华锐精密（SH 688059，收盘价：68.4元）8月14日晚间发布公告称，公司第三届第十七次董事会会议于 2025年8月14日以现场表决与通讯结合的方式召开。会议审议了《关于公司2025年半年度报告及其摘要 的议案》等文件。 2024年1至12月份，华锐精密的营业收入构成为：制造业占比98.82%，其他业务占比1.18%。 （文章来源：每日经济新闻） ...

华锐精密（SH 688059，收盘价：68.4元）8月14日晚间发布半年度业绩报告称，2025年上半年营业收入 约5.19亿元，同比增加26.48%；归属于上市公司股东的净利润约8546万元，同比增加18.8%；基本每股 收益0.98元，同比增加18.07%。 （文章来源：每日经济新闻） ...

株洲华锐精密工具股份有限公司 关于2025 年半年度计提减值准备的公告 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、准确性和完整性依法承担法律责任。 | 证券代码：688059 | 证券简称：华锐精密 | 公告编号：2025-043 | | --- | --- | --- | | 转债代码：118009 | 转债简称：华锐转债 | | 一、2025 年半年度计提减值准备情况概述 根据《企业会计准则》及相关会计政策的规定，为客观、公允地反映株洲华 锐精密工具股份有限公司（以下简称"公司"）截至 2025 年 6 月 30 日的财务状况 及 2025 年半年度的经营成果，本着谨慎性原则，公司对截至 2025 年 6 月 30 日 合并报表范围内可能发生资产及信用减值损失的有关资产计提减值准备。2025 年半年度，公司确认的资产减值损失和信用减值损失共计 1,944.88 万元。具体情 况如下表所示： 单位：元 币种：人民币 | 序号 | 报表项目 | 2025 年半年度 计提金额 | 备注 | | --- | --- | --- | --- | | 1 | ...

关于公司 2025 年度提质增效重回报专项行动方案的 半年度评估报告 为深入践行"以投资者为本"的上市公司发展理念，切实维护公司全体股东 的利益，基于对公司价值的认可和未来发展前景的信心，株洲华锐精密工具 股份有限公司（以下简称"公司"或"华锐精密"）于 2025 年 4 月 28 日发布了 《2025 年度提质增效重回报行动方案》（以下简称"行动方案"）。2025 年上 半年，公司根据行动方案，积极开展和落实各项工作，在经营管理、公司治 理、信息披露、投资者回报等方面卓有成效，形成了《关于公司 2025 年度提 质增效重回报专项行动方案的半年度评估报告》，现汇报如下： 2、加强募投项目管理，推进募投项目实施的实施情况 2025 年上半年，公司围绕市场需求，积极推动募投项目产能释放，2025 年 上半年，公司首次公开发行股票募集资金投资项目"精密数控刀具数字化生产线 建设项目"实现收入 19,504.21 万元，累计实现收入 60,819.21 万元。公司向不特 定对象发行可转换公司债券募投项目"高效钻削刀具生产线建设项目"实现收 入 638.53 万元，累计实现收入 638.53 万元。 二、实施研发与人才 ...

| 证券代码：688059 | 证券简称：华锐精密 | 公告编号：2025-047 | | --- | --- | --- | | 转债代码：118009 | 转债简称：华锐转债 | | 株洲华锐精密工具股份有限公司 关于召开2025 年半年度业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025 年 8 月 28 日（星期四）下午 15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动 投资者可于 2025 年 8 月 21 日（星期四）至 2025 年 8 月 27 日（星期三） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关 系邮箱 zqb@huareal.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 株洲华锐精密工具股份有限公司（以下简称"公司 ...

| 证券代码：688059 | 证券简称：华锐精密 | 公告编号：2025-042 | | --- | --- | --- | | 转债代码：118009 | 转债简称：华锐转债 | | 该次募集资金到账时间为 2021 年 2 月 3 日，本次募集资金到位情况已经天 职国际会计师事务所（特殊普通合伙）审验，并于 2021 年 2 月 3 日出具了天职 业字[2021]4237 号《验资报告》。 株洲华锐精密工具股份有限公司 2025年半年度募集资金存放与实际使用情况的专项报告 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、准确性和完整性依法承担法律责任。 按照中国证监会《上市公司募集资金监管规则》、上海证券交易所颁布的《上 海证券交易所科创板上市公司自律监管指引第 1 号——规范运作（2025 年 5 月 修订）》及相关格式指引的要求，现将株洲华锐精密工具股份有限公司（以下简 称"公司"）2025 年半年度募集资金存放与实际使用情况说明如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 1、2021 年公司首次公开发行股票 经中国证券监督 ...

株洲华锐精密工具股份有限公司 第三届监事会第十一次会议决议公告 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、准确性和完整性依法承担法律责任。 株洲华锐精密工具股份有限公司（以下简称"公司"）第三届监事会第十一次 会议于 2025 年 8 月 14 日以现场表决与通讯结合的方式召开，会议通知已于 2025 年 8 月 1 日以专人、邮寄及电子邮件等方式发出。本次会议应出席监事 3 人，实 际出席监事 3 人，会议由监事会主席林孝良先生主持。本次会议的召集、召开方 式符合相关法律、行政法规、部门规章、规范性文件和《株洲华锐精密工具股份 有限公司章程》（以下简称"《公司章程》"）的规定，会议决议合法、有效。 会议经过讨论，一致通过以下决议： 一、审议通过了《关于公司 2025 年半年度报告及其摘要的议案》 经审核，监事会认为：公司 2025 年半年度报告及其摘要的编制和审议程序 符合相关法律法规及《公司章程》等内部规章制度的规定；公司 2025 年半年度 报告及其摘要内容真实、准确、完整，无虚假记载、误导性陈述或者重大遗漏， 内容与格式符合相关规定，公允地反 ...

| 证券代码：688059 | 证券简称：华锐精密 | 公告编号：2025-045 | | --- | --- | --- | | 转债代码：118009 | 转债简称：华锐转债 | | 株洲华锐精密工具股份有限公司 第三届董事会第十七次会议决议公告 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、准确性和完整性依法承担法律责任。 株洲华锐精密工具股份有限公司（以下简称"公司"）第三届董事会第十七次 会议于 2025 年 8 月 14 日以现场表决与通讯结合的方式召开，会议通知已于 2025 年 8 月 1 日以专人、邮寄及电子邮件等方式发出。本次会议应出席董事 7 人，实 际出席董事 7 人，会议由董事长肖旭凯先生召集并主持。本次会议的召集、召开 方式符合相关法律、行政法规、部门规章、规范性文件和《株洲华锐精密工具股 份有限公司章程》（以下简称"《公司章程》"）的规定，会议决议合法、有效。 会议经过讨论，一致通过以下决议： 一、审议通过了《关于公司 2025 年半年度报告及其摘要的议案》 经审核，董事会认为：公司 2025 年半年度报告及其摘要的编制和审 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions of common terms used throughout the report, ensuring clarity and consistent understanding of the content [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions of common terms used in the report, covering company names, subsidiaries, key products (such as CNC tools, indexable tools, CNC inserts, solid carbide tools), production processes (such as PVD, CVD), and industry participants (Japanese and Korean tool companies, European and American tool companies), ensuring clear understanding of the report content - The company's full name is **Zhuzhou Huarei Precision Tool Co., Ltd.**, abbreviated as **Huarei Precision**[9](index=9&type=chunk) - Core products include **CNC tools**, **indexable tools**, and **CNC inserts**, which are cutting tools used in mechanical manufacturing[9](index=9&type=chunk) - The reporting period refers to **January 1, 2025, to June 30, 2025**[9](index=9&type=chunk) - **PVD** (Physical Vapor Deposition) and **CVD** (Chemical Vapor Deposition) are coating technologies that enhance the comprehensive performance of inserts[9](index=9&type=chunk)[10](index=10&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's fundamental information, contact details, information disclosure, stock overview, and key financial performance indicators for the reporting period [I. Basic Company Information](index=6&type=section&id=I.%20Basic%20Company%20Information) This section outlines the company's basic information, including its Chinese name, abbreviation, legal representative, registered and office addresses, company website, and email address, providing an overview for investors - The company's Chinese name is **Zhuzhou Huarei Precision Tool Co., Ltd.**, abbreviated as **Huarei Precision**[12](index=12&type=chunk) - The legal representative is **Xiao Xukai**, and both the registered and office addresses are at **No. 68, Chuangye Second Road, Lusong District, Zhuzhou City**[12](index=12&type=chunk) [II. Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides the contact information for the company's Board Secretary (domestic representative for information disclosure) Duan Yanlan and Securities Affairs Representative Yao Tianzong, including names, contact addresses, phone numbers, fax numbers, and email addresses, facilitating communication with investors - The Board Secretary is **Duan Yanlan**, the Securities Affairs Representative is **Yao Tianzong**, and their contact number is **0731-22881838**[13](index=13&type=chunk) [III. Information Disclosure and Location for Document Access Changes](index=6&type=section&id=III.%20Information%20Disclosure%20and%20Location%20for%20Document%20Access%20Changes) This section specifies the company's designated newspapers for information disclosure, the website address for publishing the semi-annual report, and the location for document access, ensuring transparency and accessibility of information disclosure - The company's designated information disclosure newspapers are **China Securities Journal**, **Shanghai Securities News**, **Securities Times**, and **Securities Daily**[14](index=14&type=chunk) - The semi-annual report is published on **www.sse.com.cn**, and the document access location is the **company's Securities Department**[14](index=14&type=chunk) [IV. Company Stock/Depositary Receipts Summary](index=6&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipts%20Summary) This section introduces the company's stock listing exchange and board, stock abbreviation, and code, and clarifies that the company has no depositary receipts - The company's stock type is **RMB ordinary shares (A-shares)**, listed on the **Shanghai Stock Exchange STAR Market**, with stock abbreviation **Huarei Precision** and code **688059**[15](index=15&type=chunk) [VI. Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for the first half of 2025, comparing them with the same period last year to reveal significant growth in revenue and profit, and the reasons for a decrease in the proportion of R&D investment [Key Accounting Data](index=7&type=section&id=Key%20Accounting%20Data) This section lists the company's key accounting data for the first half of 2025, including operating revenue, total profit, net profit, net cash flow from operating activities, net assets, and total assets, comparing them with the same period last year to show significant growth in revenue and profit | Indicator | Current Period (Jan-Jun) (Yuan) | Prior Year Period (Yuan) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 519,107,589.57 | 410,419,642.05 | 26.48 | | Total Profit | 98,468,325.91 | 82,632,107.75 | 19.16 | | Net Profit Attributable to Shareholders of the Listed Company | 85,459,667.15 | 71,937,734.98 | 18.80 | | Net Cash Flow from Operating Activities | 100,870,522.81 | -920,768.85 | - | | Net Assets Attributable to Shareholders of the Listed Company (End of Period) | 1,379,746,183.24 | 1,331,495,508.31 | 3.62 | | Total Assets (End of Period) | 2,628,701,824.25 | 2,528,965,314.48 | 3.94 | [Key Financial Indicators](index=7&type=section&id=Key%20Financial%20Indicators) This section lists the company's key financial indicators for the first half of 2025, including basic earnings per share, diluted earnings per share, weighted average return on net assets, and the ratio of R&D investment to operating revenue, comparing them with the same period last year to show improved profitability and changes in R&D investment structure | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.98 | 0.83 | 18.07 | | Diluted Earnings Per Share (Yuan/share) | 0.98 | 0.83 | 18.07 | | Weighted Average Return on Net Assets (%) | 6.22 | 5.58 | Increased by 0.64 percentage points | | R&D Investment as % of Operating Revenue (%) | 4.67 | 7.45 | Decreased by 2.78 percentage points | [Explanation of Key Accounting Data and Financial Indicators](index=7&type=section&id=Explanation%20of%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section explains the primary reason for the decrease in the ratio of R&D investment to operating revenue during the reporting period, which is the cessation of equity incentive expenses due to the conclusion of the equity incentive plan - The decrease in the ratio of R&D investment to operating revenue is mainly due to the **conclusion of the equity incentive plan**, resulting in no equity incentive expenses in the current period[18](index=18&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the company's non-recurring gains and losses items and their amounts for the first half of 2025, including gains and losses from disposal of non-current assets, government grants, fair value changes, and other non-operating income and expenses, and calculates the total impact Non-Recurring Gains and Losses Items and Amounts (Jan-Jun 2025) | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -45,764.86 | | Government grants included in current profit and loss (excluding those with continuous impact) | 1,240,617.50 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains and losses | 776,439.51 | | Other non-operating income and expenses | -59,997.67 | | Less: Income tax impact | 286,694.17 | | Total | 1,624,600.31 | [IX. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-Based Payment Impact](index=8&type=section&id=IX.%20Companies%20with%20Equity%20Incentive%20or%20Employee%20Stock%20Ownership%20Plans%20May%20Choose%20to%20Disclose%20Net%20Profit%20After%20Deducting%20Share-Based%20Payment%20Impact) This section discloses the company's net profit after deducting the impact of share-based payments, comparing it with the same period last year to show the growth of this indicator Net Profit After Deducting Share-Based Payment Impact (Jan-Jun 2025 vs. Prior Year Period) | Key Accounting Data | Current Period (Jan-Jun) (Yuan) | Prior Year Period (Yuan) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact | 85,459,667.15 | 84,019,017.70 | 1.71 | [Section III Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section offers a comprehensive analysis of the company's industry, main business operations, core competencies, research and development progress, and identified risk factors [I. Explanation of the Company's Industry and Main Business During the Reporting Period](index=9&type=section&id=I.%20Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) This section elaborates on the company's main business, products, operating model, as well as the characteristics, development trends, and the company's position within its industry, emphasizing its independent R&D and market competitiveness in hard alloy cutting tools [1. Main Business, Products, or Services](index=9&type=section&id=1.%20Main%20Business%2C%20Products%2C%20or%20Services) The company is a renowned domestic manufacturer of hard alloy cutting tools, specializing in the R&D, production, and sales of hard alloy CNC tools, with products widely used across various industrial sectors; leveraging independent R&D and technological accumulation, the company has developed four core technologies—substrate materials, groove structures, precision forming, and surface coatings—achieving advanced domestic product performance and earning multiple national and provincial honors and innovation awards - The company's main business is the R&D, production, and sales of **hard alloy CNC tools**, widely used in automotive, rail transit, aerospace, and other fields[26](index=26&type=chunk) - The company's core technologies cover four major areas: **substrate materials, groove structures, precision forming, and surface coatings**, with product performance reaching advanced domestic levels[26](index=26&type=chunk) - The company is a **national high-tech enterprise**, awarded "National Green Factory" and "Hunan New Material Enterprise" among other honors, and has repeatedly received the "Golden Edge Award" and "Ringier Technology Innovation Award"[27](index=27&type=chunk) - Core products are divided into **hard alloy CNC inserts** (turning, milling, drilling series) and **solid carbide tools**, suitable for various processed materials[28](index=28&type=chunk) [2. Main Business Model](index=9&type=section&id=2.%20Main%20Business%20Model) The company's main business model includes procurement, production, sales, and R&D; in procurement, it centrally manages major raw materials and establishes long-term partnerships with suppliers; in production, it adopts an "order-driven production + moderate inventory" independent production model, supplemented by outsourced processes; in sales, it primarily uses distribution with direct sales as a supplement, covering the entire country and actively expanding overseas markets; in R&D, it has a complete team and adopts a "concentrate advantages, single-product breakthrough" strategy - Procurement model: Major raw materials include **tungsten carbide powder, hard alloy rods, cobalt powder**, etc., with centralized management and long-term cooperation with qualified suppliers[29](index=29&type=chunk) - Production model: Adopts an "**order-driven production + moderate inventory**" independent production model, with only some processes outsourced when capacity is insufficient[31](index=31&type=chunk) - Sales model: Primarily **distribution, supplemented by direct sales**, having established a national sales network covering over twenty provinces and cities, and actively expanding overseas markets[32](index=32&type=chunk) - R&D model: Guided by the Vice General Manager for R&D, Chief Engineer, and Chief Process Engineer, implemented by the Design, Process, Material, and Application Technology Departments, focusing on basic research and new product development[34](index=34&type=chunk) [3. Industry Overview](index=10&type=section&id=3.%20Industry%20Overview) The company operates in the "cutting tool manufacturing" industry, which falls under the "new materials industry" within national strategic emerging industries; global and domestic tool market sizes continue to grow, with hard alloy tools accounting for a high proportion; the increasing penetration rate of domestic CNC machine tools drives tool consumption growth and localization; the company ranks among the top in the industry for output, with core products having entered the mid-to-high-end market, and will focus on improving high-speed cutting performance, stability, and dimensional accuracy, while expanding into emerging fields like aerospace and robotics, and strategically entering the solid carbide tool market - The company operates in the "**cutting tool manufacturing**" sector of the "metal products industry," which belongs to the "**new materials industry**" within national strategic emerging industries[35](index=35&type=chunk) Cutting Tool Market Size | Indicator | 2016 (Billion USD) | 2017 (Billion USD) | 2018 (Billion USD) | 2022 (Billion USD) | | :--- | :--- | :--- | :--- | :--- | | Global Cutting Tool Consumption | 33.1 | 34.0 | 34.9 | 39.0 (estimated) | | China Cutting Tool Market Size (Billion Yuan) | 31.2-34.5 (2011-2016 range) | - | - | 46.4 | | China Hard Alloy Tool Market Size (Billion Yuan) | - | - | - | Approx. 29.2 | - The company's output of hard alloy CNC inserts ranked **second among domestic enterprises in 2023**, and **third in both 2022 and 2021**[37](index=37&type=chunk) - Future development trends include enhancing **high-speed cutting performance, stability, and dimensional accuracy** of CNC inserts, continuously conducting research on tools for emerging fields such as aerospace and robotics, expanding research on CNC tool bodies, and actively entering the **solid carbide tool market**[39](index=39&type=chunk)[40](index=40&type=chunk) [II. Discussion and Analysis of Operations](index=12&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company's operating performance steadily improved, with significant growth in both operating revenue and net profit, primarily driven by a rebound in downstream demand, enhanced product performance, expanded product categories, channel development, and reduced equity incentive expenses; the company promoted overall operational development through technological innovation, market expansion, digital transformation, and capital operations 2025 Half-Year Operating Performance | Indicator | Amount (Ten thousand Yuan) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 51,910.76 | 26.48 | | Net Profit Attributable to Parent Company Owners | 8,545.97 | 18.80 | | Net Profit Attributable to Parent Company Owners After Deducting Non-Recurring Gains and Losses | 8,383.51 | 18.32 | - Performance growth is primarily driven by: **rebounding downstream demand**, **improved product performance**, **expanded product categories**, **steady channel development**, and **reduced equity incentive expenses** due to the conclusion of the equity incentive plan[41](index=41&type=chunk) - The company continues to invest in R&D, focusing on breakthroughs in difficult-to-machine materials and coating technologies, holding **67 valid authorized patents** as of June 30, 2025, including **32 invention patents**[42](index=42&type=chunk) - The company deepens market expansion, optimizes its "**distribution + direct sales**" system, actively participates in domestic and international exhibitions, achieving **overseas revenue of 27.80 million Yuan** in the first half of 2025, a **20.62% year-on-year increase**[42](index=42&type=chunk) - The company actively promotes **digital transformation** to enhance governance efficiency, implemented its **2024 annual equity distribution** (4 shares transferred for every 10 shares), and disclosed a plan to issue A-shares to specific targets, intending to raise no more than **200 million Yuan** for working capital and loan repayment[43](index=43&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=13&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) This section thoroughly analyzes the company's five core competencies: R&D advantage, production advantage, equipment advantage, channel advantage, and market advantage; these advantages collectively support the company's leading position and sustained development capability in the hard alloy CNC tool sector, enabling it to enter the domestic mid-to-high-end market and maintain competitiveness - **R&D advantage**: Adhering to the "concentrate advantages, single-product breakthrough" strategy, with a **141-person R&D team** covering four major R&D areas, equipped with advanced cutting laboratories, holding **67 authorized patents** (including **32 invention patents**) as of June 30, 2025[45](index=45&type=chunk) - **Production advantage**: Possesses a **complete, independently controllable production process** from powder raw materials to final hard alloy CNC tools, with a product yield rate of **over 95%** and insert inscribed circle precision controlled within **±0.025 millimeters**[46](index=46&type=chunk) - **Equipment advantage**: Continuously invests in **world-class production, R&D, and intelligent auxiliary equipment** to ensure the industrialization of core technologies, product quality, and competitive production costs[46](index=46&type=chunk) - **Channel advantage**: Established a distributor system centered in East China, South China, and North China, covering the entire country and gradually extending overseas, effectively expanding market coverage and accelerating capital recovery[47](index=47&type=chunk) - **Market advantage**: With years of accumulation, the company enjoys **high recognition in the industry** and has cultivated a stable base of end customers, ensuring sustained performance growth[48](index=48&type=chunk) [III. Core Technologies and R&D Progress](index=14&type=section&id=III.%20Core%20Technologies%20and%20R%26D%20Progress) This section details the company's core technologies and their advanced nature in hard alloy CNC tool substrate materials, groove structures, precision forming, and surface coatings, along with R&D achievements and investments during the reporting period, and 29 ongoing R&D projects, demonstrating the company's continuous technological innovation capabilities and future development potential [1. Core Technologies, Their Advanced Nature, and Changes During the Reporting Period](index=14&type=section&id=1.%20Core%20Technologies%2C%20Their%20Advanced%20Nature%2C%20and%20Changes%20During%20the%20Reporting%20Period) The company focuses on four major areas of hard alloy CNC tools: substrate materials, groove structures, precision forming, and surface coatings, forming ten core technologies with independent intellectual property rights; during the reporting period, improvements and enhancements were made in high-precision 3C industry tools, new milling and drilling series, self-clamping grooving tools, tools for difficult-to-machine materials, and PVD/CVD coatings, among others - The company's core technology system covers **substrate grade development, carbon content control, grain size control, groove structure design, mold preparation, mixed material preparation, pressing and forming control, sintering and forming control, PVD coating development, and CVD coating development**[49](index=49&type=chunk)[50](index=50&type=chunk) - During the reporting period, the company completed the development of **full-series high-efficiency tools for the 3C industry**, the **S/CEM300 series large-feed milling cutters for titanium alloy processing**, optimized **threading tool grinding processes**, developed **self-clamping grooving tool structures**, and improved **square shoulder milling tools for difficult-to-machine materials**, **titanium alloy processing rod substrate grades**, **PVD coating materials and processes**, and **CVD coating processes**[50](index=50&type=chunk)[51](index=51&type=chunk) [2. R&D Achievements During the Reporting Period](index=15&type=section&id=2.%20R%26D%20Achievements%20During%20the%20Reporting%20Period) As of the end of the reporting period, the company had cumulatively applied for 118 domestic and international intellectual property rights, obtaining 89, including 2 valid software copyrights and 67 patents (32 invention patents); during the reporting period, 1 new invention patent and 2 new utility model patents were obtained Intellectual Property List (As of the End of the Reporting Period) | Category | New Applications in Current Period (items) | New Grants in Current Period (items) | Cumulative Applications (items) | Cumulative Grants (items) | | :--- | :--- | :--- | :--- | :--- | | Invention Patents | 1 | 1 | 56 | 32 | | Utility Model Patents | 0 | 2 | 39 | 36 | | Design Patents | 0 | 0 | 20 | 19 | | Software Copyrights | 0 | 0 | 2 | 2 | | Other | 0 | 0 | 1 | 0 | | Total | 1 | 3 | 118 | 89 | [3. R&D Investment Table](index=16&type=section&id=3.%20R%26D%20Investment%20Table) This section presents the company's R&D investment during the reporting period, with total expensed R&D investment amounting to 24,229,174.80 Yuan, a year-on-year decrease of 20.80%, primarily due to the conclusion of the equity incentive plan, which eliminated related expenses in the current period R&D Investment (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 24,229,174.80 | 30,592,048.38 | -20.80 | | Total R&D Investment | 24,229,174.80 | 30,592,048.38 | -20.80 | | R&D Investment as % of Operating Revenue (%) | 4.67 | 7.45 | Decreased by 2.78 percentage points | - The total R&D investment decreased by **20.80%** compared to the same period last year, mainly because the share-based payment expense included in R&D costs in the prior year period was **6,067,690.68 Yuan**, which is no longer incurred in the current period due to the **conclusion of the equity incentive plan**[57](index=57&type=chunk) [4. R&D Project Status](index=17&type=section&id=4.%20R%26D%20Project%20Status) The company currently has 29 R&D projects with an estimated total investment of 136.50 million Yuan, a current period investment of 15.7186 million Yuan, and a cumulative investment of 35.2047 million Yuan; these projects cover various cutting-edge fields such as cutting tools for difficult-to-machine aerospace materials, titanium alloy processing rods, CVD coating preparation, superhard precision machining tools, and high-temperature alloy cutting tools, aiming to enhance product performance, expand application scenarios, and strengthen market competitiveness R&D Project Overview | No. | Project Name | Estimated Total Investment (Ten thousand Yuan) | Current Period Investment (Ten thousand Yuan) | Cumulative Investment (Ten thousand Yuan) | Progress or Stage Achievements | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Development of Coated Cutting Tools for Difficult-to-Machine Aerospace Materials 2023 | 950.00 | 72.19 | 643.90 | Pilot production stage | | 2 | Research on High-Temperature Properties and Modification Mechanisms of Hard Cutting Materials | 96.00 | 22.79 | 117.62 | Small-scale trial stage | | 3 | Construction of Hard Alloy Material Information Database and Integrated Computing Platform | 206.00 | 49.67 | 145.56 | Pilot production stage | | 4 | Development of Titanium Alloy Processing Rod Substrate Grades | 240.00 | 120.84 | 258.96 | Pilot production stage | | 5 | CVD, AlTiN Coating Preparation and New Product Development | 465.00 | 59.15 | 154.69 | Pilot production stage | | 6 | Research on Material Impact Performance and Development of New Steel Turning Grades | 523.00 | 65.78 | 217.25 | Pilot production stage | | 7 | Development of CNC Insert Grades for Difficult-to-Machine Materials | 180.00 | 43.57 | 118.78 | Pilot production stage | | 8 | Development of Stainless Steel Turning Coatings | 180.00 | 38.45 | 111.81 | Pilot production stage | | 9 | Development of Tools for Superhard Precision Machining Industry | 970.00 | 139.85 | 304.19 | Small-scale trial stage | | 10 | Development and Application of Titanium Alloy Tools | 1,280.00 | 180.04 | 279.46 | Small-scale trial stage | | 11 | Development of New Hard Alloy Tool PVD Coatings 2023 | 140.00 | 18.68 | 88.16 | Pilot production stage | | 12 | Establishment of Huarei Precision Process Technical Document System | 350.00 | 65.60 | 158.80 | Small-scale trial stage | | 13 | Research on Pressing and Sticking Mold Process | 500.00 | 50.31 | 128.12 | Research stage | | 14 | Huarei Tooling and Fixture Improvement Project | 450.00 | 60.71 | 156.11 | Pilot production stage | | 15 | Research on Pre- and Post-Treatment Processes for Enhancing CVD Coating Performance | 300.00 | 33.73 | 48.76 | Pilot production stage | | 16 | Crown Drill Project R&D | 930.00 | 71.20 | 108.99 | Research stage | | 17 | Research and Development of Precision Component Machining Tools for Robotics and Other Industries | 120.00 | 52.08 | 52.08 | Research stage | | 18 | Precision Mold Forming Technology Improvement Research Project | 310.00 | 53.69 | 53.69 | Research stage | | 19 | Research and Product Development of Groove and Heavy-Duty CNC Inserts | 150.00 | 1.49 | 1.49 | Research stage | | 20 | Replaceable Head Crown Drill - Blank Forming Technology Research | 200.00 | 9.70 | 9.70 | Research stage | | 21 | Key Technology Development and Application of Cobalt-Based Hard Alloy Surface/Interface Functional Materials | 300.00 | 29.93 | 29.93 | Small-scale trial stage | | 22 | Research and Development of Stainless Steel Rough and Finish Integrated Turning Tools | 400.00 | 113.12 | 113.12 | Research stage | | 23 | Establishment of Groove Machining Solutions and Related Grooving Tool Research and Development | 720.00 | 51.63 | 51.63 | Research stage | | 24 | Development of General Three-Sided Milling Tools | 650.00 | 83.89 | 83.89 | Research stage | | 25 | High-Precision 3C Industry Phase II Tool Development and Application | 730.00 | 30.75 | 30.75 | Research stage | | 26 | Development of High-Temperature Alloy Cutting Tools | 540.00 | 14.73 | 14.73 | Research stage | | 27 | Research and Development of Square Shoulder Milling Tools for Difficult-to-Machine Materials | 900.00 | 28.83 | 28.83 | Research stage | | 28 | Development of Huarei Precision Automation Auxiliary Equipment | 390.00 | 4.47 | 4.47 | Research stage | | 29 | Development of High-Precision Mold Frame Tools | 480.00 | 5.00 | 5.00 | Research stage | | Total | 13,650.00 | 1,571.86 | 3,520.47 | / | [5. R&D Personnel Status](index=24&type=section&id=5.%20R%26D%20Personnel%20Status) As of the end of the reporting period, the company's R&D personnel numbered 141, accounting for 13.53% of the total workforce; total R&D personnel compensation was 13.7467 million Yuan, with an average compensation of 97,500 Yuan; the R&D team's educational structure is primarily undergraduate, and its age structure is mainly within the 30-40 age range, indicating a young and professional profile R&D Personnel Basic Information (As of June 30, 2025) | Indicator | Quantity (persons) | Proportion (%) | | :--- | :--- | :--- | | Company R&D Personnel Quantity | 141 | 13.53 | | Total R&D Personnel Compensation (Ten thousand Yuan) | 1,374.67 | - | | Average R&D Personnel Compensation (Ten thousand Yuan) | 9.75 | - | | **Educational Background** | | | | Doctoral Candidates | 4 | 2.84 | | Master's Candidates | 26 | 18.44 | | Bachelor's Degree | 77 | 54.61 | | Junior College and Below | 34 | 24.11 | | **Age Structure** | | | | Under 30 years old | 55 | 39.01 | | 30-40 years old | 54 | 38.30 | | 40-50 years old | 23 | 16.31 | | 50-60 years old | 6 | 4.26 | | 60 years old and above | 3 | 2.13 | [IV. Risk Factors](index=24&type=section&id=IV.%20Risk%20Factors) This section comprehensively discloses various risks the company may face in its operations, including technological upgrade and iteration, technology leakage, talent loss, new product development, loss of major distribution customers, raw material price fluctuations, gross margin decline, increasing accounts receivable, substitution of processing methods and hard alloy tool materials, market competition, changes in downstream application demand, and macroeconomic environment changes, advising investors to be aware of investment risks - **Technological risks**: Facing risks of **technological upgrade and iteration**, **technology leakage**, and **uncertainty in new product development**[69](index=69&type=chunk)[71](index=71&type=chunk) - **Talent risks**: Shortage of **high-end R&D talent** and risk of **talent loss**[69](index=69&type=chunk) - **Operational risks**: Risks such as **loss of major distribution customers**, **fluctuations in raw material prices**, **decline in gross margin**, and **rapid growth in accounts receivable**[71](index=71&type=chunk)[72](index=72&type=chunk) - **Market risks**: Risks of **substitution of processing methods and hard alloy tool materials**, **intensified market competition**, and **impact from changes in downstream application demand**[72](index=72&type=chunk)[73](index=73&type=chunk) - **Macroeconomic risks**: Uncertainty in the **global macroeconomic situation**, **international tensions**, and **trade sanctions** may adversely affect the company's operating performance[74](index=74&type=chunk) [V. Main Operating Conditions During the Reporting Period](index=26&type=section&id=V.%20Main%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section directs readers to the "II. Discussion and Analysis of Operations" section for detailed information on the company's main operating conditions during the reporting period [1. Main Business Analysis](index=26&type=section&id=1.%20Main%20Business%20Analysis) This section analyzes the changes in key financial statement items during the reporting period, including operating revenue, operating costs, selling expenses, administrative expenses, financial expenses, R&D expenses, and net cash flows from various activities, reflecting the company's operating performance growth, synchronized cost increases, and changes in expense structure Financial Statement Related Item Fluctuation Analysis (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period (Yuan) | Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 519,107,589.57 | 410,419,642.05 | 26.48 | | Operating Costs | 324,220,713.59 | 235,593,391.97 | 37.62 | | Selling Expenses | 18,212,511.62 | 18,579,787.74 | -1.98 | | Administrative Expenses | 16,580,488.50 | 18,174,509.66 | -8.77 | | Financial Expenses | 19,821,447.78 | 17,132,146.73 | 15.70 | | R&D Expenses | 24,229,174.80 | 30,592,048.38 | -20.80 | | Net Cash Flow from Operating Activities | 100,870,522.81 | -920,768.85 | - | | Net Cash Flow from Investing Activities | -44,417,717.41 | -149,320,517.40 | - | | Net Cash Flow from Financing Activities | -68,229,155.34 | 135,861,979.18 | -150.22 | - Operating revenue increased by **26.48%**, mainly due to **recovering downstream demand**, **improved product performance**, **expanded product categories**, and **channel development**[76](index=76&type=chunk) - Operating costs increased by **37.62%**, mainly due to a **proportional increase in costs with revenue growth**[77](index=77&type=chunk) - Selling, administrative, and R&D expenses decreased, primarily due to a **reduction in share-based payment expenses** in the current period[77](index=77&type=chunk) - Financial expenses increased by **15.70%**, mainly due to **increased interest expenses on borrowings and convertible bonds**[77](index=77&type=chunk) - Net cash flow from operating activities significantly increased, mainly due to **increased cash received from sales of goods and provision of services** and **decreased cash paid for purchases of goods and acceptance of services**[77](index=77&type=chunk) - Net cash flow from financing activities decreased by **150.22%**, mainly due to **decreased cash received from borrowings** and **increased cash paid for debt repayment**[77](index=77&type=chunk) [3. Analysis of Assets and Liabilities](index=27&type=section&id=3.%20Analysis%20of%20Assets%20and%20Liabilities) This section analyzes the company's asset and liability status at the end of the reporting period, focusing on significant changes in accounts receivable, notes receivable financing, prepayments, other current assets, construction in progress, notes payable, contract liabilities, taxes payable, and long-term borrowings, along with their reasons, and discloses overseas asset information Asset and Liability Status Changes (End of Period vs. End of Prior Year) | Item Name | Current Period End (Yuan) | Current Period End as % of Total Assets | Prior Year End (Yuan) | Prior Year End as % of Total Assets | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 540,598,220.97 | 20.57 | 409,361,906.32 | 16.19 | 32.06 | Increase in operating revenue, expansion of business scale | | Notes Receivable Financing | 15,149,463.82 | 0.58 | 3,555,176.13 | 0.14 | 326.12 | Increase in bank acceptance bills with higher credit ratings held at period-end | | Prepayments | 6,686,190.39 | 0.25 | 4,588,302.12 | 0.18 | 45.72 | Increase in prepaid purchases | | Other Current Assets | 607,405.24 | 0.02 | 9,154,255.20 | 0.36 | -93.36 | Decrease in prepaid and deductible taxes | | Construction in Progress | 8,380,288.22 | 0.32 | 141,005,430.37 | 5.58 | -94.06 | Construction in progress transferred to fixed assets | | Notes Payable | 71,653,881.00 | 2.73 | 52,776,995.48 | 2.09 | 35.77 | Increase in letters of credit issued by the company | | Contract Liabilities | 8,227,079.75 | 0.31 | 3,881,374.67 | 0.15 | 111.96 | Increase in company's advance receipts for goods | | Taxes Payable | 10,996,423.53 | 0.42 | 561,213.41 | 0.02 | 1,859.40 | Increase in value-added tax payable | | Long-Term Borrowings | 35,360,000.00 | 1.35 | 63,860,000.00 | 2.53 | -44.63 | Repayment of long-term borrowings | - Overseas assets amount to **1.5678 million Yuan**, accounting for **0.06% of total assets**[81](index=81&type=chunk) [4. Analysis of Investment Status](index=29&type=section&id=4.%20Analysis%20of%20Investment%20Status) This section primarily discloses the company's financial assets measured at fair value, including the beginning and end balances and current period changes for trading financial assets and notes receivable financing, illustrating the company's financial investment activities Financial Assets Measured at Fair Value (Unit: Yuan) | Asset Category | Beginning Balance | Fair Value Change Gain/Loss in Current Period | Amount Purchased in Current Period | Amount Sold/Redeemed in Current Period | Other Changes | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other - Trading Financial Assets | 72,135,517.37 | 526,066.35 | 30,000,000.00 | 30,000,000.00 | - | 72,661,583.72 | | Other - Notes Receivable Financing | 3,555,176.13 | - | - | - | 11,594,287.69 | 15,149,463.82 | | Total | 75,690,693.50 | 526,066.35 | 30,000,000.00 | 30,000,000.00 | 11,594,287.69 | 87,811,047.54 | [6. Analysis of Major Holding and Participating Companies](index=30&type=section&id=6.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section lists the company's major subsidiaries, including Huarei Cutting, Huarei New Materials, and Hong Kong Huarei, and discloses their registered capital, total assets, net assets, operating revenue, operating profit, and net profit Major Subsidiary Financial Information (Unit: Ten thousand Yuan) | Company Name | Company Type | Main Business | Registered Capital (Ten thousand Yuan) | Total Assets (Ten thousand Yuan) | Net Assets (Ten thousand Yuan) | Operating Revenue (Ten thousand Yuan) | Operating Profit (Ten thousand Yuan) | Net Profit (Ten thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huarei Cutting | Subsidiary | Metal tool sales, tool manufacturing, etc. | 4,000.00 | 147.61 | 21.46 | 60.99 | 11.29 | 10.73 | | Huarei New Materials | Subsidiary | New material technology R&D, non-ferrous metal alloy manufacturing, etc. | 4,000.00 | 3.09 | -0.29 | - | -0.13 | -0.13 | | Hong Kong Huarei | Subsidiary | Investment business | 1.00 (Ten thousand HKD) | 156.78 | 146.76 | - | -15.63 | -15.63 | [Section IV Corporate Governance, Environment, and Society](index=32&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section outlines the company's corporate governance structure, profit distribution plans, employee incentive measures, environmental information disclosure, and contributions to social responsibility initiatives [I. Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=32&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) This section states that there were no changes in the company's directors, supervisors, senior management, and core technical personnel during the reporting period [II. Profit Distribution or Capital Reserve Conversion Plan](index=32&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) This section discloses that the company has no semi-annual profit distribution plan or capital reserve to share capital conversion plan - The company has **no semi-annual profit distribution plan or capital reserve to share capital conversion plan**[89](index=89&type=chunk) [III. Status and Impact of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=32&type=section&id=III.%20Status%20and%20Impact%20of%20Company%27s%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%20or%20Other%20Employee%20Incentive%20Measures) This section states that the company's equity incentive matters were disclosed in temporary announcements during the reporting period, with no subsequent progress or changes, and there are no incentive situations that were not disclosed in temporary announcements or have subsequent developments [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=32&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) This section discloses the query index for the environmental information disclosure report of the company, as a listed company included in the list of enterprises required to disclose environmental information by law - **Zhuzhou Huarei Precision Tool Co., Ltd.** has been included in the list of enterprises required to disclose environmental information by law, with the query index at **https://beian.china-eia.com/**[90](index=90&type=chunk) [V. Specifics of Work on Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, etc.](index=33&type=section&id=V.%20Specifics%20of%20Work%20on%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20etc.) This section discloses that the company actively participated in rural revitalization efforts during the reporting period, investing 240,000 Yuan in consumption assistance - During the reporting period, the company participated in the Hunan Federation of Industry and Commerce's "Private Enterprises Revitalizing Counties, Advancing Together" initiative to support rural revitalization, providing **240,000 Yuan in consumption assistance**[91](index=91&type=chunk) [Section V Significant Matters](index=34&type=section&id=Section%20V%20Significant%20Matters) This section details the fulfillment of significant commitments, absence of irregular fund occupation or guarantees, audit status, major related party transactions, and the progress of raised fund utilization [I. Fulfillment of Commitments](index=34&type=section&id=I.%20Fulfillment%20of%20Commitments) This section details 26 commitment items made by the company's actual controllers, shareholders, related parties, and the company itself in the context of initial public offerings, refinancing, and equity incentives, stating that all commitments were strictly fulfilled during the reporting period, with no instances of failure to fulfill them in a timely manner - The **26 commitment items** made by the company, actual controllers, shareholders Xinkai Investment, Huachenxing, and other committing parties, either during the reporting period or continuing into it, have all been **strictly fulfilled**, with most commitments having **long-term validity**[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) - Commitment types include **share repurchase/buyback, fraudulent issuance and listing buyback, measures to mitigate dilution of immediate returns, profit distribution policy, truthfulness of information disclosure, avoidance of horizontal competition, standardization and reduction of related party transactions, avoidance of fund occupation, and social security and provident fund matters**[93](index=93&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period](index=45&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) This section states that there was no non-operating fund occupation by the controlling shareholder or other related parties during the reporting period [III. Irregular Guarantees](index=45&type=section&id=III.%20Irregular%20Guarantees) This section states that there were no irregular guarantees by the company during the reporting period [IV. Semi-Annual Report Audit Status](index=45&type=section&id=IV.%20Semi-Annual%20Report%20Audit%20Status) This section states that this semi-annual report has not been audited - This semi-annual report has **not been audited**[4](index=4&type=chunk) [V. Changes and Handling of Matters Related to Non-Standard Audit Opinions in the Previous Year's Annual Report](index=45&type=section&id=V.%20Changes%20and%20Handling%20of%20Matters%20Related%20to%20Non-Standard%20Audit%20Opinions%20in%20the%20Previous%20Year%27s%20Annual%20Report) This section states that there were no changes or handling of matters related to non-standard audit opinions in the company's previous year's annual report [VI. Bankruptcy and Reorganization Matters](index=45&type=section&id=VI.%20Bankruptcy%20and%20Reorganization%20Matters) This section states that there were no bankruptcy or reorganization matters concerning the company during the reporting period [VII. Major Litigation and Arbitration Matters](index=45&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) This section states that there were no major litigation or arbitration matters concerning the company during the reporting period [VIII. Listed Company, Its Directors, Supervisors, Senior Management, Controlling Shareholder, and Actual Controller Suspected of Violations, Penalties, and Rectification](index=45&type=section&id=VIII.%20Listed%20Company%2C%20Its%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20Suspected%20of%20Violations%2C%20Penalties%2C%20and%20Rectification) This section states that during the reporting period, the company, its directors, supervisors, senior management, controlling shareholder, and actual controller were not suspected of any violations, nor did they receive any penalties or undergo rectification [IX. Explanation of the Integrity Status of the Company, Its Controlling Shareholder, and Actual Controller During the Reporting Period](index=45&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20Its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) This section states that the integrity status of the company, its controlling shareholder, and actual controller was good during the reporting period, with no matters requiring explanation [X. Significant Related Party Transactions](index=45&type=section&id=X.%20Significant%20Related%20Party%20Transactions) This section discloses the progress of daily related party transactions between the company and Jiangsu Renruixing Machinery Technology Co., Ltd. during the reporting period, with the total transaction amount for 2025 estimated not to exceed 70.00 million Yuan - The company estimates that the total amount of daily related party transactions with **Jiangsu Renruixing Machinery Technology Co., Ltd.** in 2025 will not exceed **70.00 million Yuan**[133](index=133&type=chunk) - This related party transaction proposal was approved by the **Board of Directors and Supervisory Board on January 7, 2025**, and by the **Shareholders' Meeting on January 24, 2025**[133](index=133&type=chunk) [XI. Major Contracts and Their Performance](index=46&type=section&id=XI.%20Major%20Contracts%20and%20Their%20Performance) This section states that there were no entrustment, contracting, or leasing matters, nor any major guarantees or other significant contracts for the company during the reporting period [XII. Explanation of Progress in Use of Raised Funds](index=48&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) This section details the company's overall use of funds raised from its initial public offering and convertible bond issuance, as well as the specifics of the investment projects; as of the end of the reporting period, the IPO-funded projects have been completed, while the convertible bond project "Precision CNC Tool Body Production Line Construction Project" has been delayed until December 2026 due to multiple factors, and the "High-Efficiency Drilling Tool Production Line Construction Project" has been completed; the company also discloses the replacement of early-stage investments with raised funds and the cash management of idle raised funds [1. Overall Use of Raised Funds](index=48&type=section&id=1.%20Overall%20Use%20of%20Raised%20Funds) This section outlines the company's overall use of funds raised from its initial public offering and convertible bond issuance, including the total amount raised, net amount, committed investment amount in the prospectus or offering circular, and the cumulative investment amount and progress as of the end of the reporting period Overall Use of Raised Funds (Unit: Yuan) | Source of Raised Funds | Total Raised Funds | Net Raised Funds (1) | Committed Investment Amount in Prospectus or Offering Circular (2) | Cumulative Raised Funds Invested as of Reporting Period End (4) | Cumulative Raised Funds Investment Progress (%) (6) | | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering of Shares | 408,064,180.00 | 359,690,066.31 | 599,863,100.00 | 366,843,595.27 | 101.99 | | Issuance of Convertible Bonds | 400,000,000.00 | 393,434,905.67 | 400,000,000.00 | 322,409,207.38 | 81.95 | | Total | 808,064,180.00 | 753,124,971.98 | 999,863,100.00 | 689,252,802.65 | / | [2. Details of Raised Fund Investment Projects](index=48&type=section&id=2.%20Details%20of%20Raised%20Fund%20Investment%20Projects) This section details the specific use of funds raised from the initial public offering and convertible bond issuance, including project names, nature, planned total investment, current year and cumulative investment amounts, investment progress, expected completion dates, and whether projects are closed, also explaining reasons for delays or over-investment in some projects Details of Raised Fund Investment Projects (Unit: Yuan) | Source of Raised Funds | Project Name | Planned Total Investment of Raised Funds (1) | Current Year Investment Amount | Cumulative Raised Funds Invested (2) | Investment Progress (%) (3) | Project Expected Completion Date | Is Project Closed | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering of Shares | Precision CNC Tool Digital Production Line Construction Project | 269,690,066.31 | 360,000.00 | 276,205,020.20 | 102.42 | First half of 2023 | Yes | | Initial Public Offering of Shares | R&D Center Project | 30,000,000.00 | 0.00 | 30,609,047.03 | 102.03 | First half of 2023 | Yes | | Initial Public Offering of Shares | Working Capital Supplement Project | 60,000,000.00 | 0.00 | 60,029,528.04 | 100.05 | Not applicable | Yes | | Issuance of Convertible Bonds | Precision CNC Tool Body Production Line Construction Project | 153,434,905.67 | 0.00 | 82,670,464.42 | 53.88 | December 2026 | No | | Issuance of Convertible Bonds | High-Efficiency Drilling Tool Production Line Construction Project | 120,000,000.00 | 95,000.00 | 119,042,579.64 | 99.20 | 2024 | Yes | | Issuance of Convertible Bonds | Working Capital Supplement | 120,000,000.00 | 0.00 | 120,696,163.32 | 100.58 | Not applicable | Yes | - The IPO-funded projects "**Precision CNC Tool Digital Production Line Construction Project**" and "**R&D Center Project**" were completed in the **first half of 2023** due to extended equipment supply cycles caused by global supply chain tensions[142](index=142&type=chunk)[143](index=143&type=chunk) - The convertible bond project "**Precision CNC Tool Body Production Line Construction Project**" has been **delayed until December 2026** due to high development difficulty, phased construction plans, and market promotion progress alignment[144](index=144&type=chunk) - The convertible bond project "**High-Efficiency Drilling Tool Production Line Construction Project**" has been **completed and closed**[145](index=145&type=chunk) [4. Other Uses of Raised Funds During the Reporting Period](index=51&type=section&id=4.%20Other%20Uses%20of%20Raised%20Funds%20During%20the%20Reporting%20Period) This section discloses the company's use of raised funds during the reporting period to replace self-raised funds previously invested in raised fund projects and paid issuance expenses, as well as the cash management of idle raised funds - The company used **24,014,655.00 Yuan** of raised funds to replace self-raised funds previously invested in raised fund projects, and **3,112,249.30 Yuan** of raised funds to replace self-raised funds used for issuance expenses (March 4, 2021)[147](index=147&type=chunk) - The company used **84,431,560.32 Yuan** of convertible bond raised funds to replace self-raised funds previously invested in convertible bond projects, and **1,796,415.08 Yuan** to replace self-raised funds used for issuance expenses (July 15, 2022)[148](index=148&type=chunk) Cash Management of Idle Raised Funds (Unit: Ten thousand Yuan) | Board of Directors Review Date | Approved Limit | Start Date | End Date | Cash Management Balance at Period End | Was Highest Balance During Period Exceeded Authorized Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | July 9, 2024 | 7,000.00 | July 9, 2024 | July 8, 2025 | 7,000.00 | No | | June 18, 2025 | 7,000.00 | June 18, 2025 | June 17, 2026 | 7,000.00 | No | [Section VI Share Changes and Shareholder Information](index=52&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section provides an overview of the company's share capital changes, including convertible bond conversions and capital reserve transfers, along with detailed information on its shareholders and key personnel holdings [I. Share Capital Changes](index=52&type=section&id=I.%20Share%20Capital%20Changes) This section details the company's share capital changes during the reporting period, primarily including the conversion of convertible corporate bonds and the transfer of capital reserves to share capital, resulting in an increase in unrestricted tradable shares and total shares Share Fluctuation Table (Unit: shares) | Category | Quantity Before This Change | Proportion Before This Change (%) | Capital Reserve to Share Capital | Other | Subtotal | Quantity After This Change | Proportion After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | II. Unrestricted Tradable Shares | 62,256,017 | 100.00 | 24,902,852 | 1,115 | 24,903,967 | 87,159,984 | 100.00 | | III. Total Shares | 62,256,017 | 100.00 | 24,902,852 | 1,115 | 24,903,967 | 87,159,984 | 100.00 | - From January 1, 2025, to June 30, 2025, **102,000 Yuan** of "Huarei Convertible Bonds" were converted into **1,115 shares** of the company's stock[154](index=154&type=chunk) - During the reporting period, the company implemented its **2024 annual equity distribution**, transferring **4 shares for every 10 shares** from capital reserves to all shareholders, totaling **24,902,852 shares**[155](index=155&type=chunk) [II. Shareholder Information](index=53&type=section&id=II.%20Shareholder%20Information) This section discloses the total number of ordinary shareholders as of the end of the reporting period, as well as the shareholding details of the top ten shareholders and top ten unrestricted shareholders, including their shareholding quantity, proportion, nature of shares, and pledge status, also explaining the concerted action relationship among the actual controllers and their related parties - As of the end of the reporting period, the total number of ordinary shareholders was **5,165**[156](index=156&type=chunk) Top Ten Shareholders' Shareholding (As of the End of the Reporting Period, Unit: shares) | Shareholder Name | Shares Held at Period End | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Zhuzhou Xinkai Investment Management Co., Ltd. | 11,060,280 | 12.6896 | Domestic Non-State-Owned Legal Person | | Zhuzhou Huachenxing Investment Consulting Co., Ltd. | 10,584,000 | 12.1432 | Domestic Non-State-Owned Legal Person | | Xiao Xukai | 5,066,600 | 5.8130 | Domestic Natural Person | | Shenzhen Huihe Asset Management Co., Ltd. - Ningbo Meishan Bonded Port Area Huihe Tongxiang Equity Investment Partnership (Limited Partnership) | 3,925,245 | 4.5035 | Domestic Non-State-Owned Legal Person | | Wang Yuqin | 3,598,560 | 4.1287 | Domestic Natural Person | | Gao Ying | 3,241,840 | 3.7194 | Domestic Natural Person | | Wang Hongfa | 3,050,000 | 3.4993 | Domestic Natural Person | | General Technology Group Investment Management Co., Ltd. | 2,290,696 | 2.6282 | State-Owned Legal Person | | Zhang Pingheng | 1,587,600 | 1.8215 | Domestic Natural Person | | Xiao Xuquan | 1,587,600 | 1.8215 | Domestic Natural Person | - **Gao Ying** is Xiao Xukai's spouse, and **Wang Yuqin** is Gao Ying's mother; these three are the company's actual controllers; **Xiao Xukai** and **Gao Ying** are the actual controllers of Zhuzhou Xinkai Investment Management Co., Ltd. and Zhuzhou Huachenxing Investment Consulting Co., Ltd.[159](index=159&type=chunk) - The shareholdings of **Zhang Pingheng** and **Xiao Xuquan** are subject to **pledge**[159](index=159&type=chunk) [III. Directors, Supervisors, Senior Management, and Core Technical Personnel Information](index=55&type=section&id=III.%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel%20Information) This section discloses the shareholding changes of the company's current and former directors, supervisors, senior management, and core technical personnel during the reporting period, with the main reason for changes being the capital reserve transfer to share capital, and some core technical personnel having sold shares in the secondary market Shareholding Changes of Directors, Supervisors, Senior Management, and Core Technical Personnel (Unit: shares) | Name | Position | Shares Held at Beginning of Period | Shares Held at End of Period | Change in Shares During Reporting Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Xiao Xukai | Chairman, General Manager | 3,619,000 | 5,066,600 | 1,447,600 | Capital reserve to share capital | | Li Zhixiang | Director, Deputy General Manager | 22,680 | 31,752 | 9,072 | Capital reserve to share capital | | Gao Jiangxiong | Director, Deputy General Manager | 26,460 | 37,044 | 10,584 | Capital reserve to share capital | | Duan Yanlan | Board Secretary, CFO | 22,680 | 31,752 | 9,072 | Capital reserve to share capital | | Ding Guofeng | Deputy General Manager | 22,680 | 31,752 | 9,072 | Capital reserve to share capital | | Yang Xiong | Core Technical Personnel | 4,200 | 0 | -4,200 | Secondary market sale | | Chen Shengnan | Core Technical Personnel | 11,340 | 15,876 | 4,536 | Capital reserve to share capital | | Liu Anhu | Core Technical Personnel | 11,340 | 15,876 | 4,536 | Capital reserve to share capital | | Wang Dong | Core Technical Personnel | 4,200 | 0 | -4,200 | Secondary market sale | [Section VII Bond-Related Information](index=57&type=section&id=Section%20VII%20Bond-Related%20Information) This section provides comprehensive information on the company's convertible corporate bonds, including issuance details, conversion status, price adjustments, and credit ratings [II. Convertible Corporate Bonds](index=57&type=section&id=II.%20Convertible%20Corporate%20Bonds) This section details the issuance, conversion, conversion price adjustments, holder information, and debt credit status of the company's convertible corporate bonds, "Huarei Convertible Bonds"; during the reporting period, the conversion price of "Huarei Convertible Bonds" was adjusted multiple times due to equity distributions and restricted stock grants, with the ending conversion price at 64.79 Yuan/share; both the company's main body and "Huarei Convertible Bonds" have a credit rating of "A+", with a "stable" outlook, and the company is currently operating normally with relatively low capital pressure - The company issued **4.00 million convertible corporate bonds** on June 24, 2022, with a total issuance amount of **400.00 million Yuan**, bond abbreviation "**Huarei Convertible Bonds**," and code "**118009**"[165](index=165&type=chunk) - "**Huarei Convertible Bonds**" became convertible into company shares starting from **December 30, 2022**, with the conversion period extending until **June 23, 2028**[166](index=166&type=chunk) - Conversion price adjustments: The initial conversion price was **130.91 Yuan/share**, later adjusted to **92.65 Yuan/share** due to the 2022 equity distribution, then to **92.45 Yuan/share** due to the grant of restricted shares under the 2022 equity incentive plan, further adjusted to **91.65 Yuan/share** due to the 2023 equity distribution, then to **91.31 Yuan/share** due to the grant of restricted shares under the 2022 equity incentive plan, and finally adjusted to **64.79 Yuan/share** due to the 2024 equity distribution[166](index=166&type=chunk)[167](index=167&type=chunk)[168](index=168&type=chunk) Cumulative Convertible Bond Conversion Status During Reporting Period | Indicator | Data | | :--- | :--- | | Conversion Amount in Reporting Period (Yuan) | 102,000 | | Number of Shares Converted in Reporting Period (shares) | 1,115 | | Cumulative Number of Shares Converted (shares) | 2,464 | | Cumulative Shares Converted as % of Total Shares Issued Before Conversion (%) | 0.0056 | | Unconverted Bond Amount (Yuan) | 399,769,000 | | Unconverted Bonds as % of Total Bonds Issued (%) | 99.9423 | - As of June 30, 2025, the company's **main body credit rating is "A+"**, and the "**Huarei Convertible Bonds**" credit rating is "**A+**," with a **"stable" outlook**[177](index=177&type=chunk)[178](index=178&type=chunk) - The company is currently operating normally, with a relatively reasonable asset structure and **overall low capital pressure**, posing **no repayment risk**[178](index=178&type=chunk) [Section VIII Financial Report](index=60&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and detailed notes on accounting policies, taxation, and financial items [I. Audit Report](index=60&type=section&id=I.%20Audit%20Report) This section states that this semi-annual report has not been audited - This semi-annual report has **not been audited**[4](index=4&type=chunk) [II. Financial Statements](index=60&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow situation Consolidated Balance Sheet Key Data (As of June 30, 2025 vs. December 31, 2024) | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Cash and Bank Balances | 124,913,441.30 | 136,493,044.09 | | Trading Financial Assets | 72,661,583.72 | 72,135,517.37 | | Accounts Receivable | 540,598,220.97 | 409,361,906.32 | | Inventories | 400,011,837.29 | 396,992,655.47 | | Fixed Assets | 1,238,248,507.39 | 1,168,960,059.15 | | Total Assets | 2,628,701,824.25 | 2,528,965,314.48 | | Short-Term Borrowings | 269,677,680.56 | 259,600,610.50 | | Accounts Payable | 188,874,913.70 | 159,066,301.20 | | Total Liabilities | 1,248,955,641.01 | 1,197,469,806.17 | | Paid-in Capital (or Share Capital) | 87,159,984.00 | 62,256,017.00 | | Total Equity Attributable to Parent Company Owners | 1,379,746,183.24 | 1,331,495,508.31 | Consolidated Income Statement Key Data (Jan-Jun 2025 vs. Jan-Jun 2024) | Item | Half-Year 2025 (Yuan) | Half-Year 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 519,107,589.57 | 410,419,642.05 | | Total Operating Costs | 405,739,016.86 | 322,032,170.48 | | Total Profit | 98,468,325.91 | 82,632,107.75 | | Net Profit | 85,459,667.15 | 71,937,734.98 | | Basic Earnings Per Share (Yuan/share) | 0.98 | 0.83 | | Diluted Earnings Per Share (Yuan/share) | 0.98 | 0.83 | Consolidated Cash Flow Statement Key Data (Jan-Jun 2025 vs. Jan-Jun 2024) | Item | Half-Year 2025 (Yuan) | Half-Year 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 100,870,522.81 | -920,768.85 | | Net Cash Flow from Investing Activities | -44,417,717.41 | -149,320,517.40 | | Net Cash Flow from Financing Activities | -68,229,155.34 | 135,861,979.18 | | Net Increase in Cash and Cash Equivalents | -11,542,217.19 | -14,196,969.14 | | Cash and Cash Equivalents at End of Period | 124,913,441.30 | 66,498,970.16 | [I

行股票发行价格和发行数量的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 鉴于株洲华锐精密工具股份有限公司（以下简称"公司"）2024 年年度权 益分派已实施完毕，根据《株洲华锐精密工具股份有限公司 2024 年度向特定对 象发行 A 股股票预案》，公司 2024 年度向特定对象发行 A 股股票（以下简称"本 次发行"）的发行价格由 44.29 元/股调整为 31.21 元/股，发行数量由不超过 4,515,692 股（含本数）调整为不超过 6,408,202 股（含本数）。除上述调整外， 公司本次发行的其他事项未发生变化。 | 证券代码：688059 | 证券简称：华锐精密 | 公告编号：2025-044 | | --- | --- | --- | | 转债代码：118009 | 转债简称：华锐转债 | | 株洲华锐精密工具股份有限公司 关于 2024 年年度权益分派实施后调整向特定对象发 两项同时进行：P1=(P0-D)/(1+N) 其中，P0为调整前发行价格，P1为调整后发行价格，每股派发现金股 ...