Group 1 - The core viewpoint of the announcement is that the supervisory board of Qingniao Fire Protection Co., Ltd. has confirmed the legality and accuracy of the company's 2025 semi-annual report, ensuring it reflects the actual situation without any false records or misleading statements [2][3]. Group 2 - The supervisory board meeting was held in accordance with the relevant laws and regulations, with all three members present, and the resolutions were passed unanimously [2]. - The supervisory board issued a special review opinion stating that the procedures for preparing and reviewing the semi-annual report comply with legal and regulatory requirements [2]. - Detailed reports regarding the semi-annual financial results and the special report on the use of raised funds were published on the official website [3].

Core Viewpoint - The report highlights the operational performance and strategic initiatives of Qingniao Fire Co., Ltd. in the first half of 2025, emphasizing its resilience in a challenging market environment and its focus on innovation and international expansion [1][6][19]. Financial Performance - The company reported a revenue of 2.15 billion yuan, a decrease of 5.04% compared to the same period last year [3][6]. - Net profit attributable to shareholders was 150.44 million yuan, down 6.45% year-on-year [3][6]. - The gross profit margin was maintained at 35.6%, slightly down by 1.23 percentage points due to market competition [6]. Business Segments - Domestic civil and commercial alarm systems generated 1.34 billion yuan in revenue, reflecting a decline of 7.48% but outperforming the overall industry [6][7]. - The industrial and sector-specific fire safety business grew by 3.27%, contributing 3.52 billion yuan to total revenue [7][9]. - Overseas business achieved approximately 392 million yuan in revenue, marking a growth of 4.83% [9]. Innovation and R&D - The company invested approximately 173 million yuan in R&D, an increase of 6.53% year-on-year, focusing on the development of the "Zhu Huan" series chip and other innovative products [10][19]. - The "Zhu Huan" series chip integrates fire detection and high-bandwidth communication capabilities, enhancing the company's technological edge [10][19]. Market Trends and Opportunities - The report indicates a growing demand for fire safety solutions in urban renewal projects, with significant government initiatives aimed at improving fire safety infrastructure [16][18]. - The company is positioned to benefit from the increasing emphasis on fire safety standards and regulations across various industries [18][21]. Competitive Advantages - Qingniao Fire is recognized as one of the largest and most comprehensive fire safety product suppliers in China, with a strong focus on integrated solutions [21]. - The company has established a robust marketing network and has received numerous certifications, enhancing its credibility and market reach [20][21].

Core Viewpoint - The company reported a revenue of 2.15 billion yuan for the first half of 2025, reflecting a 5.04% decrease compared to the same period last year, primarily due to a temporary adjustment in domestic industry demand. Despite this, the company demonstrated resilience and competitive advantages in the market [3][4][12]. Company Overview - The company operates in the fire safety products industry, focusing on research, development, production, and sales of fire safety and IoT solutions. It has established a comprehensive product system covering various fire safety management processes [2][3]. - The company has a strong emphasis on R&D, with over 1.73 billion yuan invested in the first half of 2025, marking a 6.53% increase year-on-year [6][12]. Financial Performance - The company achieved a net profit attributable to shareholders of 1.59 billion yuan, a decrease of 16.06% year-on-year. The gross profit margin was 35.6%, slightly down by 1.23 percentage points due to market price competition [3][13]. - The company’s cash flow from operating activities was negative at -181 million yuan, showing an improvement of 7.05% compared to the previous year [13]. Business Segments - The domestic commercial alarm and evacuation business generated 1.34 billion yuan in revenue, down 7.48% year-on-year, but still outperformed the overall industry data [3][4]. - The industrial and sector fire safety business saw a revenue increase of 3.27% year-on-year, reaching 352 million yuan, driven by projects in data centers and high-end manufacturing [4][5]. - The overseas business segment achieved approximately 392 million yuan in revenue, a growth of 4.83% year-on-year, with a focus on expanding market presence in North America and Europe [5][12]. R&D and Innovation - The company has successfully developed the "Zhu Huan" series chip, which integrates fire detection and high-bandwidth communication capabilities, enhancing product efficiency and cost-effectiveness [6][8]. - The company is advancing its product lines to meet new national standards and has launched several innovative products, including a new automatic sprinkler system and a nuclear power-specific fire alarm system [6][9][11]. Future Outlook - The company aims to strengthen its position in the domestic market while diversifying its industrial and overseas fire safety businesses as core growth engines. It plans to leverage advancements in AI and robotics to enhance its service offerings and operational efficiency [12].

Group 1 - The board meeting of Qingniao Fire Protection Co., Ltd. was held on August 25, 2025, with all 8 directors present, complying with relevant laws and regulations [2][3] - The board approved several proposals with a unanimous vote of 8 in favor, 0 against, and 0 abstentions, indicating strong consensus among the board members [2][3] - The details of the meeting and the resolutions passed can be found in the company's half-year report published on the official information disclosure platform [2][3] Group 2 - The board meeting's resolutions included the special report on the use of raised funds for the first half of 2025, which was also approved by the audit committee [3] - The company emphasizes the accuracy and completeness of the information disclosed, ensuring no misleading statements or omissions [2]

青鸟消防股份有限公司 2025年半年度报告全文 青鸟消防股份有限公司 2025年半年度财务报表 一、财务报表 1、合并资7 编制单位:青 2025 年 06月 30 日 单位:元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产: | | | | 货币资金 | 2, 031, 417, 913. 85 | 2, 577, 928, 146. 09 | | 结算备付金 | 0. 00 | 0. 00 | | 拆出资金 | 0. 00 | 0. 00 | | 交易性金融资产 | 240, 416, 679. 19 | 100, 559, 170. 45 | | 衍生金融资产 | 0. 00 | 0. 00 | | 应收票据 | 73, 689, 877. 94 | 221, 109, 427. 62 | | 应收账款 | 3, 015, 514, 414. 55 | 2, 504, 313, 443. 57 | | 应收款项融资 | 16, 349, 506. 56 | 209, 359, 944. 74 | | 预付款项 | 96, 138, 958. 91 | 5 ...

| | | | Shart | 分子机营负责人 | 11/1 | E管会计工作的位置人, | | 法定代表人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 26,822,822 | 96.674,88 | ,010.72 | 48,980.34 | 45,777,82 | | | 总 ਜਿ | | 天主社信 | 00.23 કારત | 130.77 | | 30.06 | #bb应收 30.92 | 重量重量巨 | 大事思校中系统的国 | | | KLitts | 0.92 品名曲群 | 15.44 | | 16.35 | 高级龙式 | 不可印度在重量 胡美夏重要回忆 | 炭女科仪器仪表有限公 | | | KINDA | 4.06 品不需点 | | | | 文次来说 4.06 | 不可印度在重要 胡笔直重要回应 | 共双式架关部共 (北京) 科技有限公司 | | | 长书书馆 | 59.28 댐공부 | 21.55 | | | 文表演 280.84 | | 大量总发全资格工程技术商贸 | | | 名西北往来 | 荒泉村 | ea. ...

青鸟消防股份有限公司 证券代码：002960 证券简称：青鸟消防 公告编号：2025-054 1 青鸟消防股份有限公司 2025 年半年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整、没有虚假记 载、误导性陈述或重大遗漏。 根据中国证监会发布的《上市公司监管指引第 2 号——上市公司募集资金管 理和使用的监管要求》和深圳证券交易所发布的《深圳证券交易所上市公司自律 监管指引第 1 号——主板上市公司规范运作》等有关规定，青鸟消防股份有限公 司（以下简称"公司"或"本公司"）董事会编制了截至 2025 年 6 月 30 日的募集资 金半年度存放与实际使用情况的专项报告。 一、募集资金基本情况 1、实际募集资金金额、资金到位时间 根据本公司第四届董事会第九次会议决议和 2022 年第二次临时股东大会决 议、以及中国证监会《关于核准青鸟消防股份有限公司非公开发行股票的批复》 （证监许可〔2022〕2068 号）核准文件，青鸟消防本次发行不超过 97,949,271 股新股（以下简称"本次发行"或"本次非公开发行"）。本次发行的主承销商为世 纪证券有限责任公司，发行股份由 ...

青鸟消防股份有限公司 证券代码：002960 证券简称：青鸟消防 公告编号：2025-052 青鸟消防股份有限公司 第五届监事会第三次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确、完整、没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况： 青鸟消防股份有限公司（以下简称"公司"）第五届监事会第三次会议通知已于 2025 年 8 月 15 日向公司全体监事发出，会议于 2025 年 8 月 25 日以现场和通讯相 结合的方式召开。会议由监事会主席王国强先生主持，应出席监事 3 人，实际出 席监事 3 人。本次会议符合《中华人民共和国公司法》等法律法规以及《公司章 程》的有关规定。 二、监事会会议审议情况： 1、审议通过《关于公司 2025 年半年度报告全文及摘要的议案》 表决结果：3 票同意、0 票反对、0 票弃权。 经认真审核，监事会出具了专项审核意见：董事会编制和审核青鸟消防股份 有限公司 2025 年半年度报告的程序符合法律、行政法规和中国证监会的规定，报 告内容真实、准确、完整地反映了上市公司的实际情况，不存在任何虚假记载、 误导性陈述或者重大遗漏。 具体内容详见同日刊登 ...

证券代码：002960 证券简称：青鸟消防 公告编号：2025-051 青鸟消防股份有限公司 第五届董事会第四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整、没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 青鸟消防股份有限公司 青鸟消防股份有限公司（以下简称"公司"）第五届董事会第四次会议通知 已于 2025 年 8 月 15 日向公司全体董事发出，会议于 2025 年 8 月 25 日以现场和 通讯相结合的方式召开。本次会议由董事长蔡为民先生主持，应出席董事 8 人， 实际出席董事 8 人。本次会议符合《中华人民共和国公司法》等法律法规以及《公 司章程》的有关规定。 二、董事会会议审议情况 会议审议通过了如下议案： 1、审议通过《关于公司 2025 年半年度报告全文及摘要的议案》 表决结果：8 票同意、0 票反对、0 票弃权。 本议案已经公司董事会审计委员会审议通过。 具体内容详见同日刊登于巨潮资讯网 www.cninfo.com.cn 的《青鸟消防股份 有限公司 2025 年半年度报告全文》及《青鸟消防股份有限公司 2025 年半年度报 告摘要》。 2、审议通过《 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides essential disclaimers, an overview of the report's structure, and definitions of key terms to facilitate understanding [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors, Supervisory Board, and senior management guarantee the report's accuracy, while the company plans no cash dividends or share transfers from capital reserves - 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[5](index=5&type=chunk) - Mr. Cai Weimin, the company's head, Mr. Chen Lixian, the person in charge of accounting, and Ms. Wang Lin, the head of the accounting department, declare that the financial report in this semi-annual report is true, accurate, and complete[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the report's nine main chapters and their starting page numbers, providing an overview of the report's structure Report Chapter Overview | Chapter | Title | Page | | :--- | :--- | :--- | | Section II | Company Profile and Key Financial Indicators | 7 | | Section III | Management Discussion and Analysis | 10 | | Section IV | Corporate Governance, Environment, and Society | 32 | | Section V | Significant Matters | 36 | | Section VI | Changes in Shares and Shareholder Information | 41 | | Section VII | Bond-Related Information | 52 | | Section VIII | Financial Report | 53 | | Section IX | Other Submitted Data | 199 | [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms and entities used in the report, covering various business segments, technologies, and company-related concepts for clarity - "Domestic Commercial and Civil Alarm (including 'Four Small Systems') and Evacuation Business" refers to commercial and civil automatic fire alarm and linkage control systems, emergency lighting and evacuation indicator systems, and the Four Small Systems (fire door monitoring, residual pressure monitoring, electrical fire monitoring, and fire equipment power monitoring systems, excluding commercial and civil gas detection and monitoring systems) sold within China[11](index=11&type=chunk) - The "Zhu Huan" series chip is Jade Bird Fire's proprietary, world-first fire alarm dedicated chip integrating fire detection and high-bandwidth digital communication capabilities, aiming to establish an intelligent fire IoT system[11](index=11&type=chunk) - "FireNet (Fire Emergency Network)" is Jade Bird Fire's fire emergency network system built on its self-developed "Zhu Huan" series chips and wireless private network technology, serving as a strategic technical platform for smart building and smart city construction[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information, contact details, and key financial performance metrics for the reporting period [Company Profile](index=7&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Jade Bird Fire Co., Ltd. (stock code: 002960) is listed on the Shenzhen Stock Exchange, with Cai Weimin as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Jade Bird Fire | | Stock Code | 002960 | | Stock Exchange | Shenzhen Stock Exchange | | Company Chinese Name | Jade Bird Fire Co., Ltd. | | Company Legal Representative | Cai Weimin | [Contact Persons and Information](index=7&type=section&id=%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 Yan Fang and Securities Affairs Representative is Lai Xueyang, both located at Peking University Jade Bird Building C, No. 207 Chengfu Road, Haidian District, Beijing Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Yan Fang | Peking University Jade Bird Building C, No. 207 Chengfu Road, Haidian District, Beijing | 010-62758875 | 010-62767600 | zhengquan@jbufa.com | | Securities Affairs Representative | Lai Xueyang | Peking University Jade Bird Building C, No. 207 Chengfu Road, Haidian District, Beijing | 010-62758875 | 010-62767600 | IR@jbufa.com | [Other Information](index=7&type=section&id=%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's registered address, office address, website, and information disclosure channels remained unchanged during the reporting period, as detailed in the 2024 annual report - The company's registered address, office address, postal code, website, and email remained unchanged during the reporting period, as detailed in the 2024 annual report[17](index=17&type=chunk) - The securities exchange website and media for the company's semi-annual report disclosure, along with the report's availability location, remained unchanged during the reporting period, as detailed in the 2024 annual report[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This period, the company's operating revenue decreased by 5.04% to **RMB 2.15 billion**, and net profit attributable to shareholders decreased by 16.06% to **RMB 159 million** Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (RMB) | Prior Year (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,150,361,039.04 | 2,264,476,366.31 | -5.04% | | Net Profit Attributable to Shareholders of Listed Company | 158,593,965.62 | 188,945,885.83 | -16.06% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 150,444,974.49 | 160,820,171.79 | -6.45% | | Net Cash Flow from Operating Activities | -181,206,013.69 | -194,951,900.42 | 7.05% | | Basic Earnings Per Share (RMB/share) | 0.2157 | 0.2562 | -15.81% | | Diluted Earnings Per Share (RMB/share) | 0.2150 | 0.251 | -14.34% | | Weighted Average Return on Net Assets | 2.59% | 3.11% | -0.52% | | **Period-End Indicators** | **Current Period-End (RMB)** | **Prior Year-End (RMB)** | **Period-End YoY Change** | | Total Assets | 9,121,388,642.65 | 8,886,520,703.35 | 2.64% | | Net Assets Attributable to Shareholders of Listed Company | 6,179,163,779.71 | 6,088,751,700.38 | 1.48% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=%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, there were no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and those under Chinese accounting standards - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[21](index=21&type=chunk) - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[22](index=22&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled **RMB 8.15 million** this period, primarily from non-current asset disposal, government grants, fair value changes, and entrusted investments Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions) | 7,616.24 | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 2,684,834.54 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities, excluding effective hedge accounting related to normal business operations | 1,825,176.75 | | Gains or losses from entrusted investments or asset management | 3,940,727.01 | | Other non-operating income and expenses apart from the above | 48,515.82 | | Less: Income tax impact | 615,779.24 | | Minority interests impact (after tax) | -257,900.01 | | Total | 8,148,991.13 | [Management Discussion and Analysis](index=10&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth review of the company's operational performance, financial condition, and future outlook, including key business segments, competitive advantages, and risk factors [Main Businesses Engaged by the Company During the Reporting Period](index=10&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) As a leading fire safety product supplier, the company focuses on R&D, production, and sales of fire safety and IoT solutions, achieving a comprehensive "detect-escape-extinguish" fire safety management system - The company operates in the fire safety product industry, classified under C39 Computer, Communication, and Other Electronic Equipment Manufacturing[27](index=27&type=chunk) - The company focuses on R&D, production, and sales of fire safety and IoT, establishing a rich, professional, one-stop, multi-scenario technology and product system for comprehensive "detect-escape-extinguish" fire safety management[27](index=27&type=chunk) - The company independently pioneered the "Zhu Huan" series chip, the world's first fire alarm dedicated chip integrating fire detection and high-bandwidth digital communication capabilities[28](index=28&type=chunk) H1 2025 Business Overview | Indicator | Amount/Ratio | YoY Change | | :--- | :--- | :--- | | Operating Revenue | **RMB 2.15 billion** | -5.04% | | Overall Gross Margin | 35.6% | Slight decrease of 1.23 percentage points | | Net Profit Attributable to Parent Company | **RMB 159 million** | -16.06% | | Non-recurring Net Profit Attributable to Parent Company | **RMB 150 million** | -6.45% | | R&D Expenses | **RMB 173 million** | +6.53% | [Industry Overview and Main Business Operations](index=10&type=section&id=%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The company, a leading fire safety product supplier with over two decades of experience, excels in R&D, holding 700+ patents and 2400+ product certifications, and serves a wide range of high-profile clients and projects - The company operates in the fire safety product industry, classified under C39 Computer, Communication, and Other Electronic Equipment Manufacturing according to the "Industry Classification and Codes for Listed Companies" (2024) issued by the China Securities Regulatory Commission[27](index=27&type=chunk) - The company has developed a rich, professional, one-stop, multi-scenario technology and product system for comprehensive "detect-escape-extinguish" fire safety management, widely applied in commercial/civil, industrial/sector, and overseas markets[27](index=27&type=chunk) - The company holds over **700 domestic and international patents**, more than **400 computer software copyrights**, and over **2,400 multi-dimensional, comprehensive, high-standard domestic/international product certifications**[28](index=28&type=chunk) [Overview of Company's Business Operations in H1 2025](index=11&type=section&id=%E5%85%AC%E5%8F%B82025%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E6%A6%82%E8%BF%B0) In H1 2025, the company's operating revenue decreased by 5.04% to **RMB 2.15 billion**, and net profit attributable to the parent company fell by 16.06% to **RMB 159 million**, driven by domestic market adjustments and price competition H1 2025 Operating Performance | Indicator | Amount/Ratio | YoY Change | | :--- | :--- | :--- | | Operating Revenue | **RMB 2.15 billion** | -5.04% | | Overall Gross Margin | 35.6% | -1.23 percentage points | | Net Profit Attributable to Parent Company | **RMB 159 million** | -16.06% | | Non-recurring Net Profit Attributable to Parent Company | **RMB 150 million** | -6.45% | - Domestic commercial and civil alarm and evacuation business generated **RMB 1.343 billion** in operating revenue, a **7.48% year-on-year decrease**, yet outperformed the overall industry by capitalizing on urban upgrades and existing building renovations[33](index=33&type=chunk)[34](index=34&type=chunk) - Domestic industrial and sector fire safety business revenue reached **RMB 352 million**, a **3.27% year-on-year increase**, with data center and computing power center project shipments exceeding **RMB 90 million** (over **50% YoY growth**) and energy storage fire safety shipments nearing **RMB 60 million** (nearly **90% YoY growth**)[35](index=35&type=chunk) - The overseas business segment achieved approximately **RMB 392 million** in operating revenue, a **4.83% year-on-year increase**, accounting for **18.22% of total revenue**, with the overall gross margin rising to **48.12%**, a **2.61% increase** from the prior year[37](index=37&type=chunk) - R&D expenditure during the reporting period was approximately **RMB 173 million**, a **6.53% year-on-year increase**, focusing on "Zhu Huan" series chip design iteration, national standard certification for automatic sprinkler systems, R&D of nuclear power dedicated fire alarm systems, launch of integrated fire and security core products, and innovation and commercialization exploration of fire robots[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) - In international market expansion, the UL-standard second-generation automatic fire alarm system has been certified and achieved small-scale sales; the French NF-standard composite detector completed its certification testing process; and Spain's Detnov company expanded its product line[44](index=44&type=chunk)[45](index=45&type=chunk) - In industrial and gas detection scenarios, a new explosion-proof sound and light alarm completed dual certification and mass production shipments; a new generation low-cost gas detection controller completed submission for inspection[46](index=46&type=chunk) - Regarding new national standard upgrades and high-end "Zhu Que" series product development, multiple new national standard fire alarm system products obtained 3C certification and commenced bulk shipments; the intelligent evacuation system completed its upgrade; and the full suite of "Zhu Que" series fire alarm system products was developed, with some certified and high-end project trials initiated[47](index=47&type=chunk) - Brands under the company, including Jade Bird Fire, Weitai Safety, Zhongke Zhichuang, and Zuoxiang Technology, received multiple honors such as "National Product and Service Quality Integrity Commitment Enterprise" and the China Association of Public Companies' 2024 "Best Practice in Investor Relations Management for Listed Companies" award[48](index=48&type=chunk) [Industry Trends and Key Performance Drivers](index=14&type=section&id=%E8%A1%8C%E4%B8%9A%E8%B6%8B%E5%8A%BF%E5%8F%8A%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) The fire safety product industry is driven by new national standards, urban renewal, domestic substitution in industrial sectors, growth in the home fire safety market, international expansion, and emerging scenarios - New national standards like "GB 4715-2024 Point-type Smoke Fire Detectors" officially implemented on May 1, imposing higher requirements on product performance, technical indicators, and safety, accelerating industry upgrading and market concentration, with the company being among the first to obtain new national standard product certificates[50](index=50&type=chunk) - Steady progress in urban renewal, including renovation of old urban residential areas, old blocks, and urban villages, is generating significant demand for fire safety equipment updates and upgrades, benefiting companies with comprehensive fire safety solution capabilities[51](index=51&type=chunk) - The market for domestic substitution and renovation of fire safety equipment in industrial/sector fields is vast, with high-end markets long dominated by foreign brands, creating opportunities for domestic leading enterprises to achieve independent control through technological advancements[52](index=52&type=chunk) - The household fire safety product market in developed overseas countries and regions is nearly **USD 10 billion**, which the company entered by acquiring the UK's FB Group, while the domestic household fire safety market is also expected to develop rapidly[53](index=53&type=chunk)[54](index=54&type=chunk) - Chinese fire safety enterprises are expanding overseas markets through four core paths: "capacity output, brand building, project linkage, and capital integration," driving international development[55](index=55&type=chunk) - Emerging scenarios such as gas safety, heritage buildings, electric bicycle fire safety, rail transit, data centers, and nuclear power are continuously appearing, increasing demand for comprehensive, system-level, one-stop solutions[56](index=56&type=chunk) - Cutting-edge technologies like AI, robotics, and IoT will empower the fire safety industry, driving a transformation from "traditional human defense" to "machine intelligence," with the company leveraging its "Zhu Huan" series chips and HRP wireless communication technology to build an intelligent fire IoT system[57](index=57&type=chunk) [Analysis of Core Competencies](index=16&type=section&id=%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths lie in its leading R&D capabilities, extensive product lines, comprehensive service network, rapid customized solutions for new scenarios, advanced quality management, and strong brand reputation - The company boasts an R&D team of nearly **500 professionals**, primarily young and middle-aged technical staff from renowned domestic and international universities, providing strong support for technological advancement and new product development[59](index=59&type=chunk) - As of the end of the reporting period, the company had obtained **703 domestic and international patents**, **458 computer software copyrights**, **2,109 national mandatory product certifications (3C)**, and multiple international certifications, with product certifications covering global markets[60](index=60&type=chunk) - The company is one of the largest, most comprehensive, and technologically advanced fire product suppliers in China, possessing strong "one-stop" supply capabilities and a nationwide service network[61](index=61&type=chunk) - The company actively integrates cutting-edge technologies such as AI/AR/VR into the fire safety industry, building technological reserves in areas like fire robots, and driving the development of new quality productive forces in the fire safety sector[63](index=63&type=chunk)[64](index=64&type=chunk) - The company has established a comprehensive product quality management system, obtaining "Quality Management System Certification" from China CNAS and UK UKAS, and additionally acquiring ESD "Electrostatic Protection Management System Certification" and ISO/IEC27001:2022 Information Security Management System Certification[65](index=65&type=chunk) - The company has established a comprehensive "distribution + direct sales" channel model covering the entire nation, with international market channels driven by "dual cores" in North America and Europe, radiating to other overseas regions[66](index=66&type=chunk) - The brand recognition and reputation of the company's various domestic and international brands, including "Jade Bird Fire," "Jiuyuan Intelligent," and "Zheng Tianqi," have become significant competitive advantages for the company[67](index=67&type=chunk) [Main Business Analysis](index=19&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This period, operating revenue decreased by 5.04%, while operating costs decreased by 3.18%; financial expenses significantly dropped by 90.79% due to exchange rate fluctuations, and net cash flow from financing activities increased by 102.24% Year-on-Year Changes in Key Financial Data | Indicator | Current Period (RMB) | Prior Year (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,150,361,039.04 | 2,264,476,366.31 | -5.04% | | | Operating Cost | 1,384,910,040.79 | 1,430,457,771.09 | -3.18% | | | Selling Expenses | 285,672,255.13 | 303,881,325.99 | -5.99% | | | Administrative Expenses | 160,405,375.54 | 168,188,409.22 | -4.63% | | | Financial Expenses | -29,226,681.57 | -15,319,075.57 | -90.79% | Primarily due to exchange rate fluctuations | | Income Tax Expense | 33,321,046.45 | 37,806,096.18 | -11.86% | | | R&D Investment | 172,948,884.06 | 162,352,635.01 | 6.53% | | | Net Cash Flow from Operating Activities | -181,206,013.69 | -194,951,900.42 | 7.05% | | | Net Cash Flow from Investing Activities | -326,363,033.95 | -287,576,521.75 | -13.49% | | | Net Cash Flow from Financing Activities | 7,747,966.89 | -345,192,185.06 | 102.24% | Primarily due to dividend payments to shareholders and payment for treasury shares in the buyback special securities account last year | | Net Increase in Cash and Cash Equivalents | -474,887,292.97 | -842,704,602.61 | 43.65% | Primarily due to the increase in net cash flow from financing activities | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Period Amount (RMB) | Share of Operating Revenue | Prior Year Amount (RMB) | Share of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Fire Safety Product Industry | 2,049,565,656.57 | 95.31% | 2,124,884,938.27 | 93.84% | -3.54% | | | Fire Safety Services Industry | 54,831,527.47 | 2.55% | 53,207,708.51 | 2.35% | 3.05% | | | Other Products and Businesses | 45,963,855.00 | 2.14% | 86,383,719.53 | 3.81% | -46.79% | | **By Product** | Automatic Fire Alarm and Linkage Control Systems | 958,631,818.91 | 44.58% | 1,034,033,309.48 | 45.66% | -7.29% | | | Emergency Lighting and Intelligent Evacuation Systems | 455,895,558.70 | 21.20% | 470,362,998.75 | 20.77% | -3.08% | | | "Five Small Systems" | 227,160,806.03 | 10.56% | 242,647,149.71 | 10.72% | -6.38% | | | Industrial Fire Products | 132,882,889.60 | 6.18% | 128,546,159.87 | 5.68% | 3.37% | | | Fire Extinguishing Segment | 257,977,566.55 | 12.00% | 237,554,252.53 | 10.49% | 8.60% | | **By Region** | Domestic Region | 1,758,606,152.26 | 81.78% | 1,890,773,496.23 | 83.50% | -6.99% | | | Overseas Region | 391,754,886.78 | 18.22% | 373,702,870.08 | 16.50% | 4.83% | Industry, Product, or Region Accounting for Over 10% of Company's Operating Revenue or Operating Profit | Category | Item | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Fire Safety Product Industry | 2,049,565,656.57 | 1,320,004,598.49 | 35.60% | -3.54% | -1.07% | -1.61% | | **By Product** | Automatic Fire Alarm and Linkage Control Systems | 958,631,818.91 | 521,062,759.73 | 45.65% | -7.29% | -11.61% | 2.65% | | | Emergency Lighting and Intelligent Evacuation Systems | 455,895,558.70 | 376,426,546.95 | 17.43% | -3.08% | 7.41% | -8.06% | | | "Five Small Systems" | 227,160,806.03 | 129,322,300.44 | 43.07% | -6.38% | -8.74% | 1.47% | | | Fire Extinguishing Segment | 257,977,566.55 | 210,303,073.19 | 18.48% | 8.60% | 14.87% | -4.45% | | **By Region** | Domestic Region | 1,758,606,152.26 | 1,181,659,110.54 | 32.81% | -6.99% | -3.68% | -2.31% | | | Overseas Region | 391,754,886.78 | 203,250,930.25 | 48.12% | 4.83% | -0.19% | 2.61% | [Non-Core Business Analysis](index=20&type=section&id=%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core businesses contributed minimally to total profit this period, with investment income and fair value changes being positive, while asset impairment and non-operating expenses had negative impacts Impact of Non-Core Business on Total Profit | Item | Amount (RMB) | Share of Total Profit | | :--- | :--- | :--- | | Investment Income | 1,818,595.05 | 0.88% | | Gains or losses from changes in fair value | 1,689,443.73 | 0.82% | | Asset Impairment | -1,532,056.37 | -0.74% | | Non-operating Income | 1,905,374.59 | 0.92% | | Non-operating Expenses | 1,856,858.77 | 0.90% | [Analysis of Assets and Liabilities](index=20&type=section&id=%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At period-end, total assets were **RMB 9.12 billion**, a 2.64% increase from year-end, with a decrease in cash and an increase in accounts receivable and inventory Significant Changes in Asset Composition | Item | Current Period-End Amount (RMB) | Share of Total Assets | Prior Year-End Amount (RMB) | Share of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,031,417,913.85 | 22.27% | 2,577,928,146.09 | 29.01% | -6.74% | | Accounts Receivable | 3,015,514,414.55 | 33.06% | 2,504,313,443.57 | 28.18% | 4.88% | | Inventories | 822,425,750.29 | 9.02% | 683,716,553.58 | 7.69% | 1.33% | | Short-term Borrowings | 224,655,735.26 | 2.46% | 353,118,273.52 | 3.97% | -1.51% | | Contract Liabilities | 151,504,407.76 | 1.66% | 235,431,978.65 | 2.65% | -0.99% | | Long-term Borrowings | 497,276,250.00 | 5.45% | 314,314,365.45 | 3.54% | 1.91% | Assets and Liabilities Measured at Fair Value | Item | Period-End Amount (RMB) | Period-Start Amount (RMB) | | :--- | :--- | :--- | | Financial Assets Held for Trading | 238,916,679.19 | 100,559,170.45 | | Investments in Other Equity Instruments | 28,000,000.00 | 23,000,000.00 | | Other Non-current Financial Assets | 214,296,058.20 | 0.00 | | Subtotal of Financial Assets | 481,212,737.39 | 123,559,170.45 | | Financial Liabilities | 0.00 | 0.00 | Asset Rights Restricted as of the End of the Reporting Period | Item | Book Balance (RMB) | Book Value (RMB) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 114,970,331.97 | 114,970,331.97 | Deposits, etc. | Performance deposits, bank acceptance bill deposits, etc. | | Notes Receivable | 60,000,000.00 | 60,000,000.00 | Pledge | Bills discounted but not yet due for acceptance | | Fixed Assets | 244,867,323.84 | 154,485,575.91 | Mortgage | Used for mortgage loans | | Intangible Assets | 21,014,677.00 | 10,590,397.65 | Mortgage | Used for mortgage loans | | Total | 440,852,332.81 | 340,046,305.53 | | | [Analysis of Investment Status](index=22&type=section&id=%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's investment increased by **140.35%** to **RMB 692 million**, with the termination of two projects and the reallocation of remaining raised funds to permanent working capital Investment Amount During the Reporting Period | Indicator | Amount (RMB) | Change Rate | | :--- | :--- | :--- | | Investment Amount During the Reporting Period | 691,655,257.28 | 140.35% | | Investment Amount in Prior Year | 182,117,999.14 | | Overall Utilization of Raised Funds | Total Raised Funds (RMB 10k) | Total Raised Funds Used Cumulatively (RMB 10k) | Utilization Ratio of Raised Funds at Period-End | | :--- | :--- | :--- | | 173,684.4 | 91,878.29 | 52.96% | - The company terminated the "Mianyang Industrial Base Upgrade and Expansion Project" and the "Smart Fire Safety Platform Project," reallocating the remaining raised funds to permanent working capital to address changes in the macroeconomic environment, improve fund utilization efficiency, and shift to an asset-light implementation model[93](index=93&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) - As of June 30, 2025, the remaining raised funds from terminated investment projects (including wealth management income and interest income) amounted to **RMB 465,693,613.55**[94](index=94&type=chunk) [Overall Situation](index=22&type=section&id=%E6%80%BB%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company's total investment amounted to **RMB 692 million**, representing a **140.35%** increase compared to the prior year Investment Amount During the Reporting Period | Indicator | Amount (RMB) | Change Rate | | :--- | :--- | :--- | | Investment Amount During the Reporting Period | 691,655,257.28 | 140.35% | | Investment Amount in Prior Year | 182,117,999.14 | | [Significant Equity Investments Acquired During the Reporting Period](index=22&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%8E%B7%E5%8F%96%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company did not make any significant equity investments during the reporting period [Significant Non-Equity Investments in Progress During the Reporting Period](index=22&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%AD%A3%E5%9C%A8%E8%BF%9B%E8%A1%8C%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E9%9D%9E%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company's significant non-equity investment is the Jade Bird Fire Safety Industrial Park project, with a cumulative investment of **RMB 600 million** and a progress of **62.02%** as of the reporting period end Significant Non-Equity Investment Projects | Project Name | Investment Method | Cumulative Investment Amount as of Period-End (RMB) | Cumulative Income as of Period-End (RMB) | Investment Progress as of Period-End | | :--- | :--- | :--- | :--- | :--- | | Jade Bird Fire Safety Industrial Park Project | Self-built | 600,030,898.30 | 15,824,902.61 | 62.02% | [Financial Asset Investments](index=23&type=section&id=%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7%E6%8A%95%E8%B5%84) The company's securities investments had a book value of **RMB 13.94 million** at period-end, primarily in Tengsheng Intelligent stock, with no derivative investments during the period Securities Investment Status | Security Type | Security Code | Security Abbreviation | Period-End Book Value (RMB) | | :--- | :--- | :--- | :--- | | Domestic and Overseas Stocks | 839005 | Tengsheng Intelligent | 13,936,482.00 | | Total | | | 13,936,482.00 | - The company had no derivative investments during the reporting period[88](index=88&type=chunk) [Utilization of Raised Funds](index=23&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) As of June 30, 2025, the company cumulatively invested **RMB 919 million** of raised funds, with a **52.96%** overall utilization ratio, and terminated two projects to reallocate remaining funds to permanent working capital Overall Utilization of Raised Funds | Total Raised Funds (RMB 10k) | Total Raised Funds Used This Period (RMB 10k) | Total Raised Funds Used Cumulatively (RMB 10k) | Utilization Ratio of Raised Funds at Period-End | | :--- | :--- | :--- | :--- | | 173,684.4 | 3,463.99 | 91,878.29 | 52.96% | - The company terminated the "Mianyang Industrial Base Upgrade and Expansion Project" and the "Smart Fire Safety Platform Project," reallocating the remaining raised funds to permanent working capital[93](index=93&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) - Reasons for terminating some raised investment projects include adjustments to the company's development strategy, changes in the macroeconomic environment, and improving the efficiency of raised fund utilization[96](index=96&type=chunk)[97](index=97&type=chunk) - On January 2, 2025, the company returned all **RMB 685.6 million** of idle raised funds previously used to temporarily supplement working capital to the special raised funds account, and continued to use no more than **RMB 700 million** of idle raised funds to temporarily supplement working capital[94](index=94&type=chunk) [Significant Asset and Equity Disposals](index=28&type=section&id=%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 dispose of any significant assets or equity - The company did not dispose of any significant assets during the reporting period[98](index=98&type=chunk) - The company did not dispose of any significant equity during the reporting period[99](index=99&type=chunk) [Analysis of Major Holding and Participating Companies](index=28&type=section&id=%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's major subsidiaries, including Beijing Jade Bird Universal Fire System Software Service Co., Ltd. and Finsecur SAS, significantly contributed to net profit, with new entities added and one disposed of during the period Financial Overview of Major Subsidiaries | Company Name | Net Profit (RMB) | | :--- | :--- | | Beijing Jade Bird Universal Fire System Software Service Co., Ltd. | 52,088,269.50 | | Mircom (Canada) Fire Equipment Co., Ltd. | 19,480,673.17 | | Beijing Zheng Tianqi Fire Equipment Co., Ltd. | 19,342,318.91 | | Sichuan Jiuyuan Intelligent Fire Equipment Co., Ltd. | 28,623,391.85 | | Jiaqi Semiconductor (Shenzhen) Co., Ltd. | 20,968,846.48 | | Finsecur SAS | 21,580,400.25 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Acquisition and Disposal Method | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | Bosford (Xi'an) Electronics Co., Ltd. | Investment Establishment | No significant impact yet | | NAVIA ELITE,S.L. | Equity Acquisition | No significant impact yet | | Shenzhen Youlianchuang Smart Technology Co., Ltd. | Equity Disposal | No significant impact yet | [Information on Structured Entities Controlled by the Company](index=29&type=section&id=%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 had no controlled structured entities [Risks Faced by the Company and Countermeasures](index=29&type=section&id=%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from intensified market competition, rising technical standards, declining real estate investment, potential control changes, and goodwill impairment, addressed by leveraging R&D, expanding overseas, and enhancing new technology integration - Risks of market competition and changes in operating environment: The domestic fire safety product market has vast development potential but faces increasing competition, while policy changes and complex international political and economic situations may bring uncertainties[102](index=102&type=chunk) - Risks of rising industry technical standards and pressure from technological iteration and innovation: Fire product market access standards and quality regulations are increasingly stringent, and the emergence of new technologies like AI and new scenarios demand continuous technological innovation from enterprises[104](index=104&type=chunk) - Risks from declining new real estate investment: The civil construction market is a primary application scenario for fire safety products, and a decrease in new investment scale and completed area may impact demand for fire products and intensify market competition[106](index=106&type=chunk) - Risks of change in control: The company has no actual controller, its controlling shareholder Peking University Jade Bird Universal Technology Co., Ltd. has a dispersed equity structure, and major shareholders hold similar proportions, posing a risk of control change[107](index=107&type=chunk) - Goodwill impairment risk: As of the end of the reporting period, the company's goodwill was approximately **RMB 455 million**; if macroeconomic conditions worsen or industry competition intensifies, the operating performance of subsidiaries may be adversely affected, posing a risk of goodwill impairment[108](index=108&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=31&type=section&id=%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 did not disclose its market value management system and valuation enhancement plan [Implementation of “Dual Improvement in Quality and Returns” Action Plan](index=31&type=section&id=%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 an announcement regarding its "Dual Improvement in Quality and Returns" action plan [Corporate Governance, Environment, and Society](index=32&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details changes in the company's governance structure, including board and management personnel, and outlines its commitments and actions regarding environmental protection and social responsibility [Changes in Directors, Supervisors, and Senior Management](index=32&type=section&id=%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company underwent significant personnel changes due to re-election, including new appointments for directors, independent directors, general manager, and vice general managers Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Cai Weimin | Chairman | Elected | May 13, 2025 | Re-election | | Kang Yazhen | General Manager | Appointment/Removal | May 13, 2025 | Re-election | | Yan Fang | Vice General Manager, Board Secretary | Appointed | May 13, 2025 | Re-election | | Shi Jiayou | Independent Director | Term expired | May 13, 2025 | Re-election | | Zhang Qianshan | General Manager | Term expired | May 13, 2025 | Re-election | | Wang Guoqiang | Chairman of Supervisory Board | Elected | May 13, 2025 | Re-election | [Profit Distribution and Capital Reserve Conversion to Share Capital in Current Period](index=32&type=section&id=%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[113](index=113&type=chunk) [Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=32&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company implemented two equity incentive plans, with some stock options cancelled, restricted shares unlocked and repurchased, and adjustments made to option quantities and prices based on the 2024 profit distribution plan - The third exercise period of the reserved stock options under the 2020 First Phase Stock Option and Restricted Stock Incentive Plan expired, with 11 incentive recipients not fully exercising their options, leading the company to cancel **302,294 stock options** held by them[114](index=114&type=chunk)[115](index=115&type=chunk) - **17,946,000 stock options** related to the second and third exercise periods of the initial grant under the 2023 Stock Option and Restricted Stock Incentive Plan have been cancelled[117](index=117&type=chunk) - **7,740,800 restricted shares** from the first unlocking period of the initial grant under the 2023 Stock Option and Restricted Stock Incentive Plan were unlocked and listed for circulation, representing **1.0513%** of the company's total share capital at the time of unlocking[117](index=117&type=chunk) - The company completed the repurchase and cancellation of **12,259,200 restricted shares**, accounting for **1.66%** of the company's total share capital before the repurchase and cancellation, with funds sourced from the company's own capital[118](index=118&type=chunk) - The company adjusted the number and price of stock options initially granted under the 2023 Stock Option and Restricted Stock Incentive Plan in accordance with the 2024 equity distribution plan[119](index=119&type=chunk) [Environmental Information Disclosure](index=34&type=section&id=%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 company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law [Social Responsibility](index=34&type=section&id=%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities by protecting shareholder and employee rights, maintaining fair supplier and customer relations, prioritizing environmental protection, and engaging in charitable activities and rural revitalization - The company operates in compliance with laws and regulations such as the "Company Law" and "Securities Law," focusing on standardized operations, improving corporate governance, and effectively safeguarding the legitimate rights and interests of all shareholders and investors[122](index=122&type=chunk) - The company strictly adheres to labor laws and regulations, including the "Labor Law" and "Labor Contract Law," establishing reasonable compensation management and effective incentive systems, and placing high importance on employee training[123](index=123&type=chunk) - The company treats suppliers fairly, strengthens selection and maintenance, engages deeply with sales teams, maintains good cooperative relationships with customers, and focuses on providing comprehensive products and after-sales services[124](index=124&type=chunk) - The company prioritizes environmental protection, committed to reducing energy and raw material consumption, actively promoting clean production processes, and enhancing employees' environmental awareness[126](index=126&type=chunk) - Zuoxiang Technology, a subsidiary of the company, donated **RMB 100,000** to the Guzhen Town Fire Brigade in Zhongshan City for the purchase of fire-fighting equipment[127](index=127&type=chunk) - The company established the Jade Bird Fire Filial Piety and Benevolence Fund to support Xinwangzhuang Village, Dongcheng Town, Yangyuan County, Zhangjiakou City, contributing to poverty alleviation and rural revitalization[128](index=128&type=chunk) [Significant Matters](index=36&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers key events and disclosures, including commitments, related party transactions, litigation, penalties, and other material developments affecting the company during the reporting period [Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=36&type=section&id=%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, there were no commitments fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company itself - During the reporting period, there were no commitments fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company itself[130](index=130&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=36&type=section&id=%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company[131](index=131&type=chunk) [Illegal External Guarantees](index=36&type=section&id=%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company had no illegal external guarantees - The company had no illegal external guarantees during the reporting period[132](index=132&type=chunk) [Appointment and Dismissal of Accounting Firms](index=36&type=section&id=%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[133](index=133&type=chunk) [Explanation by the Board of Directors and Supervisory Board on the Accounting Firm's 'Non-Standard Audit Report' for the Current Period](index=36&type=section&id=%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 did not have a non-standard audit report for the current reporting period [Explanation by the Board of Directors on the 'Non-Standard Audit Report' for the Prior Year](index=36&type=section&id=%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 did not have a non-standard audit report for the prior year [Bankruptcy and Reorganization Matters](index=36&type=section&id=%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 or reorganization-related matters - The company did not experience any bankruptcy or reorganization-related matters during the reporting period[134](index=134&type=chunk) [Litigation Matters](index=36&type=section&id=%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) During the current reporting period, the company had no significant litigation, arbitration, or