浙江宏昌电器科技股份有限公司 章程 二〇二五年八月 1 | | | | 第一章 | 总则 | 3 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 4 | | 第一节 | 股份发行 | 4 | | 第二节 | 股份增减和回购 | 6 | | 第三节 | 股份转让 | 7 | | 第四章 | 股东和股东会 | 8 | | 第一节 | 股东 | 8 | | 第二节 | 控股股东和实际控制人 | 11 | | 第三节 | 股东会的一般规定 | 12 | | 第四节 | 股东会的召集 | 14 | | 第五节 | 股东会的提案与通知 | 16 | | 第六节 | 股东会的召开 | 17 | | 第七节 | 股东会的表决和决议 | 20 | | 第五章 | 董事会 | 25 | | 第一节 | 董事的一般规定 | 25 | | 第二节 | 董事会 | 29 | | 第三节 | 独立董事 | 32 | | 第四节 | 董事会专门委员会 | 35 | | 第六章 | 总经理及其他高级管理人员 | 36 | | 第七章 | 财务会计制度、利润分配和审计 38 | | | 第一节 | 财务会计制度 ...

Section I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=1.1%20Important%20Notice) The company's board and senior management guarantee the semi-annual report's truthfulness and completeness, with financial officers ensuring financial report authenticity. - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions, and assume individual and joint legal liabilities[5](index=5&type=chunk) - Company head Lu Baohong, chief accountant Tao Jue, and head of accounting department Shao Yueqin declare: they guarantee the truthfulness, accuracy, and completeness of the financial report in this semi-annual report[5](index=5&type=chunk) - All directors attended the board meeting that reviewed this semi-annual report[6](index=6&type=chunk) [Risk Factors](index=2&type=section&id=1.2%20Risk%20Factors) The company faces risks from market competition, demand volatility, high customer concentration, uncertain growth, and raw material price fluctuations. - Market competition risk: If the company fails to continuously innovate and provide products that meet demand, it may face risks of reduced sales orders and weakened competitiveness, especially in the fiercely competitive field of fluid solenoid valves for emerging kitchen and bathroom appliances[7](index=7&type=chunk) - Market demand fluctuation risk: The specialized home appliance accessories market is closely linked to the downstream home appliance industry; if home appliance demand growth slows or product upgrades fall short of expectations, the company may face risks of limited market space and declining demand[8](index=8&type=chunk) - Customer concentration risk: The company has a high customer concentration and a certain reliance on major clients; changes in key clients' operating strategies or damage to cooperative relationships will adversely affect the company's performance[9](index=9&type=chunk)[10](index=10&type=chunk) - Raw material price fluctuation risk: Direct material costs account for a high proportion of main business costs, and fluctuations in major raw material prices will directly impact the company's profitability[13](index=13&type=chunk) [Profit Distribution Plan](index=3&type=section&id=1.3%20Profit%20Distribution%20Plan) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the 2025 semi-annual period. - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[14](index=14&type=chunk) [Table of Contents and Definitions](index=4&type=section&id=1.4%20Table%20of%20Contents%20and%20Definitions) This section outlines the report's detailed structure, covering eight main chapters, and defines key terms. - The report's table of contents includes eight main chapters, from important notices and company profile to financial reports[17](index=17&type=chunk) - The definitions section clarifies key terms such as the company, controlling shareholder, major clients (e.g., Haier Group, Midea Group, Panasonic Group), and the reporting period[20](index=20&type=chunk) Section II Company Profile and Key Financial Indicators [Company Profile](index=7&type=section&id=2.1%20Company%20Profile) Zhejiang Hongchang Electric Technology Co., Ltd. (Hongchang Technology), stock code 301008, is listed on the Shenzhen Stock Exchange, with Lu Baohong as its legal representative. Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Hongchang Technology | | Stock Code | 301008 | | Stock Exchange for Listing | Shenzhen Stock Exchange | | Company Chinese Name | Zhejiang Hongchang Electric Technology Co., Ltd. | | Company Legal Representative | Lu Baohong | [Contact Persons and Information](index=7&type=section&id=2.2%20Contact%20Persons%20and%20Information) The company's Board Secretary is She Yan, and the Securities Affairs Representative is Jiang Yuqi, both located at No. 788 Xinhong Road, Wucheng District, Jinhua City, Zhejiang Province, with contact phone, fax, and email provided. Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | She Yan | No. 788 Xinhong Road, Wucheng District, Jinhua City, Zhejiang Province | 0579-84896101 | 0579-82271092 | hckj@hongchang.com.cn | | Securities Affairs Representative | Jiang Yuqi | No. 788 Xinhong Road, Wucheng District, Jinhua City, Zhejiang Province | 0579-84896101 | 0579-82271092 | hckj@hongchang.com.cn | [Other Information](index=7&type=section&id=2.3%20Other%20Information) During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure and filing locations, or registration status; specific details can be found in the 2024 annual report. - The company's registered address, office address, website, and email remained unchanged during the reporting period; specific details can be found in the 2024 annual report[24](index=24&type=chunk) - Information disclosure and filing locations remained unchanged during the reporting period; specific details can be found in the 2024 annual report[25](index=25&type=chunk) - The company's registration status remained unchanged during the reporting period; specific details can be found in the 2024 annual report[26](index=26&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=2.4%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, operating revenue grew **20.80%** to **CNY 542.47 million**, but net profit attributable to shareholders fell **47.78%** to **CNY 15.96 million**, while operating cash flow improved **226.91%**. Key Accounting Data and Financial Indicators (H1 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (CNY) | Prior Year Period (Adjusted, CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 542,473,102.14 | 449,057,315.08 | 20.80% | | Net Profit Attributable to Shareholders | 15,962,711.79 | 30,566,367.04 | -47.78% | | Net Profit Attributable to Shareholders Excluding Non-recurring Items | 9,469,852.11 | 23,816,111.90 | -60.24% | | Net Cash Flow from Operating Activities | 26,699,597.83 | -21,037,529.63 | 226.91% | | Basic Earnings Per Share (CNY/share) | 0.1437 | 0.2754 | -47.82% | | Diluted Earnings Per Share (CNY/share) | 0.1412 | 0.2754 | -48.73% | | Weighted Average Return on Net Assets | 1.39% | 2.69% | -1.30% | | Total Assets (Period-end) | 2,106,096,152.58 | 2,051,650,370.66 | 2.65% | | Net Assets Attributable to Shareholders (Period-end) | 1,480,129,294.22 | 1,124,313,791.54 | 31.65% | - Reason for accounting policy change: According to the Ministry of Finance's 'Interpretation No. 18 of Accounting Standards for Business Enterprises,' estimated liabilities arising from guarantee-type quality assurance that do not constitute a single performance obligation should be recognized in 'Cost of Sales' and 'Other Operating Costs,' leading to a retrospective adjustment of the H1 2024 period information, decreasing selling expenses by **CNY 2,349,784.32** and increasing operating costs by **CNY 2,349,784.32**[27](index=27&type=chunk)[28](index=28&type=chunk) [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=2.5%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and Chinese Accounting Standards. - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[29](index=29&type=chunk) - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[31](index=31&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=9&type=section&id=2.6%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **CNY 6,492,859.68**, primarily from fair value changes in financial assets, government grants, and disposal of non-current assets. Non-recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 59,094.21 | | Government Grants Recognized in Current Profit/Loss (Excluding Those with Continuous Impact) | 2,584,340.08 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities Held by Non-financial Enterprises | 4,814,428.73 | | Other Non-operating Income and Expenses Apart from the Above | 25,434.36 | | Less: Income Tax Impact | 990,446.75 | | Minority Interests Impact (After Tax) | -9.05 | | Total | 6,492,859.68 | Section III Management Discussion and Analysis [Main Businesses Engaged by the Company During the Reporting Period](index=10&type=section&id=3.1%20Main%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) The company's main businesses include home appliance components, automotive components, molds, and equipment automation, actively expanding into robotics-related ventures. - Home appliance components business: R&D, production, and sales of fluid solenoid valves, sensors, and other electrical accessories, with major clients including Haier, Midea, Hisense, Panasonic, Siemens, and Xiaomi[35](index=35&type=chunk) - Automotive components business: R&D, production, and sales of automotive interior assembly products, with major clients including Leapmotor and Geely[36](index=36&type=chunk) - Molds and equipment automation business: Jinhua Hongchi is responsible for the R&D, production, and sales of precision injection molds and non-standard automation equipment, and has adjusted its business strategy to introduce a professional automation team, with mold business undertaken by Jinhua Hongyun[37](index=37&type=chunk) - Robotics-related business: The company invested **CNY 30 million** to hold a **30% equity stake** in Liangzhi Joint, and jointly established Hangzhou Hongzhi Motor Technology Co., Ltd. with Liangzhi Joint, where the company holds a **70% equity stake**, engaging in the R&D, production, and sales of frameless torque motors[38](index=38&type=chunk) - Liangzhi Joint focuses on the humanoid robot industry chain, primarily engaging in harmonic reducers, planetary reducers, and joint modules, having partnered with robot clients such as Jidian Dynamics and Unitree, and plans to build a smart manufacturing factory in Pinghu, Jiaxing, with an annual output of **200,000 sets** of joint modules and reducers[39](index=39&type=chunk) [Main Business Model](index=11&type=section&id=3.2%20Main%20Business%20Model) The company adopts a direct sales-oriented profit model, organizing procurement and production based on customer demand, with R&D combining independent and collaborative efforts. - Profit model: As a specialized manufacturer of magnetic control products, the company primarily signs contracts with clients through direct sales, organizing procurement and manufacturing based on customer demand forecasts or orders, with main revenue derived from fluid solenoid valves, modular components, and water level sensors[40](index=40&type=chunk) - Procurement model: Major raw materials include enameled wire, plastic raw materials, metal parts, etc.; framework agreements are signed with key suppliers, and procurement prices are affected by market fluctuations; the company strictly controls quality and costs through inquiries and supplier evaluations[41](index=41&type=chunk) - Production model: Production is organized by order with moderate inventory, developing master production plans and material requirements plans based on customer demand, generating weekly production execution plans, and strictly controlling production and quality according to process flows and work instructions[42](index=42&type=chunk) - Sales model: Products are sold to domestic and international clients through the sales department via direct sales, with major clients being renowned home appliance companies such as Haier, Midea, Hisense, Panasonic, and TCL; business acquisition methods include bidding and negotiation models[43](index=43&type=chunk) - R&D model: Adopting a combination of independent and collaborative R&D, establishing multiple product development departments responsible for new product and technology R&D, and collaborating with domestic universities to overcome R&D challenges and enhance innovation capabilities[47](index=47&type=chunk) [Market Position](index=12&type=section&id=3.3%20Market%20Position) The company holds a leading position in the washing machine inlet valve sector, with a market share of approximately **65%**, and has established long-term stable cooperative relationships with renowned home appliance companies. - The company has achieved a certain competitive advantage in the washing machine inlet valve sector, with its market share gradually increasing to approximately **65%**, indicating a leading position in this field[48](index=48&type=chunk) - The company has established stable cooperative relationships with renowned downstream home appliance companies such as Haier, Midea, Hisense, Panasonic, TCL, Siemens, and Leapmotor[48](index=48&type=chunk) [Key Performance Drivers](index=12&type=section&id=3.4%20Key%20Performance%20Drivers) The company's performance growth is primarily driven by product line expansion, increased high-end product sales, overseas market development, and growth in automotive and automation businesses. - Washing machine components have expanded horizontally from solenoid valves to modular components, sensors, and door switches, positively impacting the company's business revenue[49](index=49&type=chunk) - The proportion of high-end product sales has increased, especially the rising sales volume of three-control and above valve products, becoming one of the company's profit growth drivers[50](index=50&type=chunk) - Actively expanding overseas markets, supplying components in bulk to Siemens and developing the European market, helps increase overseas sales proportion and reduce reliance on major clients[51](index=51&type=chunk)[52](index=52&type=chunk) - Leveraging technological accumulation in the washing machine sector, supplying components for smart home appliances such as smart toilets, dishwashers, dryers, and water purifiers, enhancing sales proportion and profitability[53](index=53&type=chunk) - The automotive components business maintains steady growth, expected to break through the existing business landscape and open up new growth opportunities[54](index=54&type=chunk) - Equipment automation and mold business (Jinhua Hongchi), as a national high-tech enterprise, actively undertakes external orders, and steady growth will further enhance the company's overall profitability[55](index=55&type=chunk) [Overview of Main Operating Performance](index=13&type=section&id=3.5%20Overview%20of%20Main%20Operating%20Performance) In H1 2025, operating revenue grew **20.80%** to **CNY 542.47 million**, with automotive business revenue surging **531.03%**, but net profit attributable to shareholders decreased **47.78%** to **CNY 15.96 million**. H1 2025 Key Operating Data | Indicator | Amount (CNY) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 542,473,102.14 | 20.80% | | Main Business Sales Revenue | 537,936,569.77 | 20.36% | | Automotive Business Revenue | 16,582,679.86 | 531.03% | | Net Profit Attributable to Shareholders | 15,962,711.79 | -47.78% | [Core Competitiveness Analysis](index=13&type=section&id=3.6%20Core%20Competitiveness%20Analysis) The company's core competitiveness stems from its strong technological advantages, efficient design cycles, strict quality control, stable customer base, and leading modular supply capabilities. - Technological advantages: The company is a high-tech enterprise and a national intellectual property advantage enterprise, holding **198 patents** (**21 invention patents**), leading and participating in the drafting of multiple industry and group standards, and has passed various quality management system certifications[57](index=57&type=chunk) - Design and development cycle advantage: Established a comprehensive design and development control procedure, with effective collaboration among departments, and the laboratory has obtained UL Witness Laboratory certification, shortening the design and development cycle for new fluid solenoid valve products to **4-6 months**[60](index=60&type=chunk) - Quality control advantage: Strict quality management from raw material procurement, production process to finished products, complying with ISO9001:2015 standards, with products certified by CQC, ENEC, TÜV, UL, etc., ensuring stable product quality[61](index=61&type=chunk) - Customer resource advantage: Established long-term stable cooperative relationships with major downstream home appliance enterprises such as Haier, Midea, Hisense, Panasonic, and TCL, and expanded clients in smart toilets, automotive components, and other fields[62](index=62&type=chunk) - Modular supply advantage: Possesses strong modular supply capabilities, including modular component development and large-scale supply, meeting customer demands for new products, new functions, and bulk purchases, enhancing customer stickiness[63](index=63&type=chunk) [Main Business Analysis](index=14&type=section&id=3.7%20Main%20Business%20Analysis) Operating revenue increased **20.80%**, but operating costs rose **26.99%**, leading to a decline in total profit, while management and financial expenses increased significantly. Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 542,473,102.14 | 449,057,315.08 | 20.80% | | | Operating Cost | 467,395,625.76 | 368,069,373.91 | 26.99% | | | Selling Expenses | 7,744,287.94 | 6,811,984.67 | 13.69% | | | Administrative Expenses | 33,050,829.32 | 24,662,958.19 | 34.01% | Primarily due to increased share-based payment expenses recognized in the current period | | Financial Expenses | 5,194,829.13 | 2,621,161.19 | 98.19% | Primarily due to decreased interest income in the current period | | Income Tax Expense | 1,203,725.82 | 3,294,718.58 | -63.46% | Primarily due to decreased income tax payable in the current period | | R&D Investment | 23,781,012.42 | 21,779,908.46 | 9.19% | | | Net Cash Flow from Operating Activities | 26,699,597.83 | -21,037,529.63 | 226.91% | Primarily due to increased cash received from sales of goods in the current period | | Net Cash Flow from Investing Activities | -103,801,025.49 | -233,889,558.47 | 55.62% | Primarily due to increased cash received from investment recovery and disposal of subsidiaries in the current period | | Net Cash Flow from Financing Activities | 9,736,684.52 | -29,089,105.05 | 133.47% | Primarily due to decreased cash paid for dividends and interest in the current period | | Net Increase in Cash and Cash Equivalents | -67,364,743.14 | -284,016,193.15 | 76.28% | Primarily due to increased cash and cash equivalents from operating, investing, and financing activities | Products or Services Accounting for Over 10% (CNY 10,000) | By Product or Service | Operating Revenue | Operating Cost | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Smart Home Appliance Components | 52,135.39 | 44,530.19 | 14.59% | 17.34% | 23.23% | -4.08% | | Other | 2,111.92 | 2,209.37 | -4.61% | 343.62% | 407.92% | -13.24% | | By Region | | | | | | | | Domestic Sales | 49,139.06 | 42,592.70 | 13.32% | 19.96% | 26.86% | -4.72% | | Overseas Sales | 5,108.25 | 4,146.86 | 18.82% | 29.59% | 38.35% | -5.14% | [Non-Core Business Analysis](index=15&type=section&id=3.8%20Non-Core%20Business%20Analysis) Non-core businesses significantly contributed to total profit, primarily from wealth management and cash management, though these gains are not sustainable. Impact of Non-Core Businesses on Total Profit | Item | Amount (CNY) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,115,466.48 | 12.44% | Primarily from wealth management income and acceptance discount expenses | No | | Gains/Losses from Fair Value Changes | 1,894,797.44 | 11.15% | Primarily from cash management related income | No | | Asset Impairment | -229,582.30 | -1.35% | Primarily from inventory impairment provisions | No | | Non-operating Income | 30,573.73 | 0.18% | Primarily from scrap income of self-owned vehicles | No | | Non-operating Expenses | 60,598.69 | 0.36% | Primarily from equipment scrap expenses | No | [Analysis of Assets and Liabilities](index=16&type=section&id=3.9%20Analysis%20of%20Assets%20and%20Liabilities) Total assets and net assets attributable to shareholders increased, while the liability structure changed significantly due to convertible bond redemption, leading to a lower asset-liability ratio. Significant Changes in Asset Composition (CNY) | Item | Amount at Period-end | Proportion of Total Assets | Amount at Prior Year-end | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 526,766,616.56 | 25.01% | 537,927,324.69 | 26.22% | -1.21% | | Accounts Receivable | 356,604,653.42 | 16.93% | 384,181,228.74 | 18.73% | -1.80% | | Inventories | 174,025,385.24 | 8.26% | 152,227,650.87 | 7.42% | 0.84% | | Long-term Equity Investments | 22,940,460.42 | 1.09% | 0.00 | 0.00% | 1.09% | | Short-term Borrowings | 54,840,597.23 | 2.60% | 30,031,277.78 | 1.46% | 1.14% | | Bonds Payable | 0.00 | 0.00% | 333,482,300.03 | 16.25% | -16.25% | - Total non-current liabilities significantly decreased from **CNY 355 million** at the beginning of the period to **CNY 18.63 million** at the end of the period, primarily due to the redemption of convertible corporate bonds during the reporting period[236](index=236&type=chunk) Assets and Liabilities Measured at Fair Value (CNY) | Item | Beginning Balance | Ending Balance | | :--- | :--- | :--- | | Financial Assets Held for Trading | 239,579,704.04 | 288,095,703.94 | | Financing Receivables | 53,938,769.94 | 75,547,901.89 | | Total Above | 293,518,473.98 | 363,643,605.83 | Asset Restriction Status (CNY) | Item | Carrying Amount at Period-end | Type of Restriction | Reason for Restriction | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 46,849,678.28 | Margin | Bank acceptance bill margin | | Cash and Cash Equivalents | 62,450,030.00 | Pledged time deposit | Pledged to bank for issuing bank acceptance bills | | Notes Receivable | 77,873,923.93 | Pledge | Pledged to bank for issuing bank acceptance bills | | Financing Receivables | 16,543,890.35 | Endorsed but not due | Endorsed but not yet due Meiyidan | | Fixed Assets | 43,918,395.18 | Mortgage | Bank loan mortgage | | Intangible Assets | 16,877,272.35 | Mortgage | Bank loan mortgage | | Total | 264,513,190.09 | | | [Investment Status Analysis](index=18&type=section&id=3.10%20Investment%20Status%20Analysis) Total investment increased **60.08%** year-on-year, with equity investments in Liangzhi Joint and Hongzhi Motor, and progress in the electronic water pump industrialization project. Overall Investment Situation | Indicator | Amount (CNY) | | :--- | :--- | | Investment Amount in Reporting Period | 33,000,000.00 | | Investment Amount in Prior Year Period | 20,614,646.00 | | Change Percentage | 60.08% | Significant Equity Investments During the Reporting Period (CNY) | Investee Company Name | Main Business | Investment Method | Investment Amount | Shareholding Ratio | Source of Funds | Progress as of Balance Sheet Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Liangzhi Joint | R&D of electromechanical coupling systems, etc. | Capital increase | 30,000,000.00 | 30.00% | Own funds | Completed industrial and commercial change | | Hongzhi Motor | R&D of frameless torque motors, etc. | Capital increase | 7,000,000.00 | 70.00% | Own funds | Completed establishment registration | | Hongchang Zhiyuan | Manufacturing of automotive components and accessories, etc. | New establishment | 10,000,000.00 | 100.00% | Raised funds | Completed consolidation | Significant Non-Equity Investments in Progress During the Reporting Period (CNY) | Project Name | Investment Method | Amount Invested in Current Period | Cumulative Actual Investment as of Period-end | Source of Funds | Project Progress | | :--- | :--- | :--- | :--- | :--- | :--- | | Electronic Water Pump and Injection Molded Parts Industrialization Project | Self-built | 45,058,383.26 | 145,725,077.78 | Own and raised funds | 53.97% | Overall Utilization of Raised Funds (CNY 10,000) | Fundraising Year | Fundraising Method | Net Raised Funds | Total Raised Funds Used in Current Period | Total Raised Funds Used Cumulatively | Utilization Rate of Raised Funds at Period-end | | :--- | :--- | :--- | :--- | :--- | :--- | | 2021 | Initial Public Offering | 54,587.43 | 8,139.30 | 53,500.67 | 98.01% | | 2023 | Issuance of Convertible Corporate Bonds | 37,416.13 | 4,505.84 | 24,988.64 | 66.79% | | Total | | 92,003.56 | 12,645.14 | 78,489.31 | 85.31% | - Among the funds raised from the 2021 initial public offering, a portion of over-raised funds has permanently supplemented working capital, and the 'Annual Production of **19 million sets** of Home Appliance Magnetic Fluid Controllers Expansion Project' and 'R&D Center Construction Project' have been completed, with surplus raised funds permanently supplementing working capital[83](index=83&type=chunk)[84](index=84&type=chunk)[86](index=86&type=chunk) Overview of Entrusted Wealth Management During the Reporting Period (CNY 10,000) | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management Occurred | Outstanding Balance | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 40,500 | 0 | | Bank Wealth Management Products | Own Funds | 14,666.89 | 11,762.12 | | Brokerage Wealth Management Products | Raised Funds | 5,000 | 5,000 | | Brokerage Wealth Management Products | Own Funds | 6,000 | 11,549.9 | | Total | | 66,166.89 | 28,312.02 | [Disposal of Significant Assets and Equity](index=26&type=section&id=3.11%20Disposal%20of%20Significant%20Assets%20and%20Equity) The company did not dispose of significant assets but sold a **65.9295% equity stake** in Suzhou Naskandi Automotive Components Co., Ltd. for **CNY 20.5 million**, optimizing resource allocation. - The company did not dispose of significant assets during the reporting period[97](index=97&type=chunk) Disposal of Significant Equity | Equity Sold | Date of Sale | Transaction Price (CNY 10,000) | Net Profit Contributed by This Equity to the Listed Company from Beginning of Period to Sale Date (CNY 10,000) | Impact of Equity Sale on the Company | Is it a Related Party Transaction | | :--- | :--- | :--- | :--- | :--- | :--- | | 65.9295% Suzhou Naskandi | 2025-02-18 | 2,050.00 | -27.98 | Recovered equity investment funds of CNY 20.5 million, which is beneficial for the company to optimize resource allocation. | No | [Analysis of Major Controlled and Invested Companies](index=27&type=section&id=3.12%20Analysis%20of%20Major%20Controlled%20and%20Invested%20Companies) The company's main subsidiaries cover molds, home appliance, and automotive components; new subsidiaries Hongchang Zhiyuan and Hangzhou Hongzhi Motor were established, and Suzhou Naskandi's equity was disposed of. Major Subsidiaries and Investee Companies with Over 10% Impact on Company's Net Profit (CNY) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jinhua Hongchi | Subsidiary | Production and sales of molds and automation equipment | 5,000,000 | 41,961,162.96 | 24,354,840.84 | 14,496,207.56 | 654,953.43 | 655,089.11 | | Lanxi Xiecheng | Subsidiary | Production and sales of home appliance components | 10,000,000 | 38,544,759.64 | 37,015,945.24 | 11,132,699.45 | 2,584,294.99 | 2,506,309.34 | | Hongchang Jingzhou | Subsidiary | Production and sales of home appliance components | 30,000,000 | 33,510,526.07 | 24,604,354.22 | 5,105,619.10 | -1,791,489.44 | -1,791,489.44 | | Hongchang Wuxi | Subsidiary | Production and sales of home appliance components | 20,000,000 | 39,341,475.11 | 10,011,404.75 | 23,561,006.97 | 251,186.41 | 245,982.90 | | Hongchang Zhiyuan | Subsidiary | Automotive components | 10,000,000 | 30,673,046.14 | 9,582,235.35 | 4,619.47 | -417,765.20 | -417,764.65 | - During the reporting period, the company established a new wholly-owned subsidiary, Zhejiang Hongchang Zhiyuan Automotive Components Co., Ltd., and jointly established Hangzhou Hongzhi Motor Technology Co., Ltd. with Liangzhi Joint, both of which are included in the consolidated financial statements[101](index=101&type=chunk) - The company disposed of its **65.93% equity stake** in its controlled subsidiary, Suzhou Naskandi Automotive Components Co., Ltd.; after the transaction, it no longer holds equity and is no longer included in the consolidated financial statements[101](index=101&type=chunk) [Information on Structured Entities Controlled by the Company](index=27&type=section&id=3.13%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company had no controlled structured entities. - During the reporting period, the company had no controlled structured entities[102](index=102&type=chunk) [Risks Faced by the Company and Countermeasures](index=27&type=section&id=3.14%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company identified six major risks and formulated targeted countermeasures, including strengthening R&D, optimizing product structure, expanding new markets, and improving supply chain management. - Market competition risk and countermeasures: Enhance competitiveness by strengthening communication with clients, improving R&D innovation capabilities, enriching product types (e.g., door switches, electronic water pumps), and increasing investment in automotive components and equipment automation businesses[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk) - Market demand fluctuation risk and countermeasures: Continuously optimize business and technology strategies, increase R&D investment in smart home appliance components, automotive components, and equipment automation, and deeply collaborate with major clients to develop new products[105](index=105&type=chunk) - Customer concentration risk and countermeasures: Continuously cultivate existing major client demands, efficiently assist in new product development, and actively explore overseas markets to increase overseas sales proportion and reduce customer structure risk[106](index=106&type=chunk) - Growth risk and countermeasures: Increase R&D investment, monitor industry trends, develop smart and environmentally friendly products, strengthen sales team building, respond to the 'trade-in home appliances' policy, and attract and retain outstanding talent[107](index=107&type=chunk)[108](index=108&type=chunk) - Business stability and sustainability risk and countermeasures: Leverage existing major client service experience, introduce professional talent to strengthen product development, enrich product lines, increase efforts in automotive components and overseas market expansion, reduce the proportion of home appliance business, and increase the proportion of overseas business[109](index=109&type=chunk) - Raw material price fluctuation risk and countermeasures: Optimize supply chain management, strengthen cooperation with suppliers, control procurement costs through multi-channel price comparisons and inventory adjustments, and enhance internal potential through technological cost reduction and production process optimization[110](index=110&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=29&type=section&id=3.15%20Registration%20Form%20for%20Research,%20Communication,%20Interview,%20and%20Other%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company hosted three investor research activities, discussing automotive and home appliance businesses, robotics, R&D investment, and raised funds utilization. - On February 27, 2025, the company hosted on-site research by institutions and individuals including Chunhui Private Equity, Shenzhen Yunxi Investment, and Guangdong-Hong Kong-Macao Industrial Investment, discussing the development of automotive components, home appliance components, and other businesses[111](index=111&type=chunk) - On April 8, 2025, the company held its 2024 annual online performance briefing via the 'Interactive Easy' platform, communicating with investors on the progress of fundraising projects, operating performance, and R&D investment[111](index=111&type=chunk) - On April 28, 2025, the company hosted on-site research by institutions and individuals including Kaiyuan Securities, CSC Financial, and SDIC Securities, primarily discussing the status of its invested robotics company Liangzhi Joint, strategies for balancing R&D investment and net profit, and the utilization of raised funds[111](index=111&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=30&type=section&id=3.16%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) During the reporting period, the company did not formulate a market value management system nor disclose a valuation enhancement plan. - The company did not formulate a market value management system during the reporting period[112](index=112&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[112](index=112&type=chunk) [Implementation of 'Quality and Return Dual Enhancement' Action Plan](index=30&type=section&id=3.17%20Implementation%20of%20'Quality%20and%20Return%20Dual%20Enhancement'%20Action%20Plan) During the reporting period, 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[112](index=112&type=chunk) Section IV Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=31&type=section&id=4.1%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) Due to re-election, several independent directors and supervisors left the company's board and supervisory board, and new independent directors and employee representative directors were elected. Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Wu Zhengrong | Independent Director | Term expired, resigned | 2025-04-21 | Re-election | | Fang Guirong | Independent Director | Term expired, resigned | 2025-04-21 | Re-election | | Zhang Yi | Independent Director | Term expired, resigned | 2025-04-21 | Re-election | | Zhou Haiying | Chairperson of Supervisory Board | Term expired, resigned | 2025-04-21 | Re-election | | Ling Dengyang | Supervisor | Term expired, resigned | 2025-04-21 | Re-election | | Jiang Yutao | Employee Representative Supervisor | Term expired, resigned | 2025-04-21 | Re-election | | Liu Wei | Independent Director | Elected | 2025-04-21 | Re-election | | Liu Binhong | Independent Director | Elected | 2025-04-21 | Re-election | | Lv Lan | Independent Director | Elected | 2025-04-21 | Re-election | [Profit Distribution and Capital Reserve Conversion to Share Capital in Current Reporting Period](index=31&type=section&id=4.2%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period. - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[115](index=115&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=31&type=section&id=4.3%20Implementation%20of%20Company%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) The company implemented two phases of restricted stock incentive plans in 2022 and 2024, with the 2022 plan concluded due to unmet performance targets and the 2024 plan granted in December 2024. - 2022 Restricted Stock Incentive Plan: Proposed to grant **1.289 million shares**, with **1.057 million shares** initially granted to **52 individuals** and **0.166 million shares** reserved for **10 individuals**, at an adjusted grant price of **CNY 10.94 per share**[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) - 2022 Plan progress: Due to the failure to meet the 2024 company-level performance targets, a total of **561,960 restricted shares** from the first grant and reserved grant's third vesting period were forfeited and invalidated, concluding the incentive plan[121](index=121&type=chunk)[122](index=122&type=chunk) - 2024 Restricted Stock Incentive Plan: Proposed to grant **3.9572 million shares**, accounting for **3.54%** of total share capital, granted in a single tranche to **75 incentive recipients** at a grant price of **CNY 10.09 per share**[128](index=128&type=chunk)[129](index=129&type=chunk) - 2024 Plan vesting arrangement: Restricted shares vest in two tranches after **15 months** from the grant date, with vesting ratios of **50%** and **50%** respectively[131](index=131&type=chunk) [Environmental Information Disclosure](index=35&type=section&id=4.4%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 listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[136](index=136&type=chunk) [Social Responsibility](index=35&type=section&id=4.5%20Social%20Responsibility) During the reporting period, the company had no social responsibility matters requiring disclosure. - The company has no social responsibility matters requiring disclosure[136](index=136&type=chunk) Section V Significant Matters [Commitments Fulfilled During the Reporting Period and Overdue Unfulfilled Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company](index=36&type=section&id=5.1%20Commitments%20Fulfilled%20During%20the%20Reporting%20Period%20and%20Overdue%20Unfulfilled%20Commitments%20by%20the%20Company's%20Actual%20Controller,%20Shareholders,%20Related%20Parties,%20Acquirers,%20and%20the%20Company) The company and its related parties were fulfilling various commitments made during the initial public offering or refinancing, with no overdue unfulfilled commitments. - The company's shareholders, actual controller, directors, supervisors, and senior management are all fulfilling their share lock-up commitments made during the initial public offering, with a lock-up period of **36 months** from the date of the company's stock listing[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk) - The company, controlling shareholder, actual controller, and directors, supervisors, and senior management all committed to strictly adhere to the profit distribution policy, including the cash dividend policy, and to fulfill relevant decision-making procedures[151](index=151&type=chunk) - The company, controlling shareholder, actual controller, and directors, supervisors, and senior management all committed to initiating a share price stabilization plan under specific conditions, including company share repurchases and increased shareholdings by the controlling shareholder and directors, supervisors, and senior management[152](index=152&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk)[155](index=155&type=chunk) - The company's controlling shareholder, actual controller, and shareholders holding **over 5%** committed to avoiding horizontal competition and to taking measures to minimize related-party transactions with the company[162](index=162&type=chunk)[163](index=163&type=chunk)[164](index=164&type=chunk) - The company and relevant parties committed that if the prospectus contains false records, misleading statements, or major omissions, they will legally bear responsibility for share repurchase and compensation[155](index=155&type=chunk)[159](index=159&type=chunk)[160](index=160&type=chunk)[161](index=161&type=chunk)[165](index=165&type=chunk)[166](index=166&type=chunk)[167](index=167&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=70&type=section&id=5.2%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) During the reporting period, there was no non-operating occupation of listed company funds by the controlling shareholder or other related parties. - During the reporting period, there was no non-operating occupation of listed company funds by the controlling shareholder or other related parties[173](index=173&type=chunk) [Illegal External Guarantees](index=71&type=section&id=5.3%20Illegal%20External%20Guarantees) During the reporting period, the company had no illegal external guarantees. - During the reporting period, the company had no illegal external guarantees[174](index=174&type=chunk) [Appointment and Dismissal of Accounting Firms](index=71&type=section&id=5.4%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was unaudited. - The company's semi-annual report was unaudited[175](index=175&type=chunk) [Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's 'Non-Standard Audit Report' for the Current Period](index=71&type=section&id=5.5%20Explanation%20by%20the%20Board%20of%20Directors,%20Supervisory%20Board,%20and%20Audit%20Committee%20on%20the%20Accounting%20Firm's%20'Non-Standard%20Audit%20Report'%20for%20the%20Current%20Period) During the reporting period, the company had no non-standard audit report, thus the Board of Directors, Supervisory Board, and Audit Committee do not need to provide an explanation. - During the reporting period, the company had no non-standard audit report[176](index=176&type=chunk) [Explanation by the Board of Directors on the 'Non-Standard Audit Report' for the Prior Year](index=71&type=section&id=5.6%20Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20'Non-Standard%20Audit%20Report'%20for%20the%20Prior%20Year) During the reporting period, the company had no non-standard audit report for the prior year, thus the Board of Directors does not need to provide an explanation. - During the reporting period, the company had no non-standard audit report for the prior year[176](index=176&type=chunk) [Bankruptcy and Reorganization Matters](index=71&type=section&id=5.7%20Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, the company had no bankruptcy and reorganization matters. - During the reporting period, the company had no bankruptcy and reorganization matters[176](index=176&type=chunk) [Litigation Matters](index=71&type=section&id=5.8%20Litigation%20Matters) The company was involved in two arbitration lawsuits, both in the trial stage, concerning overdue completion liquidated damages, floor rectification costs, and construction payment disputes with Zhejiang Yuede Construction Co., Ltd., with a total amount exceeding **CNY 22 million**. Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (CNY 10,000) | Whether an Estimated Liability is Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | The company submitted an arbitration application to Jinhua Arbitration Commission, requesting a ruling for Zhejiang Yuede Construction Co., Ltd. to pay overdue completion liquidated damages and floor rectification and reinforcement costs | 669.99 | No | Trial stage | The case is in the trial stage | | The company received a counter-arbitration acceptance notice from Jinhua Arbitration Commission, where the aforementioned defendant requested the company to pay construction fees of CNY 1,249 and overdue interest of CNY 39.72, and to return performance bond of CNY 300 and overdue interest of CNY 9.47 | 1,598.19 | No | Trial stage | The case is in the trial stage | [Penalties and Rectification](index=72&type=section&id=5.9%20Penalties%20and%20Rectification) During the reporting period, the company had no penalties or rectification situations. - During the reporting period, the company had no penalties or rectification situations[179](index=179&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=72&type=section&id=5.10%20Integrity%20Status%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller) During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller. - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[180](index=180&type=chunk) [Significant Related Party Transactions](index=73&type=section&id=5.11%20Significant%20Related%20Party%20Transactions) The company engaged in ordinary course of business procurement transactions with related parties and made an equity investment in Liangzhi Joint, jointly establishing Hangzhou Hongzhi Motor Technology Co., Ltd. Related Party Transactions Related to Ordinary Operations (CNY 10,000) | Related Party | Related Party Transaction Content | Related Party Transaction Amount | Proportion of Similar Transactions | Approved Transaction Limit | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | Lanxi Weidi | Purchase of Iron Plates | 1,448.41 | 35.37% | 3,000 | No | | Qihang Packaging | Purchase of Cartons | 507.24 | 73.66% | 1,200 | No | | Jinhua Xinyue | Purchase of Energy and Electricity | 90.06 | 9.77% | 500 | No | | Jinhua Xinzhi | Provision of Injection Molded Parts | 0.00 | 0.00% | 300 | No | | Total | | 2,045.71 | | 5,000 | | Related Party Transactions Involving Asset or Equity Acquisition/Disposal (CNY 10,000) | Related Party | Related Party Relationship | Transaction Type | Related Party Transaction Content | Transfer Price | Transaction Gains/Losses | | :--- | :--- | :--- | :--- | :--- | :--- | | Liangzhi Joint | Company director, deputy general manager, board secretary She Yan is a director of Liangzhi Joint, making Liangzhi Joint a related legal entity of the company. | Equity Investment | In May 2025, the company invested CNY 15 million in Liangzhi Joint, holding 30% equity after the investment. | 3,000.00 | 0.00 | Related Party Transactions for Joint External Investment | Joint Investor | Related Party Relationship | Name of Investee Enterprise | Main Business of Investee Enterprise | Registered Capital of Investee Enterprise | | :--- | :--- | :--- | :--- | :--- | | Liangzhi Joint | The company holds 30% equity in Liangzhi Joint, and Mr. She Yan, the company's director, deputy general manager, and board secretary, is a director of Liangzhi Joint. The company jointly invested with Liangzhi Joint to establish a joint venture, where the company invested CNY 7 million and Liangzhi Joint invested CNY 3 million. After the investment, the company holds 70% equity in the joint venture, and Liangzhi Joint holds 30% equity. | Hangzhou Hongzhi Motor Technology Co., Ltd. | Frameless torque motors | CNY 1,000 10,000 | - During the reporting period, the company had no related-party creditor-debtor relationships[186](index=186&type=chunk) - There were no deposits, loans, credit lines, or other financial transactions between the company and related financial companies, or between the company's controlled financial companies and related parties[187](index=187&type=chunk)[188](index=188&type=chunk) - During the reporting period, the company had no other significant related-party transactions[189](index=189&type=chunk) [Significant Contracts and Their Performance](index=76&type=section&id=5.12%20Significant%20Contracts%20and%20Their%20Performance) The company had no trusteeship or contracting situations but was involved in multiple leasing matters and provided a **CNY 20 million** guarantee for a subsidiary. - During the reporting period, the company had no trusteeship situations[190](index=190&type=chunk) - During the reporting period, the company had no contracting situations[191](index=191&type=chunk) Leasing Information | No. | Lessor | Lessee | Lease Address | Lease Area | Lease Period | Purpose | Usage Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Hongchang Technology | Jinhua Zhonggu | No. 161 Binhong West Road, Jinhua City | 12458 square meters | September 30, 2018 to December 29, 2028 | Sublease | Normal use | | 2 | Hongchang Technology | Zhu Yanming | No. 258 Shuanglin South Street, Qiubin Sub-district, Wucheng District, Jinhua City | 576 square meters | January 1, 2022 to January 31, 2027 | Supermarket, canteen | Normal use | | 3 | Wuxi Mingli Machinery Manufacturing Co., Ltd. | Hongchang Electric (Wuxi) Co., Ltd. | 1st-2nd floor factory building, No. 19-4 Wanghong Road, Hongshan Town, Xinwu District, Wuxi City, Jiangsu Province | 5263 square meters | February 8, 2022 to February 7, 2028 | Production use | Normal use | - During the reporting period, there were no leasing projects that generated profits or losses exceeding **10%** of the company's total profit for the reporting period[192](index=192&type=chunk) Company Guarantees for Subsidiaries (CNY 10,000) | Guaranteed Entity Name | Disclosure Date of Guarantee Limit Announcement | Guarantee Limit | Actual Occurrence Date | Actual Guarantee Amount | Guarantee Type | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jinhua Hongchi Technology Co., Ltd. | March 31, 2025 | 2,000 | | 2,000 | Joint and several liability guarantee | Yes | No | - During the reporting period, the company had no significant ordinary course of business contracts or other significant contracts[195](index=195&type=chunk)[196](index=196&type=chunk) [Explanation of Other Significant Matters](index=78&type=section&id=5.13%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company had no other significant matters requiring explanation. - During the reporting period, the company had no other significant matters requiring explanation[197](index=197&type=chunk) [Significant Matters of Company Subsidiaries](index=78&type=section&id=5.14%20Significant%20Matters%20of%20Company%20Subsidiaries) The company sold a **65.93% equity stake** in Suzhou Naskandi Automotive Components Co., Ltd., and adjusted Jinhua Hongchi's business, transferring its mold operations to Jinhua Hongyun. - In February 2025, the company transferred a **65.93% equity stake** in its controlled subsidiary, Suzhou Naskandi Automotive Components Co., Ltd., to natural person Zhang Chunhua for a transaction price of **CNY 20.5 million**; the industrial and commercial change has been completed, relevant investment funds have been recovered, and Naskandi is no longer included in the company's consolidated financial statements[198](index=198&type=chunk) - In August 2025, the company adjusted Jinhua Hongchi's business, introducing a professional equipment automation team, and transferring its original mold business, personnel, and assets to Jinhua Hongyun[198](index=198&type=chunk) Section VI Share Changes and Shareholder Information [Share Change Status](index=79&type=section&id=6.1%20Share%20Change%20Status) Total share capital increased by **19,030,231 shares** due to convertible bond conversion, with restricted shares decreasing and unrestricted shares increasing, and convertible bonds fully redeemed and delisted. Share Change Status (Shares) | Item | Quantity Before Change | Proportion Before Change | Net Change (Increase/Decrease) | Quantity After Change | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 15,120,000 | 13.51% | 0 | 15,120,000 | 11.55% | | II. Unrestricted Shares | 96,813,003 | 86.49% | 19,030,231 | 115,843,234 | 88.45% | | III. Total Shares | 111,933,003 | 100.00% | 19,030,231 | 130,963,234 | 100.00% | - The main reason for share changes was the conversion of the company's convertible bonds, leading to an increase of **19,030,231 shares** in total share capital[203](index=203&type=chunk)[204](index=204&type=chunk) - The company's convertible bonds triggered conditional redemption terms, and the early redemption proposal was approved on May 23, 2025. As of June 16, 2025, a cumulative total of **19,328,912 shares** were converted, the remaining **17,902 convertible bonds** were redeemed, and they were delisted from the Shenzhen Stock Exchange on June 25, 2025[205](index=205&type=chunk) - The share changes had a certain dilutive effect on basic and diluted earnings per share for the most recent year and period, but owner's equity increased, the asset-liability ratio decreased, and the reduction in convertible bond balance led to lower financial expenses[206](index=206&type=chunk) - Changes in unrestricted shares during the reporting period[207](index=207&type=chunk) [Securities Issuance and Listing](index=82&type=section&id=6.2%20Securities%20Issuance%20and%20Listing) During the reporting period, the company had no securities issuance or listing activities. - During the reporting period, the company had no securities issuance or listing activities[207](index=207&type=chunk) [Shareholder Numbers and Shareholding Status](index=82&type=section&id=6.3%20Shareholder%20Numbers%20and%20Shareholding%20Status) At period-end, the company had **15,767 common shareholders**, with Zhejiang Hongchang Holdings, Lu Baohong, and Zhou Huiming as top shareholders, and Lu Baohong, Zhou Huiming, and Lu Can collectively controlling **58.02%** of the company. Total Common Shareholders and Top 10 Shareholders' Shareholding Status at Period-end (Shares) | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-end | Change During Reporting Period | Number of Restricted Shares Held | Number of Unrestricted Shares Held | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Hongchang Holdings Co., Ltd. | Domestic Non-state-owned Legal Entity | 30.25% | 39,611,964.00 | 0.00 | 0.00 | 39,611,964.00 | | Lu Baohong | Domestic Natural Person | 13.19% | 17,279,976.00 | 0.00 | 12,959,982.00 | 4,319,994.00 | | Zhou Huiming | Domestic Natural Person | 8.53% | 11,174,436.00 | 0.00 | 0.00 | 11,174,436.00 | | Lu Can | Domestic Natural Person | 2.20% | 2,880,024.00 | 0.00 | 2,160,018.00 | 720,006.00 | | Jinhua Hongsheng Enterprise Management Partnership (Limited Partnership) | Domestic Non-state-owned Legal Entity | 2.18% | 2,856,000.00 | 0.00 | 0.00 | 2,856,000.00 | | Jinhua Honghe Enterprise Management Partnership (Limited Partnership) | Domestic Non-state-owned Legal Entity | 1.67% | 2,184,000.00 | 0.00 | 0.00 | 2,184,000.00 | | Bank of China Co., Ltd. - Huaxia Dual Debt Enhanced Bond Fund | Other | 1.27% | 1,659,007.00 | 0.00 | 0.00 | 1,659,007.00 | | Xu Xuhong | Domestic Natural Person | 0.59% | 778,800.00 | 0.00 | 0.00 | 778,800.00 | | Zhejiang Provincial Venture Capital Group Co., Ltd. | State-owned Legal Entity | 0.53% | 693,415.00 | -1,110,319.00 | 0.00 | 693,415.00 | | J. P. Morgan Securities PLC - Proprietary Funds | Other | 0.40% | 520,482.00 | 0.00 | 0.00 | 520,482.00 | - Mr. Lu Baohong and Ms. Zhou Huiming are a married couple, and Mr. Lu Can is their son. Lu Baohong, Zhou Huiming, and Lu Can collectively control **58.02%** of the company's equity, directly and indirectly, serving as the company's actual controllers[209](index=209&type=chunk)[210](index=210&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=85&type=section&id=6.4%20Changes%20in%20Shareholdings%20of%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management. Changes in Shareholdings of Directors, Supervisors, and Senior Management (Shares) | Name | Position | Employment Status | Shares Held at Beginning of Period | Shares Increased in Current Period | Shares Decreased in Current Period | Shares Held at Period-end | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Liu Binhong | Independent Director | Current | 0 | 0 | 0 | 0 | | Liu Wei | Independent Director | Current | 0 | 0 | 0 | 0 | | Lv Lan | Independent Director | Current | 0 | 0 | 0 | 0 | | Wu Zhengrong | Independent Director | Resigned | 0 | 0 | 0 | 0 | | Fang Guirong | Independent Director | Resigned | 0 | 0 | 0 | 0 | | Zhang Yi | Independent Director | Resigned | 0 | 0 | 0 | 0 | | Zhou Haiying | Chairperson of Supervisory Board | Resigned | 0 | 0 | 0 | 0 | | Ling Dengyang | Supervisor | Resigned | 0 | 0 | 0 | 0 | | Jiang Yutao | Employee Representative Director | Current |

Market Performance - The home appliance parts sector increased by 1.66% on August 25, with Tianyin Electromechanical leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Top Gainers - Tianyin Electromechanical (300342) closed at 20.23, up 9.17% with a trading volume of 946,700 shares and a transaction value of 1.889 billion [1] - Hongchang Technology (301008) closed at 30.85, up 7.87% with a trading volume of 210,800 shares and a transaction value of 636 million [1] - Hesheng New Materials (002290) closed at 35.33, up 7.42% with a trading volume of 266,100 shares and a transaction value of 942 million [1] Market Capital Flow - The home appliance parts sector experienced a net outflow of 286 million from institutional investors, while retail investors saw a net inflow of 228 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Tianyin Electromechanical had a net inflow of 150 million from institutional investors, but a net outflow of 46.5 million from speculative funds [3] - Haili Co. (600619) saw a net inflow of 99.64 million from institutional investors, while experiencing a net outflow of 37.03 million from speculative funds [3] - Hongchang Technology had a net inflow of 57.94 million from institutional investors, but a net outflow of 69.36 million from retail investors [3]

Market Overview - The home appliance parts sector experienced a decline of 0.68% on August 21, with Hongchang Technology leading the drop [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Individual Stock Performance - Notable gainers included: - Xiangqiang Co., Ltd. (300160) with a closing price of 6.49, up 1.88% on a trading volume of 516,900 shares and a turnover of 332 million [1] - Sanhua Intelligent Control (002050) closed at 30.81, up 1.48% with a trading volume of 1,472,500 shares and a turnover of 451.3 million [1] - Major decliners included: - Hongchang Technology (301008) which fell by 6.43% to a closing price of 28.67, with a trading volume of 226,700 shares and a turnover of 662 million [2] - Hejing Technology (300279) decreased by 5.84% to 8.38, with a trading volume of 435,400 shares [2] Capital Flow Analysis - The home appliance parts sector saw a net outflow of 607 million from institutional investors, while retail investors had a net inflow of 689 million [2] - The capital flow for individual stocks showed: - Sanhua Intelligent Control (002050) had a net inflow of 106 million from institutional investors [3] - Xiangqiang Co., Ltd. (300160) experienced a net inflow of 41.78 million from institutional investors [3]

宏昌科技今日涨停，全天换手率17.11%，成交额5.56亿元，振幅21.49%。龙虎榜数据显示，机构净买入 400.47万元，营业部席位合计净买入1.24亿元。 深交所公开信息显示，当日该股因日收盘价涨幅达20.00%上榜，机构专用席位净买入400.47万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交2.26亿元，其中，买入成交额为1.77亿 元，卖出成交额为4891.86万元，合计净买入1.28亿元。 资金流向方面，今日该股主力资金净流入1.40亿元，其中，特大单净流入1.33亿元，大单资金净流入 685.15万元。近5日主力资金净流入1.28亿元。（数据宝） 宏昌科技8月20日交易公开信息 | 买/卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 开源证券股份有限公司西安西大街证券营业部 | 3787.25 | 1.61 | | 买二 | 国信证券股份有限公司北京朝阳门证券营业部 | 3019.27 | 0.00 | | 买三 | 国信证券股份有限公司北京分公司 | 3000.74 | 13.80 | ...

Core Viewpoint - The home appliance components sector experienced a slight decline of 0.35% on August 20, with Hai Li Co. leading the drop, while the overall market indices showed positive performance with the Shanghai Composite Index rising by 1.04% and the Shenzhen Component Index increasing by 0.89% [1] Group 1: Market Performance - The home appliance components sector's decline was noted at 0.35% [1] - The Shanghai Composite Index closed at 3766.21, up 1.04% [1] - The Shenzhen Component Index closed at 11926.74, up 0.89% [1] Group 2: Individual Stock Performance - Hongchang Technology (301008) saw a significant increase of 20.02%, closing at 30.64 with a trading volume of 198,200 shares and a transaction value of 556 million [1] - Chunguang Technology (603657) increased by 9.07%, closing at 42.21 with a trading volume of 90,800 shares and a transaction value of 374 million [1] - Huaxiang Service (603112) rose by 6.83%, closing at 18.93 with a trading volume of 347,700 shares and a transaction value of 655 million [1] - Other notable performers included Langdi Group (603726) up 3.65%, Zhucheng Technology (301280) up 1.99%, and Xiangqiang Co. (300160) up 1.76% [1] Group 3: Capital Flow - The home appliance components sector experienced a net outflow of 1.046 billion from main funds, while retail investors contributed a net inflow of 716 million [3] - Speculative funds saw a net inflow of 330 million into the sector [3]

Group 1 - The Science and Technology Innovation 50 Index rose over 3%, reaching a new high for the year, driven by a collective surge in chip stocks [1] - Companies such as Jimin Health, Hanzhong Precision Machinery, and Kesen Technology have seen consecutive trading gains, with Jimin Health achieving a five-day streak [1] - The AI server market is dominated by Inspur Information, which holds over 50% market share in China and has reported a 64.39% year-on-year increase in net profit for the first quarter [1] Group 2 - The domestic leading companies are making significant advancements, with Nvidia reportedly developing an AI chip specifically for the Chinese market [3] - Companies like Fullchai Power and Yuanlin Co. have also seen consecutive trading gains, indicating strong market performance [3] - The company Guangxin Technology is a leader in optical modules and has partnered with Cisco to launch a 1.6T silicon optical module [3] Group 3 - The domestic automotive sector is witnessing significant developments, with China FAW planning to acquire approximately 10% of Leap Motor [6] - Companies like Mould Technology and Shentong Express are also making strides, with Mould Technology providing components for new energy vehicles [6] - The automotive thermal management sector is led by companies like Hanzhong Precision Machinery, which specializes in compressors and refrigeration products [8] Group 4 - The pharmaceutical industry is seeing a surge in domestic innovative drugs going global, with Tianmu Pharmaceutical being the first listed company in traditional Chinese medicine [7] - Companies like Huahai Pharmaceutical are advancing in the development of innovative drugs, with over 20 projects currently in research [7] - The automotive passive safety system sector is represented by companies like Songyuan Safety, which reported a 30.85% year-on-year increase in net profit [7]

证券之星消息，8月18日家电零部件板块较上一交易日上涨1.55%，海达尔领涨。当日上证指数报收于 3728.03，上涨0.85%。深证成指报收于11835.57，上涨1.73%。家电零部件板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 6699888 | 海达尔 | 59.76 | 30.00% | 5.52万 | | 3.06亿 | | 301252 | 同星科技 | 33.00 | 7.32% | 14.77万 | | 4.74亿 | | 603657 | 春光科技 | 35.18 | 4.61% | 5.23万 | | 1.82亿 | | 301008 | 宏昌科技 | 25.46 | 4.52% | 8.61万 | | 2.17亿 | | 002860 | 星帅尔 | 14.50 | 4.09% | 26.99万 | | 3.88亿 | | 831768 | 拾比値 | 11.78 | 3.97% | 5.13万 | | 6001.53万 | | 0 ...

格隆汇8月15日丨宏昌科技(301008.SZ)在互动平台表示，公司的传感器为水位传感器，主要用于洗衣机 上。 ...

证券代码：301008 证券简称：宏昌科技 公告编号：2025-100 浙江宏昌电器科技股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 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，不存在任 何虚假记载、误导性陈述或者重大遗漏。 浙江宏昌电器科技股份有限公司（以下简称"公司"）于2025年3月27日召开 了第二届董事会第三十二次会议、第二届监事会第二十九次会议，审议通过了《关 于使用部分闲置募集资金及自有资金进行现金管理的议案》。为提高公司闲置募 集资金以及公司和全资子公司金华市弘驰科技有限公司自有资金使用效率，增加 公司现金资产收益，实现股东利益最大化，在保证日常经营运作资金需求、有效 控制投资风险的情况下，拟使用闲置募集资金额度不超过人民币1.6亿元（其中: 首次公开发行股票的暂时闲置募集资金额度为不超过0.4亿元，向不特定对象发 行可转换公司债券的闲置募集资金额度为不超过1.2亿元）、使用自有资金额度不 超过人民币3亿元进行现金管理，使用期限自公司2024年度股东大会审议通过之 日起12个月内有效，在上述额度和期限范围内资金可滚动使用。现将有相关事项 公告如下： 近日，公司使用 ...