Company Information - Jinlihua Electric Co., Ltd. is registered at No. 314-01, North Yihuan Road, Zhuoma West Street, Changzhi High-tech Industrial Development Zone, Changzhi City, Shanxi Province [2] - Its subsidiary, Zhejiang Jinlihua Electric Equipment Co., Ltd., is located in Jinhua, Zhejiang Province [2] - The company's subsidiary, Shanxi Jinlihua Intelligent Manufacturing Technology Co., Ltd., is registered at Room 201, East Office Building, Methanol Road, Lucheng Economic and Technological Development Zone, Changzhi City, Shanxi Province [2]

Core Viewpoint - Jinlihua Electric has shown remarkable growth in its recent financial report, achieving significant increases in both revenue and net profit, indicating a successful turnaround from its previous struggles as a "shell company" [1][5]. Financial Performance - In the first half of 2025, Jinlihua Electric reported total revenue of 93.66 million yuan, a year-on-year increase of 8.59% [3]. - The net profit attributable to shareholders reached 6.23 million yuan, up 10.72% year-on-year, while the net profit after deducting non-recurring gains and losses was 3.93 million yuan, reflecting a 2.51% increase [3]. - The net assets attributable to shareholders amounted to 281 million yuan, marking a 2.80% growth compared to the previous year [3]. Business Segments - The main business segment, glass insulator production, generated revenue of 78.26 million yuan, a significant increase of 19.28% year-on-year, driven by the expansion of production capacity [3]. - The company has successfully increased its production capacity for ultra-high voltage glass insulators, with a new production line that began operations on March 31, 2025, increasing capacity fourfold [3]. Strategic Developments - Jinlihua Electric plans to invest 186 million yuan in a new production line for ultra-high voltage glass insulators, which is expected to further enhance its production capacity [4]. - Despite a decline in the glass insulator industry's gross margin due to changes in supply and demand, the company is adapting its production and sales strategies to focus on larger insulator products [4]. - The second major business segment, theatrical performances, saw a revenue decline of 25.40% to 15.39 million yuan, primarily due to reduced performance schedules [4]. Historical Context - Jinlihua Electric was established in 2003 and became the first listed company in China's power transmission and transformation industry in 2010, but faced significant losses and challenges, leading to its reputation as a "shell company" by 2018 [5]. - A turning point occurred in 2020 when the company was acquired by the Luobao Group, leading to a strategic shift and relocation to Shanxi province [6]. Future Outlook - The company's recent performance reflects a successful turnaround, driven by capacity expansion and strategic management decisions [7]. - The ongoing exploration of new business opportunities, such as the attempted acquisition of a hydrogen energy company, indicates Jinlihua Electric's commitment to innovation and growth despite setbacks [4][6].

Group 1 - The stock price of Jinlihua Electric is reported at 20.77 yuan, down 0.66 yuan or 3.08% from the previous trading day, with a trading volume of 96,747 hands and a transaction amount of 205 million yuan [1] - The company specializes in the research, production, sales, and related technical services of glass insulators, and is categorized under the power grid equipment and Shanxi sector [1] - For the first half of 2025, the company reported total operating revenue of 93.66 million yuan, an increase of 8.59% year-on-year, and a net profit attributable to shareholders of 6.23 million yuan, up 10.72% year-on-year [1] Group 2 - The net cash flow from operating activities for the company was -183,100 yuan, showing improvement compared to the same period last year [1] - On the funding flow side, the company experienced a net outflow of 29.20 million yuan from main funds on the day, with a cumulative net outflow of 54.57 million yuan over the past five days [1]

Core Insights - Jinlihua Electric (300069.SZ) reported a total operating revenue of 93.6591 million yuan for the first half of 2025, an increase of 7.4071 million yuan compared to the same period last year, marking a 3-year consecutive growth with a year-on-year increase of 8.59% [1] - The net profit attributable to shareholders was 6.2318 million yuan, up by 603.5 thousand yuan from the same period last year, achieving a 2-year consecutive increase with a year-on-year growth of 10.72% [1] - The company experienced a net cash inflow from operating activities of -183.1 thousand yuan, ranking 40th among disclosed peers, but this represents an increase of 1.4061 million yuan compared to the same period last year [1] Financial Ratios - The latest debt-to-asset ratio stands at 51.13%, a decrease of 0.16 percentage points from the previous quarter [3] - The latest gross profit margin is 33.41%, ranking 19th among disclosed peers, with an increase of 1.57 percentage points from the previous quarter and 1.54 percentage points from the same period last year, achieving 3 years of consecutive growth [3] - The latest return on equity (ROE) is 2.21% [3] Earnings Per Share and Turnover - The diluted earnings per share is 0.05 yuan, an increase of 0.01 yuan compared to the same period last year, achieving a 2-year consecutive increase with a year-on-year growth of 10.81% [3] - The latest total asset turnover ratio is 0.16 times, and the inventory turnover ratio is 0.86 times [3] Shareholder Structure - The number of shareholders is 15,900, with the top ten shareholders holding a total of 57.3545 million shares, accounting for 49.02% of the total share capital [3] - The top ten shareholders are as follows: 1. Shanxi Hongtaiyang Tourism Development Co., Ltd. - 15.0% 2. Beijing Baize Changrui Enterprise Management Center (Limited Partnership) - 14.1% 3. Qiqu - 8.02% 4. Changzhi Hongjiuzhou Trading Co., Ltd. - 6.00% 5. Wu Jiajian - 1.81% 6. Wu Yulong - 1.48% 7. Wang Dongjun - 1.06% 8. Feng Xiaomin - 0.55% 9. Zhejiang Direction Investment Co., Ltd. - 0.53% 10. Ma Kaipeng - 0.36% [3]

Group 1 - The core viewpoint of the article is that Jinlihua Electric (300069.SZ) reported a revenue of 93.6591 million yuan for the first half of 2025, reflecting a year-on-year growth of 8.59% [1] - The net profit attributable to shareholders of the listed company was 6.2318 million yuan, which represents a year-on-year increase of 10.72% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 3.9349 million yuan, showing a year-on-year growth of 2.51% [1] - The basic earnings per share were reported at 0.0533 yuan [1]

格隆汇8月26日丨金利华电(300069.SZ)公布2025年半年度报告，上半年公司实现营业收入9365.91万元， 同比增长8.59%归属于上市公司股东的净利润623.18万元，同比增长10.72%；归属于上市公司股东的扣 除非经常性损益的净利润393.49万元，同比增长2.51%；基本每股收益0.0533元。 ...

| 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年期初占用资金 余额 | 2025年1-6月占用累计 发生金额 | （不 | 2025年1-6月占用资金 | 2025年1-6月偿还累计 发生金额 | 2025年6月30日占用资 金余额 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 含利息） | | 的利息(如有） | | | | | | 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 | - | - | - | | | | | | | - | - | | 其他关联方及其附属企业 | | | | | | | | | | | | | 小计 | - | - | - | | | | ...

证券代码：300069 证券简称：金利华电 公告编号：2025-058 金利华电气股份有限公司 第六届董事会第十五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 金利华电气股份有限公司（以下简称"公司"）第六届董事会第十五次会议 通知于 2025 年 8 月 15 日通过电子邮件、传真或专人送达的方式发出，会议于 2025 年 8 月 26 日（星期二）在公司会议室以现场结合通讯表决的方式召开。会 议应出席董事 6 名，实际出席董事 6 名，本次会议由公司董事长韩长安先生主持， 公司高管人员列席了会议。会议出席人数、召开程序、议事内容等均符合《公司 法》和《公司章程》的规定。 二、董事会会议审议情况 1、审议通过《2025 年半年度报告全文》及《2025 年半年度报告摘要》 经审议，董事会认为：公司《2025 年半年度报告全文》及《2025 年半年度 报告摘要》符合《公司法》、《证券法》、《上市公司信息披露管理办法》等相关规 定，报告内容真实、准确、完整地反映了公司 2025 上半年的经营情况，不存在 任何虚假记载、误 ...

Core Viewpoint - Jinlihua Electric (300069.SZ) reported a year-on-year increase in revenue and net profit for the first half of 2025, indicating positive financial performance [1] Financial Performance - The company's operating revenue reached 93.6591 million yuan, representing an 8.59% year-on-year growth [1] - The net profit attributable to shareholders was 6.2318 million yuan, showing a year-on-year increase of 10.72% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 3.9349 million yuan, with a year-on-year growth of 2.51% [1] - Basic earnings per share were reported at 0.0533 yuan [1]

Part I Important Notice, Table of Contents, and Definitions [1.1 Important Notice](index=2&type=section&id=Item%201.1%20Important%20Notice) The company's board, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no plans for cash dividends, bonus shares, or capital increase from capital reserves - The company's board of directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming legal responsibility[4](index=4&type=chunk) - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [1.2 Table of Contents](index=3&type=section&id=Item%201.2%20Table%20of%20Contents) This section lists the detailed table of contents for the semi-annual report, providing quick navigation for investors - The report's table of contents clearly lists eight main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports[7](index=7&type=chunk) [1.3 Directory of Reference Documents](index=4&type=section&id=Item%201.3%20Directory%20of%20Reference%20Documents) This section lists all publicly disclosed reference documents for the reporting period, ensuring transparency and accessibility of information - Reference documents include financial statements signed and sealed by the company's responsible person, chief accountant, and accounting department head[9](index=9&type=chunk) - Original copies of all company documents and announcements publicly disclosed on the CSRC-designated website during the reporting period are available for reference[10](index=10&type=chunk) [1.4 Definitions](index=5&type=section&id=Item%201.4%20Definitions) This section defines common terms and company-related entities used in the report, ensuring consistent understanding of the content - The report explicitly defines "the Company" and "Jinlihua Electric" as Jinlihua Electric Co., Ltd., and lists major subsidiaries and related parties[13](index=13&type=chunk) - The reporting period is defined as January 1, 2025, to June 30, 2025[13](index=13&type=chunk) Part II Company Profile and Key Financial Indicators [2.1 Company Profile](index=6&type=section&id=Item%202.1%20Company%20Profile) This section introduces basic information about Jinlihua Electric Co., Ltd., including stock ticker, code, listing exchange, and legal representative - The company's stock ticker is "Jinlihua Electric", stock code "300069", listed on the Shenzhen Stock Exchange[15](index=15&type=chunk) - The company's legal representative is Wang Jun[15](index=15&type=chunk) [2.2 Contact Persons and Information](index=6&type=section&id=Item%202.2%20Contact%20Persons%20and%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, facilitating investor inquiries and communication - The Board Secretary is Ma Sheng, and the Securities Affairs Representative is Song Taorong, both reachable at **0579-82913366**[16](index=16&type=chunk) [2.3 Other Information](index=6&type=section&id=Item%202.3%20Other%20Information) The company's registered address, office address, website, email, information disclosure, and filing locations remained unchanged during the reporting period - The company's contact information, information disclosure and filing locations, and registration status remained unchanged during the reporting period[17](index=17&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk) [2.4 Key Accounting Data and Financial Indicators](index=7&type=section&id=Item%202.4%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue and net profit attributable to shareholders both increased year-on-year, with significant improvement in net cash flow from operating activities and growth in total assets and net assets attributable to shareholders 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 93,659,136.01 | 86,252,017.24 | 8.59% | | Net Profit Attributable to Listed Company Shareholders | 6,231,818.88 | 5,628,336.32 | 10.72% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | 3,934,927.38 | 3,838,533.27 | 2.51% | | Net Cash Flow from Operating Activities | -183,135.02 | -14,189,266.06 | 98.71% | | Basic Earnings Per Share (Yuan/Share) | 0.0533 | 0.0481 | 10.81% | | Diluted Earnings Per Share (Yuan/Share) | 0.0533 | 0.0481 | 10.81% | | Weighted Average Return on Net Assets | 2.24% | 2.29% | -0.05% | | **End of Current Reporting Period** | **End of Prior Year** | **Change from Prior Year-End** | | | Total Assets | 599,408,738.19 | 583,105,009.92 | 2.80% | | Net Assets Attributable to Listed Company Shareholders | 281,352,663.65 | 275,120,844.77 | 2.27% | [2.5 Differences in Accounting Data under Domestic and International Accounting Standards](index=7&type=section&id=Item%202.5%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20International%20Accounting%20Standards) The company's financial reports show no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the reporting period - The company's financial reports show no differences in net profit and net assets under domestic and international accounting standards[21](index=21&type=chunk)[22](index=22&type=chunk) [2.6 Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=Item%202.6%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) Non-recurring gains and losses totaled **2,296,891.50 yuan**, primarily from disposal of non-current assets, government grants, fair value changes of financial assets, and reversal of impairment provisions for receivables 2025 Semi-Annual Non-Recurring Gains and Losses and Amounts | Item | Amount (Yuan) | Explanation | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 242,358.13 | Gains from disposal of fixed assets in current period | | Government Grants Included in Current Profit or Loss | 2,142,532.83 | Local government awards, subsidies, and cultural industry fund grants | | Gains/Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-Financial Enterprises, and Disposal of Financial Assets and Liabilities | 70,952.84 | Gains from holding and disposing of bank wealth management products | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Testing | 439,600.00 | Settlement payments for film and television investments for which bad debt provisions were individually made at the beginning of the period, with partial recovery in the current period | | Other Non-Operating Income and Expenses Apart from the Above | 38,324.65 | | | Less: Income Tax Impact | 303,689.21 | | | Impact on Minority Interests (After Tax) | 333,187.74 | | | **Total** | **2,296,891.50** | | Part III Management Discussion and Analysis [3.1 Principal Businesses During the Reporting Period](index=9&type=section&id=Item%203.1%20Principal%20Businesses%20During%20the%20Reporting%20Period) The company's main businesses include glass insulators and theatrical performances; glass insulator revenue grew due to UHV construction, while theatrical performance revenue declined due to project scheduling adjustments [3.1.1 Glass Insulator Business](index=9&type=section&id=Item%203.1.1%20Glass%20Insulator%20Business) The glass insulator business benefited from accelerated grid investment and UHV project construction, leading to revenue growth, despite industry gross margin pressure - The State Grid plans to construct "24 AC and 14 DC" UHV projects during the "14th Five-Year Plan" period, with a total investment of **380 billion yuan**, and total investment by both grids of approximately **3 trillion yuan**, indicating sustained high prosperity in grid investment[27](index=27&type=chunk) - From January to June 2025, cumulative national grid engineering investment reached **291.1 billion yuan**, a year-on-year increase of **14.6%**[28](index=28&type=chunk) - The company is one of the few domestic manufacturers with mature AC and DC UHV glass insulator production technology, enabling participation in public tenders by State Grid and Southern Power Grid[29](index=29&type=chunk) - During the reporting period, the company's glass insulator business achieved operating revenue of **78.26 million yuan**, a year-on-year increase of **19.28%**, primarily due to the gradual commissioning of UHV glass insulator capacity expansion projects[32](index=32&type=chunk) - Despite revenue growth, the overall gross margin of the industry showed a downward trend due to adjustments in supply and demand[32](index=32&type=chunk) [3.1.2 Theatrical Performance Business](index=10&type=section&id=Item%203.1.2%20Theatrical%20Performance%20Business) Despite an overall positive trend in the national performance market, the company's theatrical performance revenue decreased by **25.40%** due to project development and scheduling adjustments, with plans for innovative "drama-variety" works - In the first half of 2025, the national performance market showed a positive trend, with **160,500** theater performances, **5.40 billion yuan** in box office revenue, and **20.55 million** audience members[33](index=33&type=chunk) - The company's main business focuses on the production and presentation of stage plays, also involving drama investment and the design and development of drama derivatives[35](index=35&type=chunk) - During the reporting period, the company's theatrical performance business achieved operating revenue of **15.39 million yuan**, a year-on-year decrease of **25.40%**, mainly due to fewer performances resulting from project development and scheduling adjustments[38](index=38&type=chunk) - The company plans to launch an innovative "drama-variety" work, "Jiangnan Twelve Gatherings," in the second half of 2025, exploring new formats that integrate performance and variety shows[40](index=40&type=chunk) [3.2 Analysis of Core Competencies](index=12&type=section&id=Item%203.2%20Analysis%20of%20Core%20Competencies) The company's insulator business boasts advantages in technology, quality control, marketing, and talent, particularly in UHV glass insulator production and automation, while its theatrical performance business leverages professional teams, extensive resources, broad channels, high-spending audiences, international collaborations, and strong brand influence [3.2.1 Advantages in Insulator Business](index=12&type=section&id=Item%203.2.1%20Advantages%20in%20Insulator%20Business) The company holds multiple patents in glass insulators, is a leading UHV technology provider, and has enhanced production efficiency and quality through automation and a robust quality management system, supported by a comprehensive sales network - The company holds multiple design, utility model, and invention patents, making it one of the few domestic manufacturers with mature AC and DC UHV glass insulator production technology[41](index=41&type=chunk) - The company invested in an automated gluing production workshop and introduced European imported molding equipment, enhancing production line automation, efficiency, and qualification rates[41](index=41&type=chunk) - The company established a comprehensive ISO9001 quality management system and possesses a technical inspection center with full type test item detection capabilities[42](index=42&type=chunk) - The company has established sales channels across State Grid, Southern Power Grid, and their provincial subsidiaries, actively expanding into overseas markets[43](index=43&type=chunk) [3.2.2 Advantages in Theatrical and Film Operations](index=13&type=section&id=Item%203.2.2%20Advantages%20in%20Theatrical%20and%20Film%20Operations) Yanghua Times possesses an experienced management and production team, extensive partnerships with industry leaders, a nationwide distribution network, a loyal high-spending audience, international collaborations, and a strong "Yanghua Drama" brand - Yanghua Times' management team specializes in drama planning, production, and market promotion, possessing the ability to discover, judge, and produce high-quality works, having produced over **50** drama productions[46](index=46&type=chunk)[51](index=51&type=chunk) - The company established strategic partnerships with Poly Theatre Line and Damai.cn, building a nationwide network for promotion and ticket sales covering most major cities[48](index=48&type=chunk) - Yanghua Times' target audience primarily consists of highly educated and high-spending individuals concentrated in first-tier cities, demonstrating strong consumption capacity and willingness[49](index=49&type=chunk) - The company engages in deep collaborations with leading European art festivals, theaters, and artists, possessing international resource advantages[50](index=50&type=chunk) [3.3 Analysis of Principal Business](index=14&type=section&id=Item%203.3%20Analysis%20of%20Principal%20Business) Operating revenue increased by **8.59%** due to glass insulator business growth, while management and financial expenses rose significantly due to increased personnel, asset restructuring fees, and bank loan interest, alongside a substantial increase in R&D investment Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 93,659,136.01 | 86,252,017.24 | 8.59% | | | Operating Cost | 62,371,359.18 | 58,768,796.09 | 6.13% | | | Selling Expenses | 4,179,649.44 | 5,733,561.37 | -27.10% | | | Administrative Expenses | 17,277,251.39 | 12,789,581.69 | 35.09% | Increase in management personnel, higher salaries, payment of asset restructuring intermediary fees | | Financial Expenses | 2,263,203.00 | 773,000.01 | 192.78% | Increase in bank loan amount, interest expenses increased by approximately 1.2 million yuan year-on-year | | Income Tax Expense | 447,586.70 | -16,403.27 | 2,828.64% | Glass insulator operating entity offset prior losses, prepaid current income tax | | R&D Expenses | 4,009,685.00 | 2,792,645.03 | 43.58% | Increased R&D investment, material and fuel costs increased year-on-year | | Net Cash Flow from Operating Activities | -183,135.02 | -14,189,266.06 | 98.71% | Good sales collection, improved operating cash flow | | Net Cash Flow from Investing Activities | -56,161,473.70 | -19,060,608.76 | -194.65% | Payments for insulator expansion project, other engineering projects, land purchase, investment in associates | | Net Cash Flow from Financing Activities | 33,507,202.05 | 9,484,962.80 | 253.27% | Borrowed bank loans to supplement working capital | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Glass Insulators | 78,264,737.73 | 51,892,827.01 | 33.70% | 19.28% | 19.91% | -0.35% | | Theatrical and Film | 15,394,398.28 | 10,478,532.17 | 31.93% | -25.40% | -32.37% | 7.01% | [3.4 Analysis of Non-Principal Business](index=15&type=section&id=Item%203.4%20Analysis%20of%20Non-Principal%20Business) Non-principal business income primarily includes investment income, fair value changes, non-operating income, other income, and credit impairment losses, with government grants and other income significantly contributing to total profit, though most non-recurring items are not sustainable Non-Principal Business Analysis | Item | Amount (Yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 21,213.62 | 0.32% | Investment income from bank wealth management products | Yes | | Gains/Losses from Fair Value Changes | 31,219.51 | 0.47% | Gains/losses from fair value changes of bank wealth management products | Yes | | Non-Operating Income | 88,684.64 | 1.32% | Income from glass insulator scrap | No | | Other Income | 2,143,580.04 | 32.01% | Local government awards, subsidies, and cultural industry fund grants | No | | Credit Impairment Losses | 1,445,531.14 | 21.59% | Decrease in accounts receivable and other receivables balances, decrease in bad debt provisions | No | [3.5 Analysis of Assets and Liabilities](index=15&type=section&id=Item%203.5%20Analysis%20of%20Assets%20and%20Liabilities) Total assets and net assets attributable to shareholders increased, with a significant shift in asset structure as fixed assets rose sharply due to the completion and transfer of the UHV glass insulator expansion project from construction in progress Significant Changes in Asset Composition | Item | Amount at End of Current Period (Yuan) | Proportion of Total Assets | Amount at End of Prior Year (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 62,844,359.12 | 10.48% | 100,817,217.33 | 17.29% | -6.81% | | | Inventories | 85,010,485.09 | 14.18% | 60,800,636.04 | 10.43% | 3.75% | | | Long-Term Equity Investments | 9,981,480.29 | 1.67% | 0.00 | 0.00% | 1.67% | | | Fixed Assets | 224,536,237.30 | 37.46% | 122,341,479.72 | 20.98% | 16.48% | Construction in progress for the 3 million UHV glass insulator expansion project completed and transferred to fixed assets | | Construction in Progress | 38,377,914.26 | 6.40% | 130,334,348.26 | 22.35% | -15.95% | Construction in progress for the 3 million UHV glass insulator expansion project completed and transferred to fixed assets | | Short-Term Borrowings | 47,571,560.54 | 7.94% | 21,452,708.91 | 3.68% | 4.26% | | | Contract Liabilities | 20,786,957.56 | 3.47% | 11,294,822.43 | 1.94% | 1.53% | | | Long-Term Borrowings | 107,620,000.00 | 17.95% | 97,800,000.00 | 16.77% | 1.18% | | Assets and Liabilities Measured at Fair Value | Item | Amount at Period End (Yuan) | Amount at Period Beginning (Yuan) | | :--- | :--- | :--- | | Trading Financial Assets | 3,372,062.03 | 8,340,842.52 | | Other Non-Current Financial Assets | 24,120,000.00 | 24,120,000.00 | | **Total** | **27,492,062.03** | **32,460,842.52** | Asset Rights Restricted at Period End | Item | Book Balance at Period End (Yuan) | Book Value at Period End (Yuan) | Reason for Restriction | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 25,130,515.86 | 25,130,515.86 | Unexpired letter of guarantee deposits, bank acceptance bill deposits, frozen funds | | Fixed Assets | 67,200,428.56 | 22,014,887.27 | Pledged as collateral for bank financing | | Intangible Assets | 11,907,571.97 | 7,305,732.84 | Pledged as collateral for bank financing | | Construction in Progress | 22,345,526.53 | 22,345,526.53 | Pledged as collateral for bank financing | [3.6 Analysis of Investment Status](index=17&type=section&id=Item%203.6%20Analysis%20of%20Investment%20Status) The company had no significant equity or non-equity investments during the reporting period, holding financial assets measured at fair value, primarily bank wealth management products and other non-current financial assets, with **3 million yuan** in outstanding entrusted wealth management Financial Assets Measured at Fair Value | Asset Category | Amount at Period End (Yuan) | Source of Funds | | :--- | :--- | :--- | | Other (Bank Wealth Management Products) | 3,372,062.03 | Idle自有资金 | | Other (Equity Investment) | 24,120,000.00 | Idle自有资金 | | **Total** | **27,492,062.03** | | Overview of Entrusted Wealth Management During the Reporting Period | Specific Type | Amount of Entrusted Wealth Management (10,000 Yuan) | Unexpired Balance (10,000 Yuan) | | :--- | :--- | :--- | | Bank Wealth Management Products | 1,400 | 300 | - The company had no use of raised funds, derivative investments, or entrusted loans during the reporting period[69](index=69&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk) [3.7 Significant Asset and Equity Disposals](index=18&type=section&id=Item%203.7%20Significant%20Asset%20and%20Equity%20Disposals) The company did not undertake any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[74](index=74&type=chunk) - The company did not dispose of significant equity during the reporting period[75](index=75&type=chunk) [3.8 Analysis of Major Holding and Participating Companies](index=18&type=section&id=Item%203.8%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Major subsidiaries include Zhejiang Jinlihua Electric Equipment Co., Ltd. (significant net profit) and Beijing Yanghua Times Culture Development Co., Ltd. (lower net profit); a new wholly-owned subsidiary, Shanxi Jinlihua Smart Manufacturing Technology Co., Ltd., was established to invest in a UHV glass insulator production line Major Subsidiaries and Associates with Net Profit Impact Exceeding 10% of the Company's Net Profit | Company Name | Company Type | Principal Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Jinlihua Electric Equipment Co., Ltd. | Subsidiary | R&D, production, and sales of electrical equipment and components | 100,000,000 | 494,816,077.13 | 209,230,083.62 | 78,264,737.73 | 12,550,268.51 | 12,373,815.38 | | Beijing Yanghua Times Culture Development Co., Ltd. | Subsidiary | Drama investment, production, and performance | 1,000,000 | 47,578,124.08 | 23,661,240.61 | 15,394,398.28 | 122,638.36 | 35,213.98 | - The company established a new wholly-owned subsidiary, Shanxi Jinlihua Smart Manufacturing Technology Co., Ltd., planning to invest **186 million yuan** in a production line for **3 million** UHV glass insulators annually[76](index=76&type=chunk) [3.9 Structured Entities Controlled by the Company](index=19&type=section&id=Item%203.9%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[78](index=78&type=chunk) [3.10 Risks Faced by the Company and Countermeasures](index=19&type=section&id=Item%203.10%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from downstream industry fluctuations, market competition, high accounts receivable, and project construction uncertainties, which it addresses through technological innovation, market expansion, cost control, receivable management, and dedicated project teams - The insulator business is susceptible to changes in power transmission line construction investment, which the company addresses through technological upgrades, quality assurance, and overseas market expansion[78](index=78&type=chunk) - The insulator market is highly competitive, and the company strengthens its market position by monitoring industry trends, increasing R&D, and controlling costs[79](index=79&type=chunk) - Significant accounts receivable, primarily concentrated in the power grid industry, are managed through reasonable systems and enhanced collection efforts to mitigate risks[80](index=80&type=chunk) - Fixed asset investment projects have long construction cycles and face uncertainties from administrative approvals and policy adjustments, which the company addresses by forming a dedicated engineering team to track progress and facilitate approvals[82](index=82&type=chunk) [3.11 Registration Form for Investor Relations Activities During the Reporting Period](index=20&type=section&id=Item%203.11%20Registration%20Form%20for%20Investor%20Relations%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company held online investor communication activities via Panorama Network's "Investor Relations Interactive Platform" to discuss the 2024 annual report and future development strategy - The company conducted online investor communication activities via Panorama Network's "Investor Relations Interactive Platform" on May 16 and May 20, 2025[83](index=83&type=chunk) - The discussions primarily focused on the 2024 annual report content and the company's future development strategy[83](index=83&type=chunk) [3.12 Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=20&type=section&id=Item%203.12%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) 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[84](index=84&type=chunk) - The company did not disclose a valuation enhancement plan[84](index=84&type=chunk) [3.13 Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=20&type=section&id=Item%203.13%20Implementation%20of%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan[84](index=84&type=chunk) Part IV Corporate Governance, Environment, and Society [4.1 Changes in Directors, Supervisors, and Senior Management](index=21&type=section&id=Item%204.1%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Independent director Ruan Jiangjun resigned on June 9, 2025, due to personal reasons - Independent director Ruan Jiangjun resigned on June 9, 2025, due to personal reasons[86](index=86&type=chunk) [4.2 Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=21&type=section&id=Item%204.2%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for the semi-annual period[87](index=87&type=chunk) [4.3 Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=21&type=section&id=Item%204.3%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[88](index=88&type=chunk) [4.4 Environmental Information Disclosure](index=22&type=section&id=Item%204.4%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 - The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[89](index=89&type=chunk) [4.5 Social Responsibility](index=22&type=section&id=Item%204.5%20Social%20Responsibility) The company actively fulfills its social responsibilities by managing compliance, product quality, employee development, safety production, and environmental protection, aiming for coordinated economic and social benefits [4.5.1 Protection of Shareholder Rights and Interests](index=22&type=section&id=Item%204.5.1%20Protection%20of%20Shareholder%20Rights%20and%20Interests) The company adheres to laws and regulations, improves corporate governance and internal control, operates compliantly, actively discloses information, and formulates reasonable profit distribution plans to protect shareholder interests - The company strictly adheres to laws and regulations such as the "Company Law" and "Securities Law," improving its corporate governance structure and internal control system[90](index=90&type=chunk) - The company actively fulfills its information disclosure obligations and formulates reasonable profit distribution plans to share operating results with shareholders[90](index=90&type=chunk) [4.5.2 Protection of Employee Rights and Interests](index=22&type=section&id=Item%204.5.2%20Protection%20of%20Employee%20Rights%20and%20Interests) Adhering to a "people-oriented" approach, the company safeguards employee rights through robust labor protection, compensation, and welfare systems, a comfortable work environment, recreational activities, training, and occupational health measures - The company establishes and improves labor protection, compensation and welfare systems, and health and safety measures to protect employees' legitimate rights and interests[91](index=91&type=chunk) - The company creates a comfortable working environment for employees, organizes recreational activities, promotes legal regulations, and arranges occupational health examinations and health monitoring[92](index=92&type=chunk) [4.5.3 Protection of Supplier, Customer, and Consumer Rights](index=22&type=section&id=Item%204.5.3%20Protection%20of%20Supplier%2C%20Customer%2C%20and%20Consumer%20Rights) The company upholds a philosophy of meeting product and customer needs through advanced technology and swift service, strictly managing suppliers, continuously enhancing R&D and product quality, and prioritizing environmental protection and occupational health and safety to foster stable long-term partnerships - The company has established a comprehensive supplier management system and maintains good strategic cooperative relationships with its suppliers[93](index=93&type=chunk) - The company is committed to enhancing R&D innovation capabilities and product quality, providing cost-effective products and services to customers, and building long-term stable cooperative relationships[93](index=93&type=chunk) - The company prioritizes environmental protection and occupational health and safety in its production and operations, complies with national laws and regulations, and actively promotes energy conservation and emission reduction[93](index=93&type=chunk) [4.5.4 Environmental Protection and Sustainable Development](index=22&type=section&id=Item%204.5.4%20Environmental%20Protection%20and%20Sustainable%20Development) The company actively pursues a low-carbon, environmentally friendly, and ecological technology enterprise path by developing green products through technological innovation, eliminating outdated equipment through process innovation, using clean natural gas, and enhancing automated office practices to reduce carbon emissions and resource consumption - The company develops new green products through technological innovation, adhering to low-carbon and sustainable principles throughout the product lifecycle[94](index=94&type=chunk) - The company adopts new low-energy consumption, high-tech equipment, reducing traditional hydropower energy consumption and carbon emission indicators[95](index=95&type=chunk) - The company uses clean natural gas as its primary raw material, effectively reducing overall carbon emission indicators[95](index=95&type=chunk) - The company enhances its automated office level, achieving paperless operations and reducing consumption of paper, ink, and electricity[95](index=95&type=chunk) Part V Significant Matters [5.1 Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Actual Controller, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=24&type=section&id=Item%205.1%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Controlling%20Shareholder%2C%20Actual%20Controller%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, the controlling shareholder Shanxi Red Sun Tourism Development Co., Ltd. and its related parties, along with the actual controller Zhao Jian, fulfilled their commitments regarding independence, avoiding competition, and regulating related-party transactions, with no overdue unfulfilled commitments - Controlling shareholder Shanxi Red Sun Tourism Development Co., Ltd. committed to ensuring the independence of Jinlihua Electric's personnel, assets, finance, organization, and business[97](index=97&type=chunk) - Controlling shareholder Shanxi Red Sun Tourism Development Co., Ltd. committed to avoiding horizontal competition and offering business opportunities to Jinlihua Electric[97](index=97&type=chunk) - Controlling shareholder Shanxi Red Sun Tourism Development Co., Ltd. committed to regulating related-party transactions with the listed company, adhering to principles of openness, fairness, and impartiality in the market[98](index=98&type=chunk) - The company's controlling shareholder, actual controller Zhao Jian, and others committed to avoiding horizontal competition with the company[98](index=98&type=chunk)[99](index=99&type=chunk) - As of the end of the reporting period, all committed parties complied with the above commitments, with no violations found[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk) [5.2 Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties](index=27&type=section&id=Item%205.2%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) The company had no non-operating funds occupied by controlling shareholders or other related parties during the reporting period - The company had no non-operating funds occupied by controlling shareholders or other related parties during the reporting period[101](index=101&type=chunk) [5.3 Irregular External Guarantees](index=27&type=section&id=Item%205.3%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[102](index=102&type=chunk) [5.4 Appointment and Dismissal of Accounting Firms](index=27&type=section&id=Item%205.4%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[103](index=103&type=chunk) [5.5 Board of Directors, Supervisory Board, and Audit Committee's Explanation on "Non-Standard Audit Report" for the Current Period](index=27&type=section&id=Item%205.5%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%27s%20Explanation%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) As the company's financial report for this period was unaudited, there is no explanation regarding a non-standard audit report - Not applicable[104](index=104&type=chunk) [5.6 Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year](index=27&type=section&id=Item%205.6%20Board%20of%20Directors%27%20Explanation%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) As the company's financial report for this period was unaudited, there is no explanation regarding a non-standard audit report for the previous year - Not applicable[104](index=104&type=chunk) [5.7 Bankruptcy and Reorganization Matters](index=27&type=section&id=Item%205.7%20Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[104](index=104&type=chunk) [5.8 Litigation Matters](index=27&type=section&id=Item%205.8%20Litigation%20Matters) The company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[105](index=105&type=chunk) [5.9 Penalties and Rectification](index=27&type=section&id=Item%205.9%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[106](index=106&type=chunk) [5.10 Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=28&type=section&id=Item%205.10%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company did not disclose the integrity status of itself, its controlling shareholder, or its actual controller during the reporting period - Not applicable[107](index=107&type=chunk) [5.11 Significant Related-Party Transactions](index=28&type=section&id=Item%205.11%20Significant%20Related-Party%20Transactions) The company engaged in daily related-party transactions, including director services, equipment procurement, and property leasing, all within approved limits, and co-invested in Beijing Shierhuan Culture Development Co., Ltd. with related party Mr. Wang Keran Related-Party Transactions Related to Daily Operations | Related Party | Related-Party Transaction Content | Related-Party Transaction Amount (10,000 Yuan) | Approved Transaction Limit (10,000 Yuan) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | | Linying County Weiwen Marketing Planning Studio (Individual Business) | Director service fees | 25.44 | 240 | No | | Beijing Puneng Century Technology Co., Ltd. | Equipment procurement | 195 | 650 | No | | Wang Keran | Property operating lease | 7.2 | 15 | No | - The company and related party Mr. Wang Keran jointly increased capital in Beijing Shierhuan Culture Development Co., Ltd., with Yanghua Times investing **10 million yuan** and Mr. Wang Keran investing **11 million yuan**, making Beijing Shierhuan an associate of the group[110](index=110&type=chunk)[118](index=118&type=chunk) - The company had no related-party transactions for asset or equity acquisition/disposal, related-party creditor/debtor relationships, or dealings with related financial companies during the reporting period[109](index=109&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) [5.12 Significant Contracts and Their Performance](index=29&type=section&id=Item%205.12%20Significant%20Contracts%20and%20Their%20Performance) The company had no entrustment or contracting arrangements but entered into multiple property lease contracts for offices and dormitories, with no leases generating over **10%** of total profit, nor any significant guarantees or other major contracts - The company had no entrustment or contracting arrangements during the reporting period[116](index=116&type=chunk)[117](index=117&type=chunk) - The company leased properties in Changzhi City, Shanxi Province, Chaoyang District, Beijing, and Langfang City, Hebei Province, for office space, employee dormitories, and warehouses[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk) - The company had no lease projects that generated over **10%** of total profit during the reporting period[120](index=120&type=chunk) - The company had no significant guarantees during the reporting period[121](index=121&type=chunk) - The company had no significant contracts related to daily operations or other major contracts during the reporting period[123](index=123&type=chunk)[124](index=124&type=chunk) [5.13 Explanation of Other Significant Matters](index=31&type=section&id=Item%205.13%20Explanation%20of%20Other%20Significant%20Matters) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[125](index=125&type=chunk) [5.14 Significant Matters of Company Subsidiaries](index=31&type=section&id=Item%205.14%20Significant%20Matters%20of%20Company%20Subsidiaries) The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[126](index=126&type=chunk) Part VI Share Changes and Shareholder Information [6.1 Share Changes](index=32&type=section&id=Item%206.1%20Share%20Changes) The company's total share capital and share structure remained unchanged, with no changes in restricted or unrestricted shares, share repurchases, or impact on financial indicators during the reporting period Share Changes | Item | Number Before Change (Shares) | Proportion Before Change | Increase/Decrease in Current Change (Shares) | Number After Change (Shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0.00% | 0 | 0 | 0.00% | | II. Unrestricted Shares | 117,000,000 | 100.00% | 0 | 117,000,000 | 100.00% | | **III. Total Shares** | **117,000,000** | **100.00%** | **0** | **117,000,000** | **100.00%** | - During the reporting period, the reasons for share changes, approval status, transfer status, progress of share repurchases, and impact on financial indicators are all not applicable[129](index=129&type=chunk) [6.2 Securities Issuance and Listing](index=33&type=section&id=Item%206.2%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[130](index=130&type=chunk) [6.3 Number of Shareholders and Shareholding](index=33&type=section&id=Item%206.3%20Number%20of%20Shareholders%20and%20Shareholding) As of the end of the reporting period, the company had **15,855** common shareholders, with Shanxi Red Sun Tourism Development Co., Ltd. as the largest shareholder (**15.02%**), and Shanxi Red Sun, its wholly-owned subsidiary Jiuzhou Commercial, and Zhao Jian acting in concert - As of the end of the reporting period, the total number of common shareholders was **15,855**[130](index=130&type=chunk) Shareholding of Shareholders with Over 5% or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period End (Shares) | Change in Shares During Reporting Period (Shares) | Number of Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanxi Red Sun Tourism Development Co., Ltd. | Domestic Non-State-Owned Legal Person | 15.02% | 17,570,818.00 | 0 | 17,570,818.00 | | Beijing Baize Changrui Enterprise Management Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 14.18% | 16,590,100.00 | 0 | 16,590,100.00 | | Zhao Jian | Domestic Natural Person | 8.02% | 9,381,619.00 | 0 | 9,381,619.00 | | Changzhi Hong Jiuzhou Commercial Co., Ltd. | Domestic Non-State-Owned Legal Person | 6.00% | 7,020,000.00 | 0 | 7,020,000.00 | - Jiuzhou Commercial is a **100%** wholly-owned subsidiary of Shanxi Red Sun, and the aforementioned shareholders and Zhao Jian are parties acting in concert[131](index=131&type=chunk) - Mr. Zhao Jian entrusted the voting rights of his **9,381,619** shares to Shanxi Red Sun[131](index=131&type=chunk) [6.4 Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=35&type=section&id=Item%206.4%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[133](index=133&type=chunk) [6.5 Changes in Controlling Shareholder or Actual Controller](index=35&type=section&id=Item%206.5%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[134](index=134&type=chunk) - The company's actual controller remained unchanged during the reporting period[134](index=134&type=chunk) [6.6 Preferred Shares Information](index=36&type=section&id=Item%206.6%20Preferred%20Shares%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[135](index=135&type=chunk) Part VII Bond-Related Information [7.1 Bond-Related Information](index=37&type=section&id=Item%207.1%20Bond-Related%20Information) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[137](index=137&type=chunk) Part VIII Financial Report [8.1 Audit Report](index=38&type=section&id=Item%208.1%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[139](index=139&type=chunk) [8.2 Financial Statements](index=38&type=section&id=Item%208.2%20Financial%20Statements) This section presents the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, providing a comprehensive overview of its financial position, operating results, and cash flows [8.2.1 Consolidated Balance Sheet](index=38&type=section&id=Item%208.2.1%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **599.41 million yuan**, a **2.80%** increase from the beginning of the period, with total liabilities of **306.46 million yuan** and total owners' equity of **292.95 million yuan** Consolidated Balance Sheet Key Data | Item | Amount at Period End (Yuan) | Amount at Period Beginning (Yuan) | | :--- | :--- | :--- | | Total Assets | 599,408,738.19 | 583,105,009.92 | | Total Current Assets | 247,987,906.57 | 272,304,177.66 | | Total Non-Current Assets | 351,420,831.62 | 310,800,832.26 | | Total Liabilities | 306,462,066.64 | 296,407,412.10 | | Total Owners' Equity | 292,946,671.55 | 286,697,597.82 | [8.2.2 Parent Company Balance Sheet](index=40&type=section&id=Item%208.2.2%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **236.42 million yuan**, a slight decrease from the beginning of the period, with total liabilities of **2.70 million yuan** and total owners' equity of **233.72 million yuan** Parent Company Balance Sheet Key Data | Item | Amount at Period End (Yuan) | Amount at Period Beginning (Yuan) | | :--- | :--- | :--- | | Total Assets | 236,420,947.97 | 240,396,443.93 | | Total Current Assets | 47,582,525.27 | 55,047,578.86 | | Total Non-Current Assets | 188,838,422.70 | 185,348,865.07 | | Total Liabilities | 2,701,774.34 | 1,513,919.23 | | Total Owners' Equity | 233,719,173.63 | 238,882,524.70 | [8.2.3 Consolidated Income Statement](index=42&type=section&id=Item%208.2.3%20Consolidated%20Income%20Statement) For the first half of 2025, the company achieved total operating revenue of **93.66 million yuan**, an **8.59%** year-on-year increase, with net profit of **6.25 million yuan** and net profit attributable to parent company shareholders of **6.23 million yuan** Consolidated Income Statement Key Data | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 93,659,136.01 | 86,252,017.24 | | Total Operating Costs | 90,884,702.67 | 81,877,072.75 | | Operating Profit | 6,658,335.78 | 5,764,622.25 | | Total Profit | 6,696,660.43 | 6,011,875.36 | | Net Profit | 6,249,073.73 | 6,028,278.63 | | Net Profit Attributable to Parent Company Shareholders | 6,231,818.88 | 5,628,336.32 | | Basic Earnings Per Share (Yuan/Share) | 0.0533 | 0.0481 | [8.2.4 Parent Company Income Statement](index=44&type=section&id=Item%208.2.4%20Parent%20Company%20Income%20Statement) For the first half of 2025, the parent company's operating revenue was **0.14 million yuan**, a significant year-on-year decrease, resulting in a net loss of **5.16 million yuan**, an expanded loss compared to the prior year Parent Company Income Statement Key Data | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 140,998.23 | 6,389,742.15 | | Operating Profit | -5,041,008.40 | -2,894,279.68 | | Total Profit | -5,043,516.66 | -2,891,375.68 | | Net Profit | -5,163,351.07 | -2,891,375.68 | [8.2.5 Consolidated Cash Flow Statement](index=46&type=section&id=Item%208.2.5%20Consolidated%20Cash%20Flow%20Statement) For the first half of 2025, net cash flow from operating activities was **-0.18 million yuan**, a significant improvement year-on-year, while net cash flow from investing activities was **-56.16 million yuan**, and net cash flow from financing activities was **33.51 million yuan** Consolidated Cash Flow Statement Key Data | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -183,135.02 | -14,189,266.06 | | Net Cash Flow from Investing Activities | -56,161,473.70 | -19,060,608.76 | | Net Cash Flow from Financing Activities | 33,507,202.05 | 9,484,962.80 | | Net Increase in Cash and Cash Equivalents | -22,817,278.38 | -23,737,882.47 | [8.2.6 Parent Company Cash Flow Statement](index=47&type=section&id=Item%208.2.6%20Parent%20Company%20Cash%20Flow%20Statement) For the first half of 2025, the parent company's net cash flow from operating activities was **-11.82 million yuan**, an improvement year-on-year, with net cash flow from investing activities at **-1.90 million yuan** and net cash flow from financing activities at **0** Parent Company Cash Flow Statement Key Data | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -11,817,919.60 | -27,906,682.06 | | Net Cash Flow from Investing Activities | -1,900,000.00 | -680,000.00 | | Net Cash Flow from Financing Activities | 0.00 | 0.00 | | Net Increase in Cash and Cash Equivalents | -13,717,919.60 | -28,586,682.06 | [8.2.7 Consolidated Statement of Changes in Owners' Equity](index=48&type=section&id=Item%208.2.7%20Consolidated%20Statement%20of%20Changes%20in%20Owners%20Equity) For the first half of 2025, consolidated owners' equity increased by **6.25 million yuan**, primarily due to an increase in comprehensive income, with owners' equity attributable to the parent company increasing by **6.23 million yuan** Consolidated Statement of Changes in Owners' Equity Key Data | Item | Amount at Period End (Yuan) | Amount at Period Beginning (Yuan) | | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 281,352,663.65 | 275,120,844.77 | | Minority Interests | 11,594,007.90 | 11,576,753.05 | | **Total Owners' Equity** | **292,946,671.55** | **286,697,597.82** | - Total comprehensive income for the current period was **6,249,073.73 yuan**, of which **6,231,818.88 yuan** was attributable to owners of the parent company[162](index=162&type=chunk) [8.2.8 Parent Company Statement of Changes in Owners' Equity](index=52&type=section&id=Item%208.2.8%20Parent%20Company%20Statement%20of%20Changes%20in%20Owners%20Equity) For the first half of 2025, parent company owners' equity decreased by **5.16 million yuan**, primarily due to a reduction in undistributed profits resulting from net loss Parent Company Statement of Changes in Owners' Equity Key Data | Item | Amount at Period End (Yuan) | Amount at Period Beginning (Yuan) | | :--- | :--- | :--- | | Share Capital | 117,000,000.00 | 117,000,000.00 | | Capital Reserve | 274,480,147.59 | 274,480,147.59 | | Undistributed Profits | -177,052,987.84 | -171,889,636.77 | | **Total Owners' Equity** | **233,719,173.63** | **238,882,524.70** | - Total comprehensive income for the current period was **-5,163,351.07 yuan**[167](index=167&type=chunk) - Financial statements include consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[140](index=140&type=chunk)[144](index=144&type=chunk)[148](index=148&type=chunk)[152](index=152&type=chunk)[156](index=156&type=chunk)[158](index=158&type=chunk)[161](index=161&type=chunk)[166](index=166&type=chunk) [8.3 Company Basic Information](index=55&type=section&id=Item%208.3%20Company%20Basic%20Information) Jinlihua Electric Co., Ltd., established in 2003 and listed in 2010 with a registered capital of **117 million yuan**, primarily engages in insulator product sales and cultural media activities, including broadcasting, television program production, and theatrical/film production - The company was registered and established in April 2003 and listed on the Shenzhen Stock Exchange on April 21, 2010[173](index=173&type=chunk) - As of June 30, 2025, the company's total issued share capital was **117 million shares**, with a registered capital of **117 million yuan**[173](index=173&type=chunk) - The company's main businesses include insulator product sales and the cultural media industry (broadcasting and television program production, stage play, and other film and television production and performance)[173](index=173&type=chunk) [8.4 Basis of Financial Statement Preparation](index=55&type=section&id=Item%208.4%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared in accordance with the Accounting Standards for Business Enterprises and relevant CSRC regulations, presented on a going concern basis, with no significant doubts about its ability to continue as a going concern - The financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" and the CSRC's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports (Revised 2023)"[175](index=175&type=chunk) - The company evaluated its ability to continue as a going concern for 12 months from the end of the reporting period and found no significant doubts[176](index=176&type=chunk) [8.5 Significant Accounting Policies and Estimates](index=55&type=section&id=Item%208.5%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's specific accounting policies and estimates for financial instruments, inventories, long-term equity investments, fixed assets, construction in progress, intangible assets, long-term deferred expenses, employee benefits, provisions, revenue recognition, government grants, deferred tax assets/liabilities, and leases, ensuring transparency and comparability of financial reporting - The company determines specific accounting policies and estimates based on its production and operation characteristics, primarily reflected in the provision for expected credit losses on receivables, inventory valuation, amortization of drama creation costs, and revenue recognition[178](index=178&type=chunk) - The financial statements comply with the requirements of the Accounting Standards for Business Enterprises, accurately and completely reflecting the company's financial position, operating results, and cash flows[179](index=179&type=chunk) - The company uses RMB as its functional currency, and its accounting period is from January 1 to December 31 of the Gregorian calendar[180](index=180&type=chunk)[181](index=181&type=chunk) - The company details various materiality thresholds, such as individually impaired accounts receivable exceeding **1 million yuan**[182](index=182&type=chunk) - The company provides detailed explanations of its classification and measurement methods for financial instruments, measurement of expected credit losses, and categories and criteria for impairment provisions based on credit risk characteristics[193](index=193&type=chunk)[201](index=201&type=chunk)[205](index=205&type=chunk) - Inventory valuation methods for the traditional manufacturing sector use the weighted average method at month-end, while for the cultural industry sector, drama performance costs are recognized as operating costs upon completion of performances[226](index=226&type=chunk) - The company's revenue recognition principle is to recognize revenue when the customer obtains control of the related goods or services, with specific recognition methods for different business types (sale of goods, stage play performances, film and television investment and production)[260](index=260&type=chunk)[264](index=264&type=chunk)[265](index=265&type=chunk)[267](index=267&type=chunk) [8.6 Taxation](index=74&type=section&id=Item%208.6%20Taxation) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, benefiting from high-tech enterprise and small-profit enterprise income tax incentives, as well as "exemption, offset, and refund" policies for export goods Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods, provision of services | 13%, 6%, 3% | | Urban Maintenance and Construction Tax | Amount of turnover tax actually paid | 5%, 7% | | Corporate Income Tax | Taxable income | 15%, 20%, 25% | - Zhejiang Jinlihua Electric Equipment Co., Ltd. enjoys a **15%** corporate income tax rate as a high-tech enterprise[283](index=283&type=chunk)[284](index=284&type=chunk) - Shanxi Jinlihua Smart Manufacturing Technology Co., Ltd., Beijing Jinlihua Cultural Investment Co., Ltd., and Shanghai Hejin Cultural Communication Co., Ltd. qualify as small-profit enterprises, enjoying a **20%** corporate income tax rate[283](index=283&type=chunk)[284](index=284&type=chunk) - The company's main products have an export tax refund rate of **13%**[285](index=285&type=chunk) [8.7 Notes to Consolidated Financial Statement Items](index=75&type=section&id=Item%208.7%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each major item in the consolidated financial statements, covering assets, liabilities, equity, income, expenses, and cash flows, offering comprehensive insights into the company's financial performance and position - Cash and cash equivalents at period-end totaled **62.84 million yuan**, of which **25.13 million yuan** was restricted[286](index=286&type=chunk) - Fixed assets had a book value of **225 million yuan** at period-end, a significant increase from the beginning of the period, primarily due to the transfer of construction in progress[333](index=333&type=chunk)[336](index=336&type=chunk) - Construction in progress at period-end was **38.38 million yuan**, a significant decrease from the beginning of the period, mainly due to the completion and transfer of the **3 million** UHV glass insulator expansion project to fixed assets[340](index=340&type=chunk)[342](index=342&type=chunk)[343](index=343&type=chunk) - Goodwill's original book value and impairment provision remained unchanged at **71.58 million yuan** at period-end[352](index=352&type=chunk)[354](index=354&type=chunk) - Deferred income at period-end was **16.14 million yuan**, primarily government grants, with **7.72 million yuan** added in the current period[396](index=396&type=chunk)[397](index=397&type=chunk) - Undistributed profits at period-end were **-115 million yuan**, indicating a reduced loss compared to the beginning of the period[408](index=408&type=chunk) - Operating revenue and operating cost breakdown shows glass insulator business revenue of **76.98 million yuan** and theatrical performance business revenue of **14.91 million yuan**[411](index=411&type=chunk) - R&D expenses incurred in the current period amounted to **4.01 million yuan**, a year-on-year increase of **43.58%**[419](index=419&type=chunk) - Credit impairment losses for the current period were **1.45 million yuan**, compared to **-1.14 million yuan** in the prior period, primarily due to bad debt losses on accounts receivable and prepayments[429](index=429&type=chunk) [8.8 Research and Development Expenses](index=103&type=section&id=Item%208.8%20Research%20and%20Development%20Expenses) Total R&D expenses for the reporting period were **4.01 million yuan**, all expensed, primarily comprising material consumption and employee compensation, representing a **43.58%** increase year-on-year R&D Expenses | Item | Amount Incurred in Current Period (Yuan) | Amount Incurred in Prior Period (Yuan) | | :--- | :--- | :--- | | Material Consumption Expenses | 2,028,354.71 | 1,406,277.15 | | Employee Compensation | 1,690,911.73 | 1,122,414.91 | | Depreciation and Amortization | 290,418.56 | 263,952.97 | | **Total** | **4,009,685.00** | **2,792,645.03** | | Of which: Expensed R&D Expenses | 4,009,685.00 | 2,792,645.03 | [8.9 Changes in Consolidation Scope](index=104&type=section&id=Item%208.9%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company established a new wholly-owned subsidiary, Shanxi Jinlihua Smart Manufacturing Technology Co., Ltd., which was included in the consolidated financial statements, while subsidiary Tibet Yanghua Times Culture Development Co., Ltd. was deregistered - The company established a new wholly-owned subsidiary, Shanxi Jinlihua Smart Manufacturing Technology Co., Ltd., which completed industrial and commercial registration on April 11, 2025, and was included in the scope of consolidation[462](index=462&type=chunk) - Subsidiary Tibet Yanghua Times Culture Development Co., Ltd. completed deregistration on June 19, 2025[462](index=462&type=chunk) [8.10 Interests in Other Entities](index=104&type=section&id=Item%208.10%20Interests%20in%20Other%20Entities) The company holds interests in wholly-owned subsidiaries including Zhejiang Jinlihua Electric Equipment Co., Ltd. and Shanxi Jinlihua Smart Manufacturing Technology Co., Ltd., as well as a **51%** stake in Beijing Yanghua Times Culture Development Co., Ltd., and interests in associates like Beijing Shierhuan Culture Development Co., Ltd Composition of Enterprise Group (Major Subsidiaries) | Subsidiary Name | Registered Capital (Yuan) | Business Nature | Shareholding Percentage (Direct) | Method of Acquisition | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Jinlihua Electric Equipment Co., Ltd. | 100,000,000.00 | Manufacturing | 100.00% | Newly Established | | Shanxi Jinlihua Smart Manufacturing Technology Co., Ltd. | 20,000,000.00 | Manufacturing | 100.00% | Newly Established | | Shanghai Hejin Cultural Communication Co., Ltd. | 10,000,000.00 | Cultural Industry | 100.00% | Newly Established | | Beijing Jinlihua Cultural Investment Co., Ltd. | 10,000,000.00 | Cultural Industry | 100.00% | Newly Established | | Beijing Yanghua Times Culture Development Co., Ltd. | 1,000,000.00 | Cultural Industry | 51.00% | Acquisition | Important Non-Wholly Owned Subsidiaries (Beijing Yanghua Times Culture Development Co., Ltd.) | Subsidiary Name | Minority Shareholding Percentage | Net Profit Attributable to Minority Shareholders in Current Period (Yuan) | Minority Interests Balance at Period End (Yuan) | | :--- | :--- | :--- | :--- | | Beijing Yanghua Times Culture Development Co., Ltd. | 49.00% | 17,254.85 | 11,594,007.90 | Summary Financial Information of Insignificant Joint Ventures and Associates | Item | Amount at Period End/Amount Incurred in Current Period (Yuan) | | :--- | :--- | | Total Book Value of Investments in Associates | 9,981,480.29 | | Net Profit of Associates | -18,519.71 | [8.11 Government Grants](index=105&type=section&id=Item%208.11%20Government%20Grants) During the reporting period, the company received government grants totaling **7.72 million yuan**, primarily asset-related, with a deferred income balance of **16.14 million yuan** at period-end, and **2.14 million yuan** recognized as other income Liability Items Involving Government Grants (Deferred Income) | Accounting Account | Balance at Period Beginning (Yuan) | Ne