[Important Notes, Table of Contents and Definitions](index=2&type=section&id=Part%20I%20Important%20Notes%2C%20Table%20of%20Contents%20and%20Definitions) This section provides essential disclaimers, the report's table of contents, and definitions of key terms used throughout the report [Important Notes](index=2&type=section&id=Important%20Notes) The Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no plans for cash dividends, bonus shares, or capital increase from reserves - The company's Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the report's content[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report's table of contents lists eight main chapters covering company profile, management discussion, corporate governance, significant events, share changes, bond information, and financial reports - The report comprises eight main chapters, covering key information on the company's operations, financials, and governance[6](index=6&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms, including company entities (e.g., LG Chem, CATL), core products (lithium battery separators, wet/dry/coated separators), and manufacturing processes, ensuring reader comprehension - Key entities such as the company, subsidiaries, and major clients (e.g., LG Chem, CATL, BYD) are clearly defined[11](index=11&type=chunk) - Core products like lithium-ion battery separators, wet/dry/coated separators, and their manufacturing processes are detailed[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=8&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, and a summary of its key financial performance and indicators for the reporting period [Company Profile](index=8&type=section&id=I.%20Company%20Profile) Shenzhen Senior Technology Material Co., Ltd. (stock code: 300568) is listed on the Shenzhen Stock Exchange, with Chen Xiufeng as its legal representative - The company's stock abbreviation is “Senior Technology Material,” stock code “**300568**,” listed on the Shenzhen Stock Exchange[16](index=16&type=chunk) - The company's legal representative is Chen Xiufeng[16](index=16&type=chunk) [Contact Information](index=8&type=section&id=II.%20Contact%20Information) Contact details for Board Secretary Li Sheng and Securities Affairs Representative Zhang Chensheng are provided for investor communication - The Board Secretary is Li Sheng, and the Securities Affairs Representative is Zhang Chensheng, with the contact address at North Tianyuan Road, Gongming Office, Guangming District, Shenzhen, Guangdong Province[17](index=17&type=chunk) [Other Information](index=8&type=section&id=III.%20Other%20Information) The company's registered address, office address, website, email, information disclosure, and registration changes remained unchanged during the reporting period - The company's contact information, information disclosure and storage locations, and registration status remained unchanged during the reporting period; specific details can be found in the 2024 annual report[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=9&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Revenue increased by 14.78%, but net profit attributable to shareholders decreased by 58.53%, and non-recurring net profit by 75.41%, while net cash flow from operating activities significantly grew by 132.41% 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (RMB) | Prior Year Same Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,898,047,332.51 | 1,653,585,596.11 | 14.78% | | Net Profit Attributable to Shareholders of Listed Company | 100,435,330.38 | 242,162,761.38 | -58.53% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 43,564,875.21 | 177,143,428.43 | -75.41% | | Net Cash Flow from Operating Activities | 536,196,806.90 | 230,706,933.34 | 132.41% | | Basic Earnings Per Share (RMB/share) | 0.08 | 0.18 | -55.56% | | Diluted Earnings Per Share (RMB/share) | 0.08 | 0.18 | -55.56% | | Weighted Average Return on Net Assets | 1.01% | 2.52% | -1.51% | | **End of Period Indicator** | **End of Current Reporting Period (RMB)** | **End of Prior Year (RMB)** | **Change from End of Prior Year to End of Current Reporting Period** | | Total Assets | 24,791,234,655.75 | 23,145,534,457.87 | 7.11% | | Net Assets Attributable to Shareholders of Listed Company | 9,838,540,822.91 | 9,799,137,712.80 | 0.40% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=9&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the period - The company reported no differences in accounting data under domestic and overseas accounting standards during the reporting period[22](index=22&type=chunk)[23](index=23&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=9&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) Total non-recurring gains and losses amounted to RMB 56,870,455.17, primarily from government grants, fair value changes, and disposal of non-current assets 2025 Semi-Annual Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 12,193,585.70 | | Government Grants Included in Current Profit and Loss (Excluding those closely related to the company's normal business operations and continuously enjoyed in accordance with national policies) | 61,703,003.50 | | Gains and Losses from Changes in Fair Value and Disposal of Financial Assets and Liabilities | 37,333,458.53 | | One-off Expenses Incurred by Enterprises Due to Discontinuation of Related Business Activities | -6,352,361.18 | | Other Non-Operating Income and Expenses | -6,422,155.15 | | Less: Income Tax Impact | 12,911,140.33 | | Impact on Minority Interests (After Tax) | 4,286,764.50 | | **Total** | **56,870,455.17** | [Management Discussion and Analysis](index=11&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's main business operations, core competencies, financial performance, investment activities, and risk management strategies [Main Business Activities During the Reporting Period](index=11&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company specializes in R&D, production, and sales of lithium-ion battery separators, holding a leading position in the global market with core manufacturing technologies - The company is a national high-tech enterprise specializing in the R&D, production, and sales of lithium-ion battery separators[28](index=28&type=chunk) - Main products include wet separators, dry separators, coated separators, and various functional films, applied in new energy vehicles, energy storage power stations, 3C digital products, and other fields[29](index=29&type=chunk) - The growth in new energy vehicle sales in 2024 drove demand for power batteries, with energy storage batteries gradually becoming the second largest source of separator demand[30](index=30&type=chunk) - Chinese enterprises account for over **91% of the global separator market share**, and the company holds a leading position in the industry, being one of the mainstream suppliers of global mid-to-high-end lithium-ion battery separators[40](index=40&type=chunk) [(I) Company's Main Business Overview](index=11&type=section&id=(I)%20Company's%20Main%20Business%20Overview) The company is a national high-tech enterprise focused on R&D, production, and sales of lithium-ion battery separators, contributing to global green energy - The company is a national high-tech enterprise specializing in the R&D, production, and sales of lithium-ion battery separators[28](index=28&type=chunk) - The company is the lead unit and deputy chairman of the drafting committee for national standards related to lithium-ion battery separators[28](index=28&type=chunk) [(II) Introduction to Company's Main Products](index=11&type=section&id=(II)%20Introduction%20to%20Company's%20Main%20Products) The company produces diverse wet, dry, coated, and functional separators with various specifications, widely used in electric vehicles, energy storage, and digital products Company's Main Product Series and Uses | Product Series | Main Specifications | Product Uses | | :--- | :--- | :--- | | Dry Separator | 3-40μm | Used in electric vehicles, electric bicycles, power tools, digital products, energy storage batteries, and other fields | | Wet Separator | 3-25μm | Used in electric vehicles, power tools, high-end digital products, and other battery fields | | Coated Separator | 5-25μm | Used in power, digital, and energy storage battery fields with higher safety requirements | [(III) Products and Application Areas](index=11&type=section&id=(III)%20Products%20and%20Application%20Areas) Separators are primarily used in power lithium-ion batteries (new energy vehicles, power tools) and energy storage batteries, with growing demand from consumer electronics and emerging sodium-ion battery technologies - The largest demand market for separators is power lithium-ion batteries, primarily used in electric vehicles and electric bicycles[30](index=30&type=chunk) - Demand for energy storage batteries is gradually increasing, becoming the second largest source of separator demand[30](index=30&type=chunk) - Demand for consumer lithium batteries (smartphones, smart wearables, etc.) is steadily growing, and technological breakthroughs in sodium-ion batteries will expand separator application areas[30](index=30&type=chunk) [(IV) Upstream and Downstream Industry Chains of Main Products](index=12&type=section&id=(IV)%20Upstream%20and%20Downstream%20Industry%20Chains%20of%20Main%20Products) The company operates in the midstream of the battery separator industry, with upstream chemical suppliers and downstream applications in new energy vehicles, consumer electronics, and energy storage - The company operates in the battery separator industry, positioned in the core midstream of the industry chain[32](index=32&type=chunk) - Upstream industries primarily include chemical sectors such as polypropylene (PP), polyethylene (PE), and ceramic powder[34](index=34&type=chunk) - Downstream terminal application areas are dominated by the three sunrise industries of new energy, new materials, and new energy vehicles, providing vast market space for the separator industry[34](index=34&type=chunk)[35](index=35&type=chunk) [(V) Company's Main Business Model](index=13&type=section&id=(V)%20Company's%20Main%20Business%20Model) The company employs a "conceive, pre-research, research, develop, apply" R&D model, primarily using "production-to-order" with some inventory, and a direct sales approach offering customized products and full technical services - The R&D model follows a technological innovation path of “conceiving a batch, pre-researching a batch, researching a batch, developing a batch, and applying a batch”[36](index=36&type=chunk) - The production model primarily operates on a “production-to-order” basis, supplemented by inventory based on historical sales data[37](index=37&type=chunk) - The sales model is primarily direct sales, acquiring orders through internet promotion, client negotiations, exhibitions, and providing customized production and full technical services to strategic clients[38](index=38&type=chunk) [(VI) Industry Overview](index=13&type=section&id=(VI)%20Industry%20Overview) The lithium-ion battery separator industry is a critical material sector in new energy, with Chinese enterprises dominating the global market, and the company leading with comprehensive dry, wet, and coated separator technologies - The lithium-ion battery separator industry is a key material sector prioritized for development in new energy, new materials, and new energy vehicles[39](index=39&type=chunk) - In 2024, Chinese enterprises accounted for over **91% of the global separator market share**, and are expected to provide **48.5 billion square meters** of separator shipments by 2030[40](index=40&type=chunk) - The company fully masters dry, wet, and coated separator manufacturing technologies, possesses independent intellectual property rights, and its overall technological level is in a leading position in the global separator industry[41](index=41&type=chunk) [Core Competitiveness Analysis](index=14&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core competitiveness spans R&D, market presence, comprehensive solutions, product leadership, brand, and management, supported by extensive patents and strong client relationships - The company has established industry-leading R&D platforms and teams, possessing multiple national-level R&D institutions and industry-university-research collaborations[42](index=42&type=chunk)[44](index=44&type=chunk) - As of June 30, 2025, the company and its controlled subsidiaries have applied for **903 patents**, obtained **434 valid patents**, including **192 authorized invention patents**[47](index=47&type=chunk) - The company's products are supplied in bulk to renowned domestic and international lithium-ion battery manufacturers such as CATL, BYD, LG Chem, and Samsung SDI[48](index=48&type=chunk) - The company possesses a “product + service” integrated solution advantage, including raw material formula screening, micropore preparation technology, independent design of complete sets of equipment, rapid customization, and full-process technical services[49](index=49&type=chunk) - The company's fifth-generation super wet-process line boasts a single-line capacity exceeding **8 meters in width** and **250 million square meters**, setting new industry standards for production efficiency and intelligence[55](index=55&type=chunk) - The company's products have received multiple national and provincial awards, such as the “National Science and Technology Progress Award First Prize,” establishing the advantageous brand position of “SENIOR Senior Technology Material”[59](index=59&type=chunk)[60](index=60&type=chunk) - The company has an experienced management team, maintaining team stability through performance management and equity incentives, and has established a comprehensive quality management system[61](index=61&type=chunk)[62](index=62&type=chunk) [Main Business Analysis](index=18&type=section&id=III.%20Main%20Business%20Analysis) Operating revenue increased by 14.78%, but net profit attributable to parent and non-recurring net profit significantly declined, while financial expenses surged by 384.92% due to increased interest and exchange losses Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (RMB) | Prior Year Same Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,898,047,332.51 | 1,653,585,596.11 | 14.78% | | | Operating Cost | 1,421,744,810.80 | 1,132,305,144.96 | 25.56% | | | Financial Expenses | 120,533,566.86 | 24,856,346.00 | 384.92% | Primarily due to increased interest expenses and exchange losses | | Income Tax Expense | -28,032,951.07 | 39,186,691.67 | -171.54% | Primarily due to a decrease in total profit | | Net Cash Flow from Operating Activities | 536,196,806.90 | 230,706,933.34 | 132.41% | Primarily due to an increase in tax refunds received | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue | Operating Cost | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lithium-ion Battery Separator New Energy Materials | 1,880,635,925.25 | 1,413,452,571.16 | 24.84% | 15.43% | 26.30% | -6.47% | | Overseas Sales Revenue | 245,888,400.18 | 164,101,841.83 | 33.26% | 8.49% | 34.54% | -12.92% | | Domestic Sales Revenue | 1,652,158,932.33 | 1,257,642,968.97 | 23.88% | 15.78% | 24.48% | -5.32% | [Non-Main Business Analysis](index=19&type=section&id=IV.%20Non-Main%20Business%20Analysis) Non-main business activities significantly contributed to total profit, primarily from government grants (70.87%) and fair value changes (28.70%), though these gains are not sustainable, while asset impairment losses had a negative impact Impact of Non-Main Business on Total Profit | Item | Amount (RMB) | Percentage of Total Profit | Is it Sustainable | | :--- | :--- | :--- | :--- | | Investment Income | 10,536,691.22 | 11.28% | No | | Gains and Losses from Changes in Fair Value | 26,796,767.31 | 28.70% | No | | Asset Impairment | -27,406,946.88 | -29.35% | No | | Other Income | 66,181,398.64 | 70.87% | No | [Analysis of Assets and Liabilities](index=19&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets increased by 7.11%, with significant growth in fixed assets and construction in progress, indicating continuous capacity expansion, while both short-term and long-term borrowings also increased Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Percentage of Total Assets | Amount at End of Prior Year (RMB) | Percentage of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 3,186,570,780.68 | 12.85% | 3,677,885,246.57 | 15.89% | -3.04% | | Fixed Assets | 9,018,752,293.18 | 36.38% | 7,332,214,090.98 | 31.68% | 4.70% | | Construction in Progress | 6,338,405,555.42 | 25.57% | 5,232,986,069.55 | 22.61% | 2.96% | | Long-Term Equity Investments | 8,974,726.67 | 0.04% | 49,588,958.04 | 0.21% | -0.17% | | Short-Term Borrowings | 3,810,112,568.46 | 15.37% | 3,261,959,548.37 | 14.09% | 1.28% | | Long-Term Borrowings | 6,129,226,976.91 | 24.72% | 5,797,517,412.61 | 25.05% | -0.33% | - As of the end of the reporting period, the company's total assets were **RMB 24,791,234,655.75**, an increase of **7.11%** from the end of the previous year[21](index=21&type=chunk) Assets and Liabilities Measured at Fair Value | Item | End of Period Amount (RMB) | Beginning of Period Amount (RMB) | Gains and Losses from Fair Value Changes in Current Period (RMB) | | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 424,535,259.42 | 299,366,693.18 | 25,267,221.79 | | Other Non-Current Financial Assets | 78,511,403.04 | 76,981,857.52 | 1,529,545.52 | | Financing Receivables | 181,877,240.81 | 292,317,631.51 | 0.00 | | Financial Liabilities | 0.00 | 0.00 | 0.00 | Asset Rights Restricted as of the End of the Reporting Period | Item | Carrying Amount (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,079,859,494.08 | Time deposits, margin deposits | | Fixed Assets | 4,135,647,495.98 | Mortgage for loans | | Construction in Progress | 1,086,282,521.57 | Mortgage for loans | | Intangible Assets | 459,384,495.34 | Mortgage for loans | | Equity in subsidiaries held | 632,296,865.44 | Bank loans obtained by pledging equity in subsidiaries | | **Total** | **7,609,352,834.05** | | [Investment Analysis](index=21&type=section&id=VI.%20Investment%20Analysis) Investment increased significantly by 1123.94%, primarily for high-performance lithium-ion battery separator projects in Malaysia and Sweden, with 85.85% of raised funds utilized and derivative investments showing a period-end floating loss of RMB 16.7644 million - Investment during the reporting period was **RMB 3,401,904,316.24**, a year-on-year increase of **1,123.94%**[75](index=75&type=chunk) Significant Non-Equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Industry Involved in Investment Project | Cumulative Actual Investment Amount as of End of Reporting Period (RMB) | Project Progress | | :--- | :--- | :--- | :--- | :--- | | Phase II of 360 Million Square Meters/Year High-Performance Ultra-Thin Lithium Battery Separator Project | Self-built | Lithium-ion Battery Separator Industry | 497,121,811.27 | 96.28% | | High-Performance Lithium-ion Battery Wet Separator and Coated Separator (Phase I, II, III) Project | Self-built | Lithium-ion Battery Separator Industry | 4,901,143,015.76 | 51.29% | | Sweden Wet Separator Production Line and Coated Production Line | Self-built | Lithium-ion Battery Separator Industry | 2,029,500,233.27 | 84.95% | | High-Performance Lithium-ion Battery Wet Separator and Coated Separator Malaysia Project | Self-built | Lithium-ion Battery Separator Industry | 2,411,081,445.74 | 50.74% | | High-Performance Ceramic and Polymer Separator US Project | Self-built | Lithium-ion Battery Separator Industry | 432,764,140.12 | 74.20% | - As of June 30, 2025, the company has cumulatively used **RMB 2,986,433,628.75** of raised funds, with a utilization rate of **85.85%** at the end of the reporting period[81](index=81&type=chunk) - On February 20, 2025, the company approved a proposal to allocate **RMB 2.08 billion** of unused raised funds from the 2021 private placement of A-shares to the new “High-Performance Lithium-ion Battery Wet and Coated Separator Malaysia Project”[86](index=86&type=chunk)[89](index=89&type=chunk) Derivative Investment Situation | Type of Derivative Investment | End of Period Amount (RMB 10,000) | Gains and Losses from Fair Value Changes in Current Period (RMB 10,000) | Proportion of End of Period Investment Amount to Company's Net Assets at End of Reporting Period | | :--- | :--- | :--- | :--- | | Purchased Put Participatory Forward | 6,796.19 | -730.81 | 0.69% | | Purchased Put Participatory Forward | 6,832.97 | -694.03 | 0.69% | | Purchased Call Participatory Forward | 577.55 | -140.20 | 0.06% | | **Total** | **14,206.71** | **-1,676.44** | **1.44%** | [Significant Asset and Equity Sales](index=27&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[97](index=97&type=chunk) - The company did not sell significant equity during the reporting period[98](index=98&type=chunk) [Analysis of Major Holding and Invested Companies](index=27&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Invested%20Companies) Major subsidiaries, including Hefei Senior, Changzhou Senior, Jiangsu Senior, and Senior Technology Material (Nantong), primarily engage in R&D, production, and sales of lithium-ion battery separators, with most being profitable except for Jiangsu Senior Major Subsidiaries and Invested Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (RMB 10,000) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | | Hefei Senior New Energy Material Co., Ltd. | Subsidiary | R&D, production, sales, and services of lithium-ion battery separators and various functional films | 65,000 | 52,483,645.54 | | Changzhou Senior New Energy Material Co., Ltd. | Subsidiary | R&D, production, sales, and services of lithium-ion battery separators and various functional films | 30,000 | 61,690,208.35 | | Jiangsu Senior New Material Technology Co., Ltd. | Subsidiary | R&D, production, sales, and services of lithium-ion battery separators and various functional films | 30,000 | -15,511,825.12 | | Senior Technology Material (Nantong) New Material Technology Co., Ltd. | Subsidiary | R&D, production, sales, and services of lithium-ion battery separators and various functional films | 100,000 | 60,315,694.53 | [Structured Entities Controlled by the Company](index=28&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[101](index=101&type=chunk) [Risks Faced by the Company and Countermeasures](index=28&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks including price declines, customer concentration, performance decline, rising raw material costs, business and product singularity, accounts receivable impairment, exchange rate fluctuations, technological advancements, core technology leakage, and policy changes, addressed by strengthening client relationships, expanding overseas markets, strategic technology布局, capital market refinancing, and accelerating AI applications - The company faces risks such as product price declines, customer concentration, performance downturns, rising raw material costs, business and product singularity, accounts receivable bad debts, exchange rate fluctuations, technological advancements and product substitution, core technology leakage and talent loss, and changes in end-market policies[109](index=109&type=chunk)[111](index=111&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) - The company plans to deepen core client relationships, focus on strategic upgrades in overseas markets, and actively promote capacity expansion in Foshan (Guangdong), Sweden, and Malaysia to further increase its overseas market share[102](index=102&type=chunk)[103](index=103&type=chunk) - The company is proactively strategizing in solid-state battery and semiconductor material businesses, collaborating with Ruigu New Material to develop solid electrolyte membranes, and signing a strategic cooperation agreement with RS Technologies Co., Ltd., positioning semiconductor materials as a second growth curve[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk) - The company plans to publicly issue H-shares and list in Hong Kong, providing financial assurance for expanding its overseas network, R&D in solid-state batteries and semiconductor materials, among other initiatives[107](index=107&type=chunk) - The company is accelerating the development of AI application businesses, utilizing large AI models for multi-dimensional analysis of operational data to enhance new product R&D efficiency, equipment defect detection efficiency, and product quality[108](index=108&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=32&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) The company conducted on-site research and online communication activities with institutional and individual investors on February 12 and May 13, 2025, discussing its operational status - On February 12, 2025, the company hosted institutional investors for on-site research, discussing the company's operational status[122](index=122&type=chunk) - On May 13, 2025, the company conducted online communication with institutional and individual investors via a network platform, discussing the company's operational status[122](index=122&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=32&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company formulated and approved its "Market Value Management System" in February 2025 but did not disclose a valuation enhancement plan - The company formulated and approved the “Market Value Management System” in February 2025[123](index=123&type=chunk) - The company did not disclose a valuation enhancement plan[123](index=123&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=32&type=section&id=XIII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) The company did not disclose an announcement regarding its "Quality and Return Dual Improvement" action plan - The company did not disclose an announcement regarding the “Quality and Return Dual Improvement” action plan[124](index=124&type=chunk) [Corporate Governance, Environment and Society](index=33&type=section&id=Part%20IV%20Corporate%20Governance%2C%20Environment%20and%20Society) This section details changes in the company's directors, supervisors, and senior management, profit distribution plans, implementation of incentive schemes, environmental information disclosure, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=33&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Liu Rui resigned as director and deputy general manager due to work reassignment, and Xu Liqiang was appointed as an employee director Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Liu Rui | Director, Deputy General Manager | Resignation | June 19, 2025 | Work reassignment | | Xu Liqiang | Employee Director | Appointment | June 19, 2025 | Work reassignment | [Profit Distribution and Capital Reserve Conversion to Share Capital in Current Reporting Period](index=33&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[127](index=127&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=33&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company adjusted its 2022 and 2023 restricted stock incentive plans, repurchasing and canceling 1,065,331 shares from the 2022 plan and 1.405 million shares from the 2023 plan due to employee departures and unmet performance targets - In the 2022 restricted stock incentive plan, a total of **54,892 shares** and **47,999 shares** of restricted stock were repurchased and canceled due to the departure of incentive recipients[128](index=128&type=chunk) - In the 2022 restricted stock incentive plan, **962,440 shares** of restricted stock were repurchased and canceled due to the company's failure to meet performance targets[129](index=129&type=chunk) - In the 2023 restricted stock incentive plan, **1.405 million shares** of restricted stock were forfeited due to the company's failure to meet performance targets and the departure of incentive recipients[130](index=130&type=chunk) [Environmental Information Disclosure](index=34&type=section&id=IV.%20Environmental%20Information%20Disclosure) The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[131](index=131&type=chunk) [Social Responsibility](index=34&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities through timely and accurate information disclosure, prioritizing investor returns, adhering to a people-oriented talent philosophy, ensuring employee well-being, and operating legally with a sound safety management system - The company strictly adheres to laws and regulations for information disclosure and values reasonable returns for investors[131](index=131&type=chunk) - The company adheres to a people-oriented approach, respects and protects employee rights, prioritizes employee health and safety, and provides training to foster development[131](index=131&type=chunk) - The company operates legally, actively pays taxes, creates employment opportunities, and supports local economic development[132](index=132&type=chunk) - The company has established a sound safety management system and dedicated management departments, with no major safety production accidents occurring in the first half of 2025[132](index=132&type=chunk) [Significant Events](index=35&type=section&id=Part%20V%20Significant%20Events) This section covers the fulfillment of commitments, non-operating fund occupation, illegal external guarantees, auditor appointments, non-standard audit reports, bankruptcy reorganization, litigation, penalties, integrity status, significant related party transactions, and major contracts [Fulfillment of Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company](index=35&type=section&id=I.%20Fulfillment%20of%20Commitments%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company) Commitments made by the controlling shareholder and actual controllers, Chen Xiufeng and Chen Liang, regarding share reduction, repurchase, compensation, and avoidance of horizontal competition, are being fulfilled as planned - The share reduction commitments, share repurchase commitments, compensation liability commitments, and commitments to avoid horizontal competition made by the controlling shareholder and actual controllers, Chen Xiufeng and Chen Liang, are all being fulfilled as planned[134](index=134&type=chunk)[135](index=135&type=chunk) - There were no overdue unfulfilled commitments during the reporting period[135](index=135&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=36&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) During the reporting period, there was no non-operating occupation of funds by the controlling shareholder or other related parties - The company reported no non-operating occupation of funds by the controlling shareholder or other related parties of the listed company during the reporting period[136](index=136&type=chunk) [Illegal External Guarantees](index=36&type=section&id=III.%20Illegal%20External%20Guarantees) The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[137](index=137&type=chunk) [Appointment and Dismissal of Accounting Firms](index=36&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[138](index=138&type=chunk) [Explanation of "Non-Standard Audit Report" by Board of Directors, Supervisory Committee, and Audit Committee](index=36&type=section&id=V.%20Explanation%20of%20%22Non-Standard%20Audit%20Report%22%20by%20Board%20of%20Directors%2C%20Supervisory%20Committee%2C%20and%20Audit%20Committee) The company did not have a non-standard audit report during the reporting period - The company did not have a non-standard audit report during the reporting period[139](index=139&type=chunk) [Explanation by Board of Directors Regarding "Non-Standard Audit Report" of Previous Year](index=37&type=section&id=VI.%20Explanation%20by%20Board%20of%20Directors%20Regarding%20%22Non-Standard%20Audit%20Report%22%20of%20Previous%20Year) The company did not have a non-standard audit report for the previous year during the reporting period - The company did not have a non-standard audit report for the previous year during the reporting period[140](index=140&type=chunk) [Bankruptcy Reorganization Matters](index=37&type=section&id=VII.%20Bankruptcy%20Reorganization%20Matters) The company did not experience any bankruptcy reorganization matters during the reporting period - The company did not experience any bankruptcy reorganization matters during the reporting period[140](index=140&type=chunk) [Litigation Matters](index=37&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters during the current reporting period[141](index=141&type=chunk) [Penalties and Rectification](index=37&type=section&id=IX.%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[141](index=141&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=37&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company, its controlling shareholder, and actual controller maintained good integrity during the reporting period, with no applicable adverse situations - The company, its controlling shareholder, and actual controller maintained good integrity[142](index=142&type=chunk) [Significant Related Party Transactions](index=37&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company had no significant related party transactions, including those related to daily operations, asset/equity acquisitions/disposals, joint external investments, or related party debts/credits, nor any financial business with affiliated finance companies - The company had no related party transactions related to daily operations during the reporting period[142](index=142&type=chunk) - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[143](index=143&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[144](index=144&type=chunk) - The company had no related party debts or credits during the reporting period[145](index=145&type=chunk) - There were no deposits, loans, credit lines, or other financial businesses between the company and affiliated finance companies[146](index=146&type=chunk)[147](index=147&type=chunk) [Major Contracts and Their Performance](index=38&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) The company had no trust or contracting arrangements but engaged in multiple property lease contracts, both as lessor and lessee, and provided significant guarantees for subsidiaries, totaling 62.27% of its net assets - The company had no trust or contracting arrangements during the reporting period[149](index=149&type=chunk)[150](index=150&type=chunk) - The company has multiple property lease contracts, including as lessor and lessee, involving Ruishida New Material, Europe Senior, Nantong Ximeishi Plastics, Shenzhen Dipu Material Technology, CHIPT CHARLOTTE LINCOLN WEST, L.L.C., Shenzhen Diantong Investment Development, Shenzhen Kexin Hydrogen Material, and others[151](index=151&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk) - The total amount of guarantees provided by the company to its subsidiaries accounted for **62.27%** of the company's net assets[169](index=169&type=chunk) - The outstanding debt guarantees provided for guaranteed entities with an asset-liability ratio exceeding **70%** amounted to **RMB 4,201,685,100**[169](index=169&type=chunk) [Explanation of Other Significant Matters](index=53&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[171](index=171&type=chunk) [Significant Matters of Company Subsidiaries](index=53&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company's subsidiaries had no significant matters during the reporting period - The company's subsidiaries had no significant matters during the reporting period[172](index=172&type=chunk) [Share Changes and Shareholder Information](index=54&type=section&id=Part%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, securities issuance, shareholder numbers, top ten shareholders, and changes in holdings by directors, supervisors, and senior management [Share Changes](index=54&type=section&id=I.%20Share%20Changes) The company's total share capital decreased due to the repurchase and cancellation of 54,892 restricted shares from the 2022 incentive plan, while 28,435,840 shares were repurchased through centralized bidding Share Changes | Item | Number Before This Change (shares) | Increase/Decrease in This Change (shares) | Number After This Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 129,126,866 | -96,340 | 129,030,526 | | II. Unrestricted Shares | 1,213,830,104 | 41,448 | 1,213,871,552 | | **III. Total Shares** | **1,342,956,970** | **-54,892** | **1,342,902,078** | - During the reporting period, the company repurchased and canceled **54,892 restricted shares** due to the departure of **22 incentive recipients** from the 2022 restricted stock incentive plan[175](index=175&type=chunk) - The company cumulatively repurchased **28,435,840 shares** through centralized bidding, accounting for **2.12%** of the company's current total share capital, with a total transaction amount of **RMB 299,966,033.07**[177](index=177&type=chunk) - After the share changes, basic earnings per share for the current period were **RMB 0.08**, and net assets per share attributable to ordinary shareholders at period-end were **RMB 7.33**[178](index=178&type=chunk) [Securities Issuance and Listing](index=55&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[180](index=180&type=chunk) [Company Shareholder Numbers and Shareholding](index=56&type=section&id=III.%20Company%20Shareholder%20Numbers%20and%20Shareholding) As of the end of the reporting period, there were 115,249 ordinary shareholders. Among the top ten shareholders, Chen Xiufeng held 12.70%, and Hong Kong Securities Clearing Company Limited held 1.13%, with some shares of Shenzhen Suyuan Holding Group Co., Ltd. and Shenzhen Suyuan Investment Enterprise (Limited Partnership) pledged - The total number of ordinary shareholders at the end of the reporting period was **115,249**[182](index=182&type=chunk) Top 10 Shareholders' Shareholding | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Xiufeng | Domestic Natural Person | 12.70% | 170,489,491 | 127,867,118 | 42,622,373 | 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 1.13% | 15,128,389 | 0 | 15,128,389 | 0 | | National Social Security Fund 604 Portfolio | Other | 1.01% | 13,550,000 | 0 | 13,550,000 | 0 | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | Other | 0.92% | 12,410,409 | 0 | 12,410,409 | 0 | | Huatai Securities Asset Management - Zhang Jian - Huatai Zunxiang Wenjin No. 63 Single Asset Management Plan | Other | 0.85% | 11,358,010 | 0 | 11,358,010 | 0 | | Li Jiaquan | Domestic Natural Person | 0.81% | 10,823,549 | 0 | 10,823,549 | 0 | | Shenzhen Suyuan Holding Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 0.76% | 10,172,000 | 0 | 10,172,000 | 8,172,000 (Pledged) | | Shenzhen Suyuan Investment Enterprise (Limited Partnership) | Domestic Non-State-Owned Legal Person | 0.76% | 10,140,000 | 0 | 10,140,000 | 9,140,000 (Pledged) | | Changzhou Dongfang Industrial Guidance Venture Capital Co., Ltd. | State-Owned Legal Person | 0.64% | 8,613,117 | 0 | 8,613,117 | 0 | | Industrial and Commercial Bank of China Co., Ltd. - Huatianfu CSI New Energy Vehicle Industry Index Initiated Securities Investment Fund (LOF) | Other | 0.61% | 8,185,590 | 0 | 8,185,590 | 0 | - At the end of the reporting period, the company's special repurchase securities account held **30,849,340 shares** of company stock, accounting for **2.30%** of the company's total share capital[182](index=182&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=57&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 - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[184](index=184&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=57&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[185](index=185&type=chunk) - The company's actual controller did not change during the reporting period[185](index=185&type=chunk) [Preferred Share Information](index=58&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[186](index=186&type=chunk) [Bond-Related Information](index=59&type=section&id=Part%20VII%20Bond-Related%20Information) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[188](index=188&type=chunk) [Financial Report](index=60&type=section&id=Part%20VIII%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxes, and financial items [Audit Report](index=60&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[190](index=190&type=chunk) [Financial Statements](index=60&type=section&id=II.%20Financial%20Statements) This section provides the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, offering a comprehensive view of its financial position, operating results, and cash flows - The consolidated balance sheet as of June 30, 2025, is provided, showing total assets of **RMB 24,791,234,655.75** at period-end[191](index=191&type=chunk)[192](index=192&type=chunk)[193](index=193&type=chunk)[194](index=194&type=chunk) - The consolidated income statement for the first half of 2025 is provided, showing net profit attributable to parent company shareholders of **RMB 100,435,330.38**[199](index=199&type=chunk)[200](index=200&type=chunk) - The consolidated cash flow statement for the first half of 2025 is provided, showing net cash flow from operating activities of **RMB 536,196,806.90**[204](index=204&type=chunk)[205](index=205&type=chunk) [Company Basic Information](index=75&type=section&id=III.%20Company%27s%20Basic%20Information) Shenzhen Senior Technology Material Co., Ltd., established in November 2016, specializes in R&D and sales of lithium-ion battery separators, with a share capital of RMB 1,342,902,078.00 as of June 30, 2025 - The company was established in November 2016, formed by the overall conversion of Shenzhen Fuyida Electronics Technology Co., Ltd[221](index=221&type=chunk) - The company's main business is the R&D and sales of lithium-ion battery separators and various functional films[222](index=222&type=chunk) - As of June 30, 2025, the company's share capital was **RMB 1,342,902,078.00**[221](index=221&type=chunk) [Basis of Financial Statement Preparation](index=76&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company prepares its financial statements on a going concern basis, adhering to enterprise accounting standards and CSRC regulations, confirming its ability to continue operations for at least 12 months from the reporting period end - The company prepares its financial statements on a going concern basis, in accordance with enterprise accounting standards and relevant regulations of the China Securities Regulatory Commission[223](index=223&type=chunk) - The company has the ability to continue as a going concern for at least 12 months from the end of the current reporting period, with no significant matters affecting its going concern ability[224](index=224&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=76&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's accounting policies and estimates for financial statement preparation, covering areas like financial instruments, fixed assets, revenue recognition, and government grants, noting the implementation of new regulations without significant financial impact - The financial statements prepared by the company comply with enterprise accounting standards and truly and completely reflect its financial position[225](index=225&type=chunk) - The classification, recognition, measurement, and impairment methods for financial assets and financial liabilities are detailed[247](index=247&type=chunk)[250](index=250&type=chunk)[254](index=254&type=chunk) - The depreciation method for fixed assets (straight-line method) and depreciation periods (buildings 20-40 years, machinery and equipment 5-10 years, etc.) are disclosed[278](index=278&type=chunk) - Revenue recognition and measurement policies are clarified, stating that revenue is recognized when the customer obtains control of the related goods, distinguishing between principal and agent[300](index=300&type=chunk)[302](index=302&type=chunk) - During the reporting period, the company implemented the Interim Provisions on Data Resources, Interpretation No. 17, and Interpretation No. 18, but these did not have a significant impact on its financial position and operating results[322](index=322&type=chunk)[323](index=323&type=chunk)[324](index=324&type=chunk) [Taxes](index=99&type=section&id=VI.%20Taxes) The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, and education surcharges, with the company and several subsidiaries enjoying a 15% high-tech enterprise income tax rate Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Value-added amount generated during the sale of goods or provision of taxable services | 25.00%, 13.00%, 6.00% | | Urban Maintenance and Construction Tax | Amount of VAT payable | 7.00% | | Corporate Income Tax | Taxable income | Note | | Education Surcharge | Amount of VAT payable | 3.00% | | Local Education Surcharge | Amount of VAT payable | 2.00% | - The company and several subsidiaries (Hefei Senior, Changzhou Senior, Jiangsu Senior, Senior Technology Material (Nantong)) enjoy a **15%** preferential corporate income tax rate as high-tech enterprises[328](index=328&type=chunk)[329](index=329&type=chunk) - Innova (Singapore) Co., Ltd. applies a **10%** preferential corporate income tax rate under the “Development and Expansion Incentive Scheme”[330](index=330&type=chunk) [Notes to Consolidated Financial Statement Items](index=100&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items, including cash, financial assets, receivables, inventory, fixed assets, construction in progress, intangible assets, deferred taxes, borrowings, payables, equity, revenue, costs, and expenses, along with restricted assets - The cash and cash equivalents balance at period-end was **RMB 3,186,570,780.68**, of which **RMB 1,705,963,544.26** was deposited overseas[332](index=332&type=chunk)[333](index=333&type=chunk) - The balance of financial assets held for trading at period-end was **RMB 424,535,259.42**, primarily comprising fund products and stocks[333](index=333&type=chunk) - The carrying amount of accounts receivable at period-end was **RMB 1,971,548,309.07**, with an allowance for doubtful accounts provision rate of **4.95%**[352](index=352&type=chunk) - The carrying amount of inventory at period-end was **RMB 692,130,448.50**, with an inventory impairment provision balance of **RMB 52,804,273.38**[410](index=410&type=chunk)[414](index=414&type=chunk) - The carrying amount of fixed assets at period-end was **RMB 9,018,752,293.18**, and construction in progress was **RMB 6,338,405,555.42**, indicating the company's continuous capital investment[451](index=451&type=chunk)[454](index=454&type=chunk)[457](index=457&type=chunk)[460](index=460&type=chunk) - Share capital decreased by **54,892 shares** due to the repurchase and cancellation of restricted stock, with a period-end balance of **RMB 1,342,902,078.00**[552](index=552&type=chunk) - Capital reserve increased by **RMB 32,596,534.94** (share-based payment) and decreased by **RMB 6,670,605.29** (repurchase and cancellation of restricted stock and reversal of equity incentives) in the current period[556](index=556&type=chunk)[557](index=557&type=chunk) - Other comprehensive income increased by **RMB 279,035,801.27** in the current period, primarily due to foreign currency financial statement translation differences[560](index=560&type=chunk)[561](index=561&type=chunk) - Operating revenue for the current period was **RMB 1,898,047,332.51**, and operating cost was **RMB 1,421,744,810.80**[567](index=567&type=chunk) - Financial expenses for the current period amounted to **RMB 120,533,566.86**, a significant increase from the previous period, primarily due to increased interest expenses and exchange gains/losses[576](index=576&type=chunk) [R&D Expenses](index=151&type=section&id=VIII.%20R%26D%20Expenses) Total R&D expenditure for the reporting period was RMB 126,575,104.46, entirely expensed, primarily comprising employee compensation, direct input costs, and depreciation/amortization R&D Expenditure Details | Item | Amount Incurred in Current Period (RMB) | Amount Incurred in Prior Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 51,820,312.00 | 37,059,041.52 | | Direct Input Costs | 51,837,604.35 | 54,168,272.38 | | Depreciation and Amortization | 14,603,805.52 | 13,674,862.64 | | Restricted Stock Incentive Expenses | 2,849,024.90 | 0.00 | | Other | 5,464,357.69 | 10,310,503.18 | | **Total** | **126,575,104.46** | **115,212,679.72** | - All R&D expenditures for the current period were expensed, with no capitalized R&D expenditures[622](index=622&type=chunk) [Changes in Consolidation Scope](index=152&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The company did not undergo non-same-control business combinations, same-control business combinations, or reverse acquisitions during the reporting period, but its subsidiary DAOS TECHNOLOGY CO. LTD. was deregistered in February 2025 - During the reporting period, the company did not undergo non-same-control business combinations, same-control business combinations, or reverse acquisitions[625](index=625&type=chunk)[632](index=632&type=chunk)[636](index=636&type=chunk) - Subsidiary DAOS TECHNOLOGY CO. LTD. was deregistered in February 2025[637](index=637&type=chunk) [Interests in Other Entities](index=155&type=section&id=X.%20Interests%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries, joint ventures, and associates, including wholly-owned and controlled subsidiaries primarily engaged in manufacturing and R&D, with Hefei Senior New Energy Material Co., Ltd. being a significant non-wholly-owned subsidiary - The company owns multiple wholly-owned and controlled subsidiaries, such as Hefei Senior, Changzhou Senior, Jiangsu Senior, and Senior Technology Material (Nantong), with business activities covering manufacturing and R&D sales[639](index=639&type=chunk)[640](index=640&type=chunk)[641](index=641&type=chunk) - Hefei Senior New Energy Material Co., Ltd., a significant non-wholly-owned subsidiary, has a minority shareholder stake of **40%**, with profit attributable to minority shareholders for the current period being **RMB 20,981,722.51**[643](index=643&type=chunk) - The company holds joint venture or associate interests in Yantai Xinghe Battery Material Technology, Shenzhen Xinyuanbang Technology, and Shenzhen Qianhai Runmu Investment Partnership Enterprise[647](index=647&type=chunk)[648](index=648&type=chunk) [Government Grants](index=161&type=section&id=XI.%20Government%20Grants) During the reporting period, the company's deferred income from government grants amounted to RMB 473,514,676.83 at period-end, with new grants of RMB 28,151,800.00 and RMB 30,095,095.47 recognized as other income Liability Items Involving Government Grants | Accounting Account | Beginning Balance (RMB) | New Grant Amount in Current Period (RMB) | Amount Transferred to Other Income in Current Period (RMB) | End Balance (RMB) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 475,457,972.30 | 28,151,800.00 | 30,095,095.47 | 473,514,676.83 | Related to Assets | Government Grants Included in Current Profit and Loss | Accounting Account | Amount Incurred in Current Period (RMB) | Amount Incurred in Prior Period (RMB) | | :--- | :--- | :--- | | Other Income | 30,095,095.47 | 30,705,578.03 | | Other Income | 31,607,908.03 | 45,331,780.72 | | **Total** | **61,703,003.50** | **76,037,358.75** | [Risks Related to Financial Instruments](index=162&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company primarily faces credit, liquidity, interest rate, and exchange rate risks, which are managed through robust client credit monitoring, cash flow forecasting, bank credit line design, and foreign currency transaction oversight - The company's main financial instruments include cash and cash equivalents, financial assets held for trading, notes receivable, accounts receivable, short-term borrowings, long-term borrowings, etc[659](index=659&type=chunk) - The main risks faced by the company are credit risk, liquidity risk, interest rate risk, and exchange rate risk[658](index=658&type=chunk) - The company manages risks through measures such as client credit monitoring, cash flow forecasting, bank credit line design, and foreign currency transaction monitoring[659](index=659&type=chunk)[660](index=660&type=chunk)[661](index=661&type=chunk)[664](index=664&type=chunk) [Disclosure of Fair Value](index=163&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) As of June 30, 2025, the company's total assets measured at fair value on a recurring basis amounted to RMB 684,923,903.27, primarily comprising financial assets held for trading, financing receivables, and other non-current financial assets, while recurring fair value liabilities totaled RMB 15,650,477.14 Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 1 Fair Value Measurement (RMB) | Level 2 Fair Value Measurement (RMB) | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | (I) Financial Assets Held for Trading | 284,913,105.22 | 139,622,154.20 | 0.00 | 424,535,259.42 | | (II) Financing Receivables | 0.00 | 0.00 | 181,877,240.81 | 181,877,240.81 | | (III) Other Non-Current Financial Assets | 0.00 | 0.00 | 78,511,403.04 | 78,511,403.04 | | **Total Assets Measured at Fair Value on a Recurring Basis** | **284,913,105.22** | **139,622,154.20** | **260,388,643.85** | **684,923,903.27** | | (IV) Financial Liabilities Held for Trading | 0.00 | 15,650,477.14 | 0.00 | 15,650,477.14 | | **Total Liabilities Measured at Fair Value on a Recurring Basis** | **0.00** | **15,650,477.14** | **0.00** | **15,650,477.14** | [Related Parties and Related Party Transactions](index=164&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section identifies the company's related parties, including its actual controller and key management, and discloses related party transactions such as purchases, sales, and leases, along with key management personnel compensation - The company's actual controller is Chen Xiufeng[669](index=669&type=chunk) - Other related parties include Shenzhen Kexin Hydrogen Material Co., Ltd., Shenzhen YouTe Qingxin Filter Material Technology Co., Ltd., Hainan Bense Yinxiang Culture Media Co., Ltd., and the company's directors, supervisors, and senior management[672](index=672&type=chunk) Purchases and Sales of Goods/Acceptance of Services | Related Party | Content of Related Party Transaction | Amount Incurred in Current Period (RMB) | Amount Incurred in Prior Period (RMB) | | :--- | :--- | :--- | :--- | | Shenzhen Xinyuanbang Technology Co., Ltd. | Purchase of materials | 491,911.17 | 55,710.00 | | EnTai Environmental Protection Technology (Changzhou) Co., Ltd. | Purchase of materials | 95,575.22 | 0.00 | | Shenzhen YouTe Qingxin Filter Material Technology Co., Ltd. | Wet separator | 135,558.70 | 0.00 | - As a lessor, the company leased factory buildings to Shenzhen Kexin Hydrogen Material Co., Ltd., recognizing lease income of **RMB 198,165.14** in the current period[679](index=679&type=chunk) - Key management personnel compensation for the current period amounted to **RMB 4,840,869.24**[686](index=686&type=chunk) Receivable Items | Item Name | Related Party | Carrying Amount at Period-End (RMB) | Allowance for Doubtful Accounts (RMB) | | :--- | :--- | :--- | :--- | | Accounts Receivable | Shenzhen YouTe Qingxin Filter Material Technology Co., Ltd. | 124,196.34 | 1,738.75 | | Accounts Receivable | Shenzhen Kexin Hydrogen Material Co., Ltd. | 216,000.00 | 3,024.00 | Payable Items | Item Name | Related Party | Carrying Amount at Period-End (RMB) | Carrying Amount at Beginning of Period (RMB) | | :--- | :--- | :--- | :--- | | Accounts Payable | Shenzhen Xinyuanbang Technology Co., Ltd. | 64,159.30 | 96,460.20 | | Accounts Payable | EnTai Environmental Protection Technology (Changzhou) Co., Ltd. | 89,203.54 | 116,814.16 | [Share-Based Payment](index=168&type=section&id=XV.%20Share-Based%20Payment) The company recognized total equity-settled share-based payment expenses of RMB 26,510,368.23, primarily for management, R&D, and production personnel, with 2,650,000 restricted shares forfeited during the period Forfeited Restricted Shares in Current Period | Category of Grantee | Number of Forfeited Shares in Current Period (shares) | Amount of Forfeited Shares in Current Period (RMB) | | :--- | :--- | :--- | | Sales Personnel | 200,000.00 | 424,000.00 | | Management Personnel | 1,360,000.00 | 2,883,200.00 | | R&D Personnel | 300,000.00 | 636,000.00 | | Production Personnel | 790,000.00 | 1,674,800.00 | | **Total** | **2,650,000.00** | **5,618,000.00** | - The total expense recognized for equity-settled share-based payments in the current period was **RMB 26,510,368.23**[695](index=695&type=chunk)[696](index=696&type=chunk) - The company had **13

Group 1 - The company's revenue for the first half of 2025 reached 1.898 billion yuan, representing a year-on-year increase of 14.78% [1] - The net profit for the same period was 100 million yuan, showing a year-on-year decline of 58.53% [1]

Group 1 - The core consensus reached by eight major dry-process lithium battery separator companies includes price self-discipline, scientific capacity release, suspension of capacity expansion, strengthening industry chain cooperation, and the desire for social supervision [1][2] - The lithium battery separator is a critical component that prevents short circuits while allowing electrolyte ions to pass through, accounting for approximately 10% of the lithium battery's cost [1] - The dry-process separator industry is experiencing severe oversupply due to irrational capacity expansion, leading to widespread losses among companies and a significant decline in overall competitiveness [2] Group 2 - The China Plastics Processing Industry Association (CPPIA) has previously issued an initiative to promote high-quality development in the lithium battery separator industry, advocating for a collaborative development mechanism and avoiding excessive competition [3] - The recent meeting is a response to national policies aimed at curbing "involution" in the industry, marking a significant step towards collaborative innovation and high-quality development [3] - The CPPIA and the China Battery Industry Association have jointly called for a focus on quality improvement and a shift from price competition to competition based on quality and innovation [3]

Group 1 - The core viewpoint of the news is that Xingyuan Material (300568) has shown a mixed performance in its latest financial results, with significant revenue growth but a notable decline in net profit [1] - As of August 15, 2025, Xingyuan Material's stock closed at 12.33 yuan, up 1.99%, with a trading volume of 559,200 shares and a transaction amount of 686 million yuan [1] - The company's latest quarterly report indicates total operating revenue of 889 million yuan, a year-on-year increase of 24.44%, while net profit attributable to shareholders decreased by 56.39% to 46.71 million yuan [1] Group 2 - The company has a current ratio of 1.165 and a quick ratio of 1.064, indicating a stable liquidity position [1] - The asset-liability ratio stands at 57.43%, reflecting the proportion of debt in the company's capital structure [1] - Xingyuan Material has made investments in 19 companies and has participated in 91 bidding projects, showcasing its active engagement in the market [2]

Group 1 - The company is making progress in its collaboration with Hangzhou Huigan Intelligent Technology Co., Ltd. on the development of robotic electronic skin [2] - As of July 28, 2025, the company's subsidiary, Singapore Xingyuan, has acquired over 5% of Ferrotec Corporation's shares [2] - The company will fulfill its information disclosure obligations regarding subsequent developments as required [2]

证券时报记者 康殷 6月25日，美国固态电池厂商QuantumScape宣布，公司取得了一项里程碑式进展：其成功将Cobra隔膜 制造工艺整合进基准电池产品生产中。受此消息影响，QuantumScape股价上涨超30%。 受消息刺激，6月26日A股锂电隔膜概念表现亮眼。其中，沧州明珠、佛塑科技涨停，星源材质一度飙 升近20%。 事实上，A股也有公司在研发同类产品。据了解，星源材质在以往公告中，披露了公司在固态电解质膜 方面的进展，伴随着过往技术积累，在近期有多项成果显现。 在固态电解质膜方面，星源材质分别开发了氧化物复合型和聚合物复合型固态电解质膜，可以提升固态 电池的循环并降低阻抗，显著提升安全性能；用于高镍三元体系的固态电池，可助力通过160℃热箱测 试和针刺试验。 据了解，QuantumScape宣布的Cobra隔膜制造工艺称得上是陶瓷隔膜制造领域的一次重大突破：与公司 上一代Raptor工艺相比，Cobra的热处理速度提高约25倍，且每片薄膜的空间占用率大大缩小。这也意 味着，该技术将帮助QuantumScape显著减少固态电池的整体生产占地面积和生产时间，为商业化奠定 基础。 在刚性骨架膜方面，星源 ...

国信证券近日发布电力设备新能源行业点评：反内卷政策推动下，聚焦锂电及核心材料 核心材料盈利回升机遇。近年来，锂电池及锂电材料企业产能扩张加速、行业竞争压力加 大，储能电池、磷酸铁锂正极、负极、隔膜等行业大部分企业出现显著亏损。在反内卷持续 推进与价格法修正背景下，伴随行业出清加速与技术迭代推进，市场集中度有望进一步提 升，具备成本与技术优势的头部企业盈利弹性值得期待。 以下为研究报告摘要： 国信电新观点：8月8日，干法锂电池隔膜骨干生产企业负责人闭门座谈会在深圳成功召 开，会议旨在响应、落实国家综合整治"内卷式"竞争相关部署，推动行业健康有序发展。其 中星源材质、恩捷股份、中兴新材、惠强新材、沧州明珠、博盛新材等8家隔膜生产企业代 表参加了本次会议。会上，8家企业达成价格自律、科学释放产能、暂停扩产等多项"反内 卷"共识。 投资建议：反内卷政策推动下，聚焦锂电及核心材料核心材料盈利回升机遇。近年来， 锂电池及锂电材料企业产能扩张加速、行业竞争压力加大，储能电池、磷酸铁锂正极、负 极、隔膜等行业大部分企业出现显著亏损。在反内卷持续推进与价格法修正背景下，伴随行 业出清加速与技术迭代推进，市场集中度有望进一步提升 ...

Group 1: Market Overview - Global trade optimism boosts investor confidence, with US July CPI data reinforcing expectations for a Fed rate cut in September. Risk assets see significant inflows, with the Nasdaq and S&P 500 both rising over 1% to reach all-time highs. The S&P 500 closes up 1.13%, the Dow up 1.10%, and the Nasdaq up 1.39% [1] - The Russell 2000 index surges by 3%, indicating strong performance in small-cap stocks [1] - The Nasdaq Golden Dragon China Index rises by 1.49%, with notable gains from companies like Zhengye Bio (+40%), Tencent Music (+12%), and Jiayin Technology (+9.35%). However, companies like Xiaoma Zhixing and NIO see declines of 3.49% and 8.96%, respectively [1] Group 2: Economic Indicators - US Treasury yields drop significantly following inflation data, although they recover slightly later. The 2-year yield ends down nearly 3 basis points [2] - The US dollar declines by 0.47%, while gold fluctuates around $3,350 [3] - Crude oil prices fall, with WTI oil dropping nearly 2% from its daily high [4] Group 3: Corporate Developments - AI company Perplexity proposes a $34.5 billion acquisition of Google's Chrome, indicating a competitive shift in the AI search market [5][13] - In the lithium battery sector, a closed-door meeting among key dry-process lithium battery separator manufacturers in Shenzhen results in agreements on price discipline, capacity management, and industry cooperation [14] - The insurance sector sees a strong performance in Hong Kong, with companies like China Pacific Insurance and China Taiping rising by 6.77% and 5.89%, respectively. Analysts suggest that the Chinese insurance industry has significant growth potential compared to international standards [15] Group 4: Financial Announcements - Notable financial results include Kweichow Moutai reporting a net profit of 45.403 billion yuan for the first half of the year, a year-on-year increase of 8.89%. China Unicom's net profit for the same period is 6.349 billion yuan, up 5.1% [23]

Group 1 - The meeting held in Shenzhen aimed to address the "involution" competition in the lithium battery separator industry and promote healthy development [1] - Eight major companies, including Xingyuan Material and Enjie, discussed their production and sales plans for 2024 and the first half of 2025, as well as product cost structures [1] - The companies reached several key agreements: price self-discipline, scientific capacity release, suspension of capacity expansion, strengthening supply chain cooperation, and encouraging social supervision [1] Group 2 - The lithium battery separator is a critical component that separates the positive and negative electrodes, ensuring lithium ions pass through while preventing electron transmission [1] - According to the "China Lithium-Ion Battery Separator Industry Development White Paper (2025)," the output of lithium battery separators in China is expected to reach 22.75 billion square meters in 2024, accounting for 79.4% of the global market [1] - In the first half of 2024, China's separator production reached 9.24 billion square meters, a year-on-year increase of 20%, but prices have been declining due to a mismatch between supply and demand [1][2]

Group 1 - The meeting of lithium battery dry separator manufacturers in Shenzhen resulted in five key agreements aimed at stabilizing the industry, including price discipline and capacity management [1] - Companies agreed to pause expansion plans for the next two years to focus on optimizing existing capacity due to significant supply-demand imbalance [1] - The meeting is seen as a response to national policies promoting sustainable development and aims to foster a healthy ecosystem within the industry [1] Group 2 - The lithium battery materials industry is facing significant challenges, with major revenue declines reported across key materials: over 40% drop in cathode materials, 20% in electrolytes, 4.5% in anodes, and 11.7% in separators [2] - Approximately half of the 38 listed lithium battery material companies are experiencing losses, with cathode and electrolyte companies reporting negative overall profits [2] - The industry is urged to adhere to quality improvement and avoid price dumping to restore healthy competition and profitability, which is essential for future innovation and development [2]