Core Viewpoint - The announcement details the share reduction plans of major shareholders of Guizhou Hangyu Technology Development Co., Ltd. due to personal financial needs, which may impact the company's stock performance but is not expected to affect its governance structure or ongoing operations significantly [1][2][3]. Shareholder Holdings - Liu Chaohui holds 1,710,250 shares, representing 0.89% of the total share capital, with 987,277 shares acquired before the IPO, 328,300 shares from equity incentives, and 394,673 shares from capital reserve conversion [1][2]. - Wu Yong'an holds 2,027,593 shares, accounting for 1.06% of the total share capital, with 1,402,787 shares acquired before the IPO, 156,900 shares from equity incentives, and 467,906 shares from capital reserve conversion [1][2]. - Huang Dongmei holds 166,790 shares, which is 0.09% of the total share capital, with 128,300 shares from equity incentives and 38,490 shares from capital reserve conversion [1][3]. Reduction Plans - Liu Chaohui plans to reduce his holdings by up to 506,800 shares, not exceeding 0.26% of the total share capital, through centralized bidding [2][3]. - Huang Dongmei intends to reduce her holdings by up to 20,000 shares, not exceeding 0.01% of the total share capital, also through centralized bidding [2][3]. - The reduction period for all shareholders is set from September 22, 2025, to December 21, 2025 [3][4]. Previous Reduction Activities - Liu Chaohui previously reduced his holdings by 328,322 shares at a price range of 73.903 to 84.205 CNY per share on July 5, 2022 [3][4]. Compliance and Commitments - The shareholders have committed to comply with relevant laws and regulations regarding share reductions, ensuring that the planned reductions do not lead to a change in control of the company [5][6].

| 证券代码：688239 | 证券简称：航宇科技 | 公告编号：2025-075 | | --- | --- | --- | | 债券代码：118050 | 债券简称：航宇转债 | | 贵州航宇科技发展股份有限公司 股东减持股份计划公告 股东持有的基本情况 截至本公告披露日，刘朝辉先生持有公司股份 1,710,250 股，占公司总股本 的 0.89%，其中，987,277 股为公司首次公开发行前取得的股份；328,300 股为 公司股权激励取得,均为无限售条件流通股；394,673 股为公司实施公积金转增 股本所得，均为无限售条件流通股。 吴永安先生持有公司股份 2,027,593 股，占公司总股本的 1.06%，其中， 1,402,787 股为公司首次公开发行前取得的股份；156,900 股为公司股权激励取 得；467,906 股为公司实施公积金转增股本所得。 黄冬梅女士持有公司股份 166,790 股，占公司总股本的 0.09%，其中，128,300 股为公司股权激励取得；38,490 股为公司实施公积金转增股本所得。 减持计划的主要内容 因自身资金需求，股东刘朝辉先生拟通过集中竞价方式合计减持不超过 ...

Core Viewpoint - The announcement from Hangyu Technology (688239) indicates that major shareholders plan to reduce their holdings due to personal funding needs, which may impact the stock's performance in the short term [1] Shareholder Reduction Plans - Shareholder Liu Chaohui intends to reduce his holdings by up to 100,000 shares, representing no more than 0.05% of the company's total share capital [1] - Shareholder Wu Yong'an plans to reduce his holdings by up to 506,800 shares, which accounts for no more than 0.26% of the company's total share capital [1] - Shareholder Huang Dongmei aims to reduce her holdings by up to 20,000 shares, representing no more than 0.01% of the company's total share capital [1]

| 证券代码：688239 | 证券简称：航宇科技 | 公告编号：2025-073 | | --- | --- | --- | | 债券代码：118050 | 债券简称：航宇转债 | | 贵州航宇科技发展股份有限公司 2025半年度募集资金存放与实际使用情况的专项报告 本公司董事会及全体董事保证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》及《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、法规和规范性文件的规定，贵州航宇科技发展股 份有限公司（以下简称"公司"）编制了 2025 年半年度募集资金存放与使用情 况的专项报告如下： 一、募集资金基本情况 （一）扣除发行费用后的实际募集资金金额、资金到账时间 经中国证券监督管理委员会证监许可〔2024〕1069 号文《关于同意贵州 航宇科技发展股份有限公司向不特定对象发行可转换公司债券注册的批复》 同意，贵州航宇科技发展股份有限公司（以下简称"公司"）向不特定对象 发行可转换公司债券的募 ...

贵州航宇科技发展股份有限公司 关于公司 2025 年度提质增效重回报专项行动方案的 半年度评估报告 贵州航宇科技发展股份有限公司（以下简称"公司"）为贯彻落实关于开展 科创板上市公司"提质增效重回报"专项行动的倡议，践行并落实"以投资者为 本"的发展理念，推动公司高质量发展和投资价值提升，保护投资者尤其中小投 资者的合法权益。基于对投资者高度负责的态度，于 2025 年 4 月 8 日发布了《2025 年度"提质增效重回报"行动方案》（以下简称"《行动方案》"），为公司 2025 年度"提质增效重回报"行动制定出明确的工作方向。 2025 年上半年，公司根据《行动方案》内容，积极开展和落实各项工作， 进一步提升经营效率，推进价值创造，努力加强投资者回报，提升投资者获得感。 现将《行动方案》在报告期内的实施和效果评估情况报告如下： 一、聚焦主营业务，提升核心竞争力 公司是主要从事航空难变形金属材料环形锻件研发、生产和销售的高新技术 企业，主要产品为航空发动机环形锻件。此外，公司产品亦应用于航天、燃气轮 机及其他高端装备领域。 2025 年上半年，国际贸易局势复杂多变，叠加国内行业环境变化因素，公 司坚持以稳促进 ...

[Section 1 Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines key professional terms and company-related entities, including internal entities like "Hangyu Technology" and international aerospace engine manufacturers. - This section primarily defines professional terms and company-related entities in the report, including internal entities such as **"Hangyu Technology"**, **"Delan Hangyu"**, and **"Chenghangfa"**, as well as international aerospace engine manufacturers like **"GE Aviation"**, **"Rolls-Royce (RR)"**, **"Pratt & Whitney (P&W)"**, and **"SAFRAN"**, along with industry certifications like **"NADCAP"**[11](index=11&type=chunk) [Section 2 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) This section provides an overview of the company's basic information, contact details, disclosure changes, stock summary, and key financial performance metrics. [I. 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) Guizhou Hangyu Technology Development Co., Ltd. (Hangyu Technology) is registered in Guiyang, Guizhou, specializing in R&D, production, and sales of aerospace difficult-to-deform metal ring forgings. - The company's full name is Guizhou Hangyu Technology Development Co., Ltd., abbreviated as **Hangyu Technology**, with **Zhang Hua** as its legal representative[13](index=13&type=chunk) - The company's registered and office addresses are both located in Shangbashan Road, Jinyang Science and Technology Industrial Park, Guiyang National High-tech Industrial Development Zone, Guiyang, Guizhou Province[13](index=13&type=chunk) [II. 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 provides contact details for the company's Board Secretary and Securities Affairs Representative, ensuring easy access to company information for investors. - The Board Secretary is **Zhang Shiyang**, and the Securities Affairs Representative is **Xu Yifeng**, with contact telephone number **0851-84108968** and email address **ir@gzhykj.net**[14](index=14&type=chunk) [III. Information Disclosure and Document Custody Location Changes](index=5&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) The company designates Economic Information Daily for disclosures and SSE website for reports, with the Securities Department as the custody location, unchanged during the reporting period. - The company's information disclosure newspaper is **Economic Information Daily**, and its website address is **www.sse.com.cn**[15](index=15&type=chunk) - The company's semi-annual report is available at the company's Securities Department, with no changes during the reporting period[15](index=15&type=chunk) [IV. Company Stock/Depositary Receipt Summary](index=5&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) The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange, with stock ticker "Hangyu Technology" and code 688239. Company Stock Summary | Stock Type | Stock Exchange and Board | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | RMB Common Stock (A-share) | Shanghai Stock Exchange STAR Market | Hangyu Technology | 688239 | [VI. 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) During the reporting period, the company experienced declines in operating revenue and net profit attributable to shareholders, with a significant decrease in net cash flow from operating activities. Key Accounting Data (January-June 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 914,030,144.41 | 1,001,259,038.20 | -8.71 | | Total Profit | 107,581,971.22 | 123,600,047.76 | -12.96 | | Net Profit Attributable to Shareholders of Listed Company | 90,303,633.92 | 103,509,850.11 | -12.76 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 73,402,813.01 | 94,020,559.45 | -21.93 | | Net Cash Flow from Operating Activities | -2,739,608.82 | 2,967,253.42 | -192.33 | | **As of Current Reporting Period End vs. Prior Year End** | | | | | Net Assets Attributable to Shareholders of Listed Company | 1,896,803,266.32 | 1,834,202,898.40 | 3.41 | | Total Assets | 4,447,102,396.31 | 4,286,635,290.67 | 3.74 | Key Financial Indicators (January-June 2025 vs. Prior Year Period) | Key Financial Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.59 | 0.71 | -16.90 | | Diluted Earnings Per Share (yuan/share) | 0.59 | 0.71 | -16.90 | | Basic Earnings Per Share Excluding Non-Recurring Gains and Losses (yuan/share) | 0.48 | 0.65 | -26.15 | | Weighted Average Return on Net Assets (%) | 4.79 | 5.98 | Decreased by 1.19 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | 3.89 | 5.43 | Decreased by 1.54 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 4.30 | 4.31 | Decreased by 0.01 percentage points | - Operating revenue decreased by **8.71% year-on-year**, primarily due to delayed delivery schedules from domestic aviation customers and price adjustments for some products[19](index=19&type=chunk) - Net profit attributable to shareholders of the listed company decreased by **12.76% year-on-year**, mainly due to the decline in operating revenue[20](index=20&type=chunk) - Net cash flow from operating activities decreased by **192.33% year-on-year**, primarily due to increased raw material procurement expenditures[20](index=20&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AB%E3%80%81%E9%9D%9E%E5%B8%B8%E8%A7%84%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) The company's non-recurring gains and losses totaled **16.90 million yuan**, primarily driven by government subsidies, with negative contributions from non-current asset disposal and other non-operating items. Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -243,136.35 | | Government grants recognized in current profit or loss | 20,276,939.64 | | Other non-operating income and expenses apart from the above | -251,996.33 | | Less: Income tax impact | 2,981,188.01 | | Minority interest impact (after tax) | -100,201.96 | | Total | 16,900,820.91 | [IX. Net Profit Excluding Share-Based Payment Impact (Optional Disclosure for Companies with Equity Incentive/Employee Stock Ownership Plans)](index=8&type=section&id=%E4%B9%9D%E3%80%81%E5%AD%98%E5%9C%A8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E7%9A%84%E5%85%AC%E5%8F%B8%E5%8F%AF%E9%80%89%E6%8B%A9%E6%8A%AB%E9%9C%B2%E6%89%A3%E9%99%A4%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E5%BD%B1%E5%93%8D%E5%90%8E%E7%9A%84%E5%87%80%E5%88%A9%E6%B6%A6) The company's net profit after deducting the impact of share-based payments was **94.41 million yuan**, representing a **22.15% year-on-year decrease** during the reporting period. Net Profit Excluding Share-Based Payment Impact | Key Accounting Data | Current Reporting Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | Current Period vs. Prior Year Period Change (%) | | :--- | :--- | :--- | :--- | | Net profit excluding share-based payment impact | 94.41 million | 121.26 million | -22.15 | [Section 3 Management Discussion and Analysis](index=8&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) This section discusses the company's industry, business operations, core competencies, risk factors, and key operating performance during the reporting period. [I. Industry and Main Business Overview During the Reporting Period](index=8&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) The company specializes in R&D, production, and sales of aerospace difficult-to-deform metal ring forgings, operating in a high-barrier, technology-intensive, and highly confidential industry. - The company's main business belongs to the "aerospace engine" sector within the "aerospace industry" of the "high-end equipment manufacturing industry," producing aerospace difficult-to-deform metal ring forgings[28](index=28&type=chunk)[34](index=34&type=chunk) - Industry characteristics include high entry barriers (technology, qualifications, talent, quality management), being technology-intensive, long product R&D cycles with customization, high confidentiality, and stability and exclusivity in downstream customer supplier selection[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) - The company's products are applied in multiple domestic aerospace engines (such as the Changjiang series) and commercial aerospace engines from international manufacturers (such as GE Aviation, Pratt & Whitney, Safran, and Rolls-Royce)[35](index=35&type=chunk) - The company's business model includes an R&D approach of "pre-researching one generation, developing one generation, mass-producing one generation," a procurement model primarily based on qualified supplier directories and customer-designated suppliers, and a "production-to-order" manufacturing model with direct sales[36](index=36&type=chunk)[37](index=37&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) [II. Discussion and Analysis of Operations](index=12&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) In the first half of 2025, the company maintained a stable operational foundation through market diversification, industrial synergy, continuous R&D innovation, and enhanced shareholder returns, despite a slight revenue decline. - During the reporting period, the company's operating revenue slightly declined, but its operational fundamentals remained stable, demonstrating strong risk resistance capabilities[43](index=43&type=chunk) On-Hand Orders (As of Reporting Period End) | Order Type | Amount (billion yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Total remaining on-hand orders | 2.938 | 8.13 | | Long-term agreement on-hand orders | 3.030 | 44.84 | | Total on-hand orders | 5.968 | 24.10 | - The company successfully secured its first batch of precision machining R&D orders for key semiconductor front-end equipment components, marking initial success in expanding into emerging fields[44](index=44&type=chunk) - In the aviation sector, the company signed new long-term supply agreements with international customers, secured major shares in domestic engine project bids, and received multiple gold supplier honors[45](index=45&type=chunk) - In the aerospace sector, the company successfully developed ultra-large thin-walled high-temperature alloy casing forgings for new-generation launch vehicle engines and expanded commercial aerospace customers such as Tianbing Technology and LandSpace[46](index=46&type=chunk) - In the gas turbine sector, the company deepened cooperation with domestic gas turbine companies, expanded into high-difficulty products like compressor disks and turbine disks, and signed a framework procurement agreement exceeding **100 million yuan** with Baker Hughes, achieving "one-stop" delivery[46](index=46&type=chunk)[47](index=47&type=chunk) - In the nuclear power equipment sector, the company completed supplier qualification certifications for multiple nuclear equipment suppliers and successfully delivered its first product to Electricité de France[47](index=47&type=chunk) - In the marine engineering equipment sector, the company successfully developed a Φ4030×Φ3620×735mm special-shaped titanium alloy ring forging, applied to the first marine equipment project[47](index=47&type=chunk) - The company deepened synergy among its internal subsidiaries, successfully establishing a full-process "one-stop" delivery service model from forging to precision machining, enhancing supply chain management efficiency and customer value[48](index=48&type=chunk)[49](index=49&type=chunk) - In R&D innovation, significant progress was made in NISP process R&D, achieving dual improvements in performance and quality for marine equipment forgings, and obtaining **13 authorized invention patents**[51](index=51&type=chunk)[52](index=52&type=chunk) - The company completed its 2024 annual cash dividend distribution, paying a cash dividend of **2.20 yuan (tax inclusive) per 10 shares**, and converted capital reserves into shares at **3 shares per 10 shares**, expanding total share capital to **192 million shares**[53](index=53&type=chunk) - The company collaborated with Handao Technology to build an intelligent production system, achieving full-chain digital upgrade, optimizing process parameters with AI algorithms, and introducing SPC and AI quality inspection modules to enhance product performance consistency and quality traceability[54](index=54&type=chunk)[55](index=55&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=16&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) The company possesses significant core competencies in aerospace difficult-to-deform metal ring forgings, driven by strong technical accumulation, market leadership, stable customer base, comprehensive certifications, advanced intelligent manufacturing, and experienced talent. - The company possesses ten core technologies, including uniform microstructure control technology for difficult-to-deform alloys and surface control technology for low-plasticity material forming, and has obtained **75 valid invention patents** (including **2 international patents**)[56](index=56&type=chunk)[57](index=57&type=chunk)[70](index=70&type=chunk) - The company fully participates in domestic aerospace engine pre-research, ongoing development, and model improvement work, being one of the main development units for domestic aerospace engine ring forgings, with a clear first-mover advantage in the market[58](index=58&type=chunk)[60](index=60&type=chunk) - The company's customer base includes units under large domestic groups such as Aero Engine Corporation of China and AVIC, as well as internationally renowned aerospace engine manufacturers like GE Aviation, Pratt & Whitney, Rolls-Royce, and Safran[61](index=61&type=chunk) - The company has obtained domestic aviation-related production qualifications, AS9100D international aerospace and defense quality management system certification, NADCAP certification, and supplier qualifications from multiple well-known customers[62](index=62&type=chunk) - The company's intelligent manufacturing production line for precision ring forgings has been fully built and put into operation, being the first fully automated control production line for aviation ring forgings in China, capable of providing high-quality, low-cost, and short-process precision ring forging system solutions[63](index=63&type=chunk)[64](index=64&type=chunk) - The company's core technical personnel and main management team have over **30 years of industry experience**, providing assurance for technological innovation and strategic development[65](index=65&type=chunk) R&D Investment (January-June 2025 vs. Prior Year Period) | Indicator | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 39,333,956.46 | 43,116,308.03 | -8.77 | | Total R&D Investment | 39,333,956.46 | 43,116,308.03 | -8.77 | | Total R&D Investment as Percentage of Operating Revenue (%) | 4.30 | 4.31 | -0.01 | R&D Personnel (As of Reporting Period End) | Indicator | Current Period Number | Prior Year Period Number | | :--- | :--- | :--- | | Number of company R&D personnel (persons) | 165 | 136 | | R&D personnel as percentage of total company headcount (%) | 18.60 | 18.89 | | Total R&D personnel compensation (ten thousand yuan) | 952.22 | 1,252.13 | | Average R&D personnel compensation (ten thousand yuan) | 10.92 | 19.02 | - The decrease in average R&D personnel compensation is primarily due to a significant reduction in share-based payment expenses during the current reporting period[81](index=81&type=chunk) [IV. Risk Factors](index=24&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) The company faces diverse risks including core competency, operational, financial, industry-specific, macroeconomic, and geopolitical factors. - Core competency risks: R&D capabilities failing to match customer demand, loss of technical talent, and leakage of core technologies[83](index=83&type=chunk)[85](index=85&type=chunk) - Operational risks: Intensified market expansion and competition, fluctuations in major raw material prices, inability to continuously obtain operating qualifications or third-party certifications, high customer concentration (sales to top five customers accounted for **59.84%** of revenue during the reporting period), realization of asset mortgages and pledges, product quality control and safety production risks, and performance fluctuations due to differences between provisional and final product prices[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk)[90](index=90&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) - Financial risks: Inventory impairment risk (book value of **1.037 billion yuan** at period-end), lower solvency and liquidity (asset-liability ratio of **56.70%**), large scale of notes and accounts receivable (totaling **1.271 billion yuan**), and exchange rate fluctuation risk[96](index=96&type=chunk)[97](index=97&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk) - Industry risks: Significant adverse changes in downstream markets, and the inability of aerospace engine prototypes, for which the company provides synchronized R&D support, to be successfully finalized and mass-produced[102](index=102&type=chunk)[103](index=103&type=chunk) - Macroeconomic environment risks: Global economic slowdown potentially adversely affecting the commercial aircraft sector, and escalating geopolitical conflicts possibly leading to unfavorable trade policy changes[104](index=104&type=chunk)[105](index=105&type=chunk) - Other significant risks: The company being listed on the U.S. Department of Commerce's Military End User List and the U.S. Department of Defense's List of Chinese Military Companies, which may adversely affect its overseas business operations and financial performance[106](index=106&type=chunk) [V. Key Operating Performance During the Reporting Period](index=28&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) During the reporting period, the company experienced a decline in revenue and profit but maintained a stable operational foundation, with ongoing investments in construction projects and impacts from equity investments and financial asset fair value changes. Key Operating Data (January-June 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (ten thousand yuan) | Prior Year Period (ten thousand yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 91,403.01 | 100,125.90 | -8.71 | | Total Profit | 10,758.20 | 12,360.00 | -12.96 | | Net Profit Attributable to Shareholders of Listed Company | 9,030.36 | 10,350.99 | -12.78 | Financial Statement Item Variation Analysis (January-June 2025 vs. Prior Year Period) | Item | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 914,030,144.41 | 1,001,259,038.20 | -8.71 | | Operating Cost | 670,751,219.72 | 725,544,297.34 | -7.55 | | Taxes and Surcharges | 4,969,467.98 | 8,461,828.42 | -41.27 | | Financial Expenses | 10,497,656.49 | 8,053,212.47 | 30.35 | | Other Income | 20,276,939.64 | 7,432,375.77 | 172.82 | | Net Cash Flow from Operating Activities | -2,739,608.82 | 2,967,253.42 | -192.33 | | Net Cash Flow from Investing Activities | -206,515,051.77 | -46,386,635.76 | Not applicable | | Net Cash Flow from Financing Activities | -27,910,871.16 | 47,922,267.26 | -158.24 | - The decrease in operating revenue was mainly due to delayed delivery schedules from domestic aviation customers and price adjustments for some products[110](index=110&type=chunk) - The increase in financial expenses was primarily due to increased amortization of convertible bond interest[111](index=111&type=chunk) - The significant growth in other income was mainly due to increased government grants[111](index=111&type=chunk) - The decline in net cash flow from operating activities was primarily due to increased raw material procurement expenditures[111](index=111&type=chunk) - The significant outflow in net cash flow from investing activities was mainly due to increased capital investment in projects under construction[111](index=111&type=chunk) Asset and Liability Status Changes (Period-End vs. Prior Year-End) | 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 (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Notes Receivable Financing | 18,776,242.87 | 0.42 | 13,550,260.91 | 0.32 | 38.57 | | Other Receivables | 10,165,712.00 | 0.23 | 7,090,622.17 | 0.17 | 43.37 | | Other Current Assets | 19,271,027.83 | 0.43 | 9,199,347.97 | 0.21 | 109.48 | | Long-term Equity Investments | 1,870,508.97 | 0.04 | 10,389,896.57 | 0.24 | -82.00 | | Investment Properties | 0.00 | 0.00 | 8,138,114.26 | 0.19 | -100.00 | | Construction in Progress | 318,064,497.13 | 7.15 | 147,273,035.61 | 3.44 | 115.97 | | Accounts Payable | 525,188,304.70 | 11.81 | 376,904,215.57 | 8.79 | 39.34 | | Employee Benefits Payable | 10,227,958.66 | 0.23 | 31,571,530.44 | 0.74 | -67.60 | | Other Current Liabilities | 7,831,391.80 | 0.18 | 2,732,965.81 | 0.06 | 186.55 | - Construction in progress at period-end increased by **115.97%** compared to the prior year-end, primarily due to continuous investment in construction projects[114](index=114&type=chunk) - Employee benefits payable at period-end decreased by **67.60%** compared to the prior year-end, mainly due to the company's payment of year-end bonuses accrued in the previous year[114](index=114&type=chunk) - Overseas assets amounted to **33,620,791.56 yuan**, accounting for **0.76%** of total assets[115](index=115&type=chunk) Major Asset Restrictions (Period-End) | Item | Book Balance (RMB) | Book Value (RMB) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 26,379,672.17 | 26,379,672.17 | Pledge | Margin for notes, letters of credit, and guarantees | | Notes Receivable Financing | 652,188.59 | 652,188.59 | Pledge | Pledge for bill pool | | Intangible Assets | 50,119,800.00 | 48,616,206.00 | Mortgage | Mortgage guarantee for bank credit | | Total | 77,151,660.76 | 75,648,066.76 | / | / | Financial Assets Measured at Fair Value (Period-End) | Asset Category | Period-End Amount (RMB) | | :--- | :--- | | Notes Receivable Financing | 18,776,242.87 | | Other Equity Instrument Investments | 57,625,284.89 | | Total | 76,401,527.76 | Financial Information of Major Holding Subsidiaries (As of Reporting Period End) | Company Name | Total Assets (ten thousand yuan) | Net Assets (ten thousand yuan) | Operating Revenue (ten thousand yuan) | Operating Profit (ten thousand yuan) | Net Profit (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Sichuan Delan Hangyu Technology Development Co., Ltd. | 114,135.23 | 12,446.72 | 35,055.15 | 3,269.72 | 2,938.30 | - During the reporting period, the company acquired Sichuan Deyu Inspection and Testing Co., Ltd. and established Hungary Advanced Materials KFT, neither of which had a significant impact on overall production, operations, or financial performance[124](index=124&type=chunk) [Section 4 Corporate Governance, Environment, and Society](index=35&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) This section covers changes in the company's directors, supervisors, senior management, profit distribution plans, and contributions to poverty alleviation and rural revitalization. [I. Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=35&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) During the reporting period, Vice General Manager Li Jiefeng resigned, and the Supervisory Board was abolished, with its responsibilities transferred to the Board's Audit Committee. - Mr. Li Jiefeng resigned from his position as Vice General Manager due to personal reasons[127](index=127&type=chunk) - The company abolished its Supervisory Board, leading to the departure of former Supervisory Board Chairman Zhou Pei, Supervisor Shi Qianping, and Employee Supervisor Jiang Rongbin, with the Supervisory Board's responsibilities assumed by the Board's Audit Committee[127](index=127&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=35&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 does not have a profit distribution or capital reserve conversion plan for the half-year period. - The company will not conduct profit distribution or capital reserve conversion into share capital for the half-year period[128](index=128&type=chunk) [V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=36&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company actively participates in rural revitalization through industrial assistance, targeted procurement from supported enterprises, and providing employment opportunities for poverty-stricken households. - The company supports rural industrial development by directly procuring product packaging boxes from enterprises supported by rural revitalization initiatives[130](index=130&type=chunk) - The company provides industrial assistance to enterprises such as Guizhou Yaogui Food Development Co., Ltd. in Zhijin County, Bijie City, Guizhou Province, by purchasing agricultural products and offering employment opportunities and income sources[130](index=130&type=chunk) [Section 5 Significant Matters](index=37&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) This section details the fulfillment of commitments, significant contracts, and the progress of raised capital utilization. [I. Fulfillment of Commitments](index=37&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) The company, its controlling shareholder, actual controller, and senior management have strictly fulfilled all commitments made during IPO and refinancing, including those related to fraud, immediate return, profit distribution, prospectus accuracy, and related-party transactions. - The company, its controlling shareholder, and actual controller commit that there is no fraudulent issuance, and if it occurs, a share repurchase program will be initiated[132](index=132&type=chunk) - The controlling shareholder, actual controller, and directors, supervisors, and senior management commit not to overstep their authority in interfering with the company's operations, not to infringe upon the company's interests, and to implement measures to enhance immediate returns[133](index=133&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk) - The company and relevant parties commit to strictly implement profit distribution policies and dividend return plans, effectively safeguarding investors' rights to returns[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk) - The company and relevant parties commit that the prospectus contains no false records, misleading statements, or major omissions, and they will bear compensation liability if any occur[135](index=135&type=chunk)[136](index=136&type=chunk) - The controlling shareholder and actual controller commit to resolve issues of horizontal competition and related-party transactions, avoid direct competitive business with the company, and ensure fair and reasonable related-party transactions[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) [XI. Significant Contracts and Their Performance](index=49&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) The company and its subsidiaries have multiple significant guarantees, primarily inter-company guarantees and guarantees from the controlling shareholder for bank loans, totaling **15.13% of net assets**. Company and its Subsidiaries' Guarantees for Subsidiaries (As of Reporting Period End) | Guarantor | Guaranteed Party | Guaranteed Amount (RMB) | Guarantee Start Date | Guarantee End Date | Has Guarantee Been Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Guizhou Hangyu Technology Development Co., Ltd. | Sichuan Delan Hangyu Technology Development Co., Ltd. | 180,000,000.00 | 2023/12/4 | 3 years from the expiration of the debt performance period under the master contract | Yes | | Guizhou Hangyu Technology Development Co., Ltd. | Sichuan Delan Hangyu Technology Development Co., Ltd. | 30,000,000.00 | 2023/12/5 | 3 years from the expiration of the debt performance period under the master contract | Yes | | Guizhou Hangyu Technology Development Co., Ltd. | Sichuan Delan Hangyu Technology Development Co., Ltd. | 50,000,000.00 | 2024/7/31 | 3 years from the expiration of the debt performance period under the master contract | Yes | | Guizhou Hangyu Technology Development Co., Ltd. | Guizhou Juhang Surface Treatment Technology Co., Ltd. | 17,000,000.00 | 2024/8/28 | 2027/8/29 | No | | Guizhou Hangyu Technology Development Co., Ltd. | Sichuan Delan Hangyu Technology Development Co., Ltd. | 150,000,000.00 | 2025/3/10 | 3 years from the expiration of the debt performance period under the master contract | No | | Guizhou Hangyu Technology Development Co., Ltd. | Sichuan Delan Hangyu Technology Development Co., Ltd. | 100,000,000.00 | 2025/6/12 | 3 years from the expiration of the debt performance period under the master contract | No | | Guizhou Hangyu Technology Development Co., Ltd. | Chengdu Chenghangfa General Power Equipment Co., Ltd. | 10,000,000.00 | 2025/6/23 | 3 years from the expiration of the performance period for each debt | No | | Guizhou Hangyu Technology Development Co., Ltd. | Guizhou Juhang Surface Treatment Technology Co., Ltd. | 10,000,000.00 | 2025/6/27 | 3 years from the expiration of the performance period for each debt | No | Company Total Guarantee Amount (As of Reporting Period End) | Indicator | Amount (RMB) | | :--- | :--- | | Total Guarantee Amount (A+B) | 287,000,000.00 | | Total Guarantee Amount as Percentage of Company Net Assets (%) | 15.13 | | Debt Guarantee Amount Provided Directly or Indirectly to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 250,000,000.00 | - As of June 30, 2025, the company's outstanding debt as guarantor was **206,431,398.24 yuan**[151](index=151&type=chunk) [XII. Progress of Raised Capital Utilization](index=52&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) The company's convertible bond proceeds of **667 million yuan** have seen **238 million yuan** invested, representing a **36.27% progress**, with funds allocated to construction projects, working capital, and temporary liquidity. Overall Utilization of Raised Capital (As of Reporting Period End) | Source of Raised Capital | Net Amount of Raised Capital (RMB) | Total Committed Investment (RMB) | Total Raised Capital Invested as of Reporting Period End (RMB) | Cumulative Investment Progress as of Reporting Period End (%) | | :--- | :--- | :--- | :--- | :--- | | Issuance of Convertible Bonds | 667,000,000.00 | 667,000,000.00 | 238,358,932.11 | 36.27 | Details of Raised Capital Investment Projects (As of Reporting Period End) | Project Name | Planned Total Investment of Raised Capital (RMB) | Amount Invested This Year (RMB) | Cumulative Investment Amount (RMB) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | :--- | | Aerospace Large Ring Forging Precision Manufacturing Industrial Park Project | 457,127,971.70 | 38,203,742.10 | 38,203,742.10 | 8.36 | | Supplement Working Capital | 86,510,000.00 | 0.00 | 86,510,000.00 | 100 | | Supplement Working Capital | 113,490,000.00 | 155,240.05 | 113,645,190.01 | 100.14 | - The company used idle raised capital of no more than **150 million yuan** to temporarily supplement working capital, with a usage period not exceeding 12 months, and all funds were utilized by the end of the reporting period[157](index=157&type=chunk) - During the reporting period, the company managed idle raised capital for cash management, generating investment income of **2.80 million yuan**[158](index=158&type=chunk) [Section 6 Share Changes and Shareholder Information](index=56&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) This section outlines changes in the company's share capital, details of major shareholders, and the shareholdings of directors, supervisors, senior management, and core technical personnel. [I. Share Capital Changes](index=56&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 total share capital increased from **147.79 million shares to 191.91 million shares** due to convertible bond conversions and capital reserve transfers. Share Change Table (As of Reporting Period End) | Share Type | Quantity Before This Change | Percentage Before This Change (%) | Increase/Decrease in This Change (shares) | Quantity After This Change | Percentage After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 1,087,590 | 0.74 | 192,546 | 1,280,136 | 0.67 | | II. Unrestricted Tradable Shares | 146,701,398 | 99.26 | 43,924,400 | 190,625,798 | 99.33 | | III. Total Shares | 147,788,988 | 100.00 | 44,116,946 | 191,905,934 | 100.00 | - Convertible bond conversion led to an increase in total share capital of **4,527 shares** (from February 27 to May 30, 2025)[163](index=163&type=chunk) - Capital reserve conversion increased share capital by **44,112,219 shares**, with **3 shares transferred for every 10 shares**, raising total share capital from **147,793,515 shares to 191,905,734 shares**[164](index=164&type=chunk) - During the period from the end of the reporting period to the disclosure date of the semi-annual report, a total of **120 shares** were converted from convertible bonds, which had no significant impact on financial indicators such as earnings per share and net assets per share[165](index=165&type=chunk) - The increase in restricted shares is primarily due to the capital reserve conversion from the 2024 annual dividend distribution, with **3 shares granted for every 10 shares**[168](index=168&type=chunk) [II. Shareholder Information](index=58&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the reporting period end, the company had **9,482 common shareholders**, with Shandong Huaigu Enterprise Management Co., Ltd. as the controlling shareholder and Zhang Hua as the actual controller. - As of the end of the reporting period, the total number of common shareholders was **9,482**[169](index=169&type=chunk) Top Ten Shareholders' Shareholdings (As of Reporting Period End) | Shareholder Name | Period-End Shareholding (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shandong Huaigu Enterprise Management Co., Ltd. | 38,427,948 | 20.02 | Domestic Non-State-Owned Legal Person | | Zhang Hua | 6,357,790 | 3.31 | Domestic Natural Person | | Guizhou Provincial Science and Technology Risk Venture Capital Co., Ltd. | 4,512,927 | 2.35 | State-Owned Legal Person | | China Construction Bank Co., Ltd. - E Fund Defense Military Industry Mixed Securities Investment Fund | 3,928,571 | 2.05 | Other | | Sichuan Development Leading Capital Management Co., Ltd. | 3,838,314 | 2.00 | State-Owned Legal Person | | Lu Manyu | 3,455,800 | 1.80 | Domestic Natural Person | | Binyuan Capital Limited - Hereford Fund - Binyuan Greater China Fund - RQFII | 3,361,493 | 1.75 | Other | | Basic Pension Insurance Fund 1205 Portfolio | 3,334,834 | 1.74 | Other | | China Construction Bank Co., Ltd. - Qianhai Open Source Public Utility Industry Stock Securities Investment Fund | 2,777,417 | 1.45 | Other | | China Merchants Bank Co., Ltd. - E Fund Quality Momentum Three-Year Holding Period Mixed Securities Investment Fund | 2,241,764 | 1.17 | Other | - The controlling shareholder, Shandong Huaigu Enterprise Management Co., Ltd., is **54.55%** owned by its chairman and actual controller, Zhang Hua[172](index=172&type=chunk) - The shareholdings of the top ten restricted shareholders are primarily equity incentive restricted shares, executed in accordance with relevant equity incentive plan regulations[174](index=174&type=chunk) [III. Information on Directors, Supervisors, Senior Management, and Core Technical Personnel](index=61&type=section&id=%E4%B8%89%E3%80%81%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%E6%83%85%E5%86%B5) The shareholdings of the company's directors, supervisors, senior management, and core technical personnel generally increased due to capital reserve transfers from the 2024 profit distribution, with some restricted shares unlocked or vested. Shareholding Changes of Directors, Supervisors, Senior Management, and Core Technical Personnel (January-June 2025) | Name | Position | Beginning of Period Shareholding (shares) | End of Period Shareholding (shares) | Share Change During Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Hua | Chairman, Core Technical Personnel | 4,890,608 | 6,357,790 | 1,467,182 | Capital reserve conversion | | Liu Chaohui | Employee Director, General Manager | 1,315,577 | 1,710,250 | 394,673 | Capital reserve conversion | | Wu Yong'an | Director, Deputy General Manager, Core Technical Personnel | 1,559,687 | 2,027,593 | 467,906 | Capital reserve conversion | | Song Jie | Deputy General Manager | 157,500 | 204,750 | 47,250 | Capital reserve conversion | | Huang Dongmei | Deputy General Manager, Financial Officer | 128,300 | 166,790 | 38,490 | Capital reserve conversion | | Wang Huadong | Deputy General Manager, Core Technical Personnel | 269,100 | 349,830 | 80,730 | Capital reserve conversion | | Li Jiefeng | Deputy General Manager (Resigned) | 95,000 | 123,500 | 28,500 | Capital reserve conversion | | Zhang Shiyang | Deputy General Manager, Board Secretary | 1,227,000 | 1,595,100 | 368,100 | Capital reserve conversion | | Yang Jiadian | Core Technical Personnel | 25,160 | 28,808 | 3,648 | Capital reserve conversion and share sale | - Shareholding changes for directors, supervisors, senior management, and core technical personnel were primarily due to the capital reserve conversion from the 2024 annual profit distribution[178](index=178&type=chunk)[179](index=179&type=chunk) First Class Restricted Stock Grant (As of Reporting Period End) | Name | Position | Restricted Stock Held at Beginning of Period (shares) | Unlocked Shares (shares) | Unlocked Shares (shares) | Restricted Stock Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Yong'an | Director, Deputy General Manager, Core Technical Personnel | 142,900 | 100,030 | 55,731 | 185,770 | | Huang Dongmei | Deputy General Manager and CFO | 114,300 | 80,010 | 44,577 | 148,590 | | Yang Jiadian | Core Technical Personnel | 57,200 | 40,040 | 22,308 | 74,360 | | Liu Chaohui | Director, Deputy General Manager | 314,300 | 220,010 | 122,577 | 408,590 | | Wang Huadong | Deputy General Manager, Core Technical Personnel | 28,600 | 20,020 | 11,154 | 37,180 | | Total | / | 657,300 | 460,110 | 256,347 | 854,490 | Second Class Restricted Stock Grant (As of Reporting Period End) | Name | Position | Restricted Stock Granted at Beginning of Period (shares) | Attributable Quantity (shares) | Attributed Quantity (shares) | Restricted Stock Granted at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Hua | Chairman, Core Technical Personnel | 660,000 | 198,000 | 422,400 | 660,000 | | Liu Chaohui | Director, Deputy General Manager | 20,000 | 6,000 | 14,000 | 20,000 | | Wu Yong'an | Director, Deputy General Manager, Core Technical Personnel | 20,000 | 6,000 | 14,000 | 20,000 | | Huang Dongmei | Deputy General Manager and CFO | 20,000 | 6,000 | 14,000 | 20,000 | | Wang Huadong | Deputy General Manager, Core Technical Personnel | 15,000 | 4,500 | 10,500 | 15,000 | | Yang Jiadian | Core Technical Personnel | 15,000 | 4,500 | 10,500 | 15,000 | | Total | / | 750,000 | 225,000 | 485,400 | 750,000 | [Section 7 Bond-Related Information](index=65&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) This section details the company's convertible corporate bonds, including issuance, listing, conversion status, and overall debt situation and credit rating. [II. Convertible Corporate Bonds](index=65&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) The company's "Hangyu Convertible Bonds" totaling **667 million yuan** were listed on September 10, 2024, with **4,727 shares converted** during the period and an adjusted conversion price of **24.97 yuan/share**. - The company issued **667 million yuan** in convertible corporate bonds, "Hangyu Convertible Bonds," which were listed for trading on September 10, 2024[189](index=189&type=chunk)[190](index=190&type=chunk) Top Ten Convertible Bond Holders (As of Reporting Period End) | Convertible Corporate Bond Holder Name | Period-End Holding Amount (RMB) | Holding Percentage (%) | | :--- | :--- | :--- | | China Construction Bank Co., Ltd. - HUA SHANG Credit Enhanced Bond Securities Investment Fund | 38,543,000 | 5.78 | | Bank of China Co., Ltd. - Southern Changyuan Convertible Bond Securities Investment Fund | 33,606,000 | 5.04 | | Bank of Beijing Co., Ltd. - Invesco Great Wall Jingyi Dual-Benefit Bond Securities Investment Fund | 32,495,000 | 4.87 | | Ping An Stable Allocation No. 3 Fixed Income Pension Product - Industrial and Commercial Bank of China Co., Ltd. | 30,799,000 | 4.62 | | China Merchants Bank Co., Ltd. - Boshi CSI Convertible Bond and Exchangeable Bond ETF | 29,395,000 | 4.41 | | Industrial and Commercial Bank of China Co., Ltd. - Southern Guangli Return Bond Securities Investment Fund | 23,192,000 | 3.48 | | China Merchants Bank Co., Ltd. - Huabao Convertible Bond Securities Investment Fund | 21,094,000 | 3.16 | | Bank of Communications Co., Ltd. - Bank of China State-Owned Enterprise Bond Securities Investment Fund | 20,539,000 | 3.08 | | China Galaxy Securities Co., Ltd. | 19,590,000 | 2.94 | | China Everbright Bank Co., Ltd. - Boshi Convertible Bond Enhanced Bond Securities Investment Fund | 15,268,000 | 2.29 | Convertible Bond Changes During Reporting Period | Convertible Corporate Bond Name | Amount Before This Change (RMB) | Converted to Shares (RMB) | Amount After This Change (RMB) | | :--- | :--- | :--- | :--- | | Hangyu Convertible Bonds | 667,000,000 | 153,000 | 666,847,000 | Cumulative Convertible Bond Conversion During Reporting Period | Convertible Corporate Bond Name | Hangyu Convertible Bonds | | :--- | :--- | | Converted Amount During Reporting Period (RMB) | 153,000 | | Converted Shares During Reporting Period (shares) | 4,727 | | Cumulative Converted Shares (shares) | 4,727 | | Cumulative Converted Shares as Percentage of Total Shares Issued Before Conversion (%) | 0.0032 | | Unconverted Amount (RMB) | 666,847,000 | | Unconverted Convertible Bonds as Percentage of Total Convertible Bonds Issued (%) | 99.98 | - Due to the company's implementation of the 2024 annual profit distribution, the conversion price was adjusted from **32.64 yuan/share to 24.97 yuan/share**[197](index=197&type=chunk) - As of the end of the reporting period, the company's total liabilities amounted to **2.522 billion yuan**, with current liabilities of **1.238 billion yuan** and non-current liabilities of **1.283 billion yuan**. The main credit rating is **"AA-"**, with a **"stable"** outlook[198](index=198&type=chunk) [Section 8 Financial Report](index=67&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) This section includes the audit report, financial statements, company basic information, basis of preparation, significant accounting policies, tax information, and detailed notes to the consolidated financial statements. [I. Audit Report](index=67&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This half-year report is unaudited. - This half-year report is unaudited[5](index=5&type=chunk) [II. Financial Statements](index=67&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, cash flow statements, and statements of changes in owners' equity for the first half of 2025. [III. Company Basic Information](index=90&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) Guizhou Hangyu Technology Development Co., Ltd., established on August 31, 2011, with a registered capital of **191.91 million yuan**, specializes in R&D, production, and sales of aerospace difficult-to-deform metal ring forgings. - The company's registered capital is **191,905,934.00 RMB**, and its legal representative is **Zhang Hua**[236](index=236&type=chunk) - The company primarily engages in the research, development, production, and sales of aerospace difficult-to-deform metal ring forgings, with products applied in high-end equipment fields such as aerospace engines, aerospace rocket engines, missiles, shipborne gas turbines, industrial gas turbines, and energy[236](index=236&type=chunk) - This financial report was approved for issuance by the company's Board of Directors on August 29, 2025[237](index=237&type=chunk) [IV. Basis of Financial Statement Preparation](index=90&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) The company's financial statements are prepared on a going concern basis, adhering to PRC GAAP and significant accounting policies, with no material doubts about its ability to continue as a going concern for the next 12 months. - The company's financial statements are prepared on a going concern basis, in accordance with the "Accounting Standards for Business Enterprises - Basic Standards" and specific accounting standards[238](index=238&type=chunk) - The company evaluated its ability to continue as a going concern for the 12 months from June 30, 2025, and found no significant doubts or circumstances regarding its going concern ability[239](index=239&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=90&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 significant accounting policies and estimates for financial statement preparation, covering areas such as revenue recognition, financial instruments, inventory, fixed assets, and government grants. - The financial statements prepared by the company comply with the requirements of the "Accounting Standards for Business Enterprises" and truly and completely reflect the company's financial position, operating results, and cash flows[241](index=241&type=chunk) - The company uses a 12-month period as its normal operating cycle and uses RMB as its functional currency[243](index=243&type=chunk)[244](index=244&type=chunk) - The company classifies financial assets 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 profit or loss for the current period[255](index=255&type=chunk) - The company accrues bad debt provisions for financial assets such as notes receivable, accounts receivable, and other receivables based on expected credit losses, using a combination of individual assessment and portfolio assessment methods[259](index=259&type=chunk)[261](index=261&type=chunk)[264](index=264&type=chunk)[267](index=267&type=chunk)[269](index=269&type=chunk)[271](index=271&type=chunk) - Inventory is valued using the moving weighted average method when issued, measured at the lower of cost and net realizable value at period-end, and impairment provisions are made on an individual inventory item basis[273](index=273&type=chunk)[274](index=274&type=chunk) - Fixed assets are depreciated using the straight-line method, with buildings and structures depreciated over 20-30 years, and machinery and equipment over 5-15 years[286](index=286&type=chunk)[287](index=287&type=chunk) - Intangible assets (such as land use rights, software, patent rights) are amortized using the straight-line method, while intangible assets with indefinite useful lives are not amortized but reviewed annually for impairment[292](index=292&type=chunk) - The company's revenue recognition principle is to recognize revenue when the customer obtains control of the related goods or services, at the transaction price allocated to the performance obligation, with specific recognition points determined based on different trade terms for domestic and international sales[308](index=308&type=chunk)[309](index=309&type=chunk)[310](index=310&type=chunk) - The company classifies government grants, recognizing asset-related grants as deferred income and amortizing them into profit or loss over periods, and recognizing income-related grants as deferred income or current profit or loss based on the compensation period[314](index=314&type=chunk)[315](index=315&type=chunk) [VI. Taxation](index=113&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, urban maintenance and construction tax, education surcharges, and corporate income tax, with certain subsidiaries enjoying high-tech enterprise tax incentives and advanced manufacturing VAT deductions. Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate (%) | | :--- | :--- | :--- | | Value-Added Tax | Taxable income calculated at applicable tax rates, and paid based on the difference after deducting deductible input VAT for the current period | 6, 13 | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 5, 7 | | Education Surcharge | Amount of turnover tax payable | 3 | | Local Education Surcharge | Amount of turnover tax payable | 2 | | Corporate Income Tax | Taxable income | 15, 16.5, 20 | - Guizhou Hangyu Technology, Sichuan Delan Hangyu Technology, and Chengdu Chenghangfa General Power Equipment Co., Ltd. have all passed high-tech enterprise certification and enjoy a **15%** corporate income tax preferential rate[324](index=324&type=chunk) - As an advanced manufacturing enterprise, the company can deduct an additional **5%** of the current period's deductible input VAT from its payable VAT from 2023 to 2027[324](index=324&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=115&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 disclosures on the period-end and period-beginning balances and changes for various consolidated financial statement items, including cash, receivables, inventory, construction in progress, and revenue. Monetary Funds (Period-End vs. Period-Beginning) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash on Hand | 2,546.70 | 1,257.00 | | Bank Deposits | 512,944,830.42 | 748,129,559.07 | | Other Monetary Funds | 26,379,672.17 | 20,325,307.69 | | Total | 539,327,049.29 | 768,456,123.76 | - Other monetary funds primarily consist of bill deposits, letter of guarantee deposits, and letter of credit deposits[327](index=327&type=chunk) Accounts Receivable (Period-End vs. Period-Beginning) | Age | Period-End Book Balance (RMB) | Period-Beginning Book Balance (RMB) | | :--- | :--- | :--- | | Within 1 year | 920,899,640.02 | 896,081,482.23 | | 1 to 2 years | 250,304,605.48 | 194,069,648.76 | | 2 to 3 years | 57,438,579.51 | 25,693,374.45 | | 3 to 4 years | 2,004,712.96 | 2,339,454.54 | | 4 to 5 years | 557,836.00 | 0.00 | | Over 5 years | 529,517.89 | 529,517.89 | | Subtotal | 1,231,734,891.86 | 1,118,713,477.87 | | Less: Bad Debt Provision | 92,308,943.79 | 75,969,349.01 | | Total | 1,139,425,948.07 | 1,042,744,128.86 | Inventory Classification (Period-End vs. Period-Beginning) | Item | Period-End Book Value (RMB) | Period-Beginning Book Value (RMB) | | :--- | :--- | :--- | | Raw Materials | 486,507,112.09 | 331,850,563.37 | | Work in Progress | 180,740,355.42 | 143,726,665.03 | | Finished Goods | 273,686,291.89 | 309,451,349.14 | | Contract Performance Costs | 2,088,681.90 | 7,401,731.40 | | Consigned Processing Materials | 11,907,880.78 | 11,161,077.26 | | Goods Shipped | 82,432,759.37 | 85,454,603.78 | | Total | 1,037,363,081.45 | 889,045,989.98 | Construction in Progress (Period-End vs. Period-Beginning) | Item | Period-End Book Value (RMB) | Period-Beginning Book Value (RMB) | | :--- | :--- | :--- | | Shawen Industrial Park Construction Project | 236,077,588.97 | 82,127,085.64 | | Delan Hangyu Industrial Park Phase II Construction Project | 47,825,202.80 | 31,343,999.54 | | Flexible Intelligent Automated Warehousing System | 27,704,490.00 | 22,455,557.04 | | Surface Treatment Construction Project Phase II | 3,693,024.08 | 7,989,649.48 | | Other Projects and Installation Equipment | 2,764,191.28 | 3,356,743.91 | | Total | 318,064,497.13 | 147,273,035.61 | Bonds Payable (Period-End vs. Period-Beginning) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Convertible Corporate Bonds | 690,205,767.56 | 679,616,207.94 | | Total | 690,205,767.56 | 679,616,207.94 | Share Capital (Period-End vs. Period-Beginning) | Item | Period-Beginning Balance (RMB) | Increase/Decrease in This Change (RMB) | Period-End Balance (RMB) | | :--- | :--- | :--- | :--- | | Total Shares | 147,788,988.00 | 44,116,946.00 | 191,905,934.00 | Undistributed Profits (Current Period vs. Prior Year) | Item | Current Period Amount (RMB) | Prior Year Amount (RMB) | | :--- | :--- | :--- | | Undistributed profits at end of prior period (adjusted) | 572,425,014.53 | 429,493,430.30 | | Add: Net profit attributable to parent company owners for current period | 90,303,633.92 | 188,609,112.82 | | Less: Dividends payable on common stock | 32,348,960.60 | 30,771,514.83 | | Undistributed profits at end of period | 630,379,687.85 | 572,425,014.53 | Operating Revenue and Operating Cost (Current Period vs. Prior Period) | Item | Amount Incurred This Period (RMB) | Amount Incurred Last Period (RMB) | | :--- | :--- | :--- | | Operating Revenue | 914,030,144.41 | 1,001,259,038.20 | | Operating Cost | 670,751,219.72 | 725,544,297.34 | R&D Expenses (Current Period vs. Prior Period) | Item | Amount Incurred This Period (RMB) | Amount Incurred Last Period (RMB) | | :--- | :--- | :--- | | Material Consumption | 10,286,105.01 | 18,507,711.72 | | Employee Compensation | 13,335,191.17 | 10,360,292.36 | | Share-Based Payments | 19,052.51 | 5,268,036.30 | | Manufacturing Expenses | 9,666,902.06 | 4,429,564.25 | | Technical Service Fees | 5,630,357.17 | 4,074,029.51 | | Other | 396,348.54 | 476,673.89 | | Total | 39,333,956.46 | 43,116,308.03 | Financial Expenses (Current Period vs. Prior Period) | Item | Amount Incurred This Period (RMB) | Amount Incurred Last Period (RMB) | | :--- | :--- | :--- | | Interest Expense | 17,443,051.02 | 14,349,261.70 | | Less: Interest Income | 2,976,446.48 | 3,561,883.41 | | Less: Exchange Gains | 4,087,776.51 | 3,284,910.64 | | Handling Fees and Other Expenses | 118,828.46 | 550,744.82 | | Total | 10,497,656.49 | 8,053,212.47 | - The increase in financial expenses was primarily due to the company's accrual of convertible bond interest expenses during the reporting period[478](index=478&type=chunk) Investment Income (Current Period vs. Prior Period) | Item | Amount Incurred This Period (RMB) | Amount Incurred Last Period (RMB) | | :--- | :--- | :--- | | Investment income from long-term equity investments accounted for using equity method | 103,361.26 | -494,143.89 | | Investment income from disposal of financial assets held for trading | 1,372,859.45 | 0.00 | | Discount interest on notes receivable | -1,749,384.03 | -1,823,553.83 | | Total | -273,163.32 | -2,317,697.72 | Cash Flow Statement Supplementary Information: Reconciliation of Net Profit to Operating Cash Flow (Current Period vs. Prior Period) | Supplementary Information | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Profit | 93,941,502.96 | 103,189,261.49 | | Add: Asset Impairment Provisions | 21,723,281.52 | 21,486,378.45 | | Credit Impairment Losses | 12,794,679.09 | 11,152,206.50 | | Depreciation of Fixed Assets, Depletion of Oil and Gas Assets, Depreciation of Productive Biological Assets | 36,296,316.11 | 30,925,680.03 | | Financial Expenses (Income presented with a "-" sign) | 16,441,734.35 | 11,434,175.04 | | Decrease in Inventories (Increase presented with a "-" sign) | -169,200,501.83 | 104,801,487.68 | | Decrease in Operating Receivables (Increase presented with a "-" sign) | -81,027,902.87 | -254,526,246.70 | | Increase in Operating Payables (Decrease presented with a "-" sign) | 67,175,025.34 | -42,304,208.31 | | Net Cash Flow from Operating Activities | -2,739,608.82 | 2,967,253.42 | [VIII. Research and Development Expenses](index=175&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) During the reporting period, the company's total R&D expenditure was **39.33 million yuan**, a **8.77% year-on-year decrease**, entirely expensed and primarily allocated to materials, employee compensation, manufacturing, and technical services. R&D Expenses by Nature of Expense (Current Period vs. Prior Period) | Item | Amount Incurred This Period (RMB) | Amount Incurred Last Period (RMB) | | :--- | :--- | :--- | | Material Consumption | 10,286,105.01 | 18,507,711.72 | | Employee Compensation | 13,335,191.17 | 10,360,292.36 | | Share-Based Payments | 19,052.51 | 5,268,036.30 | | Manufacturing Expenses | 9,666,902.06 | 4,429,564.25 | | Technical Service Fees | 5,630,357.17 | 4,074,029.51 | | Other | 396,348.54 | 476,673.89 | | Total | 39,333,956.46 | 43,116,308.03 | | Of which: Expensed R&D Expenditure | 39,333,956.46 | 43,116,308.03 | [IX. Changes in Consolidation Scope](index=175&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company acquired a **51% stake** in Sichuan Deyu Inspection and Testing Co., Ltd. and established Hungary Advanced Materials KFT, both now included in the consolidated scope. - On February 28, 2025, the company acquired a **51% equity stake** in Sichuan Deyu Inspection and Testing Co., Ltd. through a non-same-control business combination, making it a wholly-owned subsidiary[515](index=515&type=chunk) - The total merger cost was **18,122,748.86 yuan**, including the fair value of equity held before the acquisition date of **8,622,748.86 yuan**, resulting in goodwill of **564,173.52 yuan**[516](index=516&type=chunk) - The company's subsidiary, AviTecDynamic International Limited, established Hungary Advanced Materials KFT in April 2025, holding **100% equity**, and it has been included in the consolidation scope[522](index=522&type=chunk) [X. Interests in Other Entities](index=179&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) The company holds interests in several subsidiaries, controlled through direct/indirect shareholding or partnership agreements, and also has equity in the associate Chongqing Sanhang New Material Technology Research Institute Co., Ltd. Composition of Enterprise Group (Major Subsidiaries) | Subsidiary Name | Shareholding Percentage (%) | Acquisition Method | | :--- | :--- | :--- | | Sichuan Delan Hangyu Technology Development Co., Ltd. | 100.00 (Direct) | Established by Investment | | Guizhou Juhang Surface Treatment Technology Co., Ltd. | 48.57 (Direct) | Established by Investment | | Chengdu Chenghangfa General Power Equipment Co., Ltd. | 90.00 (Direct) | Non-Same-Control Business Combination | | AviTecDynamic International Limited | 100.00 (Indirect) | Established by Investment | | Sichuan Deyu Inspection and Testing Co., Ltd. | 100.00 (Direct) | Non-Same-Control Business Combination | | Hungary Advanced Materials KFT | 100.00 (Direct) | Established by Investment | - Although Guizhou Juhang Surface Treatment Technology Co., Ltd.'s shareholding is less than **50%**, it is included in the consolidation scope due to a concerted action agreement with Huaian Zhiyuanhua Enterprise Management Partnership (Limited Partnership), holding a combined **58.09%** equity[524](index=524&type=chunk) - Huaian Heqian Enterprise Management Partnership (Limited Partnership) and Huaian Houzai Enterprise Management Partnership (Limited Partnership) are included in the consolidation scope because the company's subsidiary, Delan Hangyu, acts as the executive partner, exercising actual control, despite holding less than **50%** equity[524](index=524&type=chunk)[525](index=525&type=chunk) Summary Financial Information of Insignificant Associates (Period-End vs. Period-Beginning) | Item | Period-End Balance/Current Period Amount (RMB) | Period-Beginning Balance/Prior Period Amount (RMB) | | :--- | :--- | :--- | | Total Book Value of Investments | 1,870,508.97 | 10,389,896.57 | | --Net Profit | -23,618.36 | -494,143.89 | | --Total Comprehensive Income | -23,618.36 | -494,143.89 | - In February 2025, the company included Sichuan Deyu Inspection and Testing Co., Ltd. in its consolidation scope, changing the accounting method for long-term equity investments from equity method to cost method[528](index=528&type=chunk) [XI. Government Grants](index=182&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) As of the reporting period end, government grants recognized as receivables totaled **5.20 million yuan**, with deferred income related to grants at **212.15 million yuan**, and **20.28 million yuan** recognized in current profit or loss. - As of the end of the reporting period, government grants recognized as receivables amounted to **5,201,852.61 yuan**, primarily due to government funds not yet

Group 1 - Military stocks experienced significant afternoon gains, with North China Longyun rising over 10% [1] - Other companies such as Great Wall Industry and AVIC Chengfei increased by more than 5% [1] - Additional stocks that saw upward movement include Tianqin Equipment, Lijun Shares, Jieqiang Equipment, Inner Mongolia First Machinery, Aerospace Technology, Aero Engine Corporation of China, and AVIC Xi'an Aircraft Industry [1]

Core Points - The Guizhou Provincial Market Supervision Administration has announced the list of 12 enterprises that have entered the on-site evaluation phase for the Fifth Guizhou Provincial Governor Quality Award [1] - The evaluation process was initiated on March 28, with the approval of the Guizhou Provincial People's Government, and is based on specific management measures and evaluation plans [1] - A total of 60 enterprises and organizations were initially accepted for the award consideration, with the final 12 selected for the on-site evaluation [1] Group 1 - The 12 enterprises entering the on-site evaluation include well-known companies such as Guizhou Laoganma Flavor Food Co., Ltd., Guizhou Zhong'an Technology Group Co., Ltd., and Guizhou Dongjiu Co., Ltd. [1] - The selection process aims to gather public opinions and accept social supervision to ensure transparency and credibility in the award evaluation [1] - The award is intended to recognize and promote quality management practices among enterprises in Guizhou Province [1]

Group 1 - The core viewpoint of the news is that the legal opinion letter confirms the legality and validity of the procedures and qualifications related to the third extraordinary general meeting of shareholders of Guizhou Hangyu Technology Development Co., Ltd. [1][4] Group 2 - The extraordinary general meeting was proposed and convened by the board of directors, scheduled for August 25, 2025, with prior announcements made on August 8 and August 12, 2025 [2][3] - The meeting utilized a combination of on-site and online voting, with specific time slots for network voting outlined [3] Group 3 - A total of 99 shareholders attended the meeting, representing 80,953,073 shares, which is 42.1837% of the total shares [4] - The meeting included 11 on-site attendees and 88 online participants, with the shares represented being 52,125,418 and 28,827,655 respectively [4] Group 4 - The board of directors proposed a resolution to register and issue 200 million yuan of short-term financing bonds, which received 99.7071% approval from the attending shareholders [5][7] - The voting results indicated that the resolution was passed with the required majority, including a separate count for minority investors [6][7] Group 5 - The legal opinion concludes that the meeting's convening, procedures, and voting results comply with relevant laws, regulations, and the company's articles of association [4][5]

Meeting Overview - The shareholders' meeting was held on August 25, 2025, at the company's conference room [1] - A total of 99 ordinary shareholders attended, holding 80,953,073 voting rights, which represents 42.1837% of the company's total voting rights [1][1] Voting Results - The non-cumulative voting proposal was approved with 99.7071% of ordinary shareholders voting in favor, 0.2808% against, and 0.0121% abstaining [1][1] - The proposal regarding the registration and issuance of 200 million yuan short-term financing bonds was also discussed, with voting results indicating support from shareholders [1] Legal Compliance - The lawyers present confirmed that the meeting's convening and procedures complied with legal regulations, and the qualifications of attendees were valid [1][1]