福建星云电子股份有限公司 外部信息报送和使用管理制度 （修订本 2025年8月） 第一条 为进一步加强福建星云电子股份有限公司（以下简称公司）定期报 告、临时报告及重大事项在编制、审议和披露期间的外部信息使用人管理，规范 外部信息报送管理事务，确保公平信息披露，杜绝泄露内幕信息、内幕交易等违 法违规行为，根据《中华人民共和国公司法》《中华人民共和国证券法》、中国 证券监督管理委员会（以下简称中国证监会）发布的《上市公司信息披露管理办 法》（中国证券监督管理委员会令第226号）、《上市公司监管指引第5号——上 市公司内幕信息知情人登记管理制度》（中国证券监督管理委员会公告〔2025〕 5号）、深圳证券交易所发布的《深圳证券交易所创业板股票上市规则》《深圳 证券交易所上市公司自律监管指引第2号——创业板上市公司规范运作》和中国 证券监督管理委员会福建监管局（以下简称福建证监局）下发的《关于加强上市 公司内幕信息保密管理有关工作的通知》（闽证监公司字〔2013〕39号）、《关 于进一步做好辖区上市公司内幕信息知情人登记管理工作的通知》（闽证监发 〔2021〕51号）等法律、法规、规范性文件和《公司章程》《公司信息披 ...

福建星云电子股份有限公司 投资理财管理制度 (修订本 2025年8月) 第一章 总则 第一条 为规范福建星云电子股份有限公司（以下简称公司）的投资理财管 理，提高资金运作效率，防范投资理财决策和执行过程中的相关风险，提升公司 经济效益，根据《中华人民共和国公司法》《深圳证券交易所创业板股票上市规 则》《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规范运 作》、财政部颁布的《企业内部控制基本规范》及配套指引等有关法律、法规、 规范性文件和《公司章程》的规定，结合公司实际情况，特制定本制度。 第二条 本制度适用于公司及其全资子公司、控股子公司（以下统称为子公 司）的投资理财管理。 第三条 本制度所称投资理财是指在国家政策及创业板相关业务规则允许 的情况下，公司在控制投资风险的前提下，以提高资金使用效率、增加公司收益 为原则，在确保资金安全性、流动性的基础上使用闲置资金进行证券投资、委托 理财的行为。具体包括境内外的新股配售、申购、证券回购、股票等二级市场投 资、债券投资、委托理财（含银行理财产品、信托产品）以及深圳证券交易所认 定的其他投资理财行为。 第二章 投资理财的提出与审核 第四条 公司应当根 ...

Part I [Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notice](index=2&type=section&id=Important%20Notice) The company's board and management assure the semi-annual report's integrity, with no plans for dividends or share transfers - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report[5](index=5&type=chunk) - The company's responsible person, head of accounting, and head of accounting department declare the financial report is true, accurate, and complete[5](index=5&type=chunk) - The company plans not to distribute **cash dividends**, issue **bonus shares**, or convert **capital reserves into share capital**[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section outlines the report's eight main chapters, covering company profile, financial metrics, management discussion, governance, and financial reports - The report is divided into eight main chapters, covering company profile, financial indicators, management discussion and analysis, corporate governance, significant matters, share changes, bond status, and financial reports[8](index=8&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms, including company names, shareholders, subsidiaries, technical acronyms, and the reporting period - The reporting period refers to **January 1 to June 30, 2025**[15](index=15&type=chunk) - **Nebula Stock** refers to **Fujian Nebula Electronics Co., Ltd.**, with controlling shareholders **Li Youcai** and **Liu Zuobin**[15](index=15&type=chunk) - **BMS** stands for Battery Management System, **MES** for Manufacturing Execution System, and **EOL** for End-of-Line testing[15](index=15&type=chunk) Part II [Company Profile and Key Financial Indicators](index=6&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Profile](index=6&type=section&id=I.%20Company%20Profile) Nebula Stock (300648) is listed on the Shenzhen Stock Exchange, with Li Youcai as legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Nebula Stock | | Stock Code | 300648 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Li Youcai | [Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) Xu Longfei is Board Secretary and Zhou Chao is Securities Affairs Representative, both at Nebula Science Park, Fuzhou Contact Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Xu Longfei | Nebula Science Park, No. 7 Majiang Road, Mawei District, Fuzhou City, Fujian Province | 0591-28051312 | investment@e-nebula.com | | Securities Affairs Representative | Zhou Chao | Nebula Science Park, No. 7 Majiang Road, Mawei District, Fuzhou City, Fujian Province | 0591-28051312 | investment@e-nebula.com | [Other Information](index=6&type=section&id=III.%20Other%20Information) Company contact details and disclosure locations remained unchanged, but registration was updated on June 5, 2025 - The company's registered address, office address, website, and email remained unchanged during the reporting period[19](index=19&type=chunk) - Information disclosure and filing locations remained unchanged during the reporting period[20](index=20&type=chunk) - The company's registration status changed during the reporting period, with industrial and commercial registration completed on **June 5, 2025**[21](index=21&type=chunk)[22](index=22&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) H1 2025 revenue slightly decreased, but net profit attributable to shareholders significantly reduced loss, with total assets growing **30.11%** Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 556,917,383.44 | 561,266,688.35 | -0.77% | | Net Profit Attributable to Shareholders | -8,853,718.79 | -40,546,764.16 | 78.16% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -18,552,829.29 | -48,528,099.73 | 61.77% | | Net Cash Flow from Operating Activities | 86,321,977.31 | 44,341,186.03 | 94.68% | | Basic Earnings Per Share (CNY/share) | -0.0565 | -0.2744 | 79.41% | | Diluted Earnings Per Share (CNY/share) | -0.0565 | -0.2721 | 79.24% | | Weighted Average Return on Net Assets | -0.91% | -4.83% | 3.92% | | **Period-End Indicators** | **Current Period-End (CNY)** | **Prior Year-End (CNY)** | **Period-End vs. Prior Year-End Change** | | Total Assets | 2,734,750,958.36 | 2,101,842,407.29 | 30.11% | | Net Assets Attributable to Shareholders | 1,388,138,971.41 | 769,306,957.57 | 80.44% | - The company's share capital changed due to new share issuance from the end of the reporting period to the disclosure date, impacting the amount of owners' equity[23](index=23&type=chunk) [Differences in Accounting Data Under Domestic and International Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20International%20Accounting%20Standards) No differences in net profit or net assets were reported between international/overseas and Chinese accounting standards - During the reporting period, there were no differences in net profit and net assets in financial reports disclosed under International Accounting Standards versus Chinese Accounting Standards[24](index=24&type=chunk) - During the reporting period, there were no differences in net profit and net assets in financial reports disclosed under overseas accounting standards versus Chinese Accounting Standards[25](index=25&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses amounted to **CNY 9.70 million**, primarily from government grants and asset disposal Non-Recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 1,265,517.92 | | Government Grants Recognized in Current Profit or Loss (Excluding Those Continuously Affecting) | 9,602,507.97 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-Financial Enterprises | 172,333.33 | | Other Non-Operating Income and Expenses | 248,121.52 | | Less: Income Tax Impact | 1,573,431.50 | | Impact on Minority Interests (After Tax) | 15,938.74 | | Total | 9,699,110.50 | - The company has no other profit or loss items meeting the definition of non-recurring gains and losses, nor has it classified non-recurring items as recurring[26](index=26&type=chunk)[27](index=27&type=chunk) Part III [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) [Company's Main Business Activities During the Reporting Period](index=9&type=section&id=I.%20Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company's core business in lithium equipment, energy storage, and charging piles benefits from rapid growth in new energy sectors [Industry Development Status and Future Trends](index=9&type=section&id=%28I%29%20Industry%20Development%20Status%20and%20Future%20Trends) Operating in the midstream lithium-ion battery industry, the company benefits from strong demand in new energy vehicles and energy storage - The company operates in the midstream of the lithium-ion battery industry, with businesses covering lithium equipment, energy storage products, charging piles, and battery testing services[30](index=30&type=chunk) - From January to June 2025, China's new energy vehicle sales reached **5.878 million units**, a **34.3% year-on-year increase**, with penetration rising to **50.4%**[31](index=31&type=chunk) - In H1 2025, global power battery installations were approximately **465.9 GWh**, a **35% year-on-year increase**[31](index=31&type=chunk) - From January to June 2025, China's new energy storage installed capacity reached **42.6 GWh**, a **27.5% year-on-year increase**[31](index=31&type=chunk) - By 2030, lithium battery shipments for AI terminals and robots are expected to reach **58 GWh**, with an average annual compound growth rate of **83.9%** over the next six years[32](index=32&type=chunk) - From January to June 2025, charging infrastructure increased by **3.282 million units**, a **99.2% year-on-year increase**[32](index=32&type=chunk) - GGII projects that China's lithium equipment market size is expected to reach **CNY 57.5 billion** by **2025**[33](index=33&type=chunk) - China's new energy storage converter market size is projected to reach **CNY 6.05 billion** by **2025**[34](index=34&type=chunk) [Company Business Model, Market Position, and Competitive Landscape](index=10&type=section&id=%28II%29%20Company%20Business%20Model%2C%20Market%20Position%2C%20and%20Competitive%20Landscape) The company operates with an independent, market-driven business model, leading in smart energy solutions and lithium battery testing - The company's R&D model is market-demand oriented, integrating technological foresight and developing new products through the IPD process[36](index=36&type=chunk) - The procurement model establishes a comprehensive supply chain system and procurement management, utilizing an ERP system for purchasing and reasonable inventory control[36](index=36&type=chunk) - The production model adopts flexible production management based on sales orders, gradually transitioning from a 'customized equipment enterprise' to a 'scaled and standardized product enterprise'[37](index=37&type=chunk) - The sales model adheres to the 'customer success' philosophy, deepening relationships with existing clients and expanding into new energy storage sectors, establishing a strong reputation[38](index=38&type=chunk) - The company is a leading domestic professional provider of key components for smart energy solutions, with testing technology at its core[38](index=38&type=chunk) - The company is among the first batch of 'National Specialized, Refined, Unique, and New 'Little Giant' Enterprises' awarded by the Ministry of Industry and Information Technology, and participated in drafting **4 national standards** for lithium battery testing[39](index=39&type=chunk) - During the reporting period, the company, in collaboration with the China Academy of Transportation Sciences, jointly released the 'Vehicle and Vessel In-Service Battery Health AI Large Model'[39](index=39&type=chunk) [Company's Main Business Operations](index=11&type=section&id=%28III%29%20Company%27s%20Main%20Business%20Operations) The company provides comprehensive lithium battery testing solutions, including equipment, services, energy storage PCS, and charging piles - The company's main businesses include R&D, production, and sales of lithium battery equipment, battery testing services, and R&D, production, and sales of energy storage PCS and charging pile products[40](index=40&type=chunk) - The company provides comprehensive lithium battery testing product solutions, covering the entire lifecycle of lithium batteries from 'R&D, manufacturing, application, to recycling'[40](index=40&type=chunk) Main Products, Services, and Application Areas | Category | Product/Service Name | Application Area | | :--- | :--- | :--- | | Lithium Battery Equipment | Lithium Battery Protection Board Testing System, Lithium Battery Finished Product Testing System, Lithium Battery Pack Testing System BMS, Lithium Battery Pack Charge-Discharge Testing System, Lithium Battery Pack Working Condition Simulation Testing System, Power Battery Module/Pack EOL System, Manufacturing Execution System (MES) | Production fields for 3C products, power tools, electric bicycles, new energy vehicles, energy storage lithium cells, modules, or battery packs | | Services | Testing Services | Lithium battery R&D field | | Energy Storage Products | Energy Storage PCS | Industrial and commercial energy storage, grid-side energy storage, and other scenarios | | Battery Swapping Products | Nebula Smart Testing and Battery Swapping Cabinet | Battery swapping and battery testing scenarios | [Performance Driving Factors](index=12&type=section&id=%28IV%29%20Performance%20Driving%20Factors) Performance is driven by policy support, industry growth, strong product and R&D, and expanding marketing, including new patents and international collaborations - New energy vehicles, energy storage, and charging infrastructure sectors are expected to maintain rapid growth driven by policy support and industry development[42](index=42&type=chunk) - During the reporting period, the company obtained **64 new invention patents**, **5 utility model patents**, and **7 software copyrights**[44](index=44&type=chunk) - As of the end of the reporting period, the company and its subsidiaries cumulatively held **864 authorized patents** and **100 software copyrights**[44](index=44&type=chunk) - The company participated in drafting **5 national standards** and **3 industry standards** related to lithium battery testing[45](index=45&type=chunk) - The company formed a strategic partnership with German and Australian partners to jointly develop a new generation of household 'microgrid PV-storage-charging integrated' products[45](index=45&type=chunk) [Core Competitiveness Analysis](index=14&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company maintains competitive advantages in R&D, product range, team expertise, and strong client relationships with leading battery and EV companies - The company established an R&D system comprising 'one laboratory, two research institutes, three validation platforms, and four R&D centers', with Fujian Nebula Testing's 'Power and Energy Storage Battery Pilot Platform' selected as one of the Ministry of Industry and Information Technology's 'First Batch of Key Cultivated Pilot Platforms'[47](index=47&type=chunk) - The company boasts a comprehensive product line covering power, energy storage, consumer, and small power lithium batteries, and has delivered **solid-state battery testing equipment** and **intelligent production lines**[48](index=48&type=chunk) - The company possesses an experienced technical management team and professional R&D team, mastering industry-leading technologies in lithium battery testing, power electronics, and automation[49](index=49&type=chunk) - The company's client base includes industry-renowned enterprises and testing institutions such as **CATL**, **BYD**, **SAIC Group**, **Huawei**, and **State Grid**, establishing stable and continuous cooperative relationships[50](index=50&type=chunk) [Main Business Analysis](index=14&type=section&id=III.%20Main%20Business%20Analysis) Operating revenue slightly decreased, but net cash flow from operations surged, driven by strong lithium equipment sales and regional growth Key Financial Data Year-on-Year Changes | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 556,917,383.44 | 561,266,688.35 | -0.77% | - | | Operating Cost | 370,944,678.48 | 384,485,387.16 | -3.52% | - | | Selling Expenses | 54,565,438.09 | 61,782,081.98 | -11.68% | - | | Administrative Expenses | 37,120,594.95 | 34,155,737.69 | 8.68% | - | | Financial Expenses | 12,241,547.90 | 15,253,898.65 | -19.75% | - | | Income Tax Expense | 1,398,410.23 | 5,461,374.61 | -74.39% | Current income tax and deferred income tax decreased YoY | | R&D Investment | 75,438,292.61 | 85,361,971.46 | -11.63% | - | | Net Cash Flow from Operating Activities | 86,321,977.31 | 44,341,186.03 | 94.68% | Good sales collection, reduced procurement payments | | Net Cash Flow from Investing Activities | -359,209,058.63 | -6,335,311.29 | -5,569.95% | Increased purchase of wealth management products, acquisition of fixed assets and other long-term assets | | Net Cash Flow from Financing Activities | 562,413,716.92 | -9,040,109.73 | 6,321.32% | Received raised funds from private placement of shares | | Net Increase in Cash and Cash Equivalents | 290,746,493.30 | 29,480,172.73 | 886.24% | Good sales collection and receipt of raised funds | Products or Services Accounting for Over 10% of Revenue | By Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lithium Battery Equipment | 422,020,938.77 | 279,248,538.37 | 33.83% | 9.01% | 5.29% | 2.34% | | Other | 80,580,616.97 | 58,260,631.50 | 27.70% | -28.88% | -30.18% | 1.35% | | Testing Services | 53,773,769.51 | 33,267,632.14 | 38.13% | -9.48% | -4.77% | -3.07% | Regional Performance Accounting for Over 10% of Company's Operating Revenue | By Region | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | East China | 300,896,494.91 | 199,681,840.98 | 33.64% | -5.46% | -13.67% | 6.32% | | Other | 116,017,265.70 | 88,269,423.54 | 23.92% | -16.62% | -14.26% | -2.09% | | South China | 77,206,631.44 | 53,411,550.44 | 30.82% | 36.00% | 48.73% | -5.92% | | Export | 62,796,991.39 | 29,581,863.52 | 52.89% | 33.40% | 106.77% | -16.71% | - Operating revenue in the **South China** region increased by **36.00%** year-on-year, primarily due to active expansion into southern clients and increased orders for charge-discharge testing systems and intelligent equipment[54](index=54&type=chunk) - Operating revenue in **export** regions increased by **33.40%** year-on-year, primarily due to active expansion into overseas clients and increased orders for charge-discharge testing systems and intelligent equipment[54](index=54&type=chunk) Production and Sales of Different Products or Businesses | By Business/Product | Unit | Capacity | Capacity Utilization Rate | Output | | :--- | :--- | :--- | :--- | :--- | | Testing Systems | Channels | 36,165 | 86.43% | 31,259 | | Automated Assembly Systems | Units | 788 | 86.80% | 684 | [Non-Core Business Analysis](index=16&type=section&id=IV.%20Non-Core%20Business%20Analysis) Non-core businesses significantly impacted total profit, with negative investment income and substantial asset impairment losses, while other income contributed positively Non-Core Business Items and Amounts | Item | Amount (CNY) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -9,145,025.35 | 124.44% | Investment income from associates accounted for using equity method | No | | Fair Value Change Gains/Losses | 172,333.33 | -2.35% | Fair value changes of financial assets held for trading | No | | Asset Impairment | -19,748,391.88 | 268.73% | Provision for inventory depreciation | Yes | | Non-Operating Income | 572,558.53 | -7.79% | Scrap income, gains on disposal of non-current assets, etc. | No | | Non-Operating Expenses | 138,014.82 | -1.88% | Penalty payments, losses from destruction or scrapping of non-current assets, etc. | No | | Other Income | 13,328,177.93 | -181.36% | VAT refunds for software products and government grants related to the company's daily operations | Yes | | Credit Impairment Losses | 4,054,436.62 | -55.17% | Provision for doubtful accounts on accounts receivable | Yes | | Asset Disposal Gains | 1,079,095.73 | -14.68% | Gains on disposal of right-of-use assets | No | [Analysis of Assets and Liabilities](index=17&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets grew **30.11%** due to increased cash and reduced receivables, while liabilities shifted, with **CNY 275.52 million** in fair value financial assets Significant Changes in Asset Composition | Item | Current Period-End Amount (CNY) | Proportion of Total Assets | Prior Year-End Amount (CNY) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 424,385,780.79 | 15.52% | 133,060,368.78 | 6.33% | 9.19% | Good sales collection and receipt of raised funds | | Accounts Receivable | 403,948,254.05 | 14.77% | 498,300,136.01 | 23.71% | -8.94% | Good sales collection | | Fixed Assets | 586,316,474.90 | 21.44% | 598,157,175.87 | 28.46% | -7.02% | Provision for accumulated depreciation of fixed assets | | Short-Term Borrowings | 564,755,479.92 | 20.65% | 638,673,351.50 | 30.39% | -9.74% | Repayment of some bank loans | | Long-Term Borrowings | 132,100,000.00 | 4.83% | 43,000,000.00 | 2.05% | 2.78% | - | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change Gains/Losses for the Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 0.00 | 172,333.33 | 240,172,333.33 | | Receivables Financing | 46,246,033.09 | -108,441.25 (Accumulated fair value changes recognized in equity) | 27,343,581.84 | | Other Non-Current Financial Assets | 8,004,700.07 | 0.00 | 8,004,700.07 | | Total | 54,250,733.16 | 172,333.33 (Fair value change gains/losses) | 275,520,615.24 | Asset Restrictions as of the End of the Reporting Period | Item | Period-End Carrying Amount (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Other Cash and Bank Balances | 34,388,288.90 | Guarantees for bills and letters of guarantee | | Other Cash and Bank Balances | 6,437,019.74 | Funds in transit already paid but not yet received | | Intangible Assets - Land Use Rights | 57,667,435.55 | Pledged for bank credit facilities | | Intangible Assets - Patent Rights | 776,729.57 | Pledged for bank credit facilities | | Fixed Assets - Mawei Nebula Zhenzhulu Mazongdi 2017-03 Factory Building | 236,231,591.25 | Pledged for bank credit facilities | | Fixed Assets - Mawei District Kuaian Majiang Avenue Building 1-4 | 40,964,081.06 | Pledged for bank credit facilities | | Notes Receivable | 19,548,018.32 | Endorsed, discounted, unexpired, and not derecognized notes | | Total | 396,013,164.39 | - | [Investment Analysis](index=18&type=section&id=VI.%20Investment%20Analysis) The company invested **CNY 320 million** in wealth management, utilizing **CNY 83.46 million** of **CNY 627 million** raised funds for projects and working capital Investment Amount During the Reporting Period | Indicator | Amount (CNY) | | :--- | :--- | | Investment Amount for the Reporting Period | 320,000,000.00 | | Investment Amount for the Prior Period | 0.00 | | Change Percentage | Not applicable | Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (CNY) | Fair Value Change Gains/Losses for the Period (CNY) | Ending Balance (CNY) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 0.00 | 172,333.33 | 240,172,333.33 | Raised Funds | | Receivables Financing | 46,246,033.09 | -108,441.25 (Accumulated fair value changes recognized in equity) | 27,343,581.84 | Own Funds | | Other Non-Current Financial Assets | 8,004,700.07 | 0.00 | 8,004,700.07 | Own Funds | | Total | 54,250,733.16 | 172,333.33 | 275,520,615.24 | - | Overall Utilization of Raised Funds (Unit: CNY 10,000) | Fundraising Year | Fundraising Method | Net Raised Funds (1) | Total Raised Funds Used in Current Period | Total Raised Funds Cumulatively Used (2) | Utilization Ratio of Raised Funds at Period-End (3)=(2)/(1) | Total Unused Raised Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2020 | Private Placement of Shares | 38,840.00 | 0.00 | 38,560.67 | 99.28% | 0.00 | | 2023 | Private Placement of Shares | 62,755.08 | 8,346.06 | 8,346.06 | 13.30% | 54,494.14 | | Total | - | 101,595.08 | 8,346.06 | 46,906.73 | 46.17% | 54,494.14 | - The **CNY 544.9414 million** of unused raised funds from **2023** are held in dedicated accounts and cash management[67](index=67&type=chunk)[70](index=70&type=chunk) - During the reporting period, the company had no entrusted wealth management, derivative investments, or entrusted loans[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) [Analysis of Major Holding and Associate Companies](index=23&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) Major subsidiaries include Nebula Intelligent Equipment and Fujian Nebula Testing, with the latter reporting **CNY 13.39 million** net profit, while associates incurred losses Major Subsidiaries and Associates with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nebula Intelligent Equipment (Kunshan) Co., Ltd. | Subsidiary | Industrial and technology research and experimental development | 20,000,000.00 | 31,752,472.15 | 13,288,947.93 | 9,420,000.00 | 3,773,168.45 | 2,829,820.37 | | Fuzhou Xingxing Investment Development Co., Ltd. | Subsidiary | Investment | 20,000,000.00 | 23,709,416.22 | 23,709,416.22 | 0.00 | 1,097,828.12 | 1,097,826.50 | | Fujian Nebula Testing Technology Co., Ltd. | Subsidiary | Metrology services | 10,000,000.00 | 317,261,884.69 | 136,763,175.90 | 53,918,544.92 | 12,821,539.29 | 13,392,283.10 | | Fujian Nebula International Trade Co., Ltd. | Subsidiary | Domestic trade agency | 10,000,000.00 | 222,312,958.02 | 2,468,716.61 | 1,713,010.30 | -1,552,395.14 | -1,164,320.64 | | Fujian Times Nebula Technology Co., Ltd. | Associate Company | Engineering and technology research and experimental development services | 421,950,000.00 | 1,148,490,551.87 | 284,109,849.48 | 203,739,446.20 | -32,192,347.39 | -22,868,265.91 | | Nebula Smart (Fujian) Energy Technology Co., Ltd. | Associate Company | Energy technology promotion and application services | 65,000,000.00 | 404,887,304.70 | 32,601,998.98 | 20,927,309.92 | -24,676,617.33 | -24,861,119.24 | - During the reporting period, the company established three new subsidiaries: **Nebula Electronics Hungary Llc.**, **Beijing Nebula Huineng Technology Co., Ltd.**, and **Fujian Nebula Embodied Intelligence Technology Co., Ltd.**, none of which generated operating revenue or net profit[81](index=81&type=chunk) [Risks Faced by the Company and Countermeasures](index=24&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from economic cycles, bad debts, policy changes, costs, and competition, addressed by strategic adjustments and R&D - Risk of macroeconomic cyclical fluctuations: The company's business scale is affected by macroeconomic and downstream industry cyclical fluctuations; unfavorable external economic conditions or reduced downstream investment will adversely impact the company's business. Countermeasures: Adjust operating strategies, enhance risk resistance capabilities, and improve core competitiveness[81](index=81&type=chunk)[82](index=82&type=chunk) - Risk of accounts receivable bad debts: As of the end of the reporting period, the carrying amount of accounts receivable was **CNY 403.9483 million**, accounting for **22.57%** of current assets, which is a high amount, posing a risk of bad debts. Countermeasures: Strengthen accounts receivable management, establish a customer credit management system, incorporate collection status into performance evaluations, and supplement working capital through financing[82](index=82&type=chunk) - Risk of changes in tax preferential policies: The company enjoys a **15%** income tax rate for high-tech enterprises and VAT immediate refund policy for software products; changes in these policies will affect performance. Countermeasures: Actively strive to obtain and maintain relevant tax incentives[82](index=82&type=chunk)[83](index=83&type=chunk) - Risk of raw material cost fluctuations: Direct raw material costs account for a relatively high proportion; if cost pressures cannot be passed on or costs optimized, operating performance will be affected. Countermeasures: Reduce costs through process technology innovation, strengthen communication with downstream to pass on cost pressures, and enhance cost management and supply chain construction[83](index=83&type=chunk) - Market and technological risks due to competition: The industry has a high degree of marketization and fierce technological competition, which may lead to product price reductions. Countermeasures: Establish a rapid industrial policy analysis mechanism, strengthen R&D and cost management, actively expand markets, and improve product performance and customer recognition[84](index=84&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=25&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) The company hosted online investor interactions with institutional and general investors, discussing company overview and operations - On **April 28, April 30, and June 19, 2025**, the company hosted institutional investors such as **Kaiyuan Securities**, **Guoxin Securities**, **Changjiang Securities**, and **Caitong Fund**, as well as all investors, through online communication[85](index=85&type=chunk) - The main topics discussed were the company's introduction and operating conditions, with relevant record tables disclosed on Juchao Information Network[85](index=85&type=chunk) Part IV [Corporate Governance, Environment, and Society](index=27&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=27&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions for the semi-annual period - The company plans not to distribute **cash dividends**, issue **bonus shares**, or convert **capital reserves into share capital** for the semi-annual period[90](index=90&type=chunk) [Social Responsibility Performance](index=27&type=section&id=V.%20Social%20Responsibility%20Performance) The company integrates social responsibility into its core strategy, upholding values of customer success, innovation, and people-centricity - The company continuously practices its core values, actively undertaking responsibility for national and social sustainable development while achieving sustainable operations, economic benefits, and safeguarding shareholder interests[92](index=92&type=chunk) - The company improves its corporate governance structure, strengthens internal management systems, strictly fulfills information disclosure obligations, builds harmonious investor relations, and protects the legitimate interests of creditors[92](index=92&type=chunk) - The company adheres to a 'people-oriented' development philosophy, safeguarding employees' legitimate rights and interests, providing competitive compensation, benefits, and career development paths, and focusing on employees' physical and mental health[93](index=93&type=chunk) - The company focuses on customer needs, protects the legitimate rights and interests of suppliers, customers, and consumers, and fosters an atmosphere of honest cooperation[93](index=93&type=chunk) - The company considers environmental protection a crucial part of its sustainable development strategy, actively promoting energy conservation, emission reduction, and green manufacturing[93](index=93&type=chunk) Part V [Significant Matters](index=29&type=section&id=Significant%20Matters) [Litigation Matters](index=29&type=section&id=VIII.%20Litigation%20Matters) No major litigation occurred; other cases involve **CNY 15.52 million** as defendant, **CNY 272.80 million** (settled/judged) and **CNY 27.75 million** (pending) as plaintiff - There were no significant litigation or arbitration matters for the company during the current reporting period[101](index=101&type=chunk) Summary of Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (CNY 10,000) | Whether a Provision for Liabilities is Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Summary of other lawsuits against Nebula Stock not meeting the disclosure threshold for significant litigation | 155.22 | No | As of the end of the reporting period, these cases are still under trial in court | Not yet ruled, the impact on the company's post-period profit is uncertain | | Summary of other lawsuits and arbitration matters initiated by Nebula Stock not meeting the disclosure threshold for significant litigation: judged, ruled | 2,727.97 | No | As of the end of the reporting period, these cases have reached settlement, been judged, or ruled, but not yet fully executed | Settled, judged, or ruled, but not yet fully executed, the impact on the company's post-period profit is uncertain | | Summary of other lawsuits and arbitration matters initiated by Nebula Stock not meeting the disclosure threshold for significant litigation: under trial | 277.5 | No | As of the end of the reporting period, these cases are still under trial in court | Not yet ruled, the impact on the company's post-period profit is uncertain | | Summary of other lawsuits and arbitration matters initiated by Nebula Stock not meeting the disclosure threshold for significant litigation: claim declaration in progress | 1,374.56 | No | As of the end of the reporting period, the sued company has entered bankruptcy proceedings, and the company has filed a claim | Not applicable | [Significant Related Party Transactions](index=30&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company engaged in routine related party transactions for sales, services, and procurement with entities like Fujian Times Nebula, all fairly priced Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services (Sales) | Related Party | Related Transaction Content | Amount for Current Period (CNY) | Proportion of Similar Transactions | Approved Transaction Limit (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | Fujian Times Nebula Technology Co., Ltd. | Sales of Products, Goods | 22,193.81 | 0.00% | 3,000.00 | | Fujian Times Nebula Technology Co., Ltd. | Provision of Services | 73,253.00 | 0.13% | 3,000.00 | | Fuzhou Chekuaichong Technology Co., Ltd. and its subsidiaries | Sales of Products, Goods | 78,371.69 | 0.01% | 100.00 | | Fuzhou Chekuaichong Technology Co., Ltd. and its subsidiaries | Provision of Services | 4,601.77 | 0.01% | 100.00 | | Nebula Smart (Fujian) Energy Technology Co., Ltd. and its subsidiaries | Sales of Products, Goods | 21,249,677.89 | 3.81% | 5,000.00 | | Nebula Smart (Fujian) Energy Technology Co., Ltd. and its subsidiaries | Provision of Services | 474,111.19 | 0.84% | 5,000.00 | | Beijing Nebula Jiaoxin Technology Co., Ltd. | Sales of Products, Goods | 1,283.19 | 0.00% | 3,000.00 | Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services (Purchases) | Related Party | Related Transaction Content | Amount for Current Period (CNY) | Proportion of Similar Transactions | Approved Transaction Limit (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | Fujian Times Nebula Technology Co., Ltd. | Purchase of Goods | 566,371.68 | 4.96% | 3,000.00 | | Fujian Baocheng Precision Machinery Co., Ltd. | Purchase of Goods | 14,015,308.89 | 48.00% | 5,000.00 | | Fuzhou Xingqidai Trading Co., Ltd. | Purchase of Goods | 5,990.64 | 0.05% | 300.00 | | Nebula Smart (Fujian) Energy Technology Co., Ltd. and its subsidiaries | Purchase of Goods | 198,490.57 | 1.74% | 3,000.00 | - During the reporting period, the company had no related party transactions involving asset or equity acquisitions/disposals, joint external investments, related party debt/credit, dealings with affiliated finance companies, dealings between the company's controlled finance company and related parties, or other significant related party transactions[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) [Significant Contracts and Their Performance](index=34&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company has no trusteeships or contracting, but leases facilities and provides **CNY 44.42 million** in guarantees for subsidiaries, with major contracts performing well - The company had no trusteeship or contracting arrangements during the reporting period[114](index=114&type=chunk)[115](index=115&type=chunk) - The company and its subsidiaries obtained some factory buildings and office premises for production and operation through leasing[116](index=116&type=chunk) Company Guarantees for Subsidiaries (Unit: CNY 10,000) | Guaranteed Party Name | Guarantee Limit | Actual Guarantee Amount | Guarantee Type | Guarantee Period | Whether Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Fujian Nebula Testing Technology Co., Ltd. | 6,000.00 | 350.00 | Joint and Several Liability Guarantee | 2024/7/12-2025/7/11 | No | | Fujian Nebula Testing Technology Co., Ltd. | 6,000.00 | 135.07 | Joint and Several Liability Guarantee | 2024/7/18-2025/7/18 | No | | Fujian Nebula Testing Technology Co., Ltd. | 6,000.00 | 93.41 | Joint and Several Liability Guarantee | 2024/8/15-2025/8/15 | No | | Fujian Nebula Testing Technology Co., Ltd. | 6,000.00 | 345.83 | Joint and Several Liability Guarantee | 2024/8/29-2025/8/29 | No | | Fujian Nebula Testing Technology Co., Ltd. | 6,000.00 | 270.39 | Joint and Several Liability Guarantee | 2024/9/13-2025/9/13 | No | | Fujian Nebula Testing Technology Co., Ltd. | 6,000.00 | 179.15 | Joint and Several Liability Guarantee | 2024/9/24-2025/9/24 | No | | Fujian Nebula Testing Technology Co., Ltd. | 1,500.00 | 181.31 | Joint and Several Liability Guarantee | 2024/11/26-2025/11/26 | No | | Fujian Nebula Testing Technology Co., Ltd. | 1,500.00 | 128.80 | Joint and Several Liability Guarantee | 2024/11/27-2025/11/27 | No | | Fujian Nebula Testing Technology Co., Ltd. | 1,500.00 | 211.11 | Joint and Several Liability Guarantee | 2024/12/11-2025/12/11 | No | | Fujian Nebula Testing Technology Co., Ltd. | 1,500.00 | 379.71 | Joint and Several Liability Guarantee | 2025/1/13-2026/1/13 | No | | Fujian Nebula Testing Technology Co., Ltd. | 6,000.00 | 90.27 | Joint and Several Liability Guarantee | 2025/3/19-2025/9/19 | No | | Fujian Nebula Testing Technology Co., Ltd. | 6,000.00 | 8.55 | Joint and Several Liability Guarantee | 2025/3/19-2025/9/19 | No | | Fujian Nebula Testing Technology Co., Ltd. | 6,000.00 | 42.02 | Joint and Several Liability Guarantee | 2025/5/28-2025/11/28 | No | | Fujian Nebula Testing Technology Co., Ltd. | 6,000.00 | 8.38 | Joint and Several Liability Guarantee | 2025/5/28-2025/11/28 | No | | Ningde Nebula Testing Technology Co., Ltd. | 4,000.00 | 292.63 | Joint and Several Liability Guarantee | 2024/7/11-2025/7/11 | No | | Ningde Nebula Testing Technology Co., Ltd. | 4,000.00 | 493.60 | Joint and Several Liability Guarantee | 2024/8/15-2025/8/15 | No | | Ningde Nebula Testing Technology Co., Ltd. | 4,000.00 | 45.55 | Joint and Several Liability Guarantee | 2024/8/20-2025/8/20 | No | | Ningde Nebula Testing Technology Co., Ltd. | 4,000.00 | 49.87 | Joint and Several Liability Guarantee | 2024/9/13-2025/9/13 | No | | Ningde Nebula Testing Technology Co., Ltd. | 4,000.00 | 42.31 | Joint and Several Liability Guarantee | 2024/9/20-2025/9/19 | No | | Ningde Nebula Testing Technology Co., Ltd. | 1,000.00 | 1,000.00 | Joint and Several Liability Guarantee | 2024/9/29-2025/9/29 | No | | Ningde Nebula Testing Technology Co., Ltd. | 4,000.00 | 78.70 | Joint and Several Liability Guarantee | 2024/12/13-2025/12/13 | No | | Ningde Nebula Testing Technology Co., Ltd. | 4,000.00 | 158.51 | Joint and Several Liability Guarantee | 2024/12/13-2025/12/13 | No | | Total Actual Guarantee Balance for Subsidiaries at Period-End | - | 4,585.18 | - | - | - | Significant Contracts in Ordinary Operations | Company Party Name | Counterparty Name | Total Contract Amount (CNY 10,000) | Contract Performance Progress | Sales Revenue Recognized in Current Period (CNY 10,000) | Cumulative Sales Revenue Recognized (CNY 10,000) | Accounts Receivable Collection Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nebula Stock and its controlled subsidiaries | BYD and its subsidiaries | 11,329.66 | 100% | 0.00 | 11,329.66 | 99.54% collected | | Ningde Nebula Testing | CATL | 12,053.29 | 89.40% | 900.99 | 10,775.31 | 100% collected | | Nebula Stock | CATL and its subsidiaries | 10,181.24 | 100% | 0.00 | 10,181.24 | 99.89% collected | | Nebula Stock | CATL and its subsidiaries | 11,376.18 | 100% | 0.00 | 11,376.18 | 100% collected | | Nebula Stock | CATL and its subsidiaries | 10,214.06 | 100% | 0.00 | 10,214.06 | 98.99% collected | | Nebula Stock | CATL and its subsidiaries | 12,745.30 | 100% | 0.00 | 12,745.30 | 98.77% collected | | Nebula Stock | CATL and its subsidiaries | 29,592.41 | 100% | 0.00 | 29,592.41 | 99.81% collected | | Nebula Stock | CATL and its subsidiaries | 28,887.11 | 100% | 0.00 | 28,887.11 | 97.15% collected | - The company had no other significant contracts during the reporting period[124](index=124&type=chunk) [Explanation of Other Significant Matters](index=38&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) In April 2025, the company completed a private placement, raising **CNY 627 million** and listing **26,497,504 new shares** - On **April 3, 2025**, the company received subscription funds for a private placement of shares, with total raised funds of **CNY 636,999,996.16** and net raised funds of **CNY 627,550,798.00**[125](index=125&type=chunk) - The number of shares issued in this offering was **26,497,504 shares**, with an issue price of **CNY 24.04 per share**[125](index=125&type=chunk) - The newly issued shares were listed on the **Shenzhen Stock Exchange** on **April 18, 2025**[125](index=125&type=chunk) Part VI [Share Changes and Shareholder Information](index=39&type=section&id=Share%20Changes%20and%20Shareholder%20Information) [Share Change Status](index=39&type=section&id=I.%20Share%20Change%20Status) Total share capital increased by **26,497,504 shares** to **174,281,400 shares** due to a private placement, with new shares listed Share Change Status (Unit: Shares) | Item | Quantity Before This Change | Proportion Before This Change | Increase/Decrease in This Change (New Share Issuance) | Quantity After This Change | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 41,594,457 | 28.15% | 26,497,504 | 68,091,961 | 39.07% | | Of which: State-owned Legal Person Shares | 0 | 0.00% | 831,946 | 831,946 | 0.48% | | Other Domestic Shares | 41,594,457 | 28.15% | 25,665,558 | 67,260,015 | 38.59% | | II. Unrestricted Shares | 106,189,439 | 71.85% | 0 | 106,189,439 | 60.93% | | III. Total Shares | 147,783,896 | 100.00% | 26,497,504 | 174,281,400 | 100.00% | - The change in shares was due to the issuance of **26,497,504 A-shares** to **13 specific investors**, with the new shares listed on the **ChiNext Board of the Shenzhen Stock Exchange** on **April 18, 2025**, subject to a **6-month lock-up period**[130](index=130&type=chunk) - Upon completion of this issuance, the company's total share capital increased from **147,783,896 shares** to **174,281,400 shares**[131](index=131&type=chunk) [Securities Issuance and Listing Status](index=41&type=section&id=II.%20Securities%20Issuance%20and%20Listing%20Status) On March 27, 2025, the company issued **26,497,504 A-shares** at **CNY 24.04/share**, listed on the Shenzhen Stock Exchange Securities Issuance and Listing Status | Name of Stock and Derivative Securities | Issuance Date | Issuance Price (or Interest Rate) | Issuance Quantity | Listing Date | Quantity Approved for Listing and Trading | | :--- | :--- | :--- | :--- | :--- | :--- | | RMB Ordinary Shares (A-shares) | 2025年03月27日 | 24.04 | 26,497,504 | 2025年04月18日 | 26,497,504 | - The newly issued shares from this private placement were listed on the **ChiNext Board of the Shenzhen Stock Exchange** on **April 18, 2025**, with a lock-up period of **6 months** from the listing date of the new shares[136](index=136&type=chunk) [Company Shareholder Number and Shareholding Status](index=42&type=section&id=III.%20Company%20Shareholder%20Number%20and%20Shareholding%20Status) As of period-end, the company had **15,607 common shareholders**, with Li Youcai and Liu Zuobin as controlling shareholders - As of the end of the reporting period, the total number of common shareholders was **15,607**[137](index=137&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End | Number of Restricted Shares Held | Number of Unrestricted Shares Held | Pledge, Mark, or Freeze Status (Quantity) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Li Youcai | Domestic Natural Person | 12.69% | 22,124,190 | 16,593,143 | 5,531,047 | Pledged 5,741,192 | | Liu Zuobin | Domestic Natural Person | 9.63% | 16,782,152 | 12,586,614 | 4,195,538 | Pledged 6,664,192 | | Jiang Meizhu | Domestic Natural Person | 9.50% | 16,552,934 | 12,414,700 | 4,138,234 | Not applicable | | Tang Ping | Domestic Natural Person | 6.27% | 10,924,137 | 0 | 10,924,137 | Not applicable | | Yibin Chendao New Energy Industry Equity Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 3.58% | 6,239,600 | 6,239,600 | 0 | Not applicable | | Hubei Provincial Railway Development Fund Co., Ltd. | Domestic Non-State-Owned Legal Person | 3.15% | 5,492,104 | 5,492,104 | 0 | Not applicable | - Company shareholders **Li Youcai** and **Liu Zuobin** are persons acting in concert, jointly holding actual control of the company, with their concerted action agreement extended until **October 24, 2027**[138](index=138&type=chunk)[143](index=143&type=chunk) Part VIII [Financial Report](index=46&type=section&id=Financial%20Report) [Audit Report](index=46&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report is unaudited - The company's semi-annual financial report is **unaudited**[146](index=146&type=chunk) [Financial Statements](index=46&type=section&id=II.%20Financial%20Statements) This section presents H1 2025 consolidated and parent company financial statements, showing **CNY 2.735 billion** total assets and **CNY -8.85 million** net profit Key Data from Consolidated Balance Sheet (Unit: CNY) | Item | Period-End Balance | Beginning Balance | | :--- | :--- | :--- | | Total Assets | 2,734,750,958.36 | 2,101,842,407.29 | | Total Liabilities | 1,345,822,351.18 | 1,331,852,267.38 | | Total Owners' Equity Attributable to Parent Company | 1,388,138,971.41 | 769,306,957.57 | | Total Owners' Equity | 1,388,928,607.18 | 769,990,139.91 | Key Data from Consolidated Income Statement (Unit: CNY) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total Operating Revenue | 556,917,383.44 | 561,266,688.35 | | Operating Profit | -7,783,459.87 | -35,347,415.54 | | Total Profit | -7,348,916.16 | -35,792,714.13 | | Net Profit | -8,747,326.39 | -41,254,088.74 | | Net Profit Attributable to Parent Company Shareholders | -8,853,718.79 | -40,546,764.16 | | Basic Earnings Per Share (CNY/share) | -0.0565 | -0.2744 | Key Data from Consolidated Cash Flow Statement (Unit: CNY) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 86,321,977.31 | 44,341,186.03 | | Net Cash Flow from Investing Activities | -359,209,058.63 | -6,335,311.29 | | Net Cash Flow from Financing Activities | 562,413,716.92 | -9,040,109.73 | | Net Increase in Cash and Cash Equivalents | 290,746,493.30 | 29,480,172.73 | | Period-End Cash and Cash Equivalents Balance | 377,712,567.77 | 186,482,004.29 | [Company Basic Information](index=63&type=section&id=III.%20Company%20Basic%20Information) Fujian Nebula Electronics Co., Ltd., established in 2014 and listed in 2017, has **174,281,400 shares** and operates in lithium battery equipment and services - **Fujian Nebula Electronics Co., Ltd.** was established through an overall change in **July 2014** and listed on the **Shenzhen Stock Exchange** in **April 2017**[180](index=180&type=chunk)[181](index=181&type=chunk) - As of **June 30, 2025**, the company's registered capital and share capital were both **CNY 174,281,400**[182](index=182&type=chunk) - The company has **5 branches**, **14 second-tier subsidiaries**, and **1 third-tier subsidiary**[183](index=183&type=chunk)[184](index=184&type=chunk) - The company primarily provides lithium battery testing equipment, automated production equipment, energy storage systems and key battery components, battery testing services, and charging pile products[184](index=184&type=chunk) [Basis of Financial Statement Preparation](index=64&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) These financial statements are prepared under Chinese accounting standards and CSRC rules, based on a going concern, accrual basis, and historical cost - These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises, their application guidelines, interpretations, and other relevant regulations issued by the Ministry of Finance[186](index=186&type=chunk) - The statements are presented on a going concern basis, with accounting based on the accrual method, and measured at historical cost except for certain financial instruments[187](index=187&type=chunk) [Significant Accounting Policies and Estimates](index=64&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates, covering business combinations, financial instruments, and revenue recognition - The company determines depreciation of fixed assets, amortization of intangible assets, capitalization conditions for R&D expenses, and revenue recognition policies based on its own production and operating characteristics[188](index=188&type=chunk) - These financial statements comply with the requirements of Accounting Standards for Business Enterprises, truly and completely reflecting the company's financial position, operating results, and cash flows[189](index=189&type=chunk) - The company's accounting period adopts the calendar year, with an operating cycle of **12 months**, and the functional currency is **RMB**[190](index=190&type=chunk)[191](index=191&type=chunk)[192](index=192&type=chunk) - The company classifies and measures financial assets, including those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[207](index=207&type=chunk)[208](index=208&type=chunk)[209](index=209&type=chunk)[210](index=210&type=chunk) - The company performs impairment accounting and recognizes loss provisions for items such as notes receivable, accounts receivable, and contract assets, based on expected credit losses[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk)[219](index=219&type=chunk)[220](index=220&type=chunk)[221](index=221&type=chunk)[222](index=222&type=chunk)[223](index=223&type=chunk) - The company's revenue recognition principle is to recognize revenue when the customer obtains control of the related goods or services, and specific recognition methods are adopted based on business types (equipment sales, testing services)[265](index=265&type=chunk)[266](index=266&type=chunk) [Taxation](index=86&type=section&id=VI.%20Taxation) The company's main taxes include VAT and surcharges, benefiting from various tax incentives like a **15%** high-tech enterprise income tax rate and **100%** R&D super deduction Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable value-added amount | 13%, 9%, 6%, 5% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7%, 5% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | Fujian Nebula Electronics Co., Ltd. | 15% | | Wuhan Nebula Integrated Energy Technology Co., Ltd. | 20% | | Nebula Intelligent Equipment (Kunshan) Co., Ltd. | 25% | | Fuzhou Xingxing Investment Development Co., Ltd. | 20% | | Fujian Nebula Testing Technology Co., Ltd. | 25% | | Ningde Nebula Testing Technology Co., Ltd. | 25% | | Fujian Nebula International Trade Co., Ltd. | 20% | | Fujian Xingdubang Precision Industry Co., Ltd. | 20% | | NEBULA INTERNATIONAL CORPORATION | 27% | | Sichuan Nebula Electronics Technology Co., Ltd. | 20% | | Ningde Nebula Electronics Technology Co., Ltd. | 20% | | NEBULA ELECTRONICS INC | 29.84% | | Nebula Electronics Europe GmbH | 15% | | Nebula Electronics Hungary Llc. | 9% | | Beijing Nebula Huineng Technology Co., Ltd. | 25% | | Fujian Nebula Embodied Intelligence Technology Co., Ltd. | 25% | - The company enjoys a **15%** corporate income tax preferential policy for high-tech enterprises[290](index=290&type=chunk) - The company enjoys an income tax preferential policy of **100%** super deduction for R&D expenses[290](index=290&type=chunk)[291](index=291&type=chunk) - Some subsidiaries qualify as small and micro enterprises, enjoying a preferential policy where the portion of annual taxable income not exceeding **CNY 3 million** is reduced by **25%** and taxed at a **20%** corporate income tax rate[292](index=292&type=chunk) - The company qualifies for the VAT additional deduction policy for advanced manufacturing enterprises, allowing for an additional deduction of **5%** of the current period's deductible input VAT[293](index=293&type=chunk) [Notes to Consolidated Financial Statement Items](index=88&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details period-end and beginning balances for consolidated financial statement items, noting significant increases in cash and equity due to raised funds - Cash and bank balances at period-end were **CNY 424,385,780.79**, an increase of **218.95%** from the beginning of the period, primarily due to good sales collection and receipt of raised funds[295](index=295&type=chunk)[59](index=59&type=chunk) - Financial assets held for trading at period-end were **CNY 240,172,333.33**, up from **0** at the beginning of the period, mainly comprising structured deposits[297](index=297&type=chunk) - Accounts receivable at period-end were **CNY 403,948,254.05**, a decrease of **18.88%** from the beginning of the period, primarily due to good sales collection[307](index=307&type=chunk)[59](index=59&type=chunk) - Inventory carrying amount at period-end was **CNY 428,421,420.91**, an increase of **28.69%** from the beginning of the period, with total inventory depreciation provision and contract performance cost impairment provision amounting to **CNY 34,580,083.98**[351](index=351&type=chunk)[353](index=353&type=chunk) - Fixed assets carrying amount at period-end was **CNY 586,316,474.90**, a decrease of **1.98%** from the beginning of the period, primarily due to depreciation provision[373](index=373&type=chunk)[59](index=59&type=chunk) - Short-term borrowings at period-end were **CNY 564,755,479.92**, a decrease of **11.69%** from the beginning of the period, primarily due to repayment of some bank loans[396](index=396&type=chunk)[59](index=59&type=chunk) - Long-term borrowings at period-end were **CNY 132,100,000.00**, an increase of **207.21%** from the beginning of the period[426](index=426&type=chunk)[59](index=59&type=chunk) - Share capital at period-end was **CNY 174,281,400.00**, an increase of **17.93%** from the beginning of the period, primarily due to private placement of shares[437](index=437&type=chunk) - Capital reserves at period-end were **CNY 1,201,185,967.50**, an increase of **100.04%** from the beginning of the period, primarily due to receipt of raised funds from private placement of shares[439](index=439&type=chunk) - Operating revenue for the current period was **CNY 556,917,383.44**, and operating cost was **CNY 370,944,678.48**[446](index=446&type=chunk) - R&D expenses for the current period were **CNY 75,438,292.61**, a decrease of **11.63%** from the prior period[454](index=454&type=chunk) - Net cash flow from operating activities was **CNY 86,321,977.31**, an increase of **94.68%** from the prior period[481](index=481&type=chunk) [R&D Expenses](index=132&type=section&id=VIII.%20R%26D%20Expenses) Total R&D expenses for the period were **CNY 75,438,292.61**, fully expensed, with a decrease from the prior year Composition of R&D Expenses | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Salaries, Social Security, and Benefits, etc. | 57,309,717.98 | 59,391,934.53 | | Material Costs | 1,241,557.18 | 7,777,385.20 | | Equity Incentive | 0.00 | 463,920.80 | | Depreciation Expense | 8,992,503.84 | 9,593,078.67 | | Administrative and Office Expenses | 2,746,498.05 | 1,646,092.41 | | Travel Expenses | 3,167,025.45 | 3,719,666.94 | | Depreciation of Right-of-Use Assets | 521,082.96 | 811,990.54 | | Utilities (Water, Electricity, Gas) | 546,027.84 | 728,836.31 | | Amortization of Long-Term Deferred Expenses | 372,136.54 | 249,160.13 | | Technology Development Fees | 21,955.87 | 943.40 | | Lease Expenses | 237,127.45 | 248,530.21 | | Amortization of Intangible Assets | 103,823.00 | 115,922.99 | | Other | 178,836.45 | 614,509.33 | | Total | 75,438,292.61 | 85,361,971.46 | | Of which: Expensed R&D Expenses | 75,438,292.61 | 85,361,971.46 | - All R&D expenses for the current period were expensed, with no R&D projects meeting capitalization criteria[490](index=490&type=chunk)[491](index=491&type=chunk) [Changes in Consolidation Scope](index=132&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The company's consolidation scope changed due to the establishment of three new second-tier subsidiaries: Fujian Nebula Embodied Intelligence, Beijing Nebula Huineng, and Nebula Electronics Hungary Llc Changes in Consolidation Scope Due to Other Reasons | No. | Company Name | Tier | Reason for Change | | :--- | :--- | :--- | :--- | | 1 | Fujian Nebula Embodied Intelligence Technology Co., Ltd. | Second-tier | Newly Established | | 2 | Beijing Nebula Huineng Technology Co., Ltd. | Second-tier | Newly Established | | 3 | Nebula Electronics Hungary Llc. | Second-tier | Newly Established | - During the reporting period, there were no changes in the consolidation scope due to business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries[491](index=491&type=chunk)[492](index=492&type=chunk) [Interests in Other Entities](index=133&type=section&id=X.%20Interests%20in%20Other%20Entities) The company holds interests in several wholly-owned subsidiaries and significant associates like Fujian Times Nebula, accounted for using the equity method Composition of the Enterprise Group (Partial Subsidiaries) | Subsidiary Name | Registered Capital (CNY) | Main Operating Location | Business Nature | Shareholding Proportion (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Fuzhou Xingxing Investment Development Co., Ltd. | 20,000,000.00 | Fuzhou | Investment | 100.00% | Establishment | | Wuhan Nebula Integrated Energy Technology Co., Ltd. | 20,000,000.00 | Wuhan | Industrial and technology research and experimental development | 100.00% | Establishment | | Nebula Intelligent Equipment (Kunshan) Co., Ltd. | 20,000,000.00 | Kunshan | Industrial and technology research and experimental development | 100.00% | Establishment | | Fujian Nebula Testing Technology Co., Ltd. | 10,000,000.00 | Fuzhou | Metrology services | 100.00% | Establishment | | Ningde Nebula Testing Technology Co., Ltd. | 10,000,000.00 | Ningde | Professional technical services | 100.00% | Establishment | | Fujian Nebula International Trade Co., Ltd. | 10,000,000.00 | Fuzhou | Domestic trade agency | 100.00% | Establishment | Significant Joint Ventures or Associate Companies | Joint Venture or Associate Company Name | Main Operating Location | Business Nature | Shareholding Proportion (Direct) | Accounting Method | | :--- | :--- | :--- | :--- | :--- | | Fujian Times Nebula Technology Co., Ltd. | Fuzhou | Engineering and technology research and experimental development services | 9.48% | Equity Method | | Nebula Smart (Fujian) Energy Technology Co., Ltd. | Fuzhou | Technology promotion and application services | 30.00% | Equity Method | Key Financial Information of Significant Associate Companies (Period-End Balance/Current Period Amount) | Item | Fujian Times Nebula Technology Co., Ltd. (CNY) | Nebula Smart (Fujian) Energy Technology Co., Ltd. (CNY) | | :--- | :--- | :--- | | Total Assets | 1,148,490,551.87 | 404,887,304.70 | | Total Liabilities | 864,380,702.39 | 372,285,305.72 | | Net Assets | 284,109,849.48 | 32,601,998.98 | | Operating Revenue | 203,739,446.20 | 20,927,309.92 | | Net Profit | -22,868,265.91 | -24,861,119.24 | [Government Grants](index=137&type=section&id=XI.%20Government%20Grants) As of period-end, asset-related government grants in deferred income totaled **CNY 10.89 million**, with **CNY 11.92 million** recognized in current profit or loss Liability Items Involving Government Grants | Accounting Account | Beginning Balance (CNY) | Amount of New Grants in Current Period (CNY) | Amount Transferred to Other Income in Current Period (CNY) | Period-End Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 16,019,364.23 | 70,000.00 | 5,203,531.97 | 10,885,832.26 | Asset-Related | Government Grants Recognized in Current Profit or Loss | Accounting Account | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Other Income | 11,921,779.75 | 9,938,500.17 | [Risks Related to Financial Instruments](index=138&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks; a **50-basis point** interest rate hike would reduce net profit by **CNY 0.29 million**, and a **10%** RMB fluctuation would impact net profit by **CNY 4.68 million** - Risks arising from the company's main financial instruments include credit risk, liquidity risk, and market risk (interest rate risk and exchange rate risk)[509](index=509&type=chunk) - The company manages credit risk through diversified investments, customer credit assessment, regular monitoring of customer credit records, and shortening or canceling credit periods[511](index=511&type=chunk) - Among the company's accounts receivable, the top five customers account for **25.89%** of the total[512](index=512&type=chunk) - The company manages liquidity risk by maintaining sufficient cash and cash equivalents, monitoring bank loan utilization, securing standby funding commitments, and arranging supplier financing[513](index=513&type=chunk) - As of period-end, the company's unused bank borrowing limit was **CNY 508.7871 million**[514](index=514&type=chunk) - If the floating interest rate on borrowings increases or decreases by **50 basis points**, the company's net profit and shareholders' equity will decrease or increase by approximately **CNY 0.2938 million**[518](index=518&type=chunk) - Assuming the RMB appreciates or depreciates by **10%** against foreign currencies (mainly USD and EUR), the company's shareholders' equity and net profit would both increase or

证券代码：300648 证券简称：星云股份 公告编号：2025-049 福建星云电子股份有限公司 关于 2025 年半年度报告披露的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 2025 年 8 月 22 日，福建星云电子股份有限公司（以下简称公司）召开第四 届董事会第十七次会议，审议通过了《关于<2025 年半年度报告及其摘要>的议 案》。公司《2025 年半年度报告》及《2025 年半年度报告摘要》于 2025 年 8 月 26 日在中国证券监督管理委员会指定的创业板信息披露网站巨潮资讯网 （http://www.cninfo.com.cn）上披露，敬请投资者注意查阅。 特此公告。 福建星云电子股份有限公司 董 事 会 二〇二五年八月二十六日 ...

福建星云电子股份有限公司2025年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：福建星云电子股份有限公司 单位：万元 | | | 占用方与 | | | 2025 年半年 | 2025 年半年 | | 2025 年半年 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占 | 资金占用方名 | 上市公司 | 上市公司核 算的会计科 | 2025 年半年 度期初占用 | 度占用累计 发生金额 | 度占用资金 | 2025 年半年 度偿还累计 | 度期 | 占用形成原 | | | 用 | 称 | 的关联关 | | | | 的利息（如 | | 末占用资金 | 因 | 占用性质 | | | | 系 | 目 | 资金余额 | （不含利 | 有） | 发生金额 | 余额 | | | | | | | | | 息） | | | | | | | 控股股东、实际 | | | | | | | | | | | | 控制人及其附属 | | | | | | | | | | | | 企业 | | | | | | ...

证券代码：300648 证券简称：星云股份 公告编号：2025-053 福建星云电子股份有限公司 关于使用部分闲置自有资金用于现金管理的公告 为控制风险，本次公司使用闲置自有资金购买安全性较高、流动性好的理财 产品或存款类产品等投资产品（包括但不限于结构性存款、定期存款、通知存款、 收益凭证、信托产品等）进行现金管理。 3、投资额度及使用期限 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 福建星云电子股份有限公司（以下简称公司或星云股份）于2025年8月22日 召开第四届董事会第十七次会议和第四届监事会第十三次会议，分别审议通过了 《关于使用部分闲置自有资金用于现金管理的议案》。公司董事会同意使用不超 过人民币25,000万元的闲置自有资金进行现金管理，购买投资期限不超过12个月 的理财产品或存款类产品等投资产品，使用期限为自公司董事会审议通过之日起 12个月。在上述额度及决议有效期内，可循环滚动使用。具体内容公告如下： 一、投资概况 1、投资目的 为提高资金使用效率，合理利用闲置资金，在不影响公司正常经营的情况下， 公司利用部分闲置自有资金购买理财产品或存 ...

2025 年半年度财务报告 2025 年 8 月 1 福建星云电子股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 福建星云电子股份有限公司 2025 年半年度财务报告 福建星云电子股份有限公司 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：福建星云电子股份有限公司 2025 年 06 月 30 日 | | | 单位：元 | | --- | --- | --- | | 项目 | 期末余额 | 期初余额 | | 流动资产： | | | | 货币资金 | 424,385,780.79 | 133,060,368.78 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 240,172,333.33 | | | 衍生金融资产 | | | | 应收票据 | 31,281,796.98 | 36,372,581.80 | | 应收账款 | 403,948,254.05 | 498,300,136.01 | | 应收款项融资 | 27,343,581.84 | 46,246,033.09 | | ...

福建星云电子股份有限公司 关于使用募集资金置换预先投入募投项目及已支付发行费用的 自筹资金的公告 证券代码：300648 证券简称：星云股份 公告编号：2025-056 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 福建星云电子股份有限公司（以下简称公司或星云股份）于 2025 年 8 月 22 日召开第四届董事会第十七次会议和第四届监事会第十三次会议，分别审议通过 了《关于使用募集资金置换预先投入募投项目及已支付发行费用的自筹资金的议 案》，同意使用募集资金置换预先已投入募投项目及已支付发行费用的自筹资金 合计人民币 101.92 万元。本议案无需提交公司股东会审议。具体内容公告如下： 一、募集资金基本情况 经中国证券监督管理委员会出具的《关于同意福建星云电子股份有限公司向 特定对象发行股票注册的批复》（证监许可﹝2024﹞1742 号）同意注册，公司向 特定对象发行人民币普通股（A 股）股票 26,497,504 股，每股面值为 1.00 元（人 民币，币种下同），发行价格为 24.04 元/股，募集资金总额为 63,700.00 万元，扣 除与发行相关 ...

证券代码：300648 证券简称：星云股份 公告编号：2025-052 福建星云电子股份有限公司 2025 年半年度募集资金存放与实际使用情况的专项报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《上市公司募集资金监管规则》《深圳证券交易所上市公司自律监管指 引第2号——创业板上市公司规范运作》《深圳证券交易所创业板上市公司自律监 管指南第2号——公告格式》等相关规定，福建星云电子股份有限公司（以下简称 公司）编制了2025年半年度（以下简称报告期）募集资金存放与实际使用情况专 项报告如下： 一、募集资金基本情况 （一）2020年向特定对象发行股票 1、实际募集资金金额、资金到账时间 经中国证券监督管理委员会《关于同意福建星云电子股份有限公司向特定对 象发行股票注册的批复》（证监许可﹝2020﹞2642号）同意注册，公司向特定对 象发行人民币普通股（A股）12,383,896股，每股面值为1.00元（人民币，币种下 同），发行价格为32.30元/股，募集资金总额为39,999.98万元，扣除与发行相关 的费用（不含增值税）1,159.98万元后，公司 ...

证券代码：300648 证券简称：星云股份 公告编号：2025-054 福建星云电子股份有限公司 关于 2025 年半年度计提信用减值和资产减值损失的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 福建星云电子股份有限公司（以下简称公司）于 2025 年 8 月 22 日召开第四 届董事会第十七次会议和第四届监事会第十三次会议，分别审议通过了《关于 2025 年半年度计提信用减值和资产减值损失的议案》。本议案无需提交公司股 东会审议。现将具体情况公告如下： 一、本次计提信用减值和资产减值损失情况概述 （一）本次计提信用减值和资产减值损失的原因 公司本次计提信用减值和资产减值损失是依照《企业会计准则》及公司会计 政策的相关规定进行的。公司对合并报表范围内截至 2025 年 6 月 30 日的各类应 收款项、存货、固定资产、无形资产等资产进行了全面清查及减值测试，对各类 存货的可变现净值，应收款项回收的可能性，固定资产及无形资产的可变现性进 行了充分的评估和分析，本着谨慎性原则，对相关资产计提减值损失。 （二）本次计提信用减值和资产减值损失的资产范围和总金额 ...