8月27日，双林股份通过电话会议与线上交流的方式，接受了中金公司、华鑫汽车、华创证券等70余家 机构的特定对象调研。公司常务副总经理张子盛、副总经理兼动力总成事业部总经理钱雪明等多位高管 参与接待，就公司2025年上半年业绩、业务经营情况等方面与投资者展开深入交流。 2025上半年业绩增长显著 2025年上半年，双林股份实现营业收入25.25亿元，同比增长20.07%；归属于上市公司股东的净利润为 2.87亿元，同比增长15.73%；归属于上市公司股东的扣除非经常性损益的净利润达2.46亿元，同比增长 55.65% 。 机器人业务：积极对接客户，产能逐步规划 在机器人业务方面，双林股份具备线性模组与丝杠全流程业务能力及完整产业链，业务合作形式灵活。 公司已对接国内两家头部新势力车企，合作开发人形机器人用关节模组及反向式行星滚柱丝杠项目，第 一批订单于5月启动。同时，与国内其他机器人厂家广泛开展技术与业务交流，多家企业样件已交付， 部分处于制作阶段，但截至目前尚未获得正式定点。 产能规划上，人形机器人零部件中滚柱丝杠规划年产能100万套，2025年10月底预计达10万套/年产能， 年内实现30万套/年；滚珠丝杠 ...

Financial Performance - In the first half of 2025, the company achieved operating revenue of CNY 2.525 billion, a year-on-year increase of 20.07% [3] - Net profit attributable to shareholders reached CNY 287 million, up 15.73% year-on-year [3] - Net profit excluding non-recurring gains and losses was CNY 246 million, reflecting a significant growth of 55.65% [3] Business Development - The company has established partnerships with two leading domestic electric vehicle manufacturers for the development of humanoid robot joint modules and reverse planetary roller screw projects, with the first batch of orders delivered in May 2025 [4][6] - The company is actively engaging with various domestic robot manufacturers, receiving recognition for its capabilities in the screw domain [4] Production Capacity Planning - Humanoid robot components production capacity: - Roller screws: 1 million sets per year planned, with 100,000 sets expected by October 2025 [6] - Ball screws: 400,000 sets per year planned, with 100,000 sets expected by February 2026 [6] - Joint modules: 120,000 sets per year planned, with full capacity expected by the end of 2025 [6] - Automotive screw production capacity: - EHB screws: current capacity of 200,000 sets per year, expected to increase to 600,000 sets by year-end [7] - EMB screws: currently planned at 180,000 sets per year [8] Cost Control and Efficiency - Total expenses for the first half of 2025 amounted to CNY 250 million, accounting for 10% of total revenue, a decrease of 0.5 percentage points compared to the same period last year [10] - The second-generation grinding machine is expected to enter mass production in September 2025, significantly improving processing efficiency [11] Strategic Partnerships and Market Engagement - The company has engaged in multiple discussions with leading foreign screw manufacturers, securing small batch orders for ball and roller screws [12] - The company is awaiting order releases from Tier 1 automotive clients, with expectations for clear orders in the fourth quarter [12] New Product Development - The company’s new energy electric drive business generated revenue of CNY 440 million in the first half of 2025, a year-on-year increase of 93.78% [16] - The company is expanding its production bases in Thailand and Chongqing, with plans for mass production in early 2026 [16] Innovation and Future Planning - The company is exploring the application of PEEK materials in robotics, with ongoing research and development efforts [18] - The company is actively developing new products for the low-altitude economy, with a focus on electric drive products ranging from 30KW to 250KW [17]

8月27日，双林股份跌4.24%，成交额20.92亿元。两融数据显示，当日双林股份获融资买入额2.67亿 元，融资偿还2.33亿元，融资净买入3439.51万元。截至8月27日，双林股份融资融券余额合计8.40亿 元。 融资方面，双林股份当日融资买入2.67亿元。当前融资余额8.39亿元，占流通市值的3.08%。 融券方面，双林股份8月27日融券偿还0.00股，融券卖出5300.00股，按当日收盘价计算，卖出金额25.28 万元；融券余量1.53万股，融券余额72.98万元。 资料显示，双林股份有限公司位于上海市青浦区北盈路202号，成立日期2000年11月23日，上市日期 2010年8月6日，公司主营业务涉及汽车零部件的生产与销售;口罩等防护物资的生产、销售。 截至6月30日，双林股份股东户数9.13万，较上期增加71.26%；人均流通股5992股，较上期减少 17.50%。2025年1月-6月，双林股份实现营业收入25.25亿元，同比增长20.07%；归母净利润2.87亿元， 同比增长15.73%。 分红方面，双林股份A股上市后累计派现7.66亿元。近三年，累计派现1.19亿元。 机构持仓方面，截止202 ...

Summary of the Conference Call for Shuanglin Co., Ltd. Company Overview - Shuanglin Co., Ltd. specializes in the research, manufacturing, and sales of automotive and robotic components, with a diversified product matrix covering various segments of the automotive industry and emerging robotics field [2][3][4]. Key Financial Performance - In the first half of 2025, Shuanglin reported revenue of 2.525 billion yuan, a year-on-year increase of 20.07% [2][3]. - The net profit attributable to shareholders was 287 million yuan, up 15.69% year-on-year [2][3]. - The non-recurring net profit reached 247 million yuan, reflecting a significant increase of 55.68% [2][3]. Business Developments - The company has made significant advancements in intelligent control systems, particularly in automotive seat drive components and horizontal actuators (HDM), supplying multiple new energy vehicles [2][3]. - Shuanglin has achieved breakthroughs in products such as electric headrests and rolling ball screws, which have entered mass production [2][3]. - The revenue from the new energy electric drive business reached 440 million yuan, a remarkable growth of 94%, with approximately 300,000 electric drive products sold [2][10]. Strategic Initiatives - Shuanglin is actively expanding into humanoid robot core components, having acquired Kezhixin Machinery to enhance its planetary rolling screw production capabilities, addressing critical equipment bottlenecks [2][4]. - The company plans to establish new production bases in Thailand and Chongqing, expected to commence mass production by early 2026, significantly boosting capacity and supporting future gross margin growth [2][10]. Product Development and Client Engagement - The company has received development requests from two major clients for its dexterous hand technology, focusing on hardware design, manufacturing precision, and structural integrity [2][8]. - Shuanglin is expanding its product offerings to include rotating joint modules and core components, with plans to complete development by the end of 2025 [9]. Cost Control Measures - Shuanglin emphasizes cost control and efficiency improvements, with total expenses for the first half of 2025 amounting to 250 million yuan, representing 10% of total revenue, a decrease of 0.5 percentage points from the previous year [7]. Future Outlook - The company is preparing for an H-share issuance, with plans to submit documentation to the Hong Kong Stock Exchange and the China Securities Regulatory Commission by the end of September 2025 [3][12]. - Shuanglin is also advancing its new product development, including a 220 kW 800V high-voltage oil-cooled project, expected to complete prototype testing in the second half of 2025 and potentially enter mass production in 2026 [10]. Competitive Positioning - Shuanglin's core competitive advantages include strong design capabilities, cost control, and a stable, innovative team, enabling successful expansion into the robotics sector [11]. - The company is open to exploring various collaboration opportunities with potential Tier 1 players and is actively engaging with clients to meet their needs [21]. Additional Insights - The second-generation grinding machine from Kezhixin is expected to significantly enhance processing efficiency, with a target production rate of 40 units per month by late 2025 [6][13]. - Shuanglin's rolling screw products are being utilized in humanoid robot joint modules and are in the research phase for new materials and processes [17]. This summary encapsulates the key points from the conference call, highlighting Shuanglin Co., Ltd.'s financial performance, strategic initiatives, product developments, and future outlook.

智通财经APP讯，双林股份(300100.SZ)发布2025年半年度报告，该公司营业收入为25.25亿元，同比增 长20.07%。归属于上市公司股东的净利润为2.87亿元，同比增长15.73%。归属于上市公司股东的扣除非 经常性损益的净利润为2.46亿元，同比增长55.65%。基本每股收益为0.51元。 ...

格隆汇8月27日丨双林股份(300100.SZ)公布2025年半年度报告，上半年公司实现营业收入25.25亿元，同 比增长20.07%；归属于上市公司股东的净利润2.87亿元，同比增长15.73%；归属于上市公司股东的扣除 非经常性损益的净利润2.46亿元，同比增长55.65%；基本每股收益0.51元。 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=第一节%20重要提示、目录和释义) This section provides essential disclaimers, outlines the report's structure, and defines key terminology for clarity [Important Notice](index=2&type=section&id=重要提示) The company's board, supervisory board, and senior management guarantee the report's truthfulness and completeness, while highlighting forward-looking statements and key risks - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[3](index=3&type=chunk) - Forward-looking statements regarding future plans in this report do not constitute substantial commitments from the company to investors[3](index=3&type=chunk) - The company's existing risk factors are primarily concentrated in macroeconomic conditions, policy risks, and raw material price risks[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=目录) This section outlines the report's overall structure, comprising eight main chapters covering company profile, management discussion, governance, and financial reports - The report contains eight main chapters, covering key information on the company's operations, financials, and governance[6](index=6&type=chunk) [Definitions](index=5&type=section&id=释义) This section defines common terms used throughout the report, including company names, regulatory bodies, and reporting periods, to ensure clear understanding - Key terms used in the report, such as "the Company", "Reporting Period", and major subsidiary names, are clearly defined[10](index=10&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company's basic information and highlights its key financial performance and indicators for the reporting period [Company Profile](index=7&type=section&id=一、公司简介) The company, known as "Shuanglin Shares" with stock code 300100, is listed on the Shenzhen Stock Exchange, and its legal representative is Wu Jianbin Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Shuanglin Shares | | Stock Code | 300100 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Legal Representative | Wu Jianbin | [Contact Persons and Information](index=7&type=section&id=二、联系人和联系方式) This section provides detailed contact information for the company's board secretary and securities affairs representatives, including names, addresses, and communication channels Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhu Liming | No. 236, Keyuan North Road, Ninghai County, Ningbo City | 0574-83518938 | 0574-82552277 | lmzhu@shuanglin.com | | Securities Affairs Representative | Wu Ruijue, Xia Qingqing | No. 202, Beiying Road, Qingpu District, Shanghai | 0574-83518938 | 0574-82552277 | rjwu@shuanglin.com；qqxia@shuanglin.com | [Other Information](index=7&type=section&id=三、其他情况) While contact details and registration remained unchanged, the company's name was officially updated to "Shuanglin Co.,Ltd." on August 4, 2025 - The company's registered address, office address, website, and email remained unchanged during the reporting period[15](index=15&type=chunk) - Information disclosure and filing locations remained unchanged during the reporting period[16](index=16&type=chunk) - The company's registration status remained unchanged during the reporting period[17](index=17&type=chunk) - On August 4, 2025, the company's name changed from "Ningbo Shuanglin Auto Parts Co., Ltd." to "Shuanglin Co.,Ltd.", with the stock abbreviation and code remaining unchanged[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=四、主要会计数据和财务指标) Operating revenue increased by **20.07%**, net profit attributable to shareholders by **15.73%**, and non-recurring net profit by **55.65%** year-on-year, with growth in total assets and net assets Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Reporting Period (Yuan) | Prior Year Period Adjusted (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,524,796,940.92 | 2,102,848,035.58 | 20.07% | | Net Profit Attributable to Shareholders of Listed Company | 287,228,635.82 | 248,181,410.76 | 15.73% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 246,492,286.41 | 158,361,920.90 | 55.65% | | Net Cash Flow from Operating Activities | 401,241,932.79 | 403,570,488.33 | -0.58% | | Basic Earnings Per Share (Yuan/share) | 0.51 | 0.44 | 15.91% | | Diluted Earnings Per Share (Yuan/share) | 0.50 | 0.44 | 13.64% | | Weighted Average Return on Net Assets | 10.40% | 10.71% | -0.31% | | **Period-End Indicators** | **Current Period-End (Yuan)** | **Prior Year-End Adjusted (Yuan)** | **Period-End Change from Prior Year-End** | | Total Assets | 6,391,854,635.82 | 6,270,656,390.53 | 1.93% | | Net Assets Attributable to Shareholders of Listed Company | 2,913,952,524.31 | 2,642,659,381.34 | 10.27% | [Differences in Accounting Data under Domestic and International Accounting Standards](index=8&type=section&id=五、境内外会计准则下会计数据差异) The company reported no differences in net profit and net assets between financial reports prepared under international or foreign accounting standards and Chinese accounting standards - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under International Accounting Standards compared to Chinese Accounting Standards[20](index=20&type=chunk) - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under foreign accounting standards compared to Chinese Accounting Standards[21](index=21&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=9&type=section&id=六、非经常性损益项目及金额) Total non-recurring gains and losses for this reporting period amounted to **40.74 million Yuan**, primarily from disposal gains/losses on non-current assets and government subsidies Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions) | 34,744,695.90 | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 8,606,819.21 | | 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, except for effective hedging activities related to normal business operations | 159,083.33 | | Other non-operating income and expenses apart from the above items | -1,588,245.58 | | Less: Income tax impact | 1,186,003.45 | | Total | 40,736,349.41 | [Management Discussion and Analysis](index=10&type=section&id=第三节%20管理层讨论与分析) This section provides an in-depth analysis of the company's principal businesses, core competencies, financial performance, and risk management strategies during the reporting period [Principal Businesses Engaged in During the Reporting Period](index=10&type=section&id=一、报告期内公司从事的主要业务) The company is a specialized intelligent manufacturing enterprise focused on R&D, manufacturing, and sales of automotive and robot components, with a global production and customer service network - The company's main business involves the R&D, manufacturing, and sales of automotive and robot components[25](index=25&type=chunk) - Key products include intelligent control systems, new energy power systems, bearing units, grinding equipment, and precision components[25](index=25&type=chunk) - The company operates **37 wholly-owned and controlling subsidiaries** and **7 branches** globally, with production bases across China and overseas regions[25](index=25&type=chunk) [Main Products and Applications](index=10&type=section&id=一、主要产品及用途) The company's product matrix spans multiple critical segments of the automotive industry, from traditional components to new energy core systems and emerging robotics, demonstrating diversified product offerings and technological expertise - The company's product matrix covers multiple key links in the automotive industry chain, including traditional components, new energy core systems, and the robotics sector[26](index=26&type=chunk) [Intelligent Control Systems](index=10&type=section&id=（一）智能控制系统) The company continues to innovate in intelligent control systems, achieving significant progress in automotive components and successfully developing reverse planetary roller screw products for humanoid robots - Automotive seat horizontal drive modules (HDM) have made the company one of the largest domestic enterprises, supplying leading North American new energy brands, BYD, and NIO[27](index=27&type=chunk) - Electric headrest lift motor assembly systems successfully passed mass production certification by a leading new energy vehicle manufacturer in mid-2024 and have secured **two new projects**[28](index=28&type=chunk) - EHB automotive ball screws have been designated by Chenzhi Technology, with mass production expected by the end of 2025; EMB braking ball screw products are under development for **three companies**[30](index=30&type=chunk) - Automatic steering wheel folding actuators are being jointly developed with Autoliv, with mass production anticipated by the end of 2025[31](index=31&type=chunk) - In-car drone clamping actuators passed mass production certification by a leading domestic new energy vehicle manufacturer in mid-2024 and are now in stable supply[32](index=32&type=chunk) - The company successfully developed humanoid robot upper and lower limb linear motion joint module reverse planetary roller screw products, established a trial production line, and delivered the first batch of samples to **two leading domestic new energy vehicle manufacturers**[33](index=33&type=chunk) [New Energy Power Systems](index=11&type=section&id=（二）新能源动力系统) The company focuses on R&D, production, and sales of new energy electric vehicle electric drive systems, including motors and integrated electric axles, with plans for low-altitude aircraft electric drive products by late 2025 - New energy electric drive products cover pure electric platforms (155, 180, 210) and hybrid platforms (180, 210 oil-cooled, 270), achieving large-scale mass production for multiple clients[34](index=34&type=chunk) - In the low-altitude economy sector, the company plans a series of **30KW to 250KW** aircraft electric drive products, with the **230KW** oil-cooled product solution completing a prototype and expected for delivery in the second half of 2025[35](index=35&type=chunk)[36](index=36&type=chunk) [Bearing Units](index=12&type=section&id=（三）轴承单元) Wholly-owned subsidiary Hubei Shuanglin Bearing is a leading hub bearing manufacturer in China, with extensive technical expertise and national honors, supplying major OEMs and expanding into the new energy vehicle market - Wholly-owned subsidiary Hubei Shuanglin Bearing is a leading enterprise in China's hub bearing industry, with an annual production capacity of **18 million sets** of hub bearings and units[37](index=37&type=chunk) - Hub bearing products have been developed for OEMs such as Dongfeng Nissan, SAIC-GM-Wuling, and Geely, and are supplied to new energy vehicle models from BYD and NIO[38](index=38&type=chunk) - In 2024, the company secured multiple new projects, including Avatr, Zeekr, AITO, Dongfeng Nissan, SAIC Audi, and Xpeng, with AITO M8 and Dongfeng Nissan N7 projects entering mass production in 2025[38](index=38&type=chunk) [Grinding Equipment](index=12&type=section&id=（四）磨床设备) The acquisition of Wuxi Kezhixin Machinery Technology Co., Ltd. in January 2025 extended the planetary roller screw industry chain upstream, leveraging its internationally leading CNC thread grinding technology to reduce equipment costs and lead times - In January 2025, the company acquired **100% equity** of Wuxi Kezhixin Machinery Technology Co., Ltd., extending the upstream segment of the planetary roller screw industry chain[39](index=39&type=chunk) - Kezhixin's CNC thread grinding machine technology has reached international leading levels, with internal thread grinding machines achieving **C3 and C2 precision**, and external thread grinding machines achieving **P3 and P2 precision**[39](index=39&type=chunk) - The acquisition resolved equipment "bottleneck" issues, significantly reducing equipment procurement costs and cycles[39](index=39&type=chunk) [Automotive Precision Components](index=12&type=section&id=（五）汽车精密零部件) The company excels in automotive interior/exterior trim, precision injection molded components, and injection molds, operating multiple production bases and an independent mold R&D center with an annual capacity of over 1,000 mold sets - The company primarily produces automotive interior and exterior trim parts such as bumpers, door panels, pillars, and high-gloss decorative panels, as well as precision injection molded components like airbag covers, ignition coils, and sensors[40](index=40&type=chunk) - An independent mold R&D center has been established, with an annual mold processing capacity of over **1,000 sets** and **200 sets** of inspection tools[41](index=41&type=chunk) - Key OEM customers include SAIC-GM-Wuling, Chongqing Changan, Xpeng, and SAIC Volkswagen[40](index=40&type=chunk) [Company's Main Business Model](index=13&type=section&id=二、公司主要经营模式) The company operates a comprehensive procurement, production, sales, and R&D system, primarily using a make-to-order model and direct sales to OEMs, with continuous investment in R&D and technological innovation - Procurement model: Establishes a qualified supplier list through an information platform and business negotiations, adjusting supply based on demand forecasts and production plans[42](index=42&type=chunk) - Production model: Primarily adopts a make-to-order approach, with product serialization, specialization, and scaled production, implementing lean manufacturing[42](index=42&type=chunk)[43](index=43&type=chunk) - Sales model: Primarily direct sales to vehicle manufacturers and Tier 1 suppliers, managed through dedicated project teams[43](index=43&type=chunk)[44](index=44&type=chunk) - Research and development model: Operates **five R&D centers**, focusing on product R&D and technological innovation, increasing R&D investment, and concentrating on new energy vehicle motors and electronic control systems[44](index=44&type=chunk) [Analysis of Core Competencies](index=13&type=section&id=二、核心竞争力分析) The company has established significant market advantages in automotive components and intelligent equipment through strong R&D, product synergy, quality management, cost control, global network, and adaptive organizational structure - The company operates **5 R&D centers**, an academician workstation, and a postdoctoral research station, continuously investing in cutting-edge technologies such as planetary roller screws for humanoid robots and aircraft electric drive products[46](index=46&type=chunk)[47](index=47&type=chunk) - Product categories are extensive, including intelligent control systems, new energy power systems, and bearing units, with humanoid robot planetary roller screws sharing technological origins with core HDM products[47](index=47&type=chunk)[48](index=48&type=chunk) - The acquisition of Wuxi Kezhixin has integrated upstream segments of the industry chain, strengthening high-precision screw manufacturing capabilities[48](index=48&type=chunk) - A comprehensive quality management system has been established, achieving multiple international certifications and receiving the Ningbo Municipal Government Quality Innovation Award[48](index=48&type=chunk) - Cost leadership is achieved by enhancing product design precision, automation levels, platform-based production, and lean manufacturing[49](index=49&type=chunk) - Global production, R&D, or after-sales service bases are strategically located, with the Thailand factory commencing mass production in January 2025 and construction of an electric drive Thailand factory initiated[50](index=50&type=chunk) - The company maintains a stable customer base of mainstream vehicle manufacturers and globally renowned Tier 1 component suppliers, including SAIC-GM-Wuling, Volkswagen, Changan, BYD, NIO, and Xpeng[50](index=50&type=chunk) - Organizational adjustments in the first half of 2025, including new innovation incubation, strategic technology, strategic expansion centers, and intelligent equipment and overseas business units, support the transformation into an intelligent equipment solutions provider[51](index=51&type=chunk) [Analysis of Principal Business](index=15&type=section&id=三、主营业务分析) Operating revenue increased by **20.07%** year-on-year due to sales growth, with new energy electric drive business revenue up **93.78%** and other business revenue up **97.92%**, leading to an overall gross profit margin increase of **1.44%** 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 | 2,524,796,940.92 | 2,102,848,035.58 | 20.07% | Primarily due to increased sales | | Operating Cost | 2,001,216,027.29 | 1,697,011,276.33 | 17.93% | | | Selling Expenses | 18,079,440.53 | 17,753,856.97 | 1.83% | | | Administrative Expenses | 150,920,754.22 | 128,692,959.96 | 17.27% | | | Financial Expenses | 6,541,939.81 | 14,034,606.26 | -53.39% | Primarily due to reduced borrowing interest | | Income Tax Expenses | 19,842,345.40 | 12,594,967.76 | 57.54% | Primarily due to increased net profit | | Net Cash Flow from Operating Activities | 401,241,932.79 | 403,570,488.33 | -0.58% | | | Net Cash Flow from Investing Activities | -332,238,016.19 | -2,445,327.89 | 13,486.64% | Primarily due to the acquisition of Kezhixin this period and receipt of performance compensation last period | | Net Cash Flow from Financing Activities | -52,826,687.72 | -275,129,317.51 | -80.80% | Primarily due to receipt of equity incentive funds this period and repayment of borrowings last period | | Net Increase in Cash and Cash Equivalents | 18,375,476.09 | 127,255,614.94 | -85.56% | Primarily due to the combined impact of operating, investing, and financing activities | Product or Service Information with Over 10% Contribution | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Profit Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Profit Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Interior/Exterior Trim and Electromechanical Components | 1,344,074,245.81 | 1,049,679,027.92 | 21.90% | 11.04% | 9.06% | 1.41% | | Hub Bearing Components | 615,640,036.19 | 486,071,394.37 | 21.05% | 2.25% | 2.42% | -0.13% | | New Energy Electric Drive | 440,467,617.99 | 362,714,645.52 | 17.65% | 93.78% | 82.63% | 5.03% | | Other | 124,615,040.93 | 102,750,959.48 | 17.55% | 97.92% | 67.47% | 15.00% | | **By Industry** | | | | | | | | Industrial | 2,524,796,940.92 | 2,001,216,027.29 | 20.74% | 20.07% | 17.93% | 1.44% | | **By Region** | | | | | | | | Domestic | 2,317,827,774.54 | 1,852,538,444.99 | 20.07% | 22.73% | 20.33% | 1.59% | | International | 206,969,166.38 | 148,677,582.30 | 28.16% | -3.41% | -5.59% | 1.66% | [Analysis of Non-Principal Business](index=16&type=section&id=四、非主营业务分析) Non-principal business contributed **36.06 million Yuan** to total profit, primarily from asset disposal gains, representing **11.74%** of total profit, though this contribution is not sustainable Impact of Non-Principal Business on Total Profit | Item | Amount (Yuan) | Percentage of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -4,052,729.63 | -1.32% | Due to bill discounting this period | No | | Asset Impairment | -4,521,926.55 | -1.47% | Due to inventory impairment provision this period | No | | Non-Operating Income | 2,007,056.42 | 0.65% | Primarily due to supplier compensation received | No | | Non-Operating Expenses | 763,139.78 | 0.25% | Primarily due to losses from disposal of scrap assets | No | | Gains from Asset Disposal | 36,056,140.76 | 11.74% | Due to disposal of buildings this period | No | [Analysis of Assets and Liabilities](index=16&type=section&id=五、资产及负债状况分析) At period-end, total assets increased by **1.93%** and net assets attributable to shareholders by **10.27%** year-on-year, with monetary funds and short-term borrowings rising, while accounts receivable and long-term borrowings decreased Significant Changes in Asset Composition | Item | Current Period-End Amount (Yuan) | Percentage of Total Assets | Prior Year-End Adjusted Amount (Yuan) | Percentage of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 704,910,891.57 | 11.03% | 621,927,613.80 | 9.92% | 1.11% | | Accounts Receivable | 1,239,220,162.17 | 19.39% | 1,427,098,025.53 | 22.76% | -3.37% | | Inventories | 1,010,127,981.26 | 15.80% | 1,017,130,072.60 | 16.22% | -0.42% | | Construction in Progress | 132,084,276.90 | 2.07% | 91,917,349.55 | 1.47% | 0.60% | | Short-Term Borrowings | 860,586,666.66 | 13.46% | 693,435,137.86 | 11.06% | 2.40% | | Long-Term Borrowings | 0.00 | 0.00% | 100,088,611.11 | 1.60% | -1.60% | - The company had no major overseas assets during the reporting period[61](index=61&type=chunk) - Period-end trading financial assets amounted to **13,471.00 Yuan**, primarily due to the book balance of wealth management products from the newly consolidated Wuxi Kezhixin Machinery Technology Co., Ltd[62](index=62&type=chunk) Asset Rights Restricted as of Reporting Period-End | Item | Period-End Carrying Value (Yuan) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | | Monetary Funds | 126,410,854.40 | Guarantee, Margin, Other | Bill margin, letter of credit margin, letter of guarantee margin, other margins | | Notes Receivable | 17,643,973.23 | Guarantee | Acceptance bill split pledge | | Financing Receivables | 456,002,828.55 | Guarantee | Acceptance bill split pledge | | Fixed Assets | 156,305,487.52 | Guarantee | Mortgage guarantee | | Intangible Assets | 125,401,140.21 | Guarantee | Mortgage guarantee | | Monetary Funds | 5,352.92 | Other | Frozen bank deposits | | Total | 881,769,636.83 | | | [Analysis of Investment Status](index=18&type=section&id=六、投资状况分析) The company's investment increased by **100%** year-on-year, mainly due to the **135 million Yuan** acquisition of Wuxi Kezhixin Machinery Technology Co., Ltd. to extend the planetary roller screw industry chain Overall Investment Status | Indicator | Amount (Yuan) | | :--- | :--- | | Investment Amount for the Reporting Period | 135,000,000.00 | | Investment Amount for the Prior Year Period | 0.00 | | Change Percentage | 100.00% | Significant Equity Investments During the Reporting Period | Investee Company Name | Main Business | Investment Method | Investment Amount (Yuan) | Shareholding Percentage | Source of Funds | Investment Progress | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wuxi Kezhixin Machinery Technology Co., Ltd. | Grinding Equipment | Acquisition | 135,000,000.00 | 100.00% | Own Funds | The company completed the acquisition and industrial and commercial change in January 2025 | | Estimated Return | 26,000,000.00 | Current Period Investment Profit/Loss | 896,486.06 | - The company had no significant non-equity investments in progress during the reporting period[67](index=67&type=chunk) - The company had no use of raised funds during the reporting period[69](index=69&type=chunk) Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (10,000 Yuan) | Unmatured Balance (10,000 Yuan) | Overdue Unrecovered Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 1.35 | 0 | 0 | | Total | | 1.35 | 0 | 0 | - The company had no derivative investments or entrusted loans during the reporting period[71](index=71&type=chunk)[72](index=72&type=chunk) [Significant Asset and Equity Sales](index=19&type=section&id=七、重大资产和股权出售) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[73](index=73&type=chunk) - The company did not sell significant equity during the reporting period[74](index=74&type=chunk) [Analysis of Major Holding and Participating Companies](index=19&type=section&id=八、主要控股参股公司分析) Major subsidiaries Hubei Shuanglin Bearing Co., Ltd. and Shandong Shuanglin New Energy Technology Co., Ltd. significantly contributed to net profit, with the recent acquisition of Wuxi Kezhixin Machinery Technology Co., Ltd. extending the roller screw industry chain Major Subsidiaries and Participating Companies with Over 10% Impact on Company Net Profit | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hubei Shuanglin Bearing Co., Ltd. | Subsidiary | Automotive Components | 70,000,000.00 | 1,754,946,935.23 | 749,669,595.88 | 628,416,602.64 | 82,253,167.03 | 72,433,341.68 | | Shandong Shuanglin New Energy Technology Co., Ltd. | Subsidiary | Automotive Components | 30,000,000.00 | 476,419,474.30 | 39,718,956.96 | 339,192,411.40 | 34,740,751.13 | 31,334,301.40 | - During the reporting period, the company acquired Wuxi Kezhixin Machinery Technology Co., Ltd., extending the upstream segment of the roller screw industry chain and reducing procurement costs[76](index=76&type=chunk) [Information on Structured Entities Controlled by the Company](index=20&type=section&id=九、公司控制的结构化主体情况) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[77](index=77&type=chunk) [Risks Faced by the Company and Countermeasures](index=20&type=section&id=十、公司面临的风险和应对措施) The company faces risks from macroeconomic conditions, raw material price volatility, and automotive component price competition, which it addresses through enhanced procurement, strategic partnerships, and financial instruments - Macroeconomic conditions and policy risks: The automotive industry is significantly affected by macroeconomic cycles, new energy vehicle subsidy policies are uncertain, and international trade frictions are escalating[77](index=77&type=chunk) - Raw material price risks: Fluctuations in prices of plastics, steel, and other raw materials impact manufacturing costs and working capital pressure. The company will strengthen procurement management, establish strategic partnerships, and employ financial instruments to mitigate risks[78](index=78&type=chunk) - Automotive component product price risks: Intensified competition in the automotive industry leads to pricing pressure on components, posing a continuous challenge to profit margins[79](index=79&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=20&type=section&id=十一、报告期内接待调研、沟通、采访等活动登记表) On April 18, 2025, the company conducted an online exchange via the SZSE Interactive Easy platform, discussing roller screw product advantages, Kezhixin's core competitiveness, and its overseas layout - On April 18, 2025, the company conducted an online exchange via the SZSE Interactive Easy platform, discussing the advantages of roller screw products, Kezhixin's core competitiveness, and the company's overseas layout[80](index=80&type=chunk)[81](index=81&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=十二、市值管理制度和估值提升计划的制定落实情况) The company approved its "Market Value Management System" on August 15, 2025, to enhance investment value and shareholder returns, but has not yet disclosed a valuation enhancement plan - The company has formulated and approved the "Market Value Management System" on August 15, 2025[82](index=82&type=chunk) - The company has not yet disclosed a valuation enhancement plan[82](index=82&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=21&type=section&id=十三、"质量回报双提升"行动方案贯彻落实情况) The company disclosed its "Dual Improvement in Quality and Returns" action plan on January 13, 2025, focusing on core business, humanoid robot opportunities, investor returns, governance, and information disclosure - The company published the "Announcement on the 'Dual Improvement in Quality and Returns' Action Plan" on January 13, 2025[83](index=83&type=chunk) - The action plan primarily addresses focusing on the main business, seizing opportunities in humanoid robotics, prioritizing investor returns, improving corporate governance, and enhancing the quality of information disclosure[83](index=83&type=chunk) [Corporate Governance, Environment, and Society](index=21&type=section&id=第四节%20公司治理、环境和社会) This section covers changes in the company's governance structure, profit distribution plans, employee incentive programs, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=21&type=section&id=一、公司董事、监事、高级管理人员变动情况) During the reporting period, there was a change in the company's senior management, with Wei Yong appointed as Deputy General Manager Changes in Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Wei Yong | Deputy General Manager | Appointment | April 17, 2025 | Job transfer | [Profit Distribution and Capital Reserve Conversion to Share Capital During This Reporting Period](index=21&type=section&id=二、本报告期利润分配及资本公积金转增股本情况) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[87](index=87&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的实施情况) The 2022 Restricted Stock Incentive Plan is complete, the first vesting period of the 2024 plan's initial grant is done, and the 2025 Employee Stock Ownership Plan has completed stock purchases with adjusted holdings - The 2022 Restricted Stock Incentive Plan has been fully implemented, including multiple adjustments, cancellations, and vesting events[99](index=99&type=chunk) - The first vesting period of the initial grant under the 2024 Restricted Stock Incentive Plan has been completed, with **8.4952 million shares** actually vested[107](index=107&type=chunk) - The 2025 Employee Stock Ownership Plan acquired **1.4262 million company shares** through centralized bidding and was adjusted to **1.99668 million shares** due to the 2024 annual profit distribution plan[109](index=109&type=chunk) [2022 Restricted Stock Incentive Plan](index=22&type=section&id=（一）2022%20年限制性股票激励计划) The 2022 Restricted Stock Incentive Plan completed the second vesting period of the reserved grant and the third vesting period of the initial grant, with some unvested shares cancelled, and the plan is now fully implemented - The second reserved grant of **955,000 shares** under the 2022 equity incentive plan has been vested, with the listing and circulation date for the shares being April 28, 2025[95](index=95&type=chunk) - The third initial grant of **6.0872 million shares** (adjusted) under the 2022 equity incentive plan has been vested, with the listing and circulation date for the shares being June 19, 2025[98](index=98&type=chunk) - A total of **4.65 million restricted shares** were cancelled due to the departure of incentive recipients and failure to meet performance targets[93](index=93&type=chunk) - The 2022 Restricted Stock Incentive Plan has been fully implemented[99](index=99&type=chunk) [2024 Restricted Stock Incentive Plan](index=24&type=section&id=（二）2024%20年限制性股票激励计划) The 2024 Restricted Stock Incentive Plan completed the first vesting period of its initial grant, cancelled some unvested shares, and adjusted grant quantities and prices during the reporting period - The first initial grant of shares under the 2024 equity incentive plan has been vested, with **8.4952 million shares** (adjusted) actually vested at an adjusted grant price of **3.58 Yuan/share**[107](index=107&type=chunk) - **80,000 restricted shares** were cancelled due to the departure of incentive recipients[103](index=103&type=chunk) - Due to the 2024 profit distribution plan, the adjusted number of unvested restricted shares under the 2024 Restricted Stock Incentive Plan is **23.03 million shares**, with the grant price adjusted to **3.58 Yuan/share**[105](index=105&type=chunk) [Implementation of Employee Stock Ownership Plan](index=25&type=section&id=2、员工持股计划的实施情况) The 2025 Employee Stock Ownership Plan acquired **1.4262 million company shares** through centralized bidding and subsequently adjusted its holdings to **1.99668 million shares** due to the 2024 annual profit distribution plan - As of February 12, 2025, the 2025 Employee Stock Ownership Plan completed stock purchases by acquiring **1.4262 million company shares** through centralized bidding[109](index=109&type=chunk) - Due to the 2024 annual profit distribution plan, the number of shares held by the 2025 Employee Stock Ownership Plan was adjusted to **1.99668 million shares**[109](index=109&type=chunk) [Environmental Information Disclosure](index=27&type=section&id=四、环境信息披露情况) The company and its major subsidiaries are not included in the list of enterprises legally required to disclose environmental information - The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[111](index=111&type=chunk) [Social Responsibility](index=27&type=section&id=五、社会责任情况) The company actively fulfills its social responsibilities by adhering to legal information disclosure, prioritizing investor returns, protecting employee rights, and operating lawfully to achieve both economic and social benefits - The company strictly adheres to laws and regulations for information disclosure, communicating with investors through various channels to enhance transparency and integrity[111](index=111&type=chunk) - The company values reasonable investor returns, strictly implementing dividend distribution plans in accordance with its articles of association and profit distribution policies[111](index=111&type=chunk) - The company complies with the Labor Contract Law, respects and protects employee rights, and focuses on employee health, safety, and satisfaction[111](index=111&type=chunk) [Significant Matters](index=28&type=section&id=第五节%20重要事项) This section details the company's significant events, including commitment fulfillment, litigation, related-party transactions, and other material developments during the reporting period [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=28&type=section&id=一、公司实际控制人、股东、关联方、收购人以及公司等承诺相关方在报告期内履行完毕及截至报告期末超期未履行完毕的承诺事项) Commitments by the actual controller, shareholders, and related parties regarding non-compete, related-party transactions, and fund occupation were strictly adhered to, while Ninghai Jinshi's performance compensation obligation is under court enforcement - Wu Shaowei, Xiangyang Xinhuojv Technology Co., Ltd., and Xiangyang Xinggerun Network Technology Co., Ltd. strictly adhered to their commitments to avoid horizontal competition and regulate related-party transactions[113](index=113&type=chunk) - Shuanglin Group, Wu Jianbin, Wu Weijing, and Wu Xiaojing strictly adhered to their commitments to avoid horizontal competition and regulate related-party transactions[114](index=114&type=chunk)[117](index=117&type=chunk) - Ninghai Jinshi Equity Investment Fund Partnership (Limited Partnership) failed to fulfill its 2020 performance commitment, leading the company to apply for court enforcement; **1,380,547 performance compensation shares** have been cancelled, and the final fulfillment of cash compensation is subject to court enforcement results[114](index=114&type=chunk)[119](index=119&type=chunk) - Commitments made by the company's controlling shareholder, actual controller, directors, and senior management regarding measures to mitigate dilution of immediate returns were terminated due to project termination[118](index=118&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=34&type=section&id=二、控股股东及其他关联方对上市公司的非经营性占用资金情况) 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[120](index=120&type=chunk) [Irregular External Guarantees](index=34&type=section&id=三、违规对外担保情况) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[121](index=121&type=chunk) [Appointment and Dismissal of Accounting Firms](index=34&type=section&id=四、聘任、解聘会计师事务所情况) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[122](index=122&type=chunk) [Explanations by the Board of Directors, Supervisory Board, and Audit Committee on the "Non-Standard Audit Report" for This Reporting Period](index=34&type=section&id=五、董事会、监事会、审计委员会对会计师事务所本报告期"非标准审计报告"的说明) The company had no non-standard audit reports during the reporting period - The company had no non-standard audit reports during the reporting period[123](index=123&type=chunk) [Explanations by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=34&type=section&id=六、董事会对上年度"非标准审计报告"相关情况的说明) The company had no explanations regarding a non-standard audit report for the previous year during the reporting period - The company had no explanations regarding a non-standard audit report for the previous year during the reporting period[123](index=123&type=chunk) [Bankruptcy and Reorganization Matters](index=34&type=section&id=七、破产重整相关事项) The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[123](index=123&type=chunk) [Litigation Matters](index=34&type=section&id=八、诉讼事项) The company is involved in multiple lawsuits, including a significant performance compensation case with Ninghai Jinshi (under enforcement) and various disputes with customers over payments, with some cases won and others ongoing - The company filed a lawsuit against Ninghai Jinshi regarding Shuanglin Investment's 2020 performance compensation, which has been finally adjudicated; the company has applied for mandatory enforcement, some shares have been cancelled, and the final fulfillment of cash compensation is subject to court enforcement results[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) - The company is involved in multiple disputes with customers such as Huoshenshan, Beijing Borgward, Dayun Auto, Hubei Daye Hanlong, Soueast Motor, Evergrande New Energy, and Enovate Motors over goods payments and mold fees; some cases have been won and are in enforcement, while others have been settled or are still under trial[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk) [Penalties and Rectification](index=41&type=section&id=九、处罚及整改情况) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[132](index=132&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=41&type=section&id=十、公司及其控股股东、实际控制人的诚信状况) 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[133](index=133&type=chunk) [Significant Related Party Transactions](index=41&type=section&id=十一、重大关联交易) The company engaged in routine related-party transactions with its controlling shareholder and entities under common control, including procurement, sales, and leasing, with market-based pricing, but no major asset/equity transactions or related-party debt occurred Related Party Transactions Related to Ordinary Operations | Transacting Party | Relationship | Transaction Type | Transaction Content | Transaction Amount (10,000 Yuan) | Approved Limit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Shuanglin Group Co., Ltd. | Controlling Shareholder | Procurement | Goods, Equipment | 249.66 | 500 | | Shanghai Quanmu Information Technology Co., Ltd. | Under Same Actual Control | Procurement | Gifts and other goods | 24.32 | 150 | | Ningbo Tianmingshan Hot Spring Hotel Co., Ltd., Ninghai Forest Hot Spring Resort Co., Ltd. | Under Same Actual Control | Procurement | Gifts and other goods | 39.95 | 200 | | Ningbo Tianmingshan Hot Spring Hotel Co., Ltd., Ninghai Forest Hot Spring Resort Co., Ltd. | Under Same Actual Control | Payment | Conference fees, reception fees, etc. | 115.46 | 200 | | Ninghai Shuanglin Vocational School | Under Same Actual Control | Acceptance | Services (training) | 0.28 | 10 | | Ningbo Shuanglin Electronics Co., Ltd. | Under Same Actual Control | Sales | Goods, Equipment | 2,040.1 | 6,500 | | Suzhou Shuanglin Plastic Electronics Co., Ltd. | Under Same Actual Control | Sales | Goods | 57.16 | 300 | | Suzhou Shuanglin Plastic Electronics Co., Ltd. | Under Same Actual Control | Lease | Factory | 132.15 | 400 | | Ningbo Shuanglin Electronics Co., Ltd. | Under Same Actual Control | Lease | Factory | 148.68 | 400 | | Total | | | | 2,807.76 | 8,660 | - The company had no related-party transactions involving asset or equity acquisition or disposal during the reporting period[136](index=136&type=chunk) - The company had no related-party transactions involving joint external investments during the reporting period[137](index=137&type=chunk) - The company had no related-party creditor-debtor relationships during the reporting period[138](index=138&type=chunk) - The company and its controlled finance companies had no deposits, loans, credit lines, or other financial transactions with related parties[139](index=139&type=chunk)[140](index=140&type=chunk) - The company had no other significant related-party transactions during the reporting period[141](index=141&type=chunk) [Significant Contracts and Their Performance](index=44&type=section&id=十二、重大合同及其履行情况) The company has various lease contracts as both lessee and lessor, and significant guarantees, primarily for subsidiaries, with total actual guarantees representing **24.63%** of the company's net assets - The company had no entrustment or contracting situations during the reporting period[142](index=142&type=chunk)[143](index=143&type=chunk) - As a lessee, the company leases factories and office premises in Tianjin, Shenyang, Ningbo, Wuxi, Zhaoqing, and other locations[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk) - As a lessor, Hubei Shuanglin Bearing leases factory buildings to Xiangyang Huili Machinery Manufacturing Co., Ltd., Hubei Quanyue Forging Co., Ltd., etc., and Autolin INC leases properties to Stephanie Su, D.D.S, PLLC, etc[147](index=147&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk) - The company had no lease projects that generated profit or loss exceeding **10%** of the company's total profit for the reporting period[151](index=151&type=chunk) Company Guarantees for Subsidiaries | Guaranteed Party Name | Guarantee Limit (10,000 Yuan) | Actual Guarantee Amount (10,000 Yuan) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Hubei Shuanglin Bearing | 20,000 | 20,000 | 1 year | No | | Hubei Shuanglin Bearing | 10,000 | 10,000 | 1 year | No | | Hubei Shuanglin Bearing | 14,400 | 14,400 | 2 years | No | | Hubei Shuanglin Bearing | 9,600 | 9,600 | 3 years | No | | Shuanglin Mold | 5,500 | 5,500 | 3 years | No | | Guarantees for subsidiaries or branch members within bill pool/asset pool/supply chain | 20,000 | 12,270.66 | 9 months/10 months | No | | Total approved guarantee limit for subsidiaries within the reporting period (B1) | 92,150 | Total actual guarantee amount for subsidiaries within the reporting period (B2) | 71,770.66 | | Total approved guarantee limit for subsidiaries at the end of the reporting period (B3) | 92,150 | Total actual guarantee balance for subsidiaries at the end of the reporting period (B4) | 71,770.66 | - The total actual guarantee amount (i.e., A4+B4+C4) accounts for **24.63%** of the company's net assets[154](index=154&type=chunk) - The company had no significant ordinary course contracts or other significant contracts during the reporting period[155](index=155&type=chunk)[156](index=156&type=chunk) [Explanation of Other Significant Matters](index=47&type=section&id=十三、其他重大事项的说明) The company terminated its 2025 A-share private placement, is planning an H-share listing, changed its name to "Shuanglin Co., Ltd.", and retrospectively adjusted prior year EPS due to capital reserve conversion - The company terminated its 2025 private placement of A-shares on July 11, 2025, primarily considering capital market conditions, the company's actual situation, and development plans[157](index=157&type=chunk) - The company plans to issue H-shares and list on the main board of the Hong Kong Stock Exchange to enhance capital strength, accelerate internationalization strategy, and expand overseas business[158](index=158&type=chunk) - On August 4, 2025, the company's name changed from "Ningbo Shuanglin Auto Parts Co., Ltd." to "Shuanglin Co.,Ltd."[160](index=160&type=chunk) - The company retrospectively adjusted its basic and diluted earnings per share for the first half of 2023 from **0.62 Yuan/share** to **0.44 Yuan/share**, primarily due to the capital reserve conversion to share capital in the 2024 equity distribution plan[161](index=161&type=chunk)[162](index=162&type=chunk) [Significant Matters of Company Subsidiaries](index=48&type=section&id=十四、公司子公司重大事项) The company's wholly-owned subsidiary, Hubei Xinhuojv Technology Co., Ltd., has been renamed Hubei Shuanglin Bearing Co., Ltd - In July 2025, the company's wholly-owned subsidiary, Hubei Xinhuojv Technology Co., Ltd., was renamed Hubei Shuanglin Bearing Co., Ltd[163](index=163&type=chunk) [Share Changes and Shareholder Information](index=49&type=section&id=第六节%20股份变动及股东情况) This section details changes in the company's share capital, securities issuance, shareholder structure, and shareholdings of directors and senior management [Share Change Status](index=49&type=section&id=一、股份变动情况) During the reporting period, the company's total share capital increased from **400.77 million shares** to **567.07 million shares**, primarily due to equity incentive vesting and capital reserve conversion Share Change Status | Item | Number of Shares Before Change | Percentage Before Change | Increase/Decrease (+) New Shares Issued (shares) | Increase/Decrease (+) Capital Reserve Conversion (shares) | Increase/Decrease (+) Other (shares) | Total Increase/Decrease (shares) | Number of Shares After Change | Percentage After Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 13,706,362 | 3.42% | 0 | 5,614,545 | 876,000 | 6,490,545 | 20,196,907 | 3.56% | | Of which: Shares held by domestic natural persons | 13,706,362 | 3.42% | 0 | 5,614,545 | 876,000 | 6,490,545 | 20,196,907 | 3.56% | | II. Unrestricted Shares | 387,062,884 | 96.58% | 0 | 153,642,752 | 6,166,200 | 159,808,952 | 546,871,836 | 96.44% | | Of which: RMB ordinary shares | 387,062,884 | 96.58% | 0 | 153,642,752 | 6,166,200 | 159,808,952 | 546,871,836 | 96.44% | | III. Total Shares | 400,769,246 | 100.00% | 0 | 159,257,297 | 7,042,200 | 166,299,497 | 567,068,743 | 100.00% | - Reasons for share changes include the vesting of the second reserved grant under the 2022 equity incentive plan (**955,000 shares**), the capital reserve conversion to share capital in the 2024 profit distribution plan (**159,257,297 shares**), and the vesting of the third initial grant under the 2022 equity incentive plan (**6.0872 million shares**)[167](index=167&type=chunk)[168](index=168&type=chunk)[169](index=169&type=chunk) - Share changes resulted in basic earnings per share being adjusted from **0.72 Yuan/share** to **0.51 Yuan/share**, and net assets per common share attributable to the company being adjusted from **7.22 Yuan/share** to **5.14 Yuan/share**[173](index=173&type=chunk) Changes in Restricted Shares | Shareholder Name | Initial Restricted Shares (shares) | Increase in Restricted Shares This Period (shares) | Period-End Restricted Shares (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Wu Jianbin | 13,500,000 | 5,767,500 | 19,267,500 | Lock-up for Directors, Supervisors, Senior Management | | Wu Weijing | 0 | 126,000 | 126,000 | Lock-up for Directors, Supervisors, Senior Management | | Chen Youfu | 75,975 | 159,015 | 234,990 | Lock-up for Directors, Supervisors, Senior Management | | Zhu Liming | 0 | 128,625 | 128,625 | Lock-up for Directors, Supervisors, Senior Management | | Ge Hai'an | 0 | 128,625 | 128,625 | Lock-up for Directors, Supervisors, Senior Management | | Qian Xueming | 130,388 | 180,780 | 311,168 | Lock-up for Directors, Supervisors, Senior Management | | Total | 13,706,363 | 6,490,545 | 20,196,908 | | [Securities Issuance and Listing](index=51&type=section&id=二、证券发行与上市情况) During the reporting period, the company issued and listed **955,000** and **6.0872 million** A-shares, respectively, due to the second vesting period of the reserved grant and the third vesting period of the initial grant under the 2022 equity incentive plan Securities Issuance and Listing | Name of Stock and Derivative Securities | Issuance Date | Issuance Price (Yuan) | Issuance Quantity (shares) | Listing Date | Quantity Approved for Listing and Trading (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | 2022 Equity Incentive Restricted Shares Vesting (Second Reserved Grant) | April 28, 2025 | 4.18 | 955,000 | April 28, 2025 | 955,000 | | 2022 Equity Incentive Restricted Shares Vesting (Third Initial Grant) | June 19, 2025 | 2.84 | 6,087,200 | June 19, 2025 | 6,087,200 | [Number of Shareholders and Shareholding Status](index=52&type=section&id=三、公司股东数量及持股情况) At period-end, the company had **91,261** common shareholders, with controlling shareholder Ningbo Shuanglin Group Co., Ltd. holding **44.81%** of shares, of which **63 million shares** were pledged - At the end of the reporting period, the total number of common shareholders was **91,261**[179](index=179&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Period-End Shareholding (shares) | Change in Shareholding During Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Shuanglin Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 44.81% | 254,126,967 | 72,607,705 | 0.00 | 254,126,967 | Pledged | 63,000,000 | | Wu Jianbin | Domestic Natural Person | 4.53% | 25,690,000 | 7,690,000 | 19,267,500 | 6,422,500 | Not Applicable | 0 | | China Construction Bank Co., Ltd. - Yongying Advanced Manufacturing Smart Selection Mixed Initiated Securities Investment Fund | Other | 2.24% | 12,720,123 | 12,720,123 | 0 | 12,720,123 | Not Applicable | 0 | | Industrial and Commercial Bank of China Co., Ltd. - Guotai Valuation Advantage Mixed Securities Investment Fund (LOF) | Other | 0.71% | 4,053,661 | 1,735,560 | 0 | 4,053,661 | Not Applicable | 0 | | China Merchants Bank Co., Ltd. - Southern CSI 1000 Exchange Traded Index Securities Investment Fund | Other | 0.55% | 3,107,060 | 3,107,060 | 0 | 3,107,060 | Not Applicable | 0 | | Sun Min | Domestic Natural Person | 0.55% | 3,103,480 | 389,080 | 773,057 | 3,103,480 | Not Applicable | 0 | | Xinjiang Jiangna Mining Co., Ltd. | State-Owned Legal Person | 0.44% | 2,520,000 | 2,003,000 | 0 | 2,520,000 | Not Applicable | 0 | | China Merchants Bank Co., Ltd. - Penghua Carbon Neutral Theme Mixed Securities Investment Fund | Other | 0.40% | 2,295,420 | 2,295,420 | 0 | 2,295,420 | Not Applicable | 0 | | Ningbo Shuanglin Auto Parts Co., Ltd. - 2025 Employee Stock Ownership Plan | Other | 0.35% | 1,996,680 | 1,996,680 | 0 | 1,996,680 | Not Applicable | 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.33% | 1,861,829 | 418,290 | 0 | 1,861,829 | Not Applicable | 0 | - Among the top 10 shareholders, there is a share repurchase account holding **3,581,003 company shares**, accounting for **0.89%** of the company's total share capital as of June 30, 2025[181](index=181&type=chunk) - The company has no voting rights difference arrangements, and the top 10 common shareholders and top 10 unrestricted common shareholders did not engage in agreed repurchase transactions during the reporting period[182](index=182&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=55&type=section&id=四、董事、监事和高级管理人员持股变动) During the reporting period, the shareholdings of some directors and senior management increased due to equity incentive plans, with a total of **26.93 million shares** held at period-end Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Initial Shareholding (shares) | Increase in Shareholding This Period (shares) | Period-End Shareholding (shares) | Number of Restricted Shares Granted at Period-End (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Jianbin | Chairman, General Manager | Current | 18,000,000 | 0 | 25,690,000 | 490,000 | | Wu Weijing | Director | Current | 0 | 0 | 168,000 | 168,000 | | Chen Youfu | Director, Deputy General Manager | Current | 101,300 | 0 | 313,320 | 171,500 | | Zhu Liming | Director, CFO, Board Secretary | Current | 0 | 0 | 171,500 | 171,500 | | Ge Hai'an | Director, Deputy General Manager | Current | 0 | 0 | 171,500 | 171,500 | | Qian Xueming | Deputy General Manager | Current | 173,850 | 0 | 414,890 | 171,500 | | Total | | | 18,275,150 | 0 | 26,929,210 | 1,344,000 | [Changes in Controlling Shareholder or Actual Controller](index=55&type=section&id=五、控股股东或实际控制人变更情况) Neither the company's controlling shareholder nor its actual controller changed during the reporting period - The company's controlling shareholder did not change during the reporting period[184](index=184&type=chunk) - The company's actual controller did not change during the reporting period[184](index=184&type=chunk) [Preferred Share Information](index=56&type=section&id=六、优先股相关情况) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[185](index=185&type=chunk) [Bond-Related Information](index=57&type=section&id=第七节%20债券相关情况) This section confirms that the company had no bond-related activities or outstanding bonds during the reporting period [Bond-Related Information](index=57&type=section&id=债券相关情况) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[187](index=187&type=chunk) [Financial Report](index=58&type=section&id=第八节%20财务报告) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and notes, providing a comprehensive overview of its financial position and performance [Audit Report](index=58&type=section&id=一、审计报告) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[189](index=189&type=chunk) [Financial Statements](index=58&type=section&id=二、财务报表) 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 first half of 2025 - Consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity are provided[191](index=191&type=chunk)[196](index=196&type=chunk)[200](index=200&type=chunk)[204](index=204&type=chunk)[206](index=206&type=chunk)[208](index=208&type=chunk)[211](index=211&type=chunk)[219](index=219&type=chunk) [Company Basic Information](index=76&type=section&id=三、公司基本情况) Established by Ningbo Shuanglin Investment and Wu Jianbin, the company listed on SZSE in August 2010, with **567.07 million shares** outstanding as of June 30, 2025, and the Wu Jianbin family as ultimate controllers - The company was listed on the Shenzhen Stock Exchange in August 2010, with the Wu Jianbin family members as the ultimate actual controllers[226](index=226&type=chunk) - As of June 30, 2025, the company's total issued share capital was **567,068,743 shares**, with a registered capital of **567,068,743 Yuan**[226](index=226&type=chunk) - The company's main business is the R&D, manufacturing, and sales of automotive and robot components, with operating revenue during the reporting period primarily from automotive component products[227](index=227&type=chunk) - A total of **37 subsidiaries** were included in the scope of consolidated financial statements this period, an increase of **4 subsidiaries** from the previous period[228](index=228&type=chunk) - These financial statements were approved for issuance by the company's board of directors on August 27, 2025[229](index=229&type=chunk) [Basis of Financial Statement Preparation](index=76&type=section&id=四、财务报表的编制基础) The company's financial statements are prepared in accordance with Enterprise Accounting Standards and CSRC regulations, based on a going concern assumption, with no significant doubts about its ability to continue as a going concern - Financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission[230](index=230&type=chunk) - These financial statements are prepared on a going concern basis, with no significant doubts identified regarding the ability to continue as a going concern[231](index=231&type=chunk) [Significant Accounting Policies and Estimates](index=77&type=section&id=五、重要会计政策及会计估计) This section comprehensively details the company's significant accounting policies and estimates, including those for financial instruments, receivables, inventory, fixed assets, intangible assets, and revenue recognition, ensuring transparent and comparable financial reporting - The financial statements prepared by the company comply with Enterprise Accounting Standards, accurately and completely reflecting the company's financial position, operating results, cash flows, and other relevant information for the reporting period[233](index=233&type=chunk) - The current reporting period is from January 1, 2025, to June 30, 2025[234](index=234&type=chunk) - The company defines an operating cycle as **12 months** and uses it as the classification standard for current and non-current assets and liabilities[235](index=235&type=chunk) - The functional currency is RMB[236](index=236&type=chunk) - Key accounting policies and estimates for financial instruments, accounts receivable, inventories, fixed assets, intangible assets, and revenue recognition are disclosed in detail[259](index=259&type=chunk)[282](index=282&type=chunk)[288](index=288&type=chunk)[309](index=309&type=chunk)[319](index=319&type=chunk)[343](index=343&type=chunk) [Taxation](index=102&type=section&id=六、税项) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with varying rates based on tax laws and company nature, and several subsidiaries enjoying a **15%** preferential corporate income tax rate Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 13%, 9%, 6%, 7%, 5% | | Urban Maintenance and Construction Tax | 7%, 5% | | Corporate Income Tax | 15%, 25%, 30% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Property Tax | 1.2%, 12% | Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | Ningbo Shuanglin Mold Co., Ltd. | 15% | | Tianjin Shuanglin Auto Parts Co., Ltd. | 15% | | Suzhou Shuanglin Auto Parts Co., Ltd. | 15% | | Hubei Shuanglin Bearing Co., Ltd. | 15% | | Chongqing Wanglin Auto Parts Co., Ltd. | 15% | | Liuzhou Shuanglin Auto Parts Technology Co., Ltd. | 15% | | Liuzhou Shuanglin Auto Parts Manufacturing Co., Ltd. | 15% | | Liuzhou Wanglin New Energy Technology Co., Ltd. | 15% | | Wuhu Shuanglin Auto Parts Co., Ltd. | 15% | | Shandong Shuanglin New Energy Technology Co., Ltd. | 15% | | Shuanglin Shares (Hong Kong) Co., Ltd. | 16.5% | | Thailand Xinhuojv Co., Ltd. | 20% | | DSI Holdings Pty Limited | 30% | | Xinhuojv Technology Co., Ltd. | 17% | | Xinhuojv Trading Co., L

双林股份有限公司 2025 年半年度 非经营性资金占用及其他关联资金往来情况汇总表 企业法定代表人：邬建斌 主管会计工作负责人：武淮颖 会计机构负责人：田小平 山东德洋款项系山东德洋作为公司的子公司期间借款用于山东德洋员工薪资、员工优化费用及部分货款支付等日常生产经营用途及受托研发产生的应收款项。该笔欠款将在山东德洋进行破产重组后，按照破产程序 及债权人比例进行偿还。 注 2：若上表中出现合计数与各分项数值之和尾数不符的情况，均为四舍五入原因造成。 单位：万元 | 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 | 上市公司核算 | 2025年期初占 | 2025 年度占用累计发 2025 | 年度占用资 2025 | 年度偿还 | 2025 年期末占 | 占用形成 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 联关系 | 的会计科目 | 用资金余额 | 生金额（不含利息） | 金的利息（如有） | 累计发生金额 | 用资金余额 | 原因 | | | 控股股东、实际控制人及 ...

Group 1 - The core viewpoint is that humanoid robots are transitioning from virtual to reality and from passive execution to active action, driven by recent events like the World Artificial Intelligence Conference and the World Robot Conference [1][3] - The first Humanoid Robot Games showcased over 500 robots from 280 teams across 16 countries, featuring 26 events including athletics, soccer, and service tasks [2] - The event highlighted advancements in humanoid robot capabilities, with notable performances such as the Yushutech H1 achieving speeds of 3.8 m/s and 4.5 m/s in 1500m and 400m races respectively [2] Group 2 - The report suggests that the robot sector is poised for growth in new application scenarios and order-driven trends, with specific recommendations for companies like Shuanglin Co., Rongtai Co., and Dechang Motor Holdings [3][6] - The GenieEnvisioner platform by Zhiyuan Robotics integrates video generation with real-world robot control, marking a significant advancement in robot learning and action execution [4][5] - The report emphasizes investment opportunities in the humanoid robot space, particularly in areas like lead screws, linear joint assemblies, and sensors, recommending companies such as Shuanglin Co. and Dechang Motor Holdings [6]

Market Performance - The PEEK materials concept declined by 1.22% as of the market close on August 26, ranking among the top decliners in the sector [1] - Within the PEEK materials sector, companies such as Meihua Medical, Zhongyan Co., and Xinhang New Materials experienced significant declines, while 11 stocks saw price increases, with Jintian Co., Taihe Technology, and Guangqi Technology leading the gains at 4.98%, 4.00%, and 2.53% respectively [1] Capital Flow - The PEEK materials sector saw a net outflow of 1.031 billion yuan from major funds today, with 24 stocks experiencing net outflows, and 9 stocks seeing outflows exceeding 50 million yuan [2] - The stock with the highest net outflow was Jinfat Technology, with a net outflow of 251 million yuan, followed by Shuanglin Co., Xinhang New Materials, and Henghe Precision with net outflows of 174 million yuan, 137 million yuan, and 96 million yuan respectively [2] Top Gainers and Losers - The top gainers in the PEEK materials sector included Guangqi Technology, Jintian Co., and Taihe Technology, with net inflows of 117 million yuan, 63 million yuan, and 32 million yuan respectively [2] - The PEEK materials capital outflow list highlighted companies such as Jinfat Technology, Shuanglin Co., and Xinhang New Materials, with respective declines of 1.39%, 2.03%, and 5.09% [3]