Core Viewpoint - The company, Xinyuren, which claims to be a leader in lithium battery intelligent equipment, is facing significant operational challenges despite its technological claims and partnerships with major players like CATL and BYD. The company's financial performance has deteriorated sharply, revealing a disconnect between its technological narrative and actual business performance [1][2]. Financial Performance - In 2024, Xinyuren reported a slight revenue increase of 4.75% to 622 million yuan, but net profit plummeted by 208.41% to a loss of 63.26 million yuan, with a non-recurring net loss of 79.27 million yuan [1][3][6]. - The gross margins for the company's main products, including lithium battery drying equipment and coating equipment, have decreased significantly, with reductions of 6.67, 7.56, and 13.47 percentage points respectively [3][5]. Business Operations - The company has three major projects funded by its IPO that have been delayed, with the intelligent equipment manufacturing project postponed from 2024 to 2026 [1][6]. - Xinyuren's reliance on a few major clients is concerning, with the largest client accounting for 61.24% of total sales and the top five clients representing 86.33% [9][10]. Market Environment - The lithium battery equipment market is experiencing structural overcapacity, leading to intensified price competition and a decline in industry profitability, with utilization rates below 50% [7][8]. - The industry is shifting from price competition to performance and technology competition, with leading companies like CATL and BYD advancing solid-state battery technologies, which may threaten Xinyuren's market position [8][9]. Future Outlook - The company faces increasing financial risks due to high accounts receivable and a significant rise in bad debt provisions, with operating cash flow negative for three consecutive years [6][9]. - The technological advancements of competitors and the potential in-house production capabilities of major clients pose additional threats to Xinyuren's business model [9][10].

Market Performance - The Sci-Tech Innovation Board (STAR Market) index rose by 0.19%, closing at 1007.53 points, with a total trading volume of 3.622 billion shares and a turnover of 124.775 billion yuan, resulting in an average turnover rate of 2.02% [1] - Among the tradable stocks on the STAR Market, 324 stocks closed higher, with 9 stocks experiencing a rise of over 10%, including Electric Wind Power, Fumiao Technology, and Shangwei New Materials, which hit the daily limit [1] - The distribution of turnover rates shows that 2 stocks had turnover rates exceeding 20%, 24 stocks had rates between 10% and 20%, and 59 stocks had rates between 5% and 10% [1] High Turnover Stocks - The stock with the highest turnover rate was Xinyuren, which closed up by 3.51% with a turnover rate of 23.24% and a transaction amount of 368 million yuan [3] - Other notable stocks included Aerospace Nanhu, which rose by 5.00% with a turnover rate of 20.06%, and Suochen Technology, which had a turnover rate of 19.66% [3] Sector Analysis - In terms of sector performance, the pharmaceutical and biotechnology sector had the most stocks with a turnover rate exceeding 5%, totaling 32 stocks, followed by the computer and electronics sectors with 18 and 7 stocks, respectively [2] - Among the high turnover stocks, 58 stocks rose today, with Fumiao Technology, Olin Biology, and DeMa Technology leading with increases of 20.02%, 18.93%, and 14.74%, respectively [2] Capital Flow - In terms of capital flow, 48 stocks with high turnover rates saw net inflows from main funds, with the highest net inflows recorded for Youkede, Kaiyin Technology, and Rongchang Biology, amounting to 104 million yuan, 9.403 million yuan, and 6.991 million yuan, respectively [2] - Conversely, the stocks with the largest net outflows included Guokexingong, Maiwei Biology, and Jiayuan Technology, with net outflows of 239 million yuan, 16.9 million yuan, and 13.4 million yuan, respectively [2] Leverage Fund Movements - A total of 51 stocks with high turnover rates recently received net purchases from leveraged funds, with notable increases in financing balances for Gaoce Shares, Shijia Photon, and Weixin Biology, which saw increases of 72.986 million yuan, 71.531 million yuan, and 71.373 million yuan, respectively [2]

Group 1 - The company held its 21st meeting of the 3rd Supervisory Board on July 4, 2025, in Huizhou, with all procedures complying with relevant laws and regulations [1] - The Supervisory Board unanimously approved the correction of accounting errors and the revision of periodic reports, ensuring that the financial data accurately reflects the company's financial status and operational results [1] - The meeting was attended by three supervisors, and the voting results showed 3 votes in favor, with no opposition or abstentions [2] Group 2 - The Supervisory Board agreed that using self-owned funds to pay for fundraising project expenses and replacing them with equivalent raised funds would enhance the efficiency of fund usage [2] - The implementation of this matter will not affect the normal progress of fundraising projects and does not violate any regulations regarding the use of raised funds [2] - The voting results for this proposal also showed 3 votes in favor, with no opposition or abstentions [2]

Core Viewpoint - The company, Shenzhen Xinyuren Technology Co., Ltd., is utilizing its own funds to pay for fundraising project expenses and will subsequently replace these with equivalent amounts from the raised funds, ensuring compliance with regulatory requirements and maintaining project efficiency [1][2][4]. Fundraising Overview - The company has successfully completed its initial public offering (IPO) of 24,438,597 shares at a price of RMB 23.68 per share, raising a total of approximately RMB 578.71 million. After deducting issuance costs of about RMB 72.51 million, the net proceeds amount to approximately RMB 506.20 million [1][2]. - The total investment for the fundraising projects is RMB 618.52 million, with RMB 462.25 million allocated from the raised funds [1]. Fund Utilization and Replacement Process - The company has opted to use its own funds for certain project expenses, particularly for land purchases, due to tax payment requirements that necessitate using a specific account not linked to the fundraising account. This approach allows for timely payments while ensuring that the raised funds are eventually used to reimburse these expenses [1][2]. - The process involves the company’s relevant departments preparing detailed payment records, followed by internal approvals, and then transferring equivalent amounts from the fundraising account to the company’s general account [2][4]. Impact on Company Operations - The decision to use self-funds for project expenses and later replace them with raised funds is expected to enhance the efficiency of fund utilization and project implementation, ensuring that the projects proceed smoothly without altering the intended use of the raised funds [4][5]. Approval and Oversight - The board of directors approved the use of self-funds for project expenses with a unanimous vote, and the supervisory board expressed agreement, confirming that this action does not affect the normal operation of the fundraising projects or violate any regulatory requirements [5][6]. - The sponsoring institution, Minsheng Securities, has conducted a review and found that the company has adhered to necessary procedures and regulations regarding the use of funds [6].

Overview - The company, Shenzhen Xinyuren Technology Co., Ltd., has announced corrections to its financial reports due to accounting errors related to revenue recognition and cash flow statements [1][4]. Accounting Errors and Corrections - The company identified an accounting error in revenue recognition for a transaction involving its subsidiary, Dongguan Jianxin Tianlan Technology Co., Ltd. The revenue was initially recognized using the gross method but was corrected to the net method, resulting in a revenue adjustment from RMB 68,141,592.93 to RMB 16,814,159.33 [2][3]. - The company also failed to offset internal cash flows of RMB 51,000,000.00 between the parent and subsidiary when preparing the consolidated cash flow statement for Q3 2024, leading to inaccuracies in cash flow reporting [3][4]. Financial Impact of Corrections - The adjustments affected various financial metrics, including accounts receivable, inventory, total assets, and net profit. For instance, the accounts receivable was adjusted from RMB 496,581,366.69 to RMB 435,617,966.69 [4][5]. - The net profit for the first half of 2024 was revised from RMB -32,868,195.23 to RMB -43,409,402.98, reflecting a significant impact on the company's financial performance [5][6]. Board and Committee Opinions - The Audit Committee and Board of Directors have reviewed and approved the corrections, confirming that the adjustments comply with relevant accounting standards and regulations [8][9]. - The company has committed to enhancing its internal control systems and financial management practices to prevent similar issues in the future [8][9].

[Company Profile and Key Financial Indicators](index=6&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's fundamental information and its key financial performance over recent years [Company Overview](index=6&type=section&id=Company%20Overview) Shenzhen Xinyuren Technology Co., Ltd. (Xinyuren) is a company listed on the Shanghai Stock Exchange STAR Market, stock code 688573, primarily engaged in the R&D, production, and sales of high-end intelligent manufacturing equipment - The company's Chinese name is Shenzhen Xinyuren Technology Co., Ltd., stock abbreviation Xinyuren, listed on the SSE STAR Market, code **688573**[14](index=14&type=chunk)[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators for the Past Three Years](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Past%20Three%20Years) In 2024, the company's operating revenue was 622 million yuan, a year-on-year increase of 4.75%; however, net profit attributable to shareholders turned from profit to loss, recording -63.264 million yuan, a significant year-on-year decrease of 208.41%, while total assets increased by 10.41% to 2.042 billion yuan 2022-2024 Key Accounting Data | Main Accounting Data | 2024 | 2023 | YoY Change (%) | 2022 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 621,843,679.49 | 593,622,324.72 | 4.75 | 669,476,458.18 | | Net Profit Attributable to Shareholders of Listed Company (Yuan) | -63,263,964.40 | 58,354,122.70 | -208.41 | 66,728,288.17 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses (Yuan) | -79,268,726.51 | 32,636,871.65 | -342.88 | 50,128,038.46 | | Net Cash Flow from Operating Activities (Yuan) | -93,847,832.20 | -126,543,961.37 | Not Applicable | -48,758,053.05 | | Total Assets (Yuan) | 2,042,235,895.46 | 1,849,704,133.85 | 10.41 | 1,320,642,246.45 | | Net Assets Attributable to Shareholders of Listed Company (Yuan) | 820,308,859.58 | 936,273,165.38 | -12.39 | 370,388,965.28 | 2022-2024 Key Financial Indicators | Main Financial Indicators | 2024 | 2023 | YoY Change (%) | 2022 | | :--- | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | -0.65 | 0.72 | -190.28 | 0.91 | | Weighted Average Return on Net Assets (%) | -7.18 | 10.26 | Decreased by 17.44 percentage points | 19.84 | | R&D Investment as % of Operating Revenue (%) | 11.45 | 11.20 | Increased by 0.25 percentage points | 7.62 | - Net profit attributable to parent company significantly declined to **-63.264 million yuan** during the reporting period, primarily due to a decrease in gross profit margin and higher impairment provisions for accounts receivable and inventory[21](index=21&type=chunk) [2024 Quarterly Key Financial Data](index=8&type=section&id=2024%20Quarterly%20Key%20Financial%20Data) The company's 2024 performance showed significant seasonality, with fourth-quarter operating revenue accounting for nearly 70% of the annual total and achieving quarterly profitability, reversing the losses of the first three quarters; however, operating cash flow remained negative in the second, third, and fourth quarters 2024 Quarterly Financial Data | Indicator (Yuan) | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 52,838,542.99 | 106,028,458.14 | 31,093,861.99 | 431,882,816.37 | | Net Profit Attributable to Shareholders of Listed Company | -28,507,969.28 | -13,845,970.05 | -33,831,905.29 | 12,921,880.22 | | Net Cash Flow from Operating Activities | 91,386,278.55 | -116,706,025.07 | -18,786,616.98 | -49,741,468.70 | [Non-recurring Gains and Losses Items and Amounts](index=9&type=section&id=Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) In 2024, the company's total non-recurring gains and losses were 16.0048 million yuan, a decrease from 25.7173 million yuan in 2023, primarily comprising debt restructuring gains of 8.5384 million yuan, government grants of 4.0977 million yuan, and reversal of impairment provisions for individually assessed accounts receivable of 3.6048 million yuan 2022-2024 Non-recurring Gains and Losses Items | Non-recurring Gains and Losses Item (Yuan) | 2024 Amount | 2023 Amount | 2022 Amount | | :--- | :--- | :--- | :--- | | Government Grants Included in Current Profit/Loss | 4,097,730.45 | 21,110,261.13 | 15,913,945.70 | | Debt Restructuring Gains/Losses | 8,538,407.45 | 1,464,379.62 | - | | Reversal of Impairment Provisions for Individually Assessed Accounts Receivable | 3,604,781.47 | 7,010,100.00 | 3,723,473.80 | | **Total** | **16,004,762.11** | **25,717,251.05** | **16,600,249.71** | [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the company's operational performance, strategic initiatives, and future outlook [Discussion and Analysis of Operations](index=10&type=section&id=Discussion%20and%20Analysis%20of%20Operations) In 2024, facing structural overcapacity and intense market competition in the lithium battery industry, the company achieved 622 million yuan in operating revenue but turned to a net loss; it maintained R&D-driven innovation, with R&D investment reaching 11.45% of revenue, while actively exploring new growth areas like solid-state batteries and core components and advancing digital transformation - The company adheres to a "high-end equipment + process + new materials" R&D system, with **71.2122 million yuan** in R&D investment in 2024, accounting for **11.45% of operating revenue**, a year-on-year increase of **7.10%**[27](index=27&type=chunk)[28](index=28&type=chunk) - The company continues to focus on solid-state batteries from both dry electrode equipment and solid electrolyte perspectives, with a dry electrode prototype completed and active development in halide solid electrolytes[31](index=31&type=chunk) - The company actively explores second growth curves, strategically developing core components (e.g., extrusion dies, thickness gauges), new materials (Mini/Micro LED encapsulation black film, magnetic storage materials), and large cylindrical assembly lines[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) - The company established a Battery Intelligent Manufacturing Planning and Design Institute and won a **440 million yuan** lithium battery industrial base equipment procurement and installation project to expand its full-line solutions[30](index=30&type=chunk) [Description of Main Business, Operating Model, Industry Conditions, and R&D](index=12&type=section&id=Description%20of%20Main%20Business%2C%20Operating%20Model%2C%20Industry%20Conditions%2C%20and%20R%26D) The company specializes in high-end intelligent manufacturing equipment, primarily lithium battery production equipment, expanding into photovoltaic and hydrogen fuel cell sectors, operating on a customized 'sales-driven procurement and production' model; the lithium battery industry faces structural overcapacity but sees growing demand for high-end equipment and new trends in solid-state batteries, perovskite photovoltaics, and hydrogen fuel cells, supported by the company's robust R&D system and 11.45% R&D investment in 2024 [Main Business, Products, or Services](index=12&type=section&id=Main%20Business%2C%20Products%2C%20or%20Services) The company's main business involves the R&D, production, and sales of high-end intelligent manufacturing equipment, covering lithium battery production equipment (drying, coating, calendering, slitting, cell assembly lines), optoelectronic equipment, hydrogen fuel cell equipment, and new materials (optical films, water vapor barrier films); it has established an 'high-end equipment + new materials + new processes' R&D system and received the National Science and Technology Progress Award Second Prize - The company's products include lithium battery drying equipment, coating equipment, calendering and slitting equipment, expanding into photovoltaic and hydrogen fuel cell fields, while actively developing supporting core components[36](index=36&type=chunk) - As of the end of the reporting period, the company held **304 authorized intellectual property rights**, including **89 invention patents**, and was a key contributor to the **2023 National Science and Technology Progress Award Second Prize**[37](index=37&type=chunk) [Main Operating Model](index=17&type=section&id=Main%20Operating%20Model) The company primarily operates on a customized 'production-driven procurement' and 'sales-driven production' model, with a robust supplier management system for procurement, order-based production for non-standard products, standardized stocking for core SDC coating machines, direct sales through 'Iron Triangle' project teams, and a customer- and industry-trend-oriented R&D system from applied physics to product design - The company primarily adopts a **'sales-driven production' non-standardized customized production model**, while also conducting standardized production and stocking for its core SDC coating machines[45](index=45&type=chunk) - Sales are conducted through a **direct sales model**, with 'Iron Triangle' project teams comprising marketing, technical, and project personnel directly engaging with customers[46](index=46&type=chunk)[47](index=47&type=chunk) [Industry Conditions](index=19&type=section&id=Industry%20Conditions) The company operates in the special equipment manufacturing industry, benefiting from the new energy vehicle and energy storage markets; while the lithium battery industry faces structural overcapacity, demand for high-end automation equipment is growing, driving market consolidation; solid-state batteries, perovskite photovoltaics, and hydrogen fuel cells represent significant future technological trends, expected to spur new equipment upgrade demands, with the company holding a leading position in domestic lithium battery automation equipment and collaborating with top-tier manufacturers like CATL and BYD - Technological advancements in the lithium battery industry expand application areas, but automation levels still lag behind international leaders, increasing demand for high-end automation equipment and anticipating higher industry concentration[50](index=50&type=chunk)[51](index=51&type=chunk) - Solid-state batteries are a crucial direction for lithium battery technological innovation, with global shipments projected to reach **643 GWh by 2030**; China is adopting hybrid solid-liquid batteries as a transitional technology, with cumulative installed capacity reaching **2,154.7 MWh** in the first half of 2024[56](index=56&type=chunk)[57](index=57&type=chunk)[59](index=59&type=chunk) - Perovskite solar cell technology is rapidly developing, with the market size expected to reach **95 billion yuan by 2030**; hydrogen fuel cell system shipments are projected to grow to **7,253.2 MW by 2025**[59](index=59&type=chunk)[61](index=61&type=chunk) [Core Technologies and R&D Progress](index=22&type=section&id=Core%20Technologies%20and%20R%26D%20Progress) The company prioritizes technological innovation, possessing 41 core technologies spanning drying, coating, and calendering processes; during the reporting period, it received the National Science and Technology Progress Award Second Prize and obtained 16 new invention patents, with R&D investment reaching 71.2122 million yuan, accounting for 11.45% of revenue; ongoing R&D projects include intelligent coating technology, solid-state battery cell manufacturing, and perovskite thin-film preparation, aiming to strengthen technological advantages and explore new markets R&D Investment Overview | Item | Current Year (Yuan) | Prior Year (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 71,212,209.42 | 66,491,311.82 | 7.10 | | Total R&D Investment as % of Operating Revenue (%) | 11.45 | 11.20 | Increased by 0.25 percentage points | - During the reporting period, the company filed **19 new invention patent applications** and was granted **16**; it also filed **32 new utility model patent applications** and was granted **17**[69](index=69&type=chunk)[70](index=70&type=chunk) - The company's ongoing R&D projects include intelligent coating technology for new energy, high-speed wide-format calendering and slitting integrated machines for energy storage batteries, methods and equipment for large-area perovskite thin-film preparation, and solid-state battery cell manufacturing technology and equipment development[73](index=73&type=chunk)[75](index=75&type=chunk)[77](index=77&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=34&type=section&id=Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies are rooted in five key advantages: technological innovation, product excellence, manufacturing processes, customer resources, and technical services, underpinned by an 'equipment + process + materials' R&D system, continuous product optimization, in-house key component R&D, deep collaboration with top-tier clients like CATL and BYD, and comprehensive technical support - Technological innovation advantage: Built a 'equipment, process, materials' integrated R&D system, possessing **304 intellectual property rights**, including **89 invention patents**[83](index=83&type=chunk)[84](index=84&type=chunk) - Product advantage: Core products like SDC coating machines and drying systems are continuously optimized, with strategic expansion into solid-state electrolyte-related equipment, full-line solutions, and new materials, progressively enhancing the product matrix[85](index=85&type=chunk)[86](index=86&type=chunk) - Customer resource advantage: Established deep collaborations with renowned lithium battery manufacturers such as **CATL** and **BYD**, and was awarded **CATL's 'Excellent Supplier'** title[88](index=88&type=chunk) [Risk Factors](index=36&type=section&id=Risk%20Factors) The company faces multiple risks, including performance decline due to intensified market competition and gross profit margin erosion from structural overcapacity in the lithium battery industry, increased bad debt and asset impairment risks from slow accounts receivable collection and high inventory, core competency risks from rapid technological iteration, talent loss, and intellectual property infringement, and financial risks from declining gross profit and net income, difficult accounts receivable recovery, and three consecutive years of negative operating cash flow - Performance decline risk: Structural overcapacity in the lithium battery industry leads to intensified market competition and declining gross profit margins; simultaneously, difficult customer payments result in increased bad debt provisions for accounts receivable, and falling inventory prices lead to higher asset impairment losses[89](index=89&type=chunk) - Core competency risks: Facing R&D failure risks due to accelerating technological iterations like solid-state batteries, core talent loss risks, and intellectual property infringement risks[90](index=90&type=chunk) - Financial risks: Gross profit margin decreased to **20.33%** in 2024 (from 26.88% in 2023), accounts receivable balance is substantial (**511 million yuan**), and net cash flow from operating activities has been negative for **three consecutive years**[93](index=93&type=chunk)[94](index=94&type=chunk) [Analysis of Main Business](index=38&type=section&id=Analysis%20of%20Main%20Business) In 2024, the company's operating revenue grew by 4.75% to 622 million yuan, but operating costs increased by 14.15%, leading to a decline in gross profit margin; sales, administrative, and financial expenses all increased; while high-margin coating and drying equipment revenues significantly dropped, revenue from other lithium equipment and key components surged by 775.50%, albeit with lower gross margins, dragging down overall profitability; sales to the top five customers accounted for 86.33% of total annual sales, with the largest customer alone contributing 61.24%, indicating high customer concentration Key Profit Statement Items Changes | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 621,843,679.49 | 593,622,324.72 | 4.75 | | Operating Cost | 495,436,487.25 | 434,030,872.87 | 14.15 | | Selling Expenses | 14,399,761.02 | 8,889,142.87 | 61.99 | | Financial Expenses | 8,606,575.81 | 4,126,455.49 | 108.57 | Main Business by Product | By Product | Operating Revenue (Yuan) | YoY Operating Revenue Change (%) | Gross Profit Margin (%) | YoY Gross Profit Margin Change | | :--- | :--- | :--- | :--- | :--- | | Lithium Battery Drying Equipment | 167,434,136.11 | -32.01 | -0.06 | Decreased by 6.67 percentage points | | Lithium Battery Coating Equipment | 101,721,249.10 | -56.30 | 35.40 | Decreased by 7.56 percentage points | | Lithium Battery Calendering and Slitting Equipment | 58,722,622.23 | -17.09 | 39.45 | Increased by 0.99 percentage points | | Other Lithium Equipment and Key Components | 260,757,324.36 | 775.50 | 21.60 | Decreased by 13.47 percentage points | - Sales to the company's top five customers accounted for **86.33%** of total annual sales, with the largest customer contributing **61.24%**, indicating high customer concentration[110](index=110&type=chunk)[112](index=112&type=chunk) [Discussion and Analysis of the Company's Future Development](index=50&type=section&id=Discussion%20and%20Analysis%20of%20the%20Company%27s%20Future%20Development) The company's future strategy focuses on technology-driven development across new energy, new materials, and key components, with operational plans including strengthening core product competitiveness (e.g., SDC coating machines), providing integrated solutions through the Battery Intelligent Manufacturing Planning and Design Institute, increasing R&D investment for commercialization of cutting-edge technologies, accelerating industrialization of solid-state battery equipment and materials, advancing commercialization of core components, and accelerating digital transformation for cost reduction and efficiency improvement - The company's development strategy is based on a "technology tree" paradigm, focusing on three major industrial areas: new energy, new materials, and key components, to build a synergistic and evolving innovation ecosystem[137](index=137&type=chunk) - Key future operating plans include: strengthening SDC coating machine market penetration, building integrated battery intelligent manufacturing solutions, accelerating industrialization in the solid-state battery sector, and promoting the commercialization of core components[138](index=138&type=chunk)[141](index=141&type=chunk) [Corporate Governance](index=51&type=section&id=Corporate%20Governance) This section details the company's governance structure, management team, and profit distribution policies [Explanation of Corporate Governance](index=51&type=section&id=Explanation%20of%20Corporate%20Governance) During the reporting period, the company strictly adhered to relevant laws and regulations, continuously optimizing its governance structure and internal control system, with its operations in shareholder meetings, board of directors, supervisory board, information disclosure, and investor relations management all compliant and without significant discrepancies - The company's corporate governance structure is sound, with standardized operations of the shareholder meeting, board of directors, and supervisory board, compliant information disclosure, and overall governance in line with relevant laws and regulations[144](index=144&type=chunk) [Information on Directors, Supervisors, and Senior Management](index=54&type=section&id=Information%20on%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the shareholdings of the company's directors, supervisors, and senior management remained stable, with no changes; Chairman Yang Zhiming and Director Zeng Fang, as controlling shareholders, collectively held over 39 million shares; the total remuneration for the senior management team was 4.9465 million yuan; the Chief Financial Officer changed, with Yu Deshan resigning and Chen Hu appointed Shareholdings and Remuneration of Selected Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Year-End | Total Pre-tax Remuneration from Company During Reporting Period (10k Yuan) | | :--- | :--- | :--- | :--- | | Yang Zhiming | Chairman, General Manager | 29,102,399 | 46 | | Zeng Fang | Director, Deputy General Manager | 10,585,382 | 34.5 | | Yu Deshan | Director, Board Secretary (Former CFO) | 0 | 94.72 | | Chen Hu | CFO | 0 | 15.75 | - During the reporting period, the company's Chief Financial Officer changed, with Yu Deshan resigning due to internal position adjustment, and the Board of Directors appointing Chen Hu as the new Chief Financial Officer[161](index=161&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=62&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) Given the company's negative net profit attributable to parent company shareholders in 2024, which does not meet the cash dividend conditions, the proposed 2024 profit distribution plan is: no cash dividends, no bonus shares, and no capital reserve conversion to share capital; this plan is subject to shareholder approval; the company completed its 2023 profit distribution in June 2024, distributing a cash dividend of 2 yuan (tax inclusive) per 10 shares - Due to a net loss attributable to parent company of **-63.264 million yuan** in 2024, the company does not meet cash dividend conditions, thus the 2024 profit distribution plan is a "three noes" scheme: no cash dividends, no bonus shares, and no conversion of capital reserves to share capital[5](index=5&type=chunk)[179](index=179&type=chunk) - The company completed its 2023 profit distribution on **June 25, 2024**, distributing a cash dividend of **2 yuan (tax inclusive) per 10 shares** to all shareholders, totaling **19.3665 million yuan**[178](index=178&type=chunk) [Environmental, Social Responsibility, and Other Corporate Governance (ESG)](index=65&type=section&id=Environmental%2C%20Social%20Responsibility%2C%20and%20Other%20Corporate%20Governance%20%28ESG%29) This section outlines the company's commitment and actions regarding environmental protection, social responsibility, and overall corporate governance [Overall ESG Work and Environmental Information](index=65&type=section&id=Overall%20ESG%20Work%20and%20Environmental%20Information) The company has integrated ESG principles into its corporate governance, focusing on environmental protection by developing energy-efficient equipment (e.g., SDC coating machine saving over 30% energy) and optimizing internal operations to reduce energy consumption and carbon emissions; it is not a key pollutant emitter, has no severe toxic or harmful substance discharges, and processes waste gas, noise, and wastewater according to standards, incurring no environmental penalties during the reporting period - The company actively practices ESG principles, fully integrating them into corporate governance, energy conservation, environmental protection, and social responsibility[187](index=187&type=chunk)[188](index=188&type=chunk) - The company reduces carbon emissions through technological innovation; for example, the SDC coating machine can save customers over **30%** energy, and tunnel baking ovens also reduce energy consumption through technological advancements[196](index=196&type=chunk) [Social Responsibility Work](index=67&type=section&id=Social%20Responsibility%20Work) The company actively fulfills its social responsibilities, excelling in technological innovation, protecting shareholder and creditor rights, safeguarding employee rights, supply chain management, and intellectual property protection; it emphasizes technological innovation, developing new products like the integrated slitting and calendering machine; for employee rights, it has established comprehensive compensation and incentive mechanisms, safety and health systems, and provides training opportunities; as of the reporting period, 43 employees held company shares through an employee stock ownership platform - The company prioritizes employee rights protection, improving compensation and incentive mechanisms, strengthening safety production education, and establishing an employee care fund; as of the end of the reporting period, **43 employees** held shares[203](index=203&type=chunk)[204](index=204&type=chunk) - The company has established a comprehensive supply chain management system, fostering honest cooperation with suppliers and customers for win-win development, and strictly adheres to **IATF 16949** standards to ensure product safety[206](index=206&type=chunk)[207](index=207&type=chunk) - The company has formulated the 'Intellectual Property Management System' and 'Intellectual Property Incentive Measures' to encourage employee innovation and enhance market competitiveness[208](index=208&type=chunk) [Significant Matters](index=71&type=section&id=Significant%20Matters) This section details important events and commitments, including their fulfillment and impact on the company [Fulfillment of Commitments](index=71&type=section&id=Fulfillment%20of%20Commitments) During the reporting period, the company and related parties strictly fulfilled all commitments made during the initial public offering, including share lock-up, shareholding and reduction intentions, share price stabilization, information disclosure, avoidance of horizontal competition, and standardized related party transactions; notably, due to the company's share price falling below the offering price within six months of listing, the lock-up period for shares held by the controlling shareholders, actual controllers, and some directors was automatically extended by six months - The company, controlling shareholders, actual controllers, and other related parties strictly fulfilled all commitments made during the initial public offering within the reporting period[217](index=217&type=chunk) - Due to the company's share price falling below the offering price within six months of listing, triggering the share price stabilization commitment, the share lock-up period for controlling shareholders **Yang Zhiming** and **Zeng Fang**, shareholder **Zhihuishu**, and director **Wang Jiayan** was automatically extended by **six months**[220](index=220&type=chunk)[222](index=222&type=chunk)[226](index=226&type=chunk) [Significant Contracts and Their Fulfillment](index=90&type=section&id=Significant%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the company signed and fulfilled one particularly significant sales contract: in March 2024, the company entered into a **440 million yuan** contract with Anhui Xinqiao Investment Development Co., Ltd. for a lithium battery industrial base equipment procurement and installation project, which was fully performed by the end of the reporting period Fulfillment of Significant Sales Contracts | Contract Subject | Counterparty | Total Contract Amount (Billion Yuan) | Amount Performed in Reporting Period (Billion Yuan) | Amount Pending Performance (Billion Yuan) | Normal Performance | | :--- | :--- | :--- | :--- | :--- | :--- | | Lithium Battery Equipment | Anhui Xinqiao Investment Development Co., Ltd. | 0.44 | 0.44 | 0 | Yes | [Explanation of Proceeds Utilization Progress](index=96&type=section&id=Explanation%20of%20Proceeds%20Utilization%20Progress) The company's net proceeds from its initial public offering were 506 million yuan, with a committed investment of 462 million yuan; as of the end of the reporting period, cumulative investment reached 283 million yuan, representing 56.00% of the total; during the reporting period, some fundraising projects were extended due to technological breakthroughs, planning adjustments, and procurement cycles, with new implementation entities and locations added, but the investment direction and total amount remained unchanged Overall Utilization of Proceeds (10k Yuan) | Net Proceeds (1) | Committed Investment (2) | Cumulative Investment as of Reporting Period End (4) | Cumulative Investment Progress (%) (6)=(4)/(1) | | :--- | :--- | :--- | :--- | | 50,620.02 | 46,224.66 | 28,348.12 | 56.00 | - During the reporting period, due to factors such as slowing demand in the industrial chain, design optimization, and long procurement cycles for imported equipment, the company extended multiple fundraising projects, including the "Huizhou Xinyuren High-End Intelligent Equipment Production and Manufacturing Expansion Project"[308](index=308&type=chunk)[313](index=313&type=chunk) [Share Changes and Shareholder Information](index=100&type=section&id=Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, information on its shareholders, and share repurchase activities [Share Capital Changes](index=100&type=section&id=Share%20Capital%20Changes) During the reporting period, the company's total share capital remained unchanged at 97,754,388 shares; due to the lifting of restrictions on some initial public offering shares, the number of restricted shares decreased by 30,477,323, with a corresponding increase in unrestricted tradable shares; at period-end, restricted shares decreased from 79.86% to 48.68% of total shares - During the reporting period, due to the lifting of restrictions on some initial public offering shares and strategically placed shares, the proportion of the company's restricted shares decreased from **79.86% to 48.68%**, while the proportion of unrestricted tradable shares correspondingly increased from **20.14% to 51.32%**[316](index=316&type=chunk)[317](index=317&type=chunk) [Shareholder and Actual Controller Information](index=102&type=section&id=Shareholder%20and%20Actual%20Controller%20Information) As of the end of the reporting period, the company had 5,363 shareholders; among the top ten shareholders, actual controllers Yang Zhiming and Zeng Fang jointly held 40.60% of shares; other major shareholders included Shenzhen Guozhong SME Development Private Equity Investment Partnership and employee stock ownership platform Zhihuishu Investment; the company's controlling shareholders and actual controllers, Yang Zhiming and Zeng Fang, remained unchanged during the reporting period Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-End | Proportion (%) | Nature | | :--- | :--- | :--- | :--- | | Yang Zhiming | 29,102,399 | 29.77 | Domestic Natural Person | | Zeng Fang | 10,585,382 | 10.83 | Domestic Natural Person | | Shenzhen Guozhong SME Development Private Equity Investment Partnership (Limited Partnership) | 4,887,622 | 5.00 | Other | | Shenzhen Zhihuishu Investment Partnership (Limited Partnership) | 4,850,382 | 4.96 | Other | | Minsheng Securities Xinyuren Strategic Placement No. 1 Collective Asset Management Plan | 2,443,859 | 2.50 | Other | - The company's controlling shareholders and actual controllers are **Yang Zhiming** and **Zeng Fang**, with no changes during the reporting period[337](index=337&type=chunk)[338](index=338&type=chunk) [Specific Implementation of Share Repurchases During the Reporting Period](index=108&type=section&id=Specific%20Implementation%20of%20Share%20Repurchases%20During%20the%20Reporting%20Period) During the reporting period, the company implemented two share repurchase plans: the first aimed to repurchase shares worth 20 million to 40 million yuan for employee stock ownership plans or equity incentives, with 1,002,051 shares already repurchased; the second aimed to repurchase shares worth 25 million to 50 million yuan to maintain company value and shareholder interests, with 749,661 shares already repurchased - The company implemented two share repurchases: the first for employee stock ownership or equity incentives, with **1.002 million shares** repurchased; the second for maintaining company value and shareholder interests, with **0.750 million shares** repurchased[341](index=341&type=chunk)[342](index=342&type=chunk) [Financial Report](index=111&type=section&id=Financial%20Report) This section presents the company's audited financial statements, including the audit opinion, consolidated financial data, and detailed notes [Audit Report](index=111&type=section&id=Audit%20Report) Zhengdan Zhiyuan (Shenzhen) Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2024 financial statements, highlighting key audit matters including revenue recognition, impairment of accounts receivable, and provision for inventory obsolescence, which were emphasized due to significant management estimates and judgments involved - The auditing firm is **Zhengdan Zhiyuan (Shenzhen) Certified Public Accountants**, which issued a **standard unqualified audit opinion**[347](index=347&type=chunk) - Key audit matters include: * **Revenue recognition**: Due to its nature as a key performance indicator and inherent risk of management override * **Impairment of accounts receivable**: Due to the significant balance of accounts receivable and the significant accounting estimates and judgments involved in determining expected credit losses * **Provision for inventory obsolescence**: Due to the significant judgment and estimation required in determining the net realizable value of inventory[349](index=349&type=chunk)[352](index=352&type=chunk)[356](index=356&type=chunk) [Consolidated Financial Statements](index=114&type=section&id=Consolidated%20Financial%20Statements) As of the end of 2024, the company's total assets were 2.042 billion yuan, total liabilities 1.217 billion yuan, and equity attributable to parent company owners 820 million yuan; for 2024, the company achieved operating revenue of 622 million yuan, operating costs of 495 million yuan, and ultimately recorded a net loss attributable to parent company shareholders of 63.264 million yuan, with net cash flow from operating activities at -93.8478 million yuan, negative for the third consecutive year Key Items from Consolidated Balance Sheet (December 31, 2024) | Item (Yuan) | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | Cash and Cash Equivalents | 174,567,372.97 | 310,667,572.11 | | Accounts Receivable | 510,975,319.44 | 450,773,979.88 | | Inventory | 382,079,417.24 | 332,542,190.75 | | Total Assets | 2,042,235,895.46 | 1,849,704,133.85 | | Short-term Borrowings | 160,147,493.21 | 62,138,652.78 | | Total Liabilities | 1,216,992,123.45 | 909,318,901.97 | | Equity Attributable to Parent Company Owners | 820,308,859.58 | 936,273,165.38 | Key Items from Consolidated Income Statement (2024) | Item (Yuan) | 2024 | 2023 | | :--- | :--- | :--- | | Total Operating Revenue | 621,843,679.49 | 593,622,324.72 | | Total Operating Cost | 637,255,384.52 | 554,730,547.40 | | Credit Impairment Losses | -67,205,734.67 | -17,510,837.57 | | Asset Impairment Losses | -17,777,815.83 | -700,686.26 | | Total Profit | -73,492,256.89 | 55,398,859.52 | | Net Profit Attributable to Parent Company Shareholders | -63,263,964.40 | 58,354,122.70 | Key Items from Consolidated Cash Flow Statement (2024) | Item (Yuan) | 2024 | 2023 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -93,847,832.20 | -126,543,961.37 | | Net Cash Flow from Investing Activities | -123,125,589.99 | -213,298,630.61 | | Net Cash Flow from Financing Activities | 83,022,909.62 | 516,506,118.23 | | Net Increase in Cash and Cash Equivalents | -133,822,654.84 | 177,011,100.75 | [Notes to Financial Statements](index=131&type=section&id=Notes%20to%20Financial%20Statements) The notes to the financial statements detail the company's accounting policies and key financial data, indicating that since 2024, the company has adopted new accounting standards including Interpretations No. 17 and 18 of the Accounting Standards for Business Enterprises and the Provisional Regulations on Accounting Treatment for Data Resources; the notes provide detailed disclosures on the composition and changes of key items such as accounts receivable, inventory, construction in progress, borrowings, and revenue recognition, with accounts receivable at period-end totaling 650 million yuan (after 139 million yuan in bad debt provisions, net value 511 million yuan) and inventory at 404 million yuan (after 21.4451 million yuan in impairment provisions) - The company has adopted new regulations since 2024, including Interpretations No. 17 and 18 of the Accounting Standards for Business Enterprises and the 'Provisional Regulations on Accounting Treatment for Enterprise Data Resources' issued by the Ministry of Finance[558](index=558&type=chunk)[559](index=559&type=chunk)[560](index=560&type=chunk) - As of period-end, accounts receivable had a book balance of **650 million yuan**, with **139 million yuan** in bad debt provisions, resulting in a book value of **511 million yuan**; accounts receivable aged 1-2 years accounted for a higher proportion[580](index=580&type=chunk)[582](index=582&type=chunk) - As of period-end, inventory had a book balance of **404 million yuan**, with **21.4451 million yuan** in inventory impairment provisions; work-in-progress and finished goods accounted for a larger proportion[611](index=611&type=chunk)[614](index=614&type=chunk)

证券代码：688573 证券简称：信宇人 公告编号：2025-029 深圳市信宇人科技股份有限公司 关于前期会计差错更正及定期报告更正的公告 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： 责任人还是代理人。企业在向客户转让商品前能够控制该商品的，该企业为主要 责任人，应当按照已收或应收对价总额确认收入；否则，该企业为代理人，应当 按照预期有权收取的佣金或手续费的金额确认收入，该金额应当按照已收或应收 对价总额扣除应支付给其他相关方的价款后的净额，或者按照既定的佣金金额或 比例等确定。"为了更严谨地执行收入准则，2024年公司对子公司东莞市见信天 蓝科技有限公司（以下简称"见信天蓝"）的一笔业务（以下简称"该笔业务"） 交易实质进行了更加严格的判断。鉴于见信天蓝对外销售的锂电池装配线系向外 部公司采购的成套设备，且见信天蓝在销售过程中并非作为"主要责任人"，基 于谨慎性考虑并结合审计机构相关建议，将该笔业务在半年报、季报的收入确认 方法由"总额法"调整为"净额法"。该笔业务原按总额法确认的收入金额为人 民币 ...

关于深圳市信宇人科技股份有限公司 2024 年年度报告的信息披露监管问询 函回复的核查意见 政旦志远核字第 250000300 号 政旦志远（深圳）会计师事务所（特殊普通合伙） Zandar Certified Public Accountants LLP 关于深圳市信宇人科技股份有限公司 2024 年年度报告的信息披露监管问询 函回复的核查意见 地 址：深圳市福田区鹏程一路广电金融中心11F 电 话：+86-755-88605026 www.zdcpa.com 关于深圳市信宇人科技股份有限公司 2024 年年度报告的信息披露监管问询函 回复的核查意见 政旦志远核字第 250000300 号 上海证券交易所： 《关于深圳市信宇人科技股份有限公司 2024 年年度报告的信息披露监管问 询函》（上证科创公函【2025】0247 号，以下简称"年报问询函"）奉悉。我们 已对年报问询函所提及的深圳市信宇人科技股份有限公司（以下简称"信宇人" 或"公司"）财务事项进行了审慎核查，现汇报如下： 问题 1、关于经营业绩。 （2024 年 1 月 1 日至 2024 年 12 月 31 日止） | | 目 | 录 | 页 次 ...

民生证券股份有限公司 关于深圳市信宇人科技股份有限公司 2024 年年度报告的信息披露监管问询函回复的核查意见 上海证券交易所： 根据贵所出具的《关于深圳市信宇人科技股份有限公司2024年年度报告的信息披露 监管问询函》（上证科创公函【2025】0247 号）（以下简称"年报问询函"）的要求， 民生证券股份有限公司（以下简称"持续督导机构"）作为深圳市信宇人科技股份有限 公司（以下简称"信宇人"或"公司"）首次公开发行股票并在科创板上市的保荐机 构，会同公司及相关中介机构，就年报问询函提及的事项逐项进行了认真讨论、核查与 落实，并出具了明确的核查意见如下： 1 问题1、关于经营业绩。 公司主要从事锂电池制造设备的研发、制造与销售，2024年公司实现营业收入6.22亿 元，同比增加4.75%；归母净利润-6326.40万元，扣非净利润-7926.87万元，为上市以来 首亏。2024年公司综合毛利率为19.61%，同比减少6.95个百分点。年报称，主要系行业结构 性产能过剩、市场竞争加剧、费用增加、应收账款及存货减值等因素，对公司业绩产生 影响。2025年一季度，公司归母净利润为-2586.53万元，仍处于亏损状 ...

民生证券股份有限公司 关于深圳市信宇人科技股份有限公司 使用自有资金支付募投项目所需资金并以募集资金等额置换 的核查意见 民生证券股份有限公司（以下简称"民生证券"或"保荐机构"）作为深圳 市信宇人科技股份有限公司（以下简称"信宇人"或"公司"）首次公开发行股 票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上海 证券交易所科创板股票上市规则》《上市公司募集资金监管规则（2025 年 6 月 15 日起施行）》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运 作》等有关规定，对公司使用自有资金支付募投项目所需资金并以募集资金等额 置换的事项进行了核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意深圳市信宇人科技股份有限公司首次 公开发行股票注册的批复》（证监许可[2023]1408 号）同意注册，公司首次公开 发行人民币普通股（A 股）股票 2,443.8597 万股，每股面值 1 元，每股发行价格 为人民币 23.68 元，募集资金总额为人民币 578,705,976.96 元，扣除各类发行费 用（不含增值税）人民币 72,505,761.61 元 ...