据证券之星公开数据整理，近期宇环数控(002903)发布2025年中报。截至本报告期末，公司营业总收入 2.24亿元，同比上升11.74%，归母净利润264.88万元，同比下降53.55%。按单季度数据看，第二季度营 业总收入9863.38万元，同比上升2.66%，第二季度归母净利润-70.02万元，同比上升88.84%。本报告期 宇环数控应收账款上升，应收账款同比增幅达72.2%。 证券之星价投圈财报分析工具显示：业务评价：公司去年的ROIC为1.25%，资本回报率不强。去年的净 利率为2.65%，算上全部成本后，公司产品或服务的附加值不高。从历史年报数据统计来看，公司上市 以来中位数ROIC为7.27%，投资回报一般，其中最惨年份2019年的ROIC为0.54%，投资回报一般。公司 历史上的财报相对一般(注：公司上市时间不满10年，上市时间越长财务均分参考意义越大。)。商业模 式：公司业绩主要依靠研发及营销驱动。需要仔细研究这类驱动力背后的实际情况。 财报体检工具显示：建议关注公司现金流状况(货币资金/流动负债仅为98.47%、近3年经营性现金流均 值/流动负债仅为7.34%)建议关注公司应收账款状况(应 ...

Market Overview - As of August 26, the Shanghai Composite Index fell by 0.39% to 3868.3820 points, while the Shenzhen Component Index rose by 0.26% to 12473.174 points [1] Top Gainers in Hunan Stocks - Topvi Information opened at 37.290 and closed at 40.270, achieving a daily increase of 10.00% with a trading volume of 1,329,989 lots [2] - Youa Shares opened at 7.020 and closed at 7.610, marking a rise of 5.84% and a trading volume of 2,169,265 lots [2] - ST Jiajia opened at 6.590 and closed at 6.860, with a daily increase of 5.05% and a trading volume of 106,992 lots [2] - Yuhuan CNC opened at 22.430 and closed at 23.620, reflecting a rise of 4.79% with a trading volume of 155,652 lots [2] - Jiugui Liquor opened at 66.500 and closed at 69.400, increasing by 3.37% with a trading volume of 447,908 lots [2] Top Losers in Hunan Stocks - Hengli Tui opened at 0.160 and closed at 0.150, experiencing a decline of 11.76% with a trading volume of 611,606 lots [3] - Jiu Zhi Tang (Rights Protection) opened at 12.460 and closed at 12.250, down by 3.62% with a trading volume of 526,762 lots [3] - *ST Biology (Rights Protection) opened at 9.770 and closed at 9.450, decreasing by 3.57% with a trading volume of 91,325 lots [3] - Changlan Technology opened at 19.200 and closed at 18.820, falling by 3.14% with a trading volume of 97,154 lots [3] - Shanhe Intelligent opened at 16.660 and closed at 16.220, down by 2.64% with a trading volume of 1,057,297 lots [3]

Group 1 - The core point of the article is that Yuhuan CNC (SZ 002903) held its sixth meeting of the fifth board of directors on August 22, 2025, to review the semi-annual report for 2025 [1] - For the first half of 2025, Yuhuan CNC's revenue composition is as follows: 55.79% from consumer electronics manufacturing, 28.92% from other sectors, 14.55% from automotive parts manufacturing, and 0.74% from the energy and power industry [1] - As of the report date, Yuhuan CNC has a market capitalization of 3.5 billion yuan [1]

格隆汇8月25日丨宇环数控(002903.SZ)公布2025年半年度报告，上半年公司实现营业收入2.24亿元，同 比增长11.74%；归属于上市公司股东的净利润264.88万元，同比下降53.55%；归属于上市公司股东的扣 除非经常性损益的净利润-217.55万元；基本每股收益0.02元。 ...

证券代码：002903 证券简称：宇环数控 公告编号：2025-041 宇环数控机床股份有限公司 2025 年半年度募集资金存放与使用情况公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 现根据《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》及相关格式指引的规定，对本公司 2025 年半年度募集资金存放与使用 情况专项说明如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 经中国证券监督管理委员会《关于核准宇环数控机床股份有限公司首次公开 发行股票的批复》（证监许可〔2017〕1692号文）核准，公司公开发行人民币普 通股（A股）2,500.00万股，发行价格为每股12.78元，募集资金总额为人民币 31,950.00万元，扣除发行费用4,682.56万元，本次募集资金净额为27,267.44万元。 以上募集资金已由天健会计师事务所（特殊普通合伙）于2017年10月9日出 具的天健验[2017]2-30号《验资报告》审验。上述募集资金已经全部存放于募集 资金专户。 （二）募集资金使用和结余情况 2025 年半年度公 ...

宇环数控机床股份有限公司 2025 年半年度财务报告 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1 宇环数控机床股份有限公司 2025 年半年度财务报告 | 流动资产合计 | 909,954,973.98 | 905,266,259.13 | | --- | --- | --- | | 非流动资产： | | | | 发放贷款和垫款 | | | | 债权投资 | | | | 其他债权投资 | | | | 长期应收款 | | | | 长期股权投资 | 816,489.10 | 816,489.10 | | 其他权益工具投资 | | | | 其他非流动金融资产 | | | | 投资性房地产 | 32,982,746.78 | 33,589,889.30 | | 固定资产 | 165,446,439.24 | 167,655,528.52 | | 在建工程 | 18,183,349.39 | 3,187,422.33 | | 生产性生物资产 | | | | 油气资产 | | | | 使用权资产 | | | | 无 ...

非经营性资金占用及其他关联资金往来情况汇总表 2025年半年度 编制单位:字环数控机床股份有限公司 | 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 上市公司核算的 | 2025年期初 | | 2025年1~6月往来累 2025年1~6月 | | | | 单位:人民币元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 关系 | 会计科目 | 往来资金余额 | (不含利息) | 利息 | 金额 | 2025年6月30日 往来资金余额 | 占用形成原因 | 占用性质 | | | | | | | | (如有) | | | | | | 控股股东、实际控制人及其附 | | | | | | | | | | | | 属企业 | | | | | | | | | | | | 小 计 | | | | | | | | | | | | 前控股股东、实际控制人及其 | | | | | | | | | | | | 图国企业 | | | | | | | | | | | | 小 计 | | | | | | | | ...

证券代码：002903 证券简称：宇环数控 公告编号：2025-039 宇环数控机床股份有限公司 第五届监事会第五次会议决议 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 宇环数控机床股份有限公司（以下简称"公司"）第五届监事会第五次会议 于 2025 年 8 月 22 日在公司会议室以现场方式召开。会议通知以专人送达、电子 邮件相结合的方式已于 2025 年 8 月 12 日向各位监事发出，本次会议应出席监事 3 人，实际出席监事 3 人。本次会议的召集、召开程序符合《公司法》等有关法 律、法规及《公司章程》的规定。 本次会议由监事会主席李海燕女士召集和主持，公司部分高管列席了会议， 形成决议如下： 一、审议通过了《关于公司〈2025 年半年度报告〉及其摘要的议案》 二、审议通过了《关于公司〈2025 年半年度募集资金存放与使用情况〉的议案》 监事会认为：公司募集资金的存放与使用严格按照《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》和《公司募集资金使用管理办法》等有关规定执行，并及时、真实、准确、 ...

证券代码：002903 证券简称：宇环数控 公告编号：2025-038 宇环数控机床股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 宇环数控机床股份有限公司（以下简称"公司"） 第五届董事会第六次会议于 2025 年 8 月 22 日在公司会议室以现场方式召开，会议通知以专人送达、电子邮件相结合的 方式已于 2025 年 8 月 12 日向各位董事发出，本次会议应出席董事 7 名，实际出席董事 7 名，本次会议的召开符合《公司法》等有关法律、法规及《公司章程》的规定。 本次会议由董事长许世雄先生主持，公司监事及高级管理人员列席了会议。经与 会董事审议，形成了如下决议： 一、审议通过了《关于公司<2025 年半年度报告>及其摘要的议案》 与会董事认真审议了公司《2025 年半年度报告》及其摘要，认为报告及摘要的编 制和审核程序符合法律、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。具体内 容详见巨潮资讯网（www.cninfo.com.cn）。 表决结果：有效表决票 7 票 ...

Part I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, taking legal responsibility - Company's board, supervisors, and senior management guarantee report content is true, accurate, and complete[5](index=5&type=chunk) - Company head, chief accountant, and accounting department head declare financial report is true, accurate, and complete[5](index=5&type=chunk) - Company plans no cash dividends, no bonus shares, and no capital reserve conversions[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the structured table of contents for the report, comprising nine main chapters covering company profile, financial indicators, management discussion and analysis, corporate governance, significant events, share changes, bond information, financial reports, and other submitted data - The report includes nine main chapters, covering company operations, financials, governance, and significant matters[8](index=8&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section provides definitions for common terms and company-related entities used in the report, including Yuhuan CNC, its subsidiaries, relevant laws and regulations, machine tool types, and the reporting period, to ensure accurate understanding of the report's content - Defines key entities such as Yuhuan CNC and its subsidiaries (e.g., Yuhuan Intelligent, Yuhuan Precision, Yuhuan Jingyan, Yuhuan International, Southern Machine Tool)[14](index=14&type=chunk) - Explains professional terms like machine tool, grinding machine, broaching machine, CNC grinding machine, CNC grinding and polishing machine, CNC system[14](index=14&type=chunk) - Specifies the reporting period as January 1, 2025, to June 30, 2025[14](index=14&type=chunk) Part II Company Profile and Key Financial Indicators [1. Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Yuhuan CNC Machine Tool Co., Ltd. (stock code: 002903) is listed on the Shenzhen Stock Exchange, with Xu Shixiong as its legal representative, primarily engaged in CNC machine tool manufacturing - Company stock abbreviation "Yuhuan CNC", stock code "**002903**", listed on Shenzhen Stock Exchange[16](index=16&type=chunk) - Company's legal representative is Xu Shixiong[16](index=16&type=chunk) [2. Contact Persons and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary is Yi Xin, Securities Affairs Representative is Sun Yong, contact address is No. 9 Yongyang Road, Liuyang Manufacturing Industry Base, Changsha City, Hunan Province, phone and fax are 0731-83209925-8021, and email is yhzqb@yh-cn.com - Board Secretary is Yi Xin, Securities Affairs Representative is Sun Yong[17](index=17&type=chunk) - Company contact phone and fax are **0731-83209925-8021**, email is **yhzqb@yh-cn.com**[17](index=17&type=chunk) [3. Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's registered address, office address, website, email, or information disclosure and document storage locations, with specific details available in the 2024 annual report - Company contact information, information disclosure, and document storage locations remained unchanged during the reporting period[18](index=18&type=chunk)[19](index=19&type=chunk) [4. Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This reporting period, the company's operating revenue increased by **11.74%** to **224 million yuan**; however, net profit attributable to shareholders decreased by **53.55%** to **2.65 million yuan**, and net profit after deducting non-recurring gains and losses significantly dropped by **228.39%** to **-2.18 million yuan**. Net cash flow from operating activities significantly improved, turning positive with a **149.86%** increase, while total assets slightly grew and net assets slightly decreased Main Accounting Data and Financial Indicators (Current Reporting Period vs. Same Period Last Year) | Indicator | Current Reporting Period (Yuan) | Last Year (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 223,925,930.27 | 200,392,296.16 | 11.74% | | Net Profit Attributable to Shareholders of Listed Company | 2,648,768.85 | 5,702,144.29 | -53.55% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | -2,175,521.37 | 1,694,444.42 | -228.39% | | Net Cash Flow from Operating Activities | 34,986,538.49 | -70,167,436.40 | 149.86% | | Basic Earnings Per Share (Yuan/share) | 0.02 | 0.04 | -50.00% | | Diluted Earnings Per Share (Yuan/share) | 0.02 | 0.04 | -50.00% | | Weighted Average Return on Net Assets | 0.33% | 0.72% | -0.39% | | **Indicator** | **Current Period End (Yuan)** | **Previous Year End (Yuan)** | **Change (%)** | | Total Assets | 1,221,778,160.17 | 1,209,846,861.86 | 0.99% | | Net Assets Attributable to Shareholders of Listed Company | 801,109,912.79 | 806,462,358.53 | -0.66% | [5. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) During the reporting period, the company reported no differences in net profit and net assets between financial reports prepared under International Accounting Standards or overseas accounting standards and Chinese Accounting Standards - The company reported no differences in accounting data under domestic and overseas accounting standards during the reporting period[22](index=22&type=chunk)[23](index=23&type=chunk) [6. Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled **4.82 million yuan** for this reporting period, primarily from government subsidies and investment income from entrusted investments, with government subsidies at **3.53 million yuan** and entrusted investment income at **1.85 million yuan** Non-recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | Explanation | | :--- | :--- | :--- | | Government subsidies included in current profit and loss | 3,527,663.34 | Primarily project funds undertaken by the company for national and local governments | | Gains and losses from entrusted investments or asset management | 1,851,237.37 | | | Other non-recurring gains and losses as defined | 395,664.62 | | | Less: Income tax impact | 781,003.57 | | | Minority interest impact (after tax) | 169,271.54 | | | Total | 4,824,290.22 | | Part III Management Discussion and Analysis [1. Main Business Activities During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company specializes in R&D, production, sales, and service of CNC grinding, broaching, and intelligent equipment, leading in precision CNC machine tools, with products widely used in consumer electronics, automotive, new energy, and aerospace - The company specializes in the R&D, production, sales, and service of CNC grinding equipment, broaching equipment, and intelligent equipment[30](index=30&type=chunk) - Products are widely applied in high-end manufacturing sectors such as consumer electronics, automotive industry, new energy, aerospace, and semiconductors[30](index=30&type=chunk) - From January to June 2025, the company achieved operating revenue of **223.93 million yuan**, a year-on-year increase of **11.74%**, but net profit attributable to shareholders of the listed company declined year-on-year[35](index=35&type=chunk) [Industry Overview](index=9&type=section&id=%E8%A1%8C%E4%B8%9A%E6%A6%82%E5%86%B5) Machine tools, as “industrial mother machines,” are crucial for high-end manufacturing, with national policies promoting their upgrade, and despite geopolitical challenges, domestic economic transformation and emerging sectors like new energy vehicles offer new opportunities - The state highly values the development of the CNC machine tool industry, issuing policies to promote equipment upgrades in the industrial sector[28](index=28&type=chunk) - In the first half of 2025, the machine tool and tool industry's operating revenue decreased by **1.7%** year-on-year, and total profit decreased by **37.6%** year-on-year[29](index=29&type=chunk) - Metal processing machine tool exports increased by **19.4%** year-on-year, imports decreased by **1.4%** year-on-year, and the trade surplus further expanded[29](index=29&type=chunk) [Company's Main Business and Products](index=9&type=section&id=%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%8F%8A%E4%BA%A7%E5%93%81) The company's main products include four series: CNC grinding machines, CNC grinding and polishing machines, broaching machines, and intelligent equipment, serving diverse high-precision manufacturing needs across various industries - The company's products primarily include CNC grinding machines, CNC grinding and polishing machines, CNC broaching machines, and intelligent equipment series products[30](index=30&type=chunk) - CNC grinding machines are applied in consumer electronics (e.g., mobile phone frames), automotive industry (e.g., camshafts, valves), new energy, and aerospace fields[31](index=31&type=chunk) - Broaching machine products are mainly used for processing key components in automotive, aerospace, wind power, construction machinery, and robotics industries[33](index=33&type=chunk) [Company's Business Model](index=10&type=section&id=%E5%85%AC%E5%8F%B8%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company maintains a stable business model encompassing procurement, production, and sales, with a robust supplier management system, a "make-to-order with reasonable inventory" approach for standardized products, and a direct sales-led, multi-channel sales strategy - The company's business model remained stable, primarily consisting of procurement, production, and sales[33](index=33&type=chunk) - Production models include "make-to-order with reasonable inventory" for standardized products and "order-based production" for customized products[34](index=34&type=chunk) - Sales model is primarily direct sales, supplemented by agents and e-commerce, expanding domestic and international markets[34](index=34&type=chunk) [Key Performance Drivers](index=10&type=section&id=%E4%B8%BB%E8%A6%81%E7%9A%84%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) Performance is driven by "specialized, refined, distinctive, and innovative" spirit, technological advancements, and R&D investment, expanding into high-end manufacturing sectors, though market competition and customer changes impacted net profit despite revenue growth - The company adheres to the "specialized, refined, distinctive, and innovative" spirit and quality-oriented approach, driving performance through technological upgrades and R&D[35](index=35&type=chunk) - The company is accelerating its market presence in high-end manufacturing sectors such as aerospace, precision machining, semiconductors, new materials, and robotics[35](index=35&type=chunk) - Operating revenue increased by **11.74%** year-on-year, but net profit declined year-on-year due to changes in downstream customer operations and market competition, leading to a decrease in gross profit margin for main sales products[35](index=35&type=chunk) [2. Core Competitiveness Analysis](index=10&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths lie in its advanced R&D, award-winning products, rapid market response capabilities, and a stable, highly skilled management and talent team fostered by incentive programs - The company is a national "specialized, refined, distinctive, and innovative" small giant enterprise, possessing four scientific research and innovation platforms, demonstrating industry-leading independent R&D capabilities[36](index=36&type=chunk) - The company's products feature multiple technologies reaching domestic leading and international advanced levels, holding **270 patents**[36](index=36&type=chunk) - The company has established stable cooperative relationships in the consumer electronics industry, steadily enhancing brand reputation and industry influence[37](index=37&type=chunk) - The company ensures rapid market response capabilities through technological innovation and forward-looking R&D reserves[38](index=38&type=chunk) - The company effectively motivates middle and senior management and core technical personnel through equity incentive plans, ensuring a talent advantage[39](index=39&type=chunk) [Technological R&D Advantages](index=10&type=section&id=%E6%8A%80%E6%9C%AF%E7%A0%94%E5%8F%91%E4%BC%98%E5%8A%BF) As a national "specialized, refined, distinctive, and innovative" enterprise with four major R&D platforms and **270 patents**, the company leads in precision CNC equipment and broaching technology, with its subsidiary Southern Machine Tool contributing to national standards - The company is a national "specialized, refined, distinctive, and innovative" small giant enterprise, possessing four scientific research and innovation platforms, demonstrating industry-leading independent R&D capabilities[36](index=36&type=chunk) - The company has formed core competitive advantages in precision and efficient grinding and polishing CNC equipment, broaching equipment, and intelligent equipment technologies, holding **270 patents**[36](index=36&type=chunk) - Subsidiary Southern Machine Tool is a primary drafter of the national standard for vertical internal broaching machine precision inspection[36](index=36&type=chunk) [Product and Market Advantages](index=11&type=section&id=%E4%BA%A7%E5%93%81%E5%8F%8A%E5%B8%82%E5%9C%BA%E4%BC%98%E5%8A%BF) The company's products have received numerous national and provincial awards, including the "Hunan Province Manufacturing Single Champion Product" for its grinding and polishing machine tools, with three new products achieving international advanced technical levels during the reporting period - The company's products have received honors such as the China Machinery Industry Science and Technology Progress Award and National Torch Program projects[37](index=37&type=chunk) - Grinding and polishing machine tools were recognized as "Fourth Batch of Hunan Province Manufacturing Single Champion Products" and awarded the first "Hunan Famous Brand"[37](index=37&type=chunk) - During the reporting period, **3 new products** passed provincial appraisal and acceptance, with overall technology reaching international advanced levels[37](index=37&type=chunk) [Rapid Market Response Capability](index=11&type=section&id=%E5%BF%AB%E9%80%9F%E5%93%8D%E5%BA%94%E5%B8%82%E5%9C%BA%E7%9A%84%E8%83%BD%E5%8A%9B) Leveraging an efficient marketing and R&D structure, the company quickly adapts to market opportunities by upgrading products, developing new solutions, and conducting forward-looking research, extending services across the product lifecycle to enhance customer loyalty - The company's marketing organizational structure and technology R&D platform ensure keen market insight and rapid response capabilities[38](index=38&type=chunk) - Through technological upgrades and new product development, the company quickly meets the personalized needs of downstream customers[38](index=38&type=chunk) - The company conducts specialized technical research and forward-looking technology R&D reserves to ensure continuous technological leadership[38](index=38&type=chunk) [Management and Talent Advantages](index=11&type=section&id=%E7%AE%A1%E7%90%86%E5%92%8C%E4%BA%BA%E6%89%8D%E4%BC%98%E5%8A%BF) With years of focus on the CNC machine tool industry, the company has built an experienced and highly skilled team, recognized with innovation awards, and maintains talent stability and motivation through a continuous equity incentive plan - The company has assembled an experienced and highly skilled R&D, production, marketing, and management team[39](index=39&type=chunk) - The company received the Liuyang Economic Development Zone's 2024 Innovation Development Award and Quality Improvement and Brand Creation Award[39](index=39&type=chunk) - The company implements a continuous rolling restricted equity incentive plan, effectively motivating core employees and attracting high-end talent[39](index=39&type=chunk) [3. Main Business Analysis](index=11&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue increased by **11.74%** due to increased project acceptance, but net profit attributable to the parent company decreased by **53.55%** due to higher cost growth, lower sales and administrative expenses, and significantly increased R&D investment - Operating revenue increased by **11.74%** year-on-year, primarily due to increased revenue recognition from accepted projects in the current period[41](index=41&type=chunk) - Net profit attributable to owners of the parent company decreased by **53.55%** year-on-year, primarily due to a year-on-year decrease in net profit of wholly-owned subsidiaries[42](index=42&type=chunk) - Revenue from the consumer electronics manufacturing industry accounted for **55.79%**, a year-on-year increase of **33.35%**; revenue from the automotive parts manufacturing industry accounted for **14.55%**, a year-on-year increase of **100.22%**[43](index=43&type=chunk) - Revenue from CNC grinding and polishing machines increased by **63.42%** year-on-year, and broaching machine products were listed separately for the first time, accounting for **13.48%** of revenue[44](index=44&type=chunk) - Revenue from the Eastern region increased by **241.47%** year-on-year, and from the Southern region by **149.98%** year-on-year[44](index=44&type=chunk) [Year-on-Year Changes in Key Financial Data](index=11&type=section&id=%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%90%8C%E6%AF%94%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Operating revenue grew by **11.74%**, but operating costs increased by **19.83%**. Sales and administrative expenses decreased by **18.04%** and **12.70%** respectively, while R&D investment surged by **29.50%**. Net cash flow from operating activities turned positive, increasing by **149.86%** Year-on-Year Changes in Key Financial Data | Indicator | Current Period (Yuan) | Last Year (Yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 223,925,930.27 | 200,392,296.16 | 11.74% | Primarily due to increased revenue recognition from accepted projects in the current period | | Operating Cost | 147,549,641.91 | 123,128,969.81 | 19.83% | Primarily due to increased operating revenue | | Sales Expenses | 19,684,910.30 | 24,017,972.75 | -18.04% | Primarily due to decreased employee compensation and travel expenses year-on-year | | Administrative Expenses | 28,622,898.15 | 32,787,952.72 | -12.70% | Primarily due to decreased amortization of equity incentive costs in the current period | | R&D Investment | 22,242,183.60 | 17,175,700.32 | 29.50% | Primarily due to increased R&D investment in the current period | | Net Cash Flow from Operating Activities | 34,986,538.49 | -70,167,436.40 | 149.86% | Primarily due to increased cash received from sales of goods and provision of services year-on-year | | Net Profit Attributable to Owners of Parent Company | 2,648,768.85 | 5,702,144.29 | -53.55% | Primarily due to a year-on-year decrease in net profit of wholly-owned subsidiaries | | Minority Interest Income | 6,288,338.31 | 695,073.60 | 804.70% | Primarily due to a year-on-year increase in net profit of controlled subsidiaries | [Composition of Operating Revenue](index=12&type=section&id=%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E6%9E%84%E6%88%90) Total operating revenue reached **224 million yuan**, with consumer electronics and automotive parts manufacturing showing significant growth, while energy and power industry revenue sharply declined. CNC grinding and polishing machines and broaching machines saw notable revenue increases Composition of Operating Revenue (by Industry, Product, Region) | Category | Item | Current Period Amount (Yuan) | % of Operating Revenue | Last Year Amount (Yuan) | % of Operating Revenue | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Consumer Electronics Manufacturing | 124,924,578.00 | 55.79% | 93,681,727.19 | 46.75% | 33.35% | | | Automotive Parts Manufacturing | 32,580,285.96 | 14.55% | 16,272,575.93 | 8.12% | 100.22% | | | Energy and Power Industry | 1,656,460.19 | 0.74% | 50,151,327.42 | 25.03% | -96.70% | | **By Product** | CNC Grinding Machines | 53,257,235.05 | 23.78% | 45,673,298.40 | 22.79% | 16.60% | | | CNC Grinding and Polishing Machines | 105,784,670.73 | 47.24% | 64,731,483.45 | 32.30% | 63.42% | | | Intelligent Equipment | 6,597,699.11 | 2.95% | 65,239,464.01 | 32.56% | -89.89% | | | Broaching Machines | 30,182,217.70 | 13.48% | - | - | - | | **By Region** | Eastern Region | 42,033,637.04 | 18.77% | 12,309,434.79 | 6.14% | 241.47% | | | Southern Region | 18,160,568.22 | 8.11% | 7,264,676.79 | 3.63% | 149.98% | | | Overseas | 3,032,230.87 | 1.35% | 6,732,577.34 | 3.36% | -54.96% | Industries, Products, or Regions Accounting for Over 10% of Company's Operating Revenue or Operating Profit | Category | Item | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Profit Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Consumer Electronics Manufacturing | 124,924,578.00 | 84,567,177.85 | 32.31% | 33.35% | 66.70% | -13.54% | | **By Product** | CNC Grinding and Polishing Machines | 105,784,670.73 | 81,927,130.89 | 22.55% | 63.42% | 128.51% | -22.06% | | | Broaching Machines | 30,182,217.70 | 14,978,864.78 | 50.37% | - | - | - | | **By Region** | Western Region | 60,380,679.73 | 31,519,306.87 | 47.80% | 14.41% | 92.90% | -21.24% | | | Central Region | 81,015,355.55 | 53,293,874.99 | 34.22% | 12.89% | 5.23% | 4.79% | [4. Non-Core Business Analysis](index=13&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core business significantly contributed to total profit this period, with other income (government subsidies) accounting for **34.93%**, credit impairment losses (increased collections) for **27.36%**, and investment income (bank wealth management products) for **13.87%** Impact of Non-Core Business on Total Profit | Item | Amount (Yuan) | % of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,851,237.37 | 13.87% | Bank wealth management product income | Yes | | Non-operating Income | 469,821.44 | 3.52% | Primarily supplier breach penalties | No | | Other Income | 4,662,799.95 | 34.93% | Primarily income-related government subsidies | Yes | | Credit Impairment Losses | 3,652,662.73 | 27.36% | Primarily due to increased collections and reduced accounts receivable balance in the current period | No | [5. Analysis of Assets and Liabilities](index=14&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, total assets were **1.22 billion yuan**, a **0.99%** increase from the previous year-end. Significant changes included a **5.42%** decrease in monetary funds due to increased wealth management investments, a **3.27%** increase in inventory, and a **1.23%** increase in construction in progress - Total assets at the end of the reporting period were **1,221,778,160.17 yuan**, an increase of **0.99%** from the end of the previous year[21](index=21&type=chunk)[49](index=49&type=chunk) - Monetary funds decreased by **5.42%**, primarily due to increased investment in wealth management products in the current period[49](index=49&type=chunk) - Inventory increased by **3.27%**, primarily due to an increase in raw materials and work-in-progress[49](index=49&type=chunk) - Construction in progress increased by **1.23%**, primarily due to increased investment in the high-end CNC grinding machine R&D center construction project[49](index=49&type=chunk) - Short-term borrowings decreased by **0.83%**, primarily due to the repayment of subsidiary bank loans[49](index=49&type=chunk) [Significant Changes in Asset Composition](index=14&type=section&id=%E8%B5%84%E4%BA%A7%E6%9E%84%E6%88%90%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Monetary funds decreased by **5.42%**, accounts receivable by **2.03%**, while inventory increased by **3.27%** and construction in progress by **1.23%**. Short-term borrowings decreased by **0.83%** Significant Changes in Asset Composition | Item | Current Period End Amount (Yuan) | % of Total Assets | Previous Year End Amount (Yuan) | % of Total Assets | % Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 210,959,549.74 | 17.27% | 274,535,498.99 | 22.69% | -5.42% | Primarily due to increased investment in wealth management products in the current period, leading to a decrease in monetary funds | | Accounts Receivable | 229,393,263.64 | 18.78% | 251,775,739.88 | 20.81% | -2.03% | Primarily due to collection of accounts receivable from the beginning of the year, leading to a decrease in balance | | Inventory | 253,633,395.83 | 20.76% | 211,629,432.69 | 17.49% | 3.27% | Primarily due to an increase in raw materials and work-in-progress | | Construction in Progress | 18,183,349.39 | 1.49% | 3,187,422.33 | 0.26% | 1.23% | Primarily due to increased investment in the high-end CNC grinding machine R&D center construction project | | Short-term Borrowings | 0.00 | 0.00% | 10,006,388.89 | 0.83% | -0.83% | Primarily due to the repayment of subsidiary bank loans | | Other Current Assets | 175,604,510.73 | 14.37% | 128,953,793.65 | 10.66% | 3.71% | Primarily due to increased investment in wealth management products in the current period | | Notes Receivable | 167,500.00 | 0.01% | 0.00 | 0.00% | 0.01% | Primarily due to an increase in commercial acceptance bills received | | Receivables Financing | 11,839,717.96 | 0.97% | 6,551,774.89 | 0.54% | 0.43% | Primarily due to an increase in bank acceptance bills received in the current period | [Asset Rights Restricted as of the End of the Reporting Period](index=15&type=section&id=%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%9A%84%E8%B5%84%E4%BA%A7%E6%9D%83%E5%88%A9%E5%8F%97%E9%99%90%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **26.60 million yuan** in restricted monetary funds, primarily comprising letter of guarantee deposits, bank acceptance bill deposits, and co-managed account restricted funds Asset Rights Restricted | Item | Period-End Book Balance (Yuan) | Period-End Book Value (Yuan) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 2,382,528.58 | 2,382,528.58 | Frozen | Letter of guarantee deposit | | Monetary Funds | 24,213,214.38 | 24,213,214.38 | Frozen | Bank acceptance bill deposit | | Monetary Funds | 484.66 | 484.66 | Other | Co-managed account restricted funds | | Total | 26,596,227.62 | 26,596,227.62 | | | [6. Investment Analysis](index=15&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company made no significant equity, non-equity, securities, or derivative investments. The net proceeds from the initial public offering were **273 million yuan**, with **181 million yuan** utilized and a remaining balance of **68.66 million yuan** - The company had no securities investments or derivative investments during the reporting period[53](index=53&type=chunk)[54](index=54&type=chunk) - Net proceeds from the initial public offering were **272.67 million yuan**, and as of June 30, 2025, a cumulative total of **181.18 million yuan** had been used[56](index=56&type=chunk) - The "R&D Center Technology Upgrade and Transformation Project" was changed to the "High-end CNC Grinding Machine R&D Center Construction Project," with capital injected into subsidiary Yuhuan Intelligent for its implementation using raised funds[58](index=58&type=chunk)[61](index=61&type=chunk) [Use of Raised Funds](index=16&type=section&id=%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company's initial public offering raised **273 million yuan**, with **181 million yuan** used and **68.66 million yuan** remaining. The "Precision and Efficient Intelligent Grinding Equipment and Production Line Upgrade and Expansion Project" was closed, with **56.61 million yuan** transferred to permanent working capital Overall Use of Raised Funds | Total Raised Funds (Ten Thousand Yuan) | Cumulative Used Raised Funds (Ten Thousand Yuan) | Cumulative Changed Purpose of Raised Funds (Ten Thousand Yuan) | Proportion of Changed Purpose Raised Funds (%) | Unused Raised Funds (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | | 31,950.00 | 18,118.47 | 5,460.46 | 66.85% | 6,865.95 | - The "Precision and Efficient Intelligent Grinding Equipment and Production Line Upgrade and Expansion Project" has been completed, and the remaining raised funds of **56.61 million yuan** will be permanently used to supplement working capital[56](index=56&type=chunk)[59](index=59&type=chunk) - The original "R&D Center Technology Upgrade and Transformation Project" was changed to the "High-end CNC Grinding Machine R&D Center Construction Project," with capital injected into subsidiary Yuhuan Intelligent for its implementation using raised funds[58](index=58&type=chunk)[61](index=61&type=chunk) [7. Significant Asset and Equity Sales](index=20&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) During the reporting period, the company did not engage in any significant asset or equity sales - The company did not sell significant assets or equity during the reporting period[63](index=63&type=chunk)[64](index=64&type=chunk) [8. Analysis of Major Controlled and Invested Companies](index=20&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's main controlled subsidiaries include Hunan Yuhuan Intelligent Equipment Co., Ltd., Hunan Yuhuan Precision Manufacturing Co., Ltd., YUHUAN INTERNATIONAL PTE. LTD., Hunan Yuhuan Jingyan Technology Co., Ltd., and Hunan Southern Machine Tool Co., Ltd., with varying registered capital and profitability Major Controlled and Invested Companies | Company Name | Company Type | Main Business | Registered Capital (Ten Thousand Yuan) | Total Assets (Ten Thousand Yuan) | Net Assets (Ten Thousand Yuan) | Operating Revenue (Ten Thousand Yuan) | Operating Profit (Ten Thousand Yuan) | Net Profit (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hunan Yuhuan Intelligent Equipment Co., Ltd. | Subsidiary | Manufacturing of industrial automation control systems, packaging equipment, metallurgical equipment, etc. | 20,000.00 | 35,849.34 | 29,092.34 | 1,544.66 | -524.68 | -539.19 | | Hunan Yuhuan Precision Manufacturing Co., Ltd. | Subsidiary | R&D, production, sales of precision CNC machine tools and automation equipment, grinding and polishing consumables, mechanical parts, etc. | 4,500.00 | 23,741.83 | 9,450.19 | 9,790.61 | 739.21 | 729.61 | | YUHUAN INTERNATIONAL PTE. LTD. | Subsidiary | Wholesale trade of various goods; venture capital activities | 534.48 | 590.63 | 134.29 | 233.10 | -216.07 | -216.07 | | Hunan Yuhuan Jingyan Technology Co., Ltd. | Subsidiary | Manufacturing and sales of semiconductor special equipment; R&D and promotion services for new materials, etc. | 5,000.00 | 6,194.80 | 4,341.66 | 2,317.09 | 61.07 | 57.21 | | Hunan Southern Machine Tool Co., Ltd. | Subsidiary | Manufacturing of metal cutting and welding equipment; fastener manufacturing; metal forming machine tool manufacturing, etc. | 1,666.67 | 12,101.12 | 6,122.28 | 3,272.90 | 1,047.84 | 978.07 | [9. Structured Entities Controlled by the Company](index=23&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[69](index=69&type=chunk) [10. Risks Faced by the Company and Countermeasures](index=24&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from external environment, technological updates, raw material price fluctuations, and industry cyclicality, which it addresses by monitoring global trends, increasing R&D, optimizing designs, and diversifying markets - The company faces external environmental risks due to complex and volatile international political and economic situations[70](index=70&type=chunk) - There is a risk of technological updates, where rapid iteration of new technologies and products may impact the company's existing technologies and products[71](index=71&type=chunk) - Price fluctuations of the company's main raw materials (steel, motor products) may affect manufacturing costs[72](index=72&type=chunk) - The company's downstream industries (e.g., 3C consumer electronics, automotive industry, semiconductors) are cyclical, with market demand subject to macroeconomic and consumer preference uncertainties[73](index=73&type=chunk) [External Environmental Risks](index=24&type=section&id=%E5%A4%96%E9%83%A8%E7%8E%AF%E5%A2%83%E9%A3%8E%E9%99%A9) The complex international political and economic landscape and systemic global market risks may adversely affect the company's overseas markets and operating performance, which the company addresses by monitoring changes and actively communicating with overseas clients - The complex and volatile international political and economic situation, along with systemic global market risks, may adversely affect the company's overseas markets and operating performance[70](index=70&type=chunk) - The company will closely monitor changes in the international political and economic landscape and actively communicate with overseas clients to negotiate solutions[70](index=70&type=chunk) [Technological Update Risks](index=24&type=section&id=%E6%8A%80%E6%9C%AF%E6%9B%B4%E6%96%B0%E9%A3%8E%E9%99%A9) The rapid evolution of new technologies and products driven by "intelligent manufacturing" and increasing demands for digitalization may challenge the company's existing offerings, which it counters by continuous R&D investment and forward-looking research - The trend of "intelligent manufacturing" and increasing market demands for digitalization, automation, and intelligence in the machine tool and tool industry mean rapid updates of new technologies and products may impact the company's existing technologies and products[71](index=71&type=chunk) - The company will continue to increase investment in technological innovation and R&D, actively conducting forward-looking technological R&D to maintain its industry-leading position[71](index=71&type=chunk) [Raw Material Price Fluctuation Risks](index=24&type=section&id=%E5%8E%9F%E6%9D%90%E6%96%99%E4%BB%B7%E6%A0%BC%E6%B3%A2%E5%8A%A8%E7%9A%84%E9%A3%8E%E9%99%A9) Fluctuations in the prices of key raw materials like steel and motor products, influenced by macroeconomic policies and supply-demand dynamics, pose uncertainties to the company's operations, which it mitigates by design optimization, efficiency improvements, and sourcing alternative materials - Price fluctuations of the company's main raw materials (steel, motor products) are influenced by various factors and may bring uncertainty to the company's production and operations[72](index=72&type=chunk) - The company will mitigate the impact by improving design solutions, increasing raw material utilization, and seeking alternative raw materials with stable costs and suitable prices[72](index=72&type=chunk) [Industry Cyclicality Risks](index=24&type=section&id=%E8%A1%8C%E4%B8%9A%E5%91%A8%E6%9C%9F%E6%80%A7%E9%A3%8E%E9%99%A9) Downstream industries such as 3C consumer electronics and automotive are cyclical, with market demand sensitive to macroeconomic conditions and consumer preferences, potentially leading to performance declines if the economy falters or customer technology routes change - The company's downstream industries are cyclical, with market demand significantly influenced by macroeconomic conditions and consumer preferences, leading to uncertainties[73](index=73&type=chunk) - If the macroeconomic environment is sluggish or customer technology routes change, the company may face the risk of performance decline[73](index=73&type=chunk) - The company will closely monitor market dynamics, flexibly adjust R&D and production strategies, and expand into diversified downstream markets to address cyclical risks[73](index=73&type=chunk) [11. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=24&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company approved and established a "Market Value Management System" on April 7, 2025, to enhance investment value and protect investor rights, but no valuation enhancement plan was disclosed - The company approved and established the "Market Value Management System" on April 7, 2025[74](index=74&type=chunk) - The "Market Value Management System" aims to enhance investment value, standardize market value management, and protect the legitimate rights and interests of investors[74](index=74&type=chunk) - The company did not disclose a valuation enhancement plan[74](index=74&type=chunk) [12. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=25&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose any announcement regarding the "Quality and Return Dual Enhancement" action plan - The company did not disclose any announcement regarding the "Quality and Return Dual Enhancement" action plan[75](index=75&type=chunk) Part IV Corporate Governance, Environment, and Society [1. Changes in Directors, Supervisors, and Senior Management](index=25&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, Yang Rendong resigned as Deputy General Manager and Chief Financial Officer due to personal reasons, and Luo Biyun was appointed as the new Chief Financial Officer Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Yang Rendong | Deputy General Manager, Chief Financial Officer | Resignation | April 17, 2025 | Personal reasons | | Luo Biyun | Chief Financial Officer | Appointment | April 17, 2025 | Appointment | [2. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=25&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves to share capital for the semi-annual period - The company plans no cash dividends, no bonus shares, and no capital reserve conversions to share capital for the semi-annual period[77](index=77&type=chunk) [3. Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=25&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor any implementation thereof - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures or their implementation during the reporting period[78](index=78&type=chunk) [4. Environmental Information Disclosure](index=25&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[79](index=79&type=chunk) [5. Social Responsibility](index=25&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities, including protecting shareholder and creditor rights, safeguarding employee interests, strengthening safety and quality management, promoting environmental protection, and engaging in public welfare - The company focuses on protecting the interests of shareholders, especially small and medium-sized shareholders, and safeguarding the legitimate rights and interests of creditors, improving corporate governance structure, and strictly adhering to information disclosure[80](index=80&type=chunk) - The company strictly implements labor laws and regulations, effectively protecting employees' rights, caring for their work, life, health, and safety, and encouraging further education and professional title promotion[81](index=81&type=chunk)[82](index=82&type=chunk) - The company adheres to the philosophy that "safety is the company's bottom line, and quality is the company's lifeline," winning the Liuyang Economic Development Zone's Innovation Development Award and Quality Improvement and Brand Creation Award[83](index=83&type=chunk) - The company actively integrates environmental protection concepts into daily work and life, fostering employees' awareness of energy-saving and low-carbon practices[84](index=84&type=chunk) - The company actively participates in social welfare activities, such as "village-enterprise heart-to-heart" events in Liuyang, and provides scholarships for employees' children to support talent development[85](index=85&type=chunk) [Protection of Shareholder and Creditor Rights](index=25&type=section&id=%E8%82%A1%E4%B8%9C%E6%9D%83%E7%9B%8A%E4%B8%8E%E5%80%BA%E6%9D%83%E4%BA%BA%E6%9D%83%E7%9B%8A%E7%9A%84%E4%BF%9D%E6%8A%A4) The company is committed to protecting shareholder and creditor interests by improving governance, strictly adhering to information disclosure, and fostering transparent communication with investors through various channels - The company focuses on protecting the interests of shareholders, especially small and medium-sized shareholders, and safeguarding the legitimate rights and interests of creditors[80](index=80&type=chunk) - The company improves its governance structure and strictly adheres to information disclosure to ensure all shareholders have equal access to company information[80](index=80&type=chunk) - The company communicates with investors through interactive platforms, phone calls, and emails to enhance transparency and integrity[80](index=80&type=chunk) [Protection of Employee Rights](index=25&type=section&id=%E8%81%8C%E5%B7%A5%E6%9D%83%E7%9B%8A%E7%9A%84%E4%BF%9D%E6%8A%A4) The company strictly complies with labor laws, ensuring employee rights, providing a safe and comfortable work environment, and promoting talent development through subsidies, rewards for education, and mentorship programs - The company strictly implements labor laws and regulations, effectively protecting employees' rights[81](index=81&type=chunk) - The company cares for employees' work, life, health, and safety, providing a comfortable and excellent working environment[81](index=81&type=chunk) - The company encourages employees' further education and professional title promotion through subsidies and reward policies, and accelerates talent development through "master-apprentice" programs[82](index=82&type=chunk) [Safety Production Management and Quality System Construction](index=26&type=section&id=%E5%AE%89%E5%85%A8%E7%94%9F%E4%BA%A7%E7%AE%A1%E7%90%86%E4%B8%8E%E8%B4%A8%E9%87%8F%E4%BD%93%E7%B3%BB%E5%BB%BA%E8%AE%BE) Adhering to the principle of "safety as the bottom line, quality as the lifeline," the company rigorously manages product quality and safety, conducting safety awareness campaigns, establishing a safety committee, and fostering strategic partnerships with suppliers and customers - The company adheres to the philosophy that "safety is the company's bottom line, and quality is the company's lifeline," strictly controlling product quality and safety[83](index=83&type=chunk) - The company established a Safety Production Committee and conducts safety awareness campaigns to enhance safety awareness and prevent hidden dangers[83](index=83&type=chunk) - The company received the Liuyang Economic Development Zone's Innovation Development Award and Quality Improvement and Brand Creation Award, and actively builds strategic cooperative relationships with suppliers and customers[83](index=83&type=chunk) [Environmental Protection and Sustainable Development](index=26&type=section&id=%E7%8E%AF%E5%A2%83%E4%BF%9D%E6%8A%A4%E5%92%8C%E5%8F%AF%E6%8C%81%E7%BB%AD%E5%8F%91%E5%B1%95) The company considers resource conservation and environmental protection an undeniable social responsibility, actively promoting eco-friendly practices among employees in their daily work and life, fostering awareness of energy and water saving, and reducing paper consumption - The company considers resource conservation and environmental protection an undeniable social responsibility[84](index=84&type=chunk) - The company actively integrates environmental protection concepts into employees' daily work and life, fostering awareness of energy-saving and low-carbon practices[84](index=84&type=chunk) [Social Welfare Initiatives](index=26&type=section&id=%E7%A4%BE%E4%BC%9A%E5%85%AC%E7%9B%8A%E4%BA%8B%E4%B8%9A) The company actively participates in social welfare activities, including "village-enterprise heart-to-heart" events in Liuyang to support disadvantaged families and providing scholarships for employees' children to foster talent development - The company actively participates in social welfare activities, responding to calls and fulfilling social responsibilities[85](index=85&type=chunk) - The company's Party Committee visited Liuyang to carry out "village-enterprise heart-to-heart" activities, comforting disadvantaged families[85](index=85&type=chunk) - The company actively supports education, providing scholarships for some employees' children to foster talent development[85](index=85&type=chunk) Part V Significant Matters [1. Commitments Fulfilled During the Reporting Period and Overdue Unfulfilled Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties as of the End of the Reporting Period](index=27&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, the company and all related parties, including the actual controller, controlling shareholders, directors, supervisors, senior management, and shareholders holding over **5%** of shares, duly fulfilled all commitments made during the initial public offering or refinancing, with no overdue unfulfilled commitments - The company and relevant parties duly fulfilled their commitments regarding the truthfulness, accuracy, and completeness of the initial public offering prospectus during the reporting period[87](index=87&type=chunk) - The controlling shareholder and actual controller duly fulfilled their commitments regarding avoiding horizontal competition, reducing and standardizing related-party transactions, avoiding fund occupation, and social security and housing provident funds[87](index=87&type=chunk)[88](index=88&type=chunk) - The company's directors, senior management, controlling shareholder, and actual controller duly fulfilled their commitments regarding the effective implementation of the company's return enhancement measures[88](index=88&type=chunk) - All commitments were fulfilled on time, with no overdue unfulfilled commitments[89](index=89&type=chunk) [2. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company](index=29&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company[90](index=90&type=chunk) [3. Irregular External Guarantees](index=29&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[91](index=91&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=29&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[92](index=92&type=chunk) [5. Board of Directors' and Supervisory Board's Explanation of "Non-Standard Audit Report" for This Reporting Period](index=29&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[93](index=93&type=chunk) [6. Board of Directors' Explanation of "Non-Standard Audit Report" for the Previous Year](index=30&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no explanation regarding a non-standard audit report for the previous year during the reporting period - The company had no explanation regarding a non-standard audit report for the previous year during the reporting period[94](index=94&type=chunk) [7. Bankruptcy and Reorganization Matters](index=30&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) During the reporting period, the company did not experience any bankruptcy and reorganization matters - The company did not experience any bankruptcy and reorganization matters during the reporting period[94](index=94&type=chunk) [8. Litigation Matters](index=30&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no significant litigation or arbitration matters during this reporting period. Other litigation matters, both concluded and ongoing, did not meet disclosure standards, with involved amounts of **0.33 million yuan** and **9.27 million yuan** respectively, none of which will significantly impact the company - The company had no significant litigation or arbitration matters during this reporting period[95](index=95&type=chunk) Other Litigation Matters (Not Meeting Disclosure Standards) | Basic Information of Litigation (Arbitration) | Involved Amount (Ten Thousand Yuan) | Whether Estimated Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Concluded litigation (arbitration) matters not meeting disclosure standards | 32.87 | No | 1 case judgment executed, 1 case arbitration application withdrawn, 2 cases settled before trial | Partially recovered amount for executed cases, small amount, no significant impact on the company; withdrawn arbitration application and pre-trial settlement cases will not have a significant impact on the company | | Unconcluded litigation (arbitration) matters not meeting disclosure standards | 927.21 | No | 1 case resumed execution, 1 case not executed (defendant in debt restructuring), 2 cases judged and in compulsory execution, 1 case application for withdrawal filed, 1 case accepted pending hearing | 1 case resumed execution after compulsory execution; 2 cases still in application for compulsory execution; 1 case not executed, defendant in debt restructuring; 1 case defendant has filed for withdrawal; 1 case accepted pending hearing; the above unconcluded matters will not have a significant impact on the company | [9. Penalties and Rectification](index=30&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[96](index=96&type=chunk)[97](index=97&type=chunk) [10. Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers](index=31&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) During the reporting period, there were no issues regarding the integrity status of the company, its controlling shareholders, or actual controllers - During the reporting period, there were no issues regarding the integrity status of the company, its controlling shareholders, or actual controllers[98](index=98&type=chunk) [11. Significant Related-Party Transactions](index=31&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company had no related-party transactions concerning daily operations, asset/equity acquisition/disposal, joint external investments, related-party creditor/debtor relationships, or dealings with affiliated financial companies. The company increased capital in its controlled subsidiary Yuhuan Precision by **30 million yuan**, of which **15 million yuan** was allocated to registered capital, increasing the company's stake to **67.3334%** - During the reporting period, the company had no related-party transactions concerning daily operations, asset or equity acquisition/disposal, joint external investments, or related-party creditor/debtor relationships[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) - The company increased capital in its controlled subsidiary Yuhuan Precision by **30 million yuan**, with **15 million yuan** allocated to registered capital[104](index=104&type=chunk) - After the capital increase, the company's shareholding in Yuhuan Precision increased from **51.00%** to **67.3334%**[105](index=105&type=chunk) [Other Significant Related-Party Transactions](index=31&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) On April 7, 2025, the company approved a **30 million yuan** capital increase for its controlled subsidiary Yuhuan Precision, with **15 million yuan** allocated to registered capital and the remaining to capital reserves, increasing the company's stake to **67.3334%** - The company increased capital in its controlled subsidiary Yuhuan Precision by **30 million yuan**, with **15 million yuan** allocated to registered capital and **15 million yuan** to capital reserves[104](index=104&type=chunk)[105](index=105&type=chunk) - After the capital increase, the company's shareholding in Yuhuan Precision increased from **51.00%** to **67.3334%**[105](index=105&type=chunk) - Yuhuan Precision completed the relevant industrial and commercial change registration and company articles of association filing procedures in June 2025[105](index=105&type=chunk) [12. Significant Contracts and Their Performance](index=32&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had no significant entrustment, contracting, guarantees, or other major contracts. The company and its subsidiary Yuhuan Intelligent leased out some idle office and production spaces, generating rental income. The company's total entrusted wealth management amounted to **247 million yuan**, with an unexpired balance of **162 million yuan** at period-end, and no overdue unrecovered amounts - The company had no entrustment, contracting, significant guarantees, or other major contracts during the reporting period[107](index=107&type=chunk)[108](index=108&type=chunk)[110](index=110&type=chunk)[112](index=112&type=chunk) - The company and its subsidiary Yuhuan Intelligent leased out some temporarily idle office and production spaces, with rental income contributing to the company's profit and loss[109](index=109&type=chunk) Entrusted Wealth Management | Specific Type | Source of Entrusted 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 | 18,200 | 10,700 | 0 | | Bank Wealth Management Products | Raised Funds | 6,500 | 5,500 | 0 | | Total | | 24,700 | 16,200 | 0 | [Entrustment, Contracting, and Leasing Matters](index=32&type=section&id=%E6%89%98%E7%AE%A1%E3%80%81%E6%89%BF%E5%8C%85%E3%80%81%E7%A7%9F%E8%B5%81%E4%BA%8B%E9%A1%B9%E6%83%85%E5%86%B5) During the reporting period, the company had no entrustment or contracting situations. The company and its subsidiary Yuhuan Intelligent leased out some temporarily idle office and production spaces, with rental income from a specific office building lease contributing to the company's profit - The company had no entrustment or contracting situations during the reporting period[107](index=107&type=chunk)[108](index=108&type=chunk) - The company and its subsidiary Yuhuan Intelligent leased out some temporarily idle office and production spaces[109](index=109&type=chunk) Leasing Situation (Projects generating over 10% of the company's total profit for the reporting period) | Lessor Name | Lessee Name | Leased Asset Situation | Lease Start Date | Lease End Date | Lease Income (Ten Thousand Yuan) | Impact of Lease Income on Company | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yuhuan CNC Machine Tool Co., Ltd. | Hunan Snack is Busy Commercial Chain Co., Ltd. | Office Building | January 20, 2024 | January 19, 2027 | 140.31 | Increased income | [Entrusted Wealth Management](index=33&type=section&id=%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2) The company's total entrusted wealth management amounted to **247 million yuan**, comprising **182 million yuan** from own funds and **65 million yuan** from raised funds. The unexpired balance at period-end was **162 million yuan**, with no overdue unrecovered amounts or high-risk investments Entrusted Wealth Management | Specific Type | Source of Entrusted 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 | 18,200 | 10,700 | 0 | | Bank Wealth Management Products | Raised Funds | 6,500 | 5,500 | 0 | | Total | | 24,700 | 16,200 | 0 | - The company had no significant single-item or low-safety, low-liquidity high-risk entrusted wealth management during the reporting period[112](index=112&type=chunk) [13. Explanation of Other Significant Matters](index=33&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company implemented its 2024 profit distribution plan, changed a raised fund investment project to the "High-end CNC Grinding Machine R&D Center Construction Project" with capital injection into Yuhuan Intelligent, and increased capital in Yuhuan Precision by **30 million yuan**, raising its stake to **67.3334%** - The company implemented its 2024 profit distribution plan, distributing a cash dividend of **0.80 yuan (including tax)** per 10 shares to all shareholders, totaling **12.46 million yuan**[113](index=113&type=chunk) - The company changed its raised fund investment project, converting the "R&D Center Technology Upgrade and Transformation Project" to the "High-end CNC Grinding Machine R&D Center Construction Project," and injected capital into subsidiary Yuhuan Intelligent[114](index=114&type=chunk)[115](index=115&type=chunk) - The company increased capital in its controlled subsidiary Yuhuan Precision by **30 million yuan**, and after the capital increase, the company's shareholding increased from **51.00%** to **67.3334%**[116](index=116&type=chunk) [14. Significant Matters of Company Subsidiaries](index=34&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) During the reporting period, there were no significant matters concerning the company's subsidiaries - During the reporting period, there were no significant matters concerning the company's subsidiaries[117](index=117&type=chunk) Part VI Share Changes and Shareholder Information [1. Share Change Situation](index=35&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital remained unchanged at **155.81 million shares**. Restricted shares decreased by **847,205** due to the full unlocking of executive restricted shares held by Mr. Peng Guanqing and Mr. Zheng Benming, while unrestricted shares increased accordingly. Mr. Yang Rendong's **60,000** equity incentive restricted shares are being repurchased and canceled due to his resignation Share Change Situation | Share Type | Number Before Change (Shares) | Proportion Before Change (%) | Increase/Decrease in This Change (Shares) | Number After Change (Shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I.