Core Viewpoint - The financial performance of Jinguang Co., Ltd. (300510) for the first half of 2025 shows significant declines in revenue and net profit, indicating potential challenges in its business model and cash flow management [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 487 million yuan, a decrease of 5.39% compared to the same period in 2024 [1]. - The net profit attributable to shareholders was -42.61 million yuan, representing a decline of 148.21% year-on-year [1]. - In Q2 2025, total revenue was 217 million yuan, down 33.81% year-on-year, with a net profit of -37.05 million yuan, a decrease of 645.18% [1]. - The gross margin was 15.68%, down 25.26% year-on-year, while the net margin was -9.37%, a decline of 138.22% [1]. - Total receivables accounted for 51.03% of the latest annual revenue, indicating a large volume of accounts receivable [1]. Cash Flow and Financial Health - Cash and cash equivalents decreased by 42.27% to 257 million yuan [1]. - The company’s receivables were 553 million yuan, down 28.93% year-on-year [1]. - Interest-bearing liabilities were 401 million yuan, a reduction of 32.62% [1]. - The average cash flow from operating activities over the past three years has been negative, raising concerns about liquidity [3]. Business Model and Investment Returns - The company's historical return on invested capital (ROIC) is 6.67%, with a particularly poor performance in 2019 at -28.64% [3]. - The business model relies heavily on marketing, which may require further investigation to understand the underlying drivers [3]. - The company has reported losses in two of its eight annual reports since its listing, indicating a fragile business model [3].

Market Overview - The grid equipment sector experienced a decline of 2.16% on the previous trading day, with Jinguang Co., Ltd. leading the losses [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Keda Intelligent (300222) saw a significant increase of 19.19%, closing at 14.97, with a trading volume of 2.5694 million shares and a transaction value of 3.729 billion [1] - Other notable gainers included Honglida (688330) with a 10.60% increase, Wan Sheng Intelligent (300882) up by 5.46%, and RIFENG (002953) rising by 4.37% [1] - Conversely, Jinguang Co., Ltd. (300510) led the declines with a drop of 10.15%, closing at 4.78, with a trading volume of 1.5468 million shares and a transaction value of 780 million [2] Capital Flow - The grid equipment sector saw a net outflow of 2.191 billion from institutional investors, while retail investors contributed a net inflow of 1.937 billion [2] - The table of capital flow indicates that Keda Intelligent had a net inflow of 531 million from institutional investors, while retail investors had a net outflow of 213 million [3]

Group 1 - The core point of the article highlights that Jinguang Co., Ltd. has announced a total external guarantee amount of approximately 282 million RMB, which accounts for 12.33% of the company's latest audited net assets [1] - The company reported no overdue guarantees or violations related to external guarantees [1] - For the first half of 2025, the revenue composition of Jinguang Co., Ltd. is as follows: 53.96% from power distribution and control equipment, 28.25% from instrument manufacturing, 9.09% from charging pile manufacturing, 8.28% from other industries, and 0.43% from energy storage business [1] Group 2 - The pet industry is experiencing significant growth, with a market size of 300 billion RMB, leading to a surge in stock prices for related listed companies [1]

Group 1 - The core point of the article is that Jinguang Co., Ltd. (SZ 300510) held its seventh board meeting on August 26, 2025, to review the half-year report for 2025 [1] - For the first half of 2025, Jinguang's revenue composition is as follows: 53.96% from power distribution and control equipment, 28.25% from instrument manufacturing, 9.09% from charging pile manufacturing, 8.28% from other industries, and 0.43% from energy storage business [1]

吉林省金冠电气股份有限公司 关于为全资子公司申请银行综合授信提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或者重大遗漏。 证券代码：300510 证券简称：金冠股份 公告编号：2025-030 一、本次银行授信及担保情况概述 鉴于业务发展需要，吉林省金冠电气股份有限公司（以下简称"公司"）全 资子公司南京能瑞自动化设备股份有限公司（以下简称"能瑞股份"）拟向交通 银行股份有限公司江苏省分行申请综合授信额度总额不超过人民币 3,000 万元、拟 向华夏银行股份有限公司南京分行申请综合授信额度总额不超过人民币6,000万元。 本次申请授信额度共计人民币 9,000 万元，授信额度有效期限为一年，并拟由 公司为前述授信事项提供连带责任保证担保，具体授信日期、金额及担保期限等 均以银行实际审批为准。 公司于 2025 年 8 月 26 日召开第七届董事会第三次会议审议通过了《关于为 全资子公司申请银行综合授信提供担保的议案》。 二、被担保人的基本情况 1、被担保人：南京能瑞自动化设备股份有限公司 2、住所：南京市栖霞区尧化街道甘家边东 108 号 3、法定代表人： ...

法定代表人：邬劲松 主管会计工作负责人：李海峰 会计机构负责人：郭颖 2025年半年度非经营性资金占用及其他关联资金往来情况汇总表 | 编制单位：吉林省金冠电气股份有限公司 | | | | | | | | | | 单位：元 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的关 | 上市公司核算 | 2025年期初占用资 | 2025年1-6月占用累 计发生金额(不含利 | 2025年1-6月占 用资金的利息 | 2025年1-6月偿还 | 2025年6月期末占 | 占用形成原因 | 占用性质 | | | | | 联关系 | 的会计科目 | 金余额 | 息) | (如有) | 累计发生金额 | 用资金余额 | | | | | 控股股东、实际控制人及其附属 企业 | | - | - | - | - | - | - | - | - | - | - | | 小计 | | - | - | - | - | - | - | - | - | - | - | ...

关于 2025 年半年度报告披露的提示性公告 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。 吉林省金冠电气股份有限公司 2025 年半年度报告及摘要于 2025 年 8 月 27 日在中国证监会指定的创业板信息披露网站巨潮资讯网（www.cninfo.com.cn）上 披露，请投资者注意查阅。 证券代码：300510 证券简称：金冠股份 公告编号：2025-027 吉林省金冠电气股份有限公司 特此公告。 吉林省金冠电气股份有限公司董事会 2025 年 8 月 27 日 1 / 1 ...

证券代码：300510 证券简称：金冠股份 公告编号：2025-026 吉林省金冠电气股份有限公司 第七届监事会第三次会议决议公告 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、误导性陈述或者重大遗漏。 一、监事会会议召开情况 吉林省金冠电气股份有限公司（以下简称"公司"）第七届监事会第三次会 议由监事会主席白冠秋先生召集和主持。会议通知于 2025 年 8 月 15 日以电话及 电子邮件的方式向全体监事发出。本次监事会会议于 2025 年 8 月 26 日上午在公 司洛阳总部会议室以现场结合通讯的形式召开。会议应出席监事 3 名，实际出席 3 名。会议的召开、召集程序符合《中华人民共和国公司法》等法律、法规和《吉 林省金冠电气股份有限公司章程》的有关规定，会议合法有效。公司部分高管列 席本次会议。 二、监事会会议审议情况 1、审议通过了《关于公司 2025 年半年度报告及其摘要的议案》 公司监事会认为：公司 2025 年半年度报告及摘要真实反映了公司 2025 年半 年度的财务状况和经营成果，不存在虚假记载、误导性陈述和重大遗漏。 表决结果：同意票 3 票，反对票 0 票，弃权票 ...

证券代码：300510 证券简称：金冠股份 公告编号：2025-025 吉林省金冠电气股份有限公司 一、董事会会议召开情况 吉林省金冠电气股份有限公司（以下简称"公司"）第七届董事会第三次会 议由董事长邬劲松先生召集和主持，会议通知于 2025 年 8 月 15 日以电话及电子 邮件的方式向全体董事发出。本次董事会会议于 2025 年 8 月 26 日上午 10 时在 公司洛阳总部会议室以现场结合通讯的形式召开。会议应出席董事 9 名，实际出 席 9 名。会议的召开、召集程序符合《中华人民共和国公司法》等法律、法规和 《公司章程》的有关规定，会议合法有效。公司监事、高管列席本次会议。 二、董事会会议审议情况 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 2025 年半年度报告及摘要真实反映了公司 2025 年半年度 的财务状况和经营成果，不存在虚假记载、误导性陈述和重大遗漏。 表决结果：同意票 9 票，反对票 0 票，弃权票 0 票。 《公司 2025 年半年度财务报告》已经公司董事会审计委员会审议通过。 具体内容详见公司同步披露于巨潮资讯网（www.cninfo.com ...

[Important Notices, Table of Contents, and Definitions](index=2&type=section&id=Section%201%20Important%20Notices%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notices](index=2&type=section&id=Important%20Notices) The company's management guarantees the authenticity, accuracy, and completeness of the semi-annual report and assumes legal responsibility - The Board of Directors, Board of Supervisors, and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report and assume legal responsibility[3](index=3&type=chunk) - The company's responsible person Wu Jinsong, chief financial officer Li Haifeng, and head of the accounting department Guo Ying declare the financial report is true, accurate, and complete[3](index=3&type=chunk) - The company **does not plan 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=Table%20of%20Contents) This section lists the eight main chapters of the report, covering key areas such as company profile, management discussion, and financial statements - The report comprises eight main chapters covering company operations, financials, governance, and significant matters[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions for frequently used terms in the report, including company names and technical terms related to its business - The reporting period is defined as **January 1, 2025, to June 30, 2025**[11](index=11&type=chunk) - The definitions cover company names, affiliated companies, and technical terms in the smart grid and new energy business sectors[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Profile](index=6&type=section&id=I.%20Company%20Profile) Jilin Jinguan Electric Co, Ltd (stock code: 300510) is listed on the Shenzhen Stock Exchange, with Wu Jinsong as the legal representative - The company's stock short name is Jinguan Electric, stock code **300510**, listed on the Shenzhen Stock Exchange[13](index=13&type=chunk) - The company's legal representative is **Wu Jinsong**[13](index=13&type=chunk) [Contact Persons and Methods](index=6&type=section&id=II.%20Contact%20Persons%20and%20Methods) The Board Secretary is Wu Shuai and the Securities Affairs Representative is Tang Hao - The Board Secretary is **Wu Shuai**, and the Securities Affairs Representative is **Tang Hao**[14](index=14&type=chunk) - The contact phone and fax are both **010-68712663**, and the email is **jilinjinguan@163.com**[14](index=14&type=chunk) [Other Information](index=6&type=section&id=III.%20Other%20Information) The company's registered address, office address, website, and other contact information remained unchanged during the reporting period - The company's contact information, information disclosure locations, and registration details remained unchanged during the reporting period[15](index=15&type=chunk)[16](index=16&type=chunk)[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's net profit attributable to shareholders decreased significantly by 148.21% year-over-year, while operating cash flow increased by 7.66% Key Accounting Data and Financial Indicators (Current Period vs. Prior Year Period) | Indicator | Current Period (CNY) | Prior Year Period (Adjusted, CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 486,574,462.33 | 514,280,862.07 | -5.39% | Minor change | | Net Profit Attributable to Shareholders | -42,612,656.79 | -17,167,738.69 | -148.21% | - | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -58,729,395.87 | -29,139,196.15 | -101.55% | - | | Net Cash Flow from Operating Activities | 92,781,553.34 | 86,182,005.55 | 7.66% | Minor change | | Basic Earnings Per Share (CNY/Share) | -0.0517 | -0.0207 | -149.76% | - | | Diluted Earnings Per Share (CNY/Share) | -0.0517 | -0.0207 | -149.76% | - | | Weighted Average Return on Equity | -1.88% | -0.65% | -1.23% | - | | Total Assets (End of Period) | 3,147,693,605.58 | 3,346,183,392.31 | -5.93% | - | | Net Assets Attributable to Shareholders (End of Period) | 2,244,571,120.12 | 2,287,183,776.91 | -1.86% | - | - **Reason for accounting policy change**: The Ministry of Finance issued "Interpretation No 18 of the Accounting Standards for Business Enterprises" to regulate the accounting treatment of warranty provisions and "Application Cases of Revenue Standards—Revenue Recognition for Charging (Power Supply) Services" to clarify that charging services should use the net method for revenue recognition; the company has implemented these changes from January 1, 2024, and retrospectively adjusted comparable period information[19](index=19&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk) [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=8&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) There were no discrepancies in net profit or net assets between financial reports prepared under Chinese and international accounting standards - The company had **no discrepancies** in net profit and net assets under domestic and foreign accounting standards during the reporting period[22](index=22&type=chunk)[23](index=23&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=8&type=section&id=VI.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) Non-recurring profit and loss for the period totaled CNY 16.12 million, primarily from government subsidies and asset disposal gains Non-recurring Profit and Loss Items and Amounts | Item | Amount (CNY) | Description | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 28,427.01 | Loss on disposal and write-off of fixed assets | | Government Subsidies Included in Current Profit/Loss | 15,090,171.61 | Income-related subsidies and asset-related subsidies amortized over the asset's useful life | | Reversal of Impairment Provisions for Individually Tested Receivables | 3,473,654.37 | - | | Other Non-operating Income and Expenses | -887,494.10 | - | | Other Items Meeting the Definition of Non-recurring Profit/Loss | 46,196.81 | - | | Less: Income Tax Impact | 1,631,298.57 | - | | Minority Interest Impact (After Tax) | 2,918.05 | - | | Total | 16,116,739.08 | - | - The company did not reclassify any non-recurring profit and loss items as recurring items[26](index=26&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [Principal Business Activities During the Reporting Period](index=10&type=section&id=I.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) The company focuses on smart grid equipment, new energy charging/swapping, and energy storage systems under its "Smart Power + Digital New Energy + Integrated Services" strategy - The company's business revolves around the **"Smart Power + Digital New Energy + Integrated Services"** strategy, covering smart grid equipment, new energy charging/swapping, and energy storage systems[28](index=28&type=chunk) [(I) Industry Development](index=10&type=section&id=(I)%20Industry%20Development) In H1 2025, dual-carbon policies and technological innovation drove power system upgrades, with significant growth in grid investment and new energy infrastructure - In H1 2025, total power investment by key surveyed enterprises reached **CNY 654.6 billion**, a YoY increase of **9.6%**[29](index=29&type=chunk) - Grid construction investment reached **CNY 291.1 billion**, up **14.6%** YoY, with equipment investment growing by **39.6%**[29](index=29&type=chunk) - As of the end of the reporting period, China's new energy vehicle ownership was **36.89 million**, with **16.10 million** charging infrastructure units, a **55.6%** YoY increase, resulting in a vehicle-to-charger ratio of approximately **2.29:1**[31](index=31&type=chunk) - As of the end of the reporting period, domestic new energy storage installed capacity reached **94.91GW/222GWh**, an increase of approximately **29%** from the end of 2024[33](index=33&type=chunk) [(II) Company's Main Products](index=11&type=section&id=(II)%20Company's%20Main%20Products) The company's product portfolio includes smart grid equipment, new energy charging and swapping solutions, and energy storage systems for various applications - Smart grid equipment includes a full range of distribution switchgear such as **7.2~40.5kV medium-voltage withdrawable switchgear**, gas-insulated high-voltage switchgear, C-GIS smart ring main units, and smart meters[34](index=34&type=chunk)[38](index=38&type=chunk) - New energy charging and swapping products include a wide range of solutions such as **AC charging piles, DC charging piles, split-type DC charging stacks, V2G bidirectional chargers, and megawatt-level liquid-cooled high-power chargers**[41](index=41&type=chunk) - Energy storage business products include **energy storage modules, battery packs (air-cooled and liquid-cooled), battery clusters, energy storage systems, Power Conversion Systems (PCS), Battery Management Systems (BMS), and Energy Management Systems (EMS)**[51](index=51&type=chunk) [(III) Business Model](index=20&type=section&id=(III)%20Business%20Model) The company operates under a "Group HQ + Industrial Subsidiaries" model, utilizing direct sales, customer-oriented R&D, and a build-to-order production strategy - The operational model is **"Group HQ + Industrial Subsidiaries,"** with the headquarters handling strategic planning and subsidiaries managing operations[54](index=54&type=chunk) - The sales model is primarily **direct sales**, securing orders through bidding and negotiations with clients like grid companies and industrial enterprises[55](index=55&type=chunk) - The R&D model is **market-focused and customer-driven**, centered on the "Smart Power + Digital New Energy + Integrated Services" strategy using project-based management[56](index=56&type=chunk)[57](index=57&type=chunk) - The production model is mainly **build-to-order** and customized, supplemented by standardized pre-production to control costs and ensure timely delivery[59](index=59&type=chunk) [(IV) Key Performance Drivers](index=21&type=section&id=(IV)%20Key%20Performance%20Drivers) Performance is driven by external factors like energy transition and increased grid investment, and internal factors including operational efficiency and product innovation - The total bidding amount for State Grid's first three batches of transmission and transformation equipment in 2025 was approximately **CNY 54.06 billion**, a YoY increase of about **24.8%**[61](index=61&type=chunk) - The total bidding amount for State Grid's first batch of metering equipment in 2025 was **CNY 7.5 billion**, a YoY decrease of about **37.8%**, with the number of winning bidders increasing to 120[62](index=62&type=chunk) - The company launched new products including an **AI low-voltage cabinet, "Ant Station" charging stack, prefabricated integrated charging station, heavy-duty truck chargers, and a comprehensive ship charging solution**[65](index=65&type=chunk)[66](index=66&type=chunk) - During the reporting period, the company built **9 new charging stations** with a total of **110 charging piles**, adding **4,600kW** of charging power[67](index=67&type=chunk) - As of the end of the reporting period, the company held over **400 intellectual property rights**, including **220 patents** and **143 software copyrights**[66](index=66&type=chunk) [Core Competitiveness Analysis](index=23&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core strengths lie in its deep industry experience, comprehensive product solutions, continuous R&D innovation, and strong customer relationships - The company has accumulated deep expertise in product technology, engineering services, and integrated solution delivery across **smart grid equipment, new energy charging, and energy storage**[68](index=68&type=chunk) - The company is recognized as a national-level **"Specialized, Refined, Unique, and Innovative" Little Giant**, and possesses two provincial-level enterprise technology centers and a CNAS-accredited laboratory[70](index=70&type=chunk) - The company's customer base spans multiple industries, including **State Grid, new energy vehicles, transportation, data communications, and petrochemicals**[71](index=71&type=chunk) - The company operates **four major R&D and manufacturing bases** in Changchun, Nanjing, Hangzhou, and Changzhou, enabling efficient smart manufacturing and market synergy[73](index=73&type=chunk) [Main Business Analysis](index=25&type=section&id=III.%20Main%20Business%20Analysis) Operating revenue decreased by 5.39% YoY, while financial expenses dropped by 42.79% due to lower interest expenses Key Financial Data YoY Changes | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 486,574,462.33 | 514,280,862.07 | -5.39% | Minor change | | Operating Costs | 410,280,666.07 | 406,385,142.89 | 0.96% | Minor change | | Financial Expenses | 3,565,884.82 | 6,232,731.80 | -42.79% | Primarily due to decreased interest expenses compared to the prior year period | | Income Tax Expense | 1,119,356.13 | -3,488,936.58 | 132.08% | Primarily due to an increase in current income tax expense | | Net Cash Flow from Investing Activities | 1,564,699.07 | -16,181,228.41 | 109.67% | Primarily due to decreased expenditures on long-term assets | | Net Cash Flow from Financing Activities | -92,594,843.64 | -38,621,726.40 | -139.75% | Primarily due to a decrease in bank loans used during the period | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (CNY) | Operating Costs (CNY) | Gross Margin | YoY Change in Operating Revenue | | :--- | :--- | :--- | :--- | :--- | | High and Low Voltage Switchgear Sets | 84,603,965.43 | 69,129,000.01 | 18.29% | -35.29% | | Ring Main Units | 106,260,004.32 | 79,302,250.49 | 25.37% | -22.70% | | Box-type Substations | 71,705,758.38 | 63,749,357.79 | 11.10% | -29.05% | | Smart Meters and Power Information Collection Systems | 137,440,006.93 | 116,125,197.08 | 15.51% | 124.53% | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[77](index=77&type=chunk) [Non-Main Business Analysis](index=26&type=section&id=IV.%20Non-Main%20Business%20Analysis) The company had no non-main business activities to analyze during the reporting period [Analysis of Assets and Liabilities](index=26&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets decreased by 5.93% from the beginning of the year, primarily due to a reduction in accounts receivable from increased sales collections Significant Changes in Asset Composition (End of Period vs. Beginning of Year) | Item | End of Period Amount (CNY) | % of Total Assets | Beginning of Year Amount (CNY) | % of Total Assets | Change in Proportion | Reason for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 3,147,693,605.58 | - | 3,346,183,392.31 | - | -5.93% | - | | Accounts Receivable | 553,089,899.46 | 17.57% | 709,709,478.30 | 21.21% | -3.64% | Primarily due to increased sales collections during the reporting period | | Prepayments | 98,478,464.43 | 3.13% | 52,932,001.44 | 1.58% | 1.55% | Primarily due to an increase in prepayments for goods | | Short-term Borrowings | 262,953,836.84 | 8.35% | 351,018,113.90 | 10.49% | -2.14% | Primarily due to the repayment of short-term loans to financial institutions | | Notes Receivable | 14,909,943.89 | 0.47% | 60,963,361.73 | 1.82% | -1.35% | Primarily due to the collection of matured notes | | Long-term Equity Investments | 249,944,592.16 | 7.94% | 249,640,006.61 | 7.46% | 0.48% | Primarily due to the recognition of investment income based on shareholding percentage | Assets and Liabilities Measured at Fair Value | Item | End of Period Amount (CNY) | | :--- | :--- | | Other Equity Instrument Investments | 56,693,178.26 | | Receivables Financing | 16,251,154.59 | | Total | 72,944,332.85 | - As of the end of the reporting period, the company had assets with restricted ownership or use rights, as detailed in Note VII, 22 of the financial report[85](index=85&type=chunk) [Investment Status Analysis](index=27&type=section&id=VI.%20Investment%20Status%20Analysis) The company had no significant equity investments, non-equity investments, or use of raised funds during the reporting period - The company had **no use of raised funds** during the reporting period[86](index=86&type=chunk) - The company had **no entrusted wealth management, derivative investments, or entrusted loans** during the reporting period[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) [Sale of Major Assets and Equity](index=28&type=section&id=VII.%20Sale%20of%20Major%20Assets%20and%20Equity) The company did not sell any major assets or equity during the reporting period - The company **did not sell major assets or equity** during the reporting period[91](index=91&type=chunk)[92](index=92&type=chunk) [Analysis of Major Holding and Participating Companies](index=29&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's main subsidiaries include Zhejiang Kaisheng Electric and Nanjing Nengrui Automation, with a new subsidiary established during the period Major Subsidiaries and Participating Companies with >10% Impact on Net Profit | Company Name | Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Kaisheng Electric Co, Ltd | Subsidiary | Production, sales, R&D of smart high/low voltage switchgear, ring main units | 100,880,000 | 152,280,048.53 | 72,308,491.68 | 39,058,009.50 | -5,320,081.09 | -5,425,636.26 | | Nanjing Nengrui Automation Co, Ltd | Subsidiary | Production, sales, R&D of smart meters, collection systems, charging piles; new energy station operation | 293,974,000 | 680,979,082.69 | 497,694,198.13 | 149,675,079.38 | 8,578,614.38 | 7,360,701.58 | | Nanjing Nengrui Power Technology Co, Ltd | Subsidiary | Installation, repair, testing of power facilities; R&D, production, sales of distribution automation equipment, charging piles | 143,974,000 | 597,601,017.76 | 241,299,475.46 | 38,760,507.67 | -18,863,051.73 | -19,374,303.84 | | Luoyang Jinguan Electric Sales Co, Ltd | Subsidiary | Smart meters, collection systems, charging pile operation and sales | 5,000,000 | 194,564,626.11 | -37,072,753.26 | 0.00 | -5,982,649.30 | -5,982,648.88 | | Jiangsu Guanhua New Energy Technology Co, Ltd | Subsidiary | Production, sales, R&D of energy storage products; power generation, transmission, distribution | 50,000,000 | 32,964,784.34 | 16,152,521.41 | 3,214,912.06 | -4,438,669.60 | -4,609,280.01 | - During the reporting period, the company established **Guangzhou Guanrui Shuzhi New Energy Technology Co, Ltd**, which had no significant impact on the current year's operating results[94](index=94&type=chunk) [Structured Entities Controlled by the Company](index=30&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company had **no controlled structured entities** during the reporting period[95](index=95&type=chunk) [Risks and Countermeasures](index=30&type=section&id=X.%20Risks%20and%20Countermeasures) The company faces policy risks from economic and industry-specific regulations and market risks from intense competition and technological changes - **Policy Risk**: The company's business is susceptible to changes in national economic policies, macroeconomic conditions, grid bidding volumes, and new energy subsidy policies[95](index=95&type=chunk) - **Countermeasures**: The company has established a strategic investment department and an industrial research institute to adjust its development strategy and is actively developing its energy storage and new energy businesses[95](index=95&type=chunk) - **Market Competition Risk**: The company's core competitiveness is directly affected by technological trends in the high-tech industry, requiring continuous adaptation to grid technology requirements and forward-looking planning[96](index=96&type=chunk) - **Countermeasures**: The company continues to enhance its technological capabilities, strengthen innovation, expand production capacity, improve operational efficiency, and broaden market channels[96](index=96&type=chunk) [Record of Investor Relations Activities](index=31&type=section&id=XI.%20Record%20of%20Investor%20Relations%20Activities) The company participated in an online investor relations event on May 27, 2025, to engage with investors - On **May 27, 2025**, the company participated in the Jilin-based listed companies' online collective investor reception day, engaging in online interactive communication with investors[97](index=97&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=31&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system or disclosed a valuation enhancement plan - The company has **not formulated a market value management system** and has **not disclosed a valuation enhancement plan**[98](index=98&type=chunk)[100](index=100&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=31&type=section&id=XIII.%20Implementation%20of%20the%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has **not disclosed** an announcement regarding the "Dual Improvement in Quality and Returns" action plan[100](index=100&type=chunk) [Corporate Governance, Environment, and Society](index=31&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Changes in Directors, Supervisors, and Senior Management](index=31&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The company underwent changes in its board and senior management, including the election of a new chairman and the appointment of a new CFO Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Wu Jinsong | Chairman | Elected | 2025-01-08 | Change of term | | Zhang Rongji | Director & General Manager | Elected | 2025-01-08 | Change of term | | Sima Longqi | Director | Elected | 2025-01-08 | Change of term | | Wu Shuai | Director & Board Secretary | Elected | 2025-01-08 | Change of term | | Li Haifeng | Deputy GM & CFO | Appointed | 2025-01-08 | Change of term | | Xie Lingjiang | Former Chairman & GM | Term expired | 2025-01-08 | Change of term | | Li Yunhao | Former Director | Term expired | 2025-01-08 | Change of term | | Li Jian | Former Deputy GM | Term expired | 2025-01-08 | Change of term | [Profit Distribution and Capitalization of Capital Reserves](index=32&type=section&id=II.%20Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserves) The company does not plan to distribute cash dividends, issue bonus shares, or capitalize capital reserves 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[103](index=103&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=32&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had **no equity incentive plans, employee stock ownership plans, or other employee incentive measures** and their implementation during the reporting period[104](index=104&type=chunk) [Environmental Information Disclosure](index=33&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not listed as enterprises required to disclose environmental information by law - The company and its major subsidiaries are **not included** in the list of enterprises required to disclose environmental information by law[105](index=105&type=chunk) [Social Responsibility](index=33&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities by protecting stakeholder interests, supporting employees, and engaging in environmental protection and philanthropy - The company ensures investors' right to information through various communication channels like the **Easy-IR platform, official website, and investor hotlines**[106](index=106&type=chunk) - The company strictly adheres to the **"Labor Law" and "Labor Contract Law,"** standardizes employment practices, and provides social insurance for all employees[107](index=107&type=chunk) - The company's main product series have received **China Green Environmental Product Certification**, and the company and its subsidiaries have been awarded the **"Green Factory"** title[110](index=110&type=chunk) - During the reporting period, the company donated **CNY 1 million** to the Rongjiang County Charity Federation to support disaster relief and reconstruction[111](index=111&type=chunk) [Significant Matters](index=35&type=section&id=Section%205%20Significant%20Matters) [Commitments Fulfilled or Overdue by Relevant Parties](index=35&type=section&id=I.%20Commitments%20Fulfilled%20or%20Overdue%20by%20Relevant%20Parties) The company has an overdue performance commitment and compensation arrangement from a past asset restructuring, which is currently under legal proceedings - The performance commitment and compensation arrangement from a past asset restructuring remains **overdue**, involving compensating parties such as Gongqingcheng Baifuyuan Hongtu Investment Management Partnership[113](index=113&type=chunk) - The company filed a **civil lawsuit** with the Changchun Intermediate People's Court on August 31, 2021, demanding the fulfillment of the performance compensation obligation[115](index=115&type=chunk) - The company reached a settlement with Baifuyuan and Li Xiaoming and **repurchased and cancelled a total of 3,933,161 restricted shares** they held on July 16, 2024[116](index=116&type=chunk) - An appeal was filed by Zhang Hanhong against the first-instance judgment; the company has submitted a **retrial application to the Supreme People's Court**, and the case is currently under review[116](index=116&type=chunk) [Non-operational Fund Occupation by Controlling Shareholders and Other Related Parties](index=38&type=section&id=II.%20Non-operational%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) There was no non-operational occupation of the company's funds by controlling shareholders or other related parties during the reporting period - The company had **no non-operational fund occupation** by controlling shareholders and other related parties during the reporting period[117](index=117&type=chunk) [Irregular External Guarantees](index=38&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had **no irregular external guarantees** during the reporting period[118](index=118&type=chunk) [Appointment and Dismissal of Accounting Firm](index=38&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The company's semi-annual financial report has not been audited - The company's semi-annual financial report is **unaudited**[119](index=119&type=chunk) [Explanation on "Non-standard Audit Report" by the Board, Supervisory Committee, and Audit Committee](index=38&type=section&id=V.%20Explanation%20on%20%22Non-standard%20Audit%20Report%22%20by%20the%20Board%2C%20Supervisory%20Committee%2C%20and%20Audit%20Committee) This section is not applicable as there was no "non-standard audit report" for the current period - The company has **no explanation regarding a "non-standard audit report"** for the reporting period[120](index=120&type=chunk) [Board's Explanation on the Previous Year's "Non-standard Audit Report"](index=38&type=section&id=VI.%20Board's%20Explanation%20on%20the%20Previous%20Year's%20%22Non-standard%20Audit%20Report%22) This section is not applicable as there was no "non-standard audit report" in the previous year - The company has **no explanation regarding the previous year's "non-standard audit report"**[120](index=120&type=chunk) [Bankruptcy and Reorganization Matters](index=39&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company did not undergo any bankruptcy or reorganization during the reporting period - The company had **no bankruptcy or reorganization matters** during the reporting period[121](index=121&type=chunk) [Litigation Matters](index=39&type=section&id=VIII.%20Litigation%20Matters) The company is involved in a major lawsuit regarding a performance commitment compensation dispute with an amount of CNY 278.1 million, which is currently under retrial review Major Litigation and Arbitration Matters | Basic Situation | Amount Involved (CNY 10k) | Provision Formed | Progress | Trial Results and Impact | Judgment Execution | Disclosure Date | Disclosure Index | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Dispute with Zhang Hanhong, Baifuyuan, and Li Xiaoming over Liaoyuan Hongtu performance commitment compensation | 27,809.9 | No | Under retrial review | After winning the first instance and losing the second, a retrial was applied for at the Supreme Court; currently under review | Under retrial review | 2024-09-25 | CNINFO (http://www.cninfo.com.cn/) | Other Litigation Matters | Basic Situation | Amount Involved (CNY 10k) | Provision Formed | Progress | Trial Results and Impact | Judgment Execution | Disclosure Date | Disclosure Index | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 6,146.11 | No | -- | -- | -- | - | -- | [Penalties and Rectifications](index=39&type=section&id=IX.%20Penalties%20and%20Rectifications) The company was not subject to any penalties or rectifications during the reporting period - The company had **no penalties or rectifications** during the reporting period[123](index=123&type=chunk) [Integrity of the Company, its Controlling Shareholders, and Actual Controller](index=39&type=section&id=X.%20Integrity%20of%20the%20Company%2C%20its%20Controlling%20Shareholders%2C%20and%20Actual%20Controller) There were no issues concerning the integrity of the company, its controlling shareholders, or its actual controller during the reporting period - There were **no integrity issues** concerning the company, its controlling shareholders, or its actual controller during the reporting period[124](index=124&type=chunk) [Major Related-Party Transactions](index=39&type=section&id=XI.%20Major%20Related-Party%20Transactions) The company had no major related-party transactions related to daily operations, asset acquisitions, or debt and credit dealings during the period - The company had **no related-party transactions** related to daily operations during the reporting period[124](index=124&type=chunk) - The company had **no related-party transactions** involving the acquisition or sale of assets or equity[125](index=125&type=chunk) - The company had **no related-party credit or debt dealings** during the reporting period[127](index=127&type=chunk) [Major Contracts and Their Performance](index=41&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) The company has significant guarantees for its subsidiaries, with an outstanding balance of CNY 192.11 million, representing 8.56% of net assets - The company had **no custody, contracting, or leasing matters** during the reporting period[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk) Guarantees for Subsidiaries | Guaranteed Party | Disclosure Date | Guarantee Limit (CNY 10k) | Actual Date | Actual Amount (CNY 10k) | Type | Collateral | Counter-guarantee | Period | Fulfilled | Related-party | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nanjing Nengrui Automation Co, Ltd | 2025-04-22 | 3,000 | - | - | Joint liability | None | None | - | No | No | | Nanjing Nengrui Automation Co, Ltd | 2025-04-22 | 3,000 | - | - | Joint liability | None | None | - | No | No | | Nanjing Nengrui Automation Co, Ltd | 2025-04-22 | 4,000 | 2025-04-23 | 1,074.85 | Joint liability | None | None | 2025-04-23 to 2025-11-12 | No | No | | Nanjing Nengrui Power Technology Co, Ltd | 2025-04-22 | 6,000 | - | - | Joint liability | None | None | - | No | No | | Nanjing Nengrui Power Technology Co, Ltd | 2024-12-27 | 3,100 | 2024-11-29 | 400 | Joint liability | None | None | 2024-11-29 to 2025-12-26 | No | No | | Nanjing Nengrui Power Technology Co, Ltd | 2024-12-14 | 3,000 | 2024-11-29 | 680 | Joint liability | None | None | 2024-11-29 to 2025-08-13 | No | No | | Nanjing Nengrui Automation Co, Ltd | 2024-12-23 | 3,900 | 2024-11-29 | 1,968.46 | Joint liability | None | None | 2024-11-29 to 2025-10-28 | No | No | | Nanjing Nengrui Automation Co, Ltd | 2024-12-14 | 4,000 | 2024-11-29 | 1,326.98 | Joint liability | None | None | 2024-11-29 to 2025-05-19 | No | No | | Nanjing Nengrui Automation Co, Ltd | 2024-12-24 | 5,000 | 2024-11-29 | 2,826.31 | Joint liability | None | None | 2024-11-29 to 2026-01-03 | No | No | | Nanjing Nengrui Power Technology Co, Ltd | 2024-09-09 | 1,000 | 2024-08-30 | 1,000 | Joint liability | None | None | 2024-08-30 to 2025-09-03 | No | No | | Nanjing Nengrui Power Technology Co, Ltd | 2024-09-26 | 1,000 | 2024-08-30 | 1,000 | Joint liability | None | None | 2024-08-30 to 2025-09-26 | No | No | | Nanjing Nengrui Automation Co, Ltd | 2024-11-20 | 2,000 | 2024-08-30 | 1,000 | Joint liability | None | None | 2024-08-30 to 2025-11-10 | No | No | | Nanjing Nengrui Automation Co, Ltd | 2024-09-10 | 2,000 | 2024-09-10 | 1,000 | Joint liability | None | None | 2024-09-10 to 2025-08-09 | No | No | | Nanjing Nengrui Automation Co, Ltd | 2024-05-31 | 3,000 | 2024-05-31 | 2,489.36 | Joint liability | None | None | 2024-05-31 to 2025-08-27 | No | No | | Nanjing Nengrui Power Technology Co, Ltd | 2024-01-24 | 10,000 | 2024-01-24 | 4,232.6 | Joint liability | None | None | 2024-01-24 to 2025-07-29 | No | No | | Nanjing Nengrui Power Technology Co, Ltd | 2023-09-21 | 4,000 | 2023-09-21 | 3,948.59 | Joint liability | None | None | 2023-09-21 to 2025-08-26 | No | No | | Nanjing Nengrui Automation Co, Ltd | 2023-09-07 | 6,000 | 2023-08-25 | 3,000 | Joint liability | None | None | 2023-08-08 to 2025-03-20 | No | No | | Nanjing Nengrui Power Technology Co, Ltd | 2023-03-18 | 3,000 | 2023-01-12 | 3,000 | Joint liability | None | None | 2023-01-12 to 2025-07-16 | No | No | | Nanjing Nengrui Power Technology Co, Ltd | 2023-01-18 | 3,000 | 2022-12-16 | 3,000 | Joint liability | None | None | 2022-12-16 to 2023-01-18 | No | No | | **Total approved guarantee limit for subsidiaries during the period** | **-** | **16,000** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | | **Total actual guarantees for subsidiaries during the period** | **-** | **-** | **-** | **5,690.98** | **-** | **-** | **-** | **-** | **-** | **-** | | **Total approved guarantee limit for subsidiaries at period-end** | **-** | **64,000** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | | **Total outstanding guarantee balance for subsidiaries at period-end** | **-** | **-** | **-** | **19,210.98** | **-** | **-** | **-** | **-** | **-** | **-** | | **Ratio of total actual guarantees to company's net assets** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **8.56%** | **-** | **-** | [Explanation of Other Significant Matters](index=45&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) There were no other significant matters requiring explanation during the reporting period - The company has **no other significant matters** to report for the period[141](index=141&type=chunk) [Significant Matters of Company Subsidiaries](index=45&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) There were no significant matters related to the company's subsidiaries during the reporting period - The company has **no significant subsidiary matters** to report for the period[142](index=142&type=chunk) [Changes in Share Capital and Shareholders](index=46&type=section&id=Section%206%20Changes%20in%20Share%20Capital%20and%20Shareholders) [Changes in Share Capital](index=46&type=section&id=I.%20Changes%20in%20Share%20Capital) The company's total share capital remained unchanged at 824,690,700 shares during the reporting period Changes in Share Capital | | Before Change (Shares) | Before Change (%) | Change (+, -) (Shares) | After Change (Shares) | After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0.00% | 0 | 0 | 0.00% | | II. Unrestricted Shares | 824,690,700 | 100.00% | 0 | 824,690,700 | 100.00% | | III. Total Shares | 824,690,700 | 100.00% | 0 | 824,690,700 | 100.00% | - The company's **total share capital did not change** during the reporting period[145](index=145&type=chunk) [Securities Issuance and Listing](index=47&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company did not issue or list any new securities during the reporting period - The company had **no securities issuance or listing activities** during the reporting period[147](index=147&type=chunk) [Number of Shareholders and Shareholdings](index=47&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholdings) As of the period-end, the company had 38,229 common shareholders, with Luoyang Gudu Asset Management Co, Ltd being the largest shareholder at 26.41% - At the end of the reporting period, the total number of common shareholders was **38,229**[147](index=147&type=chunk) Shareholdings of Shareholders with over 5% or Top 10 Shareholders | Shareholder Name | Nature | Shareholding Ratio | Shares Held at Period-end | Change During Period (Shares) | Restricted Shares | Unrestricted Shares | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Luoyang Gudu Asset Management Co, Ltd | State-owned legal entity | 26.41% | 217,795,715 | - | 0 | 217,795,715 | Pledged: 217,165,715; Frozen: 7,440,000 | | Xu Haijiang | Domestic individual | 3.07% | 25,358,759 | - | 0 | 25,358,759 | N/A | | Guo Changxing | Domestic individual | 2.94% | 24,218,217 | -730,000 | 0 | 24,218,217 | N/A | | BARCLAYS BANK PLC | Foreign legal entity | 0.84% | 6,918,754 | 6,461,926 | 0 | 6,918,754 | N/A | | UBS AG | Foreign legal entity | 0.71% | 5,846,897 | 4,911,871 | 0 | 5,846,897 | N/A | | Wang Jingbo | Domestic individual | 0.52% | 4,298,800 | - | 0 | 4,298,800 | N/A | | Fu Junhui | Domestic individual | 0.38% | 3,130,000 | - | 0 | 3,130,000 | N/A | | Wang Bo | Domestic individual | 0.32% | 2,677,000 | - | 0 | 2,677,000 | N/A | | Yu Zhichao | Domestic individual | 0.32% | 2,608,300 | - | 0 | 2,608,300 | N/A | | HONG KONG SECURITIES CLEARING COMPANY LTD | Foreign legal entity | 0.31% | 2,567,171 | -1,310,720 | 0 | 2,567,171 | N/A | - **Xu Haijiang and Guo Changxing are relatives**; the company is unaware of any other related parties or concerted actions among the other shareholders[148](index=148&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=49&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - The shareholdings of the company's directors, supervisors, and senior management **did not change** during the reporting period[150](index=150&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=49&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's **controlling shareholder did not change** during the reporting period[151](index=151&type=chunk) - The company's **actual controller did not change** during the reporting period[152](index=152&type=chunk) [Bond-related Matters](index=50&type=section&id=Section%207%20Bond-related%20Matters) The company had no bond-related matters during the reporting period - The company had **no bond-related matters** during the reporting period[155](index=155&type=chunk) [Financial Report](index=52&type=section&id=Section%208%20Financial%20Report) [Audit Report](index=52&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report has not been audited - The company's semi-annual financial report is **unaudited**[157](index=157&type=chunk) [Financial Statements](index=52&type=section&id=II.%20Financial%20Statements) This section presents the consolidated and parent company financial statements for the semi-annual period ended June 30, 2025 - The financial statements include the **consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity**[158](index=158&type=chunk) [Company Basic Information](index=69&type=section&id=III.%20Company%20Basic%20Information) Jilin Jinguan Electric Co, Ltd, established in 2006, operates in the power equipment industry and is listed on the Shenzhen Stock Exchange - The company's registered capital is **CNY 824.69 million**, with a total of 824.69 million shares, and it was listed on the Shenzhen Stock Exchange on **May 6, 2016**[195](index=195&type=chunk) - The company operates in the **power equipment industry**, with main businesses in smart grid equipment, new energy charging/swapping, and energy storage[197](index=197&type=chunk) - These financial statements were approved for issuance by the Board of Directors on **August 26, 2025**[198](index=198&type=chunk) - As of June 30, 2025, the company's consolidated financial statements include **24 subsidiaries**[199](index=199&type=chunk) [Basis of Preparation of Financial Statements](index=69&type=section&id=IV.%20Basis%20of%20Preparation%20of%20Financial%20Statements) The financial statements are prepared on a going concern basis, using the accrual basis of accounting and historical cost measurement - The company's accounting is based on the **accrual basis**, and financial statements are generally measured at **historical cost**, with exceptions for certain financial instruments[200](index=200&type=chunk) - The financial statements are prepared on a **going concern basis** in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and relevant CSRC disclosure regulations[201](index=201&type=chunk) [Significant Accounting Policies and Estimates](index=70&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the key accounting policies and estimates used in preparing the financial statements, covering areas like revenue recognition and financial instruments - The company's financial statements comply with the requirements of the **Enterprise Accounting Standards**, providing a true and complete view of its financial position, operating results, and cash flows[203](index=203&type=chunk) - The company uses the **calendar year** as its fiscal year and a **12-month period** as its operating cycle[204](index=204&type=chunk)[205](index=205&type=chunk) - Financial assets are classified into three categories based on business model and contractual cash flow characteristics: **amortized cost, fair value through other comprehensive income, and fair value through profit or loss**[230](index=230&type=chunk) - The company provides for impairment of financial assets such as accounts receivable and notes receivable based on an **expected credit loss model**[246](index=246&type=chunk)[247](index=247&type=chunk) - Revenue is recognized when the customer obtains control of the related goods, with performance progress determined using either the **input or output method** based on the nature of the performance obligation[317](index=317&type=chunk)[318](index=318&type=chunk) [Taxes](index=104&type=section&id=VI.%20Taxes) The company is subject to various taxes including VAT and corporate income tax, and benefits from preferential tax policies for high-tech enterprises Main Taxes and Rates | Tax Type | Tax Basis | Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Output tax calculated on taxable income at the applicable rate, less deductible input tax for the current period | 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Based on actual turnover taxes paid | 7% | | Corporate Income Tax | Based on taxable income | 15%, 25% | | Education Surcharge | Based on actual turnover taxes paid | 3% | | Local Education Surcharge | Based on actual turnover taxes paid | 2% | - Jinguan Electric, Zhejiang Kaisheng, Nanjing Nengrui, and other subsidiaries benefit from the **high-tech enterprise preferential income tax rate of 15%**[360](index=360&type=chunk)[361](index=361&type=chunk) - Several subsidiaries, including Jinguan Electric and Nanjing Nengrui, are eligible for the **super deduction of R&D expenses** for tax purposes in 2025[362](index=362&type=chunk) - Jinguan Electric, Zhejiang Kaisheng, and Nanjing Nengrui are eligible for the **additional VAT deduction policy for advanced manufacturing enterprises** in 2025[365](index=365&type=chunk) [Notes to Consolidated Financial Statements](index=106&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed notes on key items in the consolidated financial statements, including assets, liabilities, revenues, and cash flows Cash and Cash Equivalents | Item | Period-end Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Bank Deposits | 213,772,802.01 | 213,605,663.71 | | Other Cash Equivalents | 43,124,206.15 | 39,699,139.66 | | Total | 256,897,008.16 | 253,304,803.37 | **Restricted Funds:** | Item | Restricted Amount at Period-end (CNY) | | :--- | :--- | | Bank Acceptance Bill Margin | 25,888,212.49 | | Letter of Guarantee Margin | 8,877,885.04 | | Cash Pool Margin | 4,639,047.80 | | **Total Restricted Funds** | **39,405,145.33** | Accounts Receivable and Contract Assets | Item | Period-end Book Value (CNY) | Beginning Book Value (CNY) | | :--- | :--- | :--- | | Accounts Receivable | 553,089,899.46 | 709,709,478.30 | | Contract Assets | 109,174,124.57 | 87,850,636.42 | | **Total** | **662,264,024.03** | **797,560,114.72** | **Bad Debt Provision for Accounts Receivable:** | Category | Period-end Provision (CNY) | Beginning Provision (CNY) | | :--- | :--- | :--- | | Individually Assessed Provision | 32,599,618.28 | 35,688,986.60 | | Collectively Assessed Provision | 49,170,937.62 | 56,613,155.18 | | **Total** | **81,770,555.90** | **92,302,141.78** | Operating Revenue and Costs | Item | Current Period Revenue (CNY) | Current Period Costs (CNY) | Prior Period Revenue (CNY) | Prior Period Costs (CNY) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 471,372,515.60 | 397,621,003.67 | 494,422,279.89 | 390,131,619.06 | | Other Business | 15,201,946.73 | 12,659,662.40 | 19,858,582.18 | 16,253,523.83 | | **Total** | **486,574,462.33** | **410,280,666.07** | **514,280,862.07** | **406,385,142.89** | Supplementary Cash Flow Statement Information | Supplementary Information | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 92,781,553.34 | 86,182,005.55 | | Net Cash Flow from Investing Activities | 1,564,699.07 | -16,181,228.41 | | Net Cash Flow from Financing Activities | -92,594,843.64 | -38,621,726.40 | | Net Increase in Cash and Cash Equivalents | 1,751,408.77 | 31,379,050.74 | | Period-end Balance of Cash and Cash Equivalents | 217,491,862.83 | 393,011,688.84 | [Research and Development Expenses](index=144&type=section&id=VIII.%20Research%20and%20Development%20Expenses) Total R&D expenditure for the period was CNY 30.36 million, all of which was expensed, with a focus on employee compensation and materials R&D Expenditure Details | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation | 18,494,075.89 | 17,631,730.18 | | Materials | 6,616,541.95 | 8,113,147.17 | | Testing and Inspection Fees | 2,140,524.72 | 3,041,239.73 | | Depreciation and Amortization | 2,106,567.04 | 2,604,515.85 | | Travel Expenses | 473,768.60 | 653,617.17 | | Technical Development Service Fees | 224,750.14 | 2,442,356.32 | | Office Expenses | 1,128.10 | 501,012.65 | | Other | 305,498.81 | 580,171.15 | | **Total** | **30,362,855.25** | **35,567,790.22** | | Of which: Expensed R&D | 30,362,855.25 | 32,343,113.96 | | Capitalized R&D | 0.00 | 3,224,676.26 | - The "Bidirectional Power Inverter System for New Energy Scenarios" project had a period-end balance of **CNY 5,897,853.46** and is expected to be completed by **June 30, 2026**[618](index=618&type=chunk) [Changes in Consolidation Scope](index=145&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The consolidation scope was expanded during the period to include the newly established subsidiary, Guangzhou Guanrui Shuzhi New Energy Technology Co, Ltd - In 2025, the consolidation scope was expanded to include the newly established subsidiary **Guangzhou Guanrui Shuzhi New Energy Technology Co, Ltd**[622](index=622&type=chunk) - There were **no transactions or events leading to a loss of control** over subsidiaries during the period[622](index=622&type=chunk) [Interests in Other Entities](index=146&type=section&id=X.%20Interests%20in%20Other%20Entities) The company holds interests in 24 subsidiaries, primarily acquired through business combinations or direct investment, and several associates accounted for using the equity method - The company has **24 subsidiaries**, primarily acquired through business combinations under non-common control or established through investment[199](index=199&type=chunk)[625](index=625&type=chunk) - The company uses the equity method to account for its investment in associates such as **Luoyang Gucheng Power Technology Co, Ltd**, in which it holds a **49.00%** stake[637](index=637&type=chunk) Key Financial Information of Major Associates (Luoyang Gucheng Power Technology Co, Ltd) | Item | Period-end Balance / Current Period Amount (CNY) | Beginning Balance / Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Assets | 348,000,153.65 | 348,015,153.65 | | Total Liabilities | 102,000.00 | 87,000.00 | | Equity Attributable to Parent Company Shareholders | 347,898,153.65 | 347,928,153.65 | | Share of Net Assets based on Ownership Percentage | 220,450,095.29 | 220,464,795.29 | | Net Profit | -30,000.00 | - | [Government Subsidies](index=150&type=section&id=XI.%20Government%20Subsidies) The company recognized government subsidies receivable of CNY 7.78 million and had a deferred income balance of CNY 38.23 million related to subsidies at period-end - At the end of the reporting period, government subsidies recognized based on receivable amounts totaled **CNY 7,777,318.47**, primarily for electricity subsidies and charging station operation/construction subsidies[644](index=644&type=chunk)[645](index=645&type=chunk) Liability Items Involving Government Subsidies | Account | Beginning Balance (CNY) | New Subsidies (CNY) | Included in Non-operating Income (CNY) | Transferred to Other Income (CNY) | Period-end Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 44,443,766.65 | 270,000.00 | 2,327,850.26 | 4,153,739.70 | 38,232,176.69 | Asset-related | Government Subsidies Included in Current Profit and Loss | Account | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Other Income | 12,769,808.40 | 12,876,729.85 | | Non-operating Income | 2,327,850.26 | 0.00 | [Risks Related to Financial Instruments](index=150&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages market, credit, and liquidity risks associated with its financial instruments, with no significant exposure to foreign exchange or liquidity risks - The company's main financial instruments include **cash, notes receivable, accounts receivable, equity investments, borrowings, and accounts payable**[651](index=651&type=chunk) - The company's exposure to **foreign exchange risk is not significant**[655](index=655&type=chunk) - **17.55%** of the company's accounts receivable (including contract assets) are from the top five customers, with **no significant concentration of credit risk**[665](index=665&type=chunk) - The company has **sufficient funds and no liquidity risk**[667](index=667&type=chunk) [Fair Value Disclosure](index=153&type=section&id=XIII.%20Fair%20Value%20Disclosure) Assets measured at fair value totaled CNY 72.94 million, consisting of other equity investments and receivables financing, both classified as Level 3 fair value measurements Fair Value of Assets and Liabilities at Period-end | Item | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | | Other Equity Instrument Investments | 56,693,178.26 | 56,693,178.26 | | Receivables Financing | 16,251,154.59 | 16,251,154.59 | | **Total Assets at Fair Value** | **72,944,332.85** | **72,944,332.85** | - Receivables financing consists of bank acceptance bills with short remaining maturities, for which the **book value approximates fair value**[672](index=672&type=chunk) - The company used the **asset-based approach** to assess the fair value of remaining equity after disposing of a subsidiary[672](index=672&type=chunk) - The book value of financial assets and liabilities not measured at fair value **approximates their fair value**[677](index=677&type=chunk) [Related Parties and Transactions](index=155&type=section&id=XIV.%20Related%20Parties%20and%20Transactions) The company's parent is Luoyang Gudu Asset Management, and it engaged in minor transactions with associates and received guarantees from its parent company - The company's parent is **Luoyang Gudu Asset Management Co, Ltd**, and the ultimate controlling party is the **People's Government of Laocheng District, Luoyang City**[678](index=678&type=chunk)[679](index=679&type=chunk) Related-Party Transactions for Goods and Services | Related Party | Transaction Content | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | :--- | | Luoyang Gudu Asset Management Co, Ltd | Guarantee fees | 0.00 | 845,213.09 | | Luoyang Gudu Development Group Co, Ltd | Guarantee fees | 0.00 | 127,358.48 | | Henan Gudu Cultural Tourism Industry Development Co, Ltd | Station fees | 221,238.94 | 221,238.94 | | Luoyang Gudu Qingchuang Operation Management Co, Ltd | HVAC, utilities, etc | 128,041.92 | 99,122.91 | | Henan Gudu Cultural Tourism Industry Development Co, Ltd | Water fees | 1,826.79 | 0.00 | | Nanjing Lishui New Energy Development Co, Ltd | Providing services/selling goods | 5,947.79 | 456,922.04 | Related-Party Leases (Company as Lessee) | Lessor Name | Leased Asset Type | Current Period Rent Expense (CNY) | Prior Period Rent Expense (CNY) | | :--- | :--- | :--- | :--- | | Luoyang Gudu Qingchuang Operation Management Co, Ltd | Buildings | 516,356.40 | 516,356.40 | Related-Party Guarantees (Company as Guaranteed Party) | Guarantor | Guarantee Amount (CNY) | Start Date | End Date | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Luoyang Gudu Asset Management Co, Ltd | 60,000,000.00 | 2023-01-04 | 2026-01-03 | No | | Luoyang Gudu Asset Management Co, Ltd | 30,000,000.00 | 2023-03-10 | 2028-03-10 | No | | Luoyang Gudu Asset Management Co, Ltd | 50,000,000.00 | 2023-03-10 | 2031-03-10 | No | [Commitments and Contingencies](index=158&type=section&id=XV.%20Commitments%20and%20Contingencies) As of June 30, 2025, the company had no significant commitments or material contingencies to disclose - As of June 30, 2025, the company had **no significant commitments** to disclose[702](index=702&type=chunk) - The company has **no material contingencies** to disclose[703](index=703&type=chunk) [Other Significant Matters](index=158&type=section&id=XVI.%20Other%20Significant%20Matters) The company has an outstanding receivable of CNY 44.67 million from an equity transfer and has prepaid CNY 200 million for an asset acquisition - The company transferred an 85% equity stake in Liaoyuan Hongtu and Huzhou Jinguan for a total consideration of **CNY 699.53 million**, with **CNY 44.67 million** remaining outstanding as of June 30, 2025[704](index=704&type=chunk) - Subsidiary Zhongyu Jinguan Operation Management (Luoyang) Co, Ltd is acquiring the Gudu AI Technology Industrial Community project for a provisional price of **CNY 253.55 million** and has already paid **CNY 200 million**[705](index=705&type=chunk)[706](index=706&type=chunk) - The acquisition agreement stipulates that the seller must complete construction and pass inspection by **September 30, 2027**, or face penalties for breach of contract[706](index=706&type=chunk) [Notes to Parent Company Financial Statements](index=159&type=section&id=XVII.%20Notes%20to%20Parent%20Company%20Financial%20Statements) This section provides detailed notes on key items in the parent company's financial statements, including receivables, investments, and revenue Parent Company Accounts Receivable and Bad Debt Provision | Item | Period-end Book Value (CNY) | Beginning Book Value (CNY) | | :--- | :--- | :--- | | Accounts Receivable | 292,919,436.81 | 372,057,657.74 | | Total Bad Debt Provision | 21,649,110.41 | 26,442,861.29 | Parent Company Other Receivables and Bad Debt Provision | Item | Period-end Book Value (CNY) | Beginning Book Value (CNY) | | :--- | :--- | :--- | | Other Receivables | 405,124,596.74 | 377,634,437.85 | | Total Bad Debt Provision | 60,895,295.43 | 60,155,793.50 | Parent Company Long-term Equity Investments | Item | Period-end Book Value (CNY) | Beginning Book Value (CNY) | | :--- | :--- | :--- | | Investments in Subsidiaries | 440,745,602.48 | 440,147,437.42 | | **Total** | **440,745,602.48** | **440,147,437.42** | Parent Company Operating Revenue and Costs | Item | Current Period Revenue (CNY) | Current Period Costs (CNY) | Prior Period Revenue (CNY) | Prior Period Costs (CNY) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 241,687,913.96 | 190,717,600.53 | 301,325,818.06 | 224,387,775.35 | | Other Business | 10,272,271.71 | 9,059,821.48 | 15,453,144.07 | 12,845,159.85 | | **Total** | **251,960,185.67** | **199,777,422.01** | **316,778,962.13** | **237,232,935.20** | [Supplementary Information](index=166&type=section&id=XVIII.%20Supplementary%20Information) This section provides supplementary details on non-recurring profit and loss, return on equity, and earnings per share Details of Current Non-recurring Profit and Loss | Item | Amount (CNY) | Description | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 28,427.01 | Loss on disposal and write-off of fixed assets | | Government Subsidies Included in Current Profit/Loss | 15,090,171.61 | Income-related subsidies and asset-related subsidies amortized over the asset's useful life | | Reversal of Impairment Provisions for Individually Tested Receivables | 3,473,654.37 | - | | Other Non-operating Income and Expenses | -887,494.10 | - | | Other Items Meeting the Definition of Non-recurring Profit/Loss | 46,196.81 | - | | Less: Income Tax Impact | 1,631,298.57 | - | | Minority Interest Impact (After Tax) | 2,918.05 | - | | **Total** | **16,116,739.08** | **--** | Return on Equity and Earnings Per Share | Profit for the Period | Weighted Average Return on Equity | Earnings Per Share Basic EPS (CNY/Share) | Diluted EPS (CNY/Share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | -1.88% | -0.0517 | -0.0517 | | Net Profit Attributable to Common Shareholders (Excluding Non-recurring Items) | -2.59% | -0.0712 | -0.0712 |