Core Viewpoint - Guanghong Technology reported a slight increase in revenue and net profit for the first half of 2025, indicating stable performance despite a decline in profit margins [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 3.318 billion yuan, a year-on-year increase of 0.17% [1]. - The net profit attributable to shareholders was 99.34 million yuan, up 0.46% year-on-year [1]. - The non-recurring net profit was 85.88 million yuan, reflecting a year-on-year growth of 7.21% [1]. - Basic earnings per share stood at 0.13 yuan [2]. - The gross margin for the first half was 11.57%, down 0.63 percentage points year-on-year, while the net margin was 3.37%, a decrease of 0.65 percentage points [2]. - In Q2 2025, the gross margin improved to 11.70%, up 0.11 percentage points year-on-year, and the net margin rose to 3.81%, an increase of 0.71 percentage points year-on-year [2]. Cost Structure - Total operating expenses for the first half were 269 million yuan, an increase of 12.72 million yuan compared to the previous year [2]. - The expense ratio was 8.10%, up 0.37 percentage points year-on-year [2]. - Sales expenses increased by 19.82%, while management expenses rose by 15.84%. R&D expenses decreased by 11.94%, and financial expenses saw a significant reduction of 65.23% [2]. Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 77,300, a decrease of 7,815 or 9.18% from the previous quarter [2]. - The average market value per shareholder decreased slightly from 249,700 yuan to 249,200 yuan, a decline of 0.19% [2]. Company Overview - Guanghong Technology, established on March 24, 1995, is located in Huizhou, Guangdong Province, and was listed on December 29, 2017 [3]. - The company specializes in PCBA and finished product assembly for consumer electronics, network communications, and automotive electronics, providing comprehensive services including process technology R&D, process design, procurement management, production control, and logistics [3]. - The revenue composition is as follows: consumer electronics 68.50%, automotive electronics 23.13%, network communications 6.12%, and others 2.25% [3]. - The company belongs to the electronics industry, specifically in consumer electronics and assembly [3].

Core Viewpoint - Guanghong Technology (300735.SZ) reported a slight increase in revenue and net profit for the first half of 2025, indicating stable performance amidst market conditions [1] Financial Performance - The company achieved operating revenue of 3.318 billion yuan, representing a year-on-year growth of 0.17% [1] - The net profit attributable to shareholders was 99.3431 million yuan, showing a year-on-year increase of 0.46% [1] - The net profit after deducting non-recurring gains and losses was 85.8832 million yuan, reflecting a year-on-year growth of 7.21% [1] - Basic earnings per share were reported at 0.1294 yuan [1]

惠州光弘科技股份有限公司 2025 年半年度 资金占用情况汇总表 第 1页 | 其他关联人 及其附属企 | 资金往来方名称 | 往来方与上市公司的关联关系 | 上市公司核算 的会计科目 | 2025 年期初占 用资金余额 | 2025 年半年度 占用累计发生 金额（不含利 | 2025 年半年度 占用资金的利 | 2025 年半年度 偿还累计发生 | 2025 年 6 月 30 日占用资金余 | 往来形成原 因 | 往来性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 业 | | | | | 息） | 息 | 金额 | 额 | | | | | 上海勤允电子科技有限公司 | 上海勤允电子科技有限公司为华勤技 术股份有限公司子公司，华勤技术间 接持有本公司 5.59%的股权且公司董 | 应收账款 | 6,763.87 | 22,350.20 | | 23,388.33 | 5,725.74 | 加工费 | 经营性往 来 | | | HQ Telecom Singapore Pte.Ltd | 事邹宗信担任华勤技术董 ...

一、会计估计变更概述 （一）会计估计变更的原因 证券代码：300735 证券简称：光弘科技 公告编号：2025-054 惠州光弘科技股份有限公司 关于部分固定资产折旧年限会计估计变更的公告 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。 惠州光弘科技股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日召 开第四届董事会第二次会议审议通过《关于部分固定资产折旧年限会计估计变更 的议案》。本次会计估计变更是公司根据财政部发布的相关企业会计准则解释而 进行的相应变更，对公司财务状况、经营成果和现金流量不会产生重大影响。本 次固定资产折旧年限会计估计变更事项无需提交公司股东大会审议。具体情况公 告如下： 根据《企业会计准则第 4 号——固定资产》第十九条规定："企业至少应当 于每年年度终了，对固定资产的使用寿命、预计净残值和折旧方法进行复核。使 用寿命预计数与原先估计数有差异的，应当调整固定资产使用寿命"。 为了更加客观公正地反映公司财务状况和经营成果，公司以谨慎性原则为前 提，并结合子公司新建设房屋及建筑物的实际可使用状况，参考行业惯例，对相 应类别固 ...

惠州光弘科技股份有限公司（以下简称"公司"）2025 年半年度报告全文及 摘要于 2025 年 8 月 27 日在中国证监会指定的创业板信息披露网站巨潮资讯网 （http://www.cninfo.com.cn）披露，敬请投资者注意查阅。 特此公告。 惠州光弘科技股份有限公司 董事会 2025 年 8 月 26 日 惠州光弘科技股份有限公司 2025 年半年度报告披露提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：300735 证券简称：光弘科技 公告编号：2025-050 ...

证券代码：300735 证券简称：光弘科技 公告编号：2025-053 惠州光弘科技股份有限公司 第四届董事会第二次会议决议公告 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。 惠州光弘科技股份有限公司（以下简称"公司"）第四届董事会第二次会议 在公司会议室以现场加通讯的方式召开。会议通知于 2025 年 8 月 14 日以邮件、 电话、书面等方式向各位董事发出。本次会议于 2025 年 8 月 25 日下午在公司会 议室以现场加通讯的方式召开。会议应出席董事 9 人，实际出席会议董事 9 人（ 其中萧妙文、邹宗信、张鲁刚、王文利、汤新联以通讯方式出席本次会议）。公 司监事和高级管理人员列席会议。会议由董事长唐建兴先生召集和主持。会议召 集和召开程序，符合《中华人民共和国公司法》和公司章程的规定。 经会议逐项审议和投票表决，全部议案均获通过，会议决议如下： 一、审议通过《关于惠州光弘科技股份有限公司 2025 年半年度报告及摘要 的议案》 具体内容详见刊登在巨潮资讯网（http://www.cninfo.com.cn）《惠州光弘科技 股份有限公司 2025 年 ...

Section I Important Notes, Table of Contents, and Definitions This section provides crucial disclaimers, lists the report's structure, and defines key terms for accurate understanding [Important Notes](index=2&type=section&id=Important%20Notes) The company's board of directors, supervisory board, and senior management guarantee the report's accuracy and completeness, with no plans for cash dividends or bonus shares - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume legal responsibility[3](index=3&type=chunk) - The company's principal officer, head of accounting, and head of accounting department declare the financial report is true, accurate, and complete[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report's clear table of contents outlines eight main chapters, covering company overview, financial indicators, management discussion, governance, significant matters, share changes, bond information, and financial reports - The report comprises eight main sections, from company profile to financial statements, presenting a complete structure[6](index=6&type=chunk) [List of Reference Documents](index=4&type=section&id=List%20of%20Reference%20Documents) Reference documents include original signed financial statements, audit reports, disclosed files, and the semi-annual report text, all available at the board of directors' office - Reference documents include financial statements, audit reports, original disclosure files, and are available at the Board of Directors' Office[8](index=8&type=chunk)[9](index=9&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms used in the report, such as regulatory bodies, company entities, reporting periods, and relevant laws, ensuring accurate understanding of the content - This section clearly defines key terms in the report, including regulatory bodies, company entities, reporting period, and relevant laws and regulations[10](index=10&type=chunk) Section II Company Profile and Key Financial Indicators This section introduces the company's basic information, contact details, and presents its key accounting data and financial performance [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) Huizhou DBG Technology Co., Ltd. (stock code: 300735) is listed on the Shenzhen Stock Exchange, with Tang Jianxing as its legal representative and DBG as its English abbreviation - The company's stock abbreviation is 'DBG Technology', stock code '300735', listed on the Shenzhen Stock Exchange[12](index=12&type=chunk) - The company's legal representative is Tang Jianxing, and its English name abbreviation is DBG[12](index=12&type=chunk) [II. Contact Person and Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Information) The company's Board Secretary is Xu Yusheng, and Securities Affairs Representative is Zhen Jingmei, both located at No. 5 Yongda Road, Xiangshuihe Industrial Park, Daya Bay, Huizhou, with provided contact details - The Board Secretary is Xu Yusheng, the Securities Affairs Representative is Zhen Jingmei, and the contact address is No. 5 Yongda Road, Xiangshuihe Industrial Park, Daya Bay, Huizhou[13](index=13&type=chunk) - Contact phone number is 0752-5108688, and email address is ir@dbg.ltd[13](index=13&type=chunk) [III. Other Information](index=6&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes in the company's contact information, information disclosure, or registration details, with specific information available in the 2024 annual report - The company's registered address, office address, website, email, and other contact information remained unchanged during the reporting period[14](index=14&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[15](index=15&type=chunk) - The company's registration status remained unchanged during the reporting period[16](index=16&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue and net profit attributable to shareholders slightly increased, but net cash flow from operating activities significantly decreased, while total assets grew and net assets attributable to shareholders slightly declined Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | End of Current Period (RMB) | End of Prior Year (RMB) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 3,318,487,184.25 | 3,312,943,043.66 | 0.17% | - | - | - | | Net Profit Attributable to Shareholders of Listed Company | 99,343,089.26 | 98,886,565.57 | 0.46% | - | - | - | | Net Profit Attributable to Shareholders of Listed Company After Non-Recurring Gains and Losses | 85,883,245.28 | 80,110,399.07 | 7.21% | - | - | - | | Net Cash Flow from Operating Activities | 452,037,120.06 | 725,643,573.09 | -37.71% | - | - | - | | Basic Earnings Per Share (RMB/share) | 0.1294 | 0.1284 | 0.78% | - | - | - | | Diluted Earnings Per Share (RMB/share) | 0.1294 | 0.1284 | 0.78% | - | - | - | | Weighted Average Return on Net Assets | 2.00% | 2.04% | -0.04% | - | - | - | | Total Assets | - | - | - | 9,622,113,760.25 | 8,219,596,738.57 | 17.06% | | Net Assets Attributable to Shareholders of Listed Company | - | - | - | 4,843,455,567.27 | 4,937,688,894.89 | -1.91% | [V. 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) During the reporting period, the company reported no differences in net profit and net assets between international or overseas accounting standards and Chinese accounting standards - The company reported no differences in net profit and net assets under domestic and overseas accounting standards during the reporting period[18](index=18&type=chunk)[19](index=19&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's total non-recurring gains and losses amounted to **RMB 13.46 million** during the reporting period, primarily from government grants and fair value changes of financial assets, after deducting income tax and minority interest impacts Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Item | Amount (RMB) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -27,015.33 | | Government Grants Recognized in Current Profit or Loss | 13,966,310.22 | | Gains and Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-Financial Enterprises, and from Disposal of Financial Assets and Liabilities, Excluding Effective Hedge Accounting Related to Normal Business Operations | 1,859,017.69 | | Other Non-Operating Income and Expenses Apart from the Above | -389,234.53 | | Less: Income Tax Impact | 1,942,855.96 | | Minority Interest Impact (After Tax) | 6,378.11 | | Total | 13,459,843.98 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor has it classified non-recurring gains and losses as recurring gains and losses[22](index=22&type=chunk) Section III Management Discussion and Analysis This section provides an in-depth analysis of the company's main business, core competencies, financial performance, investment activities, and risk factors [I. Company's Main Business Activities During the Reporting Period](index=9&type=section&id=I.%20Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company primarily engages in EMS business, providing assembly services for consumer electronics, network communications, automotive electronics, and new energy products, covering the entire manufacturing process from procurement to logistics, driven by quality control, project completion, and global expansion - The company's main business is EMS, providing semi-finished and finished product assembly services for consumer electronics, network communications, automotive electronics, and new energy electronic products[24](index=24&type=chunk) - The business model includes a 'production-driven procurement' model, a 'sales-driven production' model, and a direct sales model[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) - Performance drivers include quality control capabilities, the completion of fundraising projects (Huizhou Phase II and III intelligent production bases, Shenzhen Pingshan new base expected to be operational in 2025), and global expansion (India, Vietnam, Bangladesh, and the acquisition of French AC company)[29](index=29&type=chunk)[30](index=30&type=chunk) 1. Main Business and Products The company primarily provides electronic manufacturing services (EMS) for consumer electronics, network communications, automotive electronics, and new energy products, including smart phones, tablets, and automotive electronics - The company's main business is EMS, providing semi-finished and finished product assembly services for consumer electronics, network communications, automotive electronics, and new energy products[24](index=24&type=chunk) - Services include process technology R&D, process design, procurement management, production control, and warehousing logistics[24](index=24&type=chunk) 2. Main Business Model The company operates on an EMS model, offering customized manufacturing services with "production-driven procurement," "sales-driven production" focusing on quality, and direct sales to renowned brand or ODM clients - The procurement model is 'production-driven procurement', divided into domestic and overseas procurement, with a strict supplier management system established[25](index=25&type=chunk)[26](index=26&type=chunk) - The production model is 'sales-driven production', with IQC, PQC, FQC, and other quality inspection positions at key nodes[26](index=26&type=chunk) - The sales model is direct sales, with customers primarily being well-known domestic and international electronic brand owners or ODM enterprises, requiring strict qualification review[27](index=27&type=chunk)[28](index=28&type=chunk) 3. Key Performance Drivers The company's performance growth is primarily driven by its excellent quality control, increased capacity and信息化升级 from completed fundraising projects (Huizhou Phase II and III, Shenzhen Pingshan new base), and global expansion through investments and acquisitions in India, Vietnam, Bangladesh, and France - The company's quality control capabilities are highly recognized, evidenced by multiple management system certifications and honors such as 'Huawei Best Collaboration Award' and 'Xiaomi Best Partner Award'[29](index=29&type=chunk)[33](index=33&type=chunk) - The fundraising projects, Huizhou Phase II and III intelligent production bases, have reached full capacity, and the Shenzhen Pingshan intelligent manufacturing base is expected to be gradually put into use in 2025, further enhancing production capacity and automation levels[29](index=29&type=chunk) - Through the controlling acquisition of DBG India, establishment of bases in Vietnam and Bangladesh, and the acquisition of French AC company in May 2025, the company has initially completed its global layout to address international trade dynamics[30](index=30&type=chunk)[31](index=31&type=chunk) [II. Analysis of Core Competencies](index=10&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include a global manufacturing footprint, rapid market response, superior quality control, extensive customer resources, advanced manufacturing capabilities from continuous R&D and automation, an experienced management team, and a total cost leadership advantage through lean production - The company has completed its global manufacturing layout across Asia, Europe, America, and Africa, effectively responding to international trade tariff policies[31](index=31&type=chunk) - Possesses rapid response capabilities with quick new product introduction, short production cycles, and fast warehousing and distribution, adapting to the trend of shortened electronic product lifecycles[32](index=32&type=chunk) - Demonstrates excellent quality control advantages through ISO series certifications and customer honors[33](index=33&type=chunk) - Possesses high-quality customers such as Huawei, Honor, and Xiaomi, with customer resources widely distributed across consumer electronics, automotive electronics, network communications, IoT, and new energy sectors[35](index=35&type=chunk) - In the past five years, accumulated investments of nearly **RMB 500 million** in technological innovation and over **RMB 2 billion** in equipment upgrades and technological transformation, achieving highly automated SMT 03015 fine component placement and complete machine assembly[36](index=36&type=chunk) - The management team is stable, and technical backbones have rich professional backgrounds, possessing deep industry understanding and strategic formulation capabilities[37](index=37&type=chunk) - Under the guidance of lean production, an efficient and economical culture has been established, with 95 patented technologies and 21 software copyrights, forming a total cost leadership advantage[38](index=38&type=chunk) [III. Analysis of Main Business](index=11&type=section&id=III.%20Analysis%20of%20Main%20Business) In the first half of 2025, the company's performance showed stable growth, with slight increases in operating revenue and net profit attributable to shareholders, significant growth in automotive electronics, stable consumer electronics, and a substantial decrease in income tax expenses, while net cash flow from operating activities declined - In the first half of 2025, the company's operating revenue was **RMB 3.318 billion**, a year-on-year increase of **0.17%**; net profit attributable to shareholders of the listed company was **RMB 99.34 million**, a year-on-year increase of **0.46%**[39](index=39&type=chunk) - In the second quarter, operating revenue reached **RMB 2.123 billion**, a year-on-year increase of **28.61%** and a quarter-on-quarter increase of **77.51%**; net profit attributable to shareholders of the listed company was **RMB 63.90 million**, a year-on-year increase of **61.89%** and a quarter-on-quarter increase of **80.31%**[39](index=39&type=chunk) - Automotive electronics business achieved significant growth, while consumer electronics business remained stable[39](index=39&type=chunk) Year-on-Year Changes in Key Financial Data for H1 2025 | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 3,318,487,184.25 | 3,312,943,043.66 | 0.17% | - | | Operating Cost | 2,934,655,043.78 | 2,908,741,841.34 | 0.89% | - | | Selling Expenses | 19,624,053.02 | 16,377,277.39 | 19.82% | - | | Administrative Expenses | 198,075,706.16 | 170,991,766.38 | 15.84% | - | | Financial Expenses | -20,148,805.70 | -12,194,143.95 | 65.23% | Primarily due to reduced interest expenses and exchange losses | | Income Tax Expense | 4,461,767.66 | 30,246,062.71 | -85.25% | Primarily due to higher profit contributions from subsidiaries with higher applicable income tax rates in the prior period; increased profit contributions from subsidiaries still in tax exemption periods or with lower tax rates in the current period led to a decrease in income tax expense | | R&D Investment | 71,224,594.91 | 80,883,562.67 | -11.94% | - | | Net Cash Flow from Operating Activities | 452,037,120.06 | 725,643,573.09 | -37.71% | In the prior period, some customers changed payment methods from credit terms to advance payments, resulting in better sales collection in that period | | Net Cash Flow from Investing Activities | 412,120,672.02 | -1,599,017,432.39 | -125.77% | Primarily due to redemption of wealth management products in the current period | | Net Cash Flow from Financing Activities | -557,265,833.61 | 66,413,233.21 | -939.09% | Primarily due to increased net repayment of borrowings in the current period | | Net Increase in Cash and Cash Equivalents | 303,273,582.40 | -813,280,211.64 | -137.29% | - | Products or Services Accounting for Over 10% of Revenue in H1 2025 | Product or Service Category | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Profit Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Consumer Electronics | 1,834,371,594.32 | 1,575,212,665.88 | 14.13% | -22.81% | -23.18% | 0.42% | | Automotive Electronics | 1,144,186,283.40 | 1,062,467,285.19 | 7.14% | 61.32% | 56.88% | 2.63% | [IV. Analysis of Non-Core Business](index=12&type=section&id=IV.%20Analysis%20of%20Non-Core%20Business) The company's non-core business income primarily stems from government grants, with investment income and fair value changes also contributing, while asset impairment and non-operating income/expenses had minor, non-sustainable impacts on total profit Analysis of Non-Core Business for H1 2025 | Item | Amount (RMB) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 868,462.46 | 0.75% | Wealth management income | No | | Gains and Losses from Fair Value Changes | 1,067,287.80 | 0.92% | Fair value changes of financial assets held for trading | No | | Asset Impairment | -1,636,597.77 | -1.41% | Primarily due to increased provision for inventory depreciation and doubtful accounts | No | | Non-Operating Income | 1,184,573.25 | 1.02% | - | No | | Non-Operating Expenses | 896,301.43 | 0.77% | - | No | | Other Income | 18,939,988.76 | 16.31% | Primarily government grants | No | | Gains from Asset Disposal | -27,015.33 | -0.02% | Gains from disposal of non-current assets | No | [V. Analysis of Assets and Liabilities](index=13&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets increased by **17.06%** year-on-year, driven by M&A and long-term investments, with significant increases in inventory, fixed assets, construction in progress, and goodwill due to the AC company consolidation, while some assets are restricted for bank credit and guarantees Significant Changes in Asset Composition for H1 2025 | Item | Amount at End of Current Period (RMB) | Proportion of Total Assets | Amount at Prior Year-End (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 1,972,304,323.53 | 20.50% | 2,388,589,554.49 | 29.06% | -8.56% | Primarily due to significant cash outflows for current period M&A of subsidiaries and other long-term asset investments | | Accounts Receivable | 1,746,220,575.87 | 18.15% | 1,365,687,577.01 | 16.62% | 1.53% | - | | Inventories | 894,690,098.37 | 9.30% | 307,692,235.91 | 3.74% | 5.56% | Primarily due to significant increase in inventories from the consolidation of acquired AC company in the current period | | Fixed Assets | 3,087,110,534.47 | 32.08% | 2,315,335,667.47 | 28.17% | 3.91% | Due to consolidation of AC company and increased investment in plant and equipment | | Construction in Progress | 617,796,821.97 | 6.42% | 393,238,583.11 | 4.78% | 1.64% | - | | Long-Term Borrowings | 129,491,310.46 | 1.35% | 0.00 | 0.00% | 1.35% | - | | Goodwill | 120,897,915.78 | 1.26% | 14,451,892.66 | 0.18% | 1.08% | Due to increased goodwill from the acquisition of AC company | Key Overseas Assets for H1 2025 | Specific Asset Content | Reason for Formation | Asset Scale (RMB billion) | Location | Operating Model | Proportion of Overseas Assets to Company's Net Assets | Significant Impairment Risk | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | DBG Technology (India) Private Limited | Business Combination Not Under Common Control | 1.26 | India | Electronics Manufacturing | 23.29% | No | | All Circuits S.A.S. | Business Combination Not Under Common Control | 2.346 | France, Mexico, Tunisia | Electronics Manufacturing | 43.30% | No | | DBG Technology (Vietnam) Co. Ltd. | Establishment | 0.885 | Vietnam | Electronics Manufacturing | 16.33% | No | Assets and Liabilities Measured at Fair Value for H1 2025 | Item | Beginning Balance (RMB) | Fair Value Change Gains/Losses for Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | | Financial Assets Held for Trading | 140,698,867.89 | 2,348,745.45 | 68,206,987.14 | | Financial Liabilities | 0.00 | 1,147,216.93 | 6,547,886.31 | Asset Restriction Status as of H1 2025 | Item | Book Balance (RMB) | Book Value (RMB) | Restriction Type | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 351,614,411.28 | 351,614,411.28 | Pledged for bank comprehensive credit line and letter of guarantee | | Fixed Assets | 690,375,634.57 | 291,792,819.64 | Pledged for bank comprehensive credit line and letter of guarantee | | Intangible Assets | 70,761,000.00 | 65,650,483.40 | Pledged for bank comprehensive credit line | | Total | 1,112,751,045.85 | 709,057,714.32 | - | [VI. Analysis of Investment Status](index=15&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company acquired 100% equity of French All Circuits S.A.S. for **RMB 730 million**, advancing its global strategy, while also progressing with the Pingshan intelligent manufacturing base and Vietnam plant construction, and engaging in wealth management and derivative investments for hedging purposes Significant Equity Investments for H1 2025 | Investee Company Name | Main Business | Investment Method | Investment Amount (RMB) | Shareholding Ratio | Source of Funds | Investment Progress | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | All Circuits S.A.S. | Electronics Manufacturing | Acquisition | 730,071,681.01 | 100.00% | Own Funds | Completed | Significant Ongoing Non-Equity Investments for H1 2025 | Project Name | Investment Method | Is it Fixed Asset Investment | Amount Invested in Current Period (RMB) | Cumulative Actual Investment Amount as of End of Reporting Period (RMB) | Project Progress | | :--- | :--- | :--- | :--- | :--- | :--- | | Pingshan District DBG Technology Intelligent Park | Self-built | Yes | 78,922,369.07 | 351,167,412.44 | 95.00% | | Vietnam Plant Construction Project | Self-built | Yes | 91,069,306.43 | 91,069,306.43 | 70.00% | Financial Assets Measured at Fair Value for H1 2025 | Asset Category | Initial Investment Cost (RMB) | Fair Value Change Gains/Losses for Current Period (RMB) | Ending Balance (RMB) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | | Other | 110,546,883.08 | 2,088,090.62 | 68,206,987.14 | Own Funds | | Stocks | 31,166,635.50 | 260,654.83 | 0.00 | Own Funds | | Total | 141,713,518.58 | 2,348,745.45 | 68,206,987.14 | - | - During the reporting period, wealth management transactions amounted to **RMB 500 million**, all in bank wealth management products, with no overdue unrecovered amounts[64](index=64&type=chunk) - The actual gain/loss from derivative investments in forward foreign exchange contracts for hedging purposes was **RMB 1.1472 million**, effectively mitigating exchange rate fluctuation risks[65](index=65&type=chunk) [VII. Significant Asset and Equity Disposals](index=18&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Disposals) During the reporting period, the company did not engage in any significant asset or equity disposals - The company did not dispose of any significant assets during the reporting period[69](index=69&type=chunk) - The company did not dispose of any significant equity during the reporting period[70](index=70&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=19&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, the company had no major holding or participating companies requiring disclosure - The company had no important holding or participating company information to disclose during the reporting period[71](index=71&type=chunk) [IX. Information on Structured Entities Controlled by the Company](index=19&type=section&id=IX.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[72](index=72&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=19&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from international instability and rising labor costs, addressing these by expanding overseas markets, cultivating international talent, and continuously upgrading equipment and automation - International instability and international management risks: Sino-US trade disputes bring uncertainty, which the company addresses by accelerating overseas expansion (Southeast Asia, Europe, America) and cultivating international talent[72](index=72&type=chunk) - Risk of continuously rising labor costs: New plant investments and capacity increases will raise labor demand, which the company balances through equipment upgrades and automation普及[72](index=72&type=chunk) [XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=19&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) On May 8, 2025, the company hosted an online exchange via the Value Online platform, discussing its 2024 annual performance briefing roadshow activities - On May 8, 2025, the company hosted other types of visitors through an online exchange via the Value Online network platform[73](index=73&type=chunk) - The main topic of discussion was the company's 2024 annual performance briefing roadshow activities, with relevant information disclosed on Juchao Information Network[73](index=73&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=19&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) During the reporting period, the company did not formulate a market value management system or disclose a valuation enhancement plan - The company has not formulated a market value management system[74](index=74&type=chunk) - The company has not disclosed a valuation enhancement plan[74](index=74&type=chunk) [XIII. Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=19&type=section&id=XIII.%20Implementation%20of%20the%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) During the reporting period, the company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company did not disclose an announcement regarding the 'Dual Improvement in Quality and Returns' action plan[75](index=75&type=chunk) Section IV Corporate Governance, Environment, and Society This section covers changes in governance personnel, profit distribution plans, employee incentives, environmental disclosures, and social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management](index=20&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the company's directors, supervisors, or senior management, with specific details available in the 2024 annual report - There were no changes in the company's directors, supervisors, or senior management during the reporting period[76](index=76&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=20&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[77](index=77&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=20&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or under implementation - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[78](index=78&type=chunk) [IV. Environmental Information Disclosure](index=20&type=section&id=IV.%20Environmental%20Information%20Disclosure) The 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[79](index=79&type=chunk) [V. Social Responsibility](index=20&type=section&id=V.%20Social%20Responsibility) The company upholds its commitment to society, actively participates in public welfare, complies with legal requirements for social responsibility, has no major environmental or safety incidents, and is dedicated to enhancing manufacturing capabilities through smart manufacturing and Industry 4.0 integration for sustainable development - The company adheres to the philosophy of giving back to society, actively participates in public welfare, and fulfills its social responsibilities in compliance with national laws, regulations, and standards[79](index=79&type=chunk) - There were no major environmental or safety incidents, the company was not listed as a heavily polluting enterprise, nor was it penalized by environmental, labor, or other departments[79](index=79&type=chunk) - The company has long practiced craftsmanship, continuously investing capital in production process upgrades, equipment renewal, and engineering technology R&D, committed to enhancing comprehensive manufacturing strength and promoting deep integration of smart manufacturing and Industry 4.0[79](index=79&type=chunk) Section V Significant Matters This section details commitments, related party transactions, guarantees, litigation, and other material events affecting the company [I. Fulfilled and Overdue Unfulfilled Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=21&type=section&id=I.%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%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, commitments made by the company's controlling shareholder, actual controller, and directors, supervisors, and senior management regarding avoiding horizontal competition, standardizing related party transactions, ensuring immediate return on diluted equity, social security, and land/housing matters were all being normally fulfilled, with no overdue unfulfilled commitments - Commitments regarding avoiding horizontal competition by Guanghong Investment Co., Ltd., Tang Jianxing, and other promising parties are being fulfilled[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk) - Commitments regarding standardizing and reducing related party transactions by Guanghong Investment Co., Ltd., Tang Jianxing, and other promising parties are being fulfilled[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) - Commitments regarding measures to compensate for diluted immediate returns by directors, supervisors, and senior management including Tang Jianxing, Xiao Miaowen, Su Zhibiao, Zou Zongxin, Zhu Jianjun, Wang Junfa, and Li Zhengda are being fulfilled[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk) - Commitments regarding social security and housing provident fund matters by Guanghong Investment Co., Ltd. and Tang Jianxing are being fulfilled[88](index=88&type=chunk) - Commitments regarding land and housing matters in use by Guanghong Investment Co., Ltd. and Tang Jianxing are being fulfilled[88](index=88&type=chunk)[89](index=89&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=31&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 - 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[92](index=92&type=chunk) [III. Irregular External Guarantees](index=31&type=section&id=III.%20Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[93](index=93&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=31&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[94](index=94&type=chunk) [V. Board of Directors, Supervisory Board, and Audit Committee's Explanation on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=31&type=section&id=V.%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%27s%20Explanation%20on%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) During the reporting period, the company did not receive a "non-standard audit report" from its accounting firm - During the reporting period, the company did not receive a 'non-standard audit report' from its accounting firm[95](index=95&type=chunk) [VI. Board of Directors' Explanation on the "Non-Standard Audit Report" for the Previous Year](index=31&type=section&id=VI.%20Board%20of%20Directors%27%20Explanation%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) During the reporting period, the company had no explanation regarding the "non-standard audit report" from the previous year - During the reporting period, the company had no explanation regarding the 'non-standard audit report' from the previous year[95](index=95&type=chunk) [VII. Bankruptcy Reorganization Matters](index=31&type=section&id=VII.%20Bankruptcy%20Reorganization%20Matters) During the reporting period, the company did not experience any bankruptcy reorganization matters - The company did not experience any bankruptcy reorganization matters during the reporting period[95](index=95&type=chunk) [VIII. Litigation Matters](index=31&type=section&id=VIII.%20Litigation%20Matters) During the current reporting period, the company had no significant litigation, arbitration, or other litigation matters - The company had no significant litigation or arbitration matters during the current reporting period[97](index=97&type=chunk) - The company had no other litigation matters during the current reporting period[97](index=97&type=chunk) [IX. Penalties and Rectification](index=32&type=section&id=IX.%20Penalties%20and%20Rectification) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[97](index=97&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=32&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, there were no undisclosed integrity issues concerning the company, its controlling shareholder, or actual controller - During the reporting period, there were no undisclosed integrity issues concerning the company[98](index=98&type=chunk) [XI. Significant Related Party Transactions](index=32&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in routine related party transactions with Huaqin Technology and Shanghai Longqi Technology, primarily for processing fees and material procurement at market-based prices, with no other significant related party transactions such as asset/equity acquisitions, joint investments, or financial dealings Related Party Transactions Related to Daily Operations for H1 2025 | Related Party | Related Party Relationship | Type of Related Party Transaction | Content of Related Party Transaction | Amount of Related Party Transaction (RMB 10,000) | Proportion of Similar Transactions | Approved Transaction Limit (RMB 10,000) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huaqin Technology | A company where the company's director Zou Zongxin serves as Senior Vice President, indirectly holding 5.65% of the company's equity through its subsidiary Haiqin Communication Hong Kong Co., Ltd. | Sales | Processing Fees | 89,914.62 | 27.10% | 300,000 | No | | Huaqin Technology | A company where the company's director Zou Zongxin serves as Senior Vice President, indirectly holding 5.65% of the company's equity through its subsidiary Haiqin Communication Hong Kong Co., Ltd. | Procurement | Materials | 3,122.20 | - | 20,000 | No | | Shanghai Longqi Technology Co., Ltd. | Indirectly holds 11.29% of the company's equity | Sales | Processing Fees | 14,602.41 | 4.40% | 80,000 | No | | Shanghai Longqi Technology Co., Ltd. | Indirectly holds 11.29% of the company's equity | Procurement | Materials | 1,637.84 | - | 30,000 | No | - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[100](index=100&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[101](index=101&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[102](index=102&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[103](index=103&type=chunk)[104](index=104&type=chunk) - The company had no other significant related party transactions during the reporting period[105](index=105&type=chunk) [XII. Significant Contracts and Their Performance](index=34&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no entrustment or contracting situations, but Vietnam DBG leased out two factory buildings, generating **RMB 13.84 million** in rental income, and the company has several significant, unfulfilled guarantees for subsidiaries, including a **USD 500 million** maximum guarantee for sales contracts with Xiaomi and a **USD 100 million** maximum guarantee for business and loan contracts - The company had no entrustment situations during the reporting period[106](index=106&type=chunk) - The company had no contracting situations during the reporting period[107](index=107&type=chunk) - During the current reporting period, DBG Vietnam leased out two factory buildings for a 5-year term, recognizing **RMB 13.84 million** in rental income for the year 2024[108](index=108&type=chunk) - The company's total guarantees for subsidiaries are high, including a maximum **USD 500 million** guarantee for all subsidiary debts under sales contracts with Xiaomi, and a maximum **USD 100 million** guarantee for subsidiary business and loan contracts, all of which remain unfulfilled[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) - The company had no significant daily operating contracts or other significant contracts during the reporting period[113](index=113&type=chunk) [XIII. Explanation of Other Significant Matters](index=37&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company had no other significant matters requiring explanation - The company had no other significant matters requiring explanation during the reporting period[114](index=114&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=37&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) During the reporting period, the company's subsidiaries had no significant matters - The company's subsidiaries had no significant matters during the reporting period[115](index=115&type=chunk) Section VI Share Changes and Shareholder Information This section outlines changes in share capital, securities issuance, shareholder structure, and shareholdings of directors, supervisors, and senior management [I. Share Capital Changes](index=38&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital remained unchanged, but restricted shares decreased by **307,755 shares** with a corresponding increase in unrestricted shares, primarily due to cross-year changes in senior management's locked-up shares, specifically Xiao Miaowen's release of **307,755 restricted shares** Share Capital Changes for H1 2025 | Item | Quantity Before Change (shares) | Proportion Before Change | Net Change (+, -) (shares) | Quantity After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 10,351,163 | 1.35% | -307,755 | 10,043,408 | 1.31% | | II. Unrestricted Shares | 757,109,526 | 98.65% | 307,755 | 757,417,281 | 98.69% | | III. Total Shares | 767,460,689 | 100.00% | 0 | 767,460,689 | 100.00% | - Share changes were primarily due to cross-year changes in senior management's locked-up shares[119](index=119&type=chunk) Changes in Restricted Shares for H1 2025 | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Su Zhibiao | 4,614,147 | 0 | 4,614,147 | Senior Management Locked-up Shares | | Zhu Jianjun | 3,394,824 | 0 | 3,394,824 | Senior Management Locked-up Shares | | Li Zhengda | 924,850 | 0 | 924,850 | Senior Management Locked-up Shares | | Wang Junfa | 808,087 | 0 | 808,087 | Senior Management Locked-up Shares | | Xiao Miaowen | 307,755 | 307,755 | 0 | Senior Management Locked-up Shares | | Tang Jianxing | 211,500 | 0 | 211,500 | Senior Management Locked-up Shares | | Xu Yusheng | 90,000 | 0 | 90,000 | Senior Management Locked-up Shares | | Total | 10,351,163 | 307,755 | 10,043,408 | - | [II. Securities Issuance and Listing](index=40&type=section&id=II.%20Securities%20Issuance%20and%20Listing) During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[121](index=121&type=chunk) [III. Number of Shareholders and Shareholding Information](index=40&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) As of the end of the reporting period, the company had **77,303** common shareholders, with Guanghong Investment Co., Ltd. as the largest shareholder at **51.56%**, and other top ten shareholders primarily comprising funds and natural persons, including senior management members Su Zhibiao, Zhu Jianjun, and Li Zhengda - As of the end of the reporting period, the total number of common shareholders was **77,303**[122](index=122&type=chunk) Shareholding Information of Shareholders Holding 5% or More or Top 10 Shareholders as of H1 2025 | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Guanghong Investment Co., Ltd. | Overseas Legal Person | 51.56% | 395,691,660 | 0 | 395,691,660 | | Industrial and Commercial Bank of China Co., Ltd. - E Fund ChiNext ETF | Other | 1.22% | 9,333,803 | 0 | 9,333,803 | | Su Zhibiao | Domestic Natural Person | 0.80% | 6,152,196 | 4,614,147 | 1,538,049 | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | Other | 0.74% | 5,707,700 | 0 | 5,707,700 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.64% | 4,906,773 | 0 | 4,906,773 | | Zhu Jianjun | Domestic Natural Person | 0.59% | 4,526,433 | 3,394,824 | 1,131,609 | | China Construction Bank Co., Ltd. - Huaan ChiNext 50 ETF | Other | 0.47% | 3,569,500 | 0 | 3,569,500 | | Xiamen Hengxing Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 0.25% | 1,897,800 | 0 | 1,897,800 | | Wei Jinyu | Domestic Natural Person | 0.18% | 1,358,845 | 0 | 1,358,845 | | Li Zhengda | Domestic Natural Person | 0.15% | 1,113,134 | 924,850 | 188,284 | - The actual controller of Guanghong Investment Co., Ltd. is Tang Jianxing; Su Zhibiao, Zhu Jianjun, and Li Zhengda are senior management personnel of the company[123](index=123&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=42&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, some senior management members experienced changes in shareholdings, with Li Zhengda, Wang Junfa, and Xu Yusheng collectively reducing their holdings by **230,000 shares** Changes in Shareholdings of Directors, Supervisors, and Senior Management for H1 2025 | Name | Position | Shares Held at Beginning of Period (shares) | Number of Shares Reduced in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | | Li Zhengda | Deputy General Manager | 1,233,134 | 120,000 | 1,113,134 | | Wang Junfa | Deputy General Manager | 1,077,450 | 80,000 | 997,450 | | Xu Yusheng | Board Secretary | 120,000 | 30,000 | 90,000 | | Total | - | 2,430,584 | 230,000 | 2,200,584 | [V. Changes in Controlling Shareholder or Actual Controller](index=42&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[126](index=126&type=chunk) - The company's actual controller did not change during the reporting period[126](index=126&type=chunk) [VI. Preferred Share Information](index=43&type=section&id=VI.%20Preferred%20Share%20Information) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[127](index=127&type=chunk) Section VII Bond-Related Information This section provides details on the company's bond-related activities and status during the reporting period [Bond-Related Information](index=44&type=section&id=Bond-Related%20Information) During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[129](index=129&type=chunk) Section VIII Financial Report This section presents the company's audited financial statements, including balance sheets, income statements, cash flow statements, and notes to the financial statements [I. Audit Report](index=45&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[131](index=131&type=chunk) [II. Financial Statements](index=45&type=section&id=II.%20Financial%20Statements) This section provides Huizhou DBG Technology Co., Ltd.'s consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, comprehensively presenting the company's financial position, operating results, and cash flows at the end of the reporting period - This section includes consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[132](index=132&type=chunk)[136](index=136&type=chunk)[140](index=140&type=chunk)[144](index=144&type=chunk)[148](index=148&type=chunk)[150](index=150&type=chunk)[152](index=152&type=chunk)[159](index=159&type=chunk) 1. Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were **RMB 9.622 billion**, a **17.06%** increase from the beginning of the period, with current assets at **RMB 5.018 billion** and non-current assets at **RMB 4.604 billion**, while total liabilities were **RMB 4.204 billion** and total owners' equity was **RMB 5.418 billion**, primarily driven by significant increases in inventory, fixed assets, and goodwill due to the AC company consolidation, and a decrease in cash and bank balances Key Data from Consolidated Balance Sheet (Ending Balance) | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 9,622,113,760.25 | 8,219,596,738.57 | | Total Liabilities | 4,204,428,392.40 | 2,720,098,949.26 | | Total Owners' Equity | 5,417,685,367.85 | 5,499,497,789.31 | | Cash and Bank Balances | 1,972,304,323.53 | 2,388,589,554.49 | | Inventories | 894,690,098.37 | 307,692,235.91 | | Fixed Assets | 3,087,110,534.47 | 2,315,335,667.47 | | Goodwill | 120,897,915.78 | 14,451,892.66 | 2. Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were **RMB 5.762 billion**, a slight decrease from the beginning of the period, with current assets at **RMB 2.527 billion** and non-current assets at **RMB 3.235 billion**, while total liabilities were **RMB 1.187 billion** and total owners' equity was **RMB 4.575 billion**, with a significant increase in long-term equity investments and a decrease in cash and bank balances Key Data from Parent Company Balance Sheet (Ending Balance) | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 5,762,176,747.65 | 5,891,287,330.26 | | Total Liabilities | 1,186,710,019.95 | 1,172,707,578.10 | | Total Owners' Equity | 4,575,466,727.70 | 4,718,579,752.16 | | Cash and Bank Balances | 974,283,266.83 | 1,532,203,568.44 | | Long-Term Equity Investments | 1,535,363,955.52 | 887,556,779.50 | 3. Consolidated Income Statement In the first half of 2025, the company achieved total operating revenue of **RMB 3.318 billion**, a slight year-on-year increase of **0.17%**, with total operating costs of **RMB 3.222 billion**, net profit of **RMB 112 million**, and net profit attributable to parent company shareholders of **RMB 99.34 million**, a slight year-on-year increase of **0.46%**, while income tax expense significantly decreased by **85.25%** Key Data from Consolidated Income Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 3,318,487,184.25 | 3,312,943,043.66 | | Total Operating Cost | 3,221,853,815.86 | 3,180,966,020.11 | | Total Profit | 116,133,766.13 | 163,226,548.16 | | Net Profit | 111,671,998.47 | 132,980,485.45 | | Net Profit Attributable to Parent Company Shareholders | 99,343,089.26 | 98,886,565.57 | | Income Tax Expense | 4,461,767.66 | 30,246,062.71 | 4. Parent Company Income Statement In the first half of 2025, the parent company's operating revenue was **RMB 1.260 billion**, a year-on-year decrease of **23.54%**, with net profit at **RMB 48.75 million**, a year-on-year decrease of **9.59%** Key Data from Parent Company Income Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 1,259,663,384.42 | 1,647,507,461.24 | | Operating Profit | 47,752,212.98 | 54,976,100.92 | | Total Profit | 48,334,973.98 | 55,008,638.91 | | Net Profit | 48,752,147.79 | 53,922,736.37 | 5. Consolidated Cash Flow Statement In the first half of 2025, the company's net cash flow from operating activities was **RMB 452 million**, a year-on-year decrease of **37.71%**, while net cash flow from investing activities turned positive at **RMB 412 million** due to wealth management product redemptions, and net cash flow from financing activities was **-RMB 557 million** due to increased net repayment of borrowings Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 452,037,120.06 | 725,643,573.09 | | Net Cash Flow from Investing Activities | 412,120,672.02 | -1,599,017,432.39 | | Net Cash Flow from Financing Activities | -557,265,833.61 | 66,413,233.21 | | Net Increase in Cash and Cash Equivalents | 303,273,582.40 | -813,280,211.64 | 6. Parent Company Cash Flow Statement In the first half of 2025, the parent company's net cash flow from operating activities was **RMB 409 million**, a slight year-on-year decrease, while net cash flow from investing activities significantly improved to **-RMB 43 million**, and net cash flow from financing activities saw an increased net outflow of **-RMB 154 million** Key Data from Parent Company Cash Flow Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 408,695,153.56 | 437,478,528.69 | | Net Cash Flow from Investing Activities | -43,024,316.76 | -1,230,083,036.58 | | Net Cash Flow from Financing Activities | -153,967,988.22

金融界消息 截至2025年8月26日收盘，光弘科技（300735）报收于32.05元，上涨3.25%，换手率 6.05%，成交量45.78万手，成交金额14.58亿元。 资金流向方面，今日主力资金净流入1.22亿元，占比成交额8.34%。其中，超大单净流入1.19亿元、占 成交额8.14%，大单净流入291.72万元、占成交额0.2%，中单净流出流出4569.80万元、占成交额 3.13%，小单净流出7591.95万元、占成交额5.21%。 光弘科技最新一期业绩显示，截至2025一季报，公司营业总收入11.96亿元、同比减少28.07%，归属净 利润3544.03万元，同比减少40.35%，扣非净利润2977.18万元，同比减少18.81%，流动比率1.924、速动 比率1.787、资产负债率31.15%。 天眼查商业履历信息显示，惠州光弘科技股份有限公司，成立于1995年，位于惠州市，是一家以从事计 算机、通信和其他电子设备制造业为主的企业。企业注册资本76746.0689万人民币，实缴资本 76746.0689万人民币。公司法定代表人为唐建兴。 通过天眼查大数据分析，惠州光弘科技股份有限公司共对外投资了9 ...

Group 1 - The core viewpoint of the news is that Guanghong Technology (300735) is strengthening its position in the secondary market and has made significant progress in its acquisition of AC, a European electronic manufacturing services (EMS) giant, which enhances its global strategic layout [1][2]. - The acquisition of AC is a crucial step for global expansion, allowing Guanghong Technology to integrate high-quality targets and establish a manufacturing network across Asia, Europe, America, and Africa [2]. - AC has a strong presence in the automotive electronics sector, ranking 9th in Europe and 47th globally, which aligns with Guanghong Technology's strategy to expand its automotive electronics business [3]. Group 2 - Guanghong Technology's existing business shows resilience, with stable growth expected in the consumer electronics sector, particularly in providing high-end manufacturing services for major clients like Huawei and Honor [4]. - The automotive electronics business is projected to increase its revenue share to 15% by Q1 2025, benefiting from the rising penetration of new energy vehicles [4]. - The current valuation of Guanghong Technology does not fully reflect its growth potential post-acquisition, indicating room for valuation recovery as the company integrates AC's capabilities and stabilizes its domestic operations [4].

Group 1 - The company, Guanghong Technology, confirmed that it is a professional electronic manufacturing services (EMS) provider and does not currently engage in the production of structural components [2] - There was an inquiry from investors regarding reports that the company has entered the Huawei PC structural component supply chain and received a large number of orders [2] - The company clarified its current business focus and stated that it has not ventured into structural component production [2]