Core Viewpoint - Reddick (300652.SZ) reported a significant increase in revenue and net profit for the first half of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue reached 496 million yuan, representing a year-on-year growth of 54.04% [1] - The net profit attributable to shareholders was 88.15 million yuan, showing a year-on-year increase of 50.04% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 79.83 million yuan, reflecting a year-on-year growth of 53.45% [1] - Basic earnings per share stood at 0.66 yuan [1]

证券代码：300652 证券简称：雷迪克 公告编号：2025-063 杭州雷迪克节能科技股份有限公司 第四届董事会第十八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 杭州雷迪克节能科技股份有限公司（以下简称"公司"）第四届董事会第十 八次会议的会议通知于2025年8月18日以电话通讯的方式发出。本次会议于2025 年8月28日以现场表决方式召开，会议应到董事8人，实到董事8人，会议由公司 董事长沈仁荣先生主持。会议符合《公司法》和《杭州雷迪克节能科技股份有限 公司章程》（以下简称"公司章程"）等有关规定。 经与会董事认真审议，会议通过了如下议案： 1、审议通过《关于公司 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》详见中国证券监 督管理委员会创业板指定信息披露网站巨潮资讯网（www.cninfo.com.cn）。 本议案已经审计委员会全体成员过半数同意提交董事会审议。 表决情况：同意 8 票，反对 0 票，弃权 0 票。 2、审议通过《关于<2025 年半年度募集资金存放与使用情况的 ...

格隆汇8月28日丨雷迪克(300652.SZ)公布半年度报告，报告期内，公司各项经营指标稳中有升，实现营 业收入49,646.65万元，同比上升54.04%；实现归属于上市公司股东的净利润8,814.69万元，同比上升 50.04%；公司实现归属于上市公司股东的扣除非经常性损益的净利润7,983.46万元，同比上升53.45%。 报告期加权平均净资产收益率为6.14%，每股收益0.66元。公司报告期末总资产192,395.55万元，同比上 升4.68%；归属于上市公司股东的净资产146,346.86万元，同比增长5.23%。 ...

2025年1-6月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：杭州雷迪克节能科技股份有限公司 金额单位：人民币万元 | 非经营性 | | 占用方与上市公 | 上市公司核算 | 2025 年期初占 | 2025 年 | 1-6 月占 | 2025 年 1-6 | 月占用 2025 | 年 1-6 月偿 | 2025 年 6 | 月 | 占用形 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 资金占用方名称 | | | | 用累计发生金额 | | | | | 30 日占用资 | | | 占用性质 | | 资金占用 | | 司的关联关系 | 的会计科目 | 用资金余额 | (不含利息) | | 资金的利息(如有) | | 还累计发生金额 | 金余额 | | 成原因 | | | 控股股东、实际控 | - | - | - | | - | - | | - | - | | - | - | - | | 制人及其附属企 | - | - | - | | - | - | | - | ...

证券代码：300652 证券简称：雷迪克 公告编号：2025-064 杭州雷迪克节能科技股份有限公司 2025年半年度募集资金存放与使用情况专项报告 根据《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《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》及相关格式指引的规定，本 公司就 2025 年半年度募集资金存放与使用情况作如下专项报告： 一、募集资金基本情况 (一) 实际募集资金金额、资金到账时间 2020年1月13日，根据中国证券监督管理委员会《关于核准杭州雷迪克节能科技股份有限 公司公开发行可转换公司债券的批复》（证监许可[2019]2986号）的批复意见，并经深圳证券 交易所核准，公司向社会公开发行面值总额28,850.00万元可转换公司债券，期限6年，募集资 金总额为人民币28,850.00万元。截至2020年3月18日，公司实际已向社会公开发行面值总额 28,850.00万元可转换公司债券，扣除相关承销费和保荐费人民币500.00万元后的募集资金为 人民币28,350.00万元，已由国金证券股份有限公司于2020年3月18日将募集资金人民币 28,3 ...

[Section 1 Important Notices, Table of Contents, and Definitions](index=2&type=section&id=Section%201%20Important%20Notices%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notices](index=2&type=section&id=Important%20Notices) The company's management guarantees the truthfulness, accuracy, and completeness of the semi-annual report and plans no profit distribution - The Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, and bear individual and joint legal responsibility[5](index=5&type=chunk) - The company's responsible person, Shen Renrong, and the person in charge of accounting, Lu Shasha, declare that the financial report is true, accurate, and complete[5](index=5&type=chunk) - The company **plans no cash dividends, no bonus shares, and no capitalization of public reserves**[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report is divided into eight sections, covering key aspects from company profile to financial statements [Definitions](index=4&type=section&id=Definitions) This section defines key terms used in the report, including reporting period, market types, and product categories - The reporting period refers to January 1, 2025, to June 30, 2025[14](index=14&type=chunk) - The AM market refers to the automotive aftermarket service market, while the OEM market refers to the automotive parts market for original equipment manufacturers[14](index=14&type=chunk) - Automotive ball screws, planetary roller screws, and miniature ball screws are the company's important transmission component products[14](index=14&type=chunk) [Section 2 Company Profile and Key Financial Indicators](index=7&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Profile](index=7&type=section&id=Company%20Profile) Hangzhou Radical Energy Saving Technology Co, Ltd (stock code: 300652) is listed on the Shenzhen Stock Exchange Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Radical | | Stock Code | 300652 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 杭州雷迪克节能科技股份有限公司 | | Legal Representative | Shen Renrong | [Contact Persons and Methods](index=7&type=section&id=Contact%20Persons%20and%20Methods) The company's Board Secretary is Lu Shasha, and the Securities Affairs Representative is Li Hao Contact Methods | Position | Name | Contact Address | Telephone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Lu Shasha | No 89 Chunchao Road, Qiaonan Block, Xiaoshan Economic and Technological Development Zone, Hangzhou, Zhejiang | 0571-22806190 | 0571-22806116 | tracy@radical.cn | | Securities Affairs Representative | Li Hao | No 89 Chunchao Road, Qiaonan Block, Xiaoshan Economic and Technological Development Zone, Hangzhou, Zhejiang | 0571-22806190 | 0571-22806116 | lihao@radical.cn | [Other Information](index=7&type=section&id=Other%20Information) No changes occurred in the company's registration, contact information, or information disclosure locations during the reporting period - The company's registered address, office address, website, and email address remained unchanged during the reporting period[20](index=20&type=chunk) - The locations for information disclosure and document preparation remained unchanged during the reporting period[21](index=21&type=chunk) - The company's registration details remained unchanged during the reporting period[22](index=22&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) The company achieved significant growth in revenue and net profit, while net cash flow from operating activities declined Key Accounting Data and Financial Indicators (Current Period vs Prior Year Period) | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 496,466,477.07 | 322,291,379.71 | 54.04% | | Net Profit Attributable to Shareholders | 88,146,929.80 | 58,750,555.71 | 50.04% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 79,834,625.20 | 52,026,481.96 | 53.45% | | Net Cash Flow from Operating Activities | -43,720,948.10 | -24,846,898.19 | -75.96% | | Basic Earnings Per Share (Yuan/share) | 0.66 | 0.44 | 50.00% | | Diluted Earnings Per Share (Yuan/share) | 0.66 | 0.44 | 50.00% | | Weighted Average Return on Equity | 6.14% | 3.44% | 2.70% | | **Period-End Indicators** | **End of Current Period (Yuan)** | **End of Prior Year (Yuan)** | **Change from Prior Year-End** | | Total Assets | 1,923,955,469.77 | 1,837,890,734.43 | 4.68% | | Net Assets Attributable to Shareholders | 1,463,468,575.75 | 1,390,712,865.90 | 5.23% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=8&type=section&id=Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) No discrepancies exist between financial reports prepared under Chinese accounting standards and international or foreign standards - The company has no discrepancies in net profit or net assets between financial reports disclosed under international accounting standards and Chinese accounting standards[24](index=24&type=chunk) - The company has no discrepancies in net profit or net assets between financial reports disclosed under foreign accounting standards and Chinese accounting standards[25](index=25&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=8&type=section&id=Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses totaled CNY 8.31 million, primarily from asset disposals, government grants, and fair value changes Non-recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 196,351.77 | | Government Grants Recognized in Current Profit or Loss | 4,152,233.17 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-financial Enterprises | 5,385,208.82 | | Other Non-operating Income and Expenses | 107,864.75 | | Other Items Qualifying as Non-recurring Gains and Losses | 65,448.55 | | Less: Income Tax Impact | 1,594,802.46 | | Total | 8,312,304.60 | - Other items qualifying as non-recurring gains and losses represent handling fees for withholding personal income tax[28](index=28&type=chunk) [Section 3 Management Discussion and Analysis](index=10&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [Principal Business Activities during the Reporting Period](index=10&type=section&id=Principal%20Business%20Activities%20during%20the%20Reporting%20Period) The company's core business is automotive bearings, with strategic expansion into precision transmission components for new energy vehicles and robotics Principal Business The company's principal business is the R&D, production, and sales of automotive bearings - The company's principal business is the R&D, production, and sales of automotive bearings[30](index=30&type=chunk) Main Products and Their Uses The company's main products are various automotive bearings used in chassis, powertrain, steering, and braking systems - The company's main products include wheel hub bearings, wheel hub bearing units, tapered roller bearings, clutch release bearings, and tensioner pulleys[31](index=31&type=chunk) - These products are widely used in automotive chassis, powertrain, steering, and braking systems, providing key components for both traditional and new energy vehicles[31](index=31&type=chunk) Company's Main Business Models The company operates under established procurement, production, and sales models, with no significant changes during the period - The company's business models, including procurement, production, and sales, did not undergo significant changes during the reporting period[35](index=35&type=chunk) - **Procurement Model**: A strict supplier management system is in place, with major raw materials sourced from one to two primary suppliers[36](index=36&type=chunk) - **Production Model**: Primarily adopts a "make-to-order" approach, combining in-house production with outsourcing[37](index=37&type=chunk) - **Sales Model**: Bearing products are mainly sold to the AM market, with a smaller portion supplied to the OEM market[38](index=38&type=chunk)[39](index=39&type=chunk) Analysis of Principal Business The company achieved significant growth in revenue and net profit, driven by strong performance in both OEM and aftermarket segments Market Environment and Corporate Strategy The company capitalized on the growing automotive market, particularly in new energy vehicles, to expand its OEM and precision components business - In the first half of 2025, China's auto production and sales reached **15.62 million** and **15.65 million** units, up **12.5%** and **11.4%** YoY, respectively[40](index=40&type=chunk) - New energy vehicle production and sales reached **6.97 million** and **6.94 million** units, up **41.4%** and **40.3%** YoY, accounting for **44.3%** of total new car sales[40](index=40&type=chunk) - **Company Strategy**: Consolidate the existing aftermarket (AM) business, accelerate the expansion of the original equipment manufacturer (OEM) business, and promote the industrial application of precision transmission components in robotics and new energy vehicles[42](index=42&type=chunk) Key Financial Indicators for H1 2025 | Indicator | Amount (CNY 10,000) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 49,646.65 | 54.04% | | Net Profit Attributable to Shareholders | 8,814.69 | 50.04% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 7,983.46 | 53.45% | | Weighted Average Return on Equity | 6.14% | - | | Earnings Per Share | 0.66 Yuan | - | | Total Assets (Period-End) | 192,395.55 | 4.68% | | Net Assets Attributable to Shareholders (Period-End) | 146,346.86 | 5.23% | Deepening Strategic Synergy between OEM and Aftermarket The company achieved significant breakthroughs in the OEM market while maintaining stable growth in the aftermarket and initiating overseas production - In the **OEM market**, the company's business has become a key growth engine, with collaborations covering major auto brands like Geely, SAIC, GAC, Leapmotor, XPeng, Great Wall, and Changan[44](index=44&type=chunk) - In the **aftermarket**, the company strengthened its share with key clients and expanded into high-end overseas markets, achieving stable sales growth[44](index=44&type=chunk)[45](index=45&type=chunk) - **Overseas Capacity Layout**: The company plans to invest **$30 million** to build an automotive bearing production base in Tangier, Morocco, to shorten delivery cycles to European, African, and Middle Eastern customers[47](index=47&type=chunk) Vertical Integration and OEM Supply The company leverages its vertically integrated manufacturing system to ensure quality, control, and cost advantages for the competitive NEV market - The company has achieved **in-house R&D and production across the entire process** from raw material processing to assembly, enhancing product quality consistency and reducing reliance on external supply chains[48](index=48&type=chunk)[49](index=49&type=chunk) - A quality control system compliant with OEM standards has been established, ensuring a **high yield rate** in mass production and delivery[49](index=49&type=chunk) Product Expansion The company is strategically expanding its product portfolio to include various screw products for automotive and robotics applications - The company is actively promoting a diversified layout of screw products, focusing on **miniature screws, planetary roller screws, and automotive ball screws**[51](index=51&type=chunk) - **Automotive ball screws** target growth markets such as vehicle drive-by-wire braking and steering systems, leveraging existing channel synergies[51](index=51&type=chunk) - **Planetary roller screws** for humanoid robot linear joint modules and **miniature screws** for dexterous hands represent the company's strategic direction towards high-end precision manufacturing[51](index=51&type=chunk) Comprehensive Layout in Precision Transmission Technology and Industry Through self-development and strategic investments, the company is building a comprehensive ecosystem for precision transmission technologies - The company established Zhejiang Leiming Robot Co, Ltd and Zhejiang Radical Precision Transmission Co, Ltd to focus on ball screw products for automotive drive-by-wire systems and humanoid robots[54](index=54&type=chunk) - In June 2025, the company completed the acquisition of a **51% stake in Tengzhan Precision**, strengthening its overall capabilities in precision transmission[54](index=54&type=chunk) - The company indirectly holds a **20% stake in Beifang Machinery**, fostering deep collaboration to advance high-precision screw product technology and market development[54](index=54&type=chunk) Human Resources Reserves The company is strengthening its human resources to support capacity expansion, with a focus on training and talent development - The company is enhancing its human resources system, focusing on building a talent pipeline for frontline production staff, management, and R&D personnel[56](index=56&type=chunk) - The company is steadily increasing the capacity of its second factory and actively preparing for the operational launch of its third factory[56](index=56&type=chunk) - Various talent development mechanisms, including expert training, external study, and internal rotations, are being used to enhance team professionalism and cross-functional collaboration[56](index=56&type=chunk) [Core Competitiveness Analysis](index=16&type=section&id=Core%20Competitiveness%20Analysis) The company's core competitiveness, centered on technology, management, quality, and cost control, remained stable during the period - During the reporting period, the company's core competitiveness did not undergo significant changes, and there were no changes in core technical personnel[57](index=57&type=chunk) Technology and Product Advantages The company possesses strong R&D capabilities, advanced technology, and a vast product portfolio, enabling customized solutions - The company has established a "Provincial High-Tech Enterprise R&D Center" and a "Provincial Enterprise Research Institute," demonstrating strong R&D capabilities in automotive bearings[58](index=58&type=chunk) - Several of the company's technologies have reached advanced levels within the industry, and it is a drafting and revision unit for industry standards[58](index=58&type=chunk) - The company currently offers **over 10,000 models of automotive bearing products**, with over 3,000 in regular production, meeting customer needs for "small-batch, multi-variety" customization[59](index=59&type=chunk) Strategy and Management Capabilities An experienced and forward-thinking management team drives the company's strategic expansion into high-growth sectors like robotics and NEVs - The company has a stable and experienced management team with pragmatic, forward-looking strategic planning and strong execution capabilities[60](index=60&type=chunk) - The team has proactively entered high-growth areas such as humanoid robotics and new energy vehicle OEM supply, while continuously strengthening internal management systems[60](index=60&type=chunk) Quality Advantages A comprehensive quality management system, certified under IATF16949 and ISO45001, ensures high product quality and market reputation - The company has established a comprehensive quality management system, completing the transition from ISO/TS16949 to **IATF16949** in 2018 and obtaining **ISO45001** certification[61](index=61&type=chunk) - The company adheres to international quality standards, strictly designing and managing production processes to continuously improve product quality stability[61](index=61&type=chunk) Cost Control and Scaled Operations Capabilities The company achieves a sustainable cost advantage through in-house production line configuration and a highly vertically integrated manufacturing system - The company significantly reduces equipment procurement costs by configuring its own production lines, achieving better economics compared to direct purchasing[63](index=63&type=chunk) - The company has achieved **full-process in-house production** from raw material processing to assembly, creating a sustainable and reusable cost advantage[63](index=63&type=chunk) [Analysis of Principal Business (Financial Data)](index=18&type=section&id=Analysis%20of%20Principal%20Business_Financial%20Data) The company's revenue and costs grew significantly, driven by increased sales of OEM bearings and growth across all major product categories Overview This section's overview directs readers to the "Principal Business Activities during the Reporting Period" for comprehensive business information - This section's overview directs readers to refer to the content under "I Principal Business Activities during the Reporting Period"[64](index=64&type=chunk) YoY Changes in Key Financial Data Revenue and costs rose due to increased OEM bearing sales, while operating cash flow decreased due to higher employee and operational payments YoY Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 496,466,477.07 | 322,291,379.71 | 54.04% | Primarily due to a significant increase in sales of OEM bearings | | Operating Costs | 345,161,111.60 | 219,580,007.52 | 57.19% | Primarily due to increased product costs from higher OEM bearing sales | | Income Tax Expense | 12,817,161.29 | 9,704,442.84 | 32.08% | Primarily due to an increase in taxable income | | Net Cash Flow from Operating Activities | -43,720,948.10 | -24,846,898.19 | -75.96% | Primarily due to increased payments for employee wages and other operating activities | | Net Cash Flow from Investing Activities | 51,711,272.82 | -60,321,825.12 | 185.73% | Primarily due to an increase in recovered wealth management products | | Net Cash Flow from Financing Activities | 72,131,271.39 | -38,521,149.70 | 287.25% | Primarily due to an increase in cash received from borrowings | | Net Increase in Cash and Cash Equivalents | 81,075,868.91 | -123,285,971.31 | 165.76% | Primarily due to increased cash from investment recovery and borrowings | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[67](index=67&type=chunk) Products or Services Accounting for Over 10% of Revenue All major product categories saw revenue growth, with wheel hub units showing the most significant increase at 79.11% Products or Services Accounting for Over 10% of Revenue (Unit: CNY 10,000) | Product or Service | Operating Revenue | Operating Costs | Gross Margin | Revenue YoY Change | Cost YoY Change | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wheel Hub Bearings | 10,047.92 | 6,577.87 | 34.54% | 56.97% | 53.68% | 1.41% | | Release Bearings | 5,788.86 | 3,307.56 | 42.86% | 9.17% | 3.67% | 3.03% | | Tapered Roller Bearings | 6,400.17 | 4,195.90 | 34.44% | 3.68% | -4.24% | 5.42% | | Wheel Hub Units | 20,599.86 | 15,015.45 | 27.11% | 79.11% | 82.70% | -1.43% | | Automotive Parts Industry | 48,943.04 | 34,264.29 | 29.99% | 54.40% | 58.92% | -1.99% | | Domestic | 36,319.49 | 26,594.00 | 26.78% | 68.77% | 66.15% | 1.16% | | Overseas | 13,327.16 | 7,922.11 | 40.56% | 24.45% | 16.12% | 4.27% | [Analysis of Non-Principal Business](index=19&type=section&id=Analysis%20of%20Non-Principal%20Business) Non-principal business activities included non-sustainable fair value gains from financial assets and sustainable inventory impairment losses Analysis of Non-Principal Business (Unit: Yuan) | Item | Amount | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Fair Value Change Gains/Losses | 5,403,537.12 | 5.35% | Primarily gains from changes in trading financial assets | No | | Asset Impairment | -3,841,062.07 | -3.80% | Primarily provision for inventory write-down | Yes | | Non-operating Income | 63,833.81 | 0.06% | - | No | | Non-operating Expenses | 44,030.94 | 0.04% | - | No | [Analysis of Assets and Liabilities](index=19&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) The company's total assets and net assets grew, with a notable increase in cash, accounts receivable, and short-term borrowings Significant Changes in Asset Composition The proportion of cash and accounts receivable to total assets increased, reflecting business expansion and financing needs Significant Changes in Asset Composition (Unit: Yuan) | Item | Current Period-End Amount | % of Total Assets | Prior Year-End Amount | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 356,643,381.08 | 18.54% | 282,634,682.48 | 15.38% | 3.16% | | Accounts Receivable | 251,724,910.82 | 13.08% | 173,160,047.41 | 9.42% | 3.66% | | Inventories | 272,899,534.56 | 14.18% | 273,207,659.43 | 14.87% | -0.69% | | Long-term Equity Investments | 15,392,367.72 | 0.80% | 15,410,696.02 | 0.84% | -0.04% | | Fixed Assets | 418,388,438.94 | 21.75% | 418,237,716.14 | 22.76% | -1.01% | | Construction in Progress | 94,566,827.98 | 4.92% | 110,210,346.10 | 6.00% | -1.08% | | Short-term Borrowings | 80,126,433.00 | 4.16% | 10,010,008.25 | 0.54% | 3.62% | Major Overseas Assets The company did not have any major overseas assets during the reporting period - The company did not have any major overseas assets during the reporting period[74](index=74&type=chunk) Assets and Liabilities Measured at Fair Value Financial assets measured at fair value totaled CNY 230.28 million, with a fair value change gain of CNY 5.40 million Financial Assets Measured at Fair Value (Unit: Yuan) | Item | Opening Balance | Fair Value Change in Current Period | Closing Balance | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 321,633,643.34 | 3,642,082.43 | 152,304,220.44 | | Other Equity Instrument Investments | 46,000,000.00 | 0.00 | 46,000,000.00 | | Other Non-current Financial Assets | 30,212,263.53 | 1,761,454.69 | 31,973,718.22 | | Subtotal of Financial Assets | 397,845,906.87 | 5,403,537.12 | 230,277,938.66 | | Accounts Receivable Financing | 8,544,796.00 | 0.00 | 10,795,522.00 | | Total | 406,390,702.87 | 5,403,537.12 | 241,073,460.66 | - There were no significant changes in the measurement attributes of the company's major assets during the reporting period[75](index=75&type=chunk) Restricted Assets as of the Reporting Period-End At the end of the period, CNY 103.65 million in cash was restricted, primarily for bank acceptance bill and cash pool margins Restricted Assets (Unit: Yuan) | Item | Closing Book Balance | Closing Book Value | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 103,651,651.12 | 103,651,651.12 | Other | Bank acceptance bill margin and cash pool margin | [Investment Status Analysis](index=21&type=section&id=Investment%20Status%20Analysis) The company significantly increased its investments through strategic equity acquisitions in the precision transmission sector and managed entrusted wealth products Overall Situation The company's investment amount for the reporting period was CNY 144.32 million, a 100% increase from the prior year period Investment Amount for the Reporting Period (Unit: Yuan) | Investment Amount in Reporting Period | Investment Amount in Prior Year Period | Change | | :--- | :--- | :--- | | 144,320,868.87 | 0.00 | 100.00% | Significant Equity Investments Acquired During the Reporting Period The company made two major equity investments, acquiring a controlling stake in Tengzhan Precision and an indirect stake in Beifang Machinery Significant Equity Investments Acquired During the Reporting Period (Unit: Yuan) | Investee Company Name | Principal Business | Investment Method | Investment Amount | Shareholding Ratio | Funding Source | Progress | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tengzhan Precision Technology (Shenzhen) Co, Ltd | R&D, production, and sales of ball screws, planetary roller screws, precision linear modules, etc | Acquisition | 104,320,868.87 | 51.00% | Own funds | Completed capital increase and business registration change; now consolidated | | Rizhao Yiqing Investment Partnership (Limited Partnership) | R&D and manufacturing of precision screws and related products | Acquisition | 40,000,000.00 | 30.00% | Own funds | Completed payment of all consideration and partnership share transfer registration | Significant Non-Equity Investments in Progress During the Reporting Period The company had no significant ongoing non-equity investments during the reporting period - The company had no significant ongoing non-equity investments during the reporting period[82](index=82&type=chunk) Financial Assets Measured at Fair Value Financial assets measured at fair value totaled CNY 241.07 million, primarily consisting of funds and other financial products Financial Assets Measured at Fair Value (Unit: Yuan) | Asset Class | Initial Investment Cost | Fair Value Change in Current Period | Closing Amount | Funding Source | | :--- | :--- | :--- | :--- | :--- | | Funds | 30,212,263.53 | 1,761,454.69 | 31,973,718.22 | Own funds | | Other (Trading Financial Assets) | 321,633,643.34 | 3,642,082.43 | 152,304,220.44 | Own funds | | Other (Accounts Receivable Financing) | 8,544,796.00 | 0.00 | 10,795,522.00 | Own funds | | Other (Other Equity Instrument Investments) | 46,000,000.00 | 0.00 | 46,000,000.00 | Own funds | | Total | 406,390,702.87 | 5,403,537.12 | 241,073,460.66 | -- | Use of Raised Funds The use of raised funds for two key projects has been delayed to the end of 2025 due to slower-than-expected progress Overall Use of Raised Funds The company has used CNY 196.39 million of the total CNY 282.06 million raised, with strict management and disclosure Overall Use of Raised Funds (Unit: CNY 10,000) | Total Raised Funds | Total Used Raised Funds | Total Amount of Changed Use | Proportion of Changed Use | Unused Raised Funds | | :--- | :--- | :--- | :--- | :--- | | 28,850.00 | 19,639.09 | 0 | 0.00% | 11,978.37 | - As of June 30, 2025, the amount of idle raised funds used for wealth management products was **CNY 50 million**, with a remaining balance of **CNY 69.78 million**[87](index=87&type=chunk) Committed Projects for Raised Funds Both the truck wheel hub bearing project and the training & mold center project have been extended due to construction delays Committed Projects for Raised Funds (Unit: CNY 10,000) | Project Name | Total Committed Investment | Amount Invested in Current Period | Cumulative Amount Invested at Period-End | Investment Progress at Period-End | Expected Completion Date | | :--- | :--- | :--- | :--- | :--- | :--- | | Truck Wheel Hub Tapered Roller Bearing Construction Project | 23,586.44 | 2,394.61 | 19,142.49 | 81.16% | December 31, 2025 | | Training Center and Mold Center Project | 4,619.52 | 99.41 | 496.6 | 10.75% | December 31, 2025 | | Total | 28,205.96 | 2,494.02 | 19,639.09 | - | - | - The project extension was due to factors such as insufficient project commencement rates, logistical constraints, and secondary roof repairs, causing the overall progress to be slower than expected[89](index=89&type=chunk) - As of June 30, 2025, the above projects were still under construction and had not yet generated benefits[89](index=89&type=chunk) Changes in Projects for Raised Funds There were no changes to the projects funded by raised capital during the reporting period - There were no changes to the projects funded by raised capital during the reporting period[92](index=92&type=chunk) Entrusted Wealth Management, Derivatives Investment, and Entrusted Loans The company engaged in entrusted wealth management with bank and brokerage products but had no derivatives or entrusted loan activities Entrusted Wealth Management The company's entrusted wealth management activities totaled CNY 520.15 million, with an outstanding balance of CNY 151.64 million Overview of Entrusted Wealth Management in the Reporting Period (Unit: CNY 10,000) | Type | Funding Source | Amount Incurred | Outstanding Balance | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own funds | 7,000 | 0 | | Brokerage Wealth Management Products | Own funds | 33,015.15 | 10,164 | | Bank Wealth Management Products | Raised funds | 12,000 | 5,000 | | Total | - | 52,015.15 | 15,164 | - During the reporting period, most of the company's entrusted wealth management products matured and were recovered, achieving the expected returns[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk) Derivatives Investment The company did not engage in any derivatives investments during the reporting period - The company did not engage in any derivatives investments during the reporting period[101](index=101&type=chunk) Entrusted Loans The company did not have any entrusted loan activities during the reporting period - The company did not have any entrusted loan activities during the reporting period[102](index=102&type=chunk) [Sale of Major Assets and Equity](index=31&type=section&id=Sale%20of%20Major%20Assets%20and%20Equity) No major assets or equity were sold during the reporting period - The company did not sell any major assets during the reporting period[103](index=103&type=chunk) - The company did not sell any major equity during the reporting period[104](index=104&type=chunk) [Analysis of Major Holding and Participating Companies](index=31&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The main subsidiary's revenue grew significantly, and new acquisitions in the precision transmission sector had no major immediate impact on performance Major Subsidiaries and Investees with >10% Impact on Net Profit (Unit: Yuan) | Company Name | Company Type | Principal Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Ward Automotive Parts Manufacturing Co, Ltd | Subsidiary | Automotive Parts | 339,179,855.00 | 568,331,022.49 | 389,708,040.90 | 165,873,622.39 | 16,496,756.28 | 15,106,410.28 | - Hangzhou Ward Automotive Parts Manufacturing Co, Ltd's operating revenue **increased by 188.75%** compared to the same period last year, with a significant improvement in profitability[105](index=105&type=chunk) - The acquisition of Tengzhan Precision, establishment of Zhejiang Leiming Robot, and indirect investment in Beifang Machinery were aimed at improving business layout and market competitiveness, with no significant impact on current operations and performance[105](index=105&type=chunk) [Structured Entities Controlled by the Company](index=32&type=section&id=Structured%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[108](index=108&type=chunk) [Risks Faced by the Company and Countermeasures](index=32&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from economic fluctuations, project implementation, M&A integration, and raw material prices, with corresponding countermeasures in place - **Macroeconomic Fluctuation Risk**: The automotive industry's performance is closely tied to the macroeconomy, with uncertainties potentially leading to reduced orders and collection difficulties; countermeasures include strengthening market analysis and diversifying the customer base[108](index=108&type=chunk) - **Raised-Fund Investment Project Risk**: Projects may face implementation delays or fail to meet expected outcomes; countermeasures include strengthening project management and budget control[109](index=109&type=chunk)[110](index=110&type=chunk) - **M&A Integration Risk**: Post-acquisition challenges may arise in strategic synergy, management, and cultural integration; countermeasures include developing a systematic integration plan and ensuring stable operations[111](index=111&type=chunk) - **Raw Material Price Fluctuation Risk**: Price volatility of bearing steel can impact production costs; countermeasures include close market monitoring and refined procurement and inventory management[112](index=112&type=chunk) - **Gross Margin Decline Risk**: Increased competition and policy changes could lead to lower gross margins; countermeasures include increasing R&D investment and developing high-value-added products[113](index=113&type=chunk) [Record of Investor Relations Activities](index=33&type=section&id=Record%20of%20Investor%20Relations%20Activities) The company engaged with investors online to discuss business performance, outlook, and strategic initiatives in the robotics sector - On March 12, 2025, the company held an online exchange via the Jinmen Finance platform with 89 institutions and individual investors, discussing its recent business overview, 2025 outlook, and the acquisition of Tengzhan Precision[114](index=114&type=chunk)[115](index=115&type=chunk) - On May 23, 2025, the company held an online exchange via the Tonghuashun roadshow platform to interpret the 2024 annual report and discuss its layout in the screw and humanoid robot sectors[115](index=115&type=chunk) [Development and Implementation of Market Value Management System and Valuation Enhancement Plan](index=34&type=section&id=Development%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has established a market value management system but has not disclosed a valuation enhancement plan - The company has formulated a market value management system, which was approved by the Board of Directors on April 25, 2025[116](index=116&type=chunk) - The company has not disclosed a valuation enhancement plan[116](index=116&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=34&type=section&id=Implementation%20of%20the%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company has not disclosed an action plan for "Dual Improvement in Quality and Returns" - The company has not disclosed an action plan for "Dual Improvement in Quality and Returns"[117](index=117&type=chunk) [Section 4 Corporate Governance, Environment, and Society](index=34&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Changes in Directors, Supervisors, and Senior Management](index=34&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[118](index=118&type=chunk) [Profit Distribution and Capitalization of Capital Reserve for the Reporting Period](index=35&type=section&id=Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserve%20for%20the%20Reporting%20Period) The company does not plan to distribute profits or capitalize its capital reserve for the semi-annual period - The company plans **no cash dividends, no bonus shares, and no capitalization of public reserves** for the semi-annual period[119](index=119&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=35&type=section&id=Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans or other employee incentive measures in place during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[120](index=120&type=chunk) [Environmental Information Disclosure](index=36&type=section&id=Environmental%20Information%20Disclosure) The company and its main subsidiaries are not designated as enterprises required to disclose environmental information - The listed company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law[121](index=121&type=chunk) [Social Responsibility](index=36&type=section&id=Social%20Responsibility) The company actively fulfills its social responsibilities to shareholders, employees, and other stakeholders through sound governance and employee development - The company actively fulfills its corporate obligations and social responsibilities, creating value for shareholders while being responsible to employees, customers, and society[121](index=121&type=chunk) - The company adheres to laws and regulations, maintains a sound internal control system, and ensures timely and accurate information disclosure to protect shareholder interests[121](index=121&type=chunk) - The company values employee career development, safety, and well-being, fostering mutual growth between employees and the enterprise[122](index=122&type=chunk) [Section 5 Important Matters](index=37&type=section&id=Section%205%20Important%20Matters) [Commitments Fulfilled or Overdue by Relevant Parties](index=37&type=section&id=Commitments%20Fulfilled%20or%20Overdue%20by%20Relevant%20Parties) There were no commitments fulfilled or overdue by the company's controlling shareholders or other related parties during the period - There were no commitments fulfilled during the reporting period or overdue at the end of the reporting period by the company's actual controller, shareholders, related parties, acquirers, or the company itself[124](index=124&type=chunk) [Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=37&type=section&id=Non-operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) There was no non-operating occupation of the company's funds by controlling shareholders or other related parties - There was no non-operating occupation of the listed company's funds by controlling shareholders and other related parties during the reporting period[125](index=125&type=chunk) [Irregular External Guarantees](index=37&type=section&id=Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[126](index=126&type=chunk) [Appointment and Dismissal of Accounting Firm](index=37&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The company's semi-annual report has not been audited - The company's semi-annual report has not been audited[127](index=127&type=chunk) [Explanation on "Non-standard Audit Report" by the Board, Supervisory Committee, and Audit Committee](index=37&type=section&id=Explanation%20on%20%22Non-standard%20Audit%20Report%22%20by%20the%20Board%2C%20Supervisory%20Committee%2C%20and%20Audit%20Committee) This section is not applicable as there was no "non-standard audit report" for the period - This section is not applicable as there was no "non-standard audit report" for the period[128](index=128&type=chunk) [Board's Explanation on "Non-standard Audit Report" of the Previous Year](index=37&type=section&id=Board's%20Explanation%20on%20%22Non-standard%20Audit%20Report%22%20of%20the%20Previous%20Year) This section is not applicable as there was no "non-standard audit report" in the previous year - This section is not applicable as there was no "non-standard audit report" in the previous year[128](index=128&type=chunk) [Bankruptcy and Reorganization Matters](index=37&type=section&id=Bankruptcy%20and%20Reorganization%20Matters) No bankruptcy or reorganization matters occurred during the reporting period - No bankruptcy or reorganization matters occurred during the reporting period[128](index=128&type=chunk) [Litigation Matters](index=37&type=section&id=Litigation%20Matters) The company was not involved in any major litigation or arbitration during the reporting period - The company had no major litigation or arbitration matters during the reporting period[129](index=129&type=chunk) - The company had no other litigation matters during the reporting period[129](index=129&type=chunk) [Penalties and Rectifications](index=38&type=section&id=Penalties%20and%20Rectifications) No penalties or rectifications occurred during the reporting period - No penalties or rectifications occurred during the reporting period[130](index=130&type=chunk) [Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers](index=38&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers) There were no integrity issues concerning the company or its controlling parties during the reporting period - There were no integrity issues concerning the company, its controlling shareholders, or actual controllers during the reporting period[131](index=131&type=chunk) [Major Related-Party Transactions](index=38&type=section&id=Major%20Related-Party%20Transactions) The company's related-party transactions were minor and within approved limits, with no other major related-party dealings Related-Party Transactions in Daily Operations The company conducted a minor procurement transaction of CNY 0.23 million with a related party, well within the approved limit Related-Party Transactions in Daily Operations (Unit: CNY 10,000) | Related Party | Transaction Type | Transaction Content | Transaction Amount | % of Similar Transactions | Approved Limit | Exceeded Limit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Zhengshang Auto Parts Manufacturing Co, Ltd | Purchase of goods | Component procurement | 22.87 | 0.07% | 100 | No | Related-Party Transactions Involving Asset or Equity Acquisitions and Sales The company did not engage in any related-party transactions involving the acquisition or sale of assets or equity - The company did not engage in any related-party transactions involving the acquisition or sale of assets or equity during the reporting period[132](index=132&type=chunk) Related-Party Transactions Involving Joint External Investments The company did not engage in any joint external investments with related parties - The company did not engage in any joint external investments with related parties during the reporting period[133](index=133&type=chunk) Related-Party Credit and Debt Transactions There were no credit or debt transactions with related parties during the reporting period - There were no credit or debt transactions with related parties during the reporting period[134](index=134&type=chunk) Transactions with Related Finance Companies The company had no deposits, loans, credit, or other financial business with related finance companies - The company had no deposits, loans, credit, or other financial business with related finance companies or with related parties through its controlled finance companies[135](index=135&type=chunk) Transactions between the Company's Controlled Finance Companies and Related Parties The company's controlled finance companies had no financial dealings with related parties - The company's controlled finance companies had no deposits, loans, credit, or other financial business with related parties[136](index=136&type=chunk) Other Major Related-Party Transactions The company had no other major related-party transactions during the reporting period - The company had no other major related-party transactions during the reporting period[137](index=137&type=chunk) [Major Contracts and Their Performance](index=39&type=section&id=Major%20Contracts%20and%20Their%20Performance) The company had no major contracts for custody or contracting but generated minor income from operational leasing Custody, Contracting, and Leasing The company had no custody or contracting arrangements and generated CNY 0.97 million in leasing income - The company had no custody arrangements during the reporting period[138](index=138&type=chunk) - The company had no contracting arrangements during the reporting period[139](index=139&type=chunk) - The company's income from external operational leasing was **CNY 966,327.80**[140](index=140&type=chunk) - No leasing project generated profit or loss exceeding 10% of the company's total profit for the reporting period[140](index=140&type=chunk) Major Guarantees The company had no major guarantees during the reporting period - The company had no major guarantees during the reporting period[141](index=141&type=chunk) Major Contracts in Daily Operations The company had no major contracts related to its daily operations during the reporting period - The company had no major contracts related to its daily operations during the reporting period[143](index=143&type=chunk) Other Major Contracts The company had no other major contracts during the reporting period - The company had no other major contracts during the reporting period[144](index=144&type=chunk) [Explanation of Other Major Matters](index=40&type=section&id=Explanation%20of%20Other%20Major%20Matters) The company advanced its strategic layout through key acquisitions and initiated the construction of an overseas production base in Morocco - On July 25, 2025, the company completed the acquisition of a **51% stake in Tengzhan Precision**, becoming its controlling shareholder to accelerate its strategic layout in the humanoid robot industry[145](index=145&type=chunk) - On June 16, 2025, the company indirectly acquired a **20% stake in Beifang Machinery**, enhancing its industrial expansion and technological capabilities in the robotics field[146](index=146&type=chunk) - The company plans to invest up to **$30 million** to establish a wholly-owned subsidiary and build an automotive bearing production base in Tangier, Morocco, to meet overseas market demand[147](index=147&type=chunk) [Major Matters of Company Subsidiaries](index=40&type=section&id=Major%20Matters%20of%20Company%20Subsidiaries) There were no major matters concerning the company's subsidiaries during the reporting period - There were no major matters concerning the company's subsidiaries during the reporting period[148](index=148&type=chunk) [Section 6 Share Capital Changes and Shareholder Information](index=41&type=section&id=Section%206%20Share%20Capital%20Changes%20and%20Shareholder%20Information) [Changes in Share Capital](index=41&type=section&id=Changes%20in%20Share%20Capital) The company's total share capital increased to 133.39 million shares due to a capitalization of capital reserves Changes in Share Capital (Unit: shares) | Item | Pre-Change Quantity | Pre-Change Ratio | Change (Capitalization) | Post-Change Quantity | Post-Change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I Restricted Shares | 10,517,419 | 10.25% | 3,155,226 | 13,672,645 | 10.25% | | II Unrestricted Shares | 92,090,714 | 89.75% | 27,627,213 | 119,717,927 | 89.75% | | III Total Shares | 102,608,133 | 100.00% | 30,782,439 | 133,390,572 | 100.00% | - The change in share capital was due to the capitalization of the capital reserve from the 2024 profit distribution plan, where **3 shares were issued for every 10 shares held**, totaling 30,782,439 new shares[152](index=152&type=chunk) - The new shares were credited to shareholder accounts on June 5, 2025, resulting in a corresponding dilution of earnings per share and net assets per share[154](index=154&type=chunk)[155](index=155&type=chunk) [Securities Issuance and Listing](index=42&type=section&id=Securities%20Issuance%20and%20Listing) The company did not issue or list any securities during the reporting period - The company did not issue or list any securities during the reporting period[158](index=158&type=chunk) [Number of Shareholders and Shareholdings](index=43&type=section&id=Number%20of%20Shareholders%20and%20Shareholdings) At the end of the period, the company had 9,691 shareholders, with Hangzhou Kejian Holding Co, Ltd being the largest - At the end of the reporting period, the total number of common shareholders was **9,691**[159](index=159&type=chunk) Top 10 Shareholders (at Period-End) | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held (shares) | Restricted Shares (shares) | Unrestricted Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Kejian Holding Co, Ltd | Domestic Non-state-owned Corp | 20.00% | 26,671,672 | 0 | 26,671,672 | | Zhongyiren Tianyi No 1 Private Equity Fund | Other | 8.95% | 11,938,420 | 0 | 11,938,420 | | Shen Renrong | Domestic Natural Person | 6.43% | 8,580,000 | 6,435,000 | 2,145,000 | | Hangzhou Juwo Enterprise Management Co, Ltd | Domestic Non-state-owned Corp | 6.28% | 8,372,000 | 0 | 8,372,000 | | Yu Caijun | Domestic Natural Person | 5.15% | 6,864,000 | 5,148,000 | 1,716,000 | | Hangzhou Fuke Enterprise Management Co, Ltd | Domestic Non-state-owned Corp | 5.15% | 6,864,000 | 0 | 6,864,000 | | Penghua Carbon Neutral Themed Mixed Securities Investment Fund | Other | 3.35% | 4,462,770 | 0 | 4,462,770 | | Hu Bo'an | Domestic Natural Person | 1.75% | 2,331,194 | 2,089,645 | 241,549 | | Ye Shuchang | Domestic Natural Person | 1.32% | 1,760,650 | 0 | 1,760,650 | | Xin'an Xinmeihui Private Equity Fund | Other | 0.90% | 1,194,050 | 0 | 1,194,050 | - Hangzhou Kejian Holding Co, Ltd is the company's controlling shareholder; Shen Renrong, Yu Caijun, and the entities they control are parties acting in concert[160](index=160&type=chunk)[161](index=161&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=45&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The shareholdings of three directors increased due to the capitalization of capital reserves, with no buying or selling activities Changes in Shareholdings of Directors, Supervisors, and Senior Management (Unit: shares) | Name | Position | Opening Shares | Shares Increased | Shares Decreased | Closing Shares | | :--- | :--- | :--- | :--- | :--- | :--- | | Shen Renrong | Chairman & General Manager | 6,600,000 | 1,980,000 | 0 | 8,580,000 | | Yu Caijun | Director | 5,280,000 | 1,584,000 | 0 | 6,864,000 | | Hu Bo'an | Director | 1,793,226 | 537,968 | 0 | 2,331,194 | | Total | -- | 13,673,226 | 4,101,968 | 0 | 17,775,194 | [Changes in Controlling Shareholder or Actual Controller](index=45&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[163](index=163&type=chunk)[164](index=164&type=chunk) - The company's actual controller did not change during the reporting period[164](index=164&type=chunk) [Preferred Stock Related Matters](index=47&type=section&id=Preferred%20Stock%20Related%20Matters) The company had no preferred stock during the reporting period - The company had no preferred stock during the reporting period[165](index=165&type=chunk) [Section 7 Bond-related Matters](index=48&type=section&id=Section%207%20Bond-related%20Matters) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[167](index=167&type=chunk) [Section 8 Financial Report](index=49&type=section&id=Section%208%20Financial%20Report) [Audit Report](index=49&type=section&id=Audit%20Report) The semi-annual financial report has not been audited - The semi-annual financial report has not been audited[169](index=169&type=chunk) [Financial Statements](index=49&type=section&id=Financial%20Statements) This section presents the company's consolidated and parent company financial statements for the semi-annual period of 2025 Consolidated Balance Sheet As of June 30, 2025, the company's total consolidated assets were CNY 1.92 billion, with total liabilities of CNY 444.49 million Consolidated Balance Sheet Key Data (Unit: Yuan) | Item | Closing Balance | | :--- | :--- | | Total Assets | 1,923,955,469.77 | | Total Current Assets | 1,094,881,122.18 | | Total Non-current Assets | 829,074,347.59 | | Total Liabilities | 444,486,846.30 | | Total Equity | 1,479,468,623.47 | Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were CNY 1.92 billion, with total liabilities of CNY 495.56 million Parent Company Balance Sheet Key Data (Unit: Yuan) | Item | Closing Balance | | :--- | :--- | | Total Assets | 1,915,394,705.64 | | Total Current Assets | 1,008,498,071.36 | | Total Non-current Assets | 906,896,634.28 | | Total Liabilities | 495,560,079.76 | | Total Equity | 1,419,834,625.88 | Consolidated Income Statement For the first half of 2025, the company's total operating revenue was CNY 496.47 million, with a net profit of CNY 88.14 million Consolidated Income Statement Key Data (Unit: Yuan) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total Operating Revenue | 496,466,477.07 | 322,291,379.71 | | Total Operating Costs | 398,773,052.02 | 261,825,228.54 | | Total Profit | 100,960,263.68 | 68,454,998.55 | | Net Profit | 88,143,102.39 | 58,750,555.71 | | Net Profit Attributable to Parent Company Shareholders | 88,146,929.80 | 58,750,555.71 | | Basic Earnings Per Share | 0.66 | 0.44 | | Diluted Earnings Per Share | 0.66 | 0.44 | Parent Company Income Statement For the first half of 2025, the parent company's operating revenue was CNY 524.35 million, with a net profit of CNY 82.32 million Parent Company Income Statement Key Data (Unit: Yuan) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Operating Revenue | 524,354,006.39 | 335,507,512.54 | | Operating Profit | 94,043,811.63 | 70,271,553.08 | | Total Profit | 94,099,830.10 | 69,728,681.58 | | Net Profit | 82,322,952.47 | 59,923,218.18 | Consolidated Cash Flow Statement For the first half of 2025, net cash flow from operating activities was -CNY 43.72 million, with a net increase in cash of CNY 81.08 million Consolidated Cash Flow Statement Key Data (Unit: Yuan) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -43,720,948.10 | -24,846,898.19 | | Net Cash Flow from Investing Activities | 51,711,272.82 | -60,321,825.12 | | Net Cash Flow from Financing Activities | 72,131,271.39 | -38,521,149.70 | | Net Increase in Cash and Cash Equivalents | 81,075,868.91 | -123,285,971.31 | | Closing Balance of Cash and Cash Equivalents | 252,991,729.96 | 146,680,022.12 | Parent Company Cash Flow Statement For the first half of 2025, the parent company's net cash flow from operating activities was -CNY 11.17 million Parent Company Cash Flow Statement Key Data (Unit: Yuan) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -11,173,497.98 | -19,946,429.02 | | Net Cash Flow from Investing Activities | 17,689,277.79 | -52,145,215.41 | | Net Cash Flow from Financing Activities | 22,131,271.39 | -31,675,097.04 | | Net Increase in Cash and Cash Equivalents | 29,601,324.00 | -103,362,839.77 | | Closing Balance of Cash and Cash Equivalents | 148,809,181.64 | 77,637,832.45 | Consolidated Statement of Changes in Equity Consolidated total equity increased by CNY 72.76 million, driven by net profit and offset by profit distribution Consolidated Statement of Changes in Equity (Unit: Yuan) | Item | Opening Balance | Change in Current Period | | :--- | :--- | :--- | | Share Capital | 102,608,133.00 | 30,782,439.00 | | Capital Reserve | 641,534,359.58 | -30,782,439.00 | | Retained Earnings | 562,254,543.13 | 72,755,709.85 | | Total Equity Attributable to Parent Company Shareholders | 1,390,712,865.90 | 72,755,709.85 | | Total Equity | 1,406,716,741.03 | 72,751,882.44 | Parent Company Statement of Changes in Equity The parent company's total equity increased by CNY 66.93 million, mainly due to net profit Parent Company Statement of Changes in Equity (Unit: Yuan) | Item | Opening Balance | Change in Current Period | | :--- | :--- | :--- | | Share Capital | 102,608,133.00 | 30,782,439.00 | | Capital Reserve | 643,003,701.61 | -30,782,439.00 | | Retained Earnings | 522,975,228.56 | 66,931,732.52 | | Total Equity | 1,352,902,893.36 | 66,931,732.52 | [Company Basic Information](index=67&type=section&id=Company%20Basic%20Information) Hangzhou Radical Energy Saving Technology Co, Ltd was established in 2014 and listed on the Shenzhen Stock Exchange in 2017 - Hangzhou Radical Energy Saving Technology Co, Ltd was established on November 10, 2014, and its shares were listed on the Shenzhen Stock Exchange in May 2017[202](index=202&type=chunk) - The company's registered capital increased from CNY 102,608,133 to **CNY 133,390,572**, with total share capital reaching 133,390,572 shares[202](index=202&type=chunk)[204](index=204&type=chunk) - The company's main business activities include the production of automotive parts and hardware, development of energy-saving technologies, and sales of its products[205](index=205&type=chunk) [Basis of Preparation of Financial Statements](index=68&type=section&id=Basis%20of%20Preparation%20of%20Financial%20Statements) The financial statements are prepared on a going concern basis in accordance with Chinese Accounting Standards - The company's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and relevant CSRC disclosure regulations[207](index=207&type=chunk) - The company has assessed its ability to continue as a going concern for the next 12 months and has not identified any significant uncertainties[208](index=208&type=chunk) [Significant Accounting Policies and Estimates](index=68&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the key accounting policies and estimates applied in preparing the financial statements - The financial statements prepared by the company comply with the requirements of the Enterprise Accounting Standards, truly and completely reflecting the company's financial position, operating results, and cash flows[210](index=210&type=chunk) - The company's fiscal year is from January 1 to December 31, and the accounting period for these financial statements is from January 1, 2025, to June 30, 2025[211](index=211&type=chunk) - The company uses a 12-month operating cycle as the basis for classifying current and non-current assets and liabilities[212](index=212&type=chunk) - The company makes judgments, estimates, and assumptions for items that cannot be measured accurately and reviews them periodically[358](index=358&type=chunk)[359](index=359&type=chunk) [Taxes](index=101&type=section&id=Taxes) The company is subject to various taxes, including VAT and corporate income tax, and benefits from several preferential tax policies Main Taxes and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Value-added amount from sales of goods or services | 6%, 9%, 13% (Export rebate rates 6%-13%) | | Urban Maintenance and Construction Tax | Actual turnover tax paid | 7% | | Corporate Income Tax | Taxable income | 25%, 20%, 15% | | Property Tax | 1.2% of 70% of original property value; 12% of rental income | 1.2%, 12% | | Education Surcharge | Actual turnover tax paid | 3% | | Local Education Surcharge | Actual turnover tax paid | 2% | - Hangzhou Radical Energy Saving Technology Co, Ltd and Hangzhou Ward Automotive Parts Manufacturing Co, Ltd enjoy a reduced corporate income tax rate of **15%** as high-tech enterprises[370](index=370&type=chunk) - Several subsidiaries qualify as small and micro-enterprises, benefiting from a reduced corporate income tax rate of **20%** on 25% of their taxable income and other tax reductions[371](index=371&type=chunk) [Notes to Consolidated Financial Statement Items](index=102&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on key items in the consolidated financial statements, including assets, liabilities, and equity components Key Items in Consolidated Financial Statements at Period-End (Unit: Yuan) | Item | Closing Balance | | :--- | :--- | | Cash and Bank Balances | 356,643,381.08 | | Trading Financial Assets | 152,304,220.44 | | Notes Receivable | 1,854,000.00 | | Accounts Receivable | 251,724,910.82 | | Inventories | 272,899,534.56 | | Fixed Assets | 418,388,438.94 | | Construction in Progress | 94,566,827.98 | | Intangible Assets | 53,292,557.16 | | Short-term Borrowings | 80,126,433.00 | | Notes Payable | 82,394,804.86 | | Accounts Payable | 216,030,974.90 | | Contract Liabilities | 21,446,543.06 | | Share Capital | 133,390,572.00 | | Capital Reserve | 610,751,920.58 | | Retained Earnings | 635,010,252.98 | - During the reporting period, the company's operating revenue was **CNY 496.47 million**, operating cost was **CNY 345.16 million**, operating profit was **CNY 100.94 million**, and net profit was **CNY 88.14 million**[597](index=597&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk) - The company recognized an asset impairment provision of **CNY 7.51 million** in the current period, including **CNY 3.84 million** for inventory write-downs[614](index=614&type=chunk)[632](index=632&type=chunk) [R&D Expenditures](index=150&type=section&id=R&D%20Expenditures) Total R&D expenditure for the first half of 2025 was CNY 16.64 million, all of which was expensed R&D Expenditure Details (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Materials and Power | 7,941,642.93 | 5,375,699.45 | | Employee Compensation | 7,364,731.22 | 6,471,742.12 | | Depreciation and Amortization | 1,044,169.41 | 1,028,368.98 | | Other | 287,147.87 | 9,020.45 | | Total | 16,637,691.43 | 12,884,831.00 | | Of which: Expensed R&D | 16,637,691.43 | 12,884,831.00 | - All R&D expenditures in the current period were expensed, with no projects meeting the criteria for capitalization[646](index=646&type=chunk)[647](index=647&type=chunk) [Changes in Consolidation Scope](index=151&type=section&id=Changes%20in%20Consolidation%20Scope) The consolidation scope changed with the establishment of a new wholly-owned subsidiary, Zhejiang Leiming Robot Co, Ltd - On March 13, 2025, the company established a new wholly-owned subsidiary, **Zhejiang Leiming Robot Co, Ltd**, with a registered capital of CNY 100 million, focusing on intelligent robot R&D and manufacturing[660](index=660&type=chunk) - The company had no business combinations not under common control, business combinations under common control, reverse acquisitions, or disposals of subsidiaries leading to a loss of control during the reporting period[651](index=651&type=chunk)[655](index=655&type=chunk)[659](index=659&type=chunk)[660](index=660&type=chunk) [Interests in Other Entities](index=154&type=section&id=Interests%20in%20Other%20Entities) The company holds interests in several wholly-owned subsidiaries and one partnership, with no significant non-wholly-owned subsidiaries or joint ventures Composition of the Corporate Group (Major Subsidiaries) | Subsidiary Name | Business Nature | Shareholding Ratio (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | | Hangzhou Da'en Automotive Drivetrain Systems Co, Ltd | Steel sales, services | 100.00% | Merger under common control | | Hangzhou Ward Automotive Parts Manufacturing Co, Ltd | Automotive parts production | 100.00% | Merger under common control | | Shanghai Bomingson Import & Export Co, Ltd | Trading | 100.00% | Investment establishment | | Zhejiang Jingfeng Automotive Parts Manufacturing Co, Ltd | Automotive parts production | 100.00% | Investment establishment | | Guangdong Rad

Group 1 - The core viewpoint of the news is that 雷迪克 (Reddick) has shown positive financial performance with a significant increase in revenue and net profit in the latest quarterly report [1] - As of August 25, 2025, 雷迪克's stock price closed at 63.03 yuan, reflecting a 4.32% increase with a trading volume of 91,000 lots and a transaction amount of 578 million yuan [1] - The company's total operating revenue for the first quarter of 2025 was 186 million yuan, representing a year-on-year growth of 23.55%, while the net profit attributable to shareholders was 34.94 million yuan, up 6.22% year-on-year [1] Group 2 - 雷迪克 has made investments in 17 companies and participated in three bidding projects, indicating active engagement in business expansion [2] - The company holds 15 trademark registrations and 119 patents, showcasing its commitment to innovation and intellectual property [2] - 雷迪克 has obtained 66 administrative licenses, reflecting its compliance with regulatory requirements [2]

Group 1 - Hainan Redick Technology Co., Ltd. was established on August 22, with a registered capital of 216 million RMB [1] - The legal representative of the company is Shen Renrong [1] - The business scope includes wholesale of auto parts, manufacturing of auto components and accessories, and retail of auto parts [1] Group 2 - The company is wholly owned by Redick (300652) [1]

Group 1 - Hainan Redick Technology Co., Ltd. has been established with a registered capital of 216 million yuan [1] - The company's business scope includes supply chain management services, manufacturing and sales of electronic specialized equipment, wholesale of electronic components, and manufacturing of power electronic components [1] - Redick holds 100% ownership of the newly established company [1]

Core Viewpoint - Recently, Redick (300652) announced the election of Xu Yuping as the employee representative director during the first employee representative meeting of 2025 [1] Company Summary - Redick held its first employee representative meeting of 2025 on August 15 [1] - The employee representatives present at the meeting approved the election of Xu Yuping as the employee representative director [1]