[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines key terms used throughout the report, covering company specifics, reporting periods, industry terminology, and management systems [1.1 Common Term Definitions](index=4&type=section&id=1.1%20Common%20Term%20Definitions) This chapter defines common terms used in the report, including company names, reporting periods, industry-specific terms like 'Two Engines' and major partners, medical field terms, technical certifications, management systems, and internal business development concepts - Defined core terms such as the company, reporting period, and aero-engine and gas turbine (Two Engines)[12](index=12&type=chunk) - Explained major international and domestic clients and partners including Safran, GE Aviation, Rolls-Royce, AECC, and AECC Commercial Aircraft Engine[12](index=12&type=chunk) - Clarified key industry certifications like CNAS and NADCAP, and management systems such as MES, ERP, and PLM[12](index=12&type=chunk) - Elaborated on the definitions of internal business development stages, including specialization, engineering, and industrialization[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides the company's basic information, contact details, disclosure channels, stock overview, and a summary of key financial performance and non-recurring items for the reporting period [2.1 Company Basic Information](index=5&type=section&id=2.1%20Company%20Basic%20Information) This section provides the company's basic identification information, including Chinese name, abbreviation, foreign name, legal representative, registered and office addresses, website, and email, with no historical changes during the reporting period - The company's Chinese name is Wuxi Hangya Science and Technology Co., Ltd., abbreviated as Hangya Technology[14](index=14&type=chunk) - The legal representative is Yan Qi, and both the registered and office addresses are located at No. 35 Xindong'an Road, Wuxi City[14](index=14&type=chunk) - The company's website is www.hyatech.cn, and the email address is IRM@hyatech.cn[14](index=14&type=chunk) [2.2 Contact Persons and Information](index=5&type=section&id=2.2%20Contact%20Persons%20and%20Information) This section lists the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary (domestic representative for information disclosure) and Securities Affairs Representative, ensuring effective communication for investors - The Board Secretary (domestic representative for information disclosure) is Fang Hongtao, and the Securities Affairs Representative is Li Yuling[15](index=15&type=chunk) - Both contact telephone numbers are 0510-81893698, and the email address is IRM@hyatech.cn[15](index=15&type=chunk) [2.3 Information Disclosure and Document Custody Location Changes](index=5&type=section&id=2.3%20Information%20Disclosure%20and%20Document%20Custody%20Location%20Changes) This section describes the company's information disclosure channels and document custody location for the semi-annual report, with no changes during the reporting period - The company's designated information disclosure newspaper is the *Shanghai Securities News*[16](index=16&type=chunk) - The website address for publishing the semi-annual report is www.sse.com.cn[16](index=16&type=chunk) - The company's semi-annual report is available at the Board of Directors' Office[16](index=16&type=chunk) [2.4 Company Stock/Depositary Receipt Overview](index=5&type=section&id=2.4%20Company%20Stock%2FDepositary%20Receipt%20Overview) This section provides the company's stock listing information, including stock type, listing exchange and board, stock abbreviation, and code, with no changes to the stock abbreviation during the reporting period - The company's stock type is A-shares, listed on the STAR Market of the Shanghai Stock Exchange[17](index=17&type=chunk) - The stock abbreviation is Hangya Technology, and the stock code is 688510[17](index=17&type=chunk) [2.5 Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=2.5%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by 8.76% due to domestic business growth, while net profit attributable to shareholders and non-recurring net profit decreased by 8.92% and 18.35% respectively, mainly due to increased share-based payment expenses, and net cash flow from operating activities decreased by 35.55% due to higher procurement payments and taxes 2025 Semi-Annual Key Accounting Data (Consolidated Statements) | Indicator | Current Period (Jan-Jun) (million yuan) | Prior Period (million yuan) | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 369.38 | 339.61 | 8.76 | | Total Profit | 70.52 | 75.18 | -6.20 | | Net Profit Attributable to Shareholders | 61.21 | 67.21 | -8.92 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 53.90 | 66.01 | -18.35 | | Net Cash Flow from Operating Activities | 31.78 | 49.31 | -35.55 | | Net Assets Attributable to Shareholders (Period-end) | 1,164.80 | 1,141.99 | 2.00 | | Total Assets (Period-end) | 1,920.53 | 1,917.03 | 0.18 | 2025 Semi-Annual Key Financial Indicators (Consolidated Statements) | Key Financial Indicator | Current Period (Jan-Jun) | Prior Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.24 | 0.26 | -7.69 | | Diluted Earnings Per Share (yuan/share) | 0.24 | 0.26 | -7.69 | | Basic EPS Excluding Non-Recurring Items (yuan/share) | 0.21 | 0.26 | -19.23 | | Weighted Average Return on Net Assets (%) | 5.24 | 6.31 | Decreased by 1.07 percentage points | | Weighted Average RONAE Excluding Non-Recurring Items (%) | 4.61 | 6.20 | Decreased by 1.59 percentage points | | R&D Investment as % of Operating Revenue (%) | 7.91 | 6.84 | Increased by 1.07 percentage points | - Operating revenue increased by **8.76%** year-on-year, primarily due to the growth in domestic business volume during the reporting period[20](index=20&type=chunk) - Net profit attributable to owners of the parent company decreased by **8.92%** year-on-year, and net profit attributable to owners of the parent company after deducting non-recurring gains and losses decreased by **18.35%** year-on-year, mainly due to increased share-based payment expenses during the reporting period[20](index=20&type=chunk) - Net cash flow from operating activities decreased by **35.55%** year-on-year, primarily due to increased procurement payments and higher taxes paid during the reporting period[20](index=20&type=chunk) [2.6 Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=2.6%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the non-recurring gains and losses items and their amounts for the reporting period, totaling **7,313,191.91 yuan**, primarily including government grants, entrusted investment income, and debt restructuring gains and losses Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gain/Loss Item | Amount (yuan) | | :--- | :--- | | Gains/losses on disposal of non-current assets | 3,757.96 | | Government grants recognized in current profit/loss | 7,512,339.97 | | Gains/losses from entrusted investments or asset management | 162,300.00 | | Debt restructuring gains/losses | 847,634.04 | | Other non-operating income and expenses apart from the above | 80,423.22 | | Less: Income tax impact | 1,290,968.28 | | Minority interest impact (after tax) | 2,295.00 | | **Total** | **7,313,191.91** | [2.7 Net Profit After Deducting Share-Based Payment Impact](index=7&type=section&id=2.7%20Net%20Profit%20After%20Deducting%20Share-Based%20Payment%20Impact) This section discloses the net profit after deducting the impact of share-based payment expenses, showing a **6.64%** year-on-year increase in net profit after excluding this non-recurring factor - Net profit after deducting the impact of share-based payments was **72,499,811.36 yuan**, representing a year-on-year increase of **6.64%**[24](index=24&type=chunk) [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section discusses the company's industry and main business operations, analyzes operating performance, and details core competencies, including technological advantages, customer base, certifications, production efficiency, and talent [3.1 Description of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=3.1%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) The company primarily engages in R&D, production, and sales of critical aero-engine and gas turbine components, and medical orthopedic implant forgings. The aviation market continues to recover but faces supply chain challenges, with China's market position strengthening. The domestic 'Two Engines' industry is rapidly developing with policy support, and the medical orthopedic market is expected to maintain stable growth. The company operates primarily through direct sales, build-to-order, and independent R&D - Global aviation market demand continues to recover, with Airbus projecting passenger traffic to grow at **3.6%** annually over the next 20 years, driving engine market expansion[27](index=27&type=chunk) - The aero-engine industry faces severe supply challenges, with major aircraft manufacturers having historically high backlogs and all major global engine manufacturers experiencing supply bottlenecks[28](index=28&type=chunk) - China's complete industrial ecosystem and efficient supply chain system are increasingly becoming a crucial pillar for international clients' global procurement strategies[28](index=28&type=chunk) - The domestic aero-engine and gas turbine industry has entered a rapid development phase with strong national policy support, and the C919 large aircraft has entered a strategic opportunity period for high-quality development[30](index=30&type=chunk)[31](index=31&type=chunk) - The medical orthopedic implant forging industry is projected to maintain an annual growth rate of **5%-7%** in the global market until 2030, with emerging markets such as Asia-Pacific, Latin America, and the Middle East becoming key drivers of future growth[32](index=32&type=chunk) - The company's main products include aero-engine components (compressor blades, blisks, casings, turbine disks) and medical orthopedic implant forgings (hip stems, acetabular cups, tibial platforms)[33](index=33&type=chunk)[35](index=35&type=chunk) - The company adopts a direct sales model, requiring aviation and medical quality system certifications and customer qualification. Procurement follows a 'purchase-to-order' principle, with main raw materials sourced from customer-approved suppliers. Production is build-to-order, with some processes outsourced. The R&D model is primarily independent R&D, divided into trial production, pioneer batch, and sample batch certification stages[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk)[44](index=44&type=chunk) [3.2 Discussion and Analysis of Operations](index=12&type=section&id=3.2%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company's operating revenue increased by 8.76%, but net profit attributable to the parent company decreased by 8.92%, mainly due to increased share-based payment expenses; excluding this impact, net profit grew by 6.64%. Aero-engine and gas turbine business revenue increased by 8.07%, with significant domestic growth. Medical orthopedic joint business revenue increased by 18.83%, and international cooperation advanced. The company continued investments in capacity automation, digital transformation, and management optimization - During the reporting period, the company achieved operating revenue of **369.38 million yuan**, an increase of **8.76%** compared to the same period last year[45](index=45&type=chunk) - Net profit attributable to owners of the parent company was **61.21 million yuan**, a year-on-year decrease of **8.92%**; after deducting the impact of share-based payment expenses, net profit attributable to owners of the parent company was **72.50 million yuan**, a year-on-year increase of **6.64%**[45](index=45&type=chunk) - Revenue from aero-engine and gas turbine components business increased by **8.07%** year-on-year. In international business, the company received the 'Best Performance Supplier' award from Safran Group and deepened cooperation; domestic engine component business grew by **44.26%** year-on-year[46](index=46&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk) - Revenue from medical orthopedic joint business increased by **18.83%** year-on-year. International business established long-term strategic partnerships with two leading international medical device manufacturers[49](index=49&type=chunk) - In terms of capacity advancement, the company completed the second-generation automation iteration for blade forging processes, and the new material R&D production line officially commenced operation. For intelligent and digital transformation, the company continued to upgrade PLM, ERP, and MES systems, with a focus on deep integration of artificial intelligence, big data, and business scenarios in the second half of the year[50](index=50&type=chunk) [3.3 Analysis of Core Competitiveness During the Reporting Period](index=14&type=section&id=3.3%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in advanced process technology, a strong brand and customer base, comprehensive supplier and system certifications, efficient production, and a professional management and talent team. The company possesses core technologies in precision forging near-net shaping, precision machining, and special processes, continuously increasing R&D investment, with R&D expenditure as a percentage of operating revenue rising to 7.91% during the reporting period, and multiple ongoing R&D projects making progress - The company possesses key technological advantages in precision forging near-net shaping, precision machining, and special processes, recognized by mainstream international clients, and undertakes multiple national-level scientific research projects[53](index=53&type=chunk) - The company is a qualified supplier to mainstream global engine manufacturers and medical orthopedic implant device producers, with clients including Safran, GE Aviation, Rolls-Royce, AECC, and Johnson & Johnson Medical[54](index=54&type=chunk) - The company has obtained international quality system certifications such as BSI ISO13485 and BV AS9100D, as well as NADCAP special process certification and CNAS laboratory accreditation[55](index=55&type=chunk) - Achieved intelligent and lean manufacturing through digital factory construction, enhancing production efficiency, and was recognized as a 'Jiangsu Province Demonstration Intelligent Workshop' and 'Jiangsu Province Advanced Intelligent Factory'[55](index=55&type=chunk) - The company possesses an experienced management team and a high-caliber talent pool, continuously strengthening talent pipeline development[56](index=56&type=chunk) - Core technologies include mold reverse design, adaptive polishing and repair of blade leading and trailing edges, deformation heat treatment of difficult-to-deform materials, and newly added electron beam welding capabilities[57](index=57&type=chunk)[58](index=58&type=chunk) - The company was recognized as a national-level 'Specialized, Refined, Unique, and New' 'Little Giant' enterprise, and as of the end of June 2025, it had accumulated **121** intellectual property rights (**106** of which are patents)[59](index=59&type=chunk)[60](index=60&type=chunk) R&D Investment Status | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 29,223,527.95 | 23,222,984.39 | 25.84 | | Total R&D Investment | 29,223,527.95 | 23,222,984.39 | 25.84 | | Total R&D Investment as % of Operating Revenue (%) | 7.91 | 6.84 | Increased by 1.07 percentage points | - The company has **14** R&D projects underway, involving aero-engine blades, annular parts, turbine disks, and medical implants, with an estimated total investment of **107.70 million yuan** and **21.52 million yuan** invested in the current period[63](index=63&type=chunk)[64](index=64&type=chunk)[66](index=66&type=chunk) - The number of R&D personnel is **103**, accounting for **15.35%** of the company's total workforce, with **16.50%** holding master's degrees or higher[68](index=68&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=28&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's directors, senior management, and core technical personnel, outlines profit distribution plans, and details the implementation and impact of equity incentive plans [4.1 Changes in Company Directors, Senior Management, and Core Technical Personnel](index=28&type=section&id=4.1%20Changes%20in%20Company%20Directors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, the company's board of directors underwent re-election, with some directors departing due to term expiration and new directors and a board secretary being elected. Additionally, one core technical personnel resigned for personal reasons, leaving the company with 11 core technical personnel - On March 27, 2025, the company held a board re-election, where Zhu Heping, Jia Haining, and Wang Xu ceased to serve as directors due to the expiration of their terms[97](index=97&type=chunk) - Wang Shizhang was elected as an independent director, and Shen Shun'an and Fang Hongtao were elected as non-independent directors[97](index=97&type=chunk) - Fang Hongtao was appointed as the company's Board Secretary, and former Board Secretary Wang Xu resigned[98](index=98&type=chunk) - Core technical personnel Cui Teng resigned for personal reasons and no longer holds any position in the company[98](index=98&type=chunk) - As of the end of the reporting period, the company had **11** core technical personnel[100](index=100&type=chunk) [4.2 Profit Distribution or Capital Reserve Conversion Plan](index=29&type=section&id=4.2%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's semi-annual report explicitly states that there is no proposed profit distribution plan or capital reserve conversion to share capital plan for the current reporting period - The proposed semi-annual profit distribution plan or capital reserve conversion to share capital plan is 'No'[101](index=101&type=chunk) [4.3 Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=29&type=section&id=4.3%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company has implemented the 2024 Restricted Stock Incentive Plan, completing the grant of the reserved portion during the reporting period. This plan aims to incentivize management and key personnel by aligning company and employee interests through restricted stock grants - The company approved the 2024 Restricted Stock Incentive Plan (Draft) on April 17, 2024[102](index=102&type=chunk) - On June 20, 2024, the company initially granted **4.50 million** Class II restricted shares to **15** incentive recipients at a grant price of **8.44 yuan/share**[102](index=102&type=chunk) - On April 21, 2025, the company granted **1.00 million** reserved restricted shares to **27** incentive recipients at a grant price of **9.67 yuan/share**[102](index=102&type=chunk) [Section V Significant Matters](index=31&type=section&id=Section%20V%20Significant%20Matters) This section details the fulfillment of commitments by shareholders and management, and outlines significant related-party transactions during the reporting period [5.1 Fulfillment of Commitments](index=31&type=section&id=5.1%20Fulfillment%20of%20Commitments) The company's controlling shareholder, actual controller, directors, senior management, and core technical personnel have strictly fulfilled all commitments, including share lock-up periods, reduction intentions, measures to compensate for diluted immediate returns, avoidance of horizontal competition, and standardization of related-party transactions. All commitments were fulfilled on time and strictly during the reporting period, with no instances of non-fulfillment - Controlling shareholder and actual controller Yan Qi committed that within **3** years after the lock-up period expires, he will not transfer more than **25%** of the company's total shares annually, and will not transfer shares within **6** months after resignation[106](index=106&type=chunk)[108](index=108&type=chunk) - Company directors, supervisors, and senior management Ruan Shihai, Shao Ran, Zhu Guoyou, Zhu Hongda, Jing Hongxiang, Zhang Guangyi, Ding Li, Xue Xinhua, and Huang Qin committed that within **2** years after the lock-up period expires, they will not transfer more than **25%** of the company's total shares annually, and will not transfer shares within **6** months after resignation[106](index=106&type=chunk)[113](index=113&type=chunk) - Core technical personnel Shao Ran and Ding Li committed that within **4** years from the expiration of the lock-up period for pre-IPO shares, they will not transfer more than **25%** of the total pre-IPO shares held at the time of listing annually[106](index=106&type=chunk)[116](index=116&type=chunk) - The company and its controlling shareholder, actual controller Yan Qi and his concerted parties, directors, supervisors, and senior management committed to measures to compensate for diluted immediate returns[106](index=106&type=chunk)[107](index=107&type=chunk) - Controlling shareholder and actual controller Yan Qi and his concerted parties committed to avoiding horizontal competition and standardizing and reducing related-party transactions[107](index=107&type=chunk) - During the reporting period, all commitments were strictly fulfilled, with no instances of untimely or uncompleted fulfillment[106](index=106&type=chunk)[107](index=107&type=chunk) [5.2 Significant Related-Party Transactions](index=37&type=section&id=5.2%20Significant%20Related-Party%20Transactions) During the reporting period, the company engaged in significant related-party transactions with research institutes and factories under Aero Engine Corporation of China, involving the purchase and sale of goods, provision of services, and leasing of related-party assets. These transactions were within the estimated amounts and did not have a material adverse impact on the company's operations Related-Party Transactions for Purchase and Sale of Goods, and Provision and Acceptance of Services | Related-Party Transaction Type | Related Party | Estimated Amount (10,000 yuan) | Actual Amount (10,000 yuan) | | :--- | :--- | :--- | :--- | | Sales of goods, provision of services | Research institutes and factories under Aero Engine Corporation of China | 45,000 | 16,013 | | Purchase of goods, acceptance of services | Research institutes and factories under Aero Engine Corporation of China | 2,800 | 701 | | Purchase of goods, acceptance of services | Wuxi Chengfeng Aviation Engineering Technology Co., Ltd. | 200 | 5 | | Lease of related-party assets and utility fees | Aero Engine Corporation of China and its research institutes and factories | 500 | 194 | | **Total** | | **48,500** | **16,913** | - During the reporting period, the actual amount of goods sold and services provided by the company to research institutes and factories under Aero Engine Corporation of China was **160.13 million yuan**[121](index=121&type=chunk) - The actual amount of goods purchased and services accepted by the company from research institutes and factories under Aero Engine Corporation of China was **7.01 million yuan**[121](index=121&type=chunk) - As a lessee, the company leased buildings from research institutes and factories under Aero Engine Corporation of China, with lease income recognized in the current period amounting to **1,031,714.28 yuan**[146](index=146&type=chunk) - Among accounts receivable at period-end, the balance due from research institutes and factories under Aero Engine Corporation of China was **244,895,806.96 yuan**[147](index=147&type=chunk) [Section VI Share Changes and Shareholder Information](index=40&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the stability of the company's share capital structure, provides an overview of its shareholders, and outlines the shareholdings of directors, senior management, and core technical personnel [6.1 Share Capital Changes](index=40&type=section&id=6.1%20Share%20Capital%20Changes) During the reporting period, there were no changes in the company's total ordinary shares or share capital structure, remaining stable - During the reporting period, there were no changes in the company's total ordinary shares or share capital structure[128](index=128&type=chunk) [6.2 Shareholder Information](index=40&type=section&id=6.2%20Shareholder%20Information) As of the end of the reporting period, the company had 12,171 ordinary shareholders. The top ten shareholders showed high concentration, with Yan Qi as the controlling shareholder holding 14.44%. Some shareholders have concerted action relationships, and Shen Zhihui's shares are pledged - As of the end of the reporting period, the total number of ordinary shareholders was **12,171**[129](index=129&type=chunk) Top Ten Shareholders' Holdings at Period-End | Shareholder Name | Number of Shares Held at Period-End | Proportion (%) | Pledged, Marked, or Frozen Status (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Yan Qi | 37,317,391 | 14.44 | 0 | Domestic Natural Person | | Ruan Shihai | 16,975,091 | 6.57 | 0 | Domestic Natural Person | | Jiangsu Xinsu Investment Development Group Co., Ltd. | 10,000,000 | 3.87 | 0 | Domestic Non-State-Owned Legal Person | | Guolian Securities Asset Management - Wuxi Tonghui Investment Co., Ltd. - Guolian Dingxin No. 50 Single Asset Management Plan | 10,000,000 | 3.87 | 0 | Other | | Wuxi Huahang Kechuang Investment Center (Limited Partnership) | 8,193,300 | 3.17 | 0 | Other | | AECC Asset Management Co., Ltd. | 6,911,379 | 2.67 | 0 | State-Owned Legal Person | | Yili Suxin Investment Fund Partnership (Limited Partnership) | 6,619,954 | 2.56 | 0 | Other | | Huang Qin | 6,178,261 | 2.39 | 0 | Domestic Natural Person | | Shen Zhihui | 5,400,000 | 2.09 | Pledged 5,000,000 | Domestic Natural Person | | Qingdao Luxiu Investment Management Co., Ltd. - Luxiu Xunlu No. 61 Private Securities Investment Fund | 4,408,903 | 1.71 | 0 | Other | - Among the company's top ten shareholders, Ruan Shihai and Huang Qin are concerted parties of Yan Qi; Wuxi Huahang Kechuang Investment Center (Limited Partnership) is a shareholding platform controlled by Yan Qi[132](index=132&type=chunk) [6.3 Information on Directors, Senior Management, and Core Technical Personnel](index=42&type=section&id=6.3%20Information%20on%20Directors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, core technical personnel Yang Chunyuan's shareholding increased. Additionally, several directors and core technical personnel were granted Class II restricted shares, reflecting the company's incentive measures for key talent - Core technical personnel Yang Chunyuan's shareholding increased by **2,371** shares during the reporting period, with a period-end holding of **5,141** shares, due to personal increased holdings[134](index=134&type=chunk) Class II Restricted Shares Granted to Directors, Senior Management, and Core Technical Personnel | Name | Position | Number of Newly Granted Restricted Shares in Current Period | | :--- | :--- | :--- | | Fang Hongtao | Director and Board Secretary | 80,000 | | Ji Jin | Core Technical Personnel | 80,000 | | He Ming | Core Technical Personnel | 20,000 | | Zhao Chaogang | Core Technical Personnel | 20,000 | | Zhou Min | Core Technical Personnel | 20,000 | | **Total** | / | **220,000** | [Section VII Bond-Related Information](index=44&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms that the company has no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [7.1 Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=44&type=section&id=7.1%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) This section explicitly states that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[138](index=138&type=chunk) [7.2 Convertible Corporate Bonds](index=44&type=section&id=7.2%20Convertible%20Corporate%20Bonds) This section states that the company had no convertible corporate bonds during the reporting period - The company has no convertible corporate bonds[138](index=138&type=chunk) [Section VIII Financial Report](index=45&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, and cash flow statements, along with detailed notes on accounting policies, tax items, and significant financial statement items [8.1 Audit Report](index=45&type=section&id=8.1%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[4](index=4&type=chunk) [8.2 Financial Statements](index=45&type=section&id=8.2%20Financial%20Statements) This section provides the company's consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, and cash flow statement, comprehensively reflecting the company's financial position, operating results, and cash flows - As of June 30, 2025, consolidated total assets amounted to **1,920.53 million yuan**, total liabilities to **714.80 million yuan**, and total owners' equity to **1,205.73 million yuan**[142](index=142&type=chunk) - From January to June 2025, consolidated total operating revenue was **369.38 million yuan**, and net profit was **61.76 million yuan**[148](index=148&type=chunk)[149](index=149&type=chunk) - From January to June 2025, consolidated net cash flow from operating activities was **31.78 million yuan**, net cash flow from investing activities was **-59.19 million yuan**, and net cash flow from financing activities was **-39.65 million yuan**[153](index=153&type=chunk)[154](index=154&type=chunk) - As of June 30, 2025, parent company total assets amounted to **1,861.14 million yuan**, total liabilities to **685.73 million yuan**, and total owners' equity to **1,175.42 million yuan**[145](index=145&type=chunk)[146](index=146&type=chunk) - From January to June 2025, parent company operating revenue was **340.81 million yuan**, and net profit was **59.93 million yuan**[151](index=151&type=chunk)[152](index=152&type=chunk) - From January to June 2025, parent company net cash flow from operating activities was **30.72 million yuan**, net cash flow from investing activities was **-49.91 million yuan**, and net cash flow from financing activities was **-40.70 million yuan**[156](index=156&type=chunk)[157](index=157&type=chunk) [8.3 Company Basic Information](index=63&type=section&id=8.3%20Company%20Basic%20Information) This section outlines Wuxi Hangya Science and Technology Co., Ltd.'s establishment history, changes in registered capital, and main business scope. Since its establishment in 2013, the company has undergone multiple capital increases and share issuances, with registered capital reaching 258,382,608.00 yuan, primarily engaging in R&D, production, and sales of aero-engine, gas turbine components, and medical orthopedic implant forgings - Wuxi Hangya Science and Technology Co., Ltd. was established on January 30, 2013, and was wholly converted into a joint-stock company on March 29, 2016[170](index=170&type=chunk) - The company's registered capital underwent multiple increases, changing to **258,382,608.00 yuan** after its initial public offering of A-shares in December 2020[170](index=170&type=chunk)[171](index=171&type=chunk)[172](index=172&type=chunk)[173](index=173&type=chunk) - The company's business scope includes R&D, production, and sales of aero-engine components, gas turbine components, precision mechanical components, and medical orthopedic implant forgings[173](index=173&type=chunk) [8.4 Basis of Financial Statement Preparation](index=64&type=section&id=8.4%20Basis%20of%20Financial%20Statement%20Preparation) This section explains the principles for preparing the company's financial statements, based on a going concern, adhering to enterprise accounting standards, and primarily using the accrual basis and historical cost measurement. The company assessed that no significant factors would affect its ability to continue as a going concern within the next 12 months - The company's financial statements are prepared on a going concern basis, in accordance with actual transactions and events, and in compliance with the 'Enterprise Accounting Standards' and relevant regulations issued by the Ministry of Finance[174](index=174&type=chunk) - Accounting is based on the accrual method, and except for certain financial instruments, all measurements are based on historical cost[174](index=174&type=chunk) - The company comprehensively evaluated currently available information and determined that there are no factors significantly affecting its ability to continue as a going concern within **12** months from the end of the reporting period[175](index=175&type=chunk) [8.5 Significant Accounting Policies and Estimates](index=64&type=section&id=8.5%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's specific accounting policies and estimates for business combinations, consolidated financial statement preparation, financial instruments, receivables, inventories, long-term equity investments, fixed assets, intangible assets, revenue recognition, government grants, and leases, ensuring transparency and comparability of financial reporting - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, the functional currency is RMB, and the normal operating cycle is one year[177](index=177&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk) - Business combinations are classified as under common control or not under common control, and the scope of consolidated financial statements is determined based on control[182](index=182&type=chunk)[183](index=183&type=chunk) - Financial instruments are classified based on the business model for managing them and their contractual cash flow characteristics as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[195](index=195&type=chunk) - Notes receivable, accounts receivable, and other receivables are grouped by credit risk characteristics for impairment provision, with different aging-based provision rates listed[204](index=204&type=chunk)[209](index=209&type=chunk) - Inventories are valued at actual cost, priced using the weighted average method at month-end upon issuance, and impairment provisions are made at period-end based on the lower of cost and net realizable value[213](index=213&type=chunk)[214](index=214&type=chunk) - Long-term equity investments with control are accounted for using the cost method, while those with joint control or significant influence are accounted for using the equity method[221](index=221&type=chunk)[227](index=227&type=chunk) - Fixed assets are initially measured at cost and depreciated using the straight-line method, with depreciation periods of **20** years for buildings and **10** or **14** years for machinery and equipment[228](index=228&type=chunk)[230](index=230&type=chunk) - Intangible assets include land use rights, patented technology, non-patented technology, and software, amortized over their estimated useful lives. R&D expenditures are divided into research phase (expensed in current profit/loss) and development phase (capitalized if conditions are met)[235](index=235&type=chunk)[237](index=237&type=chunk)[239](index=239&type=chunk)[240](index=240&type=chunk) - Revenue recognition principles involve identifying individual performance obligations within a contract and determining whether they are satisfied over time or at a point in time, recognizing revenue based on the progress of performance or when the customer obtains control[253](index=253&type=chunk)[254](index=254&type=chunk)[256](index=256&type=chunk) - Government grants are classified as asset-related or income-related and recognized when the conditions attached to the grant are met and the grant is received[257](index=257&type=chunk)[258](index=258&type=chunk) - As a lessee, the company applies simplified treatment for short-term leases and low-value asset leases; as a lessor, leases are classified as operating leases or finance leases[260](index=260&type=chunk)[261](index=261&type=chunk) [8.6 Taxes](index=88&type=section&id=8.6%20Taxes) This section lists the main tax categories and applicable tax rates for the company and its subsidiaries, and discloses the tax preferential policies enjoyed, including high-tech enterprise income tax incentives and Western Development income tax incentives Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable income | 13%, 6% | | Corporate Income Tax | Taxable income | 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 was recognized as a 'High-tech Enterprise', and its corporate income tax will be levied at a reduced rate of **15%** from 2023 to 2025[266](index=266&type=chunk) - Guizhou Hangya Technology Co., Ltd. is eligible for the Western Development corporate income tax preferential rate of **15%**[266](index=266&type=chunk) [8.7 Notes to Consolidated Financial Statement Items](index=89&type=section&id=8.7%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each major item in the consolidated financial statements, including monetary funds, notes receivable, accounts receivable, inventories, long-term equity investments, fixed assets, construction in progress, short-term borrowings, notes payable, accounts payable, employee compensation payable, taxes payable, contract liabilities, deferred income, capital reserves, undistributed profits, operating revenue and costs, R&D expenses, financial expenses, other income, investment income, credit impairment losses, asset impairment losses, income tax expenses, and supplementary cash flow information, explaining period-end balances, current period changes, and related reasons - Monetary funds at period-end totaled **236,240,707.69 yuan**, including bank deposits of **207,301,495.56 yuan** and other monetary funds of **28,890,599.07 yuan** (including bank acceptance bill deposits)[268](index=268&type=chunk) - Accounts receivable at period-end had a book value of **391,607,153.22 yuan**, with an allowance for doubtful accounts of **13,365,809.30 yuan**[281](index=281&type=chunk) - Inventories at period-end had a book value of **200,797,581.34 yuan**, with an inventory impairment provision of **27,172,697.34 yuan**[305](index=305&type=chunk) - Fixed assets at period-end had a book value of **886,551,350.11 yuan**, of which machinery and equipment had a book value of **683,688,548.45 yuan**[315](index=315&type=chunk) - Construction in progress at period-end had a book value of **63,452,764.97 yuan**, primarily consisting of plant and machinery[318](index=318&type=chunk) - Short-term borrowings at period-end totaled **119,683,202.78 yuan**, mainly comprising credit borrowings[337](index=337&type=chunk) - Accounts payable at period-end totaled **273,690,266.57 yuan**, including operating payables of **188,018,417.39 yuan** and engineering equipment payables of **85,671,849.18 yuan**[340](index=340&type=chunk) - Operating revenue for the current period was **369,375,161.23 yuan**, and operating cost was **222,320,205.79 yuan**[363](index=363&type=chunk) - R&D expenses for the current period amounted to **29,223,527.95 yuan**, a year-on-year increase of **25.84%**[372](index=372&type=chunk) - Net cash flow from operating activities was **31,783,049.64 yuan**[390](index=390&type=chunk) [8.8 R&D Expenses](index=135&type=section&id=8.8%20R%26D%20Expenses) This section details the composition of the company's R&D expenses during the reporting period, including employee compensation, material costs, processing and testing fees, tooling and molds, share-based payments, and other expenses. All R&D expenditures were expensed, totaling 29,223,527.95 yuan for the current period, a 25.84% increase from the prior period R&D Expenses by Nature of Expense | Item | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | Employee Compensation | 10,844,026.13 | 9,591,143.61 | | Material Costs | 11,215,910.15 | 8,939,396.43 | | Processing and Testing Fees | 2,245,860.40 | 1,802,050.31 | | Tooling and Molds | 1,326,820.87 | 1,935,680.20 | | Share-Based Payments | 2,781,576.15 | 185,432.49 | | Other | 809,334.25 | 769,281.35 | | **Total** | **29,223,527.95** | **23,222,984.39** | | Of which: Expensed R&D | 29,223,527.95 | 23,222,984.39 | [8.9 Changes in Consolidation Scope](index=136&type=section&id=8.9%20Changes%20in%20Consolidation%20Scope) This section states that during the reporting period, the company experienced no changes in its consolidation scope due to business combinations not under common control, business combinations under common control, reverse acquisitions, disposal of subsidiaries, or other reasons - There were no changes in the consolidation scope during the current period due to business combinations not under common control, business combinations under common control, reverse acquisitions, disposal of subsidiaries, or other reasons[398](index=398&type=chunk) [8.10 Interests in Other Entities](index=137&type=section&id=8.10%20Interests%20in%20Other%20Entities) This section discloses the company's interests in its subsidiary, Guizhou Hangya Technology Co., Ltd., and associate, Wuxi Chengfeng Aviation Engineering Technology Co., Ltd., including shareholding percentages and key financial information. Guizhou Hangya, a significant non-wholly owned subsidiary, achieved a net profit of 1,830,488.10 yuan in the current period - The company's subsidiary is Guizhou Hangya Technology Co., Ltd., with a registered capital of **300 million yuan**, in which the company directly holds **70%** equity, established through investment[400](index=400&type=chunk) Key Financial Information of Significant Non-Wholly Owned Subsidiary Guizhou Hangya | Indicator | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Current Assets | 54,232,067.79 | 66,190,152.58 | | Non-Current Assets | 172,579,096.36 | 170,199,079.44 | | Total Assets | 226,811,164.15 | 236,389,231.20 | | Current Liabilities | 40,087,698.15 | 51,796,109.64 | | Non-Current Liabilities | 4,277,499.60 | 4,550,000.00 | | Total Liabilities | 44,365,198.98 | 56,346,109.28 | | **Current Period Amounts** | | | | Operating Revenue | 30,541,702.08 | 16,823,562.85 | | Net Profit | 1,830,488.10 | -3,176,089.69 | | Total Comprehensive Income | 1,830,488.10 | -3,176,089.69 | | Net Cash Flow from Operating Activities | 1,065,122.54 | -4,688,907.58 | - The company's associate is Wuxi Chengfeng Aviation Engineering Technology Co., Ltd., with a period-end investment book value of **10,990,616.67 yuan** and a net loss of **-726,162.34 yuan** for the current period[404](index=404&type=chunk) [8.11 Government Grants](index=140&type=section&id=8.11%20Government%20Grants) This section discloses the company's report period government grants, including asset-related and income-related grants. Deferred income includes multiple aero-engine and gas turbine projects, with 5.72 million yuan in new grants added and 10,035,136.31 yuan transferred to other income in the current period Liability Items Involving Government Grants (Deferred Income) | Item | Period-Beginning Balance (yuan) | New Grants Added in Current Period (yuan) | Transferred to Other Income in Current Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Research and Application of Advanced Machining Technology for Aero-Engine Turbine Disks | 3,439,635.83 | 0 | 251,680.57 | 3,187,955.26 | | R&D and Industrialization of High-Performance Compressor Precision Forged Blades for Aero-Engines | 6,436,304.88 | 0 | 375,796.98 | 6,060,507.90 | | Research on Inertia Friction Welding Technology for Gas Turbine Compressor Drums | 2,272,019.25 | 1,600,000.00 | 82,030.65 | 3,789,988.60 | | Project 1 | 40,863,897.89 | 0 | 8,385,396.48 | 32,478,501.41 | | Project 2 | 827,352.80 | 0 | 26,785.73 | 800,567.07 | | Jiangsu Province Manufacturing Power Construction Special Fund | 2,400,985.69 | 2,410,000.00 | 95,357.28 | 4,715,628.41 | | Guizhou Aviation Industry Development Fund | 2,100,000.00 | 0 | 150,000.00 | 1,950,000.00 | | Guizhou Industry and Information Technology Development Special Fund | 2,450,000.00 | 0 | 122,500.02 | 2,327,499.98 | | Other Projects | 5,890,547.82 | 1,710,000.00 | 545,588.60 | 7,054,959.22 | | **Total** | **66,680,744.16** | **5,720,000.00** | **10,035,136.31** | **62,365,607.85** | - Total government grants recognized in current profit or loss for the period amounted to **13,543,180.03 yuan**, of which **2,838,696.34 yuan** was asset-related and **10,704,483.69 yuan** was income-related[407](index=407&type=chunk) [8.12 Risks Related to Financial Instruments](index=141&type=section&id=8.12%20Risks%20Related%20to%20Financial%20Instruments) This section describes the company's management strategies for financial instrument-related risks, primarily including market risks (foreign exchange risk, interest rate risk), credit risk, and liquidity risk. The company ensures risks are controllable through various measures such as signing forward foreign exchange contracts, optimizing credit structures, assessing customer credit, and monitoring cash flows - The company faces market risks including foreign exchange risk and interest rate risk. Foreign exchange risk primarily arises from accounts receivable and is mitigated by tracking exchange rate trends and signing forward foreign exchange contracts. Interest rate risk mainly stems from long-term and short-term borrowings and is reduced by rationally designing credit facilities and shortening borrowing terms[410](index=410&type=chunk) - Credit risk primarily involves customer credit risk arising from credit sales, managed through pre-contract evaluation, setting credit limits, quarterly monitoring of credit ratings, and monthly review of aging reports[410](index=410&type=chunk)[411](index=411&type=chunk) - Liquidity risk is controlled by monitoring cash balances, readily marketable securities, and rolling forecasts of cash flows for the next **12** months, ensuring sufficient funds to repay debts[411](index=411&type=chunk) - Financial assets of **60,936,222.89 yuan** were derecognized in the current period due to endorsement and discounting of bills, with a related gain or loss of **-769,576.57 yuan**[413](index=413&type=chunk)[416](index=416&type=chunk) [8.13 Fair Value Disclosure](index=143&type=section&id=8.13%20Fair%20Value%20Disclosure) This section explains the fair value of financial assets and liabilities not measured at fair value, noting that for monetary funds, notes receivable, accounts receivable, notes payable, and accounts payable, their fair values approximate their carrying amounts due to short remaining maturities. For wealth management products, discounted cash flow valuation techniques are used - For financial instruments such as monetary funds, notes receivable, accounts receivable, notes payable, and accounts payable, their fair values are equal to their carrying amounts due to short remaining maturities[420](index=420&type=chunk) - For the fair value of wealth management products, the company uses discounted cash flow valuation techniques, with key unobservable inputs including expected annualized return rate and wealth management product risk coefficient[418](index=418&type=chunk) [8.14 Related Parties and Related-Party Transactions](index=144&type=section&id=8.14%20Related%20Parties%20and%20Related-Party%20Transactions) This section details the company's related parties and significant transactions with them, primarily involving the purchase and sale of goods, provision of services, and leasing activities with research institutes and factories under Aero Engine Corporation of China, as well as key management personnel compensation. All these transactions were conducted within the normal course of business - The company's related parties include its subsidiary Guizhou Hangya Technology Co., Ltd., associate Wuxi Chengfeng Aviation Engineering Technology Co., Ltd., as well as AECC Asset Management Co., Ltd., Aero Engine Corporation of China, and its research institutes and factories[421](index=421&type=chunk) - In the current period, the company sold aviation products totaling **160,128,234.39 yuan** to research institutes and factories under Aero Engine Corporation of China[424](index=424&type=chunk) - In the current period, the company purchased raw materials, processing fees, etc., totaling **7,922,514.55 yuan** from research institutes and factories under Aero Engine Corporation of China, and purchased processing and testing fees of **48,672.58 yuan** from Wuxi Chengfeng Aviation Engineering Technology Co., Ltd.[423](index=423&type=chunk) - As a lessee, the company leased buildings from research institutes and factories under Aero Engine Corporation of China, with lease income recognized in the current period amounting to **1,031,714.28 yuan**[146](index=146&type=chunk) - Key management personnel compensation for the current period amounted to **3.585 million yuan**[429](index=429&type=chunk) - Among accounts receivable at period-end, the balance due from research institutes and factories under Aero Engine Corporation of China was **244,895,806.96 yuan**[147](index=147&type=chunk) - Among accounts payable at period-end, the balance due to research institutes and factories under Aero Engine Corporation of China was **17,242,924.93 yuan**[147](index=147&type=chunk) [8.15 Share-Based Payments](index=148&type=section&id=8.15%20Share-Based%20Payments) This section discloses the company's equity-settled share-based payment plan, primarily targeting management and key personnel. In the current period, 1.00 million restricted shares were granted, and share-based payment expenses of 13,450,614.50 yuan were recognized - The recipients of equity-settled share-based payments are management and key personnel[436](index=436&type=chunk) - The fair value of equity instruments on the grant date is determined using the Black-Scholes model, with key parameters including the company's stock closing price, volatility, and risk-free interest rate[436](index=436&type=chunk) - In the current period, **1.00 million** shares were granted to management and key personnel, amounting to **10.33 million yuan**[436](index=436&type=chunk) - Equity-settled share-based payment expenses for the current period amounted to **13,450,614.50 yuan**[437](index=437&type=chunk) [8.16 Commitments and Contingencies](index=149&type=section&id=8.16%20Commitments%20and%20Contingencies) This section states that the company had no significant commitments or contingencies requiring disclosure as of the balance sheet date - The company has no significant contingencies requiring disclosure[437](index=437&type=chunk) [8.17 Post-Balance Sheet Events](index=149&type=section&id=8.17%20Post-Balance%20Sheet%20Events) This section states that between the balance sheet date and the report disclosure date, the company experienced no significant non-adjusting events, profit distribution, sales returns, or other material events that could affect the financial statements - The company has no significant non-adjusting events, profit distribution, sales returns, or other post-balance sheet events to disclose[437](index=437&type=chunk) [8.18 Other Significant Matters](index=149&type=section&id=8.18%20Other%20Significant%20Matters) This section explains why the company did not disclose segment information, stating that while operating segments are determined based on internal organizational structure and management requirements, there were no operating segments meeting the conditions specified by enterprise accounting standards in the current year - The company determines operating segments based on internal organizational structure, management requirements, and internal reporting systems, but there were no qualifying operating segments in the current year, thus no segment information is disclosed[438](index=438&type=chunk) [8.19 Notes to Parent Company Financial Statement Items](index=151&type=section&id=8.19%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes for the parent company's main financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income. These notes correspond to the consolidated financial statement notes but are specific to the parent company level - Parent company accounts receivable at period-end had a book value of **361,828,500.85 yuan**, with an allowance for doubtful accounts of **13,365,809.30 yuan**[443](index=443&type=chunk) - Parent company other receivables at period-end had a book value of **353,876.79 yuan**, with an allowance for doubtful accounts of **15,000.00 yuan**[456](index=456&type=chunk)[457](index=457&type=chunk) - Parent company long-term equity investments at period-end had a book value of **163,191,552.78 yuan**, including investments in subsidiaries of **152,200,936.11 yuan** and investments in associates of **10,990,616.67 yuan**[461](index=461&type=chunk) - Parent company operating revenue for the current period was **340,810,397.54 yuan**, and operating cost was **203,192,248.37 yuan**[468](index=468&type=chunk) - Parent company investment income for the current period was **-485,804.87 yuan**[473](index=473&type=chunk) [8.20 Supplementary Information](index=161&type=section&id=8.20%20Supplementary%20Information) This section provides supplementary financial report information, including a detailed statement of non-recurring gains and losses for the current period and calculations of return on net assets and earnings per share. Total non-recurring gains and losses amounted to 7,313,191.91 yuan, with both return on net assets and earnings per share decreasing Detailed Statement of Non-Recurring Gains and Losses for the Current Period | Item | Amount (yuan) | | :--- | :--- | | Gains/losses on disposal of non-current assets | 3,757.96 | | Government grants recognized in current profit/loss | 7,512,339.97 | | Gains/losses from entrusted investments or asset management | 162,300.00 | | Debt restructuring gains/losses | 847,634.04 | | Other non-operating income and expenses apart from the above | 80,423.22 | | Less: Income tax impact | 1,290,968.28 | | Minority interest impact (after tax) | 2,295.00 | | **Total** | **7,313,191.91** | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share (yuan/share) | | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders of the company | 5.24 | 0.24 | | Net profit attributable to ordinary shareholders of the company after deducting non-recurring gains and losses | 4.61 | 0.21 |

Group 1 - The core viewpoint of the article highlights the strong performance of Hangya Technology's stock on August 4, with a closing price of 27.03 yuan, an increase of 2.72 yuan from the previous trading day [1] - On August 4, the stock opened at 24.28 yuan, reached a high of 27.48 yuan, and a low of 24.25 yuan, with a trading volume of 194,100 hands and a transaction amount of 510 million yuan [1] - Hangya Technology specializes in the research, production, and sales of key components for aircraft engines and medical orthopedic implants, making it one of the few domestic companies capable of manufacturing critical components for aircraft engines [1] Group 2 - On August 4, the aerospace sector showed strong performance, with the industry index rising by 4.56%. Research institutions suggest that upstream component and key raw material companies in the aerospace equipment supply chain are likely to benefit from demand transmission effects [1] - In terms of capital flow, Hangya Technology experienced a net outflow of 17.47 million yuan on August 4, with a cumulative net outflow of 12.66 million yuan over the past five trading days [1]

Group 1 - Northern Long Dragon, Hengyu Xintong, and Xingtuxinke experienced a surge, hitting the daily limit up [1] - A total of over ten stocks, including Aileda, Great Wall Military Industry, Aerospace Electronics, and Lijun Shares, also reached the limit up [1] - Companies such as Hangya Technology and Wanlima saw their stock prices increase by over 10% [1]

天眼查商业履历信息显示，无锡航亚科技股份有限公司，成立于2013年，位于无锡市，是一家以从事软 件和信息技术服务业为主的企业。企业注册资本25838.2608万人民币，实缴资本13578.2608万人民币。 公司法定代表人为严奇。 通过天眼查大数据分析，无锡航亚科技股份有限公司共对外投资了3家企业，参与招投标项目73次，知 识产权方面有商标信息7条，专利信息168条，此外企业还拥有行政许可51个。 来源：金融界 金融界消息 截至2025年7月29日收盘，航亚科技（688510）报收于25.86元，上涨8.66%，换手率 6.09%，成交量15.74万手，成交金额3.93亿元。 资金流向方面，今日主力资金净流入1240.16万元，占比成交额3.16%。其中，超大单净流入1644.42万 元、占成交额4.19%，大单净流出404.26万元、占成交额1.03%，中单净流出流入597.78万元、占成交额 1.52%，小单净流出1837.94万元、占成交额4.68%。 航亚科技最新一期业绩显示，截至2025一季报，公司营业总收入1.74亿元、同比增长8.37%，归属净利 润3067.32万元，同比减少3.07%，扣非净 ...

Market Overview - The aviation equipment sector increased by 1.71% on July 29, with Hangfa Technology leading the gains [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Stock Performance - Hangfa Technology (600391) closed at 32.03, up 9.99% with a trading volume of 361,600 shares and a transaction value of 1.102 billion [1] - Hangya Technology (688510) closed at 25.86, up 8.66% with a trading volume of 157,400 shares [1] - Zongheng Co. (688070) closed at 59.88, up 6.62% with a trading volume of 48,000 shares [1] - Chengxi Aviation (300581) closed at 22.86, up 6.08% with a trading volume of 988,700 shares and a transaction value of 2.213 billion [1] - Hangyu Technology (688239) closed at 39.87, up 5.87% with a trading volume of 63,900 shares [1] - Other notable stocks include Zhonghang Shenfei (600760) at 66.14, up 3.38%, and Feilai (300395) at 83.04, up 2.86% [1] Capital Flow - The aviation equipment sector saw a net inflow of 239 million in main funds, while retail investors experienced a net outflow of 197 million [2][3] - Major stocks like Zhonghang Shenfei (600760) had a net inflow of 334 million, while Hangfa Technology (600391) saw a net outflow of 101 million from retail investors [3]

Group 1 - The Sci-Tech Innovation Board (STAR Market) was officially launched on July 22, 2019, marking the implementation of the registration system, with a total of 591 companies listed by July 22, 2025, including two that have been delisted [1] - The total funds raised through IPOs on the STAR Market amount to 927.156 billion yuan, with a total market capitalization exceeding 7 trillion yuan [1] - The STAR Market has significantly optimized the industry structure of the A-share market and serves as an important platform for tackling key core technologies under a new type of national system [1] Group 2 - Among the 591 companies listed on the STAR Market, two have been delisted, and three have been subjected to other risk warnings [5] - The underwriting situation shows that Guotai Junan and Haitong Securities lead with a total of 213.777 billion yuan raised through 112 underwriting cases [4][5] - CITIC Securities ranks second with 167.069 billion yuan raised through 99 underwriting cases, while China International Capital Corporation follows with 130.254 billion yuan from 70 cases [4][5] Group 3 - Guojin Securities has underwritten 13 STAR Market IPO projects over six years, with a total underwriting amount of 10.428 billion yuan, ranking 14th in the industry [5] - The company *ST Tianwei, which Guojin Securities sponsored, faced delisting risk due to a significant drop in revenue and net profit [5][6] - The financial performance of *ST Tianwei showed a drastic decline post-IPO, with revenue falling to 0.78 billion yuan in 2024, a year-on-year decrease of 44.65% [6][7] Group 4 - Six out of the 12 IPO projects sponsored by Guojin Securities experienced a decline in revenue or net profit in the year of listing, indicating potential issues with the performance of these companies [7] - The last IPO project sponsored by Guojin Securities, Jiuzhou Yitui, also reported a loss in its first year, raising concerns about the underwriting practices [7]

Core Insights - The aviation engine and gas turbine industries in China are expected to compete with and potentially surpass their Western counterparts in certain areas [1][7] - Despite uncertainties in globalization, China's influence is rising and playing a significant role in the global market [1][8] - The integration into the global supply chain is crucial for the development of domestic technology systems [1] Company Performance - Wuxi Hangya Technology Co., Ltd. reported a revenue of 174 million yuan for Q1 2025, representing a year-on-year growth of 8.37% [1][4] - The net profit attributable to shareholders reached 36.53 million yuan, up 15.43% year-on-year, indicating a positive response to broader industry prospects [1][4] - As of July 24, the total market capitalization of Hangya Technology stood at 5.87 billion yuan [1] Industry Trends - The global aviation industry is undergoing a significant restructuring, with China's "two-machine" industry poised for a "silent revolution" [1][7] - The share of revenue from domestic aircraft power systems increased by 12% year-on-year, while revenue from lightweight gas turbine components grew by over 20% [4] - The upcoming C919 and C929 aircraft engines are expected to mark a turning point for the industry, with a promising development period anticipated over the next 20 years [7] Strategic Positioning - Hangya Technology aims to balance its operations between stable international orders and rapid development for domestic projects [9] - The company is committed to deepening its involvement in the domestic commercial engine development while maintaining a presence in the international market [8][9] - The integration of traditional gas turbine companies into the aviation sector is expected to drive the growth of China's "two-machine" strategy [8]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 证券代码：688510 证券简称：航亚科技 公告编号：2025-029 无锡航亚科技股份有限公司 关于参加 2024 年度科创板航空航天行业 集体业绩说明会的公告 投资者可于 2025 年 05 月 15 日（星期四）至 2025 年 05 月 21 日（星期三） 下午 16:00 前登录上证路演中心网站首页，点击"提问预征集"栏目或通过公司邮箱 IRM@hyatech.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 无锡航亚科技股份有限公司（以下简称"公司"）已于 2025 年 03 月 28 日发布 公司 2024 年度报告，为便于广大投资者更全面深入地了解公司 2024 年经营成果、 财务状况、发展理念等事项，公司拟参加 2024 年度科创板航空航天行业集体业绩 说明会，此次活动将采用网络互动的方式举行，投资者可登录上海证券交易所上证 路演中心（http://roadshow.sseinfo.com/）参与线上互动交流。 一、 说明会类 ...

证券代码：688510 证券简称：航亚科技 公告编号：2025-028 特此公告。 无锡航亚科技股份有限公司董事会 2025 年 05 月 08 日 无锡航亚科技股份有限公司 关于选举第四届董事会职工代表董事的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 根据《中华人民共和国公司法》《上市公司章程指引》等法律法规及《无锡 航亚科技股份有限公司章程》（2025 年修订）的有关规定，为保证无锡航亚科技 股份有限公司（以下简称"公司"）董事会的合规运作，公司于 2025 年 5 月 7 日 召开职工代表大会并作出决议，会议同意选举邵燃先生（简历详见附件）担任公 司第四届董事会职工代表董事。邵燃先生由第四届董事会非职工代表董事变更为 第四届董事会职工代表董事，任期至公司第四届董事会任期届满之日止。本次选 举完成后，公司董事会中由职工代表担任的董事人数总计不超过公司董事总数的 二分之一。 附件：邵燃先生简历 1969 年生，中国国籍，无境外永久居留权，高级工程师，机械工程专业学 士。1990 年 07 月至 2005 年 09 ...

证券代码：688510 证券简称：航亚科技 公告编号：2025-027 无锡航亚科技股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 7 日 （二） 股东大会召开的地点：公司会议室（江苏省无锡市新东安路 35 号航亚科 技 1 号门） （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次股东大会由董事会召集，董事长严奇先生主持，以现场投票和网络投票 相结合的方式进行表决。本次股东大会的召集、召开程序、出席会议人员的资格、 召集人资格、会议的表决程序和表决结果符合《公司法》《证券法》《无锡航亚科 技股份有限公司章程》的规定。 （五） 公司董事、监事和董事会秘书的出席情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 98 | | --- | -- ...