证券代码：688210 证券简称：统联精密 公告编号：2025-055 深圳市泛海统联精密制造股份有限公司 （二）本半年度使用金额及期末余额 1 截至 2025 年 6 月 30 日，公司累计使用募集资金金额人民币 560,266,964.89 元，募集资金专户余额为人民币 105,127,860.81 元。具体情况如下： 2025 年半年度募集资金存放、管理与实际使用情况 的专项报告 本公司及董事会全体成员、监事会全体成员、高级管理人员保证公告内容真 实、准确和完整，并对公告中的虚假记载、误导性陈述或者重大遗漏承担责任。 根据《上市公司募集资金监管规则》《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》及《上海证券交易所科创板股票上市规则》等有 关法律、法规及相关文件的规定以及公司《深圳市泛海统联精密制造股份有限公 司募集资金管理制度》，深圳市泛海统联精密制造股份有限公司（以下简称"公 司"或"本公司"）董事会现将公司 2025 年半年度募集资金存放、管理与实际使 用情况报告如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 经中国证券监督管理委员会于 2021 年 11 ...

证券代码：688210 证券简称：统联精密 公告编号：2025-059 深圳市泛海统联精密制造股份有限公司 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 9 月 23 日（星期二）下午 14:00-15:00 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：上证路演中心网络互动 投资者可于 2025 年 9 月 16 日（星期二）至 9 月 22 日（星期一）16:00 前登陆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 Stocks@pu-sz.com 进行提问。公司将在业绩说明会上对投资者普遍关注的问题进 行回答。 深圳泛海统联精密制造股份有限公司（以下简称"公司"）已于 2025 年 8 月 29 日披露公司《2025 年半年度报告》及其摘要，为便于广大投资者更加全面 深入地了解公司 2025 ...

证券代码：688210 证券简称：统联精密 公告编号：2025-057 深圳市泛海统联精密制造股份有限公司 关于增选第二届董事会非独立董事的公告 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。 深圳市泛海统联精密制造股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召开第二届董事会第十九次会议，审议通过了《关于取消监事会、修订< 公司章程>的议案》《关于增选第二届董事会非独立董事的议案》，拟提名侯春 伟先生为公司第二届董事会非独立董事候选人，现将有关情况公告如下： 一、关于调整董事会人数的情况 根据《中华人民共和国公司法》《上市公司章程指引》等法律、行政法规及 规范性文件的相关规定，为进一步完善公司治理结构，结合公司实际情况，公司 拟修订《公司章程》，将董事会成员由七名增至九名，新增一名非独立董事，一 名职工代表董事，独立董事三人保持不变。职工代表董事由职工代表大会选举产 生。 二、本次增选第二届董事会非独立董事的情况 公司于 2025 年 8 月 27 日召开第二届董事会第十九次会议，审议通过了《关 于增 ...

证券代码：688210 证券简称：统联精密 公告编号：2025-061 深圳市泛海统联精密制造股份有限公司 关于 2025 年半年度计提资产减值准备的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、计提减值准备的情况概述 深圳市泛海统联精密制造股份有限公司（以下简称"公司"）根据《企业会 计准则第 8 号——资产减值》和相关会计政策的规定，结合公司的实际情况，为 客观、公允地反映公司 2025 年 6 月 30 日的财务状况和 2025 年半年度的经营成果， 经公司及下属子公司对截至 2025 年 6 月 30 日合并范围内可能发生信用及资产减 值损失的有关资产进行了全面且充分的评估和分析，本着谨慎性原则，公司对相 关资产进行了减值测试并计提了相应的信用及资产减值准备，预计 2025 年半年度 公司计提各类信用及资产减值损失共计 12,448,689.24 元，具体如下： 单位：人民币元 | 项目 | 2025 | 年半年度计提金额 | 备注 | | --- | --- | --- | --- | | 信用减值损 ...

证券代码：688210 证券简称：统联精密 公告编号：2025-058 深圳市泛海统联精密制造股份有限公司 关于续聘 2025 年度审计机构的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 拟聘任的会计师事务所名称：容诚会计师事务所（特殊普通合伙） 深圳市泛海统联精密制造股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召开第二届董事会审计委员会第十一次会议、第二届董事会第十九次会 议，分别审议通过了《关于续聘 2025 年度审计机构的议案》，同意公司续聘容诚 会计师事务所（特殊普通合伙）（以下简称"容诚会计师事务所"）为公司 2025 年度财务报告和内部控制审计机构，负责公司 2025 年度财务报告审计及内部控 制审计工作。上述事项尚需提交公司股东大会审议，现将相关事项公告如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 2、人员信息 截至 2024 年 12 月 31 日，容诚会计师事务所共有合伙人 196 人，共有注册 会计师 1,549 人，其中 781 人签署过证券服务业务审计报告。 3、业 ...

证券代码：688210 证券简称：统联精密 公告编号：2025-060 深圳市泛海统联精密制造股份有限公司 关于召开2025年第三次临时股东大会的通知 本公司董事会及全体董事保证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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025年第三次临时股东大会 召开日期时间：2025 年 9 月 15 日 15 点 00 分 召开地点：深圳市龙华区松轩社区环观中路 282 号 D 栋公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 15 日 至2025 年 9 月 15 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 股东大会召开日期：2025年9月15日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三 ...

二、监事会会议审议情况 证券代码：688210 证券简称：统联精密 公告编号：2025-054 深圳市泛海统联精密制造股份有限公司 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 深圳市泛海统联精密制造股份有限公司（以下简称"公司"）第二届监事 会第十七次会议（以下简称"本次会议"）于 2025 年 8 月 27 日以通讯方式召 开。本次会议通知于 2025 年 8 月 16 日以电子邮件方式发出，本次会议由监事 会主席陈宏亮先生主持，应出席监事 3 名，实际出席监事 3 名。本次会议的召 集和召开程序符合有关法律、行政法规、部门规章、规范性文件和《深圳市泛 海统联精密制造股份有限公司章程》（以下简称《公司章程》）的有关规定。 具体内容详见公司同日刊载于上海证券交易所网站（www.sse.com.cn）及指 定媒体的《深圳市泛海统联精密制造股份有限公司 2025 年半年度报告》及《深 圳市泛海统联精密制造股份有限公司 2025 年半年度报告摘要》。 监事会认为：公司 ...

证券代码：688210 证券简称：统联精密 公告编号：2025-053 深圳市泛海统联精密制造股份有限公司 第二届董事会第十九次会议决议公告 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。 一、董事会会议召开情况 深圳市泛海统联精密制造股份有限公司（以下简称"公司"）第二届董事会 第十九次会议（以下简称"本次会议"）于 2025 年 8 月 27 日以现场结合通讯方 式在公司会议室召开。本次会议通知于 2025 年 8 月 16 日以电子邮件方式发出。 本次会议由公司董事长杨虎先生主持，应出席董事 7 名，实际出席董事 7 名，其 中杨虎先生、郭新义先生、邓钊先生、胡鸿高先生、杨万丽女士、曹岷女士以通 讯方式出席并表决。公司监事、高级管理人员列席本次会议。本次会议的召集、 召开程序符合有关法律、行政法规、部门规章、规范性文件和《深圳市泛海统联 精密制造股份有限公司章程》（以下简称《公司章程》）的有关规定。 二、董事会会议审议情况 与会董事对本次会议需审议的议案进行了充分讨论，审议通过了以下议案： （一）审议通过《关于<20 ...

Core Insights - The company Tonglian Precision (688210.SH) reported a revenue of 402 million yuan for the first half of 2025, representing a year-on-year increase of 10.01% [1] - The net profit attributable to shareholders decreased significantly by 88.24% to 4.8731 million yuan [1] - The net profit after deducting non-recurring gains and losses fell by 94.93% to 2.0936 million yuan [1] - The basic earnings per share stood at 0.03 yuan [1] - The overall business revenue growth was primarily driven by increased demand for other metal craft products and plastic products [1]

Important Notice [Management Statement](index=2&type=section&id=I.%20Management%20Statement) The company's board, supervisory board, and senior management affirm the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility. The report is unaudited, and key financial officers confirm the financial report's integrity - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[3](index=3&type=chunk) - This semi-annual report is **unaudited**[4](index=4&type=chunk) - Company head Yang Hu, chief accountant Hou Can, and head of accounting department Huang Yan declare: the financial report in the semi-annual report is true, accurate, and complete[4](index=4&type=chunk) [Significant Risk Warning](index=2&type=section&id=II.%20Significant%20Risk%20Warning) The company has detailed potential risks in the report, primarily in "Section III Management Discussion and Analysis" under "IV. Risk Factors," advising investors to review them - The company has described in detail the potential risks in the report, please refer to "Section III Management Discussion and Analysis," "IV. Risk Factors" of this report[3](index=3&type=chunk) [Forward-Looking Statements Risk Disclaimer](index=2&type=section&id=VIII.%20Forward-Looking%20Statements%20Risk%20Disclaimer) Forward-looking descriptions in this report, such as future plans and development strategies, do not constitute a substantial commitment to investors, who are advised to be aware of investment risks - The forward-looking descriptions in this report, such as future plans and development strategies, do not constitute a substantial commitment by the company to investors, please be aware of investment risks[5](index=5&type=chunk) Definitions [Glossary of Common Terms](index=4&type=section&id=Glossary%20of%20Common%20Terms) This section defines common terms used in the report, including company abbreviations, major shareholders, subsidiary names, and key technical and industry terms like MIM, AM (3D printing), semi-solid die casting, CNC, laser processing, new functional materials, new lightweight materials, AI, smart glasses, VR, and AR, ensuring accurate understanding of the report - Company, this company, Tonglian Precision, Panhai Tonglian refer to Shenzhen Panhai Tonglian Precision Manufacturing Co., Ltd[11](index=11&type=chunk) - MIM refers to Metal Injection Molding, a near-net-shape technology combining traditional powder metallurgy with modern plastic injection molding[11](index=11&type=chunk) - Printing, Additive Manufacturing, 3D AM refers to Additive Manufacturing, commonly known as 3D printing, a manufacturing technology that integrates computer-aided design, material processing, and forming technologies to create physical objects by layering specialized materials based on digital model files[11](index=11&type=chunk) - Semi-solid die casting involves heating metal materials to a semi-solid state for molding, combining the high fluidity of liquid casting with the dense structure of solid forging, effectively reducing defects like pores and shrinkage, enhancing product strength and dimensional accuracy, especially suitable for integrated high-efficiency manufacturing of complex thin-walled magnesium (aluminum) alloy structures[11](index=11&type=chunk) Company Profile and Key Financial Indicators [Company Basic Information](index=6&type=section&id=I.%20Company%20Basic%20Information) This section outlines the company's basic information, including its Chinese name, abbreviation, foreign name, legal representative, registered and office addresses, website, and email, providing investors with an overview of the company - The company's Chinese name is Shenzhen Panhai Tonglian Precision Manufacturing Co., Ltd., abbreviated as Tonglian Precision[14](index=14&type=chunk) - The legal representative is Yang Hu, and both the registered and office addresses are located at 101, Building 4, and the entire Building D, 282 Huanguan Middle Road, Songxuan Community, Guanhu Street, Longhua District, Shenzhen[14](index=14&type=chunk) [Contact Person and Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Information) This section provides contact details for the company's Board Secretary (Domestic Representative for Information Disclosure) Huang Rongfang and Securities Affairs Representative Tang Lei, including contact address, phone, fax, and email, facilitating investor communication and inquiries - The Board Secretary (Domestic Representative for Information Disclosure) is Huang Rongfang, and the Securities Affairs Representative is Tang Lei[15](index=15&type=chunk) - The contact phone number is 0755-23720932, and the email address is Stocks@pu-sz.com[15](index=15&type=chunk) [Information Disclosure and Document Custody Location Changes](index=6&type=section&id=III.%20Information%20Disclosure%20and%20Document%20Custody%20Location%20Changes) The company designates "Shanghai Securities News" and "Securities Times" as its information disclosure newspapers, with the semi-annual report published on the Shanghai Stock Exchange website and available at the company's securities department office, with no changes during the reporting period - The company's designated information disclosure newspapers are "Shanghai Securities News" and "Securities Times," and the website address for publishing the semi-annual report is http://www.sse.com.cn/[16](index=16&type=chunk) - The company's semi-annual report is available at the company's securities department office, with no changes during the reporting period[16](index=16&type=chunk) [Company Stock/Depositary Receipts Overview](index=6&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipts%20Overview) The company's stock is RMB ordinary A-shares, listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation "Tonglian Precision" and stock code "688210." The company has no depositary receipts - The company's stock type is RMB ordinary A-shares, listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation Tonglian Precision and stock code 688210[17](index=17&type=chunk) - The company has no depositary receipts[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue increased by 10.01% to **RMB 402.08 million**, but total profit, net profit attributable to parent company, and non-recurring net profit all significantly decreased by over **88%**, mainly due to unreleased benefits from new capacity, increased management and share-based payment expenses, and exchange rate and interest rate fluctuations. Net cash flow from operating activities decreased by **45.05%** year-on-year 2025 Semi-Annual Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 402,080,771.08 | 365,478,252.62 | 10.01 | | Total Profit | 2,481,486.18 | 53,858,221.19 | -95.39 | | Net Profit Attributable to Shareholders of Listed Company | 4,873,119.94 | 41,438,916.54 | -88.24 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 2,093,550.43 | 41,258,909.93 | -94.93 | | Net Cash Flow from Operating Activities | 73,166,750.84 | 133,158,348.20 | -45.05 | | Net Assets Attributable to Shareholders of Listed Company | 1,240,865,767.00 | 1,277,691,164.39 | -2.88 | | Total Assets | 2,263,181,277.80 | 2,180,776,351.68 | 3.78 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.03 | 0.26 | -88.46 | | Diluted Earnings Per Share (RMB/share) | 0.03 | 0.26 | -88.46 | | Basic Earnings Per Share Excluding Non-Recurring Gains and Losses (RMB/share) | 0.01 | 0.26 | -96.15 | | Weighted Average Return on Net Assets (%) | 0.38 | 3.41 | -3.03 | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | 0.16 | 3.39 | -3.23 | | R&D Investment as Percentage of Operating Revenue (%) | 12.47 | 12.97 | -0.50 | - Total profit, net profit attributable to shareholders of the listed company, and net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses decreased, mainly because some new capacity and investments have not yet achieved economies of scale, and their benefits have not been fully realized; some continuously growing businesses are still in the process of achieving full-process in-house manufacturing, temporarily putting pressure on profitability[19](index=19&type=chunk) - Management expenses (excluding the impact of share-based payments) increased by **RMB 12.2448 million** compared to the same period last year, with share-based payment expenses recognized due to the implementation of equity incentive and employee stock ownership plans increasing by **RMB 10.081 million** compared to the same period last year[20](index=20&type=chunk) - Financial expenses increased by **RMB 9.0295 million** compared to the same period last year, mainly due to reduced exchange gains and interest income affected by exchange rate and interest rate fluctuations[21](index=21&type=chunk) - Net cash flow from operating activities decreased by **45.05%** compared to the same period last year, mainly due to increased payments to suppliers and employee salaries as business scale expanded[21](index=21&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=8&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 **RMB 2.7796 million**, primarily including government grants, fair value change gains and losses, and individual income tax handling fee refunds, after deducting non-current asset disposal gains and losses and income tax effects 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Items | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets, including the reversal of impairment provisions already made | -186,649.61 | | Government grants recognized in current profit or loss, excluding those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 2,556,294.26 | | Gains and losses from changes in fair value of financial assets and financial liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and financial liabilities, excluding effective hedging activities related to normal business operations | 922,288.54 | | Other non-operating income and expenses apart from the above | -122,153.09 | | Other profit and loss items that meet the definition of non-recurring gains and losses | 364,212.77 | | Less: Income tax impact | 773,315.93 | | Impact on minority interests (after tax) | -18,892.57 | | Total | 2,779,569.51 | Management Discussion and Analysis [Industry and Main Business Overview](index=10&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview) The company specializes in R&D, design, production, and sales of high-precision precision components, expanding diverse manufacturing capabilities such as MIM, CNC, and laser processing around new material applications, and actively reserving new technologies like 3D printing and semi-solid die casting. Products are primarily used in new consumer electronics, such as foldable phones, tablets, and smart wearables, establishing partnerships with renowned brands like Apple and Honor. The company operates in the metal products and computer, communication, and other electronic equipment manufacturing industries, benefiting from AI-enabled smart terminals and lightweight trends, entering a new growth cycle - The company specializes in the research, development, design, production, and sales of high-precision, high-density, complex-shaped, and aesthetically pleasing precision components[29](index=29&type=chunk) - The company possesses diverse precision component manufacturing capabilities, including Metal Injection Molding (MIM), high-precision wire cutting, high-precision turning-milling composite molding, high-speed continuous stamping, high-precision CNC machining, and high-precision laser processing[29](index=29&type=chunk) - The company combines future industry development trends, actively conducting technology reserves and capacity layout in the application of new lightweight materials like titanium alloys and new technologies such as 3D printing, semi-solid die casting, and liquid metal[29](index=29&type=chunk) - The company's products are primarily customized and widely applied in consumer electronics, automotive, medical, and other tool fields, currently focusing on new consumer electronics[29](index=29&type=chunk) - The company has established good cooperative relationships with well-known domestic and international consumer electronics brands and their EMS manufacturers, such as Apple, Honor, Amazon, and Anker Innovations[32](index=32&type=chunk) - According to the China Securities Regulatory Commission's "Industry Classification Guidelines for Listed Companies (2012 Revision)," the company operates in the "Metal Products Industry (C33)" and "Computer, Communication, and Other Electronic Equipment Manufacturing Industry (C39)"[33](index=33&type=chunk) - With breakthroughs in generative AI technology, consumer electronics manufacturers are accelerating the deployment of AI capabilities to terminal devices, driving a wave of innovation in AI consumer electronics hardware and propelling the entire consumer electronics industry into a new innovation cycle[35](index=35&type=chunk) - Lightweighting has become one of the important innovation directions for new smart terminals, with lightweight materials represented by titanium alloys, magnesium (aluminum) alloys, and carbon fibers, combined with advanced manufacturing processes such as 3D printing and semi-solid die casting, forming differentiated technical solutions, becoming the preferred choice for leading companies in the industry to achieve "function upgrade without weight upgrade" or "weight reduction without feature compromise"[39](index=39&type=chunk)[40](index=40&type=chunk) [Main Business, Products, and Services](index=10&type=section&id=I.%20Main%20Business%2C%20Products%2C%20and%20Services) The company specializes in the R&D, design, production, and sales of high-precision, high-density, complex-shaped, and aesthetically pleasing precision components, possessing diverse manufacturing capabilities including MIM, wire cutting, turning-milling composite, stamping, CNC, and laser processing. Its customized products are primarily used in new consumer electronics like foldable phones, tablets, smart styluses, smart wearables, and drones, having established partnerships with renowned brands - The company specializes in the research, development, design, production, and sales of high-precision, high-density, complex-shaped, and aesthetically pleasing precision components[29](index=29&type=chunk) - The company possesses diverse precision component manufacturing capabilities, including Metal Injection Molding (MIM), high-precision wire cutting, high-precision turning-milling composite molding, high-speed continuous stamping, high-precision CNC machining, and high-precision laser processing[29](index=29&type=chunk) - The company's products are primarily customized and widely applied in consumer electronics, automotive, medical, and other tool fields, currently focusing on new consumer electronics[29](index=29&type=chunk) - The company has established good cooperative relationships with well-known domestic and international consumer electronics brands and their EMS manufacturers, such as Apple, Honor, Amazon, and Anker Innovations[32](index=32&type=chunk) [Industry Development Trends](index=10&type=section&id=II.%20Industry%20Development%20Trends) The company operates in the metal products and electronic equipment manufacturing industries, benefiting from AI technology breakthroughs that drive growth in smart terminal markets like AI phones, AI PCs, and smart wearables. Concurrently, lightweighting is a key innovation direction for new smart terminals, promoting the synergistic application of lightweight materials such as titanium, magnesium (aluminum) alloys, and carbon fiber with advanced manufacturing processes like 3D printing and semi-solid die casting - According to the China Securities Regulatory Commission's "Industry Classification Guidelines for Listed Companies (2012 Revision)," the company operates in the "Metal Products Industry (C33)" and "Computer, Communication, and Other Electronic Equipment Manufacturing Industry (C39)"[33](index=33&type=chunk) - Breakthroughs in generative AI technology are driving a wave of innovation in AI consumer electronics hardware, transforming consumer electronic products from passive response tools into active intelligent partners, opening up new growth dimensions for the industry[35](index=35&type=chunk) AI Phone and AI PC Market Forecast | Indicator | 2024 Forecast | 2028 Forecast | CAGR (2023-2028) | | :--- | :--- | :--- | :--- | | Global AI Phone Penetration Rate | 16% | 54% | 63% | | Global AI PC Shipments | - | 208 million units | - | AI Smart Glasses and AR/VR Headset Market Forecast | Indicator | 2024 Sales | 2030 Sales | CAGR (2024-2028) | | :--- | :--- | :--- | :--- | | Global AI Smart Glasses Sales | 2.34 million pairs | 90 million pairs | - | | Global AR/VR Headset Shipments | 6.7 million units | 22.9 million units (2028) | 36.3% | | MR Device Market Share (2028) | - | >70% | - | - Lightweighting has become one of the important innovation directions for new smart terminals, with lightweight materials represented by titanium alloys, magnesium (aluminum) alloys, and carbon fibers, combined with advanced manufacturing processes such as 3D printing and semi-solid die casting, forming differentiated technical solutions[39](index=39&type=chunk)[40](index=40&type=chunk) [Discussion and Analysis of Operations](index=12&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company's operating revenue increased by **10.01%** to **RMB 402.08 million**, primarily driven by the growth of non-MIM precision component business. However, due to new capacity and investments not yet achieving economies of scale, and some growing businesses not yet achieving full-process in-house manufacturing, the company's short-term profit is under pressure, with net profit (excluding share-based payment impact) decreasing by **54.52%** year-on-year. The company is working to restore profitability and achieve high-quality development by deepening customer cooperation, increasing R&D investment in lightweight materials and advanced processes, accelerating new production base commissioning, improving talent梯队, and enhancing intelligent and digital construction - In the first half of 2025, the company achieved operating revenue of **RMB 402.08 million**, a year-on-year increase of **10.01%**, mainly benefiting from the growth in demand for the company's other metal craft products and plastic products businesses[19](index=19&type=chunk)[43](index=43&type=chunk) - The company's short-term profit performance is under pressure, with net profit (excluding the impact of share-based payments) for the reporting period at **RMB 27.06 million**, a year-on-year decrease of **54.52%**[43](index=43&type=chunk) - The decline in profit is mainly due to a time lag between new investments and the realization of expected scaled revenue, making it difficult to effectively dilute expenses, coupled with some growing businesses not yet achieving full-process in-house manufacturing, posing challenges to profitability[43](index=43&type=chunk) - The company is increasing R&D investment in the industrial application of lightweight materials such as titanium alloys, magnesium alloys, aluminum alloys, and carbon fibers, conducting process layout and technology reserves, striving to create overall component solutions adapted to the lightweighting needs of new smart terminals[43](index=43&type=chunk) - The company is simultaneously vigorously advancing the commissioning of new production bases, including the Vietnam factory and Hunan factory, and accelerating the construction of automated and intelligent production lines related to semi-solid die casting, 3D printing, and carbon fiber, providing solid capacity support for the company's future business growth[44](index=44&type=chunk) - The company continues to improve its talent pipeline, offering market-competitive compensation and equity incentives, and establishing diversified training mechanisms[45](index=45&type=chunk) - The company actively improves the systematization and informatization of internal operations and manufacturing management, enhancing intelligence and digitalization through localized computing power deployment to optimize efficiency, transform momentum, and improve quality[45](index=45&type=chunk) [Analysis of Core Competencies](index=13&type=section&id=III.%20Analysis%20of%20Core%20Competencies) During the reporting period, the company maintained leading advantages in process innovation, proactive product layout, production control, automation level, and high-quality customer resources. Continuous R&D investment led to multiple core technologies, with active deployment in new functional materials and advanced manufacturing processes. Strict quality management and high automation ensure product quality and efficiency. Long-term cooperation with renowned clients like Apple and Amazon further solidified market position. The company's core competencies remained largely unchanged - The company continues to maintain strong competitive advantages in process innovation capabilities, product layout, production control, automation capabilities, and customer resources[47](index=47&type=chunk) - Through continuous R&D investment and technological accumulation, the company has formed multiple core technologies covering material development and application, mold design and manufacturing, diverse processing technology development, technology optimization and integration, and automated equipment R&D[47](index=47&type=chunk) - The company has achieved scaled manufacturing capabilities in MIM, laser processing, wire cutting, CNC machining, stamping, and precision injection molding, and is actively investing in the application of new materials and technologies such as new functional materials, new lightweight materials, and 3D printing[49](index=49&type=chunk) - The company implements a comprehensive quality management system, certified with ISO9001 and IATF16949 quality standards, and actively promotes informatization and automation upgrades to continuously improve efficiency and yield in large-scale product manufacturing[50](index=50&type=chunk) - The company's main process steps have achieved automated operation and are continuously upgrading towards full-process automation and intelligence, ensuring high-precision, high-stability production process control and efficient continuous production[50](index=50&type=chunk) - The company has established good cooperative relationships with industry-renowned enterprises such as Apple, Amazon, Honor, and their EMS manufacturers, and has repeatedly received customer quality excellence awards or outstanding supplier awards[51](index=51&type=chunk) - As of the end of the reporting period, the company holds **67 authorized patents**, including **21 invention patents**, with **5 additional invention patents** under review[52](index=52&type=chunk) - The company was first included in the national "Specialized, Refined, New 'Little Giant'" enterprise list in 2022, with its product being MIM precision parts for tablet computers[53](index=53&type=chunk) 2025 Semi-Annual R&D Investment | Indicator | Current Period (RMB) | Prior Year Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 50,150,207.07 | 47,415,626.06 | 5.77 | | Total R&D Investment | 50,150,207.07 | 47,415,626.06 | 5.77 | | Total R&D Investment as Percentage of Operating Revenue (%) | 12.47 | 12.97 | Decreased by 0.50 percentage points | - During the reporting period, the company had **19 R&D projects** in progress, with an estimated total investment of **RMB 84.29 million**, a current period investment of **RMB 25.3533 million**, and a cumulative investment of **RMB 32.2394 million**, primarily focusing on semi-solid die casting, 3D printing, aluminum alloy powder injection molding, and high-strength alloy steel treatment, all at industry-leading technical levels[59](index=59&type=chunk)[61](index=61&type=chunk) 2025 Semi-Annual R&D Personnel | Indicator | Current Period | Prior Year Period | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 317 | 255 | | R&D Personnel as Percentage of Total Company Personnel (%) | 21.70 | 18.53 | | Total R&D Personnel Compensation (RMB 10,000) | 2,771.47 | 2,583.36 | | Average R&D Personnel Compensation (RMB 10,000) | 8.74 | 10.13 | [Risk Factors](index=19&type=section&id=IV.%20Risk%20Factors) The company faces risks from international macroeconomic fluctuations and trade policy changes, project delays, management capacity mismatch with scale expansion, insufficient technological innovation speed, and exchange rate fluctuations. The company plans to address these risks by optimizing operating strategies, deepening diversified routes, actively and steadily advancing projects, improving talent pipelines, strengthening intelligent construction, continuously increasing R&D investment, and utilizing financial derivative instruments - Risks of international macroeconomic fluctuations and trade policy changes: The global economic situation is complex and volatile, with trade frictions and geopolitical conflicts potentially affecting downstream customer demand[64](index=64&type=chunk) - Risks of project progress not meeting expectations: New project construction is forward-looking and subject to uncertainties in progress and economic benefits due to macroeconomic conditions, market competition, and industry policy changes[64](index=64&type=chunk) - Management risks: The company's successful business expansion and increasing product variety lead to an expanded management scope, requiring higher overall operational management capabilities[64](index=64&type=chunk)[65](index=65&type=chunk) - Risks of technological innovation and iteration: Downstream industries experience rapid technological iteration and product updates, and if the company fails to continuously keep pace with cutting-edge technologies, it may be at a disadvantage in market competition[65](index=65&type=chunk) - Exchange rate risks: A portion of the company's revenue is settled in foreign currencies such as USD, and fluctuations in the RMB exchange rate may impact exchange gains and losses[66](index=66&type=chunk) [Key Operating Performance During the Reporting Period](index=20&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) In the first half of 2025, the company's operating revenue increased by **10.01%** to **RMB 402.08 million**, primarily due to growth in non-MIM precision component business. However, profit levels fluctuated as new investments had not yet generated scaled revenue, capacity utilization was affected, new expenses were not effectively diluted, and some growing businesses had not achieved full-process in-house manufacturing, resulting in a **54.52%** year-on-year decrease in net profit (excluding share-based payment impact). The company expects profitability to gradually recover with the release of business demand, improved in-house manufacturing, and reasonable cost control. This section also details changes in financial statement items, asset and liability status, investment status, and major holding and participating companies - In the first half of 2025, the company's operating revenue was **RMB 402.08 million**, a year-on-year increase of **10.01%**, mainly benefiting from the growth in demand for non-MIM precision component businesses from customers[67](index=67&type=chunk) - The company's profit level fluctuated, with net profit (excluding the impact of share-based payments) for the reporting period at **RMB 27.06 million**, a year-on-year decrease of **54.52%**[67](index=67&type=chunk) - The main reasons for profit fluctuation include new investments not yet generating scaled revenue, affected capacity utilization, new expenses not being effectively diluted, and some growing businesses not yet achieving full-process in-house manufacturing[67](index=67&type=chunk) - The company expects profitability to gradually recover with the release of relevant business demands, improved full-process in-house manufacturing for growth businesses, and reasonable control of comprehensive manufacturing costs[67](index=67&type=chunk) 2025 Semi-Annual Major Financial Statement Item Changes | Item | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 402,080,771.08 | 365,478,252.62 | 10.01 | | Operating Cost | 272,797,934.69 | 215,966,871.40 | 26.31 | | Selling Expenses | 6,062,772.68 | 4,130,668.78 | 46.77 | | Administrative Expenses | 51,267,870.96 | 35,754,038.27 | 43.39 | | Financial Expenses | 5,205,722.60 | -3,823,809.33 | Not Applicable | | R&D Expenses | 50,150,207.07 | 47,415,626.06 | 5.77 | | Net Cash Flow from Operating Activities | 73,166,750.84 | 133,158,348.20 | -45.05 | | Net Cash Flow from Investing Activities | -129,432,834.49 | -508,404,743.94 | Not Applicable | | Net Cash Flow from Financing Activities | 33,931,496.98 | 64,922,058.67 | -47.74 | - Changes in selling expenses are mainly due to increased sales personnel salaries and share-based payment expenses; changes in administrative expenses are mainly due to increased salaries for newly introduced and existing excellent management personnel and share-based payment expenses; changes in financial expenses are mainly due to reduced exchange gains and interest income affected by exchange rate and interest rate fluctuations[68](index=68&type=chunk)[69](index=69&type=chunk) - Changes in net cash flow from operating activities are mainly due to increased payments to suppliers and employee salaries as business scale expanded; changes in net cash flow from investing activities are mainly due to reduced cash paid for wealth management investments in the current period; changes in net cash flow from financing activities are mainly due to increased stock repurchase payments in the current period[69](index=69&type=chunk)[70](index=70&type=chunk) 2025 Semi-Annual Major Changes in Assets and Liabilities | Item Name | Current Period End Amount (RMB) | Current Period End as % of Total Assets | Prior Year End Amount (RMB) | Prior Year End as % of Total Assets | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 57,513,673.33 | 2.54 | 87,505,835.02 | 4.01 | -34.27 | | Notes Receivable | 1,432,739.71 | 0.06 | 34,200.00 | 0.00 | 4,089.30 | | Prepayments | 5,250,635.12 | 0.23 | 1,071,655.19 | 0.05 | 389.96 | | Other Receivables | 15,754,889.51 | 0.70 | 9,315,253.32 | 0.43 | 69.13 | | Construction in Progress | 91,319,122.66 | 4.03 | 58,167,460.36 | 2.67 | 56.99 | | Other Non-Current Assets | 19,782,709.99 | 0.87 | 8,557,269.74 | 0.39 | 131.18 | | Short-Term Borrowings | 55,035,675.00 | 2.43 | 105,299,365.84 | 4.83 | -47.73 | | Taxes Payable | 14,247,003.90 | 0.63 | 10,683,706.72 | 0.49 | 33.35 | | Other Payables | 47,725,759.48 | 2.11 | 21,357,180.01 | 0.98 | 123.46 | | Non-Current Liabilities Due Within One Year | 249,862,170.16 | 11.04 | 122,292,155.42 | 5.61 | 104.32 | | Other Current Liabilities | 1,419,161.15 | 0.06 | 613,162.43 | 0.03 | 131.45 | | Deferred Income | 3,461,529.99 | 0.15 | 1,621,343.38 | 0.07 | 113.50 | - Overseas assets amounted to **RMB 326.3683 million**, accounting for **14.42%** of total assets[72](index=72&type=chunk) Major Asset Restrictions as of June 30, 2025 | Item | Book Balance (RMB) | Book Value (RMB) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 31,197,329.14 | 31,197,329.14 | Other | Foreign currency swap margin, repurchase dedicated securities account, and other restricted funds | | Right-of-Use Assets | 3,748,100.71 | 3,065,634.09 | Other | Finance lease fixed assets | | Total | 34,945,429.85 | 34,262,963.23 | — | — | 2025 Semi-Annual Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (RMB) | Fair Value Change Gains/Losses for Current Period (RMB) | Purchases for Current Period (RMB) | Sales/Redemptions for Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Derivatives | 61,926.19 | - | 119,093,267.00 | 60,473,181.61 | 58,852,472.61 | | Bank Wealth Management | 87,505,835.02 | 158,755.52 | 120,000,000.00 | 157,996,724.05 | 50,355,073.33 | | Other Equity Instrument Investments | 35,087,247.36 | 3,775,175.96 | - | - | 37,275,175.96 | | Brokerage Wealth Management | 7,158,600.00 | - | - | 7,158,600.00 | - | | Total | 122,593,082.38 | 220,681.71 | 246,251,867.00 | 218,469,905.66 | 153,641,321.90 | 2025 Semi-Annual Financial Information of Major Holding and Participating Companies | Company Name | Company Type | Registered Capital | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Panhai Tonglian Precision Mold Co., Ltd. | Subsidiary | 10,000,000 | 73,807,240.78 | 632,005.12 | 23,083,896.25 | -1,651,958.02 | | Panhai Tonglian Technology Co., Ltd. | Subsidiary | HKD 5,000,000 | 70,445,302.87 | 10,902,264.54 | 74,824,531.83 | 4,468,460.16 | | Shenzhen Panhai Tonglian Intelligent Manufacturing Co., Ltd. | Subsidiary | 10,000,000 | 280,357,494.36 | 26,149,800.11 | 145,457,805.79 | -3,651,591.80 | | Put Technology Co., Ltd. | Subsidiary | HKD 3,000,000 | 242,567,329.40 | 67,369,298.76 | 210,414,234.27 | 13,087,401.12 | | Huizhou Gukang New Material Co., Ltd. | Subsidiary | 3,000,000 | 334,782,165.39 | 63,398,225.35 | 160,899,467.45 | 16,173,681.62 | | Hunan Panhai Tonglian Precision Manufacturing Co., Ltd. | Subsidiary | 100,000,000 | 570,934,543.50 | 77,890,074.88 | 10,345,915.47 | -10,084,299.64 | Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=29&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, there were no significant changes in the company's directors, supervisors, senior management, and core technical personnel - During the reporting period, there were no applicable changes in the company's directors, supervisors, senior management, and core technical personnel[88](index=88&type=chunk) [Profit Distribution Plan](index=29&type=section&id=II.%20Profit%20Distribution%20Plan) The company will not distribute profits or convert capital reserves into share capital for this semi-annual period - The proposed profit distribution plan and capital reserve to share capital conversion plan for the semi-annual period are no distribution or conversion[88](index=88&type=chunk) [Equity Incentive and Employee Stock Ownership Plans](index=29&type=section&id=III.%20Equity%20Incentive%20and%20Employee%20Stock%20Ownership%20Plans) On July 16, 2025, the company's board and supervisory board approved resolutions for the achievement of vesting conditions for the third vesting period of the 2022 Restricted Stock Incentive Plan and the first vesting period of the 2024 Restricted Stock Incentive Plan, agreed to cancel some granted but unvested restricted shares, and adjusted the grant price. These matters have been disclosed in temporary announcements - On July 16, 2025, the company convened the eighteenth meeting of the second board of directors and the sixteenth meeting of the second supervisory board, which approved the "Proposal on the Achievement of Vesting Conditions for the Third Vesting Period of the 2022 Restricted Stock Incentive Plan's Initial Grant Portion"[89](index=89&type=chunk) - On July 16, 2025, the company convened the eighteenth meeting of the second board of directors and the sixteenth meeting of the second supervisory board, which approved the "Proposal on the Achievement of Vesting Conditions for the First Vesting Period of the 2024 Restricted Stock Incentive Plan"[89](index=89&type=chunk) - On July 16, 2025, the company convened the eighteenth meeting of the second board of directors and the sixteenth meeting of the second supervisory board, which approved the "Proposal on Canceling Part of Granted but Unvested Restricted Shares," agreeing to cancel part of the granted but unvested restricted shares[89](index=89&type=chunk) - On July 16, 2025, the company convened the eighteenth meeting of the second board of directors and the sixteenth meeting of the second supervisory board, which approved the "Proposal on Adjusting the Grant Price of the 2022 Restricted Stock Incentive Plan and the 2024 Restricted Stock Incentive Plan"[89](index=89&type=chunk) [Poverty Alleviation and Rural Revitalization](index=30&type=section&id=V.%20Poverty%20Alleviation%20and%20Rural%20Revitalization) During the reporting period, the company actively participated in poverty alleviation and rural revitalization projects, investing a total of **RMB 0.07 million** to support earthquake relief in Dingri County, Tibet, the Guanhu Chamber of Commerce Charity Fund in Longhua District, and rural revitalization activities in Longhua District in 2025 2025 Semi-Annual Poverty Alleviation and Rural Revitalization Projects | Poverty Alleviation and Rural Revitalization Project Description | Amount (RMB 10,000) | | :--- | :--- | | Support for Dingri County, Tibet earthquake relief project | 2.00 | | Longhua District Guanhu Chamber of Commerce Charity Fund | 2.00 | | 2025 Longhua District 6.30 Rural Revitalization Support Activity | 3.00 | | Total | 7.00 | Significant Matters [Fulfillment of Commitments](index=31&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's actual controller, shareholders, related parties, and the company itself strictly fulfilled all commitments during or continuing into the reporting period, including share lock-up, stock price stabilization, avoidance of horizontal competition, standardization of related party transactions, equity incentives, and information disclosure, with no instances of unfulfilled commitments - The company's actual controller Yang Hu, shareholders Shenzhen Pute (Partnership), Panhai Tonglian (Partnership), and others committed not to transfer or entrust others to manage pre-IPO shares within **36 months** from the listing date, and to comply with regulations such as a reduction price not lower than the issue price[92](index=92&type=chunk)[93](index=93&type=chunk) - The controlling shareholder, actual controller Yang Hu, and other shareholders committed to long-term shareholding and to comply with relevant laws, regulations, and information disclosure obligations when reducing holdings[94](index=94&type=chunk)[95](index=95&type=chunk) - The company, controlling shareholders, directors, and senior management committed to implement stock price stabilization measures, such as share repurchases or增持, when the conditions for triggering such measures are met[96](index=96&type=chunk) - The company and its controlling shareholder, actual controller Yang Hu, committed that the prospectus and other information disclosure materials contain no false records, misleading statements, or major omissions, and assume corresponding legal responsibilities[99](index=99&type=chunk)[100](index=100&type=chunk) - Controlling shareholder and actual controller Yang Hu issued a "Commitment Letter on Avoiding Horizontal Competition," pledging that there are currently and will be no businesses or operations that constitute substantial horizontal competition with the company[103](index=103&type=chunk)[104](index=104&type=chunk) - The company and incentive recipients committed to comply with relevant regulations of the equity incentive plan, including not providing financial assistance, timely fulfilling information disclosure obligations, and returning benefits or canceling vesting if conditions are not met[104](index=104&type=chunk)[105](index=105&type=chunk) [Statement on Integrity Status](index=45&type=section&id=IX.%20Statement%20on%20Integrity%20Status) During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled obligations determined by legally effective documents or overdue large debts, maintaining a good integrity status - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled obligations determined by legally effective documents, nor any overdue large debts[107](index=107&type=chunk) [Significant Related Party Transactions](index=45&type=section&id=X.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in daily operating related party transactions with Shenzhen Dianyu Precision Mold Co., Ltd., including selling products to and purchasing goods/receiving services from it, with transaction amounts within the estimated range. No significant related party transactions such as asset acquisitions, equity acquisitions, joint external investments, or related party creditor-debtor relationships occurred 2025 Semi-Annual Related Party Transactions Related to Daily Operations | Related Party Transaction Content | Related Party | 2025 Estimated Amount (RMB) | Jan-Jun 2025 Actual Amount (RMB) | | :--- | :--- | :--- | :--- | | Sales of products and goods to related parties | Shenzhen Dianyu Precision Mold Co., Ltd. | 3,000,000.00 | 2,794,336.31 | | Purchases of goods and acceptance of services from related parties | Shenzhen Dianyu Precision Mold Co., Ltd. | 13,000,000.00 | 3,904,315.79 | | Total | - | 16,000,000.00 | 6,698,652.10 | [Progress of Raised Funds Utilization](index=48&type=section&id=XII.%20Progress%20of%20Raised%20Funds%20Utilization) As of the end of the reporting period, the company's net proceeds from its initial public offering amounted to **RMB 772.8521 million**, with a cumulative investment of **RMB 560.267 million**, representing a utilization progress of **72.49%**. During the reporting period, the company changed some of its raised fund investment projects, adjusting the total investment and internal investment structure of the "Hunan Changsha MIM Product (Electronic Component) Production Base Construction Project" and reallocating some funds to the "Panhai R&D Center Construction Project" to match construction needs and improve fund utilization efficiency. The company also used some temporarily idle raised funds for cash management, with a maximum limit of **RMB 350 million**. Intermediary agencies issued verification and assurance opinions on the use of raised funds, deeming it compliant with regulations 2025 Semi-Annual Overall Utilization of Raised Funds | Source of Raised Funds | Date Funds Received | Net Amount of Raised Funds (RMB) | Total Committed Investment in Prospectus (RMB) | Cumulative Investment as of Reporting Period End (RMB) | Cumulative Investment Progress as of Reporting Period End (%) | Amount Invested in Current Year (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 2021/12/22 | 772,852,100.00 | 772,852,100.00 | 560,267,000.00 | 72.49 | 102,165,200.00 | - On March 28, 2025, the company convened its board of directors and supervisory board meetings, which approved the "Proposal on Changing Part of Raised Fund Investment Projects," agreeing to adjust the total investment and internal investment structure of the "Hunan Changsha MIM Product (Electronic Component) Production Base Construction Project" and reallocate part of the raised funds from this project to the "Panhai R&D Center Construction Project"[117](index=117&type=chunk)[120](index=120&type=chunk) - The company and its subsidiaries, while ensuring no impact on the progress of raised fund investment projects, normal production and operation, and fund safety, used temporarily idle raised funds for cash management, with a maximum limit not exceeding **RMB 350 million**[122](index=122&type=chunk) - The company's audit firm and sponsor issued special verification and assurance opinions on the deposit and use of raised funds, deeming them compliant with relevant laws and regulations[123](index=123&type=chunk) Share Changes and Shareholder Information [Share Capital Changes](index=53&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital remained unchanged at **160,241,309 shares**. Restricted shares decreased by **52,854,991 shares**, and unrestricted tradable shares increased by the corresponding **52,854,991 shares**, mainly due to the expiration of the lock-up period for shares issued in the initial public offering, which became tradable starting June 27, 2025 2025 Semi-Annual Share Change Status | Category | Quantity Before Change | Percentage Before Change (%) | Increase/Decrease in Current Change | Quantity After Change | Percentage After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 52,854,991 | 32.98 | -52,854,991 | 0 | 0 | | Of which: Shares held by domestic non-state-owned legal persons | 19,101,159 | 11.92 | -19,101,159 | 0 | 0 | | Shares held by domestic natural persons | 33,753,832 | 21.06 | -33,753,832 | 0 | 0 | | II. Unrestricted Tradable Shares | 107,386,318 | 67.02 | 52,854,991 | 160,241,309 | 100.00 | | III. Total Shares | 160,241,309 | 100.00 | 0 | 160,241,309 | 100.00 | - Share changes are mainly due to the expiration of the lock-up period for shares issued in the company's initial public offering, with **52.854991 million shares** released for trading, accounting for **32.98%** of the company's current total share capital, which became tradable starting June 27, 2025[128](index=128&type=chunk) 2025 Semi-Annual Restricted Share Changes | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Released in Reporting Period | Restricted Shares at End of Reporting Period | Reason for Restriction | Date of Release | | :--- | :--- | :--- | :--- | :--- | :--- | | Yang Hu | 33,753,832 | 33,753,832 | 0 | IPO Restriction | 2025/6/27 | | Shenzhen Pute Technology Enterprise (Limited Partnership) | 10,543,448 | 10,543,448 | 0 | IPO Restriction | 2025/6/27 | | Shenzhen Panhai Tonglian Technology Enterprise (Limited Partnership) | 8,557,711 | 8,557,711 | 0 | IPO Restriction | 2025/6/27 | | Total | 52,854,991 | 52,854,991 | 0 | / | / | [Shareholder Information](index=54&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the total number of ordinary shareholders was **5,843**. Among the top ten shareholders, Yang Hu held the highest proportion at **21.79%** and is the actual controller of Shenzhen Pute Technology Enterprise (Limited Partnership) and Shenzhen Panhai Tonglian Technology Enterprise (Limited Partnership), forming a concerted action group. Some shareholders held shares through credit guarantee securities accounts - As of the end of the reporting period, the total number of ordinary shareholders was **5,843**[132](index=132&type=chunk) 2025 Semi-Annual Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Yang Hu | 34,909,595 | 21.79 | Domestic Natural Person | | Shenzhen Pute Technology Enterprise (Limited Partnership) | 10,543,448 | 6.58 | Other | | Guangdong Hongtu Venture Capital Management Co., Ltd. - Shenzhen Talent Innovation and Entrepreneurship No. 1 Equity Investment Fund (Limited Partnership) | 9,752,518 | 6.09 | Other | | Shenzhen Panhai Tonglian Technology Enterprise (Limited Partnership) | 8,557,711 | 5.34 | Other | | Hunan Huazhou Investment Private Equity Fund Management Co., Ltd. - Huazhou Deqing Private Securities Investment Fund | 5,881,409 | 3.67 | Other | | Shu Xiaojiang | 2,847,700 | 1.78 | Domestic Natural Person | | Zhong Ge | 2,680,000 | 1.67 | Domestic Natural Person | | Industrial and Commercial Bank of China Co., Ltd. - Jinying Technology Innovation Stock Investment Fund | 2,259,840 | 1.41 | Other | | Industrial and Commercial Bank of China Co., Ltd. - Boshi STAR Market Three-Year Fixed Open Hybrid Securities Investment Fund | 1,781,568 | 1.11 | Other | | Guojin Innovation Investment Co., Ltd. | 1,463,489 | 0.91 | Domestic Non-State-Owned Legal Person | - Yang Hu is the actual controller of Shenzhen Pute Technology Enterprise (Limited Partnership) and Shenzhen Panhai Tonglian Technology Enterprise (Limited Partnership); therefore, Shenzhen Pute Technology Enterprise (Limited Partnership) and Shenzhen Panhai Tonglian Technology Enterprise (Limited Partnership) are concerted action parties with Yang Hu[135](index=135&type=chunk)[136](index=136&type=chunk) - As of the end of the reporting period, among the top 10 shareholders, Hunan Huazhou Investment Private Equity Fund Management Co., Ltd. - Huazhou Deqing Private Securities Investment Fund held **4,982,509 shares** of the company's stock through a securities company's credit guarantee securities account; shareholder Zhong Ge held **2,680,000 shares** of the company's stock through a securities company's credit guarantee securities account[133](index=133&type=chunk) [Shareholding Changes of Directors, Supervisors, Senior Management, and Core Technical Personnel](index=56&type=section&id=III.%20Shareholding%20Changes%20of%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, the shareholdings of the company's core technical personnel Chen Yong, Yan Xinhua, and Zhang Xinfang decreased due to personal financial needs, with Yan Xinhua and Zhang Xinfang no longer holding shares. There were no shareholding changes for directors, supervisors, and senior management 2025 Semi-Annual Shareholding Changes of Directors, Supervisors, Senior Management, and Core Technical Personnel | Name | Position | Shares Held at Beginning of Period (shares) | Shares Held at End of Period (shares) | Change in Shares During Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Yong | Core Technical Personnel | 56,271 | 36,271 | -20,000 | Personal financial needs | | Yan Xinhua | Core Technical Personnel | 31,309 | 0 | -31,309 | Personal financial needs | | Zhang Xinfang | Core Technical Personnel | 6,062 | 0 | -6,062 | Personal financial needs | Bond-Related Information [Corporate Bonds and Debt Financing Instruments](index=58&type=section&id=I.%20Corporate%20Bonds%20and%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[141](index=141&type=chunk) [Convertible Corporate Bonds](index=58&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - The company has no convertible corporate bonds[141](index=141&type=chunk) Financial Report [Audit Report](index=59&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is **unaudited**[4](index=4&type=chunk) [Financial Statements](index=59&type=section&id=II.%20Financial%20Statements) This section presents 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 reflecting the company's financial position, operating results, and cash flow at the end of the reporting period. The consolidated statements show total assets of **RMB 2.263 billion**, net assets attributable to the parent company of **RMB 1.241 billion**; operating revenue of **RMB 402.08 million**, net profit of **RMB 10.8138 million**, and net profit attributable to the parent company of **RMB 4.8731 million**; and net cash flow from operating activities of **RMB 73.1668 million** June 30, 2025 Consolidated Balance Sheet Key Data | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Monetary Funds | 518,037,562.99 | 509,415,798.71 | | Trading Financial Assets | 57,513,673.33 | 87,505,835.02 | | Accounts Receivable | 290,988,924.71 | 270,155,138.06 | | Inventories | 194,013,600.73 | 197,806,589.12 | | Total Current Assets | 1,136,471,112.99 | 1,119,407,189.79 | | Fixed Assets | 704,593,551.14 | 691,429,204.41 | | Construction in Progress | 91,319,122.66 | 58,167,460.36 | | Total Non-Current Assets | 1,126,710,164.81 | 1,061,369,161.89 | | Total Assets | 2,263,181,277.80 | 2,180,776,351.68 | | Short-Term Borrowings | 55,035,675.00 | 105,299,365.84 | | Accounts Payable | 198,715,047.44 | 217,782,598.90 | | Total Current Liabilities | 588,203,459.91 | 502,967,600.76 | | Long-Term Borrowings | 305,582,833.33 | 276,250,000.00 | | Total Non-Current Liabilities | 412,270,196.40 | 384,787,942.30 | | Total Liabilities | 1,000,473,656.31 | 887,755,543.06 | | Total Equity Attributable to Parent Company Owners | 1,240,865,767.00 | 1,277,691,164.39 | | Total Owners' Equity | 1,262,707,621.49 | 1,293,020,808.62 | | Total Liabilities and Owners' Equity | 2,263,181,277.80 | 2,180,776,351.68 | 2025 Semi-Annual Consolidated Income Statement Key Data | Item | 2025 Semi-Annual (RMB) | 2024 Semi-Annual (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 402,080,771.08 | 365,478,252.62 | | Total Operating Costs | 390,650,265.83 | 301,997,764.77 | | Operating Profit | 2,790,288.88 | 54,722,842.70 | | Total Profit | 2,481,486.18 | 53,858,221.19 | | Net Profit | 10,813,836.40 | 50,535,100.42 | | Net Profit Attributable to Parent Company Shareholders | 4,873,119.94 | 41,438,916.54 | | Basic Earnings Per Share (RMB/share) | 0.03 | 0.26 | | Diluted Earnings Per Share (RMB/share) | 0.03 | 0.26 | 2025 Semi-Annual Consolidated Cash Flow Statement Key Data | Item | 2025 Semi-Annual (RMB) | 2024 Semi-Annual (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 73,166,750.84 | 133,158,348.20 | | Net Cash Flow from Investing Activities | -129,432,834.49 | -508,404,743.94 | | Net Cash Flow from Financing Activities | 33,931,496.98 | 64,922,058.67 | | Net Increase in Cash and Cash Equivalents | -21,125,406.49 | -306,974,727.58 | | Cash and Cash Equivalents at End of Period | 486,251,483.81 | 266,511,377.24 | [Company Overview](index=77&type=section&id=III.%20Company%20Overview) The company was established in 2016 and listed on the STAR Market of the Shanghai Stock Exchange in 2021. After several share capital changes, its total share capital was **160,241,309 shares** as of October 2024. The company primarily engages in the R&D, design, production, and sales of high-precision precision components, including MIM products, other metal craft products, plastic products, molds, fixtures, and others. These financial statements were approved for issuance by the board of directors on August 27, 2025 - Shenzhen Panhai Tonglian Precision Manufacturing Co., Ltd. was listed on the STAR Market of the Shanghai Stock Exchange on December 27, 2021, with stock abbreviation: Tonglian Precision, stock code: 688210[175](index=175&type=chunk) - The company's total share capital changed multiple times due to capital reserve to share capital conversions and equity incentive exercises, reaching **160,241,309 shares** as of October 2024[175](index=175&type=chunk)[176](index=176&type=chunk)[177](index=177&type=chunk) - The company's main operating activities involve the research, development, design, production, and sales of high-precision, high-density, complex-shaped, and aesthetically pleasing precision components, specifically including: MIM products, other metal craft products and plastic products, molds, fixtures, and others[177](index=177&type=chunk) [Basis of Financial Statement Preparation](index=77&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, recognized and measured in accordance with enterprise accounting standards, their application guidelines, and interpretations, and disclose financial information following the China Securities Regulatory Commission's "Information Disclosure and Reporting Rules for Companies Issuing Securities No. 15 - General Provisions for Financial Reports (Revised 2023)." The company assessed its ability to continue as a going concern for the next 12 months and found no matters affecting this ability - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with enterprise accounting standards, their application guidelines, and interpretations[178](index=178&type=chunk) - The company assessed its ability to continue as a going concern for **12 months** from the end of the reporting period and found no matters affecting its ability to continue as a going concern, thus the preparation of financial statements on a going concern basis is reasonable[180](index=180&type=chunk) [Significant Accounting Policies and Estimates](index=78&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates followed by the company in preparing its financial statements, covering financial instruments, inventories, contract assets, long-term equity investments, fixed assets, construction in progress, intangible assets, employee compensation, revenue recognition, government grants, deferred income tax, and other aspects, ensuring the standardization and comparability of financial reports. Businesses not mentioned by the company are handled according to relevant accounting policies in enterprise accounting standards - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, changes in owners' equity, and cash flows[182](index=182&type=chunk) - The company identifies individual accounts receivable exceeding **0.3%** of total assets as significant accounts receivable[185](index=185&type=chunk) - At initial recognition, the company classifies financial assets based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets into: financial assets measured at amortized cost, financial assets measured at fair value through profit or loss, and financial assets measured at fair value through other comprehensive income[215](index=215&type=chunk) - The company recognizes revenue when it satisfies its performance obligations in the contract, which is when the customer obtains control of the related goods[307](index=307&type=chunk) - Government grants received by the company for the construction or acquisition of long-term assets are classified as asset-related government grants, recognized as deferred income, and amortized into profit or loss over the useful life of the related assets using a reasonable and systematic method[317](index=317&type=chunk) [Taxation](index=110&type=section&id=VI.%20Taxation) The company's main taxes include value-added tax, urban maintenance and construction tax, education surcharge, local education surcharge, and corporate income tax. The company and its subsidiaries enjoy multiple tax incentives, including a **15%** corporate income tax rate for high-tech enterprises, a **20%** corporate income tax rate for small and micro enterprises, a **5%** value-added tax super deduction for advanced manufacturing enterprises, and a **100%** super deduction for R&D expenses Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods or provision of taxable services | 13.00% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7.00% | | Education Surcharge | Amount of turnover tax payable | 3.00% | | Local Education Surcharge | Amount of turnover tax payable | 2.00% | | Corporate Income Tax | Taxable income | 8.25%, 15%, 16.50%, 20%, 25%, 29.84% | - The company and its subsidiary Huizhou Gukang, as high-tech enterprises, are subject to a **15%** corporate income tax rate for January-June 2025[339](index=339&type=chunk) - Subsidiaries Tianjin Aixin, Beijing Shengjin, Tianjin Shengjin, Hunan Panhai Technology, and Hunan Gukang are small and micro enterprises for January-June 2025, subject to a **20%** corporate income tax rate[340](index=340&type=chunk) - The company and its subsidiary Huizhou Gukang are eligible for a **5%** value-added tax super deduction for advanced manufacturing enterprises[340](index=340&type=chunk) - The company and its subsidiaries Precision Mold, Intelligent Manufacturing, Huizhou Gukang, Zhongyanhai, and Hunan Panhai are eligible for a **100%** super deduction for R&D expenses[341](index=341&type=chunk) [Notes to Consolidated Financial Statement Items](index=111&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the specific situation and reasons for changes in each item of the consolidated financial statements, including monetary funds, trading financial assets, notes receivable, accounts receivable, inventories, long-term equity investments, fixed assets, construction in progress, intangible assets, short-term borrowings, accounts payable, employee compensation payable, taxes payable, other payables, long-term borrowings, lease liabilities, share capital, capital reserves, treasury stock, other comprehensive income, retained earnings, operating revenue and costs, various expenses, investment income, and income tax expenses. Detailed explanations are provided for the impairment provision methods for notes receivable and accounts receivable, inventory impairment provisions, changes in construction in progress projects, and the use of raised funds - The ending balance of monetary funds is **RMB 518.03756299 million**, of which **RMB 60.6481 million** is deposited overseas[342](index=342&type=chunk) - The ending balance of trading financial assets is **RMB 57.5137 million**, a **34.27%** decrease from the beginning of the period, mainly due to a reduction in wealth management funds[71](index=71&type=chunk)[344](index=344&type=chunk) - The ending balance of notes receivable is **RMB 1.4327 million**, a significant increase of **4089.30%** from the beginning of the period, mainly due to an increase in notes held[71](index=71&type=chunk)[346](index=346&type=chunk) - The ending balance of accounts receivable is **RMB 290.9889 million**, a **7.71%** increase from the beginning of the period, with an impairment provision rate of **5.15%**[356](index=356&type=chunk)[358](index=358&type=chunk) - The ending book value of inventories is **RMB 194.0136 million**, with an inventory impairment provision of **RMB 19.9626 million**[387](index=387&type=chunk)[389](index=389&type=chunk) - The ending balance of construction in progress is **RMB 91.3191 million**, a **56.99%** increase from the beginning of the period, mainly due to increased equipment procurement for capacity expansion[71](index=71&type=chunk)[406](index=406&type=chunk) - The ending balance of short-term borrowings is **RMB 55.0357 million**, a **47.73%** decrease from the beginning of the period, mainly due to optimizing debt structure and repaying some short-term borrowings[71](index=71&type=chunk)[427](index=427&type=chunk) - The ending balance of accounts payable is **RMB 198.7150 million**, an **8.75%*