[Important Notice, 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 Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) Management guarantees the truthfulness, accuracy, and completeness of this semi-annual report, which contains no profit distribution plan[4](index=4&type=chunk)[5](index=5&type=chunk) - The Board of Directors, Supervisory Committee, and all senior executives ensure the **truthfulness, accuracy, and completeness** of the report and bear corresponding legal responsibilities[4](index=4&type=chunk) - Forward-looking statements regarding future plans and development strategies **do not constitute substantive commitments** to investors, who should be aware of the associated risks[4](index=4&type=chunk) - The company **does not plan to distribute cash dividends**, issue bonus shares, or convert capital reserves into share capital for the first half of 2025[5](index=5&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terminology and abbreviations used throughout the report, covering corporate entities and industry-specific technical terms - The reporting period is defined as **January 1, 2025, to June 30, 2025**[12](index=12&type=chunk) - Detailed explanations are provided for broadcasting industry terms such as **DVB, OTT, and IPTV**, clarifying their technical meanings and applications[12](index=12&type=chunk) - Definitions are provided for terms in the energy and technology sectors, including **high-power supplies, 18650 lithium batteries, IoT, and smart cities**[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=7&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=7&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Shenzhen Coship Electronics Co, Ltd is listed on the Shenzhen Stock Exchange, and its basic corporate information remained unchanged during the reporting period Corporate Information | Item | Content | | :--- | :--- | | **Stock Ticker** | Coship Electronics | | **Stock Code** | 002052 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Company Full Name** | Shenzhen Coship Electronics Co, Ltd | | **Legal Representative** | Zhang Chunyin | [Key Accounting Data and Financial Indicators](index=8&type=section&id=%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) The company achieved explosive performance growth, with revenue and net profit soaring, though total assets and operating cash flow significantly declined Key Financial Indicators | Key Financial Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (Yuan)** | 539,769,532.34 | 76,397,876.23 | 606.52% | | **Net Profit Attributable to Shareholders (Yuan)** | 203,071,375.87 | -36,084,109.06 | 662.77% | | **Net Cash Flow from Operating Activities (Yuan)** | -115,415,860.89 | 2,029,955.74 | -5,785.63% | | **Basic Earnings Per Share (Yuan/Share)** | 0.2722 | -0.0484 | 662.40% | | **Weighted Average Return on Equity** | 107.66% | -399.07% | 506.73% | | **Total Assets (Yuan)** | 685,153,485.82 | 1,239,630,927.40 (Prior Year-End) | -44.73% | | **Net Assets Attributable to Shareholders (Yuan)** | 290,173,885.87 | 87,079,501.17 (Prior Year-End) | 233.23% | [Non-recurring Gains and Losses](index=8&type=section&id=%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) The company's non-recurring items resulted in a net loss of 5.37 million Yuan, primarily due to provisions for pending litigation Details of Non-recurring Gains and Losses | Item | Amount (Yuan) | Notes | | :--- | :--- | :--- | | Gain/Loss from Debt Restructuring | 1,123,667.93 | Debt reduction from creditor agreements | | Government Grants Included in Current Profit/Loss | 817,899.64 | - | | Other Non-operating Income and Expenses | -7,150,421.70 | Mainly provisions for pending litigation | | **Total** | **-5,372,807.65** | - | [Management Discussion and Analysis](index=10&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) [Principal Business Activities During the Reporting Period](index=10&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's business comprises energy and set-top box segments, with a strategic focus on high-power supplies for computing servers driving growth - The company's main business is divided into two segments: **the energy sector** (high-power supplies, lithium batteries) and **the set-top box sector** (set-top boxes, smart terminals)[30](index=30&type=chunk) - The current strategic focus is on the **high-power supply business**, with products primarily used in computing servers, which is the main reason for the significant improvement in revenue and profit[31](index=31&type=chunk) - The company employs a **"produce-to-order" manufacturing model** and a **direct sales-oriented marketing model**, serving domestic and international operators and customers directly[32](index=32&type=chunk)[33](index=33&type=chunk) [Core Competitiveness Analysis](index=11&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) Core competencies are built on brand, R&D, management, marketing, product quality, and supply chain integration, highlighted by a successful pivot to high-power supplies - The company has a **well-recognized brand** in the digital video industry, which provides a foundation for expanding into new business areas like energy[35](index=35&type=chunk) - High-power supply products feature advanced technologies like **high-efficiency circuit topology and full digital control**, ensuring stable operation in extreme environments[37](index=37&type=chunk) - The company successfully transformed its original "Power Supply Business Unit" into the "Power Supply and Server Business Unit," developing **technologically advanced high-power supply products** and establishing a stable business model[39](index=39&type=chunk) [Main Business Analysis](index=12&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Revenue surged due to the new high-power supply business, which now dominates sales and has shifted the company's focus to overseas markets Key Financial Data YoY Comparison | Key Financial Data | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 539,769,532.34 | 76,397,876.23 | 606.52% | Significant growth from new high-power supply business | | **Operating Costs** | 294,373,724.50 | 79,596,788.64 | 269.83% | Costs increased in line with revenue growth | | **Financial Expenses** | 11,954,905.03 | 5,939,548.78 | 101.28% | Impact of exchange rate fluctuations | | **Net Cash Flow from Operating Activities** | -115,415,860.89 | 2,029,955.74 | -5,785.63% | Increased cash payments for operating activities | Revenue Breakdown by Business Segment | Business Segment | Current Period Revenue (Yuan) | % of Total Revenue | Prior Year Period Revenue (Yuan) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **Energy Sector Business** | 507,600,480.89 | 94.04% | 47,824,213.36 | 62.60% | 961.39% | | Of which: High-Power Supply | 487,023,042.16 | 90.23% | - | - | - | | **Set-Top Box Sector Business** | 2,494,200.61 | 0.46% | 10,515,848.23 | 13.76% | -76.28% | Revenue Breakdown by Region | Region | Current Period Revenue (Yuan) | % of Total Revenue | Prior Year Period Revenue (Yuan) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **Overseas** | 487,023,042.16 | 90.23% | 3,317,729.60 | 4.34% | 14,579.41% | | **Domestic** | 52,746,490.18 | 9.77% | 73,080,146.63 | 95.66% | -27.82% | [Analysis of Assets and Liabilities](index=14&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 decreased by 44.73% to 685 million Yuan, driven by a significant reduction in inventory following successful sales during the period Asset Composition Analysis | Asset Item | Period-End Balance (Yuan) | % of Total Assets | Prior Year-End Balance (Yuan) | % of Total Assets | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **Accounts Receivable** | 223,218,837.60 | 32.58% | 455,705,063.40 | 36.76% | Collection of opening receivables during the period | | **Inventory** | 11,323,979.77 | 1.65% | 227,427,253.67 | 18.35% | Sale of opening inventory during the period | - As of the period-end, **45.94 million Yuan** of the company's assets were restricted, primarily including investment properties (45.23 million Yuan) and bank deposits (0.71 million Yuan) subject to litigation preservation measures[51](index=51&type=chunk) [Analysis of Major Subsidiaries and Investees](index=16&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) The Hong Kong subsidiary was a key platform for overseas business, while several new energy battery subsidiaries reported losses Performance of Major Subsidiaries | Company Name | Type | Main Business | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | | **Coship Technology (HK) Co, Limited** | Subsidiary | R&D consulting, import/export trade | 635,753,913.52 | 905,719.69 | | **Nanping Tongxin New Energy Technology Co, Ltd** | Subsidiary | New energy battery production and sales | 2,565,330.58 | -1,893,507.72 | | **Huizhou Changsheng Technology Co, Ltd** | Subsidiary | Battery manufacturing | 19,150,110.02 | -1,270,173.65 | [Company Risks and Countermeasures](index=17&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 market, management, technical, and currency risks, which it plans to mitigate through diversification, talent retention, R&D, and financial instruments - **Market Risk**: Macroeconomic slowdowns and industry shifts could impact business growth; the company will respond by optimizing its product mix and diversifying operations[60](index=60&type=chunk) - **Technical Risk**: The company faces risks from the loss of key technical personnel and poor R&D decisions; it will strengthen its talent pool and market trend analysis[60](index=60&type=chunk) - **Exchange Rate Risk**: With significant exports and raw material imports, currency fluctuations impact costs and profits; the company will use financial instruments and timely currency settlement to manage this risk[61](index=61&type=chunk) [Corporate Governance, Environment, and Society](index=19&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=19&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) The company underwent changes in its board and senior management due to term-of-office elections, including the appointment of a new General Manager Personnel Changes | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zhang Chunyin | Director | Elected | 2025-03-31 | Term-of-office election | | You Xintang | General Manager | Appointed | 2025-04-02 | Term-of-office election | | Liu Yongteng | Director | Resigned upon term completion | 2025-03-31 | Term-of-office election | [Implementation of Equity Incentive Plan](index=19&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 canceled 2.61 million stock options due to employee departures, while conditions for the second exercise period of its 2023 plan were met - On April 18, 2025, the company approved the cancellation of **2.61 million stock options** held by 9 incentive recipients who had resigned[69](index=69&type=chunk) - The conditions for the **second exercise period** of the company's 2023 stock option incentive plan have been met[69](index=69&type=chunk) - Following the cancellation, the number of incentive recipients was reduced from 76 to 67, with **16.62 million stock options** remaining outstanding under the plan[69](index=69&type=chunk) [Social Responsibility](index=20&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 fulfilled its social responsibilities by improving corporate governance, protecting stakeholder rights, and focusing on environmental sustainability - The company continuously improves its internal control systems in compliance with laws and regulations to **protect the rights of investors and creditors**[70](index=70&type=chunk) - The company legally protects employee rights, provides support for employees in need, and organizes cultural activities to **enhance employee belonging**[72](index=72&type=chunk)[73](index=73&type=chunk) - Adhering to a "customer first, quality first" policy, the company maintains **ISO9001 and ISO14001 certifications** and strong relationships with suppliers and customers[73](index=73&type=chunk) [Significant Events](index=22&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) [Commitments](index=22&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The company's largest shareholders fulfilled their commitments regarding non-competition, related-party transactions, share lock-ups, and maintaining corporate independence - The largest shareholder and their concerted parties committed **not to engage in business that competes** with the company and to prioritize giving business opportunities to the company[76](index=76&type=chunk) - A commitment was made **not to transfer shares for 18 months** following the equity change[78](index=78&type=chunk) - A commitment was made to ensure the company's **independence in personnel, assets, finance, business, and organization**[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) [Litigation](index=28&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company settled a major 413 million Yuan contract dispute, while other significant lawsuits related to contract disputes and securities misrepresentation remain ongoing Major Litigation Status | Case Details | Amount Involved (Yuan) | Provision Made | Status | Outcome & Impact | | :--- | :--- | :--- | :--- | :--- | | **Sales Contract Dispute with Terminus** | 412,609,500 | No | Closed | Parties reached a settlement; company withdrew the lawsuit | | **Contract Dispute with Xing Bao Trust** | 105,461,300 | Yes | First Instance | Awaiting judgment | | **Investor Securities Misrepresentation Lawsuits** | 125,704,000 | Yes | Partially judged, partially appealed | Some cases have been judged and compensated | [Significant Related-Party Transactions](index=30&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) The company engaged in 1.02 million Yuan of related-party transactions, including purchasing raw materials from and selling them to related entities at market prices Details of Related-Party Transactions | Related Party | Relationship | Transaction Type | Transaction Amount (Yuan) | | :--- | :--- | :--- | :--- | | Shenzhen Huayouxintai Technology Co, Ltd | Controlled by a close relative of a director | Purchase of raw materials | 841,000 | | Shenzhen Ailubang Technology Co, Ltd | Former shareholder of a subsidiary | Sale of raw materials | 174,500 | | **Total** | -- | -- | **1,015,500** | [Share Capital Changes and Shareholder Information](index=33&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 Capital Changes](index=33&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) Total share capital remained unchanged, but the proportion of restricted shares increased to 8.31% due to a senior executive's share acquisition - Director and General Manager Mr You Xintang increased his shareholding by **52,219,810 shares** through a transfer agreement during the reporting period[110](index=110&type=chunk) Share Structure Changes | Share Class | Before Change | After Change | Change in Shares | | :--- | :--- | :--- | :--- | | **Restricted Shares** | 22,875,182 (3.06%) | 62,040,039 (8.31%) | +39,164,857 | | **Unrestricted Shares** | 723,084,512 (96.94%) | 683,919,655 (91.69%) | -39,164,857 | | **Total Share Capital** | 745,959,694 (100%) | 745,959,694 (100%) | 0 | [Number and Shareholdings of Shareholders](index=35&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) The number of shareholders totaled 25,752, with the largest shareholder holding 16.50% and the General Manager becoming the second largest at 11.09% Top Shareholders | Shareholder Name | Shareholding Ratio | Shares Held at Period-End | | :--- | :--- | :--- | | Ding Xiaoli | 16.50% | 123,107,038 | | You Xintang | 11.09% | 82,720,053 | | Ruihong Life Insurance Co, Ltd - Universal Product | 8.16% | 60,849,000 | - The total number of common shareholders at the end of the reporting period was **25,752**[115](index=115&type=chunk) - Shareholders You Xintang and Wu Liping signed a **Concerted Action Agreement** on June 11, 2024, making them parties acting in concert[115](index=115&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=36&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) Director and General Manager Mr You Xintang significantly increased his holdings by over 52 million shares during the reporting period Executive Shareholding Changes | Name | Position | Opening Shareholding (Shares) | Shares Increased This Period (Shares) | Closing Shareholding (Shares) | | :--- | :--- | :--- | :--- | :--- | | You Xintang | Director, General Manager | 30,500,243 | 52,219,810 | 82,720,053 | [Bond-related Matters](index=38&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 Matters](index=38&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related matters during the reporting period [Financial Report](index=39&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) [Financial Statements](index=39&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the unaudited semi-annual financial statements, showing significant profit growth alongside negative operating cash flow and reduced total assets - The company's semi-annual financial report is **unaudited**[125](index=125&type=chunk) [Consolidated Balance Sheet](index=39&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) Total assets decreased to 685 million Yuan, while total liabilities fell sharply, and equity attributable to parent company owners grew substantially due to current period profits Balance Sheet Summary | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | **Total Assets** | 685,153,485.82 | 1,239,630,927.40 | | **Total Liabilities** | 432,624,910.28 | 1,189,465,933.53 | | **Total Equity Attributable to Parent Company Owners** | 290,173,885.87 | 87,079,501.17 | [Consolidated Income Statement](index=43&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) The company achieved a successful turnaround, with total operating revenue of 540 million Yuan and a net profit of 202 million Yuan for the first half of 2025 Income Statement Summary | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | **I. Total Operating Revenue** | 539,769,532.34 | 76,397,876.23 | | **II. Total Operating Costs** | 335,620,672.96 | 116,576,280.93 | | **III. Operating Profit** | 209,288,254.66 | -38,860,956.22 | | **V. Net Profit** | 202,126,684.12 | -43,925,834.73 | | **Net Profit Attributable to Parent Company Shareholders** | 203,071,375.87 | -36,084,109.06 | [Consolidated Cash Flow Statement](index=47&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Net cash flow from operating activities was negative 115 million Yuan due to increased payments for goods and services, resulting in a lower cash balance at period-end Cash Flow Statement Summary | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | -115,415,860.89 | 2,029,955.74 | | **Net Cash Flow from Investing Activities** | -1,282,820.41 | -1,157,082.82 | | **Net Cash Flow from Financing Activities** | -9,039,066.67 | -6,929,000.00 | | **Net Increase in Cash and Cash Equivalents** | -121,642,951.86 | -6,120,226.32 | [Notes to the Consolidated Financial Statements](index=91&type=section&id=%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 composition and changes in key financial statement items, including accounts receivable, inventory, revenue, and provisions [Accounts Receivable](index=93&type=section&id=%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE) The carrying value of accounts receivable decreased significantly to 223 million Yuan, with a bad debt provision of 136 million Yuan Accounts Receivable by Aging | Aging | Closing Book Balance (Yuan) | | :--- | :--- | | Within 1 year (inclusive) | 207,079,926.77 | | 1 to 2 years | 32,038,172.69 | | 2 to 3 years | 8,705,563.81 | | Over 3 years | 110,989,503.81 | | **Total** | **358,813,167.08** | - The top five accounts receivable balances totaled **206 million Yuan**, representing 57.45% of the total balance[387](index=387&type=chunk) [Inventory](index=103&type=section&id=%E5%AD%98%E8%B4%A7) Inventory value plummeted by 95% to 11.32 million Yuan, primarily because opening stock of finished goods was sold during the period Inventory Breakdown | Item | Closing Carrying Value (Yuan) | Opening Carrying Value (Yuan) | | :--- | :--- | :--- | | Raw Materials | 4,252,221.13 | 4,327,099.53 | | Finished Goods | 6,377,021.04 | 204,371,627.87 | | Goods in Process | 330,595.75 | 17,492,754.09 | | **Total** | **11,323,979.77** | **227,427,253.67** | [Operating Revenue and Costs](index=121&type=section&id=%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E5%92%8C%E8%90%A5%E4%B8%9A%E6%88%90%E6%9C%AC) The company generated operating revenue of 540 million Yuan and operating costs of 294 million Yuan, driven primarily by its main business activities Revenue and Cost Breakdown | Item | Revenue (Yuan) | Cost (Yuan) | | :--- | :--- | :--- | | **Main Business** | 534,207,912.68 | 289,494,701.40 | | **Other Business** | 5,561,619.66 | 4,879,023.10 | | **Total** | **539,769,532.34** | **294,373,724.50** | [Provisions](index=119&type=section&id=%E9%A2%84%E8%AE%A1%E8%B4%9F%E5%80%BA) The closing balance of provisions was 34.79 million Yuan, a decrease from the opening balance, entirely related to pending litigation Breakdown of Provisions | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | Reason | | :--- | :--- | :--- | :--- | | Pending Litigation | 34,790,404.31 | 44,722,079.92 | Provisions for pending lawsuits | [Other Submitted Data](index=152&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%B6%E4%BB%96%E6%8A%A5%E9%80%81%E6%95%B0%E6%8D%AE) [Fund Transactions with Related Parties](index=152&type=section&id=%E4%B8%89%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E4%B8%8E%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%E8%B5%84%E9%87%91%E5%BE%80%E6%9D%A5%E6%83%85%E5%86%B5) The company had significant fund transactions with related parties, including a 370 million Yuan operating balance with its Hong Kong subsidiary Related-Party Fund Transactions | Counterparty Name | Transaction Nature | Opening Balance (Yuan) | Current Period Amount (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | **Coship Technology (HK) Co, Limited** | Operating | 347,971,300 | 502,396,200 | 369,600,500 | | **Shenzhen E-Hui Software Co, Ltd** | Non-operating | 184,109,100 | 396,515,900 | 442,918,900 |

Group 1 - Airo Energy (688717.SH) plans to reduce its shareholding by up to 0.78% of the total share capital within three months after 15 trading days due to personal funding needs [1] - Aopu Optoelectronics (002338.SZ) intends to reduce its shareholding by up to 240,000 shares, representing 1% of the total share capital, within 90 days after 15 trading days [1] - Placo New Materials (300811.SZ) completed a reduction of 1.01% of its shares, while shareholder Mei Jianjun reduced 8,134 shares, accounting for 0.0476% of the total share capital [1] Group 2 - Boqian New Materials (605376.SH) plans to reduce its shareholding by up to 261,600 shares, which is 1% of the total share capital, through block trading within three months after 15 trading days [1] - Boying Special Welding (301468.SZ) completed a reduction of 3.99% of its shares, totaling 394,480 shares [1] - Surveying and Mapping Co., Ltd. (300826.SZ) plans to reduce its shareholding by up to 50,000 shares, accounting for 0.03% of the total share capital, within three months after 15 trading days [1] Group 3 - Deyi Cultural Creation (300640.SZ) plans to reduce its shareholding by up to 300,000 shares, which is 0.0965% of the total share capital, within three months after 15 trading days [3] - Dingsheng New Materials (603876.SH) intends to reduce its shareholding by up to 3% of the total share capital through various trading methods within three months after 15 trading days [3] - Pan-Asia Micro透 (688386.SH) terminated its reduction plan early, having reduced 2.38% of its shares, bringing its holding to 4.95% [3] Group 4 - Guangpu Co., Ltd. (300632.SZ) plans to reduce its shareholding by up to 8,474,900 shares, which is 3% of the total share capital, within three months after 15 trading days [3] - Guorui Technology (300600.SZ) has reduced its shareholding by 7,297,300 shares, accounting for 2.48% of the total share capital, bringing its holding to 19.97% [3] - Hengtong Co., Ltd. (603223.SH) plans to reduce its shareholding by up to 21,425,600 shares, which is 3% of the total share capital, within three months after 15 trading days [4] Group 5 - Hongbao Li (002165.SZ) plans to reduce its shareholding by up to 14,705,400 shares, representing 2% of the total share capital, within three months after 15 trading days [4] - Hongquan IoT (688288.SH) reduced its shareholding by 869,977 shares, accounting for 0.86% of the total share capital, bringing its holding to 12.80% [4] - Huace Film and Television (300133.SZ) reduced its shareholding by 2.6 million shares, which is 0.14% of the total share capital, bringing its holding to 18.19% [4] Group 6 - Huada Jiutian (301269.SZ) plans to reduce its shareholding by up to 8,144,100 shares, which is 1.5% of the total share capital, within three months after 15 trading days [5] - Huqi Environmental Protection (300929.SZ) plans to reduce its shareholding by up to 1,312,500 shares and 8,800 shares by its concerted actors [5] - Huazheng New Materials (603186.SZ) plans to reduce its shareholding by up to 114,600 shares and 10,300 shares by its management [5] Group 7 - Jinan Technology (300412.SZ) plans to reduce its shareholding by up to 14,932,700 shares and 1,683,000 shares by its board member [5] - Jinma Amusement (300756.SZ) plans to reduce its shareholding by up to 4,712,000 shares, 2,017,000 shares, 508,200 shares, and 372,800 shares by its shareholders [6] - Longxin Zhongke (688047.SH) completed its reduction plan, with shareholders reducing a total of 588,000 shares [6] Group 8 - Limin Co., Ltd. (002734.SZ) completed its reduction plan, with a total reduction of 1.5 million shares, accounting for 0.3434% of the total share capital [7] - Longhua New Materials (301149.SZ) completed its reduction plan, with a total reduction of 986,600 shares, accounting for 0.2294% of the total share capital [7] - Lvtong Technology (301322.SZ) plans to reduce its shareholding by up to 4,829,300 shares, which is 3.39% of the total share capital, within three months after 15 trading days [7] Group 9 - Meidixi (688202.SH) plans to reduce its shareholding by up to 2 million shares, which is 1.49% of the total share capital, within three months after 15 trading days [8] - Nanjing Julong (300644.SZ) completed its reduction plan, with shareholders reducing a total of 62,300 shares [8] - Run Du Co., Ltd. (002923.SZ) plans to reduce its shareholding by up to 10,046,800 shares, which is 3% of the total share capital, within three months after 15 trading days [8]

Core Viewpoint - The major shareholder, Ruizhong Life Insurance Co., Ltd., has completed its share reduction plan, selling a total of 7,459,596 shares, which is approximately 1% of the company's total share capital [2][3]. Group 1: Shareholder Reduction Plan - Ruizhong Life Insurance held 68,308,000 shares, representing 9.16% of the total share capital before the reduction [1]. - The reduction plan allowed for a maximum of 22,378,788 shares to be sold, which is up to 3% of the total share capital, within a specified period from April 18, 2025, to July 17, 2025 [1]. - The actual reduction was executed through centralized bidding, with an average price of 8.55, resulting in a total reduction of 745,900 shares [2]. Group 2: Post-Reduction Shareholding - After the reduction, Ruizhong Life Insurance holds 60,849,000 shares, which is approximately 8.16% of the total share capital [2][3]. - The shares held by Ruizhong Life Insurance before the reduction were all unrestricted shares, and after the reduction, the remaining shares are also unrestricted [2][3]. - The company has complied with relevant regulations and disclosed the reduction details as required [3].

股票代码：002052 股票简称：同洲电子 公告编号：2025-069 深圳市同洲电子股份有限公司 2、股东本次减持前后持股情况 关于持股 5%以上股东减持计划期限届满暨实施结果的公告 持股 5%以上股东瑞众人寿保险有限责任公司保证向本公司提供的信息 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息 一致。 通过"瑞众人寿保险有限责任公司－万能产品"账户持有深圳市同洲电子股 份有限公司（以下简称"公司"）股份68,308,000股（占公司总股本比例9.16%） 的股东瑞众人寿保险有限责任公司计划在自减持计划公告之日起十五个交易日 后的三个月内（2025年4月18日至2025年7月17日）以集中竞价方式或大宗交易方 式减持公司股份不超过22,378,788股（占公司总股本比例不超过3%）。其中，通 过集中竞价交易方式减持的，减持上市公司股份不超过7,459,596股，即不超过 上市公司总股本的1%；通过大宗交易方式减持的，减持上市公司股份不超过 14,919,192股，即不超过上市公司总股本的2%。详细内容请查阅公司于2025年3 月27日 ...

[Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company anticipates a turnaround to profitability in the first half of 2025, with net profit attributable to shareholders projected between 190 million and 220 million yuan, a significant improvement from the prior year's loss Key Performance Indicators for H1 2025 Performance Forecast | Item | Current Period (H1 2025) | Prior Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Profit: 190 million – 220 million yuan | Loss: 36.0841 million yuan | | **Net Profit After Non-Recurring Items** | Profit: 195 million – 225 million yuan | Loss: 42.6789 million yuan | | **Basic Earnings Per Share** | Profit: 0.2547 – 0.2949 yuan/share | Loss: 0.0484 yuan/share | [Communication with Accounting Firm](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) The company explicitly states that the performance forecast data has not been pre-audited by a certified public accountant - This performance forecast has not been pre-audited by a certified public accountant[3](index=3&type=chunk) [Explanation of Performance Change](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%83%E5%9B%A0%E8%AF%B4%E6%98%8E) The primary driver for the H1 2025 performance turnaround is the sustained production and sales of the company's high-power supply products, leading to significant year-over-year growth in revenue and profit - Improved performance is primarily attributed to the continuous production and sales of the company's high-power supply products, driving year-over-year growth in operating revenue and profit[4](index=4&type=chunk) [Risk Warning and Other Notes](index=1&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company advises investors that this performance forecast is a preliminary estimate, with final financial data subject to the official 2025 semi-annual report disclosure, and designates official information disclosure media - This performance forecast is a preliminary estimate by the company; specific financial data will be subject to the 2025 semi-annual report disclosed by the company, reminding investors to be aware of investment risks[5](index=5&type=chunk) - The company's designated information disclosure media are Juchao Information Network (www.cninfo.com.cn) and China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily[6](index=6&type=chunk)

Group 1 - The company, Tongzhou Electronics (002052), expects a net profit of 190 million to 220 million yuan for the first half of 2025, compared to a loss of 36.0841 million yuan in the same period last year [1]

股票代码：002052 股票简称：同洲电子 公告编号：2025-067 2025 年 7 月 3 日 林锋先生辞职将导致公司董事会人数低于法定最低人数，根据《深圳证券交 易所股票上市规则》、《公司章程》等有关规定，林锋先生的辞职报告将在公司股 东大会选举产生新任董事后生效。在此期间，林锋先生将继续履行其作为公司董 事的职责。 公司董事会对林锋先生在任职期间的工作及为公司所做出的贡献表示衷心 的感谢。 特此公告。 深圳市同洲电子股份有限公司董事会 深圳市同洲电子股份有限公司 关于董事辞职的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 深圳市同洲电子股份有限公司（以下简称"公司"）董事会于近日收到董事 林锋先生递交的书面辞职报告。由于个人原因，林锋先生申请辞去公司第七届董 事会董事职务，辞职后将不再担任公司任何职务。林锋先生未持有公司股份。 ...

Core Viewpoint - Shenzhen Tongzhou Electronics Co., Ltd. has attracted attention in the capital market due to a series of investor lawsuits and the risk warning of stock delisting, following a court's acceptance of multiple lawsuits related to false statements made by the company [1][3]. Group 1: Legal Issues - The company has received multiple "Notice of Response" documents from the Shenzhen Intermediate People's Court, indicating that 340 investors have filed lawsuits against it for securities false statement liability, with a total claim amount of 23.57 million yuan [1]. - The lawsuits stem from an administrative penalty issued by the China Securities Regulatory Commission in July 2021, which led to a wave of investor claims [1]. - As of June 10, 2025, the company has paid a total of 15.65 million yuan in compensation to investors, with the number of cases settled increasing [2]. Group 2: Stock Performance and Risk Warnings - The company faced delisting risk warnings due to negative net profit and revenue below 100 million yuan, but improved financial conditions in 2024 allowed it to apply for the removal of risk warnings, which was approved on April 21, 2025 [3]. - Following the removal of risk warnings, the company's stock was reinstated on June 17, 2025, with the stock name changing from "*ST Tongzhou" to "Tongzhou Electronics" and a price fluctuation limit of 10% [2][3]. Group 3: Company Background and Market Position - Established in February 1994, the company primarily produces and sells set-top boxes and was once hailed as the "first stock of digital television" after its listing in June 2006 [3]. - The company's market value peaked at 21.97 yuan per share in June 2015 but fell to 0.8 yuan per share before recovering to 11.33 yuan per share in June 2024, with a market capitalization of 8.45 billion yuan, approximately half of its peak value [3]. - The founder, Yuan Ming, was once referred to as the "Eastern Jobs," but the company confirmed his disappearance in 2020 [3].

股票代码：002052 股票简称：同洲电子 公告编号：2025-066 深圳市同洲电子股份有限公司 关于投资者诉讼事项的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 深圳市同洲电子股份有限公司（以下简称"公司"、"同洲电子"）近日收到广 东省深圳市中级人民法院送达的《应诉通知书》【(2024)粤 03 民初 5123、5133、 5434、6412、6429、6454、6455、6473、6475、6476、6782、6783 号、(2025) 粤 03 民初 1582、2406、2433、2441、2455、2461、2465-2469、2470-2475、2495、 2504、2507-2510、2514-2534、3958-3960、3964、3965、3984 号】及相关材料。 根据上述材料显示，广东省深圳市中级人民法院已受理张俊等共 340 名投资者诉 公司证券虚假陈述责任纠纷系列案。现将涉及上述诉讼事项相关情况公告如下： 一、 本次诉讼的基本情况 1、诉讼当事人 原告：张俊等共 340 名投资者，诉讼涉及金额 23,569,181.72 元 ...

Core Viewpoint - *ST Tongzhou has successfully removed the delisting risk warning and other risk warnings, changing its stock name from "*ST Tongzhou" to "Tongzhou Electronics," marking a significant turnaround after nearly five years of struggles [1] Company Summary - Tongzhou Electronics has experienced a continuous decline in stock price for 17 years, with a peak price of 54 yuan shortly after its listing in 2006, dropping to a low of 0.8 yuan by June 2024 [2] - The company reported a negative net profit for ten consecutive years from 2014 to 2023, leading to a delisting risk warning in April 2024 due to negative audited net profit and revenue below 100 million yuan [2] - In 2022, the company faced additional risk warnings due to a property service contract dispute with Dazhu Holdings, resulting in frozen bank accounts [2] - The company announced a significant turnaround in its financial performance for the 2024 fiscal year, with a net profit of 69.61 million yuan, a 193.13% increase year-on-year, and a revenue of 599 million yuan, up 155.52% [3] Industry Summary - The Chinese power supply industry reached a market value of 542.1 billion yuan in 2023, with a compound annual growth rate (CAGR) of approximately 13.6% from 2015 to 2023, projected to reach 738.9 billion yuan by 2025 [5] - The switch power supply sector, a major component of the power supply industry, grew from 115 billion yuan in 2015 to 394.7 billion yuan in 2023, with a CAGR of about 16.7%, and the highest growth rate of 29.2% from 2020 to 2023 [6] - The demand for high-power switch power supplies is driven by sectors such as computing servers, new energy vehicles, and renewable energy systems, with significant growth opportunities arising from the demand for high-performance computing servers for generative AI [7]