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祥明智能(301226) - 董事会决议公告
2025-08-28 12:29
证券代码:301226 证券简称:祥明智能 公告编号:2025-027 常州祥明智能动力股份有限公司 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的内容真实、准确、完整,没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 常州祥明智能动力股份有限公司(以下简称"公司")第三届董事会第十五 次会议(以下简称"会议")于 2025 年 8 月 27 日在公司办公楼 306 会议室以现 场结合通讯的方式召开。会议通知已于 2025 年 8 月 15 日以书面方式通知了全体 董事,与会的各位董事已经知悉与所议事项相关的必要信息。本次会议应表决董 事 5 人,实际参与表决董事 5 人(其中独立董事邵乃宇、潘一欢、黄森以通讯表 决方式出席会议)。会议由公司董事长张敏先生主持,公司监事、高级管理人员、 保荐机构代表人陈栋先生列席了本次会议。会议参与表决人数及召集、召开程序 均符合《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、董事会会议审议情况 经与会董事认真审议,会议以记名投票表决的方式通过了以下议案: (一)审议通过《关于 2025 年半年度报 ...
祥明智能(301226) - 民生证券股份有限公司关于常州祥明智能动力股份有限公司2025年半年度持续督导跟踪报告
2025-08-28 12:26
民生证券股份有限公司 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | (1)是否及时审阅公司信息披露文件 | 是 | | (2)未及时审阅公司信息披露文件的次数 | 次 0 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | (1)是否督导公司建立健全规章制度(包括但不限 | | | 于防止关联方占用公司资源的制度、募集资金管理制 度、内控制度、内部审计制度、关联交易制度) | 是 | | (2)公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | (1)查询公司募集资金专户次数 | 次 6 | | (2)公司募集资金项目进展是否与信息披露文件一 致 | 是 | | 4.公司治理督导情况 | | | (1)列席公司股东大会次数 | 次 1 | | (2)列席公司董事会次数 | 1 次 | | (3)列席公司监事会次数 | 次 0 | | 5.现场检查情况 | | | (1)现场检查次数 | 1 次 | | (2)现场检查报告是否按照交易所规定报送 | 是 | | (3)现场检查发现的主要问题及整改情况 | 无 | | ...
祥明智能(301226) - 2025 Q2 - 季度财报
2025-08-28 11:40
Part I. Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, and the company plans no cash dividends, bonus shares, or capital reserve conversions - The company's board, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness[4](index=4&type=chunk) - The company's responsible person, chief accountant, and accounting department head declare the financial report is true, accurate, and complete[4](index=4&type=chunk) - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report's clear table of contents, divided into eight main chapters, provides a comprehensive index to company information, financial metrics, and governance [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, legal regulations, accounting periods, and core business products like micro-motors and fans - The reporting period refers to January-June 2025, and the prior year period refers to January-June 2024[13](index=13&type=chunk) - The company's main business involves micro-motors, fans, and intelligent components, applied in HVACR, vehicles, communication systems, and healthcare[13](index=13&type=chunk) Part II. Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=I.%20Company%20Profile) Changzhou Xiangming Intelligent Power Co., Ltd., stock code 301226, is listed on the Shenzhen Stock Exchange, with Zhang Min as its legal representative - Company stock abbreviation: Xiangming Intelligent, stock code: **301226**[15](index=15&type=chunk) - The company is listed on the Shenzhen Stock Exchange, and its legal representative is Zhang Min[15](index=15&type=chunk) [Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) The company's Board Secretary is Wang Qinping, Securities Affairs Representative is Qiang Jingxian, with consistent contact address, phone, fax, and email - Board Secretary: Wang Qinping; Securities Affairs Representative: Qiang Jingxian[16](index=16&type=chunk) - Contact address: No. 518 Zhongwu Avenue, Changzhou City; Email: info@xiangming.com[16](index=16&type=chunk) [Other Information](index=6&type=section&id=III.%20Other%20Information) No changes occurred in the company's contact information, disclosure, or registration during the reporting period, with details available in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[17](index=17&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period[18](index=18&type=chunk) - The company's registration status remained unchanged during the reporting period[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, the company saw revenue grow by 5.85%, net profit attributable to shareholders by 60.89%, and operating cash flow by 30.18%, with modest asset and equity increases 2025 Half-Year Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 256,035,332.25 | 241,893,751.60 | 5.85% | | Net Profit Attributable to Listed Company Shareholders | 18,313,734.66 | 11,383,024.89 | 60.89% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Items) | 15,465,065.72 | 7,827,245.20 | 97.58% | | Net Cash Flow from Operating Activities | 40,420,144.81 | 31,049,670.26 | 30.18% | | Basic Earnings Per Share (Yuan/share) | 0.1683 | 0.1046 | 60.90% | | Diluted Earnings Per Share (Yuan/share) | 0.1683 | 0.1046 | 60.90% | | Weighted Average Return on Net Assets | 2.01% | 1.26% | 0.75% | | **End of Current Reporting Period** | **End of Prior Year** | **Change from Prior Year-End (%)** | | | Total Assets | 1,039,388,708.79 | 1,023,115,794.85 | 1.59% | | Net Assets Attributable to Listed Company Shareholders | 910,421,571.83 | 901,489,676.86 | 0.99% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit or net assets between international/overseas and Chinese accounting standards - The company has no differences in accounting data under domestic and overseas accounting standards[21](index=21&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses totaled 2.85 million Yuan, primarily from non-current asset disposal, government grants, and financial asset fair value changes, positively impacting net profit 2025 Half-Year Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | Explanation | | :--- | :--- | :--- | | Gains/losses from disposal of non-current assets | 153,823.46 | | | Government grants recognized in current profit/loss | 1,069,499.98 | Received government subsidies | | Gains/losses from changes in fair value of financial assets and liabilities and disposal gains/losses | 2,138,846.90 | Cash management income | | Other non-operating income and expenses apart from the above | -74,842.23 | | | Other profit/loss items meeting the definition of non-recurring gains/losses | 59,674.56 | Received handling fee refunds for withholding individual income tax | | Less: Income tax impact | 498,333.73 | | | Total | 2,848,668.94 | | Part III. Management Discussion and Analysis [Company's Main Business Activities During the Reporting Period](index=9&type=section&id=I.%20Company's%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company specializes in R&D, production, and sales of micro-motors, fans, and intelligent components for HVACR, vehicles, communication, and healthcare sectors - The company's main business is the R&D, production, and sales of micro-motors, fans, and intelligent components[25](index=25&type=chunk) - Products are widely used in HVACR, transportation vehicles, communication systems, and medical health fields[26](index=26&type=chunk) - From January to June 2025, the company's operating revenue was **256.04 million Yuan**, a **5.85% YoY increase**, with a gross profit margin of **21.37%**, an increase of **3.34%**[27](index=27&type=chunk) - Fans and DC brushless motor products were the main drivers of performance growth, increasing by **22.65%** and **19.57%** YoY, respectively[27](index=27&type=chunk) - Self-operated exports grew by **31.38%**, accounting for **39.15%** of sales, primarily driven by fan and DC brushless motor products[27](index=27&type=chunk) - Net profit attributable to parent company shareholders was **18.31 million Yuan**, a **60.89% YoY increase**; net profit excluding non-recurring items was **15.47 million Yuan**, a **97.58% YoY increase**[28](index=28&type=chunk)[29](index=29&type=chunk) - The company's internationalization efforts have been successful, with smooth expansion in the European market and enhanced capabilities of its German subsidiary[29](index=29&type=chunk) - The company's strategy focuses on "three chains": integration (new economy, new business models, new application scenarios), strengthening (talent, manufacturing, engineering, supply), and supplementing (new technologies, new products), combined with a "technology + industry + capital" model to drive development[30](index=30&type=chunk) [Company's Main Products and Businesses](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89Company's%20Main%20Products%20and%20Businesses) The company's core business involves R&D, production, and sales of micro-motors, fans, and intelligent components, with significant growth in fan and DC brushless motor products - The company's main products are divided into micro-motors (AC asynchronous, DC brushed, DC brushless) and fans (centrifugal, cross-flow, axial, special customized)[25](index=25&type=chunk) - The company is committed to product intelligence, brushless technology, and high efficiency, providing control application components, software, and complete solutions[26](index=26&type=chunk) - In H1 2025, fans grew by **22.65%** and DC brushless motors by **19.57%**, serving as the main drivers of performance growth[27](index=27&type=chunk) [Company's Main Business Model](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89Company's%20Main%20Business%20Model) The company operates on an order-driven procurement and production model, with direct sales to key clients and a dedicated R&D center for new product development - Procurement model: Managed through an SCM system, procurement plans are developed based on production targets and order forecasts, adhering to a quality-first principle, and collaborating with at least two qualified suppliers[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk)[35](index=35&type=chunk) - Production model: Order-driven, centered on complete machine design, key component manufacturing, and final assembly integration, with some parts outsourced for processing[37](index=37&type=chunk)[38](index=38&type=chunk) - Sales model: Primarily direct sales, including domestic and international sales, directly engaging with renowned domestic and international enterprises to provide product solutions and establish long-term cooperative relationships[41](index=41&type=chunk) - R&D model: An R&D center is established for new product, technology, process, and material development, planning product development strategies, and managing new product initiation, design finalization, and improvement[42](index=42&type=chunk)[43](index=43&type=chunk) [Key Performance Drivers](index=12&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89Key%20Performance%20Drivers) Performance growth is driven by expanding micro-motor and fan markets, advanced production technology, strong customer relationships, and a skilled talent pool - The micro-motor application field is broad, with a large and continuously growing market, providing ample market space for the company[44](index=44&type=chunk)[45](index=45&type=chunk) - The company possesses advanced production technologies and processes, including CNC machine tools and automated equipment, with its process equipment level among the industry's best[46](index=46&type=chunk) - The company has obtained **20 invention patents** and independently developed multiple core motor and fan control technologies[46](index=46&type=chunk) - The company has received honors such as "2024 Jiangsu Province Intelligent Manufacturing Factory," enhancing its customized service capabilities[47](index=47&type=chunk) - The company boasts high-quality customer resources, having established long-term stable cooperative relationships with premium industry clients, and actively developing new customers[48](index=48&type=chunk)[49](index=49&type=chunk) - The company has a professional R&D team covering mechanical automation design, electronic information, and materials, providing talent assurance for project implementation[50](index=50&type=chunk) [Core Competitiveness Analysis](index=14&type=section&id=III.%20Core%20Competitiveness%20Analysis) The company's core strengths lie in technology, customized services, brand reputation, quality control, talent, and comprehensive after-sales support - Technology advantage: Integrating R&D strengths from Xiangming, Xiangwei, and BR, focusing on six major innovation directions for future industries, and strengthening talent cultivation and reserves[51](index=51&type=chunk) - Customized service advantage: Accelerating digital, intelligent, and automated transformation of manufacturing capabilities, enhancing customized service capabilities, and earning multiple intelligent manufacturing honors[52](index=52&type=chunk) - Brand advantage: Products exhibit good performance and stable quality, establishing a strong reputation in domestic and international markets, with increasing sales volume and customer numbers year by year[53](index=53&type=chunk)[54](index=54&type=chunk) - Quality control and safety advantage: Establishing a "quality first, striving for excellence" philosophy, strictly controlling design, material selection, assembly, and final assembly testing stages[55](index=55&type=chunk) - Talent advantage: Building an experienced and professionally skilled core team across R&D, production, and sales departments[56](index=56&type=chunk) - After-sales service advantage: Providing refined pre-sales, in-sales, and after-sales services, establishing a strict customer archive management system, and actively conducting proactive after-sales service[57](index=57&type=chunk) [Analysis of Main Business Operations](index=15&type=section&id=III.%20Analysis%20of%20Main%20Business%20Operations) Main business revenue increased by 5.85% due to higher export sales, with corresponding increases in operating costs, sales, management, and R&D expenses, while financial expenses decreased significantly Major Financial Data YoY Changes | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 256,035,332.25 | 241,893,751.60 | 5.85% | Primarily due to increased export revenue YoY | | Operating Cost | 201,463,201.84 | 197,730,135.08 | 1.89% | Primarily due to increased operating revenue YoY, leading to increased operating costs | | Selling Expenses | 5,714,870.91 | 5,054,248.59 | 13.07% | Primarily due to increased employee compensation, entertainment expenses, and sample machine costs YoY | | Administrative Expenses | 23,197,549.08 | 21,545,937.38 | 7.67% | Primarily due to increased subsidiary expenses YoY | | Financial Expenses | -9,123,815.13 | -816,823.36 | -1,016.99% | Primarily due to increased exchange gains | | Income Tax Expense | 1,786,014.97 | 102,062.07 | 1,649.93% | Due to increased taxable income YoY | | R&D Investment | 15,004,181.44 | 11,587,970.83 | 29.48% | Primarily due to increased various expenses YoY | | Net Cash Flow from Operating Activities | 40,420,144.81 | 31,049,670.26 | 30.18% | Primarily due to increased collection of matured notes receivable in the current period YoY | | Net Cash Flow from Investing Activities | -99,046,526.93 | -17,703,079.62 | -459.49% | Primarily due to increased cash outflow for cash management in the current year YoY | | Net Cash Flow from Financing Activities | -10,944,446.23 | -25,470,788.38 | 57.03% | Primarily due to decreased cash outflow for dividends YoY | | Net Increase in Cash and Cash Equivalents | -64,375,693.70 | -12,085,059.82 | -432.69% | Primarily due to cash reduction from raised fund project expenditures and profit distribution expenditures | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Profit Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | AC Asynchronous Motors | 70,076,680.32 | 64,063,436.95 | 8.58% | -11.73% | -11.73% | 0.00% | | DC Brushless Motors | 28,800,898.29 | 20,156,736.87 | 30.01% | 19.57% | 15.44% | 2.50% | | Fans | 131,111,541.59 | 96,964,984.22 | 26.04% | 22.65% | 17.21% | 3.43% | [Analysis of Non-Core Business Operations](index=16&type=section&id=IV.%20Analysis%20of%20Non-Core%20Business%20Operations) Non-core business activities, including investment income, fair value changes, and government grants, had a positive but non-sustainable impact on total profit Non-Core Business Items and Amounts | Item | Amount (Yuan) | Proportion of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,733,465.41 | 13.66% | Primarily income from managing idle raised funds and own funds | No | | Gains/Losses from Fair Value Changes | -1,582,795.65 | -7.91% | Fair value changes of bank wealth management products and forward foreign exchange contracts | No | | Non-Operating Income | 462,373.83 | 2.31% | Government grants received | No | | Non-Operating Expenses | 120,001.97 | 0.60% | Charitable donations paid | No | [Analysis of Assets and Liabilities](index=17&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets and net assets attributable to shareholders increased, with shifts in asset composition including higher trading financial assets, receivables, inventory, and construction in progress Significant Changes in Asset Composition | Item | Amount at End of Current Period (Yuan) | Proportion of Total Assets (%) | Amount at End of Prior Year (Yuan) | Proportion of Total Assets (%) | Change in Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 178,857,306.72 | 17.21% | 242,208,715.41 | 23.67% | -6.46% | | Accounts Receivable | 125,516,011.65 | 12.08% | 117,811,412.30 | 11.51% | 0.57% | | Inventories | 117,404,500.11 | 11.30% | 113,791,984.93 | 11.12% | 0.18% | | Long-term Equity Investments | 6,746,881.95 | 0.65% | 0.00 | 0.00% | 0.65% | | Construction in Progress | 16,197,457.41 | 1.56% | 8,463,173.73 | 0.83% | 0.73% | | Contract Liabilities | 7,975,401.16 | 0.77% | 2,827,065.75 | 0.28% | 0.49% | | Lease Liabilities | 2,589,534.42 | 0.25% | 1,381,622.99 | 0.14% | 0.11% | Financial Assets and Liabilities Measured at Fair Value | Item | Period-End Amount (Yuan) | Period-Beginning Amount (Yuan) | | :--- | :--- | :--- | | Trading Financial Assets | 236,233,743.31 | 150,816,538.96 | | Receivables Financing | 13,931,081.30 | 18,474,772.38 | | Total | 250,164,824.61 | 169,291,311.34 | - Notes receivable of **21,869,719.61 Yuan** at period-end were endorsed but not derecognized, indicating restricted rights[68](index=68&type=chunk) [Investment Analysis](index=18&type=section&id=VI.%20Investment%20Analysis) Investment activities primarily involved fair value financial assets and the use of raised funds, with some projects completed and others, like the motor and fan expansion, delayed Financial Assets Measured at Fair Value | Asset Category | Period-End Amount (Yuan) | Source of Funds | | :--- | :--- | :--- | | Other (primarily bank wealth management products) | 236,233,743.31 | Own funds, raised funds | Overall Use of Raised Funds | Total Raised Funds (Ten Thousand Yuan) | Total Raised Funds Used (Ten Thousand Yuan) | Proportion of Raised Funds Used (%) | Total Unused Raised Funds (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | | 50,422.00 | 33,678.48 | 76.95% | 11,389.53 | - The "Production Base Expansion Project" and "Supplement Working Capital Project" have been completed and closed, with remaining raised funds permanently used to supplement working capital[76](index=76&type=chunk) - The "Motor and Fan Expansion Project" investment and construction progress were below expectations, and the project has been extended to March 25, 2026[75](index=75&type=chunk)[76](index=76&type=chunk) Entrusted Wealth Management | Specific Type | Entrusted Wealth Management Amount (Ten Thousand Yuan) | Unmatured Balance (Ten Thousand Yuan) | | :--- | :--- | :--- | | Bank Wealth Management Products (Raised Funds) | 11,200 | 10,000 | | Bank Wealth Management Products (Own Funds) | 17,400 | 13,600 | | Total | 28,600 | 23,600 | [Significant Asset and Equity Sales](index=22&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[83](index=83&type=chunk) - The company did not sell significant equity during the reporting period[84](index=84&type=chunk) [Analysis of Major Holding and Participating Companies](index=23&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) No significant holding or participating company information required disclosure during the reporting period - The company had no significant holding or participating company information requiring disclosure during the reporting period[85](index=85&type=chunk) [Structured Entities Controlled by the Company](index=23&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[86](index=86&type=chunk) [Risks Faced by the Company and Countermeasures](index=23&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from raw material price fluctuations, economic downturns, R&D investment impact, exchange rate volatility, and bad debts, addressed by strategic initiatives to enhance market, self-sufficiency, and innovation capabilities - The company faces risks from raw material price fluctuations, especially for enameled wire and silicon steel sheets, which are affected by copper and steel prices[86](index=86&type=chunk) - Global economic downturns and regional geopolitical changes lead to disrupted shipping capacity and increased transportation costs, posing economic downturn risks[87](index=87&type=chunk) - Increased R&D investment and new project investments may negatively impact the company's performance in the short term[88](index=88&type=chunk) - Export sales are primarily denominated in Euros, and fluctuations in the RMB-Euro exchange rate may affect operating performance; the company uses forward foreign exchange contracts to hedge some exchange rate risk[89](index=89&type=chunk)[90](index=90&type=chunk) - The company's development plan includes three major strategies: "Integration Chain" (market breakthrough), "Strengthening Chain" (self-assurance), and "Supplementing Chain" (self-replication)[97](index=97&type=chunk) - "Integration Chain" measures include increasing capital for the German subsidiary, investing in Japan's BR company to strengthen joint module motor R&D and market sales, hiring German fan experts and Korean market specialists, and achieving results in medical and automotive electronics at the Suzhou R&D center[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk) - "Strengthening Chain" measures include recruiting R&D and engineering technical personnel, implementing technical transformation projects (e.g., sheet metal, stamping die automated warehouse, injection molding, plastic-sealed motors), conducting special management activities to improve operational efficiency, collaborating with Changzhou University for theoretical training and technical transformation pilots, and optimizing supply chain logistics[101](index=101&type=chunk)[102](index=102&type=chunk) - "Supplementing Chain" measures include R&D of high-power EC motors and controllers, cost optimization for FFU controllers, mass market launch of new-generation metal fans, development of AC/EC external rotor axial fans for heat pumps/energy storage, and serialization of plastic-sealed brushless motors[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk) - The company actively explores new productive forces in AI, medical and health, aerospace, and automotive electronics, developing miniature air compressors, robot joint modules, automotive seat ventilation/headrest push rod components, and smart bathroom ventilation/automatic clothes dryer products[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) [Registration Form for Research, Communication, and Interview Activities During the Reporting Period](index=27&type=section&id=XI.%20Registration%20Form%20for%20Research,%20Communication,%20and%20Interview%20Activities%20During%20the%20Reporting%20Period) The company hosted multiple institutional investor visits and online exchanges to discuss its operations and industry conditions, with records publicly disclosed - The company hosted multiple institutional investors for on-site research and online communication in May and June 2025[110](index=110&type=chunk) - Key discussion topics included the company's basic situation, production and operation, and industry conditions[110](index=110&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=28&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system[111](index=111&type=chunk) - The company did not disclose a valuation enhancement plan[111](index=111&type=chunk) [Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=28&type=section&id=XIII.%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan[111](index=111&type=chunk) Part IV. Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=29&type=section&id=I.%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) The company's Chief Financial Officer changed during the reporting period, with Wang Dong departing and Lu Qinzhong appointed as the new CFO on April 23, 2025 Changes in Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Wang Dong | Chief Financial Officer | Appointment/Dismissal | 2025-04-23 | Job transfer | | Lu Qinzhong | Chief Financial Officer | Appointment | 2025-04-23 | Job transfer | [Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=29&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the half-year period - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the half-year period[114](index=114&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=29&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[115](index=115&type=chunk) [Environmental Information Disclosure](index=29&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its main subsidiaries are listed as legally required environmental information disclosure enterprises and have published environmental reports - The company and its main subsidiaries are included in the list of enterprises required to disclose environmental information by law[116](index=116&type=chunk) - The company has disclosed its environmental information disclosure report, which can be accessed on the Jiangsu Provincial Department of Ecology and Environment website[116](index=116&type=chunk) [Social Responsibility](index=29&type=section&id=V.%20Social%20Responsibility) The company prioritizes social responsibility, balancing economic and social benefits through robust governance, employee welfare, partner collaboration, environmental protection, and community engagement - The company strictly adheres to laws and regulations, improves corporate governance mechanisms, and ensures shareholders' rights to information, participation, and voting on major matters[118](index=118&type=chunk) - The company upholds a "people-oriented" talent philosophy, respects and protects employee rights, provides development opportunities, improves working conditions, and emphasizes safety production and vocational skill training[119](index=119&type=chunk) - The company has established a comprehensive supplier evaluation system, fostering win-win cooperation with suppliers; through R&D innovation and capacity expansion, it enhances customer loyalty and gains market share[120](index=120&type=chunk)[121](index=121&type=chunk) - The company operates with integrity, standardizes ethical conduct, strictly implements environmental policies, ensures production compliance through environmental facility investments, and regularly contributes to public welfare[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk) Part V. Significant Matters [Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=33&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Controlling%20Shareholder,%20Shareholders,%20Related%20Parties,%20Acquirers,%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) All commitments made by the company's controlling shareholder, shareholders, and related parties regarding share lock-ups, holding intentions, and price stabilization were fulfilled on time - Xiangguang Investment and Qianhai Shenghui's share lock-up arrangements and voluntary lock-up commitments have been fulfilled[127](index=127&type=chunk) - Zhang Li and He Tianhua's share lock-up arrangements and voluntary lock-up commitments have been fulfilled[128](index=128&type=chunk) - Xianghua Consulting's share lock-up arrangements and voluntary lock-up commitments have been fulfilled[128](index=128&type=chunk) - Xiangguang Investment, Qianhai Shenghui, Yang Jianping, Yang Jiandong, and Yang Jianfen's shareholding intentions and reduction intentions commitments have been fulfilled[128](index=128&type=chunk) - Xiangming Intelligent, Xiangxing Information, Zhang Min, Zhu Hua, Wang Qinping, and Li Hua's share price stabilization commitments have been fulfilled[128](index=128&type=chunk)[129](index=129&type=chunk) - All commitments were fulfilled on time, with no overdue unfulfilled situations[129](index=129&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=35&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) During the reporting period, there were no instances of non-operating funds being occupied by the controlling shareholder or other related parties from the listed company - The company had no non-operating funds occupied by the controlling shareholder or other related parties during the reporting period[130](index=130&type=chunk) [Illegal External Guarantees](index=35&type=section&id=III.%20Illegal%20External%20Guarantees) The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[131](index=131&type=chunk) [Appointment and Dismissal of Accounting Firms](index=35&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's half-year financial report was not audited - The company's half-year report was not audited[132](index=132&type=chunk) [Board of Directors, Supervisory Board, and Audit Committee's Explanation on "Non-Standard Audit Report" for the Current Period](index=36&type=section&id=V.%20Board%20of%20Directors,%20Supervisory%20Board,%20and%20Audit%20Committee's%20Explanation%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The company did not have a non-standard audit report during the reporting period - The company did not have a non-standard audit report during the reporting period[133](index=133&type=chunk) [Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year](index=36&type=section&id=VI.%20Board%20of%20Directors'%20Explanation%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) The company did not provide an explanation regarding a non-standard audit report for the previous year during the reporting period - The company did not provide an explanation regarding a non-standard audit report for the previous year during the reporting period[133](index=133&type=chunk) [Bankruptcy Reorganization Matters](index=36&type=section&id=VII.%20Bankruptcy%20Reorganization%20Matters) The company did not experience any bankruptcy reorganization matters during the reporting period - The company did not experience any bankruptcy reorganization matters during the reporting period[133](index=133&type=chunk) [Litigation Matters](index=36&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation, arbitration, or other litigation matters during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[134](index=134&type=chunk) [Penalties and Rectification](index=36&type=section&id=IX.%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[134](index=134&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=36&type=section&id=X.%20Integrity%20Status%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller) There were no issues regarding the integrity status of the company, its controlling shareholder, or actual controller that required disclosure during the reporting period - There were no issues regarding the integrity status of the company, its controlling shareholder, or actual controller that required disclosure during the reporting period[135](index=135&type=chunk) [Significant Related Party Transactions](index=36&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company had no significant related party transactions during the reporting period, including those related to daily operations, asset/equity acquisition/disposal, joint investments, or debt - The company had no related party transactions related to daily operations during the reporting period[135](index=135&type=chunk) - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[136](index=136&type=chunk) - The company had no related party creditor-debtor transactions during the reporting period[138](index=138&type=chunk) - The company had no other significant related party transactions during the reporting period[141](index=141&type=chunk) [Significant Contracts and Their Performance](index=37&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no significant entrustment, contracting, leasing, guarantees, or other major contracts during the reporting period - The company had no entrustment situations during the reporting period[142](index=142&type=chunk) - The company had no contracting situations during the reporting period[143](index=143&type=chunk) - The company had no leasing situations during the reporting period[144](index=144&type=chunk) - The company had no significant guarantee situations during the reporting period[145](index=145&type=chunk) - The company had no other significant contracts during the reporting period[147](index=147&type=chunk) [Explanation of Other Significant Matters](index=38&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[148](index=148&type=chunk) [Significant Matters of Company Subsidiaries](index=38&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company's subsidiaries had no significant matters during the reporting period - The company's subsidiaries had no significant matters during the reporting period[149](index=149&type=chunk) Part VI. Share Changes and Shareholder Information [Share Change Status](index=39&type=section&id=I.%20Share%20Change%20Status) The company's total share capital remained unchanged, but 59.72 million restricted shares were released for trading on March 25, 2025, increasing unrestricted shares to 100% Share Change Status | Item | Quantity Before Change (shares) | Proportion Before Change (%) | Increase/Decrease in This Change (shares) | Quantity After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 59,720,136 | 54.89% | -59,720,136 | 0 | 0.00% | | II. Unrestricted Shares | 49,079,864 | 45.11% | 59,720,136 | 108,800,000 | 100.00% | | III. Total Shares | 108,800,000 | 100.00% | 0 | 108,800,000 | 100.00% | - On March 25, 2025, **59,720,136 shares** issued before the company's initial public offering were released from restriction and became tradable[153](index=153&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 | | :--- | :--- | :--- | :--- | :--- | :--- | | Changzhou Xiangxing Information Technology Co., Ltd. | 55,951,322 | 55,951,322 | 0 | Pre-IPO restricted shares | 2025-03-25 | | Changzhou Xianghua Management Consulting Co., Ltd. | 3,768,814 | 3,768,814 | 0 | Pre-IPO restricted shares | 2025-03-25 | | Total | 59,720,136 | 59,720,136 | 0 | -- | -- | [Securities Issuance and Listing](index=40&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[156](index=156&type=chunk) [Number of Shareholders and Shareholding Status](index=40&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the reporting period end, the company had 12,495 common shareholders, with Changzhou Xiangxing Information Technology Co., Ltd. as the controlling shareholder with 51.43% stake - Total number of common shareholders at the end of the reporting period: **12,495** households[157](index=157&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at End of Reporting Period (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Changzhou Xiangxing Information Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 51.43% | 55,951,322 | 55,951,322 | | Changzhou Xianghua Management Consulting Co., Ltd. | Domestic Non-State-Owned Legal Person | 3.46% | 3,768,814 | 3,768,814 | | Ningbo Xiangguang Venture Capital Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.26% | 2,463,559 | 2,463,559 | | Yang Jianping | Overseas Natural Person | 1.73% | 1,886,482 | 1,886,482 | | Jiang Yuexin | Domestic Natural Person | 1.48% | 1,611,978 | 1,611,978 | | Yang Jiandong | Overseas Natural Person | 1.23% | 1,336,482 | 1,336,482 | | Chen Zhinong | Domestic Natural Person | 1.18% | 1,280,000 | 1,280,000 | | Lin Weicheng | Domestic Natural Person | 1.02% | 1,108,800 | 1,108,800 | | Lu Shiming | Domestic Natural Person | 0.87% | 951,690 | 951,690 | | Shen Xiaqing | Domestic Natural Person | 0.85% | 926,600 | 926,600 | - Changzhou Xiangxing Information Technology Co., Ltd. and Changzhou Xianghua Management Consulting Co., Ltd. are controlled by the company's actual controller, Zhang Min[158](index=158&type=chunk) - Yang Jianping and Yang Jiandong are brothers and constitute a concerted action relationship[158](index=158&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=42&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors,%20Supervisors,%20and%20Senior%20Management) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - The company's directors, supervisors, and senior management had no changes in shareholdings during the reporting period[160](index=160&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=42&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[161](index=161&type=chunk) - The company's actual controller remained unchanged during the reporting period[161](index=161&type=chunk) [Preferred Share Information](index=43&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[162](index=162&type=chunk) Part VII. Bond-Related Information [Bond-Related Information](index=44&type=section&id=Bond-Related%20Information) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[164](index=164&type=chunk) Part VIII. Financial Report [Audit Report](index=45&type=section&id=I.%20Audit%20Report) The company's half-year financial report was not audited - The company's half-year financial report was not audited[166](index=166&type=chunk) [Financial Statements](index=45&type=section&id=II.%20Financial%20Statements) This section presents the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity Consolidated Balance Sheet Key Data (Period-End) | Item | Period-End Balance (Yuan) | | :--- | :--- | | Total Assets | 1,039,388,708.79 | | Total Liabilities | 128,520,303.95 | | Total Equity Attributable to Parent Company Owners | 910,421,571.83 | | Total Equity | 910,868,404.84 | Consolidated Income Statement Key Data (Current Period) | Item | H1 2025 (Yuan) | | :--- | :--- | | Total Operating Revenue | 256,035,332.25 | | Total Operating Costs | 238,479,864.37 | | Operating Profit | 19,669,172.78 | | Total Profit | 20,011,544.64 | | Net Profit | 18,225,529.67 | | Net Profit Attributable to Parent Company Shareholders | 18,313,734.66 | | Basic Earnings Per Share | 0.1683 | Consolidated Cash Flow Statement Key Data (Current Period) | Item | H1 2025 (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 40,420,144.81 | | Net Cash Flow from Investing Activities | -99,046,526.93 | | Net Cash Flow from Financing Activities | -10,944,446.23 | | Net Increase in Cash and Cash Equivalents | -64,375,693.70 | [Company Overview](index=61&type=section&id=III.%20Company%20Overview) Changzhou Xiangming Intelligent Power Co., Ltd., listed in March 2022, specializes in micro-motors, fans, and intelligent components, with Zhang Min as its actual controller - The company was listed on the Shenzhen Stock Exchange in March 2022, with a registered capital of **108.80 million Yuan**[200](index=200&type=chunk) - Its main business is the R&D, production, and sales of micro-motors, fans, and intelligent components[200](index=200&type=chunk) - The parent company is Changzhou Xiangxing Information Technology Co., Ltd., and the actual controller is Zhang Min[201](index=201&type=chunk) [Basis of Financial Statement Preparation](index=61&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared in accordance with the Accounting Standards for Business Enterprises and relevant CSRC regulations, based on a going concern assumption - The financial statements are prepared in accordance with the Accounting Standards for Business Enterprises and relevant CSRC regulations[203](index=203&type=chunk) - The financial statements are prepared on a going concern basis[204](index=204&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=62&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's adherence to accounting standards, accounting period, currency, materiality, business combinations, financial instruments, asset accounting, and revenue recognition policies - The company adheres to the Accounting Standards for Business Enterprises, accurately and completely reflecting its financial position, operating results, and cash flows[206](index=206&type=chunk) - The company uses RMB as its bookkeeping base currency, while its German subsidiary uses Euro[209](index=209&type=chunk) - Financial assets are classified as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[227](index=227&type=chunk) - The company applies impairment accounting for accounts receivable, contract assets, etc., based on expected credit losses[250](index=250&type=chunk) - Inventories are initially measured at cost, valued using the weighted average method at month-end upon issuance, and provisions for inventory depreciation are made[260](index=260&type=chunk)[262](index=262&type=chunk)[265](index=265&type=chunk) - Fixed assets are depreciated using the straight-line method, with buildings depreciated over **20 years** and machinery over **10 years**[285](index=285&type=chunk) - Intangible assets (land use rights, software) are amortized over their estimated useful lives; R&D expenditures are categorized into research and development phases, with development phase expenditures capitalized when conditions are met[297](index=297&type=chunk)[301](index=301&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services, primarily through direct sales[321](index=321&type=chunk)[329](index=329&type=chunk) [Taxation](index=88&type=section&id=VI.%20Taxation) The company's main taxes include VAT and corporate income tax, with preferential rates for high-tech enterprises and small-profit entities, and VAT credit policies for advanced manufacturing Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 6%, 13%, 19% | | Urban Maintenance and Construction Tax | Actual VAT and consumption tax paid | 7% | | Corporate Income Tax | Taxable income | 15%, 20% | | Education Surcharge | Amount of turnover tax payable and VAT exempted/credited in the current period | 3% | | Local Education Surcharge | Amount of turnover tax payable and VAT exempted/credited in the current period | 2% | - As a high-tech enterprise, the company's corporate income tax is levied at a **15%** rate[358](index=358&type=chunk) - Subsidiaries Shanghai Xiangwei Intelligent Technology Co., Ltd. and Changzhou Xianghan Embodied Intelligent Equipment Co., Ltd., as small and micro-profit enterprises, pay corporate income tax at a **20%** rate on **25%** of their taxable income[360](index=360&type=chunk) - The company enjoys a **5%** additional VAT deduction policy for advanced manufacturing enterprises, valid until December 31, 2027[359](index=359&type=chunk) [Notes to Consolidated Financial Statement Items](index=89&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items, including cash, financial assets, receivables, inventory, fixed assets, revenue, costs, and expenses Major Asset Items Period-End Balance | Item | Period-End Balance (Yuan) | | :--- | :--- | | Monetary Funds | 178,857,306.72 | | Trading Financial Assets | 236,233,743.31 | | Notes Receivable | 56,378,424.18 | | Accounts Receivable | 125,516,011.65 | | Inventories | 117,404,500.11 | | Fixed Assets | 228,726,214.37 | | Construction in Progress | 16,197,457.41 | | Long-term Equity Investments | 6,746,881.95 | Major Liability and Owner's Equity Items Period-End Balance | Item | Period-End Balance (Yuan) | | :--- | :--- | | Accounts Payable | 73,374,996.70 | | Contract Liabilities | 7,975,401.16 | | Employee Compensation Payable | 8,925,151.65 | | Taxes Payable | 1,664,286.07 | | Lease Liabilities | 2,589,534.42 | | Deferred Income | 10,561,199.99 | | Share Capital | 108,800,000.00 | | Capital Reserve | 534,506,212.97 | | Retained Earnings | 225,869,938.30 | Major Profit and Loss and Expense Items Current Period Amount | Item | Current Period Amount (Yuan) | | :--- | :--- | | Operating Revenue | 256,035,332.25 | | Operating Cost | 201,463,201.84 | | Selling Expenses | 5,714,870.91 | | Administrative Expenses | 23,197,549.08 | | R&D Expenses | 15,004,181.44 | | Financial Expenses | -9,123,815.13 | | Other Income | 1,135,949.51 | | Investment Income | 2,733,465.41 | | Credit Impairment Losses | -287,523.74 | | Income Tax Expense | 1,786,014.97 | - The amount of notes receivable endorsed but not derecognized at period-end was **21,869,719.61 Yuan**[445](index=445&type=chunk) - Financial expenses for the current period were **-9,123,815.13 Yuan**, primarily due to increased exchange gains[490](index=490&type=chunk) [Research and Development Expenses](index=130&type=section&id=VIII.%20Research%20and%20Development%20Expenses) Total R&D expenses for the period were 15.00 million Yuan, entirely expensed, primarily comprising staff costs, material costs, depreciation, and outsourced R&D fees R&D Expense Details | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 9,328,120.89 | 6,637,338.82 | | Material Costs | 2,710,354.89 | 3,037,760.32 | | Depreciation and Amortization | 1,591,834.13 | 1,656,863.14 | | Outsourced R&D Fees | 1,351,892.42 | 0.00 | | Other Expenses | 21,979.11 | 256,008.55 | | Total | 15,004,181.44 | 11,587,970.83 | | Of which: Expensed R&D Expenditures | 15,004,181.44 | 11,587,970.83 | [Changes in Consolidation Scope](index=130&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The company experienced no changes in its consolidation scope during the reporting period due to business combinations, reverse acquisitions, or loss of control over subsidiaries - The company had no non-same-control business combinations during the reporting period[527](index=527&type=chunk) - The company had no same-control business combinations during the reporting period[528](index=528&type=chunk) - The company had no reverse acquisitions during the reporting period[529](index=529&type=chunk) - The company had no transactions or events resulting in loss of control over subsidiaries during the reporting period[529](index=529&type=chunk) [Interests in Other Entities](index=132&type=section&id=X.%20Interests%20in%20Other%20Entities) The company's group includes wholly-owned and controlled subsidiaries, with an investment in joint venture BorgRoid K.K. showing an investment loss for the period Composition of the Enterprise Group | Subsidiary Name | Registered Place | Business Nature | Shareholding Ratio (%) | | :--- | :--- | :--- | :--- | | Xiangming Motor (Germany) GmbH | Germany | Motor Sales | 100.00% | | Shanghai Xiangwei Intelligent Technology Co., Ltd. | Shanghai | Motor Sales | 100.00% | | Changzhou Xianghan Embodied Intelligent Equipment Co., Ltd. | Changzhou | Robot Manufacturing and Sales | 65.00% | Summary Financial Information of Insignificant Joint Ventures and Associates | Item | Period-End Balance/Current Period Amount (Yuan) | | :--- | :--- | | Joint Ventures: Total Investment Carrying Amount | 6,746,881.95 | | --Net Profit | -1,014,177.14 | | --Total Comprehensive Income | -1,014,177.14 | [Government Grants](index=136&type=section&id=XI.%20Government%20Grants) Government grants in deferred income totaled 10.56 million Yuan, with 0.58 million Yuan recognized as other income and 0.89 million Yuan as current period income Liability Items Involving Government Grants | Accounting Account | Period-End Balance (Yuan) | Amount Recognized in Other Income in Current Period (Yuan) | Related to Assets/Income | | :--- | :--- | :--- | :--- | | Deferred Income | 10,561,199.99 | 580,999.98 | Asset-related | Government Grants Recognized in Current Profit or Loss | Accounting Account | Current Period Amount (Yuan) | | :--- | :--- | | Other Income | 495,274.97 | | Non-Operating Income | 404,000.00 | [Risks Related to Financial Instruments](index=136&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks (including exchange rate and interest rate risks) through various measures, with no significant interest rate risk due to no bank borrowings - The company faces credit risk, liquidity risk, and market risk (exchange rate risk, interest rate risk, and other price risks)[540](index=540&type=chunk)[545](index=545&type=chunk) - Credit risk primarily arises from monetary funds, notes receivable, accounts receivable, etc.; the company controls this by assessing customer creditworthiness and regularly monitoring credit records[542](index=542&type=chunk) - Liquidity risk is managed by monitoring cash balances, cash flow forecasts, and standby credit commitments[543](index=543&type=chunk) - Interest rate risk has little impact as the company had no bank borrowings during the reporting period[546](index=546&type=chunk) - Exchange rate risk primarily arises from financial assets and liabilities denominated in Euros, US dollars, and Japanese Yen; the company mitigates risk through forward foreign exchange contracts[547](index=547&type=chunk) Financial Asset Transfer Status | Transfer Method | Nature of Transferred Financial Assets | Amount of Transferred Financial Assets (Yuan) | Derecognition Status | | :--- | :--- | :--- | :--- | | Endorsement | Bank acceptance bills accepted by non-highly-rated commercial banks | 21,869,719.61 | Not derecognized before maturity | | Endorsement | Bank acceptance bills accepted by highly-rated commercial banks | 44,401,070.22 | Derecognized upon endorsement | [Disclosure of Fair Value](index=139&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) Fair value of assets measured at period-end totaled 250.16 million Yuan, primarily trading financial assets and receivables financing, all measured using Level 3 fair value Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | | Trading Financial Assets | 236,233,743.31 | 236,233,743.31 | | Receivables Financing | 13,931,081.30 | 13,931,081.30 | | Total Assets Continuously Measured at Fair Value | 250,164,824.61 | 250,164,824.61 | - The fair value valuation technique for trading financial assets (bank wealth management products) is the expected return method[559](index=559&type=chunk) - The fair value of receivables financing (notes receivable) is determined by its carrying amount[559](index=559&type=chunk) - The carrying amount of financial assets and liabilities not measured at fair value differs minimally from their fair value[562](index=562&type=chunk) [Related Parties and Related Party Transactions](index=141&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) The company's ultimate controlling party is Zhang Min, with related party transactions including R&D services, labor, and office building leases, and key management personnel compensation Information on the Company's Parent Company | Parent Company Name | Registered Place | Business Nature | Registered Capital (Ten Thousand Yuan) | Shareholding Ratio (%) | Voting Rights Ratio (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Changzhou Xiangxing Information Technology Co., Ltd. | Changzhou, Jiangsu | Investment | 1,500.00 | 51.43% | 51.43% | - The ultimate controlling party of the enterprise is Zhang Min[564](index=564&type=chunk) Other Related Party Information | Other Related Party Name | Relationship with the Enterprise | | :--- | :--- | | BorgRoid K.K. | Joint Venture | | Changzhou Victor Machinery Manufacturing Co., Ltd. | Company controlled by close relatives of the company's key management personnel | | Changzhou Amerton Co., Ltd. | Enterprise actually controlled by close relatives of natural persons indirectly holding over 5% of the company's shares | Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services | Related Party | Related Party Transaction Content | Current Period Amount (Yuan) | | :--- | :--- | :--- | | BorgRoid K.K. | Entrusted R&D services | 1,257,552.80 | | Changzhou Victor Machinery Manufacturing Co., Ltd. | Provision of security, canteen catering services, and withholding/payment of utility fees, etc. | 4,240.00 | Related Lease Situations Where the Company is the Lessee | Lessor Name | Type of Leased Asset | Rent Paid in Current Period (Yuan) | Lease Liability Interest Expense Borne in Current Period (Yuan) | | :--- | :--- | :--- | :--- | | Zhang Min | Office Building | 0.00 | 0.00 | Key Management Personnel Compensation | Item | Current Period Amount (Yuan) | | :--- | :--- | | Key Management Personnel Compensation | 2,308,860.00 | [Share-Based Payments](index=143&type=section&id=XV.%20Share-Based%20Payments) The company had no share-based payment arrangements, equity-settled or cash-settled, or related expenses during the reporting period - The company had no overall share-based payment situation during the reporting period[576](index=576&type=chunk) - The company had no equity-settled share-based payment situation during the reporting period[577](index=577&type=chunk) - The company had no cash-settled share-based payment situation during the reporting period[577](index=577&type=chunk) - The company had no share-based payment expenses for the current period during the reporting period[577](index=577&type=chunk) [Commitments and Contingencies](index=144&type=section&id=XVI.%20Commitments%20and%20Contingencies) As of the balance sheet date, the company had no significant commitments or contingent matters requiring disclosure - Significant commitments existing at the balance sheet date: None[577](index=577&type=chunk) - The company had no significant contingent matters requiring disclosure[577](index=577&type=chunk) [Events After the Balance Sheet Date](index=145&type=section&id=XVII.%20Events%20After%20the%20Balance%20Date) The company had no significant non-adjusting events, profit distribution, sales returns, or other post-balance sheet events during the reporting period - The company had no significant non-adjusting events during the reporting period[582](index=582&type=chunk) - The company had no profit distribution situations during the reporting period[582](index=582&type=chunk) - The company had no sales returns during the reporting period[580](index=580&type=chunk) - The company had no other events after the balance sheet date during the reporting period[580](index=580&type=chunk) [Other Significant Matters](index=145&type=section&id=XVIII.%20Other%20Significant%20Matters) The company had no debt restructuring, asset swaps, annuity plans, discontinued operations, prior period accounting error corrections, or segment information to disclose - The company had no debt restructuring during the reporting period[581](index=581&type=chunk) - The company had no asset swaps during the reporting period[581](index=581&type=chunk) - The company had no annuity plans during the reporting period[581](index=581&type=chunk) - The company had no discontinued operations during the reporting period[581](index=581&type=chunk) - The company had no prior period accounting error corrections during the reporting period[583](index=583&type=chunk) - The company had no reportable segments during the reporting period[584](index=584&type=chunk) [Notes to Parent Company Financial Statement Items](index=146&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes for the parent company's financial statements, including receivables, other receivables, long-term equity investments, revenue, costs, and investment income Parent Company Accounts Receivable by Age (Period-End) | Age | Period-End Carrying Balance (Yuan) | | :--- | :--- | | Within 1 year (inclusive) | 131,461,907.71 | | 1 to 2 years | 963,475.72 | | 2 to 3 years | 46,124.88 | | Over 3 years | 1,825,727.63 | | Total | 134,297,235.94 | Parent Company Other Receivables by Nature of Payment (Period-End) | Nature of Payment | Period-End Carrying Balance (Yuan) | | :--- | :--- | | Deposits and Guarantees | 2,463,601.00 | | Petty Cash and Others | 776,136.97 | | Total | 3,239,737.97 | Parent Company Long-Term Equity Investments (Period-End) | Item | Period-End Balance (Yuan) | | :--- | :--- | | Investments in Subsidiaries | 22,921,190.00 | | Total | 22,921,190.00 | Parent Company Operating Revenue and Operating Cost (Current Period) | Item | Revenue (Yuan) | Cost (Yuan) | | :--- | :--- | :--- | | Main Business | 246,257,266.38 | 195,225,462.09 | | Other Businesses | 5,569,866.95 | 4,298,557.11 | | Total | 251,827,133.33 | 199,524,019.20 | Parent Company Investment Income (Current Period) | Item | Current Period Amount (Yuan) | | :--- | :--- | | Income from holding bank wealth management products | 3,721,642.55 | | Other | 26,000.00 | | Total | 3,747,642.55 | [Supplementary Information](index=154&type=section&id=XX.%20Supplementary%20Information) This section provides non-recurring gains and losses, return on net assets, and earnings per share, confirming no differences under domestic and overseas accounting standards Current Period Non-Recurring Gains and Losses Details | Item | Amount (Yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 153,823.46 | | Government grants recognized in current profit/loss | 1,069,499.98 | | Gains/losses from changes in fair value of financial assets and liabilities and disposal gains/losses | 2,138,846.90 | | Other non-operating income and expenses apart from the above | -74,842.23 | | Other profit/loss items meeting the definition of non-recurring gains/losses | 59,674.56 | | Less: Income tax impact | 498,333.73 | | Total | 2,848,668.94 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (Yuan/share) | Diluted Earnings Per Share (Yuan/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 2.01% | 0.1683 | 0.1683 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 1.70% | 0.1421 | 0.1421 | - The company has no differences in accounting data under domestic and overseas accounting standards[620](index=620&type=chunk)
电机板块8月28日涨0.82%,通达动力领涨,主力资金净流出7.33亿元
Market Performance - The electric motor sector increased by 0.82% compared to the previous trading day, with Tongda Power leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Key stocks in the electric motor sector showed varied performance, with Tongda Power closing at 18.82, up 2.17%, and Xiangdian Co. closing at 16.66, up 2.08% [1] - Other notable performers included Wolong Electric Drive at 33.89, up 1.99%, and Dayang Electric at 8.40, up 1.57% [1] Trading Volume and Value - The trading volume and value for Tongda Power reached 115,600 hands and 214 million yuan, respectively [1] - Wolong Electric Drive had a trading volume of 1,676,900 hands and a trading value of 5.596 billion yuan [1] Capital Flow - The electric motor sector experienced a net outflow of 733 million yuan from institutional investors, while retail investors saw a net inflow of 605 million yuan [2] - Speculative funds had a net inflow of 128 million yuan into the sector [2] Individual Stock Capital Flow - Wolong Electric Drive had a net outflow of 29.68 million yuan from institutional investors, while retail investors contributed a net inflow of 2.29 million yuan [3] - Huayang Intelligent saw a net inflow of 1.05 million yuan from institutional investors, with retail investors contributing a net inflow of 518.74 million yuan [3]
祥明智能:截至8月20日公司股东总人数为14399户
Zheng Quan Ri Bao Wang· 2025-08-27 10:43
证券日报网讯祥明智能(301226)8月27日在互动平台回答投资者提问时表示,截至2025年8月20日,公 司股东总人数为14399户。 ...
祥明智能:公司研发的机器人运动关节模组,电机部分采用无框电机技术
Mei Ri Jing Ji Xin Wen· 2025-08-27 04:19
Core Viewpoint - The company has developed a robotic joint module that features a unique transmission structure design, achieving a maximum output torque of 285 Nm and passing a shock resistance test at five times the rated torque with zero failures over 1000 cycles [1] Group 1: Product Features - The robotic joint module utilizes a frameless motor technology, which enhances the precision and efficiency of robotic joint motion control, thereby improving the performance and operational efficiency of robots [1] Group 2: Competitive Positioning - The company was asked to compare its robotic joint module's specifications, particularly the maximum torque and shock resistance, with those of domestic and international competitors [1]
祥明智能股价下跌5.77% 公司变更持续督导保荐代表人
Jin Rong Jie· 2025-08-20 20:38
Group 1 - The stock price of Xiangming Intelligent closed at 39.01 yuan on August 20, down by 2.39 yuan, a decrease of 5.77% from the previous trading day [1] - The trading volume on that day was 97,063 hands, with a total transaction amount of 381 million yuan [1] - Xiangming Intelligent's main business includes the research, production, and sales of micro-special motors, primarily used in home appliances, automotive electronics, and industrial automation [1] Group 2 - On the evening of August 20, Xiangming Intelligent announced a change in its continuous supervision sponsor representative, with Minsheng Securities now represented by Chen Dong and Shi Weidong [1] - On August 20, the net outflow of main funds for Xiangming Intelligent was 2.7869 million yuan, accounting for 0.07% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow of main funds was 56.5137 million yuan, representing 1.33% of the circulating market value [1]
祥明智能:关于变更持续督导保荐代表人的公告
Zheng Quan Ri Bao· 2025-08-20 12:13
Core Viewpoint - Xiangming Intelligent announced a change in its sponsor representative, with Minsheng Securities now responsible for the company's ongoing supervision work, represented by Chen Dong and Shi Weidong [2] Group 1 - The announcement was made on the evening of August 20 [2] - The new sponsor representatives are Chen Dong and Shi Weidong from Minsheng Securities [2] - This change indicates a shift in the oversight structure for Xiangming Intelligent [2]
祥明智能(301226) - 关于变更持续督导保荐代表人的公告
2025-08-20 08:22
证券代码:301226 证券简称:祥明智能 公告编号:2025-026 公司董事会对颜巍先生在持续督导期间所做出的贡献表示衷心感谢! 常州祥明智能动力股份有限公司 关于变更持续督导保荐代表人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整,没有虚假 记载、误导性陈述或重大遗漏。 常州祥明智能动力股份有限公司(以下简称"公司")于 2025 年 8 月 20 日收到保荐机构民生证券股份有限公司(以下简称"民生证券")出具的《民生 证券股份有限公司关于更换常州祥明智能动力股份有限公司持续督导保荐代表 人的函》。 民生证券作为祥明智能首次公开发行并在创业板上市的保荐机构,原委派颜 巍先生和施卫东先生担任公司的持续督导保荐代表人,履行持续督导职责。现颜 巍先生因个人工作变动原因,不再担任公司持续督导期间的保荐代表人。为保证 持续督导工作的有序进行,民生证券委派陈栋先生接替颜巍先生担任公司持续督 导工作的保荐代表人,继续履行持续督导职责。 本次保荐代表人变更不影响民生证券对公司的持续督导工作。本次保荐代表 人变更后,民生证券负责公司持续督导工作的保荐代表人为陈栋先生和施卫东先 生。 附:陈栋先生简历 特 ...
电机板块8月18日涨3.62%,祥明智能领涨,主力资金净流出16.23亿元
Market Overview - The electric motor sector increased by 3.62% on the previous trading day, with Xiangming Intelligent leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Top Performers - Xiangming Intelligent (301226) closed at 40.24, up 20.01% with a trading volume of 142,400 shares and a transaction value of 536 million [1] - Kaizhong Precision (002823) closed at 17.46, up 10.02% with a trading volume of 222,300 shares and a transaction value of 373 million [1] - Dibai Electric (603320) closed at 21.38, up 9.98% with a trading volume of 47,600 shares and a transaction value of approximately 98.51 million [1] Other Notable Stocks - Wolong Electric Drive (600580) closed at 32.80, up 7.97% with a trading volume of 3,490,400 shares and a transaction value of 11.25 billion [1] - Weiguang Co., Ltd. (002801) closed at 38.94, up 4.87% with a trading volume of 119,100 shares and a transaction value of 461 million [1] - Dayang Electric (002249) closed at 8.38, up 4.75% with a trading volume of 2,853,000 shares and a transaction value of 2.32 billion [1] Fund Flow Analysis - The electric motor sector experienced a net outflow of 1.623 billion from institutional investors, while retail investors saw a net inflow of 1.297 billion [2] - The top net inflows from retail investors were observed in Dayang Electric (002249) with 1.367 million and Kaizhong Precision (002823) with 90.62 million [3] - Conversely, significant net outflows from institutional investors were noted in Kaizhong Precision (002823) with 47.91 million and Xiangming Intelligent (301226) with 55.63 million [3]