Company Profile and Key Financial Indicators [Company Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) Inner Mongolia Jinmei Chemical Technology Co., Ltd., listed on the Shanghai Stock Exchange, relocated its registered address to Hohhot, Inner Mongolia - The company's name is **Inner Mongolia Jinmei Chemical Technology Co., Ltd.**, with stock abbreviations **Jinmei Technology (A-share)** and **Jinmei B-share**[14](index=14&type=chunk)[19](index=19&type=chunk) - The company's registered address changed from Danyang, Jiangsu to **Hohhot, Inner Mongolia** in **July 2024**[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, operating revenue grew by **18.49%**, net cash flow from operations turned positive, despite asset and equity declines Key Accounting Data (January-June 2025) | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 473,441,407.02 | 399,565,376.40 | 18.49% | | Net Profit Attributable to Shareholders of Listed Company | -72,807,436.73 | -111,824,973.29 | N/A (Loss narrowed) | | Net Cash Flow from Operating Activities | 12,579,101.10 | -59,275,425.14 | 121.22% | | **Asset Status** | **End of Current Period (CNY)** | **End of Prior Year (CNY)** | **Change from Prior Year-End (%)** | | Total Assets | 1,203,072,399.67 | 1,273,338,714.70 | -5.52% | | Net Assets Attributable to Shareholders of Listed Company | 156,473,874.20 | 229,034,447.36 | -31.68% | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | -0.0716 | -0.1100 | N/A (Loss narrowed) | | Weighted Average Return on Net Assets (%) | -37.77% | -23.16% | Decreased by 14.61 percentage points | [Non-recurring Gains and Losses and Amounts](index=6&type=section&id=%E9%9D%9E%E5%B8%B8%E7%BB%8F%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled **1.15 million CNY**, mainly from government subsidies, leading to a **73.96 million CNY** net loss for shareholders - Total non-recurring gains and losses during the reporting period amounted to **1,151,427.21 CNY**, primarily consisting of **1,772,436.96 CNY** in government subsidies, partially offset by losses from disposal of non-current assets and other items[23](index=23&type=chunk)[24](index=24&type=chunk) - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was **-73,958,863.94 CNY**, a narrowed loss compared to **-112,700,412.35 CNY** in the same period last year[21](index=21&type=chunk) Management Discussion and Analysis [Industry and Main Business Overview](index=7&type=section&id=%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The petrochemical and coal chemical industries face overcapacity and price pressure, while the company's main coal chemical business has a singular product structure - The petrochemical industry faces challenges of capacity expansion, price declines, and profit erosion, but modern coal chemical projects are expected to see development opportunities in the second half due to falling costs and stable supply advantages[25](index=25&type=chunk)[26](index=26&type=chunk)[28](index=28&type=chunk) - The company's main business is coal-to-ethylene glycol (annual capacity of **220 kt**) and oxalic acid (annual capacity of **80 kt**). During the reporting period, the capacity utilization rate was approximately **84.50%**[28](index=28&type=chunk) [Discussion and Analysis of Operations](index=8&type=section&id=%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) The company achieved stable operations and year-on-year growth in main product output and sales, advancing an oxalic acid expansion project Main Product Production and Sales (H1 2025) | Product | Output (kt) | YoY Growth | Sales (kt) | YoY Growth | | :--- | :--- | :--- | :--- | :--- | | Ethylene Glycol | 83.0 | 21.99% | 85.6 | approx. 27.9% | | Oxalic Acid | 53.7 | 0.91% | 55.4 | 10.06% | - The company's production management was strengthened, with stable plant operations for **179 days**, reaching a historical best, significantly reducing energy consumption per ton of product, and improving cash flow[29](index=29&type=chunk) - The company is advancing a **100 kt/year** oxalic acid expansion and renovation project, expected to be completed and operational by **end of 2025**, increasing total annual oxalic acid output to approximately **200 kt**[32](index=32&type=chunk) [Main Business Analysis](index=9&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue increased by **18.49%** due to higher sales, with decreased management and R&D expenses, and significantly improved operating cash flow Analysis of Major Financial Statement Item Changes | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 473,441,407.02 | 399,565,376.40 | 18.49 | Increased sales of main products | | Management Expenses | 48,031,925.11 | 58,030,192.71 | -17.23 | Decrease in sewage discharge fees and safety production fees | | R&D Expenses | 242,721.08 | 1,168,097.24 | -79.22 | Reduced R&D investment | | Net Cash Flow from Operating Activities | 12,579,101.10 | -59,275,425.14 | 121.22 | Increase in cash received from operating activities | | Net Cash Flow from Investing Activities | -19,920,458.42 | 152,307.26 | -13,179.13 | Increase in acquisition of fixed assets | | Net Cash Flow from Financing Activities | 4,347,506.80 | 59,245,137.90 | -92.66 | Decrease in borrowings | [Analysis of Assets and Liabilities](index=11&type=section&id=%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) Total assets decreased by **5.52%** to **1.20 billion CNY**, with increased monetary funds and prepayments, and rising notes payable Major Changes in Assets and Liabilities | Item Name | End of Current Period (CNY) | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | | Monetary Funds | 28,900,317.79 | 159.19% | Due to increased acceptance deposits in the reporting period | | Prepayments | 34,045,946.51 | 264.73% | Due to increased prepaid goods in the reporting period | | Notes Payable | 20,739,304.00 | 100.00% | Due to increased acceptance bills payable in the reporting period | | Non-current Liabilities Due Within One Year | 8,816,186.01 | -63.29% | Due to decreased long-term payables due within one year in the reporting period | | Estimated Liabilities | 4,372,299.84 | -69.62% | Due to decreased loss contracts to be executed in the reporting period | - As of the end of the reporting period, the company's major restricted assets, including monetary funds, fixed assets, and intangible assets, had a total book value of **174,967,851.73 CNY**, primarily used for collateral[42](index=42&type=chunk)[43](index=43&type=chunk) [Analysis of Major Holding and Participating Companies](index=13&type=section&id=%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Controlling subsidiary Tongliao Jinmei Chemical Co., Ltd. is the main revenue source, reporting **473 million CNY** in revenue but a **80 million CNY** net loss Tongliao Jinmei Chemical Co., Ltd. Key Financial Data (H1 2025) | Indicator | Amount (Million CNY) | | :--- | :--- | | Total Assets | 1,218.98 | | Net Assets | 579.11 | | Operating Revenue | 472.86 | | Operating Profit | -74.88 | | Net Profit | -79.99 | [Potential Risks](index=14&type=section&id=%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces risks including aging facilities, market overcapacity, singular product structure, persistent ethylene glycol losses, and increasing environmental compliance pressures - The company's major risks include: - **Production Risk**: Some production facilities are old, posing risks of unplanned shutdowns - **Market Risk**: Industry overcapacity, intensified competition, and low product prices persist - **Operational Risk**: Singular product structure leads to weak risk resistance - **Profitability Pressure**: Continuous losses for years, with cost inversion for the main product, ethylene glycol - **Environmental Risk**: The coal chemical industry faces increasingly stringent environmental policies[49](index=49&type=chunk)[50](index=50&type=chunk) Significant Matters [Major Litigation and Arbitration Matters](index=17&type=section&id=%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company is involved in a **133 million CNY** securities misrepresentation lawsuit and a **19.49 million CNY** sales contract dispute - The company faces a securities misrepresentation lawsuit filed by shareholder Jilin Fengchengshun, claiming **132,754,299 CNY**, with the case still under trial[59](index=59&type=chunk) - Subsidiary Jiangsu Jinju sued Henan Longyu Coal Chemical Co., Ltd., demanding payment of **19.4892 million CNY** for catalyst goods, and the case has been accepted[61](index=61&type=chunk)[62](index=62&type=chunk) [Major Related Party Transactions](index=18&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in **5.80 million CNY** in daily related party transactions and received **281 million CNY** in financial assistance - The company engaged in daily related party transactions, including purchasing goods and receiving services, with entities controlled by the actual controller and shareholder subsidiaries, totaling **5.797 million CNY**[64](index=64&type=chunk) Related Party Borrowings (Period-End) | Related Party | Relationship | Period-End Balance (CNY) | Reason | | :--- | :--- | :--- | :--- | | Jiangsu Danhua Group Co., Ltd. | Other (Former Controlling Shareholder) | 166,321,886.68 | Financial Assistance | | Beijing Zhongze Holding Group Co., Ltd. | Indirect Controlling Shareholder | 114,775,440.25 | Financial Assistance | | **Total** | | **281,097,326.93** | | [Major Contracts and Their Performance](index=21&type=section&id=%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company provided **54 million CNY** in guarantees for subsidiaries, representing **34.51%** of net assets, including **49 million CNY** for a highly leveraged one External Guarantees (Period-End) | Guarantee Type | Amount (Million CNY) | | :--- | :--- | | Total Guarantee Balance for Subsidiaries | 54.00 | | Ratio of Total Guarantees to Company's Net Assets | 34.51% | | Debt Guarantee Amount for Guaranteed Entities with Debt-to-Asset Ratio Exceeding 70% | 49.00 | Share Changes and Shareholder Information [Share Capital Changes](index=23&type=section&id=%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) No changes occurred in share capital, but a non-public A-share issuance to the controlling shareholder, aiming to raise up to **565 million CNY**, is in progress - The company plans a non-public issuance of up to **303.5 million** A-shares to controlling shareholder Jinrui Hongji, raising no more than **564.51 million CNY** for working capital. If completed, the controlling shareholder's stake will increase from **15%** to **34.54%**[74](index=74&type=chunk) [Shareholder Information](index=23&type=section&id=%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of period-end, the company had **61,909** common shareholders, with Inner Mongolia Jinrui Hongji (**15.00%**) and Jiangsu Danhua Group (**6.65%**) as the top two Top Two Shareholders' Holdings | Shareholder Name | Period-End Holding (Shares) | Percentage (%) | | :--- | :--- | :--- | | Inner Mongolia Jinrui Hongji Enterprise Management Co., Ltd. | 152,500,000 | 15.0021 | | Jiangsu Danhua Group Co., Ltd. | 67,550,050 | 6.6452 | Financial Report [Financial Statements](index=28&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This unaudited semi-annual report shows decreased total and net assets, increased operating revenue, narrowed net loss, and improved operating cash flow Consolidated Balance Sheet Summary (June 30, 2025) | Item | Period-End Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 1,203,072,399.67 | 1,273,338,714.70 | | Total Liabilities | 913,277,492.80 | 892,116,942.47 | | Total Equity Attributable to Parent Company Owners | 156,473,874.20 | 229,034,447.36 | Consolidated Income Statement Summary (January-June 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 473,441,407.02 | 399,565,376.40 | | Total Operating Costs | 558,285,414.21 | 542,502,377.31 | | Total Profit | -91,412,658.87 | -142,152,262.70 | | Net Profit Attributable to Parent Company Shareholders | -72,807,436.73 | -111,824,973.29 | Consolidated Cash Flow Statement Summary (January-June 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 12,579,101.10 | -59,275,425.14 | | Net Cash Flow from Investing Activities | -19,920,458.42 | 152,307.26 | | Net Cash Flow from Financing Activities | 4,347,506.80 | 59,245,137.90 | | Net Increase in Cash and Cash Equivalents | -2,989,233.14 | 124,487.06 |

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section provides definitions of key terms used throughout the report [Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information and key financial performance metrics for the reporting period [Company Basic Information](index=7&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This chapter provides the company's basic business registration details, including names, legal representative, addresses, and contact information Company Basic Information | Item | Information | | :--- | :--- | | **Chinese Name** | Greatek Technology Co., Ltd. | | **Stock Abbreviation** | Greatek (688216) | | **Legal Representative** | Liang Dazhong | | **Registered Address** | Room 301-2, Building 1, No. 250 Pinglong West Road, Fucheng'ao Community, Pinghu Street, Longgang District, Shenzhen | | **Office Address** | Greatek Building, Greatek Technology Road, Shipai Town, Dongguan City, Guangdong Province | [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's operating revenue grew by 4.09% year-on-year, but net profit loss expanded due to increased expenses and reduced VAT deductions, with operating cash flow decreasing by 62.33% Key Accounting Data (RMB Yuan) | Item | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 325,906,482.77 | 313,103,782.50 | **4.09%** | | **Net Profit Attributable to Shareholders of Listed Company** | -58,668,634.55 | -40,595,709.81 | N/A | | **Net Profit Attributable to Shareholders (Excluding Non-Recurring Items)** | -66,070,349.93 | -46,833,806.80 | N/A | | **Net Cash Flow from Operating Activities** | 14,107,322.58 | 37,452,358.29 | **-62.33%** | | **Total Assets (Period-end)** | 1,881,141,480.60 | 1,999,716,609.09 | **-5.93%** (vs. end of prior year) | | **Net Assets Attributable to Shareholders (Period-end)** | 597,180,424.56 | 653,632,645.47 | **-8.64%** (vs. end of prior year) | Key Financial Indicators | Item | Current Period (Jan-Jun) | Prior Period | Change | | :--- | :--- | :--- | :--- | | **Basic Earnings Per Share (Yuan/share)** | -0.55 | -0.38 | N/A | | **Weighted Average Return on Net Assets (%)** | -9.38 | -5.58 | **Decreased by 3.80 percentage points** | | **Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%)** | -10.57 | -6.44 | **Decreased by 4.13 percentage points** | | **R&D Investment as % of Operating Revenue (%)** | 7.98 | 8.11 | **Decreased by 0.13 percentage points** | - Net profit loss expanded primarily due to capitalization of second-phase infrastructure leading to increased building depreciation, expensing of corresponding loan interest, higher unconfirmed financing expenses from increased finance lease business, and reduced VAT additional deduction for integrated circuit enterprises compared to the prior period[21](index=21&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=9&type=section&id=%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) The company's total non-recurring gains and losses amounted to **RMB 7.40 million**, primarily from government subsidies, partially offset by financial asset fair value changes and other non-operating expenses Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (RMB Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -27,237.03 | | Government Subsidies Recognized in Current Profit/Loss | 9,803,493.50 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets/Liabilities | -446,648.85 | | Other Non-Operating Income and Expenses | -650,867.21 | | Income Tax Impact | -1,276,721.31 | | Impact on Minority Interests (After Tax) | -303.72 | | **Total** | **7,401,715.38** | [Management Discussion and Analysis](index=11&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's industry, operations, core competencies, and key financial performance during the reporting period [Overview of the Company's Industry and Main Business During the Reporting Period](index=11&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) Operating in the semiconductor packaging and testing industry, the company benefits from global market recovery and demand from AI and automotive electronics, offering integrated circuit, power device, and wafer testing services, and has established core competencies in advanced packaging technologies as one of South China's largest domestic OSAT firms - Semiconductor industry recovery: According to SIA data, global semiconductor sales surged by **27% year-on-year in May 2025**, with WSTS forecasting a **13.2% growth** in the global market size for 2025, driven by sustained demand from downstream applications like AI chips, automotive electronics, and IoT, propelling the OSAT industry's development[29](index=29&type=chunk)[32](index=32&type=chunk) - The company's main businesses include integrated circuit packaging and testing, power device packaging and testing, and wafer testing, operating on a direct sales model primarily serving chip design companies[34](index=34&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) - The company is one of the largest domestic semiconductor OSAT enterprises in South China, mastering multiple core technologies such as 5G GaN RF power amplifier plastic packaging, high-density large-matrix packaging, FC packaging, and MEMS packaging, and has been recognized as a national-level 'Little Giant' enterprise specializing in niche sectors[40](index=40&type=chunk)[41](index=41&type=chunk) [Discussion and Analysis of Operations](index=15&type=section&id=%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) During the reporting period, the company achieved **4.09% revenue growth** by capitalizing on AI-driven market recovery, despite expanded losses due to increased costs, while continuously investing in R&D with a **2.50% increase**, making progress in high-density packaging and power devices, and implementing strategies for key client management, quality control, lean cost management, and talent development - Sustained R&D investment: R&D expenditure in H1 2025 was **RMB 26.02 million**, a **2.50% year-on-year increase**, with high-density packaging technology upgrades completed for SOP and TSSOP series integrated circuits, and continuous mass production and expansion of TO and PDFN power device products[43](index=43&type=chunk)[44](index=44&type=chunk) - Key operational strategies include building 'one-enterprise-one-policy' management for key clients to enhance strategic supplier status, fostering a quality culture with incident review mechanisms, optimizing operating costs through 'labor and material cost reduction + management efficiency,' and deepening talent development plans to build a versatile team[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=16&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies encompass six areas: technological advantages in GaN, FC, and MEMS, a strong talent pool, flexible production with stringent quality management, strategic location in the Greater Bay Area, significant scale as one of South China's largest domestic OSAT firms, and intelligent manufacturing capabilities recognized as a 'Dongguan Smart Factory' - The company's core competencies include: **Technological advantages** in 5G GaN RF power amplifiers, high-density large-matrix, FC, MEMS, and SiC plastic packaging; a **strong talent pool** with experienced management and technical teams and a comprehensive training system; **flexible production capabilities** and a quality management system certified by ISO9001, IATF16949; a **strategic geographical advantage** in the Guangdong-Hong Kong-Macao Greater Bay Area for rapid customer response; **scale advantage** as one of South China's largest domestic OSAT enterprises with high-volume, high-quality supply capacity; and **intelligent manufacturing** through MES, APS, EAP systems, achieving full-process digital management and recognized as an excellent smart manufacturing scenario by MIIT[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk) [Core Technologies and R&D Progress](index=18&type=section&id=%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%B8%8E%E7%A0%94%E5%8F%91%E8%BF%9B%E5%B1%95) The company continues customer-oriented R&D, holding **306 domestic and international patents** (including **51 invention patents**), achieving significant progress in 5G GaN RF power amplifier plastic packaging, high-density large-matrix, FC, MEMS, and SiC/GaN third-generation semiconductor packaging, with **R&D investment totaling RMB 26.02 million**, a **2.50% year-on-year increase**, and **12 ongoing projects** in advanced fields like MCU and power device packaging - As of June 30, 2025, the company holds **306 domestic and international patents**, including **51 invention patents**[51](index=51&type=chunk) R&D Investment Overview | R&D Investment Item | Current Period Amount (RMB Yuan) | Prior Period Amount (RMB Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | **Total R&D Investment** | 26,021,186.58 | 25,387,287.46 | **2.50** | | **R&D Investment as % of Operating Revenue (%)** | 7.98 | 8.11 | **Decreased by 0.13 percentage points** | - Significant R&D achievements during the reporting period include over **85% conversion rate** for SOP and TSSOP series high-density integrated circuit packaging technologies, continuous mass production and expansion of TO and PDFN power device series, and ongoing small-batch delivery of SiC MOSFET packaging[59](index=59&type=chunk) - The company currently has **12 ongoing R&D projects** with an estimated total investment of **RMB 98.45 million**, covering advanced technologies such as multi-functional MCU packaging, third-generation semiconductor SiC chip plastic packaging, and system-level power device double-sided heat dissipation packaging[65](index=65&type=chunk)[66](index=66&type=chunk) [Risk Factors](index=24&type=section&id=%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) The company faces key risks including potential sustained losses if industry recovery falls short, market share erosion due to rapid advanced packaging technology iteration given its traditional packaging focus, loss of core R&D talent, gross margin volatility from market fluctuations and intense competition, and capacity underutilization if new production lines face insufficient market demand - Key risk points include: **Performance loss risk** if industry recovery falls short, potentially leading to sustained losses; **Technology iteration risk** as the company's products are primarily traditional packaging, potentially shrinking market space if it fails to keep pace with advanced packaging technologies like FC, 3D, and SiP; **Talent loss risk** due to fierce industry competition for skilled R&D personnel, which could impact competitiveness; **Gross margin fluctuation risk** from volatile end markets and intensified industry competition; and **Capacity utilization risk** if new production lines from fundraising and self-funded expansion projects face insufficient downstream demand[69](index=69&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk)[77](index=77&type=chunk) [Key Operating Performance During the Reporting Period](index=26&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This chapter details changes in financial statement items, noting a **75.74% surge in financial expenses** due to capitalized interest and increased finance leases, a **62.33% drop in net operating cash flow** from higher payments for goods and services, significant shifts in accounts receivable and other current assets, and the establishment of a new controlled subsidiary, Huizhou Greatek Technology Co., Ltd Key Financial Statement Item Changes | Account | Current Period Amount (RMB Yuan) | Prior Period Amount (RMB Yuan) | Change (%) | Main Reason | | :--- | :--- | :--- | :--- | :--- | | **Financial Expenses** | 11,433,869.91 | 6,506,109.75 | **75.74** | Capitalization of infrastructure interest and increase in finance leases | | **Net Cash Flow from Operating Activities** | 14,107,322.58 | 37,452,358.29 | **-62.33** | Increase in cash paid for goods and services | Balance Sheet Item Changes | Balance Sheet Item | Period-end Amount (RMB Yuan) | Change vs. Prior Year-end (%) | Main Reason | | :--- | :--- | :--- | :--- | | **Notes Receivable** | 39,098,157.93 | **-49.49** | Decrease in notes receivable endorsed or discounted but not yet due at period-end | | **Other Payables** | 144,187,627.72 | **87.02** | Increase in personal funds lent to the company | | **Other Current Liabilities** | 19,310,290.36 | **-78.19** | Decrease in unconfirmed endorsed and undue acceptance bills | | **Lease Liabilities** | 1,998,668.67 | **437.00** | New subsidiary factory lease contract | - In January 2025, the company established a new controlled subsidiary, Huizhou Greatek Technology Co., Ltd., with a registered capital of **RMB 10 million**, in which the company holds a **70% stake**, primarily engaged in electronic component manufacturing and metal surface treatment[88](index=88&type=chunk) [Corporate Governance, Environment, and Society](index=30&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section outlines changes in the company's directors, supervisors, senior management, and core technical personnel, as well as its profit distribution plan and equity incentive schemes [Changes in the Company's Directors, Senior Management, and Core Technical Personnel](index=30&type=section&id=%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, core technical personnel changes occurred with Mr. Yi Bingchuan's departure for personal reasons, and the company newly designated Mr. Cao Zhou and Mr. Liu Xin as core technical personnel, with all related work successfully transitioned - In April 2025, core technical personnel Yi Bingchuan resigned, and the company newly designated Cao Zhou and Liu Xin as core technical personnel[91](index=91&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=30&type=section&id=%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company proposes no profit distribution or capital reserve conversion to share capital for the first half of 2025 - The company proposes no profit distribution or capital reserve conversion to share capital for the first half of the year[93](index=93&type=chunk) [Company Equity Incentive Plan, Employee Stock Ownership Plan](index=30&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92) In April 2025, the company approved the repurchase and cancellation of certain shares from its 2023 Restricted Stock Incentive Plan and Employee Stock Ownership Plan, with the related procedures completed in July - The company completed the repurchase and cancellation of **161,340 granted but unvested restricted shares** from its 2023 Restricted Stock Incentive Plan on July 30, 2025[94](index=94&type=chunk) - The company completed the repurchase and cancellation of **67,355 unvested shares** from its 2023 Employee Stock Ownership Plan on July 15, 2025[95](index=95&type=chunk) [Significant Matters](index=32&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details the company's fulfillment of commitments and significant contracts, particularly focusing on guarantees provided to subsidiaries [Fulfillment of Commitments](index=32&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company's actual controllers, shareholders, directors, supervisors, and senior management strictly fulfilled all commitments made during the initial public offering, including share lock-up, avoidance of horizontal competition, and compensation for diluted immediate returns, with no violations - The company and relevant parties strictly fulfilled all commitments made during the initial public offering in the reporting period, including share lock-up, dividend distribution, and avoidance of horizontal competition, with no violations[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk) [Significant Contracts and Their Performance](index=40&type=section&id=%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company provided no external guarantees but guaranteed its subsidiaries, with total outstanding guarantees to subsidiaries amounting to **RMB 738.95 million** at period-end, representing **123.74% of the company's net assets**, of which **RMB 440.36 million** exceeded 50% of net assets Guarantee Overview | Guarantee Situation | Amount (RMB 10,000 Yuan) | | :--- | :--- | | **Guarantees Provided to Subsidiaries During Reporting Period** | 10,000.00 | | **Total Outstanding Guarantees to Subsidiaries at Period-end (B)** | 73,894.63 | | **Total Guarantees (A+B)** | 73,894.63 | | **Total Guarantees as % of Company's Net Assets (%)** | **123.74** | | **Amount of Guarantees Exceeding 50% of Net Assets** | 44,035.61 | [Share Changes and Shareholder Information](index=43&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital, shareholder structure, and the shareholdings of directors, supervisors, senior management, and core technical personnel [Share Capital Changes](index=43&type=section&id=%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's restricted shares decreased by **83,160** due to the first vesting period of the 2023 Restricted Stock Incentive Plan, increasing unrestricted shares while total share capital remained at **107,108,500 shares**; post-reporting period, total share capital will decrease to **106,879,805 shares** after repurchasing and canceling certain employee stock ownership and restricted shares - On May 22, 2025, **83,160 restricted shares** converted to unrestricted tradable shares due to an equity incentive plan unlock, with total share capital remaining unchanged[113](index=113&type=chunk) - Post-reporting period, the company repurchased and canceled a total of **228,695 shares** (**67,355 employee stock ownership shares + 161,340 restricted shares**), reducing total share capital from **107.1 million shares** to **106.9 million shares**[115](index=115&type=chunk) [Shareholder Information](index=44&type=section&id=%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the reporting period end, the company had **5,912 common shareholders**, with the top two, actual controllers Liang Dazhong and Bai Ying (a married couple), holding a combined **53.20% stake**; the top ten shareholders also included Cinda Securities asset management plans and several private securities investment funds - As of the end of the reporting period, the company had a total of **5,912 shareholders**[119](index=119&type=chunk) Top Ten Shareholders | Top Ten Shareholder Name | Shares Held at Period-end (shares) | Proportion (%) | | :--- | :--- | :--- | | Liang Dazhong | 45,790,000 | **43.05** | | Bai Ying | 10,800,000 | **10.15** | | Cinda Securities - Ping An Bank - Cinda Securities Juhe No. 2 Collective Asset Management Plan | 5,360,000 | **5.04** | | Shenzhen Zeyuan Private Securities Fund Management Co., Ltd. - Zeyuan Liwangtian No. 42 Private Securities Investment Fund | 1,468,642 | **1.38** | | Shi Baoqiu | 1,079,800 | **1.02** | - Actual controllers Liang Dazhong and Bai Ying are a married couple, jointly holding **53.20%** of the company's shares[122](index=122&type=chunk) [Information on Directors, Senior Management, and Core Technical Personnel](index=47&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) During the reporting period, Chairman and General Manager Liang Dazhong reduced his holdings by **5.36 million shares** to support the listed company's funding needs, ending with **45.79 million shares**, while other executives and core technical personnel saw changes in their indirect shareholdings due to participation in employee stock ownership plans - Chairman and General Manager Liang Dazhong reduced his shareholding by **5,360,000 shares** during the reporting period, citing 'funding needs to support the listed company's development' as the reason[126](index=126&type=chunk) [Bond-Related Information](index=49&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms that the company has no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=49&type=section&id=%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[132](index=132&type=chunk) [Convertible Corporate Bonds](index=49&type=section&id=%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) During the reporting period, the company had no convertible corporate bonds - The company has no convertible corporate bonds[132](index=132&type=chunk) [Financial Report](index=50&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's consolidated financial statements and detailed notes, providing a comprehensive overview of its financial position, performance, and cash flows [Financial Statements](index=50&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The financial statements show that as of June 30, 2025, the company's total assets were **RMB 1.88 billion**, total liabilities **RMB 1.26 billion**, and equity attributable to parent company owners **RMB 597 million**; for H1 2025, operating revenue was **RMB 326 million**, net profit attributable to parent company shareholders was **-RMB 58.67 million**, and net cash flow from operating activities was **RMB 14.11 million** Consolidated Financial Statement Core Data (As of June 30, 2025 / Jan-Jun 2025) | Indicator | Amount (RMB Yuan) | | :--- | :--- | | **Balance Sheet:** | | | Total Assets | 1,881,141,480.60 | | Total Liabilities | 1,257,902,572.74 | | Equity Attributable to Parent Company Owners | 597,180,424.56 | | **Income Statement:** | | | Total Operating Revenue | 325,906,482.77 | | Net Profit Attributable to Parent Company Shareholders | -58,668,634.55 | | **Cash Flow Statement:** | | | Net Cash Flow from Operating Activities | 14,107,322.58 | | Net Cash Flow from Investing Activities | -65,315,507.62 | | Net Cash Flow from Financing Activities | 42,060,264.66 | [Notes to Consolidated Financial Statement Items](index=92&type=section&id=%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) The financial statement notes detail key accounting items, revealing that as of period-end, the company's assets with restricted ownership or use rights totaled **RMB 622.44 million**, primarily fixed assets, intangible assets, and investment properties pledged for bank credit and sale-leaseback arrangements, with deferred income from asset-related government grants amounting to **RMB 91.38 million** Assets with Restricted Ownership or Use Rights (Period-end) | Item | Book Value (RMB Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 31,354,709.73 | Bill Deposit | | Fixed Assets | 551,869,948.83 | Pledged for bank credit and sale-leaseback arrangements | | Intangible Assets | 25,523,097.98 | Pledged for bank credit and sale-leaseback arrangements | | Investment Properties | 13,696,731.57 | Pledged for bank credit and sale-leaseback arrangements | | **Total** | **622,444,488.11** | | - The company recognized asset-related government grants as deferred income, with an opening balance of **RMB 84.90 million**, new additions of **RMB 15.00 million** in the current period, amortization of **RMB 8.51 million** recognized in other income, and a period-end balance of **RMB 91.38 million**[411](index=411&type=chunk)

惠州市德赛西威汽车电子股份有限公司 2025 年半年度报告全文 惠州市德赛西威汽车电子股份有限公司 2025 年半年度报告 2025-058 2025 年 8 月 1 惠州市德赛西威汽车电子股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 | 目录 | | --- | | 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 7 | | 第三节 | 管理层讨论与分析 10 | | 第四节 | 公司治理、环境和社会 20 | | 第五节 | 重要事项 25 | | 第六节 | 股份变动及股东情况 31 | | 第七节 | 债券相关情况 36 | | 第八节 | 财务报告 37 | | 第九节 | 其他报送数据 141 | 惠州市德赛西威汽车电子股份有限公司 2025 年半年度报告全文 备查文件目录 公司负责人高大鹏、主管会计工作负责人陈莉及会计机构负责人(会计主 管人员)林元中声明 ...

2025 年 8 月 1 广州广哈通信股份有限公司 2025 年半年度报告全文 广州广哈通信股份有限公司 2025 年半年度报告 广州广哈通信股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人孙业全、主管会计工作负责人陈炜及会计机构负责人(会计主管人员)邱锋声明：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。 公司在经营管理中可能面临的风险与对策已在本报告中第三节"管理层讨论与分析"之"十、公 司面临的风险和应对措施"部分予以描述。敬请广大投资者关注，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 | 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 | | ...

南侨食品集团（上海）股份有限公司2025 年半年度报告 公司代码：605339 公司简称：南侨食品 南侨食品集团（上海）股份有限公司 2025 年半年度报告 1 / 152 南侨食品集团（上海）股份有限公司2025 年半年度报告 重要提示 六、前瞻性陈述的风险声明 √适用 □不适用 本公司2025年半年度报告涉及的公司未来计划、发展战略等前瞻性描述不构成公司对投资者的实质 承诺，敬请投资者注意投资风险。 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可能存在的相关风险，敬请查阅第三节管理层讨论与分析中可能面对的 风险部分。 十一、其他 □适用 √不适用 2 / 152 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、公司负责人陈正文、主管会计工作负责人古锦宜及会计机构负责人（会计主管人员）陈怡君声明： 保证半年度报告中财务报告的真实、准确、完整。 五 ...

[Company Profile and Key Financial Indicators](index=4&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and highlights its key financial performance metrics [Company Information Overview](index=4&type=section&id=Company%20Information%20Overview) Ningbo Fubang Jingye Group Co, Ltd is a publicly traded company on the Shanghai Stock Exchange with stock code 600768 Company Basic Information | Item | Content | | :--- | :--- | | **Company Name (English)** | Ningbo Fubang Jingye Group Co, Ltd | | **Short Name** | Ningbo Fubang | | **Stock Code** | 600768 | | **Listing Exchange** | Shanghai Stock Exchange | | **Legal Representative** | Song Lingjie | [Key Accounting Data and Financial Indicators](index=5&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) The company achieved significant performance growth, driven by the acquisition and consolidation of DianGong Alloy Key Accounting Data (Unit: CNY) | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period (Restated) | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 536,473,952.05 | 469,680,327.89 | 14.22% | | **Net Profit Attributable to Shareholders** | 9,679,737.30 | 3,290,766.68 | 194.15% | | **Net Profit Attributable to Shareholders (Excluding Non-recurring Items)** | 7,777,508.49 | -1,497,559.50 | N/A | | **Net Cash Flow from Operating Activities** | -22,907,204.18 | -40,114,624.63 | N/A | | **Total Assets** | 1,029,539,623.85 | 1,067,262,943.43 | -3.53% | Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period (Restated) | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Basic Earnings Per Share (CNY/Share)** | 0.07 | 0.02 | 250.00% | | **Weighted Average Return on Equity (%)** | 2.53% | 0.74% | Increased by 1.79 percentage points | - The company consolidated DianGong Alloy from December 31, 2024, and retrospectively adjusted comparative financial statements due to a business combination under common control, which is crucial for understanding the year-over-year changes[22](index=22&type=chunk) - Non-recurring gains and losses for the period totaled **CNY 1.9022 million**, primarily from government grants (CNY 2.8406 million) and fair value changes in financial assets (CNY 0.5937 million)[23](index=23&type=chunk)[24](index=24&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) This section details the company's business operations, competitive strengths, financial performance, and potential risks [Industry and Main Business Operations](index=7&type=section&id=Industry%20and%20Main%20Business%20Operations) The company's main business involves non-ferrous metal material processing and sales, focusing on electrical contact products and aluminum profiles - The company's business is divided into two main segments: - **Electrical Contact Product Processing**: Conducted through its subsidiary DianGong Alloy, serving sectors like home appliances, industrial control, new energy vehicles, photovoltaics, and 5G, representing a key new business focus - **Aluminum Profile Processing and Trading**: The traditional business, including aluminum profile production and aluminum ingot trading[26](index=26&type=chunk)[34](index=34&type=chunk) - The market for electrical contact products expanded to **CNY 20.34 billion** in 2024, with a compound annual growth rate of **10.06%** from 2016 to 2024, driven by the recovery in the downstream low-voltage electrical appliance market[27](index=27&type=chunk)[29](index=29&type=chunk) - The company uses a "raw material price + processing fee" pricing model, with rising silver prices in H1 2025 positively impacting inventory value for the electrical contact business[30](index=30&type=chunk)[35](index=35&type=chunk) [Business Operation Discussion and Analysis](index=10&type=section&id=Business%20Operation%20Discussion%20and%20Analysis) In H1 2025, the newly acquired DianGong Alloy business drove performance, offsetting the decline in the traditional aluminum segment - The newly acquired DianGong Alloy business became the primary growth engine, with its H1 2025 revenue reaching **CNY 366 million** (a **29.18%** increase YoY) and net profit hitting **CNY 29.6315 million** (an **89.52%** increase YoY)[36](index=36&type=chunk) - The traditional aluminum profile and trading business experienced a decline in sales and profitability due to weak downstream demand[37](index=37&type=chunk) - The company is undergoing a strategic transformation, including: - **Divesting inefficient assets**: Selling aluminum profile business assets for **CNY 26.4579 million** - **Integrating internal resources**: Merging with its wholly-owned trading subsidiary to streamline structure and reduce costs[38](index=38&type=chunk)[39](index=39&type=chunk) [Core Competitiveness Analysis](index=11&type=section&id=Core%20Competitiveness%20Analysis) The company's core competitiveness lies in the technology, products, customer base, and talent of its electrical contact materials business - **Technological Advantage**: Subsidiary DianGong Alloy is a national-level "Specialized, Refined, Unique, and New" Little Giant enterprise with **35 authorized patents** (12 inventions) and has led or participated in drafting 8 national and industry standards[40](index=40&type=chunk) - **Customer Resource Advantage**: Established strong cooperative relationships with major domestic and international low-voltage appliance manufacturers such as Hongfa, Bull Group, Omron, and TE Connectivity[40](index=40&type=chunk)[41](index=41&type=chunk) [Analysis of Main Business Operations](index=12&type=section&id=Analysis%20of%20Main%20Business%20Operations) The company's financial performance was stable, with notable changes in asset and liability structure due to acquisition payments and investment activities [Analysis of Changes in Financial Statement Items](index=12&type=section&id=Analysis%20of%20Changes%20in%20Financial%20Statement%20Items) Operating revenue and costs grew steadily, while administrative and financing expenses increased significantly Key Changes in Financial Statements | Item | Current Period (CNY) | Prior Year Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 536,473,952.05 | 469,680,327.89 | 14.22 | | **Operating Costs** | 477,785,759.88 | 430,397,739.57 | 11.01 | | **Administrative Expenses** | 13,494,091.12 | 10,077,591.24 | 33.90 | | **Financial Expenses** | 3,485,132.43 | 2,497,074.94 | 39.57 | | **R&D Expenses** | 13,155,074.50 | 10,347,085.27 | 27.14 | | **Net Cash Flow from Financing Activities** | -9,834,225.38 | 43,793,274.52 | -122.46 | [Analysis of Assets and Liabilities](index=12&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) Total assets slightly decreased, with significant shifts in cash, financial assets, and payables due to acquisition payments and wealth management activities Key Changes in Balance Sheet Items | Item | Closing Balance (CNY) | Change from Prior Year-End (%) | Main Reason | | :--- | :--- | :--- | :--- | | **Cash and Cash Equivalents** | 123,680,591.66 | -44.88% | Primarily due to payment for the DianGong Alloy equity acquisition | | **Trading Financial Assets** | 35,543,700.89 | 985.44% | Primarily due to an increase in bank wealth management products | | **Receivables Financing** | 25,685,103.06 | 112.20% | Primarily due to an increased scale of settlement via bank acceptance bills | | **Other Payables** | 7,766,014.53 | -88.64% | Primarily due to payments for the DianGong Alloy equity acquisition and dividends | | **Long-term Borrowings** | 47,110,000.00 | 100.00% | Primarily due to an increase in bank loans during the period | - As of the period end, the company's restricted assets totaled **CNY 73.20 million**, mainly comprising bank acceptance bill deposits and pledged time deposits; previously frozen bank accounts and equity were released during the period[46](index=46&type=chunk) [Investment Status Analysis](index=14&type=section&id=Investment%20Status%20Analysis) The company's financial assets measured at fair value increased, driven by investments in bank wealth management products Financial Assets Measured at Fair Value (Unit: CNY) | Asset Class | Opening Balance | Purchases This Period | Closing Balance | | :--- | :--- | :--- | :--- | | **Bank Wealth Management** | 3,274,594.76 | 32,000,000.00 | 35,445,398.39 | | **Futures** | 0.00 | 1,684,321.50 | 98,302.50 | | **Receivables Financing** | 12,104,273.60 | - | 25,685,103.06 | | **Other Non-current Financial Assets** | 308,000,000.00 | - | 308,000,000.00 | - Subsidiary DianGong Alloy engaged in speculative futures trading, purchasing contracts worth CNY 1.6843 million, selling contracts worth CNY 1.9653 million, and realizing a gain of **CNY 0.3792 million** during the period[53](index=53&type=chunk) [Major Asset and Equity Sales](index=17&type=section&id=Major%20Asset%20and%20Equity%20Sales) The company is proceeding with a major asset sale to divest its aluminum profile business to a related party as part of its strategic transformation - The company plans to sell assets and liabilities related to its aluminum profile business, along with 100% equity in the aluminum profile subsidiary, to the related party Ningbo Fubang Aluminum Co, Ltd for **CNY 26.4579 million**[55](index=55&type=chunk) - This sale is part of the company's strategic transformation to divest the less profitable aluminum processing business and is currently in progress as of the report date[55](index=55&type=chunk)[59](index=59&type=chunk) [Analysis of Major Holding and Participating Companies](index=17&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The primary profit contributor was the subsidiary Ningbo DianGong Alloy Materials Co, Ltd, which generated a net profit of CNY 29.63 million Operating Performance of Major Subsidiaries (Unit: CNY) | Company Name | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | | **Ningbo DianGong Alloy Materials Co, Ltd** | 366,005,657.60 | 33,005,758.10 | 29,631,477.90 | | **Ningbo Fubang Jingye Trading Co, Ltd** | 162,823,165.68 | 1,061,515.05 | 859,829.29 | | **Ningbo Fubang Jingye Aluminum Profile Co, Ltd** | 8,713,049.05 | 1,468,905.29 | 1,465,135.98 | [Potential Risks](index=19&type=section&id=Potential%20Risks) The company faces risks from industry cyclicality, raw material price volatility, and increasingly stringent environmental policies - **Industry Risk**: The non-ferrous metal processing industry is highly cyclical and sensitive to macroeconomic conditions; weak market demand could lead to a reduction in orders[60](index=60&type=chunk) - **Raw Material Price Fluctuation Risk**: Prices of key raw materials like silver and copper are volatile, directly impacting the company's production costs and operating profit[61](index=61&type=chunk) - **Environmental Policy Risk**: Stricter national environmental policies, including carbon peak and neutrality goals, may increase the company's costs for energy conservation, emission reduction, and equipment upgrades[61](index=61&type=chunk) [Corporate Governance, Environment, and Society](index=20&type=section&id=Corporate%20Governance,%20Environment,%20and%20Society) This section covers changes in governance personnel and the company's profit distribution plan for the period [Changes in Directors, Executives, and Profit Distribution](index=20&type=section&id=Changes%20in%20Directors,%20Executives,%20and%20Profit%20Distribution) The Board of Directors underwent changes during the reporting period, and no interim profit distribution is planned - During and after the reporting period, the Board of Directors experienced changes: - Wang Haitao was elected as a director - Tang Fengshou was elected as an independent director - Independent director Hua Xiuping resigned[64](index=64&type=chunk) - The company's proposed semi-annual profit distribution plan is **no dividend distribution and no capitalization of capital reserves**[65](index=65&type=chunk) [Significant Matters](index=22&type=section&id=Significant%20Matters) This section outlines the status of commitments, major legal proceedings, related-party transactions, and significant contracts [Fulfillment of Commitments](index=22&type=section&id=Fulfillment%20of%20Commitments) All parties related to the major asset restructuring have strictly fulfilled their commitments during the reporting period - The company, its controlling shareholder, actual controller, directors, supervisors, and senior management have all strictly adhered to their commitments made during the major asset restructuring, including those related to information disclosure, non-competition, and regulation of related-party transactions[68](index=68&type=chunk)[72](index=72&type=chunk) [Major Litigation and Arbitration](index=29&type=section&id=Major%20Litigation%20and%20Arbitration) The company received favorable final judgments in two major litigation cases during the reporting period - The "shareholder liability dispute" case brought by Runmu Company against the company has concluded with a final judgment in the company's favor, with the court dismissing all of Runmu's claims[76](index=76&type=chunk) - The company won its first-instance lawsuit against Ningbo Zhonghua Paper Co, Ltd regarding the infringement of shareholder information rights[79](index=79&type=chunk) [Material Related-Party Transactions](index=30&type=section&id=Material%20Related-Party%20Transactions) Major related-party transactions involved routine operations and a significant asset sale aimed at strategic restructuring - Routine related-party transactions include: - **Property Leasing**: Leasing production and office space from Fubang Aluminum and Xinle Holding Group - **Product Sales**: Selling composite contacts and other products to Ningbo Timer Co, Ltd, with an expected transaction value not exceeding CNY 5 million in 2025[80](index=80&type=chunk) - A major asset sale to a related party involves transferring the aluminum profile business assets to Fubang Aluminum for **CNY 26.4579 million**, which is currently in progress[81](index=81&type=chunk) [Major Contracts and Their Performance](index=32&type=section&id=Major%20Contracts%20and%20Their%20Performance) The company has no major custody, contracting, or leasing arrangements, with guarantees limited to a subsidiary Company Guarantee Summary (Unit: CNY 10,000) | Item | Amount | | :--- | :--- | | **Total Guarantee Balance for Subsidiaries at Period-End (B)** | 3,000.00 | | **Total Guarantee Amount (A+B)** | 3,000.00 | | **Total Guarantee Amount as a Percentage of Net Assets (%)** | 6.34% | | **Guarantees for Parties with Debt-to-Asset Ratio over 70% (D)** | 3,000.00 | [Share Capital Changes and Shareholder Information](index=34&type=section&id=Share%20Capital%20Changes%20and%20Shareholder%20Information) This section provides details on the company's share structure and key shareholders as of the reporting date [Share Capital Changes and Shareholder Information](index=34&type=section&id=Share%20Capital%20Changes%20and%20Shareholder%20Information) The company's total share capital and structure remained unchanged, with 12,368 shareholders at the end of the period - The company's total number of shares and share capital structure did not change during the reporting period[87](index=87&type=chunk) - As of the end of the reporting period, the total number of shareholders was **12,368**[88](index=88&type=chunk) Top Three Shareholders | Shareholder Name | Shares Held at Period-End | Percentage (%) | | :--- | :--- | :--- | | Ningbo Fubang Holding Group Co, Ltd | 49,820,082 | 37.25 | | Mi Kerong | 2,990,000 | 2.24 | | Ge Qiquan | 1,319,200 | 0.99 | [Financial Report](index=38&type=section&id=Financial%20Report) This section presents the unaudited financial statements and key notes for the first half of 2025 [Financial Statements](index=38&type=section&id=Financial%20Statements) The unaudited financial statements show total assets of CNY 1.03 billion and net profit attributable to parent of CNY 9.68 million for H1 2025 Key Consolidated Balance Sheet Data (2025-06-30) | Item | Amount (CNY) | | :--- | :--- | | **Total Assets** | 1,029,539,623.85 | | **Total Liabilities** | 563,348,599.14 | | **Equity Attributable to Parent Company Owners** | 380,785,226.64 | Key Consolidated Income Statement Data (Jan-Jun 2025) | Item | Amount (CNY) | | :--- | :--- | | **Total Operating Revenue** | 536,473,952.05 | | **Total Profit** | 27,655,454.92 | | **Net Profit** | 24,080,994.90 | | **Net Profit Attributable to Parent Company Shareholders** | 9,679,737.30 | Key Consolidated Cash Flow Statement Data (Jan-Jun 2025) | Item | Amount (CNY) | | :--- | :--- | | **Net Cash Flow from Operating Activities** | -22,907,204.18 | | **Net Cash Flow from Investing Activities** | -32,470,682.40 | | **Net Cash Flow from Financing Activities** | -9,834,225.38 | | **Net Increase in Cash and Cash Equivalents** | -65,212,111.87 | [Notes to the Financial Statements](index=53&type=section&id=Notes%20to%20the%20Financial%20Statements) The notes provide detailed explanations of accounting policies and breakdowns of key items in the consolidated financial statements [Significant Accounting Policies and Estimates](index=53&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) The company prepares its financial statements based on the going concern assumption and follows China's Accounting Standards for Business Enterprises - The company applies an expected credit loss model for the impairment of financial assets, classifying them into three stages based on credit risk and calculating provisions for specific portfolios like notes and accounts receivable[148](index=148&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services, in accordance with the new revenue recognition standards[211](index=211&type=chunk)[212](index=212&type=chunk) [Notes to Items in the Consolidated Financial Statements](index=80&type=section&id=Notes%20to%20Items%20in%20the%20Consolidated%20Financial%20Statements) This section details the composition of key balance sheet items, including cash, receivables, inventory, and borrowings - At period-end, cash and cash equivalents totaled **CNY 124 million**, of which **CNY 73.20 million** was restricted, primarily for bank acceptance bill deposits and pledged time deposits[232](index=232&type=chunk)[233](index=233&type=chunk) - The closing balance of accounts receivable was **CNY 213 million**, with a bad debt provision of CNY 17.32 million; the top five customers accounted for **56.21%** of the total balance[246](index=246&type=chunk)[252](index=252&type=chunk) - The carrying value of inventory at period-end was **CNY 177 million**, with raw materials (approx CNY 88.73 million) and finished goods (approx CNY 77.65 million) being the largest components[272](index=272&type=chunk) [Related Parties and Related-Party Transactions](index=136&type=section&id=Related%20Parties%20and%20Related-Party%20Transactions) The company's parent is Ningbo Fubang Holding Group, and it engaged in various transactions with related parties, including a major asset sale - The company's parent is Ningbo Fubang Holding Group Co, Ltd, holding a **37.25%** stake, and the actual controllers are the management team led by Song Hanping[426](index=426&type=chunk) - A major related-party transaction is the proposed sale of the aluminum profile business to Ningbo Fubang Aluminum Co, Ltd for **CNY 26.4579 million**, which is currently in progress[438](index=438&type=chunk) - **Related-party guarantee**: The related party Ningbo Hengrun Group Co, Ltd provides a joint and several liability guarantee for the company up to a maximum amount of **CNY 50 million**[436](index=436&type=chunk)

浙江博菲电气股份有限公司 2025 年半年度报告全文 浙江博菲电气股份有限公司 2025 年半年度报告 【2025 年 8 月】 1 浙江博菲电气股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人陆云峰、主管会计工作负责人程志渊及会计机构负责人(会计 主管人员)沈红仙声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成本公司对投资 者的承诺，敬请投资者注意投资风险。 公司在本报告第三节"管理层讨论与分析"中"十、公司面临的风险和应 对措施"部分，详细描述了公司经营中可能存在的风险，敬请投资者关注相 关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 目录 | | --- | | 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 ...

卧龙电气驱动集团股份有限公司2025 年半年度报告 公司代码：600580 公司简称：卧龙电驱 卧龙电气驱动集团股份有限公司2025 年半年度报告 卧龙电气驱动集团股份有限公司 2025 年半年度报告 1 / 200 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 公司2025年半年度不实施利润分配，也不实施资本公积转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 报告中涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，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 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、 公司负责人庞欣元、主管会计工作负责人杨子江及会计机构负责人（会计主管人员）欧阳 丽娟声明：保证半年度报告中财务报告的真实、准确、完整。 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 ...

1 / 210 南微医学科技股份有限公司2025 年半年度报告 公司代码：688029 公司简称：南微医学 南微医学科技股份有限公司 2025 年半年度报告 南微医学科技股份有限公司2025 年半年度报告 重要提示 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"。 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、 公司负责人隆晓辉、主管会计工作负责人芮晨为及会计机构负责人（会计主管人员）马志 敏声明：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 公司拟向全体股东每 10 股派发现金红利 5.00 元（含税）。截至 2025 年 8 月 8 日，公司总股 本 187,847,422 股，扣减回购专用证券账户中股份总数 922,051 股后的股本为 186,925,371 股，公 司以此为基数计算合计拟派发现金红利 93,462,685.50 元（含税），占合并报表中归属于上市公司 普通股股东净利润 363,379,408.08 元的比例为 2 ...

浙江洁美电子科技股份有限公司 2025 年半年度报告全文 浙江洁美电子科技股份有限公司 2025 年半年度报告 2025-049 2025 年 8 月 12 日 1 浙江洁美电子科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人方隽云、主管会计工作负责人王琼及会计机构负责人(会计主 管人员)王琼声明：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。 公司在本报告"管理层讨论与分析"部分，描述了公司的经营计划、发 展战略等前瞻性陈述，不构成对投资者的实质承诺。 公司经本次董事会审议通过的利润分配预案为：以 425,979,719 为基数， 向全体股东每 10 股派发现金红利 1.00 元（含税），送红股 0 股（含税），不以 公积金转增股本。 2 | 目录 | | --- | | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- | | 第二节 ...