Group 1 - The core viewpoint of the news is that Steel Research High-Tech (钢研高纳) has shown a mixed performance in its latest financial results, with revenue growth but a significant decline in net profit [1] - As of August 25, 2025, Steel Research High-Tech's stock closed at 18.49 yuan, up 1.09%, with a turnover rate of 4.23% and a trading volume of 324,600 hands, amounting to 598 million yuan [1] - The company's latest financial report indicates total operating revenue of 1.817 billion yuan, a year-on-year increase of 5.07%, while net profit attributable to shareholders decreased by 64.52% to 63.81 million yuan [1] Group 2 - The company has a current ratio of 1.986, a quick ratio of 1.284, and a debt-to-asset ratio of 44.07% [1] - Steel Research High-Tech has made investments in 13 companies and participated in 932 bidding projects, indicating active engagement in the market [2] - The company holds 22 trademark registrations and 410 patents, along with 82 administrative licenses, showcasing its focus on intellectual property and regulatory compliance [2]

编制单位：北京钢研高纳科技股份有限公司 单位：人民币万元 北京钢研高纳科技股份有限公司 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 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的关联关系 | 上市公司核算的会计科目 | 2025年初占用资金 | 2025年半年度占用累计发 | 2025年半年度占用 | 2025年半年度偿还 | 2025年半年度期末 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 余额 | 生金额（不含利息） | 资金的利息(如有) | 累计发生金额 | 占用资金余额 | | | | 控股股东、实际控制人及其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控股股东、实际控制人及其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 其他关联方及附属企业 | | | | | | | | | | ...

北京钢研高纳科技股份有限公司 2025年半年度募集资金存放、管理与使用情况专项报告 截至 2025 年 6 月 30 日，公司募集资金使用及余额情况如下表： 单位：元 | 序号 | 项目 | 金额 | | --- | --- | --- | | 1 | 募集资金总额 | 279,999,995.50 | | 2 | 减：保荐承销费 | 4,716,981.06 | | 3 | 其他发行费用及税费 | 1,525,837.41 | | 4 | 募集资金净额 | 273,757,177.03 | | 5 | 加：利息收入 | 2,042,818.54 | | 6 | 减：补充流动资金 | 275,799,995.57 | | 7 | 银行手续费支出 | 0.00 | | 8 | 募集资金专户余额 | 0.00 | 一、 募集资金基本情况 1、实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于同意北京钢研高纳科技股份有限公司向特 定对象发行股票注册的批复》（证监许可〔2025〕162 号）核准，并经深圳证券 交易所同意，公司向特定对象发行人民币普通股（A 股）股票 21,823,850 股， 发行价格为 ...

证券代码：300034 证券简称：钢研高纳 公告编号：2025-055 北京钢研高纳科技股份有限公司 第七届监事会第三次会议决议公告 本公司及监事会全体成员保证公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 北京钢研高纳科技股份有限公司（以下简称"公司"或"钢研高纳"）第七届监 事会第三次会议于2025年8月15日以通信方式通知各位监事，于2025年8月25日在 公司会议室以现场会议的方式召开。会议应出席监事5人，实际出席监事5人，全 体监事均亲自出席了本次会议。 本次会议由监事会主席金戈女士召集和主持，会议的召集、召开符合法律、 行政法规、部门规章、规范性文件和《公司章程》的规定。 二、会议审议情况 （一）审议通过了关于《北京钢研高纳科技股份有限公司2025年半年度报 告全文及其摘要》的议案 经审议，监事会认为：董事会编制和审议公司《2025年半年度报告》及其摘 要的程序符合法律、行政法规、中国证监会和深圳证券交易所等相关规定。报告 内容真实、准确、完整地反映了公司2025年半年度经营的实际情况，不存在虚假 记载、误导性陈述或者重大遗漏。 具体内 ...

[Section 1 Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%201%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notice](index=2&type=section&id=Important%20Notice) The company's management guarantees the truthfulness, accuracy, and completeness of the semi-annual report and assumes legal responsibility for its contents - The Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility[3](index=3&type=chunk) - The company's responsible person Zhou Wuping, chief accountant Liu Bin, and head of the accounting department Wang Yifu declare the financial report to be true, accurate, and complete[3](index=3&type=chunk) - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the first half of the 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 key areas such as company profile, management discussion, corporate governance, and financial statements [List of Documents for Inspection](index=4&type=section&id=List%20of%20Documents%20for%20Inspection) The list of documents for inspection includes signed financial statements, all original public disclosures from the reporting period, and semi-annual reports from other markets - Documents for inspection include financial statements signed by the company's responsible person, chief accountant, and head of the accounting department[8](index=8&type=chunk) - The list also includes originals of all company documents and announcements publicly disclosed on the CSRC's designated website during the reporting period[9](index=9&type=chunk) - The documents are available for inspection at the company's Planning, Securities, and Investment Department office[11](index=11&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms used in the report, including company names, the controlling shareholder, and the reporting period from January 1 to June 30, 2025 - "The Company," "Company," and "CISRI-GAONA" all refer to Beijing CISRI-GAONA Materials & Technology Co, Ltd[12](index=12&type=chunk) - "CISRI" and "Controlling Shareholder" refer to China Iron & Steel Research Institute Group[12](index=12&type=chunk) - The reporting period is from January 1, 2025, to June 30, 2025[12](index=12&type=chunk) [Section 2 Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) The company, CISRI-GAONA, is listed on the Shenzhen Stock Exchange under the stock code 300034, with Zhou Wuping as the legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | CISRI-GAONA | | Stock Code | 300034 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Zhou Wuping | [II. Contact Persons and Methods](index=6&type=section&id=II.%20Contact%20Persons%20and%20Methods) The company's Board Secretary is Liu Bin and the Securities Affairs Representative is He Xiaoke, both located at 19 South Dalianpo Village, Haidian District, Beijing Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Liu Bin | 19 South Dalianpo Village, Haidian District, Beijing | 010-62182656 | 010-62185097 | gaona300034@cisri-gaona.com.cn | | Securities Affairs Representative | He Xiaoke | 19 South Dalianpo Village, Haidian District, Beijing | 010-62182656 | 010-62185097 | gaona300034@cisri-gaona.com.cn | [III. Other Information](index=7&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes to the company's contact information, information disclosure locations, or registration details - The company's registered address, office address, website, and email address remained unchanged during the reporting period[16](index=16&type=chunk) - The locations for information disclosure and document inspection remained unchanged during the reporting period[17](index=17&type=chunk) - The company's registration details remained unchanged during the reporting period[18](index=18&type=chunk)[19](index=19&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, revenue grew by 5.07%, but net profit attributable to shareholders dropped significantly by 64.52%, while operating cash flow improved by 39.43% Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,816,543,136.68 | 1,728,961,342.89 | 5.07% | | Net Profit Attributable to Shareholders | 63,805,391.57 | 179,823,956.85 | -64.52% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 55,921,186.47 | 172,457,535.58 | -67.57% | | Net Cash Flow from Operating Activities | -266,842,856.89 | -440,582,290.19 | 39.43% | | Basic Earnings per Share (Yuan/share) | 0.0812 | 0.2321 | -65.02% | | Diluted Earnings per Share (Yuan/share) | 0.0812 | 0.2321 | -65.02% | | Weighted Average Return on Equity | 1.74% | 5.22% | -3.48% | | **Year-end Indicators** | **End of Current Period (Yuan)** | **End of Prior Year (Yuan)** | **Change from Prior Year-end** | | Total Assets | 7,599,444,133.90 | 7,593,715,153.08 | 0.08% | | Net Assets Attributable to Shareholders | 3,753,283,902.22 | 3,495,156,817.05 | 7.39% | [V. Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) There were no discrepancies in net profit or net assets between financial reports prepared under Chinese accounting standards and those under international or foreign standards - The company had no discrepancies in net profit and net assets between financial reports disclosed under IFRS and Chinese Accounting Standards during the reporting period[21](index=21&type=chunk) - The company had no discrepancies in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese Accounting Standards during the reporting period[22](index=22&type=chunk) [VI. Non-recurring Profit and Loss Items and Amounts](index=8&type=section&id=VI.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) Non-recurring profit and loss for H1 2025 totaled 7,884,205.10 Yuan, primarily from asset disposals and government grants, net of tax and minority interest effects Non-recurring Profit and Loss Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 1,007,029.49 | | Government Grants Recognized in Current Profit or Loss | 9,496,939.76 | | Other Non-operating Income and Expenses | -6,778.51 | | Less: Income Tax Effect | 1,575,703.61 | | Minority Interest Effect (After Tax) | 1,037,282.03 | | Total | 7,884,205.10 | - The company has no other profit or loss items that meet the definition of non-recurring items, nor has it reclassified any non-recurring items as recurring[25](index=25&type=chunk) [Section 3 Management Discussion and Analysis](index=9&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [I. Principal Business Activities during the Reporting Period](index=9&type=section&id=I.%20Principal%20Business%20Activities%20during%20the%20Reporting%20Period) The company specializes in high-end metal materials for aerospace and other advanced manufacturing sectors, with a comprehensive production capacity across its "seven cities, ten factories" layout - The company's main products include high-end metal materials such as superalloys, light alloys of aluminum, magnesium, and titanium, corrosion-resistant alloys, and intermetallic compounds[27](index=27&type=chunk) - Products are widely used in industries such as aviation, aerospace, naval vessels, nuclear power, and gas turbines, as well as petrochemical, metallurgical, and glass industries[27](index=27&type=chunk) - The company has established a "seven cities, ten factories" industrial layout with its headquarters in Beijing, capable of producing 5,000 tons of aerospace superalloy master alloys and over 1,000 tons of wrought superalloy raw materials annually[28](index=28&type=chunk) [Industry Overview](index=9&type=section&id=Industry%20Overview) Superalloys are critical for aero-engine hot-end components, with market demand driven by aerospace development, gas turbine localization, and nuclear power revival - Superalloy materials are key for manufacturing hot-end components of aero-engines, accounting for **40%-60%** of an advanced engine's weight[30](index=30&type=chunk) - The demand for high-end and new superalloys is primarily driven by China's advanced aerospace and low-altitude economy development, gas turbine localization, the resurgence of nuclear power, and the "Belt and Road" initiative[31](index=31&type=chunk) - The company is one of the few strategic suppliers to AECC and holds exclusive advantages in the R&D of various alloy products, breaking foreign monopolies[32](index=32&type=chunk) [Business Model](index=10&type=section&id=Business%20Model) The company's business model, centered on integrated R&D, procurement, production, and direct sales, remained stable with a focus on core technology control - The company's business model has not undergone significant changes and has established a comprehensive system for procurement, production, sales, and R&D[33](index=33&type=chunk) - **Procurement Model**: The Operations Management Department coordinates needs, using centralized bidding or inquiries and a small-batch, frequent-purchase strategy to mitigate price fluctuation risks[34](index=34&type=chunk) - **Production Model**: Production is primarily order-based; casting and new superalloys have full in-house production capabilities, while some processes for wrought superalloys are outsourced with core technologies retained by the company[35](index=35&type=chunk)[36](index=36&type=chunk) - **Sales Model**: Primarily direct sales to major clients in aviation, aerospace, gas turbines, and petrochemicals, offering integrated "R&D + Market" services[37](index=37&type=chunk)[38](index=38&type=chunk) - **R&D System**: Centered around key laboratories, engineering centers, and business divisions, covering basic, engineering, and industrialization research[39](index=39&type=chunk) [II. Core Competitiveness Analysis](index=11&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core competitiveness is enhanced by its strong R&D capabilities and leading industry position, particularly in superalloys for aerospace applications - The company's core competitiveness has been further enhanced, with strong technical reserves and comprehensive R&D capabilities focused on products for aero-engines and gas turbines[40](index=40&type=chunk) - **Technological Innovation Advantage**: Operates the "Beijing Key Laboratory of New Superalloy Materials" and the "Beijing Engineering Technology Research Center for Gas Turbine Superalloys," and explores cutting-edge technologies like 3D printing[41](index=41&type=chunk) - **Industry Position Advantage**: One of China's most technologically advanced and comprehensive enterprises in the superalloy and light alloy sectors, leading the "China Superalloy Industry Technology Innovation Strategic Alliance"[42](index=42&type=chunk) - **Talent Advantage**: Employs 9 experts with special government allowances, 40 senior engineers, and 71 PhDs, forming a multi-disciplinary, multi-level, and specialized research team[43](index=43&type=chunk) - **Product Technology Advantage**: Possesses significant technological breakthroughs and market applications in cast alloys, wrought alloys, new alloys (powder superalloys, intermetallic compounds, ODS alloys, 3D printing), and the petrochemical sector[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk) [III. Analysis of Main Business Operations](index=12&type=section&id=III.%20Analysis%20of%20Main%20Business%20Operations) Revenue grew 5.07%, but higher cost growth squeezed margins, leading to a 64.52% drop in net profit, though operating cash flow improved significantly Key Financial Data Year-on-Year Change | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,816,543,136.68 | 1,728,961,342.89 | 5.07% | | | Operating Cost | 1,379,725,727.84 | 1,177,341,965.71 | 17.19% | | | Selling Expenses | 25,354,380.63 | 33,253,353.25 | -23.75% | | | Administrative Expenses | 135,876,865.50 | 116,206,816.66 | 16.93% | | | Financial Expenses | -1,944,450.83 | 11,266,924.58 | -117.26% | Mainly due to exchange gains from foreign currency transactions | | Income Tax Expense | 28,721,869.96 | 38,472,058.43 | -25.34% | | | R&D Investment | 107,630,867.89 | 119,325,105.19 | -9.80% | | | Net Cash Flow from Operating Activities | -266,842,856.89 | -440,582,290.19 | 39.43% | Mainly due to increased sales collections this period | | Net Cash Flow from Investing Activities | -44,389,711.98 | -194,946,592.78 | 77.23% | Mainly due to a year-on-year decrease in asset purchases | | Net Cash Flow from Financing Activities | 273,460,789.14 | 86,041,999.43 | 217.82% | Mainly due to the private placement by the listed company this period | | Net Increase in Cash and Cash Equivalents | -37,771,779.73 | -549,486,883.54 | 93.13% | Mainly due to a combination of increased sales collections, capital injection from the parent company, and decreased long-term asset purchases | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue | Operating Cost | Gross Margin | Revenue YoY Change | Cost YoY Change | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cast Alloy Products | 1,259,983,595.78 | 861,536,864.30 | 31.62% | 1.44% | 5.90% | -2.88% | | Wrought Alloy Products | 448,906,014.96 | 379,861,763.74 | 15.38% | 36.07% | 51.32% | -8.53% | | New Alloy Products | 100,759,561.68 | 130,482,652.95 | -29.50% | -32.47% | 22.90% | -58.35% | | **By Region** | | | | | | | | Domestic | 1,363,985,393.39 | 1,107,320,992.60 | 18.82% | -15.24% | -1.07% | -11.62% | | Overseas | 452,557,743.29 | 272,404,735.24 | 39.81% | 277.79% | 369.14% | -11.72% | [IV. Analysis of Non-main Business Operations](index=13&type=section&id=IV.%20Analysis%20of%20Non-main%20Business%20Operations) Non-main business activities, primarily investment losses and asset impairments, negatively impacted total profit and are not considered sustainable Analysis of Non-main Business Operations | Item | Amount (Yuan) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -13,467,093.19 | -8.25% | Mainly losses from associate companies | No | | Asset Impairment | -18,791,815.70 | -11.52% | Mainly provisions for inventory and contract assets | No | | Non-operating Income | 75,269.44 | 0.05% | Mainly income from non-operating items | No | | Non-operating Expenses | 82,047.95 | 0.05% | Mainly losses on disposal of fixed assets | No | [V. Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets and net assets attributable to shareholders saw slight growth, with a notable increase in accounts receivable and a decrease in construction in progress Significant Changes in Asset Composition | Item | End of Period Amount (Yuan) | % of Total Assets | Prior Year-end Amount (Yuan) | % of Total Assets | Change in % | Reason for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 627,172,964.17 | 8.25% | 676,082,995.78 | 8.90% | -0.65% | | | Accounts Receivable | 1,833,310,098.18 | 24.12% | 1,320,397,437.88 | 17.39% | 6.73% | Mainly due to industry characteristics resulting in fewer mid-year collections | | Contract Assets | 211,379,132.70 | 2.78% | 180,221,825.57 | 2.37% | 0.41% | | | Inventory | 1,880,741,441.90 | 24.75% | 1,960,342,198.33 | 25.82% | -1.07% | Mainly due to inventory reduction controls leading to a lower balance | | Long-term Equity Investments | 162,834,999.74 | 2.14% | 174,541,010.16 | 2.30% | -0.16% | | | Fixed Assets | 1,220,612,035.57 | 16.06% | 1,061,915,726.09 | 13.98% | 2.08% | Mainly due to the transfer of construction in progress to fixed assets | | Construction in Progress | 163,882,398.30 | 2.16% | 327,516,974.70 | 4.31% | -2.15% | Mainly due to the transfer of construction in progress to long-term assets | | Short-term Borrowings | 139,310,325.46 | 1.83% | 361,662,604.23 | 4.76% | -2.93% | Mainly due to the repayment of entrusted loans from the parent company | | Long-term Borrowings | 423,666,514.34 | 5.57% | 296,905,150.94 | 3.91% | 1.66% | Mainly due to increased borrowings for working capital and projects | - The company had no major overseas assets at the end of the reporting period[58](index=58&type=chunk) Assets and Liabilities Measured at Fair Value | Item | Opening Balance (Yuan) | Fair Value Change in Current Period (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | | Other Equity Instrument Investments | 37,286,060.37 | 8,400,000.00 | 28,886,060.37 | | Receivables Financing | 81,660,774.46 | 28,002,378.12 | 53,658,396.34 | | Total | 118,946,834.83 | 36,402,378.12 | 82,544,456.71 | Assets with Restricted Rights | Item | Closing Book Balance (Yuan) | Closing Book Value (Yuan) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 29,136,707.25 | 29,136,707.25 | Security Deposit | Security Deposit | | Fixed Assets | 178,636,140.98 | 150,741,240.72 | Mortgage | Mortgage Loan | | Intangible Assets | 150,598,313.14 | 132,728,623.74 | Mortgage | Mortgage Loan | | Total | 358,371,161.37 | 312,606,571.71 | | | [VI. Investment Analysis](index=15&type=section&id=VI.%20Investment%20Analysis) Total investment decreased by 72.99% YoY, with a significant 140 million Yuan capital increase in a subsidiary and ongoing progress in major non-equity projects Overall Investment during the Reporting Period | Indicator | Investment Amount in Reporting Period (Yuan) | Investment Amount in Prior Year Period (Yuan) | Change | | :--- | :--- | :--- | :--- | | Total Investment | 53,006,196.95 | 196,241,460.08 | -72.99% | Major Equity Investments Acquired during the Reporting Period | Investee Company Name | Investment Method | Investment Amount (Yuan) | Shareholding Ratio | Progress as of Balance Sheet Date | Profit/Loss for the Period (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Sichuan CISRI-GAONA Forging Co, Ltd | Capital Increase | 140,000,000.00 | 100.00% | Capital increase completed | -8,716,662.31 | Major Ongoing Non-equity Investments during the Reporting Period | Project Name | Investment Method | Fixed Asset Investment | Amount Invested in Current Period (Yuan) | Cumulative Amount Invested (Yuan) | Project Progress | | :--- | :--- | :--- | :--- | :--- | :--- | | Deyang Forging Phase I | Self-construction | Yes | 3,259,256.64 | 42,526,990.29 | 100.00% | | Aerospace Ring Rolling Pilot Base Project | Self-construction | Yes | 0.00 | 38,818,883.40 | 100.00% | | Xi'an Blade and (Small) Structural Parts Production Base Project | Self-construction | Yes | 6,269,973.74 | 90,538,970.70 | 85.00% | | Project 1 | Self-construction | Yes | 16,700,000.00 | 47,250,000.00 | 60.00% | Overall Use of Raised Funds | Year of Fundraising | Fundraising Method | Total Funds Raised (10,000 Yuan) | Net Funds Raised (10,000 Yuan) | Funds Used in Current Period (10,000 Yuan) | Cumulative Funds Used (10,000 Yuan) | Cumulative Use as % of Net Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2025 | Private Placement | 28,000 | 27,375.72 | 27,375.72 | 27,375.72 | 100.00% | - The raised funds were transferred to the company's designated account on February 28, 2025, and the special account was closed on April 16, 2025[71](index=71&type=chunk) - The committed project for the raised funds was to supplement working capital, which has been fully utilized, with no significant changes to the project's feasibility[74](index=74&type=chunk) [VII. Major Asset and Equity Disposals](index=20&type=section&id=VII.%20Major%20Asset%20and%20Equity%20Disposals) The company did not engage in the disposal of any major assets or equity during the reporting period - The company did not sell any major assets during the reporting period[80](index=80&type=chunk) - The company did not sell any major equity stakes during the reporting period[81](index=81&type=chunk) [VIII. Analysis of Major Holding and Associated Companies](index=20&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associated%20Companies) The company's key subsidiaries are involved in high-end metal materials, with Qingdao Xinlitong Industrial Co, Ltd contributing significantly with 178 million Yuan in net profit Financial Information of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hebei CISRI DEKAI Technology Co, Ltd | Subsidiary | New material technology development, consulting; aluminum alloy, magnesium alloy processing, etc | 168,558,100.00 | 1,680,555,673.32 | 665,244,393.45 | 312,848,337.36 | -1,291,233.65 | -2,663,063.46 | | Qingdao Xinlitong Industrial Co, Ltd | Subsidiary | Petrochemical furnace tubes, metallurgical radiant tubes, metallurgical furnace rollers, glass guide rollers, etc | 85,681,600.00 | 1,823,875,174.71 | 881,201,733.94 | 841,240,733.02 | 204,130,493.07 | 178,308,719.00 | | Xi'an CISRI-GAONA Aeronautical Components Co, Ltd | Subsidiary | Non-ferrous metal alloy manufacturing; non-ferrous metal rolling processing; metal material manufacturing, etc | 110,000,000.00 | 385,322,858.88 | 222,747,222.02 | 116,364,077.01 | 31,629,680.65 | 27,290,437.15 | | Sichuan CISRI-GAONA Forging Co, Ltd | Subsidiary | Non-ferrous metal rolling processing; forging and powder metallurgy product manufacturing, etc | 150,000,000.00 | 254,179,350.99 | 110,441,176.79 | 60,963,987.96 | -8,716,662.31 | -8,716,662.31 | | Liaoning CISRI-GAONA Intelligent Manufacturing Co, Ltd | Subsidiary | Machining of mechanical parts; sales of mechanical parts; non-ferrous metal alloy manufacturing, etc | 120,000,000.00 | 227,966,927.61 | 96,121,564.83 | 46,053,693.07 | 19,479,242.14 | 19,479,242.14 | - The company did not acquire or dispose of any subsidiaries during the reporting period[86](index=86&type=chunk) [IX. Structured Entities Controlled by the Company](index=24&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not have any controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[87](index=87&type=chunk) [X. Risks and Countermeasures](index=24&type=section&id=X.%20Risks%20and%20Countermeasures) The company faces operational, market, technical, and management risks, which it addresses through technical optimization, market diversification, and enhanced internal controls - **Operational Performance Risk**: Fluctuations in raw material prices (nickel, chromium, cobalt) and tiered product pricing may reduce gross margins; the company responds with technical optimization, process improvements, cost reduction, and price renegotiations with customers[87](index=87&type=chunk) - **Market Risk**: Over 60% of products are for the aerospace sector, creating industry dependence; increased competition affects profitability; a technology gap with international standards creates a mismatch with market demand; the company responds by expanding into non-aerospace sectors, improving delivery, leveraging R&D, and leading industry-wide technical initiatives[88](index=88&type=chunk)[89](index=89&type=chunk) - **Technical Risk**: Loss of key technical personnel and inadequate IP protection could impact innovation and competitiveness; the company mitigates this through confidentiality agreements, non-compete clauses, equity incentives, and patent portfolio strategies[90](index=90&type=chunk)[91](index=91&type=chunk) - **Group Management Risk**: The growing number of subsidiaries challenges overall operational management; the company will improve its parent-subsidiary management system and strengthen corporate culture to ensure efficient operations[91](index=91&type=chunk) [XI. Record of Investor Relations Activities](index=25&type=section&id=XI.%20Record%20of%20Investor%20Relations%20Activities) On May 7, 2025, the company held an online performance briefing via the SZSE's "Easy IR" platform to discuss its 2024 and Q1 2025 results with investors - On May 7, 2025, the company participated in the 2024 Annual and Q1 2025 Performance Briefing online via the Shenzhen Stock Exchange's "Easy IR" platform[92](index=92&type=chunk)[93](index=93&type=chunk) - The audience included individual and institutional investors, and the main topic was the company's operating performance for 2024 and Q1 2025[92](index=92&type=chunk)[93](index=93&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=26&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 approved by the board but has not disclosed a specific valuation enhancement plan - The company has formulated the "Market Value Management System of Beijing CISRI-GAONA Materials & Technology Co, Ltd," which was approved by the second meeting of the seventh Board of Directors on April 15, 2025[94](index=94&type=chunk) - The company has not disclosed a valuation enhancement plan[94](index=94&type=chunk) [XIII. Implementation of the 'Dual Improvement in Quality and Returns' Action Plan](index=26&type=section&id=XIII.%20Implementation%20of%20the%20'Dual%20Improvement%20in%20Quality%20and%20Returns'%20Action%20Plan) The company actively implemented its "Dual Improvement in Quality and Returns" action plan by focusing on its main business, advancing projects, and enhancing investor returns - The company has disclosed its "Dual Improvement in Quality and Returns" action plan, aiming to enhance listed company quality and investment value[95](index=95&type=chunk) - During the reporting period, the company actively implemented the plan, focusing on its main business and advancing the progress of ongoing projects[95](index=95&type=chunk) - The company maintained high-intensity R&D investment, fulfilled its commitment to investor returns, strengthened communication with investors, and actively practiced social responsibility[95](index=95&type=chunk) [Section 4 Corporate Governance, Environment, and Society](index=27&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [I. Changes in Directors, Supervisors, and Senior Management](index=27&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The company underwent several changes in its board, supervisory committee, and senior management due to term expirations and new appointments Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zhou Wuping | Chairman | Elected | Feb 10, 2025 | Term Change | | Hu Jie | Director | Elected | Feb 10, 2025 | Term Change | | Zhang Guoqiang | Director | Elected | Feb 10, 2025 | Term Change | | Ding Hewei | Supervisor | Elected | Feb 10, 2025 | Term Change | | Zhou Wuping | General Manager | Appointed | Feb 10, 2025 | Term Change | | Liu Bin | CFO, Board Secretary | Appointed | Feb 10, 2025 | Term Change | | Li Wei | Deputy General Manager | Appointed | Feb 10, 2025 | Term Change | | Wang Tianhua | Deputy General Manager | Appointed | Feb 10, 2025 | Term Change | | Sun Shaobin | Chairman, General Manager | Term Expired | Feb 10, 2025 | Term Change | | Huang Shaji | Director | Term Expired | Feb 10, 2025 | Term Change | | Li Han | Director | Term Expired | Feb 10, 2025 | Term Change | | Xiao Ping | Supervisor | Term Expired | Feb 10, 2025 | Term Change | | Yang Jie | CFO | Term Expired | Feb 10, 2025 | Term Change | | Cai Xiaobao | Board Secretary | Term Expired | Feb 10, 2025 | Term Change | [II. Profit Distribution and Capitalization of Capital Reserve during the Reporting Period](index=27&type=section&id=II.%20Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserve%20during%20the%20Reporting%20Period) The company does not plan to distribute cash dividends, issue bonus shares, or capitalize its capital reserve for the first half of the year - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the first half of the year[98](index=98&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentives](index=27&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentives) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[99](index=99&type=chunk) [IV. Environmental Information Disclosure](index=27&type=section&id=IV.%20Environmental%20Information%20Disclosure) Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law - Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[100](index=100&type=chunk) [V. Social Responsibility](index=27&type=section&id=V.%20Social%20Responsibility) The company actively fulfilled its social responsibilities by participating in a poverty alleviation program to support rural revitalization - During the reporting period, CISRI-GAONA actively practiced social responsibility by participating in the "Agriculture Promotion Week" organized by China Iron & Steel Research Institute Group[100](index=100&type=chunk) - The company purchased goods from designated poverty alleviation areas, contributing to rural revitalization as a state-owned enterprise[100](index=100&type=chunk) [Section 5 Important Matters](index=28&type=section&id=Section%205%20Important%20Matters) [I. Commitments Fulfilled during the Reporting Period and Overdue Commitments at the End of the Reporting Period by the Company, its Actual Controller, Shareholders, Related Parties, and Acquirers](index=28&type=section&id=I.%20Commitments%20Fulfilled%20during%20the%20Reporting%20Period%20and%20Overdue%20Commitments%20at%20the%20End%20of%20the%20Reporting%20Period%20by%20the%20Company%2C%20its%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20and%20Acquirers) There were no commitments fulfilled or overdue by the company, its actual controller, shareholders, or other related parties during the reporting period - The company had no commitments from its actual controller, shareholders, related parties, acquirers, or itself that were fulfilled during the reporting period or remained overdue at the period's end[102](index=102&type=chunk) [II. Non-operational Fund Occupation by the Controlling Shareholder and Other Related Parties](index=28&type=section&id=II.%20Non-operational%20Fund%20Occupation%20by%20the%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) There were no instances of non-operational fund occupation by the controlling shareholder or other related parties during the reporting period - The company had no instances of non-operational fund occupation by its controlling shareholder or other related parties during the reporting period[103](index=103&type=chunk) [III. Irregular External Guarantees](index=28&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[104](index=104&type=chunk) [IV. Appointment and Dismissal of Accounting Firm](index=28&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The company's semi-annual report has not been audited - The company's semi-annual report has not been audited[105](index=105&type=chunk) [V. Explanation from the Board of Directors, Supervisory Committee, and Audit Committee on the 'Non-standard Audit Report' for the Reporting Period](index=28&type=section&id=V.%20Explanation%20from%20the%20Board%20of%20Directors%2C%20Supervisory%20Committee%2C%20and%20Audit%20Committee%20on%20the%20'Non-standard%20Audit%20Report'%20for%20the%20Reporting%20Period) The company did not receive a non-standard audit report for the current reporting period [VI. Explanation from the Board of Directors on the 'Non-standard Audit Report' of the Previous Year](index=28&type=section&id=VI.%20Explanation%20from%20the%20Board%20of%20Directors%20on%20the%20'Non-standard%20Audit%20Report'%20of%20the%20Previous%20Year) The company did not receive a non-standard audit report for the previous year [VII. Bankruptcy and Reorganization Matters](index=28&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company was not involved in any bankruptcy or reorganization matters during the reporting period - The company was not involved in any bankruptcy or reorganization matters during the reporting period[106](index=106&type=chunk) [VIII. Litigation Matters](index=29&type=section&id=VIII.%20Litigation%20Matters) The company had no major litigation or arbitration matters during the reporting period - The company had no major litigation or arbitration matters during this reporting period[107](index=107&type=chunk) [IX. Penalties and Rectifications](index=29&type=section&id=IX.%20Penalties%20and%20Rectifications) The company was not subject to any penalties or rectification orders during the reporting period - The company was not subject to any penalties or rectification orders during the reporting period[108](index=108&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=29&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company, its controlling shareholder, and actual controller maintained a good integrity status [XI. Major Related Party Transactions](index=29&type=section&id=XI.%20Major%20Related%20Party%20Transactions) The company completed a private placement to its controlling shareholder, raising net proceeds of 273 million Yuan, with no other major related party transactions occurring - The company had no related party transactions related to daily operations during the reporting period[109](index=109&type=chunk) - The company had no related party transactions involving the acquisition or sale of assets or equity during the reporting period[110](index=110&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[111](index=111&type=chunk) - The company had no related party debt or credit transactions during the reporting period[112](index=112&type=chunk) - On February 3, 2025, the company received approval from the CSRC for its application to issue shares to specific parties[116](index=116&type=chunk) - The company issued **21,823,850 A-shares** to a specific party at a price of **RMB 12.83 per share**, raising total proceeds of **RMB 279,999,995.50** and net proceeds of **RMB 273,757,177.03**[116](index=116&type=chunk) - The proceeds were transferred to the company's designated fundraising account on February 28, 2025, and the special account was closed on April 16, 2025[116](index=116&type=chunk) [XII. Major Contracts and Their Performance](index=31&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) The company had no major contracts for trusteeship, contracting, or leasing, but provided guarantees for its subsidiaries totaling 16.12% of its net assets - The company had no trusteeship arrangements during the reporting period[119](index=119&type=chunk) - The company had no contracting arrangements during the reporting period[120](index=120&type=chunk) - The company had no leasing arrangements during the reporting period[121](index=121&type=chunk) Guarantees Provided by the Company for its Subsidiaries | Guaranteed Party | Guarantee Limit (10,000 Yuan) | Actual Guarantee Amount (10,000 Yuan) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Hebei DEKAI | 80,000 | 19,000 | Joint Liability | Ten Years | No | | Hebei DEKAI | 143,200 | 9,000 | Joint Liability | Ten Years | No | | Qingdao CISRI | 12,500 | 12,500 | Joint Liability | Five Years | No | | Liaoning GAONA | 45,000 | 6,000 | Joint Liability | Five Years | No | | Sichuan GAONA | 15,000 | 10,000 | Joint Liability | Three Years | No | | Liaoning GAONA | 9,000 | 4,000 | Joint Liability | Three Years | No | | **Total** | | **60,500** | | | | | **Total Actual Guarantee as % of Net Assets** | | **16.12%** | | | | - The company had no other major contracts during the reporting period[127](index=127&type=chunk) [XIII. Explanation of Other Major Matters](index=33&type=section&id=XIII.%20Explanation%20of%20Other%20Major%20Matters) The company undertook several major actions, including providing guarantees, increasing capital in a subsidiary, completing a private placement, and amending its articles of association - The company provided a 100 million Yuan loan guarantee for its subsidiary Liaoning GAONA and a 100 million Yuan comprehensive credit guarantee for Sichuan GAONA[128](index=128&type=chunk) - The company completed the re-election of its seventh Board of Directors, Supervisory Committee, and senior management[129](index=129&type=chunk) - The company increased the capital of its subsidiary Sichuan GAONA by 140 million Yuan from its own funds, raising its registered capital to 150 million Yuan[130](index=130&type=chunk) - The company completed a private placement, listed 21,823,850 new shares on the Shenzhen Stock Exchange, and closed the special fundraising account[131](index=131&type=chunk) - The company's total share capital increased from 485,957,096 to 796,961,563 shares, and the articles of association were amended accordingly[132](index=132&type=chunk) - The company adjusted the annual stipend for independent directors from RMB 108,000 (pre-tax) to RMB 120,000 (pre-tax)[133](index=133&type=chunk) - The company adopted "Interpretation No 17" and "Interim Provisions on Accounting for Enterprise Data Resources" from January 1, 2024, and will adopt "Interpretation No 18" from December 6, 2024[134](index=134&type=chunk) - The company's Board of Directors established a Nomination Committee and formulated its implementation rules[135](index=135&type=chunk) [XIV. Major Matters of Subsidiaries](index=34&type=section&id=XIV.%20Major%20Matters%20of%20Subsidiaries) The company provided guarantees and a 140 million Yuan capital increase to its subsidiaries Liaoning GAONA and Sichuan GAONA to support their business development - The company provided joint liability guarantees for loans of 60 million Yuan and 40 million Yuan applied for by its subsidiary Liaoning GAONA from China Merchants Bank, Shenyang Branch[136](index=136&type=chunk) - The company provided a joint liability guarantee for a 100 million Yuan comprehensive credit facility applied for by its subsidiary Sichuan GAONA from China CITIC Bank, Beijing Branch[136](index=136&type=chunk) - The company increased the capital of its subsidiary Sichuan GAONA by 140 million Yuan, raising its registered capital from 10 million Yuan to 150 million Yuan[137](index=137&type=chunk) [Section 6 Changes in Share Capital and Shareholders](index=35&type=section&id=Section%206%20Changes%20in%20Share%20Capital%20and%20Shareholders) [I. Changes in Share Capital](index=35&type=section&id=I.%20Changes%20in%20Share%20Capital) The company's total share capital increased due to a private placement, which also increased restricted shares and diluted earnings per share Changes in Share Capital | Share Class | Pre-Change Quantity (Shares) | Change (+, -) (Shares) | Post-Change Quantity (Shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 8,660,988 | 21,654,517 | 30,315,505 | | Of which: State-owned Legal Person | 0 | 21,823,850 | 21,823,850 | | Domestic Individual | 8,660,988 | -169,333 | 8,491,655 | | II. Unrestricted Shares | 766,476,725 | 169,333 | 766,646,058 | | III. Total Shares | 775,137,713 | 21,823,850 | 796,961,563 | - The change in share capital was due to the completion of a private placement, with **21,823,850 new shares** listed on the Shenzhen Stock Exchange on March 20, 2025[141](index=141&type=chunk) - The share change resulted in a dilution of basic and diluted earnings per share, as well as net assets per share attributable to common shareholders[145](index=145&type=chunk) Changes in Restricted Shares | Shareholder Name | Opening Restricted Shares (Shares) | Shares Released from Restriction (Shares) | Shares Added to Restriction (Shares) | Closing Restricted Shares (Shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | China Iron & Steel Research Institute Group | 0 | 0 | 21,823,850 | 21,823,850 | Post-IPO Restricted Shares | | Sun Shaobin | 128,001 | 0 | 42,667 | 170,668 | Lock-up for departing senior executive | | Yang Jie | 108,001 | 0 | 36,000 | 144,001 | Lock-up for departing senior executive | | Cai Xiaobao | 72,000 | 0 | 24,000 | 96,000 | Lock-up for departing senior executive | | Zhou Qian | 144,000 | 144,000 | 0 | 0 | N/A | | Bi Zhongnan | 128,000 | 128,000 | 0 | 0 | N/A | | Total | 580,002 | 272,000 | 21,926,517 | 22,234,519 | | [II. Securities Issuance and Listing](index=37&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company issued 21,823,850 A-shares at 12.83 Yuan per share, which were listed on the Shenzhen Stock Exchange on March 20, 2025 Stock Issuance and Listing | Stock Name | Issuance Date | Issuance Price (Yuan/share) | Issuance Quantity (Shares) | Listing Date | Approved Listing Quantity (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | A-share Common Stock | Feb 27, 2025 | 12.83 | 21,823,850 | Mar 20, 2025 | 21,823,850 | - The total proceeds from this issuance were **RMB 279,999,995.50**, with net proceeds of **RMB 273,757,177.03**[145](index=145&type=chunk) [III. Number of Shareholders and Shareholding Status](index=38&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) At the end of the period, the company had 44,282 shareholders, with the controlling shareholder, China Iron & Steel Research Institute Group, holding a 42.01% stake - The total number of common shareholders at the end of the reporting period was **44,282**[148](index=148&type=chunk) Shareholdings of Shareholders with over 5% or Top 10 Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period End (Shares) | Change during Period | Restricted Shares Held (Shares) | Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Iron & Steel Research Institute Group | State-owned Legal Person | 42.01% | 334,786,645 | Increase of 21,823,850 restricted shares | 21,823,850 | 312,962,795 | | China Reform Holdings Corporation Ltd | State-owned Legal Person | 3.52% | 28,055,422 | 0 | 0 | 28,055,422 | | Wang Xinglei | Domestic Individual | 1.34% | 10,710,648 | 0 | 8,032,986 | 2,677,662 | | China Construction Bank - Fullgoal CSI Military Industry Leading ETF | Domestic Non-state-owned Legal Person | 1.15% | 9,191,700 | 4,019,700 | 0 | 9,191,700 | | Hong Kong Securities Clearing Company Ltd | Foreign Legal Person | 1.14% | 9,116,530 | 4,483,664 | 0 | 9,116,530 | | Wei Lihua | Domestic Individual | 1.01% | 8,070,307 | 0 | 0 | 8,070,307 | | Ruilife Insurance Co, Ltd - Own Funds | Domestic Non-state-owned Legal Person | 0.94% | 7,484,002 | -2,827,200 | 0 | 7,484,002 | | China Construction Bank - Guotai CSI Military Industry ETF | Domestic Non-state-owned Legal Person | 0.70% | 5,554,043 | 1,665,800 | 0 | 5,554,043 | | Sheng Wenlan | Domestic Individual | 0.61% | 4,875,846 | -80,000 | 0 | 4,875,846 | | China Merchants Bank - Southern CSI 1000 ETF | Domestic Non-state-owned Legal Person | 0.55% | 4,416,920 | 757,240 | 0 | 4,416,920 | - Wei Lihua holds 0 shares through a regular securities account and 8,070,307 shares through a customer credit trading collateral securities account with Huafu Securities, for a total of 8,070,307 shares[150](index=150&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=40&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[151](index=151&type=chunk) [V. Changes in the Controlling Shareholder or Actual Controller](index=40&type=section&id=V.%20Changes%20in%20the%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[152](index=152&type=chunk) - The company's actual controller did not change during the reporting period[152](index=152&type=chunk) [VI. Information on Preferred Shares](index=40&type=section&id=VI.%20Information%20on%20Preferred%20Shares) The company did not have any preferred shares during the reporting period - The company had no preferred shares during the reporting period[153](index=153&type=chunk) [Section 7 Bond-related Matters](index=41&type=section&id=Section%207%20Bond-related%20Matters) [Bond-related Matters](index=41&type=section&id=Bond-related%20Matters) The company had no bond-related matters to report for the period - The company had no bond-related matters during the reporting period[155](index=155&type=chunk) [Section 8 Financial Report](index=42&type=section&id=Section%208%20Financial%20Report) [I. Audit Report](index=42&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[157](index=157&type=chunk) [II. Financial Statements](index=42&type=section&id=II.%20Financial%20Statements) This section presents the company's financial statements, showing total assets of 7.60 billion Yuan and net profit attributable to parent company shareholders of 64 million Yuan Key Data from Consolidated Balance Sheet | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 7,599,444,133.90 | 7,593,715,153.08 | | Total Liabilities | 3,348,804,367.73 | 3,616,162,038.88 | | Total Equity Attributable to Parent Company | 3,753,283,902.22 | 3,495,156,817.05 | | Minority Interest | 497,355,863.95 | 482,396,297.15 | | Total Equity | 4,250,639,766.17 | 3,977,553,114.20 | Key Data from Consolidated Income Statement | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,816,543,136.68 | 1,728,961,342.89 | | Operating Profit | 163,199,073.77 | 293,453,923.98 | | Total Profit | 163,192,295.26 | 293,371,374.26 | | Net Profit | 134,470,425.30 | 254,899,315.83 | | Net Profit Attributable to Parent Company Shareholders | 63,805,391.57 | 179,823,956.85 | | Minority Interest Income | 70,665,033.73 | 75,075,358.98 | | Basic Earnings per Share | 0.0812 | 0.2321 | | Diluted Earnings per Share | 0.0812 | 0.2321 | Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -266,842,856.89 | -440,582,290.19 | | Net Cash Flow from Investing Activities | -44,389,711.98 | -194,946,592.78 | | Net Cash Flow from Financing Activities | 273,460,789.14 | 86,041,999.43 | | Net Increase in Cash and Cash Equivalents | -37,771,779.73 | -549,486,883.54 | | Closing Balance of Cash and Cash Equivalents | 598,036,256.92 | 386,598,636.48 | [III. Basic Company Information](index=60&type=section&id=III.%20Basic%20Company%20Information) The company is registered in Beijing and primarily produces and sells alloy products, with its ultimate controlling party being the State-owned Assets Supervision and Administration Commission - The company is registered at 19 South Dalianpo Village, Haidian District, Beijing, and is organized as a joint-stock limited company[188](index=188&type=chunk) - The company's main business is the production and sale of cast alloy products, wrought alloy products, and new alloy materials and products[189](index=189&type=chunk) - The company's parent company is China Iron & Steel Research Institute Group, and its ultimate controlling party is the State-owned Assets Supervision and Administration Commission of the State Council[189](index=189&type=chunk) [IV. Basis of Preparation for Financial Statements](index=61&type=section&id=IV.%20Basis%20of%20Preparation%20for%20Financial%20Statements) The financial statements are prepared in accordance with China's Enterprise Accounting Standards, and the company's ability to continue as a going concern is not in doubt - These financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance[190](index=190&type=chunk) - The company has assessed its ability to continue as a going concern for the 12 months from the end of the reporting period and has found no significant doubts or issues[191](index=191&type=chunk) [V. Significant Accounting Policies and Estimates](index=61&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's accounting policies for key areas such as business combinations, financial instruments, revenue recognition, and asset valuation - The company's financial statements comply with the requirements of the Enterprise Accounting Standards, providing a true and complete view of its financial position, operating results, and cash flows[193](index=193&type=chunk) - The company's fiscal year is the calendar year, from January 1 to December 31, and its functional currency is the Renminbi (RMB)[194](index=194&type=chunk)[196](index=196&type=chunk) - Financial instruments are classified as financial assets and liabilities measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services, with measurement methods varying by performance obligation type[306](index=306&type=chunk)[307](index=307&type=chunk)[308](index=308&type=chunk) - There were no significant changes in accounting policies or estimates during the reporting period[332](index=332&type=chunk) [VI. Taxes](index=88&type=section&id=VI.%20Taxes) The company is subject to various taxes, including VAT and corporate income tax, and benefits from a reduced 15% income tax rate as a high-tech enterprise Main Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Net of output tax over input tax on sales of goods and taxable services | 13%, 9%, 6%, 5%, 3% | | Urban Maintenance and Construction Tax | Based on VAT paid | 7% | | Corporate Income Tax | Based on taxable income | 15%, 20%, 25% | | Education Surcharge | Based on VAT paid | 3% | | Local Education Surcharge | Based on VAT paid | 2% | | Property Tax | Rental income or original value of property | 12%, 1.2% | - The company and several of its subsidiaries (such as Hebei CISRI DEKAI, Qingdao Xinlitong, Xi'an CISRI-GAONA, and Sichuan CISRI-GAONA) are certified as "High-tech Enterprises" and are subject to a **15%** corporate income tax rate[335](index=335&type=chunk)[336](index=336&type=chunk) - Some subsidiaries benefit from preferential tax policies for small and micro enterprises, with reduced tax rates on taxable income up to 3 million Yuan[337](index=337&type=chunk) [VII. Notes to Items in the Consolidated Financial Statements](index=90&type=section&id=VII.%20Notes%20to%20Items%20in%20the%20Consolidated%20Financial%20Statements) This section provides detailed notes on financial statement items, highlighting changes in receivables, inventory, fixed assets, and borrowings that impacted the company's financial position Cash and Bank Balances | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Bank Deposits | 598,036,256.92 | 635,808,036.65 | | Other Cash Balances | 29,136,707.25 | 40,274,959.13 | | Total | 627,172,964.17 | 676,082,995.78 | Classification of Notes Receivable | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills | 71,144,088.75 | 60,170,856.13 | | Trade Acceptance Bills | 471,543,333.17 | 801,126,626.41 | | Total | 542,687,421.92 | 861,297,482.54 | Aging Analysis of Accounts Receivable | Aging | Closing Book Balance (Yuan) | Opening Book Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 1,576,813,202.96 | 1,108,285,663.16 | | 1 to 2 years | 211,803,587.20 | 193,472,209.81 | | 2 to 3 years | 35,683,945.81 | 17,390,240.74 | | Over 3 years | 38,464,583.93 | 29,857,022.42 | | Total | 1,862,765,319.90 | 1,349,005,136.13 | Inventory Classification | Item | Closing Book Value (Yuan) | Opening Book Value (Yuan) | | :--- | :--- | :--- | | Raw Materials | 235,774,456.94 | 184,579,586.24 | | Work in Progress | 578,194,564.74 | 722,764,855.24 | | Finished Goods | 440,448,521.47 | 386,486,289.26 | | Contract Fulfillment Costs | 41,105,451.16 | 47,583,169.24 | | Goods in Transit | 585,218,447.59 | 618,928,298.35 | | Total | 1,880,741,441.90 | 1,960,342,198.33 | Book Value of Fixed Assets | Item | Closing Book Value (Yuan) | Opening Book Value (Yuan) | | :--- | :--- | :--- | | Buildings and Structures | 476,375,181.07 | 479,919,351.66 | | Machinery and Equipment | 741,530,885.49 | 578,940,295.61 | | Transportation Equipment | 2,633,066.48 | 3,011,090.54 | | Total | 1,220,539,133.04 | 1,061,870,737.81 | Construction in Progress | Item | Closing Book Value (Yuan) | Opening Book Value (Yuan) | | :--- | :--- | :--- | | Construction in Progress | 163,882,398.30 | 327,516,974.70 | | Total | 163,882,398.30 | 327,516,974.70 | Classification of Short-term Borrowings | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Guaranteed Loans | 3,986,700.00 | 0.00 | | Credit Loans | 135,323,625.46 | 357,935,072.23 | | Other | 0.00 | 3,727,532.00 | | Total | 139,310,325.46 | 361,662,604.23 | Analysis of Accounts Payable | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 1,047,196,354.86 | 926,265,664.58 | | 1-2 years (inclusive) | 67,011,795.65 | 62,574,126.99 | | 2-3 years (inclusive) | 15,707,647.05 | 13,578,431.00 | | Over 3 years | 18,887,803.76 | 14,986,064.72 | | Total | 1,148,803,601.32 | 1,017,404,287.29 | Classification of Long-term Borrowings | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Mortgaged Loans | 269,155,150.94 | 296,905,150.94 | | Guaranteed Loans | 14,015,976.00 | 0.00 | | Credit Loans | 140,495,387.40 | 0.00 | | Total | 423,666,514.34 | 296,905,150.94 | Operating Revenue and Cost of Sales | Item | Current Period Revenue (Yuan) | Current Period Cost (Yuan) | Prior Period Revenue (Yuan) | Prior Period Cost (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 1,809,649,172.42 | 1,371,881,280.99 | 1,721,225,379.58 | 1,170,770,845.82 | | Other Business | 6,893,964.26 | 7,844,446.85 | 7,735,963.31 | 6,571,119.89 | | Total | 1,816,543,136.68 | 1,379,725,727.84 | 1,728,961,342.89 | 1,177,341,965.71 | Financial Expenses | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Interest Expense | 11,530,705.76 | 18,048,948.06 | | Less: Interest Income | 1,898,683.75 | 7,643,099.73 | | Net Foreign Exchange Gain/Loss | -12,659,032.88 | -661,370.31 | | Service Fees | 1,082,560.04 | 1,522,446.56 | | Total | -1,944,450.83 | 11,266,924.58 | Cash Flow Statement Supplement: Reconciliation of Net Profit to Net Cash Flow from Operating Activities | Supplement | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Net Profit | 134,470,425.30 | 254,899,315.83 | | Add: Provision for Asset Impairment | 20,093,393.66 | 3,696,277.15 | | Depreciation of Fixed Assets, Oil and Gas Assets, and Productive Biological Assets | 55,884,397.26 | 51,302,234.48 | | Depreciation of Right-of-use Assets | 13,816,193.76 | 13,916,742.11 | | Amortization of Intangible Assets | 9,962,090.72 | 8,632,538.86 | | Amortization of Long-term Deferred Expenses | 12,092,547.69 | 4,149,597.25 | | Loss on Disposal of Fixed Assets, Intangible Assets, and Other Long-term Assets (Gain shown with "-") | -1,007,029.49 | -154,834.41 | | Loss on Scrapping of Fixed Assets (Gain shown with "-") | 51,495.32 | 151,970.78 | | Financial Expenses (Gain shown with "-") | 11,530,705.76 | 18,048,948.06 | | Investment Loss (Gain shown with "-") | 13,467,093.19 | 10,468,295.36 | | Decrease in Deferred Tax Assets (Increase shown with "-") | 453,418.88 | -2,507,438.58 | | Increase in Deferred Tax Liabilities (Decrease shown with "-") | -326,594.78 | 2,596,818.94 | | Decrease in Inventories (Increase shown with "-") | 64,285,988.76 | -206,146,439.15 | | Decrease in Operating Receivables (Increase shown with "-") | -176,689,849.71 | -221,062,309.82 | | Increase in Operating Payables (Decrease shown with "-") | -424,927,133.21 | -378,574,007.05 | | Net Cash Flow from Operating Activities | -266,842,856.89 | -440,582,290.19 | [VIII. Research and Development Expenditures](index=129&type=section&id=VIII.%20Research%20and%20Development%20Expenditures) The company's total R&D expenditure was 87.25 million Yuan, with the majority expensed and a small portion capitalized, reflecting ongoing investment in innovation R&D Expenditure | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total | 87,246,976.34 | 92,761,722.97 | | Of which: Expensed R&D | 86,469,982.75 | 90,082,229.38 | | Capitalized R&D | 776,993.59 | 2,679,493.59 | R&D Projects Eligible for Capitalization | Project | Opening Balance (Yuan) | Current Period Increase (Yuan) | Current Period Decrease (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Project 1 | 3,266,611.69 | 0.00 | 3,266,611.69 | 0.00 | | Project 2 | 0.00 | 407,680.59 | 0.00 | 407,680.59 | | Project 3 | 0.00 | 369,313.00 | 0.00 | 369,313.00 | | Total | 3,266,611.69 | 776,993.59 | 3,266,611.69 | 776,993.59 | [IX. Changes in the Scope of Consolidation](index=130&type=section&id=IX.%20Changes%20in%20the%20Scope%20of%20Consolidation) There were no transactions or events during the reporting period that resulted in the company losing control over any of its subsidiaries - There were no transactions or events during the period that resulted in the loss of control over a subsidiary[534](index=534&type=chunk) - There were no instances of disposing of an investment in a subsidiary in multiple transactions leading to a loss of control in the current period[534](index=534&type=chunk) [X. Interests in Other Entities](index=131&type=section&id=X.%20Interests%20in%20Other%20Entities) The company holds interests in six major subsidiaries and four associate companies, with Qingdao Xinlitong being a key non-wholly-owned subsidiary Composition of the Corporate Group | Subsidiary Name | Registered Capital (Yuan) | Principal Place of Business | Business Nature | Shareholding Ratio (Direct) | Method of Acquisition | | :--- | :--- | :--- | :--- | :--- | :--- | | Hebei CISRI DEKAI Technology Co, Ltd | 168,558,100.00 | Zhuozhou, Hebei | Industrial Production | 81.82% | Investment | | Qingdao Xinlitong Industrial Co, Ltd | 85,681,600.00 | Qingdao, Shandong | Industrial Production | 65.00% | Business combination not under common control | | Zhuozhou GAONA DEKAI Technology Co, Ltd | 10,000,000.00 | Zhuozhou, Hebei | Industrial Production | 100.00% | Investment | | Sichuan CISRI-GAONA Forging Co, Ltd | 150,000,000.00 | Deyang, Sichuan | Industrial Production | 100.00% | Investment | | Xi'an CISRI-GAONA Aeronautical Components Co, Ltd | 110,000,000.00 | Xi'an, Shaanxi | Industrial Production | 67.97% | Investment | | Liaoning CISRI-GAONA Intelligent Manufacturing Co, Ltd | 120,000,000.00 | Shenyang, Liaoning | Industrial Production | 100.00% | Investment | Significant Non-wholly-owned Subsidiaries | Subsidiary Name | Minority Interest Ratio | Profit/Loss Attributable to Minority Shareholders (Yuan) | Dividends Declared to Minority Shareholders (Yuan) | Closing Balance of Minority Interest (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Hebei CISRI DEKAI Technology Co, Ltd | 18.18% | -484,144.94 | 0.00 | 125,618,790.43 | | Qingdao Xinlitong Industrial Co, Ltd | 35.00% | 62,408,051.65 | 55,944,565.77 | 300,395,396.87 | | Xi'an CISRI-GAONA Aeronautical Components Co, Ltd | 32.03% | 8,741,127.02 | 0.00 | 71,341,676.65 | Significant Joint Ventures or Associates | JV or Associate Name | Principal Place of Business | Business Nature | Shareholding Ratio (Direct) | Accounting Method for Investment | | :--- | :--- | :--- | :--- | :--- | | Shandong CISRI Haide Technology Co, Ltd | Zibo, Shandong | Industrial Production | 40.00% | Equity Method | | Qingdao CISRI New Materials Technology Development Co, Ltd | Qingdao, Shandong | Commercial Services | 50.00% | Equity Method | | Qingdao GAONA Technology Co, Ltd | Qingdao, Shandong | Business Services | 10.00% | Equity Method | | Changzhou CISRI Jiguang Additive Manufacturing Co, Ltd | Changzhou, Jiangsu | Industrial Production | 20.00% | Equity Method | [XI. Government Grants](index=134&type=section&id=XI.%20Government%20Grants) The company received new asset-related government grants of 110.86 million Yuan, with 8.38 million Yuan recognized as other income during the period Liability Items Involving Government Grants | Account | Opening Balance (Yuan) | New Grants in Period (Yuan) | Amount Transferred to Other Income (Yuan) | Closing Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 32,767,141.02 | 110,859,500.00 | 5,652,499.76 | 137,974,141.26 | Asset-related | Government Grants Recognized in Current Profit or Loss | Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Other Income | 8,377,199.76 | 5,517,152.24 | [XII. Risks Related to Financial Instruments](index=135&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) [1. Various Risks Arising from Financial Instruments](index=135&type=section&id=1.%20Various%20Risks%20Arising%20from%20Financial%20Instruments) The company manages financial risks including currency, credit, and liquidity through monitoring, customer assessment, and maintaining sufficient cash and credit facilities - The company's financial instruments are exposed to **currency risk, credit risk, and liquidity risk**[549](index=549&type=chunk) - **Currency risk** is mainly related to the USD, EUR, and CAD; a 1% appreciation or depreciation of

证券代码：300034 证券简称：钢研高纳 公告编号：2025-054 北京钢研高纳科技股份有限公司 本公司及董事会全体成员保证公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 本次会议的召开符合《公司法》及有关法律法规的规定。会议由董事长周武 平先生主持，经表决形成如下决议： 二、会议审议情况 经与会董事充分讨论，本次会议审议并通过了如下议案： （一）审议通过了关于《北京钢研高纳科技股份有限公司2025年半年度报 告全文及其摘要》的议案 公司严格按照《证券法》及《深圳证券交易所股票上市规则》等法律法规规 定，并根据自身实际情况，完成了2025年半年度报告及其摘要的编制工作。经审 议，董事会认为：公司《2025年半年度报告》及其摘要的编制和审核程序符合法 律、行政法规、中国证监会和深圳证券交易所等相关规定。报告内容真实、准确、 完整地反映了公司2025年半年度经营的实际情况，不存在虚假记载、误导性陈述 或者重大遗漏。 具体内容详见公司在巨潮资讯网（http://www.cninfo.com.cn）披露的相关公 告。 本议案已经董事会审计委员会审议通过 ...

Industry Overview - The corrosion-resistant alloy industry is a key foundational material sector for high-end equipment manufacturing, experiencing rapid growth, with the market size in China expected to exceed 50 billion yuan in 2024 and reach 80 billion yuan by 2030 [1] - The product system of the industry is comprehensive, covering four main categories: iron-based (e.g., 304 stainless steel), nickel-based (e.g., Hastelloy C-276), reactive metals (e.g., titanium alloys), and copper-based alloys, with stainless steel dominating the market [1][2] - The industry is transitioning towards green and high-end development driven by dual carbon goals and high-end equipment demand, with continuous breakthroughs in new material research and processes [1][10] Market Dynamics - The industry is characterized by a competitive landscape of "state-owned enterprises leading, private enterprises featuring, and foreign capital supplementing," with accelerated domestic substitution [1][23] - The market is projected to grow at a compound annual growth rate (CAGR) of approximately 8.5% from 2024 to 2030, indicating strong growth potential [12] Production and Innovation - Leading companies like Fushun Special Steel have achieved domestic production of high-end nickel-based alloys, reducing costs by over 20% through innovative processes [12][20] - The production of stainless steel is expected to reach 39.44 million tons in 2024, with a year-on-year growth of 7.54% [14] Industry Chain - The corrosion-resistant alloy industry chain is tightly coordinated, with upstream relying on imported resources and domestic smelting technology breakthroughs, while downstream applications span petroleum, energy, marine engineering, and aerospace [8][10] - The petroleum and chemical sector accounts for 45% of demand, with the renewable energy sector growing at an annual rate exceeding 25% [8] Competitive Landscape - The industry features a three-tier structure with state-owned enterprises like Baowu Special Steel and Fushun Special Steel dominating the high-end market, while private enterprises like Jiuli Special Materials and Wujin Stainless Steel carve out niche advantages [23] - International companies still lead in certain high-end nickel-based alloy markets, but domestic alternatives are rapidly emerging [23] Development Trends - The industry is moving towards high-end, green, and international collaborative development, with significant demand for high-performance materials in aerospace, nuclear power, and deep-sea engineering [25][26] - Environmental policies are driving the adoption of short-process smelting and recycling technologies, with expectations for a 22% reduction in energy consumption per unit of output by 2025 [27] - International expansion and industry chain integration are accelerating, with companies seeking to enhance global competitiveness through mergers and technology partnerships [28]

Group 1 - The company, Gangyan Gaona, operates in the non-ferrous metal smelting and rolling processing industry [1] - The main products of the company are applied in the aerospace field, including usage in domestic large aircraft [1]

Core Viewpoint - The marine economy sector experienced a decline of 0.98% on August 20, with Zhongke Haixun leading the drop, while the Shanghai Composite Index rose by 1.04% and the Shenzhen Component Index increased by 0.89% [1][2]. Group 1: Market Performance - The marine economy sector's stocks showed mixed performance, with notable gainers including Youfu Co. (up 5.40% to 8.20), Gangyan High-tech (up 4.14% to 18.37), and Qianeng Hengxin (up 3.98% to 20.91) [1]. - Conversely, Zhongke Haixun saw a significant drop of 13.73% to 56.48, followed by Southern Road Machinery down 10.00% to 47.25 [2]. Group 2: Trading Volume and Capital Flow - The marine economy sector recorded a net outflow of 1.904 billion yuan from institutional investors, while retail investors saw a net inflow of 1.797 billion yuan [2][3]. - The trading volume for Youfu Co. reached 881,200 shares with a transaction value of 718 million yuan, while Zhongke Haixun had a trading volume of 269,000 shares with a transaction value of 1.588 billion yuan [1][2]. Group 3: Individual Stock Capital Flow - Gangyan High-tech had a net inflow of 66.03 million yuan from institutional investors, while retail investors experienced a net outflow of 57.27 million yuan [3]. - Youfu Co. saw a net inflow of 62.68 million yuan from institutional investors, with retail investors also facing a net outflow of 63.38 million yuan [3].

Group 1 - The core viewpoint of the news is that Steel Research High-Tech Co., Ltd. (钢研高纳) has shown a significant increase in stock price and trading volume, indicating positive market sentiment despite a decline in net profit [1] - As of August 20, 2025, the company's stock closed at 18.37 yuan, up 4.14%, with a trading volume of 465,200 lots and a transaction amount of 847 million yuan [1] - The net inflow of main funds today was 66.03 million yuan, accounting for 7.8% of the transaction amount, with large orders contributing significantly to this inflow [1] Group 2 - For the first quarter of 2025, the company reported total operating revenue of 937 million yuan, a year-on-year increase of 17.39%, while net profit attributable to shareholders decreased by 41.90% to 55.05 million yuan [1] - The company's liquidity ratios are as follows: current ratio at 1.927, quick ratio at 1.247, and debt-to-asset ratio at 43.99% [1] - Steel Research High-Tech Co., Ltd. was established in 2002 and is primarily engaged in technology promotion and application services, with a registered capital of approximately 796.96 million yuan [1] Group 3 - The company has made investments in 13 enterprises and participated in 931 bidding projects, showcasing its active engagement in the market [2] - In terms of intellectual property, the company holds 22 trademarks and 410 patents, along with 82 administrative licenses [2]