格隆汇8月22日丨崧盛股份(301002.SZ)公布2025年半年度报告，上半年公司实现营业收入4.49亿元，同 比增长3.69%；归属于上市公司股东的净利润-75.32万元，同比盈转亏；归属于上市公司股东的扣除非 经常性损益的净利润-653.98万元；基本每股收益-0.01元。 ...

| | | 深圳市崧盛电子股份有限公司 2025 年半年度募集资金存放、管理与使用情况专项报告 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》以及《深圳证券交易所创业板上市公 司自律监管指南第 2 号——公告格式》的相关规定，深圳市崧盛电子股份有限公 司（以下简称"公司"）就 2025 年半年度（以下简称"报告期"）募集资金存 放、管理与使用情况作如下专项报告： 一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 经中国证券监督管理委员会《关于同意深圳市崧盛电子股份有限公司向不特 定对象发行可转换公司债券注册的批复》（证监许可[2022]1548 号）同意注册， 公司向不特定对象发行可转换公司债券 294.35 万张，每张面值为人民币 100 元， 募集资金总额为人民币 294,350,000.00 元，扣除发行费用 7,207,063.68 元（不含 税），实际募集资金净额为人民币 287,142,936.32 元。上述募集资金已于 202 ...

关于注销募集资金专户及节余募集资金永久补充流动资金的公告 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。 | 证券代码：301002 | 证券简称：崧盛股份 | 公告编号：2025-047 | | --- | --- | --- | | 债券代码：123159 | 债券简称：崧盛转债 | | 深圳市崧盛电子股份有限公司 深圳市崧盛电子股份有限公司（以下简称"公司"）拟注销向不特定对象发 行可转换公司债券（以下简称"可转债"）募集资金专户，并将节余募集资金 290.06 万元（含利息及理财收入净额，实际金额以资金转出当日专户余额为准） 永久补充流动资金，后续公司将以自有资金支付可转债募集资金投资项目（以下 简称"募投项目"）待支付的合同尾款及保证金。 根据《深圳证券交易所创业板股票上市规则》《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》等相关规定，公司本次将节余 募集资金永久补充公司流动资金，节余金额低于 500 万元且低于该项目募集资金 净额的 5%，可以豁免相关审议程序。现将相关情况公告如下： 一、募集资金基本情况 | 项目 | ...

| | | 深圳市崧盛电子股份有限公司 关于 2025 年上半年计提减值准备的公告 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。 一、本次计提减值准备概述 为真实反映深圳市崧盛电子股份有限公司（以下简称"公司"或"本公司"） 的财务状况、资产价值及经营情况，本着谨慎性原则，根据《企业会计准则》及 公司会计政策的相关规定，公司对合并报表范围内截至 2025 年 6 月 30 日的应收 票据、应收账款、其他应收款、存货、固定资产、在建工程、无形资产、使用权 资产等资产进行了全面清查，对各类资产进行了充分的评估和分析，对可能发生 减值损失的资产计提减值准备。现将相关情况公告如下： 二、本次计提减值准备的范围和总金额 公司 2025 年上半年计提信用减值损失和资产减值损失共计 141.27 万元，具 体情况如下： （一）应收票据、应收账款及其他应收款减值准备的确认标准和计提方法 本公司对以摊余成本计量的金融资产、以公允价值计量且其变动计入其他综 合收益的金融资产（债务工具）和财务担保合同等以预期信用损失为基础进行减 值会计处理。 本公司考虑有关过去事项、当前状况以及 ...

| | | 深圳市崧盛电子股份有限公司 （问题征集专题页面二维码，扫码自动匹配移动端） 公司将在本次说明会上对投资者普遍关注的问题进行回答。此次活动交流期 间，投资者仍可登录活动界面进行互动提问。 关于举办 2025 年半年度业绩网上说明会的公告 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。 深圳市崧盛电子股份有限公司（以下简称"公司"）已于 2025 年 8 月 23 日在巨潮资讯网（www.cninfo.com.cn）披露《2025 年半年度报告》及《2025 年 半年度报告摘要》。为便于广大投资者更全面、深入地了解公司情况，公司定于 2025 年 8 月 28 日（星期四）15：00-17：00 举办 2025 年半年度业绩网上说明会 （以下简称"本次说明会"），现将有关事项公告如下： 本次说明会将采用网络远程的方式举行，投资者可登录全景网"投资者关系 互动平台"（https://ir.p5w.net）参与本次说明会。 出席本次说明会的人员有：公司董事长田年斌先生，公司董事、总经理王宗 友先生，公司财务负责人、董事会秘书谭周旦先生，公司独立董事王建优先 ...

2025 年 8 月 21 日，深圳市崧盛电子股份有限公司（以下简称"公司"）召 开第三届董事会第二十一次会议及第三届监事会第十六次会议审议通过了《关于 2025 年半年度报告及摘要的议案》，公司《2025 年半年度报告》已于 2025 年 8 月 23 日在巨潮资讯网（www.cninfo.com.cn）披露，敬请投资者注意查阅。 | | | 深圳市崧盛电子股份有限公司 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。 特此公告。 深圳市崧盛电子股份有限公司 董事会 2025 年 8 月 23 日 ...

深圳市崧盛电子股份有限公司 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 注：表中非经营性占用部分，关联方范围依照《深圳证券交易所创业板股票上市规则》确定。 单位：万元 | | | 占用方与上 | 上市公司核算的 | 2025 年期初 | 2025 | 半年度占用 | 2025 半年度占 | 2025 | 半年度偿 | 2025 半年度期 | 占用形成 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 市公司的关 | 会计科目 | 占用资金余 | 累计发生金额 | | 用资金的利息 | | 还累计发生金 | 末占用资金余 | 原因 | 占用性质 | | | | 联关系 | | 额 | （不含利息） | | （如有） | | 额 | 额 | | | | 控股股东、实际控制人及其附 | 无 | 不适用 | 不适用 | | - | - | | - | - | | - - | 不适用 | | 属企业 | 不适用 | 不适用 | 不适用 ...

| 证券代码：301002 | 证券简称：崧盛股份 | 公告编号：2025-042 | | --- | --- | --- | | 债券代码：123159 | 债券简称：崧盛转债 | | 深圳市崧盛电子股份有限公司 第三届监事会第十六次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、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 深圳市崧盛电子股份有限公司（以下简称"公司"）第三届监事会第十六次 会议于 2025 年 8 月 21 日以现场方式在公司会议室召开，会议通知及会议资料于 2025 年 8 月 8 日通过书面及邮件方式送达至全体监事。本次监事会应出席监事 3 名，实际出席监事 3 名。本次会议由公司监事会主席罗根水先生主持，公司部分 高级管理人员列席了本次会议。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、规范性文件和《深圳市崧盛电子股 份有限公司章程》的有关规定，会议合法有效。 二、监事会会议审议情况 与会监事经认真审议、审慎表决后，依照有关规定形成以下决议： （一）审议通过《关于 2025 年半年度报告及摘要的议案》 ...

第三届董事会第二十一次会议决议公告 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 深圳市崧盛电子股份有限公司（以下简称"公司"）第三届董事会第二十一 次会议于 2025 年 8 月 21 日以现场结合通讯方式召开，会议通知及会议资料于 2025 年 8 月 8 日以通讯及书面方式送达至全体董事。本次董事会应出席董事 7 名，实际出席董事 7 名。公司独立董事王建优、卜功桃、温其东以通讯方式参加。 本次会议由公司董事长田年斌先生主持，公司监事和高级管理人员列席了本次会 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、规范性文件和《深圳市崧盛电子股份有限公司章程》的有关规 定，会议合法有效。 二、董事会会议审议情况 与会董事经认真审议、审慎表决后，依照有关规定形成以下决议： | 证券代码：301002 | 证券简称：崧盛股份 | 公告编号：2025-041 | | --- | --- | --- | | 债券代码：123159 | 债券简称：崧盛转债 | | 深圳市崧盛电子股份有限公司 （二）审议通 ...

[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Item%201.%20Important%20Notes,%20Table%20of%20Contents,%20and%20Definitions) This section provides essential disclaimers, lists the report's contents, and defines key terms for clarity [Important Notes](index=2&type=section&id=Important%20Notes) The company's board of directors, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility, while also stating no cash dividends, bonus shares, or capital reserve conversions are planned - The company's board of directors, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility[3](index=3&type=chunk) - The company's head, chief accountant, and accounting department head declare the financial report is true, accurate, and complete[3](index=3&type=chunk) - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report's clear table of contents outlines eight main chapters covering company profile, financial indicators, management discussion, corporate governance, significant events, share changes, bond information, and financial reports - The report comprises eight main chapters, clearly structured for easy reference[6](index=6&type=chunk) [Reference Documents](index=4&type=section&id=Reference%20Documents) Reference documents include financial statements signed and sealed by the company's head, chief accountant, and accounting department head, along with the full and summary 2025 semi-annual report - Reference documents include signed and sealed financial statements and the full and summary semi-annual report[8](index=8&type=chunk)[9](index=9&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms used in the report, including company and subsidiary names, relevant entities, and the reporting period, ensuring accurate understanding of the content - The reporting period is defined as January 1, 2025, to June 30, 2025[10](index=10&type=chunk) - Abbreviations and full names of the company and its main subsidiaries (e.g., Guangdong Sosen, Sosen Innovation) are listed[10](index=10&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents its key financial data and performance metrics [Company Profile](index=6&type=section&id=I.%20Company%20Profile) This section introduces the company's basic information, including stock abbreviation, code, listing exchange, Chinese and English names, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Sosen Shares | | Stock Code | 301002 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Tian Nianbin | [Contacts and Contact Information](index=6&type=section&id=II.%20Contacts%20and%20Contact%20Information) Contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax, and email, are provided Board Secretary and Securities Affairs Representative Contact Information | Position | Name | Phone | Email | | :--- | :--- | :--- | :--- | | Board Secretary | Tan Zhoudan | 0755-29596655 | investor@sosen.com | | Securities Affairs Representative | Liu Jiajia | 0755-29596655 | investor@sosen.com | [Other Information](index=6&type=section&id=III.%20Other%20Information) The company's contact information, 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 registered address, office address, website, and email remained unchanged during the reporting period[14](index=14&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[15](index=15&type=chunk) - The company's registration status remained unchanged during the reporting period[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's operating revenue grew by 3.69% this period, but net profit attributable to shareholders and non-recurring net profit significantly declined, with net cash flow from operating activities turning negative, primarily due to accounting policy changes Key Accounting Data and Financial Indicators Year-on-Year Change | Indicator | Current Period (RMB) | Prior Period (Adjusted) (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 449,408,193.15 | 433,394,339.23 | 3.69% | | Net Profit Attributable to Shareholders of Listed Company | -753,217.82 | 17,581,817.51 | -104.28% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) | -6,539,804.55 | 8,069,611.92 | -181.04% | | Net Cash Flow from Operating Activities | -1,636,062.19 | 27,369,338.72 | -105.98% | | Basic Earnings Per Share (RMB/share) | -0.01 | 0.14 | -107.14% | | Diluted Earnings Per Share (RMB/share) | -0.01 | 0.14 | -107.14% | | Weighted Average Return on Net Assets | -0.09% | 2.10% | -2.19% | Key Financial Indicators at Period-End vs. Prior Year-End | Indicator | Current Period-End (RMB) | Prior Year-End (Adjusted) (RMB) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 1,505,000,756.43 | 1,515,370,558.78 | -0.68% | | Net Assets Attributable to Shareholders of Listed Company | 796,087,277.98 | 796,661,922.53 | -0.07% | - The accounting policy change, due to implementing Accounting Standard Interpretation No. 18 on quality assurance accounting, retrospectively adjusted 'operating costs' and 'selling expenses' but did not impact key accounting data and financial indicators[17](index=17&type=chunk)[18](index=18&type=chunk) [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between financial statements disclosed under international or overseas accounting standards and Chinese accounting standards - The company reported no differences in accounting data under domestic and overseas accounting standards during the reporting period[19](index=19&type=chunk)[20](index=20&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=8&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses for this period amounted to **RMB 5.79 million**, primarily comprising government grants, fair value changes in financial assets, and reversals of impairment provisions for receivables Non-recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -146,557.36 | | Government Grants Recognized in Current Profit/Loss | 2,622,899.42 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities Held by Non-financial Enterprises | 3,127,733.82 | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Testing | 820,674.30 | | Other Non-operating Income and Expenses | 68,577.62 | | Other Income/Loss Items Meeting the Definition of Non-recurring Gains/Losses | 197,067.95 | | Less: Income Tax Impact | 880,458.22 | | Minority Interest Impact (After Tax) | 23,350.80 | | Total | 5,786,586.73 | - Other non-recurring gains and losses include handling fee refunds for withholding and remitting individual income tax[22](index=22&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operations, financial performance, core competencies, and risk factors during the reporting period [Company's Main Business Activities During the Reporting Period](index=9&type=section&id=I.%20Company's%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company primarily engages in R&D, manufacturing, and sales of medium-to-high power LED lighting drivers and energy storage system core components; operating revenue grew by **3.69%**, but net profit attributable to parent company shareholders declined by **104.28%**, influenced by both LED driver business decline and rapid energy storage growth - The company's main business involves the R&D, manufacturing, and sales of medium-to-high power LED lighting drivers and core components for energy storage systems[25](index=25&type=chunk) Key Financial Performance for H1 2025 | Indicator | Amount (RMB 10,000) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 44,940.82 | +3.69% | | Net Profit Attributable to Parent Company | -75.32 | -104.28% | [LED Driver Business](index=9&type=section&id=1.%20LED%20Driver%20Business) The LED driver business saw sales revenue decline by **4.28%** and gross margin by **0.94%** due to international trade policies and geopolitical conflicts, yet achieved sales volume growth and enhanced brand recognition through product innovation and overseas market expansion - LED driver sales revenue was **RMB 410.39 million**, a year-on-year decrease of **4.28%**[38](index=38&type=chunk) - LED driver gross margin was **23.59%**, a **0.94%** decrease compared to full-year 2024[38](index=38&type=chunk) - Sales revenue from outdoor and industrial/commercial LED drivers was **RMB 358.84 million**, accounting for **87.44%** of total LED driver revenue[39](index=39&type=chunk) - LED driver sales volume reached **5.76 million units**, a year-on-year increase of **5.32%**[39](index=39&type=chunk) - Overseas sales revenue for LED drivers was **RMB 69.22 million**, a slight year-on-year increase of **0.08%**[40](index=40&type=chunk) - Management expenses decreased by **11.53%**, R&D expenses slightly increased by **1.58%** year-on-year, with a roughly **5%** decrease in Q2 R&D expenses[41](index=41&type=chunk) [Energy Storage Core Components Business](index=12&type=section&id=2.%20Energy%20Storage%20Core%20Components%20Business) The energy storage core components business achieved explosive growth, with operating revenue of **RMB 31.34 million**, a **1,614.81%** year-on-year increase, driven by product technology advantages, market expansion, and bulk orders, with products securing multiple international certifications - The subsidiary's energy storage core components business achieved operating revenue of **RMB 31.34 million**, a year-on-year increase of **1,614.81%**[50](index=50&type=chunk) - The energy storage core components business contributed **RMB 31.09 million** in revenue, a year-on-year increase of **2,474.62%**[51](index=51&type=chunk) - Photovoltaic + energy storage hybrid inverters for residential/home energy storage systems have cumulatively obtained over **50 grid-connection certifications**, including CE, EN50549-1&-10[50](index=50&type=chunk) - Energy storage converters for industrial and commercial energy storage systems have cumulatively obtained over **10 certifications**, including CQC/CE/European grid-connection standards[50](index=50&type=chunk) [Analysis of Core Competencies](index=14&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies lie in six areas: technological accumulation, R&D responsiveness, quality control, intelligent manufacturing, digital operations, and brand reputation, strengthening market position and addressing industry challenges through continuous innovation and lean management - As of June 2025, the company and its subsidiaries held **193 authorized patents** (190 domestic, 3 international), **76 registered trademarks**, and **12 software copyrights**[52](index=52&type=chunk) - In H1 2025, the company's total R&D investment was **RMB 51.83 million**, a slight year-on-year increase of **1.58%**, accounting for **11.53%** of operating revenue[54](index=54&type=chunk) - The R&D team comprises over **300 people**, representing more than **25%** of all employees[54](index=54&type=chunk) - The Zhongshan intelligent manufacturing base was awarded 'Zhongshan City Digital and Intelligent Manufacturing Demonstration Workshop' and 'Intelligent Manufacturing Capability Maturity Level 3 Certificate'[58](index=58&type=chunk) - The company implemented digital systems such as SAP, SRM, PLM, MES, WMS, and BI to achieve refined management[59](index=59&type=chunk) - The company's own brand 'Sosen Power' was recognized as a 'Shenzhen Famous Brand' and 'Excellent LED Power Brand'[61](index=61&type=chunk) [Analysis of Main Business Operations](index=16&type=section&id=III.%20Analysis%20of%20Main%20Business%20Operations) The company's main business revenue increased by **3.69%** year-on-year, but net profit significantly declined; LED driver revenue and gross margin decreased, while energy storage product revenue and gross margin substantially increased, with notable rises in selling and financial expenses, and net cash flow from operating activities turning negative Year-on-Year Changes in Key Financial Data | Indicator | Current Period (RMB) | Prior Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 449,408,193.15 | 433,394,339.23 | 3.69% | | | Operating Cost | 348,630,817.22 | 318,192,761.39 | 9.57% | | | Selling Expenses | 28,404,825.17 | 24,442,615.11 | 16.21% | Primarily due to increased overseas market selling expenses and export credit insurance expenses in the current period | | Administrative Expenses | 25,326,634.70 | 28,626,767.38 | -11.53% | | | Financial Expenses | 9,639,633.21 | 3,892,664.60 | 147.64% | Primarily due to increased interest expenses accrued for convertible bonds | | Income Tax Expense | -3,983,787.49 | 217,962.08 | -1,927.74% | Primarily due to a significant increase in deferred tax assets resulting from increased deductible temporary differences | | R&D Investment | 51,832,447.57 | 51,026,994.64 | 1.58% | | | Net Cash Flow from Operating Activities | -1,636,062.19 | 27,369,338.72 | -105.98% | Primarily due to significant increases in payments to suppliers, employee compensation, and other expenses, leading to a substantial decrease in net cash flow from operating activities | | Net Cash Flow from Investing Activities | -23,242,698.70 | 17,355,503.14 | -233.92% | Primarily due to a significant increase in purchases of bank wealth management products in the current period | | Net Cash Flow from Financing Activities | 8,676,387.53 | -33,358,228.94 | 126.01% | Primarily due to reduced repayment of matured bank loans and increased investment from minority shareholders in subsidiaries during the current period | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | LED Driver | 410,391,520.10 | 313,573,807.93 | 23.59% | -4.28% | -0.44% | -2.95% | | Energy Storage Products | 31,086,152.17 | 23,364,125.64 | 24.84% | 2,474.62% | 2,244.75% | 7.37% | Sales by Major Revenue Source (LED Drivers) | Major Revenue Source | Sales Volume (units) | Sales Revenue (RMB) | | :--- | :--- | :--- | | Domestic | 4,987,368 | 341,171,608.02 | | International | 767,824 | 69,219,912.08 | Sales Performance of Products Accounting for Over 10% of Company's Operating Revenue During the Reporting Period | Product Name | Item | Unit | Current Period | Prior Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | High-Power LED Driver | Sales Volume | units | 4,733,855 | 4,470,176 | 5.90% | | | Sales Revenue | RMB | 357,241,494.27 | 374,600,780.29 | -4.63% | | | Sales Gross Margin | % | 23.34 | 26.68 | -3.34% | | Medium-Power LED Driver | Sales Volume | units | 1,020,532 | 991,433 | 2.94% | | | Sales Revenue | RMB | 53,095,684.91 | 54,000,810.39 | -1.68% | | | Sales Gross Margin | % | 25.26 | 25.58 | -0.32% | Product Capacity for Products Accounting for Over 10% of Company's Operating Revenue During the Reporting Period | Product Name | Capacity (units) | Output (units) | Capacity Utilization Rate | | :--- | :--- | :--- | :--- | | LED Driver | 7,979,400 | 5,322,705 | 66.71% | [Analysis of Non-Core Business Operations](index=18&type=section&id=IV.%20Analysis%20of%20Non-Core%20Business%20Operations) Non-core business activities impacted the company's total profit, with investment income and government grants being key contributors, though these revenue sources are not sustainable Non-Core Business Items and Amounts | Item | Amount (RMB) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 3,055,695.34 | -23.09% | Primarily investment income from bank wealth management products held in the current period | No | | Gains/Losses from Fair Value Changes | 72,038.48 | -0.54% | Primarily fair value changes from structured deposit bank wealth management products held in the current period | No | | Asset Impairment | -461,692.31 | 3.49% | Primarily inventory impairment provisions accrued in the current period | No | | Non-operating Income | 422,791.96 | -3.19% | Primarily scrap income in the current period | No | | Non-operating Expenses | 354,214.34 | -2.68% | Primarily losses from damaged non-current assets written off and late payment fees for corporate income tax in the current period | No | | Credit Impairment Losses | 756,057.85 | -5.71% | Primarily reversal of bad debt provisions for some other receivables in the current period | No | | Other Income | 2,819,967.37 | -21.31% | Primarily government grants received in the current period | No | [Analysis of Assets and Liabilities](index=18&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets and net assets attributable to shareholders slightly decreased; cash and cash equivalents declined, accounts receivable increased, and inventory decreased, while short-term and long-term borrowings varied, and bonds payable increased, with some assets being restricted Significant Changes in Asset Composition (Period-End vs. Prior Year-End) | Item | Current Period-End Amount (RMB) | Proportion of Total Assets | Prior Year-End Amount (RMB) | Proportion of Total Assets | Proportion Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 63,382,517.81 | 4.21% | 78,813,257.59 | 5.20% | -0.99% | | Accounts Receivable | 276,031,733.20 | 18.34% | 256,181,153.13 | 16.91% | 1.43% | | Inventories | 118,860,427.15 | 7.90% | 134,130,899.80 | 8.85% | -0.95% | | Fixed Assets | 623,353,746.64 | 41.42% | 631,598,405.68 | 41.68% | -0.26% | | Short-term Borrowings | 13,967,427.40 | 0.93% | 12,000,934.25 | 0.79% | 0.14% | | Long-term Borrowings | 34,736,000.00 | 2.31% | 43,420,000.00 | 2.87% | -0.56% | Assets and Liabilities Measured at Fair Value (Period-End) | Item | Period-End Amount (RMB) | | :--- | :--- | | Financial Assets Held for Trading | 38,812,817.72 | | Receivables Financing | 1,330,710.45 | | Total | 40,143,528.17 | Asset Restrictions as of the End of the Reporting Period | Item | Book Balance (Period-End) (RMB) | Book Value (Period-End) (RMB) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 10,561,034.20 | 10,561,034.20 | Frozen, Deposit | Bank acceptance bill deposit of **RMB 10 million**; funds frozen due to litigation of **RMB 0.56 million** | | Fixed Assets | 233,236,682.06 | 223,977,549.36 | Mortgage | Mortgaged to banks for borrowings | | Total | 243,797,716.26 | 234,538,583.56 | | | [Analysis of Investment Activities](index=20&type=section&id=VI.%20Analysis%20of%20Investment%20Activities) The company's investment amount decreased by **49.22%** year-on-year; overall utilization of raised funds was **69.31%**, primarily for the Sosen Headquarters Industrial Innovation R&D Center project and working capital, with some surplus funds permanently allocated to working capital, and the company also purchased bank wealth management products Comparison of Investment Amount in Current Period vs. Prior Period | Indicator | Current Period Investment Amount (RMB) | Prior Period Investment Amount (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 5,500,000.00 | 10,830,000.00 | -49.22% | Overall Utilization of Raised Funds | Total Raised Funds (RMB 10,000) | Net Raised Funds (RMB 10,000) | Total Raised Funds Used in Current Period (RMB 10,000) | Total Raised Funds Cumulatively Used (RMB 10,000) | Utilization Rate of Raised Funds at Period-End | Total Unused Raised Funds (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | 29,435.00 | 28,714.29 | 182.78 | 19,902.55 | 69.31% | 290.06 | - The 'Sosen Headquarters Industrial Innovation R&D Center Project' has reached its intended usable state, not directly generating economic benefits, but enhancing technological R&D capabilities, industry position, and core competitiveness[85](index=85&type=chunk) - The company closed the convertible bond fundraising project, permanently allocating the estimated surplus funds of **RMB 89.93 million** to working capital, in addition to **RMB 5.67 million** reserved for outstanding contract payments and deposits[86](index=86&type=chunk) Overview of Wealth Management During the Reporting Period | Specific Type | Amount of Wealth Management Transactions (RMB 10,000) | Unmatured Balance (RMB 10,000) | | :--- | :--- | :--- | | Bank Wealth Management Products | 25,874.82 | 25,174.08 | [Significant Asset and Equity Disposals](index=24&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Disposals) The company did not engage in any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[91](index=91&type=chunk) - The company did not dispose of significant equity during the reporting period[92](index=92&type=chunk) [Analysis of Major Holding and Participating Companies](index=24&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company has **12 subsidiaries** and no associates; Guangdong Sosen Power Technology Co., Ltd. and Shenzhen Sosen Innovation Technology Co., Ltd. are key subsidiaries, with the latter achieving **RMB 31.34 million** in operating revenue and **RMB 18.84 million** in net profit during the reporting period Major Subsidiary Information (Impact on Company's Net Profit Exceeding 10%) | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Sosen Power Technology Co., Ltd. | Subsidiary | R&D, production, and sales of LED drivers | 300,000,000.00 | 683,425,525.31 | 419,908,892.74 | 383,707,495.59 | 19,608,811.73 | 20,069,970.77 | | Shenzhen Sosen Innovation Technology Co., Ltd. | Subsidiary | R&D and sales of energy storage products | 54,545,400.00 | 78,028,993.74 | 38,558,131.59 | 31,340,201.28 | 18,856,784.37 | 18,839,503.06 | - During the reporting period, a new controlled subsidiary, Shenzhen Sosen Robot Transmission Technology Co., Ltd., was established[94](index=94&type=chunk) [Information on Structured Entities Controlled by the Company](index=25&type=section&id=IX.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[95](index=95&type=chunk) [Risks Faced by the Company and Countermeasures](index=25&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks including intensified market competition, changing trade policies, underperforming global expansion, intellectual property risks in overseas markets, and slower-than-expected progress in energy storage core components, with countermeasures involving continuous focus on core business, global strategy, and strengthened IP protection and R&D - Risks include intensified industry market competition, changes in trade policies, global expansion output not meeting expectations, intellectual property risks in overseas market development, and slower-than-expected progress in the energy storage system core components business[95](index=95&type=chunk)[96](index=96&type=chunk)[98](index=98&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) - Countermeasures include deeply cultivating the medium-to-high power LED driver market, upgrading product performance, and increasing preliminary research in emerging application areas[95](index=95&type=chunk) - Through global expansion, establishing overseas branches, sales outlets, and warehouses to mitigate the impact of trade barriers[97](index=97&type=chunk) - Strengthening its overseas patent portfolio and enhancing intellectual property protection capabilities[100](index=100&type=chunk) - Leveraging the group's R&D design experience and intelligent manufacturing capabilities to assist subsidiaries in securing bulk orders for energy storage products[101](index=101&type=chunk) [Registration Form for Investor Relations Activities During the Reporting Period](index=26&type=section&id=XI.%20Registration%20Form%20for%20Investor%20Relations%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company actively engaged with institutional investors through on-site visits and online communication, interacting with over **30 institutions** including China Construction Bank Fund and China Post Fund, and disclosed **5 investor relations activity records** - During the reporting period, the company hosted research and communication sessions with over **30 institutional investors**[102](index=102&type=chunk)[103](index=103&type=chunk) - Five investor relations activity records were disclosed, primarily discussing the company's operational status[102](index=102&type=chunk)[103](index=103&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=27&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not disclosed a market value management system or a valuation enhancement plan - The company has not formulated a market value management system[104](index=104&type=chunk) - The company has not disclosed a valuation enhancement plan[104](index=104&type=chunk) [Implementation of 'Quality and Return Dual Enhancement' Action Plan](index=27&type=section&id=XIII.%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan%20Implementation) The company has not disclosed an announcement regarding the 'Quality and Return Dual Enhancement' action plan - The company has not disclosed an announcement regarding the 'Quality and Return Dual Enhancement' action plan[104](index=104&type=chunk) [Corporate Governance, Environment, and Society](index=27&type=section&id=Item%204.%20Corporate%20Governance,%20Environment,%20and%20Society) This section details the company's corporate governance structure, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=27&type=section&id=I.%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period, with specific details available in the 2024 annual report - No changes occurred in the company's directors, supervisors, or senior management during the reporting period[105](index=105&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Period](index=27&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Period) The company plans no semi-annual cash dividends, bonus shares, or capital reserve conversions to share capital - The company plans no semi-annual cash dividends, bonus shares, or capital reserve conversions to share capital[106](index=106&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=28&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) The company continued its 2023 Restricted Stock Incentive Plan, canceling **649,000** unvested restricted shares and adjusting the grant price to **RMB 10.23/share** during the reporting period to motivate the core team's efficient operation - The company implemented the 2023 Restricted Stock Incentive Plan, intending to grant **1.945 million** Class II restricted shares[107](index=107&type=chunk)[108](index=108&type=chunk) - During the reporting period, a total of **649,000** previously granted but unvested restricted shares were canceled[110](index=110&type=chunk) - The grant price was adjusted from **RMB 10.33/share** to **RMB 10.23/share**[110](index=110&type=chunk) [Environmental Information Disclosure](index=29&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[112](index=112&type=chunk) [Social Responsibility](index=29&type=section&id=V.%20Social%20Responsibility) The company aims to be a leading LED driver industry player, fulfilling social responsibilities through robust corporate governance, protecting shareholder and employee rights, fostering win-win relationships with customers and suppliers, prioritizing environmental protection, and engaging in social welfare - The company enhanced investor communication through performance briefings, research visits, interactive platforms, and various channels, responding to **106 investor questions** with a **100% response rate** during the reporting period[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk) - The company values employee rights, offering market-based compensation, performance bonuses, career development, and employee stock ownership, while also focusing on employee training and humanistic care[116](index=116&type=chunk)[117](index=117&type=chunk) - The company adheres to honest operations, building long-term partnerships with clients and establishing a comprehensive supplier management system[118](index=118&type=chunk) - The company is committed to providing efficient and energy-saving LED driver products, creating jobs, paying taxes legally, and participating in rural assistance and other social welfare activities[119](index=119&type=chunk) [Significant Events](index=31&type=section&id=Item%205.%20Significant%20Events) This section covers various significant events, including commitments, related party transactions, litigation, and other material developments during the reporting period [Commitments](index=31&type=section&id=I.%20Commitments%20by%20Controlling%20Shareholders,%20Shareholders,%20Related%20Parties,%20Acquirers,%20and%20the%20Company%20Fulfilled%20or%20Overdue%20as%20of%20the%20Reporting%20Period) During the reporting period, no commitments by the company's actual controllers, shareholders, related parties, acquirers, or the company were either fulfilled or overdue - During the reporting period, the company had no unfulfilled or overdue commitments[121](index=121&type=chunk) [Non-Operating Funds Occupied](index=31&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders or other related parties from the listed company - The company reported no non-operating funds occupied by controlling shareholders or other related parties during the reporting period[122](index=122&type=chunk) [Irregular External Guarantees](index=31&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[123](index=123&type=chunk) [Appointment and Dismissal of Accounting Firms](index=31&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was not audited - The company's semi-annual report was not audited[124](index=124&type=chunk) [Explanation of 'Non-Standard Audit Report'](index=31&type=section&id=V.%20Board%20of%20Directors,%20Supervisory%20Board,%20and%20Audit%20Committee's%20Explanation%20of%20the%20Accounting%20Firm's%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The company had no non-standard audit report during the reporting period - The company reported no non-standard audit report during the reporting period[125](index=125&type=chunk) [Explanation of 'Non-Standard Audit Report' for the Prior Year](index=31&type=section&id=VI.%20Board%20of%20Directors'%20Explanation%20of%20Matters%20Related%20to%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Prior%20Year) The company had no non-standard audit report for the prior year during the reporting period - The company reported no non-standard audit report for the prior year during the reporting period[125](index=125&type=chunk) [Bankruptcy and Reorganization Matters](index=31&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy or reorganization matters during the reporting period - The company reported no bankruptcy or reorganization matters during the reporting period[125](index=125&type=chunk) [Litigation Matters](index=31&type=section&id=VIII.%20Litigation%20Matters) The company had no major litigation or arbitration matters during the reporting period, but faced several other lawsuits, primarily contract disputes and labor disputes, with amounts ranging from **RMB 0.55 million** to **RMB 1.95 million**, and some cases resulted in victories or received judgments - The company had no major litigation or arbitration matters in the current reporting period[126](index=126&type=chunk) Overview of Other Litigation Matters | Basic Information on Litigation (Arbitration) | Amount Involved (RMB 10,000) | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | | Contract Dispute | 61.08 | Company won, judgment effective | Ordered defendant to pay goods and overdue payment penalties, and bear joint and several liability | | Labor Dispute | 7.57 | First instance | Not applicable | | Contract Dispute | 103.21 | First instance | Not yet heard | | Contract Dispute | 178.19 | First instance | Not yet heard | | Contract Dispute | 56.10 | Received civil judgment | All plaintiff's claims supported | [Penalties and Rectification](index=32&type=section&id=IX.%20Penalties%20and%20Rectification) The company had no penalties or rectification issues during the reporting period - The company reported no penalties or rectification issues during the reporting period[128](index=128&type=chunk) [Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers](index=32&type=section&id=X.%20Integrity%20Status%20of%20the%20Company,%20its%20Controlling%20Shareholders,%20and%20Actual%20Controllers) During the reporting period, the company, its controlling shareholders, and actual controllers had no unfulfilled obligations determined by effective court legal documents or significant overdue debts - During the reporting period, the company, its controlling shareholders, and actual controllers maintained good integrity, with no unfulfilled obligations or overdue debts[129](index=129&type=chunk) [Significant Related Party Transactions](index=32&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no related party transactions concerning daily operations, asset/equity acquisitions/disposals, joint external investments, or related party debt; however, significant related party transactions included capital increase for a controlled subsidiary, loan extension to a controlled subsidiary, and providing guarantee limits for subsidiaries while accepting counter-guarantees from related parties - All shareholders of the controlled subsidiary Sosen Innovation plan a proportional capital increase of **RMB 36.36 million** for Sosen Innovation, with the company subscribing **RMB 20.00 million** by converting debt into registered capital[136](index=136&type=chunk) - The company plans to extend the total loan facility to its controlled subsidiary Sosen Innovation, with the total outstanding amount not exceeding **RMB 60 million** at any given time[137](index=137&type=chunk) - The company intends to provide a total guarantee limit of up to **RMB 200 million** for comprehensive credit facilities applied by its wholly-owned subsidiary Guangdong Sosen and controlled subsidiary Sosen Innovation from banks, and will accept counter-guarantees from related parties[138](index=138&type=chunk) [Significant Contracts and Their Performance](index=34&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no entrustment, contracting, leasing matters, or other significant contracts; however, it provided guarantees totaling **RMB 17 million** for subsidiaries, with guarantees for Shenzhen Sosen Innovation Technology Co., Ltd. accepting counter-guarantees from related parties - The company reported no entrustment, contracting, or leasing matters during the reporting period[140](index=140&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk) Company's Guarantees for Subsidiaries | Guaranteed Party Name | Guarantee Limit (RMB 10,000) | Actual Occurrence Date | Actual Guarantee Amount (RMB 10,000) | Guarantee Type | Counter-Guarantee Status | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Sosen Innovation Technology Co., Ltd. | 10,000 | 2025年01月20日 | 700 | Joint and Several Liability Guarantee | Other shareholders of Sosen Innovation provide counter-guarantees to the company based on their shareholding ratio | No | No | | Shenzhen Sosen Innovation Technology Co., Ltd. | 10,000 | 2025年05月06日 | 1,000 | Joint and Several Liability Guarantee | Other shareholders of Sosen Innovation provide counter-guarantees to the company based on their shareholding ratio | No | No | - As of the end of the reporting period, the total approved guarantee limit for subsidiaries was **RMB 200 million**, with an actual guarantee balance of **RMB 17 million**[145](index=145&type=chunk) - The total actual guarantee amount accounted for **2.14%** of the company's net assets[145](index=145&type=chunk) [Explanation of Other Significant Matters](index=36&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company invested externally to establish the controlled subsidiary Shenzhen Sosen Robot Transmission Technology Co., Ltd., and signed a technical development contract with Chongqing Jinggang Transmission for the 'Robot Harmonic Reducer and Intelligent Joint Technology Development and Application' project, providing **RMB 12 million** in R&D funding - The company established a new controlled subsidiary, Shenzhen Sosen Robot Transmission Technology Co., Ltd., with a registered capital of **RMB 10 million**, where the company contributed **RMB 5.5 million**, holding **55%**[148](index=148&type=chunk)[150](index=150&type=chunk) - The company signed a technical development contract with Chongqing Jinggang Transmission for the 'Robot Harmonic Reducer and Intelligent Joint Technology Development and Application' project, providing **RMB 12 million** in R&D funding[149](index=149&type=chunk) [Significant Matters of Company Subsidiaries](index=36&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company's subsidiaries had no other significant matters during the reporting period - The company's subsidiaries had no other significant matters[150](index=150&type=chunk) [Share Changes and Shareholder Information](index=37&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, securities issuance, and shareholder structure during the reporting period [Share Change Information](index=37&type=section&id=I.%20Share%20Change%20Information) During the reporting period, the company's total shares increased by **131 shares** due to 'Sosen Convertible Bonds' conversion; restricted shares decreased by **269,352 shares**, while unrestricted shares increased by **269,483 shares**, primarily due to a former supervisor's departure reducing executive lock-up shares Share Change Information | Share Type | Quantity Before Change (shares) | Change in Current Period (shares) | Quantity After Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 49,822,125 | -269,352 | 49,552,773 | | II. Unrestricted Shares | 73,054,290 | 269,483 | 73,323,773 | | III. Total Shares | 122,876,415 | 131 | 122,876,546 | - **32 units** of 'Sosen Convertible Bonds' were converted into a total of **131 shares** of 'Sosen Shares'[153](index=153&type=chunk) - Former supervisor Mr. Tian Dayong's departure after 6 months resulted in a reduction of **269,352 executive lock-up shares**[153](index=153&type=chunk) [Securities Issuance and Listing Information](index=38&type=section&id=II.%20Securities%20Issuance%20and%20Listing%20Information) The company had no securities issuance or listing activities during the reporting period - The company reported no securities issuance or listing activities during the reporting period[157](index=157&type=chunk) [Number of Shareholders and Shareholding Information](index=38&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) At the end of the reporting period, there were **11,297 common shareholders**; among the top ten, Wang Zongyou and Tian Nianbin, as co-actual controllers, each held **24.35%** of shares, with some shares pledged - At the end of the reporting period, the total number of common shareholders was **11,297**[158](index=158&type=chunk) Shareholding Information of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholding Percentage | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status (quantity) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Zongyou | 24.35% | 29,922,868 | 22,442,151 | 7,480,717 | Not applicable (0) | | Tian Nianbin | 24.35% | 29,922,865 | 22,442,149 | 7,480,716 | Pledged (8,080,000) | | Yan Jinxia | 4.07% | 4,999,990 | 0 | 4,999,990 | Not applicable (0) | | Zou Chaoyang | 2.45% | 3,009,311 | 2,256,983 | 752,328 | Not applicable (0) | - Tian Nianbin and Wang Zongyou are the company's co-actual controllers, having signed a concerted action agreement[159](index=159&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=41&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, the shareholdings of the company's directors, supervisors, and senior management remained unchanged, though the number of restricted shares granted to some individuals was adjusted Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (shares) | Shares Held at End of Period (shares) | Number of Restricted Shares Granted at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | | Tian Nianbin | Chairman | 29,922,865 | 29,922,865 | 56,250 | | Wang Zongyou | Director, General Manager | 29,922,868 | 29,922,868 | 56,250 | | Zou Chaoyang | Director, Deputy General Manager | 3,009,311 | 3,009,311 | 0 | | Tang Bobing | Director, Deputy General Manager | 0 | 0 | 40,000 | | Luo Genshui | Chairman of Supervisory Board | 1,098,807 | 1,098,807 | 0 | | Ling Caimeng | Employee Representative Supervisor | 1,039,107 | 1,039,107 | 0 | | Song Zhikun | Deputy General Manager | 0 | 0 | 75,000 | | Ding Wei | Deputy General Manager | 0 | 0 | 55,000 | | Tan Zhoudan | Chief Financial Officer, Board Secretary | 0 | 0 | 40,000 | [Changes in Controlling Shareholder or Actual Controller](index=41&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) Neither the company's controlling shareholder nor its actual controller changed during the reporting period - The company's controlling shareholder did not change during the reporting period[162](index=162&type=chunk) - The company's actual controller did not change during the reporting period[162](index=162&type=chunk) [Preferred Share Information](index=42&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[163](index=163&type=chunk) [Bond-Related Information](index=43&type=section&id=Item%207.%20Bond-Related%20Information) This section provides details on the company's bond issuances, including convertible bonds, and relevant financial indicators [Corporate Bonds](index=43&type=section&id=I.%20Corporate%20Bonds) The company had no corporate bonds during the reporting period - The company had no corporate bonds during the reporting period[165](index=165&type=chunk) [Company Bonds](index=43&type=section&id=II.%20Company%20Bonds) The company had no company bonds during the reporting period - The company had no company bonds during the reporting period[166](index=166&type=chunk) [Non-Financial Enterprise Debt Financing Instruments](index=43&type=section&id=III.%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no non-financial enterprise debt financing instruments during the reporting period - The company had no non-financial enterprise debt financing instruments during the reporting period[167](index=167&type=chunk) [Convertible Corporate Bonds](index=43&type=section&id=IV.%20Convertible%20Corporate%20Bonds) The company issued **RMB 294.35 million** in convertible corporate bonds in 2022; during the reporting period, **32 bonds** were converted into a total of **131 shares**, leaving a remaining principal amount of **RMB 294.34 million** at period-end, with the company's credit rating at 'AA-' and a 'stable' outlook - On September 27, 2022, the company issued **RMB 294.35 million** in convertible corporate bonds, each with a face value of **RMB 100** and a **6-year** term[168](index=168&type=chunk) - During the reporting period, **32 units** of 'Sosen Convertible Bonds' were converted into a total of **131 shares** of 'Sosen Shares'[171](index=171&type=chunk)[405](index=405&type=chunk) - As of June 30, 2025, the company had **2,943,365 units** of remaining convertible corporate bonds, with a total face value of **RMB 294,336,500.00**[405](index=405&type=chunk) Top Ten Convertible Bondholders at Period-End | No. | Convertible Bondholder Name | Number of Convertible Bonds Held at Period-End (units) | Amount of Convertible Bonds Held at Period-End (RMB) | Proportion of Convertible Bonds Held at Period-End | | :--- | :--- | :--- | :--- | :--- | | 1 | Northwest Investment Management (Hong Kong) Co., Ltd. - Northwest Feilong Fund Co., Ltd. | 239,287 | 23,928,700.00 | 8.13% | | 2 | Li Yiming | 212,750 | 21,275,000.00 | 7.23% | | 3 | Ding Bixia | 166,079 | 16,607,900.00 | 5.64% | | 4 | UBS AG | 151,207 | 15,120,700.00 | 5.14% | | 5 | China Merchants Bank Co., Ltd. - Boshi CSI Convertible Bond and Exchangeable Bond ETF | 123,270 | 12,327,000.00 | 4.19% | - The company's corporate credit rating is 'AA-', with a 'stable' outlook, and 'Sosen Convertible Bonds' credit rating is 'AA-'[174](index=174&type=chunk) [Consolidated Statement Scope Loss Exceeding 10% of Net Assets at Prior Year-End](index=45&type=section&id=V.%20Consolidated%20Statement%20Scope%20Loss%20Exceeding%2010%25%20of%20Net%20Assets%20at%20Prior%20Year-End) During the reporting period, the company's consolidated statement scope loss did not exceed **10%** of net assets at the prior year-end - During the reporting period, the company's consolidated statement scope loss did not exceed **10%** of net assets at the prior year-end[175](index=175&type=chunk) [Key Accounting Data and Financial Indicators for the Past Two Years](index=45&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Past%20Two%20Years%20as%20of%20the%20Reporting%20Period-End) At the end of the reporting period, the company's current and quick ratios improved, while the asset-liability ratio slightly decreased; net profit after non-recurring items was negative, and EBITDA to total debt, interest coverage ratio, and cash interest coverage ratio all significantly declined Key Accounting Data and Financial Indicators for the Past Two Years as of the Reporting Period-End | Item | Current Period-End | Prior Year-End | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Current Ratio | 2.26 | 2.14 | 5.61% | | Asset-Liability Ratio | 48.26% | 49.10% | -0.84% | | Quick Ratio | 1.94 | 1.79 | 8.38% | | Net Profit After Non-recurring Items (RMB 10,000) | -653.98 | 806.96 | -181.04% | | EBITDA to Total Debt Ratio | 2.13% | 6.42% | -4.29% | | Interest Coverage Ratio | -0.35 | 2.59 | -113.51% | | Cash Interest Coverage Ratio | 0.61 | 34.01 | -98.21% | | EBITDA Interest Coverage Ratio | 1.57 | 4.23 | -62.88% | | Loan Repayment Rate | 100.00% | 100.00% | 0.00% | | Interest Payment Rate | 100.00% | 100.00% | 0.00% | [Financial Report](index=46&type=section&id=Item%208.%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and notes on accounting policies and tax items [Audit Report](index=46&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[177](index=177&type=chunk) [Financial Statements](index=46&type=section&id=II.%20Financial%20Statements) This section presents the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, reflecting the financial position and operating results at the end of the reporting period - Financial statements include consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[178](index=178&type=chunk) - Financial statements are denominated in yuan[178](index=178&type=chunk) [Company Basic Information](index=66&type=section&id=III.%20Company%20Basic%20Information) Shenzhen Sosen Electronics Co., Ltd., established in 2016 and listed in 2021, primarily engages in R&D, production, and sales of LED drivers and energy storage core components; as of June 30, 2025, total share capital was **122,876,546 shares**, with Tian Nianbin and Wang Zongyou as actual controllers - The company was established on December 26, 2016, and listed in June 2021[221](index=221&type=chunk) - As of June 30, 2025, the company's total issued share capital was **122,876,546 shares**[221](index=221&type=chunk) - The company primarily engages in the R&D, production, and sales of LED drivers and core components for energy storage systems[221](index=221&type=chunk) - The actual controllers are Tian Nianbin and Wang Zongyou[221](index=221&type=chunk) [Basis of Financial Statement Preparation](index=66&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, on a going concern basis - Financial statements are prepared in accordance with Enterprise Accounting Standards and relevant regulations of the China Securities Regulatory Commission[222](index=222&type=chunk) - Financial statements are prepared on a going concern basis[223](index=223&type=chunk) [Significant Accounting Policies and Estimates](index=66&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section comprehensively discloses the company's significant accounting policies and estimates, including statements of compliance with Enterprise Accounting Standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, cash and cash equivalents, foreign currency transactions and translation, financial instruments, inventories, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, share-based payments, preferred/perpetual shares, revenue, contract costs, government grants, deferred tax assets/liabilities, and leases - The company complies with Enterprise Accounting Standards, accurately and completely reflecting its financial position, operating results, and cash flows[225](index=225&type=chunk) - The operating cycle is **12 months**, and RMB is used as the functional currency[227](index=227&type=chunk)[228](index=228&type=chunk) - Detailed explanations are provided for the classification, recognition, measurement, derecognition, and impairment testing methods of financial instruments[235](index=235&type=chunk)[236](index=236&type=chunk)[237](index=237&type=chunk)[238](index=238&type=chunk)[239](index=239&type=chunk)[240](index=240&type=chunk)[241](index=241&type=chunk)[242](index=242&type=chunk)[243](index=243&type=chunk)[244](index=244&type=chunk)[245](index=245&type=chunk) - The depreciation methods, useful lives, and residual value rates for fixed assets are disclosed, for example, buildings have a **50-year** depreciation period and a **5%** residual value rate[258](index=258&type=chunk) - Revenue recognition policy is to recognize revenue when customers obtain control of relevant goods or services, distinguishing between domestic and export revenue recognition points based on business type[280](index=280&type=chunk)[282](index=282&type=chunk)[283](index=283&type=chunk) - There were no significant changes in accounting policies and estimates during the reporting period[299](index=299&type=chunk) [Taxation](index=82&type=section&id=VI.%20Taxation) This section lists the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, and property tax; the company and its subsidiaries enjoy a **15%** preferential corporate income tax rate as high-tech enterprises Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13%、6%、3% | | Urban Maintenance and Construction Tax | 7%、5% | | Corporate Income Tax | 25%、15%、8.25%、9%、16.5%、17%、19% | | Property Tax | 1.2% | - Shenzhen Sosen Electronics Co., Ltd. and Guangdong Sosen Power Technology Co., Ltd. are recognized as high-tech enterprises, applying a **15%** preferential corporate income tax rate[300](index=300&type=chunk)[301](index=301&type=chunk) [Notes to Consolidated Financial Statement Items](index=83&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items, including assets, liabilities, owners' equity, and profit/loss items such as cash and cash equivalents, accounts receivable, inventories, fixed assets, long-term borrowings, bonds payable, operating revenue, and costs, presenting period-end balances, beginning balances, current period changes, and relevant explanations Cash and Cash Equivalents (Period-End Balance) | Item | Amount (RMB) | | :--- | :--- | | Cash on Hand | 129,631.40 | | Bank Deposits | 52,563,706.85 | | Other Cash and Cash Equivalents | 10,689,179.56 | | Total | 63,382,517.81 | Operating Revenue and Operating Costs (Current Period) | Item | Revenue (RMB) | Cost (RMB) | | :--- | :--- | :--- | | Main Business | 442,300,219.64 | 337,479,007.56 | | Other Businesses | 7,107,973.51 | 11,151,809.66 | | Total | 449,408,193.15 | 348,630,817.22 | Financial Expenses (Current Period) | Item | Amount (RMB) | | :--- | :--- | | Interest Expense | 9,820,375.57 | | Less: Interest Income | 178,202.16 | | Exchange Gains/Losses | -170,725.67 | | Other | 168,185.47 | | Total | 9,639,633.21 | Cash Flow Statement Supplementary Information - Net Cash Flow from Operating Activities | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Profit | -9,249,447.42 | 9,231,378.84 | | Net Cash Flow from Operating Activities | -1,636,062.19 | 27,369,338.72 | [R&D Expenses](index=112&type=section&id=VIII.%20R%26D%20Expenses) Total R&D expenses for the reporting period amounted to **RMB 51.83 million**, all expensed, primarily comprising employee compensation, depreciation and amortization, and R&D material costs R&D Expenses (Current Period) | Item | Amount (RMB) | | :--- | :--- | | Employee Compensation Expenses | 38,403,774.84 | | Depreciation and Amortization Expenses | 5,252,947.72 | | R&D Material Costs | 3,381,668.56 | | Utilities Expenses | 2,221,268.02 | | Testing and Certification Fees | 1,788,233.21 | | Total | 51,832,447.57 | - All R&D expenses in the current period were expensed[468](index=468&type=chunk) [Changes in Consolidation Scope](index=113&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company newly established and consolidated Shenzhen Sosen Robot Transmission Technology Co., Ltd., with a registered capital of **RMB 10 million** Newly Established and Consolidated Subsidiaries in the Current Period | Company Name | Establishment Date | Registered Place | Registered Capital | | :--- | :--- | :--- | :--- | | Shenzhen Sosen Robot Transmission Technology Co., Ltd. | 2025年6月24日 | China Shenzhen | RMB 10 million | [Interests in Other Entities](index=113&type=section&id=X.%20Interests%20in%20Other%20Entities) This section outlines the composition and financial information of the company's major subsidiaries, including Guangdong Sosen Power Technology Co., Ltd. and Shenzhen Sosen Innovation Technology Co., Ltd., and discloses the minority shareholder's equity and profit/loss for the significant non-wholly-owned subsidiary Shenzhen Sosen Innovation Technology Co., Ltd Composition of the Enterprise Group (Selected Subsidiaries) | Subsidiary Name | Registered Capital | Nature of Business | Shareholding Percentage (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | | Guangdong Sosen Power Technology Co., Ltd. | RMB 300 million | R&D, production, and sales of LED drivers | 100.00% | Establishment | | Shenzhen Sosen Innovation Technology Co., Ltd. | RMB 54.55 million | R&D and sales of energy storage products | 55.00% | Establishment | | Shenzhen Sosen Robot Transmission Technology Co., Ltd. | RMB 10 million | R&D, production, and sales of robot harmonic reducers | 55.00% | Establishment | Significant Non-Wholly-Owned Subsidiary (Shenzhen Sosen Innovation Technology Co., Ltd.) | Minority Shareholding Percentage | Profit/Loss Attributable to Minority Shareholders in Current Period (RMB) | Minority Interest Balance at Period-End (RMB) | | :--- | :--- | :--- | | 45.00% | -8,496,229.60 | -17,379,297.13 | [Government Grants](index=114&type=section&id=XI.%20Government%20Grants) During the reporting period, the company received new government grants of **RMB 2.15 million**, recognized as deferred income, with **RMB 0.44 million** transferred to other income Liability Items Involving Government Grants (Deferred Income) | Account Title | Beginning Balance (RMB) | New Grants Added in Current Period (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Ending Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 25,209,905.23 | 2,149,414.00 | 443,728.14 | 26,915,591.09 | Asset-related | Government Grants Recognized in Current Profit/Loss (Other Income) | Account Title | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Other Income | 1,029,914.34 | 1,500,200.00 | [Risks Related to Financial Instruments](index=115&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit, liquidity, and market risks (including interest rate and exchange rate risks), managing them through diversified investments, customer credit monitoring, rolling cash flow forecasts, maintaining an appropriate mix of fixed and floating rate instruments, and monitoring foreign currency transactions - The company faces credit risk, liquidity risk, and market risk (exchange rate risk, interest rate risk, and other price risks)[479](index=479&type=chunk) - Credit risk primarily arises from cash and cash equivalents, notes receivable, accounts receivable, receivables financing, and other receivables[481](index=481&type=chunk) - Liquidity risk is managed by monitoring cash balances, readily marketable securities, and rolling forecasts of cash flows for the next **12 months**[482](index=482&type=chunk) - Interest rate risk: If floating-rate borrowing interest rates increase or decrease by **100 basis points**, net profit will decrease or increase by **RMB 561,911.69**[487](index=487&type=chunk) - Exchange rate risk: If the RMB appreciates or depreciates by **5%** against the USD, the company's net profit will increase or decrease by **RMB 1,926,405.74**[488](index=488&type=chunk) [Fair Value Disclosure](index=117&type=section&id=XIII.%20Fair%20Value%20Disclosure) This section discloses the period-end fair values of the company's assets and liabilities measured at fair value, primarily including financial assets held for trading and receivables financing, totaling **RMB 40.14 million**, all measured using Level 3 fair value Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | | Financial Assets Held for Trading | 38,812,817.72 | 38,812,817.72 | | Receivables Financing | 1,330,710.45 | 1,330,710.45 | | Total Assets Continuously Measured at Fair Value | 40,143,528.17 | 40,143,528.17 | - Level 1 inputs are unadjusted quoted prices in active markets[491](index=491&type=chunk) - Level 2 inputs are directly or indirectly observable inputs other than Level 1 inputs[492](index=492&type=chunk) - Level 3 inputs are unobservable inputs[493](index=493&type=chunk) [Related Parties and Related Party Transactions](index=118&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) The company's actual controllers are Tian Nianbin and Wang Zongyou; during the reporting period, as a guaranteed party, the actual controllers and related parties provided significant counter-guarantees for subsidiaries, with total key management personnel compensation amounting to **RMB 3.26 million** - The company's actual controllers are Tian Nianbin and Wang Zongyou[494](index=494&type=chunk)[495](index=495&type=chunk) The Company as a Guaranteed Party (Related Party Guarantee Info