证券代码：688529 证券简称：豪森智能 公告编号：2025-028 大连豪森智能制造股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 9 月 25 日（星期四）9:00-10:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 18 日（星期四）至 9 月 24 日（星期三）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 hszq@haosen.com.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。 大连豪森智能制造股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司 ...

Core Viewpoint - Haosen Intelligent (688529) currently has no orders in solid-state battery equipment but is actively developing technology and market opportunities [1] Company Summary - The company has conducted process equipment and technology reserves for solid-state battery production [1] - It possesses the planning and technical capabilities for module PACK mass production lines [1] - The company is engaged in market expansion efforts to secure order business [1]

Core Viewpoint - The company, Haosen Intelligent (688529.SH), currently has no orders for solid-state battery equipment but is actively developing its technology and market presence [1] Group 1: Company Status - The company has not received any orders for solid-state battery equipment at this time [1] - It has made progress in process equipment and technology reserves, indicating readiness for future production [1] - The company possesses planning and technical capabilities for module PACK mass production lines [1] Group 2: Market Development - The company is actively engaged in market development efforts to secure orders [1] - Specific updates regarding order acquisition will be disclosed in the company's temporary announcements and regular reports [1]

豪森智能（688529.SH）8月29日在投资者互动平台表示，沃尔沃订单款项回款情况正常进行，公司严 格遵守会计准则和信息披露规定，相关财务数据已按规定披露，不存在刻意隐瞒。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司宣称和沃尔沃的合作不断在回款，按照公司的模 式，应该到货后拿回9成款项，但是中报中为何没有体现？是否刻意隐瞒？ ...

Core Viewpoint - The company, Haosen Intelligent Manufacturing Co., Ltd., has released its 2025 semi-annual report, highlighting its financial status and operational results for the first half of the year, including the recognition of credit impairment losses and asset impairment losses totaling 94.925 million yuan [12][13][15]. Company Overview - The company is listed under the stock code 688529 and is referred to as Haosen Intelligent [2]. - The report is not audited and has been approved by the board of directors and the supervisory board [1][5]. Financial Data - The total credit impairment losses and asset impairment losses recognized by the company for the first half of 2025 amount to 94.925 million yuan [13]. - The credit impairment loss is 36.7905 million yuan, while the asset impairment loss is 58.1344 million yuan [15][16]. Fundraising and Usage - The company raised a total of 646.4 million yuan from its initial public offering (IPO) and 832.896 million yuan from a subsequent issuance to specific investors, with net amounts of 590.059882 million yuan and 816.886338 million yuan respectively [18][19]. - As of June 30, 2025, the company has utilized 5.2951 million yuan from the IPO funds and 17.9235 million yuan from the refinancing funds during the first half of 2025 [20][22]. - The company has established a system for managing the raised funds, ensuring they are stored in dedicated accounts and used according to regulations [23][25]. Impairment Losses - The company has taken a cautious approach by recognizing impairment losses to reflect its financial status accurately, which has resulted in a reduction of the total profit for the first half of 2025 by the same amount as the impairment losses [16][28]. Governance and Compliance - The supervisory board has confirmed that the semi-annual report and its summary are accurate and complete, with no false statements or omissions [5][6]. - The company adheres to relevant laws and regulations regarding the management and use of raised funds, ensuring compliance with the requirements set by the regulatory authorities [23][25].

Group 1 - The stock price of Haosen Intelligent closed at 22.33 yuan on August 27, down 5.58% from the previous trading day, with a minimum intraday price of 22.30 yuan and a trading volume of 230 million yuan [1] - Haosen Intelligent is primarily engaged in the research, production, and sales of intelligent manufacturing equipment, with applications in the automotive and engineering machinery industries, and is classified under the specialized equipment manufacturing sector, including robotics [1] - The latest financial data reveals that Haosen Intelligent reported a net profit attributable to the parent company of -151 million yuan for the first half of the year, compared to a profit of 10.05 million yuan in the same period last year [1] Group 2 - On August 27, the net outflow of main funds was 29.735 million yuan, accounting for 0.79% of the circulating market value, with a cumulative net outflow of 33.0145 million yuan over the past five trading days [1]

Summary of Key Points Core Viewpoint - Haosen Intelligent (688529.SH) reported a decline in revenue and net profit for the first half of the year, indicating potential challenges in its financial performance [1]. Financial Performance - The company achieved operating revenue of 842.90 million yuan, a year-on-year decrease of 13.68% [1]. - The net profit attributable to the parent company was -150.80 million yuan, reflecting a year-on-year decrease of 1,600.90 million yuan [1]. - The net profit attributable to shareholders of the listed company, after deducting non-recurring gains and losses, was -142.62 million yuan [1].

证券代码：688529 证券简称：豪森智能 公告编号：2025-025 大连豪森智能制造股份有限公司 第二届监事会第十九次会议决议公告 本次会议由监事会主席聂莹女士主持，与会监事表决通过以下事项： （一）审议并通过《关于公司 2025 年半年度报告及其摘要的议案》 监事会认为：公司 2025 年半年度报告及其摘要内容真实、准确、完整，无 虚假记载、误导性陈述或者重大遗漏，2025 年半年度报告及其摘要的编制、审 核以及董事会的审议程序符合相关法律法规、《公司章程》等相关规定，内容与 1 格式符合相关规定，真实、公允地反映了公司 2025 年上半年的财务状况和经营 成果等事项；公司 2025 年半年度报告及其摘要编制过程中，未发现公司参与半 年度报告编制和审议的人员有违反保密规定的行为。全体监事保证公司 2025 年 半年度报告及其摘要的内容真实、准确、完整，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。 表决结果：同意 3 票、反对 0 票、弃权 0 票。 具 体 内 容 详 见 公 司 于 2025 年 8 月 28 日 在 上 海 证 券 交 易 所 网 ...

Section I Definitions This section defines common terms and company-specific entities used in the report, including company names, major shareholders, employee stock ownership platforms, and intelligent manufacturing technical terms such as MES systems, AMR, and new energy vehicle battery technologies (MTP, CTP, LCTP, CTC), laying the foundation for understanding the report content - The reporting period refers to January 1, 2025, to June 30, 2025[10](index=10&type=chunk) - Defined various new energy vehicle battery integration technologies, including MTP (cell-module-pack), CTP (cell-to-pack technology), LCTP (long cell-to-pack), and CTC (cell-to-chassis)[10](index=10&type=chunk) - Defined key intelligent manufacturing terms such as intelligent production lines, MES systems, AMR (Autonomous Mobile Robots), and humanoid robots[10](index=10&type=chunk) Section II Company Profile and Key Financial Indicators This section outlines Haosen Intelligent's basic information, contact details, information disclosure channels, and stock overview; during the reporting period, key financial indicators showed a significant decline in revenue and net profit, with negative basic earnings per share, primarily due to decreased revenue and gross profit margin, and increased asset and credit impairment losses, with non-recurring gains and losses negatively impacting net profit [I. Basic Company Information](index=6&type=section&id=I.%20Basic%20Company%20Information) The company's full name is Dalian Haosen Intelligent Manufacturing Co., Ltd., abbreviated as Haosen Intelligent, with Dong Dexi as its legal representative, and its registered and office address located in Yingchengzi Industrial Park, Ganjingzi District, Dalian City, Liaoning Province | Indicator | Content | | :--- | :--- | | **Company Chinese Name** | Dalian Haosen Intelligent Manufacturing Co., Ltd. | | **Company Chinese Abbreviation** | Haosen Intelligent | | **Legal Representative** | Dong Dexi | | **Company Registered Address** | Yingchengzi Industrial Park, Ganjingzi District, Dalian City, Liaoning Province | | **Company Website** | http://www.haosen.com.cn/ | [II. Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) Company Board Secretary Xu Yang and Securities Affairs Representative Sun Yifeng are responsible for information disclosure and investor relations, with their contact address and phone numbers publicly available | Position | Name | Contact Number | | :--- | :--- | :--- | | **Board Secretary** | Xu Yang | 0411-39516669 | | **Securities Affairs Representative** | Sun Yifeng | 0411-39516669 | [III. Overview of Information Disclosure and Document Custody Location Changes](index=6&type=section&id=III.%20Overview%20of%20Information%20Disclosure%20and%20Document%20Custody%20Location%20Changes) The company designates China Securities Journal, Shanghai Securities News, and Securities Times as its information disclosure newspapers, with the semi-annual report published on the Shanghai Stock Exchange website and available at the company's Securities Affairs Department - The company's information disclosure newspapers are China Securities Journal, Shanghai Securities News, and Securities Times[15](index=15&type=chunk) - The semi-annual report is published on the Shanghai Stock Exchange website (www.sse.com.cn)[15](index=15&type=chunk) [IV. Company Stock/Depositary Receipt Overview](index=6&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipt%20Overview) The company's stock is RMB ordinary shares (A-shares), listed on the STAR Market of the Shanghai Stock Exchange, with the stock abbreviation Haosen Intelligent and stock code 688529 | Stock Type | Listing Exchange and Board | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | **RMB Ordinary Shares (A-shares)** | Shanghai Stock Exchange STAR Market | Haosen Intelligent | 688529 | [VI. Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue decreased by 13.68% year-on-year, with total profit and net profit attributable to shareholders both showing significant losses, and basic earnings per share at -0.90 RMB/share; net cash flow from operating activities turned significantly positive, primarily due to strengthened collection management [(I) Key Accounting Data](index=7&type=section&id=(I)%20Key%20Accounting%20Data) During the reporting period, the company's operating revenue was **RMB 843 million**, a year-on-year decrease of **13.68%**; net profit attributable to shareholders was **-RMB 151 million**, a year-on-year decrease of **1600.90%**; net cash flow from operating activities was **RMB 199 million**, a significant positive turnaround from the prior year period | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | RMB 842.90 million | RMB 976.49 million | -13.68 | | **Total Profit** | -RMB 183.86 million | RMB 2.83 million | -6,600.07 | | **Net Profit Attributable to Shareholders** | -RMB 150.80 million | RMB 10.05 million | -1,600.90 | | **Net Profit Attributable to Shareholders Excluding Non-recurring Gains/Losses** | -RMB 142.62 million | -RMB 0.17 million | N/A | | **Net Cash Flow from Operating Activities** | RMB 199.78 million | -RMB 570.44 million | N/A | | **Net Assets Attributable to Shareholders (End of Period)** | RMB 1.88 billion | RMB 2.02 billion | -6.64 | | **Total Assets (End of Period)** | RMB 6.77 billion | RMB 6.49 billion | 4.33 | [(II) Key Financial Indicators](index=7&type=section&id=(II)%20Key%20Financial%20Indicators) During the reporting period, the company's basic earnings per share was **-0.90 RMB/share**, weighted average return on net assets decreased by **8.13 percentage points** to **-7.66%**, and R&D investment as a percentage of operating revenue slightly decreased to **7.27%**; performance decline was primarily due to reduced revenue scale and gross profit margin, and significant asset and credit impairment losses | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Basic Earnings Per Share (RMB/share)** | -0.90 | 0.06 | -1,600.00 | | **Diluted Earnings Per Share (RMB/share)** | -0.90 | 0.06 | -1,600.00 | | **Basic EPS Excluding Non-recurring Gains/Losses (RMB/share)** | -0.85 | 0.00 | N/A | | **Weighted Average ROE (%)** | -7.66 | 0.47 | Decreased by 8.13 percentage points | | **Weighted Average ROE Excluding Non-recurring Gains/Losses (%)** | -7.24 | -0.01 | Decreased by 7.23 percentage points | | **R&D Investment as % of Operating Revenue (%)** | 7.27 | 7.57 | Decreased by 0.30 percentage points | - Operating revenue decreased by **13.68%**, total profit decreased by **6,600.07%**, and net profit attributable to shareholders decreased by **1,600.90%**[19](index=19&type=chunk)[20](index=20&type=chunk) - Key reasons for performance decline include reduced revenue scale and gross profit margin (intensified competition in the automotive market, price reduction pressure, increased project implementation costs), significant asset impairment losses (high costs for some overseas projects), and substantial credit impairment losses (increased accounts receivable balance, extended aging)[19](index=19&type=chunk)[21](index=21&type=chunk) - Net cash flow from operating activities turned significantly positive, primarily due to the company's continuous strengthening of collection management during the reporting period, with a focus on controlling pre-shipment payment collection for projects[21](index=21&type=chunk) [VIII. Non-recurring Gains and Losses Items and Amounts](index=8&type=section&id=VIII.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **-RMB 8.18 million**, primarily comprising government grants recognized in current profit or loss, fair value changes and disposal gains/losses of financial assets and liabilities, and other non-operating income and expenses | Non-recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | **Government Grants Recognized in Current Profit or Loss** | 2.41 million | | **Fair Value Changes and Disposal Gains/Losses of Financial Assets and Liabilities Held by Non-financial Enterprises** | -11.42 million | | **Other Non-operating Income and Expenses Apart from the Above** | -0.54 million | | **Less: Income Tax Impact** | -1.43 million | | **Minority Interest Impact (After Tax)** | 0.07 million | | **Total** | -8.18 million | Section III Management Discussion and Analysis This section details the company's industry, main business, operating model, performance, core competitiveness, and risk factors; as an automotive intelligent equipment supplier, the company benefits from the growth of the new energy vehicle market and the development of new technologies like embodied AI, but faces intensified industry competition, performance decline, asset impairment, and overseas project risks; the company continues to increase R&D investment, deploy cutting-edge technologies, and strengthen collection management to address challenges [I. Industry and Main Business Overview During the Reporting Period](index=10&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) The company's main business falls under 'C35 Special Purpose Machinery Manufacturing' and 'Intelligent Manufacturing Equipment Industry' within the 'High-end Equipment Manufacturing Industry', focusing on automotive intelligent equipment manufacturing; global new energy vehicle sales continue to grow, the electrification trend in the European market is restarting, and domestic automotive industry 'anti-involution' policies are expected to be implemented; new technologies such as embodied AI and solid-state batteries are accelerating development, with the company actively deploying in the embodied AI field and achieving patent results; the company is a global leading supplier of intelligent manufacturing equipment for automotive powertrains, providing intelligent production lines and software services in both new energy and traditional fuel vehicle sectors [(I) Company's Industry and Market Position](index=10&type=section&id=(I)%20Company's%20Industry%20and%20Market%20Position) The company operates in the automotive intelligent equipment manufacturing industry, benefiting from sustained global new energy vehicle sales growth, particularly the restarting electrification trend in the European market; domestic automotive industry 'anti-involution' policies are expected to promote healthy industry development; new technologies like embodied AI and solid-state batteries are accelerating, with the company actively investing in embodied AI R&D and collaborating with various institutions and automakers; the company is a global leading supplier of intelligent manufacturing equipment for automotive powertrains, partnering with renowned clients such as Tesla, BMW, and BYD, demonstrating significant technological advantages - The company's main business falls under 'C35 Special Purpose Machinery Manufacturing' and 'Intelligent Manufacturing Equipment Industry' within the 'High-end Equipment Manufacturing Industry'[27](index=27&type=chunk) | Region | H1 2025 Sales (10,000 units) | YoY Growth (%) | | :--- | :--- | :--- | | **Global** | 910 | 28 | | **China** | 550 | 32 | | **Europe** | 200 | 26 | | **North America** | 90 | 3 | | **Rest of World** | 70 | 40 | - The company has secured multiple overseas new energy vehicle orders from clients including Volvo, ZF, Cummins, Stellantis, BYD, and Great Wall[29](index=29&type=chunk) - The company has formulated a long-term strategic layout for intelligent transformation, making sustained long-term investment and independent R&D in the embodied AI field, and collaborating with leading robot manufacturers, research institutions, and several top automakers[33](index=33&type=chunk) - The company has identified over 40 industrial production scenarios suitable for embodied AI robots and developed specialized humanoid robots for tasks such as tightening, gluing, leak detection, handling, sorting, and welding[34](index=34&type=chunk) - Two patents independently developed by the company, 'A Humanoid Robot Assembly Process and Equipment for Automotive Core Component Production' and 'A Testing Equipment and Process for Humanoid Robots', have been granted invention patent authorization[34](index=34&type=chunk) - The company is a global leading supplier of intelligent manufacturing equipment for automotive powertrains, with major clients including renowned domestic and international brands such as Tesla, Ford, General Motors, Cummins, Beijing Benz, Volvo, and BYD[35](index=35&type=chunk) [(II) Main Business Operations](index=12&type=section&id=(II)%20Main%20Business%20Operations) The company's main business covers intelligent production lines and equipment for new energy and traditional fuel vehicles, as well as manufacturing software products and services; new energy business includes intelligent production lines for power lithium batteries, drive motors, hybrid powertrains, and hydrogen fuel cells, with its lithium battery module PACK intelligent production line ranking among the top tier and flat wire motor stator assembly line technology reaching world-leading levels; traditional energy business primarily involves intelligent assembly lines for engines and transmissions; additionally, the company offers embodied AI equipment business and intelligent manufacturing software products and services - The company's products primarily include intelligent production lines and equipment (material flow hardware equipment) and manufacturing software products and services (data flow software systems)[36](index=36&type=chunk) - Products in the new energy vehicle sector include intelligent production lines for hybrid powertrains, power lithium batteries, hydrogen fuel cells, and drive motors[36](index=36&type=chunk) - The company's power lithium battery intelligent production line achieves full coverage of cylindrical, blade, prismatic, pouch cells, and various battery integration methods, ranking among the top tier in the lithium battery module PACK intelligent production line field[37](index=37&type=chunk) - The company is one of the few domestic equipment suppliers capable of providing comprehensive solutions for flat wire motor stator lines, rotor lines, assembly lines, and testing lines, possessing prominent technological advantages in the flat wire motor stator assembly line field[38](index=38&type=chunk) - The company has pioneered breakthroughs in various technical directions, including X-pin motors, Mini U-pin motors, 10-layer flat wire motors, 800V high-voltage motors, and oil-cooled motors[39](index=39&type=chunk) - The company has an early layout in hydrogen fuel cell intelligent production lines, capable of comprehensive deployment from core component assembly to engine system production equipment and test benches, and has secured orders from leading clients such as Ballard Power Systems of Canada[41](index=41&type=chunk) - The company has added embodied AI equipment business, including humanoid robots, autonomous mobile robots, collaborative robots, and their application solutions, aiming to revolutionize traditional assembly line production methods[43](index=43&type=chunk) - Through its subsidiaries Haosen Software and Haosen Zhiyuan, the company provides software products such as HSPLM, HSMOM, HSMES, and HS Intelligent Design System, assisting clients in their digital transformation[44](index=44&type=chunk) [(III) Main Operating Models](index=14&type=section&id=(III)%20Main%20Operating%20Models) The company generates revenue by providing 'software-hardware integrated' manufacturing solutions, intelligent production lines and equipment, and software products and services; the sales model primarily involves public bidding and client negotiation, with products being non-standardized and customized; the R&D model combines market demand and client projects for independent R&D and customized development; the production model adopts a project management system, with full-process management through self-developed systems; the procurement model is based on orders and production plans, involving quotation comparison and quality control for purchased and custom-processed parts - The company's profit model is to provide integrated 'software-hardware combined' manufacturing solutions, intelligent production lines and equipment, and software products and services for automotive manufacturing[45](index=45&type=chunk) - The sales model primarily involves public bidding and client negotiation, with products being non-standardized and customized intelligent production lines[46](index=46&type=chunk) - The company has established overseas subsidiaries in the United States, India, Germany, and Hungary, adopting independent operation or collaborative operation with the parent company to expand markets[47](index=47&type=chunk) - The R&D model combines industry technological development and its own business needs, conducting customized R&D through independent project initiation and client project requirements[48](index=48&type=chunk) - The production model is for non-standardized customized products, adopting a project management system, and managing R&D design and manufacturing through self-developed HSPLM and ERP systems[49](index=49&type=chunk) - The procurement model formulates plans based on orders and production arrangements, conducts quotation comparisons for purchased and custom-processed parts, and establishes a comprehensive supplier management and quality inspection system[50](index=50&type=chunk) [II. Discussion and Analysis of Operations](index=16&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company's operating revenue decreased by **13.68%** year-on-year to **RMB 843 million**, with net profit attributable to the parent company at a loss of **RMB 151 million**, a year-on-year decrease of **1600.90%**; the performance decline was mainly due to reduced revenue scale and gross profit margin, as well as significant asset impairment losses and credit impairment losses; the company continued to invest in R&D, with R&D expenses reaching **RMB 61.27 million**, accounting for **7.27%** of revenue, and achieved multiple patents and technological breakthroughs, especially in humanoid robots and X-PIN stator lines [(I) Key Operating Performance](index=16&type=section&id=(I)%20Key%20Operating%20Performance) During the reporting period, the company's operating revenue was **RMB 843 million**, a year-on-year decrease of **13.68%**; net profit attributable to the parent company was a loss of **RMB 151 million**, a year-on-year decrease of **1600.90%**; performance decline was primarily influenced by reduced revenue scale and gross profit margin, increased asset impairment losses due to higher costs for some overseas projects, and increased credit impairment losses due to growing accounts receivable balances and extended aging | Indicator | Current Period Amount (RMB 10,000) | YoY Change (%) | | :--- | :--- | :--- | | **Operating Revenue** | 84,290.47 | -13.68 | | **Net Profit Attributable to Parent Company** | -15,080.30 | -1,600.90 | | **Net Profit Attributable to Shareholders Excluding Non-recurring Gains/Losses** | -14,262.11 | - | - Decline in revenue scale and gross profit margin: uncertainty in acceptance timing for customized non-standard projects led to a decrease in the total scale of accepted projects; intensified competition in the automotive market, transmission of price reduction pressure, limited order profitability, and increased proportion of project implementation costs[51](index=51&type=chunk) - Significant asset impairment losses: some overseas projects faced visa and regulatory restrictions, customer demand changes led to supplements, increased material costs, and extended production cycles, resulting in higher project costs[52](index=52&type=chunk) - Significant credit impairment losses: business development and intensified market competition led to increased accounts receivable balances and extended aging, prompting the company to strengthen collection management[52](index=52&type=chunk) [(II) R&D Investment](index=17&type=section&id=(II)%20R%26D%20Investment) During the reporting period, the company's R&D expenses reached **RMB 61.27 million**, accounting for **7.27%** of operating revenue; the company has cumulatively obtained **173 authorized patents** and **217 software copyrights**, with **18 new patents** and **4 new software copyrights** added in the current period; the company achieved significant technological breakthroughs and awards in areas such as humanoid robot assembly processes and testing equipment, highly integrated multimodal pneumatic soft robots, and X-PIN stator lines | Indicator | Amount/Ratio | | :--- | :--- | | **R&D Expenses** | RMB 61.27 million | | **R&D Expenses as % of Operating Revenue** | 7.27% | | **Cumulative Authorized Patents** | 173 items | | **Cumulative Authorized Software Copyrights** | 217 items | | **New Authorized Patents in Current Period** | 18 items | | **New Authorized Software Copyrights in Current Period** | 4 items | - Two patents independently developed by the company, 'A Humanoid Robot Assembly Process and Equipment for Automotive Core Component Production' and 'A Testing Equipment and Process for Humanoid Robots', have been successfully granted invention patent authorization[54](index=54&type=chunk) - The project 'A Highly Integrated Multimodal Pneumatic Soft Robot', jointly applied for by the company and Hohai University, won a silver medal at the 50th Geneva International Exhibition of Inventions[54](index=54&type=chunk) - The domestic first X-PIN stator line, co-developed by the company and Quzhou Jidian, achieved a major technological breakthrough, successfully realizing mass production of stators[54](index=54&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=18&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in R&D-driven technological advantages, a high-quality client structure and brand advantage, global integration and cross-regional coordination advantages, and standardization and platformization advantages; the company maintains high R&D investment, possesses multiple core technologies and patents, particularly leading in intelligent manufacturing, robot applications, precision measurement, and digital technologies; its clients include mainstream domestic and international automotive OEMs and component suppliers, with active expansion into overseas markets; through Haosen Software's intelligent design system, the company has significantly enhanced design standardization and production modularity; during the reporting period, the company was recognized as a National Specialized, Refined, Unique, and Innovative 'Little Giant' Enterprise and continues to advance multiple R&D projects covering cutting-edge fields such as hydrogen fuel cells, new energy electric drive systems, and embodied AI robots [(I) Core Competitiveness Analysis](index=18&type=section&id=(I)%20Core%20Competitiveness%20Analysis) The company's core competitiveness includes R&D-driven technological advantages, with R&D investment of **RMB 61.27 million** during the reporting period, possessing **173 authorized patents** and **217 software copyrights**, and conducting reserve R&D in cutting-edge fields such as artificial intelligence, virtual commissioning, and embodied AI equipment; the company has a high-quality client structure, covering mainstream domestic and international automotive OEMs, establishing a strong brand reputation and global market influence; the company achieves global integration and cross-regional coordination through its overseas subsidiaries and leverages the HS Intelligent Design System to enhance standardization and platformization - The company's R&D expenditure was **RMB 61.27 million**, with **406 R&D personnel** at the end of the period, cumulatively obtaining **173 authorized patents** and **217 authorized software copyrights**[56](index=56&type=chunk) - The company's Intelligent Research Institute has built an industrial intelligent manufacturing innovation system covering mechanical design, electrical control, mathematics, mechanics, optics, materials science, electronics, and computer science, forming five core supporting technologies and eight core application technologies[56](index=56&type=chunk) - The company has made specialized deployments in key application areas such as artificial intelligence, virtual commissioning, machine vision, and embodied AI equipment, and is conducting R&D on next-generation products like axial flux motors and solid-state batteries[57](index=57&type=chunk) - A prominent feature of the company's client structure is a high proportion of OEM clients and a large share of international clients, covering renowned domestic and international brands such as Mercedes-Benz, BMW, Volkswagen, Tesla, and BYD[58](index=58&type=chunk) - The company has established overseas subsidiaries in the United States, Hungary, India, and Germany, building a highly collaborative management system for sales, production, service, and R&D to drive the execution of overseas orders[61](index=61&type=chunk) - Through the HS Intelligent Design System, the company combines big data, artificial intelligence, and other technologies with industry experience to automate the design process, enhancing design standardization and production modularity[63](index=63&type=chunk) [(III) Core Technologies and R&D Progress](index=20&type=section&id=(III)%20Core%20Technologies%20and%20R%26D%20Progress) The company has been deeply involved in the automotive intelligent equipment manufacturing industry for over two decades, with R&D technological innovation as its core development strategy, continuously increasing investment; during the reporting period, the company strengthened research on cutting-edge technologies, conducting application development in cluster equipment multi-machine collaboration, embedded virtual commissioning, and deep learning; the company built an open R&D ecosystem, collaborating deeply with research institutions and industry partners, and established a humanoid robot innovation center; the company was recognized as a National Specialized, Refined, Unique, and Innovative 'Little Giant' Enterprise, obtaining multiple patents and software copyrights; the company's ongoing R&D projects cover cutting-edge fields such as hydrogen fuel cells, new energy electric drive systems, and embodied AI robots, with a total investment scale of **RMB 369 million** [1. Core Technologies, Their Advanced Nature, and Changes During the Reporting Period](index=20&type=section&id=1.%20Core%20Technologies%2C%20Their%20Advanced%20Nature%2C%20and%20Changes%20During%20the%20Reporting%20Period) The company's core technologies include intelligent flexible assembly units, multi-model robot flexible tightening, power lithium battery module stacking, hydrogen fuel cell stack automatic stacking, new energy drive motor automatic wire insertion/PIN forming/twisting, precision EOL test benches, online measurement and testing, multi-chamber series hot pressing and HIPOT testing, hydrogen fuel cell three-chamber integrated airtightness detection, automatic application of lithium battery structural and thermal conductive adhesives, new energy drive motor insulation coating, multi-model flexible configurable automatic control, intelligent fuzzy gripping and transfer, laser welding/cleaning, digital simulation, and MES systems; these technologies offer significant advantages in improving production efficiency, flexibility, automation, and product quality, reaching domestic leading levels - The company's core technologies include intelligent flexible assembly unit technology, which enhances the flexibility and versatility of production lines through the combined application of various technologies[66](index=66&type=chunk) - Power lithium battery module stacking technology integrates fundamental technologies such as visual positioning, servo pressing, and pressure-displacement analysis and control, achieving automatic module stacking to improve production efficiency and product quality[66](index=66&type=chunk) - Hydrogen fuel cell stack automatic stacking technology achieves automatic stacking of membrane electrodes and bipolar plates, effectively improving production efficiency, product yield, and automation rate[66](index=66&type=chunk) - New energy drive motor automatic wire insertion technology achieves high flexibility, automation, and stability for U/X-PIN automatic wire insertion[66](index=66&type=chunk) - Precision EOL test bench technology utilizes proprietary constant torque and constant angular acceleration control technology, NVH technology, and recipe-based control technology to achieve testing that meets final client product requirements[67](index=67&type=chunk) - The company was recognized as a National Specialized, Refined, Unique, and Innovative 'Little Giant' Enterprise, with its product named New Energy Vehicle Powertrain Intelligent Production Line[69](index=69&type=chunk) [2. R&D Achievements During the Reporting Period](index=25&type=section&id=2.%20R%26D%20Achievements%20During%20the%20Reporting%20Period) As of June 30, 2025, the company has cumulatively obtained **173 authorized patents** and **217 authorized software copyrights**; during the reporting period, **2 new invention patents**, **16 new utility model patents**, and **4 new software copyrights** were added | Intellectual Property Type | New Applications in Current Period (units) | New Grants in Current Period (units) | Cumulative Applications (units) | Cumulative Grants (units) | | :--- | :--- | :--- | :--- | :--- | | **Invention Patents** | 2 | 2 | 68 | 34 | | **Utility Model Patents** | 12 | 16 | 256 | 136 | | **Design Patents** | 0 | 0 | 3 | 3 | | **Software Copyrights** | 4 | 4 | 219 | 217 | | **Total** | 18 | 22 | 546 | 390 | [3. R&D Investment Table](index=25&type=section&id=3.%20R%26D%20Investment%20Table) During the reporting period, the company's expensed R&D investment was **RMB 61.27 million**, a year-on-year decrease of **17.15%**; total R&D investment as a percentage of operating revenue was **7.27%**, a decrease of **0.30 percentage points** from the prior year period | Indicator | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | **Expensed R&D Investment** | 61.27 million | 73.96 million | -17.15 | | **Total R&D Investment** | 61.27 million | 73.96 million | -17.15 | | **Total R&D Investment as % of Operating Revenue (%)** | 7.27 | 7.57 | Decreased by 0.30 percentage points | [4. Ongoing R&D Projects](index=26&type=section&id=4.%20Ongoing%20R%26D%20Projects) The company has **27 ongoing R&D projects** with a total estimated investment of **RMB 369 million**, a current period investment of **RMB 54.72 million**, and a cumulative investment of **RMB 129 million**; these projects primarily focus on cutting-edge fields such as hydrogen fuel cells, new energy vehicle electric drive systems, embodied AI robots, battery manufacturing automation, motor intelligent manufacturing processes, intelligent powertrain assembly and integrated warehousing systems, and intelligent virtual simulation technology, aiming to address industry pain points, enhance production efficiency and product quality, and promote industrial intelligent upgrading | Project Name | Estimated Total Investment (RMB 10,000) | Current Period Investment (RMB 10,000) | Cumulative Investment (RMB 10,000) | Progress or Phased Achievements | Technical Level | | :--- | :--- | :--- | :--- | :--- | :--- | | **Hydrogen Fuel Cell Fully Automatic Docking Test Platform R&D and Production Line Integration** | 1,580.00 | 53.60 | 475.49 | R&D Stage | Domestically Leading | | **New Energy Vehicle Electric Drive System Multi-in-One Flexible Assembly Technology R&D** | 3,760.00 | 717.93 | 2,906.33 | R&D Stage | Domestically Leading | | **New Energy Vehicle Electronic Control Test Technology Development and Equipment Manufacturing** | 1,060.00 | 175.70 | 782.55 | R&D Stage | Domestically Leading | | **Integrated Engine Tray Intelligent Lifting and Rotating Positioning Device R&D and Application Exploration Project** | 960.00 | 18.96 | 684.43 | R&D Stage | Domestically Leading | | **Battery Manufacturing Automation and High-Efficiency Key Technologies and Equipment R&D** | 2,960.00 | 807.42 | 2,839.51 | R&D Stage | Domestically Leading | | **R&D of Key Equipment and Processes for X-pin Wire Group Stator Automated Production** | 1,080.00 | 74.50 | 519.52 | R&D Stage | Domestically Leading | | **Intelligent Powertrain Assembly and Integrated Warehousing System R&D** | 3,120.00 | 870.10 | 870.10 | R&D Stage | Domestically Leading | | **Motor Intelligent Manufacturing Process Comprehensive Upgrade and Verification Technology R&D** | 2,180.00 | 710.64 | 710.64 | R&D Stage | Domestically Leading | | **Intelligent Virtual Simulation Technology Comprehensive Development** | 880.00 | 23.10 | 23.10 | R&D Stage | Domestically Leading | | **Embodied Task Planning and Interactive Action Generation Engine** | 1,280.00 | - | - | R&D Stage | Domestically Leading | | **Automotive Core Component Humanoid Robot Assembly Verification** | 1,080.00 | 136.42 | 136.42 | R&D Stage | Domestically Leading | | **New Energy Vehicle Electric Drive Production Process Large Model R&D and Application** | 1,780.00 | 33.60 | 33.60 | R&D Stage | Domestically Leading | | **Development of Industrial-Grade Embodied Robots Based on Complex Skill Learning and Control Technology** | 5,200.00 | 6.65 | 6.65 | R&D Stage | Domestically Leading | | **Development and Application of Embodied AI Technology for Industrial Tightening and Handling Scenarios** | 3,200.00 | - | - | R&D Stage | Domestically Leading | | **High-Efficiency Intelligent Electric Drive System Comprehensive Test Technology R&D Project** | 2,731.00 | 488.77 | 1,591.01 | R&D Stage | Domestically Leading | | **Humanoid Robot Tightening Technology R&D** | 2,000.00 | 388.03 | 399.35 | R&D Stage | Domestically Leading | | **New Energy Vehicle Flat Wire Motor Stator Precision Welding and Insulation Coating Technology R&D** | 150.00 | 85.39 | 85.39 | R&D Stage | Domestically Leading | | **Flexible Logistics Driven Lithium Battery PACK Modular Intelligent Manufacturing System Development** | 160.00 | 100.81 | 100.81 | R&D Stage | Domestically Leading | | **Key Technology R&D for Multi-Station Collaborative Flat Wire Motor Flexible Assembly System** | 180.00 | 104.29 | 104.29 | R&D Stage | Domestically Leading | | **High Energy Density Battery Pack Intelligent Assembly Line Key Processes and Equipment R&D** | 180.00 | 108.64 | 108.64 | R&D Stage | Domestically Leading | | **Key Technology Research for Embodied Intelligent Perception-Decision Fusion System for Intelligent Manufacturing** | 200.00 | - | - | R&D Stage | Domestically Leading | | **Intelligent Data-Driven Product Compliance Management Platform Development** | 142.56 | 71.28 | 71.28 | R&D Stage | Domestically Advanced | | **Enterprise-Level Integrated Management and Industrial Intelligence Unified Platform Development** | 386.69 | 193.34 | 193.34 | R&D Stage | Domestically Advanced | | **Equipment Manufacturing Integrated Operation Management System R&D** | 179.44 | 89.72 | 89.72 | R&D Stage | Domestically Advanced | | **Equipment Manufacturing Supply Chain Management System R&D** | 154.13 | 77.07 | 77.07 | R&D Stage | Domestically Advanced | | **Laboratory Inspection Management System R&D** | 139.94 | 69.97 | 69.97 | R&D Stage | Domestically Advanced | | **Intelligent Warehousing Process Orchestration System R&D** | 132.31 | 66.15 | 66.15 | R&D Stage | Domestically Advanced | | **Total** | 36,856.06 | 5,472.08 | 12,945.36 | / | / | [5. R&D Personnel Information](index=36&type=section&id=5.%20R%26D%20Personnel%20Information) At the end of the reporting period, the company had **406 R&D personnel**, accounting for **17.10%** of the total workforce; total R&D personnel compensation was **RMB 47.22 million**, with an average compensation of **RMB 0.1163 million**; R&D personnel are primarily bachelor's degree holders or above, with the 30-40 age group forming the main force | Indicator | Current Period | Prior Year Period | | :--- | :--- | :--- | | **Number of Company R&D Personnel (persons)** | 406 | 422 | | **R&D Personnel as % of Total Company Workforce (%)** | 17.10 | 15.39 | | **Total R&D Personnel Compensation (RMB 10,000)** | 4,721.57 | 5,670.45 | | **Average R&D Personnel Compensation (RMB 10,000)** | 11.63 | 13.44 | | Educational Background | Number (persons) | Proportion (%) | | :--- | :--- | :--- | | **Master's Degree and Above** | 32 | 7.88 | | **Bachelor's Degree** | 320 | 78.82 | | **Associate Degree** | 48 | 11.82 | | **High School and Below** | 6 | 1.48 | | **Total** | 406 | 100.00 | | Age Range | Number (persons) | Proportion (%) | | :--- | :--- | :--- | | **Under 30** | 95 | 23.40 | | **30-40 years old** | 255 | 62.81 | | **40-50 years old** | 44 | 10.84 | | **50-60 years old** | 11 | 2.71 | | **60 years old and above** | 1 | 0.25 | | **Total** | 406 | 100.00 | [IV. Risk Factors](index=36&type=section&id=IV.%20Risk%20Factors) The company faces risks of significant performance decline or losses, primarily due to reduced revenue scale and gross profit margin, increased asset and credit impairment losses, and high uncertainty in new businesses; core competitiveness risks include technological iteration and talent loss; operational risks encompass delayed delivery of order backlog, fluctuations in major projects, overseas project implementation and exchange rate risks, overcapacity, and fundraising projects not meeting expectations; financial risks are reflected in declining gross and net profit margins, capital shortages, and uncollectible accounts receivable; macroeconomic environment risks include macroeconomic fluctuations and deteriorating international trade conditions [(I) Risk of Significant Performance Decline or Losses](index=36&type=section&id=(I)%20Risk%20of%20Significant%20Performance%20Decline%20or%20Losses) The company reported losses during the period, with operating revenue decreasing by **13.68%** year-on-year and net profit decreasing by **1600.90%**; key reasons include reduced revenue scale and gross profit margin, significant asset impairment losses, and credit impairment losses; additionally, escalating global trade frictions, long overseas project implementation cycles, geopolitical and exchange rate fluctuations may adversely affect the company's performance; the newly deployed embodied AI business is still in the R&D stage, with limited short-term contribution but substantial investment, posing uncertainties regarding market demand, policies, and technological R&D - During the reporting period, the company's operating revenue decreased by **13.68%** year-on-year, and net profit attributable to the parent company decreased by **1600.90%**[87](index=87&type=chunk) - Key reasons for performance losses include reduced revenue scale and gross profit margin, significant asset impairment losses, and substantial credit impairment losses[87](index=87&type=chunk) - Escalating global trade frictions, rising tariffs, long overseas project implementation cycles, geopolitical risks, and exchange rate fluctuation risks may adversely affect the company's operations and overseas orders[88](index=88&type=chunk) - The newly deployed embodied AI business is in the product development and technological R&D stage, with small short-term order volumes and limited contribution to operating performance, but involves significant R&D investment, posing uncertainties regarding market demand, industry policies, and technological R&D[89](index=89&type=chunk) [(II) Core Competitiveness Risks](index=37&type=section&id=(II)%20Core%20Competitiveness%20Risks) The company operates in a technology-innovation-driven industry where technological advantage is a core competency; if its technological R&D and innovation capabilities fail to meet client demands in a timely manner, the company faces the risk of client loss; simultaneously, intensified industry competition may lead to the risk of technical talent loss and technology leakage - The company faces the risk of technological iteration; if its technological R&D and innovation capabilities cannot timely match client demands, it may lead to client loss[90](index=90&type=chunk) - The company faces the risk of technical talent loss and technology leakage, as intensified industry competition may exacerbate the struggle for technical talent[91](index=91&type=chunk) [(III) Operational Risks](index=37&type=section&id=(III)%20Operational%20Risks) The company faces the risk of delayed delivery of order backlog; under the non-standard equipment production model, factors such as client demand changes, production element matching, and transportation cycles may lead to reduced revenue recognition and increased costs and expenses; major projects involve significant amounts, and fluctuations in their delivery pace and gross profit margins may affect the company's performance stability; overseas orders account for a large proportion, and geopolitical, tax policy, exchange rate fluctuations, visa and labor regulations, and other risks may adversely affect overseas project implementation; additionally, the company faces risks of overcapacity and fundraising projects not meeting expectations - Risk of delayed delivery of order backlog: under the non-standard equipment production model, factors such as client demand changes, plan adjustments, production element matching, and transportation cycles may lead to project delays, affecting current period revenue and costs[92](index=92&type=chunk) - Fluctuations in major projects and operating performance risks: individual projects involve significant amounts, and their delivery pace and gross profit margins have a substantial impact on the company's performance stability[93](index=93&type=chunk) - Overseas project implementation risks and exchange rate risks: overseas orders account for a large proportion, facing adverse factors such as tariffs, geopolitics, tax policies, exchange rate fluctuations, visa and labor regulations, and collection issues[94](index=94&type=chunk) - Risks of overcapacity and fundraising projects not meeting expectations: the company's new orders rapidly declined in 2024, while fundraising projects, once completed, can add **RMB 3.127 billion** in capacity, posing a risk of insufficient capacity utilization[95](index=95&type=chunk) [(IV) Financial Risks](index=38&type=section&id=(IV)%20Financial%20Risks) The company faces risks of declining gross and net profit margins, primarily due to increased overseas project implementation costs and intensified industry competition leading to lower gross profits, as well as increased depreciation and amortization from factory expansion driving up expense ratios; the company's net cash flow from operating activities fluctuates significantly, posing risks of capital shortages and sustained negative cash flow, mainly because client installment payments are offset by upfront production material investments; additionally, growing balances of accounts receivable and contract assets present risks of overdue client payments and uncollectibility - Risks of declining gross and net profit margins: increased overseas project implementation costs and intensified industry competition lead to lower gross profits; factory expansion results in increased depreciation and amortization, driving up expense ratios[96](index=96&type=chunk) - Risks of capital shortage and negative net operating cash flow: client installment payments, coupled with upfront production material investments, lead to significant operating cash outflows[98](index=98&type=chunk) - Risk of growing and potentially uncollectible accounts receivable (including those classified as contract assets): increased balances of accounts receivable and contract assets, with instances of overdue client payments, influenced by macroeconomic conditions and client efficiency[99](index=99&type=chunk) [(V) Industry Risks](index=39&type=section&id=(V)%20Industry%20Risks) The company's downstream clients are concentrated in the automotive industry, facing cyclical risks; if vehicle production and sales decline or client capital expenditures decrease, the company's orders will be affected; simultaneously, competition in the intelligent manufacturing equipment industry is intensifying, including existing competitors and companies transitioning from the 3C industry, leading to a decline in order gross profit margins, which may adversely affect the company's operations - Automotive industry cyclical risks: the company's downstream clients are concentrated in the automotive industry; if vehicle production and sales decline, client operating rates decrease, or capital expenditures for new production lines are reduced, the company's orders will decrease[100](index=100&type=chunk) - Risks of intensified market competition: competition in the intelligent manufacturing equipment industry is intensifying, including domestic and international competitors and companies transitioning from the 3C industry, leading to a decline in order gross profit margins, which may adversely affect the company's operations[101](index=101&type=chunk) [(VI) Macroeconomic Environment Risks](index=39&type=section&id=(VI)%20Macroeconomic%20Environment%20Risks) The company's operations are closely linked to the downstream automotive industry and macroeconomic cycles; significant changes in the macroeconomic situation will adversely affect the company's performance; furthermore, deteriorating international trade conditions, such as geopolitical tensions and prevalent trade protectionism, may lead to increased tariffs and export restrictions, adversely impacting the company's overseas business and future performance - Macroeconomic fluctuation risks: the company's operations are closely linked to the downstream automotive industry and macroeconomic cycles; changes in the macroeconomic situation will adversely affect the company's operating performance[102](index=102&type=chunk) - Risks of deteriorating international trade conditions: factors such as geopolitical tensions and prevalent trade protectionism may lead to increased tariffs and export restrictions, adversely impacting the company's overseas orders and market expansion[103](index=103&type=chunk)[104](index=104&type=chunk) [V. Key Operating Performance During the Reporting Period](index=40&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes changes in the company's main business financial statement items, asset and liability status, and investment situation; during the reporting period, operating revenue and R&D expenses decreased year-on-year, while financial expenses and net cash flow from operating activities changed significantly; the asset and liability structure shifted, with long-term equity investments and contract liabilities increasing substantially, and financial assets held for trading decreasing; the company's external equity investments primarily involve associate companies, and financial information for major holding and participating subsidiaries is disclosed [(I) Main Business Analysis](index=40&type=section&id=(I)%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue decreased by **13.68%** year-on-year, and operating costs decreased by **4.20%** year-on-year; sales expenses and R&D expenses both decreased, while financial expenses increased by **23.90%** year-on-year; net cash flow from operating activities turned significantly positive, primarily due to strengthened collection management | Item | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 842.90 million | 976.49 million | -13.68 | | **Operating Cost** | 714.00 million | 745.29 million | -4.20 | | **Selling Expenses** | 22.36 million | 29.13 million | -23.24 | | **Administrative Expenses** | 92.52 million | 94.92 million | -2.53 | | **Financial Expenses** | 30.58 million | 24.68 million | 23.90 | | **R&D Expenses** | 61.27 million | 73.96 million | -17.15 | | **Net Cash Flow from Operating Activities** | 199.78 million | -570.44 million | N/A | | **Net Cash Flow from Investing Activities** | 62.16 million | 75.59 million | -17.76 | | **Net Cash Flow from Financing Activities** | -127.51 million | 336.46 million | -137.90 | - Net cash flow from operating activities turned significantly positive, primarily due to the company's continuous strengthening of collection management during the reporting period, with a focus on controlling pre-shipment payment collection for projects[107](index=107&type=chunk) - The change in net cash flow from financing activities was primarily due to a decrease in new borrowings by the company during the reporting period[108](index=108&type=chunk) [(III) Analysis of Assets and Liabilities](index=41&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's total assets were **RMB 6.77 billion**, a year-on-year increase of **4.33%**; net assets attributable to shareholders were **RMB 1.88 billion**, a year-on-year decrease of **6.64%**; contract liabilities increased by **62.86%** year-on-year, mainly due to increased customer prepayments; long-term equity investments increased by **2633.18%** year-on-year, primarily due to investments in associate companies; financial assets held for trading decreased by **87.98%** year-on-year, mainly due to the redemption of matured wealth management products; notes receivable increased by **222.04%** year-on-year, primarily due to an increase in commercial acceptance bills; deferred income tax assets increased by **35.91%** year-on-year, mainly due to increased deferred income tax provisions resulting from company losses | Item Name | Current Period End Amount (RMB) | Current Period End Amount as % of Total Assets (%) | Prior Year End Amount (RMB) | Prior Year End Amount as % of Total Assets (%) | YoY Change in Current Period End Amount (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Cash and Cash Equivalents** | 664.12 million | 9.81 | 544.68 million | 8.40 | 21.93 | / | | **Receivables** | 868.75 million | 12.83 | 746.28 million | 11.50 | 16.41 | / | | **Inventories** | 3.23 billion | 47.78 | 3.12 billion | 48.10 | 3.65 | / | | **Contract Assets** | 119.19 million | 1.76 | 148.17 million | 2.28 | -19.55 | / | | **Long-term Equity Investment** | 8.04 million | 0.12 | 0.29 million | 0.00 | 2,633.18 | Primarily due to investments in associate companies during the reporting period | | **Fixed Assets** | 1.06 billion | 15.59 | 1.07 billion | 16.55 | -1.72 | / | | **Short-term Borrowings** | 1.10 billion | 16.21 | 867.68 million | 13.37 | 26.44 | / | | **Contract Liabilities** | 1.82 billion | 26.85 | 1.12 billion | 17.20 | 62.86 | Primarily due to increased customer prepayments received by the company during the reporting period | | **Long-term Borrowings** | 573.87 million | 8.48 | 766.81 million | 11.82 | -25.16 | / | | **Financial Assets Held for Trading** | 13.44 million | 0.20 | 111.87 million | 1.72 | -87.98 | Primarily due to the redemption of matured wealth management products as of the end of the reporting period | | **Notes Receivable** | 36.04 million | 0.53 | 11.19 million | 0.17 | 222.04 | Primarily due to an increase in commercial acceptance bills at the end of the reporting period compared to the beginning of the period | | **Other Receivables** | 56.77 million | 0.84 | 33.67 million | 0.52 | 68.63 | Primarily due to an increase in letter of guarantee deposits opened for customers during the reporting period | | **Deferred Income Tax Assets** | 126.74 million | 1.87 | 93.25 million | 1.44 | 35.91 | Primarily due to increased deferred income tax provisions resulting from company losses during the reporting period | | **Notes Payable** | 69.83 million | 1.03 | 185.82 million | 2.86 | -62.42 | Primarily due to a decrease in acceptance bills paid to suppliers during the reporting period | | **Other Payables** | 19.04 million | 0.28 | 44.50 million | 0.69 | -57.21 | Primarily due to an increase in accrued travel expenses and transportation insurance expenses at the end of the reporting period | | **Minority Interests** | -6.13 million | -0.09 | -4.22 million | -0.07 | 45.06 | Primarily due to a decrease in net profit during the reporting period | - Overseas assets amounted to **RMB 191.53 million**, accounting for **2.83%** of total assets[112](index=112&type=chunk) | Item | Period End Carrying Amount (RMB) | Reason for Restriction | | :--- | :--- | :--- | | **Cash and Cash Equivalents** | 116.34 million | Bank acceptance bills, letters of guarantee, letters of credit deposits | | **Fixed Assets** | 263.69 million | Used as collateral for financing | | **Intangible Assets** | 142.77 million | Used as collateral for financing | | **Total** | 522.80 million | / | [(IV) Investment Analysis](index=43&type=section&id=(IV)%20Investment%20Analysis) During the reporting period, the company's investment amounted to **RMB 37.62 million**, a year-on-year increase of **9.71%**; the fair value of financial assets at period-end was **RMB 13.44 million**, a significant decrease from **RMB 111.87 million** at the beginning of the period, primarily due to the redemption of matured wealth management products; Dalian Haosen Ruide Equipment Manufacturing Co., Ltd., a major controlled subsidiary, had total assets of **RMB 4.883 billion** and a net loss of **RMB 111 million**; during the reporting period, the company established Shanghai Haoling Intelligent Technology Co., Ltd. and Shenzhen Haoling Robot Co., Ltd. | Indicator | Investment Amount in Current Period (RMB) | Investment Amount in Prior Year Period (RMB) | Change | | :--- | :--- | :--- | :--- | | **Investment Amount** | 37.62 million | 34.30 million | 9.71% | | Asset Category | Beginning of Period Amount (RMB) | Fair Value Change Gains/Losses in Current Period (RMB) | Current Period Purchase Amount (RMB) | Current Period Sale/Redemption Amount (RMB) | End of Period Amount (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Other (Financial Assets Held for Trading)** | 111.87 million | -1.84 million | 33.05 million | 129.63 million | 13.44 million | | Company Name | Company Type | Main Business | Registered Capital (RMB 10,000) | Total Assets (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Dalian Haosen Ruide Equipment Manufacturing Co., Ltd.** | Subsidiary | Planning, R&D, design, assembly, debugging, integration, sales, service, and turnkey projects for intelligent production lines | 18,000.00 | 488,293.84 | -11,102.30 | - During the reporting period, Shanghai Haoling Intelligent Technology Co., Ltd. and Shenzhen Haoling Robot Co., Ltd. were newly established, with no significant impact on overall production, operations, and performance[118](index=118&type=chunk) Section IV Corporate Governance, Environment, and Society This section primarily discloses corporate governance-related information; during the reporting period, there were no changes in the company's directors, supervisors, senior management, and core technical personnel; the company did not formulate a semi-annual profit distribution or capital reserve capitalization plan; the share registration for the second vesting period of the initial grant and the first vesting period of the reserved grant under the company's 2022 restricted stock incentive plan has been completed, and some granted but unvested restricted shares have been cancelled [II. Profit Distribution or Capital Reserve Capitalization Plan](index=46&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Capitalization%20Plan) The company did not formulate a semi-annual profit distribution or capital reserve capitalization plan, with the number of bonus shares, dividends, and capitalization shares per 10 shares all being 0 | Whether to Distribute or Capitalize | No | | :--- | :--- | | **Bonus Shares per 10 Shares (shares)** | 0 | | **Dividends per 10 Shares (RMB) (tax inclusive)** | 0 | | **Capitalization Shares per 10 Shares (shares)** | 0 | [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=46&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The share registration for the second vesting period of the initial grant and the first vesting period of the reserved grant under the company's 2022 restricted stock incentive plan was completed on March 13, 2025, with a total of **888,644 shares** listed for circulation; additionally, on April 14, 2025, the company's board of directors approved the proposal to cancel some granted but unvested restricted shares - On March 13, 2025, the share registration for the second vesting period of the initial grant and the first vesting period of the reserved grant under the company's 2022 restricted stock incentive plan was completed[122](index=122&type=chunk) - The total number of shares listed for circulation was **888,644 shares**, with the listing date being March 19, 2025[122](index=122&type=chunk) - On April 14, 2025, the company's board of directors approved the 'Proposal on Cancelling Some Granted but Unvested Restricted Shares'[122](index=122&type=chunk) Section V Significant Matters This section details the fulfillment of the company's commitments, significant guarantees, and the progress of fundraising proceeds utilization; the company's actual controllers, shareholders, directors, supervisors, senior management, and core technical personnel have all strictly fulfilled their commitments; the company provided substantial guarantees for its subsidiaries, with the total guarantee amount representing a high proportion of net assets; the overall use of fundraising proceeds progressed smoothly, with some idle funds temporarily used to supplement working capital and for cash management [I. Fulfillment of Commitments](index=48&type=section&id=I.%20Fulfillment%20of%20Commitments) All commitments made by the company's actual controllers, shareholders, directors, supervisors, senior management, and core technical personnel, whether during or continuing into the reporting period, have been strictly fulfilled, including commitments regarding share lock-up, reduction intentions, share repurchase, avoidance of horizontal competition, standardization of related-party transactions, and measures to offset diluted immediate returns - The company's directors, supervisors, senior management, and core technical personnel all committed that the number of shares transferred annually during their tenure shall not exceed **25%** of their directly and indirectly held company shares; they also committed not to transfer shares within six months after resignation[126](index=126&type=chunk) - Shareholders holding **5%** or more committed that within two years after the lock-up period expires, their total reduction will not exceed **20%** of their total company shares held, and the reduction price will not be lower than the company's initial public offering price[127](index=127&type=chunk) - The company's actual controllers committed to avoid horizontal competition with the company and ensure that related-party transactions do not harm the legitimate rights and interests of the company and other shareholders[131](index=131&type=chunk)[132](index=132&type=chunk) - The company, its actual controllers, directors, supervisors, and senior management all committed to repurchase shares issued through fraudulent listing and bear compensation liability according to law[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk) - All company directors and senior management committed not to transfer benefits to other entities or individuals without compensation or under unfair conditions, not to use company assets for investment or consumption activities unrelated to their duties, and to link the compensation system with the implementation of the company's return-filling measures[134](index=134&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=58&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the company primarily provided guarantees for its subsidiaries; as of the end of the reporting period, the total guarantee balance for subsidiaries was **RMB 2.312 billion**, accounting for **122.75%** of the company's net assets; among these, the debt guarantee amount provided for guaranteed entities with an asset-liability ratio exceeding **70%** was **RMB 1.648 billion** | Guarantor | Guaranteed Party | Relationship with Listed Company | Guarantee Amount (RMB 10,000) | Guarantee Type | Overdue | | :--- | :--- | :--- | :--- | :--- | :--- | | **Haosen Intelligent** | Haosen Ruide | Wholly-owned Subsidiary | 27,000.00 | General Guarantee | No | | **Haosen Intelligent** | Haosen Ruide | Wholly-owned Subsidiary | 40,000.00 | Joint and Several Liability Guarantee | No | | **Haosen Intelligent** | Haosen Ruide | Wholly-owned Subsidiary | 15,000.00 | Joint and Several Liability Guarantee | No | | **Haosen Intelligent** | Haosen Ruide | Wholly-owned Subsidiary | 30,000.00 | Joint and Several Liability Guarantee | No | | **Haosen Intelligent** | Haosen Ruide | Wholly-owned Subsidiary | 43,000.00 | General Guarantee | No | | **Haosen Intelligent** | Haosen Ruide | Wholly-owned Subsidiary | 12,000.00 | Joint and Several Liability Guarantee | No | | **Haosen Intelligent** | Haosen Ruide | Wholly-owned Subsidiary | 20,000.00 | Joint and Several Liability Guarantee | No | | **Haosen Intelligent** | Haosen Ruide | Wholly-owned Subsidiary | 20,000.00 | Joint and Several Liability Guarantee | No | | **Haosen Intelligent** | Haosen Ruide | Wholly-owned Subsidiary | 50,000.00 | Joint and Several Liability Guarantee | No | | **Haosen Intelligent** | Haosen Ruide | Wholly-owned Subsidiary | 10,000.00 | Joint and Several Liability Guarantee | No | | **Haosen Intelligent** | Haosen Ruide | Wholly-owned Subsidiary | 8,000.00 | Joint and Several Liability Guarantee | No | | **Haosen Intelligent** | Haosen Ruide | Wholly-owned Subsidiary | 11,000.00 | Joint and Several Liability Guarantee | No | | **Haosen Intelligent** | Haosen Ruide | Wholly-owned Subsidiary | 12,000.00 | Joint and Several Liability Guarantee | No | | **Haosen Intelligent** | Haosen Ruide | Wholly-owned Subsidiary | 8,000.00 | Joint and Several Liability Guarantee | No | | **Haosen Intelligent** | Haosen Ruide | Wholly-owned Subsidiary | 10,000.00 | Joint and Several Liability Guarantee | No | | **Haosen Intelligent** | Haosen Ruide | Wholly-owned Subsidiary | 13,000.00 | Joint and Several Liability Guarantee | No | | **Haosen Intelligent** | Haosen Ruide | Wholly-owned Subsidiary | 10,000.00 | Joint and Several Liability Guarantee | No | | **Haosen Intelligent** | Haosen Ruide | Wholly-owned Subsidiary | 9,950.00 | Joint and Several Liability Guarantee | No | | **Haosen Intelligent** | Haosen Hungary | Wholly-owned Subsidiary | 10.00 million Euro | Joint and Several Liability Guarantee | No | | **Haosen Intelligent** | Shenzhen Intelligent | Wholly-owned Subsidiary | 1,000.00 | Joint and Several Liability Guarantee | No | | **Haosen Intelligent** | Haosen Zhiyuan | Controlled Subsidiary | 500.00 | Joint and Several Liability Guarantee | No | | **Haosen Intelligent** | Haosen Zhiyuan | Controlled Subsidiary | 960.00 | Joint and Several Liability Guarantee | No | | **Haosen Intelligent** | Haosen Zhiyuan | Controlled Subsidiary | 1,500.00 | Joint and Several Liability Guarantee | No | | **Haosen Intelligent** | Haosen Software | Controlled Subsidiary | 1,000.00 | Joint and Several Liability Guarantee | No | | **Haosen Intelligent** | Haosen Software | Controlled Subsidiary | 1,200.00 | Joint and Several Liability Guarantee | No | | **Haosen Intelligent** | Haosen Runbo | Wholly-owned Subsidiary | 60,000.00 | Joint an

Core Insights - The company reported a revenue of 843 million yuan for the first half of 2025, representing a year-on-year decline of 13.68% [1] - The net loss attributable to shareholders was 151 million yuan, compared to a net profit of 10.05 million yuan in the same period last year [1]