Core Viewpoint - Baoxin Technology has shown signs of performance recovery in the first half of 2025, with a significant reduction in net loss by 57.71% despite the challenging environment in the photovoltaic industry [1][2]. Group 1: Financial Performance - In the first half of 2025, Baoxin Technology achieved revenue of 101 million yuan, with a net loss attributable to shareholders of 44.826 million yuan, marking a substantial reduction in losses [1]. - The company's cash flow from operating activities was 26.5802 million yuan, indicating a stable cash inflow despite a slight year-on-year decline [1]. - The improvement in profitability is attributed to effective management of accounts receivable, optimized procurement strategies, and cost control measures [1]. Group 2: Strategic Focus and Business Development - Baoxin Technology is committed to the "smart manufacturing + new energy" strategic direction, actively exploring innovations in strategic emerging fields [2]. - The smart manufacturing segment generated revenue of 93.7793 million yuan, accounting for 92.76% of total revenue, with a gross margin of 22.86%, reflecting a year-on-year increase of 13.78% [2]. - The company is enhancing its production capabilities through three major production bases in Suzhou, Xiamen, and the Philippines, while also focusing on high-end equipment manufacturing and new energy support [2]. Group 3: Operational Resilience and Future Outlook - Baoxin Technology has demonstrated strong operational resilience and adaptability through strategic focus, cost optimization, and technological accumulation [3]. - The ongoing recovery in high-end equipment demand and the promotion of "dual carbon" policies are expected to support the company's performance recovery and value enhancement in the future [3].

Core Insights - Jiangsu Baoxin Technology Co., Ltd. reported a revenue of 101 million yuan for the first half of 2025, with a strong focus on the "smart manufacturing + new energy" dual-driven strategy [1][2] - The smart manufacturing segment generated 93.78 million yuan, accounting for 92.76% of total revenue, serving as a stabilizing force for the company's operations [1] Business Strategy - The company is actively expanding its high-end equipment manufacturing and new energy supporting businesses, leveraging three main production bases [1] - Baoxin Technology is enhancing its technological research and development through Baoxin Research Institute, promoting product iteration and production process optimization to strengthen competitive advantages [1] Market Positioning - In response to the cyclical adjustments in the photovoltaic industry and intensified market competition, the company is focusing on optimizing its production processes and product structures [1] - Baoxin Technology is extending its industrial chain value and exploring innovative businesses in strategic emerging fields, which helps in optimizing its industrial structure and business layout [1] Financial Strategy - The company has secured funding through syndicate loans and supply chain finance, while also optimizing its debt structure and exploring the introduction of strategic investors to enhance capital strength and risk resilience [2] - Baoxin Technology's strategic focus, cost optimization, and technological accumulation have demonstrated strong operational resilience and business adjustment capabilities [2] Future Outlook - With the gradual recovery of high-end equipment market demand and the ongoing promotion of "dual carbon" policies, Baoxin Technology is well-positioned to leverage its continuous innovation capabilities for performance recovery and value enhancement [2]

Core Viewpoint - The company, Baoxin Technology, reported significant progress in reducing losses and enhancing operational resilience despite facing industry cyclical adjustments and market challenges in the first half of 2025 [2][3][6] Financial Performance - In the first half of 2025, Baoxin Technology achieved a revenue of 101 million yuan, with a net profit attributable to shareholders showing a year-on-year reduction in losses by 57.71% [2][3] - The net cash flow from operating activities was 26.58 million yuan, indicating a stable cash flow despite a slight year-on-year decline [3] Business Segments - The smart manufacturing segment generated revenue of 93.78 million yuan, accounting for 92.76% of total revenue, with a gross margin of 22.86%, reflecting a year-on-year increase of 13.78% [4] - The company is actively expanding its high-end equipment manufacturing and new energy supporting businesses through its production bases in Suzhou, Xiamen, and the Philippines [4] Strategic Focus - Baoxin Technology is concentrating on its advantages in smart manufacturing and extending its industrial chain value while exploring innovations in strategic emerging fields [5] - The company is enhancing its operational resilience by optimizing production processes and product structures, as well as leveraging synergies between its smart manufacturing and strategic emerging industries [5] Future Outlook - The company demonstrates strong operational resilience and business adjustment capabilities through strategic focus, cost optimization, and technological accumulation [6] - With the recovery in high-end equipment demand and the ongoing "dual carbon" policy, Baoxin Technology is positioned to gradually achieve performance recovery and value enhancement through continuous innovation [6]

Core Insights - The company reported a significant reduction in losses, with a net profit decline of 57.71% year-on-year, indicating substantial progress in profit recovery [2] - The company achieved a revenue of 101 million yuan in the first half of 2025, demonstrating resilience amid industry adjustments and market challenges [1] Financial Performance - The net cash flow from operating activities was 26.58 million yuan, showing a slight year-on-year decrease but remaining in a net inflow state, indicating healthy operational funding [2] - The company focused on improving accounts receivable management, optimizing procurement strategies, and controlling expenses to enhance asset operation quality [2] Business Strategy - The "smart manufacturing + new energy" dual-drive strategy was emphasized, with the smart manufacturing segment generating 93.78 million yuan, accounting for 92.76% of total revenue, and a gross margin increase of 13.78% year-on-year [3] - The company is expanding its high-end equipment manufacturing and new energy supporting businesses through its production bases in Suzhou, Xiamen, and the Philippines, while enhancing technological research and product iteration [3] Innovation and Collaboration - The company is focusing on strategic emerging industries to optimize its business structure and enhance operational resilience through collaboration and innovation [4] - Efforts include optimizing production processes and product structures, as well as leveraging synergies between smart manufacturing and strategic emerging industries [4] Future Outlook - The company is positioned to seize opportunities in the market due to its strong operational resilience, ongoing innovation, and strategic focus on high-end equipment demand recovery and carbon neutrality policies [5]

Core Insights - Baoxin Technology (002514) reported a significant decline in revenue for the first half of 2025, with total operating income reaching 101 million yuan, a year-on-year decrease of 42.51% [1] - The company experienced a net loss of 44.8268 million yuan, although this represents a year-on-year improvement of 57.71% [1] - Basic earnings per share were reported at -0.0623 yuan, with a weighted average return on equity (ROE) of -28.87% [1] Financial Performance - Operating income for the first half of 2025 was 101 million yuan, down 42.51% compared to the same period last year [1] - Net profit showed a loss of 44.8268 million yuan, but improved by 57.71% year-on-year [1] - Basic earnings per share were -0.0623 yuan, indicating a negative performance [1] - The weighted average ROE was -28.87%, reflecting significant financial challenges [1]

江苏宝馨科技股份有限公司 2025 年半年度报告全文 江苏宝馨科技股份有限公司 2025 年半年度报告 股票代码：002514 2025 年 8 月 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 1 公司负责人马琳、主管会计工作负责人刘彦辰及会计机构负责人(会计主 管人员)刘彦辰声明：保证本半年度报告中财务报告的真实、准确、完整。 江苏宝馨科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的公司未来计划、发展战略等前瞻性描述不构成公司对 投资者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并 且应当理解计划、预测与承诺之间的差异，敬请投资者注意投资风险。 本公司请投资者认真阅读本报告全文，公司已在本半年度报告"第三节 管理层讨论与分析"之"十、公司面临的风险和应对措施"部分，详细描述 了公司经营中可能存在的风险及应对措施，敬请投资者关注相关内容，注意 投资风险。 公司计划不派发现金红利，不送红股，不以公 ...

| | | 占用方与上市公 | 上市公司核算 | 年期 2025 | 2025 年半年度 占用累计发生 | 2025 年半 年度占用 | 2025 年半 年度偿还 | 年半 2025 | 占用形 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 司的关联关系 | 的会计科目 | 初占用资 金余额 | 金额（不含利 | 资金的利 | 累计发生 | 年度期末占 用资金余额 | 成原因 | 占用性质 | | | | | | | 息） | 息（如有） | 金额 | | | | | 控股股东、实际控制 | | | | | | | | | | | | 人及其附属企业 | | | | | | | | | | | | 小计 | - | - | - | - | | | | | | | | 前控股股东、实际控 | | | | | | | | | | | | 制人及其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 其他关联方及其附 ...

江苏宝馨科技股份有限公司（以下简称"公司"）第六届董事会第十六次会 议于2025年8月24日以电子邮件的方式发出会议通知，并于2025年8月27日（星期 三）下午在公司会议室以通讯表决的方式召开。本次会议应出席的董事6名，实 际出席董事6名。本次会议由公司董事长马琳女士主持，公司高级管理人员列席 了会议。本次会议的召开符合《中华人民共和国公司法》及《公司章程》等相关 规定，表决所形成的决议合法、有效。 二、会议审议情况 1、审议通过了《关于公司<2025 年半年度报告>及其摘要的议案》 证券代码：002514 证券简称：宝馨科技 公告编号：2025-086 江苏宝馨科技股份有限公司 第六届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、会议召开情况 三、备查文件 1 特此公告。 江苏宝馨科技股份有限公司董事会 2025年8月29日 董事会认为，公司《2025 年半年度报告》及其摘要符合法律、行政法规、 中国证券监督管理委员会和深圳证券交易所的相关规定，内容真实、准确、完整， 不存在任何虚假记载、误导性陈述或重大遗漏。 本议案经公 ...

Group 1 - The core point of the article is the appointment of Liu Yancheng as the Chief Financial Officer of Baoxin Technology, which was approved by the board of directors and relevant committees [1] - For the fiscal year 2024, Baoxin Technology's revenue composition is as follows: intelligent manufacturing accounts for 75.42%, while new energy accounts for 24.58% [1] - As of the time of reporting, Baoxin Technology has a market capitalization of 4.7 billion yuan [1] Group 2 - Related companies also made financial leadership changes, including Yirui Technology appointing Jiang Yan as CFO, Hongwei Technology appointing Wang Qiaoqiao as CFO, and Tianceng Zikong seeing Xu Huayue resign from the CFO position [2]

Meeting Details - The sixth board meeting of Jiangsu Baoxin Technology Co., Ltd. was held on August 18, 2025, via electronic communication, with all six directors present [1] - The meeting was chaired by the company's chairwoman, Ma Lin, and was attended by supervisors and senior management [1] Resolutions Passed - The board approved the appointment of Liu Yancheng as the Chief Financial Officer, effective from the date of the board's approval until the end of the current board's term [1] - The resolution received unanimous support with 6 votes in favor, 0 against, and 0 abstentions [1]