Group 1 - The core viewpoint of the article is that 科捷智能 (Kejie Intelligent) reported its mid-year results, showing a slight increase in revenue but continued net losses [1] - In the first half of 2025, the company achieved total operating revenue of 492 million yuan, representing a year-on-year growth of 2.24% [1] - The net profit attributable to shareholders of the parent company was a loss of 37.27 million yuan, which is an improvement of 5.12 million yuan compared to the same period last year [1] - The basic earnings per share stood at -0.23 yuan [1]

（一）实际募集资金金额和资金到账情况 根据中国证券监督管理委员会于 2022 年 6 月 15 日签发的证监许可字 [2022]1257 号文《关于同意科捷智能科技股份有限公司首次公开发行股票注册的 批复》，科捷智能科技股份有限公司于 2022 年 9 月向社会公众发行人民币普通股 45,212,292 股，每股发行价格为人民币 21.88 元，募集资金总额为 989,244,948.96 元，扣除发行费用人民币 97,873,852.89 元(不含增值税)后，实际募集资金净额为 人民币 891,371,096.07 元(以下简称"募集资金")，上述资金于 2022 年 9 月 9 日到 位，业经普华永道中天会计师事务所(特殊普通合伙)予以验证并出具普华永道中 天验字(2022)第 0778 号验资报告。 （二）募集资金使用和结余情况 截至 2025 年 6 月 30 日，公司及子公司募集资金专户余额为 22,104023.83 元。 具体情况如下： 证券代码：688455 证券简称：科捷智能 公告编号：2025-053 科捷智能科技股份有限公司 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 ...

证券代码：688455 证券简称：科捷智能 公告编号：2025-054 科捷智能科技股份有限公司 关于公司 2025 年度"提质增效重回报"行动方案的 半年度评估报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 科捷智能科技股份有限公司（以下简称"公司"或"科捷智能"）为贯彻落 实《关于开展科创板上市公司"提质增效重回报"专项行动的倡议》，践行"以 投资者为本"的上市公司发展理念，推动上市公司持续优化经营、规范治理，大 力提高上市公司质量，助力信心提振和资本市场稳定发展的精神，公司已于2025 年4月26日正式披露《2025年度"提质增效重回报"行动方案》（以下简称"《行 动方案》"）。为进一步落实有关工作安排，切实维护全体股东利益，公司对《行 动方案》在2025年半年度（以下简称"报告期"）内的执行情况进行全面评估并 编制本报告，具体内容如下： 一、聚焦主营业务，关注重点行业与重点客户，打造行业差异化解决方案 公司是国内知名的智能物流和智能制造解决方案提供商，专注于为国内外客 户提供智能物流与智能制造系统及产品的设计 ...

Group 1 - The core point of the article is that 科捷智能 reported a revenue of 492 million yuan for the first half of 2025, reflecting a year-on-year growth of 2.24% [1] - The net profit attributable to shareholders of the listed company was -37.2771 million yuan, an improvement compared to -42.399 million yuan in the same period last year [1]

[Definitions](index=4&type=section&id=First%20Section%20Definitions) This chapter defines key terms, company entities, related parties, and technical jargon in smart logistics and manufacturing for clear report comprehension - Defined the company and its main subsidiaries, such as Shanghai Kengic Smart, Kengic High-tech Equipment, Kengic Korea, Kengic Hong Kong, Kengic Singapore, and Kengic Germany[12](index=12&type=chunk) - Listed major related parties, including controlling shareholder Yijie Technology, actual controller Long Jinjun, SF Investment, and Haishang Chuangzhi[12](index=12&type=chunk) - Explained key technical terms in smart logistics and smart manufacturing, such as AGV (Automated Guided Vehicle), PLC (Programmable Logic Controller), RFID (Radio Frequency Identification Technology), WMS (Warehouse Management System), and MES (Manufacturing Execution System)[12](index=12&type=chunk)[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=Second%20Section%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides the company's basic information, contact details, disclosure channels, and a comprehensive overview of its key financial performance and indicators for the reporting period [Basic Company Information](index=7&type=section&id=I.%20Basic%20Company%20Information) This section outlines Kengic Intelligent Technology Co., Ltd.'s fundamental details, including its legal name, representative, addresses, and STAR Market listing information - Company full name: Kengic Intelligent Technology Co., Ltd., abbreviation: Kengic Intelligent[16](index=16&type=chunk) - Legal Representative: Long Jinjun[16](index=16&type=chunk) - Stock Information: RMB ordinary shares (A-shares), listed on the STAR Market of the Shanghai Stock Exchange, stock code 688455[19](index=19&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 and Securities Affairs Representative, including address, phone, fax, and email - Board Secretary: Chen Jilong, contact number: 0532-55583518, email: dm@kengic.com[17](index=17&type=chunk) - Securities Affairs Representative: Tan Meiyi, contact number: 0532-55583518, email: dm@kengic.com[17](index=17&type=chunk) [Brief Introduction to Information Disclosure and Document Storage Location Changes](index=7&type=section&id=III.%20Brief%20Introduction%20to%20Information%20Disclosure%20and%20Document%20Storage%20Location%20Changes) This section details the company's official information disclosure channels, including designated newspapers, website, and report storage location - Information disclosure newspapers: China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily[18](index=18&type=chunk) - Report publication website: www.sse.com.cn[18](index=18&type=chunk) - Report storage location: Company Securities Affairs Department[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators of the Company](index=8&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators%20of%20the%20Company) The company achieved revenue growth and narrowed losses, driven by a 2.24% increase in operating revenue and a 5.12 million yuan reduction in net loss, primarily due to overseas business expansion and improved gross margin 2025 H1 Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 491,853,535.48 | 481,086,102.69 | 2.24 | | Total Profit (yuan) | -51,095,057.31 | -57,776,127.75 | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company (yuan) | -37,277,125.86 | -42,398,999.42 | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses (yuan) | -41,589,451.52 | -48,154,984.29 | Not Applicable | | Net Cash Flow from Operating Activities (yuan) | -291,244,896.64 | -103,659,401.81 | Not Applicable | | **End of Current Period** | **End of Prior Year** | **Change from Prior Year-End (%)** | | | Net Assets Attributable to Shareholders of Listed Company (yuan) | 889,256,152.69 | 1,042,343,049.32 | -14.69 | | Total Assets (yuan) | 3,327,450,379.81 | 2,911,203,896.43 | 14.30 | 2025 H1 Key Financial Indicators | Key Financial Indicator | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.23 | -0.24 | Not Applicable | | Diluted Earnings Per Share (yuan/share) | -0.23 | -0.24 | Not Applicable | | Basic Earnings Per Share Excluding Non-recurring Gains and Losses (yuan/share) | -0.26 | -0.27 | Not Applicable | | Weighted Average Return on Net Assets (%) | -3.87 | -3.61 | Decreased by 0.26 percentage points | | Weighted Average Return on Net Assets Excluding Non-recurring Gains and Losses (%) | -4.32 | -4.10 | Decreased by 0.22 percentage points | | R&D Investment as % of Operating Revenue (%) | 10.92 | 10.30 | Increased by 0.62 percentage points | - During the reporting period, the company's operating revenue increased by **10.77 million yuan** year-on-year, and net profit attributable to shareholders of listed companies reduced losses by **5.12 million yuan** year-on-year, primarily due to the leapfrog development of overseas business and strategic optimization of order structure[22](index=22&type=chunk)[24](index=24&type=chunk) - Overseas project revenue accounted for **51.62%**, and overseas project gross profit margin was significantly higher than domestic projects, becoming the core engine for revenue and profit growth[24](index=24&type=chunk) - The company's overall gross profit margin increased by **5.51 percentage points** year-on-year, contributing to the reduction in net loss[24](index=24&type=chunk) - Net cash flow from operating activities decreased by **180.96%** year-on-year, mainly due to a significant increase in outstanding orders during the reporting period, leading to a substantial increase in cash paid for goods and services[25](index=25&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=9&type=section&id=VIII.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the company's non-recurring gains and losses for H1 2025, totaling 4.31 million yuan, including asset disposal, government grants, and fair value changes 2025 H1 Non-recurring Gains and Losses Items | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -756,730.03 | | Government grants recognized in current profit or loss | 1,012,518.50 | | Gains or losses from changes in fair value of financial assets and liabilities and disposal gains or losses | 4,813,885.17 | | Other non-operating income and expenses | 2,352.93 | | Less: Income tax impact | 759,700.91 | | Total | 4,312,325.66 | [Management Discussion and Analysis](index=11&type=section&id=Third%20Section%20Management%20Discussion%20and%20Analysis) This section provides management's discussion and analysis of the company's industry, operations, core competencies, and financial performance during the reporting period [Explanation of the Company's Industry and Main Business Operations during the Reporting Period](index=11&type=section&id=I.%20Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20during%20the%20Reporting%20Period) The company, a leading smart logistics and manufacturing solution provider, achieved significant progress in its core businesses, driven by policy, technology, and market demand, with notable expansion in overseas markets [(I) Main Business, Main Products or Services](index=11&type=section&id=(I)%20Main%20Business%2C%20Main%20Products%20or%20Services) The company offers integrated smart logistics and manufacturing solutions, encompassing design, R&D, production, sales, and services for conveying, sorting, warehousing, and factory systems, with proprietary hardware and software - The company provides design, R&D, production, sales, and services for smart logistics and smart manufacturing systems and products[30](index=30&type=chunk) - Main products include smart conveying systems (parcel, carton, pallet, belt conveyor), smart sorting systems (cross-belt, matrix, multi-level sorting), and smart manufacturing systems (smart warehousing, smart factory)[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) - Core equipment includes smart logistics conveying equipment, smart logistics sorting equipment, smart warehousing equipment, and handling equipment[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) - Main software products include Sorting Control System (SDS), Route Management System (RDS), Picking Control System (PDS), Manufacturing Execution System (MES), Smart Dispatching System, 3D Monitoring Platform, Warehouse Management System (WMS), Warehouse Control System (WCS), and Total Productive Maintenance (TPM)[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) [(II) Main Business Model](index=19&type=section&id=(II)%20Main%20Business%20Model) The company's business model focuses on integrated solutions, encompassing sales, production, R&D, and procurement, with distinct strategies for each, from order acquisition to after-sales support - The sales model centers on providing integrated solutions, acquiring orders through system consulting, solution planning, and design[42](index=42&type=chunk) - The production operation model covers detailed solution design and product R&D, equipment manufacturing, installation and commissioning, software implementation, and continuous after-sales service[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - The R&D model is divided into hardware R&D and software R&D, led by the R&D center with collaboration from business unit engineering and technical departments[46](index=46&type=chunk) - The procurement model is categorized by material type into standard parts procurement, customized parts procurement, and project procurement[47](index=47&type=chunk) [(III) Industry Overview](index=20&type=section&id=(III)%20Industry%20Overview) Operating in the 'C34 General Equipment Manufacturing Industry,' the company benefits from rapid growth in smart logistics and manufacturing, driven by policy and technology, establishing a strong brand and expanding overseas - The company belongs to the "C34 General Equipment Manufacturing Industry" and is a national key strategic emerging industry[48](index=48&type=chunk)[49](index=49&type=chunk) - The 2025 Government Work Report explicitly states the "implementation of a special action to reduce overall social logistics costs," aiming to lower the proportion of total social logistics costs to **13.5%** by 2027[49](index=49&type=chunk) - In Q1 2025, national smart logistics system bidding increased by **18%** year-on-year, with automated sorting systems and smart warehousing projects accounting for **over 60%**[49](index=49&type=chunk) - The global smart logistics market size is projected to reach **$112.98 billion** by 2026, with China's market size growing by **22%** in Q1 2025[49](index=49&type=chunk) - China's industrial automation market size has reached **322.5 billion yuan**, a year-on-year increase of **12%**, accounting for **25%** of the global market share[50](index=50&type=chunk) - Sub-segments of smart manufacturing show a coordinated development pattern: industrial robots (market size **85 billion yuan**, growth rate **18%**), smart control systems (market size **70 billion yuan**), and industrial software (market size **50 billion yuan**)[51](index=51&type=chunk) - The industry has high technical barriers, including core algorithm barriers, equipment reliability technology, system integration capabilities, independent and controllable industrial software, industrial internet platform technology, and digital twin technology applications[54](index=54&type=chunk) - National policies support the development of the smart logistics and smart manufacturing industries through planning, tax incentives, and special subsidies[55](index=55&type=chunk) Impact of Overseas Policies on the Industry | Region | Smart Logistics | Smart Manufacturing | | :--- | :--- | :--- | | EU/Germany/France/US | Promotes green smart technologies, provides subsidies for low-carbon equipment/smart systems; US Infrastructure Act allocates $17 billion for port intelligence, requiring real-time cargo tracking, but data cross-border review is strict | Germany's "National Industrial Strategy 2030" sets a 10 billion euro special fund, France subsidizes digital twin technology by 40%; US "CHIPS Act" supports smart manufacturing with 30% of funds, requiring local production, promoting companies to increase local procurement | | Japan/Korea/Singapore/Thailand/Malaysia | Japan's "Society 5.0 Strategy," Korea's "Smart Logistics Innovation Plan" provide technology transformation subsidies, but Japan has strict standards for equipment seismic resistance and energy saving; Singapore, Thailand attract Chinese enterprises through tax incentives, tariff reductions, Malaysia requires equipment localization rate of not less than 40% | Japan subsidizes AI manufacturing enterprises up to 50%, Korea's "Manufacturing Innovation Plan" sets a 10 trillion Korean Won fund; India offers 15% capital subsidy, allows wholly-owned foreign enterprises, but requires data localization | | Brazil/Saudi Arabia/Turkey | Brazil's "Logistics Modernization Plan," Saudi Arabia's "Vision 2030" support equipment upgrades through tax reductions, low-interest loans, Saudi smart logistics hub projects drive domestic enterprises to win bids | Brazil offers 3% low-interest loans to support smart equipment procurement, Turkey subsidizes local enterprises' R&D by 40%, imposes 15% tariffs on imported equipment, promoting Chinese enterprises' local assembly | - The company has become one of the leading enterprises in smart logistics and has successfully expanded into smart warehousing and smart factory businesses, becoming an important participant in the industry[58](index=58&type=chunk) - New overseas orders in H1 2025 amounted to **866 million yuan**, a year-on-year increase of **155.55%**[59](index=59&type=chunk) - The company has won multiple honors, such as "National Specialized, Refined, Unique, and New 'Little Giant' Enterprise," demonstrating its leading position in the industry[60](index=60&type=chunk) [Discussion and Analysis of Operating Conditions](index=24&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Conditions) In H1 2025, the company achieved revenue growth and narrowed losses across smart logistics, manufacturing, and new energy, driven by overseas expansion, increased R&D, digital transformation, and new industrial park operations - In H1 2025, the company's operating revenue increased by **10.77 million yuan** year-on-year, and net profit attributable to shareholders of listed companies reduced losses by **5.12 million yuan** year-on-year[64](index=64&type=chunk) - Overseas project revenue accounted for **51.62%**, and overseas project gross profit margin was significantly higher than domestic projects, providing key support for the company's improved profitability[65](index=65&type=chunk) - The company's overall gross profit margin increased by **5.51 percentage points** year-on-year[65](index=65&type=chunk) - Smart logistics overseas business saw strong order growth in H1, with projects expanded for the first time in Poland, UAE, UK, and Singapore, and new orders in the European region exceeding **150 million yuan**[66](index=66&type=chunk) - In the smart factory sector, the company successfully signed benchmark projects with Hongsheng Technology, Zhengdao Tire, Zhonglei Electronics, and completed delivery tasks for Sailun Tire's Vietnam and Cambodia factories and An Naida Tianjin automated warehouse project[66](index=66&type=chunk) - In the new energy business, the company successfully developed customer resources such as Deyiou Energy, EVE Energy, Xinzhou Energy, Jinyu New Energy, and Envision AESC, achieving double growth in order quantity and scale[67](index=67&type=chunk) - The company focused on promoting the innovative R&D and industrialization of "aerial shuttle robots," completed in-depth optimization of RCS system scheduling algorithms, and achieved large-scale application of 2D/3D vision high-precision guidance technology in R&D[68](index=68&type=chunk) - Core products such as stacker cranes, swivel wheels, and control cabinets have completed modular upgrades, and the capability for in-house manufacturing of key modules and parts has been achieved simultaneously[69](index=69&type=chunk) - The company fully promoted the application of 3D design based on PDM/PLM systems, achieving online management of the entire engineering change process[71](index=71&type=chunk) - Successfully integrated core business processes, initially achieving "four-flow integration" of business flow, data flow, logistics, and capital flow[71](index=71&type=chunk) - Kengic Intelligent Digital Industrial Park projects were successively put into operation, accelerating the construction of a lean, agile, and flexible modern production system[72](index=72&type=chunk) [Analysis of Core Competitiveness during the Reporting Period](index=26&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20during%20the%20Reporting%20Period) The company's core competitiveness stems from international operations, R&D, strategic product layout, comprehensive services, strong team, and robust customer base, solidifying its market position [(I) Core Competitiveness Analysis](index=26&type=section&id=(I)%20Core%20Competitiveness%20Analysis) The company's core competitiveness includes international operations, R&D, strategic product layout, comprehensive services, team strength, and customer base, forming robust market barriers - International operation advantage: Expanded to **over 20** countries, overseas business accounts for **over 50%**, with new overseas orders of **866 million yuan** in H1 2025, a year-on-year increase of **155.55%**[74](index=74&type=chunk)[75](index=75&type=chunk) - Technology R&D and product development advantage: Achieved breakthroughs in key technical areas such as smart conveying, sorting, warehousing, and factory systems, and independently developed multiple core equipment and software platforms[76](index=76&type=chunk) - Forward-looking product layout advantage: After establishing an advantage in smart logistics, actively laid out smart manufacturing and new energy fields, and created industry benchmark projects in lithium battery and energy storage[78](index=78&type=chunk) - Comprehensive service capability advantage: Provides product customization, efficient project delivery, and comprehensive after-sales service, establishing a mature project management system[79](index=79&type=chunk) - Team advantage: Stable management and core technical team with rich industry experience, and employee stock ownership plans to motivate team enthusiasm[80](index=80&type=chunk) - Customer resources and brand advantage: Service network covers leading domestic and international express delivery e-commerce and industrial manufacturing enterprises, forming stable repurchase relationships[81](index=81&type=chunk) [(III) Core Technologies and R&D Progress](index=28&type=section&id=(III)%20Core%20Technologies%20and%20R%26D%20Progress) The company holds 15 core technologies in smart logistics and manufacturing, adding 21 IPs, increasing R&D investment by 8.45%, and advancing 12 projects with growing R&D staff - The company possesses **15** core technologies applied in smart conveying, sorting, warehousing, and factory systems, including multi-segment fully automatic high-speed import table control technology based on adaptive control, large parcel logistics sorting technology based on steering wheel sorters, 3D high-efficiency dense storage and sorting integrated smart warehousing logistics technology, and distributed software deployment technology based on Docker, microservices, and Kubernetes cluster management[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) - During the reporting period, **21** new intellectual property achievements were added, including **6** invention patents, **7** utility model patents, **1** design patent, and **7** software copyrights[86](index=86&type=chunk) R&D Investment Status | Indicator | Current Period Amount | Prior Year Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment (yuan) | 53,726,663.36 | 49,539,942.58 | 8.45 | | Total R&D Investment (yuan) | 53,726,663.36 | 49,539,942.58 | 8.45 | | Total R&D Investment as % of Operating Revenue (%) | 10.92 | 10.30 | Increased by 0.62 percentage points | - The company has **12** ongoing R&D projects, including the R&D and demonstration application of efficient and dense multi-layer shuttle car equipment, the R&D of new energy lithium battery formation and capacity logistics lines, and the R&D and demonstration application of new robot fully automatic sorting integrated systems[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk) R&D Personnel Status | Indicator | Current Period Number | Prior Year Period Number | | :--- | :--- | :--- | | Number of R&D personnel (persons) | 464 | 408 | | Proportion of R&D personnel to total company headcount (%) | 45.67 | 41.67 | | Total R&D personnel compensation (million yuan) | 49.61 | 40.66 | | Average R&D personnel compensation (million yuan) | 0.11 | 0.10 | [Risk Factors](index=36&type=section&id=IV.%20Risk%20Factors) The company faces risks from performance decline, core competency issues, operational challenges (concentration, related parties, seasonality), financial vulnerabilities (margins, receivables, cash flow, FX), and macroeconomic instability - Risk of significant performance decline or loss: Macroeconomic conditions, industry competition, unfavorable market expansion, and failure to effectively enhance comprehensive competitiveness may lead to sustained losses[97](index=97&type=chunk) - Core competitiveness risks: Failure to continuously meet customer demands with new technologies and products, leakage of key technologies, and loss of core personnel may lead to a decline in competitiveness[98](index=98&type=chunk)[99](index=99&type=chunk) - Operational risks: High customer and industry concentration (express logistics and e-commerce new retail), high proportion of related party transactions (SF Express revenue accounted for **13.77%**), seasonal fluctuations in operating performance, raw material supply and price volatility, and long project cycles leading to inventory and working capital occupation[100](index=100&type=chunk)[101](index=101&type=chunk) - Financial risks: Gross profit margin fluctuations due to market competition, project execution efficiency, and cost structure; risks of bad debts from accounts receivable and inventory impairment; potential insufficiency of operating cash flow; and exchange rate fluctuation risks from overseas business development[102](index=102&type=chunk)[103](index=103&type=chunk) - Industry risks: Market demand fluctuations (macroeconomic slowdown, policy changes), intensified market competition (entry of new enterprises, expansion of company's business leading to broader competition)[104](index=104&type=chunk) - Macroeconomic environment risks: Global geopolitical instability and international trade frictions may impact overseas market expansion and performance[105](index=105&type=chunk) [Main Operating Conditions during the Reporting Period](index=38&type=section&id=V.%20Main%20Operating%20Conditions%20during%20the%20Reporting%20Period) The company reported 491.85 million yuan in revenue (+2.24%), a net loss of 37.28 million yuan (reduced by 5.12 million yuan), 14.30% asset growth, and significant shifts in cash flows and expenses 2025 H1 Key Operating Data | Indicator | Amount (million yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 491.85 | 2.24 | | Net Profit Attributable to Shareholders of Listed Company | -37.28 | Reduced loss by 5.12 million yuan | | Total Assets | 3,327.45 | 14.30 | | Net Assets | 889.26 | -14.69 | [(I) Analysis of Main Business](index=38&type=section&id=(I)%20Analysis%20of%20Main%20Business) Revenue slightly increased by 2.24%, while costs decreased by 4.48% due to efficiency; expenses for management and R&D rose, and all cash flow categories saw significant year-on-year reductions 2025 H1 Financial Statement Related Item Changes | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 491,853,535.48 | 481,086,102.69 | 2.24 | Remained largely stable | | Operating Costs | 385,224,246.86 | 403,283,500.13 | -4.48 | Lean cost management, product modularization upgrade, digital transformation, supply chain optimization | | Selling Expenses | 37,476,842.92 | 38,171,191.58 | -1.82 | Remained largely stable | | Administrative Expenses | 63,576,017.03 | 57,620,424.94 | 10.34 | Strengthened talent team building, optimized talent structure | | Financial Expenses | 1,054,030.57 | -4,926,727.32 | Not Applicable | Decrease in interest income and increase in interest expenses | | R&D Expenses | 53,726,663.36 | 49,539,942.58 | 8.45 | Increased investment in R&D team, recruited high-quality talent, improved compensation | | Net Cash Flow from Operating Activities | -291,244,896.64 | -103,659,401.81 | Not Applicable | Significant increase in outstanding orders, substantial increase in cash paid for goods and services | | Net Cash Flow from Investing Activities | -183,802,514.84 | 15,773,681.57 | -1265.25 | Net outflow from purchasing wealth management products significantly increased compared to prior year | | Net Cash Flow from Financing Activities | 106,404,660.22 | 136,375,262.04 | -21.98 | Company share repurchase led to increased cash outflow from financing activities | [(III) Analysis of Assets and Liabilities](index=39&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) Total assets grew 14.30% to 3.33 billion yuan, with significant shifts in cash, financial assets, prepayments, and inventory; liabilities saw increases in short-term and long-term borrowings, and contract liabilities 2025 H1 Asset and Liability Status Changes | Item Name | Current Period-End Amount (yuan) | % of Total Assets | Prior Year-End Amount (yuan) | % of Total Assets | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 258,484,097.68 | 7.77 | 625,878,616.47 | 21.50 | -58.70 | Increased purchases of goods and share repurchases | | Trading Financial Assets | 313,045,808.60 | 9.41 | 229,665,340.75 | 7.89 | 36.31 | Increased purchases of securities company income certificates | | Prepayments | 190,759,215.67 | 5.73 | 104,258,289.67 | 3.58 | 82.97 | Increased prepayments to suppliers | | Notes Receivable Financing | 5,043,145.04 | 0.15 | 18,622,650.46 | 0.64 | -72.92 | Decrease in unexpired bank acceptance bills at period-end | | Inventories | 1,222,979,663.07 | 36.75 | 743,511,083.36 | 25.54 | 64.49 | More outstanding orders, increase in work-in-progress | | Other Current Assets | 107,672,912.62 | 3.24 | 25,546,121.45 | 0.88 | 321.48 | Increased purchases of unexpired principal-protected wealth management products and VAT input tax credit | | Other Non-current Assets | 84,192,232.76 | 2.53 | 56,727,197.12 | 1.95 | 48.42 | Increased long-term quality assurance receivables | | Short-term Borrowings | 350,232,222.22 | 10.53 | 220,172,638.89 | 7.56 | 59.07 | New bank borrowings with a term of one year | | Contract Liabilities | 888,112,649.63 | 26.69 | 705,143,729.20 | 24.22 | 25.95 | | | Taxes Payable | 2,618,544.24 | 0.08 | 4,572,515.48 | 0.16 | -42.73 | Decrease in VAT payable | | Non-current Liabilities Due Within One Year | 25,910,800.15 | 0.78 | 76,401,767.27 | 2.62 | -66.09 | Repayment of long-term borrowings due within one year | | Other Current Liabilities | 25,492,388.00 | 0.77 | 14,627,128.38 | 0.50 | 74.28 | Increase in deferred output VAT for the current period | | Long-term Borrowings | 197,398,883.82 | 5.93 | 45,000,000.00 | 1.55 | 338.66 | New long-term borrowings | | Estimated Liabilities | 6,177,762.34 | 0.19 | 11,261,993.88 | 0.39 | -45.15 | Project investment amount during warranty period was greater than the provision for after-sales service fees | - Overseas assets amounted to **65.58 million yuan**, accounting for **1.97%** of total assets[114](index=114&type=chunk) - Restricted monetary funds at period-end were **70.39 million yuan**, primarily for deposits and guarantees[117](index=117&type=chunk) [(IV) Analysis of Investment Status](index=42&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) The company invested 205,602.50 yuan in Kengic Germany and utilized foreign exchange forward contracts for hedging, with a period-end book value of 0.58 million yuan, to manage currency risks - Investment amount for the reporting period was **205,602.50 yuan**, mainly due to the acquisition of **100%** equity in Kengic Germany[120](index=120&type=chunk) Derivative Investment Status | Asset Class | Beginning Balance (yuan) | Fair Value Change Gain/Loss for Current Period (yuan) | Purchases for Current Period (yuan) | Sales/Redemptions for Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 229,665,340.75 | 2,045,808.60 | 745,400,000.00 | 660,000,000.00 | 313,045,808.60 | | Notes Receivable Financing | 18,622,650.46 | - | 27,394,299.79 | 40,973,805.21 | 5,043,145.04 | | Total | 248,287,991.21 | 2,045,808.60 | 772,794,299.79 | 700,973,805.21 | 318,088,953.64 | Foreign Exchange Forward Contract Hedging Status | Derivative Investment Type | Beginning Book Value (million yuan) | Fair Value Change Gain/Loss for Current Period (million yuan) | Ending Book Value (million yuan) | Actual Gain/Loss for Reporting Period (million yuan) | | :--- | :--- | :--- | :--- | :--- | | Foreign Exchange Forward Contracts | 0.02 | 0.30 | 0.58 | 0.56 | - The company conducts foreign exchange hedging to mitigate and prevent exchange rate risks, enhancing financial stability[123](index=123&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=45&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company established Kengic Singapore and acquired Kengic Germany, with key subsidiaries including Shanghai Kengic Smart, Kengic High-tech Equipment, and Kengic Korea, the latter reporting a net loss - During the reporting period, Kengic Singapore was newly established, and **100%** equity in Kengic Germany was acquired[125](index=125&type=chunk) Major Subsidiary Financial Data | Company Name | Company Type | Main Business | Registered Capital | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Kengic Smart | Subsidiary | Software and information technology services | 10,000,000.00 | 28,850,809.48 | 9,422,455.59 | 27,513,264.99 | -1,109,706.81 | -1,078,688.34 | | Kengic High-tech Equipment | Subsidiary | General equipment manufacturing | 262,033,400.00 | 524,788,557.80 | 263,081,882.85 | 50,226,690.24 | 2,697,816.21 | 2,032,569.41 | | Kengic Korea | Subsidiary | Equipment sales and information technology services | 1,000,000,000.00 Korean Won | 65,186,548.19 | -13,431,108.11 | 29,075,958.98 | -13,176,594.81 | -11,472,235.22 | [Corporate Governance, Environment and Society](index=47&type=section&id=Fourth%20Section%20Corporate%20Governance%2C%20Environment%20and%20Society) This section covers changes in the company's board, supervisors, senior management, and core technical personnel, along with profit distribution plans and employee incentive programs [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=47&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) No changes occurred in the company's directors, supervisors, senior management, or core technical personnel during the reporting period - During the reporting period, there were no changes in the company's directors, supervisors, senior management, and core technical personnel[130](index=130&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=47&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company will not distribute profits or convert capital reserves into share capital for this semi-annual period - No distribution or conversion for this semi-annual period[130](index=130&type=chunk) [Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=47&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) In Q1 2025, the company granted 2 million restricted shares to key personnel but cancelled 3.27 million shares from the 2024 plan due to unfulfilled conditions or departures - In March 2025, the company granted **2 million** reserved restricted shares to **5** core employees[131](index=131&type=chunk) - In April 2025, the company cancelled a total of **3.272 million** restricted shares from the 2024 restricted stock incentive plan due to some grantees' departure and unfulfilled conditions for the first vesting period[131](index=131&type=chunk) [Significant Matters](index=49&type=section&id=Fifth%20Section%20Significant%20Matters) This section details the company's fulfillment of commitments, absence of illegal guarantees or major litigations, significant related party transactions, and the progress of raised capital utilization [Fulfillment of Commitments](index=49&type=section&id=I.%20Fulfillment%20of%20Commitments) All commitments made by the company's actual controller, shareholders, directors, and key personnel regarding IPO, share lock-up, and governance were strictly and timely fulfilled during the reporting period - Controlling shareholder Yijie Technology and actual controller Long Jinjun committed not to transfer shares within **36 months** from the listing date, and that the reduction price would not be lower than the offering price within **two years** after listing[141](index=141&type=chunk) - Directors and senior management committed not to transfer more than **25%** of their total shares annually during their tenure, not to transfer shares within **six months** after leaving office, and that the reduction price would not be lower than the offering price within **two years** after listing[145](index=145&type=chunk) - Core technical personnel committed not to transfer shares within **12 months** from the listing date, not to transfer shares within **six months** after leaving office, and not to transfer more than **25%** of those shares annually within **four years** after the lock-up period expires[148](index=148&type=chunk) - The company, controlling shareholder, and actual controller committed to repurchase all newly issued shares in case of fraudulent issuance[160](index=160&type=chunk) - The controlling shareholder and actual controller committed to avoid horizontal competition and to offer business opportunities to the company[170](index=170&type=chunk) - All commitments were fulfilled promptly and strictly[135](index=135&type=chunk) [Illegal Guarantees](index=62&type=section&id=III.%20Illegal%20Guarantees) The company reported no instances of illegal guarantees during the reporting period - During the reporting period, the company had no illegal guarantees[173](index=173&type=chunk) [Major Litigation and Arbitration Matters](index=63&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) The company had no major litigation or arbitration matters during the reporting period - During the reporting period, the company had no major litigation or arbitration matters[174](index=174&type=chunk) [Significant Related Party Transactions](index=63&type=section&id=X.%20Significant%20Related%20Party%20Transactions) The company conducted significant related party transactions with SF Express (67.73 million yuan sales) and Qingdao Ant Robot (7.67 million yuan procurement), with annual sales to SF Express projected up to 500 million yuan - The company expects 2025 annual sales of products to SF Express not to exceed **500 million yuan**[174](index=174&type=chunk) - The company expects 2025 annual procurement of products from Qingdao Ant Robot Co., Ltd. not to exceed **100 million yuan**[174](index=174&type=chunk) - During the reporting period, the actual sales amount of products to SF Express was **67.73 million yuan**[175](index=175&type=chunk) - During the reporting period, the actual procurement amount of products from Qingdao Ant Robot Co., Ltd. was **7.67 million yuan**[175](index=175&type=chunk) [Explanation of Progress in Use of Raised Funds](index=66&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) As of period-end, total raised funds were 989.24 million yuan, with 844.19 million yuan invested (94.71% progress); over-raised funds reached 102.41% utilization, mainly for working capital and share repurchases Overall Use of Raised Funds | Indicator | Amount (million yuan) | | :--- | :--- | | Total Raised Funds | 989.24 | | Net Raised Funds | 891.37 | | Cumulative Raised Funds Invested as of Period-End | 844.19 | | Cumulative Raised Funds Investment Progress as of Period-End (%) | 94.71 | | Cumulative Over-Raised Funds Invested as of Period-End | 453.67 | | Cumulative Over-Raised Funds Investment Progress as of Period-End (%) | 102.41 | | Amount Invested in Current Year | 108.95 | - The portion of cumulative over-raised funds investment progress exceeding **100%** represents interest generated from idle over-raised funds wealth management[180](index=180&type=chunk) - The raised fund investment project "Headquarters and R&D Center Construction Project" passed acceptance in May 2025, reaching its intended usable state[185](index=185&type=chunk) - Over-raised funds were primarily used for permanent replenishment of working capital (**343.83 million yuan**) and share repurchases (**109.84 million yuan**)[187](index=187&type=chunk) [Share Changes and Shareholder Information](index=71&type=section&id=Sixth%20Section%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital stability, shareholder structure, and the top ten shareholders, including their holdings and restricted share conditions [Changes in Share Capital](index=71&type=section&id=I.%20Changes%20in%20Share%20Capital) No changes occurred in the company's total ordinary shares or share capital structure during the reporting period - During the reporting period, there were no changes in the company's total ordinary shares and share capital structure[191](index=191&type=chunk) [Shareholder Information](index=71&type=section&id=II.%20Shareholder%20Information) As of period-end, the company had 10,981 shareholders; Qingdao Yijie Technology (17.14%) and Shenzhen SF Investment (11.14%) were the top two, with Long Jinjun as the ultimate controller - Total number of ordinary shareholders as of the end of the reporting period: **10,981**[192](index=192&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Shares Held at Period-End (shares) | Proportion (%) | Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Qingdao Yijie Technology Equipment Co., Ltd. | 31,000,000 | 17.14 | 31,000,000 | Domestic Non-State-Owned Legal Person | | Shenzhen SF Investment Co., Ltd. | 20,145,524 | 11.14 | 0 | Domestic Non-State-Owned Legal Person | | Qingdao Yiyuan Investment Co., Ltd. | 12,280,685 | 6.79 | 0 | Domestic Non-State-Owned Legal Person | | Zou Zhenhua | 11,000,000 | 6.08 | 0 | Domestic Natural Person | | Qingdao Kengic Investment Management Center (Limited Partnership) | 10,000,000 | 5.53 | 10,000,000 | Other | | Qingdao Haishang Chuangzhi Investment Co., Ltd. | 5,419,629 | 3.00 | 0 | Domestic Non-State-Owned Legal Person | | Qingdao Kengic Yingxian Investment Management Center (Limited Partnership) | 4,000,000 | 2.21 | 4,000,000 | Other | | Qingdao Kengic Yinghao Investment Management Center (Limited Partnership) | 4,000,000 | 2.21 | 4,000,000 | Other | | Shi Zhuteng | 3,600,158 | 1.99 | 0 | Domestic Natural Person | | Guotai Junan Securities Asset Management - China Merchants Bank - Guotai Junan Junxiang STAR Market Kengic Intelligent No. 1 Strategic Placement Collective Asset Management Plan | 2,791,877 | 1.54 | 0 | Other | - The company's actual controller, Long Jinjun, is the controlling shareholder of Yijie Technology and also serves as the executive partner of Kengic Investment, Kengic Yingxian, and Kengic Yinghao[196](index=196&type=chunk) - As of the end of the reporting period, the company had repurchased **24,143,759** shares through centralized bidding, accounting for **13.35%** of the company's total share capital[196](index=196&type=chunk) Top Ten Shareholders with Restricted Shares and Their Restrictions | No. | Shareholder Name with Restricted Shares | Number of Restricted Shares Held (shares) | Date Available for Listing | Restriction Conditions | | :--- | :--- | :--- | :--- | :--- | | 1 | Qingdao Yijie Technology Equipment Co., Ltd. | 31,000,000 | March 16, 2026 | 42 months from listing date | | 2 | Qingdao Kengic Investment Management Center (Limited Partnership) | 10,000,000 | March 16, 2026 | 42 months from listing date | | 3 | Qingdao Kengic Yingxian Investment Management Center (Limited Partnership) | 4,000,000 | March 16, 2026 | 42 months from listing date | | 4 | Qingdao Kengic Yinghao Investment Management Center (Limited Partnership) | 4,000,000 | March 16, 2026 | 42 months from listing date | | 5 | Qingdao Kengic Yingcai Investment Management Center (Limited Partnership) | 2,000,000 | March 16, 2026 | 42 months from listing date | [Bond-Related Information](index=76&type=section&id=Seventh%20Section%20Bond-Related%20Information) This section confirms the absence of company bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[202](index=202&type=chunk) - During the reporting period, the company had no convertible corporate bonds[202](index=202&type=chunk) [Financial Report](index=77&type=section&id=Eighth%20Section%20Financial%20Report) This section presents the company's unaudited financial statements for H1 2025, including balance sheets, income statements, cash flow statements, and statements of changes in equity [Audit Report](index=77&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[8](index=8&type=chunk) [Financial Statements](index=77&type=section&id=II.%20Financial%20Statements) This section presents the company's consolidated and parent company financial statements for H1 2025, including balance sheets, income statements, cash flow statements, and statements of changes in equity - The consolidated balance sheet shows that as of June 30, 2025, total assets were **3.33 billion yuan**, and total owners' equity attributable to the parent company was **889.26 million yuan**[205](index=205&type=chunk) - The consolidated income statement shows that for January-June 2025, operating revenue was **491.85 million yuan**, and net profit attributable to parent company shareholders was **-37.28 million yuan**[212](index=212&type=chunk)[213](index=213&type=chunk) - The consolidated cash flow statement shows that for January-June 2025, net cash flow from operating activities was **-291.24 million yuan**, net cash flow from investing activities was **-183.80 million yuan**, and net cash flow from financing activities was **106.40 million yuan**[220](index=220&type=chunk) [Basic Company Information](index=98&type=section&id=III.%20Basic%20Company%20Information) This section outlines Kengic Intelligent Technology Co., Ltd.'s equity evolution since 2015, its A-share IPO in 2022, current major shareholders, and primary business scope in smart warehousing and manufacturing - The company was registered and established on March 24, 2015, originally named Qingdao Kengic Logistics Technology Co., Ltd[236](index=236&type=chunk) - The company underwent multiple equity transfers and capital increases, introducing shareholders such as SF Investment, RRS Chuangzhi, Huizhi Xiangshun, and Jinfeng Borun[237](index=237&type=chunk)[238](index=238&type=chunk)[239](index=239&type=chunk)[240](index=240&type=chunk)[241](index=241&type=chunk)[242](index=242&type=chunk)[243](index=243&type=chunk)[244](index=244&type=chunk)[245](index=245&type=chunk)[247](index=247&type=chunk) - The company was wholly converted into a joint-stock company in December 2020, with a total share capital of **135,636,875.00 shares**[246](index=246&type=chunk) - The company completed its A-share public offering of **45,212,292** shares on September 9, 2022, increasing its share capital to **180,849,167.00 yuan**[248](index=248&type=chunk) - As of June 30, 2025, Yijie Technology held **17.1414%** as the company's largest shareholder, with Long Jinjun and Liu Zhenguo holding **96.7742%** and **3.2258%** of Yijie Technology's shares, respectively[249](index=249&type=chunk) [Basis of Preparation of Financial Statements](index=100&type=section&id=IV.%20Basis%20of%20Preparation%20of%20Financial%20Statements) These financial statements are prepared based on Enterprise Accounting Standards and CSRC disclosure regulations, under the going concern assumption - Financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the "Information Disclosure Compilation Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports (Revised 2023)" of the China Securities Regulatory Commission[250](index=250&type=chunk) - Financial statements are prepared on a going concern basis[251](index=251&type=chunk) [Significant Accounting Policies and Estimates](index=100&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This chapter details the company's significant accounting policies and estimates, covering financial instruments, inventory, revenue, government grants, deferred taxes, leases, and share-based payments, with a reclassification of warranty expenses - The company classifies financial assets into three categories based on the business model for managing financial assets and the characteristics of contractual cash flows: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[266](index=266&type=chunk) - For financial assets measured at amortized cost, contract assets, and loan commitments, the company recognizes loss provisions based on expected credit losses[269](index=269&type=chunk) - Inventories include raw materials and work-in-progress, measured at the lower of cost or net realizable value, and issued inventories are accounted for using the weighted average method[291](index=291&type=chunk) - The company recognizes revenue when the customer obtains control of the related goods or services, at the amount of consideration it expects to be entitled to receive; for system sales requiring installation and commissioning, revenue is recognized after installation and commissioning are completed and acceptance documents are obtained[328](index=328&type=chunk) - The company offsets asset-related government grants against the carrying value of related assets or recognizes them as deferred income; income-related government grants are recognized as deferred income or directly included in current profit or loss[332](index=332&type=chunk)[333](index=333&type=chunk) - The company recognizes right-of-use assets at the commencement date of the lease and recognizes lease liabilities at the present value of the lease payments not yet paid[336](index=336&type=chunk) - The company accounts for restricted stock plans as equity-settled share-based payments[325](index=325&type=chunk) - In accordance with the "Enterprise Accounting Standards Application Guide Compilation 2024" issued by the Ministry of Finance, guarantee-type warranty expenses are recognized in cost of sales for the current reporting period, no longer in selling expenses, and comparable period data for the consolidated and parent company income statements for H1 2024 have been retrospectively adjusted[343](index=343&type=chunk)[344](index=344&type=chunk) [Taxation](index=116&type=section&id=VI.%20Taxation) This section outlines the company's main tax types and rates, including corporate income tax and VAT, and details various tax incentives for export sales, advanced manufacturing, R&D, and small enterprises Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Corporate Income Tax | Taxable income | 25%, 20%, 17%, 16.5%, and 9% | | Value-Added Tax | Taxable value added | 21%, 13%, 10%, 9%, and 6% | | Urban Maintenance and Construction Tax | Amount of VAT paid | 7% and 5% | | Education Surcharge | Amount of VAT paid | 3% | | Local Education Surcharge | Amount of VAT paid | 2% | - The company's export sales of machinery and equipment are exempt from VAT, adopting the "exemption, deduction, and refund" method[346](index=346&type=chunk) - As an advanced manufacturing enterprise, the company is entitled to an additional **5%** deduction from VAT payable based on the current period's deductible input VAT, from January 1, 2023, to December 31, 2027[346](index=346&type=chunk) - The company's R&D expenses for H1 2025 are eligible for a **100%** pre-tax additional deduction[346](index=346&type=chunk) - The company's subsidiary, Shanghai Kengic Smart, enjoys the "six taxes and two fees" reduction policy for small and micro enterprises, paying half of the urban maintenance and construction tax, stamp duty, education surcharge, and local education surcharge[347](index=347&type=chunk) [Notes to Consolidated Financial Statement Items](index=117&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides comprehensive notes to all consolidated financial statement items, detailing assets, liabilities, equity, income, costs, and expenses, offering granular insights into the company's financial position - Monetary funds period-end balance was **258.48 million yuan**, of which the total amount deposited overseas was **10.97 million yuan**[349](index=349&type=chunk) - Trading financial assets period-end balance was **313.05 million yuan**, mainly consisting of income certificates and foreign exchange forward contracts[351](index=351&type=chunk)[352](index=352&type=chunk) - Accounts receivable period-end balance was **419.95 million yuan**, with a bad debt provision of **44.03 million yuan**[362](index=362&type=chunk) - Inventories period-end balance was **1.22 billion yuan**, with an inventory impairment provision of **11.26 million yuan**, primarily for work-in-progress[394](index=394&type=chunk) - Short-term borrowings period-end balance was **350.23 million yuan**, all of which were credit borrowings[435](index=435&type=chunk)[436](index=436&type=chunk)[437](index=437&type=chunk) - Long-term borrowings period-end balance was **197.40 million yuan**, all of which were credit borrowings[461](index=461&type=chunk)[462](index=462&type=chunk)[464](index=464&type=chunk) - Treasury stock period-end balance was **242.77 million yuan**, with an increase of **120.05 million yuan** in the current period due to the company's share repurchases[475](index=475&type=chunk)[476](index=476&type=chunk) - Operating revenue for the current period was **491.85 million yuan**, and operating costs were **385.22 million yuan**[487](index=487&type=chunk) - Among main business revenue, smart sorting systems accounted for **197.66 million yuan**, and smart warehousing systems for **198.92 million yuan**[491](index=491&type=chunk) - By operating region, mainland China revenue was **237.94 million yuan**, and overseas region revenue was **253.92 million yuan**[491](index=491&type=chunk) - R&D expenses for the current period were **53.73 million yuan**, primarily consisting of salary and wage expenses[497](index=497&type=chunk)[498](index=498&type=chunk) - Financial expenses for the current period were **1.05 million yuan**, mainly composed of interest expenses on borrowings, interest income, and exchange gains/losses[498](index=498&type=chunk) [R&D Expenses](index=165&type=section&id=VIII.%20R%26D%20Expenses) This section details the company's H1 2025 R&D expenses, totaling 53.73 million yuan, entirely expensed, with salaries and wages as the largest component, showing a year-on-year increase 2025 H1 R&D Expenses by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Salary and Wage Expenses | 49,612,717.99 | 40,658,320.17 | | Raw Material Costs | 1,513,782.32 | 3,909,966.02 | | Depreciation and Amortization Expenses | 1,073,039.51 | 1,215,793.51 | | Travel Expenses | 458,512.10 | 1,070,283.63 | | Share-based Payment | 445,623.58 | 1,749,316.39 | | Installation Fees | 317,232.89 | 432,930.76 | | Professional Service Fees | 80,574.23 | 200,026.56 | | Other Expenses | 225,180.74 | 303,305.54 | | Total | 53,726,663.36 | 49,539,942.58 | | Of which: Expensed R&D Investment | 53,726,663.36 | 49,539,942.58 | [Changes in Consolidation Scope](index=166&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The company expanded its consolidation scope by acquiring 100% of Kengic Germany for 205,602.50 yuan and establishing a new wholly-owned subsidiary, Kengic Singapore - In the current period, the company acquired **100%** equity in Kengic Germany through a business combination not under common control[528](index=528&type=chunk) - The acquisition cost for Kengic Germany's equity was **205,602.50 yuan**[528](index=528&type=chunk)[529](index=529&type=chunk) - The company established a new wholly-owned subsidiary, Kengic Singapore, in January 2025[533](index=533&type=chunk) [Interests in Other Entities](index=169&type=section&id=X.%20Interests%20in%20Other%20Entities) This section outlines the company's group structure, listing wholly-owned subsidiaries like Shanghai Kengic Smart and Kengic Germany, detailing their operations, capital, and ownership - The company owns wholly-owned subsidiaries including Shanghai Kengic Smart, Kengic Intelligent Technology, Kengic Korea, Kengic High-tech Equipment, Kengic Hong Kong, Kengic Singapore, and Kengic Germany[534](index=534&type=chunk)[535](index=535&type=chunk)[536](index=536&type=chunk)[537](index=537&type=chunk) - Kengic Germany is a wholly-owned sub-subsidiary acquired in the current period[537](index=537&type=chunk) - Kengic Singapore is a wholly-owned subsidiary established in the current period[537](index=537&type=chunk) [Government Grants](index=173&type=section&id=XI.%20Government%20Grants) Government grants recognized in profit or loss for the period totaled 1.01 million yuan, primarily income-related subsidies 2025 H1 Government Grants Recognized in Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Income-related | 1,012,518.50 | 3,373,669.25 | | Total | 1,012,518.50 | 3,373,669.25 | [Risks Related to Financial Instruments](index=173&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces foreign exchange, credit, and liquidity risks, with currency fluctuations significantly impacting net profit; credit risk is managed through client assessment, and liquidity through cash reserves - The company faces foreign exchange risk, credit risk, and liquidity risk[542](index=542&type=chunk) - Foreign exchange risk primarily arises from USD and EUR denominated financial assets and liabilities[542](index=542&type=chunk) Foreign Currency Financial Assets and Liabilities Converted to RMB as of June 30, 2025 | Item | USD Items (yuan) | EUR Items (yuan) | Other Foreign Currency Items (yuan) | | :--- | :--- | :--- | :--- | | Total Foreign Currency Financial Assets | 201,019,282.96 | 18,704,828.50 | 54,509,084.97 | | Total Foreign Currency Financial Liabilities | 1,884,936.48 | 565,505.05 | 11,617,206.03 | - If RMB appreciates or depreciates by **10%** against the USD, net profit would decrease or increase by approximately **16.93 million yuan**, respectively[543](index=543&type=chunk) - If RMB appreciates or depreciates by **10%** against the EUR, net profit would decrease or increase by approximately **1.54 million yuan**, respectively[543](index=543&type=chunk) - Credit risk primarily arises from monetary funds, notes receivable, accounts receivable, other receivables, and contract assets; the company controls this by assessing customer creditworthiness and regular monitoring[544](index=544&type=chunk) - Liquidity risk is managed by maintaining ample cash reserves and readily marketable securities, and by monitoring borrowing agreements[544](index=544&type=chunk) [Disclosure of Fair Value](index=175&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the period-end fair value of assets and liabilities, primarily trading financial assets and notes receivable financing, valued using expected cash flows or discounted future cash flows Period-End Fair Value Measurement Items | Item | Level 2 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 313,045,808.60 | - | 313,045,808.60 | | Notes Receivable Financing | - | 5,043,145.04 | 5,043,145.04 | | Total Assets Continuously Measured at Fair Value | 313,045,808.60 | 5,043,145.04 | 318,088,953.64 | - The fair value of income certificates and structured deposit wealth management investments within trading financial assets is assessed using expected contractual cash flows[549](index=549&type=chunk) - The fair value of foreign exchange forward contracts within trading financial assets is determined by discounting the difference between the exercise price and the market forward price of the foreign exchange forward contract[549](index=549&type=chunk) - Notes receivable financing primarily consists of bank acceptance bills, with fair value determined by discounting future cash flows[551](index=551&type=chunk) [Related Parties and Related Party Transactions](index=177&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section details related parties and transactions, including sales to SF Express (67.73 million yuan) and purchases from Qingdao Ant Robot (7.67 million yuan), with Long Jinjun providing a 189 million yuan guarantee - The parent company is Qingdao Yijie Technology Equipment Co., Ltd., holding **17.14%** of shares, with Long Jinjun as the ultimate controlling party[553](index=553&type=chunk) - Information on the company's subsidiaries is detailed in Note X, 1[554](index=554&type=chunk) - Other related parties include SF Holding Co., Ltd. and its controlled companies, as well as Qingdao Ant Robot Co., Ltd[554](index=554&type=chunk)[555](index=555&type=chunk)[556](index=556&type=chunk)[557](index=557&type=chunk)[558](index=558&type=chunk)[559](index=559&type=chunk)[560](index=560&type=chunk) 2025 H1 Related Party Transactions for Sales and Purchases of Goods, and Provision and Acceptance of Services | Related Party | Related Transaction Content | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | :--- | | SF Consolidated | Sale of Goods | 67,727,928.27 | 106,479,748.59 | | Qingdao Ant Robot Co., Ltd. | Purchase of Goods | 7,672,123.89 | 5,070,796.43 | | SF Consolidated | Purchase of Goods - Acceptance of Services | 1,505,897.53 | 97,326.62 | - As a lessor, the company recognized rental income of **55,045.87 yuan** from Qingdao Ant Robot Co., Ltd. for buildings[565](index=565&type=chunk) - Long Jinjun provided a joint and several liability guarantee of **189 million yuan** for the company, with a guarantee start date of July 25, 2022, and an expiration date of July 24, 2025[567](index=567&type=chunk) - Key management personnel compensation for the current period amounted to **5.35 million yuan**[569](index=569&type=chunk) Accounts Receivable from Related Parties as of June 30, 2025 | Item Name | Related Party | Period-End Book Balance (yuan) | Bad Debt Provision (yuan) | | :--- | :--- | :--- | :--- | | Accounts Receivable | SF Consolidated | 59,843,349.46 | 5,350,681.35 | | Contract Assets | SF Consolidated | 17,554,004.20 | 1,408,815.42 | | Other Receivables | SF Consolidated | 1,940,000.00 | 32,010.00 | Accounts Payable to Related Parties as of June 30, 2025 | Item Name | Related Party | Period-End Book Balance (yuan) | | :--- | :--- | :--- | | Accounts Payable | Qingdao Haopin Haizhi Information Technology Co., Ltd. | 715,547.97 | | Contract Liabilities | SF Consolidated | 75,373,476.90 | [Share-based Payment](index=188&type=section&id=XV.%20Share-based%20Payment) The company granted 2 million restricted shares valued at 11.8 million yuan, with equity-settled share-based payment expenses of 4.76 million yuan, accumulating 31.65 million yuan in capital reserves - In the current period, **2 million** restricted shares were granted to core employees, valued at **11.8 million yuan**[575](index=575&type=chunk) - Equity-settled share-based payment expenses for the current period amounted to **4.76 million yuan**[579](index=579&type=chunk) - The cumulative amount of equity-settled share-based payments recognized in capital reserves was **31.65 million yuan**[578](index=578&type=chunk) - The company incentivizes core technical and management personnel through employee equity incentive plans from 2018, 2019, 2020, 2021, 2024, and the 2025 reserved restricted stock grant[579](index=579&type=chunk)[580](index=580&type=chunk)[581](index=581&type=chunk) [Commitments and Contingencies](index=190&type=section&id=XVI.%20Commitments%20and%20Contingencies) As of the balance sheet date, the company had 15.41 million yuan in contracted capital expenditure commitments not yet recognized, and no significant contingent matters to disclose - Capital expenditure commitments that were contracted but not yet required to be recognized on the balance sheet amounted to **15.41 million yuan**[584](index=584&type=chunk) - The company had no significant contingent matters requiring disclosure[585](index=585&type=chunk) [Events After the Balance Sheet Date](index=190&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) No significant non-adjusting events, profit distributions, sales returns, or other post-balance sheet events occurred from period-end to report approval date - From the end of the reporting period until the approval date of the financial report, the company had no significant non-adjusting events, profit distribution, sales returns, or other events after the balance sheet date[585](index=585&type=chunk) [Other Significant Matters](index=190&type=section&id=XVIII.%20Other%20Significant%20Matters) The company's management deems all business segments to have similar risks and rewards, and internal management does not use reportable segments, thus no further segment disclosure is provided - The company's management believes that the risks and rewards of all currently operated businesses are similar, and internal group management is not conducted by reportable segments[586](index=586&type=chunk) - The company is not required to disclose further segment inform

Core Insights - The company has developed a 40-meter dual-column heavy-duty high-level stacker crane, filling a domestic gap and addressing equipment bottlenecks in ultra-high-density warehousing, with space utilization improved by over 50% compared to traditional solutions [2][9] - The company is recognized as a leading brand in the intelligent equipment sector, driven by a series of core products, continuous technological breakthroughs, and a clear development strategy [2][10] Product Matrix - Key products include cross-belt sorters, roller sorters, stackers, multi-layer shuttle cars, four-way pallet trucks, and gantry robots, which address multiple industry pain points and hold significant market positions [4][5] - In the express and e-commerce sectors, the market share of cross-belt sorters and roller sorters ranks among the top three, significantly enhancing operational efficiency and reducing sorting error rates [5] Technological Innovations - The company has overcome significant technical challenges, such as controlling welding deformation and precision in the manufacturing of 40-meter stacker columns, which directly impacts safety and efficiency in ultra-high storage [8][9] - Innovations in control cabinet design have led to a 40% increase in production efficiency and a reduction in error rates from 3% to below 0.5%, effectively doubling production capacity [9] Strategic Layout - The company aims to become a global leader in intelligent equipment by implementing a "four modernization" strategy focusing on internationalization, modularization, standardization, and digitalization [10][12] - The internationalization strategy has led to successful project deliveries in over 20 countries, with significant improvements in production cycles and storage costs for clients [10][12] - Modularization and standardization efforts have resulted in over 70% product reuse and a 30% reduction in delivery times compared to industry averages [12] Digital Transformation - The company is leveraging IoT and big data technologies to enhance production efficiency by 25% and reduce energy consumption by 18%, marking a significant step in its digital transformation [12]

Core Viewpoint - The announcement details the transfer of partnership shares within the employee stock ownership platform of KJ Intelligent Technology Co., Ltd, involving the actual controller Long Jinjun and the establishment of a partnership transfer agreement with Qingdao KJ Yinghua Investment Center [1][2]. Group 1: Share Transfer Details - The employee stock ownership platform allows limited partners to transfer their partnership shares to general partners or designated third parties, with specific conditions based on their employment status [1]. - For limited partners who leave the company within two to three years post-listing, two-thirds of their shares are transferred at 90% of the average stock price over the previous 20 trading days, while the remaining shares are transferred at the original investment price [1]. - The transfer agreement was signed between KJ Yinghua and the transferring limited partners, with the actual controller Long Jinjun holding 99.8% of KJ Yinghua [2]. Group 2: Impact on Company Structure - The transfer of shares does not change the total number of shares held by the employee stock ownership platform, nor does it affect the voting rights controlled by Long Jinjun as the executing partner [2]. - The actual controller and major shareholder of the company remain unchanged following the transfer [2]. - The share transfer complies with relevant laws and regulations, ensuring that the company's share distribution remains within the listing conditions [2]. Group 3: Compliance and Disclosure - Long Jinjun will adhere to legal regulations and commitments regarding share restrictions, with the company committed to ongoing monitoring and timely disclosure of any changes in shareholding [3].

证券代码：688455 证券简称：科捷智能 公告编号：2025-052 科捷智能科技股份有限公司 关于实际控制人受让员工持股平台部分财产份额的 一、员工持股平台财产份额转让的基本情况 根据公司员工持股平台《合伙协议》的约定，有限合伙人可以将其在合伙企 业的财产份额向普通合伙人或普通合伙人指定的第三方转让。在科捷智能上市后 两年届满、不满三年期间，有限合伙人离职的，其持有合伙企业财产份额的 2/3 以转让前科捷智能公司股票 20 个交易日均价的 90%转让，其余财产份额按原始 出资价格转让；在科捷智能上市后两年届满、不满三年期间，有限合伙人在非离 职的情形下转让合伙企业财产份额，其持有合伙企业财产份额的 2/3 以转让前科 捷智能股票 20 个交易日均价的 90%转让，其余的财产份额将继续持有。 经各方友好协商，按照上述《合伙协议》约定的财产份额转让价格，科捷英 华、龙进军先生与本次财产份额转让方签订了《合伙份额转让协议》。本次财产 份额转让方将公司员工持股平台的部分财产份额转让给科捷英华、龙进军先生。 相关情况如下： 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对 ...

证券代码：688455 证券简称：科捷智能 公告编号：2025-052 科捷智能科技股份有限公司 关于实际控制人受让员工持股平台部分财产份额的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 近日，科捷智能科技股份有限公司（以下简称"公司"或"科捷智能"）收到公 司股东青岛科捷英豪投资管理中心（有限合伙）（以下简称"科捷英豪"）、青岛科 捷英贤投资管理中心（有限合伙）（以下简称"科捷英贤"）、青岛科捷英才投资管 理中心（有限合伙）（以下简称"科捷英才"，科捷英豪、科捷英贤、科捷英才以 下合称"公司员工持股平台"）及公司实际控制人龙进军先生的通知，公司员工持 股平台的部分有限合伙人（以下合称"本次财产份额转让方"）与青岛科捷英华投 资中心（有限合伙）（以下简称"科捷英华"）、龙进军先生签订了《合伙份额转让 协议》，并已完成工商变更手续。现将相关情况公告如下： 一、员工持股平台财产份额转让的基本情况 根据公司员工持股平台《合伙协议》的约定，有限合伙人可以将其在合伙企 业的财产份额向普通合伙人或普通合伙人指定的第三方转让。 ...

格隆汇8月15日丨科捷智能(688455.SH)公布，根据公司员工持股平台《合伙协议》的约定，有限合伙人 可以将其在合伙企业的财产份额向普通合伙人或普通合伙人指定的第三方转让。在科捷智能上市后两年 届满、不满三年期间，有限合伙人离职的，其持有合伙企业财产份额的2/3以转让前科捷智能公司股票 20个交易日均价的90%转让，其余财产份额按原始出资价格转让；在科捷智能上市后两年届满、不满三 年期间，有限合伙人在非离职的情形下转让合伙企业财产份额，其持有合伙企业财产份额的2/3以转让 前科捷智能股票20个交易日均价的90%转让，其余的财产份额将继续持有。 经各方友好协商，按照上述《合伙协议》约定的财产份额转让价格，科捷英华、龙进军先生与本次财产 份额转让方签订了《合伙份额转让协议》。本次财产份额转让方将公司员工持股平台的部分财产份额转 让给科捷英华、龙进军先生。 本次财产份额转让仅是公司员工持股平台内部的财产份额持有人所持份额之间的变动。本次财产份额转 让完成后，公司员工持股平台持有的公司股份数量未发生变化，龙进军先生作为公司员工持股平台的执 行事务合伙人，控制的表决权未发生变化。本次财产份额转让完成后，公司的实际控 ...