技源集团股份有限公司2025 年半年度报告 公司代码：603262 公司简称：技源集团 技源集团股份有限公司 2025 年半年度报告 1 / 194 技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、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 三、 本半年度报告未经审计。 四、 公司负责人龙玲、主管会计工作负责人汪燕及会计机构负责人（会计主管人员）汪燕声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的未来发展计划、发展战略等前瞻性陈述，不构成公司对投资者的实质 承诺，请投资者注意投资风险。本报告中涉及的行业数据，为公司内部对行业情况的 统计数据或引用的外部第三方数据，仅供参考，不构成任何投资建议。 九、 是 ...

北京富吉瑞光电科技股份有限公司2025 年半年度报告 公司代码：688272 公司简称：富吉瑞 北京富吉瑞光电科技股份有限公司 2025 年半年度报告 1 / 193 北京富吉瑞光电科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本 报告"第三节管理层讨论与分析"之"四、风险因素"相关内容，请投资者予以关注。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人黄富元、主管会计工作负责人周静及会计机构负责人（会计主管人员）郝丽霞 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 报告所涉及的公司未来计划、发展战略、经营计划等前瞻性陈述，不构成公司 ...

公司代码：600962 公司简称：国投中鲁 国投中鲁果汁股份有限公司 2025 年半年度报告 1 / 153 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人王炜、主管会计工作负责人刘玉及会计机构负责人（会计主管人员）牛晶晶声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述，不构成公司对投资者的实质性承诺， 敬请投资者注意风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细描述存在的风险因素，敬请查阅第三节"管理层讨论与分析"中关于 公司"可能面对的风险"部分的内 ...

广东欧莱高新材料股份有限公司2025 年半年度报告 公司代码：688530 公司简称：欧莱新材 广东欧莱高新材料股份有限公司 2025 年半年度报告 1 / 188 广东欧莱高新材料股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，具体内容详 见本报告第三节"管理层讨论与分析"之"四、风险因素"，敬请广大投资者查阅。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人文宏福、主管会计工作负责人毛春海及会计机构负责人（会计主管人员）李润 女声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性陈述均不构成公司对投资者的实质 ...

曲美家居集团股份有限公司2025 年半年度报告 公司代码：603818 公司简称：曲美家居 曲美家居集团股份有限公司 2025 年半年度报告 二〇二五年八月二十九日 1 / 174 曲美家居集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人赵瑞海、主管会计工作负责人孙海凤及会计机构负责人（会计主管人员）张砾 元声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的经营计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资者 注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 | 第一节 | 释义 | 4 | | --- | --- | --- | | 第二节 ...

[Section 1 Definitions](index=4&type=section&id=Section%201%20Definitions) This section defines key terms, company entities, product categories, sales channels, and financial units to ensure accurate report interpretation - "Feike Electric" refers to Shanghai Feike Electric Co., Ltd., with Shanghai Feike Investment Co., Ltd. as its controlling shareholder and Li Gaiteng as the actual controller[13](index=13&type=chunk) - Main product categories include personal care appliances (e.g., electric shavers, hair styling tools), home appliances (e.g., garment steamers, health scales), and kitchen appliances (e.g., rice cookers, induction cookers)[13](index=13&type=chunk) - The operating model involves outsourced production, distribution, and wholesale, where "outsourced production" means external manufacturers produce under the company's brand[13](index=13&type=chunk) [Section 2 Company Profile and Key Financial Indicators](index=5&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information, stock summary, key financial indicators, and non-recurring gains and losses [I. Company Information](index=5&type=section&id=I.%20Company%20Information) The company's full name is Shanghai Feike Electric Co., Ltd., abbreviated as Feike Electric, with Li Gaiteng as the legal representative - The company's Chinese name is Shanghai Feike Electric Co., Ltd., abbreviated as Feike Electric[15](index=15&type=chunk) - The legal representative is Li Gaiteng[15](index=15&type=chunk) [II. Contact Person and Information](index=5&type=section&id=II.%20Contact%20Person%20and%20Information) The Board Secretary is Guo Jiaguang, with the contact address at No. 555 Guangfulin East Road, Songjiang District, Shanghai - The Board Secretary is Guo Jiaguang, and the contact address is No. 555 Guangfulin East Road, Songjiang District, Shanghai[16](index=16&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered and office addresses are both at No. 555 Guangfulin East Road, Songjiang District, Shanghai, with no historical changes during the reporting period - The company's registered and office addresses are both No. 555 Guangfulin East Road, Songjiang District, Shanghai, with no historical changes to the registered address[17](index=17&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) The company designates "China Securities Journal", "Securities Times", "Securities Daily", and "Shanghai Securities News" as information disclosure newspapers, and publishes its semi-annual report on the Shanghai Stock Exchange website - The company's information disclosure newspapers include "China Securities Journal", "Securities Times", "Securities Daily", and "Shanghai Securities News"[18](index=18&type=chunk) - The semi-annual report is published on the Shanghai Stock Exchange website (www.sse.com.cn)[18](index=18&type=chunk) [V. Company Stock Summary](index=5&type=section&id=V.%20Company%20Stock%20Summary) The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation "Feike Electric" and stock code 603868 - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation "Feike Electric" and stock code **603868**[19](index=19&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, operating revenue decreased by 8.76% year-on-year, but net profit attributable to shareholders increased by 1.77%, and non-recurring net profit increased by 7.20%, with net cash flow from operating activities significantly growing by 56.54% 2025 H1 Key Accounting Data (Consolidated Statements) | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | % Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,115,615,611.13 yuan | 2,318,829,527.40 yuan | -8.76 | | Total Profit | 391,728,757.42 yuan | 381,297,317.26 yuan | 2.74 | | Net Profit Attributable to Listed Company Shareholders | 321,061,757.15 yuan | 315,492,754.96 yuan | 1.77 | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | 294,619,033.72 yuan | 274,835,101.59 yuan | 7.20 | | Net Cash Flow from Operating Activities | 470,639,668.13 yuan | 300,648,572.55 yuan | 56.54 | | **End of Current Period** | **End of Prior Year** | **% Change from End of Prior Year** | | | Net Assets Attributable to Listed Company Shareholders | 3,135,635,905.18 yuan | 3,032,485,844.18 yuan | 3.40 | | Total Assets | 3,772,865,356.46 yuan | 3,775,975,557.52 yuan | -0.08 | 2025 H1 Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | % Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.74 | 0.72 | 2.78 | | Diluted Earnings Per Share (yuan/share) | 0.74 | 0.72 | 2.78 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (yuan/share) | 0.68 | 0.63 | 7.94 | | Weighted Average Return on Net Assets (%) | 10.06 | 9.28 | Increased by 0.78 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 9.23 | 8.08 | Increased by 1.15 percentage points | [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **26.44 million yuan**, primarily from government subsidies and gains/losses from entrusted investments or asset management 2025 H1 Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 98,192.99 | | Government Grants Included in Current Profit or Loss | 20,988,367.94 | | Gains/Losses from Entrusted Investments or Asset Management | 11,152,720.11 | | Reversal of Impairment Provisions for Accounts Receivable Subject to Individual Impairment Testing | 73,438.12 | | Other Non-Operating Income and Expenses Apart from the Above | -484,181.77 | | Less: Income Tax Impact | 5,385,813.96 | | Total | 26,442,723.43 | [Section 3 Management Discussion and Analysis](index=7&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section details the company's industry overview, main business, operating model, performance, core competencies, and potential risks, highlighting its leading position in personal care small appliances, dual-brand strategy, R&D innovation, and global expansion [I. Description of the Company's Industry and Main Business During the Reporting Period](index=7&type=section&id=I.%20Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) In the first half of 2025, the domestic home appliance market showed a steady recovery, with diversified development in personal care small appliances and a clear advantage in online channels, as the company focuses on R&D, manufacturing, and sales of smart fashion appliances - In H1 2025, domestic retail sales of consumer goods increased by **5.0%** year-on-year, and the home appliance market's cumulative retail sales rose by **9.2%**[27](index=27&type=chunk) 2025 H1 Personal Care Small Appliance Retail Sales and Volume | Category | Retail Sales (billion yuan) | Year-on-Year Change | Sales Volume (ten thousand units) | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | | Electric Shavers | 4.91 | Up 10.5% | 3,025 | Up 5.6% | | Hair Dryers | 4.35 | Down 10.5% | 2,163 | Down 2.1% | | Electric Toothbrushes | 2.71 | Up 0.5% | 1,190 | Down 10.4% | - Online channels (including social e-commerce, live streaming e-commerce, and other emerging channels) have become a significant force in home appliance sales, with personal care appliances showing a clear advantage online[28](index=28&type=chunk) [(I) Company's Main Business and Products](index=7&type=section&id=(I)%20Company%27s%20Main%20Business%20and%20Products) The company's main business covers personal care appliances, home appliances, and kitchen appliances, with "R&D innovation" and "brand operation" at its core, driving product intelligence, fashion, and youthfulness upgrades through a "fashion, simplicity, technology" philosophy - The company integrates R&D, manufacturing, and sales of smart fashion appliances such as shavers and other personal care appliances, home appliances, and kitchen appliances, enjoying high brand recognition and market share in the domestic personal care appliance industry[29](index=29&type=chunk) - Product R&D focuses on young consumers (post-95s, post-00s), promoting product intelligence, fashion, and youthfulness upgrades in four directions: technology, classic, trend, and IP culture[29](index=29&type=chunk) - Main products include electric shavers, high-speed hair dryers, electric toothbrushes, smart electric irons, garment steamers, and electric kettles[30](index=30&type=chunk)[31](index=31&type=chunk) [(II) Company's Main Operating Model](index=8&type=section&id=(II)%20Company%27s%20Main%20Operating%20Model) The company adopts a marketing model combining centralized procurement, self-production with outsourced production, and both wholesale and direct sales, to enhance bargaining power, focus on core competencies, and achieve comprehensive market coverage - Raw materials are centrally procured to enhance bargaining power through economies of scale and effectively control costs[32](index=32&type=chunk) - The production model combines self-production and outsourced production; self-production mainly for new technologies and high-end products, with outsourced production accounting for **23.63%** in H1 2025, a year-on-year decrease of **14.69 percentage points**[33](index=33&type=chunk) - The marketing model has shifted from primarily wholesale to a combination of wholesale and direct sales, achieving comprehensive market coverage through KA terminals, regional distribution, experience stores, gift group purchases, and e-commerce[34](index=34&type=chunk) [II. Discussion and Analysis of Operations](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company adhered to its "FLYCO Feike" and "POREE Borui" dual-brand strategy, implementing product innovation, brand building upgrades, offline channel reforms, Borui brand optimization, overseas expansion, and digital construction to address market changes and enhance profitability - The company implements a structural dual-brand strategy: 'FLYCO Feike' brand focuses on technological innovation and high-end positioning, while 'POREE Borui' brand is positioned for extreme cost-effectiveness[34](index=34&type=chunk) - Sales of mid-to-high-end products accounted for **56.37%**, a decrease of **8.51 percentage points** from the previous year; Borui brand sales accounted for **19.48%**, a decrease of **2.22 percentage points** from the previous year[35](index=35&type=chunk) 2025 H1 Key Financial Performance | Indicator | Amount (million yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 2,115.62 | Down 8.76% | | Net Profit Attributable to Parent Company Shareholders | 321.06 | Up 1.77% | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Gains/Losses) | 294.62 | Up 7.20% | - Product R&D focuses on core categories such as shavers, high-speed hair dryers, and electric toothbrushes, launching **7 new product series**, and holding **847 patents** at period-end, an increase of **49**[36](index=36&type=chunk) - The company strengthened offline channel flattening and grid management, upgraded terminal image, expanded Feike "Trendy Smart" experience stores, and promoted Borui's offline channel penetration[38](index=38&type=chunk)[39](index=39&type=chunk) - The company actively promoted overseas market expansion, accelerating team building, product and channel planning, and product certification[41](index=41&type=chunk) - The company continuously strengthened digital and information technology construction, completed 5G factory network deployment for Wuhu Feike, optimized the data middle platform system, and initiated AI marketing system construction[42](index=42&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies lie in its strong brand advantage, continuous R&D and design capabilities, efficient marketing system, and leading supply chain and cost control abilities, which collectively support its market position and sustainable development - With **26 years** of development, the company has established a strong brand image and recognition through leading product technology, stable quality, high cost-effectiveness, and a comprehensive marketing network[43](index=43&type=chunk) - Brand promotion strategy has rapidly shifted to content social new media, strengthening interaction with consumers through composite strategies including graphics, audio, video, short dramas, and live streaming marketing[44](index=44&type=chunk) - R&D and design adhere to the "fashion, simplicity, technology" concept, possessing industry-leading technologies such as all-directional floating shaving and high-speed arc reciprocating shaving systems, and is a participant in drafting national and industry standards for **11 product categories**[45](index=45&type=chunk) - The company established a multi-dimensional marketing system including KA terminals, regional distribution, Feike experience stores, gift group purchases, and e-commerce, vigorously developing self-operated e-commerce to achieve "C-end" online marketing[46](index=46&type=chunk)[47](index=47&type=chunk) - Supply chain and cost advantages are reflected in the combination of self-production and outsourced production, economies of scale in centralized procurement platforms, standard cost management systems, and the construction of intelligent manufacturing production lines[49](index=49&type=chunk) [IV. Main Operating Conditions During the Reporting Period](index=12&type=section&id=IV.%20Main%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section analyzes the company's financial statement item changes, asset and liability situation, and investment status during the reporting period, showing a decrease in operating revenue and costs, but an improvement in cash flow and net profit, with new subsidiaries established and registered capital increased [(I) Main Business Analysis](index=12&type=section&id=(I)%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue and operating costs both decreased, but net cash flow from operating activities significantly increased, mainly due to adjustments in operating strategy and reduced procurement payments Financial Statement Related Item Change Analysis | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,115,615,611.13 | 2,318,829,527.40 | -8.76 | | Operating Cost | 898,809,678.58 | 1,029,387,098.10 | -12.68 | | Selling Expenses | 703,536,834.46 | 801,224,346.51 | -12.19 | | Administrative Expenses | 82,740,412.57 | 85,788,066.30 | -3.55 | | Financial Expenses | -176,155.00 | -5,145,231.21 | 96.58 | | R&D Expenses | 38,884,924.15 | 41,010,686.13 | -5.18 | | Net Cash Flow from Operating Activities | 470,639,668.13 | 300,648,572.55 | 56.54 | | Net Cash Flow from Investing Activities | -193,416,915.91 | 645,498,364.36 | -129.96 | | Net Cash Flow from Financing Activities | -221,213,573.75 | -1,010,923,828.44 | 78.12 | - The decrease in operating revenue was due to the company's moderate adjustments to its operating strategy and expense planning in response to market conditions, aiming to improve profitability[50](index=50&type=chunk) - The significant increase in net cash flow from operating activities was primarily due to reduced payments for purchases[51](index=51&type=chunk) [(III) Analysis of Assets and Liabilities](index=13&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets slightly decreased, but there were multiple changes in the asset and liability structure, such as decreases in other receivables, right-of-use assets, and accounts payable, while taxes payable and deferred income tax liabilities increased Changes in Assets and Liabilities | 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 | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other Receivables | 18,501,918.34 | 0.49 | 33,037,680.75 | 0.87 | -44.00 | Recovery of land completion performance guarantee deposit | | Other Current Assets | 4,285,191.09 | 0.11 | 9,191,304.43 | 0.24 | -53.38 | Decrease in input VAT to be deducted | | Right-of-Use Assets | 3,504,612.18 | 0.09 | 9,189,952.03 | 0.24 | -61.86 | Decrease in number of experience stores | | Other Non-Current Assets | 3,539,506.50 | 0.09 | 10,433,097.58 | 0.28 | -66.07 | Decrease in prepaid equipment | | Accounts Payable | 252,659,039.24 | 6.70 | 379,008,099.68 | 10.04 | -33.34 | Decrease in payables for materials | | Taxes Payable | 78,173,203.56 | 2.07 | 43,785,062.81 | 1.16 | 78.54 | Increase in VAT and corporate income tax | | Non-Current Liabilities Due Within One Year | 2,514,014.73 | 0.07 | 6,483,199.15 | 0.17 | -61.22 | Decrease in number of experience stores | | Lease Liabilities | 474,803.03 | 0.01 | 2,395,700.53 | 0.06 | -80.18 | Decrease in number of experience stores | | Deferred Income Tax Liabilities | 176,352.52 | 0.00 | 6,482.69 | 0.00 | 2,620.36 | Increase in taxable temporary differences | [(IV) Analysis of Investment Status](index=14&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) During the reporting period, the company invested in establishing one subsidiary, Shanghai Feike Personal Care Appliances Co., Ltd., and increased the paid-in registered capital of Wenzhou Feike Electric Co., Ltd. by **4 million yuan**, with the ending balance of financial assets held for trading increasing to **1.123 billion yuan** - During the reporting period, the company invested in establishing one subsidiary: Shanghai Feike Personal Care Appliances Co., Ltd., with a registered capital of **10 million yuan** and a **100%** shareholding[56](index=56&type=chunk) - The company increased the paid-in registered capital of Wenzhou Feike Electric Co., Ltd. by **4 million yuan**, with a total paid-in capital of **5 million yuan** at period-end[57](index=57&type=chunk) Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Fair Value Change Gain/Loss for Current Period (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold/Redeemed in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other (Wealth Management Products) | 956,622,827.24 | 11,152,720.11 | 1,327,630,000.15 | 1,172,012,236.73 | 1,123,393,310.77 | [(VI) Analysis of Major Holding and Participating Companies](index=16&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section lists the company's major holding subsidiaries and their financial status, with Zhejiang Borui Personal Care Appliances Co., Ltd. having the highest net profit and Wuhu Feike Electric Co., Ltd. reporting a net loss Financial Performance of Major Subsidiaries (2025 H1) | Company Name | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wuhu Feike Electric Co., Ltd. | Household appliances and accessories like shavers, hair dryers | 235,000,000.00 | 543,809,374.22 | 381,916,998.27 | -1,161,798.80 | | Zhejiang Borui Personal Care Appliances Co., Ltd. | Household appliances and accessories like shavers, hair dryers | 350,000,000.00 | 625,309,757.38 | 388,562,682.10 | 42,324,551.74 | | Feike Supply Chain Co., Ltd. | Wholesale and retail of plastic parts, rubber parts | 50,000,000.00 | 264,409,138.39 | 100,693,942.24 | 7,081,192.77 | | Borui Electric Co., Ltd. | Household appliances and accessories like shavers, hair dryers | 50,000,000.00 | 192,524,643.34 | 150,415,409.30 | 3,317,240.20 | [V. Other Disclosures](index=16&type=section&id=V.%20Other%20Disclosures) The company faces multiple risks including macroeconomic fluctuations, high product concentration, uncertainties in new product expansion, raw material price volatility, a distribution-heavy offline sales model, and rising labor costs - Macroeconomic fluctuations and changes in residents' disposable income may affect the demand for personal care appliances and home living appliances[64](index=64&type=chunk) - The company's sales products are primarily electric shavers and hair dryers, leading to high product concentration and operational risks[65](index=65&type=chunk) - The launch of new categories (e.g., home appliances, oral care appliances, kitchen appliances) carries uncertainties regarding consumer demand, market acceptance, and industry competition[66](index=66&type=chunk)[67](index=67&type=chunk) - Raw material price fluctuations directly impact product costs and profitability; the company addresses this through brand premium and procurement scale advantages[68](index=68&type=chunk) - Offline sales primarily use a distribution model, where the company cannot fully control distributor behavior, potentially affecting the marketing network and brand image[69](index=69&type=chunk) - Rising labor costs put pressure on product production and cost control; the company responds by adjusting regional layouts, improving efficiency, automation, and product added value[70](index=70&type=chunk) [Section 4 Corporate Governance, Environment, and Society](index=18&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section discloses changes in the company's directors, supervisors, and senior management, and states that there are no profit distribution or capital reserve to share capital plans for the reporting period [I. Changes in Company Directors, Supervisors, and Senior Management](index=18&type=section&id=I.%20Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company's board of directors and senior management underwent re-election and appointment, with Li Gaiteng elected Chairman and appointed President, Jin Wencai elected Director and appointed Vice President, and Wu Liqing elected employee representative director, while the company no longer has a board of supervisors or supervisors - Li Gaiteng was elected Chairman and appointed President[73](index=73&type=chunk) - Jin Wencai was elected Director and appointed Vice President[73](index=73&type=chunk) - Wu Liqing resigned as Vice President but was elected employee representative director[73](index=73&type=chunk) - The company held its 2024 Annual Shareholders' Meeting on May 20, 2025, approving the "Proposal on Amending the Company's Articles of Association and its Appendices" and the "Proposal on Electing Directors", after which the company no longer has a board of supervisors or supervisors[73](index=73&type=chunk) [II. Profit Distribution or Capital Reserve to Share Capital Plan](index=18&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20to%20Share%20Capital%20Plan) The company has no profit distribution or capital reserve to share capital plan for this semi-annual period - The company's proposed profit distribution or capital reserve to share capital plan for this semi-annual period is "None"[6](index=6&type=chunk) - Whether to distribute or convert: No[74](index=74&type=chunk) [Section 5 Significant Matters](index=20&type=section&id=Section%205%20Significant%20Matters) This section primarily discloses the fulfillment of commitments related to the initial public offering by the company, its controlling shareholder, and actual controller, as well as information on the company's and its related parties' integrity status, major litigation and arbitration, and related party transactions during the reporting period [I. Fulfillment of Commitments](index=20&type=section&id=I.%20Fulfillment%20of%20Commitments) The company, its controlling shareholder, and actual controller all committed to strictly fulfill various commitments related to the initial public offering, including the truthfulness of the prospectus, compensation for investor losses, and not abusing controlling status, with no situations requiring commitment fulfillment occurring during the reporting period - The company committed that if the prospectus contains false records, misleading statements, or major omissions, it will repurchase new shares and compensate investors for losses in accordance with the law[78](index=78&type=chunk) - The controlling shareholder, Shanghai Feike Investment Co., Ltd., committed to repurchase original restricted shares that have been transferred and compensate investors for losses in accordance with the law, and not to abuse its controlling shareholder status to infringe upon company interests[79](index=79&type=chunk)[82](index=82&type=chunk) - The actual controller, Mr. Li Gaiteng, committed to repurchase original restricted shares that have been transferred and compensate investors for losses in accordance with the law, and not to abuse his actual controller status to infringe upon company interests[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk) - All committing parties stated that they will bear corresponding legal responsibilities if they violate their commitments[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) - During the reporting period, no situations requiring the fulfillment of any commitments occurred, and all committing parties strictly fulfilled them[77](index=77&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=22&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) The company, its controlling shareholder, and actual controller had no unfulfilled court judgments, large overdue debts, or other similar situations during the reporting period, maintaining a good integrity status - The company, its controlling shareholder, and actual controller had no unfulfilled court judgments, large overdue debts, or other similar situations during the reporting period[87](index=87&type=chunk) [Section 6 Share Changes and Shareholder Information](index=24&type=section&id=Section%206%20Share%20Changes%20and%20Shareholder%20Information) This section details that the company's share capital structure did not change during the reporting period and lists the total number of shareholders at period-end, the top ten shareholders, and the top ten shareholders with unrestricted shares [I. Changes in Share Capital](index=24&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, the company's total share capital and share capital structure did not change - During the reporting period, the company's total share capital and share capital structure did not change[91](index=91&type=chunk) [II. Shareholder Information](index=24&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the total number of ordinary shareholders was **12,010**, with the controlling shareholder, Shanghai Feike Investment Co., Ltd., and the actual controller, Li Gaiteng, collectively holding **89.99%** of the company's shares, with no pledges, markings, or freezes - As of the end of the reporting period, the total number of ordinary shareholders was **12,010**[92](index=92&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Change During Reporting Period | Ending Shareholding (shares) | Proportion (%) | Share Status | | :--- | :--- | :--- | :--- | :--- | | Shanghai Feike Investment Co., Ltd. | 0 | 352,800,000 | 80.99 | No pledge | | Li Gaiteng | 0 | 39,200,000 | 9.00 | No pledge | | Kuwait Investment Authority - Own Funds | 1,632,200 | 8,173,149 | 1.88 | No pledge | | Hong Kong Securities Clearing Company Limited | 756,068 | 4,196,172 | 0.96 | No pledge | - Shanghai Feike Investment Co., Ltd. is the company's controlling shareholder, and Li Gaiteng is the company's actual controller, holding **98%** equity of Shanghai Feike Investment Co., Ltd[95](index=95&type=chunk) [Section 7 Bond-Related Information](index=27&type=section&id=Section%207%20Bond-Related%20Information) During the reporting period, the company had no information related to corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[98](index=98&type=chunk) - The company has no convertible corporate bonds[98](index=98&type=chunk) [Section 8 Financial Report](index=28&type=section&id=Section%208%20Financial%20Report) This section includes unaudited consolidated and parent company financial statements, detailing assets, liabilities, profits, cash flows, and changes in owners' equity, along with notes on basic information, accounting policies, taxes, and various financial statement items, as well as important information on R&D expenses, changes in consolidation scope, equity in other entities, government subsidies, financial instrument risks, fair value disclosures, related parties and related transactions, and supplementary information [I. Audit Report](index=28&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk) [II. Financial Statements](index=28&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 the financial position and operating results at the end of the reporting period [Consolidated Balance Sheet](index=28&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **3.773 billion yuan**, a slight decrease from the end of the previous year, with significant changes in current assets including financial assets held for trading and inventories, while total liabilities decreased by approximately **106 million yuan** Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Cash and Bank Balances | 242,204,648.47 | 186,581,050.62 | | Financial Assets Held for Trading | 1,123,393,310.77 | 956,622,827.24 | | Inventories | 454,690,765.01 | 635,960,862.20 | | Total Current Assets | 2,205,042,780.82 | 2,160,342,490.84 | | Fixed Assets | 988,827,307.74 | 1,015,028,352.10 | | Total Assets | 3,772,865,356.46 | 3,775,975,557.52 | | Accounts Payable | 252,659,039.24 | 379,008,099.68 | | Total Liabilities | 637,229,451.28 | 743,489,713.34 | | Total Owners' Equity Attributable to Parent Company | 3,135,635,905.18 | 3,032,485,844.18 | [Consolidated Income Statement](index=32&type=section&id=Consolidated%20Income%20Statement) In the first half of 2025, the company's consolidated total operating revenue decreased by 8.76% year-on-year, but net profit increased by 1.77%, with both selling expenses and operating costs decreasing, financial expenses turning from negative to positive, and investment income and fair value change gains positively contributing to profit Key Data from Consolidated Income Statement (January-June 2025) | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 2,115,615,611.13 | 2,318,829,527.40 | | Total Operating Costs | 1,751,702,124.83 | 1,980,495,528.99 | | Operating Cost | 898,809,678.58 | 1,029,387,098.10 | | Selling Expenses | 703,536,834.46 | 801,224,346.51 | | Financial Expenses | -176,155.00 | -5,145,231.21 | | Investment Income | 4,336,475.13 | 9,072,460.92 | | Fair Value Change Gains | 9,989,889.45 | 11,228,756.67 | | Total Profit | 391,728,757.42 | 381,297,317.26 | | Net Profit | 321,061,757.15 | 315,492,754.96 | | Basic Earnings Per Share (yuan/share) | 0.74 | 0.72 | [Consolidated Cash Flow Statement](index=35&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, net cash flow from operating activities significantly increased by 56.54% to **470.64 million yuan**, mainly due to reduced cash payments for goods and services, while net cash flow from investing activities turned from positive to negative, and cash outflow from financing activities decreased Key Data from Consolidated Cash Flow Statement (January-June 2025) | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 470,639,668.13 | 300,648,572.55 | | Net Cash Flow from Investing Activities | -193,416,915.91 | 645,498,364.36 | | Net Cash Flow from Financing Activities | -221,213,573.75 | -1,010,923,828.44 | | Net Increase in Cash and Cash Equivalents | 55,958,779.75 | -64,721,189.77 | | Cash and Cash Equivalents at Period-End | 241,631,796.39 | 460,041,472.89 | - Total cash inflow from operating activities was **2.294 billion yuan**, total outflow was **1.824 billion yuan**, with a net increase of **56.54%**[113](index=113&type=chunk) - Net cash flow from investing activities turned from positive in the prior year to negative, primarily due to reduced rolling redemption of wealth management products in the current period[51](index=51&type=chunk)[114](index=114&type=chunk) - Cash outflow from financing activities decreased, mainly due to reduced cash dividends paid in the current period[51](index=51&type=chunk)[114](index=114&type=chunk) [III. Company Basic Information](index=42&type=section&id=III.%20Company%20Basic%20Information) Shanghai Feike Electric Co., Ltd. was established on November 13, 2012, and listed on the Shanghai Stock Exchange on April 18, 2016, primarily engaging in the R&D, production, outsourced processing, and sales of personal care appliance products, with a total share capital of **435.6 million shares** and registered capital of **435.6 million yuan** as of June 30, 2025 - The company was established on **November 13, 2012**, and listed on the Shanghai Stock Exchange on **April 18, 2016**[124](index=124&type=chunk)[125](index=125&type=chunk) - Main business activities include R&D, production, outsourced processing, and sales of personal care appliance products[125](index=125&type=chunk) - As of **June 30, 2025**, the company's total issued share capital was **435.6 million shares**, and its registered capital was **435.6 million yuan**[125](index=125&type=chunk) [IV. Basis of Financial Statement Preparation](index=42&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, and on a going concern basis, ensuring the company's ability to continue as a going concern for at least 12 months from the end of the reporting period - Financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and "Rules for Information Disclosure by Companies Issuing Securities No. 15 - General Provisions for Financial Reports" by the China Securities Regulatory Commission[126](index=126&type=chunk) - This report is prepared on a going concern basis, and the company has the ability to continue as a going concern for at least **12 months** from the end of the reporting period[127](index=127&type=chunk) [V. Significant Accounting Policies and Estimates](index=42&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates followed by the company in preparing its financial statements, covering key areas such as business combinations, consolidated financial statement preparation, financial instrument classification and measurement, inventories, long-term equity investments, fixed assets, intangible assets, revenue recognition, government grants, deferred income tax, and leases - The company adheres to enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[129](index=129&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[143](index=143&type=chunk) - Revenue is recognized when performance obligations are satisfied, i.e., when the customer obtains control of the related goods or services, and is recognized based on the progress or point in time of performance[191](index=191&type=chunk)[193](index=193&type=chunk)[194](index=194&type=chunk) - Government grants are classified as asset-related or income-related, recognized when conditions are met and received, and accounted for as deferred income or current profit or loss based on their nature[198](index=198&type=chunk)[201](index=201&type=chunk) - As a lessee, right-of-use assets and lease liabilities are recognized for leases other than short-term leases and leases of low-value assets[204](index=204&type=chunk) [VI. Taxes](index=62&type=section&id=VI.%20Taxes) The company's main taxes include value-added tax and corporate income tax, with the company enjoying a **15%** corporate income tax preferential rate as a high-tech enterprise, and some subsidiaries also benefiting from local tax incentives Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 13%, 9%, 6% | | Corporate Income Tax | Taxable income | 25%, 15% | - Shanghai Feike Electric Co., Ltd., as a high-tech enterprise, enjoys a **15%** corporate income tax preferential rate[217](index=217&type=chunk)[218](index=218&type=chunk) - Some subsidiaries (e.g., Zhejiang Borui Personal Care Appliances Co., Ltd.) registered in Jingning She Autonomous County enjoy a preferential policy of reduced or exempted local corporate income tax for **10 years**[218](index=218&type=chunk) - Qualified small and micro-profit enterprises can calculate taxable income at a reduced **25%** and pay corporate income tax at a **20%** rate, with the policy extended until December 31, 2027[219](index=219&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=63&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on various asset, liability, owners' equity, revenue, cost, expense, and profit items in the consolidated financial statements, explaining their period-end balances, current period changes, and related accounting treatments - Cash and bank balances at period-end were **242 million yuan**, of which **572,900 yuan** were restricted funds for e-commerce transactions[221](index=221&type=chunk) - Financial assets held for trading at period-end were **1.123 billion yuan**, mainly bank wealth management products and structured deposits[223](index=223&type=chunk) - Accounts receivable book value at period-end was **274 million yuan**, of which **51.4913 million yuan** had a **100%** bad debt provision individually[226](index=226&type=chunk)[228](index=228&type=chunk) - Inventory book value at period-end was **455 million yuan**, including an inventory impairment provision of **13.1004 million yuan** for finished goods[249](index=249&type=chunk)[251](index=251&type=chunk) - Long-term equity investments book value at period-end was **199 million yuan**, primarily an investment in associate Puremi Technology (Shanghai) Co., Ltd[257](index=257&type=chunk) - Both operating revenue and operating costs decreased, with electric shavers remaining the primary source of revenue[309](index=309&type=chunk)[311](index=311&type=chunk) - Net cash flow from operating activities significantly increased, mainly due to reduced payments for purchases[51](index=51&type=chunk)[332](index=332&type=chunk) [VIII. R&D Expenses](index=107&type=section&id=VIII.%20R%26D%20Expenses) In the first half of 2025, the company's total R&D expenses were **38.8849 million yuan**, a year-on-year decrease of 5.18%, all of which were expensed R&D expenditures, primarily for employee compensation and research and development investments R&D Expense Details (January-June 2025) | Item | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | Employee Compensation Expenses | 21,747,827.39 | 23,274,295.19 | | Research and Development Investment | 10,084,683.75 | 10,650,201.59 | | Depreciation and Amortization Expenses | 3,836,602.83 | 4,182,173.56 | | Total | 38,884,924.15 | 41,010,686.13 | | Of which: Expensed R&D Expenditures | 38,884,924.15 | 41,010,686.13 | | Capitalized R&D Expenditures | 0.00 | 0.00 | - All R&D expenses in the current period were expensed, with no capitalized R&D expenditures[315](index=315&type=chunk) [IX. Changes in Consolidation Scope](index=108&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope changed due to the establishment of a new subsidiary, Shanghai Feike Personal Care Appliances Co., Ltd - In 2025, the company established a new subsidiary, Shanghai Feike Personal Care Appliances Co., Ltd., registered in Songjiang District, Shanghai, with a **100%** shareholding[342](index=342&type=chunk) [X. Equity in Other Entities](index=108&type=section&id=X.%20Equity%20in%20Other%20Entities) This section lists all the company's subsidiaries and significant associates, with the company owning **18** wholly-owned subsidiaries and having significant influence over the associate Puremi Technology (Shanghai) Co., Ltd - The company owns Wuhu Feike Electric Co., Ltd., Zhejiang Borui Personal Care Appliances Co., Ltd., and **16** other wholly-owned subsidiaries[344](index=344&type=chunk)[345](index=345&type=chunk) - The company holds **13.7945%** of Puremi Technology (Shanghai) Co., Ltd. and exerts significant influence through board representation[348](index=348&type=chunk) Key Financial Information of Significant Associate Puremi Technology (Shanghai) Co., Ltd. (2025 H1) | Item | Ending Balance/Current Period Amount (yuan) | Beginning Balance/Prior Period Amount (yuan) | | :--- | :--- | :--- | | Total Assets | 1,461,974,204.25 | 1,472,709,187.99 | | Total Liabilities | 926,519,801.13 | 959,616,449.35 | | Equity Attributable to Parent Company Shareholders | 541,064,546.89 | 518,867,627.63 | | Book Value of Equity Investment in Associate | 199,641,415.89 | 196,579,467.57 | | Operating Revenue | 1,026,168,999.61 | 1,697,089,727.74 | | Net Profit | 22,361,664.48 | -8,816,618.01 | | Total Comprehensive Income | 21,551,947.89 | -6,398,532.53 | [XI. Government Grants](index=112&type=section&id=XI.%20Government%20Grants) During the reporting period, the company recognized total government grants of **20.9884 million yuan**, of which asset-related deferred income decreased by **3.2444 million yuan**, and income-related government grants amounted to **17.7440 million yuan** Liabilities Involving Government Grants (2025 H1) | Financial Statement Item | Beginning Balance (yuan) | Current Period Decrease (yuan) | Ending Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 68,525,426.50 | 3,244,363.94 | 65,281,062.56 | Asset-related | | Deferred Income | 2,150,000.00 | 0.00 | 2,150,000.00 | Income-related | | Total | 70,675,426.50 | 3,244,363.94 | 67,431,062.56 | / | Government Grants Recognized in Current Profit or Loss (2025 H1) | Type | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | Asset-related | 3,244,363.94 | 3,137,542.30 | | Income-related | 17,744,004.00 | 24,823,776.00 | | Total | 20,988,367.94 | 27,961,318.30 | [XII. Risks Related to Financial Instruments](index=112&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, liquidity risk, and market risk (including interest rate risk, exchange rate risk, and other price risks), which are managed through customer credit assessment, cash flow monitoring, diversified investments, and primarily RMB-denominated settlements - The company faces credit risk (customer credit sales), liquidity risk (cash shortage), and market risk (interest rate, exchange rate, other prices)[354](index=354&type=chunk)[357](index=357&type=chunk) - Credit and liquidity risks are managed by assessing new customer credit, regularly reviewing accounts receivable aging, depositing with highly-rated banks, monitoring cash balances, and rolling forecasting cash flows[356](index=356&type=chunk) - At period-end, the company had no external bank borrowings or bonds payable, thus no significant interest rate risk; major operating activities are settled in RMB, thus no significant exchange rate risk[358](index=358&type=chunk) [XIII. Fair Value Disclosures](index=114&type=section&id=XIII.%20Fair%20Value%20Disclosures) This section discloses the fair value of assets and liabilities measured at fair value at period-end, primarily financial assets held for trading measured at Level 3 fair value, with an ending balance of **1.123 billion yuan** Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 1 Fair Value Measurement (yuan) | Level 2 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | :--- | | I. Recurring Fair Value Measurement | | | | | | (I) Financial Assets Held for Trading | | | 1,123,393,310.77 | 1,123,393,310.77 | | 1. Financial Assets Measured at Fair Value Through Profit or Loss | | | 1,123,393,310.77 | 1,123,393,310.77 | | Bank Wealth Management Products, Structured Deposits | | | 1,123,393,310.77 | 1,123,393,310.77 | | Total Recurring Fair Value Measured Assets | | | 1,123,393,310.77 | 1,123,393,310.77 | - Financial assets held for trading at period-end were **1.123 billion yuan**, all measured at Level 3 fair value, mainly bank wealth management products and structured deposits[361](index=361&type=chunk) - Fair value changes of financial assets held for trading recognized in profit or loss for the current period were **11.1527 million yuan**, with unrealized gains or changes at period-end of **18.0802 million yuan**[363](index=363&type=chunk) [XIV. Related Parties and Related Party Transactions](index=116&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section discloses the company's parent company, subsidiaries, associates, and other related parties, and lists related party transactions during the reporting period, including purchases and sales of goods, provision and acceptance of services, related party leases, and key management personnel compensation - The company's parent company is Shanghai Feike Investment Co., Ltd., with an **80.99%** shareholding, and the ultimate controlling party is Li Gaiteng[365](index=365&type=chunk) - Other related parties include Zhejiang Feike Enterprise Management Co., Ltd. and Zhejiang Jiangxin Seasoning Food Co., Ltd., both controlled by the parent company[366](index=366&type=chunk) Related Party Transactions for Purchase and Sale of Goods/Acceptance of Services (2025 H1) | Related Party | Related Transaction Content | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | :--- | | Puremi Technology (Shanghai) Co., Ltd. | Development Material Fees | 75,217.80 | 0.00 | | Zhejiang Jiangxin Seasoning Food Co., Ltd. | Food Expenses | 23,494.33 | 33,684.58 | Related Party Lease Information (Company as Lessor, 2025 H1) | Lessee Name | Type of Leased Asset | Lease Income Recognized in Current Period (yuan) | Lease Income Recognized in Prior Period (yuan) | | :--- | :--- | :--- | :--- | | Shanghai Feike Investment Co., Ltd. | Property | 660,550.46 | 660,550.46 | | Zhejiang Feike Enterprise Management Co., Ltd. | Property | 16,513.76 | 0.00 | Key Management Personnel Compensation | Item | Amount for Current Period (million yuan) | Amount for Prior Period (million yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 3.53 | 3.63 | [XIX. Notes to Parent Company Financial Statement Items](index=122&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes on key items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and operating costs, and investment income, reflecting the parent company's financial position and operating performance - Parent company accounts receivable book value at period-end was **435 million yuan**, of which **51.4913 million yuan** had a **100%** bad debt provision individually[381](index=381&type=chunk)[383](index=383&type=chunk) - Parent company other receivables book value at period-end was **12.9676 million yuan**, a significant decrease from **26.0568 million yuan** at the beginning of the period[387](index=387&type=chunk) - Parent company long-term equity investments book value at period-end was **922 million yuan**, mainly including investments in subsidiaries and associates[400](index=400&type=chunk)[403](index=403&type=chunk) - Both parent company operating revenue and operating costs decreased, with electric shavers remaining the primary source of revenue[406](index=406&type=chunk) - Parent company investment income for the current period was **4.1663 million yuan**, a significant decrease from the previous period, mainly due to investment income from long-term equity investments accounted for using the cost method in the prior period[412](index=412&type=chunk) [XX. Supplementary Information](index=133&type=section&id=XX.%20Supplementary%20Information) This section provides a detailed statement of non-recurring gains and losses for the current period, as well as supplementary financial information such as return on net assets and earnings per share Detailed Statement of Non-Recurring Gains and Losses for the Current Period | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 98,192.99 | | Government Grants Included in Current Profit or Loss | 20,988,367.94 | | Gains/Losses from Entrusted Investments or Asset Management | 11,152,720.11 | | Reversal of Impairment Provisions for Accounts Receivable Subject to Individual Impairment Testing | 73,438.12 | | Other Non-Operating Income and Expenses Apart from the Above | -484,181.77 | | Less: Income Tax Impact | 5,385,813.96 | | Total | 26,442,723.43 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share (yuan/share) | | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 10.06 | 0.74 | | Net Profit Attributable to Ordinary Shareholders of the Company (Excluding Non-Recurring Gains/Losses) | 9.23 | 0.68 |

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