co-actual controllers, directors, supervisors, and senior management have all strictly fulfilled commitments regarding share repurchases and compensation[51](index=51&type=chunk)[52](index=52&type=chunk) - The company's co-actual controllers, directors, and senior management have strictly fulfilled commitments regarding measures to compensate for diluted immediate returns[51](index=51&type=chunk) - The company's directors and senior management, Li Zuoyuan, Li Xianfeng, Li Congrong, Feng Shengzhong, Chen Xuzhou, and Huang Cheng, have strictly adhered to share lock-up commitments[51](index=51&type=chunk) - The company's controlling shareholder, co-actual controller Li Zuoyuan, and other co-actual controllers have strictly fulfilled commitments to avoid horizontal competition and regulate and reduce related-party transactions[51](index=51&type=chunk)[52](index=52&type=chunk) - Li Zuoyuan committed to bearing all costs and losses that may arise from defects in Beijing Changyuan's property construction procedures or supplementary payments for employee social insurance/housing provident funds[52](index=52&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers During the Reporting Period](index=20&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company,%20its%20Controlling%20Shareholders,%20and%20Actual%20Controllers%20During%20the%20Reporting%20Period) During the reporting period, neither the company nor its controlling shareholders and co-actual controllers had any integrity issues, such as unfulfilled effective court judgments or large overdue debts - During the reporting period, the company and its controlling shareholders, co-actual controllers Li Zuoyuan, Xu Nengchen, Li Xianfeng, and Li Congrong, had no integrity issues such as unfulfilled effective court judgments or large overdue debts[54](index=54&type=chunk) [XI. Major Contracts and Their Fulfillment](index=21&type=section&id=XI.%20Major%20Contracts%20and%20Their%20Fulfillment) This section discloses the company's significant guarantees, both fulfilled and unfulfilled, totaling **800 million Yuan**, all provided to its wholly-owned subsidiary, Xiangyang Changyuan Langhong Technology Co., Ltd., with no overdue guarantees Company Guarantee Total (Unit: Yuan) | 指标 | 金额 | | :--- | :--- | | Total Guarantees Provided to Subsidiaries During the Reporting Period | 300,000,000 | | Total Guarantees Provided to Subsidiaries at Period-end (B) | 800,000,000 | | Total Guarantees (A+B) | 800,000,000 | | Proportion of Total Guarantees to Company's Net Assets (%) | 28.72% | | Debt Guarantees Provided Directly or Indirectly to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 800,000,000 | | Total of the Above Three Guarantee Amounts (C+D+E) | 800,000,000 | - The total external guarantees by the company and its holding subsidiaries amount to **800 million Yuan**, all provided by the company to its wholly-owned subsidiary, Xiangyang Changyuan Langhong Technology Co., Ltd[58](index=58&type=chunk) - There were no overdue guarantee matters during the reporting period[58](index=58&type=chunk) [Share Changes and Shareholder Information](index=24&type=section&id=Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, including restricted shares from equity incentives, and provides an overview of its shareholder structure and top ten shareholders [I. Changes in Share Capital](index=24&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, the company's total share capital and equity structure remained unchanged, but restricted shares increased due to equity incentive grants involving several directors, senior management, and other employees - During the reporting period, the company's total share capital and equity structure remained unchanged[61](index=61&type=chunk) Changes in Restricted Shares (Unit: Share) | 股东名称 | 期初限售股数 | 报告期增加限售股数 | 报告期末限售股数 | 限售原因 | 解除限售日期 | | :--- | :--- | :--- | :--- | :--- | :--- | | Feng Shengzhong | 0 | 89,000 | 89,000 | Restricted Stock Equity Incentive Grant | June 16, 2026/June 16, 2027 | | Huang Cheng | 0 | 89,000 | 89,000 | Restricted Stock Equity Incentive Grant | June 16, 2026/June 16, 2027 | | Chen Xuzhou | 0 | 31,000 | 31,000 | Restricted Stock Equity Incentive Grant | June 16, 2026/June 16, 2027 | | Li Shuangqing | 0 | 31,000 | 31,000 | Restricted Stock Equity Incentive Grant | June 16, 2026/June 16, 2027 | | Liu Wangcheng | 0 | 23,000 | 23,000 | Restricted Stock Equity Incentive Grant | June 16, 2026/June 16, 2027 | | Wang Hongyun | 0 | 23,000 | 23,000 | Restricted Stock Equity Incentive Grant | June 16, 2026/June 16, 2027 | | Ke Xiaosong | 0 | 45,000 | 45,000 | Restricted Stock Equity Incentive Grant | June 16, 2026/June 16, 2027 | | Feng Shengxing | 0 | 31,000 | 31,000 | Restricted Stock Equity Incentive Grant | June 16, 2026/June 16, 2027 | | Huang Ming | 0 | 23,000 | 23,000 | Restricted Stock Equity Incentive Grant | June 16, 2026/June 16, 2027 | | Fu Xixiang | 0 | 23,000 | 23,000 | Restricted Stock Equity Incentive Grant | June 16, 2026/June 16, 2027 | | Xie Peihua | 0 | 23,000 | 23,000 | Restricted Stock Equity Incentive Grant | June 16, 2026/June 16, 2027 | | Song Ruifeng | 0 | 23,000 | 23,000 | Restricted Stock Equity Incentive Grant | June 16, 2026/June 16, 2027 | | Peng Minghui | 0 | 14,000 | 14,000 | Restricted Stock Equity Incentive Grant | June 16, 2026/June 16, 2027 | | Wang Lingling | 0 | 14,000 | 14,000 | Restricted Stock Equity Incentive Grant | June 16, 2026/June 16, 2027 | | Tang Jun | 0 | 14,000 | 14,000 | Restricted Stock Equity Incentive | June 16, 2026/June 16, 2027 | | Chen Hao | 0 | 14,000 | 14,000 | Restricted Stock Equity Incentive | June 16, 2026/June 16, 2027 | | Wang Teng | 0 | 14,000 | 14,000 | Restricted Stock Equity Incentive | June 16, 2026/June 16, 2027 | [II. Shareholder Information](index=25&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **10,992** common shareholders, with Li Zuoyuan and his concerted parties (Xu Nengchen, Li Xianfeng, Li Congrong) holding a significant combined stake among the top ten shareholders, with Li Zuoyuan holding **40.72%** - As of the end of the reporting period, the total number of common shareholders was **10,992**[65](index=65&type=chunk) Top Ten Shareholders' Shareholding (Unit: Share) | 股东名称 | 期末持股数量 | 比例(%) | 质押、标记或冻结情况（数量） | 股东性质 | | :--- | :--- | :--- | :--- | :--- | | Li Zuoyuan | 131,984,199 | 40.72 | None | Overseas Natural Person | | Xu Nengchen | 36,357,552 | 11.22 | None | Overseas Natural Person | | Li Xianfeng | 18,178,776 | 5.61 | None | Domestic Natural Person | | Li Congrong | 18,178,776 | 5.61 | None | Overseas Natural Person | | CITIC Bank Co., Ltd. - Yongying Low Carbon Environmental Smart Selection Mixed Initiated Securities Investment Fund | 8,990,742 | 2.77 | None | Other | | Li Kewu | 4,051,404 | 1.25 | Frozen 4,051,404 | Domestic Natural Person | | Bank of Communications - Huaan Innovation Securities Investment Fund | 3,031,700 | 0.94 | None | Other | | Industrial and Commercial Bank of China Limited - Huaan Dynamic Flexible Allocation Mixed Securities Investment Fund | 2,858,100 | 0.88 | None | Other | | Bank of China Limited - Huaan Culture, Sports and Health Theme Flexible Allocation Mixed Securities Investment Fund | 2,231,020 | 0.69 | None | Other | | China Construction Bank Corporation - Huaan Growth Pioneer Mixed Securities Investment Fund | 2,161,180 | 0.67 | None | Other | - Shareholder Li Zuoyuan is married to Xu Nengchen, is the father of Li Congrong, and the father of Li Xianfeng, and they have signed a concerted action agreement, acting as concerted parties[67](index=67&type=chunk) [III. Information on Directors, Supervisors, and Senior Management](index=26&type=section&id=III.%20Information%20on%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, some of the company's directors and senior management were granted restricted shares under the equity incentive plan, increasing their holdings, though they held none at the beginning of the period Changes in Shareholdings of Current and Resigned Directors, Supervisors, and Senior Management During the Reporting Period (Unit: Share) | 姓名 | 职务 | 期初持股数 | 期末持股数 | 报告期内股份增减变动量 | 增减变动原因 | | :--- | :--- | :--- | :--- | :--- | :--- | | Feng Shengzhong | Director, Deputy General Manager | 1,033,144 | 1,122,144 | 89,000 | Restricted Stock Equity Incentive | | Huang Cheng | Director, Deputy General Manager | 284,620 | 373,620 | 89,000 | Restricted Stock Equity Incentive | | Chen Xuzhou | Deputy General Manager | 140,420 | 171,420 | 31,000 | Restricted Stock Equity Incentive | | Li Shuangqing | Deputy General Manager | 56,560 | 87,560 | 31,000 | Restricted Stock Equity Incentive | | Liu Wangcheng | Board Secretary | 39,340 | 62,340 | 23,000 | Restricted Stock Equity Incentive | | Wang Hongyun | Chief Financial Officer | 38,220 | 61,220 | 23,000 | Restricted Stock Equity Incentive | Equity Incentive Grants to Directors, Supervisors, and Senior Management During the Reporting Period (Unit: Share) | 姓名 | 职务 | 期初持有限制性股票数量 | 报告期新授予限制性股票数量 | 未解锁股份 | 期末持有限制性股票数量 | | :--- | :--- | :--- | :--- | :--- | :--- | | Feng Shengzhong | Director | 0 | 89,000 | 89,000 | 89,000 | | Huang Cheng | Director | 0 | 89,000 | 89,000 | 89,000 | | Chen Xuzhou | Senior Management | 0 | 31,000 | 31,000 | 31,000 | | Li Shuangqing | Senior Management | 0 | 31,000 | 31,000 | 31,000 | | Liu Wangcheng | Senior Management | 0 | 23,000 | 23,000 | 23,000 | | Wang Hongyun | Senior Management | 0 | 23,000 | 23,000 | 23,000 | | Total | / | 0 | 286,000 | 286,000 | 286,000 | [Bond-Related Information](index=28&type=section&id=Bond-Related%20Information) This section confirms that the company has no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [I. Corporate Bonds (Including Enterprise Bonds) and Non-financial Enterprise Debt Financing Instruments](index=28&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 [II. Convertible Corporate Bonds](index=28&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds [Financial Report](index=29&type=section&id=Financial%20Report) This section presents the company's comprehensive financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies, taxes, and financial risks [II. Financial Statements](index=29&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company financial statements for H1 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in equity, comprehensively reflecting its financial position, operating results, and cash flows Key Data from Consolidated Balance Sheet (Unit: Yuan) | 项目 | 2025年6月30日 | 2024年12月31日 | | :--- | :--- | :--- | | Total Current Assets | 2,541,089,195.56 | 2,177,950,070.47 | | Total Non-current Assets | 3,256,794,457.05 | 2,905,486,519.63 | | Total Assets | 5,797,883,652.60 | 5,083,436,590.10 | | Total Current Liabilities | 2,073,911,821.52 | 1,505,098,110.29 | | Total Non-current Liabilities | 912,284,737.02 | 868,390,209.38 | | Total Liabilities | 2,986,196,558.54 | 2,373,488,319.67 | | Total Equity Attributable to Parent Company Owners | 2,785,291,624.28 | 2,683,675,378.07 | | Total Equity | 2,811,687,094.06 | 2,709,948,270.43 | Key Data from Consolidated Income Statement (Unit: Yuan) | 项目 | 2025年半年度 | 2024年半年度 | | :--- | :--- | :--- | | Total Operating Revenue | 1,035,263,278.48 | 775,386,446.41 | | Total Operating Costs | 868,397,889.41 | 686,150,734.39 | | Operating Profit | 185,286,807.30 | 104,606,149.67 | | Total Profit | 189,683,662.25 | 104,774,668.40 | | Net Profit | 164,106,313.39 | 94,649,960.39 | | Net Profit Attributable to Parent Company Shareholders | 163,984,337.89 | 95,299,498.05 | | Basic Earnings Per Share (Yuan/Share) | 0.51 | 0.29 | | Diluted Earnings Per Share (Yuan/Share) | 0.51 | 0.29 | Key Data from Consolidated Cash Flow Statement (Unit: Yuan) | 项目 | 2025年半年度 | 2024年半年度 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 212,854,576.49 | 179,031,737.22 | | Net Cash Flow from Investing Activities | -382,688,403.11 | -196,943,494.46 | | Net Cash Flow from Financing Activities | 281,858,192.26 | 153,324,859.75 | | Net Increase in Cash and Cash Equivalents | 112,024,367.22 | 135,413,099.95 | [III. Company Basic Information](index=47&type=section&id=III.%20Company%20Basic%20Information) This section provides a basic overview of the company, including its transformation from Xiangfan Changyuan Donggu Industrial Co., Ltd., its listing on the Shanghai Stock Exchange in 2020, and its main business of engine component production and sales - The company was transformed from Xiangfan Changyuan Donggu Industrial Co., Ltd. and listed on the Shanghai Stock Exchange on May 26, 2020, with stock code **603950**[101](index=101&type=chunk) - The company's registered and headquarters office address is located at Diamond Avenue, Xiangzhou District, Xiangyang City, Hubei Province (Hongshantou Industrial Park)[101](index=101&type=chunk) - The company primarily engages in the production and sales of engine components, including engine cylinder blocks, cylinder heads, connecting rods, and flywheel housings[101](index=101&type=chunk) [IV. Basis of Financial Statement Preparation](index=47&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, confirming its ability to continue operations for at least 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[102](index=102&type=chunk) - The company has the ability to continue as a going concern for at least 12 months from the end of the current reporting period, with no significant matters affecting its going concern ability[103](index=103&type=chunk) [V. Significant Accounting Policies and Estimates](index=47&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates followed by the company in preparing its financial statements, covering business combinations, financial instruments, inventories, fixed assets, revenue recognition, and government grants, ensuring the truthfulness and accuracy of the financial report - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and other information[105](index=105&type=chunk) - The company has established specific accounting policies and estimates for transactions and events such as revenue recognition and provision recognition[104](index=104&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[127](index=127&type=chunk) - The company's revenue recognition principle is to recognize revenue when customers obtain control of the related goods, based on the progress of performance or the point of control transfer[193](index=193&type=chunk)[195](index=195&type=chunk) [VI. Taxes](index=77&type=section&id=VI.%20Taxes) This section lists the company's main tax categories and rates, and discloses tax incentives enjoyed, including high-tech enterprise income tax benefits, R&D expense super deduction, reduced local education surcharges, and VAT super deduction for advanced manufacturing enterprises Main Tax Categories and Rates | 税种 | 计税依据 | 税率 | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Value Added | 13% | | Consumption Tax | Taxable Turnover | Beijing Changyuan is 5%, the Company and other subsidiaries are 7% | | Business Tax | Taxable Turnover | 3% | | Urban Maintenance and Construction Tax | Taxable Turnover | 2% | | Enterprise Income Tax | Based on Taxable Income | The Company, Beijing Changyuan, and Xiangyang Changyuan Langhong are 15%, other subsidiaries are 25% | - The company enjoys high-tech enterprise income tax preferential policies, provisionally prepaying at a **15%** tax rate[216](index=216&type=chunk) - The company and its subsidiaries enjoy a **100%** super deduction policy for R&D expenses, and intangible assets formed are amortized at **200%**[216](index=216&type=chunk) - The company benefits from a **5%** VAT super deduction policy for advanced manufacturing enterprises from January 1, 2023, to December 31, 2027[217](index=217&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=78&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items, including monetary funds, accounts receivable, inventories, fixed assets, borrowings, employee benefits payable, operating revenue and costs, R&D expenses, and investment income, with explanations for significant changes, offering a comprehensive basis for understanding the company's financial position and operating results Composition of Monetary Funds (Unit: Yuan) | 项目 | 期末余额 | 期初余额 | | :--- | :--- | :--- | | Cash on Hand | 7,211.13 | 15,211.13 | | Bank Deposits | 352,316,732.58 | 240,863,845.69 | | Other Monetary Funds | 206,974,842.64 | 44,943,307.32 | | Total | 559,298,786.35 | 285,822,364.14 | Accounts Receivable Aging Disclosure (Unit: Yuan) | 账龄 | 期末账面余额 | 期初账面余额 | | :--- | :--- | :--- | | Within 1 year (inclusive) | 708,520,653.84 | 890,411,797.35 | | 1 to 2 years | 7,316,724.77 | 6,462,164.93 | | 2 to 3 years | 2,013,734.70 | 21,376.61 | | Over 3 years | 4,214,883.91 | 4,214,883.91 | | Total | 722,065,997.22 | 901,110,222.80 | Breakdown of Operating Revenue and Operating Costs (Unit: Yuan) | 合同分类 | 营业收入 | 营业成本 | | :--- | :--- | :--- | | Cylinder Blocks | 572,727,094.53 | 401,621,975.24 | | Cylinder Heads | 362,032,501.38 | 268,875,561.49 | | Connecting Rods | 58,099,973.85 | 48,823,527.41 | | Other Products | 20,536,862.43 | 17,945,670.76 | | Other Businesses | 21,866,846.29 | 21,678,397.06 | | Product Sales | 774,627,187.45 | 632,148,695.38 | | Processing Services | 260,636,091.03 | 126,796,436.58 | | Total | 1,035,263,278.48 | 758,945,131.96 | R&D Expenses by Nature (Unit: Yuan) | 项目 | 本期发生额 | 上期发生额 | | :--- | :--- | :--- | | Material Consumption | 16,110,725.61 | 10,690,622.32 | | Labor Costs | 17,197,353.08 | 15,252,610.98 | | Depreciation Expenses | 9,537,718.10 | 8,352,435.43 | | Fuel and Power Costs | 3,108,131.59 | 2,718,816.19 | | Testing, Prototyping, and Inspection Costs | 8,857,215.33 | 4,671,458.90 | | Travel and Other Expenses | 366,574.44 | 250,851.07 | | Entrusted R&D | 0 | 94,339.62 | | Total | 55,177,718.15 | 42,031,134.51 | [VIII. R&D Expenses](index=137&type=section&id=VIII.%20R%26D%20Expenses) This section details the company's R&D expenditures for the reporting period, totaling **55,177,718.15 Yuan**, all expensed, representing a **31.28%** increase from the prior period, with major items including material consumption, labor costs, and depreciation R&D Expenses by Nature (Unit: Yuan) | 项目 | 本期发生额 | 上期发生额 | | :--- | :--- | :--- | | Material Consumption | 16,110,725.61 | 10,690,622.32 | | Labor Costs | 17,197,353.08 | 15,252,610.98 | | Depreciation Expenses | 9,537,718.10 | 8,352,435.43 | | Fuel and Power Costs | 3,108,131.59 | 2,718,816.19 | | Testing, Prototyping, and Inspection Costs | 8,857,215.33 | 4,671,458.90 | | Travel and Other Expenses | 366,574.44 | 250,851.07 | | Entrusted R&D | 0 | 94,339.62 | | Total | 55,177,718.15 | 42,031,134.51 | | Of which: Expensed R&D Expenditures | 55,177,718.15 | 42,031,134.51 | | Capitalized R&D Expenditures | 0 | 0 | - Total R&D expenditures for the current period amounted to **55,177,718.15 Yuan**, an increase of **31.28%** compared to the prior period[380](index=380&type=chunk) - All R&D expenditures were expensed, with no capitalized R&D expenditures incurred[380](index=380&type=chunk) [IX. Changes in Consolidation Scope](index=138&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) This section explains changes in the company's consolidation scope, noting that Xiangyang Changyuan Donggu Technology Co., Ltd. and Xiangyang Changyuan Donggu Logistics Co., Ltd. were deregistered, while Wuhan Changyuan Langhong Technology Co., Ltd. and Shiyan Changyuan Donggu Technology Co., Ltd. completed tax and bank account cancellations and account clean-up, but not yet business deregistration - Subsidiaries Xiangyang Changyuan Donggu Technology Co., Ltd. and Xiangyang Changyuan Donggu Logistics Co., Ltd. were deregistered on January 6, 2025[382](index=382&type=chunk) - Subsidiaries Wuhan Changyuan Langhong Technology Co., Ltd. and Shiyan Changyuan Donggu Technology Co., Ltd. have completed tax deregistration, bank account cancellation, and account clean-up, but have not yet completed business deregistration[382](index=382&type=chunk) [X. Interests in Other Entities](index=140&type=section&id=X.%20Interests%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries, joint ventures, and associates, including their main operating locations, registered capital, shareholding percentages, and key financial information for associates, reflecting the company's investment structure across different entities Composition of Enterprise Group (Major Subsidiaries) | 子公司名称 | 主要经营地 | 注册资本（元） | 业务性质 | 持股比例(%) 直接 | | :--- | :--- | :--- | :--- | :--- | | Beijing Changyuan Langhong Technology Co., Ltd. | Beijing | 30,000.00 | Industrial Production | 99 | | Xiangyang Changyuan Langhong Technology Co., Ltd. | Laohekou | 30,000.00 | Industrial Production | 100 | | Guangxi Changyuan Langhong Machinery Technology Co., Ltd. | Guangxi | 2,000.00 | Industrial Production | 100 (Indirect) | | Xiangyang Changyuan Donggu Automotive Technology Co., Ltd. | Xiangyang | 6,000.00 | Industrial Production | 70 | | Xiangyang Changyuan Donggu Electronic Technology Co., Ltd. | Laohekou | 5,000.00 | Industrial Production | 75 | Key Financial Information of Significant Non-Wholly Owned Subsidiaries (Beijing Changyuan Langhong Technology Co., Ltd., Unit: Yuan) | 指标 | 本期发生额 | 上期发生额 | | :--- | :--- | :--- | | Operating Revenue | 34,636.73 | 26,147.64 | | Net Profit | 4,204.02 | 2,647.40 | | Total Comprehensive Income | 4,209.47 | 2,650.12 | | Cash Flow from Operating Activities | 126.37 | -1,646.70 | | Period-end Balance of Minority Interests | 12,456,328.20 | | | Period-end Current Assets | 140,470.07 | 122,717.64 | | Period-end Non-current Assets | 29,027.94 | 29,677.13 | | Period-end Total Assets | 169,498.00 | 152,394.77 | | Period-end Current Liabilities | 42,472.25 | 30,343.61 | | Period-end Non-current Liabilities | 2,462.47 | 1,697.92 | | Period-end Total Liabilities | 44,934.72 | 32,041.53 | Key Financial Information of Significant Associates (Unit: 10,000 Yuan) | 联营企业名称 | 期末资产合计 | 期末负债合计 | 期末归属于母公司股东权益 | 本期营业收入 | 本期净利润 | | :--- | :--- | :--- | :--- | :--- | :--- | | Hebei Haoyuan Auto Parts Co., Ltd. | 6,872.56 | 80.95 | 6,791.61 | 781.08 | -2.28 | | Guangxi Yuchai Changyuan Technology Co., Ltd. | 286.39 | 10.62 | 275.77 | 0 | -29.86 | | Guangxi Yuchai Changyuan Zhihang Technology Co., Ltd. | 255.84 | 0 | 255.84 | 0 | -3.86 | [XI. Government Grants](index=144&type=section&id=XI.%20Government%20Grants) This section discloses government grants recognized as receivables, liability items involving government grants, and grants recognized in current profit or loss, with period-end receivables of **9,117,870.51 Yuan**, deferred income balance of **327,244,267.51 Yuan**, and total grants recognized in current profit or loss of **25,177,428.55 Yuan** - Government grants recognized as receivables at the end of the reporting period amounted to **9,117,870.51 Yuan**, all expected to be received in 2025[393](index=393&type=chunk) Liability Items Involving Government Grants (Unit: Yuan) | 财务报表项目 | 期初余额 | 本期新增补助金额 | 本期计入营业外收入金额 | 本期转入其他收益金额 | 期末余额 | 与资产/收益相关 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 346,635,031.69 | 0.00 | 0 | 19,390,764.18 | 327,244,267.51 | Asset-related | Government Grants Recognized in Current Profit or Loss (Unit: Yuan) | 项目 | 本期发生额 | 上期发生额 | | :--- | :--- | :--- | | Income-related | 5,786,664.37 | 304,923.73 | | Asset-related | 19,390,764.18 | 18,342,847.53 | | Total | 25,177,428.55 | 18,647,771.26 | [XII. Risks Related to Financial Instruments](index=145&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section analyzes the company's financial instrument risks, including market risks (currency, interest rate, and other price risks), credit risk, and liquidity risk, managed through sensitivity analysis, floating-rate borrowings, diversified equity investments, and stringent credit and cash flow monitoring - The company faces currency risk, primarily related to foreign currency procurement settlements in Japanese Yen and Euros[398](index=398&type=chunk) Currency Risk Sensitivity Analysis (Impact on Profit, Unit: Yuan) | 项目 | 本期 | 上期 | | :--- | :--- | :--- | | RMB appreciation against USD by 1% | -35.62 | -35.44 | | RMB depreciation against USD by 1% | 35.62 | 35.44 | | RMB appreciation against EUR by 1% | -4,857.54 | -14,482.55 | | RMB depreciation against EUR by 1% | 4,857.54 | 14,482.55 | | RMB appreciation against JPY by 1% | -143,667.24 | -209,048.82 | | RMB depreciation against JPY by 1% | 143,667.24 | 209,048.82 | - The company's interest rate risk primarily arises from bank borrowings, with a policy of maintaining floating interest rates[400](index=400&type=chunk) Interest Rate Risk Sensitivity Analysis (Impact on Profit, Unit: Yuan) | 项目 | 本期 | 上期 | | :--- | :--- | :--- | | RMB benchmark interest rate increase by 25 basis points | -2,439,802.30 | -1,635,187.50 | | RMB benchmark interest rate decrease by 25 basis points | 2,439,802.30 | 1,635,187.50 | - The company mitigates price risk from equity securities investments by holding a diversified portfolio of equity securities[403](index=403&type=chunk) - The company's credit risk primarily stems from financial assets and financial guarantees, managed by depositing funds with highly-rated banks, transacting with reputable third parties, and implementing strict credit management[407](index=407&type=chunk)[408](index=408&type=chunk) - The company manages liquidity risk by maintaining sufficient cash and cash equivalents and monitoring bank borrowing utilization[409](index=409&type=chunk) [XIII. Disclosure of Fair Value](index=149&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the period-end fair value of the company's assets and liabilities measured at fair value, primarily trading financial assets and receivables financing, and explains the basis for Level 1 and Level 2 fair value measurements Period-end Fair Value of Assets and Liabilities Measured at Fair Value (Unit: Yuan) | 项目 | 第一层次公允价值计量 | 第二层次公允价值计量 | 第三层次公允价值计量 | 合计 | | :--- | :--- | :--- | :--- | :--- | | I. Recurring Fair Value Measurements | 18,853,870.50 | 364,303,148.55 | 0 | 383,157,019.05 | | (I) Trading Financial Assets | 18,853,870.50 | 0 | 0 | 18,853,870.50 | | (2) Equity Instrument Investments | 18,853,870.50 | 0 | 0 | 18,853,870.50 | | (VI) Receivables Financing | 0 | 364,303,148.55 | 0 | 364,303,148.55 | | (1) Notes Receivable | 0 | 364,303,148.55 | 0 | 364,303,148.55 | | Total Assets Measured at Fair Value on a Recurring Basis | 18,853,870.50 | 364,303,148.55 | 0 | 383,157,019.05 | - Level 1 fair value measurement items are determined based on stock market closing prices[415](index=415&type=chunk) - Level 2 fair value measurement items are measured at book value[416](index=416&type=chunk) [XIV. Related Parties and Related Party Transactions](index=151&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section discloses the company's related parties and transactions, including purchases/sales of goods and services with entities under the same actual control, key management personnel compensation, and payables to related parties, noting photovoltaic power procurement from Xiangyang Qiyuan Kanghao New Energy Co., Ltd. and outstanding notes and other payables to related parties Related Party Information | 合营或联营企业名称 | 与本企业关系 | | :--- | :--- | | Xiangyang Qiyuan Kanghao New Energy Co., Ltd. | Under the Same Actual Control | | Xiangyang Langhong Thermal Technology Co., Ltd. | Under the Same Actual Control | | Xiangyang Langhong Transportation Co., Ltd. | Under the Same Actual Control | | Beiwode Thermal Technology (Gucheng) Co., Ltd. | Under the Same Actual Control | | Hubei Beiwode Thermal Technology Group Co., Ltd. | Under the Same Actual Control | | Wuhan Beiwode Transportation Co., Ltd. | Under the Same Actual Control | | Xiangyang Kanghao Electromechanical Engineering Co., Ltd. | Under the Same Actual Control | | Key Management Personnel | Company Directors, Supervisors, Senior Management | Related Party Transactions for Purchase of Goods/Acceptance of Services (Unit: Yuan) | 关联方 | 关联交易内容 | 本期发生额 | 上期发生额 | | :--- | :--- | :--- | :--- | | Xiangyang Qiyuan Kanghao New Energy Co., Ltd. | Photovoltaic Power Generation | 1,727,930.66 | 1,960,096.73 | Key Management Personnel Compensation (Unit: 10,000 Yuan) | 项目 | 本期发生额 | 上期发生额 | | :--- | :--- | :--- | | Key Management Personnel Compensation | 200.74 | 358.68 | Amounts Payable to Related Parties (Unit: Yuan) | 项目名称 | 关联方 | 期末账面余额 | 期初账面余额 | | :--- | :--- | :--- | :--- | | Accounts Payable | Xiangyang Langhong Thermal Technology Co., Ltd. | 7,240,653.50 | 0 | | Notes Payable | Xiangyang Qiyuan Kanghao New Energy Co., Ltd. | 1,751,572.61 | 1,871,425.47 | | Other Payables | Hebei Haoyuan Auto Parts Co., Ltd. | 8,000,000.00 | 6,000,000.00 | | Other Payables | Xiangyang Qiyuan Kanghao New Energy Co., Ltd. | 328,439.89 | 175,048.94 | [XV. Share-based Payment](index=153&type=section&id=XV.%20Share-based%20Payment) This section does not disclose specific details of share-based payments, equity-settled or cash-settled share-based payment arrangements, nor current period share-based payment expenses or modifications/terminations of such arrangements [XVI. Commitments and Contingencies](index=154&type=section&id=XVI.%20Commitments%20and%20Contingencies) This section discloses the company's significant commitments at the balance sheet date, primarily involving major investment projects such as the Laohekou investment, automotive air suspension and engine cylinder block/head manufacturing, Changyuan Donggu automotive electronics and electromechanical components, new energy hybrid vehicle cylinder block die-casting and precision machining, and new energy vehicle parts and cylinder block/head intelligent manufacturing projects, all with clear investment amounts, construction periods, output values, and tax targets, supported by government policies and corresponding default responsibilities - The company's Laohekou investment project has a total investment of no less than **1 billion Yuan**, with fixed asset investment of no less than **600 million Yuan**, and a commitment to achieve tax targets within a specified period[423](index=423&type=chunk)[424](index=424&type=chunk) - The automotive air suspension and engine cylinder block/head manufacturing project plans an investment of **400 million Yuan**, with an estimated annual output value of **300 million Yuan** after completion and operation, and a commitment to annual production and operational tax payments of no less than **16 million Yuan**[426](index=426&type=chunk)[427](index=427&type=chunk) - The Changyuan Donggu automotive electronics and electromechanical components project has a total investment of approximately **1.1 billion Yuan**, with **700 million Yuan** in fixed asset investment, covering automotive electronic sensors, engine cylinder block/head precision machining, automotive shock absorbers, and aluminum lightweight automotive die-casting production lines, with set output value and tax targets for future years[428](index=428&type=chunk)[429](index=429&type=chunk) - The new energy hybrid vehicle cylinder block die-casting and precision machining project involves an additional investment of over **300 million Yuan**, to be constructed in two phases, with a commitment to an additional annual output value of over **500 million Yuan** and **10 million Yuan** in new operational tax revenue in the year following production commencement[430](index=430&type=chunk)[431](index=431&type=chunk) - The new energy automotive parts and cylinder block/head intelligent manufacturing project involves an investment of **150 million Yuan**, with an estimated additional annual output value of **200 million Yuan**, and a commitment to an additional investment of no less than **100 million Yuan** within two years after completion, and new production and operational tax revenue of no less than **10 million Yuan** in the following year[433](index=433&type=chunk) - The Changyuan Langhong 600,000 sets of Chongqing Sokon (Seres) extended-range vehicle cylinder block and cylinder head project involves an additional investment of **300 million Yuan**, with **250 million Yuan** in fixed asset investment, an estimated additional annual sales revenue of over **500 million Yuan** after completion and operation, and a commitment to new operational tax payment targets for the next three years[434](index=434&type=chunk)[435](index=435&type=chunk) [XIX. Notes to Major Items in Parent Company Financial Statements](index=160&type=section&id=XIX.%20Notes%20to%20Major%20Items%20in%20Parent%20Company%20Financial%20Statements) This section details notes to major items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income, reflecting a decrease in parent company accounts receivable and operating revenue from the prior period, but stable long-term equity investments and investment income Parent Company Accounts Receivable Aging Disclosure (Unit: Yuan) | 账龄 | 期末账面余额 | 期初账面余额 | | :--- | :--- | :--- | | Within 1 year (inclusive) | 476,530,310.82 | 486,266,810.77 | | 1 to 2 years | 500,903.77 | 475,878.84 | | 2 to 3 years | 21,376.61 | 21,376.61 | | Over 3 years | 571,708.43 | 571,708.43 | | Less: Provision for Bad Debts | -20,719,456.41 | -20,585,589.13 | | Total | 456,904,843.22 | 466,750,185.52 | Parent Company Operating Revenue and Operating Cost Breakdown (Unit: Yuan) | 合同分类 | 营业收入 | 营业成本 | | :--- | :--- | :--- | | Product Type | 412,899,112.27 | 293,812,632.93 | | Cylinder Blocks | 195,815,295.17 | 136,846,819.11 | | Cylinder Heads | 111,712,981.41 | 66,274,955.76 | | Connecting Rods | 55,407,066.18 | 46,867,444.88 | | Other Products | 20,167,773.17 | 17,662,998.27 | | Other Businesses | 29,795,996.34 | 26,160,414.91 | | Contract Type | 412,899,112.27 | 293,812,632.93 | | Product Sales Business | 226,731,560.64 | 193,612,504.27 | | Processing Services Business | 186,167,551.63 | 100,200,128.66 | | Total | 412,899,112.27 | 293,812,632.93 | Parent Company Investment Income (Unit: Yuan) | 项目 | 本期发生额 | 上期发生额 | | :--- | :--- | :--- | | Investment Income from Long-term Equity Investments Accounted for Using Equity Method | -165,226.76 | 0 | | Investment Income from Disposal of Long-term Equity Investments | 0 | -158,420.23 | | Investment Income from Trading Financial Assets During Holding Period | 697,808.22 | 0 | | Investment Income from Disposal of Trading Financial Assets | 25,773.10 | 9,731,831.45 | | Total | 558,354.56 | 9,573,411.22 | [XX. Supplementary Information](index=172&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary financial report information, including a detailed statement of non-recurring gains and losses, return on net assets, and earnings per share, further detailing the company's profit composition and shareholder returns Statement of Non-recurring Gains and Losses for the Current Period (Unit: Yuan) | 项目 | 金额 | | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets | -12,006.89 | | Government Grants Recognized in Current Profit or Loss | 5,787,664.37 | | Gains and Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-financial Enterprises, and Disposal Gains and Losses | 715,907.08 | | Other Non-operating Income and Expenses Apart from the Above | 3,220,919.50 | | Other Gains and Losses Items Meeting the Definition of Non-recurring | -36,619.07 | | Less: Income Tax Impact | 2,189,411.76 | | Minority Interest Impact (After Tax) | 4,169.17 | | Total | 7,482,284.06 | Return on Net Assets and Earnings Per Share | 报告期利润 | 加权平均净资产收益率（%） | 每股收益 基本每股收益 | 稀释每股收益 | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 5.99 | 0.51 | 0.51 | | Net Profit Attributable to Common Shareholders of the Company After Deducting Non-recurring Gains and Losses | 5.71 | 0.48 | 0.48 |

长源东谷公告，2025年上半年营业收入10.35亿元，同比增长33.52%。净利润1.64亿元，同比增长 72.07%。 ...

Group 1: AI Medical - Ping An Good Doctor's stock surged by 6.99% on August 26, with its price doubling in the past month. The company reported an AI product system "7+N+1" with an accuracy rate of approximately 98% for AI-assisted consultations and nearly 80% for complex disease treatment plans [4] - The average service cost for family doctors decreased by about 52% due to AI assistance, and operational efficiency improved by around 50% [4] Group 2: Artificial Intelligence Policy - The State Council released an opinion on August 26 to implement the "Artificial Intelligence+" initiative, aiming for over 70% application penetration of new intelligent terminals and agents by 2027, and over 90% by 2030 [5] - The initiative includes building national AI application pilot bases and promoting the transformation of software and information service companies [5] Group 3: 5.5G Development - The Ministry of Industry and Information Technology is expected to issue the second batch of millimeter-wave private network frequency licenses, with more companies anticipated to receive licenses by the end of the year [6] - This issuance indicates the maturity of the domestic millimeter-wave 5G industry chain and is expected to initiate a wave of innovation in the sector [7] Group 4: Gaming Industry - The National Press and Publication Administration approved 173 games in August 2025, setting a new record for the year, including 166 domestic and 7 imported games [9] - The gaming market is projected to maintain long-term optimistic growth, with the 3A game market expected to reach 13.3 billion yuan in 2025 and 16.9 billion yuan in 2026, with a CAGR of 35% anticipated from 2027 to 2028 [9] Group 5: Company Earnings - Cambrian reported a net profit of 1.038 billion yuan in the first half of 2025, compared to a loss of 530 million yuan in the same period last year [12] - North Rare Earth's net profit surged by 1951.52% year-on-year to 931 million yuan in the first half of 2025 [12] - Light Media's net profit increased by 371.55% year-on-year to 2.229 billion yuan in the first half of 2025 [12]

Group 1 - The automotive parts sector increased by 0.39% on August 26, with Hai Lian Jin Hui leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] - Notable stock performances included Hai Lian Jin Hui with a closing price of 11.76, up 10.01%, and Zhong Ma Chuan Dong at 36.93, also up 10.01% [1] Group 2 - The automotive parts sector experienced a net outflow of 1.546 billion yuan from main funds, while retail investors saw a net inflow of 2.137 billion yuan [3] - The overall fund flow indicates a divergence between institutional and retail investor behavior within the automotive parts sector [3]

7月11日公司发布上半年业绩预告，预计实现净利润1.55亿元至1.80亿元，同比变动区间为 62.65%~88.88%。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 证券时报·数据宝统计显示，长源东谷所属的汽车行业，目前整体跌幅为0.60%，行业内，目前股价上涨 的有64只，涨幅居前的有天普股份、腾龙股份、欣锐科技等，涨幅分别为9.99%、8.54%、6.07%。股价 下跌的有231只，跌幅居前的有盛帮股份、成飞集成、三祥科技等，跌幅分别为6.06%、5.53%、 5.44%。 公司发布的一季报数据显示，一季度公司共实现营业收入5.01亿元，同比增长20.52%，实现净利润 7767.98万元，同比增长65.80%，基本每股收益为0.2500元，加权平均净资产收益率2.86%。 长源东谷股价创出历史新高，截至9:33，该股上涨3.32%，股价报29.56元，成交量220.23万股，成交金 额6487.77万元，换手率0.68%，该股最新A股总市值达95.81亿元，该股A股流通市值95.66亿元。 ...