Group 1 - The company reported a revenue of 3.879 billion yuan for the first half of 2025, representing a year-on-year increase of 27.72% [1] - The net profit attributable to shareholders of the listed company was 64.3566 million yuan, showing a year-on-year decline of 38.61% [1] - The basic earnings per share were 0.11 yuan, which is a decrease of 42.11% compared to the previous year [1]

[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board, Supervisory Board, and senior management assure the semi-annual report's accuracy and completeness, with no plans for cash dividends or bonus shares - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false statements or material omissions[4](index=4&type=chunk) - Company head Lu Hongda, chief accountant Lu Hongda, and accounting department head Zheng Yamin declare the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the half-year period[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the report's nine main chapters and their starting page numbers, providing a clear guide to the report's structure - The report comprises nine main chapters, covering important notes, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial report, and other submitted data[7](index=7&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms and abbreviations for company-related entities used in the report, ensuring consistent understanding of its content - "Company," "the Company," "Guoguang," or "Guoguang Electric" refers to Guoguang Electric Co., Ltd[10](index=10&type=chunk) - "Reporting period," "this reporting period," or "this period" refers to January 1, 2025, to June 30, 2025[10](index=10&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section provides basic company information, including stock ticker, code, listing exchange, names, legal representative, contact details, and information disclosure channels Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Guoguang Electric | | Stock Code | 002045 | | Stock Listing Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | Guoguang Electric Co., Ltd | | Company's Legal Representative | Lu Hongda | - The company's semi-annual report is disclosed on the Shenzhen Stock Exchange website (www.cninfo.com.cn) and media outlets including China Securities Journal, Securities Daily, and Juchao Information Network[15](index=15&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents key accounting data and financial indicators for H1 2025 versus H1 2024, showing a **27.72%** revenue increase, significant declines in net profit attributable to parent and non-recurring net profit, and growth in net operating cash flow Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 3.879 billion | 3.037 billion | 27.72% | | Net Profit Attributable to Listed Company Shareholders | 64.36 million | 104.84 million | -38.61% | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | 35.96 million | 73.98 million | -51.40% | | Net Cash Flow from Operating Activities | 187.33 million | 131.90 million | 42.02% | | Basic Earnings Per Share (RMB/share) | 0.11 | 0.19 | -42.11% | | Diluted Earnings Per Share (RMB/share) | 0.11 | 0.19 | -42.11% | | Weighted Average Return on Net Assets | 1.47% | 2.63% | Down 1.16 percentage points | | Total Assets (at period-end) | 10.626 billion | 9.484 billion | 12.05% | | Net Assets Attributable to Listed Company Shareholders (at period-end) | 4.483 billion | 4.277 billion | 4.82% | [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) This section details non-recurring gains and losses for the period, totaling **28.40 million RMB**, clarifying that foreign exchange derivative transactions are classified as recurring due to their role in hedging currency risk Non-Recurring Gains and Losses for H1 2025 | Item | Amount (RMB) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -0.49 million | | Government Grants Recognized in Current Profit or Loss | 11.78 million | | Gains and Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | 16.73 million | | Fund Occupation Fees Received from Non-Financial Enterprises Recognized in Current Profit or Loss | 2.13 million | | Other Non-Operating Income and Expenses Apart from the Above | 3.61 million | | Other Gains and Losses Meeting the Definition of Non-Recurring Items | 0.20 million | | Less: Income Tax Impact | 5.58 million | | Minority Interest Impact (after tax) | -0.03 million | | **Total** | **28.40 million** | - Gains and losses from foreign exchange derivative transactions, totaling **26.55 million RMB**, are not treated as non-recurring items because the company, being export-oriented, engages in these transactions to hedge against exchange rate fluctuations in its main business[21](index=21&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Main Businesses Engaged in During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company primarily operates in audio electro-acoustics and lithium batteries, with audio products spanning traditional, smart, automotive, and professional segments. Revenue grew **27.72%** YoY, but administrative, R&D, and financial expenses rose significantly due to increased staff costs and exchange losses, while investment and fair value gains increased - The company's main businesses are audio electro-acoustics and lithium batteries, with audio electro-acoustic products covering traditional audio, smart hardware, automotive audio, and professional audio segments[23](index=23&type=chunk) - In H1 2025, the company achieved total operating revenue of **3.879 billion RMB**, a **27.72%** year-on-year increase[24](index=24&type=chunk) - Administrative expenses increased by approximately **92.89 million RMB** and R&D expenses by approximately **96.64 million RMB** year-on-year, primarily due to increased employee costs; financial expenses increased by approximately **81.03 million RMB**, mainly due to exchange losses[25](index=25&type=chunk) - Investment income increased by approximately **47.31 million RMB** and fair value change gains by approximately **17.40 million RMB** year-on-year, mainly due to increased income from foreign exchange derivative contracts and wealth management products[25](index=25&type=chunk) [Analysis of Core Competencies](index=10&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) As a leading electro-acoustic enterprise, the company's core competencies include over **70 years** of client relationships, global service capabilities, strong R&D in electro-acoustics, electronics, and software, refined production processes, robust manufacturing (delivery flexibility, quality, automation, global footprint), and synergistic support from shareholders in internet and AI - The company possesses over **70 years** of loudspeaker design and manufacturing experience, establishing long-term strategic partnerships with numerous international audio brands and major platform clients[28](index=28&type=chunk)[30](index=30&type=chunk) - The company masters electro-acoustic technologies such as signal dynamic equalization and virtual surround sound, spatial acoustic measurement and adaptive parameter adjustment, spatial sound effect processing, and array beamforming[30](index=30&type=chunk)[31](index=31&type=chunk) - The company holds multiple proprietary DSP audio processing core technologies, focusing on wireless audio transmission research and proficiently utilizing Wi-Fi, Bluetooth, and 2.4G point-to-point wireless audio transmission technologies[32](index=32&type=chunk) - The company has obtained ISO9000, QS-9000, IATF16949 quality system certifications, and ISO14000 environmental management system certification, with its testing center accredited by CNAS[36](index=36&type=chunk) - The company has vigorously built **27** automated production lines and gradually established a global manufacturing footprint centered in Guangzhou, with multiple bases in Vietnam and Wuzhou, Guangxi[37](index=37&type=chunk)[38](index=38&type=chunk) - Leveraging shareholder Zhiduo Co., Ltd.'s technological expertise in internet search, big data, AI, IoT, and blockchain, the company is well-positioned to enter emerging fields and attract more internet and new technology clients[39](index=39&type=chunk) [Main Business Analysis](index=12&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue increased by **27.72%** YoY, driven by audio electro-acoustic business growth. Electronic components accounted for **98.12%** of revenue, with speakers and loudspeakers contributing **80.51%**. The US region saw **84.04%** growth, becoming a key driver, with exports making up **82.97%** of total revenue. Gross margins for electronic parts rose **6.43** percentage points, while batteries declined **8.9** percentage points Year-on-Year Changes in Key Financial Data | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 3.879 billion | 3.037 billion | 27.72% | Increase in audio electro-acoustic business operating revenue | | Operating Cost | 3.368 billion | 2.646 billion | 27.29% | Increase in audio electro-acoustic business operating cost | | Administrative Expenses | 216.96 million | 124.06 million | 74.88% | Increase in employee costs | | Financial Expenses | 44.33 million | -36.69 million | 220.82% | Exchange losses due to exchange rate impact | | R&D Investment | 277.71 million | 181.07 million | 53.38% | Increase in employee costs | | Net Cash Flow from Operating Activities | 187.33 million | 131.90 million | 42.02% | Increase in cash received from sales of goods and provision of services | Operating Revenue Composition by Industry, Product, Region | Category | Item | Current Period Amount (RMB) | Share of Operating Revenue | Prior Period Amount (RMB) | Share of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Electronic Components | 3.806 billion | 98.12% | 2.995 billion | 98.64% | 27.05% | | By Product | Speakers and Loudspeakers | 3.123 billion | 80.51% | 2.447 billion | 80.58% | 27.61% | | By Region | Mainland China | 1.083 billion | 27.92% | 1.117 billion | 36.78% | -3.04% | | By Region | Europe | 611.13 million | 15.76% | 507.23 million | 16.70% | 20.48% | | By Region | United States | 1.173 billion | 30.24% | 637.41 million | 20.99% | 84.04% | | By Region | Other Regions | 1.011 billion | 26.08% | 775.21 million | 25.53% | 30.48% | - The Group is primarily an export-oriented enterprise, with export business accounting for **82.97%** of the company's operating revenue[47](index=47&type=chunk) Year-on-Year Change in Gross Margin of Main Products | By Product | Gross Margin | YoY Change in Gross Margin | | :--- | :--- | :--- | | Speakers and Loudspeakers | 11.69% | Down 0.51 percentage points | | Batteries | 16.07% | Down 8.9 percentage points | | Electronic Parts | 12.54% | Up 6.43 percentage points | [Non-Core Business Analysis](index=15&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Investment income, fair value change gains/losses, and asset impairment were significant non-core contributions to total profit, mainly from derivative financial asset disposal gains, wealth management interest, FX derivative fair value increases, and inventory write-back. These non-core revenues are not sustainable Non-Core Business Items and Amounts | Item | Amount (RMB) | Share of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 46.26 million | 130.73% | Investment income from disposal of derivative financial assets and interest income from wealth management products held | No | | Fair Value Change Gains and Losses | 22.49 million | 63.54% | Fair value change gains recognized from rising fair value of foreign exchange derivatives | No | | Asset Impairment | 12.46 million | 35.21% | Reversal of inventory impairment provision | No | | Non-Operating Income | 4.65 million | 13.15% | Transfer of compensation-related gains and losses | No | | Non-Operating Expenses | 1.55 million | 4.38% | Losses from disposal of fixed assets and transfer of compensation-related gains and losses | No | [Analysis of Assets and Liabilities](index=15&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets increased by **12.05%** YoY, and net assets attributable to shareholders grew by **4.82%**. Cash, construction in progress, and short-term borrowings increased their share of total assets, with short-term borrowings at **31.64%**. Some cash and other debt investments are restricted due to bank acceptance bill deposits, bank loan guarantees, and litigation freezes Significant Changes in Asset Composition | Item | Amount at Period End (RMB) | Share of Total Assets | Amount at Prior Year End (RMB) | Share of Total Assets | Change in Share | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 2.621 billion | 24.67% | 1.830 billion | 19.30% | 5.37% | | Short-Term Borrowings | 3.363 billion | 31.64% | 2.501 billion | 26.38% | 5.26% | | Construction in Progress | 369.25 million | 3.47% | 156.84 million | 1.65% | 1.82% | Asset Restrictions at Period End | Item | Amount at Period End (RMB) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 66.97 million | Pledge, Freeze | Bank acceptance bill deposits, bank loan deposits, litigation frozen funds, letter of guarantee deposits | | Other Debt Investments | 30.90 million | Freeze | Litigation frozen large-denomination certificates of deposit | | **Total** | **97.87 million** | | | [Analysis of Investment Status](index=17&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the period, construction in progress investments focused on the Vietnam manufacturing base, with cumulative spending of **272.89 million RMB**. The company actively engaged in hedging to mitigate exchange rate risk, with total derivative investments reaching **401.49 million RMB**, representing **89.48%** of net assets. Some fundraising projects were delayed to **end-2026** due to external factors, and funds from the "Automotive Audio Project" were reallocated to the "Vietnam Base Audio Product Production Project" Significant Non-Equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Fixed Asset Investment | Amount Invested in Current Period (RMB) | Cumulative Investment at Period End (RMB) | Project Progress | | :--- | :--- | :--- | :--- | :--- | :--- | | Vietnam Base Construction | Self-built | Yes | 110.60 million | 272.89 million | 89.18% | Derivative Investments for Hedging Purposes During the Reporting Period | Derivative Investment Type | Investment Amount at Period End (RMB 10,000) | Share of Net Assets at Period End | | :--- | :--- | :--- | | Swaps | 31,026.09 | 69.15% | | Forward Foreign Exchange Contracts | 8,390.25 | 18.70% | | RMB Foreign Exchange Option Portfolio | 732.23 | 1.63% | | **Total** | **40,148.57** | **89.48%** | - The actual profit and loss from hedging activities during the reporting period was **4.36 million RMB**[64](index=64&type=chunk) - The company's total raised capital was **1.384 billion RMB**, with cumulative usage of **129.56 million RMB** as of June 30, 2025[68](index=68&type=chunk) - The "New Audio Smart Manufacturing Upgrade Project," "Automotive Audio Project," and "VR Device and Acoustic Module Project" have had their expected completion dates extended from December 31, 2025, to **December 31, 2026**[71](index=71&type=chunk) - The company reallocated funds originally planned for the "Automotive Audio Project" to the "Vietnam Base Audio Product Production Project"[71](index=71&type=chunk)[75](index=75&type=chunk) - As of June 30, 2025, **610 million RMB** of idle raised funds were temporarily used to supplement working capital, and **605.00 million RMB** were used for wealth management[72](index=72&type=chunk) [Significant Asset and Equity Sales](index=23&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) No significant asset or equity sales occurred during the reporting period - The company did not sell significant assets during the reporting period[76](index=76&type=chunk) - The company did not sell significant equity during the reporting period[77](index=77&type=chunk) [Analysis of Major Holding and Participating Companies](index=24&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section discloses financial data for major subsidiary Guoguang Electronics and notes the establishment of wholly-owned subsidiary Guangzhou Guoguang Precision Mold Co., Ltd., which has no significant impact on overall operations or performance Financial Data of Major Subsidiary Guoguang Electronics | Company Name | Company Type | Registered Capital (RMB 10,000) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guoguang Electronics | Subsidiary | 28,000 | 639.15 million | 264.39 million | 305.94 million | 12.48 million | - The establishment of wholly-owned subsidiary Guangzhou Guoguang Precision Mold Co., Ltd. during the reporting period has no significant impact on overall production, operations, or performance[78](index=78&type=chunk) [Risks Faced by the Company and Countermeasures](index=24&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from RMB-USD exchange rate fluctuations, international trade friction, and raw material supply and price volatility. It actively responds by strengthening foreign currency asset management, adjusting industrial structure, optimizing sales strategies, relocating production bases, and negotiating cost-sharing with clients and suppliers - The company's export business accounts for a high proportion of main business revenue, making it susceptible to RMB-USD exchange rate fluctuations; the company will strengthen foreign currency asset, liability, and FX derivative transaction management, and focus on industrial structure adjustment and transformation[79](index=79&type=chunk) - Changes in the international trade environment may lead to increased export costs and reduced orders; management is responding by adjusting sales strategies and global manufacturing division, with affected products prioritized for production at the Vietnam subsidiary[81](index=81&type=chunk) - The stability of raw material supply and price trends will impact the company's profitability; the company is addressing this by negotiating cost-sharing for raw material price increases with clients and suppliers, and sourcing scarce resources through multiple channels[82](index=82&type=chunk) [Corporate Governance, Environment, and Society](index=26&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Changes in Directors, Supervisors, and Senior Management](index=26&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, Vice President Li Jing was dismissed due to personal reasons - Vice President Li Jing was dismissed on **March 20, 2025**, due to personal reasons[88](index=88&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in Current Period](index=26&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the half-year period - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the half-year period[89](index=89&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=26&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company's third employee stock ownership plan completed transfer, with **290** employees holding **10,980,996** shares, representing **1.95%** of total capital, locked from **March 17, 2025**, to **March 16, 2026**. Changes occurred in the plan's management committee, and **1.61 million RMB** in share-based payment expenses were recognized All Effective Employee Stock Ownership Plans During the Reporting Period | Scope of Employees | Number of Employees | Total Shares Held (shares) | Share of Total Listed Company Capital | | :--- | :--- | :--- | :--- | | Directors, Supervisors, and Core Management Personnel of the Company or its Controlled Subsidiaries | 290 | 10,980,996 | 1.95% | - During the reporting period, Hu Lizhang ceased to be a member of the Employee Stock Ownership Plan Management Committee due to personal reasons, and Song Zhichao was elected as a replacement member[94](index=94&type=chunk) - The company's equity-settled share-based payment expense for H1 2025 was **1.61 million RMB**[96](index=96&type=chunk) [Environmental Information Disclosure](index=28&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company is not on the list of legally required environmental information disclosure enterprises but prioritizes environmental protection, continuously implements ISO14001, enhances energy saving, resource conservation, and waste management, and increases environmental protection expenditure - The listed company and its main subsidiaries are not included in the list of enterprises legally required to disclose environmental information[97](index=97&type=chunk) - The company continuously implements the requirements of ISO14001 environmental management system and green environmental management substance system standards, effectively supervising energy saving, emission reduction, resource conservation, and waste management[99](index=99&type=chunk) - The company's environmental protection expenditures increase annually, primarily for further improving domestic wastewater treatment facilities, dust and noise control, various environmental monitoring fees, and hazardous waste disposal[99](index=99&type=chunk) [Social Responsibility](index=28&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills social responsibilities towards shareholders, employees, and environmental protection by safeguarding investor rights, enhancing communication, protecting employee interests, improving skills, prioritizing occupational health and safety, and increasing environmental investment through its environmental management system - The company continuously improves its governance structure, strictly adheres to information disclosure, and promptly addresses investor inquiries via phone, email, and interactive platforms to protect investor rights[97](index=97&type=chunk) - The company strictly complies with labor laws and regulations, timely pays social insurance and housing provident fund for employees, regularly organizes internal training to enhance employee skills, and prioritizes occupational health and safety[98](index=98&type=chunk) - The company prioritizes environmental protection, continuously implements ISO14001 environmental management system, effectively supervises energy saving, emission reduction, resource conservation, and waste management, and increases environmental protection expenditures[99](index=99&type=chunk) [Significant Matters](index=30&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Fulfillment of Commitments by Relevant Parties](index=30&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company itself were either fulfilled or overdue - During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company itself that were either fulfilled or overdue as of the end of the period[101](index=101&type=chunk) [Fund Occupation and Irregular Guarantees](index=30&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties, nor any irregular external guarantees - During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company[102](index=102&type=chunk) - There were no irregular external guarantees by the company during the reporting period[103](index=103&type=chunk) [Appointment and Dismissal of Accounting Firms and Audit Reports](index=30&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report is unaudited, and there are no non-standard audit report related circumstances - The company's semi-annual report is unaudited[104](index=104&type=chunk) - There were no non-standard audit report related circumstances during the reporting period[105](index=105&type=chunk) [Bankruptcy Reorganization and Litigation Matters](index=31&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) No bankruptcy reorganization, significant litigation, or arbitration matters occurred during the reporting period - No bankruptcy reorganization matters occurred during the reporting period[106](index=106&type=chunk) - There were no significant litigation or arbitration matters for the company during this reporting period[107](index=107&type=chunk) [Penalties and Integrity Status](index=31&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) No penalties or rectification situations occurred during the reporting period, and the company, its controlling shareholder, and actual controller maintain good integrity - No penalties or rectification situations occurred for the company during the reporting period[108](index=108&type=chunk) - The company, its controlling shareholder, and actual controller maintain good integrity[109](index=109&type=chunk) [Significant Related Party Transactions](index=31&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) No significant related party transactions occurred during the reporting period, including those related to daily operations, asset/equity acquisitions/disposals, joint external investments, or related party debt/credit - No related party transactions related to daily operations occurred for the company during the reporting period[109](index=109&type=chunk) - No related party transactions involving asset or equity acquisitions or sales occurred for the company during the reporting period[110](index=110&type=chunk) - No related party transactions involving joint external investments occurred for the company during the reporting period[111](index=111&type=chunk) - There were no related party debt or credit transactions during the reporting period[112](index=112&type=chunk) [Significant Contracts and Their Performance](index=32&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had no entrustment, contracting, or leasing matters. It provided actual guarantees totaling **616.75 million RMB** for subsidiaries, representing **13.76%** of net assets. The company engaged in **815 million RMB** in entrusted wealth management, with **635.80 million RMB** outstanding at period-end - The company had no entrustment, contracting, or leasing situations during the reporting period[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk) Company Guarantees for Subsidiaries | Guaranteed Party Name | Guarantee Limit (RMB 10,000) | Actual Guarantee Balance (RMB 10,000) | Fulfilled | | :--- | :--- | :--- | :--- | | Guangdong Guoguang Electronics Co., Ltd. | 62,000 | 16,549 | No | | Guoguang Electric (Vietnam) Co., Ltd. | 60,000 | 7,205 | No | | Wuzhou Guoguang Technology Development Co., Ltd. | 65,000 | 37,920 | No | | **Total Actual Guarantee Balance for Subsidiaries at Period End** | **260,000** | **61,675** | | - The total actual guarantee amount at the end of the reporting period was **616.75 million RMB**, representing **13.76%** of the company's net assets[121](index=121&type=chunk) Entrusted Wealth Management | Specific Type | Entrusted Wealth Management Amount (RMB 10,000) | Outstanding Balance (RMB 10,000) | | :--- | :--- | :--- | | Bank Wealth Management Products | 500 | 380 | | Brokerage Wealth Management Products | 12,500 | 2,700 | | Brokerage Wealth Management Products (Raised Funds) | 68,500 | 60,500 | | **Total** | **81,500** | **63,580** | [Other Significant Matters](index=35&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company's third employee stock ownership plan completed the transfer of **10,980,996** shares, with a lock-up period until **March 16, 2026**. Additionally, the company established wholly-owned subsidiary Guangzhou Guoguang Precision Mold Co., Ltd. with a registered capital of **50 million RMB**, covering mold manufacturing and sales - The company's third employee stock ownership plan completed the transfer of **10,980,996** shares on **March 17, 2025**, at a price of **14.93 RMB/share**, with a lock-up period from **March 17, 2025**, to **March 16, 2026**[125](index=125&type=chunk) - On **April 25, 2025**, the company established wholly-owned subsidiary Guangzhou Guoguang Precision Mold Co., Ltd. with a registered capital of **50 million RMB**, whose business scope includes mold manufacturing and sales[126](index=126&type=chunk) [Share Changes and Shareholder Information](index=36&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Change Status](index=36&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital remained unchanged at **562,483,132** shares, with restricted shares accounting for **0.12%** and unrestricted shares for **99.88%** Share Change Status | Item | Quantity (shares) | Proportion | | :--- | :--- | :--- | | I. Restricted Shares | 650,250 | 0.12% | | II. Unrestricted Shares | 561,832,882 | 99.88% | | III. Total Shares | 562,483,132 | 100.00% | [Securities Issuance and Listing Status](index=37&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) No securities issuance or listing occurred for the company during the reporting period - No securities issuance or listing occurred for the company during the reporting period[129](index=129&type=chunk) [Number of Shareholders and Shareholding Status](index=37&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) At period-end, total common shareholders numbered **87,463**. Shenzhen Zhiduo Guoguang Investment Development Co., Ltd. was the largest shareholder with **11.22%**. Among the top ten, Shenzhen Zhiduo Guoguang Investment Development Co., Ltd. and Zhiduo Technology Co., Ltd. are parties acting in concert - Total common shareholders at the end of the reporting period numbered **87,463**[130](index=130&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Shares Held at Period End (shares) | | :--- | :--- | :--- | :--- | | Shenzhen Zhiduo Guoguang Investment Development Co., Ltd. | Domestic Non-State-Owned Legal Person | 11.22% | 63,109,650 | | Zhiduo Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 9.57% | 53,846,999 | | Guoguang Electric Co., Ltd. - Third Employee Stock Ownership Plan | Domestic Non-State-Owned Legal Person | 1.95% | 10,980,996 | - Shenzhen Zhiduo Guoguang Investment Development Co., Ltd., Zhiduo Technology Co., Ltd., Lhasa Economic and Technological Development Zone Zhiheng Consulting Co., Ltd., Beijing Fanxin No. 1 Equity Investment Center (Limited Partnership), and Zhiduo Group Co., Ltd. - Suzhou Industrial Park Huizhen Equity Investment Center (Limited Partnership) are parties acting in concert[131](index=131&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=40&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) No changes occurred in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - No changes occurred in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[134](index=134&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=40&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) No changes occurred in the company's controlling shareholder or actual controller during the reporting period - No changes occurred in the company's controlling shareholder during the reporting period[135](index=135&type=chunk) - No changes occurred in the company's actual controller during the reporting period[136](index=136&type=chunk) [Preferred Share Related Information](index=40&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[137](index=137&type=chunk) [Bond-Related Information](index=41&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Bond-Related Information](index=41&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) No bond-related information exists for the company during the reporting period - No bond-related information exists for the company during the reporting period[139](index=139&type=chunk) [Financial Report](index=42&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=42&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[141](index=141&type=chunk) [Financial Statements](index=42&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity, comprehensively reflecting its financial position, operating results, and cash flows [Consolidated Balance Sheet](index=42&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, consolidated total assets were **10.626 billion RMB**, total liabilities **6.139 billion RMB**, and total owner's equity **4.486 billion RMB**. Total current assets were **7.367 billion RMB**, and total current liabilities were **6.017 billion RMB** Key Data from Consolidated Balance Sheet | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 10.626 billion | 9.484 billion | | Total Liabilities | 6.139 billion | 5.204 billion | | Total Owner's Equity | 4.487 billion | 4.280 billion | | Total Current Assets | 7.367 billion | 6.230 billion | | Total Current Liabilities | 6.017 billion | 5.098 billion | [Parent Company Balance Sheet](index=44&type=section&id=2%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, parent company total assets were **9.460 billion RMB**, total liabilities **5.548 billion RMB**, and total owner's equity **3.912 billion RMB** Key Data from Parent Company Balance Sheet | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 9.460 billion | 8.577 billion | | Total Liabilities | 5.548 billion | 4.869 billion | | Total Owner's Equity | 3.912 billion | 3.707 billion | [Consolidated Income Statement](index=46&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, the company achieved total operating revenue of **3.878 billion RMB**, net profit of **64.70 million RMB**, and net profit attributable to parent company shareholders of **64.36 million RMB**. Total comprehensive income was **41.06 million RMB** Key Data from Consolidated Income Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 3.879 billion | 3.037 billion | | Total Operating Cost | 3.964 billion | 2.965 billion | | Total Profit | 35.39 million | 97.07 million | | Net Profit | 64.70 million | 105.14 million | | Net Profit Attributable to Parent Company Shareholders | 64.36 million | 104.84 million | | Total Comprehensive Income | 41.06 million | 98.71 million | | Basic Earnings Per Share (RMB/share) | 0.11 | 0.19 | | Diluted Earnings Per Share (RMB/share) | 0.11 | 0.19 | [Parent Company Income Statement](index=48&type=section&id=4%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, the parent company achieved operating revenue of **3.089 billion RMB** and net profit of **39.18 million RMB** Key Data from Parent Company Income Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 3.089 billion | 2.478 billion | | Total Profit | 7.97 million | 77.64 million | | Net Profit | 39.18 million | 85.80 million | | Total Comprehensive Income | 39.18 million | 85.80 million | [Consolidated Cash Flow Statement](index=50&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, net cash flow from operating activities was **187 million RMB**, from investing activities **-230 million RMB**, and from financing activities **846 million RMB**. The net increase in cash and cash equivalents was **806 million RMB** Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 187.33 million | 131.90 million | | Net Cash Flow from Investing Activities | -229.59 million | -617.91 million | | Net Cash Flow from Financing Activities | 846.26 million | 841.16 million | | Net Increase in Cash and Cash Equivalents | 806.35 million | 361.08 million | [Parent Company Cash Flow Statement](index=51&type=section&id=6%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, parent company net cash flow from operating activities was **663 million RMB**, from investing activities **-109 million RMB**, and from financing activities **375 million RMB**. The net increase in cash and cash equivalents was **931 million RMB** Key Data from Parent Company Cash Flow Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 662.64 million | 484.80 million | | Net Cash Flow from Investing Activities | -109.33 million | -702.31 million | | Net Cash Flow from Financing Activities | 374.85 million | 392.52 million | | Net Increase in Cash and Cash Equivalents | 931.41 million | 179.91 million | [Consolidated Statement of Changes in Owner's Equity](index=52&type=section&id=7%E3%80%81%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In H1 2025, consolidated total owner's equity increased from **4.280 billion RMB** at the beginning to **4.486 billion RMB** at the end, primarily due to net profit and share-based payments to capital reserves, while other comprehensive income decreased due to foreign currency translation differences Consolidated Changes in Owner's Equity | Item | Period-Beginning Balance (RMB) | Change in Current Period (RMB) | Period-End Balance (RMB) | | :--- | :--- | :--- | | Total Owner's Equity | 4.280 billion | 206.62 million | 4.487 billion | | Total Owner's Equity Attributable to Parent Company | 4.277 billion | 206.28 million | 4.483 billion | | Net Profit | 1.489 billion | 64.36 million | 1.553 billion | | Other Comprehensive Income | 25.91 million | -23.64 million | 2.27 million | | Capital Reserves | 2.159 billion | 1.56 million | 2.160 billion | [Parent Company Statement of Changes in Owner's Equity](index=56&type=section&id=8%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In H1 2025, parent company total owner's equity increased from **3.707 billion RMB** at the beginning to **3.912 billion RMB** at the end, primarily due to net profit and share-based payments to capital reserves Parent Company Changes in Owner's Equity | Item | Period-Beginning Balance (RMB) | Change in Current Period (RMB) | Period-End Balance (RMB) | | :--- | :--- | :--- | | Total Owner's Equity | 3.707 billion | 204.73 million | 3.912 billion | | Net Profit | 922.24 million | 39.18 million | 961.42 million | | Capital Reserves | 2.185 billion | 1.56 million | 2.187 billion | [Company Basic Information](index=59&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Guoguang Electric Co., Ltd., formerly Guangzhou Guoguang Electro-acoustic General Factory, was reorganized into a joint-stock company in **1993** and listed on the Shenzhen Stock Exchange in **2005**. The company and its subsidiaries primarily engage in the production and sale of electronic components - Guoguang Electric Co., Ltd. originated from the former Guangzhou Guoguang Electro-acoustic General Factory, reorganized into a joint-stock company on **December 25, 1993**, and listed on the Shenzhen Stock Exchange on **May 23, 2005**[175](index=175&type=chunk) - The company and its subsidiaries (the Group) primarily engage in the production and sale of electronic components[175](index=175&type=chunk) [Basis of Financial Statement Preparation](index=60&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis, in accordance with accounting standards issued by the Ministry of Finance, and are expected to continue operating for at least the next **12 months** - The Group prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with the Basic Accounting Standards for Business Enterprises, specific accounting standards, application guidelines, interpretations, and other relevant regulations issued by the Ministry of Finance[177](index=177&type=chunk) - The Group possesses sufficient working capital to continue operating for a foreseeable period of no less than **12 months** from the approval date of these financial statements[178](index=178&type=chunk) [Significant Accounting Policies and Estimates](index=60&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's accounting policies and estimates for business combinations, consolidated financial statements, financial instrument recognition and measurement, inventory, fixed assets, intangible assets, revenue recognition, government grants, and deferred income tax, including key judgments and assumptions for financial asset classification, accounts receivable expected credit loss measurement, and deferred tax asset recognition - The Group's accounting year runs from **January 1 to June 30**, with the functional currency being RMB[181](index=181&type=chunk)[183](index=183&type=chunk) - The scope of consolidation for consolidated financial statements is determined based on control, treating the entire enterprise group as a single accounting entity, and reflecting the group's overall financial position, operating results, and cash flows in accordance with relevant accounting standards' recognition, measurement, and presentation requirements, using uniform accounting policies and periods[188](index=188&type=chunk) - At initial recognition, the Group classifies financial assets based on the business model for managing them and their contractual cash flow characteristics into: financial assets measured at amortized cost, financial assets measured at fair value through profit or loss, and financial assets measured at fair value through other comprehensive income[210](index=210&type=chunk) - For financial assets measured at amortized cost and debt investments measured at fair value through other comprehensive income, the Group recognizes loss provisions based on expected credit losses[221](index=221&type=chunk) - The Group values inventory issued using the weighted average method, measures it at the lower of cost or net realizable value at the balance sheet date, and provides for inventory impairment if cost exceeds net realizable value[261](index=261&type=chunk)[263](index=263&type=chunk) - Fixed assets are depreciated using the straight-line method, with depreciation periods of **20 to 50 years** for buildings, **5 to 14 years** for machinery, **4 to 10 years** for transportation equipment, and **3 to 6 years** for electronic and office equipment[288](index=288&type=chunk) - Intangible assets with finite useful lives are systematically amortized using the straight-line method, while those with indefinite useful lives are not amortized but are reviewed annually for useful life and tested for impairment[298](index=298&type=chunk) - The Group recognizes revenue when it satisfies a performance obligation in a contract, which is when the customer obtains control of the related goods[322](index=322&type=chunk) - Government grants are recognized when both the conditions attached to the grant are met and the grant is received, and are classified and accounted for as either asset-related or income-related government grants[334](index=334&type=chunk)[336](index=336&type=chunk)[337](index=337&type=chunk) - The Group recognizes and measures the income tax effects of taxable temporary differences or deductible temporary differences as deferred tax liabilities or deferred tax assets, respectively, using the balance sheet liability method based on the temporary differences between the carrying amounts of assets and liabilities and their tax bases at the balance sheet date[338](index=338&type=chunk) [Taxation](index=96&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section discloses the company's main tax types and rates, including VAT, urban maintenance and construction tax, and corporate income tax. The company and some subsidiaries benefit from **15%** high-tech enterprise income tax, **15%** Western region encouraged industry income tax, Vietnamese government income tax exemptions/reductions, small and micro-enterprise income tax benefits, and **5%** VAT super deduction for advanced manufacturing Main Tax Types and Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax | 6%, 9%, 10%, 13%, and 20% | | Urban Maintenance and Construction Tax | 7% | | Corporate Income Tax | Specific rates in the table below | | Property Tax | 12% or 1.2% | | Land Use Tax | 2 RMB/sqm or 4 RMB/sqm | | Education Surcharge | 5% | Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | Guoguang Electric Co., Ltd. | 15% | | Guangdong Guoguang Electronics Co., Ltd. | 15% | | Wuzhou Guoguang Technology Development Co., Ltd. | 15% | | GUO GUANG ELECTRIC (VIETNAM) COMPANY LIMITED | 20% | | Guoguang Acoustics (Vietnam) Co., Ltd. | 20% | | Suzhou Guoguang Technology Co., Ltd. | 20% | | Guoguang Electric (Shenzhen) Co., Ltd. | 20% | | Guangzhou Guoguang Precision Mold Co., Ltd. | 20% | - The parent company and Guangdong Guoguang Electronics Co., Ltd. enjoy a **15%** income tax preferential rate as high-tech enterprises; Wuzhou Guoguang Technology Development Co., Ltd. enjoys a **15%** income tax preferential rate for encouraged industries in the Western region[371](index=371&type=chunk) - The Vietnamese subsidiary enjoys a **100%** income tax exemption for **1-2 years** and a **50%** exemption for **3-6 years**[372](index=372&type=chunk) - Suzhou Guoguang Technology Co., Ltd., Guoguang Electric (Shenzhen) Co., Ltd., and Guangzhou Guoguang Precision Mold Co., Ltd. enjoy a corporate income tax preferential policy where the portion of annual taxable income exceeding **1 million RMB** but not exceeding **3 million RMB** is reduced by **25%** and taxed at a **20%** rate[372](index=372&type=chunk) - The parent company, Guangdong Guoguang Electronics Co., Ltd., and Wuzhou Guoguang Technology Development Co., Ltd. enjoy a **5%** VAT super deduction policy for advanced manufacturing enterprises[373](index=373&type=chunk) [Notes to Consolidated Financial Statement Items](index=98&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details the period-end and period-beginning balances and current period changes for consolidated financial statement items such as assets, liabilities, owner's equity, income, and expenses, with explanations for significant items Composition of Cash and Bank Balances at Period End | Item | Period-End Balance (RMB) | | :--- | :--- | | Cash on Hand | 22,164.39 | | Bank Deposits | 2.554 billion | | Other Cash and Bank Balances | 66.97 million | | **Total** | **2.621 billion** | - Other cash and bank balances at period-end include bank acceptance bill deposits of **32.54 million RMB**, bank loan deposits of **30 million RMB**, litigation frozen funds of **3.02 million RMB**, and letter of guarantee deposits of **1.41 million RMB**[376](index=376&type=chunk) Composition of Trading Financial Assets at Period End | Item | Period-End Balance (RMB) | | :--- | :--- | | Bank Wealth Management Products | 3.80 million | | Brokerage Wealth Management Products | 50.00 million | | **Total** | **53.80 million** | Composition of Derivative Financial Assets at Period End | Item | Period-End Balance (RMB) | | :--- | :--- | | Swaps | 17.31 million | | Forward Foreign Exchange Contracts | 5.71 million | | **Total** | **23.02 million** | - Notes receivable at period-end was **0 RMB**, with a period-beginning balance of **3.52 million RMB**, comprising bank acceptance bills of **1.93 million RMB** and commercial acceptance bills of **1.59 million RMB**[385](index=385&type=chunk) - Accounts receivable at period-end had a book balance of **1.966 billion RMB**, with an allowance for doubtful accounts of **17.04 million RMB**, resulting in a carrying value of **1.949 billion RMB**[394](index=394&type=chunk) - Notes receivable financing at period-end was **37.26 million RMB**, entirely composed of bank acceptance bills[399](index=399&type=chunk)[401](index=401&type=chunk) - Other receivables at period-end totaled **194.77 million RMB**, including dividends receivable of **1.28 million RMB**[406](index=406&type=chunk) - Inventory at period-end had a carrying value of **1.333 billion RMB**, with an inventory impairment provision of **46.46 million RMB**[428](index=428&type=chunk) - Non-current assets due within one year at period-end totaled **402.55 million RMB**, primarily comprising other debt investments due within one year of **376.51 million RMB**[432](index=432&type=chunk) - Other current assets at period-end totaled **686.19 million RMB**, mainly including wealth management products of **562.55 million RMB** and reclassified VAT debit balances of **121.60 million RMB**[442](index=442&type=chunk) - Other debt investments at period-end totaled **619.83 million RMB**, primarily consisting of negotiable certificates of deposit[447](index=447&type=chunk) - Long-term equity investments at period-end had a carrying value of **610.56 million RMB**, including an investment in joint venture Guangzhou Libao of **549.13 million RMB**[458](index=458&type=chunk)[459](index=459&type=chunk) - Fixed assets at period-end had a carrying value of **901.49 million RMB**, including buildings of **413.78 million RMB** and machinery of **356.53 million RMB**[468](index=468&type=chunk)[471](index=471&type=chunk) - Construction in progress at period-end had a carrying value of **369.25 million RMB**, primarily including investments in the Vietnam Phase II base construction of **281.75 million RMB** and industrial upgrade projects of **83.43 million RMB**[480](index=480&type=chunk)[482](index=482&type=chunk) - Intangible assets at period-end had a carrying value of **268.38 million RMB**, including land use rights of **239.33 million RMB**[490](index=490&type=chunk) - Short-term borrowings at period-end totaled **3.363 billion RMB**, primarily comprising unsecured loans of **2.814 billion RMB** and guaranteed loans of **514.37 million RMB**[508](index=508&type=chunk) - Notes payable at period-end totaled **177.44 million RMB**, including bank acceptance bills of **141.11 million RMB**[512](index=512&type=chunk) - Accounts payable at period-end totaled **1.920 billion RMB**, primarily for goods purchased[514](index=514&type=chunk) - Other payables at period-end totaled **176.37 million RMB**, mainly including supply chain financing of **68.04 million RMB** and accrued expenses of **41.40 million RMB**[517](index=517&type=chunk)[520](index=520&type=chunk) - Long-term borrowings at period-end totaled **9.50 million RMB**, primarily guaranteed loans[540](index=540&type=chunk) - Capital reserves at period-end totaled **2.160 billion RMB**, with an increase of **1.61 million RMB** in the current period due to the employee stock ownership plan[552](index=552&type=chunk) - Retained earnings at period-end totaled **1.553 billion RMB**[561](index=561&type=chunk) Operating Revenue and Operating Cost | Item | Current Period Revenue (RMB) | Current Period Cost (RMB) | Prior Period Revenue (RMB) | Prior Period Cost (RMB) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 3.806 billion | 3.345 billion | 2.995 billion | 2.622 billion | | Other Business | 72.92 million | 22.65 million | 41.34 million | 24.12 million | | **Total** | **3.879 billion** | **3.368 billion** | **3.037 billion** | **2.646 billion** | Composition of Administrative Expenses | Item | Current Period Amount (RMB) | | :--- | :--- | | Employee Costs | 157.98 million | | Depreciation and Amortization | 19.34 million | | Office Expenses | 14.62 million | | **Total** | **216.96 million** | Composition of Selling Expenses | Item | Current Period Amount (RMB) | | :--- | :--- | | Employee Costs | 26.34 million | | Business Entertainment Expenses | 5.66 million | | After-Sales Service Fees | 2.76 million | | **Total** | **41.73 million** | Composition of Financial Expenses | Item | Current Period Amount (RMB) | | :--- | :--- | | Interest Expense | 34.29 million | | Interest Income | -40.24 million | | Exchange Loss/(Gain) - Net | 48.76 million | | **Total** | **44.33 million** | Composition of Other Income | Source of Other Income | Current Period Amount (RMB) | | :--- | :--- | | Government Grants Recognized in Other Income | 27.68 million | | Of which: Government Grants Related to Deferred Income | 3.13 million | | Government Grants Directly Recognized in Current Profit or Loss | 24.55 million | | Other Items Related to Daily Activities and Recognized in Other Income | 0.20 million | | **Total** | **27.88 million** | Composition of Fair Value Change Gains | Source of Fair Value Change Gains | Current Period Amount (RMB) | | :--- | :--- | | Trading Financial Assets | -0.69 million | | Forward Foreign Exchange Contracts | 12.31 million | | Swaps | 10.94 million | | RMB Foreign Exchange Option Portfolio | -0.08 million | | **Total** | **22.49 million** | Composition of Investment Income | Item | Current Period Amount (RMB) | | :--- | :--- | | Investment Income from Long-Term Equity Investments Accounted for Using Equity Method | -8.20 million | | Investment Income from Disposal of Derivative Financial Assets | 30.65 million | | Interest Income from Other Debt Investments Held | 14.04 million | | **Total** | **46.26 million** | Composition of Credit Impairment Losses | Item | Current Period Amount (RMB) | | :--- | :--- | | Accounts Receivable Impairment Loss | 8.24 million | | Notes Receivable Impairment Loss | 0.41 million | | Other Receivables Impairment Loss | -0.30 million | | **Total** | **8.32 million** | - Asset impairment losses primarily consist of inventory write-downs and contract performance cost impairment losses totaling **12.46 million RMB**[590](index=590&type=chunk) Composition of Non-Operating Income | Item | Current Period Amount (RMB) | | :--- | :--- | | Other | 4.58 million | | Gains from Disposal of Non-Current Assets | 0.06 million | | Compensation Income for Breach of Contract | 0.01 million | | **Total** | **4.65 million** | Composition of Non-Operating Expenses | Item | Current Period Amount (RMB) | | :--- | :--- | | Other | 0.83 million | | Losses from Disposal of Non-Current Assets | 0.57 million | | Compensation Expenses | 0.16 million | | **Total** | **1.55 million** | Composition of Income Tax Expense | Item | Current Period Amount (RMB) | | :--- | :--- | | Current Income Tax Expense | 2.60 million | | Deferred Income Tax Expense | -31.91 million | | **Total** | **-29.31 million** | [R&D Expenses](index=145&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenses for the period were **277.71 million RMB**, all expensed, primarily comprising labor and material costs, showing a significant year-on-year increase Composition of R&D Expenses | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Labor Costs | 210.50 million | 138.19 million | | Material Costs | 45.71 million | 28.88 million | | Other | 7.88 million | 4.21 million | | Certification and Testing Fees | 3.97 million | 3.00 million | | Depreciation Expenses | 9.66 million | 6.79 million | | **Total** | **277.71 million** | **181.07 million** | - Expensed R&D expenditure for the current period was **277.71 million RMB**[631](index=631&type=chunk) [Changes in Consolidation Scope](index=146&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The company's consolidation scope changed during the reporting period due to the establishment of wholly-owned subsidiary Guangzhou Guoguang Precision Mold Co., Ltd - On **April 25, 2025**, the company established wholly-owned subsidiary Guangzhou Guoguang Precision Mold Co., Ltd. with a registered capital of **50 million RMB**, whose business scope includes mold manufacturing and sales[633](index=633&type=chunk) [Interests in Other Entities](index=146&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section discloses the company's interests in subsidiaries, joint ventures, and associates. The company holds multiple wholly-owned or controlled subsidiaries and interests in joint ventures such as Guangzhou Libao Composition of Enterprise Group (Partial Subsidiaries) | Subsidiary Name | Registered Capital | Business Nature | Shareholding Proportion (Direct) | | :--- | :--- | :--- | :--- | | GGEC AMERICA INC. | 7.445 million USD | Sales | 100.00% | | Guoguang Electric (Hong Kong) Co., Ltd. | 8.30 million HKD | Sales | 100.00% | | Guangdong Guoguang Electronics Co., Ltd. | 280 million RMB | Research, Design, Production, and Sales | 100.00% | | Guoguang Electric (Vietnam) Co., Ltd. | 551.008 billion VND | Research, Design, Production, and Sales | 100.00% | | Guoguang Acoustics (Vietnam) Co., Ltd. | 239.92 billion VND | Research, Design, Production, and Sales | 100.00% | - The company holds a **47.42%** equity stake in Guangzhou Libao New Material Co., Ltd., accounted for using the equity method[638](index=638&type=chunk) Key Financial Information of Significant Joint Venture Guangzhou Libao | Item | Period-End Balance/Current Period Amount (RMB) | | :--- | :--- | | Total Assets | 1.297 billion | | Total Liabilities | 145.04 million | | Owner's Equity Attributable to Parent Company | 1.152 billion | | Net Profit | -12.18 million | | Total Comprehensive Income | -12.18 million | Summary Financial Information of Insignificant Joint Ventures and Associates | Item | Period-End Balance/Current Period Amount (RMB) | | :--- | :--- | | Total Carrying Value of Investments | 61.43 million | | Net Profit | -2.07 million | | Total Comprehensive Income | -2.07 million | [Government Grants](index=151&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) At period-end, the company's deferred income included government grants totaling **43.85 million RMB**, with **1.73 million RMB** added and **3.13 million RMB** transferred to other income in the current period. Total government grants recognized in current profit or loss were **27.88 million RMB**, mainly from deferred income amortization, special government awards, and VAT super deductions Liability Items Involving Government Grants | Account Title | Period-Beginning Balance (RMB) | New Grants in Current Period (RMB) | Transferred to Other Income in Current Period (RMB) | Period-End Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | Industrial Special Grants | 28.83 million | 0 | 0.74 milli

国光电器公告，2025年上半年营业收入38.79亿元，同比增长27.72%。归属于上市公司股东的净利润 6435.66万元，同比下降38.61%。基本每股收益0.11元/股，同比下降42.11%。 ...

宋志超先生将与郭依维女士、郭建伟先生、梁树何先生、楚立刚先生共同组成公司第三期员 工持股计划管理委员会。 宋志超先生为公司员工，除此之外，宋志超先生未在公司控股股东或者实际控制人单位担任 职务，不是持有公司 5%以上股东、董事、高级管理人员，且与前述主体不存在关联关系。 证券代码：002045 证券简称：国光电器 编号：2025-63 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 国光电器股份有限公司（以下简称"公司"）第三期员工持股计划第二次持有人会议于 2025 年 8 月 22 日以现场及通讯方式召开，审议通过了《关于调整第三期员工持股计划管理委员会委 员的议案》。 由于第三期员工持股计划管理委员会委员胡礼樟先生因个人原因，不再担任管理委员会委员 职务，为了更好地保障员工持股计划的整体利益，补选宋志超先生为管理委员会委员，任期为持 有人会议审议通过之日起至第三期员工持股计划的存续期届满之日止。 国光电器股份有限公司 关于调整第三期员工持股计划管理委员会委员的公告 特此公告。 国光电器股份有限公司 董事会 二〇二五年八月二十六日 ...

国光电器股份有限公司 2025 半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：国光电器股份有限公司 单位：人民币万元 | | | 占用方与上 | 上市公司核 | 2025 年初 | 2025 上半年度占 | 2025 上半年度 | 2025 上半年 | 2025 年 6 月 30 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 市公司的关 | 算的会计科 | 占用资金 | 用累计发生金额 | 占用资金的利 | 度偿还累计 | 日占用资金余 | 占用形成原因 | 占用性质 | | | | 联关系 | 目 | 余额 | (不含利息) | 息(如有) | 发生金额 | 额 | | | | 控股股东、实际控制人及 | | | | | | | | | | | | 其附属企业 | | | | - | - | | - | - | | | | 小 计 | | | | - | - | | - | - | | | | 前控股股东、实际控制人 | | | | | | | ...

国光电器股份有限公司 2025 年半年度募集资金存放与使用情况专项报告 证券代码：002045 证券简称：国光电器 编号：2025-61 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 根据中国证监会发布的《上市公司监管指引第 2 号——上市公司募集资金管理和使 用的监管要求》和深圳证券交易所颁布的《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，国光电器股份有限公司（以下简称"公司"） 董事会将 2025 年半年度募集资金存放与使用情况报告如下： 一、募集资金基本情况 2023 年向特定对象发行股票募集资金的金额、资金到账时间 1、实际募集资金金额、资金到位时间 经中国证券监督管理委员会证监许可〔2023〕1983 号文同意注册，并经深圳证券交 易所同意，公司 2023 年度向特定对象发行股票的工作已经完成，共计发行 99,718,919 股，每股发行价格 13.88 元，募集资金总额为人民币 1,384,098,595.72 元，扣除承销费用、 保荐费用人民币5,500,000.00元后的余款人民币1,378,598,595 ...

国光电器股份有限公司 2025 年半年度财务报表 国光电器股份有限公司 2025 年半年度财务报表 | 内容 | 页码 | | --- | --- | | 合并资产负债表 | 1-3 | | 公司资产负债表 | 4-6 | | 合并利润表 | 7-9 | | 公司利润表 | 10-11 | | 合并现金流量表 | 12-13 | | 公司现金流量表 | 14-15 | | 合并股东权益变动表 | 16-19 | | 公司股东权益变动表 | 20-23 | | 财务报表附注 | 24-150 | 国光电器股份有限公司 2025 年 6 月 30 日合并资产负债表 (除特别注明外，金额单位为人民币元) | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 2,621,424,159.24 | 1,830,127,704.78 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 53,800,000.00 | 243,186,449.99 | | 衍生金融资产 | 23,016,939.21 | 11,902,5 ...

Market Overview - On August 15, the consumer electronics sector rose by 2.46%, with Yidong Electronics leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Top Gainers - Yidong Electronics (301123) closed at 39.41, up 20.01% with a trading volume of 283,700 shares and a transaction value of 1.025 billion [1] - Yingstone Innovation (688775) closed at 224.42, up 20.00% with a trading volume of 86,800 shares and a transaction value of 1.891 billion [1] - Shenglan Co., Ltd. (300843) closed at 44.92, up 11.35% with a trading volume of 273,900 shares [1] - Boshuo Technology (300951) closed at 37.21, up 11.24% with a trading volume of 149,200 shares and a transaction value of 557 million [1] Top Losers - Darui Electronics (300976) closed at 59.97, down 5.31% with a trading volume of 79,900 shares and a transaction value of 481 million [2] - Heertai (002402) closed at 29.98, down 3.20% with a trading volume of 1,683,900 shares and a transaction value of 5.093 billion [2] - Guoguang Electric (002045) closed at 16.70, down 0.71% with a trading volume of 517,400 shares [2] Capital Flow - The consumer electronics sector experienced a net outflow of 792 million from institutional investors and 376 million from retail investors, while individual investors saw a net inflow of 1.169 billion [2][3] - Notable net inflows from individual investors included Yidong Electronics (301123) with a net outflow of 79.05 million and Yingstone Innovation (688775) with a net outflow of 20.2 million [3]

Robotics - Upbeat Electronics currently has no product layout in the robotics field [1] - New Times plans to launch an embodied intelligent welding solution in September this year [1] - Zhongke Magnetic Industry has established cooperation with ultra-lightweight humanoid robotic arm industry clients [1] - Zhiwei Intelligent has launched a robot brain control product line based on Nvidia Jetson and other chip platforms [1] - Daili New Materials has verified its robotic tendon samples with several domestic related manufacturers [1] - Tongda Hai is actively promoting native development and compatibility adaptation work based on the CANN ecosystem [1] AI and Large Models - Guoguang Electric values the research and development of new AI headphone products but has not yet achieved mass production [1] - Juxin Technology continues to build a low-power AI computing power platform, gradually expanding to more application scenarios beyond audio [1] - Heertai's tactile human body screen technology has been applied in the company's smart body-sensing clothing project [1] Solid-State Batteries - Del's shares have established a sample trial production line for solid-state batteries in Shanghai [1] - Tianhua New Energy has completed the research and development of lithium-rich manganese-based positive materials and sent samples for evaluation to multiple solid-state battery customers [1] Other Developments - Cambrian has denied rumors regarding large orders for carrier boards from a certain manufacturer [1] - Jiaxun Feihong has not collaborated with Huawei in the eSIM card communication module field [1] - Weifeng Electronics currently has products applied in the server power control field [1] - Saiteng Co., Ltd. has already delivered HBM equipment in batches [1] - Lens Technology is currently cooperating with customers to develop the next generation of cover glass [1] - Metro Design has developed a smart planning platform for urban rail transit based on multi-source data, which has been promoted in multiple cities [1] - Chongde Technology's dynamic pressure oil film sliding bearing products are mainly used in energy generation, industrial drive, petrochemical, and shipping fields [1] - Leyard provides display solutions for the "Panda Eye" training base [1] - Pengling Co., Ltd. has received mass production orders for its thermal management project from SAIC Passenger Vehicle [1]

Core Viewpoint - The company has made progress in the development of AI headphones and AI glasses, but mass production has not yet been achieved for the headphones, and there is uncertainty regarding the glasses' production plans [1] Group 1 - The company has completed the sample delivery work for AI headphones and AI glasses as of March [1] - The company emphasizes the importance of AI headphones in new product research, but mass production has not been realized yet [1] - There is a production plan for AI glasses, but future developments remain uncertain [1] Group 2 - The AI glasses business does not currently have a significant impact on the company's main business revenue [1] - The company will disclose further developments regarding these products if they reach the information disclosure standards [1]