证券代码：301320 证券简称：豪江智能 公告编号：2025-046 青岛豪江智能科技股份有限公司 关于增加2025年度日常关联交易额度预计的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、日常关联交易基本情况 （一）日常关联交易概述 青岛豪江智能科技股份有限公司（以下简称"公司"或"豪江智能"）于2025 年4月17日召开第三届董事会第十二次会议和第三届监事会第八次会议，审议通 过了《关于公司2025年度日常关联交易额度预计的议案》，关联董事宫志强先生 回避表决，董事会会议以8票同意，0票反对，0票弃权，1票回避的表决结果通过 上述议案。监事会会议以3票同意，0票反对，0票弃权的表决结果通过上述议案。 此事项在提交董事会审议前已经公司独立董事专门会议审议通过。 公司于2025年8月27日召开第三届董事会第十五次会议和第三届监事会第十 一次会议，审议通过了《关于增加公司2025年度日常关联交易额度预计的议案》， 综合考虑公司后续业务情况，公司决定增加与关联方即墨市三得利工贸有限公司、 青岛智能精工科技有限公司、青岛泰信冷链有限公司2025年日常关联 ...

证券代码：301320 证券简称：豪江智能 公告编号：2025-045 青岛豪江智能科技股份有限公司 关于2025年半年度计提信用减值损失、资产减值损失 及核销资产的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 根据《企业会计准则第8号——资产减值》《深圳证券交易所创业板股票上 市规则》《深圳证券交易所创业板上市公司自律监管指南第1号——业务办理》 以及青岛豪江智能科技股份有限公司（以下简称"公司"）会计政策等有关规定， 本着谨慎性原则，公司以2025年6月30日为基准日，对2025年1-6月财务报告合并 会计报表范围内相关资产计提信用减值损失、资产减值损失及核销资产。现将本 次计提及核销的具体情况公告如下： 一、本次计提信用减值损失、资产减值损失及核销资产的情况概述 信用损失，是指本公司按照原实际利率折现的、根据合同应收的所有合同现 金流量与预期收取的所有现金流量之间的差额，即全部现金短缺的现值。其中， 对于购买或源生的已发生信用减值的金融资产，本公司按照该金融资产经信用调 整的实际利率折现。 对于在资产负债表日具有较低信用风险的金融工具，本公司假设 ...

证券代码：301320 证券简称：豪江智能 公告编号：2025-042 1、审议并通过了《关于<2025 年半年度报告>及其摘要的议案》 经审议，监事会认为《2025 年半年度报告》及其摘要的编制和审议程序符 合法律、法规及中国证监会的相关规定，报告内容真实、准确、完整地反映了公 司 2025 年上半年的经营情况，不存在虚假记载、误导性陈述或重大遗漏。 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）上的《2025 年半年度报告》及《2025 年半年度报告摘要》。《2025 年半年度报告摘要》同 日登载于《证券时报》《中国证券报》《上海证券报》《证券日报》。 表决结果：3 票赞成，0 票反对，0 票弃权。 青岛豪江智能科技股份有限公司 第三届监事会第十一次会议决议公告 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 青岛豪江智能科技股份有限公司（以下简称"公司"）第三届监事会第十一 次会议通知已于2025年8月15日通过专人送达的方式送达全体监事。会议于2025 年8月27日在公司三楼大会议室以现场的方式召开。 ...

[Section 1: Important Notices, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's management guarantees the authenticity and completeness of the semi-annual report and plans no profit distribution - The Board of Directors, Supervisory Committee, and senior management guarantee the **truthfulness, accuracy, and completeness** of the semi-annual report[5](index=5&type=chunk) - Forward-looking statements in the report do not constitute substantive commitments, and investors should be aware of the risks[6](index=6&type=chunk) - The company **does not plan to distribute cash dividends**, issue bonus shares, or convert capital reserves into share capital[7](index=7&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section outlines the eight main chapters of the 2025 semi-annual report - The report comprises eight main chapters covering the company's operations, finances, governance, and important matters[9](index=9&type=chunk) [List of Documents for Inspection](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists the reference documents for the 2025 semi-annual report, available at the company's Board of Directors' office - Reference documents include signed financial statements, the original semi-annual report, and all publicly disclosed documents during the reporting period[11](index=11&type=chunk)[12](index=12&type=chunk)[13](index=13&type=chunk) - All reference documents are available at the company's Board of Directors' office[15](index=15&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section provides definitions for key terms and abbreviations used throughout the report - Basic information for the company, CSRC, and Shenzhen Stock Exchange is defined[17](index=17&type=chunk) - Core business and product concepts such as intelligent linear actuators, smart manufacturing, smart home, smart medical care, smart office, and industrial transmission are explained[17](index=17&type=chunk) - Abbreviations for major subsidiaries and shareholders like Haojiang Electronics and Qihang Capital are listed[17](index=17&type=chunk) [Section 2: Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [I. Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section provides basic corporate information, including stock details, company names, and legal representative Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Haojiang Intelligence | | Stock Code | 301320 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Qingdao Haojiang Intelligent Technology Co, Ltd | | Legal Representative | Gong Zhiqiang | [II. Contacts and Contact Methods](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section lists the contact details for the company's Board Secretary and Securities Affairs Representative Contact Information | Position | Name | Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Pan Xingguang | No 78, Kongquehe Fourth Road, Qingdao Garment Industrial Park, Jimo, Qingdao, Shandong Province | 0532-89066885 | 0532-88597298 | richmat@richmat.com | | Securities Affairs Representative | Wang Huan | No 78, Kongquehe Fourth Road, Qingdao Garment Industrial Park, Jimo, Qingdao, Shandong Province | 0532-89066885 | 0532-88597298 | richmat@richmat.com | [III. Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) This section states that key corporate information remained unchanged during the reporting period - The company's contact information, information disclosure and document storage locations, and registration details remained unchanged during the reporting period[21](index=21&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents key financial data, highlighting revenue growth, a decline in net profit, and a significant increase in operating cash flow Key Accounting Data and Financial Indicators (Consolidated) | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 459,490,672.37 | 387,311,238.72 | 18.64% | | Net Profit Attributable to Shareholders | 19,540,139.95 | 25,201,498.99 | -22.46% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 16,025,091.04 | 22,277,235.65 | -28.07% | | Net Cash Flow from Operating Activities | 58,148,581.40 | -11,370,660.58 | 611.39% | | Basic Earnings Per Share (RMB/share) | 0.11 | 0.14 | -21.43% | | Diluted Earnings Per Share (RMB/share) | 0.11 | 0.14 | -21.43% | | Weighted Average Return on Equity | 1.85% | 2.42% | -0.57% | | **End of Current Period** | **End of Prior Year** | **Change from Prior Year-End** | | Total Assets | 1,563,841,600.33 | 1,491,875,759.06 | 4.82% | | Net Assets Attributable to Shareholders | 1,049,392,971.60 | 1,040,548,371.70 | 0.85% | [V. Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) This section confirms no discrepancies exist between financial reports prepared under different accounting standards - There are **no differences** in net profit or net assets between reports prepared under domestic and international accounting standards during the reporting period[25](index=25&type=chunk)[26](index=26&type=chunk) [VI. Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) This section details non-recurring gains and losses, totaling RMB 3,515,048.91 for the reporting period Non-recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | Description | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 272,927.10 | | | Government Grants Recognized in Current Profit or Loss | 623,767.93 | Primarily government grants recognized in the current period | | Fair Value Change Gains/Losses from Financial Assets and Liabilities Held by Non-financial Enterprises, and Gains/Losses from their Disposal | 2,999,051.54 | Primarily fair value changes and disposal gains from wealth management products | | Other Non-operating Income and Expenses | 23,186.98 | | | Other Items Meeting the Definition of Non-recurring Gains and Losses | 84,115.02 | Primarily refunds of individual income tax handling fees | | Less: Income Tax Impact | 487,999.66 | | | Total | 3,515,048.91 | | [Section 3: Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [I. Principal Business Activities During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company develops and sells intelligent linear actuator products, achieving revenue growth but lower net profit due to increased costs [(I) Principal Business](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company is a leading developer of intelligent linear actuator products, focusing on smart home applications - The company specializes in the R&D and production of intelligent linear actuator products, with a core focus on the **smart home sector** and expansion into smart medical care, smart offices, and industrial transmission[33](index=33&type=chunk) - Key products are intelligent linear actuator systems, comprising drive units and intelligent control systems[33](index=33&type=chunk) Major Downstream Application Scenarios | Application Scenario | Main Application Areas | | :--- | :--- | | Smart Home | Smart beds, smart sunshades, smart cabinets, etc | | Smart Medical Care | ICU beds, operating tables, dental chairs, nursing beds, electric wheelchairs, patient lifts, etc | | Smart Office | Smart electric standing desks, AI smart study desks, gaming desks, electric children's study desks, etc | | Industrial Transmission | Precision control and data acquisition in agriculture, construction, mining, ventilation equipment, etc | [(II) Business Model](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's business model integrates R&D, procurement, production, and sales with a focus on customization and efficiency - The R&D model focuses on enhancing user experience and manufacturing capabilities, emphasizing technical standards and customer customization[35](index=35&type=chunk) - The procurement model is "procurement based on sales" with safety stock, managed via an ERP system and comprehensive supplier evaluation[36](index=36&type=chunk) - The production model is customer-demand-oriented, implementing make-to-order production with some inventory for a vertically integrated process[37](index=37&type=chunk) - The sales model is direct-to-customer, covering domestic and international markets (North America, Europe, Middle East, Taiwan, etc) and supplemented by online platforms[38](index=38&type=chunk) [(III) Discussion and Analysis of Operating Performance](index=10&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) Consolidated sales revenue grew, but net profit declined due to rising personnel costs and share-based payment expenses H1 2025 Operating Performance | Indicator | Amount (RMB 10,000s) | YoY Change | | :--- | :--- | :--- | | Consolidated Sales Revenue | 45,949.07 | 18.64% | | Consolidated Net Profit | 1,954.01 | -22.46% | | Parent Company Sales Revenue | 31,130.79 | -5.71% | | Parent Company Net Profit | 2,448.10 | -44.20% | - The decline in net profit was mainly due to **increased personnel costs** and **share-based payment expenses** from the 2024 restricted stock incentive plan[39](index=39&type=chunk) - The company efficiently advanced fund-raising projects, including digital factory upgrades and new electronics factory construction, to boost capacity and delivery capabilities[39](index=39&type=chunk) - A **2025 restricted stock incentive plan** was launched to motivate senior management and core personnel, securing talent for long-term development[41](index=41&type=chunk) - The global trade center of Haojiang (Hong Kong) Co, Ltd began operations, and the **Thailand production base was commissioned**, advancing the global industrial layout[41](index=41&type=chunk) - The company continued to strengthen its supply chain management system, introducing advanced systems to optimize supplier management, improve efficiency, and reduce costs[41](index=41&type=chunk) - Investment in technological innovation was sustained to deepen product innovation, strengthen the R&D team, and enhance core competitiveness[42](index=42&type=chunk) [II. Core Competitiveness Analysis](index=11&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness is built on strong R&D, vertically integrated production, and a robust quality control system - The company possesses **strong technical R&D advantages** in the intelligent linear actuator field, mastering high-thrust, durable, safe, reliable, and advanced control technologies[43](index=43&type=chunk) - It has **integrated, modular, and automated production advantages**, covering the entire chain from precision components to complete system assembly, ensuring quality control and cost efficiency[44](index=44&type=chunk)[45](index=45&type=chunk) - A mature and stable product quality management system, certified by multiple international standards, ensures product safety and reliability throughout the entire process[46](index=46&type=chunk) - The company has a service advantage in **rapidly responding to global customers' personalized needs**, securing stable orders from high-quality clients[47](index=47&type=chunk) - The "Richmat" brand has established a strong reputation in domestic and international markets, and the company participates in setting national standards[48](index=48&type=chunk) - A stable and experienced management, R&D, and core technical team is maintained, with personal career planning aligned with corporate goals through equity incentives[49](index=49&type=chunk) [III. Main Business Analysis](index=12&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This section analyzes the financial performance of the main business, showing revenue growth in smart home and medical care segments Products or Services Accounting for Over 10% of Revenue | By Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Revenue YoY Change | Cost YoY Change | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Smart Home Linear Actuator System | 302,504,766.00 | 225,013,646.79 | 25.62% | 21.15% | 18.08% | 1.93% | | Smart Medical Care Linear Actuator System | 74,641,356.15 | 55,516,252.38 | 25.62% | 0.79% | -1.76% | 1.94% | | **By Region** | | | | | | | | Domestic Sales | 287,501,135.42 | 228,798,680.05 | 20.42% | 23.41% | 22.51% | 0.59% | | Overseas Sales | 171,989,536.95 | 122,264,769.49 | 28.91% | 11.43% | 12.37% | -0.60% | | **By Industry** | | | | | | | | Manufacturing | 427,360,154.84 | 324,626,718.73 | 24.04% | 17.96% | 18.79% | -0.53% | - There were **no significant changes** in the company's profit composition or sources of profit during the reporting period[51](index=51&type=chunk) [IV. Non-core Business Analysis](index=13&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This section analyzes the impact of non-core business activities on profit, noting increased expenses and positive cash flow Impact of Non-core Business on Total Profit | Item | Amount (RMB) | % of Total Profit | Reason | | :--- | :--- | :--- | :--- | | Investment Income | 3,153,372.21 | 14.98% | Primarily investment income from trading financial assets | | Fair Value Change Gains/Losses | -154,320.67 | -0.73% | Primarily holding gains/losses on trading financial assets | | Asset Impairment | -7,088,350.75 | -33.67% | Primarily inventory write-downs and contract asset impairment | | Non-operating Income | 35,376.71 | 0.17% | Primarily compensation and subsidy income | | Non-operating Expenses | 51,464.97 | 0.24% | Primarily losses on disposal of non-current assets | | Credit Impairment Loss | -2,773,547.07 | -13.18% | Bad debt losses on accounts receivable and other receivables | | Asset Disposal Gains | 312,202.34 | 1.48% | Gains on disposal of fixed assets and right-of-use assets | | Other Income | 1,848,512.28 | 8.78% | Primarily government grants and VAT super-deduction | - **Administrative expenses increased by 38.95%** and **R&D investment grew by 27.98%**, mainly due to new share-based payment expenses and increased employee compensation[55](index=55&type=chunk) - **Financial expenses rose by 109.20%**, primarily due to exchange rate fluctuations and reduced interest income[55](index=55&type=chunk) - **Net cash flow from operating activities surged by 611.39%**, mainly due to increased sales collections[55](index=55&type=chunk) [V. Analysis of Assets and Liabilities](index=14&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) This section analyzes the composition and significant changes in the company's assets and liabilities [1. Significant Changes in Asset Composition](index=14&type=section&id=1%E3%80%81%E8%B5%84%E4%BA%A7%E6%9E%84%E6%88%90%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Total assets grew by 4.82%, with notable increases in accounts receivable and construction in progress Significant Changes in Asset Composition | Item | End of Period Amount (RMB) | % of Total Assets | Prior Year-End Amount (RMB) | % of Total Assets | Change in Weight | Reason for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 218,979,520.61 | 14.00% | 211,692,775.21 | 14.19% | -0.19% | | | Accounts Receivable | 267,438,523.58 | 17.10% | 231,693,293.55 | 15.53% | 1.57% | Primarily due to increased revenue | | Contract Assets | 232,502.23 | 0.01% | 90,000.00 | 0.01% | 0.00% | Primarily due to increased security deposits from higher sales | | Inventory | 180,518,526.52 | 11.54% | 167,640,977.44 | 11.24% | 0.30% | | | Fixed Assets | 334,215,381.48 | 21.37% | 327,726,949.78 | 21.97% | -0.60% | | | Construction in Progress | 89,144,803.82 | 5.70% | 58,637,261.89 | 3.93% | 1.77% | Primarily due to increased investment in new factory construction | | Right-of-use Assets | 8,191,596.15 | 0.52% | 11,553,796.16 | 0.77% | -0.25% | | | Short-term Borrowings | 35,818,101.93 | 2.29% | 525,250.61 | 0.04% | 2.25% | Primarily due to increased bank loans for the Thailand subsidiary | | Contract Liabilities | 5,863,633.15 | 0.37% | 3,442,469.95 | 0.23% | 0.14% | Primarily due to increased sales to customers without credit terms | | Lease Liabilities | 5,828,532.00 | 0.37% | 7,980,494.94 | 0.53% | -0.16% | | [2. Major Overseas Assets](index=14&type=section&id=2%E3%80%81%E4%B8%BB%E8%A6%81%E5%A2%83%E5%A4%96%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) The company had no major overseas assets during the reporting period - The company had **no major overseas assets** during the reporting period[59](index=59&type=chunk) [3. Assets and Liabilities Measured at Fair Value](index=14&type=section&id=3%E3%80%81%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E8%B5%84%E4%BA%A7%E5%92%8C%E8%B4%9F%E5%80%BA) Financial assets measured at fair value totaled RMB 272,957,250.45, primarily consisting of wealth management products Assets and Liabilities Measured at Fair Value | Item | Opening Balance (RMB) | Current Period Fair Value Change (RMB) | Purchases (RMB) | Sales (RMB) | Other Changes (RMB) | Closing Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 316,702,356.87 | -154,320.67 | 1,001,898,000.00 | 1,046,612,654.35 | | 271,833,381.85 | | Notes Receivable Financing | 1,933,047.92 | | | | -809,179.32 | 1,123,868.60 | | Total | 318,635,404.79 | -154,320.67 | 1,001,898,000.00 | 1,046,612,654.35 | -809,179.32 | 272,957,250.45 | - Other changes in notes receivable financing were mainly due to the receipt of bank acceptance bills from customers and their maturity or endorsement to suppliers[61](index=61&type=chunk) [4. Assets with Restricted Rights as of the Reporting Period End](index=15&type=section&id=4%E3%80%81%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%9A%84%E8%B5%84%E4%BA%A7%E6%9D%83%E5%88%A9%E5%8F%97%E9%99%90%E6%83%85%E5%86%B5) Details of assets with restricted rights are provided in the notes to the financial statements - Details of assets with restricted rights are provided in Note VII, 31 of the financial report[62](index=62&type=chunk) [VI. Investment Status Analysis](index=15&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total investment increased significantly, driven by fund-raising projects, while one project was terminated and its funds reallocated [1. Overall Situation](index=15&type=section&id=1%E3%80%81%E6%80%BB%E4%BD%93%E6%83%85%E5%86%B5) The company's total investment amount increased by 135.59% year-on-year Investment Amount for the Reporting Period | Indicator | Amount (RMB) | Change | | :--- | :--- | :--- | | Investment in Reporting Period | 1,045,859,282.58 | 135.59% | | Investment in Prior Year Period | 443,924,276.26 | | [2. Significant Equity Investments Acquired During the Reporting Period](index=15&type=section&id=2%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%8E%B7%E5%8F%96%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company made no significant equity investments during the reporting period - The company made **no significant equity investments** during the reporting period[64](index=64&type=chunk) [3. Significant Non-equity Investments in Progress During the Reporting Period](index=15&type=section&id=3%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%AD%A3%E5%9C%A8%E8%BF%9B%E8%A1%8C%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E9%9D%9E%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) Ongoing non-equity investments are primarily fund-raising projects aimed at expanding production capacity - The new Haojiang Intelligent Electronics Factory project is expected to generate **annual sales revenue of RMB 307.422 million** and **net profit of RMB 38.10 million**[66](index=66&type=chunk) - The "Smart Office Product Capacity Expansion Project" was terminated, and its remaining funds were reallocated to the "New Haojiang Intelligent Electronics Factory Project"[74](index=74&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) [4. Financial Assets Measured at Fair Value](index=16&type=section&id=4%E3%80%81%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7) Financial assets measured at fair value consist mainly of bank wealth management products and notes receivable financing Financial Assets Measured at Fair Value | Asset Class | Initial Investment Cost (RMB) | Current Period Fair Value Change (RMB) | Purchases (RMB) | Sales (RMB) | Cumulative Investment Income (RMB) | Closing Amount (RMB) | Funding Source | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other (Bank Wealth Management Products) | 316,650,000.00 | -154,320.67 | 1,001,898,000.00 | 1,046,612,654.35 | 52,356.87 | 271,833,381.85 | Own funds & raised funds | | Other (Notes Receivable Financing) | 1,933,047.92 | | | | | 1,123,868.60 | Own funds | | Total | 318,583,047.92 | -154,320.67 | 1,001,898,000.00 | 1,046,612,654.35 | 52,356.87 | 272,957,250.45 | -- | [5. Use of Raised Funds](index=16&type=section&id=5%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company utilized raised funds for several projects, terminating one and reallocating its remaining capital to enhance electronics production [(1) Overall Use of Raised Funds](index=16&type=section&id=%EF%BC%881%EF%BC%89%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E6%80%BB%E4%BD%93%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) In H1 2025, RMB 27.04 million of raised funds were invested, with an unused balance of RMB 279.59 million remaining Overall Use of Raised Funds | Indicator | Amount (RMB 10,000s) | | :--- | :--- | | Net Raised Funds | 53,985.86 | | Raised Funds Used This Period | 2,704.35 | | Cumulative Raised Funds Used | 27,090.84 | | Raised Funds Balance at Period-End | 27,958.58 | | Balance in Special Accounts | 3,568.44 | | Idle Raised Funds Used for Cash Management | 14,000.00 | | Idle Raised Funds Temporarily Supplementing Working Capital | 10,390.13 | [(2) Committed Projects for Raised Funds](index=17&type=section&id=%EF%BC%882%EF%BC%89%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E6%89%BF%E8%AF%BA%E9%A1%B9%E7%9B%AE%E6%83%85%E5%86%B5) The company's fund-raising projects include factory upgrades and new constructions, with one project being altered Committed Projects for Raised Funds | Committed Investment Project | Committed Investment Amount (RMB 10,000s) | Cumulative Investment at Period-End (RMB 10,000s) | Investment Progress at Period-End | | :--- | :--- | :--- | :--- | | Smart Home & Medical Care Digital Factory Upgrade & Expansion | 25,586.31 | 8,930.80 | 34.90% | | Smart Office Product Capacity Expansion Project | 10,813.50 | 754.87 | 100.00% | | Working Capital Supplement Project | 5,000.00 | 5,000.00 | 100.00% | | New Smart Sunshade Series Product Project | 12,586.05 | 8,918.87 | 70.86% | | New Haojiang Intelligent Electronics Factory Project | 10,058.63 | 3,486.29 | 34.66% | | Total | 66,076.95 | 27,090.83 | | - The original "Smart Office Product Capacity Expansion Project" was terminated due to lower-than-expected sales growth, and its remaining funds were reallocated to the "New Haojiang Intelligent Electronics Factory Project"[74](index=74&type=chunk) - The company used **RMB 103.9013 million** of idle raised funds to temporarily supplement working capital, which had not been returned by the end of the reporting period[75](index=75&type=chunk) [(3) Changes in Projects Using Raised Funds](index=19&type=section&id=%EF%BC%883%EF%BC%89%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E5%8F%98%E6%9B%B4%E9%A1%B9%E7%9B%AE%E6%83%85%E5%86%B5) The company terminated the smart office project and reallocated funds to a new electronics factory to enhance its core business Changes in Projects Using Raised Funds | Changed Project Name | Planned Investment of Raised Funds (RMB 10,000s) | Actual Investment This Period (RMB 10,000s) | Cumulative Actual Investment at Period-End (RMB 10,000s) | Investment Progress at Period-End | | :--- | :--- | :--- | :--- | :--- | | New Haojiang Intelligent Electronics Factory Project | 10,058.63 | 2,028 | 3,486.29 | 34.66% | - The change was due to the "Smart Office Product Capacity Expansion Project" having lower-than-expected sales growth; the company terminated it to avoid underutilized capacity and adverse effects on performance[77](index=77&type=chunk)[78](index=78&type=chunk) - The new "Haojiang Intelligent Electronics Factory Project" focuses on the core electronics business, aiming to expand power controller capacity, improve the product matrix, and enhance market competitiveness[78](index=78&type=chunk) [6. Entrusted Wealth Management, Derivative Investments, and Entrusted Loans](index=20&type=section&id=6%E3%80%81%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2%E3%80%81%E8%A1%8D%E7%94%9F%E5%93%81%E6%8A%95%E8%B5%84%E5%92%8C%E5%A7%94%E6%89%98%E8%B4%B7%E6%AC%BE%E6%83%85%E5%86%B5) The company engaged in wealth management using bank products but had no derivative investments or entrusted loans [(1) Entrusted Wealth Management](index=20&type=section&id=%EF%BC%881%EF%BC%89%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2%E6%83%85%E5%86%B5) The company's entrusted wealth management activities involved bank products with an outstanding balance of RMB 272.8 million Entrusted Wealth Management Overview | Type | Funding Source | Amount Incurred (RMB 10,000s) | Outstanding Balance (RMB 10,000s) | Overdue Unrecovered Amount (RMB 10,000s) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 19,800 | 14,000 | 0 | | Bank Wealth Management Products | Own Funds | 13,280 | 13,280 | 0 | | Total | | 33,080 | 27,280 | 0 | [(2) Derivative Investments](index=20&type=section&id=%EF%BC%882%EF%BC%89%E8%A1%8D%E7%94%9F%E5%93%81%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company had no derivative investments during the reporting period - The company had **no derivative investments** during the reporting period[80](index=80&type=chunk) [(3) Entrusted Loans](index=20&type=section&id=%EF%BC%883%EF%BC%89%E5%A7%94%E6%89%98%E8%B4%B7%E6%AC%BE%E6%83%85%E5%86%B5) The company had no entrusted loans during the reporting period - The company had **no entrusted loans** during the reporting period[81](index=81&type=chunk) [VII. Major Asset and Equity Sales](index=21&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not engage in the sale of major assets or equity during the reporting period - The company **did not sell any major assets** during the reporting period[82](index=82&type=chunk) - The company **did not sell any major equity** during the reporting period[83](index=83&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=21&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section analyzes the financial performance of two key subsidiaries involved in smart sunshade and linear actuator control systems Financials of Major Subsidiaries | Company Name | Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Qingdao Rongke Electromechanical Technology Co, Ltd | Subsidiary | R&D, production, and sales of smart sunshade actuator products | 100,000,000.00 | 148,363,137.31 | 58,461,531.54 | 14,460,961.58 | -2,117,120.67 | -2,117,308.72 | | Qingdao Haojiang Electronic Technology Co, Ltd | Subsidiary | R&D and manufacturing of intelligent linear actuator control systems | 50,000,000.00 | 214,993,006.20 | 17,510,524.89 | 189,581,485.26 | 6,248,135.86 | 6,225,220.65 | - The company **did not acquire or dispose of any subsidiaries** during the reporting period[84](index=84&type=chunk) [IX. Structured Entities Controlled by the Company](index=21&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company **did not control any structured entities** during the reporting period[85](index=85&type=chunk) [X. Risks and Countermeasures](index=21&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from economic fluctuations, market competition, and supply chain volatility, which it addresses through strategic countermeasures - The company faces risks from **macroeconomic changes and cyclical fluctuations** in downstream industries, addressed by expanding application fields and product lines[85](index=85&type=chunk) - To counter **intensified market competition**, the company increases R&D investment, expands into the upstream supply chain, and enhances its "smart manufacturing" capabilities[87](index=87&type=chunk)[88](index=88&type=chunk) - Risks from **raw material supply and price volatility** are managed by monitoring market changes, diversifying suppliers, and adjusting product prices[88](index=88&type=chunk)[89](index=89&type=chunk) - **Management risks from business expansion** will be addressed by improving management systems and building a high-quality talent pipeline[89](index=89&type=chunk) - The risk of **fund-raising projects not meeting expectations** is mitigated by closely monitoring progress and making timely adjustments to ensure desired outcomes[89](index=89&type=chunk)[90](index=90&type=chunk) [XI. Record of Investor Relations Activities](index=22&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) The company engaged with investors through an online platform to discuss business operations and industry outlook Investor Relations Activity Log | Reception Time | Location | Method | Counterparty Type | Main Content & Materials Provided | Index to Basic Survey Information | | :--- | :--- | :--- | :--- | :--- | :--- | | May 12, 2025 | Panorama "Investor Relations Interactive Platform" | Online Platform Communication | Other | Company business status, industry outlook, etc | See "Investor Relations Activity Record" (Announcement No: 2025-028) on Juchao Information Network | [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=23&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not formulated a market value management system or disclosed a valuation enhancement plan - The company has **not formulated a market value management system**[92](index=92&type=chunk) - The company has **not disclosed a valuation enhancement plan**[92](index=92&type=chunk) [XIII. Implementation of the "Dual Improvement of Quality and Return" Action Plan](index=23&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed a "Dual Improvement of Quality and Return" action plan - The company has **not disclosed a "Dual Improvement of Quality and Return" action plan announcement**[92](index=92&type=chunk) [Section 4: Corporate Governance, Environment, and Society](index=24&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [I. Changes in Directors, Supervisors, and Senior Management](index=24&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were **no changes** in the company's directors, supervisors, or senior management during the reporting period[94](index=94&type=chunk) [II. Profit Distribution and Capitalization of Capital Reserve for the Reporting Period](index=24&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company does not plan to distribute profits or capitalize reserves for the semi-annual period - The company plans **no cash dividend distribution**, no bonus shares, and no capitalization of capital reserve for the semi-annual period[95](index=95&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=24&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company implemented two restricted stock incentive plans in 2024 and 2025 [1. Equity Incentives](index=24&type=section&id=1%E3%80%81%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1) The company implemented restricted stock incentive plans in both 2024 and 2025 - The **2024 restricted stock incentive plan** granted 2.7 million shares to 13 participants in August 2024 and is currently in the first vesting assessment period[96](index=96&type=chunk)[97](index=97&type=chunk) - The **2025 restricted stock incentive plan** proposes to grant 1.86 million shares, with an initial grant of 1.67 million shares to 28 participants and 190,000 shares reserved[97](index=97&type=chunk) - The initial grant date for the 2025 plan was set for **August 14, 2025**, with a grant price of **RMB 10.02 per share**[98](index=98&type=chunk) [2. Implementation of Employee Stock Ownership Plans](index=25&type=section&id=2%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company did not have an employee stock ownership plan during the reporting period - The company did not have an **employee stock ownership plan** during the reporting period[99](index=99&type=chunk) [3. Other Employee Incentive Measures](index=25&type=section&id=3%E3%80%81%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD) The company did not have other employee incentive measures during the reporting period - The company did not have **other employee incentive measures** during the reporting period[99](index=99&type=chunk) [IV. Environmental Information Disclosure](index=25&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its subsidiaries are not designated for mandatory environmental information disclosure - The company and its main subsidiaries are **not included in the list of enterprises required to disclose environmental information** by law[99](index=99&type=chunk) [V. Social Responsibility](index=25&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities across governance, stakeholder rights, environmental protection, and community engagement - The company adheres to laws and regulations, continuously improving its corporate governance structure and internal management systems[99](index=99&type=chunk) - Investor rights are protected through timely, fair information disclosure and interactive platforms for feedback[99](index=99&type=chunk) - The company upholds a "people-oriented" philosophy, protecting employee rights with comprehensive talent management, compensation, and training systems[100](index=100&type=chunk) - Adhering to principles of fairness and mutual benefit, the company maintains strong supplier management and long-term relationships with core customers[101](index=101&type=chunk) - The company actively undertakes environmental protection responsibilities, promoting clean production and resource conservation for sustainable development[101](index=101&type=chunk) - The company participates in social welfare activities and plans to increase its involvement in community projects and rural revitalization initiatives[102](index=102&type=chunk) [Section 5: Important Matters](index=27&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [I. Fulfillment of Commitments by Relevant Parties](index=27&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) There were no fulfilled or overdue unfulfilled commitments by relevant parties during the reporting period - There were **no unfulfilled or overdue unfulfilled commitments** by relevant parties during the reporting period[104](index=104&type=chunk) [II. Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=27&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) There was no non-operating fund occupation by controlling shareholders or other related parties - There was **no non-operating fund occupation** by controlling shareholders or other related parties during the reporting period[105](index=105&type=chunk) [III. Irregular External Guarantees](index=27&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had **no irregular external guarantees** during the reporting period[106](index=106&type=chunk) [IV. Appointment and Dismissal of Accounting Firm](index=27&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual report was **unaudited**[107](index=107&type=chunk) [V. Explanation of "Non-standard Audit Report" by Relevant Committees](index=27&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E3%80%81%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) This section is not applicable as there was no non-standard audit report - There was **no non-standard audit report** during the reporting period[108](index=108&type=chunk) [VI. Board's Explanation of Prior Year's "Non-standard Audit Report"](index=27&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) This section is not applicable as there was no non-standard audit report in the prior year - There was **no non-standard audit report** in the prior year[108](index=108&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=27&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company had no bankruptcy or reorganization matters during the reporting period - The company had **no bankruptcy or reorganization matters** during the reporting period[108](index=108&type=chunk) [VIII. Litigation Matters](index=27&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no material litigation or arbitration during the reporting period - The company had **no material litigation or arbitration** during the reporting period[109](index=109&type=chunk) Other Litigation Matters | Litigation (Arbitration) Details | Amount Involved (RMB 10,000s) | Provision Formed | Progress | Outcome and Impact | Judgment Execution | | :--- | :--- | :--- | :--- | :--- | :--- | | Other litigation where the company is a defendant/respondent not meeting material disclosure standards | 0.69 | No | Concluded | No material impact | Executed | [IX. Penalties and Rectifications](index=28&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectifications during the reporting period - The company had **no penalties or rectifications** during the reporting period[111](index=111&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholders, and Actual Controller](index=28&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) There were no integrity issues concerning the company, its controlling shareholders, or actual controller - There were **no integrity issues** concerning the company, its controlling shareholders, or actual controller during the reporting period[112](index=112&type=chunk) [XI. Major Related-Party Transactions](index=28&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in ordinary course related-party transactions for procurement, sales, and leasing, all within approved limits [1. Related-Party Transactions in the Ordinary Course of Business](index=28&type=section&id=1%E3%80%81%E4%B8%8E%E6%97%A5%E5%B8%B8%E7%BB%8F%E8%90%A5%E7%9B%B8%E5%85%B3%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company conducted routine related-party transactions for procurement, sales, and leasing, all within approved limits and at fair prices Ordinary Course Related-Party Transactions | Related Party | Transaction Type | Transaction Content | Amount (RMB 10,000s) | % of Similar Transactions | Approved Limit (RMB 10,000s) | Exceeded Limit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jimo City San De Li Industry and Trade Co, Ltd | Purchase from related party | Commissioned processing | 353 | 23.72% | 500 | No | | Qingdao Intelligent Precision Technology Co, Ltd | Purchase from related party | Raw material procurement | 174.49 | 0.54% | 200 | No | | Qingdao Taixin Cold Chain Co, Ltd | Sale to related party | Product sales | 32.45 | 0.08% | 36 | No | | Gong Chuijiang | Lease | Factory lease | 23.81 | 11.18% | 50 | No | | Qingdao Tianfeng Investment Co, Ltd | Lease | Factory lease | 17.48 | 8.21% | 39 | No | | Total | | | 601.23 | | 825 | -- | - The company's estimated ordinary related-party transactions for 2025 were RMB 8.25 million; the actual amount incurred was RMB 6.0123 million, which did not exceed the estimate and was conducted fairly without harming the interests of the company or its minority shareholders[113](index=113&type=chunk) [2. Related-Party Transactions Involving Asset or Equity Acquisitions and Sales](index=29&type=section&id=2%E3%80%81%E8%B5%84%E4%BA%A7%E6%88%96%E8%82%A1%E6%9D%83%E6%94%B6%E8%B4%AD%E3%80%81%E5%87%BA%E5%94%AE%E5%8F%91%E7%94%9F%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company had no related-party transactions involving asset or equity acquisitions and sales - The company had **no related-party transactions involving asset or equity acquisitions and sales** during the reporting period[114](index=114&type=chunk) [3. Related-Party Transactions Involving Joint External Investments](index=29&type=section&id=3%E3%80%81%E5%85%B1%E5%90%8C%E5%AF%B9%E5%A4%96%E6%8A%95%E8%B5%84%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company had no related-party transactions involving joint external investments - The company had **no related-party transactions involving joint external investments** during the reporting period[115](index=115&type=chunk) [4. Related-Party Credit and Debt Transactions](index=29&type=section&id=4%E3%80%81%E5%85%B3%E8%81%94%E5%80%BA%E6%9D%83%E5%80%BA%E5%8A%A1%E5%BE%80%E6%9D%A5) The company had no related-party credit or debt transactions - The company had **no related-party credit or debt transactions** during the reporting period[116](index=116&type=chunk) [5. Transactions with Related Finance Companies](index=30&type=section&id=5%E3%80%81%E4%B8%8E%E5%AD%98%E5%9C%A8%E5%85%B3%E8%81%94%E5%85%B3%E7%B3%BB%E7%9A%84%E8%B4%A2%E5%8A%A1%E5%85%AC%E5%8F%B8%E7%9A%84%E5%BE%80%E6%9D%A5%E6%83%85%E5%86%B5) There were no financial transactions between the company and any related finance companies - There were **no deposits, loans, credit lines, or other financial services** between the company and any related finance companies[117](index=117&type=chunk) [6. Transactions between Company-controlled Finance Companies and Related Parties](index=30&type=section&id=6%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E8%82%A1%E7%9A%84%E8%B4%A2%E5%8A%A1%E5%85%AC%E5%8F%B8%E4%B8%8E%E5%85%B3%E8%81%94%E6%96%B9%E7%9A%84%E5%BE%80%E6%9D%A5%E6%83%85%E5%86%B5) There were no financial transactions between company-controlled finance companies and related parties - There were **no deposits, loans, credit lines, or other financial services** between company-controlled finance companies and related parties[118](index=118&type=chunk) [7. Other Major Related-Party Transactions](index=30&type=section&id=7%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company had no other major related-party transactions - The company had **no other major related-party transactions** during the reporting period[119](index=119&type=chunk) [XII. Major Contracts and Their Performance](index=30&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had property lease agreements for operations but no other material contracts [1. Custodianship, Contracting, and Leasing](index=30&type=section&id=1%E3%80%81%E6%89%98%E7%AE%A1%E3%80%81%E6%89%BF%E5%8C%85%E3%80%81%E7%A7%9F%E8%B5%81%E4%BA%8B%E9%A1%B9%E6%83%85%E5%86%B5) The company had no custodianship or contracting arrangements but leased properties for operational use - The company had **no custodianship arrangements** during the reporting period[120](index=120&type=chunk) - The company had **no contracting arrangements** during the reporting period[121](index=121&type=chunk) - During the reporting period, the company's branches and subsidiaries leased some properties for daily office and production use, with rent payments totaling **RMB 2.13 million**[122](index=122&type=chunk) - There were **no leasing projects** that generated gains or losses exceeding 10% of the company's total profit for the reporting period[122](index=122&type=chunk) [2. Major Guarantees](index=30&type=section&id=2%E3%80%81%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D) The company had no major guarantees during the reporting period - The company had **no major guarantees** during the reporting period[123](index=123&type=chunk) [3. Major Contracts in the Ordinary Course of Business](index=30&type=section&id=3%E3%80%81%E6%97%A5%E5%B8%B8%E7%BB%8F%E8%90%A5%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C) The company had no major contracts in the ordinary course of business - The company had **no major contracts in the ordinary course of business** during the reporting period[125](index=125&type=chunk) [4. Other Major Contracts](index=31&type=section&id=4%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C) The company had no other major contracts - The company had **no other major contracts** during the reporting period[126](index=126&type=chunk) [XIII. Explanation of Other Major Matters](index=31&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company completed a share repurchase plan and the 2024 annual profit distribution - The company completed its share repurchase on January 26, 2025, having repurchased **1,860,066 shares (1.03% of total capital)** for a total of **RMB 27,111,678.45**[127](index=127&type=chunk) - The company completed its 2024 annual profit distribution on June 3, 2025, paying a cash dividend of **RMB 1.00 per 10 shares (inclusive of tax)**, totaling **RMB 17,933,993.40**[128](index=128&type=chunk) [XIV. Major Matters of Company Subsidiaries](index=31&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) There were no major matters concerning the company's subsidiaries during the reporting period - There were **no major matters concerning the company's subsidiaries** during the reporting period[129](index=129&type=chunk) [Section 6: Changes in Share Capital and Shareholder Information](index=32&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [I. Changes in Share Capital](index=32&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share count remained unchanged, with a minor shift from restricted to unrestricted shares [1. Changes in Share Capital](index=32&type=section&id=1%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Total shares remained constant, while a small number of restricted shares were released due to a senior executive's departure Changes in Share Capital | Share Type | Pre-change Quantity (shares) | Pre-change Ratio | Change (+/- shares) | Post-change Quantity (shares) | Post-change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 113,514,625 | 62.65% | -3,600 | 113,511,025 | 62.64% | | II. Unrestricted Shares | 67,685,375 | 37.35% | 3,600 | 67,688,975 | 37.36% | | III. Total Shares | 181,200,000 | 100.00% | 0 | 181,200,000 | 100.00% | - The change in shares was due to the departure of a senior executive before the end of their term, leading to the release of locked-up shares as per regulations[132](index=132&type=chunk) [2. Changes in Restricted Shares](index=33&type=section&id=2%E3%80%81%E9%99%90%E5%94%AE%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) A small number of restricted shares held by a former executive were released during the period Changes in Restricted Shares | Shareholder Name | Opening Restricted Shares (shares) | Shares Released This Period (shares) | Closing Restricted Shares (shares) | Reason for Restriction | Planned Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | | Gong Zhiqiang | 90,000,000 | | 90,000,000 | Pre-IPO restricted shares | June 9, 2026 | | Qingdao Qihang Capital Management Center (LP) | 10,000,000 | | 10,000,000 | Pre-IPO restricted shares | June 9, 2026 | | Qingdao Qide Investment Enterprise (LP) | 10,000,000 | | 10,000,000 | Pre-IPO restricted shares | June 9, 2026 | | Qingdao Qiyuan Capital Management Center (LP) | 3,000,000 | | 3,000,000 | Pre-IPO restricted shares | June 9, 2026 | | Qingdao Qixian Capital Management Center (LP) | 140,000 | | 140,000 | Pre-IPO restricted shares | June 9, 2026 | | Qingdao Qichen Capital Management Center (LP) | 360,000 | | 360,000 | Pre-IPO restricted shares | June 9, 2026 | | Gong Chao | 14,625 | 3,600 | 11,025 | Executive lock-up shares | Released upon departure before term end as per regulations | | Total | 113,514,625 | 3,600 | 113,511,025 | -- | -- | [II. Securities Issuance and Listing](index=33&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company did not issue or list any securities during the reporting period - The company **did not issue or list any securities** during the reporting period[136](index=136&type=chunk) [III. Number of Shareholders and Shareholding Status](index=33&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the period end, the company had 14,034 shareholders, with the controlling shareholder holding a 49.67% stake - The total number of common shareholders at the end of the reporting period was **14,034**[137](index=137&type=chunk) Shareholding of Top 10 Shareholders or Those Holding Over 5% | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period-End (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Gong Zhiqiang | Domestic Individual | 49.67% | 90,000,000 | 90,000,000 | 0 | | Qingdao Qihang Capital Management Center (LP) | Domestic Non-state-owned Legal Entity | 5.52% | 10,000,000 | 10,000,000 | 0 | | Qingdao Qide Investment Enterprise (LP) | Domestic Non-state-owned Legal Entity | 5.52% | 10,000,000 | 10,000,000 | 0 | | Nanjing Fuhao Venture Capital Partnership (LP) | Domestic Non-state-owned Legal Entity | 3.36% | 6,090,000 | 0 | 6,090,000 | | Qingdao Qiyuan Capital Management Center (LP) | Domestic Non-state-owned Legal Entity | 1.77% | 3,210,000 | 3,000,000 | 210,000 | | J. P. Morgan Securities PLC - Proprietary | Overseas Legal Entity | 0.57% | 1,026,481 | 0 | 1,026,481 | | Qingdao Qixian Capital Management Center (LP) | Domestic Non-state-owned Legal Entity | 0.50% | 900,000 | 140,000 | 760,000 | | BARCLAYS BANK PLC | Overseas Legal Entity | 0.45% | 814,767 | 0 | 814,767 | | UBS AG | Overseas Legal Entity | 0.36% | 651,696 | 0 | 651,696 | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | Overseas Legal Entity | 0.32% | 572,856 | 0 | 572,856 | - Controlling shareholder Gong Zhiqiang serves as the executive partner and holds partnership shares in Qingdao Qihang Capital Management Center (LP) and Qingdao Qide Investment Enterprise (LP); his spouse and brother-in-law also hold partnership shares in Qingdao Qiyuan Capital Management Center (LP)[139](index=139&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=36&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) There were no changes in the shareholdings of directors, supervisors, and senior management - There were **no changes** in the shareholdings of directors, supervisors, and senior management during the reporting period[142](index=142&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=36&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) 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[143](index=143&type=chunk) - The company's **actual controller did not change** during the reporting period[143](index=143&type=chunk) [VI. Preferred Stock Information](index=36&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred stock during the reporting period - The company had **no preferred stock** during the reporting period[144](index=144&type=chunk) [Section 7: Bond-related Matters](index=37&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Bond-related Matters](index=37&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related matters during the reporting period - The company had **no bond-related matters** during the reporting period[146](index=146&type=chunk) [Section 8: Financial Report](index=38&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [I. Audit Report](index=38&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was **unaudited**[148](index=148&type=chunk) [II. Financial Statements](index=38&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the consolidated and parent company financial statements for the first half of 2025 [1. Consolidated Balance Sheet](index=38&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, consolidated total assets were RMB 1.56 billion, and total liabilities were RMB 514.45 million Consolidated Balance Sheet (Abridged) | Item | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | | **Total Current Assets** | **980,573,517.33** | **958,222,753.32** | | Cash and Cash Equivalents | 218,979,520.61 | 211,692,775.21 | | Trading Financial Assets | 271,833,381.85 | 316,702,356.87 | | Accounts Receivable | 267,438,523.58 | 231,693,293.55 | | Inventory | 180,518,526.52 | 167,640,977.44 | | **Total Non-current Assets** | **583,268,083.00** | **533,653,005.74** | | Fixed Assets | 334,215,381.48 | 327,726,949.78 | | Construction in Progress | 89,144,803.82 | 58,637,261.89 | | **Total Assets** | **1,563,841,600.33** | **1,491,875,759.06** | | **Total Current Liabilities** | **500,347,458.30** | **434,119,477.18** | | Short-term Borrowings | 35,818,101.93 | 525,250.61 | | Notes Payable | 244,045,486.27 | 224,800,860.73 | | Accounts Payable | 174,314,086.72 | 157,041,496.81 | | **Total Non-current Liabilities** | **14,101,170.43** | **17,207,910.18** | | **Total Liabilities** | **514,448,628.73** | **451,327,387.36** | | **Total Equity** | **1,049,392,971.60** | **1,040,548,371.70** | [2. Parent Company Balance Sheet](index=40&type=section&id=2%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were RMB 1.52 billion, and total liabilities were RMB 368.80 million Parent Company Balance Sheet (Abridged) | Item | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | | **Total Current Assets** | **873,617,094.55** | **864,646,739.70** | | Cash and Cash Equivalents | 139,688,859.08 | 117,382,636.73 | | Trading Financial Assets | 166,851,829.50 | 260,008,033.70 | | Accounts Receivable | 167,629,402.07 | 197,705,972.32 | | Other Receivables | 202,953,636.80 | 135,884,732.60 | | Inventory | 83,125,385.76 | 75,443,250.06 | | **Total Non-current Assets** | **649,445,998.42** | **637,555,454.27** | | Long-term Equity Investments | 365,201,318.42 | 355,201,318.42 | | Fixed Assets | 228,853,395.88 | 221,056,667.42 | | **Total Assets** | **1,523,063,092.97** | **1,502,202,193.97** | | **Total Current Liabilities** | **356,971,482.56** | **346,494,630.91** | | Notes Payable | 245,465,647.93 | 224,893,295.18 | | Accounts Payable | 94,521,245.22 | 95,793,458.95 | | **Total Non-current Liabilities** | **11,830,600.22** | **13,248,782.32** | | **Total Liabilities** | **368,802,082.78** | **359,743,413.23** | | **Total Equity** | **1,154,261,010.19** | **1,142,458,780.74** | [3. Consolidated Income Statement](index=43&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For H1 2025, consolidated revenue was RMB 459.49 million, an 18.64% increase, while net profit was RMB 19.54 million, a 22.46% decrease Consolidated Income Statement (Abridged) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 459,490,672.37 | 387,311,238.72 | | Total Operating Costs | 433,721,163.15 | 350,500,791.01 | | Operating Profit | 21,067,377.56 | 30,863,497.33 | | Total Profit | 21,051,289.30 | 30,949,293.56 | | Income Tax Expense | 1,511,149.35 | 5,747,794.57 | | Net Profit | 19,540,139.95 | 25,201,498.99 | | Net Profit Attributable to Parent Company Shareholders | 19,540,139.95 | 25,201,498.99 | | Net After-tax Other Comprehensive Income | 1,983,253.35 | -1,619,796.79 | | Total Comprehensive Income | 21,523,393.30 | 23,581,702.20 | | Basic Earnings Per Share (RMB/share) | 0.11 | 0.14 | | Diluted Earnings Per Share (RMB/share) | 0.11 | 0.14 | [4. Parent Company Income Statement](index=44&type=section&id=4%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) For H1 2025, the parent company's revenue was RMB 311.31 million, a 5.71% decrease, and net profit was RMB 24.48 million, a 44.20% decrease Parent Company Income Statement (Abridged) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 311,307,855.97 | 330,149,430.14 | | Operating Costs | 239,794,524.16 | 251,465,417.48 | | Operating Profit | 25,882,927.55 | 49,181,250.37 | | Total Profit | 25,847,851.62 | 49,234,820.91 | | Income Tax Expense | 1,366,828.77 | 5,363,269.67 | | Net Profit | 24,481,022.85 | 43,871,551.24 | | Basic Earnings Per Share (RMB/share) | 0.14 | 0.24 | | Diluted Earnings Per Share (RMB/share) | 0.14 | 0.24 | [5. Consolidated Cash Flow Statement](index=45&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For H1 2025, net cash flow from operating activities was RMB 58.15 million, a significant year-on-year increase Consolidated Cash Flow Statement (Abridged) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 58,148,581.40 | -11,370,660.58 | | Net Cash Flow from Investing Activities | 4,150,616.12 | 13,973,105.52 | | Net Cash Flow from Financing Activities | 14,676,969.79 | -20,811,138.89 | | Effect of Exchange Rate Changes on Cash | 315,826.80 | 1,290,278.10 | | Net Increase in Cash and Cash Equivalents | 77,291,994.11 | -16,918,415.85 | | Closing Balance of Cash and Cash Equivalents | 217,979,520.61 | 300,336,674.97 | [6. Parent Company Cash Flow Statement](index=47&type=section&id=6%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For H1 2025, the parent company's net cash flow from operating activities was RMB 38.14 million, a year-on-year increase Parent Company Cash Flow Statement (Abridged) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 38,136,989.78 | 26,015,718.83 | | Net Cash Flow from

一、本激励计划已履行的相关审批程序 1、2024 年 8 月 8 日，公司召开第三届董事会第八次会议，审议并通过了《关 于公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2024 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股东大会授权董 事会办理公司 2024 年限制性股票激励计划相关事宜的议案》。 证券代码：301320 证券简称：豪江智能 公告编号：2025-043 青岛豪江智能科技股份有限公司 关于调整2024年限制性股票激励计划授予价格的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 青岛豪江智能科技股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召开第三届董事会第十五次会议、第三届监事会第十一次会议，审议通过了《关 于调整 2024 年限制性股票激励计划授予价格的议案》，鉴于公司 2024 年年度权 益分派方案已实施完成，同意将 2024 年限制性股票激励计划（以下简称"本激 励计划"）授予价格由 6.78 元/股调整为 6.68 元/股。现将有关情况公告如下： 同日，公司召开第三届监事 ...

Group 1 - The core viewpoint of the news is that Haokang Intelligent (301320) has shown a slight decline in stock price and a net outflow of funds, despite reporting positive revenue and profit growth in its latest quarterly earnings [1][3] - As of August 25, 2025, Haokang Intelligent's stock closed at 21.52 yuan, down 0.74%, with a turnover rate of 9.08% and a trading volume of 61,400 hands, amounting to a transaction value of 1.33 billion yuan [1] - The company reported total operating revenue of 211 million yuan for the first quarter of 2025, representing a year-on-year growth of 6.70%, and a net profit attributable to shareholders of 16.25 million yuan, up 28.98% year-on-year [1] Group 2 - The company has a current ratio of 2.256, a quick ratio of 1.838, and a debt-to-asset ratio of 29.32%, indicating a strong liquidity position [1] - Haokang Intelligent was established in 2017 and is primarily engaged in the manufacturing of instruments and meters, with a registered capital of 181.2 million yuan [1][2] - The company has made investments in 6 enterprises, participated in 16 bidding projects, and holds 361 patents and 53 trademarks, along with 16 administrative licenses [2]

（文章来源：证券日报） 证券日报网讯 8月14日晚间，豪江智能发布公告称，公司第三届监事会第十次会议审议通过了《关于向 2025年限制性股票激励计划激励对象首次授予限制性股票的议案》。 ...

Group 1 - The core point of the article is that Haojiang Intelligent has announced the approval of the first grant of restricted stock under the 2025 restricted stock incentive plan by its third board of directors' fourteenth meeting [2] Group 2 - The announcement indicates a strategic move towards incentivizing key personnel within the company through stock options, which may enhance employee motivation and align their interests with shareholders [2] - The decision reflects the company's commitment to long-term growth and performance, as it aims to attract and retain talent in a competitive market [2] - The specifics of the restricted stock plan, including the number of shares and the criteria for granting them, were not detailed in the announcement [2]

北京市君泽君（上海）律师事务所 关于 青岛豪江智能科技股份有限公司 之 法律意见书 上海市浦东新区杨高南路729号陆家嘴世纪金融广场1号楼40层, 邮编：200127 电话(Tel): (021)6106 0889 传真(Fax): (021) 6106 0890 网址(Web): https://www.junzejun.com 法律意见书 北京市君泽君（上海）律师事务所 关于青岛豪江智能科技股份有限公司 法律意见书 君泽君[2025]证券字 2025-014-2-1 致：青岛豪江智能科技股份有限公司 北京市君泽君（上海）律师事务所（以下简称"本所"）接受青岛豪江智能 科技股份有限公司（以下简称"豪江智能"或"公司"）的委托，担任公司 2025 年限制性股票激励计划（以下简称"本激励计划"）的专项法律顾问。本所根据 《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》"）、《上市公司股权激励管理办法》（以下简 称"《管理办法》"）、《深圳证券交易所创业板股票上市规则》（以下简称"《股 票上市规则》"）、《深圳证券交易所创业板上市公司自律监管指南第 1 号—— ...

青岛豪江智能科技股份有限公司董事会薪酬与考核委员会 关于向激励对象首次授予限制性股票的核查意见 青岛豪江智能科技股份有限公司（以下简称"公司"）于 2025 年 8 月 14 日召开 第三届董事会薪酬与考核委员会 2025 年第 3 次会议，审议通过了《关于向 2025 年 限制性股票激励计划激励对象首次授予限制性股票的议案》。 （以下简称"《公司法》"）、 董事会薪酬与考核委员会根据《中华人民共和国公司法》 青岛豪江智能科技股份有限公司董事会薪酬与考核委员会 二〇二五年八月十四日 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办 法》（以下简称"《管理办法》"）、《深圳证券交易所创业板股票上市规则》（以下 简称"《上市规则》"）等有关法律法规、规范性文件以及《青岛豪江智能科技股份有 限公司章程》（以下简称"《公司章程》"）的有关规定，对公司 2025 年限制性股票 激励计划（以下简称"本激励计划"）首次授予相关事项进行了核查，发表核查意见 如下： 生不得授予/获授限制性股票的情形，2025 年限制性股票激励计划规定的授予条件已 经成就。 计划（草案）》及其摘要有关授予日的相关规定 ...