Group 1 - Wanxiang Technology (SZ 301180) announced on August 25 that its second board meeting for 2025 was held via telecommunication, discussing the special report on the use of raised funds for the first half of 2025 [1] - For the year 2024, Wanxiang Technology's revenue composition is as follows: 77.94% from consumer electronics, 17.65% from power/storage products, and 4.42% from other sources [1]

Group 1 - The core viewpoint of the article is that Wanxiang Technology has released its semi-annual report, showing significant changes in revenue and net profit [1] - The company's semi-annual operating revenue is 634,015,594.48 yuan, which represents a year-on-year increase of 31.94% [1] - The net profit attributable to shareholders of the listed company is 2,005,532.40 yuan, reflecting a year-on-year decrease of 85.71% [1] Group 2 - Among the top ten circulating shareholders, new entrants include Huang Jun, Zhang Zhigang, Wu Guozhong, and CICC Hong Kong Asset Management Co., Ltd. - CICCFT10(Q) [1]

苏州万祥科技股份有限公司 | | 资金往来 | 往来方与上 | 上市公司核算 | 2025 年期初往 | 2025 年半年度往 | 2025 年半年度 | 2025 年半年 | 2025 年 6 月 | 往来形 | 往来性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 其它关联资金往来 | 方名称 | 市公司的关 | 的会计科目 | 来资金余额 | 来累计发生金额 | 往来资金的利 | 度偿还累计 | 末往来资金 | 成原因 | （经营性往来、 | | | | 联关系 | | | （不含利息） | 息（如有） | 发生金额 | 余额 | | 非经营性往来） | | 控股股东、实际控制人 | - | - | - | - | - | - | - | - | | | | 及其附属企业 | | | | | | | | | | | | | - | - | - | - | - | - | - | - | | | | | 常州微宙 | | | | | | | | | | | | 电子科技 | 控股子公司 | 其他应收款 | ...

2025 年半年度报告披露提示性公告 证券代码：301180 证券简称：万祥科技 公告编号：2025-026 苏州万祥科技股份有限公司 董 事 会 2025 年 8 月 26 日 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 苏州万祥科技股份有限公司（以下简称"公司"、"万祥科技"）于 2025 年 8 月 25 日召开第二届董事会第十六次会议和第二届监事会第十五次会议，审议通 过了《关于公司 2025 年半年度报告及其摘要的议案》。 为使投资者全面了解公司的经营成果、财务状况及未来发展规划，《2025 年 半年度报告》及《2025 年半年度报告摘要》将于 2025 年 8 月 26 日在中国证监 会指定的创业板信息披露网站巨潮资讯网（http://www.cninfo.com.cn）披露，敬 请投资者注意查阅。 特此公告。 苏州万祥科技股份有限公司 ...

苏州万祥科技股份有限公司 2025 年半年度募集资金存放与使用情况的专项报告 根据《深圳证券交易所创业板股票上市规则》、《上市公司监管指引第 2 号 ——上市公司募集资金管理和使用的监管要求》、《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》、《深圳证券交易所创业板上 市公司自律监管指南第 2 号——公告格式》等有关规定，苏州万祥科技股份有限 公司（以下简称"公司"、"万祥科技"）编制了 2025 年半年度募集资金存放 与使用专项报告，具体内容如下： 一、募集资金基本情况： （一）实际募集资金金额、资金到位时间 万祥科技经中国证券监督管理委员会（以下简称："中国证监会"）《关于 同意苏州万祥科技股份有限公司首次公开发行股票注册的批复》（证监许可〔2021〕 2805 号）核准和深圳证券交易所（以下简称："深交所"）《关于苏州万祥科 技股份有限公司人民币普通股股票在创业板上市的通知》（深证上〔2021〕1126 号）同意，公司首次公开发行人民币普通股（A 股）股票 4,001 万股，发行价为 每股人民币 12.20 元，募集资金总额为人民币 48,812.20 万元，扣除与发行有关 ...

证券代码：301180 证券简称：万祥科技 公告编号：2025-028 苏州万祥科技股份有限公司 第二届监事会第十五次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、监事会会议召开情况 苏州万祥科技股份有限公司（以下简称"万祥科技"、"公司"）第二届监事 会第十五次会议于 2025 年 8 月 15 日以电话/书面方式发出通知，并于 2025 年 8 月 25 日在公司会议室以现场的方式举行。本次会议由监事会主席谢建良先生主 持，应到监事三名，实到监事三名。本次会议的召开和表决程序符合《公司法》、 《证券法》和《公司章程》的有关规定。 二、监事会会议审议情况 1、审议通过了《关于公司 2025 年半年度报告及其摘要的议案》； 公司监事会根据《公司法》和《公司章程》的有关规定，本着对全体股东负 责的态度，谨慎履行法律、法规赋予的职责，认真地审核了公司《2025 年半年 度报告》及《2025 年半年度报告摘要》。 监事会认为公司《2025 年半年度报告》及其摘要符合法律、行政法规和中国 证监会的规定，报告内容真实、准确、完整的反映了公司经营的实际 ...

[Part I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Item%201.%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section covers the company's assurance of report accuracy, a detailed table of contents, and key definitions for clarity [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisors, and senior management guarantee the semi-annual report's truthfulness, accuracy, and completeness, with no plans for cash dividends or share capital conversions - Company's board, supervisors, and senior management guarantee the semi-annual report's truthfulness, accuracy, and completeness, and assume legal responsibility[5](index=5&type=chunk) - Company head Huang Jun, chief accountant Chen Hongliang, and head of accounting Yu Yiming declare the financial report in this semi-annual report is true, accurate, and complete[5](index=5&type=chunk) - Company plans no cash dividends, bonus shares, or capital reserve conversions into share capital[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's eight main chapters and their starting page numbers, covering company operations, finance, governance, and significant matters - The report is divided into eight main chapters, covering company operations, finance, governance, and significant matters[8](index=8&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions for common terms used in the report, including company name, actual controllers, and the reporting period, to ensure clear understanding - "The Company," "Company," and "Wanxiang Technology" in the report refer to Suzhou Wanxiang Technology Co., Ltd[11](index=11&type=chunk) - The company's actual controllers are Huang Jun, Zhang Zhigang, and Wu Guozhong[11](index=11&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[11](index=11&type=chunk) [Part II Company Profile and Key Financial Indicators](index=6&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, and key financial performance metrics for the reporting period [1. Company Profile](index=6&type=section&id=1.%20Company%20Profile) This section introduces the company's basic information, including stock abbreviation, code, listing exchange, Chinese and English names, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Wanxiang Technology | | Stock Code | 301180 | | Stock Exchange | Shenzhen Stock Exchange | | Company Chinese Name | Suzhou Wanxiang Technology Co., Ltd. | | Legal Representative | Huang Jun | [2. Contact Persons and Information](index=6&type=section&id=2.%20Contact%20Persons%20and%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including name, address, phone, fax, and email Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Chen Hongliang | No. 1688 Songjia Road, Wuzhong District, Suzhou City | 0512-65698997（8069） | 0512-65698997 | wxzqb@weshine-tech.com | | Securities Affairs Representative | Qin Ting | No. 1688 Songjia Road, Wuzhong District, Suzhou City | 0512-65698997（8069） | 0512-65698997 | qinting@weshine-tech.com | [3. Other Information](index=6&type=section&id=3.%20Other%20Information) This section states that the company's registered address, office address, website, email, information disclosure, and filing locations, as well as registration status, remained unchanged during the reporting period - Company's registered address, office address, website, email, etc., remained unchanged during the reporting period, refer to 2024 annual report[16](index=16&type=chunk) - Information disclosure and filing locations remained unchanged during the reporting period, refer to 2024 annual report[17](index=17&type=chunk) - Company's registration status remained unchanged during the reporting period, refer to 2024 annual report[18](index=18&type=chunk) [4. Key Accounting Data and Financial Indicators](index=7&type=section&id=4.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing increased revenue but significantly decreased net profit and negative operating cash flow Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 634,015,594.48 | 480,531,248.32 | 31.94% | | Net Profit Attributable to Shareholders of Listed Company | 2,005,532.40 | 14,030,177.56 | -85.71% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | -981,367.09 | 167,665.51 | -685.31% | | Net Cash Flow from Operating Activities | -32,241,591.39 | 59,358,641.91 | -154.32% | | Basic Earnings Per Share (RMB/share) | 0.01 | 0.04 | -75.00% | | Diluted Earnings Per Share (RMB/share) | 0.01 | 0.04 | -75.00% | | Weighted Average Return on Net Assets | 0.15% | 1.06% | -0.91% | | **Current Period End vs. Prior Year End** | | | | | Total Assets | 1,862,008,711.33 | 1,855,486,846.68 | 0.35% | | Net Assets Attributable to Shareholders of Listed Company | 1,308,071,131.10 | 1,302,607,225.80 | 0.42% | [5. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=5.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) This section states that the company had no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards during the reporting period - No differences in net profit and net assets between financial reports prepared under international accounting standards and Chinese accounting standards during the reporting period[20](index=20&type=chunk) - No differences in net profit and net assets between financial reports prepared under overseas accounting standards and Chinese accounting standards during the reporting period[21](index=21&type=chunk) [6. Non-Recurring Gains and Losses and Their Amounts](index=7&type=section&id=6.%20Non-Recurring%20Gains%20and%20Losses%20and%20Their%20Amounts) This section details the company's non-recurring gains and losses for the reporting period, totaling 2,986,899.49 RMB, primarily from asset disposal, government subsidies, and fair value changes Non-Recurring Gains and Losses and Their Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 37,568.12 | | Government Subsidies Included in Current Period P&L (Excluding Those with Continuous Impact) | 976,500.00 | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities Held by Non-Financial Enterprises and from Disposal of Financial Assets and Liabilities | 121,051.39 | | Other Non-Operating Income and Expenses Apart from the Above Items | 2,147,132.33 | | Other Gain/Loss Items Meeting the Definition of Non-Recurring Gains/Losses | 69,727.06 | | Less: Income Tax Impact | 365,079.41 | | Total | 2,986,899.49 | - No other gain/loss items meeting the definition of non-recurring gains/losses[24](index=24&type=chunk) - No reclassification of non-recurring gain/loss items listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public—Non-Recurring Gains and Losses" as recurring gain/loss items[24](index=24&type=chunk) [Part III Management Discussion and Analysis](index=9&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's main business, core competencies, financial performance, investment activities, and risk management strategies [1. Company's Main Business Activities During the Reporting Period](index=9&type=section&id=1.%20Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company focuses on consumer electronics and new energy power/storage, engaging in R&D, production, and sales of precision components, adapting to industry trends and enhancing market competitiveness [(I) Industry Development During the Reporting Period](index=9&type=section&id=(I)%20Industry%20Development%20During%20the%20Reporting%20Period) In the first half of 2025, the consumer electronics industry saw structural growth driven by AI and policy, while the new energy power industry developed rapidly, despite a decrease in new energy storage installed capacity - In H1 2025, the consumer electronics industry achieved structural growth driven by “AI+policy,” with AI as the core engine for industry transformation[27](index=27&type=chunk) - IDC forecasts global PC shipments to reach **274 million units** in 2025, a **4.1% YoY increase**; Canalys forecasts China's smartphone shipments to reach **290 million units** in 2025, a **3% YoY increase**[27](index=27&type=chunk) - From January to June 2025, China's new energy vehicle production and sales reached **6.968 million units** and **6.937 million units**, respectively, representing **YoY increases of 41.4% and 40.3%**[28](index=28&type=chunk) - In H1 2025, China's new energy storage new installed capacity reached **38.5 GW/86.3 GWh**, a **YoY decrease of approximately 12%**, ending the rapid growth trend since 2023[29](index=29&type=chunk) [(II) Company's Main Business Activities During the Reporting Period](index=9&type=section&id=(II)%20Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company primarily engages in R&D, production, and sales of precision components for consumer electronics and power/storage batteries, leveraging core technologies and automated systems to offer a diverse product line [1. Company's Main Business](index=9&type=section&id=1.%20Company%27s%20Main%20Business) The company focuses on consumer electronics and new energy power/storage, centered on the lithium battery industry chain, engaging in R&D, production, and sales of precision components, while adhering to independent innovation and maintaining a complete automated manufacturing system - Company focuses on consumer electronics and new energy power/storage, centered on the lithium battery industry chain, primarily engaging in R&D, production, and sales of precision components for consumer electronics and power/storage batteries[30](index=30&type=chunk) - Company masters core technologies in mold development, stamping, welding, die-cutting, electroplating, hot pressing, injection molding, and assembly, and has independently developed automated production systems[30](index=30&type=chunk) [2. Company's Main Products and Their Applications](index=9&type=section&id=2.%20Company%27s%20Main%20Products%20and%20Their%20Applications) The company's main products, categorized into consumer electronics and power/storage, include thermal protection components, digital power control integrated components, and various structural parts, widely applied in laptops, smartphones, TWS earphones, new energy vehicles, and energy storage devices - Company's main products include thermal protection components, digital power control integrated components, precision structural parts, flexible functional components, and miniature lithium-ion batteries for consumer electronics[31](index=31&type=chunk) - Company actively expands into new energy power and storage sectors with products like power/storage battery covers/casings and CCS integrated busbars[31](index=31&type=chunk) Company's Main Products and Their Applications | Product Name | Product Application | | :--- | :--- | | Thermal Protection Components | Used in laptops, tablets, and other consumer electronic products to prevent battery overheating and enhance safety | | Digital Power Control Integrated Components | Used in laptops, TWS earphones, tablets, and other consumer electronic products to enable current conduction, battery data collection, information transmission, and power control functions | | Precision Structural Parts | Widely used in laptops, mobile phones, and other devices, influencing product appearance, structure, and dimensions | | Flexible Functional Components | Used in electronic products for adhesion, insulation, flame retardancy, sealing, dust prevention, aesthetic decoration, and marking | | Miniature Lithium-ion Batteries | Used in smart wearables and other small smart terminals, featuring fast charging, small size, and high safety | | CCS Integrated Busbars | Used in new energy vehicle power batteries and energy storage devices, integrating FPC or PCB, copper-aluminum connections, and signals like temperature and voltage | | Power/Storage Battery Structural Parts | Used in new energy vehicle power batteries and energy storage devices, playing a crucial role in battery stable operation and safety protection | [3. Company's Business Model](index=11&type=section&id=3.%20Company%27s%20Business%20Model) The company has established independent and mature R&D, procurement, production, sales, and profitability models, which remained unchanged during the reporting period, ensuring efficient operations and high-efficiency profitability - Company established independent and mature R&D, procurement, production, sales, and profitability models, with no significant changes during the reporting period[34](index=34&type=chunk) [(1) R&D Model](index=12&type=section&id=(1)%20R%26D%20Model) The company adheres to an R&D philosophy "rooted in technology and guided by innovation," continuously iterating core technologies through market research and close attention to new technologies, processes, and materials - Company established a complete R&D system, adhering to “technology as the foundation, innovation as the guide,” closely tracking market demand, and continuously iterating core technologies[35](index=35&type=chunk) [(2) Procurement Model](index=12&type=section&id=(2)%20Procurement%20Model) The company selects qualified suppliers through strict evaluation and adopts three procurement models—designated, independent, and outsourced—to ensure advanced raw material technology, reliable product quality, and cost competitiveness - Company selects qualified suppliers through strict evaluation and assessment procedures, and collaborates closely with suppliers through technical authorization, long-term agreements, and joint ventures[36](index=36&type=chunk) Company Procurement Models | Procurement Model | Description | | :--- | :--- | | Designated Procurement | Procurement and settlement from designated suppliers based on terminal brand's specified suppliers and raw material specifications | | Independent Procurement | Procurement department plans and executes procurement, comparing prices from qualified supplier list, prioritizing price | | Outsourced Procurement | Strict quality management of outsourced suppliers, maintaining a qualified list, adjusting and replacing outsourced manufacturers, overall model similar to independent procurement | [(3) Production Model](index=12&type=section&id=(3)%20Production%20Model) The company arranges production plans based on sales orders, executed by various production divisions, and achieves efficient and stable quality management through reasonable process design, full-process production control, and key process re-inspection - Company arranges production plans based on sales orders, executed by various production divisions according to product categories and capacity[38](index=38&type=chunk) - Company achieves efficient and stable product quality control through reasonable process design, full-process production control, and key process re-inspection, with a quality control department for sampling and optimization suggestions[38](index=38&type=chunk) [(4) Sales Model](index=12&type=section&id=(4)%20Sales%20Model) The company adopts a direct sales model, signing framework agreements with long-term customers and developing new business through various channels, establishing stable cooperative relationships with terminal brands by providing high-quality products and services - Company adopts a direct sales model, regularly signing product sales “Framework Agreements” with long-term customers, who then issue specific purchase orders[39](index=39&type=chunk) - New customers and businesses are primarily developed through business visits, technical exchanges, and existing customer referrals[40](index=40&type=chunk) - Company establishes more stable cooperative relationships with direct customers and terminal brands by continuously providing high-quality products and services, and conducts in-depth development to expand business scope[40](index=40&type=chunk) [(5) Profitability Model](index=12&type=section&id=(5)%20Profitability%20Model) The company focuses on R&D, production, and sales of precision components within the lithium battery industry, maintaining higher product gross margins through technological and automation advantages, and efficient operational management - Company focuses on R&D, production, and sales of precision components for consumer electronics and power/storage batteries, establishing mature and independent R&D, procurement, production, and sales models[41](index=41&type=chunk) - Company maintains product gross margins higher than the industry average through technological advantages from long-term R&D and cost advantages from improved automation, forming a high-efficiency profitability model[42](index=42&type=chunk) [4. Market Position of Company's Products](index=13&type=section&id=4.%20Market%20Position%20of%20Company%27s%20Products) Leveraging a complete manufacturing system, rapid customer response, and stable product quality, the company has accumulated high-quality customer resources, becoming a leading enterprise in its niche manufacturing sector, with products used by renowned global brands - Company has become a leading enterprise in niche manufacturing, with direct customers including Simplo Technology, Huizhou Desay, CATL New Energy, Sunwoda, BYD, and Replenish Energy, among other well-known domestic and international manufacturers[43](index=43&type=chunk) - Company's products are ultimately used by renowned consumer electronics and power/storage battery industry terminal brands such as Apple, Huawei, Microsoft, HP, Dell, Samsung, Lenovo, and Meta[43](index=43&type=chunk) - Company has been recognized as a “High-tech Enterprise,” “Jiangsu Provincial Enterprise Technology Center,” and “National Specialized, Refined, Unique, and New 'Little Giant' Enterprise”[43](index=43&type=chunk) [5. Key Performance Drivers](index=13&type=section&id=5.%20Key%20Performance%20Drivers) The company's performance growth is primarily driven by the recovery in profitability and expanded application areas of its consumer electronics business, the capacity release and overseas market expansion of its new energy power/storage business, and the increased market share and technological advantages in its miniature lithium-ion battery business [(1) Consumer Electronics Business](index=13&type=section&id=(1)%20Consumer%20Electronics%20Business) In the first half of 2025, consumer electronics business revenue increased by 16.55% to 420 million RMB, driven by improved product profitability, expanded applications, and the ramp-up of new projects, with the Vietnam production base expected to commence operations in the second half of the year Consumer Electronics Business Performance | Indicator | Amount (RMB 100 million) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 4.20 | 16.55% | - Profitability of digital power control integrated components and thermal protection components effectively recovered with customer new model iterations[44](index=44&type=chunk) - Digital power control components expanded from laptops to mobile phones, TWS earphones, AR glasses, and tablets; flexible functional components and precision structural parts projects for TWS earphones, PADs, smartwatches, and AR glasses are gradually ramping up[44](index=44&type=chunk) - Vietnam production base is expected to gradually commence operations and enter capacity ramp-up phase in H2 2025[44](index=44&type=chunk) [(2) New Energy Power/Storage Business](index=13&type=section&id=(2)%20New%20Energy%20Power%2FStorage%20Business) In the first half of 2025, new energy power/storage business revenue increased by 91.67% to 167 million RMB, primarily due to capacity release, differentiated CCS product advantages, and successful overseas expansion, with continued rapid growth anticipated New Energy Power/Storage Business Performance | Indicator | Amount (RMB 100 million) | YoY Growth | | :--- | :--- | :--- | | Revenue | 1.67 | 91.67% | - Significant growth primarily attributed to further capacity release and entry into a rapid development phase[45](index=45&type=chunk) - CCS products have established differentiated competitive advantages after prior technical accumulation and market validation[45](index=45&type=chunk) - Company's new energy products successfully took the first step in technology and market overseas expansion[45](index=45&type=chunk) [(3) Miniature Lithium-ion Battery Business](index=13&type=section&id=(3)%20Miniature%20Lithium-ion%20Battery%20Business) Miniature lithium-ion batteries are a core strategic product for the company, enabling overseas market expansion and product positioning upgrades, with increased market share in TWS earphones, deep collaboration in AR glasses, and entry into the medical health sector, while continuously enhancing technological advantages - Miniature lithium-ion batteries are the company's core strategic product for breaking overseas patent blockades, upgrading product positioning, and expanding international markets, widely used in consumer electronics and medical fields[46](index=46&type=chunk) - In the TWS earphone sector, the company's share with high-end overseas customers like Sennheiser, BOSE, and Amazon further increased; in AR glasses, it is deeply collaborating with top overseas clients[46](index=46&type=chunk) - In the medical health sector, the company's products have successfully entered the top five global hearing aid brands, with projects also launched for insulin pumps and medical glasses[46](index=46&type=chunk) - Company has strengthened competitive advantages in energy density, fast charging, and cycle life through continuous iteration and optimization of product structure design and chemical systems, and has deeply explored silicon-carbon anode, solid-state, and semi-solid-state battery technologies[46](index=46&type=chunk) [2. Analysis of Core Competencies](index=13&type=section&id=2.%20Analysis%20of%20Core%20Competencies) The company's core competencies include technological and R&D advantages, high-quality customer resources and service capabilities, advanced automation levels, and cost control advantages, driving efficient operations and market leadership [(I) Technological and R&D Advantages](index=13&type=section&id=(I)%20Technological%20and%20R%26D%20Advantages) The company maintains strong technological and R&D advantages through continuous investment, accumulation of core technologies, a professional R&D team, and participation in terminal brand design, enabling rapid response to market demands - Company's cumulative R&D expenses exceeded **230 million RMB** in the past three years, accumulating core technologies in high-precision mold development, stamping, welding, surface treatment, and assembly through continuous automation improvement and joint customer development[47](index=47&type=chunk) - Company has cultivated a professional R&D team with a reasonable structure, rich R&D experience, and complete talent梯队, capable of simultaneously managing multiple R&D projects and rapidly responding to customer new product R&D needs[48](index=48&type=chunk) - Company participates in terminal brand product design and component design validation during R&D, as well as production process evaluation, helping to seize market opportunities[48](index=48&type=chunk) [(II) High-Quality Customer Resources and Service Capabilities](index=14&type=section&id=(II)%20High-Quality%20Customer%20Resources%20and%20Service%20Capabilities) Leveraging a mature sales service system and continuous innovation, the company has secured top-tier global customer resources like Apple and Huawei, establishing long-term stable partnerships that enhance revenue, reduce risk, and boost market visibility - Company has established long-term stable cooperative relationships with high-quality terminal brands such as Apple, Huawei, Microsoft, HP, Dell, Samsung, Lenovo, and Meta[49](index=49&type=chunk) - In the Apple supply chain, the company is one of the main suppliers of digital power control integrated components for its laptop business[49](index=49&type=chunk) - Company actively conducts in-depth customer development, horizontally and vertically expanding product application areas, increasing market share of existing products, and diversifying product sales to mitigate industry seasonality and cyclical impacts[49](index=49&type=chunk) [(III) Advanced Automation Level](index=14&type=section&id=(III)%20Advanced%20Automation%20Level) The company continuously enhances its intelligent manufacturing capabilities by investing in automation and information systems, leveraging an in-house equipment development team to improve production efficiency, reduce operational risks, and lower costs - Company continuously enhances intelligent manufacturing capabilities, adheres to automation transformation, and promotes the establishment of automated production lines and information systems[50](index=50&type=chunk) - Company has a professional automation equipment development team that provides complete solutions for various business units, implementing systematic process management[50](index=50&type=chunk) - Investment in independently developed automation equipment has improved the automation level of manufacturing, inspection, and packaging processes, reducing quality risks from manual operations and effectively saving production costs[50](index=50&type=chunk) [(IV) Cost Control Advantages](index=14&type=section&id=(IV)%20Cost%20Control%20Advantages) The company utilizes comprehensive ERP and MES management systems for precise control over procurement, production, quality, inventory, and delivery, ensuring efficient operations and maintaining profit margins through refined management and process optimization - Company established a relatively complete ERP and MES management system for comprehensive and precise control over procurement, production, quality inspection, inventory management, product delivery, and customer feedback, ensuring efficient operations[51](index=51&type=chunk) - Company adheres to refined management, establishes and improves cost management performance evaluation and assessment, fostering a company-wide atmosphere of cost reduction and efficiency improvement[51](index=51&type=chunk) - Optimization of production technology and processes improves product yield, reduces losses from defective products, and effectively ensures enterprise profit margins[51](index=51&type=chunk) [3. Main Business Analysis](index=14&type=section&id=3.%20Main%20Business%20Analysis) The company's main business revenue increased by 31.94% to 634 million RMB, driven by power/storage growth, but operating costs rose faster, leading to a decline in overall gross profit margin, despite an improvement in consumer electronics gross margin YoY Changes in Key Financial Data | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 634,015,594.48 | 480,531,248.32 | 31.94% | Primarily due to growth in power/storage business | | Operating Cost | 528,940,642.58 | 397,959,999.34 | 32.91% | Primarily due to growth in power/storage business | | Financial Expenses | 2,432,866.24 | -5,047,910.16 | -148.20% | Primarily due to decrease in exchange gains | | Net Cash Flow from Operating Activities | -32,241,591.39 | 59,358,641.91 | -154.32% | Primarily due to increase in inventory, increase in operating receivables, and decrease in payables | | Net Cash Flow from Investing Activities | -88,270,870.06 | -162,893,536.38 | -45.81% | Primarily due to decrease in purchases of fixed assets and wealth management products | | Net Cash Flow from Financing Activities | 17,443,312.28 | -14,712,947.27 | -218.56% | Primarily due to increase in short-term borrowings | - No significant changes in the company's profit composition or sources of profit during the reporting period[53](index=53&type=chunk) Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Profit Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Consumer Electronics Products | 420,210,678.35 | 318,942,460.61 | 24.10% | 16.55% | 10.24% | 4.35% | | Power/Storage Battery Products | 166,797,503.04 | 165,150,396.93 | 0.99% | 91.67% | 104.82% | -6.35% | | Other | 47,007,413.09 | 44,847,785.04 | 4.59% | 42.60% | 60.15% | -10.46% | [4. Non-Main Business Analysis](index=15&type=section&id=4.%20Non-Main%20Business%20Analysis) This section analyzes the company's non-main business gains and losses, highlighting the negative impact of asset and credit impairment losses on total profit, while non-operating income and government subsidies provided positive contributions, with most items lacking sustainability Non-Main Business Analysis | Item | Amount (RMB) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 121,051.39 | 2.04% | Primarily from wealth management products | No | | Asset Impairment | -4,253,743.51 | -71.54% | Primarily from inventory impairment provisions | No | | Non-Operating Income | 2,203,253.74 | 37.05% | Primarily from supplier compensation | No | | Other Income | 1,183,127.06 | 19.90% | Primarily from government subsidies | No | | Credit Impairment Losses | -4,791,544.16 | -80.58% | Primarily from bad debt provisions for accounts receivable | No | | Asset Disposal Income | 37,568.12 | 0.63% | Primarily from disposal of fixed assets | No | [5. Analysis of Assets and Liabilities](index=16&type=section&id=5.%20Analysis%20of%20Assets%20and%20Liabilities) This section analyzes the changes in the company's asset and liability structure at the end of the reporting period, noting slight increases in total assets and net assets, a decrease in monetary funds, and increases in accounts receivable, inventory, and investment properties [1. Significant Changes in Asset Composition](index=16&type=section&id=1.%20Significant%20Changes%20in%20Asset%20Composition) At the end of the reporting period, the company's monetary funds decreased by 5.63%, while accounts receivable, inventory, and investment properties increased, alongside a rise in short-term borrowings and a decrease in taxes payable Significant Changes in Asset Composition | Item | Current 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 | 60,309,182.18 | 3.24% | 164,493,560.89 | 8.87% | -5.63% | Due to increase in accounts receivable | | Accounts Receivable | 505,284,497.77 | 27.14% | 417,375,791.92 | 22.49% | 4.65% | | | Inventory | 158,036,287.90 | 8.49% | 142,737,995.09 | 7.69% | 0.80% | | | Investment Properties | 28,254,182.35 | 1.52% | 7,411,611.91 | 0.40% | 1.12% | Primarily due to rental of some factory buildings by Chongqing Jingshangtong | | Short-term Borrowings | 154,240,246.35 | 8.28% | 123,566,353.24 | 6.66% | 1.62% | | | Prepayments | 10,580,678.89 | 0.57% | 5,545,730.06 | 0.30% | 0.27% | Primarily due to increase in prepaid goods | | Other Current Assets | 38,564,414.64 | 2.07% | 28,900,038.40 | 1.56% | 0.51% | Primarily due to increase in purchased wealth management products | | Taxes Payable | 6,385,654.83 | 0.34% | 20,532,714.52 | 1.11% | -0.77% | Primarily due to decrease in taxes payable | [2. Major Overseas Assets](index=17&type=section&id=2.%20Major%20Overseas%20Assets) The company had no major overseas assets during the reporting period - No major overseas assets during the reporting period[62](index=62&type=chunk) [3. Assets and Liabilities Measured at Fair Value](index=17&type=section&id=3.%20Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) At the end of the reporting period, the company's financial assets measured at fair value primarily consisted of accounts receivable financing, with a period-end balance of 4,094,982.83 RMB, and no financial liabilities measured at fair value Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (RMB) | Amount Purchased in Current Period (RMB) | Amount Sold in Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | Financial Assets: Accounts Receivable Financing | 6,178,938.10 | 4,094,982.83 | 6,178,938.10 | 4,094,982.83 | | Total Above | 6,178,938.10 | 4,094,982.83 | 6,178,938.10 | 4,094,982.83 | | Financial Liabilities | 0.00 | | | 0.00 | - No significant changes in the measurement attributes of the company's major assets during the reporting period[63](index=63&type=chunk) [4. Asset Rights Restricted as of the End of the Reporting Period](index=17&type=section&id=4.%20Asset%20Rights%20Restricted%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, the company had no restricted asset rights - No restricted asset rights as of the end of the reporting period[63](index=63&type=chunk) [6. Investment Analysis](index=17&type=section&id=6.%20Investment%20Analysis) This section outlines the company's investment status, with no significant equity or non-equity investments during the reporting period, and details the use of raised funds, including overall usage, committed projects, and changes [1. Overall Situation](index=17&type=section&id=1.%20Overall%20Situation) The company had no significant investments during the reporting period - No significant investments during the reporting period[64](index=64&type=chunk) [2. Significant Equity Investments Acquired During the Reporting Period](index=17&type=section&id=2.%20Significant%20Equity%20Investments%20Acquired%20During%20the%20Reporting%20Period) The company did not acquire any significant equity investments during the reporting period - No significant equity investments acquired during the reporting period[64](index=64&type=chunk) [3. Significant Non-Equity Investments in Progress During the Reporting Period](index=17&type=section&id=3.%20Significant%20Non-Equity%20Investments%20in%20Progress%20During%20the%20Reporting%20Period) The company had no significant non-equity investments in progress during the reporting period - No significant non-equity investments in progress during the reporting period[64](index=64&type=chunk) [4. Financial Assets Measured at Fair Value](index=17&type=section&id=4.%20Financial%20Assets%20Measured%20at%20Fair%20Value) The company had no financial assets measured at fair value during the reporting period - No financial assets measured at fair value during the reporting period[64](index=64&type=chunk) [5. Use of Raised Funds](index=18&type=section&id=5.%20Use%20of%20Raised%20Funds) The company's net proceeds from its initial public offering amounted to 434.351 million RMB, with 73.40% cumulatively invested as of June 30, 2025, and some projects experiencing delays or not achieving expected benefits [(1) Overall Use of Raised Funds](index=18&type=section&id=(1)%20Overall%20Use%20of%20Raised%20Funds) The company's net proceeds from its 2021 IPO were 434.351 million RMB, with 318.821 million RMB cumulatively invested by June 30, 2025, representing a 73.40% utilization rate, and 122 million RMB of idle funds temporarily used for working capital Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (RMB 10,000) | Net Raised Funds (RMB 10,000) | Total Raised Funds Used in Current Period (RMB 10,000) | Total Raised Funds Cumulatively Used (RMB 10,000) | Raised Funds Utilization Rate at Period End | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2021 | Initial Public Offering | 48,812.2 | 43,435.1 | 1,224.94 | 31,882.1 | 73.40% | - As of June 30, 2025, the remaining balance of raised funds was **123.2509 million RMB**, of which **122 million RMB** of idle raised funds had been temporarily used to supplement working capital[67](index=67&type=chunk) [(2) Committed Projects for Raised Funds](index=18&type=section&id=(2)%20Committed%20Projects%20for%20Raised%20Funds) Several of the company's raised fund investment projects, including the "New Miniature Lithium-ion Battery and Precision Components Production Project," have been delayed or have not achieved expected benefits due to macroeconomic pressures and market competition Committed Projects for Raised Funds | Committed Investment Project | Total Committed Investment (RMB 10,000) | Cumulative Investment Amount (RMB 10,000) | Investment Progress | Achieved Expected Benefits | | :--- | :--- | :--- | :--- | :--- | | New Miniature Lithium-ion Battery and Precision Components Production Project | 21,739.94 | 9,373.97 | 79.85% | No | | Intelligent Transformation and Capacity Expansion Project for Consumer Electronics Precision Components | 10,000 | 527.57 | 5.28% | No | | Laptop Exterior Structural Parts Industrialization Project | 10,000 | 0 | 0% | No | | Capacity Expansion Project for Power/Storage Battery Precision Components and Flexible Functional Components | 10,000 | 10,221.02 | 102.21% | No | | Automation Upgrade Project for Consumer Electronics Precision Component Processing | 6,502.02 | 6,555.56 | 100.82% | No | | Working Capital Supplement Project | 5,193.14 | 5,203.98 | 100.21% | No | - The “New Miniature Lithium-ion Battery and Precision Components Production Project” has been delayed to June 30, 2026, for its scheduled usable date, primarily due to macroeconomic pressures, weak market demand, and the project being in the customer development phase[72](index=72&type=chunk) - The “Capacity Expansion Project for Power/Storage Battery Precision Components and Flexible Functional Components” incurred cumulative losses of **48.7055 million RMB** and did not achieve expected benefits, primarily due to intensified market competition in the downstream industry and significant losses during early equipment debugging and trial production[72](index=72&type=chunk) [(3) Changes in Raised Fund Projects](index=21&type=section&id=(3)%20Changes%20in%20Raised%20Fund%20Projects) The company reallocated raised funds in 2022 and January 2025, changing the "Laptop Exterior Structural Parts Industrialization Project" to "Capacity Expansion Project for Power/Storage Battery Precision Components and Flexible Functional Components" and redirecting funds from the "New Miniature Lithium-ion Battery" project to the "Consumer Electronics Precision Components" project, with the former not achieving expected benefits Changes in Raised Fund Projects | Changed Project | Original Committed Project | Total Proposed Investment in Changed Project (RMB 10,000) | Cumulative Actual Investment Amount as of Period End (RMB 10,000) | Investment Progress as of Period End | Achieved Expected Benefits | | :--- | :--- | :--- | :--- | :--- | :--- | | Capacity Expansion Project for Power/Storage Battery Precision Components and Flexible Functional Components | Laptop Exterior Structural Parts Industrialization Project | 10,000 | 10,221.02 | 102.21% | No | | Intelligent Transformation and Capacity Expansion Project for Consumer Electronics Precision Components | New Miniature Lithium-ion Battery and Precision Components Production Project | 10,000 | 527.57 | 5.28% | No | - In January 2025, the company reduced the investment amount for the “New Miniature Lithium-ion Battery and Precision Components Production Project” from **217.3994 million RMB** to **117.3994 million RMB**, and invested the remaining **100 million RMB** into the “Intelligent Transformation and Capacity Expansion Project for Consumer Electronics Precision Components”[78](index=78&type=chunk) - The changed “Capacity Expansion Project for Power/Storage Battery Precision Components and Flexible Functional Components” incurred cumulative losses of **48.7055 million RMB** and did not achieve expected benefits[78](index=78&type=chunk) [6. Wealth Management, Derivative Investments, and Entrusted Loans](index=23&type=section&id=6.%20Wealth%20Management%2C%20Derivative%20Investments%2C%20and%20Entrusted%20Loans) The company had no wealth management, derivative investments, or entrusted loans during the reporting period - No wealth management during the reporting period[79](index=79&type=chunk) - No derivative investments during the reporting period[80](index=80&type=chunk) - No entrusted loans during the reporting period[80](index=80&type=chunk) [7. Significant Asset and Equity Sales](index=23&type=section&id=7.%20Significant%20Asset%20and%20Equity%20Sales) The company did not sell any significant assets or equity during the reporting period - No significant asset sales during the reporting period[81](index=81&type=chunk) - No significant equity sales during the reporting period[82](index=82&type=chunk) [8. Analysis of Major Holding and Participating Companies](index=24&type=section&id=8.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section analyzes the financial status of the company's major holding subsidiaries, noting Chongqing Jingshangtong's profitability while Changzhou Weizhou and Changzhou Wanxiang New Energy incurred losses, with no subsidiary acquisitions or disposals during the period Financial Status of Major Holding and Participating Companies | Company Name | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Chongqing Jingshangtong Electronic Technology Co., Ltd. | 242,746,412.99 | 196,256,924.83 | 50,578,322.80 | 9,126,253.52 | 7,759,310.49 | | Changzhou Weizhou Electronic Technology Co., Ltd. | 363,784,122.45 | -132,560,601.74 | 24,993,218.62 | -13,513,479.74 | -13,431,618.18 | | Changzhou Wanxiang New Energy Co., Ltd. | 316,424,224.72 | -33,938,022.49 | 156,154,068.81 | -19,336,740.11 | -18,964,242.73 | - No acquisitions or disposals of subsidiaries during the reporting period[85](index=85&type=chunk) [9. Structured Entities Controlled by the Company](index=25&type=section&id=9.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company had no structured entities under its control during the reporting period - No structured entities controlled by the company during the reporting period[86](index=86&type=chunk) [10. Risks Faced by the Company and Countermeasures](index=25&type=section&id=10.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces various risks, including macroeconomic fluctuations, market competition, and operational challenges, which it addresses through diversified business strategies, increased R&D, and enhanced management [(I) Risks from Tariff Policies and Macroeconomic Fluctuations](index=25&type=section&id=(I)%20Risks%20from%20Tariff%20Policies%20and%20Macroeconomic%20Fluctuations) The company's operations are influenced by domestic and international economic conditions and tariff policies, with potential impacts from trade relations, which the company mitigates through diversified layouts and overseas expansion - Company's operations are affected by domestic and international economic conditions and tariff policies, with the current economic situation being severe and complex[86](index=86&type=chunk) - New US-China tariff policies announced in April 2025 led to market expectations of increased tariff costs being passed upstream, but currently have no significant material impact on the company[86](index=86&type=chunk) - Countermeasures include accelerating diversified layouts (expanding into emerging scenarios like medical health), enriching company products, accelerating Vietnam base construction, and increasing overseas investment to mitigate US-China conflict impacts[87](index=87&type=chunk) [(II) Risk of Intensified Market Competition](index=25&type=section&id=(II)%20Risk%20of%20Intensified%20Market%20Competition) The company faces intensified market competition in the rapidly innovating consumer electronics and new energy sectors, which it addresses by increasing R&D, diversifying products, and optimizing production and cost control - Product and technological innovation in consumer electronics and new energy industries are rapid, but market competition is increasingly fierce, showing a trend of stronger players becoming even stronger[88](index=88&type=chunk) - Complex and volatile domestic and international economic situations, coupled with the consumer electronics industry not fully recovering and severe internal competition in the new energy industry, pose significant market competition risks to the company[88](index=88&type=chunk) - Countermeasures include increasing R&D innovation investment, enriching the company's product matrix, expanding product terminal application areas (mobile phones, TWS earphones, new energy vehicle electronic components, etc.), and continuously optimizing production and strengthening cost control[89](index=89&type=chunk) [(III) Exchange Rate Fluctuation Risk](index=25&type=section&id=(III)%20Exchange%20Rate%20Fluctuation%20Risk) International financial turmoil has normalized two-way fluctuations in the RMB exchange rate, exposing the company's import and export trade to exchange rate risks, which it mitigates through dynamic adjustments and hedging strategies - International financial turmoil has normalized two-way fluctuations in the RMB exchange rate, exposing the company to certain exchange rate risks in raw material procurement, production equipment purchases, and product sales[90](index=90&type=chunk) - Company adopts multiple measures to address exchange rate fluctuation risks, including dynamically adjusting receivable and payable flows, prudently conducting forward exchange contracts, and using natural hedging to mitigate exchange rate risks[90](index=90&type=chunk) [(IV) Risk of Untimely Product and Technology Updates](index=26&type=section&id=(IV)%20Risk%20of%20Untimely%20Product%20and%20Technology%20Updates) The company faces the risk of technological and product obsolescence due to rapid industry innovation and volatile market demand, which it addresses by strengthening R&D, fostering technical collaboration, and protecting intellectual property - Rapid technological updates in consumer electronics and new energy industries, coupled with relatively long R&D cycles and volatile market demand, expose the company to the risk of its technology and products becoming obsolete[91](index=91&type=chunk)[92](index=92&type=chunk) - Countermeasures include strengthening technology market research and forecasting, increasing R&D innovation, enhancing technical exchanges and cooperation, building a scientific and technological innovation platform, making forward-looking R&D deployments, and focusing on intellectual property protection and management[92](index=92&type=chunk) [(V) Risk of Human Resource Attrition](index=26&type=section&id=(V)%20Risk%20of%20Human%20Resource%20Attrition) With business expansion, the company faces increasing demand for human resources, intense talent market competition, and rising costs, which it addresses through refined talent management, improved incentive mechanisms, and enhanced automation - Company's business expansion and growth lead to continuous increase in human resource demand, facing risks of fierce competition for quality human resources, rising salaries for high-caliber talent, and a shortage of high-quality talent[93](index=93&type=chunk) - Countermeasures include refined management in recruitment, training, and retention, improving compensation management systems and long-term incentive mechanisms to attract and retain talent[93](index=93&type=chunk) - Company will further enhance automation, using automated equipment to replace manual execution of simple, repetitive tasks, minimizing reliance on frontline workers to reduce human resource costs and improve efficiency[93](index=93&type=chunk) [(VI) Management Risk](index=26&type=section&id=(VI)%20Management%20Risk) The company's expanding business and scale demand higher management standards across various functions, which it addresses through proactive planning, talent development, organizational optimization, and robust risk management mechanisms - Company's business development and expanding scale demand higher management standards in mechanism establishment, strategic planning, organizational design, operational management, capital management, and internal control, posing management risks[94](index=94&type=chunk) - Countermeasures include proactive planning, strengthening talent development and selection, improving organizational structure, optimizing management processes, establishing a robust risk management mechanism, enhancing institutional system construction, and strengthening operational process management and monitoring[94](index=94&type=chunk) [11. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=26&type=section&id=11.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) During the reporting period, on May 9, 2025, the company hosted all investors through an online "Cloud Interview" on the Shenzhen Stock Exchange's "Interactive Easy Platform," primarily discussing the 2024 annual performance briefing Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period | Reception Time | Reception Location | Reception Method | Type of Reception Object | Reception Object | Main Content Discussed and Materials Provided | Index of Research Basic Information | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | May 09, 2025 | Shenzhen Stock Exchange “Interactive Easy Platform” “Cloud Interview” section | Online platform communication | Individual | All investors participating in the online performance briefing | 2024 Annual Performance Briefing | Juchao Information Network (http://www.cninfo.com.cn) | [12. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=26&type=section&id=12.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has formulated a market value management system, approved by the board on April 17, 2025, to regulate market value activities and protect investor rights, but has not disclosed a valuation enhancement plan - Company has formulated a market value management system but has not disclosed a valuation enhancement plan[96](index=96&type=chunk) - Company's second board of directors' fifteenth meeting on April 17, 2025, reviewed and approved the “Proposal on Formulating the Market Value Management System”[97](index=97&type=chunk) [13. Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=27&type=section&id=13.%20Implementation%20of%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan - Company has not disclosed an announcement regarding the “Dual Improvement in Quality and Returns” action plan[98](index=98&type=chunk) [Part IV Corporate Governance, Environment, and Society](index=28&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's corporate governance structure, environmental information disclosure, and social responsibility initiatives, including protection of shareholder, employee, and stakeholder rights, as well as environmental and social contributions [1. Changes in Directors, Supervisors, and Senior Management](index=28&type=section&id=1.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, and senior management during the reporting period, with details available in the 2024 annual report - No changes in company directors, supervisors, and senior management during the reporting period, refer to 2024 annual report[100](index=100&type=chunk) [2. Profit Distribution and Capital Reserve Conversion to Share Capital in Current Reporting Period](index=28&type=section&id=2.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - Company plans no cash dividends, bonus shares, or capital reserve conversions for the half-year period[101](index=101&type=chunk) [3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=28&type=section&id=3.%20Implementation%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 and their implementation during the reporting period - No equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[102](index=102&type=chunk) [4. Environmental Information Disclosure](index=28&type=section&id=4.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - Listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[103](index=103&type=chunk) [5. Social Responsibility](index=28&type=section&id=5.%20Social%20Responsibility) During the reporting period, the company actively fulfilled its social responsibilities, including protecting shareholder, employee, and stakeholder rights, as well as promoting environmental protection, sustainable development, and public welfare [(I) Shareholder Rights Protection](index=28&type=section&id=(I)%20Shareholder%20Rights%20Protection) The company prioritizes protecting shareholder interests, especially those of small and medium investors, by adhering to legal requirements, improving governance, and ensuring transparent information disclosure through various communication channels - Company values the protection of shareholder interests, especially those of small and medium investors, strictly adhering to relevant laws and regulations for listed companies, and continuously improving its corporate governance structure and internal control system[103](index=103&type=chunk) - Company strictly fulfills information disclosure obligations, maintaining good communication with investors through performance briefings, investor hotlines, and interactive platforms, ensuring all shareholders have equal access to company information[103](index=103&type=chunk) [(II) Employee Rights Protection](index=28&type=section&id=(II)%20Employee%20Rights%20Protection) The company strictly adheres to labor laws, safeguards employee rights, and fosters harmonious labor relations through a market-oriented compensation system, dynamic performance incentives, talent development programs, and initiatives promoting employee well-being - Company strictly adheres to labor laws and regulations such as the “Labor Contract Law of the People's Republic of China” and the “Social Insurance Law,” improving labor employment management and legally safeguarding employees' legitimate rights and interests[104](index=104&type=chunk) - Company continuously improves its compensation management system, establishing a value distribution system based on position value and work performance, and encourages long-term employee service through dynamic performance and award-based incentive compensation designs[104](index=104&type=chunk) - Company implements a “talent-strengthening enterprise, human resources thriving enterprise” strategy, emphasizing the recruitment, training, and utilization of university graduates, providing dual-channel promotion and development paths for management and professional series[105](index=105&type=chunk) - Company focuses on employees' physical and mental health, fostering a positive and healthy work environment through diverse cultural and sports activities, enhancing employee cohesion and sense of belonging[106](index=106&type=chunk) [(III) Protection of Supplier, Customer, and Consumer Rights](index=29&type=section&id=(III)%20Protection%20of%20Supplier%2C%20Customer%2C%20and%20Consumer%20Rights) The company upholds principles of sincere cooperation and mutual benefit, fully respecting and protecting the legitimate rights of suppliers, customers, and consumers through rigorous supplier selection, customer-centric service, quality management, and a commitment to ethical business practices - Company adheres to principles of sincere cooperation, complementary advantages, mutual benefit, and common development, fully respecting and protecting the legitimate rights and interests of suppliers, customers, and consumers[106](index=106&type=chunk) - Company optimally selects suppliers, establishes supplier credit files and credit evaluation systems, implements dynamic management, and adheres to a win-win cooperation philosophy[106](index=106&type=chunk) - Company adheres to a customer-centric approach, embraces a lean service philosophy, strengthens quality management, and reinforces integrity in business practices, strictly controlling, preventing, and eliminating commercial bribery to foster a fair and healthy business environment[107](index=107&type=chunk) [(IV) Environmental Protection and Sustainable Development](index=29&type=section&id=(IV)%20Environmental%20Protection%20and%20Sustainable%20Development) The company actively promotes environmental protection and energy-saving development, advocating a "low-carbon lifestyle" and integrating environmental considerations into all business activities and project decisions, while diligently implementing national and local environmental policies - Company actively committed to reducing ecological impact, practicing environmental protection and energy-saving development, vigorously advocating a “low-carbon lifestyle,” and raising employees' environmental awareness[107](index=107&type=chunk) - In business activities, company promotes sustainable and harmonious development between the enterprise and the environment; in project decisions, it fully considers the environmental impact of investment projects, resolutely not investing in projects with significant adverse environmental impacts[107](index=107&type=chunk) - Company diligently implements national and local environmental protection policies, making environmental protection a crucial means for the enterprise to transform its development model, increase benefits, and fulfill social responsibilities[107](index=107&type=chunk) [(V) Public Relations and Social Welfare](index=29&type=section&id=(V)%20Public%20Relations%20and%20Social%20Welfare) The company operates legally and pays taxes honestly, reflecting its social value, and plans to further integrate sustainable development into its operations, actively undertaking social responsibilities despite acknowledging current gaps with social responsibility guidelines - Company adheres to the principles of legal operation and honest taxation, conscientiously fulfilling its tax obligations, reflecting corporate social value, and establishing a good business reputation and image[108](index=108&type=chunk) - Company will further improve its corporate social responsibility management system, integrating corporate social responsibility and sustainable development concepts into all aspects of company decision-making and production operations[108](index=108&type=chunk) - Company acknowledges certain gaps compared to the “Guidelines for Social Responsibility of Listed Companies” and will actively collaborate with all sectors of society to undertake more social responsibilities in the future[109](index=109&type=chunk) [Part V Significant Matters](index=31&type=section&id=Item%205.%20Significant%20Matters) This section details the company's significant matters, including the fulfillment of commitments by related parties, the absence of fund occupation or irregular guarantees, and the lack of major litigation or other significant events [1. Commitments Fulfilled During the Reporting Period and Overdue Unfulfilled Commitments as of the End of the Reporting Period by Actual Controllers, Shareholders, Related Parties, Acquirers, and the Company](index=31&type=section&id=1.%20Commitments%20Fulfilled%20During%20the%20Reporting%20Period%20and%20Overdue%20Unfulfilled%20Commitments%20as%20of%20the%20End%20of%20the%20Reporting%20Period%20by%20Actual%20Controllers%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company) During the reporting period, all commitments made by the company's actual controllers, shareholders, and senior management regarding share lock-up, non-competition, related party transactions, fund occupation, and share price stabilization were strictly fulfilled or are being strictly fulfilled, with no overdue unfulfilled commitments - Share lock-up commitments by Huang Jun, Zhang Zhigang, Wu Guozhong, Suzhou Wanshixiang Enterprise Management Consulting Partnership (Limited Partnership), and Suzhou Wanqianxiang Enterprise Consulting Management Partnership (Limited Partnership) have been fulfilled[111](index=111&type=chunk) - Share lock-up commitments by Chen Guo and Zhou Jinlong have been fulfilled[111](index=111&type=chunk) - Commitments regarding non-competition, related party transactions, and fund occupation by Huang Jun, Zhang Zhigang, Wu Guozhong, Suzhou Wanshixiang Enterprise Management Consulting Partnership (Limited Partnership), and Suzhou Wanqianxiang Enterprise Consulting Management Partnership (Limited Partnership) were strictly fulfilled by all parties during the reporting period[111](index=111&type=chunk) - Share price stabilization commitments (share increase and share repurchase) by the Company, Huang Jun, Zhang Zhigang, Wu Guozhong, Chen Xiande, Bu Shuren, and Chen Hongliang have been fulfilled[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) [2. Non-Operating Occupation of Funds by Controlling Shareholders and Other Related Parties](index=34&type=section&id=2.%20Non-Operating%20Occupation%20of%20Funds%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) The company had no non-operating occupation of funds by controlling shareholders and other related parties during the reporting period - No non-operating occupation of funds by controlling shareholders and other related parties of the listed company during the reporting period[115](index=115&type=chunk) [3. Irregular External Guarantees](index=35&type=section&id=3.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - No irregular external guarantees during the reporting period[116](index=116&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=35&type=section&id=4.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - Company's semi-annual rep

证券代码：301180 证券简称：万祥科技 公告编号：2025-027 苏州万祥科技股份有限公司 第二届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、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 苏州万祥科技股份有限公司（以下简称"万祥科技"、"公司"）第二届董事 会第十六次会议于 2025 年 8 月 15 日以电话/书面方式发出通知，并于 2025 年 8 月 25 日在公司会议室以现场和通讯相结合的方式举行。本次会议由董事长黄军 先生主持，应到董事七名，实到董事七名，公司监事及高级管理人员列席了会议。 本次会议的召开和表决程序符合《公司法》、《证券法》和《公司章程》的有关规 定。 二、董事会会议审议情况 1、审议通过了《关于公司 2025 年半年度报告及其摘要的议案》 1 2025 年上半年，公司募集资金的使用严格按照募集资金存放和使用规范要求， 该专项报告充分、完整地体现了公司募集资金的使用情况。公司募集资金的存放 与使用符合中国证券监督管理委员会、深圳证券交易所关于上市公司募集资金存 放和使用的相关规定，不存在改变或变相改变募集资金投向的情形 ...

同意：3 票，反对：0 票，弃权：0 票。 苏州万祥科技股份有限公司 独立董事：黄鹏、顾月勤、张莉 苏州万祥科技股份有限公司 第二届董事会独立董事专门会议 2025 年第三次会议 会议决议 苏州万祥科技股份有限公司（以下简称"万祥科技"、"公司"）第二届董 事会独立董事专门会议 2025 年第三次会议于 2025 年 8 月 15 日以电话/书面方式 发出通知，并于 2025 年 8 月 25 日在公司会议室以通讯的方式举行。本次会议推 选独立董事黄鹏主持，应到独立董事三名，实到独立董事三名。本次会议的召开 和表决程序符合《公司法》、《证券法》、《公司章程》和《独立董事工作制度》 的有关规定。 一、审议通过《关于公司 2025 年半年度募集资金存放与使用情况的专项报 告的议案》； 经核查，我们认为：公司编制的《2025 年半年度募集资金存放与使用情况的 专项报告》内容真实、准确、完整，不存在虚假记载、误导性陈述和重大遗漏， 如实反映了公司 2025 年半年度募集资金存放与使用的实际情况，符合中国证监 会、深圳证券交易所关于上市公司募集资金存放和使用的相关规定，不存在违规 存放与使用募集资金的情况，也不存在改变 ...

Core Insights - The report highlights that as of July 29, 2024, there are 5,817 listed companies in the A-share market, with CFOs playing a crucial role in financial health and strategic decision-making [1] - The total compensation for CFOs in the A-share market reached 4.243 billion yuan, with an average salary of 760,300 yuan [1] - In the consumer electronics sector, the average CFO salary is 961,000 yuan, marking an increase of 55,000 yuan from the previous year [1] CFO Salary Distribution - Among the 82 CFOs in the consumer electronics industry, 34 have salaries between 500,000 and 1 million yuan, accounting for over 40% [2] - There are 28 CFOs earning over 1 million yuan, representing more than 30% of the total [2] - The highest-paid CFO is Hu Lihua from Shiyuan Technology, with a salary of 3.4237 million yuan [2] Age and Education of CFOs - The age distribution of CFOs ranges from 36 to 59 years, with the majority (44) aged between 40 and 48 [4] - The age group with the highest average salary is 53 years, at 1.7544 million yuan, largely influenced by Hu Lihua's high compensation [4] - Most CFOs hold either a bachelor's (37) or master's degree (32), with master's degree holders earning an average of 1.2811 million yuan, significantly higher than the average for PhD holders [6] Performance and Salary Correlation - Analysis of CFO salaries in the consumer electronics sector shows no significant correlation between salary levels and company performance [8] - Revenue growth rates for three salary segments (0-1.5 million yuan) are 14.93%, 13.27%, and 27.03%, indicating weak correlation with salary [8] - Corresponding net profit growth rates are 37.39%, -53.81%, and 21.33%, further demonstrating the lack of significant relationship between CFO compensation and company performance [8]