Section I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report[4](index=4&type=chunk) - Company head Wei Zhenwen, chief accountant Gao Linlin, and head of accounting Jiang Li declare the financial report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the report's overall structure, comprising eight main chapters covering company profile, financial indicators, management discussion, corporate governance, significant events, share changes, bond information, and financial reports - The report's table of contents includes eight main chapters, comprehensively covering the company's semi-annual operations from company profile to financial reports[7](index=7&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section provides definitions for common terms used in the report, including company names, currency units, reporting period, regulatory bodies, and specialized equipment and technical terms related to the company's main business - "Doright", "the Company", and "this Company" all refer to Qingdao Doright Energy Saving Equipment Co., Ltd[11](index=11&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[11](index=11&type=chunk) - Detailed definitions are provided for the company's core products and related technologies, such as heat exchangers, air preheaters, waste heat boilers, dryers, wet granulators, and low-NOx burners[11](index=11&type=chunk)[13](index=13&type=chunk) Section II Company Profile and Key Financial Indicators [1. Company Profile](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) The company's stock abbreviation is "Doright", stock code 300950, listed on the Shenzhen Stock Exchange, with Wei Zhenwen as the legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Doright | | Stock Code | 300950 | | Listing Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Qingdao Doright Energy Saving Equipment Co., Ltd. | | Legal Representative | Wei Zhenwen | [2. Contact Persons and Contact Information](index=7&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary is Gao Linlin, and Securities Affairs Representative is Zhao Shuangshuang, both located at No. 17 Shangde Avenue, Jiaozhou, Qingdao, with identical phone and fax numbers, and provided email addresses Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Gao Linlin | No. 17 Shangde Avenue, Jiaozhou, Qingdao | 0532-82293590 | 0532-82293590 | gaolinlin@doright.biz | | Securities Affairs Representative | Zhao Shuangshuang | No. 17 Shangde Avenue, Jiaozhou, Qingdao | 0532-82293590 | 0532-82293590 | zhaoshuangshuang@doright.biz | [3. Other Information](index=7&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's registered address, office address, website, email, information disclosure and storage locations, and registration changes remained unchanged during the reporting period, with details available in the 2024 annual report - The company's contact information, information disclosure and storage locations, and registration changes remained unchanged during the reporting period[17](index=17&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk) [4. Key Accounting Data and Financial Indicators](index=8&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue and net profit attributable to shareholders decreased year-on-year, but net cash flow from operating activities significantly increased, while total assets and net assets attributable to shareholders both grew Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 250,171,968.90 | 273,898,747.78 | -8.66% | | Net Profit Attributable to Shareholders of Listed Company | 49,032,051.79 | 68,314,095.33 | -28.23% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 46,369,077.77 | 66,924,365.50 | -30.71% | | Net Cash Flow from Operating Activities | 66,597,722.94 | 13,854,367.24 | 380.70% | | Basic Earnings Per Share (CNY/share) | 0.33 | 0.45 | -26.67% | | Diluted Earnings Per Share (CNY/share) | 0.32 | 0.45 | -28.89% | | Weighted Average Return on Net Assets | 6.45% | 9.69% | -3.24% | | **End of Current Period vs. End of Prior Year** | | | | | Total Assets | 1,217,280,688.92 | 1,124,117,349.97 | 8.29% | | Net Assets Attributable to Shareholders of Listed Company | 761,840,022.36 | 741,076,222.52 | 2.80% | [5. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and Chinese Accounting Standards - The company had no differences in accounting data under domestic and overseas accounting standards during the reporting period[22](index=22&type=chunk)[23](index=23&type=chunk) [6. Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to **CNY 2,662,974.02**, primarily from government subsidies, disposal gains/losses of non-current assets, and fair value changes of financial assets and liabilities Non-Recurring Gains and Losses and Amounts | Item | Amount (CNY) | | :--- | :--- | | Disposal gains/losses of non-current assets | 4,812.80 | | Government subsidies recognized in current profit/loss | 2,642,063.74 | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains/losses from disposal of financial assets and liabilities | 341,042.13 | | Other non-operating income and expenses apart from the above | 79,201.28 | | Less: Income tax impact | 404,145.93 | | Total | 2,662,974.02 | - The company does not classify any non-recurring gains and losses listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Public Securities – Non-Recurring Gains and Losses" as recurring gains and losses[27](index=27&type=chunk) Section III Management Discussion and Analysis [1. Main Business Activities During the Reporting Period](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) As a high-tech energy-saving and environmental protection equipment manufacturer, the company's main business encompasses the design, R&D, manufacturing, inspection, sales, and service of energy-saving heat exchange equipment, powder and other environmental protection equipment, and specialized custom equipment, while also providing clean combustion and heat transfer energy-saving solutions - The company is high-tech energy-saving and environmental protection equipment manufacturer, providing clean combustion and heat transfer energy-saving solutions and specialized equipment customization[29](index=29&type=chunk) - The company's main products include energy-saving heat exchange equipment (air preheaters, waste heat boilers, dryers), powder and other environmental protection equipment (wet granulators, low-NOx burners), and specialized custom equipment[29](index=29&type=chunk)[31](index=31&type=chunk)[33](index=33&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) - The company adopts core operating models of "procurement based on sales," "production based on sales," and direct sales, achieving profitability through a composite pricing model of "cost accounting + benchmark profit margin + market dynamic negotiation"[42](index=42&type=chunk)[43](index=43&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk) H1 2025 Operating Performance | Indicator | Amount (million CNY) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 250.0 | -8.66% | | Net Profit Attributable to Shareholders of Listed Company | 49.0321 | -28.23% | | Overall Gross Margin | 39.14% | - | | Revenue Share of Energy-Saving Heat Exchange Equipment | 76.84% | - | | Gross Margin of Energy-Saving Heat Exchange Equipment | 37.68% | - | | Revenue Share of Overseas Sales | 50.16% | - | | Gross Margin of Overseas Sales | 48.98% | - | | Unrecognized Revenue Orders on Hand | 558.0 | +8.35% | | Share of Overseas Project Orders | 41.22% | - | - The company continues to enhance its intelligent manufacturing capabilities, improving production efficiency and asset utilization through manufacturing operations management systems and smart factory construction[50](index=50&type=chunk) - The energy-saving and environmental protection industry, driven by policy support and market demand, exhibits characteristics of "optimized demand structure, accelerated technological iteration, and released policy dividends," providing broad development space for the company[51](index=51&type=chunk) - Large-scale equipment renewal and "dual carbon" policies drive increased demand for energy-saving equipment in downstream industries, while rising new energy vehicle sales boost carbon black production, creating new development opportunities for the company[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk) [(1) Company's Main Products](index=10&type=section&id=%28%E4%B8%80%29%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%BA%A7%E5%93%81) The company's main products are categorized into energy-saving heat exchange equipment, powder and other environmental protection equipment, and specialized custom equipment, serving high-energy-consuming industries and environmental treatment - Energy-saving heat exchange equipment includes air preheaters, waste heat boilers, and dryers, applied in coal chemical, petrochemical, and other fields[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk)[35](index=35&type=chunk) - Powder and other environmental protection equipment primarily includes wet granulators and low-NOx burners, used for powder and tail gas environmental treatment[36](index=36&type=chunk)[37](index=37&type=chunk)[39](index=39&type=chunk) - The company holds multiple design and manufacturing qualifications for pressure vessels, boilers, and pipelines, along with international certifications, enabling customization of large and heavy specialized equipment according to client needs[40](index=40&type=chunk) [(2) Main Operating Models](index=12&type=section&id=%28%E4%BA%8C%29%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's core operating models are "procurement based on sales" and "production based on sales," integrating technology R&D and product innovation throughout the entire operation process, with a composite pricing model - The company adopts core operating models of "procurement based on sales" and "production based on sales," deeply embedding technology R&D and product innovation throughout the entire operation process[42](index=42&type=chunk) - The profitability model employs a composite pricing model of "cost accounting + benchmark profit margin + market dynamic negotiation"[43](index=43&type=chunk) - The marketing model is one-on-one direct sales, with pricing following a "cost + basic profit margin + competitive bidding / negotiation" framework[46](index=46&type=chunk) - The procurement system is "procurement based on sales," selecting preferred suppliers through competitive inquiry or public bidding[47](index=47&type=chunk) - The production model is "production based on sales," with core products being non-standardized large equipment, requiring close collaboration among multiple functional units[48](index=48&type=chunk) [(3) Overview of Operating Performance](index=13&type=section&id=%28%E4%B8%89%29%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E6%A6%82%E8%BF%B0) In H1 2025, operating revenue decreased by **8.66%** to **CNY 250 million**, and net profit attributable to shareholders decreased by **28.23%** to **CNY 49.03 million**, yet the overall gross margin reached **39.14%**, with overseas sales accounting for **50.16%** of revenue and a gross margin of **48.98%** H1 2025 Operating Performance Overview | Indicator | Amount (million CNY) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 250.0 | -8.66% | | Net Profit Attributable to Shareholders of Listed Company | 49.0321 | -28.23% | | Overall Gross Margin | 39.14% | - | | Revenue Share of Overseas Sales | 50.16% | - | | Gross Margin of Overseas Sales | 48.98% | - | | Unrecognized Revenue Orders on Hand | 558.0 | +8.35% | | Share of Overseas Project Orders | 41.22% | - | - The company focuses on the mid-to-high-end equipment manufacturing market, maintaining strong profitability and continuously highlighting its international advantages[49](index=49&type=chunk) - The company continues to enhance its intelligent manufacturing capabilities, improving production efficiency and asset utilization through manufacturing operations management systems and smart factory construction[50](index=50&type=chunk) [(4) Industry Market Conditions](index=14&type=section&id=%28%E5%9B%9B%29%E8%A1%8C%E4%B8%9A%E5%B8%82%E5%9C%BA%E7%8A%B6%E5%86%B5) In H1 2025, the energy-saving and environmental protection industry experienced steady demand growth, driven by equipment upgrades and "dual carbon" policies, with national policies encouraging high-end, intelligent, and green equipment applications - The energy-saving and environmental protection industry, driven by policy support and market demand, exhibits significant characteristics of "optimized demand structure, accelerated technological iteration, and released policy dividends"[51](index=51&type=chunk) - National large-scale equipment renewal policies expand support, encouraging high-end, intelligent, and green equipment applications, and increasing funding support from ultra-long-term special national bonds, directly benefiting the company's industry[52](index=52&type=chunk) - "Dual carbon" policies accelerate downstream equipment investment and construction, with high-energy-consuming industries facing mandatory upgrades and promoting low-carbon processes and equipment, providing opportunities for the company to expand into applications such as sludge treatment and waste tire pyrolysis[53](index=53&type=chunk) - The new energy vehicle market continues to expand, with production and sales growing by **41.4%** and **40.3%** respectively in H1 2025, driving increased carbon black production, especially a surge in demand for highly dispersible carbon black and conductive carbon black, benefiting the company's traditional advantageous downstream sectors[54](index=54&type=chunk) [2. Analysis of Core Competencies](index=15&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies stem from its technological and product advantages, strong brand, efficient service, experienced team, robust management system, and international presence, all contributing to its competitive edge - The company possesses core technologies such as gas-gas high-temperature heat exchange and gas-liquid waste heat recovery, over **20** core product series, **167** valid patents (**33** invention patents), with multiple technologies reaching international advanced and domestic leading levels[55](index=55&type=chunk) - The company operates multiple research platforms, including a "National Enterprise Technology Center," and collaborates with universities and research institutes to strengthen industry-academia-research innovation[56](index=56&type=chunk) - The company has obtained numerous domestic and international certifications (e.g., ASME "U" and "S" certificates, PED certification), with product standards covering most countries and regions globally, demonstrating a clear competitive advantage in overseas markets[57](index=57&type=chunk) - The company has been honored as a "National Specialized, Refined, Unique, and New 'Little Giant'" and is a professional equipment supplier to renowned domestic and international enterprises such as Black Cat Shareholding and Cabot Corporation, with products exported to over **30** countries and regions[58](index=58&type=chunk) - The company enhances its lean management through the MOM information system, achieving high production efficiency and rapid response capabilities, further benefiting from logistical convenience due to its proximity to Qingdao Port and Jiaodong International Airport[59](index=59&type=chunk)[60](index=60&type=chunk) - The company boasts an experienced and stable core management and technical team, continuously attracting outstanding talent[61](index=61&type=chunk) - The company has established comprehensive management systems for procurement, production, sales, quality, safety, and environmental protection, and has obtained multiple management system certifications (ISO9001, ISO14001, ISO45001, etc.)[62](index=62&type=chunk) - Leveraging the "Belt and Road" initiative, the company strengthens recruitment of international professionals, possesses manufacturing capabilities compliant with global standards, and holds authoritative certifications, with clients across over **30** countries and regions[63](index=63&type=chunk) [3. Analysis of Main Business](index=16&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue decreased by **8.66%**, and operating costs decreased by **6.87%**, leading to a slight decline in gross margin; sales expenses increased due to export business, while financial expenses significantly decreased by **90.48%** due to reduced interest income and exchange gains Year-on-Year Changes in Key Financial Data | Item | Current Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 250,171,968.90 | 273,898,747.78 | -8.66% | - | | Operating Cost | 152,251,392.88 | 163,479,936.78 | -6.87% | - | | Selling Expenses | 5,866,747.03 | 4,764,076.25 | 23.15% | Mainly due to increased export business selling expenses during the reporting period | | Administrative Expenses | 20,396,790.62 | 18,079,694.26 | 12.82% | - | | Financial Expenses | -697,520.62 | -7,326,927.37 | -90.48% | Mainly due to decreased interest income and exchange gains during the reporting period | | Income Tax Expense | 6,310,757.68 | 11,565,759.16 | -45.44% | Mainly due to decreased total profit during the reporting period | | R&D Investment | 12,408,842.54 | 10,480,435.05 | 18.40% | Mainly due to increased R&D projects in the current period | | Net Cash Flow from Operating Activities | 66,597,722.94 | 13,854,367.24 | 380.70% | Mainly due to the company's optimized cash management during the reporting period | | Net Cash Flow from Investing Activities | -94,219,997.08 | -40,442,588.37 | 132.97% | Mainly due to decreased recovery of matured wealth management products during the reporting period | | Net Cash Flow from Financing Activities | 3,288,540.81 | -32,626,791.14 | -110.08% | Mainly due to increased bank borrowings and increased subscription for equity incentive shares during the reporting period | | Net Increase in Cash and Cash Equivalents | -24,448,328.47 | -55,967,431.29 | -56.32% | Mainly due to increased cash payments for investments during the reporting period | | Other Income | 2,686,214.91 | 842,689.43 | 218.77% | Mainly due to increased government subsidies during the reporting period | | Investment Income | 1,172,397.81 | 808,402.37 | 45.03% | Mainly due to increased investment income from associates accounted for using the equity method during the reporting period | | Credit Impairment Loss | -6,597,589.00 | -2,303,224.57 | 186.45% | Mainly due to increased bad debt provision for accounts receivable during the reporting period | | Asset Impairment Loss | 246,443.69 | -659,440.49 | -137.37% | Mainly due to decreased bad debt provision for contract assets during the reporting period | | Gains from Disposal of Assets | 4,812.80 | 9,942.99 | -51.60% | Mainly due to decreased asset disposals during the reporting period | | Non-Operating Income | 94,811.20 | 39,424.78 | 140.49% | Mainly due to increased insurance claims received during the reporting period | | Non-Operating Expenses | 15,609.92 | 129,132.87 | -87.91% | Mainly due to decreased donations during the reporting period | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Energy-Saving Heat Exchange Equipment | 192,235,146.94 | 119,791,352.43 | 37.68% | 6.98% | 17.31% | -5.49% | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[66](index=66&type=chunk) [4. Analysis of Non-Core Business](index=17&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's non-core business did not significantly impact its profit - The company had no non-core business analysis during the reporting period[69](index=69&type=chunk) [5. Analysis of Assets and Liabilities](index=18&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, total assets increased by **8.29%** year-on-year, and net assets attributable to shareholders increased by **2.80%**, with a significant **4.14%** increase in short-term borrowings due to higher bank loans Significant Changes in Asset Composition | Item | Amount at End of Current Period (CNY) | Proportion of Total Assets | Amount at End of Prior Year (CNY) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 190,167,161.48 | 15.62% | 195,567,427.36 | 17.40% | -1.78% | - | | Accounts Receivable | 110,687,324.66 | 9.09% | 100,707,638.30 | 8.96% | 0.13% | - | | Contract Assets | 38,217,194.93 | 3.14% | 40,051,858.86 | 3.56% | -0.42% | - | | Inventories | 263,844,930.38 | 21.67% | 255,189,270.77 | 22.70% | -1.03% | - | | Long-Term Equity Investments | 54,194,681.22 | 4.45% | 53,363,325.54 | 4.75% | -0.30% | - | | Fixed Assets | 121,340,187.32 | 9.97% | 125,247,271.58 | 11.14% | -1.17% | - | | Construction in Progress | 202,400,903.36 | 16.63% | 194,638,396.74 | 17.31% | -0.68% | - | | Right-of-Use Assets | 2,059,568.24 | 0.17% | 2,210,268.32 | 0.20% | -0.03% | - | | Short-Term Borrowings | 68,227,777.37 | 5.60% | 16,446,838.31 | 1.46% | 4.14% | Mainly due to increased bank borrowings during the reporting period | | Contract Liabilities | 148,917,547.14 | 12.23% | 170,372,024.84 | 15.16% | -2.93% | - | | Lease Liabilities | 2,135,296.86 | 0.18% | 2,275,637.82 | 0.20% | -0.02% | - | - The company had no significant overseas assets during the reporting period[71](index=71&type=chunk) Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Amount Purchased in Current Period (CNY) | Amount Sold in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 0.00 | 127,409,100.00 | 48,661,500.00 | 78,747,600.00 | | Total Above | 0.00 | 127,409,100.00 | 48,661,500.00 | 78,747,600.00 | | Financial Liabilities | 0.00 | 0.00 | 0.00 | 0.00 | Restricted Asset Rights as of the End of the Reporting Period | Item | Book Balance (CNY) | Book Value (CNY) | Type of Restriction | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 39,158,642.86 | 39,158,642.86 | Acceptance deposit | | Cash and Bank Balances | 1,821,189.57 | 1,821,189.57 | Letter of guarantee deposit | | Cash and Bank Balances | 601,788.82 | 601,788.82 | Wage deposit | | Fixed Assets | 6,664,826.64 | 1,435,523.82 | Credit mortgage | | Intangible Assets | 3,278,989.00 | 1,970,723.29 | Credit mortgage | | Total | 51,525,436.89 | 44,987,868.36 | — | [6. Analysis of Investment Status](index=19&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's total investment was **CNY 0.00**, a **100%** year-on-year decrease, with a total utilization rate of **86.83%** for raised funds, and no derivative investments or entrusted loans Overall Investment Amount | Indicator | Investment Amount in Current Period (CNY) | Investment Amount in Prior Year Period (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 0.00 | 50,000,000.00 | -100.00% | - The company did not acquire significant equity investments or undertake significant non-equity investments during the reporting period[75](index=75&type=chunk) Overall Utilization of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (ten thousand CNY) | Net Raised Funds (ten thousand CNY) | Total Raised Funds Used Cumulatively (ten thousand CNY) | Utilization Rate of Raised Funds at End of Reporting Period | | :--- | :--- | :--- | :--- | :--- | :--- | | 2021 | Initial Public Offering | 21,025 | 17,568.99 | 15,255.67 | 86.83% | - The "Energy-Saving Equipment Production Line Technical Transformation Project" has had its expected date of reaching usable condition adjusted to **October 31, 2025**, due to policy changes, market environment, and other factors[81](index=81&type=chunk) Overview of Wealth Management | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Transactions (ten thousand CNY) | Outstanding Balance (ten thousand CNY) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 3,000 | 3,000 | | Bank Wealth Management Products | Own Funds | 4,874.76 | 4,874.76 | | Total | - | 7,874.76 | 7,874.76 | - The company had no derivative investments or entrusted loans during the reporting period[87](index=87&type=chunk) [5. Utilization of Raised Funds](index=19&type=section&id=5%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company's 2021 IPO raised **CNY 175.69 million** net, with **86.83%** utilized by June 30, 2025; the "Energy-Saving Equipment Production Line Technical Transformation Project" was extended to October 31, 2025, due to external factors Overall Utilization of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (ten thousand CNY) | Net Raised Funds (ten thousand CNY) | Total Raised Funds Used in Current Period (ten thousand CNY) | Total Raised Funds Used Cumulatively (ten thousand CNY) | Utilization Rate of Raised Funds at End of Reporting Period | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2021 | Initial Public Offering | 21,025 | 17,568.99 | 297.94 | 15,255.67 | 86.83% | Status of Promised Raised Fund Projects | Project Name | Total Promised Investment of Raised Funds (ten thousand CNY) | Adjusted Total Investment (ten thousand CNY) | Cumulative Investment Amount as of Period End (ten thousand CNY) | Investment Progress as of Period End | Date Project Reaches Intended Usable Condition | | :--- | :--- | :--- | :--- | :--- | :--- | | Energy-Saving Equipment Production Line Technical Transformation Project | 11,090.37 | 11,090.37 | 8,777.05 | 79.14% | October 31, 2025 | | R&D Center Construction Project | 3,534.36 | 3,534.36 | 3,534.36 | 100.00% | October 31, 2023 | | Replenishment of Working Capital | 2,944.26 | 2,944.26 | 2,944.26 | 100.00% | October 31, 2022 | | Subtotal of Promised Investment Projects | 17,568.99 | 17,568.99 | 15,255.67 | - | - | - On April 18, 2025, the company approved the "Proposal on the Company's Use of Idle Raised Funds for Cash Management," agreeing to use no more than **CNY 30 million** of idle raised funds for cash management[82](index=82&type=chunk) [6. Wealth Management, Derivative Investments, and Entrusted Loans](index=22&type=section&id=6%E3%80%81%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2%E3%80%81%E8%A1%8D%E7%94%9F%E5%93%81%E6%8A%95%E8%B5%84%E5%92%8C%E5%A7%94%E6%89%98%E8%B4%B7%E6%AC%BE%E6%83%85%E5%86%B5) During the reporting period, the company's wealth management transactions amounted to **CNY 78.75 million**, with the same outstanding balance, primarily involving bank wealth management products funded by raised and own capital, with no overdue amounts Overview of Wealth Management | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Transactions (ten thousand CNY) | Outstanding Balance (ten thousand CNY) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 3,000 | 3,000 | | Bank Wealth Management Products | Own Funds | 4,874.76 | 4,874.76 | | Total | - | 7,874.76 | 7,874.76 | - The company had no high-risk wealth management products with significant individual amounts, low safety, or poor liquidity during the reporting period[86](index=86&type=chunk) - The company had no derivative investments or entrusted loans during the reporting period[87](index=87&type=chunk) [7. Significant Asset and Equity Disposals](index=23&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) During the reporting period, the company did not undertake any significant asset or equity disposal transactions - The company did not dispose of significant assets during the reporting period[88](index=88&type=chunk) - The company did not dispose of significant equity during the reporting period[89](index=89&type=chunk) [8. Analysis of Major Controlled and Invested Companies](index=23&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's main subsidiary, Doright (Shanghai) Engineering Technology Co., Ltd., reported total assets of **CNY 3.07 million**, negative net assets of **CNY 0.39 million**, and a net loss of **CNY 1.24 million** during the reporting period Major Subsidiaries and Invested Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Doright (Shanghai) Engineering Technology Co., Ltd. | Subsidiary | Equipment manufacturing and engineering technical services | 9,500,000 | 3,072,943.30 | -393,292.83 | 425,776.98 | -1,271,739.18 | -1,240,539.18 | - The company did not acquire or dispose of any subsidiaries during the reporting period[90](index=90&type=chunk) [9. Information on Structured Entities Controlled by the Company](index=24&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company did not control any structured entities - The company had no controlled structured entities during the reporting period[91](index=91&type=chunk) [10. Risks Faced by the Company and Countermeasures](index=24&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from macroeconomic fluctuations, raw material price volatility, exchange rate changes, increasing accounts receivable and bad debts, and the possibility of raised fund projects not meeting expected benefits, which it addresses through various strategic and operational measures - The company faces macroeconomic risks and will respond by optimizing product structure, enhancing core competitiveness, and intensifying market development efforts[91](index=91&type=chunk) - Raw material price volatility poses a significant risk to the company's gross profit, which the company will address through process innovation to reduce raw material consumption and actively seek cost-stable alternative materials[92](index=92&type=chunk) - Exchange rate fluctuation risk impacts the gross margin and net profit of export products, and the company will strengthen research and analysis of exchange rate trends, provide timely warnings, and implement countermeasures[93](index=93&type=chunk) - The risk of increasing accounts receivable and bad debts will be mitigated by evaluating client strength, strictly managing client credit, and standardizing commercial contracts[94](index=94&type=chunk)[95](index=95&type=chunk) - There is a risk that raised fund investment projects may not achieve expected benefits, which the company will address by strengthening project construction management, accelerating construction progress, and actively expanding markets[96](index=96&type=chunk)[97](index=97&type=chunk) [11. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=25&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) During the reporting period, the company conducted online exchanges via the Panorama Roadshow platform, engaging with unspecified investors to discuss restricted stock unlocking, development strategies, and shareholder information - On May 7 and May 12, 2025, the company conducted online exchanges via the Panorama Roadshow platform, engaging with unspecified investors[98](index=98&type=chunk) - Key discussion topics included the unlocking of restricted shares, development strategies, and shareholder information[98](index=98&type=chunk) [12. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=25&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) During the reporting period, the company did not formulate a market value management system or disclose a valuation enhancement plan - The company did not formulate a market value management system during the reporting period[99](index=99&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[99](index=99&type=chunk) [13. Implementation of “Quality and Return Dual Enhancement” Action Plan](index=25&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) During the reporting period, the company did not disclose any announcements regarding the "Quality and Return Dual Enhancement" action plan - The company did not disclose any announcements regarding the "Quality and Return Dual Enhancement" action plan during the reporting period[99](index=99&type=chunk) Section IV Corporate Governance, Environment, and Society [1. Changes in Directors, Supervisors, and Senior Management](index=26&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's directors, supervisors, or senior management, with specific details available in the 2024 annual report - There were no changes in the company's directors, supervisors, or senior management during the reporting period[101](index=101&type=chunk) [2. Profit Distribution and Capital Reserve Conversion to Share Capital in Current Period](index=26&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans 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[102](index=102&type=chunk) [3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=26&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) In H1 2025, the company completed the grant registration for its 2025 Restricted Stock Incentive Plan, awarding **2 million** restricted shares to **3** incentive recipients, representing **1.33%** of total share capital, with an adjusted grant price of **CNY 7.82 per share** - On January 17, 2025, the company's Board of Directors and Supervisory Board convened to review and approve the "2025 Restricted Stock Incentive Plan (Draft)" and its summary[103](index=103&type=chunk) - On April 18, 2025, the company's General Meeting of Shareholders convened to review and approve the "2025 Restricted Stock Incentive Plan (Draft)"[104](index=104&type=chunk) - On May 26, 2025, the company adjusted the grant price of restricted shares to **CNY 7.82 per share**[105](index=105&type=chunk) - On June 17, 2025, the company completed the grant registration for the first category of restricted shares under the 2025 Restricted Stock Incentive Plan, with **2 million** shares granted, representing **1.33%** of the company's total share capital[106](index=106&type=chunk) - The company had no implementation of employee stock ownership plans or other employee incentive measures during the reporting period[107](index=107&type=chunk) [4. Environmental Information Disclosure](index=27&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[107](index=107&type=chunk) [5. Social Responsibility](index=27&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities by protecting investor and employee rights, ensuring customer and supplier satisfaction, promoting environmental protection and sustainable development, and engaging in public welfare activities - The company strictly adheres to laws and regulations, improves its corporate governance structure and internal control systems, and protects investor rights through various channels such as online voting, performance briefings, and interactive platforms[108](index=108&type=chunk) - The company complies with labor laws, fully pays social insurance for employees, provides diverse subsidies and benefits, establishes career advancement paths, and strengthens corporate culture through training programs like "Doright University"[109](index=109&type=chunk) - Adhering to the "customer satisfaction" philosophy, the company actively communicates and respects client rights; it establishes strict management systems for suppliers, upholding fairness and impartiality, and fulfilling contracts to protect supplier rights[111](index=111&type=chunk) - The company is committed to providing energy-saving and environmental protection solutions, establishing and improving ISO45001 Occupational Health and Safety Management System and ISO14001 Environmental Management System, and enhancing resource comprehensive utilization efficiency[112](index=112&type=chunk) - The company actively practices social responsibility, participates in targeted assistance for rural revitalization, and donates funds to universities such as Tsinghua University and Shandong University of Science and Technology to support educational philanthropy[113](index=113&type=chunk) Section V Significant Matters [1. Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=29&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The company's actual controller, major shareholders, and other related parties have strictly fulfilled their commitments regarding share lock-up, reduction, avoidance of horizontal competition, related party transactions, and fund occupation during the reporting period, with no overdue unfulfilled commitments - Actual controller Wei Zhenwen committed to share lock-up, share reduction at prices not lower than the issue price, and avoidance of horizontal competition, related party transactions, and fund occupation; these commitments are long-term and currently being fulfilled[115](index=115&type=chunk)[117](index=117&type=chunk)[119](index=119&type=chunk)[121](index=121&type=chunk)[123](index=123&type=chunk) - Major shareholder Qingdao Defeng Investment Enterprise committed to share lock-up, share reduction, and avoidance of related party transactions and fund occupation; these commitments are long-term and currently being fulfilled[115](index=115&type=chunk)[117](index=117&type=chunk)[121](index=121&type=chunk) - Share lock-up commitments of some directors, supervisors, and senior management have been fulfilled, while other directors, supervisors, and senior management's commitments regarding share lock-up, reduction, avoidance of related party transactions, and fund occupation are currently being fulfilled[116](index=116&type=chunk)[117](index=117&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[124](index=124&type=chunk) - The company committed to strengthening supervision of raised fund projects, intensifying business development efforts, accelerating construction progress of raised fund projects, and improving the profit distribution system to compensate for immediate returns; these commitments are long-term and currently being fulfilled[118](index=118&type=chunk)[119](index=119&type=chunk) - The company and relevant intermediaries committed that the prospectus and information disclosure materials are true, accurate, and complete, without false records, misleading statements, or major omissions, and assume corresponding legal responsibilities; these commitments are long-term and currently being fulfilled[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk) [2. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=39&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company[126](index=126&type=chunk) [3. Irregular External Guarantees](index=39&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[128](index=128&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=40&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[129](index=129&type=chunk) [5. Board of Directors, Supervisory Board, and Audit Committee’s Explanation of “Non-Standard Audit Report” for the Current Period](index=40&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E3%80%81%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[130](index=130&type=chunk) [6. Board of Directors’ Explanation of “Non-Standard Audit Report” for the Prior Year](index=40&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no explanation regarding a non-standard audit report for the prior year during the reporting period - The company had no explanation regarding a non-standard audit report for the prior year during the reporting period[130](index=130&type=chunk) [7. Bankruptcy and Reorganization Matters](index=40&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) During the reporting period, the company did not experience any bankruptcy or reorganization related matters - The company did not experience any bankruptcy or reorganization related matters during the reporting period[130](index=130&type=chunk) [8. Litigation Matters](index=40&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no significant litigation, arbitration, or other litigation matters - The company had no significant litigation or arbitration matters during the current reporting period[131](index=131&type=chunk) - The company had no other litigation matters during the reporting period[131](index=131&type=chunk) [9. Penalties and Rectification](index=40&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[131](index=131&type=chunk) [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=40&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled effective court judgments or large overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled effective court judgments or large overdue debts[132](index=132&type=chunk) [11. Significant Related Party Transactions](index=40&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company did not engage in significant related party transactions concerning daily operations, asset/equity acquisitions or disposals, joint external investments, related party creditor-debtor relationships, or financial dealings with affiliated financial companies - The company had no related party transactions related to daily operations during the reporting period[133](index=133&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[

为使投资者全面了解公司的经营成果、财务状况及未来发展规划，公司《2025 年半年度报告》及《2025 年半年度报告摘要》于 2025 年 8 月 28 日在中国证监 会指定的创业板信息披露网站——巨潮资讯网（www.cninfo.com.cn）上披露，敬 请投资者注意查阅。 特此公告。 证券代码：300950 证券简称：德固特 公告编号：2025-054 青岛德固特节能装备股份有限公司 2025 年半年度报告披露提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 青岛德固特节能装备股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召开第五届董事会第十次会议和第五届监事会第十次会议，审议通过了《关于 2025 年半年度报告及其摘要的议案》。 青岛德固特节能装备股份有限公司 董 事 会 2025 年 8 月 28 日 ...

证券代码：300950 证券简称：德固特 公告编号：2025-057 青岛德固特节能装备股份有限公司 2025 年半年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求》、《深圳证券交易所创业板股票上市规则》（以下简称"《上市规则》"）、《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作（2025 年修订）》（以下简称"《规范运作》"）等相关法律法规的规定，青岛德固特节能 装备股份有限公司（以下简称"公司"）将 2025 年半年度募集资金存放与使用情 况专项报告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意青岛德固特节能装备股份有限公司首 次公开发行股票注册的批复》（证监许可[2021]165 号）同意注册，公司首次公开 发行人民币普通股（A 股）股票 25,000,000 股，每股面值 1 元，发行价为每股人 民币 8.41 元，募集资金总额为人民币 210,250,000.00 元，扣除发行费用总额（不 含增 ...

青岛德固特节能装备股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 | | 中科合肥煤气化技术 | 董事、总经理担任该 | 其他应收款 | 76.00 | 6.00 | 0 | 0 | 82.00 | 投标保证 | 经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 有限公司 | 公司董事 | | | | | | | 金 | | | 小计 | - | - | - | 1985.34 | 1169.00 | 0 | 327.55 | 2826.79 | - | - | | 总计 | - | - | - | 2003.98 | 1269.00 | 0.53 | 342.16 | 2931.35 | - | - | 法定代表人： 主管会计工作负责人： 会计机构负责人： 上市公司名称：青岛德固特节能装备股份有限公司 单位：万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司 | 上市公司核算的 | 2025 年期初占 | 2025年 1-6月占用 累计发生金额（不 | ...

证券代码：300950 证券简称：德固特 公告编号：2025-060 青岛德固特节能装备股份有限公司 关于部分募投项目延期及内部投资结构调整的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 青岛德固特节能装备股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召开第五届董事会第十次会议和第五届监事会第十次会议，审议通过了《关于 部分募投项目延期及内部投资结构调整的议案》，同意公司在募投项目实施地点、 实施主体、实施方式、募集资金投资用途及投资规模不发生变更的前提下，对"节 能装备生产线技术改造项目"达到预定可使用状态的时间及内部投资结构进行调 整，根据《上市公司募集资金监管规则》《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作（2025 年修订）》等有关法律法规及《公 司章程》等相关规定。现将具体情况公告如下： 一、募集资金基本情况 （一）募集资金到位情况 经中国证券监督管理委员会《关于同意青岛德固特节能装备股份有限公司首 次公开发行股票注册的批复》（证监许可[2021]165 号）同意注册，公司首次公 开发行人民 ...

证券代码：300950 证券简称：德固特 公告编号：2025-058 青岛德固特节能装备股份有限公司 关于变更公司注册资本、修订《公司章程》及修订、制定公 司部分治理制度的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 青岛德固特节能装备股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日 召开了公司第五届董事会第十次会议及第五届监事会第十次会议，审议通过了 《关于变更公司注册资本、修订<公司章程>并办理工商变更登记的议案》《关 于修订、制定公司部分治理制度的议案》等，部分议案尚需提交公司 2025 年第 二次临时股东大会审议。现将具体情况公告如下： 公司于近期完成了 2025 年限制性股票激励计划第一类限制性股票的授予登 记工作，授予登记数量 2,000,000 股，本次限制性股票的授予日为 2025 年 5 月 6 日，上市日为 2025 年 6 月 17 日。信永中和会计师事务所（特殊普通合伙）于 2025 年 6 月 5 日出具了验资报告（XYZH/2025JNAA4B0138），对公司截至 2025 年 5 月 29 日止本激励计 ...

证券代码：300950 证券简称：德固特 公告编号：2025-059 青岛德固特节能装备股份有限公司（以下简称"公司"）第五届董事会第十次 会议已于 2025 年 8 月 26 日召开，会议决议于 2025 年 9 月 15 日召开公司 2025 年第二次临时股东大会。现将本次股东大会有关事项公告如下： 一、召开会议基本情况 1、股东大会届次：2025 年第二次临时股东大会 2、会议召集人：公司第五届董事会 3、会议召开的合法、合规性：经公司第五届董事会第十次会议审议通过， 决定召开公司股东大会。公司 2025 年第二次临时股东大会的召开符合有关法律、 行政法规、部门规章、规范性文件和《公司章程》的规定。 4、会议召开的日期、时间： （1）现场会议时间：2025 年 9 月 15 日（星期一）14：00 青岛德固特节能装备股份有限公司 关于召开 2025 年第二次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 （2）网络投票时间：2025 年 9 月 15 日 通过深圳证券交易所（以下简称"深交所"）交易系统进行网络投票的具体时 间为 20 ...

证券代码：300950 证券简称：德固特 公告编号：2025-053 青岛德固特节能装备股份有限公司 第五届监事会第十次会议决议的公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 青岛德固特节能装备股份有限公司（以下简称"公司"）第五届监事会第十 次会议通知于 2025 年 8 月 16 日以电子邮件、书面、电话等方式发出，2025 年 8 月 26 日以现场结合通讯表决的方式在公司会议室召开。 本次会议应出席监事 3 名，实际出席监事 3 名。会议由监事会主席赵文苑女 士主持，公司董事会秘书列席了本次会议。会议程序符合《公司法》《公司章程》 以及《监事会议事规则》的规定，表决形成的决议合法有效。 二、监事会会议审议情况 经与会监事认真审议，形成以下决议： 1、 审议通过了《关于 2025 年半年度报告及其摘要的议案》 表决结果：赞成 3 票，反对 0 票，弃权 0 票，审议通过。 2、 审议通过了《关于 2025 年半年度募集资金存放与使用情况的专项报 告的议案》 经审议，监事会认为：监事会编制和审议的《关于 2025 年半年度募 ...

证券代码：300950 证券简称：德固特 公告编号：2025-052 青岛德固特节能装备股份有限公司 第五届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、会议召开情况 青岛德固特节能装备股份有限公司（以下简称"公司"）第五届董事会第十次 会议通知于 2025 年 8 月 16 日以电子邮件、书面、电话等方式发出，2025 年 8 月 26 日以现场结合通讯表决的方式在公司会议室召开。 本次会议应出席董事 9 名，实际出席董事 9 名。会议由董事长魏振文先生主 持，公司监事和高级管理人员列席了本次会议。会议程序符合《公司法》《公司 章程》以及《董事会议事规则》的规定，表决形成的决议合法有效。 二、会议审议情况 本次会议以记名投票表决的方式，审议通过了如下议案： 1、 审议通过了《关于 2025 年半年度报告及其摘要的议案》 公司董事认真审议了《2025 年半年度报告》及《2025 年半年度报告摘要》， 认为报告内容真实、准确、完整的反映了公司经营状况，不存在虚假记载、误导 性陈述或重大遗漏。 具体内容详见公司于 2025 年 8 ...

长江证券承销保荐有限公司 经中国证券监督管理委员会"证监许可[2021]165 号"文注册，德固特向社 会公开发行人民币普通股（A 股）2,500.00 万股，发行价格为 8.41 元/股，募集 资金总额为 21,025.00 万元，扣除发行费用 3,456.01 万元（不含税）后，募集资 金净额为 17,568.99 万元。募集资金已于 2021 年 2 月 26 日划至德固特指定账户， 信永中和会计师事务所（特殊普通合伙）出具了 XYZH/2021JNAA40009 号《验 资报告》，对以上募集资金到账情况进行了审验确认。上述募集资金存放于德固 特募集资金专户管理。 截至 2025 年 6 月 30 日，德固特首次公开发行股票募集资金投资项目具体情 况如下： | 单位：万元 | | --- | 关于青岛德固特节能装备股份有限公司 部分募投项目延期及内部投资结构调整的核查意见 长江证券承销保荐有限公司（以下简称"长江保荐"）作为青岛德固特节能 装备股份有限公司（以下简称"德固特"或"公司"）首次公开发行股票并在创 业板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司募集 资金监管规则》《深圳证 ...