Core Viewpoint - The recent financial report of Jia Lian Technology (301193) indicates a mixed performance with a slight increase in revenue but a significant decline in net profit, raising concerns about the company's financial health and operational efficiency [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 1.123 billion yuan, a year-on-year increase of 5.26% compared to 1.067 billion yuan in 2024 [1]. - The net profit attributable to shareholders was -64.67 million yuan, a dramatic decline of 204.81% from a profit of 61.70 million yuan in the previous year [1]. - The second quarter revenue was 617 million yuan, up 8.75% year-on-year, while the net profit for the same period was -39.71 million yuan, down 316.65% [1]. - The gross profit margin decreased to 13.52%, down 28.97% from 19.03% in the previous year [1]. - The net profit margin turned negative at -6.46%, a decline of 219.14% from 5.42% [1]. - Total expenses (selling, administrative, and financial) amounted to 194 million yuan, accounting for 17.24% of revenue, an increase of 24.0% year-on-year [1]. Balance Sheet and Cash Flow Summary - Cash and cash equivalents decreased to 320 million yuan, down 32.94% from 477 million yuan [1]. - Accounts receivable stood at 320 million yuan, a slight decrease of 4.30% from 334 million yuan [1]. - Interest-bearing liabilities increased significantly to 1.988 billion yuan, a rise of 51.97% from 1.308 billion yuan [1]. - The company's return on invested capital (ROIC) was 3.05%, indicating weak capital returns, with a historical median ROIC of 7.97% since its listing [1][2]. Operational Insights - The company's business model relies heavily on research and development, marketing, and capital expenditures, necessitating careful evaluation of the effectiveness of these investments [2]. - The cash flow situation is concerning, with a cash to current liabilities ratio of only 34.89% [3]. - The debt situation is also critical, with an interest-bearing asset liability ratio reaching 40.37% [3]. - The accounts receivable to profit ratio is alarmingly high at 560.78%, indicating potential liquidity issues [3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - In the first half of 2025, the company's revenue increased, but net profit and non - recurring profit after deduction decreased significantly. The company faced challenges such as low capacity utilization and increased financial expenses, but also showed positive signs in overseas production and 3D printing cooperation [24]. 3. Summary by Directory 01. Research Basic Situation - Research object: Jialian Technology [16] - Industry: Plastics [16] - Reception time: August 29, 2025 [16] - Company reception staff: General Manager Ma Henghui, Board Secretary Wang Bo, and Financial Controller Qian Miaoxian [16] 02. Detailed Research Institutions - Investment companies: Beijing Zhikai Investment, Kaifeng Investment, Qingli Investment, Shanghai Jisheng Investment [17][18] - Fund management companies: Caitong Fund, Chunhou Fund, Donghai Fund, etc. [17][18] - Securities companies: Debang Securities, Northeast Securities, Guohai Securities, etc. [17][18] - Other types: Hongluo Private Securities Fund, Shanghai Genxi Private Fund, Shanghai Zhurun Investment [17][18] - Insurance asset management company: Taikang Asset [18] 03. Research Institution Proportion No information provided. 04. Main Content Data - **2025 semi - annual operation**: The company achieved a cumulative revenue of 1.123 billion yuan, a year - on - year increase of 5.26%. Net profit attributable to shareholders was - 64.6698 million yuan, a year - on - year decrease of 204.81%. Non - recurring profit after deduction was - 67.1622 million yuan, a year - on - year decrease of 431.31%. Domestic sales revenue was 627 million yuan, a year - on - year increase of 35.07%, and overseas sales revenue was 496 million yuan, a year - on - year decrease of 17.68% [24]. - **Reasons for net profit loss**: Affected by Sino - US trade, subsidiaries were in the initial production stage, with low capacity utilization, increased manufacturing and management expenses, and increased financial expenses due to interest on convertible bonds [24]. - **Thailand factory situation**: The first - phase capacity of the Thailand production base has been released, orders have been transferred for production and shipped, and overseas production personnel have arrived. Future capacity can meet market demand [24]. - **3D printing cooperation**: The company has cooperated with some leading 3D printing companies, and its 3D printing consumables have a wide range of application prospects [26]. - **Own brand plan**: The company will consider launching its own brand based on product characteristics, market demand, and strategic planning [26]. - **Thailand factory personnel layout**: Currently, the Thailand production base has sufficient personnel reserves, and in the future, personnel will be optimized with the improvement of automation technology [26].

Financial Performance - In the first half of 2025, the company achieved a total revenue of 1.123 billion CNY, representing a year-on-year growth of 5.26% [1] - The net profit attributable to shareholders was -64.67 million CNY, a decline of 204.81% compared to the same period last year [1] - The net profit after deducting non-recurring items was -67.16 million CNY, down 431.31% year-on-year [1] - Domestic sales revenue reached 627 million CNY, an increase of 35.07% year-on-year [2] - Export sales revenue was 496 million CNY, a decrease of 17.68% compared to the previous year [2] Operational Challenges - The net profit loss was attributed to the impact of US-China trade tensions, low capacity utilization due to subsidiaries being in the initial production phase, and increased financial expenses from unconverted convertible bonds [2] - The company is currently in the capacity release phase at its Thailand factory, with production personnel gradually arriving and orders being transferred for production [2][3] Future Development - The company has established partnerships with leading firms in the 3D printing sector and is producing materials applicable in various fields such as industrial design, education, and healthcare [2] - Plans to enhance production efficiency and delivery capabilities are in place to strengthen market competitiveness and ensure long-term growth [2] - The company is considering launching its own brand based on product characteristics, market demand, and strategic planning [2] Workforce Strategy - The Thailand production base has sufficient personnel reserves, and future optimization will focus on enhancing efficiency through automation technology [3]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 关于可转债预计触发赎回条件的提示性公告 1、证券代码：301193 证券简称：家联科技 2、债券代码：123236 债券简称：家联转债 3、转股价格：15.33 元/股 宁波家联科技股份有限公司 | 证券代码：301193 | 证券简称：家联科技 | 公告编号：2025-069 | | --- | --- | --- | | 债券代码：123236 | 债券简称：家联转债 | | 4、转股期限：2024 年 6 月 28 日至 2029 年 12 月 21 日 5、根据《宁波家联科技股份有限公司向不特定对象发行可转换公司债券募 集说明书》（以下简称"《募集说明书》"）中的相关约定，在本次发行的可转换 公司债券转股期内，如果公司股票连续三十个交易日中至少有十五个交易日的收 盘价格不低于当期转股价格的 130%（含 130%），公司董事会有权决定按照债 券面值加当期应计利息的价格赎回全部或部分未转股的可转换公司债券。 自 2025 年 8 月 5 日至 2025 年 8 月 29 日，宁波家联科技股份有限 ...

Group 1 - The core viewpoint of the article is that JiaLian Technology (301193.SZ) reported a revenue of 1.123 billion yuan for the first half of 2025, reflecting a year-on-year growth of 5.26% [1] - The net loss attributable to shareholders of the listed company was 64.6698 million yuan [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 67.1622 million yuan [1] - The basic loss per share was 0.3368 yuan [1]

Group 1 - The core point of the article is that Jia Lian Technology (301193.SZ) reported a transition from profit to loss in its half-year performance for 2025, with a net loss of 64.67 million yuan [1] - The company's operating revenue for the first half of 2025 was 1.123 billion yuan, representing a year-on-year increase of 5.26% [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was 67.16 million yuan, indicating a significant decline in profitability [1] Group 2 - The basic loss per share reported by the company was 0.3368 yuan [1]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 | 证券代码：301193 | 证券简称：家联科技 | 公告编号：2025-065 | | --- | --- | --- | | 债券代码：123236 | 债券简称：家联转债 | | 一、董事会会议召开情况 宁波家联科技股份有限公司 第三届董事会第二十一次会议决议公告 （二）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》 公司 2025 年半年度募集资金的存放与使用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，符合公司《募集资金管理 制度》的有关规定。 本议案已经董事会审计委员会审议通过。 宁波家联科技股份有限公司（以下简称"公司"）第三届董事会第二十一次会 议于 2025 年 8 月 28 日上午 9:30 时在公司会议室以现场及通讯表决相结合的方 式召开。本次会议通知于 2025 年 8 月 18 日以电子邮件方式发出，会议应出席董 事 7 人，实际出席董事 7 人。会议由董事长王熊先生召集并主持，公司高级管理 人员列席本次会议。本次会议 ...

宁波家联科技股份有限公司 2025 年半年度报告全文 宁波家联科技股份有限公司 2025 年半年度报告 2025-066 2025 年 8 月 1 宁波家联科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人王熊、主管会计工作负责人钱淼鲜及会计机构负责人(会计主 管人员)吴雪波声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在生产经营中可能存在原材料价格波动风险、国际经济形势变动风 险、汇率风险、行业政策变化风险、商誉减值风险等，有关风险因素具体内 容详见本报告"第三节 管理层讨论与分析"之"十、公司面临的风险和应对措 施"，敬请广大投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第二节 | 公司简介和主要财务指标 7 | | | --- | --- | --- | | 第三节 | 管理层讨论与分析 10 | | | 第四节 | ...

Group 1 - The company reported a revenue of 1.123 billion yuan for the first half of 2025, representing a year-on-year growth of 5.26% [1] - The net profit attributable to shareholders was -64.6698 million yuan, showing a year-on-year decline of 204.81% [1] - The basic earnings per share were -0.3368 yuan, which is a decrease of 204.79% compared to the previous year [1] Group 2 - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves [1]

| 证券代码：301193 | 证券简称：家联科技 | 公告编号：2025-068 | | --- | --- | --- | | 债券代码：123236 | 债券简称：家联转债 | | （一）首次公开发行股票 1、实际募集资金金额、资金到位情况 经中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于同意宁 波家联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]3103 号），并经深圳证券交易所同意，公司首次公开发行人民币普通股（A 股） 30,000,000.00 股，每股面值人民币 1.00 元，发行价格为 30.73 元，募集资金总额 921,900,000.00 元，扣除相关发行费用（不含税）93,730,018.80 元，实际募集资 金净额为人民币 828,169,981.20 元。以上募集资金已经天职国际会计师事务所（特 殊普通合伙）进行了审验，并于 2021 年 12 月 6 日出具了天职业字[2021]44951 号《验资报告》。 2、募集资金使用及结余情况 截至 2025 年 6 月 30 日，本公司累计使用募集资金金额为人民币 81,616.59 万元，募集资金专 ...