贝斯特8月14日披露半年报，公司上半年实现营业收入7.16亿元，同比增长2.73%；归属于上市公司股东 的净利润1.48亿元，同比增长3.30%；基本每股收益0.2966元。 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Item%201.%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential disclaimers, a detailed report structure, and definitions of key terms for clarity [Important Notice](index=2&type=section&id=Important%20Notice) The company's management guarantees report accuracy, key personnel confirm financial data, and investors are alerted to risks - Company's board, supervisors, and senior management bear legal responsibility for the truthfulness, accuracy, and completeness of the report content[5](index=5&type=chunk) - Company's responsible person Cao Yuhua, head of accounting Chen Bin, and head of accounting department Chen Bin declare the financial report is true, accurate, and complete[5](index=5&type=chunk) - The company advises investors to pay attention to investment risks, detailed in "Section III Management Discussion and Analysis" "X. Risks and Countermeasures Faced by the Company"[5](index=5&type=chunk) 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Distribution Base (shares) | 500,543,865 | | Cash Dividend per 10 shares (tax inclusive) | 0.3 yuan | | Bonus Shares (tax inclusive) | 0 shares | | Capital Reserve to Share Capital | 0 shares | [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report's eight main chapters are clearly listed, covering key information for investor navigation - The report contains eight main chapters with a clear structure[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) Key terms, company entities, and core products are defined to ensure precise understanding of the report - Defines Company/This Company/Best/Best Precision Machinery as Wuxi Best Precision Machinery Co, Ltd[13](index=13&type=chunk) - Explains names of related parties and subsidiaries such as Best Investment, Xinshi Investment, Xudian Technology, Suzhou Herbes, Yitong Lightweight, Anhui Best, Yuhua Precision Machinery, Beiyonghua[13](index=13&type=chunk)[15](index=15&type=chunk) - Clarifies core technologies and products including turbochargers, impellers/compressor impellers, machining, pneumatic tools, tooling, tooling fixtures, linear motion components/linear motion parts, ball screw pairs, linear guides, planetary roller screws[13](index=13&type=chunk)[15](index=15&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information and presents its key financial performance metrics [Company Profile](index=7&type=section&id=I.%20Company%20Profile) Basic company details, including stock information and legal representative, are provided for investor identification - The company's stock abbreviation is “贝斯特” (Best), stock code “300580”, listed on the Shenzhen Stock Exchange[17](index=17&type=chunk) - The company's Chinese name is Wuxi Best Precision Machinery Co, Ltd, and the legal representative is Cao Yuhua[17](index=17&type=chunk) [Contact Person and Contact Information](index=7&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) Detailed contact information for investor relations is provided for effective communication - The Board Secretary is Chen Bin, and the Securities Affairs Representative is Deng Li[18](index=18&type=chunk) - The contact address is Wuxi Binhu District Hudai Industrial Park Luou East Road No 186, phone and fax are 0510-82475767, and email is zhengquan@wuxibest.com[18](index=18&type=chunk) [Other Information](index=7&type=section&id=III.%20Other%20Information) Company registration details were updated, while other contact and disclosure information remained unchanged - The company's registered address, office address, website, email, and information disclosure storage location remained unchanged during the reporting period[19](index=19&type=chunk)[20](index=20&type=chunk) - The company's registration location changed from Wuxi Administrative Approval Bureau to Wuxi Data Bureau[21](index=21&type=chunk) - The registration date at the beginning of the reporting period was March 11, 2024, and at the end of the reporting period was March 04, 2025[21](index=21&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Revenue and net profit grew steadily, but operating cash flow significantly declined, while assets increased Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 716,406,006.74 | 697,345,035.52 | 2.73% | | Net Profit Attributable to Shareholders of Listed Company | 148,468,688.19 | 143,729,264.70 | 3.30% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 139,384,110.66 | 134,496,882.86 | 3.63% | | Net Cash Flow from Operating Activities | 45,213,774.23 | 218,751,274.11 | -79.33% | | Basic Earnings Per Share (RMB/share) | 0.2966 | 0.2879 | 3.02% | | Diluted Earnings Per Share (RMB/share) | 0.2966 | 0.2879 | 3.02% | | Weighted Average Return on Net Assets | 4.69% | 4.89% | -0.20% | | Total Assets (Period-end) | 3,751,480,798.45 | 3,731,065,443.12 | 0.55% | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 3,176,603,088.83 | 3,094,055,999.98 | 2.67% | - Net cash flow from operating activities decreased by **79.33%** year-on-year, primarily due to a change in bill payment methods (payment by endorsed acceptance bills) and increased tax payments in the current period[23](index=23&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) No discrepancies were found between domestic and international accounting standards for net profit and net assets - The company reported no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[24](index=24&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese accounting standards during the reporting period[25](index=25&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) Non-recurring items, mainly from financial assets and government grants, totaled **RMB 9.08 million** 2025 Semi-Annual Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Disposal gains and losses of non-current assets | -51,810.79 | | Government subsidies included in current profit and loss (excluding those related to normal business operations) | 510,542.99 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains and losses of financial assets and liabilities, excluding effective hedging activities related to normal business operations | 10,216,146.29 | | Other non-operating income and expenses apart from the above items | 1,385.10 | | Less: Income tax impact | 1,586,708.62 | | Minority interest impact (after tax) | 4,977.44 | | Total | 9,084,577.53 | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[27](index=27&type=chunk)[28](index=28&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section reviews the company's operations, financial performance, and strategic initiatives during the reporting period [Principal Businesses Engaged by the Company During the Reporting Period](index=10&type=section&id=I.%20Principal%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) The company's business strategy focuses on "three-tier industries," encompassing precision components, intelligent equipment and tooling, new energy vehicle components, and linear motion components, with significant growth in new energy and smart connected vehicles globally and in China - The company's business is divided into three segments: original precision components, intelligent equipment and tooling; new energy vehicle components; and linear motion components for industrial mother machines, humanoid robots, and other fields[51](index=51&type=chunk) - Wholly-owned subsidiary Anhui Best has commenced operations, focusing on lightweight structural components, high-value-added precision components, and core parts for hydrogen fuel and natural gas vehicles[56](index=56&type=chunk) - Wholly-owned subsidiary Yuhua Precision Machinery is fully developing linear motion components, including high-precision ball/roller screw pairs, miniature screws, and high-precision linear guides, achieving breakthroughs in C0-grade ball screw pairs and securing bulk orders[55](index=55&type=chunk) - In May 2024, the company invested in establishing Beiyonghua New Technology Co, Ltd in Thailand, expected to commence operations in the fourth quarter of 2025, with business covering products from the first and second-tier industries[56](index=56&type=chunk) [(I) Industry Development](index=10&type=section&id=(I)%20Industry%20Development) Global and Chinese automotive markets, especially new energy vehicles, show strong growth supported by favorable policies - Global automotive production and sales achieved compound annual growth rates of **4.90%** and **4.45%** respectively between 2021-2024, reaching **92.5043 million units** and **95.3147 million units** in 2024[30](index=30&type=chunk) - Global new energy vehicle sales reached **18.236 million units** in 2024, a **24.4%** year-on-year increase, with China's share of global new energy vehicle sales rising to **70.5%**[32](index=32&type=chunk) - Annual sales of L3 autonomous vehicles are projected to exceed **1.6 million units** by 2025, and by 2030, L1 and L2 autonomous driving will account for **27.7%** and **51.2%** of all new cars, respectively[32](index=32&type=chunk) - From January to June 2025, China's automotive production and sales reached **15.621 million units** and **15.653 million units** respectively, increasing by **12.5%** and **11.4%** year-on-year, with a global market share of **36%**[37](index=37&type=chunk) - From January to June 2025, China's new energy vehicle production and sales reached **6.968 million units** and **6.937 million units** respectively, increasing by **41.4%** and **40.3%** year-on-year, with sales accounting for **44.3%** of total new car sales[39](index=39&type=chunk) - From January to June 2025, China's automotive exports reached **3.083 million units**, a **10.4%** year-on-year increase, with new energy vehicle exports reaching **1.06 million units**, a **75.2%** year-on-year increase[42](index=42&type=chunk) - In the first half of 2025, the state introduced multiple policies to support the automotive industry, including optimizing new energy vehicle credit management, implementing consumer goods trade-in subsidies, strengthening smart connected vehicle product access and recall management, promoting vehicle-grid interaction pilots, and new energy vehicles going to rural areas[46](index=46&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk) [(II) Company's Principal Businesses](index=14&type=section&id=(II)%20Company's%20Principal%20Businesses) The company's "three-tier industry" strategy expands into new energy vehicle components and linear motion parts - The company's business revolves around a "three-tier industry" strategic layout, including existing precision components, intelligent equipment and tooling; new energy vehicle components; and linear motion components for industrial mother machines, humanoid robots, and other fields[51](index=51&type=chunk) - The company expanded its products to include automotive turbocharger compressor housings and new energy vehicle aluminum alloy structural parts through the "Automotive Precision Components Project (Phase I)"[54](index=54&type=chunk) - Wholly-owned subsidiary Yuhua Precision Machinery has fully deployed high-precision ball/roller screw pairs, miniature screws, high-precision linear guide pairs, and other linear motion components, which have been applied by well-known domestic machine tool manufacturers and secured bulk delivery orders, with C0-grade ball screw pairs achieving breakthroughs[55](index=55&type=chunk) - Wholly-owned subsidiary Anhui Best New Energy Vehicle Components Co, Ltd has completed construction and commenced operations, focusing on lightweight structural components, high-value-added precision components, and core parts for hydrogen fuel and natural gas vehicles[56](index=56&type=chunk) - In May 2024, the company invested in establishing Beiyonghua New Technology Co, Ltd in Thailand, expected to commence operations in the fourth quarter of 2025, with business covering products related to the first and second-tier industries[56](index=56&type=chunk) [(III) Company's Main Products and Uses](index=15&type=section&id=(III)%20Company's%20Main%20Products%20and%20Uses) A table details the company's diverse product lines and their applications across various industries Company's Main Products and Application Areas | Product Series | Main Product Examples | Application Areas | | :--- | :--- | :--- | | Precision Components | Turbocharger precision bearing parts, impellers, compressor housings; pure electric vehicle on-board charger modules, drive motor components; hydrogen fuel cell vehicle air compressor impellers; aircraft cabin seat components | Fuel vehicle turbochargers, engines; pure electric vehicles, hydrogen fuel and natural gas vehicles; aircraft cabins; pneumatic tools, communication base stations, refrigeration compressors, etc | | Tooling Fixtures | New energy vehicle motor housing fixtures, 5G base plate fixtures, engine cylinder block fixtures | Production of components for automotive, rail transit, wind power, 5G communication, etc | | Intelligent Equipment and Tooling | Robot automated drilling systems, dual-robot automated drilling and riveting systems, production automation systems | Automated assembly of aircraft wings, fuselages; automated production in automotive, rail transit, wind power, etc | | Linear Motion Components | High-precision ball/roller screw pairs, miniature screws, high-precision linear guide pairs, linear actuators | Mid-to-high-end machine tools, semiconductor equipment, automation industry, humanoid robots, automotive industry, etc | [(IV) Company's Business Model, Market Position, etc](index=18&type=section&id=(IV)%20Company's%20Business%20Model%2C%20Market%20Position%2C%20etc) The company's operational model and market standing remained stable, consistent with the prior annual report - During the reporting period, the company's business model, market position, etc, did not undergo significant changes, with details available in the company's 2024 Annual Report[67](index=67&type=chunk) [Analysis of Core Competitiveness](index=18&type=section&id=II.%20Analysis%20of%20Core%20Competitiveness) The company maintains strong advantages in customer base, R&D, intelligent manufacturing, and product diversification - The company's core competitiveness primarily includes advantages in customer resources, technological R&D, green intelligent manufacturing, product diversification, quality, regional presence, management, and talent[68](index=68&type=chunk) - The company's core competitiveness did not undergo significant changes during this reporting period, with details available in the company's 2024 Annual Report[68](index=68&type=chunk) [Analysis of Principal Business](index=18&type=section&id=III.%20Analysis%20of%20Principal%20Business) The company achieved steady growth, advanced its "three-tier strategy," and expanded globally and digitally - In the first half of 2025, the company achieved operating revenue of **RMB 716.406 million**, a year-on-year increase of **2.73%**[73](index=73&type=chunk) - Net profit attributable to shareholders of the listed company was **RMB 148.4687 million**, a year-on-year increase of **3.3%**[73](index=73&type=chunk) - Net profit attributable to shareholders of the listed company after deducting non-recurring items was **RMB 139.3841 million**, a year-on-year increase of **3.63%**[73](index=73&type=chunk) - The company continues to advance its "three-tier development framework," including strengthening the cornerstone role of the first-tier industry (original precision components, intelligent equipment, and tooling), expanding achievements in the second-tier industry (new energy vehicle components), and deepening market expansion and industrial chain extension in the third-tier industry (linear motion components)[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk) - The company is accelerating the construction of its Thailand subsidiary, planned to commence operations in the fourth quarter of 2025, to build a more resilient global layout[78](index=78&type=chunk)[79](index=79&type=chunk) - The company continuously strengthens quality management, improves its internal control system, and promotes intelligent manufacturing to build "Best Industry 4.0"[80](index=80&type=chunk)[81](index=81&type=chunk) [Overview](index=18&type=section&id=Overview) Global and Chinese economies showed growth, with significant expansion in China's automotive and new energy vehicle sectors - In the first half of 2025, global economic growth was **3.0%**, and China's GDP increased by **5.3%** year-on-year[69](index=69&type=chunk)[70](index=70&type=chunk) - China's automotive production and sales both exceeded **15 million units** for the first time, with new energy vehicle production and sales growing by **41.4%** and **40.3%** respectively, accounting for **44.3%** of total new car sales[71](index=71&type=chunk) - From January to May 2025, China's machine tool industry's operating revenue decreased by **1.3%** year-on-year, but metal cutting machine tools and metal forming machine tools increased by **14.5%** and **12.0%** respectively[72](index=72&type=chunk) Company's Key Financial Performance in H1 2025 | Indicator | Amount (RMB 10,000) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 71,640.60 | 2.73% | | Net Profit Attributable to Shareholders of Listed Company | 14,846.87 | 3.3% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 13,938.41 | 3.63% | [Key Initiatives](index=19&type=section&id=Key%20Initiatives) The company enhanced traditional businesses, expanded new energy vehicle production, and innovated in linear motion components - The company continuously enhances the comprehensive competitiveness of its first-tier industry (original turbocharger core components, precision components, intelligent equipment, and tooling) through cost reduction, customer expansion, product cost-effectiveness improvement, intelligent manufacturing, process optimization, and strict cost control[74](index=74&type=chunk) - The company's wholly-owned subsidiary Anhui Best has completed construction and commenced operations, further expanding new energy vehicle component production scale, strengthening customer stickiness, and accelerating the company's transformation and upgrading[75](index=75&type=chunk) - Wholly-owned subsidiary Yuhua Precision Machinery, through technological breakthroughs, independently developed "high-precision double-end face center hole special grinding machine" and "ball screw pair life testing machine," enabling ball screw pair accuracy to reach C0 grade and linear guide pair accuracy to reach UP grade, and secured bulk orders[76](index=76&type=chunk) - The company expanded its core component business to the entire linear actuator drive field, completing an integrated layout and enhancing its bargaining power with clients[77](index=77&type=chunk) - The company is accelerating the construction of its Thailand subsidiary Beiyonghua, planned to commence operations in the fourth quarter of 2025, to deeply cultivate the Southeast Asian market and radiate to Australia, New Zealand, and South Asia, building a global layout[78](index=78&type=chunk)[79](index=79&type=chunk) - The company focuses on R&D and application of new technologies such as big data, automatic control, and industrial IoT, actively building "Best Industry 4.0" to enhance business intelligence, digitalization, and automation[80](index=80&type=chunk) - The company continuously strengthens quality management, prioritizing product quality through full-process control, improving production efficiency, and reducing costs, while also reinforcing safety production and internal control system construction[81](index=81&type=chunk) [Year-on-Year Changes in Key Financial Data](index=20&type=section&id=Year-on-Year%20Changes%20in%20Key%20Financial%20Data) Financial performance showed revenue growth, but cash flow from operations significantly decreased Year-on-Year Changes in Key Financial Data | Item | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 716,406,006.74 | 697,345,035.52 | 2.73% | - | | Operating Cost | 467,716,502.36 | 454,577,642.77 | 2.89% | - | | Selling Expenses | 3,500,003.38 | 3,786,347.35 | -7.56% | - | | Administrative Expenses | 60,393,262.47 | 61,668,418.48 | -2.07% | - | | Financial Expenses | -197,734.85 | -3,605,989.70 | 94.52% | Primarily due to exchange gains/losses impact in the reporting period | | Income Tax Expense | 19,770,980.36 | 19,057,502.44 | 3.74% | - | | R&D Investment | 31,562,906.74 | 27,692,178.37 | 13.98% | - | | Net Cash Flow from Operating Activities | 45,213,774.23 | 218,751,274.11 | -79.33% | Primarily due to change in bill payment methods and increased tax payments compared to prior year | | Net Cash Flow from Investing Activities | 24,615,862.40 | -96,057,048.70 | 125.63% | Primarily due to increased redemption of wealth management products in the reporting period | | Net Cash Flow from Financing Activities | -70,076,141.10 | -67,912,097.00 | -3.19% | - | | Net Increase in Cash and Cash Equivalents | 636,466.29 | 55,371,237.77 | -98.85% | Primarily due to increased tax payments compared to prior year | [Products or Services Accounting for Over 10%](index=21&type=section&id=Products%20or%20Services%20Accounting%20for%20Over%2010%25) Automotive components dominate revenue, with international sales showing stronger growth than domestic Products or Services Accounting for Over 10% | Category | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Product or Service** | | | | | | | | Automotive Components | 667,043,013.68 | 442,807,961.85 | 33.62% | 6.05% | 4.61% | 0.92% | | **By Industry** | | | | | | | | Automotive Industry | 667,043,013.68 | 442,807,961.85 | 33.62% | 6.05% | 4.61% | 0.92% | | **By Region** | | | | | | | | Domestic Region | 438,563,995.50 | 301,807,215.25 | 31.18% | -3.64% | 0.66% | -2.95% | | International Region | 277,842,011.24 | 165,909,287.11 | 40.29% | 14.71% | 7.20% | 4.19% | [Analysis of Non-Principal Business](index=21&type=section&id=IV.%20Analysis%20of%20Non-Principal%20Business) Non-principal business profits primarily stemmed from investment income and government subsidies Impact of Non-Principal Business on Total Profit | Item | Amount (RMB) | % of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 10,918,870.42 | 6.49% | Income from company's own funds used to purchase wealth management products and investment in Xudian Technology | No | | Fair Value Change Gains/Losses | -458,278.64 | -0.27% | Recognized but not yet due wealth management product income | No | | Asset Impairment | -3,876,238.14 | -2.30% | Asset impairment from inventory depreciation provision | No | | Non-Operating Income | 1,435.97 | 0.00% | Primarily due to compensation received | No | | Non-Operating Expenses | 50.87 | 0.00% | Various non-operating expenses | No | | Credit Impairment | -536,102.30 | -0.32% | Provision for bad debts on accounts receivable, notes receivable, other receivables based on portfolio | No | | Other Income | 18,276,991.07 | 10.86% | Various government subsidies | No | | Asset Disposal Gains/Losses | -51,810.79 | -0.03% | Gains/losses from disposal of fixed assets | No | [Analysis of Assets and Liabilities](index=21&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets and net assets increased slightly, while trading financial assets decreased due to redemptions Significant Changes in Asset Composition | Item | Period-end Amount (RMB) | % of Total Assets | Prior Year-end Amount (RMB) | % of Total Assets | % Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 3,751,480,798.45 | - | 3,731,065,443.12 | - | 0.55% | No significant change | | Net Assets Attributable to Shareholders of Listed Company | 3,176,603,088.83 | - | 3,094,055,999.98 | - | 2.67% | No significant change | | Trading Financial Assets | 656,491,700.30 | 17.50% | 755,083,524.39 | 20.24% | -2.74% | Primarily due to redemption of wealth management products | - The company had no major overseas assets at the end of the reporting period[91](index=91&type=chunk) Financial Assets Measured at Fair Value at Period-end | Item | Period-end Amount (RMB) | | :--- | :--- | | Trading Financial Assets | 656,491,700.30 | | Notes Receivable Financing | 129,988,915.22 | | Total | 786,480,615.52 | Asset Rights Restricted at Period-end | Item | Book Value (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 32,800.00 | Bank acceptance bill margin | | Notes Receivable | 13,600,000.00 | Pledged to bank for issuing bank acceptance bills | | Total | 13,632,800.00 | - | [Analysis of Investment Status](index=23&type=section&id=VI.%20Analysis%20of%20Investment%20Status) Total investment decreased by nearly half, primarily in wealth management products and notes receivable financing Overall Investment Amount During the Reporting Period | Indicator | Amount (RMB) | | :--- | :--- | | Investment Amount in Reporting Period | 83,826,770.68 | | Investment Amount in Prior Year Period | 166,904,068.39 | | Change Rate | -49.78% | - The company had no significant equity investments, non-equity investments, or use of raised funds during the reporting period[95](index=95&type=chunk)[97](index=97&type=chunk) Investments in Financial Assets Measured at Fair Value | Asset Category | Period-end Amount (RMB) | Cumulative Investment Income (RMB) | Source of Funds | | :--- | :--- | :--- | :--- | | Other (Wealth Management Products) | 656,491,700.30 | 68,694,340.33 | Own Funds | | Notes Receivable Financing | 129,988,915.22 | - | Own Funds | | Total | 786,480,615.52 | 68,694,340.33 | - | Overview of Entrusted Wealth Management | Specific Type | Entrusted Wealth Management Amount (RMB 10,000) | Outstanding Balance (RMB 10,000) | | :--- | :--- | :--- | | Bank Wealth Management Products | 52,503.05 | 30,368.95 | | Brokerage Wealth Management Products | 45,997.6 | 37,000 | | Total | 98,500.65 | 67,368.95 | - The company had no derivative investments or entrusted loans during the reporting period[100](index=100&type=chunk)[101](index=101&type=chunk) [Significant Asset and Equity Sales](index=24&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) No significant asset or equity sales occurred during the reporting period - The company did not sell significant assets during the reporting period[102](index=102&type=chunk) - The company did not sell significant equity during the reporting period[103](index=103&type=chunk) [Analysis of Major Holding and Associate Companies](index=24&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) Major subsidiaries, including new energy and precision machinery ventures, reported losses during their development phase Major Subsidiaries and Associate Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yuhua Precision Machinery | Subsidiary | 100,000,000 | 232,614,714.37 | 44,258,400.98 | 1,940,571.36 | -14,545,344.74 | -9,230,030.65 | | Anhui Best | Subsidiary | 100,000,000 | 328,230,624.64 | 275,202,658.25 | 20,748,190.57 | -6,318,179.45 | -4,681,924.28 | | Beiyonghua | Subsidiary | 600,000,000 Thai Baht | 68,018,744.47 | 60,990,431.62 | 0 | -319,370.19 | -255,496.15 | - The company did not acquire or dispose of any subsidiaries during the reporting period[105](index=105&type=chunk) [Structured Entities Controlled by the Company](index=25&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[106](index=106&type=chunk) [Risks Faced by the Company and Countermeasures](index=25&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company addresses international trade, industry, raw material, price, and exchange rate risks through strategic initiatives - International trade environment risk: Changes in international situations, deglobalization, and trade protectionism impact the company's international business[106](index=106&type=chunk) - Countermeasures: Accelerate technological, marketing, and management innovation, optimize product structure, enhance bargaining power, vigorously expand the domestic market, and accelerate overseas investment in factories (Thailand)[106](index=106&type=chunk) - Automotive industry cyclical fluctuations and policy risks: Macroeconomic fluctuations and new energy vehicle development may affect traditional fuel vehicle component businesses[107](index=107&type=chunk) - Countermeasures: Deeply research macroeconomic and policy trends, build a "three-tier industrial chain": first tier (existing business) expands to range-extended and hybrid vehicle components; second tier (new energy vehicle core components) solidifies transformation; third tier (linear motion components) targets new fields such as industrial mother machines, humanoid robots, new energy vehicles, and automation industries[108](index=108&type=chunk) - Raw material price fluctuation risk: Price fluctuations of major raw materials such as aluminum ingots, copper rods, scrap steel, and aluminum rods affect business profits[109](index=109&type=chunk) - Countermeasures: Closely monitor market changes, improve procurement management, reasonably control inventory reserves, and strengthen supply chain management[109](index=109&type=chunk) - Product price decline risk: The automotive component industry generally has annual price adjustment conventions, which may lead to performance impairment[111](index=111&type=chunk) - Countermeasures: Continuously and rapidly develop high-end new products, enhance bargaining power; reduce costs and increase efficiency through automation upgrades, process optimization, efficiency improvements, and cost reduction measures[111](index=111&type=chunk) - Exchange rate fluctuation risk: The company's product exports are primarily settled in USD, and RMB exchange rate fluctuations may lead to exchange losses[112](index=112&type=chunk) - Countermeasures: Closely monitor political and economic situations, strategically deploy international business in stable countries and regions, accelerate domestic market expansion; adopt appropriate settlement methods and utilize financial products to reduce exchange gains/losses[112](index=112&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=26&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) The company engaged with investors on strategy, business development, and financial performance through various activities - The company hosted multiple on-site research visits from institutional investors such as E Fund, Minsheng Securities, Huatai Securities, Cinda Aoya, and GOLDMAN SACHS ASSET MANAGEMENT on February 11, February 17, and February 19, 2025[113](index=113&type=chunk)[114](index=114&type=chunk) - Research content primarily focused on the company's basic situation, third-tier industry layout, turbocharger business development, future development direction, and overseas capacity building[113](index=113&type=chunk)[114](index=114&type=chunk) - On April 30, 2025, the company communicated with public investors via an online platform, discussing the development of its third-tier business, future R&D investment plans, core competitive advantages of new energy vehicle components, overseas capacity development plans, emerging business development, and the company's profitability[114](index=114&type=chunk) - On May 15, 2025, the company hosted on-site research visits from institutional investors including Pramerica Everbright, Huafu Securities, GF Securities, and Shanghai Trust, discussing company performance, major downstream customers, subsidiary development, and the three-tier industry layout[114](index=114&type=chunk)[115](index=115&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=28&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system[116](index=116&type=chunk) - The company did not disclose a valuation enhancement plan[116](index=116&type=chunk) [Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=28&type=section&id=XIII.%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company did not disclose an action plan for "Dual Improvement in Quality and Returns" - The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan[116](index=116&type=chunk) [Corporate Governance, Environment, and Society](index=28&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in governance, profit distribution, social responsibility, and environmental disclosures [Changes in Directors, Supervisors, and Senior Management](index=28&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Supervisory Board members resigned due to reform during the reporting period - Supervisory Board Chairman Hua Gang resigned on May 16, 2025, due to Supervisory Board reform[117](index=117&type=chunk) - Employee Representative Supervisor Tang Meihong resigned on May 16, 2025, due to Supervisory Board reform[117](index=117&type=chunk) - Supervisor You Jiayi resigned on May 16, 2025, due to Supervisory Board reform[117](index=117&type=chunk) [Profit Distribution and Capital Reserve to Share Capital Conversion During the Reporting Period](index=28&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion%20During%20the%20Reporting%20Period) The board approved a cash dividend of **RMB 0.3** per 10 shares, totaling **RMB 15.02 million** 2025 Semi-Annual Profit Distribution and Capital Reserve to Share Capital Conversion | Indicator | Value | | :--- | :--- | | Bonus Shares per 10 shares (shares) | 0 | | Dividend per 10 shares (RMB) (tax inclusive) | 0.3 | | Share Capital Base for Distribution Plan (shares) | 500,543,865 | | Cash Dividend Amount (RMB) (tax inclusive) | 15,016,315.95 | | Cash Dividend Amount by Other Means (e.g., share repurchase) (RMB) | 0.00 | | Total Cash Dividend (including other means) (RMB) | 15,016,315.95 | | Distributable Profit (RMB) | 1,416,670,983.71 | | Ratio of Total Cash Dividend (including other means) to Total Profit Distribution | 100.00% | - This profit distribution plan does not involve capital reserve to share capital conversion or bonus shares[119](index=119&type=chunk) [Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=30&type=section&id=III.%20Implementation%20of%20Company's%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) No equity incentive plans, employee stock ownership plans, or other incentive measures were implemented - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[120](index=120&type=chunk) [Environmental Information Disclosure](index=30&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not legally required to disclose environmental information - The listed company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law[121](index=121&type=chunk) [Social Responsibility](index=30&type=section&id=V.%20Social%20Responsibility) The company actively fulfills social responsibilities, focusing on stakeholder rights, employee welfare, and quality management - The company takes "building an excellent enterprise and sharing development achievements" as its corporate mission, and "doing things with heart, being virtuous, and building a specialized, refined, unique, and innovative brand" as its corporate values, striving to become a century-old enterprise "recognized by society, satisfied by customers, and proud of by employees"[121](index=121&type=chunk) - The company strictly abides by laws and regulations, operates in a standardized manner, and fulfills information disclosure obligations truthfully, accurately, completely, and timely, communicating with investors through various means to protect the interests of all shareholders, especially small and medium shareholders[122](index=122&type=chunk) - The company strictly complies with the "Labor Law" and "Labor Contract Law," provides social insurance and housing provident fund for employees, emphasizes welfare construction and talent development, encourages technological innovation, and fosters a fair and just development environment[123](index=123&type=chunk) - General Manager Guo Junxin was awarded the "Wuxi City Model Worker" title, the company held a "Ten Years of Loyalty Employee" award ceremony and the Sixth Employee Skills Competition, and highly values safety production[123](index=123&type=chunk)[124](index=124&type=chunk) - The company has established a comprehensive supply chain management system, strictly controls product quality, builds long-term stable cooperative relationships with suppliers, and protects their legitimate rights and interests; the company adheres to a customer-centric approach, rapidly responds to needs, and provides satisfactory services[127](index=127&type=chunk) [Significant Matters](index=32&type=section&id=Item%205.%20Significant%20Matters) This section details important events, commitments, and transactions, including litigation and related party dealings [Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period](index=32&type=section&id=I.%20Commitments%20Fulfilled%20or%20Overdue%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20the%20Reporting%20Period) No fulfilled or overdue commitments from key stakeholders were reported - The company reported no commitments by its controlling shareholder, shareholders, related parties, acquirers, or the company that were fulfilled or overdue during the reporting period[130](index=130&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=32&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) No non-operating fund occupation by controlling shareholders or related parties occurred - The company reported no non-operating fund occupation by its controlling shareholder or other related parties during the reporting period[131](index=131&type=chunk) [Irregular External Guarantees](index=32&type=section&id=III.%20Irregular%20External%20Guarantees) The company reported no irregular external guarantees during the period - The company had no irregular external guarantees during the reporting period[132](index=132&type=chunk) [Appointment and Dismissal of Accounting Firms](index=32&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[133](index=133&type=chunk) [Explanations by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=32&type=section&id=V.%20Explanations%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20the%20Accounting%20Firm's%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) No explanations regarding a "non-standard audit report" were provided by the board, supervisory board, or audit committee - The company reported no explanations by the Board of Directors, Supervisory Board, or Audit Committee regarding a "non-standard audit report" from the accounting firm for the current period[134](index=134&type=chunk) [Explanations by the Board of Directors on the "Non-Standard Audit Report" for the Prior Year](index=32&type=section&id=VI.%20Explanations%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Prior%20Year) No explanations regarding the prior year's "non-standard audit report" were provided by the board - The company reported no explanations by the Board of Directors regarding the "non-standard audit report" for the prior year[134](index=134&type=chunk) [Bankruptcy and Reorganization Matters](index=32&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[134](index=134&type=chunk) [Litigation Matters](index=32&type=section&id=VIII.%20Litigation%20Matters) No significant litigation occurred, but minor cases totaling **RMB 889,700** are currently under review - The company had no significant litigation or arbitration matters during this reporting period[135](index=135&type=chunk) Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Provision for Estimated Liabilities Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | Status of Litigation (Arbitration) Judgment Execution | | :--- | :--- | :--- | :--- | :--- | :--- | | Other litigation matters not meeting disclosure thresholds | 88.97 | No | Currently under review | Currently under review | Currently under review | [Penalties and Rectification](index=33&type=section&id=IX.%20Penalties%20and%20Rectification) The company reported no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[137](index=137&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=33&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) No integrity issues were reported for the company, its controlling shareholder, or actual controller - The company reported no issues regarding the integrity status of the company, its controlling shareholder, or actual controller during the reporting period[138](index=138&type=chunk) [Significant Related Party Transactions](index=33&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) No significant related party transactions, beyond key management compensation, occurred - The company had no related party transactions related to daily operations during the reporting period[138](index=138&type=chunk) - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[139](index=139&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[140](index=140&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[141](index=141&type=chunk) - The company and its controlled financial companies had no deposit, loan, credit, or other financial business dealings with related parties[142](index=142&type=chunk)[143](index=143&type=chunk) - The company had no other significant related party transactions during the reporting period[144](index=144&type=chunk) [Significant Contracts and Their Performance](index=34&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) No major contracts, except for approved but unused subsidiary guarantee limits, were reported - The company had no entrustment, contracting, or leasing situations during the reporting period[145](index=145&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk) Company's Guarantees for Subsidiaries | Name of Guaranteed Party | Disclosure Date of Guarantee Limit Announcement | Guarantee Limit (RMB 10,000) | Actual Occurrence Date | Actual Guarantee Amount (RMB 10,000) | Guarantee Type | Collateral (if any) | Counter-guarantee (if any) | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wuxi Yuhua Precision Machinery Co, Ltd | August 08, 2024 | 20,000 | - | 0 | - | None | None | No actual guarantee occurred | No | No | | Anhui Best New Energy Vehicle Components Co, Ltd | August 08, 2024 | 20,000 | - | 0 | - | None | None | No actual guarantee occurred | No | No | | Total approved guarantee limit for subsidiaries during reporting period | - | 40,000 | - | - | - | - | - | - | - | - | | Total actual guarantee amount for subsidiaries during reporting period | - | - | - | 0 | - | - | - | - | - | - | | Total approved guarantee limit for subsidiaries at period-end | - | 40,000 | - | - | - | - | - | - | - | - | | Total actual guarantee balance for subsidiaries at period-end | - | - | - | 0 | - | - | - | - | - | - | - The company had no significant daily operation contracts or other significant contracts during the reporting period[152](index=152&type=chunk)[153](index=153&type=chunk) [Explanation of Other Significant Matters](index=36&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) No other significant matters requiring explanation were reported - The company reported no other significant matters requiring explanation during the reporting period[154](index=154&type=chunk) [Significant Matters of Company Subsidiaries](index=36&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) No significant matters concerning company subsidiaries were reported - The company had no significant matters concerning its subsidiaries during the reporting period[155](index=155&type=chunk) [Share Changes and Shareholder Information](index=37&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in share capital, shareholder structure, and key personnel holdings [Share Change Information](index=37&type=section&id=I.%20Share%20Change%20Information) No changes in total shares, restricted, or unrestricted shares occurred during the period Share Change Information | Item | Quantity Before Change (shares) | Proportion Before Change | Net Increase/Decrease in This Change (shares) | Quantity After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 29,730,290.00 | 5.94% | 0 | 29,730,290.00 | 5.94% | | II. Unrestricted Shares | 470,813,575.00 | 94.06% | 0 | 470,813,575.00 | 94.06% | | III. Total Shares | 500,543,865.00 | 100.00% | 0 | 500,543,865.00 | 100.00% | - There were no reasons for share changes, no approval or transfer situations, no progress on share repurchases, and no progress on reducing repurchased shares through centralized bidding during the reporting period[157](index=157&type=chunk)[159](index=159&type=chunk) [Securities Issuance and Listing](index=38&type=section&id=II.%20Securities%20Issuance%20and%20Listing) No securities issuance or listing activities took place during the reporting period - The company had no securities issuance or listing activities during the reporting period[159](index=159&type=chunk) [Number of Shareholders and Shareholding Information](index=38&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) The company had **48,396** shareholders, with the actual controller holding **55.26%** directly and indirectly - The total number of common shareholders at the end of the reporting period was **48,396**[160](index=160&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period-end (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wuxi Best Investment Co, Ltd | Domestic Non-State-Owned Legal Person | 49.67% | 248,599,638 | 0 | 248,599,638 | | Cao Yuhua | Domestic Natural Person | 5.12% | 25,649,662 | 19,237,246 | 6,412,416 | | Cao Yi | Domestic Natural Person | 2.80% | 13,990,725 | 10,493,044 | 3,497,681 | | Xie Sixuan | Domestic Natural Person | 1.40% | 6,995,362 | 0 | 6,995,362 | | Wuxi Xinshi Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 0.93% | 4,654,312 | 0 | 4,654,312 | | Hong Kong Securities Clearing Company Limited | Other | 0.92% | 4,602,356 | 0 | 4,602,356 | - Wuxi Best Investment Co, Ltd is a wholly-owned subsidiary 100% controlled by the actual controller Cao Yuhua; Xie Sixuan is Cao Yuhua's spouse; Cao Yi is Cao Yuhua's daughter; Cao Yuhua indirectly controls company shares through Wuxi Xinshi Investment Partnership (Limited Partnership)[162](index=162&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=41&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period, with details available in the 2024 Annual Report[165](index=165&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=41&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) Neither the controlling shareholder nor the actual controller changed during the reporting period - The company's controlling shareholder did not change during the reporting period[166](index=166&type=chunk) - The company's actual controller did not change during the reporting period[166](index=166&type=chunk) [Preferred Share Information](index=42&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[167](index=167&type=chunk) [Bond Information](index=43&type=section&id=Item%207.%20Bond%20Information) This section provides details regarding the company's bond-related activities [Bond Information](index=43&type=section&id=Bond%20Information) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[169](index=169&type=chunk) [Financial Report](index=44&type=section&id=Item%208.%20Financial%20Report) This section presents the company's comprehensive financial statements and related disclosures [Audit Report](index=44&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[171](index=171&type=chunk) [Financial Statements](index=44&type=section&id=II.%20Financial%20Statements) This section includes consolidated and parent company balance sheets, income statements, cash flow, and equity changes - Financial statements include consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[172](index=172&type=chunk) [1. Consolidated Balance Sheet](index=44&type=section&id=1.%20Consolidated%20Balance%20Sheet) Presents the company's consolidated assets, liabilities, and owners' equity at period-end and period-beginning - The consolidated balance sheet presents the company's consolidated assets, liabilities, and owners' equity at period-end and period-beginning[172](index=172&type=chunk)[173](index=173&type=chunk)[174](index=174&type=chunk)[175](index=175&type=chunk) [2. Parent Company Balance Sheet](index=46&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) Presents the parent company's assets, liabilities, and owners' equity at period-end and period-beginning - The parent company balance sheet presents the parent company's assets, liabilities, and owners' equity at period-end and period-beginning[176](index=176&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk) [3. Consolidated Income Statement](index=48&type=section&id=3.%20Consolidated%20Income%20Statement) Presents the company's consolidated operating results, including revenue, costs, and net profit - The consolidated income statement presents the company's consolidated total operating revenue, total operating costs, total profit, net profit, and other operating results for the current and prior periods[180](index=180&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk) [4. Parent Company Income Statement](index=50&type=section&id=4.%20Parent%20Company%20Income%20Statement) Presents the parent company's operating results, including revenue, costs, and net profit - The parent company income statement presents the parent company's operating revenue, operating costs, total profit, net profit, and other operating results for the current and prior periods[184](index=184&type=chunk)[185](index=185&type=chunk)[186](index=186&type=chunk)[187](index=187&type=chunk) [5. Consolidated Cash Flow Statement](index=52&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) Presents the company's net cash flows from operating, investing, and financing activities - The consolidated cash flow statement presents the company's net cash flows from operating, investing, and financing activities for the current and prior periods[188](index=188&type=chunk)[189](index=189&type=chunk) [6. Parent Company Cash Flow Statement](index=53&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) Presents the parent company's net cash flows from operating, investing, and financing activities - The parent company cash flow statement presents the parent company's net cash flows from operating, investing, and financing activities for the current and prior periods[190](index=190&type=chunk)[191](index=191&type=chunk) [7. Consolidated Statement of Changes in Owners' Equity](index=55&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) Presents the changes in the company's consolidated owners' equity for the current and prior periods - The consolidated statement of changes in owners' equity presents the changes in the company's consolidated owners' equity for the current and prior periods[192](index=192&type=chunk)[193](index=193&type=chunk)[194](index=194&type=chunk)[195](index=195&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk)[200](index=200&type=chunk)[201](index=201&type=chunk) [8. Parent Company Statement of Changes in Owners' Equity](index=60&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) Presents the changes in the parent company's owners' equity for the current and prior periods - The parent company statement of changes in owners' equity presents the changes in the parent company's owners' equity for the current and prior periods[202](index=202&type=chunk)[203](index=203&type=chunk)[204](index=204&type=chunk)[205](index=205&type=chunk)[206](index=206&type=chunk) [Company Basic Information](index=64&type=section&id=III.%20Company%20Basic%20Information) Details the company's listing, capital changes, industry, and main business scope - The company was listed on the Shenzhen Stock Exchange on January 11, 2017, with an initial public offering of **50 million** RMB ordinary shares (A shares)[210](index=210&type=chunk) - The company's registered capital increased to **RMB 500,543,865.00** through convertible corporate bond conversion, capital reserve to share capital conversion, and equity incentive capital increase[211](index=211&type=chunk)[212](index=212&type=chunk)[213](index=213&type=chunk)[215](index=215&type=chunk) - The company belongs to the automotive manufacturing industry, with main products including automotive components, communication product components, pneumatic tools, refrigeration compressor components, intelligent equipment, and tooling[216](index=216&type=chunk) - This financial report was approved for issuance by the company's sixteenth meeting of the fourth board of directors on August 15, 2025[217](index=217&type=chunk) [Basis of Financial Statement Preparation](index=65&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) Financial statements are prepared on a going concern basis, adhering to accounting standards and historical cost - The company's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" and relevant regulations[218](index=218&type=chunk) - Accounting is based on the accrual basis, and except for certain financial instruments, all measurements are based on historical cost[218](index=218&type=chunk) - The company comprehensively evaluates currently available information and finds no factors significantly affecting its ability to continue as a going concern within 12 months from the end of the reporting period[219](index=219&type=chunk) [Significant Accounting Policies and Estimates](index=66&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) Detailed policies and estimates for various financial items ensure transparent and accurate reporting - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truthfully and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[221](index=221&type=chunk) - The company's accounting period is divided into annual and interim periods, with the fiscal year running from January 1 to December 31; the operating cycle is 12 months, and the functional currency is RMB[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk) - The company classifies and measures financial instruments, including those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[240](index=240&type=chunk)[241](index=241&type=chunk)[242](index=242&type=chunk) - The company provides for bad debts on notes receivable, accounts receivable, and other receivables according to the expected credit loss model[247](index=247&type=chunk)[249](index=249&type=chunk)[251](index=251&type=chunk) - The company's revenue recognition principle is to identify each distinct performance obligation in a contract, determine whether it is satisfied over time or at a point in time, and measure revenue based on the transaction price allocated to each performance obligation[309](index=309&type=chunk)[312](index=312&type=chunk) - The company classifies government grants as asset-related or income-related and recognizes and measures them based on their nature and purpose[314](index=314&type=chunk)[315](index=315&type=chunk)[319](index=319&type=chunk)[320](index=320&type=chunk) [Taxation](index=87&type=section&id=VI.%20Taxation) The company's tax structure includes VAT, corporate income tax (with high-tech and small/micro enterprise incentives), and other local taxes Major Taxes and Tax Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Revenue from sales of goods, provision of services | 13% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7% | | Corporate Income Tax | Taxable income | 15%, 17%, 20%, 25% | | Education Surcharge | Amount of turnover tax payable | 5% | | Property Tax | Self-occupied property based on residual value | 1.2% | | Land Use Tax | Land area | 3 RMB/sqm | - As a high-tech enterprise, the company enjoys a **15%** corporate income tax preferential rate from 2023-2025[333](index=333&type=chunk) - Subsidiaries Suzhou Herbes, Yitong Lightweight, and Shanghai Yishen qualify as small and micro enterprises, calculating taxable income at **25%** and paying corporate income tax at a **20%** rate[334](index=334&type=chunk) [Notes to Consolidated Financial Statement Items](index=88&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) Detailed explanations are provided for all major consolidated financial statement items - Monetary funds at period-end amounted to **RMB 186,955,369.77**, of which **RMB 5,527,741.00** was deposited overseas[336](index=336&type=chunk) - Trading financial assets at period-end amounted to **RMB 656,491,700.30**, primarily wealth management products[338](index=338&type=chunk) - Accounts receivable at period-end amounted to **RMB 498,871,343.81**, with a bad debt provision of **RMB 31,242,226.55** based on aging and credit risk portfolio[353](index=353&type=chunk)[355](index=355&type=chunk) - Operating revenue for the current period was **RMB 716,406,006.74**, and operating cost was **RMB 467,716,502.36**, with automotive components accounting for the highest proportion of revenue[489](index=489&type=chunk) - Net cash flow from operating activities was **RMB 45,213,774.23**, a year-on-year decrease of **79.33%**, primarily due to changes in bill payment methods and increased tax payments[521](index=521&type=chunk) - Net cash flow from investing activities was **RMB 24,615,862.40**, a year-on-year increase of **125.63%**, primarily due to increased redemption of wealth management products[521](index=521&type=chunk) - Net cash flow from financing activities was **RMB -70,076,141.10**, a year-on-year decrease of **3.19%**[521](index=521&type=chunk) [R&D Expenses](index=122&type=section&id=VIII.%20R%26D%20Expenses) Total R&D investment increased by **13.98%**, primarily in personnel, materials, and depreciation, all expe

当事人:无锡贝斯特精机股份有限公司 法定代表人:曹余华 统一社会信用代码：91320200240505438W 地 址：无锡市建筑西路777（A10）-20层（乡 锡市滨湖区胡埭镇合欢西路18号） 当事人分别委托上海兴亚报关有限公司、 际货物运输代理有限公司及上海弘跃国际货i 司，于2022年7月5日至2025年3月26日以一般' 关 申 报 进 口 货 物 2 1 票 ， 报 关 单 224420221000674791等（详见附件：申报不² 申报品名分别为硫化橡胶制O型圈及O型圈, 7 胶,申报商品编号均为4016931000(相对应É 8%），申报 数 量 共 计 为 1201246个 , 申 报 EXW381605.26欧元。经查核,上述货物实际; 胶、实际商品编号均应为3926901000（相对I 为10%），与申报不符。案发后，当事人能够i 违法行为,且认错认罚。 近日，中华人民共和国上海浦东国际机场海关发布关于无锡贝斯特精机股份有限公司违反海关监管规定行政处罚决定书（沪浦机关缉违字〔2025〕532 号）。 对当事人在2023年5月5日至2025年3月26日期间向海关申报进口的16票报关单下货物 ...

天眼查商业履历信息显示，无锡贝斯特精机股份有限公司，成立于1997年，位于无锡市，是一家以从事 通用设备制造业为主的企业。企业注册资本50054.3865万人民币，实缴资本13940万人民币。公司法定 代表人为曹余华。 通过天眼查大数据分析，无锡贝斯特精机股份有限公司共对外投资了9家企业，参与招投标项目78次， 知识产权方面有商标信息24条，专利信息229条，此外企业还拥有行政许可63个。 来源：金融界 金融界消息 截至2025年8月6日收盘，贝斯特（300580）报收于27.06元，上涨4.04%，换手率5.45%，成 交量25.66万手，成交金额6.86亿元。 资金流向方面，今日主力资金净流入6986.06万元，占比成交额10.19%。其中，超大单净流入3520.89万 元、占成交额5.13%，大单净流入3465.18万元、占成交额5.05%，中单净流出流出260.51万元、占成交 额0.38%，小单净流出6725.55万元、占成交额9.81%。 贝斯特最新一期业绩显示，截至2025一季报，公司营业总收入3.50亿元、同比增长1.89%，归属净利润 6939.86万元，同比增长0.23%，扣非净利润653 ...

Core Insights - The article provides a comprehensive list of the top 30 publicly listed companies in the die-casting industry in China, highlighting their financial performance, technological advancements, and key clients. Group 1: Company Performance - Guangdong Hongtu reported Q1 2025 revenue of 2.099 billion with a gross margin of 12.58% and holds over 500 patents in aluminum alloy technology, serving clients like Tesla and BYD [1] - Huayang Group achieved Q1 2025 revenue of 1.991 billion and a gross margin of 21.56%, focusing on automotive electronic die-casting and serving clients such as BMW and Mercedes [4] - Ningbo Top Group reported Q1 2025 revenue of 5.768 billion, being a supplier for Tesla's integrated rear cabin [7] - Wencan Co. reported Q1 2025 revenue of 1.27 billion with a gross margin of 13.43%, specializing in integrated die-casting technology [9] - Lichung Group achieved Q1 2025 revenue of 5.967 billion, with a year-on-year growth of 16.49% [16] Group 2: Technological Advancements - Yian Technology is a global leader in liquid metal die-casting, producing over 5 million magnesium alloy parts annually [3] - Shenzhen New Star has developed a high vacuum die-casting process, expecting 1 billion revenue from automotive optical business in 2025 [17] - Meili Xin reported a 60% revenue growth in the photovoltaic sector in 2023, with a global market share of 25% in photovoltaic inverter die-casting [18] Group 3: Client Relationships - Aikodi serves clients including NIO and Bosch, with a 35% increase in net profit in 2023 [6] - Cloud Metal reported a 55% growth in magnesium alloy business in 2023, serving clients like Tesla and BMW [14] - BYD has achieved over 80% self-supply rate for die-casting parts in 2023, with a 30% increase in self-developed equipment capacity [20]

Group 1 - The latest stock price of Best is 24.83 yuan, up by 0.04 yuan from the previous trading day, with an intraday high of 25.51 yuan and a low of 24.61 yuan, and a total trading volume of 230 million yuan, resulting in a turnover rate of 1.95% [1] - Best's main business is automotive parts manufacturing, involving industrial automation and intelligent manufacturing [1] - Best Union Investment has established Wuxi Xingzhi Technology Co., Ltd., which will engage in mechanical parts processing and manufacturing of industrial automatic control systems [1] Group 2 - On August 1, the net outflow of main funds was 1.0925 million yuan, with a cumulative net outflow of 48.2457 million yuan over the past five trading days [2]

Investment Rating - The report does not explicitly state an investment rating for the automotive industry or the embodied intelligence sector Core Insights - The embodied intelligence sector is entering a rapid implementation phase as of 2025, with multiple manufacturers planning mass production of robots across various applications [12][16][18] - The automotive industry is actively integrating embodied intelligence into its supply chain, leveraging existing technological advancements and manufacturing capabilities [34][37] - Government policies across various provinces are increasingly supportive of the embodied intelligence and robotics industries, aiming to foster innovation and market expansion [17][21][18] Summary by Sections 1. Rapid Development of Embodied Intelligence - The period from 2020 to 2025 marks a significant evolution in embodied intelligence, driven by advancements in AI and robotics, particularly following the release of OpenAI's ChatGPT3 [11] - Major manufacturers like Tesla and Xiaomi are entering the market, with Tesla predicting a production capacity of over 5,000 units by 2025 and 50,000 units by 2026 [13][16] - The demand for robots in various sectors is projected to grow significantly, with manufacturing being a primary area for automation due to its repetitive tasks [25][27] 2. Integration of Automotive and Embodied Intelligence - The automotive industry is leveraging its existing technological expertise in areas such as sensor fusion and control algorithms to facilitate the development of embodied intelligence [34][37] - Over ten automotive manufacturers are actively pursuing the embodied intelligence sector through self-development and strategic investments [36][37] - The shared supply chain for components like sensors and chips between automotive and robotics sectors is expected to reduce costs and enhance production efficiency [43][49] 3. Government Support and Policy Framework - Various provinces, including Shenzhen and Beijing, have introduced policies to support the development of embodied intelligence, focusing on technology breakthroughs and ecosystem building [17][21][18] - The policies aim to create a conducive environment for innovation, with specific targets for industry scale and technological advancements by 2027 [18][21] - The report highlights a collaborative approach among regions to drive the growth of the embodied intelligence sector, emphasizing the importance of technology and market integration [18][21]

天眼查App显示，近日，无锡星直科技有限公司成立，法定代表人为曹逸，注册资本2000万人民币，无 锡贝斯特精机股份有限公司、长广溪智能制造（无锡）有限公司、无锡市锡港沪灵创机器人有限公司持 股。 经营范围含技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；机械零件、零部件加 工；电子元器件与机电组件设备制造；工业自动控制系统装置制造；微特电机及组件制造（除依法须经 批准的项目外，凭营业执照依法自主开展经营活动） 企业名称无锡星直科技有限公司法定代表人曹逸注册资本2000万人民币国标行业制造业>计算机、通信 和其他电子设备制造业>电子器件制造地址江苏省无锡市滨湖区蠡园街道建筑西路777（A10）-20层 2001企业类型有限责任公司营业期限2025-7-31至无固定期限登记机关无锡市滨湖区数据局 来源：金融界 序号股东名称持股比例1无锡贝斯特精机股份有限公司80%2长广溪智能制造（无锡）有限公司10%3无 锡市锡港沪灵创机器人有限公司10% ...

消息面上，宇树机器人开启上市辅导，相关概念表现活跃。 截至2025年7月21日 09:46，中证汽车零部件主题指数(931230)强势上涨1.23%，成分股建设工业(002265) 上涨9.99%，双林股份(300100)上涨6.12%，贝斯特(300580)上涨4.44%，永鼎股份(600105)，银轮股份 (002126)等个股跟涨。汽车零件ETF(159306)上涨1.14%，最新价报1.16元。拉长时间看，截至2025年7月 18日，汽车零件ETF近1周累计上涨3.71%。 数据显示，截至2025年6月30日，中证汽车零部件主题指数(931230)前十大权重股分别为汇川技术 (300124)、福耀玻璃(600660)、三花智控(002050)、拓普集团(601689)、赛轮轮胎(601058)、德赛西威 (002920)、华域汽车(600741)、万丰奥威(002085)、双环传动(002472)、伯特利(603596)，前十大权重股 合计占比41.05%。 汽车零件ETF(159306)，场外联接(平安中证汽车零部件主题ETF联接A：022731；平安中证汽车零部件 主题ETF联接C：022732； ...

Investment Rating - The report indicates a positive investment outlook for the humanoid robot industry, highlighting significant growth potential driven by policy support and technological advancements [3][10]. Core Insights - The humanoid robot industry is experiencing rapid development, with government policies emphasizing embodied intelligence as a key focus for future industrial growth [10]. - Major companies are investing heavily in humanoid robotics, leading to accelerated technological progress and market expansion [3][8]. - The production of humanoid robots is set to increase significantly, with projections estimating a global market size of 150 billion yuan by 2029 [3][17]. Summary by Sections 1. Emergence of the Humanoid Robot Industry - The humanoid robot sector is entering a phase of industrialization, with advancements in AI enhancing interaction and learning capabilities [6][8]. 2. Harmonic Reducers: Acceleration of Domestic Production - Domestic manufacturers are ramping up production of harmonic reducers, which are critical components for humanoid robots [22][39]. 3. Planetary Roller Screws: Breakthrough in Domestic Production - The planetary roller screw market is expanding, with increasing applications in various industries, including automotive and robotics [56][68]. 4. Frameless Torque Motors: Domestic Performance Surpassing Expectations - Domestic frameless torque motors are showing competitive advantages in performance and cost, contributing to the overall growth of the humanoid robot market [28][29]. 5. Dexterous Hands: Technological Iteration and Upgrades - The development of dexterous hands is crucial for enhancing the functionality of humanoid robots, with ongoing technological improvements [22][28]. 6. Six-Dimensional Torque Sensors: Continuous Cost Reduction - The market for six-dimensional torque sensors is expected to grow as costs decrease, making them more accessible for humanoid robot applications [22][28]. 7. Market Potential and Production Plans - Companies like Tesla and Figure AI are planning significant production increases, with Tesla aiming for 5000 units in 2025 and up to 1 million units by 2029 [17][19].