| 非经营性资金占 | 资金占用方名称 | 占用方与上市公 | 上市公司核算的 | 2025年期初占用资金 | 2025年1-6月占用累计 | 2025年1-6月占 用资金的利息 | 2025年1-6月偿还累 | 2025年6月末往来占 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 用 | | 司的关联关系 | 会计科目 | 余额 | 发生金额（不含利息） | （如有） | 计发生金额 | 用余额 | 占用形成原因 | 占用性质 | | 控股股东、实际控 | | | | | | | | | | 非经营性占用 | | 制人及其附属企业 | | | | | | | | | | 非经营性占用 | | 小计 | - | - | - | | | | | | | - | | 前控股股东、实际 控制人及其附属企 | | | | | | | | | | 非经营性占用 | | 业 | | | | | | | | | | 非经营性占用 | | 小计 | - | - | - | | | | | | | - | | 其他关联方及 ...

股票代码：300881 股票简称：盛德鑫泰 公告编号：2025-034 4、原监事会职责由董事会审计委员会行使，在章程中原来涉及监事会及监 事行使职责的表述相应改为由审计委员会及其成员行使。 盛德鑫泰新材料股份有限公司 关于修订《公司章程》及修订、制定相关制度公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 盛德鑫泰新材料股份有限公司（以下简称"公司"）于2025年8月26日召开 的第三届董事会第十四次会议审议通过了《关于修订<公司章程>及相关制度的议 案》、《关于制定<董事离职管理制度><信息披露暂缓与豁免业务管理制度>的议 案》。现将有关情况公告如下： 一、修订《公司章程》的相关情况 为进一步完善公司治理结构，提升公司规范运作和科学决策水平，根据《中 华人民共和国公司法》以及《上市公司章程指引》等相关法律法规、规范性文件 的规定，公司对《公司章程》进行全面的梳理和修订。 主要修订涉及以下几个方面： 1、完善总则、法定代表人、股份发行等规定。进一步完善公司章程制定目 的，确定法定代表人的范围、职权、更换时限及法律责任、产生和变更办法等， 完善了面额股相关 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notice](index=2&type=section&id=Important%20Notice) The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility - 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[5](index=5&type=chunk) - Company head Zhou Wenqing, chief accountant Huang Liqin, and head of accounting department Huang Liqin declare the financial report is true, accurate, and complete[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) - Significant risks faced by the company include **customer concentration in sales**, **raw material price fluctuations**, **gross margin volatility**, **downstream industry fluctuations**, and **large amounts of accounts receivable and inventory**[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section outlines the report's structure, covering company profile, financial indicators, management discussion, governance, significant matters, share changes, bonds, and financial reports Report Chapter Overview | Chapter | Title | Starting Page | | :--- | :--- | :--- | | Part I | Important Notice, Table of Contents, and Definitions | 2 | | Part II | Company Profile and Key Financial Indicators | 6 | | Part III | Management Discussion and Analysis | 9 | | Part IV | Corporate Governance, Environment, and Society | 20 | | Part V | Significant Matters | 23 | | Part VI | Share Changes and Shareholder Information | 28 | | Part VII | Bond-Related Information | 34 | | Part VIII | Financial Report | 35 | - The list of reference documents includes financial statements signed by the legal representative and chief accountant, original audit report, original drafts of documents publicly disclosed on the CSRC-designated website, original annual report signed by the legal representative, and other relevant materials[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk)[13](index=13&type=chunk)[14](index=14&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms used in the report, including company names, subsidiaries, major customers, product types, and reporting period, ensuring clarity - Defined abbreviations for the company and its subsidiaries, such as Shengdexintai, Shengde Steel Grating, and Jiangsu Ruimei[15](index=15&type=chunk) - Explained major customer names, including Shanghai Boiler Works, Dongfang Boiler, Harbin Boiler Works, and Sinopec[15](index=15&type=chunk) - Detailed the product characteristics and applications of various alloy steel pipes and stainless steel pipes, such as T91, T92, TP347H, HR3C, and Super304H[15](index=15&type=chunk) - Clarified the reporting period as the first half of 2025, from January 1, 2025, to June 30, 2025[15](index=15&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Profile](index=6&type=section&id=Company%20Profile) Shengdexintai New Material Co., Ltd. is listed on the Shenzhen Stock Exchange under stock code 300881, with Zhou Wenqing as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Shengdexintai | | Stock Code | 300881 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Shengdexintai New Material Co., Ltd. | | Legal Representative | Zhou Wenqing | [Contact Person and Information](index=6&type=section&id=Contact%20Person%20and%20Information) The company's contact information, including addresses, phone numbers, fax, and email for the Board Secretary and Securities Affairs Representative, remains unchanged Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhou Yangyi | No. 48-1, Gongye Road, Industrial Avenue, Zouqu Town, Zhonglou District, Changzhou City, Jiangsu Province | 0519-88065009 | 0519-83632723 | webmaster@shengdechina.com | | Securities Affairs Representative | Shen Jie | No. 48-1, Gongye Road, Industrial Avenue, Zouqu Town, Zhonglou District, Changzhou City, Jiangsu Province | 0519-88065009 | 0519-83632723 | webmaster@shengdechina.com | [Other Information](index=6&type=section&id=Other%20Information) The company's registered address, office address, website, email, information disclosure, and registration status remained unchanged during the reporting period - The company's registered address, office address, postal code, website, and email remained unchanged during the reporting period[19](index=19&type=chunk) - The location for information disclosure and document storage remained unchanged during the reporting period[20](index=20&type=chunk) - The company's registration status remained unchanged during the reporting period[21](index=21&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, revenue increased by 13.20% to 1.49 billion yuan, but net profit attributable to shareholders decreased by 31.36% to 84.56 million yuan Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (yuan) | Prior Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,490,175,345.31 | 1,316,448,979.58 | 13.20% | | Net Profit Attributable to Shareholders of Listed Company | 84,562,095.82 | 123,198,401.92 | -31.36% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 84,333,629.18 | 118,882,571.68 | -29.06% | | Net Cash Flow from Operating Activities | -35,203,040.65 | -180,563,817.15 | 80.50% | | Basic Earnings Per Share (yuan/share) | 0.7717 | 1.12 | -31.10% | | Diluted Earnings Per Share (yuan/share) | 0.7717 | 1.12 | -31.10% | | Weighted Average Return on Net Assets | 7.72% | 11.29% | -3.57% | | **Period-End Indicators** | **Current Period-End (yuan)** | **Prior Year-End (yuan)** | **YoY Change at Period-End** | | Total Assets | 3,269,599,875.75 | 3,105,962,051.49 | 5.27% | | Net Assets Attributable to Shareholders of Listed Company | 1,026,251,077.61 | 1,052,904,609.24 | -2.53% | [Differences in Accounting Data Under Domestic and International Accounting Standards](index=7&type=section&id=Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20International%20Accounting%20Standards) The company reported no differences in net profit and net assets between domestic and international accounting standards during the reporting period - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[24](index=24&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[25](index=25&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's non-recurring gains and losses totaled 228,466.64 yuan in the first half of 2025, primarily from government grants and non-operating income/expenses Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Item | Amount (yuan) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -61,003.19 | | Government Grants Recognized in Current Period Profit or Loss | 490,000.00 | | Other Non-Operating Income and Expenses Apart from the Above | 180,765.50 | | Less: Income Tax Impact | 175,577.48 | | Minority Interest Impact (After Tax) | 205,718.19 | | Total | 228,466.64 | [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) [Company's Main Business Activities During the Reporting Period](index=9&type=section&id=Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company primarily manufactures seamless steel pipes for industrial energy equipment, with subsidiaries producing steel gratings and new energy vehicle components [Company's Main Business Overview](index=9&type=section&id=Company%27s%20Main%20Business%20Overview) The company's core business involves producing seamless steel pipes for power station boilers and petrochemicals, while subsidiaries focus on steel gratings and new energy vehicle parts - The company's main business is the production, R&D, and sales of various seamless steel pipes for industrial energy equipment, primarily used in power station boiler manufacturing and petrochemical industries[30](index=30&type=chunk) - The company's products include carbon steel pipes, alloy steel pipes, and stainless steel pipes, with outer diameters ranging from **16mm to 159mm**, wall thicknesses from **2mm to 16mm**, and lengths from **6m to 18m**[30](index=30&type=chunk) - Wholly-owned subsidiary Shengde Steel Grating primarily produces and sells pressure-welded steel gratings and ball-joint railings, used in power station boiler manufacturing and petrochemical industries[31](index=31&type=chunk) - Controlled subsidiary Jiangsu Ruimei primarily produces motor shafts, motor casings, and other lightweight automotive components, with customers including **BYD, Li Auto, Changan, Chery, and Geely**[31](index=31&type=chunk) [Company's Business Model](index=11&type=section&id=Company%27s%20Business%20Model) The company operates on a "production-based-on-sales, procurement-based-on-production" model, utilizing direct sales, flexible procurement, and outsourcing for capacity management - The company primarily adopts a **'production-based-on-sales, procurement-based-on-production'** business model, where the sales department communicates demand to the procurement department after successful bidding, which then formulates procurement plans, and the production department schedules production based on order urgency and equipment capacity[34](index=34&type=chunk) - Procurement model: Main raw materials are steel pipe billets and aluminum ingots, procured **'based on production'**, with procurement plans adjusted according to market price fluctuations to control costs[35](index=35&type=chunk) - Sales model: All products are sold directly, with **high customer concentration**, primarily to large power station boiler manufacturers and petrochemical enterprises, securing orders through bidding or inquiry[37](index=37&type=chunk) - Outsourcing model: When capacity is insufficient, some simple, standardized intermediate processes (e.g., piercing, cold rolling, galvanizing) are outsourced to overcome capacity bottlenecks and balance cost-effectiveness[39](index=39&type=chunk) [Industry Competitive Landscape and Company's Competitive Position](index=12&type=section&id=Industry%20Competitive%20Landscape%20and%20Company%27s%20Competitive%20Position) The company holds a strong competitive position in the mid-to-high-end seamless steel pipe market due to its technological advantages, certifications, and stable customer relationships - The low-end market for seamless steel pipes in power station boilers is highly competitive, while the mid-to-high-end market is more orderly with high entry barriers, where the company holds a **competitive advantage**[40](index=40&type=chunk) - The petrochemical industry has high safety requirements and entry barriers for seamless steel pipes; the company has been approved as a qualified supplier for major oil and petrochemical enterprises, indicating **significant market opportunities and profit margins**[40](index=40&type=chunk) - The company has been continuously recognized as a **high-tech enterprise since 2009**, holding **65 invention patents and 231 utility model patents**[41](index=41&type=chunk) - In 2022, the company was recognized by the Ministry of Industry and Information Technology as a **'Specialized, Refined, Unique, and New Little Giant Enterprise'** and a **'National Postdoctoral Research Workstation'**[42](index=42&type=chunk) [Analysis of Core Competencies](index=13&type=section&id=Analysis%20of%20Core%20Competencies) The company's core competencies lie in its strong R&D capabilities, advanced product development in high-grade alloy and stainless steel pipes, and established presence in new energy vehicle components - The company possesses an experienced, professional, and efficient technical R&D team capable of product innovation and optimizing product structure based on customer needs and market trends[43](index=43&type=chunk) - The company has developed new products such as ASME SA-213T series small-diameter alloy seamless steel pipes, full-series optimized internally threaded seamless steel pipes, T91/T92 alloy steel pipes, and TP347H/TP347HFG high-performance stainless steel seamless steel pipes, with technical performance indicators reaching the level of similar foreign products[44](index=44&type=chunk) - The company's developed **S30432 high-grade stainless steel small-diameter seamless steel pipes** and **TP310HCbN small-diameter pipes** have passed type tests and comprehensive performance evaluations, reaching **internationally leading levels** and capable of import substitution[44](index=44&type=chunk) - The company, in collaboration with Xi'an Thermal Power Research Institute, is jointly developing a new nickel-iron-based **HT700 high-temperature alloy** for 700℃ advanced ultra-supercritical unit final stage superheaters, which has entered the **small-batch trial production stage**[45](index=45&type=chunk) - The manganese-nitrogen austenitic alloy material jointly developed by the company and its partners has entered the small-batch production and promotion stage, with potential for mass market entry, featuring **high strength, good impact toughness, low-temperature resistance, and good biocompatibility**, superior corrosion resistance to titanium alloys, significant cost advantages, and the ability to achieve import substitution[45](index=45&type=chunk) - Subsidiary Jiangsu Ruimei possesses a casting production line for new energy vehicle components with a **pass rate exceeding 95%**, higher than the industry average, and has established three companies and two business units for lightweight and electric drive production and R&D, with **extensive customer resources**[46](index=46&type=chunk) [Analysis of Main Business](index=14&type=section&id=Analysis%20of%20Main%20Business) In the first half of 2025, revenue grew by 13.20% due to increased orders, but net profit declined by 31.36%, while operating cash flow significantly improved Year-on-Year Changes in Key Financial Data | Indicator | Current Period (yuan) | Prior Period (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,490,175,345.31 | 1,316,448,979.58 | 13.20% | Primarily due to increased orders in the current period | | Operating Cost | 1,250,624,616.30 | 1,084,016,123.30 | 15.37% | Primarily due to increased orders in the current period | | Net Cash Flow from Operating Activities | -35,203,040.65 | -180,563,817.15 | 80.50% | Primarily due to decreased cash payments for purchases in the current period | | Net Cash Flow from Investing Activities | -105,684,903.45 | -68,861,844.83 | -53.47% | Primarily due to increased cash payments for fixed asset purchases in the current period | | Net Cash Flow from Financing Activities | -45,529,802.07 | 282,570,540.50 | -116.11% | Primarily due to increased debt repayment and dividend distribution in the current period | | Net Increase in Cash and Cash Equivalents | -186,097,607.78 | 33,138,399.27 | -661.58% | Resulting from the above reasons | Products or Services Accounting for Over 10% of Revenue | By Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Alloy Steel Pipes | 678,572,406.37 | 605,909,118.03 | 10.71% | 23.02% | 23.85% | -0.60% | | Stainless Steel Pipes | 437,878,262.79 | 342,605,881.85 | 21.76% | -1.07% | 7.86% | -6.48% | [Analysis of Non-Main Business](index=14&type=section&id=Analysis%20of%20Non-Main%20Business) Non-main business significantly impacted profit, primarily due to asset impairment losses from goodwill and credit impairment losses from accounts receivable, partially offset by government subsidies Impact of Non-Main Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Explanation of Significant Change | Significant Impact on Profit | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -1,429,724.95 | -1.40% | Adjustment for bill discounting | Yes | | Asset Impairment | -23,152,046.04 | -22.74% | Primarily due to goodwill impairment provision | No | | Non-Operating Income | 347,488.06 | 0.34% | Primarily due to compensation and confiscated income | No | | Non-Operating Expenses | 784,706.09 | 0.77% | Primarily due to fixed asset disposal losses | No | | Other Income | 7,726,429.81 | 7.59% | Primarily due to VAT super deduction for advanced manufacturing | Yes | | Credit Impairment Losses | -13,349,277.24 | -13.11% | Primarily due to bad debt provision for accounts receivable | Yes | | Gains from Asset Disposal | 557,030.34 | 0.55% | Gains from fixed asset disposal | No | [Analysis of Assets and Liabilities](index=15&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) Total assets increased by 5.27% to 3.27 billion yuan, with a notable rise in accounts receivable and shifts in debt structure, alongside significant asset restrictions [Significant Changes in Asset Composition](index=15&type=section&id=Significant%20Changes%20in%20Asset%20Composition) Monetary funds decreased due to fixed asset purchases and debt repayment, while accounts receivable and long-term borrowings increased, reflecting operational and financing shifts Changes in Asset and Liability Composition | Item | Current Period-End Amount (yuan) | Proportion of Total Assets | Prior Year-End Amount (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 276,413,902.54 | 8.45% | 468,543,534.54 | 15.09% | -6.64% | Primarily due to increased cash payments for fixed asset purchases and debt repayment in the current period | | Accounts Receivable | 832,115,568.76 | 25.45% | 536,279,887.34 | 17.27% | 8.18% | Primarily due to reduced collections from some subsidiaries in the current period | | Construction in Progress | 95,428,150.73 | 2.92% | 68,436,701.82 | 2.20% | 0.72% | Primarily due to increased production lines by subsidiaries in the current period | | Short-Term Borrowings | 487,731,590.00 | 14.92% | 515,668,804.53 | 16.60% | -1.68% | Primarily due to increased repayment of short-term borrowings in the current period | | Long-Term Borrowings | 237,052,454.64 | 7.25% | 145,613,937.49 | 4.69% | 2.56% | Primarily due to increased long-term borrowings by subsidiaries in the current period | [Major Overseas Assets](index=16&type=section&id=Major%20Overseas%20Assets) The company reported no major overseas assets during the reporting period [Assets and Liabilities Measured at Fair Value](index=16&type=section&id=Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) The company's financial assets measured at fair value primarily consist of accounts receivable financing, totaling 146.36 million yuan at period-end Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Amount Purchased in Current Period (yuan) | Other Changes (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Financial Assets: Accounts Receivable Financing | 83,199,970.18 | 0.00 | 63,163,768.54 | 146,363,738.72 | | Total | 83,199,970.18 | 0.00 | 63,163,768.54 | 146,363,738.72 | | Financial Liabilities | 0.00 | 0.00 | 0.00 | 0.00 | - Other changes represent newly added bank acceptance bills[56](index=56&type=chunk) [Asset Restrictions as of the End of the Reporting Period](index=16&type=section&id=Asset%20Restrictions%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the reporting period end, 306.10 million yuan in assets were restricted, including monetary funds, inventory, fixed assets, intangible assets, and construction in progress Asset Restrictions at Period-End | Item | Book Balance (yuan) | Book Value (yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 168,848,140.59 | 168,848,140.59 | Frozen | Bank acceptance bill deposits, litigation | | Inventory | 796,460.18 | 687,754.60 | Mortgage | Sale and leaseback | | Fixed Assets | 92,526,085.11 | 85,539,460.02 | Mortgage | Sale and leaseback/Bank loan mortgage | | Intangible Assets | 19,535,579.14 | 18,927,308.64 | Mortgage | Bank mortgage loan | | Construction in Progress | 24,389,380.53 | 24,389,380.53 | Mortgage | Sale and leaseback | | Total | 306,095,645.55 | 298,392,044.38 | | | [Analysis of Investment Status](index=16&type=section&id=Analysis%20of%20Investment%20Status) The company's investment amount significantly decreased by 96.33% to 2.85 million yuan, with no major equity or non-equity investments, or other financial instrument activities Changes in Investment Amount During the Reporting Period | Investment Amount in Current Period (yuan) | Investment Amount in Prior Period (yuan) | Change Rate | | :--- | :--- | :--- | | 2,850,000.00 | 77,651,612.19 | -96.33% | - The company reported no significant equity investments, non-equity investments, financial assets measured at fair value, use of raised funds, entrusted wealth management, derivative investments, or entrusted loans during the reporting period[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) [Significant Asset and Equity Sales](index=17&type=section&id=Significant%20Asset%20and%20Equity%20Sales) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[64](index=64&type=chunk) - The company did not sell significant equity during the reporting period[65](index=65&type=chunk) [Analysis of Major Holding and Participating Companies](index=18&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Major subsidiaries, Jiangsu Ruimei and Changzhou Shengde Steel Grating, both achieved profitability during the reporting period Financial Status 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) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Ruimei Automotive Parts Co., Ltd. | Subsidiary | Automotive Parts and Accessories Manufacturing | 50,000,000 | 943,136,478.10 | 294,784,212.87 | 257,042,551.60 | 11,363,438.81 | 8,028,999.53 | | Changzhou Shengde Steel Grating Co., Ltd. | Subsidiary | Manufacturing and Sales of Steel Gratings | 32,867,291.4 | 156,491,591.06 | 79,557,275.77 | 61,991,838.49 | 6,566,178.98 | 6,034,303.38 | - The company did not acquire or dispose of any subsidiaries during the reporting period[67](index=67&type=chunk) [Structured Entities Controlled by the Company](index=18&type=section&id=Structured%20Entities%20Controlled%20by%20the%20Company) The company reported no controlled structured entities during the reporting period - The company reported no controlled structured entities during the reporting period[68](index=68&type=chunk) [Company Risks and Countermeasures](index=18&type=section&id=Company%20Risks%20and%20Countermeasures) The company faces risks from customer concentration, raw material price volatility, gross margin fluctuations, industry downturns, and high accounts receivable/inventory, with mitigation strategies in place - Risk of **customer concentration in sales**: Sales revenue from the top five customers accounts for **over 80%** of the company's current operating revenue[68](index=68&type=chunk) Countermeasures include actively entering new industry sectors, vigorously developing international markets, R&D of multi-scenario pipe products, offering 'product + service' solutions, and signing long-term strategic cooperation agreements with core customers - Risk of **raw material price fluctuations**: Raw material costs account for **over 75%** of the main business operating costs[69](index=69&type=chunk) Countermeasures include signing long-term fixed-price agreements with large steel mills, developing multiple qualified suppliers, improving material utilization, moderately increasing strategic reserves, and shortening quotation validity periods - Risk of **gross margin volatility**: The company's main business gross margin was **15.12%** in the first half of 2025, affected by raw material price fluctuations[69](index=69&type=chunk)[70](index=70&type=chunk) Countermeasures include increasing the proportion of high-tech, high-margin products, building brand recognition, and implementing strict budget controls - Risk of **downstream industry fluctuations**: Primarily the power station boiler industry, affected by macroeconomic conditions and environmental policies[70](index=70&type=chunk)[71](index=71&type=chunk) Countermeasures include closely monitoring macroeconomic and industrial policies, exploring growth industries, building flexible production capabilities, and maintaining healthy cash flow - Risk of **large amounts of accounts receivable and inventory**: As of the end of the reporting period, accounts receivable, notes receivable, and inventory combined accounted for **50.38% of total assets**[71](index=71&type=chunk)[72](index=72&type=chunk) Countermeasures include establishing a strict customer credit rating system, strengthening contract management, optimizing inventory structure, regularly conducting inventory impairment tests, and improving inventory turnover [Registration Form for Investor Relations Activities During the Reporting Period](index=19&type=section&id=Registration%20Form%20for%20Investor%20Relations%20Activities%20During%20the%20Reporting%20Period) The company held an online performance briefing on April 24, 2025, to discuss its 2024 operating performance with investors Investor Relations Activities During the Reporting Period | Reception Time | Reception Location | Reception Method | Type of Recipient | Recipient | Main Topics Discussed and Materials Provided | Index of Basic Survey Information | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | April 24, 2025 | All-View Network Roadshow Platform | Online Communication Platform | Other | Investors participating in the company's 2024 annual online performance briefing | Company's 2024 operating performance | https://irm.cninfo.com.cn | [Implementation of Market Value Management System and Valuation Enhancement Plan](index=20&type=section&id=Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not established a market value management system nor disclosed a valuation enhancement plan - The company has not established a market value management system[74](index=74&type=chunk) - The company has not disclosed a valuation enhancement plan[74](index=74&type=chunk) [Implementation of 'Quality and Return Dual Enhancement' Action Plan](index=20&type=section&id=Implementation%20of%20%E2%80%9CQuality%20and%20Return%20Dual%20Enhancement%E2%80%9D%20Action%20Plan) The company has not disclosed an announcement regarding its "Quality and Return Dual Enhancement" action plan - The company has not disclosed an announcement regarding its 'Quality and Return Dual Enhancement' action plan[74](index=74&type=chunk) [Corporate Governance, Environment, and Society](index=20&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Changes in Directors, Supervisors, and Senior Management](index=20&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) No changes occurred in the company's directors, supervisors, or senior management during the reporting period - The company's directors, supervisors, and senior management experienced no changes during the reporting period[75](index=75&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=20&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions 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[76](index=76&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=20&type=section&id=Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[77](index=77&type=chunk) [Environmental Information Disclosure](index=21&type=section&id=Environmental%20Information%20Disclosure) The company and its main subsidiary are listed as legally required environmental information disclosure enterprises and have published their environmental data online - The listed company and its main subsidiary, Shengdexintai New Material Co., Ltd., are included in the list of enterprises legally required to disclose environmental information[78](index=78&type=chunk) - The environmental information disclosure report is available on the company's official website[78](index=78&type=chunk) [Social Responsibility](index=21&type=section&id=Social%20Responsibility) The company prioritizes corporate governance, shareholder and employee rights, sustainable supplier/customer relationships, environmental protection, and active community engagement - The company strictly adheres to laws and regulations to improve its corporate governance structure, safeguarding the rights and interests of all shareholders, and protecting the right to know, participate, and vote for small and medium shareholders through online voting[79](index=79&type=chunk) - The company focuses on shareholder returns, implements a continuous and stable profit distribution policy, and strengthens information disclosure and investor communication[79](index=79&type=chunk)[80](index=80&type=chunk) - The company complies with labor laws and regulations, improves its compensation, benefits, and performance appraisal systems, and prioritizes employee safety, labor protection, and career development[80](index=80&type=chunk) - The company adheres to the principle of 'win-win,' growing together with suppliers, establishing a fair and just evaluation system, and providing customers with 'targeted,' 'customized' new product development and comprehensive after-sales service[80](index=80&type=chunk)[81](index=81&type=chunk) - The company is certified with the **ISO14001 environmental management system**, committed to technological innovation, energy conservation, and emission reduction, and actively participates in public welfare donations and charitable activities[81](index=81&type=chunk)[82](index=82&type=chunk) [Significant Matters](index=23&type=section&id=Significant%20Matters) [Commitments Fulfilled or Overdue by Controlling Shareholder, Actual Controller, Related Parties, Acquirers, and the Company](index=23&type=section&id=Commitments%20Fulfilled%20or%20Overdue%20by%20Controlling%20Shareholder%2C%20Actual%20Controller%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company) No commitments by the company, its controlling shareholder, actual controller, related parties, or acquirers were fulfilled or overdue during the reporting period - The company reported no commitments by its actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled or overdue as of the end of the reporting period[84](index=84&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties](index=23&type=section&id=Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) No non-operating funds were occupied by the controlling shareholder or other related parties of the listed company during the reporting period - The company reported no non-operating funds occupied by the controlling shareholder or other related parties of the listed company during the reporting period[85](index=85&type=chunk) [Irregular External Guarantees](index=23&type=section&id=Irregular%20External%20Guarantees) The company reported no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[86](index=86&type=chunk) [Appointment and Dismissal of Accounting Firms](index=23&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was unaudited[87](index=87&type=chunk) [Board of Directors, Supervisory Board, and Audit Committee's Explanation on 'Non-Standard Audit Report' for the Current Period](index=23&type=section&id=Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%27s%20Explanation%20on%20%E2%80%98Non-Standard%20Audit%20Report%E2%80%99%20for%20the%20Current%20Period) As the current period's financial report was unaudited, an explanation regarding a "non-standard audit report" is not applicable [Board of Directors' Explanation on 'Non-Standard Audit Report' for the Previous Year](index=23&type=section&id=Board%20of%20Directors%27%20Explanation%20on%20%E2%80%98Non-Standard%20Audit%20Report%E2%80%99%20for%20the%20Previous%20Year) The company had no "non-standard audit report" for the previous year, rendering this explanation inapplicable [Bankruptcy Reorganization Matters](index=23&type=section&id=Bankruptcy%20Reorganization%20Matters) The company reported no bankruptcy reorganization matters during the reporting period - The company reported no bankruptcy reorganization matters during the reporting period[88](index=88&type=chunk) [Litigation Matters](index=23&type=section&id=Litigation%20Matters) The company had no significant litigation or arbitration matters, nor any other litigation, during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[89](index=89&type=chunk) - The company had no other litigation matters during the reporting period[89](index=89&type=chunk) [Penalties and Rectification](index=24&type=section&id=Penalties%20and%20Rectification) The company reported no penalties or rectification situations during the reporting period - The company reported no penalties or rectification situations during the reporting period[90](index=90&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=24&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company reported no integrity issues concerning itself, its controlling shareholder, or actual controller during the reporting period - The company reported no integrity issues concerning itself, its controlling shareholder, or actual controller during the reporting period[91](index=91&type=chunk) [Significant Related Party Transactions](index=24&type=section&id=Significant%20Related%20Party%20Transactions) The company reported no significant related party transactions, including those related to daily operations, asset/equity acquisitions/disposals, joint investments, or financial dealings - The company reported no related party transactions related to daily operations during the reporting period[91](index=91&type=chunk) - The company reported no related party transactions involving asset or equity acquisitions/disposals during the reporting period[92](index=92&type=chunk) - The company reported no related party transactions involving joint external investments during the reporting period[93](index=93&type=chunk) - The company reported no related party creditor-debtor relationships during the reporting period[94](index=94&type=chunk) - The company had no deposits, loans, credit lines, or other financial transactions with related financial companies or financial companies controlled by the company and related parties[95](index=95&type=chunk)[96](index=96&type=chunk) - The company reported no other significant related party transactions during the reporting period[97](index=97&type=chunk) [Significant Contracts and Their Performance](index=25&type=section&id=Significant%20Contracts%20and%20Their%20Performance) The company had no custody, contracting, or leasing matters, nor significant operational or other major contracts, but provided significant guarantees for subsidiaries [Custody, Contracting, and Leasing Matters](index=25&type=section&id=Custody%2C%20Contracting%2C%20and%20Leasing%20Matters) The company reported no custody, contracting, or leasing arrangements during the reporting period - The company reported no custody arrangements during the reporting period[98](index=98&type=chunk) - The company reported no contracting arrangements during the reporting period[99](index=99&type=chunk) - The company reported no leasing arrangements during the reporting period[100](index=100&type=chunk) [Significant Guarantees](index=25&type=section&id=Significant%20Guarantees) The company approved and provided 129.20 million yuan in guarantees for subsidiaries, representing 12.59% of its net assets, primarily as joint liability guarantees Company Guarantees for Subsidiaries | Guaranteed Party Name | Guaranteed Amount (ten thousand yuan) | Actual Occurrence Date | Actual Guaranteed Amount (ten thousand yuan) | Guarantee Type | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Ruimei Automotive Parts Co., Ltd. | 1,020 | March 31, 2025 | 1,020 | Joint and Several Liability Guarantee | No | Yes | | Jiangsu Ruimei Automotive Parts Co., Ltd. | 340 | May 30, 2025 | 340 | Joint and Several Liability Guarantee | No | Yes | | Jiangsu Ruimei Automotive Parts Co., Ltd. | 2,040 | April 14, 2025 | 2,040 | Joint and Several Liability Guarantee | No | Yes | | Jiangsu Ruimei Automotive Parts Co., Ltd. | 1,020 | March 18, 2024 | 1,020 | Joint and Several Liability Guarantee | No | Yes | | Jiangsu Pansen Intelligent Technology Co., Ltd. | 3,060 | December 13, 2024 | 3,060 | Joint and Several Liability Guarantee | No | Yes | | Guangzhou Ruimei Automotive Parts Co., Ltd. | 680 | November 22, 2024 | 680 | Joint and Several Liability Guarantee | No | Yes | | Guangzhou Ruimei Automotive Parts Co., Ltd. | 4,760 | August 23, 2024 | 4,760 | Joint and Several Liability Guarantee | No | Yes | | Total Approved Guarantee Amount for Subsidiaries in Current Period (B1) | 12,920 | | Total Actual Guarantee Amount for Subsidiaries in Current Period (B2) | 12,920 | | | | Total Approved Guarantee Amount for Subsidiaries at Period-End (B3) | 12,920 | | Total Actual Guarantee Balance for Subsidiaries at Period-End (B4) | 12,920 | | | | Proportion of Total Actual Guarantees to Company's Net Assets | | | | | 12.59% | | [Significant Contracts in Ordinary Course of Business](index=26&type=section&id=Significant%20Contracts%20in%20Ordinary%20Course%20of%20Business) The company reported no significant contracts in the ordinary course of business during the reporting period [Other Significant Contracts](index=27&type=section&id=Other%20Significant%20Contracts) The company reported no other significant contracts during the reporting period - The company reported no other significant contracts during the reporting period[105](index=105&type=chunk) [Explanation of Other Significant Matters](index=27&type=section&id=Explanation%20of%20Other%20Significant%20Matters) As of June 30, 2025, the company holds equity stakes in several biomedical and life science technology companies through Shenzhen Qinzhi Detai New Technology Venture Capital Enterprise - The company, through Shenzhen Qinzhi Detai New Technology Venture Capital Enterprise (Limited Partnership), invested in Jiangsu Quanxin Biomedical Co., Ltd. (**0.3287% equity**), Shenzhen Hertz Life Science Technology Co., Ltd. (**2.7413% equity**), Overseas Pharmaceutical Development (Guangzhou) Co., Ltd. (**0.7818% equity**), Nanjing Triastek Pharmaceutical Technology Co., Ltd. (**0.3681% equity**), Suzhou Jiashu Medical Technology Co., Ltd. (**0.5633% equity**), Guangzhou Jiayue Pharmaceutical Technology Co., Ltd. (**0.4216% equity**), Zhongshan Hengsai Biotechnology Co., Ltd. (**0.9827% equity**), and Shenzhen Ningju Biomaterials Technology Co., Ltd. (**1.7143% equity**)[106](index=106&type=chunk) [Significant Matters of Company Subsidiaries](index=27&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) The company reported no significant matters concerning its subsidiaries during the reporting period - The company reported no significant matters concerning its subsidiaries during the reporting period[107](index=107&type=chunk) [Share Changes and Shareholder Information](index=28&type=section&id=Share%20Changes%20and%20Shareholder%20Information) [Share Change Status](index=28&type=section&id=Share%20Change%20Status) The company's total share capital remained at 110 million shares, with no changes in restricted or unrestricted shares, following a share repurchase program completion Share Change Status | Share Type | Number Before Change (shares) | Proportion Before Change | Net Change (+, -) (shares) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 52,593,750 | 47.81% | 0 | 52,593,750 | 47.81% | | II. Unrestricted Shares | 57,406,250 | 52.19% | 0 | 57,406,250 | 52.19% | | III. Total Shares | 110,000,000 | 100.00% | 0 | 110,000,000 | 100.00% | - The company completed its share repurchase plan on February 11, 2025, having cumulatively repurchased **687,930 shares**, accounting for **0.625% of the company's total share capital**, with a total transaction amount of **15.10 million yuan**[113](index=113&type=chunk) - The upper limit for share repurchase price has been adjusted to **40 yuan/share (inclusive)**[112](index=112&type=chunk) [Changes in Restricted Shares](index=30&type=section&id=Changes%20in%20Restricted%20Shares) The company reported no changes in restricted shares during the reporting period - The company reported no changes in restricted shares during the reporting period[114](index=114&type=chunk) [Securities Issuance and Listing](index=30&type=section&id=Securities%20Issuance%20and%20Listing) The company reported no securities issuance or listing activities during the reporting period - The company reported no securities issuance or listing activities during the reporting period[114](index=114&type=chunk) [Number of Shareholders and Shareholding Status](index=30&type=section&id=Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the reporting period end, the company had 9,506 common shareholders, with the actual controllers holding a combined 63.75% stake - As of the end of the reporting period, the total number of common shareholders was **9,506**[115](index=115&type=chunk) Top 10 Shareholders' Shareholding Status | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhou Wenqing | Domestic Natural Person | 43.50% | 47,850,000.00 | 35,887,500.00 | 11,962,500.00 | | Zong Huanqin | Domestic Natural Person | 20.25% | 22,275,000.00 | 16,706,250.00 | 5,568,750.00 | | Changzhou Lianhong Enterprise Management Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 7.13% | 7,841,900.00 | 0 | 7,841,900.00 | | Changzhou Xintai Enterprise Management Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 1.63% | 1,795,300.00 | 0 | 1,795,300.00 | | Shenzhen Nantongbo Electronic Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 1.40% | 1,540,000.00 | 0 | 1,540,000.00 | | Ma Hong | Domestic Natural Person | 0.32% | 346,740.00 | 0 | 346,740.00 | | Li Jinming | Domestic Natural Person | 0.26% | 289,030.00 | 0 | 289,030.00 | | Sunshine Asset - ICBC - Active Quantitative No. 1 Asset Management Product | Other | 0.20% | 220,000.00 | 0 | 220,000.00 | | BARCLAYS BANK PLC | Other | 0.18% | 196,630.00 | 0 | 196,630.00 | | Shan Hongjun | Domestic Natural Person | 0.16% | 178,800.00 | 0 | 178,800.00 | - Zhou Wenqing and Zong Huanqin are married, jointly holding **63.75% of the company's shares**, and are the company's actual controllers[116](index=116&type=chunk) - As of June 30, 2025, the company's dedicated share repurchase securities account held **687,930 shares**, representing a shareholding proportion of **0.625%**[116](index=116&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=32&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Company directors, supervisors, and senior management shareholdings remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management experienced no changes during the reporting period[118](index=118&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=32&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[119](index=119&type=chunk) - The company's actual controller remained unchanged during the reporting period[119](index=119&type=chunk) [Preferred Share Information](index=33&type=section&id=Preferred%20Share%20Information) The company reported no preferred shares during the reporting period - The company reported no preferred shares during the reporting period[120](index=120&type=chunk) [Bond-Related Information](index=34&type=section&id=Bond-Related%20Information) The company reported no bond-related information during the reporting period - The company reported no bond-related information during the reporting period[122](index=122&type=chunk) [Financial Report](index=35&type=section&id=Financial%20Report) [Audit Report](index=35&type=section&id=Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was unaudited[124](index=124&type=chunk) [Financial Statements](index=35&type=section&id=Financial%20Statements) This section presents the consolidated and parent company financial statements for the first half of 2025, including balance sheets, income statements, cash flow statements, and statements of changes in equity - Financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in equity, and parent company statement of changes in equity[125](index=125&type=chunk)[128](index=128&type=chunk)[132](index=132&type=chunk)[136](index=136&type=chunk)[138](index=138&type=chunk)[140](index=140&type=chunk)[142](index=142&type=chunk)[151](index=151&type=chunk) [Company Basic Information](index=53&type=section&id=Company%20Basic%20Information) Shengdexintai New Material Co., Ltd., established in 2017, specializes in seamless steel pipes for energy equipment and expanded into automotive parts in 2023 - Shengdexintai New Material Co., Ltd. was established on November 28, 2017, through a comprehensive restructuring of Changzhou Shengde Seamless Steel Pipe Co., Ltd[156](index=156&type=chunk) - The company was approved for its initial public offering and listed on the Shenzhen Stock Exchange on August 10, 2020, with its share capital changing to **100 million yuan**[160](index=160&type=chunk) - The company operates in the **metal products industry**, with its main business being the production, R&D, and sales of various seamless steel pipes specifically for industrial energy equipment[162](index=162&type=chunk)[163](index=163&type=chunk) - At the end of September 2023, the company acquired a **51% equity stake** in Jiangsu Ruimei Automotive Parts Co., Ltd., expanding into automotive parts production, R&D, and sales[163](index=163&type=chunk) - The company has established corporate governance bodies such as the Shareholders' Meeting, Board of Directors, and Supervisory Board, and has **eleven main functional departments**[164](index=164&type=chunk) [Basis of Financial Statement Preparation](index=55&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared in accordance with PRC Accounting Standards for Business Enterprises and relevant CSRC disclosure rules, affirming its going concern ability - The company prepares its financial statements in accordance with the 'Accounting Standards for Business Enterprises' issued by the Ministry of Finance and the 'No. 15 Rules for Information Disclosure by Companies Issuing Securities to the Public – General Provisions on Financial Reports' (Revised 2023) issued by the China Securities Regulatory Commission, based on actual transactions and events[165](index=165&type=chunk) - The company possesses the ability to continue as a going concern for at least **12 months** from the end of the reporting period[166](index=166&type=chunk) [Significant Accounting Policies and Estimates](index=55&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's accounting policies and estimates, covering various financial statement items, revenue recognition, and accounting policy changes during the reporting period - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[168](index=168&type=chunk) - The company's accounting period is the fiscal year (January 1 to December 31) and interim accounting periods, with an operating cycle of **one year (12 months)**, and the functional currency is RMB[169](index=169&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk) - Materiality thresholds: Accounts receivable for which individual bad debt provisions are made, write-offs of accounts receivable, and construction in progress amounts are all **≥ 3 million yuan**; significant non-wholly owned subsidiaries and investment projects are those with total assets exceeding **10% of the group's total assets**[172](index=172&type=chunk) - Financial assets are classified at initial recognition into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[179](index=179&type=chunk) - Company revenue recognition principle: Identify individual performance obligations, determine whether they are satisfied over time or at a point in time, and recognize revenue based on the progress of satisfaction or when the customer obtains control[219](index=219&type=chunk) - Revenue from the company's steel pipe business is recognized upon customer acceptance and receipt of an acceptance confirmation; revenue from automotive parts business is recognized upon product delivery, customer online receipt, and reconciliation[221](index=221&type=chunk) - The company implemented accounting policy changes based on 'Interpretation No. 17' and 'Interpretation No. 18' of the Accounting Standards for Business Enterprises issued by the Ministry of Finance, but these changes had no impact on financial statement items[231](index=231&type=chunk)[232](index=232&type=chunk) [Taxation](index=71&type=section&id=Taxation) The company and its subsidiaries are subject to various taxes, including VAT and corporate income tax, and benefit from high-tech enterprise status and other tax incentives Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable operating revenue | 13% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7% | | Corporate Income Tax | Taxable income | 15%, 20%, 25% | | Education Surcharge | Amount of turnover tax payable | 3% | | Local Education Surcharge | Amount of turnover tax payable | 2% | | Property Tax | 70% of original value of self-used properties | 1.2% | - The company (parent company), Shengde Steel Grating, Jiangsu Ruimei, Guangzhou Ruimei, and Jiangsu Pansen all enjoy a **15% corporate income tax preferential rate** as high-tech enterprises[234](index=234&type=chunk)[235](index=235&type=chunk)[236](index=236&type=chunk) - The company and its subsidiaries benefit from the R&D expense super deduction policy, allowing **100% additional pre-tax deduction** for R&D expenses not forming intangible assets, and **200% pre-tax amortization** for those forming intangible assets[237](index=237&type=chunk) - The company and its subsidiaries Jiangsu Ruimei and Jiangsu Pansen apply the VAT super deduction policy for advanced manufacturing enterprises, allowing an additional **5% deduction** from current period deductible input VAT against payable VAT[239](index=239&type=chunk) - Subsidiaries Guangzhou Zhuanyi and Taizhou Yike apply small and micro enterprise tax incentives, calculating taxable income at **25%** and paying corporate income tax at a **20% rate**[240](index=240&type=chunk) - Subsidiaries Jiangsu Pansen and Guangzhou Ruimei apply the super deduction policy for disabled employee wages, allowing **100% additional deduction** for wages paid to disabled employees[241](index=241&type=chunk) [Notes to Consolidated Financial Statement Items](index=73&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on the consolidated financial statement items, including balances and significant changes for assets, liabilities, and equity accounts Monetary Funds at Period-End | Item | Ending Balance (yuan) | | :--- | :--- | | Cash on Hand | 109,012.82 | | Bank Deposits | 71,238,322.18 | | Other Monetary Funds | 205,066,567.54 | | Total | 276,413,902.54 | - Restricted monetary funds totaled **168.85 million yuan** at period-end, primarily comprising bank acceptance bill deposits and funds frozen due to litigation[243](index=243&type=chunk) Accounts Receivable Book Balance and Bad Debt Provision at Period-End | Category | Book Balance (yuan) | Bad Debt Provision (yuan) | Book Value (yuan) | | :--- | :--- | :--- | :--- | | Accounts Receivable for which Bad Debt Provision is Made Individually | 622,308.33 | 622,308.33 | 0.00 | | Accounts Receivable for which Bad Debt Provision is Made by Portfolio | 884,324,467.97 | 52,208,899.21 | 832,115,568.76 | | Total | 884,946,776.30 | 52,831,207.54 | 832,115,568.76 | - Goodwill impairment loss recognized in the current period was **17.15 million yuan**, primarily due to the impairment of goodwill and related asset groups of Jiangsu Ruimei[326](index=326&type=chunk)[328](index=328&type=chunk) Changes in Retained Earnings | Item | Current Period (yuan) | | :--- | :--- | | Retained Earnings at Prior Period-End Before Adjustment | 487,918,717.62 | | Add: Net Profit Attributable to Parent Company Owners in Current Period | 84,562,095.82 | | Less: Dividends Payable on Ordinary Shares | 109,312,070.00 | | Retained Earnings at Period-End | 463,168,743.44 | [Research and Development Expenses](index=111&type=section&id=Research%20and%20Development%20Expenses) The company's total R&D expenses for the first half of 2025 amounted to 45.48 million yuan, entirely expensed, primarily comprising direct input and personnel costs Composition of R&D Expenses | Item | Amount Incurred in Current Period (yuan) | | :--- | :--- | | Direct Input Costs | 24,493,935.91 | | Personnel Costs | 18,098,090.32 | | Depreciation and Long-Term Amortized Expenses | 2,474,067.77 | | Other Expenses | 416,251.17 | | Total | 45,482,345.17 | | Of which: Expensed R&D Expenses | 45,482,345.17 | [Changes in Consolidation Scope](index=111&type=section&id=Changes%20in%20Consolidation%20Scope) The company reported no transactions or events resulting in the loss of control over subsidiaries or step-by-step disposals during the reporting period - No transactions or events resulting in the loss of control over subsidiaries occurred in the current period[419](index=419&type=chunk) - There were no instances of step-by-step disposal of investments in subsidiaries through multiple transactions resulting in loss of control in the current period[419](index=419&type=chunk) [Interests in Other Entities](index=111&type=section&id=Interests%20in%20Other%20Entities) The company holds controlling interests in several subsidiaries, including Jiangsu Ruimei as a significant non-wholly owned subsidiary, and equity in a joint venture Composition of Enterprise Group | Subsidiary Name | Business Nature | Shareholding Proportion (Direct) | | :--- | :--- | :--- | | Shengde Steel Grating | Manufacturing and Sales of Steel Gratings | 100.00% | | Jiangsu Ruimei Automotive Parts Co., Ltd. | Automotive Parts and Accessories Manufacturing | 68.00% | | Shengde Ruiheng | Automotive Parts and Accessories Manufacturing | 100.00% | | Guangzhou Ruimei | Automotive Parts and Accessories Manufacturing | 100.00% (Indirect) | | Guangzhou Zhuanyi | Metal Surface Treatment and Heat Treatment Processing | 51.00% (Indirect) | | Jiangsu Pansen | Automotive Parts and Accessories Manufacturing | 100.00% (Indirect) | | Taizhou Yike | Metal Surface Treatment and Heat Treatment Processing | 51.00% (Indirect) | | Anhui Ruimei | Automotive Parts and Accessories Manufacturing | 92.00% (Indirect) | | Jiangxi Ruimei | Automotive Parts and Accessories Manufacturing | 100.00% (Indirect) | Financial Information of Significant Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Proportion | Profit or Loss Attributable to Minority Shareholders in Current Period (yuan) | Minority Interest Balance at Period-End (yuan) | | :--- | :--- | :--- | :--- | | Jiangsu Ruimei Automotive Parts Co., Ltd. | 32.00% | 1,887,955.52 | 106,145,261.17 | - On October 28, 2024, the company acquired a **17.00% equity stake** in Jiangsu Ruimei Automotive Parts Co., Ltd., increasing its total holding in Jiangsu Ruimei to **68.00%** after the transaction[426](index=426&type=chunk) - The company holds equity interests in joint ventures through Shenzhen Qinzhi Detai New Technology Venture Capital Enterprise (Limited Partnership), with a net profit of **-1.85 million yuan** for the current period[431](index=431&type=chunk) [Government Grants](index=115&type=section&id=Government%20Grants) The company recognized 12.72 million yuan in asset-related government grants as deferred income, with 511,258.66 yuan recognized in current period profit or loss Liability Items Involving Government Grants | Accounting Account | Beginning Balance (yuan) | New Grants Added in Current Period (yuan) | Amount Recognized in Non-Operating Income in Current Period (yuan) | Amount Transferred to Other Income in Current Period (yuan) | Ending Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 12,722,490.49 | 250,000.00 | 0.00 | 654,201.89 | 12,318,288.60 | Asset-related | Government Grants Recognized in Current Period Profit or Loss | Accounting Account | Amount Incurred in Current Period (yuan) | | :--- | :--- | | Changzhou Zhonglou District Zouqu Town Finance Office 2024 Major Contribution Award | 300,000.00 | | Enterprise Technology Innovation Points Incentive Fund | 100,000.00 | | 2025 Third Batch Talent Special Bonus (Postdoctoral Station Unit Award) | 50,000.00 | | Intellectual Property Award (Invention Patent) | 20,000.00 | | Changzhou Zhonglou District Zouqu Town Investment Promotion and Technology Innovation Center Zou Zheng Fa (2024) No. 1 - Intellectual Property Award | 20,000.00 | | Job Expansion Subsidy | 19,384.16 | | Job Stabilization Subsidy | 1,874.50 | | Total | 511,258.66 | [Risks Related to Financial Instruments](index=116&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks (foreign exchange and interest rate) through credit assessments, cash flow monitoring, and strategic interest rate management - The company's financial instruments are primarily exposed to **credit risk, liquidity risk, and market risk (foreign exchange risk and interest rate risk)**[436](index=436&type=chunk) - Credit risk is mainly associated with accounts receivable, which the company controls through credit assessments and continuous monitoring of accounts receivable balances[437](index=437&type=chunk)[438](index=438&type=chunk) - Liquidity risk is centrally controlled by the finance department, which monitors cash balances, marketable securities, and **12-month cash flow forecasts** to ensure sufficient funds for debt repayment[439](index=439&type=chunk) - Market risks include foreign exchange risk (currently with minor impact) and interest rate risk (primarily from bank borrowings), with the company determining the proportion of fixed-rate and floating-rate contracts based on market conditions[441](index=441&type=chunk)[442](index=442&type=chunk)[443](index=443&type=chunk) [Fair Value Disclosure](index=117&type=section&id=Fair%20Value%20Disclosure) The company's assets measured at fair value at period-end primarily consist of accounts receivable financing, totaling 146.36 million yuan, classified as Level 3 fair value measurements Fair Value Measurement at Period-End | Item | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | I. Recurring Fair Value Measurements: Accounts Receivable Financing | 146,363,738.72 | 146,363,738.72 | | II. Non-Recurring Fair Value Measurements | 0.00 | 0.00 | [Related Parties and Related Party Transactions](index=117&type=section&id=Related%20Parties%20and%20Related%20Party%20Transactions) The company's actual controllers are Zhou Wenqing, Zong Huanqin, and Zhou Yangyi, with significant related party guarantees provided to subsidiaries and key management personnel compensation disclosed - The company has no parent company; its actual controllers are natural persons Zhou Wenqing, Zong Huanqin, and their son Zhou Yangyi[447](index=447&type=chunk) - The company provided multiple joint and several liability guarantees for its subsidiaries Jiangsu Ruimei Automotive Parts Co., Ltd., Jiangsu Pansen Intelligent Technology Co., Ltd., and Guangzhou Ruimei Automotive Parts Co., Ltd., with a total guarantee amount of **129.20 million yuan**[449](index=449&type=chunk) - Key management personnel compensation for the current period amounted to **2.06 million yuan**[452](index=452&type=chunk) [Commitments and Contingencies](index=119&type=section&id=Commitments%20and%20Contingencies) The company reported no significant commitments, but a subsidiary is actively negotiating a dispute over accounts receivable with a customer - The company has no significant commitments requiring disclosure[453](index=453&type=chunk) - Subsidiary Guangzhou

金融界消息 截至2025年8月25日收盘，盛德鑫泰（300881）报收于38.05元，上涨2.67%，换手率 7.21%，成交量4.14万手，成交金额1.57亿元。 资金流向方面，今日主力资金净流入1814.97万元，占比成交额11.59%。其中，超大单净流入729.39万 元、占成交额4.66%，大单净流入1085.58万元、占成交额6.93%，中单净流出流入112.73万元、占成交 额0.72%，小单净流出1927.71万元、占成交额12.31%。 盛德鑫泰最新一期业绩显示，截至2025一季报，公司营业总收入6.76亿元、同比增长13.84%，归属净利 润4940.68万元，同比减少0.76%，扣非净利润4910.75万元，同比增长2.30%，流动比率1.305、速动比率 0.925、资产负债率61.71%。 天眼查商业履历信息显示，盛德鑫泰新材料股份有限公司，成立于2001年，位于常州市，是一家以从事 金属制品业为主的企业。企业注册资本11000万人民币，实缴资本11000万人民币。公司法定代表人为周 文庆。 通过天眼查大数据分析，盛德鑫泰新材料股份有限公司共对外投资了5家企业，参与招投标项目362次， ...

Market Overview - The special steel sector experienced a decline of 0.99% on August 22, with Fangda Special Steel leading the drop [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Stock Performance - Key stocks in the special steel sector showed varied performance, with Fangda Special Steel closing at 5.86, down 4.25%, and Xining Special Steel at 3.50, down 1.69% [2] - The trading volume and turnover for Fangda Special Steel were 553,200 shares and 328 million yuan, respectively [2] Capital Flow - The special steel sector saw a net outflow of 265 million yuan from main funds, while retail investors contributed a net inflow of 172 million yuan [2][3] - The capital flow data indicates that major funds were predominantly withdrawing from stocks like Fangda Special Steel and Xining Special Steel, while retail investors were more active in stocks like Taiyuan Iron & Steel [3]

证券之星消息，8月19日特钢板块较上一交易日上涨0.12%，翔楼新材领涨。当日上证指数报收于 3727.29，下跌0.02%。深证成指报收于11821.63，下跌0.12%。特钢板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301160 | 翔楼新材 | 70.60 | 2.68% | 5.18万 | | 3.62亿 | | 002443 | 金洲管道 | 7.20 | 1.84% | 17.51万 | | 1.26亿 | | 600507 | 方大特钢 | 6.03 | 0.84% | 19.90万 | | 1.20亿 | | 300881 | 盛德整泰 | 36.94 | 0.65% | 2.26万 | | 8322.09万 | | 000708 | 中信特钢 | 12.55 | 0.56% | 19.55万 | | 2.46 Z | | 002478 | 常宝股份 | 5.55 | 0.54% | 9.28万 | | 5135.51万 | | 000 ...

人民财讯8月17日电，据盛德鑫泰（300881）消息，8月15日，东方锅炉（600786）的副总经理刘洪伟等 一行到访盛德鑫泰，签订战略合作协议，并回顾了订单合同情况。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600117 | 西宁特钢 | 3.60 | -5.01% | 178.01万 | 6.63亿 | | 002075 | 沙钢股份 | 6.52 | -4.26% | 94.54万 | 6.27亿 | | 300881 | 盛德整泰 | 35.44 | -3.80% | 3.39万 | 1.22亿 | | 000825 | 太钢不锈 | 4.14 | -2.36% | 46.98万 | 1.96亿 | | 603995 | 角金股份 | 17.95 | -2.34% | 6.20万 | 1.12亿 | | 000708 | 中信特钢 | 12.65 | -1.63% | 16.32万 | 2.08亿 | | 002478 | 常宝股份 | 5.47 | -1.44% | 14.23万 | 7829.18万 | | 002443 | 金洲管道 | 6.88 | -1.29% | 14.15万 | 9829.39万 | | 002318 | 久立特材 ...

证券之星消息，8月13日特钢板块较上一交易日下跌0.43%，方大特钢领跌。当日上证指数报收于 3683.46，上涨0.48%。深证成指报收于11551.36，上涨1.76%。特钢板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600507 | 方大特钢 | 6.16 | -2.38% | 32.87万 | 2.04亿 | | 002075 | 沙钢股份 | 6.81 | -1.73% | 118.07万 | 8.12亿 | | 002443 | 金洲管道 | 6.97 | -1.41% | 0 11.28万 | 7883.56万 | | 300881 | 盛德整泰 | 36.84 | -1.07% | 2.77万 | 1.02亿 | | 600117 | 西宁特钢 | 3.79 | -0.26% | 135.41万 | 5.16亿 | | 000825 | 太钢不锈 | 4.24 | -0.24% | 27.26万 | 1.16亿 | | 000708 | 中信特钢 | 1 ...

Market Overview - The special steel sector experienced a decline of 0.52% on August 12, with Xining Special Steel leading the drop [1] - The Shanghai Composite Index closed at 3665.92, up 0.5%, while the Shenzhen Component Index closed at 11351.63, up 0.53% [1] Stock Performance - Notable stock performances include: - Xianglou New Material (301160) closed at 67.18, up 1.11% with a trading volume of 49,900 shares and a transaction value of 337 million [1] - Jinzhu Pipeline (002443) closed at 7.07, up 0.71% with a trading volume of 176,300 shares [1] - Xining Special Steel (600117) closed at 3.80, down 3.06% with a trading volume of 1,569,500 shares and a transaction value of 602 million [2] Capital Flow - The special steel sector saw a net outflow of 11.4651 million from institutional investors and 24.801 million from speculative funds, while retail investors had a net inflow of 36.2661 million [2] - Detailed capital flow for specific stocks includes: - Fangda Special Steel (600507) had a net outflow of 44.5179 million from institutional investors [3] - Xianglou New Material (301160) saw a net inflow of 15.41 million from institutional investors [3] - Sand Steel (002075) experienced a significant net outflow of 20.4262 million from institutional investors [3]