宁波震裕科技股份有限公司 第五届董事会第八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 宁波震裕科技股份有限公司（以下简称"公司"）第五届董事会第八次会议于 2025 年 8 月 26 日以现场及通讯的方式在公司会议室召开，会议通知于 2025 年 8 月 16 日以电话、电子邮件等方式送达公司全体董事。本次会议由董事长蒋震林 先生主持，会议应出席董事 9 人，实际出席董事 9 人，公司监事及高级管理人员 列席了会议。会议的召集、召开和表决程序符合《中华人民共和国公司法》等法 律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 二、董事会会议审议情况 证券代码：300953 证券简称：震裕科技 公告编号：2025-084 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）的《2025 年半年度报告》及《2025 年半年度报告摘要》。《2025 年半年度报告摘要》将 同日刊登于《证券时报》《证券日报》《中国证券报》及巨潮资讯网 （www.cninfo.com.cn）上。 董事会审计委员会 ...

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 震裕科技(300953.SZ)公告称，公司2025年上半年实现营业收入40.47亿元，同比增长29.17%；实现归属 于上市公司股东的净利润2.11亿元，同比增长60.45%。公司计划不派发现金红利，不送红股，不以公积 金转增股本。 ...

【震裕科技：上半年净利润2.11亿元 同比增长60.45%】智通财经8月27日电，震裕科技(300953.SZ)公告 称，公司2025年上半年实现营业收入40.47亿元，同比增长29.17%；实现归属于上市公司股东的净利润 2.11亿元，同比增长60.45%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 转自：智通财经 ...

震裕科技公告，2025年上半年营业收入40.47亿元，同比增长29.17%。净利润2.11亿元，同比增长 60.45%。 ...

[Section I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential preliminary information, including a guarantee of report accuracy, a detailed table of contents, and key definitions for clarity [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, while future outlooks are not substantive commitments - The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report[4](index=4&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) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's structure, providing a quick navigation guide to its eight main chapters and corresponding page numbers [Definitions](index=5&type=section&id=Definitions) This section defines common terms, company entities, main products, and key customers, ensuring a clear understanding of the report's content - The company's core businesses include precision progressive stamping dies, motor cores, and precision structural components for power lithium batteries[11](index=11&type=chunk) - Major clients include **CATL**, **BYD**, **EVE Energy**, **Nidec**, **Xiaomi**, and other well-known new energy vehicle and battery industry enterprises[11](index=11&type=chunk)[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=7&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's fundamental information and presents its key financial performance metrics for the reporting period [I. Company Profile](index=7&type=section&id=I.%20Company%20Profile) This section provides the company's basic identity and market positioning, including its stock abbreviation, code, listing exchange, and legal representative - Company stock abbreviation: **Zhenyu Technology**, stock code: **300953**, listing exchange: **Shenzhen Stock Exchange**[14](index=14&type=chunk) - The company's legal representative is **Jiang Zhenlin**[14](index=14&type=chunk) [II. Contact Persons and Information](index=7&type=section&id=II.%20Contact%20Persons%20and%20Information) This section lists the contact details for the company's Board Secretary and Securities Affairs Representative, facilitating investor communication and inquiries [III. Other Information](index=7&type=section&id=III.%20Other%20Information) This section confirms no changes in the company's registered address, contact information, or information disclosure locations during the reporting period - No changes in company contact information, information disclosure and document storage locations, or registration status during the reporting period[16](index=16&type=chunk)[17](index=17&type=chunk)[18](index=18&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key financial data for the first half of 2025, highlighting strong growth in revenue and net profit, and a significant positive shift in operating cash flow 2025 Semi-Annual Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Reporting Period (yuan) | Prior Year Same Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,046,762,596.96 | 3,132,977,427.64 | 29.17% | | Net Profit Attributable to Shareholders of Listed Company | 211,349,646.23 | 131,720,044.53 | 60.45% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 197,698,161.21 | 119,868,023.89 | 64.93% | | Net Cash Flow from Operating Activities | 174,392,398.29 | -362,065,346.21 | 148.17% | | Basic Earnings Per Share (yuan/share) | 1.28 | 0.88 | 45.45% | | Diluted Earnings Per Share (yuan/share) | 1.27 | 0.76 | 67.11% | | Weighted Average Return on Net Assets | 5.76% | 4.97% | 0.79% | | **End of Current Reporting Period vs. End of Prior Year:** | | | | | Total Assets | 11,221,303,579.10 | 11,425,589,229.33 | -1.79% | | Net Assets Attributable to Shareholders of Listed Company | 4,031,182,735.97 | 2,993,279,812.31 | 34.67% | [V. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=8&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) This section confirms that there were no discrepancies in net profit and net assets between the company's financial reports under domestic and overseas accounting standards - No differences in net profit and net assets under domestic and overseas accounting standards during the reporting period[20](index=20&type=chunk)[21](index=21&type=chunk) [VI. Non-recurring Gains and Losses and Amounts](index=8&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) This section details the company's non-recurring gains and losses for the first half of 2025, totaling **13.65 million yuan**, primarily from government subsidies and financial asset disposals 2025 Semi-Annual Non-recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 487,244.95 | | Government grants recognized in profit or loss for the current period (excluding those closely related to the company's normal business operations and granted in accordance with national policies) | 12,056,294.20 | | Gains or losses arising from changes in fair value of financial assets and liabilities held for trading, and investment income from disposal of financial assets and liabilities held for trading, except for effective hedging activities related to the company's normal business operations | 3,724,502.07 | | Other non-operating income and expenses apart from the above | -325,158.55 | | Other gains and losses that meet the definition of non-recurring gains and losses | 326,586.95 | | Less: Income tax impact | 2,617,984.60 | | **Total** | **13,651,485.02** | [Section III Management Discussion and Analysis](index=10&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the company's main businesses, core competencies, financial performance, and risk management strategies [I. Company's Main Businesses During the Reporting Period](index=10&type=section&id=I.%20Company%27s%20Main%20Businesses%20During%20the%20Reporting%20Period) The company primarily engages in precision progressive stamping dies and downstream precision structural components, achieving significant performance growth in the first half of 2025, driven by new energy vehicle and humanoid robot industries - The company's main businesses are precision progressive stamping dies and downstream precision structural components, applied in home appliances, new energy lithium batteries, automotive, industrial control, and other industries[26](index=26&type=chunk)[41](index=41&type=chunk) - In the first half of 2025, the company achieved operating revenue of **4.047 billion yuan**, a year-on-year increase of **29.17%**; net profit attributable to parent company shareholders was **211.35 million yuan**, a year-on-year increase of **60.45%**[58](index=58&type=chunk) - The company is actively developing the humanoid robot industry, having established a subsidiary in October 2024 to focus on key products and core technologies in the robot industry chain[40](index=40&type=chunk) [(I) Industry Classification of the Company](index=10&type=section&id=(I)%20Industry%20Classification%20of%20the%20Company) The company's core business, precision progressive stamping dies and structural components, is classified under "C Manufacturing" (Metal Products Industry, C33) by the China Securities Regulatory Commission - The company's main business is precision progressive stamping dies and downstream precision structural components[26](index=26&type=chunk) - The company's industry is "C Manufacturing" (Metal Products Industry), with industry classification code **C33**[26](index=26&type=chunk) [(II) Industry Development Status](index=10&type=section&id=(II)%20Industry%20Development%20Status) The company's key markets, including precision dies, motor cores, and lithium battery components, are experiencing rapid growth driven by new energy vehicles and emerging humanoid robot technologies - The explosive growth of new energy vehicles drives increased demand for precision progressive stamping dies[28](index=28&type=chunk) - In the first half of 2025, China's new energy vehicle production and sales increased by **41.4%** and **40.3%** respectively, with power battery installations increasing by **44%** year-on-year[31](index=31&type=chunk)[32](index=32&type=chunk) - The humanoid robot industry is designated as a future industry, receiving national policy support, and the company has established a subsidiary to enter this field[37](index=37&type=chunk)[40](index=40&type=chunk) [(III) Main Business, Main Products, and Uses](index=12&type=section&id=(III)%20Main%20Business%2C%20Main%20Products%2C%20and%20Uses) As a high-tech enterprise, the company specializes in R&D, design, production, and sales of precision progressive stamping dies and structural components, expanding into humanoid robot parts - The company's core business is the R&D, design, production, and sales of precision progressive stamping dies and downstream precision structural components[41](index=41&type=chunk) - Main products include multi-row/three-row/two-row/single-row motor core progressive dies, single-row power lithium battery structural component progressive dies, motor core precision structural components, and power lithium battery precision structural components[45](index=45&type=chunk) - Emerging products include humanoid robot reverse planetary roller screws, linear actuators, and dexterous hand precision components[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) [(IV) Business Model](index=14&type=section&id=(IV)%20Business%20Model) The company operates on a "production-to-order" customized model with independent procurement, production, and direct sales, fostering stable customer relationships and diverse settlement options - The company adopts a **"production-to-order"** customized production model, with procurement and production driven by sales[46](index=46&type=chunk)[50](index=50&type=chunk) - The procurement model is "production-to-order + procurement-to-production", with stable raw material supply channels, mainly including steel, aluminum, and copper[48](index=48&type=chunk) - The sales model is direct sales to customers, establishing long-term stable cooperative relationships with domestic and international clients[53](index=53&type=chunk) [(V) Company's Industry Position](index=16&type=section&id=(V)%20Company%27s%20Industry%20Position) The company holds a leading position in China's mid-to-high-end motor core die industry, breaking foreign monopolies and achieving top-tier shipments in new energy automotive components - The company is an advanced manufacturing enterprise in China's mid-to-high-end motor core die industry, recognized as one of the "Key Backbone Enterprises for Motor Core Dies"[55](index=55&type=chunk) - Shipments of new energy electric vehicle drive motor cores rank among the domestic leaders, and power lithium battery precision structural component projects rank among the top in the industry[56](index=56&type=chunk) - The company was awarded the **2022 National Manufacturing Single Champion Product**, **2025 National Green Factory** honors, and consistently rated as an "Excellent Supplier" by CATL[56](index=56&type=chunk)[57](index=57&type=chunk) [(VI) Main Operating Performance and Driving Factors](index=17&type=section&id=(VI)%20Main%20Operating%20Performance%20and%20Driving%20Factors) In the first half of 2025, the company achieved significant increases in operating revenue and net profit, primarily driven by the robust growth of downstream industries - In the first half of 2025, the company achieved operating revenue of **4.047 billion yuan**, a year-on-year increase of **29.17%**[58](index=58&type=chunk) - Achieved net profit attributable to parent company shareholders of **211.35 million yuan**, a year-on-year increase of **60.45%**[58](index=58&type=chunk) - Performance growth is primarily driven by the development of downstream industries such as home appliances, new energy lithium batteries, automotive, and industrial control[58](index=58&type=chunk) [II. Analysis of Core Competencies](index=17&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's sustained growth and market leadership are underpinned by its strong R&D, advanced manufacturing, stable customer base, product quality, and brand reputation - Technological R&D advantage: R&D investment in the first half of 2025 was **165.33 million yuan**, a year-on-year increase of **36.76%**, accounting for **4.09%** of operating revenue, maintaining industry-leading technological capabilities[60](index=60&type=chunk) - Customer advantage: Established stable cooperative relationships with well-known domestic and international clients including North American new energy vehicle companies, **BYD**, **Xiaomi**, **Li Auto**, **CATL**, and **EVE Energy**[63](index=63&type=chunk)[64](index=64&type=chunk) - Brand advantage: Consistently rated as a key backbone enterprise for motor core dies by the China Die & Mould Industry Association for many years, awarded national single champion enterprise and other honors[70](index=70&type=chunk) [III. Analysis of Main Business](index=18&type=section&id=III.%20Analysis%20of%20Main%20Business) The company's main business achieved double-digit revenue and profit growth, driven by innovation, efficiency, and successful expansion into humanoid robot components - In the first half of 2025, operating revenue was **4.047 billion yuan**, a year-on-year increase of **29.17%**; net profit attributable to parent company shareholders was **211.35 million yuan**, a year-on-year increase of **60.45%**[71](index=71&type=chunk) - The die business revenue grew and maintained high gross margins; the lithium battery structural component business gross margin continued to recover; the motor core business profitability further strengthened[72](index=72&type=chunk) - The humanoid robot precision parts and components business progressed smoothly, with reverse planetary roller screws and linear actuators completing mass production SOP verification and receiving small batch orders from domestic and international customers[73](index=73&type=chunk)[74](index=74&type=chunk) 2025 Semi-Annual Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (yuan) | Prior Year Same Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 4,046,762,596.96 | 3,132,977,427.64 | 29.17% | - | | Operating Cost | 3,444,314,393.01 | 2,685,202,872.15 | 28.27% | - | | Sales Expenses | 21,852,244.99 | 15,233,491.64 | 43.45% | Increase in sales revenue, sales expenses, and personnel compensation, along with increased equity incentive expenses for sales personnel | | Management Expenses | 119,290,771.08 | 101,334,034.66 | 17.72% | - | | Financial Expenses | 63,828,723.34 | 74,426,772.41 | -14.24% | - | | Income Tax Expense | 13,319,784.91 | 5,478,890.67 | 143.11% | Increase in income tax expense due to higher total profit in the current period | | R&D Investment | 165,326,079.47 | 120,885,064.84 | 36.76% | Continuous increase in R&D investment for new market product demands, along with corresponding increases in employee compensation and equity incentives to encourage R&D innovation | | Net Cash Flow from Operating Activities | 174,392,398.29 | -362,065,346.21 | 148.17% | Increase in payments for goods purchased and services received via bills in the current period | | Net Cash Flow from Investing Activities | 57,543,471.17 | 73,095,282.91 | -21.28% | - | | Net Cash Flow from Financing Activities | -87,624,317.54 | 196,779,351.87 | -144.53% | Decrease in new borrowings compared to the prior year | | Net Increase in Cash and Cash Equivalents | 146,118,614.45 | -90,876,441.72 | 260.79% | Increase in net cash flow from operating activities compared to the prior year | 2025 Semi-Annual Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Precision Structural Components (incl. Lithium Battery Structural Components and Motor Cores) | 3,199,849,564.51 | 2,725,225,372.43 | 14.83% | 28.59% | 26.19% | 1.62% | | Other Businesses | 616,262,923.15 | 606,299,600.16 | 1.62% | 38.70% | 39.03% | -0.23% | [IV. Analysis of Non-Main Business](index=20&type=section&id=IV.%20Analysis%20of%20Non-Main%20Business) This section analyzes the impact of non-main businesses on the company's total profit, noting significant contributions from government subsidies and negative effects from asset and credit impairment losses 2025 Semi-Annual Impact of Non-Main Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment Income | 3,724,502.07 | 1.66% | Primarily due to bank deposit wealth management income in the current period | | Asset Impairment | -36,985,815.86 | -16.49% | Primarily due to inventory impairment provisions made in the current period | | Non-operating Income | 1,009,083.27 | 0.45% | Primarily due to fines and liquidated damages received | | Non-operating Expenses | 1,334,241.82 | 0.60% | Primarily due to external donations and fines paid | | Credit Impairment Losses | -7,206,291.72 | -3.21% | Primarily due to bad debt provisions for accounts receivable | | Other Income | 53,184,691.45 | 23.72% | Primarily due to government grants and VAT additional deduction subsidies received in the current period | [V. Analysis of Assets and Liabilities](index=20&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets slightly decreased, while net assets attributable to shareholders significantly increased, with notable shifts in accounts receivable, fixed assets, and borrowings 2025 Semi-Annual Major Changes in Asset Composition | Indicator | End of Current Reporting Period (yuan) | Proportion of Total Assets | End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,096,875,210.10 | 9.77% | 1,025,516,234.53 | 8.98% | 0.79% | | Accounts Receivable | 3,555,550,360.40 | 31.69% | 3,034,039,445.43 | 26.55% | 5.14% | | Inventories | 873,026,249.37 | 7.78% | 990,163,679.48 | 8.67% | -0.89% | | Fixed Assets | 3,848,294,791.49 | 34.29% | 3,787,278,264.09 | 33.15% | 1.14% | | Construction in Progress | 571,453,716.68 | 5.09% | 432,497,880.47 | 3.79% | 1.30% | | Short-term Borrowings | 1,700,439,213.84 | 15.15% | 1,614,406,027.42 | 14.13% | 1.02% | | Long-term Borrowings | 1,584,723,892.43 | 14.12% | 1,495,932,437.30 | 13.09% | 1.03% | 2025 Semi-Annual Assets and Liabilities Measured at Fair Value | Item | Beginning of Period (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold in Current Period (yuan) | End of Period (yuan) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 324,855,396.65 | 2,535,833,000.00 | 2,791,358,396.65 | 69,330,000.00 | | Notes Receivable Financing | 244,416,612.86 | - | - | 288,401,672.84 | | **Total** | **569,272,009.51** | **2,535,833,000.00** | **2,791,358,396.65** | **357,731,672.84** | - As of the end of the reporting period, the total amount of restricted assets was **1.923 billion yuan**, with a book value of **1.756 billion yuan**, primarily restricted by acceptance, guarantees, asset pool and bill pool deposits, supply chain bill pledges, and bank loan mortgages[85](index=85&type=chunk)[86](index=86&type=chunk) [VI. Analysis of Investment Status](index=22&type=section&id=VI.%20Analysis%20of%20Investment%20Status) The company's total investment slightly decreased, but it made strategic equity and non-equity investments, with most raised funds allocated to committed projects, some facing delays or changes - In the first half of 2025, total investment was **442.39 million yuan**, a year-on-year decrease of **1.80%**[87](index=87&type=chunk) - The company increased capital in its wholly-owned subsidiary Zhenyu Sales by **300.00 million yuan**[89](index=89&type=chunk) - The "Annual Production of 900 Million New Energy Power Lithium Battery Top Covers Project" has a cumulative actual investment of **1.551 billion yuan**, project progress of **96.92%**, and has been extended to December 31, 2025[90](index=90&type=chunk)[100](index=100&type=chunk) - The "New Construction Project for Annual Production of 360 Million New Energy Vehicle Lithium Battery Casings" was changed to "Phase I Sub-project of New Energy Vehicle Motor Core Production Line for Suzhou Fanster Machinery Technology Co., Ltd.", with **57.56 million yuan** of raised funds invested[101](index=101&type=chunk)[104](index=104&type=chunk) - Net raised funds in 2023 were **1.183 billion yuan**, with cumulative use of **827.00 million yuan** (**69.92%**), and unused raised funds balance of **163.38 million yuan**[96](index=96&type=chunk)[97](index=97&type=chunk) - The company used idle raised funds of no more than **400 million yuan** to temporarily supplement working capital, with **200 million yuan** used as of June 30, 2025[102](index=102&type=chunk) [VII. Major Asset and Equity Sales](index=30&type=section&id=VII.%20Major%20Asset%20and%20Equity%20Sales) This section confirms that the company did not engage in any significant asset or equity sales during the reporting period - The company did not sell major assets during the reporting period[109](index=109&type=chunk) - The company did not sell major equity during the reporting period[110](index=110&type=chunk) [VIII. Analysis of Major Holding and Associate Companies](index=31&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) This section analyzes the operating performance of key subsidiaries, highlighting significant net profit growth driven by efficiency improvements, increased demand, and automation - Suzhou Fanster Machinery Technology Co., Ltd.'s net profit increased by **53.12%** year-on-year in the first half of 2025, mainly due to cost reduction, efficiency improvement, and optimization of customer and product structure[112](index=112&type=chunk) - Ningbo Zhenyu Auto Parts Co., Ltd.'s operating revenue increased by **58.08%** year-on-year and net profit increased by **223.67%** year-on-year in the first half of 2025, mainly due to increased downstream customer demand and enhanced production line automation[113](index=113&type=chunk) [IX. Structured Entities Controlled by the Company](index=31&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) This section states that the company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[114](index=114&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=31&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company addresses market volatility, rapid technological change, raw material price fluctuations, management challenges from expansion, and geopolitical risks through continuous innovation and strategic management - Market risk: Downstream industries (home appliances, new energy lithium batteries, automotive, industrial control) are highly correlated with the macro economy, and slowing demand may affect performance[114](index=114&type=chunk) - Risk of rapid technological updates and product upgrades: Downstream industries have fast technological iterations, requiring the company to respond promptly to new demands and technological trends[115](index=115&type=chunk) - Raw material price fluctuation risk: Price fluctuations of major raw materials such as silicon steel sheets, aluminum, and copper have a significant impact on gross margin[116](index=116&type=chunk)[117](index=117&type=chunk) - Management risk arising from rapid future scale expansion: Increased management difficulty due to raised fund investment projects and external investments[118](index=118&type=chunk) - Geopolitical and trade barrier risks: Protectionist trade policies may negatively impact global economic growth and automotive consumption demand[119](index=119&type=chunk) [XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=32&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) This section details the company's investor relations activities, including institutional investor engagements and discussions on performance, business operations, and emerging industry布局 - The company hosted multiple on-site visits, conference calls, and online communications with institutional investors during the reporting period[120](index=120&type=chunk)[122](index=122&type=chunk) - Discussion topics mainly included the company's 2024 performance forecast, 2025 business operations, layout and progress of humanoid robot precision parts industry, and sales revenue of lithium battery structural components[120](index=120&type=chunk)[122](index=122&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=33&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) This section states that the company did not formulate or disclose a market value management system or valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[123](index=123&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[124](index=124&type=chunk) [XIII. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=34&type=section&id=XIII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan) This section states that the company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period[124](index=124&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=35&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers the company's governance structure, environmental compliance, and social responsibility initiatives, including management stability, incentive plans, and stakeholder engagement [I. Changes in Directors, Supervisors, and Senior Management](index=35&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section confirms the stability of the company's management team, with no changes in directors, supervisors, or senior management during the reporting period - No changes in company directors, supervisors, and senior management during the reporting period[126](index=126&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=35&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) This section reiterates the company's semi-annual profit distribution plan, confirming no cash dividends, bonus shares, or capital reserve conversions to share capital - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[127](index=127&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=35&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company adjusted its 2022 and 2024 restricted stock incentive plans, including cancellations, quantity and price adjustments, and new grants of reserved restricted shares - The 2022 restricted stock incentive plan canceled **565,250** granted but unvested restricted shares, adjusted the unvested quantity to **1,482,740** shares, and adjusted the grant price to **40.70 yuan/share**[128](index=128&type=chunk)[129](index=129&type=chunk) - The 2024 restricted stock incentive plan adjusted the unvested quantity to **5,607,980** shares, adjusted the grant price to **19.50 yuan/share**, and granted **700,000** reserved restricted shares to 11 incentive recipients[130](index=130&type=chunk) [IV. Environmental Information Disclosure](index=36&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its four major subsidiaries are legally mandated to disclose environmental information and have done so through provincial ecological environment systems, demonstrating compliance - The company and its four major subsidiaries (Ningbo Zhenyu Technology Co., Ltd., Ningbo Zhenyu Auto Parts Co., Ltd., Changzhou Zhenyu Auto Parts Co., Ltd., Ningde Zhenyu Auto Parts Co., Ltd.) are included in the list of enterprises required to disclose environmental information by law[132](index=132&type=chunk) - Relevant environmental information disclosure reports can be found on the systems of respective provincial ecological environment departments[132](index=132&type=chunk) [V. Social Responsibility](index=36&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities by protecting shareholder and employee rights, ensuring fair cooperation with stakeholders, and promoting green development - The company safeguards the rights of small and medium shareholders through online voting and other means, values investor relations, and distributed **25.62 million yuan** in cash dividends for the 2024 annual profit distribution[134](index=134&type=chunk) - The company strictly adheres to labor laws, pays "five insurances and one housing fund" for employees, provides occupational health examinations, welfare care, and a standardized promotion and training system[135](index=135&type=chunk) - The company optimizes its supply chain structure, improves procurement and supplier management systems, adheres to an "integrity management, win-win cooperation" philosophy to serve customers, and ensures product quality[136](index=136&type=chunk) - The company advocates green development, promotes green office practices, encourages low-carbon travel, and strengthens waste management to contribute to sustainable development[137](index=137&type=chunk) [Section V Significant Matters](index=37&type=section&id=Section%20V%20Significant%20Matters) This section addresses critical corporate events, including commitments, related party transactions, litigation, and other material developments during the reporting period [I. 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=37&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) This section confirms that no commitments by the actual controller, shareholders, related parties, acquirers, or the company were unfulfilled or overdue during the reporting period - No unfulfilled or overdue unfulfilled commitments by the company during the reporting period[139](index=139&type=chunk) [II. Non-Operating Occupation of Funds by Controlling Shareholder and Other Related Parties](index=37&type=section&id=II.%20Non-Operating%20Occupation%20of%20Funds%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) This section states that there was no non-operating occupation of funds by the controlling shareholder or other related parties of the listed company during the reporting period - No non-operating occupation of funds by controlling shareholder and other related parties during the reporting period[140](index=140&type=chunk) [III. Irregular External Guarantees](index=37&type=section&id=III.%20Irregular%20External%20Guarantees) This section states that the company had no irregular external guarantees during the reporting period - No irregular external guarantees by the company during the reporting period[141](index=141&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=37&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) This section states that the company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[142](index=142&type=chunk) [V. Explanations by the Board of Directors, Supervisory Board, and Audit Committee on the "Non-Standard Audit Report" for the Current Period](index=37&type=section&id=V.%20Explanations%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) This section states that no explanation regarding a "non-standard audit report" is applicable, as the semi-annual report was not audited [VI. Explanations by the Board of Directors on Matters Related to the "Non-Standard Audit Report" for the Previous Year](index=37&type=section&id=VI.%20Explanations%20by%20the%20Board%20of%20Directors%20on%20Matters%20Related%20to%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) This section states that explanations regarding matters related to the "non-standard audit report" for the previous year are not applicable [VII. Bankruptcy and Reorganization Matters](index=37&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) This section states that the company did not have any bankruptcy and reorganization matters during the reporting period - The company did not have any bankruptcy and reorganization matters during the reporting period[143](index=143&type=chunk) [VIII. Litigation Matters](index=37&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation or arbitration during the reporting period, and other minor cases had no material impact on operations - No significant litigation or arbitration matters for the company during the reporting period[144](index=144&type=chunk) - Other litigation cases had a cumulative involved amount of **30.56 million yuan**, with no significant impact on company operations[145](index=145&type=chunk) [IX. Penalties and Rectification](index=38&type=section&id=IX.%20Penalties%20and%20Rectification) This section discloses that subsidiary Ningde Zhenyu received an administrative fine of **486,000 yuan** for violating solid waste pollution control regulations - Subsidiary Ningde Zhenyu was fined **486,000 yuan** for violating the Law on the Prevention and Control of Environmental Pollution by Solid Waste[146](index=146&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=38&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) This section states that the company, its controlling shareholder, and actual controller maintained good integrity during the reporting period - No integrity issues for the company, its controlling shareholder, and actual controller during the reporting period[147](index=147&type=chunk) [XI. Significant Related Party Transactions](index=38&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) This section states that the company did not engage in any significant related party transactions during the reporting period, including those related to operations, asset transfers, or financing - No significant related party transactions related to daily operations for the company during the reporting period[147](index=147&type=chunk) - No related party transactions involving asset or equity acquisitions or disposals for the company during the reporting period[148](index=148&type=chunk) - No related party creditor-debtor relationships for the company during the reporting period[150](index=150&type=chunk) [XII. Significant Contracts and Their Performance](index=39&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company incurred **20.89 million yuan** in leasing expenses and provided significant guarantees to subsidiaries, with an outstanding balance of **523.46 million yuan** at period-end - During the reporting period, total leasing expenses for factory buildings, warehouses, dormitories, etc., amounted to **20.89 million yuan**[156](index=156&type=chunk) 2025 Semi-Annual Company Guarantees for Subsidiaries | Indicator | Amount (million yuan) | | :--- | :--- | | Total approved guarantee limit for subsidiaries during the reporting period | 3,000 | | Total actual guarantees for subsidiaries during the reporting period | 910 | | Total approved guarantee limit for subsidiaries at period-end | 3,000 | | Total actual guarantee balance for subsidiaries at period-end | 523.4557 | | Ratio of total actual guarantees to company's net assets | 12.99% | | Debt guarantee balance provided directly or indirectly for guaranteed entities with asset-liability ratio exceeding 70% | 523.4557 | [XIII. Explanations of Other Significant Matters](index=42&type=section&id=XIII.%20Explanations%20of%20Other%20Significant%20Matters) The company's "Zhenyu Convertible Bonds" were fully redeemed and delisted from the Shenzhen Stock Exchange after triggering conditional redemption terms - "Zhenyu Convertible Bonds" triggered conditional redemption terms as the stock closing price was not less than **130%** of the current conversion price for fifteen consecutive trading days[165](index=165&type=chunk) - The company's board of directors decided to early redeem "Zhenyu Convertible Bonds," completing full redemption by April 23, 2025[165](index=165&type=chunk)[166](index=166&type=chunk) - "Zhenyu Convertible Bonds" (bond code: **123228**) were delisted from the Shenzhen Stock Exchange starting May 7, 2025[166](index=166&type=chunk)[167](index=167&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=43&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company increased capital in Zhenyu Sales by **300 million yuan** and converted previous interest-free loans to other subsidiaries into capital increases to optimize their capital structures - The company used its own funds to increase capital in wholly-owned subsidiary Zhenyu Sales by **300.00 million yuan**, increasing its registered capital to **350.00 million yuan**[168](index=168&type=chunk) - The company converted interest-free loans of raised funds into capital increases for wholly-owned subsidiaries Ningbo Zhenyu Auto Parts Co., Ltd. and Ningde Zhenyu Auto Parts Co., Ltd., increasing their registered capital to **664.45 million yuan** and **308.42 million yuan** respectively[169](index=169&type=chunk) [Section VI Share Changes and Shareholder Information](index=44&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital adjustments, including increases from convertible bond conversions and capital reserve transfers, and provides an overview of shareholder holdings [I. Share Changes](index=44&type=section&id=I.%20Share%20Changes) During the reporting period, the company's total share capital increased due to convertible bond conversions and capital reserve transfers, impacting both restricted and unrestricted shares - The conversion of "Zhenyu Convertible Bonds" led to an increase of **17,201,194** shares in the company's total share capital[173](index=173&type=chunk) - The 2024 annual equity distribution involved converting capital reserves into **4** shares for every **10** shares held by all shareholders, totaling **48,808,344** shares[173](index=173&type=chunk) - The company's total share capital increased to **173,477,731** shares[173](index=173&type=chunk) [1. Share Changes](index=44&type=section&id=1.%20Share%20Changes) This section presents a table illustrating the changes in the company's total shares, restricted shares, and unrestricted shares, primarily driven by convertible bond conversions and capital reserve transfers 2025 Semi-Annual Share Changes | Item | Number Before This Change (shares) | Increase/Decrease in This Change (shares) | Number After This Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 34,803,667 | 13,920,470 | 48,724,137 | | II. Unrestricted Shares | 72,664,526 | 52,089,068 | 124,753,594 | | **III. Total Shares** | **107,468,193** | **66,009,538** | **173,477,731** | [2. Changes in Restricted Shares](index=46&type=section&id=2.%20Changes%20in%20Restricted%20Shares) This section details the changes in restricted shares for major shareholders, including increases for Jiang Zhenlin and Hong Ruidi due to capital reserve transfers, and the release of some senior executive restricted shares 2025 Semi-Annual Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | | Jiang Zhenlin | 24,914,805 | 0 | 9,965,922 | 34,880,727 | | Hong Ruidi | 9,888,150 | 0 | 3,955,260 | 13,843,410 | | Zou Chunhua | 150 | 150 | 0 | 0 | | Zhou Maowei | 562 | 562 | 0 | 0 | | **Total** | **34,803,667** | **712** | **13,921,182** | **48,724,137** | [II. Securities Issuance and Listing](index=46&type=section&id=II.%20Securities%20Issuance%20and%20Listing) This section states that the company had no securities issuance and listing activities during the reporting period [III. Shareholder Numbers and Shareholding](index=46&type=section&id=III.%20Shareholder%20Numbers%20and%20Shareholding) As of the reporting period end, the company had **18,649** common stock shareholders, with detailed holdings and relationships for major shareholders - The total number of common stock shareholders at the end of the reporting period was **18,649**[182](index=182&type=chunk) 2025 Semi-Annual Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Shares Held at End of Period (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiang Zhenlin | Domestic Natural Person | 26.81% | 46,507,636 | 34,880,727 | 11,626,909 | Pledged 19,375,300 shares | | Hong Ruidi | Domestic Natural Person | 10.64% | 18,457,880 | 13,843,410 | 4,614,470 | Not applicable | | Ningbo Zhenyu New Energy Co., Ltd. | Domestic Non-State-Owned Legal Person | 4.70% | 8,150,394 | 0 | 8,150,394 | Pledged 8,150,394 shares | | Ningbo Juxin Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 4.02% | 6,968,080 | 0 | 6,968,080 | Not applicable | | China Construction Bank Co., Ltd. - Yongying Advanced Manufacturing Smart Selection Hybrid Initiated Securities Investment Fund | Other | 3.88% | 6,722,594 | 0 | 6,722,594 | Not applicable | | China Merchants Bank Co., Ltd. - Penghua Carbon Neutral Theme Hybrid Securities Investment Fund | Other | 3.15% | 5,470,096 | 0 | 5,470,096 | Not applicable | | National Social Security Fund 104 Portfolio | Other | 1.12% | 1,946,020 | 0 | 1,946,020 | Not applicable | | Minsheng Securities - CITIC Securities - Minsheng Securities Zhenyu Technology Strategic Placement No. 1 Collective Asset Management Plan | Other | 0.87% | 1,503,928 | 0 | 1,503,928 | Not applicable | | Wang Aiguo | Domestic Natural Person | 0.84% | 1,450,258 | 0 | 1,450,258 | Not applicable | | Basic Pension Insurance Fund 1202 Portfolio | Other | 0.80% | 1,384,589 | 0 | 1,384,589 | Not applicable | - Mr. Jiang Zhenlin and Ms. Hong Ruidi are a married couple and form a concerted action relationship with Ningbo Zhenyu New Energy Co., Ltd. and Ningbo Juxin Investment Partnership (Limited Partnership)[183](index=183&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=49&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section lists the changes in shareholdings for the company's directors, supervisors, and senior management during the reporting period, with notable increases for the Chairman and a Director 2025 Semi-Annual Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (shares) | Shares Increased in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | | Jiang Zhenlin | Chairman, Director | 33,219,740 | 13,287,896 | 46,507,636 | | Hong Ruidi | Director | 13,184,200 | 5,273,680 | 18,457,880 | | Zhou Maowei | Director, Deputy General Manager | 750 | 300 | 1,050 | | **Total** | **--** | **46,404,690.00** | **18,561,876.00** | **64,966,566.00** | [V. Changes in Controlling Shareholder or Actual Controller](index=49&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) This section states that the company's controlling shareholder or actual controller remained unchanged during the reporting period, ensuring equity structure stability - No changes in controlling shareholder during the reporting period[186](index=186&type=chunk) - No changes in actual controller during the reporting period[186](index=186&type=chunk) [VI. Preferred Share Information](index=50&type=section&id=VI.%20Preferred%20Share%20Information) This section states that the company had no preferred shares during the reporting period - No preferred shares for the company during the reporting period[187](index=187&type=chunk) [Section VII Bond-Related Information](index=51&type=section&id=Section%20VII%20Bond-Related%20Information) This section details the company's bond-related activities, specifically the redemption and delisting of its convertible corporate bonds, and confirms the absence of other bond types [I. Corporate Bonds](index=51&type=section&id=I.%20Corporate%20Bonds) This section states that the company had no corporate bonds during the reporting period - No corporate bonds for the company during the reporting period[189](index=189&type=chunk) [II. Company Bonds](index=51&type=section&id=II.%20Company%20Bonds) This section states that the company had no company bonds during the reporting period - No company bonds for the company during the reporting period[190](index=190&type=chunk) [III. Debt Financing Instruments for Non-Financial Enterprises](index=51&type=section&id=III.%20Debt%20Financing%20Instruments%20for%20Non-Financial%20Enterprises) This section states that the company had no debt financing instruments for non-financial enterprises during the reporting period - No debt financing instruments for non-financial enterprises for the company during the reporting period[191](index=191&type=chunk) [IV. Convertible Corporate Bonds](index=51&type=section&id=IV.%20Convertible%20Corporate%20Bonds) The company's "Zhenyu Convertible Bonds" were fully redeemed and delisted from the Shenzhen Stock Exchange after triggering conditional redemption terms, leading to an increase in share capital - "Zhenyu Convertible Bonds" were issued on October 20, 2023, with a total amount of **1.195 billion yuan**, and listed on the Shenzhen Stock Exchange on November 9, 2023[192](index=192&type=chunk)[193](index=193&type=chunk) - From March 11 to March 31, 2025, the company's stock closing price triggered the conditional redemption terms of "Zhenyu Convertible Bonds," and the company decided to early redeem them[194](index=194&type=chunk) - As of April 22, 2025, the company had fully redeemed the remaining **10,538** unconverted "Zhenyu Convertible Bonds," which were delisted from the Shenzhen Stock Exchange starting May 7, 2025[194](index=194&type=chunk)[195](index=195&type=chunk) 2025 Semi-Annual Convertible Bond Changes | Convertible Corporate Bond Name | Amount Before This Change (yuan) | Converted to Shares (yuan) | Redeemed (yuan) | Amount After This Change (yuan) | | :--- | :--- | :--- | :--- | :--- | | Ningbo Zhenyu Technology Co., Ltd. 2023 Convertible Corporate Bonds Issued to Unspecified Objects | 939,414,900.00 | 938,361,100.00 | 1,053,800.00 | 0.00 | - The cumulative conversion amount was **1.194 billion yuan**, converting into **21,886,537** shares, accounting for **21.29%** of the company's total issued shares before the conversion start date[199](index=199&type=chunk) [V. Consolidated Statement Scope Loss Exceeding 10% of Net Assets at End of Previous Year During the Reporting Period](index=53&type=section&id=V.%20Consolidated%20Statement%20Scope%20Loss%20Exceeding%2010%25%20of%20Net%20Assets%20at%20End%20of%20Previous%20Year%20During%20the%20Reporting%20Period) This section states that the company's consolidated statement scope loss did not exceed **10%** of net assets at the end of the previous year during the reporting period - The company's consolidated statement scope loss did not exceed **10%** of net assets at the end of the previous year during the reporting period[203](index=203&type=chunk) [Section VIII Financial Report](index=54&type=section&id=Section%20VIII%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 owners' equity, along with detailed notes on accounting policies and financial items [I. Audit Report](index=54&type=section&id=I.%20Audit%20Report) This section states that the company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[205](index=205&type=chunk) [II. Financial Statements](index=54&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company financial statements for the first half of 2025, offering a comprehensive view of its financial health and performance - As of June 30, 2025, consolidated total assets were **11.221 billion yuan**, and net assets attributable to parent company shareholders were **4.031 billion yuan**[207](index=207&type=chunk)[208](index=208&type=chunk) - In the first half of 2025, consolidated operating revenue was **4.047 billion yuan**, and consolidated net profit was **211 million yuan**[215](index=215&type=chunk)[216](index=216&type=chunk) - In the first half of 2025, consolidated net cash flow from operating activities was **174 million yuan**, a significant positive turnaround from **-362 million yuan** in the same period last year[220](index=220&type=chunk) [1. Consolidated Balance Sheet](index=54&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets slightly decreased, while owners' equity attributable to the parent company significantly increased - As of June 30, 2025, consolidated total assets were **11.221 billion yuan**, a decrease of **1.79%** from the beginning of the period[207](index=207&type=chunk) - As of June 30, 2025, owners' equity attributable to the parent company totaled **4.031 billion yuan**, an increase of **34.67%** from the beginning of the period[208](index=208&type=chunk) [2. Parent Company Balance Sheet](index=56&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets and liabilities both decreased, while owners' equity experienced an increase - As of June 30, 2025, parent company total assets were **7.232 billion yuan**, a decrease of **2.83%** from the beginning of the period[211](index=211&type=chunk) - As of June 30, 2025, parent company owners' equity totaled **3.763 billion yuan**, an increase of **30.84%** from the beginning of the period[212](index=212&type=chunk) [3. Consolidated Income Statement](index=58&type=section&id=3.%20Consolidated%20Income%20Statement) In the first half of 2025, the company's consolidated total operating revenue increased by **29.17%** to **4.047 billion yuan**, with net profit rising by **60.12%** to **211 million yuan** - In the first half of 2025, consolidated total operating revenue was **4.047 billion yuan**, a year-on-year increase of **29.17%**[215](index=215&type=chunk) - In the first half of 2025, consolidated net profit was **210.92 million yuan**, a year-on-year increase of **60.12%**[216](index=216&type=chunk) - Sales expenses increased by **43.45%** year-on-year, and R&D expenses increased by **36.76%** year-on-year[215](index=215&type=chunk) [4. Parent Company Income Statement](index=60&type=section&id=4.%20Parent%20Company%20Income%20Statement) In the first half of 2025, the parent company's operating revenue increased by **17.28%** to **318 million yuan**, with net profit growing by **71.59%** to **71.30 million yuan** - In the first half of 2025, parent company operating revenue was **317.76 million yuan**, a year-on-year increase of **17.28%**[218](index=218&type=chunk) - In the first half of 2025, parent company net profit was **71.30 million yuan**, a year-on-year increase of **71.59%**[219](index=219&type=chunk) [5. Consolidated Cash Flow Statement](index=62&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's consolidated net cash flow from operating activities significantly turned positive to **174 million yuan**, a substantial improvement from the prior year - In the first half of 2025, consolidated net cash flow from operating activities was **174.39 million yuan**, a year-on-year increase of **148.17%**[220](index=220&type=chunk) - Net cash flow from investing activities was **57.54 million yuan**, a year-on-year decrease of **21.28%**[221](index=221&type=chunk) - Net cash flow from financing activities was **-87.62 million yuan**, a year-on-year decrease of **144.53%**[221](index=221&type=chunk) [6. Parent Company Cash Flow Statement](index=63&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) In the first half of 2025, the parent company reported negative net cash flow from operating activities, positive from investing activities, and negative from financing activities - In the first half of 2025, parent company net cash flow from operating activities was **-111.28 million yuan**[223](index=223&type=chunk) - Net cash flow from investing activities was **686.25 million yuan**[224](index=224&type=chunk) - Net cash flow from financing activities was **-441.58 million yuan**[224](index=224&type=chunk) [7. Consolidated Statement of Changes in Owners' Equity](index=64&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In the first half of 2025, the company's consolidated total owners' equity increased by **1.038 billion yuan**, primarily driven by increases in share capital and capital reserves - In the first half of 2025, consolidated total owners' equity increased by **1.038 billion yuan**[227](index=227&type=chunk) - Share capital increased by **66.01 million yuan**, and capital reserves increased by **934.60 million yuan**[227](index=227&type=chunk) [8. Parent Company Statement of Changes in Owners' Equity](index=68&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In the first half of 2025, the parent company's total owners' equity increased by **887 million yuan**, mainly due to increases in share capital and capital reserves - In the first half of 2025, parent company total owners' equity increased by **887.02 million yuan**[235](index=235&type=chunk) - Share capital increased by **66.01 million yuan**, and capital reserves increased by **934.60 million yuan**[235](index=235&type=chunk) [III. Company Basic Information](index=72&type=section&id=III.%20Company%20Basic%20Information) Established on November 28, 2012, with stock code 300953, the company's total share capital increased to **173,477,731** shares in the first half of 2025, focusing on R&D and manufacturing of dies and motors - The company was established on November 28, 2012, with stock code **300953** and stock abbreviation **Zhenyu Technology**[240](index=240&type=chunk) - In the first half of 2025, the company's total share capital increased to **173,477,731** shares due to convertible bond conversion and capital reserve conversion to share capital[240](index=240&type=chunk) - The company's main business activities include R&D, manufacturing, and processing of dies and motors; manufacturing and processing of hardware and plastic parts; and self-operated and agency import and export of goods and technologies[241](index=241&type=chunk) [IV. Basis of Financial Statement Preparation](index=72&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, adhering to accounting standards and regulatory disclosure requirements, accurately reflecting its financial position - The company's financial statements are prepared on a going concern basis, in accordance with Accounting Standards for Business Enterprises and China Securities Regulatory Commission information disclosure regulations[242](index=242&type=chunk) - No matters or circumstances exist that would cause significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[243](index=243&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=73&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's key accounting policies and estimates, covering financial instruments, revenue, asset impairment, and depreciation, highlighting management's judgments and assumptions - The company adheres to Accounting Standards for Business Enterprises, truly and completely reflecting its financial position, operating results, and cash flows[245](index=245&type=chunk) - Significant accounting policies and estimates cover classification, recognition, and measurement of financial instruments; determination of expected credit losses for notes receivable, accounts receivable, and contract assets; inventory valuation and impairment provisions; depreciation of fixed assets; amortization of intangible assets; revenue recognition principles; and accounting treatment for government subsidies[265](index=265&type=chunk)[281](index=281&type=chunk)[284](index=284&type=chunk)[289](index=289&type=chunk)[291](index=291&type=chunk)[293](index=293&type=chunk)[315](index=315&type=chunk)[323](index=323&type=chunk)[344](index=344&type=chunk)[354](index=354&type=chunk) - Management exercised significant judgments and estimates in areas such as financial instrument impairment, inventory impairment provisions, impairment of non-financial non-current assets, depreciation and amortization, deferred income tax assets, and fair value measurement[366](index=366&type=chunk)[367](index=367&type=chunk)[368](index=368&type=chunk)[369](index=369&type=chunk) [VI. Taxation](index=100&type=section&id=VI.%20Taxation) This section outlines the company's and its subsidiaries' main tax categories and rates, along with the preferential tax policies enjoyed, such as high-tech enterprise and advanced manufacturing incentives Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 13% (export goods subject to "exemption, offset, refund" policy, refund rate of 13%) | | Urban Maintenance and Construction Tax | 7%, 5% etc. | | Corporate Income Tax | 25% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Property Tax | 1.2%, 12% | - The company and several subsidiaries (Suzhou Fanster, Ningbo Zhenyu Auto Parts, Changzhou Zhenyu, Ningde Zhenyu, Guangdong Zhenyu, Yueyang Fanster) enjoy a **15%** corporate income tax preferential rate as high-tech enterprises[371](index=371&type=chunk)[372](index=372&type=chunk)[373](index=373&type=chunk) - Yibin Zhenyu qualifies for Western Development tax preferential policies, paying corporate income tax at a **15%** rate[373](index=373&type=chunk) - Eligible small and micro enterprise subsidiaries enjoy corporate income tax preferential policies, and advanced manufacturing enterprises enjoy value-added tax additional deduction policies[374](index=374&type=chunk)[375](index=375&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=101&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed explanations for each item in the consolidated financial statements, including monetary funds, receivables, inventories, fixed assets, borrowings, and owners' equity - As of June 30, 2025, the monetary funds balance was **1.097 billion yuan**, of which **362 million yuan** were restricted funds[377](index=377&type=chunk) - Accounts receivable balance at period-end was **3.556 billion yuan**, an increase of **17.19%** from the beginning of the period, with bad debt provision of **44.07 million yuan**[396](index=396&type=chunk)[397](index=397&type=chunk) - Inventory balance at period-end was **873.03 million yuan**, a decrease of **11.83%** from the beginning of the period, with inventory impairment provision of **49.50 million yuan**[456](index=456&type=chunk)[460](index=460&type=chunk) - Fixed assets book value at period-end was **3.848 billion yuan**, and construction in progress book value at period-end was **571.45 million yuan**[498](index=498&type=chunk)[507](index=507&type=chunk) - Short-term borrowings balance at period-end was **1.700 billion yuan**, and long-term borrowings balance at period-end was **1.585 billion yuan**[537](index=537&type=chunk)[573](index=573&type=chunk) - Bonds payable balance at the beginning of the period was **811 million yuan**, which has been fully reduced to **0 yuan** during the period due to redemption and conversion[574](index=574&type=chunk)[576](index=576&type=chunk) [VIII. R&D Expenses](index=150&type=section&id=VIII.%20R%26D%20Expenses) The company's total R&D expenses for the first half of 2025 amounted to **165.33 million yuan**, all expensed, primarily allocated to employee compensation, depreciation, and direct materials - Total R&D expenses for the first half of 2025 were **165.33 million yuan**, a year-on-year increase of **36.76%**[611](index=611&type=chunk)[614](index=614&type=chunk) - All R&D expenses were expensed, with no capitalized R&D projects[658](index=658&type=chunk) - Major components of R&D expenses include employee compensation (**72.60 million yuan**), depreciation and amortization (**48.81 million yuan**), and direct materials (**25.51 million yuan**)[614](index=614&type=chunk) [IX. Changes in Consolidation Scope](index=151&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) This section states that the company's consolidation scope remained unchanged during the reporting period, with no business combinations or subsidiary disposals - No changes in consolidation scope due to business combinations under non-common contr

证券代码：300953 证券简称：震裕科技 公告编号：2025-089 宁波震裕科技股份有限公司 关于作废 2024 年限制性股票激励计划 部分已授予但尚未归属的限制性股票的公告 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。 宁波震裕科技股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日分别 召开了第五届董事会第八次会议和第五届监事会第六次会议，审议通过了《关于 作废 2024 年限制性股票激励计划部分已授予但尚未归属的限制性股票的议案》。 根据《宁波震裕科技股份有限公司 2024 年限制性股票激励计划（草案）》（以 下简称"《激励计划》"或"本激励计划"）《宁波震裕科技股份有限公司 2024 年限制性股票激励计划实施考核管理办法》的规定和公司 2024 年度第三次临时 股东大会的授权，公司董事会同意作废部分已授予但尚未归属的限制性股票共计 24.0134 万股。现将有关事项说明如下： 一、已履行的决策程序和信息披露情况 （一）2024 年 6 月 27 日，公司召开第四届董事会第三十二次会议，会议审 议通过了《关于〈宁波震裕科技股份有限公司 ...

Group 1 - The lithium battery sector is experiencing a significant upward trend, with notable stock price increases among key companies [1] - Huabao New Energy has seen its stock rise by over 10%, indicating strong market interest [1] - Zhiyu Technology reached a new high, reflecting positive investor sentiment in the sector [1] Group 2 - EVE Energy's stock has increased by over 9%, showcasing its strong performance in the market [1] - Other companies such as Xinwangda and Defu Technology are also experiencing stock price increases, contributing to the overall positive trend in the lithium battery industry [1]

Core Viewpoint - The lithium battery sector is experiencing a significant upward trend, with several companies showing notable stock price increases [1] Company Performance - Huabao New Energy has seen a nearly 10% increase in its stock price [1] - Zhenyu Technology has reached a new high in its stock performance [1] - Yiwei Lithium Energy's stock has risen over 7% [1] - Xinwangda and Defu Technology have also shown upward movement in their stock prices [1]

Core Viewpoint - Zhenyu Technology experienced a decline of 1.90% in stock price on August 26, with a trading volume of 891 million yuan, indicating a significant market activity and investor sentiment shift [1] Financing Summary - On August 26, Zhenyu Technology had a financing buy-in amount of 94.926 million yuan and a financing repayment of 126 million yuan, resulting in a net financing outflow of 31.015 million yuan [1] - The total financing and securities lending balance for Zhenyu Technology reached 853 million yuan, with the financing balance accounting for 3.78% of the circulating market value, indicating a high level compared to the past year [1] - The company had a securities lending repayment of 1,100 shares and a securities lending sell-out of the same amount, with a sell-out value of 142,600 yuan at the closing price [1] Business Performance - For the period from January to March 2025, Zhenyu Technology reported an operating income of 1.793 billion yuan, representing a year-on-year growth of 24.24%, and a net profit attributable to shareholders of 72.861 million yuan, up 38.90% year-on-year [2] - The company has cumulatively distributed dividends of 70.497 million yuan since its A-share listing, with 40.432 million yuan distributed over the past three years [3] Shareholder Information - As of August 20, the number of shareholders for Zhenyu Technology increased to 21,200, a rise of 3.98%, while the average circulating shares per person decreased by 3.83% to 5,872 shares [2] - Among the top ten circulating shareholders, Yongying Advanced Manufacturing Smart Selection Mixed Fund (018124) is the fourth largest, increasing its holdings by 2.499 million shares to 3.468 million shares [3]

Core Insights - The company has applied for patents related to its humanoid robot core technologies, which are currently under review by the National Intellectual Property Administration [1] Company Summary - The company is actively pursuing intellectual property protection for its humanoid robot technologies, indicating a focus on innovation and competitive advantage in the robotics sector [1] Industry Summary - The development and patenting of humanoid robot technologies reflect a growing trend in the robotics industry, emphasizing the importance of intellectual property in maintaining market position and fostering technological advancements [1]