Group 1 - The core viewpoint of the news is that Kaiwang Technology has shown significant fluctuations in its stock performance and financing activities, indicating a high level of investor interest and potential volatility in the market [1][2]. - As of August 27, 2023, Kaiwang Technology's stock price decreased by 0.98%, with a trading volume of 340 million yuan. The net financing purchase on that day was 9.08 million yuan, with a total financing balance of 88.02 million yuan, representing 2.47% of the circulating market value [1]. - The company has a high financing balance, exceeding the 60th percentile of the past year, indicating a strong position in terms of investor financing [1]. Group 2 - As of August 20, 2023, the number of shareholders for Kaiwang Technology was 13,600, a decrease of 1.20% from the previous period, while the average circulating shares per person increased by 1.22% to 7,031 shares [2]. - For the first half of 2025, Kaiwang Technology reported a revenue of 320 million yuan, reflecting a year-on-year growth of 10.70%. However, the net profit attributable to the parent company was -36.18 million yuan, a decrease of 73.75% compared to the previous year [2]. - Since its A-share listing, Kaiwang Technology has distributed a total of 38.33 million yuan in dividends, with 9.58 million yuan distributed over the past three years [3].

据证券之星公开数据整理，近期凯旺科技（301182）发布2025年中报。截至本报告期末，公司营业总收 入3.2亿元，同比上升10.7%，归母净利润-3618.8万元，同比下降73.75%。按单季度数据看，第二季度营 业总收入1.87亿元，同比上升13.65%，第二季度归母净利润227.2万元，同比上升116.14%。本报告期凯 旺科技三费占比上升明显，财务费用、销售费用和管理费用总和占总营收同比增幅达82.97%。 业务评价：去年的净利率为-16.45%，算上全部成本后，公司产品或服务的附加值不高。从历史年报数 据统计来看，公司上市以来中位数ROIC为8.21%，投资回报也较好，其中最惨年份2024年的ROIC 为-9.31%，投资回报极差。公司历史上的财报相对一般（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。），公司上市来已有年报3份，亏损年份2次，显示生意模式比较脆弱。 财报体检工具显示： 建议关注公司现金流状况（货币资金/流动负债仅为26.45%、近3年经营性现金流均值/流动负债仅 为-6.47%） 建议关注财务费用状况（近3年经营活动产生的现金流净额均值为负） 建议关注公司应收账款 ...

Core Insights - The company reported a total operating revenue of 320 million yuan, an increase of 30.88 million yuan compared to the same period last year, representing a year-on-year growth of 10.70% [1] - The net profit attributable to shareholders was -36.188 million yuan, indicating a loss [1] - The company experienced a net cash outflow from operating activities of -44.2262 million yuan [1] Financial Performance - The latest asset-liability ratio is 56.46%, a decrease of 0.95 percentage points from the previous quarter [1] - The latest gross profit margin is 6.75%, an increase of 18.11 percentage points from the previous quarter and an increase of 2.78 percentage points year-on-year [1] - The latest return on equity (ROE) is -4.66% [1] - The diluted earnings per share are -0.38 yuan [1] Operational Efficiency - The total asset turnover ratio is 0.18 times, ranking 30th among disclosed peers [1] - The inventory turnover ratio is 0.66 times [1] Shareholder Structure - The number of shareholders is 16,000, with the top ten shareholders holding 64.1412 million shares, accounting for 66.94% of the total share capital [1] - The largest shareholder is Shenzhen Kaixin Investment Co., Ltd., holding 40.4% of the shares [1]

Group 1 - The core point of the article is that Kaiwang Technology (SZ 301182) announced the convening of its 15th meeting of the third board of directors on August 25, 2025, to review the semi-annual report for 2025 and its summary [1] - For the year 2024, the revenue composition of Kaiwang Technology is entirely from precision cable connection components, accounting for 100.0% [1] Group 2 - The pet industry is experiencing a significant boom, with a market size of 300 billion yuan, leading to a surge in stock prices for related listed companies [1]

河南凯旺电子科技股份有限公司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 | 编制单位：河南凯旺电子科技股份有限公司 | | | | | | | | | 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 | 期初占用资金余 额 | 报告期内占用累计发 生金额(不含利息) | 报告期内占用 资金的利息 | 报告期内偿还 累计发生金额 | 期末占用资金 余额 | 占用形成原因 | 占用性质 | | 现大股东及其附属企业 | / | / | / | / | / | / | / | / | / | / | | 小计 | / | / | / | / | / | / | / | / | / | / | | 前大股东及其附属企业 | / | / | / | / | / | / | / | / | / | / | | 小计 | / | / | / | / | / | / | / | / | / | ...

证券代码：301182 证券简称：凯旺科技 公告编号：2025-047 河南凯旺电子科技股份有限公司 关于 2025 年半年度募集资金存放与实际使用情况 的专项报告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《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》 和中国证券监督管理委员会《公开发行证券的公司信息披露编报规则第 15 号—— 财务报告的一般规定》的披露规定编制有关规定，本公司董事会将公司 2025 年半 年度募集资金存放与实际使用情况报告如下： 一、募集资金基本情况 （一）募集资金到位情况 经中国证监会《关于同意河南凯旺电子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]3563号文）同意注册，公司向社会公开发行不超过 2,396万股新股。公司于2021年12月公开发行普通股（A股）股票2,396万股，发行 价格为每股27.12元，募集资金总额为649,795,200.00元，扣除发行费用人民币 69,463,763.58元，募集资金净额为人民币580,331,436.42元。公司募集资金扣除 尚未支 ...

证券代码：301182 证券简称：凯旺科技 公告编号：2025-046 河南凯旺电子科技股份有限公司 第三届监事会第十四次会议决议公告 河南凯旺电子科技股份有限公司（以下简称"公司"）第三届监事会第十四次会议于 2025 年 8 月 25 日在公司会议室以现场方式召开，会议通知于 2025 年 8 月 15 日以邮件、 电话等方式送达全体监事。会议由监事会主席吴玉辉主持，会议应出席监事 3 名，实际 出席监事 3 名。本次会议的召集和召开符合《中华人民共和国公司法》等法律、法规、 规范性文件和《公司章程》的有关规定，会议决议合法有效。 二、监事会会议审议情况 经与会监事认真审议，形成如下决议： 1、审议通过了《关于公司 2025 年半年度报告及其摘要的议案》 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，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 表决结果：同意 3 票；反对 0 票；弃权 0 票。 2、审议通过了《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》 经审核，监事会认为：公司 2025 年半年度募集资金的存放和使用情况均符合法律、 行政法规 ...

第三届董事会第十五次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 证券代码：301182 证券简称：凯旺科技 公告编号：2025-045 河南凯旺电子科技股份有限公司 具体内容详见公司在指定报刊及巨潮资讯网上披露的相关公告。 表决结果：同意 7 票；反对 0 票；弃权 0 票。 2、审议通过了《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》 经审议，董事会认为《2025 年半年度募集资金存放与使用情况的专项报告》真实、 准确、完整地反映了公司 2025 年半年度募集资金的存放与使用情况，截至报告期末， 公司按照相关法律法规的规定存放、使用募集资金，不存在违规情况。 一、 董事会会议召开情况 河南凯旺电子科技股份有限公司（以下简称"公司"）第三届董事会第十五次会议于 2025 年 8 月 25 日在公司会议室以现场和通讯方式召开，会议通知于 2025 年 8 月 15 日 以邮件、电话等方式送达全体董事。会议由公司董事长陈海刚先生主持，会议应出席董 事 7 名，实际出席董事 7 名。公司监事及高级管理人员列席了会议。本次 ...

Section I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=重要提示) The Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, which highlights risks including customer concentration, supply chain, technological upgrades, economic downturns, internal management, cybersecurity, and exchange rate fluctuations - The company's Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report[3](index=3&type=chunk) - The company faces multiple risks including customer concentration, supply chain, technological upgrades, economic downturns, internal management, cybersecurity, and exchange rate fluctuations[3](index=3&type=chunk)[4](index=4&type=chunk)[6](index=6&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period[7](index=7&type=chunk) [Table of Contents](index=4&type=section&id=目录) The report's clear table of contents is divided into eight sections, covering important notices, company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, and financial reports - The report is structured into eight clear sections for easy reference[9](index=9&type=chunk) [Definitions](index=6&type=section&id=释义) This section defines common terms used in the report, including company names, subsidiaries, currency units, laws, reporting periods, and technical terms like RJ45, IP67, BNC, PCS, IP Camera, IATF, USB, PVC, SATA, 5G, AI, IRIS, CCD, SAP, VMI, ISO9001, ISO14001, and UL certification, ensuring accurate understanding - The report clearly defines basic information such as the company, subsidiaries, currency units, laws and regulations, and the reporting period[12](index=12&type=chunk) - Detailed explanations are provided for professional technical and management terms including RJ45, IP67, BNC, IP Camera, IATF, USB, PVC, SATA, 5G, AI, IRIS, CCD, SAP, VMI, ISO9001, ISO14001, and UL certification[12](index=12&type=chunk)[14](index=14&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Profile](index=8&type=section&id=一、公司简介) Henan Kaiwang Electronic Technology Co Ltd (stock code: 301182) is listed on the Shenzhen Stock Exchange, with Chen Haigang serving as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Kaiwang Technology | | Stock Code | 301182 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Henan Kaiwang Electronic Technology Co Ltd | | Legal Representative | Chen Haigang | [II. Contact Persons and Information](index=8&type=section&id=二、联系人和联系方式) Shao Zhenkang, the Board Secretary, and Wei Jing, the Securities Affairs Representative, manage investor relations from Shenqiu County Shanan Industrial Cluster, Henan Province, with contact details provided Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Shao Zhenkang | Shanan Industrial Cluster, Shenqiu County, Henan Province | 0394-5289029 | 0394-5289029 | dshcarve@carve.com.cn | | Securities Affairs Representative | Wei Jing | Shanan Industrial Cluster, Shenqiu County, Henan Province | 0394-5289029 | 0394-5289029 | dshcarve@carve.com.cn | [III. Other Information](index=8&type=section&id=三、其他情况) 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 - The company's contact information, information disclosure and filing locations, and registration status remained unchanged during the reporting period[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=9&type=section&id=四、主要会计数据和财务指标) During the reporting period, the company's operating revenue increased by 10.70%, but net profit attributable to shareholders and non-recurring net profit significantly declined, operating cash flow turned negative, and basic and diluted earnings per share worsened Key Accounting Data and Financial Indicators (Year-on-Year) | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 319,578,539.76 | 288,701,660.69 | 10.70% | | Net Profit Attributable to Shareholders | -36,187,995.89 | -20,827,092.81 | -73.75% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Items | -38,182,708.62 | -29,653,764.81 | -28.76% | | Net Cash Flow from Operating Activities | -44,226,199.96 | 1,828,657.90 | -2,518.51% | | Basic Earnings Per Share (yuan/share) | -0.3777 | -0.2174 | -73.74% | | Diluted Earnings Per Share (yuan/share) | -0.3777 | -0.2174 | -73.74% | | Weighted Average Return on Net Assets | -4.55% | -2.42% | -452.82% | Key Accounting Data and Financial Indicators (Period-End) | Indicator | Current Period-End (yuan) | Prior Year-End (yuan) | Period-End Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 1,816,605,386.99 | 1,807,119,923.36 | 0.52% | | Net Assets Attributable to Shareholders | 776,811,574.75 | 813,041,519.12 | -4.46% | [V. Differences in Accounting Data under Domestic and International Accounting Standards](index=9&type=section&id=五、境内外会计准则下会计数据差异) The company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in accounting data under domestic and international accounting standards during the reporting period[22](index=22&type=chunk)[23](index=23&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=9&type=section&id=六、非经常性损益项目及金额) The company's total non-recurring gains and losses amounted to **1,994,712.73 yuan**, primarily from government subsidies and wealth management income from idle raised funds, after deducting non-current asset disposal losses, non-operating income/expenses, income tax impact, and minority interest impact Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Non-current asset disposal gains and losses | -129,307.97 | | | Government grants recognized in current profit or loss | 1,821,833.70 | Government project subsidies received | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedging activities related to normal business operations | 729,394.93 | Wealth management income from idle raised funds | | Other non-operating income and expenses apart from the above | -663.99 | | | Less: Income tax impact | 414,052.90 | | | Minority interest impact (after tax) | 12,491.04 | | | Total | 1,994,712.73 | | Section III Management Discussion and Analysis [I. Main Business Activities During the Reporting Period](index=11&type=section&id=一、报告期内公司从事的主要业务) The company's core business involves R&D, production, and sales of electronic precision cable connection components for security, communication, and consumer electronics, expanding into automotive, rail transit, new energy, and robotics, while also achieving scaled production of new businesses like precision molds and metal parts - The company's main business is the R&D, production, and sales of electronic precision cable connection components, primarily used in security equipment, communication equipment, and consumer electronics[28](index=28&type=chunk) - The company has expanded into precision interconnection solutions for emerging fields such as automotive electronics, rail transit, new energy, and robotics, achieving mass delivery[28](index=28&type=chunk) - The company's operating model is primarily "production based on sales, procurement based on production," with continuous R&D investment to expand its product chain and application areas[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) [(I) Main Business Overview](index=11&type=section&id=(一)主营业务情况) The company is a high-tech enterprise specializing in R&D, production, and sales of electronic precision cable connection components, widely used in security, communication, and consumer electronics, with successful expansion into emerging sectors and scaled delivery of new products like metal parts and injection molded components - The company's main business is the R&D, production, and sales of electronic precision cable connection components, operating as a high-tech enterprise[28](index=28&type=chunk) - Products are primarily applied in security, communication, and consumer electronics, with expansion into automotive electronics, rail transit, new energy, and robotics[28](index=28&type=chunk) - New businesses, including various metal parts, injection molded parts, and product assembly, have achieved scaled production and mass delivery[28](index=28&type=chunk) [(II) Main Products Overview](index=11&type=section&id=(二)主要产品情况) The company's products are categorized by application into security, communication, consumer, and other precision cable connection components, alongside integrated precision metal structural parts, molds, and high-current connectors - Security precision cable connection components are primarily used in security monitoring systems, including IPC network port power cables, composite cables, terminal cables, dome camera cables, video power cables, and custom cables[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - Communication precision cable connection components are used in communication room power supplies, data communication, and other equipment, including communication signal transmission cables and communication power cables[31](index=31&type=chunk)[33](index=33&type=chunk) - Consumer and other precision cable connection components are applied in computers, digital cameras, tablet PCs, and rail transit, including USB data cables and rail transit harnesses[32](index=32&type=chunk) - Horizontally and vertically integrated products include high-current connectors, aviation plugs, soft and hard copper CCS, precision metal structural parts, and precision molds, applied in energy storage, power batteries, and precision machinery[34](index=34&type=chunk)[35](index=35&type=chunk) [(III) Business Model Overview](index=16&type=section&id=(三)经营模式情况) The company's business model focuses on profitability through electronic precision cable connection components, precision molds, and machined metal parts, supported by continuous R&D, a "production based on sales, procurement based on production" approach, and a combination of in-house manufacturing and outsourcing - Profitability model: Achieved by providing electronic precision cable connection components, precision molds, machined metal parts, and continuously developing new products[36](index=36&type=chunk) - R&D model: Emphasizes new product development and manufacturing process innovation, establishing a technology center to define R&D projects based on industry trends and customer needs, followed by product design, development, verification, and validation[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) - Procurement model: Adopts "production based on sales, procurement based on production," with main raw materials including copper, steel, aluminum, and rubber, supported by stable procurement channels and a qualified supplier management system[39](index=39&type=chunk) - Production model: Primarily "production based on customer orders," with in-house manufacturing as the main approach and some processes outsourced[40](index=40&type=chunk) [(IV) Market Position of Company Products](index=17&type=section&id=(四)公司产品的市场地位) The company holds a significant market position in the electronic precision cable connection component industry, particularly in security applications, by supplying leading enterprises in domestic security, communication, and consumer sectors, while actively expanding its product chain into new materials, rail transit, medical devices, new energy, and automotive electronics - The company holds a certain market position in the security application sector of the electronic precision cable connection component industry, with major clients being leading enterprises in domestic security, communication, and consumer fields[40](index=40&type=chunk) - Through technological innovation and product chain extension, the company has secured orders for surveillance equipment structural parts and is actively expanding into new application areas such as new materials, rail transit, medical devices, new energy, and automotive electronics[41](index=41&type=chunk) [II. Analysis of Core Competencies](index=18&type=section&id=二、核心竞争力分析) The company's core competencies encompass technological R&D and innovation, manufacturing and process capabilities, deep customer relationships, talent and management, and quality and cost control, enabling it to maintain a competitive edge in the security sector and meet high-end, customized market demands - **Technological R&D and Innovation Advantage**: Possesses an experienced R&D team and multiple provincial-level technology center certifications, mastering core technologies such as IP67 waterproofing and blocking waterproofing, resulting in **147 patents** and scaled application[42](index=42&type=chunk) - **Manufacturing and Process Advantage**: Features flexible production capabilities, optimizing efficiency through process standardization and automation upgrades, establishing closed-loop quality control from raw materials to finished products[42](index=42&type=chunk)[43](index=43&type=chunk) - **Customer Resources and Depth of Cooperation**: Serves industry-leading clients like Hikvision and Dahua Technology, establishing R&D collaboration mechanisms and providing localized services, leading to high customer loyalty[43](index=43&type=chunk) - **Talent and Management Advantage**: Boasts a multidisciplinary talent team, aligning core employee interests through an employee stock ownership platform, and building an integrated production, supply, and sales management system for efficient operations[43](index=43&type=chunk)[44](index=44&type=chunk) - **Quality and Cost Control Advantage**: Implements standardized quality management and refined cost control across all business segments, reducing defect rates and material waste[44](index=44&type=chunk) [III. Main Business Analysis](index=19&type=section&id=三、主营业务分析) In the first half of 2025, the company achieved **319 million yuan** in operating revenue, a 10.7% increase, but reported a net loss of **36.19 million yuan** attributable to the parent company, a 73.75% decrease, while implementing strategies for capacity integration, talent optimization, cost reduction, and governance improvement 2025 H1 Operating Performance | Indicator | Amount | Year-on-Year Change | | :--- | :--- | :--- | | Sales Revenue | 319 million yuan | Increased by 10.7% | | Net Profit Attributable to Parent Company Shareholders | -36.19 million yuan | Decreased by 73.75% | - The company established five product business units (Wire Harness, Wire and Cable, Parts, Electrical, and Vietnam Kaiwang) to advance capacity and industrial chain integration, achieving horizontal product expansion and vertical integration[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk) - Continued focus on technological innovation, with R&D investment of **21.54 million yuan** in H1 2025, a 0.96% year-on-year increase, and a cumulative total of **147 R&D patents** obtained[52](index=52&type=chunk) - Adhering to a "cost-saving and efficiency-boosting" operating strategy, optimizing inventory management and strengthening customer credit, thereby improving operational indicators such as inventory turnover and accounts receivable turnover[54](index=54&type=chunk) - Continuously strengthening data informatization, optimizing the MES system, and gradually improving SRM, smart logistics systems, and logistics robots to build a comprehensive full-process informatization management platform[56](index=56&type=chunk) [Overview](index=19&type=section&id=概述) In the first half of 2025, Henan Kaiwang Electronic Technology Co Ltd achieved **319 million yuan** in sales revenue, a 10.7% increase, but reported a net loss of **36.19 million yuan** attributable to the parent company, a 73.75% decrease, amidst a complex economic environment [Review of Key Company Initiatives](index=19&type=section&id=公司主要工作回顾) The company's key initiatives in the first half included integrating capacity and supply chains through five business units, optimizing talent and R&D investment, maintaining stable operations, implementing cost reduction and efficiency improvement strategies, fostering harmonious labor relations, enhancing data informatization, and improving corporate governance [(I) Capacity and Industrial Chain Integration](index=19&type=section&id=(一)产能与产业链整合) The company integrated its capacity and industrial chain by establishing five business units—Wire Harness, Wire and Cable, Parts, Electrical, and Vietnam Kaiwang—to expand product lines, enhance R&D, and achieve scaled production and overseas market expansion - Established five product business units: Wire Harness, Wire and Cable, Parts, Electrical, and Vietnam Kaiwang, to optimize capacity layout[47](index=47&type=chunk) - The Wire and Cable Business Unit added over **60 UL758 series certified models** and more than **40 3C certified models**, expanding into high-end products such as silicone cables, composite cables, and robot cables[48](index=48&type=chunk) - The Parts Business Unit achieved mass shipment of various precision injection molded parts and made breakthroughs in high-current connectors, high-speed connectors, circular connectors, rectangular connectors, and soft/hard copper-aluminum busbars for new energy batteries[49](index=49&type=chunk) - The Vietnam Kaiwang Business Unit established a multi-functional R&D, production, and sales base integrating molds, metal parts, die-cast parts, injection molded parts, precision cable connection component production, and finished product assembly, laying the foundation for overseas market expansion[50](index=50&type=chunk) [(II) Talent Reserve and Optimization](index=20&type=section&id=(二)人才储备与优化) The company prioritizes talent development and optimization, building a professional team of experienced technical and management experts, investing **21.54 million yuan** in R&D in H1 2025, and accumulating **147 patents** to strengthen its interconnection solutions - The company has assembled a professional team of senior technical experts and management talent, with core personnel possessing over a decade of industry R&D experience[51](index=51&type=chunk) - R&D investment in the first half of 2025 was **21.54 million yuan**, a year-on-year increase of **0.96%**[52](index=52&type=chunk) - As of the end of the reporting period, the company had cumulatively obtained **147 R&D patents** (including **101 utility model patents**, **35 design patents**, and **11 invention patents**)[52](index=52&type=chunk) [(III) Stable Operations in Response to Challenges](index=21&type=section&id=(三)稳健经营应对挑战) Facing market downturns, the company diligently overcame difficulties by rapidly responding to market demands and maintaining reasonable strategic inventory levels to ensure stable business operations - The company actively responded to domestic and international market downturn challenges by rapidly responding to market demand and maintaining reasonable strategic inventory levels to ensure business stability[53](index=53&type=chunk) [(IV) Cost Reduction, Efficiency Improvement, and Operational Optimization](index=21&type=section&id=(四)降本增效与运营优化) The company implemented a "cost-saving and efficiency-boosting" strategy, optimizing inventory and customer credit management, enhancing operational indicators, and improving management through technological innovation, equipment upgrades, and process reforms - The company implemented a "cost-saving and efficiency-boosting" strategy, optimizing inventory and customer credit management to improve inventory turnover and accounts receivable turnover rates[54](index=54&type=chunk) - Management levels were enhanced through technological innovation, equipment upgrades, and optimized plant layout, while process reforms were advanced to boost organizational efficiency[54](index=54&type=chunk) [(V) People-Oriented Approach and Harmonious Development](index=21&type=section&id=(五)以人为本与和谐发展) Adhering to a "people-oriented" philosophy, the company fosters harmonious labor relations, offers competitive compensation, integrates corporate social responsibility with long-term strategy, and contributes to local economic development and poverty alleviation - The company adheres to a "people-oriented" philosophy, building harmonious labor relations and establishing a market-competitive compensation and benefits system[55](index=55&type=chunk) - The company has been honored as a National "Little Giant" Enterprise specializing in niche sectors and a National Intellectual Property Demonstration Enterprise, actively contributing to society through industrial and employment poverty alleviation[55](index=55&type=chunk) [(VI) Informatization Construction Empowering Business](index=22&type=section&id=(六)信息化建设赋能业务) The company continuously strengthens data informatization, optimizing its MES system for full-process visibility and integrating SAP, SRM, smart logistics, and robotics to build a comprehensive management platform that enhances quality, capacity, and efficiency - The company continuously strengthens data informatization, optimizing its MES system to achieve full-process informatization and visualization for some product manufacturing processes[56](index=56&type=chunk) - Building upon the SAP system, the company is enhancing MES, SRM, smart logistics systems, and logistics robots to create a comprehensive full-process informatization management platform, improving operational management and efficiency[56](index=56&type=chunk) [(VII) Enhancing Governance and Protecting Investor Interests](index=22&type=section&id=(七)提升治理与保护投资者利益) The company actively adapts to regulatory requirements, enhances transparency and information disclosure quality, strengthens internal control systems, and maintains robust communication with the capital market to protect the legitimate rights and interests of small and medium investors - The company strengthens its awareness of standardized operations, enhancing transparency and information disclosure quality for listed companies, and ensuring legal and compliant information disclosure[57](index=57&type=chunk) - A robust communication mechanism with the capital market is established through the Shenzhen Stock Exchange's interactive platform and investor site visits, safeguarding the legitimate rights and interests of small and medium investors[57](index=57&type=chunk) [Year-on-Year Changes in Key Financial Data](index=22&type=section&id=主要财务数据同比变动情况) During the reporting period, operating revenue increased by 10.70%, but sales, administrative, and financial expenses significantly rose, income tax expense shifted from negative to positive, operating cash flow sharply declined by 2,518.51%, while investment cash flow improved by 91.91%, and net cash from financing activities decreased by 29.37% Year-on-Year Changes in Key Financial Data | Item | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 319,578,539.76 | 288,701,660.69 | 10.70% | | | Operating Cost | 297,999,587.98 | 277,227,626.74 | 7.49% | | | Selling Expenses | 7,586,866.01 | 6,307,731.56 | 20.28% | Primarily due to an increase in sales personnel | | Administrative Expenses | 25,480,064.71 | 19,399,974.21 | 31.34% | Primarily due to an increase in administrative personnel | | Financial Expenses | 5,258,391.68 | -2,098,389.68 | 350.59% | Primarily due to increased bank borrowings and acceptance bill discounting | | Income Tax Expense | -8,947,603.57 | -1,085,861.75 | -724.01% | Primarily due to deferred income tax preferential policies | | R&D Investment | 21,541,933.82 | 21,336,092.46 | 0.96% | | | Net Cash Flow from Operating Activities | -44,226,199.96 | 1,828,657.90 | -2,518.51% | Primarily due to payments for beginning-of-period payables and maturing acceptance bills | | Net Cash Flow from Investing Activities | -8,693,191.36 | -107,403,003.87 | 91.91% | Primarily due to reduced new machinery and equipment purchases and the redemption cycle of wealth management products | | Net Cash Flow from Financing Activities | 77,967,678.79 | 110,389,933.97 | -29.37% | Primarily influenced by the borrowing and repayment cycle of bank loans | | Net Increase in Cash and Cash Equivalents | 24,003,497.19 | 5,453,724.93 | 340.13% | Primarily due to increased customer repayments and bank borrowings | [IV. Non-Core Business Analysis](index=23&type=section&id=四、非主营业务分析) Non-core business activities impacted total profit, with credit impairment losses accounting for 11.35% due to increased accounts receivable, investment income from idle funds at -1.66%, asset impairment (inventory write-downs) at 3.68%, and other income (government grants) at -4.02% Impact of Non-Core Business on Total Profit | Item | Amount (yuan) | Percentage of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment income | 729,394.93 | -1.66% | Wealth management income from idle raised funds | No | | Asset impairment | -1,614,083.48 | 3.68% | Provision for inventory write-down | No | | Non-operating income | 198,229.61 | -0.45% | | No | | Non-operating expenses | 154,472.67 | -0.35% | | No | | Credit impairment losses | -4,978,050.47 | 11.35% | Primarily due to increased accounts receivable in the reporting period and corresponding increase in credit impairment losses according to relevant policies | No | | Other income | 1,762,518.80 | -4.02% | Primarily government grants related to income | No | [V. Analysis of Assets and Liabilities](index=23&type=section&id=五、资产及负债状况分析) At the end of the reporting period, total assets slightly increased by 0.52% year-on-year, with accounts receivable significantly rising by 4.19% due to increased shipments, while inventory decreased by 6.54% as initial stock was shipped, and short-term borrowings increased by 5.13% Significant Changes in Asset Composition | Item | Current Period-End Amount (yuan) | Percentage of Total Assets | Prior Year-End Amount (yuan) | Percentage of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 98,964,055.13 | 5.45% | 71,284,852.51 | 3.94% | 1.51% | | | Accounts Receivable | 389,811,938.53 | 21.46% | 312,028,404.37 | 17.27% | 4.19% | Primarily due to increased shipments leading to higher accounts receivable | | Inventory | 395,227,417.84 | 21.76% | 511,349,614.70 | 28.30% | -6.54% | Primarily due to the shipment of some initial stock in the first half of the year | | Short-term Borrowings | 233,133,200.92 | 12.83% | 139,164,083.89 | 7.70% | 5.13% | Primarily due to increased short-term borrowings | - At the end of the reporting period, the company's total assets were **1,816,605,386.99 yuan**, an increase of **0.52%** from the end of the previous year[21](index=21&type=chunk) [1. Significant Changes in Asset Composition](index=23&type=section&id=1、资产构成重大变动情况) At the end of the reporting period, monetary funds, accounts receivable, and right-of-use assets increased, with accounts receivable rising by 4.19% due to increased shipments, while inventory decreased by 6.54% as initial stock was shipped, and short-term borrowings increased by 5.13% [3. Assets and Liabilities Measured at Fair Value](index=24&type=section&id=3、以公允价值计量的资产和负债) 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 **70,947,623.20 yuan**, a slight decrease from the beginning of the period, and no financial liabilities measured at fair value Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | | Financial Assets: Accounts Receivable Financing | 78,956,278.67 | 70,947,623.20 | | Financial Liabilities | 0.00 | 0.00 | [4. Asset Rights Restriction Status as of the End of the Reporting Period](index=24&type=section&id=4、截至报告期末的资产权利受限情况) As of the end of the reporting period, the company's total restricted assets amounted to **66,117,298.76 yuan**, primarily comprising other monetary funds restricted as margin, notes receivable and accounts receivable financing restricted for financing pledges, and fixed assets restricted due to uncompleted property deeds Asset Rights Restriction Status | Item | Year-End Book Value (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Other Monetary Funds | 31,045,403.88 | Margin | | Notes Receivable | 4,279,116.79 | Financing pledge | | Fixed Assets | 15,388,050.31 | Property nature is public rental housing with uncompleted property deeds | | Accounts Receivable Financing | 15,404,727.78 | Financing pledge | | Total | 66,117,298.76 | / | [VI. Investment Analysis](index=25&type=section&id=六、投资状况分析) The company had no significant equity or non-equity investments during the reporting period, with a total raised funds utilization rate of 87.34%, including **50.495 million yuan** reallocated to the "Electronic Intelligent Equipment Parts Technology Upgrade Project" and **165.2264 million yuan** of over-raised funds permanently used to supplement working capital, while **90 million yuan** in wealth management products remained outstanding - The company had no significant equity or non-equity investments during the reporting period[67](index=67&type=chunk) Overall Use of Raised Funds | Indicator | Amount (million yuan) | | :--- | :--- | | Total Raised Funds | 649.7952 | | Net Raised Funds | 580.3314 | | Total Raised Funds Cumulatively Used | 506.846 | | Raised Funds Utilization Rate at Period-End | 87.34% | | Total Raised Funds with Changed Use Cumulatively | 50.495 | | Percentage of Total Raised Funds with Changed Use Cumulatively | 8.70% | | Total Unused Raised Funds | 90 | | Amount of Idle Raised Funds for Over Two Years | 90 | - The company used **165.2264 million yuan** of over-raised funds to permanently supplement working capital and managed idle raised funds up to **100 million yuan** for cash management[70](index=70&type=chunk)[71](index=71&type=chunk) [5. Use of Raised Funds](index=25&type=section&id=5、募集资金使用情况) The company's net raised funds totaled **580.3314 million yuan**, with **506.846 million yuan** utilized, representing an 87.34% usage rate, including **50.495 million yuan** reallocated to the "Electronic Intelligent Equipment Parts Technology Upgrade Project" and **165.2264 million yuan** of over-raised funds permanently supplementing working capital - The company used **165.2264 million yuan** of over-raised funds to permanently supplement working capital to meet daily operational needs[70](index=70&type=chunk) - The company used idle raised funds up to **100 million yuan** for cash management, investing in highly secure, liquid, and principal-guaranteed investment products[71](index=71&type=chunk) [(1) Overall Use of Raised Funds](index=25&type=section&id=(1)%20募集资金总体使用情况) The company's net raised funds amounted to **580.3314 million yuan**, with **506.846 million yuan** cumulatively used, representing an 87.34% utilization rate, including the return of **50 million yuan** temporarily used to supplement working capital and **165.2264 million yuan** permanently used for working capital - As of June 30, 2025, the company had returned **50 million yuan** of over-raised funds temporarily used to supplement working capital[69](index=69&type=chunk) - The company has used **165.2264 million yuan** of over-raised funds to permanently supplement working capital[70](index=70&type=chunk) [(3) Changes in Raised Funds Investment Projects](index=26&type=section&id=(3)%20募集资金变更项目情况) The company reallocated **50.495 million yuan** from the "R&D Center Construction Project" to the "Electronic Intelligent Equipment Parts Technology Upgrade Project," which has seen **53.3387 million yuan** invested, reaching 105.63% of its planned investment, primarily for internal production support Changes in Raised Funds Investment Projects | Financing Project Name | Changed Project | Proposed Investment Amount of Changed Project (1) (million yuan) | Actual Cumulative Investment Amount as of Period-End (2) (million yuan) | Investment Progress as of Period-End (3)=(2)/(1) | Has the Feasibility of the Changed Project Significantly Changed | | :--- | :--- | :--- | :--- | :--- | :--- | | R&D Center Construction Project | Electronic Intelligent Equipment Parts Technology Upgrade Project | 50.495 | 53.3387 | 105.63% | No | - The "Electronic Intelligent Equipment Parts Technology Upgrade Project" primarily involves the procurement and installation of precision structural component equipment, providing various molds and fixtures for the company's internal production departments, making it impossible to accurately calculate its individual returns[75](index=75&type=chunk) [6. Wealth Management, Derivative Investments, and Entrusted Loans](index=27&type=section&id=6、委托理财、衍生品投资和委托贷款情况) During the reporting period, the company's wealth management transactions totaled **268 million yuan**, with **90 million yuan** outstanding at period-end, all invested in bank wealth management products using raised funds, and no overdue amounts or derivative investments or entrusted loans were reported Overview of Wealth Management | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Transactions (million yuan) | Unexpired Balance (million yuan) | Overdue Unrecovered Amount (million yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 268 | 90 | 0 | - The company reported no derivative investments or entrusted loans during the period[78](index=78&type=chunk) [VIII. Analysis of Major Holding and Associate Companies](index=28&type=section&id=八、主要控股参股公司分析) The company's major subsidiaries include Shenzhen Kaiwang Electronics, Zhoukou Kaiwang Precision Industry, Zhoukou Haixin Precision Industry, Henan Kaiwang New Material Research Institute, Chongqing Hangda Electronics, Chuzhou Lihong Precision Plastic Mold, and Dongguan Lihong Precision Technology, with the recent establishment of Ji'an Kaiwang Precision Industry Co Ltd as a wholly-owned subsidiary with **30 million yuan** registered capital Financial Performance of Major Subsidiaries | Company Name | Company Type | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Kaiwang Electronics Co Ltd | Subsidiary | 36,630,000.00 | 740,288,867.41 | 54,493,631.04 | 45,524,230.18 | 42,862,683.16 | | Zhoukou Kaiwang Precision Industry Co Ltd | Subsidiary | 5,000,000.00 | 22,481,927.53 | 10,727,396.91 | 13,190,960.53 | 3,948,369.56 | | Zhoukou Haixin Precision Industry Co Ltd | Subsidiary | 10,000,000.00 | 220,529,523.56 | 34,959,983.09 | 91,495,554.36 | 697,829.60 | | Henan Kaiwang New Material Research Institute Co Ltd | Subsidiary | 50,000,000.00 | 54,321,911.39 | 41,340,625.13 | 9,967,860.34 | 1,137,365.63 | | Chongqing Hangda Electronics Co Ltd | Subsidiary | 10,000,000.00 | 6,666,441.38 | 6,632,705.38 | 0 | 243,785.92 | | Chuzhou Lihong Precision Plastic Mold Co Ltd | Subsidiary | 10,000,000.00 | 40,509,981.39 | 28,670,679.51 | 20,796,502.90 | 2,622,507.58 | | Dongguan Lihong Precision Technology Co Ltd | Subsidiary | 20,000,000.00 | 26,306,397.95 | 5,168,408.34 | 6,720,544.86 | 2,313,100.88 | - Ji'an Kaiwang Precision Industry Co Ltd was registered on June 11, 2025, with a registered capital of **30 million yuan**, as a 100% wholly-owned subsidiary[82](index=82&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=28&type=section&id=十、公司面临的风险和应对措施) The company faces risks from customer concentration, supply chain disruptions, technological obsolescence, internal management complexities due to expansion, and cybersecurity threats, requiring continuous monitoring and proactive mitigation strategies - **Customer Concentration and Major Customer Dependence Risk**: The company has a high customer concentration, and adverse operating conditions or decreased demand from major customers could significantly impact operating performance[83](index=83&type=chunk) - **Supply Chain Risk**: The global supply system is vulnerable to fluctuations in commodity prices and restrictions on production and logistics, which could adversely affect the company's operating performance[84](index=84&type=chunk) - **Technological Obsolescence Risk**: Failure to closely track cutting-edge technological updates and rapid innovation could lead to a decline in market competitiveness[84](index=84&type=chunk) - **Internal Management Risk**: Expanding business scale, new products, and increased employees lead to higher management complexity, posing risks if management capabilities do not keep pace[84](index=84&type=chunk) - **Cybersecurity Risk**: In an internet application environment, there may be security issues such as computer viruses, malicious software, and hacker attacks[84](index=84&type=chunk) Section IV Corporate Governance, Environment, and Society [II. Profit Distribution and Capital Reserve Conversion to Share Capital for the Reporting Period](index=30&type=section&id=二、本报告期利润分配及资本公积金转增股本情况) 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[88](index=88&type=chunk) [V. Social Responsibility](index=31&type=section&id=五、社会责任情况) The company actively fulfills its social responsibilities by enhancing corporate governance, safeguarding stakeholder rights, adopting a "people-oriented" approach for employee welfare, fostering strategic partnerships with suppliers and customers, promoting green manufacturing, and contributing to local poverty alleviation and rural revitalization - The company strictly adheres to laws and regulations, improves corporate governance, protects the rights and interests of shareholders and creditors, and communicates with investors through various channels to ensure truthful, accurate, complete, timely, and fair information disclosure[90](index=90&type=chunk) - The company upholds a "people-oriented" philosophy, establishing a market-competitive compensation and benefits system, focusing on employee career development, providing training, and fostering a positive work environment[91](index=91&type=chunk) - The company emphasizes strategic win-win cooperation with suppliers and customers, providing high-quality products and services, establishing effective communication mechanisms, and complying with anti-commercial bribery and unfair competition regulations[92](index=92&type=chunk) - The company adheres to an environmental philosophy of "reducing consumption, saving energy, and increasing efficiency," promoting green manufacturing, and actively contributing to poverty alleviation and rural revitalization in Shenqiu County, Zhoukou City, through industrial and employment support[93](index=93&type=chunk) Section V Significant Matters [XII. Major Contracts and Their Performance](index=35&type=section&id=十二、重大合同及其履行情况) During the reporting period, the company had multiple leasing contracts for offices, warehouses, and factories in various locations, with areas ranging from 236 sqm to 88,831.98 sqm, noting that some leased properties lacked completed property deeds, though this was not deemed to have a significant adverse impact on operations Major Lease Contracts | No | Lessee | Lease Location | Lease Area (sqm) | Purpose | Contract Period | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Kaiwang Technology | Binjiang District, Hangzhou City | 236 | Office | 2025.06.20 - 2027.06.19 | | 2 | Shenzhen Kaiwang | Wuyi Industrial Zone, Chenjiang, Huizhou City | 1350 | Warehouse | 2024.04.01 - 2026.03.01 | | 3 | Haixin Precision | Xihua County Economic and Technological Development Zone | 41592 | Factory, dormitory, office building, etc | 2021.01.01 - 2026.12.31 | | 4 | Kaiwang Technology | Shanan Industrial Zone, Shenqiu County | 11561 | Factory | 2025.01.01 - 2025.12.31 | | 5 | Chuzhou Lihong | National Economic Development Zone, Chuzhou City, Anhui Province | 3600 | Factory | 2025.06.01 - 2026.05.31 | | 6 | Shenzhen Kaiwang Dongguan Branch | Xinwei Village, Humen Town, Dongguan City | 6183 | Factory, dormitory | 2022.12.01 - 2026.01.31 | | 7 | Dongguan Lihong | Yuliangwei Industrial Zone | 3130 | Factory | 2023.07.01 - 2028.06.30 | | 8 | Vietnam Kaiwang | Binh Duong Province, Vietnam | 26438 | Factory, office building, etc | 2023.09.01 - 2028.08.31 | | 9 | Kaiwang Technology | North Section of Xihuan Road, Shenqiu County | 88831.98 | Factory | 2025.01.01 - 2027.12.31 | | 10 | Ji'an Kaiwang | Fenghuang Park, Ji'an High-tech Zone | 18021 | Factory, dormitory | 2025.07.01 - 2030.07.01 | - Some leased properties lack completed property deeds, but the company assesses this will not have a significant adverse impact on production and operations[112](index=112&type=chunk)[113](index=113&type=chunk) - The company reported no significant guarantees or major ordinary course of business contracts during the period[120](index=120&type=chunk)[121](index=121&type=chunk) Section VI Changes in Shares and Shareholder Information [I. Changes in Share Capital](index=39&type=section&id=一、股份变动情况) During the reporting period, all restricted shares were released, increasing the number of unrestricted shares while the total share capital remained unchanged, with major shareholders like Shenzhen Kaiwang Investment Co Ltd, Chen Haigang, Zhoukou Dingbang Management Consulting Partnership (Limited Partnership), and Liu Zhongyi having their restricted shares lifted Changes in Share Capital | Item | Number of Shares Before This Change (shares) | Proportion | Increase/Decrease in This Change (＋, －) | Number of Shares After This Change (shares) | Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 57,570,000 | 60.08% | -57,570,000 | 0 | 0% | | II. Unrestricted Shares | 38,251,700 | 39.92% | +57,570,000 | 95,821,700 | 100.00% | | III. Total Shares | 95,821,700 | 100.00% | 0 | 95,821,700 | 100.00% | - The main reason for the share capital change was the release of pre-IPO restricted shares[127](index=127&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Proposed Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Kaiwang Investment Co Ltd | 38,750,000 | 38,750,000 | 0 | Release of pre-IPO restricted shares | June 23, 2025 | | Chen Haigang | 7,875,000 | 7,875,000 | 0 | Release of pre-IPO restricted shares | June 23, 2025 | | Zhoukou Dingbang Management Consulting Partnership (Limited Partnership) | 7,570,000 | 7,570,000 | 0 | Release of pre-IPO restricted shares | June 23, 2025 | | Liu Zhongyi | 3,375,000 | 3,375,000 | 0 | Release of pre-IPO restricted shares | June 23, 2025 | | Total | 57,570,000 | 57,570,000 | 0 | -- | -- | [III. Number of Shareholders and Shareholding Status](index=41&type=section&id=三、公司股东数量及持股情况) At the end of the reporting period, the company had **15,957** common shareholders, with Shenzhen Kaiwang Investment Co Ltd being the largest shareholder at **40.44%** (partially pledged), and Chen Haigang and Han Liucai as the ultimate controlling parties - The total number of common shareholders at the end of the reporting period was **15,957**[130](index=130&type=chunk) Top 10 Shareholders' Shareholding Status | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-End (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status (Share Status/Quantity) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Kaiwang Investment Co Ltd | Domestic Non-State-Owned Legal Person | 40.44% | 38,750,000.00 | 38,750,000.00 | Pledged 2,900,000.00 | | Chen Haigang | Domestic Natural Person | 8.22% | 7,875,000.00 | 7,875,000.00 | Not applicable 0 | | Zhoukou Dingbang Management Consulting Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 7.90% | 7,570,000.00 | 7,570,000.00 | Not applicable 0 | | Liu Zhongyi | Domestic Natural Person | 3.52% | 3,375,000.00 | 3,375,000.00 | Not applicable 0 | | Zhoukou Industrial Cluster Development Investment Co Ltd | State-Owned Legal Person | 3.00% | 2,874,567.00 | 2,874,567.00 | Not applicable 0 | | Zhoukou Jubang Management Consulting Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.38% | 2,280,000.00 | 2,280,000.00 | Not applicable 0 | | Henan Hongbo Capital Management Co Ltd - Henan Returned Entrepreneur Equity Investment Fund (Limited Partnership) | Other | 0.87% | 836,200.00 | 836,200.00 | Not applicable 0 | | Bu Ruihua | Domestic Natural Person | 0.24% | 226,200.00 | 226,200.00 | Not applicable 0 | | Fan Xin | Domestic Natural Person | 0.19% | 182,000.00 | 182,000.00 | Not applicable 0 | | Li Dawei | Domestic Natural Person | 0.18% | 172,200.00 | 172,200.00 | Not applicable 0 | - Shenzhen Kaiwang Investment Co Ltd, 50% owned by Chen Haigang and 50% by Han Liucai, is the controlling shareholder of the company; Liu Zhongyi, Chen Haigang's brother-in-law, also serves as the executive partner of Zhoukou Dingbang[131](index=131&type=chunk) Section VIII Financial Report [I. Audit Report](index=46&type=section&id=一、审计报告) The company's 2025 semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[139](index=139&type=chunk) [II. Financial Statements](index=46&type=section&id=二、财务报表) This section presents the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, showing total consolidated assets of **1.817 billion yuan**, total liabilities of **1.026 billion yuan**, and net assets attributable to the parent company of **777 million yuan** Key Data from Consolidated Balance Sheet (Period-End) | Item | Period-End Balance (yuan) | | :--- | :--- | | Total Assets | 1,816,605,386.99 | | Total Liabilities | 1,025,745,179.28 | | Total Equity Attributable to Parent Company Owners | 776,811,574.75 | Key Data from Consolidated Income Statement (Current Period) | Item | 2025 Half-Year (yuan) | | :--- | :--- | | Total Operating Revenue | 319,578,539.76 | | Total Profit | -43,850,570.75 | | Net Profit | -34,902,967.18 | | Net Profit Attributable to Parent Company Shareholders | -36,187,995.89 | Key Data from Consolidated Cash Flow Statement (Current Period) | Item | 2025 Half-Year (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -44,226,199.96 | | Net Cash Flow from Investing Activities | -8,693,191.36 | | Net Cash Flow from Financing Activities | 77,967,678.79 | | Net Increase in Cash and Cash Equivalents | 24,003,497.19 | [III. Company Basic Information](index=63&type=section&id=三、公司基本情况) Henan Kaiwang Electronic Technology Co Ltd, headquartered in Shenqiu County Shanan Industrial Cluster, operates in electronic component manufacturing, specializing in R&D, production, and sales of precision cable electronic connection components, with its financial statements approved on August 25, 2025, and eight subsidiaries included in the consolidated scope as of June 30, 2025 - Company's registered address and headquarters: Shenqiu County Shanan Industrial Cluster[174](index=174&type=chunk) - The company's industry is electronic components and modules manufacturing, with its main business scope being the R&D, production, and sales of precision cable electronic connection components[174](index=174&type=chunk) - These financial statements were approved for issuance by the company's Board of Directors on August 25, 2025[174](index=174&type=chunk) - As of June 30, 2025, the company had a total of **8 subsidiaries** included in its consolidated scope[175](index=175&type=chunk) [IV. Basis of Financial Statement Preparation](index=64&type=section&id=四、财务报表的编制基础) The company's financial statements are prepared on a going concern basis, in accordance with Chinese Accounting Standards and the CSRC's "Information Disclosure Rules for Companies Issuing Securities No. 15 – General Provisions for Financial Reports (Revised 2023)," using the accrual basis of accounting and historical cost measurement, with no significant doubts about its ability to continue as a going concern for the next 12 months - The company's financial statements are prepared on a going concern basis, in accordance with Chinese Accounting Standards and relevant CSRC regulations[176](index=176&type=chunk) - Accounting is based on the accrual method, and all items, except financial instruments, are measured at historical cost[176](index=176&type=chunk) - The company evaluated its ability to continue as a going concern for 12 months from the end of the reporting period and found no significant doubts[177](index=177&type=chunk) [V. Significant Accounting Policies and Estimates](index=64&type=section&id=五、重要会计政策及会计估计) This section details the company's significant accounting policies and estimates, covering accounting period, operating cycle, functional currency, business combinations, consolidated financial statements, financial instrument classification and measurement, impairment, inventory, fixed assets, intangible assets, long-term asset impairment, revenue recognition, government grants, deferred tax assets/liabilities, and leases, along with key judgments and estimates made - The company's accounting period is the calendar year, its operating cycle is **12 months**, and its functional currency is RMB[178](index=178&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk) - Financial assets are classified into three categories based on business model and contractual cash flow characteristics: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss[208](index=208&type=chunk) - The company recognizes impairment provisions for financial assets (including notes receivable, accounts receivable, and accounts receivable financing) based on expected credit losses[218](index=218&type=chunk) - Revenue recognition principles involve recognizing revenue when customers obtain control of the related goods and determining the progress of performance obligations using either the input or output method based on the nature of the obligation[268](index=268&type=chunk)[269](index=269&type=chunk) - Significant accounting judgments and estimates involve revenue recognition, leases, financial asset impairment, inventory write-down provisions, fair value of financial instruments, long-term asset impairment provisions, depreciation and amortization, deferred tax assets, and income tax[283](index=283&type=chunk)[284](index=284&type=chunk)[285](index=285&type=chunk)[286](index=286&type=chunk)[287](index=287&type=chunk)[288](index=288&type=chunk)[289](index=289&type=chunk) [VI. Taxation](index=94&type=section&id=六、税项) The company's main taxes include VAT (13%, 9%, 6%), urban maintenance and construction tax (7%, 5%), corporate income tax (15%, 25%), education surcharges, local education surcharges, property tax, and stamp duty, with several subsidiaries enjoying a 15% corporate income tax rate as high-tech enterprises Major Tax Categories and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable sales revenue | 13.00%, 9.00%, 6.00% | | Urban Maintenance and Construction Tax | Actual turnover tax paid | 7.00%, 5.00% | | Corporate Income Tax | Taxable income | 15.00%, 25.00% | | Education Surcharge | Actual turnover tax paid | 3.00% | | Local Education Surcharge | Actual turnover tax paid | 2.00% | | Property Tax | Based on value, 1.2% of the remaining value after a one-time deduction of 10% to 30% from the original value; based on rent, 12% of rental income | 1.2%, 12% | - Henan Kaiwang Electronic Technology Co Ltd, Henan Kaiwang New Material Research Institute Co Ltd, Chuzhou Lihong Precision Plastic Mold Co Ltd, and Dongguan Lihong Precision Technology Co Ltd enjoy high-tech enterprise tax incentives, with a corporate income tax rate of **15%**[291](index=291&type=chunk)[292](index=292&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=95&type=section&id=七、合并财务报表项目注释) This section details the specific conditions and changes of each consolidated financial statement item, noting significant period-end variations in monetary funds, accounts receivable, other receivables, short-term borrowings, employee compensation payable, taxes payable, and non-current liabilities due within one year, with accounts receivable at **390 million yuan**, inventory at **395 million yuan**, and short-term borrowings at **233 million yuan** Period-End Balances of Major Consolidated Financial Statement Items | Item | Period-End Balance (yuan) | | :--- | :--- | | Monetary Funds | 98,964,055.13 | | Accounts Receivable | 389,811,938.53 | | Inventory | 395,227,417.84 | | Short-term Borrowings | 233,133,200.92 | | Operating Revenue | 319,578,539.76 | | Net Profit | -34,902,967.18 | - Accounts receivable period-end balance was **390 million yuan**, an increase from the beginning of the period, primarily due to increased shipments[98](index=98&type=chunk)[62](index=62&type=chunk) - Inventory period-end balance was **395 million yuan**, a decrease from the beginning of the period, primarily due to the shipment of some initial stock in the first half of the year[108](index=108&type=chunk)[62](index=62&type=chunk) - Short-term borrowings period-end balance was **233 million yuan**, an increase from the beginning of the period, primarily due to increased bank borrowings[125](index=125&type=chunk)[63](index=63&type=chunk) - At the end of the reporting period, the company's total assets with restricted ownership or use rights amounted to **66,117,298.76 yuan**, primarily for margin deposits and financing pledges[66](index=66&type=chunk)[461](index=461&type=chunk) [VIII. Research and Development Expenses](index=149&type=section&id=八、研发支出) The company's total R&D expenditure for the current period was **21,541,933.82 yuan**, consistent with the prior year, primarily comprising personnel costs and direct material inputs, with all R&D expenses recognized as period costs and no capitalized R&D projects R&D Expenditure Details | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Direct Material Input Costs | 5,674,809.65 | 5,838,393.90 | | Personnel Labor Costs | 11,707,415.14 | 12,018,918.53 | | Depreciation Expenses | 2,505,424.08 | 2,501,124.46 | | Intangible Asset Amortization | 17,395.23 | 17,395.23 | | Technical Service Fees | 965,482.34 | 245,562.90 | | Other Expenses Directly Related to R&D Activities | 671,407.38 | 714,697.44 | | Total | 21,541,933.82 | 21,336,092.46 | | Of which: Expensed R&D Expenditures | 21,541,933.82 | 21,336,092.46 | - All R&D expenditures for the current period were expensed, with no R&D projects meeting capitalization criteria[580](index=580&type=chunk)[581](index=581&type=chunk) [IX. Changes in Consolidation Scope](index=149&type=section&id=九、合并范围的变更) The company's consolidation scope changed during the reporting period due to the establishment of Ji'an Kaiwang Precision Industry Co Ltd on June 11, 2025, which was subsequently included in the consolidated financial statements, with no non-same-control or same-control business combinations or loss of control over subsidiaries occurring - Ji'an Kaiwang Precision Industry Co Ltd was newly established on June 11, 2025, and included in the company's consolidated financial statements from that date[594](index=594&type=chunk) - The company did not experience any non-same-control business combinations, same-control business combinations, or disposal of subsidiaries leading to loss of control during the current period[584](index=584&type=chunk)[590](index=590&type=chunk)[594](index=594&type=chunk) [X. Interests in Other Entities](index=153&type=section&id=十、在其他主体中的权益) The company's enterprise group comprises eight subsidiaries, including Shenzhen Kaiwang Electronics, Zhoukou Kaiwang Precision Industry, Zhoukou Haixin Precision Industry, Henan Kaiwang New Material Research Institute, Chongqing Hangda Electronics, Chuzhou Lihong Precision Plastic Mold, Dongguan Lihong Precision Technology, and the newly established Ji'an Kaiwang Precision Industry, with Chuzhou Lihong Precision Plastic Mold being a significant non-wholly-owned subsidiary Composition of Enterprise Group | Subsidiary Name | Registered Capital (yuan) | Shareholding Percentage (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | | Shenzhen Kaiwang Electronics Co Ltd | 36,630,000.00 | 100.00% | Business combination under common control | | Zhoukou Kaiwang Precision Industry Co Ltd | 5,000,000.00 | 100.00% | Newly established | | Zhoukou Haixin Precision Industry Co Ltd | 10,000,000.00 | 100.00% | Newly established | | Henan Kaiwang New Material Research Institute Co Ltd | 50,000,000.00 | 100.00% | Newly established | | Chongqing Hangda Electronics Co Ltd | 10,000,000.00 | 100.00% | Newly established | | Chuzhou Lihong Precision Plastic Mold Co Ltd | 10,000,000.00 | 51.00% | Acquisition | | Dongguan Lihong Precision Technology Co Ltd | 20,000,000.00 | 100.00% | Acquisition | | Ji'an Kaiwang Precision Industry Co Ltd | 30,000,000.00 | 100.00% | Newly established | Financial Information of Significant Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding Percentage | Net Profit Attributable to Minority Shareholders in Current Period (yuan) | Minority Interest Balance at Period-End (yuan) | | :--- | :--- | :--- | :--- | | Chuzhou Lihong Precision Plastic Mold Co Ltd | 49.00% | 1,285,028.71 | 14,048,632.96 | [XI. Government Grants](index=158&type=section&id=十一、政府补助) During the reporting period, the company recognized **1,835,786.96 yuan** in government grants in profit or loss, primarily from export credit insurance subsidies, talent living allowances, intern subsidies, individual income tax handling fee refunds, and tax incentives, while deferred income included **5,186,157.28 yuan** in asset-related investment promotion support funds Government Grants Recognized in Profit or Loss | Accounting Account | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Other Income | 1,762,518.80 | 10,621,236.41 | | Non-Operating Income | 73,268.16 | 73,268.16 | Liabilities Related to Government Grants | Accounting Account | Beginning Balance (yuan) | Current Period Decrease (yuan) | Period-End Balance (yuan) | Related to Asset/Income | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 5,259,425.44 | 73,268.16 | 5,186,157.28 | Related to assets | [XII. Risks Related to Financial Instruments](index=159&type=section&id=十二、与金融工具相关的风险) The company's financial instruments, including fair value measured financial assets/liabilities, receivables, and payables, expose it to credit, liquidity, and market risks (interest rate and foreign exchange), which are managed through credit assessments, cash flow forecasting, and monitoring exchange rate fluctuations - The company's main financial instruments include financial assets and liabilities measured at fair value with changes recognized in profit or loss, receivables, and payables[612](index=612&type=chunk) - The company faces credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)[612](index=612&type=chunk)[616](index=616&type=chunk)[617](index=617&type=chunk) - Credit risk is primarily concentrated in monetary funds and receivables, with the top five accounts receivable customers accounting for **72.16%**[613](index=613&type=chunk) - Liquidity risk is managed through various financing methods such as shareholder loans, bank loans, equity financing, and cash flow forecasting[616](index=616&type=chunk) - Interest rate risk is minimal, and foreign exchange risk is managed by closely monitoring exchange rate fluctuations and considering hedging policies[617](index=617&type=chunk) [XIII. Disclosure of Fair Value](index=161&type=section&id=十三、公允价值的披露) At the end of the reporting period, the company's recurring fair value measurement items primarily consisted of accounts receivable financing, with a fair value of **70,947,623.20 yuan**, classified as Level 3 fair value measurement, where the book value approximates fair value due to short remaining maturities Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | Accounts Receivable Financing | 70,947,623.20 | 70,947,623.20 | - Accounts receivable financing consists of bank acceptance bills and CCB Rongtong bills with short remaining maturities, where the book value approximates fair value, thus the book value is used as fair value[622](index=622&type=chunk) [XIV. Related Parties and Related Party Transactions](index=162&type=section&id=十四、关联方及关联交易) Shenzhen Kaiwang Investment Co Ltd is the company's parent, with Chen Haigang and Han Liucai as ultimate controlling parties, and other related parties include directors, supervisors, senior management, and their controlled entities; during the period, the company engaged in related party leases as a lessor and received related party guarantees, with accounts receivable from Henan Dongyuan Metallurgical Materials Co Ltd being a key related party receivable - The company's parent company is Shenzhen Kaiwang Investment Co Ltd, with Chen Haigang and Han Liucai as the ultimate controlling parties[623](index=623&type=chunk) - Other related parties include the company's directors, supervisors, senior management, and their controlled enterprises, such as Henan Dongyuan Metallurgical Materials Co Ltd and Henan Hengwei Environmental Technology Co Ltd[625](index=625&type=chunk) Related Party Lease Information (as Lessor) | Lessee Name | Type of Leased Asset | Lease Income Recognized in Current Period (yuan) | Lease Income Recognized in Prior Period (yuan) | | :--- | :--- | :--- | :--- | | Shenzhen Kaiwang Investment Co Ltd | Property | 15,000.00 | 15,

Group 1 - The company, Kaiwang Technology (301182.SZ), has stated on its interactive platform that it has not yet entered the Nvidia supply chain [1]