中英科技公告，公司2025年上半年对相关资产计提各项资产减值准备共计486.88万元。其中，信用减值 损失为-503.15万元，资产减值损失为16.26万元。此次计提资产减值准备导致公司2025年半年度利润总 额减少486.88万元。 ...

证券代码：300936 证券简称：中英科技 公告编号：2025-035 常州中英科技股份有限公司 第三届监事会第十六次会议决议公告 本公司及监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。 一、监事会会议召开情况 常州中英科技股份有限公司（以下简称"公司"）第三届监事会第十六次会 议于 2025 年 8 月 28 日上午 10 点在公司会议室以现场方式召开，本次监事会会 议通知及会议材料于 2025 年 8 月 18 日以电话和其他通讯方式送达各位监事。会 议应到监事 3 名，实到监事 3 名。 本次会议由公司监事会主席冯金成先生召集和主持，会议召开符合有关法 律、法规、规章和《公司章程》的规定。 二、监事会会议审议情况 （一）审议通过《关于公司<2025 年半年度报告>全文及其摘要的议案》 监事会认为：《2025 年半年度报告》全文及其摘要切实反映了本报告期公 司真实情况，所记载事项不存在虚假记载、误导性陈述或重大遗漏，所披露的信 息真实、准确、完整。 表决结果：3 票同意，0 票反对，0 票弃权。本议案通过。具体内容详见公 司同日披露于巨潮资讯网（www.cninf ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Item%201.%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides important notices, lists reference documents, and defines key terms used in the report to ensure clarity and accuracy [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility - Company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, bearing individual and joint legal responsibility[3](index=3&type=chunk) - Company's responsible person Yu Weizhong, chief accountant He Zehong, and head of accounting department He Zehong declare the financial report is true, accurate, and complete[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[4](index=4&type=chunk) [Directory of Reference Documents](index=4&type=section&id=Directory%20of%20Reference%20Documents) This section lists the company's semi-annual report reference documents, including signed financial statements and publicly disclosed files, available at the company's securities affairs department - Reference documents include financial statements signed and stamped by the company's responsible person, chief accountant, and head of accounting department[8](index=8&type=chunk) - Reference documents include originals of all company documents publicly disclosed on the website designated by the China Securities Regulatory Commission during the reporting period[8](index=8&type=chunk) - Reference documents are available at the company's securities affairs department[9](index=9&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, covering company names, subsidiaries, regulatory bodies, product types, and the reporting period for accurate interpretation Definitions of key terms | Term | Definition | | :--- | :--- | | Company, the Company, ZYST | Changzhou Zhongying Science and Technology Co., Ltd | | Copper Clad Laminate (CCL) | A product made of wood pulp paper or fiberglass cloth as reinforcing material, impregnated with resin, single or double-sided covered with copper foil, and hot-pressed, widely used as a basic material for communication electronic products, also known as substrate | | PCB, Circuit Board | Full name Printed Circuit Board, also known as printed wiring board, is an important electronic component, a support for electronic components and a carrier for electrical connections of electronic components | | High-Frequency Communication Materials | A general term for composite materials used in high-frequency communication, mainly referring to high-frequency dielectric materials and high-frequency transparent wave materials in this report | | VC Vapor Chamber | Vapor Chamber is a new type of heat dissipation material that uses the evaporation-condensation cycle of working fluid in a vacuum chamber to quickly transfer heat to a thin copper sheet during the condensation process, achieving rapid heat conduction and rapid heat spreading functions | | Lead Frame | A special material for semiconductor/microelectronic packaging, used as a carrier for integrated circuit chips, and through bonding wires, the internal circuit leads (bonding points) of the chip are electrically connected to external leads, forming a key structural component of an electrical circuit | | Reporting Period | From January 1, 2025, to June 30, 2025 | [Company Profile and Key Financial Indicators](index=6&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company, its contact information, and a detailed analysis of key accounting data and financial indicators for the reporting period [Company Profile](index=6&type=section&id=I.%20Company%20Profile) Changzhou Zhongying Science and Technology Co., Ltd. (stock code: 300936) is listed on the Shenzhen Stock Exchange, with Yu Weizhong as its legal representative Company Profile | Stock Abbreviation | Stock Code | Stock Exchange | Company's Chinese Name | Company's Legal Representative | | :--- | :--- | :--- | :--- | :--- | | ZYST | 300936 | Shenzhen Stock Exchange | Changzhou Zhongying Science and Technology Co., Ltd | Yu Weizhong | [Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) The company's Board Secretary is Yu Cheng and Securities Affairs Representative is Wu Ying, both located at No. 28 Zhengqiang Road, Zhonglou District, Changzhou City, with provided contact details Contact Persons and Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Yu Cheng | No. 28 Zhengqiang Road, Zhonglou District, Changzhou City | 0519-83253332 | 0519-83252250 | czzyst2016@163.com | | Securities Affairs Representative | Wu Ying | No. 28 Zhengqiang Road, Zhonglou District, Changzhou City | 0519-83253330 | 0519-83252250 | ZYST@czzyst.cn | [Other Information](index=6&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes in the company's contact information, information disclosure, reference locations, or registration details, as detailed in the 2024 annual report - No changes in the company's registered address, office address, postal code, website, or email during the reporting period, as detailed in the 2024 annual report[15](index=15&type=chunk) - No changes in the company's designated website and media for semi-annual report disclosure, or the location for semi-annual report reference during the reporting period, as detailed in the 2024 annual report[16](index=16&type=chunk) - No changes in the company's registration status during the reporting period, as detailed in the 2024 annual report[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This reporting period saw a **26.87% decrease** in operating revenue, a **143.50% decrease** in net profit attributable to shareholders, and a **115.99% decrease** in net cash flow from operating activities Key Accounting Data and Financial Indicators (Current Reporting Period vs. Same Period Last Year) | Indicator | Current Reporting Period | Same Period Last Year | Change from Same Period Last Year | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 97,217,608.88 | 132,936,449.67 | -26.87% | | Net Profit Attributable to Shareholders of Listed Company (RMB) | -7,954,628.35 | 18,284,781.34 | -143.50% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses (RMB) | -9,757,644.81 | 13,154,667.22 | -174.18% | | Net Cash Flow from Operating Activities (RMB) | -6,370,139.94 | 39,840,897.10 | -115.99% | | Basic Earnings Per Share (RMB/share) | -0.1058 | 0.2431 | -143.52% | | Diluted Earnings Per Share (RMB/share) | -0.1058 | 0.2431 | -143.52% | | Weighted Average Return on Net Assets | -0.79% | 1.77% | -2.56% | | **End of Current Reporting Period vs. End of Last Year** | | | | | Total Assets (RMB) | 1,089,983,354.72 | 1,104,966,462.15 | -1.36% | | Net Assets Attributable to Shareholders of Listed Company (RMB) | 998,999,677.88 | 1,014,474,306.23 | -1.53% | [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) The company reported no differences in net profit and net assets between international or overseas accounting standards and Chinese accounting standards during the reporting period - No differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[19](index=19&type=chunk) - No differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[20](index=20&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **RMB 1,803,016.46**, primarily from fair value changes, government subsidies, and non-current asset disposals Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets (including the reversal of asset impairment provisions already made) | 8,116.15 | | | Government subsidies recognized in current profit or loss (excluding government subsidies closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 532,076.86 | | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | 1,468,000.00 | | | Other non-operating income and expenses apart from the above items | 57,000.42 | | | Other profit and loss items that meet the definition of non-recurring gains and losses | 56,056.64 | | | Less: Income tax impact | 318,155.24 | | | Minority interest impact (after tax) | 78.37 | | | Total | 1,803,016.46 | | [Management Discussion and Analysis](index=9&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's main business, core competitiveness, financial performance, investment activities, and risk factors during the reporting period [Main Business Activities During the Reporting Period](index=9&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company primarily operates in the communication sector, offering high-frequency copper clad laminates, VC heat sinks, and lead frames for applications in communication base stations, mobile phone cooling, and semiconductor packaging - ZYST focuses on the communication sector, providing high-performance, diversified, and high-yield products to downstream customers, with high-frequency communication materials as its core[25](index=25&type=chunk) - The company's main products are high-frequency copper clad laminates and VC heat sinks, while its grandchild company Saiken Xuzhou primarily produces lead frames for semiconductor packaging[26](index=26&type=chunk) - The company's R&D model combines customized and forward-looking approaches, production follows an order-based model, and sales models vary by product (high-frequency copper clad laminates, VC heat sinks, lead frames), all requiring inspection and certification by terminal equipment manufacturers[35](index=35&type=chunk)[36](index=36&type=chunk) - Performance drivers include successful certification of high-frequency copper clad laminate products by multiple international and domestic standards, inclusion in procurement lists of renowned communication equipment manufacturers, VC heat sink products used in mass-produced mobile phones, and lead frame products entering procurement lists of several packaging and testing enterprises[37](index=37&type=chunk) [Main Business](index=9&type=section&id=1.%20Main%20Business) The company's main businesses include communication materials (high-frequency copper clad laminates, VC heat sinks) and semiconductor packaging materials (lead frames), applied in mobile communication devices, smartphone cooling, and semiconductor packaging - In the communication materials business, the company primarily deals in high-frequency copper clad laminates and VC heat sinks, providing electrical connection platforms and efficient heat dissipation solutions for mobile communication equipment[26](index=26&type=chunk) - In semiconductor packaging materials, wholly-owned subsidiary Saiken Xuzhou specializes in R&D and production of lead frames, widely used in high-tech fields such as communication equipment, automotive electronics, and smart homes[26](index=26&type=chunk) [Development of Sub-Sectors](index=9&type=section&id=2.%20Development%20of%20Sub-Sectors) The high-frequency copper clad laminate industry benefits from 5G, VC heat sinks from increasing consumer electronics power, and lead frames from semiconductor recovery and emerging markets - The high-frequency copper clad laminate industry has undergone technological innovations such as "lead-free and halogen-free," "thinning," and "high-frequency and high-speed," with the widespread adoption of 5G communication technology providing huge growth opportunities[27](index=27&type=chunk) - VC heat sinks are key raw materials for VC vapor chambers, which, with their ultra-high thermal conductivity, have become essential heat dissipation solutions for high-power consumer electronics like 5G phones and laptops[27](index=27&type=chunk) - Lead frames, as critical materials for semiconductor packaging, are influenced by terminal market demand for semiconductor products, with new opportunities arising from emerging markets such as new energy vehicles, artificial intelligence, data centers, and photovoltaics[28](index=28&type=chunk)[30](index=30&type=chunk) [Market Demand](index=9&type=section&id=3.%20Market%20Demand) High-frequency copper clad laminates benefit from 5G base station expansion, the VC heat sink market is projected to reach **$1.197 billion** by 2025 (**14.20% CAGR**), and the lead frame market **$4.714 billion** by 2028 (**5.60% CAGR**) - As of June end 2025, China had **4.549 million 5G base stations**, a net increase of **298,000** from year-end, accounting for **35.7%** of total mobile base stations, with **30.22 million** gigabit network service ports and **226 million** gigabit broadband users, indicating further growth in demand for high-frequency PCBs and copper clad laminates[29](index=29&type=chunk) VC Vapor Chamber Market Size Forecast | Indicator | 2021 Market Size (USD 100 million) | 2025 Estimated Market Size (USD 100 million) | Annual Compound Growth Rate | | :--- | :--- | :--- | :--- | | Global VC Vapor Chamber Market | 7.04 | 11.97 | 14.20% | Lead Frame Market Size Forecast | Indicator | 2028 Estimated Market Size (USD 100 million) | 2023-2028 Annual Compound Growth Rate | | :--- | :--- | :--- | | Global Lead Frame Market | 47.14 | 5.60% | [Main Products and Their Uses](index=10&type=section&id=4.%20Main%20Products%20and%20Their%20Uses) The company's main products include high-frequency copper clad laminates for base stations, VC heat sinks for mobile device cooling, and lead frames for semiconductor packaging in various electronic applications Main Products and Their Uses | Product Name | Product Characteristics | Application Areas | | :--- | :--- | :--- | | High-Frequency Copper Clad Laminate | Composite high-frequency substrate specifically designed for high-frequency printed circuit boards, featuring low dielectric constant and dielectric loss, good thermo-mechanical properties, and heat treatment capability | Applicable in 4G/5G base station antennas, RF, power amplifier systems, and also in routers, satellite navigation, automotive radar, mobile communication systems, etc | | VC Heat Sink | Uses etching process to ensure thinness and precise surface structure, reducing product weight and improving heat dissipation efficiency | Main raw material for manufacturing VC vapor chambers, used in heat dissipation modules for 5G mobile phones, tablets, laptops, and other products | | Lead Frame | Special material for semiconductor/microelectronic packaging, serving as an integrated circuit chip carrier to achieve electrical connection between internal chip circuits and external leads | Widely used in automotive electronics, smart manufacturing, home appliances, computers, power control systems, LED displays, wireless communication, industrial electronics, and other fields | [Business Model](index=11&type=section&id=5.%20Business%20Model) The company employs a combined R&D approach (customized and forward-looking), order-based production, and a sales model requiring terminal equipment manufacturer certification before procurement orders are placed - R&D model includes customized R&D (based on customer orders) and forward-looking R&D (based on market and technology forecasts)[35](index=35&type=chunk) - Production and procurement follow an order-based model, producing based on sales and in batches, with raw materials procured from qualified suppliers[35](index=35&type=chunk) - The sales model requires products to be tested and certified by terminal equipment manufacturers and included in their procurement catalogs before designated processing plants or manufacturers place purchase orders with the company[35](index=35&type=chunk)[36](index=36&type=chunk) [Performance Drivers](index=11&type=section&id=6.%20Performance%20Drivers) Company performance is driven by successful customer certifications for high-frequency copper clad laminates, VC heat sinks, and lead frames, alongside strategic expansion into new application areas like smart automotive and satellite communication - The company's high-frequency copper clad laminate products have successfully passed multiple international and domestic standard certifications and are included in the procurement lists of renowned domestic and international communication equipment manufacturers[37](index=37&type=chunk) - VC heat sink products are already used in mass-produced mobile phones, and lead frame products have entered the procurement lists of several domestic and international packaging and testing enterprises[37](index=37&type=chunk) - The company actively plans R&D for multiple fields such as automotive, aiming to release more capacity for areas beyond mobile communication, including smart automotive and satellite communication terminals, increasing product and customer diversity[37](index=37&type=chunk) [Analysis of Core Competencies](index=11&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include its deep industry focus, continuous development strategy, extensive R&D expertise, strong cost control, robust customer base, significant brand recognition, and stable core management team - The company has been deeply involved in the high-frequency copper clad laminate industry for many years, becoming a supplier to numerous high-quality enterprises and expanding into various business areas such as VC heat sinks and lead frames[38](index=38&type=chunk) - With over a decade of R&D experience in communication materials, the company has built technological advantages in formulation, process, equipment, and productization capabilities, achieving independent production of core raw materials[38](index=38&type=chunk) - The company effectively controls costs and improves operational efficiency by deepening lean management, enhancing automation levels, and innovating traditional manufacturing processes[39](index=39&type=chunk) - The company's main downstream customers hold leading positions in their respective industries, ensuring stable product demand and providing a solid foundation for business development[39](index=39&type=chunk) - The company has been recognized as a national "Little Giant" enterprise specializing in niche sectors, a provincial enterprise technology center, and a provincial engineering technology center, demonstrating significant brand effect[39](index=39&type=chunk) - The company's experienced management team has served the company for a long time, contributing to stable development by accurately grasping market direction and optimizing talent structure[40](index=40&type=chunk) [Analysis of Main Business](index=12&type=section&id=III.%20Analysis%20of%20Main%20Business) During the reporting period, the company's main business revenue decreased by **26.87%** year-on-year, primarily due to reduced revenue from communication materials and lead frames, with significant declines in gross profit margins for both segments Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (RMB) | Same Period Last Year (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 97,217,608.88 | 132,936,449.67 | -26.87% | | | Operating Cost | 82,366,199.64 | 98,845,177.71 | -16.67% | | | Financial Expenses | 2,640.74 | -1,989,899.83 | 100.13% | Primarily due to increased financial expenses resulting from reduced interest income | | Income Tax Expense | -713,646.92 | 2,381,099.97 | -129.97% | Reduced income tax expense due to decreased profit | | R&D Investment | 6,126,600.64 | 7,698,618.32 | -20.42% | | | Net Cash Flow from Operating Activities | -6,370,139.94 | 39,840,897.10 | -115.99% | Primarily due to reduced cash collection from sales during the reporting period | | Net Cash Flow from Investing Activities | -258,162,455.52 | -90,236,812.31 | -186.09% | Primarily due to the purchase of wealth management products and investment in fixed assets during the reporting period | | Net Cash Flow from Financing Activities | 2,354,583.34 | -53,282,195.32 | -104.42% | Primarily due to lower cash dividends distributed in the reporting period compared to the previous period | | Net Increase in Cash and Cash Equivalents | -262,333,480.19 | -103,398,121.21 | -153.71% | Primarily due to the purchase of wealth management products and investment in fixed assets during the reporting period | Products or Services Accounting for Over 10% of Revenue | By Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Profit Margin | Change in Operating Revenue from Same Period Last Year | Change in Operating Cost from Same Period Last Year | Change in Gross Profit Margin from Same Period Last Year | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Communication Materials | 66,649,492.50 | 55,595,639.26 | 16.59% | -30.51% | -21.98% | -9.11% | | Lead Frame | 24,719,280.22 | 24,103,283.00 | 2.49% | -3.64% | 3.22% | -6.49% | [Analysis of Non-Core Business](index=13&type=section&id=IV.%20Analysis%20of%20Non-Core%20Business) Non-core business activities significantly impacted total profit, with credit impairment losses of **RMB -5,031,456.77** (**51.65%** of total profit) and fair value change gains of **RMB 1,468,000.00** (**-15.07%** of total profit) Impact of Non-Core Business on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | Reason for Formation | Is it Sustainable | | :--- | :--- | :--- | :--- | :--- | | Fair Value Change Gains and Losses | 1,468,000.00 | -15.07% | Primarily due to fair value change gains from cash wealth management | No | | Asset Impairment | 162,649.24 | -1.67% | | No | | Non-Operating Income | 57,000.42 | -0.59% | Primarily due to insurance claim income | No | | Credit Impairment Losses | -5,031,456.77 | 51.65% | Primarily due to individual provision for doubtful accounts on accounts receivable | No | | Asset Disposal Gains and Losses | 8,116.15 | -0.08% | | No | | Other Income | 895,610.34 | -9.19% | Primarily due to government subsidies and additional input tax deductions | No | [Analysis of Assets and Liabilities](index=13&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets and net assets attributable to shareholders slightly decreased, with a **23.51% reduction** in monetary funds due to wealth management product purchases and a **2.94% increase** in construction in progress Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Proportion of Total Assets | Amount at End of Last Year (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 189,662,523.24 | 17.40% | 451,996,003.43 | 40.91% | -23.51% | Primarily due to the purchase of wealth management products during the reporting period | | Accounts Receivable | 118,889,696.75 | 10.91% | 143,360,547.28 | 12.97% | -2.06% | | | Inventories | 49,962,734.14 | 4.58% | 46,449,823.02 | 4.20% | 0.38% | | | Fixed Assets | 203,346,984.19 | 18.66% | 214,414,689.19 | 19.40% | -0.74% | | | Construction in Progress | 145,752,765.58 | 13.37% | 115,297,726.00 | 10.43% | 2.94% | | | Long-Term Borrowings | 10,000,000.00 | 0.92% | 0 | 0 | 0.92% | Primarily due to new long-term borrowings during the reporting period | Assets and Liabilities Measured at Fair Value | Item | Amount at Period End (RMB) | | :--- | :--- | | Financial assets held for trading (excluding derivative financial assets) | 241,468,000.00 | | Other non-current financial assets | 4,962,560.02 | | Accounts receivable financing | 23,079,435.34 | | Total above | 269,509,995.36 | Asset Rights Restricted at End of Reporting Period | Item | Carrying Amount at Period End (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Car ETC toll card deposit | 16,000.00 | Deposit | | Land reclamation deposit | 134,732.00 | Deposit | | Intangible Assets | 6,286,639.42 | Financing guarantee mortgage | | Total | 6,437,371.42 | -- | [Analysis of Investment Status](index=14&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's investment decreased by **60.24%** year-on-year. Total raised funds used amounted to **RMB 444.0679 million**, with an unused balance of **RMB 76.4925 million**, primarily for cash management and a precision metal etching project Reporting Period Investment Amount | Investment Amount in Current Reporting Period (RMB) | Investment Amount in Same Period Last Year (RMB) | Change Rate | | :--- | :--- | :--- | | 258,229,455.52 | 649,411,065.74 | -60.24% | - The company has cumulatively used **RMB 444.0679 million** of raised funds, with **RMB 10.4445 million** of surplus funds permanently supplementing working capital. The unused raised funds balance is **RMB 76.4925 million**, comprising **RMB 26.4925 million** in demand deposits and **RMB 50.00 million** in cash management[57](index=57&type=chunk) - The company changed its raised fund investment project, converting the original "New Construction Project for Annual Production of 1,000 Tons of High-Frequency Plastics and Their Products" to the "Precision Metal Etching Parts Production Project," and investing the unused raised funds into this new project[59](index=59&type=chunk) Overview of Wealth Management | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Occurred (RMB 10,000) | Unmatured Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 4,000 | 4,000 | | Bank Wealth Management Products | Own Funds | 20,000 | 20,000 | | Total | | 24,000 | 24,000 | - The company had no derivative investments or entrusted loans during the reporting period[65](index=65&type=chunk)[66](index=66&type=chunk) [Overall Situation](index=14&type=section&id=1.%20Overall%20Situation) During the reporting period, the company's total investment amounted to **RMB 258,229,455.52**, representing a **60.24% decrease** compared to the same period last year | Investment Amount in Current Reporting Period (RMB) | Investment Amount in Same Period Last Year (RMB) | Change Rate | | :--- | :--- | :--- | | 258,229,455.52 | 649,411,065.74 | -60.24% | [Significant Equity Investments Acquired During the Reporting Period](index=15&type=section&id=2.%20Significant%20Equity%20Investments%20Acquired%20During%20the%20Reporting%20Period) The company did not acquire any significant equity investments during the reporting period - The company did not acquire any significant equity investments during the reporting period[53](index=53&type=chunk) [Significant Non-Equity Investments in Progress During the Reporting Period](index=15&type=section&id=3.%20Significant%20Non-Equity%20Investments%20in%20Progress%20During%20the%20Reporting%20Period) Significant non-equity investments include the "Precision Electronic, Automotive, New Energy Special Materials Project" and the "Precision Metal Etching Parts Production Project," the latter being a changed raised fund investment project - The company is undertaking non-equity investments such as the "Precision Electronic, Automotive, New Energy Special Materials Project" and the "Precision Metal Etching Parts Production Project"[53](index=53&type=chunk) - The "Precision Metal Etching Parts Production Project" is a new raised fund investment project after a change in the use of raised funds[59](index=59&type=chunk) [Financial Assets Measured at Fair Value](index=15&type=section&id=4.%20Financial%20Assets%20Measured%20at%20Fair%20Value) At period-end, the company's financial assets measured at fair value totaled **RMB 269,509,995.36**, primarily comprising bank wealth management products and fund investments, funded by both raised and own capital Financial Assets Measured at Fair Value | Asset Category | Amount at Period End (RMB) | Source of Funds | | :--- | :--- | :--- | | Other (Bank Wealth Management Products) | 40,208,000.00 | Raised Funds | | Other (Bank Wealth Management Products) | 201,260,000.00 | Own Funds | | Funds | 4,962,560.02 | Own Funds | | Other (Accounts Receivable Financing) | 23,079,435.34 | Own Funds | | Total | 269,509,995.36 | -- | [Use of Raised Funds](index=16&type=section&id=5.%20Use%20of%20Raised%20Funds) During the reporting period, the company used **RMB 27.30 million** in raised funds. As of June 30, 2025, cumulative usage was **RMB 444.0679 million**, with **RMB 10.4445 million** permanently supplementing working capital - During the reporting period, the company used **RMB 27.30 million** in raised funds (including **RMB 27.30 million** in over-raised funds)[57](index=57&type=chunk) - As of June 30, 2025, the company has cumulatively used **RMB 444.0679 million** in raised funds, with **RMB 10.4445 million** of surplus funds permanently supplementing working capital[57](index=57&type=chunk) - The company changed its original raised fund investment project, "New Construction Project for Annual Production of 1,000 Tons of High-Frequency Plastics and Their Products," to the "Precision Metal Etching Parts Production Project," and invested the unused raised funds (including over-raised funds) into this project[59](index=59&type=chunk) [Wealth Management, Derivative Investments, and Entrusted Loans](index=20&type=section&id=6.%20Wealth%20Management%2C%20Derivative%20Investments%2C%20and%20Entrusted%20Loans) During the reporting period, the company engaged in wealth management totaling **RMB 240 million**, with an unmatured balance of **RMB 240 million**, primarily in bank wealth management products, and had no derivative investments or entrusted loans | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Occurred (RMB 10,000) | Unmatured Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 4,000 | 4,000 | | Bank Wealth Management Products | Own Funds | 20,000 | 20,000 | | Total | | 24,000 | 24,000 | - The company had no derivative investments during the reporting period[65](index=65&type=chunk) - The company had no entrusted loans during the reporting period[66](index=66&type=chunk) [Significant Asset and Equity Disposals](index=20&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Disposals) The company did not undertake any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[67](index=67&type=chunk) - The company did not dispose of significant equity during the reporting period[68](index=68&type=chunk) [Analysis of Major Holding and Associate Companies](index=20&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) Major subsidiaries include Jiangsu Fuxing Electronics Co., Ltd., Saiken Electronics (Xuzhou) Co., Ltd., and Jiangsu Jiasen Energy Technology Co., Ltd., with Jiangsu Jiasen Energy Technology Co., Ltd. reporting a net loss of **RMB 3.5782 million** Financial Status of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (RMB 10,000) | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Operating Profit (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Fuxing Electronics Co., Ltd | Subsidiary | Manufacturing and sales of electronic special materials, electronic manufacturing | 1,000.00 | 5,237.97 | 3,269.73 | 1,447.60 | -338.64 | -264.87 | | Saiken Electronics (Xuzhou) Co., Ltd | Subsidiary | R&D, design, processing, and production of integrated circuit lead frames | 5,000.00 | 8,502.41 | -709.39 | 2,744.03 | -828.99 | -828.99 | | Jiangsu Jiasen Energy Technology Co., Ltd | Subsidiary | Development, production, and processing of energy storage related equipment and instruments | 1,000.00 | 1,760.31 | -1,191.85 | 0.00 | -379.62 | -357.82 | - The company did not acquire or dispose of any subsidiaries during the reporting period[69](index=69&type=chunk) [Structured Entities Controlled by the Company](index=21&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[70](index=70&type=chunk) [Risks Faced by the Company and Countermeasures](index=21&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces operational, management, investment, financial, and safety risks, addressing them through market strategy adjustments, technological innovation, management optimization, and enhanced cost and safety controls - The company faces risks of intensified industry competition, increased product supply potentially leading to reduced market share and declining gross profit margins[70](index=70&type=chunk) - The company faces technology update risks; failure to adapt products to new technological changes or the emergence of low-cost technical solutions could impact profitability and market share[70](index=70&type=chunk)[71](index=71&type=chunk) - The company faces market demand fluctuation risks, as reduced communication infrastructure investment, lower mobile phone and consumer electronics shipments, semiconductor market cyclicality, and new energy policy changes could adversely affect its operations[72](index=72&type=chunk) - Failure of new businesses (VC heat sinks, lead frames, energy storage integration) to meet expectations could negatively impact the company's operating performance[72](index=72&type=chunk) - Changes in the international trade environment (tariffs, restrictions, technical barriers, supply chain shifts, exchange rate fluctuations) could lead to increased export costs, extended order cycles, or limited market share[73](index=73&type=chunk) - The company faces risks related to scaled management, subsidiary management, and talent loss or shortage[74](index=74&type=chunk) - Raised fund investment projects may experience extended implementation or fail to meet expected returns due to technical, policy, or market factors[75](index=75&type=chunk) - The company faces financial risks including declining gross profit margins, fluctuating operating performance, and bad debts from accounts receivable[77](index=77&type=chunk) - The high-frequency copper clad laminate production process involves safety risks due to numerous automated equipment, complex circuits, and stringent environmental standards[78](index=78&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=23&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) On May 8, 2025, the company hosted individual investors via Value Online, discussing 2024 performance, R&D, operating plans, and business layout, without providing additional materials Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period | Reception Time | Reception Venue | Reception Method | Type of Reception Object | Reception Object | Main Content Discussed and Materials Provided | Index of Basic Survey Information | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | May 08, 2025 | Value Online | Other | Individual | Investors | 2024 performance, product R&D, operating plans, business layout, etc. (no materials provided) | See "Investor Relations Activity Record Form for 2024 Annual Performance Briefing" disclosed on Juchao Information Network on May 8, 2025 | [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=23&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) 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[80](index=80&type=chunk) - The company has not disclosed a valuation enhancement plan[80](index=80&type=chunk) ["Quality and Return Dual Enhancement" Action Plan Implementation](index=23&type=section&id=XIII.%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan%20Implementation) The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[80](index=80&type=chunk) [Corporate Governance, Environment, and Society](index=24&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's directors, supervisors, and senior management, profit distribution plans, employee incentive schemes, environmental information disclosure, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=24&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the company's directors, supervisors, or senior management, as detailed in the 2024 annual report - No changes in the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 annual report[82](index=82&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in Current Reporting Period](index=24&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[83](index=83&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=24&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company implements equity incentives through direct and indirect holdings, including Director Gu Shuchun (direct holding of **216,300 shares** after selling **20,000 shares**) and employees via the Zhongying Huicai employee stock ownership platform - The company uses direct and indirect shareholding methods for equity incentives for some employees to establish and improve a long-term incentive mechanism[84](index=84&type=chunk) - The direct shareholding incentive target is Gu Shuchun, Director and Deputy General Manager, who holds **216,300 shares** of the company, having reduced **20,000 shares** in March 2025[84](index=84&type=chunk) All Valid Employee Stock Ownership Plans During the Reporting Period | Scope of Employees | Number of Employees | Total Shares Held (shares) | Proportion of Total Share Capital of Listed Company | Source of Funds for Implementation Plan | | :--- | :--- | :--- | :--- | :--- | | Employees above middle management; core technical personnel; some long-serving employees with over 5 years of service who have made significant contributions to the company's development | 4 | 2,436,000 | 3.24% | Legal remuneration of employees, self-raised funds, and other methods permitted by laws and regulations | Shareholding of Directors, Supervisors, and Senior Management in Employee Stock Ownership Plans During the Reporting Period | Name | Position | Shares Held at End of Reporting Period (shares) | Proportion of Total Share Capital of Listed Company | | :--- | :--- | :--- | :--- | | Yu Weizhong | Chairman, General Manager | 39,000 | 0.05% | | Dai Lifang | Director | 2,080,000 | 2.77% | | Gu Shuchun | Director, Deputy General Manager | 237,000 | 0.32% | | He Zehong | Financial Controller | 80,000 | 0.11% | [Environmental Information Disclosure](index=26&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its key subsidiaries, Changzhou Zhongying Science and Technology Co., Ltd. and Jiangsu Fuxing Electronics Co., Ltd., are listed as enterprises required to disclose environmental information, with public access to their reports - The listed company and its major subsidiaries, Changzhou Zhongying Science and Technology Co., Ltd. and Jiangsu Fuxing Electronics Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[89](index=89&type=chunk) Enterprises Included in the List of Environmental Information Disclosure by Law | No | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Changzhou Zhongying Science and Technology Co., Ltd | http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/viewRunner.html?viewId=http%3A%2F%2Fywxt.sthjt.jiangsu.gov.cn%3A18181%2Fspsarchive-webapp%2Fweb%2Fsps%2Fviews%2Fyfpl%2Fviews%2FyfplEntInfo%2Findex.js&year=2024&ticket=23f0de91cde84a599fd0099c305818e5&versionId=28B56DB6F3E34439A4E35C26AD3458E0&spCode=3204000200009306 | | 2 | Jiangsu Fuxing Electronics Co., Ltd | ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/viewRunner.html?viewId=http%3A%2F%2Fywxt.sthjt.jiangsu.gov.cn%3A18181%2Fspsarchive-webapp%2Fweb%2Fsps%2Fviews%2Fyfpl%2Fviews%2FyfplEntInfo%2Findex.js&year=2024&ticket=6d0242c936bf4c619a2f54d935854c0f&versionId=D22A412CF7414D56B4EF118438404E7A&spCode=3204040202015750 | [Social Responsibility](index=26&type=section&id=V.%20Social%20Responsibility) The company protects shareholder and employee rights, prioritizes customer and supplier interests, promotes environmental sustainability, and actively fulfills public and social responsibilities through legal operations and community engagement - The company adheres to laws and regulations, optimizes corporate governance, and ensures effective protection of all shareholders' rights, including the right to know, participate, and vote for minority shareholders[87](index=87&type=chunk) - The company strictly complies with labor laws and regulations, safeguards employee rights, improves compensation and benefits, and focuses on employee safety, labor protection, and career development[88](index=88&type=chunk) - The company is customer-oriented, provides high-quality products, values customer feedback; adheres to a "win-win" principle, grows with suppliers, and establishes a fair evaluation system[90](index=90&type=chunk) - The company is committed to technological innovation, energy conservation, and emission reduction, minimizing resource and energy consumption and waste generation from the source to reduce environmental impact[90](index=90&type=chunk) - The company upholds its social responsibility and mission, operates legally, pays taxes, provides employment opportunities, and actively participates in public welfare activities[90](index=90&type=chunk) [Significant Matters](index=28&type=section&id=Item%205.%20Significant%20Matters) This section covers commitments, related party transactions, guarantees, litigation, penalties, and other significant events, noting no major issues except for a significant guarantee to a subsidiary [Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=28&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, there were no commitments fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company - During the reporting period, there were no commitments fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company[92](index=92&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties](index=28&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties of the listed company - During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties of the listed company[93](index=93&type=chunk) [Irregular External Guarantees](index=28&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[94](index=94&type=chunk) [Appointment and Dismissal of Accounting Firms](index=28&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was not audited - The company's semi-annual report was not audited[95](index=95&type=chunk) [Explanation by Board of Directors, Supervisory Board, and Audit Committee on "Non-Standard Audit Report" for Current Reporting Period](index=28&type=section&id=V.%20Explanation%20by%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20%22Non-Standard%20Audit%20Report%22%20for%20Current%20Reporting%20Period) During the reporting period, the company did not receive a "non-standard audit report" from its accounting firm - During the reporting period, the company did not receive a "non-standard audit report" from its accounting firm[96](index=96&type=chunk) [Explanation by Board of Directors on "Non-Standard Audit Report" for Previous Year](index=28&type=section&id=VI.%20Explanation%20by%20Board%20of%20Directors%20on%20%22Non-Standard%20Audit%20Report%22%20for%20Previous%20Year) During the reporting period, the company did not provide an explanation regarding a "non-standard audit report" for the previous year - During the reporting period, the company did not provide an explanation regarding a "non-standard audit report" for the previous year[96](index=96&type=chunk) [Bankruptcy and Reorganization Matters](index=28&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company did not experience any bankruptcy or reorganization matters during the reporting period - The company did not experience any bankruptcy or reorganization matters during the reporting period[96](index=96&type=chunk) [Litigation Matters](index=28&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation or arbitration matters during the reporting period, but other litigation totaled **RMB 14.131 million**, for which no provision for liabilities was made - The company had no significant litigation or arbitration matters during the reporting period[97](index=97&type=chunk) Summary of Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Whether a Provision for Liabilities Has Been Formed | | :--- | :--- | :--- | | Summary of Other Litigation Matters | 1,413.1 | No | [Penalties and Rectification](index=29&type=section&id=IX.%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[99](index=99&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=29&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, there were no issues regarding the integrity status of the company, its controlling shareholder, or actual controller - During the reporting period, there were no issues regarding the integrity status of the company, its controlling shareholder, or actual controller[100](index=100&type=chunk) [Significant Related Party Transactions](index=29&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no significant related party transactions concerning daily operations, asset/equity acquisitions/disposals, joint external investments, related party debts, or financial company dealings - The company had no related party transactions related to daily operations during the reporting period[100](index=100&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[101](index=101&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[102](index=102&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[103](index=103&type=chunk) - There were no deposits, loans, credit lines, or other financial business between the company and related financial companies, or between financial companies controlled by the company and related parties[104](index=104&type=chunk)[105](index=105&type=chunk) - The company had no other significant related party transactions during the reporting period[106](index=106&type=chunk) [Significant Contracts and Their Performance](index=30&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no custody, contracting, or leasing matters. It provided a joint liability guarantee of **RMB 340 million** to its subsidiary Jiabo Technology (Anhui) Co., Ltd., with an outstanding balance of **RMB 340 million**, representing **34.03%** of the company's net assets - The company had no custody, contracting, or leasing situations during the reporting period[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk) Company's Guarantees to Subsidiaries | Name of Guaranteed Party | Guarantee Limit (RMB 10,000) | Actual Occurrence Date | Actual Guarantee Amount (RMB 10,000) | Guarantee Type | Guarantee Period | Is it Fulfilled | Is it a Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiabo Technology (Anhui) Co., Ltd | 34,000 | January 21, 2025 | 34,000 | Joint and Several Liability Guarantee | Three years from the expiration date of the main contract debt performance period | No | Yes | - At the end of the reporting period, the total approved guarantee limit for subsidiaries was **RMB 340 million**, and the actual outstanding guarantee balance for subsidiaries was **RMB 340 million**[111](index=111&type=chunk) - The proportion of the total actual guarantee amount to the company's net assets is **34.03%**[112](index=112&type=chunk) - The company had no other significant contracts during the reporting period[115](index=115&type=chunk) [Explanation of Other Significant Matters](index=31&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The combined shareholding of the company's controlling shareholders and actual controllers (Yu Weizhong, Dai Lifang, Yu Cheng, and their concerted parties) decreased from **64.04%** to **59.24%** due to share reductions by Zhongying Huicai and Zhongying Pipeline, but this did not change the controlling shareholder or actual controller - The company's controlling shareholders and actual controllers Yu Weizhong, Dai Lifang, Yu Cheng, and some shareholders signed a "Concerted Action Agreement," increasing their combined shareholding from **62.89%** to **64.04%**[116](index=116&type=chunk) - Zhongying Huicai reduced its shareholding by **609,000 shares** in October 2024, causing the combined shareholding to decrease from **64.04%** to **63.23%**[117](index=117&type=chunk) - Zhongying Pipeline reduced its shareholding by **3,000,000 shares** on July 1, 2025, causing the combined shareholding to decrease from **63.23%** to **59.24%**[117](index=117&type=chunk) - This change in equity will not lead to a change in the company's controlling shareholder or actual controller, nor will it affect the company's governance structure and continuous operations[116](index=116&type=chunk) [Significant Matters of Company Subsidiaries](index=32&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company's subsidiaries had no significant matters during the reporting period - The company's subsidiaries had no significant matters during the reporting period[118](index=118&type=chunk) [Share Changes and Shareholder Information](index=33&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital structure, including limited and unrestricted shares, shareholder numbers, top shareholders, and changes in director/senior management shareholdings, confirming no change in controlling shareholder [Share Change Status](index=33&type=section&id=I.%20Share%20Change%20Status) During the reporting period, the company's total share capital remained unchanged at **75,200,000 shares**, with no changes in the proportions of restricted and unrestricted shares Share Change Status | Share Type | Number Before This Change (shares) | Proportion Before This Change | Subtotal of Increase/Decrease in This Change (+, -) | Number After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 27,739,725 | 36.89% | 0 | 27,739,725 | 36.89% | | II. Unrestricted Shares | 47,460,275 | 63.11% | 0 | 47,460,275 | 63.11% | | III. Total Shares | 75,200,000 | 100.00% | 0 | 75,200,000 | 100.00% | Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Shares Released from Restriction in Current Period | Shares Added to Restriction in Current Period | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Yu Cheng | 9,834,900 | 0 | 0 | 9,834,900 | Senior Management Lock-up Shares | | Yu Weizhong | 13,295,700 | 0 | 0 | 13,295,700 | Senior Management Lock-up Shares | | Dai Lifang | 4,431,900 | 0 | 0 | 4,431,900 | Senior Management Lock-up Shares | | Gu Shuchun | 177,225 | 0 | 0 | 177,225 | Senior Management Lock-up Shares | | Total | 27,739,725 | 0 | 0 | 27,739,725 | -- | [Securities Issuance and Listing](index=34&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[124](index=124&type=chunk) [Number of Shareholders and Shareholding Status](index=34&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) At the end of the reporting period, there were **13,313** common shareholders. Key shareholders include Yu Weizhong, Yu Cheng, Changzhou Zhongying Pipeline Co., Ltd., and Dai Lifang, with Yu Weizhong, Dai Lifang, Yu Cheng, and their concerted parties holding a significant combined stake - The total number of common shareholders at the end of the reporting period was **13,313**[125](index=125&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Yu Weizhong | Domestic Natural Person | 23.57% | 17,727,600 | 13,295,700 | 4,431,900 | | Yu Cheng | Domestic Natural Person | 17.44% | 13,113,200 | 9,834,900 | 3,278,300 | | Changzhou Zhongying Pipeline Co., Ltd | Domestic Non-State-Owned Legal Person | 9.97% | 7,500,000 | 0 | 7,500,000 | | Dai Lifang | Domestic Natural Person | 7.86% | 5,909,200 | 4,431,900 | 1,477,300 | | Changzhou Zhongying Huicai Equity Investment Management Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 3.24% | 2,436,000 | 0 | 2,436,000 | - Yu Cheng is the son of Yu Weizhong and Dai Lifang. Yu Weizhong and Dai Lifang jointly control Zhongying Pipeline. Yu Weizhong is the general partner of the company's employee stock ownership platform, Zhongying Huicai. The company's controlling shareholders and actual controllers Yu Weizhong, Dai Lifang, Yu Cheng, and shareholders Zhang Xiaoyu, Ma Longxiu, Dai Liying, Dai Lijuan, Dai Lihua, Liu Weifan are concerted parties through a "Concerted Action Agreement"[126](index=126&type=chunk) Shareholding of Top 10 Unrestricted Shareholders | Shareholder Name | Number of Unrestricted Shares Held at End of Reporting Period (shares) | Share Type | Quantity (shares) | | :--- | :--- | :--- | :--- | | Changzhou Zhongying Pipeline Co., Ltd | 7,500,000 | RMB Ordinary Shares | 7,500,000 | | Yu Weizhong | 4,431,900 | RMB Ordinary Shares | 4,431,900 | | Yu Cheng | 3,278,300 | RMB Ordinary Shares | 3,278,300 | | Changzhou Zhongying Huicai Equity Investment Management Center (Limited Partnership) | 2,436,000 | RMB Ordinary Shares | 2,436,000 | | Dai Lifang | 1,477,300 | RMB Ordinary Shares | 1,477,300 | [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=36&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Director and Deputy General Manager Gu Shuchun reduced his shareholding by **20,000 shares**, holding **216,300 shares** at period-end Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Shares Held at Beginning of Period (shares) | Number of Shares Reduced in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Gu Shuchun | Director, Deputy General Manager | Current | 236,300 | 20,000 | 216,300 | | Total | -- | -- | 236,300 | 20,000 | 216,300 | [Changes in Controlling Shareholder or Actual Controller](index=36&type=section&id=V.%20Changes%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[129](index=129&type=chunk) - The company's actual controller remained unchanged during the reporting period[130](index=130&type=chunk) [Preferred Share Information](index=38&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[131](index=131&type=chunk) [Bond-Related Information](index=39&type=section&id=Item%207.%20Bond-Related%20Information) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[133](index=133&type=chunk) [Financial Report](index=40&type=section&id=Item%208.%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies, taxes, and financial items [Audit Report](index=40&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[135](index=135&type=chunk) [Financial Statements](index=40&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 - This section includes the company's 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 owners' equity, and parent company statement of changes in owners' equity as of June 30, 2025[136](index=136&type=chunk)[140](index=140&type=chunk)[144](index=144&type=chunk)[148](index=148&type=chunk)[152](index=152&type=chunk)[154](index=154&type=chunk)[156](index=156&type=chunk)[163](index=163&type=chunk) [Company Basic Information](index=57&type=section&id=III.%20Company%20Basic%20Information) Changzhou Zhongying Science and Technology Co., Ltd., established on March 28, 2006, and listed on the Shenzhen Stock Exchange (stock code 300936) on January 26, 2021, has a registered capital of **RMB 75.2 million** and is led by legal representative Yu Weizhong - Changzhou Zhongying Science and Technology Co., Ltd. was established on March 28, 2006, and listed on the Shenzhen Stock Exchange on January 26, 2021, with stock code 300936[170](index=170&type=chunk) - The company's total shares are **75.2 million shares**, registered capital is **RMB 75.20 million**, and legal representative is Yu Weizhong[170](index=170&type=chunk) - The company's business scope includes manufacturing, sales, and R&D of electronic special materials, manufacturing, wholesale, and retail of electronic components, plastic product manufacturing, metal material manufacturing and sales, and import/export of goods and technology[171](index=171&type=chunk) [Basis of Financial Statement Preparation](index=57&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) These financial statements are prepared in accordance with accounting standards issued by the Ministry of Finance and relevant CSRC regulations, based on a going concern principle - These financial statements are prepared in accordance with the "Basic Accounting Standards for Business Enterprises" and various specific accounting standards, application guidelines, interpretations, and other relevant regulations issued by the Ministry of Finance, as well as the "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports" of the China Securities Regulatory Commission[172](index=172&type=chunk) - These financial statements are prepared on a going concern basis[173](index=173&type=chunk) [Significant Accounting Policies and Estimates](index=58&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's adherence to enterprise accounting standards, covering accounting periods, operating cycles, functional currency, business combinations, consolidated financial statements, cash equivalents, foreign currency transactions, financial instruments, receivables, inventories, fixed assets, intangible assets, and revenue recognition - These financial statements comply with the requirements of the enterprise accounting standards issued by the Ministry of Finance, truly and completely reflecting the company's consolidated and parent company financial position as o

常州中英科技股份有限公司 第三届董事会第十七次会议决议公告 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。 一、董事会会议召开情况 常州中英科技股份有限公司（以下简称"公司"）第三届董事会第十七次 会议于 2025 年 8 月 28 日上午 9 点在公司会议室以现场结合通讯方式召开，本次 董事会会议通知及会议材料于 2025 年 8 月 18 日以电话和其他通讯方式送达各位 董事。会议应到董事 7 名，实到董事 7 名，独立董事李兴尧先生、邵家旭先生、 井然哲先生以通讯表决方式出席会议。 本次会议由董事长、总经理俞卫忠主持，监事、高级管理人员列席。会议 召开符合有关法律、法规、规章和《公司章程》的规定。 二、董事会会议审议情况 证券代码：300936 证券简称：中英科技 公告编号：2025-040 董事会认为公司 2025 年半年度募集资金的存放与使用符合中国证监会、深 圳证券交易所关于上市公司募集资金存放与使用的相关规定，不存在违规使用募 集资金的情形，并同意公司《2025 年半年度募集资金存放与使用情况的专项报 告》。 该事项已经董事会审计委员会审议通过。 ...

Core Viewpoint - The company, Zhongying Technology, has shown a significant increase in stock price and trading volume, indicating potential investor interest and market activity [1]. Group 1: Company Overview - Zhongying Technology, established on March 28, 2006, is located in Changzhou, Jiangsu Province, and was listed on January 26, 2021 [8]. - The company specializes in the research, production, and sales of high-frequency communication materials, with a revenue composition of 68.11% from communication materials, 18.50% from lead frames, and 13.40% from other sources [8]. - The company is recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which enhances its competitiveness and stability within the industry [4]. Group 2: Market Position and Financial Performance - As of August 10, the number of shareholders in Zhongying Technology is 12,900, a decrease of 2.79% from the previous period, with an average of 3,681 circulating shares per person, an increase of 2.87% [8]. - For the first quarter of 2025, the company reported a revenue of 41.08 million yuan, a year-on-year decrease of 28.19%, and a net profit attributable to shareholders of 143,200 yuan, down 98.20% year-on-year [8]. - The company has distributed a total of 128 million yuan in dividends since its A-share listing, with 60.16 million yuan distributed over the past three years [9]. Group 3: Industry and Product Applications - The company's products are essential materials for PCB manufacturing, providing reliable electrical connections for mobile communication devices [2]. - High-frequency copper-clad laminates produced by the company are used in unmanned driving millimeter-wave radar, with the ZYF-6000 series currently in small-scale production [2]. - The company's high-frequency communication materials are primarily applied in the 5G and 4G base station antennas [3].

Group 1 - The company will continuously monitor market dynamics and adjust product prices based on upstream procurement costs and downstream market demand changes [2]

Group 1 - The "Cape of Good Hope Science Salon" focused on the transformation of scientific achievements between China and the UK, featuring over 20 young scholars from prestigious UK universities and representatives from Chinese institutions [1][3] - The event highlighted the importance of AI technology in various sectors, including healthcare, energy, finance, and robotics, emphasizing its role in accelerating the development of these fields [3][5] - High-level discussions included applications of AI in space robotics, with a focus on sustainable exploration and the need for miniaturization and low energy consumption in aerospace technology [5][9] Group 2 - The event showcased the potential of AI in diverse fields, with presentations on AI applications in dentistry and finance, indicating a broad interest in interdisciplinary innovation [5][7] - The Edinburgh University emphasized the significance of cross-disciplinary talent in driving innovation, integrating resources from computer science, mathematics, and business [7] - The "West Light Model" for technology transformation was introduced, which combines technology and finance to address funding gaps and support the entire lifecycle of technology enterprises from inception to commercialization [9]

证券日报网讯 8月20日晚间，中英科技发布公告称，公司近日收到国泰海通证券股份有限公司（简 称"国泰海通"）出具的《关于更换常州中英科技股份有限公司持续督导保荐代表人的函》，由于原保荐 代表人陈城因工作变动，无法继续从事对公司的持续督导工作。为保证持续督导工作的有序进行，国泰 海通现委派保荐代表人张占聪接替陈城继续履行持续督导工作。 （编辑 姚尧） ...

证券代码：300936 证券简称：中英科技 公告编号：2025-034 常州中英科技股份有限公司 关于变更持续督导保荐代表人的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 常州中英科技股份有限公司（以下简称"公司"）近日收到国泰海通证券股份 有限公司（以下简称"国泰海通"）出具的《关于更换常州中英科技股份有限公司 持续督导保荐代表人的函》，具体情况如下： 作为公司首次公开发行股票的保荐机构，国泰海通指定晏璎、陈城为公司首 次公开发行股票并上市项目保荐代表人，负责保荐工作及持续督导工作，持续督 导期已于 2024 年 12 月 31 日届满，但截至目前，公司募集资金尚未使用完毕， 根据相关规定，国泰海通对此未尽事项继续履行持续督导义务。 由于原保荐代表人陈城因工作变动，无法继续从事对公司的持续督导工作。 为保证持续督导工作的有序进行，国泰海通现委派保荐代表人张占聪（简历见附 件）接替陈城继续履行持续督导工作。 本次保荐代表人更换后，公司首次公开发行股票并上市项目持续督导保荐代 表人为晏璎、张占聪。 公司董事会对陈城先生在担任持续督导保荐代表人期间所做出的 ...

Core Viewpoint - The company, Zhongying Technology, is engaged in the production of high-frequency communication materials, which are essential for various applications including 5G technology and PCB manufacturing. The company has recently shown a slight increase in stock price and trading volume, indicating potential investor interest. Company Overview - Zhongying Technology Co., Ltd. is located in Changzhou, Jiangsu Province, and was established on March 28, 2006. It was listed on January 26, 2021. The company specializes in the research, production, and sales of high-frequency communication materials, which provide stable transmission environments for signal carriers under high-frequency conditions. The main revenue composition includes: 68.11% from communication materials, 18.50% from lead frames, and 13.40% from other sources [8]. Industry Position - The company is recognized in the PCB (Printed Circuit Board) sector and is involved in several key concepts such as satellite navigation, small-cap stocks, specialized and innovative enterprises, 5G, and PCB concepts [8]. Recent Performance - As of August 10, the number of shareholders in Zhongying Technology was 12,900, a decrease of 2.79% from the previous period. The average number of tradable shares per person increased by 2.87% to 3,681 shares [8]. - For the first quarter of 2025, the company reported revenue of 41.08 million yuan, a year-on-year decrease of 28.19%, and a net profit attributable to shareholders of 143,200 yuan, down 98.20% year-on-year [8]. Market Activity - On August 18, Zhongying Technology's stock rose by 0.95%, with a trading volume of 142 million yuan and a turnover rate of 6.85%, bringing the total market capitalization to 3.277 billion yuan [1]. - The company has received recognition from major PCB manufacturers both domestically and internationally, indicating a strong market presence [2]. Product Applications - The high-frequency copper-clad laminates produced by the company are used as raw materials for unmanned driving millimeter-wave radar, with the ZYF-6000 series currently in small-scale production [2]. - The company's products are certified by Huawei, allowing them to be used in related product manufacturing [4].