安正时尚集团股份有限公司2025 年半年度报告 公司代码：603839 公司简称：安正时尚 安正时尚集团股份有限公司 2025 年半年度报告 1 / 173 安正时尚集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人郑安政、主管会计工作负责人吕鹏飞及会计机构负责人（会计主管人员）王二 红声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报 ...

青岛德固特节能装备股份有限公司 2025 年半年度报告全文 证券代码：300950 证券简称：德固特 公告编号：2025-055 青岛德固特节能装备股份有限公司 2025 年半年度报告 二〇二五年八月 1 青岛德固特节能装备股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人魏振文、主管会计工作负责人高琳琳及会计机构负责人(会计 主管人员)姜丽声明：保证本半年度报告中财务报告的真实、准确、完整。 2 | . | | 4 | | --- | --- | --- | | | 1 | | | | . | | | œ | | A | | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 7 | | 第三节 | 管理层讨论与分析 10 | | 第四节 | 公司治理、环境和社会 26 | | 第五节 | 重要事项 29 | | 第六节 | 股份变动及股东情况 43 | | 第七节 ...

北京大北农科技集团股份有限公司 1 【披露时间】 2025 年半年度报告 北京大北农科技集团股份有限公司 2025 年半年度报告全文 北京大北农科技集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人邵根伙、主管会计工作负责人姜晗及会计机构负责人（会计主管人员）张 欣声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司需遵守《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露》中的 "畜禽、水产养殖相关业务"的披露要求。 1、饲料原料价格波动的风险 公司饲料业务营收占比高，主要原料涵盖能量原料（玉米、小麦等）、蛋白原料（豆 粕、鱼粉等）及添加剂原料（维生素、氨基酸等）。近年来，全球农产品市场联动性增强， 主要产粮国种植政策调整、进出口政策变动、海运成本波动及汇率变化等因素，可能引发 原料等农产品价格有较大波动，进而对饲料和养殖成本产生一定影响。 2、动物健康和自 ...

山西壶化集团股份有限公司 2025 年半年度报告全文 证券代码：003002 证券简称：壶化股份 公告编号：2025-062 山西壶化集团股份有限公司 2025 年半年度报告 【2025 年 08 月】 1 山西壶化集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人秦东、主管会计工作负责人张伟及会计机构负责人(会计主管 人员)张伟声明：保证本半年度报告中财务报告的真实、准确、完整。 | 第二节 | 公司简介和主要财务指标 | | 7 | | --- | --- | --- | --- | | 第三节 | 管理层讨论与分析 | | 10 | | 第四节 | 公司治理、环境和社会 | | 22 | | 第五节 | 重要事项 | | 25 | | 第六节 | 股份变动及股东情况 | | 29 | | 第七节 | 债券相关情况 | | 35 | | 第八节 | 财务报告 | | 36 | | 第九节 | 其他报送数据 | | 1 ...

[Section 1 Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Section%201%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides important disclaimers, the report's table of contents, and definitions of key terms used throughout the report [Important Notes](index=2&type=section&id=Important%20Notes) The board and senior management guarantee the report's accuracy, with forward-looking statements not constituting profit forecasts, and no plans for cash dividends or bonus shares - Company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the half-yearly report content[5](index=5&type=chunk) - Forward-looking statements regarding future plans do not represent the company's profit forecasts or substantive commitments to investors and involve significant uncertainties[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or transfer capital reserves to increase share capital[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the main chapters of the report and their starting page numbers, covering company profile, management discussion, corporate governance, significant events, share changes, bond information, and financial reports [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, subsidiaries, major clients (e.g., Bosch, ZF, Magna), and technical terms (e.g., die forging, spinning) - Major clients include Bosch, ZF, Magna, BorgWarner, and Schaeffler, all ranked among the top global automotive parts suppliers in 2025[14](index=14&type=chunk) - Die forging refers to the process where a metal billet is deformed under pressure within a shaped die cavity to produce a forging[15](index=15&type=chunk) - Spinning is a specialized forming method that applies localized plastic deformation to a blank using a spinning wheel or roller[15](index=15&type=chunk) [Section 2 Company Profile and Key Financial Indicators](index=7&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company, its contact information, and key financial performance metrics for the reporting period [I. Company Profile](index=7&type=section&id=I.%20Company%20Profile) Wuhu Sanlian Forging Co., Ltd., stock code 001282, is listed on the Shenzhen Stock Exchange, with Sun Guofeng as its legal representative - Company Stock Abbreviation: Sanlian Forging, Stock Code: **001282**[17](index=17&type=chunk) - Company's listed stock exchange: Shenzhen Stock Exchange[17](index=17&type=chunk) - Company's legal representative is Sun Guofeng[17](index=17&type=chunk) [II. Contacts and Contact Information](index=7&type=section&id=II.%20Contacts%20and%20Contact%20Information) The company's Board Secretary is Yang Cheng and Securities Affairs Representative is Qian Hui, both located at No. 20 Tianjingshan Road, Wuhu High-tech Industrial Development Zone, with phone/fax 0553-5650331 - Board Secretary: Yang Cheng; Securities Affairs Representative: Qian Hui[18](index=18&type=chunk) - Contact Address: No. 20 Tianjingshan Road, Wuhu High-tech Industrial Development Zone[18](index=18&type=chunk) - Phone/Fax: **0553-5650331**[18](index=18&type=chunk) [III. Other Information](index=7&type=section&id=III.%20Other%20Information) The company's registration, office address, website, and email remained unchanged, with information disclosed on specified media, and a new robotics and aerospace components branch established - Company's registered address, office address, website, and email remained unchanged during the reporting period[19](index=19&type=chunk) - The securities exchange website for the company's half-yearly report disclosure is Shenzhen Stock Exchange: http://www.szse.cn[20](index=20&type=chunk) - During the reporting period, the company's internal organizational structure changed with the establishment of Wuhu Sanlian Forging Co., Ltd. Robotics and Aerospace Components Branch[22](index=22&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, revenue grew by 6.86% to 775.17 million yuan, net profit attributable to shareholders increased by 3.88% to 71.34 million yuan, while operating cash flow decreased by 10.54% 2025 Half-Year Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Adjusted) (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 775,169,751.61 | 725,381,974.37 | 6.86% | | Net Profit Attributable to Shareholders of Listed Company | 71,335,184.41 | 68,671,552.46 | 3.88% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 69,121,222.25 | 65,250,793.01 | 5.93% | | Net Cash Flow from Operating Activities | 13,498,495.23 | 15,089,172.05 | -10.54% | | Basic Earnings Per Share (Yuan/Share) | 0.32 | 0.31 | 3.23% | | Diluted Earnings Per Share (Yuan/Share) | 0.32 | 0.31 | 3.23% | | Weighted Average Return on Net Assets | 4.58% | 4.64% | -0.06% | | Indicator | End of Current Reporting Period (Yuan) | End of Prior Year (Adjusted) (Yuan) | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets | 2,615,867,778.86 | 2,289,398,613.61 | 14.26% | | Net Assets Attributable to Shareholders of Listed Company | 1,599,243,487.76 | 1,539,961,261.49 | 3.85% | - Basic and diluted earnings per share were retrospectively adjusted due to the 2024 annual equity distribution (4 bonus shares for every 10 shares)[23](index=23&type=chunk) [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit and net assets between financial statements prepared under international/overseas accounting standards and Chinese accounting standards during the reporting period - The company's financial reports disclosed under International Accounting Standards and Chinese Accounting Standards showed no differences in net profit and net assets during the reporting period[24](index=24&type=chunk) - The company's financial reports disclosed under overseas accounting standards and Chinese Accounting Standards showed no differences in net profit and net assets during the reporting period[26](index=26&type=chunk) [VI. Non-Recurring Gains and Losses and Amounts](index=9&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) The company's total non-recurring gains and losses for the reporting period amounted to 2.21 million yuan, primarily from non-current asset disposal, government grants, fair value changes of financial assets/liabilities, and other non-operating income/expenses 2025 Half-Year Non-Recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -1,772,514.50 | | Government grants recognized in current profit or loss (excluding those with continuous impact) | 1,550,784.00 | | Gains and losses from changes in fair value of financial assets and liabilities and disposal gains and losses | 2,098,439.01 | | Other non-operating income and expenses | 563,989.72 | | Other profit and loss items meeting the definition of non-recurring gains and losses | 164,170.08 | | Less: Income tax impact | 390,906.15 | | Total | 2,213,962.16 | - The company does not classify non-recurring gains and losses as recurring gains and losses[29](index=29&type=chunk) [Section 3 Management Discussion and Analysis](index=10&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section analyzes the company's main business, core competitiveness, financial performance, investment activities, and risks, along with its strategies for market value management and quality improvement [I. Main Business Activities During the Reporting Period](index=10&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company primarily engages in R&D, production, and sales of automotive forging parts for various systems, actively expanding into new energy vehicles, maintaining strong market position, and establishing a new robotics and aerospace components branch [(I) Company's Main Business Activities](index=10&type=section&id=(I)%20Company's%20Main%20Business%20Activities) The company specializes in R&D, production, and sales of automotive forging parts for power, transmission, steering, and suspension systems, actively developing components for new energy vehicles, and collaborating with major global automotive suppliers and OEMs - The company primarily engages in the research and development, production, and sales of automotive forging parts, which are applied in automotive power systems, transmission systems, steering systems, and suspension support systems[31](index=31&type=chunk) - The company actively develops and deploys forging parts for new energy vehicles, participating in the development of forging parts for well-known OEM new energy vehicle platforms[31](index=31&type=chunk) - Major clients include Bosch, ZF, Magna, and Schaeffler, all ranked among the top global automotive parts suppliers, and the company directly supplies to BMW, Volkswagen, Li Auto, NIO, BYD, and other OEM supply chains[31](index=31&type=chunk)[32](index=32&type=chunk) [(II) Company's Main Products and Their Uses](index=10&type=section&id=(II)%20Company's%20Main%20Products%20and%20Their%20Uses) The company's main products are automotive forging parts, categorized into seven types, crucial for vehicle performance and safety, with specific applications in new energy vehicles like hollow shafts and IGBT copper pin fin heat sinks - The company's products are mostly used in critical stress-bearing parts of automobiles, where their quality directly affects the vehicle's performance, safety, and lifespan[33](index=33&type=chunk) - The company's main products are categorized into seven types based on forging shape: wheel hub bearing parts, high-pressure common rail parts, ball joint tie rod parts, steering knuckle parts, fork parts, shaft parts, and other parts[36](index=36&type=chunk) - Hollow shafts are primarily used in the electric drive and transmission systems of new energy vehicles; IGBT copper pin fin heat sinks are applied in new energy vehicle motor controller modules; valve islands are core components of new energy vehicle air conditioning thermal management systems; and agent-side flow plates are core components of new energy vehicle battery cooling systems[42](index=42&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk) [(III) Company's Business Model](index=13&type=section&id=(III)%20Company's%20Business%20Model) The company operates on a direct sales model, supplying automotive Tier 1 or Tier 2 suppliers, with some entrusted processing, requiring strict client certification, and production based on sales orders with safety stock, supported by independent R&D in forging and machining - Both domestic and international sales of the company's products adopt a direct sales model, selling directly to automotive Tier 1 or Tier 2 suppliers, with some entrusted processing[49](index=49&type=chunk) - The company organizes production based on sales orders while considering safety stock, forming a relatively complete processing chain in its production环节[52](index=52&type=chunk)[53](index=53&type=chunk) - The company focuses on independent R&D, with research directions primarily including forging forming process research, mold design and manufacturing, machining process development, and equipment design, manufacturing, and technical improvement[57](index=57&type=chunk) [(IV) Current State of the Automotive Industry](index=15&type=section&id=(IV)%20Current%20State%20of%20the%20Automotive%20Industry) In H1 2025, China's automotive production and sales grew by 12.5% and 11.4% respectively, with passenger vehicles and new energy vehicles showing strong growth, and exports maintaining rapid expansion H1 2025 China Automotive Market Overview | Indicator | Production / Sales (10,000 vehicles) | Year-on-Year Growth | | :--- | :--- | :--- | | Total Automotive Production and Sales | 1,562.1 / 1,565.3 | 12.5% / 11.4% | | Passenger Vehicle Production and Sales | 1,352.2 / 1,353.1 | 13.8% / 13% | | New Energy Vehicle Production and Sales | 696.8 / 693.7 | 41.4% / 40.3% | | Commercial Vehicle Production and Sales | 209.9 / 212.2 | 4.7% / 2.6% | | Automotive Exports | 308.3 | 10.4% | | New Energy Vehicle Exports | 106 | 75.2% | - New energy vehicle sales reached **44.3%** of total new vehicle sales[62](index=62&type=chunk) - Sales of independent brand passenger vehicles reached **9.27 million units**, a **25% year-on-year increase**, with a market share of **68.5%**[61](index=61&type=chunk) [(V) Main Drivers of Company Performance](index=15&type=section&id=(V)%20Main%20Drivers%20of%20Company%20Performance) National policies, trade-in programs, rapid development of new energy vehicles, and export growth are key drivers for the company's performance, with H1 2025 revenue and net profit increasing, and new energy vehicle products accounting for 28.08% of revenue - National macroeconomic policies, trade-in policies, rapid development of new energy vehicles, and export growth are the main drivers of the company's performance[65](index=65&type=chunk)[66](index=66&type=chunk) H1 2025 Company Performance Overview | Indicator | Amount (10,000 Yuan) | Year-on-Year Growth | | :--- | :--- | :--- | | Operating Revenue | 77,516.98 | 6.86% | | Net Profit Attributable to Shareholders of Listed Company | 7,133.52 | 3.88% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 6,912.12 | 5.93% | | Total Assets | 261,586.78 | 14.26% | | Owners' Equity Attributable to Shareholders of Listed Company | 159,924.35 | 3.85% | - In H1 2025, revenue from new energy vehicle products was **202.65 million yuan**, accounting for **28.08%** of main business revenue, indicating rapid growth in the new energy vehicle parts business[67](index=67&type=chunk) [(VI) Company's Market Position](index=16&type=section&id=(VI)%20Company's%20Market%20Position) The company holds a significant position in the global automotive parts supply chain, serving 14 of the top 100 global automotive parts groups, with its wheel hub bearing products holding approximately 13.27% market share in domestic passenger vehicles and high-pressure common rail products 35.52% in domestic trucks - The company has entered the supplier systems of **14** of the top 100 global automotive parts groups, with Bosch, ZF, and Magna ranking among the top five[68](index=68&type=chunk) - The company's wheel hub bearing products hold approximately **13.27%** market share in the domestic passenger vehicle market[68](index=68&type=chunk) - The company's high-pressure common rail products hold approximately **35.52%** market share in the domestic truck market[69](index=69&type=chunk) [(VII) Establishment of Branch Company During the Reporting Period](index=17&type=section&id=(VII)%20Establishment%20of%20Branch%20Company%20During%20the%20Reporting%20Period) During the reporting period, the company's internal organizational structure changed with the registration of Wuhu Sanlian Forging Co., Ltd. Robotics and Aerospace Components Branch on May 21, 2025 - Wuhu Sanlian Forging Co., Ltd. Robotics and Aerospace Components Branch completed industrial and commercial registration in Wuhu City, Anhui Province on **May 21, 2025**[72](index=72&type=chunk) [II. Analysis of Core Competencies](index=17&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include strong client relationships with global automotive parts groups, robust product quality management, continuous R&D investment, rapid customer response capabilities, experienced management, and strategic location advantages in the Yangtze River Delta - The company has established long-term stable cooperative relationships with global renowned automotive parts groups like Bosch, ZF, and Magna, forming a superior client resource advantage[74](index=74&type=chunk) - The company has implemented a comprehensive quality management system, strictly adhering to IATF16949 standards, ensuring product quality and high customer recognition[76](index=76&type=chunk) - The company continuously invests in R&D for forging and machining processes, holding **3 overseas invention patents** and **203 domestic patents**, with high-pressure common rail products recognized as high-tech products[77](index=77&type=chunk) - The company possesses the ability to respond quickly to customer demands, with efficient project management and R&D advantages enabling timely delivery of compliant products[78](index=78&type=chunk) - The company's management and core personnel have extensive industry experience and hold company equity, laying a solid foundation for long-term development[79](index=79&type=chunk) - Proximity to the Yangtze River Delta and central industrial clusters provides advantages in a complete upstream and downstream supply chain, talent concentration, and convenient transportation[80](index=80&type=chunk) [III. Main Business Analysis](index=19&type=section&id=III.%20Main%20Business%20Analysis) The company's main business, forging parts, saw a 6.86% increase in operating revenue and a 5.94% increase in operating costs, with sales and administrative expenses rising, financial expenses decreasing due to exchange gains, and R&D investment growing by 18% H1 2025 Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 775,169,751.61 | 725,381,974.37 | 6.86% | - | | Operating Cost | 614,577,316.25 | 580,129,306.50 | 5.94% | - | | Selling Expenses | 5,076,717.82 | 3,553,488.41 | 42.87% | Primarily due to increased sales personnel and business entertainment expenses for market expansion | | Administrative Expenses | 27,150,601.19 | 22,806,322.66 | 19.05% | - | | Financial Expenses | -4,798,306.01 | 1,368,161.01 | -450.71% | Primarily due to increased exchange gains | | Income Tax Expense | 3,646,796.26 | 4,124,929.83 | -11.59% | - | | R&D Investment | 49,612,223.61 | 42,044,765.23 | 18.00% | - | | Net Cash Flow from Operating Activities | 13,498,495.23 | 15,089,172.05 | -10.54% | - | | Net Cash Flow from Investing Activities | -235,894,541.83 | -178,658,473.09 | -32.04% | Primarily due to increased acquisition of long-term assets | | Net Cash Flow from Financing Activities | 241,983,976.08 | 101,244,557.30 | 139.01% | Primarily due to increased short-term borrowings | | Net Increase in Cash and Cash Equivalents | 21,627,427.31 | -61,067,847.68 | 135.42% | - | H1 2025 Operating Revenue Composition (by Product and Region) | Category | Product/Region | Amount (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | Gross Margin | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Product** | Wheel Hub Bearing Parts | 218,886,059.99 | 28.24% | 0.11% | 15.92% | 3.01% | | | Shaft Parts | 168,673,628.89 | 21.76% | 5.48% | 24.53% | -5.45% | | | Ball Joint Tie Rod Parts | 112,957,897.84 | 14.57% | -8.99% | 26.17% | 4.92% | | | Steering Knuckle Parts | 76,624,413.87 | 9.88% | 53.01% | - | - | | | High-Pressure Common Rail Parts | 47,903,919.42 | 6.18% | 5.50% | - | - | | | Fork Parts | 32,989,956.65 | 4.26% | 98.41% | - | - | | | Other Parts | 48,104,801.14 | 6.21% | 11.97% | - | - | | | Entrusted Processing | 15,525,877.41 | 2.00% | -10.83% | - | - | | | Other Business Income | 53,503,196.40 | 6.90% | 6.53% | - | - | | **By Region** | Domestic Sales | 531,283,374.11 | 68.54% | 5.28% | 17.17% | -1.61% | | | Export Sales | 243,886,377.50 | 31.46% | 10.49% | 28.44% | 5.57% | - The statistical scope for main business data was adjusted due to the reclassification of warranty expenses into operating costs, resulting in a **1,014,528.25 yuan** increase in H1 2024 consolidated operating costs[85](index=85&type=chunk) [IV. Non-Main Business Analysis](index=20&type=section&id=IV.%20Non-Main%20Business%20Analysis) Non-main business activities impacted total profit, with investment income from cash management, asset impairment from inventory write-downs, and other income primarily from government grants, some of which are sustainable H1 2025 Non-Main Business Analysis | Item | Amount (Yuan) | Proportion of Total Profit | Explanation of Cause | Is it Sustainable | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,108,486.21 | 1.48% | Primarily from cash management income of raised funds | No | | Asset Impairment | -10,900,629.94 | -14.54% | Primarily from provision for inventory write-downs | No | | Non-Operating Income | 50,640.47 | 0.07% | Primarily from gains on disposal of non-current assets | No | | Non-Operating Expenses | 659,898.81 | 0.88% | Primarily from losses on disposal of non-current assets | No | | Other Income | 9,692,179.27 | 12.93% | Primarily from government grants related to daily operating activities | Value-added tax additional deduction is sustainable in the short term, other government grants are not sustainable | | Credit Impairment Loss | 101,668.22 | 0.14% | Primarily from provision for impairment of receivables | No | | Asset Disposal Income | -1,165,890.47 | -1.55% | Primarily from gains on disposal of fixed assets | No | [V. Analysis of Assets and Liabilities](index=20&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets increased by 14.26%, with significant changes in monetary funds, fixed assets, short-term borrowings, and share capital due to increased bank acceptance bill deposits, borrowings, and capital reserve transfers H1 2025 Significant Changes in Asset Composition | Item | Amount at End of Reporting Period (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 169,540,038.52 | 6.48% | 3.37% | Primarily due to an increase in bank acceptance bill deposits | | Total Assets | 2,615,867,778.86 | - | 14.26% | - | | Fixed Assets | 912,821,482.68 | 34.90% | 2.66% | - | | Short-term Borrowings | 598,009,166.67 | 22.86% | 9.49% | Primarily due to increased borrowings | | Share Capital | 222,185,600.00 | 8.49% | 1.56% | Primarily due to an increase from capital reserve transfer to share capital | - The company had no major overseas assets during the reporting period[90](index=90&type=chunk) H1 2025 Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (Yuan) | Amount Purchased This Period (Yuan) | Amount Sold This Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Other Debt Investments | 94,236,383.56 | - | - | 95,619,917.80 | | Accounts Receivable Financing | 23,191,279.43 | 25,531,773.19 | 23,191,279.43 | 25,531,773.19 | | Total | 117,427,662.99 | 25,531,773.19 | 23,191,279.43 | 121,151,690.99 | H1 2025 Asset Rights Restricted at End of Reporting Period | Item | Book Balance (Yuan) | Book Value (Yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 97,111,216.84 | 97,111,216.84 | Frozen | Issuance of bank acceptance bills | | Notes Receivable | 47,811,132.84 | 47,511,132.84 | Endorsed or discounted and unmatured | Bills endorsed or discounted not derecognized | | Total | 144,922,349.68 | 144,622,349.68 | - | - | [VI. Analysis of Investment Status](index=22&type=section&id=VI.%20Analysis%20of%20Investment%20Status) Total investment decreased by 20.59% year-on-year, with several ongoing non-equity investment projects, some not yet fully operational or yielding expected benefits H1 2025 Total Investment | Indicator | Investment Amount During Reporting Period (Yuan) | Investment Amount in Prior Period (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment | 259,805,750.40 | 327,164,286.26 | -20.59% | - The company did not acquire any significant equity investments during the reporting period[95](index=95&type=chunk) H1 2025 Significant Non-Equity Investments in Progress | Project Name | Is it Fixed Asset Investment | Amount Invested This Period (Yuan) | Cumulative Actual Investment Amount as of End of Reporting Period (Yuan) | Cumulative Income Achieved as of End of Reporting Period (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Automotive Lightweight Forging Precision Machining Project | Yes | 93,164,215.34 | 168,166,230.06 | -6,452,679.31 | | Annual Production of 10 Million Automotive Wheel Hub Forgings and Machining Project | Yes | 25,114,100.12 | 39,957,054.72 | 1,257,523.86 | | Industrialization Project of IGBT High-Precision Heat Dissipation Copper Plates for New Energy Vehicle Electric Drive Systems | Yes | 8,593,921.34 | 16,003,928.00 | - | | Phase II Industrialization of New Lightweight Precision Forming Automotive Parts | Yes | 19,110,095.12 | 31,431,888.37 | - | | Total | - | 145,982,331.92 | 255,559,101.15 | -5,195,155.45 | - The company had no securities investments or derivative investments during the reporting period[98](index=98&type=chunk)[99](index=99&type=chunk) H1 2025 Overall Use of Raised Funds | Year of Raising | Total Raised Funds (10,000 Yuan) | Net Raised Funds (10,000 Yuan) | Total Raised Funds Used This Period (10,000 Yuan) | Cumulative Total Raised Funds Used (10,000 Yuan) | Proportion of Raised Funds Used at End of Reporting Period | | :--- | :--- | :--- | :--- | :--- | :--- | | 2023 | 79,265.34 | 67,211.81 | 1,394.62 | 50,981.83 | 75.85% | H1 2025 Committed Projects for Raised Funds | Committed Investment Project | Total Committed Investment Amount of Raised Funds (10,000 Yuan) | Cumulative Investment Amount as of End of Period (10,000 Yuan) | Investment Progress as of End of Period | Benefits Achieved This Reporting Period (10,000 Yuan) | Cumulative Benefits Achieved as of End of Reporting Period (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Precision Forging Production Line Technical Transformation and Machining Support Project | 23,111.87 | 20,393.42 | 88.24% | 1,921.78 | 1,921.78 | | High-Performance Forging Production Line (50MN) Capacity Expansion Project | 6,091.95 | 4,306.49 | 70.69% | 752.51 | 1,532.84 | | R&D Center Construction Project | 6,264.36 | 4,281.92 | 68.35% | 0 | 0 | | Replenishment of Working Capital | 8,000 | 8,000 | 100.00% | 0 | 0 | | Total | 43,468.18 | 36,981.83 | - | 2,674.29 | 3,454.62 | - The R&D Center Construction Project had not reached its intended usable state as of **June 30, 2025**, thus generating no benefits[105](index=105&type=chunk) - The company had no changes in raised fund projects during the reporting period[106](index=106&type=chunk) [VII. Significant Asset and Equity Sales](index=26&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell any significant assets during the reporting period[107](index=107&type=chunk) - The company did not sell any significant equity during the reporting period[108](index=108&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=26&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The main subsidiary, Huzhou Sanlian, engaged in automotive and new energy vehicle parts production, achieved 77.73 million yuan in revenue and 7.65 million yuan in net profit H1 2025 Financial Performance of Major Holding Subsidiaries | Company Name | Company Type | Registered Capital (10,000 Yuan) | Total Assets (10,000 Yuan) | Net Assets (10,000 Yuan) | Operating Revenue (10,000 Yuan) | Operating Profit (10,000 Yuan) | Net Profit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huzhou Sanlian | Subsidiary | 1,500.00 | 18,258.83 | 2,929.73 | 7,772.69 | 855.05 | 764.98 | - During the reporting period, the company invested in and established a wholly-owned overseas subsidiary, SANLIAN TECHNOLOGY SINGAPORE PTE.LTD., which had no significant impact on overall production, operations, or performance[109](index=109&type=chunk) [IX. Information on Structured Entities Controlled by the Company](index=27&type=section&id=IX.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company had no structured entities under its control during the reporting period[110](index=110&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=27&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from high customer concentration, overseas business expansion, management challenges due to business scale growth, accounts receivable bad debts, and inventory write-downs, addressed by diversifying clients, globalizing operations, optimizing internal mechanisms, and strengthening credit and inventory management - Sales to the top five customers accounted for **57.52%** of current operating revenue, indicating high customer concentration, which the company mitigates by developing new customers and diversifying product lines[110](index=110&type=chunk) - The company's overseas business expansion faces challenges from legal regulations, business environment, and cultural differences; the company will respond by building a global operational management system, attracting talent, optimizing market layout, and using financial instruments to control exchange rate risks[111](index=111&type=chunk) - Business scale expansion may lead to management risks; the company will continuously optimize internal operational mechanisms and supervision systems, and recruit and train management talent[112](index=112&type=chunk) - At the end of the reporting period, the book value of accounts receivable was **452.72 million yuan**, accounting for **37.29%** of current assets; the company reduces bad debt risk by prioritizing top 100 suppliers, investigating customer credit, and tracking collections[114](index=114&type=chunk) - At the end of the reporting period, the book value of inventory was **408.81 million yuan**, accounting for **33.68%** of current assets; the company will strengthen inventory management, implement production based on sales orders, and precise production scheduling to control inventory write-down risks[115](index=115&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=28&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has established a "Market Value Management System" to maximize company value and shareholder interests by focusing on core business, improving operational efficiency and profitability, and enhancing investor communication and information disclosure transparency - The company has formulated a "Market Value Management System" aimed at enhancing company investment value and shareholder interests[116](index=116&type=chunk) - Key methods of market value management include focusing on core business, improving operational efficiency and profitability, establishing smooth communication mechanisms with investors, and continuously enhancing transparency and accuracy of information disclosure[116](index=116&type=chunk) [XII. Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=29&type=section&id=XII.%20Implementation%20of%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company has disclosed its "Dual Improvement in Quality and Returns" action plan, focusing on core business, standardized operations, investor returns, and enhanced information disclosure to boost company quality and investment value - The company has formulated a "Dual Improvement in Quality and Returns" action plan, aiming to enhance the quality and investment value of the listed company[117](index=117&type=chunk) - Specific measures include focusing on the automotive parts main business, standardized operations, emphasizing investor returns (such as cash dividends and capital reserve transfers), and strengthening information disclosure[117](index=117&type=chunk) - During the reporting period, based on a total share capital of **158,704,000 shares**, the company distributed a cash dividend of **1 yuan (tax inclusive)** per 10 shares and transferred **4 bonus shares** per 10 shares from capital reserves, changing the total share capital to **222,185,600 shares**[118](index=118&type=chunk) [Section 4 Corporate Governance, Environment, and Society](index=30&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the board and supervisory board, profit distribution plans, employee incentive schemes, environmental disclosures, and the company's social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management](index=30&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, several supervisors resigned due to supervisory board reform, and Director Sun Xiujuan resigned due to work reassignment but was elected as an employee representative director - Wang Fangqin, Ban Wencheng, and Tian Jinlong resigned on **May 16, 2025**, due to supervisory board reform[120](index=120&type=chunk) - Sun Xiujuan resigned as a director on **May 16, 2025**, due to work reassignment and was elected as an employee representative director[120](index=120&type=chunk) [II. Profit Distribution and Capital Reserve to Share Capital Transfer During the Reporting Period](index=30&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Transfer%20During%20the%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or transfer capital reserves to share capital for the half-year period - The company plans no cash dividends, no bonus shares, and no capital reserve transfers to share capital for the half-year period[121](index=121&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=30&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company has not implemented equity incentives but has an employee stock ownership plan, which saw an increase in total shares due to the 2024 annual dividend plan, with core personnel holding 3.07% of shares - The company has not implemented equity incentives[122](index=122&type=chunk) Employee Stock Ownership Plan During the Reporting Period | Total Shares Held (Shares) | Proportion of Total Share Capital of Listed Company | Scope of Employees | Number of Employees | Changes | | :--- | :--- | :--- | :--- | :--- | | 6,820,800 | 3.07% | Core personnel of the company and subsidiaries | 40 | Total shares increased by 1,948,800 shares due to the 2024 annual dividend plan (4 bonus shares for every 10 shares) | - The total expense recognized for equity-settled share-based payments this period was **481,397.90 yuan**[124](index=124&type=chunk) [IV. Environmental Information Disclosure](index=31&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[124](index=124&type=chunk) [V. Social Responsibility](index=31&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities by focusing on technological innovation for product upgrades, promoting green manufacturing, expanding internationally, protecting stakeholder rights, ensuring environmental protection and safety, and engaging in public welfare activities - The company is committed to technological innovation, vigorously conducting research on aluminum forgings, cold and warm forgings, hollow lightweight forgings, stainless steel forgings, and expanding new energy vehicle forging product development[124](index=124&type=chunk) - The company actively promotes green manufacturing and sustainable development concepts, optimizing production processes through automation upgrades and achieving energy saving and environmental protection through rooftop photovoltaic power generation[124](index=124&type=chunk) - The company strictly adheres to laws and regulations, continuously improves its corporate governance structure and internal control systems, safeguarding the legitimate rights and interests of all shareholders[126](index=126&type=chunk) - The company prioritizes employee rights protection, strictly enforces the "Labor Contract Law," improves welfare systems, and serves employees[127](index=127&type=chunk) - The company establishes long-term stable cooperative relationships with customers and suppliers, providing high-quality products and services, and focusing on mutual growth with suppliers[128](index=128&type=chunk) - The company actively implements national environmental protection policies, strengthens environmental protection systems, with all environmental facilities operating normally and no major environmental pollution incidents occurring[129](index=129&type=chunk) - The company has established a sound corporate governance structure, with true, accurate, timely, and complete information disclosure, safeguarding investors' legitimate rights and interests, and strengthening communication with investors through various channels[130](index=130&type=chunk) - During the reporting period, subsidiary Sanlian Parts made a targeted public welfare donation of **40,000 yuan** for road construction in Tongpu Village[131](index=131&type=chunk) [Section 5 Significant Matters](index=34&type=section&id=Section%205%20Significant%20Matters) This section covers commitments, related party transactions, external guarantees, auditor appointments, litigation, penalties, and other significant events during the reporting period [I. Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=34&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The company reported no commitments fulfilled or overdue unfulfilled by its controlling shareholder, shareholders, related parties, acquirers, or the company during or as of the end of the reporting period - The company reported no commitments fulfilled or overdue unfulfilled by its actual controller, shareholders, related parties, acquirers, or the company during or as of the end of the reporting period[134](index=134&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=34&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) The company reported no non-operating funds occupied by its controlling shareholder or other related parties from the listed company during the reporting period - The company reported no non-operating funds occupied by the controlling shareholder or other related parties from the listed company during the reporting period[135](index=135&type=chunk) [III. Illegal External Guarantees](index=34&type=section&id=III.%20Illegal%20External%20Guarantees) The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[136](index=136&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=34&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's half-year financial report was not audited - The company's half-year report was not audited[137](index=137&type=chunk) [V. Board's Explanation of "Non-Standard Audit Report" for the Current Period](index=34&type=section&id=V.%20Board's%20Explanation%20of%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The company had no non-standard audit reports during the reporting period - The company had no non-standard audit reports during the reporting period[138](index=138&type=chunk) [VI. Board's Explanation of "Non-Standard Audit Report" for the Previous Year](index=34&type=section&id=VI.%20Board's%20Explanation%20of%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) The company had no non-standard audit reports for the previous year during the reporting period - The company had no non-standard audit reports for the previous year during the reporting period[138](index=138&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=34&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[138](index=138&type=chunk) [VIII. Litigation Matters](index=34&type=section&id=VIII.%20Litigation%20Matters) The company had no major litigation or arbitration matters, but one lawsuit against Shanghai Tongyi Auto Parts Co., Ltd. for 4.785 million yuan in goods payments and overdue interest resulted in a court judgment for Shanghai Tongyi to pay 4.6685 million yuan plus overdue interest - The company had no major litigation or arbitration matters during this reporting period[139](index=139&type=chunk) - The company sued Shanghai Tongyi Auto Parts Co., Ltd. to recover goods payments of **4,785,021.60 yuan** and overdue interest[145](index=145&type=chunk) - The Shanghai Fengxian District People's Court ruled that Shanghai Tongyi must pay goods payments of **4,668,469.43 yuan** and overdue payment losses[146](index=146&type=chunk) [IX. Penalties and Rectification](index=35&type=section&id=IX.%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[141](index=141&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=35&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company reported no integrity issues concerning itself, its controlling shareholder, or actual controller during the reporting period - The company reported no integrity issues concerning itself, its controlling shareholder, or actual controller during the reporting period[142](index=142&type=chunk) [XI. Significant Related Party Transactions](index=35&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company had no significant related party transactions during the reporting period, including those related to daily operations, asset/equity acquisitions or disposals, joint external investments, related party creditor/debtor relationships, or financial company dealings - The company had no related party transactions related to daily operations during the reporting period[142](index=142&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[143](index=143&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[144](index=144&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[145](index=145&type=chunk) - The company had no other significant related party transactions during the reporting period[148](index=148&type=chunk) [XII. Significant Contracts and Their Performance](index=36&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no trust or contracting arrangements. It leases multiple properties and equipment. Guarantees were provided to subsidiaries, primarily joint liability. The company engaged in wealth management using raised and own funds, with 125.1 million yuan outstanding at period-end - The company had no trust arrangements during the reporting period[149](index=149&type=chunk) - The company had no contracting arrangements during the reporting period[150](index=150&type=chunk) - As of **June 30, 2025**, the company and its controlling subsidiaries, as lessees, leased multiple properties for workshops, dormitories, and offices[151](index=151&type=chunk) H1 2025 Company Guarantees to Subsidiaries | Name of Guaranteed Party | Guarantee Limit (10,000 Yuan) | Total Actual Guarantees to Subsidiaries During Reporting Period (10,000 Yuan) | Total Actual Guarantee Balance to Subsidiaries at End of Reporting Period (10,000 Yuan) | | :--- | :--- | :--- | :--- | | Wuhu Wanlian New Energy Automotive Parts Co., Ltd. | 27,000 | 2,310.81 | 3,310.81 | H1 2025 Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management Occurred (10,000 Yuan) | Unmatured Balance (10,000 Yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 10,000 | 10,000 | | Brokerage Wealth Management Products | Raised Funds | 2,000 | 2,000 | | Bank Wealth Management Products | Own Funds | 1,510 | 510 | | Total | - | 13,510 | 12,510 | - The company had no other significant contracts during the reporting period[159](index=159&type=chunk) [XIII. Explanation of Other Significant Matters](index=40&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company reported no other significant matters requiring explanation during the reporting period - The company reported no other significant matters requiring explanation during the reporting period[160](index=160&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=40&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company reported no significant matters concerning its subsidiaries during the reporting period - The company reported no significant matters concerning subsidiaries during the reporting period[161](index=161&type=chunk) [Section 6 Share Changes and Shareholder Information](index=41&type=section&id=Section%206%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in share capital due to equity distribution, securities issuance, shareholder numbers, and holdings of major shareholders and management, with no changes in controlling shareholder or actual controller [I. Share Change Situation](index=41&type=section&id=I.%20Share%20Change%20Situation) In June 2025, the company completed its 2024 annual equity distribution, transferring 63,481,600 shares from capital reserves, increasing total share capital to 222,185,600 shares, with retrospective adjustments to EPS H1 2025 Share Change Situation | Item | Quantity Before This Change (Shares) | Increase/Decrease in This Change (Capital Reserve to Shares) (Shares) | Quantity After This Change (Shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 102,872,000 | 41,148,800 | 144,020,800 | | II. Unrestricted Shares | 55,832,000 | 22,332,800 | 78,164,800 | | III. Total Shares | 158,704,000 | 63,481,600 | 222,185,600 | - The company completed its 2024 annual profit distribution plan in **June 2025**, transferring **4 bonus shares** for every 10 shares from capital reserves to all shareholders, changing the total share capital to **222,185,600 shares**[164](index=164&type=chunk)[166](index=166&type=chunk) - Basic and diluted earnings per share for the comparative period were retrospectively adjusted due to the capital reserve transfer to share capital[166](index=166&type=chunk) H1 2025 Restricted Share Change Situation | Shareholder Name | Restricted Shares at Beginning of Period (Shares) | Restricted Shares Increased This Period (Shares) | Restricted Shares at End of Period (Shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Sun Guofeng | 32,018,000 | 12,807,200.00 | 44,825,200.00 | Restricted shares before initial public offering and increased restricted shares from capital reserve transfer in 2023 and 2024 equity distributions | | Zhang Yiheng | 31,850,000 | 12,740,000.00 | 44,590,000.00 | Restricted shares before initial public offering and increased restricted shares from capital reserve transfer in 2023 and 2024 equity distributions | | Sun Guomin | 31,850,000 | 12,740,000.00 | 44,590,000.00 | Restricted shares before initial public offering and increased restricted shares from capital reserve transfer in 2023 and 2024 equity distributions | | Wuhu Sanlian Holding Partnership (Limited Partnership) | 4,872,000 | 1,948,800.00 | 6,820,800.00 | Restricted shares before initial public offering and increased restricted shares from capital reserve transfer in 2023 and 2024 equity distributions | | Sun Renhao | 2,282,000 | 912,800.00 | 3,194,800.00 | Restricted shares before initial public offering and increased restricted shares from capital reserve transfer in 2023 and 2024 equity distributions | | Total | 102,872,000 | 41,148,800.00 | 144,020,800.00 | - | [II. Securities Issuance and Listing](index=43&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance during the reporting period[169](index=169&type=chunk) [III. Number of Shareholders and Shareholding Situation](index=43&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Situation) At the end of the reporting period, there were 16,151 common shareholders. The top ten shareholders include Sun Guofeng, Zhang Yiheng, and Sun Guomin, who are the actual controllers with over 60% combined stake and a concerted action agreement - The total number of common shareholders at the end of the reporting period was **16,151**[170](index=170&type=chunk) H1 2025 Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders at End of Period | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (Shares) | Changes in Shareholding During Reporting Period (Shares) | Number of Restricted Shares Held (Shares) | Number of Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sun Guofeng | Domestic Natural Person | 20.17% | 44,825,200 | 12,807,200 | 44,825,200 | 0 | | Zhang Yiheng | Domestic Natural Person | 20.07% | 44,590,000 | 12,740,000 | 44,590,000 | 0 | | Sun Guomin | Domestic Natural Person | 20.07% | 44,590,000 | 12,740,000 | 44,590,000 | 0 | | Anhui Tonghua High-tech Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 10.08% | 22,401,720 | 6,301,720 | 0 | 22,401,720 | | Wuhu Sanlian Holding Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 3.07% | 6,820,800 | 1,948,800 | 6,820,800 | 0 | | Sun Renhao | Domestic Natural Person | 1.44% | 3,194,800 | 912,800 | 3,194,800 | 0 | | Shanghai Zhongjue Private Equity Fund Management Co., Ltd. - Zhongjue Enshi Hongda Value No. 1 Private Securities Investment Fund | Other | 0.72% | 1,610,000 | 1,610,000 | 0 | 1,610,000 | | Ying Bijun | Domestic Natural Person | 0.35% | 771,260 | 283,960 | 0 | 771,260 | | Yao Chunfu | Domestic Natural Person | 0.23% | 500,060 | 500,060 | 0 | 500,060 | | Xu Siming | Domestic Natural Person | 0.21% | 459,200 | 459,200 | 0 | 459,200 | - Sun Guofeng, Zhang Yiheng, Sun Guomin, and Sun Renhao signed a "Concerted Action Agreement" on **July 12, 2018**, and are the company's actual controllers[170](index=170&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=45&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the shareholdings of Chairman and General Manager Sun Guofeng, Director Zhang Yiheng, and Deputy General Manager Sun Renhao increased due to capital reserve transfers to share capital H1 2025 Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (Shares) | Number of Shares Increased This Period (Shares) | Shares Held at End of Period (Shares) | | :--- | :--- | :--- | :--- | :--- | | Sun Guofeng | Chairman, General Manager | 32,018,000 | 12,807,200 | 44,825,200 | | Zhang Yiheng | Director | 31,850,000 | 12,740,000 | 44,590,000 | | Sun Renhao | Deputy General Manager | 2,282,000 | 912,800 | 3,194,800 | | Total | - | 66,150,000 | 26,460,000 | 92,610,000 | [V. Changes in Controlling Shareholder or Actual Controller](index=45&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder did not change during the reporting period[174](index=174&type=chunk) - The company's actual controller did not change during the reporting period[174](index=174&type=chunk) [VI. Preferred Share Information](index=45&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[175](index=175&type=chunk) [Section 7 Bond Information](index=46&type=section&id=Section%207%20Bond%20Information) The company had no bond-related information during the reporting period [Bond Information](index=46&type=section&id=Bond%20Information) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[177](index=177&type=chunk) [Section 8 Financial Report](index=47&type=section&id=Section%208%20Financial%20Report) This section presents the company's unaudited half-year financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies, taxes, and financial items [I. Audit Report](index=47&type=section&id=I.%20Audit%20Report) The company's half-year financial report was not audited - The company's half-year financial report was not audited[179](index=179&type=chunk) [II. Financial Statements](index=47&type=section&id=II.%20Financial%20Statements) This section provides the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, reflecting financial position, operating results, cash flows, and equity changes - Financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[180](index=180&type=chunk)[184](index=184&type=chunk)[188](index=188&type=chunk)[192](index=192&type=chunk)[195](index=195&type=chunk)[197](index=197&type=chunk)[199](index=199&type=chunk)[205](index=205&type=chunk) [III. Company Basic Information](index=62&type=section&id=III.%20Company%20Basic%20Information) Wuhu Sanlian Forging Co., Ltd., established on June 18, 2004, as Wuhu Sanlian Forging Co., Ltd., completed a capital reserve transfer to share capital in June 2025, increasing total share capital to 222,185,600 shares, focusing on R&D, production, and sales of automotive forging parts - Wuhu Sanlian Forging Co., Ltd., formerly Wuhu Sanlian Forging Co., Ltd., was established on **June 18, 2004**[211](index=211&type=chunk) - The company completed its 2024 annual profit distribution plan in **June 2025**, transferring **4 bonus shares** for every 10 shares from capital reserves to all shareholders, changing the total share capital to **222,185,600 shares**[213](index=213&type=chunk) - The company's main business activities are the research and development, production, and sales of automotive forging parts[214](index=214&type=chunk) [IV. Basis for Preparation of Financial Statements](index=62&type=section&id=IV.%20Basis%20for%20Preparation%20of%20Financial%20Statements) The financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant CSRC disclosure rules, with no identified issues affecting the company's ability to continue as a going concern for the next 12 months - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with enterprise accounting standards, their application guidelines, and interpretations[216](index=216&type=chunk) - The company assessed its ability to continue as a going concern for 12 months from the end of the reporting period and found no matters affecting this ability[217](index=217&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=63&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's significant accounting policies and estimates for financial statement preparation, covering business combinations, financial instruments, inventory, fixed assets, intangible assets, revenue recognition, and government grants, with a reclassification of warranty expenses into operating costs as per Accounting Standards Interpretation No. 18 - The company adheres to the requirements of enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and other information[219](index=219&type=chunk) - The company's accounting year runs from **January 1 to December 31** of the Gregorian calendar, with a normal operating cycle of one year[220](index=220&type=chunk)[221](index=221&type=chunk) - The company classifies financial assets at initial recognition based on the business model for managing financial assets and contractual cash flow characteristics, into those measured at amortized cost, fair value through profit or loss, or fair value through other comprehensive income[274](index=274&type=chunk) - The company recognizes revenue when it has satisfied a performance obligation in the contract, specifically when the customer obtains control of the related goods[398](index=398&type=chunk) - According to "Interpretation No. 18 of Enterprise Accounting Standards," starting from the **2024 fiscal year**, the company reclassified warranty expenses as operating costs, adjusting relevant items in the H1 2024 consolidated and parent company comparative financial statements[458](index=458&type=chunk) [VI. Taxation](index=96&type=section&id=VI.%20Taxation) The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, education surcharge, and local education surcharge. The company and several subsidiaries are recognized as high-tech enterprises, enjoying a 15% corporate income tax preferential rate Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Sales Amount | 13%, 9% | | Urban Maintenance and Construction Tax | Amount of Turnover Tax Payable | 7%, 5% | | Corporate Income Tax | Taxable Income | 25%, 17%, 15% | | Education Surcharge | Amount of Turnover Tax Payable | 3% | | Local Education Surcharge | Amount of Turnover Tax Payable | 2% | - The company and its subsidiaries Sanlian Parts, Wuhu Wanlian, Huzhou Sanlian, Xinlian Precision, and Wuhu Yilian are recognized as high-tech enterprises, enjoying a **15%** preferential corporate income tax rate[462](index=462&type=chunk)[463](index=463&type=chunk)[464](index=464&type=chunk)[465](index=465&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=98&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the ending balances, beginning balances, and period-on-period changes for each consolidated financial statement item, including significant increases in monetary funds and short-term borrowings, and share capital due to capital reserve transfers - Monetary funds at period-end increased by **138.50%** compared to the beginning of the period, primarily due to an increase in bank acceptance bill deposits[468](index=468&type=chunk) - Short-term borrowings at period-end increased by **95.42%** compared to the beginning of the period, primarily due to increased borrowings[579](index=579&type=chunk) - Share capital at period-end increased due to the completion of capital reserve transfer to share capital of **63,481,600 shares** in **June 2025**[613](index=613&type=chunk) - Operating revenue and operating costs both increased, with main business revenue growing by **6.86%**[623](index=623&type=chunk) - Financial expenses for the current period decreased by **450.71%** compared to the previous period, primarily due to increased exchange gains[637](index=637&type=chunk) - Net cash flow from operating activities was **13,498,495.23 yuan**, net cash flow from investing activities was **-235,894,541.83 yuan**, and net cash flow from financing activities was **241,983,976.08 yuan**[673](index=673&type=chunk) [VIII. R&D Expenses](index=131&type=section&id=VIII.%20R%26D%20Expenses) The company's total R&D expenses for the current period were 49.61 million yuan, all expensed, primarily comprising employee compensation, material costs, depreciation and amortization, mold fees, and testing fees H1 2025 R&D Expense Composition | Item | Amount Incurred This Period (Yuan) | Amount Incurred Last Period (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 25,933,865.40 | 20,718,065.76 | | Material Costs | 14,346,177.58 | 14,001,198.99 | | Depreciation and Amortization | 4,713,792.03 | 4,108,871.15 | | Mold Fees | 2,002,121.00 | 1,861,015.87 | | Testing Fees | 696,752.18 | 905,532.46 | | Travel Expenses | 267,864.23 | 175,700.42 | | Technical Consulting Service Fees | 16,376.99 | 74,871.55 | | Patent Fees | 34,464.40 | 7,780.60 | | Other | 1,600,809.80 | 191,728.43 | | Total | 49,612,223.61 | 42,044,765.23 | | Of which: Expensed R&D Expenses | 49,612,223.61 | 42,044,765.23 | [IX. Changes in Consolidation Scope](index=131&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) In May 2025, the company established a wholly-owned overseas subsidiary, SANLIAN TECHNOLOGY SINGAPORE PTE.LTD., which had no actual operations as of the end of the reporting period - In **May 2025**, the company established an overseas subsidiary, SANLIAN TECHNOLOGY SINGAPORE PTE.LTD.[683](index=683&type=chunk) - As of **June 30, 2025**, the company had no actual operations[683](index=683&type=chunk) [X. Interests in Other Entities](index=131&type=section&id=X.%20Interests%20in%20Other%20Entities) The company holds 100% equity in several wholly-owned subsidiaries and a 40% stake in a joint venture, Anhui Liansheng Xinneng Technology Co., Ltd., accounted for using the equity method H1 2025 Enterprise Group Composition | Subsidiary Name | Registered Capital (Yuan) | Business Nature | Shareholding Proportion (Direct) | | :--- | :--- | :--- | :--- | | Sanlian Parts | 38,000,000.00 | Industrial Production | 100.00% | | Wuhu Wanlian | 93,000,000.00 | Industrial Production | 100.00% | | Huzhou Sanlian | 15,000,000.00 | Industrial Production | 100.00% | | Xinlian Precision | 60,000,000.00 | Industrial Production | 100.00% | | Wuhu Shunlian | 10,000,000.00 | Industrial Production | 100.00% | | Wuhu Yilian | 10,000,000.00 | Industrial Production | 100.00% |

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1 荣信教育文化产业发展股份有限公司 2025 年半年度报告全文 荣信教育文化产业发展股份有限公司 【披露时间】 荣信教育文化产业发展股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 2025 年半年度报告 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人王艺桦、主管会计工作负责人王小敏及会计机构负责人(会计 主管人员)王小敏声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及的未来计划等前瞻性陈述，不构成公司对任何投资者及相关 人士的实质承诺，请投资者及相关人士对此保持足够的风险认识，理解计划、 预测与承诺之间的差异。 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和 应对措施"部分，阐述了公司经营中可能存在的风险及应对措施，敬请投资 者认真阅读相关内容，注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一节 | 重要提示、目录和释义 2 | | --- ...