Core Insights - Company reported a total operating revenue of 2.251 billion yuan, an increase of 218 million yuan or 10.75% year-on-year [1] - Net profit attributable to shareholders reached 190 million yuan, up by 12.87 million yuan or 7.25% compared to the same period last year [1] - Net cash inflow from operating activities was 227 million yuan, an increase of 24.34 million yuan or 12.04% year-on-year [1] Financial Metrics - The latest debt-to-asset ratio stands at 62.93% [3] - Gross profit margin is 35.89%, up by 0.84 percentage points from the previous quarter and 3.10 percentage points year-on-year, marking four consecutive years of growth [3] - Return on equity (ROE) is 2.90%, an increase of 0.14 percentage points compared to the same period last year [3] - Diluted earnings per share are 0.19 yuan, an increase of 0.01 yuan or 7.27% year-on-year [3] - Total asset turnover ratio is 0.13 times, and inventory turnover ratio is 0.96 times [3] Shareholder Structure - The number of shareholders is 17,300, with the top ten shareholders holding a total of 700 million shares, accounting for 70.40% of the total share capital [3] - The largest shareholder is Kaishan Holding Group Co., Ltd. with 569 million shares [3] - Other notable shareholders include Cao Kejian (5.01%), National Social Security Fund - Four Combination (1.63%), and Sun Liping (1.60%) [3]

Group 1 - The company Kaishan Holdings (SZ 300257) reported a revenue of approximately 2.251 billion yuan for the first half of 2025, representing a year-on-year increase of 10.75% [1] - The net profit attributable to shareholders of the listed company was about 190 million yuan, showing a year-on-year growth of 7.25% [1] - The basic earnings per share were 0.1917 yuan, which is an increase of 7.27% compared to the previous year [1]

特别提示：公司 2025 年半年度报告将于 2025 年 8 月 26 日在中国证监会指定的创 业板信息披露网站上披露，敬请投资者注意查阅。 开山集团股份有限公司 证券代码：300257 证券简称：开山股份 公告编号：2025-029 2025年半年度报告披露提示性公告 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。 开山集团股份有限公司 董 事 会 二〇二五年八月二十五日 2025 年 8 月 25 日，开山集团股份有限公司（以下简称"公司"）召开第六届董事 会第十次会议，审议通过了公司《2025 年半年度报告》全文及其摘要。为使投资者全 面了解本公司的经营成果、财务状况，公司《2025 年半年度报告》全文及其摘要将于 2025 年 8 月 26 日在中国证监会指定的创业板信息披露网站上披露。巨潮资讯网网址为： http://www.cninfo.com.cn。 敬请投资者注意查阅。 特此公告。 ...

| 编制单位：开山集团股份有限公司 | | | | | | | | | | 单位：人民币万元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司 的关联关系 | 上市公司核算的 会计科目 | 2025年期初 占用资金余额 | 2025年度占用累 计发生金额 （不含利息） | 2025年度占用 资金的利息 （如有） | 2025年度偿还 累计发生金额 | 2025年6月期末 占用资金余额 | 占用形成原因 | 占用性质 | | 控股股东、实际控制人及其 | | | | | | | | | | 非经营性占用 | | 附属企业 | | | | | | | | | | 非经营性占用 | | 小 计 | - | - | - | | | | | | | - | | 前控股股东、实际控制人及 | | | | | | | | | | 非经营性占用 | | 其附属企业 | | | | | | | | | | 非经营性占用 | | 小 计 | - | - | - | | | | ...

证券代码：300257 证券简称：开山股份 公告编号：2025-031 开山集团股份有限公司 第六届监事会第八次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 开山集团股份有限公司（以下简称"公司"）第六届监事会第八次会议于2025 年8月25日上午在公司二楼会议室以现场和通讯方式召开。会议通知于2025年8 月14日以电子邮件及电话方式通知全体监事，应参加会议监事3人，实际参加会 议监事3人。会议的召开符合《公司法》和《公司章程》的有关规定。经与会监 事审议，以投票表决方式通过了如下议案： 开山集团股份有限公司 监 事 会 二〇二五年八月二十五日 一、审议通过了《关于公司<2025年半年度报告>全文及其摘要的议案》 经审核，监事会认为董事会编制和审议公司《2025 年半年度报告》全文及 其摘要的程序符合法律、行政法规、中国证监会和深圳证券交易所的相关规定， 报告内容真实、准确、完整的反映了公司在 2025 年上半年度的实际运营状况， 不存在任何虚假记载、误导性陈述或者重大遗漏。 表决情况：同意 3 票，反对 0 票，弃权 0 票。 特此公告。 ...

证券代码：300257 证券简称：开山股份 公告编号：2025-030 开山集团股份有限公司 第六届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 经审议，董事会一致认为公司《2025 年半年度报告》全文及其摘要符合法 律、行政法规、中国证监会和深圳证券交易所的相关规定，报告内容真实、准确， 完整，不存在任何虚假记载、误导性陈述或者重大遗漏。 本议案已经公司董事会审计委员会审议通过。 具体内容详见巨潮资讯网同日披露的《2025 年半年度报告》全文及其摘要。 表决情况：同意 7 票，反对 0 票，弃权 0 票。 特此公告。 开山集团股份有限公司 董 事 会 二〇二五年八月二十五日 开山集团股份有限公司（以下简称"公司"）第六届董事会第十次会议于 2025 年 8 月 25 日以现场和通讯方式召开，本次应参加表决的董事 7 人，实际参 加表决的董事 7 人。公司第六届董事会第十次会议通知已于 2025 年 8 月 14 日以 电子邮件、传真及电话通知的方式向全体董事送达。会议的召开符合《公司法》 和《公司章程》的有关规定。本次会议审议通过 ...

Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=Important%20Notes) The Board of Directors, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness, with no plans for cash dividends or bonus shares - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[5](index=5&type=chunk) - The company's head, chief accountant, and head of accounting department declare the financial report to be true, accurate, and complete[5](index=5&type=chunk) - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, regulations, reporting periods, currency units, and key subsidiary abbreviations - Defines general terms such as "Kaishan Stock", "Reporting Period", and "Prior Period"[14](index=14&type=chunk) - Lists abbreviations for major subsidiaries and project names, such as KRED, KS ORKA, and SMGP[14](index=14&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=Company%20Profile) Introduces Kaishan Group Co., Ltd.'s basic information, including stock ticker, code, exchange, legal representative, and contact details, with no changes during the reporting period - Stock Abbreviation: Kaishan Stock, Stock Code: **300257**, Listed Stock Exchange: Shenzhen Stock Exchange[18](index=18&type=chunk) - Legal Representative: Gu Hongyu[18](index=18&type=chunk) - No changes in the company's contact information, information disclosure, or registration status during the reporting period[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by 10.75%, and net profit attributable to shareholders grew by 7.25%, with total assets and net assets also rising Key Financial Indicators (Current Period vs. Prior Period) | Indicator | Current Period (Yuan) | Prior Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,250,908,670.67 | 2,032,483,131.91 | 10.75% | | Net Profit Attributable to Shareholders | 190,475,082.33 | 177,604,769.47 | 7.25% | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) | 186,688,091.40 | 170,122,385.02 | 9.74% | | Net Cash Flow from Operating Activities | 226,528,103.96 | 202,188,309.09 | 12.04% | | Basic Earnings Per Share (Yuan/share) | 0.1917 | 0.1787 | 7.27% | | Diluted Earnings Per Share (Yuan/share) | 0.1917 | 0.1787 | 7.27% | | Weighted Average Return on Net Assets | 2.91% | 2.81% | 0.10% | Asset and Liability Indicators (End of Current Period vs. End of Prior Year) | Indicator | End of Current Period (Yuan) | End of Prior Year (Yuan) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 17,815,990,968.58 | 17,077,833,651.19 | 4.32% | | Net Assets Attributable to Shareholders | 6,562,861,772.32 | 6,522,920,246.50 | 0.61% | [Non-recurring Gains and Losses and Amounts](index=7&type=section&id=Non-recurring%20Gains%20and%20Losses%20and%20Amounts) The company's total non-recurring gains and losses amounted to 3,786,990.93 Yuan, primarily from disposal of non-current assets, government grants, and reversal of impairment provisions Non-recurring Gains and Losses and Amounts (Unit: Yuan) | Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 668,758.94 | | Government grants recognized in current profit or loss | 2,604,850.28 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 300,000.00 | | Other non-operating income and expenses apart from the above | 779,062.43 | | Less: Income tax impact | 553,580.10 | | Minority interest impact (after tax) | 12,100.62 | | **Total** | **3,786,990.93** | Management Discussion and Analysis [Main Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=Main%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) The company's core businesses include compressor R&D, manufacturing, sales, and geothermal power generation, with continuous innovation and global expansion in both sectors - The company's main businesses are divided into compressor R&D, manufacturing, sales, and geothermal power generation[30](index=30&type=chunk) - Geothermal power generation business reflects the company's comprehensive capabilities in complex engineering technology, contributing to over **25% of the world's new geothermal installed capacity**[30](index=30&type=chunk) [Overview of Main Businesses](index=9&type=section&id=Overview%20of%20Main%20Businesses) Kaishan Stock is an equipment manufacturing and new energy company, specializing in compressors and geothermal power, with a growing global market share and over 430 MW of geothermal assets - The company's main businesses include compressor R&D, manufacturing, sales, and geothermal power generation[30](index=30&type=chunk) - The company's market share in major global compressor markets has steadily increased, achieving breakthroughs in high-end segments[30](index=30&type=chunk) - The company's geothermal power asset portfolio, operational or under development, exceeds **430 MW**, making it one of the fastest-growing independent geothermal developers globally[36](index=36&type=chunk) [Main Products and Applications](index=9&type=section&id=Main%20Products%20and%20Applications) The compressor division has expanded into high-end products like centrifugal and hydrogen compressors, while the geothermal new energy division offers wellhead modular power plants and operates projects across multiple countries - The compressor business has successfully developed high-tech products such as centrifugal air/gas compressors, hydrogen compressors, dry oil-free screw air compressors, and magnetic levitation blowers/vacuum pumps/air compressors[31](index=31&type=chunk) - The **530 bar dry oil-free high-pressure reciprocating hydrogen compressor** for the hydrogen energy society is expected to complete testing within the year, holding immense market potential[31](index=31&type=chunk) - In the geothermal new energy sector, the company acts as a project initiator, independent operator, equipment supplier, and EPC contractor[36](index=36&type=chunk) Overview of Operational Geothermal Projects | Name | Country | Ownership (%) | Power (MW) | PPA Duration (Years) | Base Tariff | | :--- | :--- | :--- | :--- | :--- | :--- | | SMGP Project | Indonesia | 95% | 180 | 32 | 81 USD/MWh | | SGI Project | Indonesia | 95% | 8 | 30 | 125 USD/MWh | | Wabuska Project | USA | 100% | 3 | 25.75 | 67.5 USD/MWh | | Turawell Project | Hungary | 90.2% | 1.8 | 10 | 32900 HUF/MWh | | Star Peak Phase I | USA | 100% | 12.5 | 24.75 | 70.25 USD/MWh | | Transmark Phase I | Turkey | 49% | 3.2 | 10 | 105 USD/MWh | | OME T01 Project | Turkey | 100% | 7 | 15 | 94.5-115.5 USD/MWh | Overview of Geothermal Projects Under Construction | Name | Country | Ownership (%) | Power (MW) | PPA Duration (Years) | Base Tariff | | :--- | :--- | :--- | :--- | :--- | :--- | | SGI Project | Indonesia | 95% | 11+11 | 30 | 125 USD/MWh | | Wabuska Project Phase II | USA | 100% | 10-12 | 6 MW-20 years | / | | Bottlerock | USA | 100% | 7 | 21 years | / | | Star Peak Phase II | USA | 100% | 25-35 | / | / | | Fish Lake Project | USA | 100% | 20-25 | 13 MW-20 years | / | | Tura Phase II Project | Hungary | 100% | P90 potential 48 | / | / | | Transmark Phase II | Turkey | 49% | 15.8 | 10 | 105 USD/MWh | | Orpower-Menengai Geothermal Project | Kenya | 100% | 35 | 25 | 50 USD/MWh | - The company has signed an agreement to acquire a minority stake in SMGP, which upon completion will result in **100% ownership of SMGP**[39](index=39&type=chunk) [Industry Development During the Reporting Period](index=15&type=section&id=Industry%20Development%20During%20the%20Reporting%20Period) The compressor industry faces market differentiation, where the company maintains leadership through innovation, while geothermal power benefits from global decarbonization, accelerating the company's global transition - The compressor industry faces significant market demand but also market differentiation due to slowing economic growth, with the company maintaining its industry-leading position through innovation and energy efficiency improvements[48](index=48&type=chunk) - Geothermal energy, as a clean, renewable, sustainable, and low-carbon footprint energy, is experiencing significant tailwinds under global decarbonization goals[49](index=49&type=chunk) - The company's unique geothermal technology and development model have gained industry recognition, accelerating its transformation into a major global geothermal complete equipment supplier and operator[50](index=50&type=chunk) [Business Model](index=15&type=section&id=Business%20Model) The company operates through a comprehensive domestic sales network and direct teams, complemented by a global presence with manufacturing bases and sales networks in the US, Austria, and Turkey, focusing on localization and strategic partnerships - Domestic marketing model: established a comprehensive product agency sales channel covering the market through regional dealers and distributors; formed sales teams to directly engage large enterprises and high-end customized clients; established Zhejiang Kaishan United Energy Saving Technology Service Co., Ltd. to provide customized gas sales services; established Kaishan Compressor Service (Shanghai) Co., Ltd. to provide after-sales services; established a "Carbon Reduction Equipment Division" to offer overall carbon reduction solutions[51](index=51&type=chunk)[52](index=52&type=chunk) - Overseas marketing model: has largely completed its global layout, with two compressor manufacturing bases near Alabama, USA, and Vienna, Austria, and established operation centers and sales networks in major global markets[52](index=52&type=chunk) - LMF (Austria), through business restructuring and a strategy of "high-efficiency manufacturing in China + European R&D and brand advantages," has overcome long-term financial losses and established a hydrogen energy research institute to develop ultra-high pressure oil-free reciprocating hydrogen compressors[56](index=56&type=chunk)[57](index=57&type=chunk) - KCA (USA) manufacturing base is operational, holding approximately **9% market share** in the North American oil-injected screw compressor market, with plans to expand production facilities to include geothermal modular power plant equipment[58](index=58&type=chunk) - KMI (India) holds a leading position in industries such as cement and textiles, and plans to assemble small compressors in India, positioning itself as a manufacturer for the Indian market[59](index=59&type=chunk) - In **2024**, the company established Kaishan Compressor Turkey (KCT) in the Izmir Free Zone, Turkey, as its third overseas manufacturing base, targeting production within the year[60](index=60&type=chunk) [Market Position](index=17&type=section&id=Market%20Position) The company is Asia's largest and the world's third-largest screw compressor manufacturer with leading energy efficiency, and one of only two global developers capable of full-process independent geothermal operations, holding a unique market position - The company is Asia's largest and the world's third-largest screw compressor manufacturer by production and sales volume, with its screw air compressor products demonstrating industry-leading energy efficiency[61](index=61&type=chunk) - The company is one of only two geothermal new energy power developers globally capable of full-process independent operations, from geological exploration and development to equipment manufacturing, EPC construction, and operation[61](index=61&type=chunk) - The company's unique wellhead modular power plant technology and development model have been recognized by the geothermal industry, positioning it for rapid growth in the geothermal equipment and power generation operation markets[61](index=61&type=chunk) [Key Factors Driving Future Performance](index=17&type=section&id=Key%20Factors%20Driving%20Future%20Performance) Future performance growth is driven by proactive business transformation into geothermal and green hydrogen/ammonia, continuous R&D in hydrogen and centrifugal compressors, a "China to the World" globalization strategy, and successful international financing - Proactive transformation and directional innovation: The company has repeatedly stepped out of its comfort zone to explore new business areas, such as transitioning from compressors to geothermal modular power plant technology, then to new energy developer and operator, and actively exploring the extension of the geothermal power industry chain to green hydrogen and ammonia industrialization[62](index=62&type=chunk)[63](index=63&type=chunk) - Continuous R&D to extend corporate lifespan: Continuous investment in R&D resources, constantly exploring new technologies, processes, and products, such as the hydrogen energy division providing customized solutions in coal comprehensive utilization and efficient gray hydrogen production, successfully delivering ultra-large flow screw compressor units, and increasing R&D and market investment in special medium centrifugal compressors[63](index=63&type=chunk)[64](index=64&type=chunk) - From China to the World: Connecting with global markets: Deepening the strategy of "globalized sales, manufacturing, and teams, diversified revenue sources," establishing subsidiaries and local teams in key global markets, building a high-quality, high-reputation global brand, and achieving approximately **9% market share** in the North American screw compressor market[65](index=65&type=chunk)[66](index=66&type=chunk) - The successful issuance of green bonds for the Indonesian geothermal project signifies international market recognition of the company's projects and leadership team, laying the foundation for future international capital market financing[67](index=67&type=chunk) [Operating Performance](index=18&type=section&id=Operating%20Performance) During the reporting period, operating revenue increased by 10.75% and net profit attributable to the parent company grew by 7.25%, driven by compressor products and geothermal power, with geothermal boasting a 55.44% gross margin Overall Operating Performance (Current Period vs. Prior Period) | Indicator | Current Period (10,000 Yuan) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 225,090.87 | 10.75% | | Operating Profit | 22,652.64 | 12.11% | | Total Profit | 22,730.11 | 13.28% | | Net Profit Attributable to Shareholders | 19,047.51 | 7.25% | - Main reasons for profit growth: **5.69% year-on-year increase** in revenue from compressor series products; **26.24% year-on-year increase** in revenue from geothermal power generation business[68](index=68&type=chunk)[69](index=69&type=chunk) Gross Margin by Business Segment | Business Segment | Operating Revenue (10,000 Yuan) | Gross Margin | | :--- | :--- | :--- | | Compressor Series Products | 143,693.46 | 30.55% | | Geothermal Power Generation Business | 51,131.75 | 55.44% | | Other Businesses | 30,265.66 | 28.19% | - R&D Investment: R&D investment in the current reporting period was **55.925 million Yuan**, holding **282 valid patents** (including **36 invention patents**)[69](index=69&type=chunk) [Analysis of Core Competencies](index=19&type=section&id=Analysis%20of%20Core%20Competencies) The company's core strengths include world-class global R&D capabilities, extensive sales networks, a dedicated professional team, strong corporate culture, and early entry into the "blue ocean" geothermal new energy market - First-class R&D capabilities: Established R&D centers globally (Seattle, Shanghai, Austria, Alabama), achieving innovative results in axial compressors, expanders, high-pressure/ultra-high-pressure hydrogen compressors, dry oil-free screw compressors, and other fields[70](index=70&type=chunk)[71](index=71&type=chunk) - Global sales channels and network: Distribution network covers the entire country, with near-full coverage in North America and Australia, and sales networks under construction in Europe, Southeast Asia, the Middle East, India, and other regions[72](index=72&type=chunk) - Professional and dedicated excellent team: Possesses a multidisciplinary team of professionals, operating efficiently, especially in the field of geothermal new energy development[73](index=73&type=chunk)[74](index=74&type=chunk) - Excellent corporate culture: An open and inclusive corporate culture ensures the stability and collaborative efforts of global teams[75](index=75&type=chunk) - Entry into "blue ocean" market: The success of overseas businesses, particularly geothermal, provides the company with a richer product line and diversified markets; the geothermal business is in a "blue ocean" market, forming a core competency[76](index=76&type=chunk) [Analysis of Main Business](index=20&type=section&id=Analysis%20of%20Main%20Business) Operating revenue increased by 10.75%, and operating costs by 4.75%, while financial expenses surged by 100.31% due to higher interest and exchange losses; compressor products and geothermal power are key revenue drivers, with geothermal boasting a significantly higher gross margin Year-on-Year Changes in Key Financial Data (Unit: Yuan) | Indicator | Current Period (Yuan) | Prior Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,250,908,670.67 | 2,032,483,131.91 | 10.75% | | | Operating Cost | 1,443,071,988.59 | 1,377,578,083.00 | 4.75% | | | Selling Expenses | 102,752,861.23 | 85,556,463.38 | 20.10% | | | Administrative Expenses | 205,831,128.52 | 184,413,975.56 | 11.61% | | | Financial Expenses | 155,681,428.04 | 77,719,461.05 | 100.31% | Due to increased interest expenses and exchange losses in the current period | | Income Tax Expense | 34,576,781.27 | 23,088,549.41 | 49.76% | Due to increased income tax payable in the current period | | R&D Investment | 55,924,972.62 | 58,570,502.46 | -4.52% | | | Net Cash Flow from Operating Activities | 226,528,103.96 | 202,188,309.09 | 12.04% | | Products or Services Accounting for Over 10% of Revenue (Unit: Yuan) | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Compressor Series Products | 1,436,934,620.64 | 997,913,798.81 | 30.55% | 5.69% | 3.28% | 1.62% | | Geothermal Power Generation Business | 511,317,497.06 | 227,830,760.69 | 55.44% | 26.24% | 5.43% | 8.79% | | Other | 302,656,552.97 | 217,327,429.09 | 28.19% | 12.96% | 11.31% | 1.06% | [Analysis of Non-Core Businesses](index=21&type=section&id=Analysis%20of%20Non-Core%20Businesses) Non-core businesses include investment income, asset impairment, non-operating income/expenses, other income, and asset disposal gains; investment income is sustainable, while non-operating items are often incidental, and impairment losses relate to inventory and receivables Analysis of Non-Core Businesses (Unit: Yuan) | Item | Amount (Yuan) | % of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 6,632,197.05 | 2.92% | Primarily long-term equity investment income accounted for using the equity method for associates | Yes | | Asset Impairment | -15,313,650.30 | -6.74% | Primarily provision for inventory depreciation | Yes | | Non-operating Income | 1,249,524.01 | 0.55% | Primarily insurance company compensation received | No | | Non-operating Expenses | 474,786.55 | 0.21% | Primarily late payment fees paid | No | | Other Income | 4,689,057.74 | 2.06% | Government grants | No | | Gains from Asset Disposal | 673,083.91 | 0.30% | Gains from disposal of non-current assets | No | | Credit Impairment Losses | -15,123,127.78 | -6.65% | Primarily provisions for bad debts on accounts receivable and other receivables | Yes | [Analysis of Assets and Liabilities](index=21&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) Total assets increased by 4.32%, with significant increases in construction in progress, short-term borrowings, and contract liabilities, while fixed assets, long-term borrowings, and bonds payable decreased; KS ORKA's overseas assets totaled 10.411 billion Yuan, contributing 0.91 billion Yuan in net profit Significant Changes in Asset Composition (Unit: Yuan) | Item | Amount at End of Current Period (Yuan) | % of Total Assets | Amount at End of Prior Year (Yuan) | % of Total Assets | % Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 3,514,107,652.54 | 19.72% | 3,224,209,062.76 | 18.88% | 0.84% | | Fixed Assets | 8,991,091,103.57 | 50.47% | 9,182,707,954.87 | 53.77% | -3.30% | | Construction in Progress | 1,030,265,444.13 | 5.78% | 653,253,286.61 | 3.83% | 1.95% | | Short-term Borrowings | 3,780,075,917.00 | 21.22% | 3,402,328,879.81 | 19.92% | 1.30% | | Contract Liabilities | 622,655,278.45 | 3.49% | 467,088,588.97 | 2.74% | 0.75% | | Long-term Borrowings | 1,220,282,818.48 | 6.85% | 1,310,253,919.70 | 7.67% | -0.82% | | Bonds Payable | 2,306,264,820.92 | 12.94% | 2,379,053,867.72 | 13.93% | -0.99% | Major Overseas Asset Information | Specific Asset Content | Asset Scale (RMB) | Location | Operating Model | Profitability (RMB) | % of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | :--- | | KSORKA Company | Total assets **10.411 billion Yuan**, net assets **0.672 billion Yuan** | Singapore, Indonesia | Renewable energy investment development and operation; expander generator set sales; project technical consulting services | Net profit attributable to the company **0.091 billion Yuan** | 10.18% | Restricted Asset Information (Book Balance at Period End) | Item | Book Balance at Period End (Yuan) | Type of Restriction | Reason for Restriction | | :--- | :--- | :--- | :--- | | Monetary Funds | 1,854,504,773.93 | Pledge and Margin | Debt pledge, bills, letters of guarantee, other performance guarantees, and minimum repayment reserves to secure bond repayment | | Fixed Assets | 249,776,936.37 | Mortgage | Debt mortgage guarantee | | Intangible Assets | 154,154,174.60 | Mortgage | Debt mortgage guarantee | | Receivables Financing | 360,181,891.24 | Pledge | Bill pledge | | **Total** | **2,618,617,776.14** | | | [Analysis of Investment Status](index=22&type=section&id=Analysis%20of%20Investment%20Status) The company's investment decreased significantly by 68.96% to 162,000,078.00 Yuan; the Indonesian SGI geothermal project, a major non-equity investment, has progressed to 77.00% and generated 139,635,817.33 Yuan in cumulative income - Investment during the reporting period was **162,000,078.00 Yuan**, compared to **521,833,817.00 Yuan** in the prior period, representing a change of **-68.96%**[89](index=89&type=chunk) Major Non-Equity Investment Information | Project Name | Investment Method | Industry Involved | Amount Invested in Current Period (Yuan) | Cumulative Actual Investment at End of Reporting Period (Yuan) | Project Progress | Cumulative Income Achieved at End of Reporting Period (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Indonesia SGI Geothermal Project | Self-built | Geothermal Project | 7,171,662.03 | 787,608,337.50 | 77.00% | 139,635,817.33 | - The company had no entrusted wealth management, derivative investments, or entrusted loans during the reporting period[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk) [Major Asset and Equity Sales](index=24&type=section&id=Major%20Asset%20and%20Equity%20Sales) The company did not engage in any major asset or equity sales during the reporting period - The company did not sell any major assets during the reporting period[95](index=95&type=chunk) - The company did not sell any major equity during the reporting period[96](index=96&type=chunk) [Analysis of Major Holding and Participating Companies](index=24&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Key subsidiaries include Kaishan Compressor, Vertic Screw, KS ORKA, LMF, and KCA; KS ORKA reported the highest net profit of 91,431,718.05 Yuan, while LMF, despite negative net assets, achieved 270,045,214.31 Yuan in operating revenue Financial Data of Major Subsidiaries (Unit: Yuan) | Company Name | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Kaishan Compressor Co., Ltd. | General equipment manufacturing; contract energy management; production of compressors, vacuum pumps, expanders, etc. | 300,000,000.00 | 2,637,734,867.43 | 462,526,074.93 | 935,503,217.35 | 51,003,709.45 | 38,825,902.95 | | Vertic Screw Co., Ltd. | R&D, production, and sales of screw mainframes, screw compressors, screw pumps, process screws, compressor air, and power systems | 266,000,000.00 | 977,922,673.93 | 662,723,308.98 | 232,620,827.75 | 65,716,863.62 | 57,504,008.14 | | KS ORKA Co., Ltd. | Renewable energy investment development and operation; expander generator set sales; project technical consulting services | 32,524,500.00 | 10,410,960,384.61 | 672,260,036.21 | 487,306,447.67 | 91,434,802.73 | 91,431,718.05 | | LMF Co., Ltd. | Production and sales of various fixed and mobile medium-pressure, high-pressure, ultra-high-pressure reciprocating compressors, and screw reciprocating cascade compressors | 42,571,200.00 | 671,755,063.86 | -251,862,192.16 | 270,045,214.31 | 3,359,002.56 | 2,878,113.40 | | KCA Co., Ltd. | Production and sales of compressor products | 143,273,450.00 | 407,526,451.04 | 235,344,525.92 | 241,706,627.83 | 31,102,088.27 | 22,675,995.75 | [Risks Faced by the Company and Countermeasures](index=25&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from macroeconomic changes, international environment shifts, project performance, team management, and supply chain disruptions, which it addresses through robust risk assessment, prudent decision-making, detailed planning, and optimized management - Macroeconomic risks: Fluctuations in raw material and commodity prices, and anti-globalization sentiments may impact business development[98](index=98&type=chunk) - Risks from changes in the international environment: US-China confrontation and political policy changes in project host countries may adversely affect overseas operations and geothermal projects[99](index=99&type=chunk) - Risks of project construction and operating income falling short of expectations: Unexpected external events, national policies, macroeconomic changes, and project-specific factors may lead to investment progress or operating income not meeting expectations[99](index=99&type=chunk) - Team building and management capability risks: Expanding asset and operational scale demand higher requirements for multidisciplinary professional team building and multinational human resource management capabilities[100](index=100&type=chunk) - Supply chain risks: Some raw materials and components are sourced from overseas suppliers, and unstable supply times or prices may affect product launch and sales[100](index=100&type=chunk) - Countermeasures: Establish a sound risk assessment and control system, make prudent decisions, utilize legal and commercial arrangements to mitigate risks, formulate detailed project plans, optimize team and supply chain management, promote global recruitment, export corporate culture, and improve compensation and incentive mechanisms[99](index=99&type=chunk)[100](index=100&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=25&type=section&id=Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company hosted multiple institutional investor site visits in Shanghai Lingang New Area, discussing compressor business, overseas geothermal power plans, and general business overview - On **February 12, May 14, May 23, June 5, and June 11, 2025**, the company hosted multiple institutional investor site visits in Shanghai Lingang New Area[101](index=101&type=chunk)[102](index=102&type=chunk) - The research content primarily covered compressor business conditions, specific plans and latest progress of overseas geothermal power generation business, and an overview of the company's main businesses[101](index=101&type=chunk)[102](index=102&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=26&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period, with details available in the 2024 annual report - There were no changes in the company's directors, supervisors, or senior management during the reporting period[105](index=105&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Period](index=26&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[106](index=106&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=26&type=section&id=Implementation%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company has no equity incentive plans but implemented a first-phase employee stock ownership plan covering 67 key personnel, holding 0.65% of total share capital, which has been extended until December 31, 2027 - The company has no equity incentive plans[108](index=108&type=chunk) All Effective Employee Stock Ownership Plans During the Reporting Period | Scope of Employees | Number of Employees | Total Shares Held (shares) | % of Total Share Capital of Listed Company | | :--- | :--- | :--- | :--- | | Directors, Supervisors, Senior Management, Core Business Backbone | 67 | 6,507,086 | 0.65% | - This employee stock ownership plan has been extended multiple times, most recently until **December 31, 2027**[110](index=110&type=chunk) [Environmental Information Disclosure](index=29&type=section&id=Environmental%20Information%20Disclosure) The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[112](index=112&type=chunk) [Social Responsibility](index=29&type=section&id=Social%20Responsibility) The company actively fulfills its social responsibilities by protecting shareholder and employee rights, committing to environmental protection and sustainable development with a core mission of "contributing to saving the Earth," and engaging in community welfare activities near project sites - Protection of shareholder and investor rights: Strict information disclosure, enhanced communication with investors, ensuring equal rights for small and medium shareholders[112](index=112&type=chunk) - Protection of employee rights: Compliance with labor laws and regulations, establishment of a comprehensive compensation and welfare system, emphasis on talent development and workplace safety[113](index=113&type=chunk) - Environmental protection and sustainable development: With the core mission of "contributing to saving the Earth," developing green, efficient, and low-energy consumption products, deeply developing and utilizing renewable energy such as geothermal, and contributing to societal energy conservation, emission reduction, and green development[114](index=114&type=chunk) - Social welfare initiatives: Conducting activities such as medical assistance, scholarships, and donations in communities surrounding project sites in investment destination countries[115](index=115&type=chunk) Significant Matters [Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=30&type=section&id=Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, commitments made by the actual controller Cao Kejian, controlling shareholder Kaishan Holding Group Co., Ltd., and certain directors, supervisors, and senior management regarding non-competition, related party transactions, fund occupation, share lock-up, and other matters were all being fulfilled on time, with no overdue unfulfilled commitments - Cao Kejian and Kaishan Holding Group Co., Ltd. committed not to occupy the listed company's funds and to avoid horizontal competition[117](index=117&type=chunk) - Tang Chengjun, Cao Kejian, Hu Yizhong, Jiang Xiaohua, Yang Jianjun, and others committed not to transfer more than **25%** of their total shares held annually during their tenure[117](index=117&type=chunk) - Kaishan Holding committed to bear any supplementary payments, penalties, or losses arising from unpaid or underpaid social security and housing provident funds[119](index=119&type=chunk) - All commitments were fulfilled on time, with no overdue unfulfilled situations[120](index=120&type=chunk) [Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company](index=33&type=section&id=Non-operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company - The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[121](index=121&type=chunk) [Illegal External Guarantees](index=33&type=section&id=Illegal%20External%20Guarantees) The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[122](index=122&type=chunk) [Appointment and Dismissal of Accounting Firms](index=33&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[123](index=123&type=chunk) [Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the "Non-Standard Audit Report" for the Current Period](index=33&type=section&id=Explanation%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[124](index=124&type=chunk) [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Prior Year](index=33&type=section&id=Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Prior%20Year) The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[124](index=124&type=chunk) [Bankruptcy and Reorganization Matters](index=34&type=section&id=Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy or reorganization matters during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[125](index=125&type=chunk) [Litigation Matters](index=34&type=section&id=Litigation%20Matters) The company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters during the current reporting period[126](index=126&type=chunk) [Penalties and Rectification](index=34&type=section&id=Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[126](index=126&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=34&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company, its controlling shareholder, and actual controller maintain a good integrity status, with no applicable issues during the reporting period - The company, its controlling shareholder, and actual controller maintain a good integrity status[127](index=127&type=chunk) [Significant Related Party Transactions](index=34&type=section&id=Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in routine related party transactions for goods and services, with total purchases of 75,995,821.13 Yuan and sales of 10,030,752.86 Yuan, all conducted at market prices and within approved limits Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services (Unit: Yuan) | Related Party | Related Transaction Content | Amount in Current Period (Yuan) | Approved Transaction Limit (Yuan) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | | Kaishan Yinlun Co., Ltd. | Goods or Services (Purchase) | 73,607,088.53 | 282,500,000.00 | No | | Zhejiang Kaishan Heavy Industry Co., Ltd. | Goods or Services (Purchase) | 1,182,878.76 | 8,500,000.00 | No | | Kaishan Holding Group Co., Ltd. | Goods or Services (Purchase) | 417,243.36 | 5,000,000.00 | No | | Zhejiang Kaishan Drill Bit Co., Ltd. | Goods or Services (Purchase) | 788,610.48 | 2,000,000.00 | No | | Zhejiang Tongrong Energy Saving Technology Service Co., Ltd. | Goods or Services (Purchase) | 0.00 | 2,000,000.00 | No | | **Total Purchases** | | **75,995,821.13** | **300,000,000.00** | | | Zhejiang Kaishan Heavy Industry Co., Ltd. | Goods or Services (Sales) | 8,597,812.48 | | | | Zhejiang Tongrong Energy Saving Technology Service Co., Ltd. | Goods or Services (Sales) | 39,484.97 | | | | Transmark Turkey | Goods or Services (Sales) | 1,105,489.29 | | | | Kaishan Yinlun Co., Ltd. | Goods or Services (Sales) | 241,714.48 | | | | Zhejiang Kaishan Drill Bit Co., Ltd. | Goods or Services (Sales) | 18,194.74 | | | | Kaishan Holding Group Co., Ltd. | Goods or Services (Sales) | 18,238.33 | | | | Hubei Kaishan Heavy Industry Co., Ltd. | Goods or Services (Sales) | 9,818.57 | | | | **Total Sales** | | **10,030,752.86** | | | - The company had no related party transactions involving asset or equity acquisitions or sales during the reporting period[132](index=132&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[133](index=133&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[134](index=134&type=chunk) - There were no deposits, loans, credit lines, or other financial transactions between the company and related financial companies, or between the company's controlled financial companies and related parties[135](index=135&type=chunk)[136](index=136&type=chunk) - The company had no other significant related party transactions during the reporting period[137](index=137&type=chunk) [Significant Contracts and Their Performance](index=39&type=section&id=Significant%20Contracts%20and%20Their%20Performance) The company had no entrustment, contracting, or leasing matters. It has multiple external guarantees, primarily for subsidiaries, totaling 2,082.7296 million Yuan, or 31.74% of net assets. Major ongoing operational contracts include the Indonesian SGI geothermal project - The company had no entrustment, contracting, or leasing situations during the reporting period[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) Company Guarantees for Subsidiaries (Unit: 10,000 Yuan) | Name of Guaranteed Party | Guarantee Limit (10,000 Yuan) | Actual Guarantee Amount (10,000 Yuan) | Type of Guarantee | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | KS Orka Renewables Pte Ltd and its subsidiaries | 4,942.46 | 4,942.46 | Joint and several liability guarantee | 1 year | No | | LMF Unternehmensbeteiligungs GmbH and its subsidiaries | 3,624.34 | 3,624.34 | Joint and several liability guarantee | 1 year | No | | Open Mountain Energy LLC and its subsidiaries | 9,557.17 | 9,557.17 | Joint and several liability guarantee | 1 year | No | | Kaishan Renewable Energy Development Pte. Ltd and its subsidiaries | 1,897.03 | 1,897.03 | Joint and several liability guarantee | 1 year | No | | Kaishan MEA FZE | 47.34 | 47.34 | Joint and several liability guarantee | 1 year | No | | Orpower Twenty Two Limited | 4,798.12 | 4,798.12 | Joint and several liability guarantee | 1 year | No | | Zhejiang Kaishan Compressor Co., Ltd. | 175,900 | 128,314 | Joint and several liability guarantee | 12-36 months | No | | Zhejiang Kaishan Energy Equipment Co., Ltd. | 38,000 | 34,392.5 | Joint and several liability guarantee | 24-36 months | No | | Zhejiang Kaishan Kevin Screw Machinery Co., Ltd. | 6,000 | 5,700 | Joint and several liability guarantee | 12-36 months | No | | Shanghai Vertic Screw Machinery Co., Ltd. | 10,000 | 10,000 | Joint and several liability guarantee | 3 years | No | | Shanghai Kaishan Energy Equipment Co., Ltd. | 5,000 | 5,000 | Joint and several liability guarantee | 12 months | No | - As of the end of the reporting period, the total approved guarantee limit for subsidiaries was **2,756.5649 million Yuan**, with an actual guarantee balance of **2,082.7296 million Yuan**, accounting for **31.74%** of the company's net assets[144](index=144&type=chunk) - The company had no other significant contracts during the reporting period[146](index=146&type=chunk) [Explanation of Other Significant Matters](index=41&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The company released its "2024 Sustainability and Environmental, Social, and Governance Report" on June 24, 2025 - The company released its "2024 Sustainability and Environmental, Social, and Governance Report" on **June 24, 2025**[147](index=147&type=chunk) [Significant Matters of Company Subsidiaries](index=41&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) The company's subsidiary, KS ORKA Hungary, obtained exclusive geothermal exploration rights in Hungary - The company's subsidiary, KS ORKA Hungary, obtained exclusive geothermal exploration rights in Hungary[149](index=149&type=chunk) Share Changes and Shareholder Information [Share Change Information](index=43&type=section&id=Share%20Change%20Information) The company's total share capital remained unchanged at 993,635,018 shares. Restricted shares decreased by 133,484, while unrestricted shares increased by the same amount, mainly due to the release of lock-up shares held by senior management - The company's total share capital at the end of the period was **993,635,018 shares**, consistent with the beginning of the period[153](index=153&type=chunk) - Restricted shares decreased by **133,484 shares**, with an end-of-period quantity of **38,944,818 shares**, accounting for **3.92%**[152](index=152&type=chunk) - Unrestricted shares increased by **133,484 shares**, with an end-of-period quantity of **954,690,200 shares**, accounting for **96.08%**[152](index=152&type=chunk) - The main reason for share changes was the release of restrictions on shares held by directors, supervisors, and senior management, who are permitted to transfer no more than **25%** of their total shares annually[153](index=153&type=chunk) Changes in Restricted Shares (Unit: shares) | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Yang Jianjun | 898,221 | 0 | 0 | 898,221 | Senior management lock-up shares | | Tang Chengjun | 400,451 | 0 | 0 | 400,451 | Senior management lock-up shares | | Cao Kejian | 37,350,000 | 0 | 0 | 37,350,000 | Senior management lock-up shares | | TANG,YAN | 296,146 | 0 | 0 | 296,146 | Senior management lock-up shares | | **Total** | **38,944,818** | **0** | **0** | **38,944,818** | | [Securities Issuance and Listing](index=45&type=section&id=Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing during the reporting period - The company had no securities issuance or listing during the reporting period[156](index=156&type=chunk) [Number of Shareholders and Shareholding Information](index=45&type=section&id=Number%20of%20Shareholders%20and%20Shareholding%20Information) As of the end of the reporting period, there were 17,302 common shareholders. Controlling shareholder Kaishan Holding Group Co., Ltd. held 56.98%, and actual controller Cao Kejian directly held 5.01%. Top shareholders included Kaishan Holding, Cao Kejian, and National Social Security Fund 114 Portfolio - Total number of common shareholders at the end of the reporting period: **17,302** households[157](index=157&type=chunk) Shareholding Information of Shareholders Holding 5% or More or Top 10 Shareholders (Unit: shares) | Shareholder Name | Shareholder Nature | Shareholding Ratio | Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Kaishan Holding Group Co., Ltd. | Domestic Non-State-owned Legal Person | 56.98% | 566,162,342 | 0 | 566,162,342 | | Cao Kejian | Domestic Natural Person | 5.01% | 49,800,000 | 37,350,000 | 12,450,000 | | National Social Security Fund 114 Portfolio | Other | 1.63% | 16,160,081 | 0 | 16,160,081 | | Sun Liping | Domestic Natural Person | 1.60% | 15,898,131 | 0 | 15,898,131 | | Zhou Yongxiang | Domestic Natural Person | 1.26% | 12,512,900 | 0 | 12,512,900 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.94% | 9,364,757 | 0 | 9,364,757 | | Zhou Yixiao | Domestic Natural Person | 0.92% | 9,140,306 | 0 | 9,140,306 | | Lin Chu | Domestic Natural Person | 0.73% | 7,300,024 | 0 | 7,300,024 | | China Merchants Bank Co., Ltd. - Oriental Red Vision Value Mixed Securities Investment Fund | Domestic Non-State-owned Legal Person | 0.67% | 6,679,434 | 0 | 6,679,434 | | Kaishan Group Co., Ltd. - First Phase Employee Stock Ownership Plan | Domestic Non-State-owned Legal Person | 0.65% | 6,507,086 | 0 | 6,507,086 | - Kaishan Holding Group Co., Ltd. is the company's controlling shareholder, and Cao Kejian is the company's actual controller[157](index=157&type=chunk) - The company's top 10 common shareholders and top 10 unrestricted common shareholders did not engage in agreed repurchase transactions during the reporting period[159](index=159&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=47&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The total shareholdings of the company's directors, supervisors, and senior management slightly decreased, primarily due to Tang Chengjun's reduction of 133,484 shares, while other key personnel's holdings remained unchanged Changes in Shareholdings of Directors, Supervisors, and Senior Management (Unit: shares) | Name | Position | Shares Held at Beginning of Period (shares) | Shares Increased in Current Period (shares) | Shares Decreased in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cao Kejian | Director | 49,800,000 | 0 | 0 | 49,800,000 | | TANG,YAN | Director, General Manager | 394,862 | 0 | 0 | 394,862 | | Yang Jianjun | Deputy General Manager, Board Secretary | 1,197,628 | 0 | 0 | 1,197,628 | | Tang Chengjun | Senior Management Equivalent | 533,935 | 0 | 133,484 | 400,451 | | **Total** | | **51,926,425** | **0** | **133,484** | **51,792,941** | [Changes in Controlling Shareholder or Actual Controller](index=47&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[161](index=161&type=chunk) - The company's actual controller did not change during the reporting period[161](index=161&type=chunk) Bond-Related Information [Corporate Bonds](index=49&type=section&id=Corporate%20Bonds) The company had no corporate bonds during the reporting period - The company had no corporate bonds during the reporting period[164](index=164&type=chunk) [Company Bonds](index=49&type=section&id=Company%20Bonds) The company issued PT Sorik Marapi Geothermal Power's 350 million USD bond, with a balance of 345.555 million USD, 7.75% interest, semi-annual principal and interest payments, traded on the Singapore Exchange for professional investors, and no risk of delisting Basic Information on Company Bonds (Unit: 10,000 USD) | Bond Name | Bond Abbreviation | Bond Code | Issue Date | Interest Commencement Date | Maturity Date | Bond Balance (10,000 USD) | Interest Rate | Principal and Interest Payment Method | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | PT Sorik Marapi Geothermal Power 350 Million USD Bond | -- | USY7150KAA98 / US74390TAA79 | August 05, 2024 | August 05, 2024 | August 05, 2031 | 34,555.5 | 7.75% | Semi-annual principal and interest payments | Singapore Exchange | - Investor suitability arrangements: Offered to qualified overseas investors in accordance with SEC Rule 144A or "Regulation S – Rules Governing Offers and Sales of Securities Outside the United States Without Registration Under the Securities Act of 1933"[166](index=166&type=chunk) - There is no risk of termination of listing and trading[166](index=166&type=chunk) - During the reporting period, there were no overdue unpaid bonds, no triggering or execution of issuer or investor option clauses or investor protection clauses, no adjustments to credit rating results, and guarantee situations, debt repayment plans, and other debt servicing assurance measures were executed normally[167](index=167&type=chunk) [Non-Financial Enterprise Debt Financing Instruments](index=50&type=section&id=Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no non-financial enterprise debt financing instruments during the reporting period - The company had no non-financial enterprise debt financing instruments during the reporting period[168](index=168&type=chunk) [Convertible Corporate Bonds](index=50&type=section&id=Convertible%20Corporate%20Bonds) The company had no convertible corporate bonds during the reporting period - The company had no convertible corporate bonds during the reporting period[169](index=169&type=chunk) [Consolidated Statement Loss Exceeding 10% of Net Assets at End of Prior Year Within the Reporting Period](index=50&type=section&id=Consolidated%20Statement%20Loss%20Exceeding%2010%25%20of%20Net%20Assets%20at%20End%20of%20Prior%20Year%20Within%20the%20Reporting%20Period) The company's consolidated statement loss did not exceed 10% of net assets at the end of the prior year within the reporting period - The company's consolidated statement loss did not exceed **10%** of net assets at the end of the prior year within the reporting period[170](index=170&type=chunk) [Key Accounting Data and Financial Indicators for the Company's Last Two Years as of the End of the Reporting Period](index=50&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Company%27s%20Last%20Two%20Years%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, the current ratio and quick ratio slightly decreased, while the asset-liability ratio slightly increased; net profit after non-recurring items grew by 9.74%, but EBITDA to total debt ratio, interest coverage ratio, and cash interest coverage ratio all declined Key Accounting Data and Financial Indicators (Unit: 10,000 Yuan) | Item | End of Current Period (10,000 Yuan) | End of Prior Year (10,000 Yuan) | % Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Current Ratio | 0.88 | 0.92 | -4.35% | | Asset-Liability Ratio | 62.93% | 61.62% | 1.31% | | Quick Ratio | 0.67 | 0.70 | -4.29% | | **Item** | **Current Period (10,000 Yuan)** | **Prior Period (10,000 Yuan)** | **% Change from Prior Period** | | Net Profit After Non-recurring Gains and Losses | 18,668.81 | 17,012.24 | 9.74% | | EBITDA to Total Debt Ratio | 5.98% | 6.61% | -0.63% | | Interest Coverage Ratio | 2.10 | 2.34 | -10.26% | | Cash Interest Coverage Ratio | 1.32 | 1.67 | -20.96% | | EBITDA Interest Coverage Ratio | 3.32 | 3.91 | -15.09% | | Loan Repayment Rate | 100.00% | 100.00% | 0.00% | | Interest Payment Rate | 100.00% | 100.00% | 0.00% | Financial Report [Audit Report](index=51&type=section&id=Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[173](index=173&type=chunk) [Financial Statements](index=51&type=section&id=Financial%20Statements) This section includes the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity, providing a comprehensive view of financial position, operating results, and cash flows - Provides consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owner's equity, and parent company statement of changes in owner's equity[174](index=174&type=chunk)[178](index=178&type=chunk)[182](index=182&type=chunk)[186](index=186&type=chunk)[190](index=190&type=chunk)[192](index=192&type=chunk)[194](index=194&type=chunk)[201](index=201&type=chunk) [Consolidated Balance Sheet](index=51&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets were 17,815,990,968.58 Yuan, with total liabilities of 11,210,980,974.88 Yuan and total owner's equity of 6,605,009,993.70 Yuan Key Data from Consolidated Balance Sheet (Unit: Yuan) | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 17,815,990,968.58 | 17,077,833,651.19 | | Total Current Assets | 6,571,774,311.61 | 6,070,705,499.79 | | Total Non-Current Assets | 11,244,216,656.97 | 11,007,128,151.40 | | Total Liabilities | 11,210,980,974.88 | 10,522,533,153.22 | | Total Owner's Equity | 6,605,009,993.70 | 6,555,300,497.97 | [Parent Company Balance Sheet](index=53&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were 11,530,715,472.57 Yuan, with total liabilities of 6,128,791,933.75 Yuan and total owner's equity of 5,401,923,538.82 Yuan Key Data from Parent Company Balance Sheet (Unit: Yuan) | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 11,530,715,472.57 | 11,184,434,855.60 | | Total Current Assets | 2,396,325,928.15 | 2,231,585,346.18 | | Total Non-Current Assets | 9,134,389,544.42 | 8,952,849,509.42 | | Total Liabilities | 6,128,791,933.75 | 5,671,748,833.78 | | Total Owner's Equity | 5,401,923,538.82 | 5,512,686,021.82 | [Consolidated Income Statement](index=55&type=section&id=Consolidated%20Income%20Statement) For the first half of 2025, total operating revenue reached 2,250,908,670.67 Yuan, a 10.75% increase year-on-year. Net profit was 192,724,320.43 Yuan, with net profit attributable to parent company shareholders at 190,475,082.33 Yuan, up 7.25%, driven by a significant rise in financial expenses due to increased interest Key Data from Consolidated Income Statement (Unit: Yuan) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 2,250,908,670.67 | 2,032,483,131.91 | | Total Operating Costs | 2,005,939,867.05 | 1,814,628,091.48 | | Financial Expenses | 155,681,428.04 | 77,719,461.05 | | Total Profit | 227,301,101.70 | 200,647,740.16 | | Net Profit | 192,724,320.43 | 177,559,190.75 | | Net Profit Attributable to Parent Company Shareholders | 190,475,082.33 | 177,604,769.47 | | Basic Earnings Per Share | 0.1917 | 0.1787 | - Interest expenses within financial expenses for the current period were **197,559,341.15 Yuan**, compared to **124,591,957.63 Yuan** in the prior period, representing a significant increase[184](index=184&type=chunk) [Parent Company Income Statement](index=57&type=section&id=Parent%20Company%20Income%20Statement) For the first half of 2025, the parent company's operating revenue was 278,225,790.63 Yuan, with an operating loss of -15,019,259.49 Yuan and a net loss of -11,398,981.20 Yuan, showing a narrowed loss compared to the prior period, with investment income positively contributing to profit Key Data from Parent Company Income Statement (Unit: Yuan) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 278,225,790.63 | 288,169,147.50 | | Operating Profit | -15,019,259.49 | -73,679,532.26 | | Total Profit | -15,019,069.29 | -73,679,531.46 | | Net Profit | -11,398,981.20 | -70,020,605.74 | | Investment Income | 15,860,531.05 | 1,197,163.88 | [Consolidated Cash Flow Statement](index=59&type=section&id=Consolidated%20Cash%20Flow%20Statement) For the first half of 2025, net cash flow from operating activities was 226,528,103.96 Yuan, up 12.04%; net cash flow from investing activities was -242,812,597.95 Yuan; and net cash flow from financing activities was 151,858,343.33 Yuan, resulting in a net increase of 142,779,943.31 Yuan in cash and cash equivalents Key Data from Consolidated Cash Flow Statement (Unit: Yuan) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 226,528,103.96 | 202,188,309.09 | | Net Cash Flow from Investing Activities | -242,812,597.95 | -274,957,239.64 | | Net Cash Flow from Financing Activities | 151,858,343.33 | 154,761,437.59 | | Net Increase in Cash and Cash Equivalents | 142,779,943.31 | 129,836,476.77 | | Cash and Cash Equivalents at End of Period | 1,074,323,503.79 | 557,021,109.13 | [Parent Company Cash Flow Statement](index=60&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) For the first half of 2025, the parent company's net cash flow from operating activities was 349,093,449.46 Yuan, from investing activities was -209,071,231.90 Yuan, and from financing activities was -115,140,088.99 Yuan, with cash and cash equivalents at period-end totaling 191,973,475.49 Yuan Key Data from Parent Company Cash Flow Statement (Unit: Yuan) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 349,093,449.46 | 460,580,404.68 | | Net Cash Flow from Investing Activities | -209,071,231.90 | -493,002,319.70 | | Net Cash Flow from Financing Activities | -115,140,088.99 | 102,243,293.15 | | Net Increase in Cash and Cash Equivalents | 26,200,170.35 | 71,787,688.93 | | Cash and Cash Equivalents at End of Period | 191,973,475.49 | 130,104,360.63 | [Consolidated Statement of Changes in Owner's Equity](index=61&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owner%27s%20Equity) For the first half of 2025, consolidated owner's equity increased by 49,709,495.73 Yuan, primarily due to a 190,475,082.33 Yuan increase in net profit attributable to parent company owners and a 45,703,160.26 Yuan decrease from foreign currency translation differences - In H1 **2025**, total owner's equity attributable to parent company increased by **39,941,525.82 Yuan**, and minority interests increased by **9,767,969.91 Yuan**[196](index=196&type=chunk) - Net profit attributable to parent company owners was **190,475,082.33 Yuan**[196](index=196&type=chunk) - Foreign currency translation differences resulted in a **45,703,160.26 Yuan decrease** in other comprehensive income[196](index=196&type=chunk) [Parent Company Statement of Changes in Owner's Equity](index=65&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owner%27s%20Equity) For the first half of 2025, the parent company's total owner's equity decreased by 110,762,483.00 Yuan, mainly due to a net loss of -11,398,981.20 Yuan and profit distribution of 99,363,501.80 Yuan - In H1 **2025**, the parent company's total owner's equity decreased by **110,762,483.00 Yuan**[203](index=203&type=chunk) - Net profit was **-11,398,981.20 Yuan**[203](index=203&type=chunk) - Profit distribution was **99,363,501.80 Yuan**[203](index=203&type=chunk) [Company Basic Information](index=68&type=section&id=Company%20Basic%20Information) Kaishan Group Co., Ltd., established on July 11, 2002, and listed on August 19, 2011, with a registered capital of 993,635,018 Yuan, focuses on compressor and expander R&D, production, sales, and geothermal power, consolidating 85 subsidiaries in this report - The company was established on **July 11, 2002**, and listed on the Shenzhen Stock Exchange on **August 19, 2011**[208](index=208&type=chunk) - Registered capital is **993,635,018 Yuan**, with a total of **993,635,018 shares**[208](index=208&type=chunk) - Main business activities include R&D, production, and sales of compressors and expanders, as well as geothermal power generation[208](index=208&type=chunk) - These financial statements were approved for external release by the company's 10th meeting of the 6th Board of Directors on **August 25, 2025**[209](index=209&type=chunk) - The company included **85 subsidiaries**, including Zhejiang Kaishan Kevin Screw Machinery Co., Ltd., in the scope of these consolidated financial statements[209](index=209&type=chunk) [Basis of Financial Statement Preparation](index=70&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue as a going concern for the next 12 months from the reporting period end - The company's financial statements are prepared on a going concern basis[211](index=211&type=chunk) - There are no matters or circumstances that would cause significant doubt about the company's ability to continue as a going concern for the next **12 months** from the end of the reporting period[212](index=212&type=chunk) [Significant Accounting Policies and Estimates](index=70&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's adherence to accounting standards, covering accounting periods, operating cycles, functional currency, materiality, business combinations, consolidated financial statements, joint arrangements, cash equivalents, foreign currency transactions, financial instruments, expected credit losses, inventories, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, long-term asset impairment, long-term deferred expenses, contract liabilities, empl

Overview - The air compressor industry in China has reached a mature stage with diverse brands and models, showing close production capabilities and quality compared to international brands, while offering higher cost-performance advantages [1][16] - The production of air compressors in China is expected to reach 78.68 million units in 2024, with a demand of 61.15 million units and a market size of 66.31 billion yuan, averaging about 1,084.3 yuan per unit [1][16] Industry Development - The air compressor industry has evolved through three stages: prior to 1999, mainly piston compressors were used; post-2000, the rapid growth of screw compressors occurred; and after 2011, market competition intensified with many small manufacturers [6] - The industry has seen a shift from Original Equipment Manufacturer (OEM) to Original Design Manufacturer (ODM) and some companies are transitioning to Original Brand Manufacturer (OBM) [4] Industry Chain - The upstream of the air compressor industry includes suppliers of metals like steel and aluminum, and components such as motors and valves, which significantly impact manufacturing costs and performance [8][10] - The downstream demand is primarily driven by the machinery sector, accounting for 42.36% of the market, followed by chemical and petrochemical industries [12] Current Market Situation - The global air compressor market is projected to reach USD 31.936 billion in 2024, with a year-on-year growth of 4.0% [14] - The domestic market is characterized by intense competition, with many local companies focusing on low-end products, leading to price wars and reduced profit margins [20] Competitive Landscape - The competitive landscape is divided into three tiers: international renowned companies like Atlas Copco and Ingersoll Rand, strong domestic companies like Kaishan and Baos, and smaller firms lacking R&D capabilities [18][19] - Domestic companies are increasingly adopting service-oriented business models, providing comprehensive energy solutions and competing with international firms [19] Company Analysis - Kaishan Group is a leading player with a projected revenue of 4.235 billion yuan in 2024, focusing on screw compressors and expanding into high-tech products [22][24] - Shanghai Hanbell Precise Machinery Co., Ltd. is another key player, with a revenue of 3.674 billion yuan in 2024, specializing in screw compressors for industrial automation [26] Future Trends - The industry is moving towards energy-saving and low-emission products, with a growing market share for energy-efficient models like permanent magnet variable frequency screw compressors [28] - The integration of AI and IoT technologies is expected to enhance the functionality of air compressors, enabling real-time monitoring and predictive maintenance [28]

Core Insights - The main business of the company includes the research, production, and sales of compressors, primarily screw-type air compressors, with piston-type air compressors as a supplement, serving various industrial sectors [3] - The company's revenue structure shows that compressor series products account for the highest proportion at 68.53%, followed by geothermal power generation business at 18.84% [3] - The company achieved a net profit attributable to shareholders of 320 million yuan in 2024, reflecting a cumulative growth of 9.12% over the past 14 years, with 10 years of profit growth [3][4] - Revenue has shown steady growth, increasing from 3.022 billion yuan in 2020 to 4.235 billion yuan in 2024, although the growth rate has slowed [3] - The company's net profit was 256 million yuan in 2020 and increased to 320 million yuan in 2024, indicating stable profitability, although a decline was noted in 2024 [4] - The company's market value peaked at 35.95 billion yuan in June 2015, with a significant drop to 14.4 yuan per share and a market value of 14.308 billion yuan by August 2015, representing a decrease of 60.20% [6]

来源：金融界 天眼查商业履历信息显示，开山集团股份有限公司，成立于2002年，位于上海市，是一家以从事通用设 备制造业为主的企业。企业注册资本99363.5018万人民币，实缴资本10000万人民币。公司法定代表人 为顾宏宇。 通过天眼查大数据分析，开山集团股份有限公司共对外投资了31家企业，参与招投标项目427次，知识 产权方面有商标信息57条，专利信息8条，此外企业还拥有行政许可6个。 金融界消息 截至2025年8月14日收盘，开山股份（300257）报收于14.67元，下跌1.54%，换手率 1.14%，成交量10.86万手，成交金额1.60亿元。 资金流向方面，今日主力资金净流入1974.98万元，占比成交额12.33%。其中，超大单净流入415.48万 元、占成交额2.59%，大单净流入1559.50万元、占成交额9.74%，中单净流出流出52.89万元、占成交额 0.33%，小单净流出1922.09万元、占成交额12.0%。 开山股份最新一期业绩显示，截至2025一季报，公司营业总收入10.96亿元、同比增长6.03%，归属净利 润8831.42万元，同比增长7.94%，扣非净利润8553.05万 ...