Monetary Policy and Financing - As of the end of July, the broad money supply (M2) reached 329.94 trillion yuan, with a year-on-year growth of 8.8%, up from 8.3% at the end of June [1] - The total social financing scale increased by 23.99 trillion yuan in the first seven months of 2025, which is 5.12 trillion yuan more than the same period last year [2] Company Performance - Tencent Holdings reported a second-quarter revenue of 184.5 billion yuan, a year-on-year increase of 15%, surpassing the estimated 178.94 billion yuan [3] - Aolai De expects a net profit decrease of 68.41% to 72.77% for the first half of 2025, with projected revenue between 270 million and 290 million yuan [12] - Longbo Technology announced a net profit growth of 60.18% for the first half of 2025, with revenue of 122 million yuan, an 18.03% increase [13] - Dingyang Technology reported a net profit of 76.88 million yuan for the first half of 2025, reflecting a year-on-year growth of 31.54% [14] - Dongfang Precision Engineering achieved a net profit of approximately 397 million yuan, a significant year-on-year increase of 142.52% [15] Market Trends - The Shanghai Composite Index rose by 0.48%, reaching a nearly four-year high, with total trading volume exceeding 2.1 trillion yuan [16] - AI hardware stocks have shown strong performance, with several stocks reaching historical highs [16]

Group 1 - Kaizhong Precision plans to invest up to 250 million yuan to establish a subsidiary and build a production base in Thailand, focusing on overseas connector and precision component business [1] - Longbo Technology reported a 60.18% year-on-year increase in net profit for the first half of 2025, with revenue of 122 million yuan, up 18.03% [2] - Dingyang Technology achieved a net profit of 76.88 million yuan in the first half of 2025, a year-on-year increase of 31.54%, with revenue of 279 million yuan, up 24.61% [4] Group 2 - Heng Rui Pharmaceutical received approval for clinical trials of two drugs, SHR-A2102 and Adebeli monoclonal antibody injection [6] - Maolai Optical plans to use up to 100 million yuan of idle funds for entrusted wealth management to improve fund utilization efficiency [8] - Shiji Information signed a major contract with MGM Grand, providing a next-generation cloud-based hotel information management system [7] Group 3 - Yunnan Germanium's subsidiary received a government subsidy of 6.8 million yuan related to revenue [9] - Jizhi Co. received a warning letter from the Zhejiang Securities Regulatory Bureau for failing to disclose significant government subsidies [10] - Dongfang Precision reported a net profit of approximately 397 million yuan for the first half of 2025, a year-on-year increase of 142.52% [11] Group 4 - Aolaide expects a net profit decrease of 68.41% to 72.77% for the first half of 2025, with revenue projected between 270 million and 290 million yuan [12] - Feilong Co. used 111 million yuan of idle funds for cash management through structured deposit products [13] - Anhui Construction won two major projects with a total investment exceeding 6.6 billion yuan [15] Group 5 - Yunnan Germanium's subsidiary received a government subsidy of 6.8 million yuan related to revenue [9] - Jizhi Co. received a warning letter from the Zhejiang Securities Regulatory Bureau for failing to disclose significant government subsidies [10] - Dongfang Precision reported a net profit of approximately 397 million yuan for the first half of 2025, a year-on-year increase of 142.52% [11] Group 6 - China Medical's subsidiary received approval for the listing of fumaric acid volnora raw materials [20] - Huayuan Vaccine's subsidiary received approval for clinical trials of Hib vaccine [29] - Ganfeng Lithium plans to integrate lithium salt lake projects in Argentina and provide financial support of up to 130 million USD [41]

鼎阳科技8月13日晚间发布半年度业绩报告称，2025年上半年营业收入约2.79亿元，同比增加24.61%； 归属于上市公司股东的净利润约7688万元，同比增加31.54%；基本每股收益0.48元，同比增加29.73%。 （文章来源：每日经济新闻） ...

深圳市鼎阳科技股份有限公司 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 2025 年上半年，公司 2025 年 1-6 月实现营业收入 27,881.96 万元，同比增长 24.61%；实现归属于母公司所有者的净利润 7,687.57 万元，同比增长 31.54 %； 实现归属于母公司所有者的扣除非经常性损益的净利润 7,551.64 万元，同比增长 33.80 %。 公司持续推进高端化发展战略，通过高强度的研发投入，不断推出新产品， 完善产品矩阵，提高公司的产品配套能力，加强渠道和品牌的建设，不断提升公 司的综合竞争力。具体措施如下： 1、坚持自主创新，不断加码研发 公司始终重视研发创新，注重将技术成果与市场需求深度融合，通过持续高 强度的研发投入，公司实现了产品与技术的持续迭代与优化升级。2025 年上半 年，公司研发费用为 6,022.16 万元，同比增长 37.08%，占营业收入的比例为 21.60%，同比提升 1.97 个百分点。2025 年上半年，公司研发人员数量为 238 人， 同比增长 8.68%，研发人员占比提升至 47.41%，研发队伍进一步壮大。 图 1：202 ...

证券代码：688112 证券简称：鼎阳科技 公告编号：2025-024 深圳市鼎阳科技股份有限公司 本次投资者说明会以网络互动的形式召开，公司将针对 2025 年半年度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 关于召开 2025 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、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 9 月 11 日 （星期四） 16:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 4 日 （星期四） 至 9 月 10 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"栏目或通过公司邮箱 zqb@siglent.com 进行提问。公司将在说明会上对投资者普遍关注的问 ...

证券代码：688112 证券简称：鼎阳科技 公告编号：2025-023 深圳市鼎阳科技股份有限公司 2025 年半年度募集资金存放与实际使用情况的 专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于同意深圳市鼎阳科技股份有限公司首次公 开发行股票注册的批复》（证监许可〔2021〕3099 号）文核准，并经上海证券交 易所同意，深圳市鼎阳科技股份有限公司（以下简称"公司"、"鼎阳科技"）由主 承销商国信证券股份有限公司采用向战略投资者定向配售、网下向符合条件的投 资者询价配售与网上向持有上海市场非限售 A 股股份和非限售存托凭证市值的 社会公众投资者定价发行相结合的方式发行人民币普通股（A 股）股票 2,666.67 万 股 ， 每 股 面 值 1 元 ， 每 股 发 行 价 46.60 元 ， 募 集 资 金 总 额 为 人 民 币 1,242,668,220.00 元，扣除各项发行费用后，募集资金净额为 1,150,717 ...

证券代码：688112 证券简称：鼎阳科技 公告编号：2025-022 深圳市鼎阳科技股份有限公司 第二届监事会第十七次会议决议公告 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。 一、监事会会议召开情况 深圳市鼎阳科技股份有限公司（以下简称"公司"）第二届监事会第十七次会 议于 2025 年 8 月 13 日以现场结合通讯的方式在公司会议室召开。会议通知已于 2025 年 8 月 11 日通过邮件或电话的方式送达各位监事。本次会议应出席监事 3 人，实际出席监事 3 人。 会议由监事会主席钱柏年先生主持。会议召开符合有关法律、法规、规章和 《公司章程》的规定。经各位监事认真审议，会议形成了如下决议： 全体监事认为公司《2025 年半年度报告》及《2025 年半年度报告摘要》准 确、真实、完整的体现了公司 2025 年半年度的财务状况和经营成果。报告具体 内容详见公司同日披露于上海证券交易所网站(www.sse.com.cn)的《深圳市鼎阳 科技股份有限公司 2025 年半年度报告》和《深圳市鼎阳科技股份有限公司 2025 ...

证券代码：688112 证券简称：鼎阳科技 公告编号：2025-021 深圳市鼎阳科技股份有限公司 第二届董事会第十九次会议决议公告 二、董事会会议审议情况 （一）审议通过《关于<2025 年半年度报告>及其摘要的议案》 全体董事认为《2025 年半年度报告》及《2025 年半年度报告摘要》准确、 真实、完整的体现了公司 2025 年半年度的财务状况和经营成果。报告具体内容 详见公司同日披露于上海证券交易所网站(www.sse.com.cn)的《深圳市鼎阳科技 股份有限公司 2025 年半年度报告》和《深圳市鼎阳科技股份有限公司 2025 年半 年度报告摘要》。 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。 一、董事会会议召开情况 深圳市鼎阳科技股份有限公司（以下简称"公司"）第二届董事会第十九次会 议于 2025 年 8 月 13 日以现场结合通讯的方式在公司会议室召开。会议通知已于 2025 年 8 月 11 日通过邮件或电话的方式送达各位董事。本次会议应出席董事 7 人，实际出席董事 7 人。 会议由董事长秦轲主持 ...

Core Viewpoint - Dingyang Technology (688112.SH) reported a strong performance in the first half of 2025, with significant growth in revenue and net profit driven by continuous R&D investment and product upgrades [1] Financial Performance - The company achieved revenue of 279 million yuan, representing a year-on-year increase of 24.61% [1] - Net profit attributable to shareholders reached 76.88 million yuan, up 31.54% year-on-year [1] - The non-recurring net profit was 75.52 million yuan, reflecting a year-on-year growth of 33.80% [1] - Basic earnings per share stood at 0.48 yuan [1] Product and Market Development - The company experienced growth across all four main product categories, with both price and volume increasing [1] - High-end products, particularly high-resolution oscilloscopes and RF microwave products, saw rapid growth in the domestic market, contributing to overall revenue growth [1]

[Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions for key terms used throughout the report [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 and a summary of its key financial performance metrics [Basic Company Information](index=6&type=section&id=I.%20Basic%20Company%20Information) This chapter provides basic corporate registration information for Shenzhen Siglent Technologies Co., Ltd., including its legal representative, registered, and office addresses - The company's legal representative is Qin Ke, with its registered and office address located in Bao'an District, Shenzhen[13](index=13&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company achieved robust growth in operating revenue and net profit during the reporting period, driven by product upgrades and increased R&D investment Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 278,819,551.45 | 223,749,809.83 | 24.61% | | Net Profit Attributable to Shareholders of the Parent Company (yuan) | 76,875,712.37 | 58,442,621.35 | 31.54% | | Net Profit Attributable to Shareholders of the Parent Company After Deducting Non-Recurring Gains and Losses (yuan) | 75,516,399.90 | 56,440,441.58 | 33.80% | | Net Cash Flow from Operating Activities (yuan) | 85,522,875.55 | 54,581,430.14 | 56.69% | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.48 | 0.37 | 29.73% | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.47 | 0.35 | 34.29% | | Weighted Average Return on Net Assets (%) | 4.89% | 3.67% | Increased by 1.22 percentage points | | R&D Investment as a Percentage of Operating Revenue (%) | 21.60% | 19.63% | Increased by 1.97 percentage points | - Revenue growth primarily resulted from the company's sustained high R&D investment, product iteration and upgrades, and price-volume increases across all tiers of its four main product lines, especially high-resolution oscilloscopes and RF microwave products in the domestic market[19](index=19&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **1.36 million yuan**, primarily comprising government grants recognized in current profit or loss of **1.56 million yuan** Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses on disposal of non-current assets | 145,493.15 | | Government grants recognized in current profit or loss | 1,562,350.57 | | Other non-operating income and expenses | -58,260.51 | | Less: Income tax impact | 290,270.74 | | **Total** | **1,359,312.47** | [Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's operational performance, industry landscape, and future outlook [Industry and Main Business Overview](index=9&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview) The company specializes in the general electronic test and measurement instrument industry, a technology-intensive sector supported by national policies, and is one of the few global enterprises capable of developing, producing, and selling four major product lines: digital oscilloscopes, signal generators, spectrum analyzers, and vector network analyzers - The general electronic test and measurement instrument industry is a national strategic equipment sector with high technical barriers, supported by various national policies including the "14th Five-Year Plan"[28](index=28&type=chunk)[30](index=30&type=chunk)[32](index=32&type=chunk) - The company is among the few global enterprises that master the core technologies of four major product lines (digital oscilloscopes, signal generators, spectrum analyzers, vector network analyzers) and can fully enter high-end fields[29](index=29&type=chunk)[40](index=40&type=chunk) - The company's main business products include digital oscilloscopes, waveform and signal generators, spectrum analyzers, vector network analyzers, power supplies, and multimeters, forming a comprehensive product matrix[40](index=40&type=chunk) [Industry Overview](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20Industry%20Overview) The general electronic test and measurement instrument industry is technology-intensive with high entry barriers, dominated by European and American companies, while Siglent Technologies is narrowing the gap through technological accumulation and focusing on future trends of intelligence, modularity, and software-defined functionality - The industry's high technical barriers are primarily in front-end analog circuits, digital signal processing algorithms, and RF microwave circuit design, making it difficult for new entrants to establish competitiveness in the short term[32](index=32&type=chunk)[33](index=33&type=chunk) - The global market is dominated by European and American companies such as Keysight, Tektronix, LeCroy, and Rohde & Schwarz, with Siglent Technologies and a few other domestic enterprises catching up with mid-to-high-end product R&D capabilities[34](index=34&type=chunk) - Future industry development trends include intelligent networking, structural modularization, software-defined measurement functions, and increasing importance of algorithms[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) [Main Business Overview](index=11&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's main business involves the R&D, production, and sales of general electronic test and measurement instruments, with core products including digital oscilloscopes, waveform and signal generators, spectrum analyzers, and vector network analyzers, offering a complete product line from entry-level to high-end markets with leading technical specifications in China - The company's digital oscilloscope product line covers 8-bit to 12-bit high resolution, with bandwidths ranging from 50MHz to 8GHz, meeting diverse application scenarios from education to high-end R&D[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) - Waveform and signal generator products include arbitrary waveform generators (up to 5GHz) and RF microwave signal generators (up to 67GHz), offering high-quality signal precision[43](index=43&type=chunk)[46](index=46&type=chunk)[49](index=49&type=chunk) - RF microwave products such as spectrum analyzers and vector network analyzers can reach frequencies up to 50GHz, representing the company's core advantageous products, often referred to as "kings of instruments"[50](index=50&type=chunk)[51](index=51&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) [Discussion and Analysis of Operations](index=16&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company achieved significant double-digit growth in both revenue and net profit, primarily driven by its high-end strategy, with high-resolution oscilloscopes and RF microwave products showing strong performance in the domestic market, supported by continuous high R&D and sales investments H1 2025 Operating Performance | Indicator | Amount | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 279 million yuan | 24.61% | | Net Profit Attributable to Shareholders of the Parent Company | 76.88 million yuan | 31.54% | | Net Profit Attributable to Shareholders of the Parent Company After Deducting Non-Recurring Gains and Losses | 75.52 million yuan | 33.80% | - The high-end strategy yielded significant results: high-end product revenue increased by **71.92%**, raising its proportion of total revenue from **22% to 30%**; sales of products priced above **50,000 yuan** grew by **69.61%**[65](index=65&type=chunk) - Core products showed strong growth: domestic high-resolution digital oscilloscope revenue increased by **65.71%**, and domestic RF microwave product revenue increased by **43.58%**[67](index=67&type=chunk) - Sustained high investment: R&D investment reached **60.22 million yuan**, a **37.08%** increase year-on-year, accounting for **21.60%** of revenue; eight new products were launched in the first half, further expanding the product matrix[68](index=68&type=chunk)[69](index=69&type=chunk) [Core Competitiveness Analysis](index=18&type=section&id=III.%20Core%20Competitiveness%20Analysis) The company's core competitiveness stems from its robust R&D platform and team, continuous technological and product innovation, strong brand reputation, global market channels, collaborations with industry leaders, and superior product quality and cost-effectiveness, supported by numerous core technologies and patents - R&D advantages: Possesses a nationally recognized CNAS measurement laboratory and other R&D platforms, with R&D personnel accounting for **47.41%** and experienced core technical staff[74](index=74&type=chunk)[75](index=75&type=chunk)[99](index=99&type=chunk) - Technology and product advantages: Masters core technologies such as "high-bandwidth low-noise oscilloscope technology" and "real-time spectrum analysis technology," holds **396 patents** (including **246 invention patents**), and its high-end products exhibit leading performance indicators in China[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) - Market and brand advantages: Its proprietary brand "SIGLENT" has established a comprehensive global distribution system and stable partnerships with oscilloscope industry leader LeCroy and Amazon[78](index=78&type=chunk)[79](index=79&type=chunk) - Quality and cost-effectiveness advantages: Certified with ISO9001 and other quality management systems, product quality matches that of leading foreign enterprises while offering more competitive pricing[80](index=80&type=chunk) [Risk Factors](index=25&type=section&id=IV.%20Risk%20Factors) The company faces key risks including core competitiveness risks (loss of core technical personnel, intellectual property disputes), operational risks (international trade friction), financial risks (changes in tax incentives, exchange rate fluctuations), and industry and macroeconomic environment risks - Core competitiveness risks: As a technology-intensive enterprise, the company heavily relies on its core technical personnel, posing risks of personnel loss and intellectual property disputes[100](index=100&type=chunk) - Operational and financial risks: A high proportion of overseas revenue exposes the company to risks such as China-US trade friction and exchange rate fluctuations; changes in high-tech enterprise tax incentives could also impact profitability[103](index=103&type=chunk)[104](index=104&type=chunk) - Industry and macroeconomic risks: The industry is characterized by rapid technological iteration, requiring continuous new product launches to maintain competitiveness; the company's operations are closely linked to the macroeconomic environment, and economic fluctuations may affect performance[105](index=105&type=chunk)[106](index=106&type=chunk) [Analysis of Main Operating Conditions](index=26&type=section&id=V.%20Analysis%20of%20Main%20Operating%20Conditions) This chapter analyzes the company's operating results, asset and liability status, and subsidiary operations during the reporting period through financial statement item changes, noting synchronous growth in operating revenue and costs, a 37.08% increase in R&D expenses due to increased investment, negative financial expenses due to exchange gains, and a stable asset-liability structure with overseas assets accounting for 6.64% of total assets Major Financial Statement Item Changes | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 278,819,551.45 | 223,749,809.83 | 24.61 | Sales growth of four major product lines | | R&D Expenses | 60,221,602.11 | 43,931,232.31 | 37.08 | Increase in R&D personnel and related expenses | | Financial Expenses | -22,609,610.96 | -17,289,917.86 | -30.77 | Exchange gains from Euro appreciation | | Net Cash Flow from Operating Activities | 85,522,875.55 | 54,581,430.14 | 56.69 | Increased cash inflow from sales | - As of the end of the reporting period, the company's overseas assets amounted to **109.85 million yuan**, accounting for **6.64%** of total assets[116](index=116&type=chunk) - The company's main holding subsidiaries, including sales or production companies in the United States, Germany, and Malaysia, all operated normally during the reporting period[118](index=118&type=chunk)[119](index=119&type=chunk) [Corporate Governance, Environment, and Society](index=32&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers the company's governance structure, profit distribution plans, and employee incentive measures [Profit Distribution Plan](index=32&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company has no profit distribution or capital reserve conversion to share capital plan for the first half of 2025 - The proposed profit distribution plan and capital reserve conversion to share capital plan for the half-year is "No"[121](index=121&type=chunk) [Equity Incentive Plan](index=32&type=section&id=III.%20Information%20on%20the%20Company%27s%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%20or%20Other%20Employee%20Incentive%20Measures%20and%20Their%20Impact) During the reporting period, the company canceled a portion of the granted but unvested restricted shares from its 2022 restricted stock incentive plan - On April 23, 2025, the company's board of directors and supervisory board reviewed and approved the proposal to cancel a portion of the granted but unvested restricted shares from the 2022 restricted stock incentive plan[122](index=122&type=chunk) [Significant Matters](index=34&type=section&id=Section%20V%20Significant%20Matters) This section details important events and commitments, including their fulfillment status and the use of raised funds [Fulfillment of Commitments](index=34&type=section&id=I.%20Fulfillment%20of%20Commitments) During the reporting period, the company's actual controller, shareholders, related parties, and the company itself strictly fulfilled all commitments made during the initial public offering and equity incentive matters, with no violations - Commitments related to the initial public offering, including resolving horizontal competition, related party transactions, share lock-up, and share repurchase, are all within their normal fulfillment period and have been strictly adhered to[126](index=126&type=chunk) - Commitments related to equity incentives are being strictly fulfilled by both the company and the incentive recipients[128](index=128&type=chunk) [Explanation of Progress in Use of Raised Funds](index=48&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The company's net proceeds from its initial public offering amounted to **1.151 billion yuan**, including **812 million yuan** in over-raised funds; as of the end of the reporting period, cumulative raised funds invested totaled **1.044 billion yuan**, representing a **90.72%** investment progress, with over-raised funds fully used to permanently supplement working capital, and fundraising projects progressing as planned, including the completed "High-End General Electronic Test and Measurement Instrument R&D and Industrialization Project" Overall Use of Raised Funds | Project | Amount (yuan) | | :--- | :--- | | Net Raised Funds | 1,150,717,166.82 | | Total Committed Investment | 338,377,500.00 | | Total Over-Raised Funds | 812,339,666.82 | | Total Cumulative Raised Funds Invested | 1,043,905,097.40 | | Overall Investment Progress | 90.72% | - Over-raised funds of **812 million yuan** have been **100%** used as planned to permanently supplement working capital[162](index=162&type=chunk) - The company utilized idle raised funds of up to **260 million yuan** for cash management, with a cash management balance of **100 million yuan** at the end of the reporting period[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk) [Changes in Shares and Shareholder Information](index=52&type=section&id=Section%20VI%20Changes%20in%20Shares%20and%20Shareholder%20Information) This section details any changes in the company's share capital and provides an overview of its shareholder structure [Changes in Share Capital](index=52&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure - During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure[167](index=167&type=chunk) [Shareholder Information](index=52&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **5,205** ordinary shareholders, with the top three being Qin Ke, Shao Haitao, and Zhao Yafeng, all acting in concert, holding a combined stake exceeding **57%**, and the top ten shareholders also including employee stock ownership platforms and several public funds - As of the end of the reporting period, the company had **5,205** ordinary shareholders[168](index=168&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | | :--- | :--- | :--- | | Qin Ke | 35,527,113 | 22.32 | | Shao Haitao | 30,947,554 | 19.44 | | Zhao Yafeng | 25,211,217 | 15.84 | | Shenzhen Dinglixiangyang Investment Partnership (Limited Partnership) | 10,489,600 | 6.59 | | Shenzhen Zhonglikangding Enterprise Management Consulting Partnership (Limited Partnership) | 8,344,000 | 5.24 | - Shareholders Qin Ke, Shao Haitao, and Zhao Yafeng are parties acting in concert with the company; Qin Ke is the executive partner of Dinglixiangyang, Zhonglikangding, and Boshi Tongyu[171](index=171&type=chunk) [Bond-Related Information](index=56&type=section&id=Section%20VII%20Bond-Related%20Information) This section provides details on the company's bonds and other debt financing instruments [Company Bonds and Other Debt Financing Instruments](index=56&type=section&id=I.%20Company%20Bonds%20%28Including%20Corporate%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no outstanding company bonds, corporate bonds, or non-financial enterprise debt financing instruments - The company has no company bonds (including corporate bonds) or non-financial enterprise debt financing instruments[176](index=176&type=chunk) [Financial Report](index=57&type=section&id=Section%20VIII%20Financial%20Report) This section contains the company's financial statements and related notes [Audit Report](index=57&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[4](index=4&type=chunk)[178](index=178&type=chunk) [Financial Statements](index=57&type=section&id=II.%20Financial%20Statements) This chapter presents the company's consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity Consolidated Balance Sheet Key Data at Period End | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 1,654,182,406.23 | 1,677,191,995.38 | | Total Liabilities | 123,086,555.38 | 143,914,492.17 | | Total Owners' Equity Attributable to the Parent Company | 1,531,095,850.85 | 1,533,277,503.21 | Consolidated Income Statement Key Data for Half-Year | Item | Jan-Jun 2025 (yuan) | Jan-Jun 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 278,819,551.45 | 223,749,809.83 | | Total Operating Costs | 206,278,517.21 | 163,932,271.30 | | Total Profit | 78,470,164.48 | 64,701,011.54 | | Net Profit | 76,875,712.37 | 58,442,621.35 | [Notes to Consolidated Financial Statements](index=94&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) This chapter provides detailed notes on major items in the consolidated financial statements, including the composition, changes, and accounting treatment of cash and cash equivalents, accounts receivable, inventories, fixed assets, accounts payable, various expenses, and revenue and costs - Cash and cash equivalents at period-end amounted to **1.199 billion yuan**, primarily consisting of bank deposits[296](index=296&type=chunk) - Accounts receivable balance at period-end was **73.67 million yuan**, with a bad debt provision of **5.86 million yuan** accrued by portfolio[305](index=305&type=chunk)[308](index=308&type=chunk) - Inventory book value at period-end was **222 million yuan**, mainly comprising raw materials and merchandise inventory[330](index=330&type=chunk)