统一社会信用代码：91420100MA4KUXQ28E 注册地址：中国（湖北）自由贸易试验区武汉片区佳园路 33 号 襄阳汽车轴承股份有限公司 关于与三环集团财务有限公司关联存贷款业务等金融业务的 风险持续评估报告 根据三环集团财务有限公司提供的有关资料和财务报表，并经本公司调查、 核实，就本公司与三环集团财务有限公司发生关联存贷款等金融业务的风险评估 情况报告如下： 一、三环集团财务有限公司基本情况 三环集团财务有限公司（以下简称"三环财务公司"）于 2017 年 7 月 6 日经 中国银行业监督管理委员会湖北监管局批准设立，合法持有《金融许可证》。公 司注册资本 100,000 万元，三环集团有限公司出资 100,000 万元，占注册资本的 比例为 100%。三环财务公司基本情况如下： 法定代表人：肖慧丽 经营范围：经营中国银行监督管理委员会依照有关法律、行政法规和其它规 定批准的业务，经营范围以批准文件所列的为准。经批准，经营以下本外币业务： 吸收成员单位存款；办理成员单位贷款；办理成员单位票据贴现；办理成员单位 资金结算与收付；提供成员单位委托贷款、债券承销、非融资性保函、财务顾问、 信用鉴证及咨询代 ...

证券代码：000678 证券简称：襄阳轴承 公告编号：2025-026 襄阳汽车轴承股份有限公司 第七届董事会第二十九次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 襄阳汽车轴承股份有限公司第七届董事会第二十九次会议于 2025 年 8 月 28 日以现场和通讯相结合的方式召开，会议通知于 2025 年 8 月 18 日以通讯方 式发出。公司 9 名董事全部出席了本次会议，会议由董事长高少兵先生主持， 符合《公司法》和《公司章程》的有关规定，会议审议并通过了如下决议： 二、董事会会议审议情况 1、审议通过《2025 年半年度报告》及其摘要 具体内容详见公司在巨潮资讯网（http://www.cninfo.com.cn/）上披露的《2025 年半年度报告》和在证券时报、巨潮资讯网（http://www.cninfo.com.cn/）上披露的 《2025 年半年度报告摘要》。 表决结果：同意 9 票；反对 0 票；弃权 0 票。 2、审议通过《关于对三环集团财务有限公司的风险持续评估报告的议案》 具体内容详见公司在巨潮资讯网 ...

Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=Important%20Notes) The Board, Supervisory Board, and senior management guarantee report accuracy and completeness; no dividend or capital increase is planned - The company's Board of Directors, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility[5](index=5&type=chunk) - The company's head, chief financial officer, and head of accounting department declare the financial report to be true, accurate, and complete[6](index=6&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[9](index=9&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the nine main chapters and their starting page numbers, providing a structural overview of the report - The report comprises nine main chapters, covering important notes, company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, financial reports, and other submitted data[11](index=11&type=chunk) [Reference Documents List](index=4&type=section&id=Reference%20Documents%20List) This section details the company's semi-annual report reference documents, including signed financial statements and publicly disclosed files - Reference documents include signed and sealed accounting statements and original copies of company documents and announcements disclosed in designated media[13](index=13&type=chunk) - Reference documents are filed at the company's Board of Directors Office[13](index=13&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions for key terms used throughout the report, ensuring clear and consistent understanding of the content Key Term Definitions for the Reporting Period | Item | Definition | | :--- | :--- | | Company, The Company | Xiangyang Automobile Bearing Co., Ltd. | | Board of Directors | Board of Directors of Xiangyang Automobile Bearing Co., Ltd. | | Supervisory Board | Supervisory Board of Xiangyang Automobile Bearing Co., Ltd. | | Shareholders' Meeting | Shareholders' Meeting of Xiangyang Automobile Bearing Co., Ltd. | | Sanhuan Group | Sanhuan Group Co., Ltd. | | Xiangyang Plant | Parent company and subsidiary Xiangyang Xiangzhou Transmission Technology Co., Ltd. | | Poland Plant/KFLT | Krasnik Rolling Bearings Co., Ltd. (Poland) | | China Securities Regulatory Commission (CSRC) | China Securities Regulatory Commission | | Shenzhen Stock Exchange (SZSE) | Shenzhen Stock Exchange | | Reporting Period | January 1, 2025 - June 30, 2025 | | Yuan, Ten Thousand Yuan | RMB Yuan, Ten Thousand RMB Yuan | Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=Company%20Profile) Xiangyang Automobile Bearing Co., Ltd. (stock code: 000678) is listed on the Shenzhen Stock Exchange, with Gao Shaobing as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Xiangyang Bearing | | Stock Code | 000678 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 襄阳汽车轴承股份有限公司 | | Legal Representative | Gao Shaobing | [Contact Person and Contact Information](index=6&type=section&id=Contact%20Person%20and%20Contact%20Information) This section provides the contact details for the company's Board Secretary, Meng Jie, facilitating investor communication Board Secretary Contact Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Meng Jie | No. 97 Dengcheng Avenue, High-tech Zone, Xiangyang City, Hubei Province | 0710-3577678, 3577209 | mengjie@zxy.com.cn, huntercs@126.com | [Other Information](index=6&type=section&id=Other%20Information) Company contact information, disclosure, and filing locations remained unchanged during the period, as detailed in the 2024 annual report - The company's registered address, office address, website, email, and other contact information remained unchanged during the reporting period[19](index=19&type=chunk) - Information disclosure and filing locations remained unchanged during the reporting period, as detailed in the 2024 annual report[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) Revenue grew **14.32%** to **796.32 million Yuan**, but net profit loss widened to **-15.53 million Yuan** (down **25.18%**), mainly from overseas factory losses Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Reporting Period (Yuan) | Prior Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | **796,320,976.34** | 696,568,257.61 | **14.32%** | | Net Profit Attributable to Shareholders of Listed Company | **-15,530,229.20** | -12,405,985.95 | **-25.18%** | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | **-21,882,859.84** | -19,292,605.35 | **-13.43%** | | Net Cash Flow from Operating Activities | **101,136,647.82** | 94,888,119.39 | **6.59%** | | Basic Earnings Per Share | **-0.03** | -0.03 | **0.00%** | | Diluted Earnings Per Share | **-0.03** | -0.03 | **0.00%** | | Weighted Average Return on Net Assets | **-1.97%** | -1.50% | **-0.47%** | | **Period-End Indicators** | **End of Current Reporting Period (Yuan)** | **End of Prior Year (Yuan)** | **Change from End of Prior Year** | | Total Assets | **2,311,304,973.48** | 2,240,178,560.84 | **3.18%** | | Net Assets Attributable to Shareholders of Listed Company | **774,529,583.56** | 799,509,675.33 | **-3.12%** | Key Financial Data by Plant for H1 2025 | Main Plant Name | Operating Revenue (Yuan) | Total Profit (Yuan) | Net Operating Cash Flow (Yuan) | | :--- | :--- | :--- | :--- | | Xiangyang Plant | **622,970,455.93** | **16,953,224.90** | **116,807,759.90** | | Poland Plant | **214,925,107.98** | **-43,814,164.17** | **-13,946,173.33** | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) No differences in net profit and net assets were reported between international/overseas and Chinese accounting standards - The company reported no differences in accounting data under domestic and overseas accounting standards during the reporting period[23](index=23&type=chunk)[24](index=24&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) Total non-recurring gains and losses amounted to **6.35 million Yuan**, primarily from government subsidies and non-current asset disposal gains Non-Recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions already made) | **308,808.31** | | Government subsidies recognized in current profit or loss (excluding those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | **8,568,422.73** | | Other non-operating income and expenses apart from the above items | **-1,578,614.36** | | Less: Income tax impact | **1,066,107.79** | | Impact on minority interests (after tax) | **-120,121.75** | | Total | **6,352,630.64** | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[27](index=27&type=chunk) Management Discussion and Analysis [Main Business Activities During the Reporting Period](index=9&type=section&id=Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company produces automotive bearings and universal joints; revenue grew **14.32%**, but overall losses persisted due to overseas operations - The company's main business is the production, research, and sale of bearings and components, with primary products being automotive bearings and constant velocity universal joints[29](index=29&type=chunk) - From January to June 2025, China's automobile production and sales reached **15.621 million units** and **15.653 million units**, respectively, representing year-on-year increases of **12.5%** and **11.4%**; new energy vehicle production and sales reached **6.968 million units** and **6.937 million units**, respectively, with year-on-year increases of **41.4%** and **40.3%**[29](index=29&type=chunk) - During the reporting period, the company achieved operating revenue of **796.321 million Yuan**, a year-on-year increase of **14.32%**, with net profit attributable to shareholders of **-15.5302 million Yuan**, primarily due to losses from overseas factories[30](index=30&type=chunk) [Analysis of Core Competencies](index=9&type=section&id=Analysis%20of%20Core%20Competencies) Core strengths include technological innovation, extensive customer base, strong brand, expanded marketing network, and stable management - The company is a leading domestic automotive bearing enterprise, holding **67 valid intellectual property rights** (**13 invention patents**), and is recognized as a National High-Tech Enterprise and a National Green Factory[31](index=31&type=chunk) - The company has accumulated extensive customer resources through product quality, serving most automotive OEM manufacturers, and its "ZXY" trademark has been awarded the "China Well-Known Trademark" title[32](index=32&type=chunk) - The company has established sales branches nationwide and expanded its overseas production and marketing service network through the acquisition of a Polish factory and the establishment of a Brazilian factory[33](index=33&type=chunk) - The company possesses a mature, stable, and professional management team, having established an internal management system suitable for its development[34](index=34&type=chunk) [Analysis of Main Business](index=10&type=section&id=Analysis%20of%20Main%20Business) Operating revenue grew **14.32%**, driven by **12.74%** in automotive components and **58.92%** in international markets, with foreign revenue now **48.14%** of total Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (Yuan) | Prior Period (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | **796,320,976.34** | 696,568,257.61 | **14.32%** | | | Operating Cost | **719,074,761.04** | 622,386,422.11 | **15.54%** | | | Selling Expenses | **11,797,286.82** | 10,607,864.21 | **11.21%** | | | Administrative Expenses | **49,105,342.73** | 42,751,068.49 | **14.86%** | | | Financial Expenses | **13,119,003.76** | 12,968,140.79 | **1.16%** | | | Income Tax Expense | **-3,902,497.25** | -5,101,626.70 | **-23.50%** | | | Net Cash Flow from Operating Activities | **101,136,647.82** | 94,888,119.39 | **6.59%** | | | Net Cash Flow from Investing Activities | **-21,446,660.64** | -1,966,764.70 | **-990.45%** | Primarily due to increased cash payments for the construction of fixed assets in the current period | | Net Cash Flow from Financing Activities | **-117,019,863.55** | -111,403,398.88 | **-5.04%** | | | Net Increase in Cash and Cash Equivalents | **-36,136,778.46** | -18,427,779.40 | **-96.10%** | Primarily due to increased cash payments for the construction of fixed assets in the current period | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Amount in Current Reporting Period (Yuan) | Proportion of Operating Revenue | Amount in Prior Period (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Automotive Components | **741,027,851.70** | **93.06%** | 657,302,263.74 | 94.36% | **12.74%** | | | Other | **55,293,124.64** | **6.94%** | 39,265,993.87 | 5.64% | **40.82%** | | **By Product** | Bearings | **574,899,696.89** | **72.19%** | 524,178,892.93 | 75.25% | **9.68%** | | | Constant Velocity Universal Joints | **166,128,154.81** | **20.86%** | 133,123,370.81 | 19.11% | **24.79%** | | | Other | **55,293,124.64** | **6.94%** | 39,265,993.87 | 5.64% | **40.82%** | | **By Region** | Domestic | **412,958,378.81** | **51.86%** | 455,334,031.34 | 65.37% | **-9.31%** | | | International | **383,362,597.53** | **48.14%** | 241,234,226.27 | 34.63% | **58.92%** | - In the breakdown of operating revenue by industry, "Other" increased by **40.82%** year-on-year, primarily due to increased material sales revenue in the current period; in the breakdown by region, "International" increased by **58.92%** year-on-year, mainly due to increased bearing export volume in the current period[38](index=38&type=chunk) - Gross profit margin for automotive components increased by **0.88%** year-on-year, for constant velocity universal joints by **6.27%**, and for international regions by **8.49%**[39](index=39&type=chunk) [Analysis of Non-Core Business](index=11&type=section&id=Analysis%20of%20Non-Core%20Business) The company reported no non-core business analysis content during the reporting period - The company had no non-core business analysis during the reporting period[40](index=40&type=chunk) [Analysis of Assets and Liabilities](index=12&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) Total assets increased by **3.18%**, driven by construction in progress and new long-term borrowings, with certain assets restricted Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (Yuan) | Proportion of Total Assets | Amount at End of Prior Year (Yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | **153,348,364.27** | **6.63%** | 182,361,016.29 | 8.14% | **-1.51%** | | Accounts Receivable | **354,347,980.58** | **15.33%** | 301,963,631.05 | 13.48% | **1.85%** | | Inventories | **395,934,339.04** | **17.13%** | 401,651,237.86 | 17.93% | **-0.80%** | | Investment Properties | **22,446,774.26** | **0.97%** | 23,484,119.88 | 1.05% | **-0.08%** | | Fixed Assets | **906,851,983.97** | **39.24%** | 920,489,539.04 | 41.09% | **-1.85%** | | Construction in Progress | **32,824,689.57** | **1.42%** | 13,160,957.48 | 0.59% | **0.83%** | | Right-of-Use Assets | **14,806,980.27** | **0.64%** | 13,068,698.68 | 0.58% | **0.06%** | | Short-term Borrowings | **371,034,529.16** | **16.05%** | 378,388,307.16 | 16.89% | **-0.84%** | | Contract Liabilities | **8,001,141.30** | **0.35%** | 7,097,854.30 | 0.32% | **0.03%** | | Long-term Borrowings | **38,014,087.50** | **1.64%** | | | **1.64%** | | Lease Liabilities | **3,611,370.60** | **0.16%** | 3,187,409.80 | 0.14% | **0.02%** | Major Overseas Assets | Specific Asset Details | Asset Scale | Location | Profitability (Net Profit) | Proportion of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | | Krasnik Rolling Bearings Co., Ltd. (Poland) | Total assets **480.8639 million Yuan**, net assets **116.7028 million Yuan** | Poland | **36.5534 million Yuan** | **15.07%** | Asset Restriction Status | Item | Book Balance at Period End (Yuan) | Book Value at Period End (Yuan) | Type of Restriction | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | **99,814,010.50** | **99,814,010.50** | Margin and Freeze | | Intangible Assets | **318,035,481.52** | **230,409,405.45** | Loan Mortgage | | Fixed Assets | **540,152,628.33** | **386,308,445.55** | Loan Mortgage and Mortgage to Minority Shareholders of Subsidiaries | | Investment Properties | **111,478,889.14** | **20,125,596.42** | Loan Mortgage | | Total | **1,069,481,009.49** | **736,657,457.92** | | [Analysis of Investment Status](index=13&type=section&id=Analysis%20of%20Investment%20Status) No significant equity, non-equity, securities, or derivative investments, nor use of raised funds, were reported - The company had no significant equity investments, non-equity investments, securities investments, derivative investments, or use of raised funds during the reporting period[46](index=46&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk) [Significant Asset and Equity Sales](index=13&type=section&id=Significant%20Asset%20and%20Equity%20Sales) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets or equity during the reporting period[49](index=49&type=chunk)[50](index=50&type=chunk) [Analysis of Major Holding and Participating Companies](index=14&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Financial data for major subsidiaries is disclosed, with the Polish subsidiary reporting **36.55 million Yuan** net profit and the Xiangyang subsidiary **1.30 million Yuan** net profit Major Subsidiary Financial Data | Company Name | Company Type | Main Business | Registered Capital | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Krasnik Rolling Bearings Co., Ltd. (Poland) | Subsidiary | Machinery Manufacturing | **81.05 million Zloty** | **480,863,916.01** | **116,702,803.07** | **214,925,107.98** | **-42,636,280.31** | **36,553,437.62** | | Xiangyang Xiangzhou Transmission Technology Co., Ltd. | Subsidiary | Machinery Manufacturing | **153.4788 million Yuan** | **321,596,077.24** | **176,573,941.03** | **166,545,988.58** | **1,300,716.60** | **1,304,705.81** | - The company had no acquisitions or disposals of subsidiaries during the reporting period[52](index=52&type=chunk) [Information on Structured Entities Controlled by the Company](index=14&type=section&id=Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) The company reported no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[53](index=53&type=chunk) [Risks Faced by the Company and Countermeasures](index=14&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces macroeconomic, raw material price, market competition, and exchange rate risks, addressed via governance, innovation, and cost control - The company faces risks from domestic and international macroeconomic changes and industry fluctuations, with the industry still under significant pressure[53](index=53&type=chunk) - Raw materials (bearing steel and steel products) constitute a significant portion of costs, and price fluctuations exert pressure on the company's cost control[54](index=54&type=chunk) - The automotive components market faces fierce competition, and the company encounters challenges in market expansion and technological upgrades[55](index=55&type=chunk) - The company's export business is primarily settled in USD and EUR, posing financial risks due to exchange rate fluctuations[56](index=56&type=chunk) - The company will address risks by improving governance, technological innovation, optimizing structure, controlling costs, strengthening budget management, and enhancing risk control[56](index=56&type=chunk)[57](index=57&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=15&type=section&id=Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system nor disclosed a valuation enhancement plan[58](index=58&type=chunk) [Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=15&type=section&id=Implementation%20of%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company has not disclosed any announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has not disclosed any announcement regarding the "Dual Improvement in Quality and Returns" action plan[58](index=58&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=15&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) No changes occurred in the company's directors, supervisors, or senior management during the period, as detailed in the 2024 annual report - There were no changes in the company's directors, supervisors, or senior management during the reporting period[59](index=59&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=15&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[60](index=60&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=15&type=section&id=Implementation%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) No equity incentive, employee stock ownership, or other employee incentive plans were in place during the period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[61](index=61&type=chunk) [Environmental Information Disclosure](index=15&type=section&id=Environmental%20Information%20Disclosure) The company and its major subsidiaries are listed for environmental information disclosure, with a query index provided for their reports - The company and its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[62](index=62&type=chunk) Enterprises Included in the List for Legal Environmental Information Disclosure | No. | Enterprise Name | Query Index for Legally Disclosed Environmental Information Report | | :--- | :--- | :--- | | 1 | Xiangyang Automobile Bearing Co., Ltd. | `http://219.140.164.18:8007/hbyfpl/frontal/index.html/home/index` | [Social Responsibility](index=15&type=section&id=Social%20Responsibility) The company actively fulfills social responsibilities, balancing economic benefits with environmental protection, resource efficiency, and stakeholder welfare - The company actively fulfills its social responsibilities, focusing on national social development, the natural environment, resources, and the interests of stakeholders (shareholders, employees, customers, suppliers, and communities)[63](index=63&type=chunk)[64](index=64&type=chunk) - The company strengthens environmental protection, improves resource efficiency, drives local economic development through project construction, effectively controls pollutant emissions, enhances waste recycling, and standardizes hazardous waste disposal[64](index=64&type=chunk)[66](index=66&type=chunk) - The company safeguards employee rights, handles various social insurances, provides assistance and relief, establishes sound compensation incentives and occupational health and safety systems, and supports union work[65](index=65&type=chunk) - The company adheres to principles of voluntariness, fairness, equivalent compensation, and good faith, strictly controls product quality, actively develops new products, focuses on customer after-sales service, and rigorously screens suppliers[66](index=66&type=chunk) Significant Events [Fulfillment of Commitments](index=17&type=section&id=Fulfillment%20of%20Commitments) This section details commitment fulfillment, absence of illegal guarantees, and related party transactions, noting no major litigation or penalties Fulfillment of Commitments | Reason for Commitment | Promising Party | Type of Commitment | Summary of Commitment Content | Commitment Date | Commitment Period | Fulfillment Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Acquisition Report or Equity Change Report | Jia Zhihong; Wuhan Kingold Industrial Group Co., Ltd. | Commitments regarding horizontal competition, related party transactions, and fund occupation | Maintain independence of listed company, avoid horizontal competition, regulate and avoid related party transactions | January 16, 2018 | Continuously effective until the promising party no longer controls Xiangyang Bearing. | Currently being fulfilled | | Commitments made during asset restructuring | Sanhuan Group Co., Ltd. | Commitments regarding horizontal competition, related party transactions, and fund occupation | Reduce and avoid related party transactions, avoid horizontal competition | May 22, 2013 | Continuously effective until Sanhuan Group Co., Ltd. no longer controls Xiangyang Bearing. | Currently being fulfilled | | Commitments made during initial public offering or refinancing | Sanhuan Group Co., Ltd. | Commitments regarding horizontal competition, related party transactions, and fund occupation; Share restriction commitment | Reduce and avoid related party transactions, avoid horizontal competition, ensure independence of listed company; No transfer within 36 months from the listing date of non-publicly issued shares | December 1, 2011 | The first three commitments are continuously effective until Sanhuan Group Co., Ltd. no longer controls Xiangyang Bearing. The share restriction period was from February 6, 2013, to February 6, 2016. | Share restriction commitment fulfilled, other commitments currently being fulfilled | - All commitments were fulfilled on time, with no overdue unfulfilled commitments[68](index=68&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=18&type=section&id=Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) The company reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[69](index=69&type=chunk) [Illegal External Guarantees](index=18&type=section&id=Illegal%20External%20Guarantees) The company reported no illegal external guarantees during the reporting period - The company reported no illegal external guarantees during the reporting period[70](index=70&type=chunk) [Appointment and Dismissal of Accounting Firms](index=18&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[71](index=71&type=chunk) [Explanation by the Board of Directors and Supervisory Board on the "Non-Standard Audit Report" for the Current Period](index=18&type=section&id=Explanation%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Board%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The company reported no non-standard audit report during the reporting period - The company reported no non-standard audit report during the reporting period[72](index=72&type=chunk) [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=18&type=section&id=Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) The company reported no non-standard audit report during the reporting period - The company reported no non-standard audit report during the reporting period[72](index=72&type=chunk) [Bankruptcy and Reorganization Matters](index=18&type=section&id=Bankruptcy%20and%20Reorganization%20Matters) The company reported no bankruptcy or reorganization matters during the reporting period - The company reported no bankruptcy or reorganization matters during the reporting period[72](index=72&type=chunk) [Litigation Matters](index=18&type=section&id=Litigation%20Matters) The company reported no significant litigation, arbitration, or other litigation matters during the reporting period - The company reported no significant litigation or arbitration matters during the reporting period[73](index=73&type=chunk) [Penalties and Rectification Status](index=18&type=section&id=Penalties%20and%20Rectification%20Status) The company reported no penalties or rectification situations during the reporting period - The company reported no penalties or rectification situations during the reporting period[73](index=73&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=18&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company, its controlling shareholder, and actual controller reported no integrity issues during the reporting period - The company reported no integrity issues concerning its controlling shareholder or actual controller during the reporting period[74](index=74&type=chunk) [Significant Related Party Transactions](index=19&type=section&id=Significant%20Related%20Party%20Transactions) The company engaged in routine related party transactions (procurement, sales) and received **210 million Yuan** in guarantees from Sanhuan Group Co., Ltd Related Party Transactions Related to Daily Operations | Related Party | Type of Related Party Transaction | Content of Related Party Transaction | Amount of Related Party Transaction (Ten Thousand Yuan) | Approved Transaction Limit (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | | Hubei Sanhuan Yixin Supply Chain Co., Ltd. | Procurement | Materials | **4.46** | **20** | | Hubei Sanhuan International Co., Ltd. | Sales | Bearings | **652.84** | **1500** | | Total | | | **657.30** | **1520** | - The company did not engage in related party transactions involving asset or equity acquisitions/disposals, nor joint external investments during the reporting period[76](index=76&type=chunk)[77](index=77&type=chunk) Related Party Guarantees (Company as the Guaranteed Party) | Guarantor | Guaranteed Amount (Yuan) | Guarantee Start Date | Guarantee End Date | Is Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Sanhuan Group Co., Ltd. | **105,030,000.00** | 2025-1-17 | 2026-1-17 | No | | Sanhuan Group Co., Ltd. | **105,030,000.00** | 2025-6-26 | 2026-6-26 | No | Related Party Fund Borrowing (Borrowed) | Related Party | Borrowed Amount (Yuan) | Start Date | Due Date | Notes | | :--- | :--- | :--- | :--- | :--- | | Sanhuan Group Co., Ltd. | **12,000,000.00** | 2015-10-22 | 2027-10-22 | Long-term payables | | Sanhuan International (Poland) Co., Ltd. | **6,933,155.30** | 2013-9-18 | No agreement | Other payables | | Sanhuan International (Poland) Co., Ltd. | **11,281,028.41** | 2013-10-17 | No agreement | Other payables | | Sanhuan Hong Kong Co., Ltd. | **1,344,384.00** | 2019-7-25 | No agreement | Other payables | Other Significant Related Party Transactions (Company as Lessor) | Lessee Name | Type of Leased Asset | Lease Expense Recognized in Current Period (Yuan) | Lease Expense Recognized in Prior Period (Yuan) | | :--- | :--- | :--- | :--- | | Xiangyang Sanhuan Hongtong Automobile Sales Service Co., Ltd. | Land | **259,275.60** | 259,275.60 | | Xiangyang Sanhuan Chentong Automobile Co., Ltd. | Land | **214,721.28** | 214,721.28 | | Xiangyang Sanhuan Jiatong Automobile Co., Ltd. | Land | **230,178.24** | 230,178.24 | [Significant Contracts and Their Fulfillment](index=21&type=section&id=Significant%20Contracts%20and%20Their%20Fulfillment) No significant contracts (entrustment, contracting, leasing, guarantees, wealth management) were reported during the period - The company reported no entrustment, contracting, leasing, significant guarantees, wealth management, or other significant contracts during the reporting period[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) [Explanation of Other Significant Matters](index=21&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The company reported no other significant matters requiring explanation during the reporting period - The company reported no other significant matters requiring explanation during the reporting period[91](index=91&type=chunk) [Significant Matters of Company Subsidiaries](index=21&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) The company's subsidiaries reported no significant matters during the reporting period - The company's subsidiaries reported no significant matters during the reporting period[92](index=92&type=chunk) Share Changes and Shareholder Information [Share Change Status](index=22&type=section&id=Share%20Change%20Status) The company's total share capital remained unchanged, with **459,611,797** unrestricted shares, accounting for **100%** of the total Share Change Status | Item | Number of Shares Before This Change | Proportion Before This Change | Subtotal of Increase/Decrease in This Change (+, -) | Number of Shares After This Change | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | | | | | | | II. Unrestricted Shares | **459,611,797** | **100.00%** | **0** | **459,611,797** | **100.00%** | | 1. RMB Ordinary Shares | **459,611,797** | **100.00%** | **0** | **459,611,797** | **100.00%** | | III. Total Shares | **459,611,797** | **100.00%** | **0** | **459,611,797** | **100.00%** | - During the reporting period, there were no reasons, approvals, or transfer situations for share changes, nor any progress in share repurchases[96](index=96&type=chunk) [Securities Issuance and Listing Status](index=23&type=section&id=Securities%20Issuance%20and%20Listing%20Status) The company reported no securities issuance or listing activities during the reporting period - The company reported no securities issuance or listing activities during the reporting period[96](index=96&type=chunk) [Number of Shareholders and Shareholding Status](index=23&type=section&id=Number%20of%20Shareholders%20and%20Shareholding%20Status) The company had **110,393** ordinary shareholders; Sanhuan Group Co., Ltd. held **27.94%** of shares, all frozen - The total number of ordinary shareholders at the end of the reporting period was **110,393** accounts[97](index=97&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period End (Shares) | Number of Unrestricted Shares Held (Shares) | Pledge, Mark, or Freeze Status (Share Status/Quantity) | | :--- | :--- | :--- | :--- | :--- | :--- | | Sanhuan Group Co., Ltd. | Domestic General Legal Person | **27.94%** | **128,400,000.00** | **128,400,000.00** | Frozen / **128,400,000.00** | | Xiangyang Bearing Investment Development Group Co., Ltd. | State-owned Legal Person | **18.09%** | **83,159,130.00** | **83,159,130.00** | Not applicable / **0** | | Hubei Xinhaitian Investment Co., Ltd. | Domestic General Legal Person | **0.35%** | **1,615,531.00** | **1,615,531.00** | Frozen / **1,615,531.00** | | Hong Wanqiu | Domestic Natural Person | **0.16%** | **750,099.00** | **750,099.00** | Not applicable / **0** | | Chen Xiao | Domestic Natural Person | **0.16%** | **750,000.00** | **750,000.00** | Not applicable / **0** | | BARCLAYS BANK PLC | Overseas Legal Person | **0.16%** | **719,712.00** | **719,712.00** | Not applicable / **0** | | J. P. Morgan Securities PLC - Proprietary Funds | Overseas Legal Person | **0.12%** | **571,966.00** | **571,966.00** | Not applicable / **0** | | Zhang Jihao | Domestic Natural Person | **0.12%** | **568,700.00** | **568,700.00** | Not applicable / **0** | | Zhang Huijun | Domestic Natural Person | **0.12%** | **567,300.00** | **567,300.00** | Not applicable / **0** | | He Yuemei | Domestic Natural Person | **0.11%** | **489,700.00** | **489,700.00** | Not applicable / **0** | - Among the top ten ordinary shareholders, Zhang Jihao holds **568,700 shares** of the company's stock through Guoyuan Securities Co., Ltd.'s client credit trading guarantee securities account[98](index=98&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=25&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) No changes occurred in the shareholdings of directors, supervisors, or senior management during the period, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[100](index=100&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=25&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder and actual controller remained unchanged during the reporting period[101](index=101&type=chunk) [Preferred Share Information](index=25&type=section&id=Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[102](index=102&type=chunk) Bond-Related Information The company reported no bond-related information during the reporting period - The company reported no bond-related information during the reporting period[104](index=104&type=chunk) Financial Report [Audit Report](index=27&type=section&id=Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[106](index=106&type=chunk) [Financial Statements](index=27&type=section&id=Financial%20Statements) This section provides the company's H1 2025 consolidated and parent balance sheets, income statements, cash flow, and owners' equity statements - Consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity are provided[107](index=107&type=chunk)[112](index=112&type=chunk)[115](index=115&type=chunk)[119](index=119&type=chunk)[123](index=123&type=chunk)[127](index=127&type=chunk)[131](index=131&type=chunk)[135](index=135&type=chunk) [Company Basic Information](index=44&type=section&id=Company%20Basic%20Information) Established in 1993 and listed in 1997, Xiangyang Automobile Bearing specializes in automotive bearings and components, with **10** consolidated subsidiaries - The company was established in May 1993 and listed on the Shenzhen Stock Exchange on January 6, 1997[140](index=140&type=chunk) - As of June 30, 2025, the company's total share capital was **459,611,797 shares**[141](index=141&type=chunk) - The company belongs to the machinery processing industry, with its main products being medium-sized automotive bearings under the "ZXY" brand[142](index=142&type=chunk) - As of the end of the reporting period, a total of **10 subsidiaries** were included in the scope of consolidated financial statements[144](index=144&type=chunk) [Basis of Financial Statement Preparation](index=45&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) Financial statements are prepared under accounting standards and regulatory requirements, based on the going concern assumption, with no significant doubts about continuity - The financial statements are prepared in accordance with Enterprise Accounting Standards and the China Securities Regulatory Commission's "Reporting Rules for Information Disclosure by Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports"[145](index=145&type=chunk) - There are no matters that raise significant doubts about the company's ability to continue as a going concern within 12 months from the end of the reporting period[146](index=146&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=46&type=section&id=Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) Key accounting policies and estimates, including financial instruments, consolidation, inventory, fixed assets, and revenue recognition, are outlined with no changes - The financial statements prepared by the company comply with Enterprise Accounting Standards and truly and completely reflect the financial position, operating results, and cash flows[147](index=147&type=chunk) - The company's accounting year adopts the calendar year, the operating cycle is **12 months**, and the functional currency is RMB[148](index=148&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk) - Detailed disclosure of key accounting policies such as financial instrument classification, recognition, measurement, impairment, as well as business combinations, preparation of consolidated financial statements, inventories, fixed assets, intangible assets, and revenue recognition[152](index=152&type=chunk)[159](index=159&type=chunk)[176](index=176&type=chunk)[193](index=193&type=chunk)[205](index=205&type=chunk)[212](index=212&type=chunk)[235](index=235&type=chunk)[245](index=245&type=chunk)[262](index=262&type=chunk)[266](index=266&type=chunk)[271](index=271&type=chunk) - There were no significant changes in accounting policies and accounting estimates during the reporting period[280](index=280&type=chunk) [Taxation](index=71&type=section&id=Taxation) Main taxes include VAT, urban maintenance, and corporate income tax, with a **15%** rate for 2025 as a high-tech enterprise Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable income calculated at corresponding tax rates, paid on the difference after deducting deductible input VAT for the current period | Domestic VAT rates **13%**, **6%**, **5%**; Overseas VAT rate **23%** | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | **7%** | | Corporate Income Tax | Calculated based on taxable income | **15%** (Xiangyang Automobile Bearing Co., Ltd.), **25%** (Hubei Xiangzhou Automation Equipment Co., Ltd. etc.), **16.5%** (Xiangzhou Hong Kong Investment Co., Ltd. etc.), **19%** (PBF (Warsaw) Co., Ltd. etc.) | | Property Tax | Assessed based on value, after a one-time deduction of **20%** from the original value of the property; assessed based on rental income for rental properties | **1.2%**, **12%** | | Education Surcharge | Actual amount of turnover tax paid | **3%** | | Local Education Surcharge | Actual amount of turnover tax paid | **2%** | | Land Use Tax | Actual occupied land area | Fixed rate | - As a high-tech enterprise, the company applies a **15%** corporate income tax rate in 2025[281](index=281&type=chunk) - Overseas subsidiaries apply the local tax rates of their operating countries[282](index=282&type=chunk) [Notes to Consolidated Financial Statement Items](index=72&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) Detailed notes on consolidated financial statement items cover period-end and beginning balances, and changes for various assets, liabilities, and income accounts Cash and Cash Equivalents | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash on Hand | **406,154.67** | 375,080.36 | | Bank Deposits | **52,874,507.69** | 76,549,653.82 | | Other Cash and Cash Equivalents | **100,026,473.32** | 92,498,805.11 | | Funds Deposited with Finance Company | **41,228.59** | 12,937,477.00 | | Total | **153,348,364.27** | 182,361,016.29 | | Of which: Total amount of funds deposited overseas | **6,540,067.53** | 11,838,728.74 | Accounts Receivable by Aging | Aging | Book Balance at Period End (Yuan) | Book Balance at Period Beginning (Yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | **356,907,014.95** | 314,176,925.22 | | 1 to 2 years | **16,978,682.62** | 2,696,634.33 | | 2 to 3 years | **3,406,740.56** | 2,676,489.37 | | Over 3 years | **28,202,177.10** | 30,765,208.58 | | Total | **405,494,615.23** | 350,315,257.50 | Inventory Classification | Item | Book Value at Period End (Yuan) | Book Value at Period Beginning (Yuan) | | :--- | :--- | :--- | | Raw Materials | **70,972,046.95** | 57,323,440.61 | | Work in Progress | **60,368,682.99** | 65,370,387.15 | | Finished Goods | **252,387,635.03** | 252,466,785.24 | | Goods in Transit | **10,150,385.19** | 26,273,401.49 | | Low-Value Consumables | **2,055,588.88** | 217,223.37 | | Total | **395,934,339.04** | 401,651,237.86 | Operating Revenue and Operating Cost | Item | Revenue for Current Period (Yuan) | Cost for Current Period (Yuan) | Revenue for Prior Period (Yuan) | Cost for Prior Period (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | **741,027,851.70** | **665,274,711.47** | 657,302,263.74 | 595,910,401.21 | | Other Businesses | **55,293,124.64** | **53,800,049.57** | 39,265,993.87 | 26,476,020.90 | | Total | **796,320,976.34** | **719,074,761.04** | 696,568,257.61 | 622,386,422.11 | Reconciliation of Total Profit to Income Tax Expense | Item | Amount for Current Period (Yuan) | | :--- | :--- | | Total Profit | **-25,742,270.26** | | Income tax expense calculated at statutory/applicable tax rate | **-2,451,213.81** | | Impact of different tax rates applicable to subsidiaries | **63,034.12** | | Impact of deductible temporary differences or deductible losses for which deferred income tax assets were not recognized in the current period | **-5,254,366.06** | | Impact of additional deductible expenses | **3,740,048.50** | | Income Tax Expense | **-3,902,497.25** | [Research and Development Expenses](index=101&type=section&id=Research%20and%20Development%20Expenses) Total R&D expenses were **29.76 million Yuan**, entirely expensed, up **8.05%** year-on-year, driven by personnel and direct input costs Research and Development Expenses | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Personnel Costs | **8,426,846.10** | 5,292,606.18 | | Direct Input Costs | **11,064,565.19** | 16,248,229.23 | | Depreciation Expense | **6,814,406.01** | 3,847,717.49 | | Other Related Expenses | **3,450,105.49** | 2,150,023.39 | | Total | **29,755,922.79** | 27,538,576.29 | | Of which: Expensed R&D expenses | **29,755,922.79** | 27,538,576.29 | - All R&D expenses for the current period were expensed, with no capitalized R&D expenses[474](index=474&type=chunk) [Changes in Consolidation Scope](index=101&type=section&id=Changes%20in%20Consolidation%20Scope) Two new subsidiaries, Hubei Xiangzhou Sales and Hubei Xiangzhou Supply Chain, were added; no other consolidation scope changes occurred - Two new subsidiaries, Hubei Xiangzhou Sales Co., Ltd. and Hubei Xiangzhou Supply Chain Co., Ltd., were added during the reporting period[475](index=475&type=chunk) - The company reported no business combinations not under common control, business combinations under common control, reverse acquisitions, or disposals of subsidiaries during the reporting period[475](index=475&type=chunk) [Interests in Other Entities](index=102&type=section&id=Interests%20in%20Other%20Entities) The company holds interests in **10** subsidiaries, including significant non-wholly owned entities like Krasnik Rolling Bearings (Poland) and Xiangyang Xiangzhou Transmission Composition of the Enterprise Group (List of Subsidiaries) | Subsidiary Name | Registered Capital | Main Operating Location | Business Nature | Shareholding Proportion (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Hubei Xiangzhou Automation Equipment Co., Ltd. | **4,000,000.00 Yuan** | Xiangyang City, Hubei Province | Machinery Manufacturing | **100.00%** | Establishment | | Xiangzhou Hong Kong Investment Co., Ltd. | **500,000.00 HKD** | Hong Kong Special Administrative Region | Investment Company | **100.00%** | Establishment | | Hubei Xiangzhou Import and Export Co., Ltd. | **1,000,000.00 Yuan** | Xiangyang City, Hubei Province | Automobile Manufacturing | **100.00%** | Establishment | | Xiangyang Xiangzhou Transmission Technology Co., Ltd. | **153,478,800.00 Yuan** | Xiangyang City, Hubei Province | Automobile Manufacturing | **76.54%** | Establishment | | Hubei Xiangzhou Sales Co., Ltd. | **3,000,000.00 Yuan** | Xiangyang City, Hubei Province | Automobile Manufacturing | **100.00%** | Establishment | | Hubei Xiangzhou Supply Chain Co., Ltd. | **5,000,000.00 Yuan** | Xiangyang City, Hubei Province | Automobile Manufacturing | **100.00%** | Establishment | | Xiangzhou Luxembourg Investment Co., Ltd. | **30,000.00 Euro** | Luxembourg | Investment Company | **100.00%** | Establishment | | Xiangzhou (Frankfurt) Co., Ltd. | **200,000.00 Euro** | Frankfurt | Machinery Manufacturing | **51.00%** | Establishment | | PBF (Warsaw) Co., Ltd. | **500,000.00 Zloty** | Warsaw | Investment Company | **51.00%** | Establishment | | Krasnik Rolling Bearings Co., Ltd. (Poland) | **81,050,000.00 Zloty** | Krasnik | Machinery Manufacturing | **79.53%** | Business Combination Not Under Common Control | Financial Information of Significant Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Proportion | Profit or Loss Attributable to Minority Shareholders for Current Period (Yuan) | Minority Interests Balance at Period End (Yuan) | | :--- | :--- | :--- | :--- | | Krasnik Rolling Bearings Co., Ltd. (Poland) | **20.48%** | **-7,426,314.40** | **19,729,314.31** | | Xiangyang Xiangzhou Transmission Technology Co., Ltd. | **23.46%** | **306,031.80** | **41,417,194.38** | | Total | | **-7,120,282.60** | **61,146,508.69** | - The company has no significant restrictions on the use of enterprise group assets or the repayment of enterprise group debts, nor has it provided financial or other support to structured entities included in the consolidated financial statements[482](index=482&type=chunk) [Government Grants](index=104&type=section&id=Government%20Grants) Government grants recognized in current profit or loss totaled **8.57 million Yuan**, primarily via other income; deferred grants were **24.59 million Yuan** at period-end Government Grants Recognized in Current Profit or Loss | Accounting Account | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Other Income | **8,568,422.73** | 7,453,212.06 | Liability Items Involving Government Grants | Accounting Account | Period-Beginning Balance (Yuan) | New Grants Added in Current Period (Yuan) | Amount Transferred to Other Income in Current Period (Yuan) | Period-End Balance (Yuan) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | **27,559,713.57** | **244,646.02** | **3,994,542.68** | **24,587,090.58** | Related to Assets | [Risks Related to Financial Instruments](index=104&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks (interest rate, exchange rate) via credit assessments, cash flow monitoring, and prudent financial instrument management - The company faces credit risk, liquidity risk, and market risk (interest rate risk, exchange rate risk)[488](index=488&type=chunk)[489](index=489&type=chunk)[491](index=491&type=chunk)[494](index=494&type=chunk) - The company manages credit and liquidity risks by assessing debtor credit, monitoring bank borrowings, and maintaining sufficient cash and cash equivalents[490](index=490&type=chunk)[491](index=491&type=chunk) - The company manages interest rate and exchange rate risks by determining the proportion of fixed/floating rate contracts and responding to exchange rate fluctuations[495](index=495&type=chunk)[496](index=496&type=chunk) - As of June 30, 2025, the company's asset-liability ratio was **63.73%**[498](index=498&type=chunk) [Disclosure of Fair Value](index=106&type=section&id=Disclosure%20of%20Fair%20Value) Fair value assets, mainly accounts receivable financing and other equity investments, are valued using Level 3 inputs based on face value and investee performance Fair Value of Assets and Liabilities Measured at Fair Value at Period End | Item | Fair Value at Period End (Yuan) | | :--- | :--- | | Accounts Receivable Financing | **25,954,610.46** | | Other Equity Instrument Investments | **3,115,961.11** | - Accounts receivable financing is measured at fair value using face value; other equity instrument investments are valued based on the investee's performance and operating information[502](index=502&type=chunk) [Related Parties and Related Party Transactions](index=107&type=section&id=Related%20Parties%20and%20Related%20Party%20Transactions) Jia Zhihong is the ultimate controller, Sanhuan Group Co., Ltd. is the parent; various related party transactions include procurement, sales, guarantees, and fund borrowings - The company's parent company is Sanhuan Group Co., Ltd., and the ultimate controlling party is Jia Zhihong[503](index=503&type=chunk) - The company has related party transactions involving the purchase and sale of goods and provision of services with Hubei Sanhuan Yixin Supply Chain Co., Ltd., Hubei Sanhuan International Co., Ltd., and other related parties[508](index=508&type=chunk)[509](index=509&type=chunk) - The company, as lessor, leases land to Xiangyang Sanhuan Hongtong Automobile Sales Service Co., Ltd. and other related parties[511](index=511&type=chunk) - Sanhuan Group Co., Ltd. provides guarantees to the company, with a total guaranteed amount of **210 million Yuan**[515](index=515&type=chunk) - The company borrowed funds from Sanhuan Group Co., Ltd., Sanhuan International (Poland) Co., Ltd., Sanhuan Hong Kong Co., Ltd., and other related parties[516](index=516&type=chunk) - The company has fund settlement transactions with Sanhuan Group Finance Co., Ltd., with a period-end deposit balance of **41,228.59 Yuan**[519](index=519&type=chunk) Related Party Receivables | Item Name | Related Party | Book Balance at Period End (Yuan) | Provision for Bad Debts (Yuan) | | :--- | :--- | :--- | :--- | | Accounts Receivable | Hubei Sanhuan Axle Co., Ltd. | **3,795,787.18** | **1,949,878.13** | | Accounts Receivable | Hubei Sanhuan Brake Co., Ltd. | **638,564.05** | **412,376.02** | | Accounts Receivable | Sichuan Sanhuan Hengli Axle Co., Ltd. | **596,684.58** | **216,361.26** | | Accounts Receivable | Hubei Sanhuan Real Estate Development Xiangyang Co., Ltd. | **297,630.15** | **14,881.51** | | Accounts Receivable | Xiangyang Sanhuan Hongtong Automobile Sales Service Co., Ltd. | **129,637.80** | **6,481.89** | | Accounts Receivable | Hubei Sanhuan International Co., Ltd. | **751,028.74** | **37,551.44** | Related Party Payables | Item Name | Related Party | Book Balance at Period End (Yuan) | | :--- | :--- | :--- | | Long-term Payables | Sanhuan Group Co., Ltd. | **12,000,000.00** | | Other Payables | Sanhuan International (Poland) Co., Ltd. | **18,214,183.71** | | Other Payables | Xiangyang Bearing Investment Development Group Co., Ltd. | **21,821.11** | | Other Payables | Sanhuan Hong Kong Co., Ltd. | **1,344,384.00** | | Accounts Payable | Hubei Sanhuan Yixin Supply Chain Co., Ltd. | **253,066.61** | | Accounts Payable | Hubei Sanhuan Casting Co., Ltd. | **129,795.78** | | Accounts Payable | Hubei Sanhuan Xiangzhou Equipment Technology Co., Ltd. | **1,266,400.00** | | Contract Liabilities | Hubei Sanhuan Automobile Steering Gear Co., Ltd. | **899.21** | | Contract Liabilities | Hubei Sanhuan Casting Trade Co., Ltd. | **5.98** | [Share-based Payment](index=111&type=section&id=Share-based%20Payment) No share-based payment information (overall, equity-settled, or cash-settled) was reported during the period - The company reported no share-based payment information during the reporting period[526](index=526&type=chunk) [Commitments and Contingencies](index=111&type=section&id=Commitments%20and%20Contingencies) The company reported no commitments or contingencies during the reporting period - The company reported no commitments or contingencies during the reporting period[527](index=527&type=chunk) [Events After the Balance Sheet Date](index=111&type=section&id=Events%20After%20the%20Balance%20Sheet%20Date) The company reported no events after the balance sheet date during the reporting period - The company reported no events after the balance sheet date during the reporting period[527](index=527&type=chunk) [Other Significant Matters](index=111&type=section&id=Other%20Significant%20Matters) No prior period accounting error corrections were reported; segments are domestic and international, and **128.4 million** Sanhuan Group shares remain frozen until April 14, 2028 - The company reported no prior period accounting error corrections during the reporting period[527](index=527&type=chunk) - The company determines its reporting segments based on geographical regions, divided into domestic and international[528](index=528&type=chunk) Financial Information by Reporting Segment | Item | Domestic (Yuan) | International (Yuan) | Inter-segment Eliminations (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | I. Operating Revenue | **412,958,378.81** | **383,362,597.53** | **-242,866,403.61** | **796,320,976.34** | | VI. Total Profit | **19,740,264.73** | **-43,351,479.55** | **-2,131,055.44** | **-25,742,270.26** | | VIII. Net Profit | **19,160,426.95** | **-37,870,055.09** | **-3,130,144.87** | **-21,839,773.01** | | IX. Total Assets | **2,345,948,397.29** | **495,340,795.22** | **-529,984,219.03** | **2,311,304,973.48** | | X. Total Liabilities | **1,226,746,155.88** | **620,367,066.74** | **-375,267,664.65** | **1,471,845,557.97** | - All **128,400,000.00 shares** of the company held by Sanhuan Group Co., Ltd. are frozen, with an unfreeze date of April 14, 2028[531](index=531&type=chunk) [Notes to Parent Company Financial Statement Items](index=112&type=section&id=Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) Detailed notes on parent company financial statement items cover period-end and beginning balances, and changes for receivables, equity investments, and operating revenue/costs Parent Company Accounts Receivable by Aging | Aging | Book Balance at Period End (Yuan) | Book Balance at Period Beginning (Yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | **350,861,009.26** | 309,085,876.08 | | 1 to 2 years | **16,869,494.75** | 2,683,928.88 | | 2 to 3 years | **1,239,615.31** | 2,580,645.55 | | Over 3 years | **28,053,600.52** | 30,229,303.85 | | Total | **397,023,719.84** | 344,579,754.36 | Parent Company Other Receivables by Nature of Payment | Nature of Payment | Book Balance at Period End (Yuan) | Book Balance at Period Beginning (Yuan) | | :--- | :--- | :--- | | Demolition Compensation | **1,519,907.71** | 1,519,907.71 | | Intercompany Payables/Receivables | **126,803,712.33** | 103,675,019.56 | | Employee Resettlement Fees | **9,196,460.94** | 9,196,460.94 | | Total | **137,520,080.98** | 114,391,388.21 | Parent Company Investments in Subsidiaries | Investee | Period-Beginning Balance (Yuan) | Increase in Current Period (Yuan) | Period-End Balance (Yuan) | | :--- | :--- | :--- | :--- | | Hubei Xiangzhou Automation Equipment Co., Ltd. | **2,000,000.00** | **2,000,000.00** | **4,000,000.00** | | Hubei Xiangzhou Supply Chain Co., Ltd. | | **50,000.00** | **50,000.00** | | Xiangzhou Hong Kong Investment Co., Ltd. | **401,350.00** | | **401,350.00** | | Xiangyang Xiangzhou Transmission Technology Co., Ltd. | **82,806,090.94** | | **82,806,090.94** | | Total | **85,207,440.94** | **2,050,000.00** | **87,257,440.94** | Parent Company Operating Revenue and Operating Cost | Item | Revenue for Current Period (Yuan) | Cost for Current Period (Yuan) | Revenue for Prior Period (Yuan) | Cost for Prior Period (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | **552,045,186.37** | **490,252,593.53** | 444,323,530.72 | 415,717,784.48 | | Other Businesses | **70,507,435.79** | **55,949,769.66** | 50,398,505.46 | 27,011,028.59 | | Total | **622,552,622.16** | **546,202,363.19** | 494,722,036.18 | 442,728,813.07 | [Supplementary Information](index=117&type=section&id=Supplementary%20Information) This section details non-recurring gains and losses (**6.35 million Yuan**), net asset return, and EPS, with no accounting standard differences Detailed Statement of Non-Recurring Gains and Losses for the Current Period | Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | **308,808.31** | | Government subsidies recognized in current profit or loss (excluding those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | **8,568,422.73** | | Other non-operating income and expenses apart from the above items | **-1,578,614.36** | | Less: Income tax impact | **1,066,107.79** | | Impact on minority interests (after tax) | **-120,121.75** | | Total | **6,352,630.64** | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (Yuan/Share) | Diluted Earnings Per Share (Yuan/Share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | **-1.97%** | **-0.03** | **-0.03** | | Net Profit Attributable to Ordinary Shareholders of the Company After Deducting Non-Recurring Gains and Losses | **-2.78%** | **-0.05** | **-0.05** | - The company reported no differences in accounting data under domestic and overseas accounting standards[569](index=569&type=chunk) Other Submitted Data [Other Significant Social Safety Issues](index=119&type=section&id=Other%20Significant%20Social%20Safety%20Issues) The company and its subsidiaries reported no other significant social safety issues or administrative penalties during the reporting period - The company and its subsidiaries reported no other significant social safety issues or administrative penalties during the reporting period[571](index=571&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=119&type=section&id=Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) The company reported no registration forms for research, communication, interview, or other activities during the reporting period - The company reported no registration forms for research, communication, interview, or other activities during the reporting period[571](index=571&type=chunk) [Fund Transactions Between Listed Company and Controlling Shareholders and Other Related Parties](index=119&type=section&id=Fund%20Transactions%20Between%20Listed%20Company%20and%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) The company reported no fund transactions with controlling shareholders or other related parties during the reporting period - The company reported no fund transactions with controlling shareholders or other related parties during the reporting period[571](index=571&type=chunk)

Group 1 - The A-share market saw a surge in military stocks, with Zhongtian Rocket rising nearly 9%, and other companies like Suzhou Axis, Dongfang Precision, and Fuge Rui also experiencing gains [1] - The State Council Information Office held a press conference to discuss preparations for a military parade, highlighting the modular and systematic composition of the aerial team, which includes advanced early warning command aircraft, fighter jets, bombers, and transport aircraft [1] - The showcased military equipment consists of domestically produced active main battle equipment, with a significant proportion of new models making their debut [1]

Group 1 - The stock price of Xiangyang Bearing closed at 16.18 yuan on August 8, 2025, down 1.40% from the previous trading day [1] - The stock experienced volatility during the day, with a rapid rebound where the price increased over 2% within 5 minutes, reaching a high of 16.70 yuan [1] - The total trading volume for the day was 5.54 billion yuan, with a turnover rate of 7.38% [1] Group 2 - Xiangyang Bearing's main business includes the research, production, and sales of bearings and their components, which are widely used in the automotive and construction machinery sectors [1] - The company's total market capitalization is 74.37 billion yuan, and it currently has a negative price-to-earnings ratio [1] - On August 8, there was a net outflow of 23.75 million yuan from the main funds, with a cumulative net outflow of 42.81 million yuan over the past five trading days [1] Group 3 - The stock exhibited a volatility of 3.66% on that day, indicating some market divergence [1]

Core Insights - As of August 6, 2025, Xiangyang Bearing (000678) closed at 16.75 CNY, up 3.46% with a turnover rate of 16.28% and a trading volume of 748,200 lots, amounting to 1.259 billion CNY in transaction value [1] Financial Performance - For Q1 2025, the company reported total operating revenue of 363 million CNY, a year-on-year increase of 2.40% [1] - The net profit attributable to shareholders was 13.628 million CNY, a decrease of 1.77% year-on-year [1] - The non-recurring net profit was 15.127 million CNY, down 2.86% year-on-year [1] - The current ratio stood at 0.769, the quick ratio at 0.475, and the debt-to-asset ratio at 63.18% [1] Investment and Intellectual Property - Xiangyang Bearing has made investments in 13 companies and participated in 160 bidding projects [2] - The company holds 26 trademark registrations and 223 patents, along with 128 administrative licenses [2]

Group 1 - The company, Xiangyang Bearing (000678), reported that as of July 31, the total number of shareholders was 110,252 [1]

Core Viewpoint - The company, Xiangyang Bearing, has reported a decrease in the number of shareholders and a decline in stock price, alongside mixed financial results for the first quarter and a negative profit forecast for the first half of the year [2][3]. Group 1: Shareholder and Stock Performance - As of July 31, the number of shareholders for Xiangyang Bearing was 110,252, a decrease of 9,140 from the previous period, representing a decline of 7.66% [2]. - The latest stock price for Xiangyang Bearing is 16.38 yuan, reflecting a slight increase of 0.18%, but the stock has cumulatively decreased by 1.38% since the concentration of shares began [2]. - The stock experienced 7 days of increases and 5 days of decreases during the reporting period [2]. Group 2: Financial Performance - In the first quarter, the company achieved an operating revenue of 363 million yuan, which is a year-on-year increase of 2.40% [2]. - The net profit for the first quarter was -13.6282 million yuan, showing a year-on-year decline of 1.77% [2]. - The basic earnings per share for the first quarter were -0.0300 yuan [2]. - On July 15, the company released a half-year performance forecast, expecting a net profit of -13 million yuan, which indicates a year-on-year decrease of 4.79% [3].

Core Points - The stock price of Xiangyang Bearing (000678) closed at 15.6 yuan, down 3.17% as of July 30, 2025, with a turnover rate of 6.92% and a trading volume of 318,100 hands, amounting to 500 million yuan in transaction value [1] - The net outflow of main funds today was 49.81 million yuan, accounting for 9.96% of the transaction value, with large orders showing a net outflow of 51.19 million yuan [1] Financial Performance - For the first quarter of 2025, the company reported total operating revenue of 363 million yuan, a year-on-year increase of 2.40%, while net profit attributable to shareholders was 13.63 million yuan, a decrease of 1.77% year-on-year [1] - The company's non-recurring net profit was 15.13 million yuan, down 2.86% year-on-year, with a current ratio of 0.769, a quick ratio of 0.475, and a debt-to-asset ratio of 63.18% [1] Company Overview - Xiangyang Automotive Bearing Co., Ltd. was established in 1993 and is located in Xiangyang City, primarily engaged in the automotive manufacturing industry [2] - The company has a registered capital of 4,596.12 million yuan and a paid-in capital of 4,290.80 million yuan, with Gao Shaobing serving as the legal representative [1][2] - The company has made investments in 13 enterprises, participated in 160 bidding projects, and holds 26 trademark registrations and 223 patents, along with 128 administrative licenses [2]

Summary of Key Points Core Viewpoint - Xiangyang Automotive Bearing Co., Ltd. (the "Company") disclosed that its major shareholder, Xiangyang Bearing Investment Development Group Co., Ltd. ("Xiangzhou Group"), plans to reduce its shareholding by 13,788,353 shares, representing 3% of the Company's total share capital, through centralized bidding and block trading methods [1]. Group 1: Shareholding Changes - On July 16, 2025, Xiangzhou Group reduced its shareholding by 1,000,000 shares, which is 0.21% of the Company's total share capital, bringing its total holdings down from 83,159,130 shares to 82,159,130 shares [2][3]. - Following this transaction, Xiangzhou Group's ownership percentage decreased from 18.09% to 17.88%, indicating a change that touches on a 1% integer multiple [2][3]. Group 2: Compliance and Regulations - The Company confirmed that the share reduction does not violate any laws, regulations, or rules, including the Securities Law and the Management Measures for the Acquisition of Listed Companies [4][5]. - The reduction plan is still in progress and has not been fully executed as of the announcement date [5].