Financial Performance - The company's total revenue is 6.256 billion yuan, with a net profit attributable to shareholders of 327 million yuan [1] - The net cash inflow from operating activities is -848 million yuan, ranking 102nd among disclosed peers, a decrease of 142 million yuan compared to the same period last year [1] Financial Ratios - The latest debt-to-asset ratio is 65.45%, ranking 89th among disclosed peers, an increase of 0.20 percentage points from the previous quarter [3] - The latest gross profit margin is 25.64% [3] - The latest return on equity (ROE) is 4.31% [3] - The diluted earnings per share (EPS) is 0.32 yuan [3] Efficiency Metrics - The latest total asset turnover ratio is 0.25 times, ranking 63rd among disclosed peers, a decrease of 0.02 times compared to the same period last year, representing a year-on-year decline of 6.57% [3] - The latest inventory turnover ratio is 3.18 times, a decrease of 0.06 times compared to the same period last year, representing a year-on-year decline of 1.80% [3] Shareholder Information - The number of shareholders is 46,900, with the top ten shareholders holding 455 million shares, accounting for 43.08% of the total share capital [3] - The largest shareholder is Qingdao Derui Investment Co., Ltd., holding 31.5% of the shares [3]

Core Viewpoint - The company is facing intense competition in the charging industry, leading to a price war that is affecting profitability, despite being a leading player in the market [1] Group 1: Company Response - The company acknowledges the investor's suggestion regarding acquisitions of small and medium-sized operators to enhance market share and address industry issues [1] - The company expresses a commitment to maintaining an open and flexible approach to explore diverse capital operation methods for optimal resource allocation and maximizing corporate value [1] Group 2: Industry Context - The charging industry is experiencing a vicious cycle where intense competition results in low profitability for all players involved [1] - The company is recognized as a pioneer in the charging sector, both domestically and globally, yet it is still struggling with thin profit margins [1]

Group 1 - The core viewpoint of the article is that Teruid (300001.SZ) has shown significant growth in its financial performance for the first half of 2025, with notable increases in both revenue and net profit [1] Group 2 - The company's operating revenue reached 6.256 billion yuan, representing a year-on-year growth of 16.72% [1] - The net profit attributable to shareholders of the listed company was 327 million yuan, reflecting a year-on-year increase of 69.32% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 250 million yuan, which is a year-on-year growth of 56.03% [1] - The basic earnings per share stood at 0.32 yuan [1]

Group 1 - The company reported a revenue of 6.256 billion yuan for the first half of 2025, representing a year-on-year growth of 16.72% [1] - The net profit attributable to shareholders of the listed company was 327 million yuan, showing a year-on-year increase of 69.32% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 250 million yuan, reflecting a year-on-year growth of 56.03% [1] - The basic earnings per share were 0.32 yuan [1]

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。 青岛特锐德电气股份有限公司 2025 年半年度报告及摘要于 2025 年 8 月 28 日在中国证监会指定的创业板信息披露网站上披露，请投资者注意查阅。 特此公告。 证券代码：300001 证券简称：特锐德 公告编号：2025-069 青岛特锐德电气股份有限公司 关于 2025 年半年度报告披露的提示性公告 青岛特锐德电气股份有限公司 董 事 会 2025 年 8 月 27 日 - 1 - ...

2、募集资金累计使用金额及余额 青岛特锐德电气股份有限公司 2025 年半年度募集资金存放与使用情况的专项报告 一、募集资金基本情况 1、募集资金到账情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意青岛特锐 德电气股份有限公司向特定对象发行股票注册的批复》（证监许可〔2021〕594 号） 同意注册，公司通过向特定对象发行方式向特定投资者发行人民币普通股（A 股） 43,140,638 股，每股面值为人民币 1.00 元，发行价格为人民币 23.18 元/股，募集 资金总额为 999,999,988.84 元，扣除发行费用 9,237,735.85 元后，实际募集资金净 额为 990,762,252.99 元。上述募集资金到位情况已经和信会计师事务所（特殊普通 合伙）审验，且其已于 2021 年 4 月 9 日出具《验资报告》（和信验字（2021）第 000017 号）对此予以确认。 截至 2025 年 6 月 30 日，公司募集资金累计使用金额及期末余额如下： 报告期内，公司实际使用募集资金 43,844,494.37 元，获得利息收入扣除手续 费净额 54,641.69 元。截至 202 ...

法定代表人： 主管会计工作的公司负责人： 会计机构负责人： 青岛特锐德电气股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上 | 上市公司核算的 | 年期初 2025 | 2025 年 1-6 | 月占 2025 | 年 1-6 月占 | 2025 年 1-6 月偿 还累计发生 金 | 年 2025 6 占用资金余额 | 月末 | 占用形成 原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 市公司的关 联关系 | 会计科目 | 占用资金余 额 | 用累计发生金额 （不含利息） | | 用资金的利息 （如有） | 额 | | | | | | 控股股东、实际控制 | | | | | | | | | | | | | | 人及其附属企业 | | | | | | | | | | | | | | 小计 | | | | | | | | | | | | | | 前控股股东、实际控 | | ...

证券代码：300001 证券简称：特锐德 公告编号：2025-068 青岛特锐德电气股份有限公司 一、审议通过《2025年半年度报告及其摘要》 表决结果：9票赞成，0票反对，0票弃权，本议案获表决通过。 2025年半年度报告全文及其摘要的具体内容详见公司与本公告同日刊登在中国 证监会指定的创业板信息披露网站的公告。 本议案中的财务报告部分已经董事会审计委员会审议通过。 二、审议通过《关于2025年半年度募集资金存放与使用情况的专项报告的议案》 第六届董事会第四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 青岛特锐德电气股份有限公司（以下简称"公司"或"特锐德"）第六届董事会 第四次会议于2025年8月27日在青岛市崂山区松岭路336号特锐德办公大楼会议室以 通讯和现场表决相结合的方式召开，会议应到董事9人，实到董事9人，符合公司章 程规定的法定人数。本次会议通知于2025年8月21日以电子邮件形式发出，会议的通 知和召开符合《公司法》与《公司章程》的规定。本次会议由公司董事长于德翔先 生主持，与会董事经过认真审议，形成如下决议： 表决结果：9 ...

证券代码：300001 证券简称：特锐德 公告编号：2025-068 青岛特锐德电气股份有限公司 第六届董事会第四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 青岛特锐德电气股份有限公司（以下简称"公司"或"特锐德"）第六届董事会 第四次会议于2025年8月27日在青岛市崂山区松岭路336号特锐德办公大楼会议室以 通讯和现场表决相结合的方式召开，会议应到董事9人，实到董事9人，符合公司章 程规定的法定人数。本次会议通知于2025年8月21日以电子邮件形式发出，会议的通 知和召开符合《公司法》与《公司章程》的规定。本次会议由公司董事长于德翔先 生主持，与会董事经过认真审议，形成如下决议： 一、审议通过《2025年半年度报告及其摘要》 表决结果：9票赞成，0票反对，0票弃权，本议案获表决通过。 2025年半年度报告全文及其摘要的具体内容详见公司与本公告同日刊登在中国 证监会指定的创业板信息披露网站的公告。 本议案中的财务报告部分已经董事会审计委员会审议通过。 二、审议通过《关于2025年半年度募集资金存放与使用情况的专项报告的议案》 表决结果：9 ...

[Item 1. Important Notice, Table of Contents and Definitions](index=2&type=section&id=Item%201.%20Important%20Notice%2C%20Table%20of%20Contents%20and%20Definitions) This section provides important notices, lists the report's structure, and defines key terms for accurate interpretation [Important Notice](index=2&type=section&id=Important%20Notice) The board and management guarantee report accuracy, advise on risks in 'Management Discussion and Analysis', and plan no half-year dividends or capital reserve transfers - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the report content, assuming legal responsibility[3](index=3&type=chunk) - The company's head, chief accounting officer, and head of accounting department declare the financial report is true, accurate, and complete[3](index=3&type=chunk) - The company advises investors to pay attention to the risks elaborated in "Item 3. Management Discussion and Analysis"[3](index=3&type=chunk) - The company plans not to distribute cash dividends, send bonus shares, or capitalize capital reserves for the half-year[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section outlines the report's structure, covering company profile, financial indicators, management discussion, corporate governance, significant matters, share changes, bond information, and financial statements - The report comprises eight main chapters, covering company operations, financials, governance, and significant matters[6](index=6&type=chunk) - The list of reference documents includes the full report signed by the legal representative, financial statements, original information disclosure documents, and other relevant materials[8](index=8&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, subsidiaries, product types, and financial/regulatory abbreviations, ensuring accurate report interpretation Key Definitions | Definition Item | Definition Content | | :--- | :--- | | TGOOD, Company, The Company | Qingdao TGOOD Electric Co., Ltd | | TELD | TELD New Energy Co., Ltd., a controlled subsidiary of the Company, with a 78.59% stake as of the end of the reporting period | | Box-type Substation, Box-type Transformer | Outdoor complete substations, combined substations, prefabricated substations, which are complete sets of power distribution equipment integrating high-voltage switchgear, transformers, low-voltage power distribution equipment, power factor compensation devices, and electricity metering devices | | Reporting Period | January 1, 2025 to June 30, 2025 | [Item 2. Company Profile and Key Financial Indicators](index=6&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, and key financial performance metrics for the reporting period [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) The company, named TGOOD, stock code 300001, is listed on the Shenzhen Stock Exchange, with Yu Dexiang as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | TGOOD | | Stock Code | 300001 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Qingdao TGOOD Electric Co., Ltd | | Legal Representative | Yu Dexiang | [II. Contact Person and Contact Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) The company's board secretary is Yang Kun, with contact details including address, phone, fax, and email provided in Qingdao Board Secretary Contact Information | Name | Yang Kun | | :--- | :--- | | Contact Address | No. 336 Songling Road, Laoshan District, Qingdao | | Phone | 0532-80938126 | | Fax | 0532-89083388 | | Email | ir@tgood.cn | [III. Other Information](index=6&type=section&id=III.%20Other%20Information) No changes occurred in the company's contact information, information disclosure, or registration during the reporting period, as detailed in the 2024 annual report - The company's registered address, office address, website, email, and other contact information remained unchanged during the reporting period[14](index=14&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[15](index=15&type=chunk) - The company's registration status remained unchanged during the reporting period[16](index=16&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's operating revenue increased by **16.72%**, and net profit attributable to shareholders surged by **69.32%**, mainly due to retrospective adjustments from an accounting policy change in charging service revenue recognition Key Accounting Data and Financial Indicators (Current Period vs. Prior Period) | Indicator | Current Period (yuan) | Prior Period Adjusted (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 6,255,538,256.62 | 5,359,662,674.67 | 16.72% | | Net Profit Attributable to Shareholders of Listed Company | 327,016,384.44 | 193,131,272.46 | 69.32% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 250,015,041.89 | 160,234,138.00 | 56.03% | | Net Cash Flow from Operating Activities | -848,033,012.32 | -705,631,765.44 | -20.18% | | Basic Earnings Per Share (yuan/share) | 0.32 | 0.19 | 68.42% | | Diluted Earnings Per Share (yuan/share) | 0.32 | 0.19 | 68.42% | | Weighted Average Return on Net Assets | 4.29% | 2.91% | 1.38% | | **Period-End Indicators** | **Current Period-End (yuan)** | **Prior Year-End Adjusted (yuan)** | **Change from Prior Year-End** | | Total Assets | 24,646,824,601.93 | 25,013,398,123.96 | -1.47% | | Net Assets Attributable to Shareholders of Listed Company | 7,587,901,955.90 | 7,474,537,641.90 | 1.52% | - Accounting policy change: In accordance with the Ministry of Finance's "Revenue Recognition Application Case - Revenue Recognition for Charging (Supply) Services," the company changed its revenue recognition method for charging operation services from the gross method to the net method, and retrospectively adjusted financial statement data[17](index=17&type=chunk) - From the end of the reporting period to the disclosure date of the semi-annual report, the company's share capital changed due to new share issuance, additional issuance, rights issue, equity incentive exercise, and share repurchase, affecting the amount of owners' equity[18](index=18&type=chunk) [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit or net assets between international/overseas accounting standards 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[19](index=19&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[20](index=20&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's total non-recurring gains and losses amounted to **77.00 million yuan**, primarily from non-current asset disposals, government grants, and reversal of impairment provisions, net of tax and minority interests Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 21,554,645.16 | | Government grants included in current profit and loss (excluding those closely related to normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit and loss) | 90,600,594.67 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 15,406,928.61 | | Other non-operating income and expenses apart from the above items | -12,457,063.17 | | Less: Income tax impact | 21,655,181.71 | | Minority interest impact (after tax) | 16,448,581.01 | | Total | 77,001,342.55 | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses[22](index=22&type=chunk) - The company has not classified non-recurring gains and losses items listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public - Non-Recurring Gains and Losses" as recurring gains and losses items[22](index=22&type=chunk) [Item 3. Management Discussion and Analysis](index=9&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section analyzes the company's main businesses, core competitiveness, financial performance, investment activities, and risks, along with management's strategies and investor engagement [I. Main Businesses of the Company During the Reporting Period](index=9&type=section&id=I.%20Main%20Businesses%20of%20the%20Company%20During%20the%20Reporting%20Period) The company focuses on 'intelligent manufacturing + integrated services' and electric vehicle charging networks, achieving **6.26 billion yuan** in revenue and **327.02 million yuan** in net profit, with both segments showing strong growth and market leadership - The company focuses on two major business segments: "intelligent manufacturing + integrated services" primarily involving intelligent box-type power equipment, and electric vehicle charging network business[24](index=24&type=chunk) - The company adheres to a global development strategy of "one body, two wings, dual-wheel drive," maintaining a leading position in both power equipment and charging network sectors[24](index=24&type=chunk) 2025 First Half Overall Performance | Indicator | Amount (billion yuan) | YoY Growth | | :--- | :--- | :--- | | Total Operating Revenue | 6.26 | 16.72% | | Net Profit Attributable to Shareholders of Listed Company | 0.33 | 69.32% | [(I) Overview of the Company's Main Businesses](index=9&type=section&id=(I)%20Overview%20of%20the%20Company's%20Main%20Businesses) Both power equipment 'intelligent manufacturing + integrated services' and electric vehicle charging network businesses achieved robust growth, with power equipment revenue at **4.42 billion yuan** and charging network revenue at **1.84 billion yuan**, the latter turning profitable 2025 First Half Key Business Segment Performance | Business Segment | Operating Revenue (billion yuan) | YoY Growth | Net Profit Attributable to Shareholders (billion yuan) | YoY Growth/Change | | :--- | :--- | :--- | :--- | :--- | | Power Equipment "Intelligent Manufacturing + Integrated Services" | 4.42 | 20.17% | 0.33 | 52.15% | | Electric Vehicle Charging Network | 1.84 | 9.19% | >0.002 | Turned profitable | [1. Power Equipment "Intelligent Manufacturing + Integrated Services" Business](index=9&type=section&id=1.%20Power%20Equipment%20"Intelligent%20Manufacturing%20%2B%20Integrated%20Services"%20Business) This segment covers 10kV-220kV box-type substations and switchgear manufacturing, alongside EPCO integrated services for high-voltage prefabricated modular substations, achieving leading market shares and **84% growth** in overseas contract value - The company's intelligent manufacturing business primarily covers 10kV-220kV box-type substations and complete sets of switchgear, widely used in new energy power generation, power grids, railways, rail transit, data centers, and industrial users[26](index=26&type=chunk) - The integrated services business, centered on high-voltage prefabricated modular substations, provides one-stop EPCO services from design to operation and maintenance, applicable to 110kV and higher voltage scenarios[26](index=26&type=chunk) - The company holds the top market share in new energy power generation, and its mid-to-high-end box-type power equipment products rank first in the Chinese railway market[29](index=29&type=chunk) - In the first half of 2025, overseas business achieved contract value of approximately **1 billion yuan**, an **84% increase** compared to the same period last year[33](index=33&type=chunk) - In terms of R&D innovation, the company completed the development of new products such as 17.5kV large-current air-insulated switchgear and 40.5kV gas-insulated switchgear, and launched box-type transformer products like 40.5kV high-altitude new energy Chinese-style box-type transformers and 10kV distribution area integrated optical storage charging units[34](index=34&type=chunk) - The company promotes automation upgrades of production lines, digital system integration, and lean optimization management around the "intelligent, digital, green" strategy, enhancing production efficiency and achieving "Advanced Intelligent Factory" certification[35](index=35&type=chunk) [2. Electric Vehicle Charging Network Business](index=12&type=section&id=2.%20Electric%20Vehicle%20Charging%20Network%20Business) The electric vehicle charging network business, based on a 'charging equipment + operation + energy + data service' architecture, leads the nation in public charging terminals and charging volume, expanding through microgrid and virtual power plant development - The company's business covers the entire chain of charging equipment manufacturing, charging operations, and value-added services such as energy and data[36](index=36&type=chunk) - The company pioneered the group-controlled intelligent charging system and was the first to release the "PV-Storage-Charging-Discharging" new energy microgrid technology integrating electric vehicle mobile energy storage[37](index=37&type=chunk) - As of the end of June 2025, the company operated **792,000 public charging terminals**, including **475,000 DC charging terminals**, accounting for approximately **24%** of the national market share, ranking first; charging volume exceeded **8.5 billion kWh**, accounting for approximately **23%** of the national market share, ranking first[52](index=52&type=chunk) - As of the end of June 2025, the company had deployed over **1,000 new energy microgrid stations**, covering more than 160 cities[55](index=55&type=chunk) - The company has achieved online information interaction with 39 grid, provincial, and municipal power dispatch centers, virtual power plant management centers, or load management centers, with over **7,700 dispatchable power stations** meeting virtual power plant conditions[56](index=56&type=chunk) - In the first half of 2025, the company actively carried out energy businesses such as peak shaving auxiliary services, demand-side response, and spot trading in Shandong, Jiangsu, Shanghai, Guangdong, and Shenzhen, with a participation scale of approximately **18 million kWh**, generating related benefits exceeding **10 million yuan**[56](index=56&type=chunk) [(II) Industry Development Overview](index=17&type=section&id=(II)%20Industry%20Development%20Overview) The power equipment sector benefits from global energy transition and new power system construction, while the EV charging network thrives on rapid EV growth and policy support, with focus on high-power charging and smart microgrids - Global energy structure transformation is accelerating, with power sector investment expected to reach **1.5 trillion US dollars**, attracting significant investment in low-carbon power generation, providing opportunities for Chinese power equipment enterprises to expand internationally[58](index=58&type=chunk) - In the first half of 2025, China's solar power installed capacity was approximately **1.1 billion kW**, a **54.2% increase** year-on-year; wind power installed capacity was **570 million kW**, a **22.7% increase** year-on-year[60](index=60&type=chunk) - In the first half of 2025, State Grid completed fixed asset investments exceeding **270 billion yuan**, an **11.7% increase** year-on-year, focusing on UHV transmission, smart distribution grids, and digital upgrades[60](index=60&type=chunk) - From January to June 2025, China's new energy vehicle sales reached **6.937 million vehicles**, a **40.3% increase** year-on-year, with market penetration exceeding **44%**; the total number of new energy vehicles in operation reached **36.89 million vehicles**[62](index=62&type=chunk) - From January to June 2025, public charging infrastructure increased by **517,000 units**, with a cumulative total of **4.096 million units**; the ratio of vehicles to charging piles in China is **2.3:1**, and the ratio of vehicles to public charging piles is approximately **9.0:1**[62](index=62&type=chunk) - National policies support the development of new energy technologies and new business models such as virtual power plants, direct green power connections, smart microgrids, and high-power charging, and strengthen CCC certification management for charging equipment to enhance safety standards[64](index=64&type=chunk) [II. Analysis of Core Competitiveness](index=19&type=section&id=II.%20Analysis%20of%20Core%20Competitiveness) The company's core competitiveness stems from its strategic vision, leading R&D in outdoor box-type power equipment, superior integrated services, continuous intelligent upgrades, charging network technology leadership, extensive client network, strong market influence, and unique corporate culture - The company adheres to technological innovation and a long-term development strategy, focusing on outdoor box-type power equipment and electric vehicle charging network businesses, committed to promoting the deep integration of new energy vehicle charging and new energy power generation[66](index=66&type=chunk) - The company continuously innovates in the power equipment sector, pioneering railway power remote control box-type transformers and 110kV urban central smart substations, undergoing four generations of product iteration and upgrades, and being recognized as a Ministry of Industry and Information Technology Manufacturing Single Champion Enterprise[67](index=67&type=chunk)[68](index=68&type=chunk) - The company's integrated services business, based on a new generation of digital, full-scenario, full-lifecycle high-voltage prefabricated modular substation products, provides "one-stop service, short construction period, low comprehensive cost, and full-lifecycle service"[69](index=69&type=chunk) - The company significantly enhances production efficiency and product quality through digital and automated transformation of core product production lines using advanced intelligent manufacturing technologies, forging leading advanced production capabilities[70](index=70&type=chunk) - TELD independently masters key core technologies for charging networks, pioneering group-controlled intelligent charging systems, charging network digital platforms, high-power intelligent flexible charging bows/robots, vehicle-grid interaction key technologies, and two-layer safety protection technology, and releasing PV-Storage-Charging-Discharging new energy microgrid technology and three major models for charging safety, energy regulation, and intelligent operation and maintenance[71](index=71&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk) - The company has established long-term stable business cooperation relationships with major power generation groups ("Five Big Six Small"), State Grid, China Southern Power Grid, China Railway Group, BYD, Alibaba, and other well-known large enterprises, and actively expands overseas markets[77](index=77&type=chunk) - As of the end of June 2025, the company has established over 300 wholly-owned/joint venture companies nationwide, with over 190 of them being joint ventures with government-backed urban investment, transportation investment, and public transport groups[78](index=78&type=chunk) - The company's high-voltage prefabricated modular substation products and new energy box-type transformer products both rank first in market share in the new energy power generation sector; in the electric vehicle public charging sector, both the number of charging terminals and charging volume rank first nationwide[80](index=80&type=chunk) - The company has built a "team, innovation, sharing" three-pillar cultural system, relying on Party building to unite the team, and fostering a high-quality, high-performance team through talent development and value sharing[81](index=81&type=chunk) [III. Analysis of Main Business](index=23&type=section&id=III.%20Analysis%20of%20Main%20Business) The company's main business achieved robust growth with **16.72%** revenue increase and **14.30%** cost increase; intelligent manufacturing and charging network segments saw improved gross margins, while overseas revenue surged by **152.91%** Key Financial Data Year-on-Year Changes | Indicator | Current Period (yuan) | Prior Period (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 6,255,538,256.62 | 5,359,662,674.67 | 16.72% | | | Operating Cost | 4,651,717,021.99 | 4,069,593,648.48 | 14.30% | | | Selling Expenses | 448,203,945.10 | 348,833,808.06 | 28.49% | | | Administrative Expenses | 407,055,536.46 | 366,587,874.67 | 11.04% | | | Financial Expenses | 93,067,061.67 | 101,718,765.85 | -8.51% | | | Income Tax Expense | 55,542,656.17 | -893,641.84 | 6,315.32% | Primarily due to the increase in the company's total profit during the reporting period, leading to a corresponding increase in income tax expense | | R&D Investment | 258,072,663.58 | 216,231,283.81 | 19.35% | | | Net Cash Flow from Operating Activities | -848,033,012.32 | -705,631,765.44 | -20.18% | | | Net Cash Flow from Investing Activities | -286,967,604.44 | -505,604,204.88 | 43.24% | Primarily due to a decrease in cash paid for the construction of fixed assets, intangible assets, and other long-term assets compared to the same period last year | | Net Cash Flow from Financing Activities | 324,194,333.44 | -6,381,118.10 | 5,180.53% | Primarily due to a decrease in cash paid for repayment of bank loans compared to the same period last year | | Net Increase in Cash and Cash Equivalents | -810,838,543.89 | -1,217,240,006.73 | 33.39% | Primarily due to an increase in net cash flow from investing and financing activities compared to the same period last year | Products or Services Accounting for Over 10% of Revenue | By Product or Service | Operating Revenue | Operating Cost | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Intelligent Manufacturing + Integrated Services | 4,414,691,899.20 | 3,367,776,586.85 | 23.71% | 20.17% | 16.98% | 2.07% | | Electric Vehicle Charging Network | 1,840,846,357.42 | 1,283,940,435.14 | 30.25% | 9.19% | 7.83% | 0.88% | | **By Region** | | | | | | | | Domestic Business | 5,655,033,276.70 | 4,244,386,841.26 | 24.94% | 10.40% | 8.59% | 1.25% | | Overseas Business | 600,504,979.92 | 407,330,180.73 | 32.17% | 152.91% | 153.26% | -0.09% | - The company's profit composition or sources of profit did not undergo significant changes during the reporting period[84](index=84&type=chunk) [IV. Analysis of Non-Main Business](index=24&type=section&id=IV.%20Analysis%20of%20Non-Main%20Business) Non-main business activities impacted total profit, with investment income contributing **13.29%** sustainably, while asset impairment losses, primarily from fixed assets and inventory, represented **-25.32%** and were non-recurring Impact of Non-Main Business on Total Profit | Item | Amount (yuan) | Percentage of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 50,402,038.84 | 13.29% | Primarily due to investment income from long-term equity investments accounted for using the equity method | Yes | | Asset Impairment | -95,998,459.87 | -25.32% | Primarily due to impairment of fixed assets and inventory write-downs | No | | Non-Operating Income | 11,447,112.91 | 3.02% | | No | | Non-Operating Expenses | 23,904,176.08 | 6.30% | | No | [V. Analysis of Assets and Liabilities](index=24&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets slightly decreased, while net assets attributable to shareholders increased; asset structure showed decreased cash and increased inventory and short-term borrowings, with **69.55 million yuan** in fair value-measured financial assets and some restricted assets Significant Changes in Asset Composition (Period-End vs. Prior Year-End) | Item | Current Period-End Amount (yuan) | Percentage of Total Assets | Prior Year-End Amount (yuan) | Percentage of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,966,115,242.11 | 7.98% | 2,742,215,485.49 | 10.96% | -2.98% | | Accounts Receivable | 9,476,943,752.45 | 38.45% | 9,338,675,902.14 | 37.33% | 1.12% | | Contract Assets | 1,600,545,331.54 | 6.49% | 1,394,972,746.60 | 5.58% | 0.91% | | Inventories | 1,717,319,796.15 | 6.97% | 1,205,616,602.16 | 4.82% | 2.15% | | Long-Term Equity Investments | 1,866,216,085.75 | 7.57% | 1,765,667,579.75 | 7.06% | 0.51% | | Fixed Assets | 3,447,962,362.02 | 13.99% | 3,331,949,277.30 | 13.32% | 0.67% | | Construction in Progress | 150,758,078.06 | 0.61% | 358,448,146.90 | 1.43% | -0.82% | | Right-of-Use Assets | 822,058,397.45 | 3.34% | 1,056,056,610.56 | 4.22% | -0.88% | | Short-Term Borrowings | 2,717,849,662.51 | 11.03% | 2,333,631,737.04 | 9.33% | 1.70% | | Long-Term Borrowings | 773,918,734.10 | 3.14% | 944,449,990.95 | 3.78% | -0.64% | | Lease Liabilities | 794,983,104.40 | 3.23% | 1,021,051,058.30 | 4.08% | -0.85% | - The company reported no major overseas assets during the reporting period[90](index=90&type=chunk) Assets and Liabilities Measured at Fair Value | Item | Period-End Amount (yuan) | | :--- | :--- | | Financial assets measured at fair value through other comprehensive income | 69,542,870.53 | | Financial assets designated at fair value through profit or loss | 3,000.00 | | Total | 69,545,870.53 | Asset Restriction Status | Item | Book Value (yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | | Monetary Funds | 545,097,392.38 | Frozen, Pledged | Acceptance bill deposits, letter of guarantee deposits, bank deposit litigation freeze | | Notes Receivable | 3,071,818.52 | Pledged | Pledged for bank acceptance bills | | Total | 548,169,210.90 | | | [VI. Analysis of Investment Status](index=26&type=section&id=VI.%20Analysis%20of%20Investment%20Status) The company's investment increased by **33.10%**, with raised funds primarily allocated to technology upgrades for box-type power equipment production lines and a new overseas headquarters project, while no wealth management, derivative, or entrusted loan activities occurred Investment Amount During the Reporting Period | Investment Amount Current Period (yuan) | Investment Amount Prior Period (yuan) | Change Rate | | :--- | :--- | :--- | | 66,433,379.00 | 49,913,500.00 | 33.10% | - The company did not acquire significant equity investments or have significant ongoing non-equity investments during the reporting period[94](index=94&type=chunk) - The net amount of funds raised by the company was **990,762,252.99 yuan**, and as of June 30, 2025, **674,252,753.81 yuan** had been used, with an unused balance of **342,238,858.23 yuan**[96](index=96&type=chunk) - The company allocated the entire unused balance of raised funds from the "Intelligent Upgrade Project for Power Equipment Leasing" to the "Technological Transformation Project for New Box-type Power Equipment Production Lines"[104](index=104&type=chunk) - The company added a new fundraising project, "TGOOD Intelligent Manufacturing Overseas Headquarters Base Project," and adjusted **100 million yuan** of the unused raised funds from the "Technological Transformation Project for New Box-type Power Equipment Production Lines" to this new project[101](index=101&type=chunk)[104](index=104&type=chunk) - The company reported no entrusted wealth management, derivative investments, or entrusted loans[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk) [VII. Significant Asset and Equity Disposals](index=31&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Disposals) The company did not engage in any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[108](index=108&type=chunk) - The company did not dispose of significant equity during the reporting period[109](index=109&type=chunk) [VIII. Analysis of Major Holding and Associate Companies](index=31&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) Key subsidiaries include TGOOD High Voltage and TELD, with China Railway Construction Financial Leasing significantly impacting net profit; the company established four new subsidiaries, acquired one, and disposed of two others during the period Major Subsidiaries and Associate Companies with Over 10% Impact on Company Net Profit | Company Name | Company Type | Main Business | Registered Capital (million yuan) | Total Assets (million yuan) | Net Assets (million yuan) | Operating Revenue (million yuan) | Operating Profit (million yuan) | Net Profit (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | TGOOD High Voltage (Consolidated) | Subsidiary | Manufacturing | 464.35 | 7,336.14 | 4,599.77 | 2,383.66 | 247.93 | 219.09 | | TELD New Energy (Consolidated) | Subsidiary | Charging network construction and operation, charging network solutions | 929.98 | 9,643.65 | 2,554.10 | 1,842.12 | 17.22 | -4.16 | | China Railway Construction Financial Leasing | Associate Company | Financial leasing | 3,400.00 | 39,560.55 | 7,448.66 | 1,745.02 | 307.56 | 239.10 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition and Disposal of Subsidiaries During the Reporting Period | Impact on Overall Production, Operation, and Performance | | :--- | :--- | :--- | | Qingdao TGOOD International Power Equipment Co., Ltd. | Newly established | No significant impact on the company's production and performance | | TGOOD ELECTRICAL SOLUTION FZCO | Newly established | No significant impact on the company's production and performance | | Changjiang Chengzhi TELD New Energy Technology Co., Ltd. | Newly established | No significant impact on the company's production and performance | | Zhejiang TELD Virtual Power Plant Technology Co., Ltd. | Newly established | No significant impact on the company's production and performance | | Jiangxi Guote Smart New Energy Co., Ltd. | Business combination under non-common control | No significant impact on the company's production and performance | | Ganzhou Jiaotou TELD New Energy Co., Ltd. | Business combination under non-common control | No significant impact on the company's production and performance | | Jiujiang Guote Hetong Smart Energy Co., Ltd. | Business combination under non-common control | No significant impact on the company's production and performance | | Sichuan Xizi Electric Co., Ltd. | Deregistered | No significant impact on the company's production and performance | | Zhangjiagang Jiaoyun TELD Charging Network Technology Co., Ltd. | Equity diluted | No significant impact on the company's production and performance | | Leshan Yilade Power Grid Automation Co., Ltd. | Equity transfer | No significant impact on the company's production and performance | [IX. Information on Structured Entities Controlled by the Company](index=32&type=section&id=IX.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company reported no structured entities under its control during the reporting period[111](index=111&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=32&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company addresses risks from industrial policies, market competition, raw material price fluctuations, accounts receivable impairment, and management challenges through strategic adjustments, continuous innovation, centralized procurement, and enhanced internal controls - Industrial policy risk: The development of the industry in which the company operates is closely related to national macroeconomic and industrial policies; the company will continuously strengthen policy research and adjust its market layout as appropriate[111](index=111&type=chunk) - Market competition risk: The electrical equipment industry is highly market-oriented and intensely competitive; the company maintains its leading position through continuous independent innovation, providing leading overall solutions, superior product performance, and technical marketing advantages[112](index=112&type=chunk) - Raw material price fluctuation risk: Raw materials constitute a major component of main business costs, and price fluctuations affect gross margin; the company implements centralized group procurement, monitors price trends, and adopts flexible measures to mitigate risks[113](index=113&type=chunk) - Risk of bad debts from accounts receivable: Long contract execution and settlement cycles may lead to an increase in accounts receivable balances; the company will optimize its customer structure, improve internal controls, and strengthen accounts receivable monitoring and management to reduce bad debt risk[114](index=114&type=chunk) - Management risk: The rapid increase in the number of subsidiaries due to the expansion of the charging network business leads to increased management span; the company will improve its corporate governance structure, standardize its operating system, strengthen talent teams and management systems, and optimize compensation incentive mechanisms[115](index=115&type=chunk) [XI. Registration Form for Research, Communication, Interview and Other Activities During the Reporting Period](index=32&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%20and%20Other%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company actively engaged with investors through on-site visits and online interactions, providing updates on products, business strategy, operations, and future plans Registration Form for Research, Communication, Interview and Other Activities During the Reporting Period | Reception Date | Reception Location | Reception Method | Type of Reception Object | Reception Object | Main Content Discussed and Materials Provided | Index of Basic Survey Information | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | April 29, 2025 | Company New Energy Ecological Science and Technology Museum, Company Meeting Room | On-site research | Institutions, Individuals | Institutional investors such as CITIC Securities Asset Management, Tianhong Fund, Everbright Pramerica Fund, Noah Fund, Pengyang Fund, and individual investors | Main products, business layout, operating conditions, and future strategic planning of the company | Juchao Information Network (www.cninfo.com.cn) | | December 05, 2025 | Panorama Network "Investor Relations Interactive Platform" (https://ir.p5w.net) | Online communication | Other | Online participating investors | 2024 annual operating conditions | Juchao Information Network (www.cninfo.com.cn) | [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=33&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has established a 'Market Value Management System' to regulate market value activities and protect investor rights, but has not yet disclosed a valuation enhancement plan - The company has formulated a "Market Value Management System," which primarily includes the purpose and basic principles of market value management, its organization and responsibilities, main implementation methods, monitoring and early warning mechanisms, and response measures[118](index=118&type=chunk) - This system was approved by the company's 23rd meeting of the Fifth Board of Directors on January 7, 2025[118](index=118&type=chunk) - The company has not yet disclosed a valuation enhancement plan[118](index=118&type=chunk) [XIII. Implementation of "Quality and Return Dual Improvement" Action Plan](index=33&type=section&id=XIII.%20Implementation%20of%20"Quality%20and%20Return%20Dual%20Improvement"%20Action%20Plan) The company actively implemented its 'Quality and Return Dual Improvement' action plan, achieving significant growth in main business revenue and net profit, maintaining stable cash dividends, and enhancing investor communication - The company has disclosed its "Quality and Return Dual Improvement" action plan announcement, focusing on deepening its main business, continuous innovation, stable operations, strengthening investor communication, and continuous standardized operations to enhance company quality and investment value[119](index=119&type=chunk) 2025 First Half Performance and Investor Returns | Indicator | Amount (billion yuan) | YoY Growth | | :--- | :--- | :--- | | Total Operating Revenue | 6.26 | 16.72% | | Net Profit Attributable to Shareholders of Listed Company | 0.33 | 69.32% | | 2024 Annual Cash Dividend (per 10 shares) | 1.50 yuan (tax inclusive) | | | Total Cash Dividend (tax inclusive) | 0.16 | | - The company actively conducted investor open days, 2024 annual performance briefings, and other communication activities, and communicated with investors through shareholder meetings, broker strategy conferences, research visits, interactive platforms, and investor hotlines[120](index=120&type=chunk) [Item 4. Corporate Governance, Environment and Society](index=34&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%20and%20Society) This section details changes in the board and management, profit distribution, employee incentives, environmental disclosures, and the company's commitment to social responsibility [I. Changes in Directors, Supervisors, and Senior Management](index=34&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company experienced multiple changes in its board of directors, supervisors, and senior management due to re-election and personal reasons, including new appointments and departures Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Kang Xiaobing | Vice Chairman | Elected | May 30, 2025 | Re-election | | Kang Xiaobing | Vice President | Term expired | May 30, 2025 | Re-election | | Han Zengxue | Employee Representative Director | Elected | May 30, 2025 | Re-election | | Wang Yuanzhuo | Independent Director | Elected | January 23, 2025 | Re-election | | Zhao Wucun | Vice President, CFO | Appointed | May 30, 2025 | Re-election | | Yang Jie | Vice President | Appointed | May 30, 2025 | Re-election | | Cui Zhiwei | Vice President | Appointed | May 30, 2025 | Re-election | | Liu Xuebao | Vice President | Appointed | May 30, 2025 | Re-election | | Liu Xuebao | Supervisor | Term expired | May 30, 2025 | Re-election | | Ji Guanghui | Vice President | Appointed | May 30, 2025 | Re-election | | Song Guofeng | Vice Chairman, Executive President | Term expired | May 30, 2025 | Re-election | | Chen Zhongqiang | Director | Term expired | May 30, 2025 | Re-election | | Wang Zhuquan | Independent Director | Term expired | January 23, 2025 | Personal reasons | | Shao Qiaoming | Chairman of the Board of Supervisors | Term expired | May 30, 2025 | Re-election | | Meng Xianglong | Employee Representative Supervisor | Term expired | May 30, 2025 | Re-election | | Li Hui | Vice President | Term expired | May 30, 2025 | Re-election | | Du Bo | Vice President, CFO | Term expired | May 30, 2025 | Re-election | [II. Profit Distribution and Capital Reserve Capitalization During the Reporting Period](index=34&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Capitalization%20During%20the%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve capitalization for the half-year reporting period - The company plans not to distribute cash dividends, send bonus shares, or capitalize capital reserves for the half-year[123](index=123&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans or Other Employee Incentive Measures](index=34&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%20or%20Other%20Employee%20Incentive%20Measures) The company implemented its 2023 restricted stock incentive plan, repurchasing and canceling some shares, and continued its 2024 employee stock ownership plan, accounting for related expenses in accordance with accounting standards - The company repurchased and canceled **154,000 restricted shares** granted to 12 incentive recipients under the 2023 Restricted Stock Incentive Plan that had not yet been unblocked, and adjusted the repurchase price[124](index=124&type=chunk) - Following this repurchase and cancellation, the company's total share capital decreased from **1,055,691,713 shares** to **1,055,537,713 shares**[125](index=125&type=chunk) 2024 Employee Stock Ownership Plan | Employee Scope | Number of Employees | Total Shares Held (shares) | Percentage of Listed Company's Total Share Capital | Funding Sources for the Plan | | :--- | :--- | :--- | :--- | :--- | | Directors (excluding independent directors), supervisors, senior management, and core business (technical) personnel of the company (including subsidiaries) | 326 | 7,489,000 | 0.71% | Employees' legal remuneration, self-raised funds, and other methods permitted by laws and regulations | - In the first half of 2025, equity-settled share-based payment expenses of **15,823,977.34 yuan** were recognized, and the same amount was recorded in capital reserves[128](index=128&type=chunk) - During the reporting period, the 2024 employee stock ownership plan exercised shareholder rights to participate in the company's 2024 equity distribution[126](index=126&type=chunk) [IV. Environmental Information Disclosure](index=37&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and three key subsidiaries are listed as legally required environmental information disclosure enterprises, with reports accessible through respective provincial systems - The company and its major subsidiaries, Qingdao TGOOD High Voltage Equipment Co., Ltd., Yichang TGOOD Electric Co., Ltd., and Chuankai Electric Co., Ltd., are all included in the list of enterprises required to disclose environmental information by law[129](index=129&type=chunk) Enterprises Included in the List of Legally Required Environmental Information Disclosure | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Qingdao TGOOD High Voltage Equipment Co., Ltd. | Enterprise Environmental Information Disclosure System (Shandong) | | 2 | Yichang TGOOD Electric Co., Ltd. | Enterprise Environmental Information Disclosure System (Hubei) | | 3 | Chuankai Electric Co., Ltd. | Enterprise Environmental Information Disclosure System (Sichuan) | [V. Social Responsibility](index=37&type=section&id=V.%20Social%20Responsibility) The company prioritizes social responsibility by enhancing governance, protecting stakeholder rights, providing quality products, and actively promoting environmental sustainability through EV-grid integration and zero-carbon building initiatives - The company strictly abides by laws and regulations, improves corporate governance, and strengthens communication with investors through various forms to effectively protect the rights and interests of shareholders and creditors[131](index=131&type=chunk) - The company implements the philosophy of "value creation for value creators," stimulating employee potential through a profit-sharing system, equity incentives, and employee stock ownership plans, and strengthening care for female employees[132](index=132&type=chunk) - The company adheres to a customer-centric approach, strengthens communication and cooperation with all parties, respects and protects the legitimate rights and interests of suppliers, customers, and consumers, and enhances customer experience by optimizing after-sales service[133](index=133&type=chunk) - The company actively responds to "carbon peak and carbon neutrality" goals, invests heavily in charging network technology R&D, builds a deep-linked, two-way integrated technical system for electric vehicles and new power systems, and enhances distribution network capacity and green power consumption capabilities[134](index=134&type=chunk) - TELD's headquarters building, with "ultra-low carbon digital building" as its core concept, achieves **100% green energy self-sufficiency** and reduces carbon emissions through a six-in-one microgrid architecture of "transformation, distribution, PV, storage, charging, and discharging"[135](index=135&type=chunk) [Item 5. Significant Matters](index=39&type=section&id=Item%205.%20Significant%20Matters) This section covers commitments, related party transactions, guarantees, litigation, and other significant events impacting the company during the reporting period [I. Commitments Fulfilled and Overdue Unfulfilled Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers and Other Commitment-Related Parties During and as of the End of the Reporting Period](index=39&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20the%20Company's%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%20and%20Other%20Commitment-Related%20Parties%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The company reported no fulfilled or overdue unfulfilled commitments by its actual controller, shareholders, related parties, acquirers, or other commitment-related parties during the reporting period - The company reported no commitments by its actual controller, shareholders, related parties, acquirers, or other commitment-related parties that were fulfilled during the reporting period or overdue and unfulfilled as of the end of the reporting period[137](index=137&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company](index=39&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) The company reported no non-operating fund occupation by controlling shareholders or other related parties of the listed company 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[138](index=138&type=chunk) [III. Illegal External Guarantees](index=39&type=section&id=III.%20Illegal%20External%20Guarantees) The company reported no illegal external guarantees during the reporting period - The company reported no illegal external guarantees during the reporting period[139](index=139&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=39&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[140](index=140&type=chunk) [V. Explanation by the Board of Directors, Board of Supervisors, and Audit Committee on the "Non-Standard Audit Report" for the Current Reporting Period](index=39&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%2C%20Board%20of%20Supervisors%2C%20and%20Audit%20Committee%20on%20the%20"Non-Standard%20Audit%20Report"%20for%20the%20Current%20Reporting%20Period) The company reported no non-standard audit reports during the current reporting period - The company reported no non-standard audit reports during the reporting period[141](index=141&type=chunk) [VI. Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=39&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20"Non-Standard%20Audit%20Report"%20for%20the%20Previous%20Year) The company reported no explanations regarding non-standard audit reports from the previous year - The company reported no explanations regarding non-standard audit reports from the previous year[141](index=141&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=39&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company reported no bankruptcy or reorganization matters during the reporting period - The company reported no bankruptcy or reorganization matters during the reporting period[141](index=141&type=chunk) [VIII. Litigation Matters](index=39&type=section&id=VIII.%20Litigation%20Matters) The company reported no significant litigation, arbitration, or other litigation matters during the current reporting period - The company reported no significant litigation or arbitration matters during the current reporting period[142](index=142&type=chunk) - The company reported no other litigation matters during the reporting period[142](index=142&type=chunk) [IX. Penalties and Rectification](index=40&type=section&id=IX.%20Penalties%20and%20Rectification) The company reported no penalties or rectification situations during the reporting period - The company reported no penalties or rectification situations during the reporting period[143](index=143&type=chunk) [X. Integrity Status of the Company, Its Controlling Shareholder, and Actual Controller](index=40&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20Its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company reported no integrity issues concerning itself, its controlling shareholder, or actual controller during the reporting period - The company reported no integrity issues concerning itself, its controlling shareholder, or actual controller during the reporting period[144](index=144&type=chunk) [XI. Significant Related Party Transactions](index=40&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company acquired a **0.8839%** equity stake in its subsidiary TELD for **132.59 million yuan**, constituting a related party transaction, but reported no other significant related party transactions or financial dealings with associated finance companies - The company reported no related party transactions related to daily operations, asset or equity acquisitions/disposals, or joint external investments during the reporting period, nor any related party creditor-debtor relationships[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk) - The company and its related finance companies, or finance companies controlled by the company, had no deposits, loans, credit lines, or other financial business with related parties[148](index=148&type=chunk)[149](index=149&type=chunk) - The company acquired a **0.8839%** equity stake in TELD from Xiamen Junrui Junju Investment Consulting Partnership (Limited Partnership) for **132.59 million yuan** using its own funds, which constitutes a related party transaction[150](index=150&type=chunk) - This related party transaction was approved by the company's 24th meeting of the Fifth Board of Directors and the 20th meeting of the Fifth Board of Supervisors[151](index=151&type=chunk) [XII. Significant Contracts and Their Performance](index=41&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company reported no significant entrustment, contracting, or leasing matters, but disclosed multiple external guarantees, primarily for subsidiaries, totaling **47.97%** of the company's net assets - The company reported no entrustment, contracting, or leasing situations during the reporting period[152](index=152&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk) External Guarantees by the Company and its Subsidiaries (Excluding Guarantees for Subsidiaries) | Name of Guaranteed Party | Guarantee Limit (million yuan) | Actual Guarantee Amount (million yuan) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | ZOUCHENG SAIWEI SOLAR ECOLOGICAL PARK DEVELOPMENT CO., LTD. | 195.00 | 118.80 | 10 years | Yes | | Qihe Tianshuo Solar Technology Co., Ltd. | 57.50 | 4.16 | 8 years | Yes | | Total Approved External Guarantee Limit During Reporting Period (A1) | 0 | | | | | Total Actual External Guarantees During Reporting Period (A2) | 0 | | | | | Total Approved External Guarantee Limit at Period-End (A3) | 252.50 | | | | | Total Actual External Guarantee Balance at Period-End (A4) | 0 | | | | Company Guarantees for Subsidiaries | Name of Guaranteed Party | Guarantee Limit (million yuan) | Actual Guarantee Amount (million yuan) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Qingdao TGOOD High Voltage Equipment Co., Ltd. | 300.00 | 100.00 | 12 months | No | | Yichang TGOOD Electric Co., Ltd. | 100.00 | 10.83 | 12 months | No | | Chuankai Electric Co., Ltd. | 1,000.00 | 347.65 | 24 months | No | | TELD New Energy Co., Ltd. | 10.00 | 10.00 | 80 months | No | | TELD New Energy Co., Ltd. | 150.00 | 38.47 | 36 months | No | | TELD New Energy Co., Ltd. | 2,180.00 | 2,170.17 | 12 months | No | | Xi'an TELD Smart Charging Technology Co., Ltd. | 350.00 | 228.29 | 12 months | No | | Qingdao TELD New Energy Technology Co., Ltd. | 1,100.00 | 410.15 | 12 months | No | | Qingdao TELD Smart Charging Equipment Co., Ltd. | 80.00 | 20.00 | 12 months | No | | Shanghai TELD New Energy Co., Ltd. | 30.00 | 0 | 12 months | No | | Shanghai TELD New Energy Co., Ltd. | 160.00 | 21.88 | 60 months | No | | Chengdu TELD New Energy Co., Ltd. | 50.00 | 49.00 | 36 months | No | | Chengdu TELD New Energy Co., Ltd. | 350.00 | 173.16 | 12 months | No | | Shenzhen TELD New Energy Co., Ltd. | 50.00 | 0 | 12 months | No | | Wuhan TELD New Energy Co., Ltd. | 60.00 | 60.00 | 12 months | No | | Total Approved Guarantee Limit for Subsidiaries During Reporting Period (B1) | 5,880.00 | | | | | Total Actual Guarantees for Subsidiaries During Reporting Period (B2) | 1,802.07 | | | | | Total Approved Guarantee Limit for Subsidiaries at Period-End (B3) | 5,970.00 | | | | | Total Actual Guarantee Balance for Subsidiaries at Period-End (B4) | 3,639.59 | | | | Company Total Guarantees | Indicator | Amount (million yuan) | | :--- | :--- | | Total Approved Guarantee Limit During Reporting Period (A1+B1+C1) | 5,880.00 | | Total Actual Guarantees During Reporting Period (A2+B2+C2) | 1,802.07 | | Total Approved Guarantee Limit at Period-End (A3+B3+C3) | 6,222.50 | | Total Actual Guarantee Balance at Period-End (A4+B4+C4) | 3,639.59 | | Ratio of Total Actual Guarantees to Company's Net Assets | 47.97% | | Debt Guarantee Balance Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% | 2,309.46 | - The company reported no significant daily operating contracts or other significant contracts during the reporting period[159](index=159&type=chunk)[160](index=160&type=chunk) [XIII. Explanation of Other Significant Matters](index=44&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company completed the repurchase and cancellation of some restricted shares from its 2023 incentive plan, resulting in a reduction of its total share capital - The company repurchased and canceled **154,000 restricted shares** granted to 12 incentive recipients that had not yet been unblocked, and adjusted the repurchase price[161](index=161&type=chunk) - Following this repurchase and cancellation, the company's total share capital decreased from **1,055,691,713 shares** to **1,055,537,713 shares**[162](index=162&type=chunk) [XIV. Significant Matters of the Company's Subsidiaries](index=45&type=section&id=XIV.%20Significant%20Matters%20of%20the%20Company's%20Subsidiaries) The company reported no significant matters concerning its subsidiaries during the reporting period - The company reported no significant matters concerning its subsidiaries during the reporting period[163](index=163&type=chunk) [Item 6. Share Changes and Shareholder Information](index=46&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in share capital, shareholder numbers, major shareholdings, and changes in director/supervisor/senior management shareholdings, as well as controlling shareholder information [I. Share Change Information](index=46&type=section&id=I.%20Share%20Change%20Information) During the reporting period, restricted shares increased by **836,914 shares**, while unrestricted shares decreased by the same amount, with the total share capital remaining unchanged, primarily due to increased executive lock-up shares Share Change Information | Item | Number Before Change (shares) | Increase/Decrease in This Change (shares) | Number After Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 27,745,618 | 836,914 | 28,582,532 | | II. Unrestricted Shares | 1,027,946,095 | -836,914 | 1,027,109,181 | | III. Total Shares | 1,055,691,713 | 0 | 1,055,691,713 | Restricted Share Change Information | Shareholder Name | Restricted Shares at Period Start (shares) | Restricted Shares Increased This Period (shares) | Restricted Shares at Period End (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Song Guofeng | 1,049,850 | 349,950 | 1,399,800 | Executive lock-up shares | | Du Bo | 1,289,143 | 429,714 | 1,718,857 | Executive lock-up shares | | Li Hui | 169,500 | 56,500 | 226,000 | Executive lock-up shares | | Sun Aimin | 225 | 750 | 975 | Executive lock-up shares | | Total | 2,508,718 | 836,914 | 3,345,632 | -- | - The company reported no reasons for share changes, approval status, transfer status, progress of share repurchase implementation, or progress of concentrated bidding share reduction implementation during the reporting period[167](index=167&type=chunk) [II. Securities Issuance and Listing](index=47&type=section&id=II.%20Securities%20Issuance%20and%20Listing) 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[169](index=169&type=chunk) [III. Number of Shareholders and Shareholding Information](index=47&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) As of the reporting period end, the company had **46,937** common shareholders; Qingdao Derui Investment Co., Ltd. was the largest shareholder with **31.57%** equity, with some shares pledged and frozen, and the chairman is its actual controller Total Number of Common Shareholders at Period-End | Indicator | Number | | :--- | :--- | | Total number of common shareholders at period-end | 46,937 | | Total number of preferred shareholders with restored voting rights at period-end (if any) | 0 | | Total number of shareholders holding special voting rights (if any) | 0 | Shareholding Information 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) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Qingdao Derui Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 31.57% | 333,290,422 | 0 | 333,290,422 | Pledged 143,840,000 shares, Frozen 2,917,030 shares | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 2.79% | 29,461,431 | 0 | 29,461,431 | Not applicable 0 | | Industrial and Commercial Bank of China Co., Ltd. - E Fund ChiNext ETF | Other | 1.69% | 17,846,779 | 0 | 17,846,779 | Not applicable 0 | | CITIC Securities - CITIC Bank - CITIC Securities Excellent Growth Two-Year Holding Mixed Collective Asset Management Plan | Other | 1.34% | 14,096,323 | 0 | 14,096,323 | Not applicable 0 | | Yu Dexiang | Domestic Natural Person | 1.24% | 13,119,434 | 3,279,859 | 9,839,575 | Not applicable 0 | | China Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Product - 005L - CT001 Shanghai | Other | 1.19% | 12,520,105 | 0 | 12,520,105 | Not applicable 0 | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | Other | 1.04% | 10,995,421 | 0 | 10,995,421 | Not applicable 0 | | Cai Qiang | Domestic Natural Person | 0.86% | 9,080,288 | 0 | 9,080,288 | Not applicable 0 | | Qingdao TGOOD Electric Co., Ltd. - 2024 Employee Stock Ownership Plan | Other | 0.71% | 7,489,000 | 0 | 7,489,000 | Not applicable 0 | | Schroder Investment Management (Hong Kong) Limited - Schroder Global Fund Series China A Shares (Exchange) | Other | 0.65% | 6,905,282 | 0 | 6,905,282 | Not applicable 0 | - The company's chairman and shareholder, Mr. Yu Dexiang, holds a **69.27%** equity stake in Qingdao Derui Investment Co., Ltd., the company's largest shareholder, and serves as its legal representative and chairman[171](index=171&type=chunk) - As of the end of the reporting period, Qingdao TGOOD Electric Co., Ltd.'s dedicated securities account for repurchased shares held **8,205,340 shares**, representing a **0.78%** shareholding ratio[171](index=171&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=49&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report[173](index=173&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=49&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) 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[174](index=174&type=chunk) - The company's actual controller remained unchanged during the reporting period[175](index=175&type=chunk) [VI. Information on Preferred Shares](index=50&type=section&id=VI.%20Information%20on%20Preferred%20Shares) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[176](index=176&type=chunk) [Item 7. Bond-Related Information](index=51&type=section&id=Item%207.%20Bond-Related%20Information) This section confirms the absence of any bond-related information for the company during the reporting period [Bond-Related Information](index=51&type=section&id=Bond-Related%20Information) The company reported no bond-related information during the reporting period - The company reported no bond-related information during the reporting period[178](index=178&type=chunk) [Item 8. Financial Report](index=52&type=section&id=Item%208.%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and notes on accounting policies, taxation, and financial risks [I. Audit Report](index=52&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[180](index=180&type=chunk) [II. Financial Statements](index=52&type=section&i