Market Overview - On September 1, the consumer electronics sector rose by 1.53%, with Zhishang Technology leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers in Consumer Electronics - Zhishang Technology (301486) closed at 104.13, up 14.90% with a trading volume of 180,700 shares [1] - Jingyan Technology (300709) closed at 57.71, up 9.20% with a trading volume of 259,500 shares [1] - Boshuo Technology (300951) closed at 43.15, up 8.69% with a trading volume of 137,300 shares [1] - Yunzhu Technology (688260) closed at 34.82, up 6.84% with a trading volume of 152,500 shares [1] - Jingxing Technology (300256) closed at 4.99, up 5.72% with a trading volume of 1,931,400 shares [1] Top Losers in Consumer Electronics - Mengsheng Electronics (838701) closed at 22.53, down 5.73% with a trading volume of 55,900 shares [2] - Yidong Electronics (301123) closed at 46.10, down 3.84% with a trading volume of 175,500 shares [2] - Suzhou Tianmai (301626) closed at 146.00, down 3.38% with a trading volume of 19,600 shares [2] Capital Flow Analysis - On the same day, the consumer electronics sector experienced a net outflow of 2.519 billion yuan from institutional investors, while retail investors saw a net inflow of 2.572 billion yuan [2][3] - The top stocks with significant net inflows from retail investors included Lansi Technology (300433) and Xiechuang Data (300857) [3] Individual Stock Capital Flow - Lansi Technology (300433) had a net inflow of 2.92 billion yuan from institutional investors, while retail investors had a net outflow of 1.48 billion yuan [3] - Xiechuang Data (300857) saw a net inflow of 1.45 billion yuan from institutional investors, with retail investors experiencing a net outflow of 636.39 million yuan [3] - Victory Precision (002426) had a net inflow of 1.40 billion yuan from institutional investors, while retail investors faced a net outflow of 1.31 billion yuan [3]

Core Viewpoint - Xingxing Technology (300256) reported a significant increase in revenue and a reduction in losses for the first half of 2025, indicating improved financial performance compared to the previous year [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 706 million yuan, a year-on-year increase of 39.12% [1]. - The net profit attributable to shareholders was -9.36 million yuan, showing an improvement of 87.01% compared to the previous year [1]. - In Q2 2025, total revenue was 378 million yuan, up 34.39% year-on-year, while the net profit attributable to shareholders was -2.08 million yuan, an increase of 95.47% year-on-year [1]. Profitability Metrics - Gross margin stood at 10.11%, a decrease of 5.66% year-on-year [1]. - Net margin improved to -1.33%, reflecting a 90.69% increase compared to the previous year [1]. - The total of selling, administrative, and financial expenses was 78.12 million yuan, accounting for 11.06% of revenue, a decrease of 38.96% year-on-year [1]. Cash Flow and Asset Metrics - Operating cash flow per share was 0.04 yuan, a significant increase of 1730.11% year-on-year [1]. - The net asset value per share decreased to 0.41 yuan, down 35.94% year-on-year [1]. - The company reported a decrease in cash and cash equivalents to 285 million yuan, down 45.09% year-on-year [1]. Historical Performance Insights - The company has shown a median ROIC of -22.62% over the past decade, indicating poor investment returns [3]. - Historical financial performance has been inconsistent, with seven years of losses out of thirteen since its IPO [3].

Core Insights - The company reported a total revenue of 706 million yuan, ranking 46th among disclosed peers [1] - The net profit attributable to shareholders was -9.36 million yuan, placing the company 62nd among peers [1] - The operating cash flow showed a net inflow of 95.75 million yuan [1] Financial Performance - The latest debt-to-asset ratio is 46.41%, ranking 39th among peers, which is an increase of 0.07 percentage points from the previous quarter and an increase of 13.18 percentage points year-on-year [1] - The gross profit margin is 10.11%, ranking 61st among peers, which is a decrease of 0.61 percentage points compared to the same period last year [1] - The return on equity (ROE) is -1.02%, ranking 63rd among peers [1] - The diluted earnings per share is -0.00 yuan, ranking 61st among peers [1] - The total asset turnover ratio is 0.44 times, and the inventory turnover ratio is 4.75 times [1] Shareholder Structure - The number of shareholders is 102,300, with the top ten shareholders holding a total of 1.214 billion shares, accounting for 53.54% of the total share capital [1] - The top shareholders include Zhejiang Lema Technology Co., Ltd. (26.4%), Pingxiang Fantai Network Technology Co., Ltd. (18.81%), and others [1]

Core Insights - The main revenue of Xingxing Technology for the first half of 2025 reached 706 million yuan, representing a year-on-year increase of 39.12% [1] - The net profit attributable to shareholders was -9.36 million yuan, showing a year-on-year improvement of 87.01% [1] - The company's debt ratio stands at 46.41%, with investment income of 26.28 million yuan and financial expenses of 0.34 million yuan [1] Financial Performance - In Q2 2025, the company's single-quarter revenue was 378 million yuan, up 34.39% year-on-year [1] - The single-quarter net profit attributable to shareholders was -2.08 million yuan, reflecting a year-on-year increase of 95.47% [1] - The single-quarter non-recurring net profit was -21.63 million yuan, with a year-on-year increase of 60.69% [1] Profitability Metrics - The gross profit margin for the company is 10.11%, which is a decrease of 5.66% year-on-year [7] - The return on assets is -1.11%, showing an increase of 76.82% year-on-year [7] - Earnings per share are reported at 0.00 yuan, with a year-on-year increase of 87.10% [7] Shareholder Information - The largest shareholder is Pingxiang Fantai Network Technology Co., Ltd., holding 26.06% of shares [11] - Other significant shareholders include Jiangxi Xingxing Technology Co., Ltd. with 7.17% and Xingxing Group Co., Ltd. with 0.85% [11] - The number of shareholders has decreased from 11.93 million in Q3 2024 to 10.23 million in Q1 2025 [13]

江西星星科技股份有限公司2025年半年度非经营性资金占用及其他关联资金往来情况汇总表 法定代表人: 应光捷 主管会计工作负责人: 常俊庭 会计机构负责人: 张晖骏 | | | | | 江西星星科技股份有限公司2025年半年度非经营性资金占用及其他关联资金往来情况汇总表 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 编制单位：江西星星科技股份有限公司 | | | | | | | | | | 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 | 上市公司核算 | 2025年期初占用资金余 | 2025年半年度占用累 计发生金额（不含利 | 2025年半年度占 用资金的利息(如 | 2025年半年度度 偿还累计发生金 | 2025年半年度期末 | 占用形成原因 | 占用性质 | | | | 司的关联关系 | 的会计科目 | 额 | 息） | 有) | 额 | 占用资金余额 | | | | 控股股东、实际控制人及其 | | | | | | | | | | | | 附属企 ...

证券代码：300256 证券简称：星星科技 公告编号：2025-046 江西星星科技股份有限公司 关于累计诉讼、仲裁情况的公告 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。 江西星星科技股份有限公司（以下简称"公司"）根据《深圳证券交易所创业 板股票上市规则》有关规定，对公司及控股子公司连续十二个月累计涉及诉讼、仲 裁事项进行了统计，现将有关情况公告如下： 一、累计诉讼、仲裁事项的基本情况 根据《深圳证券交易所创业板股票上市规则》有关规定，截至本公告披露日， 公司及控股子公司连续十二个月累计发生的诉讼、仲裁金额合计人民币9,036.28万元， 占公司最近一期经审计净资产的12.43%。其中，公司及控股子公司作为原告涉案金 额合计为5,859.66万元，占涉案总金额的64.85%；公司及控股子公司作为被告涉案金 额合计为3,176.62万元，占涉案总金额的35.15%。 具体情况详见附件：累计诉讼、仲裁案件情况统计表。 在公司及控股子公司作为原告的诉讼、仲裁中，公司将积极维护合法权益，加 强相关款项回收，以改善资产质量、财务状况和经营业绩。在作为被告的诉讼、仲 ...

[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides crucial disclaimers, outlines the report's structure, and defines key terms for clarity [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board, supervisory board, and senior management guarantee the report's accuracy, while highlighting key risks and the half-year profit distribution plan - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[3](index=3&type=chunk) - The report highlights risks such as technological innovation, loss of core technical personnel, inability to fulfill the reorganization investment agreement, related party transactions, horizontal competition, and failure to meet performance commitments[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[3](index=3&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the report's overall structure, including eight main chapters from important notes to financial reports [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, control parties, subsidiaries, and the reporting period - The reporting period refers to January 1, 2025, to June 30, 2025[8](index=8&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section introduces the company, its contact information, and presents a summary of its key financial performance and asset status [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, listed on the Shenzhen Stock Exchange with stock code 300256, has Ying Guangjie as its legal representative - Company stock abbreviation: Xingxing Technology, stock code: **300256**[10](index=10&type=chunk) - The company's legal representative is Ying Guangjie[10](index=10&type=chunk) [Contact Persons and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's board secretary is Jia Jianping, securities affairs representative is Zhao Yili, with unchanged contact details and email irm@first-panel.com - Board Secretary: Jia Jianping, Securities Affairs Representative: Zhao Yili[11](index=11&type=chunk) - Email: irm@first-panel.com[11](index=11&type=chunk) [Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's contact information, disclosure, and registration details remained unchanged during the reporting period, as per the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[12](index=12&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[13](index=13&type=chunk) - The company's registration status remained unchanged during the reporting period[14](index=14&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) The company's operating revenue increased by 39.12%, net loss attributable to shareholders significantly narrowed by 87.01%, and operating cash flow surged by 1,730.11% Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Reporting Period (Yuan) | Prior Year Adjusted (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 706,370,311.40 | 507,725,735.29 | 39.12% | | Net Profit Attributable to Listed Company Shareholders | -9,361,922.16 | -72,052,499.15 | 87.01% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Items) | -52,862,673.04 | -84,651,583.54 | 37.55% | | Net Cash Flow from Operating Activities | 95,752,432.15 | 5,232,051.15 | 1,730.11% | | Basic Earnings Per Share (Yuan/share) | -0.0041 | -0.0318 | 87.11% | | Diluted Earnings Per Share (Yuan/share) | -0.0041 | -0.0318 | 87.11% | | Weighted Average Return on Net Assets | -1.11% | -4.79% | 3.68% | | Total Assets (Yuan) | 1,606,743,208.93 | 1,571,582,309.61 | 2.24% | | Net Assets Attributable to Listed Company Shareholders (Yuan) | 919,473,250.34 | 727,024,147.72 | 26.47% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards - The company reported no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[16](index=16&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[17](index=17&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) The company's non-recurring gains and losses totaled 43.50 million Yuan, primarily from asset disposals, government grants, and debt restructuring Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 11,148,621.03 | | Government grants recognized in current profit or loss | 7,632,669.21 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | 1,733,361.55 | | Gains or losses from debt restructuring | 12,886,888.41 | | Other non-operating income and expenses apart from the above | 10,620,686.34 | | Less: Income tax impact | 521,475.66 | | Total | 43,500,750.88 | - The company does not classify non-recurring gains and losses as recurring gains and losses[20](index=20&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section details the company's main businesses, core competencies, operational performance, investment activities, and risk factors [Main Businesses Engaged by the Company 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's main businesses are consumer electronics and electric two-wheelers, driven by technological innovation and favorable policies - The company's main businesses are divided into two major segments: consumer electronics and electric two-wheelers[22](index=22&type=chunk) - The consumer electronics industry benefits from "5G" and "Internet of Everything" policies and technological trends, with continuous expansion of downstream application scenarios[23](index=23&type=chunk) - The electric two-wheeler industry, influenced by new standard replacements, natural replacements, trade-in policies, and intelligent technology development, is expected to see steady demand growth, with sales projected to reach **52 million units in 2025**[25](index=25&type=chunk) [Basic Situation, Development Stage, and Cyclical Characteristics of the Company's Industry](index=9&type=section&id=1%E3%80%81%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E7%9A%84%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E3%80%81%E5%8F%91%E5%B1%95%E9%98%B6%E6%AE%B5%E3%80%81%E5%91%A8%E6%9C%9F%E6%80%A7%E7%89%B9%E7%82%B9) The consumer electronics industry (display device and precision structural component manufacturing) is technology-driven, benefiting from smart terminals and automotive electronics development, while the electric two-wheeler industry (moped manufacturing) is driven by new national standards and trade-in policies, projected to grow at a 7% CAGR - The core components of the consumer electronics industry are display devices and precision structural components, which are fundamental to the development of smart terminal products such as smartphones, tablets, and in-car displays[23](index=23&type=chunk) - The electric two-wheeler industry, influenced by the new national standard "Safety Technical Specification for Electric Bicycles (GB 17761—2024)" and trade-in subsidy policies, is expected to see a new round of sales growth in 2025, with an estimated annual sales volume of **52 million units**[25](index=25&type=chunk) - Qianzhan Industry Research Institute predicts that China's electric two-wheeler industry will grow at a **compound annual growth rate of 7% from 2023 to 2028**, reaching **84 million units in sales by 2028**[25](index=25&type=chunk)[26](index=26&type=chunk) [Company's Industry Position](index=10&type=section&id=2%E3%80%81%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E7%9A%84%E8%A1%8C%E4%B8%9A%E5%9C%B0%E4%BD%8D) The company holds multiple window protection screen and touch display technologies in consumer electronics, with precision structural component business certified and collaborating with NEV manufacturers, while its electric two-wheeler product line covers all categories, enhancing business transformation through acquisition - In the window protection screen field, the company possesses 2D, 2.5D, 3D window glass technology, as well as leading anti-reflection (AR), anti-fingerprint (AF), and NCVM coating technologies[27](index=27&type=chunk) - In the touch display field, the company masters Bonding, lamination, and assembly technologies for various products, including e-ink screens, LCD reflective screens, OLED rigid screens, and MINI LED display modules[28](index=28&type=chunk) - The electric two-wheeler business is transitioning from large-scale to high-quality through the introduction of Lima's advanced full-产业链 production model and integration of customer channel resources[31](index=31&type=chunk) [Company's Main Businesses, Products, and Their Uses](index=11&type=section&id=3%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E4%BA%A7%E5%93%81%E5%8F%8A%E5%85%B6%E7%94%A8%E9%80%94) The company focuses on two core businesses: consumer electronics (window protection screens, touch display modules, precision structural components) and electric two-wheelers (vehicle manufacturing), with products widely used across various smart devices and industrial applications - The main business of consumer electronics covers the research, development, manufacturing, and sales of window protection screens, touch display modules, and precision structural components[32](index=32&type=chunk) - The electric two-wheeler business focuses on complete vehicle manufacturing, primarily delivering products to end consumers through dealers[32](index=32&type=chunk) [Main Operating Models](index=11&type=section&id=4%E3%80%81%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The consumer electronics business operates on a direct sales model with integrated R&D, production, and sales, focusing on customization and rapid market response, while the electric two-wheeler business uses a sales service company and dealer network, with both segments emphasizing stringent procurement and optimized production processes - The consumer electronics business adopts a direct sales model, adhering to integrated R&D, production, and sales, deeply meeting customers' personalized customization needs[33](index=33&type=chunk) - The electric two-wheeler business primarily sells products to end consumers through sales service companies that radiate to surrounding market areas and through a dealer network[36](index=36&type=chunk) - By continuously optimizing production processes and enhancing automation, the company can effectively improve production efficiency and product quality, significantly reducing production costs[39](index=39&type=chunk) [Analysis of Core Competencies](index=12&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 advanced technology, industrial cluster synergy, stable customer base, talent, and smart manufacturing upgrades, enhancing market competitiveness through innovation, integration, and talent development - The company has developed industry-leading process technologies in the consumer electronics field, such as AG/AR/AF composite technology and 3D hot bending for smart automotive applications[40](index=40&type=chunk) - The company's main business has expanded from mobile phone window protection screens to touch display modules, precision structural components, automotive crystal parts, and electric two-wheelers, forming an industrial cluster from components to finished products[42](index=42&type=chunk) - The company adheres to a "people-oriented" approach, establishing a comprehensive talent acquisition, training, utilization, and incentive mechanism, cultivating an innovative technical R&D team[45](index=45&type=chunk) [Advanced Process Technology Advantages](index=12&type=section&id=1%E3%80%81%E5%85%88%E8%BF%9B%E5%B7%A5%E8%89%BA%E6%8A%80%E6%9C%AF%E4%BC%98%E5%8A%BF) The company possesses various advanced process technologies in consumer electronics, including AG/AR/AF composite technology and 3D hot bending, and core technologies in electric two-wheelers such as MAXW power systems and intelligent e-housekeepers - Consumer electronics field: AG/AR/AF composite technology for smart automotive applications, multi-material and multi-thickness complex structure CNC cold carving technology, laser carving and oil filling technology, etc[40](index=40&type=chunk) - Electric two-wheeler field: MAXW concentrated power system, AMT dual-mode power system, intelligent e-housekeeper, five-in-one anti-theft lock, GBS super braking system, etc[40](index=40&type=chunk) [Industrial Cluster Synergy Advantages](index=13&type=section&id=2%E3%80%81%E4%BA%A7%E4%B8%9A%E9%9B%86%E7%BE%A4%E5%8D%8F%E5%90%8C%E4%BC%98%E5%8A%BF) The company's business has expanded from mobile phone window protection screens to touch display modules, precision structural components, automotive crystal parts, and electric two-wheelers, forming an industrial cluster that enhances core competitiveness through upstream and downstream integration - The company's main business has expanded from mobile phone window protection screens to touch display modules, precision structural components, automotive crystal parts, and electric two-wheelers, achieving an industrial cluster from components to finished products[42](index=42&type=chunk) - Through a "precise R&D + efficient delivery" dual-driven model, the company ensures both high cost-effectiveness and rapid market response for new products, effectively supporting market share expansion[43](index=43&type=chunk) [High-Quality and Stable Customer Resources Advantage](index=13&type=section&id=3%E3%80%81%E4%BC%98%E8%B4%A8%E7%A8%B3%E5%AE%9A%E7%9A%84%E5%AE%A2%E6%88%B7%E8%B5%84%E6%BA%90%E4%BC%98%E5%8A%BF) The company maintains a customer-centric closed-loop process by closely tracking market trends, precisely matching demands, strictly selecting materials, and implementing a reasonable pricing system, while also advancing two strategic actions to deepen customer cooperation - The company establishes strict material selection standards to ensure product quality and builds a reasonable pricing system to find a value balance, thereby forming a customer-demand-oriented closed-loop process[44](index=44&type=chunk) - The company is actively promoting two strategic actions: horizontally improving its component product matrix and vertically deepening technological R&D innovation, to enhance product cost-effectiveness and maintain customer cooperation[44](index=44&type=chunk) [High-End Talent Aggregation Advantage](index=13&type=section&id=4%E3%80%81%E9%9B%86%E8%81%9A%E9%AB%98%E7%AB%AF%E4%BA%BA%E6%89%8D%E4%BC%98%E5%8A%BF) The company adheres to a "people-oriented" talent management mechanism, attracting high-end talent, improving qualification systems, and training mechanisms to cultivate an innovative R&D team, thereby enhancing core competitiveness through compensation incentives - The company adheres to a "people-oriented" approach, establishing a comprehensive management mechanism for attracting, cultivating, utilizing, and incentivizing professional talent, strengthening talent acquisition and attraction efforts[45](index=45&type=chunk) - The company has cultivated a technical R&D team with a reasonable age structure, excellent comprehensive quality, and strong innovation capabilities[45](index=45&type=chunk) [Factory Efficiency Improvement and Intelligent Upgrade Management Advantages](index=13&type=section&id=5%E3%80%81%E5%B7%A5%E5%8E%82%E6%95%88%E8%83%BD%E6%8F%90%E5%8D%87%E4%B8%8E%E6%99%BA%E8%83%BD%E5%8D%87%E7%BA%A7%E7%9A%84%E7%AE%A1%E7%90%86%E4%BC%98%E5%8A%BF) The company actively implements lean production and explores smart manufacturing, transitioning from informatization to digitalization, big data management, and intelligent upgrades to provide rapid response and cost-effective products and services to customers - The factory actively promotes a lean production model, extending from workshop management to office processes and supply chain collaboration, continuously providing customers with fast delivery and quality-assured products and services[46](index=46&type=chunk) - The company actively explores the path of smart production, gradually upgrading from basic informatization to digitalization, big data management, and intelligence, committed to serving customers with faster response speeds and cost-effective products[46](index=46&type=chunk) [Analysis of Main Business](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) Operating revenue increased by 39.12% due to electric vehicle business growth, while net operating cash flow significantly improved by 1,730.11% Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (Yuan) | Prior Year (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 706,370,311.40 | 507,725,735.29 | 39.12% | Primarily due to increased scale of electric vehicle business | | Operating Cost | 634,988,597.26 | 453,337,488.59 | 40.07% | Primarily due to increased scale of electric vehicle business | | Administrative Expenses | 52,611,008.86 | 77,809,373.83 | -32.38% | Primarily due to decreased depreciation and amortization | | Financial Expenses | 343,622.39 | -10,183,618.65 | 103.37% | Primarily due to decreased interest income | | R&D Investment | 29,600,043.17 | 28,523,397.72 | 3.77% | Primarily due to increased R&D investment by the company | | Net Cash Flow from Operating Activities | 95,752,432.15 | 5,232,051.15 | 1,730.11% | Primarily due to increased profitability of electric vehicle business and improved operating conditions of consumer electronics business in this period | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue | Operating Cost | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Touch Display Products | 90,853,705.20 | 88,869,817.27 | 2.18% | -13.41% | -5.79% | -7.91% | | Window Protection Screen Products | 89,428,527.08 | 71,913,221.64 | 19.59% | 5.42% | 12.34% | -4.96% | | Structural Components | 91,348,161.75 | 96,963,538.42 | -6.15% | 2.69% | -5.42% | 9.11% | | Electric Bicycles | 205,666,132.02 | 167,877,508.70 | 18.37% | 75.31% | 76.05% | -0.34% | | Electric Motorcycles | 130,876,354.64 | 108,488,180.81 | 17.11% | 153.19% | 146.38% | 2.29% | | Electric Vehicle Accessories | 91,114,450.57 | 94,075,163.62 | -3.25% | 130.51% | 133.50% | -1.32% | [Analysis of Non-Core Business](index=14&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 income primarily stemmed from investment gains, fair value changes, and government grants, but these are largely non-sustainable Non-Core Business Gains and Losses | Item | Amount (Yuan) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 26,279,442.95 | -953.25% | Primarily due to increased debt restructuring gains, disposal of company investment gains, and wealth management product gains | No | | Gains or Losses from Changes in Fair Value | 493,966.65 | -17.92% | Primarily due to fair value changes of wealth management products | No | | Asset Impairment | -2,458,655.62 | 89.18% | Primarily due to inventory impairment provision | No | | Non-Operating Income | 10,837,617.94 | -393.12% | Primarily due to non-payable accounts and compensation income | No | | Credit Impairment Losses | -3,210,984.52 | 116.47% | Primarily due to provision for bad debts | No | | Other Income | 7,723,587.59 | -280.16% | Primarily due to government grants | 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 slightly increased, while net assets attributable to shareholders grew by 26.47%, with significant shifts in asset and liability composition Significant Changes in Asset Composition | Item | Amount at End of Current Period (Yuan) | Proportion of Total Assets | Amount at End of Prior Year (Yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 284,636,640.93 | 17.72% | 303,952,154.42 | 19.34% | -1.62% | | Long-Term Equity Investments | 18,519,329.47 | 1.15% | 0.00 | 0.00% | 1.15% | | Fixed Assets | 280,538,106.49 | 17.46% | 352,579,352.90 | 22.43% | -4.97% | | Financial Assets Held for Trading | 155,491,577.76 | 9.68% | 103,339,642.64 | 6.58% | 3.10% | | Other Non-Current Assets | 106,034,787.29 | 6.60% | 3,741,567.31 | 0.24% | 6.36% | | Other Payables | 259,595,625.46 | 16.16% | 414,679,098.75 | 26.39% | -10.23% | Assets and Liabilities Measured at Fair Value | Item | Amount at Period End (Yuan) | | :--- | :--- | | Financial Assets Held for Trading | 155,491,577.76 | | Other Equity Instrument Investments | 1,063,500.97 | | Accounts Receivable Financing | 4,936,073.48 | | Total Above | 161,491,152.21 | Restricted Asset Status | Item | June 30, 2025 (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 31,299,477.71 | Used for applying for bank acceptance bills and judicial freezing, etc | [Analysis of Investment Status](index=16&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 100%, including a significant non-equity investment in industrial property and 250 million Yuan in wealth management products Investment Amount During the Reporting Period | Indicator | Investment Amount in Reporting Period (Yuan) | Investment Amount in Prior Year (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment | 30,380,000.00 | 0.00 | 100.00% | - The company acquired industrial factory buildings D2 in Zhoujiang Information Industrial Park, Shangpeng 81, Zhoujiang Village, Penggao Town, Pingxiang Economic and Technological Development Zone, with **99,681,480.00 Yuan** invested in this reporting period[64](index=64&type=chunk) [Overall Situation](index=16&type=section&id=1%E3%80%81%E6%80%BB%E4%BD%93%E6%83%85%E5%86%B5) Total investment increased by 100% to 30.38 million Yuan compared to the same period last year [Significant Non-Equity Investments Underway During the Reporting Period](index=16&type=section&id=3%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%AD%A3%E5%9C%A8%E8%BF%9B%E8%A1%8C%E7%9A%84%E9%87%8D%E5%A4%A7%E9%9D%9E%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company's significant non-equity investment underway during the reporting period is the acquisition of industrial factory building D2 in Zhoujiang Information Industrial Park, with 99.68 million Yuan invested - The company acquired industrial factory building D2 in Zhoujiang Information Industrial Park, Shangpeng 81, Zhoujiang Village, Penggao Town, Pingxiang Economic and Technological Development Zone, with **99,681,480.00 Yuan** invested in this reporting period, funded by its own capital[64](index=64&type=chunk) [Financial Assets Measured at Fair Value](index=17&type=section&id=4%E3%80%81%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7) The company's financial assets measured at fair value totaled 155.49 million Yuan at period-end, primarily other assets, with a fair value change gain of 0.49 million Yuan and cumulative investment income of 0.51 million Yuan Financial Assets Measured at Fair Value | Asset Category | Amount at Period End (Yuan) | Fair Value Change Gain/Loss in Current Period (Yuan) | Cumulative Investment Income (Yuan) | | :--- | :--- | :--- | :--- | | Other | 155,491,577.76 | 493,966.65 | 512,728.23 | | Total | 155,491,577.76 | 493,966.65 | 512,728.23 | [Wealth Management, Derivative Investments, and Entrusted Loans](index=17&type=section&id=6%E3%80%81%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2%E3%80%81%E8%A1%8D%E7%94%9F%E5%93%81%E6%8A%95%E8%B5%84%E5%92%8C%E5%A7%94%E6%89%98%E8%B4%B7%E6%AC%BE%E6%83%85%E5%86%B5) During the reporting period, the company engaged in 250 million Yuan of wealth management, with 220 million Yuan outstanding, all in bank wealth management products, and no overdue unrecovered amounts, nor any derivative investments or entrusted loans Overview of Wealth Management | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Transactions (10,000 Yuan) | Unexpired Balance (10,000 Yuan) | Overdue Unrecovered Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 25,000 | 22,000 | 0 | - The company had no derivative investments during the reporting period[70](index=70&type=chunk) - The company had no entrusted loans during the reporting period[71](index=71&type=chunk) [Significant Asset and Equity Sales](index=18&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 sold a 100 million Yuan receivable to reduce risk and divested two subsidiary equities to enhance asset quality and streamline operations - The company transferred its 120 million Yuan principal claim and corresponding capital occupation fees and overdue payment penalties against Shenzhen Yier San Si Investment Development Co., Ltd. and Shenzhen Penglian Xingwang Industrial Co., Ltd. to Jiangxi Huiyikang Trading Co., Ltd. for **100 million Yuan**[72](index=72&type=chunk) - The company sold 100% equity of Xingxing Precision Technology (Zhuhai) Co., Ltd. for **44.78 million Yuan**, which helps improve asset quality and reduce operating costs[75](index=75&type=chunk) - The company sold 100% equity of Jiangxi Yihong Electronic Technology Co., Ltd. for **0.0001 Yuan**, which helps reduce negative impact on the company's financial situation and accelerate the expansion of its main business[75](index=75&type=chunk) [Significant Asset Sales](index=18&type=section&id=1%E3%80%81%E5%87%BA%E5%94%AE%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) The company transferred its 120 million Yuan principal claim and corresponding capital occupation fees and overdue payment penalties against Shenzhen Yier San Si Investment Development Co., Ltd. and Shenzhen Penglian Xingwang Industrial Co., Ltd. to the related party Jiangxi Huiyikang Trading Co., Ltd. for 100 million Yuan, aiming to reduce recovery risk and improve capital utilization efficiency - The company transferred its 120 million Yuan principal claim and corresponding capital occupation fees and overdue payment penalties against Shenzhen Yier San Si Investment Development Co., Ltd. and Shenzhen Penglian Xingwang Industrial Co., Ltd. to Jiangxi Huiyikang Trading Co., Ltd. for **100 million Yuan**[72](index=72&type=chunk) - This debt transfer helps reduce the company's recovery risk for this claim, promptly recovers working capital, and improves capital utilization efficiency[72](index=72&type=chunk) [Significant Equity Sales](index=19&type=section&id=2%E3%80%81%E5%87%BA%E5%94%AE%E9%87%8D%E5%A4%A7%E8%82%A1%E6%9D%83%E6%83%85%E5%86%B5) The company sold 100% equity of its sub-subsidiary Xingxing Precision Technology (Zhuhai) Co., Ltd. for 44.78 million Yuan and 100% equity of its wholly-owned subsidiary Jiangxi Yihong Electronic Technology Co., Ltd. for 0.0001 Yuan, aiming to improve asset quality, reduce operating costs, and accelerate main business expansion - The company sold 100% equity of Xingxing Precision Technology (Zhuhai) Co., Ltd. for **44.78 million Yuan**, contributing **4.1647 million Yuan** to net profit in this period[75](index=75&type=chunk) - The company sold 100% equity of Jiangxi Yihong Electronic Technology Co., Ltd. for **0.0001 Yuan**, contributing **-16,800 Yuan** to net profit in this period[75](index=75&type=chunk) - The equity sale helps improve the company's asset quality, reduce operating costs, and accelerate the expansion of its main business, aligning with the company's actual operations and strategic development needs[75](index=75&type=chunk) [Analysis of Major Holding and Participating Companies](index=20&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's major holding subsidiaries include Xingxing Touch Technology (Shenzhen), Xingxing Precision Technology (Shenzhen), Xingma Precision Components (Guangdong), Taizhou Xingxing Optoelectronics, Jiangxi Lima Vehicle Industry, and Guangxi Lima Electric Vehicle, with Jiangxi Lima and Guangxi Lima showing significant profit growth due to business expansion Major Subsidiary Financial Indicators (Unit: 10,000 Yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xingxing Touch Technology (Shenzhen) Co., Ltd. | Subsidiary | Technical development, production, and sales of touch screens, etc | 133,750.00 | 123,684.11 | -16,871.58 | 2,105.51 | -624.50 | 197.61 | | Xingxing Precision Technology (Shenzhen) Co., Ltd. | Subsidiary | Design, R&D, production, and sales of precision structural components, etc | 110,000.00 | 34,445.64 | -40,280.48 | 469.06 | 1,070.60 | 1,237.89 | | Xingma Precision Components (Guangdong) Co., Ltd. | Subsidiary | Design, R&D, production, and sales of precision structural components, etc | 2,000.00 | 54,612.13 | -22,848.98 | 18,412.76 | -2,332.10 | -2,351.65 | | Taizhou Xingxing Optoelectronics Technology Co., Ltd. | Subsidiary | Display device manufacturing, optical glass sales | 4,500.00 | 26,176.43 | 8,304.73 | 9,062.80 | -206.30 | -322.07 | | Jiangxi Lima Vehicle Industry Co., Ltd. | Subsidiary | R&D, production, and sales of electric vehicles | 5,000.00 | 24,302.34 | 5,732.88 | 28,848.93 | 1,415.17 | 1,027.60 | | Guangxi Lima Electric Vehicle Technology Co., Ltd. | Subsidiary | R&D, production, and sales of electric vehicles | 600.00 | 18,819.37 | 5,536.51 | 14,522.50 | 1,104.32 | 757.75 | - The change in operating performance of Jiangxi Lima Vehicle Industry Co., Ltd. and Guangxi Lima Electric Vehicle Technology Co., Ltd. in this period is mainly due to increased net profit resulting from customer expansion and business scale growth[78](index=78&type=chunk) - Acquisition and disposal of subsidiaries during the reporting period: disposal of equity in Jiangxi Yihong Electronic Technology Co., Ltd. and Xingxing Precision Technology (Zhuhai) Co., Ltd[77](index=77&type=chunk) [Information on 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 reported no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[79](index=79&type=chunk) [Risks Faced by the Company 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 technological innovation, talent loss, restructuring agreement non-performance, related party transactions, and competition, with mitigation strategies in place - The company faces risks in technological innovation and product development; if it cannot timely grasp key technological developments in the industry, its competitive ability may decline[79](index=79&type=chunk) - The company faces the risk of losing core technical personnel, with countermeasures including improving talent梯队 construction, establishing assessment and incentive mechanisms, and improving the working environment[81](index=81&type=chunk) - The "Reorganization Investment Agreement" faces risks of non-performance, including the inability of Jiangxi Lima and Guangxi Lima to meet performance commitments, the inability to inject electric vehicle assets or inject them as scheduled, and the inability of Lima Vehicle Group and/or Lima Technology to provide the promised **1 billion Yuan** in financing[82](index=82&type=chunk)[84](index=84&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) - The company faces risks from related party transactions and horizontal competition, which are being addressed through commitments from the actual controller to reduce and standardize related party transactions and steadily promote business integration[89](index=89&type=chunk)[90](index=90&type=chunk) [Risks of Technological Innovation and Product Development](index=21&type=section&id=1%E3%80%81%E6%8A%80%E6%9C%AF%E5%88%9B%E6%96%B0%E5%92%8C%E4%BA%A7%E5%93%81%E5%BC%80%E5%8F%91%E7%9A%84%E9%A3%8E%E9%99%A9) The rapidly evolving technology in consumer electronics and electric two-wheelers poses a risk of declining competitiveness if the company fails to innovate or master key technologies, which is addressed by improving its innovation system, increasing external exchanges, and upgrading products - The trend of technological and industrial integration in the window protection screen, touch module, and precision structural component industries demands increasingly higher technological innovation capabilities[79](index=79&type=chunk) - The electric two-wheeler industry is experiencing rapid integration of battery technology and intelligent control systems, and enterprises may face declining product competitiveness due to technological lag[79](index=79&type=chunk) - Countermeasures: Improve the technological innovation system, establish an information collection mechanism, increase the frequency of external exchanges, and upgrade company products[80](index=80&type=chunk) [Risks of Losing Core Technical Personnel](index=21&type=section&id=2%E3%80%81%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E6%B5%81%E5%A4%B1%E7%9A%84%E9%A3%8E%E9%99%A9) Intense talent competition in the industry could lead to loss of core technical personnel, resulting in technology leakage and delayed R&D, impacting the company's competitiveness, which is addressed by improving talent梯队, incentive mechanisms, working environment, job rotation, and smart manufacturing - The loss of core technical personnel may lead to the loss of company product technology, delay research and development processes, and consequently affect the company's competitiveness[81](index=81&type=chunk) - Countermeasures: Improve talent梯队 construction, establish effective assessment and incentive mechanisms, improve the working environment, implement a job rotation system, and vigorously promote intelligent manufacturing in the production process[81](index=81&type=chunk) [Risks of Non-Performance of the "Reorganization Investment Agreement"](index=21&type=section&id=3%E3%80%81%E3%80%8A%E9%87%8D%E6%95%B4%E6%8A%95%E8%B5%84%E5%8D%8F%E8%AE%AE%E3%80%8B%E6%97%A0%E6%B3%95%E5%B1%A5%E8%A1%8C%E7%9A%84%E9%A3%8E%E9%99%A9) The reorganization investment agreement faces multiple risks, including the potential failure of Jiangxi Lima and Guangxi Lima to meet performance commitments, the inability to inject electric vehicle assets as promised, and the potential failure to secure the promised 1 billion Yuan in financing - The Jiangxi Lima New Energy Electric Two-Wheeler Intelligent Manufacturing Industrial Park project faces the risk of not meeting expectations, and Lima Vehicle Group and/or Lima Technology's promised cumulative net profit of no less than **120 million Yuan** may not be achieved[82](index=82&type=chunk)[83](index=83&type=chunk) - Guangxi Lima faces the risk of not achieving its performance commitments, with net profits of no less than **21 million Yuan in 2024**, **22 million Yuan in 2025**, and **23 million Yuan in 2026**[84](index=84&type=chunk) - The phased injection of electric vehicle assets promised by Lima Vehicle Group into the listed company faces the risk of not being injected or not being injected as scheduled[86](index=86&type=chunk) - Lima Vehicle Group and/or Lima Technology's commitment to support the listed company in obtaining financing totaling no less than **1 billion Yuan** in various forms faces the risk of not being realized[87](index=87&type=chunk) [Related Party Transaction Risks](index=22&type=section&id=4%E3%80%81%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93%E9%A3%8E%E9%99%A9) Before the electric vehicle asset injection is completed, the company may engage in significant related party transactions for procurement, sales, and services, which, if internal controls are inadequate, could adversely affect operating performance; the actual controller has committed to reducing and standardizing these transactions - Before the completion of the electric vehicle asset injection promised by the company's actual controller, the company may engage in related party transactions such as procurement, sales, and services[89](index=89&type=chunk) - Countermeasures: The actual controller has committed to minimizing and standardizing related party transactions, and for unavoidable transactions, they will adhere to market-based, fair, and just principles, at fair and reasonable market prices[89](index=89&type=chunk) [Horizontal Competition Risks](index=23&type=section&id=5%E3%80%81%E5%90%8C%E4%B8%9A%E7%AB%9E%E4%BA%89%E9%A3%8E%E9%99%A9) Before the electric vehicle asset injection is completed, the company faces horizontal competition from other entities controlled by the actual controller; the controlling shareholder and actual controller have committed to resolving this through asset restructuring and entrusted management - Before the completion of the electric vehicle asset injection promised by the company's actual controller, the company will face horizontal competition from other enterprises controlled by the actual controller for a certain period[90](index=90&type=chunk) - Countermeasures: The controlling shareholder and actual controller have committed to comprehensively utilizing asset restructuring, entrusted management by the listed company, and other methods to steadily promote relevant business integration to resolve horizontal competition issues[90](index=90&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](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 participated in an online investor reception day and annual performance briefing on May 21, 2025, engaging with investors - The company participated in the 2024 Annual Investor Online Collective Reception Day and the company's annual performance briefing for listed companies in Jiangxi Province through All-View Network on May 21, 2025[91](index=91&type=chunk) [Formulation and Implementation 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 did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system[92](index=92&type=chunk) - The company did not disclose a valuation enhancement plan[92](index=92&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%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%22%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan[92](index=92&type=chunk) [Corporate Governance, Environment, and Society](index=24&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section covers changes in company leadership, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=24&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's board secretary, vice general manager, and non-independent director positions saw changes, with Chang Juntin and Deng Guoyin departing due to work reassignments, Jia Jianping and Chen Wenwu appointed, and Shi Yongsheng dismissed as vice general manager for personal reasons - Chang Juntin was dismissed as Board Secretary due to work reassignment, and Jia Jianping was appointed as Board Secretary[94](index=94&type=chunk) - Deng Guoyin was dismissed as Vice General Manager and resigned as Non-Independent Director due to work reassignment, while Chen Wenwu was appointed as Vice General Manager and elected as Non-Independent Director[94](index=94&type=chunk) - Shi Yongsheng was dismissed as Vice General Manager due to personal reasons[94](index=94&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](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 plans no cash dividends, bonus shares, or capital reserve conversions for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[95](index=95&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](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, employee stock ownership plans, or other employee incentive measures in place 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[96](index=96&type=chunk) [Environmental Information Disclosure](index=24&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and two major subsidiaries (Taizhou Xingxing Optoelectronics Technology Co., Ltd. and Jiangxi Lima Vehicle Industry Co., Ltd.) are listed as legally required environmental information disclosure enterprises, with relevant indices provided - The company and its major subsidiaries, Taizhou Xingxing Optoelectronics Technology Co., Ltd. and Jiangxi Lima Vehicle Industry Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[97](index=97&type=chunk) [Social Responsibility](index=24&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 social responsibilities by protecting shareholder, employee, and partner rights, promoting environmental sustainability, and contributing to local economy - The company ensures shareholder and investor rights through timely, accurate, truthful, and complete information disclosure, and various communication channels to strengthen interaction with investors[99](index=99&type=chunk) - The company strictly adheres to labor laws and regulations, legally signs labor contracts with employees, establishes a comprehensive compensation and benefits system, and emphasizes talent development and employee care[100](index=100&type=chunk) - The company integrates environmental protection, safe production, and energy conservation and emission reduction as key components of its sustainable development strategy, enhancing environmental protection through inspections, safety management, and technological innovation[101](index=101&type=chunk) [Significant Matters](index=26&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section addresses commitments, related party transactions, guarantees, litigation, penalties, and other material events affecting the company [Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=26&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The company reported no fulfilled or overdue unfulfilled commitments by controlling shareholders, related parties, or the company during the reporting period - The company reported no commitments by its actual controller, shareholders, related parties, acquirers, or the company that were fulfilled during the reporting period or overdue and unfulfilled as of the end of the reporting period[105](index=105&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=26&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) The company reported no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period - The company reported no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period[106](index=106&type=chunk) [Irregular External Guarantees](index=26&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 reported no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[107](index=107&type=chunk) [Appointment and Dismissal of Accounting Firms](index=26&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 half-year financial report was not audited - The company's semi-annual report was not audited[108](index=108&type=chunk) [Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the "Non-Standard Audit Report" for This Reporting Period](index=26&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%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) The company reported no non-standard audit report for the current period - The company reported no non-standard audit report for the current period[109](index=109&type=chunk) [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=26&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%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company provided no explanation regarding a non-standard audit report for the previous year - The company reported no explanation regarding a non-standard audit report for the previous year[109](index=109&type=chunk) [Bankruptcy Reorganization Matters](index=26&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 reported no bankruptcy reorganization matters during the reporting period - The company reported no bankruptcy reorganization matters during the reporting period[109](index=109&type=chunk) [Litigation Matters](index=26&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company was involved in significant contract disputes totaling 620.16 million Yuan, with some claims transferred, and other minor litigation cases as plaintiff and defendant - The company filed a lawsuit against Yier San Si, Penglian Xingwang, and others for contract disputes, demanding the return of investment principal and capital occupation fees, with a case value of **620.1647 million Yuan**[112](index=112&type=chunk) - This major lawsuit was concluded in August 2025, with the first-instance judgment dissolving relevant agreements and requiring defendants to return **488.6 million Yuan** in investment principal and pay capital occupation fees; the second instance allowed the appellant to withdraw the appeal, making the first-instance judgment effective[112](index=112&type=chunk) - In March 2025, the company transferred its **120 million Yuan** principal claim and corresponding capital occupation fees and overdue payment penalties against Yier San Si and Penglian Xingwang to Huiyikang Trading for **100 million Yuan**[112](index=112&type=chunk) - Among other lawsuits not meeting the disclosure threshold for major litigation, the company was the plaintiff in **7 cases** with a total value of **58.5966 million Yuan**, and the defendant in **10 cases** with a total value of **31.7662 million Yuan**[113](index=113&type=chunk) [Penalties and Rectification](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 and relevant personnel received warning letters and regulatory letters for inaccurate revenue and cost disclosures in the 2023 half-year and Q3 reports from the Jiangxi Regulatory Bureau of the China Securities Regulatory Commission and the Shenzhen Stock Exchange - The company, Ying Guangjie (Chairman, General Manager), and Li Junjiang (then CFO) received a warning letter from the Jiangxi Regulatory Bureau of the China Securities Regulatory Commission for inaccurate disclosure of total operating revenue and total operating costs in the 2023 semi-annual report and third-quarter report[114](index=114&type=chunk) - The company and relevant personnel also received a regulatory letter from the ChiNext Company Management Department of the Shenzhen Stock Exchange[114](index=114&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](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) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled court judgments or overdue large debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled court judgments or overdue large debts[115](index=115&type=chunk) [Significant Related Party Transactions](index=29&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) Significant related party transactions included daily purchases and sales, debt transfers, property acquisitions, and equity sales, along with performance compensation payments Related Party Transactions Related to Daily Operations | Related Party | Related Party Transaction Type | Related Party Transaction Content | Amount in Current Period (10,000 Yuan) | Approved Transaction Limit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Taizhou Finder Trading Co., Ltd. | Procurement from related party | Raw materials and finished products related to electric two-wheelers | 9,817.21 | 20,000 | | Taizhou Finder Trading Co., Ltd. | Sales to related party | Raw materials and finished products related to electric two-wheelers | 6,544.54 | 18,000 | - The company transferred its claim against Shenzhen Yier San Si Investment Development Co., Ltd. and Shenzhen Penglian Xingwang Industrial Co., Ltd. for **100 million Yuan** to Jiangxi Huiyikang Trading Co., Ltd[117](index=117&type=chunk) - The company acquired factory buildings from Pingxiang Huixiang Construction Development Co., Ltd. for **110.7572 million Yuan** and transferred 100% equity of its wholly-owned subsidiary Jiangxi Yihong Electronic Technology Co., Ltd. to Taizhou Hongliang Enterprise Management Consulting Co., Ltd. for **1 Yuan**[118](index=118&type=chunk) - The company received **5,922,162.56 Yuan** in performance compensation from related parties including Ying Guangjie[123](index=123&type=chunk) [Related Party Transactions Related to Daily Operations](index=29&type=section&id=1%E3%80%81%E4%B8%8E%E6%97%A5%E5%B8%B8%E7%BB%8F%E8%90%A5%E7%9B%B8%E5%85%B3%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in daily purchase and sale transactions with related party Taizhou Finder Trading Co., Ltd., with procurement amounting to 98.17 million Yuan and sales to 65.45 million Yuan, both within approved limits Purchase and Sale of Goods/Acceptance of Services | Related Party | Related Transaction Content | Amount in Current Period (Yuan) | Approved Transaction Limit (Yuan) | | :--- | :--- | :--- | :--- | | Taizhou Finder Trading Co., Ltd. | Procurement of goods and materials | 98,172,119.88 | 200,000,000.00 | | Taizhou Finder Trading Co., Ltd. | Sales of goods and materials | 65,445,403.86 | 180,000,000.00 | [Related Party Transactions for Asset or Equity Acquisition and Disposal](index=29&type=section&id=2%E3%80%81%E8%B5%84%E4%BA%A7%E6%88%96%E8%82%A1%E6%9D%83%E6%94%B6%E8%B4%AD%E3%80%81%E5%87%BA%E5%94%AE%E5%8F%91%E7%94%9F%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company transferred its claim against Shenzhen Yier San Si Investment Development Co., Ltd. and Shenzhen Penglian Xingwang Industrial Co., Ltd. for 100 million Yuan to Jiangxi Huiyikang Trading Co., Ltd., acquired land and factory buildings from Pingxiang Huixiang Construction Development Co., Ltd. for 110.76 million Yuan, and sold 100% equity of its wholly-owned subsidiary Jiangxi Yihong Electronic Technology Co., Ltd. for 0.0001 Yuan - The company transferred its claim against Shenzhen Yier San Si Investment Development Co., Ltd. and Shenzhen Penglian Xingwang Industrial Co., Ltd. for **100 million Yuan** to Jiangxi Huiyikang Trading Co., Ltd[117](index=117&type=chunk) - The company acquired factory buildings D2 in Zhoujiang Information Industrial Park, Shangpeng 81, Zhoujiang Village, Pingxiang Economic and Technological Development Zone, from Pingxiang Huixiang Construction Development Co., Ltd. for **110.7572 million Yuan**[118](index=118&type=chunk) - The company sold 100% equity of its wholly-owned subsidiary Jiangxi Yihong Electronic Technology Co., Ltd. to Taizhou Hongliang Enterprise Management Consulting Co., Ltd. for **0.0001 Yuan**[118](index=118&type=chunk) [Other Significant Related Party Transactions](index=31&type=section&id=7%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company received 5,922,162.56 Yuan in performance compensation from related parties including Ying Guangjie and Luo Hualie, which was directly deducted from the third installment of the equity transfer payment Other Significant Related Party Transactions | Related Party Name | Transaction Type | Actual Transaction Amount (Yuan) | | :--- | :--- | :--- | | Ying Guangjie, Luo Hualie, Ying Xiaofang, Luo Hualin, Luo Yi, Luo Xueqin, Ying Shuxin, Zhang Xinyi | Performance Compensation | 5,922,162.56 | - As the amount to be compensated by the relevant obligors for 2024 was less than the third installment of the equity transfer payment stipulated in the "Equity Transfer Agreement," the company will directly deduct the compensation amount when paying the third installment[123](index=123&type=chunk) [Significant Contracts and Their Performance](index=31&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) Significant contracts included a 45 million Yuan factory lease and 350 million Yuan in guarantees for subsidiaries, with no other major operating contracts Lease Information | No. | Lessee | Lessor | Location | Leased Area (M²) | Lease Term | Lease Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Jiangxi Lima Vehicle Industry Co., Ltd. | Pingxiang Huixiang Construction Development Co., Ltd. | D1, D2 Standard Factory Buildings, Zhoujiang Electronic Information Industrial Park, Pingxiang Economic Development Zone | 100,000 | 2024.12.6-2028.12.5 | 4,500 | - The company approved a total guarantee limit of **350 million Yuan** for its subsidiaries during the reporting period, and the total approved guarantee limit for subsidiaries at the end of the reporting period was **350 million Yuan**[128](index=128&type=chunk) - The company had no significant contracts for daily operations or other significant contracts during the reporting period[129](index=129&type=chunk)[130](index=130&type=chunk) [Custody, Contracting, and Leasing Matters](index=31&type=section&id=1%E3%80%81%E6%89%98%E7%AE%A1%E3%80%81%E6%89%BF%E5%8C%85%E3%80%81%E7%A7%9F%E8%B5%81%E4%BA%8B%E9%A1%B9%E6%83%85%E5%86%B5) The company reported no custody or contracting situations during the reporting period; in terms of leasing, Jiangxi Lima Vehicle Industry Co., Ltd. leased 100,000 square meters of factory space from Pingxiang Huixiang Construction Development Co., Ltd. for 45 million Yuan, with a lease term from December 6, 2024, to December 5, 2028 - The company reported no custody situations during the reporting period[124](index=124&type=chunk) - The company reported no contracting situations during the reporting period[125](index=125&type=chunk) Lease Information | Lessee | Lessor | Leased Area (M²) | Lease Term | Lease Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Jiangxi Lima Vehicle Industry Co., Ltd. | Pingxiang Huixiang Construction Development Co., Ltd. | 100,000 | 2024.12.6-2028.12.5 | 4,500 | [Significant Guarantees](index=32&type=section&id=2%E3%80%81%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D) During the reporting period, the company approved a total guarantee limit of 350 million Yuan for its subsidiaries, including Taizhou Xingxing Optoelectronics, Jiangxi Lima Vehicle Industry, Guangxi Lima Electric Vehicle, and Pingxiang Xingchi Optoelectronics, with the same total approved limit at period-end Company Guarantees for Subsidiaries (Unit: 10,000 Yuan) | Guaranteed Entity Name | Announcement Date of Guarantee Limit | Guarantee Limit | | :--- | :--- | :--- | | Taizhou Xingxing Optoelectronics Technology Co., Ltd. | April 25, 2025 | 5,000 | | Jiangxi Lima Vehicle Industry Co., Ltd. | April 25, 2025 | 10,000 | | Guangxi Lima Electric Vehicle Technology Co., Ltd. | April 25, 2025 | 5,000 | | Pingxiang Xingchi Optoelectronics Technology Co., Ltd. | April 25, 2025 | 15,000 | | Total (B1) | Approved guarantee limit for subsidiaries during the reporting period | 35,000 | | Total approved guarantee limit for subsidiaries at period-end (B3) | | 35,000 | [Explanation of Other Significant Matters](index=33&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company reported no other significant matters requiring explanation during the reporting period - The company reported no other significant matters requiring explanation during the reporting period[130](index=130&type=chunk) [Significant Matters of Company Subsidiaries](index=33&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company disposed of 100% equity in its wholly-owned subsidiary Jiangxi Yihong Electronic Technology Co., Ltd. and its sub-subsidiary Zhuhai Precision - The company disposed of 100% equity in its wholly-owned subsidiary Jiangxi Yihong Electronic Technology Co., Ltd. and related party transactions[131](index=131&type=chunk) - The company disposed of 100% equity in its sub-subsidiary Zhuhai Precision[131](index=131&type=chunk) [Share Changes and Shareholder Information](index=34&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in share capital, securities issuance, shareholder structure, and changes in controlling shareholders [Share Capital Changes](index=34&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 2,268,393,386 shares, with consistent proportions of restricted and unrestricted shares Share Capital Changes | Category | Quantity Before This Change | Proportion Before This Change | Increase/Decrease in This Change (＋,－) Subtotal | Quantity After This Change | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 625,000,000 | 27.55% | 0 | 625,000,000 | 27.55% | | II. Unrestricted Shares | 1,643,393,386 | 72.45% | 0 | 1,643,393,386 | 72.45% | | III. Total Shares | 2,268,393,386 | 100.00% | 0 | 2,268,393,386 | 100.00% | - The company's total share capital remained unchanged during the reporting period[133](index=133&type=chunk) [Securities Issuance and Listing](index=35&type=

Core Viewpoint - Xingxing Technology announced a revenue of 706 million yuan for the first half of 2025, representing a year-on-year growth of 39.12% [1] - The net loss attributable to shareholders was 9.36 million yuan, an improvement from a net loss of 72.05 million yuan in the same period last year [1] - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves [1] Financial Performance - Revenue for the first half of 2025 reached 706 million yuan, showing a significant increase of 39.12% compared to the previous year [1] - The net loss decreased to 9.36 million yuan from 72.05 million yuan year-on-year, indicating a positive trend in financial performance [1] Dividend Policy - The company has decided not to distribute cash dividends or issue bonus shares for the current fiscal period [1] - There will be no capital increase from reserves, reflecting a conservative approach to shareholder returns [1]

Company Overview - Star Technology Co., Ltd. is located in Taizhou Bay New District, Zhejiang Province, established on September 25, 2003, and listed on August 19, 2011. The company specializes in the research and manufacturing of protective screens for mobile phones and tablets, touch display modules, and high-precision structural components for smart consumer electronics [1][2]. Financial Performance - As of March 31, 2025, Star Technology achieved a revenue of 328 million yuan, representing a year-on-year growth of 68.29%. However, the net profit attributable to the parent company was -7.28 million yuan, showing a year-on-year increase of 75.16% in losses [2]. - The company has cumulatively distributed 62.42 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3]. Stock Performance - On August 25, Star Technology's stock price increased by 2.18%, reaching 4.68 yuan per share, with a trading volume of 304 million yuan and a turnover rate of 4.02%. The total market capitalization is 10.616 billion yuan [1]. - Year-to-date, the stock price has risen by 6.85%, with a 10.90% increase over the last five trading days, a 12.50% increase over the last 20 days, and a 19.69% increase over the last 60 days [1]. Shareholder Information - As of March 31, 2025, the number of shareholders of Star Technology reached 119,300, an increase of 4.08% from the previous period. The average circulating shares per person decreased by 3.92% to 13,771 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the sixth largest, holding 7.9272 million shares, an increase of 1.9516 million shares from the previous period [3]. Industry Classification - Star Technology is classified under the electronic industry, specifically in the consumer electronics sector, focusing on components and assembly. The company is associated with concepts such as full-screen displays, smart glasses, foldable screens, fingerprint recognition, and smart wearables [2].

Core Viewpoint - The legal dispute involving Jiangxi Xingxing Technology Co., Ltd. and two defendants has reached a conclusion, with the Jiangxi Provincial High Court allowing the defendants to withdraw their appeal, thus making the first-instance judgment effective and entering the execution phase [2][3]. Summary by Sections Legal Proceedings - In early 2024, the company filed a lawsuit against the defendants in Pingxiang Intermediate People's Court, seeking the return of investment funds along with compensation for fund occupation fees and overdue interest [3]. - The court's first-instance judgment in September 2024 partially supported the company's claims, but the defendants appealed to the Jiangxi Provincial High Court, which they later withdrew, making the first-instance judgment final [3]. Financial Implications - The company had previously recognized a credit impairment loss of 366.6 million yuan related to this receivable [2]. - In January 2025, the company transferred 120 million yuan of the principal and associated interest and penalties for 100 million yuan to Jiangxi Huiyikang Trading Co., Ltd., receiving the full transfer amount [2]. - The company indicated that the recovery of the remaining receivables and the execution results remain uncertain, but the recent court ruling will not have a significant impact on the company's current or future profits [2].