证券代码：001221 证券简称：悍高集团 公告编号：2025-004 悍高集团股份有限公司 第二届监事会第七次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有 任何虚假记载、误导性陈述或重大遗漏。 悍高集团股份有限公司（以下简称"公司"）第二届监事会第七次会议于 2025 年 8 月 28 日在公司会议室召开。本次监事会会议通知及会议材料于 2025 年 8 月 18 日以邮件等形式向公司全体监事发出。会议以现场与通讯相结合的方 式召开，由监事会主席汪宝春先生主持。本次会议应出席监事 3 人，实际出席监 事 3 人。本次会议的召集、召开符合有关法律、行政法规、部门规章、规范性文 件和公司章程的规定。 二、审议并通过《关于募投项目延期及使用超募资金用于在建募投项目的 议案》 经审核，公司监事会认为：本次募投项目延期及使用超募资金用于在建募投 项目的事项符合公司募集资金投资项目实际情况，不会对公司生产经营造成不利 影响。公司募投项目延期不影响募投项目的实施，不存在变相改变募集资金用途 和损害股东利益的情形，符合中国证监会、深圳证券交易所关于上市公司募集资 1 金管理的有关规定，符合公 ...

证券代码：001221 证券简称：悍高集团 公告编号：2025-003 悍高集团股份有限公司 因公司完成首次公开发行股票并在深圳证券交易所主板上市，根据《公司法》 《深圳证券交易所股票上市规则》《上市公司章程指引（2025 年修订）》等相关法 律、法规和规章制度规定，公司结合实际情况，对注册资本、公司类型、经营范围 进行变更，调整公司治理结构，并对《公司章程》相关条款进行修订，同时董事会 提请股东大会授权公司管理层办理工商变更登记、章程备案并签署相关文件，授权 有效期限为自公司股东大会审议通过之日起至本次相关工商变更登记及章程备案办 理完毕之日止。本次《公司章程》变更最终以市场监督管理部门核准登记、备案的 第二届董事会第十二次会议决议公告 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，没有任何 虚假记载、误导性陈述或重大遗漏。 悍高集团股份有限公司（以下简称"公司"）第二届董事会第十二次会议于 2025 年 8 月 28 日在公司会议室召开。本次董事会会议通知及会议材料于 2025 年 8 月 18 日以邮件等形式向公司全体董事发出。会议以现场和通讯相结合的方式召开，由董 事长欧锦锋先生主持。本次 ...

国泰海通证券股份有限公司 关于悍高集团股份有限公司 募投项目延期及使用超募资金用于在建募投项目的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通证券"或"保荐机构"）作为 悍高集团股份有限公司（以下简称"悍高集团"或"公司"）首次公开发行股票并主 板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司募集资 金监管规则》《深圳证券交易所股票上市规则》及《深圳证券交易所上市公司自 律监管指引第 1 号——主板上市公司规范运作》等有关规定，对悍高集团募投项 目延期及使用超募资金用于在建募投项目的事项进行了核查，具体情况如下： 一、募集资金基本情况 （一）募集资金到位情况 经中国证券监督管理委员会《关于同意悍高集团股份有限公司首次公开发行 股票注册的批复》（证监许可〔2025〕990 号）同意注册，并经深圳证券交易所 《关于悍高集团股份有限公司人民币普通股股票上市的通知》（深证上〔2025〕 814 号）同意，公司已向社会公众公开发行人民币普通股（A 股）股票 4,001 万 股，发行价格为每股人民币 15.43 元，募集资金总额为人民币 61,735.43 万元， 扣除发行费用 10,673.17 ...

一、募集资金基本情况 经中国证券监督管理委员会《关于同意悍高集团股份有限公司首次公开发行 股票注册的批复》（证监许可〔2025〕990 号）同意注册，并经深圳证券交易所 《关于悍高集团股份有限公司人民币普通股股票上市的通知》（深证上〔2025〕 814 号）同意，公司已向社会公众公开发行人民币普通股（A 股）股票 4,001 万 股，发行价格为每股人民币 15.43 元，募集资金总额为人民币 61,735.43 万元， 扣除发行费用 10,673.17 万元（不含增值税）后，募集资金净额为人民币 51,062.26 万元。 国泰海通证券股份有限公司 关于悍高集团股份有限公司 使用自有资金支付募投项目部分款项并以募集资金等额置换的 核查意见 国泰海通证券股份有限公司（以下简称"国泰海通证券"或"保荐机构"）作为 悍高集团股份有限公司（以下简称"公司"或"悍高集团"）首次公开发行股票并在 主板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司募集 资金监管规则》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律 监管指引第 1 号——主板上市公司规范运作》等有关规定，对悍高集团使用自有 资金支 ...

国泰海通证券股份有限公司 关于悍高集团股份有限公司 使用募集资金置换预先投入募投项目及已支付发行费用的 自筹资金的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通证券"或"保荐机构"）作为 悍高集团股份有限公司（以下简称"公司"或"悍高集团"）首次公开发行股票并在 主板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司募集 资金监管规则》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律 监管指引第 1 号——主板上市公司规范运作》等有关法律法规和规范性文件的 要求，对悍高集团使用募集资金置换预先投入募投项目及已支付发行费用的自筹 资金事项进行了审慎核查，并发表意见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意悍高集团股份有限公司首次公开发行 股票注册的批复》（证监许可〔2025〕990 号）同意注册，并经深圳证券交易所 《关于悍高集团股份有限公司人民币普通股股票上市的通知》（深证上〔2025〕 814 号）同意，公司已向社会公众公开发行人民币普通股（A 股）股票 4,001 万 股，发行价格为每股人民币 15.43 元，募集资金总额为人民币 61,735.43 万 ...

华兴专字[2025]21005441091 号 华兴会计师事务所（特殊普通合伙） w 关于悍高集团股份有限公司 以自筹资金预先投入募集资金投资项目 及支付发行费用的鉴证报告 关于悍高集团股份有限公司 以自筹资金预先投入募集资金投资项目 及支付发行费用的鉴证报告 华兴专字[2025]21005441091 号 悍高集团股份有限公司全体股东： 我们接受委托，对后附的悍高集团股份有限公司（以下简称"贵公司"） 管理层编制的截至 2025 年 8 月 1 日的《关于以自筹资金预先投入募集资金投 资项目及支付发行费用的专项说明》进行鉴证。 一、管理层的责任 按照《上市公司募集资金监管规则》及《深圳证券交易所上市公司自律 监管指引第 1 号——主板上市公司规范运作》及相关格式指引的要求编制《关 于以自筹资金预先投入募集资金投资项目及支付发行费用的专项说明》，提 供真实、合法、完整的相关资料，并保证其内容真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，是贵公司管理层的责任。 二、注册会计师的责任 我们的责任是在实施鉴证工作的基础上对贵公司管理层编制的《关于以 自筹资金预先投入募集资金投资项目及支付发行费用的专项说 ...

Section I Important Notice, Table of Contents, and Definitions This section covers essential disclaimers, the report's structure, reference documents, and key term definitions [Important Notice](index=2&type=section&id=重要提示) The company's management assures the report's accuracy and completeness, with financial statements verified, while noting forward-looking statements are not profit guarantees and no dividends are planned - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report[5](index=5&type=chunk) - Company head Oujinfeng, chief accountant Zhou Xiuzhou, and head of accounting department Huang Hue declare the financial report is true, accurate, and complete[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=目录) This section presents the structured table of contents, outlining nine main chapters including important notices, company profile, and financial reports [List of Reference Documents](index=4&type=section&id=备查文件目录) This section lists the company's reference documents for the reporting period, including signed financial statements and original announcements, available at the company's Securities Investment Department - Reference documents include signed and sealed financial statements, original copies of publicly disclosed company documents and announcements, and the original semi-annual report signed by the legal representative[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) - The reference documents are available at the company's Securities Investment Department[13](index=13&type=chunk) [Definitions](index=5&type=section&id=释义) This section defines common terms used in the report, covering company names, product categories, and various enterprise management systems - “Higold Group” refers to Higold Group Co., Ltd., formerly known as Foshan Shunde Higold Hardware Products Co., Ltd[14](index=14&type=chunk) - “Reporting Period” refers to January 1, 2025, to June 30, 2025, which is the first half of 2025[14](index=14&type=chunk) - “Home Hardware” refers to metal components used in living spaces such as kitchens, bedrooms, bathrooms, and living rooms, providing functions like storage, decoration, connection, and movement[14](index=14&type=chunk) Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, and key financial performance metrics for the reporting period [I. Company Profile](index=6&type=section&id=一、公司简介) Higold Group Co., Ltd., stock code 001221, is listed on the Shenzhen Stock Exchange with Oujinfeng as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Higold Group | | Stock Code | 001221 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Higold Group Co., Ltd. | | Legal Representative | Oujinfeng | [II. Contact Persons and Information](index=6&type=section&id=二、联系人和联系方式) The company's board secretary and securities affairs representative share the same contact address, phone, fax, and email Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Xu Hao | No. 36, Shunye East Road, Xintan Town, Shunde District, Foshan City | 0757-27386193 | 0757-27386231 | Higold01@higold.com.cn | | Securities Affairs Representative | Liu Ping | No. 36, Shunye East Road, Xintan Town, Shunde District, Foshan City | 0757-27386193 | 0757-27386231 | Higold01@higold.com.cn | [III. Other Information](index=6&type=section&id=三、其他情况) The company's registered address, office address, website, email, and information disclosure locations remained unchanged during the reporting period - The company's contact information remained unchanged during the reporting period[18](index=18&type=chunk) - Information disclosure and reference locations remained unchanged during the reporting period[19](index=19&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=四、主要会计数据和财务指标) In H1 2025, revenue grew by **22.37% to RMB 1.45 billion**, net profit attributable to shareholders increased by **34.70% to RMB 265 million**, and operating cash flow surged by **103.33% to RMB 363 million** Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Reporting Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,449,837,585.39 | 1,184,801,653.44 | 22.37% | | Net Profit Attributable to Shareholders of Listed Company | 265,442,984.95 | 197,062,340.22 | 34.70% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 261,093,491.74 | 189,290,102.60 | 37.93% | | Net Cash Flow from Operating Activities | 362,878,703.62 | 178,464,934.01 | 103.33% | | Basic Earnings Per Share (RMB/share) | 0.74 | 0.55 | 34.55% | | Diluted Earnings Per Share (RMB/share) | 0.74 | 0.55 | 34.55% | | Weighted Average Return on Net Assets | 14.13% | 15.00% | -0.87% | | **End of Current Reporting Period (RMB)** | **End of Prior Year (RMB)** | **Change from End of Prior Year** | | Total Assets | 2,891,768,337.58 | 2,500,411,571.16 | 15.65% | | Net Assets Attributable to Shareholders of Listed Company | 2,011,746,355.54 | 1,746,393,137.56 | 15.19% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=五、境内外会计准则下会计数据差异) The company reported no differences in net profit or net assets between financial statements prepared under international or overseas accounting standards and Chinese accounting standards - The company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[22](index=22&type=chunk) - The company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[23](index=23&type=chunk) [VI. Non-recurring Gains and Losses and Amounts](index=7&type=section&id=六、非经常性损益项目及金额) Non-recurring gains and losses totaled **RMB 4.35 million** for the period, primarily from government subsidies, fair value changes of financial instruments, and reversal of impairment provisions, net of income tax Non-recurring Gains and Losses for H1 2025 | Item | Amount (RMB) | | :--- | :--- | | Gains or Losses from Disposal of Non-current Assets | -17,512.89 | | Government Subsidies Included in Current Profit and Loss (excluding those with continuous impact) | 2,398,490.85 | | Gains or Losses from Changes in Fair Value of Financial Assets and Liabilities Held/Disposed by Non-financial Enterprises | 2,691,379.63 | | Reversal of Impairment Provisions for Receivables Subject to Individual Impairment Testing | 836,649.31 | | Other Non-operating Income and Expenses | -532,969.77 | | Less: Income Tax Impact | 1,026,543.92 | | Impact on Minority Interests (after tax) | 0.00 | | **Total** | **4,349,493.21** | Section III Management Discussion and Analysis This section provides a comprehensive analysis of the company's business operations, core competencies, financial performance, and risk factors during the reporting period [I. Principal Business Activities During the Reporting Period](index=9&type=section&id=一、报告期内公司从事的主要业务) The company primarily engages in R&D, design, production, and sales of home hardware and outdoor furniture, offering integrated high-end hardware solutions, while adapting to market growth and industry trends like smart manufacturing and consumption upgrades - Home hardware market size: **RMB 226.11 billion** in 2023, projected to reach **RMB 324.45 billion** by 2028, with a CAGR of **7.6%**[30](index=30&type=chunk) - Global outdoor furniture market size: **USD 19.2 billion** in 2020, projected to reach **USD 25.4 billion** by 2025, with a CAGR of **7.83%** (2016-2020)[32](index=32&type=chunk) - Industry technological advancements are reflected in product design and R&D capabilities, flexible and automated manufacturing, application of energy-saving and environmentally friendly materials, and integration of information systems like MES, WMS, and OMS[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) [(I) Overview of the Industry in which the Company Operates](index=9&type=section&id=（一）公司所处行业的基本情况) The home hardware market is expanding with a **7.6% CAGR**, while the global outdoor furniture market is also growing, with China as a key producer, and industry technology is advancing across multiple fronts [1. Industry Overview](index=9&type=section&id=1、行业基本情况) The home hardware market is expanding across various categories, while the outdoor furniture market, primarily in Europe and America with China as a key producer, is also experiencing steady growth - Home hardware products are mainly categorized into storage hardware, basic hardware, kitchen and bathroom hardware, with a continuously expanding market size[28](index=28&type=chunk)[30](index=30&type=chunk) - Outdoor furniture is classified into movable, fixed, and portable types, with Europe and America as primary markets and China as the largest producer and exporter[31](index=31&type=chunk)[32](index=32&type=chunk) [2. Industry Technology Level and Characteristics](index=11&type=section&id=2、行业的技术水平与特点) China's home hardware and outdoor furniture industries have significantly advanced in R&D, automated production, eco-friendly materials, and IT application, though disparities exist among companies - Industry design and R&D capabilities are continuously improving, with leading enterprises possessing strong original design capabilities[34](index=34&type=chunk) - Enterprises prioritize flexible and automated manufacturing, optimizing production processes to reduce costs and increase efficiency[35](index=35&type=chunk) - Environmental awareness is increasing, with companies focusing on eco-friendly performance in raw material selection and production processes[36](index=36&type=chunk) - Information technology is widely applied in enterprise management and production, integrating systems like MES, WMS, and OMS to enhance operational efficiency[37](index=37&type=chunk) [3. Industry Development Trends](index=11&type=section&id=3、行业的发展趋势) Home hardware is trending towards high-end, smart manufacturing, and integrated solutions driven by renovation, while outdoor furniture sees rising international demand, domestic potential, increased consolidation, and a focus on brand, quality, and sustainability - Home hardware industry trends: consumption upgrades drive mid-to-high-end market development, technological advancements lead to intelligent manufacturing and applications, integrated home furnishing models build systematic solutions, and renovation demand stimulates continuous growth[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - Outdoor furniture industry trends: increasing international market demand, huge domestic market potential, rising industry concentration, focus on brand management, and quality and environmental requirements promoting sustainable development[46](index=46&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk) [(II) Company's Industry Position](index=14&type=section&id=（二）公司所处的行业地位) Higold Group holds a leading position in home hardware and outdoor furniture, ranking among the top five enterprises in China, with its storage hardware achieving the highest domestic sales, supported by diverse marketing channels and strong R&D - The company is one of the top five leading enterprises in the home hardware industry, with its storage hardware ranking **first in domestic sales**[52](index=52&type=chunk)[53](index=53&type=chunk) - The company has established a multi-channel marketing system combining distribution and direct sales, supplemented by online and offline channels, with domestic offline distribution revenue accounting for **53.57%** of main business revenue[51](index=51&type=chunk) - As a high-tech enterprise and provincial industrial design center, the company participates in the formulation of multiple national and industry standards, enjoying high brand recognition[52](index=52&type=chunk) [(III) Company's Principal Business Activities](index=15&type=section&id=（三）公司从事的主要业务) The company specializes in R&D, design, production, and sales of home hardware and outdoor furniture, offering four main product series to provide comprehensive high-end hardware solutions - The company's principal business involves the R&D, design, production, and sales of home hardware and outdoor furniture products[54](index=54&type=chunk) - Key product categories include four major series: storage hardware, basic hardware, kitchen and bathroom hardware, and outdoor furniture[55](index=55&type=chunk) [(V) Business Model](index=17&type=section&id=（五）经营模式) The company's business model integrates procurement (on-demand and safety stock), multi-channel sales (domestic and international, online and offline), and production (primarily in-house with OEM and outsourced processing) - Procurement model: implements on-demand purchasing and appropriate safety stock, primarily sourcing raw materials such as iron profiles, aluminum profiles, stainless steel, as well as OEM and finished products[60](index=60&type=chunk)[61](index=61&type=chunk) - Sales model: integrates multiple domestic and international channels, including domestic offline distribution (main channel, payment in advance), domestic offline direct sales (key account service strategy), e-commerce (B2C direct stores, online distribution), cloud commerce (self-built platform for market penetration), and overseas sales (export direct sales, distribution, trade)[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) - Production model: primarily self-production (combining order-based and stock-based production), supplemented by OEM manufacturing (to compensate for capacity, strategic layout) and outsourced processing (non-core processes like electroplating, heat treatment)[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) [II. Analysis of Core Competencies](index=19&type=section&id=二、核心竞争力分析) The company's core competencies include strong brand influence, deep multi-channel penetration, dual-driven R&D innovation, and lean intelligent manufacturing, ensuring market leadership and sustainable growth [(I) Prominent Brand Influence](index=19&type=section&id=（一）品牌影响力突出) Leveraging extensive industry experience and quality offerings, the company has earned numerous awards and enhanced its "Higold" brand recognition in home hardware and outdoor furniture through integrated online and offline strategies - The company has received multiple honors, including “Top 10 Chinese Home Furnishing Hardware Manufacturers” and “Iconic Brand in China's Home Hardware Industry”[73](index=73&type=chunk) - The company implements a dual-track integrated brand communication strategy, combining online and offline efforts such as participating in exhibitions, outdoor advertising, celebrity endorsements, brand experience stores, e-commerce platforms, and new media marketing[73](index=73&type=chunk) [(II) Deep Penetration Through Diversified Channels](index=19&type=section&id=（二）多元渠道深度渗透) The company's products reach over **110 countries** and regions via offline distribution, direct sales, e-commerce, and cloud commerce, expanding its customer base through a national distribution network and strategic partnerships - The company's products are sold nationwide and to over **110 countries and regions**, including the Netherlands, Canada, Germany, and Saudi Arabia[75](index=75&type=chunk) - The distribution network covers Europe, North America, Asia-Pacific, Latin America, and other regions, continuously enhancing market penetration and brand influence[75](index=75&type=chunk) - Direct sales channels collaborate with leading home furnishing enterprises such as Oppein Home, ZBOM Home, Youwo Smart Home, Gold Cabinet, and major international retailers[75](index=75&type=chunk)[76](index=76&type=chunk) - E-commerce and cloud commerce channels cover over **100 prefecture-level cities**, expanding online business through Tmall and JD direct stores, authorized stores, and professional operating teams[77](index=77&type=chunk) [(III) Dual-Core Driven R&D and Innovation Capabilities](index=20&type=section&id=（三）研创实力双核驱动) The company prioritizes R&D, possessing over **ten core technologies** and **1,193 patents**, participating in national standard-setting, and earning multiple international design awards as a high-tech enterprise - The company possesses over **ten core technologies**, including corner cabinet pull-out mechanisms, basket adjustment, high-load bearing slides, and ultrasonic cleaning technologies[78](index=78&type=chunk) - As of June 30, 2025, the company and its subsidiaries hold **1,193 patents**, including **18 invention patents**, **252 utility model patents**, and **923 design patents**[78](index=78&type=chunk) - The company has repeatedly won international design awards such as the Himalaya Design Peak Award, German Red Dot Design Award, and German iF Design Award[78](index=78&type=chunk) [(IV) Lean and Intelligent Manufacturing Demonstrates Core Strength](index=20&type=section&id=（四）精益智造彰显硬核实力) The company has established a **600,000 sqm** digital manufacturing base with advanced automation, achieving fully automated hinge production and integrating information systems to enhance operational efficiency, cost control, and product quality - The company has built a **600,000 sqm** digital manufacturing base cluster, introducing advanced automated equipment and production lines[79](index=79&type=chunk) - Hinge products have achieved full-process automated production from blanking and stamping, assembly, and testing to packaging, significantly enhancing product quality stability[79](index=79&type=chunk) - By integrating information systems such as ERP, MES, and OA, the company achieves efficient collaboration and rapid response for production orders, improving operational efficiency and cost control[79](index=79&type=chunk) [III. Analysis of Principal Business](index=20&type=section&id=三、主营业务分析) In H1 2025, the company's principal business achieved robust growth with **RMB 1.45 billion** in revenue and **RMB 261 million** in non-recurring net profit, driven by strong basic hardware sales, diversified channels, and manufacturing upgrades [(I) Overview](index=21&type=section&id=（一）概述) In H1 2025, the company's core business generated **RMB 1.45 billion** in revenue and **RMB 261 million** in non-recurring net profit, with basic hardware as the main driver, supported by expanded channels and manufacturing upgrades - In H1 2025, operating revenue reached **RMB 1.45 billion**, a **22.37%** year-on-year increase; net profit after deducting non-recurring gains and losses was **RMB 261 million**, up **37.93%** year-on-year[81](index=81&type=chunk) - Basic hardware revenue accounted for **44.95%**, growing by **37.06%** year-on-year, serving as the company's revenue pillar[81](index=81&type=chunk) - As of the end of June 2025, the company had **381 distributors**, and its cloud commerce platform covered over **100 prefecture-level cities**[82](index=82&type=chunk) [(II) Year-on-Year Changes in Key Financial Data](index=21&type=section&id=（二）主要财务数据同比变动情况) Operating revenue increased by **22.37%**, while management expenses rose by **48.21%** due to increased payroll and depreciation; operating cash flow surged by **103.33%**, and financing cash flow grew by **4974.08%** due to increased borrowings Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (RMB) | Prior Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,449,837,585.39 | 1,184,801,653.44 | 22.37% | - | | Operating Cost | 908,750,296.69 | 773,227,929.92 | 17.53% | - | | Selling Expenses | 112,192,713.91 | 99,671,709.72 | 12.56% | - | | Administrative Expenses | 69,746,278.28 | 47,059,573.78 | 48.21% | Primarily due to increased employee compensation and office depreciation | | Financial Expenses | -4,826,229.32 | -5,795,763.90 | 16.73% | - | | Income Tax Expense | 40,098,004.22 | 30,341,566.30 | 32.16% | Primarily due to increased sales revenue and gross profit margin | | R&D Investment | 54,595,320.57 | 45,934,222.61 | 18.86% | - | | Net Cash Flow from Operating Activities | 362,878,703.62 | 178,464,934.01 | 103.33% | Primarily due to increased sales and timing differences in cash payments for goods and services | | Net Cash Flow from Investing Activities | -271,563,138.19 | -107,952,816.75 | -151.56% | Primarily due to increased purchases of large-denomination certificates of deposit and wealth management products in the current period | | Net Cash Flow from Financing Activities | 219,534,851.47 | -4,504,125.51 | 4974.08% | Primarily due to increased borrowings and direct repayment of borrowings with large-denomination certificates of deposit in the current period | | Net Increase in Cash and Cash Equivalents | 312,047,030.42 | 66,967,675.84 | 365.97% | Primarily due to increased cash inflow from operating activities | Operating Revenue Composition (by Industry, Product, Region, Channel) | Category | Item | Amount for Current Reporting Period (RMB) | Proportion of Operating Revenue | Amount for Prior Period (RMB) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Home Hardware Industry | 1,292,030,219.43 | 89.12% | 1,045,066,333.08 | 88.21% | 23.63% | | | Outdoor Furniture Industry | 124,152,368.85 | 8.56% | 114,764,106.74 | 9.69% | 8.18% | | **By Product** | Basic Hardware | 651,667,505.25 | 44.95% | 475,459,504.84 | 40.13% | 37.06% | | | Storage Hardware | 415,696,540.16 | 28.67% | 374,277,717.52 | 31.59% | 11.07% | | | Kitchen and Bathroom Hardware | 185,648,672.28 | 12.80% | 149,726,466.87 | 12.64% | 23.99% | | **By Region** | Domestic | 1,232,965,837.26 | 85.04% | 1,000,912,210.78 | 84.48% | 23.18% | | | Overseas | 183,216,751.02 | 12.64% | 158,918,229.04 | 13.41% | 15.29% | | **By Channel** | Offline Distribution | 758,665,662.86 | 52.33% | 674,139,262.05 | 56.90% | 12.54% | | | E-commerce Model | 167,115,213.72 | 11.53% | 126,266,608.97 | 10.66% | 32.35% | | | Cloud Commerce Model | 186,218,496.77 | 12.84% | 103,975,908.99 | 8.78% | 79.10% | | | Export | 183,216,751.02 | 12.64% | 158,918,229.04 | 13.41% | 15.29% | [IV. Analysis of Non-Principal Business](index=23&type=section&id=四、非主营业务分析) Non-principal business income primarily stemmed from investment gains of **CNY 2.69 million** and government subsidies of **CNY 8.47 million**, offset by asset impairment losses and non-operating expenses, with most items being non-recurring Non-Principal Business Gains and Losses | Item | Amount (RMB) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,691,379.63 | 0.88% | Primarily from investment income on wealth management products and large-denomination certificates of deposit | No | | Asset Impairment | -2,144,985.89 | -0.70% | Primarily due to inventory impairment provisions made in the current period | No | | Non-operating Income | 614,164.56 | 0.20% | Primarily from fines for distributor violations | No | | Non-operating Expenses | 1,147,134.33 | 0.38% | Primarily from losses on disposal of non-current assets | No | | Other Income | 8,473,655.55 | 2.77% | Primarily due to VAT super deduction and government subsidies received in the current period | No | | Credit Impairment Loss | 674,296.97 | 0.22% | Primarily due to reversal of bad debt provisions for accounts receivable in the current period | No | | Gains from Asset Disposal | -17,512.89 | -0.01% | Primarily from losses on disposal of fixed assets | No | [V. Analysis of Assets and Liabilities](index=23&type=section&id=五、资产及负债状况分析) Total assets grew by **15.65% to RMB 2.89 billion**, and net assets attributable to shareholders increased by **15.19% to RMB 2.01 billion**, driven by operating cash flow and increased borrowings, with **CNY 56.85 million** in restricted cash [1. Significant Changes in Asset Composition](index=23&type=section&id=1、资产构成重大变动情况) At period-end, cash and cash equivalents increased by **3.49% to RMB 1.26 billion**, other current assets by **1.54% to CNY 71.76 million**, and construction in progress by **1.10% to RMB 129 million**, while short-term borrowings rose by **1.31% to RMB 154 million** Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Proportion of Total Assets | Amount at End of Prior Year (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 1,264,910,414.22 | 43.74% | 1,006,520,101.38 | 40.25% | 3.49% | Primarily due to increased cash inflow from operating activities | | Other Current Assets | 71,756,558.82 | 2.48% | 23,398,252.16 | 0.94% | 1.54% | Primarily due to purchases of large-denomination certificates of deposit at period-end | | Fixed Assets | 768,507,141.02 | 26.58% | 769,817,200.26 | 30.79% | -4.21% | Primarily due to depreciation of fixed assets in the current period | | Construction in Progress | 129,105,171.29 | 4.46% | 84,070,923.74 | 3.36% | 1.10% | Primarily due to increased investment in construction projects in the current period | | Intangible Assets | 242,036,758.66 | 8.37% | 244,947,522.38 | 9.80% | -1.43% | Primarily due to amortization of intangible assets | | Short-term Borrowings | 153,656,287.65 | 5.31% | 99,992,710.23 | 4.00% | 1.31% | Primarily due to increased domestic letters of credit and discounted unexpired notes in the current period | | Notes Payable | 26,763,729.57 | 0.93% | 7,567,997.23 | 0.30% | 0.63% | - | | Taxes Payable | 45,028,559.99 | 1.56% | 22,915,289.84 | 0.92% | 0.64% | - | [3. Assets and Liabilities Measured at Fair Value](index=24&type=section&id=3、以公允价值计量的资产和负债) At period-end, the company had no financial assets or liabilities measured at fair value, with **CNY 727 million** in transactional financial assets (wealth management products and large-denomination certificates of deposit) purchased and sold during the period Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY 10,000) | Amount Purchased in Current Period (CNY 10,000) | Amount Sold in Current Period (CNY 10,000) | Ending Balance (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 0.00 | 72,700.00 | 72,700.00 | 0.00 | | Financial Liabilities | 0.00 | 0.00 | 0.00 | 0.00 | [4. Restricted Asset Rights as of the End of the Reporting Period](index=25&type=section&id=4、截至报告期末的资产权利受限情况) At period-end, restricted cash totaled **CNY 56.85 million**, primarily comprising bank acceptance bill deposits, pre-litigation asset preservation funds, and restricted WeChat balances, a decrease from **RMB 111 million** at the beginning of the period Restricted Asset Rights | Item | Ending Book Balance (RMB) | Type of Restriction | Beginning Book Balance (RMB) | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 56,851,439.79 | Deposits, pre-litigation asset preservation, WeChat balance with transfer restrictions | 110,508,157.37 | [VI. Analysis of Investment Status](index=25&type=section&id=六、投资状况分析) Total investments for the period were **RMB 103 million**, a **5.66%** decrease year-on-year, with **RMB 727 million** in structural deposits purchased and sold, and no outstanding balances, securities, or derivative investments Changes in Total Investment | Indicator | Investment Amount in Current Period (RMB) | Investment Amount in Prior Period (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount for Reporting Period | 103,305,041.16 | 109,504,269.82 | -5.66% | - The company had no securities investments or derivative investments during the reporting period[95](index=95&type=chunk)[96](index=96&type=chunk) - The company had no use of raised funds during the reporting period[97](index=97&type=chunk) [VII. Significant Asset and Equity Sales](index=26&type=section&id=七、重大资产和股权出售) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell any significant assets during the reporting period[98](index=98&type=chunk) - The company did not sell any significant equity during the reporting period[99](index=99&type=chunk) [VIII. Analysis of Major Controlled and Invested Companies](index=27&type=section&id=八、主要控股参股公司分析) Key subsidiaries include Guangdong Higold Home Technology Co., Ltd., which contributed **RMB 152 million** in net profit, with no acquisitions or disposals of subsidiaries during the period Financial Performance of Major Subsidiaries (H1 2025) | Company Name | Company Type | Principal Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Higold Home Technology Co., Ltd. | Subsidiary | Production and sales of hardware products | 10,000,000.00 | 1,053,558,935.32 | 174,868,419.33 | 535,590,465.21 | 175,763,700.62 | 151,918,519.06 | | Guangdong Higold Sales Co., Ltd. | Subsidiary | Sales of home hardware products | 5,000,000.00 | 684,848,135.12 | -8,975,908.64 | 1,031,607,989.74 | -4,324,776.63 | -3,283,579.84 | | Foshan Shunde Weigao Display Technology Co., Ltd. | Subsidiary | Leasing and property management | 60,000,000.00 | 311,289,771.57 | 43,519,168.10 | 9,159,791.72 | -2,396,444.15 | -1,729,113.32 | - There were no acquisitions or disposals of subsidiaries during the reporting period[102](index=102&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=28&type=section&id=十、公司面临的风险和应对措施) The company addresses risks such as real estate market fluctuations, raw material price volatility, product quality, and operational performance through diversified strategies, proactive price locking, enhanced quality control, and investments in R&D and smart manufacturing - Real estate market fluctuation risk: The company mitigates risk by focusing on multi-category, omni-channel strategies, enhancing brand and product strength, and optimizing internal operations[103](index=103&type=chunk) - Raw material price fluctuation risk: Managed by signing agreements with core suppliers to lock in prices, strengthening dynamic inventory management, and incorporating raw material price linkage clauses in sales contracts[104](index=104&type=chunk) - Product quality risk: Addressed by strengthening the internal quality control system, introducing professional testing equipment, enhancing oversight of OEM manufacturers, and establishing an efficient customer complaint response mechanism[106](index=106&type=chunk) - Outsourced processing risk: Mitigated by building a diversified and flexible supply system, deepening strategic partnerships with core outsourced manufacturers, and optimizing production plans with information systems[107](index=107&type=chunk) - Distributor management risk: Controlled by formulating a “Distributor Management System” to strictly regulate entry and grading, optimizing incentive and exit mechanisms, scientifically setting performance targets, and increasing empowerment support[108](index=108&type=chunk) - Operating performance fluctuation risk: Addressed by firmly implementing multi-category, omni-channel strategies, increasing investment in original products and intelligent manufacturing, and promoting production automation and process digitalization[109](index=109&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=30&type=section&id=十一、市值管理制度和估值提升计划的制定落实情况) The company has neither established a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[111](index=111&type=chunk) - The company has not disclosed a valuation enhancement plan[111](index=111&type=chunk) [XII. Implementation of the 'Dual Improvement in Quality and Returns' Action Plan](index=30&type=section&id=十二、%22质量回报双提升%22行动方案贯彻落实情况) The company has not disclosed an announcement regarding its "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding the “Dual Improvement in Quality and Returns” action plan[111](index=111&type=chunk) Section IV Corporate Governance, Environment, and Society This section details changes in the company's governance, profit distribution plans, employee incentives, environmental disclosures, and social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management](index=30&type=section&id=一、公司董事、监事、高级管理人员变动情况) There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[112](index=112&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=30&type=section&id=二、本报告期利润分配及资本公积金转增股本情况) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital 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[113](index=113&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=30&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的实施情况) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures or their implementation during the reporting period[114](index=114&type=chunk) [IV. Environmental Information Disclosure](index=30&type=section&id=四、环境信息披露情况) Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law - Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[115](index=115&type=chunk) [V. Social Responsibility](index=30&type=section&id=五、社会责任情况) The company actively fulfilled its social responsibilities by prioritizing employee well-being, engaging in public welfare initiatives with government support, and promoting green development through distributed photovoltaic projects, generating **1.25 million kWh** and reducing **1,249 tons** of carbon emissions - The company adheres to the philosophy of “caring for employee life, well-being, and development,” organizing health lectures, free clinics, physical examinations, and providing assistance to employees in need[115](index=115&type=chunk)[116](index=116&type=chunk) - The company actively participates in social welfare, collaborating with the government on village-enterprise pairing assistance agreements in Qiandongnan Prefecture, providing aid funds[117](index=117&type=chunk) - The company promotes distributed photovoltaic projects, with cumulative power generation of **1.25 million kWh** and a reduction of approximately **1,249 tons** of carbon emissions as of June 30, 2025[118](index=118&type=chunk) Section V Significant Matters This section covers significant commitments, related party transactions, litigation, and other material events affecting the company during the reporting period [I. Fulfilled and Overdue Unfulfilled Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=32&type=section&id=一、公司实际控制人、股东、关联方、收购人以及公司等承诺相关方在报告期内履行完毕及截至报告期末超期未履行完毕的承诺事项) There were no fulfilled or overdue unfulfilled commitments by the controlling shareholder, shareholders, related parties, acquirers, or the company during or as of the end of the reporting period - The company reported no overdue unfulfilled commitments by relevant parties during the reporting period[120](index=120&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=32&type=section&id=二、控股股东及其他关联方对上市公司的非经营性占用资金情况) There were no non-operating funds occupied by the controlling shareholder or other related parties from the listed company during the reporting period - The company reported no non-operating funds occupied by the controlling shareholder or other related parties from the listed company during the reporting period[121](index=121&type=chunk) [III. Irregular External Guarantees](index=32&type=section&id=三、违规对外担保情况) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[122](index=122&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=32&type=section&id=四、聘任、解聘会计师事务所情况) The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[123](index=123&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=32&type=section&id=七、破产重整相关事项) The company had no bankruptcy or reorganization matters during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[124](index=124&type=chunk) [VIII. Litigation Matters](index=32&type=section&id=八、诉讼事项) The company had no major litigation or arbitration, but was involved in several minor contract and patent disputes, with some resolved and one pending - The company had no major litigation or arbitration matters during the reporting period[126](index=126&type=chunk) Other Litigation Matters | Basic Information of Litigation | Amount Involved (CNY 10,000) | Litigation Progress | Litigation Outcome and Impact | | :--- | :--- | :--- | :--- | | Li Moumou sued the company for contract dispute, claiming to hold 1.3% of the company's equity, valued at CNY 468.00 million, and requesting the company to assist in processing the corresponding equity industrial and commercial change | 468.00 | Concluded | All of the opposing party's litigation requests were rejected, with no significant adverse impact on the company | | The company's subsidiary Higold Home sued Guangzhou Guonuo Smart Manufacturing Technology Co., Ltd. for contract dispute, requesting the return of paid equipment fees, and payment of liquidated damages and litigation fees | 511.50 | Concluded | The court ruled that the opposing party should return the paid equipment fees and pay liquidated damages and litigation fees, with no significant adverse impact on the company | | Guangdong Nuomi Home Smart Technology Co., Ltd. sued the company for infringement of design patent rights | 50.00 | Concluded | Withdrawn | | Foshan Qiangshun Hardware Manufacturing Co., Ltd. sued the company and its subsidiary Higold Home for contract dispute, requesting payment of goods, liquidated damages, legal fees, acceptance fees, and preservation fees | 164.20 | Pending | Not yet heard, with no significant adverse impact on the company | [IX. Penalties and Rectification](index=33&type=section&id=九、处罚及整改情况) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[127](index=127&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=33&type=section&id=十、公司及其控股股东、实际控制人的诚信状况) There were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period - There were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period[128](index=128&type=chunk) [XI. Significant Related Party Transactions](index=33&type=section&id=十一、重大关联交易) The company engaged in routine related party sales of **CNY 16.22 million** with Foshan Hande Home Furnishing Products Co., Ltd., representing **1.12%** of similar transactions, with no other significant related party transactions Related Party Transactions Related to Daily Operations | Related Party | Related Party Relationship | Type of Related Party Transaction | Content of Related Party Transaction | Pricing Principle | Transaction Price | Transaction Amount in Current Period (CNY 10,000) | Proportion of Similar Transactions | Approved Transaction Limit (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Foshan Hande Home Furnishing Products Co., Ltd. | Enterprise actually controlled by Lin Peichao, spouse's brother-in-law of actual controller Oujinfeng | Sales of products | Baskets, hinges, etc. | Market price | Actual transaction | 1,622.34 | 1.12% | 4,500.00 | - The company had no related party transactions involving asset or equity acquisitions or sales during the reporting period[130](index=130&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[132](index=132&type=chunk) [XII. Significant Contracts and Their Performance](index=35&type=section&id=十二、重大合同及其履行情况) The company had no trusteeships or contracting arrangements, but leased various properties, provided guarantees to a subsidiary, and successfully managed **RMB 727 million** in wealth management products, with no other significant contracts [1. Trusteeship, Contracting, and Leasing Matters](index=35&type=section&id=1、托管、承包、租赁事项情况) The company had no trusteeship or contracting arrangements, but leased various properties including factories, warehouses, and offices in Foshan, Chengdu, and Vietnam, with terms ranging from 2017 to 2029 - The company had no trusteeship situations during the reporting period[136](index=136&type=chunk) - The company had no contracting situations during the reporting period[137](index=137&type=chunk) Leasing Situation During the Reporting Period | No. | Lessee | Lessor | Address | Lease Purpose | Area (sqm) | Lease Term | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Higold Group | Guangdong Junjia Auto Parts Industry Co., Ltd. | No. 72, Defu Road, Xintan Town, Shunde District, Foshan City | Factory, vacant land | 41,700.29 | 2017.7.1-2027.6.30 | | 2 | Higold Group | Guangdong Shunde Bushenle Electric Co., Ltd. | No. 5, Dejin Road, Xintan Town, Shunde District, Foshan City | Warehouse, workshop, vacant land | 23,676.55 | 2024.8.1-2026.7.31 | | 7 | Higold Vietnam | CÔNG TY TNHH ĐẦU TƯ THƯƠNG MẠI VÀ DỊCH VỤ NGỌC THÚY | 5-TM2B-9 and 5-TM2B-10, Third District (Phase I), Nam Huan Road Urban Area, Hoang Mai District, Hanoi City | Office | 585.00 | 2023.11.15-2028.9.10 | [2. Significant Guarantees](index=36&type=section&id=2、重大担保) The company had no significant guarantees, but provided a **RMB 200 million** guarantee limit to its subsidiary, Guangdong Higold Sales Co., Ltd., with an actual outstanding balance of **RMB 103 million**, representing **5.12%** of the company's net assets - The company had no significant guarantees during the reporting period[140](index=140&type=chunk) Company's Guarantees to Subsidiaries | Name of Guaranteed Party | Guarantee Limit (CNY 10,000) | Actual Guarantee Amount (CNY 10,000) | Type of Guarantee | Is Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Guangdong Higold Sales Co., Ltd. | 10,000.00 | 1,869.00 | Joint and several liability guarantee | No | | Guangdong Higold Sales Co., Ltd. | 10,000.00 | 10,000.00 | Joint and several liability guarantee | No | | **Total Approved Guarantee Limit for Subsidiaries in Current Period** | **20,000.00** | **Total Actual Guarantee Amount for Subsidiaries in Current Period** | **11,869.00** | | | **Total Approved Guarantee Limit for Subsidiaries at End of Reporting Period** | **20,000.00** | **Total Actual Guarantee Balance for Subsidiaries at End of Reporting Period** | **10,300.00** | | | **Proportion of Total Actual Guarantee to Company's Net Assets** | **5.12%** | | | | [3. Wealth Management](index=37&type=section&id=3、委托理财) The company's wealth management activities totaled **RMB 727 million**, primarily in bank structured deposits and wealth management products, all of which matured and were recovered on time without principal loss or impairment Overall Wealth Management Situation | Specific Type | Source of Wealth Management Funds | Wealth Management Amount (CNY 10,000) | Unmatured Balance (CNY 10,000) | Overdue Unrecovered Amount (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | Wealth Management Products | Own Funds | 72,700.00 | 0.00 | 0.00 | | Total | | 72,700.00 | 0.00 | 0.00 | - All entrusted wealth management products were recovered on time, with no anticipated unrecoverable principal or impairment situations[146](index=146&type=chunk)[148](index=148&type=chunk) [XIII. Explanation of Other Significant Matters](index=40&type=section&id=十三、其他重大事项的说明) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[150](index=150&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=40&type=section&id=十四、公司子公司重大事项) There were no significant matters concerning the company's subsidiaries during the reporting period - There were no significant matters concerning the company's subsidiaries during the reporting period[151](index=151&type=chunk) Section VI Share Changes and Shareholder Information This section details the company's share capital, shareholder structure, and any changes in shareholdings of directors, supervisors, and senior management [I. Share Changes](index=41&type=section&id=一、股份变动情况) The company's total share capital remained unchanged at **360 million shares**, with **100%** restricted shares, primarily held by domestic legal persons (**91.02%**) and natural persons (**8.98%**) Share Changes | Item | Quantity Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (+, -) | Quantity After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 360,000,000 | 100.00% | 0 | 360,000,000 | 100.00% | | Of which: Shares held by domestic legal persons | 327,685,955 | 91.02% | 0 | 327,685,955 | 91.02% | | Shares held by domestic natural persons | 32,314,045 | 8.98% | 0 | 32,314,045 | 8.98% | | III. Total Shares | 360,000,000 | 100.00% | 0 | 360,000,000 | 100.00% | - The company's total share capital remained unchanged during the reporting period[154](index=154&type=chunk) [II. Securities Issuance and Listing](index=42&type=section&id=二、证券发行与上市情况) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[155](index=155&type=chunk) [III. Number of Shareholders and Shareholding Information](index=42&type=section&id=三、公司股东数量及持股情况) At period-end, the company had **11 common shareholders**, with Guangdong Higold Management Group Co., Ltd. as the largest shareholder (**71.81%**) and Oujinfeng as the second largest (**8.98%**), all top ten shareholders holding restricted shares with related party or concerted action relationships - At the end of the reporting period, the total number of common shareholders was **11**[156](index=156&type=chunk) Shareholding Information of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Guangdong Higold Management Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 71.81% | 258,512,356 | 258,512,356 | | Oujinfeng | Domestic Natural Person | 8.98% | 32,314,045 | 32,314,045 | | Foshan Jinyi Management Consulting Partnership (Limited Partnership) | Other | 4.67% | 16,803,303 | 16,803,303 | | Guangdong Higold Enterprise Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 2.33% | 8,401,652 | 8,401,652 | | Hainan Erming Investment Partnership (General Partnership) | Other | 2.30% | 8,293,938 | 8,293,938 | | Guangdong Shunde Kechuang Zhigu Jinqu Equity Investment Partnership (Limited Partnership) | Other | 2.29% | 8,258,034 | 8,258,034 | | Dehua Tubao Bao Investment Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 2.05% | 7,389,145 | 7,389,145 | | Foshan Jinyue Management Consulting Partnership (Limited Partnership) | Other | 1.97% | 7,109,090 | 7,109,090 | | Guangdong Shunde Kechuang Zhizao Jinqu Equity Investment Partnership (Limited Partnership) | Other | 1.54% | 5,529,292 | 5,529,292 | | Qingdao Huazhen Zhuoying Venture Capital Fund Partnership (Limited Partnership) | Other | 1.37% | 4,926,097 | 4,926,097 | - The actual controller of controlling shareholder Guangdong Higold Management Group Co., Ltd., Oujinfeng, Foshan Jinyi Management Consulting Partnership (Limited Partnership), Guangdong Higold Enterprise Management Co., Ltd., and Foshan Jinyue Management Consulting Partnership (Limited Partnership) is Oujinfeng, who acts as a party in concert[157](index=157&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=43&type=section&id=四、董事、监事和高级管理人员持股变动) There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period[158](index=158&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=43&type=section&id=五、控股股东或实际控制人变更情况) Neither the company's controlling shareholder nor its actual controller changed during the reporting period - The company's controlling shareholder did not change during the reporting period[159](index=159&type=chunk) - The company's actual controller did not change during the reporting period[159](index=159&type=chunk) [VI. Preferred Shares Information](index=44&type=section&id=六、优先股相关情况) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[160](index=160&type=chunk) Section VII Bond-Related Information This section confirms the absence of any bond-related matters for the company during the reporting period [Bond-Related Information](index=45&type=section&id=债券相关情况) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[162](index=162&type=chunk) Section VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, and cash flow statements, along with detailed notes on accounting policies and financial items [I. Audit Report](index=46&type=section&id=一、审计报告) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[164](index=164&type=chunk) [II. Financial Statements](index=46&type=section&id=二、财务报表) This section presents Higold Group's H1 2025 consolidated and parent company financial statements, showing consolidated total assets of **RMB 2.89 billion**, net profit of **RMB 265 million**, and operating cash flow of **RMB 363 million** Consolidated Balance Sheet (Period-End Balance) | Item | Amount (RMB) | | :--- | :--- | | Total Current Assets | 1,685,495,053.37 | | Total Non-current Assets | 1,206,273,284.21 | | Total Assets | 2,891,768,337.58 | | Total Current Liabilities | 831,327,377.38 | | Total Non-current Liabilities | 48,694,604.66 | | Total Liabilities | 880,021,982.04 | | Total Equity Attributable to Owners of the Parent Company | 2,011,746,355.54 | | Total Equity | 2,011,746,355.54 | Consolidated Income Statement (H1 2025) | Item | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | 1,449,837,585.39 | | Total Operating Costs | 1,153,440,459.82 | | Operating Profit | 306,073,958.94 | | Total Profit | 305,540,989.17 | | Net Profit | 265,442,984.95 | | Net Profit Attributable to Owners of the Parent Company | 265,442,984.95 | | Total Comprehensive Income | 265,353,217.98 | | Basic Earnings Per Share | 0.74 | | Diluted Earnings Per Share | 0.74 | Consolidated Cash Flow Statement (H1 2025) | Item | Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 362,878,703.62 | | Net Cash Flow from Investing Activities | -271,563,138.19 | | Net Cash Flow from Financing Activities | 219,534,851.47 | | Net Increase in Cash and Cash Equivalents | 312,047,030.42 | | Cash and Cash Equivalents at End of Period | 1,208,058,974.43 | [1. Consolidated Balance Sheet](index=46&type=section&id=1、合并资产负债表) As of June 30, 2025, consolidated total assets reached **RMB 2.89 billion** (up **15.65%**), with total liabilities at **RMB 880 million** (up **16.72%**), and equity attributable to the parent company at **RMB 2.01 billion** (up **15.19%**) Key Consolidated Balance Sheet Data (Period-End) | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash and Bank Balances | 1,264,910,414.22 | 1,006,520,101.38 | | Inventories | 174,376,809.16 | 135,882,645.98 | | Fixed Assets | 768,507,141.02 | 769,817,200.26 | | Construction in Progress | 129,105,171.29 | 84,070,923.74 | | Short-term Borrowings | 153,656,287.65 | 99,992,710.23 | | Accounts Payable | 431,677,128.97 | 387,383,124.04 | | Total Equity Attributable to Owners of the Parent Company | 2,011,746,355.54 | 1,746,393,137.56 | [3. Consolidated Income Statement](index=51&type=section&id=3、合并利润表) In H1 2025, consolidated total operating revenue grew by **22.37% to RMB 1.45 billion**, with net profit increasing by **34.70% to RMB 265 million**, and income tax expense rising by **32.16% to CNY 40.10 million** Key Consolidated Income Statement Data (H1 2025) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 1,449,837,585.39 | 1,184,801,653.44 | | Total Operating Costs | 1,153,440,459.82 | 968,829,612.15 | | Operating Profit | 306,073,958.94 | 227,151,997.45 | | Total Profit | 305,540,989.17 | 227,403,906.52 | | Net Profit | 265,442,984.95 | 197,062,340.22 | | Income Tax Expense | 40,098,004.22 | 30,341,566.30 | | Basic Earnings Per Share | 0.74 | 0.55 | | Diluted Earnings Per Share | 0.74 | 0.55 | [5. Consolidated Cash Flow Statement](index=54&type=section&id=5、合并现金流量表) In H1 2025, net cash flow from operating activities surged by **103.33% to RMB 363 million**, while investing activities resulted in a net outflow of **RMB 272 million**, and financing activities generated a net inflow of **RMB 220 million** Key Consolidated Cash Flow Statement Data (H1 2025) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 362,878,703.62 | 178,464,934.01 | | Net Cash Flow from Investing Activities | -271,563,138.19 | -107,952,816.75 | | Net Cash Flow from Financing Activities | 219,534,851.47 | -4,504,125.51 | | Net Increase in Cash and Cash Equivalents | 312,047,030.42 | 66,967,675.84 | | Cash and Cash Equivalents at End of Period | 1,208,058,974.43 | 749,857,429.26 | [III. Company Basic Information](index=64&type=section&id=三、公司基本情况) Higold Group Co., Ltd., with a registered capital of **RMB 360 million** and Oujinfeng as legal representative, was reorganized in 2020, primarily engaging in R&D, design, production, and sales of home hardware and outdoor furniture, and consolidates **12 subsidiaries** - The company's registered capital is **RMB 360 million**, and its legal representative is Oujinfeng[196](index=196&type=chunk) - The company was reorganized into a joint-stock company on September 29, 2020, with a share capital of **RMB 90 million**, which later increased to **RMB 360 million** through multiple capital increases and capital reserve conversions[201](index=201&type=chunk)[206](index=206&type=chunk) - The company's business scope primarily involves the R&D, design, production, and sales of home hardware and outdoor furniture products[207](index=207&type=chunk) - As of June 30, 2025, the company had **12 subsidiaries** within its consolidated financial statement scope[209](index=209&type=chunk) [IV. Basis of Financial Statement Preparation](index=66&type=section&id=四、财务报表的编制基础) These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises, relevant regulations, and the China Securities Regulatory Commission's disclosure rules, on a going concern basis - The financial statements are prepared in accordance with the Accounting Standards for Business Enterprises and relevant regulations[211](index=211&type=chunk) - The financial statements are prepared on a going concern basis[212](index=212&type=chunk) [V. Significant Accounting Policies and Estimates](index=66&type=section&id=五、重要会计政策及会计估计) This section details the company's significant accounting policies and estimates, covering areas such as financial instruments, revenue recognition, fixed assets, and government subsidies, all in accordance with enterprise accounting standards - The company adheres to Enterprise Accounting Standards, uses RMB as its functional currency, and has an operating cycle of **12 months**[214](index=214&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in current profit or loss[241](index=241&type=chunk) - Revenue is recognized when the customer obtains control of the related goods, based on the satisfaction of performance obligations over time or at a point in time[333](index=333&type=chunk)[338](index=338&type=chunk) - Fixed assets are depreciated using the straight-line method, with depreciation periods of **3-20 years** for buildings and structures, and **3-10 years** for machinery and equipment[299](index=299&type=chunk) [VI. Taxation](index=94&type=section&id=六、税项) The company's main taxes include VAT (**6%-13%**) and corporate income tax (**15%-25%**), with some subsidiaries benefiting from high-tech enterprise tax incentives (**15%**) and small-micro enterprise tax reductions (**20%**), along with R&D expense super deduction policies Major Taxes and Tax Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Value-added amount generated during the sale of goods or provision of taxable services | 6%、8%、9%、10%、13% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7% | | Education Surcharge | Amount of turnover tax payable | 3% | | Local Education Surcharge | Amount of turnover tax payable | 2% | | Corporate Income Tax | Taxable income | 15%、17%、20%、25% | - The company and some subsidiaries enjoy high-tech enterprise income tax incentives, taxed at a reduced rate of **15%**[390](index=390&type=chunk) - Some small and micro enterprise subsidiaries enjoy income tax benefits, with the portion of taxable income not exceeding **RMB 3 million** taxed at a **20%** rate[391](index=391&type=chunk) - The company's R&D expenses are eligible for pre-tax super deduction, and newly purchased equipment meeting conditions can be expensed in full in the current period[391](index=391&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=96&type=section&id=七、合并财务报表项目注释) This section provides detailed notes on consolidated financial statement items, including **RMB 1.26 billion** in cash and bank balances (**CNY 56.85 million** restricted), **RMB 143 million** in accounts receivable, **RMB 174 million** in inventories, and **RMB 129 million** in construction in progress Key Consolidated Financial Statement Items at Period-End | Item | Ending Balance (RMB) | | :--- | :--- | | Cash and Bank Balances | 1,264,910,414.22 | | Accounts Receivable | 142,599,569.63 | | Inventories | 174,376,809.16 | | Fixed Assets | 768,507,141.02 | | Construction in Progress | 129,105,171.29 | | Short-term Borrowings | 153,656,287.65 | | Accounts Payable | 431,677,128.97 | | Operating Revenue | 1,449,837,585.39 | | Operating Cost | 908,750,296.69 | | Net Cash Flow from Operating Activities | 362,878,703.62 | - Restricted cash and bank balances at period-end totaled **CNY 56.85 million**, primarily comprising bank acceptance bill deposits, pre-litigation asset preservation funds, and restricted WeChat balances[395](index=395&type=chunk) - Foreign currency monetary items had an equivalent RMB balance of **CNY 76.17 million** at period-end, mainly consisting of USD cash and bank balances[688](index=688&type=chunk) [1. Cash and Bank Balances](index=96&type=section&id=1、货币资金) At period-end, total cash and bank balances were **RMB 1.26 billion**, including **RMB 1.20 billion** in bank deposits and **CNY 63.03 million** in other cash, with **CNY 56.85 million** being restricted Composition of Cash and Bank Balances | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash on hand | 177,757.62 | 194,519.14 | | Bank deposits | 1,201,700,166.19 | 885,094,307.43 | | Other cash and bank balances | 63,032,490.41 | 121,231,274.81 | | Total | 1,264,910,414.22 | 1,006,520,101.38 | - Restricted cash and bank balances at period-end totaled **CNY 56.85 million**, primarily comprising bank acceptance bill deposits, pre-litigation asset preservation funds, and restricted WeChat balances[395](index=395&type=chunk) [5. Accounts Receivable](index=100&type=section&id=5、应收账款) At period-end, accounts receivable had a book balance of **RMB 153 million**, with an impairment provision of

悍高集团股份有限公司董事会议事规则 悍高集团股份有限公司 董事会议事规则 第一章 总则 第一条 为了进一步规范悍高集团股份有限公司（以下简称"公司"）董事会的 议事方式和决策程序，促使本公司董事和董事会有效地履行其职责，提高董事会规 范运作和科学决策水平，根据《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》《上市公司治理准则》《深圳证券交易所股票上市规则》 以及《悍高集团股份有限公司章程》（以下简称"《公司章程》"）等有关规定，制定 本规则。 第二条 董事会是公司经营决策的常设机构，是股东会的执行机构，执行股东 会通过的各项决议，向股东会负责及报告工作，根据相关法律、法规和《公司章程》 的规定行使职权。 第三条 董事会下设董事会办公室，处理董事会日常事务。董事会秘书兼任董 事会办公室负责人，保管董事会印章。 第二章 董事会的组成 第四条 董事会由 6 名董事组成，其中独立董事占董事会成员的比例不得低于 1/3。设董事长 1 人，由董事会以全体董事的过半数选举产生。 第五条 存在《公司法》以及《公司章程》中规定不得担任董事情形的人员， 不得担任公司的董事。 第六条 董事由股东会选举或 ...

悍高集团股份有限公司董事会薪酬与考核委员会工作细则 悍高集团股份有限公司 董事会薪酬与考核委员会工作细则 第一章 总则 第一条 为进一步建立健全悍高集团股份有限公司（以下简称"公司"）董事及 高级管理人员的考核和薪酬管理制度，完善公司治理结构，根据《中华人民共和国 公司法》《上市公司治理准则》等法律、法规、规范性文件及《悍高集团股份有限公 司章程》（以下简称"《公司章程》"）有关规定，公司特设立董事会薪酬与考核委员 会，并制定本细则。 第二条 薪酬与考核委员会是董事会下设的专门工作机构，主要负责研究董事 与高级管理人员的考核标准，进行考核并提出建议，制定董事及高级管理人员的薪 酬政策与方案，对公司薪酬制度执行情况进行监督等。 第三条 本细则所称董事是指在公司领取薪酬的董事，高级管理人员是指董事 会聘任的总经理、副总经理、财务负责人、董事会秘书以及《公司章程》规定的其 他高级管理人员。 第二章 人员组成 第四条 薪酬与考核委员会委员由三名董事组成，独立董事占多数。 第五条 薪酬与考核委员会委员由董事长、二分之一以上独立董事或者全体董 事的三分之一提名，并由董事会选举产生。 第六条 薪酬与考核委员会设主任委员（召 ...

悍高集团股份有限公司对外担保管理制度 悍高集团股份有限公司 对外担保管理制度 第一章 总则 第一条 为了规范悍高集团股份有限公司（以下简称"公司"）对外担保管 理，有效控制公司对外担保风险，保护公司财务安全和投资者的合法权益，根据 《中华人民共和国公司法》《中华人民共和国证券法》《中华人民共和国民法典》 《深圳证券交易所股票上市规则》（以下简称"《股票上市规则》"）《上市公 司监管指引第 8 号——上市公司资金往来、对外担保的监管要求》等法律、行政 法规和规范性文件及《悍高集团股份有限公司章程》（以下简称"《公司章程》"） 的相关规定，制定本制度。 第二条 本制度所称对外担保，是指公司以第三人身份为他人提供保证、抵 押、质押或其他形式的担保。 公司及合并报表范围内的控股子公司为自身债务提供担保和为以自身债务 为基础的担保提供反担保，不适用本制度。 第三条 公司为参股子公司提供担保的，担保比例不得超过本公司在该公 司所持股份比例，其他部分由其他股东或各方一致认可的其他担保方提供。 第四条 公司对外提供担保应遵循慎重、平等、互利、自愿、诚信原则。控 股股东及其他关联方不得强制公司为他人提供担保。 控股子公司对于向 ...