公司代码：688098 公司简称：申联生物 申联生物医药(上海)股份有限公司 2025年半年度报告 申联生物医药(上海)股份有限公司2025年半年度报告 重要提示 一、 本公司董事会、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、 重大风险提示 请参见本报告"第三节管理层讨论与分析"之"四、风险因素"的相关内容，该章节对公司 可能面对的重大风险因素进行了分析和提示，请投资者务必仔细阅读。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人聂东升、主管会计工作负责人李珣及会计机构负责人（会计主管人员）吴 杰声明：保证半年度报告中财务报告的真实、准确、完整。 六、 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 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的公司未来经营计划、发展战略、预计/测等前瞻性陈述，不构成本公司对投资 者的实质承诺，敬请投资者注意投资风险。 九、 是否存在被控股股东及其 ...

Important Notices, Table of Contents, and Definitions [Important Notices](index=2&type=section&id=Important%20Notices) The company's stock is under a delisting risk warning due to its 2024 performance, and no dividends will be distributed for this period - The company's stock has been subject to a delisting risk warning since April 29, 2025, due to **negative total profit, net profit, and net profit excluding non-recurring items for the fiscal year 2024**, with operating revenue after deductions falling below 300 million Yuan[4](index=4&type=chunk) - The Board of Directors will actively urge management to take effective measures to improve the company's operating and financial conditions to remove the delisting risk warning[4](index=4&type=chunk) - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report includes key sections such as important notices, company profile, management discussion, and other submitted data [Directory of Documents for Inspection](index=4&type=section&id=Directory%20of%20Documents%20for%20Inspection) Documents available for inspection include signed financial statements, the full semi-annual report, and all public announcements from the reporting period - The documents for inspection include financial statements signed by the company's responsible person, the head of accounting, and the head of the accounting department[9](index=9&type=chunk) - The documents also include the full text and summary of the 2025 semi-annual report signed by the legal representative[10](index=10&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms, company names, and the reporting period used throughout the report - "The Company," "Starlight Shares," or "Starlight Shares Co" refers to Guangdong Starlight Development Co, Ltd, formerly known as "Guangdong Cnlight Co, Ltd"[12](index=12&type=chunk) - The "Reporting Period" refers to the period from January 1, 2025, to June 30, 2025[12](index=12&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=I.%20Company%20Profile) The company, *ST Starlight, is listed on the Shenzhen Stock Exchange under stock code 002076, with Li Zhenjiang as the legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Ticker | *ST Starlight | | Stock Code | 002076 | | Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | 广东星光发展股份有限公司 | | Legal Representative | Li Zhenjiang | [Contact Persons and Methods](index=6&type=section&id=II.%20Contact%20Persons%20and%20Methods) This section provides contact information for the company's Board Secretary and Securities Affairs Representative Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhang Taohua | Zone A, Shishan Industrial Technology Park, Nanhai District, Foshan City, Guangdong Province | 0757-86695590 | 0757-86695642 | zth@cnlight.com | | Securities Affairs Representative | Pan Xiaomei | Zone A, Shishan Industrial Technology Park, Nanhai District, Foshan City, Guangdong Province | 0757-86695590 | 0757-86695642 | zjb@cnlight.com | [Other Information](index=6&type=section&id=III.%20Other%20Information) No changes occurred in the company's contact details, information disclosure locations, or other related information during the reporting period - The company's contact methods, including registered address, office address, website, and email, remained unchanged during the reporting period[16](index=16&type=chunk) - The locations for information disclosure and document inspection remained unchanged during the reporting period[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Revenue increased by 32.62% year-on-year, but net profit attributable to shareholders declined by 367.06%, shifting from profit to loss Key Accounting Data and Financial Indicators (Current Period vs Prior Year Period) | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 92,963,385.10 | 70,097,919.63 | 32.62% | | Net Profit Attributable to Shareholders | -2,660,947.93 | 996,370.47 | -367.06% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -8,445,844.80 | -5,248,343.31 | -60.92% | | Net Cash Flow from Operating Activities | -3,436,188.11 | -1,609,618.36 | -113.48% | | Basic Earnings Per Share (Yuan/share) | -0.0024 | 0.0009 | -366.67% | | Diluted Earnings Per Share (Yuan/share) | -0.0024 | 0.0009 | -366.67% | | Weighted Average Return on Equity | -0.92% | 0.31% | -1.23% | | **Period-End Indicators** | **End of Current Period (Yuan)** | **End of Prior Year (Yuan)** | **Change from Prior Year-End** | | Total Assets | 609,138,505.10 | 611,990,887.92 | -0.47% | | Net Assets Attributable to Shareholders | 289,588,635.24 | 289,900,272.39 | -0.11% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) No discrepancies exist in net profit or net assets between financial reports prepared under Chinese accounting standards and international or foreign standards - The company has no discrepancies in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards[20](index=20&type=chunk) - The company has no discrepancies in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese accounting standards[21](index=21&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) Non-recurring gains totaled 5.78 million Yuan, primarily from asset disposals, debt restructuring, and government grants Non-recurring Profit and Loss Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 700,402.25 | | Government Grants Recognized in Current Profit or Loss | 221,751.73 | | Fair Value Gains/Losses and Gains/Losses from Disposal of Financial Assets and Liabilities | 104,548.87 | | Gains/Losses from Entrusted Investments or Asset Management | 9,900.69 | | Gains/Losses from Debt Restructuring | 4,914,592.41 | | Gains/Losses from Contingent Events Unrelated to Normal Business Operations | -1,545,347.27 | | Other Non-operating Income and Expenses | 1,192,987.65 | | Other Items Meeting the Definition of Non-recurring Profit or Loss | 25,141.30 | | Less: Income Tax Impact | 68,181.72 | | Minority Interest Impact (After Tax) | -229,100.96 | | Total | 5,784,896.87 | Management Discussion and Analysis [Principal Business Activities during the Reporting Period](index=9&type=section&id=I.%20Principal%20Business%20Activities%20during%20the%20Reporting%20Period) The company's business covers lighting, new energy, information security, and property management, operating on an order-driven production model - The new "Guiding Catalogue for Industrial Structure Adjustment (2024 Edition)" encourages the semiconductor lighting industry, and the State Council's "2024-2025 Energy Conservation and Carbon Reduction Action Plan" targets **50% penetration of high-efficiency lighting products by 2025**, accelerating the demand for LED replacement[27](index=27&type=chunk)[28](index=28&type=chunk) - The "2025 China Home Appliance Health Trends White Paper" shows that **83% of consumers are willing to pay a premium for health-related technologies**, with search volume for healthy appliances being 4.9 times the average on JD.com[29](index=29&type=chunk) - In the first half of 2025, China's new energy vehicle production and sales reached **6.97 million and 6.94 million units**, growing by 41.4% and 40.3% year-on-year, respectively, accounting for **44.3% of total new car sales**[31](index=31&type=chunk)[34](index=34&type=chunk) - The penetration rate of LED headlights in vehicles has **exceeded 60%**, reaching as high as 90% in new energy vehicles, with the Chinese automotive lighting market expected to reach approximately 22.66 million units by 2027[32](index=32&type=chunk) - In the first half of 2025, China's newly installed renewable energy capacity reached **268 million kW, a 99.3% year-on-year increase**, with solar power accounting for 212 million kW[35](index=35&type=chunk) - As of the end of June 2025, China's total installed renewable energy capacity reached **2.16 billion kW, a 30.6% year-on-year increase**, accounting for approximately 59.2% of the country's total installed capacity[36](index=36&type=chunk) - The company's main business segments include lighting and environmental appliances, new energy, information security and system integration, and property rental management[38](index=38&type=chunk) - With **over 20 years of technical expertise**, the company is a key domestic A-share listed manufacturer of UV sterilization lamps, offering a range of environmental purification products for various settings[40](index=40&type=chunk) - The lithium battery equipment business provides mid-to-late stage production line equipment, with subsidiary Zhuoyue Automation being an early domestic player in this field[43](index=43&type=chunk) - The company's business models are order-driven, employing a mix of distribution and direct sales, with production based on customer demand[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk)[51](index=51&type=chunk) LED Packaging Market Size | Indicator | 2024 Market Size | YoY Growth | | :--- | :--- | | Global LED Packaging Market | 12.7 billion USD | 1% | UV LED Market Size | Indicator | 2024 Market Size | YoY Growth | | :--- | :--- | | UV LED Market | 2.8 billion Yuan | 23% | Lithium Battery Shipments and Equipment Market Size | Indicator | H1 2025 Shipments | YoY Growth | 2023 Global Market Size | 2023 China Market Size | 2024 Global Forecast | 2024 China Forecast | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lithium Battery Shipments | 776 GWh | 68% | - | - | - | - | | Lithium Battery Equipment Market | - | - | 186.9 billion Yuan | 90 billion Yuan | 233.6 billion Yuan | 75 billion Yuan | Software and Information Technology Services Industry Data | Indicator | 2024 Software Revenue | YoY Growth | 2024 Total Profit | YoY Growth | 2024 Information Security Revenue | Growth | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Software and IT Services | 13.73 trillion Yuan | 10.0% | 1.70 trillion Yuan | 8.7% | 229 billion Yuan | 5.1% | [Core Competitiveness Analysis](index=14&type=section&id=II.%20Core%20Competitiveness%20Analysis) Core strengths include strong R&D capabilities with over 500 patents, a diverse product portfolio, a well-known brand, and a stable, experienced team - The company has a strong R&D team and system, has received national awards, participated in drafting national standards, and holds **over 500 domestic and foreign patents** as of the reporting period[58](index=58&type=chunk) - Subsidiary Zhuoyue Automation is recognized as a national high-tech enterprise, holding **78 patents and 55 software copyrights**[59](index=59&type=chunk) - The company offers a diverse product portfolio, including LED lighting, automotive lighting, UV sterilization, and environmental appliances, and has expanded into the new energy sector with lithium battery equipment and distributed photovoltaic power stations[60](index=60&type=chunk) - Established in 1992, the company has **over 30 years of experience** in the optoelectronics industry, and its "Cnlight" brand has high recognition, having been awarded "China Famous Trademark"[61](index=61&type=chunk) - The core management team is stable, with key personnel serving for over 10 years, and the company has implemented a **2023 stock option incentive plan** to motivate the team[62](index=62&type=chunk) - The company and its subsidiaries hold numerous key qualifications, including **Level 1 contractor for urban and road lighting engineering** and **Level 2 general contractor for power engineering construction**[63](index=63&type=chunk)[64](index=64&type=chunk) [Analysis of Main Business Operations](index=15&type=section&id=III.%20Analysis%20of%20Main%20Business%20Operations) Revenue grew 32.62% due to increased order fulfillment, while costs and expenses also rose, particularly financial expenses which grew 103.86% Key Financial Data YoY Changes | Item | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 92,963,385.10 | 70,097,919.63 | 32.62% | Increased sales order acceptance by subsidiaries | | Operating Costs | 59,067,133.91 | 41,543,247.21 | 42.18% | Increased in line with operating revenue | | Selling Expenses | 9,146,285.87 | 8,942,651.49 | 2.28% | - | | Administrative Expenses | 26,141,783.59 | 20,094,137.57 | 30.10% | Increased stock option expenses and professional fees | | Financial Expenses | 1,397,883.25 | 685,709.41 | 103.86% | Increased bank loan interest and lease financing costs from consolidating Yuansheng Information | | Income Tax Expense | -22,184.03 | 109,783.86 | -120.21% | Decrease in deferred tax expense from deductible temporary differences | | R&D Investment | 4,042,072.72 | 4,396,232.62 | -8.06% | - | | Net Cash Flow from Operating Activities | -3,436,188.11 | -1,609,618.36 | -113.48% | Increased cash payments for other operating activities | | Net Cash Flow from Investing Activities | -18,072,668.54 | 26,342,456.77 | -168.61% | Decreased cash received from investment recovery | | Net Cash Flow from Financing Activities | -5,009,386.54 | -1,748,874.30 | -186.43% | Increased cash payments for debt repayment | | Net Increase in Cash and Cash Equivalents | -26,445,775.57 | 23,060,690.57 | -214.68% | - | Operating Revenue Composition (by Product) | Product | Current Period Amount (Yuan) | % of Revenue | Prior Year Period Amount (Yuan) | % of Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | UV Sterilization Lamps | 10,894,785.58 | 11.72% | 13,137,699.99 | 18.74% | -17.07% | | Automotive Lighting Series | 14,755,219.65 | 15.87% | 16,276,429.29 | 23.22% | -9.35% | | LED Lighting Series | 15,697,657.08 | 16.89% | 11,058,492.52 | 15.78% | 41.95% | | Fluorescent Lamps | 10,054,686.71 | 10.82% | 9,028,152.55 | 12.88% | 11.37% | | Lithium Battery Production Equipment Series | 23,897,850.81 | 25.71% | 10,797,621.21 | 15.40% | 121.33% | | PV Power Station Construction & Operation | 7,460,073.15 | 8.02% | 1,761,952.71 | 2.51% | 323.40% | | Information Security & System Integration Series | 5,407,771.14 | 5.82% | 0.00 | 0.00% | 100.00% | | Other Business Revenue | 4,795,340.98 | 5.16% | 8,037,571.36 | 11.47% | -40.34% | Gross Margin Changes for Products Exceeding 10% of Revenue | Product | Current Period Gross Margin | Gross Margin Change from Prior Year Period | | :--- | :--- | :--- | | UV Sterilization Lamps | 29.74% | 2.91% | | Automotive Lighting Series | 37.24% | -9.18% | | LED Lighting Series | 24.46% | -0.12% | | Fluorescent Lamps | 33.53% | -1.93% | | Lithium Battery Production Equipment Series | 28.21% | -7.62% | Revenue Changes for Regions Exceeding 10% of Revenue | Region | Current Period Revenue Share | Prior Year Period Revenue Share | YoY Change | | :--- | :--- | :--- | :--- | | South China | 37.47% | 45.92% | 8.22% | | East China | 38.19% | 30.73% | 64.84% | | Overseas | 15.63% | 15.51% | 33.57% | [Analysis of Non-Main Business Operations](index=17&type=section&id=IV.%20Analysis%20of%20Non-Main%20Business%20Operations) Non-main business activities significantly impacted profit, with investment income from debt restructuring being a major contributor Impact of Non-Main Business on Total Profit | Item | Amount (Yuan) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 4,924,315.10 | -119.22% | Gain from subsidiary's debt restructuring | No | | Fair Value Change Gains/Losses | 104,548.87 | -2.53% | Fair value change in bank wealth management products | No | | Asset Impairment | -1,261,904.38 | 30.55% | Provision for inventory write-down | No | | Non-operating Income | 1,487,000.16 | -36.00% | Received performance compensation | No | | Non-operating Expenses | 1,872,832.27 | -45.34% | Additional provision for litigation default interest by a subsidiary | No | [Analysis of Assets and Liabilities](index=17&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets and net assets slightly decreased, while the proportion of inventory and contract liabilities increased Significant Changes in Asset Composition | Item | End of Current Period (Yuan) | % of Total Assets | End of Prior Year (Yuan) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 76,693,425.58 | 12.59% | 102,342,142.76 | 16.72% | -4.13% | | Accounts Receivable | 44,586,818.45 | 7.32% | 54,262,074.94 | 8.87% | -1.55% | | Inventory | 163,993,481.31 | 26.92% | 137,462,135.66 | 22.46% | 4.46% | | Right-of-use Assets | 10,568,592.25 | 1.74% | 25,664,827.44 | 4.19% | -2.45% | | Contract Liabilities | 105,888,983.86 | 17.38% | 89,970,629.90 | 14.70% | 2.68% | | Long-term Borrowings | 10,215,000.00 | 1.68% | 13,137,560.34 | 2.15% | -0.47% | | Lease Liabilities | 8,263,109.05 | 1.36% | 21,745,398.14 | 3.55% | -2.19% | Assets and Liabilities Measured at Fair Value | Item | Opening Balance (Yuan) | Current Period Fair Value Change (Yuan) | Current Period Purchases (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 0.00 | 100,713.25 | 11,000,000.00 | 11,104,548.87 | | Investment Property | 168,807,999.47 | 0.00 | 0.00 | 168,807,999.47 | | Total | 168,807,999.47 | 100,713.25 | 11,000,000.00 | 179,912,548.34 | Restricted Assets as of the Reporting Period End | Item | Closing Book Balance (Yuan) | Closing Book Value (Yuan) | Reason for Restriction | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 28,863,755.04 | 28,863,755.04 | Restricted administrator account, frozen and restricted funds | | Intangible Assets | 4,940,327.50 | 2,585,438.05 | Seized in creditor lawsuit, restriction not yet lifted | | Total | 33,804,082.54 | 31,449,193.09 | - | [Investment Analysis](index=18&type=section&id=VI.%20Investment%20Analysis) The company had no significant equity investments, non-equity investments, or use of raised funds during the reporting period - The company had no securities investments during the reporting period[77](index=77&type=chunk) - The company had no derivatives investments during the reporting period[78](index=78&type=chunk) - The company did not use any raised funds during the reporting period[79](index=79&type=chunk) [Major Asset and Equity Sales](index=19&type=section&id=VII.%20Major%20Asset%20and%20Equity%20Sales) No major assets or equity interests were sold during the reporting period - The company did not sell any major assets during the reporting period[80](index=80&type=chunk) - The company did not sell any major equity interests during the reporting period[81](index=81&type=chunk) [Analysis of Major Subsidiaries and Investees](index=19&type=section&id=VIII.%20Analysis%20of%20Major%20Subsidiaries%20and%20Investees) This section details the financial performance of major subsidiaries, including Shenzhen Zhuoyue Automation and Shenzhen Yike Optoelectronics Major Subsidiaries and Investees | Company Name | Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Zhuoyue Automation Technology Co, Ltd | Subsidiary | R&D, manufacturing, and sales of NEV power lithium battery production equipment | 35,000,000 | 174,225,005.92 | 80,051,803.27 | 24,149,807.01 | 1,371,190.77 | 1,260,638.79 | | Shenzhen Yike Optoelectronics Technology Co, Ltd | Subsidiary | R&D, manufacturing, and sales of automotive lamps and electronic accessories | 10,000,000 | 23,068,960.71 | 16,919,015.16 | 13,797,096.37 | 881,869.72 | 898,806.58 | | Foshan Cnlight Optoelectronics Technology Co, Ltd | Subsidiary | R&D, manufacturing, and sales of air sterilization products, LED lighting, and fluorescent lamps | 10,000,000 | 42,021,563.74 | 6,104,610.30 | 30,370,207.49 | -195,716.36 | -218,365.65 | | Foshan Cnlight Lighting Co, Ltd | Subsidiary | R&D, manufacturing, and sales of air sterilization products, LED lighting, and fluorescent lamps | 10,000,000 | 60,717,305.41 | 4,851,639.31 | 847,168.11 | 3,697,485.51 | 2,638,027.28 | | Guangdong Starlight Smart City Technology Co, Ltd | Subsidiary | R&D, manufacturing, and sales of LED lighting and electronic accessories | 10,000,000.00 | 14,941,854.09 | 7,659,531.34 | 3,600,339.64 | -1,236,436.72 | -1,217,335.52 | | Guangdong Shutong Intelligent Technology Co, Ltd | Subsidiary | Sales of network information security products and services | 5,000,000.00 | 2,586,950.13 | 830,036.69 | 96,727.33 | -879,491.85 | -879,491.79 | - During the reporting period, the company disposed of Shanghai Jinhui Cnlight E-commerce Co, Ltd through an ordinary transfer, with no impact on overall operations or performance[84](index=84&type=chunk) [Structured Entities Controlled by the Company](index=20&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[84](index=84&type=chunk) [Risks and Countermeasures](index=20&type=section&id=X.%20Risks%20and%20Countermeasures) The company faces risks from a repurchase obligation, a fire incident at a leased property, and a delisting risk warning - The company faces a **potential repurchase obligation** related to a business cooperation with Pu'er Pushun, which could increase financial pressure; the company is actively responding to the lawsuit[84](index=84&type=chunk) - A **fire occurred on April 13, 2025**, at a factory building leased out by the company; the liability and financial loss are still under investigation and cannot be estimated at this time[85](index=85&type=chunk)[86](index=86&type=chunk) - The company's stock is under a **delisting risk warning** due to its 2024 performance; the Board is actively taking measures to improve business and financial conditions to have the warning lifted[87](index=87&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system or disclosed a valuation enhancement plan - The company has not formulated a market value management system[88](index=88&type=chunk) - The company has not disclosed a valuation enhancement plan[88](index=88&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=21&type=section&id=XII.%20Implementation%20of%20the%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company has not disclosed an announcement regarding a "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding a "Dual Improvement in Quality and Returns" action plan[88](index=88&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=21&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[89](index=89&type=chunk) [Profit Distribution and Capitalization of Capital Reserves for the Current Reporting Period](index=21&type=section&id=II.%20Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserves%20for%20the%20Current%20Reporting%20Period) The company does not plan to distribute cash dividends, issue bonus shares, or capitalize capital reserves for the semi-annual period - The company plans not to distribute cash dividends, issue bonus shares, or capitalize capital reserves for the semi-annual period[90](index=90&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=21&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The 2023 stock option plan is ongoing, but some options were canceled due to unmet performance targets - On March 20, 2023, the company initially granted **78 million stock options** to 77 incentive recipients at an exercise price of 2.88 Yuan per share[93](index=93&type=chunk) - On March 12, 2024, the company granted a reserved portion of **12 million stock options** to 28 incentive recipients at an exercise price of 2.88 Yuan per share[94](index=94&type=chunk) - Due to unmet company-level performance targets for 2023, **15.6 million stock options** from the first exercise period of the initial grant were canceled on May 13, 2024[95](index=95&type=chunk) - On April 25, 2025, the company canceled a total of **39.4 million stock options**, including 16.03 million from 11 departed employees and 23.37 million from unmet performance targets, leaving **35 million options outstanding**[96](index=96&type=chunk) [Environmental Information Disclosure](index=22&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law[97](index=97&type=chunk) [Social Responsibility](index=23&type=section&id=V.%20Social%20Responsibility) The company is committed to social responsibility, focusing on corporate governance, employee rights, environmental protection, and community engagement - The company has established a sound corporate governance structure consisting of the shareholders' meeting, board of directors, supervisory committee, and senior management[98](index=98&type=chunk) - The company strictly adheres to the "Labor Contract Law," respects employee rights, provides training, and ensures workplace safety[98](index=98&type=chunk) - The company prioritizes environmental protection, has implemented the **ISO14001 environmental management system**, and handles wastewater and exhaust gas in compliance with regulations[99](index=99&type=chunk) - The company actively participates in charitable activities, including establishing a Hope Primary School and donating disinfection supplies for disaster relief[100](index=100&type=chunk) Significant Matters [Commitments by the Company, its Controlling Shareholder, Related Parties, and Acquirers Fulfilled or Overdue during the Reporting Period](index=24&type=section&id=I.%20Commitments%20by%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20Related%20Parties%2C%20and%20Acquirers%20Fulfilled%20or%20Overdue%20during%20the%20Reporting%20Period) Commitments related to equity incentives and share purchases were fulfilled, including the completed repurchase of the Yuansheng Information equity - The company's commitment not to provide financial assistance to equity incentive participants is being duly fulfilled[102](index=102&type=chunk) - The commitment by Mr Dai Junwei to acquire the company's entire stake in Yuansheng Information if its performance targets were not met **has been fulfilled**, with the equity transfer completed on July 16, 2025[102](index=102&type=chunk) - Guangdong Futai Holdings Co, Ltd, controlled by Mr Dai Junwei, completed its share purchase plan, acquiring **5.5 million shares for approximately 10.22 million Yuan**, meeting the lower limit of the plan[103](index=103&type=chunk) [Non-operating Fund Occupation by the Controlling Shareholder and Other Related Parties](index=25&type=section&id=II.%20Non-operating%20Fund%20Occupation%20by%20the%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) There were no instances of non-operating fund occupation by the controlling shareholder or other related parties during the reporting period - There were no instances of non-operating fund occupation by the controlling shareholder or other related parties during the reporting period[104](index=104&type=chunk) [Irregular External Guarantees](index=25&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[105](index=105&type=chunk) [Appointment and Dismissal of Accounting Firm](index=25&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[106](index=106&type=chunk) [Explanation by the Board of Directors and Supervisory Committee on the "Non-standard Audit Report" for the Current Period](index=25&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Committee%20on%20the%20%22Non-standard%20Audit%20Report%22%20for%20the%20Current%20Period) There was no non-standard audit report for the current reporting period - There was no non-standard audit report for the current reporting period[107](index=107&type=chunk) [Explanation by the Board of Directors on the "Non-standard Audit Report" of the Previous Year](index=25&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-standard%20Audit%20Report%22%20of%20the%20Previous%20Year) There was no non-standard audit report for the previous year - There was no non-standard audit report for the previous year[107](index=107&type=chunk) [Bankruptcy and Reorganization Matters](index=25&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) No bankruptcy or reorganization matters occurred during the reporting period - No bankruptcy or reorganization matters occurred during the reporting period[107](index=107&type=chunk) [Litigation Matters](index=26&type=section&id=VIII.%20Litigation%20Matters) The company is involved in several major lawsuits, primarily related to debt recovery from and guarantees provided for Fushun Optoelectronics Major Litigation and Arbitration Matters | Case Description | Amount Involved (10k Yuan) | Provision Formed | Progress | Outcome and Impact | Enforcement Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Lawsuit against Fushun Optoelectronics for loan and interest repayment | 23,435.76 | No | Second instance ruling | Appeal automatically withdrawn by Fushun Optoelectronics | 2,790.14 Yuan recovered; case suspended due to no executable assets; company has applied to share in proceeds from Fushun's land auction | | Lawsuit against Yinfu Energy Saving for loan repayment, with Fushun Optoelectronics as guarantor | 1,863.38 | No | Second instance judgment | Appeal rejected, original judgment upheld | Case suspended due to no executable assets; company has applied to share in proceeds from Fushun's land auction | | Lawsuit against Fushun Optoelectronics for unpaid shareholder dividends | 9,990 | No | Second instance ruling | Appeal automatically withdrawn by Fushun Optoelectronics | Case suspended due to no executable assets; company has applied to share in proceeds from Fushun's land auction | | Lawsuit by China Construction Bank regarding a guarantee for Fushun Optoelectronics' loan | 5,267.65 | Yes | Second instance judgment | Appeal rejected, original judgment upheld | Bank has filed a claim; company has requested a temporary suspension of repayment; awaiting collateral auction proceeds | | Subrogation claim by Shanghai Nongnongguo against Foshan Cnlight | 1,000 | Yes | First instance judgment | Foshan Cnlight to pay 6.67 million Yuan plus interest | Debt restructuring agreement signed for 3.58 million Yuan; 3.08 million Yuan has been paid | | Subrogation claim by Hubei Zhongmeng against Foshan Cnlight | 1,200 | Yes | First instance judgment | Foshan Cnlight to pay 8.01 million Yuan plus interest | Enforcement in progress | | Subrogation claim by Shanghai Hengjiu against Foshan Cnlight | 3,285 | Yes | First instance judgment | Foshan Cnlight to pay 21.92 million Yuan plus interest | Judgment has taken effect | Other Litigation Matters | Case Description | Amount Involved (10k Yuan) | Provision Formed | Progress | Outcome and Impact | Enforcement Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Other litigation where the company is the plaintiff | 4,926.6 | No | Judgment effective | Judgment effective | Partially in enforcement | | Other litigation where the company is the defendant | 1,007.1 | Yes | Judgment effective | Judgment effective | Partially in enforcement | | Other litigation where the company is the defendant | 1,638.71 | Yes | In trial | Case is in trial stage | In trial | [Penalties and Rectification](index=28&type=section&id=IX.%20Penalties%20and%20Rectification) The company and its management received a warning letter for inaccurate performance forecasts and delayed risk disclosure, and a rectification report has been submitted - The company, its actual controller, and key directors received a **warning letter from the Guangdong CSRC** for significant discrepancies in the 2024 performance forecast and failure to promptly disclose delisting risk warnings[110](index=110&type=chunk)[111](index=111&type=chunk) - The company submitted a **rectification report** regarding the performance forecast warning letter to the Guangdong CSRC in May 2025[111](index=111&type=chunk) [Integrity of the Company, its Controlling Shareholder, and Actual Controller](index=29&type=section&id=X.%20Integrity%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company, its controlling shareholder, and actual controller maintain good credit standing and are not listed as dishonest judgment debtors - As of the end of the reporting period, the company is **not listed as a dishonest judgment debtor**[112](index=112&type=chunk) - The company's controlling shareholder and actual controller have a good credit record and have no outstanding court judgments or significant overdue debts[112](index=112&type=chunk) [Major Related-Party Transactions](index=29&type=section&id=XI.%20Major%20Related-Party%20Transactions) The company engaged in related-party transactions including sales, asset transfers, and joint investments, notably the sale of its stake in Guangzhou Yuansheng Information Related-Party Transactions for Goods and Services | Related Party | Transaction Content | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | Zhongshan Yuangu Intelligent Technology Co, Ltd | Material procurement | 684,006.07 | 158,797.01 | | Guangzhou Chuangke Photovoltaic Power Co, Ltd | PV power station construction | 2,300,000.00 | 0.00 | Related-Party Transactions for Asset or Equity Acquisitions and Sales | Related Party | Transaction Type | Transaction Content | Book Value of Asset (10k Yuan) | Appraised Value of Asset (10k Yuan) | Transfer Price (10k Yuan) | Transaction Gain/Loss (10k Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Futai Holdings Co, Ltd | Equity sale | Transfer of 51% equity in subsidiary Guangzhou Yuansheng Information Technology Co, Ltd | 1,675.92 | 726.74 | 1,000 | 0 | - The company's subsidiary, Starlight Cloud Computing, plans to jointly participate with a related party in the bankruptcy reorganization of Guangdong Ruijiang Cloud Computing Co, Ltd, with a proposed investment of approximately **13.8 million Yuan for a 26.87% stake**[121](index=121&type=chunk) [Major Contracts and Their Performance](index=32&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) The company has an outstanding external guarantee of 20.075 million Yuan and 11 million Yuan in outstanding entrusted wealth management - The company had no custody, contracting, or leasing arrangements during the reporting period[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk) - The company has no other major contracts during the reporting period[128](index=128&type=chunk) External Guarantees by the Company and its Subsidiaries | Guaranteed Party | Guarantee Limit (10k Yuan) | Actual Guarantee Amount (10k Yuan) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Fushun Optoelectronics | 4,000 | 2,007.5 | 3 years | No | Entrusted Wealth Management | Type | Source of Funds | Amount (10k Yuan) | Outstanding Balance (10k Yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own funds | 2,850 | 1,100 | [Other Significant Matters](index=33&type=section&id=XIII.%20Other%20Significant%20Matters) An entity controlled by the company's actual controller completed a share purchase plan, acquiring shares worth approximately 10.22 million Yuan - Guangdong Futai Holdings Co, Ltd, controlled by the company's actual controller and Chairman Mr Dai Junwei, completed its share purchase plan, acquiring **5.5 million shares (0.50% of total share capital) for approximately 10.22 million Yuan**[129](index=129&type=chunk) [Significant Matters of Subsidiaries](index=33&type=section&id=XIV.%20Significant%20Matters%20of%20Subsidiaries) Subsidiary matters include a planned reorganization investment, a major contract win, and the resolution of performance commitments and legal disputes - Subsidiary Starlight Cloud Computing plans to participate in the reorganization of Guangdong Ruijiang Cloud, but no formal agreement has been signed yet[131](index=131&type=chunk) - Subsidiary Shenzhen Zhuoyue Automation Technology Co, Ltd won a **22.28 million Yuan equipment procurement contract** from Ruipu Lanjun Energy Co, Ltd, which is currently being executed[132](index=132&type=chunk) - The planned acquisition of the "Zaojiatong" platform through a joint venture was terminated due to a failure to reach an agreement[133](index=133&type=chunk) - The actual controller, Mr Dai Junwei, made performance commitments for subsidiaries Starlight Quantum and Yuansheng Information; the **51% stake in Yuansheng Information has since been sold for 10 million Yuan**[134](index=134&type=chunk)[135](index=135&type=chunk) - The 2024 performance commitment for Guangzhou Yuansheng Information was met, and the company received **1.36 million Yuan in performance compensation**[136](index=136&type=chunk)[137](index=137&type=chunk) - Subsidiary Foshan Cnlight Lighting is involved in several subrogation disputes, with some resolved through debt restructuring, and the parent company is not expected to bear joint liability[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) Share Capital Changes and Shareholder Information [Share Capital Changes](index=36&type=section&id=I.%20Share%20Capital%20Changes) The total share capital remained unchanged, while restricted shares decreased and unrestricted shares increased due to the lifting of sales restrictions for former executives Share Capital Changes | Share Type | Pre-Change Quantity (shares) | Pre-Change Ratio | Change (+/- shares) | Post-Change Quantity (shares) | Post-Change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 80,184,437 | 7.23% | -13,334,178 | 66,850,259 | 6.03% | | II. Unrestricted Shares | 1,028,940,054 | 92.77% | 13,334,178 | 1,042,274,232 | 93.97% | | III. Total Shares | 1,109,124,491 | 100.00% | 0 | 1,109,124,491 | 100.00% | - The change in share status was primarily due to the lifting of sales restrictions on shares held by former directors Xian Shuzhong and Chai Hua, and former executive Tang Hao, following their departure[144](index=144&type=chunk)[145](index=145&type=chunk) Changes in Restricted Shares | Shareholder Name | Opening Restricted Shares (shares) | Restricted Shares Released (shares) | Closing Restricted Shares (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Dai Junwei | 60,000,000 | 0 | 60,000,000 | Executive lock-up and personal commitment | | Zhang Taohua | 1,714,703 | 0 | 1,714,703 | Executive lock-up | | Li Zhenjiang | 48,000 | 0 | 48,000 | Executive lock-up | | Xian Shuzhong | 15,531,678 | 11,531,678 | 4,000,000 | 100% lock-up for 6 months post-departure; part pending buyback | | Chai Hua | 1,103,200 | 1,103,200 | 0 | 100% lock-up for 6 months post-departure | | Tang Hao | 699,300 | 699,300 | 0 | 100% lock-up for 6 months post-departure | | Total | 80,184,437 | 13,334,178 | 66,850,259 | - | [Securities Issuance and Listing](index=38&type=section&id=II.%20Securities%20Issuance%20and%20Listing) There were no securities issued or listed during the reporting period - There were no securities issued or listed during the reporting period[148](index=148&type=chunk) [Number of Shareholders and Shareholdings](index=38&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholdings) As of the period end, the company had 58,844 common shareholders, with some top shareholders' shares being pledged or frozen - The total number of common shareholders at the end of the reporting period was **58,844**[149](index=149&type=chunk) - The controlling shareholder is Jiadexuan, and the actual controller is Dai Junwei, who also controls Shangfan Capital and Futai Holdings, which are parties acting in concert[151](index=151&type=chunk) Shareholdings of Top 10 Shareholders or Those Holding Over 5% | Shareholder Name | Nature | Shareholding Ratio | Shares Held at Period End (shares) | Restricted Shares (shares) | Unrestricted Shares (shares) | Pledged, Marked, or Frozen Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiadexuan (Guangzhou) Capital Management Co, Ltd | Domestic Non-SOE | 7.24% | 80,263,648 | 0 | 80,263,648 | N/A: 0 | | Dai Junwei | Domestic Individual | 7.21% | 80,000,000 | 60,000,000 | 20,000,000 | N/A: 0 | | Chai Guosheng | Domestic Individual | 3.93% | 43,641,103 | 0 | 43,641,103 | Pledged: 33,348,162; Frozen: 43,641,103 | | Guangdong Shangfan Capital Investment Co, Ltd | Domestic Non-SOE | 1.89% | 21,000,000 | 0 | 21,000,000 | N/A: 0 | | Guangdong Yuejia Innovation Investment Partnership (LP) | Domestic Non-SOE | 1.36% | 15,029,700 | 0 | 15,029,700 | N/A: 0 | | Li Qing | Domestic Individual | 1.08% | 11,994,600 | 0 | 11,994,600 | N/A: 0 | | Xian Shuzhong | Domestic Individual | 0.88% | 9,765,839 | 4,000,000 | 5,765,839 | Frozen: 4,000,000 | | Guangdong Futai Holdings Co, Ltd | Domestic Non-SOE | 0.50% | 5,500,000 | 0 | 5,500,000 | N/A: 0 | | Wu Dehong | Domestic Individual | 0.39% | 4,300,000 | 0 | 4,300,000 | N/A: 0 | | Gan Yongshu | Domestic Individual | 0.37% | 4,124,332 | 0 | 4,124,332 | N/A: 0 | [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=40&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of directors, supervisors, or senior management during the reporting period - There were no changes in the shareholdings of directors, supervisors, or senior management during the reporting period[152](index=152&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=40&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[153](index=153&type=chunk) - The company's actual controller did not change during the reporting period[153](index=153&type=chunk) [Preferred Stock Information](index=41&type=section&id=VI.%20Preferred%20Stock%20Information) The company had no preferred stock during the reporting period - The company had no preferred stock during the reporting period[154](index=154&type=chunk) Bond-Related Information [Bond-Related Information](index=42&type=section&id=Bond-Related%20Information) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[156](index=156&type=chunk) Financial Report [Audit Report](index=43&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[158](index=158&type=chunk) [Financial Statements](index=43&type=section&id=II.%20Financial%20Statements) This section presents the consolidated and parent company financial statements for the semi-annual period ending June 30, 2025 - The consolidated balance sheet shows **total assets of 609.14 million Yuan**, total current liabilities of 302.45 million Yuan, and total equity attributable to parent company owners of 289.59 million Yuan[162](index=162&type=chunk) - The consolidated income statement shows **total operating revenue of 92.96 million Yuan** and a net loss attributable to parent company shareholders of 2.66 million Yuan[169](index=169&type=chunk)[170](index=170&type=chunk) - The consolidated cash flow statement shows **net cash outflow from operating activities of 3.44 million Yuan**, from investing activities of 18.07 million Yuan, and from financing activities of 5.01 million Yuan[174](index=174&type=chunk) [Company Basic Information](index=60&type=section&id=III.%20Company%20Basic%20Information) Guangdong Starlight Development Co, Ltd, established in 1992 and listed in 2006, operates in the electrical machinery and equipment manufacturing industry - Guangdong Starlight Development Co, Ltd was established on December 21, 1992, and was listed on the Shenzhen Stock Exchange on October 25, 2006[192](index=192&type=chunk)[193](index=193&type=chunk) - As of June 30, 2025, the company's total issued share capital is **1,109,124,491 shares**, with a registered capital of 1,109,124,491.00 Yuan, and the actual controller is Mr Dai Junwei[193](index=193&type=chunk) - The company operates in the electrical machinery and equipment manufacturing industry, with a business scope covering lighting, new energy, and information security[193](index=193&type=chunk) - The current consolidation scope includes **50 subsidiaries**, an increase of 4 and a decrease of 2 compared to the previous period[193](index=193&type=chunk) [Basis of Preparation for Financial Statements](index=61&type=section&id=IV.%20Basis%20of%20Preparation%20for%20Financial%20Statements) The financial statements are prepared in accordance with China's Accounting Standards for Business Enterprises and on a going concern basis - The financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant CSRC regulations[195](index=195&type=chunk) - The company has assessed its ability to continue as a going concern for the next 12 months and has found no material uncertainties[196](index=196&type=chunk) [Significant Accounting Policies and Estimates](index=62&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates applied in preparing the financial statements, covering areas such as revenue recognition and asset valuation - The company has formulated specific accounting policies and estimates for transactions and events like revenue recognition, based on its operational characteristics and relevant accounting standards[197](index=197&type=chunk) - The financial statements comply with the requirements of the Accounting Standards for Business Enterprises, presenting a true and fair view of the company's financial position, operating results, and cash flows[198](index=198&type=chunk) - The company uses a **12-month operating cycle** as the basis for classifying current and non-current assets and liabilities[200](index=200&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[220](index=220&type=chunk) - Inventory is accounted for using the **perpetual inventory system**, initially measured at standard cost and adjusted to actual cost at month-end[249](index=249&type=chunk) - Investment properties are subsequently measured using the **fair value model** without depreciation or amortization[266](index=266&type=chunk) - Fixed assets are initially measured at cost and depreciated using the **straight-line method** over their estimated useful lives[270](index=270&type=chunk)[272](index=272&type=chunk)[275](index=275&type=chunk)[276](index=276&type=chunk) - Revenue is recognized when the customer obtains control of the goods or services, in an amount that reflects the consideration to which the company expects to be entitled[302](index=302&type=chunk) [Taxes](index=90&type=section&id=VI.%20Taxes) The company is subject to various taxes, with some subsidiaries benefiting from preferential tax policies for software products and high-tech enterprises Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods, taxable services income, etc | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Actual paid turnover tax | 7% | | Corporate Income Tax | Taxable income | 15%, 20%, 25%, 8.25% | | Education Surcharge | Actual paid turnover tax | 3% | | Local Education Surcharge | Actual paid turnover tax | 2% | | Land Use Tax | Actual occupied land area | 3 Yuan/sq.m. | | Property Tax | 70% of the original value of the property | 1.2% | | Property Tax | Rental income | 12% | - Subsidiary Shenzhen Zhuoyue benefits from a **VAT refund policy for software products**[325](index=325&type=chunk) - Subsidiaries Shenzhen Zhuoyue, Shenzhen Yike, and Yuansheng Information are qualified as high-tech enterprises and are subject to a **preferential corporate income tax rate of 15%**[325](index=325&type=chunk)[326](index=326&type=chunk) - Several subsidiaries qualify as small and micro-enterprises and are subject to a **reduced corporate income tax rate of 20%** on 25% of their taxable income until December 31, 2027[326](index=326&type=chunk)[327](index=327&type=chunk) [Notes to Consolidated Financial Statement Items](index=92&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on key items in the consolidated financial statements, including assets, liabilities, equity, and income statement components - At period-end, cash and cash equivalents totaled **76.69 million Yuan**, of which **28.86 million Yuan was restricted**[329](index=329&type=chunk)[331](index=331&type=chunk) - At period-end, the carrying value of accounts receivable was **44.59 million Yuan**, with a provision for bad debts of 124.71 million Yuan[345](index=345&type=chunk) - At period-end, the carrying value of inventory was **163.99 million Yuan**, with a total provision for write-down and impairment of 25.46 million Yuan[402](index=402&type=chunk) - At period-end, the carrying value of long-term equity investments was **62,059.19 Yuan**, primarily in associate companies[408](index=408&type=chunk) - At period-end, investment properties measured at fair value had a carrying amount of **168.81 million Yuan**[411](index=411&type=chunk) - At period-end, the carrying value of fixed assets was **34.08 million Yuan**, with accumulated depreciation of 90.00 million Yuan and an impairment provision of 4.75 million Yuan[418](index=418&type=chunk) - At period-end, total provisions amounted to **42.26 million Yuan**, mainly for pending litigation, repurchase obligations, and guarantees related to Fushun[488](index=488&type=chunk)[489](index=489&type=chunk) - At period-end, share capital was **1,109,124,491.00 Yuan**, and capital surplus was 478.88 million Yuan, with an increase in other capital surplus mainly from share-based payments and subsidiary equity transfers[492](index=492&type=chunk)[493](index=493&type=chunk) - At period-end, retained earnings stood at **-1,417.42 million Yuan**[499](index=499&type=chunk) [R&D Expenditures](index=133&type=section&id=VIII.%20R&D%20Expenditures) Total R&D expenditure for the period was 4.04 million Yuan, all of which was expensed R&D Expenditure Composition | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 3,343,957.16 | 3,653,993.01 | | Depreciation of Fixed Assets | 61,794.83 | 126,285.25 | | Amortization of Intangible Assets | 246,685.04 | 246,946.03 | | Direct Materials | 321,977.61 | 206,423.72 | | Others | 67,658.08 | 162,584.61 | | Total | 4,042,072.72 | 4,396,232.62 | | Of which: Expensed R&D | 4,042,072.72 | 4,396,232.62 | | Capitalized R&D | 0.00 | 0.00 | [Changes in the Scope of Consolidation](index=133&type=section&id=IX.%20Changes%20in%20the%20Scope%20of%20Consolidation) The scope of consolidation changed with the addition of four new subsidiaries and the disposal or deregistration of three others - **Four new subsidiaries were added** during the period, including Guizhou Lansheng System Technology Co, Ltd, acquired through purchase[134](index=134&type=chunk) - Three new subsidiaries were established: Starlight Shares (Hong Kong) Co, Limited, Guangdong Starlight Big Data Co, Ltd, and Starlight Pulian (Guangdong) Big Data Co, Ltd[135](index=135&type=chunk) - Two subsidiaries, Guangdong Wanxu Technology Co, Ltd and Guangdong Xingcan Shenghui Media Co, Ltd, were deregistered[135](index=135&type=chunk) - The company disposed of its **51.00% equity stake** in Shanghai Jinhui Cnlight E-commerce Co, Ltd for a consideration of 1.00 Yuan[134](index=134&type=chunk) [Interests in Other Entities](index=135&type=section&id=X.%20Interests%20in%20Other%20Entities) The company has interests in 50 subsidiaries, as well as several joint ventures and associate companies, some of which have incurred significant losses - The company's consolidation scope includes **50 subsidiaries**, such as Guangdong Starlight Development Holding Co, Ltd and Shenzhen Zhuoyue Automation Technology Co, Ltd[193](index=193&type=chunk)[550](index=550&type=chunk)[551](index=551&type=chunk)[552](index=552&type=chunk)[553](index=553&type=chunk) Key Financial Information of Significant Non-wholly Owned Subsidiaries (Current Period) | Subsidiary Name | Minority Interest Ratio | Net Profit/Loss Attributable to Minority Interests (Yuan) | Dividends Declared to Minority Interests (Yuan) | Closing Balance of Minority Interests (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Shenzhen Yike | 0.92% | 8,287.00 | 0.00 | 205,892.87 | Significant Joint Ventures or Associates | Name | Principal Place of Business | Place of Incorporation | Business Nature | Shareholding Ratio (Direct) | Accounting Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Suining Mengshi Glass Technology Co, Ltd | Suining City | Suining City | Lighting products | 50.00% | Equity method | | Foshan Cnlight Lighting Technology Co, Ltd | Foshan City | Foshan City | Lighting products | 25.00% | Equity method | | Foshan Cnlight Automotive Electronics Sales Co, Ltd | Foshan City | Foshan City | Lighting products | 35.00% | Equity method | | Pu'er Pushun Intelligent Technology Co, Ltd | Pu'er City | Pu'er City | Charging pile operation | 35.00% | Equity method | Unrecognized Losses of Joint Ventures or Associates | Name | Accumulated Unrecognized Losses from Prior Periods (Yuan) | Unrecognized Losses for the Current Period (Yuan) | Accumulated Unrecognized Losses at Period End (Yuan) | | :--- | :--- | :--- | :--- | | Foshan Cnlight Lighting Technology Co, Ltd | 11,694,180.36 | 3,856.74 | 11,698,037.10 | | Pu'er Pushun Intelligent Technology Co, Ltd | 13,632,183.22 | 1,108,181.81 | 14,740,365.03 | | Total | 25,326,363.58 | 1,112,038.55 | 26,438,402.13 | [Government Grants](index=139&type=section&id=XI.%20Government%20Grants) The company recognized government grants totaling 0.94 million Yuan in the current period, primarily from software tax refunds and employment subsidies Government Grants Recognized in Current Profit or Loss | Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Other Income - Software Tax Refund | 726,327.74 | 806,179.27 | | Other Income - Additional Tax Deduction | 141,471.18 | 68,333.84 | | Other Income - Employment Subsidy for Underprivileged Population | 38,186.84 | 9,590.69 | | Other Income - Tax Relief for Key Disadvantaged Groups | 24,700.00 | 42,900.00 | | Other Income - Insurance Subsidy for Small and Micro Enterprises | 10,878.84 | 0.00 | | Other Income - Exhibition Subsidy | 0.00 | 21,170.00 | | Other Income - Others | 0.00 | 15,541.40 | | Total | 941,564.60 | 963,715.20 | [Risks Related to Financial Instruments](index=140&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks through established policies, with a 10% change in the RMB exchange rate potentially impacting pre-tax profit by 2.43 million Yuan - The company's main financial instruments expose it to **credit risk, liquidity risk, and market risk (foreign exchange risk)**[561](index=561&type=chunk) - Credit risk is managed by assessing counterparty creditworthiness and monitoring customer credit records[562](index=562&type=chunk)[563](index=563&type=chunk) - Liquidity risk is managed by continuously monitoring cash flow needs to ensure sufficient cash reserves[565](index=565&type=chunk) - The company faces foreign exchange risk from assets and liabilities denominated in foreign currencies; a **10% appreciation or depreciation of the RMB** would impact pre-tax profit by approximately 2.43 million Yuan[566](index=566&type=chunk) Book Balance and Expected Credit Loss of Relevant Assets (as of June 30, 2025) | Aging | Book Balance (Yuan) | Provision for Impairment (Yuan) | | :--- | :--- | :--- | | Notes Receivable | 7,866,353.74 | 59,140.71 | | Accounts Receivable | 169,293,106.77 | 124,706,288.32 | | Other Receivables | 341,158,324.74 | 329,042,904.60 | | Total | 518,317,785.25 | 453,808,333.63 | Financial Liabilities and Off-Balance Sheet Guarantees by Remaining Contractual Maturity (as of June 30, 2025) | Item | Within 1 Year (Yuan) | 1-2 Years (Yuan) | Over 2 Years (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Accounts Payable | 86,166,355.77 | - | - | 86,166,355.77 | | Other Current Liabilities | 66,250,852.72 | - | - | 66,250,852.72 | | Lease Liabilities | - | 1,902,104.55 | 6,361,004.50 | 8,263,109.05 | | Non-current Liabilities Due within One Year | 10,978,690.64 | - | - | 10,978,690.64 | | Other Payables | 25,742,983.19 | - | - | 25,742,983.19 | | Long-term Borrowings | - | 4,335,000.00 | 5,880,000.00 | 10,215,000.00 | | Total Financial Liabilities | 189,138,882.32 | 6,237,104.55 | 12,241,004.50 | 207,616,991.37 | [Fair Value Disclosure](index=142&type=section&id=XIII.%20Fair%20Value%20Disclosure) Assets measured at fair value, including receivables financing and investment properties, totaled 170.74 million Yuan at period-end Fair Value of Assets and Liabilities at Period End | Item | Level 2 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | | Receivables Financing | 1,933,350.92 | 1,933,350.92 | | Investment Property | 168,807,999.47 | 168,807,999.47 | | Total Assets at Fair Value | 170,741,350.39 | 170,741,350.39 | - The fair value of trading financial assets with active market prices is determined by the closing price on the balance sheet date[569](index=569&type=chunk) - The fair value of real estate with active market prices is determined by adjusting market prices of comparable properties for differences in transaction date, location, and specific attributes[570](index=570&type=chunk) - The book value of financial assets and liabilities not measured at fair value approximates their fair value[571](index=571&type=chunk) [Related Parties and Related-Party Transactions](index=143&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) The company's ultimate controller is Mr Dai Junwei, and it engages in routine transactions with related parties, including subsidiaries and key management - The company's controlling shareholder is Jiadexuan (Guangzhou) Capital Management Co, Ltd and its concerted parties, with the ultimate controller being Mr Dai Junwei[572](index=572&type=chunk) - Details of the company's subsidiaries, joint ventures, and associates are provided in other notes[573](index=573&type=chunk) Other Related Parties | Name | Relationship | | :--- | :--- | | Yongchun Fengyuan Investment Co, Ltd | Company controlled by the actual controller | | Guangzhou Chuangke Photovoltaic Power Co, Ltd | Company controlled by the actual controller | | Dai Junwei | Chairman | | Zhang Taohua | Director, Board Secretary | | Li Zhenjiang | Director, General Manager, CFO | | Chen Wenji | Deputy General Manager | | Liu Youcai | Deputy General Manager | | Dai Wen | Chairman of the Supervisory Committee | | Xiao Fang | Supervisor | | Li Wenhui | Employee Representative Supervisor | | Wang Jun | Minority shareholder of a subsidiary | | Zhongshan Yuangu Intelligent Technology Co, Ltd | Minority shareholder of a subsidiary | Related-Party Transactions for Goods and Services | Related Party | Transaction Content | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | Zhongshan Yuangu Intelligent Technology Co, Ltd | Material procurement | 684,006.07 | 158,797.01 | | Guangzhou Chuangke Photovoltaic Power Co, Ltd | PV power station construction | 2,300,000.00 | 0.00 | Key Management Personnel Compensation | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 1,278,814.50 | 2,289,699.47 | Related-Party Receivables | Item | Related Party | Closing Book Balance (Yuan) | Closing Bad Debt Provision (Yuan) | Opening Book Balance (Yuan) | Opening Bad Debt Provision (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | Foshan Cnlight Lighting Technology Co, Ltd | 44,699,965.23 | 44,699,965.23 | 44,699,965.23 | 44,699,965.23 | | Accounts Receivable | Foshan Cnlight Automotive Electronics Sales Co, Ltd | 325,291.88 | 325,291.88 | 325,291.88 | 243,968.91 | | Accounts Receivable | Guangzhou Chuangke Photovoltaic Power Co, Ltd | 500,000.00 | 50,000.00 | 0.00 | 0.00 | | Prepayments | Zhongshan Yuangu Intelligent Technology Co, Ltd | 781,974.35 | 0.00 | 732,951.70 | 0.00 | Related-Party Payables | Item | Related Party | Closing Book Balance (Yuan) | Opening Book Balance (Yuan) | | :--- | :--- | :--- | :--- | | Other Payables | Suining Mengshi Glass Technology Co, Ltd | 3,833,480.37 | 3,833,480.37 | | Other Payables | Foshan Cnlight Lighting Technology Co, Ltd | 159,772.81 | 179,772.81 | | Other Current Liabilities | Wang Jun | 4,500,000.00 | 4,500,000.00 | | Contract Liabilities | Guangzhou Chuangke Photovoltaic Power Co, Ltd | 0.00 | 1,150,442.48 | [Share-based Payments](index=146&type=section&id=XV.%20Share-based%20Payments) The company recognized 2.09 million Yuan in expenses related to its 2023 stock option incentive plan during the period Share-based Payment Overview | Grantee Category | Granted this Period | Grant Amount (Yuan) | Exercised this Period | Exercise Amount (Yuan) | Vested this Period | Vesting Amount (Yuan) | Lapsed this Period | Lapse Amount (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Stock Option Grantees | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 50,000 | 23,065.00 | | Total | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 50,000 | 23,065.00 | - T

广西东方智造科技股份有限公司 2025 年半年度报告全文 广西东方智造科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 广西东方智造科技股份有限公司 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。 公司负责人王宋琪、主管会计工作负责人陈伟及会计机构负责人(会计主 管人员)陈伟声明：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。 本半年度报告涉及未来计划等前瞻性陈述不构成公司对投资者的实质承诺， 投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、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"部分详细描述了公司未来发展中可能存在的风险及应对措施，敬请投 资者关注相关内容。 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 | ---------------------- ...

恺英网络股份有限公司 2025 年半年度报告全文 恺英网络股份有限公司 2025 年半年度报告 2 2025 年 8 月 30 日 1 恺英网络股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、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。 公司负责人沈军、主管会计工作负责人张启闰及会计机构负责人(会计主 管人员)张启闰声明：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。 本半年度报告涉及公司未来计划等前瞻性陈述，不构成公司对投资者的实 质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解 计划、预测与承诺之间的差异。 公司已在本报告中详细阐述公司可能存在的风险，请查阅本报告中第三节 "管理层讨论与分析"的第十部分"公司面临的风险和应对措施"部分描述。 敬请广大投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 恺英网络股份有限公司 2025 年半年度报告全文 备查文件目录 （一）载有公司负责人、主管会计工作 ...

中 国 光 大 银 行 股 份 有 限 公 司 CHINA EVERBRIGHT BANK COMPANY LIMITED 2 0 2 5 年 半 年 度 报 告 截至本报告披露日，董事会尚未审议本报告期利润分配预案或资 本公积转增股本预案。本行后续将制定具体的中期分红方案，履行公 司治理程序后实施。 本报告中有关本行未来计划等前瞻性陈述不构成本行对投资者 的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并 且应当理解计划、预测与承诺之间的差异。 本行已在本报告中详细描述存在的主要风险及拟采取的应对措 施，详见"第四节管理层讨论与分析"相关内容。 (A 股股票代码：601818) 2025 年 8 月 29 日 重要提示 本行董事会、监事会及董事、监事、高级管理人员保证本报告内 容的真实、准确、完整，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。 本行第九届董事会第三十次会议于 2025 年 8 月 29 日在北京召开， 审议通过本行《2025 年半年度报告》。会议应出席董事 16 名，实际 出席董事 16 名。本行部分监事列席本次会议。 本行按照中国企业会计准则和国际财务报告 ...

广州白云电器设备股份有限公司2025 年半年度报告 公司代码：603861 公司简称：白云电器 广州白云电器设备股份有限公司 2025 年半年度报告 1 / 205 广州白云电器设备股份有限公司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、 公司负责人胡德兆、主管会计工作负责人温中华及会计机构负责人（会计主管人员）汤凤 霞声明：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 根据公司第七届董事会第二十一次会议审议通过的2025年中期利润分配方案，公司2025年半 年度拟以实施权益分派股权登记日登记的总股本扣减公司回购专用证券账户中的股份数为基数分 配利润。本次利润分配方案如下： 公司拟向全体股东每10股派发现金红利0.50元（含税），不送红股，不以公积金转增股本。 截至2025年6月30日，公司总股本492,559,946股，扣减回购专用证券 ...

[Definitions](index=4&type=section&id=Section%20I%20Definitions) [Definitions of Common Terms and Professional Terminology](index=4&type=section&id=1.1%20Definitions%20of%20Common%20Terms%20and%20Professional%20Terminology) This chapter defines common terms and professional jargon used in the report, including company names, exchanges, reporting periods, currency units, and various enterprise management system acronyms, ensuring accurate understanding of the report content - Common Term Definitions: Company/NFLG refers to Fujian NFLG Roadbuilding Machinery Co., Ltd.; SSE refers to Shanghai Stock Exchange; Reporting Period refers to January 1, 2025, to June 30, 2025; Yuan, Ten Thousand Yuan, Hundred Million Yuan refer to RMB Yuan, RMB Ten Thousand Yuan, RMB Hundred Million Yuan[13](index=13&type=chunk) - Professional Terminology Definitions: RAP refers to Recycled Asphalt Pavement; ERP refers to Enterprise Resource Planning; MES refers to Manufacturing Execution System; PLM refers to Product Lifecycle Management System; RDM refers to Project Management System; CRM refers to Customer Relationship Management System; EBOM refers to Engineering Bill of Materials; PBOM refers to Process Bill of Materials; MBOM refers to Manufacturing Bill of Materials[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Information](index=4&type=section&id=2.1%20Company%20Information) This section introduces Fujian NFLG Roadbuilding Machinery Co., Ltd.'s Chinese name, abbreviation, English name, abbreviation, and legal representative information - Company Chinese Name: Fujian NFLG Roadbuilding Machinery Co., Ltd., Chinese Abbreviation: NFLG[15](index=15&type=chunk) - Company Legal Representative: Fang Qingxi[15](index=15&type=chunk) [Contact Person and Contact Information](index=4&type=section&id=2.2%20Contact%20Person%20and%20Contact%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax numbers, and email addresses - Board Secretary: Wan Jingwen, Contact Number: 0595-22916799, Email: Dong_office@nflg.com[16](index=16&type=chunk)[17](index=17&type=chunk) - Securities Affairs Representative: Yan Jianse, Contact Number: 0595-22915802, Email: Dong_office@nflg.com[16](index=16&type=chunk)[17](index=17&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=2.3%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section states that there were no changes in the company's basic information, such as registered address, office address, postal code, company website, and email address, during the reporting period - Company's registered address and office address are both No. 700, Sports Street, High-tech Industrial Park, Fengze District, Quanzhou City, with no changes during the reporting period[18](index=18&type=chunk) - Company Website: https://www.nflg.com/, Email: Dong_office@nflg.com[18](index=18&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=2.4%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) This section discloses the company's selected newspapers for information disclosure, the website address for publishing semi-annual reports, and the location for storing semi-annual reports, all of which remained unchanged during the reporting period - Company's selected newspapers for information disclosure: China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily, Economic Information Daily[19](index=19&type=chunk) - Website address for publishing semi-annual reports: www.sse.com.cn[19](index=19&type=chunk) - Location for storing company's semi-annual reports: Company Board Secretary's Office[19](index=19&type=chunk) [Overview of Company Shares](index=5&type=section&id=2.5%20Overview%20of%20Company%20Shares) This section provides basic information about the company's shares, including share type, listing exchange, stock abbreviation, and stock code - Company Share Type: A-shares, Listing Exchange: Shanghai Stock Exchange, Stock Abbreviation: NFLG, Stock Code: 603280[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=2.7%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section details the company's key accounting data and financial indicators for the first half of 2025, showing a year-on-year decrease in operating revenue and net profit, but a significant increase in net cash flow from operating activities, along with slight growth in total assets and net assets - Net cash flow from operating activities increased due to higher collection of goods payments and reduced material expenses in the current period[24](index=24&type=chunk) [Key Accounting Data](index=5&type=section&id=2.7.1%20Key%20Accounting%20Data) During the reporting period, the company's operating revenue and total profit both decreased year-on-year, but net cash flow from operating activities significantly increased 2025 H1 Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 499,394,484.30 | 598,035,747.25 | -16.49 | | Total Profit (Yuan) | 61,307,900.79 | 71,095,259.66 | -13.77 | | Net Profit Attributable to Shareholders of the Listed Company (Yuan) | 57,762,409.09 | 68,453,463.46 | -15.62 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-recurring Gains and Losses (Yuan) | 45,396,770.21 | 56,401,133.55 | -19.51 | | Net Cash Flow from Operating Activities (Yuan) | 85,531,558.87 | 5,430,473.03 | 1,475.03 | | Net Assets Attributable to Shareholders of the Listed Company (End of Period) (Yuan) | 1,338,664,648.00 | 1,308,974,473.33 | 2.27 | | Total Assets (End of Period) (Yuan) | 2,186,752,876.87 | 2,046,652,930.39 | 6.85 | [Key Financial Indicators](index=6&type=section&id=2.7.2%20Key%20Financial%20Indicators) During the reporting period, the company's basic and diluted earnings per share both decreased year-on-year, and the weighted average return on net assets also declined 2025 H1 Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.53 | 0.63 | -15.87 | | Diluted Earnings Per Share (Yuan/share) | 0.53 | 0.63 | -15.87 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (Yuan/share) | 0.42 | 0.52 | -19.23 | | Weighted Average Return on Net Assets (%) | 4.32 | 5.31 | Decrease by 0.99 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 3.39 | 4.38 | Decrease by 0.99 percentage points | [Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=2.9%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to 12,365,638.88 Yuan, primarily from government grants, fair value changes, and other non-operating income 2025 H1 Non-recurring Gains and Losses Items | Non-recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains or losses on disposal of non-current assets | 22,411.61 | | Government grants recognized in current profit or loss | 7,118,400.00 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 5,991,685.35 | | Fund occupation fees received from non-financial enterprises recognized in current profit or loss | 448,715.49 | | Other non-operating income and expenses apart from the above | 1,488,896.59 | | Less: Income tax impact | 2,704,470.16 | | **Total** | **12,365,638.88** | [Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) [Description of the Company's Industry and Main Business During the Reporting Period](index=8&type=section&id=3.1%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) This section describes the engineering machinery industry context, noting its acceleration towards green and intelligent transformation, and its stabilization and recovery driven by "equipment renewal policy dividends" and "overseas market growth" The company focuses on the engineering mixing sector, forming a full-产业链 product system covering "primary aggregate processing equipment - engineering mixing equipment - aggregate resource recycling equipment" - China's construction machinery industry has formed the world's most complete industrial chain system, with products covering over 200 countries and regions[30](index=30&type=chunk) - Driven by "dual carbon" goals, the industry is accelerating its transformation towards green and intelligent development[30](index=30&type=chunk) - In the first half of 2025, the domestic construction machinery industry stabilized and recovered, driven by the continuous release of "equipment renewal policy dividends" and "structural growth in overseas markets"[30](index=30&type=chunk) [Company's Main Business](index=8&type=section&id=3.1.1%20Company's%20Main%20Business) The company's main business encompasses primary aggregate processing equipment, engineering mixing equipment, and aggregate resource recycling equipment, aiming to provide one-stop, full-series green building material equipment and circular economy solutions for resource recycling - The company has gradually formed a full-chain and multi-level product system layout covering "primary aggregate processing equipment - engineering mixing equipment - aggregate resource recycling equipment"[31](index=31&type=chunk) - Primary aggregate processing equipment includes high-quality sand making equipment, shaping sand making equipment, stationary crushing and screening equipment, and mobile crushing and screening equipment, with increasing market demand[31](index=31&type=chunk) - Aggregate resource recycling equipment includes waste wet concrete recycling equipment, construction waste resource recycling equipment, asphalt concrete recycling material crushing and screening equipment, and mud treatment equipment, responding to national environmental protection and circular economy policy demands[32](index=32&type=chunk) [Company's Business Model](index=9&type=section&id=3.1.2%20Company's%20Business%20Model) The company adopts a "procurement on demand" and "production based on sales" model, with core components self-produced and non-core components outsourced The sales model is primarily distribution-based, supplemented by direct sales, with a focus on after-sales service - Procurement primarily follows a "procurement on demand" model, with purchasing arranged according to sales orders and production plans, and advance procurement plans and stocking for long-cycle raw materials, collaborating with at least two qualified suppliers[33](index=33&type=chunk) - Production primarily adopts a "production based on sales" model, independently completing technology R&D, solution and product design, core component production, and complete machine assembly, with some non-core components and processes completed through external procurement and outsourcing[34](index=34&type=chunk)[35](index=35&type=chunk) - The sales model has gradually evolved into a distribution-led approach, combining direct sales and distribution, acquiring customer resources through industry exhibitions, customer referrals, and online platforms, and providing after-sales service[35](index=35&type=chunk) [Discussion and Analysis of Operations](index=10&type=section&id=3.2%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company's operating revenue and net profit declined, but total assets and net cash flow from operating activities increased The company continuously enhances its competitiveness through core technology breakthroughs, global expansion, green intelligent manufacturing, intelligent ecosystem integration, and R&D efforts - The company achieved operating revenue of **499 Million Yuan**, a year-on-year decrease of **16.49%**; net profit attributable to shareholders of the listed company was **57.76 Million Yuan**, a year-on-year decrease of **15.62%**[36](index=36&type=chunk) - As of June 30, 2025, the company's total assets were **2.187 Billion Yuan**, a year-on-year increase of **6.85%**; net assets attributable to shareholders of the listed company were **1.339 Billion Yuan**, a year-on-year increase of **2.27%**[36](index=36&type=chunk) - Net cash flow from operating activities showed a positive trend, indicating the company's continuous optimization in stable operations and capital management[36](index=36&type=chunk) [Core Technology Breakthroughs Build an Industry Moat](index=10&type=section&id=3.2.1%20Core%20Technology%20Breakthroughs%20Build%20an%20Industry%20Moat) The company achieved multiple core technology breakthroughs in engineering mixing equipment, primary aggregate processing equipment, and aggregate resource recycling equipment, including RAP fine aggregate recycling equipment, tower-type dry-mix mortar production lines, NFS150 mobile screening equipment, and NZLG60 modular fluid-solidified soil equipment, enhancing product performance, energy efficiency, and environmental value - RAP fine aggregate recycling equipment can finely separate asphalt millings, significantly reducing false particle size phenomena and variability, saving maintenance costs, and addressing environmental concerns[37](index=37&type=chunk) - NFLG's tower-type dry-mix mortar production line uses a ploughshare mixer and frequency conversion technology, reducing energy consumption by **25%**, achieving a mixing ratio of up to **1:10000**, with no residue or dead corners during discharge[37](index=37&type=chunk) - The company's NFS150 mobile screening equipment features a compact structure and high flexibility, suitable for confined workspaces and high-frequency projects, and can be transported as a complete unit via 40FR containers, significantly reducing transportation costs[38](index=38&type=chunk) - The independently developed NZLG60 modular fluid-solidified soil equipment is designed for the resource treatment of waste soil mud cakes, solving problems such as slow site transfers, long construction periods, and difficulties in mud separation and transportation of sticky wet slag, capable of producing high-quality fluid-solidified soil[39](index=39&type=chunk) [Global Layout Opens Up Incremental Market Space](index=11&type=section&id=3.2.2%20Global%20Layout%20Opens%20Up%20Incremental%20Market%20Space) NFLG is accelerating its global expansion, with overseas sales continuously increasing, and its products have entered markets in Europe, North America, Southeast Asia, and the Middle East, establishing a strong brand reputation The company will continue to deepen its presence in international markets - NFLG's overseas products have entered numerous countries and regions in Europe, North America, Southeast Asia, and the Middle East, establishing a strong brand reputation locally[40](index=40&type=chunk) - The company will continue to deeply cultivate international markets, thoroughly understand overseas customer needs, and provide efficient, environmentally friendly, and intelligent overall solutions for green circular building materials[40](index=40&type=chunk) [Dual Carbon Goals Drive New Paradigm of Green Intelligent Manufacturing](index=11&type=section&id=3.2.3%20Dual%20Carbon%20Goals%20Drive%20New%20Paradigm%20of%20Green%20Intelligent%20Manufacturing) The company actively responds to the "dual carbon" strategy, releasing a carbon neutrality white paper and setting targets for carbon peaking across the entire value chain by 2030, carbon neutrality in its own operations by 2050, and net-zero emissions across the entire value chain by 2060 During the reporting period, it was awarded "2025 Fujian Province Green Factory" and deepened its green manufacturing system construction through measures such as optimizing production processes and introducing energy-saving equipment - NFLG released a carbon neutrality white paper, setting phased carbon neutrality targets: achieving carbon peaking across the entire value chain by **2030**; achieving carbon neutrality in its own operations by **2050**; and achieving net-zero emissions across the entire value chain by **2060**[41](index=41&type=chunk) - During the reporting period, NFLG was awarded "2025 Fujian Province Green Factory," which is a high recognition of the company's long-term commitment to green development principles[41](index=41&type=chunk) - The company achieves standardized, intelligent, and green production through measures such as introducing advanced energy-saving equipment, optimizing processes, and standardizing solid waste recycling[41](index=41&type=chunk) [Intelligent Ecosystem Integration Leads Industrial Transformation](index=11&type=section&id=3.2.4%20Intelligent%20Ecosystem%20Integration%20Leads%20Industrial%20Transformation) NFLG actively embraces artificial intelligence, launching an AI+ aggregate intelligent feeding system and applying intelligent systems such as the ERP green building materials smart factory management platform, IoT+ warehousing intelligent remote monitoring system, and intelligent ticket printing and sorting integrated machine, enhancing production efficiency, resource utilization, and product quality - NFLG's AI+ aggregate intelligent feeding system, based on artificial intelligence and visual inspection technology, can monitor aggregate gradation and morphology online, providing data for optimizing aggregate formulas, improving concrete quality, and reducing cement consumption[42](index=42&type=chunk) - The company applies intelligent systems such as the ERP green building materials smart factory management platform, IoT+ warehousing intelligent remote monitoring system, and intelligent ticket printing and sorting integrated machine, helping to improve production efficiency and resource utilization[42](index=42&type=chunk) [R&D Efforts Steadily Progress](index=11&type=section&id=3.2.5%20R%26D%20Efforts%20Steadily%20Progress) The company continues to increase R&D investment, actively engaging in industry-university-research cooperation, and jointly tackling core technologies in intelligent fields and mixing/crushing mechanisms During the reporting period, it applied for 9 domestic and international patents, obtained 26 authorized patents, introduced dozens of talents in AI algorithms and intelligent system integration, and added 9 new R&D projects, totaling 15 ongoing R&D projects - During the reporting period, the company applied for **9** domestic and international patents, including **9** invention patents; it obtained **26** authorized patents, including **12** invention patents, **11** utility model patents, and **3** design patents[44](index=44&type=chunk) - During the reporting period, dozens of talents were introduced in key areas such as AI algorithms, intelligent system integration, and materials science, with R&D personnel accounting for **27.68%** of the total workforce[44](index=44&type=chunk) - In 2025, the company added **9** new R&D projects, with a total of **15** ongoing R&D projects, demonstrating efficient project advancement and precise adjustment and focus of R&D directions[44](index=44&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=12&type=section&id=3.3%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its nearly three decades of accumulated product R&D technological advantages, its ability to provide full-chain integrated solutions, a strong dealer network, enhanced intelligent manufacturing and smart operation and maintenance capabilities, extensive and deep brand reputation, and continuously improving quality and after-sales service system - The company has gradually formed a full-chain and multi-level ecological product system for aggregates, including mining crushing and screening, aggregate processing, construction and road material mixing, and construction waste resource recycling equipment, covering "primary aggregate processing - engineering mixing - aggregate resource recycling"[45](index=45&type=chunk) - The company creatively provides integrated green circular building material solutions to the market, evolving from addressing single demands to supplying a complete ecological multi-scenario product and service system[46](index=46&type=chunk) - The company has established a mature marketing system primarily based on distribution, combined with direct sales, with a sales network covering **31** provinces, autonomous regions, and municipalities nationwide, and radiating to Southeast Asia, Europe, Africa, and the Middle East globally[48](index=48&type=chunk) [Accumulated Experience Forges Innovation Barrier: Product R&D Technology Advantage](index=12&type=section&id=3.3.1%20Accumulated%20Experience%20Forges%20Innovation%20Barrier%20Product%20R%26D%20Technology%20Advantage) Leveraging nearly three decades of technological accumulation, the company has formed a full-chain product system covering mining crushing and screening, aggregate processing, construction and road material mixing, and construction waste resource utilization, with early strategic布局 in future trends such as integrated construction solid waste resource utilization and environmentally friendly smart mixing plants Its products have been successfully applied in multiple national strategic engineering projects - The company has gradually formed a full-chain and multi-level full-ecological product system for aggregates, including mining crushing and screening, aggregate processing, construction and road material mixing, and construction waste resource recycling equipment, covering "primary aggregate processing - engineering mixing - aggregate resource recycling"[45](index=45&type=chunk) - Intelligent equipment developed and commercialized by the company has been successfully applied in national strategic engineering projects with strict quality requirements for construction machinery, such as the Hong Kong-Zhuhai-Macau Bridge, Shenzhen Greater Bay Area construction, CGN Nuclear Power Project, Shenzhen-Zhongshan Channel, and Beijing-Xinjiang Expressway[45](index=45&type=chunk) [Rare Advantage in Providing Full-Chain Integrated Solutions in the Industry](index=12&type=section&id=3.3.2%20Rare%20Advantage%20in%20Providing%20Full-Chain%20Integrated%20Solutions%20in%20the%20Industry) Through its full-chain and multi-level product system of "primary aggregate processing equipment - engineering mixing equipment - aggregate resource recycling equipment," the company provides integrated green circular building material solutions to the market, meeting customers' multi-stage needs, such as integrated solutions for highway expansion and maintenance backyards - The company's established advantage in a full-chain and multi-level product system layout of "primary aggregate processing equipment - engineering mixing equipment - aggregate resource recycling equipment" creatively provides integrated green circular building material solutions to the market[46](index=46&type=chunk) - Taking NFLG's integrated solution for highway expansion and maintenance backyards as an example, by integrating multiple functional areas, it achieves full coverage of various application scenarios for highway expansion and maintenance[46](index=46&type=chunk)[47](index=47&type=chunk) [Strong Dealer Advantage with Internal and External Empowerment](index=13&type=section&id=3.3.3%20Strong%20Dealer%20Advantage%20with%20Internal%20and%20External%20Empowerment) The company has established a mature marketing system primarily based on distribution, supplemented by direct sales, with a dealer network covering 31 provinces and radiating globally, successfully entering high-end markets such as Europe, North America, and Japan Through systematic training and profit sharing, the company forms stable long-term cooperative relationships with dealers to jointly address market risks - The company has established a mature marketing system primarily based on distribution, combined with direct sales, with a sales network covering **31** provinces, autonomous regions, and municipalities nationwide, and radiating to Southeast Asia, Europe, Africa, and the Middle East globally[48](index=48&type=chunk) - The company and its dealers empower each other, successfully entering high-end markets such as Europe, North America, and Japan, and establishing strategic partnerships with multiple international clients[48](index=48&type=chunk) - The company emphasizes systematic training for both direct sales and dealer employees, conducting regular training through its established Mixing Academy, continuously strengthening the cooperative bond between the company and its dealers[49](index=49&type=chunk) [Comprehensive Software and Hardware Enhanced Intelligent Manufacturing and Smart Operation and Maintenance Advantages](index=13&type=section&id=3.3.4%20Comprehensive%20Software%20and%20Hardware%20Enhanced%20Intelligent%20Manufacturing%20and%20Smart%20Operation%20and%20Maintenance%20Advantages) The company, through its independently developed IoT smart operation and maintenance management cloud platform, achieves remote equipment monitoring, data analysis, and intelligent decision-making, enhancing operational informatization and digitalization At the same time, ERP, MES, PLM, RDM, CRM, and other information systems are integrated across all supply, production, and sales links, ensuring production efficiency, quality control, and customer service - The company has independently developed and built an IoT-based smart operation and maintenance management cloud platform, enabling remote equipment monitoring and interconnected equipment, transforming product operation and maintenance from traditional offline methods to "Internet+" intelligent technical means[50](index=50&type=chunk) - Informatization has been integrated into all aspects of the company's daily operations, including supply, production, and sales, providing comprehensive assurance for product production efficiency and quality control through systems such as SRM, ERP, MES, PLM, RDM, and CRM[50](index=50&type=chunk)[51](index=51&type=chunk) - The company has independently developed a master data management platform, achieving classified management of materials and standardized management of product modules, improving data conversion speed and accuracy[51](index=51&type=chunk) [Extensive and Deep Brand Advantage](index=14&type=section&id=3.3.5%20Extensive%20and%20Deep%20Brand%20Advantage) Leveraging its technological R&D, product quality, service level, and historical performance, the company has established a strong brand reputation in the construction machinery industry, gaining widespread recognition from customers and the industry, and receiving numerous national and provincial honors - The company has high recognition and reputation in the subdivided fields of mixing, sand making, and construction waste recycling machinery[52](index=52&type=chunk) - Asphalt products have gained recognition and adoption by local European customers during their entry into overseas markets, gradually extending their reputation[52](index=52&type=chunk) - The company has successively been awarded provincial-level and above honors such as National Enterprise Technology Center, National High-tech Enterprise, China Well-known Trademark, and Fujian Province Green Factory[52](index=52&type=chunk) [Continuously Improving Quality and After-Sales Service Advantage](index=14&type=section&id=3.3.6%20Continuously%20Improving%20Quality%20and%20After-Sales%20Service%20Advantage) The company continuously upgrades its quality management and after-sales service system, obtaining multiple international certifications such as ISO9001, ISO14001, ISO45001, and ISO50001 Its main products have passed multiple international import certifications, including EU CE and Russian GOST Intelligent after-sales service provides remote diagnostics and preventive maintenance through an IoT cloud platform, and the Mixing Academy offers technical guidance and training - The company has passed ISO9001:2015 Quality Management System Certification, ISO14001:2015 Environmental Management System Certification, ISO45001:2018 Occupational Health and Safety Management System Certification, and ISO50001:2018 Energy Management System Certification[53](index=53&type=chunk) - Main products have passed multiple international import certifications, including EU CE certification and Russian GOST certification[53](index=53&type=chunk) - The company's after-sales service system is rapidly upgrading in intelligence and immediacy, connecting to customer site equipment control systems through an IoT cloud platform to provide value-added services such as remote diagnostics and preventive maintenance[53](index=53&type=chunk) - The company provides technical guidance services and equipment operation training for customer technical personnel or operators through the establishment of the Mixing Academy[53](index=53&type=chunk) [Main Operating Conditions During the Reporting Period](index=15&type=section&id=3.4%20Main%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section primarily analyzes the changes in the company's financial statement items during the reporting period, particularly the year-on-year changes in operating revenue, costs, expenses, and cash flows, as well as major changes in the asset and liability structure - Operating revenue decreased by **16.49%** year-on-year, and operating costs decreased by **19.98%** year-on-year[56](index=56&type=chunk) - Net cash flow from operating activities increased by **1,475.03%** year-on-year, primarily due to increased collection of goods payments and reduced material expenses in the current period[55](index=55&type=chunk)[56](index=56&type=chunk) - Net cash flow from investing activities significantly decreased, mainly due to increased investment in wealth management products in the current period[55](index=55&type=chunk)[56](index=56&type=chunk) [Analysis of Main Business](index=15&type=section&id=3.4.1%20Analysis%20of%20Main%20Business) This section presents the year-on-year changes in operating revenue, operating costs, various expenses, and net cash flow from operating activities during the reporting period, through a table analyzing changes in relevant financial statement items Financial Statement Item Changes | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 499,394,484.30 | 598,035,747.25 | -16.49 | | Operating Costs | 354,150,855.04 | 442,587,818.71 | -19.98 | | Selling Expenses | 23,392,107.47 | 22,750,988.64 | 2.82 | | Administrative Expenses | 25,761,247.75 | 24,412,147.07 | 5.53 | | Financial Expenses | -2,644,969.19 | -3,662,967.46 | N/A | | R&D Expenses | 43,815,120.93 | 39,909,209.24 | 9.79 | | Net Cash Flow from Operating Activities | 85,531,558.87 | 5,430,473.03 | 1,475.03 | | Net Cash Flow from Investing Activities | -176,799,871.01 | -7,743,897.71 | N/A | | Net Cash Flow from Financing Activities | -29,172,859.42 | -36,636,505.28 | N/A | [Analysis of Assets and Liabilities](index=16&type=section&id=3.4.3%20Analysis%20of%20Assets%20and%20Liabilities) This section analyzes the composition and year-on-year changes in the company's assets and liabilities at the end of the reporting period, showing growth in both total assets and net assets, but significant changes in some current and non-current asset accounts, as well as a notable increase in accounts payable and taxes payable - Total assets increased by **6.85%** year-on-year, and net assets attributable to shareholders of the listed company increased by **2.27%** year-on-year[23](index=23&type=chunk) - Accounts receivable financing at the end of the period decreased by **74.26%** compared to the end of the prior year, mainly due to a reduction in unexpired bank acceptance bills held at the end of the period[58](index=58&type=chunk) - Prepayments at the end of the period increased by **40.06%** compared to the end of the prior year, mainly due to increased prepayments for outsourced components of large orders[58](index=58&type=chunk) - Accounts payable at the end of the period increased by **68.66%** compared to the end of the prior year, mainly due to increased procurement in the reporting period[58](index=58&type=chunk) - Taxes payable at the end of the period increased by **146.69%** compared to the end of the prior year, mainly due to increased VAT and corporate income tax payable at the end of the period[58](index=58&type=chunk) [Analysis of Investment Status](index=17&type=section&id=3.4.4%20Analysis%20of%20Investment%20Status) This section discloses the company's significant non-equity investments and financial assets measured at fair value during the reporting period, including investment in the intelligent manufacturing equipment industrial park project and foreign exchange derivative transactions - The company plans to invest approximately **2 Billion Yuan** in two phases to construct the NFLG Intelligent Manufacturing Equipment Industrial Park in Quanzhou Taiwanese Investment Zone[59](index=59&type=chunk) - On April 23, 2025, the company's board of directors approved the "Proposal on Conducting Foreign Exchange Derivative Transactions for 2025," with a total estimated amount not exceeding **40 Million US Dollars**, adhering to hedging principles and avoiding speculative arbitrage transactions[62](index=62&type=chunk)[64](index=64&type=chunk) Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | Fair Value Change Gains/Losses for Current Period (Yuan) | Purchase Amount for Current Period (Yuan) | Sale/Redemption Amount for Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Financial assets held for trading | 404,456,768.01 | 2,778,610.20 | 2,493,120,000.00 | 2,390,177,768.01 | 510,177,610.20 | | Accounts receivable financing | 522,285.65 | -387,860.65 | - | - | 134,425.00 | | **Total** | **404,979,053.66** | **2,778,610.20** | **2,493,120,000.00** | **2,390,177,768.01** | **510,312,035.20** | [Derivative Investments for Hedging Purposes During the Reporting Period](index=18&type=section&id=3.4.4.1%20Derivative%20Investments%20for%20Hedging%20Purposes%20During%20the%20Reporting%20Period) The company engages in foreign exchange swap transactions and sells foreign exchange call options as derivative investments for hedging purposes to mitigate exchange rate fluctuation risks, recognizing an investment income of 0.019 Million Yuan during the reporting period - The company conducts foreign exchange swap transactions and sells foreign exchange call options, adhering to hedging principles and avoiding speculative arbitrage transactions[62](index=62&type=chunk) - During the reporting period, foreign exchange swap transactions recognized an investment income of **0.006 Million Yuan**, and selling call options recognized an investment income of **0.013 Million Yuan**[62](index=62&type=chunk) - The company implements risk control measures such as institutional safeguards, selection of trading counterparties and products, strict adherence to trading procedures, and dedicated personnel to manage market risk, liquidity risk, credit risk, and internal operational risk[63](index=63&type=chunk)[64](index=64&type=chunk) [Analysis of Major Holding and Participating Companies](index=21&type=section&id=3.4.6%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section discloses the financial performance of the company's major subsidiary, NFLG Roadbuilding Machinery (Xiantao) Co., Ltd., whose net profit significantly impacts the company's net profit by more than 10% Financial Performance of Major Subsidiary (NFLG Roadbuilding Machinery (Xiantao) Co., Ltd.) | Indicator | Amount (Yuan) | | :--- | :--- | | Registered Capital | 10,000,000.00 | | Total Assets | 536,080,009.98 | | Net Assets | 113,738,387.34 | | Operating Revenue | 86,568,104.10 | | Operating Profit | 5,993,312.58 | | Net Profit | 5,471,747.64 | - NFLG Roadbuilding Machinery (Xiantao) Co., Ltd.'s main business revenue was **85,454,827.93 Yuan**, and main business profit was **4,871,521.66 Yuan**[69](index=69&type=chunk) [Other Disclosures](index=23&type=section&id=3.5%20Other%20Disclosures) This section discloses potential risks faced by the company, including risks related to continuous product R&D and innovation, loss of core personnel and technology leakage, macroeconomic fluctuations and policy adjustments, and the challenge of continuously developing new customers - The company faces risks in continuous product R&D and innovation; if new products or technologies cannot be developed on schedule, or if new products lack competitive advantages, there may be R&D failure risks[70](index=70&type=chunk) - The company faces risks of core personnel loss and technology leakage; intensified market competition may lead to the loss of core personnel, which could result in technology leakage and weaken the company's competitive advantage[71](index=71&type=chunk) - The company's downstream industry is significantly affected by the macroeconomy; adjustments and fluctuations in the macroeconomy or major adverse changes in national macroeconomic and industrial policies could negatively impact the company's profitability and operating performance[72](index=72&type=chunk)[73](index=73&type=chunk) - The company faces risks in continuously developing new customers; if the company encounters difficulties in customer and market development due to declining product competitiveness or changes in downstream market demand in the future, it will adversely affect the company's performance[74](index=74&type=chunk) [Corporate Governance, Environment, and Society](index=24&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Profit Distribution or Capital Reserve Conversion Plan](index=24&type=section&id=4.2%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) This chapter primarily discloses the company's proposed profit distribution plan, explicitly stating that there is no profit distribution or capital reserve conversion plan for this semi-annual period - The proposed profit distribution plan or capital reserve conversion plan for this semi-annual period is "None"[76](index=76&type=chunk) [Significant Matters](index=26&type=section&id=Section%20V%20Significant%20Matters) [Fulfillment of Commitments](index=26&type=section&id=5.1%20Fulfillment%20of%20Commitments) This section details the commitments made by the company's actual controllers, shareholders, related parties, and the company itself regarding share lock-up, resolution of horizontal competition, related party transactions, property defects, truthfulness of the prospectus, share price stabilization, and measures to mitigate dilution of immediate returns, all of which were strictly fulfilled during the reporting period - The company's controlling shareholders and actual controllers, Fang Qingxi, Chen Guihua, and Fang Kai, committed not to transfer shares within **36 months** from the date of the company's stock listing, and to extend the lock-up period by **6 months** under specific conditions[80](index=80&type=chunk)[81](index=81&type=chunk) - The company, its actual controllers, directors, supervisors, and senior management committed that the prospectus contains no false records, misleading statements, or major omissions, and will bear corresponding legal liabilities[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk) - The company, its major shareholders, directors, and senior management committed to taking measures such as share repurchase or increase in holdings to stabilize the share price when stabilization measures are triggered[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) - The company, its actual controllers, directors, and senior management committed to taking measures such as strengthening supervision of fundraising projects, improving operational efficiency, and perfecting the profit distribution system to mitigate the dilution of immediate returns[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk) [Significant Contracts and Their Performance](index=49&type=section&id=5.11%20Significant%20Contracts%20and%20Their%20Performance) This section primarily discloses the company's significant guarantees performed and not yet fully performed during the reporting period, involving repurchase guarantees provided for customer financing lease businesses - The company provided a repurchase guarantee for its dealer, Shenyang Zhihe, for purchasing company equipment through a financing lease, with a guarantee amount not exceeding **40.25 Million Yuan**[105](index=105&type=chunk) - As of the end of the reporting period, the company's total external guarantee balance was **3.96 Million Yuan**, accounting for **0.30%** of the company's net assets[105](index=105&type=chunk) - This guarantee is a repurchase guarantee provided for customer financing lease business, falling within the scope of approval by the board of directors and shareholders' meeting[105](index=105&type=chunk)[106](index=106&type=chunk) [Explanation of Progress in Use of Raised Funds](index=51&type=section&id=5.12%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) This section explains the overall use of the company's raised funds and details of the fundraising projects, including the Xiantao Production Base Expansion and R&D Center Project, Smart IoT System Platform Project, and Supplementary Working Capital Project, also disclosing the cash management of idle raised funds - Total raised funds were **643.67 Million Yuan**, with net raised funds of **551.26 Million Yuan**[108](index=108&type=chunk) - As of the end of the reporting period, cumulative raised funds invested amounted to **135.76 Million Yuan**, with an investment progress of **24.63%**[108](index=108&type=chunk) [Overall Use of Raised Funds](index=51&type=section&id=5.12.1%20Overall%20Use%20of%20Raised%20Funds) As of the end of the reporting period, the company's initial public offering raised funds have cumulatively invested **135.76 Million Yuan**, with an investment progress of **24.63%**, and the amount invested in the current year is **0.87 Million Yuan** Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (Ten Thousand Yuan) | Net Raised Funds (Ten Thousand Yuan) | Total Committed Investment of Raised Funds in Prospectus (Ten Thousand Yuan) | Total Raised Funds Cumulatively Invested as of End of Reporting Period (Ten Thousand Yuan) | Cumulative Investment Progress of Raised Funds as of End of Reporting Period (%) | Amount Invested in Current Year (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 64,366.64 | 55,125.72 | 55,125.72 | 13,575.59 | 24.63 | 87.35 | [Details of Fundraising Projects](index=52&type=section&id=5.12.2%20Details%20of%20Fundraising%20Projects) This section details the specific investment status of fundraising projects, where the Xiantao Production Base Expansion and R&D Center Project and the Smart IoT System Platform Project experienced implementation delays due to plan optimization and technological iteration, while the Supplementary Working Capital Project has been over-completed - The Xiantao Production Base Expansion and R&D Center Project plans to invest **351.43 Million Yuan**, with no investment in the current period, cumulative investment of **0**, investment progress N/A, and is expected to reach its intended usable state by December 2026[109](index=109&type=chunk) - The Smart IoT System Platform Project plans to invest **69.83 Million Yuan**, with **0.87 Million Yuan** invested in the current year, cumulative investment of **3.90 Million Yuan**, investment progress of **5.59%**, and is expected to reach its intended usable state by December 2026[109](index=109&type=chunk) - The Supplementary Working Capital Project plans to invest **130 Million Yuan**, with no investment in the current period, cumulative investment of **131.85 Million Yuan**, investment progress of **101.43%**, and is completed[109](index=109&type=chunk) - The implementation progress of the Xiantao Production Base Expansion and R&D Center Project is delayed due to the company's optimization and demonstration of the original project plan[110](index=110&type=chunk) - The implementation progress of the Smart IoT System Platform Project is delayed because the iteration of new products and technologies imposes higher requirements on project implementation, affected by the R&D plan execution progress and system complexity[110](index=110&type=chunk) [Other Uses of Raised Funds During the Reporting Period](index=54&type=section&id=5.12.4%20Other%20Uses%20of%20Raised%20Funds%20During%20the%20Reporting%20Period) During the reporting period, the company used temporarily idle raised funds for cash management, with an approved limit not exceeding 450 Million Yuan, and the cash management balance at period-end was 438.85 Million Yuan, not exceeding the authorized limit - On April 23, 2025, the company's board of directors approved the use of temporarily idle raised funds not exceeding **450 Million Yuan** for cash management, with a term from the date of approval by the 2024 Annual Shareholders' Meeting until the date of the 2025 Annual Shareholders' Meeting[114](index=114&type=chunk) - As of the end of the reporting period, the cash management balance was **438.85 Million Yuan**, not exceeding the authorized limit[113](index=113&type=chunk) [Share Changes and Shareholder Information](index=55&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) [Changes in Share Capital](index=55&type=section&id=6.1%20Changes%20in%20Share%20Capital) During the reporting period, the company's total share capital remained unchanged at 108,406,667.00 shares - During the reporting period, the company's total share capital and share capital structure remained unchanged, with both the beginning and end of period total shares being **108,406,667.00** shares[116](index=116&type=chunk)[118](index=118&type=chunk) [Shareholder Information](index=56&type=section&id=6.2%20Shareholder%20Information) As of the end of the reporting period, the total number of ordinary shareholders was 12,055 This section details the shareholdings of the top ten shareholders, including the number of shares held, proportion, and restricted conditions, and explains the associated relationships between major shareholders - Total number of ordinary shareholders as of the end of the reporting period: **12,055** households[118](index=118&type=chunk) - The top three shareholders, Fang Qingxi, Chen Guihua, and Fang Kai, collectively hold **66.91%** of the company's shares, all being domestic natural persons with spousal, father-son, and mother-son relationships, respectively[120](index=120&type=chunk)[121](index=121&type=chunk)[123](index=123&type=chunk) - Among the top ten shareholders, Fang Qingxi, Chen Guihua, Fang Kai, and partnerships such as Quanzhou Zhicheng, Quanzhou Fangyao, Quanzhou Zhixin, and Quanzhou Fanghua hold a significant number of restricted shares, with the restriction period being **42 months** from the listing date[120](index=120&type=chunk)[122](index=122&type=chunk) [Bond-Related Information](index=59&type=section&id=Section%20VII%20Bond-Related%20Information) [Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=59&type=section&id=7.1%20Corporate%20Bonds%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) This chapter states that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[126](index=126&type=chunk) [Convertible Corporate Bonds](index=59&type=section&id=7.2%20Convertible%20Corporate%20Bonds) This chapter states that the company had no convertible corporate bonds during the reporting period - The company has no convertible corporate bonds[126](index=126&type=chunk) [Financial Report](index=60&type=section&id=Section%20VIII%20Financial%20Report) [Financial Statements](index=60&type=section&id=8.2%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity as of June 30, 2025, comprehensively presenting the company's financial position and operating results at the end of the reporting period - The consolidated balance sheet as of June 30, 2025, shows the company's total assets at **2,186,752,876.87 Yuan**, total liabilities at **848,088,228.87 Yuan**, and total owners' equity at **1,338,664,648.00 Yuan**[131](index=131&type=chunk)[132](index=132&type=chunk) - The consolidated income statement shows total operating revenue of **499,394,484.30 Yuan** and net profit of **57,762,409.09 Yuan** for the first half of 2025[138](index=138&type=chunk)[139](index=139&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **85,531,558.87 Yuan**, net cash flow from investing activities of **-176,799,871.01 Yuan**, and net cash flow from financing activities of **-29,172,859.42 Yuan** for the first half of 2025[145](index=145&type=chunk) [Consolidated Balance Sheet](index=60&type=section&id=8.2.1%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total consolidated assets amounted to 2.187 Billion Yuan, with a high proportion of current assets, where financial assets held for trading and inventories are the main current assets In terms of liabilities, contract liabilities and notes payable are the main current liabilities Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Amount (Yuan) | | :--- | :--- | | Cash and bank balances | 362,065,385.13 | | Financial assets held for trading | 510,177,610.20 | | Accounts receivable | 325,276,253.02 | | Inventories | 676,726,445.42 | | Total current assets | 2,054,651,763.91 | | Fixed assets | 92,011,274.90 | | Intangible assets | 28,279,615.46 | | Total non-current assets | 132,101,112.96 | | **Total Assets** | **2,186,752,876.87** | | Notes payable | 138,854,780.36 | | Accounts payable | 101,768,527.27 | | Contract liabilities | 454,719,325.07 | | Total current liabilities | 840,671,964.52 | | **Total Liabilities** | **848,088,228.87** | | Total equity attributable to owners of the parent company | 1,338,664,648.00 | | **Total Equity** | **1,338,664,648.00** | [Consolidated Income Statement](index=65&type=section&id=8.2.3%20Consolidated%20Income%20Statement) In the first half of 2025, the company's total operating revenue decreased by 16.49% year-on-year, and net profit decreased by 15.62% year-on-year Among various expenses, R&D expenses increased, and financial expenses were negative (income) Consolidated Income Statement Key Data (Jan-Jun 2025) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Total operating income | 499,394,484.30 | 598,035,747.25 | | Total operating costs | 449,237,954.33 | 532,207,530.94 | | Operating costs | 354,150,855.04 | 442,587,818.71 | | Selling expenses | 23,392,107.47 | 22,750,988.64 | | Administrative expenses | 25,761,247.75 | 24,412,147.07 | | R&D expenses | 43,815,120.93 | 39,909,209.24 | | Financial expenses | -2,644,969.19 | -3,662,967.46 | | Total profit | 61,307,900.79 | 71,095,259.66 | | Net profit | 57,762,409.09 | 68,453,463.46 | | Basic earnings per share (Yuan/share) | 0.53 | 0.63 | | Diluted earnings per share (Yuan/share) | 0.53 | 0.63 | [Consolidated Cash Flow Statement](index=69&type=section&id=8.2.5%20Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's net cash flow from operating activities significantly increased, net cash flow from investing activities was negative with increased outflows, and net cash flow from financing activities was negative with decreased outflows Consolidated Cash Flow Statement Key Data (Jan-Jun 2025) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Net cash flow from operating activities | 85,531,558.87 | 5,430,473.03 | | Net cash flow from investing activities | -176,799,871.01 | -7,743,897.71 | | Net cash flow from financing activities | -29,172,859.42 | -36,636,505.28 | | Net increase in cash and cash equivalents | -120,309,046.35 | -38,085,901.73 | | Cash and cash equivalents at end of period | 132,880,060.95 | 162,932,201.47 | - Total cash inflow from operating activities was **621,437,156.31 Yuan**, and total cash outflow from operating activities was **535,905,597.44 Yuan**[144](index=144&type=chunk)[145](index=145&type=chunk) - Total cash inflow from investing activities was **2,399,911,533.27 Yuan**, and total cash outflow from investing activities was **2,576,711,404.28 Yuan**[145](index=145&type=chunk) [Company Profile](index=81&type=section&id=8.3%20Company%20Profile) This section introduces Fujian NFLG Roadbuilding Machinery Co., Ltd.'s establishment history, changes in registered capital, stock listing status, and main operating activities The company was established in 1997, listed on the main board of the Shanghai Stock Exchange in 2022, and primarily engages in the production, R&D, and sales of roadbuilding machinery and engineering mixing machinery - The company's predecessor was Fujian NFLG Roadbuilding Machinery Co., Ltd., established on May 9, 1997, with its registered address at No. 700, Sports Street, High-tech Industrial Park, Fengze District, Quanzhou City[163](index=163&type=chunk) - On November 8, 2022, the company's shares were listed on the main board of the Shanghai Stock Exchange, with the stock abbreviation "NFLG" and stock code 603280 After the initial public offering, the company's share capital increased to **108,406,667.00 Yuan**[165](index=165&type=chunk) - The company's main operating activities include the production, R&D, and sales of roadbuilding machinery, engineering mixing machinery, and other construction machinery; installation of mechanical and electrical equipment; steel structure fabrication and steel structure engineering design[166](index=166&type=chunk) [Basis of Preparation of Financial Statements](index=82&type=section&id=8.4%20Basis%20of%20Preparation%20of%20Financial%20Statements) This section states that the company's financial statements are prepared on a going concern basis, adhering to the provisions of Accounting Standards for Business Enterprises and their application guidelines and interpretations, and disclosing financial information in accordance with relevant regulations of the China Securities Regulatory Commission The company assessed its going concern ability and found no affecting matters - The company's financial statements are prepared on a going concern basis, and recognition and measurement are performed in accordance with the Accounting Standards for Business Enterprises and their application guidelines and interpretations, based on actual transactions and events[168](index=168&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 its going concern ability, thus preparing financial statements on a going concern basis is reasonable[169](index=169&type=chunk) [Significant Accounting Policies and Estimates](index=82&type=section&id=8.5%20Significant%20Accounting%20Policies%20and%20Estimates) This section elaborates on the significant accounting policies and estimates adopted by the company in its financial reporting, covering business combinations, preparation of consolidated financial statements, financial instruments, inventories, contract assets, long-term equity investments, fixed assets, intangible assets, employee compensation, revenue recognition, government grants, deferred income tax, and leases, ensuring the accuracy and comparability of financial reports - The financial statements prepared by the company comply with the requirements of Accounting Standards for Business Enterprises, truly and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows, among other relevant information[171](index=171&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, and the recording currency is RMB[172](index=172&type=chunk)[173](index=173&type=chunk)[174](index=174&type=chunk) - Financial assets are measured at fair value upon initial recognition, and subsequent measurement depends on their classification, including financial assets measured at amortized cost, at fair value through profit or loss, and at fair value through other comprehensive income[217](index=217&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the relevant goods, and distinguishes revenue recognition at a point in time or over a period based on the type of performance obligation[341](index=341&type=chunk)[342](index=342&type=chunk)[344](index=344&type=chunk) [Financial Instruments](index=89&type=section&id=8.5.11%20Financial%20Instruments) This section details the company's accounting methods for the recognition and derecognition of financial instruments, classification and measurement (including financial assets and liabilities measured at amortized cost, at fair value through profit or loss, and at fair value through other comprehensive income), derivative financial instruments and embedded derivatives, impairment of financial instruments (expected credit loss measurement), and transfer and offsetting of financial assets - Financial assets are measured at fair value upon initial recognition; for financial assets measured at fair value through profit or loss, related transaction costs are directly recognized in current profit or loss, while for other categories of financial assets, related transaction costs are included in their initial recognition amount[217](index=217&type=chunk) - For financial assets measured at amortized cost, debt investments measured at fair value through other comprehensive income, contract assets, lease receivables, loan commitments, and financial guarantee contracts, the company recognizes loss provisions based on expected credit losses[231](index=231&type=chunk) - For notes receivable, accounts receivable, accounts receivable financing, and contract assets, regardless of whether a significant financing component exists, the company measures loss provisions based on expected credit losses over the entire lifetime[234](index=234&type=chunk) [Inventories](index=101&type=section&id=8.5.16%20Inventories) This section describes the company's inventory classification, issuance valuation method, inventory system, and criteria and methods for recognizing and providing for inventory impairment provisions, using the weighted average method for valuation, perpetual inventory system, and measuring inventory impairment provisions at the lower of cost and net realizable value - Inventories include finished goods or merchandise held for sale in the ordinary course of business, work-in-progress in the production process, and materials and supplies consumed in the production process or rendering of services[264](index=264&type=chunk) - The company uses the weighted average method for valuing inventories issued, and adopts the perpetual inventory system, with physical counts performed at least once a year[265](index=265&type=chunk)[266](index=266&type=chunk) - At the balance sheet date, inventories are measured at the lower of cost and net realizable value; if the cost of inventories is higher than their net realizable value, an inventory impairment provision is recognized and charged to current profit or loss[269](index=269&type=chunk) [Fixed Assets](index=107&type=section&id=8.5.21%20Fixed%20Assets) This section explains the company's recognition criteria and depreciation methods for fixed assets Fixed assets are recognized at their actual cost upon acquisition and depreciated using the straight-line method, with different depreciation periods and annual depreciation rates for different asset categories - Fixed assets are recognized at their actual cost upon acquisition when it is probable that economic benefits associated with the fixed asset will flow to the enterprise and the cost of the fixed asset can be measured reliably[292](index=292&type=chunk)[293](index=293&type=chunk) - Fixed assets are depreciated using the straight-line method, with a residual value rate of **5%**[295](index=295&type=chunk) Fixed Asset Depreciation Periods and Annual Depreciation Rates | Category | Depreciation Period (Years) | Residual Value Rate (%) | Annual Depreciation Rate (%) | | :--- | :--- | :--- | :--- | | Buildings and Structures | 20.00 | 5.00 | 4.75 | | Machinery and Equipment | 5.00-10.00 | 5.00 | 9.50-19.00 | | Transportation Equipment | 5.00 | 5.00 | 19.00 | | Other Equipment | 5.00 | 5.00 | 19.00 | | Office Equipment | 3.00-5.00 | 5.00 | 19.00-31.67 | [Intangible Assets](index=109&type=section&id=8.5.26%20Intangible%20Assets) This section describes the company's recognition, estimation of useful life, amortization methods for intangible assets, and the scope of capitalization and conditions for R&D expenditures Land use rights are amortized over their statutory useful life, computer software over its estimated useful life, and R&D expenditures are capitalized when specific conditions are met Estimated Useful Life of Intangible Assets with Finite Useful Lives | Item | Estimated Useful Life | Basis | | :--- | :--- | :--- | | Land Use Rights | 50 years | Statutory useful life | | Computer Software | 5 years | Determined based on the period expected to bring economic benefits to the company | - The scope of R&D expenditures includes employee compensation for R&D personnel, direct material costs, patent application fees, depreciation and long-term deferred expenses, intangible asset amortization expenses, and other expenses[307](index=307&type=chunk) - Expenditures in the development phase can only be recognized as intangible assets when they simultaneously meet conditions such as technical feasibility of completing the intangible asset, intention to complete and use or sell it, how the intangible asset will generate economic benefits, availability of sufficient technical and financial resources, and reliable measurement of expenditures attributable to the development phase[310](index=310&type=chunk)[311](index=311&type=chunk) [Revenue](index=117&type=section&id=8.5.34%20Revenue) This section details the company's accounting policies for revenue recognition and measurement, including the timing of revenue recognition, allocation of transaction prices, treatment of variable consideration, significant financing components, sales return clauses, warranty obligations, and customer unexercised contractual rights, distinguishing between different revenue recognition methods for goods sales contracts and service contracts - The company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the relevant goods[341](index=341&type=chunk) - Domestic sales revenue: If no installation and commissioning obligations are required, revenue is recogniz

四川汇宇制药股份有限公司2025 年半年度报告 公司代码：688553 公司简称：汇宇制药 四川汇宇制药股份有限公司 2025 年半年度报告 1 / 191 四川汇宇制药股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、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、 重大风险提示 在 2023 至 2025 年以至未来几年国家集采常态化的情况下，公司产品，包括已上市和未来取 得上市资格的产品，面临在国家不同批次集采中首批次中标和多轮次续标中销售价格下降、中选 区域减少导致的单产品销售收入降低的风险，进而导致公司主营业务收入大幅下降或大幅波动的 风险。 公司其他重大风险，请参见在本报告中详细描述在经营过程中可能存在的相关风险及应对措 施，具体内容详见本报告第三节"管理层讨论与分析"之四、风险因素"。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人丁兆、主管会计工作负责人高岚及会计机构负责人（会计主管人员）喻燕梅声 明：保证半年度报告中财务报告的真实、准确、完 ...

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