凤形股份有限公司 总裁工作细则 凤形股份有限公司 总裁工作细则 第一章 总则 第一条 为进一步完善凤形股份有限公司（以下简称"公司"）的法人治理结构，规范公 司经营管理层的行为及运作，依照《中华人民共和国公司法》（以下简称《公司法》）等法律、 法规及《凤形股份有限公司章程》（以下简称"《公司章程》"）的相关规定，制定本细则。 第二条 公司依法设置总裁，由董事会聘任。总裁主持公司日常业务经营和管理工作，组 织实施董事会决议，对董事会负责。 第二章 总裁与其他高级管理人员的任职资格与任免程序 第三条 总裁与副总裁任职应当具备下列条件： （一） 具有较丰富的经济理论知识、管理知识及实践经验，具有较强的经营管理能力； （二） 具有调动员工积极性的领导能力。建立合理的组织机构、协调各种内外关系和统 揽全局的能力； （三） 具有一定的企业管理或经济工作经历，精通本行，熟悉经营业务和掌握国家有关 政策、法律、法规； （四） 诚信勤勉，廉洁奉公，民主公道； （五） 年富力强，有较强的使命感和积极开拓的进取精神； （六） 法律、法规、《公司章程》及中国证监会规定的其他条件。 （四）法律法规、深圳证券交易所规定的其他情形。 总裁 ...

凤形股份有限公司 董事会提名委员会实施细则 凤形股份有限公司 董事会提名委员会实施细则 第一章 总 则 第一条 为规范凤形股份有限公司（以下简称"公司"）董事、高级管理人员的产生，优 化公司董事会组成，完善公司法人治理结构，根据《中华人民共和国公司法》、《上市公司治 理准则》、《公司章程》及其他有关规定，公司特设立董事会提名委员会，并制定本实施细则。 第二条 董事会提名委员会是经公司股东会批准设立的董事会专门工作机构，主要负责对 公司董事和高级管理人员的人选、选择标准和程序进行选择并提出建议。 第二章 人员组成 第三条 提名委员会成员由三名董事组成，其中两名独立董事。 第四条 提名委员会委员由董事长、二分之一以上独立董事或者全体董事的三分之一提名， 并由董事会选举产生。 第五条 提名委员会设主任委员（召集人）一名，由独立董事委员担任，负责主持委员会 工作；主任委员在委员内选举，并报请董事会批准产生。 第六条 提名委员会任期与董事会任期一致，委员任期届满，连选可以连任。期间如有委 员不再担任公司董事职务，自动失去委员资格，并由委员会根据上述第三至第五条规定补足 委员人数。 第三章 职责权限 第七条 提名委员会负 ...

凤形股份有限公司 董事会秘书工作细则 凤形股份有限公司 董事会秘书工作细则 第一章 总则 董事会秘书是公司与深圳证券交易所之间的指定联络人。 第二章 任职资格 第三条 董事会秘书应当具备履行职责所必需的财务、管理、法律专业知识，具有良好的 职业道德和个人品德。 第四条 有下列情形之一的人士不得担任公司董事会秘书： （一）根据《公司法》等法律法规及其他有关规定不得担任董事、高级管理人员的情形； （二）被中国证监会采取不得担任上市公司董事、高级管理人员的市场禁入措施，期限 尚未届满； （三）被证券交易所公开认定为不适合担任公司董事和高级管理人员，期限尚未届满； 第一条 为规范凤形股份有限公司（以下简称"公司"或"本公司"）的公司行为，完善 公司法人治理机构，明确董事会秘书的职责权限，根据《中华人民共和国公司法》（以下简称 "《公司法》"）、《深圳证券交易所股票上市规则》（以下简称"《上市规则》"）、《深圳证券交易 所上市公司自律监管指引第 1 号——主板上市公司规范运作》（以下简称"《规范运作指引》"）、 《公司章程》及其他有关规定，制定本工作细则。 第二条 董事会秘书为公司的高级管理人员，对公司和董事会负责。法 ...

凤形股份有限公司 董事、高级管理人员离职管理制度 第四条 公司董事、高级管理人员可以在任期届满以前辞职，董事、高级管 理人员辞职应当向公司提交书面辞职报告，辞职报告中应说明辞职原因。董事辞 任的，自公司收到通知之日辞任生效。高级管理人员辞任的，自董事会收到辞职 报告时生效。 第一章 总则 第一条 为规范凤形股份有限公司（以下简称"公司"）董事、高级管理人员 离职事宜，保障公司治理结构的连续性和稳定性，维护公司及全体股东的合法权 益，公司根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）、《深圳证券交易所股票上市规则》《深圳 证券交易所上市公司自律监管指引第 1 号——主板上市规范运作》（以下简称 "《规范运作》"）等法律法规、规范性文件及《凤形股份有限公司章程》（以下简 称"《公司章程》"）的有关规定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司董事（含独立董事）、高级管理人员的离职管理。 第二章 离职情形与程序 第三条 公司董事、高级管理人员离职包含任期届满、辞任、被解除职务或 其他原因离职的情形。 凤形股份有限公司 董事、高级管理人员离 ...

第一章 总则 第一条 为加强对公司董事和高级管理人员持有和买卖凤形股份有限公司 （以下简称"公司"或"本公司"）股票的管理，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、中 国证券监督管理委员会（以下简称"中国证监会"）发布的《上市公司董事和高级 管理人员所持本公司股份及其变动管理规则》（以下简称"《管理规则》"）、《深圳 证券交易所股票上市规则》（以下简称"《股票上市规则》"）、《深圳证券交易所 上市公司自律监管指引第 1 号——主板上市公司规范运作》（以下简称"《规范运 作》"）等法律、行政法规、部门规章、规范性文件以及《凤形股份有限公司章 程》（以下简称"《公司章程》"）的有关规定，并结合本公司实际情况，制定本 制度。 第二条 本公司董事和高级管理人员持有的本公司股票，是指登记在其名下 和利用他人账户持有的所有本公司股份。 公司董事和高级管理人员从事融资融券交易的，还包括记载在其信用账户内 的本公司股份。 凤形股份有限公司 董事和高级管理人员持有和买卖本公司股票管理制度 凤形股份有限公司 董事和高级管理人员持有和买卖本公司股票管理制度 第三 ...

凤形股份有限公司 董事、高级管理人员薪酬管理制度 凤形股份有限公司 董事、高级管理人员薪酬管理制度 第一章 总则 第一条 为客观反映凤形股份有限公司（以下简称公司）董事与高级管理人 员所付出的劳动，在公司决策过程中所承担的责任及体现的价值，激励公司董事 与高级管理人员积极参与决策、管理与监督。根据《中华人民共和国公司法》《上 市公司治理准则》《上市公司独立董事管理办法》及其它相关法律、法规和《凤 形股份有限公司章程》（以下简称"《公司章程》"）的相关规定，结合公司实际情 况，制定本制度，薪酬体系需与公司战略目标、股东价值创造、可持续发展深度 融合，作为吸引人才、约束短期行为、推动长期价值增长的核心工具。 第二条 本制度适用对象为公司董事与高级管理人员，具体包括以下人员： （一）独立董事是指不在公司担任除董事外的其他职务，并与公司及主要股 东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独立客 观判断关系的董事。 （二）外部董事：指由非公司员工的外部人员担任的董事。除董事和董事专 门委员会有关职务外，外部董事不担任其他职务，不负责执行层的事务。 （三）内部董事：指由公司员工担任的董事。 （四）职 ...

凤形股份有限公司 筹资管理制度 凤形股份有限公司 第二条 本制度适用于公司、公司控股子公司的筹资行为。 第三条 本制度所称筹资，是指公司为了满足生产经营发展需要，通过发行股票、债券以 及向银行等金融机构借款等形式筹集资金的活动。 第四条 公司筹资活动应符合公司战略发展规划，同时考虑企业资金、筹资成本、资本结 构和偿债能力等因素。 第二章 组织机构和职责 第五条 公司证券部是公司在证券市场发行公司股票、债券的承办部门，负责联络中介机 构、拟定发行公司股票或债券筹资方案和相关文件的准备、起草、归集、协助申报，并负责 相关筹资文件的收集、整理、归档、保管；负责所有筹资业务相关的信息披露。 第六条 公司财务部是公司向银行等金融机构筹资的承办部门，负责办理公司银行借款及 票据贴现、银行间市场发行的短融中票等筹资活动，并负责相关筹资文件的收集、整理、保 管、归档，同时办理所有筹资业务的相关会计处理。 第七条 筹资业务的授权人和执行人、会计记录人之间应相互分离。 第八条 公司负责办理筹资业务的人员应当具备必要的筹资业务专业知识和良好的职业 道德，熟悉国家有关法律法规及证券、金融业务。 筹资管理制度 第一章 总则 第一条 为 ...

[Section I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides important notices regarding the report's accuracy and future plans, along with definitions of key terms for clarity [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, while also highlighting risks associated with future plans and performance forecasts, with no interim cash dividends, bonus shares, or capital reserve conversions planned - The company's board of directors, supervisory board, and senior management commit to the truthfulness, accuracy, and completeness of the report content[4](index=4&type=chunk) - Content related to future plans and performance forecasts in the report does not constitute a substantive commitment, and investors should be aware of investment risks[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[6](index=6&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section provides definitions for common terms used in the report, including company abbreviations, subsidiary names, laws and regulations, and the reporting period, to ensure clear understanding of the content Key Definitions | Term | Definition | | :--- | :--- | | Fengxing Shares/Company/This Company | Fengxing Co., Ltd. | | Kangfu Technology | Kangfu Technology Co., Ltd. | | Fengxing New Materials | Anhui Fengxing New Materials Technology Co., Ltd. | | Jinan Jimeile | Jinan Jimeile Power Technology Co., Ltd. | | Western Indium Industry | Qinghai Western Indium Industry Co., Ltd. | | Reporting Period/This Reporting Period/This Period | January 1, 2025 to June 30, 2025 | [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information and presents key accounting data and financial indicators for the reporting period [Company Profile](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Fengxing Co., Ltd., stock ticker 'Fengxing Shares' (002760), is listed on the Shenzhen Stock Exchange, with Zhou Zhenghua as its legal representative and registered and operational addresses in Nanchang, Jiangxi Province Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Fengxing Shares | | Stock Code | 002760 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Zhou Zhenghua | | Company Registered Address | No. 1888, Jinsha Third Road, Xiaolan Economic and Technological Development Zone, Nanchang County, Nanchang City, Jiangxi Province | | Company Office Address | Units 1501-1504, Building B1, Shanglian Center, No. 99 Jinjiang Road, Honggutan District, Nanchang City, Jiangxi Province | [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue decreased by 2.46% year-on-year, and net profit attributable to shareholders significantly dropped by 44.18%, while net profit excluding non-recurring gains and losses increased by 385.43%, with operating cash flow turning positive and slight changes in total assets and net assets attributable to shareholders Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (CNY) | Prior Year (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 293,749,016.77 | 301,146,421.01 | -2.46% | | Net Profit Attributable to Shareholders of Listed Company | 7,280,726.60 | 13,044,316.21 | -44.18% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 2,853,009.32 | 587,724.86 | 385.43% | | Net Cash Flow from Operating Activities | 99,347.16 | -33,063,274.30 | 100.30% | | Basic Earnings Per Share | 0.07 | 0.12 | -41.67% | | Weighted Average Return on Net Assets | 0.89% | 1.44% | -0.55% | | Total Assets (Period-end) | 1,220,182,952.95 | 1,267,157,401.58 | -3.71% | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 817,136,986.69 | 809,884,587.09 | 0.90% | [Non-recurring Gains and Losses and Amounts](index=8&type=section&id=%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to CNY 4,427,717.28, primarily from government subsidies and fair value changes of financial assets, significantly contributing to net profit after tax impact Non-recurring Gains and Losses and Amounts | Item | Amount (CNY) | Explanation | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -4,555.84 | | | Government Subsidies Included in Current Period's Profit/Loss | 4,237,504.50 | Primarily government subsidies and awards received in the current period | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities Held by Non-financial Enterprises, and Gains/Losses from Disposal of Financial Assets and Liabilities | 351,505.57 | | | Other Non-operating Income and Expenses Apart from the Above | -28,767.63 | | | Less: Income Tax Impact | 127,969.32 | | | Total | 4,427,717.28 | | [Section III Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's main businesses, core competencies, financial performance, asset and liability status, investment activities, and risk management strategies [Main Businesses During the Reporting Period](index=9&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main businesses include wear-resistant materials and marine electrical system solutions and special motors, with wear-resistant materials primarily high-chrome grinding media for mining and cement, and marine electrical systems for shipbuilding and military, both operating on a make-to-order and direct sales model - The company's main businesses are wear-resistant materials and marine electrical system solutions and special motors[26](index=26&type=chunk) - The wear-resistant materials business primarily offers “Fengxing” brand high-chrome grinding media, ultra-high chrome grinding media, medium-low chrome grinding media, and liners, mainly high-chrome grinding media, used in metallurgy, mining, building materials, cement, and thermal power industries[26](index=26&type=chunk) - The marine electrical system solutions and special motors business, primarily undertaken by Kangfu Technology, has products widely used in ships, military, communication facilities, shopping malls, hospitals, and other venues and fields[27](index=27&type=chunk) [Core Competitiveness Analysis](index=10&type=section&id=%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness lies in continuous technological innovation, brand and channel advantages, and market leadership, with advanced production processes in wear-resistant materials and proprietary R&D in marine electrical systems, securing multiple patents and provincial technical center certifications for energy efficiency and new energy vessel applications, establishing a strong brand and stable customer base through reliable quality and rapid response - The wear-resistant materials business possesses advanced domestic production equipment such as iron mold sand-coated casting ball production lines and vertical parting flaskless molding lines, employing industry-leading processes like melting, constant temperature pouring, and heat treatment[30](index=30&type=chunk) - The marine electrical system solutions and special motors business adheres to independent R&D, being one of the few domestic pioneers in providing marine electrical system solutions, possessing self-developed technologies such as constant frequency and constant voltage systems and DC propulsion systems, participating in the formulation and revision of 20 national standards, and holding a cumulative total of **148 valid patents**[31](index=31&type=chunk) - The company has established a brand advantage in the wear-resistant castings industry and the marine equipment and special fields, boasting well-known domestic and international clients such as China Railway Resources, Huaxin Cement, and IMPALA Mining Group[32](index=32&type=chunk) [Main Business Analysis](index=11&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue decreased by 2.46% year-on-year, yet marine electrical system solutions and special motor business revenue grew by 40.07% with a 3.02% increase in gross margin, while mining sector revenue rose by 3.65% and international sales surged by 93.23%, with increased selling and administrative expenses offset by a significant decrease in financial expenses due to loan repayments and increased wealth management interest income Key Financial Data Year-on-Year Changes | Indicator | Current Period (CNY) | Prior Year (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 293,749,016.77 | 301,146,421.01 | -2.46% | | | Selling Expenses | 18,578,821.19 | 17,301,428.55 | 7.38% | Primarily due to increased marketing and other expenses | | Administrative Expenses | 27,370,513.46 | 25,602,556.41 | 6.91% | Primarily due to increased depreciation, amortization, and payroll expenses | | Financial Expenses | -2,322,819.00 | 2,186,038.17 | -206.26% | Primarily due to loan repayments and increased interest income from wealth management | | Income Tax Expense | 2,547,551.23 | 34,262.99 | 7,335.29% | Primarily due to prepaid income tax and deferred income tax impact | | Net Cash Flow from Operating Activities | 99,347.16 | -33,063,274.30 | 100.30% | Primarily due to reduced cash outflow for procurement settlements | | Net Cash Flow from Investing Activities | -152,325,968.92 | -22,528,346.55 | -576.15% | Primarily due to increased investment in wealth management | | Net Cash Flow from Financing Activities | -23,049,372.57 | -61,599,356.23 | 62.58% | Primarily due to reduced loan repayments and share repurchases | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Period Amount (CNY) | % of Operating Revenue | Prior Year Amount (CNY) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Cement | 34,062,018.26 | 11.60% | 44,029,712.23 | 14.62% | -22.64% | | | Mining | 133,124,532.16 | 45.32% | 128,435,467.01 | 42.65% | 3.65% | | | Marine Equipment and Other Special Fields | 97,276,963.54 | 33.12% | 69,446,938.96 | 23.06% | 40.07% | | **By Product** | High-Chrome Wear-Resistant Products | 191,497,727.78 | 65.19% | 224,271,715.88 | 74.47% | -14.61% | | | Marine Electrical System Solutions and Special Motors | 97,276,963.54 | 33.12% | 69,446,938.96 | 23.06% | 40.07% | | **By Region** | Domestic Sales | 253,678,674.73 | 86.36% | 280,409,505.79 | 93.11% | -9.53% | | | International Sales | 40,070,342.04 | 13.64% | 20,736,915.22 | 6.89% | 93.23% | [Non-Core Business Analysis](index=12&type=section&id=%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's non-core businesses significantly impacted total profit, with investment income and credit impairment losses being major contributors, while other income, primarily government subsidy amortization, accounted for a substantial **147%**, serving as a key source of profit for the current period Impact of Non-Core Businesses on Total Profit | Item | Amount (CNY) | % of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,439,885.59 | 14.65% | Primarily investment income from associates | Yes | | Fair Value Change Gains/Losses | 133,054.24 | 1.35% | Primarily changes in financial assets held for trading | No | | Asset Impairment | -338,340.37 | -3.44% | Primarily inventory write-downs | No | | Other Income | 14,448,046.42 | 147.00% | Primarily amortization of deferred income and government subsidies recognized in the current period | No | | Credit Impairment Losses | 1,075,526.96 | 10.94% | Primarily bad debt provisions for accounts receivable | No | [Analysis of Assets and Liabilities](index=12&type=section&id=%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets decreased by 3.71% year-on-year, with cash and cash equivalents significantly down by 13.02% due to wealth management product purchases and loan repayments, while financial assets held for trading increased by 12.30% due to wealth management product purchases, and both long-term and short-term borrowings decreased, indicating debt structure optimization Significant Changes in Asset Composition | Item | Amount at End of Current Period (CNY) | % of Total Assets | Amount at End of Prior Year (CNY) | % of Total Assets | % Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 155,140,165.08 | 12.71% | 326,016,857.17 | 25.73% | -13.02% | Primarily due to purchases of wealth management products and loan repayments | | Financial Assets Held for Trading | 150,133,054.24 | 12.30% | 0.00 | 0.00% | 12.30% | Primarily due to purchases of wealth management products | | Short-term Borrowings | 5,004,682.78 | 0.41% | 10,006,641.82 | 0.79% | -0.38% | No significant change | | Long-term Borrowings | 20,000,000.00 | 1.64% | 30,000,000.00 | 2.37% | -0.73% | No significant change | - Other cash and cash equivalents of **CNY 18,706,810.61** at period-end represent bill payment deposits and letter of guarantee deposits, and **CNY 27,345.16** represents funds in a securities repurchase special account, both with usage restrictions[47](index=47&type=chunk) [Investment Analysis](index=14&type=section&id=%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's investment amount increased by 68.69% year-on-year, primarily due to increased wealth management investments, with no significant equity, non-equity, securities, or derivative investments, nor any use of raised funds Changes in Investment Amount During the Reporting Period | Indicator | Current Period (CNY) | Prior Year (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount During Reporting Period | 213,174,220.25 | 126,372,303.00 | 68.69% | - The company had no securities investments, derivative investments, or use of raised funds during the reporting period[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) [Analysis of Major Controlled and Invested Companies](index=15&type=section&id=%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's major controlled subsidiaries, Fengxing New Materials and Kangfu Technology, both achieved profitability during the reporting period, with Fengxing New Materials, specializing in wear-resistant materials, reporting a net profit of **CNY 8.21 million**, and Kangfu Technology, focusing on marine electrical systems and special motors, reporting a net profit of **CNY 7.98 million** Financial Data of Major Subsidiaries | Company Name | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Anhui Fengxing New Materials Technology Co., Ltd. | R&D, production, sales, and service of wear-resistant materials | 50,000,000.00 | 774,931,269.57 | 551,995,482.26 | 194,666,479.76 | 8,334,648.20 | 8,213,460.66 | | Kangfu Technology Co., Ltd. | Design, production, and sales of marine electrical system solutions and special motors | 100,000,000.00 | 308,300,578.33 | 175,025,788.22 | 89,739,993.17 | 10,067,253.51 | 7,975,531.24 | [Company Risks and Countermeasures](index=15&type=section&id=%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from cyclical product procurement fluctuations, volatile raw material prices, and intensifying market competition, which it plans to address by actively developing new products, implementing flexible sales and credit policies, optimizing supply chain management, adjusting product structure, and continuously strengthening sales channels and technological innovation to enhance customer loyalty - Risk one: Cyclical fluctuations in product procurement, where a slower-than-expected recovery in downstream industries (cement and building materials, metallurgy and mining, shipping market) may impact market demand[56](index=56&type=chunk) - Countermeasures: Actively develop new products to expand market position; adopt flexible sales, credit, and inventory management policies to enhance adaptability and risk resistance[56](index=56&type=chunk) - Risk two: Price fluctuations of major raw materials (scrap steel, high-carbon ferrochrome, silicon steel sheets, cold-rolled plates, enameled wire, etc.) may affect production budgets and cost control[56](index=56&type=chunk)[57](index=57&type=chunk) - Countermeasures: Continuously monitor raw material prices, optimize supply chain management, adjust product structure, and timely adjust product selling prices to mitigate the impact of price fluctuations[57](index=57&type=chunk) - Risk three: Low concentration in the wear-resistant materials industry intensifies market competition; technological advancements and increased strength of domestic manufacturers in the marine electrical system and special motor industry also heighten competition[58](index=58&type=chunk) - Countermeasures: Strengthen sales channel development and establish strategic partnerships; form a comprehensive intellectual property system and unique technological advantages; provide personalized customization and after-sales service to enhance customer loyalty[58](index=58&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=17&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details changes in the company's governance structure, profit distribution plans, employee incentive measures, and social responsibility initiatives during the reporting period [Changes in Directors, Supervisors, and Senior Management](index=17&type=section&id=%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's directors, supervisors, or senior management - There were no changes in the company's directors, supervisors, and senior management during the reporting period[61](index=61&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period](index=17&type=section&id=%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[62](index=62&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=17&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor any implementation thereof - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor any implementation thereof during the reporting period[63](index=63&type=chunk) [Social Responsibility](index=17&type=section&id=%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities, including protecting shareholder rights through improved governance and minority shareholder participation, safeguarding employee rights by adhering to labor laws and prioritizing health and talent development, ensuring supplier and customer rights through integrity and strategic partnerships, and engaging in public welfare activities such as blood donation and employee welfare programs - The company strictly adheres to laws and regulations, improves its corporate governance structure, safeguards the legitimate rights and interests of shareholders, especially minority shareholders, and communicates with shareholders through various channels[64](index=64&type=chunk) - The company complies with labor laws, ensures employee occupational safety and social security, prioritizes employee health, and values talent development and training[65](index=65&type=chunk) - The company adheres to honest operation, establishes strategic partnerships with suppliers and customers, and respects and protects the legitimate rights and interests of all parties[65](index=65&type=chunk) - The company's Party Committee and labor union regularly organize employees to participate in public welfare activities such as voluntary blood donation and visiting employees in need, and provide scholarship subsidies for employees' children admitted to higher education institutions[66](index=66&type=chunk) [Section V Significant Matters](index=19&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers significant matters including commitments, non-operating fund occupation, illegal external guarantees, auditor appointments, litigation, related party transactions, and major contracts [Commitments](index=19&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company itself that were either fulfilled or overdue and unfulfilled as of the end of the reporting period - During the reporting period, the company had no commitments from its actual controller, shareholders, related parties, acquirers, or the company itself that were either fulfilled or overdue and unfulfilled as of the end of the reporting period[68](index=68&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=19&type=section&id=%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company[69](index=69&type=chunk) [Illegal External Guarantees](index=19&type=section&id=%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company had no illegal external guarantees - The company had no illegal external guarantees during the reporting period[70](index=70&type=chunk) [Appointment and Dismissal of Accounting Firms](index=19&type=section&id=%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%83%85%E5%86%B5) The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[71](index=71&type=chunk) [Litigation Matters](index=19&type=section&id=%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no significant litigation or arbitration matters during the current reporting period - The company had no significant litigation or arbitration matters during the current reporting period[73](index=73&type=chunk) [Significant Related Party Transactions](index=20&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in ordinary course related party transactions with Baiyin Huaxin Jiuhe Renewable Resources Co., Ltd., selling wear-resistant materials and generator-related products for **CNY 370,000**, which did not exceed the approved limit, and had no other significant related party transactions such as asset or equity acquisitions/disposals, joint external investments, or related party debt/credit Related Party Transactions in Ordinary Course of Business | Related Party | Type of Related Party Transaction | Content of Related Party Transaction | Amount of Related Party Transaction (CNY 10,000) | % of Similar Transactions | Approved Transaction Limit (CNY 10,000) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Baiyin Huaxin Jiuhe Renewable Resources Co., Ltd. | Sale of Goods | Wear-resistant materials, generator-related products | 37 | 0.13% | 550 | No | - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[77](index=77&type=chunk) - The company had no related party debt or credit transactions during the reporting period[79](index=79&type=chunk) [Significant Contracts and Their Performance](index=21&type=section&id=%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had no entrustment, contracting, or leasing matters, but provided several joint liability guarantees for subsidiaries Kangfu Technology, Fengxing New Materials, and Jinan Jimeile Power Technology Co., Ltd., with a total actual guarantee balance of **CNY 473.4 million** at period-end, representing **60.99%** of the company's net assets, and no entrusted wealth management or other significant contracts - The company had no entrustment, contracting, or leasing situations during the reporting period[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) Company Guarantees for Subsidiaries | Name of Guaranteed Party | Type of Guarantee | Guarantee Limit (CNY 10,000) | Actual Guarantee Amount (CNY 10,000) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Kangfu Technology Co., Ltd. | Joint and Several Liability Guarantee | 3,000 | 3,000 | 36 months | No | | Kangfu Technology Co., Ltd. | Joint and Several Liability Guarantee | 1,500 | 1,500 | 36 months | No | | Kangfu Technology Co., Ltd. | Joint and Several Liability Guarantee | 3,000 | 3,000 | 36 months | No | | Kangfu Technology Co., Ltd. | Joint and Several Liability Guarantee | 2,400 | 2,400 | 36 months | No | | Kangfu Technology Co., Ltd. | Joint and Several Liability Guarantee | 2,600 | 2,600 | 36 months | No | | Anhui Fengxing New Materials Technology Co., Ltd. | Joint and Several Liability Guarantee | 6,000 | 6,000 | 60 months | No | | Anhui Fengxing New Materials Technology Co., Ltd. | Joint and Several Liability Guarantee | 1,000 | 1,000 | 48 months | No | | Anhui Fengxing New Materials Technology Co., Ltd. | Joint and Several Liability Guarantee | 15,000 | 15,000 | 48 months | No | | Anhui Fengxing New Materials Technology Co., Ltd. | Joint and Several Liability Guarantee | 3,000 | 3,000 | 36 months | No | | Anhui Fengxing New Materials Technology Co., Ltd. | Joint and Several Liability Guarantee | 3,840 | 3,840 | 36 months | No | | Anhui Fengxing New Materials Technology Co., Ltd. | Joint and Several Liability Guarantee | 5,000 | 5,000 | 36 months | No | | Jinan Jimeile Power Technology Co., Ltd. | Joint and Several Liability Guarantee | 1,000 | 1,000 | 36 months | No | - At the end of the reporting period, the total actual guarantee balance for subsidiaries was **CNY 498.4 million**, accounting for **60.99%** of the company's net assets[88](index=88&type=chunk) - The company had no entrusted wealth management or other significant contracts during the reporting period[89](index=89&type=chunk)[90](index=90&type=chunk) [Section VI Share Changes and Shareholder Information](index=25&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details the company's share capital changes, shareholder structure, and any changes in controlling shareholders or actual controllers during the reporting period [Share Change Information](index=25&type=section&id=%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital remained unchanged at **107,988,706 shares**, having completed a share repurchase plan on February 20, 2025, accumulating **1,652,000 shares**, representing **1.55%** of the total share capital, with a total transaction amount of **CNY 25,022,595** Changes in Total Share Capital | Item | Quantity Before This Change | % Before This Change | Increase/Decrease in This Change (+, -) | Quantity After This Change | % After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Shares | 107,988,706 | 100.00% | 0 | 107,988,706 | 100.00% | - The company completed its share repurchase plan on February 20, 2025, having repurchased a cumulative total of **1,652,000 shares**, accounting for **1.55%** of the company's total share capital, with a total transaction amount of **CNY 25,022,595**[96](index=96&type=chunk) [Shareholder Numbers and Shareholding Information](index=26&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) At the end of the reporting period, the total number of common shareholders was **14,344**, with Qinghai Western Indium Industry Co., Ltd. being the largest shareholder holding **23.28%** of shares, some of which are pledged, and Jiangxi Taihao Technology Development Co., Ltd. holding **4.54%** Total Number of Common Shareholders at Period-End | Indicator | Quantity | | :--- | :--- | | Total Number of Common Shareholders at Period-End | 14,344 | Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held | Number of Unrestricted Shares Held | Share Status | Quantity | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Qinghai Western Indium Industry Co., Ltd. | Domestic Non-State-Owned Legal Person | 23.28% | 25,142,857 | 25,142,857 | Pledged | 11,900,000 | | Jiangxi Taihao Technology Development Co., Ltd. | Domestic Non-State-Owned Legal Person | 4.54% | 4,899,406 | 4,899,406 | Not Applicable | 0 | [Changes in Controlling Shareholder or Actual Controller](index=28&type=section&id=%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) During the reporting period, neither the company's controlling shareholder nor its actual controller changed - The company's controlling shareholder did not change during the reporting period[101](index=101&type=chunk) - The company's actual controller did not change during the reporting period[101](index=101&type=chunk) [Section VII Bond-Related Information](index=30&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[104](index=104&type=chunk) [Section VIII Financial Report](index=31&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies, taxes, and financial statement items [Audit Report](index=31&type=section&id=%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[106](index=106&type=chunk) [Financial Statements](index=31&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity, comprehensively presenting the financial position at period-end and operating results, cash flows, and changes in owners' equity during the reporting period - The financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[107](index=107&type=chunk)[111](index=111&type=chunk)[114](index=114&type=chunk)[117](index=117&type=chunk)[119](index=119&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk)[134](index=134&type=chunk) [Company Basic Information](index=49&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Fengxing Co., Ltd. was listed on the Shenzhen Stock Exchange main board in June 2015 under stock code 002760, with a total share capital of **CNY 107,988,706.00** as of June 30, 2025, and its main businesses are high-chrome wear-resistant products and special motors and their integrated products - Fengxing Co., Ltd. was listed on the Shenzhen Stock Exchange main board in June 2015, with stock abbreviation 'Fengxing Shares' and stock code '002760'[141](index=141&type=chunk) - As of June 30, 2025, the company's total share capital was **CNY 107,988,706.00**[141](index=141&type=chunk) - The company's main businesses are high-chrome wear-resistant products and special motors and their integrated products, making it a professional supplier of wear-resistant materials in China[141](index=141&type=chunk) [Basis of Financial Statement Preparation](index=49&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company prepares its financial statements on a going concern basis, in accordance with enterprise accounting standards, their application guidelines, and interpretations, and complies with the information disclosure requirements of the China Securities Regulatory Commission, assessing its going concern ability to be good for 12 months from the end of the reporting period - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with enterprise accounting standards, their application guidelines, and interpretations[143](index=143&type=chunk) - The company assessed its going concern ability for 12 months from the end of the reporting period and found no matters affecting its ability to continue as a going concern[144](index=144&type=chunk) [Significant Accounting Policies and Estimates](index=49&type=section&id=%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's significant accounting policies and estimates used in preparing financial statements, covering specific treatment methods for business combinations, consolidated financial statements, cash and cash equivalents, financial instruments, inventories, long-term equity investments, fixed assets, intangible assets, employee compensation, revenue recognition, government grants, deferred tax assets/liabilities, and leases - The company adheres to enterprise accounting standards to truthfully and completely reflect its financial position, operating results, changes in owners' equity, and cash flows[146](index=146&type=chunk) - Financial assets are classified as those measured at amortized cost, at fair value through profit or loss, or at fair value through other comprehensive income[168](index=168&type=chunk) - Revenue recognition principles involve recognizing revenue when customers obtain control of related goods, distinguishing between recognition over time or at a point in time based on the type of performance obligation[221](index=221&type=chunk)[222](index=222&type=chunk)[223](index=223&type=chunk) [Taxation](index=73&type=section&id=%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, urban maintenance and construction tax, enterprise income tax, and education surcharge, with several subsidiaries enjoying a **15%** preferential income tax rate as high-tech enterprises, and some qualifying as small low-profit enterprises benefiting from a **20%** income tax rate Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13%, 6%, 5% | | Urban Maintenance and Construction Tax | 7% | | Enterprise Income Tax | 15%, 25%, 20% | | Education Surcharge | 3%, 2% | - Anhui Fengxing New Materials Technology Co., Ltd., Kangfu Technology Co., Ltd., and Jinan Jimeile Power Technology Co., Ltd. are recognized as high-tech enterprises, enjoying a preferential enterprise income tax rate of **15%**[244](index=244&type=chunk)[245](index=245&type=chunk) - Shanghai Guofeng Investment Development Co., Ltd. and several other subsidiaries qualify as small low-profit enterprises, enjoying a preferential enterprise income tax rate of **20%**[246](index=246&type=chunk) [Notes to Consolidated Financial Statement Items](index=74&type=section&id=%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on consolidated financial statement items, including cash and cash equivalents, financial assets held for trading, notes receivable, accounts receivable, contract assets, other receivables, inventories, long-term equity investments, fixed assets, intangible assets, goodwill, long-term prepaid expenses, deferred tax assets/liabilities, short-term borrowings, notes payable, accounts payable, other payables, contract liabilities, employee benefits payable, taxes payable, non-current liabilities due within one year, other current liabilities, long-term borrowings, lease liabilities, deferred income, share capital, treasury shares, operating revenue and costs, various expenses, other income, investment income, credit impairment losses, asset impairment losses, asset disposal gains/losses, non-operating income/expenses, income tax expense, and cash flow statement items Composition of Cash and Cash Equivalents | Item | Period-end Balance (CNY) | Period-start Balance (CNY) | | :--- | :--- | :--- | | Cash on hand | 35,475.51 | 33,674.47 | | Bank deposits | 136,370,533.80 | 311,814,155.04 | | Other cash and cash equivalents | 18,734,155.77 | 14,169,027.66 | | Total | 155,140,165.08 | 326,016,857.17 | Financial Assets Held for Trading | Item | Period-end Balance (CNY) | | :--- | :--- | | Financial assets measured at fair value through profit or loss | 150,133,054.24 | | Of which: Purchases of bank structured deposits | 100,000,000.00 | | Purchases of bank wealth management products | 50,133,054.24 | Operating Revenue and Operating Costs | Item | Current Period Revenue (CNY) | Current Period Cost (CNY) | Prior Period Revenue (CNY) | Prior Period Cost (CNY) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 288,774,691.32 | 237,374,982.54 | 293,718,654.84 | 236,939,332.26 | | Other Business | 4,974,325.45 | 3,660,596.54 | 7,427,766.17 | 6,857,145.36 | | Total | 293,749,016.77 | 241,035,579.08 | 301,146,421.01 | 243,796,477.62 | [Research and Development Expenses](index=114&type=section&id=%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) During the reporting period, the company's total R&D investment was **CNY 16,039,603.03**, with **CNY 14,896,361.17** expensed and **CNY 1,143,241.86** capitalized, focusing on projects such as marine distributed management and monitoring systems, electric propulsion vessel power generation systems, and high-efficiency intelligent generator sets Composition of Research and Development Expenses | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee compensation | 6,499,463.83 | 7,663,491.95 | | Material costs | 5,179,750.14 | 4,515,977.86 | | Electricity expenses | 2,603,574.65 | 2,054,370.63 | | Depreciation expenses | 686,604.98 | 157,380.02 | | Other expenses | 1,070,209.43 | 1,759,108.42 | | Total | 16,039,603.03 | 16,150,328.88 | | Of which: Expensed R&D | 14,896,361.17 | 14,455,003.37 | | Capitalized R&D | 1,143,241.86 | 1,695,325.51 | - The company has several R&D projects that meet capitalization criteria, such as the application and industrialization of LNG fuel-powered marine distributed management and monitoring systems, and research on 100KW-1500KW electric propulsion vessel power generation systems[485](index=485&type=chunk)[486](index=486&type=chunk) [Changes in Consolidation Scope](index=116&type=section&id=%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, there were no changes in the consolidation scope due to business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries - The company had no business combinations not under common control during the reporting period[490](index=490&type=chunk) - The company had no business combinations under common control during the reporting period[494](index=494&type=chunk) - The company had no transactions or events resulting in the loss of control over subsidiaries during the reporting period[496](index=496&type=chunk) [Interests in Other Entities](index=119&type=section&id=%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company owns several wholly-owned subsidiaries primarily engaged in wear-resistant materials, marine electrical systems, and special motors, and holds investments in non-significant associates with a total carrying value of **CNY 68,052,613.48**, recognizing a net profit of **CNY 591,634.26** from them in the current period Composition of the Enterprise Group (Partial Subsidiaries) | Subsidiary Name | Business Nature | Shareholding Ratio (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | | Anhui Fengxing New Materials Technology Co., Ltd. | R&D, production, sales, and service of wear-resistant materials | 100.00% | Establishment | | Kangfu Technology Co., Ltd. | Design, production, and sales of special motors and their integrated products | 100.00% | Business combination not under common control | | Jinan Jimeile Power Technology Co., Ltd. | Sales of special motor-related products | 100.00% | Business combination not under common control | Summary Financial Information of Non-Significant Associates | Item | Period-end Balance/Current Period Amount (CNY) | Period-start Balance/Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Carrying Value of Investments | 68,052,613.48 | 67,302,881.73 | | Net Profit | 591,634.26 | 702,830.51 | | Total Comprehensive Income | 591,634.26 | 702,830.51 | [Government Grants](index=123&type=section&id=%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) At the end of the reporting period, the balance of government grants in the company's deferred income was **CNY 133,869,057.31**, with **CNY 9,299,865.18** recognized as other income in the current period, primarily related to assets such as the Fengxing Industrial Park relocation, construction projects, and equipment upgrades Liability Items Involving Government Grants | Accounting Account | Period-start Balance (CNY) | Amount Recognized in Other Income for Current Period (CNY) | Period-end Balance (CNY) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 143,168,922.49 | 9,299,865.18 | 133,869,057.31 | Related to assets | Government Grants Recognized in Current Period Profit/Loss | Accounting Account | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Government grants in other income | 4,237,504.50 | 4,873,227.54 | [Risks Related to Financial Instruments](index=124&type=section&id=%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces credit, liquidity, and market risks, managed through deposits with high-credit financial institutions, monitoring customer credit records, and regularly assessing liquidity needs, with no hedging activities or hedge accounting applied during the reporting period - The company faces credit risk, liquidity risk, and market risk, with management responsible for formulating risk management objectives and policies[514](index=514&type=chunk) - Credit risk is controlled by depositing funds with highly reputable commercial banks, assessing customer creditworthiness, regularly monitoring credit records, and adopting flexible sales policies[514](index=514&type=chunk)[515](index=515&type=chunk) - Liquidity risk is managed by regularly monitoring short-term and long-term liquidity needs, ensuring sufficient cash reserves and readily marketable securities[516](index=516&type=chunk) - The company did not engage in hedging activities or apply hedge accounting during the reporting period[518](index=518&type=chunk)[519](index=519&type=chunk) [Disclosure of Fair Value](index=126&type=section&id=%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) At the end of the reporting period, the company's assets measured at fair value primarily included financial assets held for trading and notes receivable financing, totaling **CNY 194,617,091.60**, all classified as Level 3 fair value measurements Fair Value of Assets Measured at Fair Value at Period-End | Item | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | | Financial assets held for trading | 150,133,054.24 | 150,133,054.24 | | Notes receivable financing | 44,484,037.36 | 44,484,037.36 | | Total | 194,617,091.60 | 194,617,091.60 | [Related Parties and Related Party Transactions](index=127&type=section&id=%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's parent company is Qinghai Western Indium Industry Co., Ltd., with Xu Maohua as the ultimate controlling party; during the reporting period, the company engaged in goods sales with related party Baiyin Huaxin Jiuhe Renewable Resources Co., Ltd. and received guarantees from Taihao Group Co., Ltd., with key management personnel compensation totaling **CNY 2,552,944.66** - The company's parent company is Qinghai Western Indium Industry Co., Ltd., and the ultimate controlling party is Xu Maohua[526](index=526&type=chunk) Sales of Goods/Provision of Services | Related Party | Content of Related Party Transaction | Current Period Amount (CNY) | | :--- | :--- | :--- | | Baiyin Huaxin Jiuhe Renewable Resources Co., Ltd. | Sales of high-chrome wear-resistant products | 369,951.33 | The Company as a Guaranteed Party | Guarantor | Guarantee Amount (CNY) | Guarantee Start Date | Guarantee End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Taihao Group Co., Ltd. | 10,000,000.00 | 2022 年 06 月 20 日 | 2025 年 08 月 28 日 | No | | Taihao Group Co., Ltd. | 10,000,000.00 | 2022 年 06 月 20 日 | 2026 年 02 月 28 日 | No | | Taihao Group Co., Ltd. | 10,000,000.00 | 2022 年 06 月 20 日 | 2026 年 08 月 28 日 | No | | Taihao Group Co., Ltd. | 10,000,000.00 | 2022 年 06 月 20 日 | 2027 年 03 月 01 日 | No | Key Management Personnel Compensation | Item | Current Period Amount (CNY) | | :--- | :--- | | Key management personnel compensation | 2,552,944.66 | [Commitments and Contingencies](index=130&type=section&id=%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company has no significant commitments or contingencies requiring disclosure - The company has no significant contingencies requiring disclosure[548](index=548&type=chunk) [Notes to Parent Company Financial Statement Major Items](index=132&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on the parent company's major financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income, with accounts receivable at period-end totaling **CNY 96,715.82**, long-term equity investments at **CNY 1,070,172,155.83**, and current period investment income of **CNY 15,000,000.00** Parent Company Accounts Receivable by Age | Age | Period-end Book Balance (CNY) | | :--- | :--- | | Within 1 year (inclusive) | 0 | | 1 to 2 years | 0 | | 2 to 3 years | 87,144.00 | | Over 3 years | 47,859.09 | | Total | 135,003.09 | Parent Company Long-term Equity Investments | Item | Period-end Book Value (CNY) | | :--- | :--- | | Investments in subsidiaries | 1,070,172,155.83 | | Total | 1,070,172,155.83 | Parent Company Investment Income | Item | Current Period Amount (CNY) | | :--- | :--- | | Investment income from long-term equity investments accounted for using the cost method | 15,000,000.00 | | Total | 15,000,000.00 | [Section IX Other Submitted Data](index=142&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%B6%E4%BB%96%E6%8A%A5%E9%80%81%E6%95%B0%E6%8D%AE) This section includes information on other significant social safety issues, records of investor engagement activities, and details of fund movements between the listed company and its controlling shareholders and other related parties [Other Significant Social Safety Issues](index=142&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E7%A4%BE%E4%BC%9A%E5%AE%89%E5%85%A8%E9%97%AE%E9%A2%98%E6%83%85%E5%86%B5) Neither the listed company nor its subsidiaries had other significant social safety issues or received administrative penalties during the reporting period - Neither the listed company nor its subsidiaries had other significant social safety issues[619](index=619&type=chunk) - No administrative penalties were received during the reporting period[619](index=619&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=142&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) During the reporting period, on May 21, 2025, the company held an online performance briefing via a network platform, engaging with institutional and individual investors primarily to discuss the 2024 annual performance Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period | Reception Time | Reception Location | Reception Method | Type of Reception Object | Reception Object | Main Content Discussed and Materials Provided | | :--- | :--- | :--- | :--- | :--- | :--- | | May 21, 2025 | Online performance briefing | Online platform communication | Other | Institutions, individuals | 2024 Annual Online Performance Briefing | [Fund Movements Between Listed Company and Controlling Shareholders and Other Related Parties](index=142&type=section&id=%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E4%B8%8E%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E8%B5%84%E9%87%91%E5%BE%80%E6%9D%A5%E6%83%85%E5%86%B5) The company has operating and non-operating fund movements with controlling shareholders and other related parties, with a total period-end balance of **CNY 61.34 million**, all occurring as per business needs, approved through company procedures, and with controllable fund safety risks Fund Movements Between Listed Company and Controlling Shareholders and Other Related Parties | Name of Counterparty | Nature of Movement | Period-start Balance (CNY 10,000) | Amount During Reporting Period (CNY 10,000) | Repaid Amount During Reporting Period (CNY 10,000) | Period-end Balance (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Baiyin Huaxin Jiuhe Renewable Resources Co., Ltd. | Operating movement | 0 | 41.8 | 34.28 | 7.52 | | Kangfu Technology Co., Ltd. | Operating movement | 8.71 | 0 | 0 | 8.71 | | Jiangxi Fengxing Property Management Co., Ltd. | Non-operating movement | 1,673.38 | 4 | 0 | 1,677.38 | | Nanchang Kangfu New Energy Technology Co., Ltd. | Non-operating movement | 1,523.11 | 0 | 0 | 1,523.11 | | Jinan Jimeile Power Technology Co., Ltd. | Non-operating movement | 1,950 | 615.5 | 315.5 | 2,250 | | Shanghai Guofeng Investment Development Co., Ltd. | Non-operating movement | 532.82 | 134 | 0 | 666.82 | | Total | -- | 5,688.02 | 795.3 | 349.78 | 6,133.54 | - All fund movements occurred as per business needs, were approved through company procedures, and have controllable fund safety risks[621](index=621&type=chunk)

专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。 资料显示，刘志祥自2020年5月9日起担纲凤形股份财务负责人，拥有湖南大学本科学历及中级会计师职 称。此前履历集中于财务领域，包括在泰豪科技担任财务总监等职务。 目前，对于管理层薪酬与公司业绩及股价表现显著背离的现象，凤形股份尚未有公开说明。这一反差在 业绩下行期显得尤为突兀，其背后逻辑与市场共识间的张力值得关注。 新浪财经《2024年度A股CFO数据报告》显示，2024年A股上市公司财务总监CFO群体薪酬规模合计达 42.70亿元，平均年薪为81.48万元。 在2024年通用设备行业的寒风中，凤形股份（维权）交出了一份黯淡的答卷：2024年全年营收5.88亿 元，同比萎缩14.87%；归母净利润更是维持亏损状态，深陷-0.61亿元泥潭，同比微跌2%。 资本市场反应激烈，公司股价全年重挫22.45%，2024年末市值仅余18.36亿元，成为申万通用设备板块 的"失意者"。 然而 ...

Market Overview - As of August 1, the Shanghai Composite Index closed at 3559.95 points, with a decline of 0.37%. The Shenzhen Component Index closed at 10991.32 points, down 0.17%, and the ChiNext Index closed at 2322.63 points, decreasing by 0.24% [1]. Trading Volume Analysis - A total of 1503 stocks saw an increase in average transaction volume, with 31 stocks experiencing a rise of over 50%. Conversely, 3051 stocks reported a decrease in average transaction volume [1]. - Notable stocks with significant increases in average transaction volume include Kecuan Technology, Shenghui Integration, and Zhengzhong Design [1]. Active Stocks by Transaction Volume - The stocks with the highest increase in average transaction volume on August 1 include: - Kecuan Technology: 9.99% increase, average transaction volume of 1014 shares, up 193.10% [3]. - Shenghui Integration: 10.00% increase, average transaction volume of 672 shares, up 191.70% [3]. - Zhengzhong Design: 10.00% increase, average transaction volume of 2134 shares, up 168.74% [3]. Active Stocks by Transaction Count - The stocks with the highest increase in transaction count on August 1 include: - Anzheng Fashion: -1.69% change, with 68,433 transactions, up 1618.56% [2]. - Yingweike: 2.04% change, with 218,079 transactions, up 1082.38% [2]. - Zhongjiabo Chuang: -3.90% change, with 48,487 transactions, up 656.19% [2]. Stocks with Significant Increases in Both Volume and Count - Kecuan Technology stands out with a 9.99% increase, an average transaction volume of 1014 shares (up 193.10%), and a transaction count of 16,921 (up 126.52%) [4]. - Other notable stocks include: - Jiejia Weichuang: 20.00% increase, average transaction volume of 838 shares (up 130.45%), and 57,709 transactions (up 121.19%) [4]. - Riyi Electronics: 10.01% increase, average transaction volume of 846 shares (up 113.00%), and 25,112 transactions (up 161.72%) [4].