四川川大智胜软件股份有限公司 2025 年半年度报告 股票简称：*ST 智胜 股票代码：002253 披露日期：2025 年 8 月 30 日 | | | 四川川大智胜软件股份有限公司 2025 年半年度报告全文 第一节 重要提示和释义 本半年度报告涉及的未来计划等前瞻性陈述，不构成公司对投资者的实质 承诺，敬请投资者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，注意投资风险。 公司已在本报告"第三节管理层讨论与分析 十、公司面临的风险和应对 措施"详细描述公司可能存在的风险因素，请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。 2 四川川大智胜软件股份有限公司 2025 年半年度报告全文 | 释义 | | --- | | 释义项 | 指 | 释义内容 | | --- | --- | --- | | 公司、本公司、川大智胜 | 指 | 四川川大智胜软件股份有限公司 | | 证监会 | 指 | 中国证券监督管理委员会 | | 深交所 | 指 | 深圳证券交易所 | | 元、万元 | 指 | 人民币元、人民币万元 | | 报告期 | 指 | 2025 年 1 月 ...

国药集团一致药业股份有限公司 2025 年半年度报告全文 国药集团一致药业股份有限公司 2025 年半年度报告 2025 年 8 月 1 国药集团一致药业股份有限公司 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。 公司负责人吴壹建、主管会计工作负责人谷国林及会计机构负责人(会计 主管人员)王雪飞声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | 1 | | --- | --- | --- | | | 1 | | | 1 | | P | | 第一节 | 重要提示、目录和释义 | | 2 | | --- | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | | 6 | | 第三节 | 管理层讨论与分析 | | 9 | | 第四节 | 公司治理、环境和社会 | | 27 | | 第五节 | 重要事项 | | 28 ...

Section 1: Definitions [1.1 Definitions of Common Terms](index=4&type=section&id=1.1%20Definitions%20of%20Common%20Terms) This section defines key terms and company abbreviations used throughout the report, providing a foundational understanding for readers - Defines **"Mayair Technology"**, **"Company"**, **"the Company"** as Mayair (China) Environmental Technology Co., Ltd. and its subsidiaries[12](index=12&type=chunk) - Explains the impact of **VOC/VOCs (Volatile Organic Compounds)** and **AMC (Airborne Molecular Contaminants)** on human health and semiconductor production yield[12](index=12&type=chunk) - Details the classification of air filters (primary, medium, high-medium, sub-high, high, ultra-high efficiency) and their filtration efficiency standards[13](index=13&type=chunk) - Elaborates on the concept of cleanliness, which is distinguished by the number of particles larger than or equal to a certain size per unit volume of air, noting that the final stage filter determines the air purification level[13](index=13&type=chunk) Section 2: Company Profile and Key Financial Indicators [2.1 Company Basic Information](index=6&type=section&id=2.1%20Company%20Basic%20Information) This chapter outlines the company's basic information, contact details, information disclosure channels, and stock overview - The company's name is Mayair (China) Environmental Technology Co., Ltd., abbreviated as **Mayair Technology**, with Yap Wee Keong as the legal representative[15](index=15&type=chunk) - The company's stock is A-shares, listed on the STAR Market of the Shanghai Stock Exchange, stock code **688376**[18](index=18&type=chunk) [2.2 Company Key Accounting Data and Financial Indicators](index=7&type=section&id=2.2%20Company%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This chapter discloses the company's key financial performance for the first half of 2025, including operating revenue, total profit, net profit attributable to parent company, net profit attributable to parent company after deducting non-recurring gains and losses, and net cash flow from operating activities, comparing them with the same period last year and highlighting a significant improvement in net cash flow from operating activities 2025 H1 Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 934,915,677.55 Yuan | 756,984,416.03 Yuan | 23.51 | | Total Profit | 119,667,486.30 Yuan | 103,184,307.71 Yuan | 15.97 | | Net Profit Attributable to Shareholders of Listed Company | 98,019,048.42 Yuan | 92,883,740.56 Yuan | 5.53 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 74,874,914.38 Yuan | 85,759,897.40 Yuan | -12.69 | | Net Cash Flow from Operating Activities | 70,265,659.62 Yuan | -85,889,987.29 Yuan | N/A | 2025 H1 Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.73 | 0.69 | 5.80 | | Diluted Earnings Per Share (Yuan/share) | 0.73 | 0.69 | 5.80 | | Basic EPS After Deducting Non-Recurring Gains and Losses (Yuan/share) | 0.56 | 0.64 | -12.50 | | Weighted Average Return on Net Assets (%) | 5.32 | 5.53 | Decrease by 0.21 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 4.07 | 5.10 | Decrease by 1.03 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 4.01 | 4.76 | Decrease by 0.75 percentage points | - Net cash flow from operating activities increased year-on-year, primarily due to the company's strengthened management of accounts receivable, leading to an increase in cash received from sales of goods and provision of services in the current period[21](index=21&type=chunk) [2.3 Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=2.3%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This chapter details the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling **23,144,134.04 Yuan**, primarily including gains from investment costs in subsidiaries, associates, and joint ventures being less than the fair value of identifiable net assets acquired 2025 H1 Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 20,000.00 | | Government Subsidies Recognized in Current Profit or Loss (Excluding) | 1,204,975.69 | | Gains and Losses from Changes in Fair Value and Disposal of Financial Assets and Liabilities Held | 3,242,700.00 | | Gains Arising from Investment Costs in Subsidiaries, Associates, and Joint Ventures Being Less Than the Fair Value of Identifiable Net Assets Acquired | 18,574,688.83 | | Other Non-Operating Income and Expenses Apart from the Above | 908,142.20 | | Less: Income Tax Impact | 806,372.68 | | **Total** | **23,144,134.04** | [2.4 Net Profit After Deducting Share-Based Payment Impact](index=8&type=section&id=2.4%20Net%20Profit%20After%20Deducting%20Share-Based%20Payment%20Impact) This chapter discloses that the net profit after deducting the impact of share-based payments was **116,207,012.80 Yuan**, representing a **25.95% year-on-year increase**, which is higher than the net profit growth rate before deducting share-based payment impact Net Profit After Deducting Share-Based Payment Impact | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact | 116,207,012.80 Yuan | 92,265,953.57 Yuan | 25.95 | Section 3: Management Discussion and Analysis [3.1 Explanation of the Company's Industry and Main Business During the Reporting Period](index=9&type=section&id=3.1%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) This chapter details Mayair Technology's R&D and application of industrial ultra-clean technology in semiconductors, biopharmaceuticals, and public health, expanding into commercial residential and industrial dust removal and VOCs treatment markets. The company's main products include FFU, filters, and air purification equipment, and it has expanded its cleanroom comprehensive solution capabilities through the acquisition of Jiexinlong. The report also analyzes the development stage, characteristics, company's industry position, and future trends of the air purification industry, particularly the high prosperity of the semiconductor industry and its migration to Southeast Asia, which presents opportunities for the company - Established in 2001, the company focuses on R&D and application of industrial ultra-clean technology in semiconductors, biopharmaceuticals, and public health, expanding into commercial residential and industrial dust removal and VOCs treatment markets[29](index=29&type=chunk) - The company's main products include **Fan Filter Units (FFU)**, filters (primary-medium efficiency, high efficiency, electrostatic, chemical, etc.), air purification equipment, industrial dust and oil mist removal equipment, VOCs treatment equipment, and cleanroom wall and ceiling systems[30](index=30&type=chunk)[31](index=31&type=chunk) - Through the acquisition of approximately **68.39%** of Jiexinlong's shares, the company possesses the technical strength and integration capabilities to independently provide comprehensive cleanroom solutions, including FFU配套, complete equipment, and cleanroom wall and ceiling systems[29](index=29&type=chunk) - Cleanrooms are a core component in semiconductor, pharmaceutical, and biomedical industries, with the company's products meeting the highest cleanliness level requirement of **ISO Class 1**[41](index=41&type=chunk)[44](index=44&type=chunk) - China is expected to become the world's largest IC wafer capacity source by **2026**, global semiconductor wafer fab equipment spending will exceed **$100 billion** for the first time in **2025**, and the semiconductor industry's migration to Southeast Asia presents significant market opportunities for the company[44](index=44&type=chunk)[47](index=47&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) [3.2 Discussion and Analysis of Operations](index=18&type=section&id=3.2%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, Mayair Technology achieved operating revenue of **934.92 million Yuan**, a **23.51% year-on-year increase**, and net profit attributable to parent company of **98.02 million Yuan**, a **5.53% year-on-year increase**. The company's operating strategy focuses on core semiconductor business, actively expanding into biopharmaceuticals, photovoltaics, new energy, indoor air quality optimization, and atmospheric pollution control. The company continues to increase R&D investment, actively expand overseas markets, prioritize replacement demand from existing customers, and accelerate industrial chain integration through the acquisition of Jiexinlong to enhance its comprehensive cleanroom solution capabilities 2025 H1 Operating Performance | Indicator | Amount (10,000 Yuan) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 93,491.57 | 23.51 | | Net Profit Attributable to Shareholders of Listed Company | 9,801.90 | 5.53 | - The company's main business focuses on **semiconductor ultra-clean factories**, being a leading domestic enterprise in clean equipment (Fan Filter Units) and consumables (filters) for the semiconductor sector, with products covering well-known semiconductor enterprises both domestically and internationally[62](index=62&type=chunk)[63](index=63&type=chunk) - Operating revenue from cleanroom air purification was **654.92 million Yuan**, and from other areas was **279.99 million Yuan**[67](index=67&type=chunk) - During the reporting period, the company obtained **6 new authorized invention patents**, **57 utility model patents**, **2 design patents**, **21 software copyrights**, and **18 other intellectual property rights**, with most originating from Jiexinlong[68](index=68&type=chunk) - The company actively expands into overseas markets such as Southeast Asia, has passed qualified supplier certifications from several internationally renowned manufacturers, and its overseas revenue is growing rapidly, reaching **172 million Yuan** in the reporting period[61](index=61&type=chunk)[76](index=76&type=chunk)[80](index=80&type=chunk) - Through the acquisition of approximately **68.39%** of Jiexinlong's shares, the company enhanced its comprehensive solution capabilities in the cleanroom sector, improved its integrated upstream and downstream industrial chain layout, and strengthened its position in cleanroom basic materials[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk) [3.3 Analysis of Core Competitiveness During the Reporting Period](index=26&type=section&id=3.3%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) Mayair Technology's core competitiveness lies in its strong R&D capabilities and product technology advantages, boasting **31 professional laboratories** and numerous domestic and international certifications, with industry-leading product performance. The company benefits from a high-quality customer base and continuous replacement revenue from the consumable nature of filters. Diversified products, comprehensive solutions, a global service team, and an international management team collectively form the company's competitive barriers - The company operates **31 professional R&D laboratories** with over **450 sets of R&D testing instruments**, and testing capabilities comply with international and domestic professional standards such as ISO, Chinese GB, EU EN, and US ASHRAE, also holding CNAS certification[68](index=68&type=chunk)[87](index=87&type=chunk) - The company possesses **17 core technologies** in cleanroom air purification, covering high-efficiency filtration, energy-saving and noise-reducing FFU, CFD simulation, high-voltage electrostatic adsorption, media filtration, VOCs treatment, and biomedical air purification[98](index=98&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) - The company's products achieve industry leadership in **total static pressure**, **power consumption**, **FFU energy-saving and noise reduction control**, core materials for media filtration (domestic production of PTFE membranes, mass use of nanofiber filter media), and industrial dust removal technology[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) - The company is a national-level **'Specialized, Refined, Unique, and New' 'Little Giant' enterprise** (certified in 2021 for its self-contained Fan Filter Unit FFU product) and a **National Manufacturing Single Champion Enterprise** (certified in 2024 for its ultra-clean energy-saving Fan Filter Unit product)[110](index=110&type=chunk) - Filter products have a **'consumable nature'**, with primary and medium-efficiency filters having a replacement cycle of **1-6 months**, and high-efficiency filters **1-8 years**, providing continuous order assurance for the company[90](index=90&type=chunk)[81](index=81&type=chunk) - The company's senior management team possesses an international perspective, with **5 foreign directors, senior executives, and core technical personnel** from Malaysia and Japan, bringing extensive overseas work experience[77](index=77&type=chunk)[78](index=78&type=chunk) [3.4 Risk Factors](index=35&type=section&id=3.4%20Risk%20Factors) The company faces multiple risks, including core competitiveness risks from technological upgrades and potential R&D failures; management risks due to expanding operations and operational risks from overseas expansion falling short of expectations; financial risks from gross margin fluctuations, performance decline, raw material price volatility, and accounts receivable collection; industry risks from semiconductor industry fluctuations and intensified competition in the cleanroom equipment sector; and other significant risks from international political and economic uncertainties and loss of core technical personnel - Technological upgrades and iterations, along with potential failures in cutting-edge technology R&D, could lead to a decline in the company's technological and product competitiveness, impacting future performance growth[118](index=118&type=chunk)[119](index=119&type=chunk) - Rapid expansion of operations demands higher management capabilities, and insufficient management could hinder business development; overseas expansion may face risks due to a downturn in the semiconductor industry or lower-than-expected sales capabilities[121](index=121&type=chunk)[122](index=122&type=chunk) - Net profit attributable to parent company after deducting non-recurring gains and losses decreased by **12.69% year-on-year** during the reporting period, and the company faces financial risks from gross margin fluctuations, performance decline, raw material price volatility, and accounts receivable collection (accounting for **38.45% of current assets**)[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) - The downstream semiconductor industry is subject to cyclical fluctuations influenced by international policies, global economic cycles, and terminal demand, which may adversely affect the company's operating performance; competition in the cleanroom equipment industry is intensifying[127](index=127&type=chunk)[128](index=128&type=chunk) - Changes in the international political and economic environment, adjustments in trade policies, and geopolitical semiconductor friction may negatively impact the company's customers and business; loss of core technical personnel and technology leakage are also potential risks[129](index=129&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) [3.5 Main Operating Conditions During the Reporting Period](index=38&type=section&id=3.5%20Main%20Operating%20Conditions%20During%20the%20Reporting%20Period) In the first half of 2025, the company's operating revenue was **934.92 million Yuan**, a **23.51% year-on-year increase**; net profit attributable to parent company was **98.02 million Yuan**, a **5.53% year-on-year increase**. Total assets and net assets both increased. Net cash flow from operating activities significantly increased year-on-year, primarily due to strengthened accounts receivable management. The asset and liability structure underwent several changes, such as a decrease in monetary funds, an increase in transactional financial assets and construction in progress, and significant growth in contract liabilities and long-term borrowings. The company's external equity investments substantially increased this period, mainly due to the acquisition of Jiexinlong equity 2025 H1 Main Operating Results | Indicator | Amount (10,000 Yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 93,491.57 | 23.51 | | Net Profit Attributable to Shareholders of Listed Company | 9,801.90 | 5.53 | | Total Assets | 422,697.24 | 14.28 | | Net Assets Attributable to Shareholders of Listed Company | 188,127.80 | 4.96 | - Net cash flow from operating activities increased year-on-year, primarily due to the company's strengthened management of accounts receivable, leading to an increase in cash received from sales of goods and provision of services in the current period[135](index=135&type=chunk) 2025 H1 Main Asset and Liability Changes | Item Name | Period-End Balance (Yuan) | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | | Monetary Funds | 703,213,198.97 | -30.56 | Primarily due to wealth management products purchased this period not yet matured | | Receivables Financing | 52,360,610.62 | -36.45 | Primarily due to a decrease in bank acceptance bills received this period | | Transactional Financial Assets | 272,884,166.67 | N/A | Primarily due to wealth management products purchased this period not yet matured | | Contract Assets | 32,934,690.16 | 54.63 | Primarily due to quality assurance deposits from newly consolidated subsidiary Jiexinlong | | Long-Term Equity Investment | 712,783.95 | -67.37 | Primarily due to the former joint venture Taima (Shanghai) Technology Co., Ltd. becoming a controlling subsidiary after capital increase and being included in the consolidation scope | | Fixed Assets | 457,661,764.93 | 30.72 | Primarily due to fixed assets from newly consolidated subsidiary Jiexinlong | | Construction in Progress | 217,910,124.78 | 111.53 | Primarily due to the construction of the third phase factory | | Other Non-Current Assets | 20,087,088.70 | -57.47 | Primarily due to the arrival of equipment for which prepayments were made | | Notes Payable | 129,654,256.01 | -30.96 | Primarily due to maturity and payment of notes | | Contract Liabilities | 306,435,015.04 | 73.63 | Primarily due to an increase in company prepayments and prepayments from newly consolidated subsidiary Jiexinlong | | Taxes Payable | 10,807,526.24 | -61.54 | Primarily due to an increase in input VAT from equipment purchases leading to a decrease in VAT payable | | Other Current Liabilities | 9,567,047.07 | 66.49 | Primarily due to an increase in unearned output VAT | - Overseas assets amounted to **750 million Yuan**, accounting for **17.74% of total assets**[140](index=140&type=chunk) - External equity investment for the current period was **223.16 million Yuan**, a **1387.75% year-on-year increase**, primarily due to the acquisition of **68.39%** equity in Jiexinlong High-Tech Clean System Co., Ltd[143](index=143&type=chunk)[144](index=144&type=chunk) - During the reporting period, Jieneng System Building Materials (Shanghai) Co., Ltd. (acquired subsidiary) contributed **85.57 million Yuan** to the company's operating revenue and **18.50 million Yuan** to net profit[148](index=148&type=chunk)[150](index=150&type=chunk) Section 4: Corporate Governance, Environment, and Society [4.1 Overview of Corporate Governance](index=44&type=section&id=4.1%20Overview%20of%20Corporate%20Governance) This chapter briefly states that there were no changes in the company's directors, supervisors, senior management, and core technical personnel during the reporting period, no profit distribution or capital reserve to share capital plans, and no subsequent progress on equity incentives, employee stock ownership plans, or other employee incentive measures. The company was not included in the list of enterprises required to disclose environmental information by law, nor was it involved in poverty alleviation or rural revitalization efforts - There were no changes in the company's directors, supervisors, senior management, and core technical personnel during the reporting period[152](index=152&type=chunk) - No profit distribution plan or capital reserve to share capital plan is applicable for this semi-annual report[152](index=152&type=chunk) - No subsequent progress on equity incentives, employee stock ownership plans, or other employee incentive measures during the reporting period[153](index=153&type=chunk) Section 5: Significant Matters [5.1 Fulfillment of Commitments](index=45&type=section&id=5.1%20Fulfillment%20of%20Commitments) This chapter discloses the company and its controlling shareholders, actual controllers, directors, supervisors, senior management, and core technical personnel's commitments regarding share lock-up, reduction intentions, share price stabilization, fraudulent issuance share repurchase, measures to compensate for diluted immediate returns, profit distribution policies, and unfulfilled commitment constraints, all of which were strictly fulfilled during the reporting period - Shareholders holding **5% or more** directly, Mayair International, T&U, and Tecable, committed not to transfer or entrust others to manage their shares within **36 months** from the company's listing date, and to comply with share reduction regulations[155](index=155&type=chunk) - The company committed to initiating share repurchase plans, actual controller's share increase, and directors'/senior management's share increase when share price stabilization conditions are triggered[157](index=157&type=chunk)[158](index=158&type=chunk)[159](index=159&type=chunk)[160](index=160&type=chunk) - The company committed to initiating a share repurchase program to repurchase all newly issued shares in this public offering if there is any fraudulent issuance and listing[161](index=161&type=chunk) - The company committed to strictly implementing its profit distribution policy and bearing corresponding responsibilities for any unfulfilled commitments[162](index=162&type=chunk) [5.2 Significant Related Party Transactions](index=56&type=section&id=5.2%20Significant%20Related%20Party%20Transactions) During the reporting period, the company's daily related party transaction limits were approved by the board of directors and shareholders' meeting and subsequently adjusted. Related party transactions primarily involved purchasing goods/receiving services and selling goods/providing services, with transaction amounts not exceeding the approved limits. The company had related party leases as a lessee but no related party guarantees or fund borrowings - The company's daily related party transaction limits for **2025** were approved by the board of directors and supervisory board on **April 25, 2025**, and by the shareholders' meeting on **May 23, 2025**[167](index=167&type=chunk) 2025 H1 Main Related Party Purchases/Services Received | Related Party | Related Transaction Content | Amount Incurred This Period (Yuan) | Approved Transaction Limit (Yuan) | Exceeded Transaction Limit | | :--- | :--- | :--- | :--- | :--- | | Changshu Jianyang Purification Filter Material Factory | Purchase of Goods | 2,229,306.87 | 4,000,000.00 | No | | Santong (Changzhou) Electronic Technology Co., Ltd. | Purchase of Goods | 63,362.85 | 2,000,000.00 | No | | Nanjing Guanfu Construction Engineering Technology Co., Ltd. | Purchase of Equipment | 504,587.16 | 35,000,000.00 | No | 2025 H1 Main Related Party Sales/Services Provided | Related Party | Related Transaction Content | Amount Incurred This Period (Yuan) | | :--- | :--- | :--- | | Tianjin TICA Environmental Equipment Co., Ltd. | Sale of Goods | 6,260,842.36 | | Nanjing TICA Environmental Technology Co., Ltd. | Sale of Goods | 7,192,814.41 | | Guangzhou TICA Environmental Control Equipment Co., Ltd. | Sale of Goods | 5,061,389.06 | | Hefei TICA Environmental Equipment Co., Ltd. | Sale of Goods | 5,216,298.46 | | Chengdu TICA Environmental Equipment Co., Ltd. | Sale of Goods | 2,940,691.80 | [5.3 Explanation of Progress in Use of Raised Funds](index=58&type=section&id=5.3%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) As of the end of the reporting period, the company's total funds raised from its initial public offering amounted to **980.78 million Yuan**, with a net amount of **891.81 million Yuan**. The overall cumulative investment progress of the raised funds was **55.36%**, and the cumulative investment progress of over-raised funds was **79.97%**. The expected usable date for some raised fund projects ('Production Capacity Expansion Project' and 'R&D Platform Project') has been extended to **July 1, 2026**. The company managed idle raised funds through cash management, with a period-end balance of **270 million Yuan** Overall Use of Raised Funds | Indicator | Amount (Yuan) | Cumulative Investment Progress (%) | Amount Invested This Year (Yuan) | | :--- | :--- | :--- | :--- | | Total Raised Funds | 980,784,000.00 | | | | Net Raised Funds | 891,810,577.60 | | | | Cumulative Raised Funds Invested as of Period-End | 493,741,885.22 | 55.36 | 123,664,715.35 | | Cumulative Over-Raised Funds Invested as of Period-End | 142,553,322.69 | 79.97 | | - The expected usable date for the raised fund projects **'Production Capacity Expansion Project'** and **'R&D Platform Project'** has been extended to **July 1, 2026**[173](index=173&type=chunk) Cash Management of Idle Raised Funds | Board Approval Date | Approved Limit (10,000 Yuan) | Period-End Cash Management Balance (10,000 Yuan) | | :--- | :--- | :--- | | 2024年11月20日 | 58,600.00 | 27,000.00 | Section 6: Share Changes and Shareholder Information [6.1 Changes in Share Capital](index=62&type=section&id=6.1%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure - During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure[181](index=181&type=chunk) [6.2 Shareholder Information](index=62&type=section&id=6.2%20Shareholder%20Information) As of the end of the reporting period, the total number of ordinary shareholders was **4,275**. Among the top ten shareholders, Mayair International Sdn. Bhd., Tecable Engineering Sdn. Bhd., and T&U Investment Co., Limited were the top three shareholders, holding a combined **62.57%** of shares, all of which were restricted shares Total Number of Ordinary Shareholders as of Period-End | Indicator | Number (Households) | | :--- | :--- | | Total Ordinary Shareholders | 4,275 | Top Three Shareholders' Shareholding as of Period-End | Shareholder Name | Period-End Shareholding (Shares) | Proportion (%) | Number of Restricted Shares Held (Shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Mayair International Sdn. Bhd. | 65,487,559 | 48.73 | 65,487,559 | Overseas Legal Person | | Tecable Engineering Sdn. Bhd. | 11,553,083 | 8.60 | 11,553,083 | Overseas Legal Person | | T&U Investment Co., Limited | 6,373,769 | 4.74 | 6,373,769 | Overseas Legal Person | - The restricted conditions for shares held by the top three shareholders are for initial public offering original shares, with a listing eligibility date of **November 18, 2025**[189](index=189&type=chunk) [6.3 Information on Directors, Supervisors, Senior Management, and Core Technical Personnel](index=66&type=section&id=6.3%20Information%20on%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, the shareholdings (indirectly held through shareholding platforms) of the company's senior management Chen Ling, Ding Ming Dak, and Gan Boon Dia changed, primarily due to personal needs Changes in Senior Management Shareholding During the Reporting Period | Name | Position | Beginning of Period Shareholding (Shares) | End of Period Shareholding (Shares) | Change in Shareholding During Reporting Period (Shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Ling | Deputy General Manager, Core Technical Personnel | 0 | 1,777 | 1,777 | Personal Needs | | Ding Ming Dak (Chen Minda) | Deputy General Manager | 1,459,204 | 1,419,204 | -40,000 | Personal Needs | | Gan Boon Dia (Yan Wenli) | Deputy General Manager | 1,072,664 | 1,042,664 | -30,000 | Personal Needs | Section 7: Bond-Related Information [7.1 Bond-Related Information](index=67&type=section&id=7.1%20Bond-Related%20Information) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor any convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[195](index=195&type=chunk) - The company has no convertible corporate bonds[195](index=195&type=chunk) Section 8: Financial Report [8.1 Financial Statements](index=68&type=section&id=8.1%20Financial%20Statements) This chapter provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, serving as the foundational data for financial analysis - Financial statements are unaudited[5](index=5&type=chunk) - The consolidated balance sheet shows total assets of **4,226,972,403.67 Yuan** and total liabilities of **2,215,919,225.70 Yuan** as of **June 30, 2025**[199](index=199&type=chunk) - The consolidated income statement shows total operating revenue of **934,915,677.55 Yuan**, total profit of **119,667,486.30 Yuan**, and net profit attributable to parent company shareholders of **98,019,048.42 Yuan** for January-June 2025[205](index=205&type=chunk)[207](index=207&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **70,265,659.62 Yuan**, net cash flow from investing activities of **-475,854,188.10 Yuan**, and net cash flow from financing activities of **108,022,130.83 Yuan** for January-June 2025[213](index=213&type=chunk) [8.2 Company Basic Information](index=88&type=section&id=8.2%20Company%20Basic%20Information) This chapter introduces Mayair Technology, established in **2001** and listed on the STAR Market of the Shanghai Stock Exchange on **November 18, 2022**. The company's main business is in the air purification industry, focusing on semiconductor ultra-clean factories, supplying Fan Filter Units, high/ultra-high efficiency filters, chemical filters, and system integration to major semiconductor manufacturers - The company was established on **June 21, 2001**, listed on the STAR Market of the Shanghai Stock Exchange on **November 18, 2022**, with a registered capital of **134,400,000.00 Yuan**[228](index=228&type=chunk)[229](index=229&type=chunk)[230](index=230&type=chunk) - The company's main business focuses on **semiconductor ultra-clean factories**, providing manufacturing and sales of environmental protection special equipment, electronic special equipment, and industrial design services[230](index=230&type=chunk) - The company's ultimate parent company is T&U Investment Co., Limited, incorporated in the British Virgin Islands[231](index=231&type=chunk) [8.3 Significant Accounting Policies and Estimates](index=89&type=section&id=8.3%20Significant%20Accounting%20Policies%20and%20Estimates) This chapter elaborates on the enterprise accounting standards, accounting period, operating cycle, functional currency, and various significant accounting policies and estimates followed by the company in preparing its financial statements, including financial instruments, inventories, contract assets, long-term equity investments, fixed assets, intangible assets, employee benefits, revenue recognition, government grants, deferred income tax, and explains the uncertainties in significant accounting judgments and estimates - The company adheres to enterprise accounting standards, with the accounting year running from **January 1 to December 31**, an operating cycle of **12 months**, and the functional currency being **RMB**[235](index=235&type=chunk)[236](index=236&type=chunk)[237](index=237&type=chunk)[238](index=238&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss, and are subject to impairment based on the expected credit loss model[250](index=250&type=chunk)[252](index=252&type=chunk)[254](index=254&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services; sales of goods are typically recognized upon delivery to the customer's designated location and acceptance, while services are recognized based on the progress of performance[290](index=290&type=chunk)[292](index=292&type=chunk)[293](index=293&type=chunk) - Significant accounting judgments and estimates include business models, contractual cash flow characteristics, impairment of financial instruments and contract assets, inventory write-downs, impairment of non-current assets, deferred income tax assets, and quality assurance[309](index=309&type=chunk)[310](index=310&type=chunk)[311](index=311&type=chunk)[312](index=312&type=chunk) [8.4 Taxes](index=107&type=section&id=8.4%20Taxes) This chapter discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, enterprise income tax, education surcharge, and local education surcharge. The company and some subsidiaries enjoy high-tech enterprise income tax preferential policies (**15%**), some subsidiaries enjoy small-profit enterprise income tax preferential policies (**20%**), and also benefit from VAT immediate refund for software products and VAT additional deduction for advanced manufacturing enterprises Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Difference between output VAT calculated on sales and applicable tax rates, after deducting deductible input VAT | 9%、13%、14.975%、20%、27% (Taxable Goods Revenue); 6% (Taxable Services Revenue) | | Enterprise Income Tax | Taxable Income | 9%、15%、16.5%、17%、20%、24%、25%、26.5%、28.6% | - The company and its subsidiary Jieneng System Building Materials (Shanghai) Co., Ltd. enjoy high-tech enterprise income tax preferential policies, paying enterprise income tax at a rate of **15%**[315](index=315&type=chunk) - Some subsidiaries are eligible for small-profit enterprise income tax preferential policies, paying enterprise income tax at a rate of **20%**[316](index=316&type=chunk) - The company enjoys VAT immediate refund policy for software products (for the portion exceeding **3%** of actual tax burden) and VAT additional deduction policy for advanced manufacturing enterprises (an additional **5%** deduction on deductible input VAT)[316](index=316&type=chunk)[317](index=317&type=chunk) [8.5 Notes to Consolidated Financial Statement Items](index=109&type=section&id=8.5%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed notes and explanations for various assets, liabilities, owners' equity, income, expenses, and other items in the consolidated financial statements, including monetary funds, accounts receivable, inventories, fixed assets, construction in progress, intangible assets, short-term borrowings, long-term borrowings, operating revenue and costs, R&D expenses, financial expenses, and explains the reasons for various changes Period-End Balance of Monetary Funds | Item | Period-End Balance (Yuan) | | :--- | :--- | | Cash on Hand | 1,032,609.83 | | Bank Deposits | 622,267,758.73 | | Other Monetary Funds | 79,912,830.41 | | **Total** | **703,213,198.97** | | Of which: Total funds deposited overseas | 151,342,263.90 | Period-End Aging Distribution of Accounts Receivable | Aging | Period-End Book Balance (Yuan) | | :--- | :--- | | Within 1 year | 1,182,192,710.04 | | 1 to 2 years | 85,837,962.70 | | 2 to 3 years | 20,083,780.96 | | 3 to 4 years | 21,001,369.14 | | 4 to 5 years | 10,927,304.05 | | Over 5 years | 4,728,375.05 | | **Total** | **1,324,771,501.94** | Period-End Balance of Inventory by Category | Item | Book Balance (Yuan) | Inventory Impairment Provision/Contract Performance Cost Impairment Provision (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 224,589,965.95 | - | 224,589,965.95 | | Self-Made Semi-Finished Goods | 25,048,997.80 | - | 25,048,997.80 | | Work in Progress | 649,803.90 | - | 649,803.90 | | Goods Issued | 296,119,065.17 | - | 296,119,065.17 | | Finished Goods | 181,375,348.58 | 7,004,451.17 | 174,370,897.41 | | **Total** | **727,783,181.40** | **7,004,451.17** | **720,778,730.23** | Operating Revenue and Operating Cost Information | Item | Amount Incurred This Period (Revenue) (Yuan) | Amount Incurred This Period (Cost) (Yuan) | | :--- | :--- | :--- | | Main Business | 934,915,677.55 | 676,532,473.69 | | **Total** | **934,915,677.55** | **676,532,473.69** | R&D Expense Composition | Item | Amount Incurred This Period (Yuan) | | :--- | :--- | | Employee Compensation | 25,966,459.10 | | Depreciation and Amortization | 3,088,784.62 | | Material Consumption | 6,352,976.48 | | Other | 2,090,552.37 | | **Total** | **37,498,772.57** | [8.6 R&D Expenses](index=156&type=section&id=8.6%20R%26D%20Expenses) During the reporting period, the company's total R&D investment was **37.50 million Yuan**, all expensed, representing a **4.17% year-on-year increase**. R&D expenses primarily consisted of employee compensation, material consumption, and depreciation and amortization R&D Expense Composition | Item | Amount Incurred This Period (Yuan) | Amount Incurred Last Period (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 25,966,459.10 | 19,789,903.32 | | Depreciation and Amortization | 3,088,784.62 | 2,588,036.68 | | Material Consumption | 6,352,976.48 | 11,351,365.96 | | Other | 2,090,552.37 | 2,269,927.19 | | **Total** | **37,498,772.57** | **35,999,233.15** | - Total R&D investment for the current period was **37.50 million Yuan**, all expensed, representing a **4.17% year-on-year increase**[112](index=112&type=chunk)[477](index=477&type=chunk) [8.7 Changes in Consolidation Scope](index=157&type=section&id=8.7%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope changed primarily due to the acquisition of **68.39%** equity in Jiexinlong High-Tech Clean System Co., Ltd. and **30.00%** equity in Taima (Shanghai) Technology Co., Ltd. (formerly a joint venture, now a controlling subsidiary after capital increase) through non-same-control business combinations. Additionally, MayAir Hungary Ltd. was newly established as a subsidiary Non-Same-Control Business Combinations This Period | Acquired Entity Name | Equity Acquisition Date | Equity Acquisition Cost (Yuan) | Equity Acquisition Ratio (%) | Net Profit of Acquired Entity from Acquisition Date to Period-End (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Jiexinlong High-Tech Clean System Co., Ltd. | 2025年1月7日 | 221,303,232.18 | 68.39 | 28,767,441.92 | | Taima (Shanghai) Technology Co., Ltd. | 2025年3月14日 | 360,000.00 | 30.00 | -1,547,372.45 | - The acquisition of Jiexinlong High-Tech Clean System Co., Ltd. resulted in a negative goodwill of **-17,995,304.56 Yuan** (merger cost less than the fair value share of identifiable net assets acquired)[479](index=479&type=chunk) - On **January 17, 2025**, MayAir Hungary Ltd., a wholly-owned subsidiary of MayAir UK Holdings Limited, was newly established, expanding the consolidation scope[485](index=485&type=chunk) [8.8 Risks Related to Financial Instruments](index=167&type=section&id=8.8%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, liquidity risk, and market risk (interest rate risk, exchange rate risk). Risks are managed through credit review, continuous monitoring of accounts receivable, and diversification of investments and business portfolios. The report provides interest rate and exchange rate sensitivity analyses and discloses the maturity analysis of financial liabilities - The company faces **credit risk**, **liquidity risk**, and **market risk** (interest rate risk, exchange rate risk)[499](index=499&type=chunk) - Credit risk management includes conducting credit reviews of customers and continuously monitoring accounts receivable; the standard for a significant increase in credit risk is overdue days exceeding **30 days**, and the standard for credit impairment occurring is overdue days exceeding **90 days**[501](index=501&type=chunk)[502](index=502&type=chunk) Maturity Analysis of Financial Liabilities as of June 30, 2025 (Undiscounted Contractual Cash Flows) | Item | Within One Year (Yuan) | One to Five Years (Yuan) | Over Five Years (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Short-Term Borrowings | 384,760,208.03 | - | - | 384,760,208.03 | | Accounts Payable | 450,312,054.71 | - | - | 450,312,054.71 | | Other Payables | 98,297,623.66 | - | - | 98,297,623.66 | | Notes Payable | 129,654,256.01 | - | - | 129,654,256.01 | | Lease Liabilities | 21,762,342.44 | 13,410,470.41 | - | 35,172,812.85 | | Long-Term Borrowings | 244,635,920.97 | 450,564,325.39 | 50,394,665.82 | 745,594,912.18 | | **Total** | **1,329,422,405.82** | **463,974,795.80** | **50,394,665.82** | **1,843,791,867.44** | - Interest rate risk sensitivity analysis shows that a **10 basis point increase/decrease** in RMB interest rates would decrease/increase net profit by **620,562.43 Yuan**[508](index=508&type=chunk) - Exchange rate risk sensitivity analysis shows that a **5% depreciation/appreciation** of RMB against the US dollar would increase/decrease net profit by **3,436,982.63 Yuan**[510](index=510&type=chunk) Asset-Liability Ratio | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Liabilities | 2,215,919,225.70 | 1,894,651,158.42 | | Total Assets | 4,226,972,403.67 | 3,698,695,987.97 | | Asset-Liability Ratio | 52.42% | 51.22% | [8.9 Disclosure of Fair Value](index=173&type=section&id=8.9%20Disclosure%20of%20Fair%20Value) This chapter discloses the period-end fair values of assets and liabilities measured at fair value, primarily including transactional financial assets and receivables financing. Transactional financial assets are measured using Level 2 fair value, while receivables financing uses Level 3 fair value, with valuation techniques and significant parameters explained Period-End Fair Value Measurement Items | Item | Level 2 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | | Transactional Financial Assets | 272,884,166.67 | - | 272,884,166.67 | | Receivables Financing | - | 52,360,610.62 | 52,360,610.62 | | **Total Assets Continuously Measured at Fair Value** | **272,884,166.67** | **52,360,610.62** | **325,244,777.29** | - Transactional financial assets are valued using techniques similar to present value methods, with models incorporating multiple market-observable inputs[526](index=526&type=chunk) - Receivables financing is valued using the discounted cash flow method, with the immediate discount rate as a significant unobservable input[529](index=529&type=chunk) [8.10 Related Parties and Related Party Transactions](index=175&type=section&id=8.10%20Related%20Parties%20and%20Related%20Party%20Transactions) This chapter details the company's parent company, ultimate controlling party, subsidiaries, joint ventures, associates, and other related parties. It discloses related party transactions for purchasing and selling goods, providing and receiving services, and related party leases during the reporting period, and explains the period-end balances of receivables from and payables to related parties - The company's parent company is MayAir International Sdn. Bhd., and the ultimate controlling party is T&U Investment Co., Limited[533](index=533&type=chunk) 2025 H1 Main Related Party Purchases/Services Received | Related Party | Related Transaction Content | Amount Incurred This Period (Yuan) | | :--- | :--- | :--- | | Changshu Jianyang Purification Filter Material Factory | Purchase of Goods | 2,229,306.87 | | Santong (Changzhou) Electronic Technology Co., Ltd. | Purchase of Goods | 63,362.85 | | Nanjing Guanfu Construction Engineering Technology Co., Ltd. | Purchase of Equipment | 504,587.16 | 2025 H1 Main Related Party Sales/Services Provided | Related Party | Related Transaction Content | Amount Incurred This Period (Yuan) | | :--- | :--- | :--- | | Tianjin TICA Environmental Equipment Co., Ltd. | Sale of Goods | 6,260,842.36 | | Nanjing TICA Environmental Technology Co., Ltd. | Sale of Goods | 7,192,814.41 | | Guangzhou TICA Environmental Control Equipment Co., Ltd. | Sale of Goods | 5,061,389.06 | Main Receivables from Related Parties as of June 30, 2025 | Item Name | Related Party | Period-End Book Balance (Yuan) | | :--- | :--- | :--- | | Accounts Receivable | Nanjing TICA Environmental Technology Co., Ltd. | 6,025,683.03 | | Accounts Receivable | MayAir (Thailand) Co., Ltd. | 5,207,340.86 | | Other Receivables | Nanjing TICA Environmental Technology Co., Ltd. | 100,000.00 | Main Payables to Related Parties as of June 30, 2025 | Item Name | Related Party | Period-End Book Balance (Yuan) | | :--- | :--- | :--- | | Dividends Payable | MayAir International Sdn. Bhd. | 13,097,511.80 | | Dividends Payable | Tecable Engineering Sdn. Bhd. | 2,310,616.60 | | Other Payables | MayAir Group Limited | 9,567,232.867 | | Other Payables | MayAir International Sdn. Bhd. | 19,977,139.94 | [8.11 Share-Based Payment](index=180&type=section&id=8.11%20Share-Based%20Payment) This chapter discloses the company's restricted stock incentive plan approved in **2024**, granting restricted shares to directors, senior management, core technical personnel, and other incentive recipients, with an adjusted exercise price of **15.40 Yuan/share**. The total equity-settled share-based payment expense for this period was **10.06 million Yuan** - The company approved a restricted stock incentive plan on **September 20 and October 17, 2024**, granting restricted shares to **145 directors, senior management, core technical personnel, and other incentive recipients**[547](index=547&type=chunk) - The incentive plan stipulates that recipients are entitled to purchase shares at an exercise price of **15.40 Yuan/share** if performance conditions are met and they remain employed within **1-3 years** from the grant date[547](index=547&type=chunk) Share-Based Payment Expense This Period | Category of Grantee | Equity-Settled Share-Based Payment Expense (Yuan) | | :--- | :--- | | Production Personnel | 899,945.83 | | Sales Personnel | 2,993,216.18 | | Management Personnel | 2,828,454.31 | | R&D Personnel | 3,339,860.40 | | **Total** | **10,061,476.72** | [8.12 Supplementary Information](index=195&type=section&id=8.12%20Supplementary%20Information) This chapter provides supplementary information including a detailed statement of non-recurring gains and losses, and return on net assets and earnings per share. Total non-recurring gains and losses amounted to **23.14 million Yuan**, primarily comprising negative goodwill arising from business combinations. The weighted average return on net assets was **5.32%**, and basic earnings per share was **0.73 Yuan/share** 2025 H1 Total Non-Recurring Gains and Losses | Item | Amount (Yuan) | | :--- | :--- | | Total Non-Recurring Gains and Losses | 23,144,134.04 | 2025 H1 Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (Yuan/share) | Diluted Earnings Per Share (Yuan/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 5.32 | 0.73 | 0.73 | | Net Profit Attributable to Ordinary Shareholders of the Company After Deducting Non-Recurring Gains and Losses | 4.07 | 0.56 | 0.56 |

中国三峡新能源（集团）股份有限公司2025 年半年度报告 公司代码：600905 公司简称：三峡能源 中国三峡新能源（集团）股份有限公司 2025 年半年度报告 1 / 247 中国三峡新能源（集团）股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 未出席董事情况 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | 董事 | 刘姿 | 工作原因 | 朱承军 | | 董事 | 蔡庸忠 | 工作原因 | 王永海 | | 董事 | 赵增海 | 工作原因 | 杜至刚 | 三、 本半年度报告未经审计。 四、 公司负责人朱承军、主管会计工作负责人杨庆华及会计机构负责人（会计主管人员）王书 超声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来发 ...

Section I Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions of common terms used in the report, including company names, subsidiaries, related parties, major customers (such as ZTO, SF Express, JD.com), and key technical terms (such as WCS, WMS) - "Company/Wayzim" refers to Wayzim Technology Co., Ltd[10](index=10&type=chunk) - Major subsidiaries include Anhui Wayzim, Guangdong Wayzim, Wayzim R&D, and several overseas subsidiaries such as Wayzim Singapore, Wayzim Malaysia, and Wayzim Russia, indicating the company's international presence[10](index=10&type=chunk) - Major customers include express logistics giants such as ZTO, SF Express, China Post, JD.com, and STO Express[10](index=10&type=chunk) - Key technical terms like WCS (Warehouse Control System) and WMS (Warehouse Management System) are defined, indicating the company's business involves intelligent logistics software and hardware integration[10](index=10&type=chunk)[11](index=11&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Basic Information](index=6&type=section&id=I.%20Company%20Basic%20Information) This section introduces the basic information of Wayzim Technology Co., Ltd., including its Chinese name, abbreviation, foreign name, legal representative, registered and office address, website, and email address - The company's Chinese name is Wayzim Technology Co., Ltd., abbreviated as Wayzim, with Li Gongyan as the legal representative[13](index=13&type=chunk) - The company's registered and office address is at No. 979 Antai Third Road, Xishan District, Wuxi City, and its website is www.wayzim.com[13](index=13&type=chunk) [II. Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, facilitating investor inquiries and communication - The Board Secretary is Du Ping, and the Securities Affairs Representative is Zhang Die, both located at No. 979 Antai Third Road, Xishan District, Wuxi City, with telephone and fax numbers both 0510-82201088[14](index=14&type=chunk) [III. Information Disclosure and Location for Document Access Changes](index=6&type=section&id=III.%20Information%20Disclosure%20and%20Location%20for%20Document%20Access%20Changes) This section details the company's information disclosure channels and the location for accessing its semi-annual report - The company's designated information disclosure newspaper is "Shanghai Securities News" (www.cnstock.com), and the website for publishing the semi-annual report is www.sse.com.cn[15](index=15&type=chunk) - The company's semi-annual report is available at the company's Board of Directors Office[15](index=15&type=chunk) [IV. Company Stock/Depositary Receipt Summary](index=6&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipt%20Summary) This section provides information on the company's stock listing exchange and code - The company's stock type is RMB ordinary shares (A-shares), listed on the STAR Market of the Shanghai Stock Exchange, with the stock abbreviation Wayzim and stock code 688211[16](index=16&type=chunk) [VI. Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing a decline in both operating revenue and net profit, and a significant decrease in net cash flow from operating activities Key Accounting Data (January-June 2025 vs. Prior Year Period) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | ¥1,002,045,231.13 | ¥1,343,281,586.35 | -25.40 | | Total Profit | -¥52,631,181.11 | -¥3,065,412.93 | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company | -¥62,480,844.36 | ¥4,527,486.62 | Not Applicable | | Net Cash Flow from Operating Activities | ¥56,816,594.98 | ¥153,356,316.33 | -62.95 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | ¥3,492,883,361.04 | ¥3,544,312,382.74 | -1.45 | | Total Assets (Period-end) | ¥6,449,111,122.95 | ¥6,191,104,639.26 | 4.17 | Key Financial Indicators (January-June 2025 vs. Prior Year Period) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | -0.49 | 0.04 | Not Applicable | | Diluted Earnings Per Share (Yuan/share) | -0.49 | 0.04 | Not Applicable | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (Yuan/share) | -0.67 | -0.25 | Not Applicable | | Weighted Average Return on Net Assets (%) | -1.78 | 0.12 | Not Applicable | | R&D Investment as % of Operating Revenue (%) | 6.36 | 6.02 | Increased by 0.34 percentage points | - Operating revenue decreased by **25.40%** year-on-year, primarily due to fewer project acceptances in the first half of the year, although outstanding orders increased by **31.81%** year-on-year[19](index=19&type=chunk) - Net profit attributable to shareholders of the listed company decreased by **¥67.01 million** year-on-year, mainly due to a **2.36%** decrease in gross profit margin (intensified market competition and pricing strategy adjustments), a **5.17%** increase in period expense ratio (salary and compensation growth of **¥21.51 million**), and a **¥25.54 million** increase in credit impairment losses (due to increased aging of accounts receivable)[20](index=20&type=chunk) - Net cash flow from operating activities decreased by **¥96.54 million** year-on-year, primarily due to increased cash paid for goods purchased and services received as a result of increased outstanding orders, and higher taxes paid[21](index=21&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling ¥22.51 million Non-Recurring Gains and Losses Items and Amounts (First Half of 2025) | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -4,910.20 | | Government grants recognized in current profit or loss | 14,746,466.77 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 17,689,021.02 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 6,595.02 | | Other non-operating income and expenses apart from the above | -4,820,143.84 | | Less: Income tax impact | 5,106,230.32 | | Total | 22,510,798.45 | Section III Management Discussion and Analysis [I. Description of the Company's Industry and Main Business Operations During the Reporting Period](index=10&type=section&id=I.%20Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section details Wayzim Technology's main business, products, services, operating model, industry development, and company position during the reporting period, focusing on intelligent logistics equipment solutions [(I) Main Business, Products, or Services](index=10&type=section&id=%28I%29%20Main%20Business%2C%20Products%2C%20or%20Services) Wayzim Technology primarily provides integrated intelligent logistics equipment solutions for express delivery, e-commerce, new energy, airports, biopharmaceuticals, and manufacturing, including sorting, warehousing, and handling systems, along with core components - The company provides integrated intelligent logistics equipment solutions for conveying, sorting, warehousing, and handling, and offers core intelligent manufacturing components such as electric rollers, industrial-grade vision recognition, and volume measurement[26](index=26&type=chunk) - Intelligent sorting solutions include cross-belt sorters (sorting accuracy ≥**99.99%**), narrow-belt sorters, linear sorters, wheel sorters, and single-piece separation systems (maximum separation efficiency **10,000 pcs/h**), achieving fully automated parcel sorting[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - Intelligent warehousing solutions achieve intelligent warehousing operations management through AMR, stacker cranes, shuttle cars, and other equipment, supported by software such as WMS, WCS, and 3DMS digital twin systems[35](index=35&type=chunk)[36](index=36&type=chunk) - Core component products include electric rollers (annual production capacity of **30,000-50,000 units**) and machine vision products (8K line scan industrial cameras, 3D laser profilers, RGB-D intelligent stereo cameras), widely used in recognition, positioning, and measurement applications[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) - The automated baggage handling system provides airports with full-process solutions for baggage check-in, security screening, conveying, sorting, and retrieval, with the ICS system achieving a conveying speed of up to **10 m/s** and a baggage-to-passenger binding rate of **100%**[41](index=41&type=chunk) [(II) Main Operating Model](index=13&type=section&id=%28II%29%20Main%20Operating%20Model) The company's operating model remains unchanged, featuring independent R&D, procurement, production, and sales systems, primarily direct sales, build-to-order production, and centralized R&D by its subsidiary - The sales model is primarily direct sales, supplemented by distribution, with direct sales targeting domestic logistics groups, cross-border e-commerce, and other industry warehousing integration projects, and distribution covering regional network franchisees[42](index=42&type=chunk)[43](index=43&type=chunk) - The production model is "build-to-order" customized production, including software and hardware collaborative design, component production (core raw materials and customized parts like sorting trolleys, electric rollers, and cameras are independently developed and designed by the company), and on-site installation and debugging[44](index=44&type=chunk)[45](index=45&type=chunk) - The procurement model is "procure-to-order," with main raw materials including swing wheels, parcel feeders, and servo motors, and procurement framework agreements signed with major suppliers, along with drawing confirmation for customized parts[46](index=46&type=chunk) - The R&D model is coordinated by the wholly-owned subsidiary Wayzim R&D, which has intelligent system laboratories and robot technology R&D centers, determining R&D directions based on development strategies and customer needs, and conducting phased evaluations and acceptance[47](index=47&type=chunk)[48](index=48&type=chunk) [(III) Industry Overview](index=15&type=section&id=%28III%29%20Industry%20Overview) The intelligent logistics equipment industry is transitioning from automation to intelligence, characterized by high technical barriers, where Wayzim Technology holds a leading position in China with comprehensive full-chain innovation capabilities - The intelligent logistics equipment industry belongs to the "high-end equipment manufacturing industry" and is transitioning from the automation era to the intelligence era, characterized by high technical barriers, requiring manufacturers to possess both core software and hardware capabilities and manufacturing and delivery expertise[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) - The company is in the first tier of intelligent logistics equipment market solution providers for express and freight in China, and is one of the largest integrators of intelligent logistics equipment for express and freight in China[52](index=52&type=chunk) - The company is one of the few domestic enterprises capable of providing full-chain technological innovation for intelligent logistics conveying and sorting equipment, from core software and hardware to system integration, and is the only domestic enterprise simultaneously possessing qualifications for cross-belt and ICS baggage handling system integration[52](index=52&type=chunk) - Industry competition is fierce, with a prominent "head effect," and the focus of competition is shifting from single-machine equipment to integrated capabilities combining hardware and software, and the construction of industry ecosystems[53](index=53&type=chunk) [II. Discussion and Analysis of Operations](index=16&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company faced increased industry competition and profitability pressure, but maintained competitiveness through its "one body, two wings" strategy, full-stack technology, AI integration, and flexible customization, with a significant increase in outstanding orders - The company's operating revenue was **¥1.002 billion**, a year-on-year decrease of **25.40%**[54](index=54&type=chunk) - As of the end of June 2025, the company's outstanding order contract value totaled approximately **¥3.551 billion**, a year-on-year increase of **31.81%**[54](index=54&type=chunk) - The company deepened cooperation with domestic e-commerce leaders such as ZTO, SF Express, and JD.com, and expanded intelligent warehousing customers including Xiaomi, Lishen, and JA Solar[55](index=55&type=chunk) - The company actively expanded overseas markets, establishing sales centers and after-sales service agencies in Southeast Asia, the Americas, and Europe, and collaborating with overseas customers such as J&T, Russian Post, Lazada, and Shopee[55](index=55&type=chunk) - The company continuously enhanced its independent production capabilities, purchasing over **450** sets of advanced equipment at its Nanling production base to increase the self-production ratio of core components and deepen intelligent manufacturing and digital transformation[56](index=56&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=16&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) This section details Wayzim Technology's core competencies, including strong relationships with leading customers, comprehensive product advantages, a highly skilled talent team, robust R&D capabilities, and growing global operational reach [(I) Analysis of Core Competencies](index=17&type=section&id=%28I%29%20Analysis%20of%20Core%20Competencies) Wayzim Technology's core competencies include stable relationships with leading customers, comprehensive intelligent logistics system solutions and core component product advantages, a high-caliber talent team, robust full-stack independent R&D capabilities, and increasing global operational capacity - The company maintains close cooperation with mainstream express logistics and e-commerce enterprises such as ZTO, SF Express, and JD.com, with outstanding order contract value of approximately **¥3.551 billion** as of the end of June 2025, a year-on-year increase of **31.81%**[58](index=58&type=chunk) - The company provides integrated intelligent logistics system solutions for conveying, sorting, and warehousing, and independently researches, develops, and produces core components such as cameras, sorting trolleys, dynamic weighing systems, and electric rollers, making it one of the few domestic companies with full-chain integrated capabilities[59](index=59&type=chunk) - The company has **1,617** employees, with **13.61%** holding master's degrees or above, and R&D personnel accounting for **28.94%**, and has established an "Intelligent Logistics Equipment and Robotics Industry Research Institute"[60](index=60&type=chunk) - The company independently develops core technologies such as image-based barcode recognition, visual position detection, and sorting control system software, possessing full-stack technological autonomy, deep integration of AI with hardware, and flexible customization capabilities[61](index=61&type=chunk) - The company actively expands its overseas market presence, having established sales centers and after-sales service agencies in multiple regions including Southeast Asia, the Americas, and Europe, and collaborates with renowned overseas customers such as J&T and Russian Post[62](index=62&type=chunk) [(III) Core Technologies and R&D Progress](index=17&type=section&id=%28III%29%20Core%20Technologies%20and%20R%26D%20Progress) Wayzim Technology's core technologies span industrial IoT, intelligent logistics equipment, advanced recognition algorithms, and 3D measurement, with 25 new patents and significant progress in ongoing R&D projects during the reporting period - The company's core technologies remain unchanged, covering **15** core technologies derived from independent R&D, including high-performance general-purpose edge computing for industrial IoT, key single-machine technologies supporting integrated smart logistics, and high-precision barcode/QR code recognition algorithms based on high-resolution images[63](index=63&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk) - During the reporting period, the company added **25** new patents, including **3** invention patents, **19** utility model patents, **2** design patents, and **1** software copyright, accumulating a total of **271** patents and **38** software copyrights[77](index=77&type=chunk) R&D Investment (January-June 2025 vs. Prior Year Period) | Indicator | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 63,766,659.58 | 80,879,208.60 | -21.16 | | Total R&D Investment | 63,766,659.58 | 80,879,208.60 | -21.16 | | Total R&D Investment as % of Operating Revenue (%) | 6.36 | 6.02 | Increased by 0.34 percentage points | - Ongoing R&D projects include the R&D and industrialization of integrated information intelligent sorting systems for the logistics and express delivery industry, cross-platform R&D of high-level control software for the express logistics industry, and R&D of integrated sensing, storage, and computing optoelectronic fusion chip technology, with several projects having completed R&D finalization and entered mass delivery or operation[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk) R&D Personnel (January-June 2025 vs. Prior Year Period) | Indicator | Current Period | Prior Year Period | | :--- | :--- | :--- | | Number of Company R&D Personnel (people) | 468 | 514 | | R&D Personnel as % of Total Company Personnel (%) | 28.94 | 30.20 | | Total R&D Personnel Compensation (¥10,000) | 4,764.85 | 5,180.29 | | Average R&D Personnel Compensation (¥10,000) | 10.18 | 10.08 | | % with Master's Degree or Above (%) | 27.35 | - | | % Under 30 Years Old (excluding 30) (%) | 55.34 | - | [IV. Risk Factors](index=36&type=section&id=IV.%20Risk%20Factors) This section comprehensively outlines the company's various risks, including significant performance decline or loss, intensified market competition, R&D setbacks, key personnel loss, market demand fluctuations, customer concentration, raw material issues, seasonality, tax policy changes, high receivables and inventory, declining gross margins, exchange rate fluctuations, industry-specific risks, and other macro-environmental and project-related risks [(I) Risk of Significant Performance Decline or Loss](index=36&type=section&id=%28I%29%20Risk%20of%20Significant%20Performance%20Decline%20or%20Loss) The company's gross profit margin is susceptible to market demand, selling prices, and production costs, and adverse changes in macroeconomics, market competition, or raw material prices could lead to a significant performance decline or loss - The company's main business gross profit margin was **20.13%** in the first half of 2024 and **18.94%** in the first half of 2025, indicating a risk of decline[91](index=91&type=chunk) [(II) Core Competitiveness Risks](index=36&type=section&id=%28II%29Core%20Competitiveness%20Risks) The company faces risks from intensified market competition, R&D progress falling short of expectations, and the potential loss of core technical personnel, which could negatively impact its market position and operating performance - The intelligent logistics equipment market faces intensified competition; if the company cannot maintain its advantages in R&D, technological innovation, and quality control, its market position and share may decline[92](index=92&type=chunk) - Intelligent logistics sorting system technology has broad applications and high customization requirements; if new technologies and products cannot continuously meet customer needs or R&D fails, it will adversely affect the company's competitiveness and operating performance[93](index=93&type=chunk) - The industry faces fierce competition for professional technical personnel; if the company cannot continuously attract, cultivate, and incentivize core technical talent, it will face risks of talent loss and shortage[94](index=94&type=chunk) [(III) Operating Risks](index=37&type=section&id=%28III%29%20Operating%20Risks) The company faces operating risks from market demand fluctuations, intensified competition, customer concentration, raw material supply and price volatility, and seasonal operating performance, all of which can introduce uncertainty - Market demand primarily depends on the fixed asset investment scale and growth rate of downstream applications such as e-commerce and express logistics; macroeconomic changes may lead to a decline in downstream customer business scale or reduced procurement demand[95](index=95&type=chunk) - In 2023, 2024, and the first half of 2025, the company's sales revenue to its top five customers accounted for **68.97%**, **70.21%**, and **67.44%** of its operating revenue, respectively, indicating high customer concentration[96](index=96&type=chunk) - Shortages or price fluctuations of major raw materials may affect the company's delivery cycles and production costs[97](index=97&type=chunk) - The company's revenue and sales collections are subject to seasonal fluctuations, with equipment acceptance mostly concentrated in the second half of the year[97](index=97&type=chunk) [(IV) Financial Risks](index=37&type=section&id=%28IV%29%20Financial%20Risks) The company faces financial risks including changes in tax incentives, high accounts receivable and inventory balances with associated impairment risks, declining gross margins, and exchange rate fluctuations from international operations - The company enjoys a **15%** corporate income tax preferential policy for high-tech enterprises; if it cannot continue to obtain this or if policies change, it will adversely affect performance[98](index=98&type=chunk) Accounts Receivable Book Balance as % of Operating Revenue | Year | Accounts Receivable Book Balance (¥10,000) | % of Operating Revenue (%) | | :--- | :--- | :--- | | End of 2023 | 72,251.28 | 36.91 | | End of 2024 | 57,598.58 | 23.28 | | End of June 2025 | 67,403.09 | 67.27 | Inventory Book Value as % of Total Assets | Year | Inventory Book Value (¥10,000) | % of Total Assets (%) | | :--- | :--- | :--- | | End of 2023 | 213,099.10 | 31.81 | | End of 2024 | 170,239.27 | 20.57 | | End of June 2025 | 168,399.88 | 26.11 | - The company's main business gross profit margin was **20.13%** in the first half of 2024 and **18.94%** in the first half of 2025, indicating a risk of decline[101](index=101&type=chunk) - As the proportion of overseas sales revenue increases, the company faces the risk of exchange losses due to fluctuations in the RMB exchange rate[102](index=102&type=chunk) [(V) Industry Risks](index=38&type=section&id=%28V%29Industry%20Risks) The logistics equipment industry's market demand is tied to fixed asset investment in e-commerce and express logistics, and macroeconomic shifts could reduce customer investment, negatively impacting the company's operations - Market demand in the logistics equipment industry primarily depends on the scale and growth rate of fixed asset investment in downstream applications such as e-commerce and express logistics[103](index=103&type=chunk) - Macroeconomic changes, economic slowdowns, or cyclical fluctuations may lead to a decrease in downstream customer business scale or reduced fixed asset investment, thereby adversely affecting the company's operations[103](index=103&type=chunk) [(VI) Macro-Environmental Risks](index=38&type=section&id=%28VI%29Macro-Environmental%20Risks) Global economic slowdowns and intensified geopolitical conflicts, such as the Russia-Ukraine conflict, could adversely affect the intelligent logistics equipment industry and the company's overseas market demand and performance - A global economic slowdown may adversely affect the intelligent logistics equipment industry, indirectly impacting the company's performance[104](index=104&type=chunk) - Changes in the global geopolitical landscape and regional conflicts (such as the Russia-Ukraine conflict) may lead to fluctuations in overseas markets, affecting the company's overseas market demand and performance[104](index=104&type=chunk) [(VII) Other Risks](index=38&type=section&id=%EF%BC%88VII%EF%BC%89Other%20Risks) The company's fundraising projects, including the "Intelligent Equipment Manufacturing Center," "Intelligent Equipment and AI R&D Center," and "Market Sales and Product Service Base," are progressing slower than anticipated, potentially affecting the efficiency of invested capital - The fundraising projects "Intelligent Equipment Manufacturing Center Project," "Intelligent Equipment and Artificial Intelligence R&D Center Project," and "Market Sales and Product Service Base Construction Project" are progressing slowly[105](index=105&type=chunk) - The construction of fundraising projects is affected by macro-environmental factors, upstream and downstream industry environments, and the company's operating conditions, which may lead to slower-than-expected implementation progress and failure of invested funds to generate anticipated benefits[105](index=105&type=chunk) [V. Main Operating Performance During the Reporting Period](index=39&type=section&id=V.%20Main%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company's total operating revenue decreased by 25.40%, with significant changes in revenue, costs, and various expenses, while cash flows from operating activities decreased and asset/liability structures shifted - During the reporting period, the company achieved total operating revenue of **¥1.002 billion**, a year-on-year decrease of **25.40%**[106](index=106&type=chunk) [(I) Analysis of Main Business](index=39&type=section&id=%28I%29%20Analysis%20of%20Main%20Business) This period's main business analysis shows a decrease in operating revenue and cost due to fewer project acceptances, an increase in sales and administrative expenses from incentive optimization and salary growth, a decrease in R&D expenses from efficiency improvements, and a decrease in financial expenses due to increased net exchange gains Financial Statement Related Item Changes (January-June 2025 vs. Prior Year Period) | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,002,045,231.13 | 1,343,281,586.35 | -25.40 | | Operating Cost | 807,455,615.28 | 1,050,678,939.71 | -23.15 | | Selling Expenses | 68,153,373.66 | 60,474,111.43 | 12.70 | | Administrative Expenses | 84,145,146.75 | 70,070,182.87 | 20.09 | | Financial Expenses | -4,650,620.78 | 2,542,868.77 | Not Applicable | | R&D Expenses | 63,766,659.58 | 80,879,208.60 | -21.16 | | Net Cash Flow from Operating Activities | 56,816,594.98 | 153,356,316.33 | -62.95 | | Net Cash Flow from Investing Activities | 175,638,632.36 | 67,506,300.17 | 160.18 | | Net Cash Flow from Financing Activities | -3,491,767.62 | -44,447,719.96 | 92.14 | - Operating revenue and operating cost decreased by **25.4%** and **23.15%** year-on-year, respectively, mainly due to fewer project acceptances in the first half of the year[108](index=108&type=chunk) - Selling expenses and administrative expenses increased by **12.7%** and **20.09%**, respectively, mainly due to the company optimizing its incentive mechanism and a year-on-year increase in salaries and compensation[108](index=108&type=chunk) - R&D expenses decreased by **21.16%**, mainly due to the company optimizing and improving testing efficiency, reducing R&D testing materials and test line setup costs[108](index=108&type=chunk) - Net cash flow from operating activities decreased by **¥96.54 million** year-on-year, primarily due to increased cash paid for goods purchased and services received as a result of increased outstanding orders, and higher taxes paid[109](index=109&type=chunk) - Net cash flow from investing activities increased by **¥108.13 million** year-on-year, mainly due to a decrease in cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets[109](index=109&type=chunk) - Net cash flow from financing activities increased by **¥40.96 million** year-on-year, mainly due to a decrease in other cash paid related to financing activities[109](index=109&type=chunk) [(III) Analysis of Assets and Liabilities](index=39&type=section&id=%28III%29%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets were ¥6.45 billion and total liabilities were ¥2.96 billion, with significant increases in monetary funds, prepayments, other receivables, fixed assets, notes payable, contract liabilities, and taxes payable, while construction in progress substantially decreased due to fixed asset transfers Asset and Liability Status Changes (Period-end vs. Prior Year-end) | Item Name | Current Period-end Amount (Yuan) | % of Total Assets at Current Period-end (%) | Prior Year-end Amount (Yuan) | % of Total Assets at Prior Year-end (%) | Change from Prior Year-end (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 711,553,290.35 | 11.03 | 474,828,723.13 | 7.67 | 49.85 | | Prepayments | 242,985,620.05 | 3.77 | 124,241,978.10 | 2.01 | 95.57 | | Other Receivables | 47,060,944.16 | 0.73 | 19,502,820.90 | 0.32 | 141.30 | | Fixed Assets | 1,230,584,046.44 | 19.08 | 682,982,278.50 | 11.03 | 80.18 | | Construction in Progress | 9,023,544.98 | 0.14 | 567,721,126.09 | 9.17 | -98.41 | | Notes Payable | 66,483,008.02 | 1.03 | 14,698,032.02 | 0.24 | 352.33 | | Contract Liabilities | 1,399,773,358.61 | 21.70 | 1,040,361,965.04 | 16.80 | 34.55 | | Taxes Payable | 76,819,037.59 | 1.19 | 25,521,653.59 | 0.41 | 201.00 | - Monetary funds increased by **49.85%**, mainly due to the recovery of wealth management products in the current reporting period[112](index=112&type=chunk) - Fixed assets increased by **80.18%**, and construction in progress decreased by **98.41%**, mainly due to the transfer of buildings to fixed assets in the current reporting period[112](index=112&type=chunk) - Contract liabilities increased by **34.55%**, mainly due to an increase in customer contract prepayments received in the current reporting period[112](index=112&type=chunk) - Overseas assets amounted to **¥173.41 million**, accounting for **2.69%** of total assets[113](index=113&type=chunk) Major Asset Restriction Status (Period-end) | Item | Year-end Balance (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Other Monetary Funds | 25,537,848.00 | Margin Deposit | [(IV) Analysis of Investment Status](index=42&type=section&id=%28IV%29%20Analysis%20of%20Investment%20Status) During the reporting period, the company's total equity investment decreased by 37.05% to ¥31.48 million, primarily for expanding overseas markets through new or increased capital in subsidiaries via Wayzim Singapore, with financial assets measured at fair value totaling ¥1.08 billion External Equity Investment (January-June 2025 vs. Prior Year Period) | Indicator | Investment Amount in Current Period (Yuan) | Investment Amount in Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total External Equity Investment | 31,477,364.20 | 50,000,000 | -37.05% | - The company actively expanded overseas markets by increasing capital in Wayzim USA, Wayzim UK, Wayzim Thailand, and Wayzim Korea through Wayzim Singapore, and establishing new subsidiaries Wayzim Japan and Wayzim Indonesia[117](index=117&type=chunk) Financial Assets Measured at Fair Value (Period-end) | Asset Category | Period-end Amount (Yuan) | | :--- | :--- | | Trading Financial Assets (Wealth Management Products) | 901,640,099.34 | | Receivables Financing | 1,352,596.88 | | Other Equity Instrument Investments | 167,827,676.77 | | Other Non-Current Financial Assets | 4,542,297.06 | | Total | 1,075,362,670.05 | [(VI) Analysis of Major Holding and Participating Companies](index=43&type=section&id=%28VI%29%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section lists the financial performance of the company's major holding subsidiaries, highlighting Anhui Wayzim as the primary production base with high assets and revenue but negative profit, and the establishment of new subsidiaries in Japan and Indonesia with minimal impact on overall operations Major Subsidiary Financial Data (Unit: ¥10,000, January-June 2025) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Anhui Wayzim | Subsidiary | Main production base | 1,000 | 123,192.73 | 16,827.71 | 28,910.98 | -1,230.07 | -1,469.25 | | Guangdong Wayzim | Subsidiary | South China regional sales and after-sales service center | 5,000 | 6,830.14 | 5,446.24 | 2,224.50 | 524.61 | 391.62 | | Wayzim R&D | Subsidiary | Artificial intelligence technology R&D center | 10,000 | 31,626.94 | 13,376.74 | 3,105.90 | 1,058.21 | 793.04 | | Intelligent Sensing | Subsidiary | R&D and manufacturing of industrial sensors | 10,000 | 45,476.41 | 8,719.93 | 4.42 | -665.11 | -665.11 | | Wayzim Singapore | Subsidiary | Southeast Asia market sales and after-sales service center | US$8.75 million | 11,835.88 | 10,474.70 | 422.41 | 88.59 | 73.53 | | Zhejiang Equipment | Subsidiary | Business support, some domestic trade | 5,000 | 16,006.65 | -71.90 | 7,779.61 | -149.43 | -141.97 | - During the reporting period, the company established two new wholly-owned subsidiaries, Wayzim Technology Japan Co., Ltd. (Japan) and PT WAYZIM TECHNOLOGY INDO (Indonesia), both currently in their construction phase, with minimal impact on overall production, operations, and performance[124](index=124&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Company Directors, Senior Management, and Core Technical Personnel](index=46&type=section&id=I.%20Changes%20in%20Company%20Directors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, there was a change in the company's independent directors, with Mr. Xu Yan resigning for personal reasons and Mr. Du Shushuai being elected as the new independent director - Mr. Xu Yan resigned from his position as an independent director of the second board of directors due to personal reasons, effective June 20, 2025[128](index=128&type=chunk) - On June 20, 2025, the company elected Mr. Du Shushuai as an independent director of the second board of directors[128](index=128&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=46&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company will not implement any profit distribution or capital reserve conversion to share capital for this semi-annual period - The company's profit distribution plan or capital reserve conversion to share capital plan for this reporting period is "none"[128](index=128&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=46&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company implemented its 2024 restricted stock incentive plan, including granting reserved restricted shares, canceling unvested shares, and vesting the first tranche of initial grants, while also advancing its first and second employee stock ownership plans - The company granted reserved restricted shares to incentive recipients of the 2024 restricted stock incentive plan and canceled some previously granted but unvested 2024 restricted shares[129](index=129&type=chunk) - The first vesting period of the initial grant under the 2024 restricted stock incentive plan met the vesting conditions, and the announcement of vesting results and share listing has been completed[129](index=129&type=chunk) - The first phase of the employee stock ownership plan has reached its second unlocking period, and the management committee has approved relevant arrangements[131](index=131&type=chunk) - The second phase of the employee stock ownership plan has completed the allocation of reserved shares, granting **18,300 shares** of reserved quota to **1** participant, and completed the share transfer at a price of **¥17.00/share**[132](index=132&type=chunk)[133](index=133&type=chunk) Section V Significant Matters [I. Fulfillment of Commitments](index=49&type=section&id=I.%20Fulfillment%20of%20Commitments) This section details the timely and strict fulfillment of all commitments made by the company, its actual controller, shareholders, and related parties regarding share lock-ups, holding and reduction intentions, share repurchases, diluted EPS compensation, profit distribution, non-compete clauses, related party transactions, and social insurance/housing fund contributions - The share lock-up commitments of the company's actual controller Li Gongyan, and shareholders Wayzim Yuanchuang and Qunchuang Zhongda, were all fulfilled timely and strictly[135](index=135&type=chunk)[137](index=137&type=chunk) - The company and its actual controller Li Gongyan's commitments regarding share repurchase for fraudulent issuance and listing were all fulfilled timely and strictly[142](index=142&type=chunk)[143](index=143&type=chunk) - The commitments made by the company, its actual controller Li Gongyan, and all directors and senior management regarding measures to compensate for diluted immediate returns were all fulfilled timely and strictly[145](index=145&type=chunk)[146](index=146&type=chunk) - The company's commitments regarding profit distribution policy and disciplinary measures for fulfilling public commitments were all fulfilled timely and strictly[146](index=146&type=chunk)[147](index=147&type=chunk) - Actual controller Li Gongyan's commitments regarding avoiding horizontal competition, reducing related party transactions, and social insurance and housing provident fund contributions were all fulfilled timely and strictly[151](index=151&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=57&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholder, and actual controller maintained a good integrity status, with no unfulfilled court judgments or significant overdue debts - During the reporting period, the company and its actual controller maintained a good integrity status, with no unfulfilled court judgments or significant overdue debts[155](index=155&type=chunk) [XII. Explanation of Progress in the Use of Raised Funds](index=60&type=section&id=XII.%20Explanation%20of%20Progress%20in%20the%20Use%20of%20Raised%20Funds) This section details the overall use of the company's raised funds, the progress of specific investment projects, and the cash management of idle funds, showing an overall investment progress of 84.34% for IPO funds and 99.29% for over-raised funds, with some projects experiencing slower progress [(I) Overall Use of Raised Funds](index=60&type=section&id=%28I%29Overall%20Use%20of%20Raised%20Funds) As of the end of the reporting period, the company's initial public offering (IPO) raised funds had a cumulative investment of ¥2.32 billion, representing 84.34% of the total, while over-raised funds had a cumulative investment of ¥1.40 billion, representing 99.29% of the total Overall Use of Raised Funds (As of the End of the Reporting Period) | Source of Raised Funds | Total Raised Funds (Yuan) | Total Investment Committed in Prospectus (Yuan) | Total Over-Raised Funds (Yuan) | Cumulative Investment of Raised Funds as of Period-end (Yuan) | Cumulative Investment Progress of Raised Funds (%) | Cumulative Investment Progress of Over-Raised Funds (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering of Shares | 2,976,600,000.00 | 1,339,429,072.00 | 1,409,128,589.34 | 2,318,267,351.06 | 84.34 | 99.29 | [(II) Details of Raised Fund Investment Projects](index=60&type=section&id=%28II%29Details%20of%20Raised%20Fund%20Investment%20Projects) The company's raised fund investment projects include intelligent equipment manufacturing, a digital workshop, an R&D center, and a market sales base, with some projects experiencing slower progress due to macroeconomic factors and market competition, while the R&D center project is progressing well Details of Raised Fund Investment Projects (As of the End of the Reporting Period) | Project Name | Committed Investment Amount in Prospectus/Offering Document (Yuan) | Cumulative Investment of Raised Funds as of Period-end (Yuan) | Cumulative Investment Progress (%) | Scheduled Date of Usability | | :--- | :--- | :--- | :--- | :--- | | Intelligent Equipment Manufacturing Center Project | 292,521,749.00 | 73,306,266.33 | 25.06 | 2025/10/26 | | Nanling Manufacturing Base Digital Workshop Construction Project | 180,288,098.00 | 103,475,845.16 | 57.39 | 2023/10/26 | | Intelligent Equipment and Artificial Intelligence R&D Center Project | 225,938,725.00 | 124,305,662.44 | 55.02 | 2025/10/26 | | Market Sales and Product Service Base Construction Project | 140,680,500.00 | 35,303,558.13 | 25.09 | 2025/10/26 | | Supplement Working Capital | 500,000,000.00 | 500,000,000.00 | 100 | Not Applicable | | Permanent Supplement to Working Capital | 1,219,330,448.18 | 1,219,330,448.18 | 100 | Not Applicable | | Repurchase of Shares | 179,798,141.16 | 179,798,141.16 | 100 | Not Applicable | - The Intelligent Equipment Manufacturing Center Project and the Market Sales and Product Service Base Construction Project are progressing slowly, mainly due to macroeconomic fluctuations and intensified market competition; the company will evaluate feasibility and may make adjustments[163](index=163&type=chunk)[164](index=164&type=chunk) - The Intelligent Equipment and Artificial Intelligence R&D Center Project has completed the R&D and mass sales of core components such as visual camera products and rollers, and has optimized and upgraded major products[163](index=163&type=chunk) [(IV) Other Uses of Raised Funds During the Reporting Period](index=65&type=section&id=%28IV%29Other%20Uses%20of%20Raised%20Funds%20During%20the%20Reporting%20Period) During the reporting period, the company managed idle raised funds through cash management, with an ending balance of ¥385.50 million, which remained within the board-approved authorization limit of ¥600 million Idle Raised Funds Cash Management (As of the End of the Reporting Period) | Board Approval Date | Effective Approved Amount for Cash Management of Raised Funds (¥10,000) | Cash Management Balance at Period-end (¥10,000) | Was the Maximum Balance During the Period Exceeded the Authorized Amount | | :--- | :--- | :--- | :--- | | 2024.11.15 | 60,000 | 38,550 | No | Section VI Share Changes and Shareholder Information [I. Share Capital Changes](index=66&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital remained unchanged, but restricted shares decreased by 66.60 million shares, with a corresponding increase in unrestricted tradable shares, primarily due to the listing of initial public offering restricted shares Share Change Table (Unit: Shares) | Share Category | Quantity Before This Change | % Before This Change (%) | Increase/Decrease in This Change (+,-) | Quantity After This Change | % After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 66,600,000 | 50.60 | -66,600,000 | 0 | 0 | | II. Unrestricted Tradable Shares | 65,008,698 | 49.40 | 66,600,000 | 131,608,698 | 100 | | III. Total Shares | 131,608,698 | 100 | 0 | 131,608,698 | 100 | - On April 28, 2025, **66.60 million shares** of the company's initial public offering restricted shares were listed for trading, involving **3** shareholders: Wuxi Wayzim Yuanchuang Investment Enterprise (Limited Partnership), Wuxi Qunchuang Zhongda Investment Partnership (Limited Partnership), and Li Gongyan[172](index=172&type=chunk) - According to regulations, if the company's stock closing price falls below its initial public offering price, the company's actual controller Li Gongyan and his concerted parties are prohibited from reducing their shareholdings through centralized bidding or block trading[173](index=173&type=chunk) Restricted Share Changes (Unit: Shares) | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Released During Period | Restricted Shares at End of Period | Reason for Restriction | Date of Release | | :--- | :--- | :--- | :--- | :--- | :--- | | Wuxi Wayzim Yuanchuang Investment Enterprise (Limited Partnership) | 2,700 | 2,700 | 0 | Non-public offering restricted shares | April 28, 2025 | | Wuxi Qunchuang Zhongda Investment Partnership (Limited Partnership) | 1,980 | 1,980 | 0 | Non-public offering restricted shares | April 28, 2025 | | Li Gongyan | 1,980 | 1,980 | 0 | Non-public offering restricted shares | April 28, 2025 | [II. Shareholder Information](index=68&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had 11,139 common shareholders. This section lists the shareholding of the top ten shareholders and top ten unrestricted shareholders, with Wuxi Wayzim Yuanchuang Investment Enterprise (Limited Partnership), Li Gongyan, and Wuxi Qunchuang Zhongda Investment Partnership (Limited Partnership) as the top three shareholders, and Li Gongyan serving as the executive partner for the latter two - As of the end of the reporting period, the total number of common shareholders was **11,139**[175](index=175&type=chunk) Top Ten Shareholders' Shareholding (As of the End of the Reporting Period, Unit: Shares) | Shareholder Name | Shares Held at Period-end | % (%) | Number of Restricted Shares Held | Pledged, Marked, or Frozen Shares | | :--- | :--- | :--- | :--- | :--- | | Wuxi Wayzim Yuanchuang Investment Enterprise (Limited Partnership) | 27,000,000 | 20.52 | 0 | 0 | | Li Gongyan | 19,800,000 | 15.04 | 0 | 0 | | Wuxi Qunchuang Zhongda Investment Partnership (Limited Partnership) | 19,800,000 | 15.04 | 0 | 0 | | Beijing CAS Wayzim Investment Management Co., Ltd. | 13,500,000 | 10.26 | 0 | 0 | | Yao Yajuan | 5,400,000 | 4.10 | 0 | 0 | - Li Gongyan is the executive partner of Qunchuang Zhongda and Wayzim Yuanchuang, indicating an associated relationship or concerted action[179](index=179&type=chunk) Section VII Bond-Related Information [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=72&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments [II. Convertible Corporate Bonds](index=72&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds Section VIII Financial Report [I. Audit Report](index=73&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[6](index=6&type=chunk) [II. Financial Statements](index=73&type=section&id=II.%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 for the first half of 2025, comprehensively presenting its financial position, operating results, and cash flow [Consolidated Balance Sheet](index=73&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were ¥6.45 billion, total liabilities were ¥2.96 billion, and total owners' equity attributable to the parent company was ¥3.49 billion Consolidated Balance Sheet Key Data (As of June 30, 2025) | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Assets | 6,449,111,122.95 | 6,191,104,639.26 | | Total Liabilities | 2,956,227,988.71 | 2,646,792,472.59 | | Total Owners' Equity Attributable to Parent Company | 3,492,883,361.04 | 3,544,312,382.74 | [Consolidated Income Statement](index=76&type=section&id=Consolidated%20Income%20Statement) For January-June 2025, the company's consolidated total operating revenue was ¥1.00 billion, with negative operating profit and total profit, and a net loss of ¥62.48 million, with net loss attributable to parent company shareholders also at ¥62.48 million Consolidated Income Statement Key Data (January-June 2025) | Item | First Half of 2025 (Yuan) | First Half of 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,002,045,231.13 | 1,343,281,586.35 | | Operating Profit | -47,811,037.27 | -3,103,567.59 | | Total Profit | -52,631,181.11 | -3,065,412.93 | | Net Profit | -62,480,855.09 | 4,527,477.19 | | Net Profit Attributable to Parent Company Shareholders | -62,480,844.36 | 4,527,486.62 | | Basic Earnings Per Share (Yuan/share) | -0.49 | 0.04 | [Consolidated Cash Flow Statement](index=78&type=section&id=Consolidated%20Cash%20Flow%20Statement) For January-June 2025, the company's net cash flow from operating activities was ¥56.82 million, net cash flow from investing activities was ¥175.64 million, and net cash flow from financing activities was -¥3.49 million Consolidated Cash Flow Statement Key Data (January-June 2025) | Item | First Half of 2025 (Yuan) | First Half of 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 56,816,594.98 | 153,356,316.33 | | Net Cash Flow from Investing Activities | 175,638,632.36 | 67,506,300.17 | | Net Cash Flow from Financing Activities | -3,491,767.62 | -44,447,719.96 | | Net Increase in Cash and Cash Equivalents | 237,140,579.92 | 175,846,544.88 | | Cash and Cash Equivalents at Period-end | 686,015,442.35 | 585,800,480.06 | [III. Company Basic Information](index=89&type=section&id=III.%20Company%20Basic%20Information) Wayzim Technology Co., Ltd., headquartered in Wuxi, Jiangsu, with Li Gongyan as its ultimate controlling party, primarily engages in the R&D, production, and sales of industrial automation equipment, robots, software, and electronic products, alongside IoT technology and logistics information system development - Wayzim Technology Co., Ltd. is headquartered in Wuxi, Jiangsu Province, with Li Gongyan as the ultimate controlling party[210](index=210&type=chunk) - The company's main businesses include the R&D, production, and sales of industrial automation equipment, industrial robots, system software, computer software, and electronic products, as well as IoT technology, sales of logistics automation equipment, and development of logistics information systems[210](index=210&type=chunk) [IV. Basis of Financial Statement Preparation](index=89&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, confirming no significant doubts about its ability to continue as a going concern within 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[211](index=211&type=chunk) - As of the end of the reporting period, there are no matters or circumstances within **12 months** that raise significant doubts about the Group's ability to continue as a going concern[212](index=212&type=chunk) [V. Significant Accounting Policies and Estimates](index=89&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's specific accounting policies and estimates for items such as bad debt provisions for receivables, inventory measurement, fixed asset depreciation, intangible asset amortization, R&D expense capitalization, and revenue recognition, all in accordance with enterprise accounting standards - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, its normal operating cycle is typically less than **12 months**, and its functional currency is RMB[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk) - The company classifies financial assets as those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[226](index=226&type=chunk) - The company performs impairment accounting for notes receivable, accounts receivable, receivables financing, and contract assets based on expected credit losses[233](index=233&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the related goods or services, primarily including revenue from sales of goods, provision of labor services, and technical services[268](index=268&type=chunk)[269](index=269&type=chunk)[270](index=270&type=chunk) - The company recognizes various expenses incurred with a benefit period of more than one year as long-term deferred expenses and amortizes them evenly over their benefit period[261](index=261&type=chunk) [VI. Taxation](index=106&type=section&id=VI.%20Taxation) This section discloses the company's main tax categories and rates, including VAT, surcharges, urban maintenance and construction tax, and corporate income tax, highlighting the 15% high-tech enterprise tax incentive for the company and its subsidiary, and small and micro enterprise tax benefits for other subsidiaries Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Based on sales of goods and taxable services calculated according to tax laws, after deducting input tax credits, the difference is VAT payable | 13%/9%/6% | | Corporate Income Tax | Levied on taxable income | 8.25%-30% | - The company and its wholly-owned subsidiary Wayzim Guanwei obtained high-tech enterprise certificates in December 2024, enjoying a **15%** corporate income tax preferential rate from 2024 to 2027[285](index=285&type=chunk) - The company's subsidiaries Zhitong Intelligent, Anhui Zhongwei, Anhui Power, Jiangsu Power, and Zhejiang Equipment qualified for small and micro enterprise corporate income tax preferential policies in 2025[286](index=286&type=chunk) - From January 1, 2025, to June 30, 2025, the company qualified for the advanced manufacturing enterprise VAT additional deduction policy, enjoying an additional **5%** deduction of input tax from VAT payable[286](index=286&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=107&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items, explaining significant changes in assets, liabilities, owners' equity, and profit and loss, including increases in monetary funds, prepayments, other receivables, fixed assets, notes payable, contract liabilities, and taxes payable, and a substantial decrease in construction in progress Monetary Funds Composition (Period-end) | Item | Period-end Balance (Yuan) | | :--- | :--- | | Bank Deposits | 685,976,910.72 | | Other Monetary Funds | 25,576,379.63 | | Total | 711,553,290.35 | | Of which: Funds Deposited Overseas | 143,872,646.25 | Accounts Receivable Aging Structure (Period-end) | Aging | Period-end Book Balance (Yuan) | | :--- | :--- | | Within 1 year | 510,634,399.36 | | 1 to 2 years | 124,548,976.80 | | 2 to 3 years | 15,740,800.16 | | Over 3 years | 23,106,721.21 | | Subtotal | 674,030,897.53 | | Less: Bad Debt Provision | 96,053,801.27 | | Total | 577,977,096.26 | Inventory Classification (Period-end) | Item | Book Balance (Yuan) | Inventory Impairment Provision/Contract Performance Cost Impairment Provision (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 448,802,797.80 | 115,394,788.35 | 333,408,009.45 | | Work in Progress | 1,496,573,016.50 | 145,982,232.27 | 1,350,590,784.23 | | Total | 1,945,375,814.30 | 261,377,020.62 | 1,683,998,793.68 | Operating Revenue and Operating Cost (January-June 2025) | Item | Revenue (Yuan) | Cost (Yuan) | | :--- | :--- | :--- | | Main Business | 934,792,492.41 | 757,734,279.74 | | Other Business | 67,252,738.72 | 49,721,335.54 | | Total | 1,002,045,231.13 | 807,455,615.28 | Income Tax Expense (January-June 2025) | Item | Amount Incurred in Current Period (Yuan) | | :--- | :--- | | Current Income Tax Expense | 2,466,862.00 | | Deferred Income Tax Expense | 3,846,733.70 | | Adjustment for Final Settlement Difference | 3,536,078.28 | | Total | 9,849,673.98 | [VIII. R&D Expenses](index=160&type=section&id=VIII.%20R%26D%20Expenses) This section details the company's R&D expenses for the reporting period, totaling ¥63.77 million, all expensed, with employee compensation being the largest component and a significant reduction in material consumption R&D Expenses by Nature of Expense (January-June 2025 vs. Prior Year Period) | Item | Amount Incurred in Current Period (Yuan) | Amount Incurred in Prior Period (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 47,648,473.07 | 51,802,898.30 | | Share-Based Payments | 5,936,699.96 | 6,542,414.59 | | Material Consumption | 4,952,991.77 | 14,529,505.54 | | Entrusted R&D Fees | 374,686.27 | 1,522,132.77 | | Total | 63,766,659.58 | 80,879,208.60 | | Of which: Expensed R&D Investment | 63,766,659.58 | 80,879,208.60 | - Total R&D expenses for the current period amounted to **¥63.77 million**, a year-on-year decrease of **21.16%**, all of which were expensed R&D expenditures[79](index=79&type=chunk)[449](index=449&type=chunk) - Material consumption decreased by **¥9.58 million** year-on-year, mainly due to the company optimizing and improving testing efficiency, leading to a year-on-year reduction in R&D testing materials and test line setup costs[108](index=108&type=chunk)[449](index=449&type=chunk) [IX. Changes in Consolidation Scope](index=161&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope changed with the establishment of two new wholly-owned subsidiaries: Wayzim Japan and Wayzim Indonesia - In the current period, two new wholly-owned subsidiaries, Wayzim Japan and Wayzim Indonesia, were established and included in the scope of consolidation[487](index=487&type=chunk) [X. Interests in Other Entities](index=162&type=section&id=X.%20Interests%20in%20Other%20Entities) This section outlines the company's enterprise group structure, including its wholly-owned and controlled subsidiaries across various businesses like sales, R&D, and specialized equipment manufacturing, with a global presence Enterprise Group Composition (Partial Subsidiaries) | Subsidiary Name | Main Operating Location | Registered Capital | Business Nature | Shareholding Ratio (%) | | :--- | :--- | :--- | :--- | :--- | | Guangdong Wayzim | Guangdong | ¥50 million | Sales Services | 100 | | Wayzim R&D | Jiangsu | ¥100 million | Research and Experimental Development | 100 | | Anhui Wayzim | Anhui | ¥10 million | Research and Experimental Development | 100 | | Wayzim Singapore | Singapore | US$8.75 million | Research and Experimental Development | 100 | | Jiangsu Power | Jiangsu | ¥10 million | Research and Experimental Development | 51 | | Wayzim Japan | Japan | ¥20 million JPY | Research and Experimental Development | Indirect 100 | | Wayzim Indonesia | Indonesia | ¥10.1 billion IDR | Research and Experimental Development | Indirect 100 | [XI. Government Grants](index=166&type=section&id=XI.%20Government%20Grants) This section discloses the company's government grant liabilities and amounts recognized in profit or loss for the reporting period, totaling ¥17.07 million from both asset-related and income-related grants Liability Items Involving Government Grants (As of the End of the Reporting Period) | Financial Statement Item | Beginning Balance (Yuan) | New Grants in Current Period (Yuan) | Transferred to Other Income in Current Period (Yuan) | Ending Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 127,132,827.59 | 1,700,000.00 | 2,328,397.44 | 126,504,430.15 | Asset-related | | Deferred Income | 5,518,011.76 | 9,000,000.00 | 9,766,647.64 | 4,751,364.12 | Income-related | | Other Payables | 22,444,700.00 | - | - | 23,444,700.00 | Asset-related | | Other Payables | 103,316,527.38 | - | 2,295,317.62 | 110,021,209.76 | Income-related | | Total | 258,412,066.73 | 10,700,000.00 | 14,390,362.70 | 264,721,704.03 | / | Government Grants Recognized in Current Profit or Loss (January-June 2025 vs. Prior Year Period) | Type | Amount Incurred in Current Period (Yuan) | Amount Incurred in Prior Period (Yuan) | | :--- | :--- | :--- | | Asset-related | 2,328,397.44 | 2,021,090.45 | | Income-related | 14,746,466.77 | 17,690,499.46 | | Total | 17,074,864.21 | 19,711,589.91 | [XII. Risks Related to Financial Instruments](index=167&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section discusses the company's exposure to credit, liquidity, interest rate, and exchange rate risks, and its management strategies, including sensitivity analyses for interest rate and exchange rate fluctuations on shareholder equity and net profit/loss - The company faces credit risk, liquidity risk, interest rate risk, and exchange rate risk[495](index=495&type=chunk)[498](index=498&type=chunk) - Credit risk primarily arises from monetary funds, accounts receivable, and contract assets, with accounts receivable and contract assets from the top five customers accounting for **21%** of the total[496](index=496&type=chunk)[497](index=497&type=chunk) - Liquidity risk is managed by regularly monitoring short-term and long-term liquidity needs and securing standby facilities from financial institutions[498](index=498&type=chunk)[499](index=499&type=chunk) - Interest rate sensitivity analysis shows that a **100 basis point** increase/decrease in interest rates would result in an increase/decrease of **¥10.46 million** in the Group's shareholder equity and net loss[504](index=504&type=chunk) - A **10%** appreciation of the RMB exchange rate would lead to an increase/decrease in the Group's shareholder equity and net profit, for example, a change in the USD exchange rate would impact **¥1.28 million**[510](index=510&type=chunk)[512](index=512&type=chunk) Financial Asset Transfer Status (As of the End of the Reporting Period) | Transfer Method | Nature of Transferred Financial Assets | Amount of Transferred Financial Assets (Yuan) | Derecognition Status | Basis for Derecognition Judgment | | :--- | :--- | :--- | :--- | :--- | | Endorsement | Bank acceptance bills accepted by general com

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