[Glossary](index=4&type=section&id=Section%201.%20Glossary) This section defines key terms and abbreviations used throughout the report [Company Profile and Key Financial Indicators](index=7&type=section&id=Section%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and key financial performance metrics [Company Basic Information](index=7&type=section&id=I.%20Company%20Basic%20Information) This section discloses the company's basic information including its Chinese name, abbreviation, English name, legal representative, registered address, office address, website, and email - The company's full name is Shanghai Jiaocheng Ultrasonic Technology Co., Ltd., abbreviated as Jiaocheng Ultrasonic, with Zhou Hongjian as its legal representative[14](index=14&type=chunk) - The company's registered and office address is 3rd Floor, Building 2, No. 1488 Cangyuan Road, Minhang District, Shanghai[14](index=14&type=chunk) [Contact Persons and Information](index=7&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact details for the company's Board Secretary (domestic representative for information disclosure) Sun Kai and Securities Affairs Representative Peng Qinqin - Contact address for Board Secretary Sun Kai and Securities Affairs Representative Peng Qinqin is No. 1488 Cangyuan Road, Minhang District, Shanghai, telephone 021-34668757, and email ir@sbt-sh.com[15](index=15&type=chunk) [Changes in Information Disclosure and Document Custody Locations](index=7&type=section&id=III.%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section specifies the company's chosen newspapers for information disclosure, the website for semi-annual reports, and the location for document custody - Company information disclosure newspapers include Shanghai Securities News, China Securities Journal, Securities Daily, and Securities Times[16](index=16&type=chunk) - The semi-annual report is published on www.sse.com.cn, and the document custody location is the company's Securities Investment Department[16](index=16&type=chunk) [Overview of Company Shares/Depositary Receipts](index=7&type=section&id=IV.%20Overview%20of%20Company%20Shares%2FDepositary%20Receipts) This section introduces the company's A-shares listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation 'Jiaocheng Ultrasonic' and stock code 688392 Company Stock Overview | Stock Type | Listing Exchange and Board | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange STAR Market | Jiaocheng Ultrasonic | 688392 | [Company's Key Accounting Data and Financial Indicators](index=8&type=section&id=VI.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue grew 32.50% to 322.79 million yuan, with net profit attributable to shareholders surging 1,005.12% to 58.04 million yuan, driven by increased sales and improved margins in new energy battery and wire harness equipment; operating cash flow turned positive to 22.65 million yuan Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 322,793,287.98 | 243,610,935.02 | 32.50 | | Total Profit (yuan) | 60,708,074.46 | -2,527,135.99 | N/A | | Net Profit Attributable to Shareholders (yuan) | 58,036,875.83 | 5,251,652.83 | 1,005.12 | | Net Cash Flow from Operating Activities (yuan) | 22,654,270.71 | -82,215,615.97 | N/A | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-on-Period Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.52 | 0.05 | 940.00% | | Diluted Earnings Per Share (yuan/share) | 0.52 | 0.05 | 940.00% | | Basic EPS Excluding Non-Recurring Items (yuan/share) | 0.41 | -0.18 | N/A | | Weighted Average Return on Net Assets (%) | 3.35 | 0.31 | Increased by 3.04 percentage points | | R&D Investment as % of Operating Revenue (%) | 23.41 | 29.42 | Decreased by 6.01 percentage points | - Operating revenue increased by **32.50%**, primarily due to increased sales of new energy battery ultrasonic equipment, wire harness connector ultrasonic equipment, and accessories[20](index=20&type=chunk) - Net profit attributable to shareholders increased by **1,005.12%**, mainly due to increased main business revenue, a higher proportion of products with higher gross profit margins, and improved operational management efficiency[21](index=21&type=chunk) - Net cash flow from operating activities was **22.65 million yuan**, compared to a net outflow of **82.22 million yuan** in the prior year, primarily due to increased operating revenue and sales collections in the current period[23](index=23&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=9&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to 11.76 million yuan, primarily including government subsidies and fair value changes in financial assets Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | 38,414.27 | | Government subsidies recognized in current profit/loss | 8,813,945.80 | | Fair value changes and disposal gains/losses of financial assets and liabilities held by non-financial enterprises | 5,878,036.99 | | Other non-operating income and expenses apart from the above | -515,400.63 | | Other gains and losses meeting the definition of non-recurring items | 176,511.66 | | Less: Income tax impact | 2,626,782.57 | | Minority interest impact (after tax) | 53.64 | | Total | 11,764,671.88 | [Management Discussion and Analysis](index=10&type=section&id=Section%203.%20Management%20Discussion%20and%20Analysis) This section provides management's discussion and analysis of the company's industry, operations, core competitiveness, and risk factors [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=10&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) As a supplier of ultrasonic technology and application solutions, the company's main business covers new energy batteries, wire harness connectors, and semiconductors; during the reporting period, new energy battery and wire harness connector businesses significantly recovered, semiconductor market promotion intensified, and the company successfully broke the import reliance on high-end ultrasonic testing equipment - The company belongs to "C35 Special Equipment Manufacturing" and is part of the "Intelligent Manufacturing Equipment Industry" within "High-end Equipment Manufacturing"[28](index=28&type=chunk) - Increased sales revenue from new energy battery ultrasonic welding equipment, wire harness connector ultrasonic equipment, and accessories drove operating revenue growth of **32.50%**[20](index=20&type=chunk)[73](index=73&type=chunk) - In the first half of 2025, China's cumulative production of power and other batteries reached **697.3 GWh**, a year-on-year increase of **60.4%**, with new energy vehicle sales growing by **40.31%**[30](index=30&type=chunk) - The company's wire harness connector ultrasonic equipment can weld large diameter copper and aluminum wires above **185 square millimeters**, widely used in new energy vehicle high and low voltage wire harnesses, charging piles, and energy storage[32](index=32&type=chunk) - The company actively seized development opportunities in the semiconductor equipment industry, continuously strengthened market promotion of ultrasonic bonding machines and ultrasonic scanning microscopes, successfully breaking the long-standing reliance on imports for high-end ultrasonic testing equipment[33](index=33&type=chunk) [Discussion and Analysis of Operating Performance](index=12&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) Total operating revenue increased by 32.50%, and net profit by 1,005.12%; the company boosted R&D, focused on advanced semiconductor packaging and new energy, and enhanced team and management efficiency Overview of Key Financial Data (Reporting Period) | Indicator | Current Reporting Period | Year-on-Year Growth | | :--- | :--- | :--- | | Total Operating Revenue (10,000 yuan) | 32,279.33 | 32.50% | | Net Profit Attributable to Shareholders (10,000 yuan) | 5,803.69 | 1,005.12% | | Total Assets (Period-end, 10,000 yuan) | 225,676.08 | 6.19% (vs. beginning of year) | | Net Assets Attributable to Shareholders (Period-end, 10,000 yuan) | 175,704.95 | 3.88% (vs. beginning of year) | - R&D investment during the reporting period was **75.58 million yuan**, a year-on-year increase of **5.46%**, accounting for **23.41%** of operating revenue[37](index=37&type=chunk) - The company's independently developed wafer ultrasonic scanning microscope successfully secured orders from a well-known domestic client, with significant technological breakthroughs and innovations achieved in ultrasonic bonding machines, ultrasonic scanning microscopes, Pin-needle ultrasonic welding machines, high-power ultrasonic torque welding machines, and vibration monitoring systems[37](index=37&type=chunk) - In the new energy battery sector, the company's ultrasonic welding vibration monitoring system, laser welding quality monitoring system, ultrasonic dust removal equipment, and ultrasonic testing equipment have all achieved mass shipments[38](index=38&type=chunk)[39](index=39&type=chunk) - In the advanced semiconductor packaging sector, the company's advanced ultrasonic scanning microscope received orders from a well-known domestic client and completed delivery, while the ultrasonic die bonder (ultrasonic thermocompression bonder) has secured formal client orders[40](index=40&type=chunk) - During the reporting period, **29 new R&D personnel** were added, a year-on-year increase of **10.03%**, and the grant of restricted shares for the 2024 restricted stock incentive plan was completed[40](index=40&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=14&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in technological innovation, human resources, customer service, and customer resources and brand advantages, possessing a strong R&D team and technology platform with multiple core technologies reaching international advanced levels, and long-term partnerships with numerous renowned clients [Core Competitiveness Analysis](index=14&type=section&id=(I)%20Core%20Competitiveness%20Analysis) The company boasts strong technological innovation in ultrasonic technology, an experienced R&D team, and has earned honors such as National High-tech Enterprise and 'Little Giant' enterprise; it has established a nationwide marketing and service network, providing efficient customized services, and has accumulated numerous renowned clients including CATL and BYD - As of June 30, 2025, the company had **318 R&D personnel**, accounting for **37.54%** of its total employees[43](index=43&type=chunk) - The company is a National High-tech Enterprise, National 'Little Giant' enterprise, Shanghai Science and Technology 'Little Giant' enterprise, and Shanghai Enterprise Technology Center[44](index=44&type=chunk) - The company has formed a technology platform centered on ultrasonic technology, possessing a technology chain covering the entire process of ultrasonic industrial applications[44](index=44&type=chunk) - In the new energy battery sector, the company has accumulated renowned clients such as CATL, BYD, and EVE Energy; in the wire harness connector sector, it collaborates with leading clients like Leoni, TE Connectivity, and Aptiv[47](index=47&type=chunk) [Core Technologies and R&D Progress](index=15&type=section&id=(III)%20Core%20Technologies%20and%20R%26D%20Progress) The company has established six core R&D technology platforms based on ultrasonic technology, with multiple core innovative technologies reaching international advanced levels, such as integrated wedge bonding technology and ultrasonic metal welding quality monitoring technology; during the reporting period, it obtained 31 new authorized patents and 7 software copyrights, with R&D investment of 75.58 million yuan - The company has built six core R&D technology platforms centered on ultrasonic power supply technology, piezoelectric transducer simulation design technology, acoustic tool design technology, controller design and development technology, intelligent online detection technology, and automation system technology[48](index=48&type=chunk) - Core innovative technologies such as integrated wedge bonding technology, ultrasonic metal welding quality monitoring technology, and ultrasonic high-speed roll welding system technology have reached international advanced levels[49](index=49&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) R&D Investment During the Reporting Period | Indicator | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 75,578,297.17 | 71,667,609.75 | 5.46 | | Total R&D Investment as % of Operating Revenue | 23.41% | 29.42% | Decreased by 6.01 percentage points | - During the reporting period, **31 new authorized patents** and **7 software copyrights** were obtained; as of June 30, 2025, the company had obtained **336 valid authorized patents** and **62 software copyrights**[53](index=53&type=chunk) R&D Project Status (Partial) | No. | Project Name | Estimated Total Investment (10,000 yuan) | Current Period Investment (10,000 yuan) | Target | | :--- | :--- | :--- | :--- | :--- | | 1 | Ultrasonic Equipment Development for Lithium Battery Industry | 6,000 | 848.24 | Develop ultrasonic welders and automation solutions for the lithium battery sector | | 3 | Semiconductor Ultrasonic Equipment Development | 15,500 | 2,876.17 | Develop welding and testing equipment for semiconductors | | 6 | Ultrasonic System Development | 5,000 | 789.71 | Develop standard ultrasonic system solutions (power supply and transducer) across multiple technical routes | [Risk Factors](index=20&type=section&id=IV.%20Risk%20Factors) The company faces core competitiveness risks from technological changes, product R&D, technical information leakage, and intellectual property infringement; operational risks include single application segments in new energy batteries, high customer concentration, and reliance on major clients; financial risks encompass accounts receivable impairment, inventory write-downs, gross margin decline, negative operating cash flow, and changes in tax policies; additionally, market risks for fundraising projects and increased depreciation/amortization are potential threats to performance [Core Competitiveness Risks](index=20&type=section&id=(I)%20Core%20Competitiveness%20Risks) The company faces product R&D risks due to rapid technological iteration in downstream industries; failure to meet continuous technological upgrade requirements or achieve expected results in emerging fields will adversely affect operations; there are also risks of technical information leakage due to personnel turnover or disclosure, and intellectual property infringement from competitors imitating patented technologies - Downstream industries such as new energy batteries, wire harness connectors, and semiconductors experience rapid technological route and production process iteration, requiring continuous R&D investment to meet upgrade demands[62](index=62&type=chunk) - Failure to achieve expected results and product formation in R&D for emerging fields will adversely affect the company's operations[62](index=62&type=chunk) - There is a risk of core technology leakage due to the loss or disclosure of relevant technical personnel[63](index=63&type=chunk) - There is a risk of intellectual property infringement, which could adversely affect the company's business operations[63](index=63&type=chunk) [Operational Risks](index=21&type=section&id=(II)%20Operational%20Risks) The company's new energy battery ultrasonic welding equipment has a relatively single application segment and smaller market capacity, coupled with high customer concentration and reliance on major clients; failure to meet major clients' product quality or competitiveness requirements could lead to supplier replacement - The company's new energy battery ultrasonic welding equipment is primarily used in the tab welding process of lithium battery production, with a relatively single application segment and smaller market size[63](index=63&type=chunk) - The company's products are mainly concentrated in the new energy battery industry, posing risks of high customer concentration and reliance on major clients[64](index=64&type=chunk) - If product quality, stability, or technical parameters fail to meet major client standards, or if competitors' products are more competitive, clients may switch suppliers[64](index=64&type=chunk) [Financial Risks](index=21&type=section&id=(III)%20Financial%20Risks) At the end of the reporting period, the company's accounts receivable and inventory had significant book values, posing risks of bad debts and impairment; the new energy battery ultrasonic equipment business faces downward price pressure and increased competition, potentially leading to gross margin decline; additionally, there is a risk of negative operating cash flow and changes in high-tech enterprise tax preferential policies Key Financial Risk Indicators at Period-End | Indicator | Period-End Book Value (10,000 yuan) | % of Current Assets | | :--- | :--- | :--- | | Accounts Receivable | 29,183.06 | 15.05 | | Inventory | 24,967.90 | 12.87 | - Mature products and accessories in the new energy battery ultrasonic welding sector face downward price pressure and increased competition from international manufacturers, potentially leading to gross margin decline[66](index=66&type=chunk) - Net cash flow from operating activities was **22.65 million yuan** during the reporting period, but there remains a risk of negative operating cash flow[66](index=66&type=chunk) - The company enjoys high-tech enterprise income tax preferential policies; failure to maintain this qualification in the future will adversely affect net profit[67](index=67&type=chunk) [Industry Risks](index=22&type=section&id=(IV)%20Industry%20Risks) The company's business revenue is closely tied to the prosperity of downstream industries such as new energy batteries, wire harness connectors, and semiconductors; a slowdown or decline in these industries will adversely affect the company's performance - The company's business revenue is closely related to the prosperity of downstream industries such as new energy batteries, wire harness connectors, and semiconductors[68](index=68&type=chunk) - If the growth of downstream industries slows down or declines, market demand for the company's main products will be affected, potentially leading to an adverse impact on performance[68](index=68&type=chunk) [Other Significant Risks](index=22&type=section&id=(V)%20Other%20Significant%20Risks) Fundraising projects may face market changes leading to actual benefits falling short of expectations or further delays; after project completion, annual depreciation and amortization expenses will increase by 14.77 million yuan, which could impair profitability if operations are poor or market development is insufficient; additionally, there are risks from policies, economy, natural disasters, and other force majeure events - Fundraising projects may face uncertainties such as overall economic conditions, industrial policies, and market environment changes, leading to actual benefits not meeting expectations[68](index=68&type=chunk) - The "Intelligent Ultrasonic Equipment Manufacturing Base Construction Project" has been extended to December 2026, with a risk of further delays[69](index=69&type=chunk)[70](index=70&type=chunk) - After the fundraising projects reach full capacity, the company will incur an additional **14.77 million yuan** in annual depreciation and amortization expenses; poor operations or insufficient market development will increase operational risks[71](index=71&type=chunk) [Key Operating Performance During the Reporting Period](index=23&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) Operating revenue was 322.79 million yuan, up 32.50%; net profit was 58.04 million yuan, up 1,005.12%; total assets were 2,256.76 million yuan, with a 22.06% asset-liability ratio; accounts receivable financing, inventory, long-term equity investments, and construction in progress significantly increased [Analysis of Main Business](index=23&type=section&id=(I)%20Analysis%20of%20Main%20Business) Operating revenue increased by 32.50% due to higher sales of new energy battery and wire harness equipment; operating costs decreased by 8.19%, and financial expenses dropped significantly; operating cash flow turned positive, with notable changes in investing and financing cash flows Financial Statement Related Items Fluctuation Analysis (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 322,793,287.98 | 243,610,935.02 | 32.50 | | Operating Cost | 112,181,595.46 | 122,186,173.71 | -8.19 | | Selling Expenses | 43,513,303.19 | 38,298,342.36 | 13.62 | | Administrative Expenses | 31,640,365.95 | 31,357,972.25 | 0.90 | | Financial Expenses | -3,038,792.73 | -6,865,562.62 | N/A | | R&D Expenses | 75,578,297.17 | 71,667,609.75 | 5.46 | | Net Cash Flow from Operating Activities | 22,654,270.71 | -82,215,615.97 | N/A | | Net Cash Flow from Investing Activities | -71,890,817.52 | -467,957,598.37 | N/A | | Net Cash Flow from Financing Activities | 24,010,104.31 | -117,921,892.95 | N/A | - Operating revenue increased primarily due to increased sales of new energy battery ultrasonic equipment, wire harness connector ultrasonic equipment, and accessories[73](index=73&type=chunk) - Changes in financial expenses were mainly influenced by a decrease in the average fund balance and a continuous macro interest rate reduction, leading to a corresponding decrease in interest income[74](index=74&type=chunk) - Net cash flow from operating activities turned positive, primarily due to increased operating revenue and sales collections[74](index=74&type=chunk) - Changes in net cash flow from investing activities were mainly due to the redemption of wealth management products during the current reporting period[75](index=75&type=chunk) - Changes in net cash flow from financing activities were mainly due to the receipt of restricted stock subscription payments in the current period and the repurchase of company shares in the prior year period[76](index=76&type=chunk) [Analysis of Assets and Liabilities](index=25&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) Total assets were 2,256.76 million yuan, net assets 1,757.05 million yuan, and asset-liability ratio 22.06%; accounts receivable financing, inventory, long-term equity investments, and construction in progress significantly increased due to higher bills, orders, external investments, and subsidiary project expenditures; accounts payable and contract liabilities increased, while taxes payable and lease liabilities decreased Asset and Liability Status Changes (Period-End vs. Prior Year-End) | Item Name | Current Period-End Amount (yuan) | % of Total Assets at Period-End | Prior Year-End Amount (yuan) | % of Total Assets at Prior Year-End | Period-End Change vs. Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 94,847,162.56 | 4.20 | 60,121,568.09 | 2.83 | 57.76 | Increased balance of Class A bills at period-end | | Inventory | 249,679,037.91 | 11.06 | 174,093,351.54 | 8.19 | 43.42 | Increased orders in current period, leading to increased goods issued | | Long-term Equity Investments | 46,896,245.77 | 2.08 | 486,444.30 | 0.02 | 9,540.62 | Increased external investments in current period | | Construction in Progress | 12,155,823.95 | 0.54 | 3,192,404.09 | 0.15 | 280.77 | Increased expenditures for subsidiary headquarters project | | Accounts Payable | 90,986,666.38 | 4.03 | 67,263,577.11 | 3.16 | 35.27 | Increased procurement in current period | | Contract Liabilities | 47,073,382.56 | 2.09 | 31,030,047.86 | 1.46 | 51.70 | Increased advance receipts for goods in current period | | Taxes Payable | 8,430,507.82 | 0.37 | 15,978,339.25 | 0.75 | -47.24 | Decreased VAT and surcharges payable at period-end | - At the end of the reporting period, the company's total assets were **2,256.76 million yuan**, total liabilities were **497.85 million yuan**, net assets attributable to shareholders were **1,757.05 million yuan**, and the asset-liability ratio was **22.06%**[72](index=72&type=chunk) [Analysis of Investment Status](index=27&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) Total external equity investment was 46.9995 million yuan, up 370.00%; 250 million yuan of over-raised funds were used to increase capital in Jiaocheng Development for the Headquarters Base project; period-end trading financial assets were 316.19 million yuan, other non-current financial assets 24.33 million yuan; multiple private equity funds were invested, totaling 69.40 million yuan Overall Analysis of External Equity Investments | Indicator | Investment Amount in Reporting Period (yuan) | Investment Amount in Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total External Equity Investment | 46,999,500.00 | 10,000,000.00 | 370.00% | - The company used **250 million yuan** of raised funds to increase capital in its wholly-owned subsidiary Jiaocheng Development for the implementation of the "Jiaocheng Ultrasonic Headquarters Base and Advanced Ultrasonic Equipment Industrialization Project"[85](index=85&type=chunk) Financial Assets Measured at Fair Value (Period-End) | Asset Category | Period-End Amount (yuan) | | :--- | :--- | | Accounts Receivable Financing | 94,847,162.56 | | Trading Financial Assets | 316,189,864.88 | | Other Non-current Financial Assets | 24,327,340.04 | | Total | 435,364,367.48 | Private Equity Fund Investments (As of Period-End) | Private Equity Fund Name | Planned Total Investment (10,000 yuan) | Amount Invested as of Period-End (10,000 yuan) | Profit Impact in Reporting Period (10,000 yuan) | Cumulative Profit Impact (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | | Enshe Optoelectronic Sensing Investment (Hainan) Partnership (Limited Partnership) | 3,001.00 | 2,090.00 | -17.08 | 272.83 | | Enshe Yihui Phase I Investment (Hainan) Partnership (Limited Partnership) | 400.00 | 400.00 | - | - | | Enshe Acoustic-Optoelectronic Intelligent Manufacturing Venture Capital (Hainan) Partnership (Limited Partnership) | 4,950.00 | 4,450.00 | -39.92 | -39.92 | | Total | 8,351.00 | 6,940.00 | -57.00 | 232.91 | [Analysis of Major Holding and Participating Companies](index=29&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Wuxi Jiaocheng Intelligent Technology Co., Ltd., a major subsidiary, has a registered capital of 50 million yuan; during the reporting period, its total assets were 383.49 million yuan, net assets 312.18 million yuan, operating revenue 125.94 million yuan, and net profit 9.65 million yuan Major Subsidiary Information (Wuxi Jiaocheng Intelligent Technology Co., Ltd.) | Company Name | Company Type | Main Business | Registered Capital (10,000 yuan) | Total Assets (10,000 yuan) | Net Assets (10,000 yuan) | Operating Revenue (10,000 yuan) | Operating Profit (10,000 yuan) | Net Profit (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wuxi Jiaocheng Intelligent Technology Co., Ltd. | Subsidiary | Production of ultrasonic equipment components, welding equipment, cutting equipment, and testing equipment | 5,000.00 | 38,348.92 | 31,218.06 | 12,593.96 | 1,188.05 | 965.30 | [Corporate Governance, Environment, and Society](index=30&type=section&id=Section%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers the company's corporate governance, environmental initiatives, and social responsibilities, including profit distribution, equity incentive plans, and contributions to poverty alleviation and rural revitalization [Profit Distribution or Capital Reserve Conversion Plan](index=30&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company will not undertake any profit distribution or capital reserve conversion in this semi-annual period - The company will not distribute or convert shares in this semi-annual period, with zero bonus shares, dividends, and conversion shares per 10 shares[93](index=93&type=chunk) [Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=30&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company completed share registration for the first vesting period of the 2024 restricted stock incentive plan, adding 933,360 shares; grant prices for the 2023 and 2024 plans were adjusted, and reserved restricted shares for 2024 were granted - On May 28, 2025, the first vesting period of the 2024 restricted stock incentive plan's initial grant was completed, adding **933,360 shares**, which became tradable on June 5, 2025[127](index=127&type=chunk) - On March 31, 2025, the company adjusted the grant prices for the 2023 and 2024 restricted stock incentive plans and granted **645,300 reserved restricted shares** for 2024 to no more than **60 incentive recipients**[94](index=94&type=chunk)[510](index=510&type=chunk) - On April 10, 2025, the company cancelled some restricted shares from the 2023 and 2024 restricted stock incentive plans that had become invalid[94](index=94&type=chunk)[511](index=511&type=chunk) [Specifics of Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=31&type=section&id=V.%20Specifics%20of%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20and%20Other%20Work) The company actively fulfills its social responsibilities, donating 200,000 yuan to the Shanghai Jiangchuan Community Development Foundation during the reporting period to promote community education - During the reporting period, the company donated **200,000 yuan** to the Shanghai Jiangchuan Community Development Foundation to promote the development of education in the Jiangchuan community[95](index=95&type=chunk) [Significant Matters](index=32&type=section&id=Section%205.%20Significant%20Matters) This section details significant matters including the fulfillment of commitments, major related party transactions, and the progress of raised funds utilization [Fulfillment of Commitments](index=32&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's controlling shareholder, actual controller, directors, senior management, and core technical personnel all strictly fulfilled their commitments regarding share lock-up, stock price stabilization, avoidance of horizontal competition, and standardization of related party transactions during the reporting period - Controlling shareholder Yangtai Enterprise Management and actual controller Zhou Hongjian committed not to transfer shares within **36 months** from the company's listing date, with an automatic **6-month extension** if the closing price falls below the offering price within **6 months** of listing[97](index=97&type=chunk) - The company, controlling shareholder, actual controller, non-independent directors, and senior management committed to initiating stock price stabilization measures under specific conditions, including company repurchases, increased holdings by the controlling shareholder and actual controller, and increased holdings by non-independent directors and senior management[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) - The controlling shareholder and actual controller committed to avoiding horizontal competition and standardizing related party transactions to ensure fairness and impartiality[103](index=103&type=chunk)[104](index=104&type=chunk) - The company and all incentive recipients committed not to provide loans or other financial assistance to equity incentive recipients, and to return benefits obtained from the incentive plan if information disclosure documents contain false records[107](index=107&type=chunk) [Major Related Party Transactions](index=43&type=section&id=X.%20Major%20Related%20Party%20Transactions) The board approved the 2025 annual routine related party transaction forecast, totaling 13.00 million yuan, primarily for procuring materials and services from Qingdao Aobo Intelligent Technology, Nanjing Runhe Runyun Technology, and Jiangsu Runhe Software - The company's board of directors approved the "Proposal on the Forecast of Routine Related Party Transactions for 2025", with an estimated total amount of **13.00 million yuan**[110](index=110&type=chunk) Procurement of Goods/Acceptance of Services (Related Party Transactions) | Related Party | Related Transaction Content | Current Period Amount (yuan) | Approved Transaction Limit (yuan) | Exceeded Transaction Limit | | :--- | :--- | :--- | :--- | :--- | | Qingdao Aobo Intelligent Technology Co., Ltd. | Material Procurement | 1,526,820.10 | 4,000,000.00 | No | | Nanjing Runhe Runyun Technology Co., Ltd. | Services | 124,465.60 | 1,500,000.00 | No | | Jiangsu Runhe Software Co., Ltd. | Services | 61,950.00 | 7,500,000.00 | No | Unsettled Items with Related Parties (Receivable Items) | Item Name | Related Party | Period-End Book Balance (yuan) | Bad Debt Provision (yuan) | | :--- | :--- | :--- | :--- | | Intercompany Payables/Receivables | Qingdao Aobo Intelligent Technology Co., Ltd. | 27,341,527.65 | 13,670,763.83 | Unsettled Items with Related Parties (Payable Items) | Item Name | Related Party | Period-End Book Balance (yuan) | | :--- | :--- | :--- | | Accounts Payable | Qingdao Aobo Intelligent Technology Co., Ltd. | 872,013.85 | | Accounts Payable | Nanjing Runhe Runyun Technology Co., Ltd. | 131,933.54 | | Accounts Payable | Jiangsu Runhe Software Co., Ltd. | 15,000.00 | [Explanation of Progress in Use of Raised Funds](index=45&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) IPO raised funds had a cumulative investment of 716.42 million yuan (55.26% progress); over-raised funds invested 505.39 million yuan (57.98% progress); "Intelligent Ultrasonic Equipment Manufacturing Base Construction Project" extended to December 2026; temporarily idle raised funds used for cash management up to 600 million yuan [Overall Use of Raised Funds](index=45&type=section&id=(I)%20Overall%20Use%20of%20Raised%20Funds) As of the end of the reporting period, the company's initial public offering raised a total of 1,459.19 million yuan, with a net amount of 1,296.36 million yuan; the committed investment for raised funds totaled 424.75 million yuan, and over-raised funds totaled 871.61 million yuan; cumulative investment of raised funds was 716.42 million yuan, with an investment progress of 55.26%; cumulative investment of over-raised funds was 505.39 million yuan, with an investment progress of 57.98% Overall Use of Raised Funds (As of Period-End) | Indicator | Total Raised Funds (yuan) | Net Raised Funds (yuan) | Committed Investment of Raised Funds (yuan) | Total Over-Raised Funds (yuan) | Cumulative Investment of Raised Funds (yuan) | Cumulative Investment Progress of Raised Funds (%) | Cumulative Investment of Over-Raised Funds (yuan) | Cumulative Investment Progress of Over-Raised Funds (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 1,459,190,000.00 | 1,296,362,184.31 | 424,753,400.00 | 871,608,784.31 | 716,423,059.93 | 55.26 | 505,388,655.14 | 57.98 | [Details of Fundraising Projects](index=45&type=section&id=(II)%20Details%20of%20Fundraising%20Projects) The "Intelligent Ultrasonic Equipment Manufacturing Base Construction Project" completion date is now December 2026; over-raised funds are primarily allocated to permanently supplementing working capital, repaying bank loans, repurchasing shares, and developing the "Jiaocheng Ultrasonic Headquarters Base and Advanced Ultrasonic Equipment Industrialization Project" - The date for the "Intelligent Ultrasonic Equipment Manufacturing Base Construction Project" to reach its intended usable state has been adjusted to December 2026[116](index=116&type=chunk) Detailed Use of Over-Raised Funds (As of Period-End) | Purpose | Planned Total Investment of Over-Raised Funds (yuan) | Cumulative Investment of Over-Raised Funds as of Period-End (yuan) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | | Permanently Supplement Working Capital or Repay Bank Loans | 261,000,000.00 | 259,527,103.75 | 99.44 | | Used for Share Repurchase | 134,014,178.21 | 134,014,178.21 | 100.00 | | Jiaocheng Ultrasonic Headquarters Base and Advanced Ultrasonic Equipment Industrialization Project | 250,000,000.00 | 111,847,373.18 | 44.74 | | Unspecified Use | 226,594,606.10 | 0.00 | 0.00 | | Total | 871,608,784.31 | 505,388,655.14 | / | [Other Uses of Raised Funds During the Reporting Period](index=47&type=section&id=(IV)%20Other%20Uses%20of%20Raised%20Funds%20During%20the%20Reporting%20Period) The company used temporarily idle raised funds not exceeding 600 million yuan for cash management for up to 12 months, and agreed to regularly replace funds used from its own capital and bank acceptance bills for fundraising projects with raised funds; additionally, 250 million yuan of over-raised funds were used to increase capital in Jiaocheng Development for the "Jiaocheng Ultrasonic Headquarters Base and Advanced Ultrasonic Equipment Industrialization Project" - The company used temporarily idle raised funds not exceeding **600 million yuan** for cash management, with a term not exceeding **12 months**[120](index=120&type=chunk)[123](index=123&type=chunk) - The company agreed to regularly replace funds used from its own capital and bank acceptance bills for fundraising projects with an equivalent amount of raised funds[121](index=121&type=chunk) - The company used **250 million yuan** of over-raised funds to increase capital in its wholly-owned subsidiary Jiaocheng Development for the implementation of the "Jiaocheng Ultrasonic Headquarters Base and Advanced Ultrasonic Equipment Industrialization Project"[122](index=122&type=chunk) [Explanation of Other Significant Matters](index=48&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) None [Share Changes and Shareholder Information](index=49&type=section&id=Section%206.%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides information on its shareholders, including the top ten shareholders and their holdings [Changes in Share Capital](index=49&type=section&id=I.%20Changes%20in%20Share%20Capital) The company's total share capital increased by 933,360 shares, from 114,800,000 to 115,733,360 shares, due to the completion of the first vesting period of the 2024 restricted stock incentive plan's initial grant Share Capital Change Table (Current Period Increase/Decrease) | Total Shares | Amount Before Change | Increase/Decrease in Current Change (+,-) Subtotal | Amount After Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 44,981,239 | 0 | 44,981,239 | | II. Unrestricted Tradable Shares | 69,818,761 | 933,360 | 70,752,121 | | III. Total Shares | 114,800,000 | 933,360 | 115,733,360 | - The company's total share capital increased by **933,360 shares** from **114,800,000 shares** to **115,733,360 shares** due to the completion of the first vesting period of the 2024 restricted stock incentive plan's initial grant[127](index=127&type=chunk) [Shareholder Information](index=50&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had 4,733 common shareholders; among the top ten shareholders, Jiangsu Yangtai Enterprise Management Co., Ltd. held 18.87%, Zhou Hongjian held 14.02%, and Shanghai Jianlin Enterprise Management Partnership (Limited Partnership) held 6.56%; the company's special repurchase securities account held 2,908,936 shares - As of the end of the reporting period, the total number of common shareholders was **4,733**[128](index=128&type=chunk) Top Ten Shareholders' Holdings (As of Period-End) | Shareholder Name | Period-End Holding Quantity (shares) | Percentage (%) | Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Jiangsu Yangtai Enterprise Management Co., Ltd. | 21,834,053 | 18.87 | 21,834,053 | Domestic Non-State-Owned Legal Person | | Zhou Hongjian | 16,225,303 | 14.02 | 16,225,303 | Domestic Natural Person | | Shanghai Jianlin Enterprise Management Partnership (Limited Partnership) | 7,587,584 | 6.56 | 1,120,042 | Other | | Zhu Xiang | 5,250,000 | 4.54 | 0 | Domestic Natural Person | | Wuxi Sumin Runhe No. 1 Venture Capital Partnership (Limited Partnership) | 3,701,841 | 3.20 | 3,701,841 | Other | | Lu Huiping | 2,100,000 | 1.81 | 2,100,000 | Domestic Natural Person | | Shao Hua | 1,768,000 | 1.53 | 0 | Domestic Natural Person | | Zhang Weiqi | 1,650,000 | 1.43 | 0 | Domestic Natural Person | | Bank of China Co., Ltd. - Dacheng Technology Consumer Stock Fund | 1,385,890 | 1.20 | 0 | Other | | Agricultural Bank of China Co., Ltd. - Dacheng Growth Progressive Mixed Fund | 1,327,612 | 1.15 | 0 | Other | - As of the end of the reporting period, the company's special repurchase securities account held **2,908,936 shares**[131](index=131&type=chunk) [Information on Directors, Senior Management, and Core Technical Personnel](index=53&type=section&id=III.%20Information%20on%20Directors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, the company's directors, supervisors, senior management, and core technical personnel indirectly reduced some of their company shares through the company's employee stock ownership platform Shareholding Changes of Directors, Senior Management, and Core Technical Personnel (Partial) | Name | Position | Indirect Holdings at Beginning of Period (10,000 shares) | Indirect Holdings at End of Period (10,000 shares) | Change in Shares During Reporting Period (10,000 shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Duan Zhongfu | Director, Deputy General Manager | 112.00 | 84.00 | -28.00 | Reduction | | Yin Wanwu | Chairman of Supervisory Board, Core Technical Personnel | 16.80 | 12.60 | -4.20 | Reduction | | Sun Kai | Deputy General Manager, Board Secretary, CFO | 42.00 | 31.50 | -10.50 | Reduction | | Shi Xinhua | Deputy General Manager, Core Technical Personnel | 107.66 | 84.95 | -22.72 | Reduction | [Bond-Related Information](index=55&type=section&id=Section%207.%20Bond-Related%20Information) This section provides information related to the company's bonds, if any [Financial Report](index=56&type=section&id=Section%208.%20Financial%20Report) This section presents the company's comprehensive financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies and financial items [Financial Statements](index=56&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting the company's financial position, operating results, and cash flows - Financial statements include consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[140](index=140&type=chunk)[144](index=144&type=chunk)[148](index=148&type=chunk)[151](index=151&type=chunk)[154](index=154&type=chunk)[157](index=157&type=chunk)[160](index=160&type=chunk)[167](index=167&type=chunk) [Company Basic Information](index=74&type=section&id=III.%20Company%20Basic%20Information) This section introduces Shanghai Jiaocheng Ultrasonic Technology Co., Ltd.'s establishment background, registered capital, total share capital, operating address, and legal representative, clarifying its main business activities in R&D, design, production, and sales of ultrasonic welding and cutting equipment and accessories, as well as automation solutions for the new energy power battery manufacturing sector - The company's registered capital is **115,733,360 yuan**, with a total share capital of **115,733,360 shares**[171](index=171&type=chunk) - The company's main business activities include R&D, design, production, and sales of ultrasonic welding and cutting equipment and accessories, and providing automation solutions for the new energy power battery manufacturing sector[171](index=171&type=chunk) [Basis of Financial Statement Preparation](index=74&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, and its ability to continue as a going concern for the next 12 months has been assessed, with no issues affecting this ability identified - The company's financial statements are prepared on a going concern basis[172](index=172&type=chunk) - The company assessed its ability to continue as a going concern for the **12 months** from the end of the reporting period and found no matters affecting this ability[173](index=173&type=chunk) [Significant Accounting Policies and Estimates](index=74&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's adherence to accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statements, cash and cash equivalents, foreign currency transactions and translation, financial instruments, notes receivable, accounts receivable, accounts receivable financing, other receivables, inventories, contract assets, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee benefits, provisions, share-based payments, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position[175](index=175&type=chunk) - The accounting period reported is from January 1, 2025, to June 30, 2025[176](index=176&type=chunk) - Detailed accounting treatments for recognition, classification, measurement, impairment, and transfer of financial instruments are elaborated[205](index=205&type=chunk)[206](index=206&type=chunk)[207](index=207&type=chunk)[208](index=208&type=chunk)[209](index=209&type=chunk)[210](index=210&type=chunk)[211](index=211&type=chunk)[212](index=212&type=chunk)[213](index=213&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk)[219](index=219&type=chunk)[220](index=220&type=chunk)[221](index=221&type=chunk)[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk)[225](index=225&type=chunk)[226](index=226&type=chunk)[227](index=227&type=chunk)[228](index=228&type=chunk) - Accounting policies for revenue recognition and measurement are clarified, including general principles and specific methods for contracts for sale of goods and provision of services[281](index=281&type=chunk)[282](index=282&type=chunk)[283](index=283&type=chunk)[284](index=284&type=chunk)[285](index=285&type=chunk) - Disclosure of accounting policies for recognition, measurement, and treatment of government grants, distinguishing between asset-related and income-related grants[289](index=289&type=chunk)[290](index=290&type=chunk) - Detailed explanation of recognition, measurement, and deferred income tax treatment for deferred income tax assets and liabilities, including those arising from specific transactions or events[292](index=292&type=chunk)[293](index=293&type=chunk)[294](index=294&type=chunk)[295](index=295&type=chunk)[296](index=296&type=chunk)[297](index=297&type=chunk) [Taxation](index=108&type=section&id=VI.%20Taxation) The company's main taxes include VAT, corporate income tax, urban maintenance and construction tax, education surcharges, and local education surcharges; the company enjoys a 15% corporate income tax preferential rate as a high-tech enterprise, with some subsidiaries benefiting from small and micro-profit enterprise income tax preferences; additionally, the company benefits from VAT super deduction for advanced manufacturing enterprises and 'exemption, offset, and refund' policies for self-operated export products Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Income | 13%, 9%, 6% | | Corporate Income Tax | Taxable Income | 25%, 20%, 15% | | Urban Maintenance and Construction Tax | Amount of Turnover Tax Payable | 7% | | Education Surcharge | Amount of Turnover Tax Payable | 3% | | Local Education Surcharge | Amount of Turnover Tax Payable | 2% | - The company passed the high-tech enterprise re-certification in December 2023, continuing to enjoy a **15% corporate income tax preferential rate** from 2023 to 2025[301](index=301&type=chunk) - Subsidiaries Shanghai Yongcheng, Changzhou YiHong, Beiwo Medical, and Jiaocheng Semiconductor enjoy small and micro-profit enterprise income tax preferential policies[301](index=301&type=chunk) - The company benefits from the VAT super deduction policy for advanced manufacturing enterprises (from January 1, 2023, to December 31, 2027, an additional **5%** of the current period's deductible input VAT is deducted from the VAT payable)[302](index=302&type=chunk) - The company's self-operated export products are subject to the "exemption, offset, and refund" export tax rebate policy for VAT[302](index=302&type=chunk) [Notes to Consolidated Financial Statement Items](index=109&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed disclosures of the period-end balances, beginning-of-period balances, and changes for each item in the consolidated financial statements, including monetary funds, trading financial assets, notes receivable, accounts receivable, accounts receivable financing, prepayments, other receivables, inventories, contract assets, long-term equity investments, fixed assets, construction in progress, right-of-use assets, intangible assets, long-term deferred expenses, deferred income tax assets/liabilities, short-term borrowings, notes payable, accounts payable, contract liabilities, employee benefits payable, taxes payable, other payables, non-current liabilities due within one year, other current liabilities, lease liabilities, provisions, deferred income, share capital, capital reserves, treasury stock, other comprehensive income, surplus reserves, undistributed profits, operating revenue and cost, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change gains, asset disposal gains, credit impairment losses, asset impairment losses, non-operating income, non-operating expenses, income tax expenses, other comprehensive income, cash flow statement items, supplementary cash flow information, and foreign currency monetary items Monetary Funds (Period-End Balance) | Item | Period-End Balance (yuan) | | :--- | :--- | | Cash on Hand | 17,158.00 | | Bank Deposits | 826,671,599.92 | | Other Monetary Funds | 2,391,737.51 | | Total | 829,080,495.43 | Accounts Receivable (Period-End Balance) | Age | Period-End Book Balance (yuan) | | :--- | :--- | | Within 1 year (inclusive) | 232,898,937.87 | | 1 to 2 years | 69,274,398.27 | | 2 to 3 years | 10,217,361.78 | | 3 to 4 years | 1,774,218.82 | | 4 to 5 years | 951,763.70 | | Over 5 years | 577,074.63 | | Total | 315,693,755.07 | Inventory Classification (Period-End Balance) | Item | Book Balance (yuan) | Inventory Impairment Provision/Contract Cost Impairment Provision (yuan) | Book Value (yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 52,431,653.61 | 10,662,702.09 | 41,768,951.52 | | Finished Goods | 95,565,969.77 | 24,876,786.10 | 70,689,183.67 | | Goods Issued | 86,164,367.79 | 934,053.20 | 85,230,314.59 | | Work in Progress | 51,990,588.13 | - | 51,990,588.13 | | Total | 286,152,579.30 | 36,473,541.39 | 249,679,037.91 | Operating Revenue and Cost (Current Period Amount) | Item | Revenue (yuan) | Cost (yuan) | | :--- | :--- | :--- | | Main Business | 322,534,349.04 | 106,855,019.23 | | Other Business | 258,938.94 | 5,326,576.23 | | Total | 322,793,287.98 | 112,181,595.46 | Supplementary Cash Flow Information (Net Cash Flow from Operating Activities) | Supplementary Information | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 22,654,270.71 | -82,215,615.97 | [R&D Expenses](index=159&type=section&id=VIII.%20R%26D%20Expenses) Total R&D expenses were 75.58 million yuan, all expensed, up 5.46% year-on-year, primarily comprising employee compensation, material costs, depreciation and amortization, and share-based payments R&D Expenses by Nature | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 49,854,587.35 | 43,707,703.60 | | Material Costs | 10,637,143.36 | 13,223,640.76 | | Depreciation and Amortization | 4,061,286.45 | 3,709,881.64 | | Share-based Payments | 7,292,055.25 | 7,518,523.42 | | Travel Expenses | 1,604,399.16 | 1,588,859.13 | | Technical Service Fees | 2,103,089.75 | 1,722,501.20 | | Patent Testing Fees | 25,735.85 | 196,500.00 | | Total | 75,578,297.17 | 71,667,609.75 | | Of which: Expensed R&D | 75,578,297.17 | 71,667,609.75 | [Changes in Consolidation Scope](index=159&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, there were no significant changes in the company's consolidation scope - During the reporting period, there were no significant changes in the company's consolidation scope[460](index=460&type=chunk)[461](index=461&type=chunk) [Interests in Other Entities](index=161&type=section&id=X.%20Interests%20in%20Other%20Entities) The company holds interests in several wholly-owned and controlled subsidiaries, with business activities spanning software development, manufacturing, investment, and R&D services; Wuxi Jiaocheng Intelligent Technology Co., Ltd. is a wholly-owned subsidiary with a registered capital of 50 million yuan; the company also invests in associates such as Jiaocheng Yuantai (Wuxi) Medical Technology Co., Ltd. and Enshe Acoustic-Optoelectronic Intelligent Manufacturing Venture Capital (Hainan) Partnership (Limited Partnership) [1. Interests in Subsidiaries](index=161&type=section&id=1.%20Interests%20in%20Subsidiaries) The company owns several wholly-owned subsidiaries, including Shanghai Yongcheng Electromechanical Technology Co., Ltd., Wuxi Jiaocheng Intelligent Technology Co., Ltd., and Jiaocheng Hydrogen Energy Technology (Shanghai) Co., Ltd., as well as controlled subsidiaries such as Changzhou YiHong Technology Co., Ltd., Shanghai Beiwo Medical Technology Co., Ltd., and Shanghai Jiaocheng Semiconductor Equipment Technology Co., Ltd. Composition of Enterprise Group (Partial Subsidiaries) | Subsidiary Name | Registered Capital (10,000 yuan) | Shareholding Ratio (%) (Direct) | Business Nature | | :--- | :--- | :--- | :--- | | Shanghai Yongcheng Electromechanical Technology Co., Ltd. | 50 | 100.00 | Software Development | | Wuxi Jiaocheng Intelligent Technology Co., Ltd. | 5,000 | 100.00 | Manufacturing | | Jiaocheng Hydrogen Energy Technology (Shanghai) Co., Ltd. | 25,500 | 100.00 | Manufacturing | | Changzhou YiHong Technology Co., Ltd. | 1,000 | 75.00 | Manufacturing | | Shanghai Beiwo Medical Technology Co., Ltd. | 500 | 58.00 | Manufacturing | | Shanghai Jiaocheng Semiconductor Equipment Technology Co., Ltd. | 5,000 | 60.00 | R&D Services | [3. Interests in Joint Ventures or Associates](index=161&type=section&id=3.%20Interests%20in%20Joint%20Ventures%20or%20Associates) The total book value of the company's investments in associates is 46.90 million yuan; during the reporting period, the total net profit of associates was -1.45 million yuan Summary Financial Information of Insignificant Joint Ventures and Associates (Associates) | Item | Period-End Balance/Current Period Amount (yuan) | | :--- | :--- | | Total Book Value of Investment | 46,896,245.77 | | --Net Profit | -1,454,377.69 | | --Total Comprehensive Income | -1,454,377.69 | [Government Grants](index=163&type=section&id=XI.%20Government%20Grants) Government grants recognized in current profit or loss totaled 8.86 million yuan, comprising 0.04 million yuan related to assets and 8.81 million yuan related to income Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Asset-Related | 44,869.56 | 44,869.56 | | Income-Related | 8,813,945.80 | 2,047,959.18 | | Total | 8,858,815.36 | 2,092,828.74 | Liability Items Involving Government Grants (Deferred Income) | Financial Statement Item | Beginning Balance (yuan) | Transferred to Other Income in Current Period (yuan) | Period-End Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 1,114,087.00 | 44,869.56 | 1,069,217.44 | Asset-Related | [Risks Related to Financial Instruments](index=163&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, liquidity risk, and market risk (foreign exchange risk and interest rate risk), managing these through assessing customer creditworthiness, regularly monitoring liquidity needs, and entering into forward foreign exchange contracts; at the end of the reporting period, the maturity of the company's financial liabilities was primarily concentrated within one year [1. Risks of Financial Instruments](index=163&type=section&id=1.%20Risks%20of%20Financial%20Instruments) The company faces credit risk, liquidity risk, and market risk (foreign exchange risk and interest rate risk), managing these through assessing customer creditworthiness, regularly monitoring liquidity needs, and entering into forward foreign exchange contracts; at the end of the reporting period, the maturity of the company's financial liabilities was primarily concentrated within one year - The company faces credit risk, liquidity risk, and market risk (foreign exchange risk and interest rate risk)[468](index=468&type=chunk) - The company controls credit risk by assessing customer credit qualifications, setting credit terms, and regularly monitoring credit records[470](index=470&type=chunk) - The company ensures sufficient cash reserves and readily convertible marketable securities by regularly monitoring short-term and long-term liquidity needs[473](index=473&type=chunk) Maturity of Financial Liabilities (As of June 30, 2025) | Item | Within 1 Year (yuan) | 1-2 Years (yuan) | 2-3 Years (yuan) | | :--- | :--- | :--- | :--- | | Short-term Borrowings | 240,152,547.95 | - | - | | Notes Payable | 48,059,400.32 | - | - | | Accounts Payable | 90,986,666.38 | - | - | | Other Payables | 1,861,423.32 | - | - | | Non-current Liabilities Due Within One Year | 5,031,923.33 | - | - | | Other Current Liabilities | 15,979,145.21 | - | - | | Lease Liabilities | - | 153,983.64 | 89,146.18 | | Total | 402,071,106.51 | 153,983.64 | 89,146.18 | - The company's foreign exchange risk is primarily related to monetary funds, accounts receivable, and accounts payable denominated in USD, EUR, and GBP[476](index=476&type=chunk) - As of June 30, 2025, if the RMB appreciates or depreciates by **10%** against foreign currencies, the company's net profit for the year would increase or decrease by **1.01 million yuan**[477](index=477&type=chunk) [3. Transfer of Financial Assets](index=167&type=section&id=3.%20Transfer%20of%20Financial%20Assets) The company transferred some financial assets through endorsement and discounting of bills, with a total derecognition amount of 113.68 million yuan; the assets and liabilities arising from continuing involvement in endorsed but unexpired bank acceptance bills amounted to 12.14 million yuan each Financial Assets Derecognized Due to Transfer | Item | Method of Financial Asset Transfer | Amount of Derecognized Financial Assets (yuan) | Gains or Losses Related to Derecognition (yuan) | | :--- | :--- | :--- | :--- | | Unexpired Bank Acceptance Bills in Accounts Receivable Financing | Endorsement Transfer | 60,248,128.58 | - | | Unexpired Bank Acceptance Bills in Accounts Receivable Financing | Discounting | 53,429,564.01 | -206,333.90 | | Total | / | 113,677,692.59 | -206,333.90 | Transferred Financial Assets with Continuing Involvement | Item | Method of Asset Transfer | Amount of Assets Arising from Continuing Involvement (yuan) | Amount of Liabilities Arising from Continuing Involvement (yuan) | | :--- | :--- | :--- | :--- | | Unexpired Bank Acceptance Bills in Notes Receivable | Endorsement Transfer | 12,143,345.39 | 12,143,345.39 | [Disclosure of Fair Value](index=168&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) Total assets measured at fair value on a recurring basis amounted to 435.36 million yuan, primarily including trading financial assets, accounts receivable financing, and other non-current financial assets; trading financial assets and accounts receivable financing are measured using Level 3 fair value, while other non-current financial assets mainly consist of unlisted equity instrument investments Fair Value of Assets and Liabilities Measured at Fair Value at Period-End (Recurring Fair Value Measurement) | Item | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | (I) Trading Financial Assets | 316,189,864.88 | 316,189,864.88 | | (VI) Accounts Receivable Financing | 94,847,162.56 | 94,847,162.56 | | (VII) Other Non-current Financial Assets | 24,327,340.04 | 24,327,340.04 | | Total Assets Measured at Fair Value on a Recurring Basis | 435,364,367.48 | 435,364,367.48 | - Trading financial assets include wealth management products and structured deposits, with future cash flows predicted based on product type and yield as fair value[487](index=487&type=chunk) - Accounts receivable financing, due to its short remaining term, has a book value close to its fair value, with the face amount used as fair value[487](index=487&type=chunk) - Other non-current financial assets are primarily unlisted equity instrument investments, recognized at investment cost for short-term investments and fair value measured by market approach for longer-term investments[487](index=487&type=chunk) [Related Parties and Related Party Transactions](index=170&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) The company's controlling shareholder is Jiangsu Yangtai Enterprise Management Co., Ltd., and the actual controller is Zhou Hongjian; the company engages in related party transactions with Qingdao Aobo Intelligent Technology Co., Ltd., Nanjing Runhe Runyun Technolog

每经AI快讯，8月18日，骄成超声(688392.SH)发布半年报，公司2025年半年度实现营业收入3.23亿元， 同比增长32.50%。归属于上市公司股东的净利润为5803.69万元，同比增长1005.12%。 ...

Market Overview - The battery sector increased by 1.27% compared to the previous trading day, with Yuanhang Precision leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Top Gainers in Battery Sector - Yuanhang Precision (833914) closed at 42.32, up 11.93% with a trading volume of 88,400 shares and a transaction value of 344 million [1] - Chongjian Electronics (301121) closed at 50.27, up 11.81% with a trading volume of 143,300 shares and a transaction value of 692 million [1] - Xiamen Tungsten New Energy (688778) closed at 56.95, up 10.73% with a trading volume of 135,700 shares and a transaction value of 753 million [1] - Daoshi Technology (300409) closed at 20.87, up 10.66% with a trading volume of 1,169,200 shares and a transaction value of 2.342 billion [1] - Nord Shares (600110) closed at 7.70, up 10.00% with a trading volume of 1,072,000 shares and a transaction value of 819 million [1] Market Capital Flow - The battery sector experienced a net outflow of 1.176 billion from institutional investors, while retail investors saw a net inflow of 1.203 billion [2][3] - The top stocks with significant net inflows from retail investors include Ningde Times (300750) with a net inflow of 1.98 billion [3] - Notable outflows from retail investors were observed in Yongtao Shares (002733) with a net outflow of 923.478 million [3] Summary of Stock Performance - The overall performance of the battery sector shows a mix of gains and losses among individual stocks, with significant volatility in trading volumes and transaction values [1][2][3] - The data indicates a strong interest from retail investors, contrasting with the outflows from institutional investors, suggesting a potential shift in market dynamics [2][3]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **China Industrials** sector, focusing on various companies within the electric components and battery supply chain industries. Core Insights and Arguments 1. **Company Ratings and Market Performance**: - **Hongfa (600885.SS)**: Rated as "Buy" with a market cap of 37.807 billion RMB, current share price at 25.90 RMB, and a price target of 36.50 RMB indicating a potential upside of 41% [3][5] - **Putailai (603659.SS)**: Also rated "Buy", market cap of 38.591 billion RMB, current share price at 18.05 RMB, with a price target of 24.00 RMB, suggesting a 33% upside [3][6] - **Yunnan Energy (002812.SZ)**: Rated "Neutral", market cap of 28.307 billion RMB, current share price at 31.72 RMB, with a price target of 33.00 RMB, indicating only a 4% upside [3][6] 2. **Profitability Metrics**: - **Hongfa**: Projected net profit for 2025E is 1,921 million RMB, with a consensus of 1,893 million RMB, showing a 1% difference [3] - **Putailai**: Expected net profit for 2025E is 2,420 million RMB, with a consensus of 2,431 million RMB, indicating a 0% difference [3] - **CSSC (600150.SS)**: Projected net profit for 2025E is 7,305 million RMB, with a consensus of 7,173 million RMB, showing a 2% difference [3][7] 3. **Valuation Metrics**: - **P/BV Ratios**: Hongfa has a P/BV of 3.3x for 2025E, while CSSC has a P/BV of 3.0x, indicating relative valuation differences within the sector [3][5] - **ROE**: Hongfa's ROE is projected at 18% for 2025E, while CSSC's is at 14% [3][7] 4. **Comparative Analysis**: - The report includes a comparative analysis of various companies in the electric components and battery supply chain sectors, highlighting differences in P/E ratios, market caps, and growth projections [5][6][7]. 5. **Market Trends**: - The battery supply chain is experiencing limited pricing opportunities, with production schedules closely correlated with battery index performance [8][9]. Other Important but Potentially Overlooked Content - The report emphasizes the importance of understanding the macroeconomic environment and its impact on the industrial sector, particularly in the context of supply chain dynamics and pricing pressures [8][9]. - Analysts from UBS Securities Asia Limited are involved in the research, indicating a potential conflict of interest due to business relationships with covered companies [4]. This summary encapsulates the key points discussed in the conference call, providing insights into the performance and outlook of companies within the China Industrials sector.

Investment Rating - The industry investment rating is "Overweight" [3] Core Viewpoints - The report emphasizes the significant growth potential in the humanoid robotics sector, with a projected cumulative global demand of approximately 2 million units by 2030, indicating a critical breakthrough phase from 0 to 1 [6][20] - The report highlights the acceleration of N-type penetration in photovoltaic equipment, strengthening the competitive edge of leading companies under the Matthew effect [21] - The energy storage sector is identified as essential for building a new type of power grid, with favorable policies enhancing industry prosperity [21] - The semiconductor equipment market is expected to reach $140 billion by 2030, with an increasing share from mainland China, although the domestic production rate remains low [21] - The automation market, particularly industrial consumables, is projected to grow from approximately 40 billion to 55.7 billion by 2026, benefiting from increased concentration and import substitution [22] - Hydrogen energy, particularly green hydrogen, aligns with carbon neutrality goals, supported by the rapid development of photovoltaic and wind energy [21] Summary by Sections Humanoid Robotics - Key companies recommended for investment include Huasheng Tiancai, Sanhui Electric, and Zhejiang Rongtai, among others [4] - The report discusses the recent humanoid robot sports event in Beijing, showcasing over 500 robots from 16 countries competing in various categories [15][20] - The introduction of the Genie Envisioner platform by Zhiyuan Robotics is noted as a significant advancement in the field, integrating video generation with robotic control [11][20] Photovoltaic Equipment - The report suggests focusing on leading companies like Maiwei and Jiejiacreating, which possess technological innovation and customer base advantages [21] - The overall price center of the photovoltaic industry chain is declining, with a focus on cost and efficiency improvements [21] Energy Storage - The report highlights the favorable policies for both generation-side and user-side energy storage, driving comprehensive development in the sector [21] - Companies like Xingyun and Kexin are identified as key players in the energy storage market [21] Semiconductor Equipment - The semiconductor equipment market is projected to double in the next decade, with a significant increase in demand for domestic production [22] - Companies such as Zhongwei and Beifang Huachuang are recommended for investment [22] Automation - The automation market is expected to grow significantly, with a focus on industrial consumables and the potential for leading companies to benefit from increased market concentration [22] Hydrogen Energy - The report emphasizes the importance of green hydrogen in achieving carbon neutrality, recommending companies like Longi Green Energy and Yihua Tong for investment [21]

（文章来源：每日经济新闻） 每经AI快讯，8月12日，固态电池概念股探底回升，江特电机午后涨停，利元亨涨超10%，骄成超声、 回天新材、天齐锂业、杉杉股份等涨幅居前。 ...

Meeting Overview - The first extraordinary general meeting of shareholders was held on August 8, 2025, at the company's conference room in Shanghai [2][3] - All resolutions proposed during the meeting were approved without any objections [2] Attendance and Voting - The meeting was attended by all five current directors and three supervisors, along with key executives including the deputy general manager and board secretary [4] - Voting was conducted through a combination of on-site and online methods, complying with the Company Law and the company's articles of association [3] Resolutions Passed - A resolution to change the registered capital, abolish the supervisory board, and amend the articles of association was approved [5] - Multiple governance-related resolutions were passed, including amendments to the rules for shareholder meetings, board meetings, independent director working guidelines, external guarantee management, related party transaction decision-making, external investment management, fundraising management, and prevention of major shareholder fund occupation [6][7] - A resolution allowing a wholly-owned subsidiary to mortgage its assets to apply for a bank loan, with the company providing guarantees, was also approved [7] Legal Verification - The meeting was witnessed by Jiangsu Century Tongren Law Firm, which confirmed that the meeting's procedures and resolutions were in compliance with relevant laws and regulations [7]

Group 1 - The core opinion of the legal opinion letter states that the company’s 2025 first extraordinary general meeting of shareholders was convened and conducted in accordance with relevant laws and regulations [1][6] - The meeting was scheduled for August 8, 2025, at 14:30, and the notice was published 15 days prior, complying with the requirements of the Company Law and the rules for shareholder meetings [2][3] - The meeting was held at the company’s conference room and was presided over by the chairman, confirming that the time and location matched the prior notice [2][3] Group 2 - A total of 151 shareholders participated in the voting, representing 67,308,139 shares, which accounted for 59.6574% of the total voting shares [3][5] - The legal opinion confirms that all attending shareholders had valid qualifications to participate and exercise their voting rights [3][4] - The voting process combined on-site and online voting, and the results were announced immediately, with no objections raised by the shareholders [5][6] Group 3 - The proposals discussed at the meeting included significant resolutions, such as the mortgage of assets by a wholly-owned subsidiary to secure a bank loan, which were passed by special resolution [5][6] - The voting and counting procedures adhered to the company’s articles of association, ensuring the legitimacy of the meeting and its resolutions [5][6] - The legal opinion concludes that all aspects of the meeting, including the proposals, voting procedures, and results, were conducted legally and effectively [6]

Meeting Overview - The shareholders' meeting of Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd. was held on August 8, 2025, at the company's conference room located at 1488 Cangyuan Road, Minhang District, Shanghai [1] - A total of 151 ordinary shareholders attended the meeting, holding 67,308,139 voting rights, which accounts for 59.6574% of the company's total voting rights [1] Voting Results - All proposed resolutions were approved without any dissenting votes [1][2] - The resolution regarding the business registration change was passed with 99.9983% approval from ordinary shareholders, totaling 67,307,019 votes in favor and only 1,120 votes against [2][3] - The resolution concerning the guarantee provided by wholly-owned subsidiaries was also approved with 99.9687% support, amounting to 67,287,091 votes in favor and 21,048 votes against [2][3] Legal Compliance - The meeting's procedures, attendance qualifications, and voting methods were confirmed to comply with the Company Law and the company's articles of association [1][3] - The legal representatives confirmed that the meeting's resolutions were valid and in accordance with relevant laws and regulations [3]

Core Points - The company announced that board member Duan Zhongfu submitted his resignation due to internal work adjustments [2] - Duan Zhongfu will continue to serve as the deputy general manager after resigning from the non-independent director and strategic committee member positions [2] - On August 8, 2025, the company held a staff representative meeting where Duan Zhongfu was elected as a staff representative director for the second board, with a term lasting until the end of the current board's term [2]