Core Insights - The company reported a revenue of 340 million yuan for the first half of 2025, representing a year-on-year decline of 32.27% [1] - The net profit for the same period was 389 million yuan, showing a significant year-on-year increase of 904.10% [1] - The board approved a profit distribution plan, proposing a cash dividend of 3 yuan per 10 shares (including tax) to all shareholders, with no bonus shares issued [1]

证券代码：301317 证券简称：鑫磊股份 公告编号：2025-044 本公司及监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、监事会会议召开情况 鑫磊压缩机股份有限公司（以下简称"公司"）第三届监事会第十六次会议 通知于 2025 年 8 月 15 日以短信方式送达了全体监事。会议于 2025 年 8 月 25 日在公司二楼大会议室以现场表决方式召开。应出席会议的监事 3 人，实际出席 会议的监事 3 人。本次会议由公司监事会主席陈巧雯女士主持，会议的召开符合 《中华人民共和国公司法》《公司章程》和公司《监事会议事规则》等规定。 二、监事会会议审议情况 经出席会议的全体监事认真审议，通过了以下议案： 1、审议通过了《关于<2025 年半年度报告>及其摘要的议案》 经审核，监事会认为：公司《2025 年半年度报告》及其摘要的编制和审核 程序符合法律、行政法规和中国证券监督管理委员会的规定，报告内容真实、准 确、完整地反映了公司实际情况，不存在任何虚假记载、误导性陈述或者重大遗 漏。 鑫磊压缩机股份有限公司 第三届监事会第十六次会议决议公告 经审核，监事会认为：公司 ...

二、董事会会议审议情况 经出席会议的全体董事认真审议，通过了以下议案： 1、审议通过了《关于<2025 年半年度报告>及其摘要的议案》 证券代码：301317 证券简称：鑫磊股份 公告编号：2025-043 鑫磊压缩机股份有限公司 第三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 鑫磊压缩机股份有限公司（以下简称"公司"）第三届董事会第二十一次会 议于 2025 年 8 月 25 日在公司办公楼会议室以现场结合通讯表决方式召开。会议 通知于 2025 年 8 月 15 日以短信方式通知全体董事。会议应出席董事 7 人，实际 出席董事 7 人，其中，独立董事曹亮亮女士、阳辉先生、余劲国先生以通讯表决 方式出席会议。会议由董事长钟仁志先生主持。会议的召集、召开和表决程序符 合《中华人民共和国公司法》等相关法律法规、部门规章、规范性文件和《公司 章程》的规定。 董事会认为，公司严格按照《中华人民共和国公司法》《中华人民共和国证 券法》《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》 ...

证券代码：301317 证券简称：鑫磊股份 公告编号：2025-047 鑫磊压缩机股份有限公司 关于公司 2025 年半年度利润分配方案的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 2025 年 8 月 25 日，鑫磊压缩机股份有限公司（以下简称"公司"）召开第 三届董事会第二十一次会议，审议通过了《关于公司 2025 年半年度利润分配预 案的议案》，表决结果：同意 7 票，反对 0 票，弃权 0 票。董事会认为：2025 年半年度利润分配预案符合相关法律、法规以及《公司章程》的规定，符合公司 确定的利润分配政策、利润分配计划，体现了公司对投资者的回报，维护了全体 股东的合法权益，有利于公司的正常经营和健康发展。 2、监事会审议情况 2025 年 8 月 25 日，公司召开第三届监事会第十六次会议，审议通过了《关 于公司 2025 年半年度利润分配预案的议案》。经审核，监事会认为：公司 2025 年半年度利润分配方案符合《公司章程》等相关规定，制定程序合法、合规，有 利于公司持续、稳定、健康发展和回报股东。 3、本次利润分配方案尚需提交公司 2025 ...

鑫磊股份公告，2025年上半年营业收入3.4亿元，同比下降32.27%。净利润3.89亿元，同比增长 904.10%。公司经本次董事会审议通过的利润分配预案为：以公司实施权益分派股权登记日登记的总股 本扣减公司回购专用账户的股数为基数，向全体股东每10股派发现金红利3元（含税），送红股0股（含 税），不以公积金转增股本。 ...

[Part I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Part%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) [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, free from false records, misleading statements, or major omissions. Forward-looking statements regarding future plans and operating targets in the report do not constitute profit forecasts or substantive commitments, requiring investors to maintain risk awareness. The board of directors approved a profit distribution plan of a cash dividend of 3 yuan (tax inclusive) per 10 shares - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions[3](index=3&type=chunk) - Forward-looking statements regarding future plans and operating targets in the report do not represent the company's profit forecasts or constitute substantive commitments to investors[3](index=3&type=chunk) 2025 Semi-Annual Profit Distribution Plan | Metric | Content | | :--- | :--- | | Cash dividend per 10 shares | 3 yuan (tax inclusive) | | Bonus shares | 0 shares (tax inclusive) | | Capital reserve conversion | 0 shares | [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section provides a structured table of contents for the report, covering eight main chapters from important notices to financial reports, facilitating quick navigation for readers [Definitions](index=5&type=section&id=Definitions) This section defines key terms and company abbreviations used in the report, including "Xinlei Shares," "Hongsheng Investment," and major client groups (such as SCHEPPACH, FNA, EINHELL, AIRPRESS, TRUPER, BIRGMA), ensuring clear understanding of the report's content - "Xinlei Shares" refers to Xinlei Compressor Co., Ltd[12](index=12&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[12](index=12&type=chunk) - Several internationally renowned client groups are listed, such as Germany's SCHEPPACH Group, Italy's FNA Group, and Germany's EINHELL Group[12](index=12&type=chunk) [Part II Company Profile and Key Financial Indicators](index=6&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) Xinlei Compressor Co., Ltd. (stock abbreviation: Xinlei Shares, stock code: 301317) is listed on the Shenzhen Stock Exchange, with Zhong Renzhi as its legal representative - The company's stock abbreviation is "Xinlei Shares," stock code "301317," listed on the Shenzhen Stock Exchange[15](index=15&type=chunk) - The company's legal representative is Zhong Renzhi[15](index=15&type=chunk) [II. Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) The company's Board Secretary is Jin Danjun, and the Securities Affairs Representative is Lin Yingchi, both located at No. 8 Chaoping Street, Eastern New District, Wenling City, Taizhou, Zhejiang Province, with phone/fax 0576-86901256 and email zqb@xinlei.com - Board Secretary: Jin Danjun; Securities Affairs Representative: Lin Yingchi[16](index=16&type=chunk) - Contact Address: No. 8 Chaoping Street, Eastern New District, Wenling City, Taizhou, Zhejiang Province; Phone/Fax: 0576-86901256; Email: zqb@xinlei.com[16](index=16&type=chunk) [III. Other Information](index=6&type=section&id=III.%20Other%20Information) During the reporting period, the company's contact information, information disclosure, and document storage locations remained unchanged, but the registration location changed from Wenling Industrial City, Taizhou, Zhejiang Province, to No. 8 Chaoping Street, Eastern New District, Wenling City, Taizhou, Zhejiang Province - 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) Registration Change Status | Metric | Registered at beginning of period | Registered at end of period | | :--- | :--- | :--- | | Registration Date | October 08, 2023 | March 05, 2025 | | Registration Location | Wenling Industrial City, Taizhou, Zhejiang Province | No. 8 Chaoping Street, Eastern New District, Wenling City, Taizhou, Zhejiang Province | | Unified Social Credit Code | 91331081797615327C | 91331081797615327C | [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During this reporting period, the company's operating revenue decreased by 32.27% year-on-year, but net profit attributable to shareholders significantly increased by 904.10%, mainly due to non-recurring gains and losses. Net cash flow from operating activities narrowed its loss, while total assets and net assets attributable to shareholders both increased Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Metric | Current Period (yuan) | Prior Year (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 340,313,262.78 | 502,467,824.93 | -32.27% | | Net Profit Attributable to Shareholders of Listed Company | 389,197,669.92 | 38,760,984.73 | 904.10% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | -26,889,795.16 | 37,808,168.98 | -171.12% | | Net Cash Flow from Operating Activities | -87,678,240.32 | -154,761,667.51 | 43.35% | | Basic Earnings Per Share (yuan/share) | 2.48 | 0.25 | 892.00% | | Diluted Earnings Per Share (yuan/share) | 2.48 | 0.25 | 892.00% | | Weighted Average Return on Net Assets | 31.48% | 3.56% | 27.91% | Key Accounting Data and Financial Indicators (End of Current Period vs. End of Prior Year) | Metric | End of Current Period (yuan) | End of Prior Year (yuan) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 2,429,539,170.92 | 2,419,443,061.11 | 0.42% | | Net Assets Attributable to Shareholders of Listed Company | 1,394,991,720.70 | 1,046,932,871.51 | 33.25% | [V. 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 had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and those under Chinese Accounting Standards - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and those under Chinese Accounting Standards[22](index=22&type=chunk) - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and those under Chinese Accounting Standards[23](index=23&type=chunk) [VI. Non-recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) Total non-recurring gains and losses for this reporting period amounted to 416,087,465.08 yuan, with the largest contribution from disposal gains/losses of non-current assets, reaching 489,194,848.37 yuan Non-recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | 489,194,848.37 | | Government grants recognized in current profit/loss (excluding those with continuous impact) | 1,196,854.89 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 726,319.23 | | Other non-operating income and expenses apart from the above | -1,788,796.77 | | Less: Income tax impact | 73,358,943.61 | | Minority interest impact (after tax) | -117,182.97 | | Total | 416,087,465.08 | [Part III Management Discussion and Analysis](index=9&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) [I. Main Business Activities During the Reporting Period](index=9&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company's main business involves the R&D, production, and sales of energy-efficient air compressors, blowers, and HVAC equipment, with a wide range of products and applications, driven by energy-saving policies and technological innovation [(1) Company's Main Business and Products](index=9&type=section&id=(1)%20Company's%20Main%20Business%20and%20Products) The company primarily engages in the R&D, production, and sales of energy-efficient air compressors, blowers, and HVAC equipment, offering over 300 product models widely used across various industrial and commercial sectors - The company's main business is the research, development, production, and sales of energy-efficient and high-performance fluid air power equipment such as air compressors and blowers, as well as HVAC equipment[28](index=28&type=chunk) - Main products include screw air compressors, screw blowers, small piston air compressors, centrifugal blowers, aerators, centrifugal vacuum pumps, centrifugal air compressors, magnetic bearing centrifugal chillers, magnetic bearing centrifugal heat pump units, screw refrigeration compressors, high-temperature water source screw heat pumps, and low-temperature air source heat pump units, totaling over 300 models across 6 platforms[28](index=28&type=chunk) - Products are widely used in mechanical manufacturing, petrochemicals, mining and metallurgy, textiles and apparel, medical, food, cement, sewage treatment, power, aquaculture, electroplating, small-flow air power demand areas like homes and commercial venues, and various downstream applications such as rail transit, hotels, data centers, airports, commercial real estate, industry, and agriculture[28](index=28&type=chunk) [(2) Company's Main Business Model](index=17&type=section&id=(2)%20Company's%20Main%20Business%20Model) The company manages procurement through an ERP system, combines order-based and stock-based production with in-house manufacturing for quality control, and employs both OBM (distribution, direct sales, energy management contracts) and ODM models for domestic and international sales, with ODM primarily serving foreign brands and large retail chains - Procurement Model: Procurement is implemented through the qualified supplier system in the ERP system, establishing stable and good cooperative relationships with multiple upstream raw material manufacturers[38](index=38&type=chunk) - Production Model: A combination of order-based and stock-based production is adopted, with most components manufactured in-house to ensure smooth production and product quality control[39](index=39&type=chunk) - Sales Model: Both domestic and international sales utilize OBM (Original Brand Manufacturer) and ODM (Original Design Manufacturer) models. The OBM model includes distribution, direct sales, and energy performance contracting; the ODM model primarily targets foreign brand owners and large chain supermarkets[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) [(3) Company's Market Position](index=18&type=section&id=(3)%20Company's%20Market%20Position) The company holds a strong competitive position in air compressors and centrifugal blowers, recognized as a high-tech and "Little Giant" enterprise with a China Well-known Trademark, ranking among the top exporters of general-purpose air compressors, especially small piston air compressors - The company has been recognized as a high-tech enterprise, a "Little Giant" enterprise by the Ministry of Industry and Information Technology (fourth batch), and one of Zhejiang Province's first batch of "leader" enterprises for integrated domestic and foreign trade[43](index=43&type=chunk) - The "Xinlei" brand has been recognized as a China Well-known Trademark, with products sold in over 100 countries and regions worldwide[43](index=43&type=chunk) - According to the "2024 Compressor Industry Statistics Compilation" by the Compressor Branch of China General Machinery Industry Association, the company ranked **3rd** among export enterprises in the general power air compressor sector in 2024, making it one of the main domestic air compressor manufacturers and exporters, especially for small piston air compressors[44](index=44&type=chunk) [(4) Performance Driving Factors](index=18&type=section&id=(4)%20Performance%20Driving%20Factors) The company's performance is primarily driven by national energy-saving and emission reduction policies, leading to increased demand for high-end energy-efficient air compressors and blowers, coupled with continuous technological innovation and independent R&D to enhance product efficiency and environmental performance - Industry Development Driven: National policies vigorously promote energy conservation and emission reduction, leading to a rapid increase in market demand for high-end energy-efficient air compressors and blowers, which are gradually replacing traditional low-end products[45](index=45&type=chunk) - Technological Innovation Driven: The company adheres to technological innovation and independent R&D as its core, having obtained **352 domestic and international patents** (including **77 invention patents**) as of June 2025, and participated in the formulation of multiple national and industry standards[46](index=46&type=chunk) [II. Analysis of Core Competitiveness](index=18&type=section&id=II.%20Analysis%20of%20Core%20Competitiveness) The company's core competitiveness lies in its strong R&D capabilities, leading product energy efficiency, scaled production advantages, and established brand and distribution channels, supported by numerous patents and a wide customer base - Technological R&D Advantage: Possesses a professional R&D team and a provincial-level technology center, mastering core component design, production, and processing technologies in screw compressors and centrifugal blowers, with **352 domestic and international patents** (including **77 invention patents**) obtained as of June 2025[47](index=47&type=chunk)[48](index=48&type=chunk) - Product Energy Efficiency Advantage: Screw air compressor energy efficiency is industry-leading, with all series of two-stage compression screw compressor products meeting or exceeding **Level 1 energy efficiency** of the GB19153-2019 standard, and repeatedly included in national energy-saving catalogs[49](index=49&type=chunk) - Scaled Production Advantage: One of the few enterprises in the industry to master independent R&D, design, and production of main components, introducing advanced production and testing equipment to achieve economies of scale and effectively control production costs[50](index=50&type=chunk) - Brand and Channel Advantage: The "Xinlei" trademark is a China Well-known Trademark, products maintain stable quality, and the marketing network covers major domestic and international countries and regions, establishing long-term stable business relationships with internationally renowned brand owners and retailers[51](index=51&type=chunk) [III. Main Business Analysis](index=19&type=section&id=III.%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue decreased by 32.27% due to delayed revenue recognition for some HVAC product orders, while operating costs decreased by 32.80%. Sales and administrative expenses increased by 47.27% and 42.12% respectively, driven by business expansion and new factory depreciation. Financial expenses surged by 124.42% due to reduced interest income from invested raised funds, and income tax expenses increased by 1630.31% due to relocation gains. R&D investment grew by 7.52%, and net cash outflow from operating activities narrowed by 43.35% Year-on-Year Changes in Key Financial Data | Metric | Current Period (yuan) | Prior Year (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 340,313,262.78 | 502,467,824.93 | -32.27% | Delayed revenue recognition for some HVAC product orders | | Operating Cost | 259,262,594.33 | 385,793,193.12 | -32.80% | Delayed revenue recognition for some HVAC product orders | | Sales Expenses | 37,052,852.14 | 25,160,307.28 | 47.27% | Business expansion, introduction of new sales team, increased market promotion | | Administrative Expenses | 29,951,734.10 | 21,074,902.97 | 42.12% | Significant increase in depreciation expenses due to new factory employee dormitory put into use | | Financial Expenses | 1,718,316.32 | -7,036,450.94 | 124.42% | Raised funds gradually invested, leading to reduced interest income | | Income Tax Expense | 67,781,565.35 | 3,917,305.45 | 1,630.31% | Increased income tax due to recognition of relocation gains | | R&D Investment | 29,989,307.58 | 27,892,466.82 | 7.52% | Increased investment in new product/process development and product iteration | | Net Cash Flow from Operating Activities | -87,678,240.32 | -154,761,667.51 | 43.35% | Decrease in cash paid for goods and services | - The company's profit structure underwent significant changes, primarily due to the completion of land use rights and above-ground building transfer in response to Wenling Municipal Party Committee and Government's strategic deployment, recognizing corresponding asset disposal gains[54](index=54&type=chunk) Products or Services Accounting for Over 10% | By Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Screw Compressors | 120,928,611.60 | 96,626,756.15 | 20.10% | -28.29% | -27.06% | -1.34% | | Piston Compressors | 65,676,199.35 | 60,939,645.12 | 7.21% | -27.36% | -20.57% | -7.94% | | Centrifugal Blowers | 48,619,946.29 | 31,999,343.29 | 34.18% | 45.06% | 55.98% | -4.61% | | HVAC Equipment | 64,726,570.95 | 44,324,352.66 | 31.52% | -61.01% | -65.50% | 8.91% | | **By Region** | | | | | | | | Domestic Sales | 244,409,351.66 | 184,594,582.52 | 24.47% | -36.37% | -37.61% | 1.49% | | Export Sales | 95,903,911.12 | 74,668,011.81 | 22.14% | -18.97% | -16.98% | -1.87% | | **By Sales Model** | | | | | | | | OBM | 162,329,725.06 | 123,411,797.58 | 23.97% | -39.98% | -41.86% | 2.46% | | OBM Direct Sales | 24,158,889.97 | 15,189,842.91 | 37.13% | 33.92% | 22.38% | 5.93% | | ODM | 116,233,000.50 | 98,242,599.66 | 15.48% | -32.80% | -28.27% | -5.34% | [IV. Non-Main Business Analysis](index=21&type=section&id=IV.%20Non-Main%20Business%20Analysis) During the reporting period, non-main business activities significantly impacted total profit, with asset disposal gains reaching **489,194,848.37 yuan**, accounting for **106.95%** of total profit, primarily from land acquisition compensation, which is not sustainable Impact of Non-Main Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 726,319.23 | 0.16% | Investment income from disposal of trading financial assets | No | | Asset Impairment | -1,838,756.52 | -0.40% | Inventory write-down losses and contract performance cost impairment losses | No | | Non-operating Income | 66,424.32 | 0.01% | Compensation received and liquidated damages | No | | Non-operating Expenses | 1,855,221.09 | 0.41% | Compensation paid | No | | Asset Disposal Gains | 489,194,848.37 | 106.95% | Recognition of land acquisition compensation | No | [V. Analysis of Assets and Liabilities](index=21&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets slightly increased by 0.42%, and net assets attributable to shareholders increased by 33.25%. Monetary funds decreased by 2.12% due to investment in fundraising projects, inventory increased by 1.41% for strategic stocking, and construction in progress increased by 2.16% due to equipment and renovation. Short-term borrowings increased by 2.88% to meet working capital needs. The company has pledged or mortgaged monetary funds, fixed assets, and intangible assets Significant Changes in Asset Composition (End of Current Period vs. End of Prior Year) | Item | Amount at End of Current Period (yuan) | Proportion of Total Assets | Amount at Prior Year-End (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 262,743,333.91 | 10.81% | 312,815,627.05 | 12.93% | -2.12% | Gradual investment in fundraising projects | | Inventories | 414,348,607.36 | 17.05% | 378,374,772.87 | 15.64% | 1.41% | Proactive strategic stocking for second-half sales | | Construction in Progress | 231,851,856.05 | 9.54% | 178,603,563.73 | 7.38% | 2.16% | Increased investment in unaccepted equipment and renovation costs for office buildings and showrooms | | Short-term Borrowings | 223,206,973.33 | 9.19% | 152,741,923.47 | 6.31% | 2.88% | Increased working capital demand to meet business development | - The company's total assets at period-end were **2,429,539,170.92 yuan**, an increase of **0.42%** compared to the end of the prior year[21](index=21&type=chunk) Asset Rights Restriction Status as of End of Reporting Period | Item | Book Balance (yuan) | Book Value (yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 224,241.03 | 224,241.03 | Pledge | Acceptance bill margin, letter of guarantee margin | | Fixed Assets | 553,085,456.70 | 538,296,454.48 | Mortgage | Mortgage loan | | Intangible Assets | 66,947,398.06 | 64,157,923.10 | Mortgage | Mortgage loan | | Total | 620,257,095.79 | 602,678,618.61 | | | [VI. Analysis of Investment Status](index=23&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's investment decreased significantly by 86.00% year-on-year. Accumulated raised funds invested totaled **333.4887 million yuan**, with an unused balance of **364.8204 million yuan**. Fundraising projects were slowed due to land acquisition and new factory construction, leading to changes in implementation locations and extended deadlines. Excess raised funds were partially used to supplement working capital and invest in new projects. The company also engaged in wealth management, primarily bank wealth products, with an outstanding balance of **40.1 million yuan** at period-end Investment Amount During Reporting Period | Metric | Amount (yuan) | | :--- | :--- | | Investment amount during reporting period | 5,350,000.00 | | Investment amount in prior year | 38,220,338.08 | | Change percentage | -86.00% | - As of June 30, 2025, the company's net raised funds amounted to **698.3091 million yuan**, with a cumulative investment of **333.4887 million yuan**, and an unused balance of **364.8204 million yuan**[69](index=69&type=chunk)[70](index=70&type=chunk) - Fundraising projects have slowed relative to expectations due to the government acquisition of the original factory land and subsequent new factory construction, leading to changes in implementation locations for some projects and extended implementation deadlines to 2025 or 2026[73](index=73&type=chunk) - Excess raised funds of **70 million yuan** have been permanently used to supplement working capital, and **51.8986 million yuan** has been invested in new project construction[74](index=74&type=chunk) Overview of Entrusted Wealth Management During Reporting Period | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (10,000 yuan) | Outstanding Balance (10,000 yuan) | | :--- | :--- | :--- | :--- | | Bank wealth management products | Raised funds | 32,000 | 4,000 | | Bank wealth management products | Own funds | 540 | 10 | | Total | | 32,540 | 4,010 | [VII. Significant Asset and Equity Sales](index=27&type=section&id=VII.%20Significant%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[80](index=80&type=chunk) - The company did not sell significant equity during the reporting period[81](index=81&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=28&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, the company had no important holding or participating company information to disclose - The company had no important holding or participating company information that should be disclosed during the reporting period[81](index=81&type=chunk) [IX. Information on Structured Entities Controlled by the Company](index=28&type=section&id=IX.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[82](index=82&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=28&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces innovation, technology upgrade, market expansion, and raw material price fluctuation risks, addressed by enhancing R&D, strengthening market development and customer service, and improving corporate governance - Innovation Risk: Misjudgment of market demand and technological trends may lead to innovation failure or products not being recognized by the market[82](index=82&type=chunk) - Technology Upgrade and Iteration Risk: Rapid technological innovation in the industry means that if the company fails to improve its technological level in a timely manner or if revolutionary technologies emerge, its market position and profitability may be affected[83](index=83&type=chunk) - Market Expansion Risk: If high-efficiency and energy-saving products fail to seize the initiative and quickly establish market competitiveness and brand influence, it may adversely affect the sustainable development of the business[84](index=84&type=chunk) - Major Raw Material Price Fluctuation Risk: Significant increases in raw material prices may adversely affect operating performance, especially for piston compressor products with long order execution cycles, where the risk is borne by the company[85](index=85&type=chunk) - Countermeasures: Continuously enhance core R&D competitiveness, strengthen market development and customer service capabilities, and continuously improve corporate governance[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) [XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=29&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company hosted three research activities, including on-site visits by institutions like Guotai Junan, Huashang Fund, Guotai Haitong, and Huatai Securities, as well as an online performance briefing, engaging in in-depth communication with investors on business performance and development strategies - On February 13, 2025, the company hosted Guotai Junan and Huashang Fund for on-site research at its Future Factory[90](index=90&type=chunk) - On May 13, 2025, the company held its 2024 annual performance briefing via the Value Online network platform, engaging in online communication with all investors[90](index=90&type=chunk) - On May 15, 2025, the company hosted Guotai Haitong and Huatai Securities for on-site research at its Future Factory[90](index=90&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=29&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company states that it has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[91](index=91&type=chunk) - The company has not disclosed a valuation enhancement plan[91](index=91&type=chunk) [XIII. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=30&type=section&id=XIII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan) The company states that it has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[92](index=92&type=chunk) [Part IV Corporate Governance, Environment, and Society](index=30&type=section&id=Part%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [I. Changes in Directors, Supervisors, and Senior Management](index=30&type=section&id=I.%20Changes%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 - There were no changes in the company's directors, supervisors, and senior management during the reporting period[93](index=93&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=30&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) The company proposes to distribute a cash dividend of **3 yuan (tax inclusive)** per 10 shares to all shareholders, totaling **45,780,646.50 yuan**, based on the total share capital of **152,602,155 shares** after deducting shares in the buyback account as of August 26, 2025, with no bonus shares or capital reserve conversion, making cash dividends **100%** of the total profit distribution 2025 Semi-Annual Profit Distribution Plan | Metric | Content | | :--- | :--- | | Bonus shares per 10 shares (shares) | 0 | | Dividend per 10 shares (yuan) (tax inclusive) | 3 | | Capital reserve conversion per 10 shares (shares) | 0 | | Share capital base for distribution plan (shares) | 152,602,155 | | Cash dividend amount (yuan) (tax inclusive) | 45,780,646.50 | | Proportion of total cash dividend to total profit distribution | 100.00% | - The company plans to distribute profits based on a share capital base of **152,602,155 shares**, which is the total share capital of **157,190,000 shares** minus the **4,587,845 shares** held in the dedicated share repurchase account[95](index=95&type=chunk) [III. Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=30&type=section&id=III.%20Implementation%20of%20Company's%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%2C%20or%20Other%20Employee%20Incentive%20Measures) The company implemented its 2024 Restricted Stock Incentive Plan, approved by shareholders in July 2024 and initially granted in September 2024. Subsequently, due to the 2024 equity distribution, the company adjusted the grant price to **7.59 yuan/share** in July 2025, canceled **1.3287 million** granted but unvested restricted shares, and reserved **0.907845 million** restricted shares for future grants - On July 4, 2024, the company's board of directors convened and approved the "2024 Restricted Stock Incentive Plan (Draft)"[97](index=97&type=chunk) - On July 22, 2024, the company's general meeting of shareholders approved the resolutions related to the incentive plan[98](index=98&type=chunk) - On July 15, 2025, the company adjusted the grant price of the 2024 Restricted Stock Incentive Plan to **7.59 yuan/share**, canceled **1.3287 million** granted but unvested restricted shares, and reserved **0.907845 million** restricted shares for future grants[100](index=100&type=chunk) [IV. Environmental Information Disclosure](index=32&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its main subsidiary, Xinlei Compressor Co., Ltd., are included in the list of enterprises required to disclose environmental information by law, with a provided query index for their environmental information disclosure report - The listed company and its main subsidiary are included in the list of enterprises required to disclose environmental information by law, with Xinlei Compressor Co., Ltd. being one such entity[103](index=103&type=chunk) - The query index for the environmental information disclosure report is: https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise list?input=%E9%91%AB%E7%A3%8A%E5%8E%8B%E7%BC%A9%E6%9C%BA%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8&area=浙江省生态环境厅-企业环境信息依法披露系统[103](index=103&type=chunk) [V. Social Responsibility](index=32&type=section&id=V.%20Social%20Responsibility) Adhering to its mission of "making green fluid technology accessible to all," the company actively fulfills its social responsibilities by protecting shareholder and employee rights, ensuring product quality and safety, promoting green production, and participating in various social welfare activities - The company strictly fulfills its information disclosure obligations, facilitates investor communication channels, actively distributes cash dividends, with cumulative cash dividends of **139 million yuan**, fully safeguarding investor rights[105](index=105&type=chunk) - The company complies with labor laws, protects employees' legitimate rights and interests, established ISO45001 Occupational Health and Safety Management System certification, and improved its compensation management and performance appraisal systems[106](index=106&type=chunk) - The company values environmental protection, adheres to a green, low-carbon, and environmentally friendly sustainable development philosophy, established a comprehensive environmental management system, and actively responds to national "dual carbon" policies[108](index=108&type=chunk) - During the reporting period, the company actively participated in social welfare initiatives, including employee assistance, "Warm Winter" campaigns, "Caring Heating" projects, supporting frontier education, and marine ecological protection actions[109](index=109&type=chunk)[110](index=110&type=chunk) [Part V Significant Matters](index=34&type=section&id=Part%20V%20Significant%20Matters) [I. Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=34&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%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 fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company itself - During the reporting period, there were no commitments fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company itself[112](index=112&type=chunk) [II. Non-Operating Occupation of Funds by Controlling Shareholder and Other Related Parties of the Listed Company](index=34&type=section&id=II.%20Non-Operating%20Occupation%20of%20Funds%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) During the reporting period, there was no non-operating occupation of funds by the controlling shareholder or other related parties of the listed company - During the reporting period, there was no non-operating occupation of funds by the controlling shareholder or other related parties of the listed company[113](index=113&type=chunk) [III. Irregular External Guarantees](index=34&type=section&id=III.%20Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[114](index=114&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=34&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[115](index=115&type=chunk) [V. Explanations by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for This Reporting Period](index=34&type=section&id=V.%20Explanations%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20the%20Accounting%20Firm's%20%22Non-Standard%20Audit%20Report%22%20for%20This%20Reporting%20Period) During the reporting period, there were no explanations from the board of directors, supervisory board, or audit committee regarding a "non-standard audit report" from the accounting firm for this period - During the reporting period, there were no explanations from the board of directors, supervisory board, or audit committee regarding a "non-standard audit report" from the accounting firm for this period[116](index=116&type=chunk) [VI. Explanations by the Board of Directors on the "Non-Standard Audit Report" for the Prior Year](index=34&type=section&id=VI.%20Explanations%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Prior%20Year) During the reporting period, there were no explanations from the board of directors regarding the "non-standard audit report" for the prior year - During the reporting period, there were no explanations from the board of directors regarding the "non-standard audit report" for the prior year[116](index=116&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=34&type=section&id=VII.%20Bankruptcy%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[116](index=116&type=chunk) [VIII. Litigation Matters](index=34&type=section&id=VIII.%20Litigation%20Matters) During the reporting period, the company had no significant litigation or arbitration matters, but other litigation, mainly contract disputes totaling **10.1617 million yuan**, some of which have been mediated or heard without arbitration awards, did not significantly impact the company's operations - The company had no significant litigation or arbitration matters during this reporting period[117](index=117&type=chunk) Other Litigation Matters | Basic Information on Litigation (Arbitration) | Amount Involved (10,000 yuan) | Whether a Provision is Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Other litigation involving the company and its consolidated subsidiaries that did not meet the disclosure threshold for significant litigation, primarily involving contract disputes | 1,016.17 | No | Partially mediated; some hearings concluded without arbitration awards | No significant impact on the company's production and operations | [IX. Penalties and Rectification Status](index=35&type=section&id=IX.%20Penalties%20and%20Rectification%20Status) The company, its chairman Zhong Renzhi, general manager Zhong Jiayu, and CFO/Board Secretary Jin Danjun received a warning letter from the Zhejiang Securities Regulatory Bureau for failing to timely fulfill review procedures and information disclosure obligations regarding idle raised funds for cash management. The company has implemented rectification measures, including supplementary confirmation, strengthening internal controls, and enhancing personnel training, to ensure compliance with raised fund usage and information disclosure - The company, its Chairman Zhong Renzhi, General Manager Zhong Jiayu, and CFO/Board Secretary Jin Danjun received a warning letter from the Zhejiang Securities Regulatory Bureau for failing to timely fulfill review procedures and information disclosure obligations regarding idle raised funds for cash management that exceeded the validity period of the board resolution[119](index=119&type=chunk) - The company has provided supplementary confirmation for the use of some idle raised funds for cash management beyond the validity period of the board resolution and reviewed the matter of continuing to use some idle raised funds for cash management[120](index=120&type=chunk) - The company has implemented rectification measures such as strengthening internal control management and internal supervision, and enhancing personnel training, to improve compliance awareness and sense of responsibility, ensuring standardized use of raised funds and compliant information disclosure[121](index=121&type=chunk)[123](index=123&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=36&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts[124](index=124&type=chunk) [XI. Significant Related Party Transactions](index=36&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no related party transactions related to daily operations, asset/equity acquisitions/disposals, joint external investments, related party creditor/debtor relationships, or dealings with affiliated financial companies - The company had no related party transactions related to daily operations during the reporting period[124](index=124&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or sales during the reporting period[125](index=125&type=chunk) - The company had no related party creditor or debtor relationships during the reporting period[127](index=127&type=chunk) [XII. Significant Contracts and Their Performance](index=37&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no significant entrustment, contracting, major guarantees, or major operating contracts. Lease matters primarily involved office space and employee dormitories necessary for normal operations, with all related contractual obligations being duly performed - The company had no entrustment situations during the reporting period[131](index=131&type=chunk) - The company had no contracting situations during the reporting period[132](index=132&type=chunk) - During the reporting period, the company's leases were for normal operational needs, primarily for office space and employee dormitories, with the company signing lease contracts with lessors and duly performing related contractual obligations[133](index=133&type=chunk) - The company had no significant guarantee situations during the reporting period[135](index=135&type=chunk) - The company had no other significant contracts during the reporting period[138](index=138&type=chunk) [XIII. Explanation of Other Significant Matters](index=37&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The Wenling Industrial Park Management Committee acquired the company's original factory land use rights and buildings for a total of **561.4261 million yuan**, of which **505.2835 million yuan** has been received. The relocation and acceptance were completed in March 2025, and this is expected to significantly impact the company's pre-tax profit for 2025 - The Wenling Industrial Park Management Committee acquired the company's state-owned land use rights and above-ground buildings located at Central Avenue, Chengxi Street, Wenling City, with total acquisition and compensation payments amounting to **561.4261 million yuan**[140](index=140&type=chunk) - As of now, the company has cumulatively received land acquisition and compensation payments totaling **505.2835 million yuan**[141](index=141&type=chunk) - In March 2025, the company received the "Vacation Acceptance Opinion" from the Wenling Industrial Park Management Committee, confirming that the company had completed its relocation as required and met the vacation acceptance standards[141](index=141&type=chunk) - These land acquisition funds will be accounted for under asset disposal gains, and are expected to impact the company's pre-tax profit for 2025[142](index=142&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=38&type=section&id=XIV.%20Significant%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[143](index=143&type=chunk) [Part VI Share Changes and Shareholder Information](index=39&type=section&id=Part%20VI%20Share%20Changes%20and%20Shareholder%20Information) [I. Share Change Status](index=39&type=section&id=I.%20Share%20Change%20Status) During the reporting period, the company's total share capital remained unchanged, with the proportion of restricted and unrestricted shares stable. The company completed its share repurchase plan on February 6, 2025, repurchasing a cumulative total of **4,587,845 shares**, representing **2.92%** of the total share capital, at a total cost of **79,794,047.03 yuan** Share Change Status | Share Class | Number of Shares Before Change (shares) | Proportion Before Change | Number of Shares After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 112,390,000 | 71.50% | 112,390,000 | 71.50% | | II. Unrestricted Shares | 44,800,000 | 28.50% | 44,800,000 | 28.50% | | III. Total Shares | 157,190,000 | 100.00% | 157,190,000 | 100.00% | - On February 7, 2024, the company approved a share repurchase plan, with a total repurchase amount of no less than **40 million yuan** and no more than **80 million yuan**, and a repurchase price not exceeding **23.57 yuan/share**[147](index=147&type=chunk) - As of February 6, 2025, the company's repurchase plan was completed, with a cumulative repurchase of **4,587,845 shares**, accounting for **2.92%** of the total share capital, and a total payment of **79,794,047.03 yuan**[149](index=149&type=chunk) [II. Securities Issuance and Listing Status](index=40&type=section&id=II.%20Securities%20Issuance%20and%20Listing%20Status) During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[150](index=150&type=chunk) [III. Number of Shareholders and Shareholding Status](index=40&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the end of the reporting period, the company had **15,999 shareholders**. Among the top ten shareholders, Wenling Xinlei Technology Co., Ltd. was the largest shareholder with **49.53%** of shares, and Zhong Renzhi held **15.19%**. Zhong Renzhi and Cai Hairong are married, holding **70.00%** and **30.00%** of Wenling Xinlei Technology Co., Ltd. respectively, with Cai Hairong also serving as the executive partner of Wenling Hongsheng Investment Partnership (Limited Partnership). The company's dedicated share repurchase account held **4,587,845 shares**, representing **2.92%** of the total share capital - As of the end of the reporting period, the company had a total of **15,999 shareholders**[151](index=151&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | 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) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wenling Xinlei Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 49.53% | 77,853,980 | 77,853,980 | 0 | | Zhong Renzhi | Domestic Natural Person | 15.19% | 23,882,572 | 23,882,572 | 0 | | Wenling Hongsheng Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 4.71% | 7,396,733 | 7,396,733 | 0 | | Cai Hairong | Domestic Natural Person | 2.07% | 3,256,715 | 3,256,715 | 0 | - Zhong Renzhi and Cai Hairong are married, holding **70.00%** and **30.00%** of Wenling Xinlei Technology Co., Ltd. respectively. Cai Hairong is the executive partner of Wenling Hongsheng Investment Partnership (Limited Partnership)[152](index=152&type=chunk) - As of June 30, Xinlei Compressor Co., Ltd.'s dedicated share repurchase account held **4,587,845 shares** of the company, accounting for **2.92%** of the total share capital[153](index=153&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=42&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[154](index=154&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=42&type=section&id=V.%20Changes%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[156](index=156&type=chunk) - The company's actual controller did not change during the reporting period[156](index=156&type=chunk) [Part VII Bond-Related Information](index=45&type=section&id=Part%20VII%20Bond-Related%20Information) [Bond-Related Information](index=45&type=section&id=Bond-Related%20Information) During the reporting period, the company had no bond-related matters - The company had no bond-related matters during the reporting period[159](index=159&type=chunk) [Part VIII Financial Report](index=46&type=section&id=Part%20VIII%20Financial%20Report) [I. Audit Report](index=46&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[161](index=161&type=chunk) [II. Financial Statements](index=46&type=section&id=II.%20Financial%20Statements) This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting the company's financial position at the end of the reporting period and its operating results, cash flows, and changes in owners' equity during the period [1. Consolidated Balance Sheet](index=46&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **2,429,539,170.92 yuan**, with total liabilities of **1,030,590,440.16 yuan** and total owners' equity of **1,398,948,730.76 yuan**, showing notable changes in monetary funds, trading financial assets, other receivables, inventories, construction in progress, short-term borrowings, taxes payable, and non-current liabilities due within one year compared to the beginning of the period Key Data from Consolidated Balance Sheet (Period-End vs. Period-Beginning) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Monetary Funds | 262,743,333.91 | 312,815,627.05 | | Trading Financial Assets | 40,100,000.00 | 30,000,000.00 | | Notes Receivable | 22,970,642.53 | 20,849,077.23 | | Accounts Receivable | 517,576,974.54 | 545,035,764.40 | | Other Receivables | 60,944,349.73 | 6,968,646.06 | | Inventories | 414,348,607.36 | 378,374,772.87 | | Fixed Assets | 651,412,897.85 | 688,456,946.33 | | Construction in Progress | 231,851,856.05 | 178,603,563.73 | | Intangible Assets | 71,969,020.57 | 101,182,859.19 | | Short-term Borrowings | 223,206,973.33 | 152,741,923.47 | | Notes Payable | 266,842,754.66 | 371,395,786.20 | | Accounts Payable | 171,502,988.42 | 235,641,069.11 | | Taxes Payable | 78,156,115.78 | 20,518,696.14 | | Non-current Liabilities Due Within One Year | 124,227,979.42 | 6,029,850.78 | | Deferred Income | 53,513,720.25 | 42,844,141.30 | | Other Non-current Liabilities | 0.00 | 421,069,575.00 | | Total Liabilities | 1,030,590,440.16 | 1,369,145,280.67 | | Total Owners' Equity Attributable to Parent Company | 1,394,991,720.70 | 1,046,932,871.51 | | Total Assets | 2,429,539,170.92 | 2,419,443,061.11 | [2. Parent Company Balance Sheet](index=48&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **2,376,263,309.06 yuan**, with total liabilities of **1,022,308,004.56 yuan** and total owners' equity of **1,353,955,304.50 yuan**, showing similar trends to the consolidated statement with decreases in monetary funds and increases in other receivables, inventories, construction in progress, short-term borrowings, taxes payable, and non-current liabilities due within one year compared to the beginning of the period Key Data from Parent Company Balance Sheet (Period-End vs. Period-Beginning) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Monetary Funds | 256,196,919.91 | 308,420,791.68 | | Trading Financial Assets | 40,100,000.00 | 30,000,000.00 | | Accounts Receivable | 449,689,678.18 | 480,014,062.49 | | Other Receivables | 103,151,161.42 | 48,726,508.66 | | Inventories | 349,493,844.53 | 306,183,427.97 | | Fixed Assets | 645,523,057.97 | 681,649,066.53 | | Construction in Progress | 230,037,690.76 | 177,752,897.48 | | Intangible Assets | 69,860,687.24 | 98,937,025.86 | | Short-term Borrowings | 223,056,973.33 | 152,741,923.47 | | Notes Payable | 266,842,754.66 | 371,395,786.20 | | Accounts Payable | 173,406,908.66 | 234,158,293.61 | | Taxes Payable | 74,454,471.08 | 7,757,383.47 | | Non-current Liabilities Due Within One Year | 123,741,349.23 | 5,074,289.73 | | Deferred Income | 53,513,720.25 | 42,844,141.30 | | Other Non-current Liabilities | 0.00 | 421,069,575.00 | | Total Liabilities | 1,022,308,004.56 | 1,350,138,338.06 | | Total Owners' Equity | 1,353,955,304.50 | 1,007,890,030.95 | | Total Assets | 2,376,263,309.06 | 2,358,028,369.01 | [3. Consolidated Income Statement](index=50&type=section&id=3.%20Consolidated%20Income%20Statement) For the first half of 2025, the company's consolidated total operating revenue was **340,313,262.78 yuan**, a year-on-year decrease of **32.27%**. Net profit was **389,618,357.26 yuan**, a significant year-on-year increase of **955.07%**, primarily driven by asset disposal gains of **489,194,848.37 yuan**. Net profit attributable to parent company shareholders was **389,197,669.92 yuan**, with basic earnings per share of **2.48 yuan** Key Data from Consolidated Income Statement (H1 2025 vs. H1 2024) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 340,313,262.78 | 502,467,824.93 | | Total Operating Cost | 362,263,754.47 | 455,806,227.86 | | Sales Expenses | 37,052,852.14 | 25,160,307.28 | | Administrative Expenses | 29,951,734.10 | 21,074,902.97 | | R&D Expenses | 29,989,307.58 | 27,892,466.82 | | Financial Expenses | 1,718,316.32 | -7,036,450.94 | | Other Income | 2,073,788.28 | 5,439,455.97 | | Investment Income | 726,319.23 | 80,892.18 | | Asset Disposal Gains | 489,194,848.37 | 235,689.74 | | Operating Profit | 459,188,719.38 | 42,116,997.13 | | Total Profit | 457,399,922.61 | 40,855,167.11 | | Income Tax Expense | 67,781,565.35 | 3,917,305.45 | | Net Profit | 389,618,357.26 | 36,937,861.66 | | Net Profit Attributable to Parent Company Shareholders | 389,197,669.92 | 38,760,984.73 | | Basic Earnings Per Share (yuan/share) | 2.48 | 0.25 | [4. Parent Company Income Statement](index=52&type=section&id=4.%20Parent%20Company%20Income%20Statement) For the first half of 2025, the parent company's operating revenue was **313,576,605.05 yuan**, a year-on-year decrease of **34.40%**. Net profit was **387,032,680.49 yuan**, a significant year-on-year increase of **946.47%**, primarily influenced by asset disposal gains of **489,219,253.59 yuan**. Basic earnings per share were **2.46 yuan** Key Data from Parent Company Income Statement (H1 2025 vs. H1 2024) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Operating Revenue | 313,576,605.05 | 477,872,183.95 | | Operating Cost | 246,966,623.34 | 372,592,031.57 | | Sales Expenses | 32,908,443.06 | 22,073,701.32 | | Administrative Expenses | 23,905,172.97 | 15,299,081.82 | | R&D Expenses | 29,989,307.58 | 27,892,466.82 | | Financial Expenses | 1,086,375.64 | -7,080,968.97 | | Other Income | 2,064,866.49 | 5,383,306.33 | | Investment Income | -96,383.35 | 80,892.18 | | Asset Disposal Gains | 489,219,253.59 | 219,511.22 | | Operating Profit | 455,022,193.60 | 40,707,831.93 | | Total Profit | 453,792,769.74 | 39,430,536.26 | | Income Tax Expense | 66,760,089.25 | 2,447,708.03 | | Net Profit | 387,032,680.49 | 36,982,828.23 | | Basic Earnings Per Share (yuan/share) | 2.46 | 0.24 | [5. Consolidated Cash Flow Statement](index=54&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) For the first half of 2025, the company's net cash outflow from operating activities was **-87,678,240.32 yuan**, a year-on-year loss reduction of **43.35%**. Net cash outflow from investing activities was **-111,229,791.39 yuan**, a year-on-year decrease of **42.33%**. Net cash inflow from financing activities significantly increased by **288.45%** to **147,749,632.43 yuan**, mainly due to increased borrowings. The net decrease in cash and cash equivalents was **-50,526,508.34 yuan**, a year-on-year reduction of **88.09%** Key Data from Consolidated Cash Flow Statement (H1 2025 vs. H1 2024) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -87,678,240.32 | -154,761,667.51 | | Net Cash Flow from Investing Activities | -111,229,791.39 | -192,874,594.91 | | Net Cash Flow from Financing Activities | 147,749,632.43 | -78,403,306.62 | | Net Increase in Cash and Cash Equivalents | -50,526,508.34 | -424,343,145.38 | - Net cash outflow from operating activities narrowed by **43.35%** year-on-year, primarily due to a decrease in cash paid for goods and services[53](index=53&type=chunk) - Net cash inflow from financing activities significantly increased by **288.45%** year-on-year, primarily due to an increase in cash received from borrowings[53](index=53&type=chunk) [6. Parent Company Cash Flow Statement](index=55&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) For the first half of 2025, the parent company's net cash outflow from operating activities was **-89,492,511.59 yuan**, a year-on-year loss reduction. Net cash outflow from investing activities was **-111,940,859.07 yuan**, a year-on-year decrease. Net cash inflow from financing activities significantly increased to **148,123,392.75 yuan**. The net decrease in cash and cash equivalents was **-52,678,086.97 yuan**, a year-on-year reduction Key Data from Parent Company Cash Flow Statement (H1 2025 vs. H1 2024) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -89,492,511.59 | -130,302,469.58 | | Net Cash Flow from Investing Activities | -111,940,859.07 | -236,779,994.91 | | Net Cash Flow from Financing Activities | 148,123,392.75 | -78,164,682.78 | | Net Increase in Cash and Cash Equivalents | -52,678,086.97 | -443,550,723.61 | [7. Consolidated Statement of Changes in Owners' Equity](index=56&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) Consolidated owners' equity increased from **1,050,297,780.44 yuan** at the beginning of the period to **1,398,948,730.76 yuan** at the end, primarily due to comprehensive income attributable to parent company owners of **389,197,669.92 yuan** and an increase in capital reserve from share-based payments - Total comprehensive income attributable to parent company owners for this period was **389,197,669.92 yuan**[184](index=184&type=chunk) - Capital reserve increased by **4,813,239.56 yuan** this period, primarily due to the amount of share-based payments recognized in owners' equity[184](index=184&type=chunk) - Cash dividends of **45,780,646.50 yuan** were distributed to owners (or shareholders) as profit distribution this period[184](index=184&type=chunk) [8. Parent Company Statement of Changes in Owners' Equity](index=60&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) Parent company owners' equity increased from **1,007,890,030.95 yuan** at the beginning of the period to **1,353,955,304.50 yuan** at the end, primarily due to total comprehensive income of **387,032,680.49 yuan** and an increase in capital reserve from share-based payments - Total comprehensive income for the parent company this period was **387,032,680.49 yuan**[190](index=190&type=chunk) - Capital reserve increased by **4,813,239.56 yuan** this period, primarily due to the amount of share-based payments recognized in owners' equity[190](index=190&type=chunk) - Cash dividends of **45,780,646.50 yuan** were distributed to owners (or shareholders) as profit distribution this period[190](index=190&type=chunk) [III. Company Overview](index=64&type=section&id=III.%20Company%20Overview) Xinlei Compressor Co., Ltd., established on October 18, 2017, and listed on the Shenzhen Stock Exchange in January 2023 with a registered capital of **157.19 million yuan**, primarily engages in the R&D, production, and sales of energy-efficient air compressors, centrifugal blowers, and HVAC equipment, with Wenling Xinlei Technology Co., Ltd. as its parent company and Zhong Renzhi and Cai Hairong as its actual controllers - The company was established on October 18, 2017, and listed on the Shenzhen Stock Exchange in January 2023[195](index=195&type=chunk) - As of June 30, 2025, the company's cumulative issued share capital totaled **157.19 million shares**, with a registered capital of **157.19 million yuan**[195](index=195&type=chunk) - The company's actual main business activities are the R&D, production, and sales of energy-efficient and high-performance air compressors, centrifugal blowers, and HVAC equipment. The actual controllers are Zhong Renzhi and Cai Hairong, a married couple[195](index=195&type=chunk) [IV. Basis of Financial Statement Preparation](index=64&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, on a going concern basis - These financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and the relevant provisions of the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports"[197](index=197&type=chunk) - These financial statements are prepared on a going concern basis[198](index=198&type=chunk) [V. Significant Accounting Policies and Estimates](index=64&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates, including statements of compliance with accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statements, cash and cash equivalent

Core Viewpoint - Xinlei Co., Ltd. (301317) has shown a significant increase in net profit despite a decline in total revenue, indicating potential resilience in profitability amidst revenue challenges [1] Financial Performance - As of the first quarter of 2025, the company reported total revenue of 128 million yuan, a year-on-year decrease of 22.78% [1] - The net profit attributable to shareholders reached 394 million yuan, reflecting a substantial year-on-year increase of 3015.05% [1] - The non-recurring net profit was 21.31 million yuan, which represents a year-on-year decrease of 274.89% [1] - The current ratio is 1.487, the quick ratio is 1.086, and the debt-to-asset ratio stands at 42.52% [1] Market Activity - As of August 25, 2025, the stock price closed at 38.61 yuan, with an increase of 2.88% [1] - The turnover rate was 18.46%, with a trading volume of 82,700 lots and a transaction amount of 320 million yuan [1] - The net inflow of main funds was 11.28 million yuan, accounting for 3.52% of the transaction amount [1] - Large orders saw a net inflow of 13.26 million yuan, while small orders experienced a net outflow of 5.61 million yuan [1] Company Background - Xinlei Co., Ltd. was established in 2006 and is located in Taizhou, primarily engaged in the general equipment manufacturing industry [2] - The company has a registered capital of 157.19 million yuan, which is also the paid-in capital [1] - The legal representative of the company is Zhong Renzhi [1] Investment and Intellectual Property - The company has made investments in 9 enterprises and participated in 331 bidding projects [2] - Xinlei holds 103 trademark registrations and 613 patent registrations, along with 35 administrative licenses [2]

Group 1 - The A-share semiconductor sector experienced a significant decline in the afternoon of August 25, with multiple stocks such as Aojie Technology, Xinyuan Micro, Aisen Co., and Jingyi Equipment dropping over 5% [1] - Other companies including Zhongwei Company, Huahai Chengke, SMIC, and Baiwei Storage also saw a shift to a downward trend [1]

Group 1 - The stock price of Xinlei Co., Ltd. (301317) closed at 38.75 yuan, down 1.0%, with a turnover rate of 16.81% and a trading volume of 75,300 lots, amounting to 291 million yuan [1] - The latest financial report shows that for Q1 2025, the total operating revenue was 128 million yuan, a year-on-year decrease of 22.78%, while the net profit attributable to shareholders was 394 million yuan, a year-on-year increase of 3015.05% [1] - The company has a current ratio of 1.487, a quick ratio of 1.086, and a debt-to-asset ratio of 42.52% [1] Group 2 - Xinlei Co., Ltd. has made investments in 9 companies and participated in 329 bidding projects [2] - The company holds 103 trademark registrations and 614 patent registrations, along with 35 administrative licenses [2]

Overview - The air compressor industry in China has reached a mature stage with diverse brands and models, showing close production capabilities and quality compared to international brands, while offering higher cost-performance advantages [1][16] - The production of air compressors in China is expected to reach 78.68 million units in 2024, with a demand of 61.15 million units and a market size of 66.31 billion yuan, averaging about 1,084.3 yuan per unit [1][16] Industry Development - The air compressor industry has evolved through three stages: prior to 1999, mainly piston compressors were used; post-2000, the rapid growth of screw compressors occurred; and after 2011, market competition intensified with many small manufacturers [6] - The industry has seen a shift from Original Equipment Manufacturer (OEM) to Original Design Manufacturer (ODM) and some companies are transitioning to Original Brand Manufacturer (OBM) [4] Industry Chain - The upstream of the air compressor industry includes suppliers of metals like steel and aluminum, and components such as motors and valves, which significantly impact manufacturing costs and performance [8][10] - The downstream demand is primarily driven by the machinery sector, accounting for 42.36% of the market, followed by chemical and petrochemical industries [12] Current Market Situation - The global air compressor market is projected to reach USD 31.936 billion in 2024, with a year-on-year growth of 4.0% [14] - The domestic market is characterized by intense competition, with many local companies focusing on low-end products, leading to price wars and reduced profit margins [20] Competitive Landscape - The competitive landscape is divided into three tiers: international renowned companies like Atlas Copco and Ingersoll Rand, strong domestic companies like Kaishan and Baos, and smaller firms lacking R&D capabilities [18][19] - Domestic companies are increasingly adopting service-oriented business models, providing comprehensive energy solutions and competing with international firms [19] Company Analysis - Kaishan Group is a leading player with a projected revenue of 4.235 billion yuan in 2024, focusing on screw compressors and expanding into high-tech products [22][24] - Shanghai Hanbell Precise Machinery Co., Ltd. is another key player, with a revenue of 3.674 billion yuan in 2024, specializing in screw compressors for industrial automation [26] Future Trends - The industry is moving towards energy-saving and low-emission products, with a growing market share for energy-efficient models like permanent magnet variable frequency screw compressors [28] - The integration of AI and IoT technologies is expected to enhance the functionality of air compressors, enabling real-time monitoring and predictive maintenance [28]