Core Viewpoint - The company reported a significant increase in both revenue and net profit for the first half of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue reached 246 million yuan, representing a year-on-year growth of 22.84% [1] - The net profit attributable to shareholders was 19.4 million yuan, showing an 18.13% increase compared to the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 17.5 million yuan, reflecting a year-on-year growth of 24.86% [1] - The basic earnings per share stood at 0.25 yuan [1]

第三届监事会第十三次会议决议公告 证券代码：300923 证券简称：研奥股份 公告编号：2025-024 研奥电气股份有限公司 本次会议的召集、召开及表决符合《中华人民共和国公司法》 和《研奥电气股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，会议合法有效。 二、监事会会议审议情况 三、备查文件 本公司及监事会全体成员保证信息披露的内容的真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 1.第三届监事会第十三次会议决议。 特此公告。 一、监事会会议召开情况 研奥电气股份有限公司（以下简称"公司"）第三届监事会 第十三次会议通知已于 10 日前以书面、电话等方式向各位监事 发出，会议于 2025 年 8 月 26 日（星期二）以现场形式在公司会 议室召开。本次会议由公司监事会主席王健伍先生召集并主持， 应出席会议监事 3 名，实际出席会议的监事 3 名。 审议通过《关于公司 2025 年半年度报告及其摘要的议案》 经审议，公司《2025 年半年度报告》及《2025 年半年度报 告摘要》的编制程序符合法律、法规和中国证监会的有关规定， 报告内容真实、准确、完整地反映了公司 2025 年半年度经 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Part%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section covers the board's responsibility for report accuracy, dividend policy, and definitions of key terms for consistent understanding [Important Notice](index=2&type=section&id=Important%20Notice) The board, supervisory board, and senior management affirm the report's truthfulness, accuracy, and completeness, while noting no cash dividends or share transfers are planned for the period - The company plans no cash dividends, bonus shares, or capital reserve conversions for this half-year period[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section outlines the half-year report's structure, providing navigation through its eight main chapters and their starting page numbers - The report comprises eight main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports[6](index=6&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms and entities within the report, ensuring consistent understanding, including the company, its controlling shareholder, and actual controllers - The reporting period refers to January 1, 2025, to June 30, 2025, and the prior year's corresponding period refers to January 1, 2024, to June 30, 2024[9](index=9&type=chunk) - Yan'ao Shares, Yan'ao Electric, the Company, and the company all refer to Yan'ao Electric Co., Ltd[9](index=9&type=chunk) - Yan'ao Group is the controlling shareholder, and Li Biao and Li Shanqun are the actual controllers[9](index=9&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides the company's basic information, contact details, and a summary of key financial data and indicators for the reporting period [Company Profile](index=6&type=section&id=I.%20Company%20Profile) This section introduces Yan'ao Electric Co., Ltd.'s stock abbreviation, code, listing exchange, names, and legal representative - The company's stock abbreviation is “Yan'ao Shares,” stock code “300923,” listed on the Shenzhen Stock Exchange[11](index=11&type=chunk) - The company's legal representative is Li Biao[11](index=11&type=chunk) [Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including addresses, phone numbers, fax, and email - The Board Secretary is Shi Na, and the Securities Affairs Representative is Wang Ying, both located at No. 1999 Zhongyan Road, Lvyuan Economic Development Zone, Changchun City[12](index=12&type=chunk) [Other Information](index=6&type=section&id=III.%20Other%20Information) This section states that the company's registered address, office address, website, email, information disclosure, and filing locations remained unchanged during the reporting period - The company's contact information, information disclosure and filing locations, and registration status remained unchanged during the reporting period[13](index=13&type=chunk)[14](index=14&type=chunk)[15](index=15&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for the first half of 2025, comparing them to the prior year's corresponding period or end of the previous year 2025 Half-Year Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (CNY) | Prior Year Corresponding Period (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 245,609,609.68 | 199,937,110.87 | 22.84% | | Net Profit Attributable to Listed Company Shareholders | 19,398,292.66 | 16,420,779.35 | 18.13% | | Net Profit Attributable to Listed Company Shareholders Excluding Non-Recurring Gains and Losses | 17,542,216.11 | 14,049,395.36 | 24.86% | | Net Cash Flow from Operating Activities | -35,526,807.92 | -7,082,941.08 | -401.58% | | Basic Earnings Per Share (CNY/share) | 0.25 | 0.21 | 19.05% | | Diluted Earnings Per Share (CNY/share) | 0.25 | 0.21 | 19.05% | | Weighted Average Return on Net Assets | 1.68% | 1.44% | 0.24% | | **Indicator** | **Current Reporting Period End (CNY)** | **Prior Year End (CNY)** | **Change from Prior Year End** | | Total Assets | 1,323,675,742.25 | 1,367,871,194.76 | -3.23% | | Net Assets Attributable to Listed Company Shareholders | 1,125,254,902.12 | 1,149,517,334.12 | -2.11% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) This section declares no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards for the reporting period - The company reported no differences in accounting data under domestic and overseas accounting standards during the reporting period[17](index=17&type=chunk)[18](index=18&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) This section lists the company's non-recurring gains and losses and their amounts for the reporting period, including asset disposal gains/losses and government subsidies 2025 Half-Year Non-Recurring Gains and Losses Items | Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions) | -100,911.14 | | Government grants 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 with a continuous impact on the company's profit or loss) | 991,800.00 | | Gains or losses from entrusted investments or asset management | 1,365,218.95 | | Other non-operating income and expenses apart from the above | -73,540.70 | | Less: Income tax impact | 326,490.56 | | **Total** | **1,856,076.55** | [Management Discussion and Analysis](index=9&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) This section analyzes the company's main business, core competencies, financial performance, and risk factors, along with corresponding mitigation strategies [Main Business Activities During the Reporting Period](index=9&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) This section details the company's main business in urban rail transit, including product offerings, operating models, market position, and key performance drivers - The urban rail transit industry is entering a large-scale renovation and upgrade cycle, providing significant opportunities for the localization of existing imported equipment[24](index=24&type=chunk) - The company's main business involves the R&D, production, and sales of rail vehicle electrical equipment, expanding into vehicle maintenance, primarily for urban rail vehicles, adopting an order-oriented production model[25](index=25&type=chunk) - In the first half of 2025, the company's consolidated operating revenue was **CNY 246 million**, a **22.84% year-on-year increase**; net profit attributable to shareholders was **CNY 19.40 million**, an **18.13% year-on-year increase**[34](index=34&type=chunk) [Industry Overview](index=9&type=section&id=1.%20Industry%20Overview) This section analyzes the urban rail transit industry's status, opportunities, and challenges, including urban cluster development, existing line upgrades, and international business prospects - The urban rail transit industry faces a large-scale renovation cycle, with **31 lines** operating for over **15 years** and **50 lines** for over **10 years**, presenting opportunities for equipment upgrades and localization[24](index=24&type=chunk) [Main Business](index=9&type=section&id=2.%20Main%20Business) The company primarily engages in the R&D, production, and sales of rail vehicle electrical equipment, extending into vehicle maintenance, with products mainly for urban rail vehicles, using an order-oriented customization model - The company primarily engages in the R&D, production, and sales of rail vehicle electrical equipment, and has expanded into vehicle maintenance services[25](index=25&type=chunk) - The company's products are mainly applied in urban rail vehicles, highly customized, and follow an order-oriented production model[25](index=25&type=chunk) [Main Products and Their Uses](index=9&type=section&id=3.%20Main%20Products%20and%20Their%20Uses) This section lists the company's main rail transit electrical equipment products, such as driver consoles and various electrical control cabinets, detailing their uses, and mentions vehicle maintenance services - Main products include driver consoles, driver's cab electrical control cabinets, passenger compartment electrical control cabinets, lighting control systems, logic control units, battery management systems, and low-voltage electrical monitoring systems[26](index=26&type=chunk) - Vehicle maintenance services primarily involve electrical equipment maintenance for EMUs and high-speed rail vehicles, lighting fixture maintenance, and urban rail vehicle electrical equipment maintenance[27](index=27&type=chunk) [Main Business Models](index=10&type=section&id=4.%20Main%20Business%20Models) This section details the company's R&D, procurement, production, sales, and customer service models, emphasizing forward-looking R&D, optimized design, standardized processes, strict supplier management, flexible production, direct sales, and 24/7 customer support - The R&D and design model is divided into three platforms—R&D, design, and process—focusing on front-end technology research, product optimization, and process improvement, with external collaborations[28](index=28&type=chunk)[29](index=29&type=chunk) - The procurement model implements strict supplier access and assessment systems, integrates resources into a unified procurement platform, and involves some key raw materials being procured directly by customers[30](index=30&type=chunk) - The production model is flexible and order-oriented, with customized production based on customer demands, managed collaboratively by project, design, engineering, manufacturing, and quality control departments[31](index=31&type=chunk) - The sales model is entirely direct, with main customers being complete vehicle manufacturers, and orders primarily secured through bidding or competitive negotiation[31](index=31&type=chunk) - The customer service model operates **24/7**, with a dedicated customer service department providing timely after-sales support and a service network established in **23 cities**[32](index=32&type=chunk) [Company Product Market Position](index=11&type=section&id=5.%20Company%20Product%20Market%20Position) This section describes the company's market position in rail transit electrical equipment, highlighting its products' extensive application in new vehicle manufacturing and maintenance, high customization, and strong competitiveness - The company's products are widely used in urban rail vehicle electrical equipment, covering new manufacturing and full lifecycle maintenance, with a high degree of customization[33](index=33&type=chunk) - The company has launched high-quality, intelligent, and green products, including carbon fiber composite driver consoles, hidden cover driver consoles for autonomous trains, and low-voltage electrical monitoring systems[33](index=33&type=chunk) [Key Performance Drivers](index=12&type=section&id=6.%20Key%20Performance%20Drivers) This section summarizes the key drivers of the company's performance growth in H1 2025, including market expansion, optimized project management, innovation, quality control, supply chain optimization, and digital transformation - Significant market expansion, successfully obtaining electrical cabinet supply qualifications from CRRC Zhuzhou Electric Locomotive Co., Ltd., achieving full coverage of all **six core urban rail vehicle main manufacturers** under CRRC[34](index=34&type=chunk) - In project production, the company deepened project management processes, improved material completeness rates, and reduced service costs, implementing **20 new construction projects**, **12 maintenance projects**, and **3 off-site maintenance service projects** for **702 vehicles** in the first half of the year[35](index=35&type=chunk) - In innovation empowerment, the Shenzhen R&D Center completed the Urumqi LCU project delivery, the battery monitoring system successfully completed the Changchun Line 5 project delivery, and a standardized battery management system solution with **SIL2 certification** was launched[36](index=36&type=chunk) - In system digitalization, the company deepened the application of digital platforms, optimized the working hours and attendance systems, completed integration with the Changke SRM platform, and initiated AI local knowledge base deployment verification[39](index=39&type=chunk) [Analysis of Core Competencies](index=14&type=section&id=II.%20Analysis%20of%20Core%20Competencies) This section analyzes the company's seven core competencies, including R&D, quality control, project experience, delivery capability, customer service, talent, and brand advantages - The company holds **107 patents** (9 invention patents, 97 utility model patents, 1 design patent) and **12 software copyrights**, and is certified under the "Intellectual Property Management System"[43](index=43&type=chunk) - The company is certified under multiple quality management systems, including ISO9001, ISO22163 (IRIS) Silver, and EN15085, ensuring product quality[45](index=45&type=chunk) - With over **30 years of industry experience**, the company's products cover **17 railway bureaus**, **33 cities**, and **13 overseas countries and regions**, supported by a customer service network in **23 cities**[46](index=46&type=chunk) [R&D and Design Advantages](index=14&type=section&id=1.%20R%26D%20and%20Design%20Advantages) The company possesses significant R&D and design advantages in rail transit electrical control systems, with a mature development process, collaborative model, numerous patents, and technological innovation honors - The company holds **107 patents**, including **9 invention patents**, **97 utility model patents**, and **1 design patent**; it also possesses **12 software copyrights**[43](index=43&type=chunk) - The company is certified under the "Intellectual Property Management System" and has received multiple technology innovation honors, such as "High-Tech Enterprise" and "Provincial Technology Center"[43](index=43&type=chunk) [Quality Control Advantages](index=14&type=section&id=2.%20Quality%20Control%20Advantages) The company maintains comprehensive quality control from raw material procurement to testing, supported by a professional team and multiple international and industry quality management system certifications - The company has established a strict supplier audit and evaluation system, equipped with fully automated production equipment, international welding engineers and technicians, and implements a "three-inspection" system and product archiving system[44](index=44&type=chunk) - The company is certified under multiple quality management systems, including ISO9001, ISO22163 (IRIS) Silver, and EN15085[45](index=45&type=chunk) [Project Experience Advantages](index=14&type=section&id=3.%20Project%20Experience%20Advantages) As one of the earliest enterprises in rail transit electrical control systems, the company boasts extensive project experience, with products widely used across China and in international markets, supported by a comprehensive service network - The company, established in 1986, is one of the earliest enterprises in China engaged in the R&D, production, and sales of rail transit vehicle electrical control systems[46](index=46&type=chunk) - Products cover **17 railway bureaus**, **33 cities**, and **13 overseas countries and regions** for vehicle equipment配套[46](index=46&type=chunk) [Delivery Capability Advantages](index=14&type=section&id=4.%20Delivery%20Capability%20Advantages) The company's project-led management model ensures timely and qualified product delivery while controlling costs, and its assembly line production for small-batch, multi-variety electrical products enhances efficiency and quality - The company adopts a project-management-led business model to ensure on-time, qualified product delivery and maximize project profitability[46](index=46&type=chunk) - The company has successfully implemented assembly line production for small-batch, multi-variety electrical products, effectively improving production efficiency and product quality[46](index=46&type=chunk) [Customer Service Advantages](index=15&type=section&id=5.%20Customer%20Service%20Advantages) The company's customer service department, with its highly skilled and responsive team, provides 24/7 after-sales support through a network in 23 cities, earning high customer satisfaction - The company has a customer service department with a highly skilled and responsive team, and a comprehensive customer service network established in **23 cities**[47](index=47&type=chunk) - The customer service department operates **24/7**, with service personnel typically arriving on-site within **2 hours** of receiving a request for after-sales work[47](index=47&type=chunk) [Talent Team Advantages](index=15&type=section&id=6.%20Talent%20Team%20Advantages) The company prioritizes talent development, fostering R&D, market, and management teams through a strong corporate culture, talent梯队, training, and incentive systems, with experienced core management - The company has developed a talent pool comprising various professionals and a clear talent梯队, ensuring team stability through measures such as equity ownership for core technical and key management personnel[48](index=48&type=chunk) - Most core members of the company's management team possess over **20 years of work experience** in the rail transit equipment industry[48](index=48&type=chunk) [Brand Advantages](index=15&type=section&id=7.%20Brand%20Advantages) With over 30 years of industry experience, continuous R&D investment, and product technology improvements, the company maintains strong market competitiveness, further enhanced by its 2020 listing on the Shenzhen Stock Exchange - The company has over **30 years of experience** in the rail transit electrical equipment manufacturing business, with continuously improving product technology and performance[48](index=48&type=chunk) - The company's listing on the ChiNext board of the Shenzhen Stock Exchange in 2020 further enhanced its visibility and brand advantage[48](index=48&type=chunk) [Main Business Analysis](index=15&type=section&id=III.%20Main%20Business%20Analysis) This section outlines the financial performance of the company's main business, detailing year-on-year changes and reasons for key financial indicators, and disclosing revenue, cost, and gross profit margin by product/service category 2025 Half-Year Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (CNY) | Prior Year Corresponding Period (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 245,609,609.68 | 199,937,110.87 | 22.84% | No significant change in the current period | | Operating Cost | 185,011,791.90 | 145,690,821.68 | 26.99% | No significant change in the current period | | Selling Expenses | 7,509,489.05 | 6,502,310.33 | 15.49% | No significant change in the current period | | Administrative Expenses | 15,648,372.68 | 16,120,127.42 | -2.93% | No significant change in the current period | | Financial Expenses | -313,856.34 | -450,152.01 | 30.28% | Primarily due to a decrease in interest income in the current period | | Income Tax Expense | 2,985,923.61 | 1,709,384.70 | 74.68% | Primarily due to an increase in taxable income in the current period | | R&D Investment | 10,405,577.09 | 10,676,986.22 | -2.54% | No significant change in the current period | | Net Cash Flow from Operating Activities | -35,526,807.92 | -7,082,941.08 | -401.58% | Primarily due to increased purchases of goods and payment of various taxes and fees | | Net Cash Flow from Investing Activities | 10,574,755.45 | 133,556,556.84 | -92.08% | Primarily due to increased purchases of short-term wealth management products and decreased maturities of short-term wealth management products | | Net Cash Flow from Financing Activities | -36,042,502.12 | -36,019,276.18 | -0.06% | No significant change in the current period | | Net Increase in Cash and Cash Equivalents | -60,994,554.59 | 90,454,339.58 | -167.43% | Primarily due to decreased net cash flow from operating and investing activities | | Other Income | 2,077,745.00 | 1,236,662.11 | 68.01% | Primarily due to an increase in government grants in the current period | | Investment Income | 1,365,218.95 | 2,046,177.42 | -33.28% | Primarily due to a decrease in wealth management income in the current period | | Credit Impairment Losses | -4,180,059.13 | 215,817.05 | -2,036.85% | Primarily due to increased provision for doubtful accounts for accounts receivable in the current period | | Asset Impairment Losses | -2,008,493.71 | -4,580,686.32 | -56.15% | Primarily due to decreased provision for inventory depreciation and provision for doubtful accounts for quality assurance receivables in the current period | | Gains or Losses from Asset Disposal | -89,787.41 | 161,860.15 | -155.47% | Primarily due to decreased gains from disposal of fixed assets in the current period | 2025 Half-Year Performance by Product or Service | Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Vehicle Electrical Equipment | 113,898,582.06 | 83,771,132.03 | 26.45% | 107.13% | 100.61% | 2.39% | | Maintenance Services | 118,248,488.61 | 92,651,539.36 | 21.65% | -5.96% | 1.08% | -5.46% | [Non-Core Business Analysis](index=16&type=section&id=IV.%20Non-Core%20Business%20Analysis) This section analyzes the composition of the company's non-core business and its impact on total profit, including investment income, asset impairment, non-operating income/expenses, and government subsidies 2025 Half-Year Non-Core Business Analysis | Item | Amount (CNY) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,365,218.95 | 6.10% | Primarily income from wealth management products | No | | Asset Impairment | -2,008,493.71 | -8.97% | Primarily due to provision for inventory depreciation and provision for doubtful accounts for quality assurance receivables | Yes | | Non-Operating Income | 23,155.26 | 0.10% | Primarily supplier assessment income and party building fund income | No | | Non-Operating Expenses | 107,819.69 | 0.48% | Primarily customer assessment expenses and equipment scrap losses | No | | Other Income | 2,077,745.00 | 9.28% | Primarily due to additional VAT deduction for advanced manufacturing and government grants | No | | Gains or Losses from Asset Disposal | -89,787.41 | -0.40% | Primarily losses from disposal of fixed assets | No | [Analysis of Assets and Liabilities](index=17&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) This section analyzes the company's asset and liability structure and significant changes at the end of the reporting period, including cash, accounts receivable, inventory, total assets, and net assets attributable to shareholders 2025 Half-Year Significant Changes in Asset Composition | Item | Amount at Current Period End (CNY) | Proportion of Total Assets | Amount at Prior Year End (CNY) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 84,117,890.82 | 6.35% | 157,903,797.41 | 11.54% | -5.19% | | Accounts Receivable | 580,311,759.66 | 43.84% | 526,470,005.98 | 38.49% | 5.35% | | Inventory | 124,751,423.04 | 9.42% | 120,681,294.20 | 8.82% | 0.60% | | Total Assets | 1,323,675,742.25 | 100.00% | 1,367,871,194.76 | 100.00% | -3.23% | | Net Assets Attributable to Listed Company Shareholders | 1,125,254,902.12 | 85.01% | 1,149,517,334.12 | 84.04% | -2.11% | 2025 Half-Year-End Asset Restrictions | Item | Book Value at Period End (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Notes Receivable | 20,456,500.00 | Commercial acceptance bills endorsed but not yet due | | Letter of Guarantee Deposit | 8,646,008.00 | Frozen | | **Total** | **29,102,508.00** | | [Analysis of Investment Status](index=18&type=section&id=VI.%20Analysis%20of%20Investment%20Status) This section outlines the company's investment activities during the reporting period, primarily focusing on wealth management products using自有资金, and discloses year-end balances and cumulative investment income 2025 Half-Year Overview of Wealth Management | Specific Type | Source of Funds for Wealth Management | Amount of Wealth Management Transactions (CNY) | Unmatured Balance (CNY) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 416,500,000.00 | 129,500,000.00 | | Brokerage Wealth Management Products | Own Funds | 412,035,000.00 | 60,000,000.00 | | **Total** | | **828,535,000.00** | **189,500,000.00** | - The company had no derivative investments or entrusted loans during the reporting period[66](index=66&type=chunk) [Significant Asset and Equity Sales](index=19&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) This section states that the company did not engage in any significant asset or equity sales during the reporting period - The company did not sell any significant assets or equity during the reporting period[67](index=67&type=chunk)[68](index=68&type=chunk) [Analysis of Major Holding and Participating Companies](index=19&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section states that the company had no significant holding or participating company information to disclose during the reporting period - The company had no significant holding or participating company information to disclose during the reporting period[68](index=68&type=chunk) [Information on Structured Entities Controlled by the Company](index=19&type=section&id=IX.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) This section states that the company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[69](index=69&type=chunk) [Risks Faced by the Company and Countermeasures](index=20&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) This section identifies seven major risks, including policy, raw material prices, customer concentration, competition, technology, product quality, and liquidity, and outlines corresponding mitigation strategies - The company faces risks from changes in industrial policy, raw material price fluctuations, high customer concentration, intense industry competition, technological innovation, product quality, and potential liquidity issues[70](index=70&type=chunk)[71](index=71&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk) - Countermeasures include timely strategic adjustments, reducing procurement costs, strengthening technical services, increasing R&D investment, improving quality management systems, enhancing accounts receivable management, and boosting internal control capabilities[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) [Registration Form for Investor Relations Activities During the Reporting Period](index=21&type=section&id=XI.%20Registration%20Form%20for%20Investor%20Relations%20Activities%20During%20the%20Reporting%20Period) This section records the company's investor relations activities during the reporting period, including dates, locations, methods, participant types, discussion topics, and reference materials - The company participated in the 2024 Annual Performance Online Briefing and the Jilin Area Listed Companies Online Collective Performance Briefing via online platforms on May 6 and May 27, 2025[78](index=78&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=22&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) This section states that the company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system nor disclosed a valuation enhancement plan[79](index=79&type=chunk) [Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=22&type=section&id=XIII.%20Implementation%20of%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) This section states that the company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan[79](index=79&type=chunk) [Corporate Governance, Environment, and Social Responsibility](index=22&type=section&id=Part%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Social%20Responsibility) This section covers changes in directors, supervisors, and senior management, profit distribution, employee incentive plans, environmental information, and social responsibility [Changes in Directors, Supervisors, and Senior Management](index=22&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section states that 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[80](index=80&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital for the Reporting Period](index=22&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20for%20the%20Reporting%20Period) This section states that the company plans no cash dividends, bonus shares, or capital reserve conversions for the half-year period - The company plans no cash dividends, bonus shares, or capital reserve conversions for the half-year period[81](index=81&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) This section discloses the implementation of the company's employee stock ownership plan, including employee scope, total shares held, funding sources, and changes during the reporting period Status of All Effective Employee Stock Ownership Plans During the Reporting Period | Employee Scope | Number of Employees | Total Shares Held (shares) | Proportion of Listed Company's Total Share Capital | Funding Source for Plan Implementation | | :--- | :--- | :--- | :--- | :--- | | Company directors (excluding independent directors), supervisors, and other core employees of the company (including subsidiaries) | 3 | 110,000 | 0.14% | Employees' legal remuneration, self-raised funds, and other methods permitted by laws and regulations | - In July 2024, holders of the 2022 employee stock ownership plan sold **50,000 shares** through centralized bidding, with **110,000 shares** remaining[86](index=86&type=chunk) [Environmental Information Disclosure](index=25&type=section&id=IV.%20Environmental%20Information%20Disclosure) This section states that the company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[89](index=89&type=chunk) [Social Responsibility](index=25&type=section&id=V.%20Social%20Responsibility) This section serves as a chapter title and does not provide specific social responsibility disclosures [Significant Matters](index=26&type=section&id=Part%20V%20Significant%20Matters) This section addresses commitments, related party fund occupation, illegal guarantees, auditor appointments, non-standard audit reports, bankruptcy, litigation, penalties, integrity, and major related party transactions [Commitments Fulfilled and Overdue Unfulfilled by Actual Controllers, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=26&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Actual%20Controllers%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) This section states that there were no commitments fulfilled or overdue unfulfilled by actual controllers, shareholders, related parties, acquirers, or the company during or as of the end of the reporting period - The company reported no unfulfilled or overdue unfulfilled commitments during the reporting period[91](index=91&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=26&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) This section states that there was no non-operating occupation of listed company funds by controlling shareholders or other related parties during the reporting period - The company reported no non-operating occupation of funds by controlling shareholders or other related parties during the reporting period[92](index=92&type=chunk) [Illegal External Guarantees](index=26&type=section&id=III.%20Illegal%20External%20Guarantees) This section states that the company had no illegal external guarantees during the reporting period - The company reported no illegal external guarantees during the reporting period[93](index=93&type=chunk) [Appointment and Dismissal of Accounting Firms](index=26&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) This section states that the company's half-year financial report was not audited - The company's half-year report was not audited[94](index=94&type=chunk) [Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for the Reporting Period](index=26&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Reporting%20Period) This section states that there was no non-standard audit report for the company during the reporting period - The company reported no non-standard audit report during the reporting period[95](index=95&type=chunk) [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=26&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) This section states that there was no non-standard audit report for the company in the previous year - The company reported no non-standard audit report for the previous year[95](index=95&type=chunk) [Bankruptcy and Reorganization Matters](index=26&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) This section states that the company did not experience any bankruptcy or reorganization matters during the reporting period - The company reported no bankruptcy or reorganization matters during the reporting period[95](index=95&type=chunk) [Litigation Matters](index=26&type=section&id=VIII.%20Litigation%20Matters) This section discloses no major litigation or arbitration matters, but notes two other ongoing lawsuits, one where the company won and is in enforcement, and another remanded for retrial - The company reported no major litigation or arbitration matters during the reporting period[96](index=96&type=chunk) 2025 Half-Year Other Litigation Matters | Litigation (Arbitration) Basic Information | Amount Involved (CNY) | Provision for Estimated Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Yan'ao Shares sues Jilin Province XX Technology Platform Co., Ltd. for service contract dispute | 52,700.00 | No | First enforcement | Judgment rendered, Yan'ao Shares won | | Zhang XX vs. Liu XX, Jilin Province XX Tao Information Human Resources Co., Ltd., Yan'ao Shares for entrusted contract dispute | 20,000.00 | No | Remanded for retrial | --- | [Penalties and Rectification](index=27&type=section&id=IX.%20Penalties%20and%20Rectification) This section states that the company had no penalties or rectification situations during the reporting period - The company reported no penalties or rectification situations during the reporting period[98](index=98&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controllers](index=27&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controllers) This section states that the company, its controlling shareholder, and actual controllers maintain good integrity, with no unfulfilled court judgments or significant overdue debts - The company and its controlling shareholder and actual controllers maintain good integrity, with no unfulfilled court judgments or significant overdue debts[99](index=99&type=chunk) [Significant Related Party Transactions](index=27&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) This section discloses related party transactions, primarily related leases and key management compensation, and states no other significant related party transactions occurred - The company reported no related party transactions related to daily operations, asset/equity acquisitions/disposals, joint external investments, or related party creditor/debtor relationships during the reporting period[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) - There were no deposits, loans, credit lines, or other financial transactions between the company and related financial companies, or between the company's controlled financial companies and related parties[104](index=104&type=chunk)[105](index=105&type=chunk) 2025 Half-Year Key Management Personnel Compensation | Item | Amount Incurred in Current Period (CNY) | | :--- | :--- | | Key Management Personnel Compensation | 3,184,032.37 | [Significant Contracts and Their Performance](index=28&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) This section states that the company had no entrustment, contracting, leasing, significant guarantees, or other major contracts during the reporting period - The company reported no entrustment, contracting, or leasing matters during the reporting period[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk) - The company reported no significant guarantee situations during the reporting period[110](index=110&type=chunk) - The company reported no other significant contracts during the reporting period[113](index=113&type=chunk) [Explanation of Other Significant Matters](index=29&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) This section states that the company had no other significant matters requiring explanation during the reporting period - The company reported no other significant matters requiring explanation during the reporting period[114](index=114&type=chunk) [Significant Matters of Company Subsidiaries](index=29&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) This section states that there were no significant matters concerning the company's subsidiaries during the reporting period - The company reported no significant matters concerning its subsidiaries during the reporting period[115](index=115&type=chunk) [Share Changes and Shareholder Information](index=30&type=section&id=Part%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details share changes, securities issuance, shareholder numbers, top ten shareholders, and changes in controlling shareholder or actual controller [Share Change Status](index=30&type=section&id=I.%20Share%20Change%20Status) This section details the company's share changes during the reporting period, including restricted and unrestricted shares, and explains the change due to a supervisor's resignation 2025 Half-Year Share Change Status | Share Type | Number Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (shares) | Number After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 2,244,000 | 2.85% | -112,500 | 2,131,500 | 2.71% | | III. Total Shares | 78,600,000 | 100.00% | 0 | 78,600,000 | 100.00% | | II. Unrestricted Shares | 76,356,000 | 97.15% | 112,500 | 76,468,500 | 97.29% | - Ms. Yin Fengwei, a non-employee representative supervisor, resigned for personal reasons, leading to the release of **112,500 restricted shares** held by senior management as per regulations[118](index=118&type=chunk)[120](index=120&type=chunk) [Securities Issuance and Listing Status](index=32&type=section&id=II.%20Securities%20Issuance%20and%20Listing%20Status) This section states that the company had no securities issuance or listing activities during the reporting period - The company reported no securities issuance or listing activities during the reporting period[122](index=122&type=chunk) [Number of Shareholders and Shareholding Status](index=32&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) This section discloses the total number of common shareholders and the shareholding status of the top 10 shareholders at the end of the reporting period, including their shareholding proportions and related party relationships - The total number of common shareholders at the end of the reporting period was **9,808**[123](index=123&type=chunk) 2025 Half-Year-End Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | 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) | | :--- | :--- | :--- | :--- | :--- | :--- | | Changchun Yan'ao Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 46.03% | 36,180,000 | 0 | 36,180,000 | | Wang Ping | Domestic Natural Person | 5.99% | 4,710,000 | 0 | 4,710,000 | | Yan Zhaojin | Domestic Natural Person | 1.20% | 945,000 | 708,750 | 236,250 | | Li Bo | Domestic Natural Person | 1.15% | 900,000 | 675,000 | 225,000 | | Changchun Yan'ao Tongren Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 1.01% | 790,000 | 0 | 790,000 | - Li Biao holds **70% equity** in Changchun Yan'ao Group Co., Ltd., is the company's actual controller, and also the executive partner of Changchun Yan'ao Tongren Investment Partnership (Limited Partnership)[124](index=124&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=34&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section states that there were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[126](index=126&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=34&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) This section states that there were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder and actual controller remained unchanged during the reporting period[127](index=127&type=chunk) [Preferred Share Information](index=35&type=section&id=VI.%20Preferred%20Share%20Information) This section states that the company had no preferred shares during the reporting period - The company reported no preferred shares during the reporting period[128](index=128&type=chunk) [Bond-Related Information](index=36&type=section&id=Part%20VII%20Bond-Related%20Information) This section confirms that the company has no bond-related information to disclose for the reporting period [Bond-Related Information](index=36&type=section&id=Bond-Related%20Information) This section explicitly states that the company has no bond-related information requiring disclosure for the reporting period - The company reported no bond-related information during the reporting period[130](index=130&type=chunk) [Financial Report](index=37&type=section&id=Part%20VIII%20Financial%20Report) This section presents the company's unaudited half-year financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with notes on accounting policies and tax [Audit Report](index=37&type=section&id=I.%20Audit%20Report) This section states that the company's half-year financial report was not audited - The company's half-year financial report was not audited[132](index=132&type=chunk) [Financial Statements](index=37&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 2025 Half-Year Consolidated Income Statement Key Data | Item | 2025 Half-Year (CNY) | 2024 Half-Year (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 245,609,609.68 | 199,937,110.87 | | Total Operating Cost | 220,305,352.68 | 180,907,806.94 | | Operating Profit | 22,468,880.70 | 18,109,134.34 | | Total Profit | 22,384,216.27 | 18,130,164.05 | | Net Profit | 19,398,292.66 | 16,420,779.35 | | Net Profit Attributable to Parent Company Owners | 19,398,292.66 | 16,420,779.35 | | Basic Earnings Per Share | 0.25 | 0.21 | | Diluted Earnings Per Share | 0.25 | 0.21 | 2025 Half-Year Consolidated Cash Flow Statement Key Data | Item | 2025 Half-Year (CNY) | 2024 Half-Year (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -35,526,807.92 | -7,082,941.08 | | Net Cash Flow from Investing Activities | 10,574,755.45 | 133,556,556.84 | | Net Cash Flow from Financing Activities | -36,042,502.12 | -36,019,276.18 | | Net Increase in Cash and Cash Equivalents | -60,994,554.59 | 90,454,339.58 | | Cash and Cash Equivalents at Period End | 75,471,882.82 | 140,889,889.88 | [Consolidated Balance Sheet](index=37&type=section&id=1.%20Consolidated%20Balance%20Sheet) This statement presents the company's consolidated assets, liabilities, and owners' equity as of June 30, 2025, and December 31, 2024, including current and non-current items - Total assets at period-end were **CNY 1,323,675,742.25**, a **3.23% decrease** from the beginning of the period[135](index=135&type=chunk) - Total liabilities at period-end were **CNY 198,420,840.13**, a **9.13% decrease** from the beginning of the period[136](index=136&type=chunk) [Parent Company Balance Sheet](index=40&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) This statement presents the parent company's assets, liabilities, and owners' equity as of June 30, 2025, and December 31, 2024, similar to the consolidated statement but at the parent company level - Parent company total assets at period-end were **CNY 1,350,751,699.51**, a **3.85% decrease** from the beginning of the period[141](index=141&type=chunk) - Parent company total liabilities at period-end were **CNY 287,469,007.97**, an **8.47% decrease** from the beginning of the period[141](index=141&type=chunk) [Consolidated Income Statement](index=42&type=section&id=3.%20Consolidated%20Income%20Statement) This statement presents the company's consolidated profit for the first half of 2025 and 2024, including operating revenue, costs, expenses, total profit, and net profit - Consolidated total operating revenue for the first half of 2025 was **CNY 245,609,609.68**, a **22.84% year-on-year increase**[143](index=143&type=chunk) - Net profit attributable to parent company owners for the first half of 2025 was **CNY 19,398,292.66**, an **18.13% year-on-year increase**[143](index=143&type=chunk) [Parent Company Income Statement](index=44&type=section&id=4.%20Parent%20Company%20Income%20Statement) This statement presents the parent company's profit for the first half of 2025 and 2024, reflecting its operating results at the parent company level - Parent company operating revenue for the first half of 2025 was **CNY 218,261,828.14**, a **13.52% year-on-year increase**[147](index=147&type=chunk) - Parent company net profit for the first half of 2025 was **CNY 16,113,418.15**, an **8.39% year-on-year decrease**[148](index=148&type=chunk) [Consolidated Cash Flow Statement](index=45&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) This statement presents the company's consolidated cash flows for the first half of 2025 and 2024, categorized into operating, investing, and financing activities - Net cash flow from operating activities for the first half of 2025 was **-CNY 35,526,807.92**, a **401.58% significant decrease** compared to the prior year[150](index=150&type=chunk) - Net cash flow from investing activities for the first half of 2025 was **CNY 10,574,755.45**, a **92.08% decrease** compared to the prior year[151](index=151&type=chunk) [Parent Company Cash Flow Statement](index=47&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) This statement presents the parent company's cash flows for the first half of 2025 and 2024, reflecting cash inflows and outflows at the parent company level - Net cash flow from parent company operating activities for the first half of 2025 was **-CNY 24,055,463.02**, an **84.54% decrease** compared to the prior year[153](index=153&type=chunk) - Net cash flow from parent company investing activities for the first half of 2025 was **-CNY 18,649,186.40**, a **113.57% significant decrease** compared to the prior year[154](index=154&type=chunk) [Consolidated Statement of Changes in Owners' Equity](index=48&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) This statement presents the company's consolidated changes in owners' equity for the first half of 2025 and 2024, including share capital, capital reserves, and retained earnings - Total owners' equity attributable to the parent company for the first half of 2025 was **CNY 1,125,254,902.12**, a **2.11% decrease** from the beginning of the period[158](index=158&type=chunk) - Other comprehensive income decreased by **CNY 8,515,724.66** this period, primarily due to fair value changes in other equity instrument investments[157](index=157&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=52&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) This statement presents the parent company's changes in owners' equity for the first half of 2025 and 2024, reflecting changes in share capital, capital reserves, and retained earnings at the parent company level - Parent company total owners' equity for the first half of 2025 was **CNY 1,063,282,691.54**, a **2.52% decrease** from the beginning of the period[165](index=165&type=chunk) - Parent company other comprehensive income decreased by **CNY 8,515,724.66** this period, primarily due to fair value changes in other equity instrument investments[163](index=163&type=chunk) [Company Basic Information](index=55&type=section&id=III.%20Company%20Basic%20Information) This section outlines Yan'ao Electric Co., Ltd.'s history, registered capital changes, main operations, and industry classification, emphasizing its core business in rail transit electrical equipment - The company's main business involves the R&D, production, sales, and maintenance of rail transit vehicle electrical equipment, primarily for urban rail vehicles, with high customization and a direct sales model[171](index=171&type=chunk) - The company's industry classification is "C37 Railway, Ship, Aerospace, and Other Transportation Equipment Manufacturing"[171](index=171&type=chunk) [Basis of Financial Statement Preparation](index=56&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section states that the financial statements are prepared in accordance with PRC accounting standards, using the accrual basis and historical cost, under the assumption of a going concern - Financial statements are prepared in accordance with enterprise accounting standards, using the accrual basis and historical cost as measurement bases[172](index=172&type=chunk) - Financial statements are presented on a going concern basis[173](index=173&type=chunk) [Significant Accounting Policies and Estimates](index=56&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates for financial statement preparation, covering accounting periods, business cycles, financial instruments, revenue recognition, and recent policy changes - The company's accounting period follows the calendar year, with a business cycle of **12 months**, and the recording currency is RMB[176](index=176&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk) - The company recognizes revenue when performance obligations in a contract are satisfied, i.e., when the customer obtains control of the related goods or services, with specific methods varying by business type (vehicle electrical equipment, maintenance services)[240](index=240&type=chunk)[241](index=241&type=chunk)[242](index=242&type=chunk) - The company implemented "Interpretation No. 18 of Enterprise Accounting Standards" from December 31, 2024, with retrospective adjustments primarily affecting the presentation of sales expenses and operating costs[258](index=258&type=chunk) [Taxation](index=76&type=section&id=VI.%20Taxation) This section lists the company's and its subsidiaries' main tax types and applicable rates, along with tax incentives such as VAT super deduction for advanced manufacturing and 15% corporate income tax for high-tech enterprises Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Income | 13/9/6/5 | | Urban Maintenance and Construction Tax | Amount of Turnover Tax Payable | 7/5 | | Corporate Income Tax | Taxable Income | See table below for details | | Education Surcharge | Amount of Turnover Tax Payable | 3 | | Local Education Surcharge | Amount of Turnover Tax Payable | 2 | | Local Water Conservancy Construction Fund | Amount of Turnover Tax Payable | 0.06 | | Property Tax | 70% of Original Property Value | 1.2 | | Property Tax | Rental Income | 12 | | Land Use Tax | Land Area | 2 CNY/sqm | - The company enjoys a **5% VAT super deduction** policy for advanced manufacturing enterprises and a **15% corporate income tax** preferential rate for high-tech enterprises (2023-2025)[261](index=261&type=chunk)[262](index=262&type=chunk) - Some subsidiaries, as small-profit enterprises, enjoy a preferential policy of calculating taxable income at **25%** and paying corporate income tax at a **20% rate**[262](index=262&type=chunk)[263](index=263&type=chunk) [Notes to Consolidated Financial Statement Items](index=77&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, including cash, accounts receivable, inventory, and revenue, with explanations of period-end balances and changes - Cash at period-end was **CNY 84,117,890.82**, a **46.73% decrease** from the beginning of the period[265](index=265&type=chunk) - Accounts receivable at period-end was **CNY 580,311,759.66**, a **10.23% increase** from the beginning of the period, with an allowance for doubtful accounts of **5.67%**[278](index=278&type=chunk) - Inventory book value at period-end was **CNY 124,751,423.04**, a **3.37% increase** from the beginning of the period, with an inventory impairment provision of **CNY 7,249,843.91**[314](index=314&type=chunk) - Operating revenue for the current period was **CNY 245,609,609.68**, and operating cost was **CNY 185,011,791.90**[381](index=381&type=chunk) - Net cash flow from operating activities was **-CNY 35,526,807.92**, primarily due to increased purchases of goods and payment of various taxes and fees[415](index=415&type=chunk) [R&D Expenses](index=105&type=section&id=VIII.%20R%26D%20Expenses) This section discloses the company's R&D expenses for the reporting period, including personnel, depreciation, materials, and other costs, noting all expenses were capitalized 2025 Half-Year R&D Expenses | Item | Amount Incurred in Current Period (CNY) | Amount Incurred in Prior Period (CNY) | | :--- | :--- | :--- | | Personnel Expenses | 7,768,160.12 | 7,484,542.17 | | Depreciation and Amortization | 1,362,325.81 | 1,426,691.17 | | Material Expenses | 406,069.66 | 908,027.29 | | Other | 869,021.50 | 831,996.28 | | Share-Based Payment Expenses | | 25,729.31 | | **Total** | **10,405,577.09** | **10,676,986.22** | | Of which: Expensed R&D Expenditures | 10,405,577.09 | 10,676,986.22 | [Equity in Other Entities](index=105&type=section&id=IX.%20Equity%20in%20Other%20Entities) This section lists the company's group structure, including subsidiaries' registered capital, business nature, and shareholding percentages, noting a subsidiary's name and business scope change - The company owns **10 wholly-owned subsidiaries**, including Changchun Pu'ao Rail Transit Equipment Co., Ltd., Changchun Yan'ao Catalytic Materials Co., Ltd., and Changchun Langjie Technology Co., Ltd., all with **100% shareholding**[422](index=422&type=chunk)[423](index=423&type=chunk) - On May 20, 2025, the company's wholly-owned subsidiary, Changchun Yan'ao High-Speed Rail Maintenance Co., Ltd., was renamed Changchun Yan'ao Catalytic Materials Co., Ltd., and its business scope was changed[427](index=427&type=chunk) [Government Grants](index=106&type=section&id=X.%20Government%20Grants) This section discloses the company's government grant-related liabilities and the amounts recognized as income during the period, primarily within other income 2025 Half-Year Government Grants Recognized in Current Profit or Loss | Accounting Account | Amount Incurred in Current Period (CNY) | Amount Incurred in Prior Period (CNY) | | :--- | :--- | :--- | | Other Income | 991,800.00 | 498,593.18 | [Fair Value Disclosure](index=107&type=section&id=XI.%20Fair%20Value%20Disclosure) This section discloses the fair value of the company's assets and liabilities measured at fair value at period-end, mainly including financial assets held for trading and other equity instrument investments 2025 Half-Year-End Assets and Liabilities Measured at Fair Value | Item | Level 2 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | | (I) Financial Assets Held for Trading | 189,500,000.00 | 189,500,000.00 | | 1. Financial assets measured at fair value with changes recognized in current profit or loss | 189,500,000.00 | 189,500,000.00 | | (III) Other Equity Instrument Investments | 8,766,187.15 | 8,766,187.15 | | **Total Assets Continuously Measured at Fair Value** | **198,266,187.15** | **198,266,187.15** | [Related Parties and Related Party Transactions](index=107&type=section&id=XII.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section discloses the company's parent company, subsidiaries, and other related parties, listing related party transactions primarily as associated leases and key management compensation - Changchun Yan'ao Group Co., Ltd. is the company's parent company, holding **46.03% of shares**, with Li Biao and Li Shanqun as the ultimate controlling parties[435](index=435&type=chunk) - Other related parties include Hainan Shoufu Technology Co., Ltd., Hainan Jiuruishang Investment Co., Ltd., and other enterprises controlled by the same actual controller[437](index=437&type=chunk) 2025 Half-Year Related Party Leases (Company as Lessee) | Lessor Name | Type of Leased Asset | Rent Paid (Amount Incurred in Current Period) (CNY) | | :--- | :--- | :--- | | Changchun Yan'ao Group Co., Ltd. | Buildings | 68,095.26 | [Commitments and Contingencies](index=109&type=section&id=XIII.%20Commitments%20and%20Contingencies) This section states that as of June 30, 2025, the company had no significant commitments or material outstanding litigations or external guarantees requiring disclosure - As of June 30, 2025, the company had no significant commitments requiring disclosure[442](index=442&type=chunk) - As of June 30, 2025, the company had no significant outstanding litigations, external guarantees, or other contingent matters requiring disclosure[443](index=443&type=chunk)[444](index=444&type=chunk) [Other Significant Matters](index=109&type=section&id=XIV.%20Other%20Significant%20Matters) This section explains that the company's primary business in rail transit electrical equipment is managed as a single segment, thus no segment information is disclosed - The company primarily engages in the R&D, production, and sales of rail transit vehicle electrical equipment, managing its business as a single entity, thus segment information is not disclosed[445](index=445&type=chunk) [Notes to Parent Company Financial Statement Items](index=109&type=section&id=XV.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes for key items in the parent company's financial statements, including accounts receivable, other receivables, and long-term equity investments, with explanations of period-end balances and changes - Parent company accounts receivable book balance at period-end was **CNY 605,630,618.28**, a **2.84% increase** from the beginning of the period, with an allowance for doubtful accounts of **4.31%**[450](index=450&type=chunk) - Parent company other receivables book balance at period-end was **CNY 6,141,163.12**, a **92.48% increase** from the beginning of the period, with an allowance for doubtful accounts of **9.69%**[461](index=461&type=chunk) - Parent company investment in subsidiaries book value at period-end was **CNY 167,182,531.81**, unchanged from the beginning of the period[471](index=471&type=chunk) [Supplementary Information](index=115&type=section&id=XVI.%20Supplementary%20Information) This section provides supplementary financial information, including a detailed statement of non-recurring gains and losses, return on net assets, earnings per share, and an explanation of accounting data differences under various standards 2025 Half-Year Detailed Statement of Non-Recurring Gains and Losses | Item | Amount (CNY) | | :--- | :--- | | Gains or los

Market Overview - The rail transit equipment sector experienced a decline of 2.86% on August 14, with Yonggui Electric leading the drop [1] - The Shanghai Composite Index closed at 3666.44, down 0.46%, while the Shenzhen Component Index closed at 11451.43, down 0.87% [1] Stock Performance - Yonghui Electric (300351) closed at 18.52, down 7.86% with a trading volume of 510,500 shares and a transaction value of 966 million [1] - Quantang Heavy Industry (301048) closed at 12.97, down 7.75% with a trading volume of 404,100 shares and a transaction value of 536 million [1] - Tieda Technology (872541) closed at 17.17, down 6.17% with a trading volume of 62,100 shares and a transaction value of 109 million [1] - Other notable declines include Tieda Rail (6888889) down 5.35%, Tianzhixin Material (688033) down 4.43%, and Jiaotong Iron and Steel (920027) down 4.18% [1] Capital Flow - The rail transit equipment sector saw a net outflow of 606 million from institutional investors, while retail investors contributed a net inflow of 468 million [1] - The table of capital flow indicates that major stocks like Changqing Technology (001324) and Times New Materials (600458) experienced mixed capital inflows and outflows from different investor types [2]

Core Insights - The report highlights the significant role of CFOs in listed companies, with the total compensation for A-share CFOs reaching 4.27 billion yuan in 2024, averaging 814,800 yuan per year [1][2] Group 1: CFO Compensation Overview - The average annual salary for CFOs in the A-share medical device sector is 908,600 yuan [2] - The distribution of CFO salaries shows that 24% earn below 500,000 yuan, 42% earn between 500,000 and 1 million yuan, 29% earn between 1 million and 2 million yuan, and 5% earn above 2 million yuan [2] - The top three highest-paid CFOs are Dai Zhenhua from Huatai Medical at 2.70 million yuan, Rui Chenwei from Nanwei Medical at 2.65 million yuan, and Wu Jinhong from Guoke Hengtai at 1.77 million yuan [2] Group 2: CFO Demographics - The age distribution of CFOs shows that those aged 40-50 make up 57%, while 32% are over 50, and 11% are 40 or younger [1] - The youngest CFO is 31 years old, while the oldest is 60 years old [1] - In terms of educational background, 16% of CFOs have an associate degree, 66% hold a bachelor's degree, 16% have a master's degree, and only 2% possess a doctoral degree [1] Group 3: Salary Changes - Among CFOs with over two years of tenure, the largest salary decrease was observed for Kong Xiangqian from Aidi Te, with a decline of 16.86% year-on-year [2] - Conversely, the largest salary increase was for Song Yizhao from Shandong Glass, with a rise of 144.86% year-on-year [2]

2024年1至12月份，研奥股份的营业收入构成为：轨道交通设备制造业占比98.0%，其他行业占比 2.0%。 研奥股份（SZ 300923，最新价：26.2元）8月1日晚间发布公告称，研奥电气股份有限公司董事会于近 日收到公司副总经理张宝泉先生提交的书面辞职报告，张宝泉先生因达到法定退休年龄申请辞去公司副 总经理职务及子公司担任的一切职务，辞职后不再担任公司及子公司任何职务。 （文章来源：每日经济新闻） ...

Core Viewpoint - The company announced the resignation of its Vice President, Zhang Baoquan, due to reaching the legal retirement age, and he will no longer hold any positions within the company or its subsidiaries [2] Company Summary - The board of directors received a written resignation report from Vice President Zhang Baoquan [2] - Zhang Baoquan has applied to resign from his position as Vice President and from all positions held in subsidiaries [2] - After his resignation, he will not hold any positions in the company or its subsidiaries [2]

研奥股份8月1日公告，公司董事会近日收到副总经理张宝泉的书面辞职报告，张宝泉因达到法定退休年 龄申请辞去公司副总经理及子公司担任的一切职务，辞职后不再担任公司及子公司任何职务。张宝泉的 辞职报告自送达董事会之日起生效。 ...

证券代码：300923 证券简称：研奥股份 公告编号：2025-020 张宝泉先生在公司任职期间，恪尽职守、勤勉尽责，为公司 规范运作和健康发展做出了重要贡献，公司及董事会对张宝泉先 生为公司发展做出的贡献表示衷心的感谢！ 特此公告。 研奥电气股份有限公司董事会 2025 年 8 月 1 日 研奥电气股份有限公司 关于高级管理人员辞职的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 研奥电气股份有限公司（以下简称"公司"）董事会于近日 收到公司副总经理张宝泉先生提交的书面辞职报告，张宝泉先生 因达到法定退休年龄申请辞去公司副总经理职务及子公司担任 的一切职务，辞职后不再担任公司及子公司任何职务。张宝泉先 生辞职后不会对公司生产经营活动产生影响。根据《公司法》《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》及《公司章程》等相关规定，张宝泉先生的辞职报 告自送达董事会之日起生效。 张宝泉先生原定任期至 2025 年 11 月 17 日。截至本公告披 露日，张宝泉先生未持有公司股份，不存在应当履行而未履行的 承诺事项。 ...

证券之星消息，7月31日轨交设备板块较上一交易日下跌1.97%，研奥股份领跌。当日上证指数报收于 3573.21，下跌1.18%。深证成指报收于11009.77，下跌1.73%。轨交设备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) | | --- | --- | --- | --- | --- | --- | | 300351 | 永贵电器 | 16.16 | 0.87% | 13.83万 | 2.26亿 | | 001324 | 长青科技 | 22.15 | 0.77% | 6.40万 | 1.41亿 | | 688015 | 交控科技 | 21.68 | -0.18% | 1.72万 | 3744.74万 | | 600458 | 时代新材 | 12.78 | -0.54% | 6.95万 | 8918.49万 | | 688485 | 九州一轨 | 11.82 | -0.67% | 1.87万 | 2221.70万 | | 605298 | 必得科技 | 15.08 | -0.72% | 2.12万 | 3203.20万 | | 300851 | ...