证券日报网讯 8月25日晚间，新柴股份发布公告称，2025年半年度公司实现营业收入1，303，069， 477.23元，同比增长3.51%；归属于上市公司股东的净利润为39，384，123.07元，同比增长7.26%。 （文章来源：证券日报） ...

智通财经APP讯，新柴股份(301032.SZ)发布2025年半年度报告，报告期内，公司实现营业收入13.03亿 元，同比增长3.51%。实现归属于上市公司股东的净利润3938.41万元，同比增长7.26%。实现归属于上 市公司股东的扣除非经常性损益的净利润3582.82万元，同比增长3.59%。基本每股收益0.1633元。 ...

格隆汇8月25日丨新柴股份(301032.SZ)公布2025年半年度报告，上半年公司实现营业收入13.03亿元，同 比增长3.51%；归属于上市公司股东的净利润3938.41万元，同比增长7.26%；归属于上市公司股东的扣 除非经常性损益的净利润3582.82万元，同比增长3.59%；基本每股收益0.1633元。 ...

| 其他关联方及其附属企业 | 杭叉集团 | 同受实际控 | 应收账款 | 1,483.54 | 48,071.82 | 39,221.45 | 10,333.91 | 货款 | 经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 股份有限 | 制人控制 | | | | | | | | | | 公司及其 | | | | | | | | | | | 附属公司 | | | | | | | | | | 总计 | - | - | - | 1,483.54 | 48,071.82 | 39,221.45 | 10,333.91 | | - | 浙江新柴股份有限公司 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 单位：万元 非经营性资金占用 资金占用 方名称 占用方与上 市公司的关 联关系 上市公司 核算的会 计科目 2025年期初 占用资金余 额 2025半年度占用累 计发生金额（不 含利息） 2025半年度占 用资金的利息 （如有） 2025半年度 偿还累计发 生 金额 2025年半年 度期末占用 资金余 ...

[Part I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Part%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential disclaimers, outlines the report's structure, and defines key terms for clarity [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisors, and senior management guarantee the accuracy and completeness of the semi-annual report, with the financial officers also affirming the financial statements - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, and bear legal responsibility[3](index=3&type=chunk) - Company head Bai Hongfa, chief accountant Yang Binfai, and head of accounting department Yang Binfai declare: they guarantee the truthfulness, accuracy, and completeness of the financial report in this semi-annual report[3](index=3&type=chunk) - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report's clear structure includes eight main chapters covering important notices, company profile, management discussion, corporate governance, significant matters, share changes, bond information, and financial reports - The report includes eight main chapters: Important Notice, Company Profile and Key Financial Indicators, Management Discussion and Analysis, Corporate Governance, Environment and Society, Significant Matters, Share Changes and Shareholder Information, Bond-Related Information, and Financial Report[6](index=6&type=chunk) - Reference documents include signed and sealed financial statements, original drafts of publicly disclosed documents, original texts of the semi-annual report and its summary, and other relevant materials[8](index=8&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, such as company name, reporting period, currency, and specific industry terms like non-road diesel engines and "Euro V" standards - The reporting period refers to January 1, 2025, to June 30, 2025[10](index=10&type=chunk) - Non-road diesel engines refer to diesel engines used in construction machinery, agricultural machinery, ships, generator sets, and other fields[10](index=10&type=chunk) - "Euro V" standard refers to the European Union Stage V non-road emission standard[10](index=10&type=chunk) [Part II Company Profile and Key Financial Indicators](index=6&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section introduces the company's basic information, contact details, and presents a summary of key financial data and performance indicators for the reporting period [Company Profile](index=6&type=section&id=Company%20Profile) Zhejiang Xinchai Co., Ltd. (Stock Abbreviation: Xinchai Shares, Stock Code: 301032) is listed on the Shenzhen Stock Exchange, with Bai Hongfa as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Xinchai Shares | | Stock Code | 301032 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Bai Hongfa | [Contacts and Contact Information](index=6&type=section&id=Contacts%20and%20Contact%20Information) Board Secretary Shi Rong and Securities Affairs Representative Zhang Xuemin manage investor relations, sharing the same address, phone, fax, and email Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Shi Rong | No. 888, Xinchang Avenue West Road, Zhejiang Province | 0575-86025953 | 0575-86290753 | xcdsh@xinchaipower.com | | Securities Affairs Representative | Zhang Xuemin | No. 888, Xinchang Avenue West Road, Zhejiang Province | 0575-86025953 | 0575-86290753 | xcdsh@xinchaipower.com | [Other Information](index=6&type=section&id=Other%20Information) The company's registered address, office address, website, email, information disclosure, and registration status remained unchanged during the reporting period - The company's contact information, information disclosure and placement locations, and registration status all remained unchanged during the reporting period[15](index=15&type=chunk)[16](index=16&type=chunk)[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's operating revenue increased by 3.51% to **1.303 billion yuan**, and net profit attributable to shareholders grew by 7.26% to **39.38 million yuan**, with operating cash flow significantly up by 437.77% Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,303,069,477.23 | 1,258,933,303.49 | 3.51% | | Net Profit Attributable to Listed Company Shareholders | 39,384,123.07 | 36,719,754.34 | 7.26% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains and Losses) | 35,828,155.84 | 34,587,994.94 | 3.59% | | Net Cash Flow from Operating Activities | 281,916,917.23 | 52,422,893.82 | 437.77% | | Basic Earnings Per Share (RMB/share) | 0.1633 | 0.1523 | 7.22% | | Diluted Earnings Per Share (RMB/share) | 0.1633 | 0.1523 | 7.22% | | Weighted Average Return on Net Assets | 3.31% | 3.29% | 0.02% | | Total Assets (Period-End) | 2,854,176,234.58 | 2,611,499,894.19 | 9.29% | | Net Assets Attributable to Listed Company Shareholders (Period-End) | 1,186,346,276.28 | 1,171,075,251.07 | 1.30% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the reporting period - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under international accounting standards and those under Chinese accounting standards[19](index=19&type=chunk) - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and those under Chinese accounting standards[20](index=20&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) Non-recurring gains and losses totaled **3.556 million yuan**, primarily from government subsidies, fair value changes of financial assets/liabilities, and non-current asset disposals, net of income tax Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 123,986.41 | | Government grants recognized in current profit or loss | 2,510,534.10 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 1,749,485.61 | | Other non-operating income and expenses apart from the above | -170,437.97 | | Less: Income tax impact | 657,600.92 | | **Total** | **3,555,967.23** | [Part III Management Discussion and Analysis](index=9&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's main business, core competencies, financial performance, investment activities, and risk management strategies during the reporting period [Main Business Activities During the Reporting Period](index=9&type=section&id=Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company primarily engages in the R&D, production, and sales of non-road diesel engines and related components, operating in the general equipment manufacturing industry with a focus on high-end, intelligent, and green products - The company primarily engages in the R&D, production, and sales of non-road diesel engines and related components, belonging to "C34 General Equipment Manufacturing" under the China Securities Regulatory Commission's Industry Classification for Listed Companies[25](index=25&type=chunk) - Industry development is closely related to the prosperity of downstream industries such as construction machinery, agricultural machinery, and generator sets, showing a certain correlation with the macroeconomic cycle[26](index=26&type=chunk) - The company's business model includes a production strategy of "production based on sales, moderate inventory," self-built casting workshops to enhance product stability, and a well-established R&D and after-sales service network[28](index=28&type=chunk)[29](index=29&type=chunk) [Basic Industry Overview](index=9&type=section&id=Basic%20Industry%20Overview) The company operates in the general equipment manufacturing sector, producing non-road diesel engines and components, with industry development closely tied to the macro-economic cycles of downstream sectors - The company belongs to "C34 General Equipment Manufacturing" in the China Securities Regulatory Commission's "Industry Classification and Codes for Listed Companies"[25](index=25&type=chunk) - Industry regulatory bodies are the National Development and Reform Commission and the Ministry of Industry and Information Technology, responsible for formulating industrial policies and guiding technological transformation[25](index=25&type=chunk) - The development of the non-road diesel engine industry is closely related to the prosperity of downstream industries such as construction machinery, agricultural machinery, and generator sets, showing a certain correlation with the macroeconomic cycle[26](index=26&type=chunk) [Main Business Operations](index=9&type=section&id=Main%20Business%20Operations) The company's main business remains unchanged, focusing on the R&D, production, and sales of non-road diesel engines and related components, maintaining its position as a key domestic manufacturer - During the reporting period, the company's main business and primary operating model remained unchanged[26](index=26&type=chunk) - The company's main business is the R&D, production, and sales of non-road diesel engines and related components, making it one of the important manufacturers and sellers in the domestic non-road diesel engine sector[26](index=26&type=chunk) [Business Model](index=9&type=section&id=Business%20Model) The company's profit model relies on selling non-road diesel engines and components, with production driven by customer demand, a rigorous supplier system, and a comprehensive R&D and after-sales service network - The company's profit model primarily derives from the sales of non-road diesel engines and related components, guided by customer demand forecasts or specific orders[26](index=26&type=chunk) - The procurement model mainly adopts online settlement, supplemented by warehousing settlement, and has established a strict qualified supplier system[27](index=27&type=chunk) - The production model implements a "plan management, production based on sales, moderate inventory" strategy, and has self-built casting workshops to enhance product stability[28](index=28&type=chunk)[29](index=29&type=chunk) - The company possesses a sound R&D organizational structure and standardized new product R&D processes, having established a service network integrating market service centers, regional parts centers, and authorized service points[29](index=29&type=chunk) [Key Performance Drivers](index=10&type=section&id=Key%20Performance%20Drivers) National "14th Five-Year Plan," equipment renewal policies, agricultural machinery promotion, and the internal combustion engine industry development plan are key policy drivers for the company's performance growth - National "14th Five-Year Plan," large-scale equipment renewal and consumer goods trade-in policies, and agricultural machinery promotion and identification product category guidelines promote high-quality manufacturing development and agricultural machinery application, bringing benefits to the company[30](index=30&type=chunk) - The "High-Quality Development Plan for the Internal Combustion Engine Industry (2021-2035)" proposes achieving secure and controllable key technologies in the industrial chain by 2025 and building a strong internal combustion engine industry by 2035, providing strategic guidance for the company's development[30](index=30&type=chunk) Current Reporting Period Key Performance Indicators Year-on-Year Change | Indicator | Current Reporting Period Amount (RMB 10,000) | Year-on-Year Increase | | :--- | :--- | :--- | | Total Operating Revenue | 130,306.95 | 3.51% | | Operating Profit | 4,149.07 | 11.38% | | Total Profit | 4,132.03 | 11.07% | | Net Profit Attributable to Listed Company Shareholders | 3,938.41 | 7.26% | [Company's Main Products and Applications](index=10&type=section&id=Company%27s%20Main%20Products%20and%20Applications) The company's main products include diesel engines for construction machinery, agricultural machinery, and generator sets, all meeting non-road National IV emission standards, with some also complying with EU e/E-mark V regulations - Diesel engines for construction machinery primarily range from **34kW-160kW**, suitable for forklifts, excavators, and loaders, all meeting non-road National IV emission regulations, with some meeting EU e/E-mark V emission regulations[31](index=31&type=chunk) - Diesel engines for agricultural machinery are mainly used in medium-horsepower agricultural machinery, such as tractors and harvesters, all meeting non-road National IV emission regulations, with some meeting EU e/E-mark V regulations[31](index=31&type=chunk)[32](index=32&type=chunk) - Diesel engines for generator sets and other applications feature low fuel consumption, low emissions, and low noise, meeting non-road National IV and EU e/E-mark V emission regulations[32](index=32&type=chunk) [Core Competitiveness Analysis](index=11&type=section&id=Core%20Competitiveness%20Analysis) The company's core competitiveness stems from its strong customer base, focused market position, advanced technology and R&D, superior manufacturing processes, extensive service network, and cost advantages from scale in niche markets - The company continuously enhances its market share by leveraging advantages in quality, cost, technology, and service, effectively maintaining and developing its target customer base[33](index=33&type=chunk) - The company has long focused on the non-road multi-cylinder diesel engine sector, possessing a deep understanding of application characteristics and downstream customer needs, resulting in high product market recognition[33](index=33&type=chunk) - The company boasts a strong R&D team and leading domestic experimental testing equipment, actively engaging in industry-academia-research collaboration and continuously increasing investment in technological innovation to provide cleaner, more efficient power solutions[33](index=33&type=chunk) - The company has established a comprehensive diesel engine manufacturing process system, from key component processing to complete machine assembly and testing, all ranking among the best in the domestic industry[34](index=34&type=chunk) - The company has built a multi-level sales and service network and established the "Xinchai 'Smart Eye' Call Management Platform" to achieve closed-loop after-sales service management[34](index=34&type=chunk) - The company's sales volume in the non-road multi-cylinder diesel engine niche market ranks among the top tier, with scaled production bringing cost advantages and market competitiveness[34](index=34&type=chunk) [Main Business Analysis](index=11&type=section&id=Main%20Business%20Analysis) Both main business revenue and costs increased, with diesel engine revenue up **1.50%** and accessories up **23.97%**, while operating cash flow significantly improved due to increased sales receipts and reduced purchase payments Key Financial Data Year-on-Year Change | Item | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,303,069,477.23 | 1,258,933,303.49 | 3.51% | | | Operating Cost | 1,170,122,161.50 | 1,136,782,987.34 | 2.93% | | | Selling Expenses | 17,096,121.16 | 15,185,233.77 | 12.58% | | | Administrative Expenses | 24,397,234.84 | 24,914,231.41 | -2.08% | | | Financial Expenses | -2,642,871.44 | -4,311,865.43 | 38.71% | Primarily due to a decrease in interest income this period | | Income Tax Expense | 3,218,019.48 | 1,716,820.84 | 87.44% | Primarily due to an increase in total profit this period | | R&D Investment | 27,346,740.11 | 33,425,535.75 | -18.19% | | | Net Cash Flow from Operating Activities | 281,916,917.23 | 52,422,893.82 | 437.77% | Primarily due to an increase in cash received from sales and a decrease in cash paid for purchases this period | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Profit Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Profit Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Diesel Engines | 1,152,126,899.26 | 1,041,330,933.85 | 9.62% | 1.50% | 0.80% | 0.63% | | Accessories | 148,540,248.62 | 128,735,097.27 | 13.33% | 23.97% | 24.54% | -0.40% | [Non-Core Business Analysis](index=12&type=section&id=Non-Core%20Business%20Analysis) Non-core business significantly impacted total profit, with credit and asset impairment losses合计占比超过70% accounting for over **70%** of the impact, while government subsidies and other income contributed approximately **23%** Impact of Non-Core Business on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,119,760.27 | 2.71% | Investment income from wealth management products, discounted interest from terminated acceptance bills | No | | Asset Impairment | -10,027,716.42 | -24.27% | Provision for inventory depreciation | No | | Non-Operating Expenses | 170,437.97 | 0.41% | Fines | No | | Other Income | 9,633,961.34 | 23.32% | Government grants, VAT additional deduction | No | | Credit Impairment | -18,979,532.76 | -45.93% | Provision for bad debts on receivables | No | | Asset Disposal Income | 123,986.41 | 0.30% | Gains from disposal of fixed assets | No | [Analysis of Assets and Liabilities](index=13&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) Total assets increased by **9.29%**, with significant increases in monetary funds and accounts receivable due to credit policies, while notes receivable decreased Significant Changes in Asset Composition (Current Reporting Period End vs. Prior Year End) | Item | Current Reporting Period End Amount (RMB) | Proportion of Total Assets | Prior Year End Amount (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 742,088,743.98 | 26.00% | 438,355,343.21 | 16.79% | 9.21% | | | Accounts Receivable | 588,543,838.42 | 20.62% | 212,545,745.05 | 8.14% | 12.48% | Primarily due to the company's credit payment policy for downstream customers within annual contracts | | Inventories | 377,661,203.70 | 13.23% | 454,672,285.76 | 17.41% | -4.18% | | | Notes Receivable Financing | 411,822,867.22 | 14.43% | 760,679,019.11 | 29.13% | -14.70% | Primarily due to a decrease in bank acceptance bills | | Short-Term Borrowings | 88,181,964.75 | 3.09% | 61,206,569.21 | 2.34% | 0.75% | | | Contract Liabilities | 24,684,596.02 | 0.86% | 15,042,331.79 | 0.58% | 0.28% | | - The company has no major overseas assets[45](index=45&type=chunk) Period-End Balance of Financial Assets Measured at Fair Value | Item | Period-End Amount (RMB) | | :--- | :--- | | Trading Financial Assets | 150,000,000.00 | | Notes Receivable Financing | 411,822,867.22 | | **Total** | **561,822,867.22** | - Of the period-end monetary funds, **239 million RMB** are bank acceptance bill deposits, classified as restricted assets[48](index=48&type=chunk) [Investment Analysis](index=14&type=section&id=Investment%20Analysis) Total investment increased by **123.18%** to **886 million yuan**, with financial assets measured at fair value totaling **562 million yuan**, primarily in wealth management products and notes receivable, with no overdue entrusted wealth management Investment Amount During the Reporting Period | Indicator | Amount (RMB) | | :--- | :--- | | Investment Amount During the Reporting Period | 885,770,539.23 | | Investment Amount in Prior Year Period | 396,884,109.60 | | Change Percentage | 123.18% | Financial Assets Measured at Fair Value | Item | Period-End Balance (RMB) | | :--- | :--- | | Trading Financial Assets | 150,000,000.00 | | Notes Receivable Financing | 411,822,867.22 | | **Total** | **561,822,867.22** | Overview of Entrusted Wealth Management | Specific Type | Entrusted Wealth Management Amount (RMB 10,000) | Unexpired Balance (RMB 10,000) | | :--- | :--- | :--- | | Bank Wealth Management Products | 31,253.45 | 14,000 | | Brokerage Wealth Management Products | 3,000 | 1,000 | | **Total** | **34,253.45** | **15,000** | - The company had no use of raised funds, derivative investments, or entrusted loans during the reporting period[53](index=53&type=chunk)[56](index=56&type=chunk) [Significant Asset and Equity Sales](index=15&type=section&id=Significant%20Asset%20and%20Equity%20Sales) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[58](index=58&type=chunk) - The company did not sell significant equity during the reporting period[59](index=59&type=chunk) [Analysis of Major Holding and Participating Companies](index=16&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The main subsidiary, Wuhu Xinchai Petelai Power Technology Co., Ltd., with a registered capital of **50 million yuan**, reported total assets of **43.84 million yuan**, net assets of **13.50 million yuan**, and a net profit of **2.62 million yuan** Major Subsidiary Financial Information | Company Name | Company Type | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wuhu Xinchai Petelai Power Technology Co., Ltd. | Subsidiary | 50,000,000 | 43,836,900.74 | 13,499,897.53 | 21,550,588.78 | 2,616,029.43 | 2,616,029.43 | - Wuhu Xinchai Petelai Power Technology Co., Ltd.'s main businesses include technical services, technical development, R&D and manufacturing of motors and their control systems[60](index=60&type=chunk) - The company neither acquired nor disposed of subsidiaries during the reporting period[60](index=60&type=chunk) [Structured Entities Controlled by the Company](index=17&type=section&id=Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[61](index=61&type=chunk) [Risks Faced by the Company and Countermeasures](index=17&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from new energy substitution, declining gross margins, policy changes, increased competition, evolving industry standards, and macroeconomic fluctuations, addressed by developing new energy products, optimizing product structure, and enhancing R&D and management - The company faces the risk of new energy development replacing the engine industry, particularly in the forklift sector, which may lead to a decrease in product sales[61](index=61&type=chunk) - Countermeasures include gradually developing hybrid/gas engines and other new energy products, continuously improving diesel engine performance, expanding into high-end markets, producing new energy electric forklift components with its subsidiary Wuhu Xinchai Petelai Power Technology, and enhancing the competitiveness of products for large-tonnage forklifts[62](index=62&type=chunk) - The company also faces risks such as declining gross profit margins for its main products, changes in agricultural machinery subsidy policies, intensified industry competition, evolving industry standards, and macroeconomic cycle fluctuations[63](index=63&type=chunk)[64](index=64&type=chunk) - To address these risks, the company will focus on its main business, continuously increase R&D investment and technological upgrades to promote long-term stable development, and continuously optimize operational management to enhance overall management effectiveness[65](index=65&type=chunk)[66](index=66&type=chunk) [Registration Form for Research, Communication, and Interview Activities During the Reporting Period](index=18&type=section&id=Registration%20Form%20for%20Research%2C%20Communication%2C%20and%20Interview%20Activities%20During%20the%20Reporting%20Period) On April 28, 2025, the company hosted an online performance briefing for all investors to discuss its 2024 annual results - On April 28, 2025, the company hosted an online performance briefing for all investors via the Value Online network platform to discuss its 2024 annual results[67](index=67&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=18&type=section&id=Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[68](index=68&type=chunk) - The company has not disclosed a valuation enhancement plan[68](index=68&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=18&type=section&id=%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan%20Implementation) The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[69](index=69&type=chunk) [Part IV Corporate Governance, Environment, and Social Responsibility](index=19&type=section&id=Part%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Social%20Responsibility) This section details changes in the company's governance, profit distribution plans, employee incentives, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=19&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period - The company's directors, supervisors, and senior management experienced no changes during the reporting period[70](index=70&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=19&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for the semi-annual period[71](index=71&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=19&type=section&id=Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[72](index=72&type=chunk) [Environmental Information Disclosure](index=20&type=section&id=Environmental%20Information%20Disclosure) The company and its main subsidiary's Houxi plant are listed as legally required environmental information disclosure enterprises, with their reports publicly available - The company and its main subsidiary, Zhejiang Xinchai Co., Ltd.'s Houxi plant, have been included in the list of enterprises required to disclose environmental information by law[73](index=73&type=chunk) - The environmental information disclosure report for Zhejiang Xinchai Co., Ltd.'s Houxi plant can be found on the website of the Zhejiang Provincial Department of Ecology and Environment[73](index=73&type=chunk) [Social Responsibility](index=20&type=section&id=Social%20Responsibility) The company prioritizes social responsibility by protecting shareholder, employee, and stakeholder rights, and actively engaging in environmental protection through compliant operations, talent development, and pollution control - The company protects shareholder rights through standardized operations, a sound corporate governance structure, diligent information disclosure, and strengthened investor relations management[75](index=75&type=chunk) - The company strictly adheres to labor laws and regulations, pays social insurance on time, prioritizes talent development and employee health and safety, and fosters harmonious labor relations[76](index=76&type=chunk) - The company follows principles of "honesty, trustworthiness, mutual benefit, and legal compliance," improves procurement systems, strictly controls product quality, and protects the rights and interests of suppliers, customers, and consumers[77](index=77&type=chunk) - The company places high importance on environmental protection, strictly treating wastewater and exhaust gas in accordance with environmental regulations, ensuring proper operation of environmental facilities, and systematically carrying out energy conservation and emission reduction efforts[78](index=78&type=chunk) [Part V Significant Matters](index=21&type=section&id=Part%20V%20Significant%20Matters) This section covers commitments, related party transactions, legal proceedings, and other material events, confirming no major outstanding issues or significant changes during the reporting period [Commitments](index=21&type=section&id=Commitments) No commitments made by the company, its actual controller, shareholders, or related parties were fulfilled or overdue at the end of the reporting period - The company's reporting period shows no commitments made by the company's actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled during the reporting period or overdue at the end of the reporting period[80](index=80&type=chunk) [Non-Operating Funds Occupied](index=21&type=section&id=Non-Operating%20Funds%20Occupied) There were no instances of non-operating funds being occupied by controlling shareholders or other related parties during the reporting period - The company's reporting period shows no instances of non-operating funds being occupied by controlling shareholders or other related parties of the listed company[81](index=81&type=chunk) [Irregular External Guarantees](index=21&type=section&id=Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[82](index=82&type=chunk) [Appointment and Dismissal of Accounting Firms](index=21&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[83](index=83&type=chunk) [Board of Directors, Supervisory Board, and Audit Committee's Explanation of the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=21&type=section&id=Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%27s%20Explanation%20of%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) As the semi-annual report was unaudited, there is no explanation from the board, supervisory board, or audit committee regarding a "non-standard audit report" - The company's semi-annual report was unaudited, thus there is no explanation regarding a "non-standard audit report"[84](index=84&type=chunk) [Board of Directors' Explanation of "Non-Standard Audit Report" for the Previous Year](index=21&type=section&id=Board%20of%20Directors%27%20Explanation%20of%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) The company has no explanation regarding a "non-standard audit report" for the previous year - The company has no explanation regarding a "non-standard audit report" for the previous year[84](index=84&type=chunk) [Bankruptcy and Reorganization Matters](index=21&type=section&id=Bankruptcy%20and%20Reorganization%20Matters) The company did not experience any bankruptcy or reorganization matters during the reporting period - The company did not experience any bankruptcy or reorganization matters during the reporting period[84](index=84&type=chunk) [Litigation Matters](index=21&type=section&id=Litigation%20Matters) The company had no significant litigation or arbitration matters, with minor cases totaling **350,000 yuan** already settled and having no material impact - The company had no significant litigation or arbitration matters during this reporting period[85](index=85&type=chunk) - As of the end of the reporting period, the total amount involved in litigation (arbitration) matters for the company and its subsidiaries that did not meet the disclosure standards for significant litigation was **350,000 RMB**, which have been settled and fulfilled, causing no significant impact on the company[86](index=86&type=chunk) [Penalties and Rectification](index=22&type=section&id=Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[87](index=87&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=22&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company, its controlling shareholder, and actual controller maintain good integrity, with no unfulfilled court judgments or significant overdue debts - The company's reporting period shows no instances of the company, its controlling shareholder, or actual controller failing to comply with effective court judgments or having significant overdue debts that have not been repaid[88](index=88&type=chunk) [Significant Related Party Transactions](index=22&type=section&id=Significant%20Related%20Party%20Transactions) The company engaged in daily related party transactions, including sales of **433 million yuan** in diesel engines and accessories to Hangcha Group, purchases from Zhejiang Zhongchai and Hangcha Group, and lease payments of **1.995 million yuan** to Xinchang Zhongyu, all at fair market prices and within approved limits Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services | Related Party | Type of Related Party Transaction | Content of Related Party Transaction | Amount of Related Party Transaction (RMB 10,000) | Proportion of Similar Transactions | Approved Transaction Limit (RMB 10,000) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hangcha Group Co., Ltd. and its Affiliates | Sale of Goods | Sale of diesel engines and accessories | 43,276.97 | 33.21% | 90,000 | No | | Zhejiang Zhongchai Machinery Co., Ltd. | Purchase of Goods | Accessories, equipment | 755.66 | 0.76% | 3,000 | No | | Hangcha Group Co., Ltd. and its Affiliates | Purchase of Goods | Accessories, equipment, acceptance of services | 25.28 | 0.03% | 300 | No | | Xinchang Zhongyu Enterprise Management Consulting Co., Ltd. | Lease | Lease of factory buildings and land | 199.5 | 100.00% | 200 | No | - The company had no related party transactions involving the acquisition or disposal of assets or equity during the reporting period[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk) - The company had no related party debt and credit transactions, nor dealings with financial companies that have related party relationships during the reporting period[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) [Significant Contracts and Their Performance](index=26&type=section&id=Significant%20Contracts%20and%20Their%20Performance) The company had no significant entrustment, contracting, leasing, guarantees, or other major contracts during the reporting period - The company had no entrustment, contracting, or leasing situations during the reporting period[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) - The company had no significant guarantee situations during the reporting period[102](index=102&type=chunk) - The company had no significant operating contracts or other significant contracts during the reporting period[103](index=103&type=chunk)[104](index=104&type=chunk) [Explanation of Other Significant Matters](index=27&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[105](index=105&type=chunk) [Significant Matters of Company Subsidiaries](index=27&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) The company's subsidiaries had no significant matters during the reporting period - The company's subsidiaries had no significant matters during the reporting period[106](index=106&type=chunk) [Part VI Share Changes and Shareholder Information](index=28&type=section&id=Part%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital, shareholder structure, and changes in holdings by directors, supervisors, and senior management, confirming no changes in total shares or controlling parties [Share Capital Changes](index=28&type=section&id=Share%20Capital%20Changes) The company's total share capital remained at **241,133,400 shares**, with no changes in the proportions of restricted and unrestricted shares during the reporting period Share Capital Changes | Item | Quantity Before Change (Shares) | Proportion Before Change | Net Increase/Decrease in This Change (Shares) | Quantity After Change (Shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 81,260,625 | 33.70% | 0 | 81,260,625 | 33.70% | | II. Unrestricted Shares | 159,872,775 | 66.30% | 0 | 159,872,775 | 66.30% | | **III. Total Shares** | **241,133,400** | **100.00%** | **0** | **241,133,400** | **100.00%** | - During the reporting period, there were no changes in the reasons for share changes, approval status, transfer status, progress of share repurchases, or their impact on financial indicators[110](index=110&type=chunk) [Securities Issuance and Listing](index=29&type=section&id=Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing situations during the reporting period[110](index=110&type=chunk) [Shareholder Numbers and Shareholding](index=29&type=section&id=Shareholder%20Numbers%20and%20Shareholding) As of the end of the reporting period, the company had **19,580** common shareholders. Top shareholders include Gigastone Holdings Group Co., Ltd. with **21.15%**, Qiu Jianping with **20.74%**, and Zhu Guanlan with **16.58%**. Qiu Jianping is the shareholder and actual controller of Gigastone Holdings. Some shareholders hold shares through margin trading and securities lending accounts - The total number of common shareholders at the end of the reporting period was **19,580**[112](index=112&type=chunk) Top 10 Shareholders' Shareholding | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-End (Shares) | Number of Restricted Shares Held (Shares) | Number of Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Gigastone Holdings Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 21.15% | 51,000,000 | 0 | 51,000,000 | | Qiu Jianping | Domestic Natural Person | 20.74% | 50,000,000 | 37,500,000 | 12,500,000 | | Zhu Guanlan | Domestic Natural Person | 16.58% | 39,988,800 | 31,800,000 | 8,188,800 | | Bai Hongfa | Domestic Natural Person | 1.69% | 4,072,500 | 0 | 4,072,500 | | Shi Rong | Domestic Natural Person | 1.66% | 4,000,000 | 3,000,000 | 1,000,000 | | Zhang Chun | Domestic Natural Person | 1.24% | 3,000,000 | 3,000,000 | 0 | | Huang Jinsong | Domestic Natural Person | 0.83% | 2,000,000 | 0 | 2,000,000 | | Zhong Lishan | Domestic Natural Person | 0.34% | 816,800 | 0 | 816,800 | | Gui Zinan | Domestic Natural Person | 0.31% | 750,000 | 0 | 750,000 | | Liang Zhongqing | Domestic Natural Person | 0.26% | 618,750 | 0 | 618,750 | - Qiu Jianping is the shareholder and actual controller of Gigastone Holdings. The company is unaware of any associated relationships or concerted actions among other shareholders[113](index=113&type=chunk) - The company has no voting rights difference arrangements, and the top 10 common shareholders and top 10 unrestricted common shareholders did not engage in agreed repurchase transactions during the reporting period[114](index=114&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=31&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Report period saw changes in shareholdings of several directors, supervisors, and senior management, primarily reductions. Zhu Guanlan reduced holdings by **2.4112 million shares**, Bai Hongfa by **1.3575 million shares**, and Zhang Chun by **1 million shares** Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (Shares) | Shares Reduced in Current Period (Shares) | Shares Held at End of Period (Shares) | | :--- | :--- | :--- | :--- | :--- | | Zhou Gaofeng | Chief Engineer | 112,500 | 28,125 | 84,375 | | Zhang Chun | Director | 4,000,000 | 1,000,000 | 3,000,000 | | Wang Guogang | Supervisor | 375,000 | 80,000 | 295,000 | | Liang Zhongqing | Supervisor | 825,000 | 206,250 | 618,750 | | Bai Hongfa | Chairman | 5,430,000 | 1,357,500 | 4,072,500 | | Gui Zinan | Director | 1,000,000 | 250,000 | 750,000 | | Zhu Guanlan | Director, General Manager | 42,400,000 | 2,411,200 | 39,988,800 | | **Total** | -- | **54,142,500** | **5,333,075** | **48,809,425** | [Changes in Controlling Shareholder or Actual Controller](index=31&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[116](index=116&type=chunk) - The company's actual controller did not change during the reporting period[116](index=116&type=chunk) [Preferred Shares Information](index=32&type=section&id=Preferred%20Shares%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[117](index=117&type=chunk) [Part VII Bond-Related Information](index=33&type=section&id=Part%20VII%20Bond-Related%20Information) The company had no bond-related activities or outstanding bonds during the reporting period [Bond-Related Information](index=33&type=section&id=Bond-Related%20Information) The company had no bond-related situations during the reporting period - The company had no bond-related situations during the reporting period[119](index=119&type=chunk) [Part VIII Financial Report](index=34&type=section&id=Part%20VIII%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity for both consolidated and parent company levels, along with accounting policies and notes [Audit Report](index=34&type=section&id=Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[121](index=121&type=chunk) [Financial Statements](index=34&type=section&id=Financial%20Statements) This section provides the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, offering a comprehensive view of financial position, operating results, and cash flows [Consolidated Balance Sheet](index=34&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets were **2.854 billion yuan**, up **9.29%**, with significant changes in monetary funds, accounts receivable, notes payable, and short-term borrowings Consolidated Balance Sheet Key Data (Period-End vs. Period-Beginning) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 2,854,176,234.58 | 2,611,499,894.19 | | Total Liabilities | 1,661,215,008.51 | 1,437,427,838.91 | | Total Owners' Equity | 1,192,961,226.07 | 1,174,072,055.28 | | Monetary Funds | 742,088,743.98 | 438,355,343.21 | | Accounts Receivable | 588,543,838.42 | 212,545,745.05 | | Notes Payable | 775,509,978.39 | 604,051,012.80 | | Short-Term Borrowings | 88,181,964.75 | 61,206,569.21 | [Parent Company Balance Sheet](index=36&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, parent company total assets were **2.823 billion yuan**, up **8.53%**, showing similar trends to the consolidated statement with increased monetary funds and accounts receivable Parent Company Balance Sheet Key Data (Period-End vs. Period-Beginning) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 2,823,089,333.84 | 2,601,113,038.35 | | Total Liabilities | 1,630,878,005.30 | 1,425,506,910.03 | | Total Owners' Equity | 1,192,211,328.54 | 1,175,606,128.32 | | Monetary Funds | 736,151,788.50 | 436,683,225.82 | | Accounts Receivable | 577,531,362.06 | 211,939,995.36 | | Notes Payable | 772,592,347.82 | 603,619,922.45 | | Short-Term Borrowings | 85,055,986.12 | 60,042,611.11 | [Consolidated Income Statement](index=38&type=section&id=Consolidated%20Income%20Statement) For the first half of 2025, consolidated operating revenue was **1.303 billion yuan**, up **3.51%**, with net profit attributable to parent company shareholders increasing by **7.26%** to **39.38 million yuan**, despite a significant rise in income tax expense Consolidated Income Statement Key Data (Current Period vs. Prior Period) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | I. Total Operating Revenue | 1,303,069,477.23 | 1,258,933,303.49 | | II. Total Operating Costs | 1,243,449,209.97 | 1,210,516,837.41 | | III. Operating Profit | 41,490,726.10 | 37,252,842.79 | | IV. Total Profit | 41,320,288.13 | 37,202,842.79 | | Less: Income Tax Expense | 3,218,019.48 | 1,716,820.84 | | V. Net Profit | 38,102,268.65 | 35,486,021.95 | | Net Profit Attributable to Parent Company Shareholders | 39,384,123.07 | 36,719,754.34 | | Basic Earnings Per Share | 0.1633 | 0.1523 | [Parent Company Income Statement](index=40&type=section&id=Parent%20Company%20Income%20Statement) For the first half of 2025, parent company operating revenue was **1.282 billion yuan**, up **1.83%**, with net profit increasing by **7.14%** to **40.72 million yuan**, and a substantial increase in income tax expense Parent Company Income Statement Key Data (Current Period vs. Prior Period) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | I. Operating Revenue | 1,281,518,888.45 | 1,258,497,792.64 | | Less: Operating Costs | 1,149,577,165.05 | 1,136,360,525.75 | | II. Operating Profit | 44,106,755.53 | 39,770,664.00 | | III. Total Profit | 43,936,317.56 | 39,720,664.00 | | Less: Income Tax Expense | 3,218,019.48 | 1,716,820.84 | | IV. Net Profit | 40,718,298.08 | 38,003,843.16 | [Consolidated Cash Flow Statement](index=42&type=section&id=Consolidated%20Cash%20Flow%20Statement) For the first half of 2025, net cash flow from operating activities significantly increased by **437.77%** to **282 million yuan**, while net cash flow from investing activities decreased outflow by **71.90%**, and financing activities turned positive Consolidated Cash Flow Statement Key Data (Current Period vs. Prior Period) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 281,916,917.23 | 52,422,893.82 | | Net Cash Flow from Investing Activities | -42,597,731.68 | -151,571,146.18 | | Net Cash Flow from Financing Activities | 6,734,674.23 | -29,752,555.22 | | Net Increase in Cash and Cash Equivalents | 246,053,859.78 | -128,900,807.58 | | Period-End Cash and Cash Equivalents Balance | 502,726,886.45 | 129,274,584.30 | [Parent Company Cash Flow Statement](index=43&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) For the first half of 2025, parent company net cash flow from operating activities increased by **412.68%** to **291 million yuan**, with investing activities outflow decreasing by **68.40%**, and financing activities outflow significantly reduced Parent Company Cash Flow Statement Key Data (Current Period vs. Prior Period) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 291,486,455.27 | 56,863,782.30 | | Net Cash Flow from Investing Activities | -47,134,039.30 | -149,507,070.01 | | Net Cash Flow from Financing Activities | -76,854.06 | -29,752,555.22 | | Net Increase in Cash and Cash Equivalents | 244,275,561.91 | -122,395,842.93 | | Period-End Cash and Cash Equivalents Balance | 499,707,561.54 | 124,712,229.05 | [Consolidated Statement of Changes in Owners' Equity](index=44&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) As of June 30, 2025, consolidated owners' equity totaled **1.193 billion yuan**, up **1.61%**, with net profit attributable to parent company owners at **39.38 million yuan** and common stock dividends of **24.11 million yuan** Consolidated Owners' Equity Changes (Period-End vs. Period-Beginning) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Share Capital | 241,133,400.00 | 241,133,400.00 | | Capital Reserves | 488,032,390.99 | 488,032,390.99 | | Special Reserves | 459,235.47 | 458,993.33 | | Surplus Reserves | 101,401,286.02 | 101,401,286.02 | | Retained Earnings | 355,319,963.80 | 340,049,180.73 | | Total Owners' Equity Attributable to Parent Company | 1,186,346,276.28 | 1,171,075,251.07 | | Minority Interests | 6,614,949.79 | 2,996,804.21 | | **Total Owners' Equity** | **1,192,961,226.07** | **1,174,072,055.28** | - Net profit attributable to parent company owners for this period was **39,384,123.07 RMB**, and common stock dividends of **24,113,340.00 RMB** were distributed[143](index=143&type=chunk)[144](index=144&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=48&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) As of June 30, 2025, parent company owners' equity totaled **1.192 billion yuan**, up **1.41%**, with net profit at **40.72 million yuan** and common stock dividends of **24.11 million yuan** Parent Company Owners' Equity Changes (Period-End vs. Period-Beginning) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Share Capital | 241,133,400.00 | 241,133,400.00 | | Capital Reserves | 488,032,390.99 | 488,032,390.99 | | Special Reserves | 459,235.47 | 458,993.33 | | Surplus Reserves | 101,401,286.02 | 101,401,286.02 | | Retained Earnings | 361,185,016.06 | 344,580,057.98 | | **Total Owners' Equity** | **1,192,211,328.54** | **1,175,606,128.32** | - Net profit for this period was **40,718,298.08 RMB**, and common stock dividends of **24,113,340.00 RMB** were distributed[150](index=150&type=chunk)[151](index=151&type=chunk) [Company Basic Information](index=52&type=section&id=Company%20Basic%20Information) Zhejiang Xinchai Co., Ltd. was established on June 15, 2007, listed on the Shenzhen Stock Exchange on July 22, 2021, with a registered capital and total share capital of **241.13 million yuan**, primarily engaged in diesel engine and accessories production and sales - The company obtained its enterprise legal person business license on June 15, 2007, and was listed on the ChiNext board of the Shenzhen Stock Exchange on July 22, 2021[156](index=156&type=chunk)[157](index=157&type=chunk) - As of June 30, 2025, the company's registered capital and total share capital were both **241,133,400 RMB**[158](index=158&type=chunk) - The company's registered address and headquarters office are in Xinchang County, Shaoxing City, with its main business activities being the production and sales of diesel engines and accessories[159](index=159&type=chunk) [Basis of Financial Statement Preparation](index=52&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared in accordance with Chinese Accounting Standards and CSRC regulations, based on a going concern assumption, with the company demonstrating continuous operating capability for at least 12 months from the reporting period end - These financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the "Information Disclosure and Compilation Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports" issued by the China Securities Regulatory Commission[161](index=161&type=chunk) - These financial statements are prepared on a going concern basis, and the company possesses the ability to continue operating for at least 12 months from the end of this reporting period[162](index=162&type=chunk)[163](index=163&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=52&type=section&id=Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's adherence to accounting standards, covering accounting period, operating cycle, functional currency, business combinations, consolidated financial statements, cash equivalents, foreign currency transactions, financial instruments, inventories, fixed assets, and revenue recognition - The company adheres to enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[165](index=165&type=chunk) - The company's financial assets are classified as those measured at amortized cost, those measured at fair value with changes recognized in other comprehensive income, and those measured at fair value with changes recognized in profit or loss for the current period[185](index=185&type=chunk)[186](index=186&type=chunk) - The company recognizes revenue when it has satisfied its performance obligations in the contract, i.e., when the customer obtains control of the related goods or services[272](index=272&type=chunk) - The company chooses not to recognize right-of-use assets and lease liabilities for short-term leases and leases of low-value assets[300](index=300&type=chunk) [Taxation](index=78&type=section&id=Taxation) The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, education surcharges, property tax, urban land use tax, and environmental protection tax, benefiting from high-tech enterprise income tax and advanced manufacturing VAT deduction policies Main Taxes and Tax Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13% | | Urban Maintenance and Construction Tax | 5% | | Corporate Income Tax | 15%, 25% | | Education Surcharge | 3% | | Property Tax | 1.2%, 12% | | Urban Land Use Tax | 10 RMB/square meter | | Environmental Protection Tax | Air pollutants, water pollutants 1.2 RMB/kg per pollution equivalent; 1.4 RMB/kg; 700 RMB/month | | Local Education Surcharge | 2% | - Zhejiang Xinchai Co., Ltd. and its Hangzhou branch and Parts branch apply a **15%** corporate income tax rate, while Wuhu Xinchai Petelai Power Technology Co., Ltd. applies **25%**[324](index=324&type=chunk) - The company has obtained a high-tech enterprise certificate, allowing it to be subject to a reduced corporate income tax rate of **15%** for three years starting from the 2023 fiscal year[325](index=325&type=chunk) - The company enjoys an additional VAT deduction policy for advanced manufacturing enterprises, allowing it to deduct an additional **5%** of the current period's deductible input VAT from its payable VAT from January 1, 2023, to December 31, 2027[326](index=326&type=chunk) [Notes to Consolidated Financial Statement Items](index=78&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated balance sheet, income statement, and cash flow statement items, including monetary funds, accounts receivable, revenue, costs, and various expenses, explaining significant changes Monetary Funds (Period-End vs. Period-Beginning) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | **Total** | **742,088,743.98** | **438,355,343.21** | Trading Financial Assets (Period-End vs. Period-Beginning) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Wealth Management Products | 150,000,000.00 | 108,564,856.30 | Top Five Accounts Receivable at Period-End | Unit Name | Accounts Receivable Period-End Balance (RMB) | Proportion of Total Accounts Receivable and Contract Assets Period-End Balance | | :--- | :--- | :--- | | Hangcha Group Co., Ltd. and its Affiliates | 103,339,062.39 | 16.58% | | Jiangsu Wode Agricultural Machinery Co., Ltd. and its Affiliates | 89,630,185.54 | 14.38% | | Anhui Heli Co., Ltd. and its Affiliates | 62,829,035.68 | 10.08% | | Shanghai New Power Automotive Technology Co., Ltd. | 56,013,593.58 | 8.99% | | Shandong Liugong Forklift Co., Ltd. and its Affiliates | 31,756,475.18 | 5.10% | | **Total** | **343,568,352.37** | **55.13%** | Operating Revenue and Operating Cost (Current Period vs. Prior Period) | Item | Current Period Revenue (RMB) | Current Period Cost (RMB) | Prior Period Revenue (RMB) | Prior Period Cost (RMB) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 1,300,667,147.88 | 1,170,066,031.12 | 1,254,910,136.43 | 1,136,456,884.86 | | Other Business | 2,402,329.35 | 56,130.38 | 4,023,167.06 | 326,102.48 | | **Total** | **1,303,069,477.23** | **1,170,122,161.50** | **1,258,933,303.49** | **1,136,782,987.34** | R&D Expenses (Current Period vs. Prior Period) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | **Total** | **27,346,740.11** | **33,425,535.75** | | Of which: Expensed R&D Expenditures | 27,346,740.11 | 33,425,535.75 | Investment Income (Current Period vs. Prior Period) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Investment income from wealth management products | 1,749,485.61 | 464,921.87 | | Discounted interest from terminated acceptance bills | -629,725.34 | | | **Total** | **1,119,760.27** | **464,921.87** | Reconciliation of Net Cash Flow from Operating Activities | Supplementary Information | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Profit | 38,102,268.65 | 35,486,021.95 | | Add: Asset Impairment Provisions | 10,027,716.42 | 9,544,642.83 | | Credit Impairment Provisions | 18,979,532.76 | 20,002,038.35 | | **Net Cash Flow from Operating Activities** | **281,916,917.23** | **52,422,893.82** | [Interests in Other Entities](index=103&type=section&id=Interests%20in%20Other%20Entities) The company's main subsidiary, Wuhu Xinchai Petelai Power Technology Co., Ltd., is **51.00%** owned, reporting a net loss of **1.28 million yuan** attributable to minority shareholders, with minority interest balance of **6.61 million yuan** Composition of the Enterprise Group | Subsidiary Name | Registered Place | Business Nature | Shareholding Percentage (Direct) | | :--- | :--- | :--- | :--- | | Wuhu Xinchai Petelai Power Technology Co., Ltd. | Wuhu, Anhui | Industrial | 51.00% | Significant Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Percentage | Net Profit Attributable to Minority Shareholders (RMB) | Period-End Minority Interest Balance (RMB) | | :--- | :--- | :--- | :--- | | Wuhu Xinchai Petelai Power Technology Co., Ltd. | 49.00% | -1,281,854.42 | 6,614,949.79 | Key Financial Information of Significant Non-Wholly Owned Subsidiaries (Current Period Amounts) | Subsidiary Name | Operating Revenue (RMB) | Net Profit (RMB) | Total Comprehensive Income (RMB) | Net Cash Flow from Operating Activities (RMB) | | :--- | :--- | :--- | :--- | :--- | | Wuhu Xinchai Petelai Power Technology Co., Ltd. | 21,550,588.78 | -2,616,029.43 | -2,616,029.43 | 5,970,518.91 | [Government Grants](index=104&type=section&id=Government%20Grants) Government grants in deferred income totaled **34.12 million yuan** at period-end, with **0.53 million yuan** added and **2.95 million yuan** transferred to other income, and total grants recognized in profit or loss amounting to **4.45 million yuan** Liability Items Involving Government Grants | Accounting Item | Period-Beginning Balance (RMB) | Amount of New Grants in Current Period (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Period-End Balance (RMB) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 36,533,069.94 | 530,100.00 | 2,946,109.44 | 34,117,060.50 | Related to Assets | Government Grants Recognized in Current Profit or Loss | Accounting Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Related to Assets | 2,946,109.44 | 2,712,236.88 | | Related to Income | 1,504,380.28 | 928,929.90 | | **Total** | **4,450,489.72** | **3,641,166.78** | [Risks Related to Financial Instruments](index=104&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks (including exchange rate, interest rate, and other price risks) through diversified investments, credit monitoring, cash flow forecasting, and balancing fixed/floating rate instruments, with primary exposure to USD-denominated exchange rate risk - The company faces credit risk, liquidity risk, and market risk (including exchange rate risk, interest rate risk, and other price risks)[502](index=502&type=chunk) - The company manages credit risk and liquidity risk by assessing customer creditworthiness, regularly monitoring credit records, ensuring sufficient cash, and monitoring cash balances and cash flow forecasts[505](index=505&type=chunk)[506](index=506&type=chunk) - The company manages interest rate risk by determining the proportion of fixed-rate and floating-rate instruments, and manages exchange rate risk by monitoring foreign currency transactions and the scale of foreign currency assets and liabilities[508](index=508&type=chunk)[509](index=509&type=chunk) Period-End Balance of Foreign Cur

Group 1 - The diesel generator concept has gained significant traction, with companies like Taihao Technology, Power New Science, and Weichai Heavy Machinery hitting their daily limit up, and the diesel generator concept index has increased by over 64% this year [1] - The demand for high-end diesel generators has surged due to the continuous growth of AI data centers (AIDC) and traditional data centers, with power requirements for AIDC cabinets increasing from 4-8 kW to 20-100 kW, necessitating more robust backup power configurations [2][3] - Major tech companies like Tencent, Alibaba, and ByteDance are expanding their data centers, which is expected to drive the demand for diesel generators, with the market size projected to reach 9.1 billion yuan by 2025, a year-on-year growth of over 50% [2] Group 2 - North American cloud service providers are increasing investments in AI infrastructure, leading to a supply-demand imbalance for diesel generators globally, with prices reaching over 2.8 million yuan earlier this year [3] - Domestic manufacturers are experiencing a production backlog extending to November 2025, and the price of domestic diesel generators is around 3 million yuan, while export prices are approximately 4 million yuan, indicating a rising profit margin [3] - The domestic supply-demand gap is expected to persist due to the difficulty and low willingness of international leaders to expand production, benefiting domestic manufacturers in the diesel generator market [3] Group 3 - KOTAI Power focuses on the development, design, production, and sales of generator sets, with stable business cooperation in backup power for data centers [4] - Weichai Heavy Machinery specializes in developing and manufacturing power generation equipment, which is used as backup power in data centers [4] - Huafeng Co. produces intelligent generator sets primarily for data centers and communication bases [4] - Shenli Co. provides diesel generator products applicable in industries requiring emergency power, including data centers [4] - Taihao Technology specializes in emergency equipment for military applications, with intelligent emergency power solutions for data centers [4] - Sumida has a long-standing presence in the generator market, providing reliable backup power solutions for data centers [4]

Group 1 - The generator concept sector leads the market with a rise of 1.9% [1] - Key companies in this sector include KOTAI Power, which increased by 10.06%, Taihao Technology, which rose by 10.05%, and Weichai Heavy Machinery, which saw a gain of 9.99% [1] - Other notable performers include Xinchai Co. and Power New Science, both of which increased by over 2% [1]

Group 1 - The diesel generator concept saw a strong performance in the morning session on August 19, with several companies experiencing significant stock price increases [1] - Taihao Technology and Power New Science reached the daily limit up, while KOTAI Power surged over 15% [1] - Weichai Heavy Machinery hit the daily limit up, achieving a historical high, with other companies like New Chai Co. and Maxin Yishen also following the upward trend [1]

Group 1 - The core viewpoint of the news is that Zhejiang Xinchai Co., Ltd. has shown a slight decline in stock price and a mixed performance in capital flow, while its latest quarterly financial results indicate modest revenue growth and significant profit increase [1][3] - As of August 15, 2025, the stock price of Xinchai Co. is 13.62 yuan, down 0.15%, with a turnover rate of 5.85% and a trading volume of 93,600 lots, amounting to 128 million yuan [1] - The net outflow of main funds today is 17.28 million yuan, accounting for 13.55% of the transaction amount, with large orders showing a significant net outflow [1] Group 2 - For the first quarter of 2025, Xinchai Co. reported total operating revenue of 734 million yuan, a year-on-year increase of 2.77%, and a net profit attributable to shareholders of 15.26 million yuan, up 19.29% year-on-year [1] - The company has a current ratio of 1.435, a quick ratio of 1.178, and a debt-to-asset ratio of 58.02% [1] - Xinchai Co. was established in 2007 and is primarily engaged in the manufacturing of electrical machinery and equipment, with a registered capital of 241.13 million yuan [1][2]

Core Insights - The sales of diesel engines in China for July 2025 reached 367,200 units, showing a month-on-month decline of 11.39% but a year-on-year increase of 6.68% [1] - Cumulatively, from January to July 2025, diesel engine sales totaled 3.0322 million units, marking a year-on-year growth of 4.45% [1] - The commercial vehicle market experienced a decline in production and sales in July, with production at 298,000 units and sales at 306,000 units, reflecting month-on-month decreases of 15.8% and 17.1%, respectively, but year-on-year increases of 16.3% and 14.1% [1] Diesel Engine Sales Performance - In July 2025, multi-cylinder diesel engine sales were 139,400 units, down 16.71% month-on-month but up 12.84% year-on-year [7] - From January to July 2025, cumulative sales of multi-cylinder diesel engines reached 1.1621 million units, with a year-on-year growth of 3.55% [7] - The top ten companies accounted for 88.26% of total sales, showing a slight decrease compared to the previous period [7] Company Rankings and Performance - Weichai maintained its leading position with July sales of 53,900 units, achieving a month-on-month growth of 17.13% [4] - Yuchai ranked second with sales of 44,600 units, while Anhui Quanchai and Yunnei ranked third and fourth with sales of 21,000 and 19,900 units, respectively [3][4] - Cumulatively, from January to July 2025, Weichai sold 430,400 units, Yuchai 352,700 units, and Yunnei 213,100 units, with market shares of 17.61%, 14.43%, and 8.72%, respectively [6][10] Market Trends - The overall market for multi-cylinder diesel engines showed fluctuations, with most companies experiencing month-on-month declines in July [3] - The cumulative sales growth of leading companies indicates a competitive landscape, with some companies like Yuchai showing significant year-on-year growth [6][10] - The industry is facing challenges such as market saturation and increased competition, prompting companies to innovate and enhance service offerings [3]