浙江方正电机股份有限公司第八届监事会第二十三次会议于2025年8月22日以电 子邮件、传真形式通知各位监事，会议于2025年8月28日以现场与通讯相结合方式在浙 江方正电机股份有限公司会议室召开，本次会议应参加表决监事3名，实际参加表决的 监事3名。会议的召集、召开程序符合《公司法》及《公司章程》的有关规定，会议决 议合法有效。 本次会议经与会监事认真审议，以投票表决方式通过了以下议案： 1、审议通过了《关于公司 2025 年半年度报告全文及摘要的议案》 监事会认为：董事会编制和审议浙江方正电机股份有限公司 2025 年半年度报告的 程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 表决结果: 同意3票; 反对0票; 弃权0票 证券代码：002196 证券简称：方正电机 公告编号：2025-046 浙江方正电机股份有限公司 第八届监事会第二十三次会议决议公告 本公司及其董事、监事、高级管理人员保证公告内容真实、准确和 具 体 内 容 详 见 公 司 2025 年 8 月 30 日披露于 巨 潮 资 讯 网 （http: ...

证券代码：002196 证券简称：方正电机 公告编号：2025-045 浙江方正电机股份有限公司 第八届董事会第二十六次会议决议公告 本公司及其董事、监事、高级管理人员保证公告内容真实、准确和 完整，并对公告中的虚假记载、误导性陈述或者重大遗漏承担责任。 浙江方正电机股份有限公司（以下简称"公司"）第八届董事会第二十六次 会议通知于 2025 年 8 月 22 日以邮件、传真或专人送达形式发出，会议于 2025 年 8 月 28 日以现场与通讯相结合的方式在浙江方正电机股份有限公司会议室召 开。会议应到董事 8 人，实到董事 8 人。本次会议的召开符合《公司法》及《公 司章程》的规定，会议决议合法有效。会议由董事长翁伟文先生主持，经与会董 事充分讨论，表决通过如下事项： 为抓住市场机遇，进一步拓展电机技术应用场景，充分发挥自身在电机领域 的技术优势，开拓新的产品品类，以此来丰富公司业务结构，提升公司整体竞争 力，增强公司在新能源领域的市场话语权，同时也为公司创造更多的利润增长点， 拟以自有资金与上海歌能步科技有限公司 CTO、联合创始人刘涛先生、浙江矢量 智能科技有限公司总经理李方旭先生共同成立合资公司。 表 ...

[Section I Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides crucial preliminary information, including the report's structure and key terminology, ensuring clarity and compliance [Important Notes](index=2&type=section&id=Important%20Notes) Board, supervisory board, and senior management guarantee report accuracy; no cash dividends, bonus shares, or capital reserve conversions planned - Company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, with no false records, misleading statements, or major omissions[4](index=4&type=chunk) - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for the semi-annual period[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) Lists the report's nine main chapters and their starting page numbers, providing an overall structural overview [Directory of Documents for Reference](index=4&type=section&id=Directory%20of%20Documents%20for%20Reference) Discloses types and locations of reference documents, including financial statements and public announcements, available at the securities department - Documents for reference include original financial statements signed and sealed by the company's head, chief accountant, and head of accounting department; original 2025 semi-annual report and abstract signed by the legal representative and sealed by the company; and originals of all company documents and announcements publicly disclosed on the information disclosure platform designated by the CSRC during the reporting period[8](index=8&type=chunk) - These documents are available at the company's securities department[9](index=9&type=chunk) [Definitions](index=5&type=section&id=Definitions) Defines common terms used in the report, including company abbreviations, subsidiaries, and regulatory bodies, for clarity [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's fundamental information and a summary of its financial performance [Company Profile](index=6&type=section&id=Company%20Profile) Introduces the company's stock information, listing exchange, and legal representative, providing a basic overview for investors - Company stock abbreviation: **Fangzheng Motor**, stock code: **002196**, listed on: **Shenzhen Stock Exchange**[12](index=12&type=chunk) - Legal representative: **Weng Weiwen**[12](index=12&type=chunk) [Contact Persons and Information](index=6&type=section&id=Contact%20Persons%20and%20Information) Discloses contact details for the board secretary and securities affairs representative, facilitating investor communication - Board Secretary: Huang Chengwei, Securities Affairs Representative: Shu Linyan, contact address for both: No. 626 Cheng Street, Nanmingshan Sub-district, Liandu District, Lishui City, Zhejiang Province[13](index=13&type=chunk) [Other Information](index=6&type=section&id=Other%20Information) States no changes in company's registered address, website, email, or information disclosure locations, as detailed in the 2024 annual report - Company's registered address, office address and postal code, website, email, etc., remained unchanged during the reporting period, as detailed in the 2024 annual report[14](index=14&type=chunk) - The securities exchange website and media name and URL for the company's semi-annual report disclosure, and the location for the semi-annual report, remained unchanged during the reporting period, as detailed in the 2024 annual report[15](index=15&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue increased by 8.51%, but net profit attributable to shareholders significantly decreased by 951.93%, indicating profitability and cash flow pressure Key Accounting Data and Financial Indicators Comparison | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,264,932,580.58 | 1,165,683,946.97 | **8.51%** | | Net Profit Attributable to Shareholders | -7,196,216.60 | 844,693.87 | **-951.93%** | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -12,335,814.10 | -2,776,521.16 | **-344.29%** | | Net Cash Flow from Operating Activities | -41,923,155.56 | 116,531,926.50 | **-135.98%** | | Basic Earnings Per Share (RMB/share) | -0.0145 | 0.0017 | **-952.94%** | | Diluted Earnings Per Share (RMB/share) | -0.0145 | 0.0017 | **-952.94%** | | Weighted Average Return on Net Assets | -0.52% | 0.06% | **-0.58%** | | **End of Current Reporting Period (RMB)** | **End of Prior Year (RMB)** | **Change from Prior Year End** | | Total Assets | 4,168,522,300.66 | 4,123,034,534.42 | **1.10%** | | Net Assets Attributable to Shareholders | 1,394,263,144.06 | 1,404,107,025.64 | **-0.70%** | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) No differences in net profit and net assets between financial reports under international/overseas and Chinese accounting standards - No differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[18](index=18&type=chunk) - No differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[19](index=19&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) Total non-recurring gains and losses were RMB 5.14 million, mainly from government grants and fair value changes, with some VAT refunds classified as recurring Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Disposal gains/losses of non-current assets | -1,385,669.66 | | Government grants recognized in current profit/loss | 6,180,420.72 | | Gains/losses from fair value changes and disposal of financial assets and liabilities | 368,921.66 | | Gains/losses from entrusted investments or asset management | 40,492.15 | | Other non-operating income and expenses apart from the above | 147,889.99 | | Less: Income tax impact | 212,457.36 | | **Total** | **5,139,597.50** | - VAT input tax credit (**RMB 6,997,047.57**) and VAT over-tax refund (**RMB 913,186.55**) are classified as recurring gains/losses, as they are closely related to the company's normal operations, comply with relevant national industrial policies, and have a continuous impact on the company's profit and loss[22](index=22&type=chunk) [Section III Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operations, financial condition, and future outlook [Company's Main Businesses During the Reporting Period](index=9&type=section&id=Company%27s%20Main%20Businesses%20During%20the%20Reporting%20Period) Company develops new energy drive motors, intelligent controllers, micro motors, and automotive electronics, with strong growth and new ventures in robotics and electric aircraft - New energy drive motor business shipped **463,600 units**, with cumulative shipments of **3.5636 million units**, applied in over 40 vehicle models, and continuous R&D investment in 800V high-voltage motors, flat wire motors, and oil-cooled motors[24](index=24&type=chunk) - Intelligent controller business saw increased sales volume, with operating revenue up **46.58%** year-on-year, but gross margin decreased by **8.68%** due to market competition and product structure changes, leading to an overall profit decline of **126.99%**[26](index=26&type=chunk) - Micro motor business operating revenue grew by **9.11%**, with overall profit increasing by **20.47%**, and electric tool motor business has entered the supply chains of international clients like TTI and Black & Decker[28](index=28&type=chunk) - Automotive electronics business revenue grew by **57.01%** due to mass production of National VI natural gas engine control systems, achieving new project breakthroughs in drone, hydrogen engine, and methanol engine control systems[30](index=30&type=chunk) - The company is actively developing robot joint and electric aircraft drive system businesses, with humanoid robot joint products and clients under development, and has secured a development project for an electric aircraft drive system from a client[31](index=31&type=chunk) [Analysis of Core Competencies](index=10&type=section&id=Analysis%20of%20Core%20Competencies) Company leverages "technology-first" in R&D, market share, manufacturing, and supply chain, leading in sewing machine motors and new energy drive motors - Company continuously increases R&D investment, obtaining **56 authorized patents** from January to June 2025, including **5 software copyrights, 1 international patent, 6 invention patents, and 42 utility model patents**, providing comprehensive technical support for business development[32](index=32&type=chunk)[33](index=33&type=chunk) - Company holds leading market positions in several niche segments, with approximately **75% global market share** in multi-functional household sewing machine motors, new energy drive motor shipments ranking among the top for consecutive years, and being the only independent brand in China to self-develop and mass-produce diesel, natural gas engine, and exhaust after-treatment controllers[34](index=34&type=chunk) - Company has obtained IATF16949 and other four major system certifications, with SAP and MES systems online enabling product traceability, new energy drive motor production equipment reaching domestic leading levels, and Lishui Power Valley recognized as a "Future Factory" in Zhejiang Province[35](index=35&type=chunk) - Company consolidates supply chain advantages by centralized procurement of common raw materials, introducing high-quality suppliers to the industrial park, and strategic cooperation with core component suppliers, effectively reducing procurement, logistics, and warehousing costs[36](index=36&type=chunk) [Analysis of Main Business](index=11&type=section&id=Analysis%20of%20Main%20Business) Operating revenue grew by 8.51% due to intelligent controllers and micro motors, but rising costs, especially in intelligent controllers, pressured profits Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,264,932,580.58 | 1,165,683,946.97 | **8.51%** | Growth in intelligent controller and micro motor sales revenue | | Operating Cost | 1,105,718,942.41 | 1,003,044,770.65 | **10.24%** | Growth in intelligent controller and micro motor sales revenue | | Administrative Expenses | 66,734,940.29 | 60,471,963.46 | **10.36%** | Increase in employee compensation this period | | Financial Expenses | 13,249,164.10 | 15,896,417.65 | **-16.65%** | Lower bank loan interest rates this period compared to prior period | | Income Tax Expense | 281,951.41 | 2,223,363.12 | **-87.32%** | Decrease in corporate income tax provision due to lower profit this period | | R&D Investment | 89,818,493.08 | 82,506,975.94 | **8.86%** | Increase in R&D personnel salaries this period | | Net Cash Flow from Operating Activities | -41,923,155.56 | 116,531,926.50 | **-135.98%** | Increase in material procurement payments this period | | Net Cash Flow from Financing Activities | 107,339,243.28 | -54,960,290.06 | **295.30%** | Increase in project loans this period | Operating Revenue Composition (by Product) | By Product | Current Reporting Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Period Amount (RMB) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Drive Motors and Automotive Electronics | 599,903,376.29 | **47.43%** | 621,676,598.97 | 53.34% | **-3.50%** | | Intelligent Controllers | 433,515,240.77 | **34.27%** | 295,754,595.46 | 25.37% | **46.58%** | | Micro Motors | 202,630,806.24 | **16.02%** | 185,719,654.86 | 15.93% | **9.11%** | Year-on-Year Changes in Gross Margin of Main Products | By Product | Gross Margin | Change in Gross Margin from Prior Year Period | | :--- | :--- | :--- | | Drive Motors and Automotive Electronics | **12.12%** | **1.32%** | | Intelligent Controllers | **10.81%** | **-8.68%** | | Micro Motors | **15.85%** | **-0.16%** | [Analysis of Non-Main Business](index=13&type=section&id=Analysis%20of%20Non-Main%20Business) No non-main business analysis during the reporting period - No non-main business analysis during the reporting period[44](index=44&type=chunk) [Analysis of Assets and Liabilities](index=13&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) Total assets grew slightly, but monetary funds decreased, while inventories, receivables, and borrowings increased; significant assets are restricted Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 330,539,341.63 | **7.93%** | **-1.93%** | Decrease in time deposits and increase in payments this period | | Accounts Receivable | 833,849,448.08 | **20.00%** | **0.14%** | Increase in sales revenue this period, leading to higher accounts receivable | | Inventories | 387,097,400.84 | **9.29%** | **1.44%** | Increase in inventories due to mass production of new projects this period | | Fixed Assets | 994,666,911.23 | **23.86%** | **0.60%** | Construction in progress transferred to fixed assets this period | | Construction in Progress | 504,513,918.44 | **12.10%** | **-1.16%** | Construction in progress transferred to fixed assets this period | | Contract Liabilities | 31,856,661.90 | **0.76%** | **0.55%** | Increase in advance receipts this period | | Long-term Borrowings | 659,867,846.85 | **15.83%** | **2.38%** | Increase in loans due to project construction needs this period | Profitability of Major Overseas Assets | Specific Asset | Location | Net Profit for Jan-Jun 2025 (RMB 10,000) | Proportion of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | :--- | | Wholly-owned Grandson Company--Fangzheng Vietnam Co. | Vietnam | **1,373.26** | **10.42%** | | Wholly-owned Grandson Company--Fangde Vietnam Co. | Vietnam | **818.25** | **7.42%** | | Wholly-owned Grandson Company--Gaokerun Vietnam Co. | Vietnam | **-481.35** | **3.70%** | - As of the end of the reporting period, the company's restricted assets totaled **RMB 1,119,870,975.88**, primarily including monetary funds, notes receivable, accounts receivable financing, investment properties, fixed assets, and intangible assets, used for pledge or mortgage loans and issuing bank acceptance bills[49](index=49&type=chunk) [Analysis of Investment Status](index=16&type=section&id=Analysis%20of%20Investment%20Status) No significant equity, non-equity, securities, or derivative investments, nor use of raised funds during the reporting period - No securities investments during the reporting period[52](index=52&type=chunk) - No derivative investments during the reporting period[53](index=53&type=chunk) - No use of raised funds during the reporting period[54](index=54&type=chunk) [Major Asset and Equity Sales](index=17&type=section&id=Major%20Asset%20and%20Equity%20Sales) No major asset or equity sales during the reporting period - No major asset sales during the reporting period[55](index=55&type=chunk) - No major equity sales during the reporting period[56](index=56&type=chunk) [Analysis of Major Holding and Participating Companies](index=17&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Discloses financial data for major subsidiaries and associates, including Shenzhen Gaokerun and Vietnamese entities, showing generally good performance Financial Data of Major Holding and Participating Companies (Unit: RMB 10,000) | Company Name | Company Type | Main Business | Registered Capital (RMB 10,000) | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Operating Profit (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Gaokerun Electronics Co., Ltd. | Subsidiary | Production and development of computer software, electronic products, etc. | 3,000 | **63,535.97** | **32,125.04** | **34,099.56** | **344.58** | **341.66** | | Fangzheng Motor (Vietnam) Co., Ltd. | Subsidiary | Household sewing machine motors, industrial automatic sewing machines, etc. | 800 USD | **14,528.69** | **11,406.45** | **9,212.80** | **1,415.56** | **1,373.26** | | Fangde Electromechanical (Vietnam) Technology Co., Ltd. | Subsidiary | Production and sales of electric tool motors and components, etc. | 800 USD | **10,343.21** | **5,043.64** | **2,533.08** | **818.25** | **818.25** | | Shanghai Haineng Automotive Electronics Co., Ltd. | Subsidiary | Engaged in various ECU controllers, gas system modules, etc. | 6,300 | **20,711.30** | **16,735.34** | **19,808.77** | **736.05** | **761.81** | | Yanfeng Adient Fangde Motor Co., Ltd. | Participating Company | Design, development, production, and sales of micro motors and related components | 10,000 | **115,187.47** | **15,733.85** | **82,913.59** | **4,371.55** | **3,683.95** | [Structured Entities Controlled by the Company](index=19&type=section&id=Structured%20Entities%20Controlled%20by%20the%20Company) No structured entities controlled by the company during the reporting period - No structured entities controlled by the company during the reporting period[60](index=60&type=chunk) [Risks Faced by the Company and Countermeasures](index=20&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) Company faces global economic, policy, capacity, raw material, technology, management, financial, and goodwill impairment risks, with mitigation strategies in place - Global economic environment risk: Instability in international situations may lead to a decline in overseas market orders for the company's micro motors and intelligent controllers[61](index=61&type=chunk) - Policy risk: Changes in new energy vehicle industry policies may adversely affect the company's production and operations, as the government adopts a phased subsidy reduction mechanism for new energy vehicles[62](index=62&type=chunk) - Risk of capacity utilization falling short of expectations: Significant adverse changes in market environment, competitor strategies, relevant policies, or the company's market expansion and technological iteration could lead to new production capacity from investment projects not being absorbed in a timely manner[63](index=63&type=chunk) - Raw material price fluctuation risk: Price fluctuations of key raw materials like silicon steel sheets and enameled wire directly impact the company's profitability; the company will seek to establish a price linkage mechanism with customers for major raw materials and increase technological development to optimize material usage[64](index=64&type=chunk) - Risk of goodwill impairment provision: As of the end of June 2025, the company still has net goodwill of approximately **RMB 63 million**, mainly formed from the acquisition of Shenzhen Gaokerun; if future operating conditions fall short of expectations, the company faces the risk of further goodwill impairment provisions[68](index=68&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) No market value management system or valuation enhancement plan has been formulated or disclosed - Company has not formulated a market value management system[69](index=69&type=chunk) - Company has not disclosed a valuation enhancement plan[69](index=69&type=chunk) [Implementation of “Quality and Return Dual Enhancement” Action Plan](index=21&type=section&id=Implementation%20of%20%E2%80%9CQuality%20and%20Return%20Dual%20Enhancement%E2%80%9D%20Action%20Plan) No announcement regarding the "Quality and Return Dual Enhancement" action plan has been disclosed - Company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[69](index=69&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=22&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers the company's governance structure, environmental practices, and social responsibility initiatives [Changes in Company Directors, Supervisors, and Senior Management](index=22&type=section&id=Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Multiple changes in directors, supervisors, and senior management occurred due to elections, personal reasons, or term expirations Changes in Company Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Li Jintao | Chairman of the Supervisory Board | Elected | May 07, 2025 | Term expiration | | Chen Haili | Director | Resigned | July 23, 2025 | Personal reasons | | Wan Fang | Supervisory Board Member | Resigned | April 16, 2025 | Personal reasons | | Guan Rui | Director | Resigned | April 16, 2025 | Personal reasons | | Cao Yi | Chief Engineer | Resigned | January 24, 2025 | Personal reasons | [Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=22&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) No cash dividends, bonus shares, or capital reserve conversions for share capital increase are planned for the semi-annual period - Company plans no cash dividends, no bonus shares, and no capital reserve conversions for share capital increase for the semi-annual period[72](index=72&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=Implementation%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) No equity incentive plans, employee stock ownership plans, or other employee incentive measures were implemented - No equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[73](index=73&type=chunk) [Environmental Information Disclosure](index=22&type=section&id=Environmental%20Information%20Disclosure) Company and its major subsidiary are listed as enterprises required to disclose environmental information by law - The listed company and its major subsidiary, Zhejiang Fangzheng (Hubei) Automotive Components Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[74](index=74&type=chunk) [Social Responsibility](index=22&type=section&id=Social%20Responsibility) Company safeguards stakeholders' rights, ensures information disclosure, provides equal opportunities, offers quality products, and prioritizes environmental protection - Company strictly adheres to the "Articles of Association" and "Rules of Procedure for Shareholders' Meetings" to regulate the convening, holding, and voting of shareholders' meetings, ensuring shareholders' rights to information, participation, and voting on major company matters; diligently fulfills information disclosure obligations, treating all investors fairly, justly, and openly[75](index=75&type=chunk) - Company highly values the legitimate rights and interests of creditors, strictly complies with relevant contracts and systems, and promptly informs creditors of major information related to their interests[76](index=76&type=chunk) - Company adheres to a people-oriented approach, focusing on planning employee career development, providing equal development opportunities, and respecting and safeguarding employees' personal interests[76](index=76&type=chunk) - Company adheres to the principle of "serving customers, keeping promises," providing high-quality products; strengthening communication and cooperation with suppliers for mutual benefit; strictly controlling product quality, focusing on product safety, and protecting consumer interests[76](index=76&type=chunk) [Section V Significant Matters](index=24&type=section&id=Section%20V%20Significant%20Matters) This section details all significant events and commitments impacting the company during the reporting period [Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=24&type=section&id=Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) Commitments by Excellent Auto (share lock-up, voting rights) and the company (dividends) are being fulfilled normally, with no overdue items - Excellent Auto Co., Ltd. committed that within five years from September 5, 2024, the cumulative self-transferred shares shall not exceed **30%** of its total holdings; if further reductions occur, the cumulative transferred shares shall not exceed **50%**, and Zhiju Technology shall have a priority acquisition right for the portion exceeding **30%**[78](index=78&type=chunk) - Excellent Auto Co., Ltd. entrusted all voting rights and nomination/proposal rights associated with its shares to Zhiju Technology[78](index=78&type=chunk) - The company committed that, provided distributable profit is positive and the audit report is an unqualified opinion, the annual cash dividend distribution shall not be less than **10%** of the distributable profit for that year, and the cumulative distributed profit over three consecutive years shall not be less than **30%** of the average annual distributable profit for those three years[78](index=78&type=chunk)[79](index=79&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=26&type=section&id=Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) No non-operating funds were occupied by controlling shareholders or other related parties from the listed company - No non-operating funds occupied by controlling shareholders and other related parties from the listed company during the reporting period[80](index=80&type=chunk) [Irregular External Guarantees](index=26&type=section&id=Irregular%20External%20Guarantees) No irregular external guarantees during the reporting period - No irregular external guarantees during the reporting period[81](index=81&type=chunk) [Appointment and Dismissal of Accounting Firms](index=26&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was not audited - Company's semi-annual report was not audited[82](index=82&type=chunk) [Explanation by the Board of Directors and Supervisory Board on the “Non-Standard Audit Report” for This Reporting Period](index=26&type=section&id=Explanation%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Board%20on%20the%20%E2%80%9CNon-Standard%20Audit%20Report%E2%80%9D%20for%20This%20Reporting%20Period) Not applicable, as the semi-annual report was not audited [Explanation by the Board of Directors on the “Non-Standard Audit Report” for the Prior Year](index=26&type=section&id=Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%E2%80%9CNon-Standard%20Audit%20Report%E2%80%9D%20for%20the%20Prior%20Year) Not applicable [Bankruptcy and Reorganization Matters](index=26&type=section&id=Bankruptcy%20and%20Reorganization%20Matters) No bankruptcy and reorganization matters occurred during the reporting period - No bankruptcy and reorganization matters occurred during the reporting period[83](index=83&type=chunk) [Litigation Matters](index=26&type=section&id=Litigation%20Matters) No significant litigation or arbitration matters during the reporting period - No significant litigation or arbitration matters for the company during this reporting period[84](index=84&type=chunk) [Penalties and Rectification](index=26&type=section&id=Penalties%20and%20Rectification) No penalties or rectification situations during the reporting period - No penalties or rectification situations for the company during the reporting period[84](index=84&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=27&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) Not applicable [Significant Related Party Transactions](index=27&type=section&id=Significant%20Related%20Party%20Transactions) Daily operational related party transactions totaled RMB 42.56 million; no other significant related party transactions occurred Daily Related Party Transactions (Unit: RMB 10,000) | Related Party | Type of Related Transaction | Content of Related Transaction | Amount of Related Transaction (RMB 10,000) | Proportion of Similar Transactions | Approved Transaction Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Lishui Jinzheng Motor Technology Co., Ltd. | Purchase of goods | Stamped parts, molds | **1,157.49** | **8.17%** | 3,000 | | Lishui Ruicheng Human Resources Co., Ltd. | Acceptance of services | Acceptance of services | **354.17** | **11.43%** | 800 | | Huzhou Moganshan High-tech New Energy Development Co., Ltd. | Purchase of goods | Utilities (water, electricity) | **62.07** | **11.52%** | - | | Shanghai Runyang Chengtai New Composite Materials Co., Ltd. | Purchase of goods | Utilities (water, electricity) | **35.39** | **6.57%** | 100 | | Shanghai Runyang Chengtai New Composite Materials Co., Ltd. | Lease-in assets | Lease-in factory building | **237.10** | **11.89%** | 500 | | Deqing Hengfeng Construction Development Co., Ltd. | Lease-in assets | Lease-in factory building | **74.66** | **3.74%** | 300 | | Yanfeng Adient Fangde Motor Co., Ltd. | Sale of goods | Intelligent controllers | **207.28** | **0.48%** | 600 | | Yanfeng Adient Fangde Motor Co., Ltd. | Sale of goods | Sale of micro motors | **2,111.60** | **53.83%** | 4,000 | | **Total** | **--** | **--** | **4,256.02** | **--** | **9,365** | - No related party transactions involving asset or equity acquisition/disposal during the reporting period[88](index=88&type=chunk) - No related party transactions involving joint external investments during the reporting period[89](index=89&type=chunk) - No related party creditor-debtor relationships during the reporting period[91](index=91&type=chunk) [Significant Contracts and Their Performance](index=29&type=section&id=Significant%20Contracts%20and%20Their%20Performance) No entrustment, contracting, or leasing matters; significant guarantees for subsidiaries totaled RMB 1,054.36 million, with 75.62% of net assets - No entrustment situations during the reporting period[95](index=95&type=chunk) - No contracting situations during the reporting period[96](index=96&type=chunk) - No leasing situations during the reporting period[97](index=97&type=chunk) Company's Total Guarantee Situation (Unit: RMB 10,000) | Indicator | Amount (RMB 10,000) | | :--- | :--- | | Total approved guarantee limit during reporting period | **260,000** | | Total actual guarantee amount incurred during reporting period | **42,033** | | Total approved guarantee limit at end of reporting period | **260,000** | | Total actual guarantee balance at end of reporting period | **105,436** | | Proportion of total actual guarantee to company's net assets | **75.62%** | | Debt guarantee balance provided directly or indirectly for guaranteed entities with asset-liability ratio exceeding 70% | **62,245** | | Amount of total guarantee exceeding 50% of net assets | **35,723** | [Explanation of Other Significant Matters](index=32&type=section&id=Explanation%20of%20Other%20Significant%20Matters) No other significant matters requiring explanation during the reporting period - No other significant matters requiring explanation during the reporting period[104](index=104&type=chunk) [Significant Matters of Company Subsidiaries](index=32&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) Not applicable [Section VI Share Changes and Shareholder Information](index=33&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section outlines changes in the company's share capital and provides details on its shareholder structure [Share Change Situation](index=33&type=section&id=Share%20Change%20Situation) Restricted shares decreased, unrestricted shares increased, and total shares reduced to 495,871,930 due to repurchase and cancellation of 1,798,000 restricted shares Share Change Situation (Unit: Shares) | Share Type | Quantity Before This Change | Increase/Decrease in This Change | Quantity After This Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 10,308,286 | **-2,721,763** | 7,586,523 | | II. Unrestricted Shares | 487,361,644 | **923,763** | 488,285,407 | | III. Total Shares | 497,669,930 | **-1,798,000** | 495,871,930 | - The reason for share change was the company's completion of repurchase and cancellation of **1,798,000 restricted shares** on January 18, 2025, accounting for **5.85%** of the total restricted shares granted under the 2021 Restricted Stock Incentive Plan[109](index=109&type=chunk) [Securities Issuance and Listing](index=34&type=section&id=Securities%20Issuance%20and%20Listing) Not applicable [Number of Shareholders and Shareholding Status](index=34&type=section&id=Number%20of%20Shareholders%20and%20Shareholding%20Status) Total common shareholders were 73,484; largest shareholder controls 12.09% voting rights, with some major shareholders having pledged shares - Total number of common shareholders at the end of the reporting period: **73,484** households[110](index=110&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period (Shares) | Number of Pledged, Marked, or Frozen Shares (Shares) | | :--- | :--- | :--- | :--- | :--- | | Huzhou Zhiju Technology Industry Development Co., Ltd. | State-owned legal person | **9.07%** | **45,000,000** | 0 | | Zhang Min | Domestic natural person | **5.33%** | **26,425,997** | **26,072,632** (Pledged) | | Su Ming | Domestic natural person | **3.29%** | **16,318,300** | 0 | | Excellent Auto Co., Ltd. | Domestic non-state-owned legal person | **3.02%** | **15,000,000** | **15,000,000** (Pledged) | | Xu Kaitong | Domestic natural person | **1.71%** | **8,480,100** | 0 | | Weng Weiwen | Domestic natural person | **1.45%** | **7,201,981** | 0 | - Huzhou Zhiju Technology Industry Development Co., Ltd. and Excellent Auto Co., Ltd. are parties acting in concert, and Excellent Auto Co., Ltd. has entrusted the voting rights of all its shares to Huzhou Zhiju Technology Industry Development Co., Ltd.[111](index=111&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=36&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Shareholdings of directors, supervisors, and senior management remained unchanged, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period, as detailed in the 2024 annual report[113](index=113&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=36&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) No changes in the company's controlling shareholder or actual controller during the reporting period - No change in the company's controlling shareholder during the reporting period[114](index=114&type=chunk) - No change in the company's actual controller during the reporting period[114](index=114&type=chunk) [Preferred Share Information](index=37&type=section&id=Preferred%20Share%20Information) No preferred shares during the reporting period - No preferred shares during the reporting period[115](index=115&type=chunk) [Section VII Bond-Related Information](index=38&type=section&id=Section%20VII%20Bond-Related%20Information) This section provides information regarding any bonds issued or held by the company [Bond-Related Information](index=38&type=section&id=Bond-Related%20Information) Not applicable, as the company had no bond-related information during the reporting period [Section VIII Financial Report](index=39&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's comprehensive financial statements and related notes [Audit Report](index=39&type=section&id=Audit%20Report) The company's semi-annual financial report was not audited - Company's semi-annual financial report was not audited[119](index=119&type=chunk) [Financial Statements](index=39&type=section&id=Financial%20Statements) Includes consolidated and parent company financial statements, reflecting financial position, operating results, and cash flows - Consolidated balance sheet shows that as of June 30, 2025, the company's total assets were **RMB 4,168,522,300.66**, and total equity attributable to parent company owners was **RMB 1,394,263,144.06**[123](index=123&type=chunk) - Consolidated income statement shows that for this reporting period, total operating revenue was **RMB 1,264,932,580.58**, and net profit attributable to parent company shareholders was **RMB -7,196,216.60**[130](index=130&type=chunk)[131](index=131&type=chunk) - Consolidated cash flow statement shows that net cash flow from operating activities for this reporting period was **RMB -41,923,155.56**[135](index=135&type=chunk) [Company Basic Information](index=56&type=section&id=Company%20Basic%20Information) Established in 1995, listed in 2007, with 495,871,930 shares, primarily in new energy vehicle motors and micro motors, consolidating 17 subsidiaries - Zhejiang Fangzheng Motor Co., Ltd., formerly Lishui Fangzheng Motor Manufacturing Co., Ltd., was registered on July 3, 1995[154](index=154&type=chunk) - The company was listed on the Shenzhen Stock Exchange on December 12, 2007[154](index=154&type=chunk) - As of June 30, 2025, the company's total share capital was **495,871,930 shares**[155](index=155&type=chunk) - The company and its subsidiaries belong to the special equipment manufacturing industry, with main business scope including processing, manufacturing, and sales of new energy vehicle motors and controllers, micro motors, sewing machines, household appliances, and power tools[155](index=155&type=chunk) - The scope of the company's consolidated financial statements includes the parent company and its **17 subsidiaries**[156](index=156&type=chunk) [Basis of Financial Statement Preparation](index=57&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) Financial statements prepared under Chinese Accounting Standards, on a going concern basis, using accrual method and historical cost - These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance, their application guidelines, interpretations, and other relevant regulations, and disclose relevant financial information in accordance with CSRC's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports" (Revised 2023)[157](index=157&type=chunk) - These financial statements are presented on a going concern basis, with accounting based on the accrual method, and measured at historical cost except for certain financial instruments and investment properties[159](index=159&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=58&type=section&id=Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) Details policies for financial asset impairment, R&D capitalization, revenue, business combinations, and fair value, ensuring accurate reporting - Company classifies financial assets into three categories based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[193](index=193&type=chunk) - Company performs impairment accounting and recognizes loss provisions for notes receivable, accounts receivable, accounts receivable financing, other receivables, and contract assets based on expected credit losses[212](index=212&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk) - Company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the related goods or services, distinguishing revenue recognition over a period of time or at a point in time based on the nature of the performance obligation[282](index=282&type=chunk)[284](index=284&type=chunk)[285](index=285&type=chunk)[290](index=290&type=chunk) - Company distinguishes internal research and development project expenditures into research phase expenditures and development phase expenditures; research phase expenditures are recognized in current profit or loss, while development phase expenditures are capitalized if specific conditions are met simultaneously[257](index=257&type=chunk)[258](index=258&type=chunk) - Company adopts the fair value model for subsequent measurement of investment properties, with changes in fair value recognized in current profit or loss[239](index=239&type=chunk) [Taxation](index=102&type=section&id=Taxation) Discloses main tax types and rates, including VAT and corporate income tax, with preferential rates for high-tech and overseas subsidiaries Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | VAT | Taxable income | **13%**, **9%**, **6%**, **5%**, **3%** Export tax rebate rate **13%** | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | **7%**, **5%** | | Corporate Income Tax | Taxable income | **25%**, **15%**, **20%**, **10%** | | Property Tax | For value-based assessment, 1.2% of the remaining value after a one-time deduction of 30% from the original property value; for rent-based assessment, 12% of rental income | **1.2%**, **12%** | | Education Surcharge | Amount of turnover tax payable | **3%** | | Local Education Surcharge | Amount of turnover tax payable | **2%** | - The company and its subsidiaries, including Shenzhen Gaokerun, Shanghai Haineng, Hubei Fangzheng, Fangdi Shanghai, and Zhejiang Gaokerun, have all been recognized as high-tech enterprises, enjoying a **15%** corporate income tax preferential rate[103](index=103&type=chunk)[104](index=104&type=chunk) - Subsidiaries Fangzheng Vietnam Co., Fangde Vietnam Co., and Gaokerun Vietnam Co. enjoy a **10%** corporate income tax rate for 15 years, with a 4-year exemption and 9-year half-rate reduction period[104](index=104&type=chunk)[105](index=105&type=chunk) [Notes to Consolidated Financial Statement Items](index=105&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) Details period-end balances and changes for consolidated financial statement items, providing comprehensive financial status and operating results - Monetary funds period-end balance is **RMB 330,539,341.63**, of which **RMB 111,930,599.77** is restricted, mainly for pledged bank acceptance bills and guarantees[105](index=105&type=chunk)[106](index=106&type=chunk) - Accounts receivable period-end book balance is **RMB 855,356,226.03**, with bad debt provision of **RMB 21,506,777.95**, of which accounts receivable for which bad debt provision is accrued by portfolio accounts for **99.46%**[109](index=109&type=chunk) - Inventories period-end book value is **RMB 387,097,400.84**, an increase from the beginning of the period, mainly due to mass production of new projects[44](index=44&type=chunk)[119](index=119&type=chunk) - Fixed assets period-end book value is **RMB 994,666,911.23**, with an increase of **RMB 97,229,098.67** this period, of which **RMB 70,602,583.61** was transferred from construction in progress[126](index=126&type=chunk) - Goodwill period-end original book value is **RMB 1,112,124,334.65**, with impairment provision of **RMB 1,048,849,820.62**, mainly formed from the acquisition of Shanghai Haineng Co., former Devos Co., and Hubei Fangzheng Co.[132](index=132&type=chunk) - Short-term borrowings period-end balance is **RMB 333,160,893.73**, and long-term borrowings period-end balance is **RMB 659,867,846.85**, both showing an increase from the beginning of the period[136](index=136&type=chunk)[141](index=141&type=chunk) - Share capital period-end balance is **RMB 495,871,930.00**, reduced by **1,798,000.00 shares** this period due to repurchase and cancellation of restricted shares[144](index=144&type=chunk) [R&D Expenses](index=157&type=section&id=R%26D%20Expenses) Total R&D expenditure was RMB 98.50 million, with RMB 89.82 million expensed and RMB 8.68 million capitalized, showing ongoing R&D investment R&D Expenditure Composition | Item | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 61,452,999.25 | 58,216,131.27 | | Development Testing and Material Costs | 19,341,457.39 | 20,788,759.08 | | Depreciation and Amortization | 9,930,064.46 | 11,882,875.16 | | Energy Consumption Costs | 815,724.54 | 1,262,835.85 | | Other | 6,955,634.50 | 5,400,822.04 | | **Total** | **98,495,880.14** | **97,551,423.40** | | Of which: Expensed R&D expenditure | **89,818,493.08** | 82,506,975.94 | | Capitalized R&D expenditure | **8,677,387.06** | 15,044,447.46 | - NIO Firefly 160 flat wire motor stator and rotor assembly R&D and 160 flat wire three-in-one integrated system R&D are **100% complete**, while Evamo EHPS EN2 high-functional safety dual-source integrated electric drive system R&D is **85.20% complete** and expected to be finished by December 31, 2025[158](index=158&type=chunk) [Changes in Consolidation Scope](index=159&type=section&id=Changes%20in%20Consolidation%20Scope) No business combinations or subsidiary disposals occurred, maintaining a stable consolidation scope - No business combinations under non-common control during the reporting period[159](index=159&type=chunk) - No business combinations under common control during the reporting period[160](index=160&type=chunk) - No reverse acquisitions during the reporting period[161](index=161&type=chunk) - No loss of control over subsidiaries during the reporting period[161](index=161&type=chunk) [Interests in Other Entities](index=162&type=section&id=Interests%20in%20Other%20Entities) Discloses enterprise group composition, including 17 subsidiaries and important associates, indicating stable control and investment income - Company owns **17 subsidiaries**, including Fangzheng Deqing Co., Shanghai Haineng Co., Fangde Micro Motor (Lishui) Co., Ltd., etc., with most shareholding ratios at **100%**, primarily engaged in manufacturing and technical services[162](index=162&type=chunk)[163](index=163&type=chunk) Financial Information of Important Associates (Unit: RMB) | Item | Lishui Jinzheng Co. (Period-end Balance/Current Period Amount, RMB) | Adient Fangde Co. (Period-end Balance/Current Period Amount, RMB) | | :--- | :--- | :--- | | Total Investment Book Value | **8,732,384.32** | **65,457,443.08** | | Net Profit | **625,831.01** | **11,051,863.32** | | Total Comprehensive Income | **625,831.01** | **11,051,863.32** | [Government Grants](index=167&type=section&id=Government%20Grants) Government grants totaling RMB 5.94 million were recognized in profit or loss, with RMB 75.35 million remaining in deferred income - Government grants included in deferred income at period-end totaled **RMB 75,347,066.22**, mainly for new energy vehicle electric drive and control system projects, and national subsidy funds for new energy vehicle motors and electric drive integrated systems[167](index=167&type=chunk)[168](index=168&type=chunk) Government Grants Recognized in Current Profit or Loss | Grant Item | Amount Recognized in Profit or Loss for Current Period (RMB) | | :--- | :--- | | Subtotal of government grants related to assets | **3,137,408.26** | | Subtotal of government grants related to income | **2,807,336.09** | | **Total** | **5,944,744.35** | [Risks Related to Financial Instruments](index=169&type=section&id=Risks%20Related%20to%20Financial%20Instruments) Company manages credit, liquidity, and market risks (interest rate, exchange rate) through various measures, with an asset-liability ratio of 66.50% - Credit risk primarily arises from bank deposits, notes receivable, accounts receivable, accounts receivable financing, other receivables, etc., managed by assessing customer creditworthiness, regular monitoring, and purchasing credit guarantee insurance[170](index=170&type=chunk) - Liquidity risk is managed by maintaining sufficient cash and cash equivalents as deemed appropriate by management, monitoring bank loan utilization, obtaining standby credit commitments, and considering supplier financing arrangements[170](index=170&type=chunk)[171](index=171&type=chunk) - Interest rate risk primarily arises from interest-bearing debts such as bank borrowings; if floating-rate borrowing interest rates increase or decrease by **25 basis points**, the company's net profit and shareholders' equity would decrease or increase by approximately **RMB 1.1542 million**[171](index=171&type=chunk) - Exchange rate risk stems from financial instruments denominated in foreign currencies other than the functional currency (mainly USD and VND); assuming a **10% appreciation or depreciation** of RMB against foreign currencies, the company's shareholders' equity and net profit would both increase or decrease by approximately **RMB 11.4147 million**[172](index=172&type=chunk) - Company monitors its capital structure based on the asset-liability ratio (which was **66.50%** at period-end), aiming to ensure continuous operation and reduce capital costs[172](index=172&type=chunk) [Disclosure of Fair Value](index=173&type=section&id=Disclosure%20of%20Fair%20Value) Discloses period-end fair values of assets and liabilities, totaling RMB 360.28 million, and explains measurement levels and methods Total Assets Continuously Measured at Fair Value | Item | Period-end Fair Value (RMB) | | :--- | :--- | | Trading financial assets | **6,218,800.03** | | Accounts receivable financing | **254,135,694.56** | | Other equity instrument investments | **1,000,000.00** | | Investment properties | **98,927,954.72** | | **Total** | **360,282,449.31** | - Fair value measurement is divided into three levels: Level 1 for unadjusted quoted prices in active markets; Level 2 for observable inputs other than Level 1; and Level 3 for unobservable inputs[173](index=173&type=chunk)[174](index=174&type=chunk) [Related Parties and Related Party Transactions](index=174&type=section&id=Related%20Parties%20and%20Related%20Party%20Transactions) Details related parties and daily transactions, including purchases, sales, leases, guarantees, and receivables/payables - Company's parent company is Huzhou Zhiju Technology Industry Development Co., Ltd., holding **9.07%** of shares and controlling a total of **12.09%** of voting rights through voting rights entrustment, with the ultimate controlling party being the High-tech Zone Management Committee[174](index=174&type=chunk) - During the reporting period, the company purchased **RMB 11.5749 million** in goods from Lishui Jinzheng Co., accepted **RMB 3.5417 million** in services from Lishui Ruicheng Human Resources Management Co., Ltd., and sold **RMB 21.1160 million** in micro motors to Yanfeng Adient Fangde Motor Co., Ltd.[175](index=175&type=chunk)[176](index=176&type=chunk) - As a lessee, the company leased factory buildings and structures from related parties such as Runyang Chengtai Co. and Deqing Hengfeng Construction Development Co., Ltd., with total rent paid this period approximately **RMB 3.26 million**[176](index=176&type=chunk) - As a guaranteed party, Zhang Min provided a guarantee of **RMB 220 million** for the company, and Excellent Auto provided a guarantee of **RMB 150 million** for the company[177](index=177&type=chunk) - Period-end receivables from related parties mainly include dividends receivable from Adient Fangde Co. of **RMB 13,529,289.42** and deposits/guarantees receivable from High-tech Zone Management Committee of **RMB 5,000,000.00**; payables to related parties mainly include notes payable to Lishui Jinzheng Co. of **RMB 8,104,293.12** and accounts payable of **RMB 6,829,565.37**[178](index=178&type=chunk) [Share-Based Payment](index=178&type=section&id=Share-Based%20Payment) No overall, equity-settled, or cash-settled share-based payment situations or expenses during the reporting period - No overall share-based payment situation during the reporting period[178](index=178&type=chunk) - No equity-settled share-based payment situation during the reporting period[178](index=178&type=chunk) - No cash-settled share-based payment situation during the reporting period[178](index=178&type=chunk) - No share-based payment expenses for the current period during the reporting period[178](index=178&type=chunk) [Commitments and Contingencies](index=179&type=section&id=Commitments%20and%20Contingencies) No significant commitments; two major contingencies involve engineering and leasing disputes, with RMB 5.65 million in frozen bank deposits - As of June 30, 2025, the company had no significant commitments requiring disclosure[179](index=179&type=chunk) - Subsidiary Fangzheng Deqing Co. had an engineering dispute with Zhejiang Zhensheng Construction Co., Ltd., was sued for payment of engineering progress and liquidated damages, resulting in **RMB 5,649,384.10** of bank deposits being frozen[179](index=179&type=chunk) - Lishui Liandu District New Youth Fitness Center had a dispute with the company regarding site vacation compensation after lease expiration, with both parties suing each other, and the cases are still under court review[179](index=179&type=chunk) [Events After the Balance Sheet Date](index=179&type=section&id=Events%20After%20the%20Balance%20Sheet%20Date) No significant non-adjusting events or profit distribution situations during the reporting period - No significant non-adjusting events during the reporting period[179](index=179&type=chunk) - No profit distribution situations during the reporting period[180](index=180&type=chunk) [Other Significant Matters](index=180&type=section&id=Other%20Significant%20Matters) Discloses transactions with third-party suppliers and segment reporting for drive motors, intelligent controllers, and micro motors - Company's business operations are divided into **3 reporting segments**: drive motors and automotive electronics, intelligent controllers, and micro motors, with management regularly evaluating the operating results of these segments[181](index=181&type=chunk) Segment Financial Information (Current Period or Period-end, Unit: RMB) | Item | Drive Motors and Automotive Electronics (RMB) | Intelligent Controllers (RMB) | Micro Motors (RMB) | Eliminations (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | **628,312,193.81** | **434,626,219.87** | **203,722,979.17** | -1,728,812.27 | **1,264,932,580.58** | | Operating Cost | **547,977,406.57** | **387,182,402.74** | **171,163,453.49** | -604,320.39 | **1,105,718,942.41** | | Operating Profit (Loss) | **-15,506,969.82** | **-3,063,362.28** | **11,868,444.84** | -1,124,491.88 | **-7,826,379.14** | | Total Assets | **3,065,890,251.45** | **735,981,197.46** | **444,836,274.54** | -78,185,422.79 | **4,168,522,300.66** | - As of June 30, 2025, Zhang Min pledged a total of **26,425,997 shares** of the company to Zheshang Bank Lishui Branch; Excellent Auto pledged a total of **15,000,000 shares** of the company to Huaxia Bank Co., Ltd. Huzhou Deqing Branch[181](index=181&type=chunk) [Notes to Parent Company Financial Statement Items](index=182&type=section&id=Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) Details parent company's accounts receivable, other receivables, long-term equity investments, revenue, cost, and investment income - Parent company accounts receivable period-end book balance is **RMB 331,449,630.60**, with bad debt provision of **RMB 16,045,261.04**, of which accounts receivable from drive motors and automotive electronics business accounts for **97.28%**[183](index=183&type=chunk) - Parent company other receivables period-end book balance is **RMB 117,549,511.71**, with bad debt provision of **RMB 26,027,002.74**, of which receivables from related parties account for **38.29%**[187](index=187&type=chunk)[188](index=188&type=chunk) - Parent company long-term equity investments period-end book value is **RMB 1,296,952,239.62**, including investments in subsidiaries of **RMB 1,222,762,412.22** and investments in associates and joint ventures of **RMB 74,189,827.40**[189](index=189&type=chunk) - Parent company's operating revenue for this period was **RMB 460,494,785.74**, and operating cost was **RMB 423,205,248.23**, mainly from drive motors and automotive electronics business[191](index=191&type=chunk)[192](index=192&type=chunk) - Parent company's investment income for this period was **RMB 19,677,694.33**, including **RMB 8,000,000.00** from long-term equity investments accounted for using the cost method and **RMB 11,677,694.33** from long-term equity investments accounted for using the equity method[192](index=192&type=chunk) [Supplementary Information](index=193&type=section&id=Supplementary%20Information) Provides non-recurring gains/losses, net asset return, EPS, and accounting data differences, supplementing key financial information Detailed Statement of Non-Recurring Gains and Losses for the Current Period | Item | Amount (RMB) | | :--- | :--- | | Disposal gains/losses of non-current assets | -1,385,669.66 | | Government grants recognized in current profit/loss | 6,180,420.72 | | Gains/losses from fair value changes and disposal of financial assets and liabilities | 368,921.66 | | Entrusted investment or asset management gains/losses | 40,492.15 | | Other non-operating income and expenses apart from the above | 147,889.99 | | Less: Income tax impact | 212,457.36 | | **Total** | **5,139,597.50** | - VAT input tax credit (**RMB 6,997,047.57**) and VAT over-tax refund (**RMB 913,186.55**) are classified as recurring gains/losses[193](index=193&type=chunk) Net Asset Return and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (RMB/share) | Diluted Earnings Per Share (RMB/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | **-0.52%** | **-0.0145** | **-0.0145** | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | **-0.89%** | **-0.0249** | **-0.0249** | - No differences in accounting data under domestic and overseas accounting standards during the reporting period[194](index=194&type=chunk) [Section IX Other Submitted Data](index=195&type=section&id=Section%20IX%20Other%20Submitted%20Data) This section includes additional data and information submitted as part of the report [Other Significant Social Security Issues](index=195&type=section&id=Other%20Significant%20Social%20Security%20Issues) No other significant social security issues or administrative penalties for the company and its subsidiaries - The listed company and its subsidiaries have no other significant social security issues[794](index=794&type=chunk) - No administrative penalties during the reporting period[794](index=794&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=195&type=section&id=Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) Not applicable [Fund Transactions Between Listed Company and Controlling Shareholder and Other Related Parties](index=195&type=section&id=Fund%20Transactions%20Between%20Listed%20Company%20and%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) Not applicable

Market Performance - The electric motor sector increased by 0.82% compared to the previous trading day, with Tongda Power leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Key stocks in the electric motor sector showed varied performance, with Tongda Power closing at 18.82, up 2.17%, and Xiangdian Co. closing at 16.66, up 2.08% [1] - Other notable performers included Wolong Electric Drive at 33.89, up 1.99%, and Dayang Electric at 8.40, up 1.57% [1] Trading Volume and Value - The trading volume and value for Tongda Power reached 115,600 hands and 214 million yuan, respectively [1] - Wolong Electric Drive had a trading volume of 1,676,900 hands and a trading value of 5.596 billion yuan [1] Capital Flow - The electric motor sector experienced a net outflow of 733 million yuan from institutional investors, while retail investors saw a net inflow of 605 million yuan [2] - Speculative funds had a net inflow of 128 million yuan into the sector [2] Individual Stock Capital Flow - Wolong Electric Drive had a net outflow of 29.68 million yuan from institutional investors, while retail investors contributed a net inflow of 2.29 million yuan [3] - Huayang Intelligent saw a net inflow of 1.05 million yuan from institutional investors, with retail investors contributing a net inflow of 518.74 million yuan [3]

Market Overview - The electric motor sector increased by 2.46% compared to the previous trading day, with Kangping Technology leading the gains [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] Top Performers - Kangping Technology (300907) closed at 42.88, up 12.37% with a trading volume of 173,500 shares and a transaction value of 723 million yuan [1] - Jiangsu Yinli (300660) closed at 54.30, up 8.08% with a trading volume of 381,000 shares and a transaction value of 2 billion yuan [1] - Xiangdian Co. (600416) closed at 16.49, up 5.64% with a trading volume of 947,200 shares and a transaction value of 1.52 billion yuan [1] Underperformers - Ocean Motor (002249) closed at 8.12, down 3.10% with a trading volume of 2,096,300 shares [2] - Jiangte Motor (002176) closed at 9.28, down 2.11% with a trading volume of 146,710 shares [2] - Ananda (603350) closed at 42.51, down 1.94% with a trading volume of 65,000 shares [2] Fund Flow Analysis - The electric motor sector experienced a net outflow of 294 million yuan from institutional investors, while retail investors saw a net inflow of 208 million yuan [2] - The top net inflows from retail investors were observed in Kangping Technology and Jiangnan Yifan, while significant outflows were noted in Ocean Motor and Jiangsu Leili [3] Individual Stock Fund Flow - Kangping Technology had a net inflow of 42.06 million yuan from institutional investors, while retail investors had a net outflow of 66.55 million yuan [3] - Jiangsu Leili saw a net inflow of 71.27 million yuan from institutional investors, with retail investors experiencing a net outflow of 24.54 million yuan [3] - Xiangdian Co. had a net inflow of 18.2 million yuan from institutional investors, while retail investors had a net outflow of 13.3 million yuan [3]

Market Overview - The electric motor sector increased by 1.06% on the previous trading day, with Kangping Technology leading the gains [1] - The Shanghai Composite Index closed at 3666.44, down 0.46%, while the Shenzhen Component Index closed at 11451.43, down 0.87% [1] Top Gainers - Kangping Technology (300907) closed at 36.51, up 11.82% with a trading volume of 138,100 shares and a transaction value of 493 million [1] - Ananda (603350) closed at 43.87, up 10.01% with a trading volume of 74,700 shares and a transaction value of 319 million [1] - Wolong Electric Drive (600580) closed at 27.62, up 10.00% with a trading volume of 2,700,900 shares and a transaction value of 7.076 billion [1] Top Losers - Jiangte Motor (002176) closed at 9.18, down 5.75% with a trading volume of 2,561,700 shares and a transaction value of 241.67 million [2] - Xiangdian Co. (600416) closed at 13.69, down 5.33% with a trading volume of 515,500 shares and a transaction value of 720 million [2] - Huarui Co. (300626) closed at 11.48, down 3.69% with a trading volume of 61,400 shares and a transaction value of 7.149 million [2] Capital Flow - The electric motor sector saw a net inflow of 373 million from institutional investors, while retail investors experienced a net inflow of 42.53 million [2] - Major stocks like Wolong Electric Drive had a net inflow of 846 million from institutional investors, while Ananda saw a net outflow of 65.74 million from retail investors [3] Individual Stock Performance - Kangping Technology had a net inflow of 41.50 million from institutional investors, while it faced a net outflow of 63.37 million from retail investors [3] - Wolong Electric Drive had a significant net inflow of 846 million from institutional investors, indicating strong institutional interest [3]

Market Performance - The electric motor sector increased by 3.52% compared to the previous trading day, with Wolong Electric Drive leading the gains [1] - The Shanghai Composite Index closed at 3633.99, up 0.45%, while the Shenzhen Component Index closed at 11177.78, up 0.64% [1] Stock Performance - Wolong Electric Drive (600580) closed at 24.94, up 6.67% with a trading volume of 2.0173 million shares and a transaction value of 493 million [1] - Other notable performers include: - Zhaowei Electromechanical (003021) at 121.91, up 5.39% [1] - Jiangnan Yifan (301023) at 45.76, up 4.67% [1] - Mingzhi Electric (603728) at 62.75, up 3.93% [1] - Ocean Electric (002249) at 6.98, up 3.71% [1] Capital Flow - The electric motor sector saw a net inflow of 755 million from main funds, while retail investors experienced a net outflow of 481 million [1] - Specific stock capital flows include: - Wolong Electric Drive had a main fund net inflow of 323 million, with retail outflows of 283 million [2] - Zhaowei Electromechanical had a main fund net inflow of 171 million, with retail outflows of 9169 million [2] - Xiangdian Co. (600416) had a main fund net inflow of 76 million, with retail outflows of 5080 million [2]

证券代码：002196 证券简称：方正电机 公告编号：2025-039 浙江方正电机股份有限公司 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。 根据《公司法》、《公司章程》等有关规定，陈海丽女士的辞职未导致公 司董事会成员低于法定人数，不会影响公司董事会的正常运行，其书面辞呈自 送达公司董事会时生效。公司将根据有关规定尽快完成董事的补选工作，并及 时履行信息披露义务。同时，公司及董事会对陈海丽女士任职期间对公司做出 的贡献表示衷心的感谢！ 特此公告。 浙江方正电机股份有限公司董事会 2025 年 7 月 23 日 浙江方正电机股份有限公司（以下简称"公司"）董事会近日收到第八届董 事会董事、审计委员会委员陈海丽女士的书面辞职报告，因个人原因，陈海丽女 士申请辞去公司第八届董事会非独立董事及审计委员会委员的职务。辞去相应职 务后，陈海丽女士不再担任公司及子公司任何职务。截至本公告披露日，陈海丽 女士未持有本公司股票。 ...

Zhejiang Founder Motor Co., Ltd. 2025 H1 Earnings Forecast [H1 2025 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 shift from profit to loss in H1 2025 despite projected revenue growth 2025 H1 Earnings Forecast Core Metrics | Item | Current Period (2025 H1) | Prior Year Period (2024 H1) | YoY Change | | :--- | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** (CNY million) | Loss: 5.00 – 7.50 | Profit: 0.84 | Decrease: 691.93% – 987.89% | | **Net Profit Excl. Non-recurring Items** (CNY million) | Loss: 8.00 – 13.00 | Loss: 2.78 | Decrease: 188.13% – 368.22% | | **Basic Earnings Per Share** (CNY/share) | Loss: 0.0101 – 0.0151 | Profit: 0.0017 | - | | **Operating Revenue** (CNY billion) | 1.25 - 1.30 | 1.17 | Growth | | **Operating Revenue After Deductions** (CNY billion) | 1.20 - 1.25 | 1.10 | Growth | [Communication with the 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 confirms that the financial data in this earnings forecast has not been audited - The financial data in this earnings forecast is **unaudited** by an accounting firm[3](index=3&type=chunk) [Explanation of Performance Changes](index=2&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) Performance declined due to lower gross margins and higher period expenses despite revenue growth - Although operating revenue grew due to increased customer demand, a decline in selling prices for certain products led to a **lower overall gross profit margin**[4](index=4&type=chunk) - Period expenses, including business taxes, administrative expenses, and R&D expenses, **increased year-over-year** due to business expansion and continuous R&D investment[4](index=4&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company advises that these preliminary figures are subject to change in the final report - The forecast data is preliminary; final financial figures will be based on the **official 2025 semi-annual report**, and investors should be mindful of investment risks[5](index=5&type=chunk)

Group 1 - The company, Fangzheng Electric (002196), expects a net profit loss attributable to shareholders of 5 million to 7.5 million yuan for the period from January 1, 2025, to June 30, 2025, representing a year-on-year decline of 691.93% to 987.89% [1] - The net profit loss after deducting non-recurring gains and losses is projected to be between 8 million and 13 million yuan, reflecting a year-on-year decrease of 188.13% to 368.22% [1] - The basic earnings per share are anticipated to be a loss of 0.0101 yuan to 0.0151 yuan per share [1] Group 2 - The expected operating revenue is estimated to be between 1.25 billion and 1.3 billion yuan, while the operating revenue after deductions is projected to be between 1.2 billion and 1.25 billion yuan [1]