证券代码：300696 证券简称：爱乐达 公告编号：2025-041 成都爱乐达航空制造股份有限公司 关于修订《公司章程》等公司相关制度的公告 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。 成都爱乐达航空制造股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召开第四届董事会第四次会议，审议通过了《关于修订<公司章程>的议案》《关 于修订、制定公司部分治理相关制度的议案》，现就相关情况公告如下： 一、《公司章程》修订情况 为深化规范运作，进一步完善公司治理体系，确保公司制度与监管法规有效 衔接，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治 理准则》《关于新〈公司法〉配套制度规则实施相关过渡期安排》《上市公司章 程指引》《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》等相关法律、法规、规范性文件的最新规定，结合公司实际情况，对《公 司章程》的部分条款进行了相应修订，具体内容如下： | 修订前 | 修订后 第八条 | | --- | --- | | | 代表公司执行公司事务的董事或 者经理为公司的法定 ...

证券代码：300696 证券简称：爱乐达 公告编号：2025-042 成都爱乐达航空制造股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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。 根据成都爱乐达航空制造股份有限公司（以下简称"公司"）第四届董事会 第四次会议决议，公司决定于2025年9月15日（星期一）召开2025年第一次临时 股东大会。现将本次股东大会的相关事项公告如下： 一、召开会议的基本情况 1、股东大会届次：2025年第一次临时股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会的召开符合有关法律法规、深 圳证券交易所业务规则和《公司章程》等规定。 4、会议召开的日期、时间 （1）现场会议召开时间：2025年9月15日（星期一）下午14:00 （2）网络投票时间：2025年9月15日（星期一） 通过深圳证券交易所交易系统进行网络投票的具体时间为2025年9月15日上 午9:15-9:25、9:30-11:30和下午13:00-15:00。 通过深圳证券交易所互联网投票系统投票的具体时间为2025年9月1 ...

证券代码：300696 证券简称：爱乐达 公告编号：2025-035 成都爱乐达航空制造股份有限公司 第四届监事会第四次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 经审议，监事会认为：公司严格按照《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司募集资金监管规则》等法律法规以及公司《募集资金 使用管理办法》的规定使用和管理募集资金，不存在违规使用募集资金的行为， 1 成都爱乐达航空制造股份有限公司（以下简称"公司"）第四届监事会第四 次会议于 2025 年 8 月 15 日以专人送达和电子邮件方式发出会议通知，并于 2025 年 8 月 27 日在公司会议室以现场方式召开。本次会议应出席监事 3 人，实际出 席会议监事 3 人。本次会议由监事会主席丁文学先生召集并主持，公司部分高级 管理人员列席了本次会议。会议的召集、召开和表决程序符合《中华人民共和国 公司法》等法律法规以及《成都爱乐达航空制造股份有限公司章程》的有关规定。 二、监事会会议审议情况 1、审议通过《关于<2025 年半年度报告>全文及其摘要的议 ...

证券代码：300696 证券简称：爱乐达 公告编号：2025-034 成都爱乐达航空制造股份有限公司 第四届董事会第四次会议决议公告 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。 一、董事会会议召开情况 成都爱乐达航空制造股份有限公司（以下简称"公司"）第四届董事会第四 次会议于 2025 年 8 月 15 日以专人送达、电子邮件方式发出会议通知，并于 2025 年 8 月 27 日在公司会议室以现场方式召开。本次会议应出席董事 4 人，实际出 席会议董事 4 人。本次会议由董事长谢鹏先生召集并主持，全体监事、部分高级 管理人员列席了会议。会议的召集、召开和表决程序符合《中华人民共和国公司 法》等法律法规以及《成都爱乐达航空制造股份有限公司章程》的有关规定。 二、董事会会议审议情况 1、审议通过《关于<2025 年半年度报告>全文及其摘要的议案》 经审议，董事会认为：公司编制的《2025 年半年度报告》及《2025 年半年 度报告摘要》符合法律、行政法规、中国证监会、深圳证券交易所的相关规定， 报告内容真实、准确、完整地反映了公司 2025 年半年度经营、管 ...

Core Insights - The company reported a revenue of 228 million yuan for the first half of 2025, representing a year-on-year growth of 65.82% [1] - The net profit attributable to shareholders reached 10.314 million yuan, showing a significant increase of 158.64% compared to the previous year [1] - Basic earnings per share were 0.04 yuan, which is a growth of 166.67% year-on-year [1] - The company announced plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves [1]

Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisory board, and senior management guarantee the accuracy and completeness of the semi-annual report, with all directors attending the review meeting - The company plans not to distribute cash dividends, 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 presents the structured directory of the report, listing chapter titles and their corresponding starting page numbers [Definitions](index=5&type=section&id=Definitions) This section provides definitions for key terms, company entities, legal frameworks, regulatory bodies, and major clients used within the report Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=I.%20Company%20Profile) This section provides the company's basic information, including its stock ticker "Ailedar," stock code "300696," and listing on the Shenzhen Stock Exchange - Stock Abbreviation: Ailedar, Stock Code: **300696**, Listed Exchange: Shenzhen Stock Exchange[15](index=15&type=chunk) [Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax, and email [Other Information](index=6&type=section&id=III.%20Other%20Information) The company's registered address, office address, website, email, information disclosure, and registration status remained unchanged during the reporting period - The company's contact information, information disclosure, and registration status remained unchanged during the reporting period[17](index=17&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue significantly increased by 65.82%, and net profit attributable to shareholders turned profitable, growing by 158.64% Key Accounting Data and Financial Indicators | Indicator | Current Period (CNY) | Prior Period (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 227,958,211.99 | 137,473,936.44 | 65.82% | | Net Profit Attributable to Shareholders of Listed Company | 10,313,992.42 | -17,587,240.09 | 158.64% | | Net Cash Flow from Operating Activities | -1,961,450.75 | -31,864,241.81 | 93.84% | | Basic Earnings Per Share | 0.04 | -0.06 | 166.67% | | Total Assets (Period-end) | 2,123,434,822.27 | 2,090,873,326.37 | 1.56% | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,852,491,485.38 | 1,834,958,082.81 | 0.96% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and Chinese accounting standards - The company's financial reports show no differences in net profit and net assets under domestic and overseas accounting standards[21](index=21&type=chunk)[22](index=22&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) The company's non-recurring gains and losses totaled CNY 1,584,272.34, primarily comprising disposal gains/losses on non-current assets, government grants, and fair value changes Non-Recurring Gains and Losses and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 1,508,221.83 | | Government Grants Recognized in Current Profit/Loss | 553,300.00 | | Gains/Losses from Changes in Fair Value of Financial Assets and Liabilities and Disposal Gains/Losses | 4,626,913.23 | | Other Non-Operating Income and Expenses Apart from the Above | -12,463.34 | | Other Income/Loss Items Meeting the Definition of Non-Recurring Gains/Losses | -5,091,699.38 | | **Total** | **1,584,272.34** | Management Discussion and Analysis [Principal Businesses Engaged in by the Company During the Reporting Period](index=9&type=section&id=I.%20Principal%20Businesses%20Engaged%20in%20by%20the%20Company%20During%20the%20Reporting%20Period) The company specializes in precision manufacturing of aerospace components and design/development of aircraft fuel system products, forming an integrated "precision machining-special processes-assembly-product R&D" system [Company's Principal Businesses and Products](index=9&type=section&id=(I)%20Company%27s%20Principal%20Businesses%20and%20Products) The company's core business encompasses CNC precision machining, special process treatment, component assembly, and design R&D, serving military, domestic, and international aerospace sectors - The company's main business involves CNC precision machining, special process treatment, and assembly of aerospace components, along with the R&D and manufacturing of aircraft fuel system products[27](index=27&type=chunk) - Products include multi-spectrum military aircraft (fighters, transport aircraft, UAVs, trainers, etc.), multi-category civil aircraft (C909, C919, C929, A320, B737, etc.), and large structural components for aerospace missiles[29](index=29&type=chunk) - Design and R&D business focuses on aircraft fuel system products, with projects like a certain helicopter's "belly-mounted external fuel tank" entering the qualification phase and small-batch trial production[34](index=34&type=chunk) [Company's Business Model](index=10&type=section&id=(II)%20Company%27s%20Business%20Model) The company employs a direct sales model with centralized procurement, customized production, and high-level executive leadership, supported by technical departments to meet diverse customer needs - The procurement model is coordinated by the Production Support Department, covering raw materials, production consumables, finished components, and outsourced collaboration services[36](index=36&type=chunk)[40](index=40&type=chunk) - The production model is order-customized, including processing with supplied materials and production with self-purchased materials, covering single-process, multi-process, and full-process businesses[41](index=41&type=chunk) - The sales model is direct sales, led by the Marketing Department, with strategic guidance from the executive team and professional support from design R&D and technical process departments[41](index=41&type=chunk) [Key Performance Drivers](index=11&type=section&id=(III)%20Key%20Performance%20Drivers) National industrial policies, defense modernization, global aviation market recovery, and the C919 project are key drivers for the company's performance, leading to increased military and civil orders - National industrial policies provide solid policy support and broad development space for the aerospace industry[42](index=42&type=chunk) - Major customer orders in military aviation equipment are steadily issued, with military product business growing year-on-year[44](index=44&type=chunk) - In civil aviation, orders for C919, direct business with Safran International (France), and international subcontracting business increased year-on-year[44](index=44&type=chunk) [Industry Position](index=12&type=section&id=(IV)%20Industry%20Position) The company has transformed into an integrated aerospace manufacturer with "CNC precision machining, special process treatment, component assembly, and finished product R&D" capabilities, achieving industry-leading product yield rates - The company has successfully transformed from a "single CNC precision machining process" to "full-process capability for aerospace components"[45](index=45&type=chunk) - Product yield rates consistently remain at industry-leading levels, successfully establishing the "Ailedar" brand image[45](index=45&type=chunk) - The company has become a core supplier to numerous clients, establishing strategic collaborative relationships with several key customers and receiving "Excellent Supplier" and other honors for many consecutive years[45](index=45&type=chunk) [Core Competitiveness Analysis](index=12&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core competitiveness lies in its integrated "CNC precision machining-special process treatment-component assembly-finished product R&D" capabilities, leading in complex part processes and new material exploration - The company has built an integrated full-process manufacturing capability system encompassing "CNC precision machining-special process treatment-component assembly-finished product R&D and design"[46](index=46&type=chunk) - The company is a leader in CNC precision machining for critical load-bearing, complex curved, and irregularly deep-cavity structural components, as well as multi-variety small-batch parts, actively exploring emerging fields like high-difficulty complex aerospace 3D printing precision machining[47](index=47&type=chunk)[48](index=48&type=chunk) - The company has established a multi-department joint R&D and innovation mechanism involving R&D, technology, production, and quality, holding a cumulative total of **103 patents** across the company and its subsidiaries[49](index=49&type=chunk)[50](index=50&type=chunk) - The company has established AS9100 and weapon equipment quality management systems, continuously optimizing lean management processes through digital and information management systems to enhance production efficiency and resource utilization[51](index=51&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk) - The company has established deep strategic collaborative relationships with numerous domestic and international clients, including multiple military aircraft prime contractors under AVIC, civil aircraft sub-contractors, research institutes, aero-engine manufacturers, COMAC, and Safran (France)[54](index=54&type=chunk) [Analysis of Principal Business](index=14&type=section&id=III.%20Analysis%20of%20Principal%20Business) During the reporting period, the company's principal business revenue and costs both significantly increased, with operating revenue growing by 65.82% primarily due to increased orders Year-on-Year Changes in Key Financial Data | Indicator | Current Period (CNY) | Prior Period (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 227,958,211.99 | 137,473,936.44 | 65.82% | Primarily due to increased orders in the current period | | Operating Cost | 166,270,866.79 | 136,075,056.93 | 22.19% | Primarily due to increased orders in the current period, leading to increased costs | | Selling Expenses | 2,827,842.98 | 1,679,447.58 | 68.38% | Primarily due to business expansion, increased personnel compensation, transportation, and travel expenses in the current period | | Administrative Expenses | 21,774,544.00 | 9,884,483.91 | 120.29% | Primarily due to equity incentive implementation and increased share-based payments in the current period | | Financial Expenses | -1,724,754.64 | -6,741,465.60 | 74.42% | Primarily due to decreased interest income in the current period | | Income Tax Expense | -2,561,700.12 | 459,338.21 | -657.69% | Primarily due to increased bad debt provision adjustment for deferred income tax and profit offsetting losses in the current period | | Net Cash Flow from Operating Activities | -1,961,450.75 | -31,864,241.81 | 93.84% | Primarily due to increased sales collections in the current period | - Aircraft component business operating revenue was **CNY 225,936,393.90**, a **64.48% year-on-year increase**, with a gross profit margin of **26.62%**, up **25.66%** year-on-year[58](index=58&type=chunk) [Analysis of Non-Principal Business](index=15&type=section&id=IV.%20Analysis%20of%20Non-Principal%20Business) Non-principal business activities significantly impacted the company's total profit during the reporting period, with negative investment income and credit impairment losses, but positive fair value changes Impact of Non-Principal Business on Total Profit | Item | Amount (CNY) | Percentage of Total Profit | Explanation of Formation Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -5,091,699.38 | -80.55% | Primarily due to recognition of investment partnership income | No | | Gains/Losses from Fair Value Changes | 4,626,913.23 | 73.19% | Primarily due to fair value changes from held wealth management products | No | | Asset Impairment | -1,706,042.47 | -26.99% | Primarily due to provision for inventory impairment | No | | Other Income | 3,260,482.37 | 51.58% | Primarily due to government grants received and amortized | No | | Credit Impairment Losses | -15,320,475.48 | -242.36% | Primarily due to provision for bad debts on accounts receivable | No | | Gains on Disposal of Assets | 1,508,221.83 | 23.86% | Primarily due to gains on disposal of right-of-use assets | No | [Analysis of Assets and Liabilities](index=15&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets and net assets attributable to shareholders both increased, with notable changes in cash, receivables, inventory, and contract liabilities Significant Changes in Asset Composition | Item | End of Current Period (CNY) | Percentage of Total Assets | End of Prior Year (CNY) | Percentage of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 475,139,496.42 | 22.38% | 389,564,164.84 | 18.63% | 3.75% | | Accounts Receivable | 385,868,146.99 | 18.17% | 335,447,372.00 | 16.04% | 2.13% | | Inventories | 195,745,887.29 | 9.22% | 188,925,426.08 | 9.04% | 0.18% | | Financial Assets Held for Trading | 402,711,619.14 | 18.97% | 500,464,867.09 | 23.94% | -4.97% | | Contract Liabilities | 18,643,559.64 | 0.88% | 9,212,101.91 | 0.44% | 0.44% | | Taxes Payable | 5,027,633.83 | 0.24% | 80,638.04 | 0.00% | 0.24% | - The company's financial assets measured at fair value totaled **CNY 402,711,619.14** at period-end, primarily comprising financial assets held for trading (wealth management products)[64](index=64&type=chunk) - The book value of restricted fixed assets at period-end was **CNY 2,254,443.85**, primarily used as counter-guarantees for entrusted loans[65](index=65&type=chunk) [Analysis of Investment Status](index=17&type=section&id=VI.%20Analysis%20of%20Investment%20Status) The company's investment decreased by 28.09% year-on-year, and the "Aerospace Component Intelligent Manufacturing Center" project, funded by raised capital, has been extended to December 31, 2025 - Investment during the reporting period totaled **CNY 302,422,606.85**, a **28.09% decrease** compared to the prior year[68](index=68&type=chunk) - Accumulated use of raised funds reached **CNY 358.982 million**, with an actual balance of **CNY 13.1516 million** in the special account, and an additional **CNY 150 million** allocated for cash management[70](index=70&type=chunk) - The completion date for the "Aerospace Component Intelligent Manufacturing Center" project, funded by raised capital, has been extended to **December 31, 2025**, although the main construction was completed in October 2023[74](index=74&type=chunk)[75](index=75&type=chunk) [Significant Asset and Equity Disposals](index=21&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Disposals) The company did not engage in any significant asset or equity disposal transactions during the reporting period - The company did not dispose of significant assets during the reporting period[80](index=80&type=chunk) - The company did not dispose of significant equity during the reporting period[81](index=81&type=chunk) [Analysis of Major Holding and Invested Companies](index=21&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Invested%20Companies) The company has no significant holding or invested company information requiring disclosure during the reporting period - The company has no significant holding or invested company information requiring disclosure during the reporting period[81](index=81&type=chunk) [Structured Entities Controlled by the Company](index=21&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[82](index=82&type=chunk) [Risks Faced by the Company and Countermeasures](index=21&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company identified ten key risks, including policy adjustments, customer concentration, and operational fluctuations, outlining specific strategies to mitigate each - The company faces risks from industry policy adjustments, with countermeasures including actively monitoring policy dynamics, optimizing business structure, and accelerating transformation and upgrading[82](index=82&type=chunk) - The company faces risks from high customer concentration, with countermeasures including strengthening comprehensive capabilities, increasing market development efforts, and optimizing customer structure[83](index=83&type=chunk)[84](index=84&type=chunk) - The company faces risks of operating performance fluctuations, with countermeasures including maintaining close communication with customers and strengthening multi-regional and multi-business market development efforts[85](index=85&type=chunk) - The company faces risks in accounts receivable collection, with countermeasures including strengthening customer credit rating management and establishing a joint collection mechanism between the finance and marketing departments[86](index=86&type=chunk) - The company faces risks that raised capital investment projects may not meet expectations, with countermeasures including closely monitoring market changes, strengthening project management and supervision, and timely adjusting projects[92](index=92&type=chunk) [Registration Form for Investor Relations Activities During the Reporting Period](index=23&type=section&id=XI.%20Registration%20Form%20for%20Investor%20Relations%20Activities%20During%20the%20Reporting%20Period) On April 25, 2025, the company participated in the 2024 annual online performance briefing via the Shenzhen Stock Exchange's "Interactive Easy" platform - On **April 25, 2025**, the company participated in the **2024 annual online performance briefing** via the Shenzhen Stock Exchange's "Interactive Easy" platform "Cloud Interview" section[94](index=94&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=24&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[96](index=96&type=chunk) - The company has not disclosed a valuation enhancement plan[96](index=96&type=chunk) ["Quality and Return Dual Enhancement" Action Plan Implementation](index=24&type=section&id=XIII.%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan%20Implementation) The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[96](index=96&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=24&type=section&id=I.%20Changes%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[97](index=97&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Period](index=24&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[98](index=98&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=24&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) On May 16, 2025, the company granted 2.814 million restricted shares to 220 incentive recipients at CNY 9.25 per share, targeting middle management and core personnel - On **May 16, 2025**, the company initially granted **2.814 million** Class II restricted shares to **220 incentive recipients** at a grant price of **CNY 9.25 per share**[103](index=103&type=chunk) [Environmental Information Disclosure](index=26&type=section&id=IV.%20Environmental%20Information%20Disclosure) The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[105](index=105&type=chunk) [Social Responsibility](index=26&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities in corporate governance, stakeholder protection, environmental conservation, and employee welfare, aiming for sustainable development - The company strictly adheres to laws, regulations, and its Articles of Association, actively promoting internal control system construction and continuously improving its corporate governance structure[106](index=106&type=chunk) - The company highly values shareholder returns, formulating and implementing reasonable profit distribution plans while considering sustainable development[107](index=107&type=chunk) - The company has obtained international and domestic aviation quality management system certifications such as AS9100B, AS9100C, and AS9100D, and successfully passed Nadcap certification audits for special processes like heat treatment, surface treatment, and non-destructive testing[108](index=108&type=chunk) - The company actively responds to the national call for "dual carbon" goals, fully implementing the new development concept of "innovation, coordination, green, openness, and sharing," and actively engaging in energy saving, emission reduction, and lean production activities[109](index=109&type=chunk) - The company adheres to a people-oriented talent philosophy, focusing on employee safety, labor protection, physical and mental health, and talent development[110](index=110&type=chunk) Significant Matters [Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=28&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, there were no commitments by the controlling shareholder, shareholders, related parties, acquirers, or the company that were overdue and unfulfilled - The company had no overdue unfulfilled commitments from relevant parties during the reporting period[112](index=112&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=28&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) During the reporting period, there were no instances of non-operating funds being occupied by the controlling shareholder or other related parties from the listed company - The company had no non-operating funds occupied by controlling shareholders or other related parties during the reporting period[113](index=113&type=chunk) [Irregular External Guarantees](index=28&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[114](index=114&type=chunk) [Appointment and Dismissal of Accounting Firms](index=28&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[115](index=115&type=chunk) [Explanations by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=28&type=section&id=V.%20Explanations%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) Not applicable [Explanations by the Board of Directors on Matters Related to the "Non-Standard Audit Report" for the Prior Year](index=28&type=section&id=VI.%20Explanations%20by%20the%20Board%20of%20Directors%20on%20Matters%20Related%20to%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Prior%20Year) Not applicable [Bankruptcy and Reorganization Matters](index=28&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company did not experience any bankruptcy or reorganization matters during the reporting period - The company did not experience any bankruptcy or reorganization matters during the reporting period[116](index=116&type=chunk) [Litigation Matters](index=28&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters during the current reporting period[117](index=117&type=chunk) [Penalties and Rectification Status](index=29&type=section&id=IX.%20Penalties%20and%20Rectification%20Status) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[118](index=118&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controllers](index=29&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controllers) Not applicable [Significant Related Party Transactions](index=29&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company did not engage in significant related party transactions concerning daily operations, asset/equity acquisitions/disposals, joint external investments, or related party debt/credit - The company had no related party transactions related to daily operations during the reporting period[119](index=119&type=chunk) - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[120](index=120&type=chunk) - The company had no related party debt or credit transactions during the reporting period[122](index=122&type=chunk) - There were no deposits, loans, credit lines, or other financial transactions between the company and related financial companies, or between the company's controlled financial companies and related parties[123](index=123&type=chunk)[124](index=124&type=chunk) [Significant Contracts and Their Performance](index=30&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no significant entrustment, contracting, major guarantees, or other major contracts during the reporting period, though a subsidiary's leased plant area was reduced [Entrustment, Contracting, and Leasing Matters](index=30&type=section&id=1.%20Entrustment%2C%20Contracting%2C%20and%20Leasing%20Matters) The company had no entrustment or contracting situations, but its wholly-owned subsidiary Tang'an Aviation reduced its leased property area from 19,055 sqm to 11,269.58 sqm - The company had no entrustment situations during the reporting period[126](index=126&type=chunk) - The company had no contracting situations during the reporting period[127](index=127&type=chunk) - Wholly-owned subsidiary Tang'an Aviation's leased property area changed from **19,055 square meters** to **11,269.58 square meters**[128](index=128&type=chunk) [Significant Guarantees](index=30&type=section&id=2.%20Significant%20Guarantees) The company had no significant guarantees during the reporting period - The company had no significant guarantees during the reporting period[129](index=129&type=chunk) [Major Contracts in Ordinary Course of Business](index=30&type=section&id=3.%20Major%20Contracts%20in%20Ordinary%20Course%20of%20Business) No specific information on major contracts in the ordinary course of business was disclosed [Other Significant Contracts](index=30&type=section&id=4.%20Other%20Significant%20Contracts) The company had no other significant contracts during the reporting period - The company had no other significant contracts during the reporting period[132](index=132&type=chunk) [Explanation of Other Significant Matters](index=30&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[134](index=134&type=chunk) [Significant Matters of Company Subsidiaries](index=31&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[135](index=135&type=chunk) Share Changes and Shareholder Information [Share Change Status](index=32&type=section&id=I.%20Share%20Change%20Status) During the reporting period, restricted shares decreased by 97,181,266, while unrestricted shares increased by the same amount, mainly due to director and senior management share transfers and release from restrictions Share Change Status | Share Type | Number Before Change (Shares) | Increase/Decrease in This Change (Shares) | Number After Change (Shares) | Percentage Before Change | Percentage After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Restricted Shares | 124,447,608 | -97,181,266 | 27,266,342 | 42.45% | 9.30% | | Unrestricted Shares | 168,705,375 | 97,181,266 | 265,886,641 | 57.55% | 90.70% | | Total Shares | 293,152,983 | 0 | 293,152,983 | 100.00% | 100.00% | - The main reasons for share changes were the calculation of legally transferable share quotas for directors and senior management according to regulatory requirements, and the release of all shares held by previous directors, supervisors, and senior management due to the expiration of their terms and completion of six months[139](index=139&type=chunk) - During the reporting period, restricted shares held by executives such as Ran Guangwen, Ding Hongtao, and Fan Qingxin were released from restrictions[141](index=141&type=chunk)[142](index=142&type=chunk) [Securities Issuance and Listing](index=34&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[143](index=143&type=chunk) [Number of Shareholders and Shareholding Status](index=35&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) At the end of the reporting period, the total number of common shareholders was 31,724. The actual controllers, Ran Guangwen, Ding Hongtao, Xie Peng, and Fan Qingxin, collectively held 42.11% of the total share capital - Total number of common shareholders at period-end: **31,724** accounts[145](index=145&type=chunk) - The company's actual controllers are four natural person shareholders: Ran Guangwen, Ding Hongtao, Xie Peng, and Fan Qingxin, who have signed a concerted action agreement and collectively directly hold **42.11%** of the company's total share capital[151](index=151&type=chunk)[657](index=657&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-End (Shares) | Number of Restricted Shares Held (Shares) | Number of Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Ran Guangwen | Domestic Natural Person | 12.18% | 35,715,521 | 0 | 35,715,521 | | Ding Hongtao | Domestic Natural Person | 12.00% | 35,176,175 | 0 | 35,176,175 | | Xie Peng | Domestic Natural Person | 9.00% | 26,381,862 | 26,381,862 | 0 | | Fan Qingxin | Domestic Natural Person | 8.93% | 26,172,681 | 0 | 26,172,681 | | Sichuan Zhiliming Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 5.98% | 17,518,181 | 0 | 17,518,181 | [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=37&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Chairman Xie Peng reduced his shareholding by 8,793,954 shares, Vice Chairman Yang Youxin resigned, and other directors, supervisors, and senior management had no significant changes Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Number of Shares Held at Beginning of Period (Shares) | Number of Shares Reduced in Current Period (Shares) | Number of Shares Held at End of Period (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Xie Peng | Chairman | Current | 35,175,816 | 8,793,954 | 26,381,862 | | Yang Youxin | Vice Chairman | Resigned | 148,077 | 148,077 | 0 | [Changes in Controlling Shareholder or Actual Controller](index=37&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[149](index=149&type=chunk) - The company's actual controller did not change during the reporting period[150](index=150&type=chunk) [Preferred Share Information](index=39&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[151](index=151&type=chunk) Bond-Related Information [Bond-Related Information](index=40&type=section&id=Bond-Related%20Information) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[153](index=153&type=chunk) Financial Report [Audit Report](index=41&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[155](index=155&type=chunk) [Financial Statements](index=41&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity [Consolidated Balance Sheet](index=41&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were CNY 2.123 billion, with current assets accounting for approximately 70.56%, total liabilities of CNY 254 million, and total owners' equity of CNY 1.869 billion Key Data from Consolidated Balance Sheet | Item | Period-end Balance (CNY) | Period-beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 2,123,434,822.27 | 2,090,873,326.37 | | Total Current Assets | 1,498,344,028.33 | 1,437,262,524.00 | | Total Liabilities | 254,251,908.36 | 237,792,967.29 | | Total Owners' Equity | 1,869,182,913.91 | 1,853,080,359.08 | [Parent Company Balance Sheet](index=43&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were CNY 2.105 billion, with current assets accounting for approximately 70.82%, total liabilities of CNY 233 million, and total owners' equity of CNY 1.871 billion Key Data from Parent Company Balance Sheet | Item | Period-end Balance (CNY) | Period-beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 2,104,683,789.56 | 2,055,683,147.77 | | Total Current Assets | 1,490,403,609.70 | 1,431,397,766.46 | | Total Liabilities | 233,492,229.86 | 204,615,658.24 | | Total Owners' Equity | 1,871,191,559.70 | 1,851,067,489.53 | [Consolidated Income Statement](index=45&type=section&id=3.%20Consolidated%20Income%20Statement) For the first half of 2025, the company achieved total operating revenue of CNY 228 million, a 65.82% year-on-year increase, with net profit attributable to parent company shareholders of CNY 10.314 million, turning profitable Key Data from Consolidated Income Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 227,958,211.99 | 137,473,936.44 | | Total Operating Cost | 208,901,704.19 | 160,479,259.33 | | Total Profit | 6,321,444.56 | -17,127,901.88 | | Net Profit | 8,883,144.68 | -17,587,240.09 | | Net Profit Attributable to Parent Company Shareholders | 10,313,992.42 | -17,587,240.09 | | Basic Earnings Per Share | 0.04 | -0.06 | [Parent Company Income Statement](index=47&type=section&id=4.%20Parent%20Company%20Income%20Statement) For the first half of 2025, the parent company achieved operating revenue of CNY 226 million and net profit of CNY 12.9047 million, representing significant growth compared to the prior year Key Data from Parent Company Income Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 225,936,393.90 | 137,473,936.44 | | Operating Cost | 162,718,116.37 | 134,880,695.29 | | Total Profit | 10,650,287.70 | -15,043,192.43 | | Net Profit | 12,904,660.02 | -15,502,530.64 | | Basic Earnings Per Share | 0.04 | -0.05 | [Consolidated Cash Flow Statement](index=49&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) For H1 2025, net cash flow from operating activities was -CNY 1.9615 million, a significant improvement; net cash flow from investing activities was CNY 89.9576 million, mainly due to reduced investment in wealth management and equipment purchases Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1,961,450.75 | -31,864,241.81 | | Net Cash Flow from Investing Activities | 89,957,554.33 | -16,046,092.94 | | Net Cash Flow from Financing Activities | -2,420,772.00 | -31,234,699.41 | | Net Increase in Cash and Cash Equivalents | 85,575,331.58 | -79,145,034.16 | [Parent Company Cash Flow Statement](index=50&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) For H1 2025, net cash flow from operating activities was CNY 1.7598 million, from investing activities was CNY 82.9051 million, and from financing activities was CNY 6.3901 million Key Data from Parent Company Cash Flow Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,759,798.73 | -31,565,733.71 | | Net Cash Flow from Investing Activities | 82,905,059.00 | -16,046,092.94 | | Net Cash Flow from Financing Activities | 6,390,145.00 | -31,525,409.41 | | Net Increase in Cash and Cash Equivalents | 91,055,002.73 | -79,137,236.06 | [Consolidated Statement of Changes in Owners' Equity](index=51&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) During the reporting period, consolidated owners' equity increased by CNY 16.1025 million, primarily due to increased net profit attributable to parent company shareholders and share-based payments recognized in capital reserves - Total owners' equity attributable to the parent company at period-end was **CNY 1,852,491,485.38**, an increase of **CNY 17,533,402.57** from the beginning of the period[179](index=179&type=chunk) - Total comprehensive income for the current period was **CNY 10,313,992.42**[179](index=179&type=chunk) - Share-based payments recognized in owners' equity amounted to **CNY 6,743,540.92**[179](index=179&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=55&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) During the reporting period, parent company owners' equity increased by CNY 20.124 million, mainly due to increased net profit and share-based payments recognized in capital reserves - Total parent company owners' equity at period-end was **CNY 1,871,191,559.70**, an increase of **CNY 20,124,070.17** from the beginning of the period[186](index=186&type=chunk) - Total comprehensive income for the current period was **CNY 12,904,660.02**[185](index=185&type=chunk) - Share-based payments recognized in owners' equity amounted to **CNY 6,743,540.92**[185](index=185&type=chunk) [Company Basic Information](index=59&type=section&id=III.%20Company%20Basic%20Information) Established on March 1, 2004, the company's main business is aerospace equipment manufacturing, including precision manufacturing of military and civil aircraft components and R&D of aircraft fuel system products - The company was established on **March 1, 2004**, primarily engaged in aerospace equipment manufacturing[189](index=189&type=chunk) - It primarily engages in precision manufacturing of military and civil aircraft components, aero-engine parts, and large aerospace structural components, as well as design and R&D of aircraft fuel system products[189](index=189&type=chunk) [Basis of Financial Statement Preparation](index=59&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The Group's financial statements are prepared in accordance with the Accounting Standards for Business Enterprises and relevant regulations, presented on a going concern basis - The 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, as well as the disclosure requirements of the China Securities Regulatory Commission's "Rules for the Preparation of Information Disclosure by Companies Issuing Securities to the Public No. 15—General Provisions on Financial Reports" (Revised 2023)[190](index=190&type=chunk) - The Group assessed its ability to continue as a going concern for 12 months from **June 30, 2025**, finding no significant doubts, and thus the financial statements are presented on a going concern basis[191](index=191&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=59&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's specific accounting policies and estimates for financial instruments, inventories, fixed assets, intangible assets, and revenue recognition, including expected credit losses and depreciation - The specific accounting policies and estimates formulated by the Group based on its actual production and operation characteristics include bad debt provisions for receivables, inventory impairment provisions, depreciation of fixed assets, amortization of intangible assets, and revenue recognition and measurement[192](index=192&type=chunk) - The Group's financial assets are classified at initial recognition, based on the Group's business model for managing financial assets and the contractual cash flow characteristics of the financial assets, as financial assets measured at amortized cost or financial assets measured at fair value through profit or loss[207](index=207&type=chunk) - For accounts receivable, notes receivable, and other receivables arising from daily operating activities such as sales of goods and provision of services that do not contain significant financing components, the Group applies a simplified measurement approach, measuring loss provisions at an amount equal to the expected credit losses over the entire lifetime[217](index=217&type=chunk) - The Group recognizes revenue when it satisfies a performance obligation in a contract by transferring control of a promised good or service to a customer[266](index=266&type=chunk) [Taxation](index=79&type=section&id=VI.%20Taxation) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, benefiting from various preferential policies such as VAT deductions, high-tech enterprise income tax, and R&D expense super deduction Major Taxes and Tax Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13% | | Urban Maintenance and Construction Tax | 7% | | Corporate Income Tax | 15%、25% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - The company benefits from a **5% additional VAT deduction** policy for advanced manufacturing[289](index=289&type=chunk) - As a high-tech enterprise, the company enjoys a **15% preferential corporate income tax rate**[290](index=290&type=chunk) - The company's main business falls under the encouraged industries in the "Catalogue of Encouraged Industries in the Western Region," enjoying a **15% preferential corporate income tax rate**[291](index=291&type=chunk) - The company's research and development expenses incurred in **2025** are eligible for a **100% super deduction** before corporate income tax[292](index=292&type=chunk) [Notes to Consolidated Financial Statement Items](index=81&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on various consolidated financial statement items, explaining their period-end and period-beginning balances, as well as changes and reasons for those changes - Cash and cash equivalents balance at period-end was **CNY 475,139,496.42**, an increase from the beginning of the period[295](index=295&type=chunk) - Financial assets held for trading balance at period-end was **CNY 402,711,619.14**, primarily consisting of wealth management products[296](index=296&type=chunk) - Accounts receivable book value at period-end was **CNY 385,868,146.99**, with a bad debt provision of **CNY 39,007,000.53**[311](index=311&type=chunk) - Inventory book balance at period-end was **CNY 205,755,723.55**, with an inventory impairment provision of **CNY 10,009,836.26**[374](index=374&type=chunk) - Administrative expenses increased by **120.29%** in the current period compared to the prior period, primarily due to increased share-based payments from equity incentive implementation[543](index=543&type=chunk) - Credit impairment losses increased by **941.03%** in the current period compared to the prior period, primarily due to increased provision for bad debts on accounts receivable[556](index=556&type=chunk) [Research and Development Expenses](index=136&type=section&id=VIII.%20Research%20and%20Development%20Expenses) The company's total R&D expenses for the reporting period were CNY 17,655,718.45, all expensed, primarily for personnel salaries, depreciation, and materials - Total R&D expenses for the current period were **CNY 17,655,718.45**[598](index=598&type=chunk) - All R&D expenses were expensed, with no capitalized R&D expenses[598](index=598&type=chunk) - Major components of R&D expenses: R&D personnel salaries of **CNY 6,708,052.37**, R&D depreciation of **CNY 2,666,597.94**, and R&D materials of **CNY 6,684,145.35**[598](index=598&type=chunk) [Changes in Consolidation Scope](index=136&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company had no changes in its consolidation scope due to non-same-control business combinations, same-control business combinations, reverse acquisitions, or subsidiary disposals - The company had no non-same-control business combinations during the reporting period[603](index=603&type=chunk) - The company had no same-control business combinations during the reporting period[606](index=606&type=chunk) - The company had no reverse acquisitions during the reporting period[610](index=610&type=chunk) - The company had no subsidiary disposals during the reporting period[610](index=610&type=chunk) [Interests in Other Entities](index=140&type=section&id=X.%20Interests%20in%20Other%20Entities) The company owns three subsidiaries: Tang'an Aviation, Xirui Fangxiao and Xinrui Fangxiao, with a total book value of CNY 57,991,326.60 for investments in joint ventures - The company owns three subsidiaries: Chengdu Tang'an Aviation Manufacturing Co., Ltd. (wholly-owned), Chengdu Xirui Fangxiao Technology Co., Ltd. (**52% shareholding**), and Chengdu Xinrui Fangxiao Technology Co., Ltd. (Xirui Fangxiao holds **52%**)[611](index=611&type=chunk) - The total book value of investments in joint ventures was **CNY 57,991,326.60**[627](index=627&type=chunk) - Net profit of joint ventures was **-CNY 5,091,699.38**[627](index=627&type=chunk) [Government Grants](index=146&type=section&id=XI.%20Government%20Grants) During the reporting period, the company received new government grants of CNY 10 million, recognized CNY 1,309,595.24 as other income, with a period-end deferred income balance of CNY 30,167,287.36, primarily asset-related - New government grants received in the current period amounted to **CNY 10,000,000.00**[631](index=631&type=chunk) - The amount transferred to other income in the current period was **CNY 1,309,595.24**[631](index=631&type=chunk) - Deferred income balance at period-end was **CNY 30,167,287.36**, related to assets[631](index=631&type=chunk) [Risks Related to Financial Instruments](index=146&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces market, credit, and liquidity risks, managed through monitoring interest rates, credit approvals, and ensuring fund liquidity; as of June 2025, it had no foreign currency exposure and low liquidity risk - The Group faces various financial instrument risks in its daily activities, primarily including market risks (such as exchange rate risk, interest rate risk, and commodity price risk), credit risk, and liquidity risk[633](index=633&type=chunk) - As of **June 30, 2025**, the Group had no foreign currency balances in assets or liabilities, and exchange rate risks from sales and purchasing activities did not impact its operating performance[635](index=635&type=chunk) - As of the end of **June 2025**, the Group's interest-bearing liabilities consisted of fixed-rate loan contracts denominated in RMB, with a loan balance of **CNY 15 million**[636](index=636&type=chunk) - Among the Group's accounts receivable and contract assets, the top five amounts totaled **CNY 404,182,451.34**, accounting for **95.13%** of the company's total accounts receivable and contract assets, indicating credit concentration risk[639](index=639&type=chunk) - As of year-end, the Group had a low asset-liability ratio, with bank deposits and short-term wealth management product balances significantly exceeding total liabilities, indicating ample working capital and low liquidity risk[642](index=642&type=chunk) [Disclosure of Fair Value](index=149&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) At period-end, the company's total assets measured at fair value were CNY 402,711,619.14, primarily financial assets held for trading (wealth management products), measured at Level 3 fair value - Total assets continuously measured at fair value at period-end amounted to **CNY 402,711,619.14**[649](index=649&type=chunk) - Primarily financial assets held for trading (wealth management products), measured at Level 3 fair value[649](index=649&type=chunk)[652](index=652&type=chunk) [Related Parties and Related Party Transactions](index=150&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) The company's actual controllers are four natural person shareholders collectively holding 42.11% of total shares. No significant related party transactions occurred during the reporting period - The company's actual controllers are four natural person shareholders: Ran Guangwen, Ding Hongtao, Xie Peng, and Fan Qingxin, who have signed a concerted action agreement and collectively directly hold **42.11%** of the company's total share capital[151](index=151&type=chunk)[657](index=657&type=chunk) - The company had no related party transactions involving the purchase and sale of goods or the provision and acceptance of services during the reporting period[661](index=661&type=chunk) - The company had no related party guarantees during the reporting period[667](index=667&type=chunk) - Total compensation for key management personnel was **CNY 3,486,250.98**[672](index=672&type=chunk) [Share-Based Payments](index=154&type=section&id=XV.%20Share-Based%20Payments) On May 16, 2025, the company granted 2.814 million restricted shares to 220 incentive recipients at CNY 9.25 per share, recognizing CNY 6,743,540.92 in equity-settled share-based payment expenses - On **May 16, 2025**, the company initially granted **2.814 million** Class II restricted shares to **220 incentive recipients** at a grant price of **CNY 9.25 per share**[154](index=154&type=chunk)[679](index=679&type=chunk) - Equity-settled share-based payment expenses of **CNY 6,743,540.92** were recognized in the current period[682](index=682&type=chunk) [Commitments and Contingencies](index=155&type=section&id=XVI.%20Commitments%20and%20Contingencies) As of June 30, 2025, the Group had no significant commitments or contingencies requiring disclosure - As of **June 30, 2025**, the Group had no significant commitments requiring disclosure[682](index=682&type=chunk) - As of **June 30, 2025**, the Group had no significant contingencies requiring disclosure[683](index=683&type=chunk) [Events After the Balance Sheet Date](index=156&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) The company had no significant non-adjusting events after the reporting period - The company had no significant non-adjusting events after the reporting period[686](index=686&type=chunk) [Other Significant Matters](index=156&type=section&id=XVIII.%20Other%20Significant%20Matters) During the reporting period, the company had no prior period accounting error corrections, debt restructurings, asset exchanges, annuity plans, or discontinued operations - The company had no prior period accounting error corrections[687](index=687&type=chunk) - The company had no debt restructurings[689](index=689&type=chunk) - The company had no asset exchanges[689](index=689&type=chunk) - The company had no annuity plans[690](index=690&type=chunk) - The company had no discontinued operations[691](index=691&type=chunk) - The Group's consolidated financial statements include the company and three subsidiaries: Tang'an Aviation, Xirui Fangxiao, and Xinrui Fangxiao, which are in early development stages and do not require segment information disclosure[694](index=694&type=chunk) [Notes to Parent Company Financial Statement Items](index=158&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes on key parent company financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue, and investment income - Parent company accounts receivable book balance at period-end was **CNY 423,517,807.99**, with a bad debt provision of **CNY 38,926,095.05**[699](index=699&type=chunk) - Parent company other receivables balance at period-end was **CNY 3,092,063.91**, primarily including intercompany balances with related parties within the consolidation scope[705](index=705&type=chunk)[722](index=722&type=chunk) - Parent company long-term equity investments balance at period-end was **CNY 89,706,526.60**, including investments in subsidiaries and associates/joint ventures[737](index=737&type=chunk) - Parent company operating revenue was **CNY 225,936,393.90**, and operating cost was **CNY 162,718,116.37**[744](index=744&type=chunk) - Parent company investment income was **-CNY 5,091,699.38**, primarily from long-term equity investments accounted for using the equity method[750](index=750&type=chunk) [Supplementary Information](index=168&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary information, including a detailed statement of non-recurring gains and losses, net asset return, and earnings per share - Total non-recurring gains and losses amounted to **CNY 1,584,272.34**[752](index=752&type=chunk) - The weighted average return on net assets attributable to common shareholders was **0.56%**, with basic earnings per share of **CNY 0.04 per share**[754](index=754&type=chunk)

Group 1 - Longhua New Materials' controlling shareholder plans to reduce holdings by up to 1% of the company's shares, amounting to a maximum of 4.3 million shares [1] - Qingdao Double Star reported a net loss of 186 million yuan in the first half of 2025, with revenue of 2.272 billion yuan, a year-on-year decrease of 0.31% [2] - Huakang Clean's controlling shareholder and chairman is under investigation and has been placed under detention, with the general manager temporarily taking over the chairman's responsibilities [4] Group 2 - Century Tianhong's controlling shareholder plans to reduce holdings by up to 3% of the company's shares, totaling a maximum of 10.9837 million shares [5] - Caesar Travel's shareholder plans to reduce holdings by up to 3% of the company's shares, with a maximum of 16.0379 million shares through various methods [7] - Zhang Xiaoqin's shareholder plans to reduce holdings by up to 540,100 shares, representing 0.36% of the total share capital after excluding repurchased shares [9] Group 3 - Zhenlei Technology's controlling shareholder plans to transfer 8.3052 million shares, accounting for 3.88% of the total share capital [11] - Hangxin Technology's borrowings increased by 201 million yuan, exceeding 20% of the net assets at the end of the previous year [12] - Aileda's three executives plan to collectively reduce holdings by up to 149,100 shares [13] Group 4 - Iceberg Refrigeration reported a net profit of 79.5411 million yuan in the first half of 2025, a year-on-year increase of 1.29% [14] - Jindan Technology's director plans to reduce holdings by 1.5 million shares, accounting for 0.66% of the total share capital [15] - Heshun Technology's shareholder plans to reduce holdings by up to 655,300 shares, representing 0.82% of the total share capital [18] Group 5 - Tianshi Technology's shareholder plans to reduce holdings by up to 5.928 million shares, accounting for 3% of the total share capital [19] - Yuhuang Jinlead plans to raise up to 400 million yuan through a private placement to its controlling shareholder [20] - China Shenhua reported coal sales of 24.3 million tons in July, a year-on-year decrease of 5.5% [21] Group 6 - Jialitu's controlling shareholder plans to reduce holdings by up to 541,800 shares, representing 1% of the total share capital [22] - Wanlin Logistics' controlling shareholder and related parties plan to reduce holdings by up to 599,200 shares, accounting for 1% of the total share capital [23] - Xueqi Electric plans to acquire 65% of Hefei Shengbang's equity for 47.45 million yuan [24] Group 7 - Wantong Development plans to invest 854 million yuan to acquire 62.98% of Shuduo Technology [26] - Ganhua Science and Technology plans to acquire 65% of Xi'an Ganxin Technology for 388 million yuan [28]

格隆汇8月13日丨爱乐达(300696.SZ)公布，分别持有公司股份111,058股(占公司总股本比例0.0379%)、 344,196股(占公司总股本比例0.1174%)、141,600股(占公司总股本比例0.0483%)的高级管理人员刘晓芬女 士、汪琦先生、李顺先生计划自公告之日起15个交易日后的3个月内，以集中竞价方式分别减持公司股 份27,700股(占公司总股本比例0.0094%)、86,049股(占公司总股本比例0.0294%)、35,400股(占公司总股 本比例0.0121%)。 ...

人民财讯8月13日电，爱乐达（300696）8月13日晚间公告，公司高级管理人员刘晓芬、汪琦、李顺计划 15个交易日后的3个月内，以集中竞价方式分别减持公司股份2.77万股、8.6万股、3.54万股，合计不超 14.91万股。 ...

爱乐达公告，持股11.11万股（0.0379%）的刘晓芬、持股34.42万股（0.1174%）的汪琦、持股14.16万股 （0.0483%）的李顺，计划自本公告之日起15个交易日后的3个月内，通过集中竞价方式分别减持27700 股（0.0094%）、86049股（0.0294%）、35400股（0.0121%）；减持价格将按届时二级市场价格确定。 ...