格隆汇8月26日丨经纬恒润(688326.SH)发布中报，2025上半年实现营业总收入29.08亿元，同比增长 43.48%；归属母公司股东净利润-8696.44万元，较上年同期亏损减少2.46亿元；基本每股收益为-0.77 元。 ...

每经AI快讯，经纬恒润（SH 688326，收盘价：116.8元）8月26日晚间发布半年度业绩报告称，2025年 上半年营业收入约29.08亿元，同比增加43.48%；归属于上市公司股东的净利润亏损约8696万元；基本 每股收益亏损0.77元。2024年同期营业收入约20.27亿元；归属于上市公司股东的净利润亏损约3.33亿 元；基本每股收益亏损2.88元。 截至发稿，经纬恒润市值为140亿元。 每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 （记者 张明双） ...

Core Viewpoint - The company reported significant revenue growth in the first half of 2025, achieving a revenue of 2.908 billion yuan, a 43.48% increase compared to the same period last year, while also narrowing its net loss significantly [3]. Financial Performance - Revenue for the first half of 2025 reached 2.908 billion yuan, up from 2.027 billion yuan in the same period last year, marking a 43.48% increase [3]. - The total profit for the period was a loss of 108.03 million yuan, an improvement from a loss of 360.44 million yuan in the previous year [1]. - The net profit attributable to shareholders was a loss of 86.96 million yuan, compared to a loss of 333.38 million yuan in the same period last year, indicating a narrowing of losses by 24.6 million yuan [3]. - The net cash flow from operating activities was -299.22 million yuan, an improvement from -726.51 million yuan in the previous year [1]. - The net assets attributable to shareholders decreased by 6.16% to 3.926 billion yuan compared to the end of the previous year [1]. Product Development and Market Expansion - The company made significant progress in its domain integration products, including the production of 1 million physical area controllers and strategic partnerships with leading logistics companies for smart driving domain controllers [2]. - The company has established a wide customer base, including major automotive manufacturers and logistics companies, while also expanding its international market presence [4]. - The company has set up four production bases in China and Malaysia and has achieved international certifications for its factories, enhancing its global operational standards [4].

证券代码：688326 证券简称：经纬恒润 公告编号：2025-040 北京经纬恒润科技股份有限公司 关于公司 2025 年半年度募集资金存放与实际使用情 况的专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据中国证券监督管理委员会届时有效的《上市公司监管指引第 2 号——上 市公司募集资金管理和使用的监管要求》《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》的相关规定，北 京经纬恒润科技股份有限公司（以下简称"公司"）就 2025 年半年度募集资金存 放与实际使用情况作如下专项报告： 一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 经中国证券监督管理委员会《关于同意北京经纬恒润科技股份有限公司首次 公开发行股票注册的批复》（证监许可〔2022〕301 号），公司首次向社会公众 公开发行人民币普通股（A 股）股份 3,000.00 万股，每股发行价格 121.00 元， 共 募 集 资 金 人 民 币 3,630,000,000.00 元 ， 扣 除 不 含 ...

北京经纬恒润科技股份有限公司 2025年度"提质增效重回报"行动方案的半年度评估报告 北京经纬恒润科技股份有限公司（以下简称"公司"）为积极贯彻"以投资 者为本"的核心理念，切实维护投资者利益，助力资本市场稳定和经济高质量发 展，于 2025 年 4 月 29 日披露了《2025 年度"提质增效重回报"行动方案》。现 对该行动方案半年度的实施情况进行评估总结，具体如下： 一、 专注主营业务发展，不断提升核心竞争力 公司主营业务均围绕电子系统展开，专注于为汽车、智能运输等领域客户提 供电子产品、研发服务及解决方案、大总成及特种载具、智能运输解决方案业务。 公司通过技术互通、场景融合和资源共享，各业务单元实现优势互补，目前基本 完成整车电控产品的全覆盖布局，并形成"分布式电控单品—域控产品—L4集成 平台"短中长期结合的产品模式，并实现量产落地。 1. 营业收入高速增长，单季实现扭亏为盈 面对复杂的市场环境，公司2025年上半年实现营业收入290,837.23万元，同 比增长43.48%。营业收入的高速增长主要得益于电子产品业务的快速放量，尤其 以域控制器产品最为显著，同时公司客户群体进一步扩大，各项合作持续深化 ...

证券代码：688326 证券简称：经纬恒润 公告编号：2025-039 北京经纬恒润科技股份有限公司 关于第二届监事会第十一次会议决议的公告 综上，监事会同意《关于公司<2025 年半年度报告>及其摘要的议案》。 表决结果：同意 3 票；反对 0 票；弃权 0 票。 本公司及监事会全体成员保证公告内容不存在任何虚假记载、误导性陈述 或重大遗漏，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 北京经纬恒润科技股份有限公司（以下简称"公司"）监事会于 2025 年 8 月 15 日以电子邮件方式发出召开第二届监事会第十一次会议的通知，会议于 2025 年 8 月 25 日以现场结合通讯方式召开并作出决议。会议应到公司监事 3 名， 实际参会监事 3 名，会议由公司监事会主席崔文革先生主持。本次会议的召集、 召开以及表决情况符合《中华人民共和国公司法》《中华人民共和国证券法》等 相关法律法规以及《北京经纬恒润科技股份有限公司章程》（以下简称"《公司 章程》"）的相关规定。 二、监事会会议情况 经与会监事投票表决，会议形成一致决议如下： 1．审议通过《关于公司<2025 年半年度报告>及 ...

证券代码：688326 证券简称：经纬恒润 公告编号：2025-039 北京经纬恒润科技股份有限公司 二、监事会会议情况 经与会监事投票表决，会议形成一致决议如下： 监事会认为：公司 2025 年半年度报告的编制和审议程序符合相关法律法规 及《公司章程》等规章制度的规定，公司 2025 年半年度报告的内容与格式符合 相关规定，公允地反映了公司 2025 年半年度的财务状况和经营成果等事项；半 年度报告编制过程中，未发现公司参与半年度报告编制和审议的人员有违反保密 规定的行为；监事会全体成员保证公司 2025 年半年度报告披露的信息真实、准 确、完整，不存在任何虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、 准确性和完整性依法承担法律责任。 监事会认为：公司在报告期内对募集资金的存放与使用情况符合届时有效的 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《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《北京经纬恒润科技股份有限公司募集资金管理制度》等相 关规定，不存在违规使用募集资金的行为，亦不存在损害股东利益的情形。 综上，监事会 ...

北京经纬恒润科技股份有限公司2025 年半年度报告 公司代码：688326 公司简称：经纬恒润 北京经纬恒润科技股份有限公司 北京经纬恒润科技股份有限公司2025 年半年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、重大风险提示 详见本报告"第三节 管理层讨论与分析"之"四、风险因素"相关内容。 三、公司全体董事出席董事会会议。 四、本半年度报告未经审计。 五、公司负责人吉英存、主管会计工作负责人鹿文江及会计机构负责人（会计主管人员）汪敏华 声明：保证半年度报告中财务报告的真实、准确、完整。 六、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 七、是否存在公司治理特殊安排等重要事项 √适用 □不适用 公司治理特殊安排情况： □本公司为红筹企业 □本公司存在协议控制架构 √本公司存在表决权差异安排 （一）特别表决权设置情况 股东大会，会议表决通过《关于 <北京经纬恒润科技股份有限公司设置特别表决权股份的方案> 的 议案》，设置特别表决权股份，该表决权差异安 ...

北京经纬恒润科技股份有限公司2025 年半年度报告摘要 公司代码：688326 公司简称：经纬恒润 北京经纬恒润科技股份有限公司 北京经纬恒润科技股份有限公司2025 年半年度报告摘要 第一节 重要提示 规划，投资者应当到上海证券交易所网站（www.sse.com.cn）网站仔细阅读半年度报告全文。 详见本报告"第三节 管理层讨论与分析"之"四、风险因素"相关内容。 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 不适用 √适用 □不适用 公司初始设置特别表决权股份的数量为8,526,316股A类股份，均为控股股东、实际控制人、 董事长、总经理吉英存先生持有，占公司总股本的比例为7.11%，表决权数量为51,157,896，占公 司全部表决权数量的31.46%。扣除A类股份后，公司剩余111,473,684股为B类股份。公司实施股份 回购及注销后，特别表决权的比例届时会相应提高。根据《上海证券交易所科创板股票上市规则》 《公司章程》的相关规定，公司需将相应数量特别表决权股份转换为普通股份，以保证特别表决 权比例不高于原有水平。截至2025年6月30日，公司已在中国证券登记结算有限责 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) [Statement of the Board of Directors, Supervisory Committee, and Senior Management](index=2&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%8F%8A%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%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7) The company's management guarantees the authenticity, accuracy, and completeness of this unaudited semi-annual report - All company directors attended the board meeting[4](index=4&type=chunk) - This semi-annual report is **unaudited**[4](index=4&type=chunk) - Company head Ji Yingcun, Chief Accounting Officer Lu Wenjiang, and Head of Accounting Wang Minhua affirm the authenticity, accuracy, and completeness of the financial statements[4](index=4&type=chunk) [Special Corporate Governance Arrangements (Differential Voting Rights)](index=2&type=section&id=%E4%B8%83%E3%80%81%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E7%89%B9%E6%AE%8A%E5%AE%89%E6%8E%92%E7%AD%89%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company utilizes a differential voting rights structure to maintain control while protecting minority shareholder interests - The company has a differential voting rights arrangement[5](index=5&type=chunk) - Each Class A share has **six times the voting power** of each Class B share[5](index=5&type=chunk) - The initial setup included **8,526,316 Class A shares**, all held by controlling shareholder Ji Yingcun, representing **7.11% of total share capital** and **31.46% of total voting rights**[6](index=6&type=chunk) - As of June 30, 2025, 529,321 Class A shares held by Mr Ji Yingcun were converted to Class B shares, maintaining his special voting rights ratio at **31.46%**[7](index=7&type=chunk) - The Articles of Association impose restrictions on Class A shares to prevent an increase in their voting power proportion and ensure a one-share, one-vote system for major matters, protecting Class B shareholders[7](index=7&type=chunk) [Section 1 Definitions](index=5&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines key terms, company entities, reporting periods, and technical jargon used in the report [Section 2 Company Profile and Key Financial Indicators](index=8&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Profile](index=8&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section provides the company's official names, legal representative, and contact information - Company Name: Beijing Jingwei Hirain Technologies Co, Inc, abbreviated as HIRAIN[17](index=17&type=chunk) - Legal Representative: Ji Yingcun[17](index=17&type=chunk) - Company Website: https://www.hirain.com[17](index=17&type=chunk) [Contact Information](index=8&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section lists the contact details for the Board Secretary and Securities Affairs Representative - Board Secretary (Domestic Information Disclosure Representative): Zheng Hongju[19](index=19&type=chunk) - Securities Affairs Representative: Gao Bing[19](index=19&type=chunk) - Contact Phone: 010-82263021, Email: ir@hirain.com[19](index=19&type=chunk) [Information Disclosure and Document Depository](index=8&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 discloses information through designated newspapers and the Shanghai Stock Exchange website - Designated information disclosure newspapers: Shanghai Securities News, Securities Daily[20](index=20&type=chunk) - Website for semi-annual report disclosure: Shanghai Stock Exchange website (www.sse.com.cn)[20](index=20&type=chunk) [Stock Profile](index=8&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8/%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 - Stock Type: RMB ordinary A-shares[21](index=21&type=chunk) - Stock Exchange and Board: Shanghai Stock Exchange STAR Market[21](index=21&type=chunk) - Stock Ticker: HIRAIN, Stock Code: 688326[21](index=21&type=chunk) [Key Accounting Data and Financial Indicators](index=9&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) The company's revenue grew significantly, narrowing net losses and improving operating cash flow Key Accounting Data for H1 2025 | Indicator | Reporting Period (Jan-Jun) | Same Period Last Year | Change YoY (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,908,372,336.98 RMB | 2,027,001,258.37 RMB | 43.48 | | Total Profit | -108,032,298.67 RMB | -360,437,182.42 RMB | N/A | | Net Profit Attributable to Shareholders | -86,964,423.48 RMB | -333,375,951.07 RMB | N/A | | Net Cash Flow from Operating Activities | -299,218,061.80 RMB | -726,513,424.27 RMB | N/A | | Net Assets Attributable to Shareholders (End of Period) | 3,925,937,096.89 RMB | 4,183,518,680.54 RMB | -6.16 | | Total Assets (End of Period) | 9,461,613,415.91 RMB | 9,407,025,551.04 RMB | 0.58 | Key Financial Indicators for H1 2025 | Indicator | Reporting Period (Jan-Jun) | Same Period Last Year | Change YoY (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/Share) | -0.77 | -2.88 | N/A | | Diluted Earnings Per Share (RMB/Share) | -0.77 | -2.88 | N/A | | Basic EPS after Non-recurring Items (RMB/Share) | -1.02 | -3.34 | N/A | | Weighted Average Return on Equity (%) | -2.15 | -7.22 | N/A | | Weighted Average ROE after Non-recurring Items (%) | -2.85 | -8.39 | N/A | | R&D Investment as a Percentage of Revenue (%) | 18.52 | 31.27 | Decreased by 12.75 percentage points | - **Reason for revenue change**: Primarily due to an increase in sales orders for electronic products[25](index=25&type=chunk) - **Reason for net profit change**: Primarily due to revenue growth and reduced R&D expenses[25](index=25&type=chunk) - **Reason for operating cash flow change**: Primarily due to an increase in cash received from sales of goods and services[25](index=25&type=chunk) [Non-recurring Profit and Loss Items](index=9&type=section&id=%E5%85%AB%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Non-recurring profit and loss totaled 28.26 million RMB, mainly from government grants and fair value changes Non-recurring Profit and Loss Items for H1 2025 | Non-recurring Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on disposal of non-current assets | -1,732,511.69 | | Government grants recognized in current profit or loss (excluding those closely related to normal business) | 16,230,783.32 | | Fair value gains/losses from financial assets and liabilities held by non-financial enterprises | 17,310,530.71 | | Reversal of impairment provision for individually tested receivables | 1,101,040.01 | | Gains/Losses from debt restructuring | 789,744.86 | | Other non-operating income and expenses | -225,440.00 | | Less: Income tax impact | 4,999,350.96 | | Less: Minority interest impact (after tax) | 217,904.43 | | **Total** | **28,256,891.82** | - Fair value gains from financial assets and liabilities are mainly due to valuation changes in upstream industry chain investments and wealth management products[26](index=26&type=chunk) [Net Profit Excluding Share-based Payments](index=10&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%66%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 net loss after excluding share-based payments significantly narrowed, indicating improved operating performance Net Profit Excluding Share-based Payments | Indicator | Reporting Period (Jan-Jun) | Same Period Last Year | Change YoY (%) | | :--- | :--- | :--- | :--- | | Net Profit Excluding Share-based Payments | -65,227,332.14 RMB | -306,130,065.40 RMB | N/A | [Section 3 Management Discussion and Analysis](index=12&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Industry and Business Overview](index=12&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 operates in the electronics manufacturing sector, benefiting from strong growth in the automotive market [Industry Overview](index=12&type=section&id=(%E4%B8%80)%20%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A) The company is classified under "Other Computer Manufacturing," driven by automotive intelligence and electrification trends - The company belongs to the "Other Computer Manufacturing" (Code: C3919) sub-sector of the "Computer, Communication and Other Electronic Equipment Manufacturing" industry[32](index=32&type=chunk) [Market Conditions](index=12&type=section&id=(%E4%BA%8C)%20%E5%B8%82%E5%9C%BA%E6%83%85%E5%86%B5) China's auto market saw robust growth in H1 2025, driven by new energy vehicles and exports - From Jan-Jun 2025, China's auto production and sales reached **15.62 million** and **15.65 million** units, up 12.5% and 11.4% YoY, respectively[33](index=33&type=chunk) - NEV production and sales reached **6.97 million** and **6.94 million** units, up 41.4% and 40.3% YoY, accounting for **44.3% of total new car sales**[33](index=33&type=chunk) - H1 auto exports reached **3.08 million** units, up 10.4% YoY, with NEV exports surging by **75.2%** to 1.06 million units[33](index=33&type=chunk) - Consumer demand is rising for advanced driver-assistance systems and smart cockpits, with AI applications in vehicles gaining significant attention[34](index=34&type=chunk) - In-vehicle products are trending towards high integration, large assemblies, and multi-in-one solutions, driving strong component demand[34](index=34&type=chunk) [Principal Business Activities](index=12&type=section&id=(%E4%B8%89)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The company's business revolves around electronic systems for the automotive and intelligent transportation sectors 1. Electronic Products The company provides a comprehensive portfolio of automotive electronic products with full-stack development and global production capabilities - The company offers over 100 types of electronic products across six categories: intelligent driving, connectivity, cockpit, body & comfort, chassis control, and NEV & powertrain systems[36](index=36&type=chunk) - Product coverage exceeds **80% of automotive electronic component categories**, including smart sensors, actuators, controllers, domain controllers, and computing platforms[36](index=36&type=chunk) - The company operates four production bases in Tianjin, Nantong, Nanchang, and Malaysia, with R&D and service centers in China, the US, the EU, and ASEAN regions[36](index=36&type=chunk) 2. R&D Services and Solutions The company offers a "vehicle-cloud integration" architecture solution supported by a comprehensive proprietary toolchain - The company's R&D services feature a "vehicle-cloud integration" architecture combining in-vehicle systems, cloud applications, and a development platform[37](index=37&type=chunk) - The development platform provides efficient, customizable R&D support through a diverse toolchain including ModelBase simulation software, OrienLink, TestBase testing systems, and INTEWORK software tools[37](index=37&type=chunk) 3. Large Assemblies and Special-Purpose Vehicles The company strategically develops key powertrain assemblies and autonomous vehicle platforms for specialized applications - In the "Large Assemblies" segment, the company provides key systems like Battery Packs, E-Axles, and Thermal Management Systems[38](index=38&type=chunk) - In the "Special-Purpose Vehicles" segment, the company has launched platforms such as the Heavy-duty Autonomous Vehicle (HAV), RoboTruck, and RoboBus[41](index=41&type=chunk) 4. Intelligent Transportation Solutions The company provides multi-scenario operational services and integrated system solutions for intelligent transportation - The company has deployed L4 autonomous driving operations in various scenarios like seaports, inland river ports, and railway ports[43](index=43&type=chunk) - The company plans to launch RoboTruck fleets for short-haul logistics and RoboBus services for urban micro-circulation[43](index=43&type=chunk) - The vehicle-road-network-cloud-map system provides end-to-end solutions including steer-by-wire heavy-duty skateboard chassis and roadside vehicle-road collaboration modules[43](index=43&type=chunk) [Discussion and Analysis of Operations](index=15&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) The company achieved strong revenue growth and returned to profitability in the second quarter, driven by its electronic products business - During the reporting period, the company achieved operating revenue of **2.91 billion RMB**, a year-on-year increase of **43.48%**[47](index=47&type=chunk) - Net loss attributable to parent company shareholders narrowed by **246.41 million RMB** YoY to -86.96 million RMB; the company achieved a net profit of **33.00 million RMB** in Q2 2025, successfully turning profitable[47](index=47&type=chunk) - The company's domain fusion products made significant progress, with physical zone controller shipments reaching **1 million units** and a strategic partnership formed for its intelligent driving domain controller, targeting mass production by year-end[48](index=48&type=chunk) - The company serves a broad customer base including Geely, Xiaomi, FAW, Xpeng, NIO, and SAIC, as well as logistics clients like White Rhino, and has secured nominations from Stellantis and Scania[50](index=50&type=chunk) - As of the end of the reporting period, the company had **6,681 employees**, a decrease of 648 from the end of 2024; R&D and technical personnel totaled 5,038, accounting for approximately **75%** of the total workforce[51](index=51&type=chunk) [Core Competitiveness Analysis](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's core strengths lie in its synergistic business strategy, talent, full-stack capabilities, and robust quality systems [Core Competitiveness Analysis](index=16&type=section&id=(%E4%B8%80)%20%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's leadership is built on business synergy, a skilled workforce, full-stack technology, a proprietary software ecosystem, and advanced manufacturing - The company's four business segments—electronic products, R&D services, large assemblies, and intelligent transportation—operate under a synergistic strategy, mutually reinforcing each other[53](index=53&type=chunk) - The company has built a diverse talent pipeline from top domestic universities; as of the period end, **R&D and technical staff accounted for 75%** of employees, with nearly **55% holding master's degrees or higher**[54](index=54&type=chunk) - The company possesses full-stack development capabilities for automotive electronics, covering electronic, optical, and mechanical fields with high technical maturity[55](index=55&type=chunk) - The company has developed a fully autonomous embedded software platform, including AUTOSAR core software and information security modules, and has pioneered a domestic chip ecosystem with over ten proprietary software products[56](index=56&type=chunk) - The company adheres to leading international quality management systems, holding IATF16949 and ISO14001 certifications, and has implemented standards such as CMMI, ASPICE, and ISO26262, with its central laboratory being CNAS accredited[58](index=58&type=chunk) - The company operates four modern factories in Nantong, Tianjin, Nanchang, and Malaysia, with 44 SMT lines and 90 assembly lines, boasting an annual production capacity of over **48 million controllers**[59](index=59&type=chunk) [Core Technologies and R&D Progress](index=17&type=section&id=(%E4%B8%89)%20%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%B8%8E%E7%A0%94%E5%8F%91%E8%BF%9B%E5%B1%95) The company has made significant R&D advancements across multiple core technologies and holds extensive intellectual property - The company's ADAS technology supports EU ENCAP2026 ISA functions, enabling global supply capabilities[60](index=60&type=chunk) - As one of the few domestic companies to mass-produce 77GHz millimeter-wave radar, the company is now developing its second-generation and proprietary 4D imaging radar for L3+ autonomous driving[60](index=60&type=chunk) - The company's intelligent driving perception technology features redundancy, high precision, and all-weather robustness, utilizing an advanced Transformer architecture with a perception range of at least **250m**[61](index=61&type=chunk) - The full-stack Battery Management System (BMS) technology covers all voltage platforms (12V to 800V) and includes multi-level thermal management and core SOX algorithms[63](index=63&type=chunk) - The company has independently developed over ten industrial software products for automotive electronics testing and simulation, replacing foreign alternatives[64](index=64&type=chunk) - As of the period end, the company holds **2,080 patents** (1,054 inventions), 330 software copyrights, and 186 trademarks[65](index=65&type=chunk) R&D Investment | Indicator | Current Period (RMB) | Same Period Last Year (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 439,648,798.69 | 537,301,240.61 | -18.17 | | Capitalized R&D Investment | 98,975,496.18 | 96,603,492.98 | 2.46 | | Total R&D Investment | 538,624,294.87 | 633,904,733.59 | -15.03 | | R&D Investment as a Percentage of Revenue (%) | 18.52 | 31.27 | Decreased by 12.75 percentage points | | Capitalized R&D as a Percentage of Total R&D (%) | 18.38 | 15.24 | Increased by 3.14 percentage points | - The top ten R&D projects by expenditure covered areas such as passenger car body controllers, ADAS, intelligent driving domain controllers, BMS, AR-HUD, and high-level autonomous driving solutions[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) - As of the period end, the company had **3,214 R&D personnel**, accounting for **48.11%** of the total workforce, with **74.11%** holding master's or doctoral degrees[76](index=76&type=chunk) [Risk Factors](index=27&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) The company faces risks related to performance, technology, operations, finance, and the broader market environment - The company reported a net loss of **86.96 million RMB** in H1 2025 and faces risks from rapid industry technology iteration and intensified market competition[78](index=78&type=chunk) - The rapid evolution of automotive electronics technology demands continuous R&D; failure to maintain a technological edge could adversely affect future development[79](index=79&type=chunk) - Revenue from the **top five customers exceeded 50%** of total revenue, indicating high customer concentration and potential risk from any strategic shifts or order reductions[81](index=81&type=chunk) - At period end, inventory was valued at **1.76 billion RMB**, or 18.61% of total assets, with contract fulfillment costs accounting for 50.95%, posing a risk of write-downs[83](index=83&type=chunk) - Net accounts receivable stood at **1.75 billion RMB**, or 60.20% of operating revenue, creating a risk of bad debt if key customers face financial difficulties[84](index=84&type=chunk) - The company benefits from a **15% preferential tax rate** as a high-tech enterprise; any change in this policy or failure to maintain certification could negatively impact performance[85](index=85&type=chunk) - The company is exposed to **foreign exchange risk** from sales and procurement in foreign currencies, and significant exchange rate fluctuations could lead to financial losses[86](index=86&type=chunk) [Analysis of Key Operations](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) This section analyzes changes in the company's financial statements, asset structure, and investment activities Analysis of Financial Statement Items | Item | Current Period (RMB) | Same Period Last Year (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,908,372,336.98 | 2,027,001,258.37 | 43.48 | | Operating Cost | 2,234,949,494.63 | 1,602,681,914.09 | 39.45 | | Selling Expenses | 144,491,666.41 | 127,838,000.20 | 13.03 | | Administrative Expenses | 215,393,342.54 | 179,926,068.57 | 19.71 | | Finance Expenses | -10,314,375.28 | -25,540,799.47 | N/A | | R&D Expenses | 439,648,798.69 | 537,301,240.61 | -18.17 | | Net Cash Flow from Operating Activities | -299,218,061.80 | -726,513,424.27 | N/A | | Net Cash Flow from Investing Activities | -76,212,095.89 | -860,250,760.30 | N/A | | Net Cash Flow from Financing Activities | 153,815,368.64 | -35,749,445.70 | N/A | - **Reason for revenue change**: Primarily due to an increase in sales orders for electronic products[90](index=90&type=chunk) - **Reason for R&D expense change**: Primarily due to a decrease in employee compensation for R&D personnel[90](index=90&type=chunk) - **Reason for operating cash flow change**: Primarily due to an increase in cash received from sales of goods and services[91](index=91&type=chunk) Changes in Assets and Liabilities | Item | End of Current Period (RMB) | % of Total Assets | End of Previous Period (RMB) | % of Total Assets | Change (%) | Reason | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 235,018,592.26 | 2.48 | 506,426,956.15 | 5.38 | -53.59 | Matured structured deposits were withdrawn | | Construction in Progress | 380,115,066.28 | 4.02 | 210,117,585.66 | 2.23 | 80.91 | Continued investment in infrastructure projects | | Development Expenditures | 272,840,516.67 | 2.88 | 209,673,327.37 | 2.23 | 30.13 | Capitalization of R&D projects entering development phase | | Short-term Borrowings | 779,984,425.86 | 8.24 | 567,930,545.86 | 6.04 | 37.34 | Increased short-term bank loans | | Long-term Borrowings | 145,089,787.76 | 1.53 | 0 | 0 | 100.00 | New long-term bank loans | - During the reporting period, the company invested in several subsidiaries, including **39 million RMB** in Jiangxi Jingwei and **14.48 million RMB** in Hirain Malaysia[99](index=99&type=chunk) Financial Information of Major Subsidiaries (Unit: 10,000 RMB) | No. | Company Name | Main Business | Ownership (%) | Registered Capital | Total Assets | Net Assets | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Tianjin Jingwei Hirain Tech Co, Ltd | R&D and production of automotive electronics | 100.00 | 20,000 | 137,274.91 | 4,395.33 | -3,571.10 | | 2 | Jiangsu Hanrun Automotive Electronics Co, Ltd | R&D and production of automotive electronics | 100.00 | 60,000 | 178,486.81 | 74,899.69 | 2,343.26 | | 4 | Jingwei Hirain (Tianjin) R&D Co, Ltd | R&D activities | 100.00 | 70,000 | 114,462.51 | 73,725.12 | 2,738.28 | | 12 | Beijing Runke General Technology Co, Ltd | High-end equipment business | 87.04 | 6,318.8482 | 97,763.59 | 31,499.07 | 251.11 | | 16 | Jiangxi Jingwei Hirain Tech Co, Ltd | R&D and production of automotive electronics | 60.00 | 20,000 | 30,792.43 | 20,353.22 | -32.94 | [Section 4 Corporate Governance, Environment, and Society](index=36&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%bb%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=36&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) There were no changes in the company's key management and technical personnel during the reporting period - There were **no changes** in the company's directors, supervisors, senior management, or core technical personnel during the reporting period[109](index=109&type=chunk) - The company identifies core technical personnel based on their extensive experience, key roles in R&D, and significant contributions to product development[109](index=109&type=chunk) [Profit Distribution or Capitalization of Capital Reserves Plan](index=36&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 did not propose any profit distribution or capitalization of capital reserves for the period - Semi-annual proposed profit distribution or capitalization plan: **No distribution or capitalization**[110](index=110&type=chunk) [Equity Incentive Plans and Employee Incentives](index=36&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) The company repurchased and canceled a portion of restricted stocks due to employee departures and performance shortfalls - On March 12, 2025, the company completed the repurchase and cancellation of **8,640 restricted shares** from the 2023 restricted stock incentive plan[111](index=111&type=chunk) - The company approved the repurchase and cancellation of an additional **8,320 restricted shares** from the 2023 plan, with creditor notification procedures completed[111](index=111&type=chunk) [Environmental Information Disclosure](index=37&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) A subsidiary, Jiangsu Hanrun Automotive Electronics, is listed for mandatory environmental information disclosure - Number of entities on the mandatory environmental information disclosure list: 1[113](index=113&type=chunk) - Company Name: Jiangsu Hanrun Automotive Electronics Co, Ltd[113](index=113&type=chunk) - Environmental information report index: Available on the Jiangsu Enterprise "Environmental Face" platform and the National Pollutant Discharge Permit Management Information Platform[113](index=113&type=chunk) [Poverty Alleviation and Rural Revitalization Efforts](index=37&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 engaged in social responsibility through donations supporting education and rural development Charitable and Rural Revitalization Activities | Type | Amount | Description | | :--- | :--- | :--- | | External Donations (10,000 RMB) | 8 | Supported the "Beijing No. 4 High School Guangwai Campus Hirain Scholarship Program" | | Rural Revitalization Funds (10,000 RMB) | 5 | Supported partner regions in Gansu and Xinjiang | - The company allocated **80,000 RMB** to support the "Beijing No. 4 High School Guangwai Campus Hirain Scholarship Program"[114](index=114&type=chunk) - In April 2025, the company donated **50,000 RMB** to support partner assistance programs in Gansu and Xinjiang provinces[115](index=115&type=chunk) [Section 5 Significant Matters](index=38&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) [Status of Commitments](index=38&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) All major shareholders and management have strictly adhered to their commitments made during the initial public offering - Controlling shareholder Ji Yingcun committed to a **36-month lock-up period** for his shares, with potential extensions and price conditions for post-lock-up sales[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) - Shareholders with over 5% stakes, Cao Xuming, Cui Wenge, and Zhang Qin, committed to a **12-month lock-up period** with similar extensions and conditions[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk) - The company, controlling shareholder, and management all made commitments regarding non-competition, related-party transactions, stock price stability, and other governance matters[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk) - The company committed not to provide financial assistance to participants of the equity incentive plan for acquiring restricted stocks[147](index=147&type=chunk) - Incentive plan participants committed to return all benefits if the company's disclosures are found to be false or misleading[148](index=148&type=chunk) [Statement on Integrity](index=48&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company and its controlling shareholders maintained good faith and compliance during the reporting period - During the reporting period, the company and its controlling shareholders operated in compliance with laws and in good faith[149](index=149&type=chunk) - There were no instances of failure to comply with court judgments or default on significant debts[149](index=149&type=chunk) [Major Related-Party Transactions](index=48&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in routine sales transactions with its joint venture, which were conducted at fair market prices - The company did not engage in the projected related-party transactions with Suzhou Zhitong or Sanhuan Hirain during the reporting period[150](index=150&type=chunk) Related-Party Transaction Details | Related Party | Transaction Type | Content | Pricing Principle | Price | Amount (RMB) | % of Revenue | Settlement Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hubei Sanhuan Hirain Electronic Tech Co, Ltd | Sales of goods and services | Sales of electronic products, software, and services | Fair Value | Market Price | 1,352,920.00 | 0.0465 | Cash, Notes | - The above transactions were routine and conducted on fair terms, benefiting the company's operations without harming shareholder interests[153](index=153&type=chunk) [Major Contracts and Their Performance](index=50&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 provided guarantees totaling 475.27 million RMB for its subsidiaries, representing 11.75% of net assets Guarantees for Subsidiaries (Unit: 10,000 RMB) | Guarantor | Guaranteed Party | Guarantee Amount | Guarantee Type | Completed | Overdue | Overdue Amount | Counter-guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | HIRAIN | Jiangsu Hanrun | 20,000.00 | Joint Liability | No | No | 0.00 | No | | HIRAIN | Tianjin Jingwei | 15,000.00 | Joint Liability | No | No | 0.00 | No | | HIRAIN | Tianjin R&D | 3,000.00 | Joint Liability | Yes | No | 0.00 | No | | HIRAIN | Jiangsu Hanrun | 2,000.00 | Joint Liability | Yes | No | 0.00 | No | | HIRAIN | Tianjin Jingwei | 5,000.00 | Joint Liability | Yes | No | 0.00 | No | | HIRAIN | Jiangsu Hanrun | 25,500.00 | Joint Liability | No | No | 0.00 | No | | HIRAIN | Tianjin Jingwei | 10,000.00 | Joint Liability | No | No | 0.00 | No | | HIRAIN | Tianjin Jingwei | 13,000.00 | Joint Liability | No | No | 0.00 | No | | HIRAIN | Tianjin R&D | 3,000.00 | Joint Liability | No | No | 0.00 | No | | HIRAIN | Tianjin Jingwei | 5,000.00 | Joint Liability | No | No | 0.00 | No | | HIRAIN | Jiangsu Hanrun | 4,500.00 | Joint Liability | No | No | 0.00 | No | | HIRAIN | Tianjin R&D | 3,500.00 | Joint Liability | No | No | 0.00 | No | - Total guarantees provided to subsidiaries during the period amounted to **427.53 million RMB**[158](index=158&type=chunk) - The outstanding guarantee balance for subsidiaries at period end was **475.27 million RMB**, representing **11.75% of the company's net assets**[158](index=158&type=chunk) - Guarantees for subsidiaries with an asset-liability ratio exceeding 70% amounted to **177.12 million RMB**[158](index=158&type=chunk) - The company also provides operational performance guarantees for subsidiaries without a fixed maximum amount[158](index=158&type=chunk) [Use of Raised Funds](index=53&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 has utilized 83.08% of its IPO proceeds, primarily for production bases, R&D centers, and digital upgrades Overall Use of Raised Funds | Source | Total Raised (RMB) | Net Raised (RMB) | Committed Investment (RMB) | Cumulative Investment (RMB) | Investment Progress (%) | Current Year Investment (RMB) | % of Total | Amount with Changed Use (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | IPO | 3,630,000,000.00 | 3,488,017,400.24 | 5,000,000,000.00 | 2,897,813,536.41 | 83.08 | 351,044,147.26 | 10.06 | 600,000,000.00 | - The "Hirain Digital Capability Enhancement Project" exceeded its committed investment amount due to the use of interest income and investment returns from the raised funds[162](index=162&type=chunk) - On April 25, 2025, the company approved the use of up to **900 million RMB** of temporarily idle raised funds for cash management in high-security, liquid products[165](index=165&type=chunk) Use of Raised Funds for Cash Management | Board Approval Date | Approved Cash Management Limit (10,000 RMB) | Start Date | End Date | Balance at Period End (10,000 RMB) | Exceeded Limit? | | :--- | :--- | :--- | :--- | :--- | :--- | | Apr 25, 2024 | 170,000 | Apr 25, 2024 | Apr 24, 2025 | - | No | | Apr 25, 2025 | 90,000 | Apr 25, 2025 | Apr 24, 2026 | 68,000 | No | [Section 6 Changes in Share Capital and Shareholders](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) [Changes in Share Capital](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) The company's total share capital decreased slightly due to the cancellation of restricted stocks Share Capital Changes (Unit: Shares) | Category | Before Change | % | Change (+,-) | After Change | % | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 40,386,629 | 33.66 | -10,459,450 | 29,927,179 | 24.95 | | Domestic non-state-owned legal entity | 10,450,810 | 8.71 | -10,450,810 | 0 | 0 | | Domestic individual | 29,935,819 | 24.95 | -8,640 | 29,927,179 | 24.95 | | II. Unrestricted Floating Shares | 79,589,371 | 66.34 | 10,450,810 | 90,040,181 | 75.05 | | RMB ordinary shares | 79,589,371 | 66.34 | 10,450,810 | 90,040,181 | 75.05 | | **III. Total Shares** | **119,976,000** | **100.00** | **-8,640** | **119,967,360** | **100.00** | - The company repurchased and canceled **8,640 restricted shares**, reducing total shares from 119,976,000 to 119,967,360[170](index=170&type=chunk) - On April 21, 2025, **10,450,810** restricted shares from the IPO became publicly tradable[171](index=171&type=chunk) - After the reporting period, the company repurchased and canceled an additional **8,320 restricted shares**, with no material impact on financial indicators like EPS[172](index=172&type=chunk) [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) The company had 7,155 ordinary shareholders, with Ji Yingcun as the controlling shareholder holding 45.54% of voting rights - Total number of ordinary shareholders at period end: **7,155**[175](index=175&type=chunk) - Total number of shareholders holding special voting rights shares at period end: **1**[175](index=175&type=chunk) Top Ten Shareholders (Unit: Shares) | Shareholder Name | Shares Held | Percentage (%) | Restricted Shares | Pledged/Frozen Status | Shareholder Type | | :--- | :--- | :--- | :--- | :--- | :--- | | Ji Yingcun | 29,483,419 | 24.58 | 29,471,499 | None | Domestic Individual | | Cao Xuming | 13,807,449 | 11.51 | 0 | None | Domestic Individual | | Cui Wenge | 12,627,502 | 10.53 | 0 | None | Domestic Individual | | Zhang Yong | 3,083,530 | 2.57 | 0 | Unknown | Domestic Individual | | Beijing Fangyuan Jiuzhou Investment Center (LP) | 2,344,161 | 1.95 | 0 | None | Other | | Zhang Qin | 2,144,934 | 1.79 | 0 | None | Domestic Individual | | Fang Fang | 1,963,466 | 1.64 | 0 | None | Domestic Individual | | Beijing Tiangong Shanqiu Investment Center (LP) | 1,935,607 | 1.61 | 0 | None | Other | | ABC - Great Wall Jiujia Innovation Growth Mixed Fund | 1,800,000 | 1.50 | 0 | Unknown | Other | | Ningbo Taiming - Tianjin Yongtai Haihe Equity Inv (LP) | 1,791,111 | 1.49 | 0 | Unknown | Other | - Ji Yingcun is the general partner of Fangyuan Jiuzhou, Tiangong Shanqiu, and Tiangong Xinli; Zhang Qin and Zhang Yong are brothers[178](index=178&type=chunk) Top Ten Shareholders by Voting Rights (Unit: Shares) | No. | Shareholder Name | Ordinary Shares | Special Voting Shares | Voting Rights | Voting Power (%) | Change in Voting Rights | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Ji Yingcun | 21,486,424 | 7,996,995 | 69,468,394 | 45.54 | -790,185 | | 2 | Cao Xuming | 13,807,449 | 0 | 13,807,449 | 9.05 | 0 | | 3 | Cui Wenge | 12,627,502 | 0 | 12,627,502 | 8.28 | 0 | | 4 | Zhang Yong | 3,083,530 | 0 | 3,083,530 | 2.02 | 0 | | 5 | Beijing Fangyuan Jiuzhou Investment Center (LP) | 2,344,161 | 0 | 2,344,161 | 1.54 | 0 | | 6 | Zhang Qin | 2,144,934 | 0 | 2,144,934 | 1.41 | 0 | | 7 | Fang Fang | 1,963,466 | 0 | 1,963,466 | 1.29 | 1,000 | | 8 | Beijing Tiangong Shanqiu Investment Center (LP) | 1,935,607 | 0 | 1,935,607 | 1.27 | 0 | | 9 | ABC - Great Wall Jiujia Innovation Growth Mixed Fund | 1,800,000 | 0 | 1,800,000 | 1.18 | 100,000 | | 10 | Ningbo Taiming - Tianjin Yongtai Haihe Equity Inv (LP) | 1,791,111 | 0 | 1,791,111 | 1.17 | 0 | [Special Voting Rights Shares](index=61&type=section&id=%E5%85%AD%E3%80%81%E7%89%B9%E5%88%AB%E8%A1%A8%E5%86%B3%E6%9D%83%E8%82%A1%E4%BB%BD%E6%83%85%E5%86%B5) The company's Class A shares, held by the controlling shareholder, carry six times the voting rights of Class B shares - The company's shares are divided into Class A (special voting rights) and Class B (ordinary), with each Class A share carrying **six times the voting power** of a Class B share, except for specific matters[183](index=183&type=chunk)[188](index=188&type=chunk) - The initial setup included **8,526,316 Class A shares**, all held by controlling shareholder Ji Yingcun, representing **7.11% of total share capital** and **31.46% of total voting rights**[184](index=184&type=chunk) Special Voting Rights Holdings (Unit: Shares) | Shareholder Name | Position | Special Voting Shares Held | Voting Rights per Share | Total Voting Rights | Total Voting Power (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Ji Yingcun | Chairman, General Manager | 7,996,995 | 6 | 69,468,394 | 45.54 | - The special voting rights structure was introduced to ensure the controlling shareholder maintains control over the company's operations and strategy[189](index=189&type=chunk) - During the period, **158,037 special voting rights shares** held by Ji Yingcun were converted to ordinary shares to maintain his special voting rights ratio at **31.46%**[191](index=191&type=chunk) [Section 7 Bond-related Matters](index=63&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) [Corporate Bonds and Non-financial Enterprise Debt Financing Instruments](index=63&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company had no corporate bonds or non-financial enterprise debt financing instruments during the period - The company has **no corporate bonds** or non-financial enterprise debt financing instruments[194](index=194&type=chunk) [Convertible Corporate Bonds](index=63&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 had no convertible corporate bonds during the period - The company has **no convertible corporate bonds**[194](index=194&type=chunk) [Section 8 Financial Report](index=64&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) [Audit Report](index=64&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The semi-annual financial report has not been audited - The company's semi-annual financial report is **unaudited**[196](index=196&type=chunk) [Financial Statements](index=64&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 financial statements for H1 2025 - The consolidated balance sheet shows total assets of **9.46 billion RMB** and net assets attributable to shareholders of **3.93 billion RMB** as of June 30, 2025[197](index=197&type=chunk)[199](index=199&type=chunk) - The consolidated income statement shows total operating revenue of **2.91 billion RMB** and a net loss attributable to parent company shareholders of **86.96 million RMB** for H1 2025[204](index=204&type=chunk)[205](index=205&type=chunk) - The consolidated cash flow statement shows a net cash outflow from operating activities of **299.22 million RMB** for H1 2025[209](index=209&type=chunk) [Company Basics](index=79&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) The company was listed on the STAR Market in February 2022 and engages in technology development and manufacturing - Beijing Jingwei Hirain Technologies Co, Inc was listed on the STAR Market after receiving approval from the CSRC on February 10, 2022[223](index=223&type=chunk) - The company's main business activities include technology development, software development, data processing, industrial design, and manufacturing of automotive parts and electronic products[224](index=224&type=chunk) - As of June 30, 2025, the company's registered capital was **119,967,360 RMB**[223](index=223&type=chunk) [Basis of Preparation for Financial Statements](index=79&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 financial statements are prepared on a going concern basis in accordance with relevant accounting standards - These financial statements are prepared on a **going concern basis**[225](index=225&type=chunk)[226](index=226&type=chunk) - The financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and relevant CSRC regulations[225](index=225&type=chunk) [Significant Accounting Policies and Estimates](index=79&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 accounting policies for key areas like revenue recognition, financial instruments, and R&D capitalization - The company recognizes and measures financial instruments based on its business model and the contractual cash flow characteristics of the assets[247](index=247&type=chunk) - Revenue is recognized when control of goods or services is transferred to the customer, measured based on the progress or point in time of performance obligation fulfillment[321](index=321&type=chunk) - Internal R&D expenditures are classified into research and development phases, with development-phase expenditures capitalized as intangible assets if specific criteria are met[305](index=305&type=chunk)[307](index=307&type=chunk) - The company applies an expected credit loss model for impairment of financial assets measured at amortized cost and certain other financial instruments[259](index=259&type=chunk) - Short-term employee benefits are recognized as liabilities and expensed in the period the service is rendered[311](index=311&type=chunk) [Taxation](index=102&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company benefits from several preferential tax policies, including a reduced income tax rate for high-tech enterprises - The company's main taxes include VAT, Urban Maintenance and Construction Tax, and Corporate Income Tax, with rates varying by entity and location[351](index=351&type=chunk) - The company and several subsidiaries, such as Beijing Runke and Jiangsu Hanrun, are eligible for a preferential **15% corporate income tax rate** as high-tech enterprises[354](index=354&type=chunk)[355](index=355&type=chunk)[356](index=356&type=chunk) - Several subsidiaries are eligible for preferential tax policies for small and micro-enterprises[357](index=357&type=chunk) - The company and some subsidiaries are eligible for a **100% super deduction** for R&D expenses[358](index=358&type=chunk) - The company benefits from a VAT refund policy for software products and a zero VAT rate for cross-border sales[359](index=359&type=chunk) [Notes to Consolidated Financial Statements](index=104&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 breakdowns and explanations for key items in the consolidated financial statements - Cash and cash equivalents at period end were **1.28 billion RMB**, with 84.50 million RMB restricted for guarantees and acceptance bill margins[362](index=362&type=chunk)[364](index=364&type=chunk) - Trading financial assets decreased by **53.59%** to 235.02 million RMB, mainly due to the withdrawal of matured structured deposits[366](index=366&type=chunk)[93](index=93&type=chunk) - Net accounts receivable stood at **1.75 billion RMB**, with a high proportion under one year and a bad debt provision of 192.03 million RMB[376](index=376&type=chunk)[378](index=378&type=chunk) - Inventory book value was **1.76 billion RMB**, including 896.98 million RMB in contract fulfillment costs, with a total provision of 131.31 million RMB[412](index=412&type=chunk) - Fixed assets book value was **1.40 billion RMB**, increasing by 76.19 million RMB during the period, mainly from purchases and transfers from construction in progress[422](index=422&type=chunk)[424](index=424&type=chunk) - Construction in progress increased by **80.91%** to 380.12 million RMB due to sustained investment in infrastructure projects[428](index=428&type=chunk)[93](index=93&type=chunk) - Intangible assets book value was **785.26 million RMB**, with internally developed assets accounting for **13.82%** of the balance[436](index=436&type=chunk) - Short-term borrowings increased by **37.34%** to 779.98 million RMB due to new bank loans[452](index=452&type=chunk)[93](index=93&type=chunk) - Long-term borrowings increased by **100%** to 145.09 million RMB due to new bank loans[474](index=474&type=chunk)[93](index=93&type=chunk) - Share capital decreased to **119,967,360 RMB** due to the cancellation of 8,640 restricted shares[481](index=481&type=chunk) - Operating revenue for the period was **2.91 billion RMB** with an operating cost of 2.23 billion RMB[496](index=496&type=chunk) - R&D expenses decreased by **18.17%** to 439.65 million RMB, mainly due to lower employee compensation for R&D staff[503](index=503&type=chunk)[90](index=90&type=chunk) - Net cash flows were **-299.22 million RMB** from operating activities, **-76.21 million RMB** from investing activities, and **153.82 million RMB** from financing activities[209](index=209&type=chunk)[210](index=210&type=chunk)[212](index=212&type=chunk) [R&D Expenditures](index=152&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D investment was 539 million RMB, with a significant portion capitalized for platform-level projects R&D Expenditure by Nature | Item | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 465,921,444.69 | 556,393,754.97 | | Outsourced Services | 18,428,460.94 | 20,160,937.15 | | Material Consumption | 11,699,558.49 | 15,145,752.01 | | Rent and Utilities | 12,367,275.63 | 15,867,251.65 | | Other Expenses | 30,207,555.12 | 26,337,037.81 | | **Total** | **538,624,294.87** | **633,904,733.59** | | Of which: Expensed R&D | 439,648,798.69 | 537,301,240.61 | | Capitalized R&D | 98,975,496.18 | 96,603,492.98 | - Capitalized R&D projects include platform-level initiatives such as the heavy-duty autonomous driving chassis, intelligent drive-by-wire chassis architecture, and intelligent driving domain controllers[536](index=536&type=chunk) [Changes in Consolidation Scope](index=153&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) The consolidation scope expanded with the establishment of two new wholly-owned subsidiaries - During the period, the company established two new subsidiaries: Beijing Jingwei Qixing Technology Co, Ltd and Beijing Runke Zhihang Technology Co, Ltd[538](index=538&type=chunk) [Interests in Other Entities](index=154&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 16 subsidiaries and one joint venture, accounted for using the equity method - The company has 16 subsidiaries, including Tianjin Jingwei Hirain and Jiangsu Hanrun[540](index=540&type=chunk) - Jingwei Hirain (Tianjin) R&D Co, Ltd is an 88.57%-owned subsidiary of Hirain[540](index=540&type=chunk) - The company holds a **50.00%** stake in the joint venture Hubei Sanhuan Hirain Electronic Technology Co, Ltd, which is accounted for using the equity method[544](index=544&type=chunk) Key Financials of Hubei Sanhuan Hirain Electronic Technology Co, Ltd (Unit: RMB) | Item | End of Period / Current Period | Beginning of Period / Prior Period | | :--- | :--- | :--- | | Total Assets | 12,320,663.35 | 14,026,201.30 | | Total Liabilities | 849,327.66 | 1,518,274.42 | | Equity Attributable to Parent | 11,471,335.69 | 12,507,926.88 | | Book Value of Investment | 5,675,932.00 | 6,169,535.38 | | Operating Revenue | 1,604,571.95 | 2,338,560.00 | | Net Profit | -1,036,591.19 | -1,203,457.78 | - The associate company Suzhou Zhitong Technology Co, Ltd has accumulated unrecognized losses of **66.43 million RMB** as of the period end[548](index=548&type=chunk) [Government Grants](index=157&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company recognized 27.47 million RMB in government grants during the period, primarily from tax refunds and project subsidies Liability Items Related to Government Grants (Unit: RMB) | Item | Beginning Balance | New Grants | Recognized in Non-operating Income | Transferred to Other Income | Ending Balance | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Government Grants (Total) | 324,327,096.56 | 21,272,527.75 | 0 | 11,673,286.78 | 333,926,337.53 | / | Government Grants Recognized in Current Profit or Loss (Unit: RMB) | Type | Current Period | Prior Period | | :--- | :--- | :--- | | VAT refund for software products | 11,235,437.33 | 12,776,846.94 | | R&D center construction project | 3,865,455.54 | 3,110,675.29 | | Social security subsidies | 2,271,474.56 | 197,925.77 | | Industrial support fund A | 1,864,854.62 | 450,925.92 | | Industrial support fund B | 1,500,000.00 | 0 | | Project B | 852,699.12 | 852,699.12 | | Project E | 605,940.95 | 0 | | Project F | 963,649.44 | 963,649.44 | | Project H | 2,000,000.00 | 0 | | Equipment upgrade subsidy | 165,546.66 | 0 | | New-gen automotive gateway MCU chip | 838,345.20 | 0 | | Other | 767,554.98 | 5,690,877.51 | | **Total** | **27,466,220.65** | **24,615,358.93** | [Risks Related to Financial Instruments](index=159&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and market risks through diversified investments, credit monitoring, and hedging strategies - The company is exposed to various financial risks: **credit risk, liquidity risk, and market risk** (including currency and interest rate risk)[553](index=553&type=chunk) - Credit risk arises from cash, notes receivable, and accounts receivable, and is managed by assessing customer creditworthiness and regular monitoring[555](index=555&type=chunk) - Liquidity risk is managed by monitoring cash balances and forecasting cash flows to ensure sufficient funds to meet obligations[556](index=556&type=chunk) - Market risk, including interest rate and currency risk, is managed by balancing fixed and floating rate instruments and potentially using forward foreign exchange contracts to hedge exposures[559](index=559&type=chunk)[560](index=560&type=chunk)[561](index=561&type=chunk) [Fair Value Disclosures](index=162&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses the fair value of assets and liabilities, categorized by the level of valuation inputs Fair Value of Assets and Liabilities at Period End (Unit: RMB) | Item | Level 1 Fair Value | Level 2 Fair Value | Level 3 Fair Value | Total | | :--- | :--- | :--- | :--- | :--- | | **I. Continuous Fair Value Measurement** | | | | | | (a) Trading Financial Assets | 68,233,769.36 | 194,550,807.32 | 0 | 262,784,576.68 | | (b) Other Non-current Financial Assets | 7,501,627.20 | 23,823,230.17 | 233,833,338.46 | 265,158,195.83 | | (c) Receivables Financing | 0 | 102,451,295.13 | 0 | 102,451,295.13 | | **Total Assets at Fair Value** | **75,735,396.56** | **320,825,332.62** | **233,833,338.46** | **630,394,067.64** | - Level 1 fair value is based on quoted prices in active markets at the period-end closing price[566](index=566&type=chunk) - Level 2 fair values are determined using observable inputs, such as forward exchange rates for derivatives and closing prices for listed securities with liquidity discounts[567](index=567&type=chunk) - An investee company was listed in Hong Kong in January 2025, causing its fair value measurement to be transferred from Level 3 to Level 2[570](index=570&type=chunk) [Related Parties and Transactions](index=164&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's related parties include key management, major shareholders, and its joint venture, with limited transactions reported - The company's related parties include controlling shareholder Ji Yingcun, major shareholders, key management, and the joint venture Hubei Sanhuan Hirain[574](index=574&type=chunk)[575](index=575&type=chunk) Sales/Service Related-Party Transactions (Unit: RMB) | Related Party | Transaction Content | Current Period | Prior Period | | :--- | :--- | :--- | :--- | | Hubei Sanhuan Hirain Electronic Tech Co, Ltd | Sales of goods and services | 1,352,920.00 | 670,460.00 | Key Management Personnel Compensation (Unit: 10,000 RMB) | Item | Current Period | Prior Period | | :--- | :--- | :--- | | Key Management Personnel Compensation | 719.96 | 717.01 | Receivables from Related Parties (Unit: RMB) | Item | Related Party | Book Balance | Bad Debt Provision | | :--- | :--- | :--- | :--- | | Accounts Receivable | Hubei Sanhuan Hirain Electronic Tech Co, Ltd | 507,382.18 | 25,369.11 | [Share-based Payments](index=167&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) The company recognized 26.35 million RMB in expenses related to its equity-settled share-based payment plan - The fair value of equity instruments is determined by the closing price of restricted shares on the grant date[584](index=584&type=chunk) - The cumulative amount of equity-settled share-based payments recognized in capital reserves is **494.31 million RMB**[584](index=584&type=chunk) Share-based Payment Expenses for the Period (Unit: RMB) | Grantee Category | Equity-settled Share-based Payment Expense | Cash-settled Share-based Payment Expense | | :--- | :--- | :--- | | Core employees and key management | 26,354,429.67 | 0 | | **Total** | **26,354,429.67** | **0** | [Commitments and Contingencies](index=168&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company had no significant commitments or contingencies to disclose for the reporting period - The company has **no significant contingencies** to disclose[587](index=587&type=chunk) [Post-Balance Sheet Events](index=168&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) There were no significant post-balance sheet events to report - The company has **no significant non-adjusting events** after the balance sheet date[587](index=587&type=chunk) [Other Significant Matters](index=169&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company had no other significant transactions or events to disclose for the period - The company has no prior period accounting error corrections, major debt restructuring, asset swaps, or other significant matters to report[587](index=587&type=chunk) [Notes to Parent Company Financial Statements](index=170&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on key items from the parent company's financial statements - The parent company's net accounts receivable at period end was **1.56 billion RMB**, with a bad debt provision of 171.82 million RMB[589](index=589&type=chunk)[591](index=591&type=chunk) - The parent company's other receivables stood at **320.12 million RMB**, largely consisting of intercompany balances with related parties[601](index=601&type=chunk)[607](index=607&type=chunk)[609](index=609&type=chunk) - The parent company's long-term equity investments were valued at **1.80 billion RMB**, primarily comprising investments in subsidiaries[614](index=614&type=chunk) - The parent company's operating revenue was **2.75 billion RMB** with an operating cost of 2.33 billion RMB[620](index=620&type=chunk) - The parent company's investment income for the period was **9.82 million RMB**, mainly from the disposal of trading financial assets and gains from note discounting[624](index=624&type=chunk) [Supplementary Information](index=180&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides details on non-recurring items and calculations for ROE and EPS Details of Non-recurring Profit and Loss (Unit: RMB) | Item | Amount | | :--- | :--- | | Gains/Losses on disposal of non-current assets | -1,732,511.69 | | Government grants recognized in current profit or loss (excluding those closely related to normal business) | 16,230,783.32 | | Fair value gains/losses from financial assets and liabilities held by non-financial enterprises | 17,310,530.71 | | Reversal of impairment provision for individually tested receivables | 1,101,040.01 | | Gains/Losses from debt restructuring | 789,744.86 | | Other non-operating income and expenses | -225,440.00 | | Less: Income tax impact | 4,999,350.96 | | Less: Minority interest impact (after tax) | 217,904.43 | | **Total** | **28,256,891.82** | Return on Equity (ROE) and Earnings Per Share (EPS) | Profit for the Period | Weighted Average ROE (%) | Basic EPS | Diluted EPS | | :--- | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders | -2.15 | -0.77 | -0.77 | | Net profit attributable to ordinary shareholders after non-recurring items | -2.85 | -1.02 | -1.02 |