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]

Core Viewpoint - The home appliance components sector experienced a slight decline of 0.35% on August 20, with Hai Li Co. leading the drop, while the overall market indices showed positive performance with the Shanghai Composite Index rising by 1.04% and the Shenzhen Component Index increasing by 0.89% [1] Group 1: Market Performance - The home appliance components sector's decline was noted at 0.35% [1] - The Shanghai Composite Index closed at 3766.21, up 1.04% [1] - The Shenzhen Component Index closed at 11926.74, up 0.89% [1] Group 2: Individual Stock Performance - Hongchang Technology (301008) saw a significant increase of 20.02%, closing at 30.64 with a trading volume of 198,200 shares and a transaction value of 556 million [1] - Chunguang Technology (603657) increased by 9.07%, closing at 42.21 with a trading volume of 90,800 shares and a transaction value of 374 million [1] - Huaxiang Service (603112) rose by 6.83%, closing at 18.93 with a trading volume of 347,700 shares and a transaction value of 655 million [1] - Other notable performers included Langdi Group (603726) up 3.65%, Zhucheng Technology (301280) up 1.99%, and Xiangqiang Co. (300160) up 1.76% [1] Group 3: Capital Flow - The home appliance components sector experienced a net outflow of 1.046 billion from main funds, while retail investors contributed a net inflow of 716 million [3] - Speculative funds saw a net inflow of 330 million into the sector [3]

证券之星消息，8月18日家电零部件板块较上一交易日上涨1.55%，海达尔领涨。当日上证指数报收于 3728.03，上涨0.85%。深证成指报收于11835.57，上涨1.73%。家电零部件板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 6699888 | 海达尔 | 59.76 | 30.00% | 5.52万 | | 3.06亿 | | 301252 | 同星科技 | 33.00 | 7.32% | 14.77万 | | 4.74亿 | | 603657 | 春光科技 | 35.18 | 4.61% | 5.23万 | | 1.82亿 | | 301008 | 宏昌科技 | 25.46 | 4.52% | 8.61万 | | 2.17亿 | | 002860 | 星帅尔 | 14.50 | 4.09% | 26.99万 | | 3.88亿 | | 831768 | 拾比値 | 11.78 | 3.97% | 5.13万 | | 6001.53万 | | 0 ...

Group 1 - The core viewpoint of the news is that Xiugang Co., Ltd. (秀强股份) has shown a decline in stock price while reporting positive growth in revenue and net profit for the first quarter of 2025 [1] - As of August 14, 2025, the stock price of Xiugang Co., Ltd. closed at 6.08 yuan, down 2.88%, with a trading volume of 297,400 hands and a transaction amount of 183 million yuan [1] - The company's latest financial results indicate total operating revenue of 449 million yuan, a year-on-year increase of 13.71%, and a net profit attributable to shareholders of 84.13 million yuan, up 14.33% year-on-year [1] Group 2 - The company has a current ratio of 4.647, a quick ratio of 4.260, and a debt-to-asset ratio of 17.99%, indicating strong liquidity and low leverage [1] - Xiugang Co., Ltd. was established in 2001 and is primarily engaged in the non-metallic mineral products industry, with a registered capital of 772.95 million yuan [1] - The company has made investments in 18 enterprises, participated in 212 bidding projects, and holds 5 trademarks and 152 patents, along with 30 administrative licenses [2]

Basic Information - Jiangsu Xiugang Glass Craft Co., Ltd. has completed the registration changes and obtained a new business license from the Suqian Market Supervision Administration [1] - The new business license indicates a registered capital of 772.946292 million RMB and a company type of joint-stock company [1] - The company was established on September 28, 2001, and is located at No. 28 Jiangshan Avenue, Suqian City, Jiangsu Province [1] Business Scope - The company produces various types of glass products including refrigerator glass, automotive glass, and household glass, as well as tempered, hollow, laminated, and bent glass [1] - Additional manufacturing includes advanced aquariums, fiberglass products, and other glass products, along with sales of its produced items [1] - The company has expanded its business scope to include solar energy technology services, new building materials manufacturing, and various medical device sales and manufacturing [1]

证券代码：300160 证券简称：秀强股份 公告编号：2025-038 江苏秀强玻璃工艺股份有限公司 关于完成工商变更登记并换发营业执照的公告 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、基本情况 江苏秀强玻璃工艺股份有限公司（以下简称"公司"）于2025年6月20日召 开的第五届董事会第二十次会议、2025年7月7日召开的2025年第一次临时股东大 会分别审议通过《关于增加经营范围及修订〈公司章程〉的议案》，具体内容详 见公司在巨潮资讯网（www.cninfo.com.cn）披露的相关公告。 近日，公司完成了相关工商登记变更、备案手续，并取得了宿迁市市场监督 管理局换发的《营业执照》，新《营业执照》信息如下： 名称：江苏秀强玻璃工艺股份有限公司 统一社会信用代码：91321300732499521G 类型：股份有限公司（港澳台投资、上市） 住所：江苏省宿迁市宿豫区江山大道28号 法定代表人：冯鑫 注册资本：77,294.6292万元人民币 成立日期：2001年09月28日 经营范围：生产冰箱玻璃、汽车玻璃、家居玻璃，生产钢化、中空、夹胶、 热弯、镶嵌 ...

Group 1 - The company, Xiugang Co., Ltd. (stock code: 300160), reported that as of August 8, 2025, the number of shareholders is 44,432 [1]

Core Viewpoint - The company, Xiugang Co., Ltd. (stock code: 300160), reported that as of July 31, 2025, the number of shareholders is 43,638 [1] Summary by Categories - **Company Information** - Xiugang Co., Ltd. has a total of 43,638 shareholders as of July 31, 2025 [1]