杭州申昊科技股份有限公司 | | | | | 额 | 金额（不含利 | 的利息(如 | 发生金额 | 资金余额 | | 来、非经营性 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 息） | 有) | | | | 往来） | | 控股股东、实际控制 | | | | | | | | | | | | 人及其附属企业 | | | | | | | | | | | | 上市公司的子公司 | 杭州申弘智能科技有限公司 | 子公司 | 其他应收款 | | | | | | 资金周转 | 非经营性往来 | | | 南京申宁达智能科技有限公司 | 子公司 | 其他应收款 | 1,563.97 | | 26.16 | | 1,590.13 | 资金周转 | 非经营性往来 | | | 杭州晟冠科技有限公司 | 子公司 | 其他应收款 | | | | | | 资金周转 | 非经营性往来 | | 及其附属企业 | 杭州申昊储能科技有限责任公司 | 子公司 | 其他应收款 | 5,546.44 | | 77.44 | 2,3 ...

| 证券代码：300853 | 证券简称：申昊科技 | 公告编号：2025-048 | | --- | --- | --- | | 债券代码：123142 | 债券简称：申昊转债 | | 杭州申昊科技股份有限公司 关于 2025 年半年度冲回减值准备的公告 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。 一、本次冲回减值准备情况概述 二、减值准备的确认标准及计提（冲回）方法 （一）本次冲回减值准备的原因 杭州申昊科技股份有限公司（以下简称"公司"）根据《企业会计准则》《深 圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等有关规定，基于谨慎性原则，为真实、准 确的反应公司财务状况、资产价值及经营成果，对公司截至 2025 年 6 月 30 日合 并报表范围内各项应收款项、存货、合同资产、债权投资、固定资产、无形资产、 商誉等资产进行了全面清查。对相关金融资产根据预期信用损失情况确认计提 （冲回）信用减值损失，对存在减值迹象的相关资产计提（冲回）资产减值损失。 （二）本次冲回减值准备的范围和金额 公司 2 ...

| 证券代码：300853 | 证券简称：申昊科技 | 公告编号：2025-043 | | --- | --- | --- | | 债券代码：123142 | 债券简称：申昊转债 | | 杭州申昊科技股份有限公司 第四届董事会第十九次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 杭州申昊科技股份有限公司（以下简称"公司"）第四届董事会第十九次会 议于 2025 年 8 月 21 日在杭州市余杭区余杭街道宇达路 5 号公司五楼会议室以现 场方式召开。本次会议通知于 2025 年 8 月 11 日以电子邮件方式发出。本次应出 席董事 9 名，实际出席会议的董事 9 名（无委托出席/通讯出席/缺席的董事）。 本次会议由董事长陈如申先生主持，公司监事会成员和高级管理人员列席了本次 会议，会议的召集、召开和表决程序符合有关法律、行政法规、部门规章、规范 性文件和《杭州申昊科技股份有限公司章程》的规定。 二、董事会会议审议情况 经与会董事认真审议和充分讨论，会议审议并通过了以下议案： （一）审议通过了《关于公司 2025 年半年度报 ...

Section I Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no plans for cash dividends or share capital conversion - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions[6](index=6&type=chunk) - Company head Chen Rushen, chief accountant Qian Ying, and head of accounting department Zhang Xiao declare that the financial report in this semi-annual report is true, accurate, and complete[6](index=6&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[7](index=7&type=chunk) [Catalogue of Reference Documents](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) Reference documents, including signed financial statements and the full semi-annual report, are available at the company's securities department - Reference documents include financial statements signed and stamped by the company's head, chief accountant, and head of accounting department, the original full 2025 semi-annual report signed by the legal representative, originals of all publicly disclosed company documents and announcements during the reporting period, and other relevant materials[11](index=11&type=chunk) - The aforementioned reference documents are kept at the company's securities department[12](index=12&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms used in the report, covering company names, reporting periods, and national strategic goals - “The Company”, “Company”, “Parent Company”, “Shenhao Technology” refer to Hangzhou Shenhao Technology Co., Ltd[13](index=13&type=chunk) - “Reporting Period” refers to January 1, 2025, to June 30, 2025[13](index=13&type=chunk) - “3060” refers to China's goals of peaking carbon emissions before 2030 and achieving carbon neutrality before 2060[13](index=13&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Hangzhou Shenhao Technology Co., Ltd., stock code 300853, is listed on the Shenzhen Stock Exchange, with Chen Rushen as its legal representative - The company's stock abbreviation is 'Shenhao Technology', stock code '300853', listed on the Shenzhen Stock Exchange[16](index=16&type=chunk) - The company's legal representative is Chen Rushen[16](index=16&type=chunk) [II. Contact Person and Contact Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary is Zhu Yangyang, and Securities Affairs Representative is Wang Fei, with contact details provided for their office in Hangzhou - The Board Secretary is Zhu Yangyang, and the Securities Affairs Representative is Wang Fei[17](index=17&type=chunk) - Contact address: No. 5 Yuda Road, Yuhang Street, Yuhang District, Hangzhou City, Zhejiang Province; Telephone: 0571-88720409; Email: zhengquanbu@shenhaoinfo.com[17](index=17&type=chunk) [III. Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's contact and disclosure information remained unchanged from the 2024 annual report, though its registration date was updated in January 2025 - There were no changes in the company's registered address, office address and postal code, website, email, etc., during the reporting period, details can be found in the 2024 annual report[18](index=18&type=chunk) - The securities exchange website and media name and URL for the company's semi-annual report disclosure, and the location for the company's semi-annual report, remained unchanged during the reporting period, details can be found in the 2024 annual report[19](index=19&type=chunk) Registration Change Status | Item | Registration Date | Registration Location | Unified Social Credit Code | | :--- | :--- | :--- | :--- | | Initial Registration at Beginning of Reporting Period | June 12, 2024 | Zhejiang Provincial Administration for Market Regulation | 91330100742929345R | | Registration at End of Reporting Period | January 16, 2025 | Zhejiang Provincial Administration for Market Regulation | 91330100742929345R | [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Operating revenue significantly increased by 91.79% due to new energy storage product sales, while net profit and operating cash flow decreased Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Item | Current Reporting Period | Prior Year Period | YoY Change in Current Reporting Period | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 70,176,167.07 | 36,590,845.66 | 91.79% | | Net Profit Attributable to Shareholders of Listed Company (RMB) | -71,499,488.43 | -69,257,958.05 | -3.24% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses (RMB) | -85,183,187.63 | -87,324,528.36 | 2.45% | | Net Cash Flow from Operating Activities (RMB) | -16,435,017.19 | 71,854,148.95 | -122.87% | | Basic Earnings Per Share (RMB/share) | -0.49 | -0.47 | -4.26% | | Diluted Earnings Per Share (RMB/share) | -0.49 | -0.47 | -4.26% | | Weighted Average Return on Net Assets | -8.63% | -6.12% | -2.51% | Key Accounting Data and Financial Indicators (End of Current Reporting Period vs. End of Prior Year) | Item | End of Current Reporting Period | End of Prior Year | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets (RMB) | 1,672,221,760.74 | 1,734,567,142.19 | -3.59% | | Net Assets Attributable to Shareholders of Listed Company (RMB) | 791,623,113.48 | 864,449,848.53 | -8.42% | - The company's share capital changed from the end of the reporting period to the disclosure date of the semi-annual report due to new share issuance, additional issuance, rights issue, exercise of equity incentives, and repurchases, affecting the amount of owners' equity[22](index=22&type=chunk) [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reported no differences in net profit and net assets between financial reports prepared under Chinese and international/overseas accounting standards - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and those under Chinese Accounting Standards[23](index=23&type=chunk) - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and those under Chinese Accounting Standards[24](index=24&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Total non-recurring gains and losses amounted to **RMB 13.68 million**, primarily from government subsidies and wealth management product income Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | Description | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets (including the reversal of impairment provisions already made) | 174,401.94 | | | Government subsidies recognized in current profit or loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 13,964,457.88 | Government subsidies (excluding VAT refunds for software products exceeding tax burden, and individual income tax handling fee refunds) | | Gains and losses from entrusted investments or asset management | 1,184,965.57 | Investment income from wealth management products | | Other non-operating income and expenses apart from the above items | -1,640,126.19 | | | Total | 13,683,699.20 | | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[26](index=26&type=chunk) Section III Management Discussion and Analysis [I. Principal Business Activities During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company provides comprehensive industrial equipment safety and intelligent O&M solutions through an "AI robot + industry application" model, expanding into energy storage and intelligent computing, despite high expenses impacting profits [(I) Overview of Principal Business and Main Products](index=9&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%92%8C%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company offers comprehensive solutions for industrial equipment safety and intelligent O&M, leveraging AI, robotics, and big data, and is expanding into energy storage and intelligent computing to create a closed-loop industrial chain - Adhering to the corporate vision of 'Industrial health with Shenhao, troubleshooting no longer difficult,' the company leverages multi-sensor, artificial intelligence, robotics, and big data analysis technologies to provide comprehensive solutions for industrial equipment safety and intelligent operation and maintenance[28](index=28&type=chunk) - The company has built a core technology system including robot motion control, robotic arm compliant control, positioning and navigation, multi-sensor fusion, and big data analysis[28](index=28&type=chunk) - The company has developed mobile inspection products such as wheeled inspection robots, tracked inspection robots, rail-mounted robots, and line inspection robots, as well as operation robots including switchgear operation robots, environmental protection operation and maintenance robots, live-line work robots for distribution networks, and fixed-end online monitoring products such as line micro-cameras, transformer oil-gas analysis, and photoacoustic spectroscopy detection (online monitoring systems)[29](index=29&type=chunk) - The company has developed systemic solutions including smart grid solutions, smart transportation solutions, and smart environmental protection solutions, and has expanded into new energy storage and intelligent computing businesses, aiming to create a closed-loop industrial chain integrating AI applications, intelligent computing, energy storage, and new energy development and utilization[30](index=30&type=chunk) [1. Smart Grid Solutions](index=10&type=section&id=1%E3%80%81%E6%99%BA%E6%85%A7%E7%94%B5%E7%BD%91%E8%A7%A3%E5%86%B3%E6%96%B9%E6%A1%88) The company provides comprehensive smart grid solutions across generation, transmission, substation, and distribution, utilizing intelligent robots and monitoring systems for enhanced safety and predictive maintenance - Since 2007, the company has been deploying in the smart grid monitoring equipment sector, gradually expanding its business from fixed-end online monitoring to multi-scenario intelligent robot inspection and operation, covering solutions for power generation, transmission, substation, and distribution scenarios[33](index=33&type=chunk) - For transmission line inspection scenarios, the company offers a series of products including smart micro-cameras for transmission lines, transmission line inspection robots, and UAV inspection systems, achieving intelligent monitoring from multiple positions, angles, and time periods[35](index=35&type=chunk) - For substation operation and maintenance scenarios, the company uses indoor and outdoor wheeled inspection robots, indoor rail-mounted robots, transformer oil-gas online monitoring, and other equipment to comprehensively sense and detect the indoor and outdoor environment and equipment status of substations, performing data analysis and fault early warning[39](index=39&type=chunk) - In the distribution network sector, the company has deployed products such as inspection robots, distribution network live-line work robots, and transformer area detection devices to monitor distribution station equipment and environment, ensuring equipment safety[45](index=45&type=chunk) [2. Smart Transportation Solutions](index=14&type=section&id=2%E3%80%81%E6%99%BA%E6%85%A7%E4%BA%A4%E9%80%9A%E8%A7%A3%E5%86%B3%E6%96%B9%E6%A1%88) The company offers smart transportation solutions for rail transit, covering line, vehicle, and power supply O&M, utilizing advanced robotics and detection systems for high-precision, automated inspections and enhanced safety - The company's smart transportation solutions, based on rail transit O&M needs, include line O&M solutions, vehicle O&M solutions, and power supply O&M solutions[48](index=48&type=chunk) - For rail transit line operation scenarios, the company develops equipment such as rail transit line inspection robots, dual-rail ultrasonic rail flaw detectors, and comprehensive rail transit inspection robots, achieving high-precision, automated detection through human-machine collaboration[50](index=50&type=chunk) - The company's vehicle solutions use mobile train undercarriage inspection robots and fixed 360° dynamic image intelligent detection systems to perform multi-sensor, high-precision detection of vehicle fault defects[52](index=52&type=chunk) - For rail transit power supply scenarios, the company has successfully migrated its mature inspection robot products and monitoring equipment from the power sector and developed rigid catenary detection robots to ensure the safety of rail transit power systems[54](index=54&type=chunk) [3. Smart Environmental Protection Solutions](index=16&type=section&id=3%E3%80%81%E6%99%BA%E6%85%A7%E7%8E%AF%E4%BF%9D%E8%A7%A3%E5%86%B3%E6%96%B9%E6%A1%88) The company provides smart environmental protection solutions, including O&M inspection and operation robots and an environmental O&M platform, to transition from manual to data-intelligent driven operations, enhancing efficiency and compliance - Based on ecological environment business scenario demands, the company integrates optical, electrical, and acoustic monitoring methods through multi-sensor fusion technology to develop O&M inspection robots, O&M operation robots, and an environmental O&M platform, promoting the transformation of O&M models from 'traditional manual operation' to 'data-intelligent driven'[57](index=57&type=chunk)[59](index=59&type=chunk) - The company's environmental O&M operation robots operate in ecological environment stations, capable of autonomous O&M inspection, autonomous O&M supervision, and assisting or replacing manual tasks such as automatic reagent replacement and automatic electrode cleaning[60](index=60&type=chunk) [4. Energy Storage](index=17&type=section&id=4%E3%80%81%E5%82%A8%E8%83%BD) The company is actively developing energy storage solutions for diverse scenarios, including residential, commercial, industrial, and grid-side applications, while exploring virtual power plant technology to support national dual carbon goals - Aligning with industry trends, the company actively develops energy storage businesses, covering diverse scenarios such as residential, commercial, industrial, and grid-side energy storage, committed to providing customers with full lifecycle solutions from scheme design and system integration to operation and maintenance management[63](index=63&type=chunk) - The company is accelerating its exploration of virtual power plant technology, aggregating distributed energy resources to participate in grid dispatch, enhancing grid safety and stability, and contributing to the nation's construction of a new energy system and achievement of dual carbon goals[63](index=63&type=chunk) [(II) Business Model](index=18&type=section&id=%28%E4%BA%8C%29%20%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's business model integrates sales-driven procurement, flexible make-to-order production with strategic stocking, and a marketing approach primarily through public bidding, supplemented by direct sales for new businesses - The company's materials center formulates procurement plans based on sales orders and the needs of R&D and production departments, adopting a combined model of customized procurement, outsourced processing, and general standard parts procurement, with rolling strategic stocking for key and regular materials[65](index=65&type=chunk) - The company primarily operates on a make-to-order production model; depending on business scale and market demand, the company also undertakes strategic stocking to shorten delivery times. The manufacturing center is mainly responsible for product assembly and testing, adopting a flexible production model[66](index=66&type=chunk) - The company's main customers include power grids and their subsidiaries, rail transit industry clients, government, and other state-owned enterprises, primarily obtaining project orders through public bidding or competitive negotiation. For energy storage and intelligent computing businesses, in addition to public bidding and competitive negotiation, there is also a direct sales model for industry clients[67](index=67&type=chunk)[68](index=68&type=chunk) [(III) Key Performance Drivers](index=19&type=section&id=%28%E4%B8%89%29%20%E4%B8%BB%E8%A6%81%E7%9A%84%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) The company's performance is driven by national policy support, advancements in AI and robotics, expanding downstream markets, continuous R&D investment, and strategic commercialization efforts - National policies guide industry development, such as the '14th Five-Year Plan,' the Ministry of Industry and Information Technology's 'Robot+' Application Action Implementation Plan, the National Energy Administration's 'Several Opinions on Accelerating the Promotion of Energy Digitalization and Intelligence,' and the 'Artificial Intelligence+' action proposed in the 2024 Government Work Report, laying a solid foundation for the company's long-term sustainable development[69](index=69&type=chunk)[70](index=70&type=chunk) - The breakthrough development of general AI large models and rapid iteration of humanoid robot technology accelerate the evolution of embodied intelligence, driving a leapfrog improvement in robots' multi-modal perception, semantic parsing, and task planning capabilities for dynamic complex scenarios, stimulating innovation in application scenarios[71](index=71&type=chunk) - Continuous construction in downstream sectors brings a vast market, including the massive investments by State Grid and China Southern Power Grid during the '14th Five-Year Plan' period, the continuous expansion of the national railway network and urban rail transit, and the construction of a modern monitoring system in the ecological environment sector, all of which will significantly expand the application areas for intelligent robots and smart detection and control equipment[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk) - The company continuously invests in R&D, forming a platform-based core technology system, accumulating extensive experience in AI robot application scenario development, driving the continuous emergence and iteration of new technologies and products, and enhancing core competitiveness[76](index=76&type=chunk)[77](index=77&type=chunk) - The company continuously deepens the implementation of commercial applications through large-scale demonstration applications in the domestic market, deepening technical and market cooperation with partners, and establishing subsidiaries in Singapore, Fuzhou, and Xi'an to expand into international markets[78](index=78&type=chunk) [(IV) Overview of Operations During the Reporting Period](index=21&type=section&id=%28%E5%9B%9B%29%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E6%A6%82%E8%BF%B0) The company expanded into industrial health with AI robots and new energy storage, achieving **91.79% revenue growth** but facing profit pressure from high expenses, while strengthening accounts receivable management and strategic partnerships - The company focuses on industrial health, adopting an 'AI robot + industry application' model to provide industry and users with 'one-stop' comprehensive solutions from terminals to equipment and system levels, and actively exploring application scenarios including ecological environment, underwater and high-end equipment, emergency response, and new energy[79](index=79&type=chunk) - In the first half of 2025, the company's energy storage business achieved initial results, beginning to have a positive impact on operating revenue, but the overall gross profit margin was low, and its contribution to profit was relatively limited[79](index=79&type=chunk) Operating Performance in H1 2025 | Indicator | Amount (RMB 10,000) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 7,017.62 | 91.79% | | Total Profit | -7,014.85 | 16.78% | | Net Profit Attributable to Shareholders of Listed Company | -7,149.95 | -3.24% | - The company achieved accounts receivable collection of **RMB 244.97 million**, accounting for **50.43%** of the accounts receivable scale at the end of the previous year, with a **10.61%** year-on-year increase in collection amount compared to the same period last year[80](index=80&type=chunk) - The 'Provincial Intelligent O&M Robot Key Laboratory,' led by the company in collaboration with Zhejiang University and Zhejiang Huadian Electrical Material Testing Research Institute Co., Ltd., was approved and recognized by the Zhejiang Provincial Department of Science and Technology[80](index=80&type=chunk) - The company signed a strategic cooperation agreement with Hangzhou Yunshenchu Technology Co., Ltd. to jointly promote the widespread application of intelligent solutions in diverse fields; it also reached a strategic cooperation with Chongqing Traffic Investment Group Rail Transit Operation Company to conduct in-depth cooperation in the professional field of rail transit[80](index=80&type=chunk)[81](index=81&type=chunk) [II. Analysis of Core Competencies](index=22&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies are rooted in its robust technology R&D, innovative and stable products, efficient marketing and service network, strong brand reputation, and a highly professional talent pool [(I) Technology R&D Advantages](index=22&type=section&id=%28%E4%B8%80%29%20%E6%8A%80%E6%9C%AF%E7%A0%94%E5%8F%91%E4%BC%98%E5%8A%BF) The company possesses a mature, comprehensive, and independently developed core technology system, supported by an integrated R&D team and strategic collaborations with academic and research institutions - The company has formed a relatively mature and complete independent intellectual property and core technology system, possessing an R&D team that integrates technology and industry experience, forming an R&D system that combines cutting-edge general research with scenario-specific application research, and self-development with industry-university-research collaboration[82](index=82&type=chunk) - The company has accumulated key core technologies in intelligent sensor perception, robot motion control, AI-based optical-thermal-acoustic multi-dimensional high-precision detection, robot safe flexible control, and massive heterogeneous big data analysis[82](index=82&type=chunk) - The company has established provincial-level key scientific research platforms such as the Provincial Intelligent O&M Robot Key Laboratory, Zhejiang Provincial Key Enterprise Research Institute for Rail Transit Intelligent O&M Technology and Equipment, and Zhejiang Provincial Key Academician Workstation, and has formed joint R&D centers with Zhejiang University, Zhijiang Lab, Singapore Polytechnic, and others[83](index=83&type=chunk) [(II) Product Advantages](index=22&type=section&id=%28%E4%BA%8C%29%20%E4%BA%A7%E5%93%81%E4%BC%98%E5%8A%BF) The company excels in product innovation, with new products achieving industry breakthroughs and a comprehensive "sea, land, air, tunnel" spatial layout, ensuring stable performance even in harsh environments - Some of the company's new products have achieved breakthroughs 'from scratch' in their respective industry fields, with the switchgear operation robot and rail transit line inspection robot products being recognized as Zhejiang Province's first (set) products[84](index=84&type=chunk) - Focusing on industrial health, the company adopts an 'AI robot + industry application' model, having formed a horizontal 'sea, land, air, tunnel' three-dimensional spatial layout and a vertical matrix development pattern of commercial applications in industries such as 'power, rail transit, ecological environment, and marine'[84](index=84&type=chunk) - The substation intelligent inspection robot developed by the company's team has been widely applied in scenarios such as substations, converter stations, railway traction substations, and power plant booster stations, with product performance and stability nearing perfection, and a comprehensive, executable product R&D, supply chain management, and quality management system established[85](index=85&type=chunk) [(III) Marketing and Service Advantages](index=23&type=section&id=%28%E4%B8%89%29%20%E8%90%A5%E9%94%80%E5%92%8C%E6%9C%8D%E5%8A%A1%E4%BC%98%E5%8A%BF) The company maintains a strong marketing and service advantage through an efficient, integrated team and a project manager responsibility system, enabling rapid response to customer needs and market opportunities - The company has established an efficient team comprising marketing, product, and service professionals, providing customers with comprehensive pre-sales, in-sales, and after-sales services[86](index=86&type=chunk) - Through a project manager responsibility system, the company comprehensively and continuously tracks customer needs, promotes project implementation, responds to customer feedback, closes the loop on customer suggestions, and maintains customer relationships[86](index=86&type=chunk) - The company's frontline personnel regularly visit the forefront of various industries, accurately grasping industry and customer pain points and real needs, and on this basis, quickly organize R&D, product, and marketing departments to conduct product demand research, product design, and research and development work, shortening product R&D cycles and rapidly seizing market opportunities[86](index=86&type=chunk) [(IV) Brand Advantages](index=23&type=section&id=%28%E5%9B%9B%29%20%E5%93%81%E7%89%8C%E4%BC%98%E5%8A%BF) The company has cultivated a strong brand image in detection and fault diagnosis through market development, innovation, and professional services, earning industry recognition and maintaining stable client relationships - The company has established a brand image in the field of detection and fault diagnosis, gaining recognition from industry customers[87](index=87&type=chunk) - In 2023, the company's substation wheeled inspection robot won the first prize in the key information technology track of the Ministry of Industry and Information Technology's First Energy Electronics Industry Innovation Competition, while the transmission line robot and tracked inspection robot won second prizes[87](index=87&type=chunk) - In January 2024, the company successfully entered the top ten teams in State Grid's annual verification competition for substation intelligent inspection image algorithms, ranking third overall and among the top ten in all four key tracks[87](index=87&type=chunk) - The company has maintained stable cooperative relationships with major customers for many years and actively promotes the establishment of domestic intelligent robot technical standard systems[88](index=88&type=chunk) [(V) Talent Advantages](index=23&type=section&id=%28%E4%BA%94%29%20%E4%BA%BA%E6%89%8D%E4%BC%98%E5%8A%BF) The company prioritizes talent development, fostering a highly skilled and experienced workforce capable of industrializing research, and continuously invests in talent reserve and management rejuvenation for long-term growth - The company has cultivated a highly professional and experienced talent team capable of rapidly industrializing research achievements, serving as the cornerstone for the company's continuous technological and product innovation[89](index=89&type=chunk) - The company continuously emphasizes talent reserve and incubation, vigorously promoting the rejuvenation of its management team, and gradually building a high-quality talent echelon in technology, marketing, and management to achieve the company's long-term development[90](index=90&type=chunk) [III. Analysis of Principal Business](index=24&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue increased by **91.79%** due to new energy storage sales, but net profit decreased by **3.24%** and operating cash flow fell by **122.87%**, impacted by higher financial expenses and reduced R&D investment Year-on-Year Changes in Key Financial Data | Item | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 70,176,167.07 | 36,590,845.66 | 91.79% | Primarily due to new energy storage product sales and increased sales volume | | Net Profit Attributable to Shareholders of Listed Company | -71,499,488.43 | -69,257,958.05 | -3.24% | | | Financial Expenses | 23,262,092.07 | 9,502,287.40 | 144.81% | Primarily due to increased interest expenses from subsequent measurement of convertible bonds in the current period | | R&D Investment | 34,516,706.63 | 52,749,970.24 | -34.57% | Primarily due to reduced R&D projects and personnel | | Net Cash Flow from Operating Activities | -16,435,017.19 | 71,854,148.95 | -122.87% | Primarily due to a significant decrease in cash received from sales of goods and provision of services, and a significant increase in cash paid for purchases of goods and acceptance of services | Products or Services Accounting for Over 10% | Item | Operating Revenue | Operating Cost | Gross Profit Margin | YoY Change in Operating Revenue | | :--- | :--- | :--- | :--- | :--- | | Intelligent Robots | 4,346,992.78 | 3,657,484.11 | 15.86% | -64.51% | | Intelligent Monitoring, Detection, and Control Equipment | 20,457,516.37 | 19,593,232.78 | 4.22% | -2.53% | | Energy Storage | 36,714,866.36 | 32,594,316.92 | 11.22% | New Business | | General Equipment Manufacturing (C34) | 70,176,167.07 | 63,212,145.17 | 9.92% | 91.79% | | Within Zhejiang Province | 16,539,592.29 | 13,680,394.64 | 17.29% | 105.08% | | Outside Zhejiang Province | 53,636,574.78 | 49,531,750.53 | 7.65% | 88.03% | | Direct Sales | 33,461,300.70 | 30,617,828.25 | 8.50% | -8.55% | | Distribution | 36,714,866.36 | 32,594,316.92 | 11.22% | New Business | [IV. Analysis of Non-Principal Business](index=25&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-principal businesses, including investment income from wealth management, asset impairment reversals, and government subsidies, impacted total profit but are mostly non-sustainable Non-Principal Business Items and Amounts | Item | Amount (RMB) | Proportion of Total Profit | Explanation of Formation Reason | Is it Sustainable | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 548,530.63 | -0.78% | Primarily due to income from the company's purchase of wealth management products and associates accounted for using the equity method | No | | Asset Impairment | 34,378,619.06 | -49.01% | Primarily due to the recovery of accounts receivable and contract assets, and the reversal of impairment provisions made | No | | Non-Operating Income | 116,874.25 | -0.17% | Primarily due to the write-off of accounts payable that do not need to be paid | No | | Non-Operating Expenses | 1,800,297.62 | -2.57% | Primarily due to early lease termination penalties | No | | Other Income | 14,063,578.51 | -20.05% | Primarily due to receipt of government subsidies | VAT immediate refund income-related government subsidies are sustainable, while other government subsidies related to the company's daily activities are not sustainable | [V. Analysis of Assets and Liabilities](index=25&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets and net assets attributable to shareholders decreased, with significant shifts in asset composition due to wealth management product purchases and an increase in contract liabilities; RMB 19,000 of monetary funds were restricted [1. Significant Changes in Asset Composition](index=25&type=section&id=1%E3%80%81%E8%B5%84%E4%BA%A7%E6%9E%84%E6%88%90%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Monetary funds decreased by **12.70%** due to investments in wealth management products and large-denomination certificates of deposit, which led to a corresponding increase in transactional and other non-current financial assets Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Proportion of Total Assets | Amount at End of Prior Year (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 151,190,281.73 | 9.04% | 377,124,684.13 | 21.74% | -12.70% | Primarily due to the purchase of wealth management products and large-denomination negotiable certificates of deposit that had not yet matured in the current period | | Inventories | 198,024,003.16 | 11.84% | 122,075,302.41 | 7.04% | 4.80% | No significant change | | Contract Liabilities | 35,317,334.49 | 2.11% | 8,180,213.60 | 0.47% | 1.64% | No significant change | | Transactional Financial Assets | 100,000,000.00 | 5.98% | 4,000,000.00 | 0.23% | 5.75% | Primarily due to the purchase of wealth management products that had not yet matured in the current period | | Other Non-Current Financial Assets | 122,778,986.30 | 7.34% | 60,826,986.30 | 3.51% | 3.83% | Primarily due to the purchase of large-denomination negotiable certificates of deposit that had not yet matured in the current period | [2. Major Overseas Assets](index=26&type=section&id=2%E3%80%81%E4%B8%BB%E8%A6%81%E5%A2%83%E5%A4%96%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) The company had no major overseas assets requiring disclosure during the reporting period - The company had no major overseas assets during the reporting period[100](index=100&type=chunk) [3. Assets and Liabilities Measured at Fair Value](index=26&type=section&id=3%E3%80%81%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E8%B5%84%E4%BA%A7%E5%92%8C%E8%B4%9F%E5%80%BA) Financial assets measured at fair value totaled **RMB 255.56 million**, comprising transactional financial assets, other non-current financial assets, and accounts receivable financing Assets and Liabilities Measured at Fair Value | Item | Amount at Period End (RMB) | | :--- | :--- | | Transactional Financial Assets (excluding derivative financial assets) | 100,000,000.00 | | Other Non-Current Financial Assets | 122,778,986.30 | | Accounts Receivable Financing | 32,784,236.85 | | Total of the above | 255,563,223.15 | [4. Asset Restrictions as of the End of the Reporting Period](index=27&type=section&id=4%E3%80%81%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%9A%84%E8%B5%84%E4%BA%A7%E6%9D%83%E5%88%A9%E5%8F%97%E9%99%90%E6%83%85%E5%86%B5) As of the reporting period end, total restricted assets were **RMB 19,000.00**, entirely monetary funds held as ETC guarantee deposits Asset Restrictions | Item | Book Value at Period End (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 19,000.00 | ETC Guarantee Deposit | | Total | 19,000.00 | | [VI. Analysis of Investment Status](index=28&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's investment decreased by **7.25%** year-on-year, with **RMB 256 million** in fair value financial assets, while a key raised fund project lagged, and **RMB 100 million** in entrusted wealth management remained outstanding [1. Overall Situation](index=28&type=section&id=1%E3%80%81%E6%80%BB%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company's investment amounted to **RMB 22,314,917.63**, a decrease of **7.25%** compared to the same period last year Investment Amount During Reporting Period | Investment Amount in Current Reporting Period (RMB) | Investment Amount in Prior Year Period (RMB) | Change Rate | | :--- | :--- | :--- | | 22,314,917.63 | 24,057,991.80 | -7.25% | [2. Significant Equity Investments Acquired During the Reporting Period](index=28&type=section&id=2%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%8E%B7%E5%8F%96%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company had no significant equity investments acquired during the reporting period - The company had no significant equity investments acquired during the reporting period[104](index=104&type=chunk) [3. Significant Non-Equity Investments in Progress During the Reporting Period](index=28&type=section&id=3%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%AD%A3%E5%9C%A8%E8%BF%9B%E8%A1%8C%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E9%9D%9E%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company had no significant non-equity investments in progress during the reporting period - The company had no significant non-equity investments in progress during the reporting period[104](index=104&type=chunk) [4. Financial Assets Measured at Fair Value](index=28&type=section&id=4%E3%80%81%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7) At period-end, financial assets measured at fair value totaled **RMB 255.56 million**, primarily comprising transactional financial assets, other non-current financial assets, and accounts receivable financing, all funded by own capital Financial Assets Measured at Fair Value | Asset Category | Amount at Period End (RMB) | Source of Funds | | :--- | :--- | :--- | | Transactional Financial Assets | 100,000,000.00 | Own Capital | | Other Non-Current Financial Assets | 122,778,986.30 | Own Capital | | Accounts Receivable Financing | 32,784,236.85 | Own Capital | | Total | 255,563,223.15 | -- | [5. Use of Raised Funds](index=29&type=section&id=5%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company utilized **86.00%** of its **RMB 542 million** net raised funds, with the intelligent robot R&D project lagging due to external factors, while the working capital replenishment project was completed Overall Use of Raised Funds | Year of Raising | Method of Raising | Total Raised Funds (RMB 10,000) | Net Raised Funds (RMB 10,000) | Total Cumulatively Used Raised Funds (RMB 10,000) | Utilization Rate of Raised Funds at End of Reporting Period | | :--- | :--- | :--- | :--- | :--- | :--- | | 2022 | Convertible Corporate Bonds | 55,000 | 54,204.22 | 46,613.56 | 86.00% | - On December 9, 2024, the company approved the 'Proposal on Permanently Supplementing Working Capital with Remaining Funds from Certain Raised Fund Investment Projects.' As of January 20, 2025, the actual remaining raised funds of **RMB 91.1187 million** in the special account for this project were fully transferred to the general account and the account was closed on April 10, 2025[107](index=107&type=chunk)[109](index=109&type=chunk) Status of Committed Projects Funded by Raised Funds | Committed Investment Project | Total Committed Investment (RMB 10,000) | Cumulative Investment Amount as of Period End (RMB 10,000) | Investment Progress as of Period End | Achieved Anticipated Benefits | | :--- | :--- | :--- | :--- | :--- | | Yuzhengongchu [2020] No. 20 Plot New Intelligent Robot R&D and Industrialization Base Construction Project | 38,867.01 | 30,480.57 | 78.42% | No | | Replenishment of Working Capital | 16,132.99 | 16,132.99 | 100.00% | Not Applicable | - The 'Yuzhengongchu [2020] No. 20 Plot New Intelligent Robot R&D and Industrialization Base Construction Project' did not meet the planned progress and anticipated benefits, primarily due to constraints from domestic and international environmental factors and customized equipment requirements, leading to a slowdown in project progress[111](index=111&type=chunk) [6. Entrusted Wealth Management, Derivative Investments, and Entrusted Loans](index=33&type=section&id=6%E3%80%81%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2%E3%80%81%E8%A1%8D%E7%94%9F%E5%93%81%E6%8A%95%E8%B5%84%E5%92%8C%E5%A7%94%E6%89%98%E8%B4%B7%E6%AC%BE%E6%83%85%E5%86%B5) The company engaged in **RMB 180 million** in entrusted bank wealth management, with **RMB 100 million** outstanding at period-end, and had no derivative investments or entrusted loans Overview of Entrusted Wealth Management During the Reporting Period | Specific Type | Source of Funds for Entrusted Wealth Management | Amount of Entrusted Wealth Management Transactions (RMB 10,000) | Outstanding Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Capital | 18,000 | 10,000 | | Total | | 18,000 | 10,000 | - The company had no derivative investments during the reporting period[115](index=115&type=chunk) - The company had no entrusted loans during the reporting period[116](index=116&type=chunk) [VII. Significant Asset and Equity Disposals](index=34&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not undertake any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[117](index=117&type=chunk) - The company did not dispose of significant equity during the reporting period[118](index=118&type=chunk) [VIII. Analysis of Major Controlled and Invested Companies](index=34&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company established Lanzhou Shenyun Intelligent Technology Co., Ltd. and deregistered three branches, with no significant impact on overall operations or performance Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition and Disposal of Subsidiaries During Reporting Period | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | Lanzhou Shenyun Intelligent Technology Co., Ltd. | Newly Established | No significant impact | | Hangzhou Shenhao Technology Co., Ltd. Sales Branch | Deregistered | No significant impact | | Hangzhou Shenhao Technology Co., Ltd. Shenzhen Branch | Deregistered | No significant impact | | Hangzhou Shenhao Energy Storage Technology Co., Ltd. Huainan Branch | Deregistered | No significant impact | [IX. Structured Entities Controlled by the Company](index=34&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company had no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[119](index=119&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=34&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company addresses risks from technological updates, market competition, large accounts receivable, and diversified business expansion through continuous innovation, enhanced collection, and strategic resource allocation [(I) Risks of Technological Updates and Intensified Market Competition, and Countermeasures](index=34&type=section&id=%28%E4%B8%80%29%20%E6%8A%80%E6%9C%AF%E6%9B%B4%E6%96%B0%E3%80%81%E5%B8%82%E5%9C%BA%E7%AB%9E%E4%BA%89%E5%8A%A0%E5%89%A7%E7%9A%84%E9%A3%8E%E9%99%A9%E5%8F%8A%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from rapid technological iteration and intensified market competition, which it plans to mitigate by strengthening technological innovation, enhancing product intelligence, and expanding AI applications to maintain market leadership - Risk: The robotics industry is experiencing accelerated technological iteration, with disruptive technologies such as new high-precision sensing technology, AI algorithms, and multi-modal large models continuously emerging, and broad market prospects may attract new manufacturers, leading to increasingly fierce industry market competition[119](index=119&type=chunk) - Countermeasures: The company will continuously strengthen technological innovation, persistently enhance product functionality and intelligence, consolidate its leading position in advantageous industries within segmented markets, and actively expand the industry application of artificial intelligence technology to build a diversified and sustainable industrial landscape[120](index=120&type=chunk) [(II) Risks of Large Accounts Receivable Balance and Countermeasures](index=35&type=section&id=%28%E4%BA%8C%29%20%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE%E4%BD%99%E9%A2%9D%E8%BE%83%E5%A4%A7%E7%9A%84%E9%A3%8E%E9%99%A9%E5%8F%8A%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) With net accounts receivable at **RMB 275.31 million** (31.19% of current assets), the company faces cash flow risks if collections are delayed, and will strengthen monitoring and integrate collection targets into sales performance - Risk: As of June 30, 2025, the company's net accounts receivable amounted to **RMB 275.3149 million**, accounting for **31.19%** of current assets at period-end; failure to collect in a timely manner will adversely affect the company's asset structure, solvency, and cash flow[121](index=121&type=chunk) - Countermeasures: The company will continuously monitor accounts receivable collection, strengthen collection efforts, and incorporate accounts receivable collection tasks into the sales department's key performance indicators to ensure timely collection[121](index=121&type=chunk) [(III) Operational Risks from Diversified Business Expansion and Countermeasures](index=35&type=section&id=%28%E4%B8%89%29%20%E5%A4%9A%E5%85%83%E5%8C%96%E4%B8%9A%E5%8A%A1%E6%8B%93%E5%B1%95%E5%B8%A6%E6%9D%A5%E7%9A%84%E7%BB%8F%E8%90%A5%E9%A3%8E%E9%99%A9%E5%8F%8A%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) Diversified business expansion into new sectors like energy storage and intelligent computing poses risks of long development cycles and unmet market expectations, which the company addresses by focusing on core technology, talent, and market validation - Risk: Diversified business expansion (rail transit, ecological environment, oil and gas chemical, policing, energy storage, intelligent computing, etc.) may lead to significant technological spans, making it difficult to achieve breakthroughs in key technologies in a short period, thereby extending product development cycles, affecting application results, and consequently leading to customer and market expansion falling short of expectations, adversely impacting the company's performance[122](index=122&type=chunk) - Countermeasures: In R&D, focus on core technology development and concentrate advantageous R&D resources for key breakthroughs; in talent, attract top industry talent and conduct multi-faceted internal training; in market, strive to reduce operational risks from diversified business expansion through in-depth market research and product validation, and continuous improvement of team capabilities and professional qualities[122](index=122&type=chunk) [XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=35&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) The company hosted four investor relations activities, including on-site and online sessions, discussing operational status, product development, and strategic plans with institutional investors - On February 14, 2025, the company hosted on-site research by institutions including Huachuang Securities, Xishirun Investment, and China Asset Management, discussing operational status, product performance, and business layout[123](index=123&type=chunk) - On February 28, 2025, the company hosted on-site research/online platform communication with institutions including Changjiang Securities, HSBC Jintrust, and Fidelity Management & Research, discussing R&D progress, product planning, and performance[124](index=124&type=chunk) - On May 16, 2025, the company hosted on-site research by institutions including Gaoshang Asset, Zheshang Securities, and Eastmoney Securities, discussing operational status and development plans[124](index=124&type=chunk) - On the same day, the company used an online platform for communication to introduce its operational status, business expansion, and development strategy to investors participating in the 2024 Annual and 2025 Q1 online performance briefing[124](index=124&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=36&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company has not formulated a market value management system[125](index=125&type=chunk) - The company has not disclosed a valuation enhancement plan[125](index=125&type=chunk) [XIII. Implementation of 'Quality and Return Dual Enhancement' Action Plan](index=36&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose an announcement regarding the 'Quality and Return Dual Enhancement' action plan during the reporting period - The company has not disclosed an announcement regarding the 'Quality and Return Dual Enhancement' action plan[125](index=125&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=37&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) There were no changes in the company's directors, supervisors, and senior management during the reporting period - There were no changes in the company's directors, supervisors, and senior management during the reporting period, details can be found in the 2024 annual report[127](index=127&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=37&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no cash dividends, bonus shares, or capital reserve conversions to 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[128](index=128&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=37&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company's 2022 Restricted Stock Incentive Plan saw initial and reserved grants, but some shares expired or were cancelled due to unfulfilled performance or employee departures; no other employee incentive plans were in place - On May 30, 2022, the company initially granted **1.23 million** Class II restricted shares to 32 incentive recipients, and on April 26, 2023, reservedly granted **290,000** Class II restricted shares to 3 incentive recipients[131](index=131&type=chunk)[132](index=132&type=chunk) - Due to incentive recipients not meeting the company's performance assessment requirements and the departure of some incentive recipients, **411,000** shares, **608,000** shares, and **501,000** shares of restricted stock expired in 2022, 2023, and 2024, respectively[145](index=145&type=chunk) - On April 27, 2025, the company's board of directors approved the cancellation of a total of **469,000** granted but unvested restricted shares[134](index=134&type=chunk) - The company had no employee stock ownership plans or other employee incentive measures during the reporting period[136](index=136&type=chunk) [IV. Environmental Information Disclosure](index=39&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its major subsidiaries were not required to disclose environmental information by law - The listed company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law[136](index=136&type=chunk) [V. Social Responsibility](index=39&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company upholds social responsibility by protecting shareholder and creditor rights, ensuring labor rights, and fostering win-win relationships with suppliers, customers, and consumers through ethical practices and quality service - The company strictly adheres to laws and regulations such as the 'Company Law' and 'Securities Law' to ensure the realization of shareholders' rights to information, participation, and dividends, actively implements cash dividend policies through share repurchases, and ensures shareholder investment returns[136](index=136&type=chunk) - The company strictly complies with relevant laws and regulations such as the 'Labor Law of the People's Republic of China,' has established a relatively comprehensive employment management system, and attracts and retains talent through internal training, knowledge sharing, incentives, and welfare benefits[137](index=137&type=chunk) - Adhering to the corporate culture of 'sharing benefits,' the company aims for win-win cooperation with upstream suppliers and downstream customers, adheres to the transaction principles of 'honesty, trustworthiness, mutual benefit, and legal compliance,' and continuously provides customers with safe, reliable products and quality services[138](index=138&type=chunk) Section V Significant Matters [I. Fulfilled and Overdue Unfulfilled Commitments by Actual Controllers, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=40&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, there were no fulfilled or overdue unfulfilled commitments by the company's actual controllers, shareholders, related parties, acquirers, or the company itself - During the reporting period, there were no fulfilled or overdue unfulfilled commitments by the company's actual controllers, shareholders, related parties, acquirers, or the company itself as of the end of the reporting period[140](index=140&type=chunk) [II. Non-Operating Occupation of Funds by Controlling Shareholders and Other Related Parties of the Listed Company](index=40&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties of the listed company - During the reporting period, there was no non-operating occupation of funds by controlling shareholders and other related parties of the listed company[141](index=141&type=chunk) [III. Irregular External Guarantees](index=40&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[142](index=142&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=40&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[143](index=143&type=chunk) [V. Explanations by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's 'Non-Standard Audit Report' for the Current Reporting Period](index=40&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E3%80%81%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no non-standard audit report during the reporting period, thus no explanations are required from the board, supervisory board, or audit committee - The company had no non-standard audit report during the reporting period[144](index=144&type=chunk) [VI. Explanations by the Board of Directors on the 'Non-Standard Audit Report' for the Previous Year](index=40&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no explanations regarding the previous year's non-standard audit report during the reporting period - The company had no explanations regarding the previous year's non-standard audit report during the reporting period[144](index=144&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=40&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[144](index=144&type=chunk) [VIII. Litigation Matters](index=40&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no significant litigation or arbitration, with other minor cases as both plaintiff and defendant, none resulting in estimated liabilities or major impact - The company had no significant litigation or arbitration matters during the current reporting period[145](index=145&type=chunk) Other Litigation Matters | Basic Information on Litigation (Arbitration) | Amount Involved (RMB 10,000) | Resulted in Estimated Liabilities | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Summary of other litigation (arbitration) where the company/subsidiaries were plaintiffs, not meeting the disclosure threshold for significant litigation | 1,678.12 | No | Partially adjudicated; partially pending | No significant impact | | Summary of other litigation (arbitration) where the company/subsidiaries were defendants, not meeting the disclosure threshold for significant litigation | 86.29 | No | Partially adjudicated; partially pending | No significant impact | [IX. Penalties and Rectification](index=41&type=section&id=%E4%B9%9D%E3%80%81%E5%88%9A%E4%B9%8F%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[147](index=147&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers](index=41&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company had no issues regarding the integrity status of itself, its controlling shareholders, or actual controllers during the reporting period - The company had no issues regarding the integrity status of itself, its controlling shareholders, or actual controllers during the reporting period[148](index=148&type=chunk) [XI. Significant Related Party Transactions](index=41&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company had no significant related party transactions, including those related to daily operations, asset/equity acquisitions/disposals, joint investments, or financial dealings with affiliated companies, during the reporting period - The company had no related party transactions related to daily operations during the reporting period[148](index=148&type=chunk) - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[149](index=149&type=chunk) - The company had no related party receivables and payables during the reporting period[151](index=151&type=chunk) - There were no deposits, loans, credit lines, or other financial business between the company and affiliated financial companies, or between the company's controlled financial company and related parties[152](index=152&type=chunk)[153](index=153&type=chunk) - The company had no other significant related party transactions during the reporting period[154](index=154&type=chunk) [XII. Significant Contracts and Their Performance](index=42&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had no entrustment or contracting, and minor leasing activities; total subsidiary guarantee limit was **RMB 96.36 million**, with an actual balance of **RMB 0.7664 million** (0.10% of net assets), including **RMB 5.36 million** for a high-leverage subsidiary [1. Entrustment, Contracting, and Leasing Matters](index=42&type=section&id=1%E3%80%81%E6%89%98%E7%AE%A1%E3%80%81%E6%89%BF%E5%8C%85%E3%80%81%E7%A7%9F%E8%B5%81%E4%BA%8B%E9%A1%B9%E6%83%85%E5%86%B5) The company had no entrustment or contracting situations during the reporting period, and its leasing activities for operational needs were not significant - The company had no entrustment situations during the reporting period[155](index=155&type=chunk) - The company had no contracting situations during the reporting period[156](index=156&type=chunk) - During the reporting period,

人民财讯8月21日电，据申昊科技消息，8月20日，申昊科技与香港理工大学杭州技术创新研究院举行框 架合作签约仪式。根据协议，双方将共同建立AI科技实验室，重点围绕大模型垂类应用与智慧化运维 等领域开展深度合作，协同推进人才培养，打造"硬件+软件"一体化解决方案。双方将重点布局轨道交 通智能运维和政务私有化部署等应用场景，全面提升国产化技术竞争力。 转自：证券时报 ...

Core Viewpoint - Shenhao Technology has signed a framework cooperation agreement with the Hong Kong Polytechnic University Hangzhou Technology Innovation Research Institute to establish an AI technology laboratory focusing on large model vertical applications and intelligent operation and maintenance [1] Group 1 - The collaboration aims to enhance talent cultivation and create an integrated "hardware + software" solution [1] - Key application areas include intelligent operation and maintenance for rail transit and privatized deployment in government affairs [1] - The partnership is expected to significantly improve the competitiveness of domestic technology [1]

"今年暑期流行进厂游玩。"在山东，游客们沿着1500米的之字型长廊，沉浸式体验东阿阿胶（000423） 的生产加工；在浙江，青少年们围观的深蓝色水箱中，申昊科技（300853）水下机器人正模拟深水环境 的作业；在江苏，南钢"工业大脑"实时展现每一座炼钢炉的冶炼数据，引人啧啧称奇…… 中国制造业已形成了世界规模最大、门类最齐全、体系最完整的发展优势。近年来，"中国制造"不断化 身风景线，汽车、食品、装备、美妆等领域纷纷涌现热门打卡地，这其中，上市公司的工业游、科技游 项目独当一面。 记者发现，上市公司的工业科技旅游项目历久弥新，近年来正向资产盘活、流量转化、ESG实践、商业 模式创新等更深层次探索价值。受访专家表示，工业科技旅游要更重视以体验需求为导向，重视交互式 呈现；同时，处理好发展与安全的关系，严守产业安全底线，保证参观秩序和生产研发秩序"两手抓"。 宝钢工业创享园负责人黄莉莉在接受证券时报记者采访时表示，宝钢股份宝山基地作为钢铁智造全流程 生产基地，拥有高炉、热轧黄金产线、黑灯工厂、历史陈列馆、哨兵动物园等大型工业设备及人文休闲 设施。创享园设计了针对不同客群的游览路线，包括红色经典游线、科普研学游线、 ...

Core Insights - The rise of industrial and technology tourism in China is significantly driven by listed companies, which are transforming manufacturing sites into popular tourist attractions [1][2][4] - Companies are increasingly focusing on deeper value exploration in industrial tourism, including asset revitalization, flow conversion, ESG practices, and innovative business models [1][4] - The trend reflects a shift in consumer interest towards interactive and experiential learning, particularly among youth, as seen in various industrial tourism projects [2][3][5] Group 1: Industrial and Technology Tourism Development - Industrial and technology tourism is becoming a new trend, with companies like Shenhui Technology and Furuida leading the way in attracting youth interest through interactive experiences [2][3] - Furuida's beauty technology museum aims to receive 100,000 visitors annually, showcasing the integration of beauty culture and scientific education [2][5] - Baosteel's industrial tourism initiatives date back to 1997, demonstrating a long-standing commitment to engaging the public with industrial heritage and innovation [4][5] Group 2: Business Model and Market Dynamics - The beauty industry is shifting its competitive focus from product ingredients to the entire industrial ecosystem, with industrial tourism serving as a key differentiator [5] - Companies are leveraging industrial tourism to enhance brand influence and customer loyalty through user-generated content and positive experiences [5][6] - The operational model for industrial tourism is evolving, with companies collaborating with educational institutions and travel agencies to maximize outreach and impact [4][6] Group 3: Challenges and Future Directions - Balancing safety and visitor experience is crucial as industrial tourism grows, necessitating careful planning and execution to maintain production integrity [6] - Companies are encouraged to innovate their operational mechanisms to overcome existing limitations in integrating tourism with industrial production [6] - The incorporation of advanced technologies like AI and the metaverse is being considered to enhance visitor engagement and experience in industrial tourism [6]

Group 1 - The company Shenhao Technology (300853) has stated that its underwater robots possess capabilities for underwater tunnel inspection and maintenance, which will be tailored to specific application scenarios and business needs [1]

（文章来源：证券日报） 证券日报网讯申昊科技8月7日在互动平台回答投资者提问时表示，公司业务招待费主要为经营管理过程 中产生的相关合理开支，同时公司已采取加强预算执行监督、经营结果导向、升级费用支出审批层级等 多项措施压降各项费用。 ...