华丰动力股份有限公司 董事会议事规则 （2025 年 8 月修订） 第一条 宗旨 为健全和规范华丰动力股份有限公司（以下简称"公司"）董事会议事程序， 提高董事会工作效率和科学决策的水平，保证公司生产经营、管理工作的顺利进 行，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）、《上海证券交易所股票上市规则》（以下简称 "《上市规则》"）《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 等相关法律、法规、规章及《华丰动力股份有限公司章程》（以下简称"《公司章 程》"）的有关规定，结合公司的实际情况，制定本规则。 第二条 董事会 公司设董事会，对股东会负责。公司董事由股东会选举产生。 第三条 董事会办公室 董事会下设董事会办公室，处理董事会日常事务。董事会秘书兼任董事会办 公室负责人。 第四条 董事会会议 董事会会议分为定期会议和临时会议。 董事会每年至少召开两次会议，由董事长召集，定期会议于会议召开 10 日 前书面通知全体董事。 第五条 定期会议的提案 在发出召开董事会定期会议的通知前，董事会办公室应当充分征求各董事的 意见，初步形成会议 ...

华丰动力股份有限公司 董事、高级管理人员离职管理制度 （五）个人所负数额较大的债务到期未清偿被人民法院列为失信被执行人； 第三条 董事、高级管理人员候选人的任职资格应当符合法律法规、上海证 券交易所业务规则和《公司章程》等规定。存在下列情形之一的，不得担任公司 董事或者高级管理人员： （一）无民事行为能力或者限制民事行为能力； （二）因贪污、贿赂、侵占财产、挪用财产或者破坏社会主义市场经济秩序 被判处刑罚，或者因犯罪被剥夺政治权利，执行期满未逾5年，被宣告缓刑的， 自缓刑考验期满之日起未逾2年； （三）担任破产清算的公司、企业的董事或者厂长、总经理，对该公司、企 业的破产负有个人责任的，自该公司、企业破产清算完结之日起未逾3年； （四）担任因违法被吊销营业执照、责令关闭的公司、企业的法定代表人并 负有个人责任的，自该公司、企业被吊销营业执照、责令关闭之日起未逾3年； 第一章 总则 第一条 为了规范华丰动力股份有限公司（以下简称"公司"）董事、高级 管理人员离职程序，确保公司治理结构的稳定性和连续性，维护公司及股东的合 法权益，根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券 交易所股票上市规则》 ...

华丰动力股份有限公司 第四条 公司注册名称：华丰动力股份有限公司。 章 程 中国·潍坊 | 第一章 | 总则 1 | | --- | --- | | 第二章 | 经营宗旨和范围 2 | | 第三章 | 股份 2 | | 第一节 | 股份发行 2 | | 第二节 | 股份增减和回购 3 | | 第三节 | 股份转让 4 | | 第四章 | 股东和股东会 5 | | 第一节 | 股东的一般规定 5 | | 第二节 | 控股股东和实际控制人 8 | | 第三节 | 股东会的一般规定 9 | | 第四节 | 股东会的召集 11 | | 第五节 | 股东会的提案与通知 12 | | 第六节 | 股东会的召开 14 | | 第七节 | 股东会的表决和决议 16 | | 第五章 | 董事和董事会 21 | | 第一节 | 董事的一般规定 21 | | 第二节 | 董事会 24 | | 第三节 | 独立董事 28 | | 第四节 | 董事会专门委员会 30 | | 第六章 | 高级管理人员 32 | | 第七章 | 财务会计制度、利润分配和审计 33 | | 第一节 | 财务会计制度 33 | | 第二节 | 利润分配 34 ...

华丰动力股份有限公司 总经理工作细则 （2025 年 8 月修订） 第一章 总 则 第一条 为规范华丰动力股份有限公司（以下简称"公司"）总经理工作及 总经理办公会议制度，进一步完善公司法人治理结构，根据《中华人民共和国 公司法》《上市公司治理准则》《上海证券交易所股票上市规则》等其他有关 法律、法规、规范性文件和公司章程的规定，制定本规则。 第二条 公司总经理负责主持公司的日常生产经营和管理工作，组织实施董 事会决议，对董事会负责。 第二章 总经理的任职资格与任免程序 （二）具有调动员工积极性的领导能力、建立合理的组织机构并协调各种 内外关系和统揽全局的能力； （三）具有一定年限的企业管理或经济工作经历，精通公司所处的行业， 熟悉多种行业的生产经营业务和掌握国家有关政策、法律和法规； （四）诚信勤勉，廉洁奉公，民主公道； （五）有较强的使命感和积极开拓的进取精神。 第四条 凡有《公司法》第一百七十八条规定的情形之一的人员，以及被中 国证券监督管理委员会采取证券市场禁入措施且期限未满的人员，不得担任公司 的总经理。 公司违反前款规定聘任的总经理，该聘任无效，总经理在任职期间出现前 款规定情形的，公司董事会应当 ...

华丰动力股份有限公司 舆情管理制度 （2025 年 8 月修订） 第一章 总则 第一条 为提高华丰动力股份有限公司（以下简称"公司"）应对各类舆情的 能力，建立快速反应和应急处置机制，充分发挥网络互动优势，正确把握和引导 网络舆论导向，及时、妥善处理各类舆情对公司股价、公司商业信誉及正常生产 经营活动造成的影响，切实保护投资者合法权益，根据《上海证券交易所股票上 市规则》等相关法律法规规定和《公司章程》制订本制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信 息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较 大影响的事件信息。 第二章 舆情管理的组织体系及其工作职责 第三条 公司舆情管理实行统一领导、统一组织、快速反应、协同应对的工 作机制。 第四条 公司成立应对舆情处理工作领导小组（以下简称"舆情工作组"）， 由公司董事长任组长，董事会秘书担任副组长，成员由公司其他高级管理人员及 相关部门负责人组成。 第五条 舆情工作组 ...

华丰动力股份有限公司 第一章 总 则 第一条 为了进一步规范华丰动力股份有限公司（以下简称"公司"）内部 审计工作，建立健全有效的内部审计监督体系，明确内部审计机构和人员的责任, 保证审计质量,明确审计责任,促进经营管理,提高经济效益,根据《中华人民共和 国审计法》《审计署关于内部审计工作的规定》《中华人民共和国内部审计准则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等相关法律、法 规、规范性文件和《公司章程》的规定,并结合公司实际情况,制定本制度。 第二条 本制度所称内部审计,是指由公司内部机构或人员,对其内部控制和 风险管理的有效性、财务信息的真实性和完整性以及经营活动的效率和效果等开 展的一种评价活动。 第三条 内部审计应当严格遵守内部审计职业规范，坚持独立、客观、公正、 保密的原则。 内部审计管理制度 （2025 年 8 月修订） 第四条 本制度适用于公司各部门及所属分（子）公司。 第二章 审计部门和审计人员 第五条 公司在董事会下设立审计委员会,制定审计委员会议事规则并予以 披露。审计委员会成员应当全部由董事组成,其中独立董事应占半数以上并担任 召集人,且至少应有一名独立董事为会 ...

华丰动力股份有限公司 募集资金使用管理制度 （2025 年 8 月修订） 第一章 总 则 第一条 规范华丰动力股份有限公司（以下简称"公司"）募集资金的存放、 使用和管理，保证募集资金的安全，最大限度地保障投资者的合法权益，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司证券发行注册管理 办法》《上市公司募集资金监管规则》《上海证券交易所股票上市规则》（以下 简称"《上市规则》"）《上海证券交易所上市公司自律监管指引第 1 号——规 范运作》等有关法律、法规、规范性文件的规定和要求，结合公司的实际情况， 制定本制度。 第二条 本制度所称募集资金是指公司通过发行股票或者其他具有股权性 质的证券，向投资者募集并用于特定用途的资金，但不包括公司实施股权激励计 划募集的资金。 第三条 公司董事会应根据《公司法》《证券法》《上市规则》《募集资金 监管规则》等相关法律法规的规定，及时披露募集资金的使用情况。 第四条 公司董事和高级管理人员应当勤勉尽责，督促公司规范使用募集资 金，自觉维护公司募集资金安全，不得参与、协助或纵容公司擅自或变相改变募 集资金用途。 第五条 公司控股股东、实际控制人不得直接或者间 ...

Section 1 Definitions This section provides essential definitions of terms used throughout the report, ensuring clarity for specialized terminology and company-specific designations [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions of common terms used in the report, ensuring readers have a clear understanding of specialized terminology and company-specific designations, covering terms from stock exchanges to specific products and related companies - The reporting period is defined as **January 1, 2025, to June 30, 2025**[15](index=15&type=chunk) - AIDC refers to Artificial Intelligence Data Centers, indicating the company's business relevance to emerging technology sectors[15](index=15&type=chunk) - Reliance Group (India) is defined as a leading integrated telecommunications operator in India, a Fortune Global 500 company, indicating its status as a key client for the company[15](index=15&type=chunk) Section 2 Company Profile and Key Financial Indicators This section presents the company's fundamental information and a comparative overview of its key financial performance and indicators for the reporting period [I. Company Information](index=5&type=section&id=I.%20Company%20Information) This section outlines Huafeng Power Co., Ltd.'s basic registration information, including its Chinese name, abbreviation, foreign name, and legal representative, providing essential identification for investors - The company's Chinese name is Huafeng Power Co., Ltd., abbreviated as Huafeng Shares, with **Xu Huadong** as the legal representative[17](index=17&type=chunk) [II. Contact Person and Information](index=5&type=section&id=II.%20Contact%20Person%20and%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including name, address, phone, fax, and email, facilitating investor inquiries and communication - Both the Board Secretary and Securities Affairs Representative are **Liu Xiang**, with the contact address at No. 7879 Yingqian Street, High-tech Zone, Weifang City[18](index=18&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 details the company's registered and office addresses, along with historical changes, ensuring accuracy and transparency of information - Both the company's registered and office addresses are No. 7879 Yingqian Street, High-tech Zone, Weifang City, with no historical changes to the registered address[19](index=19&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) This section specifies the company's designated newspapers for information disclosure, the website address for semi-annual reports, and the report storage location, facilitating public access to disclosed information - The company's designated newspapers for information disclosure are China Securities Journal, Shanghai Securities News, and Securities Daily, with the report published on **http://www.sse.com.cn**[20](index=20&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 type, listing exchange, stock abbreviation, and code, for investor identification and trading - The company's A-shares are listed on the **Shanghai Stock Exchange**, with the stock abbreviation **Huafeng Shares** and stock code **605100**[21](index=21&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 discloses the company's key accounting data and financial indicators for H1 2025, compared to the prior year, showing significant declines in revenue and profit, and negative operating cash flow H1 2025 Key Accounting Data Comparison with Prior Year | Major Accounting Data (Jan-Jun) | Current Period (CNY) | Prior Year Same Period (CNY) | Current Period vs. Prior Year Same Period Change (%) | | :------------------------------ | :------------------- | :------------------- | :------------------------------------------------- | | Operating Revenue | 373,429,343.73 | 558,207,787.04 | -33.10 | | Total Profit | 14,440,302.88 | 55,203,470.40 | -73.84 | | Net Profit Attributable to Shareholders of Listed Company | 13,152,306.37 | 46,877,612.27 | -71.94 | | Net Profit Excluding Non-recurring Items | 11,550,716.79 | 45,574,692.91 | -74.66 | | Net Cash Flow from Operating Activities | -14,110,630.80 | 174,901,502.72 | -108.07 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,819,044,414.43 | 1,842,581,641.89 | -1.28 | | Total Assets (Period-end) | 2,274,324,599.93 | 2,441,827,062.25 | -6.86 | H1 2025 Key Financial Indicators Comparison with Prior Year | Major Financial Indicators (Jan-Jun) | Current Period | Prior Year Same Period | Current Period vs. Prior Year Same Period Change (%) | | :----------------------------------- | :------------- | :------------- | :------------------------------------------------- | | Basic Earnings Per Share (CNY/share) | 0.08 | 0.28 | -71.43 | | Diluted Earnings Per Share (CNY/share) | 0.08 | 0.28 | -71.43 | | Basic EPS Excluding Non-recurring Items (CNY/share) | 0.07 | 0.27 | -74.07 | | Weighted Average Return on Net Assets (%) | 0.71 | 2.48 | Decrease 1.77 percentage points | | Weighted Average Return on Net Assets Excluding Non-recurring Items (%) | 0.63 | 2.41 | Decrease 1.78 percentage points | - The decline in operating revenue was primarily due to market demand fluctuations, changes in customer product structure, and strategic adjustments, leading to reduced company orders[24](index=24&type=chunk) - The decrease in net profit, basic earnings per share, and weighted average return on net assets was mainly due to reduced orders and lower capacity utilization at the parent company, as well as decreased revenue and profit from the Indian subsidiary's O&M business affected by customer strategic adjustments[25](index=25&type=chunk) [IX. Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the company's non-recurring gains and losses for H1 2025, totaling CNY 1,601,589.58, primarily including non-current asset disposal gains/losses, government grants, fair value changes in financial assets, and debt restructuring gains/losses H1 2025 Non-recurring Gains and Losses Items | Non-recurring Gains and Losses Item | Amount (CNY) | | :-------------------------------- | :----------- | | Gains/Losses on Disposal of Non-current Assets | 121,070.58 | | Government Grants | 7,477.33 | | Gains/Losses from Fair Value Changes of Financial Assets | 1,452,760.10 | | Gains/Losses from Debt Restructuring | 264,586.86 | | Other Non-operating Income and Expenses | 37,872.62 | | Less: Income Tax Impact | 282,177.91 | | **Total** | **1,601,589.58** | Section 3 Management Discussion and Analysis This section provides an in-depth analysis of the company's operating performance, industry trends, core competencies, and strategic initiatives during the reporting period [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) This section details the market status and development trends of the company's industries (commercial heavy trucks, diesel engines, intelligent generator sets) and describes the four main businesses: core components, diesel engines, intelligent generator sets, and communication base station O&M services - In H1 2025, China's cumulative heavy truck sales reached **539,000 units**, a **6.9% year-on-year increase**, with new energy heavy trucks showing significant growth of approximately **1.86 times**, while demand for traditional diesel heavy trucks was weaker[31](index=31&type=chunk) - From January to June 2025, domestic cumulative diesel engine sales reached **2.6641 million units**, a **4.12% year-on-year increase**; loader sales increased by **13.6% year-on-year**[32](index=32&type=chunk) - The data center market continues to grow, with China's data center market size expected to exceed **CNY 318 billion** in 2025, at a CAGR of approximately **26.7%**, driving demand for high-power diesel generator sets[33](index=33&type=chunk) - The company's main businesses include engine core components (cylinder blocks, cylinder heads, crankcases, primarily for heavy trucks), diesel engines (off-road, power **10kW-176kW**), intelligent generator sets (**10kW-2400kW**, for data centers, communication base stations), and comprehensive O&M services for communication base stations in India[35](index=35&type=chunk)[36](index=36&type=chunk) [(1) Industry Overview](index=8&type=section&id=(1)%20Industry%20Overview) This section analyzes the market environment for the company's main businesses, including the new energy transition trend in the commercial heavy truck market, stable demand for diesel engines, and rapid growth in the data center backup power market, providing a basis for the company's strategic planning - In H1 2025, cumulative sales of new energy heavy trucks were approximately **79,200 units**, growing about **1.86 times** year-on-year, transitioning from a "policy-driven introduction period" to a "market-driven growth period"[31](index=31&type=chunk) - Natural gas heavy truck sales decreased by **16% year-on-year**, with their cost advantage weakened, while demand for traditional diesel heavy trucks gradually recovered[31](index=31&type=chunk) - Diesel engines have strong irreplaceability in transportation, industry, agriculture, and emergency power, with domestic cumulative diesel engine sales growing **4.12%** year-on-year from January to June 2025[32](index=32&type=chunk) - Emerging applications like AI and cloud computing drive data center construction demand, with China's data center computing power demand projected to grow at an average annual rate of approximately **20%** from 2025-2030, increasing demand for high-power diesel generator sets[32](index=32&type=chunk)[33](index=33&type=chunk) [(2) Explanation of Main Business Operations](index=9&type=section&id=(2)%20Explanation%20of%20Main%20Business%20Operations) This section details the product scope and application areas of the company's four main businesses, highlighting its business layout and market positioning in engine core components, diesel engines, intelligent generator sets, and communication base station O&M services - Core components primarily include cylinder blocks, cylinder heads, and crankcases, applied in heavy trucks, construction machinery, and buses, with product series covering **9L-16L**[35](index=35&type=chunk) - Diesel engines focus on off-road applications, with power ranging from **10kW-176kW**, used in construction machinery, agricultural machinery, marine, power generation equipment, and stationary power[35](index=35&type=chunk) - Intelligent generator sets cover power from **10kW-2400kW**, providing integrated solutions for emergency power in data/computing centers, nuclear power plants, and other applications[36](index=36&type=chunk) - Comprehensive O&M services for communication base stations are primarily provided in India to operators and tower companies for installation, commissioning, and operation and maintenance[36](index=36&type=chunk) [II. Discussion and Analysis of Operations](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) This section analyzes the reasons for the company's H1 2025 operating performance decline and details key work and progress in intelligent generator sets, core components, diesel engines, new energy business layout, and innovative R&D - In H1 2025, the company's operating revenue was **CNY 373 million**, a **33.10% year-on-year decrease**; net profit attributable to shareholders of the listed company was **CNY 13.1523 million**, a **71.94% year-on-year decrease**[36](index=36&type=chunk) - The performance decline was mainly due to changes in heavy truck market demand structure (increased new energy penetration, no related new energy heavy truck component business for the company), natural gas engine production line technical upgrades in the debugging and verification phase, reduced revenue from the Indian subsidiary's O&M business due to customer strategic adjustments and visa policies, and increased credit impairment provisions[36](index=36&type=chunk)[37](index=37&type=chunk) - The company prioritizes the data center market for expansion, signing a strategic cooperation agreement with Shanghai Jipian Artificial Intelligence Technology Co., Ltd., planning to invest **CNY 20 million** for a **20% stake** to jointly promote an integrated "energy + computing power" support model[39](index=39&type=chunk) - In core components business, production line technical upgrades are underway for new natural gas engine models, with new **15NG4.0** cylinder blocks and heads passing sample and small-batch verification, and **13S** cylinder blocks in the sample verification phase[40](index=40&type=chunk) - In diesel engine business, multiple tractor platform matching intentions have been reached with Lovol, with prototypes passing verification tests, and bulk supply expected in H2[40](index=40&type=chunk) - The company established Huafeng New Energy (Changzhou) Co., Ltd. in a joint venture with a professional technical team to explore R&D, manufacturing, and integrated application of new energy battery products, and to advance the solid-state battery project jointly developed with the Shanghai Institute of Ceramics, Chinese Academy of Sciences[42](index=42&type=chunk) [Operating Overview](index=9&type=section&id=Operating%20Overview) This section briefly summarizes the company's H1 2025 financial performance, noting significant declines in operating revenue and net profit attributable to the parent, and outlining the main reasons for these changes H1 2025 Operating Performance Overview | Indicator | Amount/Ratio | | :-------- | :----------- | | Operating Revenue | CNY 373 million | | Year-on-year Decline | 33.10% | | Net Profit Attributable to Parent | CNY 13.1523 million | | Year-on-year Decrease | 71.94% | - Key reasons include changes in heavy truck market demand structure (new energy penetration increased, company has no related component business), natural gas engine production line technical upgrades affecting revenue, reduced O&M revenue from the Indian subsidiary, and increased credit impairment provisions[36](index=36&type=chunk)[37](index=37&type=chunk) [Key Initiatives in H1 2025](index=10&type=section&id=Key%20Initiatives%20in%20H1%202025) This section details the company's specific measures during the reporting period for business transformation and innovative development, including data center market expansion, technological upgrades, new product development, new energy business layout, and solid-state battery R&D progress - The company targets the data center market as a key expansion area, signing a strategic cooperation agreement with Shanghai Jipian Artificial Intelligence Technology Co., Ltd., planning to invest **CNY 20 million** for a **20% stake** to provide highly reliable backup power system solutions[39](index=39&type=chunk) - In core components, production line technical upgrades for new natural gas engine models are underway, with new **15NG4.0** cylinder blocks and heads passing sample and small-batch verification, and **13S** cylinder blocks in the sample verification phase[40](index=40&type=chunk) - In diesel engines, multiple tractor platform matching intentions have been reached with Lovol, with prototypes passing verification tests, and bulk supply expected in H2, alongside new development of dual-shaft balance and high-cost-performance naturally aspirated models[40](index=40&type=chunk)[41](index=41&type=chunk) - For new energy business, Huafeng New Energy (Changzhou) Co., Ltd. was established as a joint venture to explore R&D, manufacturing, and integrated application of new energy battery products, and to accelerate the solid-state battery project jointly developed with the Shanghai Institute of Ceramics, Chinese Academy of Sciences[42](index=42&type=chunk) - In innovative R&D, solid-state battery performance indicators significantly improved, with invention patent applications submitted, and collaboration with Xiamen University on cooling cutting fluid development[42](index=42&type=chunk) [III. Analysis of Core Competencies during the Reporting Period](index=11&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20during%20the%20Reporting%20Period) This section comprehensively analyzes the company's core competencies in customer resources, technology R&D, intelligent manufacturing, quality management, and business synergy and innovation, highlighting its competitive advantages and sustainable development potential in the industry - The company has accumulated high-quality customer resources such as Weichai Power, FAW Jiefang, Weichai Lovol, CIMC Vehicles, and Reliance Group (India), which aids in new business development[43](index=43&type=chunk) - The company possesses long-term R&D and manufacturing experience in core components, diesel engines, and intelligent generator sets, forming a flexible processing technology system, and establishing industry-university-research cooperation with institutions like the Shanghai Institute of Ceramics, Chinese Academy of Sciences, and Xiamen University[44](index=44&type=chunk) - The company continuously advances its "lean manufacturing + intelligent upgrade" strategy, building flexible, automated, modular intelligent production lines for components and advanced assembly lines for diesel engines and generator sets[44](index=44&type=chunk)[45](index=45&type=chunk) - The company operates quality management systems such as ISO9001 and IATF16949, implementing comprehensive, company-wide, and full-process quality management to ensure product quality[45](index=45&type=chunk) - The company deepens technical synergy and product linkage with key clients, possessing capabilities for simultaneous development, design, and manufacturing, and actively expanding new business models to cultivate potential growth points[45](index=45&type=chunk)[46](index=46&type=chunk) [IV. Major Operating Conditions during the Reporting Period](index=12&type=section&id=IV.%20Major%20Operating%20Conditions%20during%20the%20Reporting%20Period) This section details the company's financial statement item changes, asset-liability status, investment situation, and operating performance of major controlled and investee companies during the reporting period, revealing operational challenges and subsidiary performance fluctuations Analysis of Major Financial Statement Item Changes (Jan-Jun 2025) | Item | Current Period Amount (CNY) | Prior Year Same Period Amount (CNY) | Change Ratio (%) | | :--- | :-------------------------- | :-------------------------- | :--------------- | | Operating Revenue | 373,429,343.73 | 558,207,787.04 | -33.10 | | Operating Cost | 333,027,542.84 | 472,851,324.47 | -29.57 | | Selling Expenses | 7,597,315.03 | 7,002,085.72 | 8.50 | | Administrative Expenses | 17,429,867.99 | 23,387,081.80 | -25.47 | | R&D Expenses | 10,290,960.03 | 15,849,749.74 | -35.07 | | Net Cash Flow from Operating Activities | -14,110,630.80 | 174,901,502.72 | -108.07 | | Net Cash Flow from Investing Activities | 7,613,454.16 | -257,305,525.56 | Not applicable | | Net Cash Flow from Financing Activities | -40,137,753.64 | -63,046,464.02 | Not applicable | - The decline in operating revenue was primarily due to changes in heavy truck market demand, technical upgrades to natural gas engine production lines, and reduced O&M revenue from the Indian subsidiary[49](index=49&type=chunk) - Trading financial assets decreased by **31.86%** compared to the end of the prior year, mainly due to reduced purchases of structured deposit products; accounts receivable increased by **35.83%**, primarily due to increased outstanding receivables within the credit period from major customers[51](index=51&type=chunk)[52](index=52&type=chunk) - Overseas assets amounted to **CNY 214,067,681.39**, accounting for **9.41%** of total assets[53](index=53&type=chunk) - PowerHF India Private Limited's operating revenue decreased by **64.21% year-on-year**, and net profit decreased by **96.49% year-on-year**, mainly due to strategic adjustments by a key Indian client and visa policy impacts[59](index=59&type=chunk) - Huafeng (Jiangsu) Machinery Manufacturing Co., Ltd.'s operating revenue increased by **16367.02% year-on-year**, but due to low capacity utilization, net profit decreased by **56.98% year-on-year**[59](index=59&type=chunk) [(1) Analysis of Main Business](index=12&type=section&id=(1)%20Analysis%20of%20Main%20Business) This section analyzes changes in financial statement items, revealing significant shifts in the company's operating revenue, costs, expenses, and cash flow, and explains the primary drivers such as market demand, technical upgrades, and overseas business impacts Analysis of Major Financial Statement Item Changes (Jan-Jun 2025) | Item | Current Period Amount (CNY) | Prior Year Same Period Amount (CNY) | Change Ratio (%) | | :--- | :-------------------------- | :-------------------------- | :--------------- | | Operating Revenue | 373,429,343.73 | 558,207,787.04 | -33.10 | | Operating Cost | 333,027,542.84 | 472,851,324.47 | -29.57 | | Administrative Expenses | 17,429,867.99 | 23,387,081.80 | -25.47 | | R&D Expenses | 10,290,960.03 | 15,849,749.74 | -35.07 | | Net Cash Flow from Operating Activities | -14,110,630.80 | 174,901,502.72 | -108.07 | - The decline in operating revenue was primarily due to changes in heavy truck market demand, technical upgrades to natural gas engine production lines, and reduced O&M revenue from the Indian subsidiary[49](index=49&type=chunk) - Net cash flow from operating activities turned negative, mainly due to decreased fund recovery resulting from lower operating revenue[50](index=50&type=chunk) [(3) Analysis of Assets and Liabilities](index=13&type=section&id=(3)%20Analysis%20of%20Assets%20and%20Liabilities) This section analyzes changes in the company's period-end asset and liability structure, noting decreases in trading financial assets, increases in accounts receivable, and reductions in certain payables, while also disclosing the scale of overseas assets Changes in Assets and Liabilities (Period-end vs. Prior Year-end) | Item Name | Current Period-end Amount (CNY) | Prior Year-end Amount (CNY) | Change Ratio (%) | | :-------- | :------------------------------ | :-------------------------- | :--------------- | | Trading Financial Assets | 170,577,835.62 | 250,325,095.90 | -31.86 | | Accounts Receivable | 132,112,920.66 | 97,260,110.49 | 35.83 | | Prepayments | 5,777,799.40 | 3,405,944.84 | 69.64 | | Non-current Assets Due Within One Year | 55,333,692.98 | 37,774,573.41 | 46.48 | | Notes Payable | 46,823,464.61 | 115,329,547.91 | -59.40 | | Employee Benefits Payable | 4,441,434.50 | 8,805,797.06 | -49.56 | - The decrease in trading financial assets was mainly due to reduced purchases of structured deposit products; the increase in accounts receivable was primarily due to increased outstanding receivables within the credit period from major customers[51](index=51&type=chunk)[52](index=52&type=chunk) - Overseas assets amounted to **CNY 214,067,681.39**, accounting for **9.41%** of total assets[53](index=53&type=chunk) [(4) Analysis of Investment Status](index=14&type=section&id=(4)%20Analysis%20of%20Investment%20Status) This section discloses the company's period-end restricted assets and financial assets measured at fair value, indicating that some monetary funds and intangible assets are subject to pledges or margin restrictions, with bank structured deposits being the primary fair value measured financial assets Period-end Major Restricted Assets | Item Name | Period-end Book Value (CNY) | Reason | | :-------- | :-------------------------- | :------------------- | | Monetary Funds | 2,037,621.73 | Acceptance bill margin | | Monetary Funds | 2,000,000.00 | Letter of guarantee margin | | Intangible Assets | 43,486,529.79 | Loan collateral | | **Total** | **47,524,151.52** | / | Financial Assets Measured at Fair Value (Other) | Asset Category | Beginning Balance (CNY) | Amount Purchased in Current Period (CNY) | Amount Sold/Redeemed in Current Period (CNY) | Period-end Balance (CNY) | | :------------- | :---------------------- | :--------------------------------------- | :------------------------------------------- | :----------------------- | | Bank Structured Deposits | 250,325,095.90 | 262,500,000.00 | 342,500,000.00 | 170,577,835.62 | [(6) Analysis of Major Controlled and Investee Companies](index=16&type=section&id=(6)%20Analysis%20of%20Major%20Controlled%20and%20Investee%20Companies) This section analyzes the operating performance of the company's major controlled subsidiaries, particularly PowerHF India Private Limited and Huafeng (Jiangsu) Machinery Manufacturing Co., Ltd., and the reasons for their performance fluctuations, reflecting the impact of overseas markets and capacity utilization on subsidiary profits Major Subsidiary Financial Data (Jan-Jun 2025) | Company Name | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :----------- | :---------------------- | :--------------------- | :--------------- | | PowerHF India Private Limited | 5,111,398.03 | -20,581.50 | 111,683.18 | | Huafeng (Jiangsu) Machinery Manufacturing Co., Ltd. | 12,983,010.13 | -5,477,070.49 | -4,118,824.40 | | Shanghai Juxin Import and Export Co., Ltd. | 4,320,480.03 | 2,295,081.58 | 2,295,081.58 | - PowerHF India Private Limited's operating revenue decreased by **64.21% year-on-year**, and net profit decreased by **96.49% year-on-year**, mainly due to strategic adjustments by a key Indian client and visa policy impacts[59](index=59&type=chunk) - Huafeng (Jiangsu) Machinery Manufacturing Co., Ltd.'s operating revenue increased by **16367.02% year-on-year**, but due to low capacity utilization and higher unit manufacturing costs, net profit decreased by **56.98% year-on-year**[59](index=59&type=chunk) [V. Other Disclosures](index=17&type=section&id=V.%20Other%20Disclosures) This section details six major risks the company may face, including macroeconomic, customer concentration, product gross margin decline, new energy substitution, international situation, and fundraising project delay or change risks, along with corresponding countermeasures - The company faces domestic macroeconomic environment risks and will respond by expanding domestic and international markets, diversifying products and customers, and developing new businesses[60](index=60&type=chunk) - There is a risk of major customer concentration and reliance on key clients; the company will pursue a customer diversification strategy, consolidating existing clients and expanding to new ones[60](index=60&type=chunk) - Core component product prices and gross margins face a decline risk; the company will continue to advance process improvement, product structure optimization, and cost reduction and efficiency enhancement[60](index=60&type=chunk) - The development of the new energy industry poses a substitution risk to the internal combustion engine industry; the company has established a new energy joint venture and is expanding into high-end power markets such as data centers and computing centers[61](index=61&type=chunk) - International situations and overseas market risks affect Indian business revenue and profit; the company will strengthen international trade research, explore diversified overseas markets, and manage exchange rate risks[61](index=61&type=chunk) - The fundraising project "New Lightweight Engine Core Components Intelligent Manufacturing Project" faces risks of delay or change; the company will closely monitor market demand and may initiate procedures for changing the use of raised funds[62](index=62&type=chunk) Section 4 Corporate Governance, Environment, and Society This section details changes in the company's governance structure, profit distribution plans, employee incentives, and environmental information disclosure during the reporting period [I. Changes in Directors, Supervisors, and Senior Management](index=19&type=section&id=I.%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) This section discloses changes in the company's Board Secretary during the reporting period, with Ms. Wang Hongxia resigning due to work adjustments and Mr. Liu Xiang appointed as the new Board Secretary Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change Type | | :------- | :--------------- | :---------- | | Wang Hongxia | Board Secretary | Resignation | | Liu Xiang | Board Secretary | Appointment | - After resigning as Board Secretary, Ms. Wang Hongxia continues to serve as a company director and CFO[66](index=66&type=chunk) - Mr. Liu Xiang was appointed as the company's Board Secretary on **April 28, 2025**[66](index=66&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=19&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) This section discloses the company's H1 2025 profit distribution plan, proposing a cash dividend of CNY 0.10 per share (tax inclusive) to all shareholders, totaling CNY 17,113,200.00, representing 130.12% of H1 net profit attributable to the parent H1 2025 Profit Distribution Plan | Item | Amount | | :--- | :----- | | Whether to Distribute or Convert | Yes | | Dividend per 10 Shares (CNY) (tax inclusive) | 1.00 | | Total Proposed Cash Dividend (tax inclusive) | CNY 17,113,200.00 | | Percentage of H1 2025 Net Profit Attributable to Parent | 130.12% | - This profit distribution plan is subject to approval by the General Meeting of Shareholders and may be adjusted in total amount due to changes in total share capital[67](index=67&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=19&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) This section outlines the progress of the company's 2024 Restricted Stock Incentive Plan, including approval by the Board, Supervisory Committee, and General Meeting of Shareholders, public disclosure of the incentive recipient list, and completion of restricted stock registration - The company approved the "2024 Restricted Stock Incentive Plan (Draft)" and its summary on **June 24, 2024**[68](index=68&type=chunk) - The list of incentive recipients was publicly disclosed from **June 26 to July 5, 2024**, with no objections received by the Supervisory Committee[69](index=69&type=chunk) - On **July 15, 2024**, the General Meeting of Shareholders approved the resolutions related to the incentive plan[69](index=69&type=chunk) - On **August 21, 2024**, the registration of restricted shares granted under the 2024 Restricted Stock Incentive Plan was completed[69](index=69&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=21&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) This section discloses the inquiry index for the environmental information disclosure report of the company, as a listed entity included in the list of enterprises required to disclose environmental information by law, reflecting its compliance in environmental information transparency - The company is included in the list of enterprises required to disclose environmental information by law, and relevant reports can be found on the "Enterprise Environmental Information Disclosure System (Shandong)"[71](index=71&type=chunk) Section 5 Significant Matters This section outlines the fulfillment of key commitments, integrity status, significant contracts, and the progress of fundraising projects, along with associated risks [I. Fulfillment of Commitments](index=22&type=section&id=I.%20Fulfillment%20of%20Commitments) This section details multiple commitments made by the company's actual controllers, shareholders, related parties, and the company itself regarding IPO and equity incentives, stating that all commitments were strictly fulfilled during the reporting period - Actual controllers and directors Xu Huadong and CHUI LAP LAM committed not to transfer more than **25%** of their total shares annually during their tenure and within six months after resignation[74](index=74&type=chunk) - Controlling shareholder Engineus Power committed that within two years after the lock-up period expires, the number of shares reduced annually will not exceed **25%** of the total shares held at the time of the company's IPO, and the reduction price will not be lower than the offering price[75](index=75&type=chunk)[76](index=76&type=chunk) - All company directors and senior management committed not to transfer benefits to other entities or individuals without compensation or under unfair conditions, and to restrict job-related consumption[77](index=77&type=chunk) - Controlling shareholder Engineus Power committed not to engage in businesses that constitute horizontal competition with Huafeng Shares and to prioritize transferring such business opportunities to Huafeng Shares[78](index=78&type=chunk) - Actual controllers Xu Huadong and CHUI LAP LAM committed to avoid horizontal competition and related party transactions with the company, and to bear legal responsibility for the truthfulness, accuracy, and completeness of the prospectus[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk) - The company committed not to provide loans or other financial assistance to equity incentive recipients, and incentive recipients committed to return all benefits received if disclosure documents contain false records[89](index=89&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller during the Reporting Period](index=29&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller%20during%20the%20Reporting%20Period) This section states that the company, its controlling shareholder, and actual controller maintained good integrity during the reporting period, with no unfulfilled obligations, overdue debts, unfulfilled commitments, or public condemnations - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled obligations determined by effective legal documents, overdue large debts, unfulfilled commitments, or public condemnations by the CSRC or SSE[92](index=92&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=30&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This section discloses the company's fulfillment of significant contracts during the reporting period, including the factory lease by its wholly-owned subsidiary Huafeng (Jiangsu) Machinery Manufacturing Co., Ltd. and major guarantees provided to subsidiaries - Wholly-owned subsidiary Huafeng (Jiangsu) Machinery Manufacturing Co., Ltd. leased a factory area of **17,014.10 square meters** with an annual rent of **CNY 5,104,230.00** for a **10-year term** (December 1, 2022, to November 30, 2032), for the "Lightweight High-end New Series Engine Cylinder Block and Cylinder Head Intelligent Manufacturing Project"[95](index=95&type=chunk) Company Guarantees to Subsidiaries (June 30, 2025) | Indicator | Amount (CNY) | | :-------- | :----------- | | Total Guarantees to Subsidiaries Incurred During Reporting Period | 61,860,973.06 | | Total Guarantees to Subsidiaries Balance at Period-end (B) | 57,173,160.39 | | Total Guarantees (A+B) | 57,173,160.39 | | Percentage of Total Guarantees to Company's Net Assets (%) | 3.14 | | Debt Guarantee Amount Provided Directly or Indirectly to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 57,173,160.39 | [(1) Custody, Contracting, and Leasing Matters](index=30&type=section&id=(1)%20Custody,%20Contracting,%20and%20Leasing%20Matters) This section details the factory lease by the company's wholly-owned subsidiary Huafeng (Jiangsu) Machinery Manufacturing Co., Ltd., for the "Lightweight High-end New Series Engine Cylinder Block and Cylinder Head Intelligent Manufacturing Project," with a 10-year lease term - Huafeng (Jiangsu) Machinery Manufacturing Co., Ltd. leased a factory area of **17,014.10 square meters** with an annual rent of **CNY 5,104,230.00**[95](index=95&type=chunk) - The lease term is from **December 1, 2022, to November 30, 2032**, for the "Lightweight High-end New Series Engine Cylinder Block and Cylinder Head Intelligent Manufacturing Project"[95](index=95&type=chunk) [(2) Significant Guarantees Performed and Unfulfilled during the Reporting Period](index=32&type=section&id=(2)%20Significant%20Guarantees%20Performed%20and%20Unfulfilled%20during%20the%20Reporting%20Period) This section discloses the company's total guarantees to subsidiaries and their percentage of net assets, noting that all guarantees were provided to guaranteed parties with an asset-liability ratio exceeding 70% Company Guarantees to Subsidiaries (June 30, 2025) | Indicator | Amount (CNY) | | :-------- | :----------- | | Total Guarantees to Subsidiaries Incurred During Reporting Period | 61,860,973.06 | | Total Guarantees to Subsidiaries Balance at Period-end (B) | 57,173,160.39 | | Total Guarantees (A+B) | 57,173,160.39 | | Percentage of Total Guarantees to Company's Net Assets (%) | 3.14 | | Debt Guarantee Amount Provided Directly or Indirectly to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 57,173,160.39 | [XII. Explanation of Progress in Use of Raised Funds](index=33&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) This section details the overall use of the company's raised funds and the specific progress of fundraising projects, particularly the reasons for delay and potential change risks for the "New Lightweight Engine Core Components Intelligent Manufacturing Project," and discloses cash management of idle raised funds Overall Use of Raised Funds (As of Period-end) | Indicator | Amount (CNY 10,000) | | :-------- | :------------------ | | Total Raised Funds | 85,563.10 | | Net Raised Funds | 79,677.09 | | Total Raised Funds Cumulatively Invested as of Period-end | 65,052.22 | | Investment Progress as of Period-end (%) | 81.64 | - The "New Lightweight Engine Core Components Intelligent Manufacturing Project" did not meet planned progress; Phase I is largely complete and operational, but Phase II is postponed due to declining market demand and existing capacity meeting needs, posing risks of further delay or change in the fundraising project[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) - The company uses temporarily idle raised funds of no more than **CNY 150 million** for cash management, investing in highly secure, liquid principal-protected investment products with a term not exceeding **12 months**[111](index=111&type=chunk) [(1)Overall Use of Raised Funds](index=33&type=section&id=(1)Overall%20Use%20of%20Raised%20Funds) This section outlines the overall receipt of the company's raised funds, the total committed investment, and the cumulative invested amount and progress as of the reporting period end, indicating that most of the raised funds have been invested Overall Use of Raised Funds (As of Period-end) | Indicator | Amount (CNY 10,000) | | :-------- | :------------------ | | Total Raised Funds | 85,563.10 | | Net Raised Funds | 79,677.09 | | Total Committed Investment of Raised Funds in Prospectus or Offering Document | 79,677.09 | | Total Raised Funds Cumulatively Invested as of Period-end | 65,052.22 | | Investment Progress as of Period-end (%) | 81.64 | [(2)Details of Fundraising Projects](index=33&type=section&id=(2)Details%20of%20Fundraising%20Projects) This section details the total investment, current year investment, cumulative investment progress, and benefit realization of each fundraising project, specifically explaining the reasons for delay and potential change risks for the "New Lightweight Engine Core Components Intelligent Manufacturing Project" Details of Fundraising Project Usage (As of Period-end) | Project Name | Total Committed Investment of Raised Funds (CNY 10,000) | Total Raised Funds Cumulatively Invested as of Period-end (CNY 10,000) | Investment Progress (%) | | :----------- | :------------------------------------------ | :----------------------------------------------------------- | :---------------------- | | Engine Core Components Intelligent Manufacturing Project | 30,942.49 | 28,325.66 | 91.54 | | Repayment of Bank Loans | 10,000.00 | 10,000.00 | 100 | | Technology Center Upgrade Project | 108.95 | 108.95 | 100 | | Enterprise Informationization Construction Project | 181.04 | 181.04 | 100 | | New Lightweight Engine Core Components Intelligent Manufacturing Project | 34,892.05 | 22,753.77 | 65.21 | | Lightweight High-end New Series Engine Cylinder Block and Cylinder Head Intelligent Manufacturing Project | 3,675.00 | 3,682.81 | 100.21 | - The "New Lightweight Engine Core Components Intelligent Manufacturing Project" is delayed until **December 2025**, mainly due to declining market demand, existing capacity meeting needs, and some contract payments and quality assurance funds not reaching payment milestones[106](index=106&type=chunk) - The urgency for Phase II construction of this project is low; the company is closely monitoring market demand changes and may initiate procedures for changing the use of raised funds[107](index=107&type=chunk)[108](index=108&type=chunk) - The "Lightweight High-end New Series Engine Cylinder Block and Cylinder Head Intelligent Manufacturing Project" did not achieve expected benefits because it had not yet reached mass production in H1 2025[108](index=108&type=chunk) [(4)Other Uses of Raised Funds during the Reporting Period](index=37&type=section&id=(4)Other%20Uses%20of%20Raised%20Funds%20during%20the%20Reporting%20Period) This section discloses the company's cash management of idle raised funds, specifying authorized limits, investment types, and usage periods to enhance fund utilization efficiency - The company's Board of Directors approved the use of temporarily idle raised funds not exceeding **CNY 150 million** for cash management[111](index=111&type=chunk) - Investment products are highly secure, liquid principal-protected types, with a term not exceeding **12 months**, and funds can be rolled over[111](index=111&type=chunk) Section 6 Share Changes and Shareholder Information This section details changes in the company's share capital, provides an overview of its shareholder structure, and lists information on directors, supervisors, and senior management [I. Changes in Share Capital](index=38&type=section&id=I.%20Changes%20in%20Share%20Capital) This section states that there were no changes in the company's total share capital and share structure during the reporting period - During the reporting period, there were no changes in the company's total share capital and share structure[114](index=114&type=chunk) [II. Shareholder Information](index=38&type=section&id=II.%20Shareholder%20Information) This section discloses the total number of common shareholders, the top ten shareholders, and the top ten unrestricted tradable share shareholders as of the reporting period end, and explains the related party relationships among major shareholders - As of the reporting period end, the total number of common shareholders was **27,550**[115](index=115&type=chunk) Top Ten Shareholders' Shareholding as of Period-end | Shareholder Name | Period-end Shareholding (shares) | Percentage (%) | Shareholder Nature | | :--------------- | :------------------------------- | :------------- | :----------------- | | Engineus Power Holding Inc. | 88,200,000 | 51.54 | Overseas Legal Person | | Shanghai Guankun Venture Capital Partnership (Limited Partnership) | 4,900,000 | 2.86 | Other | | Yan Minying | 4,100,000 | 2.40 | Overseas Natural Person | | Lin Jiyang | 3,600,000 | 2.10 | Overseas Natural Person | | UBS AG | 852,051 | 0.50 | Overseas Legal Person | - Controlling shareholder Engineus Power Holding Inc. holds **88,200,000 shares**, with a shareholding ratio of **51.54%**[117](index=117&type=chunk) - Engineus Power Holding Inc. and Shanghai Guankun Venture Capital Partnership (Limited Partnership) are controlled by the same actual controller[118](index=118&type=chunk) Top Ten Restricted Shareholders' Shareholding and Restriction Conditions | No. | Restricted Shareholder Name | Number of Restricted Shares Held (shares) | Restriction Conditions | | :-- | :-------------------------- | :---------------------------------------- | :--------------------------------- | | 1 | 31 Incentive Recipients of 2024 Restricted Stock Incentive Plan | 1,200,000 | Agreed unlocking conditions not yet met | [III. Information on Directors, Supervisors, and Senior Management](index=39&type=section&id=III.%20Information%20on%20Directors,%20Supervisors,%20and%20Senior%20Management) This section states that there were no changes in shareholdings of the company's directors, supervisors, and senior management during the reporting period, nor were they granted equity incentives - During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management[120](index=120&type=chunk) - During the reporting period, directors, supervisors, and senior management were not granted equity incentives[121](index=121&type=chunk) Section 7 Bond-Related Information This section confirms the absence of corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds during the reporting period [I. Corporate Bonds (Including Enterprise Bonds) and Non-financial Enterprise Debt Financing Instruments](index=41&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-financial%20Enterprise%20Debt%20Financing%20Instruments) This section states that 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 during the reporting period[123](index=123&type=chunk) [II. Convertible Corporate Bonds](index=41&type=section&id=II.%20Convertible%20Corporate%20Bonds) This section states that the company had no convertible corporate bonds during the reporting period - The company had no convertible corporate bonds during the reporting period[123](index=123&type=chunk) Section 8 Financial Report This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and detailed notes on accounting policies and financial items [I. Audit Report](index=42&type=section&id=I.%20Audit%20Report) This section states that the company's H1 2025 semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk) [II. Financial Statements](index=42&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 owners' equity, comprehensively presenting the company's financial position, operating results, and cash flow Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Period-end Balance (CNY) | Beginning Balance (CNY) | | :--- | :----------------------- | :---------------------- | | Monetary Funds | 236,332,552.99 | 299,561,094.72 | | Trading Financial Assets | 170,577,835.62 | 250,325,095.90 | | Accounts Receivable | 132,112,920.66 | 97,260,110.49 | | Inventories | 155,238,404.43 | 188,263,797.72 | | Total Current Assets | 1,091,585,022.62 | 1,246,044,929.66 | | Fixed Assets | 763,636,145.10 | 805,809,105.99 | | Total Assets | 2,274,324,599.93 | 2,441,827,062.25 | | Notes Payable | 46,823,464.61 | 115,329,547.91 | | Accounts Payable | 188,090,123.46 | 240,242,130.51 | | Total Current Liabilities | 293,084,624.14 | 426,627,769.25 | | Total Liabilities | 455,280,062.02 | 599,245,302.26 | | Total Owners' Equity Attributable to Parent Company | 1,819,044,414.43 | 1,842,581,641.89 | | Total Owners' Equity | 1,819,044,537.91 | 1,842,581,759.99 | Consolidated Income Statement Key Data (Jan-Jun 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :-------------------------- | :------------------------ | | Total Operating Revenue | 373,429,343.73 | 558,207,787.04 | | Total Operating Cost | 362,604,850.69 | 511,124,148.77 | | Operating Profit | 14,402,430.26 | 55,055,509.38 | | Total Profit | 14,440,302.88 | 55,203,470.40 | | Net Profit | 13,152,311.98 | 46,877,614.00 | | Net Profit Attributable to Parent Company Shareholders | 13,152,306.37 | 46,877,612.27 | | Basic Earnings Per Share (CNY/share) | 0.08 | 0.28 | Consolidated Cash Flow Statement Key Data (Jan-Jun 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :-------------------------- | :------------------------ | | Net Cash Flow from Operating Activities | -14,110,630.80 | 174,901,502.72 | | Net Cash Flow from Investing Activities | 7,613,454.16 | -257,305,525.56 | | Net Cash Flow from Financing Activities | -40,137,753.64 | -63,046,464.02 | | Net Increase in Cash and Cash Equivalents | -46,997,692.60 | -145,521,314.00 | | Period-end Cash and Cash Equivalents Balance | 232,294,931.26 | 227,656,954.39 | [III. Company Basic Information](index=59&type=section&id=III.%20Company%20Basic%20Information) This section introduces the company's registered address, headquarters address, and main business activities, clarifying that the company belongs to the equipment manufacturing industry, with its main business covering the design, development, production, and sales of internal combustion engines, generator sets, new energy powertrain systems and related products, precision components, general machinery products and their accessories, as well as installation, commissioning, and comprehensive O&M services for communication base station equipment and facilities - The company's registered and headquarters address is No. 7879 Yingqian Street, High-tech Zone, Weifang City[153](index=153&type=chunk) - The company's main business includes the design, development, production, and sales of internal combustion engines, generator sets, new energy powertrain systems and related products, precision components, general machinery products and their accessories, as well as installation, commissioning, and comprehensive O&M services for communication base station equipment and facilities[153](index=153&type=chunk) [IV. Basis of Financial Statement Preparation](index=59&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 and comply with the Accounting Standards for Business Enterprises issued by the Ministry of Finance, ensuring the truthfulness and completeness of financial reporting - The company's financial statements are prepared on a going concern basis and in accordance with the "Accounting Standards for Business Enterprises" and other regulations issued by the Ministry of Finance[154](index=154&type=chunk) - The company has the ability to continue as a going concern for at least **12 months** from the end of the reporting period, with no significant matters affecting its going concern ability[155](index=155&type=chunk) [V. Significant Accounting Policies and Estimates](index=59&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates followed by the company in preparing financial statements, including classification, recognition, and measurement of financial instruments, determination of expected credit losses, inventory valuation and impairment provisions, and depreciation and amortization methods for fixed assets and intangible assets, providing a basis for understanding financial data - The company's financial statements comply with the requirements of Accounting Standards for Business Enterprises, truthfully and completely reflecting its financial position and operating results[156](index=156&type=chunk) - The company uses a **12-month** period as its normal operating cycle, and its functional currency is RMB[158](index=158&type=chunk)[159](index=159&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss[171](index=171&type=chunk) - Expected credit losses are measured using a "three-stage" model, with a simplified approach for accounts receivable, always measuring loss provisions based on expected credit losses over the entire lifetime[174](index=174&type=chunk)[175](index=175&type=chunk) - Inventories are valued using the weighted average method upon issuance, and measured at the lower of cost and net realizable value at the balance sheet date, with inventory impairment provisions recognized[194](index=194&type=chunk)[195](index=195&type=chunk) - Fixed assets are depreciated using the straight-line method, with depreciation periods of **20-40 years** for buildings and **5-15 years** for machinery and equipment[208](index=208&type=chunk) - Intangible assets (land use rights, computer software) are amortized using the straight-line method, with amortization periods of **50 years** for land use rights and **5-10 years** for computer software[212](index=212&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services, at the transaction price allocated to the performance obligations[227](index=227&type=chunk) [VI. Taxes](index=76&type=section&id=VI.%20Taxes) This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, and corporate income tax, and explains the differences in income tax rates for various taxable entities and the high-tech enterprise tax incentives enjoyed by the company Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :----------- | :------------------------- | :------------ | | Value-Added Tax (VAT) | Taxable Income | 6%、13%、18% | | Urban Maintenance and Construction Tax | Amount of Turnover Tax Payable | 7% | | Corporate Income Tax | Taxable Income | 15%、17%、25%、25.168% | | Education Surcharge | Amount of Turnover Tax Payable | 3% | | Local Education Surcharge | Amount of Turnover Tax Payable | 2% | - Huafeng Power Co., Ltd. applies a **15%** corporate income tax rate, Shanghai Juxin Import and Export Co., Ltd. applies **25%**, and PowerHF India Private Limited applies **25.168%**[241](index=241&type=chunk) - The company was recognized as a high-tech enterprise in 2023 and enjoys a **15%** income tax preferential policy from 2023 to 2025[242](index=242&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=76&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, including monetary funds, trading financial assets, notes receivable, accounts receivable, inventories, fixed assets, construction in progress, intangible assets, deferred tax assets/liabilities, notes payable, accounts payable, employee benefits payable, other payables, long-term borrowings, lease liabilities, share capital, treasury stock, other comprehensive income, retained earnings, operating revenue and costs, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change gains, credit impairment losses, asset impairment losses, asset disposal gains, non-operating income, non-operating expenses, income tax expenses, and cash flow statement items, offering detailed explanations and disclosures for various financial data - Period-end monetary funds balance was **CNY 236,332,552.99**, including bill margin of **CNY 2,037,621.73** and letter of guarantee margin of **CNY 2,000,000.00**[245](index=245&type=chunk) - Period-end trading financial assets balance was **CNY 170,577,835.62**, primarily debt instrument investments[247](index=247&type=chunk) - Period-end accounts receivable book balance was **CNY 143,602,675.15**, with bad debt provision of **CNY 11,489,754.49**, and book value of **CNY 132,112,920.66**[258](index=258&type=chunk) - Period-end inventory book value was **CNY 155,238,404.43**, with total inventory impairment provision and contract performance cost impairment provision of **CNY 19,944,522.51**[284](index=284&type=chunk) - Period-end fixed assets book value was **CNY 761,938,976.70**, including buildings of **CNY 210,373,088.96** and machinery and equipment of **CNY 549,366,692.06**[300](index=300&type=chunk) - Period-end construction in progress book value was **CNY 156,652,782.88**, primarily including intelligent manufacturing technical upgrade projects for engine core components, and intelligent manufacturing projects for data center and communication generator sets[308](index=308&type=chunk) - Current period operating revenue was **CNY 373,429,343.73**, and operating cost was **CNY 333,027,542.84**[373](index=373&type=chunk) - Current period credit impairment loss was **CNY -3,180,198.79**, and asset impairment loss was **CNY 244,619.34**[384](index=384&type=chunk)[385](index=385&type=chunk) [VIII. R&D Expenses](index=126&type=section&id=VIII.%20R%26D%20Expenses) This section lists the company's R&D expenses during the reporting period, primarily including employee compensation, new product development, and trial production costs, with all R&D expenses recognized as current period expenses R&D Expenses by Nature of Expense (Jan-Jun 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :-------------------------- | :------------------------ | | Employee Compensation | 5,643,292.02 | 5,186,866.21 | | New Product Development and Trial Production | 1,644,393.76 | 9,707,730.73 | | Travel Expenses | 109,653.13 | 128,271.44 | | Depreciation and Amortization Expenses | 494,793.40 | 529,891.44 | | Office Expenses | 98,787.71 | 38,918.79 | | Other | 2,300,040.01 | 258,071.13 | | **Total** | **10,290,960.03** | **15,849,749.74** | | Of which: Expensed R&D | 10,290,960.03 | 15,849,749.74 | | Capitalized R&D | - | - | - Total R&D expenses for the current period were **CNY 10,290,960.03**, a decrease from the prior period, and all were expensed[408](index=408&type=chunk) [IX. Changes in Consolidation Scope](index=127&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) This section states that during the reporting period, the company did not experience business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries leading to loss of control - During the reporting period, the company did not experience business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries leading to loss of control[411](index=411&type=chunk) [X. Interests in Other Entities](index=128&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the composition of the company's enterprise group, including the names, principal places of business, registered capital, nature of business, and shareholding percentages of all subsidiaries, and explains the company's control methods over these subsidiaries Composition of Enterprise Group | Subsidiary Name

证券代码：605100 证券简称：华丰股份 公告编号：2025-034 华丰动力股份有限公司 关于组织架构调整的公告 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。 华丰动力股份有限公司于 2025 年 8 月 27 日召开的第四届董事会第十八次会 议审议通过了《关于公司组织架构调整的议案》。为贯彻落实《公司法》《上市公 司章程指引》等法律法规要求，进一步规范公司运作、提高公司治理水平，公司 拟取消监事会，由董事会审计委员会行使《公司法》等法律法规规定的监事会的 职权。同时，为进一步优化职能分工，明晰职责，提高运营效率，公司拟对组织 架构进行调整。调整后的公司组织架构图如下： 本次组织架构调整是对公司内部管理机构的调整，不会对公司生产经营活动 产生重大影响。 特此公告。 华丰动力股份有限公司董事会 2025 年 8 月 28 日 ...

第一条 为规范华丰动力股份有限公司（以下简称"公司"）选聘（含续 聘、改聘，下同）会计师事务所的行为，提高财务信息质量，切实维护股东利 益，根据《国有企业、上市公司选聘会计师事务所管理办法》《上海证券交易 所股票上市规则》《上海证券交易所上市公司自律监管指引第1号——规范运作》 和《华丰动力股份有限公司章程》（以下简称"《公司章程》"）的相关规定， 结合公司实际情况，制定本制度。 第二条 本制度所称选聘会计师事务所，是指公司根据相关法律法规要求， 聘任会计师事务所对公司财务会计报告发表审计意见、出具审计报告的行为。 公司选聘会计师事务所从事其他法定审计业务的，可参照本制度执行。 第三条 公司选聘会计师事务所应当经董事会审计委员会（以下简称"审 计委员会"）审核后，提交董事会审议，并由股东会决定，公司不得在董事会、 股东会审议通过前聘请会计师事务所开展审计业务。 第二章 会计师事务所执业质量要求 第四条 公司选聘的会计师事务所应当具备下列条件： 华丰动力股份有限公司 会计师事务所选聘制度 （2025年8月修订） 第一章 总 则 （一）具有独立的法人资格，具备国家行业主管部门和中国证监会规定的 开展证券期货相关业 ...