Part I: Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility. The company's head, chief accountant, and head of accounting department declare the financial report is true, accurate, and complete. Content regarding future plans and business forecasts in this report does not constitute a commitment, and investors should be fully aware of the risks - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions, and assume individual and joint legal liabilities[4](index=4&type=chunk) - Shen Wanqiu, the company's responsible person, Chen Yuanfa, the chief accountant, and He Mingzhe, the head of the accounting department, declare that the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - Content in this report concerning future plans and business forecasts does not constitute a commitment by the company to any investors or related parties, who should maintain sufficient awareness of the associated risks[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[9](index=9&type=chunk) [Definitions](index=8&type=section&id=%E9%87%8A%E4%B9%89) This section provides definitions for common terms used in the report, including company abbreviations, regulatory bodies, currency units, major subsidiary names, and key technical concepts (such as UDC, SFN, ADS, small target detection radar, high-frequency ground wave radar, smart ship solutions), ensuring accurate understanding of the report's content - The reporting period refers to January 1, 2025, to June 30, 2025[20](index=20&type=chunk) - UDC (Underwater Data Center) system solution: IT facilities like servers are installed in sealed pressure vessels underwater, using seawater for cooling, effectively saving energy resources, significantly reducing construction and operation costs, and featuring green environmental protection and high reliability[20](index=20&type=chunk) - Smart ship solution: Equipped with intelligent navigation systems, intelligent engine room systems, intelligent energy consumption management systems, and an intelligent integrated platform, integrating navigation, engine room automation, comprehensive monitoring, energy efficiency monitoring, video surveillance, communication, and networking to enhance navigation safety and efficiency[22](index=22&type=chunk) Part II: Company Profile and Key Financial Indicators [I. Company Profile](index=12&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section introduces the company's basic information, including its stock abbreviation "Highlander", stock code 300065, listing exchange Shenzhen Stock Exchange, as well as its full Chinese and English names and legal representative Shen Wanqiu - Company stock abbreviation: Highlander, stock code: **300065**[26](index=26&type=chunk) - Company legal representative: Shen Wanqiu[26](index=26&type=chunk) [II. Contact Persons and Information](index=12&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact information for the company's Board Secretary Yang Ye and Securities Affairs Representative Sun Yuepeng, including address, phone, fax, and email, facilitating communication for investors and relevant parties - Board Secretary: Yang Ye, contact address: Building 10, No. 7 Dijin Road, Haidian District, Beijing, phone: 021-61196201, email: yangy@highlander.com.cn[27](index=27&type=chunk) - Securities Affairs Representative: Sun Yuepeng, contact address: Building 10, No. 7 Dijin Road, Haidian District, Beijing, phone: 021-61196201, email: sunyp@highlander.com.cn[27](index=27&type=chunk) [III. Other Information](index=12&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) This section states that there were no changes in the company's contact information, information disclosure, and filing locations, or registration changes during the reporting period, with specific details available in the 2024 annual report - The company's registered address, office address, website, and email address remained unchanged during the reporting period[28](index=28&type=chunk) - Information disclosure and filing locations, as well as company registration status, remained unchanged during the reporting period, with details available in the 2024 annual report[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=13&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's 2025 semi-annual financial performance was strong, with significant growth in operating revenue and net profit attributable to shareholders, a positive shift in net cash flow from operating activities, improved earnings per share, and increased return on net assets, despite a slight decrease in total assets 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 487,481,299.53 | 157,936,758.62 | 208.66% | | Net Profit Attributable to Shareholders of Listed Company | 34,142,787.87 | 12,532,122.74 | 172.44% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 19,199,975.95 | -7,755,176.19 | 347.58% | | Net Cash Flow from Operating Activities | 28,730,815.81 | -27,800,898.57 | 203.34% | | Basic Earnings Per Share (CNY/share) | 0.0474 | 0.0173 | 173.99% | | Diluted Earnings Per Share (CNY/share) | 0.0474 | 0.0173 | 173.99% | | Weighted Average Return on Net Assets | 1.98% | 0.73% | 1.25% | | **Period-End Indicators** | **Current Reporting Period End (CNY)** | **Prior Year End (CNY)** | **Change from Prior Year End** | | Total Assets | 2,280,112,763.27 | 2,441,192,979.29 | -6.60% | | Net Assets Attributable to Shareholders of Listed Company | 1,747,252,191.50 | 1,708,162,620.33 | 2.29% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=13&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) During the reporting period, the company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and those prepared under Chinese accounting standards - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under international accounting standards and those under Chinese accounting standards[33](index=33&type=chunk) - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and those under Chinese accounting standards[34](index=34&type=chunk) [VI. Non-Recurring Gains and Losses and Amounts](index=13&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) The company's total non-recurring gains and losses for the 2025 semi-annual period amounted to **CNY 14,942,811.92**, primarily from disposal gains/losses of non-current assets, government subsidies, and fair value changes in financial assets 2025 Semi-Annual Non-Recurring Gains and Losses and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 2,393,549.82 | | Government subsidies recognized in current profit or loss | 2,168,288.94 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | 12,913,043.20 | | Other non-operating income and expenses apart from the above | 53,806.48 | | Less: Income tax impact | 2,585,876.52 | | Total | 14,942,811.92 | - The company does not classify non-recurring gains and losses 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[38](index=38&type=chunk) Part III: Management Discussion and Analysis [I. Principal Business Activities During the Reporting Period](index=15&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) In the first half of 2025, the company actively responded to national strategies, achieving significant progress across all business segments amidst a stable and improving marine economy, focusing on smart navigation, marine observation and detection, and underwater data centers, while setting a three-year plan to exceed **CNY 5 billion** in total group revenue by 2027 - In the first half of 2025, China's marine GDP reached **CNY 5.1 trillion**, a **5.8% year-on-year increase**, providing a favorable backdrop for the company's business development[40](index=40&type=chunk) - The company continues to adhere to the "Strengthen Fundamentals, Embrace AI" strategy, comprehensively enhancing technological innovation capabilities and market competitiveness, deeply integrating AI technology into business processes[47](index=47&type=chunk) - The company updated and refined its three-year plan, focusing on serving the national marine power strategy, striving to achieve total group revenue exceeding **CNY 5 billion** by 2027[47](index=47&type=chunk) [1. Industry Overview During the Reporting Period](index=15&type=section&id=1%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) In the first half of 2025, China's marine economy grew steadily, with enhanced independent innovation in marine technology. The company saw accelerated informatization and intelligence in the shipping sector, with large-scale application of solid-state radar; it actively participated in comprehensive marine disaster prevention projects; in the intelligent computing sector, AI and IDC collaborated, with growing interest in green industrial models combining underwater data centers and offshore wind power; and in the shipping sector, smart navigation, engine room automation, and integrated ship-shore communication systems showed broad prospects - In the first half of 2025, China's marine GDP reached **CNY 5.1 trillion**, a **5.8% year-on-year increase**[40](index=40&type=chunk) - The company's solid-state radar products have achieved large-scale application and performance iteration, marking a new era of deep integration of solid-state and AI intelligence in the company's marine navigation radar[41](index=41&type=chunk) - The Shanghai Lingang Underwater Data Center project was successfully included in the second batch of the National Development and Reform Commission's "Green and Low-Carbon Advanced Technology Demonstration Project List" due to its globally leading green computing innovation solution[44](index=44&type=chunk) [2. Principal Business Activities During the Reporting Period](index=17&type=section&id=2%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) During the reporting period, the company made significant progress in its three core businesses: smart navigation, marine observation and detection, and underwater data centers. In smart navigation, solid-state radar secured a large overseas order, and smart navigation systems passed international certification; in marine observation and detection, the Hainan Province marine disaster comprehensive prevention project was accepted, and a 4,500-meter class underwater data capsule was successfully developed and received orders; in underwater data centers, the Shanghai Lingang project was signed and commenced construction, aiming to build the nation's first offshore wind power integrated green computing infrastructure - The company's solid-state radar system software obtained the EU EC cybersecurity certificate based on the Linux platform and secured a major overseas customer order exceeding **CNY 100 million**[49](index=49&type=chunk)[50](index=50&type=chunk) - The Hainan Province marine disaster comprehensive prevention and control capability construction project successfully completed acceptance, and the company won the bid for the bottom-sitting experimental platform project for the National Marine Comprehensive Test Site (Weihai) construction[55](index=55&type=chunk) - The Lingang Underwater Data Center project has a total investment of **CNY 1.6 billion**, a total scale of **24MW**, with the first phase at **2.3MW**, designed PUE not exceeding 1.15, green power supply rate over 97%, and planned operation in Q3 2025[58](index=58&type=chunk)[60](index=60&type=chunk) [II. Analysis of Core Competencies](index=20&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies stem from over **20 years** of accumulated marine core technology and comprehensive implementation capabilities, with key technologies being independently controllable, and synergistic technology between offshore wind power and underwater data centers. The company possesses leading technological advantages and systematic production capabilities in smart navigation, marine observation and detection, and underwater data centers, establishing solid technical barriers and market position through innovation and integrated development - The company has over **20 years** of technological accumulation in marine equipment and marine informatization, establishing fully independent and controllable R&D, production, and testing capabilities, and has established R&D teams in Canada, Germany, and Russia[61](index=61&type=chunk) - The company owns two proprietary atmospheric diving systems, 610-meter and 365-meter deep, which are internationally top-tier efficient deep-sea operation equipment[63](index=63&type=chunk) - The company has overcome technical challenges in sealing, anti-corrosion, and heat dissipation for underwater data centers, and developed an intelligent power transmission and management system to achieve efficient synergy between offshore wind power and underwater data centers[64](index=64&type=chunk) [III. Analysis of Principal Business](index=22&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's 2025 semi-annual operating revenue and net profit attributable to shareholders achieved substantial growth, primarily due to the acceptance of the "Hainan Province Marine Disaster Comprehensive Prevention and Control Capability Construction Project" and the acquisition of high-margin orders for proprietary products. The company achieved significant operating results across its three major business areas: smart navigation, marine observation and detection, and underwater data centers, including winning a commercial aerospace project bid, solid-state radar entering international markets, successful development of a new generation underwater data capsule, and the signing and commencement of the Shanghai Lingang Underwater Data Center project 2025 Semi-Annual Major Financial Data Changes | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 487,481,299.53 | 157,936,758.62 | 208.66% | Hainan Province Marine Disaster Comprehensive Prevention and Control Capability Construction Project (EPC+O) completed acceptance | | Operating Cost | 365,484,868.27 | 102,912,019.53 | 255.14% | Hainan Province Marine Disaster Comprehensive Prevention and Control Capability Construction Project (EPC+O) completed acceptance | | Selling Expenses | 27,605,867.35 | 24,288,238.44 | 13.66% | Increase in business volume, synchronous rise in selling expenses | | Administrative Expenses | 37,076,127.73 | 28,089,287.29 | 31.99% | Increase in business volume, synchronous rise in operating and administrative expenses; new equity incentive expenses | | Financial Expenses | 51,047.79 | 944,169.67 | -94.59% | Impact of exchange losses | | Income Tax Expense | -2,508,678.19 | 2,902,335.09 | -186.44% | Reversal of deferred income tax expense due to government subsidies in this period | | R&D Investment | 35,214,810.60 | 33,141,518.10 | 6.26% | | | Net Cash Flow from Operating Activities | 28,730,815.81 | -27,800,898.57 | 203.34% | Received final payment for Hainan Province Marine Disaster Comprehensive Prevention and Control Capability Construction Project (EPC+O) and government subsidies | | Net Cash Flow from Investing Activities | 35,171,506.30 | 119,461,893.44 | -70.56% | Large cash inflow from disposal of subsidiaries in prior period, no such events in current period | | Net Cash Flow from Financing Activities | -40,718,070.40 | -143,328,500.65 | 71.59% | Reduced repayment of bank loans compared to prior period | | Net Increase in Cash and Cash Equivalents | 23,477,269.35 | -51,336,372.13 | 145.73% | Received final payment for Hainan Province Marine Disaster Comprehensive Prevention and Control Capability Construction Project (EPC+O) and government subsidies in current period | 2025 Semi-Annual Performance by Product or Service | Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Marine Observation and Detection Equipment and Systems | 328,158,944.92 | 273,554,263.73 | 16.64% | 978.87% | 1,304.69% | -19.34% | | Smart Ships and Smart Navigation Systems | 147,136,340.64 | 82,571,251.31 | 43.88% | 26.45% | 9.76% | 8.53% | - In Q1, the company, as a consortium member, successfully won the bid for the Hainan Commercial Aerospace Offshore Recovery Vessel project, marking a breakthrough in the special vessel sector and new industry exploration[68](index=68&type=chunk) [IV. Analysis of Non-Principal Business](index=24&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's non-principal businesses significantly impacted total profit in the 2025 semi-annual period, with investment income and fair value change gains/losses contributing positively, while asset impairment had a negative impact, and these items are not sustainable 2025 Semi-Annual Non-Principal Business Analysis | Item | Amount (CNY) | Proportion of Total Profit | Sustainability | | :--- | :--- | :--- | :--- | | Investment Income | 9,818,471.04 | 30.84% | No | | Fair Value Change Gains/Losses | 6,036,968.33 | 18.96% | No | | Asset Impairment | -19,498,049.70 | -61.24% | No | | Non-Operating Income | 327,397.79 | 1.03% | No | | Non-Operating Expenses | 273,591.31 | 0.86% | No | [V. Analysis of Assets and Liabilities](index=24&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's asset and liability structure changed in the 2025 semi-annual period, with a slight decrease in total assets, but an increased proportion of monetary funds and accounts receivable, while inventory and contract liabilities significantly decreased due to project acceptance. The company has no overseas assets, no differences between domestic and overseas accounting standards, no significant changes in the measurement attributes of major assets, and some assets are restricted 2025 Semi-Annual Major Changes in Asset Composition | Item | Amount at Period End (CNY) | Proportion of Total Assets | Amount at Prior Year End (CNY) | Proportion of Total Assets | Change in Proportion | Explanation of Major Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 312,673,976.07 | 13.71% | 276,745,140.69 | 11.34% | 2.37% | | | Accounts Receivable | 414,924,370.65 | 18.20% | 352,794,971.33 | 14.45% | 3.75% | | | Inventory | 85,008,779.48 | 3.73% | 326,647,544.48 | 13.38% | -9.65% | Hainan Province Marine Disaster Comprehensive Prevention and Control Capability Construction Project (EPC+O) completed acceptance in current period, project inventory transferred to cost | | Fixed Assets | 317,107,403.47 | 13.91% | 257,669,858.88 | 10.56% | 3.35% | | | Contract Liabilities | 100,893,813.88 | 4.42% | 284,749,980.10 | 11.66% | -7.24% | Hainan Province Marine Disaster Comprehensive Prevention and Control Capability Construction Project (EPC+O) completed acceptance in current period, project prepayments recognized as revenue | - As of the end of the reporting period, the company had restricted funds of **CNY 61,423,230.58**, primarily including letter of guarantee deposits, frozen funds, and fixed assets restricted by guarantees[193](index=193&type=chunk)[485](index=485&type=chunk) [VI. Analysis of Investment Status](index=26&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's 2025 semi-annual investment status primarily reflects the use of raised funds, with a cumulative use of **CNY 794.6768 million**, including project changes such as the "Annual Production of 370 Sets of Smart Ship Systems and 360 Sets of Smart Sensing Systems Project" being changed to the "Underwater Data Center Phase I Project", and the "Smart Ocean Technology Center Construction Project" being changed to the "Ship Solid-State Navigation Radar Test Platform Construction and Industrialization Project" and "UDC Shanghai Project (Phase I)". These changes aim to optimize resource allocation and support the company's UDC business and independent R&D process. The company had no significant equity investments, non-equity investments, entrusted wealth management, derivative investments, or entrusted loans during the reporting period 2025 Semi-Annual Overall Use of Raised Funds | Total Raised Funds (CNY 10,000) | Net Raised Funds (CNY 10,000) | Total Funds Used in Current Period (CNY 10,000) | Total Funds Cumulatively Used (CNY 10,000) | Unused Raised Funds (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | 101,532.08 | 101,532.08 | 2,321.45 | 79,467.68 | 22,064.4 | - The "Annual Production of 370 Sets of Smart Ship Systems and 360 Sets of Smart Sensing Systems Project" was changed to the "Underwater Data Center Phase I Project" to accelerate the company's UDC business development[88](index=88&type=chunk)[92](index=92&type=chunk) - The "Smart Ocean Technology Center Construction Project" was changed to the "Ship Solid-State Navigation Radar Test Platform Construction and Industrialization Project" and "UDC Shanghai Project (Phase I)" to support the development of fully autonomous solid-state navigation radar and the commercialization of underwater data centers[89](index=89&type=chunk)[92](index=92&type=chunk) [VII. Major Asset and Equity Sales](index=32&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company had no major asset or equity sales during the reporting period - The company did not sell major assets during the reporting period[97](index=97&type=chunk) - The company did not sell major equity during the reporting period[98](index=98&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=33&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's major holding subsidiaries include Shanghai Highlander Laurel Marine Technology Co., Ltd., Jiangsu Tusuo Marine Technology Service Co., Ltd., Gaoen (Hainan) Technology Co., Ltd., Hainan Auter Marine Technology Co., Ltd., and Guangdong Lantuo Information Technology Co., Ltd., which contributed the majority of operating revenue and net profit in marine technology, technical services, and equipment manufacturing. During the reporting period, the company deregistered Highlander (Hong Kong) Navigation Technology Co., Ltd., generating a gain of **CNY 2.3039 million** Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Principal Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Highlander Laurel Marine Technology Co., Ltd. | Subsidiary | Technical services in marine and information technology | 1,011,428,567.00 | 1,171,101,270.94 | 957,454,840.41 | 0.00 | -5,595,046.63 | -5,305,666.61 | | Jiangsu Tusuo Marine Technology Service Co., Ltd. | Subsidiary | Marine technical services, marine engineering equipment R&D | 50,000,000.00 | 139,283,481.86 | 45,417,811.82 | 60,772,139.87 | 17,834,025.24 | 17,561,701.01 | | Gaoen (Hainan) Technology Co., Ltd. | Subsidiary | Class I value-added telecommunications services, goods import/export, technology import/export | 100,000,000.00 | 314,572,237.26 | 109,062,033.86 | 11,757,374.57 | 1,992,403.80 | 2,809,502.93 | | Hainan Auter Marine Technology Co., Ltd. | Subsidiary | Marine engineering equipment manufacturing, engineering and technology research and experimental development | 160,000,000.00 | 466,899,873.02 | 266,425,468.83 | 316,515,296.84 | 17,471,625.07 | 14,075,638.67 | | Guangdong Lantuo Information Technology Co., Ltd. | Subsidiary | Marine informatization big data services | 100,000,000.00 | 72,779,776.76 | 58,571,313.35 | 74,400.00 | -3,646,721.73 | -3,649,579.12 | - During the reporting period, the company deregistered Highlander (Hong Kong) Navigation Technology Co., Ltd., generating a gain of **CNY 2.3039 million**[100](index=100&type=chunk) [IX. Structured Entities Controlled by the Company](index=33&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company had no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[101](index=101&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=34&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks related to new business transformation, fundraising projects, and accounts receivable. To mitigate these, the company plans capital cooperation with partners, enhanced marine technology system security and operations, continuous market and industry trend monitoring, customer retention and expansion, and strengthened credit assessment and accounts receivable management - New business transformation risk: Underwater Data Center (UDC) faces risks in complex marine environments, multi-domain integration, and marine engineering construction[102](index=102&type=chunk) - Countermeasures: The company will collaborate with telecom operators, offshore wind power operators, internet companies, and third-party IDC companies through capital cooperation, co-construction, and co-maintenance, and implement comprehensive security solutions such as "shore-based radar systems + unmanned surface vessel patrols + underwater observation networks"[102](index=102&type=chunk) - Fundraising project risk: Market environment fluctuations and cyclical changes in upstream and downstream industries may lead to fundraising projects not being completed as scheduled or not achieving expected benefits, and new production capacity may not be absorbed in a timely manner[103](index=103&type=chunk) - Countermeasures: The company will continuously monitor market, industry, and technological development trends, regularly analyze, research, and adjust, and expand markets and develop new customers while maintaining existing ones[103](index=103&type=chunk) - Accounts receivable risk: As the operating scale expands, accounts receivable balances may increase, and unfavorable changes in customer operating conditions will lead to bad debt risks[104](index=104&type=chunk) - Countermeasures: The company will strengthen customer credit risk assessment and tracking management, enhance pre-approval, in-process control, and post-event supervision of accounts receivable, and improve management systems and sales personnel appraisal systems[104](index=104&type=chunk) [XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=34&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) On May 19, 2025, the company hosted small and medium investors through an online platform, primarily discussing progress on mergers and acquisitions, UDC order status, overseas market expansion, and key drivers for future profit growth - Reception time: May 19, 2025, reception venue: company meeting room, reception method: online platform communication, type of reception object: individuals (small and medium investors)[106](index=106&type=chunk) - Key topics discussed included progress on mergers and acquisitions, UDC order status, the company's overseas market expansion, and key drivers for the company's future profit growth[106](index=106&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=35&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system[107](index=107&type=chunk) - The company did not disclose a valuation enhancement plan[107](index=107&type=chunk) [XIII. Implementation of "Quality and Return Dual Improvement" Action Plan](index=35&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan[107](index=107&type=chunk) Part IV: Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=35&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were changes in the company's board of directors and senior management, with Li Changwei and Dong Zhongxin resigning for personal reasons, Ma Shihao being elected as a director, and Chen Yuanfa being appointed as CFO and Deputy General Manager due to work relocation Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Li Changwei | Director | Resignation | May 14, 2025 | Personal reasons | | Dong Zhongxin | CFO, Deputy General Manager | Resignation | April 28, 2025 | Personal reasons | | Ma Shihao | Director | Election | May 14, 2025 | Elected | | Chen Yuanfa | CFO, Deputy General Manager | Appointment | April 28, 2025 | Work relocation | [II. Profit Distribution and Capital Reserve to Share Capital Conversion During the Reporting Period](index=35&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[109](index=109&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=35&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company's "2024 Restricted Stock Incentive Plan (Draft)" was approved on September 19, 2024, by the board and supervisory board, and on October 10, 2024, by the shareholders' meeting. As of the end of the reporting period, the total number of underlying shares involved in all valid equity incentive plans was **2.0893 million shares**, accounting for **0.29%** of the company's total share capital. The company had no employee stock ownership plans or other employee incentive measures during the reporting period - The company's board of directors and supervisory board convened on September 19, 2024, and the shareholders' meeting on October 10, 2024, to review and approve the "2024 Restricted Stock Incentive Plan (Draft)" and its summary, among other related proposals[111](index=111&type=chunk) - As of the end of the reporting period, the total number of underlying shares involved in all valid equity incentive plans of the company was **2.0893 million shares**, accounting for **0.29%** of the company's total share capital at period-end[113](index=113&type=chunk) - The company had no implementation of employee stock ownership plans or other employee incentive measures during the reporting period[114](index=114&type=chunk) [IV. Environmental Information Disclosure](index=37&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[115](index=115&type=chunk) [V. Social Responsibility](index=37&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) Adhering to its core values of "creating value for customers, benefits for society, and opportunities for employees," the company actively fulfills its social responsibilities. During the reporting period, the company committed to achieving shared growth with society and employees by enhancing governance, protecting shareholder rights, safeguarding supplier and customer interests, and prioritizing employee career development and well-being. The company has not yet undertaken poverty alleviation or rural revitalization efforts during the reporting period - Company core values: "Creating value for customers, benefits for society, and opportunities for employees"; Mission: "Technology empowers the ocean"; Vision: "To become an innovative practitioner in smart ocean and a global leader in smart navigation"[115](index=115&type=chunk) - The company protects shareholder rights by improving governance structure, safeguarding legitimate shareholder interests, and valuing reasonable investor returns[115](index=115&type=chunk) - The company adheres to the principles of "honesty, trustworthiness, mutual benefit, and compliance," providing safe and reliable products and quality services through continuous technological innovation and quality improvement, thereby protecting the rights and interests of suppliers and customers[115](index=115&type=chunk) - The company values employees' future career development planning by providing equal development opportunities, focusing on safety production, labor protection, physical and mental health, regular welfare medical examinations, organizing extracurricular activities, and improving human resource management systems and performance appraisal systems[116](index=116&type=chunk) - The company has not yet undertaken poverty alleviation or rural revitalization efforts during the reporting period[116](index=116&type=chunk) Part V: Important Matters [I. Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=38&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The company's actual controller Shen Wanqiu and related party Shanghai Yansheng Investment Partnership (Limited Partnership) duly fulfilled commitments regarding non-competition, related party transactions, fund occupation, and share lock-up during the reporting period, with Shen Wanqiu's performance commitment for Auter Marine having been completed. There were no overdue unfulfilled commitments as of the end of the reporting period - Shen Wanqiu committed to minimizing related party transactions and ensuring fair operations based on market principles and fair prices, without harming the legitimate rights and interests of the listed company and other shareholders through related party transactions[118](index=118&type=chunk) - Shanghai Yansheng Investment Partnership (Limited Partnership) committed not to engage in businesses directly or indirectly competing with Highlander and its holding companies, and to prioritize commercial opportunities for Highlander[120](index=120&type=chunk) - Shen Wanqiu's performance commitments for Auter Marine's net profit attributable to owners of the parent company after deducting non-recurring gains and losses, based on audited consolidated statements for 2020, 2021, and 2023, have been fulfilled[128](index=128&type=chunk)[129](index=129&type=chunk) - All commitments were fulfilled on time, with no overdue unfulfilled commitments as of the end of the reporting period[129](index=129&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=49&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company[130](index=130&type=chunk) [III. Irregular External Guarantees](index=49&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[131](index=131&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=49&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[132](index=132&type=chunk) [V. Explanation by Board of Directors, Supervisory Board, and Audit Committee on "Non-Standard Audit Report" for the Current Reporting Period](index=49&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E3%80%81%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, there was no explanation by the board of directors, supervisory board, or audit committee regarding a "non-standard audit report" for the current reporting period - During the reporting period, there was no explanation by the board of directors, supervisory board, or audit committee regarding a "non-standard audit report" for the current reporting period[133](index=133&type=chunk) [VI. Explanation by Board of Directors on "Non-Standard Audit Report" for the Prior Year](index=50&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, there was no explanation by the board of directors regarding a "non-standard audit report" for the prior year - During the reporting period, there was no explanation by the board of directors regarding a "non-standard audit report" for the prior year[134](index=134&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=50&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[134](index=134&type=chunk) [VIII. Litigation Matters](index=50&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no significant litigation, arbitration, or other litigation matters during the reporting period - The company had no significant litigation or arbitration matters during this reporting period[135](index=135&type=chunk) - The company had no other litigation matters during the reporting period[135](index=135&type=chunk) [IX. Penalties and Rectification Status](index=50&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[135](index=135&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=50&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[136](index=136&type=chunk) [XI. Major Related Party Transactions](index=50&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, or dealings with affiliated financial companies - The company had no related party transactions related to daily operations during the reporting period[136](index=136&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[137](index=137&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[138](index=138&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[139](index=139&type=chunk) - The company had no deposits, loans, credit lines, or other financial business with affiliated financial companies or financial companies controlled by the company and related parties[140](index=140&type=chunk)[141](index=141&type=chunk) - The company had no other major related party transactions during the reporting period[142](index=142&type=chunk) [XII. Major Contracts and Their Performance](index=51&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had no entrustment, contracting, or leasing matters. The company had external guarantees, with an approved total guarantee limit of **CNY 59 million** and an actual guarantee balance of **CNY 4.8 million** as of the end of the reporting period, accounting for **0.27%** of the company's net assets. The company had no major contracts related to daily operations or other major contracts during the reporting period - The company had no entrustment, contracting, or leasing situations during the reporting period[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk) Company's Total Guarantee Status | Indicator | Amount (CNY 10,000) | | :--- | :--- | | Total approved guarantee limit during reporting period | 0 | | Total actual guarantee amount incurred during reporting period | 0 | | Total approved guarantee limit at period end | 5,900 | | Total actual guarantee balance at period end | 480 | | Proportion of total actual guarantee balance to company's net assets | 0.27% | - The company had no major contracts related to daily operations or other major contracts during the reporting period[150](index=150&type=chunk)[151](index=151&type=chunk) [XIII. Explanation of Other Major Matters](index=53&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no other major matters requiring explanation during the reporting period - The company had no other major matters requiring explanation during the reporting period[152](index=152&type=chunk) [XIV. Major Matters of Company Subsidiaries](index=53&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company had no major matters concerning subsidiaries during the reporting period - The company had no major matters concerning subsidiaries during the reporting period[153](index=153&type=chunk) Part VI: Share Changes and Shareholder Information [I. Share Changes](index=54&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) As of the end of the reporting period, the company's total share capital remained unchanged, and the proportion of restricted and unrestricted shares remained constant. The company had no reasons for share changes, approval status, transfer status, progress of share repurchases, or impact on financial indicators during the reporting period Share Changes | Item | Quantity Before Change (shares) | Proportion Before Change | Increase/Decrease in This Change (＋，－) | Quantity After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 64,647,893 | 8.97% | 0 | 64,647,893 | 8.97% | | II. Unrestricted Shares | 655,846,610 | 91.03% | 0 | 655,846,610 | 91.03% | | III. Total Shares | 720,494,503 | 100.00% | 0 | 720,494,503 | 100.00% | - The company had no reasons for share changes, approval status, transfer status, progress of share repurchases, or impact on basic and diluted earnings per share, or net assets per ordinary share attributable to company ordinary shareholders for the most recent year and period[157](index=157&type=chunk) [II. Securities Issuance and Listing](index=55&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company had no securities issuance and listing during the reporting period - The company had no securities issuance and listing during the reporting period[157](index=157&type=chunk) [III. Number of Shareholders and Shareholding Status](index=55&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **113,965** ordinary shareholders. The actual controller Shen Wanqiu held **11.96%** of shares, including **64,644,068** restricted shares and **21,548,023** unrestricted shares, with **1,500,000** shares frozen. Among the top ten shareholders, except Shen Wanqiu, all others held unrestricted circulating shares, and some shareholders held shares through margin trading and securities lending - Total number of ordinary shareholders at the end of the reporting period: **113,965**[158](index=158&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shen Wanqiu | Domestic Natural Person | 11.96% | 86,192,091 | 64,644,068 | 21,548,023 | Frozen | 1,500,000 | | Guosen Securities Co., Ltd. | State-owned Legal Person | 0.71% | 5,083,039 | 0 | 5,083,039 | N/A | 0 | | Hubei Laogui Biotechnology Co., Ltd. | Domestic Non-State-owned Legal Person | 0.52% | 3,722,800 | 0 | 3,722,800 | N/A | 0 | | Liu Wenbin | Domestic Natural Person | 0.49% | 3,540,300 | 0 | 3,540,300 | N/A | 0 | | Agricultural Bank of China Co., Ltd. - Huaxia ChiNext Momentum Growth ETF | Other | 0.35% | 2,499,900 | 0 | 2,499,900 | N/A | 0 | | Lun Yongliang | Domestic Natural Person | 0.34% | 2,484,800 | 0 | 2,484,800 | N/A | 0 | | Xue Hai | Domestic Natural Person | 0.34% | 2,477,600 | 0 | 2,477,600 | N/A | 0 | | Wang Zheng | Domestic Natural Person | 0.33% | 2,410,000 | 0 | 2,410,000 | N/A | 0 | | Min Fangui | Domestic Natural Person | 0.28% | 2,053,387 | 0 | 2,053,387 | N/A | 0 | | Li Jun | Domestic Natural Person | 0.28% | 2,020,000 | 0 | 2,020,000 | N/A | 0 | - Liu Wenbin, Lun Yongliang, Min Fangui, Li Jun, and other top 10 ordinary shareholders participated in margin trading and securities lending through ordinary securities accounts and client credit trading guarantee securities accounts[160](index=160&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=57&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, with details available in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, with details available in the 2024 annual report[161](index=161&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=57&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder or actual controller did not change during the reporting period - The company's controlling shareholder did not change during the reporting period[162](index=162&type=chunk) - The company's actual controller did not change during the reporting period[162](index=162&type=chunk) Part VII: Bond-Related Information [Bond-Related Information](index=59&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[165](index=165&type=chunk) Part VIII: Financial Report [I. Audit Report](index=60&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[167](index=167&type=chunk) [II. Financial Statements](index=60&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the 2025 semi-annual period, comprehensively presenting the company's financial position, operating results, and cash flows - Financial statements include consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[168](index=168&type=chunk)[172](index=172&type=chunk)[176](index=176&type=chunk)[179](index=179&type=chunk)[181](index=181&type=chunk)[184](index=184&type=chunk)[186](index=186&type=chunk)[193](index=193&type=chunk) [III. Company Basic Information](index=77&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Beijing Highlander Data Technology Co., Ltd., established in February 2001, has undergone multiple capital changes and increases, with a registered capital of **CNY 720,494,503.00** as of June 30, 2025. The company is positioned in smart navigation and marine informatization, with a broad business scope including technology development, production of marine electronic integrated systems, marine informatization systems, and marine engineering equipment, and was listed on the Shenzhen Stock Exchange ChiNext board in March 2010 - Beijing Highlander Data Technology Co., Ltd., formerly Beijing Highlander Data Recording Technology Co., Ltd., was established in February 2001[197](index=197&type=chunk) - The company publicly issued **13.85 million** RMB ordinary shares on March 17, 2010, and was listed and traded on the Shenzhen Stock Exchange ChiNext board on March 26, 2010[200](index=200&type=chunk) - As of June 30, 2025, the company's registered capital was **CNY 720,494,503.00**[213](index=213&type=chunk) - The company is positioned in two major business areas: smart navigation and marine informatization, with a broad business scope including technology development, production of marine electronic integrated systems, marine informatization systems, and marine engineering equipment[213](index=213&type=chunk) [IV. Basis of Financial Statement Preparation](index=81&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance, their application guidelines, interpretations, and other relevant regulations, and disclose financial information in accordance with the China Securities Regulatory Commission's "Information Disclosure Compilation Rules for Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports (Revised 2023)". The company's accounting is based on the accrual basis, with most items measured at historical cost except for certain financial instruments, and presented on a going concern basis - These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance, their application guidelines, interpretations, and other relevant regulations[215](index=215&type=chunk) - The company's accounting is based on the accrual basis, with most items measured at historical cost except for certain financial instruments[215](index=215&type=chunk) - These financial statements are presented on a going concern basis[216](index=216&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=81&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's statement of compliance with accounting standards, accounting period, operating cycle, functional currency, materiality determination methods, accounting treatment for business combinations, consolidation methods for financial statements, accounting treatment for joint arrangements, criteria for cash and cash equivalents, foreign currency transactions and translation of foreign currency financial statements, financial instruments, fair value measurement, inventories, long-term equity investments, fixed assets, construction in progress, borrowing costs, biological assets, intangible assets, R&D expenditures, impairment of long-term assets, long-term deferred expenses, employee benefits, provisions, share-based payments, revenue, contract costs, government grants, deferred income tax assets/liabilities, leases, right-of-use assets, and other significant accounting policies and estimates, ensuring transparency and accuracy of financial reporting - These financial statements comply with the requirements of Accounting Standards for Business Enterprises, truly and completely reflecting the company's consolidated and company financial position as of June 30, 2025, and consolidated and company operating results and cash flows for January-June 2025, and other relevant information[218](index=218&type=chunk) - The company's accounting period adopts the calendar year, from January 1 to December 31 each year, with an operating cycle of **12 months**[219](index=219&type=chunk)[220](index=220&type=chunk) - The company classifies financial assets at initial recognition into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss, based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets[249](index=249&type=chunk) - The company performs impairment accounting and recognizes loss provisions for items such as notes receivable, accounts receivable, other receivables, and contract assets based on expected credit losses[265](index=265&type=chunk) - The company recognizes revenue when it has satisfied a performance obligation in the contract, i.e., when the customer obtains control of the related goods or services[349](index=349&type=chunk) [VI. Taxes](index=110&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section lists the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, education surcharge, and local education surcharge. The company and some subsidiaries enjoy corporate income tax preferential policies for high-tech enterprises, subsidiaries in Hainan Free Trade Port enjoy a **15%** corporate income tax preferential rate, and some small and micro-profit enterprises also enjoy corporate income tax preferential policies Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Value Added | 6%, 13%, 19% | | Urban Maintenance and Construction Tax | Actual Amount of Turnover Tax Paid | 7%, 5%, 1% | | Corporate Income Tax | Taxable Income | 25%, 16.5%, 30.875% | | Education Surcharge | Actual Amount of Turnover Tax Paid | 3% | | Local Education Surcharge | Actual Amount of Turnover Tax Paid | 2% | - The company and several subsidiaries (e.g., Wuhan Highlander Whale, Jiangsu Highlander Marine Electrical Systems, Hainan Auter Marine, Jiangsu Tusuo Marine, Beijing Laurel Marine Instruments) have obtained "High-Tech Enterprise Certificates," valid for three years[390](index=390&type=chunk) - The company's subsidiaries Sansha Highlander Marine Information Technology Co., Ltd., Gaoen (Hainan) Technology Co., Ltd., Hainan Puffin Technology Co., Ltd., Auter (Hainan) Marine Technology Co., Ltd., and Hainan Laurel Marine Instruments Co., Ltd. qualify for Hainan Free Trade Port corporate income tax preferential policies, applying a **15%** preferential tax rate in 2024[390](index=390&type=chunk) - Small and micro-profit enterprises enjoy corporate income tax preferential policies, where the portion of annual taxable income not exceeding **CNY 1 million** is subject to a **25%** reduction in taxable income and a **20%** corporate income tax rate[391](index=391&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=111&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on various asset, liability, and owners' equity items in the consolidated financial statements. At period-end, monetary funds were **CNY 313 million**, trading financial assets **CNY 598 million**, accounts receivable **CNY 415 million**, and inventory **CNY 85 million**. For liabilities, short-term borrowings were **CNY 30.5 million**, accounts payable **CNY 182 million**, and contract liabilities **CNY 101 million**. In owners' equity, share capital was **CNY 720 million**, and capital reserves **CNY 1.446 billion**. All data include detailed beginning and ending balances and explanations of changes Consolidated Balance Sheet Major Items at Period End | Item | Period-End Balance (CNY) | | :--- | :--- | | Monetary Funds | 312,673,976.07 | | Trading Financial Assets | 598,036,968.33 | | Notes Receivable | 10,106,111.81 | | Accounts Receivable | 414,924,370.65 | | Inventory | 85,008,779.48 | | Short-Term Borrowings | 30,497,100.00 | | Accounts Payable | 181,843,548.02 | | Contract Liabilities | 100,893,813.88 | | Share Capital | 720,494,503.00 | | Capital Reserves | 1,446,208,595.04 | - At period-end, restricted funds amounted to **CNY 17,266,228.77**, primarily for letter of guarantee deposits and frozen bank deposits[393](index=393&type=chunk) - The allowance for doubtful accounts receivable at period-end was **CNY 113,373,382.14**, with an accrual ratio of **21.46%**[407](index=407&type=chunk) - The provision for inventory impairment and contract performance cost impairment at period-end was **CNY 43,216,918.97**[439](index=439&type=chunk)[441](index=441&type=chunk) [VIII. Research and Development Expenses](index=147&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) The company's total R&D expenditure for the 2025 semi-annual period was **CNY 35,214,810.60**, comprising **CNY 24,523,253.01** in expensed R&D and **CNY 10,691,557.59** in capitalized R&D. Key R&D projects include the VDR premium project, shore-based ship remote management system development, autonomous upgrade of marine electronic equipment (shipborne multi-functional terminal development), and high-performance radar R&D and verification, with the latter expected to be completed by June 2027 2025 Semi-Annual R&D Expenditure | Item | Amount in Current Period (CNY) | Amount in Prior Period (CNY) | | :--- | :--- | :--- | | Employee Compensation | 15,362,729.86 | 14,781,310.72 | | Depreciation and Amortization | 12,551,450.00 | 12,998,172.62 | | Material Costs | 2,635,345.52 | 1,826,218.44 | | Outsourced R&D and Testing Fees | 1,785,426.27 | 2,392,256.73 | | Other | 1,579,868.31 | 1,143,559.59 | | Equity Incentive Expenses | 1,299,990.64 | 0.00 | | Total | 35,214,810.60 | 33,141,518.10 | | Of which: Expensed R&D | 24,523,253.01 | 28,549,496.63 | | Capitalized R&D | 10,691,557.59 | 4,592,021.47 | - The "Autonomous Upgrade of Marine Electronic Equipment - High-Performance Radar R&D and Verification (Self-funded by Enterprise)" project is in the R&D phase, expected to be completed by June 1, 2027, generating economic benefits throu

Group 1 - The core viewpoint of the article highlights the growth in China's civil steel shipbuilding industry, with a projected production of 4.57 million deadweight tons in June 2025, representing a year-on-year increase of 6.2% [1] - Cumulative production for the first half of 2025 is reported at 24.355 million deadweight tons, showing a cumulative growth of 9.4% [1] - The article references several listed companies in the industry, including China Shipbuilding (600150), China Heavy Industry (601989), and others, indicating a broad market interest [1] Group 2 - The data is sourced from the National Bureau of Statistics and organized by Zhiyan Consulting, emphasizing the reliability of the information [3]

Core Insights - The overall activity level of the A-share merger and acquisition market in China has slightly decreased, characterized by high frequency, diverse participants, and broad sectors [1] - A total of 80 merger and acquisition events were disclosed during the period, with a total transaction amount of 601.88 billion RMB, showing a significant increase in both the number and value of major M&A events compared to the previous period [2] - The real estate management and development, other metals and mining, semiconductor products, electronic equipment, instruments and components, electrical equipment, and automotive parts sectors are particularly active in M&A activities [2][3] - Private enterprises and local state-owned enterprises are actively engaging in horizontal integration and strategic cooperation, indicating diverse motivations for mergers and acquisitions [1][2] - The M&A market is expected to further release integration and value reconstruction potential, supported by regulatory policy optimization, economic recovery, policy encouragement, and capital market reforms [1] M&A Market Overview - The number of major M&A events in the A-share market increased by 60% compared to the previous period, with a total disclosed transaction amount of 601.88 billion RMB, representing a 187.97% increase [2] - Key sectors for M&A activities include real estate management and development, other metals and mining, semiconductor products, electronic equipment, instruments and components, electrical equipment, and automotive parts [2] - The market is entering a new phase characterized by "efficiency improvement + structural optimization," driven by policy and proactive corporate adjustments [2] Listed Companies' M&A Plans - A total of 44 listed companies announced or planned M&A activities, with an average stock price fluctuation of 7.53% over two weeks [2] - 22 companies made significant progress after announcing M&A plans, with an average stock price fluctuation of 3.76% [2] - The number of major restructuring events increased by 60% compared to the previous period, with research enthusiasm rising by 11.54% [2] Companies with Significant Progress - Companies such as Yunnan Cheng Investment and AnYuan Coal Industry have made notable advancements in their M&A plans, with various strategic objectives including asset adjustments and diversification [10][11] - The progress of these companies reflects a broader trend of active restructuring and strategic realignment within the A-share market [10][11] Market Sentiment and Performance - The restructuring index showed a fluctuation of 5.10% over the two-week period, indicating a positive sentiment in the M&A market [12] - The average price-to-earnings (PE) ratios and market values of companies involved in M&A activities vary significantly, reflecting diverse market conditions and investor sentiments [7][8]

Company Overview - Hailanxin Data Technology Co., Ltd. is located in Haidian District, Beijing, and was established on February 14, 2001. The company was listed on March 26, 2010. Its main business involves the research, development, production, sales, and service of marine observation detection instruments and intelligent ship systems [1][2]. Financial Performance - As of March 31, 2025, Hailanxin achieved an operating revenue of 346 million yuan, representing a year-on-year growth of 639.08%. The net profit attributable to the parent company was 34.80 million yuan, with a year-on-year increase of 1324.75% [2]. - The company has cumulatively distributed 93.85 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3]. Stock Performance - On August 22, Hailanxin's stock price increased by 2.01%, reaching 21.80 yuan per share, with a trading volume of 900 million yuan and a turnover rate of 6.39%. The total market capitalization is 15.707 billion yuan [1]. - Year-to-date, Hailanxin's stock price has risen by 165.85%, with a 5-day increase of 5.16%, a 20-day increase of 22.27%, and a 60-day increase of 26.23% [1]. Shareholder Information - As of March 31, 2025, the number of shareholders of Hailanxin reached 104,700, an increase of 117.14% compared to the previous period. The average number of circulating shares per shareholder is 6,261, a decrease of 53.95% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the second-largest shareholder, holding 18.3461 million shares, an increase of 14.2459 million shares compared to the previous period [3]. Business Segments - The main revenue composition of Hailanxin includes intelligent ships and intelligent navigation systems (79.82%), marine observation detection equipment and systems (14.51%), and other segments (5.67%) [1].

证券之星消息，8月21日航海装备板块较上一交易日下跌1.01%，海兰信领跌。当日上证指数报收于 3771.1，上涨0.13%。深证成指报收于11919.76，下跌0.06%。航海装备板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300589 江龙船艇 | | -1243.54万 | -3.78% | 2719.21万 | 8.26% | -1475.67万 | -4.48% | | 600764 中国海防 | | -1279.66万 | -4.42% | -689.05万 | -2.38% | 1968.71万 | 6.80% | | 601890 亚星锚链 | | -1625.86万 | -3.60% | 1682.09万 | 3.72% | -56.23万 | -0.12% | | 300600 国瑞科技 | | -2848.44万 | -7.32% | -1506.70万 | -3.8 ...

Market Overview - The marine equipment sector experienced a decline of 0.42% on August 19, with Guorui Technology leading the losses [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] Stock Performance - Notable stock movements included: - Yihard Technology (300810) surged by 20.00% to a closing price of 65.47, with a trading volume of 297,400 shares and a transaction value of 1.909 billion [1] - Guorui Technology (300600) fell by 4.26% to a closing price of 22.02, with a trading volume of 342,700 shares and a transaction value of 763 million [1] - Other companies like China Shipbuilding (600150) and Jianglong Shipbuilding (300589) also saw declines of 0.31% and 2.38%, respectively [1] Capital Flow - The marine equipment sector saw a net outflow of 2.313 billion from main funds, while retail investors contributed a net inflow of 2.226 billion [1] - Specific stock capital flows included: - China Haifang (600764) had a main fund net outflow of 48.276 million and a retail net inflow of 63.059 million [2] - Guorui Technology (300600) experienced a main fund net outflow of 74.836 million but a retail net inflow of 77.005 million [2] - Jianglong Shipbuilding (300589) faced a significant main fund net outflow of 86.541 million, while retail investors contributed a net inflow of 94.508 million [2]

Market Performance - The Shanghai Composite Index reached a nearly 10-year high, while the North Stock 50 hit a historical peak, and both the Shenzhen Component Index and the ChiNext Index surpassed their October 8, 2022 highs [1][2] - The total trading volume across Shanghai, Shenzhen, and Beijing markets was 28,091 billion yuan, an increase of 5,363 billion yuan from the previous day, marking a new annual high [1] Sector Performance - Financial sectors, including brokerage and fintech stocks, experienced significant gains, with companies like Zhihui and Tonghuashun reaching historical highs [2] - AI hardware stocks, particularly liquid cooling servers, saw a strong surge, with over 20 stocks hitting the daily limit [2] - Rare earth permanent magnet stocks were active, with companies like Northern Rare Earth also hitting the daily limit [2] Investment Strategies - Galaxy Securities noted that market liquidity has improved, with margin trading balances continuing to grow, indicating increased investor participation and a positive market sentiment [3] - Caixin Securities highlighted that the market is currently in a "volume and price rising" trend, suggesting potential structural opportunities for investors while cautioning about increased market differentiation due to the upcoming mid-year report disclosures [3]

Core Viewpoint - The company, Hailanxin (300065.SZ), has developed an underwater data center equipped with 24-hour monitoring facilities for real-time management of equipment safety [1] Group 1 - The underwater data center features external and internal monitoring systems that operate continuously [1] - Hailan Universe's offshore monitoring network covers the water surface area above the underwater data center, enabling comprehensive management from surface to underwater [1]

Company Performance - Hailanxin's stock price reached a historical high, increasing by 9.84% to 22.77 yuan, with a trading volume of 156 million shares and a transaction amount of 3.34 billion yuan, resulting in a turnover rate of 23.82% [2] - The latest total market capitalization of Hailanxin in A-shares is 16.406 billion yuan, with a circulating market value of 14.934 billion yuan [2] - The company's Q1 report shows a revenue of 349 million yuan, a year-on-year increase of 644.05%, and a net profit of 34.8039 million yuan, a year-on-year increase of 1324.75%, with basic earnings per share of 0.0483 yuan and a weighted average return on equity of 2.02% [2] Industry Overview - The defense and military industry, to which Hailanxin belongs, has an overall increase of 1.99%, with 126 stocks rising, including six stocks hitting the daily limit [2] - Among the stocks in the industry, 13 stocks experienced declines, with the largest drop being 2.37% for Mengsheng Electronics [2] Margin Trading Data - As of August 15, the latest margin trading balance for Hailanxin is 962 million yuan, with a financing balance of 960 million yuan, reflecting an increase of 126 million yuan over the past 10 days, a month-on-month growth of 15.10% [2]

Group 1 - The defense and military industry index experienced a slight increase of 0.15% over the week from August 9 to August 16, 2025, ranking 21 out of 31 in the Shenwan first-level industry classification [7][12] - Over the past month, the industry index rose by 11.17%, ranking 5 out of 31 [10][14] - In the past year, the index has increased by 46.85%, ranking 11 out of 31 [14][15] Group 2 - The current PE-TTM for the defense and military industry is 90.20, which is at the 77.77 percentile compared to the past ten years, indicating a relatively high valuation level [15][46] - The performance of individual stocks in the defense and military sector showed significant variation, with the top performers being Fenghuo Electronics (38.73%), Feilihua (30.81%), and Aowei Communication (18.03%) [19][29] - Conversely, the worst performers included Qiyi Er (-5.82%), Xice Testing (-6.00%), and Zhongguang Optical (-6.06%) [19][29] Group 3 - Key industry data indicates that the price of sponge titanium is currently 50 RMB/kg, unchanged from the previous week, but up 11.11% from a month ago [30][34] - The LME nickel spot settlement price is currently 14,910 USD/ton, reflecting a 0.17% increase from the previous week but a 7.85% decrease from a year ago [30][34] - The price of domestic acrylonitrile is 8,250 RMB/ton, down 1.20% from the previous week but up 3.13% from a year ago [34][36] Group 4 - Recent industry news includes the successful first tethered ignition test of the Long March 10 rocket and the successful launch of the satellite internet low-orbit 08 group satellites [44][45] - The defense trade market is expected to expand due to escalating geopolitical conflicts, with a focus on military trade, unmanned equipment, commercial aerospace, low-altitude economy, and military AI as key investment themes [46]