[Part I Definitions](index=5&type=section&id=Part%20I%20Definitions) [Definitions of Common Terms](index=5&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines key terms and abbreviations used in the report, covering company entities, financial metrics, and technical vocabulary for accurate understanding - “Company”, “the Company”, “Shuangyuan Technology” refer to Zhejiang Shuangyuan Technology Co., Ltd[12](index=12&type=chunk) - “Kaibite” refers to Hangzhou Kaibite Investment Management Co., Ltd., the company's controlling shareholder[12](index=12&type=chunk) - “Machine Vision” refers to the use of machines for measurement and judgment, replacing human eyes, and is a rapidly developing branch of artificial intelligence[12](index=12&type=chunk) - “AI” refers to Artificial Intelligence, a new scientific and technological discipline that studies and develops theories, methods, technologies, and application systems to simulate, extend, and expand human intelligence[12](index=12&type=chunk) [Part II Company Profile and Key Financial Indicators](index=7&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company's Basic Information](index=7&type=section&id=I.%20Company's%20Basic%20Information) This chapter provides the company's basic information, including its Chinese name, abbreviation, legal representative, registered and office addresses, website, and email - The company's Chinese name is Zhejiang Shuangyuan Technology Co., Ltd., abbreviated as Shuangyuan Technology[15](index=15&type=chunk) - The company's legal representative is Zheng Jian[15](index=15&type=chunk) - The company's registered and office address is located at Standard Factory Building No. 2, No. 1418 Moganshan Road, Hangzhou (Shangcheng Science and Technology Industrial Base)[15](index=15&type=chunk) [Contact Person and Information](index=7&type=section&id=II.%20Contact%20Person%20and%20Information) This chapter provides the names, contact addresses, phone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative for investor inquiries and communication - The Board Secretary is Pan Qianqian, contact number 0571-88854902, email info_zjusy@163.com[16](index=16&type=chunk) [Overview of Changes in Information Disclosure and Document Availability](index=7&type=section&id=III.%20Overview%20of%20Changes%20in%20Information%20Disclosure%20and%20Document%20Availability) This chapter lists the company's designated newspapers for information disclosure, the website address for semi-annual reports, and the location where semi-annual reports are available - The company's selected newspapers for information disclosure are Shanghai Securities News, China Securities Journal, Securities Times, and Securities Daily[17](index=17&type=chunk) - The website address for publishing semi-annual reports is www.sse.com.cn[17](index=17&type=chunk) [Company Stock/Depositary Receipt Overview](index=7&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipt%20Overview) This chapter introduces the company's stock type, listing exchange, stock abbreviation, and stock code - The company's stock type is A-shares, listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation “Shuangyuan Technology” and stock code 688623[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, the company's operating revenue and net profit decreased year-on-year, mainly due to slower new energy sector investment and reduced interest income. Net cash flow from operating activities significantly increased, primarily due to enhanced accounts receivable collection efforts Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 161,498,577.41 | 178,240,849.42 | -9.39 | | Total Profit | 39,758,890.01 | 56,816,090.32 | -30.02 | | Net Profit Attributable to Shareholders of Listed Company | 36,507,243.39 | 51,083,602.71 | -28.53 | | Net Profit Attributable to Shareholders of Listed Company After Non-Recurring Gains and Losses | 25,606,392.00 | 44,101,524.93 | -41.94 | | Net Cash Flow from Operating Activities | 96,830,856.73 | -7,441,527.37 | Not Applicable | | **Indicator** | **End of Current Period (RMB)** | **End of Prior Year (RMB)** | **Period-end vs. Prior Year-end Change (%)** | | Net Assets Attributable to Shareholders of Listed Company | 2,100,231,676.57 | 2,126,542,243.65 | -1.24 | | Total Assets | 2,608,723,486.35 | 2,667,166,083.78 | -2.19 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.62 | 0.86 | -27.91 | | Diluted Earnings Per Share (RMB/share) | 0.62 | 0.86 | -27.91 | | Basic EPS After Non-Recurring Gains and Losses (RMB/share) | 0.43 | 0.75 | -42.67 | | Weighted Average Return on Net Assets (%) | 1.70 | 2.32 | -0.62 | | Weighted Average Return on Net Assets After Non-Recurring Gains and Losses (%) | 1.19 | 2.00 | -0.81 | | R&D Investment as % of Operating Revenue (%) | 12.17 | 10.92 | 1.25 | - Operating revenue decreased primarily due to slower investment in the new energy sector, a declining trend in orders for the company's related equipment manufacturing business, and a decrease in equipment acceptance amounts during the reporting period[20](index=20&type=chunk) - Total profit, net profit attributable to shareholders of the listed company, and net profit attributable to shareholders of the listed company after non-recurring gains and losses decreased, mainly due to lower operating revenue and reduced interest income from declining bank interest rates[21](index=21&type=chunk) - Net cash flow from operating activities increased, primarily due to the company's intensified efforts in customer collections, leading to a decrease in accounts receivable balance[21](index=21&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=9&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This chapter details the company's non-recurring gains and losses for H1 2025, totaling **RMB 10,900,851.39**, primarily comprising government grants and fair value changes in financial assets Non-Recurring Gains and Losses Items for H1 2025 | Non-Recurring Gains and Losses Items | Amount (RMB) | | :--- | :--- | | Government Grants Recognized in Current Profit/Loss | 2,239,000.00 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-Financial Enterprises | 10,516,024.97 | | Other Non-Operating Income and Expenses Apart from the Above | -107,898.93 | | Other Profit/Loss Items Meeting the Definition of Non-Recurring Gains and Losses | 177,760.70 | | Less: Income Tax Impact | 1,924,035.35 | | **Total** | **10,900,851.39** | [Part III Management Discussion and Analysis](index=11&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) [Industry and Main Business Overview](index=11&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company specializes in online automated measurement and control systems and machine vision intelligent inspection systems within industrial automation, belonging to the special equipment manufacturing industry. The industry shows positive trends with increasing domestic substitution. The company's products are widely used in new energy batteries, films, non-wovens, and papermaking, enhancing profitability through in-house core component R&D and application expansion - The company belongs to 'C35 Special Equipment Manufacturing' and '2.1.3 Intelligent Measurement and Control Equipment Manufacturing' within '2 High-end Equipment Manufacturing Industry', falling under industrial automation[27](index=27&type=chunk) - Process control industry: Domestic enterprises are gradually achieving local substitution, with strong demand for inspection equipment; China's industrial control system market is projected to reach **USD 15.16 billion** by 2027[28](index=28&type=chunk) - Machine vision industry: The global market size is projected to reach **USD 21.5 billion** by 2025, with China's market size expected to reach **RMB 39.31 billion** by 2025, showing rapid development[30](index=30&type=chunk)[31](index=31&type=chunk) - The company's main products include online automated measurement and control systems and machine vision intelligent inspection systems, applied in new energy batteries, films, non-wovens and hygiene materials, and papermaking industries[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - The company operates on a direct sales model, generating profit by providing customized equipment and services, and is gradually achieving in-house R&D of core components, developing various standard high-performance sensors, evolving from a system supplier to both a sensor and system supplier[37](index=37&type=chunk)[39](index=39&type=chunk) [Analysis of Operations](index=17&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company's operating revenue and net profit decreased year-on-year, facing challenges from economic slowdown and intensified market competition. The company actively responded by increasing R&D investment, expanding markets, entering semiconductor and AI fields, accelerating overseas business, and advancing fundraising projects to enhance core competitiveness and lay a foundation for future growth - In H1 2025, the company's operating revenue was **RMB 161.50 million**, a **9.39% decrease** year-on-year; net profit attributable to shareholders of the listed company was **RMB 36.51 million**, a **28.53% decrease** year-on-year[41](index=41&type=chunk) - The company continuously improved the performance of self-developed core components such as sensors and industrial line scan cameras, iterated intelligent AI algorithms, and secured formal orders for white light interference sensor film thickness detection systems and color detection systems[42](index=42&type=chunk)[43](index=43&type=chunk) - As of June 30, 2025, the company's order backlog, including tax, amounted to **RMB 861 million**, indicating sufficient orders[43](index=43&type=chunk) - The company increased R&D investment, with R&D expenses of **RMB 19.65 million** and **121 R&D personnel** in H1 2025, completing the development of fully automatic wafer AOI measurement systems and wafer online spectral measurement systems, and securing small-batch formal orders for wafer AOI dislocation detection systems[44](index=44&type=chunk) - The company is developing an AI training platform and AI smart cameras, aiming to integrate the entire AI implementation process, achieve edge-based high-speed real-time AI computing, and create new business growth points[45](index=45&type=chunk) - The company accelerated its overseas business expansion, with products sold to countries including the United States, Japan, Turkey, Vietnam, Indonesia, India, Malaysia, and Hungary[46](index=46&type=chunk) - Fundraising projects are progressing as planned, with the headquarters building of the production base project currently undergoing renovation and expected to be officially occupied in 2025, addressing capacity bottlenecks and enhancing R&D capabilities[47](index=47&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=19&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies include interdisciplinary R&D advantages, strong downstream application expansion capabilities, integrated measurement and control solutions, extensive project management experience, and deep collaborations with leading enterprises. During the reporting period, the company increased R&D investment, secured multiple patents and software copyrights, and made progress in cutting-edge fields like semiconductor metrology and inspection - The company possesses multiple core technological achievements and independent R&D capabilities in online automated measurement and control systems and machine vision systems, establishing technological barriers for its products in downstream applications[50](index=50&type=chunk) - The company's product application areas have gradually expanded from papermaking to non-wovens and hygiene materials, films, new energy batteries, glass fiber, printing, and food, and are progressively extending into the semiconductor field, demonstrating strong scalability[51](index=51&type=chunk) - The company integrates machine vision inspection systems with online automated measurement and control systems, offering customers integrated measurement and control solutions that effectively reduce communication and operational costs[51](index=51&type=chunk)[52](index=52&type=chunk) - The company has cultivated expertise in automated process control and machine vision technologies for over a decade, accumulating extensive project management experience and a skilled engineering team[53](index=53&type=chunk) - The company has established stable cooperative relationships with renowned enterprises in the new energy battery industry, such as SVOLT Energy, Sunwoda, and EVE Energy, possessing abundant end-customer resources[53](index=53&type=chunk) - The company holds advanced core technologies in X/β-ray sensing and detection, microwave moisture detection, spectroscopic measurement, longitudinal/lateral closed-loop control, FPGA-based high-speed industrial line scan cameras, X-ray cell internal quality inspection, and SiC wafer defect detection[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) - As of June 30, 2025, the company had accumulated **51 invention patents**, **24 utility model patents**, **3 design patents**, and **65 software copyrights**[60](index=60&type=chunk) R&D Investment for H1 2025 | Indicator | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 19,652,179.50 | 19,457,923.08 | 1.00 | | Total R&D Investment | 19,652,179.50 | 19,457,923.08 | 1.00 | | Total R&D Investment as % of Operating Revenue (%) | 12.17 | 10.92 | Increased by 1.25 percentage points | - The company has **11 ongoing R&D projects**, covering areas such as papermaking automation, high-speed high-precision industrial line scan cameras, ultrasonic detection, wafer defect detection, basis weight systems, CT full-view non-destructive testing, surface defect detection combining visual 3D imaging and 2D texture fusion, AI-driven defect detection, multi-modal image fusion generation using dynamic structured light technology, high-resolution AOI automatic inspection equipment, and high-precision optical thickness sensors[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) - As of the end of H1 2025, the company had **121 R&D personnel**, accounting for **25.37%** of its total workforce, with an average R&D personnel compensation of **RMB 145,100**[70](index=70&type=chunk) [Risk Factors](index=29&type=section&id=IV.%20Risk%20Factors) The company faces multiple risks, including core competency risks from technology R&D, innovation, and key talent loss; operational risks from high customer concentration in new energy batteries; financial risks from declining gross margins, high accounts receivable, and inventory balances; industry risks from slower investment in new energy and photovoltaic sectors and slower growth in traditional industries; and macro-environmental risks from reliance on imported key raw materials (e.g., chips, β-radiation sources) - Technology R&D and innovation risk: Failure to continuously increase R&D investment or timely provide leading technological solutions in the future will weaken the company's technological competitiveness[71](index=71&type=chunk) - Risk of losing key technical talent: Technical personnel require a long training period; the loss of key R&D technical personnel would significantly impact the progress of projects such as high-precision sensor development and AI technology application R&D[71](index=71&type=chunk) - Risk of high customer concentration and reliance on major clients in the new energy battery sector: If major clients face operational difficulties or the company's products fail to consistently gain approval from major clients, the company's operations will be adversely affected[72](index=72&type=chunk) - Risk of declining gross margin in main business: Machine vision intelligent inspection systems have a relatively higher gross margin than online automated measurement and control systems, while the new energy battery sector has a relatively lower gross margin compared to other application areas, and changes in product structure may lead to a decline in gross margin[73](index=73&type=chunk) - Risk of large accounts receivable and contract asset balances and inability to recover them timely: As sales scale expands and the revenue share from the new energy battery sector increases, the collection cycle for accounts receivable may lengthen, posing a risk of bad debt losses[73](index=73&type=chunk) - Risk of inventory impairment and longer turnover cycle: Customized products and new energy battery industry products have long acceptance cycles, which may lead to inventory impairment and decreased turnover rates[73](index=73&type=chunk) - Risk that the new energy battery and photovoltaic industries may experience periodic investment slowdowns in the future, coupled with slower growth in traditional industries, preventing the company's operating performance from maintaining continuous rapid growth[74](index=74&type=chunk) - Macro-environmental risk: Key components such as FPGA chips, sensor chips, MCU chips, and β-radiation sources primarily rely on foreign imports, potentially facing risks of insufficient supply and increased raw material procurement costs[75](index=75&type=chunk)[76](index=76&type=chunk) [Key Operating Performance During the Reporting Period](index=31&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company's operating revenue, net profit attributable to the parent, and non-recurring net profit all decreased year-on-year, primarily due to slower new energy sector investment, reduced equipment acceptance, and lower bank interest income. Concurrently, major financial statement items like sales expenses, administrative expenses, financial expenses, net cash flow from operating, investing, and financing activities all showed significant changes Key Operating Data for H1 2025 | Indicator | Current Period (RMB 10,000) | Prior Period (RMB 10,000) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 16,149.86 | 17,824.08 | -9.39 | | Net Profit Attributable to Shareholders of Listed Company | 3,650.72 | 5,108.36 | -28.53 | | Net Profit Attributable to Shareholders of Listed Company After Non-Recurring Gains and Losses | 2,560.64 | 4,410.15 | -41.94 | - Operating revenue decreased by **9.39%** year-on-year, mainly due to slower investment in the new energy sector and a decrease in equipment acceptance amounts[79](index=79&type=chunk) - Sales expenses increased by **9.63%** year-on-year, primarily due to the company's intensified market expansion efforts during the reporting period[79](index=79&type=chunk) - Administrative expenses increased by **15.26%** year-on-year, mainly due to the completion of the headquarters building and increased depreciation expenses[79](index=79&type=chunk) - Financial expenses decreased by **46.92%** year-on-year, primarily due to declining bank interest rates, leading to a decrease in the company's interest income compared to the prior period[79](index=79&type=chunk) - Net cash flow from operating activities significantly increased year-on-year, primarily due to the company's intensified efforts in customer collections, leading to a decrease in accounts receivable balance[79](index=79&type=chunk) Changes in Assets and Liabilities for H1 2025 | Item Name | End of Current Period (RMB) | Proportion of Total Assets at Period-end (%) | End of Prior Year (RMB) | Proportion of Total Assets at Prior Year-end (%) | Period-end vs. Prior Year-end Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 742,270,417.85 | 28.45 | 484,059,490.35 | 18.15 | 53.34 | Primarily due to the company's cash management of idle funds | | Other Current Assets | 75,942,093.22 | 2.91 | 205,522,369.13 | 7.71 | -63.05 | Primarily due to the maturity of large transferable certificates of deposit | | Construction in Progress | - | - | 182,576,024.58 | 6.85 | -100.00 | Headquarters building completed and transferred to fixed assets | | Other Current Liabilities | 22,831,732.88 | 0.88 | 35,284,321.78 | 1.32 | -35.29 | Primarily due to a decrease in high-credit-risk bank notes endorsed but not yet due at the beginning of the period | [Analysis of Investment Status](index=33&type=section&id=IV.%20Analysis%20of%20Investment%20Status) The company's fair value financial assets significantly increased at period-end, primarily used for cash management of idle funds, reflecting effective capital utilization Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (RMB) | Purchases in Current Period (RMB) | Sales/Redemptions in Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 484,059,490.35 | 1,276,000,000.00 | 1,021,117,267.81 | 742,270,417.85 | | Receivables Financing | 11,353,087.17 | - | - | 4,956,589.86 | | **Total** | **495,412,577.52** | **1,276,000,000.00** | **1,021,117,267.81** | **747,227,007.71** | - The ending balance of financial assets held for trading increased by **53.34%** compared to the end of the prior year, primarily due to the company's cash management of idle funds[81](index=81&type=chunk)[83](index=83&type=chunk) [Analysis of Major Holding and Participating Companies](index=34&type=section&id=VI.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This chapter discloses the basic financial information of the company's main subsidiary, Lanxi Hongze Machinery Co., Ltd., which primarily engages in machining mechanical parts and components Financial Data of Major Subsidiary Lanxi Hongze Machinery Co., Ltd. | Indicator | Amount (RMB 10,000) | | :--- | :--- | | Registered Capital | 300.00 | | Total Assets | 504.43 | | Net Assets | 342.07 | | Operating Revenue | 279.81 | | Operating Profit | 15.02 | | Net Profit | 11.26 | [Part IV Corporate Governance, Environment, and Society](index=35&type=section&id=Part%20IV%20Corporate%20Governance,%20Environment,%20and%20Society) [Profit Distribution Plan](index=35&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's H1 2025 profit distribution plan proposes a cash dividend of **RMB 1.25 (tax inclusive)** per 10 shares to all shareholders, totaling **RMB 7,324,838.00**, representing **20.06%** of the semi-annual net profit attributable to shareholders, with no bonus shares or capital reserve conversions - The company plans to distribute a cash dividend of **RMB 1.25 (tax inclusive)** per 10 shares to all shareholders[87](index=87&type=chunk) - The total proposed cash dividend is **RMB 7,324,838.00 (tax inclusive)**, representing **20.06%** of the net profit attributable to shareholders of the listed company for H1 2025[87](index=87&type=chunk) - This profit distribution does not involve bonus shares or capital reserve conversions[87](index=87&type=chunk) - This plan has been approved by the company's Board of Directors and Supervisory Board, and authorized by the company's 2024 Annual General Meeting, thus not requiring further shareholder approval[88](index=88&type=chunk) [Part V Significant Matters](index=37&type=section&id=Part%20V%20Significant%20Matters) [Fulfillment of Commitments](index=37&type=section&id=I.%20Fulfillment%20of%20Commitments) All commitments made by the company's controlling shareholder, actual controller, directors, senior management, core technical personnel, and other shareholders during the IPO, covering share lock-ups, price stabilization, and related party transactions, have been strictly fulfilled - The company's controlling shareholder, Kaibite, committed not to transfer shares within **36 months** from the issuer's listing date, and that the reduction price within two years after the lock-up period expires will not be lower than the offering price[94](index=94&type=chunk) - The company's actual controller, Zheng Jian, committed not to transfer shares within **36 months** from the issuer's listing date, and during his tenure as a director and/or senior management and/or core technical personnel, the annual transfer of shares will not exceed **25%** of the total shares directly or indirectly held by him[95](index=95&type=chunk)[96](index=96&type=chunk) - The company and related parties committed to initiating share price stabilization measures under specific conditions, including company share repurchases, increased holdings by the controlling shareholder/actual controller, and increased holdings by the company's directors/senior management[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk) - The company, its controlling shareholder, actual controller, and directors all committed to initiating share repurchase procedures in the event of a fraudulent issuance and listing[125](index=125&type=chunk)[126](index=126&type=chunk) - The company committed to offsetting diluted immediate returns through measures such as accelerating the construction of fundraising projects, strengthening management of raised funds, increasing company sales revenue, scientifically controlling costs and expenses, and strictly implementing cash dividend policies[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk) - The company implements a continuous and stable profit distribution policy, prioritizing cash dividends, with annual cash dividends not less than **15%** of the distributable profit achieved in that year[133](index=133&type=chunk)[134](index=134&type=chunk) - Controlling shareholder Kaibite, actual controller Zheng Jian, and shareholder Hu Meiqin (holding over 5%) all issued a 'Commitment Letter to Avoid Horizontal Competition', pledging not to engage in businesses identical or similar to the company's main operations[147](index=147&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk) - During the reporting period, all commitments were strictly fulfilled, with no instances of untimely fulfillment[92](index=92&type=chunk) [Significant Litigation and Arbitration Matters](index=56&type=section&id=VII.%20Significant%20Litigation%20and%20Arbitration%20Matters) The company had no significant litigation or arbitration matters during the reporting period, indicating stable operations and no major legal disputes - The company had no significant litigation or arbitration matters during the current reporting period[56](index=56&type=chunk) [Significant Related Party Transactions](index=56&type=section&id=X.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in related party transactions related to ordinary operations, primarily equipment sales to related parties, and disclosed other related party transactions such as key management personnel compensation and withheld individual income tax, along with period-end receivables and payables with related parties - The company approved the 'Proposal on Estimated Daily Related Party Transactions for 2025' on April 28, 2025[160](index=160&type=chunk) Related Party Transactions for Goods Purchase/Sale and Services Provided | Related Party | Related Party Transaction Content | Amount in Current Period (RMB) | Amount in Prior Period (RMB) | | :--- | :--- | :--- | :--- | | Hangzhou Wet-laid Non-woven Equipment Co., Ltd. | Equipment Sales | 1,398,230.09 | 0.00 | | Zhejiang Dekang Environmental Protection Technology Co., Ltd. | Equipment Sales | 8,849.56 | 0.00 | - Key management personnel compensation amounted to **RMB 4.27 million** in the current period and **RMB 5.02 million** in the prior period[534](index=534&type=chunk) - Individual income tax withheld and paid on behalf of Hu Meiqin amounted to **RMB 87,922.70** in the current period[535](index=535&type=chunk) Period-end Balances of Receivables from Related Parties | Item Name | Related Party | Period-end Book Balance (RMB) | Bad Debt Provision (RMB) | | :--- | :--- | :--- | :--- | | Accounts Receivable | Zhejiang Dekang Environmental Protection Technology Co., Ltd. | 131,000.00 | 6,550.00 | | Accounts Receivable | Hangzhou Wet-laid Non-woven Equipment Co., Ltd. | 79,000.00 | 3,950.00 | | Contract Assets | Hangzhou Wet-laid Non-woven Equipment Co., Ltd. | 79,000.00 | 3,950.00 | - The beginning balance of contract liabilities payable to related parties was **RMB 419,469.03** (Hangzhou Wet-laid Non-woven Equipment Co., Ltd.)[539](index=539&type=chunk) [Significant Contracts and Their Performance](index=57&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had leasing arrangements, primarily a factory building lease contract with Hangzhou Ideal Automatic Door Factory, involving leased assets valued at **RMB 2,588,849.53** - The company signed a factory building lease contract with Hangzhou Ideal Automatic Door Factory, involving leased assets valued at **RMB 2,588,849.53**, with a lease commencement date of March 1, 2022, and a lease termination date of February 28, 2025[167](index=167&type=chunk) [Explanation of Progress in Raised Funds Utilization](index=59&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Raised%20Funds%20Utilization) The company's IPO raised a total of **RMB 1.861 billion**, with a net amount of **RMB 1.666 billion**. As of the end of the reporting period, cumulative raised funds invested totaled **RMB 711 million**, representing an investment progress of **42.69%**. A portion of the over-raised funds was used for permanent replenishment of working capital and share repurchases. The company also utilized some temporarily idle raised funds for cash management Overall Utilization of Raised Funds | Source of Raised Funds | Total Raised Funds (RMB 10,000) | Net Raised Funds (RMB 10,000) | Total Investment Pledged in Prospectus (RMB 10,000) | Total Over-Raised Funds (RMB 10,000) | Cumulative Raised Funds Invested as of Period-end (RMB 10,000) | Cumulative Raised Funds Investment Progress as of Period-end (%) | Amount Invested in Current Year (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 186,122.39 | 166,635.87 | 65,157.78 | 101,478.09 | 71,130.89 | 42.69 | 4,387.86 | - Of the over-raised funds, **RMB 304.00 million** was used for permanent replenishment of working capital, and **RMB 30.01 million** for share repurchases[171](index=171&type=chunk) - The company completed the repurchase of **543,996 shares**, with a total payment of **RMB 30,010,040.87**, for employee stock ownership plans or equity incentives[177](index=177&type=chunk) - The company utilized up to **RMB 800 million** of temporarily idle raised funds for cash management, purchasing highly secure and liquid wealth management products or deposit-type products[173](index=173&type=chunk)[174](index=174&type=chunk)[175](index=175&type=chunk) [Part VI Share Changes and Shareholder Information](index=64&type=section&id=Part%20VI%20Share%20Changes%20and%20Shareholder%20Information) [Share Capital Changes](index=64&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital remained unchanged, but restricted shares decreased by **476,644 shares**, with a corresponding increase of **476,644 unrestricted tradable shares**, mainly due to the listing and circulation of IPO strategic placement restricted shares Share Capital Change Summary | Share Class | Number Before Change (shares) | Proportion Before Change (%) | Change (+,-) (shares) | Number After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 40,476,644 | 68.44 | -476,644 | 40,000,000 | 67.63 | | Of which: Shares held by domestic non-state-owned legal persons | 29,187,441 | 49.35 | -476,644 | 28,710,797 | 48.54 | | II. Unrestricted Tradable Shares | 18,666,056 | 31.56 | 476,644 | 19,142,700 | 32.37 | | Of which: RMB Ordinary Shares | 18,666,056 | 31.56 | 476,644 | 19,142,700 | 32.37 | | III. Total Shares | 59,142,700 | 100.00 | 0 | 59,142,700 | 100.00 | - On June 9, 2025, **476,644 strategic placement restricted shares** from the company's initial public offering became tradable[181](index=181&type=chunk) Changes in Restricted Shares | Shareholder Name | Beginning Restricted Shares (shares) | Restricted Shares Released in Reporting Period (shares) | Period-end Restricted Shares (shares) | Reason for Restriction | Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | | Kaibite | 23,188,406 | 0 | 23,188,406 | Pre-IPO Share Restriction | December 8, 2026 | | Zheng Jian | 7,231,232 | 0 | 7,231,232 | Pre-IPO Share Restriction | December 8, 2026 | | Fengquanhui Investment | 5,217,391 | 0 | 5,217,391 | Pre-IPO Share Restriction | June 8, 2026 | | Hu Meiqin | 4,057,971 | 0 | 4,057,971 | Pre-IPO Share Restriction | December 8, 2026 | | Ningbo Hexin | 305,000 | 0 | 305,000 | Pre-IPO Share Restriction | June 8, 2026 | | Minsheng Securities Investment Co., Ltd. | 476,644 | 476,644 | 0 | IPO Strategic Placement Restriction | June 9, 2025 | | **Total** | **40,476,644** | **476,644** | **40,000,000** | / | / | [Shareholder Information](index=65&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **7,653 ordinary shareholders**. Among the top ten shareholders, controlling shareholder Kaibite held **39.21%**, and actual controller Zheng Jian held **12.23%**. The company's dedicated share repurchase account held **543,996 shares** - As of the end of the reporting period, the total number of ordinary shareholders was **7,653**[183](index=183&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Period-end Shareholding (shares) | Proportion (%) | Number of Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Hangzhou Kaibite Investment Management Co., Ltd. | 23,188,406 | 39.21 | 23,188,406 | Domestic Non-State-Owned Legal Person | | Zheng Jian | 7,231,232 | 12.23 | 7,231,232 | Domestic Natural Person | | Hangzhou Fengquanhui Investment Management Partnership (Limited Partnership) | 5,217,391 | 8.82 | 5,217,391 | Domestic Non-State-Owned Legal Person | | Hu Meiqin | 4,057,971 | 6.86 | 4,057,971 | Domestic Natural Person | | Yibin Chendao New Energy Industry Equity Investment Partnership (Limited Partnership) | 1,522,112 | 2.57 | 0 | Domestic Non-State-Owned Legal Person | | Ningbo Yintai Ruiqi Venture Capital Co., Ltd. | 655,582 | 1.11 | 0 | Domestic Non-State-Owned Legal Person | | Xu Nugou | 569,225 | 0.96 | 0 | Domestic Natural Person | | Shenzhen Dehong Lianxin Private Equity Fund Management Co., Ltd. - Jinhua Jinkai Dehong Lianxin Bifang No. 2 Investment Center (Limited Partnership) | 439,568 | 0.74 | 0 | Domestic Non-State-Owned Legal Person | | Shanghai Chaoxi Private Equity Fund Management Co., Ltd. - Ningbo Hexin Industrial Investment Partnership (Limited Partnership) | 305,000 | 0.52 | 305,000 | Domestic Non-State-Owned Legal Person | | Liu Ziqin | 264,576 | 0.45 | 0 | Domestic Natural Person | - The company's dedicated share repurchase account held **543,996 shares**, accounting for **0.92%** of the company's total share capital[187](index=187&type=chunk) - Hangzhou Kaibite Investment Management Co., Ltd. is the company's controlling shareholder, Zheng Jian is its actual controller, and Hu Meiqin is its shareholder; Hangzhou Fengquanhui Investment Management Partnership (Limited Partnership) is a company shareholder, Zheng Jian is its executive partner, and Hu Meiqin is its limited partner[187](index=187&type=chunk) [Part VII Bond-Related Information](index=69&type=section&id=Part%20VII%20Bond-Related%20Information) [Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=69&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[192](index=192&type=chunk) [Convertible Corporate Bonds](index=69&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - The company has no convertible corporate bonds[192](index=192&type=chunk) [Part VIII Financial Report](index=70&type=section&id=Part%20VIII%20Financial%20Report) [Audit Report](index=70&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited, and all financial data has not been verified by external auditors - This semi-annual report is unaudited[4](index=4&type=chunk) [Financial Statements](index=70&type=section&id=II.%20Financial%20Statements) This chapter presents the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively reflecting the company's financial position and operating results Consolidated Balance Sheet (Summary) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 968,034,281.93 | 1,090,485,306.05 | | Financial Assets Held for Trading | 742,270,417.85 | 484,059,490.35 | | Accounts Receivable | 102,131,949.49 | 146,432,069.57 | | Inventories | 412,276,278.23 | 427,307,178.79 | | Fixed Assets | 198,233,846.00 | 9,558,515.50 | | Construction in Progress | - | 182,576,024.58 | | Total Assets | 2,608,723,486.35 | 2,667,166,083.78 | | Contract Liabilities | 418,427,798.81 | 404,507,105.44 | | Total Liabilities | 508,491,809.78 | 540,623,840.13 | | Total Equity Attributable to Parent Company Owners | 2,100,231,676.57 | 2,126,542,243.65 | Consolidated Income Statement (Summary) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 161,498,577.41 | 178,240,849.42 | | Total Operating Costs | 132,957,734.05 | 126,208,396.32 | | Operating Profit | 39,865,388.94 | 56,239,747.97 | | Total Profit | 39,758,890.01 | 56,816,090.32 | | Net Profit | 36,507,243.39 | 51,083,602.71 | | Net Profit Attributable to Parent Company Shareholders | 36,507,243.39 | 51,083,602.71 | | Basic Earnings Per Share (RMB/share) | 0.62 | 0.86 | Consolidated Cash Flow Statement (Summary) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 96,830,856.73 | -7,441,527.37 | | Net Cash Flow from Investing Activities | -157,488,608.86 | -487,313,299.61 | | Net Cash Flow from Financing Activities | -61,574,911.91 | -156,888,945.48 | | Net Increase in Cash and Cash Equivalents | -122,232,664.04 | -651,643,772.47 | | Period-end Cash and Cash Equivalents Balance | 966,568,008.27 | 1,040,051,183.09 | [Company Overview](index=88&type=section&id=III.%20Company%20Overview) This chapter introduces the company's establishment history, changes in registered capital, organizational structure, industry, and main business activities and products, providing background information for understanding its financial position - The company's predecessor was Zhejiang Shuangyuan Technology Development Co., Ltd., registered with Hangzhou Administration for Market Regulation on December 1, 2020, and established through an overall change[224](index=224&type=chunk) - In June 2023, the company issued **14.7857 million RMB ordinary shares** in its initial public offering, changing its registered capital to **RMB 59.1427 million**[224](index=224&type=chunk) - The company belongs to the special equipment manufacturing industry, with main business activities including the production of integrated mechanical, electrical, and instrument automation control systems, technical development and services for computer software, and the design and installation of industrial automation control projects[225](index=225&type=chunk) [Basis of Financial Statement Preparation](index=88&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This chapter states that the company's financial statements are prepared on a going concern basis, in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance, confirming no significant doubts about the going concern assumption - The company prepares its financial statements on a going concern basis, in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance, based on actual transactions and events[226](index=226&type=chunk) - There are no events or circumstances that would cast significant doubt on the company's ability to continue as a going concern for 12 months from the end of the reporting period[227](index=227&type=chunk) [Significant Accounting Policies and Estimates](index=88&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This chapter details the company's accounting policies and estimates for financial instruments, accounts receivable, inventories, fixed assets, intangible assets, revenue recognition, government grants, deferred income tax, and leases, also disclosing accounting policy changes due to new accounting standard interpretations - The financial statements prepared by the company comply with the requirements of Accounting Standards for Business Enterprises, truly and completely reflecting the company's financial position, operating results, and cash flows[229](index=229&type=chunk) - The company defines a business cycle as **12 months**, which serves as the criterion for classifying assets and liabilities as current or non-current[231](index=231&type=chunk) - Financial instruments are classified as financial assets and financial liabilities measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[245](index=245&type=chunk) - Inventories are measured at the lower of cost and net realizable value, and the cost of inventories issued is determined using the moving weighted average method[271](index=271&type=chunk) - Fixed assets are depreciated using the straight-line method, with buildings and structures depreciated over **20 years**, and machinery and equipment over **3-5 years**[291](index=291&type=chunk) - Intangible assets (such as software, land use rights) are amortized over their estimated useful lives or registered usage periods[299](index=299&type=chunk) - Revenue recognition is based on the transfer of control; revenue from equipment sales is recognized upon completion of installation and commissioning, customer acceptance, and receipt of acceptance documents[317](index=317&type=chunk)[318](index=318&type=chunk) - Government grants are classified as asset-related or income-related, recognized as deferred income or included in current profit or loss, respectively[322](index=322&type=chunk)[324](index=324&type=chunk) - Starting from 2024, the company early adopted 'Interpretation No. 18 of Accounting Standards for Business Enterprises', reclassifying guarantee-type quality assurance not constituting a separate performance obligation from 'sales expenses' to 'cost of sales'[334](index=334&type=chunk) [Taxation](index=111&type=section&id=VI.%20Taxation) This chapter discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, property tax, education surcharge, and local education surcharge, and explains tax incentives enjoyed as a high-tech enterprise and its subsidiary as a small-profit enterprise Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13%, 6% (Export goods refund rate is 13%) | | Urban Maintenance and Construction Tax | 7% | | Corporate Income Tax | 15%, 20% | | Property Tax | 1.2%, 12% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - The company enjoys a 'collect first, refund later' preferential policy for VAT on self-developed software products, where the actual tax burden exceeding **3%** is refunded[337](index=337&type=chunk) - The company is recognized as a high-tech enterprise, enjoying a reduced corporate income tax rate of **15%**[337](index=337&type=chunk) - Subsidiary Lanxi Hongze Machinery Co., Ltd. enjoys corporate income tax incentives for small-profit enterprises, calculating taxable income at **25%** and paying corporate income tax at a rate of **20%**[338](index=338&type=chunk) [Notes to Consolidated Financial Statement Items](index=112&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed notes and explanations for each asset, liability, owner's equity, and profit/loss item in the consolidated financial statements, including period-end balances, beginning balances, reasons for changes, and bad debt provision details, serving as a basis for understanding the company's financial specifics - The period-end balance of cash and cash equivalents was **RMB 968,034,281.93**, and the beginning balance was **RMB 1,090,485,306.05**[341](index=341&type=chunk) - The period-end balance of financial assets held for trading was **RMB 742,270,417.85**, primarily consisting of debt instrument investments[343](index=343&type=chunk) - The period-end book value of accounts receivable was **RMB 102,131,949.49**, with a bad debt provision rate of **31.44%**[355](index=355&type=chunk) - The period-end book value of inventories was **RMB 412,276,278.23**, with total inventory impairment provisions and contract performance cost impairment provisions amounting to **RMB 28,862,334.03**[395](index=395&type=chunk) - The period-end book value of fixed assets was **RMB 198,233,846.00**, of which buildings and structures accounted for **RMB 194,170,334.31**, mainly transferred from construction in progress[405](index=405&type=chunk) - The period-end balance of contract liabilities was **RMB 418,427,798.81**, primarily consisting of advances from customers[430](index=430&type=chunk) - Operating revenue for the current period was **RMB 161,498,577.41**, and operating cost was **RMB 97,955,131.18**[463](index=463&type=chunk) - Financial expenses for the current period amounted to **RMB -9,868,898.82**, primarily due to interest income of **RMB 9,901,600.80**[472](index=472&type=chunk) [Research and Development Expenses](index=155&type=section&id=VIII.%20Research%20and%20Development%20Expenses) During the reporting period, the company's total R&D expenditure was **RMB 19,652,179.50**, all expensed, primarily comprising employee compensation, direct materials, depreciation and amortization, and other expenses, reflecting the company's continuous investment in technological innovation R&D Expenses by Nature of Expense | Item | Amount in Current Period (RMB) | Amount in Prior Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 17,559,114.37 | 17,027,144.03 | | Direct Materials | 825,438.32 | 1,364,444.56 | | Depreciation and Amortization | 638,339.48 | 444,084.64 | | Other | 629,287.33 | 622,249.85 | | **Total** | **19,652,179.50** | **19,457,923.08** | | Of which: Expensed R&D Expenditure | 19,652,179.50 | 19,457,923.08 | [Changes in Consolidation Scope](index=156&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company had no business combinations involving entities not under common control, business combinations involving entities under common control, reverse acquisitions, or disposals of subsidiaries leading to loss of control, maintaining a stable consolidation scope - During the reporting period, the company had no business combinations involving entities not under common control, business combinations involving entities under common control, reverse acquisitions, or disposals of subsidiaries leading to loss of control[503](index=503&type=chunk) [Interests in Other Entities](index=156&type=section&id=X.%20Interests%20in%20Other%20Entities) This chapter discloses basic information about the company's sole subsidiary, Lanxi Hongze Machinery Co., Ltd., a wholly-owned subsidiary acquired through establishment, engaged in manufacturing - The company's subsidiary is Lanxi Hongze Machinery Co., Ltd., registered in Lanxi City, Jinhua, with manufacturing as its business nature, **100%** shareholding, and acquired through establishment[504](index=504&type=chunk) [Government Grants](index=158&type=section&id=XI.%20Government%20Grants) During the reporting period, government grants recognized in current profit or loss amounted to **RMB 6,662,088.21**, primarily income-related government grants Government Grants Recognized in Current Profit or Loss | Type | Amount in Current Period (RMB) | Amount in Prior Period (RMB) | | :--- | :--- | :--- | | Income-Related | 6,662,088.21 | 775,722.30 | | **Total** | **6,662,088.21** | **775,722.30** | [Risks Related to Financial Instruments](index=158&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, market risk (exchange rate, interest rate, other price risks), and liquidity risk. It manages these through diversified investments, credit monitoring, rolling cash flow forecasts, and maintaining a healthy capital structure. During the reporting period, the company's asset-liability ratio decreased - The company's main financial instrument risks include credit risk, market risk (foreign exchange risk, interest rate risk, other price risks), and liquidity risk[508](index=508&type=chunk) - Regarding market risk, the company's main business is settled in RMB, so foreign exchange market risk is not significant; as of December 31, 2024, the company had no bank borrowings, thus unaffected by interest rate changes; it holds no equity investments in other listed companies, hence no other price risks[508](index=508&type=chunk)[509](index=509&type=chunk)[510](index=510&type=chunk)[511](index=511&type=chunk) - Credit risk primarily arises from bank deposits and receivables; the company controls this risk by assessing debtors' creditworthiness and regularly monitoring credit records[511](index=511&type=chunk)[512](index=512&type=chunk) - Liquidity risk is managed by the finance department through monitoring cash balances, marketable securities, and rolling cash flow forecasts, ensuring the company has sufficient funds to repay debts[515](index=515&type=chunk) - The company's capital management policy aims to ensure continuous operation, provide returns to shareholders, and maintain an optimal capital structure to reduce capital costs[516](index=516&type=chunk) - As of June 30, 2025, the company's asset-liability ratio was **19.49%** (December 31, 2024: **20.27%**)[516](index=516&type=chunk) Analysis of Financial Liabilities and Off-Balance Sheet Guarantees by Undiscounted Remaining Contractual Cash Flows Maturity (Period-end) | Item | Within One Year (RMB 10,000) | One to Two Years (RMB 10,000) | Two to Three Years (RMB 10,000) | Over Three Years (RMB 10,000) | Total (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Payable | 3,561.00 | - | - | - | 3,561.00 | | Other Payables | 313.35 | - | - | - | 313.35 | | Non-Current Liabilities Due Within One Year | 14.29 | - | - | - | 14.29 | | Lease Liabilities | - | 14.29 | 14.29 | 14.29 | 42.86 | | **Total Financial Liabilities and Contingent Liabilities** | **3,888.64** | **14.29** | **14.29** | **14.29** | **3,931.50** | - The company has financial asset transfers such as bill endorsements and bill discounting, some of which have been derecognized, while others have not, with the amount of un-derecognized notes receivable being **RMB 11,661,362.27**[518](index=518&type=chunk)[519](index=519&type=chunk) [Disclosure of Fair Value](index=162&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This chapter discloses the period-end fair value of the company's assets measured at fair value, primarily financial assets held for trading and other current assets, and explains the basis for fair value determination and valuation techniques, such as using discounted cash flow models for bank wealth management products Period-end Fair Value of Assets Measured at Fair Value | Item | Level 2 Fair Value Measurement (RMB) | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 742,270,417.85 | - | 742,270,417.85 | | Other Current Assets | - | 48,399,859.23 | 48,399,859.23 | | Receivables Financing | - | 4,956,589.86 | 4,956,589.86 | | **Total Assets Continuously Measured at Fair Value** | **742,270,417.85** | **53,356,449.09** | **795,626,866.94** | - The company's bank wealth management products are valued using a discounted cash flow model, with key inputs including observable values of contract-linked underlying assets and contractually agreed expected rates of return[523](index=523&type=chunk) - The fair value of transferable large-denomination bank certificates of deposit within other current assets is determined by the regular interest rates announced by banks[524](index=524&type=chunk) - Receivables financing is recognized at fair value based on its book value[524](index=524&type=chunk) - The book value and fair value of financial assets and financial liabilities not measured at fair value differ insignificantly[527](index=527&type=chunk) [Related Parties and Related Party Transactions](index=164&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This chapter discloses the company's parent company, ultimate controlling party, subsidiaries, and other related parties, as well as related party transactions during the reporting period, including goods purchase/sale, services provided, key management personnel compensation, and receivables/payables with related parties - The company's parent company is Hangzhou Kaibite Investment Management Co., Ltd., with a shareholding ratio of **39.21%**[529](index=529&type=chunk) - The company's ultimate controlling party is Zheng Jian, who directly and indirectly controls a total of **60.26%** of the company's shares[529](index=529&type=chunk) - The company's subsidiary is Lanxi Hongze Machinery Co., Ltd[530](index=530&type=chunk) - Other related parties include Hangzhou Fengquanhui Investment Management Partnership (Limited Partnership), Hu Meiqin, Zhejiang Dekang Environmental Protection Technology Co., Ltd., and Hangzhou Wet-laid Non-woven Equipment Co., Ltd[530](index=530&type=chunk)[531](index=531&type=chunk) - In the current period, equipment sales to Hangzhou Wet-laid Non-woven Equipment Co., Ltd. amounted to **RMB 1,398,230.09**, and to Zhejiang Dekang Environmental Protection Technology Co., Ltd. amounted to **RMB 8,849.56**[532](index=532&type=chunk) - Key management personnel compensation for the current period amounted to **RMB 4.27 million**[534](index=534&type=chunk) - At period-end, accounts receivable from Zhejiang Dekang Environmental Protection Technology Co., Ltd. amounted to **RMB 131,000.00**, and accounts receivable and contract assets from Hangzhou Wet-laid Non-woven Equipment Co., Ltd. both amounted to **RMB 79,000.00**[537](index=537&type=chunk) [Commitments and Contingencies](index=167&type=section&id=XVI.%20Commitments%20and%20Contingencies) This chapter discloses the company's commitments and progress in utilizing IPO raised funds, with cumulative actual investment reaching **RMB 711 million** as of the period-end. Additionally, significant contingencies exist at period-end, such as endorsed or discounted notes receivable/receivables financing that have not yet matured - The company's initial public offering raised a total of **RMB 1,861,223,916.00**, with net raised funds of **RMB 1,666,358,672.21**[540](index=540&type=chunk) - Committed investment projects include the Intelligent Measurement and Control Equipment Production Base Project, R&D Center Project, Marketing Network and Technical Support Center Project, replenishment of working capital, and share repurchases[543](index=543&type=chunk) - As of June 30, 2025, cumulative actual investment of raised funds amounted to **RMB 711.31 million**[543](index=543&type=chunk) - At period-end, the amount of bank acceptance bills/receivables financing that the company had endorsed or discounted but had not yet matured on the balance sheet date was **RMB 11,661,362.27** (not derecognized)[544](index=544&type=chunk) [Events After the Balance Sheet Date](index=168&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) This chapter discloses the company's proposed profit or dividend distribution of **RMB 7,324,838.00**, a significant event occurring after the balance sheet date - The company's proposed profit or dividend distribution is **RMB 7,324,838.00**[547](index=547&type=chunk) [Notes to Parent Company Financial Statement Items](index=170&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This chapter provides detailed notes for key items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income, similar to consolidated statement notes but focusing on the parent company's independent financial performance - The parent company's period-end book value of accounts receivable was **RMB 102,131,949.49**, with a bad debt provision rate of **31.44%**[550](index=550&type=chunk) - The parent company's period-end book value of other receivables was **RMB 1,980,978.40**, with a bad debt provision rate of **44.48%**[558](index=558&type=chunk)[566](index=566&type=chunk) - The parent company's period-end book value of long-term equity investments was **RMB 1,700,000.00**, representing its investment in subsidiary Lanxi Hongze Machinery Co., Ltd[575](index=575&type=chunk)[576](index=576&type=chunk) - The parent company's operating revenue for the current period was **RMB 161,498,577.41**, and operating cost was **RMB 98,482,775.34**[579](index=579&type=chunk) - The parent company's investment income for the current period was **RMB 4,701,237.66**, primarily from interest income on debt investments held and investment income from the disposal of financial assets held for trading[581](index=581&type=chunk) [Supplementary Information](index=179&type=section&id=XX.%20Supplementary%20Information) This chapter provides supplementary information, including a detailed statement of non-recurring gains and losses, return on net assets, and earnings per share, further detailing the company's financial performance Detailed Statement of Non-Recurring Gains and Losses for the Current Period | Item | Amount (RMB) | | :--- | :--- | | Government Grants Recognized in Current Profit/Loss | 2,239,000.00 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-Financial Enterprises | 10,516,024.97 | | Other Non-Operating Income and Expenses Apart from the Above | -107,898.93 | | Other Profit/Loss Items Meeting the Definition of Non-Recurring Gains and Losses | 177,760.70 | | Less: Income Tax Impact | 1,924,035.35 | | **Total** | **10,900,851.39** | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share | Diluted Earnings Per Share | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 1.70 | 0.62 | 0.62 | | Net Profit Attributable to Ordinary Shareholders of the Company After Non-Recurring Gains and Losses | 1.19 | 0.43 | 0.43 |

根据双元科技发布的首次公开发行股票科创板上市公告书，该公司发行的战略配售为保荐人相关子 公司跟投，跟投机构为民生证券投资有限公司。根据《业务实施细则》，民生证券投资有限公司跟投数 量47.6644万股，为本次发行数量的3.22%，获配金额为59,999,946.72元。民生证券投资有限公司承诺 获得本次配售的股票持有期限为自发行人首次公开发行并上市之日起24个月。 双元科技首次公开发行股票募集资金总额186,122.39万元，扣除发行费用后募集资金净额为 166,635.87万元。双元科技实际募资净额比原拟募资多101,478.09万元。双元科技于2023年6月2日披 露的招股说明书显示，该公司拟募集资金65,157.78万元，用于智能测控装备生产基地项目、研发中心 项目、营销网络及技术支持中心建设项目、补充流动资金。 双元科技保荐机构为民生证券股份有限公司(现为国联民生证券股份有限公司)，保荐代表人为王艺 霖、袁莉敏。双元科技首次公开发行股票的发行费用总额为19,486.52万元，其中民生证券股份有限公 司获得保荐费及承销费用17,071.92万元。 双元科技于2023年6月8日在上交所科创板上市，本次发行 ...

民生证券股份有限公司 公司于2024年2月23日召开第二届董事会第二次会议，审议通过《关于以集 中竞价交易方式回购公司股份方案的议案》，同意公司使用首次公开发行人民币 普通股取得的部分超募资金通过上海证券交易所交易系统以集中竞价交易方式回 购公司部分股份，回购股份将用于员工持股计划或者股权激励。回购资金总额不 低于人民币3,000万元（含），不超过人民币5,000万元（含），回购价格不超过 人民币93.54元/股（含），具体回购股份数量以回购期满时实际回购的股份数量 为准。回购期限自公司董事会审议通过本次回购公司股份方案之日起12个月内。 具体内容详见公司分别于2024年2月24日、2024年2月28日披露于上海证券交易所 网站（www.sse.com.cn）的《关于以集中竞价交易方式回购公司股份方案的公告》 （公告编号：2024-003）、《关于以集中竞价交易方式回购公司股份的回购报告 书》（公告编号：2024-006）。 因实施2023年年度权益分派，公司本次回购股份价格上限由不超过93.54元/ 股调整为不超过91.96元/股。具体内容详见公司于2024年6月14日披露于上海证券 交易所网站（www.s ...

证券代码：688623 证券简称：双元科技 公告编号：2025-025 浙江双元科技股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/23 | 2025/6/24 | 2025/6/24 | 一、 通过分配方案的股东大会届次和日期 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 （浙江双元科技股份有限公司回购专用证券账户除外）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等有关规定，公司回购专用证券账户中的股份不享有股东大会 是否涉及差异化分红送转：是 每股分配比例 每股现金红利1.072元 相关日期 表决权、利润分配、公积金转增股本、认购新股和可转换公司债券等权利。 3. 差异化分红送转方案： ...

Core Viewpoint - The company, Zhejiang Shuangyuan Technology Co., Ltd., is implementing a differentiated dividend distribution plan for the year 2024, which includes a cash dividend of 10.72 RMB per 10 shares for shareholders, while shares repurchased will not participate in profit distribution [1][3][5]. Group 1: Differentiated Dividend Reasons - The company approved a share repurchase plan using excess funds from its initial public offering, with a total repurchase amount between 30 million RMB and 50 million RMB, at a maximum price of 93.54 RMB per share [1]. - The repurchase is intended for employee stock ownership plans or equity incentives, with a repurchase period of 12 months from the board's approval date [1]. Group 2: Adjustments to Repurchase Price - The maximum repurchase price was adjusted to 91.96 RMB per share following the implementation of the 2023 annual equity distribution, and further adjusted to 91.70 RMB per share after the 2024 semi-annual equity distribution [2]. Group 3: Dividend Distribution Plan - The company plans to distribute a total cash dividend of approximately 62.82 million RMB (including tax) based on the adjusted total share capital of 58,598,704 shares after accounting for repurchased shares [3]. - The distribution will not include stock dividends or capital reserve transfers, maintaining the total distribution amount even if the total share capital changes before the equity registration date [3]. Group 4: Calculation of Ex-Dividend Price - The ex-dividend reference price is calculated based on the formula: (previous closing price - cash dividend) / (1 + change in circulating shares ratio), with the circulating shares ratio being 0 due to no changes in circulating shares [4][5]. - The actual cash dividend per share is 1.072 RMB, leading to an ex-dividend reference price of approximately 60.4880 RMB per share [5]. Group 5: Compliance and Verification - The differentiated dividend distribution complies with relevant laws and regulations, ensuring that repurchased shares do not participate in the distribution and that the impact on the ex-dividend reference price is minimal, below 1% [3][5]. - The sponsor institution has verified that the differentiated dividend distribution does not harm the interests of the company and its shareholders [5].

Core Viewpoint - Zhejiang Shuangyuan Technology Co., Ltd. has announced a differentiated cash dividend distribution plan, with a cash dividend of 1.072 yuan per share, approved at the 2024 annual general meeting of shareholders held on May 19, 2025 [1][2]. Dividend Distribution Plan - The company will distribute a cash dividend of 1.072 yuan per share (including tax) to all shareholders, with no stock dividends or capital reserve transfers [2][5]. - The total cash dividend distribution amounts to approximately 62.82 million yuan (including tax), based on a total share capital of 59,142,700 shares, excluding 543,996 shares held in the company's repurchase account [2][4]. - The reference price for the ex-dividend (ex-rights) opening price will be calculated as follows: (previous closing price - cash dividend) / (1 + change in circulating shares ratio) [2][4]. Relevant Dates - Key dates include the record date, ex-dividend date, and cash dividend payment date, which are specified in the announcement [4]. Implementation of Distribution - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch for shareholders registered by the record date [4][5]. - Shareholders who have not completed designated transactions will have their dividends held by the China Securities Depository and Clearing Corporation until the transactions are completed [4]. Taxation Policies - For individual shareholders holding unrestricted circulating shares, dividends are subject to different tax treatments based on the holding period, with a maximum tax rate of 20% for shares held for less than one month [6][7]. - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply to dividends [8]. - Other institutional investors and corporate shareholders are responsible for their own tax declarations, with the gross cash dividend being 1.072 yuan per share [9].

Group 1 - The core point of the article is the approval and upcoming listing of strategic placement restricted shares of Zhejiang Shuangyuan Technology Co., Ltd. on the Sci-Tech Innovation Board [1][2][3] - The company was approved by the China Securities Regulatory Commission to publicly issue 14.7857 million shares, with a total share capital of 59.1427 million shares post-issuance [1][2] - The restricted shares involved in this listing are held by one shareholder, accounting for 0.81% of the total share capital, with a lock-up period of 24 months starting from the listing date [2][3] Group 2 - The restricted shares will become tradable on June 9, 2025, due to the preceding day being a non-trading day [2][3] - The shareholder, Minsheng Securities Investment Co., Ltd., has committed to holding the shares for 24 months from the date of the initial public offering [2][3] - The company confirms that there have been no changes in share capital due to profit distribution or other factors since the formation of the restricted shares [2][3]

Core Viewpoint - The announcement details the upcoming listing and circulation of strategic placement shares for Zhejiang Shuangyuan Technology Co., Ltd., with a total of 476,644 shares set to be released on June 9, 2025, after a 24-month lock-up period [1][2][3]. Group 1: Listing Details - The total number of shares to be listed is 476,644, which represents 0.81% of the company's total share capital of 59,142,700 shares [2][4]. - The shares are part of the company's initial public offering (IPO) and are subject to a 24-month lock-up period starting from the date of listing [2][3]. Group 2: Shareholder Commitments - The sole shareholder involved in this strategic placement, Minsheng Securities Investment Co., Ltd., has committed to holding the shares for 24 months from the IPO date [2][3]. - There are no additional special commitments from the shareholder beyond the standard lock-up agreement [3]. Group 3: Regulatory Compliance - The underwriting institution has confirmed that the shareholder has adhered to all commitments made during the IPO process, ensuring compliance with relevant laws and regulations [3][4]. - The announcement affirms that the information disclosed regarding the listing and circulation of the shares is accurate and complete [3].

证券代码：688623 证券简称：双元科技 公告编号：2025-024 浙江双元科技股份有限公司 首次公开发行战略配售限售股上市流通公告 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： 本次股票上市类型为首发战略配售股份（限售期 24 月）；股票认购方式 为网下，上市股数为476,644股。本公司确认，上市流通数量等于该限售期的全部 战略配售股份数量。 本次股票上市流通总数为476,644股。 本次股票上市流通日期为2025 年 6 月 9 日（因 2025 年 6 月 8 日为非交易 日，故顺延至下一交易日）。 一、本次上市流通的限售股类型 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2023 年 4 月 17 日签发的《关于同意浙江双元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]803 号），公司获准向社会公开发行人民币普通股（A 股）股票 1,478.5700 万股，并于 2023 年 6 月 8 日在上海证券交易所科创板上市，发行完成 后公司总股本为 5,914. ...

根据中国证券监督管理委员会（以下简称"中国证监会"）于 2023 年 4 月 17 日签发的《关于同意浙江双元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]803 号），公司获准向社会公开发行人民币普通股（A 股） 股票 1,478.5700 万股，并于 2023 年 6 月 8 日在上海证券交易所科创板上市，发 行完成后公司总股本为 5,914.2700 万股，其中有限售条件流通股 4,570.3190 万 股，无限售条件流通股 1,343.9510 万股。 本次上市流通的限售股为公司首次公开发行战略配售限售股，涉及限售股 股东数量为 1 名，限售期为自公司股票上市之日起 24 个月，该限售股股东对应 的限售股份数量为 476,644 股，占公司股本总数的 0.81%，该限售股将于 2025 年 6 月 9 日起上市流通（因 2025 年 6 月 8 日为非交易日，故顺延至下一交易 日）。 民生证券股份有限公司（以下简称"民生证券"或"保荐机构"）作为浙江双 元科技股份有限公司（以下简称"双元科技"或"公司"）首次公开发行股票并在 科创板上市持续督导期间的保荐机构，根据《证券发行上市保 ...