一、募集资金的基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意安徽富乐 德科技发展股份有限公司发行股份和可转换公司债券购买资产并募集配套资金 注册的批复》（证监许可〔2025〕1325 号）同意，安徽富乐德科技发展股份有限 公司（以下简称"公司"）向特定对象发行人民币普通股 21,939,831 股，发行价 格为人民币 35.67 元/股，募集资金总额为人民币 782,593,771.77 元，扣除相关发 行费用人民币 10,398,175.12 元（不含税）后，实际募集资金净额为人民币 772,195,596.65 元。募集资金已于 2025 年 8 月 15 日划至公司指定账户，天健会 计师事务所（特殊普通合伙）已对上述募集资金的资金到位情况进行了审验，并 于 2025 年 8 月 19 日出具了《验资报告》（天健验〔2025〕243 号）。 二、募集资金三方监管协议签订情况和募集资金专户开立情况 为了规范募集资金的管理和使用，保护投资者的利益，根据《上市公司募集 资金监管规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市 公司规范运作》等法律、法规和规范性文件要求， ...

| 证券代码：301297 | 证券简称：富乐德 | 公告编号：2025-054 | | --- | --- | --- | | 债券代码：124025 | 债券简称：富乐定转 | | 安徽富乐德科技发展股份有限公司 关于使用募集资金向全资子公司增资或借款以实施募投项 目的公告 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。 安徽富乐德科技发展股份有限公司（以下简称"公司"）于 2025 年 8 月 29 日召开第二届董事会第二十一次会议及第二届监事会第十八次会议，审议通过了 《关于使用募集资金向全资子公司增资或借款以实施募投项目的议案》。公司拟 根据募投项目建设安排及资金需求，分别将本次募集资金中 37,295.46 万元和 30,963.92 万元一次或分次逐步向全资子公司江苏富乐华半导体科技股份有限公 司（以下简称"富乐华"）和四川富乐华半导体科技有限公司（以下简称"四川 富乐华"）增资或提供无息借款，用于实施"半导体功率模块（高性能氮化硅） 陶瓷基板智能化生产线建设项目"、"高导热大功率溅射陶瓷基板生产项目"和"宽 禁带半导体复合外延衬底研发项目"。增 ...

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。 安徽富乐德科技发展股份有限公司（以下简称"公司"）董事会定于2025 年09月23日下午15:00召开公司2025年第二次临时股东大会，会议有关事项如下： 一、召开会议的基本情况 | 证券代码：301297 | 证券简称：富乐德 | 公告编号：2025-056 | | --- | --- | --- | | 债券代码：124025 | 债券简称：富乐定转 | | 安徽富乐德科技发展股份有限公司 关于召开2025年第二次临时股东大会的通知 1、股东大会的届次：2025年第二次临时股东大会 2、会议召集人：公司董事会 公司第二届董事会第二十一次会议审议通过了《关于召开2025年第二次临时 股东大会的议案》，同意召开本次股东大会。 3、会议召开的合法、合规性：本次会议的召开符合有关法律、行政法规、 部门规章、规范性文件和公司章程的规定。 4、会议召开时间： 现场会议时间：2025年09月23日下午15:00 网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为2025年09月23日 上午9:15—9:25 ...

安徽富乐德科技发展股份有限公司 | 证券代码：301297 | 证券简称：富乐德 | 公告编号：2025-050 | | --- | --- | --- | | 债券代码：124025 | 债券简称：富乐定转 | | 安徽富乐德科技发展股份有限公司（以下简称"公司"）于2025年08月19 日以电话、电子邮件等方式发出召开第二届监事会第十八次会议的通知，会议于 2025年08月29日以通讯形式召开。本次会议应出席监事3人，实际出席监事3人（其 中：以通讯表决方式出席会议的监事会人数为3人）。会议由监事会主席董小平 女士主持。本次会议的召集、召开程序均符合《公司法》和《公司章程》的有关 规定。 第二届监事会第十八次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，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 3、审议通过《关于新增2025年日常关联交易预计的议案》 1 表决结果：2票同意，0票反对，0票弃权，1票回避（关联监事董小平回避表 决）。 经审议，监事会认为：公司本次新增2025年日常关联交易预计事项是公司日 常生产经营所需，关联交易遵守公开、公平、公正的原则，交 ...

| 证券代码：301297 | 证券简称：富乐德 | 公告编号：2025-049 | | --- | --- | --- | | 债券代码：124025 | 债券简称：富乐定转 | | 安徽富乐德科技发展股份有限公司 第二届董事会第二十一次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 安徽富乐德科技发展股份有限公司（以下简称"公司"）于2025年08月19 日以电话、电子邮件等方式发出召开第二届董事会第二十一次会议的通知，会议 于2025年08月29日以通讯形式召开。本次会议应出席董事5人，实际出席董事5 人（其中：以通讯表决方式出席会议的董事会人数为5人）。会议由董事长贺贤 汉先生主持。本次会议的召集、召开程序均符合《公司法》和《公司章程》的有 关规定。 二、董事会会议审议情况 1、审议通过《2025年半年度报告及摘要》 表决结果：5票同意，0票反对，0票弃权。 本议案已经公司董事会审计委员会审议通过。 具体内容请见巨潮资讯网（http://www.cninfo.com.cn）上的《2025年半年 度报告摘要》、《20 ...

| 保荐人名称：光大证券股份有限公司 | 被保荐公司简称：富乐德 | | --- | --- | | 保荐代表人姓名：胡宇翔 | 联系电话：0574-83852208 | | 保荐代表人姓名：刘丽敏 | 联系电话：021－22169999 | 关于安徽富乐德科技发展股份有限公司 一、保荐工作概述 | 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 | 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、 | 是 | | 内控制度、内部审计制度、关联交易制度） | | | （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 | 按月查询 | | （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）列席公司股东会次数 | 1次，均事前 ...

东方证券股份有限公司 国泰海通证券股份有限公司 关于安徽富乐德科技发展股份有限公司 使用募集资金向全资子公司增资或借款以实施募投项目 的核查意见 东方证券股份有限公司、国泰海通证券股份有限公司（以下简称 "独立财务顾 问"）作为安徽富乐德科技发展股份有限公司（以下简称"富乐德"或"公司"）发 行股份、可转换公司债券购买资产并募集配套资金暨关联交易的独立财务顾问，根 据《上市公司重大资产重组管理办法》《深圳证券交易所创业板股票上市规则》《上 市公司募集资金监管规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业 板上市公司规范运作》等有关规定，对公司使用募集资金向全资子公司增资或借款 以实施募投项目的事项进行了核查，具体情况如下： 一、募集资金基本情况 四、本次增资及借款对象的基本情况 经中国证券监督管理委员会《关于同意安徽富乐德科技发展股份有限公司发行 股份和可转换公司债券购买资产并募集配套资金注册的批复》（证监许可〔2025〕 1325 号），公司获准向无锡金筹投资管理有限公司-金筹研究精选一期私募证券投资 基金、华富瑞兴投资管理有限公司、鲁花道生（北京）企业管理发展有限公司、台 州城投沣收一号股权 ...

光大证券股份有限公司 关于安徽富乐德科技发展股份有限公司 一、日常关联交易基本情况 1、公司已预计的 2025 年日常关联交易的情况 富乐德于 2025 年 4 月 29 日召开第二届董事会第十七次会议，审议通过了《关 于 2025 年日常关联交易预计及补充确认 2024 年日常关联交易的议案》，安徽富乐 德科技发展股份有限公司（以下简称"公司"）及子公司预计 2025 年度与关联方发 生日常关联交易总额不超过 12,450 万元。具体内容请见 2025 年 04 月 30 日刊登在 《证券时报》《上海证券报》《证券日报》和巨潮资讯网（http://www.cninfo.com.cn） 上的《关于 2025 年日常关联交易预计及补充确认 2024 年日常关联交易的公告》。 2、本次预计新增日常关联交易情况 公司于 2025 年 8 月 29 日召开第二届董事会第二十一次会议，审议通过了《关 于新增 2025 年日常关联交易预计的议案》，鉴于公司并购完成江苏富乐华半导体科 技股份有限公司，根据业务发展需要，公司及子公司预计 2025 年度将与相关关联 方新增发生日常关联交易，累计日常关联交易总额调整为不超过 3 ...

章程 1 第一章 总则 第一条 为维护安徽富乐德科技发展股份有限公司（以下简称"公司"或"上 市公司"）、股东和债权人的合法权益，规范公司的组织和行为，根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）和其他有关规定，制定本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司。公司 系由安徽富乐德科技发展有限公司整体变更设立，在铜陵市市场监督管理局注册 登记，取得营业执照，统一社会信用代码为 91340764MA2REF4759。 安徽富乐德科技发展股份有限公司 第三条 公司于 2022 年 09 月 26 日经中国证券监督管理委员会（以下简称 "中国证监会"）同意注册，首次公开向社会公众发行人民币普通股 84,600,000 股，于 2022 年 12 月 30 日在深圳证券交易所上市。 第四条 公司注册名称： 名称：安徽富乐德科技发展股份有限公司。 公司住所：安徽省铜陵金桥经济开发区 邮政编码：244100 第五条 公司注册资本为 743,007,998 元人民币。 第六条 公司为永久存续的股份有限公司。 第七条 董事长为公司的法 ...

Section I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, and declare the financial report is true, accurate, and complete. The report advises investors to pay attention to operational risks and clarifies the company's plan not to distribute cash dividends, bonus shares, or convert capital reserves into share capital. - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, with no false records, misleading statements, or major omissions[4](index=4&type=chunk) - The company's responsible person, head of accounting, and head of accounting department declare the financial report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute **cash dividends**, bonus shares, or convert capital reserves into 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 lists eight main chapters, covering company profile, financial indicators, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports, providing a comprehensive information index for investors. - The report contains **eight main chapters**, structured clearly for investor review[7](index=7&type=chunk) [Reference Documents Catalog](index=4&type=section&id=Reference%20Documents%20Catalog) The catalog of reference documents includes signed and sealed financial statements, originals of all publicly disclosed company documents and announcements during the reporting period, and other relevant materials, ensuring the completeness and traceability of information disclosure. - Reference documents include signed and sealed financial statements, originals of publicly disclosed documents, and announcement drafts[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section clearly defines key terms such as company name, subsidiary names, related party names, currency units, and reporting period, to ensure accurate understanding of the report content. - This section clearly defines key terms such as company, subsidiary, related party, currency unit, and reporting period[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=Company%20Profile) Anhui Fulede Technology Development Co., Ltd. (stock abbreviation: Fulede, stock code: 301297) is listed on the Shenzhen Stock Exchange, with He Xianhan as its legal representative. - The company's stock abbreviation is "**Fulede**", stock code "**301297**", listed on the Shenzhen Stock Exchange[14](index=14&type=chunk) - The company's legal representative is **He Xianhan**[14](index=14&type=chunk) [Contact Person and Information](index=6&type=section&id=Contact%20Person%20and%20Information) The company's board secretary is Yan Hua, and the securities affairs representative is Li Haidong. The contact address is No. 18, Nanhai Road, Jinqiao Economic Development Zone, Tongling, Anhui Province, with phone and fax at 0562-5302388, and email at ftsa001@ftvas.com. - The board secretary is **Yan Hua**, and the securities affairs representative is **Li Haidong**[15](index=15&type=chunk) - The company's contact phone and fax are **0562-5302388**, and email is **ftsa001@ftvas.com**[15](index=15&type=chunk) [Other Information](index=6&type=section&id=Other%20Information) During the reporting period, there were no changes in the company's contact information, information disclosure and storage locations, or registration status; specific details can be found in the 2024 annual report. - The company's registered address, office address, website, and email remained unchanged during the reporting period[16](index=16&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[17](index=17&type=chunk) - The company's registration status remained unchanged during the reporting period[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's key financial indicators performed well, with operating revenue increasing by 23.95%, net profit attributable to parent company by 9.22%, and net cash flow from operating activities by 36.55%. Total assets and net assets attributable to parent company also achieved steady growth. Key Accounting Data and Financial Indicators (Year-on-Year) | Indicator | Current Reporting Period (CNY) | Prior Year Adjusted (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 441,216,346.18 | 355,955,155.88 | 23.95% | | Net Profit Attributable to Shareholders of Listed Company | 58,272,662.03 | 53,353,189.66 | 9.22% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 47,416,565.45 | 38,566,232.94 | 22.95% | | Net Cash Flow from Operating Activities | 123,897,598.84 | 90,734,096.86 | 36.55% | | Basic Earnings Per Share (CNY/share) | 0.1722 | 0.1577 | 9.19% | | Diluted Earnings Per Share (CNY/share) | 0.1703 | 0.1577 | 7.99% | | Weighted Average Return on Net Assets | 3.77% | 3.61% | 0.16% | | Total Assets (Period-end) | 1,933,786,130.24 | 1,809,811,858.88 | 6.85% | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,585,659,929.53 | 1,511,562,915.18 | 4.90% | - The company's share capital changed from the end of the reporting period to the disclosure date of the semi-annual report due to equity incentive exercise, affecting the amount of owners' equity[19](index=19&type=chunk) [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards, overseas accounting standards, and Chinese Accounting Standards. - The company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[21](index=21&type=chunk) - The company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[22](index=22&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to 10,856,096.58 CNY, primarily from government subsidies and fair value changes of financial assets, alongside non-current asset disposal gains/losses and non-operating income/expenses. Non-Recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -164,246.99 | | Government Subsidies Included in Current Profit and Loss | 8,858,552.74 | | Gains and Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | 4,197,179.74 | | Other Non-Operating Income and Expenses Apart from the Above | -121,985.70 | | Less: Income Tax Impact | 1,913,403.21 | | Total | 10,856,096.58 | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[25](index=25&type=chunk) Section III Management Discussion and Analysis [Main Business Engaged in by the Company During the Reporting Period](index=9&type=section&id=Main%20Business%20Engaged%20in%20by%20the%20Company%20During%20the%20Reporting%20Period) As a provider of precision cleaning services for equipment in the pan-semiconductor sector, the company primarily focuses on semiconductor and display panel fields, offering one-stop precision cleaning and value-added services, gradually establishing a leading position in the industry. The company's business model includes customized services, direct sales, independent R&D, and order-based production. - The company is a provider of precision cleaning services for equipment in the pan-semiconductor sector, focusing on **semiconductor and display panel** fields[27](index=27&type=chunk) - The company provides one-stop precision cleaning services for equipment, gradually becoming one of the leading service enterprises in domestic pan-semiconductor equipment cleaning technology and scope[27](index=27&type=chunk) [Company's Main Business Activities](index=9&type=section&id=Company%27s%20Main%20Business%20Activities) The company provides precision cleaning services for equipment in the pan-semiconductor sector, covering semiconductor and display panel fields, along with value-added services like oxidation processing and equipment repair. - The company provides **semiconductor equipment cleaning services**, covering 6/8/12-inch wafer foundry production lines, collaborating with industry giants like SMIC and Hua Li Integrated[28](index=28&type=chunk) - The company's **TFT equipment cleaning services** cover G4.5 to G10.5 generation deposition and etching equipment, involving approximately **1,500 types of components**[30](index=30&type=chunk) - The company's **OLED equipment cleaning services** cover silicon-based micro-display evaporation equipment and G4.5/G5.5/G6 generation evaporation and ion implantation equipment, involving approximately **900 types of components**[32](index=32&type=chunk) - Precision cleaning value-added services include oxidation processing, ceramic thermal spraying, and semiconductor equipment repair (such as CMP polishing head refurbishment and ALN heater repair)[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) [Industry Overview](index=10&type=section&id=Industry%20Overview) The precision cleaning service is a critical branch of industrial cleaning, with extremely high quality requirements for pan-semiconductor equipment components, directly impacting product yield and cost. - Precision cleaning service is a crucial branch of industrial cleaning, with extremely high quality requirements for pan-semiconductor equipment components, directly affecting product yield and cost[37](index=37&type=chunk) - The domestic pan-semiconductor equipment precision cleaning service industry started late, grew during the era of "chip and panel shortages", and is currently in an **upward phase**[39](index=39&type=chunk) - Industry development trends include market scale growth, technological innovation and upgrading (physical/chemical cleaning, process advancements), and service expansion (one-stop services)[40](index=40&type=chunk) - The company is one of the earliest enterprises engaged in precision cleaning services in China, gradually establishing a leading position in domestic semiconductor and display panel equipment precision cleaning services[41](index=41&type=chunk)[42](index=42&type=chunk) [Company's Main Business Model](index=12&type=section&id=Company%27s%20Main%20Business%20Model) The company's main business model encompasses a profit model based on customized services, a direct sales model for market expansion, an R&D model focused on independent and collaborative development, and an order-based production and service model. - Profit Model: Generates revenue and profit by providing customized precision cleaning and value-added services, meeting customer needs[43](index=43&type=chunk) - Sales Model: Primarily **direct sales**, securing orders through independent bidding and collaboration with original equipment manufacturers, with a market expansion strategy of first targeting leading enterprises then expanding to emerging regions[44](index=44&type=chunk)[45](index=45&type=chunk) - R&D Model: Primarily **independent R&D**, combined with customer collaborative R&D and forward-looking research, partnering with Shanghai University for talent cultivation[46](index=46&type=chunk)[48](index=48&type=chunk) - Production and Service Model: Characterized by "**multi-variety, small-batch**" and "**non-standard customized services**", operating on an order-based production system[50](index=50&type=chunk) [Core Competitiveness Analysis](index=13&type=section&id=Core%20Competitiveness%20Analysis) The company has established a significant competitive advantage in the domestic pan-semiconductor equipment precision cleaning service sector, leveraging its first-mover advantage, high-quality customer resources, strong R&D capabilities, comprehensive cleaning solutions, and stringent quality control system. - As one of the earliest domestic enterprises engaged in pan-semiconductor equipment precision cleaning services, the company possesses a clear **first-mover advantage** and market accumulation[51](index=51&type=chunk) - The company has established stable cooperative relationships with numerous high-quality wafer foundries and display panel manufacturers, including **SMIC, TSMC, and BOE**[52](index=52&type=chunk)[53](index=53&type=chunk) - The company continuously invests in R&D, accumulating rich cleaning and value-added service technologies and processes, building a comprehensive independent intellectual property system, with technological updates synchronized with customers' advanced processes[54](index=54&type=chunk) - The company provides integrated and **comprehensive cleaning service solutions**, covering semiconductor 6/8/12-inch wafer foundry production lines and display panel G4.5 to G10.5 generation equipment[55](index=55&type=chunk) - The company has established a comprehensive quality management system and obtained **ISO9001:2015 quality management system certification**, ensuring reliable and stable product and service quality[56](index=56&type=chunk) [Main Business Analysis](index=14&type=section&id=Main%20Business%20Analysis) During the reporting period, the company's main business revenue increased by 23.95%, primarily driven by growth in precision cleaning and repair/refurbishment services. Selling and administrative expenses significantly rose due to increased equity incentives and employee compensation, while net cash flow from operating activities substantially grew due to increased sales collections. Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (CNY) | Prior Year (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 441,216,346.18 | 355,955,155.88 | 23.95% | | | Operating Cost | 252,379,167.18 | 212,993,908.78 | 18.49% | | | Selling Expenses | 28,119,396.30 | 20,849,212.77 | 34.87% | Primarily due to increased equity incentives and employee compensation during the reporting period | | Administrative Expenses | 57,887,235.70 | 34,581,849.64 | 67.39% | Primarily due to increased equity incentives and employee compensation during the reporting period | | Financial Expenses | -334,757.54 | -1,061,917.48 | 68.48% | Primarily due to changes in wealth management structure during the reporting period | | R&D Investment | 33,875,590.14 | 28,414,044.42 | 19.22% | | | Net Cash Flow from Operating Activities | 123,897,598.84 | 90,734,096.86 | 36.55% | Primarily due to increased sales collections and employee equity incentive individual income tax collected but not yet paid during the reporting period | | Net Cash Flow from Investing Activities | -55,395,860.62 | -130,650,444.88 | 57.60% | Primarily due to maturity and recovery of wealth management products during the reporting period | | Net Increase in Cash and Cash Equivalents | 96,765,107.83 | -18,103,679.52 | 634.51% | Primarily due to increased net cash flow from operating and investing activities | Product or Service Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Precision Cleaning | 314,568,165.00 | 172,997,932.95 | 45.00% | 21.03% | 14.76% | 3.01% | | Of which: Semiconductor Equipment Cleaning Services | 250,651,615.74 | 127,836,644.05 | 49.00% | 24.98% | 25.06% | -0.03% | | Display Panel Equipment Cleaning Services | 63,916,549.26 | 45,161,288.90 | 29.34% | 7.68% | -6.94% | 11.10% | | Repair and Refurbishment | 51,452,167.68 | 29,353,591.06 | 42.95% | 21.97% | -1.65% | 13.70% | [Non-Main Business Analysis](index=15&type=section&id=Non-Main%20Business%20Analysis) During the reporting period, the company's non-main business activities impacted total profit, with investment income and government subsidies contributing significantly, while asset impairment (inventory depreciation provision) had a negative impact. Non-Main Business Analysis | Item | Amount (CNY) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,792,786.40 | 4.14% | Primarily due to wealth management income and income from investments in joint ventures during the reporting period | No | | Gains and Losses from Fair Value Changes | -272,538.94 | -0.40% | Primarily due to fair value changes of trading financial assets during the reporting period | No | | Asset Impairment | -10,031,264.96 | -14.88% | Primarily due to provision for inventory depreciation during the reporting period | Yes | | Non-Operating Income | 14,086.64 | 0.02% | | No | | Non-Operating Expenses | 238,228.37 | 0.35% | | No | | Other Income | 9,656,686.48 | 14.32% | Primarily due to government subsidies during the reporting period | No | [Analysis of Assets and Liabilities](index=15&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets and net assets attributable to shareholders of the listed company both increased. Cash and cash equivalents, construction in progress, and other debt investments increased in proportion, while accounts receivable, long-term equity investments, and trading financial assets decreased. Overseas assets primarily consist of a wholly-owned Japanese subsidiary, which is performing well. Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (CNY) | Proportion of Total Assets | Amount at End of Prior Year (CNY) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 443,414,389.80 | 22.93% | 381,649,281.97 | 21.09% | 1.84% | | Accounts Receivable | 187,914,110.42 | 9.72% | 208,374,510.59 | 11.51% | -1.79% | | Inventories | 108,986,580.09 | 5.64% | 98,204,221.79 | 5.43% | 0.21% | | Long-Term Equity Investments | 291,905.65 | 0.02% | 1,968,837.93 | 0.11% | -0.09% | | Fixed Assets | 661,403,707.51 | 34.20% | 635,216,312.70 | 35.10% | -0.90% | | Construction in Progress | 74,490,198.58 | 3.85% | 57,319,078.04 | 3.17% | 0.68% | | Trading Financial Assets | 156,537,640.51 | 8.09% | 211,810,179.45 | 11.70% | -3.61% | | Other Debt Investments | 50,893,610.96 | 2.63% | 20,564,353.43 | 1.14% | 1.49% | - The company's wholly-owned overseas subsidiary, Fulede Technology Development Japan Co., Ltd., has assets totaling **47,931,214.80 CNY**, accounting for **3.02%** of the company's net assets, with good profitability[65](index=65&type=chunk) - The company's financial assets measured at fair value totaled **207,431,251.47 CNY** at period-end, primarily comprising trading financial assets and other debt investments[67](index=67&type=chunk) [Investment Status Analysis](index=17&type=section&id=Investment%20Status%20Analysis) During the reporting period, the company's total investment increased by 110.25%, mainly allocated to committed projects funded by raised capital and investments in financial assets measured at fair value. The overall utilization rate of raised capital was 64.95%, with some projects not meeting expected benefits, and a portion of over-raised funds used to permanently supplement working capital. Report Period Investment Amount | Indicator | Report Period Investment Amount (CNY) | Prior Year Investment Amount (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment | 111,597,512.44 | 53,077,229.06 | 110.25% | Overall Use of Raised Funds | Net Raised Funds (CNY '0,000) | Total Raised Funds Used (CNY '0,000) | Raised Funds Utilization Rate | | :--- | :--- | :--- | | 63,256.58 | 41,087.12 | 64.95% | - The ceramic thermal spraying and R&D center project did not achieve expected benefits, primarily due to project delays and being in the initial production phase[78](index=78&type=chunk) - The ceramic thermal spray product repair project was terminated due to declining demand in the display panel market and adjustments to the company's development strategy, with remaining raised funds of **9,688.87 ten thousand CNY** used to permanently supplement working capital[78](index=78&type=chunk) - The company used **19,500.00 ten thousand CNY** of over-raised funds to permanently supplement working capital, with a balance of **3,084.63 ten thousand CNY** (including wealth management income) at the end of the reporting period[78](index=78&type=chunk) Overview of Wealth Management | Specific Type | Wealth Management Amount (CNY '0,000) | Unmatured Balance (CNY '0,000) | | :--- | :--- | :--- | | Bank Wealth Management Products (Own Funds) | 25,431.87 | 13,131.87 | | Bank Wealth Management Products (Raised Funds) | 8,391 | 7,391 | | Brokerage Wealth Management Products (Own Funds) | 3,000 | 1,000 | | Brokerage Wealth Management Products (Raised Funds) | 13,630 | 5,000 | | Total | 50,452.87 | 26,522.87 | [Overall Situation](index=17&type=section&id=Overall%20Situation) The company's total investment during the reporting period increased by 110.25% compared to the previous year. Report Period Investment Amount | Indicator | Report Period Investment Amount (CNY) | Prior Year Investment Amount (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment | 111,597,512.44 | 53,077,229.06 | 110.25% | [Significant Equity Investments Acquired During the Reporting Period](index=17&type=section&id=Significant%20Equity%20Investments%20Acquired%20During%20the%20Reporting%20Period) The company had no significant equity investments acquired during the reporting period. - The company had no significant equity investments during the reporting period[70](index=70&type=chunk) [Significant Non-Equity Investments in Progress During the Reporting Period](index=17&type=section&id=Significant%20Non-Equity%20Investments%20in%20Progress%20During%20the%20Reporting%20Period) The company had no significant non-equity investments in progress during the reporting period. - The company had no significant non-equity investments in progress during the reporting period[70](index=70&type=chunk) [Financial Assets Measured at Fair Value](index=17&type=section&id=Financial%20Assets%20Measured%20at%20Fair%20Value) The company's financial assets measured at fair value include trading financial assets and other debt investments, totaling 269,248,100.08 CNY with cumulative investment income of 4,469,718.68 CNY. Financial Assets Measured at Fair Value | Asset Category | Period-end Amount (CNY) | Cumulative Investment Income (CNY) | | :--- | :--- | :--- | | Other (Trading Financial Assets) | 156,537,640.51 | 3,385,416.20 | | Other (Other Debt Investments, etc.) | 112,710,459.57 | 1,084,302.48 | | Total | 269,248,100.08 | 4,469,718.68 | [Use of Raised Funds](index=18&type=section&id=Use%20of%20Raised%20Funds) The company's raised funds were utilized with an overall rate of 64.95%, but some projects, like the ceramic thermal spraying and R&D center, did not meet expected benefits due to delays and initial production stages. The ceramic thermal spray product repair project was terminated, with remaining funds used to supplement working capital. Overall Use of Raised Funds | Net Raised Funds (CNY '0,000) | Total Raised Funds Used (CNY '0,000) | Raised Funds Utilization Rate | | :--- | :--- | :--- | | 63,256.58 | 41,087.12 | 64.95% | - The ceramic thermal spraying and R&D center project generated revenue of **18.8394 million CNY** and net profit of **0.8816 million CNY** during the reporting period, failing to meet expected benefits, primarily due to project delays and being in the initial production phase[78](index=78&type=chunk) - The ceramic thermal spray product repair project was terminated due to declining demand in the downstream market and adjustments to the company's development strategy, with remaining raised funds of **9,688.87 ten thousand CNY** used to permanently supplement working capital[78](index=78&type=chunk) - The company used **19,500.00 ten thousand CNY** of over-raised funds to permanently supplement working capital, with a balance of **3,084.63 ten thousand CNY** (including wealth management income) at the end of the reporting period[78](index=78&type=chunk) [Wealth Management, Derivative Investments, and Entrusted Loans](index=21&type=section&id=Wealth%20Management%2C%20Derivative%20Investments%2C%20and%20Entrusted%20Loans) The company engaged in wealth management activities totaling 50,452.87 ten thousand CNY, with an unmatured balance of 26,522.87 ten thousand CNY, primarily through bank and brokerage products, but had no derivative investments or entrusted loans. Overview of Wealth Management | Specific Type | Wealth Management Amount (CNY '0,000) | Unmatured Balance (CNY '0,000) | | :--- | :--- | :--- | | Bank Wealth Management Products (Own Funds) | 25,431.87 | 13,131.87 | | Bank Wealth Management Products (Raised Funds) | 8,391 | 7,391 | | Brokerage Wealth Management Products (Own Funds) | 3,000 | 1,000 | | Brokerage Wealth Management Products (Raised Funds) | 13,630 | 5,000 | | Total | 50,452.87 | 26,522.87 | - The company had no derivative investments during the reporting period[82](index=82&type=chunk)[83](index=83&type=chunk) - The company had no entrusted loans during the reporting period[82](index=82&type=chunk)[83](index=83&type=chunk) [Significant Asset and Equity Sales](index=21&type=section&id=Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not engage in any significant asset or equity sales. - The company did not sell significant assets during the reporting period[85](index=85&type=chunk) - The company did not sell significant equity during the reporting period[86](index=86&type=chunk) [Analysis of Major Holding and Participating Companies](index=22&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major holding subsidiaries, including Fulede Technology Development (Dalian) Co., Ltd., Shanghai Fulede Intelligent Technology Development Co., Ltd., Hangzhou Zhixin Semiconductor Co., Ltd., and Qingdao Fulede Technology Development Co., Ltd., significantly contributed to operating revenue and net profit in precision cleaning, regeneration services, and semiconductor component repair. Operating Performance of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fulede Technology Development (Dalian) Co., Ltd. | Subsidiary | Precision Cleaning and Regeneration Services | 20,000,000.00 | 243,939,174.44 | 219,339,236.79 | 90,110,161.03 | 20,188,328.15 | | Shanghai Fulede Intelligent Technology Development Co., Ltd. | Subsidiary | Precision Cleaning and Regeneration Services | 30,000,000.00 | 95,616,391.10 | 61,023,541.92 | 26,467,341.33 | 6,908,378.76 | | Hangzhou Zhixin Semiconductor Co., Ltd. | Subsidiary | Semiconductor Component Repair | 36,996,900.00 | 106,697,988.97 | 50,308,290.32 | 28,712,974.98 | 6,027,729.73 | | Qingdao Fulede Technology Development Co., Ltd. | Subsidiary | Precision Cleaning and Regeneration Services | 30,000,000.00 | 51,563,704.02 | 23,247,224.23 | 0.00 | -6,547,703.82 | [Company-Controlled Structured Entities](index=22&type=section&id=Company-Controlled%20Structured%20Entities) The company had no controlled structured entities during the reporting period. - The company had no controlled structured entities during the reporting period[88](index=88&type=chunk) [Risks Faced by the Company and Countermeasures](index=22&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks such as industry cyclical fluctuations, technological updates, and loss of management and core technical talent. The company actively responds by closely monitoring the market, increasing R&D investment, improving management systems, and establishing talent incentive mechanisms. - The company faces **industry cyclical fluctuation risks**, and will closely monitor market demand, adjust product structure, and accelerate technological innovation[88](index=88&type=chunk) - The company faces **technological update risks**, and will increase R&D investment, apply new technologies, and promote new services to maintain market competitive advantage[90](index=90&type=chunk)[91](index=91&type=chunk) - The company faces **management risks**, and will improve its management system and operating mechanisms, optimize processes, and enhance management level and operating efficiency[92](index=92&type=chunk) - The company faces **core technical talent loss risks**, and will strengthen human resource management, establishing talent training and incentive mechanisms[93](index=93&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=23&type=section&id=Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) During the reporting period, on May 8, 2025, the company participated online in the 2024 Annual Online Performance Briefing via the Value Online platform, engaging in discussions with all investors on development strategy, technology R&D, and market expansion, without disclosing any unpublicized information. - On **May 8, 2025**, the company participated online in the **2024 Annual Online Performance Briefing** via the Value Online network platform[94](index=94&type=chunk) - Discussion content primarily involved the company's development strategy, technology R&D, and market expansion, without disclosing any unpublicized information[94](index=94&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=23&type=section&id=Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has formulated the "Market Value Management System," which was approved by the board of directors on August 29, 2025, aiming to strengthen market value management and enhance investment value, but has not yet disclosed a valuation enhancement plan. - The company has formulated the "**Market Value Management System**", approved by the board of directors on **August 29, 2025**[96](index=96&type=chunk) - The company has not yet disclosed a valuation enhancement plan[95](index=95&type=chunk) [Implementation of "Quality and Return Dual Enhancement" Action Plan](index=24&type=section&id=%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan%20Implementation) The company has disclosed its "Quality and Return Dual Enhancement" action plan, achieving significant results through specific measures such as focusing on main business and innovative development, upgrading industrial layout, improving corporate governance, enhancing information disclosure and communication, and stable dividend returns to shareholders, aiming to boost company value and shareholder returns. - The company has disclosed its "**Quality and Return Dual Enhancement**" action plan announcement[97](index=97&type=chunk) - The company focuses on its main business and innovative development, mastering advanced processes and technologies to provide higher precision and value-added services[97](index=97&type=chunk)[99](index=99&type=chunk) - The company actively upgrades its industrial layout by establishing joint ventures, acquiring Hangzhou Zhixin Semiconductor Co., Ltd., and implementing significant asset restructuring[97](index=97&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) - The company improves its corporate governance structure and systems, strengthens internal control, safeguards shareholder rights, and received an **A-level rating for information disclosure** on the Shenzhen Stock Exchange ChiNext board in 2024[97](index=97&type=chunk)[105](index=105&type=chunk)[110](index=110&type=chunk) - Since its listing, the company has distributed cumulative dividends of **94,749,137.50 CNY** and promotes a sustainable dividend mechanism, actively rewarding shareholders[98](index=98&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) Section IV Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=27&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the company's directors, supervisors, and senior management; specific details can be found in the 2024 annual report. - The company's directors, supervisors, and senior management had no changes during the reporting period[117](index=117&type=chunk) [Profit Distribution and Capital Reserve to Share Capital Conversion During the Current Reporting Period](index=27&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion%20During%20the%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period. - The company plans not to distribute **cash dividends**, bonus shares, or convert capital reserves into share capital for the semi-annual period[118](index=118&type=chunk) [Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=27&type=section&id=Implementation%20of%20Company%27s%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company actively implemented its 2024 Restricted Stock Incentive Plan, completing initial grants, partial reserved grants, and remaining reserved grants, with adjustments to the grant price. Additionally, the conditions for the first vesting period of the initial grant were met, with some shares vested and listed, while other granted shares were forfeited due to employee departures or unmet performance targets. - The company approved the draft of the **2024 Restricted Stock Incentive Plan**, proposing to grant **8.25 million restricted shares** at **10.80 CNY/share** to **174 incentive recipients**[119](index=119&type=chunk) - The company initially granted **7.42 million restricted shares** to **172 incentive recipients** at a grant price of **10.80 CNY/share** (later adjusted to **10.72 CNY/share**)[121](index=121&type=chunk)[124](index=124&type=chunk) - The company granted **0.45 million reserved restricted shares** to **20 incentive recipients** at a grant price of **10.72 CNY/share**[123](index=123&type=chunk)[124](index=124&type=chunk) - The company granted **0.315 million remaining reserved restricted shares** to **70 incentive recipients** at a grant price of **10.72 CNY/share**[125](index=125&type=chunk) - The conditions for the first vesting period of the initial grant were met, with a total of **2.9176 million restricted shares** for **166 incentive recipients** vested and listed for trading on **June 13, 2025**[126](index=126&type=chunk)[127](index=127&type=chunk) - Due to incentive recipients' departures or unmet performance targets, the company forfeited a total of **0.1254 million granted but unvested restricted shares**[126](index=126&type=chunk)[127](index=127&type=chunk) [Environmental Information Disclosure](index=30&type=section&id=Environmental%20Information%20Disclosure) The company and its major subsidiary, Sichuan Fulede Technology Development Co., Ltd., have been included in the list of enterprises required to disclose environmental information and have publicly disclosed their environmental information reports. - The company and its major subsidiary, **Sichuan Fulede Technology Development Co., Ltd.**, have been included in the list of enterprises required to disclose environmental information by law[130](index=130&type=chunk) - The environmental information disclosure report of Sichuan Fulede Technology Development Co., Ltd. can be accessed via the designated website[130](index=130&type=chunk) [Social Responsibility](index=30&type=section&id=Social%20Responsibility) The company actively fulfills its social responsibilities by improving systems and standardizing operations to protect shareholder rights; complying with labor laws and providing training to safeguard employee rights; and adhering to integrity and mutual benefit, while enhancing its quality system to maintain supplier and customer interests, thereby achieving sustainable development. - The company effectively protects the legitimate rights and interests of shareholders, especially small and medium shareholders, by improving systems, standardizing operations, and truthfully disclosing information[132](index=132&type=chunk) - The company strictly complies with labor laws, establishes a comprehensive employment management system, focuses on employee labor protection and well-being, and provides diverse learning and training channels[133](index=133&type=chunk) - The company establishes good cooperative relationships with suppliers and customers, adheres to honesty, trustworthiness, and mutual benefit, and continuously improves its quality control system to enhance customer satisfaction[134](index=134&type=chunk) Section V Significant Matters [Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=31&type=section&id=Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were fulfilled or overdue and unfulfilled. - During the reporting period, the company had no commitments by related parties that were fulfilled or overdue and unfulfilled[136](index=136&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=31&type=section&id=Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) During the reporting period, there was no non-operating occupation of listed company funds by the controlling shareholder or other related parties. - During the reporting period, the listed company had no non-operating occupation of funds by the controlling shareholder or other related parties[137](index=137&type=chunk) [Illegal External Guarantees](index=31&type=section&id=Illegal%20External%20Guarantees) During the reporting period, the company had no illegal external guarantees. - The company had no illegal external guarantees during the reporting period[138](index=138&type=chunk) [Appointment and Dismissal of Accounting Firms](index=31&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was unaudited. - The company's semi-annual report was unaudited[139](index=139&type=chunk) [Explanation by the Board of Directors, Supervisory Board, and Audit Committee Regarding the Accounting Firm's "Non-Standard Audit Report" for the Current Reporting Period](index=31&type=section&id=Explanation%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20Regarding%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Reporting%20Period) During the reporting period, the company had no non-standard audit reports. - The company had no non-standard audit reports during the reporting period[140](index=140&type=chunk) [Explanation by the Board of Directors Regarding the "Non-Standard Audit Report" for the Previous Year](index=31&type=section&id=Explanation%20by%20the%20Board%20of%20Directors%20Regarding%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) During the reporting period, the company had no non-standard audit reports. - The company had no non-standard audit reports during the reporting period[140](index=140&type=chunk) [Bankruptcy and Reorganization Matters](index=31&type=section&id=Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, the company had no bankruptcy and reorganization matters. - The company had no bankruptcy and reorganization matters during the reporting period[140](index=140&type=chunk) [Litigation Matters](index=31&type=section&id=Litigation%20Matters) During the reporting period, the company had no significant litigation, arbitration matters, or other litigation matters. - The company had no significant litigation or arbitration matters during the current reporting period[141](index=141&type=chunk) - The company had no other litigation matters during the reporting period[141](index=141&type=chunk) [Penalties and Rectification](index=32&type=section&id=Penalties%20and%20Rectification) During the reporting period, the company had no penalties or rectification situations. - The company had no penalties or rectification situations during the reporting period[142](index=142&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=32&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller. - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[143](index=143&type=chunk) [Significant Related Party Transactions](index=32&type=section&id=Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in daily operational related party transactions, including purchasing and selling goods and providing labor, with pricing referenced to market rates. Additionally, the company implemented a major asset restructuring, acquiring 100% equity of Jiangsu Fulehua Semiconductor Technology Co., Ltd. through share issuance and convertible bonds, which has received CSRC registration approval and completed asset transfer. Related Party Transactions Related to Daily Operations (Purchase of Goods and Acceptance of Services) | Related Party | Related Transaction Content | Amount (CNY '0,000) | Proportion of Similar Transactions | Approved Transaction Limit (CNY '0,000) | | :--- | :--- | :--- | :--- | :--- | | Related parties under the same control as Nichimaga Technology | Purchase of materials, repair fees, technology transfer fees, commission service fees, utility costs, property leases, etc. | 2,413.72 | 8.16% | 12,000 | | Hangzhou Dahe Jiangdong New Material Technology Co., Ltd. | Purchase of materials, repair fees, technology transfer fees, commission service fees, utility costs, property leases, etc. | 794.88 | 3.58% | 2,000 | | Anhui Rujiang Fulede Precision Machinery Co., Ltd. | Purchase of materials, commission service fees, etc. | 0.00 | 0.00% | 750 | | Hangzhou Dahe Thermomagnetic Electronics Co., Ltd. | Purchase of goods and acceptance of services | 20.17 | 0.12% | 100 | | Total | | 3,228.77 | | 14,850 | Related Party Transactions Related to Daily Operations (Sale of Goods and Provision of Services) | Related Party | Related Transaction Content | Amount (CNY '0,000) | Proportion of Similar Transactions | Approved Transaction Limit (CNY '0,000) | | :--- | :--- | :--- | :--- | :--- | | Related parties under the same control as Nichimaga Technology | Sale of goods, provision of cleaning, testing, repair services, etc. | 320.27 | 0.73% | 5,000 | | Hangzhou Dahe Jiangdong New Material Technology Co., Ltd. | Sale of goods, provision of cleaning, testing, repair services, etc. | 1,274.67 | 2.89% | 3,500 | | Anhui Rujiang Fulede Precision Machinery Co., Ltd. | Sale of goods, provision of cleaning, testing, repair services, etc. | 0.00 | 0.00% | 5,000 | | Hangzhou Dahe Thermomagnetic Electronics Co., Ltd. | Sale of goods, etc. | 212.21 | 0.48% | 6,000 | | Total | | 1,807.15 | | 19,500 | - During the reporting period, the company had no related party transactions involving asset or equity acquisition/disposal, joint external investment, related party creditor/debtor relationships, or dealings with affiliated financial companies[146](index=146&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk) - The company implemented a major asset restructuring, acquiring **100% equity of Jiangsu Fulehua Semiconductor Technology Co., Ltd.** through share issuance and convertible bonds, and raising supporting funds; the transaction has received **CSRC registration approval** and completed the transfer of target assets[151](index=151&type=chunk)[152](index=152&type=chunk) [Significant Contracts and Their Performance](index=36&type=section&id=Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no trusteeship or contracting arrangements, but engaged in minor property leases, primarily Shanghai Fulede leasing factory space from its controlling shareholder, Shanghai Shenhe, for production and R&D. The company had no significant guarantees, major daily operational contracts, or other significant contracts. - The company had no trusteeship or contracting arrangements during the reporting period[155](index=155&type=chunk)[156](index=156&type=chunk) - The company and its subsidiaries have minor property leases, primarily Shanghai Fulede leasing some factory buildings from its controlling shareholder, Shanghai Shenhe, for production and R&D[157](index=157&type=chunk) - During the reporting period, the company had no lease projects that generated profit or loss exceeding **10% of total profit**[157](index=157&type=chunk) - The company had no significant guarantees, major daily operational contracts, or other significant contracts during the reporting period[158](index=158&type=chunk)[159](index=159&type=chunk) [Explanation of Other Significant Matters](index=36&type=section&id=Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company had no other significant matters requiring explanation. - The company had no other significant matters requiring explanation during the reporting period[160](index=160&type=chunk) [Significant Matters of Company Subsidiaries](index=37&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) During the reporting period, the company had no significant matters concerning its subsidiaries. - The company had no significant matters concerning its subsidiaries during the reporting period[161](index=161&type=chunk) Section VI Share Changes and Shareholder Information [Share Changes](index=38&type=section&id=Share%20Changes) During the reporting period, the company's total share capital increased by 2,917,600 shares due to the vesting of the first period of the 2024 Restricted Stock Incentive Plan, resulting in changes in both restricted and unrestricted shares. Share Changes | Share Class | Number Before Change (shares) | Proportion Before Change | Increase/Decrease in This Change (shares) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 200,000,000.00 | 59.10% | 534,000.00 | 200,534,000.00 | 58.75% | | II. Unrestricted Shares | 138,390,000.00 | 40.90% | 2,383,600.00 | 140,773,600.00 | 41.25% | | III. Total Shares | 338,390,000.00 | 100.00% | 2,917,600.00 | 341,307,600.00 | 100.00% | - Share changes were primarily due to the vesting of **2,917,600 shares** from the first vesting period of the **2024 Restricted Stock Incentive Plan**[164](index=164&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | He Xianhan | 0 | 159,000 | 159,000 | Director/Supervisor/Senior Management Lock-up | | Wang Zhe | 0 | 84,000 | 84,000 | Director/Supervisor/Senior Management Lock-up | | Li Hongbo | 0 | 36,000 | 36,000 | Director/Supervisor/Senior Management Lock-up | | Lv Fengmei | 0 | 36,000 | 36,000 | Director/Supervisor/Senior Management Lock-up | | Yan Hua | 0 | 63,000 | 63,000 | Director/Supervisor/Senior Management Lock-up | | Chen Qiufang | 0 | 36,000 | 36,000 | Director/Supervisor/Senior Management Lock-up | | Zhang Jiyue | 0 | 120,000 | 120,000 | Former Director/Supervisor/Senior Management Lock-up | | Total | 0 | 534,000 | 534,000 | | [Securities Issuance and Listing](index=39&type=section&id=Securities%20Issuance%20and%20Listing) During the reporting period, the company issued 2,917,600 A-shares to 166 incentive recipients due to the fulfillment of conditions for the first vesting period of the 2024 Restricted Stock Incentive Plan, with these shares listed for trading on June 13, 2025. Issuance and Listing of Stocks and Derivative Securities | Stock Name | Issue Date | Issue Price (CNY/share) | Issue Quantity (shares) | Listing Date | Trading Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Fulede Class II Restricted Shares | June 12, 2025 | 10.72 | 2,917,600 | June 13, 2025 | 2,917,600 | - This issuance was a private placement to **166 incentive recipients** who met the vesting conditions for the first vesting period of the **2024 Restricted Stock Incentive Plan**[168](index=168&type=chunk) [Company Shareholder Numbers and Shareholding Structure](index=40&type=section&id=Company%20Shareholder%20Numbers%20and%20Shareholding%20Structure) At the end of the reporting period, the company had a total of 38,068 common shareholders. Among the top ten shareholders, Shanghai Shenhe Investment Co., Ltd. held the highest proportion at 49.81%. Some shareholders held shares through margin trading and securities lending. - At the end of the reporting period, the total number of common shareholders was **38,068**[170](index=170&type=chunk) Top 10 Shareholders' Shareholding | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Shenhe Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 49.81% | 170,000,000 | 170,000,000 | 0 | | Shanghai Zuzhen Enterprise Management Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 5.86% | 20,000,000 | 20,000,000 | 0 | | Shanghai Zeizu Enterprise Management Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.93% | 10,000,000 | 10,000,000 | 0 | | Hangzhou Bohan Asset Management Co., Ltd. - Anhui Yaoan Bohan High-Tech Equity Investment Fund Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.19% | 7,481,762 | 0 | 7,481,762 | | Shenzhen Zeyuan Private Securities Fund Management Co., Ltd. - Zeyuan Bodhicitta Private Securities Investment Fund | Domestic Non-State-Owned Legal Person | 1.20% | 4,104,600 | 0 | 4,104,600 | | Shanghai Wanye Enterprise Co., Ltd. | Domestic Non-State-Owned Legal Person | 0.78% | 2,673,877 | 0 | 2,673,877 | | China Merchants Bank Co., Ltd. - Southern CSI 1000 Exchange Traded Index Securities Investment Fund | Domestic Non-State-Owned Legal Person | 0.46% | 1,579,889 | 0 | 1,579,889 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.35% | 1,202,588 | 0 | 1,202,588 | | Yu Haiping | Domestic Natural Person | 0.35% | 1,180,492 | 0 | 1,180,492 | | Gao Jinhua | Domestic Natural Person | 0.33% | 1,118,000 | 0 | 1,118,000 | - Shanghai Zuzhen and Shanghai Zeizu are under the same control as Shanghai Shenhe and are acting in concert[170](index=170&type=chunk) - Some of the top 10 shareholders hold shares through **margin trading and securities lending**[171](index=171&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=41&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, several of the company's directors and senior management increased their shareholdings due to the equity incentive plan, resulting in an increase in both their period-end shareholding and the number of restricted shares granted. Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (shares) | Shares Increased in Current Period (shares) | Shares Held at End of Period (shares) | Restricted Shares Granted at Beginning of Period (shares) | Restricted Shares Granted at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | He Xianhan | Chairman | 0 | 212,000.00 | 212,000.00 | 530,000.00 | 318,000.00 | | Wang Zhe | Director, General Manager | 0 | 112,000.00 | 112,000.00 | 280,000.00 | 168,000.00 | | Li Hongbo | Executive Deputy General Manager | 0 | 48,000.00 | 48,000.00 | 120,000.00 | 72,000.00 | | Lv Fengmei | Deputy General Manager | 0 | 48,000.00 | 48,000.00 | 120,000.00 | 72,000.00 | | Yan Hua | Board Secretary | 0 | 84,000.00 | 84,000.00 | 210,000.00 | 126,000.00 | | Chen Qiufang | Financial Controller | 0 | 48,000.00 | 48,000.00 | 120,000.00 | 72,000.00 | | Total | | 0 | 552,000.00 | 552,000.00 | 1,380,000.00 | 828,000.00 | [Changes in Controlling Shareholder or Actual Controller](index=42&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller. - The company's controlling shareholder did not change during the reporting period[174](index=174&type=chunk) - The company's actual controller did not change during the reporting period[174](index=174&type=chunk) [Preferred Shares Information](index=43&type=section&id=Preferred%20Shares%20Information) During the reporting period, the company had no preferred shares. - The company had no preferred shares during the reporting period[175](index=175&type=chunk) Section VII Bond Information [Bond Information](index=44&type=section&id=Bond%20Information) During the reporting period, the company had no bond-related information. - The company had no bond-related information during the reporting period[177](index=177&type=chunk) Section VIII Financial Report [Audit Report](index=45&type=section&id=Audit%20Report) The company's semi-annual financial report was unaudited. - The company's semi-annual financial report was unaudited[179](index=179&type=chunk) [Financial Statements](index=45&type=section&id=Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow. - This section includes consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[180](index=180&type=chunk) [Consolidated Balance Sheet](index=45&type=section&id=Consolidated%20Balance%20Sheet) The consolidated balance sheet shows the company's financial position at the end of the period, with total assets of 1,933,786,130.24 CNY and total liabilities of 348,126,200.71 CNY. Major Data from Consolidated Balance Sheet | Item | Period-end Balance (CNY) | Period-beginning Balance (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 443,414,389.80 | 381,649,281.97 | | Trading Financial Assets | 156,537,640.51 | 211,810,179.45 | | Accounts Receivable | 187,914,110.42 | 208,374,510.59 | | Inventories | 108,986,580.09 | 98,204,221.79 | | Fixed Assets | 661,403,707.51 | 635,216,312.70 | | Total Assets | 1,933,786,130.24 | 1,809,811,858.88 | | Total Liabilities | 348,126,200.71 | 298,248,943.70 | | Total Owners' Equity Attributable to Parent Company | 1,585,659,929.53 | 1,511,562,915.18 | [Parent Company Balance Sheet](index=47&type=section&id=Parent%20Company%20Balance%20Sheet) The parent company balance sheet presents its financial position, with total assets of 1,614,852,030.90 CNY and total liabilities of 307,672,646.45 CNY at period-end. Major Data from Parent Company Balance Sheet | Item | Period-end Balance (CNY) | Period-beginning Balance (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 249,304,292.84 | 159,194,985.59 | | Trading Financial Assets | 156,537,640.51 | 211,810,179.45 | | Accounts Receivable | 123,477,324.33 | 127,273,205.26 | | Long-Term Equity Investments | 399,568,237.30 | 390,650,567.69 | | Total Assets | 1,614,852,030.90 | 1,492,372,312.39 | | Total Liabilities | 307,672,646.45 | 229,202,630.42 | | Total Owners' Equity | 1,307,179,384.45 | 1,263,169,681.97 | [Consolidated Income Statement](index=49&type=section&id=Consolidated%20Income%20Statement) The consolidated income statement shows the company's operating results, with total operating revenue of 441,216,346.18 CNY and net profit of 58,272,662.03 CNY for the first half of 2025. Major Data from Consolidated Income Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 441,216,346.18 | 355,955,155.88 | | Total Operating Costs | 376,727,588.44 | 300,251,761.52 | | Operating Profit | 67,660,904.21 | 62,647,627.87 | | Total Profit | 67,436,762.48 | 62,420,665.21 | | Net Profit | 58,272,662.03 | 53,353,189.66 | | Net Profit Attributable to Parent Company Shareholders | 58,272,662.03 | 53,353,189.66 | | Basic Earnings Per Share (CNY/share) | 0.1722 | 0.1577 | | Diluted Earnings Per Share (CNY/share) | 0.1703 | 0.1577 | [Parent Company Income Statement](index=51&type=section&id=Parent%20Company%20Income%20Statement) The parent company income statement shows operating revenue of 223,069,353.69 CNY and net profit of 31,186,066.46 CNY for the first half of 2025. Major Data from Parent Company Income Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 223,069,353.69 | 184,111,079.85 | | Operating Costs | 149,011,778.01 | 118,151,507.87 | | Operating Profit | 35,818,489.95 | 42,463,365.38 | | Total Profit | 35,731,844.24 | 42,325,422.80 | | Net Profit | 31,186,066.46 | 36,701,432.82 | [Consolidated Cash Flow Statement](index=53&type=section&id=Consolidated%20Cash%20Flow%20Statement) The consolidated cash flow statement indicates net cash flow from operating activities of 123,897,598.84 CNY and a net increase in cash and cash equivalents of 96,765,107.83 CNY for the first half of 2025. Major Data from Consolidated Cash Flow Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 123,897,598.84 | 90,734,096.86 | | Net Cash Flow from Investing Activities | -55,395,860.62 | -130,650,444.88 | | Net Cash Flow from Financing Activities | 26,345,940.90 | 27,473,904.66 | | Net Increase in Cash and Cash Equivalents | 96,765,107.83 | -18,103,679.52 | | Period-end Cash and Cash Equivalents Balance | 443,414,389.80 | 375,219,897.54 | [Parent Company Cash Flow Statement](index=54&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) The parent company cash flow statement shows net cash flow from operating activities of 67,969,719.47 CNY and a net increase in cash and cash equivalents of 125,109,307.25 CNY for the first half of 2025. Major Data from Parent Company Cash Flow Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 67,969,719.47 | 43,161,216.93 | | Net Cash Flow from Investing Activities | 36,497,977.45 | -85,405,529.17 | | Net Cash Flow from Financing Activities | 20,722,697.55 | 7,712,861.61 | | Net Increase in Cash and Cash Equivalents | 125,109,307.25 | -34,464,169.38 | | Period-end Cash and Cash Equivalents Balance | 249,304,292.84 | 223,148,873.43 | [Consolidated Statement of Changes in Owners' Equity](index=55&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) The consolidated statement of changes in owners' equity shows an increase of 74,097,014.35 CNY in total owners' equity attributable to the parent company, primarily influenced by increases in share capital, capital reserves, and net profit. - The total owners' equity attributable to the parent company increased by **74,097,014.35 CNY** in the current period, mainly due to increases in share capital, capital reserves, and net profit[201](index=201&type=chunk) - Share capital increased by **2,917,600.00 CNY**, capital reserves increased by **50,261,570.46 CNY**, and other comprehensive income increased by **3,251,981.86 CNY**[201](index=201&type=chunk) - Retained earnings increased by **58,272,662.03 CNY** due to current period net profit, while decreasing by **40,606,800.00 CNY** due to profit distribution[201](index=201&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=59&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) The parent company statement of changes in owners' equity shows an increase of 44,009,702.48 CNY in total owners' equity, primarily influenced by increases in share capital, capital reserves, and net profit. - The total owners' equity of the parent company increased by **44,009,702.48 CNY** in the current period, mainly due to increases in share capital, capital reserves, and net profit[209](index=209&type=chunk) - Share capital increased by **2,917,600.00 CNY**, and capital reserves increased by **50,512,836.02 CNY**[209](index=209&type=chunk) - Retained earnings increased by **31,186,066.46 CNY** due to current period net profit, while decreasing by **40,606,800.00 CNY** due to profit distribution[209](index=209&type=chunk) [Company Basic Information](index=63&type=section&id=Company%20Basic%20Information) Anhui Fulede Technology Development Co., Ltd. was established on December 26, 2017, with a registered capital and total share capital of 341,307,600 CNY. It was listed on the Shenzhen Stock Exchange on December 30, 2022, primarily engaging in professional cleaning services for mechanical equipment. - The company was established on **December 26, 2017**, with a registered capital and total share capital of **341,307,600 CNY**[214](index=214&type=chunk) - The company's shares were listed and traded on the Shenzhen Stock Exchange on **December 30, 2022**[214](index=214&type=chunk) - The company's main business is providing **professional cleaning services for mechanical equipment**, classified under scientific research and technical services[214](index=214&type=chunk) [Basis of Financial Statement Preparation](index=63&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, with no matters or circumstances raising significant doubt about its ability to continue as a going concern for the 12 months fr