根据中国证券监督管理委员会《上市公司募集资金监管规则》《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》等相关规定，温 州意华接插件股份有限公司（以下简称"公司"）董事会编制了募集资金半年度存 放与使用情况的专项报告。 证券代码：002897 证券简称：意华股份 公告编号：2025-035 温州意华接插件股份有限公司 2025 年半年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 （三）募集资金专户存储情况 一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 经中国证券监督管理委员会证监许可〔2023〕887 号《关于同意温州意华接 插件股份有限公司向特定对象发行股票注册的批复》同意，截至 2024 年 3 月 27 日，公司实际已发行人民币普通股（A 股）16,567,996 股，发行价格 32.19 元/ 股，募集资金总额为 533,323,791.24 元，扣除保荐承销费用人民币 11,792,452.83 元，减除其他与发行权益性证券直接相关的发行费用人民币 722,233.96 元， ...

温州意华接插件股份有限公司 2025 年半年度财务报告 温州意华接插件股份有限公司 2025 年半年度财务报告 2025 年 8 月 1 温州意华接插件股份有限公司 2025 年半年度财务报告 第八节 财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：温州意华接插件股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 751,801,407.48 | 704,277,955.64 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 250,455,972.22 | 271,000,000.00 | | 衍生金融资产 | | | | 应收票据 | 14,202,346.54 | 16,054,380.32 | | 应收账款 | 1,678,091,330.40 | 1,419,116,451.17 | | 应收款项融资 | 67,161,788 ...

证券代码：002897 证券简称：意华股份 公告编号：2025-036 温州意华接插件股份有限公司 关于增加 2025 年度日常关联交易预计的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、日常关联交易基本情况 （一）日常关联交易概述 温州意华接插件股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开 的第五届董事会第二次会议、第五届监事会第二次会议及 2025 年 5 月 19 日召开 的 2024 年年度股东大会决议审议通过了《关于 2024 年度关联交易情况及 2025 年度日常关联交易预计的议案》，预计 2025 年度公司及控股子公司与关联公司 日常关联交易金额为 12,905.00 万元。详情可参考公司刊登在巨潮资讯网 （http://www.cninfo.com.cn）的有关公告。公司于 2025 年 6 月 5 日召开的第五届 董事会第三次会议及第五届监事会第三次会议审议通过了《关于增加 2025 年度 日常关联交易预计的议案》，根据公司业务发展与实际经营需要，同意公司及控 股子公司增加与关联方苏州意华新能源科技有限公 ...

温州意华接插件股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来 情况汇总表 法定代表人：蔡胜才 主管会计工作负责人：陈志 会计机构负责人：杜平 | 浙江意迈智能 科技有限公司 | 子公司 | 其他应收款 | 3,539.38 | 1,553.00 | 79.03 | 1,239.38 | 3,932.03 | 暂借款 | 非经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 晟维新能源科 技发展（天津） | 子公司 | 其他应收款 | 12,158.50 | 4,000.00 | 176.41 | 4,000.00 | 12,334.91 | 暂借款 | 非经营性往来 | | 有限公司 | | | | | | | | | | | 东莞市意兆电 子科技有限公 | 子公司 | 应收账款 | 2,462.41 | 5,313.50 | - | 4,974.92 | 2,800.99 | 销售产品 | 经营性往来 | | 司 | | | | | | | | | | | 湖南意兆电子 科技有限公司 | 子公司 ...

二、审议通过《关于增加 2025 年度日常关联交易预计的议案》 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 温州意华接插件股份有限公司（以下简称"公司"）第五届监事会第四次会议 于 2025 年 8 月 28 日在公司一楼会议室以现场会议的方式召开，本次会议的会议 通知已于 2025 年 8 月 18 日以通讯或电子邮件的方式发出。本次会议应出席监事 3 名，实际出席会议监事 3 名。本次会议由监事会主席金爱钗女士主持。会议的 召集、召开符合《中华人民共和国公司法》和《公司章程》等有关规定。会议审 议并通过以下决议： 一、审议通过《2025 年半年度报告及摘要》 表决结果：同意 3 票，弃权 0 票，反对 0 票。 经审核，监事会认为：董事会编制和审核公司 2025 年半年度报告及摘要的 程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反 映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 《2025 年半年度报告及摘要》全文详见巨潮资讯网（http://www.cninfo.com.cn）。 证券代码：002897 证券 ...

证券代码：002897 证券简称：意华股份 公告编号：2025-033 温州意华接插件股份有限公司 第五届董事会第四次会议决议公告 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。 温州意华接插件股份有限公司（以下简称"公司"）第五届董事会第四次会议 于 2025 年 8 月 28 日在公司一楼会议室以现场会议的方式召开，本次会议的会议 通知已于 2025 年 8 月 18 日以通讯或电子邮件的方式发出。本次会议应出席董事 9 名，实际出席会议董事 9 名。本次会议由董事长蔡胜才先生主持，公司监事及 部分高级管理人员列席了会议。会议的召集、召开符合《中华人民共和国公司法》 和《公司章程》等有关规定。会议审议并通过以下决议： 一、审议通过《2025 年半年度报告及摘要》 表决结果：同意 9 票，弃权 0 票，反对 0 票。 本议案经公司审计委员会审议通过。 《 2025 年 半 年 度 报 告 及 摘 要 》 全 文 详 见 巨 潮 资 讯 网 （http://www.cninfo.com.cn）。 二、审议通过《关于增加 2025 年度日常关联交易预计的议案》 ...

中信证券股份有限公司 关于温州意华接插件股份有限公司 增加 2025 年度日常关联交易预计的核查意见 深圳证券交易所： 中信证券股份有限公司（以下简称"中信证券""保荐人"）作为温州意华接插件 股份有限公司（以下简称"意华股份""公司"）向特定对象发行A股股票的保荐人，根 据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上市规则（2023年修订）》 《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》《深圳证券 交易所上市公司自律监管指引第13号——保荐业务》等有关法律法规和规范性文件的要 求，对公司增加2025年度日常关联交易预计事项进行了核查，具体情况如下： 一、日常关联交易基本情况 （一）日常关联交易概述 温州意华接插件股份有限公司（以下简称"公司"）于2025年4月24日召开的第五届 董事会第二次会议、第五届监事会第二次会议及2025年5月19日召开的2024年年度股东大 会决议审议通过了《关于2024年度关联交易情况及2025年度日常关联交易预计的议案》， 预计2025年度公司及控股子公司与关联公司日常关联交易金额为12,905.00万元。详情可 参考公司刊登在巨潮资讯网（ht ...

Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisory board, and senior management guarantee the accuracy and completeness of the semi-annual report, advising investors to note operational risks and confirming no interim dividend distribution or capital increase from reserves - The company's board, supervisory board, and senior management guarantee the **truthfulness, accuracy, and completeness** of the semi-annual report, free from false records, misleading statements, or major omissions[4](index=4&type=chunk) - The company plans **not to distribute cash dividends, bonus shares, or convert capital reserves into share capital** for the semi-annual period[6](index=6&type=chunk) - Forward-looking statements regarding future plans in this report do not constitute a substantive commitment to investors, who should maintain sufficient risk awareness and note investment risks[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section provides a structural overview of the report, encompassing nine main chapters that cover company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, financial reports, and other data - The report comprises **nine main chapters**, comprehensively covering the company's semi-annual operating performance from important notices to other submitted data[8](index=8&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms and entities used in the report, including the company, controlling shareholder, wholly-owned and controlled subsidiaries, and industry-specific concepts like optical interconnect products and high-speed communication connectors, ensuring clear understanding - Defines the company, controlling shareholder Yihua Holdings, wholly-owned subsidiaries Dongguan Taikang, Dongguan Zhengde, Dongguan Yizhao, Suzhou Yihua, Yueqing Yongle, Yihua New Energy, Yihua Hong Kong, and others[15](index=15&type=chunk) - Defines controlled subsidiaries Wuhan Yigu, Dongguan Yitai, Dongguan Yibo, Suzhou Yuanye, Hunan Yihua, Taihua New Energy, Thailand Yuanfeng, Tianjin Yihua, Hong Kong Yimai, Hunan Yizhao, Hunan Zhengde, Tianjin Shengwei, Alpha Steel LLC, CZT ENERGY (USA) INC., NEXTRISE (USA) INC., Dongguan Sanhan, and others[15](index=15&type=chunk) - Explains the specific meanings of **optical interconnect products** and **high-speed communication connectors**[15](index=15&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=Company%20Profile) This section provides basic information about Wenzhou Yihua Connector Co.,Ltd, including its stock abbreviation, stock code, listing exchange, company names in Chinese and English, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Yihua Shares | | Stock Code | 002897 | | Stock Listing Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | 温州意华接插件股份有限公司 | | Company's Chinese Abbreviation | 意华股份 | | Company's English Name | Wenzhou Yihua ConnectorCo.,Ltd | | Company's Legal Representative | Cai Shengcai | [Contact Person and Contact Information](index=6&type=section&id=Contact%20Person%20and%20Contact%20Information) This section lists the detailed contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, facilitating communication for investors and relevant parties Contact Person and Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Wu Chenran | No. 2 Huaxing Road, Yihua Science and Technology Park, Wengyang Street, Yueqing City, Wenzhou, Zhejiang Province | 0577-57100785 | 0577-57100790-2066 | ir@czt.com.cn | | Securities Affairs Representative | Huang Yu | No. 2 Huaxing Road, Yihua Science and Technology Park, Wengyang Street, Yueqing City, Wenzhou, Zhejiang Province | 0577-57100785 | 0577-57100790-2066 | ir@czt.com.cn | [Other Information](index=6&type=section&id=Other%20Information) The company confirms that its registered address, office address, website, email, and information disclosure and storage locations remained unchanged during the reporting period, consistent with the 2024 annual report - The company's registered address, office address and postal code, website, and email address remained **unchanged** during the reporting period[19](index=19&type=chunk) - The company's designated website and media for semi-annual report disclosure, and the location for report availability, remained **unchanged** during the reporting period[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During this reporting period, the company's operating revenue decreased by 3.99% year-on-year, net profit attributable to shareholders decreased by 6.84% year-on-year, and net cash flow from operating activities significantly decreased by 57.37%, while total assets and net assets attributable to shareholders both increased Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,045,193,173.55 | 3,171,707,184.65 | -3.99% | | Net Profit Attributable to Listed Company Shareholders | 161,540,488.37 | 173,405,151.78 | -6.84% | | Net Profit Attributable to Listed Company Shareholders Excluding Non-recurring Gains and Losses | 151,017,500.07 | 160,733,197.64 | -6.04% | | Net Cash Flow from Operating Activities | 103,949,006.76 | 243,812,315.34 | -57.37% | | Basic Earnings Per Share (yuan/share) | 0.86 | 0.97 | -11.34% | | Diluted Earnings Per Share (yuan/share) | 0.85 | 0.97 | -12.37% | | Weighted Average Return on Net Assets | 6.43% | 8.29% | -1.86% | | **Period-End Indicators** | **Current Period-End (yuan)** | **Prior Year-End (yuan)** | **Period-End vs. Prior Year-End Change** | | Total Assets | 6,905,015,426.86 | 6,318,290,549.20 | 9.29% | | Net Assets Attributable to Listed Company Shareholders | 2,639,029,254.56 | 2,429,507,052.18 | 8.62% | [Differences in Accounting Data under Domestic and International Accounting Standards](index=7&type=section&id=Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20International%20Accounting%20Standards) The company states that during the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or foreign accounting standards and those disclosed under Chinese Accounting Standards - The company's reporting period shows **no differences** in net profit and net assets between financial reports disclosed under International Accounting Standards and those under Chinese Accounting Standards[23](index=23&type=chunk) - The company's reporting period shows **no differences** in net profit and net assets between financial reports disclosed under foreign accounting standards and those under Chinese Accounting Standards[24](index=24&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses for this reporting period amounted to 10,522,988.30 yuan, primarily including gains/losses from disposal of non-current assets, government grants, fair value changes of financial assets and liabilities, and VAT reductions for key groups Non-recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Gains/losses from disposal of non-current assets | 4,382,565.98 | Primarily from disposal of subsidiary equity and fixed asset disposal losses | | Government grants recognized in current profit or loss | 4,818,293.12 | Primarily government grants | | Gains/losses from changes in fair value of financial assets and liabilities, and disposal of financial assets and liabilities, excluding effective hedge accounting related to normal business operations | 2,102,603.21 | Primarily from forward foreign exchange contracts | | Other non-operating income and expenses apart from the above | -1,439,050.08 | | | Other profit and loss items that meet the definition of non-recurring gains and losses | 1,729,502.63 | Primarily VAT reductions for key groups | | Less: Income tax impact | 686,475.97 | | | Impact on minority interests (after tax) | 384,450.59 | | | Total | 10,522,988.30 | | Management Discussion and Analysis [Company's Main Business Activities During the Reporting Period](index=9&type=section&id=Company's%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company primarily operates in connector and solar bracket businesses, with the connector segment focusing on 5G, 6G, and optical communication module R&D, and the solar bracket segment manufacturing and selling core components for photovoltaic tracking brackets, establishing a global presence - The company's main businesses are **connector business** and **solar bracket business**[29](index=29&type=chunk) - The connector business focuses on **5G, 6G, and optical communication module R&D and manufacturing**, with communication connectors as its core, consumer electronics connectors as an important component, and automotive and other connectors as extensions[29](index=29&type=chunk) - The solar bracket business primarily involves the **manufacturing and sales of core components for photovoltaic tracking brackets**, with NEXTracker, a global leader in photovoltaic systems, as its core customer[30](index=30&type=chunk) [Connector Business](index=9&type=section&id=Connector%20Business) The company is a leading domestic producer of traditional RJ-type communication connectors, holds a first-mover advantage in high-speed communication connectors, and has successfully developed and mass-produced 5G SFP, SFP+ series, and QSFP56 200G/QSFP-DD 400G high-speed connectors, while also expanding into consumer electronics and automotive electronics markets - The company has become one of the most powerful communication connector manufacturers in China, establishing long-term partnerships with renowned enterprises such as Huawei, ZTE, and Foxconn[29](index=29&type=chunk) - In the high-speed communication connector field, the company focuses on **5G, 6G, and optical communication module R&D and manufacturing**, with proprietary 5G SFP and SFP+ series products successfully developed and passing key customer performance tests[29](index=29&type=chunk) - The company demonstrates strong competitive advantages in mold development, including design, parts processing, and assembly testing, achieving **machining precision of 0.002mm** for mold parts and the capability to develop 1-cavity 128-cavity precision molds[29](index=29&type=chunk) [Solar Bracket Business](index=9&type=section&id=Solar%20Bracket%20Business) The company's wholly-owned subsidiary, Yueqing Yihua New Energy Technology Co., Ltd., specializes in manufacturing and selling core components for photovoltaic tracking brackets, earning a strong international reputation for technological innovation and product quality, with NEXTracker as its core customer and a global production and supply network supported by US and Thai factories - The main business of the company's wholly-owned subsidiary, Yueqing Yihua New Energy Technology Co., Ltd., is the **manufacturing and sales of core components for photovoltaic tracking brackets**[30](index=30&type=chunk) - Yihua New Energy, as a professional solar tracking bracket manufacturer, has NEXTracker, the global leader in photovoltaic systems and ranked first in the photovoltaic tracking bracket field, as its core customer[30](index=30&type=chunk) - Leveraging a global layout with **two overseas factories in the US and Thailand**, the company has built an efficient production and supply network, enabling rapid response to customer needs in different regions and significantly enhancing supply chain resilience and market service efficiency[30](index=30&type=chunk) [Operating Model](index=9&type=section&id=Operating%20Model) The company primarily employs a direct sales model, emphasizing customer re-development and timely response, maintains a robust procurement management system and approved supplier list, operates on a self-production model based on customer orders across multiple production bases, and pursues R&D innovation in both new product development and manufacturing technology, collaborating with suppliers and customers - The company primarily adopts a **direct sales model**, engaging with customers through new product presentations, industry exhibitions, customer visits, and customer maintenance[31](index=31&type=chunk) - The company has established a comprehensive procurement management system and signed framework contracts with qualified suppliers for major raw materials such as steel, gold, copper, and plastic materials[31](index=31&type=chunk) - The company primarily uses a **self-production model** based on customer orders, with photovoltaic bracket production bases in Wenzhou Yueqing, Tianjin, Thailand, and the United States, and core processes for the connector business including injection molding, stamping, electroplating, machining, and die-casting[32](index=32&type=chunk)[33](index=33&type=chunk) [Core Competitiveness Analysis](index=10&type=section&id=Core%20Competitiveness%20Analysis) The company's core competitiveness stems from its advanced industry technology, efficient R&D system, first-mover advantage in high-speed communication connectors, long-standing relationships with high-quality customers, in-house development capabilities for precision molds and automated assembly/testing equipment, and excellent integrated management and innovative management systems - The company has been successfully selected as a **national green low-carbon factory**, approved to establish a Zhejiang Provincial Key Enterprise Research Institute, awarded the Zhejiang Provincial Science and Technology Progress Award, and has accumulated **95 invention patents** through continuous innovation and commitment to green development[34](index=34&type=chunk) - The company holds a **leading and first-mover position** in the high-speed communication connector field, being one of the few domestic enterprises to achieve mass production of high-speed connectors and high-speed optoelectronic modules[35](index=35&type=chunk)[36](index=36&type=chunk) - With over **30 years of experience** in the connector industry, the company has established long-term partnerships with numerous high-quality customers such as Huawei, ZTE, and Foxconn, strengthening these relationships through customized R&D and production models[37](index=37&type=chunk) - The company possesses comprehensive mold and connector component processing and production capabilities, including precision die-casting, precision thermal components, and precision electroplating, achieving **machining precision of up to 0.002mm** for mold parts[38](index=38&type=chunk)[39](index=39&type=chunk) - The company has implemented an **ERP system** for comprehensive data-driven management and optimized its organizational structure towards a flatter model, enhancing decision-making efficiency and collaboration capabilities[40](index=40&type=chunk) [Main Business Analysis](index=11&type=section&id=Main%20Business%20Analysis) During the reporting period, the company's operating revenue decreased by 3.99% year-on-year, but connector business revenue grew by 9.06%, with significant growth in communication and consumer electronics connector products, while solar bracket business revenue decreased by 8.85%, and international operating revenue increased by 5.14% while domestic operating revenue decreased by 15.45% Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,045,193,173.55 | 3,171,707,184.65 | -3.99% | | Operating Cost | 2,459,986,906.30 | 2,576,763,800.13 | -4.53% | | Financial Expenses | 29,215,441.19 | 22,362,432.80 | 30.65% | | R&D Investment | 119,619,560.35 | 106,838,379.01 | 11.96% | | Net Cash Flow from Operating Activities | 103,949,006.76 | 243,812,315.34 | -57.37% | | Net Cash Flow from Financing Activities | 125,427,618.47 | 400,869,036.77 | -68.71% | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Connectors | 1,214,392,755.92 | 39.88% | 1,113,520,671.00 | 35.11% | 9.06% | | | Solar Brackets | 1,761,128,446.58 | 57.83% | 1,932,153,012.99 | 60.92% | -8.85% | | **By Product** | Communication Connector Products | 601,235,922.67 | 19.74% | 469,200,668.29 | 14.79% | 28.14% | | | Consumer Electronics Connector Products | 200,288,827.93 | 6.58% | 155,000,702.15 | 4.89% | 29.22% | | **By Region** | Domestic | 1,189,050,221.78 | 39.05% | 1,406,331,202.91 | 44.34% | -15.45% | | | International | 1,856,142,951.77 | 60.95% | 1,765,375,981.74 | 55.66% | 5.14% | Industry, Product, or Region Accounting for Over 10% of Operating Revenue or Operating Profit | Category | Item | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Connectors | 1,214,392,755.92 | 880,041,083.02 | 27.53% | 9.06% | 17.57% | -5.25% | | | Solar Brackets | 1,761,128,446.58 | 1,528,121,968.93 | 13.23% | -8.85% | -10.18% | 1.29% | | **By Product** | Communication Connector Products | 601,235,922.67 | 432,253,782.69 | 28.11% | 28.14% | 32.49% | -2.35% | | | Consumer Electronics Connector Products | 200,288,827.93 | 158,703,324.13 | 20.76% | 29.22% | 32.54% | -1.99% | | **By Region** | Domestic | 1,119,378,250.73 | 725,274,486.80 | 35.21% | -12.57% | -23.66% | 9.41% | | | International | 1,856,142,951.77 | 1,682,888,565.15 | 9.33% | 5.14% | 12.20% | -5.71% | [Non-Main Business Analysis](index=13&type=section&id=Non-Main%20Business%20Analysis) During this reporting period, non-main business activities impacted total profit, with investment income of 9.62 million yuan primarily from wealth management products and forward foreign exchange settlements, and asset impairment losses of 20.55 million yuan mainly due to inventory write-downs Impact of Non-Main Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 9,619,980.96 | 4.76% | Primarily from wealth management products and forward foreign exchange settlements | No | | Gains/Losses from Fair Value Changes | -222,490.95 | -0.11% | Primarily from fair value changes of forward foreign exchange contracts at period-end | No | | Asset Impairment | -20,545,193.98 | -10.16% | Primarily from inventory write-down losses | No | | Other Income | 11,434,720.24 | 5.65% | Primarily government grants | No | | Credit Impairment Losses | -6,526,632.10 | -3.23% | Primarily bad debt provisions for accounts receivable and other receivables | No | [Analysis of Assets and Liabilities](index=13&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets increased by 9.29%, and net assets attributable to shareholders increased by 8.62%, with accounts receivable and inventory increasing as a proportion of total assets, while long-term borrowings decreased, and the company holds various overseas assets with some rights restricted for bank acceptance bill deposits and loan collateral Significant Changes in Asset Composition | Item | Current Period-End Amount (yuan) | Proportion of Total Assets | Prior Year-End Amount (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 751,801,407.48 | 10.89% | 704,277,955.64 | 11.15% | -0.26% | | Accounts Receivable | 1,678,091,330.40 | 24.30% | 1,419,116,451.17 | 22.46% | 1.84% | | Inventories | 1,862,173,306.71 | 26.97% | 1,592,677,719.72 | 25.21% | 1.76% | | Long-term Equity Investments | 16,696,201.23 | 0.24% | 8,042,597.23 | 0.13% | 0.11% | | Short-term Borrowings | 1,279,531,656.14 | 18.53% | 1,130,397,424.65 | 17.89% | 0.64% | | Long-term Borrowings | 491,590,000.00 | 7.12% | 586,730,000.00 | 9.29% | -2.17% | Major Overseas Assets | Specific Asset Content | Asset Scale (yuan) | Location | Profit/Loss (yuan) | Proportion of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | | Yihua New Energy (Hong Kong) International Co., Ltd. | 652,434,492.09 | Hong Kong | 731,778.61 | 3.14% | | Taihua New Energy (Thailand) Co., Ltd. | 855,160,198.38 | Rayong Province, Thailand | -8,569,358.93 | 3.95% | | Yuanfeng New Energy Co., Ltd. | 370,239,554.59 | Rayong Province, Thailand | 14,106,516.61 | 8.14% | | NEXTRISE (USA) INC. | 528,368,841.31 | Delaware, USA | 18,625,520.91 | 2.20% | Asset Rights Restriction Status as of the End of the Reporting Period | Item | Book Balance (yuan) | Book Value (yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 66,614,496.95 | 66,614,496.95 | Bank acceptance bill deposits, time deposits for guarantee, letter of guarantee deposits | Bank acceptance bill deposits, time deposits for guarantee, letter of guarantee deposits | | Fixed Assets | 368,263,097.58 | 228,580,566.29 | Loan collateral | Loan collateral | | Intangible Assets | 147,349,006.34 | 119,497,339.85 | Loan collateral | Loan collateral | | Accounts Receivable | 206,633,450.66 | 196,301,778.13 | Accounts receivable pledge | Accounts receivable pledge | | Total | 794,040,679.74 | 615,959,627.00 | | | [Investment Analysis](index=17&type=section&id=Investment%20Analysis) During the reporting period, the company primarily engaged in forward foreign exchange hedging, with an investment amount of 99.50 million yuan at period-end and an actual loss of 0.22 million yuan, while total raised capital was 533.32 million yuan, with 251.04 million yuan cumulatively used, mainly for the Yueqing photovoltaic bracket production base and working capital replenishment Derivative Investments for Hedging Purposes | Derivative Investment Type | Beginning Balance (ten thousand yuan) | Current Period Fair Value Change (ten thousand yuan) | Period-End Balance (ten thousand yuan) | Proportion of Period-End Investment Amount to Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | | Forward Foreign Exchange (USD) | 25,159.4 | -22.25 | 9,950.45 | 3.77% | | Total | 25,159.4 | -22.25 | 9,950.45 | 3.77% | - The company's forward foreign exchange settlement business adheres to the principle of **locking in exchange rate risk**, avoiding speculative or arbitrage trading, but still faces exchange rate fluctuation risk, internal control risk, customer default risk, and collection forecast risk[62](index=62&type=chunk) Overall Use of Raised Capital | Fundraising Year | Fundraising Method | Total Raised Capital (ten thousand yuan) | Net Raised Capital (ten thousand yuan) | Total Cumulatively Used Raised Capital (ten thousand yuan) | Proportion of Raised Capital Used at Period-End | | :--- | :--- | :--- | :--- | :--- | :--- | | 2024 | Issuance of Shares to Specific Objects | 53,332.38 | 52,080.91 | 25,104.28 | 48.20% | Committed Projects for Raised Capital | Committed Investment Project | Adjusted Total Investment (ten thousand yuan) | Amount Invested in Current Reporting Period (ten thousand yuan) | Cumulative Investment at Period-End (ten thousand yuan) | Investment Progress at Period-End | | :--- | :--- | :--- | :--- | :--- | | Yueqing Photovoltaic Bracket Core Component Production Base Construction Project | 37,370.78 | 5,883.53 | 14,606.68 | 39.09% | | Photovoltaic Bracket Full-Scenario Application R&D and Experiment Base Construction Project | 5,415.31 | 0 | 1,199.05 | 22.14% | | Replenishment of Working Capital | 9,294.82 | 0 | 9,298.55 | 100.04% | [Disposal of Major Assets and Equity](index=22&type=section&id=Disposal%20of%20Major%20Assets%20and%20Equity) During the reporting period, the company did not engage in any significant asset or equity disposal transactions - The company did **not dispose of any major assets** during the reporting period[72](index=72&type=chunk) - The company did **not dispose of any major equity** during the reporting period[73](index=73&type=chunk) [Analysis of Major Holding and Participating Companies](index=22&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section analyzes the operating performance of the company's major holding and participating companies, with Suzhou Yuanye Automotive Technology Co., Ltd., Yueqing Yihua New Energy Technology Co., Ltd., and NEXTRISE INC. significantly impacting the company's net profit, and during the reporting period, the company established Dongguan Yitaisheng Trading Co., Ltd., Hong Kong Yitai Intelligent Manufacturing Technology Co., Ltd., and Yueqing Yizhong Logistics Co., Ltd., and transferred equity in Suzhou Yihua New Energy Technology Co., Ltd Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Suzhou Yuanye Automotive Technology Co., Ltd. | Subsidiary | Technology R&D consulting, technical services, technology transfer in automotive electronics; production, sales, and after-sales service of automotive electronic connectors, automotive parts, electronic components; mold R&D, manufacturing, sales; self-operated and agency import and export of various goods and technologies | 100,000,000.00 | 229,364,500.59 | 183,835,223.37 | 146,313,955.65 | 26,376,326.62 | | Yueqing Yihua New Energy Technology Co., Ltd. | Subsidiary | New energy technology R&D; manufacturing, processing, and sales of photovoltaic modules, solar components, solar brackets, plastic parts, molds, metal parts; sales of metal products, mechanical equipment; import and export of goods, import and export of technology | 559,360,900.00 | 2,584,655,702.18 | 809,413,716.72 | 749,955,078.63 | 25,697,583.61 | | NEXTRISE INC. | Subsidiary | New energy technology R&D; R&D, manufacturing, and sales of solar drive devices, structural parts, brackets, photovoltaic modules, metal parts, molds, plastic parts; import and export of goods; and other legally permitted business activities | 30,753,951.31 USD | 528,368,841.31 | 58,135,073.94 | 494,483,358.94 | 24,834,027.88 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition and Disposal of Subsidiaries During the Reporting Period | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | Dongguan Yitaisheng Trading Co., Ltd. | Investment Establishment | Achieved net profit of 40,600.76 yuan in this period | | Hong Kong Yitai Intelligent Manufacturing Technology Co., Ltd. | Investment Establishment | Achieved net profit of 0.00 yuan in this period | | Yueqing Yizhong Logistics Co., Ltd. | Investment Establishment | Achieved net profit of 0.00 yuan in this period | | Suzhou Yihua New Energy Technology Co., Ltd. | Equity Transfer | Achieved net profit of 6,076,181.65 yuan in this period | [Structured Entities Controlled by the Company](index=23&type=section&id=Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities - The company had **no controlled structured entities** during the reporting period[76](index=76&type=chunk) [Risks Faced by the Company and Countermeasures](index=24&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from raw material price fluctuations, changes in market competition, exchange rate volatility, and policy shifts, which it addresses through increased new product sales, technological improvements, cost control, global expansion, forward foreign exchange settlements, new product repricing, and accelerated resource integration and technological innovation - **Raw material price fluctuation risk**: The prices of major raw materials such as gold, steel coils, copper, and plastic materials used in the company's production and operations may fluctuate, posing a risk to short-term performance. Countermeasures include increasing new product sales, technological improvements for older products, cost control, and price transmission[77](index=77&type=chunk) - **Market competition landscape change risk**: Intensified competition in the domestic connector industry requires the company to continuously enhance competitiveness or explore new product areas. Countermeasures involve continuously improving product competitiveness, stabilizing existing customers, and actively expanding new customer groups[77](index=77&type=chunk) - **Exchange rate fluctuation risk**: The company's exports are primarily settled in spot exchange, and exchange rate fluctuations may lead to exchange gains or losses. Countermeasures include global expansion, conducting forward foreign exchange settlement business, and repricing new products[78](index=78&type=chunk) - **Policy risk**: Uncertainties in the international and domestic environment may hinder economic globalization. Countermeasures involve accelerating resource integration and technological innovation, and further improving asset operating efficiency[78](index=78&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=24&type=section&id=Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company states that it has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has **not formulated a market value management system**[79](index=79&type=chunk) - The company has **not disclosed a valuation enhancement plan**[79](index=79&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=24&type=section&id=Implementation%20of%20%E2%80%9CQuality%20and%20Return%20Dual%20Improvement%E2%80%9D%20Action%20Plan) The company states that it has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has **not disclosed an announcement** regarding the "Quality and Return Dual Improvement" action plan[79](index=79&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=25&type=section&id=Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, there were no changes in the company's directors, supervisors, and senior management, with details available in the 2024 annual report - There were **no changes** in the company's directors, supervisors, and senior management during the reporting period[81](index=81&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=25&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans **not to distribute cash dividends, bonus shares, or convert capital reserves into share capital** for the semi-annual period[82](index=82&type=chunk) [Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=25&type=section&id=Implementation%20of%20Company's%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) The first vesting period of the company's 2023 Restricted Stock Incentive Plan has been achieved, with 2,656,280 shares for 278 incentive recipients becoming tradable on June 13, 2025, and the company also approved the repurchase and cancellation of some granted but unvested restricted shares - The conditions for the **first vesting period** of the 2023 Restricted Stock Incentive Plan have been met, with a total of **278 incentive recipients** qualifying for vesting[86](index=86&type=chunk) - The number of shares eligible for vesting is **2,656,280 shares**, with a listing and trading date of **June 13, 2025**[87](index=87&type=chunk) - The company approved the "Proposal on Repurchasing and Cancelling Part of the Granted but Unvested Restricted Shares under the 2023 Restricted Stock Incentive Plan and Adjusting the Repurchase Price"[86](index=86&type=chunk)[87](index=87&type=chunk) [Environmental Information Disclosure](index=26&type=section&id=Environmental%20Information%20Disclosure) The company and its major subsidiary, Wenzhou Yihua Connector Co., Ltd., are included in the list of enterprises required to disclose environmental information by law, with a provided query index for their environmental information disclosure report - The listed company and its major subsidiary, Wenzhou Yihua Connector Co., Ltd., are included in the list of enterprises required to **disclose environmental information by law**[88](index=88&type=chunk) - The query index for the environmental information disclosure report is **https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search**[88](index=88&type=chunk) [Social Responsibility](index=26&type=section&id=Social%20Responsibility) While pursuing high-quality development, the company actively fulfills its social responsibilities, including protecting shareholder rights, valuing employee professional development and well-being, safeguarding the legitimate interests of customers and suppliers, prioritizing environmental protection and production safety, and actively participating in social welfare initiatives to achieve harmonious development between the enterprise and society - The company strictly adheres to laws and regulations to improve its corporate governance structure, enhance internal control systems, standardize operations, protect the legitimate rights and interests of all shareholders, and focuses on investor relations management[89](index=89&type=chunk) - The company adheres to a people-oriented approach, valuing employee professional development, providing equal opportunities, ensuring workplace safety, labor protection, and physical and mental health, and enriching employees' leisure lives through cultural and sports activities[89](index=89&type=chunk) - The company upholds principles of honesty and trustworthiness, establishing long-term stable cooperative relationships with upstream and downstream suppliers and customers, sharing information, and promoting technological exchange and progress[90](index=90&type=chunk) - The company places high importance on environmental protection and production safety, optimizing product structure and strengthening process control in product R&D and production to achieve energy saving and emission reduction targets, and building a dual prevention mechanism for production safety[91](index=91&type=chunk) - The company actively participates in community building and charitable relief efforts, fulfilling its social responsibilities through social assistance, visits, and慰问 activities, striving for harmonious development between the enterprise and society[91](index=91&type=chunk) Significant Events [Commitment Matters Fulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company, and Unfulfilled Commitments as of the End of the Reporting Period](index=28&type=section&id=Commitment%20Matters%20Fulfilled%20by%20the%20Company's%20Actual%20Controller,%20Shareholders,%20Related%20Parties,%20Acquirers,%20and%20the%20Company,%20and%20Unfulfilled%20Commitments%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, there were no commitment matters that had been fulfilled or were overdue and unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company - During the reporting period, there were **no commitment matters** that had been fulfilled or were overdue and unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company[93](index=93&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties](index=28&type=section&id=Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders and other related parties of the listed company - During the reporting period, there were **no instances of non-operating funds being occupied** by controlling shareholders and other related parties of the listed company[94](index=94&type=chunk) [Illegal External Guarantees](index=28&type=section&id=Illegal%20External%20Guarantees) During the reporting period, the company had no illegal external guarantees - The company had **no illegal external guarantees** during the reporting period[95](index=95&type=chunk) [Appointment and Dismissal of Accounting Firms](index=28&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was not audited - The company's semi-annual financial report was **not audited**[96](index=96&type=chunk) [Board of Directors' and Supervisory Board's Explanation on the Accounting Firm's "Non-Standard Audit Report" for This Reporting Period](index=28&type=section&id=Board%20of%20Directors'%20and%20Supervisory%20Board's%20Explanation%20on%20the%20Accounting%20Firm's%20%E2%80%9CNon-Standard%20Audit%20Report%E2%80%9D%20for%20This%20Reporting%20Period) This explanation is not applicable for this reporting period, as the semi-annual report was not audited - Not applicable[97](index=97&type=chunk) [Board of Directors' Explanation on the "Non-Standard Audit Report" for the Previous Year](index=28&type=section&id=Board%20of%20Directors'%20Explanation%20on%20the%20%E2%80%9CNon-Standard%20Audit%20Report%E2%80%9D%20for%20the%20Previous%20Year) This explanation is not applicable for this reporting period - Not applicable[97](index=97&type=chunk) [Bankruptcy and Reorganization Matters](index=28&type=section&id=Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, the company did not experience any bankruptcy or reorganization matters - The company did **not experience any bankruptcy or reorganization matters** during the reporting period[97](index=97&type=chunk) [Litigation Matters](index=28&type=section&id=Litigation%20Matters) During the reporting period, the company had no significant litigation, arbitration matters, or other litigation matters - The company had **no significant litigation or arbitration matters** during this reporting period[98](index=98&type=chunk) - The company had **no other litigation matters** during the reporting period[98](index=98&type=chunk) [Penalties and Rectification Status](index=29&type=section&id=Penalties%20and%20Rectification%20Status) During the reporting period, the company had no penalties or rectification situations - The company had **no penalties or rectification situations** during the reporting period[99](index=99&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=29&type=section&id=Integrity%20Status%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller) This explanation is not applicable for this reporting period - Not applicable[100](index=100&type=chunk) [Significant Related Party Transactions](index=29&type=section&id=Significant%20Related%20Party%20Transactions) The company has non-operating related party debt and credit transactions, with controlling shareholder Yihua Holdings Group Co., Ltd. borrowing 50 million yuan from the company, and the company has approved proposals for estimated daily related party transactions for 2025 and an increase in estimated transactions - The company had **no related party transactions related to daily operations** during the reporting period[100](index=100&type=chunk) - The company had **no related party transactions involving asset or equity acquisition/disposal** during the reporting period[101](index=101&type=chunk) - The company has **related party debt and credit transactions**, with controlling shareholder Yihua Holdings Group Co., Ltd. borrowing 50 million yuan from the company, resulting in a period-end balance of 50.12 million yuan[103](index=103&type=chunk) - The company approved the "Proposal on Related Party Transactions in 2024 and Estimated Daily Related Party Transactions for 2025" on April 24, 2025, and the "Proposal on Increasing Estimated Daily Related Party Transactions for 2025" on June 5, 2025[106](index=106&type=chunk) [Related Party Transactions Related to Daily Operations](index=29&type=section&id=Related%20Party%20Transactions%20Related%20to%20Daily%20Operations) During the reporting period, the company did not engage in any related party transactions related to daily operations - The company had **no related party transactions related to daily operations** during the reporting period[100](index=100&type=chunk) [Related Party Transactions Involving Asset or Equity Acquisition/Disposal](index=29&type=section&id=Related%20Party%20Transactions%20Involving%20Asset%20or%20Equity%20Acquisition/Disposal) During the reporting period, the company did not engage in any related party transactions involving asset or equity acquisition or disposal - The company had **no related party transactions involving asset or equity acquisition/disposal** during the reporting period[101](index=101&type=chunk) [Related Party Transactions Involving Joint External Investment](index=29&type=section&id=Related%20Party%20Transactions%20Involving%20Joint%20External%20Investment) During the reporting period, the company did not engage in any related party transactions involving joint external investment - The company had **no related party transactions involving joint external investment** during the reporting period[102](index=102&type=chunk) [Related Party Debt and Credit Transactions](index=29&type=section&id=Related%20Party%20Debt%20and%20Credit%20Transactions) The company has non-operating related party debt and credit transactions, with controlling shareholder Yihua Holdings Group Co., Ltd. borrowing 50 million yuan from the company, with a period-end balance of 50.12 million yuan Debts Payable to Related Parties | Related Party | Related Party Relationship | Reason for Formation | Beginning Balance (ten thousand yuan) | Amount Added in Current Period (ten thousand yuan) | Amount Repaid in Current Period (ten thousand yuan) | Interest Rate | Current Period Interest (ten thousand yuan) | Period-End Balance (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yihua Holdings Group Co., Ltd. | Controlling Shareholder | Borrowing and Interest | | 5,000 | | 3.00% | 77.67 | 5,011.67 | [Transactions with Related Financial Companies](index=30&type=section&id=Transactions%20with%20Related%20Financial%20Companies) The company has no deposits, loans, credit lines, or other financial business with related financial companies - The company has **no deposits, loans, credit lines, or other financial business** with related financial companies and related parties[104](index=104&type=chunk) [Transactions between the Company's Controlled Financial Company and Related Parties](index=30&type=section&id=Transactions%20between%20the%20Company's%20Controlled%20Financial%20Company%20and%20Related%20Parties) The company's controlled financial company has no deposits, loans, credit lines, or other financial business with related parties - The company's controlled financial company has **no deposits, loans, credit lines, or other financial business** with related parties[105](index=105&type=chunk) [Other Significant Related Party Transactions](index=30&type=section&id=Other%20Significant%20Related%20Party%20Transactions) The company's board and supervisory board approved proposals for 2024 related party transactions and estimated daily related party transactions for 2025, as well as an increase in estimated daily related party transactions for 2025, on April 24, 2025, and June 5, 2025, respectively - The company's Fifth Board of Directors' Second Meeting and Fifth Supervisory Board's Second Meeting, held on April 24, 2025, and the 2024 Annual General Meeting of Shareholders, held on May 19, 2025, approved the "Proposal on Related Party Transactions in 2024 and Estimated Daily Related Party Transactions for 2025"[106](index=106&type=chunk) - The company's Fifth Board of Directors' Third Meeting and Fifth Supervisory Board's Third Meeting, held on June 5, 2025, approved the "Proposal on Increasing Estimated Daily Related Party Transactions for 2025"[106](index=106&type=chunk) [Significant Contracts and Their Performance](index=30&type=section&id=Significant%20Contracts%20and%20Their%20Performance) The company disclosed various leasing activities, both as lessee and lessor, for office, production, and residential purposes, with a substantial total annual rent, and provided significant guarantees for subsidiaries totaling 1,189.41 million yuan, representing 45.07% of the company's net assets, in addition to 250.40 million yuan in entrusted wealth management Partial Leasing Information | Lessee | Lessor | Lease Purpose | Lease Area (square meters) | Annual Rent (yuan) | Lease Start and End Dates | | :--- | :--- | :--- | :--- | :--- | :--- | | Wenzhou Yihua Connector Co., Ltd. | Dongguan Yizhao Electronic Technology Co., Ltd. | Office | 655.00 | 123,795.00 | 20231101-20261031 | | Dongguan Yitai Intelligent Manufacturing Technology Co., Ltd. | Dongguan Jingcai Lace Embroidery Co., Ltd. | Factory | 28,346.35 | 5,472,000.00 | 20180821~20280820 | | Yueqing Yihua New Energy Technology Co., Ltd. | Yueqing Economic Development Zone Investment Development Co., Ltd. | Building K Factory 1-4th Floor | 10,488.04 | 1,868,521.00 | 20201101-20251031 | | Tianjin Yihua Intelligent Manufacturing Co., Ltd. | Tianjin Zhipu Technology Co., Ltd. | Production and Operation | 21,377.00 | 5,130,480.00 | 20210120-20310119 | | CZT ENERGY (USA) INC. | HAILIANG COPPER TEXAS INC. | Production and Operation | 39,047.15 | 12,148,014.96 | 20230101-20260331 | | Total | | | 420,370.46 | 83,257,867.35 | | Company Guarantees for Subsidiaries | Name of Guaranteed Party | Guarantee Limit (ten thousand yuan) | Actual Guarantee Amount (ten thousand yuan) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Yueqing Yihua New Energy Technology Co., Ltd. | 9,000 | 2,000 | Three years from the day after the loan term under the independent contract expires | No | | Yueqing Yihua New Energy Technology Co., Ltd. | 10,000 | 6,291.46 | Three years from the day after the loan term under the independent contract expires | No | | Yueqing Yihua New Energy Technology Co., Ltd. | 15,000 | 850 | Three years from the day after the loan term under the independent contract expires | No | | Yueqing Yihua New Energy Technology Co., Ltd. | 21,500 | 4,000 | Three years from the day after the loan term under the independent contract expires | No | | Yueqing Yihua New Energy Technology Co., Ltd. | 4,500 | 632.52 | Three years from the day after the loan term under the independent contract expires | No | | Total approved guarantee limit for subsidiaries in current period | 20,000 | Total actual guarantee amount for subsidiaries in current period | 52,561.58 | | | Total approved guarantee limit for subsidiaries at period-end | 153,750 | Total actual guarantee balance for subsidiaries at period-end | 118,941.04 | | | Proportion of actual guarantee total to company's net assets | | | 45.07% | | Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (ten thousand yuan) | Unexpired Balance (ten thousand yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 4,040 | 4,040 | | Bank Wealth Management Products | Raised Funds | 21,000 | 21,000 | | Total | | 25,040 | 25,040 | [Custody, Contracting, and Leasing Matters](index=30&type=section&id=Custody,%20Contracting,%20and%20Leasing%20Matters) The company had no custody or contracting situations during the reporting period, but engaged in extensive leasing activities as both lessee and lessor for various purposes including office, production, and residential use, with a significant total annual rent, and no single leasing project generated profit exceeding 10% of total profit - The company had **no custody situations** during the reporting period[108](index=108&type=chunk) - The company had **no contracting situations** during the reporting period[109](index=109&type=chunk) - As a lessee, the company's leasing purposes include office, residential, warehouse, dormitory, and factory, involving multiple subsidiaries and related parties, with a total annual rent of **83,257,867.35 yuan**[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) - As a lessor, the company's leasing purposes include production, residential, and office, with a total annual rent of **2,667,533.25 yuan**[114](index=114&type=chunk) [Significant Guarantees](index=34&type=section&id=Significant%20Guarantees) The company's total guarantees for subsidiaries amounted to 1,189.41 million yuan, representing 45.07% of the company's net assets, primarily for Yueqing Yihua New Energy Technology Co., Ltd.'s borrowings, with most guarantee periods being three years Company Guarantees for Subsidiaries | Name of Guaranteed Party | Guarantee Limit (ten thousand yuan) | Actual Guarantee Amount (ten thousand yuan) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Yueqing Yihua New Energy Technology Co., Ltd. | 9,000 | 2,000 | Three years from the day after the loan term under the independent contract expires | No | | Yueqing Yihua New Energy Technology Co., Ltd. | 10,000 | 6,291.46 | Three years from the day after the loan term under the independent contract expires | No | | Yueqing Yihua New Energy Technology Co., Ltd. | 15,000 | 850 | Three years from the day after the loan term under the independent contract expires | No | | Yueqing Yihua New Energy Technology Co., Ltd. | 21,500 | 4,000 | Three years from the day after the loan term under the independent contract expires | No | | Yueqing Yihua New Energy Technology Co., Ltd. | 4,500 | 632.52 | Three years from the day after the loan term under the independent contract expires | No | | Total approved guarantee limit for subsidiaries in current period | 20,000 | Total actual guarantee amount for subsidiaries in current period | 52,561.58 | | | Total approved guarantee limit for subsidiaries at period-end | 153,750 | Total actual guarantee balance for subsidiaries at period-end | 118,941.04 | | | Proportion of actual guarantee total to company's net assets | | | 45.07% | | [Entrusted Wealth Management](index=43&type=section&id=Entrusted%20Wealth%20Management) During the reporting period, the company's total entrusted wealth management amounted to 250.40 million yuan, comprising 40.40 million yuan from own funds and 210.00 million yuan from raised funds, with the entire 250.40 million yuan remaining unexpired at period-end and no overdue unrecovered amounts Entrusted Wealth Management Status | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (ten thousand yuan) | Unexpired Balance (ten thousand yuan) | Overdue Unrecovered Amount (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 4,040 | 4,040 | 0 | | Bank Wealth Management Products | Raised Funds | 21,000 | 21,000 | 0 | | Total | | 25,040 | 25,040 | 0 | [Other Significant Contracts](index=43&type=section&id=Other%20Significant%20Contracts) During the reporting period, the company had no other significant contracts - The company had **no other significant contracts** during the reporting period[127](index=127&type=chunk) [Explanation of Other Significant Matters](index=43&type=section&id=Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company had no other significant matters requiring explanation - The company had **no other significant matters requiring explanation** during the reporting period[128](index=128&type=chunk) [Significant Matters of Company Subsidiaries](index=44&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) During the reporting period, the company had no significant matters concerning its subsidiaries - The company had **no significant matters concerning its subsidiaries** during the reporting period[129](index=129&type=chunk) Changes in Shares and Shareholder Information [Changes in Shares](index=45&type=section&id=Changes%20in%20Shares) During the reporting period, the company's restricted shares decreased by 2,621,780 shares, while unrestricted shares increased by 2,621,780 shares, primarily due to the vesting of the first period of the 2023 Restricted Stock Incentive Plan, with some executive lock-up shares remaining restricted Changes in Shares | Category | Number Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (shares) | Number After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 14,246,263 | 7.34% | -2,621,780 | 11,624,483 | 5.99% | | Of which: Shares held by domestic natural persons | 14,246,263 | 7.34% | -2,621,780 | 11,624,483 | 5.99% | | II. Unrestricted Shares | 179,803,433 | 92.66% | 2,621,780 | 182,425,213 | 94.01% | | Of which: RMB ordinary shares | 179,803,433 | 92.66% | 2,621,780 | 182,425,213 | 94.01% | | III. Total Shares | 194,049,696 | 100.00% | 0 | 194,049,696 | 100.00% | - The change in shares was due to the "Announcement on the Listing and Circulation of Vested Shares under the 2023 Restricted Stock Incentive Plan's First Vesting Period" disclosed on June 12, 2025, where a total of **278 incentive recipients** met the vesting conditions, and the number of shares eligible for vesting was **2,656,280 shares**[133](index=133&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Shares Released from Restriction in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Date of Release from Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhu Songping | 280,165 | 0 | 280,165 | Executive Lock-up Shares | Unlocked annually according to regulations | | Jiang Youan | 2,035,687 | 0 | 2,035,687 | Executive Lock-up Shares | Unlocked annually according to regulations | | Fang Jianbin | 2,348,358 | 0 | 2,348,358 | Executive Lock-up Shares | Unlocked annually according to regulations | | Cai Shengcai | 797,717 | 0 | 797,717 | Executive Lock-up Shares | Unlocked annually according to regulations | | Wu Chenran | 40,000 | 10,000 | 30,000 | Equity Incentive Restricted Shares, Executive Lock-up Shares | Unlocked according to the company's restricted stock incentive plan and executive lock-up share regulations | | Middle Management and Core Technical (Business) Personnel (283 people) | 6,579,700 | 2,564,280 | 4,015,420 | Equity Incentive Restricted Shares | Unlocked according to the company's restricted stock incentive plan regulations | | Total | 14,246,263 | 2,621,780 | 11,624,483 | | | [Issuance and Listing of Securities](index=47&type=section&id=Issuance%20and%20Listing%20of%20Securities) During the reporting period, the company had no issuance or listing of securities - The company had **no issuance or listing of securities** during the reporting period[137](index=137&type=chunk) [Number of Shareholders and Shareholding Status](index=47&type=section&id=Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the end of the reporting period, the company had a total of 35,487 ordinary shareholders, with controlling shareholder Yihua Holdings Group Co., Ltd. holding 38.24% as the largest shareholder, and the top ten shareholders including several natural person shareholders and institutional investors - Total number of ordinary shareholders at the end of the reporting period: **35,487 households**[138](index=138&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Yihua Holdings Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 38.24% | 74,208,294 | 0 | 74,208,294 | | Fang Jianbin | Domestic Natural Person | 1.61% | 3,131,144 | 2,348,358 | 782,786 | | Jiang Youan | Domestic Natural Person | 1.40% | 2,714,249 | 2,035,687 | 678,562 | | Fang Jianwen | Domestic Natural Person | 1.36% | 2,632,848 | 1,974,636 | 658,212 | | Shanghai Jiupeng Asset Management Center (Limited Partnership) - Jiupeng Wengu No. 2 Private Securities Investment Fund | Other | 1.03% | 2,000,000 | 0 | 2,000,000 | | Zheng Suifeng | Domestic Natural Person | 0.62% | 1,193,668 | 0 | 1,193,668 | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | Other | 0.56% | 1,078,700 | 0 | 1,078,700 | | Cai Shengcai | Domestic Natural Person | 0.55% | 1,063,623 | 797,717 | 265,906 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.52% | 1,001,678 | 0 | 1,001,678 | | China Merchants Bank Co., Ltd. - Huaxia CSI 1000 ETF | Other | 0.33% | 633,400 | 0 | 633,400 | - Yihua Holdings Group Co., Ltd. is the controlling shareholder of the company; Cai Shengcai, Fang Jianbin, Fang Jianwen, and Jiang Youan are directors of the company; Fang Jianbin is Fang Jianwen's younger brother[140](index=140&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=49&type=section&id=Changes%20in%20Shareholdings%20of%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, with details available in the 2024 annual report - There were **no changes** in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[142](index=142&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=50&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder **did not change** during the reporting period[143](index=143&type=chunk) - The company's actual controller **did not change** during the reporting period[143](index=143&type=chunk) [Preferred Shares Related Information](index=51&type=section&id=Preferred%20Shares%20Related%20Information) During the reporting period, the company had no preferred shares - The company had **no preferred shares** during the reporting period[144](index=144&type=chunk) Bond Related Information During the reporting period, the company had no bond-related information - The company had **no bond-related information** during the reporting period[146](index=146&type=chunk) Financial Report [Audit Report](index=53&type=section&id=Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was **not audited**[148](index=148&type=chunk) [Financial Statements](index=53&type=section&id=Financial%20Statements) This section presents the company's consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position, operating results, and cash flows - Provides 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**[149](index=149&type=chunk)[153](index=153&type=chunk)[157](index=157&type=chunk)[160](index=160&type=chunk)[162](index=162&type=chunk)[165](index=165&type=chunk)[167](index=167&type=chunk)[174](index=174&type=chunk) [Consolidated Balance Sheet](index=53&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were 6,905,015,426.86 yuan, with total current assets of 4,939,058,970.64 yuan and total non-current assets of 1,965,956,456.22 yuan, while total liabilities were 4,201,489,240.37 yuan and total owners' equity was 2,703,526,186.49 yuan Consolidated Balance Sheet (Period-End Balance) | Item | Period-End Balance (yuan) | | :--- | :--- | | Total Assets | 6,905,015,426.86 | | Total Current Assets | 4,939,058,970.64 | | Total Non-Current Assets | 1,965,956,456.22 | | Total Liabilities | 4,201,489,240.37 | | Total Current Liabilities | 3,589,548,192.52 | | Total Non-Current Liabilities | 611,941,047.85 | | Total Owners' Equity | 2,703,526,186.49 | | Total Owners' Equity Attributable to Parent Company | 2,639,029,254.56 | | Minority Interests | 64,496,931.93 | [Parent Company Balance Sheet](index=55&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were 2,977,269,737.85 yuan, with total current assets of 1,294,246,820.85 yuan and total non-current assets of 1,683,022,917.00 yuan, while total liabilities were 1,389,849,925.52 yuan and total owners' equity was 1,587,419,812.33 yuan Parent Company Balance Sheet (Period-End Balance) | Item | Period-End Balance (yuan) | | :--- | :--- | | Total Assets | 2,977,269,737.85 | | Total Current Assets | 1,294,246,820.85 | | Total Non-Current Assets | 1,683,022,917.00 | | Total Liabilities | 1,389,849,925.52 | | Total Current Liabilities | 1,033,164,246.37 | | Total Non-Current Liabilities | 356,685,679.15 | | Total Owners' Equity | 1,587,419,812.33 | [Consolidated Income Statement](index=58&type=section&id=Consolidated%20Income%20Statement) For the first half of 2025, the company's consolidated total operating revenue was 3,045,193,173.55 yuan, operating profit was 203,853,002.67 yuan, net profit was 172,976,054.55 yuan, and net profit attributable to parent company shareholders was 161,540,488.37 yuan, with basic earnings per share of 0.86 yuan/share Consolidated Income Statement (First Half of 2025) | Item | First Half of 2025 (yuan) | | :--- | :--- | | I. Total Operating Revenue | 3,045,193,173.55 | | II. Total Operating Costs | 2,833,300,670.56 | | III. Operating Profit | 203,853,002.67 | | IV. Total Profit | 202,284,165.66 | | V. Net Profit | 172,976,054.55 | | Net Profit Attributable to Parent Company Shareholders | 161,540,488.37 | | Minority Interests | 11,435,566.18 | | VII. Total Comprehensive Income | 181,532,887.91 | | Total Comprehensive Income Attributable to Parent Company Owners | 166,984,207.22 | | Total Comprehensive Income Attributable to Minority Shareholders | 14,548,680.69 | | VIII. Earnings Per Share: Basic Earnings Per Share | 0.86 | | VIII. Earnings Per Share: Diluted Earnings Per Share | 0.85 | [Parent Company Income Statement](index=60&type=section&id=Parent%20Company%20Income%20Statement) For the first half of 2025, the parent company's operating reve

Core Insights - A total of 125 stocks have experienced consecutive increases for 5 trading days or more as of August 25, with notable performers including Ailian Machinery and Guangdian Yuntong, which have risen for 11 consecutive trading days [1] - Kosen Technology has achieved a cumulative increase of 84.79% during its consecutive rise, while Garden Shares has seen a cumulative increase of 77.17% [1][2] Summary by Category - **Top Performers** - Kosen Technology: 84.79% increase over 7 days [2] - Garden Shares: 77.17% increase over 6 days [2] - Honghe Technology: 68.92% increase [2] - Zhejiang Haideman: 62.25% increase [2] - Shengliao Communication-U: 52.43% increase [2] - **Other Notable Increases** - Huijia Times: 51.00% increase [2] - Chengfei Integration: 49.46% increase [2] - Cambrian-U: 48.28% increase [2] - Kede Education: 48.06% increase [2] - ST Erya: 44.67% increase [2]

Market Overview - The Shanghai Composite Index rose by 3.49% last week, closing at 3825.76 points, with a peak of 3825.76 points [1] - The Shenzhen Component Index increased by 4.57%, closing at 12166.06 points, with a peak of 12167.28 points [1] - The ChiNext Index saw a rise of 5.85%, closing at 2682.55 points, with a peak of 2683.9 points [1] - In the global market, the Nasdaq Composite Index fell by 0.58%, while the Dow Jones Industrial Average rose by 1.53% and the S&P 500 increased by 0.27% [1] - In the Asia-Pacific region, the Hang Seng Index rose by 0.27%, while the Nikkei 225 Index fell by 1.72% [1] New Stock Issuance - One new stock was issued last week, with the details as follows: - Stock Code: 920112.BJ, Stock Name: 巴兰任, Subscription Date: 20250819 [2] Margin Trading - The total margin trading balance in the Shanghai and Shenzhen markets reached 21477.3 billion yuan, with a financing balance of 21327.89 billion yuan and a securities lending balance of 149.41 billion yuan [3] - The margin trading balance increased by 917.9 billion yuan compared to the previous week [3] - The Shanghai market's margin trading balance was 10948.37 billion yuan, up by 473.51 billion yuan, while the Shenzhen market's balance was 10528.93 billion yuan, up by 444.39 billion yuan [3] - A total of 3444 stocks had margin buying, with 265 stocks having buying amounts exceeding 1 billion yuan, led by 东方财富 (212.35 billion yuan), 北方稀土 (122.35 billion yuan), and 中兴通讯 (119.31 billion yuan) [3][4] Fund Issuance - Eight new funds were issued last week, including: - 诺安稳健回报混合D, 博时稳健回报债券(LOF)E, 华宝宝康债券D, 华富可转债债券D, 汇添富双鑫添利债券D, 安信平衡养老目标三年持有期混合发起, 长盛元赢30天持有债券C, and 长盛元赢30天持有债券A [5][6] Company Buybacks - Thirteen companies announced share buybacks last week, with the top five by execution amount being: - 中国石化, 星网锐捷, 飞鹿股份, 火炬电子, and 意华股份 [7][8] - The highest buyback amounts were concentrated in the oil and petrochemical, telecommunications, and basic chemical industries [8]