Important Notes, Table of Contents, and Definitions This section provides crucial disclaimers, outlines the report's structure, and defines key terms used throughout the document [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board, supervisory board, and senior management guarantee the report's accuracy and completeness, while future plans are not commitments - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility[4](index=4&type=chunk) - Statements regarding future operating plans and performance forecasts in the report do not constitute a commitment by the company to investors, who should remain aware of risks[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the report's overall structure, covering eight main chapters including company profile, management discussion, and financial reports - The report comprises eight main chapters, covering company operations, financials, governance, and significant matters[7](index=7&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms, company entities, legal regulations, reporting period, currency units, and core business products like automotive fluid pipelines - The reporting period is from January 1, 2025, to June 30, 2025[11](index=11&type=chunk) - The company's core business involves automotive fluid pipelines, including fuel lines, evaporative emission lines, vacuum brake lines, and new energy vehicle thermal management system lines[11](index=11&type=chunk) - The company's main subsidiaries include Liuzhou Suliang, Suliang Components, Suliang Precision, Suliang Zhikong, and Jiangsu Suliang[11](index=11&type=chunk) Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, and a summary of its key financial performance and position [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) Chongqing Suliang Plastic Co., Ltd., stock code 301397, is listed on the Shenzhen Stock Exchange, with Han Zongjun as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Suliang Shares | | Stock Code | 301397 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Chongqing Suliang Plastic Co., Ltd. | | Legal Representative | Han Zongjun | [Contact Persons and Information](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) The company's board secretary is Han Xiao and securities affairs representative is Yi Junping, both located at No. 899 Haier Road, Jiangbei District, Chongqing Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Han Xiao (Senior) | No. 899 Haier Road, Jiangbei District, Chongqing | 023-67551991 | 023-67551991 | slzqb@cqslsj.com | | Securities Affairs Representative | Yi Junping | No. 899 Haier Road, Jiangbei District, Chongqing | 023-67551991 | 023-67551991 | slzqb@cqslsj.com | [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) The company's registered address, office address, website, email, information disclosure, and registration status remained unchanged during the reporting period - The company's contact information, information disclosure and storage locations, and registration status remained unchanged during the reporting period[15](index=15&type=chunk)[16](index=16&type=chunk)[17](index=17&type=chunk) [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) In the first half of 2025, revenue grew by **26.30%** to **668 million yuan**, but net profit attributable to shareholders decreased by **4.43%** to **67.76 million yuan**, while operating cash flow significantly increased by **1178.78%** Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 668,190,643.81 | 529,047,245.74 | 26.30% | | Net Profit Attributable to Shareholders | 67,762,453.16 | 70,899,812.12 | -4.43% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 60,495,324.21 | 68,122,347.44 | -11.20% | | Net Cash Flow from Operating Activities | 89,232,559.98 | -8,271,599.42 | 1,178.78% | | Basic Earnings Per Share (CNY/share) | 0.44 | 0.59 | -25.42% | | Diluted Earnings Per Share (CNY/share) | 0.44 | 0.59 | -25.42% | | Weighted Average Return on Net Assets | 3.42% | 3.60% | -0.18% | | **Period-end Indicators** | **Period-end (CNY)** | **Prior Year-end (CNY)** | **Period-end vs. Prior Year-end Change** | | Total Assets | 2,658,867,533.61 | 2,527,874,492.43 | 5.18% | | Net Assets Attributable to Shareholders | 1,925,515,996.00 | 1,948,537,504.14 | -1.18% | [Differences in Accounting Data under Domestic and Overseas 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) The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in accounting data under domestic and overseas accounting standards during the reporting period[19](index=19&type=chunk)[20](index=20&type=chunk) [Non-recurring Gains and Losses 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) The company's total non-recurring gains and losses for H1 2025 amounted to **7.27 million yuan**, primarily from fair value changes in financial assets and government grants Non-recurring Gains and Losses for H1 2025 | Item | Amount (CNY) | Description | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 37,444.29 | | | Government Grants Recognized in Current Profit/Loss | 820,386.00 | | | Gains/Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-financial Enterprises, and Gains/Losses from Disposal of Financial Assets and Liabilities, excluding effective hedging activities related to normal business operations | 7,951,205.28 | Primarily actual income from cash management products and fair value changes | | Other Non-operating Income and Expenses beyond the above items | -259,472.93 | | | Less: Income Tax Impact | 1,282,433.69 | | | Total | 7,267,128.95 | | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor has it classified non-recurring items as recurring gains and losses[23](index=23&type=chunk) Management Discussion and Analysis This section analyzes the company's main business, core competitiveness, financial performance, investment activities, and risks during the reporting period [Main 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%90%A5%E4%B8%9A%E5%8A%A1) The company specializes in automotive plastic fluid pipeline products, expanding into new energy vehicles and emerging sectors, with revenue growth driven by new energy vehicle sales and technological upgrades [Company's Main Business Activities](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1) The company designs, develops, produces, and sells automotive plastic fluid pipeline products for both traditional and new energy vehicles, expanding into diverse new application areas - The company specializes in the design, research and development, production, and sales of automotive plastic fluid pipeline products and their components[25](index=25&type=chunk) - The company offers 7 major categories and over 4,000 specifications of products, applied in fuel vehicles and new energy vehicles, with extensive deployment across **30+ new energy industry chain clients**[25](index=25&type=chunk) - The company's product application areas are actively expanding into motorcycles, general machinery, ships, home appliances, low-altitude flight and aviation, and liquid-cooled server data centers[26](index=26&type=chunk) [Company's Main Business Model](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E6%A8%A1%E5%BC%8F) The company operates on a "production-to-order" model, with competitive procurement, direct sales, and customer-oriented, synchronous R&D with vehicle manufacturers - Procurement Model: Procurement is conducted through the purchasing and engineering departments, establishing a scientific supplier evaluation and admission system, and selecting suppliers through competitive bidding[28](index=28&type=chunk) - Production Model: Operates on a "production-to-order" basis, formulating production plans according to vehicle manufacturer orders and procurement plans, and managing the production process through an ERP system[29](index=29&type=chunk) - Sales Model: Adopts a direct sales approach, settling with vehicle manufacturer clients after product use, and with component manufacturers after product receipt confirmation[30](index=30&type=chunk) - R&D Model: Customer-demand oriented, closely collaborating with vehicle manufacturers, primarily through synchronous development, and focusing on independent R&D of core components[31](index=31&type=chunk) [Company's Industry Position](index=10&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%85%AC%E5%8F%B8%E8%A1%8C%E4%B8%9A%E5%9C%B0%E4%BD%8D) The company is a leading domestic supplier of automotive plastic fluid pipeline products, with over two decades of experience, **113 patents**, and significant revenue growth in H1 2025 - The company is one of the leading domestic suppliers of automotive plastic fluid pipeline products, holding **113 patents**, including **35 invention patents**[32](index=32&type=chunk) - The company is recognized as a high-tech enterprise and a national intellectual property advantage enterprise, and has received recognition from numerous vehicle manufacturers and leading power battery companies[32](index=32&type=chunk) - In H1 2025, the company's operating revenue increased by **26.30%** year-on-year, primarily due to growth in new energy vehicle sales and improved thermal management system performance[32](index=32&type=chunk) [Industry Development Overview](index=10&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%A6%82%E5%86%B5) In H1 2025, China's automotive production and sales grew by **12.5%** and **11.4%** respectively, with new energy vehicles showing robust growth of over **40%** and a market share of **44.3%** H1 2025 China Automotive Industry Production and Sales Data | Indicator | Production/Sales Volume (10,000 units) | YoY Growth | | :--- | :--- | :--- | | Automobile Production/Sales | 1,562.1 / 1,565.3 | 12.5% / 11.4% | | Passenger Vehicle Production/Sales | 1,352.2 / 1,353.1 | 13.8% / 13% | | New Energy Vehicle Production/Sales | 696.8 / 693.7 | 41.4% / 40.3% | | New Energy Vehicle Market Share | 44.3% | | | Plug-in Hybrid NEV Sales | 252.1 | 31.1% | | Pure Electric Vehicle Sales | 441.5 | 46.2% | | Automobile Exports | 308.3 | 10.4% | | New Energy Vehicle Exports | 106 | 75.2% | - The market share of independent brand passenger vehicles exceeded **65%**, with new energy vehicle penetration being the main driving factor[33](index=33&type=chunk) [Key Performance Influencing Factors](index=10&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E7%BB%A9%E5%BD%B1%E5%93%8D%E5%9B%A0%E7%B4%A0) Revenue grew by **26.30%** due to new energy vehicle sales and technological upgrades, but net profit declined by **4.43%** due to increased operating costs and R&D expenses from business expansion and new projects - Operating revenue increased by **26.30%**, primarily benefiting from growth in new energy vehicle sales and rapid technological iteration of client vehicle models[34](index=34&type=chunk)[35](index=35&type=chunk) - Net profit attributable to shareholders decreased by **4.43%** year-on-year, and net profit excluding non-recurring items decreased by **11.20%** year-on-year[34](index=34&type=chunk) - Operating costs grew rapidly, mainly due to active business expansion, new project construction, equipment upgrades, and increased R&D expenses[35](index=35&type=chunk) [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 strengths lie in technological innovation, strong customer relationships, an independent supply chain, rapid market response, robust management systems, and optimized product structure [Technological Advantages](index=11&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%8A%80%E6%9C%AF%E4%BC%98%E5%8A%BF) The company pioneered nylon material applications in automotive fluid pipelines, developing quick connectors and battery pack water pipe connectors, holding **113 patents**, and achieving CNAS certification for its testing center - The company pioneered the development of automotive nylon fuel line quick connectors (2003) and power battery pack dedicated water pipe connectors (2018), filling domestic market gaps[36](index=36&type=chunk) - The company holds **113 registered patents**, including **35 invention patents**, and its technical testing center has passed national CNAS accreditation[37](index=37&type=chunk) - The company has achieved independent design, diversified product range, and automated production of fluid pipeline products, possessing core technology scalability and platform-based production capabilities[36](index=36&type=chunk) [Customer Advantages](index=11&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%AE%A2%E6%88%B7%E4%BC%98%E5%8A%BF) Leveraging strong R&D, the company maintains long-term partnerships with over **30 vehicle manufacturers**, continuously optimizing its customer base to include leading brands and new energy clients - The company has established long-term stable cooperative relationships with **over 30 vehicle manufacturers**, with a client base covering well-known domestic and international vehicle and component manufacturing enterprises[38](index=38&type=chunk) - The company actively expands its high-quality client base to include leading independent brands, large state-owned independent brands, renowned joint venture brands, leading new energy vehicle brands, major power battery clients, and top energy storage system integrators[38](index=38&type=chunk) - Sales revenue from newly expanded clients is growing rapidly, as the company focuses on strengthening cooperation stickiness and continuously optimizing revenue channels[38](index=38&type=chunk) [Independent Industrial Chain Advantages](index=11&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E8%87%AA%E4%B8%BB%E4%BA%A7%E4%B8%9A%E9%93%BE%E4%BC%98%E5%8A%BF) The company maintains an independent industrial chain, reducing reliance on foreign suppliers, developing high-value-added components, and achieving industry-leading self-sufficiency and gross profit margins - The company adheres to an independent industrial chain, developing high-value-added components, with main pipeline product component self-sufficiency rates and sales gross profit margins at an industry-leading level[39](index=39&type=chunk) - The company deepens its upstream industrial chain layout, enhancing precision mold processing and automated equipment design and assembly capabilities, thereby gaining a competitive advantage in cost control and rapid response[40](index=40&type=chunk) - The company has repeatedly received honors such as "Excellent Supplier" and "Cost Control Contribution Award" from major clients[40](index=40&type=chunk) [Rapid Response to Customer Needs and Market Trends](index=12&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E5%AF%B9%E5%AE%A2%E6%88%B7%E9%9C%80%E6%B1%82%E5%92%8C%E5%B8%82%E5%9C%BA%E8%B6%8B%E5%8A%BF%E7%9A%84%E5%BF%AB%E9%80%9F%E5%93%8D%E5%BA%94%E4%BC%98%E5%8A%BF) Through lean management, flexible production, and a full-chain autonomous capability, the company ensures timely delivery and quick problem-solving, adapting swiftly to market changes - The company through JIT lean management, flexible production lines, ERP data interfaces, and General Motors' QSB rapid response system, achieves rapid response to customer orders and on-time delivery[41](index=41&type=chunk) - The company possesses full industrial chain autonomy, from secondary components to molds, tooling, equipment, and test verification, enabling rapid response to issues during client vehicle model development[41](index=41&type=chunk) - The company has repeatedly received honors such as "Collaboration Award" from clients[41](index=41&type=chunk) [R&D, Manufacturing, and Management System Advantages](index=12&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E7%A0%94%E5%8F%91%E3%80%81%E5%88%B6%E9%80%A0%E5%92%8C%E7%AE%A1%E7%90%86%E4%BD%93%E7%B3%BB%E4%BC%98%E5%8A%BF) The company maintains robust R&D, manufacturing, and management systems, evidenced by multiple certifications, extensive use of MES and PLM, and a newly established three-tier R&D center - The company has passed certifications including IATF16949, General Motors BIQS, ISO14001, ISO45001, ISO/IEC 27001, and the Ministry of Industry and Information Technology's Integration of Informatization and Industrialization Management System[42](index=42&type=chunk) - The company utilizes MES and PLM systems to achieve manufacturing automation upgrades and continuous product R&D improvement, with **over 4,000 products** currently under development[42](index=42&type=chunk) - During the reporting period, an R&D center was established, defining a three-tier R&D work system encompassing basic research, application development, and project technology[43](index=43&type=chunk) [Products Align with Technological Trends and Industrial Policies, Optimizing Product Structure to Enhance Customer Value](index=12&type=section&id=%EF%BC%88%E5%85%AD%EF%BC%89%E4%BA%A7%E5%93%81%E7%AC%A6%E5%90%88%E6%8A%80%E6%9C%AF%E5%8F%91%E5%B1%95%E8%B6%8B%E5%8A%BF%E5%92%8C%E4%BA%A7%E4%B8%9A%E6%94%BF%E7%AD%96%E6%8C%87%E5%BC%95%EF%BC%8C%E8%B0%83%E6%95%B4%E4%BA%A7%E5%93%81%E7%BB%93%E6%9E%84%E6%8F%90%E5%8D%87%E5%AE%A2%E6%88%B7%E4%BB%B7%E5%80%BC) The company's products align with automotive lightweighting and energy transition trends, actively developing new energy vehicle solutions and expanding into new strategic areas like air suspension and large injection molded parts - The company's main business aligns with the encouraged projects for key automotive components and new energy vehicle key components in the "Catalogue for Guiding Industrial Structure Adjustment" (2024 edition)[44](index=44&type=chunk) - The company actively develops new products such as hydrogen fuel cell pipelines, air suspension high-pressure pipelines, motor oil cooling pipelines, and heavy-duty truck battery swap cooling systems[44](index=44&type=chunk) - During the reporting period, square battery cooling components, large cylindrical battery cooling components, marine pipeline systems, EVTOL and commercial large aircraft battery accessories and pipeline systems all received client development tasks, and air suspension products have achieved mass production on some client vehicle models[45](index=45&type=chunk) [Leveraging Product and Technology Advantages to Follow National Strategic Core Industries, Actively Exploring Second Growth Curves](index=13&type=section&id=%EF%BC%88%E4%B8%83%EF%BC%89%E5%8F%91%E6%8C%A5%E4%BA%A7%E5%93%81%E5%92%8C%E6%8A%80%E6%9C%AF%E4%BC%98%E5%8A%BF%E7%B4%A7%E8%B7%9F%E5%9B%BD%E5%AE%B6%E6%88%98%E7%95%A5%E6%A0%B8%E5%BF%83%E4%BA%A7%E4%B8%9A%EF%BC%8C%E7%A7%AF%E6%9E%81%E5%BC%80%E6%8B%93%E7%AC%AC%E4%BA%8C%E5%A2%9E%E9%95%BF%E6%9B%B2%E7%BA%BF) The company actively develops liquid cooling thermal management products for energy storage and computing, establishing a subsidiary for this business and collaborating with major server manufacturers and system integrators - The company actively develops liquid cooling thermal management products, accumulating extensive core technologies in battery energy storage liquid cooling pipelines, connectors, and various valves and other components[46](index=46&type=chunk) - The company developed UQD (Universal Quick Disconnect) products for data centers and established Suliang Zhikong, a subsidiary, in November 2024 to independently develop liquid cooling products for energy storage and computing thermal management[46](index=46&type=chunk) - The company has established business relationships with major domestic server manufacturers and leading international thermal management system integrators, and is developing high-performance PC liquid cooling heat dissipation components[46](index=46&type=chunk) [Main Business Analysis](index=13&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) Operating revenue increased by **26.30%** due to market share growth, but net profit declined by **4.43%** as operating costs, sales expenses, management expenses, and R&D investments grew significantly Key Financial Data Year-on-Year Changes | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 668,190,643.81 | 529,047,245.74 | 26.30% | Primarily due to increased market share and client orders | | Operating Cost | 523,334,819.75 | 399,846,841.33 | 30.88% | Primarily due to increased sales revenue | | Selling Expenses | 18,807,677.70 | 11,678,751.82 | 61.04% | Primarily due to increased market expansion efforts and sales revenue | | Administrative Expenses | 26,255,199.39 | 20,265,429.51 | 29.56% | Primarily due to the addition of two new subsidiaries, Suliang Zhikong and Jiangsu Suliang | | Financial Expenses | -3,027,008.13 | -14,824,926.76 | 79.58% | Primarily due to reduced bank wealth management products and decreased interest income | | R&D Investment | 36,799,036.05 | 27,309,883.33 | 34.75% | Primarily due to increased R&D investment in new materials, new products, and Suliang Zhikong | | Net Cash Flow from Operating Activities | 89,232,559.98 | -8,271,599.42 | 1,178.78% | Primarily due to increased sales revenue, increased bill discounting, and increased operating cash inflow | Products or Services Accounting for Over 10% of Revenue | Product or Service Category | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Automotive Fluid Pipelines and Assemblies | 574,545,431.21 | 455,845,989.11 | 20.66% | 23.02% | 29.57% | -4.01% | | Automotive Fluid Control Parts and Precision Injection Molded Parts | 82,576,704.89 | 63,786,548.34 | 22.75% | 38.18% | 35.45% | 1.55% | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[49](index=49&type=chunk) [Non-Core Business Analysis](index=14&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) Non-core business income, primarily from investment gains and fair value changes, totaled **7.95 million yuan**, representing **10.26%** of total profit, with other items being non-recurring Non-Core Business Analysis | Item | Amount (CNY) | Percentage of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 4,842,548.16 | 6.25% | Primarily income from cash management products | No | | Gains/Losses from Fair Value Changes | 3,108,657.12 | 4.01% | Fair value changes of wealth management products this period | No | | Asset Impairment | -1,054,814.86 | -1.36% | Provision for inventory impairment | No | | Non-operating Income | 16,693.23 | 0.02% | | No | | Non-operating Expenses | 276,166.16 | 0.36% | Primarily losses from damage and scrapping of non-current assets | No | | Credit Impairment Losses | 2,347,192.04 | 3.03% | Reversal of bad debt provision | No | | Other Income | 6,096,248.80 | 7.87% | Primarily additional VAT input deduction | No | [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) Total assets increased by **5.18%** to **2.66 billion yuan**, with significant increases in monetary funds, short-term borrowings, and other payables, while accounts receivable and inventory proportions decreased [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) Monetary funds increased by **2.15%** to **491 million yuan**, short-term borrowings rose by **6.37%** to **310 million yuan**, while accounts receivable and inventory decreased due to enhanced management Significant Changes in Asset Composition | Item | Period-end Amount (CNY) | Percentage of Total Assets (%) | Prior Year-end Amount (CNY) | Percentage of Total Assets (%) | Proportion Change (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 491,444,316.65 | 18.48% | 412,748,082.22 | 16.33% | 2.15% | Primarily due to recovery of investments and new profits leading to net operating cash inflow | | Accounts Receivable | 366,075,294.52 | 13.77% | 381,785,417.35 | 15.10% | -1.33% | Primarily due to strengthened accounts receivable management this period | | Inventory | 309,441,591.03 | 11.64% | 380,737,151.76 | 15.06% | -3.42% | Primarily due to strengthened inventory management this period | | Short-term Borrowings | 309,990,000.00 | 11.66% | 133,640,166.70 | 5.29% | 6.37% | Primarily due to increased bill financing this period | | Receivables Financing | 135,597,617.75 | 5.10% | 196,519,387.49 | 7.77% | -2.67% | Primarily due to increased bill discounting this period | | Other Payables | 98,751,754.30 | 3.71% | 5,577,938.39 | 0.22% | 3.49% | Primarily due to increased dividends payable this period | | Share Capital | 155,662,898.00 | 5.85% | 119,942,266.00 | 4.74% | 1.11% | Primarily due to capital reserve conversion to share capital this period | [Major Overseas Assets](index=15&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[56](index=56&type=chunk) [Assets and Liabilities Measured at Fair Value](index=15&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) As of the end of the reporting period, the company's financial assets measured at fair value totaled **568 million yuan**, primarily comprising trading financial assets and receivables financing Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Gains/Losses from Fair Value Changes This Period (CNY) | Purchases This Period (CNY) | Other Changes (CNY) | Period-end

8月15日溯联股份大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | 业部 | | | 155.66 | 7093.43 | 45.57 | -2.00 | 机构专 | 国泰海通证券股份有限公司广州开 | | | | | | 用 | 创大道证券营业部 | 证券时报·数据宝统计显示，溯联股份今日收盘价为46.50元，上涨15.73%，日换手率为29.63%，成交额 为9.42亿元，全天主力资金净流出3456.89万元，近5日该股累计上涨13.44%，近5日资金合计净流出 7086.32万元。 两融数据显示，该股最新融资余额为3.12亿元，近5日增加9948.44万元，增幅为46.86%。（数据宝） 溯联股份8月15日大宗交易平台出现一笔成交，成交量155.66万股，成交金额7093.43万元，大宗交易成 交价为45.57元，相对今日收盘价折价2.00%。该笔交易的买方营业部为机构专用，卖方营业部为国泰海 通证券股份有限公司广 ...

8月15日，溯联股份大宗交易成交155.66万股，成交额7093.43万元，占当日总成交额的7%，成交价 45.57元，较市场收盘价46.5元折价2%。 ...

Core Insights - The automotive parts sector experienced a rise of 1.92% on August 15, with Chuanhuan Technology leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Automotive Parts Sector Performance - Chuanhuan Technology (300547) saw a closing price of 48.48, with a significant increase of 20.00% and a trading volume of 414,600 shares, amounting to a transaction value of 1.887 billion [1] - Other notable performers included: - Sulian Co., Ltd. (301397) with a closing price of 46.50, up 15.73% [1] - Fusa Technology (301529) at 82.21, up 15.67% [1] - Yihua Zui'ao (301022) at 46.32, up 11.13% [1] - Dengyun Co., Ltd. (002715) at 18.47, up 10.01% [1] - Feilong Co., Ltd. (002536) at 29.62, up 9.99% [1] - Tenglong Co., Ltd. (603158) at 11.25, up 9.97% [1] - Aofu Technology (688021) at 20.88, up 9.89% [1] - Lintai New Materials (920106) at 111.40, up 9.57% [1] - Maidian Electric Control (688667) at 66.70, up 8.81% [1] Fund Flow Analysis - The automotive parts sector experienced a net outflow of 858 million from institutional investors, while retail investors contributed a net inflow of 2.236 billion [2]

Investment Rating - The industry rating is "Outperform the Market" [4] Core Insights - The hydrogen energy index closed at 2322.90 points as of August 8, 2025, with a weekly increase of 3.68% and a year-to-date increase of 30.73% [9][10] - The number of successful bids for electrolyzer projects has increased, and the hydrogen heavy-duty truck has made significant progress, with a 400kW fuel cell hydrogen truck entering the testing phase [36] Summary by Sections 1. Hydrogen Industry Market Performance - The hydrogen energy index has shown an upward trend, ranking 29th among Shenwan secondary industries as of August 8, 2025 [9] - The top five companies in the hydrogen energy sector for weekly gains were Huaguang Huaneng (46.75%), Koweir (39.81%), Sulian Co. (31.25%), ST Diweixun (30.77%), and Chunhui Zhikong (23.31%) [14] 2. Hydrogen Industry Data Review 2.1 Electrolyzer Data Review - A total of 5 successful bids for hydrogen projects were recorded this week, including 3 for electrolyzers, with a total hydrogen production capacity of 3 Nm³/h [16] - New bidding projects for electrolyzers include a total scale of 55 MW and a hydrogen production capacity of 11,000 Nm³/h [18] 2.2 FCV Related Data Review - In July 2025, the production of fuel cell vehicles (FCVs) increased by 21.81% month-on-month, with 229 new units produced [19] - Cumulative production of FCVs reached 1,593 units in the first seven months of 2025, a year-on-year decrease of 54.47% [19] 3. Industry Dynamics and Company Updates 3.1 Industry Dynamics - A 50,000-ton wind-solar green electricity hydrogen liquefaction project has been approved [31] - The world's first 30MW pure hydrogen gas turbine demonstration project has officially started construction [31] 3.2 Hydrogen Company Dynamics - The 400kW fuel cell hydrogen heavy-duty truck developed by Rongcheng New Energy has completed integration and entered the testing phase [34] - Tianhe Yuan Hydrogen's MW-level container hydrogen production equipment has been shipped to Europe for demonstration [34]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问，UQD在内的各类相关零部件，向相关客户推广 的进度如何？预计什么时候能够量产供货？ 溯联股份（301397.SZ）8月13日在投资者互动平台表示，公司已完成UQD产品核心性能测试验证，目 前正重点研发配套液冷组件及独立系统化性能解决方案，并已面向目标客户开展推广。 ...

Core Insights - The company has completed the core performance testing and validation of its UQD products [1] - The company is currently focusing on the development of supporting liquid cooling components and independent system performance solutions [1] - The company has begun promoting these solutions to target customers [1]

Group 1 - The stock price of Su Lian Co., Ltd. was reported at 40.01 yuan as of August 11, 2025, with a decrease of 0.98 yuan, representing a decline of 2.39% from the previous trading day [1] - The stock opened at 42.01 yuan, reached a high of 43.98 yuan, and a low of 39.04 yuan, with a trading volume of 146,000 hands and a total transaction amount of 596 million yuan, showing a fluctuation of 12.05% [1] - The company specializes in automotive parts manufacturing, with its products widely used in the complete vehicle supply chain, and is registered in Chongqing [1] Group 2 - On August 11, the stock experienced multiple rapid fluctuations, including a drop of over 2% within 5 minutes at 9:35 AM, followed by a rebound of over 2% within 5 minutes at 9:42 AM, with transaction amounts of 157 million yuan and 222 million yuan respectively [1] - On the same day, the net outflow of main funds was 15.79 million yuan, accounting for 0.56% of the circulating market value, while the cumulative net inflow over the past five trading days was 12.76 million yuan, representing 0.45% of the circulating market value [1]

Investment Rating - The industry investment rating is Neutral [8] Core Insights - AI liquid cooling is transitioning from an optional to a necessary solution, with demand expected to drive rapid growth in market space and penetration rates [8] - The acceleration of ASIC layouts and the increase in domestic computing cluster scale will open new growth opportunities for the liquid cooling market [8] - The overseas supply gap in liquid cooling will provide opportunities for domestic suppliers to expand internationally, with expectations of moving from component supply to modular and integrated solutions [8] - The AI liquid cooling sector has high barriers to entry and significant value, suggesting a favorable competitive landscape and profitability in the medium to long term [8] Summary by Sections Liquid Cooling Market Dynamics - The demand for AI computing centers is driving the need for high-density GPU clusters, leading to a shift towards liquid cooling solutions [8] - Major cloud service providers are accelerating the development of customized ASICs and integrating liquid cooling solutions [8] Investment Recommendations - Suggested companies to watch include: - Yinvik (002837, Not Rated) - Yinlun (002126, Buy) - Feilong (002536, Not Rated) - Chuanhuan Technology (300547, Not Rated) - Xiangxin Technology (002965, Not Rated) - Sulian Technology (301397, Not Rated) - Zhongding (000887, Not Rated) [3]

溯联股份最新一期业绩显示，截至2025一季报，公司营业总收入3.39亿元、同比增长47.22%，归属净利 润3351.22万元，同比增长3.08%，扣非净利润3268.69万元，同比增长5.69%，流动比率2.933、速动比率 2.350、资产负债率23.16%。 资金流向方面，今日主力资金净流入4913.70万元，占比成交额7.78%。其中，超大单净流入5546.13万 元、占成交额8.79%，大单净流出632.44万元、占成交额1.0%，中单净流出流出1158.51万元、占成交额 1.84%，小单净流出3755.19万元、占成交额5.95%。 天眼查商业履历信息显示，重庆溯联塑胶股份有限公司，成立于1999年，位于重庆市，是一家以从事汽 车制造业为主的企业。企业注册资本11994.2266万人民币，实缴资本5640万人民币。公司法定代表人为 韩宗俊。 金融界消息 截至2025年8月6日收盘，溯联股份（301397）报收于36.21元，上涨13.83%，换手率 24.81%，成交量17.55万手，成交金额6.31亿元。 通过天眼查大数据分析，重庆溯联塑胶股份有限公司共对外投资了7家企业，参与招投标项目5次， ...