张家港广大特材股份有限公司 对外担保管理制度 第一章 总则 第一条 为了规范公司对外担保行为，维护投资者利益，有效控制公司对外 担保风险，促进公司健康稳定地发展，根据《中华人民共和国证券法》《上市公 司监管指引第 8 号——上市公司资金往来、对外担保的监管要求》《上海证券交 易所科创板股票上市规则》《张家港广大特材股份有限公司章程》（以下简称《公 司章程》）的有关规定，制定本制度。 第二条 本制度适应于本公司及本公司的全资、控股子公司（以下简称"子 公司"）。 第三条 本制度所称对外担保（以下简称"担保"）是指公司以自有资产或 信誉为任何其他单位提供的保证、资产抵押、质押以及其他担保事宜。具体种类 包括但不限于借款担保、银行开立信用证和银行承兑汇票担保、开具保函的担保 等。 第四条 本制度所称"公司及本公司控股子公司的对外担保总额"，是指包 括公司对控股子公司担保在内的公司对外担保总额与公司控股子公司对外担保 总额之和。 本制度所称的"总资产"、"净资产"以公司合并报表为统计口径。 第五条 公司实施担保，遵循平等、自愿、诚信、互利的原则，拒绝强令为 他人担保的行为。 第六条 公司对担保实行统一管理，公司的分公 ...

张家港广大特材股份有限公司 授权管理制度 第一章 总 则 第一条 为完善张家港广大特材股份有限公司（以下简称"公司"）的治理 结构，加强内部控制和风险管理，确保公司规范运作，保护公司、股东和债权 人的合法权益，依据《中华人民共和国公司法》、《中华人民共和国证券 法》、《上海证券交易所科创板股票上市规则》等法律、行政法规以及《张家 港广大特材股份有限公司章程》（以下简称《公司章程》）的规定，结合公司 实际情况，制定本制度。 第六条 公司对交易事项（提供担保、提供财务资助除外）的决策权限划分 如下： 1、交易涉及的资产总额（同时存在账面值和评估值的，以高者为准）占公 司最近一期经审计总资产的 50%以上； 2、交易的成交金额占公司市值的 50％以上； 3、交易标的（如股权）的最近一个会计年度资产净额占公司市值的 50%以 上； 4、交易标的（如股权）最近一个会计年度相关的营业收入占公司最近一个 会计年度经审计营业收入的 50％以上，且超过 5000 万元； 5、交易产生的利润占公司最近一个会计年度经审计净利润的 50％以上， 且超过 500 万元； 6、交易标的（如股权）最近一个会计年度相关的净利润占公司最近一个 ...

第一条 为加强对张家港广大特材股份有限公司（以下简称"公司"） 董 事、高级管理人员（以下简称"董事、高管高"）持有公司股份及买卖公司股 票行为的申报、披露管理与监督，根据《中华人民共和国公司法》(以下简称 《公司法》)、《中华人民共和国证券法》（以下简称《证券法》）《上市公司 董事和高级管理人员所持本公司股份及其变动管理规则》《上海证券交易所科 创板股票上市规则》《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》《上海证券交易所上市公司自律监管指引第8号——股份变动管理》 《上海证券交易所上市公司自律监管指引第15号——股东及董事、高级管理人 员减持股份》等法律、法规、规范性文件以及《张家港广大特材股份有限公司 章程》（以下简称《公司章程》）的有关规定，结合本公司的实际情况，特制 定本制度。 张家港广大特材股份有限公司 董事和高级管理人员所持本公司股份 及其变动管理制度 第一章 总 则 第二条 公司董事、高管在买卖公司股票及其衍生品种前，应知悉《公司 法》《证券法》等法律、法规、规范性文件关于内幕交易、操纵市场等禁止行 为的规定，不得进行违法违规的交易。 第三条 公司董事、高管所持公司股份，是 ...

张家港广大特材股份有限公司 投资者关系管理制度 第一章 总则 第一条 为加强张家港广大特材股份有限公司（以下简称"公司"）与投 资者和潜在投资者（以下统称"投资者"）之间的信息沟通，增进投资者对公 司的了解和认同，切实保护投资者特别是广大社会公众投资者的合法权益，促 进公司与投资者之间建立长期、稳定的良好关系，完善公司治理结构，根据 《中华人民共和国公司法》《中华人民共和国证券法》《上市公司投资者关系 管理工作指引》《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》等有关法律、法规及《张家港广大特材股份有限公司章程》（以下简称 《公司章程》）的有关规定，结合公司实际情况制定本制度。 第四条 投资者关系工作的基本原则： （五）增加公司信息披露透明度，改善公司治理。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互 动交流和诉求处理等工作，加强与投资者及潜在投资者之间的沟通，增进投资 者对公司的了解和认同，以提升公司治理水平和企业整体价值，实现尊重投资 者、回报投资者、保护投资者目的的相关活动。 第二章 投资者关系管理的目的和原则 第三条 投资者关系工作的目的： （一）促进公司与投资 ...

张家港广大特材股份有限公司 规范与关联方资金往来管理制度 第一章 总则 第一条 为规范张家港广大特材股份有限公司（以下简称"公司"）与公司 关联方（以下统称"公司关联方"）的资金往来，最大程度保护投资者合法权 益，避免公司关联方占用本公司资金，根据《中华人民共和国公司法》《中华 人民共和国证券法》《上市公司监管指引第8号——上市公司资金往来、对外担 保的监管要求》《上海证券交易所科创板股票上市规则》及《张家港广大特材 股份有限公司章程》（以下简称《公司章程》）等有关文件规定，特制订本制 度。 第二条 公司及纳入公司合并会计报表范围的子公司与公司关联方之间资金 往来适用本制度。 除本条规定外，本制度所称的公司均指公司及纳入公司合并会计报表范围 的子公司。 第二章 公司与关联方资金往来的规范 第三条 公司应规范并尽可能的减少关联交易，在处理与公司关联方之间的 经营性资金往来时，应当严格限制占用公司资金。控股股东及其他关联方不得 要求公司为其垫支工资、福利、保险、广告等期间费用，也不得互相代为承担 成本和其他支出。 第四条 控股股东应严格依法行使出资人的权利，控股股东不得利用利润分 配、资产重组、对外投资、资金占用 ...

第二条 董事会办公室 董事会下设董事会办公室，处理董事会日常事务。 张家港广大特材股份有限公司 董事会议事规则 第一条 宗旨 为了进一步规范张家港广大特材股份有限公司（以下简称"公司"或"本公 司"）董事会的议事方式和决策程序，促使董事和董事会有效地履行其职责，提 高董事会规范运作和科学决策水平，根据《中华人民共和国公司法》《中华人民 共和国证券法》《上海证券交易所科创板股票上市规则》（以下简称《上市规则》） 及《张家港广大特材股份有限公司章程》（以下简称《公司章程》）等有关规定， 制订本规则。 董事会秘书兼任董事会办公室负责人，保管董事会和董事会办公室印章，处 理董事会日常事务。 第三条 定期会议 董事会会议分为定期会议和临时会议。 董事会每年至少召开两次定期会议。 第四条 临时会议 有下列情形之一的，董事会应当自接到提议后 10 日内召开临时会议： （一）代表十分之一以上表决权的股东提议时； 第五条 临时会议的提议程序 按照前条规定提议召开董事会临时会议的，应当通过董事会办公室或者直 接向董事长提交经提议人签字（盖章）的书面提议。书面提议中应当载明下列 事项： 1 （二）三分之一以上董事联名提议时； （三 ...

张家港广大特材股份有限公司 第四条 本公司聘任的独立董事原则上最多在 3 家（含 3 家）境内上市公司 担任独立董事，并确保有足够的时间和精力有效地履行公司独立董事的职责。 第五条 公司独立董事占董事会成员的比例不低于三分之一，其中至少包括 一名会计专业人士。 前款所称会计专业人士应当具备丰富的会计专业知识和经验，并至少符合下 列条件之一： （一）具有注册会计师职业资格； 独立董事工作制度 第一章 总 则 第一条 为了规范张家港广大特材股份有限公司（以下简称"公司"或"本 公司"）独立董事行为，充分发挥独立董事在公司治理中的作用，维护公司整体 利益，保障全体股东特别是中小股东的合法权益不受损害，依据《中华人民共和 国公司法》《上市公司独立董事管理办法》《上海证券交易所科创板股票上市规则》 （以下简称《科创板上市规则》）、《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》等法律、法规、规范性文件和《张家港广大特材股份有 限公司章程》（以下简称《公司章程》）的有关规定，制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主 要股东、实际控制人不存在直接或者间接利害关系， ...

张家港广大特材股份有限公司 重大信息内部报告制度 第一章 总 则 第一条 为加强与投资者之间的联系，确保张家港广大特材股份有限公司 （以下简称"公司"）公司信息披露的及时、准确、完整、充分，根据《中华人 民共和国公司法》《中华人民共和国证券法》《上海证券交易所科创板股票上市 规则》（以下简称《上市规则》）、《张家港广大特材股份有限公司章程》（以 下简称《公司章程》）、《张家港广大特材股份有限公司信息披露管理制度》及 其他有关法律、法规的规定，结合公司实际情况，特制定本制度。 第二条 公司重大信息内部通报制度是指当出现、发生或即将发生可能对公 司股票及其衍生品种的交易价格产生较大影响的情形或事件时，按照本制度规定 负有报告义务的有关人员和公司，应及时将相关信息向公司董事长、经理层和董 事会秘书报告的制度。 第三条 公司各部门负责人、公司下属子公司的负责人负有向公司董事长、 经理层和董事会秘书报告其职权范围内所知悉的重大信息的义务。 公司下属子公司负责人可以指定熟悉相关业务和法规的人员为证券事务信息 负责人，并报备公司董事会秘书处。 公司的控股股东和持有公司 5%以上股份的股东，在出现本制度规定的情形时 应及时将 ...

证券代码：688186 证券简称：广大特材 公告编号：2025-108 张家港广大特材股份有限公司 2025 年半年度募集资金存放与使用情况的专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 根据中国证券监督管理委员会《上市公司募集资金监管规则》和上海证券交 易所《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》的规 定，将本公司 2025 年半年度募集资金存放与使用情况专项说明如下: 一、募集资金基本情况 (一)实际募集资金金额和资金到账时间 1.2020 年首次公开发行股票募集资金情况 根据中国证券监督管理委员会《关于同意张家港广大特材股份有限公司首次 公开发行股票注册的批复》（证监许可〔2020〕28 号），本公司由主承销商中信 建投证券股份有限公司采用向战略投资者定向配售、网下向符合条件的网下投资 者询价配售和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 会公众投资者定价相结合的方式，向社会公众公开发行人民币普通股（A 股）股 票 4,180 万股，发行价为每股人民币 17. ...

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines key terms, company names, and industry-specific terminology to facilitate understanding of the report's content - Defines 'Guangda Special Steel' as Zhangjiagang Guangda Special Steel Co., Ltd. and its wholly-owned/controlled subsidiaries[12](index=12&type=chunk) - Explains key industry terms such as new materials, special steel, high-temperature alloys, and wind power main shafts[12](index=12&type=chunk)[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Basic Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section provides fundamental company details including its official name, abbreviation, legal representative, registered and office addresses, website, and email - The company's full name is Zhangjiagang Guangda Special Steel Co., Ltd., abbreviated as **Guangda Special Steel**[15](index=15&type=chunk) - The legal representative is Xu Weiming, with registered and office address in Anqing Village, Fenghuang Town, Zhangjiagang City[15](index=15&type=chunk) [Contact Persons and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section lists the company's contact persons, their addresses, telephone numbers, fax, and email addresses - Contact persons include Guo Yan and Xu Qiuyang, with contact number **0512-55390270**[17](index=17&type=chunk) [Information Disclosure and Report Availability Changes](index=6&type=section&id=%E4%B8%89%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section outlines the company's designated newspapers for information disclosure, website address, and locations where reports are available - Information disclosure newspapers are Shanghai Securities News and Securities Times, with the website address **www.sse.com.cn**[18](index=18&type=chunk) [Company Stock/Depositary Receipt Overview](index=6&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%2F%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E7%AE%80%E5%86%B5) This section provides a brief overview of the company's A-share listing on the STAR Market of the Shanghai Stock Exchange - The company's stock type is A-shares, listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation **'Guangda Special Steel'** and code **'688186'**[19](index=19&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=%E5%85%AD%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section details the company's key accounting data and financial indicators for the reporting period, explaining changes and highlighting significant performance growth and improved profitability Key Accounting Data (January-June 2025) | Indicator | Current Period (RMB) | Prior Period (RMB) | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,534,397,638.82 | 1,880,993,199.80 | 34.74 | | Total Profit | 238,883,263.80 | 61,983,057.29 | 285.40 | | Net Profit Attributable to Listed Company Shareholders | 185,097,066.17 | 42,779,874.46 | 332.67 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | 178,767,486.34 | 7,982,641.34 | 2,139.45 | | Net Cash Flow from Operating Activities | -343,385,806.72 | -417,839,730.83 | Not Applicable | | Net Assets Attributable to Listed Company Shareholders (Period-End) | 3,708,256,948.39 | 3,627,380,911.00 | 2.23 | | Total Assets (Period-End) | 12,197,236,743.90 | 11,463,661,602.87 | 6.40 | Key Financial Indicators (January-June 2025) | Key Financial Indicator | Current Period (Jan-Jun) | Prior Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.86 | 0.20 | 330.00 | | Diluted Earnings Per Share (RMB/share) | 0.73 | 0.21 | 247.62 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (RMB/share) | 0.83 | 0.04 | 1,975.00 | | Weighted Average Return on Net Assets (%) | 4.97 | 1.20 | Increased by 3.77 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 4.80 | 0.22 | Increased by 4.58 percentage points | | R&D Investment as % of Operating Revenue (%) | 4.07 | 4.14 | Decreased by 0.07 percentage points | - Operating revenue increased by **34.74%** year-on-year, primarily due to strong downstream demand and increased product orders[21](index=21&type=chunk) - Total profit increased by **285.40%** year-on-year, mainly due to gross profit margin recovering to **20.71%** (an increase of **6.77 percentage points** from the prior period) and a **1 percentage point** decrease in period expenses as a proportion of operating revenue[21](index=21&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AB%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section itemizes the company's non-recurring gains and losses for the reporting period, totaling **RMB 6,329,579.83** Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 3,088,639.10 | | Government Grants Recognized in Current Profit/Loss | 3,818,787.15 | | Other Non-operating Income and Expenses Apart from the Above | 1,160,674.55 | | Less: Income Tax Impact | 1,200,574.11 | | Minority Interest Impact (After Tax) | 537,946.86 | | Total | 6,329,579.83 | [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Industry and Main Business Overview for the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section details the company's industry (high-end special steel materials and components), its development stage, characteristics, key technical barriers, main business, products, application areas, and its procurement, production, sales, and R&D models - The company's main business involves R&D, production, and sales of high-end special steel materials and components, primarily for high-end equipment manufacturing sectors such as new energy wind power, rail transit, machinery, military nuclear power, aerospace, energy power equipment, and marine petrochemicals[26](index=26&type=chunk)[34](index=34&type=chunk) - As of the end of June 2025, national cumulative wind power installed capacity reached **572.60 million kilowatts**, a year-on-year increase of **22.70%**; from January to June 2025, new grid-connected wind power installed capacity was **51.39 million kilowatts**, up **98.88%** year-on-year[26](index=26&type=chunk) - The company adopts an **'order-to-produce'** manufacturing model and operates four production bases in Zhangjiagang City (Suzhou), Rugao City (Nantong), and Deyang City (Sichuan)[40](index=40&type=chunk) - The company's sales model is direct sales, acquiring new customers through target key client development, brand effect, and high-end equipment driven approaches[41](index=41&type=chunk) [Discussion and Analysis of Operations](index=18&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section summarizes the company's operational highlights for the reporting period, including significant performance improvement, effective production line adjustments, enhanced gearbox component projects, technological and process innovations, and market value management, all contributing to rapid growth in financial indicators - Operating revenue for the reporting period was **RMB 2,534.40 million**, a year-on-year increase of **34.74%**; gross profit margin recovered to **20.71%**, an increase of **6.77 percentage points** from the prior period[44](index=44&type=chunk) - Period expense control was effective, with period expenses as a percentage of operating revenue decreasing by **1 percentage point** year-on-year, further enhancing the company's profitability[45](index=45&type=chunk) - The company continuously pursued technological and process innovation, improving **1 core technology** and adding **11 new core technologies**, primarily focusing on new energy wind power, energy power, and nuclear fusion fields[47](index=47&type=chunk) - The company completed its first phase of share repurchase, actually repurchasing **18,128,037 shares** with a total capital expenditure of **RMB 399,960,068.75**, and cancelled **8 million shares** on June 30, 2025[47](index=47&type=chunk) - The company implemented its 2024 annual equity distribution, distributing a cash dividend of **RMB 3.825** (tax inclusive) for every **10 shares** to all shareholders, totaling **RMB 76.48 million** (tax inclusive) in cash dividends[49](index=49&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=20&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) This section outlines the company's core competencies in technological innovation and full industrial chain integration, including numerous core technologies, patent achievements, system certifications, and end-to-end advantages from smelting to precision machining, along with details on R&D projects and investments - The company has developed **64 core technologies** covering key processes such as smelting, forming, and heat treatment, which are industrialized in products like gear steel, mold steel, precision mechanical components, special stainless steel, and special alloys, resulting in **110 invention patents**[50](index=50&type=chunk) - The company possesses a complete industrial chain of processes including smelting, forming, heat treatment, and precision machining, offering advantages such as strong prototyping capabilities, controllable material quality, manageable production costs, and a broad product line[50](index=50&type=chunk) - During the reporting period, **1 core technology** was improved and **11 new core technologies** were added, primarily focusing on new energy wind power, energy power, and nuclear fusion fields[61](index=61&type=chunk) R&D Investment | Indicator | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 103,044,112.23 | 77,865,660.03 | 32.34 | | Total R&D Investment | 103,044,112.23 | 77,865,660.03 | 32.34 | | R&D Investment as % of Operating Revenue (%) | 4.07 | 4.14 | Decreased by 0.07 percentage points | - The company has **304 R&D personnel**, accounting for **12.68%** of its total workforce, with total R&D staff compensation of **RMB 27.50 million**[88](index=88&type=chunk) [Risk Factors](index=49&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) This section identifies and analyzes various risks the company may face in its operations, including loss of core technical personnel, technology and product substitution, new product development failure, raw material price fluctuations, high customer concentration, product quality management, lower-than-expected returns on fundraising projects, financial risks, and industry policy changes - The company faces risks of **loss of core technical personnel**, **technology leakage**, and **technology and product substitution**[89](index=89&type=chunk)[91](index=91&type=chunk) - Fluctuations in raw material prices (scrap steel, alloys, pig iron) could directly lead to product cost volatility, impacting profitability[91](index=91&type=chunk) - The fundraising projects 'Special Alloy Material Expansion Project' and 'Large High-End Equipment Core Precision Components Project' may yield **lower-than-expected benefits**[93](index=93&type=chunk) - Total accounts receivable and notes receivable at period-end were **RMB 2,453.27 million**, accounting for **20.11%** of total assets, posing collection risks[94](index=94&type=chunk) - Net cash flow from operating activities was **-RMB 343.39 million** during the reporting period, and sustained negative cash flow could lead to liquidity risk[94](index=94&type=chunk) - Inventory book value was **RMB 2,518.34 million**, representing **40.55%** of current assets, indicating impairment risk[95](index=95&type=chunk) - Significant adverse changes in new energy wind power industry policies would negatively impact the company's wind power business expansion[97](index=97&type=chunk) [Key Operating Performance During the Reporting Period](index=52&type=section&id=%E4%BA%94%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section summarizes the company's operating revenue, operating costs, and expense changes, analyzes its asset and liability status, and investment activities, highlighting the effectiveness of revenue growth and cost control Financial Statement Item Variation Analysis (January-June 2025) | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,534,397,638.82 | 1,880,993,199.80 | 34.74 | | Operating Cost | 2,009,550,717.10 | 1,618,726,525.26 | 24.14 | | Selling Expenses | 11,330,396.65 | 7,702,819.92 | 47.09 | | Administrative Expenses | 86,979,510.69 | 70,473,138.12 | 23.42 | | Financial Expenses | 84,270,981.71 | 74,744,074.73 | 12.75 | | R&D Expenses | 103,044,112.23 | 77,865,660.03 | 32.34 | | Net Cash Flow from Operating Activities | -343,385,806.72 | -417,839,730.83 | Not Applicable | | Net Cash Flow from Investing Activities | -28,514,329.97 | -234,327,030.28 | Not Applicable | | Net Cash Flow from Financing Activities | 390,380,374.69 | 606,169,738.02 | -35.60 | - Operating revenue increased by **34.74%** year-on-year, primarily due to strong downstream demand and increased product orders[101](index=101&type=chunk) - Net cash flow from operating activities was **-RMB 343.39 million**, mainly influenced by bill settlements, inventory increases, and bill discounting activities classified under financing activities[102](index=102&type=chunk) - Net cash flow from financing activities was **RMB 390.38 million**, primarily due to payment for share repurchases[102](index=102&type=chunk) - Total restricted assets at period-end amounted to **RMB 3,783.34 million**, including monetary funds, notes receivable, fixed assets, intangible assets, construction in progress, and investment properties[106](index=106&type=chunk) - The company did not engage in external equity investment activities during the reporting period; in the prior period, an additional investment of **RMB 820 million** was made in the fundraising project 'Large High-End Equipment Core Precision Components Project (Phase I)'[109](index=109&type=chunk)[110](index=110&type=chunk) [Corporate Governance, Environment, and Society](index=60&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=60&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) This section reports no changes in the company's directors, supervisors, senior management, and core technical personnel during the reporting period, and outlines the criteria for identifying core technical personnel - There were **no changes** in the company's directors, supervisors, senior management, and core technical personnel during the reporting period[118](index=118&type=chunk) - Criteria for identifying core technical personnel include: extensive industry experience; holding important positions in the company's production, R&D, and other departments; participating in and leading the development of multiple core technologies, and leading teams to complete multiple patent inventions[118](index=118&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=60&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company had no profit distribution plan or capital reserve to share capital conversion plan during the reporting period - The proposed profit distribution or capital reserve to share capital conversion plan for this half-year period is **'None'**[119](index=119&type=chunk) [Company Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures and Their Impact](index=60&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) This section discloses the implementation of the company's 2024 employee stock ownership plan, including the completion of stock purchases and lock-up period arrangements - The company's 2024 employee stock ownership plan has completed the purchase of company shares, accumulating **5,215,318 shares**, representing **2.43%** of the company's total share capital at that time[122](index=122&type=chunk) - A total of **173 individuals** participated in this employee stock ownership plan, with a lock-up period from December 25, 2024, to December 24, 2025[122](index=122&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the Legally Mandated Environmental Information Disclosure List](index=61&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) This section lists the company and its four major subsidiaries included in the legally mandated environmental information disclosure list, emphasizing the company's commitment to green development and continuous increase in environmental protection investments Entities Included in the Legally Mandated Environmental Information Disclosure List | No. | Company Name | | :--- | :--- | | 1 | Zhangjiagang Guangda Special Steel Co., Ltd. | | 2 | Jiangsu Guangda Xinsheng Precision Manufacturing Co., Ltd. | | 3 | Rugao Hongmao Cast Steel Co., Ltd. | | 4 | Deyang Guangda Dongqi New Material Co., Ltd. | - The company consistently adheres to a green development philosophy, achieving all established environmental management goals during the reporting period and continuously increasing environmental protection investments[123](index=123&type=chunk) [Significant Matters](index=62&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Fulfillment of Commitments](index=62&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section details the commitments made by the company's actual controllers, shareholders, related parties, and the company itself during initial public offerings and refinancing, confirming strict adherence to these commitments during the reporting period - The company's controlling shareholder and actual controller committed to making up social insurance and housing provident fund payments, which were **strictly fulfilled** during the reporting period[126](index=126&type=chunk) - The company's controlling shareholder and actual controller committed to resolving horizontal competition, which was **strictly fulfilled** during the reporting period[127](index=127&type=chunk)[128](index=128&type=chunk) - The company's controlling shareholder, actual controller, directors, supervisors, and senior management committed to resolving related-party transactions, which were **strictly fulfilled** during the reporting period[128](index=128&type=chunk)[129](index=129&type=chunk) - The company and relevant parties committed to taking responsibility for any false records, misleading statements, or major omissions in the prospectus, which was **strictly fulfilled** during the reporting period[129](index=129&type=chunk) - The company committed to taking various measures to prevent the dilution of immediate returns and enhance profitability, which was **strictly fulfilled** during the reporting period[130](index=130&type=chunk) - The company's controlling shareholder, actual controller, directors, and senior management committed to effectively implementing return compensation measures, which were **strictly fulfilled** during the reporting period[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk) [Illegal Guarantees](index=72&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no illegal guarantees during the reporting period - There were **no illegal guarantees** by the company during the reporting period[137](index=137&type=chunk) [Significant Litigation and Arbitration Matters](index=73&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company had no significant litigation or arbitration matters during the reporting period - The company had **no significant litigation or arbitration matters** during this reporting period[138](index=138&type=chunk) [Significant Contracts and Their Performance](index=74&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section discloses significant guarantees and sales contracts executed by the company during the reporting period, including guarantees for subsidiaries and a **RMB 1.505 billion** wind turbine component sales contract with Mingyang Smart Energy Group - During the reporting period, all existing and new guarantees were for wholly-owned subsidiaries, with a total guarantee amount of **RMB 2.10 billion**, representing **56.63%** of the company's net assets[143](index=143&type=chunk) - The company signed a routine operating sales contract with Mingyang Smart Energy Group Co., Ltd., for a contract amount of **RMB 1.505 billion** (tax inclusive), providing wind turbine components such as hubs, nacelles, and main shafts[145](index=145&type=chunk) [Explanation of Progress in Use of Raised Funds](index=78&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) This section details the overall use of the company's raised funds and specific fundraising projects, including investment progress, realized benefits for IPO and refinancing projects, and arrangements for project completion and using surplus funds to supplement working capital Overall Use of Raised Funds | Source of Raised Funds | Net Amount of Raised Funds (RMB) | Committed Investment Total (RMB) | Total Raised Funds Invested as of Reporting Period End (RMB) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering (IPO) | 639,537,649.20 | 690,000,000.00 | 543,686,331.81 | 85.01 | | Issuance of Shares to Specific Objects | 1,287,370,060.68 | 1,700,000,000.00 | 1,011,096,743.83 | 78.54% | - The 'Special Alloy Material Expansion Project' was completed in February 2025, achieving **RMB 5.05 million** in benefits for the first half of 2025, with **RMB 79.60 million** of surplus raised funds permanently used to supplement working capital[151](index=151&type=chunk)[155](index=155&type=chunk) - The 'New Material R&D Center' project was completed by the end of December 2022, with **RMB 6.08 million** in surplus funds permanently used to supplement working capital[152](index=152&type=chunk) - The 'Hongmao Offshore Wind Power High-End Equipment R&D and Manufacturing Phase I Project' was completed in March 2023, achieving **RMB 11.30 million** in benefits for the first half of 2025[152](index=152&type=chunk) - In February 2025, due to an operational error by financial personnel, **RMB 3.50 million** was mistakenly transferred from the special raised funds account to the company's own funds account, and was immediately returned upon discovery[156](index=156&type=chunk) [Share Changes and Shareholder Information](index=85&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Capital Changes](index=85&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's share capital changed due to the conversion of convertible bonds and the cancellation of some repurchased shares, resulting in an increase of **11,656,271 unrestricted tradable shares** - A total of **RMB 409.96 million** of 'Guangda Convertible Bonds' were converted into company shares during the reporting period, with **19,656,271 shares** converted[161](index=161&type=chunk) - On June 30, 2025, the company implemented a partial share repurchase cancellation, with **8,000,000 shares** cancelled[161](index=161&type=chunk) - From the end of the reporting period to the semi-annual report disclosure date, basic earnings per share changed from **RMB 0.86/share** to **RMB 0.69/share**, diluted earnings per share from **RMB 0.73/share** to **RMB 0.69/share**, and net assets per share from **RMB 17.38/share** to **RMB 17.63/share**[162](index=162&type=chunk) - As of August 25, 2025, the company's total share capital was **280,489,356 shares**[163](index=163&type=chunk) [Shareholder Information](index=86&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section discloses the total number of common shareholders and the top ten shareholders' holdings as of the end of the reporting period, including shares held through ordinary securities accounts and credit trading accounts - As of the end of the reporting period, the total number of common shareholders was **15,843**[164](index=164&type=chunk) Top Ten Shareholders' Holdings (as of Reporting Period End) | Shareholder Name | Shares Held at Period End (Shares) | Proportion (%) | Share Status | Amount (Shares) | | :--- | :--- | :--- | :--- | :--- | | Zhangjiagang Guangda Investment Holding Group Co., Ltd. | 44,800,000 | 19.83 | None | 0 | | Xu Weiming | 12,650,000 | 5.60 | None | 0 | | Zhangjiagang Guangda Special Steel Co., Ltd. - 2024 Employee Stock Ownership Plan | 5,215,318 | 2.31 | None | 0 | | Zhangjiagang Wanding Investment Partnership (Limited Partnership) | 4,500,000 | 1.99 | None | 0 | | Guangdong Tianchuang Private Securities Investment Fund Management Co., Ltd. - Tianchuang No. 18 Private Securities Investment Fund | 3,530,141 | 1.56 | None | 0 | | Pan Zhinan | 3,153,194 | 1.40 | None | 0 | | China Pacific Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Products | 3,027,314 | 1.34 | None | 0 | | Sun Liping | 2,925,763 | 1.30 | None | 0 | | Ningbo October Wuxun Equity Investment Partnership (Limited Partnership) | 2,863,393 | 1.27 | None | 0 | | Qian Linling | 2,840,726 | 1.26 | None | 0 | - As of the end of the reporting period, Zhangjiagang Guangda Special Steel Co., Ltd.'s dedicated share repurchase securities account held **10,128,037 shares**, accounting for **4.48%** of the company's total share capital at period-end[168](index=168&type=chunk) [Bond-Related Information](index=90&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Convertible Corporate Bonds](index=90&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) This section details the issuance, holders, changes, conversion price adjustments, liabilities, and credit rating of 'Guangda Convertible Bonds,' highlighting the significant event of triggering and exercising the conditional early redemption clause - On October 13, 2022, the company publicly issued **RMB 1.55 billion** in convertible corporate bonds, abbreviated as 'Guangda Convertible Bonds' with bond code '118023', listed on the Shanghai Stock Exchange from November 9, 2022[172](index=172&type=chunk) - At period-end, there were **7,718 convertible bondholders**, and the company's convertible bonds had **no guarantors**[173](index=173&type=chunk) Convertible Bond Changes During the Reporting Period | Convertible Corporate Bond Name | Before This Change (RMB) | Change (Conversion) (RMB) | After This Change (RMB) | | :--- | :--- | :--- | :--- | | Guangda Convertible Bonds | 1,549,951,000 | 409,959,000 | 1,139,992,000 | - During the reporting period, the conversion amount was **RMB 409.96 million**, converting into **19,656,271 shares**; the cumulative converted shares accounted for **9.18%** of the company's total shares issued before conversion[177](index=177&type=chunk) - The conversion price of 'Guangda Convertible Bonds' has been adjusted multiple times, with the latest conversion price at **RMB 20.84/share** as of the end of this reporting period[179](index=179&type=chunk) - China Chengxin Pengyuan Credit Rating Co., Ltd. rated the company's corporate credit rating as **AA-**, with a stable outlook[181](index=181&type=chunk) - 'Guangda Convertible Bonds' triggered the conditional redemption clause, and the company's board of directors decided to exercise the early redemption right[182](index=182&type=chunk)[183](index=183&type=chunk) - On August 25, 2025, the company redeemed **RMB 4.464 million** (44,640 bonds) of 'Guangda Convertible Bonds', with a total redemption payment of **RMB 4,502,650.88** (including current interest)[183](index=183&type=chunk) [Financial Report](index=93&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Financial Statements](index=93&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company balance sheets, income statements, and cash flow statements for the first half of 2025, comprehensively illustrating its financial position, operating results, and cash movements Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Amount (RMB) | | :--- | :--- | | Total Assets | 12,197,236,743.90 | | Total Liabilities | 8,089,970,241.30 | | Total Equity Attributable to Parent Company Owners | 3,708,256,948.39 | Consolidated Income Statement Key Data (January-June 2025) | Item | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | 2,534,397,638.82 | | Total Profit | 238,883,263.80 | | Net Profit | 215,313,795.25 | | Net Profit Attributable to Parent Company Shareholders | 185,097,066.17 | Consolidated Cash Flow Statement Key Data (January-June 2025) | Item | Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | -343,385,806.72 | | Net Cash Flow from Investing Activities | -28,514,329.97 | | Net Cash Flow from Financing Activities | 390,380,374.69 | [Company Basic Information](index=117&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section briefly introduces the company's historical evolution, registration information, stock listing status, and main business, clarifying its engagement in the metal products industry, primarily focusing on the production and sales of advanced steel materials - The company's predecessor was Zhangjiagang Guangda Machinery Co., Ltd., which was wholly converted into a joint-stock company on January 30, 2018[221](index=221&type=chunk) - The company's shares were listed and traded on the Shanghai Stock Exchange on February 11, 2020[221](index=221&type=chunk) - The company belongs to the metal products industry, with its main business activities being the production and sales of advanced steel materials[221](index=221&type=chunk) [Basis of Financial Statement Preparation](index=117&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) This section clarifies that the company's financial statements are prepared on a going concern basis, with no significant doubts regarding its ability to continue as a going concern for the next 12 months from the reporting period end - The company's financial statements are prepared on a **going concern basis**[222](index=222&type=chunk) - There are **no matters or circumstances** that would cause significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[223](index=223&type=chunk) [Significant Accounting Policies and Estimates](index=117&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's specific accounting policies and estimates for financial instrument impairment, inventories, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition, also explaining any accounting policy changes during the reporting period - The company adheres to the requirements of enterprise accounting standards, with the accounting year running from January 1 to December 31 of the Gregorian calendar, and the functional currency being **RMB**[225](index=225&type=chunk)[226](index=226&type=chunk)[228](index=228&type=chunk) - Financial assets are classified upon initial recognition into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in current profit or loss[234](index=234&type=chunk) - Inventory is issued using the **weighted average method** at month-end, and inventory impairment provisions are made for the difference when cost exceeds net realizable value[248](index=248&type=chunk)[249](index=249&type=chunk) Fixed Asset Depreciation Methods | Category | Depreciation Method | Depreciation Period (Years) | Salvage Rate | Annual Depreciation Rate | | :--- | :--- | :--- | :--- | :--- | | Buildings and Structures | Straight-line Method | 20-40 | 5.00 | 2.38-4.75 | | Specialized Equipment | Straight-line Method | 5-15 | 5.00 | 6.33-19.00 | | Transportation Vehicles | Straight-line Method | 4-5 | 5.00 | 19.00-23.75 | | Other Equipment | Straight-line Method | 3-8 | 5.00 | 11.88-31.67 | - The company primarily sells alloy materials and alloy products, fulfilling performance obligations at a specific point in time, and recognizes revenue when customers obtain control of the related goods or services[281](index=281&type=chunk) - The company has implemented the relevant provisions of 'Interpretation No. 17 of Accounting Standards for Business Enterprises' and 'Interpretation No. 18 of Accounting Standards for Business Enterprises' issued by the Ministry of Finance, effective from January 1, 2024[295](index=295&type=chunk) [Taxation](index=138&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section discloses the company's main tax categories and rates, along with applicable tax preferential policies, including high-tech enterprise income tax incentives and value-added tax (VAT) additional deduction policies for advanced manufacturing - Value-added tax (VAT) rates are **13%**, **9%**, and **5%**; export goods are subject to a 'exemption, offset, refund' policy, with a refund rate of **13%**[296](index=296&type=chunk) - The company, Deyang Guangda Dongqi New Material Co., Ltd., Rugao Hongmao Cast Steel Co., Ltd., Rugao Hongmao Heavy Forging Co., Ltd., Deyang Guangda Xinhong Technology Co., Ltd., and Jiangsu Guangda Xinsheng Precision Manufacturing Co., Ltd. all enjoy a **15%** preferential corporate income tax rate as high-tech enterprises[298](index=298&type=chunk)[299](index=299&type=chunk)[300](index=300&type=chunk) - The company, Hongmao Cast Steel Co., Hongmao Heavy Forging Co., and Xinsheng Precision Co. are eligible for a **5%** additional VAT deduction policy for advanced manufacturing[300](index=300&type=chunk) [Notes to Consolidated Financial Statement Items](index=140&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes and analysis for each asset, liability, equity, revenue, cost, and expense item in the consolidated financial statements, including period-end balances, beginning balances, reasons for changes, and related accounting treatments Monetary Funds (Period-End Balance) | Item | Amount (RMB) | | :--- | :--- | | Cash on Hand | 87,806.57 | | Bank Deposits | 678,371,831.32 | | Other Monetary Funds | 160,713,543.02 | | Total | 839,173,180.91 | Notes Receivable (Period-End Balance) | Item | Amount (RMB) | | :--- | :--- | | Bank Acceptance Bills | 547,560,483.66 | | Commercial Acceptance Bills | 302,501,726.71 | | Finance Company Acceptance Bills | 3,346,976.21 | | Total | 853,409,186.58 | - Accounts receivable book value at period-end was **RMB 1,599.86 million**, with bad debt provisions of **RMB 111.06 million**[313](index=313&type=chunk)[318](index=318&type=chunk) - Inventory book value at period-end was **RMB 2,518.34 million**, primarily comprising raw materials, work-in-progress, and finished goods[346](index=346&type=chunk) - Fixed assets book value at period-end was **RMB 4,212.02 million**, with accumulated depreciation of **RMB 1,464.03 million**[359](index=359&type=chunk) - Construction in progress balance at period-end was **RMB 1,113.11 million**, mainly for the Large High-End Equipment Core Precision Components Project[365](index=365&type=chunk) - Short-term borrowings balance at period-end was **RMB 1,181.65 million**, including **RMB 564.57 million** in credit borrowings[395](index=395&type=chunk) - Bonds payable balance at period-end was **RMB 1,045.02 million**, representing convertible corporate bonds[418](index=418&type=chunk) Operating Revenue and Operating Cost (Current Period Occurrence) | Item | Revenue (RMB) | Cost (RMB) | | :--- | :--- | :--- | | Main Business | 2,489,856,066.50 | 1,974,852,044.99 | | Other Businesses | 44,541,572.32 | 34,698,672.11 | | Total | 2,534,397,638.82 | 2,009,550,717.10 | - R&D expenses incurred in the current period amounted to **RMB 103.04 million**, a year-on-year increase of **32.34%**[448](index=448&type=chunk) - Net cash flow from operating activities was **-RMB 343.39 million**[473](index=473&type=chunk) [R&D Expenditures](index=197&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) This section discloses the company's R&D expenditures by nature of expense for the reporting period, primarily including material trial production costs, employee compensation, and depreciation expenses, all of which are expensed R&D expenditures R&D Expenditures (Current Period Occurrence) | Item | Amount (RMB) | | :--- | :--- | | Employee Compensation | 27,495,646.59 | | Direct Input (Material Trial Production Costs) | 70,577,580.72 | | Depreciation Expenses | 4,771,437.60 | | Other Expenses | 199,447.32 | | Total | 103,044,112.23 | | Of which: Expensed R&D Expenditures | 103,044,112.23 | [Interests in Other Entities](index=199&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section details the composition of the company's enterprise group, including the main operating locations, registered capital, business nature, shareholding percentages of each subsidiary, and key financial information for significant non-wholly-owned subsidiaries (Guangda New Material Co.) Subsidiary Information | Subsidiary Name | Main Operating Location | Registered Capital (RMB) | Business Nature | Shareholding (%) | | :--- | :--- | :--- | :--- | :--- | | Guangda Steel Co. | Zhangjiagang, Jiangsu | 12,800,000.00 | Commercial | 100 | | Xinsheng International Trade Co. | Zhangjiagang, Jiangsu | 15,000,000.00 | Commercial | 100 | | Hongmao Cast Steel Co. | Rugao, Jiangsu | 516,085,500.00 | Manufacturing | 100 | | Xinsheng Intelligent Manufacturing Co. | Zhangjiagang, Jiangsu | 500,000,000.00 | Manufacturing | 100 | | Hongmao Heavy Forging Co. | Rugao, Jiangsu | 90,000,000.00 | Manufacturing | 100 | | Guangda New Material Co. | Deyang, Sichuan | 100,000,000.00 | Manufacturing | 51 | | Xinhong Technology Co. | Deyang, Sichuan | 100,000,000.00 | Services | 100 | | Xinhua Metal Co. | Rugao, Jiangsu | 40,000,000.00 | Services | 100 | - Guangda New Material Co. is a significant non-wholly-owned subsidiary, with a minority shareholder stake of **49.00%**, and profit/loss attributable to minority shareholders for the current period was **RMB 30.22 million**[489](index=489&type=chunk) - Guangda New Material Co.'s operating revenue for the current period was **RMB 744.29 million**, with a net profit of **RMB 61.67 million**[491](index=491&type=chunk) [Government Grants](index=202&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) This section discloses government grant-related liability items and amounts recognized in current profit or loss for the reporting period, primarily comprising asset-related deferred income and income-related government grants Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (RMB) | New Grants Added This Period (RMB) | Amount Recognized in Non-operating Income This Period (RMB) | Transferred to Other Income This Period (RMB) | Period-End Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 8,131,429.45 | 10,000,000.00 | 0 | 920,057.01 | 17,211,372.44 | Asset-related | - Total government grants recognized in current profit or loss for this period amounted to **RMB 4,987,528.30**[495](index=495&type=chunk) [Risks Related to Financial Instruments](index=203&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) This section elaborates on the company's exposure to credit risk, liquidity risk, and market risks (including interest rate and foreign exchange risks), detailing the strategies and measures implemented to manage these exposures - The company's objective in risk management is to balance risk and return, minimizing the negative impact of risks on operating performance and maximizing the interests of shareholders and other equity investors[495](index=495&type=chunk) - The company faces **credit risk**, **liquidity risk**, and **market risks** (interest rate risk and foreign exchange risk)[495](index=495&type=chunk) - Credit risk primarily arises from monetary funds and receivables, managed by depositing funds with highly-rated financial institutions and regularly assessing customer creditworthiness[497](index=497&type=chunk) - Liquidity risk is controlled through a comprehensive use of various financing methods such as bill settlements and bank borrowings, combining long-term and short-term financing appropriately[498](index=498&type=chunk) - As of June 30, 2025, the company's bank borrowings with floating interest rates amounted to **RMB 2,322.53 million**[501](index=501&type=chunk) [Disclosure of Fair Value](index=207&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses the period-end fair value of the company's assets and liabilities measured at fair value, primarily involving receivables financing, and explains the valuation techniques for Level 3 fair value measurement items - Total assets continuously measured at fair value amounted to **RMB 256.87 million**, all classified as Level 3 fair value measurements, primarily consisting of receivables financing[508](index=508&type=chunk) - Level 3 fair value measured receivables financing includes bank acceptance bills receivable and non-recourse Yunxin, Jianxin Rongtong, Tongbao, etc., with fair value determined by their face value or book value net of bad debt provisions[510](index=510&type=chunk) [Related Parties and Related Party Transactions](index=209&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section discloses information on the company's parent company and subsidiaries, as well as related party transactions during the reporting period, including related party guarantees and key management personnel compensation - The parent company is Zhangjiagang Guangda Investment Holding Group Co., Ltd., with a registered capital of **RMB 93.80 million** and a **19.83%** shareholding in the company[513](index=513&type=chunk) - The ultimate controlling parties of the company are Xu Weiming and Xu Xiaohui (father and son), who directly and indirectly control **28.4%** of the company's shares[514](index=514&type=chunk) - The company, as the guaranteed party, received guarantees from Zhangjiagang Guangda Investment Holding Group Co., Ltd., totaling **RMB 199.97 million**[519](index=519&type=chunk) - Key management personnel compensation for the current period was **RMB 3.04 million**[520](index=520&type=chunk) [Commitments and Contingencies](index=213&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) This section states that as of the balance sheet date, the company has no significant commitments or contingencies requiring disclosure - As of the balance sheet date, the company has **no significant commitments or contingencies** requiring disclosure[522](index=522&type=chunk) [Events After the Balance Sheet Date](index=214&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) This section discloses that there are no proposed profit distributions or dividends after the balance sheet date - Proposed profit distribution or dividends amounted to **RMB 0**[525](index=525&type=chunk) [Other Significant Matters](index=214&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section briefly explains the basis for determining segment information, stating that the company's main business is managed and evaluated as a single entity, thus no segment information is required for disclosure - The company's main business involves the production and sales of alloy materials and products, which is managed and evaluated as a single entity, therefore **no segment information** is required for disclosure[527](index=527&type=chunk) [Notes to Parent Company Financial Statement Key Items](index=215&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on key items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and R&D expenses, reflecting the parent company's financial position and operating activities - Parent company accounts receivable book value at period-end was **RMB 868.79 million**, with bad debt provisions of **RMB 55.62 million**[216](index=216&type=chunk)[532](index=532&type=chunk)[535](index=535&type=chunk) - Parent company other receivables book balance at period-end was **RMB 2,580.54 million**, of which **RMB 2,571.93 million** were related party transactions within the consolidated scope[218](index=218&type=chunk)[544](index=544&type=chunk) - Parent company long-term equity investments book value at period-end was **RMB 1,700.51 million**, entirely consisting of investments in subsidiaries[223](index=223&type=chunk)[554](index=554&type=chunk)[556](index=556&type=chunk) Parent Company Operating Revenue and Operating Cost (Current Period Occurrence) | Item | Revenue (RMB) | Cost (RMB) | | :--- | :--- | :--- | | Main Business | 1,418,270,329.33 | 1,243,050,379.62 | | Other Businesses | 38,061,601.13 | 34,273,158.01 | | Total | 1,456,331,930.46 | 1,277,323,537.63 | - Parent company R&D expenses incurred in the current period amounted to **RMB 36.80 million**[226](index=226&type=chunk)[565](index=565&type=chunk) [Supplementary Information](index=226&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides supplementary information, including a detailed statement of non-recurring gains and losses, return on net assets, and earnings per share, further refining the company's financial performance - Total non-recurring gains and losses amounted to **RMB 6,329,579.83**[227](index=227&type=chunk)[568](index=568&type=chunk) Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share (Basic EPS) | Earnings Per Share (Diluted EPS) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 4.97 | 0.86 | 0.73 | | Net Profit Attributable to Ordinary Shareholders of the Company After Deducting Non-Recurring Gains and Losses | 4.80 | 0.83 | 0.71 |