证券代码：605389 证券简称：长龄液压 公告编号：2025-032 江苏长龄液压股份有限公司（以下简称"公司"）于 2025 年 8 月 19 日在本 公司会议室以现场方式召开第三届董事会第六次会议，会议通知于 2025 年 8 月 8 日以邮件、电话或其他通讯方式送达至公司全体董事。会议应参会董事 5 名， 实际参会董事 5 名，其中：董事长夏泽民先生以通讯方式出席会议；公司监事、 高级管理人员列席了会议，本次会议由董事长夏泽民先生主持，会议的召开符合 《中华人民共和国公司法》等有关法律、行政法规、部门规章、规范性文件和《公 司章程》的规定。 二、董事会会议审议情况 本次会议经全体参会董事审议并以记名方式投票表决通过了以下议案： （一）审议通过《关于<公司 2025 年半年度报告>及其摘要的议案》； 公司 2025 年半年度报告及其摘要的编制和审议程序符合相关法律、法规、 部门规章、规范性文件及公司管理制度的有关规定；报告的内容与格式符合有关 规定，公允地反映了公司 2025 年上半年的财务状况和经营成果等事项；报告披 露的信息真实、准确、完整，不存在任何虚假记载、误导性陈述或重大遗漏。 江苏长龄液压股 ...

证券代码：605389 证券简称：长龄液压 公告编号：2025-035 根据公司 2025 年半年度财务报表（未经审计），公司 2025 年半年度合并报 表中归属于上市公司股东的净利润为 65,741,689.48 元。截至 2025 年 6 月 30 日， 公司母公司报表中期末未分配利润为 607,122,441.42 元。经董事会决议，公司 2025 年半年度利润分配方案如下： 公司拟以实施权益分派股权登记日登记的总股本为基数，向全体股东每 10 股派发现金红利 4.20 元（含税），不实施送股和资本公积转增股本。截至 2025 年 6 月 30 日，公司总股本为 144,087,070 股，以此为基数计算合计拟派发现金红 利 60,516,569.40 元（含税）。2025 年半年度公司现金分红比例（2025 年半年度 公司拟分配的现金红利总额占 2025 年半年度合并报表中归属于上市公司股东的 净利润的比例）为 92.05%。 江苏长龄液压股份有限公司 关于公司 2025 年半年度利润分配方案的公告 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、 ...

[Important Notice](index=2&type=section&id=Important%20Notice) This section includes statements on report accuracy, the 2025 semi-annual profit distribution plan, and investor warnings regarding forward-looking statements and major risks - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions[4](index=4&type=chunk) - The company plans to distribute a cash dividend of **RMB 4.20 (tax inclusive) per 10 shares** to all shareholders based on the total share capital on the equity distribution record date, with no bonus shares or capital reserve capitalization[7](index=7&type=chunk) - Forward-looking statements regarding future plans and development strategies in this report do not constitute a substantive commitment to investors, who are advised to be aware of investment risks[8](index=8&type=chunk) - There are no instances of non-operating funds being occupied by controlling shareholders or other related parties, nor any external guarantees provided in violation of prescribed decision-making procedures[9](index=9&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines key terms, including the company, subsidiaries, related parties, reporting period, and currency units, to ensure accurate report comprehension - “Company” and “Changling Hydraulic” refer to Jiangsu Changling Hydraulic Co., Ltd[14](index=14&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[14](index=14&type=chunk) - Lists the full names and relationships of major subsidiaries and sub-subsidiaries, including Changling Precision, Jiangyin Shangchi, Changling Taixing, Changling Metal, Singapore Company, and Thailand Company[14](index=14&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents company profile, stock information, key accounting data, and financial indicators for H1 2025, explaining changes and disclosing non-recurring gains and losses - The company's Chinese name is Jiangsu Changling Hydraulic Co., Ltd., stock abbreviation Changling Hydraulic, stock code **605389**, listed on the Shanghai Stock Exchange[17](index=17&type=chunk)[21](index=21&type=chunk) - Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 465,199,850.45 | 470,955,062.83 | -1.22 | | Total Profit | 78,176,842.80 | 84,235,972.13 | -7.19 | | Net Profit Attributable to Shareholders of Listed Company | 65,741,689.48 | 65,762,814.31 | -0.03 | | Net Cash Flow from Operating Activities | 49,189,915.12 | 32,481,626.63 | 51.44 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 2,120,949,063.34 | 2,097,288,801.40 | 1.13 | | Total Assets (Period-end) | 2,407,532,511.56 | 2,402,235,231.20 | 0.22 | - Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.46 | 0.46 | 0.00 | | Basic EPS Excluding Non-recurring Gains/Losses (RMB/share) | 0.42 | 0.46 | -8.70 | | Weighted Average Return on Net Assets (%) | 3.10 | 3.08 | increased by 0.02 percentage points | | Weighted Average ROE Excluding Non-recurring Gains/Losses (%) | 2.86 | 3.02 | decreased by 0.16 percentage points | - In H1 2025, the company's net cash flow from operating activities increased by **51.44%** year-on-year, primarily due to increased collection income from maturing supply chain bills[26](index=26&type=chunk) - Total non-recurring gains and losses amounted to **RMB 4,992,598.25**, mainly comprising government grants, gains/losses from entrusted investments, and reversal of impairment provisions for receivables[27](index=27&type=chunk)[28](index=28&type=chunk) [Section III Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section details H1 2025 operations, covering industry, business development, marketing, R&D, talent, governance, asset-liability, investments, and risk analysis [I. Industry and Main Business Overview During the Reporting Period](index=7&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) The company operates in hydraulic, casting, and photovoltaic industries, with hydraulic stabilizing, casting developing green and smart, and photovoltaic seeing record growth, driving demand for slewing drives in engineering machinery and solar tracking - The company's main businesses involve the hydraulic, casting, and photovoltaic industries[29](index=29&type=chunk) - From January to June 2025, China sold **120,520 excavators**, a **16.8% year-on-year increase**, with domestic sales up **22.9%** and exports up **10.2%**[30](index=30&type=chunk) - The state issued policies like the 'Guiding Opinions on Promoting High-Quality Development of the Casting and Forging Industry,' guiding the casting sector towards green, intelligent, and high-quality development[31](index=31&type=chunk) - From January to June 2025, domestic photovoltaic new installed capacity reached **212.21 GW**, a **107% year-on-year increase**, with cumulative installed capacity exceeding **1,000 GW**, making slewing drives for solar tracking brackets a rapidly growing segment[33](index=33&type=chunk) - The company's products include central rotary joints, tensioning devices, engineering machinery slewing drives, precision castings, and photovoltaic slewing drives, with downstream applications in engineering machinery, solar tracking, and AGV transport vehicles[33](index=33&type=chunk) [II. Discussion and Analysis of Operations](index=10&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company implemented various initiatives in market expansion, R&D, talent development, and high-quality growth, while actively expanding overseas markets, increasing R&D investment, optimizing operations, and strengthening shareholder returns and investor communication - Operating Performance for H1 2025 | Indicator | Amount (RMB million) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 465.20 | -1.22 | | Net Profit Attributable to Parent Company Owners | 65.74 | -0.03 | - The company continues to deepen its global presence, actively expanding overseas markets, developing slewing drives for markets beyond aerial work platforms, and growing its overseas OEM market[41](index=41&type=chunk) - The construction of the Thailand slewing drive and hydraulic product manufacturing base project is progressing, laying the foundation for localized overseas operations[41](index=41&type=chunk) - Increased R&D investment includes developing welded rotary joints for aerial work platforms and truck-mounted cranes, and initiating R&D for solar thermal slewing drives to enter the concentrated solar power sector[42](index=42&type=chunk) - The company introduced the U9C ERP system to optimize enterprise operating processes through digitalization, enhancing management efficiency and reducing operating costs[42](index=42&type=chunk) - The total cash dividend for 2024 (including interim distributions) accounted for **98.86%** of the company's 2024 consolidated net profit attributable to shareholders of the listed company[43](index=43&type=chunk) - The company strengthened investor communication through performance briefings, shareholder meetings, offline surveys, and online interactions, achieving a **100% response rate**[44](index=44&type=chunk) - During the reporting period, there were no instances of the company's actual controller misappropriating company assets or harming the interests of the company and its shareholders[46](index=46&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=12&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies include stringent quality control and high brand reputation, premium customer resources and significant market advantages, deep technological accumulation and leading product R&D capabilities, and superior geographical advantages with accelerated global expansion - The company received the “**2024 Global Top 100 Component Suppliers: Top 10 Transmission Systems**” award for its leading manufacturing technology and excellent product quality, with central rotary joint products meeting the **3,000-hour** standard for operational assessment[48](index=48&type=chunk) - The company has established long-term, stable cooperative relationships with renowned domestic and international enterprises such as Sany, XCMG, LiuGong, Trina Solar, and Arctech, possessing high-quality customer resources[49](index=49&type=chunk) - As a national "specialized, refined, unique, and new" small giant enterprise, the company led the drafting of the national standard "GB/T25629-2021 Hydraulic Excavator Central Rotary Joint" and holds over a hundred patents, demonstrating leading technological R&D[51](index=51&type=chunk) - Located in Jiangyin City within the Yangtze River Delta economic zone, the company benefits from convenient transportation and a complete industrial chain, enabling timely response to customer needs and providing excellent geographical advantages[52](index=52&type=chunk) - With the establishment and operation of the Thailand project, the company will further expand its overseas business, achieving global sales of photovoltaic slewing drives and hydraulic products[53](index=53&type=chunk) [IV. Main Operating Conditions During the Reporting Period](index=13&type=section&id=IV.%20Main%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section analyzes the company's H1 2025 financial statement item changes, asset-liability status, investment situation, and the operating performance of major controlled and investee companies, revealing the specific reasons behind financial indicator variations and business performance [(一) Main Business Analysis](index=13&type=section&id=%28%E4%B8%80%29%20Main%20Business%20Analysis) Operating revenue and cost changes were minor this period; selling expenses increased by 12.01% due to higher sales personnel compensation and market expansion costs; financial expenses decreased due to structural deposit interest being reclassified to other income and interest rate cuts; R&D expenses grew by 5.56% from increased staff compensation; and net cash flow from operating activities rose by 51.44% due to increased collection from maturing supply chain bills, while investment and financing cash flows also saw significant changes - Analysis Table of Financial Statement Item Changes | Item | Current Period (RMB) | Prior Year Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 465,199,850.45 | 470,955,062.83 | -1.22 | | Operating Cost | 342,271,848.91 | 343,138,142.32 | -0.25 | | Selling Expenses | 8,660,170.06 | 7,731,400.46 | 12.01 | | Administrative Expenses | 19,822,353.08 | 19,780,183.28 | 0.21 | | Financial Expenses | -2,676,808.90 | -6,485,985.11 | Not Applicable | | R&D Expenses | 19,886,315.90 | 18,839,255.87 | 5.56 | | Net Cash Flow from Operating Activities | 49,189,915.12 | 32,481,626.63 | 51.44 | | Net Cash Flow from Investing Activities | -7,658,110.56 | -91,782,913.63 | Not Applicable | | Net Cash Flow from Financing Activities | -22,403,074.61 | -69,714,815.50 | Not Applicable | - The change in selling expenses was primarily due to increased sales personnel compensation and market expansion and promotion expenses in the current period[55](index=55&type=chunk) - The change in financial expenses was mainly due to structural deposit interest being reclassified to other income and reduced income from interest rate cuts in the current period[55](index=55&type=chunk) - The change in net cash flow from operating activities was primarily due to increased collection income from maturing supply chain bills in the current period[55](index=55&type=chunk) [(三) Analysis of Assets and Liabilities](index=14&type=section&id=%28%E4%B8%89%29%20Analysis%20of%20Assets%20and%20Liabilities) The company's asset and liability structure underwent several changes at the end of the reporting period, with significant increases in notes receivable financing, prepayments, contract assets, other current assets, and construction in progress, primarily driven by the Thailand fundraising project; short-term borrowings increased substantially, while notes payable were fully settled, and overseas assets accounted for 2.30% of total assets - Changes in Assets and Liabilities | Item Name | Period-end Balance (RMB) | % of Total Assets (Period-end) | Prior Year-end Balance (RMB) | % of Total Assets (Prior Year-end) | % Change from Prior Year-end | | :--- | :--- | :--- | :--- | :--- | :--- | | Notes Receivable Financing | 57,813,009.98 | 2.40 | 33,347,615.42 | 1.39 | 73.36 | | Prepayments | 6,488,605.37 | 0.27 | 3,871,557.76 | 0.16 | 67.60 | | Contract Assets | 11,594,545.68 | 0.48 | 0.00 | 0.00 | 100.00 | | Other Current Assets | 2,191,146.30 | 0.09 | 983,291.39 | 0.04 | 122.84 | | Construction in Progress | 32,154,787.69 | 1.34 | 12,200,567.59 | 0.51 | 163.55 | | Short-term Borrowings | 20,854,447.12 | 0.87 | 0.00 | 0.00 | 100.00 | | Notes Payable | 0.00 | 0.00 | 15,340,000.00 | 0.64 | -100.00 | | Contract Liabilities | 3,138,827.02 | 0.13 | 998,528.55 | 0.04 | 214.35 | - Construction in progress increased by **163.55%**, mainly due to increased construction for the Thailand fundraising project in the current period[57](index=57&type=chunk) - Short-term borrowings increased by **100%**, primarily due to increased bank borrowings by subsidiaries in the current period[57](index=57&type=chunk) - The period-end balance of overseas assets was **RMB 55,342,476.84**, accounting for **2.30%** of total assets[58](index=58&type=chunk) [(四) Analysis of Investment Status](index=15&type=section&id=%28%E5%9B%9B%29%20Analysis%20of%20Investment%20Status) The company's period-end financial assets measured at fair value totaled RMB 453,813,009.98, with trading financial assets amounting to RMB 390,000,000.00; significant amounts of derivative instruments were purchased and sold/redeemed during the period, reflecting active financial asset management - Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (RMB) | Amount Purchased During Period (RMB) | Amount Sold/Redeemed During Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | Derivative Instruments | 420,000,000.00 | 700,000,000.00 | 730,000,000.00 | 390,000,000.00 | | Other | 6,000,000.00 | 0.00 | 0.00 | 6,000,000.00 | | Other | 33,347,615.42 | 0.00 | 0.00 | 57,813,009.98 | | Total | 459,347,615.42 | 700,000,000.00 | 730,000,000.00 | 453,813,009.98 | [(六) Analysis of Major Controlled and Investee Companies](index=16&type=section&id=%28%E5%85%AD%29%20Analysis%20of%20Major%20Controlled%20and%20Investee%20Companies) During this period, major controlled subsidiaries Jiangyin Shangchi and Changling Precision contributed to both operating revenue and net profit, with Jiangyin Shangchi primarily engaged in slewing drive production and sales, and Changling Precision focusing on precision casting for engineering machinery, home appliances, and automotive parts - Operating Performance of Major Subsidiaries | Company Name | Main Business | Operating Revenue (RMB million) | Operating Profit (RMB million) | Net Profit (RMB million) | | :--- | :--- | :--- | :--- | :--- | | Jiangyin Shangchi | Production and sales of slewing drives | 53.68 | 8.17 | 7.45 | | Changling Precision | Production and processing of castings for engineering machinery, home appliances, and automotive parts | 114.74 | 19.47 | 15.24 | [V. Other Disclosures](index=17&type=section&id=V.%20Other%20Disclosures) The company faces multiple risks including macroeconomic cyclical fluctuations, raw material price volatility, market competition, technology R&D and talent loss, uncertainties in the tracking bracket market and overseas trade policies, and exchange rate fluctuations, all of which could adversely affect its operating performance and sustainable development - The company faces macroeconomic cyclical fluctuation risks, as the development of downstream industries is significantly affected by changes in macroeconomic conditions and industrial structure adjustments[64](index=64&type=chunk) - Raw material price fluctuation risks, where steel and steel processed parts price volatility impacts the company's costs[64](index=64&type=chunk) - Market competition risks, with intensified competition from domestic and international enterprises potentially squeezing the company's market share and profit margins[64](index=64&type=chunk) - Technology R&D and talent loss risks, as the hydraulic industry demands highly skilled composite talents, and technology R&D involves significant investment and uncertainty[65](index=65&type=chunk) - Uncertainties in the tracking bracket market and overseas trade policy risks, due to low domestic penetration and overseas markets being affected by trade frictions and anti-dumping measures[65](index=65&type=chunk) - Exchange rate fluctuation risks, as overseas business is settled in USD, and RMB exchange rate fluctuations may affect exchange gains and losses[66](index=66&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=18&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section reports on the company's corporate governance, environmental, and social responsibilities, noting no changes in directors, supervisors, or senior management during the reporting period, disclosing the semi-annual profit distribution plan, and confirming no equity incentive or employee stock ownership plans, nor inclusion in the list of enterprises required to disclose environmental information - During the reporting period, there were no changes in the company's directors, supervisors, or senior management, thus "not applicable"[69](index=69&type=chunk) - The proposed semi-annual profit distribution plan is a cash dividend of **RMB 4.20 (tax inclusive) per 10 shares**, with no bonus shares or capital reserve capitalization[69](index=69&type=chunk) - The company has not implemented any equity incentive plans, employee stock ownership plans, or other employee incentive measures[70](index=70&type=chunk) - The company has not been included in the list of enterprises required to disclose environmental information by law[70](index=70&type=chunk) [Section V Significant Matters](index=19&type=section&id=Section%20V%20Significant%20Matters) This section details the company's significant matters during the reporting period, including the fulfillment of commitments, related party transactions, compliance issues, and the progress of raised funds utilization; all commitments were strictly fulfilled, there were no major lawsuits or arbitrations, but a supervisor's spouse engaged in short-swing trading; fundraising projects are progressing smoothly, with some completed or over-invested [I. Fulfillment of Commitments](index=19&type=section&id=I.%20Fulfillment%20of%20Commitments) All commitments made by the company's actual controllers, shareholders, related parties, and the company itself, which were either made during or continued into the reporting period, have been strictly fulfilled, including share lock-ups, profit forecasts and compensation, resolution of horizontal competition, and reduction of related party transactions - All commitments made by the company's actual controllers, shareholders, related parties, acquirers, and the company itself, which were either made during or continued into the reporting period, have been strictly fulfilled[72](index=72&type=chunk) - Xu Jianhu and Shangtuo Partnership committed that the newly issued shares of the listed company acquired through this transaction shall not be transferred within **36 months** from the date of issuance completion[73](index=73&type=chunk) - Xu Jianhu and Shangtuo Partnership made a profit forecast compensation commitment for the target company's net profit (net profit attributable to parent company shareholders after deducting non-recurring gains/losses) for **2023-2025**[74](index=74&type=chunk) - The company's controlling shareholders and actual controllers, Xia Jifa and Xia Zemin, committed to ensuring the listed company's independence in personnel, finance, organization, assets, and business, and to avoiding horizontal competition and reducing related party transactions[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) [VIII. Alleged Violations, Penalties, and Rectification by the Listed Company, its Directors, Supervisors, Senior Management, Controlling Shareholders, and Actual Controllers](index=26&type=section&id=VIII.%20Alleged%20Violations%2C%20Penalties%2C%20and%20Rectification%20by%20the%20Listed%20Company%2C%20its%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers) The spouse of company supervisor Li Caihua, Zhou Yulong, engaged in short-swing trading during the reporting period and received an oral warning from the Shanghai Stock Exchange; the company has committed to strengthening training and supervision of relevant personnel to prevent recurrence - Between February 5, 2024, and October 22, 2024, Zhou Yulong, spouse of company supervisor Li Caihua, engaged in short-swing trading by selling company shares within six months of purchase[93](index=93&type=chunk) - On April 24, 2025, the company received an "Oral Warning Notification" from the Shanghai Stock Exchange, issuing an oral warning to company supervisor Li Caihua[93](index=93&type=chunk) - The company will strengthen training and publicity on relevant laws and regulations for shareholders holding **5% or more** of shares, all directors, supervisors, and senior management, and urge their relatives to standardize their trading of company shares[94](index=94&type=chunk) [X. Major Related Party Transactions](index=26&type=section&id=X.%20Major%20Related%20Party%20Transactions) The company engaged in related party transactions related to daily operations during the reporting period, primarily Changling Hydraulic leasing part of a factory from Jiangyin Changling Wumao Co., Ltd.; additionally, as lessor, Changling Taixing and Changling Precision leased factory buildings and sites to several companies, increasing other business income - The company engaged in related party transactions related to daily operations, primarily Changling Hydraulic leasing part of a factory from Jiangyin Changling Wumao Co., Ltd[96](index=96&type=chunk) - Major Lease Situations | Lessor Name | Lessee Name | Leased Asset Description | Amount Involved in Lease (RMB million) | Lease Income (RMB million) | | :--- | :--- | :--- | :--- | :--- | | Changling Taixing | Jiangsu Hongbo New Material Co., Ltd. | Factory building, inspection factory building | 73.42 | 0.89 | | Changling Precision | Jiangyin Naiste Energy Equipment Co., Ltd. | Factory building | 21.20 | 1.07 | | Changling Precision | Jiangyin Tengda Special-shaped Pipe Manufacturing Co., Ltd. | Factory building | 5.31 | 0.30 | | Changling Precision | Minmetals Special Steel (Dongguan) Co., Ltd. | Factory building | 18.42 | 0.71 | [XII. Progress Report on the Use of Raised Funds](index=30&type=section&id=XII.%20Progress%20Report%20on%20the%20Use%20of%20Raised%20Funds) The company's initial public offering (IPO) raised funds have been utilized smoothly, with a cumulative investment of RMB 874.26 million by the end of the reporting period, reaching 97.68% of the planned investment; several fundraising projects have been completed or over-invested, while the Thailand slewing drive and hydraulic product manufacturing base project is ongoing; the company did not use idle raised funds for cash management during the reporting period - Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (RMB million) | Net Raised Funds (RMB million) | Total Investment Committed in Prospectus (RMB million) | Cumulative Raised Funds Invested as of Period-end (RMB million) | Cumulative Investment Progress as of Period-end (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 958.74 | 894.99 | 894.99 | 874.26 | 97.68 | - The hydraulic rotary joint expansion project, tensioning device relocation and expansion project, annual production of **40,000 tons** of automotive and home appliance general castings and mechanical parts project, intelligent manufacturing renovation project, R&D and trial production center upgrade project, and supplementary working capital project have all been completed or over-invested[104](index=104&type=chunk)[105](index=105&type=chunk) - The Thailand slewing drive and hydraulic product manufacturing base project has a planned investment of **RMB 86.19 million**, with a cumulative investment of **RMB 48.25 million** as of the end of the reporting period, reaching **55.99%** of its investment progress[105](index=105&type=chunk) - The board of directors approved an effective cash management limit of **RMB 70.00 million** for raised funds, but the cash management balance at the end of the reporting period was **RMB 0**[109](index=109&type=chunk) [Section VI Share Changes and Shareholder Information](index=34&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section discloses the company's share capital changes and shareholder structure during the reporting period; the total number of shares and share capital structure remained unchanged, with 7,976 common shareholders; the top ten shareholders' holdings, including restricted shares, and their related party relationships are detailed - During the reporting period, the company's total number of shares and share capital structure remained unchanged[110](index=110&type=chunk) - As of the end of the reporting period, the total number of common shareholders was **7,976**[112](index=112&type=chunk) - Top Ten Shareholders' Shareholdings | Shareholder Name | Period-end Shareholding (shares) | Percentage (%) | Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Xia Jifa | 58,800,000 | 40.81 | 0 | Domestic Natural Person | | Xia Zemin | 39,200,000 | 27.21 | 0 | Domestic Natural Person | | Xu Jianhu | 5,793,411 | 4.02 | 5,793,411 | Domestic Natural Person | | Jiangyin Lanhaohaolong Enterprise Management Partnership (Limited Partnership) | 4,200,000 | 2.91 | 0 | Other | | Jiangyin Shangtuo Enterprise Management Partnership (Limited Partnership) | 2,148,999 | 1.49 | 2,026,899 | Other | - Xia Jifa, Xia Zemin, and Jiangyin Lanhaohaolong Enterprise Management Partnership (Limited Partnership) are parties acting in concert; Xu Jianhu and Jiangyin Shangtuo Enterprise Management Partnership (Limited Partnership) are parties acting in concert[114](index=114&type=chunk) - Top Ten Restricted Shareholders' Shareholdings | No. | Name of Restricted Shareholder | Number of Restricted Shares Held (shares) | Date Available for Trading | Restriction Condition | | :--- | :--- | :--- | :--- | :--- | | 1 | Xu Jianhu | 5,793,411 | 2026/9/6 | 36 months | | 2 | Jiangyin Shangtuo Enterprise Management Partnership (Limited Partnership) | 2,026,899 | 2026/9/6 | 36 months | [Section VII Bond-Related Information](index=36&type=section&id=Section%20VII%20Bond-Related%20Information) This section clarifies that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor convertible corporate bonds, during the reporting period - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[118](index=118&type=chunk) - The company has no convertible corporate bonds[118](index=118&type=chunk) [Section VIII Financial Report](index=37&type=section&id=Section%20VIII%20Financial%20Report) This section provides the company's unaudited consolidated and parent company financial statements for H1 2025, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on financial statement items covering the company's basic information, significant accounting policies, taxes, specific asset, liability, and profit/loss items and their changes, and risk disclosures related to financial instruments [II. Financial Statements](index=37&type=section&id=II.%20Financial%20Statements) This section presents the company's consolidated and parent company balance sheets as of June 30, 2025, consolidated and parent company income statements and cash flow statements for January-June 2025, and consolidated and parent company statements of changes in owners' equity, comprehensively reflecting the company's semi-annual financial position and operating results - Consolidated Balance Sheet (Summary) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 373,118,262.41 | 354,975,568.35 | | Trading Financial Assets | 390,000,000.00 | 420,000,000.00 | | Accounts Receivable | 397,145,085.16 | 421,464,376.24 | | Inventories | 179,432,722.81 | 177,224,062.03 | | Total Current Assets | 1,424,591,730.08 | 1,418,945,549.55 | | Fixed Assets | 443,629,938.27 | 463,103,738.45 | | Construction in Progress | 32,154,787.69 | 12,200,567.59 | | Total Assets | 2,407,532,511.56 | 2,402,235,231.20 | | Short-term Borrowings | 20,854,447.12 | 0.00 | | Accounts Payable | 130,395,441.08 | 147,104,878.62 | | Total Liabilities | 228,056,669.50 | 248,077,010.12 | | Total Equity Attributable to Parent Company Owners | 2,120,949,063.34 | 2,097,288,801.40 | - Consolidated Income Statement (Summary) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 465,199,850.45 | 470,955,062.83 | | Total Operating Costs | 394,338,610.85 | 387,771,304.32 | | Total Profit | 78,176,842.80 | 84,235,972.13 | | Net Profit | 67,362,486.59 | 73,566,533.13 | | Net Profit Attributable to Parent Company Shareholders | 65,741,689.48 | 65,762,814.31 | | Basic Earnings Per Share (RMB/share) | 0.46 | 0.46 | - Consolidated Cash Flow Statement (Summary) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 49,189,915.12 | 32,481,626.63 | | Net Cash Flow from Investing Activities | -7,658,110.56 | -91,782,913.63 | | Net Cash Flow from Financing Activities | -22,403,074.61 | -69,714,815.50 | | Net Increase in Cash and Cash Equivalents | 19,267,694.06 | -128,596,296.96 | [III. Company Profile](index=55&type=section&id=III.%20Company%20Profile) This section introduces Jiangsu Changling Hydraulic Co., Ltd.'s establishment background, registration information, main business scope, and its position in the hydraulic components, precision casting, and photovoltaic industries; the company's financial statements were approved for external release by the board of directors on August 19, 2025 - Jiangsu Changling Hydraulic Co., Ltd. was established through the overall conversion of Jiangyin Changling Machinery Manufacturing Co., Ltd., with a registered capital of **RMB 144,087,070.00**, and its shares were listed on the Shanghai Stock Exchange on March 22, 2021[152](index=152&type=chunk) - The company belongs to the general equipment manufacturing industry, primarily engaged in the R&D, production, and sales of hydraulic components and parts such as central rotary joints and tensioning devices, precision casting products like compressor castings and automotive castings, and photovoltaic slewing drives, engineering machinery slewing drives, and related accessories[153](index=153&type=chunk) - These financial statements were approved for external release by the company's Sixth Meeting of the Third Board of Directors held on August 19, 2025[153](index=153&type=chunk) [IV. Basis of Financial Statement Preparation](index=55&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 confirms that there are no matters or circumstances that raise significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[154](index=154&type=chunk) - There are no matters or circumstances that raise significant doubt about the company's ability to continue as a going concern for the **12 months** from the end of the reporting period[155](index=155&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=55&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the significant accounting policies and estimates followed by the company in preparing its financial statements, including specific provisions for financial instrument impairment, fixed asset depreciation, intangible asset amortization, and revenue recognition, along with explanations of accounting policy changes - The company has formulated specific accounting policies and estimates for transactions and events such as financial instrument impairment, fixed asset depreciation, intangible asset amortization, and revenue recognition, based on its actual production and operating characteristics[156](index=156&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, and its functional currency is RMB[158](index=158&type=chunk)[160](index=160&type=chunk) - The company defines significant items for which bad debt provisions are individually recognized, such as accounts receivable, and significant construction in progress projects, as those exceeding **0.5%** or **10%** of total assets[161](index=161&type=chunk)[162](index=162&type=chunk) - Financial assets are classified at initial recognition into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[169](index=169&type=chunk) - Fixed asset depreciation is calculated using the straight-line method, with depreciation periods of **10-30 years** for buildings and structures, and **5-10 years** or **20 years** for specialized equipment[204](index=204&type=chunk) - Intangible assets include land use rights, software, and patent rights; land use rights are amortized over **30-50 years**, and software and patent technology rights over **5 years**[209](index=209&type=chunk) - Effective 2024, the company implemented the accounting treatment for guarantee-type quality assurance as stipulated in "Interpretation No. 18 of Accounting Standards for Business Enterprises" issued by the Ministry of Finance, reclassifying guarantee-type quality assurance originally recorded in "selling expenses" to "operating costs" and making retrospective adjustments[244](index=244&type=chunk) [VI. Taxes](index=73&type=section&id=VI.%20Taxes) This section lists the company's main tax categories and rates, and discloses the tax incentives enjoyed by the company and its subsidiaries; the company and Jiangyin Shangchi Co., Ltd., as high-tech enterprises, benefit from a 15% corporate income tax rate and an additional 5% VAT deduction for advanced manufacturing enterprises - Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Difference between output tax and input tax | 13% | | Corporate Income Tax | Taxable income | 15%, 25% | | Property Tax | Ad valorem based on 1.2% of original value less 30%; rental based on 12% of rental income | 1.2%, 12% | - The company and Jiangyin Shangchi Co., Ltd. have been recognized as high-tech enterprises, with a three-year validity period, and are subject to a **15%** corporate income tax rate for the current period[246](index=246&type=chunk) - The company and Jiangyin Shangchi Co., Ltd. enjoy the VAT super deduction policy for advanced manufacturing enterprises, allowing an additional **5%** deduction from the current period's deductible input VAT amount against payable VAT[246](index=246&type=chunk) - Overseas subsidiaries and sub-subsidiaries, such as Singapore Company and Thailand Company, pay taxes according to the relevant policies of their registered locations[247](index=247&type=chunk) [VII. Notes to Consolidated Financial Statements](index=73&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed notes on each asset, liability, and owner's equity item in the consolidated financial statements, including cash and cash equivalents, trading financial assets, notes receivable, accounts receivable, inventories, construction in progress, short-term borrowings, accounts payable, employee compensation payable, and deferred income tax assets/liabilities, explaining the changes and reasons for period-end balances compared to beginning balances [1、 Cash and Cash Equivalents](index=73&type=section&id=1%E3%80%81%20Cash%20and%20Cash%20Equivalents) The company's period-end cash and cash equivalents balance was RMB 373,118,262.41, an increase from the beginning of the period, primarily composed of bank deposits - Composition of Cash and Cash Equivalents | Item | Period-end Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash on Hand | 59,754.64 | 13,051.31 | | Bank Deposits | 371,626,907.77 | 352,405,917.04 | | Other Cash and Cash Equivalents | 1,431,600.00 | 2,556,600.00 | | Total | 373,118,262.41 | 354,975,568.35 | [2、 Trading Financial Assets](index=74&type=section&id=2%E3%80%81%20Trading%20Financial%20Assets) The company's period-end trading financial assets primarily consisted of structural deposits, with a balance of RMB 390,000,000.00, a decrease from the beginning of the period - Composition of Trading Financial Assets | Item | Period-end Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Financial assets measured at fair value through profit or loss | 390,000,000.00 | 420,000,000.00 | | Of which: Structural deposits | 390,000,000.00 | 420,000,000.00 | | Total | 390,000,000.00 | 420,000,000.00 | [5、 Accounts Receivable](index=76&type=section&id=5%E3%80%81%20Accounts%20Receivable) The company's period-end accounts receivable book balance was RMB 430,756,686.09, with the highest proportion being within one year; total bad debt provisions amounted to RMB 33,611,600.93, primarily calculated using the aging analysis method; some individually provided accounts receivable may be unrecoverable due to customer liquidity risks or bankruptcy reorganization - Aging Distribution of Accounts Receivable | Aging | Period-end Book Balance (RMB) | Beginning Book Balance (RMB) | | :--- | :--- | :--- | | Within 1 year | 410,972,604.93 | 445,705,732.42 | | 1 to 2 years | 18,829,499.13 | 6,797,726.46 | | 2 to 3 years | 371,100.44 | 3,622,767.17 | | Over 3 years | 583,481.59 | 566,207.79 | | Total | 430,756,686.09 | 456,692,433.84 | - Classification and Disclosure of Accounts Receivable Bad Debt Provisions | Category | Book Balance (RMB) | Percentage (%) | Bad Debt Provision (RMB) | Provision Rate (%) | Book Value (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Individually provided for bad debts | 32,105,927.21 | 7.45 | 13,438,709.70 | 41.86 | 18,667,217.51 | | Provided for bad debts by portfolio | 398,650,758.88 | 92.55 | 20,172,891.23 | 5.06 | 378,477,867.65 | | Total | 430,756,686.09 | / | 33,611,600.93 | / | 397,145,085.16 | - A **10%** bad debt provision was made for accounts receivable from Soltec Energías Renovables, S.L.U. due to customer liquidity risk; a **70%** bad debt provision was made for Suzhou Akcome Metal Technology Co., Ltd. due to customer bankruptcy reorganization[262](index=262&type=chunk) [7、 Notes Receivable Financing](index=80&type=section&id=7%E3%80%81%20Notes%20Receivable%20Financing) The company's period-end notes receivable financing primarily consisted of bank acceptance bills, with a balance of RMB 57,813,009.98, a significant increase from the beginning of the period; the amount of bank acceptance bills endorsed or discounted and not yet due at period-end was RMB 74,806,122.64 - Classification of Notes Receivable Financing | Item | Period-end Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Bank acceptance bills | 57,813,009.98 | 33,347,615.42 | | Total | 57,813,009.98 | 33,347,615.42 | - At period-end, the amount of bank acceptance bills endorsed or discounted by the company and not yet due on the balance sheet date was **RMB 74,806,122.64**[278](index=278&type=chunk) [10、 Inventories](index=87&type=section&id=10%E3%80%81%20Inventories) The company's period-end inventory book value was RMB 179,432,722.81, mainly comprising raw materials, work in progress, finished goods, and consigned goods; total inventory impairment provisions amounted to RMB 11,431,220.63, an increase of RMB 2,622,620.93 this period, primarily due to new provisions and reversals or write-offs from increased net realizable value or consumption/sale of some inventories - Inventory Classification and Impairment Provisions | Item | Book Balance (RMB) | Inventory Impairment Provision (RMB) | Book Value (RMB) | | :--- | :--- | :--- | :--- | | Raw materials | 33,327,751.04 | 3,845,301.58 | 29,482,449.46 | | Work in progress | 25,197,167.46 | 1,113,881.45 | 24,083,286.01 | | Finished goods | 100,809,271.39 | 6,051,826.55 | 94,757,444.84 | | Consigned goods | 24,540,357.79 | 420,211.05 | 24,120,146.74 | | Materials for processing | 6,989,395.76 | 0.00 | 6,989,395.76 | | Total | 190,863,943.44 | 11,431,220.63 | 179,432,722.81 | - Changes in Inventory Impairment Provisions | Item | Beginning Balance (RMB) | Amount Increased During Period (Provision) (RMB) | Amount Decreased During Period (Reversal or Write-off) (RMB) | Period-end Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | Raw materials | 3,032,402.19 | 1,135,165.37 | 322,265.98 | 3,845,301.58 | | Work in progress | 1,214,675.98 | 225,874.69 | 326,669.22 | 1,113,881.45 | | Finished goods | 5,801,659.95 | 1,046,861.58 | 796,694.98 | 6,051,826.55 | | Consigned goods | 533,390.33 | 214,719.29 | 327,898.57 | 420,211.05 | | Total | 10,582,128.45 | 2,622,620.93 | 1,773,528.75 | 11,431,220.63 | [21、 Fixed Assets](index=93&type=section&id=21%E3%80%81%20Fixed%20Assets) The company's period-end fixed asset book value was RMB 443,629,938.27, a decrease from the beginning of the period; fixed asset additions this period were mainly from purchases and transfers from construction in progress, while reductions were primarily due to disposals or write-offs; some specialized equipment remained temporarily idle - Fixed Asset Book Value | Item | Period-end Book Value (RMB) | Beginning Book Value (RMB) | | :--- | :--- | :--- | | Buildings and structures | 215,518,142.27 | 222,048,226.15 | | Land ownership | 18,768,243.25 | 18,165,069.21 | | General equipment | 2,520,252.15 | 3,582,902.22 | | Specialized equipment | 205,637,884.90 | 218,269,699.01 | | Transportation vehicles | 1,185,415.71 | 1,037,841.86 | | Total | 443,629,938.27 | 463,103,738.45 | - Fixed asset additions this period totaled **RMB 5,221,208.70**, including **RMB 3,004,660.01** from purchases and **RMB 2,216,548.69** from transfers from construction in progress[313](index=313&type=chunk) - The book value of temporarily idle specialized equipment at period-end was **RMB 2,722.70**[316](index=316&type=chunk) - The period-end book value of fixed assets leased out under operating leases was **RMB 14,849,962.16** for buildings and structures, and **RMB 173,069.55** for specialized equipment[318](index=318&type=chunk) [22、 Construction in Progress](index=94&type=section&id=22%E3%80%81%20Construction%20in%20Progress) The company's period-end construction in progress balance was RMB 32,154,787.69, a significant increase from the beginning of the period; major projects include the Thailand slewing drive and hydraulic product manufacturing base project and the high-end hydraulic component capacity expansion and intelligent upgrade project, with the Thailand project having an investment progress of 30.93% - Construction in Progress Project Status | Project | Period-end Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Thailand slewing drive and hydraulic product manufacturing base project | 21,912,102.84 | 3,654,724.76 | | Tensioning device relocation and expansion project | 0.00 | 1,575,000.00 | | High-end hydraulic component capacity expansion and intelligent upgrade project | 0.00 | 1,457,410.98 | | Equipment to be installed and other | 10,242,684.85 | 5,513,431.85 | | Total | 32,154,787.69 | 12,200,567.59 | - The Thailand slewing drive and hydraulic product manufacturing base project has a budget of **RMB 129.60 million**, with a cumulative investment of **RMB 21.91 million** at period-end, reaching **30.93%** of its investment progress[321](index=321&type=chunk) - The high-end hydraulic component capacity expansion and intelligent upgrade project has a budget of **RMB 199.89 million**, with a cumulative investment of **RMB 0.75 million** at period-end, reaching **23.62%** of its investment progress[321](index=321&type=chunk) [31、 Restricted Assets](index=99&type=section&id=31%E3%80%81%20Restricted%20Assets) The company's period-end restricted assets totaled RMB 1,431,600.00, primarily cash and cash equivalents, restricted due to litigation freezes, bill deposits, and letter of guarantee deposits - Restricted Asset Status | Item | Period-end Book Balance (RMB) | Period-end Book Value (RMB) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,310,000.00 | 1,310,000.00 | Frozen | Litigation freeze | | Cash and Cash Equivalents | 112,000.00 | 112,000.00 | Other | Bills, letter of guarantee deposits | | Other Cash and Cash Equivalents | 9,600.00 | 9,600.00 | Other | ETC deposit | | Total | 1,431,600.00 | 1,431,600.00 | / | / | [32、 Short-term Borrowings](index=100&type=section&id=32%E3%80%81%20Short-term%20Borrowings) The company's period-end short-term borrowings balance was RMB 20,854,447.12, entirely composed of credit borrowings, with no short-term borrowings at the beginning of the period - Short-term Borrowing Classification | Item | Period-end Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Credit borrowings | 20,854,447.12 | 0.00 | | Total | 20,854,447.12 | 0.00 | [36、 Accounts Payable](index=101&type=section&id=36%E3%80%81%20Accounts%20Payable) The company's period-end accounts payable balance was RMB 130,395,441.08, a decrease from the beginning of the period, primarily consisting of goods payments and long-term asset payments - Accounts Payable Listing | Item | Period-end Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Goods payments | 123,437,669.99 | 115,792,942.10 | | Long-term asset payments | 4,286,083.56 | 28,645,737.02 | | Other | 2,671,687.53 | 2,666,199.50 | | Total | 130,395,441.08 | 147,104,878.62 | [39、 Employee Compensation Payable](index=102&type=section&id=39%E3%80%81%20Employee%20Compensation%20Payable) The company's period-end employee compensation payable balance was RMB 11,385,340.54, primarily short-term compensation including wages, bonuses, allowances, and subsidies; this period saw an increase of RMB 55,072,508.44 and a decrease of RMB 59,062,303.55 - Employee Compensation Payable Listing | Item | Beginning Balance (RMB) | Amount Increased During Period (RMB) | Amount Decreased During Period (RMB) | Period-end Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | I. Short-term compensation | 15,375,135.65 | 55,072,508.44 | 59,062,303.55 | 11,385,340.54 | | II. Post-employment benefits - defined contribution plans | 0.00 | 4,197,074.34 | 4,197,074.34 | 0.00 | | III. Termination benefits | 0.00 | 151,000.00 | 151,000.00 | 0.00 | | Total | 15,375,135.65 | 59,420,582.77 | 63,410,377.89 | 11,385,340.54 | - Short-term Compensation Listing | Item | Beginning Balance (RMB) | Amount Increased During Period (RMB) | Amount Decreased During Period (RMB) | Period-end Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | I. Wages, bonuses, allowances, and subsidies | 14,463,259.37 | 49,259,637.91 | 52,893,889.72 | 10,829,007.57 | | II. Employee welfare expenses | 0.00 | 2,046,709.74 | 2,046,709.74 | 0.00 | | III. Social insurance premiums | 0.00 | 2,314,994.90 | 2,314,994.90 | 0.00 | | IV. Housing provident fund | 0.00 | 823,964.00 | 823,964.00 | 0.00 | | V. Union funds and employee education funds | 911,876.28 | 627,201.89 | 982,745.20 | 556,332.97 | | Total | 15,375,135.65 | 55,072,508.44 | 59,062,303.55 | 11,385,340.54 | [40、 Taxes Payable](index=102&type=section&id=40%E3%80%81%20Taxes%20Payable) The company's period-end taxes payable balance was RMB 11,631,018.07, a decrease from the beginning of the period, primarily including VAT, corporate income tax, property tax, and land use tax - Composition of Taxes Payable | Item | Period-end Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Value-Added Tax | 3,588,897.55 | 3,112,189.36 | | Corporate Income Tax | 5,675,885.73 | 7,687,103.99 | | Urban Maintenance and Construction Tax | 223,441.14 | 280,816.98 | | Property Tax | 1,207,380.30 | 1,243,428.65 | | Land Use Tax | 511,425.90 | 432,202.65 | | Withholding Individual Income Tax | 141,143.08 | 424,678.37 | | Education Surcharge | 95,760.49 | 120,350.14 | | Stamp Duty | 118,651.90 | 117,824.01 | | Local Education Surcharge | 63,840.32 | 80,233.43 | | Environmental Protection Tax | 4,591.66 | 5,113.93 | | Total | 11,631,018.07 | 13,503,941.51 | [51、 Deferred Income](index=105&type=section&id=51%E3%80%81%20Deferred%20Income) The company's period-end deferred income balance was RMB 22,175,371.55, primarily government grants related to assets, with a decrease of RMB 1,606,747.08 this period - Deferred Income Status | Item | Beginning Balance (RMB) | Amount Increased During Period (RMB) | Amount Decreased During Period (RMB) | Period-end Balance (RMB) | Reason for Formation | | :--- | :--- | :--- | :--- | :--- | :--- | | Government grants | 23,782,118.63 | 0.00 | 1,606,747.08 | 22,175,371.55 | Asset-related | | Total | 23,782,118.63 | 0.00 | 1,606,747.08 | 22,175,371.55 | / | [61、 Operating Revenue and Operating Cost](index=108&type=section&id=61%E3%80%81%20Operating%20Revenue%20and%20Operating%20Cost) The company's operating revenue for this period was RMB 465,199,850.45, and operating cost was RMB 342,271,848.91, a slight decrease from the previous period; main business revenue and cost remain the primary components, with other business revenue also increasing; revenue recognition primarily occurs at the point of goods delivery - Operating Revenue and Operating Cost Status | Item | Current Period (Revenue) (RMB) | Current Period (Cost) (RMB) | Prior Period (Revenue) (RMB) | Prior Period (Cost) (RMB) | | :--- | :--- | :--- | :--- | :--- | | Main business | 454,309,991.40 | 336,384,264.87 | 461,746,160.97 | 337,925,105.99 | | Other business | 10,889,859.05 | 5,887,584.04 | 9,208,901.86 | 5,213,036.33 | | Total | 465,199,850.45 | 342,271,848.91 | 470,955,062.83 | 343,138,142.32 | - The company recognizes revenue from goods sales at the point of delivery, with payment terms generally ranging from **30 to 90 days** after product delivery[376](index=376&type=chunk) - Revenue recognized this period, included in the beginning balance of contract liabilities, amounted to **RMB 623,073.04**[377](index=377&type=chunk) [65、 R&D Expenses](index=111&type=section&id=65%E3%80%81%20R%26D%20Expenses) The company's R&D expenses for this period were RMB 19,886,315.90, an increase from the previous period, primarily composed of employee compensation and material costs - R&D Expense Composition | Item | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Employee compensation | 10,886,627.66 | 9,916,044.98 | | Materials | 6,499,456.99 | 6,311,452.68 | | Depreciation and amortization | 718,077.23 | 732,846.54 | | Mold fees | 385,486.72 | 285,398.23 | | Other | 697,087.64 | 971,059.61 | | Electricity fees | 699,579.66 | 622,453.83 | | Total | 19,886,315.90 | 18,839,255.87 | [76、 Income Tax Expense](index=114&type=section&id=76%E3%80%81%20Income%20Tax%20Expense) The company's income tax expense for this period was RMB 10,814,356.21, mainly comprising current income tax expense and deferred income tax expense; the income tax expense adjustment process considered factors such as different tax rates applicable to subsidiaries, non-deductible costs and expenses, and super deduction for R&D expenses - Income Tax Expense Table | Item | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Current income tax expense | 12,210,190.90 | 11,470,724.13 | | Deferred income tax expense | -1,395,834.69 | -801,285.13 | | Total | 10,814,356.21 | 10,669,439.00 | - The income tax expense adjustment process includes the impact of different tax rates applicable to subsidiaries (**RMB 1,697,920.49**) and the impact of super deduction for R&D expenses (**-RMB 3,282,141.27**)[392](index=392&type=chunk) [VIII. R&D Expenditures](index=119&type=section&id=VIII.%20R%26D%20Expenditures) The company's total R&D expenditure for this period was RMB 19,886,315.90, all expensed, primarily for employee compensation, materials, depreciation and amortization, and mold fees; the company had no R&D projects meeting capitalization criteria this period - R&D Expenditures by Nature of Expense | Item | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Employee compensation | 10,886,627.66 | 9,916,044.98 | | Materials | 6,499,456.99 | 6,311,452.68 | | Depreciation and amortization | 718,077.23 | 732,846.54 | | Mold fees | 385,486.72 | 285,398.23 | | Electricity fees | 699,579.66 | 622,453.83 | | Other | 697,087.64 | 971,059.61 | | Total | 19,886,315.90 | 18,839,255.87 | | Of which: Expensed R&D expenditures | 19,886,315.90 | 18,839,255.87 | | Capitalized R&D expenditures | 0.00 | 0.00 | [X. Equity in Other Entities](index=120&type=section&id=X.%20Equity%20in%20Other%20Entities) This section details the composition of the company's enterprise group, including the registered capital, registered location, business nature, and shareholding percentage of major subsidiaries; Jiangyin Shangchi Co., Ltd., as a significant non-wholly owned subsidiary, has a 30% minority shareholder stake, with RMB 1,615,442.68 of profit attributable to minority shareholders this period - Composition of the Enterprise Group | Subsidiary Name | Registered Capital (RMB million) | Registered Location | Business Nature | Shareholding Percentage (%) (Direct) | | :--- | :--- | :--- | :--- | :--- | | Changling Precision Co., Ltd. | 280.00 | Jiangyin, Jiangsu | Manufacturing | 100.00 | | Jiangyin Shangchi Co., Ltd. | 10.98 | Jiangyin, Jiangsu | Manufacturing | 70.00 | | Changling Taixing Co., Ltd. | 80.00 | Taixing, Jiangsu | Manufacturing | 100.00 | | Changling Metal Co., Ltd. | 2.00 | Jiangyin, Jiangsu | Manufacturing | 100.00 | | Singapore Company | 17.85 | Singapore | Investment | 100.00 | | Thailand Company | 18.92 | Thailand | Manufacturing | 97.00 | - Financial Information of Significant Non-Wholly Owned Subsidiary | Subsidiary Name | Minority Shareholding Percentage (%) | Profit Attributable to Minority Shareholders This Period (RMB) | Minority Interest Balance at Period-end (RMB) | | :--- | :--- | :--- | :--- | | Jiangyin Shangchi Co., Ltd. | 30% | 1,615,442.68 | 58,469,004.31 | - Key Financial Information of Jiangyin Shangchi Co., Ltd. (Current Period) | Item | Amount (RMB) | | :--- | :--- | | Operating Revenue | 53,679,991.31 | | Net Profit | 7,446,637.73 | | Total Comprehensive Income | 7,446,637.73 | | Net Cash Flow from Operating Activities | 12,248,403.53 | [XII. Risks Related to Financial Instruments](index=124&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, liquidity risk, and market risk (including interest rate risk and foreign exchange risk) in its daily operations; the company manages these risks through credit assessment, diversified financing, and foreign currency trading to balance risk and return, minimizing negative impacts - The company faces credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)[423](index=423&type=chunk) - Credit risk primarily arises from cash and cash equivalents and accounts receivable; the company controls this risk by depositing cash and cash equivalents with highly-rated financial institutions and continuously assessing customer credit[425](index=425&type=chunk) - Liquidity risk is controlled by comprehensively utilizing various financing methods such as bill settlement and bank borrowings, and adopting an appropriate combination of long-term and short-term financing[426](index=426&type=chunk) - Market risk mainly includes interest rate risk and foreign exchange risk; the company manages foreign exchange risk by regularly reviewing and monitoring an appropriate portfolio of financial instruments and buying/selling foreign currencies at market exchange rates when necessary[427](index=427&type=chunk) [XIII. Disclosure of Fair Value](index=126&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the period-end fair values of the company's assets and liabilities measured at fair value, primarily including trading financial assets, notes receivable financing, and other equity instrument investments; these items use different valuation techniques, such as structural deposits valued at cost, bank acceptance bills at face value, and non-listed equity investments using market and discounted future cash flow methods - Period-end Fair Value of Assets and Liabilities Measured at Fair Value | Item | Period-end Fair Value (RMB) | | :--- | :--- | | (I) Trading financial assets | 390,000,000.00 | | (VI) Notes receivable financing | 57,813,009.98 | | (VII) Other equity instrument investments | 6,000,000.00 | | Total assets continuously measured at fair value | 453,813,009.98 | - The fair value of structural deposits within trading financial assets cannot be reliably measured and is represented by cost[432](index=432&type=chunk) - Bank acceptance bills within notes receivable financing are valued at their face amount due to low credit risk and short remaining maturity[432](index=432&type=chunk) - Other equity instrument investments, representing non-listed equity, are valued using a combination of market approach and discounted future cash flow methods to estimate fair value[432](index=432&type=chunk) [XIV. Related Parties and Related Party Transactions](index=128&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section discloses the company's related parties and related party transactions; the main related party is Jiangyin Changling Wumao Co., Ltd., which is under the common control of the actual controller; during the reporting period, the company, as lessee, leased buildings from Changling Wumao Co., Ltd. and paid rent; additionally, key management personnel compensation and outstanding receivables and payables with related parties are disclosed - Jiangyin Changling Wumao Co., Ltd. is another related party of the company, under the common control of the actual controller[435](index=435&type=chunk) - The company, as lessee, leased buildings from Changling Wumao Co., Ltd., paying **RMB 360,000.00** in rent this period[438](index=438&type=chunk) - Key Management Personnel Compensation | Item | Current Period (RMB million) | Prior Period (RMB million) | | :--- | :--- | :--- | | Key management personnel compensation | 1.30 | 1.41 | - Outstanding Receivables from Related Parties | Item Name | Related Party | Period-end Book Balance (RMB) | Bad Debt Provision (RMB) | | :--- | :--- | :--- | :--- | | Changling Hydraulic | Jiangyin Shangchi Co., Ltd. | 52,000.01 | 2,600.00 | | Changling Precision Co., Ltd. | Changling Hydraulic | 111,998.80 | 5,599.94 | | Changling Precision Co., Ltd. | Jiangyin Shangchi Co., Ltd. | 478,712.46 | 23,935.62 | - Outstanding Payables to Related Parties | Item Name | Related Party | Period-end Book Balance (RMB) | Beginning Book Balance (RMB) | | :--- | :--- | :--- | :--- | | Jiangyin Shangchi Co., Ltd. | Changling Hydraulic | 52,000.01 | 102,016.77 | | Changling Hydraulic | Changling Precision Co., Ltd. | 111,998.80 | 68,315.24 | | Jiangyin Shangchi Co., Ltd. | Changling Precision Co., Ltd. | 478,712.46 | 493,278.60 | [XVII. Events After the Balance Sheet Date](index=131&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) This section discloses the company's profit distribution after the balance sheet date; pursuant to authorization from the 2024 Annual General Meeting, the board of directors approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of RMB 4.20 (tax inclusive) per 10 shares to all shareholders, totaling RMB 60,516,569.40 - The company convened the Sixth Meeting of the Third Board of Directors on August 19, 2025, and approved the "Company's 2025 Semi-Annual Profit Distribution Plan"[448](index=448&type=chunk) - The company proposes to distribute a cash dividend of **RMB 4.20 (tax inclusive) per 10 shares** to all shareholders based on the total share capital on the equity distribution record date, with an estimated total cash dividend of **RMB 60,516,569.40 (tax inclusive)**[448](index=448&type=chunk) [XX. Supplementary Information](index=142&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary information, including a detailed statement of non-recurring gains and losses, net asset return, and earnings per share; total non-recurring gains and losses amounted to RMB 4,992,598.25; the weighted average return on net assets attributable to common shareholders was 3.10%, and basic earnings per share was RMB 0.46/share - Detailed Statement of Non-recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 2,238.65 | | Government grants recognized in current profit or loss | 1,108,000.00 | | Gains/losses from entrusted investments or asset management | 4,550,445.68 | | Reversal of impairment provisions for accounts receivable subject to individual impairment testing | 447,058.81 | | Other non-operating income and expenses | -107,939.60 | | Less: Income tax impact | 1,007,205.29 | | Total | 4,992,598.25 | - Net Asset Return and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (RMB) | Diluted Earnings Per Share (RMB) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 3.10 | 0.46 | 0.46 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 2.86 | 0.42 | 0.42 |

（原标题：长龄液压披露2025半年度分配预案：拟10派4.2元） 8月19日长龄液压发布2025半年度分配预案，拟10派4.2元（含税），预计派现金额合计为6051.66万元。 派现额占净利润比例为92.05%，这是公司上市以来，累计第7次派现。 公司上市以来历次分配方案一览 资金面上看，该股今日主力资金净流出194.37万元，近5日主力资金净流出5472.83万元。 按申万行业统计，长龄液压所属的机械设备行业共有10家公司公布了2025半年度分配方案，派现金额最 多的是杰瑞股份，派现金额为1.53亿元，其次是怡合达、越剑智能，派现金额分别为9513.04万元、 7714.27万元。（数据宝） | 代码 | 简称 | 每10股送转 | 每10股派现 | 派现金额（万 | 派现占净 利润比例 | 股息率 | | --- | --- | --- | --- | --- | --- | --- | | | | （股） | （元） | 元） | | （%） | | | | | | | （%） | | | 002353 | 杰瑞股 | 0.00 | 1.5 | 15311.43 | 12.34 | 0.43 | | | ...

Market Overview - The engineering machinery sector experienced a decline of 0.57% on August 19, with Shanhe Intelligent leading the drop [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] Stock Performance - Notable gainers in the engineering machinery sector included: - Wantong Hydraulic (Code: 630839) with a closing price of 39.80, up 16.41% [1] - Weibao Hydraulic (Code: 871245) with a closing price of 35.51, up 7.28% [1] - Nuo Li Co., Ltd. (Code: 603611) with a closing price of 28.94, up 4.86% [1] - Conversely, Shanhe Intelligent (Code: 002097) saw a significant decline of 6.38%, closing at 17.60 [2] - Other notable decliners included: - Southern Road Machinery (Code: 603280) down 5.98% [2] - Shaoyang Hydraulic (Code: 301079) down 4.90% [2] Capital Flow - The engineering machinery sector saw a net outflow of 930 million yuan from institutional investors, while retail investors contributed a net inflow of 1.169 billion yuan [2] - The capital flow for specific stocks indicated: - Anhui Heli (Code: 600761) had a net inflow of 37.1 million yuan from institutional investors [3] - Nuo Li Co., Ltd. (Code: 603611) experienced a net inflow of 26.4 million yuan from institutional investors [3] - Conversely, significant outflows were noted for several stocks, including Shaoyang Hydraulic with a net outflow of 32.2 million yuan from institutional investors [3]

Core Viewpoint - Changling Hydraulic (605389) reported a slight decline in revenue and net profit for the first half of 2025, indicating potential challenges in maintaining growth [1] Financial Performance - The company achieved operating revenue of 465 million yuan, a year-on-year decrease of 1.22% [1] - The net profit attributable to shareholders was 65.74 million yuan, reflecting a minor decline of 0.03% year-on-year [1] - Basic earnings per share stood at 0.46 yuan [1] Dividend Distribution - The company plans to distribute a cash dividend of 4.2 yuan (including tax) for every 10 shares to all shareholders [1]

格隆汇8月19日丨长龄液压(605389.SH)公布半年度报告，2025年上半年，公司管理层在董事会的领导 下，紧紧围绕整体发展战略，以市场为导向，加大新产品开发，拓展新兴市场领域，挖掘增量利润空 间。报告期内，公司实现营业收入46,519.99万元，较上年同期减少1.22%，实现归属于母公司所有者的 净利润6,574.17万元，较上年同期减少0.03%。向全体股东每10股派发现金红利4.20元。 ...

Core Insights - The company reported a revenue of 465 million yuan for the first half of 2025, representing a year-on-year decrease of 1.22% [1] - The net profit attributable to shareholders was 65.74 million yuan, showing a slight decline of 0.03% compared to the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 60.75 million yuan, which is a year-on-year decrease of 7.62% [1] - The basic earnings per share stood at 0.46 yuan [1]

Core Viewpoint - Jiangsu Changling Hydraulic Co., Ltd. has released its semi-annual report for 2025, indicating a mixed performance with a slight increase in total assets and net assets, but a decline in revenue and profit [1] Financial Performance - The company plans to distribute a cash dividend of 4.2 yuan (including tax) for every 10 shares, amounting to a total of 60.5166 million yuan based on the total share capital as of June 30 [1] - Total assets at the end of the reporting period were 2.408 billion yuan, representing a 0.22% increase compared to the end of the previous year [1] - Net assets attributable to shareholders of the listed company reached 2.121 billion yuan, reflecting a 1.13% increase [1] - Revenue for the reporting period was 465 million yuan, showing a year-on-year decline of 1.22% [1] - Total profit amounted to 78.1768 million yuan, down 7.19% year-on-year [1] - Net profit was 65.7417 million yuan, a slight decrease of 0.03% [1] - Net cash flow from operating activities was 49.1899 million yuan, which is a significant increase of 51.44% year-on-year [1]

Group 1 - The core viewpoint of the news is that Jiangsu Changling Hydraulic Co., Ltd. has shown a decline in revenue and net profit in its latest quarterly report, indicating potential challenges in its financial performance [1] - As of August 13, 2025, the company's stock price closed at 45.09 yuan, with a slight increase of 0.38% and a trading volume of 19,400 hands, amounting to a transaction value of 86.72 million yuan [1] - The company experienced a net outflow of main funds amounting to 15.74 million yuan, which accounted for 18.15% of the transaction value, indicating a potential lack of investor confidence [1] Group 2 - For the first quarter of 2025, the company reported total operating revenue of 21.9 million yuan, a year-on-year decrease of 2.64%, and a net profit attributable to shareholders of 30.82 million yuan, down 7.63% year-on-year [1] - The company has a current ratio of 7.176, a quick ratio of 6.234, and a debt-to-asset ratio of 10.01%, suggesting a strong liquidity position [1] - Jiangsu Changling Hydraulic has made investments in 13 companies and participated in 37 bidding projects, showcasing its active engagement in the industry [2]