[Important Notes, Contents and Definitions](index=2&type=section&id=Section%201%20Important%20Notes%2C%20Contents%20and%20Definitions) [Important Notes](index=2&type=section&id=1.1%20Important%20Notes) The Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, highlighting risks related to market, intellectual property, and raw material price fluctuations, and the company will not distribute dividends or issue bonus shares this period - The Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility[3](index=3&type=chunk) - The company's main risks include market risk, intellectual property risk, and the impact of raw material price fluctuations[3](index=3&type=chunk) - The company plans **not to distribute cash dividends**, issue bonus shares, or increase share capital from capital reserves[4](index=4&type=chunk) [Contents](index=3&type=section&id=1.2%20Contents) This section lists the structured table of contents for the report, covering eight main chapters from company profile and management discussion to financial reports - The report's table of contents includes eight main chapters, providing an overall structure from important notes to the financial report[6](index=6&type=chunk) [Definitions](index=5&type=section&id=1.3%20Definitions) This section provides definitions for commonly used terms in the report, including company names, subsidiaries, controlling shareholders, regulatory bodies, and technical explanations for core products like OPC drums and toner - The company's full name is "CSSC Hanguang Science & Technology Co, Ltd", formerly "CSSC Heavy Industry Hanguang Science & Technology Co, Ltd", renamed in June 2023[11](index=11&type=chunk) - The core product "OPC Drum" (Organic Photo-Conductor Drum) is the key photoelectric conversion and information output device in electrostatic imaging equipment[11](index=11&type=chunk) - The core product "Toner" is a powder-like material that makes the electrostatic latent image visible during the development process[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Profile](index=7&type=section&id=2.1%20Company%20Profile) The company's stock short name is "CSSC Hanguang" with stock code 300847, listed on the Shenzhen Stock Exchange, and the legal representative is Huang Lixin - Stock Short Name: CSSC Hanguang, Stock Code: 300847[14](index=14&type=chunk) - Stock Exchange Listing: Shenzhen Stock Exchange[14](index=14&type=chunk) - Legal Representative: Huang Lixin[14](index=14&type=chunk) [Contact Persons and Methods](index=7&type=section&id=2.2%20Contact%20Persons%20and%20Methods) The Secretary of the Board is Wang Dongxue and the Securities Affairs Representative is Zhang Lan, with the contact address at No 8 Shangbi East Street, Economic Development Zone, Handan City, Hebei Province - Secretary of the Board: Wang Dongxue, Securities Affairs Representative: Zhang Lan[15](index=15&type=chunk) - Contact Address: No 8 Shangbi East Street, Economic Development Zone, Handan City, Hebei Province[15](index=15&type=chunk) [Other Information](index=7&type=section&id=2.3%20Other%20Information) During the reporting period, there were no changes to the company's contact information, information disclosure locations, or registration details - The company's registered address, office address, website, and email remained unchanged during the reporting period[16](index=16&type=chunk) - The locations for information disclosure and document preparation remained unchanged during the reporting period[17](index=17&type=chunk) - The company's registration details remained unchanged during the reporting period[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=2.4%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, operating revenue grew by 4.01%, but net profit attributable to shareholders fell by 6.61%, and net cash flow from operating activities dropped significantly by 74.30%, while total assets slightly decreased and net assets attributable to shareholders increased Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 594,639,928.11 | 571,715,774.57 | 4.01 | | Net Profit Attributable to Shareholders of the Listed Company | 57,089,705.57 | 61,128,650.53 | -6.61 | | Net Profit Attributable to Shareholders of the Listed Company after Deducting Non-recurring Gains and Losses | 56,545,859.19 | 59,593,480.52 | -5.11 | | Net Cash Flow from Operating Activities | 17,458,120.44 | 67,939,100.52 | -74.30 | | Basic Earnings Per Share (Yuan/Share) | 0.1929 | 0.2065 | -6.59 | | Diluted Earnings Per Share (Yuan/Share) | 0.1929 | 0.2065 | -6.59 | | Weighted Average Return on Equity | 3.97 | 4.53 | -0.56 | | **Period-End Indicators** | **End of Current Period (Yuan)** | **End of Prior Year (Yuan)** | **Change from Prior Year-End (%)** | | Total Assets | 1,586,274,757.80 | 1,599,034,040.32 | -0.80 | | Net Assets Attributable to Shareholders of the Listed Company | 1,433,830,344.41 | 1,416,136,559.78 | 1.25 | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=8&type=section&id=2.5%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) There were no discrepancies in net profit or net assets between financial reports prepared under IFRS or other foreign accounting standards and those prepared under Chinese Accounting Standards - The company has no discrepancies in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[20](index=20&type=chunk) - The company has no discrepancies in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese Accounting Standards[21](index=21&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=8&type=section&id=2.6%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses for the reporting period totaled 543,846.38 Yuan, primarily from government grants, non-operating income, and gains or losses on the disposal of non-current assets Non-recurring Gains and Losses Items and Amounts for H1 2025 | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses on disposal of non-current assets (including write-offs of asset impairment provisions) | -135,938.51 | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal business operations, conforming to national policies, and enjoyed continuously based on certain standards) | 658,338.61 | | Other non-operating income and expenses besides the above items | 121,363.39 | | Less: Income tax effect | 97,281.65 | | Minority interest effect (after tax) | 2,635.46 | | Total | 543,846.38 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify any non-recurring items as recurring[24](index=24&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [Principal Business Activities During the Reporting Period](index=10&type=section&id=3.1%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) The company engages in the R&D, production, and sales of electrostatic imaging consumables and equipment for printing and copying, with products including toner, OPC drums, and information security copiers - The company's main business is the R&D, production, and sale of electrostatic imaging consumables and equipment for printing and copying[28](index=28&type=chunk) - Key products include toner, OPC drums, information security copiers, and special precision-machined products[28](index=28&type=chunk) - The company is one of the few domestic enterprises capable of large-scale production of both toner and OPC drums, playing a significant role in the localization of consumables[28](index=28&type=chunk) [Industry Development](index=10&type=section&id=3.1.1%20Industry%20Development) The printing and copying electrostatic imaging consumables industry is characterized by stable development and intense competition, with domestic technology breakthroughs driving market concentration, while the information security copier market is expanding due to national security emphasis - The printing and copying electrostatic imaging consumables industry is developing steadily with intense competition, as domestic technology and product quality continue to advance[26](index=26&type=chunk) - Information security copiers are poised for better development opportunities, driven by growing information security demands in military and government sectors[27](index=27&type=chunk) [Company's Main Business](index=10&type=section&id=3.1.2%20Company's%20Main%20Business) The company specializes in the R&D, production, and sales of electrostatic imaging consumables and equipment, being one of the first domestic enterprises to achieve localization and industrialization of OPC drums and toner, with products known for wide compatibility and stable quality serving a global customer base - The company's main business involves the R&D, production, and sale of electrostatic imaging consumables and equipment, with core products being toner and OPC drums[28](index=28&type=chunk) - The company was one of the first in China to achieve domestic production and industrialization of OPC drums and an early domestic producer of toner[28](index=28&type=chunk) - The company's toner products offer wide compatibility and stable quality, serving markets across China, Europe, North America, South America, and Southeast Asia[28](index=28&type=chunk)[29](index=29&type=chunk) [Company's Main Products](index=10&type=section&id=3.1.3%20Company's%20Main%20Products) The company's main products include toner, OPC drums, information security copiers, and special precision-machined products, with toner and OPC drums being core consumables for electrostatic imaging equipment - The company's main products are toner, OPC drums, information security copiers, and special precision-machined products[30](index=30&type=chunk) - Toner products include **over 100 models in 18 series**, compatible with mainstream printer and copier brands, and the company has the capability to produce color toner[31](index=31&type=chunk)[32](index=32&type=chunk) - OPC drum products cover various specifications with **over 200 models in 16 series**, serving as key imaging components in electrostatic imaging equipment[38](index=38&type=chunk) - The information security copier business includes security-enhanced and information-safe multifunction devices, primarily supplied to government agencies, the military, and defense contractors[39](index=39&type=chunk) - Special precision-machined products are mainly supporting components for military equipment[41](index=41&type=chunk) [Main Business Models and Influencing Factors](index=14&type=section&id=3.1.4%20Main%20Business%20Models%20and%20Influencing%20Factors) The company employs a market-based procurement model, a production model driven by orders and forecasts with minimal outsourcing, and a sales model combining direct sales and OEM for consumables, and direct sales and distribution for security copiers, with no major changes in the reporting period - The company's procurement model is market-based, with key raw materials including resin, magnetic powder, and aluminum tubes[42](index=42&type=chunk) - The production model is based on existing product manufacturing, sales, and market order demand, with a small amount of outsourcing[42](index=42&type=chunk) - Sales models include direct sales and OEM for toner and OPC drums, and direct sales and distribution for information security copiers[42](index=42&type=chunk) - During the reporting period, there were **no significant changes** to the company's business models or their key influencing factors[43](index=43&type=chunk) [Company's Market Position](index=14&type=section&id=3.1.5%20Company's%20Market%20Position) As one of the earliest domestic enterprises in the printing and copying consumables industry, the company leads in the localization of OPC drums and toner, establishing itself as a major domestic producer of black toner and OPC drums with a diverse product portfolio - The company is one of the earliest domestic enterprises in the printing and copying electrostatic imaging consumables and equipment business, pioneering the localization and industrialization of OPC drums[44](index=44&type=chunk) - The company is one of the few domestic enterprises capable of large-scale production of both toner and OPC drums, and is a **major domestic producer of black toner**[44](index=44&type=chunk) - The company's product portfolio includes **18 series of toner with over 100 models** and **16 series of OPC drums with over 200 models**, covering most mainstream machine types[44](index=44&type=chunk) [Operating Performance in H1 2025](index=14&type=section&id=3.1.6%20Operating%20Performance%20in%20H1%202025) In H1 2025, the company achieved operating revenue of 595 million Yuan, a 4.01% YoY increase, while net profit attributable to shareholders decreased by 6.61% to 57.09 million Yuan, as the company focused on its core business, R&D, and market expansion Operating Performance in H1 2025 | Indicator | Amount (10k Yuan) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 59,463.99 | 4.01 | | Net Profit Attributable to Shareholders of the Listed Company | 5,708.97 | -6.61 | - In H1, the company's R&D investment was **25.51 million Yuan**, a YoY increase of **3.03%**, continuously advancing new product development and performance enhancement[46](index=46&type=chunk) - The company adjusted its organizational structure, formulated policies like the "Dual Improvement of Quality and Returns" action plan, and promoted technical upgrades and lean management to enhance production efficiency and energy utilization[47](index=47&type=chunk) [Core Competitiveness Analysis](index=15&type=section&id=3.2%20Core%20Competitiveness%20Analysis) The company's core competitiveness lies in its technology R&D, national brand status, product synergy, quality and cost advantages, and lean management, enabling it to maintain a leading market position - The company prioritizes technological innovation, with **142 R&D personnel** and an R&D investment of **25.51 million Yuan** in H1 2025, a **3.03% YoY increase**[48](index=48&type=chunk)[49](index=49&type=chunk) - The company holds **35 authorized patents** (17 invention, 18 utility model) and 15 software copyrights, mastering a series of advanced core technologies for OPC drums and toner[49](index=49&type=chunk)[50](index=50&type=chunk) - As a key representative of the national brand for toner and OPC drums, the company has a strong market position and brand influence in the localization process[52](index=52&type=chunk) - The company is one of the few domestic enterprises capable of **large-scale production of both toner and OPC drums**, achieving strong synergies through product matching[53](index=53&type=chunk) - The company reduces costs through economies of scale, technological improvements, and domestic substitution, while ensuring stable product quality via a comprehensive quality management system[54](index=54&type=chunk) - Centered on lean manufacturing, the company continuously improves its lean management system to enhance product competitiveness through process optimization, formula improvements, and equipment upgrades[54](index=54&type=chunk) [Main Business Analysis](index=16&type=section&id=3.3%20Main%20Business%20Analysis) During the reporting period, operating revenue increased by 4.01%, while net profit attributable to parent company decreased by 6.61%, with a significant 74.30% drop in net cash flow from operating activities due to reduced cash receipts from sales YoY Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 594,639,928.11 | 571,715,774.57 | 4.01 | | | Operating Costs | 478,211,227.13 | 458,516,364.05 | 4.30 | | | Selling Expenses | 6,424,946.94 | 7,013,274.76 | -8.39 | | | Administrative Expenses | 16,635,908.46 | 16,892,557.77 | -1.52 | | | Financial Expenses | -1,720,062.13 | -1,713,323.49 | -0.39 | | | Income Tax Expense | 8,665,360.11 | 6,818,315.49 | 27.09 | | | R&D Investment | 25,512,924.83 | 24,762,935.02 | 3.03 | | | Net Cash Flow from Operating Activities | 17,458,120.44 | 67,939,100.52 | -74.30 | Mainly due to a decrease in cash received from sales of goods and rendering of services | | Net Cash Flow from Investing Activities | -15,545,396.56 | -4,075,267.50 | -281.46 | Mainly due to an increase in expenditure on the acquisition of fixed assets | | Net Cash Flow from Financing Activities | -41,512,862.24 | -31,317,620.19 | -32.55 | Mainly due to an increase in cash paid for distribution of dividends, profits, or payment of interest | | Net Increase in Cash and Cash Equivalents | -39,744,992.24 | 32,569,857.73 | -222.03 | Mainly due to a decrease in net cash flow from operating activities and an increase in expenditures from investing and financing activities | Products or Services Accounting for Over 10% of Revenue | By Product or Service | Operating Revenue | Operating Costs | Gross Margin | YoY Change in Operating Revenue (%) | YoY Change in Operating Costs (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Electrostatic Imaging Equipment and Consumables Industry | 563,744,863.35 | 454,184,536.38 | 19.43 | 0.03 | 0.32 | -0.23 | | **By Region** | | | | | | | | Overseas | 84,782,753.04 | 62,757,621.62 | 25.98 | 7.07 | 8.92 | -1.26 | | Domestic | 478,962,110.31 | 391,426,914.76 | 18.28 | -1.12 | -0.94 | -0.15 | - There were **no significant changes** in the company's profit composition or sources of profit during the reporting period[58](index=58&type=chunk) [Non-Main Business Analysis](index=17&type=section&id=3.4%20Non-Main%20Business%20Analysis) Non-main business activities had a minor impact on total profit, primarily comprising non-operating income (write-offs of accounts payable), non-operating expenses (deductions of security deposits), and credit impairment losses (provision for bad debts on accounts receivable), none of which are sustainable Non-Main Business Analysis for H1 2025 | Item | Amount (Yuan) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Non-operating Income | 121,401.69 | 0.18 | Write-offs of accounts payable | No | | Non-operating Expenses | 38.30 | 0.00 | Deductions of security deposits | No | | Credit Impairment Loss (loss shown with "-") | -1,707,990.09 | -2.54 | Provision for bad debts on accounts receivable | No | [Analysis of Assets and Liabilities](index=18&type=section&id=3.5%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets slightly decreased while net assets attributable to shareholders increased, with notable shifts in asset composition including a decrease in cash and an increase in accounts receivable and construction in progress Significant Changes in Asset Composition | Item | End of Current Period (Yuan) | % of Total Assets | End of Prior Year (Yuan) | % of Total Assets | Change in Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 627,398,278.95 | 39.55 | 663,398,947.89 | 41.49 | -1.94 | | Accounts Receivable | 164,296,599.99 | 10.36 | 111,441,081.07 | 6.97 | 3.39 | | Inventory | 234,367,603.19 | 14.77 | 241,475,551.89 | 15.10 | -0.33 | | Fixed Assets | 325,559,741.85 | 20.52 | 341,688,473.96 | 21.37 | -0.85 | | Construction in Progress | 14,775,869.11 | 0.93 | 4,245,488.43 | 0.27 | 0.66 | | Right-of-use Assets | 3,946,974.67 | 0.25 | 4,846,579.29 | 0.30 | -0.05 | | Contract Liabilities | 19,207,053.83 | 1.21 | 41,324,822.25 | 2.58 | -1.37 | | Lease Liabilities | 1,589,723.82 | 0.10 | 2,670,645.90 | 0.17 | -0.07 | - As of the end of the reporting period, the company's restricted cash and cash equivalents amounted to **5,672,768.93 Yuan**, primarily consisting of interest on time deposits and letters of credit margins[65](index=65&type=chunk) [Investment Analysis](index=18&type=section&id=3.6%20Investment%20Analysis) The company's investment amount increased by 284.11% YoY, with a cumulative use of 132.44 million Yuan from raised funds, representing a 43.66% utilization rate, while several fundraising projects have been delayed Investment Amount During the Reporting Period | Indicator | Investment Amount in Current Period (Yuan) | Investment Amount in Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 14,099,247.22 | 3,670,635.12 | 284.11 | - As of June 30, 2025, the company had cumulatively used **132.44 million Yuan** of raised funds, with a utilization rate of **43.66%**[71](index=71&type=chunk) - The remaining balance of raised funds is **185.59 million Yuan**, of which **175.00 million Yuan** is used for cash management through large-denomination bank certificates of deposit[71](index=71&type=chunk) - The "Color Toner Project", "Laser Organic Photoconductor Drum Project", and "Engineering Technology Research Center Project" have all been **delayed**, with actual investment progress deviating from the original plan[74](index=74&type=chunk)[75](index=75&type=chunk) - The "Black Toner Project" has a surplus of **5.80 million Yuan** in raised funds, mainly due to strict management and cost control in procurement[76](index=76&type=chunk) [Use of Raised Funds](index=19&type=section&id=3.6.5%20Use%20of%20Raised%20Funds) The company's initial public offering raised a net amount of 303.36 million Yuan, of which 132.44 million Yuan (43.66%) had been used by June 30, 2025, with several key projects, including color toner and laser OPC drums, postponed to December 31, 2025 Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Net Raised Funds (10k Yuan) | Raised Funds Used This Period (10k Yuan) | Cumulative Raised Funds Used (10k Yuan) | Utilization Rate at Period-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | 2020 | Initial Public Offering | 30,336.24 | 6.80 | 13,244.49 | 43.66 | - As of June 30, 2025, the balance of raised funds was **185.59 million Yuan**, with **175.00 million Yuan** used for cash management and **10.59 million Yuan** held in special accounts[71](index=71&type=chunk)[76](index=76&type=chunk) - The scheduled completion dates for the "Color Toner Project", "Laser Organic Photoconductor Drum Project", and "Engineering Technology Research Center Project" have all been **extended to December 31, 2025**[74](index=74&type=chunk)[75](index=75&type=chunk) - The "Black Toner Project" had a committed investment of 19.81 million Yuan and has a surplus of **5.80 million Yuan** as of the period-end[76](index=76&type=chunk) [Analysis of Major Holding and Participating Companies](index=24&type=section&id=3.8%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's main subsidiaries, Handan Hanguang Office Automation Consumables Co, Ltd and CSSC Hanguang (Fuzhou) Information Technology Co, Ltd, were both profitable during the reporting period, with the former contributing 34.01 million Yuan in net profit Financials of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Handan Hanguang Office Automation Consumables Co, Ltd | Subsidiary | Development, production, and sales of office consumables | 250,000,000.00 | 703,323,710.94 | 497,168,020.61 | 401,812,508.34 | 39,131,552.24 | 34,014,209.69 | | CSSC Hanguang (Fuzhou) Information Technology Co, Ltd | Subsidiary | Sales of office supplies | 15,000,000.00 | 50,672,307.60 | 32,602,402.90 | 56,841,534.60 | 3,705,336.77 | 2,784,381.07 | - The company did not acquire or dispose of any subsidiaries during the reporting period[84](index=84&type=chunk) [Risks and Countermeasures](index=24&type=section&id=3.10%20Risks%20and%20Countermeasures) The company faces risks from intensified market competition, intellectual property disputes, and raw material price volatility, which it plans to mitigate through increased R&D, product upgrades, innovative sales strategies, and enhanced procurement management - **Intensified Market Competition Risk**: Fierce competition in the downstream toner cartridge manufacturing industry may adversely affect the prices of toner and OPC drums, and competition in the information security copier market is also increasing[85](index=85&type=chunk) - **Countermeasures**: Increase R&D investment, accelerate product upgrades, optimize production processes, seek low-cost alternative raw materials, innovate sales methods, and strengthen sales channel construction[86](index=86&type=chunk) - **Intellectual Property Risk**: The industry has high technical barriers, and internationally renowned companies are strengthening intellectual property protection, potentially exposing the company to litigation risks[86](index=86&type=chunk) - **Countermeasures**: Continue to actively protect intellectual property, align risk prevention with R&D, emphasize differentiated development, and actively seek patent protection[87](index=87&type=chunk) - **Raw Material Price Fluctuation Risk**: Significant future fluctuations in raw material prices could adversely affect the company's profitability[88](index=88&type=chunk) - **Countermeasures**: Continuously strengthen procurement management, control purchasing costs, and seek more suppliers[88](index=88&type=chunk) [Record of Investor Relations Activities](index=25&type=section&id=3.11%20Record%20of%20Investor%20Relations%20Activities) During the reporting period, the company actively engaged in investor relations by participating in online performance briefings for 2024 and Q1 2025, and promptly responding to investor inquiries, thereby enhancing its investor relations management - On April 29, 2025, the company participated in the 2024 annual online performance briefing via an online platform[89](index=89&type=chunk) - On May 20, 2025, the company participated in the CSSC Group's 2024 annual and Q1 2025 collective performance briefing[89](index=89&type=chunk) [Establishment and Implementation of Market Value Management System and Valuation Enhancement Plan](index=25&type=section&id=3.12%20Establishment%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has established the "CSSC Hanguang Science & Technology Co, Ltd Market Value Management System" to regulate market value management activities and enhance investment value, which was approved by the Board of Directors on June 25, 2025 - The company has formulated the "CSSC Hanguang Science & Technology Co, Ltd Market Value Management System," which was approved by the Board of Directors on June 25, 2025[90](index=90&type=chunk) - The system aims to standardize the company's market value management practices, strengthen related efforts, enhance investment value, and increase investor returns[90](index=90&type=chunk) [Implementation of the "Dual Improvement of Quality and Returns" Action Plan](index=25&type=section&id=3.13%20Implementation%20of%20the%20%E2%80%9CDual%20Improvement%20of%20Quality%20and%20Returns%E2%80%9D%20Action%20Plan) The company has disclosed its "Dual Improvement of Quality and Returns" action plan, aiming to enhance corporate quality and investment value, with significant progress made in focusing on the main business, R&D, governance, and shareholder returns - The company has disclosed its "Dual Improvement of Quality and Returns" action plan, which covers focusing on the core business, strengthening R&D, improving corporate governance, enhancing information disclosure, and prioritizing shareholder returns[91](index=91&type=chunk)[92](index=92&type=chunk) - During the reporting period, the company achieved operating revenue of **594.64 million Yuan** and net profit attributable to shareholders of **57.09 million Yuan**, indicating continuous improvement in operational quality[93](index=93&type=chunk) - The company's R&D investment reached **25.51 million Yuan**, a **3.03% YoY increase**, reflecting a continued focus on technological breakthroughs and innovation[94](index=94&type=chunk) - The company adjusted its organizational structure, formulated multiple policies, and strengthened the role of independent directors to enhance corporate governance effectiveness[95](index=95&type=chunk) - The company issued 44 announcements, held performance briefings, and responded to 63 investor inquiries, improving information disclosure quality and investor relations management[96](index=96&type=chunk) - The company completed its 2024 profit distribution, paying a cash dividend of **1.36 Yuan per 10 shares** (tax inclusive), totaling **40.26 million Yuan**, which represents **32.48%** of the 2024 net profit attributable to the parent company[97](index=97&type=chunk) [Corporate Governance, Environment, and Society](index=27&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Changes in Directors, Supervisors, and Senior Management](index=27&type=section&id=4.1%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Deputy General Manager Li Anzhou resigned on March 6, 2025, due to a work transfer - Deputy General Manager Li Anzhou resigned on March 6, 2025, due to a work transfer[99](index=99&type=chunk) [Profit Distribution and Capitalization of Capital Reserves for the Reporting Period](index=27&type=section&id=4.2%20Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserves%20for%20the%20Reporting%20Period) The company does not plan to distribute cash dividends, issue bonus shares, or increase share capital from capital reserves for the current semi-annual period - The company plans **not to distribute cash dividends**, issue bonus shares, or increase share capital from capital reserves for the semi-annual period[100](index=100&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=27&type=section&id=4.3%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company did not implement any equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had **no equity incentive plans**, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[101](index=101&type=chunk) [Environmental Information Disclosure](index=27&type=section&id=4.4%20Environmental%20Information%20Disclosure) The company and its main subsidiaries, CSSC Hanguang Science & Technology Co, Ltd and Handan Hanguang Office Automation Consumables Co, Ltd, are included in the list of enterprises required to disclose environmental information and have made such information publicly available - The company and its main subsidiaries (CSSC Hanguang Science & Technology Co, Ltd, Handan Hanguang Office Automation Consumables Co, Ltd) are included in the list of enterprises required to disclose environmental information[102](index=102&type=chunk) - Both companies have publicly disclosed environmental information, which can be accessed at http://121.29.48.71:8080[102](index=102&type=chunk) [Social Responsibility](index=27&type=section&id=4.5%20Social%20Responsibility) The company actively fulfilled its social responsibilities by protecting employee rights, ensuring production safety and occupational health, supporting rural revitalization, and safeguarding the interests of stakeholders including suppliers, customers, and investors - The company prioritizes the protection of employee rights, strictly adheres to labor laws, and provides social insurance and housing provident funds for its employees[103](index=103&type=chunk) - The company rigorously implements safety production and occupational health management systems and actively supports rural economic development through consumption-based poverty alleviation[103](index=103&type=chunk) - The company adheres to principles of equality and mutual benefit to protect the rights of suppliers and customers, and safeguards shareholder and investor interests through a sound corporate governance system[103](index=103&type=chunk) [Significant Matters](index=28&type=section&id=Section%205%20Significant%20Matters) [Fulfillment of Commitments](index=28&type=section&id=5.1%20Fulfillment%20of%20Commitments) During the reporting period, there were no commitments from the company's actual controller, shareholders, related parties, or the company itself that were completed or overdue - There were no commitments from the company's actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled or remained unfulfilled past their deadlines during the reporting period[105](index=105&type=chunk) [Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=28&type=section&id=5.2%20Non-operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) There were no instances of non-operating fund occupation by the controlling shareholder or other related parties during the reporting period - There were no instances of non-operating fund occupation by the controlling shareholder or other related parties during the reporting period[106](index=106&type=chunk) [Irregular External Guarantees](index=28&type=section&id=5.3%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[107](index=107&type=chunk) [Appointment and Dismissal of Accounting Firm](index=28&type=section&id=5.4%20Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The company's semi-annual financial report has not been audited - The company's semi-annual report has **not been audited**[108](index=108&type=chunk) [Explanation from the Board of Directors, Supervisory Committee, and Audit Committee on the "Non-standard Audit Report" for the Current Period](index=28&type=section&id=5.5%20Explanation%20from%20the%20Board%20of%20Directors%2C%20Supervisory%20Committee%2C%20and%20Audit%20Committee%20on%20the%20%E2%80%9CNon-standard%20Audit%20Report%E2%80%9D%20for%20the%20Current%20Period) There was no "non-standard audit report" issued by the accounting firm for the current reporting period - There was **no "non-standard audit report"** issued by the accounting firm for the current reporting period[109](index=109&type=chunk) [Explanation from the Board of Directors on the "Non-standard Audit Report" of the Previous Year](index=28&type=section&id=5.6%20Explanation%20from%20the%20Board%20of%20Directors%20on%20the%20%E2%80%9CNon-standard%20Audit%20Report%E2%80%9D%20of%20the%20Previous%20Year) There is no explanation regarding a "non-standard audit report" from the previous year as it is not applicable - There is **no explanation** regarding a "non-standard audit report" from the previous year[109](index=109&type=chunk) [Bankruptcy and Reorganization Matters](index=28&type=section&id=5.7%20Bankruptcy%20and%20Reorganization%20Matters) The company did not undergo any bankruptcy or reorganization procedures during the reporting period - The company did **not undergo any bankruptcy or reorganization** procedures during the reporting period[109](index=109&type=chunk) [Litigation Matters](index=28&type=section&id=5.8%20Litigation%20Matters) The company had no major litigation or arbitration during the reporting period, but has an unresolved payment dispute of 2.61 million Yuan with Zhuhai Lianjin Electronic Technology Co, Ltd, where the company won the case but has not received payment as the counterparty's bankruptcy proceedings have concluded - The company had **no major litigation or arbitration** matters during the reporting period[110](index=110&type=chunk) - In a payment dispute of **2.61 million Yuan** with Zhuhai Lianjin Electronic Technology Co, Ltd, the company won the initial lawsuit but has not received payment as the counterparty has no assets for enforcement and its bankruptcy liquidation has concluded[111](index=111&type=chunk) [Penalties and Rectifications](index=29&type=section&id=5.9%20Penalties%20and%20Rectifications) The company was not subject to any penalties or rectifications during the reporting period - The company was **not subject to any penalties or rectifications** during the reporting period[112](index=112&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=29&type=section&id=5.10%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) There were no issues concerning the integrity of the company, its controlling shareholder, or its actual controller during the reporting period - There were **no issues** concerning the integrity of the company, its controlling shareholder, or its actual controller during the reporting period[113](index=113&type=chunk) [Significant Related-Party Transactions](index=29&type=section&id=5.11%20Significant%20Related-Party%20Transactions) The company had no significant related-party transactions related to daily operations, asset acquisitions, or joint investments, but maintained financial service transactions, including deposits and credit lines, with CSSC Finance Company Limited - The company had **no related-party transactions** related to daily operations, asset or equity acquisitions/disposals, joint investments, or related-party debts during the reporting period[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk) Related-Party Financial Business with CSSC Finance Company Limited | Business Type | Related Party | Relationship | Daily Max Deposit/Loan Limit (10k Yuan) | Deposit/Loan Interest Rate Range | Amount Incurred This Period (10k Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Deposit Business | CSSC Finance Company Limited | Same ultimate controlling party | 200,000 | 0.06%-1.65% | 46,606.88 (Opening Balance) | | Credit Business | CSSC Finance Company Limited | Same ultimate controlling party | 30,500 | | 478.35 (Actual Amount) | - There were no deposits, loans, credit lines, or other financial transactions between the company's controlled finance company and any related parties[118](index=118&type=chunk) [Significant Contracts and Their Performance](index=30&type=section&id=5.12%20Significant%20Contracts%20and%20Their%20Performance) The company had no custody or contracting arrangements but engaged in several property leases to support business operations, with no other significant guarantees or major contracts during the reporting period - The company had **no custody arrangements** during the reporting period[121](index=121&type=chunk) - The company had **no contracting arrangements** during the reporting period[122](index=122&type=chunk) - During the reporting period, the company and its subsidiaries entered into lease agreements in Handan, Fuzhou, Zhongshan, and Zhuhai, but none of these leases generated profit or loss exceeding 10% of the company's total profit[123](index=123&type=chunk) - The company had **no significant guarantees** during the reporting period[124](index=124&type=chunk) - The company had **no significant ordinary course of business contracts** or other major contracts during the reporting period[125](index=125&type=chunk) [Explanation of Other Significant Matters](index=31&type=section&id=5.13%20Explanation%20of%20Other%20Significant%20Matters) There were no other significant matters requiring explanation during the reporting period - There were **no other significant matters** requiring explanation during the reporting period[126](index=126&type=chunk) [Significant Matters of Subsidiaries](index=31&type=section&id=5.14%20Significant%20Matters%20of%20Subsidiaries) There were no significant matters concerning the company's subsidiaries during the reporting period - There were **no significant matters** concerning the company's subsidiaries during the reporting period[127](index=127&type=chunk) [Share Capital Changes and Shareholder Information](index=32&type=section&id=Section%206%20Share%20Capital%20Changes%20and%20Shareholder%20Information) [Changes in Share Capital](index=32&type=section&id=6.1%20Changes%20in%20Share%20Capital) The company's total number of shares and share capital structure remained unchanged during the reporting period, with all 296,010,000 shares being unrestricted Changes in Share Capital | Share Type | Quantity Before Change (Shares) | Proportion Before Change (%) | Change (+/-) (Shares) | Quantity After Change (Shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0.00 | 0 | 0 | 0.00 | | II. Unrestricted Shares | 296,010,000 | 100.00 | 0 | 296,010,000 | 100.00 | | 1. RMB Ordinary Shares | 296,010,000 | 100.00 | 0 | 296,010,000 | 100.00 | | III. Total Shares | 296,010,000 | 100.00 | 0 | 296,010,000 | 100.00 | - During the reporting period, there were **no changes** related to the reasons for share capital changes, approvals, transfers, share buybacks, or their impact on financial indicators[131](index=131&type=chunk) [Securities Issuance and Listing](index=33&type=section&id=6.2%20Securities%20Issuance%20and%20Listing) The company did not issue or list any securities during the reporting period - The company did **not issue or list any securities** during the reporting period[131](index=131&type=chunk) [Number of Shareholders and Shareholding Status](index=33&type=section&id=6.3%20Number%20of%20Shareholders%20and%20Shareholding%20Status) At the end of the reporting period, the total number of ordinary shareholders was 25,949, with the top five shareholders being state-owned legal entities, led by Hebei Hanguang Heavy Industry Co, Ltd with a 26.89% stake - At the end of the reporting period, the total number of ordinary shareholders was **25,949**[132](index=132&type=chunk) Shareholdings of Shareholders with Over 5% or Top 10 Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio (%) | Number of Shares at Period-End | Change During Period (Shares) | Number of Unrestricted Shares | Share Status | Quantity (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hebei Hanguang Heavy Industry Co, Ltd | State-owned Legal Entity | 26.89 | 79,605,362.00 | 0.00 | 79,605,362.00 | N/A | 0.00 | | CSSC Technology Investment Co, Ltd | State-owned Legal Entity | 12.73 | 37,689,750.00 | 0.00 | 37,689,750.00 | N/A | 0.00 | | CSSC Capital Holding (Tianjin) Co, Ltd | State-owned Legal Entity | 9.35 | 27,688,500.00 | 0.00 | 27,688,500.00 | N/A | 0.00 | | Handan Industrial Investment Group Co, Ltd | State-owned Legal Entity | 7.75 | 22,932,000.00 | 0.00 | 22,932,000.00 | Pledged | 8,500,000.00 | | Institute of Chemistry, Chinese Academy of Sciences | State-owned Legal Entity | 5.36 | 15,860,250.00 | 0.00 | 15,860,250.00 | N/A | 0.00 | - China State Shipbuilding Corporation Limited directly or indirectly controls Hebei Hanguang Heavy Industry Co, Ltd, CSSC Technology Investment Co, Ltd, and CSSC Capital Holding (Tianjin) Co, Ltd[134](index=134&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=35&type=section&id=6.4%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - There were **no changes** in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[135](index=135&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=35&type=section&id=6.5%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[136](index=136&type=chunk) - The company's actual controller **did not change** during the reporting period[137](index=137&type=chunk) [Information on Preferred Shares](index=36&type=section&id=6.6%20Information%20on%20Preferred%20Shares) The company had no preferred shares during the reporting period - The company had **no preferred shares** during the reporting period[138](index=138&type=chunk) [Bond-related Matters](index=37&type=section&id=Section%207%20Bond-related%20Matters) [Bond-related Matters](index=37&type=section&id=7.1%20Bond-related%20Matters) The company had no bond-related matters during the reporting period - The company had **no bond-related matters** during the reporting period[140](index=140&type=chunk) [Financial Report](index=38&type=section&id=Section%208%20Financial%20Report) [Audit Report](index=38&type=section&id=8.1%20Audit%20Report) The company's semi-annual financial report has not been audited - The company's semi-annual financial report has **not been audited**[142](index=142&type=chunk) [Financial Statements](index=38&type=section&id=8.2%20Financial%20Statements) This section provides the consolidated and parent company financial statements for H1 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owner's equity - The financial statements include the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity[143](index=143&type=chunk)[147](index=147&type=chunk)[151](index=151&type=chunk)[155](index=155&type=chunk)[159](index=159&type=chunk)[161](index=161&type=chunk)[163](index=163&type=chunk)[170](index=170&type=chunk) [Consolidated Balance Sheet](index=38&type=section&id=8.2.1%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were 1.59 billion Yuan, a slight decrease from the beginning of the period, while total liabilities decreased to 136 million Yuan, and equity attributable to the parent company increased to 1.43 billion Yuan Key Data from the Consolidated Balance Sheet | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 1,586,274,757.80 | 1,599,034,040.32 | | Total Liabilities | 136,489,451.03 | 168,306,685.16 | | Total Equity Attributable to Parent Company | 1,433,830,344.41 | 1,416,136,559.78 | | Total Owner's Equity | 1,449,785,306.77 | 1,430,727,355.16 | [Consolidated Income Statement](index=42&type=section&id=8.2.3%20Consolidated%20Income%20Statement) In H1 2025, the company achieved a total operating revenue of 595 million Yuan, a 4.01% YoY increase, while net profit decreased by 7.14% to 58.45 million Yuan, and net profit attributable to the parent company fell by 6.61% to 57.09 million Yuan Key Data from the Consolidated Income Statement | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 594,639,928.11 | 571,715,774.57 | | Total Operating Costs | 530,357,447.36 | 510,061,700.11 | | Operating Profit | 66,997,869.27 | 69,424,888.42 | | Total Profit | 67,119,232.66 | 69,764,787.48 | | Net Profit | 58,453,872.55 | 62,946,471.99 | | Net Profit Attributable to Parent Company Shareholders | 57,089,705.57 | 61,128,650.53 | | Basic Earnings Per Share | 0.1929 | 0.2065 | | Diluted Earnings Per Share | 0.1929 | 0.2065 | [Consolidated Cash Flow Statement](index=46&type=section&id=8.2.5%20Consolidated%20Cash%20Flow%20Statement) In H1 2025, net cash flow from operating activities was 17.46 million Yuan, a significant 74.30% YoY decrease, while net cash outflows from investing and financing activities led to a net decrease in cash and cash equivalents of 39.74 million Yuan Key Data from the Consolidated Cash Flow Statement | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 17,458,120.44 | 67,939,100.52 | | Net Cash Flow from Investing Activities | -15,545,396.56 | -4,075,267.50 | | Net Cash Flow from Financing Activities | -41,512,862.24 | -31,317,620.19 | | Net Increase in Cash and Cash Equivalents | -39,744,992.24 | 32,569,857.73 | | Closing Balance of Cash and Cash Equivalents | 621,725,510.02 | 540,767,772.55 | [Company Basic Information](index=55&type=section&id=8.3%20Company%20Basic%20Information) The company, formerly Handan Guangdao Heavy Industry High-Tech Co, Ltd, was renamed CSSC Hanguang Science & Technology Co, Ltd in May 2023, with a registered capital of 296.01 million Yuan and a business scope covering optoelectronic materials and related products - The company was renamed CSSC Hanguang Science & Technology Co, Ltd in May 2023[177](index=177&type=chunk) - The company's registered capital is **296.01 million Yuan**, and its main business includes the R&D, production, and sale of optoelectronic materials and related products[178](index=178&type=chunk) - The scope of the consolidated financial statements includes Handan Hanguang Office Automation Consumables Co, Ltd and CSSC Hanguang (Fuzhou) Information Technology Co, Ltd[180](index=180&type=chunk) [Significant Accounting Policies and Estimates](index=57&type=section&id=8.5%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates, including compliance with accounting standards, accounting period, operating cycle, functional currency, business combinations, financial instruments, revenue recognition, and government grants - The company's financial statements comply with the Enterprise Accounting Standards issued by the Ministry of Finance, prepared on a going concern basis using the accrual basis and historical cost measurement[181](index=181&type=chunk)[183](index=183&type=chunk)[184](index=184&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss, with detailed methods for recognizing impairment provisions[208](index=208&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk) - The company's revenue recognition principle is to recognize revenue when the customer obtains control of the relevant goods, with specific methods disclosed based on business type[252](index=252&type=chunk)[253](index=253&type=chunk)[254](index=254&type=chunk) - The company classifies government grants as either asset-related or income-related and accounts for them based on government documents or specific project budgets[257](index=257&type=chunk)[258](index=258&type=chunk)[259](index=259&type=chunk) [Taxes](index=74&type=section&id=8.6%20Taxes) The company's main taxes include VAT, Urban Maintenance and Construction Tax, and Corporate Income Tax, with the company and its subsidiaries benefiting from a 15% preferential corporate income tax rate as high-tech enterprises and other tax incentives Main Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | The output tax is calculated based on the sales revenue of goods and taxable services as stipulated by tax law, and the difference after deducting the allowable input tax for the current period is the VAT payable | 0%, 9%, 13% | | Urban Maintenance and Construction Tax | Based on the actual VAT paid | 7% | | Corporate Income Tax | Based on taxable income | 15%, 25% | | Education Surcharge | Based on the actual VAT paid | 3% | | Local Education Surcharge | Based on the actual VAT paid | 2% | - CSSC Hanguang Science & Technology Co, Ltd and Handan Hanguang Office Automation Consumables Co, Ltd, as high-tech enterprises, are eligible for a preferential corporate income tax rate of **15%**[269](index=269&type=chunk)[270](index=270&type=chunk) - The company benefits from the "exempt, credit, refund" tax policy for exported goods, with a **13%** export tax rebate rate for organic photoconductor drums and toner products[270](index=270&type=chunk)[271](index=271&type=chunk) - The company and its subsidiaries are eligible for the advanced manufacturing enterprise VAT super-deduction policy, allowing an additional **5%** deduction based on the current period's deductible input tax[271](index=271&type=chunk) [Notes to Consolidated Financial Statement Items](index=75&type=section&id=8.7%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed disclosures on the closing and opening balances of items in the consolidated financial statements, including cash, accounts receivable, inventory, fixed assets, construction in progress, and revenue, with explanations for significant changes Composition of Cash and Cash Equivalents | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Bank Deposits | 211,176,403.15 | 196,940,216.62 | | Other Cash and Cash Equivalents | 4,433,810.60 | 389,945.64 | | Deposits in Finance Company | 411,788,065.20 | 466,068,785.63 | | Total | 627,398,278.95 | 663,398,947.89 | - The closing balance of accounts receivable was **164.30 million Yuan**, an increase of **47.45%** from the beginning of the period, with a bad debt provision rate of **8.70%**[289](index=289&type=chunk) - The closing balance of inventory was **234.37 million Yuan**, a slight decrease from the beginning of the period, with a total inventory write-down provision of **2.58 million Yuan**[351](index=351&type=chunk)[355](index=355&type=chunk) - The closing balance of construction in progress was **14.78 million Yuan**, a significant increase of **248.05%** from the beginning of the period, mainly due to increased investment in minor technical upgrades for the toner production line[399](index=399&type=chunk)[400](index=400&type=chunk) - The breakdown of operating revenue and costs shows that the electrostatic imaging equipment and consumables industry is the main source of income, with the domestic market contributing the majority of revenue[486](index=486&type=chunk) [R&D Expenditure](index=121&type=section&id=8.8%20R&D%20Expenditure) In H1 2025, the company's total R&D expenditure was 25.51 million Yuan, all of which was expensed, with no R&D projects meeting the criteria for capitalization Composition of R&D Expenditure | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Direct Materials | 14,957,027.86 | 14,443,253.78 | | Direct Labor | 8,717,431.31 | 8,378,013.17 | | Manufacturing Overheads | 1,838,465.66 | 1,941,668.07 | | Total | 25,512,924.83 | 24,762,935.02 | | Of which: Expensed R&D Expenditure | 25,512,924.83 | 24,762,935.02 | - During the reporting period, the company had **no R&D projects** that met the criteria for capitalization[530](index=530&type=chunk) [Changes in the Scope of Consolidation](index=121&type=section&id=8.9%20Changes%20in%20the%20Scope%20of%20Consolidation) There were no changes in the scope of consolidation during the reporting period resulting from business combinations, disposals of subsidiaries, or other events - There were **no business combinations under non-common control** during the period[532](index=532&type=chunk) - There were **no business combinations under common control** during the period[537](index=537&type=chunk) - There were **no reverse acquisitions, disposals of subsidiaries, or other changes** in the scope of consolidation during the period[541](index=541&type=chunk) [Interests in Other Entities](index=124&type=section&id=8.10%20Interests%20in%20Other%20Entities) The company's interests in subsidiaries show that CSSC Hanguang (Fuzhou) Information Technology Co, Ltd is a non-wholly-owned subsidiary with a 49% minority interest, and there were no significant joint ventures or associates Composition of the Enterprise Group | Subsidiary Name | Registered Capital (Yuan) | Principal Place of Business | Business Nature | Shareholding Ratio (Direct) | Method of Acquisition | | :--- | :--- | :--- | :--- | :--- | :--- | | CSSC Hanguang (Fuzhou) Information Technology Co, Ltd | 15,000,000.00 | Fuzhou, Fujian | Sales of office supplies | 51.00% | Investment establishment | | Handan Hanguang Office Automation Consumables Co, Ltd | 250,000,000.00 | Handan, Hebei | Development, production, and sales of office consumables | 100.00% | Acquired through business combination under common control | Financial Information of Significant Non-wholly-owned Subsidiaries | Subsidiary Name | Minority Interest Ratio (%) | Profit/Loss Attributable to Minority Interests This Period (Yuan) | Minority Interest Balance at Period-End (Yuan) | | :--- | :--- | :--- | :--- | | CSSC Hanguang (Fuzhou) Information Technology Co, Ltd | 49.00 | 1,364,166.98 | 15,954,962.36 | - The company had **no transactions** that resulted in a change in the ownership interest in a subsidiary while still retaining control[546](index=546&type=chunk) - The company has **no significant joint ventures or associates**[549](index=549&type=chunk) [Government Grants](index=128&type=section&id=8.11%20Government%20Grants) During the reporting period, the company recognized a total of 0.66 million Yuan in government grants in current profit or loss, with a closing balance of 2.17 million Yuan in deferred income related to government grants Government Grants Recognized in Current Profit or Loss | Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Other Income | 658,338.61 | 1,527,803.82 | | Non-operating Income | | 223,583.90 | | Total | 658,338.61 | 1,751,387.72 | Liability Items Involving Government Grants | Account | Opening Balance (Yuan) | New Grants This Period (Yuan) | Recognized in Non-operating Income This Period (Yuan) | Transferred to Other Income This Period (Yuan) | Closing Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 2,628,271.66 | | | 457,269.21 | 2,171,002.45 | Asset-related, Income-related | [Risks Related to Financial Instruments](index=129&type=section&id=8.12%20Risks%20Related%20to%20Financial%20Instruments) The company's main financial instruments expose it to market risk (foreign exchange and interest rate), credit risk, and liquidity risk, which are managed through monitoring foreign currency transactions, assessing credit risk, and maintaining sufficient cash reserves - The company's main financial instruments, including receivables and payables, are exposed to **market risk (foreign exchange, interest rate), credit risk, and liquidity risk**[559](index=559&type=chunk) - Foreign exchange risk is mainly related to the **USD and JPY**, and the company mitigates this by monitoring foreign currency transactions and asset/liability balances, without using forward contracts or currency swaps this period[560](index=560&type=chunk) - The company had **no interest rate risk** during this period[560](index=560&type=chunk) - Credit risk arises mainly from financial assets and is managed by placing funds with highly-rated banks and assessing credit risk by portfolio[561](index=561&type=chunk) - Liquidity risk is managed by maintaining sufficient cash and cash equivalents and monitoring cash balances and forecasts[563](index=563&type=chunk) - The company did **not engage in any hedging activities** during the reporting period[565](index=565&type=chunk) [Fair Value Disclosure](index=131&type=section&id=8.13%20Fair%20Value%20Disclosure) This section discloses the closing fair values of assets and liabilities measured at fair value, explaining the determination methods and key inputs for Level 1, 2, and 3 fair value measurements, with no changes in valuation techniques during the period - This section discloses the closing fair values of assets and liabilities measured at fair value, though specific amounts are not listed in the summary[568](index=568&type=chunk) - Fair value measurement projects use quoted prices in active markets or valuation techniques, prioritizing the use of observable inputs whenever possible[214](index=214&type=chunk) - There were **no changes in valuation techniques** during the period[568](index=568&type=chunk) [Related Parties and Related-Party Transactions](index=131&type=section&id=8.14%20Related%20Parties%20and%20Related-Party%20Transactions) The company's parent is Hebei Hanguang Heavy Industry Co, Ltd, and its ultimate controller is China State Shipbuilding Corporation Limited, with significant related-party transactions involving procurement, sales, leasing, and financial services - The company's parent company is Hebei Hanguang Heavy Industry Co, Ltd, with a **26.89%** shareholding, and the ultimate controlling party is China State Shipbuilding Corporation Limited[569](index=569&type=chunk)[570](index=570&type=chunk) - The company engaged in related-party transactions for the purchase and sale of goods and services, with total purchases of **4.53 million Yuan** and total sales of **25.65 million Yuan** in the current period[574](index=574&type=chunk)[576](index=576&type=chunk)[579](index=579&type=chunk) - As a lessee, the company paid **1.16 million Yuan** in rent to Hebei Hanguang Heavy Industry Co, Ltd for property leases during the period[582](index=582&type=chunk) - The company had related-party financial transactions with CSSC Finance Company Limited, earning **1.10 million Yuan** in interest income[591](index=591&type=chunk) - At the period-end, the balance of accounts receivable from related parties totaled **40.09 million Yuan**, accounting for **22.28%** of the total accounts receivable balance[597](index=597&type=chunk) [Share-based Payment](index=142&type=section&id=8.15%20Share-based%20Payment) The company had no share-based payment arrangements, including equity-settled or cash-settled plans, during the reporting period - The company had **no overall share-based payment situation** during the reporting period[600](index=600&type=chunk) - The company had **no equity-settled share-based payment** arrangements during the reporting period[600](index=600&type=chunk) - The company had **no cash-settled share-based payment** arrangements during the reporting period[600](index=600&type=chunk) - The company incurred **no share-based payment expenses** during the reporting period[600](index=600&type=chunk) - There were **no modifications or terminations** of share-based payment arrangements during the reporting period[600](index=600&type=chunk) [Commitments and Contingencies](index=143&type=section&id=8.16%20Commitments%20and%20Contingencies) As of the balance sheet date, the company had no significant commitments or material contingencies to disclose - Significant commitments existing at the balance sheet date: **None**[601](index=601&type=chunk) - The company has **no significant contingencies** to disclose[601](index=601&type=chunk) [Post-Balance Sheet Events](index=143&type=section&id=8.17%20Post-Balance%20Sheet%20Events) The company had no significant non-adjusting events, profit distribution plans, or sales returns after the balance sheet date - The company had **no significant non-adjusting events** during the reporting period[602](index=602&type=chunk) - The company had **no profit distribution plans** during the reporting period[603](index=603&type=chunk) - The company had **no sales returns** during the reporting period[603](index=603&type=chunk) [Other Significant Matters](index=144&type=section&id=8.18%20Other%20Significant%20Matters) The company had no prior period accounting error corrections, deb

Group 1 - The latest stock price of China Shipbuilding Han Guang is 20.63 yuan, up 0.88% from the previous trading day, with a trading range of 4.94% [1] - The company operates in the consumer electronics and state-owned enterprise reform sectors, focusing on the research and production of information security products [1] - The current total market capitalization is 6.107 billion yuan, with a dynamic price-to-earnings ratio of 58.73 and a price-to-book ratio of 4.36 [1] Group 2 - On the day, the net inflow of main funds was 28.2766 million yuan, accounting for 0.46% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow was 18.2251 million yuan, representing 0.3% of the circulating market value [1] - The stock experienced significant volatility during the trading session, with a rapid rebound exceeding 2% and a quick pullback also exceeding 2% within a 5-minute timeframe [1]

资金流向方面，今日主力资金净流出1080.67万元，占比成交额4.0%。其中，超大单净流出745.16万 元、占成交额2.76%，大单净流出335.51万元、占成交额1.24%，中单净流出流入618.17万元、占成交额 2.29%，小单净流入462.50万元、占成交额1.71%。 中船汉光最新一期业绩显示，截至2025一季报，公司营业总收入2.94亿元、同比增长7.74%，归属净利 润2599.58万元，同比增长3.74%，扣非净利润2581.28万元，同比增长4.55%，流动比率6.762、速动比率 5.265、资产负债率10.68%。 金融界消息 截至2025年8月11日收盘，中船汉光（300847）报收于20.45元，下跌0.82%，换手率 4.47%，成交量13.24万手，成交金额2.70亿元。 天眼查商业履历信息显示，中船汉光科技股份有限公司，成立于2000年，位于邯郸市，是一家以从事印 刷和记录媒介复制业为主的企业。企业注册资本29601万人民币，实缴资本19038.71万人民币。公司法 定代表人为黄立新。 通过天眼查大数据分析，中船汉光科技股份有限公司共对外投资了2家企业，参与招投标项目2264 ...

Group 1 - The core viewpoint of the news is that the China Shipbuilding sector has experienced a decline, with a drop of 1.24% as of the market close on August 11, highlighting a negative trend in this concept sector [1][2] - Within the China Shipbuilding sector, notable declines were observed in stocks such as China Shipbuilding, China Heavy Industry, and Jiuzhiyang, while only two stocks, China Ship Defense and China Marine Technology, showed gains [1][2] - The sector faced a significant net outflow of capital amounting to 9.58 billion yuan, with major outflows from stocks like China Shipbuilding, which saw a net outflow of 7.54 billion yuan [2] Group 2 - The top decliners in the China Shipbuilding sector included China Shipbuilding (-2.85%), China Heavy Industry (-2.72%), and China Power (-2.52%), indicating a widespread downturn among key players [2] - Conversely, the stocks that attracted net inflows included China Ship Defense and China Marine Defense, with net inflows of 1.73 billion yuan and 1.48 billion yuan respectively, suggesting some investor interest in these companies despite the overall sector decline [2] - The trading activity showed that the turnover rates for the declining stocks were relatively low, with China Shipbuilding at 3.32% and China Heavy Industry at 2.46%, reflecting a cautious market sentiment [2]

Group 1 - The China Shipbuilding System concept rose by 1.33%, ranking 10th among concept sectors, with six stocks increasing in value, including China Shipbuilding Special Gas, Jiuzhiyang, and China Shipbuilding Technology, which rose by 7.31%, 6.07%, and 2.99% respectively [1][2] - The leading decliners in the sector included China Marine Defense, China Heavy Industry, and ST Emergency, which fell by 1.82%, 1.15%, and 0.95% respectively [1][2] Group 2 - The main funds saw a net outflow of 90 million yuan from the China Shipbuilding System concept today, with six stocks experiencing net inflows, led by China Shipbuilding Technology with a net inflow of 73.54 million yuan [2][3] - Other notable net inflows included China Shipbuilding Special Gas, China Power, and China Shipbuilding Hanguang, with net inflows of 43.62 million yuan, 20.98 million yuan, and 16.99 million yuan respectively [2][3] Group 3 - In terms of fund inflow ratios, China Shipbuilding Technology, China Shipbuilding Special Gas, and China Shipbuilding Hanguang had the highest net inflow rates at 6.76%, 5.59%, and 4.28% respectively [3] - The trading turnover rates for these stocks were 7.37% for China Shipbuilding Technology, 15.39% for China Shipbuilding Special Gas, and 6.50% for China Shipbuilding Hanguang [3][4]

专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 数据显示，截止7月29日，A股市场共有5817家上市公司。董秘作为连接投资者与上市公司的"桥梁"， 在上市公司资本运作中发挥着关键作用。据2024年年报显示，去年A股董秘薪酬合计达40.86亿元，平均 薪酬75.43万元。 分行业来看，计算机设备行业共有103家上市公司，2024年董秘平均薪酬为69.05万元，在125个申万二 级行业中排名第73位，董秘薪资水平处于行业中游。此外， 2024年计算机设备行业董秘平均薪资水平 相较上年下降3.29万元，薪酬增幅在125个申万一级行业中排名第102位，处于行业尾部。 从计算机设备行业的薪酬分布角度来看，103位董秘中有45位的薪酬水平位于50-100万元区间，占比超 四成，而薪酬超过100万元的董秘仅有18位，占比不到两成。计算机设备行业中，薪酬最高的董秘为浪 潮信息许燕燕，薪酬达到320.60万元，远超其他董秘。尾随其后的是海康威视黄方红，其薪资为229.75 万元。2024年始终在任的董秘中薪酬最低的为中船汉光王冬雪，其薪资为23.81万元。 从年龄角度来看，除去2位年龄信息缺失 ...

Group 1 - The core point of the article is that China Shipbuilding Industry Corporation (中船汉光) has experienced a decline in the number of shareholders for the second consecutive period, with a decrease of 2,141 shareholders, representing a 6.15% drop compared to the previous period [2] - As of the latest report, the closing price of China Shipbuilding Industry Corporation is 19.03 yuan, reflecting a decrease of 2.91%, and the stock has cumulatively dropped 3.35% since the concentration of shares began [2] - The company's Q1 financial report indicates that it achieved an operating income of 294 million yuan, a year-on-year increase of 7.74%, and a net profit of approximately 25.996 million yuan, which is a 3.74% increase year-on-year, with basic earnings per share at 0.0900 yuan and a weighted average return on equity of 1.82% [2]

Group 1 - The China Shipbuilding sector experienced a decline of 2.54%, ranking among the top losers in the concept sector as of the market close on August 1 [1][2] - ST Emergency saw a significant drop of 20%, while China Shipbuilding Industry Corporation, Kunshan Intelligent, and China Shipbuilding also faced notable declines [1][2] - Only two stocks within the sector recorded gains, with China Marine Defense increasing by 0.64% and China Ship Special Gas rising by 0.13% [1][2] Group 2 - The China Shipbuilding sector faced a net outflow of 73 million yuan from major funds, with seven stocks experiencing net outflows [2] - China Shipbuilding led the outflow with 79.72 million yuan, followed by China Ship Han Guang and China Ship Technology with outflows of 25.34 million yuan and 6.45 million yuan, respectively [2] - Conversely, stocks such as China Power and China Heavy Industry saw net inflows of 33.53 million yuan and 6.28 million yuan, respectively [2]

股票代码：300847 股票简称：中船汉光 上市地点：深圳证券交易所 中船汉光科技股份有限公司 简式权益变动报告书 上市公司名称：中船汉光科技股份有限公司 股票上市地点：深圳证券交易所 股票简称：中船汉光 股票代码：300847 信息披露义务人名称：中国船舶集团投资有限公司 住所：北京市大兴区中关村科技园区大兴生物医药产业基地永大路 38 号 1 幢 4 层 409-32 室（集群注册） 通讯地址：北京市海淀区昆明湖南路 72 号 股份变动性质：股份非交易过户 增加 签署日期：2025 年 7 月 中船汉光科技股份有限公司 简式权益变动报告书 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则 第 15 号——权益变动报告书》及相关的法律、法规编制本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人内部规则中的任何条款或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露了信息披露义务人在中船汉光科技股份有限公司（ ...

证券代码：300847 证券简称：中船汉光 公告编号：2025-034 中船汉光科技股份有限公司 关于持股 5%以上股东权益变动的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1.本次权益变动系中船汉光科技股份有限公司（以下简 称"公司"）持股5%以上股东中船资本控股（天津）有限公 司(以下简称"天津资控")被其母公司中国船舶集团投资有 限公司（以下简称"中船投资"）吸收合并导致，本次权益 变动不涉及向市场增持或减持行为，不触及要约收购，将会 导致公司直接股东发生变化，不会导致公司的控股股东、实 际控制人发生变化，不会对公司治理结构及持续性经营产生 影响，也不存在损害公司和全体股东利益的情形。 2.本次权益变动事项尚需获得深圳证券交易所合规性 确认后，方能在中国证券登记结算有限责任公司深圳分公司 办理股份过户登记手续，是否能够最终完成尚存在不确定性， 敬请广大投资者注意投资风险。 近日，公司收到持股 5%以上股东天津资控出具的《告知 函》，天津资控将被其母公司中船投资吸收合并，现将有关 事项公告如下： 一、本次权益变动基本情况 为进一 ...