Core Viewpoint - Shentong Technology Group Co., Ltd. reported significant growth in its financial performance for the first half of 2025, with notable increases in revenue and profit metrics compared to the previous year [1]. Financial Performance - Total assets at the end of the reporting period reached approximately 2.91 billion RMB, an increase of 3.13% from the previous year [1]. - Operating revenue for the period was approximately 815.73 million RMB, reflecting a year-on-year increase of 22.46% [1]. - Total profit amounted to approximately 73.37 million RMB, representing a substantial increase of 132.70% compared to the same period last year [1]. - Net profit attributable to shareholders was approximately 61.43 million RMB, up 114.82% from the previous year [1]. - Basic and diluted earnings per share were both 0.15 RMB, an increase of 114.29% year-on-year [1]. Shareholder Structure - The largest shareholder, Ningbo Shentong Investment Co., Ltd., holds 45.28% of the shares, while other significant shareholders include Ningbo Biheng Venture Capital Partnership (15.04%) and Hong Kong Yuli Industrial Co., Ltd. (9.08%) [2][3]. - The combined voting rights of the actual controllers, Fang Lifeng and Chen Xiaoyan, account for 60.18% of the total voting rights [3].

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets announced significant updates, including stock issuance terminations, share transfers, acquisitions, and financial performance reports, which may present investment opportunities and risks for investors [2]. Major Events - Jinbo Co., Ltd. announced the termination of its plan to issue A-shares to specific investors for the year 2025 [3]. - Cross-Border Communication's largest shareholder successfully auctioned 8 million shares for 36.09 million yuan, with no change in control [4]. - Shanghai Shimao Development's subsidiary plans to sell part of its Quanzhou project for 2.053 billion yuan, expecting a net profit of approximately 163 million yuan [6]. - Prit Group's subsidiary introduced a strategic investor, Guangzhou Guoyan No. 1, through a capital increase [7]. - Caesar Travel's subsidiary intends to acquire 51% of Guotour Fujian for 16.83 million yuan [8]. - Dongfang Fortune's shareholder plans to transfer 159 million shares, representing 1% of the total share capital [9]. - Changhong High-Tech plans to acquire 100% of Guangxi Changke's equity, with shares resuming trading on July 21 [10]. - Weifu High-Tech intends to convert its B-shares to be listed on the Hong Kong Stock Exchange [11][12]. - ST Yazhen's stock will resume trading on July 21 after completing a verification process [13]. - ChipLink Integration plans to acquire 72.33% of ChipLink Yuezhou for 5.897 billion yuan [14]. - Notai Bio will be subject to risk warnings, changing its A-share abbreviation to ST Notai due to previous financial misreporting [15]. - Delisted Jinguang's stock will cease trading on July 25 [16]. - Bohui Co. plans to purchase servers and related assets for intelligent computing services, with a total expenditure not exceeding 390 million yuan [17]. Financial Performance - CICC's subsidiary reported a net profit of 987 million yuan for the first half of the year [21]. - Great Wall Motors reported a net profit of 6.337 billion yuan, a decrease of 10.22% year-on-year [22]. - Shuangjie Electric expects a net profit of 100 million to 120 million yuan, an increase of 16.03% to 39.23% year-on-year [23]. - Shentong Technology reported a net profit of 64.278 million yuan, a year-on-year increase of 111.09% [24]. - Sanhuan Group anticipates a net profit of 1.128 billion to 1.333 billion yuan, a growth of 10% to 30% year-on-year [25][26]. - Nanjing Gaoke's contract sales reached 820 million yuan, a year-on-year increase of 824.68% [27]. - Kaierda expects a net profit of 1.97 million to 2.56 million yuan, a decrease of 89.11% to 91.62% year-on-year [28]. Major Contracts - Senyuan Electric signed a strategic cooperation agreement with Xuchang Digital Technology for a business collaboration worth up to 500 million yuan [29]. - Oke Technology signed a 176 million yuan equipment sales contract, accounting for 40.51% of its last year's revenue [30]. - Rike Chemical signed a strategic cooperation framework agreement with Dongming Petrochemical for various technical collaborations [31]. Shareholding Changes - Hongbaoli's major shareholder plans to reduce its stake by up to 2% [33]. - Yaopi Glass's shareholder plans to reduce its stake by up to 2% [34]. - Dingsheng New Materials' shareholders plan to reduce their stake by up to 3% [35]. - Huiyun Titanium's controlling shareholder plans to reduce its stake by up to 3% [36]. - MediX's shareholder plans to reduce its stake by up to 1.49% [37]. - Aopu Optoelectronics' controlling shareholder plans to reduce its stake by up to 1% [38]. - Huada Jiutian's major shareholders plan to reduce their stakes by up to 1.5% [39][40]. Financing Activities - Zhengyu Industrial plans to raise up to 450 million yuan through a private placement [41]. - Dongwu Securities plans to raise up to 6 billion yuan through a private placement, with specific subscriptions from major investors [42]. - Weiguang Bio plans to raise up to 1.5 billion yuan for its smart industrial base project [43].

Group 1 - Jinbo Co., Ltd. has terminated the plan to issue A-shares to specific targets for the year 2025 [3] - Cross-Border Communication's largest shareholder, Yang Jianxin, successfully auctioned 8 million shares for 36.09 million yuan, with no change in control [4] - Shanghai Shimao Development's subsidiary plans to sell part of a project in Quanzhou for 2.053 billion yuan, expected to generate a net profit of approximately 163 million yuan [5] - Prit Group's subsidiary has introduced a strategic investor, Guanzhou Guoyan No.1, through a capital increase of 2 million yuan for a 10% stake [6] Group 2 - CICC's subsidiary, CICC Wealth, reported a net profit of 987 million yuan for the first half of the year [8] - Great Wall Motors reported a net profit of 6.337 billion yuan for the first half of the year, a decrease of 10.22% year-on-year [9] - Shuangjie Electric expects a net profit of 100 to 120 million yuan for the first half of the year, an increase of 16.03% to 39.23% year-on-year [10] - Shentong Technology reported a net profit of 64.278 million yuan for the first half of the year, a year-on-year increase of 111.09% [11] Group 3 - Senyuan Electric signed a strategic cooperation agreement with Xuchang Digital Technology for a business collaboration worth up to 500 million yuan [13] - Oke Technology signed a 176 million yuan equipment sales contract, accounting for 40.51% of the company's last year's revenue [14] - Rike Chemical signed a strategic cooperation framework agreement with Dongming Petrochemical for various technical collaborations [15] Group 4 - Hongbaoli's largest shareholder plans to reduce holdings by up to 2% of the company's shares [17] - Yaopi Glass's shareholder plans to reduce holdings by up to 2% of the company's shares [18] - Ding Sheng New Materials' shareholders plan to reduce holdings by up to 3% of the company's shares [19] Group 5 - Zhengyu Industrial plans to raise no more than 450 million yuan through a private placement [21] - Dongwu Securities plans to raise no more than 6 billion yuan through a private placement, with specific allocations for various business needs [23]

Group 1 - Senyuan Electric signed a strategic cooperation agreement with Xuchang Digital Supply Chain Management Co., aiming for annual business cooperation not exceeding 500 million yuan over 36 months [1] - CICC's subsidiary, CICC Wealth, reported a net profit of 987 million yuan for the first half of the year, with total assets of 193.37 billion yuan [2] - Shuangjie Electric expects a net profit of 100 million to 120 million yuan for the first half of the year, representing a year-on-year increase of 16.03% to 39.23% [3][4] - Shentong Technology reported a net profit of 64.28 million yuan for the first half of the year, a year-on-year increase of 111.09% [5] - Suqian Nongfa's net profit for the first half of the year decreased by 27.72% to 213 million yuan [6] Group 2 - Fuan Pharmaceutical expects a net profit decline of 39.95% to 53.81% for the first half of the year, estimating between 100 million to 130 million yuan [8] - Xingwang Yuda anticipates a net loss of 11 million to 21 million yuan for the first half of the year [9] - Pulaike received a new veterinary drug registration certificate for a vaccine aimed at preventing chicken diseases [10] - Yuandong Biological's ephedrine injection received a drug registration certificate for treating low blood pressure during anesthesia [11] - Suqian Liansheng's subsidiary obtained two invention patent certificates [12] Group 3 - Oke Technology signed a 176 million yuan equipment order with Jiangxi Tianhong New Materials [13] - Publishing Media announced the resignation of its chief accountant due to work changes [15] - Zhongxin Co. plans to use 40 million yuan of idle funds for cash management [16] - Huiyun Titanium plans to use up to 58 million yuan of idle convertible bond funds for cash management [18] - Haineng Technology intends to apply for a credit facility of up to 200 million yuan from a bank [20] Group 4 - Jiabiou expects a net profit increase of 57.61% for the first half of the year, estimating around 107 million yuan [21] - Nanjing Gaoke reported a 1185% year-on-year increase in contract sales area for the second quarter [22] - Shuguang Co. received approval for a specific stock issuance application [23] - Huadong Pharmaceutical's subsidiary received approval for a clinical trial of a new drug targeting advanced solid tumors [23] - Quicheng Co. plans to invest 900 million yuan in two new projects [25] Group 5 - Shenlian Biological's vaccine for avian adenovirus received a new veterinary drug registration certificate [26] - Rike Chemical signed a strategic cooperation framework agreement with Dongming Petrochemical [28] - Jincheng Pharmaceutical's subsidiary received a renewed tobacco production license [29] - Magmi Te's stock issuance application was accepted by the Shenzhen Stock Exchange [29] - Zhongyin Securities received approval to issue bonds totaling up to 14 billion yuan [29] Group 6 - Hewei Electric's executives plan to reduce their holdings by a total of 2.24% of the company's shares [44] - Guo Wang Xintong reported a net profit of 266 million yuan for the first half of the year, a decrease of 10.82% [45] - Guo Wang Xintong's subsidiary won a 966 million yuan tender from the State Grid [46] - Jicheng Electronics won contracts worth approximately 83.79 million yuan from the State Grid [48] - Helen Piano is planning a change of control, leading to a temporary stock suspension [48]

| 证券代码：605228 | 证券简称：神通科技 | 公告编号：2025-048 | | --- | --- | --- | | 债券代码：111016 | 债券简称：神通转债 | | 神通科技集团股份有限公司 关于计提资产减值准备的公告 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法律责任。 神通科技集团股份有限公司（以下简称"公司"）于 2025 年 7 月 18 日召开 第三届董事会第四次会议，审议通过了《关于计提资产减值准备的议案》，现将 具体情况公告如下： 一、本次计提资产减值准备事项的具体说明 （一）整体情况 为客观、公允地反映公司的财务状况和经营成果，本着谨慎性原则，公司根 据《企业会计准则》及公司会计政策的相关规定，对 2025 年 6 月 30 日合并范围 内各公司所属存在减值迹象的资产进行了减值测试，并根据减值测试的结果相应 计提减值准备，具体情况如下： 单位：元 资产负债表日，存货应当按照成本与可变现净值孰低计量。当存货成本高于 其可变现净值的，应当计提存货跌价准备。可变现净值，是指在日常活动中，存 货的估计售 ...

| 证券代码：605228 | 证券简称：神通科技 | 公告编号：2025-047 | | --- | --- | --- | | 债券代码：111016 | 债券简称：神通转债 | | 2025 年半年度募集资金存放与使用情况的专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、募集资金基本情况 经中国证监会出具的《关于同意神通科技集团股份有限公司向不特定对象发 行可转换公司债券注册的批复》（证监许可[2023]1446号），同意公司向不特定 对象发行面值总额57,700万元可转换公司债券，期限6年，每张面值为人民币100 元，发行数量5,770,000张，募集资金总额为人民币577,000,000.00元，扣除发行 费用人民币7,697,028.31元（不含税）后，募集资金净额为人民币569,302,971.69 元。上述募集资金扣除保荐承销费后的余额已全部到账，立信会计师事务所（特 殊普通合伙）进行了审验，并出具了《验资报告》（信会师报字[2023]第ZF11076 号）。 截至 2025 年 6 月 30 日 ...

| 证券代码：605228 | 证券简称：神通科技 | 公告编号：2025-046 | | --- | --- | --- | | 债券代码：111016 | 债券简称：神通转债 | | 神通科技集团股份有限公司 第三届监事会第四次会议决议公告 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、监事会会议召开情况 神通科技集团股份有限公司（以下简称"公司"）第三届监事会第四次会议通 知于 2025 年 7 月 8 日以电子邮件形式发出，会议于 2025 年 7 月 18 日在公司会 议室召开，本次会议采用现场表决方式召开。本次会议应出席会议监事 3 名，实 际出席会议监事 3 名。本次会议由监事会主席张析女士主持，本次监事会会议的 召开符合《中华人民共和国公司法》（以下简称"《公司法》"）等法律、行政法 规、部门规章、规范性文件以及《公司章程》的有关规定。 二、监事会会议审议情况 1、审议通过《关于 2025 年半年度报告及摘要的议案》 公司监事会根据《证券法》、《公开发行证券的公司信息披露内容与格式准则 第 2 号——年度 ...

二、董事会会议审议情况 1、审议通过《关于 2025 年半年度报告及摘要的议案》 | 证券代码：605228 | 证券简称：神通科技 | 公告编号：2025-045 | | --- | --- | --- | | 债券代码：111016 | 债券简称：神通转债 | | 神通科技集团股份有限公司 第三届董事会第四次会议决议公告 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法律责任。 一、董事会会议召开情况 神通科技集团股份有限公司（以下简称"公司"）第三届董事会第四次会议 通知于 2025 年 7 月 8 日以电子邮件方式发出，会议于 2025 年 7 月 18 日在公司 会议室召开，本次会议采用现场与通讯表决方式召开。会议应到董事 8 人，实到 董事 8 人。本次会议由董事长方立锋先生召集并主持，公司监事和高级管理人员 列席了本次会议。本次董事会会议的召开符合《中华人民共和国公司法》等法律、 行政法规、部门规章、规范性文件以及《公司章程》的有关规定。 具体内容详见同日披露于上海证券交易所网站（www.sse.com.cn）及指定媒 体 ...

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section provides definitions for terms used throughout the report [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section outlines the company's basic information and presents its key financial performance metrics [Company Information](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This chapter provides basic information about Shentong Technology Group Co., Ltd., including its name, legal representative, contact details, and registered address - The company's legal representative is **Fang Lifeng**[15](index=15&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company achieved robust performance with a 22.46% increase in operating revenue and a significant 111.09% surge in net profit attributable to shareholders, driven by sustained customer orders and improved gross margins, alongside a 72.07% growth in net cash flow from operating activities Key Accounting Data (January-June 2025) | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | CNY 815,726,941.63 | CNY 666,132,573.20 | 22.46% | | Net Profit Attributable to Shareholders of Listed Company | CNY 64,277,971.13 | CNY 30,450,258.46 | 111.09% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | CNY 61,427,924.76 | CNY 28,594,949.84 | 114.82% | | Net Cash Flow from Operating Activities | CNY 38,974,538.82 | CNY 22,649,745.11 | 72.07% | | **Asset Status** | **End of Current Reporting Period** | **End of Prior Year** | **Change from Prior Year End (%)** | | Net Assets Attributable to Shareholders of Listed Company | CNY 1,592,676,010.45 | CNY 1,493,307,034.83 | 6.65% | | Total Assets | CNY 2,906,705,426.67 | CNY 2,818,547,984.21 | 3.13% | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.15 | 0.07 | 114.29% | | Diluted Earnings Per Share (CNY/share) | 0.15 | 0.07 | 114.29% | | Weighted Average Return on Net Assets (%) | 4.17% | 1.94% | Increased by 2.23 percentage points | - Key reasons for performance growth: - **Operating revenue increased by 22.46%**: Primarily due to the continuous increase in customer orders (e.g., active oil-gas separators, new projects for Customer A)[22](index=22&type=chunk) - **Significant increase in net profit**: Primarily due to the increase in operating revenue and gross margin compared to the previous period[22](index=22&type=chunk) - **Net cash flow from operating activities increased by 72.07%**: Primarily due to a decrease in cash paid for goods purchased and services received compared to the previous period[22](index=22&type=chunk) [Non-recurring Gains and Losses and Amounts](index=6&type=section&id=%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to CNY 2.85 million, primarily comprising government subsidies of CNY 1.75 million and fair value changes from financial assets of CNY 1.21 million Non-recurring Gains and Losses Details | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains or losses on disposal of non-current assets | 368,920.85 | | Government subsidies recognized in current profit or loss | 1,749,868.32 | | Gains and losses from financial assets and financial liabilities | 1,214,580.00 | | Net non-operating income and expenses | -124,489.72 | | Income tax impact | -358,833.08 | | **Total** | **2,850,046.37** | [Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's operational performance, industry landscape, and strategic initiatives [Industry and Main Business Overview](index=8&type=section&id=%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) In the first half of 2025, China's automotive market maintained strong production and sales, with new energy vehicles reaching a 44.3% penetration rate, while the company, as an automotive parts supplier, focuses on power systems, trim systems, and optical lenses for intelligent cockpits and advanced driver-assistance systems, employing a co-development and "production-based procurement" strategy - From January to June 2025, China's automotive market experienced robust production and sales, with year-on-year growth of **12.5%** and **11.4%** respectively[28](index=28&type=chunk) - New energy vehicles continued rapid growth, with production and sales increasing by **41.4%** and **40.3%** year-on-year respectively, accounting for **44.3%** of total new vehicle sales[28](index=28&type=chunk) - The company's main businesses include: - **Power system components**: Intake systems, lubrication systems, timing systems, etc[29](index=29&type=chunk) - **Trim system components**: Door panel parts, instrument panel parts, body trim, etc[29](index=29&type=chunk) - **Optical lens series**: Used in LiDAR, millimeter-wave radar, and HUD for intelligent cockpits and advanced driver-assistance products[29](index=29&type=chunk) [Discussion and Analysis of Operations](index=9&type=section&id=%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of 2025, the company achieved CNY 816 million in operating revenue, a 22.46% increase year-on-year, and CNY 64.28 million in net profit attributable to shareholders, a 111.09% increase year-on-year, driven by strategic advancements in automotive intelligence, deepened customer collaborations, increased R&D investment, digital transformation, talent system development, and a strategic entry into the consumer electronics sector - The company is deeply involved in the automotive intelligence industry chain, having developed and launched active oil-gas separators and entered the automotive-grade optical lens field, with products already securing orders from downstream customers[34](index=34&type=chunk)[35](index=35&type=chunk) - The company has strategically entered the consumer electronics sector, launching the Jiguang brand series products (e.g., light field display smart devices), completing its business expansion from B-end to C-end, with products currently in the market introduction phase[36](index=36&type=chunk) - The company continues to expand its new energy vehicle customer base, securing multiple project nominations and maintaining steady expansion of project collaborations with existing clients, ensuring ample orders on hand[37](index=37&type=chunk) - As of June 30, 2025, the company holds **526 patents**, including **103 invention patents**, demonstrating its continuous investment and achievements in technological innovation[37](index=37&type=chunk) [Analysis of Core Competencies](index=11&type=section&id=%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include a stable and expanding high-quality customer base, a nationwide production network ensuring timely supply, mastery of advanced injection molding, welding, and optical coating processes with high automation, strong R&D capabilities backed by extensive intellectual property, and a robust quality control and internal control system - **Customer Advantage**: The company maintains long-term partnerships with renowned OEMs such as FAW-Volkswagen, Nissan, and BMW, and has successfully entered the supplier systems of new energy vehicle manufacturers like NIO, Li Auto, and Customer A, boasting a rich order backlog[40](index=40&type=chunk) - **Production Layout Advantage**: Production bases are strategically located in major automotive industry hubs nationwide, including Ningbo, Yantai, Wuhan, Changchun, and Foshan, enabling proximity to customers, effective reduction of logistics costs, and improved response times[41](index=41&type=chunk) - **Process and Equipment Advantage**: The company possesses mature processes such as multi-type two-color injection molding, gas-assisted injection molding, and high-gloss injection molding, along with advanced welding technologies like hot plate welding and laser welding, and has introduced a dip coating production line for PC car windows[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) - **Technological Advantage**: As a national high-tech enterprise, the company holds **526 patents**, including **103 invention patents**, as of the end of the reporting period, demonstrating its capability for synchronous development with OEMs[43](index=43&type=chunk)[44](index=44&type=chunk) [Analysis of Key Operating Performance](index=12&type=section&id=%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) This chapter provides a detailed analysis of the financial status during the reporting period, highlighting significant increases in operating revenue and cost, a decrease in administrative expenses due to reduced share-based payments, a substantial increase in financial expenses due to reduced capitalization of convertible bond interest, and notable changes in cash, financial assets, accounts receivable, and construction in progress [Main Business Analysis](index=12&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue increased by 22.46%, primarily driven by sustained customer order growth, while administrative expenses decreased by 18.45% due to reduced share-based payments, and financial expenses surged by 1872.54% mainly due to decreased capitalization of convertible bond interest, with significant changes observed across operating, investing, and financing cash flows Financial Statement Related Account Changes Analysis | Account | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change Percentage (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 815,726,941.63 | 666,132,573.20 | 22.46 | | Operating Cost | 623,154,111.07 | 526,880,655.23 | 18.27 | | Administrative Expenses | 53,387,146.26 | 65,468,141.67 | -18.45 | | Financial Expenses | 8,679,479.79 | -489,663.25 | 1,872.54 | | Net Cash Flow from Operating Activities | 38,974,538.82 | 22,649,745.11 | 72.07 | | Net Cash Flow from Investing Activities | -314,452,032.82 | -149,341,833.10 | -110.56 | | Net Cash Flow from Financing Activities | 5,491,980.15 | -102,247,157.05 | 105.37 | - **Decrease in Administrative Expenses**: Primarily due to a reduction in share-based payment expenses during the current period[49](index=49&type=chunk) - **Increase in Financial Expenses**: Primarily due to a decrease in the capitalization of convertible bond interest expenses during the current period[49](index=49&type=chunk) - **Increase in Net Cash Outflow from Investing Activities**: Primarily due to increased purchases of bank wealth management products and structured deposits, classified as transactional financial assets, during the current period[49](index=49&type=chunk) - **Increase in Net Cash Inflow from Financing Activities**: Primarily due to increased cash inflow from stock option exercises during the current period, coupled with reduced share repurchases and debt repayments[49](index=49&type=chunk) [Analysis of Assets and Liabilities](index=13&type=section&id=%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets stood at CNY 2.91 billion, with cash decreasing by 35.28% due to wealth management product purchases, leading to a significant increase in transactional financial assets, while construction in progress decreased by 69.20% due to project capitalization, and on the liability side, all short-term borrowings were repaid, and employee compensation decreased by 44.07% due to year-end bonus payments Asset and Liability Status Changes | Item Name | Current Period End Amount (CNY) | Prior Year End Amount (CNY) | Change Percentage (%) | Main Reason | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 511,974,381.28 | 791,095,975.29 | -35.28 | Purchase of bank wealth management products and structured deposits | | Transactional Financial Assets | 220,296,164.38 | 0 | / | Purchase of bank wealth management products and structured deposits | | Notes Receivable | 149,387,869.37 | 95,586,314.56 | 56.29 | More notes received than notes accepted, discounted, or endorsed | | Construction in Progress | 57,774,274.35 | 187,551,135.32 | -69.20 | Hubei Mingyuan Optical Lens Project transferred to fixed assets | | Short-term Borrowings | 0 | 6,551,600.00 | -100.00 | Repayment of borrowings | | Employee Compensation Payable | 16,215,949.10 | 28,995,497.84 | -44.07 | 2024 year-end bonuses paid in current period | [Analysis of Investment Status](index=15&type=section&id=%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company made no significant new external equity investments, but utilized idle funds for cash management, resulting in a period-end balance of CNY 220 million in financial assets measured at fair value, primarily bank wealth management products Financial Assets Measured at Fair Value | Asset Category | Beginning Balance | Amount Purchased in Current Period | Amount Sold/Redeemed in Current Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | | Other (Bank Wealth Management, etc.) | 0 | 629,000,000.00 | 409,000,000.00 | 220,296,164.38 | [Potential Risks](index=17&type=section&id=%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces key risks including macroeconomic cyclical fluctuations, intense market competition, customer concentration, raw material cost volatility, gross margin fluctuations, annual product price reductions, and stock market volatility, all of which could adversely affect its operating performance and profitability - **Macroeconomic and Market Competition Risks**: The automotive parts industry is highly susceptible to macroeconomic cycles, and intense market competition poses significant challenges if the company's technological investment and capacity expansion are insufficient[58](index=58&type=chunk)[60](index=60&type=chunk) - **Customer Concentration and Cost-Price Risks**: The company faces customer concentration risk due to a high proportion of sales to its top five clients, while fluctuating raw material prices, pressure from OEMs for price reductions, and customary annual product price adjustments may impact the company's gross margin and profitability[60](index=60&type=chunk)[61](index=61&type=chunk) [Corporate Governance, Environment, and Society](index=19&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details the company's corporate governance practices, including board and management changes, and its approach to profit distribution [Corporate Governance Status](index=19&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's directors, supervisors, or senior management, and the company does not plan to distribute profits or convert capital reserves into share capital for the half-year period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[64](index=64&type=chunk) - The proposed profit distribution plan for the half-year is no distribution and no capitalization of reserves[64](index=64&type=chunk) [Equity Incentive Plan](index=19&type=section&id=%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92) During the reporting period, the company continued to advance its 2021 and 2023 restricted stock and stock option incentive plans, completing the repurchase and cancellation of some restricted shares and the cancellation of some stock options - The company issued multiple announcements during the reporting period regarding the conversion of convertible bonds and the results of autonomous exercise under the 2023 equity incentive plan[65](index=65&type=chunk) - The company repurchased and cancelled some restricted shares granted under the 2021 and 2023 incentive plans that had not yet been unblocked, and also cancelled some stock options[65](index=65&type=chunk) [Significant Matters](index=21&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers the company's fulfillment of commitments, significant guarantees, and the progress of raised funds utilization [Fulfillment of Commitments](index=21&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During and continuing into the reporting period, the company's actual controllers, shareholders, and the company itself strictly fulfilled all commitments made during initial public offerings, refinancing, and equity incentive activities, including share lock-ups, avoidance of horizontal competition, and regulation of related-party transactions, with no instances of unfulfilled commitments - The company's actual controllers, shareholders, and directors, supervisors, and senior management strictly fulfilled their share lock-up commitments since the initial public offering[69](index=69&type=chunk)[71](index=71&type=chunk) - Shentong Investment, the controlling shareholder, voluntarily committed not to reduce its holdings in the company in any manner for 12 months starting from February 6, 2024[71](index=71&type=chunk)[75](index=75&type=chunk) [Significant Guarantees](index=30&type=section&id=%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company had no external guarantees, but provided guarantees to subsidiaries totaling CNY 530 million, with an outstanding balance of CNY 61.84 million at period-end, representing 3.88% of the company's net assets, primarily for group bill pool business and subsidiary procurement payments Company Guarantee Total Amount | Item | Amount (CNY) | | :--- | :--- | | Total guarantees to subsidiaries incurred during the reporting period | 530,000,000.00 | | Total outstanding guarantees to subsidiaries at the end of the reporting period (B) | 61,838,906.68 | | Total guarantees (A+B) | 61,838,906.68 | | Total guarantees as a percentage of the company's net assets (%) | 3.88 | [Progress of Raised Funds Utilization](index=32&type=section&id=%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95) In July 2023, the company raised a net amount of CNY 569 million through convertible bonds, entirely allocated to the optical lens production base project, which has seen a cumulative investment of CNY 140 million, representing 24.59% of the total, as of the end of the reporting period, with a portion of idle funds also utilized for cash management Overall Utilization of Raised Funds | Source of Raised Funds | Net Amount of Raised Funds (CNY 10,000) | Cumulative Investment at End of Reporting Period (CNY 10,000) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | | Issuance of Convertible Bonds | 56,930.30 | 13,996.49 | 24.59 | - The raised funds are entirely committed to the "Optical Lens Production Base Project," which is expected to reach its intended usable state by July 2026[84](index=84&type=chunk) - The company uses a maximum of **CNY 430 million** of idle raised funds for cash management, with an ending balance of **CNY 140 million**[86](index=86&type=chunk)[87](index=87&type=chunk) [Share Changes and Shareholder Information](index=35&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital and provides an overview of its shareholder structure [Share Capital Changes](index=35&type=section&id=%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital increased from 426,011,840 shares to 429,368,410 shares, primarily due to the conversion of 11,360 shares from "Shentong Convertible Bonds" and the exercise of 3,345,210 stock options under the 2023 equity incentive plan Share Change Table | Share Class | Quantity Before This Change | Increase/Decrease in This Change | Quantity After This Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 3,003,000 | 0 | 3,003,000 | | II. Unrestricted Tradable Shares | 423,008,840 | +3,356,570 | 426,365,410 | | **III. Total Shares** | **426,011,840** | **+3,356,570** | **429,368,410** | - Reasons for share increase: - "Shentong Convertible Bonds" cumulatively converted into **11,360 shares** during the reporting period[92](index=92&type=chunk) - Stock options from the 2023 equity incentive plan cumulatively exercised for **3,345,210 shares** during the reporting period[92](index=92&type=chunk) [Shareholder Information](index=36&type=section&id=%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 19,970 common shareholders, with the top four shareholders—Ningbo Shentong Investment, Ningbo Biheng Venture Capital, Hong Kong Yuli Industrial, and Ningbo Shentong Renhua Investment—collectively holding over 75% of shares, indicating a concentrated equity structure, and controlling shareholder Shentong Investment holds 45.28% of shares, some of which are pledged - As of the end of the reporting period, the company had **19,970** common shareholders[93](index=93&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | | :--- | :--- | :--- | | Ningbo Shentong Investment Co., Ltd. | 194,397,178 | 45.28 | | Ningbo Biheng Venture Capital Partnership (Limited Partnership) | 64,590,323 | 15.04 | | Hong Kong Yuli Industrial Co., Ltd. | 38,987,191 | 9.08 | | Ningbo Shentong Renhua Investment Partnership (Limited Partnership) | 24,976,923 | 5.82 | | Shentong Technology Group Co., Ltd. Repurchase Special Securities Account | 6,588,001 | 1.53 | - The company's co-actual controllers, Fang Lifeng and Chen Xiaoyan, collectively hold **60.18%** of the company's voting rights through direct and indirect means[97](index=97&type=chunk) [Bond-Related Information](index=40&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section provides details on the company's convertible corporate bonds [Convertible Corporate Bonds](index=40&type=section&id=%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%8A%A1%E6%83%85%E5%86%B5) In July 2023, the company issued "Shentong Convertible Bonds" totaling CNY 577 million with a 6-year term, with the conversion period commencing on January 31, 2024; during the reporting period, the conversion amount was CNY 0.131 million, representing 0.0073% of the total share capital before conversion, and as of the end of the reporting period, the latest conversion price was CNY 11.52 per share, with the company and bond credit ratings both "AA-" with a "stable" outlook - The company issued convertible corporate bonds totaling **CNY 577 million** on July 25, 2023, named "Shentong Convertible Bonds" with code "111016" and a 6-year term[103](index=103&type=chunk) Convertible Bond Cumulative Conversion Status During Reporting Period | Item | Data | | :--- | :--- | | Conversion amount during reporting period (CNY) | 131,000 | | Number of shares converted during reporting period (shares) | 11,360 | | Cumulative number of shares converted (shares) | 31,200 | | Unconverted bond amount (CNY) | 576,640,000 | | Percentage of unconverted bonds to total issued bonds (%) | 99.9376 | - As of the end of the reporting period, the conversion price has been adjusted several times, with the latest conversion price being **CNY 11.52/share**[110](index=110&type=chunk) - According to China Chengxin International's follow-up rating report on June 17, 2025, the company's main credit rating is "AA-" with a "stable" outlook, and the "Shentong Convertible Bonds" credit rating is "AA-", with no change in rating results[111](index=111&type=chunk) [Financial Report](index=42&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section contains the comprehensive financial statements and related notes

Group 1 - The core point of the article is that Shentong Technology (605228) reported significant growth in its financial performance for the first half of 2025, with a revenue of 816 million yuan, representing a year-on-year increase of 22.46% [1] - The net profit for the same period reached 64.278 million yuan, showing a remarkable year-on-year growth of 111.09% [1]