[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=第一节%20重要提示、目录和释义) This section provides crucial disclaimers, outlines the report structure, lists reference documents, and defines key terms for clarity [Important Notes](index=2&type=section&id=重要提示) The Board, Supervisory Board, and senior management guarantee the report's truthfulness and completeness, disclaiming future investment promises and advising risk awareness - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false statements, misleading representations, or major omissions[3](index=3&type=chunk) - The company's responsible person, head of accounting, and head of accounting department declare that the financial report in this semi-annual report is true, accurate, and complete[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=目录) This section lists the report's overall structure, covering company profile, financial metrics, management discussion, governance, and financial statements [Reference Documents](index=4&type=section&id=备查文件目录) Reference documents include signed and sealed financial statements and original announcements publicly disclosed during the reporting period - Reference documents include financial statements signed and sealed by the company's legal representative, the person in charge of accounting, and the head of the accounting department[10](index=10&type=chunk) - Reference documents also include originals of all company documents and announcements publicly disclosed in newspapers designated by the China Securities Regulatory Commission during the reporting period[10](index=10&type=chunk) [Definitions](index=5&type=section&id=释义) This section defines common terms used in the report, including company names, key subsidiaries, and abbreviations for clarity - "Company," "the Company," and "Rifeng Cable" refer to Guangdong Rifeng Cable Co., Ltd[11](index=11&type=chunk) - Lists several wholly-owned or controlling subsidiaries, such as International Electrician, Hong Kong Rifeng, Anhui Rifeng, Rifeng Intelligent, Rifeng New Materials, Rifeng Electronics, Zhongshan Aimbei, Tianjin Yourong, Guangdong Yourong, Dongguan Yourong, and Hengchang Cable[11](index=11&type=chunk) - "Reporting period" refers to January 1, 2025, to June 30, 2025[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介和主要财务指标) This section introduces the company, its contact information, and presents key accounting data and financial performance metrics [Company Profile](index=6&type=section&id=一、公司简介) Guangdong Rifeng Cable Co., Ltd. (stock code: 002953) is listed on the Shenzhen Stock Exchange, with Feng Jiujing as its legal representative - The company's stock abbreviation is "Rifeng Cable," stock code "002953," listed on the Shenzhen Stock Exchange[13](index=13&type=chunk) - The company's Chinese name is "Guangdong Rifeng Cable Co., Ltd.," and its legal representative is Feng Jiujing[13](index=13&type=chunk) [Contact Person and Information](index=6&type=section&id=二、联系人和联系方式) The company's Board Secretary is Li Yuhui, with contact details including address, phone, fax, and email provided - The Board Secretary is Li Yuhui, contact number 0760-85115672, email rfgf@rfcable.com.cn[14](index=14&type=chunk) - The company's registered address and office address are both Guangfeng Industrial Park, Xiqu, Zhongshan City, Guangdong Province[15](index=15&type=chunk) [Other Information](index=6&type=section&id=三、其他情况) No changes occurred in the company's contact information, information disclosure, or document storage locations during the reporting period - The company's registered address, office address, website, and email address remained unchanged during the reporting period[15](index=15&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period, refer to the 2024 annual report for details[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=四、主要会计数据和财务指标) Revenue increased by 13.22%, net profit by 27.33%, and net cash flow from operating activities turned positive, with total assets also growing Key Accounting Data and Financial Indicators (YoY Change) | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | As of End of Current Period (Yuan) | As of End of Prior Year (Yuan) | Change from Prior Year End | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,354,156,824.71 | 2,079,309,235.49 | 13.22% | - | - | - | | Net Profit Attributable to Shareholders of Listed Company | 112,501,179.80 | 88,353,379.84 | 27.33% | - | - | - | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 100,961,283.46 | 87,201,068.99 | 15.78% | - | - | - | | Net Cash Flow from Operating Activities | 31,065,114.88 | -79,544,292.92 | 139.05% | - | - | - | | Basic EPS (Yuan/share) | 0.2482 | 0.19 | 30.63% | - | - | - | | Diluted EPS (Yuan/share) | 0.2482 | 0.19 | 30.63% | - | - | - | | Weighted Average Return on Net Assets | 5.91% | 4.92% | 0.99% | - | - | - | | Total Assets | - | - | - | 3,735,305,656.81 | 3,579,078,133.50 | 4.37% | | Net Assets Attributable to Shareholders of Listed Company | - | - | - | 1,914,480,483.01 | 1,847,590,876.10 | 3.62% | [Differences in Accounting Data Under Domestic and International Accounting Standards](index=7&type=section&id=五、境内外会计准则下会计数据差异) The company reported no differences in net profit and net assets between international/overseas and Chinese accounting standards during the period - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[18](index=18&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[19](index=19&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=8&type=section&id=六、非经常性损益项目及金额) Total non-recurring gains and losses amounted to 11.54 million Yuan, primarily from non-current asset disposal and government grants, net of tax and minority interest Non-recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | Description | | :--- | :--- | :--- | | Gains/losses from disposal of non-current assets (including reversal of impairment provisions) | 13,789,169.43 | Gain from disposal of assets held for sale by subsidiaries | | Government grants recognized in current profit/loss (excluding those closely related to normal operations, compliant with national policies, enjoyed by fixed standards, and with continuous impact on profit/loss) | 2,881,449.84 | - | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal operations | -58,573.17 | - | | Other non-operating income and expenses apart from the above | -1,281,578.61 | - | | Less: Income tax impact | 3,772,848.51 | - | | Minority interest impact (after tax) | 17,722.64 | - | | Total | 11,539,896.34 | - | - The company has no other profit/loss items meeting the definition of non-recurring gains/losses, nor has it classified non-recurring gains/losses as recurring ones[21](index=21&type=chunk)[22](index=22&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=第三节%20管理层讨论与分析) This section analyzes the company's main business, core competitiveness, financial performance, investment activities, and risk factors [Main Business Activities During the Reporting Period](index=9&type=section&id=一、报告期内公司从事的主要业务) The company primarily researches, develops, produces, and sells special equipment, new energy, and communication cables, with significant revenue growth in new energy and overseas sales - The company primarily engages in the R&D, production, and sales of special equipment cables, new energy cables, communication equipment, and other electrical equipment cables[24](index=24&type=chunk) - Products are widely used in wind power, new energy, communication equipment, marine engineering, port machinery, construction machinery, shipbuilding, as well as common household appliances, robots, power tools, lighting, and outdoor equipment[24](index=24&type=chunk) Key Business Performance During the Reporting Period | Indicator | Amount (10,000 Yuan) | YoY Growth | | :--- | :--- | :--- | | Total Operating Revenue | 235,415.68 | 13.22% | | New Energy Market Operating Revenue | 20,195.92 | 61% | | Overseas Sales Operating Revenue | 40,365.92 | 37.71% | [Company's Main Business](index=9&type=section&id=（一）公司从事的主营业务) The company specializes in rubber-sheathed wire and cable products, excelling in this niche and continuously optimizing its business structure for market responsiveness - The company has been deeply involved in the wire and cable industry for many years, dedicated to the technological research, application, and promotion of rubber-sheathed wire and cable products, possessing multiple core technologies and patents[25](index=25&type=chunk) - The company has become a leader in the segmented field of rubber-sheathed wire and cable[25](index=25&type=chunk) - The company optimizes its business unit structure to accelerate responsiveness to market changes, creating one-stop solutions to better serve existing customers and expand into new markets[25](index=25&type=chunk) [Company's Main Products](index=10&type=section&id=（二）公司的主要产品) The company's main products include special equipment cables, new energy cables, communication equipment components, and appliance wiring, each tailored for specific applications - The company's main products are special equipment cables, new energy cables, communication equipment components, air conditioner connection cable assemblies, and small appliance wiring assemblies[26](index=26&type=chunk) - Special equipment cables are suitable for special heavy machinery, robot/flexible drag chain cables, power tools, and wind energy applications, featuring excellent tensile, torsion, wear resistance, flame retardancy, waterproofing, and chemical corrosion resistance[26](index=26&type=chunk) - New energy cables are suitable for wind power, energy storage, photovoltaics, and charging pile cables, characterized by strong flexibility, good weather resistance, and high-temperature resistance[26](index=26&type=chunk) - Communication equipment components are suitable for digital transmission equipment, base station antennas, etc., offering excellent high signal transmission performance, electrical performance, and reliable physical and mechanical properties[27](index=27&type=chunk) [Core Competitiveness Analysis](index=10&type=section&id=二、核心竞争力分析) The company maintains a strong competitive edge through its comprehensive R&D, quality control, manufacturing, and marketing systems, focusing on product positioning, scale, certifications, talent, technology, quality, and service - The company has become a well-known wire and cable manufacturer in the industry with complete R&D, quality control, manufacturing, and marketing systems[28](index=28&type=chunk) - The company's competitive advantages are primarily in seven aspects: product positioning, scale, mandatory product safety certifications, talent development, R&D technology, product quality and performance, and marketing and service[28](index=28&type=chunk) [Product Positioning Advantage](index=10&type=section&id=（一）产品定位优势) The company focuses on high-end niche markets for rubber-sheathed cables, including special equipment, wind power, new energy charging, communication, and energy storage, avoiding low-to-mid-end competition - The company's products are mainly rubber-sheathed cables, which offer advantages over plastic cables in terms of flexibility, wear resistance, mechanical properties, flame retardancy, and electrical performance[28](index=28&type=chunk) - The company's main products are positioned in the R&D, production, sales, and service of rubber-sheathed cables for special equipment, wind power, new energy charging piles, communication equipment components, and energy storage, demonstrating significant competitive advantages in these niche markets[28](index=28&type=chunk) - The company maintains stable cooperative relationships with renowned enterprises such as Midea, Gree, TCL, Aux, Huawei, ZTE, FiberHome, Envision Energy, and Mingyang Smart, effectively mitigating competition risks in the low-to-mid-end cable market[29](index=29&type=chunk) [Scale Advantage](index=10&type=section&id=（二）规模优势) Extensive experience and high recognition in rubber-sheathed cables enable the company to leverage economies of scale, enhancing raw material procurement power and market competitiveness - For many years, the company has focused on the R&D, production, and sales of rubber-sheathed cables, accumulating rich experience and establishing a high reputation in this field[31](index=31&type=chunk) - Leveraging its scale advantage, the company has strengthened its bargaining power for raw material procurement, obtaining favorable prices through centralized purchasing, reducing procurement and manufacturing costs, thereby enhancing market competitiveness[31](index=31&type=chunk) [Mandatory Product Safety Certification Advantage](index=11&type=section&id=（三）强制性产品安全认证优势) The company's products adhere to strict domestic and international standards, holding over 20 mandatory safety certifications, ensuring quality and market access globally - The company's wire and cable products strictly adhere to national standards, industry standards, enterprise standards, and international standards such as IEC, EN, and UL[32](index=32&type=chunk) - The company's products have obtained domestic certifications such as "China Compulsory Product Certification" and "Guangdong Province International Standard Product Recognition Certificate," as well as mandatory product safety certifications from over 20 countries and regions including US UL, CM, EU CE, German VDE, French NF, British BSI, Canadian CSA, Korean KC, and Japanese PSE[32](index=32&type=chunk) [Talent Development Advantage](index=11&type=section&id=（四）人才培养优势) The company has built a multi-layered R&D team through internal development and external recruitment, collaborating with universities to foster innovation and establish a postdoctoral innovation practice base - Through independent cultivation and talent acquisition, the company has established a multi-layered, comprehensive R&D team with a reasonable structure in terms of age, expertise, and research direction[33](index=33&type=chunk) - The R&D team's expertise covers fields such as cables, electromechanics, electronics, polymers, and chemicals, with research directions spanning the entire industry chain[33](index=33&type=chunk) - The company collaborates closely with universities, forming an "industry-university-research integration" model, and has been approved to establish a Guangdong Provincial Postdoctoral Innovation Practice Base, ensuring R&D and innovation drive[33](index=33&type=chunk) [R&D Technology Advantage](index=11&type=section&id=（五）研发技术优势) The company possesses independent R&D capabilities for high-end flexible and special cables, with subsidiaries leading in 5G communication and EV super-fast charging technologies, and mastering cost-effective material formulations - The company possesses independent design and R&D capabilities for high-end flexible cables, special wires and cables, and special material formulations[34](index=34&type=chunk) - Subsidiary Tianjin Yourong Dikang Communication Technology Co., Ltd. possesses excellent customer resources and superior product technology in the 5G communication sector[34](index=34&type=chunk) - Subsidiary Zhongshan Aimbei New Energy Technology Co., Ltd. holds unique standards and technologies in the field of new energy vehicle super-fast charging[34](index=34&type=chunk) - The company masters low-cost, high-quality raw material formulations and employs internationally advanced irradiation cross-linking technology, ranking among the industry leaders in the segmented field of rubber-sheathed wires and cables[34](index=34&type=chunk)[35](index=35&type=chunk) [Product Quality and Performance Advantage](index=12&type=section&id=（六）产品质量及性能优势) Adhering to "quality first," the company holds ISO9001, ISO14001, and IATF 16949 certifications, with its products achieving advanced domestic levels and earning customer trust - The company has obtained ISO9001:2015 Quality Management System Certification, ISO14001:2015 Environmental Management System Certification, and IATF 16949:2016 Automotive Industry Quality Management System Certification[36](index=36&type=chunk) - The company has obtained laboratory accreditation from the China National Accreditation Service for Conformity Assessment, elevating its R&D and testing capabilities to a new level[36](index=36&type=chunk) - Special equipment cable products have reached advanced domestic levels, achieving localization of high-performance products and gaining market share, with some products capable of replacing imports[36](index=36&type=chunk) - Communication equipment components, air conditioner connection cable assemblies, and small appliance wiring assemblies have consistently been rated as "Excellent Supplier," "A-level Supporting Enterprise," and "Best Partner" due to their superior quality and reputation, establishing stable strategic cooperative relationships with Midea, Gree, Hisense Kelon, TCL, Aux, and others[37](index=37&type=chunk) [Marketing and Service Advantage](index=12&type=section&id=（七）市场营销及服务优势) The company employs a comprehensive marketing system with differentiated strategies and direct sales, offering full-spectrum services from design consultation to customized solutions for high-end clients - The company has established a relatively comprehensive marketing system, adhering to differentiated market service strategies and a direct sales model[38](index=38&type=chunk) - Possesses a team of technically proficient and skilled composite marketing professionals, providing customers with comprehensive service solutions covering initial selection, design consultation, technical exchange, installation guidance, and product quality tracking[38](index=38&type=chunk) - The company provides personalized services such as targeted customization, improvement, adjustment, and maintenance for high-end customers, and can quickly respond to customer feedback[38](index=38&type=chunk) [Main Business Analysis](index=12&type=section&id=三、主营业务分析) Main business revenue increased by 13.22%, driven by significant growth in new energy cables (61%) and communication equipment components (22.05%), while overall gross margin slightly decreased Key Financial Data Year-over-Year Changes | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,354,156,824.71 | 2,079,309,235.49 | 13.22% | - | | Operating Cost | 2,074,071,529.65 | 1,829,350,862.68 | 13.38% | - | | Financial Expenses | 2,970,053.74 | 4,650,471.50 | -36.13% | Primarily due to a year-over-year decrease in loan principal and interest | | Income Tax Expense | 13,234,405.92 | 4,276,442.16 | 209.47% | Primarily due to the growth in current period total profit and adjustments for income tax deductions | | Net Cash Flow from Operating Activities | 31,065,114.88 | -79,544,292.92 | 139.05% | Primarily due to increased cash inflow from early discounting in the current period, used to repay supplementary working capital for projects | | Net Cash Flow from Investing Activities | -46,112,213.98 | -30,538,261.75 | 51.00% | Primarily due to continued increased construction investment in Longchang Industrial Park, leading to a corresponding increase in investing activities expenditures | | Net Cash Flow from Financing Activities | -93,172,844.54 | 6,363,791.39 | -1,564.11% | Primarily due to dividend distribution and loan repayments in the current period, leading to a corresponding increase in financing activities expenditures | Operating Revenue Composition (by Product and Region) | Category | Item | Current Period Amount (Yuan) | Current Period Share | Prior Year Period Amount (Yuan) | Prior Year Period Share | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Product | Special Equipment Cables | 408,660,119.06 | 17.36% | 346,696,498.44 | 16.67% | 17.87% | | | Communication Equipment Components | 437,360,519.58 | 18.58% | 358,339,080.26 | 17.23% | 22.05% | | | New Energy Cables | 201,959,195.00 | 8.58% | 125,440,044.60 | 6.03% | 61.00% | | | Air Conditioner Connection Cable Assemblies | 870,797,132.67 | 36.99% | 783,204,680.89 | 37.67% | 11.18% | | | Small Appliance Wiring Assemblies | 259,213,773.23 | 11.01% | 279,951,720.71 | 13.46% | -7.41% | | By Region | Domestic | 1,950,497,644.00 | 82.85% | 1,786,192,934.75 | 85.90% | 9.20% | | | Overseas | 403,659,180.71 | 17.15% | 293,116,300.74 | 14.10% | 37.71% | Gross Margin of Main Business Year-over-Year Change | Category | Item | Gross Margin | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | | By Industry | Wire and Cable Industry | 11.90% | -0.12% | | By Product | Special Equipment Cables | 15.46% | 0.69% | | | Communication Equipment Components | 9.25% | 0.71% | | | New Energy Cables | 13.97% | -5.10% | | | Air Conditioner Connection Cable Assemblies | 12.52% | -0.64% | | | Small Appliance Wiring Assemblies | 11.09% | -1.09% | | By Region | Domestic | 11.74% | -0.12% | | | Overseas | 12.65% | -0.37% | [Non-Main Business Analysis](index=14&type=section&id=四、非主营业务分析) The company reported no non-main business analysis during the period, indicating a focus on its core wire and cable operations - The company reported no non-main business analysis during the reporting period[46](index=46&type=chunk) [Analysis of Assets and Liabilities](index=15&type=section&id=五、资产及负债状况分析) Total assets grew by 4.37%. Accounts receivable and fixed assets increased significantly, while cash, inventories, and construction in progress decreased. Certain assets are restricted for bank loan collateral Significant Changes in Asset Composition | Item | Amount as of End of Current Period (Yuan) | Percentage of Total Assets | Amount as of End of Prior Year (Yuan) | Percentage of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 292,585,378.49 | 7.83% | 373,049,619.90 | 10.42% | -2.59% | | Accounts Receivable | 1,483,472,334.53 | 39.71% | 1,235,171,653.70 | 34.51% | 5.20% | | Inventories | 423,529,184.76 | 11.34% | 477,254,828.31 | 13.33% | -1.99% | | Fixed Assets | 685,933,360.92 | 18.36% | 458,147,244.84 | 12.80% | 5.56% | | Construction in Progress | 79,774,963.38 | 2.14% | 268,068,418.22 | 7.49% | -5.35% | | Short-term Borrowings | 377,750,000.00 | 10.11% | 423,339,305.58 | 11.83% | -1.72% | | Notes Payable | 765,047,865.43 | 20.48% | 618,499,968.02 | 17.28% | 3.20% | | Long-term Borrowings | 169,660,000.00 | 4.54% | 191,080,000.00 | 5.34% | -0.80% | Asset Restriction Status | Item | Book Balance at Period End (Yuan) | Book Value at Period End (Yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 107,550,162.39 | 107,550,162.39 | Guarantee and Pledge | Bank acceptance bill/L/C/guarantee deposit, litigation preservation funds | | Intangible Assets | 67,114,802.90 | 63,156,914.43 | Mortgage collateral for bank loans | Mortgage collateral for bank loans | | Fixed Assets | 233,915,781.93 | 231,367,408.47 | Mortgage collateral for bank loans | Mortgage collateral for bank loans | | Total | 408,580,747.22 | 402,074,485.29 | - | - | [Significant Changes in Asset Composition](index=15&type=section&id=1、资产构成重大变动情况) Accounts receivable and fixed assets significantly increased their share of total assets, while cash, inventories, and construction in progress decreased, reflecting operational and investment shifts - Accounts receivable increased by **5.20%** of total assets, and fixed assets increased by **5.56%** of total assets[47](index=47&type=chunk) - Cash and cash equivalents decreased by **2.59%** of total assets, inventories decreased by **1.99%**, and construction in progress decreased by **5.35%**[47](index=47&type=chunk) [Major Overseas Assets](index=15&type=section&id=2、主要境外资产情况) The company reported no major overseas assets during the period, indicating that such assets are either not significant or have not undergone major changes - The company reported no major overseas assets during the reporting period[48](index=48&type=chunk) [Assets and Liabilities Measured at Fair Value](index=15&type=section&id=3、以公允价值计量的资产和负债) The company reported no assets or liabilities measured at fair value during the period, suggesting these financial instruments are not significant or unchanged - The company reported no assets or liabilities measured at fair value during the reporting period[48](index=48&type=chunk) [Asset Restriction Status as of the End of the Reporting Period](index=15&type=section&id=4、截至报告期末的资产权利受限情况) As of period-end, cash, intangible assets, and fixed assets were restricted, primarily for bank guarantees and loan collateral, totaling over 400 million Yuan in book value - Cash and cash equivalents of **107,550,162.39 Yuan** were restricted at period-end, primarily for bank acceptance bill/L/C/guarantee deposits and litigation preservation funds[49](index=49&type=chunk) - Intangible assets with a book value of **63,156,914.43 Yuan** and fixed assets with a book value of **231,367,408.47 Yuan** were restricted at period-end, primarily for mortgage collateral for bank loans[49](index=49&type=chunk) - The total book value of restricted assets was **402,074,485.29 Yuan**[49](index=49&type=chunk) [Investment Analysis](index=16&type=section&id=六、投资状况分析) Total investment decreased by 39.25%. Raised funds utilization was 88.75%, with a key project concluded but not yet profitable. Idle raised funds were temporarily used for working capital and fully repaid Changes in Investment Amount During the Reporting Period | Indicator | Investment Amount for the Reporting Period (Yuan) | Investment Amount for the Prior Year Period (Yuan) | Change Percentage | | :--- | :--- | :--- | :--- | | Investment Amount | 71,944,297.19 | 118,428,873.46 | -39.25% | - The company reported no securities investments or derivative investments during the reporting period[51](index=51&type=chunk)[52](index=52&type=chunk) - The overall utilization rate of raised funds was **88.75%**, with a cumulative use of **329.82 million Yuan**[56](index=56&type=chunk) - The "New Energy and Special Equipment Cable Assembly Project" had a committed total investment of **371.65 million Yuan**, with a cumulative investment of **329.82 million Yuan** as of period-end, an investment progress of **88.75%**, completed and closed on June 30, 2025, but has not yet generated benefits[57](index=57&type=chunk)[59](index=59&type=chunk) - The company previously used a portion of idle raised funds to temporarily supplement working capital, not exceeding **90 million Yuan**, which was fully repaid on June 25, 2025[60](index=60&type=chunk) [Overall Situation](index=16&type=section&id=1、总体情况) The company's investment amount for the reporting period was 71.94 million Yuan, representing a 39.25% decrease compared to the prior year Changes in Investment Amount During the Reporting Period | Indicator | Investment Amount for the Reporting Period (Yuan) | Investment Amount for the Prior Year Period (Yuan) | Change Percentage | | :--- | :--- | :--- | :--- | | Investment Amount | 71,944,297.19 | 118,428,873.46 | -39.25% | [Significant Equity Investments Acquired During the Reporting Period](index=16&type=section&id=2、报告期内获取的重大的股权投资情况) The company reported no significant equity investments acquired during the reporting period - The company reported no securities investments during the reporting period[51](index=51&type=chunk) [Significant Non-Equity Investments in Progress During the Reporting Period](index=16&type=section&id=3、报告期内正在进行的重大的非股权投资情况) The company reported no significant non-equity investments in progress during the reporting period - The company reported no derivative investments during the reporting period[52](index=52&type=chunk) [Financial Asset Investments](index=16&type=section&id=4、金融资产投资) The company reported no securities or derivative investments during the reporting period - The company reported no securities investments during the reporting period[51](index=51&type=chunk) - The company reported no derivative investments during the reporting period[52](index=52&type=chunk) [Utilization of Raised Funds](index=16&type=section&id=5、募集资金使用情况) The overall utilization rate of raised funds was 88.75%. The "New Energy and Special Equipment Cable Assembly Project" was completed but not yet profitable. Idle funds were temporarily used for working capital and fully repaid Overall Utilization of Raised Funds | Fundraising Year | Fundraising Method | Net Amount of Raised Funds (10,000 Yuan) | Total Raised Funds Used in Current Period (10,000 Yuan) | Total Raised Funds Cumulatively Used (10,000 Yuan) | Utilization Rate of Raised Funds at Period End | | :--- | :--- | :--- | :--- | :--- | :--- | | 2021 | Issuance of convertible corporate bonds to unspecified investors | 37,164.53 | 5,465.83 | 32,982.07 | 88.75% | - The raised funds project, "New Energy and Special Equipment Cable Assembly Project," was officially closed at the end of the reporting period but has not yet generated benefits[57](index=57&type=chunk)[59](index=59&type=chunk) - The company previously used a portion of idle raised funds to temporarily supplement working capital, not exceeding **90 million Yuan**, which was fully repaid to the special raised funds account on June 25, 2025[60](index=60&type=chunk) [Significant Asset and Equity Disposals](index=21&type=section&id=七、重大资产和股权出售) The company did not dispose of any significant assets or equity during the reporting period - The company did not dispose of significant assets during the reporting period[62](index=62&type=chunk) - The company did not dispose of significant equity during the reporting period[63](index=63&type=chunk) [Analysis of Major Holding and Associate Companies](index=21&type=section&id=八、主要控股参股公司分析) Tianjin Yourong Dikang Communication Technology Co., Ltd. is a key subsidiary with a net profit of 13.32 million Yuan. Wholly-owned subsidiary Anhui Rifeng Technology Co., Ltd. is undergoing liquidation Financial Information of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (10,000 Yuan) | Total Assets (10,000 Yuan) | Net Assets (10,000 Yuan) | Operating Revenue (10,000 Yuan) | Operating Profit (10,000 Yuan) | Net Profit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tianjin Yourong Dikang Communication Technology Co., Ltd. | Subsidiary | Manufacturing, processing, and sales of communication equipment, wires, cables, optical fibers, optical cables, cable materials, polymer materials, and non-ferrous metals | 6,450.30 | 44,510.40 | 23,615.27 | 56,697.17 | 1,353.80 | 1,331.86 | - Wholly-owned subsidiary Anhui Rifeng Technology Co., Ltd. is undergoing liquidation and deregistration, which was not completed as of the end of the reporting period, but is not expected to have a significant impact on the company's overall business development and operations[64](index=64&type=chunk) [Structured Entities Controlled by the Company](index=21&type=section&id=九、公司控制的结构化主体情况) The company reported no structured entities under its control during the reporting period - The company reported no structured entities under its control during the reporting period[65](index=65&type=chunk) [Risks Faced by the Company and Countermeasures](index=22&type=section&id=十、公司面临的风险和应对措施) The company faces risks from raw material price volatility, market competition, accounts receivable, tax policy changes, and exchange rate fluctuations, addressed by various mitigation strategies - Raw material price fluctuation risk: Copper costs constitute a high proportion of product costs, and price fluctuations directly impact product costs and gross margins, increasing working capital pressure. The company addresses this with a "cost + target gross margin" pricing model and average price procurement strategy[66](index=66&type=chunk) - Market competition risk: Intense industry competition requires the company to continuously invest in business and resources, adjust product structure, and launch high-value-added new products to cope[67](index=67&type=chunk) - Accounts receivable uncollectibility risk: Adverse changes in macroeconomics, industry, or customer operations may lead to bad debts. The company needs to strengthen accounts receivable management[68](index=68&type=chunk) - Tax preferential policy change risk: The company and its subsidiaries enjoy high-tech enterprise income tax incentives; if policies change or conditions are not met, tax burden will increase[69](index=69&type=chunk) - Exchange rate fluctuation risk: The company's export sales are primarily settled in foreign currencies such as USD, HKD, and EUR, and exchange rate fluctuations may result in exchange gains or losses, affecting financial position and operating performance[70](index=70&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=23&type=section&id=十一、市值管理制度和估值提升计划的制定落实情况) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[71](index=71&type=chunk) - The company has not disclosed a valuation enhancement plan[71](index=71&type=chunk) [Implementation of the 'Dual Improvement in Quality and Returns' Action Plan](index=23&type=section&id=十二、"质量回报双提升"行动方案贯彻落实情况) The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan[71](index=71&type=chunk) [Corporate Governance, Environment, and Society](index=24&type=section&id=第四节%20公司治理、环境和社会) This section covers changes in directors, supervisors, and senior management, profit distribution, incentive plans, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=24&type=section&id=一、公司董事、监事、高级管理人员变动情况) No changes occurred in the company's directors, supervisors, or senior management during the reporting period - The company's directors, supervisors, and senior management experienced no changes during the reporting period[73](index=73&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Period](index=24&type=section&id=二、本报告期利润分配及资本公积金转增股本情况) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[74](index=74&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=24&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的实施情况) The company reported no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company reported no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[75](index=75&type=chunk) [Environmental Information Disclosure](index=24&type=section&id=四、环境信息披露情况) 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[76](index=76&type=chunk) [Social Responsibility](index=24&type=section&id=五、社会责任情况) The company actively fulfills social responsibilities by protecting shareholder, employee, and customer rights, and engaging in public welfare through governance, talent development, innovation, and donations - The company strictly standardizes general meeting procedures, ensuring shareholders' right to know, participate, propose, and vote, diligently fulfilling information disclosure obligations, and strengthening investor relations management[76](index=76&type=chunk) - The company continuously improves talent pipeline construction, optimizes talent structure, provides a safe and comfortable working environment, supports union activities, and safeguards employees' legitimate rights and interests[78](index=78&type=chunk) - The company adheres to the principle of equality, mutual benefit, and win-win, establishing good cooperative relationships with suppliers; it upholds the "customer first" philosophy, enhancing product quality through technological innovation and providing excellent after-sales service[79](index=79&type=chunk) - During the reporting period, the company cumulatively donated **500,000 Yuan** to the Zhongshan Xiqu Red Cross Society, specifically for public welfare projects supporting livelihood improvement, education development, paired assistance, and social relief[80](index=80&type=chunk) [Significant Matters](index=26&type=section&id=第五节%20重要事项) This section details commitments, related party fund occupation, external guarantees, auditor appointments, audit reports, bankruptcy, litigation, penalties, integrity, and major contracts [Commitments](index=26&type=section&id=一、公司实际控制人、股东、关联方、收购人以及公司等承诺相关方在报告期内履行完毕及截至报告期末超期未履行完毕的承诺事项) The company reported no commitments that were fulfilled or overdue as of the end of the reporting period - The company reported no commitments by the actual controller, shareholders, related parties, acquirers, or the company that were fulfilled during the reporting period or overdue as of the end of the reporting period[83](index=83&type=chunk) [Non-Operating Fund Occupation](index=26&type=section&id=二、控股股东及其他关联方对上市公司的非经营性占用资金情况) The company reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company reported no non-operating fund occupation by controlling shareholders or other related parties of the listed company during the reporting period[84](index=84&type=chunk) [Irregular External Guarantees](index=26&type=section&id=三、违规对外担保情况) The company reported no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[85](index=85&type=chunk) [Appointment and Dismissal of Accounting Firms](index=26&type=section&id=四、聘任、解聘会计师事务所情况) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[86](index=86&type=chunk) [Board of Directors' and Supervisory Board's Explanation on the Accounting Firm's 'Non-Standard Audit Report' for the Current Period](index=26&type=section&id=五、董事会、监事会对会计师事务所本报告期"非标准审计报告"的说明) The company reported no non-standard audit report for the current period, thus no explanation from the Board or Supervisory Board is required - The company reported no non-standard audit report during the reporting period[87](index=87&type=chunk) [Board of Directors' Explanation on Matters Related to the 'Non-Standard Audit Report' for the Prior Year](index=27&type=section&id=六、董事会对上年度"非标准审计报告"相关情况的说明) The company reported no non-standard audit report for the prior year, thus no explanation from the Board is required - The company reported no matters related to a non-standard audit report for the prior year during the reporting period[87](index=87&type=chunk) [Bankruptcy and Reorganization Matters](index=27&type=section&id=七、破产重整相关事项) The company reported no bankruptcy or reorganization matters during the reporting period - The company reported no bankruptcy or reorganization matters during the reporting period[88](index=88&type=chunk) [Litigation Matters](index=27&type=section&id=八、诉讼事项) The company reported no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters in the current reporting period[89](index=89&type=chunk) [Penalties and Rectification](index=27&type=section&id=九、处罚及整改情况) The company reported no penalties or rectification situations during the reporting period - The company reported no penalties or rectification situations during the reporting period[90](index=90&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=27&type=section&id=十、公司及其控股股东、实际控制人的诚信状况) The company, its controlling shareholder, and actual controller operated with integrity, maintaining good credit and fulfilling obligations during the reporting period - During the reporting period, the company, its controlling shareholder, and actual controller operated with integrity in accordance with the law, maintaining good credit status[91](index=91&type=chunk) - There were no instances of unfulfilled obligations determined by effective legal documents from courts or large overdue debts remaining unpaid[91](index=91&type=chunk) [Significant Related Party Transactions](index=28&type=section&id=十一、重大关联交易) The company reported no significant related party transactions during the period, including those related to operations, asset/equity transfers, joint investments, or financial company dealings - The company reported no related party transactions related to daily operations during the reporting period[91](index=91&type=chunk) - The company reported no related party transactions involving asset or equity acquisitions/disposals during the reporting period[92](index=92&type=chunk) - The company reported no related party transactions involving joint external investments during the reporting period[93](index=93&type=chunk) - The company reported no related party creditor-debtor relationships during the reporting period[94](index=94&type=chunk) - There were no deposits, loans, credit lines, or other financial transactions between the company and related financial companies or related parties[95](index=95&type=chunk) [Significant Contracts and Their Performance](index=29&type=section&id=十二、重大合同及其履行情况) The company reported no significant contracts, including those for trusteeship, contracting, leasing, guarantees, wealth management, or other major agreements, during the reporting period - The company reported no trusteeship situations during the reporting period[98](index=98&type=chunk) - The company reported no contracting situations during the reporting period[99](index=99&type=chunk) - The company reported no leasing situations during the reporting period[101](index=101&type=chunk) - The company reported no significant guarantee situations during the reporting period[102](index=102&type=chunk) - The company reported no entrusted wealth management during the reporting period[103](index=103&type=chunk) - The company reported no other significant contracts during the reporting period[104](index=104&type=chunk) [Explanation of Other Significant Matters](index=29&type=section&id=十三、其他重大事项的说明) The company reported no other significant matters requiring explanation during the reporting period - The company reported no other significant matters requiring explanation during the reporting period[105](index=105&type=chunk) [Significant Matters of Company Subsidiaries](index=30&type=section&id=十四、公司子公司重大事项) Wholly-owned subsidiary Anhui Rifeng Technology Co., Ltd.'s land use rights were reclaimed, with full compensation received and property deregistration completed, while its liquidation is ongoing - The state-owned construction land use rights of wholly-owned subsidiary Anhui Rifeng Technology Co., Ltd. were reclaimed by the government for compensation; the company received the full land compensation of **25.42 million Yuan** on June 10, 2025, and completed property deregistration procedures[106](index=106&type=chunk) - The company's Board of Directors approved the resolution to liquidate and deregister wholly-owned subsidiary Anhui Rifeng Technology Co., Ltd., which was not completed as of the end of the reporting period[108](index=108&type=chunk)[109](index=109&type=chunk) [Share Changes and Shareholder Information](index=31&type=section&id=第六节%20股份变动及股东情况) This section details share capital changes, securities issuance, shareholder numbers, major shareholders, and changes in holdings of directors, supervisors, and senior management [Share Change Status](index=32&type=section&id=一、股份变动情况) The company's total share capital remained unchanged at 456,888,849 shares, with no changes in restricted or unrestricted shares, primarily due to executive lock-up shares Share Change Status | Item | Number before this change (shares) | Percentage before this change | Increase/Decrease in this change (+, -) | Number after this change (shares) | Percentage after this change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 185,251,318.00 | 40.55% | 0 | 185,251,318.00 | 40.55% | | II. Unrestricted Shares | 271,637,531.00 | 59.45% | 0 | 271,637,531.00 | 59.45% | | III. Total Shares | 456,888,849.00 | 100.00% | 0 | 456,888,849.00 | 100.00% | Changes in Restricted Shares | Shareholder Name | Restricted Shares at Period Start (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at Period End (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Li Yongjuan | 978,537 | 0 | 0 | 978,537 | Executive Lock-up Shares | | Li Qiang | 7,411,216 | 0 | 0 | 7,411,216 | Executive Lock-up Shares | | Feng Jiujing | 176,861,565 | 0 | 0 | 176,861,565 | Executive Lock-up Shares | | Total | 185,251,318 | 0 | 0 | 185,251,318 | - | [Securities Issuance and Listing](index=32&type=section&id=二、证券发行与上市情况) The company reported no securities issuance or listing activities during the reporting period - The company reported no securities issuance or listing activities during the reporting period[115](index=115&type=chunk) [Number of Shareholders and Shareholding Status](index=35&type=section&id=三、公司股东数量及持股情况) As of period-end, there were 34,413 common shareholders. Feng Jiujing, the controlling shareholder, holds 51.61%, with some shares pledged. Feng Yuhua and Luo Yongwen are his concerted parties - The total number of common shareholders at the end of the reporting period was **34,413**[116](index=116&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Feng Jiujing | Domestic Natural Person | 51.61% | 235,815,420.00 | 176,861,565.00 | 58,953,855 | Pledged | 42,500,000 | | Li Qiang | Domestic Natural Person | 2.16% | 9,881,621.00 | 7,411,216.00 | 2,470,405 | Pledged | 4,940,000 | | Feng Yuhua | Domestic Natural Person | 1.67% | 7,651,644.00 | 0 | 7,651,644.00 | N/A | 0 | | Luo Yongwen | Domestic Natural Person | 1.32% | 6,043,770.00 | 0 | 6,043,770.00 | N/A | 0 | - Mr. Feng Yuhua is the son of Mr. Feng Jiujing, and Mr. Luo Yongwen is the brother of Mr. Feng Jiujing's spouse; both are concerted parties of the company's actual controller, Mr. Feng Jiujing[116](index=116&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=35&type=section&id=四、董事、监事和高级管理人员持股变动) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management experienced no changes during the reporting period[119](index=119&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=35&type=section&id=五、控股股东或实际控制人变更情况) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[120](index=120&type=chunk) - The company's actual controller remained unchanged during the reporting period[121](index=121&type=chunk) [Preferred Share Information](index=35&type=section&id=六、优先股相关情况) The company reported no preferred shares during the reporting period - The company reported no preferred shares during the reporting period[122](index=122&type=chunk) [Bond-Related Information](index=36&type=section&id=第七节%20债券相关情况) This section provides information regarding the company's bonds [Bond-Related Information](index=36&type=section&id=债券相关情况) The company reported no bond-related information during the reporting period - The company reported no bond-related information during the reporting period[124](index=124&type=chunk) [Financial Report](index=37&type=section&id=第八节%20财务报告) This section includes the audit report, comprehensive financial statements, company basic information, accounting policies, tax details, and notes to the financial statements [Audit Report](index=37&type=section&id=一、审计报告) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[126](index=126&type=chunk) [Financial Statements](index=37&type=section&id=二、财务报表) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity for the 2025 half-year - Financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[127](index=127&type=chunk)[132](index=132&type=chunk)[134](index=134&type=chunk)[137](index=137&type=chunk)[140](index=140&type=chunk)[143](index=143&type=chunk)[145](index=145&type=chunk)[148](index=148&type=chunk)[151](index=151&type=chunk)[154](index=154&type=chunk) [Consolidated Balance Sheet](index=39&type=section&id=1、合并资产负债表) As of June 30, 2025, consolidated total assets were 3.74 billion Yuan, with high current asset proportion. Total liabilities were 1.81 billion Yuan, and total owners' equity was 1.93 billion Yuan - Consolidated total assets at period-end were **3,735,305,656.81 Yuan**, compared to **3,579,078,133.50 Yuan** at period-start[130](index=130&type=chunk) - Total current assets at period-end were **2,727,687,999.14 Yuan**, and total non-current assets were **1,007,617,657.67 Yuan**[129](index=129&type=chunk)[130](index=130&type=chunk) - Total current liabilities at period-end were **1,631,391,245.81 Yuan**, and total non-current liabilities were **177,700,277.26 Yuan**[130](index=130&type=chunk) [Parent Company Balance Sheet](index=41&type=section&id=2、母公司资产负债表) As of June 30, 2025, parent company total assets were 3.63 billion Yuan, with high current asset proportion. Total liabilities were 1.81 billion Yuan, and total owners' equity was 1.82 billion Yuan - Parent company total assets at period-end were **3,627,503,607.66 Yuan**, compared to **3,341,908,072.13 Yuan** at period-start[133](index=133&type=chunk) - Total current assets at period-end were **2,599,456,094.99 Yuan**, and total non-current assets were **1,028,047,512.67 Yuan**[131](index=131&type=chunk)[132](index=132&type=chunk) - Total current liabilities at period-end were **1,631,946,599.99 Yuan**, and total non-current liabilities were **175,731,837.56 Yuan**[133](index=133&type=chunk) [Consolidated Income Statement](index=43&type=section&id=3、合并利润表) For the 2025 half-year, total operating revenue reached 2.35 billion Yuan, a 13.22% YoY increase. Net profit was 112.53 million Yuan, up 28.16%, with 112.50 million Yuan attributable to parent company shareholders - Total operating revenue for the first half of 2025 was **2,354,156,824.71 Yuan**, compared to **2,079,309,235.49 Yuan** in the prior year period, a **13.22%** year-over-year increase[135](index=135&type=chunk) - Net profit for the first half of 2025 was **112,529,085.38 Yuan**, compared to **87,800,674.94 Yuan** in the prior year period, a **28.16%** year-over-year increase[136](index=136&type=chunk) - Net profit attributable to parent company shareholders was **112,501,179.80 Yuan**, with basic earnings per share of **0.2482 Yuan/share**[136](index=136&type=chunk) [Parent Company Income Statement](index=45&type=section&id=4、母公司利润表) For the 2025 half-year, parent company operating revenue was 1.83 billion Yuan, a 14.00% YoY increase. Net profit was 93.65 million Yuan, up 6.85% - Parent company operating revenue for the first half of 2025 was **1,831,645,061.01 Yuan**, compared to **1,606,752,097.38 Yuan** in the prior year period, a **14.00%** year-over-year increase[138](index=138&type=chunk) - Parent company net profit for the first half of 2025 was **93,653,151.25 Yuan**, compared to **87,652,391.04 Yuan** in the prior year period, a **6.85%** year-over-year increase[139](index=139&type=chunk) [Consolidated Cash Flow Statement](index=47&type=section&id=5、合并现金流量表) For the 2025 half-year, net cash flow from operating activities turned positive to 31.07 million Yuan, a 139.05% increase. Net cash flow from investing activities was -46.11 million Yuan, and from financing activities was -93.17 million Yuan - Net cash flow from operating activities for the first half of 2025 was **31,065,114.88 Yuan**, compared to **-79,544,292.92 Yuan** in the prior year period, a **139.05%** year-over-year increase[141](index=141&type=chunk) - Net cash flow from investing activities was **-46,112,213.98 Yuan**, compared to **-30,538,261.75 Yuan** in the prior year period[142](index=142&type=chunk) - Net cash flow from financing activities was **-93,172,844.54 Yuan**, compared to **6,363,791.39 Yuan** in the prior year period[142](index=142&type=chunk) - Net increase in cash and cash equivalents was **-105,293,088.37 Yuan**[142](index=142&type=chunk) [Parent Company Cash Flow Statement](index=48&type=section&id=6、母公司现金流量表) For the 2025 half-year, net cash flow from operating activities turned positive to 28.55 million Yuan. Net cash flow from investing activities was -59.36 million Yuan, and from financing activities was -79.12 million Yuan - Net cash flow from operating activities for the first half of 2025 was **28,548,503.38 Yuan**, compared to **-43,889,187.86 Yuan** in the prior year period[144](index=144&type=chunk) - Net cash flow from investing activities was **-59,358,897.65 Yuan**, compared to **-43,554,825.34 Yuan** in the prior year period[144](index=144&type=chunk) - Net cash flow from financing activities was **-79,118,029.78 Yuan**, compared to **-19,964,307.76 Yuan** in the prior year period[144](index=144&type=chunk) - Net increase in cash and cash equivalents was **-106,936,849.76 Yuan**[144](index=144&type=chunk) [Consolidated Statement of Changes in Owners' Equity](index=52&type=section&id=7、合并所有者权益变动表) For the 2025 half-year, total owners' equity attributable to the parent company increased by 67.17 million Yuan, primarily from comprehensive income, offset by profit distribution - Total owners' equity attributable to the parent company at period-end was **1,914,480,483.01 Yuan**, compared to **1,847,590,876.10 Yuan** at period-start[147](index=147&type=chunk)[150](index=150&type=chunk) - Total comprehensive income attributable to parent company owners for the current period was **112,501,179.80 Yuan**[146](index=146&type=chunk) - The amount of profit distribution to owners (or shareholders) for the current period was **45,334,114.90 Yuan**[147](index=147&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=56&type=section&id=8、母公司所有者权益变动表) For the 2025 half-year, parent company owners' equity increased by 48.32 million Yuan, mainly from comprehensive income, offset by profit distribution - Total parent company owners' equity at period-end was **1,819,825,170.11 Yuan**, compared to **1,771,506,133.76 Yuan** at period-start[153](index=153&type=chunk)[156](index=156&type=chunk) - Total parent company comprehensive income for the current period was **93,653,151.25 Yuan**[153](index=153&type=chunk) - The amount of profit distribution to owners (or shareholders) for the current period was **45,334,114.90 Yuan**[153](index=153&type=chunk) [Company Basic Information](index=57&type=section&id=三、公司基本情况) Guangdong Rifeng Cable Co., Ltd., established on December 17, 2009, in Zhongshan, specializes in R&D, production, and sales of electrical and special equipment cables, with a share capital of 456.89 million Yuan - Guangdong Rifeng Cable Co., Ltd. was established on December 17, 2009, with its headquarters in Zhongshan City[157](index=157&type=chunk) - The company primarily engages in the R&D, production, and sales of special equipment cables, new energy cables, communication equipment, and other electrical equipment cables[24](index=24&type=chunk)[157](index=157&type=chunk) - As of June 30, 2025, the company's share capital was **456,888,849.00 Yuan**[157](index=157&type=chunk) [Basis of Financial Statement Preparation](index=57&type=section&id=四、财务报表的编制基础) The company prepares its financial statements on a going concern basis, adhering to Accounting Standards for Business Enterprises and CSRC regulations, confirming its ability to continue operations for at least 12 months - The company prepares its financial statements on a going concern basis, in accordance with actual transactions and events, and the "Accounting Standards for Business Enterprises" and the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports" (Revised 2023)[158](index=158&type=chunk) - The company possesses the ability to continue as a going concern for at least 12 months from the end of the current reporting period, with no significant matters affecting its going concern ability[159](index=159&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=87&type=section&id=五、重要会计政策及会计估计) The company has established specific accounting policies and estimates for financial instruments, fixed assets, intangible assets, and revenue recognition, adhering to accounting standards, with no significant changes during the period - The company has formulated specific accounting policies and estimates for transactions and matters such as financial instruments, fixed asset depreciation, intangible asset amortization, and revenue recognition, based on its actual production and operating characteristics[160](index=160&type=chunk) - The financial statements prepared by the company comply with the requirements of Accounting Standards for Business Enterprises, truly and completely reflecting the company's financial position, operating results, changes in owners' equity, and cash flows[161](index=161&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, with a 12-month operating cycle, and uses Renminbi as its bookkeeping currency[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk) - There were no significant changes in accounting policies or accounting estimates during the reporting period[328](index=328&type=chunk) [Taxation](index=89&type=section&id=六、税项) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax. It benefits from high-tech enterprise tax incentives and VAT input tax deduction for advanced manufacturing Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales Revenue | 3.00%、6.00%、9.00%、13.00% | | Urban Maintenance and Construction Tax | Taxable turnover, export tax exemption and deduction amount | 5.00%、7.00% | | Corporate Income Tax | Taxable Income | 15.00%、16.50%、25.00% | | Education Surcharge | Taxable turnover, export tax exemption and deduction amount | 3.00% | | Local Education Surcharge | Taxable turnover, export tax exemption and deduction amount | 2.00% | - Guangdong Rifeng Cable Co., Ltd., Tianjin Yourong Dikang Communication Technology Co., Ltd., and Zhongshan Rifeng Intelligent Electrical Co., Ltd. enjoy a **15.00%** preferential corporate income tax rate as high-tech enterprises[330](index=330&type=chunk) - Guangdong Rifeng Electronics Co., Ltd., Zhongshan Aimbei New Energy Technology Co., Ltd., Tianjin Hengchang Cable Co., Ltd., Dongguan Yourong Dikang Cable Assembly Co., Ltd., and Guangdong Yourong Dikang Communication Technology Co., Ltd. enjoy a **20%** preferential corporate income tax rate as small low-profit enterprises[331](index=331&type=chunk)[332](index=332&type=chunk) - The company benefits from the VAT additional deduction policy for advanced manufacturing enterprises in the current period, allowing an additional **5%** deduction on the current period's deductible input VAT amount against payable VAT[332](index=332&type=chunk) [Notes to Consolidated Financial Statement Items](index=144&type=section&id=七、合并财务报表项目注释) This section provides detailed notes on consolidated financial statement items, including assets, liabilities, equity, revenue, costs, expenses, and profits, with period-end balances, changes, and explanations - Cash and cash e

New Stock Issuance - New stock issuance for Huaxin Jingke at a price of 18.60 on August 25, 2025[1] - Shenkou Co. (stock code: 002633) has a tender offer period from July 29 to August 27, 2025[1] - Fushun Special Steel (stock code: 600399) has a tender offer period from August 12 to September 10, 2025[1] Market Alerts - Dongxin Co. (stock code: 688110) reported severe abnormal fluctuations on August 16, 2025[1] - ST Suwu (stock code: 600200) and ST Zhongdi (stock code: 000609) both have announcements dated August 25, 2025[1] - Multiple companies including Zhehai Deman (stock code: 688577) and Huaguang Huaneng (stock code: 600475) have announcements related to abnormal fluctuations on August 23, 2025[1] Additional Information - The report includes links to detailed announcements for various companies, providing transparency and access to further information[1] - The document highlights the importance of monitoring stock performance and market trends for informed investment decisions[1]

金融界消息 截至2025年8月25日收盘，日丰股份（002953）报收于13.54元，下跌1.24%，换手率 25.81%，成交量70.11万手，成交金额9.49亿元。 资金流向方面，今日主力资金净流入2422.35万元，占比成交额2.55%。其中，超大单净流入3666.82万 元、占成交额3.87%，大单净流出1244.47万元、占成交额1.31%，中单净流出流入450.21万元、占成交 额0.47%，小单净流出2872.56万元、占成交额3.03%。 日丰股份最新一期业绩显示，截至2025一季报，公司营业总收入11.16亿元、同比增长22.40%，归属净 利润4634.39万元，同比增长40.14%，扣非净利润4627.03万元，同比增长46.66%，流动比率1.740、速动 比率1.451、资产负债率47.38%。 天眼查商业履历信息显示，广东日丰电缆股份有限公司，成立于2009年，位于中山市，是一家以从事计 算机、通信和其他电子设备制造业为主的企业。企业注册资本45688.8849万人民币，实缴资本 12905.9292万人民币。公司法定代表人为冯就景。 通过天眼查大数据分析，广东日丰电缆股份有限公司 ...

Group 1 - The company has approved the liquidation and deregistration of its wholly-owned subsidiary, Anhui Rifen Technology Co., Ltd. [1] - Anhui Rifen completed tax clearance on July 29, 2025, and received a tax clearance certificate from the local tax authority [1] - The parent company, Guangdong Rifen Cable Co., Ltd., recovered an investment of 50 million yuan and received dividend payments after the liquidation [1] Group 2 - The liquidation and deregistration will not adversely affect the company's main business development or profitability, and it does not harm the interests of shareholders, especially minority shareholders [2]

证券代码：002953 证券简称：日丰股份 公告编号：2025-048 广东日丰电缆股份有限公司 关于清算注销全资子公司的进展公告 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、清算注销基本情况 广东日丰电缆股份有限公司（以下简称"公司"）于 2025 年 6 月 16 日召开 第五届董事会第二十二次会议，审议通过了《关于清算注销全资子公司的议案》， 同意对全资子公司安徽日丰科技有限公司（以下简称"安徽日丰"）清算注销。 （具体内容详见公司于 2025 年 6 月 17 日指定信息披露媒体和巨潮资讯网 安徽日丰于 2025 年 7 月 29 日完成清税，并取得国家税务总局蚌埠高新技术 产业开发区税务局开具的《清税证明》（蚌高税 税企清 [2025]19071 号）。 根据《安徽日丰科技有限公司清算报告》，安徽日丰科技有限公司清算后， 母公司广东日丰电缆股份有限公司收回投资 50,000,000 元及股东分红款 9,217,048.58 元。 三、注销完成情况 （www.cninfo.com.cn）披露的《关于清算注销全资子公司的公告》（公告编号： 202 ...

New Stock Listings - New stock "能之光" (Code: 920056) listed at an issue price of 7.21 on August 22, 2025[1] - "申科股份" (Code: 002633) has a tender offer period from July 29 to August 27, 2025[1] - "抚顺特钢" (Code: 600399) has a tender offer period from August 12 to September 10, 2025[1] Abnormal Fluctuations - "赛诺医疗" (Code: 688108) reported severe abnormal fluctuations on August 19, 2025[1] - "ST苏吴" (Code: 600200) announced abnormal fluctuations on August 21, 2025[1] - "汇嘉时代" (Code: 603101) reported abnormal fluctuations on August 22, 2025[1] Other Notable Announcements - "酒鬼酒" (Code: 000799) reported an announcement on August 21, 2025[1] - "国机精工" (Code: 002046) had an announcement on August 21, 2025[1] - "全柴动力" (Code: 600218) reported an announcement on August 21, 2025[1]

（编辑 姚尧） 证券日报网讯 8月21日晚间，日丰股份发布公告称，公司股票交易价格连续两个交易日（2025年8月20 日、2025年8月21日）收盘价格涨幅偏离值累计超过20%，属于股票交易异常波动情形。经自查，公司 前期披露的信息不存在需要更正、补充之处；公司未发现近期公共媒体报道了可能或者已经对公司股票 交易价格产生较大影响的未公开重大信息。 ...

Market Performance - The Shanghai Composite Index rose by 0.13% to 3771.1 points, while the Shenzhen Component Index fell by 0.06% to 11919.76 points, and the ChiNext Index decreased by 0.47% to 2595.47 points. The STAR Market 50 Index increased by 0.09% to 1149.15 points. The total trading volume in the Shanghai and Shenzhen markets reached 24240.57 billion yuan [1]. Sector Movements - Digital currency concept stocks showed strong performance, with companies like Yuyin Co., Ltd. hitting the daily limit. The photovoltaic sector was also active, with companies such as Beibo Co., Ltd. reaching the daily limit [1]. Notable Stocks - Several stocks related to the photovoltaic sector, such as Shimao Energy and Zhangzhou Development, achieved daily limit gains due to factors like waste incineration power generation and state-owned enterprise reforms [6]. - Digital currency-related stocks like Tianrongxin and Sanwei Xinan also saw daily limit gains, driven by developments in digital currency and AI security [6]. Industry Insights - According to a report from CITIC Securities, central bank digital currencies (CBDCs) have advantages over traditional electronic payments, private cryptocurrencies, and stablecoins, including sovereign credit backing, strong scalability, good privacy, low costs, and fast transactions. The digital yuan possesses these advantages and has promising applications in programmability, smart contracts, cross-border payments, and promoting the internationalization of the yuan [7].

证券代码：002953 证券简称：日丰股份 公告编号：2025-047 广东日丰电缆股份有限公司 股票交易异常波动的公告 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、 股票交易异常波动的情况介绍 广东日丰电缆股份有限公司（以下简称"公司"）股票（证券简称：日丰股 份，证券代码：002953）交易价格连续两个交易日（2025 年 8 月 20 日、2025 年 8 月 21 日）收盘价格涨幅偏离值累计超过 20%，根据《深圳证券交易所交易 规则》的有关规定，属于股票交易异常波动情形。 二、 公司关注并核实的相关情况说明 针对股票交易异常波动，公司对有关事项进行了核实，现就有关情况说明如 下： 1、经自查，公司前期披露的信息不存在需要更正、补充之处； 2、公司未发现近期公共媒体报道了可能或者已经对公司股票交易价格产生 较大影响的未公开重大信息； 3、公司近期经营情况正常，内外部经营环境未发生重大变化； 4、公司、控股股东和实际控制人不存在关于公司的应披露而未披露的重大 事项； 5、经核查，公司之控股股东和实际控制人在公司股票交易异常波动期间未 买卖本公司股 ...

Market Performance - The grid equipment sector rose by 0.59% compared to the previous trading day, with N Hongyuan leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] Stock Highlights - N Hongyuan's closing price was 42.00, with a significant increase of 358.02% and a trading volume of 274,300 shares, amounting to 1.11 billion yuan [1] - Other notable stocks included: - Songsheng Co., Ltd. at 26.98, up 12.42% [1] - RIFENG at 12.61, up 10.03% [1] - Huashengchang at 26.97, up 9.99% [1] - Sanbian Technology at 14.70, up 4.78% [1] Capital Flow - The grid equipment sector experienced a net outflow of 642 million yuan from institutional investors, while retail investors saw a net inflow of 692 million yuan [2] - The capital flow for specific stocks showed: - Huashengchang had a net inflow of 75.2 million yuan from institutional investors [3] - RIFENG had a net inflow of 72.8 million yuan from institutional investors [3] - Sanbian Technology had a net inflow of 64.2 million yuan from institutional investors [3]