Core Viewpoint - The company Yutian Guanjia experienced a decline in stock price and trading volume on August 28, with a notable net financing inflow despite the drop in revenue and profit for the first half of 2025 [1][2]. Financing Summary - On August 28, Yutian Guanjia had a financing buy amount of 16.48 million yuan, with a total financing balance of 59.55 million yuan, accounting for 6.84% of its market capitalization [2]. - The company had a net financing inflow of 1.56 million yuan after a financing repayment of 14.92 million yuan [1]. Company Overview - Yutian Guanjia, established on December 3, 2004, is located in the Qingpu Industrial Park of Shanghai and specializes in manufacturing automotive sunroofs and other automotive components [2]. - The company provides comprehensive solutions for automotive sunroofs and other components to both domestic and international automobile manufacturers [2]. Financial Performance - For the first half of 2025, Yutian Guanjia reported a revenue of 958 million yuan, a year-on-year decrease of 11.30%, and a net profit attributable to shareholders of 59.21 million yuan, down 25.65% year-on-year [2]. Shareholder Information - As of June 30, 2025, the number of shareholders for Yutian Guanjia increased by 7.36% to 15,200, while the average circulating shares per person decreased by 6.85% to 1,110 shares [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 272,300 shares as a new shareholder [3].

业务评价：公司去年的ROIC为18.54%，资本回报率极强。然而去年的净利率为7.11%，算上全部成本 后，公司产品或服务的附加值一般。从历史年报数据统计来看，公司上市以来中位数ROIC为18.54%， 投资回报也很好，其中最惨年份2021年的ROIC为9.25%，投资回报也较好。公司历史上的财报相对良好 （注：公司上市时间不满10年，上市时间越长财务均分参考意义越大。）。 偿债能力：公司现金资产非常健康。 财报体检工具显示： 建议关注公司应收账款状况（应收账款/利润已达277.2%） 据证券之星公开数据整理，近期毓恬冠佳（301173）发布2025年中报。截至本报告期末，公司营业总收 入9.58亿元，同比下降11.3%，归母净利润5921.35万元，同比下降25.65%。按单季度数据看，第二季度 营业总收入4.85亿元，同比下降13.57%，第二季度归母净利润3900.84万元，同比上升36.46%。本报告 期毓恬冠佳公司应收账款体量较大，当期应收账款占最新年报归母净利润比达277.2%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率16.78%，同比减0.09%，净利率6.12%， 同比减16. ...

Core Insights - The company reported a revenue of 958 million yuan and a net profit attributable to shareholders of 59.21 million yuan for the first half of 2025 [1] - The company emphasizes "technology-driven development" and has approximately 160 R&D personnel, with R&D investment amounting to 28.94 million yuan in the first half of 2025 [1] - The company is innovating its product line by enhancing existing automotive sunroof products and addressing industry technical pain points with new offerings such as negative ion curtain fabric and ultra-thin sunshades [1] - The company has established a new product development route based on its technical reserves in automotive sports components, including the mass production of electric rear wings, which have received positive industry feedback [1] - To expand its market share, the company is actively engaging new clients, including well-known automotive brands such as Xiaomi, Xpeng, Renault, BMW, and Mercedes-Benz [1] Company Overview - The company specializes in automotive sunroofs and has integrated capabilities in design, R&D, and production, serving both domestic and international automotive manufacturers [2] - Major clients include prominent domestic automotive manufacturers such as Changan Automobile, FAW Group, Geely, GAC Group, SAIC Volkswagen, Great Wall Motors, and Chery Automobile [2]

Core Viewpoint - The company, Yutian Guanjia, experienced a decline in stock price and financial performance, with significant changes in financing activities and shareholder structure [1][2]. Group 1: Financial Performance - As of June 30, 2025, Yutian Guanjia reported a revenue of 958 million yuan, representing a year-on-year decrease of 11.30% [2]. - The net profit attributable to shareholders for the same period was 59.21 million yuan, down 25.65% year-on-year [2]. Group 2: Financing Activities - On August 27, 2025, the company saw a financing buy-in amount of 9.35 million yuan, while the financing repayment was 11.93 million yuan, resulting in a net financing outflow of 2.58 million yuan [1]. - The total financing and securities balance as of August 27, 2025, was 57.99 million yuan, accounting for 6.49% of the circulating market value [1]. Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 15,200, a rise of 7.36% compared to the previous period [2]. - The average number of circulating shares per shareholder decreased by 6.85% to 1,110 shares [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 272,300 shares as a new shareholder [3].

附件: 法定代表人： 主管会计工作的负责人： 会计机构负责人： 上海毓恬冠佳科技股份有限公司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：人民币元 | 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1-6月占用 2025年期初占用 累计发生金额 | | 2025年1-6月占用 2025年1-6月偿还 资金的利息(如 | 2025年6月30日占 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 资金余额 （不含利息） | | 累计发生金额 有) | 用资金余额 | | | | 控股股东、实际控制人 | | | | | | | | | | | 及其附属企业 | | | | | | | | | | | 小计 | - | - | - | | | | | - | - | | 前控股股东、实际控制人 | | | | | | | | | | | 及其附属企业 | | | | | | | | | | | 小计 ...

证券代码：301173 证券简称：毓恬冠佳 公告编号：2025-037 上海毓恬冠佳科技股份有限公司 关于 2025 年半年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 （二）募集资金使用及结余情况 截至 2025 年 6 月 30 日，公司募集资金使用及余额情况如下： 单位：人民币万元 | 项目 | 金额（万元） | | --- | --- | | 募集资金总额 | 62,209.00 | | 减：发行费用 | 6,857.13 | | 募集资金净额 | 55,351.87 | | 减：置换自筹资金预先投入募投项目金额（不含使用募集 资金置换先期已支付发行费用金额） | 11,968.14 | | 减：上市后直接投入募投项目金额 | 7,272.11 | | 1 其中：毓恬冠佳新厂房注 | 52.30 | | 汽车车顶系统及运动部件新技术研发项目 | - | | 汽车电子研发建设项目 | | | | | | - | | | --- | --- | --- | --- | --- | --- | --- | --- | | ...

毓恬冠佳公告，2025年上半年营业收入9.58亿元，同比下降11.30%。净利润5921.35万元，同比下降 25.65%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

上海毓恬冠佳科技股份有限公司（以下简称"公司"）第二届监事会第六次 会议于2025年8月26日在公司会议室以现场结合通讯表决方式召开。会议通知和 材料于2025年8月15日以邮件方式送达全体监事。本次会议应出席监事3人，实际 出席监事3人。会议由监事会主席杨守彬先生主持召开。本次会议的召开符合 《公司法》《公司章程》和《监事会议事规则》的有关规定，会议合法有效。 二、监事会会议审议情况 （一）审议通过《关于公司2025年半年度报告及其摘要的议案》 监事会认为，公司《2025年半年度报告》及《2025年半年度报告摘要》的程 序符合相关法律、法规和中国证监会的规定，报告内容真实准确地反映了上市公 司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）的《2025 年 半年度报告》和《2025年半年度报告摘要》。《2025年半年度报告摘要》将同时 刊登于《证券时报》《中国证券报》《上海证券报》《证券日报》《经济参考 报》，供投资者查阅。 表决结果：同意3票，反对0票，弃权0票。 证券代码：301173 证券简称：毓恬冠佳 公告编号：20 ...

证券代码：301173 证券简称：毓恬冠佳 公告编号：2025-035 上海毓恬冠佳科技股份有限公司 第二届董事会第十一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 上海毓恬冠佳科技股份有限公司（以下简称"公司"）第二届董事会第十一 次会议于2025年8月26日在公司会议室以现场结合通讯表决方式召开。会议通知 和材料于2025年8月15日以邮件方式送达全体董事。本次会议应出席董事9人，实 际出席董事9人。本次会议由董事长吴军先生主持，会议的召集和召开符合《公 司法》《公司章程》和《董事会议事规则》的有关规定，会议合法有效。 二、董事会会议审议情况 （一）审议通过《关于公司2025年半年度报告及其摘要的议案》 表决结果：同意9票，反对0票，弃权0票。 三、备查文件 本议案已经公司董事会审计委员会审议通过。 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）的《2025年 半年度报告》《2025年半年度报告摘要》。《2025年半年度报告摘要》将同时刊 登于《证券时报》《中国证券报》《上海证券报》《证 ...

Part I Important Notice, Table of Contents and Definitions This section provides important notices, a comprehensive table of contents, and definitions of key terms to ensure clear understanding of the report content [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, and the financial report is declared true, accurate, and complete - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[4](index=4&type=chunk) - The company's responsible person, chief financial officer, and head of accounting department declare the financial report is true, accurate, and complete[4](index=4&type=chunk) - Content in this report regarding future plans and performance forecasts does not constitute a commitment by the company to any investors or related parties[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This report's clear table of contents lists eight main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond-related information, and financial reports - The report contains eight main chapters with a clear structure[6](index=6&type=chunk) [List of Reference Documents](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) Reference documents include signed and sealed financial statements, original copies of all publicly disclosed company documents, and the original semi-annual report text, all available at the company's securities department office - Reference documents include signed and sealed financial statements, original copies of publicly disclosed documents, and the original semi-annual report text[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) - All reference documents are kept at the company's securities department office[13](index=13&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, major subsidiaries, controlling shareholders, employee stock ownership platforms, key customers, and automotive component technologies and products - Defines entities such as the company, subsidiaries, controlling shareholders, and employee stock ownership platforms[14](index=14&type=chunk) - Explains key customers, such as Changan Automobile, FAW Group, Geely Automobile, and other vehicle manufacturers[14](index=14&type=chunk) - Details automotive sunroof and other moving parts related technical terms, such as ECU, panoramic sunroof, negative ion curtain fabric, and electric rear spoiler[14](index=14&type=chunk)[15](index=15&type=chunk) Part II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, and a summary of key accounting data and financial indicators for the reporting period [1. Company Profile](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Shanghai Yutian Guanjia Technology Co., Ltd. (stock abbreviation: Yutian Guanjia, stock code: 301173) is listed on the Shenzhen Stock Exchange, with Wu Jun as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Yutian Guanjia | | Stock Code | 301173 | | Listing Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | 上海毓恬冠佳科技股份有限公司 | | Legal Representative | Wu Jun | [2. Contact Persons and Information](index=7&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's board secretary is Wu Hongyang, and the securities affairs representative is Liang Runxue, both located at 580 Songhuang Road, Qingpu Industrial Park, Shanghai, with consistent contact numbers and email Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Wu Hongyang | 580 Songhuang Road, Qingpu Industrial Park, Shanghai | 021-59219238 | 021-59219238 | mobitech@mobitech.com.cn | | Securities Affairs Representative | Liang Runxue | 580 Songhuang Road, Qingpu Industrial Park, Shanghai | 021-59219238 | 021-59219238 | mobitech@mobitech.com.cn | [3. Other Information](index=7&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure and storage locations, or registration status - The company's contact information remained unchanged during the reporting period[19](index=19&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[20](index=20&type=chunk) - The company's registration status remained unchanged during the reporting period[21](index=21&type=chunk) [4. Key Accounting Data and Financial Indicators](index=8&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This period saw a 11.30% decrease in operating revenue and a 25.65% decrease in net profit attributable to shareholders, while net cash flow from operating activities increased by 25.28% Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Period (yuan) | Prior Period (yuan) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 957,712,759.28 | 1,079,766,107.25 | -11.30% | | Net Profit Attributable to Shareholders of Listed Company | 59,213,534.76 | 79,645,221.13 | -25.65% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 53,771,143.33 | 73,520,863.24 | -26.86% | | Net Cash Flow from Operating Activities | 120,605,633.27 | 96,272,595.28 | 25.28% | | Basic Earnings Per Share (yuan/share) | 0.7354 | 1.209 | -39.17% | | Diluted Earnings Per Share (yuan/share) | 0.7354 | 1.209 | -39.17% | | Weighted Average Return on Net Assets | 4.86% | 11.68% | -6.82% | | Indicator | End of Current Period (yuan) | End of Prior Year (yuan) | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets | 2,475,939,426.59 | 2,258,540,731.81 | 9.63% | | Net Assets Attributable to Shareholders of Listed Company | 1,412,811,620.95 | 817,339,427.19 | 72.85% | [5. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reported no differences in net profit and net assets between international or overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets under domestic and overseas accounting standards during the reporting period[23](index=23&type=chunk)[24](index=24&type=chunk) [6. Non-recurring Gains and Losses Items and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) The company's total non-recurring gains and losses for the reporting period amounted to 5.44 million yuan, primarily from disposal of non-current assets, government grants, fair value changes of financial assets, and reversal of credit impairment provisions Non-recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | Description | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets | 357,390.93 | | | Government grants recognized in current profit or loss | 1,987,338.65 | | | Gains and losses from changes in fair value of financial assets and liabilities, and from disposal of financial assets and liabilities, excluding those related to effective hedging activities in the company's ordinary course of business | 3,740,127.20 | | | Reversal of impairment provisions for receivables subject to individual impairment testing | 96,864.33 | | | Other non-operating income and expenses apart from the above | -436,169.80 | | | Less: Income tax impact | 279,753.21 | | | Minority interests impact (after tax) | 23,406.67 | | | Total | 5,442,391.43 | | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses[27](index=27&type=chunk) - The company has not classified non-recurring gains and losses items as recurring gains and losses[27](index=27&type=chunk) Part III Management Discussion and Analysis This section provides a comprehensive analysis of the company's main business, core competencies, financial performance, asset and liability status, investment activities, and risk factors [1. Main Business Activities During the Reporting Period](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company primarily engages in the R&D, production, and sales of automotive sunroofs and other moving parts, serving renowned domestic and international automotive manufacturers [(I) Main Business, Products or Services, and Their Uses](index=10&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E6%88%96%E6%9C%8D%E5%8A%A1%E5%8F%8A%E5%85%B6%E7%94%A8%E9%80%94) The company is an automotive moving parts manufacturer, with automotive sunroofs as its core product, offering complete solutions for various sunroofs and other moving parts to major domestic vehicle manufacturers - The company's main business involves the R&D, production, and sales of automotive sunroofs and other automotive moving parts[29](index=29&type=chunk) - Key customers include Changan Automobile, FAW Group, Geely Automobile, GAC Group, SAIC Volkswagen, Great Wall Motor, and Chery Automobile[29](index=29&type=chunk) - Main products include top-mounted panoramic sunroofs, bottom-mounted panoramic sunroofs, and small sunroofs[29](index=29&type=chunk)[30](index=30&type=chunk) [(II) Company's Main Business Model](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company employs a diversified supplier procurement model, "production based on sales" manufacturing, and operates as a Tier 1 automotive parts supplier, with no significant changes to key operating factors during the reporting period - Procurement Model: Diversified supplier procurement, establishing long-term cooperation with core suppliers, and collective decision-making through a procurement committee[32](index=32&type=chunk) - Production Model: Production based on sales, arranging production plans according to customer demand, and preparing inventory in advance considering daily capacity, temporary needs, and transportation risks[33](index=33&type=chunk) - Sales Model: As a Tier 1 automotive parts supplier, directly participating in customers' early-stage new product technical solution design and bidding processes[34](index=34&type=chunk) - Key factors influencing the business model include raw material prices, supply-demand relationship with vehicle manufacturers, technological updates, product R&D cycles, and technological reserves, with no significant changes during the reporting period[35](index=35&type=chunk) [2. Analysis of Core Competencies](index=11&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company maintains a leading position in China's automotive sunroof market through strong R&D, extensive laboratory certifications, a stable customer base, and significant market scale advantages [1. Innovation and R&D Advantages](index=11&type=section&id=1%E3%80%81%E5%88%9B%E6%96%B0%E7%A0%94%E5%8F%91%E4%BC%98%E5%8A%BF) With approximately 160 R&D personnel, the company has established a complete independent intellectual property development process and virtual simulation system, enhancing existing products and successfully mass-producing new ones like electric rear spoilers - The company has approximately **160 R&D personnel** and has established a complete independent intellectual property development process and virtual development simulation[36](index=36&type=chunk) - Product innovations include value-added technologies such as negative ion curtain fabric, ultra-thin sunshades, and pop-up panoramic sunroofs[36](index=36&type=chunk) - New products like electric rear spoilers have been mass-produced, earning excellent industry reputation[36](index=36&type=chunk) [2. Laboratory Accreditation Advantages](index=11&type=section&id=2%E3%80%81%E5%AE%9E%E9%AA%8C%E5%AE%A4%E8%8D%A3%E8%AA%89%E8%B5%84%E8%B4%A8%E4%BC%98%E5%8A%BF) The company's 2,700 square meter experimental center, equipped with over 70 sets of equipment, holds CNAS accreditation and certifications from 19 OEMs, enabling comprehensive testing for various automotive components - The experimental center covers **2,700 square meters**, possesses over **70 sets of experimental equipment**, and can test products such as automotive sunroofs, electric rear spoilers, and charging port covers[37](index=37&type=chunk) - The company holds **CNAS accreditation** and has obtained certifications from **19 OEMs**, including Volkswagen Germany, SAIC Volkswagen, Changan Automobile, and Geely Automobile[37](index=37&type=chunk)[38](index=38&type=chunk) [3. Customer Advantages](index=12&type=section&id=3%E3%80%81%E5%AE%A2%E6%88%B7%E4%BC%98%E5%8A%BF) The company boasts a stable customer base including joint ventures, independent brands, and international clients, while actively pursuing new partnerships with emerging and luxury automotive brands to expand market share - The customer base includes domestic independent brands (FAW Group, Changan Automobile, Geely Automobile, etc.), joint venture vehicle manufacturers (FAW-Volkswagen, SAIC Volkswagen, etc.), and overseas customers (Hyundai Motor, Kia Motors, etc.)[39](index=39&type=chunk) - Actively engaging with new customers such as AITO, Xiaomi Auto, Xpeng Motors, Renault, BMW, Mercedes-Benz, and VinFast[39](index=39&type=chunk) [4. Scale Advantages](index=12&type=section&id=4%E3%80%81%E8%A7%84%E6%A8%A1%E4%BC%98%E5%8A%BF) As China's second-largest automotive sunroof supplier in 2023 with a 16% market share, the company's 2024 sales of 2.1682 million units demonstrate a high-volume production advantage, enhancing competitiveness and profitability - In **2023**, the company was the **second-largest supplier** in China's automotive sunroof market, with a market share of **16%**[40](index=40&type=chunk) - Automotive sunroof sales reached **2.1682 million units** in **2024**, with high production volume creating a per-unit cost advantage[40](index=40&type=chunk) [3. Analysis of Main Business](index=12&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, operating revenue and cost decreased by 11.30% and 11.29% respectively, while administrative expenses increased by 27.46%, and financial expenses decreased by 34.38% due to higher interest income and loan repayment Year-on-Year Changes in Key Financial Data | Indicator | Current Period (yuan) | Prior Period (yuan) | Year-on-year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 957,712,759.28 | 1,079,766,107.25 | -11.30% | No significant change | | Operating Cost | 796,987,149.38 | 898,397,397.89 | -11.29% | No significant change | | Selling Expenses | 9,783,933.31 | 10,010,335.95 | -2.26% | No significant change | | Administrative Expenses | 49,277,729.99 | 38,660,571.29 | 27.46% | No significant change | | Financial Expenses | 1,242,484.28 | 1,893,391.62 | -34.38% | Primarily due to increased interest income; short-term loans were fully repaid in Q1 2025, leading to a year-on-year decrease in financial expenses | | Income Tax Expense | 18,650,373.21 | 19,602,556.45 | -4.86% | No significant change | | R&D Investment | 28,938,808.52 | 33,846,665.90 | -14.50% | No significant change | | Net Cash Flow from Operating Activities | 120,605,633.27 | 96,272,595.28 | 25.28% | No significant change | | Net Cash Flow from Investing Activities | -166,240,711.02 | -206,929,155.57 | 19.66% | No significant change | | Net Cash Flow from Financing Activities | 389,188,363.05 | 28,674,556.03 | 1,257.26% | Primary reasons: (1) IPO proceeds received in March 2025; (2) A portion of raised funds used to replace prior self-raised funds for the "Yutian New Factory" project and repay bank loans | | Net Increase in Cash and Cash Equivalents | 343,553,285.30 | -81,982,004.26 | 519.06% | Primarily due to IPO proceeds received in March 2025 | - There were no significant changes in the company's profit structure or sources of profit during the reporting period[43](index=43&type=chunk) Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin | Operating Revenue Year-on-year Change | Operating Cost Year-on-year Change | Gross Profit Margin Year-on-year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Panoramic Sunroof | 625,280,292.90 | 503,043,775.05 | 19.55% | -23.68% | -24.38% | 0.74% | | Small Sunroof | 200,092,919.64 | 184,828,717.66 | 7.63% | 8.63% | 12.16% | -2.91% | | Other | 132,339,546.74 | 109,114,656.66 | 17.55% | 73.58% | 59.64% | 7.20% | [4. Analysis of Non-Core Business](index=13&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's non-core business income primarily includes financial management gains, tax refunds, and government subsidies, alongside inventory impairment losses and credit impairment losses, none of which are sustainable Non-Core Business Analysis | Item | Amount (yuan) | Percentage of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 3,740,127.20 | 4.84% | Primarily financial management gains | No | | Asset Impairment | -8,506,431.03 | -11.02% | Primarily inventory impairment losses and contract performance cost impairment losses | No | | Non-operating Income | 76,781.52 | 0.10% | Primarily customer debt settlement | No | | Non-operating Expenses | 676,395.43 | 0.88% | | No | | Other Income | 3,294,043.33 | 4.27% | Primarily tax refunds and government subsidies | No | | Credit Impairment Loss | 12,064,666.92 | 15.62% | Primarily due to a decrease in accounts receivable balance, reversing credit impairment losses according to the company's significant accounting policies and estimates for expected credit loss measurement | No | | Gains from Asset Disposal | 520,835.04 | 0.67% | Primarily gains from disposal of scrapped machinery and equipment | No | [5. Analysis of Assets and Liabilities](index=13&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At period-end, total assets increased by 9.63% and net assets attributable to shareholders increased by 72.85%, driven by IPO proceeds, increased financial assets, and reclassification of new factory buildings from construction in progress to fixed assets Significant Changes in Asset Composition | Item | Amount at End of Current Period (yuan) | Percentage of Total Assets | Amount at End of Prior Year (yuan) | Percentage of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 499,199,962.81 | 20.16% | 125,459,736.14 | 5.55% | 14.61% | Primarily due to IPO proceeds received | | Accounts Receivable | 473,457,096.43 | 19.12% | 675,142,362.61 | 29.89% | -10.77% | No significant change | | Inventories | 386,840,890.43 | 15.62% | 388,277,114.10 | 17.19% | -1.57% | No significant change | | Fixed Assets | 356,208,898.50 | 14.39% | 224,116,417.97 | 9.92% | 4.47% | Primarily due to the completion and acceptance of the new factory building of the wholly-owned subsidiary "Yutian Guanjia Auto Technology" in May | | Construction in Progress | 1,607,000.00 | 0.06% | 148,872,953.71 | 6.59% | -6.53% | The new factory building of the wholly-owned subsidiary "Yutian Guanjia Auto Technology" completed acceptance in May and was transferred to fixed assets | | Short-term Borrowings | 0.00 | 0.00% | 40,029,333.33 | 1.77% | -1.77% | Short-term loans matured and were repaid | | Long-term Borrowings | 0.00 | 0.00% | 82,412,891.00 | 3.65% | -3.65% | The special loan for the new factory building of the wholly-owned subsidiary "Yutian Guanjia Auto Technology" was replaced after IPO proceeds were received and repaid to the bank | | Financial Assets Held for Trading | 316,000,000.00 | 12.76% | 171,000,000.00 | 7.57% | 5.19% | Primarily due to increased purchases of structured deposits with own funds and a portion of raised funds | | Notes Payable | 167,114,959.72 | 6.75% | 34,399,692.22 | 1.52% | 5.23% | Primarily due to an increase of 100 million yuan in new outstanding credit notes compared to the end of the prior year | - The company had no significant overseas assets during the reporting period[49](index=49&type=chunk) Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 171,000,000.00 | 1,062,000,000.00 | 917,000,000.00 | 316,000,000.00 | | Subtotal of Financial Assets | 171,000,000.00 | 1,062,000,000.00 | 917,000,000.00 | 316,000,000.00 | | Total Above | 171,000,000.00 | 1,062,000,000.00 | 917,000,000.00 | 316,000,000.00 | Asset Rights Restricted as of the End of the Reporting Period | Item | June 30, 2025 (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Other Cash and Bank Balances | 25,724,969.90 | Margin and interest for acceptance bills and large-to-small bill splitting business at Ningbo Bank | | Other Cash and Bank Balances | 22,286,182.15 | Margin and interest for acceptance bill business at Shanghai Rural Commercial Bank | | Other Cash and Bank Balances | 4,509,954.94 | Litigation preservation funds frozen at Hangzhou Bank | | Other Cash and Bank Balances | 2,500,000.00 | Margin and interest for acceptance bill business at Jiangsu Bank | | Other Cash and Bank Balances | 1,903,419.02 | Litigation preservation funds frozen for loans at Pudong Development Bank | | Other Cash and Bank Balances | 1,000,000.00 | Margin and interest for acceptance bill business at Huaxia Bank | | Other Cash and Bank Balances | 96,546.35 | Margin and interest for large-to-small bill splitting business at Hangzhou Bank | | Other Cash and Bank Balances | 5,000.00 | Margin for ETC business at Pudong Development Bank | | Fixed Assets—Buildings | 6,344,401.00 | Collateral for loans from Shanghai Rural Commercial Bank Co., Ltd. Yingzhong Branch | | Intangible Assets—Land Use Rights | 4,056,326.24 | Collateral for loans from Shanghai Rural Commercial Bank Co., Ltd. Qingpu Branch | | Total | 68,426,799.60 | - | [6. Analysis of Investment Activities](index=15&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total investment decreased by 81.64% year-on-year, with net proceeds of 553 million yuan from the initial public offering used to replace self-raised funds for projects and for cash management, while committed projects are progressing as planned Changes in Total Investment | Investment Amount in Current Period (yuan) | Investment Amount in Prior Period (yuan) | Change Percentage | | :--- | :--- | :--- | | 4,942,565.77 | 26,926,474.50 | -81.64% | - The company had no significant equity or non-equity investments during the reporting period[54](index=54&type=chunk)[55](index=55&type=chunk) Overall Utilization of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (10,000 yuan) | Net Raised Funds (10,000 yuan) | Total Raised Funds Used in Current Period (10,000 yuan) | Total Raised Funds Used Cumulatively (10,000 yuan) | Utilization Ratio of Raised Funds at Period-end | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2025 | Initial Public Offering | 62,209 | 55,351.87 | 19,240.25 | 19,240.25 | 34.76% | - The company completed its initial public offering in **March 2025**, with net proceeds of **553,518,703.59 yuan**[57](index=57&type=chunk) - The company used a portion of idle raised funds and its own funds for cash management, with a balance of **84 million yuan** as of **June 30, 2025**[58](index=58&type=chunk) - The company used raised funds to replace **134.0953 million yuan** of self-raised funds previously invested in IPO projects and for paid issuance expenses[58](index=58&type=chunk) Status of Committed Projects Funded by Raised Capital | Financing Project Name | Total Committed Investment of Raised Funds (10,000 yuan) | Adjusted Total Investment (10,000 yuan) | Cumulative Investment at Period-end (10,000 yuan) | Investment Progress | Expected Date of Usable Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Yutian Guanjia New Factory Building | 31,285.84 | 31,285.84 | 11,403.97 | 36.45% | December 31, 2026 | | Automotive Roof System and Moving Parts New Technology R&D Project | 8,374.98 | 8,374.98 | 616.47 | 7.36% | December 31, 2026 | | Automotive Electronics R&D Construction Project | 8,471.24 | 8,471.24 | 0 | 0.00% | December 31, 2026 | | Working Capital Supplement Project | 7,219.81 | 7,219.81 | 7,219.81 | 100.00% | - | | Total | 55,351.87 | 55,351.87 | 19,240.25 | - | - | - The company had no changes in raised fund projects during the reporting period[63](index=63&type=chunk) Overview of Wealth Management | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Transactions (10,000 yuan) | Unmatured Balance (10,000 yuan) | Overdue Unrecovered Amount (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 36,900 | 8,400 | 0 | | Bank Wealth Management Products | Own Funds | 25,000 | 23,200 | 0 | | Total | | 61,900 | 31,600 | 0 | - The company had no derivative investments or entrusted loans during the reporting period[65](index=65&type=chunk)[66](index=66&type=chunk) [7. Significant Asset and Equity Disposals](index=20&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not engage in any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[67](index=67&type=chunk) - The company did not dispose of significant equity during the reporting period[68](index=68&type=chunk) [8. Analysis of Major Controlled and Invested Companies](index=20&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%90%A5%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The performance of the company's major subsidiaries varied, with Xiangtan Yutian Guanjia experiencing revenue and profit decline, while Jilin Yutian Guanjia and Tianjin Yutian Guanjia saw increased sales orders and significant profit growth Financial Performance of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xiangtan Yutian Guanjia Auto Parts Co., Ltd. | Subsidiary | Automotive parts production, sales, and R&D | 10,000,000 | 261,297,626.66 | 164,368,256.08 | 112,699,778.26 | 12,019,555.61 | 9,016,250.27 | | Jilin Yutian Guanjia Auto Parts Co., Ltd. | Subsidiary | Automotive parts production, sales, and R&D | 500,000 | 230,235,031.70 | 71,085,915.07 | 241,557,384.71 | 54,300,084.70 | 40,802,215.64 | | Tianjin Yutian Guanjia Auto Parts Co., Ltd. | Subsidiary | Automotive parts production, sales, and R&D | 10,000,000 | 94,545,510.49 | 32,062,468.71 | 96,692,549.26 | 15,927,318.29 | 11,943,229.66 | | Wuhu Yutian Guanjia Auto Parts Co., Ltd. | Subsidiary | Automotive parts production, sales, and R&D | 10,000,000 | 469,582,072.35 | 45,226,630.83 | 252,195,839.93 | 16,451,306.04 | 12,627,350.73 | - Xiangtan Yutian Guanjia's revenue and profit decreased in the first half of the year, impacted by customer market conditions and changes in product structure[69](index=69&type=chunk) - Jilin Yutian Guanjia saw an increase in sales orders, operating revenue, and net profit in the first half of the year[70](index=70&type=chunk) - Tianjin Yutian Guanjia experienced a significant increase in sales orders, operating revenue, and product profit in the first half of the year[70](index=70&type=chunk) - Wuhu Yutian Guanjia's sales volume showed stable growth, as it is a new subsidiary established in **December 2023**, with operations ramping up in the second half of **2024**[70](index=70&type=chunk) [9. Structured Entities Controlled by the Company](index=20&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[71](index=71&type=chunk) [10. Risks Faced by the Company and Countermeasures](index=20&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces multiple risks related to industry prosperity, technology, market competition, and policy, which it addresses by strengthening core competencies, enhancing R&D, diversifying products, consolidating customer relationships, and actively responding to policy changes - Industry Prosperity Risk: The company's business is closely linked to the development of the automotive industry and is significantly affected by the macroeconomy; countermeasures include strengthening core competencies, enhancing new product R&D reserves, and enriching product structure[71](index=71&type=chunk)[72](index=72&type=chunk) - Technology Risk: Requires continuous technological R&D and innovation to meet market demands; countermeasures include strengthening new product R&D reserves, consolidating customer relationships, expanding new customers, and continuously enhancing R&D and innovation in new technologies, materials, and processes[73](index=73&type=chunk) - Market Competition Risk: Intensified competition in the automotive parts industry; countermeasures include prioritizing R&D investment and talent, enhancing product development capabilities, optimizing production processes, and deepening customer cooperation[74](index=74&type=chunk) - Policy Risk: Automotive consumption is influenced by macroeconomic policies; countermeasures include actively responding to policy changes, closely following national development strategies, exploring market opportunities, and expanding into new products, businesses, and markets[75](index=75&type=chunk) [11. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=21&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) On May 28, 2025, the company conducted an online exchange via Panorama Network's "Investor Relations Interactive Platform" to discuss its 2024 operating performance with institutional and individual investors Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period | Reception Date | Reception Location | Reception Method | Type of Recipient | Recipient | Main Topics Discussed | Basic Survey Information and Index of Provided Materials | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | May 28, 2025 | Panorama Network "Investor Relations Interactive Platform" | Online platform exchange | Institutional, Individual | Investors participating in the company's 2024 online performance briefing via the "Investor Relations Interactive Platform" | Exchanged views with investors on the company's 2024 operating performance and other matters | See the "Investor Relations Activity Record Form" No. 2025-001 disclosed by the company on Juchao Information Network (www.cninfo.com.cn) | [12. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company has not formulated a market value management system[77](index=77&type=chunk) - The company has not disclosed a valuation enhancement plan[77](index=77&type=chunk) [13. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=21&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period - The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[77](index=77&type=chunk) Part IV Corporate Governance, Environment and Society This section details changes in the company's directors, supervisors, and senior management, profit distribution plans, employee incentive measures, environmental information disclosure, and social responsibility initiatives [1. Changes in Directors, Supervisors, and Senior Management](index=22&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, Han Fenji was dismissed as Board Secretary and Head of Securities Affairs due to personal reasons, and Wu Hongyang was appointed as the new Board Secretary Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Han Fenji | Board Secretary, Head of Securities Affairs | Dismissal | March 28, 2025 | Personal reasons | | Wu Hongyang | Board Secretary | Appointment | March 28, 2025 | Personal reasons | [2. Profit Distribution and Capital Reserve to Share Capital Conversion in Current Period](index=22&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[80](index=80&type=chunk) [3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures implemented 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[81](index=81&type=chunk) [4. Environmental Information Disclosure](index=23&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[82](index=82&type=chunk) [5. Social Responsibility](index=23&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company adheres to legal compliance, maintains a robust corporate governance structure, and is committed to protecting the rights of shareholders, employees, suppliers, and customers, fostering a fair and healthy business environment - The company has established a corporate governance structure with clear responsibilities, centered around the shareholders' meeting, board of directors, supervisory board, and management[82](index=82&type=chunk) - The company safeguards shareholder and investor rights through improved governance, active cash dividends, strict information disclosure, and multi-channel communication[83](index=83&type=chunk) - The company adheres to a "people-oriented" approach, providing a healthy and safe working environment, protecting employees' legal rights, improving welfare systems, and focusing on training and career planning[84](index=84&type=chunk) - The company establishes long-term close cooperative relationships with suppliers and customers for mutual benefit, and prevents commercial bribery through internal audit systems and integrity commitment letters[85](index=85&type=chunk) Part V Significant Matters This section covers significant matters including commitments, related party transactions, litigation, penalties, and other important events affecting the company [1. Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=24&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The company reported no commitments fulfilled or overdue unfulfilled by controlling shareholders, shareholders, related parties, acquirers, or the company during or as of the end of the reporting period - The company reported no commitments fulfilled or overdue unfulfilled by related parties during the reporting period[87](index=87&type=chunk) [2. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=24&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) The company reported no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period - The company reported no non-operating funds occupied by controlling shareholders or other related parties during the reporting period[88](index=88&type=chunk) [3. Irregular External Guarantees](index=24&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company reported no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[89](index=89&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=24&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[90](index=90&type=chunk) [5. Board of Directors, Supervisory Board, and Audit Committee's Explanation of "Non-Standard Audit Report" for the Current Period](index=24&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E3%80%81%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) The company reported no non-standard audit reports during the current reporting period - The company had no non-standard audit reports during the reporting period[91](index=91&type=chunk) [6. Board of Directors' Explanation of "Non-Standard Audit Report" for the Prior Year](index=24&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company reported no non-standard audit reports for the prior year during the current reporting period - The company had no non-standard audit reports for the prior year during the reporting period[91](index=91&type=chunk) [7. Bankruptcy and Reorganization Matters](index=24&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company reported no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[91](index=91&type=chunk) [8. Litigation Matters](index=24&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no significant litigation or arbitration matters during the reporting period, with other ongoing lawsuits as plaintiff involving 19.95 million yuan and as defendant involving 2.37 million yuan, none of which have a material impact - The company had no significant litigation or arbitration matters in the current reporting period[92](index=92&type=chunk) Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (10,000 yuan) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Execution Status of Litigation (Arbitration) Judgment | | :--- | :--- | :--- | :--- | :--- | :--- | | Summary of other litigation (arbitration) where the company is the plaintiff, not meeting the disclosure threshold for significant litigation | 1,995.44 | No | Some cases are still in progress | No significant impact on the company | Some cases are being executed | | Summary of other litigation (arbitration) where the company is the defendant, not meeting the disclosure threshold for significant litigation | 237.00 | No | Some cases are still in progress | No significant impact on the company | Some cases are being executed | [9. Penalties and Rectification](index=25&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company reported no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[94](index=94&type=chunk) [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=25&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company reported no issues regarding the integrity status of the company, its controlling shareholder, or actual controller during the reporting period - The company reported no issues regarding the integrity status of the company, its controlling shareholder, or actual controller during the reporting period[95](index=95&type=chunk) [11. Significant Related Party Transactions](index=25&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company had no significant related party transactions involving daily operations, asset/equity acquisition/disposal, joint investments, or related party debts during the reporting period, but approved an investment fund subscription on June 24, 2025 - The company had no related party transactions related to daily operations during the reporting period[95](index=95&type=chunk) - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[96](index=96&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[97](index=97&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[98](index=98&type=chunk) - There were no deposits, loans, credit lines, or other financial transactions between the company and related financial companies, or between financial companies controlled by the company and related parties[99](index=99&type=chunk)[100](index=100&type=chunk) - On **June 24, 2025**, the company approved the "Proposal on Subscribing for Investment Fund Units and Related Party Transaction," agreeing to subscribe for units in Jiaxing Junhui Equity Investment Partnership (Limited Partnership) with its own funds[101](index=101&type=chunk) [12. Significant Contracts and Their Performance](index=26&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had no trust or contracting arrangements, and its leasing activities were for normal operations without significant profit impact; a 140 million yuan guarantee for Shanghai Yutian Guanjia Auto Technology Co., Ltd. was fulfilled - The company had no trust arrangements during the reporting period[102](index=102&type=chunk) - The company had no contracting arrangements during the reporting period[103](index=103&type=chunk) - Leasing activities were for normal operations and did not have a significant impact on the company's profit during the reporting period[104](index=104&type=chunk) - The company had no leasing projects that generated profit or loss exceeding **10%** of the company's total profit during the reporting period[105](index=105&type=chunk) Company's Guarantees for Subsidiaries | Guaranteed Party Name | Guarantee Limit (10,000 yuan) | Actual Guarantee Amount (10,000 yuan) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Yutian Guanjia Auto Technology Co., Ltd. | 14,000 | 10,775.87 | Joint and several liability guarantee | Three years from the expiration of the debtor's performance period | Yes | | Total approved guarantee limit for subsidiaries in current period (B1) | 0 | Total actual guarantee amount for subsidiaries in current period (B2) | 2,534.58 | | | | Total approved guarantee limit for subsidiaries at period-end (B3) | 14,000 | Total actual guarantee balance for subsidiaries at period-end (B4) | 0 | | | - The company had no other significant contracts during the reporting period[112](index=112&type=chunk) [13. Explanation of Other Significant Matters](index=28&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company reported no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[113](index=113&type=chunk) [14. Significant Matters of Company Subsidiaries](index=28&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company decided that Chongqing Branch would take over business from Chengdu Yutian Guanjia to optimize resource allocation, enhance supply chain efficiency, reduce logistics costs, and improve production flexibility and customer responsiveness, while Chengdu Yutian Guanjia's idle factory will be leased for income - Chongqing Branch will take over relevant business from vehicle manufacturers previously served by Chengdu Yutian Guanjia to optimize regional resource allocation, enhance supply chain efficiency, and reduce logistics costs[114](index=114&type=chunk) - This move will help enhance production flexibility and customer response speed[114](index=114&type=chunk) - Chengdu Yutian Guanjia's idle factory premises are planned to generate rental income through leasing[114](index=114&type=chunk) Part VI Share Changes and Shareholder Information This section details changes in the company's share capital, securities issuance and listing, shareholder numbers, shareholding structure, and changes in controlling shareholders or actual controllers [1. Share Capital Changes](index=29&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Due to its initial public offering, the company's total share capital increased from 65,876,072 shares to 87,834,772 shares, impacting financial indicators such as earnings per share Share Capital Changes | Share Type | Number of Shares Before Change | Percentage Before Change | New Shares Issued (shares) | Subtotal Increase/Decrease in Current Change (shares) | Number of Shares After Change | Percentage After Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 65,876,072 | 100.00% | 5,096,777.00 | 5,096,777.00 | 70,972,849.00 | 80.80% | | II. Unrestricted Shares | 0 | 0.00% | 16,861,923.00 | 16,861,923.00 | 16,861,923.00 | 19.20% | | III. Total Shares | 65,876,072 | 100.00% | 21,958,700.00 | 21,958,700.00 | 87,834,772.00 | 100.00% | - The change in share capital was due to the company's initial public offering of **21.9587 million new shares**, listed on the ChiNext Board of the Shenzhen Stock Exchange on **March 3, 2025**[117](index=117&type=chunk)[118](index=118&type=chunk) - The share capital change impacts financial indicators such as earnings per share, as detailed in "Part II Company Profile and Key Financial Indicators," "4. Key Accounting Data and Financial Indicators"[120](index=120&type=chunk) [1. Details of Share Capital Changes](index=29&type=section&id=1%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital increased by 21,958,700 shares due to its initial public offering, with restricted shares increasing by 5,096,777 shares and unrestricted shares by 16,861,923 shares Share Capital Changes | Share Type | Number of Shares Before Change | Percentage Before Change | New Shares Issued (shares) | Subtotal Increase/Decrease in Current Change (shares) | Number of Shares After Change | Percentage After Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 65,876,072 | 100.00% | 5,096,777.00 | 5,096,777.00 | 70,972,849.00 | 80.80% | | II. Unrestricted Shares | 0 | 0.00% | 16,861,923.00 | 16,861,923.00 | 16,861,923.00 | 19.20% | | III. Total Shares | 65,876,072 | 100.00% | 21,958,700.00 | 21,958,700.00 | 87,834,772.00 | 100.00% | [2. Changes in Restricted Shares](index=30&type=section&id=2%E3%80%81%E9%99%90%E5%94%AE%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's restricted shares increased by 5,096,777 shares, primarily from strategic placements and offline placements during the initial public offering, with a lock-up period until March 3, 2026 Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Released in Current Period | Restricted Shares Increased in Current Period | Restricted Shares at End of Period | Reason for Restriction | Proposed Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China South Industries Asset Management Co., Ltd. | 0 | 0 | 1,659,018 | 1,659,018 | Initial Public Offering Strategic Placement Shares | March 3, 2026 | | Guangzhou Yingpeng Private Equity Fund Management Co., Ltd. - Guangdong Guangqi No. 7 Equity Investment Partnership (Limited Partnership) | 0 | 0 | 1,659,018 | 1,659,018 | Initial Public Offering Strategic Placement Shares | March 3, 2026 | | Guotai Junan Securities Asset Management - China Merchants Bank - Guotai Junan Junxiang ChiNext Yutian Guanjia No. 1 Strategic Placement Collective Asset Management Plan | 0 | 0 | 882,456 | 882,456 | Initial Public Offering Strategic Placement Shares | March 3, 2026 | | Offline Placement Restricted Shares | 0 | 0 | 896,285 | 896,285 | Initial Public Offering Offline Placement Restricted Shares | September 3, 2025 | | Total | 0 | 0 | 5,096,777 | 5,096,777 | -- | -- | [2. Securities Issuance and Listing](index=31&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company was listed on the ChiNext Board of the Shenzhen Stock Exchange on March 3, 2025, issuing 21,958,700 A-shares at 28.33 yuan per share, raising a total of 622.09 million yuan Securities Issuance and Listing | Name of Stock and Derivative Securities | Issuance Date | Issuance Price (or Interest Rate) | Issuance Quantity | Listing Date | Number of Shares Approved for Listing and Trading | | :--- | :--- | :--- | :--- | :--- | :--- | | RMB Ordinary A-shares | March 3, 2025 | 28.33 yuan/share | 21,958,700 | March 3, 2025 | 21,958,700 | - The company was listed on the ChiNext Board of the Shenzhen Stock Exchange on **March 3, 2025**, raising a total of **622.09 million yuan**[122](index=122&type=chunk) [3. Number of Shareholders and Shareholding Structure](index=31&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) At period-end, the company had 15,190 common shareholders, with controlling shareholder Shanghai Yusu Industrial Co., Ltd. holding 44.23% and actual controller Wu Jun holding 13.60% - The total number of common shareholders at the end of the reporting period was **15,190**[124](index=124&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | 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) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Yusu Industrial Co., Ltd. | Domestic Non-State-owned Legal Person | 44.23% | 38,850,000 | 38,850,000 | 0 | | Wu Jun | Domestic Natural Person | 13.60% | 11,942,611 | 11,942,611 | 0 | | Shanghai SAIC Hengxu Investment Management Co., Ltd. - Jiaxing Junhui Equity Investment Partnership (Limited Partnership) | Other | 3.87% | 3,402,053 | 3,402,053 | 0 | | Wu Peng | Domestic Natural Person | 2.87% | 2,522,752 | 0 | 2,522,752 | | Beijing-Tianjin-Hebei Industrial Coordinated Development Investment Fund (Limited Partnership) | Other | 2.64% | 2,319,583 | 0 | 2,319,583 | | Shanghai Songyuhuang Enterprise Management Consulting Partnership (Limited Partnership) | Other | 2.18% | 1,914,750 | 0 | 1,914,750 | | China South Industries Asset Management Co., Ltd. | State-owned Legal Person | 1.89% | 1,659,018 | 1,659,018.00 | 1,659,018 | | Guangzhou Yingpeng Private Equity Fund Management Co., Ltd. - Guangdong Guangqi No. 7 Equity Investment Partnership (Limited Partnership) | Other | 1.89% | 1,659,018 | 1,659,018.00 | 1,659,018 | | Zhong Jiaming | Domestic Natural Person | 1.87% | 1,639,470 | 0 | 1,639,470 | | Shanghai Hongqiao Investment Management Co., Ltd. - Jiaxing Hongjia Equity Investment Partnership (Limited Partnership) | Other | 1.58% | 1,391,748 | 0 | 1,391,748 | - China South Industries Asset Management Co., Ltd. and Guangdong Guangqi No. 7 Equity Investment Partnership (Limited Partnership) became top 10 shareholders due to new share placements, with a lock-up period of **12 months** from the listing date[125](index=125&type=chunk) - The company's controlling shareholder is Shanghai Yusu Industrial Co., Ltd., and the actual controllers are Wu Jun, Wu Hongyang, and Wu Yuyang[125](index=125&type=chunk) - The company's top 10 common shareholders and top 10 unrestricted common shareholders did not engage in agreed repurchase transactions during the reporting period[126](index=126&type=chunk) [4. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=33&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[127](index=127&type=chunk) [5. Changes in Controlling Shareholder or Actual Controller](index=33&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[128](index=128&type=chunk) - The company's actual controller remained unchanged during the reporting period[129](index=129&type=chunk) [6. Preferred Share Information](index=35&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[130](index=130&type=chunk) Part VII Bond-Related Information The company had no bond-related information during the reporting period [Bond-Related Information](index=36&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[132](index=132&type=chunk) Part VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with notes on accounting policies and risk management [1. Audit Report](index=37&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[134](index=134&type=chunk) [2. Financial Statements](index=37&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) 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 its financial position, operating results, and cash flows Consolidated Balance Sheet (Period-end Balance) | Item | Period-end Balance (yuan) | | :--- | :--- | | Cash and Bank Balances | 499,199,962.81 | | Financial Assets Held for Trading | 316,000,000.00 | | Accounts Receivable | 473,457,096.43 | | Inventories | 386,840,890.43 | | Fixed Assets | 356,208,898.50 | | Total Assets | 2,475,939,426.59 | | Short-term Borrowings | 0.00 | | Notes Payable | 167,114,959.72 | | Accounts Payable | 675,085,014.48 | | Total Liabilities | 1,064,894,462.80 | | Share Capital | 87,834,772.00 | | Total Equity Attributable to Parent Company Owners | 1,412,811,620.95 | | Total Liabilities and Owners' Equity | 2,475,939,426.59 | Consolidated Income Statement (First Half of 2025) | Item | First Half of 2025 (yuan) | | :--- | :--- | | Total Operating Revenue | 957,712,759.28 | | Total Operating Cost | 891,010,176.77 | | Operating Profit | 77,815,823.97 | | Total Profit | 77,216,210.06 | | Net Profit | 58,565,836.85 | | Net Profit Attributable to Parent Company Shareholders | 59,213,534.76 | | Basic Earnings Per Share | 0.7354 | | Diluted Earnings Per Share | 0.7354 | Consolidated Cash Flow Statement (First Half of 2025) | Item | First Half of 2025 (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 120,605,633.27 | | Net Cash Flow from Investing Activities | -166,240,711.02 | | Net Cash Flow from Financing Activities | 389,188,363.05 | | Net Increase in Cash and Cash Equivalents | 343,553,285.30 | | Cash and Cash Equivalents at Period-end | 441,173,890.45 | [1. Consolidated Balance Sheet](index=37&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets reached 2.476 billion yuan, a 9.63% increase from the beginning of the period, with significant increases in cash and bank balances and financial assets held for trading, and repayment of short-term and long-term borrowings Consolidated Balance Sheet (Period-end Balance) | Item | Period-end Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash and Bank Balances | 499,199,962.81 | 125,459,736.14 | | Financial Assets Held for Trading | 316,000,000.00 | 171,000,000.00 | | Accounts Receivable | 473,457,096.43 | 675,142,362.61 | | Inventories | 386,840,890.43 | 388,277,114.10 | | Fixed Assets | 356,208,898.50 | 224,116,417.97 | | Total Assets | 2,475,939,426.59 | 2,258,540,731.81 | | Short-term Borrowings | 0.00 | 40,029,333.33 | | Long-term Borrowings | 0.00 | 82,412,891.00 | | Notes Payable | 167,114,959.72 | 34,399,692.22 | | Accounts Payable | 675,085,014.48 | 980,569,825.56 | | Total Liabilities | 1,064,894,462.80 | 1,442,320,263.87 | | Total Equity Attributable to Parent Company Owners | 1,412,811,620.95 | 817,339,427.19 | | Total Owners' Equity | 1,411,044,963.79 | 816,220,467.94 | [2. Parent Company Balance Sheet](index=39&type=section&id=2%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets reached 1.811 billion yuan, a 30.62% increase from the beginning of the period, driven by substantial increases in cash and bank balances and financial assets held for trading, with short-term borrowings repaid and notes payable significantly increased Parent Company Balance Sheet (Period-end Balance) | Item | Period-end Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash and Bank Balances | 460,467,879.34 | 94,486,801.86 | | Financial Assets Held for Trading | 309,000,000.00 | 171,000,000.00 | | Accounts Receivable | 294,095,156.85 | 511,139,716.10 | | Inventories | 126,826,819.64 | 144,639,992.71 | | Total Assets | 1,811,474,332.44 | 1,386,946,666.63 | | Short-term Borrowings | 0.00 | 40,029,333.33 | | Notes Payable | 167,114,959.72 | 34,399,692.22 | | Accounts Payable | 537,152,008.55 | 755,158,187.29 | | Total Liabilities | 840,236,881.53 | 1,104,097,071.66 | | Total Owners' Equity | 971,237,450.91 | 282,849,594.97 | [3. Consolidated Income Statement](index=41&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first half of 2025, consolidated total operating revenue was 958 million yuan, a 11.30% year-on-year decrease, resulting in a net profit of 58.57 million yuan and net profit attributable to parent company shareholders of 59.21 million yuan, a 25.65% decrease Consolidated Income Statement (First Half of 2025) | Item | First Half of 2025 (yuan) | First Half of 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 957,712,759.28 | 1,079,766,107.25 | | Total Operating Cost | 891,010,176.77