南方电网电力科技股份有限公司2025 年年度报告 公司代码：688248 公司简称：南网科技 南方电网电力科技股份有限公司 2025 年年度报告 1 / 299 南方电网电力科技股份有限公司2025 年年度报告 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、公司上市时未盈利且尚未实现盈利 □是 √否 三、重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本 报告第三节"管理层讨论与分析"中的"四、风险因素"部分。 四、公司全体董事出席董事会会议。 五、立信会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 六、公司负责人姜海龙、主管会计工作负责人叶敏娜及会计机构负责人（会计主管人员）陈雅莉 声明：保证年度报告中财务报告的真实、准确、完整。 七、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 公司2025年度拟以实施权益分派股权登记日登记的总股本为基数，向全体股东每10股派发现 金红利1.82元（含税），不送红股、不以资本公积金 ...

1 / 324 北京神舟航天软件技术股份有限公司2025 年年度报告 北京神舟航天软件技术股份有限公司2025 年年度报告 公司代码：688562 公司简称：航天软件 北京神舟航天软件技术股份有限公司 2025 年年度报告 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、公司上市时未盈利且尚未实现盈利 □是 √否 三、重大风险提示 公司已在本报告中描述可能存在的风险，敬请查阅"第三节管理层讨论与分析"之"四、风险因 素"部分，请投资者注意投资风险。 四、公司全体董事出席董事会会议。 五、容诚会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 六、公司负责人彭涛、主管会计工作负责人武旭庆及会计机构负责人（会计主管人员）张晓萍 声明：保证年度报告中财务报告的真实、准确、完整。 七、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 经容诚会计师事务所（特殊普通合伙）审计，公司 2025 年度实现归属于母公司所有者的净利润为 人民币-11,319,254.89 元，截至 2025 ...

证券代码：002678 证券简称：珠江钢琴 公告编号：2026-006 广州珠江钢琴集团股份有限公司 （Guangzhou Pearl River Piano Group Co.,Ltd） 2025 年年度报告 2026 年 3 月 广州珠江钢琴集团股份有限公司 2025 年年度报告全文 2025 年年度报告 公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责 任。 公司负责人李建宁、主管会计工作负责人林建青及会计机构负责人（会 计主管人员）林建青声明：保证本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报告的董事会会议。 1、宏观经济环境风险。当前全球经济形势复杂波动，国际贸易环境日趋 严峻，中美贸易摩擦及消费者需求结构持续调整，钢琴行业整体进入深度调 整阶段。全球经济增速放缓，居民对未来收入及就业预期有所弱化，一定程 度上影响居民消费意愿与消费能力。叠加行业市场环境变化、教培行业监管 政策趋严、教育装备采购政策调整、人口出生率下降等多重因素影响，钢琴 乐器市场需求整体偏弱，对公司乐器销售、艺术培训业务开展及 ...

Dividend Distribution - The company plans to distribute a cash dividend of 0.117 CNY per share, totaling approximately 55.28 million CNY, based on a total share capital of 472,467,318 shares after deductions[6]. - The company has reported no unfulfilled losses that would affect dividend distribution[7]. - The company has not proposed any stock dividends or capital increases from reserves[6]. - The company plans to distribute a cash dividend of CNY 0.027 per share (before tax), with a total cash dividend amounting to CNY 66,712,684.30, representing 50.16% of the net profit attributable to ordinary shareholders[122][125]. - Over the last three accounting years, the cumulative cash dividend (including tax) was CNY 97,071,163.34, with an average annual net profit of CNY 51,927,126.77, resulting in a cash dividend ratio of 186.94%[127]. Financial Performance - The company's operating revenue for 2025 reached ¥1,884,411,462.54, representing a 35.70% increase compared to ¥1,388,666,413.57 in 2024[24]. - The total profit for 2025 was ¥157,251,595.33, a significant recovery from a loss of ¥41,715,704.28 in 2024[24]. - The net profit attributable to shareholders for 2025 was ¥132,986,884.78, compared to a loss of ¥31,979,688.13 in 2024[24]. - The net cash flow from operating activities increased by 171.65% to ¥398,772,290.17 in 2025, up from ¥146,797,777.75 in 2024[24]. - The company's total assets as of the end of 2025 were ¥3,079,950,227.77, reflecting a 9.27% increase from ¥2,818,547,984.21 in 2024[24]. - The weighted average return on equity for 2025 was 8.30%, an increase of 10.40 percentage points from -2.10% in 2024[25]. - The basic earnings per share for 2025 was ¥0.31, recovering from a loss of ¥0.08 in 2024[25]. - The net profit after deducting non-recurring gains and losses for 2025 was ¥126,531,316.36, compared to a loss of ¥36,080,168.72 in 2024[24]. - The company reported a net asset attributable to shareholders of ¥1,696,732,957.33 at the end of 2025, a 13.62% increase from ¥1,493,307,034.83 in 2024[24]. Audit and Compliance - The company has received a standard unqualified audit report from Lixin Accounting Firm[5]. - The board of directors has confirmed the authenticity and completeness of the annual report[3]. - The company has not violated decision-making procedures in providing guarantees[8]. - The company has not faced a situation where more than half of the directors cannot guarantee the authenticity of the annual report[8]. - The company maintained a strict internal control system to ensure compliance and asset security, enhancing decision-making efficiency[52]. - The company emphasizes investor relations and adhered to a dividend policy to protect investor interests[52]. - The internal control audit for the year 2025 was conducted by Lixin Accounting Firm, resulting in a standard unqualified opinion on the effectiveness of internal controls[134]. - The company has established a comprehensive internal control system to enhance decision-making efficiency and ensure compliance with legal regulations[132]. Research and Development - The company successfully developed a new polycarbonate (PC) window and advanced motor stator frame technology in response to the trend of vehicle electrification[37]. - The company focuses on high-tech, high-value-added products, increasing R&D investment in smart driving and smart cockpit areas[40]. - The company has established a strategic R&D team to meet potential customer needs and explore lightweight materials[37]. - The company’s R&D expenses were CNY 89,352,274.67, a 4.91% increase compared to the previous year[56]. - The number of R&D personnel is 184, making up 14.59% of the total workforce[69]. - The company emphasizes a market-driven approach to R&D, ensuring that its products meet customer performance requirements and delivery timelines[50]. Market Trends and Industry Outlook - The automotive industry in China is projected to produce and sell 34.53 million and 34.40 million vehicles respectively in 2025, marking a historical high[41]. - New energy vehicle sales exceeded 16 million units, accounting for over 50% of the domestic new car market[41]. - The automotive industry is expected to maintain steady growth in 2026, supported by government policies promoting green consumption[42]. - The automotive parts industry is sensitive to macroeconomic cycles, with potential impacts on sales and financial performance during economic downturns[88]. - The automotive parts sector is expected to shift towards lightweight materials, with a focus on aluminum and plastic components[82]. - The integration and modularization of automotive parts are becoming key trends, improving efficiency and reducing weight[83]. - The company is aligning with the global shift towards electrification, intelligence, and connectivity in the automotive industry[84]. Risk Management - The company has outlined potential risks in its annual report, advising investors to be aware of these risks[9]. - The company faces intense market competition, particularly from foreign and joint venture firms, which may affect its market share if it does not enhance its technological capabilities[88]. - The company has a high customer concentration risk, with its top five customers accounting for a significant portion of revenue, which could impact operations if customer dynamics change[89]. - Raw material cost fluctuations pose a risk, as the prices of essential materials like plastic particles significantly affect production costs[89]. - The company has established a robust governance structure, ensuring compliance with legal regulations and promoting effective internal controls[94]. Employee Management and Compensation - The total number of employees in the parent company is 751, while the main subsidiaries employ 510, resulting in a total of 1,261 employees[117]. - The professional composition includes 634 production personnel, 29 sales personnel, 246 technical personnel, 50 financial personnel, and 302 administrative personnel[117]. - The company has established a salary policy that includes basic wages and bonuses, with the basic wage determined by the employee's position and bonuses based on performance evaluations[118]. - The company has a training plan aimed at improving incentive and training mechanisms[119]. - The total compensation for the board members during the reporting period amounted to 691.92 million yuan[101]. Shareholder Structure and Equity - The largest shareholder, Ningbo Shentong Investment Co., Ltd., holds 194,397,178 shares, accounting for 44.97% of total shares[181]. - The second-largest shareholder, Ningbo Biheng Venture Capital Partnership, holds 53,745,965 shares, representing 12.43% of total shares[182]. - The third-largest shareholder, Hong Kong Yuli Industrial Co., Ltd., holds 38,987,191 shares, which is 9.02% of total shares[182]. - The company has a repurchase account for shares, specifically for the repurchase of its own stock[183]. - The total number of shares held by the top ten unrestricted shareholders amounts to 194,397,178 shares[181]. - The company has not disclosed any changes in the shareholding structure due to the transfer of shares through margin trading[184]. Convertible Bonds - The company issued a total of CNY 577 million in convertible bonds on July 25, 2023, with a maturity of 6 years and a total of 5,770,000 bonds issued at a face value of CNY 100 each[196]. - The coupon rates for the convertible bonds are 0.2% in the first year, increasing to 3.0% in the sixth year[196]. - The total amount of convertible bonds converted during the reporting period was CNY 27.96 million, resulting in 2,426,683 shares being issued[200]. - The remaining unconverted amount of convertible bonds is CNY 548.82 million, which constitutes 95.12% of the total issued bonds[200]. Commitments and Compliance - The company has committed to maintaining transparency and accuracy in its information disclosure practices[96]. - The company has committed to not transferring or entrusting the management of shares held prior to the IPO for 36 months post-listing, with a maximum of 25% allowed for annual transfer thereafter[1]. - The company has established strict regulations regarding related party transactions and has not provided any external guarantees since its establishment[7]. - The company has not reported any failures in fulfilling commitments, indicating a strong adherence to its obligations[137].

Financial Performance - The company plans to distribute a cash dividend of 2 RMB per 10 shares, totaling 84,018,424.80 RMB (including tax), which represents 18.78% of the net profit attributable to shareholders for the year [6]. - In 2025, the company achieved a revenue of CNY 6.79 billion, a year-on-year increase of 14.63% compared to CNY 5.93 billion in 2024 [25]. - The net profit attributable to shareholders reached CNY 872.98 million, up 6.21% from CNY 821.92 million in 2024 [25]. - The gross profit margin for 2025 was 37.97%, an increase of 1.42 percentage points from 36.55% in 2024 [28]. - The company reported a significant increase in investment cash flow, with a net of 58,574.18 million RMB, up from -102,942.66 million RMB in the previous year [165]. - The integrated circuit segment generated 678,963.21 million RMB in revenue, with a gross margin of 37.95%, up 1.40 percentage points year-on-year [167]. - The company achieved operating revenue of 679,323.36 million RMB, a year-on-year increase of 14.63% [163]. - The net profit attributable to the parent company was 87,298.43 million RMB [163]. Research and Development - The company invested CNY 1.55 billion in R&D in 2025, a rise of CNY 199 million from 2024, with total R&D expenses over the past three years amounting to CNY 4.19 billion [30]. - The company has maintained a strong focus on R&D investment in key areas such as edge intelligence, high-speed connectivity, and smart automotive technologies [31]. - The company has developed a comprehensive technology matrix for SoC chips, covering various functional modules to meet diverse smart terminal needs [41]. - The company has integrated self-developed AI processing units in 20 chip models, with expected shipments exceeding 20 million units in 2025, representing a nearly 160% year-over-year increase [129]. - The company’s R&D expenditure accounted for 22.84% of its operating revenue, showing a slight increase from 22.83% in the previous year [143]. - The company has established partnerships with nearly 270 operators globally in the B2B sector and launched multiple new products with renowned consumer electronics clients in the B2C sector in 2025 [123]. Market and Product Development - The company sold over 174 million chips in 2025, marking an increase of over 31 million chips year-on-year [26]. - The sales volume of 6nm chips in 2025 reached nearly 9 million units, with expectations to exceed 30 million units in 2026 [28]. - The company plans to launch several new products in 2026, including high-performance chips and Wi-Fi routing chips, to further enhance market performance [29]. - The company launched over 20 chip products with self-developed edge AI capabilities, with shipments exceeding 20 million units, a year-on-year growth of nearly 160% [116]. - The company is focused on developing next-generation Wi-Fi 7 chips to meet the demands of modern households and office environments for high-bandwidth wireless networks [60]. Acquisitions and Partnerships - The company announced the acquisition of ChipMic Microelectronics (Jiaxing) Co., Ltd. to enhance its multi-dimensional communication technology stack, focusing on "cellular communication + optical communication + Wi-Fi" solutions [31]. - The company has established partnerships with nearly 270 major operators globally, including significant orders from the three major domestic operators and entry into mainstream operator supply systems in North America, Europe, Latin America, Asia-Pacific, and Africa [133]. - The company is building long-term strategic partnerships with global industry leaders and ecosystem platforms to enhance its competitive position [131]. Risks and Challenges - The company faces risks related to core competitiveness due to the rapid technological advancements in the integrated circuit design industry [150]. - The company must continuously invest in R&D and production processes to remain competitive, as the integrated circuit design industry is characterized by high capital requirements and rapid technological advancements [154]. - The company is exposed to market competition risks, particularly from both domestic and international chip design firms, which could intensify as the industry evolves [157]. - The company faces legal risks related to technology licensing, as it relies on external IP and EDA tool providers for its integrated circuit design processes [160]. - Currency fluctuations pose a risk to the company’s performance, particularly due to significant overseas sales and purchases denominated in USD [160]. Operational Metrics - The total number of shares after deducting the repurchased shares is 420,092,124 [6]. - The net cash flow from operating activities in Q2 2025 was negative at approximately -¥902.6 million, indicating challenges in cash generation during that period [33]. - The company reported a decrease in trading financial assets from ¥937.1 million to ¥400.6 million, impacting profits by ¥24.1 million [42]. - The company’s intangible assets increased by 125.44% to 15,149.86 million RMB, up from 6,720.19 million RMB, mainly due to the acquisition of patents and software [184]. - The company experienced a substantial increase in inventory levels, with a stock increase of 587.73% for display products [170].

Investment and Expansion - The company plans to invest in a new factory in Thailand to enhance its international market presence and competitiveness [7]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years [26]. - The Thai subsidiary, Beiyonghua, is on track to commence operations in Q4 2025, contributing to increased production capacity and international competitiveness [46]. - The company has established a new subsidiary, Wuxi Xingzhi Technology Co., Ltd., during the reporting period, which is expected to have no immediate impact on overall operations and performance [172]. - The first phase of the factory in Thailand has been completed, with plans to accelerate capacity ramp-up and enhance production efficiency to capture regional market opportunities [181]. Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion CNY, representing a year-over-year growth of 15% [26]. - The company has set a future revenue guidance of 1.5 billion CNY for the next fiscal year, reflecting an expected growth rate of 25% [26]. - The company reported a net profit of 200 million CNY, with a profit margin of 16.67%, compared to 14% in the prior year [26]. - The company's operating revenue for 2025 reached ¥1,503,941,983.27, representing a 10.82% increase compared to ¥1,357,045,307.78 in 2024 [31]. - The net profit attributable to shareholders for 2025 was ¥278,007,238.13, a decrease of 3.72% from ¥288,749,689.21 in 2024 [31]. Research and Development - Research and development expenses increased to 150 million CNY, accounting for 12.5% of total revenue, as the company focuses on new product innovations [26]. - The company has established a high-efficiency R&D team that shortens the new product development cycle, ensuring timely delivery from order receipt to mass production [112]. - The company increased R&D investment in humanoid robots and industrial mother machines, leading to a temporary rise in R&D expenses [133]. - The company's R&D investment amounted to ¥79,233,605.01 in 2025, representing 5.27% of total revenue, an increase from 5.13% in 2024 [157]. - The company is focusing on the production of electric motor housings for new energy vehicles, achieving a helium leak rate of less than 1×10⁻⁷ mbarL/S [155]. Market Trends and Strategy - The company is focusing on expanding its product offerings in the electric vehicle and hydrogen fuel vehicle sectors to align with industry trends [10]. - The company is committed to sustainability, with plans to reduce carbon emissions by 30% over the next five years [26]. - The company is actively exploring international business opportunities in politically stable regions to mitigate exchange rate risks [14]. - The company aims to enhance customer stickiness and market share by optimizing production efficiency and service quality in the electric vehicle sector [136]. - The company is committed to achieving international standards in its manufacturing processes, particularly in the production of high-precision components for the automotive industry [155]. Supply Chain and Procurement - The company aims to improve its raw material procurement management to mitigate the impact of price fluctuations on profitability [11]. - The company is enhancing its supply chain management to minimize the impact of raw material price volatility [11]. - The procurement strategy involves maintaining multiple suppliers for raw materials to ensure stable supply and cost control [62]. - The company has established a comprehensive supplier management system to evaluate and classify suppliers based on performance [62]. - The company employs a "make-to-order" production model to reduce inventory and accelerate cash flow, aligning production with market demand [64]. Operational Efficiency - The company is implementing automation and process optimization to improve efficiency and reduce costs [13]. - The company emphasized quality control and internal management, aiming to improve production efficiency and reduce costs [140]. - The company aims to integrate advanced automation technologies into its production processes, enhancing overall production efficiency and reducing labor intensity [155]. - The company has developed advanced intelligent manufacturing solutions, including an AI defect visual recognition workstation and fully automated deburring stations, enhancing production efficiency and quality [125]. - The company is focusing on smart manufacturing, leveraging new technologies to enhance automation and digitalization across its operations [139]. Risks and Challenges - The company acknowledges the cyclical nature of the automotive industry and is preparing to adapt to macroeconomic changes [9]. - The company faces risks from international trade environment changes, including geopolitical conflicts and rising trade barriers, which could impact its international business operations [183]. - The company is exposed to raw material price volatility, which could directly impact profit margins and operational activities [187]. - Currency exchange rate fluctuations pose a risk, particularly with the company's reliance on USD for exports, which could lead to significant foreign exchange losses [189]. - There is a risk of product price declines in the automotive parts industry, typically experiencing annual reductions of 1%-5% within 3-5 years of new product supply [188]. Corporate Governance - The company has established a value management system and disclosed a valuation enhancement plan [195]. - The company is enhancing its governance structure to protect shareholder rights [198]. - The board of directors consists of 5 members, including 2 independent directors and 1 employee representative director [200]. - The company held 4 board meetings during the reporting period, approving a total of 55 proposals [200]. - Directors are required to participate in relevant training to enhance their operational standards and stay updated on legal regulations [200].

迪哲（江苏）医药股份有限公司2025 年年度报告 公司代码：688192 公司简称：迪哲医药 迪哲（江苏）医药股份有限公司 2025 年年度报告 1 / 230 迪哲（江苏）医药股份有限公司2025 年年度报告 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。 √是 □否 公司是一家处于商业化阶段的生物制药公司，聚焦于肿瘤及血液系统疾病领域。公司采用科 创板第五套标准上市，基于行业领先的转化科学和新药分子设计与筛选技术平台，至今已建立七 款具备全球竞争力的产品管线，其中两款药物已获批。报告期内，公司实现销售收入 8.01 亿元， 较 2024 年同比增长 122.60%。 2025 年，两款商业化产品舒沃哲®（通用名：舒沃替尼片）和高瑞哲®首次纳入《国家基本医 疗保险、工伤保险和生育保险药品目录（2024 年）》（国家医保药品目录）。2025 年 7 月，舒沃 哲®（ZEGFROVY®）获美国食品药品监督管理局（FDA）加速批准上市，用于既往经含铂化疗治 疗时或治疗后出现疾病进展，并且经 FDA 批准的 ...

青岛云路先进材料技术股份有限公司2025 年年度报告 公司代码：688190 公司简称：云路股份 青岛云路先进材料技术股份有限公司 2025 年年度报告 1 / 222 青岛云路先进材料技术股份有限公司2025 年年度报告 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、公司上市时未盈利且尚未实现盈利 □是 √否 三、重大风险提示 公司已在本报告中描述公司面临的风险，敬请查阅本报告第三节管理层情况讨论与分析四、 风险因素相关内容，请投资者予以关注。 四、公司全体董事出席董事会会议。 五、 中兴华会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 六、公司负责人李晓雨、主管会计工作负责人石岩及会计机构负责人（会计主管人员）张乐声明： 保证年度报告中财务报告的真实、准确、完整。 3.截至2026年3月30日，公司总股本12,000万股，公司拟向全体股东每10股派发现金红利6.00 元（含税）,以此计算合计拟派发现金红利7,200.00万元（含税）。2025年度，公司现金分红（包 括前 ...

Dividend Distribution - The company plans to distribute a cash dividend of 0.22 CNY per 10 shares, totaling approximately 10.5 million CNY, which represents 35.22% of the net profit attributable to shareholders for the year [4]. - The mid-year cash dividend distribution plan has been approved, with a payout of 0.18 CNY per 10 shares, amounting to approximately 8.6 million CNY [4]. - The company has no unfulfilled losses that would affect dividend distribution [5]. - The company has maintained a consistent total share capital post-dividend distribution [4]. - The cash dividend for the most recent fiscal year was CNY 19,095,276.20, representing 35.22% of the net profit attributable to shareholders [185]. - Over the last three fiscal years, the total cash dividends amounted to CNY 62,059,647.66, with an average net profit of CNY 59,502,586.79, resulting in a cash dividend ratio of 104.30% [186]. - The company has established a clear cash dividend policy, mandating a minimum distribution of 30% of the net profit attributable to shareholders [180]. - The company plans to maintain a cash dividend policy, with a minimum of 80% of profits distributed as cash dividends during mature stages without significant capital expenditures [178]. Financial Performance - Basic earnings per share for 2025 is CNY 0.113586, a 4.64% increase compared to CNY 0.108548 in 2024 [20]. - Total revenue for 2025 is CNY 596,333,343.87, reflecting a 1.78% increase from CNY 585,878,347.93 in 2024 [22]. - Net profit attributable to shareholders for 2025 is CNY 54,223,774.00, up 4.64% from CNY 51,818,643.62 in 2024 [22]. - Operating cash flow for 2025 is CNY 585,588,881.97, a decrease of 29.43% from CNY 829,797,889.59 in 2024 [22]. - The weighted average return on equity for 2025 is 3.16%, an increase of 0.20 percentage points from 2.96% in 2024 [20]. - The net profit after deducting non-recurring gains and losses for 2025 is CNY 47,825,553.12, a decrease of 1.31% from CNY 48,458,685.10 in 2024 [22]. - The total assets at the end of 2025 are CNY 2,091,534,632.38, a decrease of 7.54% from CNY 2,262,080,851.53 at the end of 2024 [22]. - The net assets attributable to shareholders at the end of 2025 are CNY 1,738,699,308.27, an increase of 2.48% from CNY 1,696,593,724.48 at the end of 2024 [22]. - Non-recurring gains for 2025 total CNY 6,398,220.88, compared to CNY 3,359,958.52 in 2024 [23]. - The company reported a total revenue of ¥596.33 million for the period, representing a 1.78% increase compared to ¥585.88 million in the previous year [34]. - Net profit for the period was ¥64.50 million, showing a slight decrease of 0.27% from ¥64.68 million year-on-year [34]. - Total assets decreased by 7.54% to ¥2.09 billion from ¥2.26 billion at the beginning of the period [34]. - Total liabilities were reduced by 46.47% to ¥256.83 million from ¥479.76 million, resulting in a decrease in the debt-to-asset ratio by 8.93 percentage points to 12.28% [34]. Operational Highlights - The company completed a major asset restructuring, acquiring 51% of the subway property company and 50% of the subway electrical technology company in 2023 [28]. - The company has established a leading position in the photovoltaic capacity in the national rail transit sector, with a total installed capacity of solar projects leveraging rooftop resources [35]. - The number of charging piles managed by the company has reached 246, enhancing cost control and service capabilities through unified platform management [35]. - The company achieved an operating revenue of approximately CNY 596 million and a net profit of approximately CNY 64.5 million for 2025, with a parent net profit of about CNY 54.22 million [38]. - The public transportation operation management business generated approximately CNY 280 million in revenue for 2025, representing a year-on-year growth of about 11.19% [38]. - The Shanghai Metro Pujiang Line operated a total of 1,106.46 million passenger trips in 2025, with a daily average of 30,300 passengers and a punctuality rate of 99.95% [40]. - The Pudong Airport Express Line recorded 40.29 million passenger trips in 2025, with a daily average of 110,400 passengers and a punctuality rate of 99.66% [41]. - The new energy business achieved approximately CNY 47.71 million in revenue for 2025, marking a year-on-year increase of about 29.29% [44]. - The company’s photovoltaic projects generated a total of approximately 70.72 million kWh in 2025, saving about 19,787.41 tons of standard coal and reducing CO2 emissions by approximately 29,704.46 tons [45]. - The company managed a total of 246 charging piles by the end of 2025, providing charging services for over 151,600 times with a cumulative charging volume of 2.0087 million kWh [47]. Risk Management and Compliance - The company is facing various risks as outlined in the annual report, which investors should be aware of [6]. - The company has not violated decision-making procedures in providing guarantees [6]. - The company has implemented measures to enhance the safety and operational efficiency of urban rail transit, aligning with national policies promoting sustainable development in the sector [117]. - The company has established a comprehensive safety management system covering the entire lifecycle of project construction and operation, focusing on risk prevention measures [143]. - The company is committed to compliance and collaboration in its commercial factoring business, focusing on core needs within the rail transit industry [133]. - The company has established a governance structure in compliance with relevant laws and regulations, ensuring independent directors constitute one-third of the board [151]. - The company has established multiple internal management systems to ensure compliance with information disclosure regulations, enhancing transparency and preventing information leakage [152]. - The company has not faced any penalties from securities regulatory authorities in the past three years [167]. - The company has not been subject to criminal investigations or administrative penalties related to the securities market in the last five years [198]. - The company has a commitment to maintain integrity and compliance with regulatory standards in its operations [198]. Corporate Governance - The board of directors has confirmed the authenticity and completeness of the annual report [3]. - The company has implemented a market value management system to enhance its governance practices [153]. - The company has revised its governance documents to comply with the latest regulatory requirements, including the cancellation of the supervisory board and amendments to the articles of association [153]. - The company has taken measures to ensure that there are no conflicts of interest with its controlling shareholder, maintaining operational independence [155]. - The company has established a remuneration and assessment committee, which is currently advised by independent directors [164]. - The company has a diverse workforce, with 1,473 production personnel, 58 technical staff, and 18 financial personnel [173]. - The company has experienced changes in its board, including the election of Shi Jun and the resignation of Fan Xiaohu due to job relocation [165]. - The company appointed Mr. Yan Jichuan as the financial director and financial officer effective May 20, 2025, while Mr. Zhu Wengen is no longer the financial officer [159]. - The company held a worker representative conference on September 18, 2025, where Mr. Jin Wenzhong was elected as the employee director [159]. - The company has implemented a rigorous decision-making process for equity investments, ensuring thorough due diligence and monitoring of investee companies to mitigate investment risks [148]. Strategic Initiatives - The company aims to focus on four core businesses: rail transit operation services, new energy, comprehensive property services, and industrial investment, optimizing its asset structure [115]. - The company is actively expanding its photovoltaic project investments, with a total installed capacity of 67.3 MWp, ranking first in the national rail transit sector [45]. - The company is committed to enhancing the training of young management talents to align talent supply with business development needs [190]. - The company is focused on ensuring compliance with all relevant regulations and maintaining a strong ethical standing in the market [198]. - The company will continue to undertake investment, construction, and operation management of Shanghai's rail transit as per the unified arrangements of the Shanghai government [199]. - The company will strive to facilitate the listed company in obtaining any commercial opportunities that may arise in the future under equal conditions [199]. - The company will provide all necessary assistance for the listed company to fulfill disclosure obligations as required by relevant laws and regulations [199].

2026 年 3 月 山东道恩高分子材料股份有限公司 2025 年年度报告 作为以弹性体为特色的，绿色轻量化高分子复合新材料公司，在多年研发积累中，打造 了道恩高分子合金技术，为客户提供弹性体、改性塑料、色母粒、聚酯材料解决方案。产品 主要应用在汽车交通、家电通讯、医疗卫生、航空航天、大消费、新能源等领域。道恩股份 重视研发创新，打造了动态硫化、酯化合成、氢化反应和塑化改性四大技术平台，构建了 1+2+4+10 的研发体系。道恩股份以丰富的产品种类和技术研发、以及高质量的差异化产品 满足客户的多样性需求，努力为客户提供一站式材料解决方案。 1 山东道恩高分子材料股份有限公司 2025 年年度报告全文 山东道恩高分子材料股份有限公司 2025 年年度报告全文 2025 年年度报告 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、误导性陈述或重大遗漏，并承担个别和连带的法律责 任。 公司负责人于晓宁、主管会计工作负责人邹远勇及会计机构负责人（会计 主管人员）郑祖旭声明：保证本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报告的董事 ...