格隆汇8月21日丨秀强股份(300160.SZ)公布2025年半年度报告，上半年公司实现营业收入8.40亿元，同 比增长11.03%；归属于上市公司股东的净利润1.32亿元，同比增长9.01%；归属于上市公司股东的扣除 非经常性损益的净利润1.23亿元，同比增长6.99%；基本每股收益0.17元。 ...

光大证券股份有限公司 关于江苏秀强玻璃工艺股份有限公司 2025 年半年度跟踪报告 | 保荐机构名称：光大证券股份有限公司 | 被保荐公司简称：秀强股份 | | --- | --- | | 保荐代表人姓名：刘合群 | 联系电话：021-52523118 | | 保荐代表人姓名：顾叙嘉 | 联系电话：021-52523217 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1．公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的 | | | 情况 | | | （1）是否督导公司建立健全规章制度（包括 | | | 但不限于防止关联方占用公司资源的制度、募 | 是 | | 集资金管理制度、内控制度、内部审计制度、 | | | 关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3．募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 1 次 | | （2）公司募集资金项目进展是否与信息披露 | 是 | | 文件一 ...

编制单位：江苏秀强玻璃工艺股份有限公司 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 算的会计科 | 2025 年期 初占用资 | 2025年1-6月占用 累计发生金额（不 | 2025 年 1-6 月 占用资金的利 | 2025 年 1-6 月偿还累计 | 2025 年 6 月 末占用资金 | 占用形成原 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 联关系 | 目 | 金余额 | 含利息） | 息(如有) | 发生金额 | 余额 | 因 | | | 控股股东、实际控制人及 | | | | | | | | | | 非经营性占用 | | 其附属企业 | | | | | | | | | | 非经营性占用 | | 小计 | -- | -- | -- | | | | | | | -- | | 前控股股东、实际控制人 | | | | | | | | | | 非经营性占用 | | 及其附属企业 | | | | | | | | | | 非经营性占用 | ...

证券代码：300160 证券简称：秀强股份 公告编号：2025-043 江苏秀强玻璃工艺股份有限公司 关于召开2025年半年度网上业绩说明会的通知 1、召开时间：2025年8月27日（星期三）下午15:00-17:00 2、召开方式：网络互动方式 3、出席人员：董事长冯鑫先生，总经理李国章先生，独立董事陶晓慧女士，财 务总监李满英女士，副总经理、董事会秘书席公正先生，保荐代表人刘合群先生， 具体以当天实际参会人员为准。 4、参与方式：本次业绩说明会将采用网络互动方式举行，投资者可登陆"价值 在线"（www.ir-online.cn）参与本次业绩说明会。 二、征集问题事项 为充分尊重投资者，提升交流的针对性，现就公司2025年半年度业绩说明会提 前 向 投 资 者 征 集 相 关 问 题 。 投 资 者 可 于 2025 年 8 月 27 日 前 通 过 网 址 https://eseb.cn/1qxxsYUSUdG或使用微信扫描下方小程序码进行会前提问，公司将在 本次业绩说明会上，对投资者普遍关注的问题进行回答。敬请广大投资者积极参与！ (互动交流问题征集页面小程序码) 特此公告。 本公司及董事会全体成员保证 ...

证券代码：300160 证券简称：秀强股份 公告编号：2025-042 江苏秀强玻璃工艺股份有限公司 董事会关于募集资金 2025 年半年度存放、管理与使用情况 根据中国证券监督管理委员会发布的《上市公司募集资金监管规则》和深圳 证券交易所颁布的《深圳证券交易所上市公司自律监管指引第 2 号——创业板上 市公司规范运作》《深圳证券交易所创业板上市公司自律监管指南第 2 号——公 告格式》等相关规定，江苏秀强玻璃工艺股份有限公司（以下简称"公司"）编 制了截至 2025 年 6 月 30 日止的《董事会关于募集资金 2025 年半年度存放、管 理与使用情况的专项报告》。具体内容说明如下： 一、募集资金基本情况 （一）募集资金到账情况 经中国证券监督管理委员会《关于同意江苏秀强玻璃工艺股份有限公司向特 定对象发行股票注册的批复》（证监许可〔2022〕1630 号）核准同意，公司向 特定对象发行人民币普通 A 股 154,773,869 股，每股发行价为人民币 5.97 元，共 计募集资金人民币 923,999,997.93 元，扣除发行相关费用合计人民币 9,832,200.37 元（不含税），实际募集资金净额为 ...

证券代码：300160 证券简称：秀强股份 公告编号：2025-040 江苏秀强玻璃工艺股份有限公司 《2025年半年度报告》同日披露于证监会指定创业板信息披露网站巨潮资 讯网（www.cninfo.com.cn）。 《2025年半年度报告摘要》同日披露于证监会指定创业板信息披露网站巨 潮资讯网（www.cninfo.com.cn）及《证券时报》《上海证券报》。 2、审议通过《关于〈募集资金2025年半年度存放、管理与使用情况的专 第五届监事会第十四次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 江苏秀强玻璃工艺股份有限公司（以下简称"公司"）于2025年8月8日以 电子邮件、专人送达等方式发出了关于召开公司第五届监事会第十四次会议的 通知。本次会议于2025年8月20日在宿迁市宿豫区江山大道28号公司四楼会议室 以现场会议及视频参会相结合的方式召开。会议应参加监事3人，实际参加监事 3人。本次会议由公司监事会主席李学家先生主持，公司董事会秘书列席了会议。 本次会议召开符合《公司法》等有关法律、法规和《公司章程》的规定。 ...

江苏秀强玻璃工艺股份有限公司 第五届董事会第二十一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 江苏秀强玻璃工艺股份有限公司（以下简称"公司"）于2025年8月8日以电 子邮件、专人送达等方式发出了关于召开公司第五届董事会第二十一次会议的通 知。本次会议于2025年8月20日在宿迁市宿豫区江山大道28号公司四楼会议室以 现场会议及视频参会相结合的方式召开。应参加会议董事9人，出席会议的董事9 人。本次会议由公司董事长冯鑫先生主持，公司监事及高级管理人员列席了会议。 本次会议的召开符合《公司法》等有关法律、法规和《公司章程》的有关规定。 二、董事会会议审议情况 证券代码：300160 证券简称：秀强股份 公告编号：2025-039 本议案已经董事会审计委员会审议通过，《2025年半年度报告》同日披露于 证监会指定创业板信息披露网站巨潮资讯网（www.cninfo.com.cn）。 《2025年半年度报告摘要》同日披露于证监会指定创业板信息披露网站巨潮 资讯网（www.cninfo.com.cn）及《证券时报》《上海证券报 ...

Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's management guarantees the truthfulness and accuracy of the semi-annual report and plans no dividend distribution - The company's Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, and bear individual and joint legal responsibility[5](index=5&type=chunk) - The company's person in charge, chief accounting officer, and head of the accounting department declare that the financial report is true, accurate, and complete[5](index=5&type=chunk) - The company **does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital**[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the report's eight main chapters and provides a directory of documents available for inspection - The report comprises eight main chapters, covering comprehensive information on company operations, finance, governance, and significant matters[8](index=8&type=chunk) - Documents available for inspection include signed and sealed financial statements, filings on designated websites, and the original semi-annual report[10](index=10&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms used in the report, including company names, shareholders, and core products - The full name of the company is Jiangsu Xiuqiang Glasswork Co, Ltd, referred to as Xiuqiang Stock[11](index=11&type=chunk) - The controlling shareholder is Zhuhai Port Co, Ltd, and the actual controller is the State-owned Assets Supervision and Administration Commission of Zhuhai Municipal People's Government[11](index=11&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[11](index=11&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) The company, Xiuqiang Stock (300160), is listed on the Shenzhen Stock Exchange, with no changes to its key information during the reporting period Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Xiuqiang Stock | | Stock Code | 300160 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Feng Xin | - The company's contact information, registered address, information disclosure, and filing locations remained unchanged during the reporting period[15](index=15&type=chunk)[16](index=16&type=chunk)[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, revenue and net profit grew steadily, while cash flow from investing activities decreased significantly due to wealth management product purchases Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 840,291,924.76 | 756,814,965.47 | 11.03% | | Net Profit Attributable to Shareholders | 132,174,625.21 | 121,253,214.50 | 9.01% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 122,564,602.00 | 114,553,528.34 | 6.99% | | Net Cash Flow from Operating Activities | 104,244,444.62 | 102,643,124.04 | 1.56% | | Basic Earnings Per Share (Yuan/Share) | 0.17 | 0.16 | 6.25% | | Diluted Earnings Per Share (Yuan/Share) | 0.17 | 0.16 | 6.25% | | Weighted Average Return on Equity | 5.13% | 4.98% | 0.15% | | **Period-End Indicators** | **End of Current Period (Yuan)** | **End of Prior Year (Yuan)** | **Change from Prior Year-End** | | Total Assets | 3,120,827,268.47 | 3,068,530,959.27 | 1.70% | | Net Assets Attributable to Shareholders | 2,579,901,901.63 | 2,525,021,905.62 | 2.17% | - Net cash flow from investing activities **decreased by 5,259.97%** year-on-year, primarily due to an increase in the purchase of bank wealth management products[57](index=57&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring profit and loss totaled 9.61 million yuan, mainly from government subsidies and fair value gains on financial assets Non-recurring Profit and Loss Items and Amounts for H1 2025 | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -1,241,018.93 | | Government Subsidies Included in Current Profit/Loss | 6,270,047.04 | | Fair Value Gains/Losses from Financial Assets and Liabilities Held by Non-financial Enterprises | 6,881,414.87 | | Fees for Capital Occupation Charged to Non-financial Enterprises | 68,369.79 | | Reversal of Impairment Provision for Individually Tested Receivables | 41,448.20 | | Other Non-operating Income and Expenses | -707,076.19 | | Less: Income Tax Impact | 1,694,372.46 | | Minority Interest Impact (After Tax) | 8,789.11 | | **Total** | **9,610,023.21** | Management Discussion and Analysis [Principal Business Activities During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company focuses on glass deep processing, with home appliance glass as its main revenue source, while expanding into new energy glass - The company's main business is glass deep processing, classified under "C30 Non-metallic Mineral Products" and specifically "C3042 Special Glass Manufacturing"[25](index=25&type=chunk) - **Home appliance glass** is the primary source of the company's revenue and profit, supplying products for refrigerators, washing machines, air conditioners, and kitchen appliances[25](index=25&type=chunk) - In H1 2025, the glass deep processing industry faced pressure from upstream markets and structural growth downstream, with the home appliance market growing but facing intense price competition[28](index=28&type=chunk) [(I) Industry Overview During the Reporting Period](index=9&type=section&id=(%E4%B8%80)%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The upstream flat glass industry faced pressure while the downstream home appliance market grew, albeit with intensified price competition - In H1 2025, national flat glass production **decreased by 5.2%** year-on-year to 484.97 million weight cases, impacting industry profitability[26](index=26&type=chunk) - In H1 2025, China's home appliance retail sales (excluding 3C products) reached **453.7 billion yuan**, a year-on-year increase of 9.2%[27](index=27&type=chunk) - The air conditioner market retail sales grew by **12.4%**, washing machine retail volume increased by over **10%**, and water purifiers saw growth exceeding **20%**[27](index=27&type=chunk) [(II) Principal Business Activities During the Reporting Period](index=10&type=section&id=(%E4%BA%8C)%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company focused on its core glass deep processing business, advancing automation, innovation, and international expansion - The company's main products cover nearly a thousand categories, including home appliance and new energy glass, utilizing various processing techniques like cutting, grinding, drilling, tempering, printing, and coating[29](index=29&type=chunk) - New energy BIPV glass products were successfully applied in several public and green demonstration projects, including the Fangting Water Courtyard project and the Wuxi Symphony Hall perovskite zero-carbon project[37](index=37&type=chunk) - The company initiated the construction of a **production base in Thailand** to align with key clients' global procurement strategies and mitigate trade risks[38](index=38&type=chunk) [(III) Business Model](index=11&type=section&id=(%E4%B8%89)%20%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's business model, centered on value-added glass processing and market-driven R&D, remained stable - The company's profit model relies on increasing product value through glass deep processing to supply downstream customers[39](index=39&type=chunk) - The R&D model follows a virtuous cycle of "R&D driving sales, and sales promoting R&D," divided into mass production and reserve R&D categories[40](index=40&type=chunk) - The production model combines make-to-order and make-to-stock strategies to ensure timely and high-quality delivery[43](index=43&type=chunk) [(III) Key Performance Drivers](index=12&type=section&id=(%E4%B8%89)%20%E4%B8%BB%E8%A6%81%E7%9A%84%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) Performance was driven by focusing on core business, technological innovation, and operational efficiency improvements - The company leverages its technical expertise and large-scale production advantages in glass deep processing to strengthen its core business competitiveness[46](index=46&type=chunk) - The company maintains a competitive edge in R&D, focusing on technical advancements in home appliance and BIPV glass to enhance customization capabilities[47](index=47&type=chunk) - Through lean management, the company promotes process improvements and cost reduction via automation and supply chain collaboration[49](index=49&type=chunk) [Core Competitiveness Analysis](index=13&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths lie in its product range, technology, customer base, management, and international presence - The company offers nearly a thousand product categories and is a key drafter of the national standard for decorative crystal glass, demonstrating strong customization capabilities[51](index=51&type=chunk) - As a national high-tech enterprise, the company operates a "Provincial R&D Center" and held **68 authorized patents (including 35 invention patents)** as of the reporting period's end[52](index=52&type=chunk) - The company maintains long-term, stable partnerships with renowned domestic and international home appliance and new energy enterprises like LONGi and Jinko Solar[53](index=53&type=chunk) - The company enhances efficiency through refined management and production line automation, while accelerating its international expansion with a new production base in Thailand[54](index=54&type=chunk)[55](index=55&type=chunk) [Main Business Analysis](index=14&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Revenue grew by 11.03%, while financial expenses increased significantly due to currency fluctuations and lower interest rates YoY Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 840,291,924.76 | 756,814,965.47 | 11.03% | | Operating Costs | 596,958,033.55 | 537,082,336.71 | 11.15% | | Financial Expenses | -981,547.11 | -7,354,878.19 | 86.65% | | R&D Investment | 25,861,013.08 | 27,263,754.59 | -5.15% | | Net Cash Flow from Investing Activities | -1,008,175,191.32 | -18,809,358.33 | -5,259.97% | - **Financial expenses increased by 86.65%** year-on-year, mainly due to reduced exchange gains and interest income resulting from USD exchange rate fluctuations and declining bank interest rates[57](index=57&type=chunk) Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (Yuan) | Operating Costs (Yuan) | Gross Margin | YoY Change in Operating Revenue | | :--- | :--- | :--- | :--- | :--- | | Glass Products | 827,389,703.72 | 593,514,826.15 | 28.27% | 11.56% | [Non-Core Business Analysis](index=15&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core business had a minor impact on total profit, with investment income being the main positive contributor Impact of Non-Core Business on Total Profit | Item | Amount (Yuan) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,162,849.62 | 1.43% | Income from structured and time deposits | No | | Fair Value Gains/Losses | 5,464,571.24 | 3.61% | Fair value gains from structured deposits | No | | Asset Impairment | -5,878,000.87 | -3.89% | Provision for inventory impairment loss | No | [Analysis of Assets and Liabilities](index=15&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets grew, while cash and cash equivalents decreased significantly due to investments in bank wealth management products Major Changes in Asset Composition | Item | End of Current Period (Yuan) | % of Total Assets | End of Prior Year (Yuan) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 478,687,682.63 | 15.34% | 1,440,070,869.81 | 46.93% | -31.59% | | Accounts Receivable | 388,042,461.71 | 12.43% | 430,474,149.31 | 14.03% | -1.60% | | Inventory | 171,428,964.66 | 5.49% | 200,667,144.94 | 6.54% | -1.05% | | Short-term Borrowings | 30,018,333.33 | 0.96% | - | - | 0.96% | - **Cash and cash equivalents decreased by 31.59%**, primarily due to the purchase of bank structured deposits and time deposits during the reporting period[63](index=63&type=chunk) Financial Assets Measured at Fair Value at Period-End | Item | Period-End Balance (Yuan) | | :--- | :--- | | Trading Financial Assets | 912,351,726.03 | | Other Equity Instrument Investments | 665,667.82 | | Receivables Financing | 8,982,716.69 | | **Total** | **922,000,110.54** | - As of the end of the reporting period, the company had **26.57 million yuan** in restricted cash and cash equivalents, mainly for bill deposits[67](index=67&type=chunk) [Investment Analysis](index=17&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total investment increased by 122.38% due to cash management activities, while key fundraising projects were postponed Investment Amount Change During the Reporting Period | Indicator | Amount (Yuan) | | :--- | :--- | | Investment in Reporting Period | 2,117,504,943.16 | | Investment in Prior Year Period | 952,221,966.05 | | Change | 122.38% | - The significant increase in investment was mainly due to the company's use of idle raised funds and proprietary funds to purchase bank structured deposits and time deposits for cash management[68](index=68&type=chunk) - The "Intelligent Glass Production Line Project" and "BIPV Glass and Module Production Line Project" were both **postponed to December 31, 2025**, to mitigate risks and align with market demand[74](index=74&type=chunk)[76](index=76&type=chunk) [1. Overall Situation](index=17&type=section&id=1%E3%80%81%E6%80%BB%E4%BD%93%E6%83%85%E5%86%B5) The company's investment amount grew by 122.38% to 2.12 billion yuan, driven by cash management activities Investment Amount Change During the Reporting Period | Indicator | Amount (Yuan) | | :--- | :--- | | Investment in Reporting Period | 2,117,504,943.16 | | Investment in Prior Year Period | 952,221,966.05 | | Change | 122.38% | - The company was authorized to use up to **500 million yuan** of idle raised funds and **500 million yuan** of idle proprietary funds for cash management on a rolling basis[68](index=68&type=chunk) [5. Use of Raised Funds](index=17&type=section&id=5%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) Key fundraising projects were postponed to late 2025 due to market changes, with adjustments made to the BIPV project - As of June 30, 2025, the net amount of raised funds was **914.17 million yuan**, with **28.79 million yuan** used in the first half of the year[72](index=72&type=chunk) Status of Committed Fundraising Projects | Committed Investment Project | Total Committed Investment (10k Yuan) | Cumulative Investment to Date (10k Yuan) | Investment Progress | | :--- | :--- | :--- | :--- | | Intelligent Glass Production Line Project | 49,600 | 497.87 | 1.00% | | BIPV Glass and Module Production Line Project | 24,800 | 3,047.56 | 12.29% | | Supplementary Working Capital | 18,000 | 18,642.76 | 103.57% | - Both the "Intelligent Glass Production Line Project" and the "BIPV Glass and Module Production Line Project" have been **postponed to December 31, 2025**, with the BIPV project's scope and location being adjusted[74](index=74&type=chunk)[76](index=76&type=chunk) [Sale of Major Assets and Equity](index=21&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not sell any major assets or equity during the reporting period - The company did not sell any major assets during the reporting period[80](index=80&type=chunk) - The company did not sell any major equity during the reporting period[81](index=81&type=chunk) [Analysis of Major Holding and Participating Companies](index=21&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's main subsidiaries were profitable, and a new subsidiary was established with no significant impact on performance Financial Data of Major Subsidiaries | Company Name | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | | Sichuan Yongquan Glass Technology Co, Ltd | 43,500,549.69 | 3,361,557.57 | | Jiangsu Boyuan International Trade Co, Ltd | 40,199,233.07 | 1,503,302.95 | - During the reporting period, the company established a wholly-owned subsidiary, Xiuqiang (Zhuhai) Technology Co, Ltd, which had no significant impact on the company's operations and performance[82](index=82&type=chunk) [Structured Entities Controlled by the Company](index=21&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[83](index=83&type=chunk) [Risks and Countermeasures](index=21&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from international trade, raw material prices, and project execution, with corresponding mitigation strategies in place - The company faces **international trade and exchange rate risks**, which it mitigates by optimizing its international market layout and enhancing risk management mechanisms[83](index=83&type=chunk)[84](index=84&type=chunk) - **Raw material price fluctuation risks** are addressed through refined management, increasing sales of high-value-added products, and developing long-term stable suppliers[85](index=85&type=chunk) - Risks related to **fundraising project construction and reaching production capacity** are managed by monitoring market demand, scheduling construction reasonably, and optimizing product structure[87](index=87&type=chunk)[88](index=88&type=chunk) - The risk of **declining gross profit margin** is countered by continuous R&D investment, increasing product added value, and optimizing supply chain management[89](index=89&type=chunk) [Record of Investor Relations Activities](index=23&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) The company held an online performance briefing for its 2024 annual report on April 25, 2025 Investor Relations Activities During the Reporting Period | Date | Location | Method | Counterparty Type | Main Content and Materials Provided | | :--- | :--- | :--- | :--- | :--- | | April 25, 2025 | Value Online Platform | Online Exchange | Other | Online performance briefing for the company's 2024 annual report | [Status of Market Value Management System and Valuation Enhancement Plan](index=23&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not formulated a market value management system or disclosed a valuation enhancement plan - The company did not formulate a market value management system during the reporting period[93](index=93&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[93](index=93&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=23&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed a "Dual Improvement in Quality and Returns" action plan - The company did not disclose a "Dual Improvement in Quality and Returns" action plan announcement during the reporting period[94](index=94&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Several changes occurred in senior management and the supervisory committee due to work reassignments Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Gao Ying | Board Secretary, Securities Affairs Representative | Dismissed | May 21, 2025 | Work Reassignment | | Gao Ying | Deputy General Manager | Dismissed | July 09, 2025 | Personal Reasons | | Xi Gongzheng | Employee Representative Supervisor | Resigned | June 16, 2025 | Work Reassignment | | Xi Gongzheng | Deputy General Manager, Board Secretary | Appointed | June 20, 2025 | Work Reassignment | | Yuan Fang | Employee Representative Supervisor | Elected | June 16, 2025 | Work Reassignment | [Profit Distribution and Capitalization of Capital Reserve](index=24&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company does not plan to distribute profits or capitalize reserves for the first half of the year - The company plans **not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital** for the semi-annual period[97](index=97&type=chunk) [Implementation of Equity Incentive Plans or Other Employee Incentives](index=24&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive 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 and their implementation during the reporting period[98](index=98&type=chunk) [Environmental Information Disclosure](index=25&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company is listed as an enterprise required to disclose environmental information, with reports available online - Jiangsu Xiuqiang Glasswork Co, Ltd is included in the list of enterprises required to disclose environmental information by law[99](index=99&type=chunk) - The environmental information disclosure report can be found on the "Environmental Face" information disclosure platform of the Jiangsu Provincial Department of Ecology and Environment's official website[99](index=99&type=chunk) [Social Responsibility](index=25&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities in environmental protection, employee rights, and stakeholder interests - The company supports national "dual carbon" goals by promoting green production and participating in zero-carbon projects[101](index=101&type=chunk) - During the reporting period, the company held a cumulative **21.28MW of distributed photovoltaic power stations**, generating **10.86 million KWH** of electricity[101](index=101&type=chunk) - The company is committed to employee welfare, improving training systems, promotion channels, and incentive mechanisms[102](index=102&type=chunk) - The company places high importance on protecting the rights of shareholders and creditors, strictly adhering to legal and regulatory information disclosure obligations[105](index=105&type=chunk) Significant Matters [Performance of Commitments by Relevant Parties](index=27&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) There were no fulfilled or overdue commitments from the company's controlling parties during the reporting period - There were no commitments from the company's actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled or remained overdue during the reporting period[107](index=107&type=chunk) [Non-operating Fund Occupation by Controlling Shareholders and Other Affiliates](index=27&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) There was no non-operating fund occupation by controlling shareholders or other related parties - The company did not experience any non-operating fund occupation by its controlling shareholder or other related parties during the reporting period[108](index=108&type=chunk) [Irregular External Guarantees](index=27&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[109](index=109&type=chunk) [Appointment and Dismissal of Accounting Firm](index=27&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[110](index=110&type=chunk) [Explanation of "Non-standard Audit Report" by the Board and Committees](index=27&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E3%80%81%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) This section is not applicable as there was no non-standard audit report - There is no explanation from the Board of Directors, Supervisory Committee, or Audit Committee regarding a "non-standard audit report" for the current period[111](index=111&type=chunk) [Board's Explanation of Prior Year's "Non-standard Audit Report"](index=27&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) This section is not applicable as there was no non-standard audit report in the prior year - There is no explanation from the Board of Directors regarding a "non-standard audit report" from the previous year[111](index=111&type=chunk) [Bankruptcy and Reorganization Matters](index=27&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company was not involved in any bankruptcy or reorganization matters - The company did not undergo any bankruptcy or reorganization matters during the reporting period[111](index=111&type=chunk) [Litigation Matters](index=27&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no major litigation but is enforcing a judgment in a minor case involving 0.80 million yuan - The company had no major litigation or arbitration matters during this reporting period[112](index=112&type=chunk) Other Litigation Matters | Litigation (Arbitration) Details | Amount Involved (10k Yuan) | Progress | Trial Result and Impact | Judgment Enforcement | | :--- | :--- | :--- | :--- | :--- | | Lawsuit against shareholders of Suizhong Hengye Glass Machine Co, Ltd for supplementary compensation liability | 79.75 | First-instance judgment | Judgment for supplementary compensation from one shareholder, not the other | In progress | [Penalties and Rectifications](index=28&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company was not subject to any penalties or rectifications during the reporting period - The company was not subject to any penalties or rectifications during the reporting period[114](index=114&type=chunk) [Integrity Status of the Company and Its Controlling Parties](index=28&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company's actual controller and controlling shareholder maintain a good integrity status - The company's actual controller, the Zhuhai SASAC, has a good integrity status[115](index=115&type=chunk) - The company's controlling shareholder, Zhuhai Port Co, Ltd, has a good integrity status and had no unfulfilled court judgments or overdue major debts during the reporting period[115](index=115&type=chunk) [Major Related-Party Transactions](index=28&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) No major related-party transactions occurred, except for a contract energy management agreement for a photovoltaic project - The company had no related-party transactions related to daily operations, asset or equity acquisitions, joint investments, or related-party debts during the reporting period[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) - A subsidiary signed a contract energy management agreement with an affiliate, Zhuhai Coca-Cola Beverage Co, Ltd, for a distributed photovoltaic project, which is deemed fair and beneficial for business development[123](index=123&type=chunk) [Major Contracts and Their Performance](index=29&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had no major contracts such as trusteeships, contracting, leasing, or significant guarantees - The company had no trusteeship arrangements during the reporting period[125](index=125&type=chunk) - The company had no contracting arrangements during the reporting period[126](index=126&type=chunk) - The company had no leasing arrangements during the reporting period[127](index=127&type=chunk) - The company had no major guarantees during the reporting period[128](index=128&type=chunk) - The company had no other major contracts during the reporting period[129](index=129&type=chunk) [Other Significant Matters](index=30&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) There were no other significant matters to be disclosed for the reporting period - There were no other significant matters requiring disclosure for the reporting period[130](index=130&type=chunk) [Significant Matters of Subsidiaries](index=30&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) There were no significant matters concerning the company's subsidiaries - There were no significant matters concerning the company's subsidiaries during the reporting period[131](index=131&type=chunk) Changes in Share Capital and Shareholders [Changes in Share Capital](index=31&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital remained unchanged at 772,946,292 shares during the reporting period Changes in Share Capital | Item | Pre-Change Quantity (Shares) | Pre-Change Ratio | Change (+, -) (Shares) | Post-Change Quantity (Shares) | Post-Change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 10,586,775 | 1.37% | 0 | 10,586,775 | 1.37% | | II. Unrestricted Shares | 762,359,517 | 98.63% | 0 | 762,359,517 | 98.63% | | III. Total Shares | 772,946,292 | 100.00% | 0 | 772,946,292 | 100.00% | Changes in Restricted Shares | Shareholder Name | Initial Restricted Shares (Shares) | Final Restricted Shares (Shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | | Lu Xiuqiang | 8,904,000 | 8,904,000 | Executive Lock-up | | Zhao Qingzhong | 1,082,775 | 1,082,775 | Executive Lock-up | | Gao Ying | 600,000 | 600,000 | Executive Lock-up | [Securities Issuance and Listing](index=32&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company did not issue or list any securities during the reporting period - The company did not issue or list any securities during the reporting period[137](index=137&type=chunk) [Number of Shareholders and Shareholding Status](index=32&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the period-end, the company had 33,157 common shareholders, with Zhuhai Port Co, Ltd being the largest shareholder - At the end of the reporting period, the total number of common shareholders was **33,157**[138](index=138&type=chunk) Shareholding of Top 10 Shareholders or Those Holding Over 5% | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period-End (Shares) | Restricted Shares Held (Shares) | Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhuhai Port Co, Ltd | State-owned Legal Person | 25.02% | 193,405,692 | 0 | 193,405,692 | | Hong Kong Hengtai Technology Co, Ltd | Foreign Legal Person | 8.40% | 64,920,320 | 0 | 64,920,320 | | Suqian Xinxing Investment Co, Ltd | Domestic Non-state-owned Legal Person | 6.69% | 51,746,244 | 0 | 51,746,244 | | Lu Xiuqiang | Domestic Natural Person | 1.54% | 11,872,000 | 8,904,000 | 2,968,000 | - Suqian Xinxing Investment Co, Ltd is jointly controlled by Mr Lu Xiuqiang and Ms Lu Xiuzhen; Hong Kong Hengtai Technology Co, Ltd is controlled by Mr Lu Xiangqi; Mr Lu Xiuqiang and Ms Lu Xiuzhen are husband and wife, and Mr Lu Xiangqi is their son[138](index=138&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=34&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) Deputy General Manager Zhao Qingzhong reduced his shareholding by 360,900 shares during the period Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Initial Shareholding (Shares) | Shares Reduced (Shares) | Final Shareholding (Shares) | | :--- | :--- | :--- | :--- | :--- | | Zhao Qingzhong | Deputy General Manager | 1,443,700 | 360,900 | 1,082,800 | [Changes in Controlling Shareholder or Actual Controller](index=34&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) There were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[142](index=142&type=chunk) - The company's actual controller did not change during the reporting period[142](index=142&type=chunk) [Preferred Stock Information](index=35&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company has no preferred stock - The company had no preferred stock during the reporting period[143](index=143&type=chunk) Bond-related Matters [Bond-related Matters](index=36&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company has no bond-related matters to report - The company has no bond-related matters to report for the period[145](index=145&type=chunk) Financial Report [Audit Report](index=37&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[147](index=147&type=chunk) [Financial Statements](index=37&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company financial statements for the first half of 2025 Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | Period-End Balance (Yuan) | | :--- | :--- | | Total Assets | 3,120,827,268.47 | | Total Liabilities | 539,306,726.81 | | Total Equity Attributable to Parent Company | 2,579,901,901.63 | Key Data from Consolidated Income Statement (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 840,291,924.76 | | Operating Profit | 151,941,619.49 | | Total Profit | 151,234,543.30 | | Net Profit | 132,116,484.29 | | Net Profit Attributable to Parent Company Shareholders | 132,174,625.21 | Key Data from Consolidated Cash Flow Statement (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 104,244,444.62 | | Net Cash Flow from Investing Activities | -1,008,175,191.32 | | Net Cash Flow from Financing Activities | -49,685,126.03 | | Net Increase in Cash and Cash Equivalents | -950,851,352.14 | [Company Basic Information](index=54&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company, listed on the Shenzhen Stock Exchange since 2011, specializes in glass deep processing and is controlled by the Zhuhai SASAC - The company was listed on the ChiNext board of the Shenzhen Stock Exchange on January 13, 2011, with stock code 300160[180](index=180&type=chunk) - As of June 30, 2025, the company's registered capital was **772.95 million yuan**, with Zhuhai Port Co, Ltd as the controlling shareholder and the Zhuhai SASAC as the actual controller[180](index=180&type=chunk) - The company's main business is glass deep processing, and its consolidation scope increased by one subsidiary during the period, bringing the total to 14[181](index=181&type=chunk)[182](index=182&type=chunk) [Taxes](index=90&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company is subject to various taxes and benefits from preferential policies, including a 15% corporate income tax rate Major Taxes and Rates | Tax Type | Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13%, 6%, 5%, 3%, 0% | | Urban Maintenance and Construction Tax | 7% | | Corporate Income Tax | See details below | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - The company is recognized as a high-tech enterprise and is eligible for a preferential **corporate income tax rate of 15%** from 2023 to 2025[368](index=368&type=chunk) - Subsidiary Sichuan Yongquan Glass Technology Co, Ltd also enjoys a 15% tax rate, while other subsidiaries qualify as small and micro enterprises with a 20% tax rate[368](index=368&type=chunk)[369](index=369&type=chunk) - The company qualifies as an advanced manufacturing enterprise, enjoying a **5% additional VAT deduction** policy until December 31, 2027[369](index=369&type=chunk) [Notes to Consolidated Financial Statement Items](index=91&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on key items in the consolidated financial statements, including assets, liabilities, and income Key Items in Consolidated Financial Statements at Period-End | Item | Period-End Balance (Yuan) | | :--- | :--- | | Cash and Cash Equivalents | 478,687,682.63 | | Trading Financial Assets | 912,351,726.03 | | Notes Receivable | 386,801,697.63 | | Accounts Receivable | 388,042,461.71 | | Inventory | 171,428,964.66 | | Short-term Borrowings | 30,018,333.33 | | Notes Payable | 176,228,946.90 | | Accounts Payable | 100,439,706.30 | | Share Capital | 772,946,292.00 | | Retained Earnings | 662,421,558.43 | Key Items in Consolidated Income Statement for the Current Period | Item | Current Period Amount (Yuan) | | :--- | :--- | | Operating Revenue | 840,291,924.76 | | Operating Costs | 596,958,033.55 | | Financial Expenses | -981,547.11 | | Fair Value Gains | 5,464,571.24 | | Investment Income | 2,162,849.62 | | Credit Impairment Loss | -3,557,730.17 | | Asset Impairment Loss | -5,878,000.87 | - The provision for inventory write-down **increased by 5.88 million yuan** during the period, with a closing balance of 21.93 million yuan[420](index=420&type=chunk) [R&D Expenses](index=123&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure was 25.86 million yuan, a decrease of 5.15% year-on-year, with all expenses capitalized R&D Expense Breakdown | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 14,036,546.40 | 15,096,719.63 | | Direct Materials | 9,800,934.44 | 10,343,343.77 | | Depreciation and Amortization | 1,050,355.45 | 971,429.77 | | Other | 973,176.79 | 852,261.42 | | **Total** | **25,861,013.08** | **27,263,754.59** | | Of which: Expensed R&D | 25,861,013.08 | 27,263,754.59 | - R&D expenditure for the current period **decreased by 5.15%** year-on-year[57](index=57&type=chunk) [Changes in Consolidation Scope](index=123&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The consolidation scope expanded with the addition of one new wholly-owned subsidiary, Xiuqiang (Zhuhai) Technology Co, Ltd - The company invested 10 million yuan of its own funds to establish the wholly-owned subsidiary Xiuqiang (Zhuhai) Technology Co, Ltd, which was included in the consolidation scope from its establishment date on June 4, 2025[566](index=566&type=chunk) - There were no transactions or events resulting in the loss of control over any subsidiary during the period[565](index=565&type=chunk) [Interests in Other Entities](index=124&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company holds interests in 14 subsidiaries across various industries and maintains a 10.52% stake in an associate company - The company has 14 subsidiaries engaged in R&D, manufacturing, wholesale, and new energy sectors[567](index=567&type=chunk) Shareholding Ratios in Key Subsidiaries | Subsidiary Name | Shareholding Ratio (Direct) | | :--- | :--- | | Jiangsu Xiuqiang New Material Research Institute Co, Ltd | 100.00% | | Sichuan Yongquan Glass Technology Co, Ltd | 100.00% | | Suzhou Shengfengyuan New Material Technology Co, Ltd | 60.00% | | Hebei Xiuda Glass Technology Co, Ltd | 51.00% | | Xiuqiang (Thailand) Co, Ltd | 98.00% | - Hebei Xiuda Glass Technology Co, Ltd is a significant non-wholly-owned subsidiary, with a minority interest of **49.00%**, and the loss attributable to minority shareholders for the period was 0.11 million yuan[571](index=571&type=chunk)[574](index=574&type=chunk) - The company holds a **10.52%** equity stake in Shanghai Lulian Intelligent Technology Co, Ltd, accounted for using the equity method[575](index=575&type=chunk) [Government Subsidies](index=125&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company received 6.27 million yuan in government subsidies, primarily recognized as other income Government Subsidies Recognized in Current Profit or Loss | Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Other Income | 6,270,047.04 | 3,767,412.88 | Changes in Deferred Income Related to Government Subsidies | Item | Opening Balance (Yuan) | New Subsidies (Yuan) | Recognized in Other Income (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Government Subsidies | 27,216,416.94 | 4,467,750.00 | 2,075,787.04 | 29,608,379.90 | - Government subsidies recognized in other income include asset-related grants for various technology upgrade projects and income-related grants for high-quality development and employment expansion[581](index=581&type=chunk) [Risks Related to Financial Instruments](index=127&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and market risks through established policies and continuous monitoring - The company's main financial instruments are exposed to **credit risk, liquidity risk, and market risk** (exchange rate and interest rate risk)[582](index=582&type=chunk) - As of June 30, 2025, **43.79% of accounts receivable** were concentrated among the top five customers, indicating a certain level of credit concentration risk[585](index=585&type=chunk) - As of June 30, 2025, the company had **778 million yuan** in credit lines from domestic banks, of which 180 million yuan had been utilized[586](index=586&type=chunk) - A **10% appreciation or depreciation** of the RMB against the USD and EUR would result in a decrease or increase in net profit of approximately **24.31 million yuan**, holding other factors constant[589](index=589&type=chunk) [Fair Value Disclosure](index=130&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) Assets measured at fair value totaled 922 million yuan, primarily comprising trading financial assets valued using Level 3 inputs Assets Measured at Fair Value at Period-End | Item | Period-End Fair Value (Yuan) | | :--- | :--- | | Trading Financial Assets | 912,351,726.03 | | Other Equity Instrument Investments | 665,667.82 | | Receivables Financing | 8,982,716.69 | | **Total Assets Continuously Measured at Fair Value** | **922,000,110.54** | - All items continuously measured at fair value are classified under **Level 3** of the fair value hierarchy[594](index=594&type=chunk) - Other equity instrument investments represent a 1.5428% stake in Zhongneng Lithium Battery Technology, whose fair value was re-measured in 2024 due to industry-wide losses and remained unchanged in H1 2025[595](index=595&type=chunk) [Related Parties and Transactions](index=131&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's parent is Zhuhai Port Co, Ltd, and it engaged in minor routine transactions with related parties - The company's parent company is Zhuhai Port Co, Ltd, and the ultimate controlling party is the State-owned Assets Supervision and Administration Commission of Zhuhai Municipal People's Government[598](index=598&type=chunk) - The company engaged in minor related-party transactions for procurement, leasing, and property services with affiliates of Zhuhai Port[603](index=603&type=chunk) Related-Party Payables | Item Name | Related Party | Period-End Book Balance (Yuan) | | :--- | :--- | :--- | | Accounts Payable | Zhuhai Port Information Technology Co, Ltd | 98,400.00 | [Commitments and Contingencies](index=134&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company has outstanding capital contribution commitments of 107.66 million yuan to its subsidiaries and no significant contingencies Unfulfilled Capital Contributions to Subsidiaries | Subsidiary Name | Subscribed Capital (10k Yuan) | Paid-in Capital (10k Yuan) | Unpaid Capital (10k Yuan) | | :--- | :--- | :--- | :--- | | Jiangsu Xiuqiang New Material Research Institute Co, Ltd | 7,000.00 | 4,437.20 | 2,562.80 | | Jiangsu Boyuan International Trade Co, Ltd | 1,000.00 | 1.00 | 999.00 | | Shaanxi Xiuqiang Green Building Technology Co, Ltd | 4,000.00 | 6.02 | 3,993.98 | | Xiuqiang (Zhuhai) Technology Co, Ltd | 1,000.00 | 0.00 | 1,000.00 | | Zhuhai Port Xiuqiang New Energy Technology Co, Ltd | 10,000.00 | 7,790.00 | 2,210.00 | | **Total** | **23,000.00** | **12,234.22** | **10,765.78** | - The company has no significant contingencies to disclose[616](index=616&type=chunk)[617](index=617&type=chunk) [Post-Balance Sheet Events](index=135&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) There are no post-balance sheet events to disclose - The company has no post-balance sheet events to disclose[619](index=619&type=chunk) [Other Important Matters](index=135&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company has no other significant matters to report and operates as a single segment in glass product manufacturing - The company has no other important matters such as prior period error corrections, debt restructuring, or asset swaps to report for the period[620](index=620&type=chunk)[621](index=621&type=chunk) - The company operates in a single business segment, the production of glass products, and therefore does not present segment information in its financial statements[624](index=624&type=chunk) [Supplementary Information](index=143&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides details on non-recurring items and key financial ratios, with non-recurring profit totaling 9.61 million yuan Details of Non-recurring Profit and Loss for H1 2025 | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -1,241,018.93 | | Government Subsidies Included in Current Profit/Loss | 6,270,047.04 | | Fair Value Gains/Losses and Gains/Losses on Disposal of Financial Assets and Liabilities | 6,881,414.87 | | Net Other Non-recurring Items | -707,076.19 | | Income Tax Impact | -1,694,372.46 | | Minority Interest Impact (After Tax) | -8,789.11 | | **Total** | **9,610,023.21** | Return on Equity and Earnings Per Share | Profit for the Period | Weighted Average Return on Equity | Basic EPS (Yuan/Share) | Diluted EPS (Yuan/Share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | 5.13% | 0.17 | 0.17 | | Net Profit Attributable to Common Shareholders (Excluding Non-recurring Items) | 4.75% | 0.16 | 0.16 | - There are no differences in net profit or net assets between financial reports prepared under Chinese Accounting Standards and International Accounting Standards[664](index=664&type=chunk)

秀强股份公告，2025年上半年，公司实现营业收入8.4亿元，同比增长11.03%；归属于上市公司股东的 净利润1.32亿元，同比增长9.01%。公司持续加强研发创新和产品优化，通过推进自动化及降本增效等 专项工作，着力提升生产效率和产品品质，以巩固主营业务的核心竞争力，实现稳定发展。 ...

Market Overview - The home appliance parts sector experienced a decline of 0.68% on August 21, with Hongchang Technology leading the drop [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Individual Stock Performance - Notable gainers included: - Xiangqiang Co., Ltd. (300160) with a closing price of 6.49, up 1.88% on a trading volume of 516,900 shares and a turnover of 332 million [1] - Sanhua Intelligent Control (002050) closed at 30.81, up 1.48% with a trading volume of 1,472,500 shares and a turnover of 451.3 million [1] - Major decliners included: - Hongchang Technology (301008) which fell by 6.43% to a closing price of 28.67, with a trading volume of 226,700 shares and a turnover of 662 million [2] - Hejing Technology (300279) decreased by 5.84% to 8.38, with a trading volume of 435,400 shares [2] Capital Flow Analysis - The home appliance parts sector saw a net outflow of 607 million from institutional investors, while retail investors had a net inflow of 689 million [2] - The capital flow for individual stocks showed: - Sanhua Intelligent Control (002050) had a net inflow of 106 million from institutional investors [3] - Xiangqiang Co., Ltd. (300160) experienced a net inflow of 41.78 million from institutional investors [3]