Group 1 - The core viewpoint of the articles highlights the financial performance of Disen Co., Ltd. (300335) for the first half of 2025, showing an increase in revenue and net profit compared to the previous year [1][2] - The total operating revenue for the reporting period reached 499 million yuan, representing a year-on-year increase of 6.54% [1] - The net profit attributable to shareholders was 50.588 million yuan, reflecting a significant year-on-year growth of 38.77% [1] - In the second quarter, the operating revenue was 279 million yuan, with a year-on-year increase of 1.8%, and the net profit was 31.4459 million yuan, up 13.56% year-on-year [1] - The company's gross margin increased by 0.58% to 30.91%, while the net margin rose by 20.48% to 13.48% [1] - Total selling, administrative, and financial expenses amounted to 71.7468 million yuan, accounting for 14.39% of revenue, which is a decrease of 12.36% year-on-year [1] - Earnings per share increased by 37.5% to 0.11 yuan, while operating cash flow per share decreased by 11.93% to 0.13 yuan [1] Group 2 - The company's return on invested capital (ROIC) for the previous year was 3.52%, indicating weak capital returns [2] - The historical median ROIC over the past decade was 6.03%, with the worst year being 2021, which recorded a ROIC of -2.11% [2] - The company's business model relies heavily on research and marketing efforts, necessitating further investigation into the underlying drivers of these efforts [2] - Cash flow status is a concern, with cash and cash equivalents to current liabilities ratio at 81.47% [2] - The accounts receivable to profit ratio has reached 538.02%, indicating potential issues with receivables management [2]

Core Insights - The company reported a total revenue of 499 million yuan for the first half of 2025, an increase of 30.59 million yuan compared to the same period last year, representing a year-on-year growth of 6.54% [1] - The net profit attributable to shareholders reached 50.59 million yuan, up 14.13 million yuan from the previous year, marking a year-on-year increase of 38.77% [1] - The net cash inflow from operating activities was 60.71 million yuan [1] Financial Ratios - The latest debt-to-asset ratio stands at 30.40%, ranking 10th among disclosed peers [2] - The gross profit margin is 30.91%, ranking 17th among disclosed peers, with a quarter-on-quarter increase of 1.59 percentage points and a year-on-year increase of 0.18 percentage points, achieving three consecutive years of growth [2] - The return on equity (ROE) is 2.63%, an increase of 0.71 percentage points compared to the same period last year [2] Earnings Per Share and Turnover Ratios - The diluted earnings per share is 0.11 yuan, an increase of 0.03 yuan from the same period last year, reflecting a year-on-year growth of 37.50% [2] - The total asset turnover ratio is 0.17 times, ranking 19th among disclosed peers, with a year-on-year increase of 0.01 times, representing a growth of 4.29% [2] - The inventory turnover ratio is 1.18 times [2] Shareholder Information - The number of shareholders is 21,800, with the top ten shareholders holding a total of 150 million shares, accounting for 31.54% of the total share capital [2] - The top shareholders and their respective holding percentages are as follows: - 常厚春: 10.67% - 李祖芹: 8.37% - 司車: 5.88% - 李光宇: 2.01% - CHANG YUANZHENG: 1.03% - 李胜军: 0.84% - 徐平: 0.73% - 朱咏梅: 0.72% - BARCLAYS BANK PLC: 0.67% - 郭庆利: 0.62% [2]

Core Insights - The company reported a revenue of 499 million yuan for the first half of 2025, representing a year-on-year growth of 6.54% [1] - The net profit attributable to shareholders reached 50.588 million yuan, showing a significant year-on-year increase of 38.77% [1] - The net profit excluding non-recurring gains and losses was 47.8004 million yuan, which is a year-on-year growth of 41.20% [1] - The basic earnings per share stood at 0.11 yuan [1]

互动易平台信息发布及回复内部审核制度 广州迪森热能技术股份有限公司 互动易平台信息发布及回复内部审核制度 第一章 总则 公司应当在监管部门规定的时间内及时回复投资者问题。 第一条 为充分利用深圳证券交易所（以下简称"深交所"）搭建的互动易 平台，规范广州迪森热能技术股份有限公司（以下简称"公司"）通过互动易平 台与投资者交流，建立公司与投资者良好沟通机制，持续提升公司治理水平，根 据《上市公司信息披露管理办法》（以下简称"《信披办法》"）、《上市公司 投资者关系管理工作指引》《深圳证券交易所创业板股票上市规则》《深圳证券 交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》（以下简称 "《规范运作指引》"）等法律法规和制度规定，结合公司实际情况，制定本制 度。 1 第二条 本制度所指"互动易平台"是指深交所为上市公司与投资者之间搭 建的自愿性、交互式信息发布和进行投资者关系管理的综合性网络平台，是上市 公司法定信息披露的有益补充。其具体网址为：http://irm.cninfo.com.cn。 第二章 总体要求 第三条 互动易平台管理是公司投资者关系管理的重要组成部分，公司通过 互动易平台发布信息 ...

信息披露暂缓、豁免管理制度 广州迪森热能技术股份有限公司 信息披露暂缓、豁免管理制度 第一章 总 则 第一条 为规范广州迪森热能技术股份有限公司（以下简称"公司"）信息披 露暂缓、豁免行为，确保公司依法合规履行信息披露义务，保护投资者合法权益， 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司信息披露 管理办法》《上市公司信息披露暂缓与豁免管理规定》《深圳证券交易所创业板 股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市 公司规范运作》等法律、法规和部门规章以及《广州迪森热能技术股份有限公司 章程》（以下简称"《公司章程》"）的规定，结合公司实际情况，制定本制度。 第二条 公司和其他信息披露义务人按照相关法律法规及深圳证券交易所 （以下简称"深交所"）相关业务规则的规定，暂缓、豁免披露临时报告，在定期 报告、临时报告中豁免披露中国证券监督管理委员会和深交所规定或者要求披露 的内容，适用本制度。 第三条 公司和其他信息披露义务人应当真实、准确、完整、及时、公平地 披露信息，不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不得实 施内幕交易、操纵市场等违法行为。 公司 ...

董事、高级管理人员离职管理制度 广州迪森热能技术股份有限公司 董事、高级管理人员离职管理制度 第一章 总则 第一条 为规范广州迪森热能技术股份有限公司（以下简称"公司"）董事、 高级管理人员离职程序，确保公司治理结构的稳定性和连续性，维护公司及股 东的合法权益，公司根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市 公司治理准则》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上 市公司自律监管指引第2号——创业板上市公司规范运作》《上市公司董事和高 级管理人员所持本公司股份及其变动管理规则》等法律法规、规范性文件及 《广州迪森热能技术股份有限公司章程》（以下简称"《公司章程》"）的有 关规定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司全体董事（含独立董事）、高级管理人员的离职 情形。 第三条 公司董事、高级管理人员离职管理应遵循以下原则： （一）合法合规原则：严格遵守国家法律法规、监管规定及《公司章程》 的要求； （二）公开透明原则：及时、准确、完整地披露董事、高级管理人员离职 相关信息； （三）平稳过渡原则：确保董事、高级 ...

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：CHANG YUANZHENG 主管会计工作负责人：岳艳 会计机构负责人：区锦权 广州迪森热能技术股份有限公司 2025 年半年度 单位：万元 | | 资金占用方名称 | 占用方与上市公司的关联 | 上市公司核算 | 2025 年期初占 | 年半年度占用 2025 累计发生金额（不含 | 2025 | 年半年度占 2025 用资金的利息 | 年半年度 偿还累计发生 | 2025年半年度 期末占用资金 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | | 关系 | 的会计科目 | 用资金余额 | 利息） | | (如有) | 金额 | 余额 | 占用形成原因 | 占用性质 | | 控股股东、实际控制人 | | | | | | | | | | | | | 及其附属企业 | | | | | | | | | | | | | 小计 | | | | | | | | | | | | | 前控股股东、实际控制 | | | | | | ...

第九届董事会第二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 广州迪森热能技术股份有限公司（以下简称"公司"）第九届董事会第二次会 议于 2025 年 8 月 25 日在公司会议室以现场与通讯表决相结合的方式召开，本次 会议通知于 2025 年 8 月 15 日以电子邮件的形式发出。会议应出席董事 9 人，实 际出席董事 9 人，其中董事李祖芹先生、黄博先生以通讯表决方式出席会议。本 次会议由董事长常远征先生主持，公司监事、部分高级管理人员列席本次会议。 本次会议的召集、召开与表决程序符合有关法律、行政法规、部门规章、规范性 文件和《公司章程》的规定。 证券代码：300335 证券简称：迪森股份 公告编号：2025-031 广州迪森热能技术股份有限公司 第九届董事会第二次会议决议公告 二、董事会会议审议情况 本次会议以现场与通讯表决相结合的方式，审议了以下议案： 1、审议通过了《关于公司 2025 年半年度报告及其摘要的议案》 董事会认为：公司编制《2025 年半年度报告》及《2025 年半年度报告摘要》 的程序符合法 ...

Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This section emphasizes the truthfulness, accuracy, and completeness of the company's semi-annual report, stating no cash dividends, bonus shares, or capital reserve conversions, while advising investors on forward-looking statements and risk mitigation - The company's board of directors, supervisory board, and senior management guarantee the report's content is true, accurate, and complete, free from false records, misleading statements, or major omissions, and assume legal responsibility[4](index=4&type=chunk) - The company's person in charge, chief accountant, and head of the accounting department declare to guarantee the truthfulness, accuracy, and completeness of the financial report[4](index=4&type=chunk) - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section provides a structured table of contents for the report, covering eight main chapters from company profile to financial report, facilitating quick navigation for readers - The report's table of contents includes eight main chapters: Important Notes, Company Profile, Management Discussion and Analysis, Corporate Governance, Significant Matters, Share Changes and Shareholder Information, Bond-Related Information, and Financial Report[7](index=7&type=chunk) [Reference Documents](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists the reference documents for the company's 2025 semi-annual report, including the original report signed by the legal representative, original financial statements, and all company documents published on the CSRC-designated website - Reference documents include the original text of the company's 2025 semi-annual report signed by the legal representative[9](index=9&type=chunk) - Reference documents contain the original financial statements signed and sealed by the company's person in charge, chief accountant, and head of the accounting department[9](index=9&type=chunk) - Original copies of all company documents and announcements published on the CSRC-designated ChiNext information disclosure website during the reporting period are also included as reference documents[9](index=9&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section provides explanations for professional terms used in the report, covering company names, subsidiary names, core product technologies (e.g., heat pumps, gas wall-hung boilers, condensing technology), and industry-related concepts (e.g., biomass energy, natural gas distributed energy), ensuring accurate understanding of the report's content - "Devotion Shares", "the Company", and "Company" all refer to Guangzhou Devotion Thermal Technology Co, Ltd[11](index=11&type=chunk) - "Heat pump" refers to an efficient heating device that transfers energy from a low-temperature area to a high-temperature area, where the total energy provided to the high-temperature area exceeds the energy required for its own operation[11](index=11&type=chunk) - "Gas wall-hung boiler" is a heating equipment that uses natural gas, manufactured gas, or liquefied petroleum gas as fuel to provide heat sources for buildings through a heat exchanger[11](index=11&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section introduces the basic information of Guangzhou Devotion Thermal Technology Co, Ltd, including its stock ticker, code, listing exchange, company names in Chinese and English, and legal representative, providing essential identification for investors - The company's stock ticker is "Devotion Shares", stock code "300335", listed on the Shenzhen Stock Exchange[13](index=13&type=chunk) - The company's Chinese name is Guangzhou Devotion Thermal Technology Co, Ltd, and its English abbreviation is DEVOTION[13](index=13&type=chunk) - The company's legal representative is CHANG YUANZHENG[13](index=13&type=chunk) [Contact Persons and Contact 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) This section provides the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative, ensuring convenient communication and information inquiry for investors - The company's Board Secretary is Yu Yongfang, and the Securities Affairs Representative is Qian Yanbin[14](index=14&type=chunk) - The contact address for both is No 5, Canglian Second Road, East District, Guangzhou Economic and Technological Development Zone[14](index=14&type=chunk) - The company's contact number is 020-82269201, and the email address is dsxm@devotiongroup.com[14](index=14&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) This section states that there were no changes in the company's registered address, office address, website, email, information disclosure and placement locations, or registration status during the reporting period, with specific details available in the 2024 annual report - The company's registered address, office address and postal code, company website, and email address remained unchanged during the reporting period[15](index=15&type=chunk) - The securities exchange website and media name and URL for the company's semi-annual report disclosure, and the placement location of the company's semi-annual report, remained unchanged during the reporting period[16](index=16&type=chunk) - The company's registration status remained unchanged during the reporting period[17](index=17&type=chunk) [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) This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing significant year-on-year growth in operating revenue and net profit, but a decrease in net cash flow from operating activities, while total assets and net assets attributable to shareholders remained relatively stable 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 498,621,298.59 | 468,032,178.34 | 6.54% | | Net Profit Attributable to Shareholders of Listed Company | 50,587,998.07 | 36,454,340.52 | 38.77% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 47,800,392.03 | 33,852,070.78 | 41.20% | | Net Cash Flow from Operating Activities | 60,707,153.82 | 68,932,978.39 | -11.93% | | Basic Earnings Per Share (RMB/share) | 0.11 | 0.08 | 37.50% | | Diluted Earnings Per Share (RMB/share) | 0.11 | 0.08 | 37.50% | | Weighted Average Return on Net Assets | 2.63% | 1.92% | 0.71% | | **Period-End Indicators** | **Current Period-End (RMB)** | **Prior Year-End (RMB)** | **Period-End YoY Change** | | Total Assets | 2,884,649,258.98 | 2,894,682,814.84 | -0.35% | | Net Assets Attributable to Shareholders of Listed Company | 1,922,540,076.09 | 1,920,060,237.91 | 0.13% | [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) This section states that there were no differences in net profit and net assets between the company's financial reports prepared under International Accounting Standards or overseas accounting standards and those prepared under Chinese Accounting Standards during the reporting period - The company's financial reports disclosed under International Accounting Standards and Chinese Accounting Standards showed no differences in net profit and net assets during the reporting period[19](index=19&type=chunk) - The company's financial reports disclosed under overseas accounting standards and Chinese Accounting Standards showed no differences in net profit and net assets during the reporting period[20](index=20&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) This section discloses the company's non-recurring gains and losses for the first half of 2025, totaling **2.79 million RMB**, primarily including gains/losses from disposal of non-current assets, government subsidies, and fair value changes, and explains why VAT refunds are classified as recurring gains and losses 2025 Semi-Annual Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/losses from disposal of non-current assets | -1,103,349.85 | | Government subsidies included in current profit and loss (excluding those with continuous impact) | 1,555,407.83 | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises and disposal of financial assets and liabilities | 1,163,641.25 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 436,864.00 | | Other non-operating income and expenses apart from the above items | 227,793.99 | | Other gains and losses meeting the definition of non-recurring gains and losses | 1,040,725.01 | | Less: Income tax impact | 339,091.16 | | Minority interest impact (after tax) | 194,385.03 | | **Total** | **2,787,606.04** | - The company's VAT immediate refund of **3.89 million RMB** was included in recurring gains and losses because it is closely related to the company's normal operations, complies with national policies, and is continuously enjoyed[23](index=23&type=chunk) Management Discussion and Analysis [Company's Main Businesses 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) This section outlines the company's core business strategy of integrated clean energy services under the "dual carbon" goals, detailing the industry overview, market opportunities, and the company's specific products, services, and development directions across its three major business segments: energy equipment, integrated energy services, and smart comfortable homes - The company is committed to green development, with integrated energy services as its core business, establishing three major business segments: clean energy application equipment (B-side equipment), clean energy investment and operation (B-side operation), and smart comfortable home manufacturing and services (C-side products and services)[25](index=25&type=chunk) - The industries in which the company operates benefit from "dual carbon" goals, green and low-carbon energy transition policies, and consumption stimulus policies like "trade-in" programs, shifting market demand towards green and clean solutions[26](index=26&type=chunk)[27](index=27&type=chunk)[33](index=33&type=chunk) - During the reporting period, the company's main business did not undergo significant changes, continuing to focus on clean energy-related products and services[38](index=38&type=chunk) [Industry Overview](index=9&type=section&id=1%E3%80%81%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%A6%82%E5%86%B5) - In the final year of the "14th Five-Year Plan", the energy equipment industry is driven by policies emphasizing green and low-carbon energy transition and technological self-reliance, promoting the boiler industry towards clean, low-carbon, safe, and efficient transformation[26](index=26&type=chunk)[27](index=27&type=chunk) - High-temperature heat pump technology continues to unleash its potential in industrial waste heat recovery and clean heating, with the Chinese industrial high-temperature heat pump market expected to grow at a CAGR of over **25%** in the next three years[27](index=27&type=chunk) - The integrated energy services industry, driven by "dual carbon" goals and new "zero-carbon park/factory" policies, is projected to reach a market size of **1.64 trillion RMB** by 2029[30](index=30&type=chunk)[31](index=31&type=chunk) - The smart comfortable home industry is driven by "trade-in" policies and upgrading demand for clean heating, with China's wall-hung boiler retail channel sales volume increasing by **9.2%** year-on-year in the first half of 2025, and condensing boiler shipments increasing by **20.5%** year-on-year[33](index=33&type=chunk)[34](index=34&type=chunk) [Company's Main Businesses and Products During the Reporting Period](index=12&type=section&id=2%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E5%8F%8A%E4%BA%A7%E5%93%81) - Clean energy application equipment (B-side equipment) primarily includes electric boilers, waste heat boilers, biomass boilers, commercial boilers, natural gas boilers, hot water boilers, RTO furnaces, and industrial heat pumps, operating under a "production based on sales" model[39](index=39&type=chunk) - The company independently develops high-temperature heat pump technology, with product energy efficiency ratios reaching **200% to 400%**, and has built an IoT operation platform (smart cloud monitoring system) for digital management[43](index=43&type=chunk)[44](index=44&type=chunk)[46](index=46&type=chunk) - Clean energy investment and operation (B-side operation) provides customized clean energy solutions for heating, cooling, and electricity, with core business models including BOT, BOO, EPC, and EMC, operating a total of **13 projects** as of June 30, 2025[48](index=48&type=chunk)[51](index=51&type=chunk) - Smart comfortable home manufacturing and services (C-side products and services) focus on "cold, heat, air, water, intelligence" elements, offering products such as wall-hung boilers and air source heat pumps, with its "Little Squirrel" brand full pre-mix condensing boiler achieving a thermal efficiency of up to **109%**[52](index=52&type=chunk)[55](index=55&type=chunk) [Market Position](index=17&type=section&id=3%E3%80%81%E5%B8%82%E5%9C%BA%E5%9C%B0%E4%BD%8D) - In B-side equipment, the company holds top qualifications such as National Special Equipment Manufacturing Class A Boiler and A2 Pressure Vessel Design and Manufacturing, has participated in drafting **10 national/industry standards** for energy equipment, and its low-nitrogen condensing gas boiler series received the "Energy Efficiency Star" title[59](index=59&type=chunk) - In B-side operation, the company's business has expanded to integrated energy services such as cogeneration and trigeneration, with significant advantages in biomass energy heating technology, and related achievements have won the National Science and Technology Progress Award Second Prize[60](index=60&type=chunk) - In C-side products and services, the company is one of the earliest domestic enterprises to research and manufacture gas wall-hung boilers, the first to pass European CE certification, has led or participated in drafting **48 HVAC industry standards**, and its "Little Squirrel" brand has built a smart integrated system for "cold, heat, air, water, intelligence"[61](index=61&type=chunk) - The company's "Five-Star Service" system has continuously won the "NECAS Five-Star National Product After-Sales Service Standard Certification Certificate" for **11 consecutive years**[63](index=63&type=chunk) [Key Performance Drivers](index=18&type=section&id=4%E3%80%81%E4%B8%BB%E8%A6%81%E7%9A%84%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) 2025 Semi-Annual Key Financial Data | Indicator | Amount (RMB) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 498,621,298.59 | 6.54% | | Net Profit Attributable to Shareholders of Listed Company | 50,587,998.07 | 38.77% | | Net Cash Flow from Operating Activities | 60,707,153.82 | -11.93% | - Wall-hung boiler shipments increased by **28%** year-on-year, primarily due to national "trade-in" policies, the energy-saving advantages of the new AI adaptive condensing boiler M100, and breakthrough progress in overseas markets[65](index=65&type=chunk)[66](index=66&type=chunk) - Integrated energy services maximize energy efficiency by deepening the system advantages of "multi-energy coupling and complementarity + efficient green energy-saving equipment + digital management", and won the "Energy Cup" Best Application Award for Industrial Heat Pumps[68](index=68&type=chunk)[69](index=69&type=chunk) - Devotion Research Institute focuses on high-temperature heat pump systems, accumulating energy for performance growth through market insights, industry-university-research collaboration, and achievement commercialization[70](index=70&type=chunk) [Core Competitiveness Analysis](index=19&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) This section comprehensively analyzes the company's core competitive advantages, including strong technological R&D capabilities, deep industry experience and customer base, a complete marketing system, and the strong influence of its brands, which collectively establish the company's leading position in integrated clean energy services - As a National High-Tech Enterprise, the company possesses internationally leading CNAS energy efficiency laboratories and other R&D facilities, has built a cross-disciplinary R&D team, collaborates with multiple research institutes, and has led or participated in drafting numerous national/industry standards[71](index=71&type=chunk) - As of June 30, 2025, the company holds **527 intellectual property rights**, including **92 invention patents**, with **31 new authorizations** during the reporting period, demonstrating strong technological innovation capabilities[72](index=72&type=chunk) - Leveraging over **30 years** of experience in the energy sector, the company has built deep industry barriers and a stable customer base, with HVAC products serving **3 million households** and deep cooperation with nearly **100 real estate and gas companies**[75](index=75&type=chunk) - The company has established a diversified sales network covering "retail + engineering + e-commerce + centralized procurement + overseas", achieving full coverage of the domestic market and exporting to over **30 countries and regions**, while also possessing a five-star after-sales service system[76](index=76&type=chunk)[77](index=77&type=chunk) - The company owns well-known brands such as "Devotion Shares", "Devotion Equipment", "Devotion Home", and "Little Squirrel", and has received numerous honors including the "National Science and Technology Progress Award" and "National Green Factory"[78](index=78&type=chunk) [Main Business Analysis](index=21&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) This section provides a detailed analysis of the company's main business financial performance, including year-on-year changes in operating revenue, costs, various expenses, and cash flow, and breaks down revenue and gross profit margin by product/service, region, and sales model, revealing the contributions and trends of each business segment Key Financial Data Year-on-Year Changes | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 498,621,298.59 | 468,032,178.34 | 6.54% | | | Operating Cost | 344,508,725.99 | 324,210,558.59 | 6.26% | | | Selling Expenses | 28,090,624.05 | 30,341,014.97 | -7.42% | | | Administrative Expenses | 42,493,989.76 | 45,239,104.69 | -6.07% | | | Financial Expenses | 1,162,204.45 | 1,263,400.35 | -8.01% | | | Income Tax Expense | 13,555,085.00 | 8,108,849.30 | 67.16% | Increase in operating profit | | R&D Investment | 13,687,843.90 | 18,223,696.69 | -24.89% | | | Net Cash Flow from Operating Activities | 60,707,153.82 | 68,932,978.39 | -11.93% | | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Profit Margin | YoY Change in Operating Revenue | | :--- | :--- | :--- | :--- | :--- | | Clean Energy Investment and Operation - B-side Operation | 225,145,602.77 | 159,370,456.21 | 29.21% | -0.16% | | Clean Energy Application Equipment - B-side Equipment | 75,067,584.86 | 74,367,727.44 | 0.93% | 7.16% | | Smart Comfortable Home Manufacturing and Services - C-side Products and Services | 181,855,216.32 | 109,384,917.53 | 39.85% | 14.13% | - By region, operating revenue in East China increased by **14.44%** year-on-year, while other regions increased by **33.75%** year-on-year[83](index=83&type=chunk) - By sales model, direct sales operating revenue increased by **3.09%** year-on-year, and distribution operating revenue increased by **14.67%** year-on-year[83](index=83&type=chunk) - During the reporting period, there were **13 projects** in the operation phase for energy-saving and environmental protection concession orders, with operating revenue of **221.37 million RMB**[83](index=83&type=chunk) [Non-Main Business Analysis](index=22&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) This section analyzes the impact of the company's non-main businesses on total profit, primarily including investment income, asset impairment losses, credit impairment losses, and non-operating income and expenses, with increased investment income from associates and reversal of impairment provisions for accounts receivable being the main contributing factors Impact of Non-Main Businesses on Total Profit | Item | Amount (RMB) | Percentage of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 7,912,834.77 | 9.80% | Increase in investment income from associates | No | | Asset Impairment Losses | -1,083,339.01 | -1.34% | Provision for inventory depreciation | No | | Credit Impairment Losses | 5,569,699.24 | 6.90% | Gradual recovery of accounts receivable, reversal of expected credit losses | No | | Non-Operating Income | 296,720.34 | 0.37% | | No | | Non-Operating Expenses | 68,926.35 | 0.09% | | No | [Analysis of Assets and Liabilities](index=23&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) This section analyzes significant changes in the company's asset and liability structure, including period-end balances and changes from the beginning of the period for monetary funds, inventories, construction in progress, and contract liabilities, and discloses assets and liabilities measured at fair value and restricted assets Significant Changes in Asset Composition | Item | Period-End Amount (RMB) | Percentage of Total Assets | Year-End Amount (RMB) | Percentage of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 331,197,764.49 | 11.48% | 462,649,933.14 | 15.98% | -4.50% | New wealth management products not yet redeemed | | Inventories | 321,773,082.16 | 11.15% | 260,648,560.89 | 9.00% | 2.15% | | | Construction in Progress | 17,669,170.15 | 0.61% | 13,112,767.89 | 0.45% | 0.16% | Some engineering projects not completed during the reporting period | Significant Changes in Liability Composition | Item | Period-End Amount (RMB) | Percentage of Total Assets | Year-End Amount (RMB) | Percentage of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Contract Liabilities | 195,129,878.93 | 6.76% | 145,617,411.35 | 5.03% | 1.73% | Increase in project prepayments executed according to contract terms during the reporting period | - The company's total assets and liabilities measured at fair value at the end of the reporting period amounted to **585.75 million RMB**, primarily including trading financial assets and investment properties[89](index=89&type=chunk) - As of the end of the reporting period, the company's total restricted assets amounted to **631.16 million RMB**, mainly due to the mortgage or pledge of monetary funds, notes receivable, investment properties, fixed assets, and intangible assets[90](index=90&type=chunk) [Investment Status Analysis](index=24&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) This section summarizes the company's investment activities during the reporting period, showing a significant year-on-year decrease in total investment. It details entrusted wealth management and derivative investments, where the company primarily manages funds through bank wealth management products and conducts foreign exchange hedging to mitigate risks Investment Amount During the Reporting Period | Indicator | Investment Amount (RMB) | Prior Year Period Investment Amount (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment Amount | 9,143,080.72 | 27,907,612.32 | -67.24% | - The company had no significant equity investments, non-equity investments, or use of raised funds during the reporting period[92](index=92&type=chunk)[94](index=94&type=chunk) Overview of Entrusted Wealth Management | Specific Type | Source of Entrusted Funds | Amount of Entrusted Wealth Management (10,000 RMB) | Unmatured Balance (10,000 RMB) | Overdue Unrecovered Amount (10,000 RMB) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own funds | 69,769 | 11,319 | 0 | - The company conducts foreign exchange hedging business, with an actual gain/loss of **-1,100 RMB** during the reporting period, aiming to effectively mitigate foreign exchange market risks and improve the efficiency of foreign exchange fund utilization[98](index=98&type=chunk) - The company had no speculative derivative investments or entrusted loans during the reporting period[100](index=100&type=chunk)[101](index=101&type=chunk) [Significant Asset and Equity Sales](index=26&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) This section states that the company did not engage in any significant asset sales or significant equity sales during the reporting period - The company did not sell significant assets during the reporting period[102](index=102&type=chunk) - The company did not sell significant equity during the reporting period[103](index=103&type=chunk) [Analysis of Major Holding and Associate Companies](index=27&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) This section lists the company's major holding subsidiaries and associate companies with an impact of over 10% on the company's net profit, including their main businesses, registered capital, total assets, net assets, operating revenue, and net profit Major Holding and Associate Company Financial Information | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Devotion Home | Subsidiary | R&D, production, and sales of comfortable home products | 105,300,000 | 533,623,415.29 | 263,149,533.51 | 179,555,893.23 | 36,952,316.86 | | Century New Energy | Subsidiary | Natural gas distributed energy | 60,000,000 | 194,613,057.91 | 154,716,040.86 | 124,896,768.37 | 20,119,135.05 | | Devotion Equipment | Subsidiary | R&D, production, and sales of clean energy application equipment | 300,000,000 | 740,337,700.62 | 245,797,955.71 | 81,796,067.44 | -16,697,723.64 | | Yundi Investment | Subsidiary | Equity investment; enterprise self-funded investment; investment management services | 10,000,000 | 166,543,757.86 | 21,364,965.33 | 73,620,263.99 | 9,968,679.41 | - The company had no acquisitions or disposals of subsidiaries during the reporting period[105](index=105&type=chunk) [Company's Controlled Structured Entities](index=27&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) This section states that the company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[106](index=106&type=chunk) [Risks Faced by the Company and Countermeasures](index=27&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) This section elaborates on the macroeconomic environment risks, goodwill impairment risks, and raw material price fluctuation risks faced by the company, and proposes corresponding response strategies aimed at mitigating the impact of risks on the company's operations and profitability through in-depth analysis, technological innovation, strengthened management, and hedging measures - The company faces macroeconomic environment risks from slowing global economic growth, trade protectionism, and geopolitical conflicts, as well as potential impacts on market demand from domestic economic cyclical fluctuations[106](index=106&type=chunk) - To address macroeconomic environment risks, the company will deepen analysis, increase R&D investment, promote technological innovation, actively deploy new products and technologies, and intensify domestic market expansion[106](index=106&type=chunk) - The company faces goodwill impairment risk of **299 million RMB**, mainly from the acquisition of a **51%** stake in Chengdu Century New Energy in 2016, where adverse changes in the future macroeconomic or market environment could lead to impairment[107](index=107&type=chunk) - To address goodwill impairment risk, the company will strengthen post-investment management of Century New Energy, closely monitor project operations, and enhance its independent operational management capabilities through strategic and financial synergy[107](index=107&type=chunk) - The company faces risks from price fluctuations of bulk commodity raw materials such as natural gas, biomass, steel, copper, and aluminum[108](index=108&type=chunk) - To address raw material price fluctuation risks, the company will adjust product sales prices, strengthen budget control, closely forecast price trends, and plan copper futures hedging business to lock in product costs[109](index=109&type=chunk) [Registration Form for Investor Relations Activities During the Reporting Period](index=28&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) This section discloses the company's investor relations activities during the reporting period, primarily communicating with investors through online performance briefings, with information available on Juchao Information Network - On April 16, 2025, the company hosted an online performance briefing for the 2024 fiscal year on the Value Online network platform, engaging with unspecified investors[110](index=110&type=chunk) - Relevant survey information can be found on Juchao Information Network (www.cninfo.com.cn)[110](index=110&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=28&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) This section states that the company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company has not formulated a market value management system[111](index=111&type=chunk) - The company has not disclosed a valuation enhancement plan[111](index=111&type=chunk) ["Quality and Return Dual Improvement" Action Plan Implementation Status](index=28&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%E5%8D%87%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) This section states that the company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan[111](index=111&type=chunk) Corporate Governance, Environment, and Society [Changes in Company Directors, Supervisors, and Senior Management](index=29&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) This section states that there were no changes in the company's directors, supervisors, or senior management during the reporting period, with specific details available in the 2024 annual report - The company's directors, supervisors, and senior management did not change during the reporting period[113](index=113&type=chunk) - Specific changes can be found in the 2024 annual report[113](index=113&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=29&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) This section clarifies that the company will not conduct profit distribution in the first half of 2025, meaning no cash dividends, no bonus shares, and no conversion of capital reserves into share capital - The company plans not to distribute cash dividends for the semi-annual period[114](index=114&type=chunk) - The company plans not to issue bonus shares for the semi-annual period[114](index=114&type=chunk) - The company plans not to convert capital reserves into share capital for the semi-annual period[114](index=114&type=chunk) [Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=29&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) This section states that the company did not implement any equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans during the reporting period[115](index=115&type=chunk) - The company had no employee stock ownership plans during the reporting period[115](index=115&type=chunk) - The company had no other employee incentive measures during the reporting period[115](index=115&type=chunk) [Environmental Information Disclosure](index=29&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) This section discloses that the company and its five major subsidiaries are included in the list of enterprises required to disclose environmental information by law, and provides inquiry indexes for their respective environmental information disclosure reports - The company and its **5** major subsidiaries are included in the list of enterprises required to disclose environmental information by law[116](index=116&type=chunk) - Subsidiaries included in the list are Meizhou Devotion Biomass Energy Heating Co, Ltd, Hangzhou Dida Clean Energy Co, Ltd, Xiangtan Jusen Clean Energy Heating Co, Ltd, Sanmenxia Maosen Clean Energy Co, Ltd, and Chengdu Century New Energy Co, Ltd[116](index=116&type=chunk) - Inquiry indexes for each subsidiary's environmental information disclosure report are provided, accessible through the enterprise environmental information disclosure systems of Guangdong, Zhejiang, Hunan, Henan, and Sichuan Provincial Ecological Environment Departments[116](index=116&type=chunk) [Social Responsibility](index=29&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) This section details the company's multifaceted efforts in fulfilling its social responsibilities, including protecting the rights and interests of shareholders, employees, suppliers, customers, and consumers, actively promoting environmental protection and sustainable development, and participating in public relations and social welfare initiatives - The company adheres to its mission of "building smart energy and creating an ecological economy", actively fulfilling the social responsibilities and obligations bestowed by its brand and industry[117](index=117&type=chunk) - The company strictly convenes shareholder meetings in accordance with relevant regulations, safeguarding shareholders' rights to information, participation, and dividends, and communicates with investors through various channels[118](index=118&type=chunk)[119](index=119&type=chunk) - The company complies with national labor laws, pays various social insurances and housing provident funds for employees, regularly organizes health check-ups and cultural and sports activities, and focuses on employee career development[120](index=120&type=chunk) - The company fully respects and protects the legitimate rights and interests of suppliers and customers, establishes stable cooperative relationships with qualified suppliers, and provides high-quality, environmentally friendly, and energy-saving products[121](index=121&type=chunk) - The company actively practices green development concepts, improving energy utilization efficiency, reducing energy consumption, and decreasing pollutant emissions to promote sustainable development[122](index=122&type=chunk) - The company operates legally, pays taxes honestly, and actively responds to national and local government calls, strengthening ties with local governments and social welfare organizations[123](index=123&type=chunk) Significant Matters [Commitments Fulfilled During the Reporting Period and Overdue Unfulfilled Commitments as of the End of the Reporting Period by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company](index=31&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) This section details the various commitments made by the company's actual controller, shareholders, and the company during asset restructuring and initial public offering or refinancing, stating that all commitments were fulfilled on time as of the end of the reporting period, with no violations found - During asset restructuring, the committed parties guaranteed the truthfulness, accuracy, and completeness of information disclosure, and would suspend share transfers if violations were suspected[125](index=125&type=chunk) - The company committed to the truthfulness, accuracy, and completeness of the information provided for this transaction and assumed relevant legal responsibilities[125](index=125&type=chunk) - During the initial public offering or refinancing, the company's actual controller committed to cash payment and bearing economic losses if underpayment of social security and provident funds led to supplementary payments or claims[125](index=125&type=chunk) - The company's actual controller committed to avoiding horizontal competition, not directly or indirectly investing in or controlling other enterprises engaged in businesses similar to or identical to the company's[125](index=125&type=chunk) - The company's actual controller committed to reducing and regulating related-party transactions, ensuring transactions are conducted under principles of equality, voluntariness, fairness, and impartiality, and not using related-party transactions to transfer company profits[125](index=125&type=chunk)[126](index=126&type=chunk) - All commitments were fulfilled on time, with no violations found[126](index=126&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties](index=32&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) This section states that there were no non-operating funds occupied by controlling shareholders and other related parties of the listed company during the reporting period - The company had no non-operating funds occupied by controlling shareholders and other related parties of the listed company during the reporting period[127](index=127&type=chunk) [Irregular External Guarantees](index=32&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) This section states that there were no irregular external guarantees by the company during the reporting period - The company had no irregular external guarantees during the reporting period[128](index=128&type=chunk) [Appointment and Dismissal of Accounting Firms](index=32&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) This section states that the company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[129](index=129&type=chunk) [Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=32&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) This section states that the company's Board of Directors, Supervisory Board, and Audit Committee have no explanation regarding the accounting firm's "non-standard audit report" for the current period, as the report was not audited - Not applicable, as the company's semi-annual report was not audited[129](index=129&type=chunk) [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=32&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) This section states that the company's Board of Directors has no explanation regarding the "non-standard audit report" for the previous year - Not applicable[130](index=130&type=chunk) [Bankruptcy and Reorganization Matters](index=32&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) This section states that the company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[130](index=130&type=chunk) [Litigation Matters](index=32&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) This section discloses the company's litigation status during the reporting period, with no significant litigation or arbitration matters, but other litigation matters whose cumulative value did not reach the threshold for significant disclosure, including cases as plaintiff and defendant, some of which are still in trial or enforcement, but have no significant impact on the company - The company had no significant litigation or arbitration matters during the reporting period[131](index=131&type=chunk) - As of the end of the reporting period, the cumulative amount involved in other litigation matters where the company was the plaintiff, not reaching the threshold for significant litigation disclosure, was **111.81 million RMB**, with some cases under trial and some already ruled, having no significant impact on the company[132](index=132&type=chunk) - As of the end of the reporting period, the cumulative amount involved in other litigation matters where the company was the defendant, not reaching the threshold for significant litigation disclosure, was **7.80 million RMB**, with some cases under trial and some already ruled, having no significant impact on the company[132](index=132&type=chunk) - The company's cooperation contract dispute with Yongzhou Yongheyi Electronic Material Co, Ltd, involves a claim of **28.99 million RMB**, with the judgment debtor currently in bankruptcy proceedings[641](index=641&type=chunk)[642](index=642&type=chunk) [Penalties and Rectification](index=33&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) This section states that the company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[133](index=133&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=33&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) This section states that the company, its controlling shareholder, and actual controller had no integrity issues during the reporting period - The company, its controlling shareholder, and actual controller had no integrity issues during the reporting period[134](index=134&type=chunk) [Significant Related-Party Transactions](index=33&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) This section discloses the company's related-party transactions during the reporting period, including purchases and sales of goods, provision and acceptance of labor, and leasing, and states that there were no other significant related-party transactions such as asset or equity acquisitions/disposals, joint external investments, or related-party creditor-debtor relationships - The company had no related-party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related-party creditor-debtor relationships, or transactions with affiliated financial companies during the reporting period[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) Related-Party Transactions for Purchase and Sale of Goods/Acceptance of Services | Related Party | Related Transaction Content | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | :--- | | Zhongshan Nopu Thermal Energy Technology Co, Ltd | Purchase of raw materials | 5,849,673.31 | 2,838,182.41 | Related-Party Transactions for Sale of Goods/Provision of Services | Related Party | Related Transaction Content | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | :--- | | Greater Bay Area National Innovation (Guangzhou) Investment Development Co, Ltd | Lease income, service income | 15,215,556.37 | 13,765,278.96 | | Henan Devotion HVAC Equipment Co, Ltd | Sale of equipment | 9,892,417.88 | 7,377,437.22 | Related-Party Leasing (as Lessor) | Lessee Name | Type of Leased Asset | Lease Income Recognized in Current Period (RMB) | Lease Income Recognized in Prior Period (RMB) | | :--- | :--- | :--- | :--- | | Greater Bay Area National Innovation (Guangzhou) Investment Development Co, Ltd | Buildings and structures | 12,634,620.03 | 11,447,188.02 | [Significant Contracts and Their Performance](index=34&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) This section details the company's performance of significant contracts during the reporting period, primarily involving leasing and significant guarantees. The company has multiple property lease contracts and provides guarantees for its subsidiaries. There were no significant daily operating contracts or other significant contracts during the reporting period - The company had no trusteeship or contracting situations during the reporting period[141](index=141&type=chunk)[142](index=142&type=chunk) - The company signed multiple property lease contracts with Greater Bay Area National Innovation (Guangzhou) Investment Development Co, Ltd, leasing properties located at No 42, Dongzhong Road, East District, Guangzhou Economic and Technological Development Zone, with a lease term until June 30, 2044, and an estimated contract amount of approximately **740 million RMB**[143](index=143&type=chunk)[147](index=147&type=chunk) - During the reporting period, the company recognized **12.63 million RMB** (including tax) in lease income from Greater Bay Area National Innovation (Guangzhou) Investment Development Co, Ltd[148](index=148&type=chunk) - Company guarantees for subsidiaries: During the reporting period, the approved guarantee limit for subsidiaries totaled **460 million RMB**, with actual guarantees amounting to **140 million RMB**[151](index=151&type=chunk) - As of the end of the reporting period, the actual guarantee balance for subsidiaries totaled **53.28 million RMB**, accounting for **2.77%** of the company's net assets[151](index=151&type=chunk) - The company had no lease projects, significant daily operating contracts, or other significant contracts that generated profits exceeding **10%** of total profit during the reporting period[148](index=148&type=chunk)[152](index=152&type=chunk) [Explanation of Other Significant Matters](index=37&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) This section primarily explains the significant event of the company completing the re-election of its board of directors and supervisory board during the reporting period, and the election of the new chairman, vice chairman, and chairman of the supervisory board - On April 8, 2025, the company convened board of directors and supervisory board meetings, which approved the nominations for the ninth board of directors and supervisory board[154](index=154&type=chunk) - On April 30, 2025, the company held its annual general meeting of shareholders, electing non-independent directors and independent directors for the ninth board of directors, and non-employee representative supervisors for the ninth supervisory board[155](index=155&type=chunk) - On the same day, the company held the first meetings of the ninth board of directors and ninth supervisory board, electing CHANG YUANZHENG as Chairman of the ninth board of directors, Ma Ge as Vice Chairman of the ninth board of directors, and Zhang Zhijie as Chairman of the ninth supervisory board[155](index=155&type=chunk) [Significant Matters of Company Subsidiaries](index=37&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) This section states that the company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[156](index=156&type=chunk) Share Changes and Shareholder Information [Share Changes](index=38&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) This section discloses the company's share changes during the reporting period, showing no change in total shares, stable structure of restricted and unrestricted shares, and no progress in share repurchases or concentrated bidding for repurchased shares Share Changes | Item | Number Before Change (shares) | Proportion Before Change | Net Increase/Decrease in This Change (shares) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 92,851,224 | 19.47% | 0 | 92,851,224 | 19.47% | | II. Unrestricted Shares | 384,161,164 | 80.53% | 0 | 384,161,164 | 80.53% | | III. Total Shares | 477,012,388 | 100.00% | 0 | 477,012,388 | 100.00% | - The company's total shares did not change during the reporting period[159](index=159&type=chunk) - The company had no progress in implementing share repurchases or concentrated bidding for repurchased shares during the reporting period[159](index=159&type=chunk) [Issuance and Listing of Securities](index=39&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) This section states that the company had no issuance and listing of securities during the reporting period - The company had no issuance and listing of securities during the reporting period[160](index=160&type=chunk) [Company Shareholder Numbers and Shareholding Status](index=39&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) This section discloses the company's total number of common shareholders at the end of the reporting period, the shareholding status of shareholders holding **5%** or more or the top **10** shareholders, and the shareholding status of the top **10** unrestricted shareholders, also explaining the related-party relationships among major shareholders - The total number of common shareholders at the end of the reporting period was **21,824**[161](index=161&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Chang Houcun | Domestic Natural Person | 10.67% | 50,919,599 | 38,189,699 | 12,729,900 | | Li Zuqin | Domestic Natural Person | 8.37% | 39,907,935 | 29,930,951 | 9,976,984 | | Ma Ge | Domestic Natural Person | 5.88% | 28,040,059 | 21,030,044 | 7,010,015 | | CHANG YUANZHENG | Overseas Natural Person | 1.03% | 4,924,491 | 3,693,368 | 1,231,123 | - The company's actual controllers Chang Houcun, Li Zuqin, Ma Ge, and CHANG YUANZHENG signed the "Concerted Action Agreement" on August 18, 2023, acting as parties in concerted action[161](index=161&type=chunk) - Shareholder Ms Zhu Yongmei is the spouse of the company's controlling shareholder Mr Li Zuqin[161](index=161&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=40&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) This section states that there were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report - The company's directors, supervisors, and senior management had no changes in shareholdings during the reporting period[163](index=163&type=chunk) - Specific information can be found in the 2024 annual report[163](index=163&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=40&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) This section states that 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[164](index=164&type=chunk) - The company's actual controller did not change during the reporting period[164](index=164&type=chunk) [Preferred Shares Information](index=40&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section states that the company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[165](index=165&type=chunk) Bond-Related Information [Bond-Related Information](index=41&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section states that the company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[167](index=167&type=chunk) Financial Report [Audit Report](index=42&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This section states that the company's 2025 semi-annual financial report was not audited - The company's semi-annual financial report was not audited[169](index=169&type=chunk) [Financial Statements](index=43&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow changes at the end of the reporting period Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 2,884,649,258.98 | 2,894,682,814.84 | | Total Liabilities | 876,971,441.15 | 870,236,403.28 | | Total Owners' Equity Attributable to Parent Company | 1,922,540,076.09 | 1,920,060,237.91 | Consolidated Income Statement Key Data (2025 Semi-Annual) | Item | 2025 Semi-Annual (RMB) | 2024 Semi-Annual (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 498,621,298.59 | 468,032,178.34 | | Operating Profit | 80,529,438.73 | 65,153,333.60 | | Net Profit | 67,202,147.72 | 52,357,249.46 | | Net Profit Attributable to Parent Company Shareholders | 50,587,998.07 | 36,454,340.52 | Consolidated Cash Flow Statement Key Data (2025 Semi-Annual) | Item | 2025 Semi-Annual (RMB) | 2024 Semi-Annual (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 60,707,153.82 | 68,932,978.39 | | Net Cash Flow from Investing Activities | -103,903,648.11 | -135,106,473.38 | | Net Cash Flow from Financing Activities | -82,129,463.14 | -68,130,964.15 | | Net Increase in Cash and Cash Equivalents | -125,187,842.11 | -133,863,806.30 | [Company Basic Information](index=56&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section introduces Guangzhou Devotion Thermal Technology Co, Ltd's registration information, listing status, industry, main operating activities, and business scope, clarifying the company's positioning as an "integrated clean energy service provider" - The company was registered with the Guangzhou Administration for Industry and Commerce on July 16, 1996, with its headquarters in Guangzhou, Guangdong Province[187](index=187&type=chunk) - As of June 30, 2025, the company's registered capital was **477.01 million RMB**, with a total of **477.01 million shares**, and its shares were listed on the Shenzhen Stock Exchange on July 10, 2012[187](index=187&type=chunk) - The company's industry is electricity, heat production and supply, positioned as an "integrated clean energy service provider"[188](index=188&type=chunk) - Main operating activities include providing integrated clean energy services, and the production and sales of household and industrial boilers, with business scope covering clean energy investment and operation, clean energy application equipment, and smart comfortable home manufacturing and services[188](index=188&type=chunk) [Basis for Preparation of Financial Statements](index=56&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) This section states that the company's financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, and on a going concern basis - These financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and "No 15 of the Information Disclosure Rules for Companies Issuing Securities to the Public - General Provisions for Financial Reports" issued by the China Securities Regulatory Commission[192](index=192&type=chunk) - These financial statements are prepared on a going concern basis[193](index=193&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=56&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the significant accounting policies and estimates followed by the company in preparing its financial statements, covering business combinations, financial instruments, inventories, fixed assets, intangible assets, revenue recognition, government grants, deferred income tax, and other aspects, providing a basis for understanding the financial data - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, cash flows, and other relevant information[195](index=195&type=chunk) - The company discloses its materiality criteria determination methods, for example, significant individually impaired accounts receivable are defined as those where the individually impaired amount in the reporting period is ≥**5%** of consolidated net profit or exceeds **1 million RMB**[199](index=199&type=chunk) - The company's financial assets are classified at initial recognition as measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[218](index=218&type=chunk) - Depreciation of fixed assets is calculated using the straight-line method or the workload method, with depreciation periods of **20-30 years** for buildings and structures, and **10-15 years** for machinery and equipment[274](index=274&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the relevant goods or services, and adopts different recognition methods based on business types[306](index=306&type=chunk)[313](index=313&type=chunk)[314](index=314&type=chunk)[315](index=315&type=chunk) [Taxes](index=80&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section lists the company's main applicable tax categories and rates, and details the VAT and corporate income tax preferential policies enjoyed by the company and its subsidiaries, including VAT immediate refunds for software products and comprehensive resource utilization products, as well as corporate income tax incentives under high-tech enterprise and Western Development strategies Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Based on sales of goods and taxable services calculated according to tax laws, after deducting input VAT allowed for the current period, the difference is VAT payable | 13%, 10%, 9%, 6%, 5%, 3% | | Corporate Income Tax | Calculated based on taxable income | 25% and as per table below | - Subsidiaries Guangzhou Devotion Home Environment Technology Co, Ltd, Devotion (Changzhou) Energy Equipment Co, Ltd, and

Group 1 - The core viewpoint of the news highlights the recent performance and financial metrics of Disen Co., Ltd. (迪森股份), indicating a decline in stock price and significant net outflow of funds [1] - As of August 25, 2025, Disen's stock closed at 6.12 yuan, down 0.81%, with a turnover rate of 7.12% and a trading volume of 273,700 hands, amounting to 168 million yuan [1] - The latest quarterly report shows total revenue of 220 million yuan, a year-on-year increase of 13.21%, and a net profit attributable to shareholders of 19.14 million yuan, up 118.46% year-on-year [1] Group 2 - The company has a current liquidity ratio of 1.741, a quick ratio of 1.348, and a debt-to-asset ratio of 28.69% [1] - Disen Co., Ltd. was established in 1996 and is primarily engaged in the production and supply of electricity and heat, with a registered capital of 4.77 billion yuan [1] - The company has made investments in 35 enterprises and participated in 23 bidding projects, holding 121 trademark registrations and 347 patents [2]