单位：万元 非经营性资金占用 资金占用方名称 占用方与上市公 司的关联关系 上市公司核算的 会计科目 2025 年期初占用 资金余额 2025 年 1-6 月占用累计发 生金额（不含利息） 2025 年 1-6 月占用资金的 利息(如有) 2025 年 1-6 月偿还累计 发生金额 2025年6月30日占用资 金余额 占用形成原 因 占用性质 控股股东、实际控制人及其 附属企业 非经营性占用 非经营性占用 小计 前控股股东、实际控制人及 其附属企业 非经营性占用 非经营性占用 小计 其他关联方及其附属企业 非经营性占用 小计 总计 其他关联资金往来 资金往来方名称 往来方与上市公 司的关联关系 上市公司核算的 会计科目 2025 年期初往来资金余 额 2025 年 1-6 月往来累计发 生金额（不含利息） 2025 年 1-6 月往来资金的 利息(如有) 2025 年 1-6 月偿还 累计发生金额 2025年6月30日往来资 金余额 往来形成原 因 往来性质 （经营性往来、 非经营性 往来） 控股股东、实际控制人及其 附属企业 上市公司的子公司及其附 属企业 成都永和成医疗科技有限公司 子公司 其他应收款 5 ...

Group 1 - The company's operating revenue for the first half of 2025 is 367 million yuan, representing a year-on-year decrease of 12.88% [1] - The net loss for the company is 37.62 million yuan, an improvement compared to the net loss of 56.23 million yuan in the same period last year [1]

三、备查文件 本公司及其监事会全体成员保证公告内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 永和流体智控股份有限公司（以下简称"公司"）监事会于 2025 年 8 月 15 日 以电话及邮件方式向全体监事发出召开第五届监事会第十六次会议的通知。2025 年 8 月 26 日，公司第五届监事会第十六次会议以现场结合通讯表决的方式召开。 本次会议应出席会议监事 3 名，实际出席会议监事 3 名，董事会秘书列席会议。 会议由监事会主席仲恒女士召集和主持，会议的召集、召开符合《中华人民共和 国公司法》、《永和流体智控股份有限公司章程》的有关规定。 二、监事会会议审议情况 在保证全体监事充分发表意见的前提下，以 3 票赞成，0 票反对，0 票弃权， 审议通过《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核公司 2025 年半年度报告的程序符合法 律、行政法规的规定，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。 证券代码：002795 证券简称：永和智控 公告编号：2025-032 永和流体智控股份有限公司 ...

证券代码：002795 证券简称：永和智控 公告编号：2025-031 第五届董事会第二十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 在保证全体董事充分发表意见的前提下，本次会议形成如下决议： 以 7 票同意、0 票反对、0 票弃权的表决结果，审议通过了《公司 2025 年半 年度报告及其摘要》。 公司 2025 年半年度报告全文及摘要详见 2025 年 8 月 28 日巨潮资讯网 （http://www.cninfo.com.cn），半年度报告摘要同时刊登于《证券时报》、《证 券日报》。 永和流体智控股份有限公司 三、备查文件 永和流体智控股份有限公司（以下简称"公司"）董事会于 2025 年 8 月 15 日 以电子邮件形式向全体董事发出召开第五届董事会第二十次会议的通知。2025 年 8 月 26 日，公司第五届董事会第二十次会议以现场结合通讯表决的方式召开。 本次会议应出席董事 7 人，实际出席董事 7 人。会议由董事长魏璞女士召集和主 持，公司监事、高级管理人员列席了会议。本次会议的召集、召开程序符合《中 ...

[Section 1 Important Notices, Table of Contents and Definitions](index=2&type=section&id=Section%201%20Important%20Notices%2C%20Table%20of%20Contents%20and%20Definitions) [Important Notices](index=2&type=section&id=Important%20Notices) The company's management guarantees the report's accuracy and advises on risks related to forward-looking statements - The Board of Directors, Board of Supervisors, and senior management commit to the authenticity, accuracy, and completeness of the semi-annual report's content[4](index=4&type=chunk) - The report includes forward-looking statements such as future plans and development strategies, which do not represent profit forecasts or constitute substantive commitments, and investors should be aware of the investment risks[4](index=4&type=chunk) - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the overall structure of the report, including key chapters and their starting page numbers - The report's table of contents clearly lists nine main sections, covering various aspects such as company operations, finance, governance, and significant events[8](index=8&type=chunk) [Definitions](index=4&type=section&id=Definitions) This section provides definitions for frequently used terms and company-related entities to ensure accurate understanding - The report defines "the Company," "this Company," and "Yonghe Intelligent Control" as referring to Yonghe Fluid Intelligent Control Co, Ltd[14](index=14&type=chunk) - Several wholly-owned or controlled subsidiaries are listed, such as Chengdu Yonghecheng Medical Technology Co, Ltd, Zhejiang Yonghe Medical Technology Co, Ltd, and Pule New Energy Technology (Taixing) Co, Ltd[14](index=14&type=chunk) - Two business models, ODM (Original Design Manufacturer) and OEM (Original Equipment Manufacturer), are explained[14](index=14&type=chunk) [Section 2 Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) Yonghe Fluid Intelligent Control Co, Ltd, stock code 002795, is listed on the Shenzhen Stock Exchange - The company's stock short name is "Yonghe Intelligent Control" with stock code 002795, listed on the Shenzhen Stock Exchange[17](index=17&type=chunk) - The company's legal representative is Wei Pu[17](index=17&type=chunk) [II. Contact Person and Contact Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) The company's Board Secretary is Liu Jie, with contact information provided for the office in Taizhou, Zhejiang - The company's Board Secretary is Liu Jie[18](index=18&type=chunk) - The company's contact address is the Industrial Cluster Area, Qinggang Town, Yuhuan City, Taizhou City, Zhejiang Province[18](index=18&type=chunk) [III. Other Information](index=6&type=section&id=III.%20Other%20Information) The company's registered address, office address, website, and information disclosure locations remained unchanged during the reporting period - The company's contact information remained unchanged during the reporting period, with details available in the 2024 annual report[19](index=19&type=chunk) - The locations for information disclosure and document preparation remained unchanged during the reporting period, with details available in the 2024 annual report[20](index=20&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue decreased, net loss attributable to shareholders narrowed, and net cash flow from operating activities significantly improved Key Accounting Data and Financial Indicators (Current Period vs. Prior Year Period) | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 366,877,808.50 | 421,098,177.10 | -12.88% | | Net Profit Attributable to Shareholders of the Listed Company | -37,619,703.15 | -56,234,054.72 | 33.10% | | Net Profit Attributable to Shareholders of the Listed Company after Deducting Non-recurring Gains and Losses | -35,196,580.03 | -55,447,701.81 | 36.52% | | Net Cash Flow from Operating Activities | -829,881.23 | -53,554,532.87 | 98.45% | | Basic Earnings Per Share (Yuan/share) | -0.09 | -0.13 | 30.77% | | Diluted Earnings Per Share (Yuan/share) | -0.09 | -0.13 | 30.77% | | Weighted Average Return on Equity | -7.53% | -7.32% | Decreased by 0.21 percentage points | | **Period-End Indicators** | **End of Current Period (Yuan)** | **End of Prior Year (Yuan)** | **Change (%)** | | Total Assets | 1,548,067,826.78 | 1,517,137,376.53 | 2.04% | | Net Assets Attributable to Shareholders of the Listed Company | 481,187,204.02 | 518,159,919.89 | -7.14% | [V. Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) There were no discrepancies in net profit or net assets between financial reports prepared under Chinese and international/foreign accounting standards - The company has no discrepancies in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[23](index=23&type=chunk) - The company has no discrepancies in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese Accounting Standards[24](index=24&type=chunk) [VI. Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) Non-recurring profit and loss for the period totaled -RMB 2.42 million, mainly from asset disposals, government grants, and fair value changes Non-recurring Profit and Loss Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from the disposal of non-current assets | -47,890.50 | | Government grants recognized in current profit or loss | 804,748.55 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and investment income from their disposal, excluding effective hedging activities related to normal business operations | 1,056,337.08 | | Other non-operating income and expenses besides the above items | -6,797,325.38 | | Other profit and loss items that meet the definition of non-recurring profit and loss | 179,433.36 | | Less: Income tax effects | 391,844.40 | | Minority interest effects (after tax) | -2,773,418.17 | | **Total** | **-2,423,123.12** | [Section 3 Management Discussion and Analysis](index=9&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [I. Principal Business Activities During the Reporting Period](index=9&type=section&id=I.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) [Overview of Plumbing, Valve, and Fitting Business](index=9&type=section&id=(I)%20Overview%20of%20Industry%2C%20Main%20Business%2C%20and%20Operating%20Model%20for%20the%20Plumbing%2C%20Valve%2C%20and%20Fitting%20Business) The plumbing, valve, and fitting business primarily serves European and American markets through an ODM/OEM model, benefiting from regional industrial cluster advantages - The global demand for plumbing equipment is concentrated in developed countries and emerging markets, driven by housing renovation and new construction[29](index=29&type=chunk) - The United States and Europe are the main consumer markets for plumbing equipment, while the Chinese market is expected to grow rapidly at a **CAGR of 7.8% from 2020 to 2027**[30](index=30&type=chunk) - The company specializes in the R&D, manufacturing, and sales of leaded and unleaded brass valves and fittings for water, heating, and gas systems, primarily providing products and services to international brands through ODM or OEM models[31](index=31&type=chunk) [Overview of Precision Radiation Oncology Business](index=9&type=section&id=(II)%20Overview%20of%20Industry%2C%20Main%20Business%2C%20and%20Operating%20Model%20for%20the%20Precision%20Radiation%20Oncology%20Business) The precision radiation oncology business operates through a chain of specialized hospitals, capitalizing on the growing market driven by an aging population and supportive government policies - By the end of 2024, China's elderly population aged 60 and above reached **310.31 million**, accounting for **22.0% of the total population**, leading to a large and growing number of cancer patients[33](index=33&type=chunk) - China's radiotherapy penetration rate is **34%**, far below the **64% in the United States**, and with a scarcity of radiotherapy equipment, the market has significant growth potential, with a projected **CAGR of over 12% from 2022 to 2030**[33](index=33&type=chunk) - National policies continue to support private healthcare and cancer prevention, creating favorable development opportunities for high-quality private oncology hospitals[34](index=34&type=chunk) - The company has acquired Dazhou Yike Oncology Hospital, Kunming Yike Oncology Hospital, Liangshan Gaoxin Oncology Hospital, and Xi'an Yike Oncology Hospital, establishing a preliminary chain and scale[39](index=39&type=chunk) [Main Operating Performance and Business Drivers in the Reporting Period](index=11&type=section&id=(IV)%20Main%20Operating%20Performance%20and%20Business%20Drivers%20in%20the%20Reporting%20Period) Revenue declined, but net loss attributable to the parent company narrowed, primarily due to the parent no longer bearing excess losses from the photovoltaic business Main Operating Data for the Reporting Period | Indicator | Amount (RMB 10,000) | YoY Change (%) | | :--- | :--- | :--- | | Total Operating Revenue | 36,687.78 | -12.88% | | Total Profit | -6,094.45 | -5.45% | | Net Profit Attributable to Parent Company Owners | -3,761.97 | 33.10% | - The company's losses were mainly due to **decreased revenue and gross margin in the valve and fitting business**, coupled with lower revenue and high depreciation and labor costs in other business segments[40](index=40&type=chunk) - The **increase in net profit attributable to the parent company** was primarily because the parent company no longer had to bear the excess losses of the photovoltaic business during this reporting period[40](index=40&type=chunk) - * Continuously optimizing production processes and implementing a "machine substitution" plan to enhance informatization, automation, and intelligent manufacturing levels * Deepening product layout by establishing a Thai company with Zhejiang Haohai Pipe Industry Co, Ltd to produce copper fittings, enhancing competitiveness * Improving regional service and radiation capabilities by establishing medical consortiums and exporting technology to perfect the hierarchical diagnosis and treatment system * Optimizing the medical treatment process by setting up VIP diagnosis and treatment areas to meet high-end medical service demands * Utilizing new media platforms to publish popular science articles and treatment cases to enhance the regional brand influence of each hospital[40](index=40&type=chunk)[41](index=41&type=chunk) [II. Core Competitiveness Analysis](index=12&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company possesses core advantages in both its valve business and its oncology business, though the former is impacted by trade frictions [Core Advantages of the Valve and Fitting Business](index=12&type=section&id=(I)%20Core%20Advantages%20of%20the%20Valve%20and%20Fitting%20Business) The valve business benefits from strong R&D, stable major clients, and industrial cluster advantages, but is challenged by Sino-US trade frictions - * Possesses a national-level CNAS testing laboratory and a Zhejiang provincial high-tech R&D center, demonstrating strong R&D capabilities and continuous product performance iteration * Has established stable cooperative relationships with large multinational corporations known for their high brand recognition and extensive sales channels, providing a high-end customer resource advantage * Was a pioneer in the industry in using an ERP integrated information system for procurement, planning, production, logistics, and finance, enabling rapid response to customer needs * Is located in one of China's largest production and sales bases for plumbing and heating valves, with a complete and professional supporting industrial chain[42](index=42&type=chunk) - **Sino-US trade frictions and high import tariffs** have severely impacted the business activity in the US market, gradually weakening the major client advantage[42](index=42&type=chunk) [Core Advantages of Precision Radiation Oncology](index=12&type=section&id=(II)%20Core%20Advantages%20of%20Precision%20Radiation%20Oncology) The oncology business leverages a clear market focus, advanced equipment, an expert team, and high industry entry barriers - * Focuses on the niche market of precision radiation oncology, capitalizing on the development opportunities brought by an aging population and insufficient medical resources * Has a clear development strategy, expanding high-quality medical resources through an "external M&A + internal growth" model and establishing medical consortiums with large tertiary hospitals * Its hospitals are equipped with world-leading diagnostic and treatment equipment, including PET-CT, 3.0T MRI, and linear accelerators * Boasts a team of senior oncology experts with over 20 years of experience and a seasoned management team, providing talent and organizational support * The high requirements for medical equipment and professional technology in oncology medical services, especially precision radiotherapy, create high entry barriers, giving the company a first-mover advantage[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) [III. Main Business Analysis](index=13&type=section&id=III.%20Main%20Business%20Analysis) Revenue declined due to weaker performance across all segments, while improved cash flow was driven by reduced operational spending [Year-on-Year Changes in Key Financial Data](index=13&type=section&id=Year-on-Year%20Changes%20in%20Key%20Financial%20Data) Revenue, costs, and operating expenses decreased, while a significant increase in exchange gains led to lower financial expenses and improved operating cash flow Year-on-Year Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 366,877,808.50 | 421,098,177.10 | -12.88% | Decrease in revenue from all business segments | | Operating Costs | 312,420,669.58 | 357,618,844.94 | -12.64% | Reduction in labor and material costs | | Selling Expenses | 23,077,538.13 | 27,340,179.48 | -15.59% | Decrease in promotional expenses | | Administrative Expenses | 55,914,538.35 | 64,461,266.51 | -13.26% | Reduction in compensation and share-based payment expenses | | Financial Expenses | 1,870,064.49 | 2,496,967.87 | -25.11% | Increase in foreign exchange gains | | R&D Investment | 11,889,092.42 | 15,366,638.75 | -22.63% | Reduction in labor and material expenses | | Net Cash Flow from Operating Activities | -829,881.23 | -53,554,532.87 | 98.45% | Decrease in cash paid for goods and services | | Net Cash Flow from Investing Activities | -36,188,346.62 | -51,651,078.35 | 29.94% | Decrease in cash paid for fixed assets, intangible assets, and other long-term assets | | Net Cash Flow from Financing Activities | 27,423,236.42 | 82,878,405.09 | -66.91% | Decrease in cash from borrowings and other financing activities | [Operating Revenue Composition](index=13&type=section&id=Operating%20Revenue%20Composition) Industrial revenue constituted the majority at 89.41%, with a gross margin of 23.97%, while export sales accounted for 88.64% of total revenue Operating Revenue Composition (by Industry) | Industry | Amount (Yuan) | Share of Operating Revenue (%) | Prior Year Period Amount (Yuan) | Prior Year Period Share of Operating Revenue (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Industrial | 328,031,730.98 | 89.41% | 354,786,070.19 | 84.25% | -7.54% | | Medical Services and Other Industries | 38,787,229.34 | 10.57% | 60,969,218.33 | 14.48% | -36.38% | | Photovoltaic Cells | 58,848.18 | 0.02% | 5,342,888.58 | 1.27% | -98.90% | Operating Revenue Composition (by Region) | Region | Amount (Yuan) | Share of Operating Revenue (%) | Prior Year Period Amount (Yuan) | Prior Year Period Share of Operating Revenue (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic Sales | 41,673,809.57 | 11.36% | 69,101,177.22 | 16.41% | -39.69% | | Export Sales | 325,203,998.93 | 88.64% | 351,996,999.88 | 83.59% | -7.61% | Gross Margin Change by Industry | Industry | Current Period Gross Margin (%) | Prior Year Period Gross Margin (%) | Change in Gross Margin vs. Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Industrial | 23.97% | 23.19% | 0.78% | | Medical Services and Other Industries | -15.70% | 6.87% | -22.57% | | Photovoltaic Cells | -30,702.42% | -30,429.96% | -30,272.46% | [IV. Non-Core Business Analysis](index=14&type=section&id=IV.%20Non-Core%20Business%20Analysis) Non-core business activities negatively impacted total profit, primarily due to a significant asset impairment loss of RMB 12.59 million Impact of Non-Core Business on Total Profit | Item | Amount (Yuan) | Proportion of Total Profit (%) | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -1,255,206.34 | 2.06% | Long-term equity investment income under the equity method, investment income from disposal of forward foreign exchange contracts | No | | Fair Value Change Gains/Losses | 1,526,337.08 | -2.50% | Fair value changes in trading financial assets and liabilities | No | | Asset Impairment | -12,587,841.65 | 20.65% | Provision for inventory write-down, impairment loss on long-term equity investments, and impairment of long-term assets such as fixed assets | No | | Non-operating Income | 2,051.87 | 0.00% | - | No | | Non-operating Expenses | 6,847,267.75 | -11.24% | Liquidated damages expenses | No | | Other Income | 984,181.91 | -1.61% | Government grants received during the reporting period | No | [V. Analysis of Assets and Liabilities](index=15&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets grew slightly, while net assets attributable to shareholders declined, with restricted assets totaling RMB 249 million at period-end [1. Significant Changes in Asset Composition](index=15&type=section&id=1.%20Significant%20Changes%20in%20Asset%20Composition) Total assets increased by 2.04% to RMB 1.55 billion, driven by increases in construction in progress and other non-current assets Changes in Asset Composition | Item | End of Current Period (Yuan) | % of Total Assets | End of Prior Year (Yuan) | % of Total Assets | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 225,929,491.85 | 14.59% | 209,381,286.68 | 13.80% | 0.79% | No significant change | | Accounts Receivable | 180,651,245.78 | 11.67% | 152,774,864.14 | 10.07% | 1.60% | No significant change | | Inventory | 162,587,081.16 | 10.50% | 152,145,786.18 | 10.03% | 0.47% | No significant change | | Long-term Equity Investments | 0 | 0.00% | 10,011,035.20 | 0.66% | -0.66% | No significant change | | Fixed Assets | 616,431,436.73 | 39.82% | 647,444,811.85 | 42.68% | -2.86% | No significant change | | Construction in Progress | 27,183,779.96 | 1.76% | 13,184,629.44 | 0.87% | 0.89% | No significant change | | Right-of-use Assets | 128,064,907.06 | 8.27% | 142,559,247.20 | 9.40% | -1.13% | No significant change | | Short-term Borrowings | 173,200,000.00 | 11.19% | 131,936,634.08 | 8.70% | 2.49% | No significant change | | Long-term Borrowings | 0 | 0.00% | 19,900,000.00 | 1.31% | -1.31% | Mainly due to the increase in long-term borrowings due within one year | | Other Non-current Assets | 20,606,780.00 | 1.33% | 1,211,042.78 | 0.08% | 1.25% | Mainly due to the increase in prepayments for equipment and engineering projects | [2. Major Overseas Assets](index=15&type=section&id=2.%20Major%20Overseas%20Assets) The company's major overseas assets, primarily in trade and manufacturing, are located in Hong Kong, Singapore, Thailand, and Russia, with a combined value exceeding RMB 360 million Major Overseas Assets | Asset Description | Location | Asset Size (Yuan) | Operating Model | Income Status (Net Profit Jan-Jun 2025) | Overseas Assets as a % of Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | :--- | | Futian International Trade Co, Ltd | Hong Kong | 155,091,849.27 | Trading | -2.15 million Yuan | 32.23% | | SINGAPORE LONG HARMONY INTERNATIONAL HOLDING PTE.LTD. | Singapore | 132,369,473.91 | Trading | 8.79 million Yuan | 27.51% | | YORHE INTELLIGENT CONTROL TECHNOLOGY (THAILAND) CO.,LTD. | Thailand | 54,438,908.52 | Manufacturing | 1.65 million Yuan | 11.31% | | YORHE RUS (Yonghe Russia LLC) | Russia | 18,951,498.60 | Trading | 3.90 million Yuan | 3.94% | [3. Assets and Liabilities Measured at Fair Value](index=16&type=section&id=3.%20Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) At period-end, financial assets measured at fair value amounted to RMB 0.27 million, consisting of forward foreign exchange contracts Assets and Liabilities Measured at Fair Value | Item | Opening Balance (Yuan) | Purchases this Period (Yuan) | Sales this Period (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Financial Assets: Trading Financial Assets | 0.00 | 274,911.49 | 0.00 | 274,911.49 | | Financial Liabilities: Trading Financial Liabilities | 1,251,425.59 | 0.00 | 1,251,425.59 | 0.00 | [4. Restricted Assets as of the Reporting Period End](index=16&type=section&id=4.%20Restricted%20Assets%20as%20of%20the%20Reporting%20Period%20End) Total restricted assets at period-end amounted to RMB 249 million, primarily used for litigation freezes, pledges, and mortgage guarantees Restricted Assets | Item | Closing Book Value (Yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 20,887,947.77 | Frozen, Pledged | Litigation frozen funds, pledge guarantee | | Fixed Assets | 215,124,359.63 | Mortgage Loan | Mortgage for loan not yet released | | Intangible Assets | 13,462,287.78 | Mortgage Loan | Mortgage for loan not yet released | | Long-term Equity Investments | 0 | Mortgage Loan | Mortgage for loan not yet released | | **Total** | **249,474,595.18** | - | - | [VI. Investment Analysis](index=17&type=section&id=VI.%20Investment%20Analysis) The company engaged in derivative investments for hedging purposes, with a period-end balance of RMB 0.27 million in forward foreign exchange contracts [4. Financial Asset Investments](index=17&type=section&id=4.%20Financial%20Asset%20Investments) The company held no securities investments but engaged in derivative investments for hedging, with a period-end balance of RMB 0.27 million in forward foreign exchange contracts - The company had no securities investments during the reporting period[61](index=61&type=chunk) Derivative Investments (Hedging) | Derivative Investment Type | Closing Amount (RMB 10,000) | Closing Investment Amount as a % of Company's Net Assets at Period End | | :--- | :--- | :--- | | Forward Foreign Exchange Contracts | 27.49 | 0.06% | - The holding of forward foreign exchange contracts generated a fair value change gain of **RMB 1.53 million** during the period[62](index=62&type=chunk) - The company engages in foreign exchange forward contract hedging to mitigate exchange rate fluctuation risks and has established strict internal control systems and approval processes[63](index=63&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=19&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Major subsidiaries span valve manufacturing, oncology services, and photovoltaic cells, with notable profitability in the valve segment and significant losses in the photovoltaic business Major Holding and Participating Companies | Company Name | Company Type | Main Business | Registered Capital | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Yonghe Intelligent Control Technology Co, Ltd | Subsidiary | Production and sales of copper fittings, valves, and other plumbing equipment | 50.00 million Yuan | 186,923,605.57 | 17,890,510.68 | | Futian International Trade Co, Ltd | Subsidiary | Trading | 100,000 USD | 0.00 | -2,150,421.47 | | SINGAPORE LONG HARMONY INTERNATIONAL HOLDING PTE.LTD. | Subsidiary | Trading | 1,000 SGD | 213,996,570.36 | 8,787,876.51 | | Chengdu Yonghecheng Medical Technology Co, Ltd | Subsidiary | Management Consulting | 5.00 million Yuan | 0.00 | -3,215,167.54 | | Dazhou Yike Oncology Hospital Co, Ltd | Subsidiary | Medical Services | 100.00 million Yuan | 13,974,346.70 | -5,356,741.98 | | Kunming Yike Oncology Hospital Co, Ltd | Subsidiary | Medical Services | 100.00 million Yuan | 10,073,337.18 | -4,554,532.91 | | Pule New Energy Technology (Taixing) Co, Ltd | Subsidiary | R&D of new energy technologies, manufacturing and sales of photovoltaic equipment and components | 61.22 million Yuan | 58,848.18 | -48,524,331.45 | [X. Company Risks and Countermeasures](index=20&type=section&id=X.%20Company%20Risks%20and%20Countermeasures) The company faces risks from foreign trade, exchange rates, raw material prices, and medical insurance reimbursements, which it mitigates through market diversification and financial hedging - * **Foreign Trade Environment Risk**: The company's valve and fitting products are mainly sold to European and American markets, affected by export tax rebate rates and US trade policies; countermeasures include actively exploring domestic and other emerging Asian markets * **Exchange Rate Fluctuation Risk**: The valve and fitting business primarily settles in US dollars, exposing it to exchange rate risks; countermeasures include agreeing on exchange rate linkage mechanisms with customers and using hedging instruments * **Raw Material Price Fluctuation Risk**: Price volatility of major raw materials like copper rods can impact profit levels or lead to inventory write-downs; countermeasures include dynamic tracking of market prices, maintaining "safety stock," and establishing strategic partnerships with qualified suppliers * **Medical Insurance Reimbursement Risk**: A significant portion of the revenue from the company's hospitals comes from local medical insurance, which may face delayed reimbursement as business scales up[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk) [Section 4 Corporate Governance, Environment and Society](index=22&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%20and%20Society) [I. Changes in Directors, Supervisors, and Senior Management](index=22&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[78](index=78&type=chunk) [II. Profit Distribution and Capitalization of Capital Reserve for the Reporting Period](index=22&type=section&id=II.%20Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserve%20for%20the%20Reporting%20Period) The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[79](index=79&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company continued its 2022 restricted stock plan, resolving to buy back and cancel 2.22 million shares as vesting conditions were not met - The vesting conditions for the third vesting period of the company's **2022 restricted stock incentive plan were not met**[87](index=87&type=chunk) - The company approved the buyback and cancellation of **2.224404 million** granted but unvested restricted shares, affecting 19 departed incentive recipients and 30 recipients who did not meet performance targets[87](index=87&type=chunk)[88](index=88&type=chunk) - The company does not have any employee stock ownership plans or other employee incentive measures[90](index=90&type=chunk)[91](index=91&type=chunk) [IV. Environmental Information Disclosure](index=24&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its main subsidiaries are not listed as enterprises required to disclose environmental information by law - The listed company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law[91](index=91&type=chunk) [V. Social Responsibility](index=24&type=section&id=V.%20Social%20Responsibility) The company adheres to its core values of "Customer First, Care for Employees, Integrity and Innovation" while actively fulfilling its corporate social responsibilities - The company practices its core values of "Customer First, Care for Employees, Integrity and Innovation," striving to be an enterprise welcomed and respected by all parties[91](index=91&type=chunk) - * Strictly fulfills information disclosure obligations and communicates with investors through various channels to protect the rights and interests of shareholders and creditors * Complies with labor laws, establishes a human resources management system and social security system, and promotes a "people-oriented" management culture to protect the legal rights of employees * Places high importance on environmental protection and sustainable development, strictly treating wastewater, waste gas, and solid waste in accordance with environmental regulations * Maintains good contractual performance with suppliers and customers, and has established a comprehensive quality management system to provide customers with high-quality medical technology, services, and products[91](index=91&type=chunk)[92](index=92&type=chunk) [Section 5 Significant Matters](index=25&type=section&id=Section%205%20Significant%20Matters) [I. Commitments Fulfilled During the Reporting Period and Overdue Commitments at Period-End by Relevant Parties](index=25&type=section&id=I.%20Commitments%20Fulfilled%20During%20the%20Reporting%20Period%20and%20Overdue%20Commitments%20at%20Period-End%20by%20Relevant%20Parties) There were no commitments fulfilled or overdue by the company's controlling shareholders, affiliates, or other related parties during the reporting period - The company had no commitments from its actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled during the reporting period or remained unfulfilled and overdue at the end of the reporting period[94](index=94&type=chunk) [II. Non-operational Fund Occupation by Controlling Shareholders and Other Related Parties](index=25&type=section&id=II.%20Non-operational%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) There was no non-operational fund occupation by controlling shareholders or other related parties during the reporting period - The company had no non-operational fund occupation by its controlling shareholder or other related parties during the reporting period[95](index=95&type=chunk) [III. Irregular External Guarantees](index=25&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[96](index=96&type=chunk) [IV. Appointment and Dismissal of Accounting Firm](index=25&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The company's semi-annual report has not been audited - The company's semi-annual report has not been audited[97](index=97&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=25&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) No bankruptcy or reorganization matters occurred during the reporting period - No bankruptcy or reorganization matters occurred during the reporting period[98](index=98&type=chunk) [VIII. Litigation Matters](index=25&type=section&id=VIII.%20Litigation%20Matters) The company is involved in several major lawsuits, primarily concerning subsidiary loan, sales, and lease contract disputes Major Litigation and Arbitration Matters | Basic Information of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Provision for Liabilities Formed | Litigation (Arbitration) Progress | | :--- | :--- | :--- | :--- | | Lender sues Pule New Energy Technology (Taixing) Co, Ltd for loan contract dispute | 301.19 | Yes | First instance stage | | Supplier sues Pule New Energy Technology (Taixing) Co, Ltd for sales contract dispute | 392.63 | No | Mediated, currently in enforcement proceedings | | Supplier sues Pule New Energy Technology (Taixing) Co, Ltd and Yonghe Fluid Intelligent Control Co, Ltd for sales contract dispute | 3,734.64 | Yes | First instance stage | | Chengdu Shanshuishang Hotel Co, Ltd sues lessee for house lease contract dispute | 670.9 | No | Withdrawn | [IX. Penalties and Rectifications](index=27&type=section&id=IX.%20Penalties%20and%20Rectifications) No penalties or rectifications occurred during the reporting period - No penalties or rectifications occurred during the reporting period[102](index=102&type=chunk) [X. 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) There were no issues regarding the integrity status of the company, its controlling shareholder, or actual controller during the reporting period - There were no issues regarding the integrity status of the company, its controlling shareholder, or actual controller during the reporting period[103](index=103&type=chunk) [XI. Major Related-Party Transactions](index=27&type=section&id=XI.%20Major%20Related-Party%20Transactions) No major related-party transactions related to daily operations, asset acquisitions, or debt occurred during the reporting period - The company did not engage in any related-party transactions related to daily operations during the reporting period[103](index=103&type=chunk) - There were no related-party credit or debt transactions during the reporting period[106](index=106&type=chunk) - There were no other major related-party transactions during the reporting period[109](index=109&type=chunk) [XII. Major Contracts and Their Performance](index=28&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) The company has multiple ongoing lease agreements and has provided guarantees for its subsidiaries totaling RMB 48 million [1. Custody, Contracting, and Leasing Matters](index=28&type=section&id=1.%20Custody%2C%20Contracting%2C%20and%20Leasing%20Matters) The company has no custody or contracting arrangements but continues to lease multiple properties, some of which are involved in legal proceedings - The company had no custody arrangements during the reporting period[110](index=110&type=chunk) - The company continues to lease multiple office and operational premises, including several oncology hospitals and production plants[112](index=112&type=chunk) - Some lease contracts (such as Chengdu Shanshuishang property and Xi'an Yike Oncology Hospital premises) are currently in litigation or enforcement[112](index=112&type=chunk) [2. Major Guarantees](index=29&type=section&id=2.%20Major%20Guarantees) The company's total outstanding guarantees amounted to RMB 48 million, representing 9.98% of its net assets Company Guarantees for Subsidiaries | Guaranteed Party Name | Guarantee Limit (RMB 10,000) | Actual Guarantee Amount (RMB 10,000) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Dazhou Yike Oncology Hospital Co, Ltd | 800.00 | 800.00 | 1 Year | No | | Liangshan Gaoxin Oncology Hospital Co, Ltd | 800.00 | 800.00 | 1 Year | No | | Zhejiang Yonghe Intelligent Control Technology Co, Ltd | 5,000.00 | 0.00 | 1 Year | No | Subsidiary Guarantees for Other Subsidiaries | Guaranteed Party Name | Guarantee Limit (RMB 10,000) | Actual Guarantee Amount (RMB 10,000) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Dazhou Yike Oncology Hospital Co, Ltd | 1,600.00 | 1,600.00 | 1 Year | No | | Liangshan Gaoxin Oncology Hospital Co, Ltd | 1,600.00 | 1,600.00 | 1 Year | No | Total Company Guarantees | Indicator | Amount (RMB 10,000) | | :--- | :--- | | Total Approved Guarantee Limit at Period-End | 9,800.00 | | Total Actual Guarantee Balance at Period-End | 4,800.00 | | Ratio of Total Actual Guarantees to Company's Net Assets | 9.98% | [XIII. Explanation of Other Major Matters](index=30&type=section&id=XIII.%20Explanation%20of%20Other%20Major%20Matters) The company secured a RMB 600 million credit line, authorized a potential share issuance, and a director completed a share reduction plan - * The company does not plan to distribute profits for the 2024 fiscal year * The company and its wholly-owned and controlled subsidiaries have applied for a total comprehensive credit line of no more than RMB 600 million from banks and other financial institutions for the 2025 fiscal year * The company and its subsidiaries will continue to conduct forward foreign exchange settlement and sales business with a cumulative amount not exceeding USD 100 million to reduce the impact of exchange rate fluctuations on profits * The shareholders' meeting has authorized the board of directors to issue shares to specific investors through a simplified procedure, with a total financing amount not exceeding RMB 300 million and not exceeding 20% of the latest year-end net assets * The company and its wholly-owned subsidiary Yonghe Technology will provide mutual guarantees for a group asset pool facility applied for from Ningbo Bank, with a total guarantee amount not exceeding RMB 50 million * Director and General Manager Xian Zhongdong has completed his share reduction plan, reducing his holdings by 650,000 shares, representing 0.1458% of the company's shares[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) [XIV. Major Matters Concerning Company Subsidiaries](index=31&type=section&id=XIV.%20Major%20Matters%20Concerning%20Company%20Subsidiaries) The company plans to publicly list its wholly-owned subsidiary, Chengdu Shanshuishang Hotel, for sale, but three attempts have failed to attract a buyer - The company plans to publicly list for sale the 100% equity of its wholly-owned sub-subsidiary, Chengdu Shanshuishang Hotel Co, Ltd, and all of Chengdu Yonghecheng's debt claims against it to optimize its asset structure and improve cash flow[122](index=122&type=chunk) - The equity and debt have been publicly listed for sale three times, with the base price reduced from **RMB 208.74 million** to **RMB 166.99 million**, but no qualified potential buyers have been found[122](index=122&type=chunk)[123](index=123&type=chunk) [Section 6 Share Capital Changes and Shareholder Information](index=32&type=section&id=Section%206%20Share%20Capital%20Changes%20and%20Shareholder%20Information) [I. Share Capital Changes](index=32&type=section&id=I.%20Share%20Capital%20Changes) The total number of shares remained unchanged, with a minor shift from restricted to unrestricted shares due to changes in executive lock-up shares Share Capital Changes | Share Class | Quantity before Change (shares) | Increase/Decrease (shares) | Quantity after Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 10,981,531 | -150,000 | 10,831,531 | | Of which: Domestic individual holdings | 10,981,531 | -150,000 | 10,831,531 | | II. Unrestricted Shares | 434,772,547 | 150,000 | 434,922,547 | | Of which: RMB ordinary shares | 434,772,547 | 150,000 | 434,922,547 | | III. Total Shares | 445,754,078 | 0 | 445,754,078 | - The reason for the share change was a change in executive lock-up shares[127](index=127&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released this Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Liao Lina | 2,352,000 | 0 | 2,352,000 | Executive lock-up; Equity incentive restricted shares | | Xian Zhongdong | 2,058,000 | 150,000 | 1,908,000 | Executive lock-up; Equity incentive restricted shares | | Wei Pu | 1,470,000 | 0 | 1,470,000 | Executive lock-up; Equity incentive restricted shares | | Liu Jie | 1,470,000 | 0 | 1,470,000 | Executive lock-up; Equity incentive restricted shares | | Tan Mengwen | 1,470,000 | 0 | 1,470,000 | Executive lock-up; Equity incentive restricted shares | [II. Securities Issuance and Listing](index=34&type=section&id=II.%20Securities%20Issuance%20and%20Listing) No securities were issued or listed during the reporting period - The company had no securities investments during the reporting period[61](index=61&type=chunk) [III. Number of Shareholders and Shareholding Status](index=34&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) At the end of the period, the company had 20,339 ordinary shareholders, with Cao Deli being the largest shareholder at 9.65% - At the end of the reporting period, the total number of ordinary shareholders was **20,339**[131](index=131&type=chunk) Shareholding of Top 10 Shareholders or Shareholders with over 5% Stake | Shareholder Name | Shareholder Type | Shareholding Ratio (%) | Number of Shares at Period-End (shares) | Number of Restricted Shares (shares) | Pledged, Marked, or Frozen Status (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cao Deli | Domestic Individual | 9.65% | 43,004,034 | 0 | Pledged 4,500,000 | | Chen Xianyun | Domestic Individual | 7.34% | 32,717,104 | 0 | 0 | | Yan Yanjing | Domestic Individual | 5.52% | 24,600,000 | 0 | 0 | | Xia Zuwang | Domestic Individual | 5.30% | 23,635,966 | 0 | 0 | - Cao Deli and Yu Yaqun are parties acting in concert[132](index=132&type=chunk) - Shareholders including Chen Xianyun, Yan Yanjing, and Su Jinfei have issued irrevocable commitments to waive the voting rights corresponding to their transferred shares[132](index=132&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=36&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Director and General Manager Xian Zhongdong reduced his shareholding by 450,000 shares during the reporting period Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Shares at Beginning of Period (shares) | Shares Reduced this Period (shares) | Shares at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | | Xian Zhongdong | Director, General Manager | 2,544,000 | 450,000 | 2,094,000 | [V. Changes in Controlling Shareholder or Actual Controller](index=36&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes to the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[135](index=135&type=chunk) - The company's actual controller did not change during the reporting period[135](index=135&type=chunk) [VI. Preferred Stock Information](index=37&type=section&id=VI.%20Preferred%20Stock%20Information) The company had no preferred stock during the reporting period - The company had no preferred stock during the reporting period[136](index=136&type=chunk) [Section 7 Bond-Related Matters](index=38&type=section&id=Section%207%20Bond-Related%20Matters) [Bond-Related Matters](index=38&type=section&id=Bond-Related%20Matters) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[138](index=138&type=chunk) [Section 8 Financial Report](index=39&type=section&id=Section%208%20Financial%20Report) [I. Audit Report](index=39&type=section&id=I.%20Audit%20Report) The semi-annual financial report has not been audited - The semi-annual financial report has not been audited[140](index=140&type=chunk) [II. Financial Statements](index=39&type=section&id=II.%20Financial%20Statements) This section presents the consolidated and parent company financial statements for the semi-annual period of 2025 [1. Consolidated Balance Sheet](index=39&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total consolidated assets were RMB 1.55 billion, with total liabilities of RMB 1.11 billion Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 1,548,067,826.78 | 1,517,137,376.53 | | Total Current Assets | 643,053,917.19 | 584,657,867.20 | | Total Non-current Assets | 905,013,909.59 | 932,479,509.33 | | Total Liabilities | 1,111,729,179.99 | 1,024,628,186.10 | | Total Current Liabilities | 898,839,945.18 | 791,826,952.64 | | Total Non-current Liabilities | 212,889,234.81 | 232,801,233.46 | | Total Equity Attributable to Parent Company Owners | 481,187,204.02 | 518,159,919.89 | | Minority Interest | -44,848,557.23 | -25,650,729.46 | | Total Equity | 436,338,646.79 | 492,509,190.43 | [3. Consolidated Income Statement](index=43&type=section&id=3.%20Consolidated%20Income%20Statement) For the first half of 2025, the company reported total operating revenue of RMB 367 million and a net loss attributable to the parent company of RMB 37.62 million Key Data from Consolidated Income Statement (H1 2025) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 366,877,808.50 | 421,098,177.10 | | Total Operating Costs | 408,007,724.45 | 470,151,450.55 | | Total Profit | -60,944,459.22 | -57,796,824.24 | | Net Profit | -62,849,248.49 | -59,542,448.34 | | Net Profit Attributable to Parent Company Shareholders | -37,619,703.15 | -56,234,054.72 | | Minority Interest Loss | -25,229,545.34 | -3,308,393.62 | | Basic Earnings Per Share (Yuan/share) | -0.09 | -0.13 | | Diluted Earnings Per Share (Yuan/share) | -0.09 | -0.13 | [5. Consolidated Cash Flow Statement](index=47&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) Net cash flow from operating activities was -RMB 0.83 million, a significant improvement of 98.45% year-over-year Key Data from Consolidated Cash Flow Statement (H1 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -829,881.23 | -53,554,532.87 | | Net Cash Flow from Investing Activities | -36,188,346.62 | -51,651,078.35 | | Net Cash Flow from Financing Activities | 27,423,236.42 | 82,878,405.09 | | Net Increase in Cash and Cash Equivalents | -3,314,939.41 | -18,074,587.51 | | Cash and Cash Equivalents at End of Period | 205,041,544.08 | 214,132,110.06 | [III. Company Basic Information](index=56&type=section&id=III.%20Company%20Basic%20Information) Yonghe Fluid Intelligent Control Co, Ltd, listed on the Shenzhen Stock Exchange in 2016, operates in fluid control, healthcare, and solar energy sectors - Yonghe Fluid Intelligent Control Co, Ltd was listed on the Shenzhen Stock Exchange in April 2016, with stock code 002795[173](index=173&type=chunk) - * Main business activities include the R&D, manufacturing, and sales of fluid control products (including valves, fittings, etc) * Operation of healthcare businesses (specialty hospitals) * R&D, manufacturing, and sales of solar cells[174](index=174&type=chunk) - The actual controller of the company is Cao Deli[174](index=174&type=chunk) [V. Significant Accounting Policies and Estimates](index=57&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) The financial statements are prepared in accordance with China's Accounting Standards for Business Enterprises on a going concern basis - These financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and related regulations, on a going concern basis[175](index=175&type=chunk)[176](index=176&type=chunk) - * The scope of consolidation for the consolidated financial statements is determined based on control, with intercompany transactions eliminated * Financial assets are classified as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss * Revenue is recognized when a performance obligation is satisfied, i e, when the customer obtains control of the related goods or services * Government grants are classified as asset-related or income-related and are recognized when conditions are met, with corresponding accounting treatment * Deferred tax assets and liabilities are recognized based on the temporary differences between the tax bases of assets and liabilities and their carrying amounts[183](index=183&type=chunk)[196](index=196&type=chunk)[251](index=251&type=chunk)[259](index=259&type=chunk)[261](index=261&type=chunk) [VI. Taxes](index=79&type=section&id=VI.%20Taxes) The company and its subsidiaries are subject to various taxes, with several entities benefiting from preferential tax policies such as reduced income tax rates Main Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services revenue | 3%, 5%, 6%, 7%, 9%, 13%, 20% | | Urban Maintenance and Construction Tax | Actual VAT and consumption tax paid | 5%, 7% | | Corporate Income Tax | Taxable income | 15%, 16.5%, 17%, 20%, 25% | | Education Surcharge | Actual VAT and consumption tax paid | 3% | | Local Education Surcharge | Actual VAT and consumption tax paid | 2% | - * Subsidiary Zhejiang Yonghe Intelligent Control Technology Co, Ltd passed the high-tech enterprise review and is subject to a reduced corporate income tax rate of **15%** for Jan-Jun 2025 * Subsidiaries Dazhou Yike Oncology Hospital, Kunming Yike Oncology Hospital, Xi'an Yike Oncology Hospital, and Liangshan Gaoxin Oncology Hospital are classified as enterprises in encouraged industries in the western region and are subject to a reduced corporate income tax rate of **15%** for Jan-Jun 2025 * The medical services provided by the aforementioned medical institutions are **exempt from VAT** * Subsidiary Chengdu Yonghecheng Medical Technology Co, Ltd, as a small-scale VAT taxpayer, applies a reduced VAT rate of **1%** on taxable sales income that would otherwise be subject to a 3% rate[280](index=280&type=chunk)[281](index=281&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=80&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed disclosures on the balances and movements of items in the consolidated financial statements [1. Cash and Cash Equivalents](index=80&type=section&id=1.%20Cash%20and%20Cash%20Equivalents) At period-end, cash and cash equivalents totaled RMB 226 million, with RMB 48.08 million held overseas Composition of Cash and Cash Equivalents | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Cash on Hand | 98,872.33 | 106,610.20 | | Bank Deposits | 205,830,619.52 | 209,274,676.48 | | Other Cash Equivalents | 20,000,000.00 | 0 | | Total | 225,929,491.85 | 209,381,286.68 | | Of which: Total funds held overseas | 48,076,153.70 | 58,204,572.55 | [5. Accounts Receivable](index=82&type=section&id=5.%20Accounts%20Receivable) The gross balance of accounts receivable was RMB 191 million, with a carrying amount of RMB 181 million after a bad debt provision of RMB 10.68 million Aging Analysis of Accounts Receivable | Aging | Closing Book Balance (Yuan) | Opening Book Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 188,333,598.50 | 158,438,042.17 | | 1 to 2 years | 2,106,642.09 | 2,419,221.61 | | 2 to 3 years | 98,027.17 | 646,693.57 | | Over 3 years | 796,425.63 | 316,316.63 | | Total | 191,334,693.39 | 161,820,273.98 | Bad Debt Provision for Accounts Receivable | Category | Closing Book Balance (Yuan) | Closing Bad Debt Provision (Yuan) | Closing Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Accounts receivable with bad debt provision calculated by portfolio | 191,334,693.39 | 10,683,447.61 | 180,651,245.78 | - The bad debt provision for the current period was **RMB 1,638,037.77**[301](index=301&type=chunk) - The top five accounts receivable balances at the end of the period totaled **RMB 104,953,044.66**, accounting for **54.86%** of the total balance of accounts receivable and contract assets[306](index=306&type=chunk) [8. Other Receivables](index=86&type=section&id=8.%20Other%20Receivables) The gross balance of other receivables was RMB 9.73 million, with a carrying amount of RMB 3.20 million after a bad debt provision of RMB 6.52 million Classification of Other Receivables by Nature | Nature of Funds | Closing Book Balance (Yuan) | Opening Book Balance (Yuan) | | :--- | :--- | :--- | | Prepayments to be recovered | 3,811,673.50 | 3,722,073.50 | | Deposits | 4,723,656.75 | 3,658,150.73 | | Social security and other advances | 516,105.32 | 1,735,643.83 | | Petty cash | 674,252.08 | 333,637.20 | | Total | 9,725,687.65 | 9,449,505.26 | Aging Analysis of Other Receivables | Aging | Closing Book Balance (Yuan) | Opening Book Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 3,233,768.88 | 2,852,387.63 | | 1 to 2 years | 207,734.99 | 210,227.47 | | 2 to 3 years | 99,905.64 | 202,512.02 | | Over 3 years | 6,184,278.14 | 6,184,378.14 | | Total | 9,725,687.65 | 9,449,505.26 | Bad Debt Provision for Other Receivables | Category | Closing Book Balance (Yuan) | Closing Bad Debt Provision (Yuan) | Closing Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Individually assessed for bad debt | 3,814,037.50 | 3,811,673.50 | 2,364.00 | | Assessed for bad debt by portfolio | 5,911,650.15 | 2,710,794.71 | 3,200,855.44 | | Total | 9,725,687.65 | 6,522,468.21 | 3,203,219.44 | - The top five other receivable balances at the end of the period totaled **RMB 6,074,063.26**, accounting for **62.45%** of the total other receivables balance[355](index=355&type=chunk) [10. Inventory](index=91&type=section&id=10.%20Inventory) The carrying amount of inventory was RMB 163 million, after an inventory write-down provision of RMB 32.38 million Inventory Classification and Write-down Provision | Item | Closing Book Balance (Yuan) | Closing Inventory Write-down Provision (Yuan) | Closing Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 58,150,962.85 | 4,479,994.52 | 53,670,968.33 | | Work in Progress | 35,210,146.04 | 0 | 35,210,146.04 | | Finished Goods | 65,317,045.41 | 22,262,526.38 | 43,054,519.03 | | Semi-finished Goods | 24,200,105.20 | 5,639,963.42 | 18,560,141.78 | | Consignment Goods | 12,091,305.98 | 0 | 12,091,305.98 | | Total | 194,969,565.48 | 32,382,484.32 | 162,587,081.16 | Changes in Inventory Write-down Provision this Period | Item | Opening Balance (Yuan) | Increase this Period (Yuan) | Decrease this Period (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Raw Materials | 5,484,904.01 | 503,625.07 | 1,508,534.56 | 4,479,994.52 | | Finished Goods | 22,989,563.97 | 14,547.58 | 741,585.17 | 22,262,526.38 | | Semi-finished Goods | 6,212,483.26 | 0 | 572,519.84 | 5,639,963.42 | | Total | 34,686,951.24 | 518,172.65 | 2,822,639.57 | 32,382,484.32 | [18. Long-term Equity Investments](index=97&type=section&id=18.%20Long-term%20Equity%20Investments) The carrying value of long-term equity investments was reduced to zero after recognizing an investment loss and a significant impairment provision Changes in Long-term Equity Investments | Investee | Opening Balance (Yuan) | Investment Gain/Loss Recognized this Period (Yuan) | Impairment Provision this Period (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Jiangmen Pule Kairui Solar Technology Co, Ltd | 10,011,035.20 | -785,206.34 | -9,225,828.86 | 0 | | Total | 10,011,035.20 | -785,206.34 | -9,225,828.86 | 0 | [21. Fixed Assets](index=98&type=section&id=21.%20Fixed%20Assets) The carrying amount of fixed assets decreased to RMB 616 million, with an additional impairment loss of RMB 1.70 million recognized for battery cell production equipment Book Value of Fixed Assets | Item | Closing Book Value (Yuan) | Opening Book Value (Yuan) | | :--- | :--- | :--- | | Buildings and Structures | 319,713,611.80 | 328,032,406.52 | | Machinery and Equipment | 284,152,166.62 | 305,252,279.59 | | Transportation Equipment | 2,774,751.52 | 3,022,161.50 | | Electronic and Other Equipment | 9,221,485.10 | 10,415,036.02 | | Fixed Asset Renovations | 569,421.69 | 722,928.22 | | Total | 616,431,436.73 | 647,444,811.85 | Temporarily Idle Fixed Assets | Item | Book Value (Yuan) | Remarks | | :--- | :--- | :--- | | Battery cell production related equipment | 179,319,283.79 | Battery cell production line is suspended | | Carbon steel pipe production related equipment | 8,379,687.65 | Carbon steel pipe production line is suspended | | Xi'an Yike Oncology Hospital related equipment | 21,044,981.77 | Xi'an Yike Oncology Hospital has ceased operations | - The fixed asset impairment loss for the current period was **RMB 1,699,960.70**, primarily related to battery cell production equipment due to losses in the photovoltaic project[409](index=409&type=chunk) [22. Construction in Progress](index=100&type=section&id=22.%20Construction%20in%20Progress) The carrying amount of construction in progress increased significantly to RMB 27.18 million, with an impairment provision of RMB 0.42 million for the 2GW battery cell project Construction in Progress Details | Project | Closing Book Value (Yuan) | Opening Book Value (Yuan) | | :--- | :--- | :--- | | Factory Informatization | 0 | 0 | | Stereotactic Gamma Ray Body Radiotherapy System | 5,989,170.00 | 5,989,170.00 | | 2GW Battery Cell Production Line Construction Project | 6,533,895.24 | 6,949,287.85 | | Small Equipment Installation | 822,514.23 | 0 | | Comprehensive Building Construction and Installation | 13,838,200.49 | 246,171.59 | | Total | 27,183,779.96 | 13,184,629.44 | Impairment Provision for Construction in Progress this Period | Project | Opening Balance (Yuan) | Increase this Period (Yuan) | Closing Balance (Yuan) | Reason for Provision | | :--- | :--- | :--- | :--- | :--- | | Factory Informatization | 949,049.05 | 0 | 949,049.05 | Project is idle | | Stereotactic Gamma Ray Body Radiotherapy System | 110,830.00 | 0 | 110,830.00 | Xi'an Yike Oncology Hospital temporarily ceased operations | | 2GW Battery Cell Production Plant Renovation, Supporting Facilities, and Machinery | 425,588.40 | 415,392.61 | 840,981.01 | Photovoltaic project losses indicate impairment | | Total | 1,485,467.45 | 415,392.61 | 1,900,860.06 | - | [25. Right-of-use Assets](index=102&type=section&id=25.%20Right-of-use%20Assets) The carrying amount of right-of-use assets decreased to RMB 128 million, with an impairment provision of RMB 1.25 million recognized for leased factory buildings Right-of-use Asset Details | Item | Closing Book Value (Yuan) | Opening Book Value (Yuan) | | :--- | :--- | :--- | | Buildings and Structures | 128,064,907.06 | 142,559,247.20 | | Total | 128,064,907.06 | 142,559,247.20 | - Depreciation of right-of-use assets for the current period was **RMB 13,244,803.57**[422](index=422&type=chunk) - An impairment provision of **RMB 1,249,536.57** was made for right-of-use assets this period, primarily for factory buildings, based on market prices of similar leased properties[423](index=423&type=chunk)[424](index=424&type=chunk) [27. Goodwill](index=105&type=section&id=27.%20Goodwill) Goodwill, primarily from the acquisition of four oncology hospitals, has a gross value of RMB 174 million and an accumulated impairment of RMB 161 million Goodwill Book Value | Investee Name or Event Forming Goodwill | Opening Balance (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | | Zhejiang Anhong Plumbing Equipment Co, Ltd | 13,344,404.00 | 13,344,404.00 | | Dazhou Yike Oncology Hospital Co, Ltd | 57,165,801.49 | 57,165,801.49 | | Kunming Yike Oncology Hospital Co, Ltd | 71,152,425.38 | 71,152,425.38 | | Xi'an Yike Oncology Hospital Co, Ltd | 12,753,261.27 | 12,753,261.27 | | Liangshan Gaoxin Oncology Hospital Co, Ltd | 19,880,026.12 | 19,880,026.12 | | Total | 174,295,918.26 | 174,295,918.26 | Goodwill Impairment Provision | Investee Name or Event Forming Goodwill | Opening Balance (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | | Dazhou Yike Oncology Hospital Co, Ltd | 57,165,801.49 | 57,165,801.49 | | Kunming Yike Oncology Hospital Co, Ltd | 71,152,425.38 | 71,152,425.38 | | Xi'an Yike Oncology Hospital Co, Ltd | 12,753,261.27 | 12,753,261.27 | | Liangshan Gaoxin Oncology Hospital Co, Ltd | 19,880,026.12 | 19,880,026.12 | | Total | 160,951,514.26 | 160,951,514.26 | - The asset group or combination of asset groups to which goodwill belongs is the smallest group of assets that can generate independent cash flows, consistent with previous years[434](index=434&type=chunk) [31. Assets with Restricted Ownership or Use Rights](index=109&type=section&id=31.%20Assets%20with%20Restricted%20Ownership%20or%20Use%20Rights) At period-end, assets with restricted ownership or use rights totaled RMB 249 million, primarily for litigation freezes and loan collateral Assets with Restricted Ownership or Use Rights | Item | Closing Book Value (Yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 20,887,947.77 | Frozen, Pledged | Litigation frozen funds, pledge guarantee | | Fixed Assets | 215,124,359.63 | Mortgage Loan | Mortgage for loan not yet released | | Intangible Assets | 13,462,287.78 | Mortgage Loan | Mortgage for loan not yet released | | Long-term Equity Investments | 0 | Pledged Loan | Pledge for loan not yet released | | Total | 249,474,595.18 | - | - | [32. Short-term Borrowings](index=109&type=section&id=32.%20Short-term%20Borrowings) Short-term borrowings increased to RMB 173 million, consisting of various types of secured and guaranteed loans, with no overdue amounts at period-end Classification of Short-term Borrowings | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Pledged Loans | 19,200,000.00 | 0 | | Mortgaged Loans | 6,000,000.00 | 1,000,000.00 | | Guaranteed Loans | 68,000,000.00 | 35,816,022.83 | | Guaranteed, Mortgaged, and Pledged Loans | 80,000,000.00 | 95,120,611.25 | | Total | 173,200,000.00 | 131,936,634.08 | - There were no overdue short-term borrowings at the end of the reporting period[453](index=453&type=chunk) [36. Accounts Payable](index=110&type=section&id=36.%20Accounts%20Payable) Accounts payable increased to RMB 341 million, with significant overdue amounts totaling RMB 103 million for engineering and equipment payments Aging Analysis of Accounts Payable | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year | 195,963,007.43 | 170,757,092.54 | | 1 to 2 years | 16,130,667.34 | 127,560,610.47 | | 2 to 3 years | 124,638,423.21 | 3,266,982.09 | |

Group 1 - The core viewpoint of the news is the financial performance and market activity of Yonghe Intelligent Control, highlighting a decline in revenue but an increase in net profit [1][3] - As of August 25, 2025, Yonghe Intelligent Control's stock closed at 5.09 yuan, down 0.78%, with a turnover rate of 5.95% and a trading volume of 258,800 hands, amounting to 132 million yuan [1] - The company experienced a net outflow of main funds amounting to 25.98 million yuan, representing 19.68% of the total transaction amount, with significant outflows from large orders [1] Group 2 - For the first quarter of 2025, Yonghe Intelligent Control reported total operating revenue of 149 million yuan, a year-on-year decrease of 32.14%, while net profit attributable to shareholders was 19.61 million yuan, an increase of 15.30% [1] - The company's liquidity ratios are as follows: current ratio at 0.739, quick ratio at 0.565, and debt-to-asset ratio at 69.69% [1] - Yonghe Intelligent Control was established in 2003 and is primarily engaged in the manufacturing of general equipment, with a registered capital of approximately 445.81 million yuan [2]

Investment Rating - The report maintains a "Recommended" investment rating for the industry [7] Core Insights - The mechanical export sector shows steady growth, supported by low-altitude economic policies [2][3] - The domestic leading enterprises in the mechanical equipment sector maintain strong competitive advantages in both supply and demand [4] - The report highlights specific investment opportunities in low-altitude economy and mechanical equipment sectors [5] Weekly Market Review - From August 11 to August 15, 2025, the Shanghai Composite Index rose by 1.70%, the Shenzhen Component Index increased by 4.55%, and the ChiNext Index surged by 8.58%. The Shenwan Mechanical Equipment Index rose by 3.21%, outperforming the CSI 300 Index by 0.84 percentage points, ranking 8th among 31 Shenwan first-level industries [12] - Sub-sectors such as general equipment, specialized equipment, and automation equipment saw increases of 3.45%, 4.13%, and 5.45% respectively, while engineering machinery and rail transit equipment experienced slight declines [12][15] Key Sector Tracking Low-altitude Economy - The Yunnan provincial government has issued measures to support the healthy development of the low-altitude economy, including 15 specific initiatives aimed at enhancing safety supervision, supporting drone testing, and expanding international markets [3][21] - Shanghai plans to establish a low-altitude industry fund to encourage research institutions to set up project companies for technological breakthroughs [3] Mechanical Equipment - In July 2025, sales of various types of forklifts reached 118,605 units, a year-on-year increase of 14.4%. Domestic sales accounted for 69,700 units, up 14.3%, while exports totaled 48,905 units, up 14.5% [4] - For the first seven months of 2025, a total of 857,939 forklifts were sold, marking a 12% year-on-year increase, with domestic sales up 10.4% and exports up 15.1% [4] Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and Huasheng Group [5] - In the mechanical equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli [5]

Group 1 - Huawei's Ascend segment leads the market with an increase of 2.05% [1] - High-tech companies such as Gaoxin Xing rise by 10.06%, Runhe Software by 9.56%, and Yanshan Technology by 5.08% [1] - Companies like *ST Zhisheng, Changshan Beiming, and Softcom Power see increases of over 4% [1]

Core Viewpoint - Yonghe Fluid Intelligent Control Co., Ltd. (Yonghe Intelligent Control) is undergoing a significant change in control as its controlling shareholder, Cao Delin, has signed a share transfer agreement with Hangzhou Runfeng Intelligent Equipment Co., Ltd. to transfer 8% of the company's shares, indicating a shift in management and potential strategic direction [2][3]. Group 1: Share Transfer and Control Change - Cao Delin plans to transfer 35,660,326 shares (8.00% of total shares) at a price of 8.9736 yuan per share, totaling approximately 320 million yuan [2]. - Following the share transfer, the controlling shareholder will change from Cao Delin to Hangzhou Runfeng, and the actual controller will change to Sun Rongxiang [3]. - The voting rights of the remaining shares held by Cao Delin and Xia Zuwang will be irrevocably entrusted to Hangzhou Runfeng for 18 months, establishing them as concerted actors during this period [3]. Group 2: Financial Performance and Losses - Yonghe Intelligent Control has reported continuous losses over the past three years, with a total loss of nearly 500 million yuan from 2022 to 2024 [4]. - The company's revenue for 2024 is projected at approximately 823 million yuan, a decrease of 13.19% from 2023, with a net loss attributable to shareholders of about 297 million yuan [5]. - The company anticipates a net loss of 53.24 million to 27.24 million yuan for the first half of 2025, primarily due to declining revenue from valve fittings and high depreciation and labor costs [5][6]. Group 3: Legal Issues - Yonghe Intelligent Control has disclosed ongoing litigation and arbitration cases with a total amount involved of 64.83 million yuan, which exceeds 10% of the company's latest audited net assets [8]. - The company is involved in multiple legal disputes, with a significant portion of the claims being against it [8]. Group 4: Diversification Efforts - Since Cao Delin became the actual controller in 2019, Yonghe Intelligent Control has attempted to diversify into the medical and photovoltaic sectors, acquiring stakes in various medical facilities [9][10][12]. - Despite these efforts, the company has faced challenges, including a significant loss in 2022, attributed to declining revenues and increased costs [13]. - The photovoltaic segment has underperformed, with revenues of less than 2 million yuan in 2024 and a negative gross margin of -3020.96% [15][16]. Group 5: New Shareholder Background - Hangzhou Runfeng, the acquiring company, was established on July 22, 2025, and has not yet engaged in any business activities related to industrial robots, despite its registered scope [17]. - The company is expected to change its business scope shortly after the share transfer [17][18].

Core Viewpoint - The control change of Yonghe Intelligent Control (002795) has been terminated due to the acquirer's failure to pay the initial share transfer payment, leading to a significant drop in the company's stock price [1][2]. Group 1: Control Change Termination - Yonghe Intelligent Control's stock price fell over 7% during intraday trading on August 13, ultimately closing down 5.24% at 5.24 yuan per share, with a total market capitalization of approximately 2.336 billion yuan [1]. - The termination of the control change was announced on August 12, stating that the acquirer, Hangzhou Runfeng, failed to pay the initial transfer payment of approximately 20.0015 million yuan by the agreed deadline [2]. - This marks the third failed attempt by the actual controller, Cao Delin, to change control since he took over in 2019, with previous attempts in 2022 and 2023 also failing [3]. Group 2: Financial Performance - Yonghe Intelligent Control has reported continuous net losses for three consecutive years, with net profits of approximately -26.1867 million yuan in 2022, -155.6 million yuan in 2023, and -297 million yuan in 2024 [3]. - The company’s revenue for the years 2022 to 2024 was approximately 990 million yuan, 948 million yuan, and 823 million yuan, respectively [3]. - The company expects a net loss of between 56 million yuan and 30 million yuan for the first half of 2025, indicating a reduction in losses compared to the same period last year, but still not achieving profitability [4]. Group 3: Business Operations - Yonghe Intelligent Control operates primarily in the production and management of household water heating valves and fittings, while also focusing on the emerging industry of precise radiation treatment for tumors [3]. - The decline in net profit is attributed to reduced revenue from the valve and fitting business, decreased product gross margins, and high depreciation and labor costs [4]. - The company aims to establish a stable and high-quality industrial development model, focusing on its core business areas to achieve profitability in the future [4].