银轮股份公告，2025年上半年营业收入71.68亿元，同比增长16.52%。净利润4.41亿元，同比增长 9.53%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This chapter provides essential disclaimers, a detailed table of contents, and definitions of key terms for clarity [Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors, supervisory board, and senior management guarantee the accuracy and completeness of the semi-annual report, and declare no cash dividends, bonus shares, or capital increase from capital reserves - The company's board of directors, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report details nine main chapters covering company profile, management discussion, corporate governance, significant matters, share changes, bond information, and financial reports, along with a list of reference documents - The report comprises nine main chapters, covering company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports[7](index=7&type=chunk) - Reference documents include the original report signed by the legal representative, financial statements, and original drafts of publicly disclosed documents[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) [Definitions](index=5&type=section&id=Definitions) The report provides detailed explanations of abbreviations for the company and its subsidiaries, as well as business terms like EGR, DPF, and SCR, to ensure clear understanding of the content - The report lists abbreviations and full names of the company's main subsidiaries, such as Shanghai Yinchang, Chuangsida, and Hubei Yinlun[14](index=14&type=chunk) - Professional terms like EGR (Exhaust Gas Recirculation), DPF (Diesel Particulate Filter), and SCR (Selective Catalytic Reduction), which are technologies related to the company's products, are explained[15](index=15&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents key financial data and indicators for the reporting period [Company Profile](index=7&type=section&id=I.%20Company%20Profile) Zhejiang Yinlun Co., Ltd. (stock code: 002126) is listed on the Shenzhen Stock Exchange, with Xu Xiaomin as its legal representative, and its main contact information remained unchanged during the reporting period Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Yinlun Co. | | Stock Code | 002126 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Zhejiang Yinlun Machinery Co., Ltd. | | Legal Representative | Xu Xiaomin | - The company's contact information, registered address, office address, and information disclosure channels remained unchanged during the reporting period[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company achieved growth in both operating revenue and net profit attributable to shareholders, with a significant increase in net cash flow from operating activities, though weighted average return on net assets slightly decreased Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | **7.168 billion** | **6.152 billion** | 16.52% | | Net Profit Attributable to Shareholders of Listed Company | **441.28 million** | **402.88 million** | 9.53% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | **424.53 million** | **364.03 million** | 16.62% | | Net Cash Flow from Operating Activities | **416.59 million** | **353.81 million** | 17.74% | | Basic Earnings Per Share (RMB/share) | 0.53 | 0.50 | 6.00% | | Diluted Earnings Per Share (RMB/share) | 0.51 | 0.48 | 6.25% | | Weighted Average Return on Net Assets | 6.84% | 7.10% | -0.26% | Key Accounting Data and Financial Indicators (Current Period End vs. Prior Year End) | Indicator | Current Period End (RMB) | Prior Year End (RMB) | Change | | :--- | :--- | :--- | :--- | | Total Assets | **19.934 billion** | **18.362 billion** | 8.56% | | Net Assets Attributable to Shareholders of Listed Company | **6.576 billion** | **6.213 billion** | 5.85% | [Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's total non-recurring gains and losses for the reporting period amounted to **16.76 million RMB**, primarily comprising government subsidies, disposal gains/losses on non-current assets, and fair value changes in financial assets Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -10,643,069.94 | | Government Subsidies Recognized in Current Period P&L | 27,889,816.36 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | 235,180.64 | | Gains/Losses from Entrusted Investments or Asset Management | 2,421,970.83 | | Gains/Losses from Debt Restructuring | -116,875.00 | | Other Non-Operating Income and Expenses | 2,139,241.68 | | Other Gains/Losses Meeting the Definition of Non-Recurring Items | 1,078,035.17 | | Less: Income Tax Impact | 3,345,117.44 | | Minority Interest Impact (After Tax) | 2,904,150.96 | | **Total** | **16,755,031.34** | [Management Discussion and Analysis](index=10&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's operations, financial performance, and future outlook, highlighting key achievements and challenges during the reporting period [Principal Businesses Engaged in by the Company During the Reporting Period](index=10&type=section&id=I.%20Principal%20Businesses%20Engaged%20in%20by%20the%20Company%20During%20the%20Reporting%20Period) The company focuses on R&D, manufacturing, and sales of thermal management products and exhaust after-treatment systems, aligning with "energy saving, emission reduction, intelligence, and safety," while actively expanding into new energy vehicles, digital energy, and embodied AI - The company's main business focuses on heat exchangers for oil, water, gas, and refrigerants, automotive air conditioning, and other thermal management products, as well as exhaust after-treatment systems[29](index=29&type=chunk) - Business is divided into four curves: traditional automotive/off-road machinery thermal management, new energy vehicle thermal management, power station/energy storage/data center/low-altitude aircraft thermal management, and embodied AI key components and thermal management[29](index=29&type=chunk) - From January to June 2025, China's automotive production and sales grew by **12.5%** and **11.4%** respectively, with new energy vehicle production and sales increasing by **41.4%** and **40.3%**, accounting for **44.3%** of total new vehicle sales[30](index=30&type=chunk) - The energy storage temperature control market is projected to reach **18.63 billion RMB** by 2027, with a CAGR exceeding **30%**; the liquid-cooled server market is expected to surpass **16.2 billion USD** by 2029, with a CAGR of **46.8%**[34](index=34&type=chunk)[36](index=36&type=chunk) - The company has become a leading enterprise in China's automotive thermal management industry, with a comprehensive product portfolio and competitive advantages in both traditional and new energy sectors, actively expanding into digital energy and embodied AI fields[38](index=38&type=chunk) [Analysis of Core Competencies](index=12&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include technological leadership, global service capabilities, excellent product matching, diversified product structure, high-quality customer resources, and superior governance, offering significant growth potential in new energy and emerging thermal management sectors - The company is a national high-tech enterprise with a global R&D system, focusing on new energy vehicle thermal management, electronic control, intelligent products, and thermal management in emerging fields[39](index=39&type=chunk) - Implementing a strategy of "product internationalization, talent internationalization, layout internationalization, and management internationalization," the company has R&D and production bases in multiple global locations, providing localized services[40](index=40&type=chunk) - Established an Excellent Manufacturing System (YPS) and IATF16949 quality management system to ensure product quality and matching capabilities[41](index=41&type=chunk) - The product structure offers significant advantages, with thermal management business expanding from automotive applications to data centers, heat pumps, supercharging, energy storage, and embodied AI across all scenarios, providing broad growth opportunities[43](index=43&type=chunk) - Possesses high-quality domestic and international premium customer resources, including BMW, Daimler, General Motors, Ford, and Geely, forming stable partnerships[44](index=44&type=chunk) [Analysis of Principal Business](index=13&type=section&id=III.%20Analysis%20of%20Principal%20Business) In H1 2025, the company achieved operating revenue of **7.168 billion RMB**, up **16.52%**, and net profit attributable to shareholders of **441.28 million RMB**, up **9.53%**, driven by successful overseas strategy upgrades, over 200 new project awards, and synergistic development in digital energy and embodied AI H1 2025 Key Financial Performance | Indicator | Amount (RMB in millions) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | **7,167.63** | 16.52% | | Net Profit Attributable to Parent Company | **441.28** | 9.53% | - Overseas strategic upgrades yielded significant results, with North America Yinlun achieving operating revenue of **788 million RMB** and net profit of **34.43 million RMB**; the European Polish new factory turned losses into profits[46](index=46&type=chunk) - During the reporting period, over **200 new projects** were secured, projected to add **5.537 billion RMB** in annual sales revenue over their lifecycle[48](index=48&type=chunk) - The Digital and Energy sector (Third Curve) saw high growth in new project awards, with an estimated additional annual sales revenue of **637 million RMB**, and the data center liquid cooling product layout is complete and gradually scaling up[49](index=49&type=chunk) - Embodied AI (Fourth Curve) established a 1+4+N product system, completed development of the first-generation rotary joint module and actuator module, and formed a joint venture, Suzhou Yizhi Dexterous Drive Technology Co., Ltd., to expand into dexterous hands[50](index=50&type=chunk) - The R&D Institute initiated **127 R&D projects**, obtained **106 new authorized patents**, and successfully passed "ASPICE Level 2 certification," enhancing automotive electronic software development capabilities[51](index=51&type=chunk) Operating Revenue Composition (by Industry) | Industry | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Period Amount (RMB) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Commercial Vehicles, Off-Road | **2.426 billion** | 33.84% | 2,335,005,667.24 | 37.96% | 3.89% | | Digital and Energy | **691.80 million** | 9.66% | 435,266,041.12 | 7.08% | 58.94% | | Passenger Vehicles | **3.834 billion** | 53.48% | 3,181,905,336.64 | 51.73% | 20.48% | | Other | **216.51 million** | 3.02% | 199,328,900.47 | 3.23% | 8.62% | Operating Revenue Composition (by Region) | Region | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Period Amount (RMB) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | China Region | **5.308 billion** | 74.06% | 4,532,821,317.05 | 73.69% | 17.11% | | North America Region | **1.108 billion** | 15.46% | 1,033,055,558.24 | 16.79% | 7.24% | | Europe Region | **525.68 million** | 7.33% | 365,670,685.41 | 5.94% | 43.76% | | Other | **225.75 million** | 3.15% | 219,958,384.77 | 3.58% | 2.64% | [Analysis of Non-Principal Businesses](index=16&type=section&id=IV.%20Analysis%20of%20Non-Principal%20Businesses) During the reporting period, non-principal businesses impacted total profit, with investment income, fair value changes, and government subsidies contributing positively, while asset and credit impairment losses had a negative effect Impact of Non-Principal Businesses on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | | :--- | :--- | :--- | | Investment Income | **8.72 million** | 1.53% | | Gains/Losses from Fair Value Changes | 235,180.64 | 0.04% | | Asset Impairment | **-34.06 million** | -5.99% | | Non-Operating Income | 3,866,392.45 | 0.68% | | Non-Operating Expenses | 12,315,334.20 | 2.17% | | Other Income | **60.93 million** | 10.72% | | Credit Impairment Losses | **-37.76 million** | -6.64% | [Analysis of Assets and Liabilities](index=16&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets increased by **8.56%**, with significant increases in short-term and long-term borrowings leading to a rise in the asset-liability ratio, while overseas asset TDI recorded **1.754 billion RMB** in total assets and **34.43 million RMB** in net profit Significant Changes in Asset Composition | Item | Current Period End Amount (RMB) | Proportion of Total Assets | Prior Year End Amount (RMB) | Proportion of Total Assets | Proportion Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | **2.241 billion** | 11.24% | 2,186,754,049.81 | 11.91% | -0.67% | | Accounts Receivable | **4.981 billion** | 24.99% | 4,637,438,329.56 | 25.26% | -0.27% | | Inventories | **2.260 billion** | 11.34% | 2,273,114,128.26 | 12.38% | -1.04% | | Fixed Assets | **4.127 billion** | 20.70% | 3,857,450,655.25 | 21.01% | -0.31% | Significant Changes in Liability Composition | Item | Current Period End Amount (RMB) | Proportion of Total Assets | Prior Year End Amount (RMB) | Proportion of Total Assets | Proportion Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Short-Term Borrowings | **2.894 billion** | 14.52% | 2,063,530,858.32 | 11.24% | 3.28% | | Long-Term Borrowings | **319.50 million** | 1.60% | 129,363,920.21 | 0.70% | 0.90% | Major Overseas Assets | Asset Name | Reason for Formation | Total Assets (RMB in millions) | Net Assets (RMB in millions) | Profitability (Operating Revenue/Net Profit in RMB millions) | Proportion of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | :--- | | TDI | Equity Acquisition | **1,754.23** | **726.02** | **788.29** / **34.43** | 23.49% | - As of the end of the reporting period, several of the company's assets were restricted, including cash and cash equivalents, notes receivable, fixed assets, intangible assets, investment properties, construction in progress, and accounts receivable financing, with a total restricted book value of **1.851 billion RMB**[68](index=68&type=chunk) [Analysis of Investment Status](index=19&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's total investment increased by **68.50%** to **129.54 million RMB**, with securities investments including stocks and convertible bonds, some acquired through debt-to-equity swaps; overall raised funds utilization was **73.06%**, but some projects, like new energy vehicle thermal management systems, lagged behind schedule Investment Amount During the Reporting Period | Indicator | Investment Amount in Current Period (RMB) | Investment Amount in Prior Period (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment | **129.54 million** | **76.88 million** | 68.50% | - The company holds shares in Shengda Bio, Yanpai Co., and others, with some acquired through debt-to-equity swaps, such as *ST Zotye and Hanma Technology[72](index=72&type=chunk) Overall Utilization of Raised Funds | Fundraising Year | Fundraising Method | Net Raised Funds (RMB in millions) | Total Raised Funds Used (RMB in millions) | Cumulative Utilization Rate | | :--- | :--- | :--- | :--- | :--- | | 2017 | Non-Public Issuance of Shares | **706.78** | **589.82** | 83.47% | | 2021 | Public Issuance of Convertible Corporate Bonds | **688.65** | **429.60** | 62.38% | | **Total** | | **1.395 billion** | **1.020 billion** | **73.06%** | - Raised investment projects such as the new energy vehicle thermal management system project, passenger vehicle EGR project, passenger vehicle water-to-air intercooler project, and DPF localization project did not meet planned progress, primarily due to factors like capacity release and declining industry demand[80](index=80&type=chunk) - Investment periods for new energy vehicle battery and chip thermal management projects, new energy passenger vehicle heat pump air conditioning system projects, and new energy commercial vehicle thermal management system projects have been extended[81](index=81&type=chunk) [Analysis of Major Holding and Participating Companies](index=24&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major subsidiaries, Jiangsu Langxin, Yinlun New Energy, and TDI, all achieved profitability during the reporting period, significantly contributing to the company's net profit; two new subsidiaries were established, which are not expected to materially impact overall operations Financial Data of Major Holding Subsidiaries | Company Name | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | | Jiangsu Langxin | **596.12 million** | **43.35 million** | | Yinlun New Energy | **1.487 billion** | **74.48 million** | | TDI | **788.29 million** | **34.43 million** | - During the reporting period, Zhangjiagang Langxin Precision Machinery Co., Ltd. and Zhangjiagang Langxin Automotive Components Co., Ltd. were newly established, which do not have a significant impact on overall production, operations, and performance[85](index=85&type=chunk) [Risks Faced by the Company and Countermeasures](index=24&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from macroeconomic fluctuations, raw material price volatility, intensified market competition, exchange rate fluctuations, and tariff increases, which it addresses through internal improvements, product structure optimization, increased R&D investment, and enhanced management capabilities - The company faces macroeconomic fluctuation risks, which may affect orders for automotive and construction machinery products[86](index=86&type=chunk) - Price fluctuation risks of major raw materials (aluminum, steel, iron, copper, etc.) may directly impact production costs and profitability[87](index=87&type=chunk) - The automotive parts manufacturing industry is highly competitive, posing risks of insufficient product competitiveness and declining market share[88](index=88&type=chunk) - International expansion leads to exchange rate fluctuation risks, where USD and EUR denominated settlements may affect international competitiveness and operating performance[89](index=89&type=chunk) - Imposition of additional tariffs exacerbates global trade friction, increasing operating costs and weakening export competitiveness[90](index=90&type=chunk) - Countermeasures include deepening internal improvements, cost reduction and efficiency enhancement, optimizing product structure, increasing R&D investment, improving management capabilities, and innovating business models[90](index=90&type=chunk) [Corporate Governance, Environment, and Society](index=26&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's governance structure, implementation of incentive plans, environmental information disclosure, and social responsibility initiatives during the reporting period [Changes in Directors, Supervisors, and Senior Management](index=26&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, and senior management during the reporting period, and the profit distribution plan involves no cash dividends, bonus shares, or capital increase from capital reserves - No changes occurred in the company's directors, supervisors, and senior management during the reporting period[93](index=93&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[94](index=94&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=26&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company adjusted the exercise price of its 2022 stock option incentive plan to **9.76 RMB/share** and canceled some unvested options for non-compliant or departed grantees; the fourth lock-up period for the employee stock ownership plan will expire on March 12, 2025, with **25%** of the fourth batch of shares becoming unlocked - The exercise price for the 2022 stock option incentive plan was adjusted to **9.76 RMB/share**[95](index=95&type=chunk) - **328,250 stock options** were canceled, affecting **24 incentive recipients**, due to resignation or failure to meet individual performance targets[95](index=95&type=chunk) - The number of exercisable stock options for the third exercise period of the initial grant is **11,679,250 shares**, representing **1.3991%** of the total share capital[96](index=96&type=chunk) - The fourth lock-up period for the employee stock ownership plan will expire on March 12, 2025, with the fourth batch of shares unlocking at a proportion of **25%** (**2,032,512 shares**)[97](index=97&type=chunk) - During the reporting period, the employee stock ownership plan recognized expenses of **674,308.71 RMB**, increasing capital reserves by **672,325.40 RMB**[98](index=98&type=chunk) [Environmental Information Disclosure](index=27&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its key subsidiaries, Zhejiang Yinlun Machinery Co., Ltd. and Tiantai Zhenhua Surface Treatment Co., Ltd., are listed as legally required environmental information disclosure enterprises and have publicly disclosed their environmental information through the Zhejiang Provincial Department of Ecology and Environment system - The company and its main subsidiaries (Zhejiang Yinlun Machinery Co., Ltd. and Tiantai Zhenhua Surface Treatment Co., Ltd.) are included in the list of enterprises legally required to disclose environmental information[99](index=99&type=chunk) - Environmental information disclosure reports can be accessed on the Zhejiang Provincial Department of Ecology and Environment - Enterprise Environmental Information Disclosure System[99](index=99&type=chunk)[100](index=100&type=chunk) [Social Responsibility](index=28&type=section&id=V.%20Social%20Responsibility) Adhering to the principle of "continuously creating value for society," the company actively participates in public welfare activities, focusing on supporting local enterprises, poverty alleviation, medical and educational assistance, rural revitalization, and charity, while promoting "common prosperity" initiatives - The company adheres to the philosophy of "continuously creating value for society" and considers "giving back to society" as a key responsibility[101](index=101&type=chunk) - Actively participates in social welfare activities, focusing on supporting local enterprises, poverty alleviation, medical and educational assistance, rural revitalization, and charity[101](index=101&type=chunk) - Continuously assisted Chemenwan Village in Sanzhou Township, Tiantai County, donating over **1.1 million RMB** to support the tea industry, helping the village transform from poverty and backwardness into a beautiful new rural community[102](index=102&type=chunk) - Participated in the "Common Prosperity Partner Project," signing a Torreya grandis project with Xialiaokeng Village in Longxi Township, contributing to the village's common prosperity[102](index=102&type=chunk) [Significant Matters](index=29&type=section&id=Section%20V%20Significant%20Matters) This section addresses the fulfillment of commitments by the company and its related parties, the absence of illegal external guarantees and major lawsuits, and details on significant contracts and related party transactions [Commitments](index=29&type=section&id=I.%20Commitments%20Fulfilled%20and%20Unfulfilled%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20After%20the%20Reporting%20Period) The company's actual controller, controlling shareholder, and directors, supervisors, and senior management have all timely fulfilled their commitments regarding avoiding horizontal competition, regulating related party transactions, not encroaching on company interests, and filling immediate returns; the company committed not to make new investments in quasi-financial businesses - Actual controller Xu Xiaomin and Ningbo Zhengsheng committed to avoiding horizontal competition and regulating related party transactions, and have fulfilled these commitments normally[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk) - The controlling shareholder, actual controller, and directors, supervisors, and senior management committed not to overstep their authority in interfering with company operations and management, nor to encroach on company interests, and have fulfilled these commitments normally[106](index=106&type=chunk)[107](index=107&type=chunk) - The company committed not to make new capital investments in quasi-financial businesses and has transferred its equity in Tiantai YinXin Microfinance Co., Ltd[108](index=108&type=chunk) [Irregular External Guarantees](index=31&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[110](index=110&type=chunk) [Litigation Matters](index=31&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters during this reporting period[113](index=113&type=chunk) [Significant Related Party Transactions](index=32&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company did not engage in significant related party transactions concerning daily operations, asset or equity acquisitions/disposals, joint external investments, or related party creditor-debtor relationships - The company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, or joint external investments during the reporting period[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[118](index=118&type=chunk) [Significant Contracts and Their Performance](index=32&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no trusteeship, contracting, or leasing matters, but provided significant guarantees for subsidiaries, with an actual outstanding guarantee balance of **2.257 billion RMB** at period-end, representing **34.32%** of net assets; it also engaged in multiple entrusted wealth management activities, with an outstanding balance of **890.98 million RMB**, primarily in bank wealth management products and large-denomination certificates of deposit - The company had no trusteeship, contracting, or leasing matters during the reporting period[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk) Company Guarantees for Subsidiaries | Guaranteed Party | Guarantee Limit (RMB in millions) | Actual Guaranteed Amount (RMB in millions) | Fulfilled | | :--- | :--- | :--- | :--- | | Yinlun New Energy | **60.00** | **44.9981** | No | | Yinlun New Energy | **500.00** | **332.997** | No | | Shanghai Yinlun | **750.00** | **370.4573** | No | | Shandong Yinlun | **300.00** | **218.1816** | No | | **Total Actual Guarantee Balance for Subsidiaries at Period-End** | **4,545.00** | **2,257.00** | | | **Proportion of Total Actual Guarantees to Company's Net Assets** | | **34.32%** | | Entrusted Wealth Management | Specific Type | Amount of Entrusted Wealth Management (RMB in millions) | Outstanding Balance (RMB in millions) | | :--- | :--- | :--- | | Bank Wealth Management Products (Own Funds) | **522.92** | **804.58** | | Bank Wealth Management Products (Raised Funds) | **141.50** | **78.00** | | Other Categories (Own Funds) | **8.40** | **8.40** | | **Total** | **672.82** | **890.98** | - Entrusted wealth management products primarily consist of large-denomination bank certificates of deposit and trust plans, with expected returns ranging from **1.10% to 4.03%**[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk) [Share Changes and Shareholder Information](index=48&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, including increases due to convertible bond conversions and stock option exercises, the completion of a share repurchase plan, and the current shareholder structure [Share Change Information](index=48&type=section&id=I.%20Share%20Change%20Information) During the reporting period, the company's total share capital slightly increased due to convertible bond conversions and stock option exercises; the company completed its share repurchase plan, accumulating **3.9865 million shares** totaling **99.9985 million RMB**, designated for equity incentives or employee stock ownership plans Share Change Information | Share Type | Quantity Before Change (shares) | Increase/Decrease in This Change (shares) | Quantity After Change (shares) | | :--- | :--- | :--- | :--- | | Restricted Shares | 50,564,297 | 39,750 | 50,604,047 | | Unrestricted Shares | 784,036,359 | 156,778 | 784,193,137 | | **Total Shares** | **834,600,656** | **196,528** | **834,797,184** | - The main reasons for share changes include **43,770 shares** converted from convertible corporate bonds, **152,758 shares** from stock option exercises, and changes in executive share lock-ups[149](index=149&type=chunk)[151](index=151&type=chunk) - The company has completed its share repurchase plan, cumulatively repurchasing **3,986,500 shares**, representing **0.4737%** of the total share capital, for a total of **99,998,475.24 RMB**, to be used for equity incentives or employee stock ownership plans[155](index=155&type=chunk) [Changes in Restricted Shares](index=50&type=section&id=2.%20Changes%20in%20Restricted%20Shares) During the reporting period, Vice General Manager Chen Junyi's restricted shares increased by **39,750 shares** to **101,274 shares**, while other restricted share quantities, primarily executive lock-up shares, remained unchanged Changes in Restricted Shares | Shareholder Name | Restricted Shares at Period Start (shares) | Increase in Restricted Shares This Period (shares) | Restricted Shares at Period End (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Chen Junyi | 61,524 | 39,750 | 101,274 | Executive Lock-up Shares | | Other Restricted Shares | 50,502,773 | 0 | 50,502,773 | Executive Lock-up Shares | | **Total** | **50,564,297** | **39,750** | **50,604,047** | | [Number of Shareholders and Shareholding Structure](index=50&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Structure) At the end of the reporting period, the total number of common shareholders was **56,837**; among the top ten shareholders, Xu Xiaomin held **6.66%** as the largest shareholder, Ningbo Zhengsheng Enterprise Management Partnership (Limited Partnership) held **3.83%**, with Xu Xiaomin serving as its executive partner, and the company's share repurchase special securities account held **7.4543 million shares** - The total number of common shareholders at the end of the reporting period was **56,837**[159](index=159&type=chunk) Top 10 Shareholders' Shareholding | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Xu Xiaomin | Domestic Natural Person | 6.66% | 55,615,820 | 41,711,865 | 13,903,955 | | Ningbo Zhengsheng Enterprise Management Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 3.83% | 32,000,000 | 0 | 32,000,000 | | Basic Pension Insurance Fund 1003 Portfolio | Other | 2.66% | 22,224,297 | 0 | 22,224,297 | | Hong Kong Securities Clearing Company Limited | Other | 1.22% | 10,164,348 | 0 | 10,164,348 | | Zhonghui Life Insurance Co., Ltd. - Traditional Products | Other | 0.95% | 7,924,400 | 0 | 7,924,400 | - Xu Xiaomin is the executive partner of Ningbo Zhengsheng Enterprise Management Partnership (Limited Partnership), indicating an associated relationship between the two[160](index=160&type=chunk) - The company's share repurchase special securities account holds **7,454,252 shares**[160](index=160&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=52&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Vice General Manager Chen Junyi increased his shareholding by **53,000 shares** during this period, bringing his total shares held at period-end to **135,032 shares** Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Shares Held at Period Start (shares) | Shares Increased This Period (shares) | Shares Held at Period End (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Junyi | Vice General Manager | Current | 82,032 | 53,000 | 135,032 | [Changes in Controlling Shareholder or Actual Controller](index=53&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[163](index=163&type=chunk) - The company's actual controller did not change during the reporting period[163](index=163&type=chunk) [Bond-Related Information](index=54&type=section&id=Section%20VII%20Bond-Related%20Information) This section provides details on the company's convertible corporate bonds, including issuance, conversion status, and credit ratings, along with key financial indicators relevant to bondholders [Convertible Corporate Bonds](index=54&type=section&id=IV.%20Convertible%20Corporate%20Bonds) The company issued **700 million RMB** in "Yinlun Convertible Bonds" in 2021, with **18.3215 million shares** cumulatively converted during the reporting period, representing **2.30%** of total shares before conversion; the conversion price has been adjusted multiple times, most recently to **10.39 RMB/share**, and both the company's and the bond's credit ratings remain AA with a stable outlook - The company issued **700 million RMB** in "Yinlun Convertible Bonds" in 2021, with bond code "127037," a 6-year term, and a conversion period extending to June 6, 2027[169](index=169&type=chunk) Cumulative Convertible Bond Conversion Status | Name of Convertible Corporate Bond | Total Issuance Amount (RMB) | Cumulative Conversion Amount (RMB) | Cumulative Conversion Quantity (shares) | Proportion of Converted Shares to Total Shares Issued Before Conversion Start Date | Amount Not Yet Converted (RMB) | Proportion of Unconverted Amount to Total Issuance Amount | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yinlun Convertible Bonds | **700 million** | **194.39 million** | 18,321,541 | 2.30% | **505.61 million** | 72.30% | - The conversion price of "Yinlun Convertible Bonds" has been adjusted multiple times, with the latest conversion price being **10.39 RMB/share**[176](index=176&type=chunk)[177](index=177&type=chunk) - China Chengxin International maintained the company's corporate credit rating at **AA** with a stable outlook; the "Yinlun Convertible Bonds" credit rating was also maintained at **AA**[178](index=178&type=chunk) Company's Key Financial Indicators for the Past Two Years | Item | Current Period End | Prior Year End | Change from Prior Year End | | :--- | :--- | :--- | :--- | | Current Ratio | 1.17 | 1.14 | 2.63% | | Asset-Liability Ratio | 62.55% | 61.49% | 1.06% | | Quick Ratio | 0.96 | 0.91 | 5.49% | | **Item** | **Current Period** | **Prior Period** | **Change from Prior Period** | | Net Profit After Deducting Non-Recurring Gains/Losses | **424.53 million** | **364.03 million** | 16.62% | | Interest Coverage Ratio | 9.81 | 9.41 | 4.25% | | Loan Repayment Rate | 100.00% | 100.00% | 0.00% | | Interest Payment Rate | 100.00% | 100.00% | 0.00% | [Financial Report](index=58&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, tax items, and financial risks [Audit Report](index=58&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[182](index=182&type=chunk) [Financial Statements](index=58&type=section&id=II.%20Financial%20Statements) The report provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting its financial position and operating results - The report includes consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[183](index=183&type=chunk)[187](index=187&type=chunk)[191](index=191&type=chunk)[195](index=195&type=chunk)[198](index=198&type=chunk)[200](index=200&type=chunk)[201](index=201&type=chunk)[205](index=205&type=chunk)[208](index=208&type=chunk)[211](index=211&type=chunk) Consolidated Balance Sheet Summary | Item | Period-End Balance (RMB) | Period-Start Balance (RMB) | | :--- | :--- | :--- | | Total Current Assets | **12.748 billion** | 11,493,504,083.49 | | Total Non-Current Assets | **7.186 billion** | 6,868,634,673.35 | | Total Assets | **19.934 billion** | 18,362,138,756.84 | | Total Current Liabilities | **10.890 billion** | 9,909,316,732.50 | | Total Non-Current Liabilities | **1.578 billion** | 1,381,027,913.91 | | Total Liabilities | **12.468 billion** | 11,290,344,646.41 | | Total Owners' Equity Attributable to Parent Company | **6.576 billion** | 6,212,903,628.03 | | Minority Interests | **888.96 million** | 858,890,482.40 | | Total Owners' Equity | **7.465 billion** | 7,071,794,110.43 | Consolidated Income Statement Summary | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | **7.168 billion** | 6,151,505,945.47 | | Total Operating Costs | **6.589 billion** | 5,685,091,197.88 | | Operating Profit | **576.87 million** | 496,209,122.94 | | Total Profit | **568.42 million** | 492,105,042.91 | | Net Profit | **499.83 million** | 443,799,628.06 | | Net Profit Attributable to Parent Company Shareholders | **441.28 million** | 402,878,197.11 | | Basic Earnings Per Share (RMB/share) | 0.53 | 0.50 | | Diluted Earnings Per Share (RMB/share) | 0.51 | 0.48 | Consolidated Cash Flow Statement Summary | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | **416.59 million** | 353,812,155.92 | | Net Cash Flow from Investing Activities | **-939.54 million** | -384,374,540.59 | | Net Cash Flow from Financing Activities | **630.89 million** | 292,737,025.37 | | Net Increase in Cash and Cash Equivalents | **118.53 million** | 260,687,210.47 | [Company Basic Information](index=76&type=section&id=III.%20Company%20Basic%20Information) Zhejiang Yinlun Machinery Co., Ltd., established in 1999 and listed on the Shenzhen Stock Exchange in 2007 with a registered capital of **835 million RMB**, primarily engages in the R&D, production, and sales of thermal management products and exhaust after-treatment systems, with Xu Xiaomin as its actual controller - The company was established in 1999 and listed on the Shenzhen Stock Exchange in April 2007[214](index=214&type=chunk) - As of June 30, 2025, the company's total issued share capital was **834,797,184 shares**, with a registered capital of **834,797,184 RMB**[215](index=215&type=chunk) - Its main business activities include the R&D, production, and sales of heat exchangers for oil, water, gas, and refrigerants, automotive air conditioning, and other thermal management products, as well as exhaust after-treatment systems[215](index=215&type=chunk) - The company's actual controller is Xu Xiaomin[215](index=215&type=chunk) [Basis of Financial Statement Preparation](index=76&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared in accordance with accounting standards issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, based on a going concern assumption, affirming the company's ability to continue operations for at least 12 months from the end of the reporting period - The financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and the "No. 15 Rules for Information Disclosure by Companies Issuing Securities Publicly - General Provisions on Financial Reports" by the China Securities Regulatory Commission[216](index=216&type=chunk) - The financial statements are prepared on a going concern basis, and the company has the ability to continue operating for at least 12 months from the end of the reporting period[217](index=217&type=chunk) [Significant Accounting Policies and Estimates](index=76&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) The report comprehensively discloses the company's specific accounting policies and estimates across various areas, including accounting periods, operating cycles, functional currency, materiality, business combinations, financial instruments, revenue recognition, fixed assets, intangible assets, and government grants - The financial statements comply with Enterprise Accounting Standards, accurately and completely reflecting the company's financial position, operating results, and cash flows[219](index=219&type=chunk) - Disclosed the classification, recognition criteria, measurement methods, and impairment testing methods for financial instruments, including financial assets and liabilities measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[234](index=234&type=chunk)[236](index=236&type=chunk)[242](index=242&type=chunk) - Detailed revenue recognition and measurement policies, including criteria for satisfying performance obligations over time or at a point in time, and specific recognition methods for domestic and export sales[289](index=289&type=chunk)[290](index=290&type=chunk)[291](index=291&type=chunk)[292](index=292&type=chunk) - Stipulated recognition criteria, depreciation methods (straight-line method), and disposal methods for fixed assets, as well as capitalization criteria for construction in progress[261](index=261&type=chunk)[264](index=264&type=chunk)[265](index=265&type=chunk)[266](index=266&type=chunk) - Clarified valuation methods, useful life estimates, amortization methods for intangible assets, and capitalization conditions for R&D expenditures[271](index=271&type=chunk)[272](index=272&type=chunk)[276](index=276&type=chunk) [Taxation](index=102&type=section&id=VI.%20Taxation) The company and several subsidiaries benefit from a **15%** corporate income tax rate as high-tech enterprises, with some subsidiaries enjoying preferential income tax as small-scale, low-profit enterprises; additionally, the company and certain subsidiaries are eligible for a **5%** VAT input tax deduction for advanced manufacturing enterprises Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of Goods and Taxable Services Revenue | 13%、9%、6%、5%、3% | | Urban Maintenance and Construction Tax | Actual VAT and VAT Exempted/Credited for Export Sales | 5%、7% | | Corporate Income Tax | Taxable Income | See Description | - The company and its subsidiaries, including Shanghai Yinlun, Hubei Meibiao, Yinlun New Energy, Nanchang Yinlun, Intelligent Equipment, Jiangsu Langxin, Jiangsu Weiyi, Chibi Yinlun, Zhengxin Testing, and Kaishan Yinlun, enjoy a preferential corporate income tax rate of **15%** as high-tech enterprises[314](index=314&type=chunk)[315](index=315&type=chunk)[316](index=316&type=chunk)[317](index=317&type=chunk) - Subsidiaries such as Hangzhou Yinlun and Wuhu Langxin are small-scale, low-profit enterprises, enjoying a preferential income tax policy where taxable income is calculated at **25%** and taxed at a **20%** rate[318](index=318&type=chunk) - The company and its subsidiaries, including Yinlun New Energy, Shanghai Yinlun, Hubei Meibiao, Nanchang Yinlun, Intelligent Equipment, Chibi Yinlun, Jiangsu Langxin, and Jiangsu Weiyi, qualify for the advanced manufacturing enterprise VAT input tax deduction policy, allowing an additional **5%** deduction from payable VAT[320](index=320&type=chunk) [Notes to Consolidated Financial Statement Items](index=105&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on various consolidated financial statement items, including assets, liabilities, owners' equity, income, costs, and expenses, such as cash and cash equivalents, financial assets, accounts receivable, inventories, fixed assets, borrowings, and revenue Composition of Cash and Cash Equivalents | Item | Period-End Balance (RMB) | Period-Start Balance (RMB) | | :--- | :--- | :--- | | Cash on Hand | 197,843.60 | 491,636.71 | | Bank Deposits | **1.834 billion** | 1,743,214,225.85 | | Other Cash and Cash Equivalents | **379.57 million** | 407,258,898.00 | | Deposits with Finance Companies | **27.15 million** | 35,789,289.25 | | **Total** | **2.241 billion** | **2.187 billion** | Operating Revenue and Operating Costs | Item | Current Period Amount (Revenue) | Current Period Amount (Cost) | Prior Period Amount (Revenue) | Prior Period Amount (Cost) | | :--- | :--- | :--- | :--- | :--- | | Principal Business | **6.987 billion** | **5.651 billion** | 5,995,246,356.97 | 4,803,282,074.91 | | Other Businesses | **180.45 million** | **137.45 million** | 156,259,588.50 | 119,902,862.45 | | **Total** | **7.168 billion** | **5.788 billion** | 6,151,505,945.47 | 4,923,184,937.36 | Financial Expenses | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Interest Expense | **57.84 million** | 62,160,731.78 | | Less: Interest Income | **18.53 million** | 21,005,558.46 | | Exchange Gains/Losses | **-38.51 million** | -8,285,120.34 | | Other | 2,268,340.76 | 1,763,514.76 | | **Total** | **3.07 million** | 34,633,567.74 | R&D Expenses | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Direct Input Costs | **95.23 million** | 105,897,213.24 | | Personnel Costs | **136.21 million** | 135,144,955.94 | | Share-Based Payment | **1.37 million** | 2,596,415.08 | | Depreciation and Amortization Expenses | **19.85 million** | 19,060,923.50 | | Other | **24.23 million** | 20,686,717.56 | | **Total** | **276.90 million** | 283,386,225.32 | Summary of Cash Flow Statement Supplementary Information | Supplementary Information | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Profit | **499.83 million** | 443,799,628.06 | | Add: Asset Impairment Provisions | **71.83 million** | 73,712,047.93 | | Depreciation of Fixed Assets, Oil and Gas Assets, Productive Biological Assets | **301.12 million** | 270,913,468.86 | | Decrease in Deferred Income Tax Assets (Increase is shown as "-") | **-33.20 million** | -15,442,957.87 | | Net Cash Flow from Operating Activities | **416.59 million** | 353,812,155.92 | [R&D Expenditures](index=160&type=section&id=VIII.%20R%26D%20Expenditures) During the reporting period, the company's total R&D expenditures amounted to **276.90 million RMB**, all expensed, primarily comprising direct input costs, personnel costs, share-based payments, and depreciation and amortization expenses R&D Expenditure Details | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Direct Input Costs | **95.23 million** | 105,897,213.24 | | Personnel Costs | **136.21 million** | 135,144,955.94 | | Share-Based Payment | **1.37 million** | 2,596,415.08 | | Depreciation and Amortization Expenses | **19.85 million** | 19,060,923.50 | | Other | **24.23 million** | 20,686,717.56 | | **Total** | **276.90 million** | 283,386,225.32 | - All R&D expenditures during the reporting period were expensed, with no capitalized R&D expenditures[552](index=552&type=chunk) [Changes in Consolidation Scope](index=160&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope changed due to the establishment of two new subsidiaries, Zhangjiagang Langxin Precision Machinery Co., Ltd. and Zhangjiagang Langxin Automotive Components Co., Ltd., both of which have been included in the consolidated financial statements - On January 22, 2025, subsidiary Jiangsu Langxin established Zhangjiagang Langxin Precision Machinery Co., Ltd., which was included in the consolidated financial statements[555](index=555&type=chunk) - On January 22, 2025, subsidiary Jiangsu Langxin established Zhangjiagang Langxin Automotive Components Co., Ltd., which was included in the consolidated financial statements[555](index=555&type=chunk) [Interests in Other Entities](index=162&type=section&id=X.%20Interests%20in%20Other%20Entities) The company holds interests in numerous subsidiaries across industrial, trade, research, and investment sectors, with ownership ranging from **40.67%** to **100%**; Jiangsu Langxin and Hubei Meibiao are significant non-wholly owned subsidiaries contributing substantially to net profit, and the company also has interests in associates like Tiantai Minshangtou, Faurecia Yinlun, and Chongqing Shangfang - The company owns numerous subsidiaries with business natures covering industry, trade, scientific research, and investment, located in China, the United States, Germany, India, Sweden, Poland, Mexico, Malaysia, and Singapore, among other places[557](index=557&type=chunk)[558](index=558&type=chunk)[559](index=559&type=chunk) - The company exercises control over Nanchang Yinlun, Kaishan Yinlun, Jiangsu Langxin, and others, despite holding half or less of their voting rights, and thus includes them in the consolidated financial statements[559](index=559&type=chunk) Financial Information of Important Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Percentage | Profit/Loss Attributable to Minority Shareholders This Period (RMB) | Dividends Declared to Minority Shareholders This Period (RMB) | Minority Interests Balance at Period End (RMB) | | :--- | :--- | :--- | :--- | :--- | | Jiangsu Langxin | 59.33% | **25.72 million** | **14.14 million** | **403.79 million** | | Hubei Meibiao | 25.00% | **10.40 million** | **7 million** | **114.66 million** | - The company holds interests in significant associates such as Tiantai Minshangtou, Faurecia Yinlun, and Chongqing Shangfang, accounted for using the equity method[567](index=567&type=chunk) [Government Grants](index=168&type=section&id=XI.%20Government%20Grants) At the end of the reporting period, the company's deferred income included **261 million RMB** in asset-related government grants, with **39.85 million RMB** in new grants and **15.47 million RMB** recognized in current period profit or loss Liability Items Involving Government Grants | Accounting Account | Period-Start Balance (RMB) | New Grant Amount This Period (RMB) | Amount Transferred to Other Income This Period (RMB) | Period-End Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | **234.78 million** | **39.85 million** | **12.42 million** | **261.21 million** | Asset-Related | Government Grants Recognized in Current Period Profit or Loss | Accounting Account | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Income-Related Government Grants Recognized in Other Income, Non-Operating Income | **15.47 million** | **10.11 million** | [Risks Related to Financial Instruments](index=169&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit, liquidity, and market risks (including interest rate, exchange rate, and other price risks), which it manages through diversified investments, customer credit monitoring, rolling cash flow forecasts, maintaining a balance between fixed and floating rate instruments, and entering into forward foreign exchange contracts - The company faces credit risk, liquidity risk, and market risk (exchange rate risk, interest rate risk, and other price risks)[579](index=579&type=chunk) - Credit risk primarily arises from cash and cash equivalents, notes receivable, accounts receivable, etc., and is controlled by assessing customer creditworthiness, setting credit terms, and regular monitoring[580](index=580&type=chunk) - Liquidity risk is managed by monitoring cash balances, marketable securities, and 12-month cash flow forecasts to ensure sufficient funds for debt repayment[582](index=582&type=chunk) - Interest rate risk is managed through the proportion of fixed and floating rate instruments; if the LPR changes by **20 basis points**, net profit will decrease or increase by **3.8791 million RMB**[586](index=586&type=chunk) - Exchange rate risk primarily stems from USD-denominated financial assets and liabilities, mitigated by monitoring foreign currency transactions and signing forward foreign exchange contracts; if the RMB appreciates or depreciates by **5%** against the USD, net profit will increase or decrease by **5.2399 million RMB**[586](index=586&type=chunk) - Other price risks primarily arise from equity instrument investments; if their value fluctuates by **10%**, net profit will increase or decrease by **2.4007 million RMB**, and other comprehensive income will increase or decrease by **17.1033 million RMB**[587](index=587&type=chunk) Financial Assets Derecognized Due to Transfer | Method of Financial Asset Transfer | Amount of Derecognized Financial Assets (RMB) | Gains or Losses Related to Derecognition (RMB) | | :--- | :--- | :--- | | Bank Acceptance Bills in Notes Receivable (Endorsement) | **64.27 million** | 0 | | Bank Acceptance Bills in Notes Receivable (Discounting) | **1.35 million** | -6,711.05 | | Bank Acceptance Bills in Accounts Receivable Financing (Endorsement) | **849.38 million** | 0 | | Bank Acceptance Bills in Accounts Receivable Financing (Discounting) | **1.148 billion** | **-5.30 million** | | **Total** | **2.139 billion** | **-5.31 million** | [Disclosure of Fair Value](index=174&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) At the end of the reporting period, the company's total assets measured at fair value on a recurring basis amounted to **2.512 billion RMB**, primarily comprising financial assets held for trading, accounts receivable financing, other equity instrument investments, and other non-current financial assets, with most measured at Level 2 and Level 3 Fair Value of Assets Measured at Period End | Item | Level 1 Fair Value Measurement (RMB) | Level 2 Fair Value Measurement (RMB) | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | **21.71 million** | **895.69 million** | 0 | **917.40 million** | | Accounts Receivable Financing | 0 | 0 | **1.339 billion** | **1.339 billion** | | Other Equity Instrument Investments | 0 | 0 | **174.92 million** | **174.92 million** | | Other Non-Current Financial Assets | 0 | 0 | **80.88 million** | **80.88 million** | | **Total Assets Measured at Fair Value on a Recurring Basis** | **21.71 million** | **895.69 million** | **1.595 billion** | **2.512 billion** | - Level 1 fair value measurement primarily includes equity instrument investments, Level 2 mainly comprises wealth management products and forward foreign exchange settlements, and Level 3 primarily consists of accounts receivable financing, other equity instrument investments, and other non-current financial assets[596](index=596&type=chunk) [Related Parties and Related Party Transactions](index=175&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) The company's actual controller is Xu Xiaomin, and it has numerous subsidiaries and associates; during the reporting period, the company engaged in transactions with related parties, including purchases and sales of goods, provision of services, leasing, and guarantees, with significant amounts in procurement and guarantees for subsidiaries - The company's actual controller is Xu Xiaomin, who collectively holds **10.49%** of the voting rights through direct shareholding and control over Ningbo Zhengsheng Enterprise Management Partnership (Limited Partnership)[600](index=600&type=chunk) - The company engaged in purchase of goods/acceptance of services transactions with related parties including Dongshi Yinlun, Shiyan Yinlun, Taizhou Yuanrong Metal Technology Co., Ltd., Putian Supply Chain, and Zhejiang Yinlun Logistics Co., Ltd[604](index=604&type=chunk) - The company sold goods/provided services to related parties including Dongshi Yinlun, Faurecia Yinlun, Wuxi Kenowei, and Taizhou Yuanrong[606](index=606&type=chunk) - The company, as lessor, provided property leasing services to Faurecia Yinlun, Taizhou Yuanrong, and Xianghe Intelligent[608](index=608&type=chunk) - The company, as guarantor, provided multiple guarantees for subsidiaries including Yinlun New Energy, Shanghai Yinlun, Chibi Yinlun, Hubei Meibiao, Hubei Yinlun, Shandong Yinlun, Sichuan Yinlun, Tiantai Yinshen, Intelligent Equipment, and Tiantai Yinchang[611](index=611&type=chunk) Key Management Personnel Remuneration | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Key Management Personnel Remuneration | **14.54 million** | **12.69 million** | [Share-Based Payment](index=181&type=section&id=XV.%20Share-Based%20Payment) The company implemented its second phase employee stock ownership plan and 2022 stock option incentive plan, with total exercise amount of **10.82 million RMB** and total unlocking amount of **25.12 million RMB** during the reporting period; the exercise price for outstanding stock options at period-end was **9.76 RMB/share**, and **7.61 million RMB** in equity-settled share-based payment expenses were recognized this period Overall Share-Based Payment Status | Category of Grantees | Number of Shares Exercised This Period (shares) | Amount Exercised This Period (RMB) | Number of Shares Unlocked This Period (shares) | Amount Unlocked This Period (RMB) | | :--- | :--- | :--- | :--- | :--- | | Incentivized Employees of Phase II Employee Stock Ownership Plan | 1,797,760 | **10.70 million** | 1,797,760 | **10.70 million** | | Incentivized Employees of 2022 Stock Option Incentive Plan | 150,987 | **0.12 million** | 11,679,250 | **14.42 million** | | **Total** | **1,948,747** | **10.82 million** | **13,477,010** | **25.12 million** | - The exercise price range for outstanding stock options at period-end was **9.76 RMB/share**, with a remaining contract term of **1 year and 6 months**[627](index=627&type=chunk) - The total expense recognized for equity-settled share-based payments this period was **7,606,094.59 RMB**[638](index=638&type=chunk) [Commitments and Contingencies](index=185&type=section&id=XVI.%20Commitments%20and%20Contingencies) As of the end of the reporting period, the company had several significant commitments, primarily involving pledged bank acceptance bills, accounts receivable factoring, and mortgaged construction in progress, totaling a substantial restricted amount; there were no significant contingent matters requiring disclosure - As of June 30, 2025, the company had several significant commitments, including pledged bank acceptance bills, accounts receivable factoring, and mortgaged construction in progress[639](index=639&type=chunk)[640](index=640&type=chunk)[641](index=641&type=chunk)[642](index=642&type=chunk)[644](index=644&type=chunk)[645](index=645&type=chunk)[646](index=646&type=chunk)[647](index=647&type=chunk)[649](index=649&type=chunk)[650](index=650&type=chunk)[651](index=651&type=chunk)[652](index=652&type=chunk)[654](index=654&type=chunk)[655](index=655&type=chunk)[656](index=656&type=chunk) - The company had no significant contingent matters requiring disclosure[657](index=657&type=chunk) [Post-Balance Sheet Events](index=190&type=section&id=XVII.%20Post-Balance%20Sheet%20Events) There were no significant non-adjusting events, profit distribution matters, or sales returns after the balance sheet date - There were no significant non-adjusting events, profit distribution matters, or sales returns after the reporting period[658](index=658&type=chunk) [Notes to Parent Company Financial Statement Major Items](index=191&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Major%20Items) This section provides detailed notes on the parent company's major financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income; parent company accounts receivable at period-end were **2.15 billion RMB**, other receivables were **248 million RMB**, and long-term equity investments had a book value of **4.299 billion RMB** Parent Company Accounts Receivable by Aging | Aging | Period-End Book Balance (RMB) | Period-Start Book Balance (RMB) | | :--- | :--- | :--- | | Within 1 year (inclusive) | **2.260 billion** | 2,102,214,382.92 | | 1 to 2 years | **2.32 million** | 6,259,099.34 | | 2 to 3 years | **4.50 million** | 2,047,031.06 | | Over 3 years | **2.22 million** | 2,440,885.32 | | **Total** | **2.269 billion** | 2,112,961,398.64 | Parent Company Other Receivables by Nature of Item | Nature of Item | Period-End Book Balance (RMB) | Period-Start Book Balance (RMB) | | :--- | :--- | :--- | | Withholding and Remittance | **3.18 million** | 2,509,487.92 | | Petty Cash | **0.07 million** | 50,766.33 | | Intercompany Payables/Receivables | **337.05 million** | 378,772,061.26 | | Other | **3.24 million** | 3,634,172.58 | | **Total** | **343.55 million** | 393,698,

序号代码名称最新价涨跌幅主力净流入主力净占比1300757罗博特科270.3620.02.80亿元7.02%2688629华 丰科技78.511.951.58亿元6.62%3002126银轮股份39.565.661.50亿元9.24%4000989九芝堂12.718.081.46亿 元13.21%5603083剑桥科技72.8810.011.38亿元34.55%6002171楚江新材10.263.741.28亿元12.73%7603345 安井食品77.062.711.18亿元10.78%8301018申菱环境70.682.181.06亿元7.71%9300783三只松鼠 27.914.961.03亿元11.2%10300012华测检测13.996.889739.11万元6.29% 来源：金融界 8月25日，养老金概念上涨1.46%，今日主力资金流入3226.09万元，概念股87只上涨，13只下跌。 主力资金净流入居前的分别为罗博特科（2.8亿元）、华丰科技（1.58亿元）、银轮股份（1.5亿元）、 九芝堂（1.46亿元）、剑桥科技（1.38亿元）。 ...

金融界消息 截至2025年8月25日收盘，银轮股份（002126）报收于39.56元，上涨5.66%，换手率5.4%， 成交量42.38万手，成交金额16.28亿元。 天眼查商业履历信息显示，浙江银轮机械股份有限公司，成立于1999年，位于台州市，是一家以从事汽 车制造业为主的企业。企业注册资本79209.5104万人民币，实缴资本79209.5104万人民币。公司法定代 表人为徐小敏。 通过天眼查大数据分析，浙江银轮机械股份有限公司共对外投资了73家企业，参与招投标项目119次， 知识产权方面有商标信息16条，专利信息962条，此外企业还拥有行政许可17个。 来源：金融界 资金流向方面，今日主力资金净流入1.50亿元，占比成交额9.24%。其中，超大单净流入9993.55万元、 占成交额6.14%，大单净流入5050.19万元、占成交额3.1%，中单净流出流出5284.22万元、占成交额 3.25%，小单净流出9759.52万元、占成交额6.0%。 银轮股份最新一期业绩显示，截至2025一季报，公司营业总收入34.16亿元、同比增长15.05%，归属净 利润2.12亿元，同比增长10.89%，扣非净利润2. ...

- The liquid cooling index (8841247.WI) has increased by 76.30% since the beginning of 2025 and by 71.99% since April 7, 2025, significantly outperforming the Wind All A Index during the same period[2][12][13] - Public fund holdings in the liquid cooling sector have rebounded since August 2025, based on real-time estimates derived from public market information such as fund net value, disclosed holdings, and research activities[3][17][19] - ETF fund holdings in the liquid cooling sector have been declining since July 2025, despite the overall growth in the scale of public ETF funds, which reached over 4.3 trillion yuan by the end of the second quarter of 2025[3][18][21] - The financing balance in the liquid cooling sector has been continuously rising since July 2025, indicating increased investor optimism about the market[3][23][25] - The chip yield characteristic of the liquid cooling index shows a current profitability effect of 12.97%, reflecting a momentum effect when the market's profitability is good and a reversal effect when it is weak[3][26][28] - The most frequently researched stocks by institutions in 2025 include Feilong Co., Ltd., Kexin Source, and Zhongshi Technology[4][30][32] - The stocks with the highest attention from Xueqiu influencers since August 1, 2025, include Inovance, Chuanhuan Technology, and Feilong Co., Ltd.[4][33] - The stocks with the highest net inflow of main funds since August 1, 2025, include Suzhou Tianmai, Tenglong Co., Ltd., and Huazheng New Materials[4][34][36] - The stocks that appeared on the Dragon and Tiger List since August 1, 2025, include Feilong Co., Ltd., Chuanhuan Technology, and Shuguang Digital Creation[4][37][38] - The stocks with the highest increase in the number of shareholders since August 1, 2025, include Zhongjie Automobile, Yinlun Co., Ltd., and Huafeng Aluminum Industry[4][37][40]

Investment Rating - The report maintains a positive outlook on the electric heavy truck industry, indicating significant growth potential driven by policy support and economic advantages [2][4]. Core Insights - The domestic electric heavy truck market is experiencing rapid growth, with sales reaching 79,200 units in the first half of 2025, representing a penetration rate of 22% [3][15]. - The report highlights the increasing penetration of electric heavy trucks in both domestic and European markets, with projections indicating that by 2028, China's electric heavy truck sales could reach 500,000 units, driving a demand for 250 GWh of batteries [3][4]. - The electric heavy truck industry chain is becoming more integrated, with a concentrated market structure that enhances profit elasticity across various segments [5][8]. Summary by Sections Domestic Electric Heavy Truck Market - The penetration rate of electric heavy trucks has rapidly increased due to government policies and economic advantages, with significant sales growth observed in recent years [14][15]. - The report notes that the electric heavy truck market is primarily focused on regional logistics applications, with specific use cases in construction, mining, and municipal services [18][20]. European Electric Heavy Truck Market - The European market for electric light and medium trucks is advancing quickly, with electric heavy trucks identified as a blue ocean opportunity [3][4]. - By 2026, European electric heavy truck sales are expected to reach 17,000 units, with a penetration rate projected to rise to 5% [3][4]. Industry Chain and Profitability - The electric heavy truck industry chain is increasingly collaborative, with a focus on specialized products across various segments, including vehicle, battery, and motor development [5][8]. - The report emphasizes the importance of focusing on key segments within the electric heavy truck industry chain, including manufacturers, battery suppliers, and component producers [4][5]. Investment Recommendations - The report suggests monitoring key players in the electric heavy truck sector, including Foton Motor, China National Heavy Duty Truck Group, and FAW Jiefang for vehicle production [4][5]. - Battery manufacturers such as CATL and Guoxuan High-Tech are highlighted as potential investment opportunities due to the expected surge in demand for electric heavy truck batteries [4][5].

Group 1 - The core viewpoint of the report is that Yinlun Co., Ltd. (002126.SZ) is rated as a "buy" due to its potential for growth in multiple sectors [2] - The first growth curve is driven by data center liquid cooling and energy storage ultra-fast charging liquid cooling, which is expected to create a third growth curve [2] - The second growth curve is led by the humanoid robot business, which is anticipated to break through and establish a fourth growth curve [2] - The company is expanding globally with local production strategies [2]

Group 1 - The Shanghai Municipal Economic and Information Commission, along with two other departments, released an implementation plan to accelerate the development of "AI + manufacturing," which includes the establishment of "AI + manufacturing" factories and the practical deployment of various types of embodied intelligence, such as humanoid robots, in typical scenarios [1] - The automotive parts ETF closely tracks the CSI Automotive Parts Theme Index, which includes many companies involved in the robotics industry chain, indicating potential benefits from accelerated industry development. The automotive parts ETF saw an increase in early trading [1] - The CSI Automotive Parts Theme Index selects 100 listed companies from the Shanghai and Shenzhen markets that are involved in automotive system components, interior and exterior parts, automotive electronics, tires, etc., reflecting the overall performance of listed companies in the automotive parts theme [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the CSI Automotive Parts Theme Index (931230) include Huichuan Technology (300124), Fuyao Glass (600660), Sanhua Intelligent Control (002050), Top Group (601689), Sailun Tire (601058), Desay SV (002920), Huayu Automotive (600741), Wanfeng Aowei (002085), Yinlun Co. (002126), and Shuanghuan Transmission (002472), with the top ten stocks accounting for a total of 40.36% of the index [1]

Company Overview - Silver Wheel Co., Ltd. closed at 38.20 yuan on August 19, 2025, with a daily increase of 1.79% [1] - The stock experienced significant volatility, reaching a high of 41.20 yuan and a low of 35.88 yuan, resulting in a fluctuation of 14.18% [1] - The trading volume for the day was 886,600 hands, with a total transaction value of 3.326 billion yuan [1] Business Operations - The main business of Silver Wheel Co., Ltd. includes the research, development, production, and sales of automotive thermal management systems and components [1] - The company's products are widely used in passenger vehicles, commercial vehicles, and engineering machinery [1] - Silver Wheel operates within the automotive parts sector and is also involved in the Zhejiang region and venture capital concepts [1] Capital Flow - On August 19, the net outflow of main funds was 246 million yuan, accounting for 0.82% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow of main funds was 56.9412 million yuan, representing 0.19% of the circulating market value [1]

Core Viewpoint - The liquid cooling concept in the A-share market has seen a significant rise, driven by the increasing demand for cooling solutions in data centers and computing equipment due to the growing computational density [1][3]. Market Performance - On August 18, related stocks surged, with notable increases such as Shuguang Shuchuang (30% limit up), Fangsheng Co. (up 22.07%), and several others achieving 20% limit up [1]. - The liquid cooling technology is gaining traction as a core solution for addressing high-density heat dissipation issues, leading to explosive market demand [1]. Industry Growth - The liquid cooling server market in China is projected to reach $2.37 billion in 2024, representing a 67% year-on-year growth, with a compound annual growth rate (CAGR) of 46.8% expected from 2024 to 2029, potentially exceeding $16.2 billion by 2029 [3]. - The penetration rate of liquid cooling data centers among the three major operators is expected to rise from 14% in 2025 to 26%, with order schedules extending to 2026 [3]. Applications - Liquid cooling technology is increasingly essential in the AI sector, significantly reducing energy consumption and improving power usage effectiveness (PUE) to levels between 1.1 and 1.2, compared to over 1.5 for air cooling [3]. - The market for thermal management in new energy vehicles is projected to reach 77.1 billion yuan in 2024, with the value of liquid cooling systems per vehicle being three times that of traditional fuel vehicles [3]. Competitive Advantage - Chinese liquid cooling companies have established a global competitive edge, achieving breakthroughs in key areas such as immersion cooling and cold plate cooling, with top-tier technology indicators [5][6]. - Chinese firms hold 35% of the top 20 global liquid cooling patents, with a 55% share in the immersion cooling sector [6]. - The use of nylon to replace metals in liquid cooling components has reduced costs by 30% to 50% and decreased leakage risks by 90% [6]. Industry Chain - The Chinese liquid cooling industry encompasses a complete supply chain, from coolant production to core components and system integration [6]. - Major companies involved include Juhua Co. for coolant, Feilong Co. for electronic pumps, and Industrial Fulian for system integration [6]. Company Highlights - The A-share liquid cooling sector comprises 120 constituent stocks with a total market capitalization of 3.66 trillion yuan [7]. - Companies like Invec provide precision temperature control solutions across various sectors, while Shuguang Shuchuang focuses on data center liquid cooling solutions, particularly in immersion phase change cooling technology [7][8]. - Silver Wheel Co. is advancing its liquid cooling business as a third growth curve, with proprietary technologies enhancing cooling efficiency [7]. - Highlan Co. specializes in liquid cooling solutions for new energy and data center applications, collaborating with major battery manufacturers [8].