[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

Core Viewpoint - The stock of Teriade has shown a positive trend with a year-to-date increase of 13.48%, reflecting strong market interest and performance in the electric equipment sector [1] Group 1: Stock Performance - As of August 27, Teriade's stock price reached 24.74 CNY per share, with a market capitalization of 26.114 billion CNY [1] - The stock experienced a net inflow of 12.2588 million CNY from major funds, indicating strong buying interest [1] - Over the past five trading days, the stock has increased by 4.48%, and over the last 20 days, it has risen by 7.38% [1] Group 2: Company Overview - Teriade Electric Co., Ltd. was established on March 16, 2004, and went public on October 30, 2009 [1] - The company specializes in outdoor box-type electrical equipment and indoor switchgear, focusing on the research, design, and manufacturing of power distribution products rated at 220kV and below [1] - The revenue composition includes 31.80% from electric vehicle charging networks, 28.54% from box-type equipment, 25.50% from system integration, and 14.15% from complete switchgear [1] Group 3: Financial Performance - For the first quarter of 2025, Teriade reported a revenue of 2.102 billion CNY, a year-on-year decrease of 18.17%, while the net profit attributable to shareholders was 64.7773 million CNY, reflecting a growth of 5.17% [2] - Since its A-share listing, Teriade has distributed a total of 684 million CNY in dividends, with 314 million CNY distributed in the last three years [3] Group 4: Shareholder Structure - As of March 31, 2025, the number of Teriade's shareholders decreased by 11.34% to 51,800 [2] - The top shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable reductions in their holdings compared to the previous period [3]

特锐德（300001.SZ）8月25日在投资者互动平台表示，凭借行业领先的技术、产品、规模、经验、服务 等优势，公司已与保时捷、奥迪（奥迪中国、一汽奥迪、上汽奥迪）、奔驰、宝马、捷豹路虎、沃尔 沃、上汽通用等70多家车企达成共建品牌站、充电网数据支持等不同合作形式。由公司为车企建立专属 的品牌形象站或者在充电场站内为车企预留专属的品牌充电桩，此外，公司还可将平台运营的充电场站 信息与车企进行互联互通，从而让车主享受更便捷的充电体验。截至2024年底，公司已累计建成车企品 牌站超过1900座，充电终端约8000个，覆盖全国近40个城市。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问特锐德子公司特来电和哪些国内外汽车品牌建设 品牌充电站呢？请尽量详细一点，让股东更好的了解公司。 ...

Core Insights - The world's first "super zero-carbon building," the Telai Electric Headquarters, has officially commenced operations in Qingdao, showcasing significant advancements in green energy technology and contributing to China's dual carbon goals [2][4] - The building integrates multiple innovative technologies, achieving 100% green energy replacement through a highly efficient and collaborative clean energy supply system [2][3] Group 1: Building Specifications and Features - The project began construction in May 2023 and is set for completion in March 2025, covering an area of 14.33 acres with a total building area of approximately 43,000 square meters and a height of 117 meters [2] - The building utilizes building-integrated photovoltaic (BIPV) glass curtain walls on three facades, generating direct current electricity that meets about 25% of the building's energy needs, resulting in an annual carbon reduction of nearly 500 tons [2][3] Group 2: Energy Management and Efficiency - The building features 14 sets of tiered automotive power battery packs that store surplus photovoltaic energy and provide energy during peak demand or adverse weather conditions, enhancing grid regulation capabilities [3] - Daily green energy storage is approximately 1,500 kWh, contributing to a 25% green energy replacement, while the smart parking system can discharge over 3,000 kWh from 300 electric vehicles, achieving a 50% green energy replacement [3] Group 3: Digitalization and Operational Efficiency - Nearly 30,000 micro-sensors are deployed throughout the building, creating a comprehensive sensing network that enables smart management of equipment through a digital IoT platform, achieving an overall energy saving rate of 40% [3] - The building incorporates an AI-driven smart parking system that enhances parking experience, ensures safety, and reduces construction and operational costs by 20%-30%, while improving operational efficiency by 30% [4] Group 4: Environmental Impact and Future Implications - The super zero-carbon building is expected to reduce carbon emissions by nearly 2,500 tons annually and serves as a replicable model for urban integration and green building development in China [4]

Core Viewpoint - The company has maintained a focus on innovation and long-term strategic planning over the past 20 years, positioning itself as a leader in the power equipment and charging network sectors through technological barriers, ecological layout, and international strategies [1] Group 1: Company Strategy - The company emphasizes the importance of understanding user needs across various scenarios, including "source, network, load, storage, and vehicle" [1] - The company is actively tracking market trends related to AI and plans to integrate these insights into its development strategy and business layout [1] Group 2: Product Development - The company is committed to advancing technology and product development to provide more efficient and reliable power system solutions for emerging fields such as data centers [1]

Core Viewpoint - The company emphasizes technological innovation as its core development strategy, particularly in the fields of power equipment and electric vehicle charging, aiming to lead industry development [1] Group 1: Technological Innovation - The company is committed to continuous innovation and breakthroughs in power equipment and electric vehicle charging [1] - The company places high importance on research and development management capabilities to enhance the efficiency of R&D investment [1] Group 2: Future Plans - The company plans to strengthen R&D innovation investment in the future to improve product technology levels and core competitiveness [1]

Core Viewpoint - The company is committed to innovation and long-term strategic planning, focusing on the opportunities presented by the AI industry while maintaining its leadership in power equipment and charging networks [1] Group 1: Company Strategy - The company has been in operation for 20 years, emphasizing innovation and strategic planning across various scenarios including "source, network, load, storage, and vehicle" [1] - The company aims to enhance product competitiveness by leveraging technological barriers, ecological layout, and international strategies [1] Group 2: Market Trends and Opportunities - The company recognizes the growth opportunities presented by the AI industry and is closely monitoring market trends [1] - Future plans include integrating development strategies and business layouts to actively promote the research and market planning of relevant technologies and products for emerging fields such as data centers [1]

Core Insights - The article highlights the advancements and leadership of the company in the electric vehicle charging network sector, emphasizing its position as the largest operator in China with over 50 billion kWh of charging volume and nearly 800,000 charging terminals across 366 cities [1] Group 1: Charging Network and Technology - The company differentiates its charging network from traditional charging stations by integrating chips and big data to create an orderly charging system, which connects electric vehicles and the power grid, enhancing energy management [2] - The charging network ensures the safety of electric vehicles and batteries through a two-layer safety protection system, utilizing big data for real-time monitoring and hardware collaboration for proactive defense [2] - The company is focused on future innovations, anticipating three new eras in charging technology, including autonomous driving, supercharging, and the integration of charging networks with microgrids and energy storage systems [3][4] Group 2: Future Innovations and Sustainability - The company is developing a modular and automated charging network that can adapt to the needs of autonomous vehicles, reducing the need for physical infrastructure changes [3] - The supercharging technology aims to optimize resource utilization by allowing for intelligent scheduling and sharing of charging resources among multiple vehicles [4] - The integration of charging networks with renewable energy sources, such as solar and wind, is positioned to create virtual power plants, enhancing energy efficiency and supporting carbon neutrality initiatives [5][6]

Core Viewpoint - The microgrid monitoring system serves as a crucial hub connecting distributed energy and smart grids, enabling integrated control of generation, grid, load, and storage, ensuring safe and stable operation of microgrids. The industry is expected to see significant growth, with the market size projected to exceed 12 billion yuan by 2025, driven by policy support and technological advancements [1][5][13]. Industry Overview - The microgrid monitoring system is an automated management system that monitors, analyzes, and dispatches distributed power sources, storage devices, loads, and power electronic equipment through real-time data collection and intelligent control [2][11]. - The system can be categorized into centralized, distributed, and hierarchical monitoring systems based on application scenarios and technical characteristics, as well as household, community, and industrial scales [3]. Policy Analysis - Since the "14th Five-Year Plan" emphasized the "dual carbon" strategy, China has accelerated the construction of a clean, low-carbon, safe, and efficient energy system, with microgrid monitoring systems playing a key role in the digital transformation of energy systems [5][6]. - A series of policies have been introduced to support the development of the microgrid monitoring system industry, enhancing its role in the new power system [5][6]. Market Development - The microgrid monitoring system market is expected to exceed 12 billion yuan by 2025, with significant potential for growth driven by increasing demand for energy management systems [13]. - The total market space for microgrid energy management systems could reach 57.1 billion yuan by 2025, with management systems and software accounting for over 90% of this market [13]. Technological Advancements - Recent advancements in microgrid monitoring systems include the integration of AI and digital twin technologies, enabling real-time control and seamless switching between grid-connected and off-grid modes [15][22]. - The system architecture typically adopts a "cloud-edge-end" layered model, achieving millisecond-level control and compatibility with 23 industrial standards [16][22]. Competitive Landscape - The industry is characterized by a tripartite structure involving grid companies, energy enterprises, and technology firms, each occupying different tiers of the market [17][19]. - Companies like Ankerui and Yongfu are leading in specialized automation solutions, while energy companies like State Grid and Haier focus on integrating renewable resources [19][20]. Future Trends - The microgrid monitoring system industry is expected to witness trends of technological intelligence, diversified application scenarios, and globalized business models [22][24]. - The integration of IoT, AI, and new storage technologies will drive the evolution towards fully intelligent systems, enhancing renewable energy consumption and operational efficiency [22][24]. - The market is anticipated to expand into new application areas such as urban emergency power supply and hydrogen energy utilization, with emerging scenarios expected to account for over 40% of the market by 2027 [24][25].

Core Viewpoint - The company, Teruid (300001), highlights the significant growth in electric heavy truck sales and the corresponding increase in charging demand, indicating a broad growth potential in the market [1] Group 1: Market Trends - Electric heavy truck sales have seen substantial growth in recent years, leading to a rapid increase in related charging demand [1] - The market for electric heavy trucks presents a wide growth space, suggesting a favorable environment for investment and development [1] Group 2: Company Strategy - The company plans to actively promote the layout of heavy truck charging networks based on market demand and operational strategy [1] - The company is exploring diverse capital operation methods to achieve optimal resource allocation and maximize corporate value [1]