Core Viewpoint - Xinlian Electronics reported a significant improvement in its financial performance for the first half of 2025, with a notable increase in revenue and a return to profitability compared to the same period in 2024 [2]. Financial Performance - The company's revenue for the first half of 2025 was approximately 377 million yuan, representing a year-on-year increase of 9.93% [2]. - The net profit attributable to shareholders for the same period was around 188 million yuan, with a basic earnings per share of 0.2254 yuan [2]. - In contrast, the revenue for the first half of 2024 was about 343 million yuan, and the company reported a net loss of approximately 41.28 million yuan, with a basic loss per share of 0.0495 yuan [2].

格隆汇8月15日丨新联电子(002546.SZ)公布2025年半年度报告，上半年公司实现营业收入3.77亿元，同 比增长9.93%；归属于上市公司股东的净利润1.88亿元，同比扭亏为盈；归属于上市公司股东的扣除非 经常性损益的净利润8048.73万元，同比增长32.68%；基本每股收益0.2254元。 ...

人民财讯8月15日电，新联电子（002546）8月15日晚间披露2025年半年报，公司上半年实现营收3.77亿 元，同比增长9.93%；归属于上市公司股东的净利润为1.88亿元，上年同期亏损4128.41万元，同比扭亏 为盈。净利润大增的主要原因是非经常性损益较上年同期大幅增加。 ...

证券代码：002546 证券简称：新联电子 公告编号：2025－025 南京新联电子股份有限公司 2025 年半年度募集资金 存放、管理与使用情况的专项报告 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、募集资金基本情况 （一）实际募集资金金额、资金到账情况 经中国证券监督管理委员会《关于核准南京新联电子股份有限公司非公开发 行股票的批复》（证监许可【2016】126号）核准，南京新联电子股份有限公司（以 下简称"新联电子"或"公司"）向6名发行对象非公开发行人民币普通股（A股） 128,449,096股，每股面值1.00元，发行价格为10.51元/股，募集资金总额为人民 币1,349,999,998.96元，扣除与发行有关的费用人民币28,417,621.53元，公司实 际募集资金净额为人民币1,321,582,377.43元。上述募集资金于2016年4月6日全 部到账，并经天衡会计师事务所（特殊普通合伙）审验，出具了天衡验字（2016） 00056号《验资报告》。 （二）募集资金使用及结余情况 公司募集资金净额为 1,321,582,377.43 元 ...

| | 南京新联电力自动化 | 子公司 | 其他应收 | | 1.62 | 1.62 | | 房租、 | 经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 有限公司 | | 款 | | | | | 水电 | | | | 南京志达电力科技有 | 子公司 | 其他应收 | | 3.82 | 3.82 | | 房租、 | 经营性往来 | | | 限责任公司 | | 款 | | | | | 水电 | | | | 南京致德电子科技有 | 子公司 | 其他应收 | | 2.52 | 2.52 | | 房租、 | 经营性往来 | | | 限责任公司 | | 款 | | | | | 水电 | | | | 南京新联电能云服务 | 子公司 | 其他应收 | | 81.56 | 81.56 | | 房租、 | 经营性往来 | | | 有限公司 | | 款 | | | | | 水电 | | | | 南京拓创能源服务有 限公司（原南京新联 | 子公司 | 其他应收 | | 15.22 | 15.22 | | 房租、 | 经营性往来 | | ...

南京新联电子股份有限公司 2025 年半年度财务报告 南京新联电子股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 南京新联电子股份有限公司 2025 年半年度财务报告 (未经审计) 2025 年 8 月 1 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 186,295,291.66 | 274,615,649.06 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 2,735,788,239.61 | 2,551,409,875.38 | | 衍生金融资产 | | | | 应收票据 | 90,039,439.27 | 87,564,393.58 | | 应收账款 | 205,013,643.11 | 194,975,673.22 | | 应收款项融资 | | | | 预付款项 | 4,676,652.50 | 1,709,187.57 | | ...

会议由监事会主席路国军先生召集和主持，经与会监事审议并通过了如下 决议： 一、会议以 3 票同意、0 票反对、0 票弃权，审议通过了《2025 年半年度 报告及其摘要》。 经审核，监事会认为董事会编制和审议公司 2025 年半年度报告的程序符合 法律、行政法规和中国证券监督管理委员会的规定，报告内容真实、准确、完整 地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 《 2025 年 半 年 度 报 告 》 登 载 于 2025 年 8 月 16 日 巨 潮 资 讯 网 （www.cninfo.com.cn）；《2025 年半年度报告摘要》登载于 2025 年 8 月 16 日 《证券时报》和巨潮资讯网（www.cninfo.com.cn）。 证券代码：002546 证券简称：新联电子 公告编号：2025－023 南京新联电子股份有限公司 第六届监事会第十三次会议决议公告 本公司及监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。 南京新联电子股份有限公司（以下简称"公司"）第六届监事会第十三次会 议于 2025 年 8 月 14 日在公司会议室以现场方 ...

一、会议以 7 票同意、0 票反对、0 票弃权，审议通过了《2025 年半年度 报告及其摘要》。 该议案在提交董事会前已经审计委员会审议通过。 《 2025 年 半 年 度 报 告 》 登 载 于 2025 年 8 月 16 日 巨 潮 资 讯 网 （www.cninfo.com.cn）；《2025 年半年度报告摘要》登载于 2025 年 8 月 16 日 《证券时报》和巨潮资讯网（www.cninfo.com.cn）。 二、会议以 7 票同意、0 票反对、0 票弃权，审议通过了《2025 年半年度 募集资金存放、管理与使用情况的专项报告》。 证券代码：002546 证券简称：新联电子 公告编号：2025－022 南京新联电子股份有限公司 第六届董事会第十三次会议决议公告 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。 南京新联电子股份有限公司（以下简称"公司"）第六届董事会第十三次会 议于 2025 年 8 月 14 日在公司会议室以现场和通讯表决相结合的方式召开，会议 通知于 2025 年 8 月 1 日以电话和邮件相结合的方式发出。会议应参加董事 7 名 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%201%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential disclaimers, a comprehensive table of contents, and definitions of key terms used throughout the report for clarity [Important Notice](index=2&type=section&id=Important%20Notice) The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the nine main chapters of the report and their starting page numbers, providing a clear guide to the report's structure - The report comprises nine main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial report, and other submitted data[6](index=6&type=chunk) [Reference Documents](index=4&type=section&id=Reference%20Documents) This section specifies the types and locations of the company's reference documents for the reporting period, including signed financial statements, original public disclosure documents, and the semi-annual report text, all available at the company's Board of Directors Office - Reference documents include financial statements signed and sealed by the company's person in charge, person in charge of accounting work, and head of accounting department, originals of all company documents publicly disclosed in media compliant with CSRC regulations during the reporting period, and the company's 2025 semi-annual report text signed by the legal representative[8](index=8&type=chunk)[9](index=9&type=chunk) - These reference documents are available at the company's Board of Directors Office[10](index=10&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including laws, regulations, company names, subsidiary names, investment partnerships, controlling shareholders, and time units, ensuring clear understanding of the report content - Defines laws and regulations such as the Company Law, Securities Law, CSRC, and SZSE, as well as relevant institutions[12](index=12&type=chunk) - Clarifies that "Company," "the Company," and "Xinlian Electronics" refer to Nanjing Xinlian Electronics Co., Ltd[12](index=12&type=chunk) - Lists the names and abbreviations of major subsidiaries, such as Diannengyun Company, Kangyuan Company, and Ruite Electronics[12](index=12&type=chunk) - The reporting period is defined as January 1, 2025, to June 30, 2025[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's fundamental information and presents key financial performance metrics for the reporting period [Company Profile](index=6&type=section&id=I.%20Company%20Profile) This section introduces the company's basic information, including stock ticker, code, listing exchange, Chinese and English names, and legal representative, offering investors a quick overview of the company - Stock ticker: Xinlian Electronics, Stock code: **002546**[14](index=14&type=chunk) - Stock listed on: Shenzhen Stock Exchange[14](index=14&type=chunk) - Legal Representative: Hu Min[14](index=14&type=chunk) [Contact Person and Contact Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section provides the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative, facilitating communication and inquiries for investors - Board Secretary: Peng Hui, Securities Affairs Representative: Lu Xiangrong[15](index=15&type=chunk) - Contact address: No. 28 Jiayuan Middle Road, Jiangning Economic and Technological Development Zone, Nanjing[15](index=15&type=chunk) [Other Information](index=6&type=section&id=III.%20Other%20Information) This section states that the company's registered address, office address, website, email, information disclosure, and reference locations remained unchanged during the reporting period, with specific details available in the 2024 annual report - The company's registered address, office address and postal code, website, and email address remained unchanged during the reporting period, with specific details available in the 2024 annual report[16](index=16&type=chunk) - The securities exchange website and media name and URL for the company's semi-annual report disclosure, as well as the company's semi-annual report reference location, remained unchanged during the reporting period, with specific details available in the 2024 annual report[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses key accounting data and financial indicators for the current reporting period compared to the same period last year, showing a 9.93% increase in operating revenue and a significant 555.38% increase in net profit attributable to shareholders, alongside improved weighted average return on net assets Key Accounting Data and Financial Indicators (Current Reporting Period vs. Same Period Last Year) | Indicator | Current Reporting Period (Yuan) | Same Period Last Year (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 376,941,395.85 | 342,882,241.04 | 9.93% | | Net Profit Attributable to Shareholders of the Listed Company | 188,000,461.36 | -41,284,106.78 | 555.38% | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | 80,487,300.08 | 60,662,021.11 | 32.68% | | Net Cash Flow from Operating Activities | 32,834,338.81 | 78,565,503.18 | -58.21% | | Basic Earnings Per Share (Yuan/share) | 0.2254 | -0.0495 | 555.35% | | Diluted Earnings Per Share (Yuan/share) | 0.2254 | -0.0495 | 555.35% | | Weighted Average Return on Net Assets | 5.54% | -1.32% | 6.86% | | Total Assets (End of Period) | 3,709,838,512.27 | 3,697,065,566.53 | 0.35% | | Net Assets Attributable to Shareholders of the Listed Company (End of Period) | 3,402,625,813.07 | 3,314,711,243.23 | 2.65% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit and net assets between financial reports prepared under International Accounting Standards or overseas accounting standards and those prepared under Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese accounting standards during the reporting period[20](index=20&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[21](index=21&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the non-recurring gains and losses items and their amounts for the reporting period, totaling **107,513,161.28 Yuan**, primarily from fair value changes of financial assets and investment income from associates Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | Explanation | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets (including the reversal of impairment provisions already made) | 4,201.11 | | | Government grants recognized in current profit and loss (excluding government grants closely related to the company's normal business operations, compliant with national policies, enjoyed according to established standards, and having a continuous impact on the company's profit and loss) | 357,142.50 | | | Gains and losses from changes in fair value of financial assets and financial liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and financial liabilities, except for effective hedge accounting related to normal business operations | 127,082,839.75 | | | Other non-operating income and expenses apart from the above items | -193,668.30 | | | Other | 3,796,118.41 | Investment income recognized in this period from the associate Nanjing Jiangning Economic Development Zone Fenglin Venture Capital Partnership (Limited Partnership) accounted for using the equity method | | Less: Income tax impact | 23,314,580.63 | | | Impact on minority interests (after tax) | 218,891.56 | | | **Total** | **107,513,161.28** | | - The company has no circumstances where non-recurring gains and losses items listed in "Interpretive Announcement No. 1 for Information Disclosure by Companies Issuing Securities to the Public—Non-Recurring Gains and Losses" are defined as recurring gains and losses[24](index=24&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's operations, financial condition, and future outlook, including business performance, core competencies, and risk factors [Main Businesses Engaged in During the Reporting Period](index=9&type=section&id=I.%20Main%20Businesses%20Engaged%20in%20During%20the%20Reporting%20Period) The company's main businesses encompass electricity consumption information collection systems, smart electricity cloud services, and power cabinets, with each segment serving distinct market needs and customer bases - During the reporting period, the company's main businesses included electricity consumption information collection systems, smart electricity cloud services, and power cabinets[26](index=26&type=chunk) - The electricity consumption information collection system is a crucial component of smart grid construction in the electricity consumption segment, primarily sold to State Grid Corporation of China, China Southern Power Grid Co., Ltd., and their affiliated enterprises[27](index=27&type=chunk)[28](index=28&type=chunk) - Smart electricity cloud services directly serve various electricity-consuming enterprises by installing monitoring equipment on the user side, utilizing internet and IoT technologies to provide value-added services such as power distribution room operation and maintenance, energy-saving retrofits, demand response, and integrated energy management[29](index=29&type=chunk) - The power cabinet business is operated by the company's controlling subsidiary, Jiangsu Ruite Electronics Equipment Co., Ltd., with sales primarily to manufacturers of power distribution cabinets, charging piles, and other power equipment[31](index=31&type=chunk) [Analysis of Core Competencies](index=10&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies remained largely unchanged, primarily demonstrated in its industrial big data collection and system integration capabilities, data quality assurance and service system, continuous innovation, brand advantage, and talent team strength - The company is one of the earliest manufacturers in China to enter the electricity consumption information collection system field, offering comprehensive solutions from master station systems and communication networking to terminal collection equipment, and has participated in the formulation of multiple industry standards[32](index=32&type=chunk) - The smart electricity cloud service platform has access capabilities for over **100,000 users**, with distributed database algorithms, micro-power wireless self-organizing network communication technology, and primary/secondary integration measurement technology reaching international advanced levels[33](index=33&type=chunk) - The company possesses extensive experience and technological accumulation in data collection and services, having established **6 major centers** including R&D and customer service, built **4 major systems** including technical and management assurance, and operates over **70 offline service outlets** covering **19 provinces and cities** nationwide[35](index=35&type=chunk)[36](index=36&type=chunk) - The company is a national high-tech enterprise, holding **42 invention patents**, with product technology in the electricity consumption information collection field at an industry-leading level, and has launched a new generation of terminal products—the smart energy unit[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) - The company enjoys a strong brand image and high-quality customer resources, with its smart electricity cloud service business promoted and used in Jiangsu, Henan, Hebei, Shanxi, Shandong, and other regions, and successfully selected as a Jiangsu Province 2022 "Specialized, Refined, Unique, and New" SME[40](index=40&type=chunk) - The company places great importance on talent team building, maintaining the long-term stability of its core team through a sound and competitive compensation system and incentive policies[41](index=41&type=chunk)[42](index=42&type=chunk) [Main Business Analysis](index=12&type=section&id=III.%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue increased by 9.93%, and net profit attributable to shareholders of the listed company surged by 555.38%, primarily driven by non-recurring gains and losses (investment income and fair value changes from wealth management products) and overall revenue growth, with electricity consumption information collection systems remaining the main revenue source and cabinet manufacturing showing significant growth Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (Yuan) | Same Period Last Year (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 376,941,395.85 | 342,882,241.04 | 9.93% | | | Net Profit Attributable to Shareholders of the Listed Company | 188,000,461.36 | -41,284,106.78 | 555.38% | Primarily due to a significant increase in non-recurring gains and losses and growth in operating revenue in this period | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | 80,487,300.08 | 60,662,021.11 | 32.68% | Primarily due to an increase in operating revenue compared to the same period last year | | Net Cash Flow from Operating Activities | 32,834,338.81 | 78,565,503.18 | -58.21% | Primarily due to a decrease in cash received from sales of goods and an increase in taxes paid | | Net Cash Flow from Investing Activities | -29,969,400.29 | -183,980,388.57 | 83.71% | Primarily due to an increase in cash from investment income and a decrease in net expenditure on wealth management products in this period | | Income Tax Expense | 33,431,973.80 | -16,868,473.98 | 298.19% | Primarily due to an increase in total profit in this period | - During the reporting period, net profit attributable to shareholders of the listed company increased by **555.38%** year-on-year, mainly due to a significant increase in non-recurring gains and losses of **107,513,161.28 Yuan** (primarily from increased investment income from wealth management products and fair value changes of financial assets held for trading) and growth in operating revenue[44](index=44&type=chunk)[45](index=45&type=chunk) Operating Revenue Composition (by Industry) | Industry | Current Reporting Period Amount (Yuan) | Proportion of Operating Revenue | Same Period Last Year Amount (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Electricity Consumption Information Collection System | 306,618,111.64 | 81.34% | 285,515,264.86 | 83.27% | 7.39% | | Cabinet Manufacturing | 55,445,299.92 | 14.71% | 38,260,917.46 | 11.16% | 44.91% | | Power Cloud Services | 7,415,184.84 | 1.97% | 9,966,758.78 | 2.91% | -25.60% | Operating Revenue Composition (by Region) | Region | Current Reporting Period Amount (Yuan) | Proportion of Operating Revenue | Same Period Last Year Amount (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | East China | 202,099,120.76 | 53.62% | 148,686,184.05 | 43.36% | 35.92% | | Central China | 67,290,165.14 | 17.85% | 74,739,269.60 | 21.80% | -9.97% | | South China | 40,401,469.17 | 10.72% | 83,144,606.84 | 24.25% | -51.41% | | Northwest China | 31,303,045.49 | 8.30% | 7,783,042.44 | 2.27% | 302.20% | | North China | 24,354,504.91 | 6.46% | 10,677,851.19 | 3.11% | 128.08% | | Northeast China | 10,557,328.60 | 2.80% | | | | | Southwest China | 935,761.78 | 0.25% | 17,851,286.92 | 5.21% | -94.76% | Changes in Gross Profit Margin of Main Businesses | Industry | Gross Profit Margin | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | | Electricity Consumption Information Collection System | 40.62% | 2.98% | | Cabinet Manufacturing | 13.42% | 6.21% | | Power Cloud Services | 73.27% | 9.81% | [Non-Main Business Analysis](index=14&type=section&id=IV.%20Non-Main%20Business%20Analysis) The company's non-main businesses significantly contributed to total profit, particularly investment income and fair value changes, though these gains are not sustainable Impact of Non-Main Businesses on Total Profit | Item | Amount (Yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 41,463,416.47 | 18.71% | Primarily investment income from wealth management products in this period | No | | Gains and Losses from Changes in Fair Value | 89,431,451.71 | 40.35% | Primarily gains from changes in fair value of financial assets held for trading measured at fair value at the end of the period | No | | Asset Impairment | -854,759.80 | -0.39% | Primarily provision for inventory depreciation at the end of the period | No | | Non-Operating Income | 396,955.33 | 0.18% | Primarily government grants unrelated to daily operating activities | No | | Non-Operating Expenses | 229,280.02 | 0.10% | Primarily late payment fees | No | [Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets and net assets attributable to shareholders of the listed company both showed slight growth. In terms of asset structure, monetary capital and inventories decreased, while contract assets and construction in progress increased; on the liability side, contract liabilities and employee compensation payable decreased, and deferred income tax liabilities increased. The balance of financial assets held for trading significantly increased at period-end Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (Yuan) | Proportion of Total Assets | Amount at End of Last Year (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Capital | 186,295,291.66 | 5.02% | 274,615,649.06 | 7.43% | -2.41% | | | Contract Assets | 41,704,369.65 | 1.12% | 34,143,589.56 | 0.92% | 0.20% | Primarily due to an increase in contract quality assurance deposits | | Inventories | 116,870,658.93 | 3.15% | 167,596,296.35 | 4.53% | -1.38% | Primarily due to a decrease in raw materials and inventory goods | | Construction in Progress | 5,068,403.56 | 0.14% | 3,272,801.12 | 0.09% | 0.05% | Primarily due to increased investment in fixed asset construction projects | | Contract Liabilities | 15,690,936.51 | 0.42% | 59,127,458.14 | 1.60% | -1.18% | Primarily due to a decrease in advance receipts | | Employee Compensation Payable | 4,060,413.49 | 0.11% | 11,566,258.19 | 0.31% | -0.20% | Primarily due to the distribution of employee year-end bonuses accrued at the end of last year in this period | | Deferred Income Tax Liabilities | 8,902,930.77 | 0.24% | 1,919,088.23 | 0.05% | 0.19% | Primarily due to an increase in taxable temporary differences arising from financial assets held for trading measured at fair value at the end of the period | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (Yuan) | Gains and Losses from Changes in Fair Value in Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 2,551,409,875.38 | 89,431,451.69 | 2,735,788,239.61 | - The company's main asset measurement attributes did not undergo significant changes during the reporting period[56](index=56&type=chunk) - Details of restricted asset rights at the end of the reporting period can be found in Section VIII, "VII. Notes to Consolidated Financial Statement Items," "31. Assets with Restricted Ownership or Use Rights" of this report[56](index=56&type=chunk) [Investment Analysis](index=16&type=section&id=VI.%20Investment%20Analysis) During the reporting period, the company made no new long-term equity investments; financial asset investments primarily consisted of funds, some of which showed positive fair value changes. The overall utilization rate of raised funds was 26.78%, and the "Smart Electricity Cloud Service Project" was re-designated as the "User-Side System Integration Platform (Phase I)" project, with some sub-items completed and surplus funds permanently transferred to supplement working capital - The company made no new long-term equity investments during the reporting period[57](index=57&type=chunk) Securities Investment Status (Partial Funds) | Security Name | Book Value at Beginning of Period (Yuan) | Gains and Losses from Changes in Fair Value in Current Period (Yuan) | Book Value at End of Period (Yuan) | Accounting Subject | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | | TEDA Hongli Jingqi Linghang Two-Year Holding Mixed | 15,615,141.12 | 421,976.78 | 16,037,117.90 | Financial Assets Held for Trading | Idle Own Funds | | Fullgoal Consumer Theme Mixed C | 0.00 | -290,129.53 | 10,909,870.47 | Financial Assets Held for Trading | Idle Own Funds | | Franklin Templeton Sealand Competitive Advantage Three-Year Holding Mixed Fund | 10,106,326.19 | 684,954.33 | 10,791,280.52 | Financial Assets Held for Trading | Idle Own Funds | | Harvest Express Money Market Fund Class A | 14,344,176.54 | -686.71 | 10,160,895.03 | Financial Assets Held for Trading | Idle Own Funds | - The company had no derivative investments during the reporting period[63](index=63&type=chunk) - As of June 30, 2025, the company had cumulatively used **353,934,600 Yuan** of raised funds, with an overall utilization rate of **26.78%**[65](index=65&type=chunk) - The original raised fund investment project "Smart Electricity Cloud Service Project" was changed to implement the "User-Side System Integration Platform (Phase I)" project, and the original project was terminated[68](index=68&type=chunk)[72](index=72&type=chunk) - Sub-items of the raised fund investment project, "Headquarters Construction (Online Cloud Service Platform Construction)" and "Offline Service Network Construction," have been completed, and surplus raised funds of **224,460,900 Yuan** (including cash management income and bank interest income) have been permanently transferred to supplement working capital[69](index=69&type=chunk)[70](index=70&type=chunk) - The main reasons for the surplus of raised funds include controlled project construction costs, changes in the implementation methods of raised fund investment sub-items leading to reduced capital input, and certain investment income obtained from cash management of idle raised funds[70](index=70&type=chunk) [Significant Asset and Equity Sales](index=22&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) The company did not engage in any significant asset sales or equity sales during the reporting period - The company did not sell significant assets during the reporting period[74](index=74&type=chunk) - The company did not sell significant equity during the reporting period[75](index=75&type=chunk) [Analysis of Major Holding and Participating Companies](index=23&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section lists the financial data of major subsidiaries Nanjing Xinlian Diannengyun Service Co., Ltd., Nanjing Tuochuang Energy Service Co., Ltd. (formerly Nanjing Xinlian Smart Energy Service Co., Ltd.), Jiangsu Ruite Electronics Equipment Co., Ltd., and Nanjing Kangyuan Information Technology Co., Ltd., and notes the renaming of Nanjing Xinlian Smart Energy Service Co., Ltd. to Nanjing Tuochuang Energy Service Co., Ltd Financial Data of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Nanjing Xinlian Diannengyun Service Co., Ltd. | Subsidiary | Electricity information data processing; software R&D, maintenance, and operation; energy-saving solution design | 300,000,000.00 | 362,690,951.58 | 15,674,930.24 | | Nanjing Tuochuang Energy Service Co., Ltd. (formerly Nanjing Xinlian Smart Energy Service Co., Ltd.) | Subsidiary | Electricity services, energy project investment, etc. | 80,000,000.00 | 109,131,600.17 | 4,932,143.98 | | Jiangsu Ruite Electronics Equipment Co., Ltd. | Subsidiary | Power cabinets | 26,595,000.00 | 200,301,561.35 | 41,116.34 | | Nanjing Kangyuan Information Technology Co., Ltd. | Subsidiary | Computer software R&D, sales, and technical services | 21,000,000.00 | 165,016,867.36 | 33,762,262.19 | - In June 2025, "Nanjing Xinlian Smart Energy Service Co., Ltd." was renamed "Nanjing Tuochuang Energy Service Co., Ltd." with the approval of the Gulou District Government Service Management Office of Nanjing[76](index=76&type=chunk) [Information on Structured Entities Controlled by the Company](index=23&type=section&id=IX.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[77](index=77&type=chunk) [Risks Faced by the Company and Countermeasures](index=23&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces policy risks, market competition risks, human resource risks, risks in implementing raised fund investment projects, and uncertainty in investment income, and has formulated corresponding countermeasures including monitoring policies, strengthening competitiveness, improving talent incentives, expanding markets, and diversifying investments - Policy risk: The company's main business, electricity consumption information collection systems, primarily serves the smart grid, with major customers including State Grid Corporation of China, China Southern Power Grid Co., Ltd., and their affiliated enterprises; thus, demand for the company's products highly depends on the development of the domestic power industry and the operating strategies of major users. Countermeasures: Monitor industry policy trends and market changes, timely adjust product structure, and increase R&D of new products and promotion of new businesses[77](index=77&type=chunk)[78](index=78&type=chunk) - Market competition risk: Industry competition in the company's main business is intensifying, placing higher demands on the company's product quality, price, R&D, service, and market development capabilities. Countermeasures: Continuously enhance core competitiveness, maintain a leading position in industry technology, innovate sales models, improve marketing strength, provide high-quality products with high cost-effectiveness, and perfect pre-sales and after-sales services[79](index=79&type=chunk) - Human resources risk: With the expansion of new businesses and strategic transformation, the company needs to supplement more technical, management, and marketing personnel, posing risks of core technical personnel and marketing backbone loss, as well as talent shortages. Countermeasures: Provide employees with a sound and competitive compensation system, improve policies for talent introduction, retention, incentives, and training, and maintain the long-term stability of the core team[80](index=80&type=chunk) - Risk of implementation of raised fund investment projects: The company's raised fund investment project, the user-side system integration platform, still faces risks during its specific implementation, such as macroeconomic fluctuations, slower-than-expected policy advancement, significant changes in market environment, technological development and updates, intensified competition, slower-than-expected market promotion of new businesses, and other unforeseen factors, which may lead to project revenue and profit not meeting expectations. Countermeasures: Continuously monitor national policies and market dynamics, and take various measures to actively expand the market[81](index=81&type=chunk) - Risk of uncertainty in investment income: The company holds a significant amount of financial assets held for trading; with capital market fluctuations, the actual investment income is unpredictable and will have a significant impact on the company's non-recurring gains and losses. Countermeasures: Formulate a securities investment management system, reasonably allocate investment products, and appropriately diversify investments to control investment risks[82](index=82&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=24&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[83](index=83&type=chunk) - The company has not disclosed a valuation enhancement plan[83](index=83&type=chunk) [Implementation of "Quality and Return Dual Enhancement" Action Plan](index=25&type=section&id=XII.%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan%20Implementation) The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[84](index=84&type=chunk) [Corporate Governance, Environment, and Society](index=25&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section outlines the company's governance structure, environmental practices, and social responsibility initiatives, ensuring transparency and adherence to ethical standards [Changes in Directors, Supervisors, and Senior Management](index=25&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, with specific details available in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report[85](index=85&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=25&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[86](index=86&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=25&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[87](index=87&type=chunk) [Environmental Information Disclosure](index=25&type=section&id=IV.%20Environmental%20Information%20Disclosure) The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[88](index=88&type=chunk) [Social Responsibility](index=25&type=section&id=V.%20Social%20Responsibility) During the reporting period, the company has not yet carried out work related to poverty alleviation or rural revitalization - During the reporting period, the company has not yet carried out work related to poverty alleviation or rural revitalization[88](index=88&type=chunk) [Significant Matters](index=26&type=section&id=Section%205%20Significant%20Matters) This section details all significant events and developments impacting the company, including commitments, related party transactions, and legal proceedings [Fulfillment of Commitments](index=26&type=section&id=I.%20Fulfillment%20of%20Commitments%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20the%20Reporting%20Period%20and%20Overdue%20Unfulfilled%20Commitments%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The company's actual controller, shareholders, and senior management fulfilled all commitments on time during the reporting period, including avoiding horizontal competition, tax liabilities, measures to mitigate dilution of immediate returns, and shareholder return plans, with no overdue unfulfilled matters - The controlling shareholder, Nanjing Xinlian Pioneer Park Management Co., Ltd., and the actual controller, Hu Min, committed to avoiding horizontal competition, which is being fulfilled normally on a long-term basis[90](index=90&type=chunk) - Hu Min committed to bearing the income tax and related expenses retroactively collected from the company's predecessor due to equity transfer, which is being fulfilled normally[90](index=90&type=chunk) - Directors and senior management committed to taking measures to mitigate the dilution of immediate returns from non-public issuance of shares, which is being fulfilled normally[90](index=90&type=chunk) - The company committed to generally conducting cash dividends once a year for the next three fiscal years (2024-2026), with the annual cash distributed profit not less than **30%** of the distributable profit realized in that year, which is being fulfilled normally[90](index=90&type=chunk) - All commitments were fulfilled on time, with no overdue unfulfilled situations[90](index=90&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties of the Listed Company](index=26&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) During the reporting period, there were no non-operating funds occupied by controlling shareholders and other related parties of the listed company - The company reported no non-operating funds occupied by controlling shareholders and other related parties during the reporting period[91](index=91&type=chunk) [Irregular External Guarantees](index=26&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[92](index=92&type=chunk) [Appointment and Dismissal of Accounting Firms](index=27&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[93](index=93&type=chunk) [Explanation by the Board of Directors and Supervisory Board on the Accounting Firm's "Non-Standard Audit Report" for This Reporting Period](index=27&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Board%20on%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20This%20Reporting%20Period) Not applicable, as the company's semi-annual report was not audited - Not applicable, as the company's semi-annual report was not audited[93](index=93&type=chunk) [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=27&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) Not applicable - Not applicable[94](index=94&type=chunk) [Bankruptcy Reorganization Related Matters](index=27&type=section&id=VII.%20Bankruptcy%20Reorganization%20Related%20Matters) The company had no bankruptcy reorganization related matters during the reporting period - The company had no bankruptcy reorganization related matters during the reporting period[94](index=94&type=chunk) [Litigation Matters](index=27&type=section&id=VIII.%20Litigation%20Matters) During the reporting period, the company had no significant litigation or arbitration matters, but there were other litigation and arbitration matters not meeting the significant litigation threshold, involving an amount of **7,710,500 Yuan**, which are not expected to have a significant impact on the company - The company had no significant litigation or arbitration matters in this reporting period[95](index=95&type=chunk) - There were aggregated litigation matters not reaching the significant litigation threshold, involving an amount of **7,710,500 Yuan**, which are not expected to have a significant impact on the company and are currently in execution or trial[95](index=95&type=chunk) [Penalties and Rectifications](index=27&type=section&id=IX.%20Penalties%20and%20Rectifications) The company had no penalties or rectifications during the reporting period - The company had no penalties or rectifications during the reporting period[96](index=96&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=27&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) Not applicable - Not applicable[97](index=97&type=chunk) [Significant Related Party Transactions](index=27&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had ordinary related party transactions with Nanjing Xinlian Science Park Management Co., Ltd. for accepting labor services, amounting to **159,500 Yuan**, but no other significant related party transactions such as asset or equity acquisition/disposal, joint external investments, related party creditor-debtor relationships, or transactions with financial companies occurred Related Party Transactions Related to Ordinary Operations | Related Party | Type of Related Party Transaction | Content of Related Party Transaction | Amount of Related Party Transaction (Ten Thousand Yuan) | Proportion of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | | Nanjing Xinlian Science Park Management Co., Ltd. | Accepting labor services | Accepting property management services | 15.95 | 49.21% | - The company had no related party transactions involving asset or equity acquisition or disposal during the reporting period[99](index=99&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[100](index=100&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[101](index=101&type=chunk) - The company had no other significant related party transactions during the reporting period[105](index=105&type=chunk) [Significant Contracts and Their Performance](index=29&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no entrustment, contracting, or significant guarantee situations. The company generated rental income from properties and engaged in extensive entrusted wealth management, including bank wealth management products, brokerage wealth management products, and other types, with a total transaction amount of **2,520,850,000 Yuan** and an outstanding balance of **2,394,650,000 Yuan** at period-end, with some non-guaranteed floating-rate products experiencing negative returns - The company had no entrustment situations during the reporting period[106](index=106&type=chunk) - The company had no contracting situations during the reporting period[107](index=107&type=chunk) - During the reporting period, the parent company leased out properties, generating rental income of **5,229,000 Yuan**; subsidiary Ruite Electronics leased out properties, generating rental income of **505,900 Yuan**[108](index=108&type=chunk) - The company had no significant guarantee situations during the reporting period[110](index=110&type=chunk) Overall Entrusted Wealth Management Situation | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management Transactions (Ten Thousand Yuan) | Outstanding Balance (Ten Thousand Yuan) | Overdue Unrecovered Amount (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 20,985 | 7,365 | 0 | | Brokerage Wealth Management Products | Raised Funds | 105,000 | 102,000 | 0 | | Other Types | Own Funds | 126,100 | 130,100 | 0 | | **Total** | | **252,085** | **239,465** | **0** | - Some non-guaranteed floating-rate wealth management products from Harvest Capital Management Co., Ltd. experienced negative returns, such as actual losses of **-4,949,900 Yuan** and **-6,599,900 Yuan** for certain products in this period[125](index=125&type=chunk) - The company had no other significant contracts during the reporting period[126](index=126&type=chunk) [Explanation of Other Significant Matters](index=37&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) To meet the needs of the "User-Side System Integration Platform" laboratory construction, the company added "Licensed projects: power generation business, power transmission business, power supply (distribution) business" to its business scope and completed the industrial and commercial change registration - Due to the needs of the company's raised fund investment project "User-Side System Integration Platform" laboratory construction, the company added "Licensed projects: power generation business, power transmission business, power supply (distribution) business" to its business scope[127](index=127&type=chunk) - The company has applied for and completed the industrial and commercial change registration procedures, obtaining a new business license from the Nanjing Administration for Market Regulation[127](index=127&type=chunk) [Significant Matters of Company Subsidiaries](index=37&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The subsidiary "Nanjing Xinlian Smart Energy Service Co., Ltd." has been renamed "Nanjing Tuochuang Energy Service Co., Ltd." - In June 2025, "Nanjing Xinlian Smart Energy Service Co., Ltd." was renamed "Nanjing Tuochuang Energy Service Co., Ltd." with the approval of the Gulou District Government Service Management Office of Nanjing[128](index=128&type=chunk) [Share Changes and Shareholder Information](index=38&type=section&id=Section%206%20Share%20Changes%20and%20Shareholder%20Information) This section provides details on changes in the company's share capital and the composition of its shareholders, including major shareholders and their holdings [Share Changes](index=38&type=section&id=I.%20Share%20Changes) During the reporting period, the company's total share capital and share structure remained unchanged, with the number and proportion of restricted and unrestricted shares staying constant Share Changes | Share Type | Number Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (shares) | Number After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 32,817,000 | 3.93% | 0 | 32,817,000 | 3.93% | | II. Unrestricted Shares | 801,232,096 | 96.07% | 0 | 801,232,096 | 96.07% | | **III. Total Shares** | **834,049,096** | **100.00%** | **0** | **834,049,096** | **100.00%** | - Reasons for share changes, approval status, transfer status, and progress of share repurchases are all not applicable for the reporting period[131](index=131&type=chunk)[132](index=132&type=chunk) [Securities Issuance and Listing](index=39&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing during the reporting period - Not applicable[132](index=132&type=chunk) [Number of Company Shareholders and Shareholding](index=39&type=section&id=III.%20Number%20of%20Company%20Shareholders%20and%20Shareholding) At the end of the reporting period, the total number of common shareholders was **55,384**. Among the top ten shareholders, Nanjing Xinlian Pioneer Park Management Co., Ltd. was the largest shareholder with **37.33%** of shares, and Hu Min was the second largest shareholder with **5.24%** of shares and the actual controller - Total number of common shareholders at the end of the reporting period: **55,384** accounts[133](index=133&type=chunk) Shareholding 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 Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Nanjing Xinlian Pioneer Park Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 37.33% | 311,368,918 | 0 | 311,368,918 | | Hu Min | Domestic Natural Person | 5.24% | 43,736,000 | 32,802,000 | 10,934,000 | - Hu Min is the Chairman and actual controller of Nanjing Xinlian Pioneer Park Management Co., Ltd[133](index=133&type=chunk) - Among the top 10 unrestricted shareholders, Nanjing Xinlian Pioneer Park Management Co., Ltd. held **311,368,918** RMB common shares[134](index=134&type=chunk) - The company's top 10 common shareholders and top 10 unrestricted common shareholders did not engage in agreed repurchase transactions during the reporting period[134](index=134&type=chunk) [Shareholding Changes of Directors, Supervisors, and Senior Management](index=40&type=section&id=IV.%20Shareholding%20Changes%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report[135](index=135&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=40&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[137](index=137&type=chunk) - The company's actual controller remained unchanged during the reporting period[137](index=137&type=chunk) [Preferred Share Related Matters](index=41&type=section&id=VI.%20Preferred%20Share%20Related%20Matters) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[138](index=138&type=chunk) [Bond Related Matters](index=41&type=section&id=Section%207%20Bond%20Related%20Matters) The company had no bond-related matters during the reporting period - Not applicable[140](index=140&type=chunk) [Financial Report](index=42&type=section&id=Section%208%20Financial%20Report) This section presents the company's comprehensive financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes [Audit Report](index=42&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[142](index=142&type=chunk) [Financial Statements](index=42&type=section&id=II.%20Financial%20Statements) This section 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 presenting the company's financial position, operating results, and cash flow situation - The consolidated balance sheet shows total assets of **3,709,838,512.27 Yuan** at period-end, with total current assets of **3,399,629,070.66 Yuan** and total non-current assets of **310,209,441.61 Yuan**[144](index=144&type=chunk)[145](index=145&type=chunk) - The consolidated income statement shows total operating revenue of **376,941,395.85 Yuan**, net profit of **188,218,369.61 Yuan**, and net profit attributable to parent company shareholders of **188,000,461.36 Yuan** for the first half of 2025[150](index=150&type=chunk)[151](index=151&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **32,834,338.81 Yuan**, net cash flow from investing activities of **-29,969,400.29 Yuan**, and net cash flow from financing activities of **-100,469,469.24 Yuan**[157](index=157&type=chunk) [Company Profile](index=61&type=section&id=III.%20Company%20Profile) This section details the establishment, share capital changes, industry, main business scope, registered address, and unified social credit code of Nanjing Xinlian Electronics Co., Ltd., also specifying the approval date of the financial statements and the scope of consolidation - Nanjing Xinlian Electronics Co., Ltd. was wholly converted from Nanjing Xinlian Electronic Instrument Co., Ltd. in November 2007[178](index=178&type=chunk) - The company's total share capital changed multiple times through capital reserve conversions and non-public offerings, eventually becoming **834,049,096 Yuan**[178](index=178&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk)[181](index=181&type=chunk) - The company belongs to the electronics industry, with a main business scope including R&D, manufacturing, sales, and service of remote control systems, electricity consumption information collection systems and equipment, distribution automation systems and equipment, instruments and meters, electronic products, electronic components, household appliances, electronic equipment, metering boxes, transformers, high and low voltage switches, high and low voltage complete sets of equipment, energy management systems and equipment, and energy-saving equipment; computer software and system integration development, electronic technical services; licensed projects: power generation business, power transmission business, power supply (distribution) business[183](index=183&type=chunk) - The company's registered address is No. 66 Liyuan North Road, Jiangning Economic and Technological Development Zone, Nanjing, Jiangsu Province[183](index=183&type=chunk) - These financial statements were approved for issuance by the company's Board of Directors on August 14, 2025[183](index=183&type=chunk) [Basis of Preparation of Financial Statements](index=62&type=section&id=IV.%20Basis%20of%20Preparation%20of%20Financial%20Statements) The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and CSRC information disclosure regulations, and are based on significant accounting policies and estimates, with management having no significant doubts about the company's ability to continue as a going concern - The company's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" promulgated by the Ministry of Finance and the disclosure requirements of "Compilation Rules for Information Disclosure by Companies Issuing Securities to the Public No. 15—General Provisions for Financial Reports (Revised 2023)" by the China Securities Regulatory Commission, based on actual transactions and events[184](index=184&type=chunk) - The company's assessment of its ability to continue as a going concern for 12 months from the end of the reporting period reveals no significant doubts or matters[185](index=185&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=62&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section elaborates on the significant accounting policies and estimates followed by the company in preparing its financial statements, covering business combinations, consolidated financial statements, financial instruments, notes receivable, accounts receivable, inventories, fixed assets, intangible assets, revenue recognition, government grants, deferred income tax, and other aspects, ensuring the standardization and comparability of financial reporting - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truthfully and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[187](index=187&type=chunk) - The company's accounting year is the calendar year, with RMB as the bookkeeping currency, and an operating cycle of 12 months[188](index=188&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk) - The company classifies financial assets into three categories based on the business model for managing financial assets and the contractual cash flow characteristics: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[215](index=215&type=chunk) - The company accrues bad debt provisions for notes receivable, accounts receivable, other receivables, etc., using the expected credit loss model, and determines the accrual ratio based on aging portfolios[237](index=237&type=chunk)[238](index=238&type=chunk)[239](index=239&type=chunk)[241](index=241&type=chunk) - The 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. For performance obligations satisfied over time, the company recognizes revenue over that period according to the progress of performance; for performance obligations satisfied at a point in time, the company recognizes revenue at the point when the customer obtains control of the related goods or services[290](index=290&type=chunk)[291](index=291&type=chunk) - The accounting treatment for data resources recognized as intangible assets or inventories, etc., according to relevant provisions of enterprise accounting standards, as well as data resources legally owned or controlled by the company that are expected to bring economic benefits but are not recognized as assets due to not meeting the relevant asset recognition conditions of enterprise accounting standards, applies the "Interim Provisions on Accounting Treatment of Enterprise Data Resources"[316](index=316&type=chunk)[317](index=317&type=chunk)[318](index=318&type=chunk)[319](index=319&type=chunk) - The company had no significant changes in accounting policies or significant changes in accounting estimates during the reporting period[320](index=320&type=chunk) [Taxation](index=93&type=section&id=VI.%20Taxation) This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, education surcharge, and property tax, and details the VAT immediate refund, VAT input tax credit, and high-tech enterprise income tax preferential policies enjoyed by the company and its subsidiaries Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Value added generated during sales of goods or provision of labor/services, real estate rental income | 13%, 9%, 6%, collection rate 5% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7%, 5% | | Corporate Income Tax | Taxable income | 15%, 20%, 12.50%, 25% | | Education Surcharge | Amount of turnover tax payable | 5% | | Property Tax | 70% of original property value or rental income | 1.2% or 12% | - The parent company, Nanjing Xinlian Power Automation Co., Ltd., Nanjing Xietai Electronic Technology Co., Ltd., Nanjing Zhida Power Technology Co., Ltd., Nanjing Zhide Electronic Technology Co., Ltd., Nanjing Pangu Electric Technology Co., Ltd., Nanjing Xinlian Diannengyun Service Co., Ltd., and Nanjing Kangyuan Information Technology Co., Ltd. enjoy the VAT "immediate refund" preferential policy for eligible software products exceeding the tax burden[322](index=322&type=chunk) - Nanjing Xinlian Electronics Co., Ltd. and its subsidiary Jiangsu Ruite Electronics Equipment Co., Ltd. are eligible for the preferential policy of an additional **5%** deduction from VAT payable for deductible input VAT of advanced manufacturing enterprises[322](index=322&type=chunk) - The parent company and its subsidiary Jiangsu Ruite Electronics Equipment Co., Ltd., as high-tech enterprises, are subject to corporate income tax at a reduced rate of **15%**[323](index=323&type=chunk) - Subsidiary Nanjing Kangyuan Information Technology Co., Ltd.'s corporate income tax for 2025 is calculated at a reduced rate of **12.50%**[323](index=323&type=chunk) - Nanjing Xietai Electronic Technology Co., Ltd. qualified for small and micro-profit enterprise income tax preferential conditions during the reporting period and enjoys the small and micro-profit enterprise income tax preferential policy as stipulated[324](index=324&type=chunk) [Notes to Consolidated Financial Statement Items](index=95&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on various asset, liability, owner's equity, and profit and loss items in the consolidated financial statements, including monetary capital, financial assets held for trading, notes receivable, accounts receivable, inventories, fixed assets, intangible assets, short-term borrowings, notes payable, accounts payable, employee compensation payable, taxes payable, deferred income, operating revenue and costs, various expenses, investment income, credit impairment losses, asset impairment losses, and other items, along with period-end balances, beginning balances, current period changes, and related explanations - Monetary capital at period-end was **186,295,291.66 Yuan**, of which bank deposits were **136,639,171.59 Yuan**, and other monetary capital of **49,653,140.60 Yuan** primarily consisted of bank acceptance bill deposits[327](index=327&type=chunk)[328](index=328&type=chunk) - Financial assets held for trading at period-end were **2,735,788,239.61 Yuan**, mainly wealth management products[330](index=330&type=chunk) - Accounts receivable at period-end had a book value of **205,013,643.11 Yuan**, with bad debt provisions of **32,423,797.05 Yuan**, primarily accrued based on aging portfolios[342](index=342&type=chunk)[343](index=343&type=chunk)[345](index=345&type=chunk) - Inventories at period-end had a book value of **116,870,658.93 Yuan**, with inventory depreciation provisions of **20,173,669.34 Yuan**, mainly comprising raw materials, inventory goods, and work-in-progress[379](index=379&type=chunk)[381](index=381&type=chunk) - Fixed assets at period-end had a book value of **98,027,261.67 Yuan**, with accumulated depreciation of **317,474,299.37 Yuan**, primarily including buildings, machinery and equipment, and energy efficiency collection equipment[393](index=393&type=chunk) - Intangible assets at period-end had a book value of **39,091,232.47 Yuan**, mainly land use rights and software[407](index=407&type=chunk) - Short-term borrowings at period-end were **24,017,100.00 Yuan**, including secured borrowings and secured + guaranteed borrowings[428](index=428&type=chunk) - Employee compensation payable at period-end was **4,060,413.49 Yuan**, with an increase of **51,736,597.82 Yuan** and a decrease of **59,242,442.52 Yuan** in this period[444](index=444&type=chunk) - Operating revenue for this period was **376,941,395.85 Yuan**, and operating cost was **237,331,784.97 Yuan**[463](index=463&type=chunk) - Investment income for this period was **41,463,416.47 Yuan**, primarily from long-term equity investments accounted for using the equity method and wealth management product investment income[477](index=477&type=chunk) - Credit impairment losses for this period were **-452,198.54 Yuan**, mainly from bad debt losses on notes receivable, accounts receivable, and other receivables[479](index=479&type=chunk) - Total assets with restricted ownership or use rights at period-end were **80,685,669.29 Yuan**, primarily including monetary capital, notes receivable, fixed assets, and intangible assets, with restriction types being deposits and mortgages[424](index=424&type=chunk) [Research and Development Expenses](index=130&type=section&id=VIII.%20Research%20and%20Development%20Expenses) During the reporting period, the company's total R&D expenses amounted to **20,390,592.10 Yuan**, all expensed, primarily consisting of salaries, direct material and other inputs, and depreciation expenses, showing a year-on-year decrease R&D Expense Composition | Item | Amount in Current Period (Yuan) | Amount in Prior Period (Yuan) | | :--- | :--- | :--- | | Salaries and Wages | 16,516,645.68 | 17,710,050.08 | | Direct Material and Other Inputs | 1,788,443.06 | 4,002,888.12 | | Depreciation Expenses | 1,536,497.04 | 1,579,874.03 | | Amortization of Intangible Assets | 126,618.51 | 104,767.41 | | Entrusted Development Fees | 38,834.95 | 24,627.72 | | Other | 383,552.86 | 327,823.13 | | **Total** | **20,390,592.10** | **23,750,030.49** | - All R&D expenses for this period were expensed[503](index=503&type=chunk) [Changes in Consolidation Scope](index=130&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company did not achieve business combinations in stages through multiple transactions to obtain control, nor did it experience changes in consolidation scope due to non-same control business combinations, same control business combinations, or disposal of subsidiaries - There were no transactions where control was obtained through multiple transactions in stages during the reporting period[505](index=505&type=chunk) - Non-same control business combinations occurring in this period are not applicable[505](index=505&type=chunk) - Same control business combinations occurring in this period are not applicable[508](index=508&type=chunk) - There were no transactions or events involving the loss of control over subsidiaries in this period[506](index=506&type=chunk) [Interests in Other Entities](index=131&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries, joint ventures, and as

金融界消息 截至2025年8月14日收盘，新联电子（002546）报收于6.08元，下跌1.94%，换手率4.13%， 成交量33.08万手，成交金额2.03亿元。 资金流向方面，今日主力资金净流出1056.57万元，占比成交额5.21%。其中，超大单净流入53.14万 元、占成交额0.26%，大单净流出1109.71万元、占成交额5.47%，中单净流出流出1409.25万元、占成交 额6.95%，小单净流入2465.82万元、占成交额12.16%。 新联电子最新一期业绩显示，截至2025一季报，公司营业总收入1.77亿元、同比增长11.57%，归属净利 润1.07亿元，同比增长742.35%，扣非净利润4022.02万元，同比增长35.17%，流动比率12.954、速动比 率12.376、资产负债率7.34%。 天眼查商业履历信息显示，南京新联电子股份有限公司，成立于2003年，位于南京市，是一家以从事仪 器仪表制造业为主的企业。企业注册资本83404.9096万人民币，实缴资本6300万人民币。公司法定代表 人为胡敏。 通过天眼查大数据分析，南京新联电子股份有限公司共对外投资了11家企业，参与招投标项目4 ...