证券代码：300444 证券简称：双杰电气 公告编号：2025-042 北京双杰电气股份有限公司 2025 年半年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 （二）公司积极把握全球市场发展契机，通过国内外协同发展实现智能电 网业绩突破。在国内市场巩固输配电行业优势地位，核心业务板块保持稳定增 长；同时加快海外拓展步伐，部分海外市场实现新增长。 （三）公司实施以效益为导向的精细化运营管理，有效控制成本并提升运 营效率，带动公司整体盈利能力增强。 （一）业绩预告期间：2025年1月1日至2025年6月30日 | 项 目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司 | 盈利：10,000万元–12,000万元 | 盈利：8,618.74万元 | | 股东的净利润 | 比上年同期增长：16.03%-39.23% | | | 扣除非经常性损 | 盈利：10,000万元–12,000万元 | 盈利：9,497.13万元 | | 益后的净利润 | 比上年同期增长：5.29%-26.35% ...

[Performance Forecast Overview](index=1&type=section&id=%E4%B8%80%E3%80%81%E9%A2%84%E8%AE%A1%E7%9A%84%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E6%83%85%E5%86%B5) The company projects continued losses for the first half of 2025, with net profit attributable to shareholders estimated between a loss of 11 million and 21 million yuan 2025 Semi-Annual Performance Forecast | Item | Current Reporting Period (Estimated) | Same Period Last Year | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of the Listed Company** | Loss: 11 million – 21 million yuan | Loss: 16.4048 million yuan | | **Net Profit After Deducting Non-Recurring Gains and Losses** | Loss: 15 million – 25 million yuan | Loss: 18.5683 million yuan | | **Basic Earnings Per Share** | Loss: 0.05 – 0.10 yuan/share | Loss: 0.08 yuan/share | [Pre-Audit Status](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E9%A2%84%E5%AE%A1%E8%AE%A1%E6%83%85%E5%86%B5) The company has pre-communicated with its accounting firm regarding the performance forecast, with no significant disagreements identified - The company has pre-communicated with the accounting firm regarding the performance forecast, with no significant disagreements[3](index=3&type=chunk) - The valuation method for certain financial assets held by the company's associate, measured at fair value, changed due to market environment shifts[3](index=3&type=chunk) [Reasons for Performance Change and Response Strategies](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E4%BA%8F%E6%8D%9F%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The company's continued losses are primarily due to military procurement restrictions and intensified market competition, prompting a strategic shift towards civilian markets and emerging industries [Core Factors of Loss](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E4%BA%8F%E6%8D%9F%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E_1) The core reasons for the loss are ongoing military procurement restrictions limiting military business and reduced gross profit margins due to intensified market competition - The company remains subject to military procurement network restrictions, hindering military business and reducing new orders and acceptance projects, which is a primary cause of the performance loss[4](index=4&type=chunk) - Due to intensified market competition, the gross profit margins of some company products have decreased compared to the same period last year[4](index=4&type=chunk) [Response Strategies and New Business Layout](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E4%BA%8F%E6%8D%9F%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E_2) To improve profitability, the company is expanding into civilian markets and strategically investing in emerging industries like low-altitude economy and AI applications - To address industry changes, the company is focusing on expanding into new businesses and markets, with a primary shift towards the civilian market sector[4](index=4&type=chunk)[5](index=5&type=chunk) - New business development focuses on strategic emerging industries including low-altitude economy, low-orbit internet connectivity, autonomous driving, AI applications, robotics, and counter-UAV technologies[5](index=5&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) This performance forecast is a preliminary, unaudited estimate, and investors should refer to the official semi-annual report for final financial data - This performance forecast is a preliminary estimate by the company's finance department, unaudited by an auditing firm, and thus subject to uncertainty[6](index=6&type=chunk)

[Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company forecasts a year-over-year decline in its 2025 first-half performance, with net profit attributable to shareholders expected to decrease by 39.95% to 53.81% Performance Forecast Table | Item | Current Period (2025H1) Forecast | Prior Period | Year-over-Year Change | | :--- | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Profit: 100 million CNY – 130 million CNY | Profit: 216.4775 million CNY | Decrease: 39.95% - 53.81% | | **Net Profit Excluding Non-Recurring Gains and Losses** | Profit: 91 million CNY – 121 million CNY | Profit: 203.3734 million CNY | Decrease: 40.50% - 55.25% | [Explanation of Performance Change](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The company's performance decline is primarily due to the nationwide implementation of centralized drug procurement policies, which significantly reduced product prices and compressed profit margins - The core reason for the performance decline is the **significant reduction in sales prices** of the company's main products due to the nationwide implementation of centralized drug procurement (NCDP), leading to **lower operating revenue** and **compressed profit margins**[5](index=5&type=chunk)[6](index=6&type=chunk) - Non-recurring gains and losses are estimated to have a positive impact of approximately **9 million CNY** on net profit during the current reporting period, primarily from government subsidies[6](index=6&type=chunk) [Other Explanations and Risk Warnings](index=1&type=section&id=%E5%9B%9B%E3%80%81%E5%85%B6%E4%BB%96%E7%9B%B8%E5%85%B3%E8%AF%B4%E6%98%8E) The company emphasizes that the financial data in this performance forecast are preliminary, unaudited estimates, with final figures to be disclosed in the 2025 semi-annual report, urging investors to be aware of investment risks - The financial data in this performance forecast are **preliminary estimates** and **unaudited** by a certified public accountant, thus subject to uncertainty[4](index=4&type=chunk)[7](index=7&type=chunk) - The company advises investors that the specific and accurate financial data will be disclosed in the 2025 semi-annual report, urging caution regarding investment risks[7](index=7&type=chunk)

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section provides definitions for terms used throughout the report [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section outlines the company's basic information and presents its key financial performance metrics [Company Information](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This chapter provides basic information about Shentong Technology Group Co., Ltd., including its name, legal representative, contact details, and registered address - The company's legal representative is **Fang Lifeng**[15](index=15&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company achieved robust performance with a 22.46% increase in operating revenue and a significant 111.09% surge in net profit attributable to shareholders, driven by sustained customer orders and improved gross margins, alongside a 72.07% growth in net cash flow from operating activities Key Accounting Data (January-June 2025) | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | CNY 815,726,941.63 | CNY 666,132,573.20 | 22.46% | | Net Profit Attributable to Shareholders of Listed Company | CNY 64,277,971.13 | CNY 30,450,258.46 | 111.09% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | CNY 61,427,924.76 | CNY 28,594,949.84 | 114.82% | | Net Cash Flow from Operating Activities | CNY 38,974,538.82 | CNY 22,649,745.11 | 72.07% | | **Asset Status** | **End of Current Reporting Period** | **End of Prior Year** | **Change from Prior Year End (%)** | | Net Assets Attributable to Shareholders of Listed Company | CNY 1,592,676,010.45 | CNY 1,493,307,034.83 | 6.65% | | Total Assets | CNY 2,906,705,426.67 | CNY 2,818,547,984.21 | 3.13% | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.15 | 0.07 | 114.29% | | Diluted Earnings Per Share (CNY/share) | 0.15 | 0.07 | 114.29% | | Weighted Average Return on Net Assets (%) | 4.17% | 1.94% | Increased by 2.23 percentage points | - Key reasons for performance growth: - **Operating revenue increased by 22.46%**: Primarily due to the continuous increase in customer orders (e.g., active oil-gas separators, new projects for Customer A)[22](index=22&type=chunk) - **Significant increase in net profit**: Primarily due to the increase in operating revenue and gross margin compared to the previous period[22](index=22&type=chunk) - **Net cash flow from operating activities increased by 72.07%**: Primarily due to a decrease in cash paid for goods purchased and services received compared to the previous period[22](index=22&type=chunk) [Non-recurring Gains and Losses and Amounts](index=6&type=section&id=%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to CNY 2.85 million, primarily comprising government subsidies of CNY 1.75 million and fair value changes from financial assets of CNY 1.21 million Non-recurring Gains and Losses Details | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains or losses on disposal of non-current assets | 368,920.85 | | Government subsidies recognized in current profit or loss | 1,749,868.32 | | Gains and losses from financial assets and financial liabilities | 1,214,580.00 | | Net non-operating income and expenses | -124,489.72 | | Income tax impact | -358,833.08 | | **Total** | **2,850,046.37** | [Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's operational performance, industry landscape, and strategic initiatives [Industry and Main Business Overview](index=8&type=section&id=%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) In the first half of 2025, China's automotive market maintained strong production and sales, with new energy vehicles reaching a 44.3% penetration rate, while the company, as an automotive parts supplier, focuses on power systems, trim systems, and optical lenses for intelligent cockpits and advanced driver-assistance systems, employing a co-development and "production-based procurement" strategy - From January to June 2025, China's automotive market experienced robust production and sales, with year-on-year growth of **12.5%** and **11.4%** respectively[28](index=28&type=chunk) - New energy vehicles continued rapid growth, with production and sales increasing by **41.4%** and **40.3%** year-on-year respectively, accounting for **44.3%** of total new vehicle sales[28](index=28&type=chunk) - The company's main businesses include: - **Power system components**: Intake systems, lubrication systems, timing systems, etc[29](index=29&type=chunk) - **Trim system components**: Door panel parts, instrument panel parts, body trim, etc[29](index=29&type=chunk) - **Optical lens series**: Used in LiDAR, millimeter-wave radar, and HUD for intelligent cockpits and advanced driver-assistance products[29](index=29&type=chunk) [Discussion and Analysis of Operations](index=9&type=section&id=%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of 2025, the company achieved CNY 816 million in operating revenue, a 22.46% increase year-on-year, and CNY 64.28 million in net profit attributable to shareholders, a 111.09% increase year-on-year, driven by strategic advancements in automotive intelligence, deepened customer collaborations, increased R&D investment, digital transformation, talent system development, and a strategic entry into the consumer electronics sector - The company is deeply involved in the automotive intelligence industry chain, having developed and launched active oil-gas separators and entered the automotive-grade optical lens field, with products already securing orders from downstream customers[34](index=34&type=chunk)[35](index=35&type=chunk) - The company has strategically entered the consumer electronics sector, launching the Jiguang brand series products (e.g., light field display smart devices), completing its business expansion from B-end to C-end, with products currently in the market introduction phase[36](index=36&type=chunk) - The company continues to expand its new energy vehicle customer base, securing multiple project nominations and maintaining steady expansion of project collaborations with existing clients, ensuring ample orders on hand[37](index=37&type=chunk) - As of June 30, 2025, the company holds **526 patents**, including **103 invention patents**, demonstrating its continuous investment and achievements in technological innovation[37](index=37&type=chunk) [Analysis of Core Competencies](index=11&type=section&id=%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include a stable and expanding high-quality customer base, a nationwide production network ensuring timely supply, mastery of advanced injection molding, welding, and optical coating processes with high automation, strong R&D capabilities backed by extensive intellectual property, and a robust quality control and internal control system - **Customer Advantage**: The company maintains long-term partnerships with renowned OEMs such as FAW-Volkswagen, Nissan, and BMW, and has successfully entered the supplier systems of new energy vehicle manufacturers like NIO, Li Auto, and Customer A, boasting a rich order backlog[40](index=40&type=chunk) - **Production Layout Advantage**: Production bases are strategically located in major automotive industry hubs nationwide, including Ningbo, Yantai, Wuhan, Changchun, and Foshan, enabling proximity to customers, effective reduction of logistics costs, and improved response times[41](index=41&type=chunk) - **Process and Equipment Advantage**: The company possesses mature processes such as multi-type two-color injection molding, gas-assisted injection molding, and high-gloss injection molding, along with advanced welding technologies like hot plate welding and laser welding, and has introduced a dip coating production line for PC car windows[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) - **Technological Advantage**: As a national high-tech enterprise, the company holds **526 patents**, including **103 invention patents**, as of the end of the reporting period, demonstrating its capability for synchronous development with OEMs[43](index=43&type=chunk)[44](index=44&type=chunk) [Analysis of Key Operating Performance](index=12&type=section&id=%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) This chapter provides a detailed analysis of the financial status during the reporting period, highlighting significant increases in operating revenue and cost, a decrease in administrative expenses due to reduced share-based payments, a substantial increase in financial expenses due to reduced capitalization of convertible bond interest, and notable changes in cash, financial assets, accounts receivable, and construction in progress [Main Business Analysis](index=12&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue increased by 22.46%, primarily driven by sustained customer order growth, while administrative expenses decreased by 18.45% due to reduced share-based payments, and financial expenses surged by 1872.54% mainly due to decreased capitalization of convertible bond interest, with significant changes observed across operating, investing, and financing cash flows Financial Statement Related Account Changes Analysis | Account | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change Percentage (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 815,726,941.63 | 666,132,573.20 | 22.46 | | Operating Cost | 623,154,111.07 | 526,880,655.23 | 18.27 | | Administrative Expenses | 53,387,146.26 | 65,468,141.67 | -18.45 | | Financial Expenses | 8,679,479.79 | -489,663.25 | 1,872.54 | | Net Cash Flow from Operating Activities | 38,974,538.82 | 22,649,745.11 | 72.07 | | Net Cash Flow from Investing Activities | -314,452,032.82 | -149,341,833.10 | -110.56 | | Net Cash Flow from Financing Activities | 5,491,980.15 | -102,247,157.05 | 105.37 | - **Decrease in Administrative Expenses**: Primarily due to a reduction in share-based payment expenses during the current period[49](index=49&type=chunk) - **Increase in Financial Expenses**: Primarily due to a decrease in the capitalization of convertible bond interest expenses during the current period[49](index=49&type=chunk) - **Increase in Net Cash Outflow from Investing Activities**: Primarily due to increased purchases of bank wealth management products and structured deposits, classified as transactional financial assets, during the current period[49](index=49&type=chunk) - **Increase in Net Cash Inflow from Financing Activities**: Primarily due to increased cash inflow from stock option exercises during the current period, coupled with reduced share repurchases and debt repayments[49](index=49&type=chunk) [Analysis of Assets and Liabilities](index=13&type=section&id=%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets stood at CNY 2.91 billion, with cash decreasing by 35.28% due to wealth management product purchases, leading to a significant increase in transactional financial assets, while construction in progress decreased by 69.20% due to project capitalization, and on the liability side, all short-term borrowings were repaid, and employee compensation decreased by 44.07% due to year-end bonus payments Asset and Liability Status Changes | Item Name | Current Period End Amount (CNY) | Prior Year End Amount (CNY) | Change Percentage (%) | Main Reason | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 511,974,381.28 | 791,095,975.29 | -35.28 | Purchase of bank wealth management products and structured deposits | | Transactional Financial Assets | 220,296,164.38 | 0 | / | Purchase of bank wealth management products and structured deposits | | Notes Receivable | 149,387,869.37 | 95,586,314.56 | 56.29 | More notes received than notes accepted, discounted, or endorsed | | Construction in Progress | 57,774,274.35 | 187,551,135.32 | -69.20 | Hubei Mingyuan Optical Lens Project transferred to fixed assets | | Short-term Borrowings | 0 | 6,551,600.00 | -100.00 | Repayment of borrowings | | Employee Compensation Payable | 16,215,949.10 | 28,995,497.84 | -44.07 | 2024 year-end bonuses paid in current period | [Analysis of Investment Status](index=15&type=section&id=%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company made no significant new external equity investments, but utilized idle funds for cash management, resulting in a period-end balance of CNY 220 million in financial assets measured at fair value, primarily bank wealth management products Financial Assets Measured at Fair Value | Asset Category | Beginning Balance | Amount Purchased in Current Period | Amount Sold/Redeemed in Current Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | | Other (Bank Wealth Management, etc.) | 0 | 629,000,000.00 | 409,000,000.00 | 220,296,164.38 | [Potential Risks](index=17&type=section&id=%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces key risks including macroeconomic cyclical fluctuations, intense market competition, customer concentration, raw material cost volatility, gross margin fluctuations, annual product price reductions, and stock market volatility, all of which could adversely affect its operating performance and profitability - **Macroeconomic and Market Competition Risks**: The automotive parts industry is highly susceptible to macroeconomic cycles, and intense market competition poses significant challenges if the company's technological investment and capacity expansion are insufficient[58](index=58&type=chunk)[60](index=60&type=chunk) - **Customer Concentration and Cost-Price Risks**: The company faces customer concentration risk due to a high proportion of sales to its top five clients, while fluctuating raw material prices, pressure from OEMs for price reductions, and customary annual product price adjustments may impact the company's gross margin and profitability[60](index=60&type=chunk)[61](index=61&type=chunk) [Corporate Governance, Environment, and Society](index=19&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details the company's corporate governance practices, including board and management changes, and its approach to profit distribution [Corporate Governance Status](index=19&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's directors, supervisors, or senior management, and the company does not plan to distribute profits or convert capital reserves into share capital for the half-year period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[64](index=64&type=chunk) - The proposed profit distribution plan for the half-year is no distribution and no capitalization of reserves[64](index=64&type=chunk) [Equity Incentive Plan](index=19&type=section&id=%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92) During the reporting period, the company continued to advance its 2021 and 2023 restricted stock and stock option incentive plans, completing the repurchase and cancellation of some restricted shares and the cancellation of some stock options - The company issued multiple announcements during the reporting period regarding the conversion of convertible bonds and the results of autonomous exercise under the 2023 equity incentive plan[65](index=65&type=chunk) - The company repurchased and cancelled some restricted shares granted under the 2021 and 2023 incentive plans that had not yet been unblocked, and also cancelled some stock options[65](index=65&type=chunk) [Significant Matters](index=21&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers the company's fulfillment of commitments, significant guarantees, and the progress of raised funds utilization [Fulfillment of Commitments](index=21&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During and continuing into the reporting period, the company's actual controllers, shareholders, and the company itself strictly fulfilled all commitments made during initial public offerings, refinancing, and equity incentive activities, including share lock-ups, avoidance of horizontal competition, and regulation of related-party transactions, with no instances of unfulfilled commitments - The company's actual controllers, shareholders, and directors, supervisors, and senior management strictly fulfilled their share lock-up commitments since the initial public offering[69](index=69&type=chunk)[71](index=71&type=chunk) - Shentong Investment, the controlling shareholder, voluntarily committed not to reduce its holdings in the company in any manner for 12 months starting from February 6, 2024[71](index=71&type=chunk)[75](index=75&type=chunk) [Significant Guarantees](index=30&type=section&id=%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company had no external guarantees, but provided guarantees to subsidiaries totaling CNY 530 million, with an outstanding balance of CNY 61.84 million at period-end, representing 3.88% of the company's net assets, primarily for group bill pool business and subsidiary procurement payments Company Guarantee Total Amount | Item | Amount (CNY) | | :--- | :--- | | Total guarantees to subsidiaries incurred during the reporting period | 530,000,000.00 | | Total outstanding guarantees to subsidiaries at the end of the reporting period (B) | 61,838,906.68 | | Total guarantees (A+B) | 61,838,906.68 | | Total guarantees as a percentage of the company's net assets (%) | 3.88 | [Progress of Raised Funds Utilization](index=32&type=section&id=%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95) In July 2023, the company raised a net amount of CNY 569 million through convertible bonds, entirely allocated to the optical lens production base project, which has seen a cumulative investment of CNY 140 million, representing 24.59% of the total, as of the end of the reporting period, with a portion of idle funds also utilized for cash management Overall Utilization of Raised Funds | Source of Raised Funds | Net Amount of Raised Funds (CNY 10,000) | Cumulative Investment at End of Reporting Period (CNY 10,000) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | | Issuance of Convertible Bonds | 56,930.30 | 13,996.49 | 24.59 | - The raised funds are entirely committed to the "Optical Lens Production Base Project," which is expected to reach its intended usable state by July 2026[84](index=84&type=chunk) - The company uses a maximum of **CNY 430 million** of idle raised funds for cash management, with an ending balance of **CNY 140 million**[86](index=86&type=chunk)[87](index=87&type=chunk) [Share Changes and Shareholder Information](index=35&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital and provides an overview of its shareholder structure [Share Capital Changes](index=35&type=section&id=%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital increased from 426,011,840 shares to 429,368,410 shares, primarily due to the conversion of 11,360 shares from "Shentong Convertible Bonds" and the exercise of 3,345,210 stock options under the 2023 equity incentive plan Share Change Table | Share Class | Quantity Before This Change | Increase/Decrease in This Change | Quantity After This Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 3,003,000 | 0 | 3,003,000 | | II. Unrestricted Tradable Shares | 423,008,840 | +3,356,570 | 426,365,410 | | **III. Total Shares** | **426,011,840** | **+3,356,570** | **429,368,410** | - Reasons for share increase: - "Shentong Convertible Bonds" cumulatively converted into **11,360 shares** during the reporting period[92](index=92&type=chunk) - Stock options from the 2023 equity incentive plan cumulatively exercised for **3,345,210 shares** during the reporting period[92](index=92&type=chunk) [Shareholder Information](index=36&type=section&id=%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 19,970 common shareholders, with the top four shareholders—Ningbo Shentong Investment, Ningbo Biheng Venture Capital, Hong Kong Yuli Industrial, and Ningbo Shentong Renhua Investment—collectively holding over 75% of shares, indicating a concentrated equity structure, and controlling shareholder Shentong Investment holds 45.28% of shares, some of which are pledged - As of the end of the reporting period, the company had **19,970** common shareholders[93](index=93&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | | :--- | :--- | :--- | | Ningbo Shentong Investment Co., Ltd. | 194,397,178 | 45.28 | | Ningbo Biheng Venture Capital Partnership (Limited Partnership) | 64,590,323 | 15.04 | | Hong Kong Yuli Industrial Co., Ltd. | 38,987,191 | 9.08 | | Ningbo Shentong Renhua Investment Partnership (Limited Partnership) | 24,976,923 | 5.82 | | Shentong Technology Group Co., Ltd. Repurchase Special Securities Account | 6,588,001 | 1.53 | - The company's co-actual controllers, Fang Lifeng and Chen Xiaoyan, collectively hold **60.18%** of the company's voting rights through direct and indirect means[97](index=97&type=chunk) [Bond-Related Information](index=40&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section provides details on the company's convertible corporate bonds [Convertible Corporate Bonds](index=40&type=section&id=%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%8A%A1%E6%83%85%E5%86%B5) In July 2023, the company issued "Shentong Convertible Bonds" totaling CNY 577 million with a 6-year term, with the conversion period commencing on January 31, 2024; during the reporting period, the conversion amount was CNY 0.131 million, representing 0.0073% of the total share capital before conversion, and as of the end of the reporting period, the latest conversion price was CNY 11.52 per share, with the company and bond credit ratings both "AA-" with a "stable" outlook - The company issued convertible corporate bonds totaling **CNY 577 million** on July 25, 2023, named "Shentong Convertible Bonds" with code "111016" and a 6-year term[103](index=103&type=chunk) Convertible Bond Cumulative Conversion Status During Reporting Period | Item | Data | | :--- | :--- | | Conversion amount during reporting period (CNY) | 131,000 | | Number of shares converted during reporting period (shares) | 11,360 | | Cumulative number of shares converted (shares) | 31,200 | | Unconverted bond amount (CNY) | 576,640,000 | | Percentage of unconverted bonds to total issued bonds (%) | 99.9376 | - As of the end of the reporting period, the conversion price has been adjusted several times, with the latest conversion price being **CNY 11.52/share**[110](index=110&type=chunk) - According to China Chengxin International's follow-up rating report on June 17, 2025, the company's main credit rating is "AA-" with a "stable" outlook, and the "Shentong Convertible Bonds" credit rating is "AA-", with no change in rating results[111](index=111&type=chunk) [Financial Report](index=42&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section contains the comprehensive financial statements and related notes

[Key Financial Data and Indicators](index=1&type=section&id=I.%20Key%20Financial%20Data%20and%20Indicators%20for%20the%20First%20Half%20of%202025) The company's H1 2025 performance declined significantly, with total operating revenue down 9.26% and net profit down 27.72% Key Financial Data and Indicators | Item | Current Period (CNY Million) | Prior Period (CNY Million) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | 4,588.18 | 5,056.55 | -9.26 | | **Operating Profit** | 232.18 | 328.95 | -29.42 | | **Net Profit Attributable to Parent Company Shareholders** | 213.19 | 294.95 | -27.72 | | **Net Profit Attributable to Parent Company Shareholders (Excluding Non-recurring Items)** | 175.46 | 255.77 | -31.40 | | **Basic Earnings Per Share (CNY)** | 0.15 | 0.21 | -28.57 | | **Total Assets (End of Period, CNY Million)** | 14,634.14 | 14,415.33 (Beginning of Period) | 1.52 | - The company's weighted average return on net assets decreased from **4.40%** in the prior period to **3.08%**, a reduction of **1.32 percentage points**, reflecting a decrease in shareholder returns[3](index=3&type=chunk) [Key Product Production and Sales Volumes](index=2&type=section&id=II.%20Key%20Product%20Production%20and%20Sales%20Operating%20Data) H1 2025 product performance diverged, with strong wheat and barley sales contrasting with declines in processed products Key Product Production and Sales Volumes | Key Product | Production Volume (10,000 Tons) | Sales Volume (10,000 Tons) | Sales Volume YOY Change (%) | | :--- | :--- | :--- | :--- | | Self-produced Wheat and Barley | 63.83 | 18.27 | 77.78% | | Externally Sourced Wheat and Barley | N/A | 20.71 | 124.69% | | Rice Seeds | 8.37 | 8.22 | -19.13% | | Rice | 13.01 | 13.86 | -17.87% | | Edible Oil | 6.57 | 10.70 | -17.53% | - Despite significant increases in wheat and barley sales, production and sales of several core products such as rice seeds, rice, and edible oil experienced **double-digit declines**, indicating structural product risks[5](index=5&type=chunk) - The company's inventory levels for various products, such as rice seeds, rice, and malt, significantly decreased year-on-year by **85.08%**, **43.78%**, and **65.54%** respectively, potentially reflecting the company's destocking strategy or changes in downstream demand[5](index=5&type=chunk) [Explanation of Operating Performance and Financial Condition](index=2&type=section&id=III.%20Explanation%20of%20Operating%20Performance%20and%20Financial%20Condition) H1 performance decline is attributed to unfavorable external market conditions, with low agricultural product prices and declining agricultural material costs compressing margins - The company explicitly stated the main reasons for the performance decline: **low-level fluctuations in agricultural product prices** and a **general downward trend in agricultural material prices**, leading to a **narrowing of gross profit margins** for major products (such as rice and wheat)[6](index=6&type=chunk) Key Financial Indicators Decrease | Indicator | YOY Decrease Amount (CNY Million) | YOY Decrease (%) | | :--- | :--- | :--- | | Consolidated Operating Revenue | 468.00 | 9.26% | | Net Profit Attributable to Parent Company Shareholders | 81.76 | 27.72% | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-recurring Items) | 80.32 | 31.40% | [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) This express report contains preliminary, unaudited financial data, which may differ from the final semi-annual report - The data in this performance express report are **preliminary calculations** and have **not been audited** by an accounting firm; the **final data** will be subject to the company's 2025 semi-annual report[1](index=1&type=chunk)[7](index=7&type=chunk) - The company judges that there are **no significant uncertainties** affecting the accuracy of this performance express report[7](index=7&type=chunk)

2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 证券代码：688089 证券简称：嘉必优 公告编号：2025-056 嘉必优生物技术（武汉）股份有限公司 关于 2025 年半年度业绩预增的自愿性披露公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间 经财务部门初步测算： 1、2025 年半年度实现营业收入约 30,670 万元，较上年同期增长 17.59%； 2、2025 年半年度实现归属于母公司所有者的净利润约 10,700 万元，较上年 同期增长 57.61%； 3、2025 年半年度实现归属于母公司所有者的扣除非经常性损益的净利润约 9,300 万元，较上年同期增长 75.45%。 （三）本次业绩预告相关财务数据未经注册会计师审计。 二、上年同期业绩情况和财务状况 1、2024 年半年度营业收入：26,083.24 万元； 2、2024 年半年度利润总额：7,803.82 万元； 四、风险提示 公司本次业绩预告数据未经注册会计师审计，为 ...

[Key Financial Data and Indicators](index=1&type=section&id=Item%20I.%20Key%20Financial%20Data%20and%20Indicators%20for%20the%20First%20Half%20of%202025) H1 2025 saw a 4.55% decline in total operating revenue, while operating profit and total profit increased; however, net profit attributable to shareholders decreased by 10.82% due to higher income tax, with total assets and equity also declining due to accounting adjustments Key Financial Data for H1 2025 (Income Statement) | Item | Current Period (ten thousand yuan) | Prior Period (Restated) (ten thousand yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 352,468.92 | 369,288.95 | -4.55 | | Operating Profit | 32,017.55 | 30,823.17 | 3.87 | | Total Profit | 31,901.63 | 30,581.12 | 4.32 | | Net Profit Attributable to Shareholders of Listed Company | 26,644.08 | 29,878.18 | -10.82 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 20,687.07 | 23,195.55 | -10.81 | | Basic Earnings Per Share (yuan) | 0.22 | 0.25 | -12.00 | Key Financial Data for H1 2025 (Balance Sheet) | Item | End of Current Period (ten thousand yuan) | Beginning of Current Period (Restated) (ten thousand yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 1,454,353.11 | 1,664,631.33 | -12.63 | | Owners' Equity Attributable to Shareholders of Listed Company | 615,477.53 | 794,745.99 | -22.56 | | Net Assets Per Share Attributable to Shareholders of Listed Company (yuan) | 5.12 | 6.61 | -22.54 | - The company completed the equity acquisition of Yili Technology on June 30, 2025, thus prior period and current period beginning data have been restated to include Yili Technology and its subsidiaries[4](index=4&type=chunk) [Explanation of Operating Performance and Financial Position](index=2&type=section&id=Item%20II.%20Explanation%20of%20Operating%20Performance%20and%20Financial%20Position) The company explained financial data changes, attributing revenue decline to fewer Yili Technology subsidiaries, net profit decrease to higher income tax, asset reduction to receivables collection and acquisition payments, and equity decrease to capital reserve adjustments from common control business combinations - Total operating revenue decreased by **4.55%** year-on-year, primarily due to the reduction in the number of Yili Technology's subsidiaries from four to two on April 1, 2025[5](index=5&type=chunk) - Net profit attributable to shareholders of the listed company decreased by **10.82%** year-on-year, mainly due to increased income tax expenses[5](index=5&type=chunk) - Total assets decreased by **12.63%** from the beginning of the year, primarily due to the collection of accounts receivable and payment for Yili equity acquisition[5](index=5&type=chunk) - Owners' equity attributable to shareholders of the listed company decreased by **22.56%** from the beginning of the year, mainly due to adjustments to capital reserves resulting from a common control business combination during the period[5](index=5&type=chunk) [Risk Warning](index=2&type=section&id=Item%20III.%20Risk%20Warning) The company states that this performance express report contains no significant uncertainties, reminding investors that the data provided are unaudited preliminary figures, with final financial data subject to the official 2025 semi-annual report - The key financial data for the first half of 2025 contained in this announcement are preliminary figures and have not been audited by an accounting firm; the final data will be subject to the company's official 2025 semi-annual report[6](index=6&type=chunk)[7](index=7&type=chunk) [Filed Documents](index=3&type=section&id=Item%20IV.%20Filed%20Documents) The company has filed comparative balance sheets and income statements, signed and sealed by the company's responsible person, chief accountant, and head of accounting department, as required - Comparative balance sheets and income statements, signed and sealed by company management, have been filed[8](index=8&type=chunk)

[Key Financial Data and Indicators](index=1&type=section&id=%E4%B8%80%E3%80%812025%20%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E6%8C%87%E6%A0%87) Total operating revenue saw a slight increase, while net profit attributable to shareholders decreased by 4.54%, alongside stable total assets and growth in owners' equity Key Financial Data and Indicators for H1 2025 (Unit: RMB) | Item | Current Period | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | 883,288,624.53 | 872,548,026.36 | 1.23 | | **Operating Profit** | 277,758,541.16 | 262,117,511.67 | 5.97 | | **Total Profit** | 278,152,721.63 | 258,625,689.18 | 7.55 | | **Net Profit Attributable to Shareholders of the Listed Company** | 127,158,591.31 | 133,213,125.43 | -4.54 | | **Basic Earnings Per Share (RMB)** | 0.2974 | 0.3116 | -4.56 | | **Item** | **Current Period End** | **Prior Period End** | **Change (%)** | | **Total Assets** | 15,534,712,638.64 | 15,563,450,198.12 | -0.18 | | **Owners' Equity Attributable to Shareholders of the Listed Company** | 4,019,056,589.08 | 3,910,082,422.29 | 2.79 | [Explanation of Operating Performance and Financial Condition](index=2&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) Despite a 23% decrease in water inflow, total power generation slightly increased by 1.55% due to higher initial energy storage, driving revenue and total profit growth, though net profit attributable to shareholders declined by 4.54% due to parent company performance - Despite a **23.00% decrease** in water inflow compared to the prior year, total power generation slightly increased by **1.55%** to **3.201 billion kWh** due to higher initial energy storage, supporting revenue growth[6](index=6&type=chunk) - The **4.54% decrease** in net profit attributable to shareholders was primarily due to a decline in the parent company's net profit, outweighing the profit growth from subsidiary Guizhou Beipanjiang Power Co., Ltd[6](index=6&type=chunk) H1 2025 Power Generation Details by Power Station | Power Station Name | Type | Power Generation (10,000 kWh) | | :--- | :--- | :--- | | Dongqing Hydropower Station | Hydropower | 97,528.99 | | Guangzhao Hydropower Station | Hydropower | 78,699.10 | | Mamaya Hydropower Station | Hydropower | 48,356.37 | | Yinzidu Hydropower Station | Hydropower | 21,045.94 | | Shannipo Hydropower Station | Hydropower | 21,118.50 | | Puding Hydropower Station | Hydropower | 9,321.54 | | Yutang Hydropower Station | Hydropower | 8,529.28 | | Qingxi Hydropower Station | Hydropower | 2,146.46 | | Niudu Hydropower Station | Hydropower | 1,448.01 | | Mamaya Photovoltaic Power Station | Photovoltaic | 10,715.88 | | Guangzhao Photovoltaic Power Station | Photovoltaic | 10,491.78 | | Zhenning Bacao Phase I Photovoltaic Power Station | Photovoltaic | 5,509.00 | | Dongqing Photovoltaic Power Station | Photovoltaic | 5,179.30 | [Other Information](index=2&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E) The financial data disclosed in this announcement are preliminary and unaudited, with final figures subject to the company's half-yearly report, cautioning investors about investment risks - The financial data in this performance express report are preliminary results from the company's finance department, unaudited by an accounting firm, and may differ from the final half-yearly report[8](index=8&type=chunk) [Documents for Reference](index=2&type=section&id=%E5%9B%9B%E3%80%81%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6) Documents for reference include comparative balance sheets and income statements signed and sealed by the company's senior management - Documents for reference include comparative balance sheets and income statements signed and sealed by the company's legal representative, chief accountant, and head of the accounting department[9](index=9&type=chunk)

证券代码：600926 证券简称：杭州银行 公告编号：2025-064 优先股代码:360027 优先股简称:杭银优 1 杭州银行股份有限公司 2025年半年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 本公告所载2025年半年度主要财务数据为初步核算的合并 报表数据，未经会计师事务所审计，具体数据以公司2025年半年 度报告中披露的数据为准，提请投资者注意投资风险。 一、2025年半年度主要财务数据和指标 5、上表基本每股收益、加权平均净资产收益率均未年化计算。 二、经营业绩和财务状况情况说明 2025年上半年，公司坚持以习近平新时代中国特色社会主义 思想为指导，紧紧围绕"从严治行、转型发展"主题主线，积极 做好客户经营，保持了良好的发展态势，为圆满完成全年各项目 标任务、实现"二二五五"战略顺利收官打下了坚实基础。 经营效益持续提升。2025年1-6月，公司实现营业收入200.93 亿元，较上年同期增长3.89%；实现归属于上市公司股东的净利 润116.62亿元，较上年同期增长16.67%。 1 单位： ...

[Key Financial Data and Indicators](index=1&type=section&id=Key%20Financial%20Data%20and%20Indicators) Total operating revenue slightly decreased, but net profit attributable to shareholders increased by **12.62%** to **645.83 million yuan**, demonstrating improved profitability Key Financial Data and Indicators (RMB 10,000) | Item | Current Period (RMB 10,000) | Prior Period (RMB 10,000) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | 5,510,144.11 | 5,594,926.15 | -1.52% | | **Operating Profit** | 212,739.44 | 193,669.83 | 9.85% | | **Total Profit** | 217,035.82 | 200,896.22 | 8.03% | | **Net Profit Attributable to Shareholders of Listed Company** | 64,583.03 | 57,348.02 | 12.62% | | **Net Profit Attributable to Shareholders (Excluding Non-Recurring Items)** | 59,555.12 | 49,593.38 | 20.09% | | **Basic Earnings Per Share (Yuan)** | 0.49 | 0.44 | 11.36% | | **Total Assets (Period-End)** | 5,709,325.94 | 5,490,409.39 (Period-Beginning) | 3.99% | | **Total Equity Attributable to Shareholders of Listed Company (Period-End)** | 776,950.22 | 748,433.79 (Period-Beginning) | 3.81% | - The company completed the equity acquisition of Shanghai Jiru Property Co., Ltd. in October 2024, which constituted a business combination under common control, leading to retrospective adjustments of prior period financial data[5](index=5&type=chunk)[6](index=6&type=chunk) [Explanation of Operating Performance and Financial Position](index=2&type=section&id=Explanation%20of%20Operating%20Performance%20and%20Financial%20Position) Robust profit growth in H1 2025, despite slight revenue decrease, was driven by strong overseas business and key segment contributions - The company achieved **55.101 billion yuan** in operating revenue and **645.83 million yuan** in net profit attributable to shareholders in the first half, representing a **12.62%** year-on-year increase[7](index=7&type=chunk) - Leveraging its multi-country overseas industrial chain and supply chain layout, the company actively expanded into overseas emerging markets and the domestic market, achieving **USD 2.93 billion** in exports, a **14%** year-on-year increase[7](index=7&type=chunk) - Total profit from the shipbuilding and shipping business within the advanced manufacturing segment increased by **98%** year-on-year[7](index=7&type=chunk) - The apparel business within the textile and apparel segment, benefiting from overseas production capacity advantages, achieved **USD 440 million** in export shipments in the first half, a **49%** year-on-year increase[7](index=7&type=chunk) [Risk Warning](index=2&type=section&id=Risk%20Warning) The announced 2025 semi-annual financial data are preliminary and unaudited, cautioning investors about potential discrepancies - The financial data contained in this announcement are preliminary and may differ from the final data disclosed in the semi-annual report[8](index=8&type=chunk) [Filed Documents](index=2&type=section&id=Filed%20Documents) Signed and sealed comparative balance sheets and income statements are available for inspection as required - Comparative balance sheets and income statements, signed and sealed by company executives, are available as reference documents[9](index=9&type=chunk)