重庆正川医药包装材料股份有限公司2025 年半年度报告 公司代码：603976 公司简称：正川股份 重庆正川医药包装材料股份有限公司 2025 年半年度报告 1 / 148 重庆正川医药包装材料股份有限公司2025 年半年度报告 重要提示 本报告所涉及的未来计划、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。 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 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、 公司负责人邓勇、主管会计工作负责人邓勇及会计机构负责人（会计主管人员）肖汉容声 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 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 ...

Section 1 Definitions [1.1 Definitions of Common Terms](index=4&type=section&id=1.1%20Definitions%20of%20Common%20Terms) This section provides definitions of common terms used in the report, including company names, subsidiaries, controlling shareholders, regulatory bodies, and specific aviation industry terminology, to ensure accurate interpretation of the report - The report clarifies that "Juneyao Airlines," "the Company," and "this Company" all refer to Shanghai Juneyao Airlines Co., Ltd[13](index=13&type=chunk) - Several wholly-owned and controlled subsidiaries are listed, including Ji Ning Culture and Juneyao Air[13](index=13&type=chunk) - Key aviation operational metrics such as available seat kilometers, load factor, and unit operating cost are defined, laying the foundation for subsequent financial and operational analysis[13](index=13&type=chunk) Section 2 Company Profile and Key Financial Indicators [2.1 Company Information](index=5&type=section&id=2.1%20Company%20Information) This section outlines the basic registration information of Shanghai Juneyao Airlines Co., Ltd., including its Chinese and English names, abbreviations, and legal representative - The company's full Chinese name is Shanghai Juneyao Airlines Co., Ltd., abbreviated as **Juneyao Airlines**[15](index=15&type=chunk) - The legal representative is **Wang Junjin**[15](index=15&type=chunk) [2.2 Contact Persons and Information](index=5&type=section&id=2.2%20Contact%20Persons%20and%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, to facilitate communication with investors and the public - The Board Secretary is **Xu Junmin**, and the Securities Affairs Representative is **Wang Xi**[16](index=16&type=chunk) - The contact address is Kangqiao East Road No. 2, Pudong New Area, Shanghai, with the email ir@juneyaoair.com[16](index=16&type=chunk) [2.3 Brief Introduction to Changes in Basic Information](index=5&type=section&id=2.3%20Brief%20Introduction%20to%20Basic%20Information%20Changes) This section describes the company's registered and office addresses, noting that the registered address remained unchanged during the reporting period - The company's registered address is No. 8 Kangqiao East Road, China (Shanghai) Pilot Free Trade Zone, which remained unchanged during the reporting period[17](index=17&type=chunk) - The company's office address is No. 2 Kangqiao East Road, Pudong New Area, Shanghai, postal code 201210[17](index=17&type=chunk) [2.4 Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=2.4%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section lists the company's designated newspapers for information disclosure, website address, and the location for keeping the semi-annual report - The company's selected newspapers for information disclosure are "China Securities Journal" and "Securities Times"[18](index=18&type=chunk) - The website address for publishing the semi-annual report is www.sse.com.cn[18](index=18&type=chunk) [2.5 Company Stock Profile](index=5&type=section&id=2.5%20Company%20Stock%20Profile) This section provides the company's stock listing information, including stock type, listing exchange, stock abbreviation, and code - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation **Juneyao Airlines** and stock code **603885**[19](index=19&type=chunk) [2.6 Key Accounting Data and Financial Indicators](index=6&type=section&id=2.6%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing year-on-year growth in operating revenue and net profit, and a significant increase in net cash flow from operating activities Major Accounting Data (Jan-Jun 2025 vs. Jan-Jun 2024) | Indicator | Current Period (Jan-Jun) | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 11,067,182,245.21 CNY | 10,955,544,969.83 CNY | 1.02 | | Total Profit | 682,170,954.67 CNY | 649,612,013.81 CNY | 5.01 | | Net Profit Attributable to Shareholders of Listed Company | 505,492,241.40 CNY | 489,368,021.54 CNY | 3.29 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 407,602,870.16 CNY | 475,439,339.95 CNY | -14.27 | | Net Cash Flow from Operating Activities | 3,107,313,900.87 CNY | 2,728,204,359.73 CNY | 13.90 | Key Financial Indicators (Jan-Jun 2025 vs. Jan-Jun 2024) | Indicator | Current Period (Jan-Jun) | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.23 | 0.22 | 4.55 | | Diluted Earnings Per Share (CNY/share) | 0.23 | 0.22 | 4.55 | | Basic Earnings Per Share (Excluding Non-recurring Gains and Losses) (CNY/share) | 0.19 | 0.22 | -13.64 | | Weighted Average Return on Net Assets (%) | 5.54 | 5.62 | Decrease of 0.08 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Gains and Losses) (%) | 4.50 | 5.59 | Decrease of 1.09 percentage points | - At the end of the reporting period, **net assets attributable to shareholders of the listed company increased by 2.86%** year-on-year, and **total assets increased by 4.60%** year-on-year[20](index=20&type=chunk) [2.7 Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=2.7%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the company's non-recurring gains and losses items and their amounts during the reporting period, totaling CNY 97.89 million, primarily including gains/losses from disposal of non-current assets, government subsidies, and other non-operating income and expenses Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 9,212,872.23 | | Government subsidies recognized in current profit or loss | 13,329,807.03 | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains/losses from disposal of financial assets and liabilities | 537,675.79 | | Other non-operating income and expenses apart from the above items | 104,349,495.92 | | Other profit or loss items that meet the definition of non-recurring gains and losses | 2,932,737.17 | | Less: Income tax impact | 32,473,214.59 | | Minority interests impact (after tax) | 2.31 | | Total | 97,889,371.24 | Section 3 Management Discussion and Analysis [3.1 Description of the Company's Industry and Main Business During the Reporting Period](index=8&type=section&id=3.1%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) This section elaborates on the overall operating conditions of the civil aviation industry in the first half of 2025, including record-high transport volume and rapid growth in international passenger transport, and details Juneyao Airlines' and its subsidiary Juneyao Air's main business of air passenger and cargo transport and their hub operation model - In the first half of 2025, the civil aviation industry's **total transport turnover, passenger transport volume, and cargo and mail transport volume increased by 11.4%, 6%, and 14.6% year-on-year**, respectively, reaching new highs[26](index=26&type=chunk) - **International passenger routes increased by 123**, with international passenger transport volume growing by **28.5%** year-on-year; foreign citizen entries and exits reached **38.053 million**, a **30.2%** year-on-year increase[26](index=26&type=chunk)[27](index=27&type=chunk) - Juneyao Airlines' main business is air passenger and cargo transport, adopting a hub operation model with Shanghai Hongqiao and Pudong as main bases, Nanjing and Chengdu as auxiliary bases; Juneyao Air uses Guangzhou Baiyun Airport as its main base[28](index=28&type=chunk) [3.1.1 Industry Overview](index=8&type=section&id=3.1.1%20Industry%20Overview) In the first half of 2025, China's civil aviation industry maintained steady growth, with transport volume reaching a new historical high, particularly strong performance in international passenger and cargo business, and continuous improvement in operational efficiency and safety Key Operating Data of Civil Aviation Industry in H1 2025 | Indicator | Data | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Total Transport Turnover | 78.35 billion ton-kilometers | 11.4 | | Passenger Transport Volume | 370 million passenger trips | 6 | | Cargo and Mail Transport Volume | 4.784 million tons | 14.6 | | International Passenger Transport Volume | - | 28.5 | | National Flight On-time Performance Rate | 91.7% | Increase of 5.3 percentage points | - The Civil Aviation Administration deployed nine key tasks for the second half of the year, including ensuring safety, optimizing route networks, comprehensively addressing "involutionary" competition in the industry, and developing the low-altitude economy[27](index=27&type=chunk) - China expanded its visa-free policy and extended the stay duration for foreign nationals, with **13.64 million visa-free entries** in the first half of the year, a year-on-year increase of **53.9%**[27](index=27&type=chunk) [3.1.2 Company's Main Business and Operating Model](index=8&type=section&id=3.1.2%20Company's%20Main%20Business%20and%20Operating%20Model) Juneyao Airlines and its subsidiary Juneyao Air focus on air passenger and cargo transport, operating a modern fleet efficiently through a hub operation model in the "Yangtze River Delta" and "Pearl River Delta" regions to achieve economies of scale and cost control - Juneyao Airlines' main business includes domestic (including Hong Kong, Macao, and Taiwan) and international air passenger and cargo transport, and in-flight catering services[28](index=28&type=chunk) - Juneyao Airlines operates with Shanghai Hongqiao and Pudong as its main bases, and Nanjing and Chengdu as auxiliary bases; Juneyao Air operates with Guangzhou Baiyun Airport as its main base[28](index=28&type=chunk) - The company operates **130 passenger aircraft** with an average age of approximately **7.61 years**, enhancing efficiency and reducing costs through a hub operation model[28](index=28&type=chunk) [3.2 Discussion and Analysis of Operations](index=8&type=section&id=3.2%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company achieved year-on-year growth in operating revenue and net profit by focusing on "internationalization," "technologization," "ecologization," and "greenization" strategies. International route capacity significantly increased, the fleet structure remained young, and operational efficiency and customer service were enhanced through refined management and digital transformation 2025年上半年公司主要财务指标 | Indicator | Amount/Ratio | | :--- | :--- | | Operating Revenue | 11,067,182,245.21 CNY | | Operating Revenue Year-on-Year Growth | 1.02% | | Net Profit Attributable to Shareholders of Listed Company | 505,492,241.40 CNY | | Revenue Per Passenger-Kilometer | 0.45 | | Unit Operating Cost | 0.34 | | Unit Operating Cost Excluding Fuel | 0.23 | - The company continuously advanced its "Four Modernizations" strategy, detailing work plans in internationalization, technologization, ecologization, and greenization[36](index=36&type=chunk) - The company's fleet totals **130 aircraft**, with an average age of **7.61 years**, including **93 aircraft** for Juneyao Airlines (Airbus A320/B787 series) and **27 aircraft** for Juneyao Air (Boeing 737 series)[33](index=33&type=chunk)[34](index=34&type=chunk) [3.2.1 Description of Main Business Operations](index=8&type=section&id=3.2.1%20Description%20of%20Main%20Business%20Operations) The company (including Juneyao Air) achieved substantial growth in international route capacity, revenue ton-kilometers, revenue passenger-kilometers, and cargo and mail carried in the first half of the year, with international business becoming the main growth driver, while domestic business saw a slight decrease Company (including Juneyao Air) Business Operating Data in H1 2025 (vs. 2024) | Indicator | H1 2025 | H1 2024 | Increase/Decrease (%) | | :--- | :--- | :--- | :--- | | Available Ton-Kilometers (ATK) | 3.515 billion ton-kilometers | 3.266 billion ton-kilometers | 7.62 | | - International ATK | 1.235 billion ton-kilometers | 689.6285 million ton-kilometers | 79.15 | | Available Seat-Kilometers (ASK) | 28.623 billion passenger-kilometers | 27.468 billion passenger-kilometers | 4.20 | | - International ASK | 8.490 billion passenger-kilometers | 5.129 billion passenger-kilometers | 65.55 | | Revenue Ton-Kilometers (RTK) | 2.407 billion ton-kilometers | 2.190 billion ton-kilometers | 9.91 | | - International RTK | 775.8239 million ton-kilometers | 425.9473 million ton-kilometers | 82.14 | | Passengers Carried | 13.59 million persons | 13.694 million persons | -0.76 | | - International Passengers Carried | 2.101 million persons | 1.440 million persons | 45.91 | | Overall Load Factor | 68.48% | 67.05% | Increase of 1.43 percentage points | | Passenger Load Factor | 85.17% | 84.51% | Increase of 0.66 percentage points | | Cargo and Mail Load Factor | 28.34% | 19.29% | Increase of 9.05 percentage points | - Juneyao Airlines independently operated over **270 domestic, international, and regional routes**, carrying **10.0022 million passengers**, with an average passenger load factor of **83.81%**[32](index=32&type=chunk) - Juneyao Air independently operated over **110 domestic, international, and regional routes**, carrying **3.588 million passengers**, with an average passenger load factor of **90.39%**[32](index=32&type=chunk) [3.2.2 Fleet Structure](index=10&type=section&id=3.2.2%20Fleet%20Structure) As of the end of the reporting period, the company and its subsidiaries operated a total of 130 passenger aircraft, with an average age of 7.61 years, primarily consisting of Airbus A320 series, Boeing B787 series, and Boeing 737 series Fleet Composition and Average Age | Aircraft Type | Quantity (aircraft) | Average Age (years) | | :--- | :--- | :--- | | Airbus A320 Series | 93 | 7.61 (overall) | | Boeing B787 Series | 10 | 7.61 (overall) | | Boeing 737 Series (Juneyao Air) | 27 | 7.61 (overall) | | Total | 130 | 7.61 | Aircraft Daily Utilization Rate | Aircraft Type | Daily Utilization Rate of Registered Aircraft (hours) | Daily Utilization Rate of Available Aircraft (hours) | | :--- | :--- | :--- | | A320 Series | 9.13 | 11.34 | | B787 Series | 14.03 | 14.75 | | B737 Series | 10.94 | 11.61 | | Total | 9.84 | 11.66 | [3.2.3 Discussion and Analysis of Operations](index=10&type=section&id=3.2.3%20Discussion%20and%20Analysis%20of%20Operations) The company made progress in safety management, passenger marketing, service quality, financial control, information technology construction, and human resource management, all aligned with its "Four Modernizations" strategy to enhance operational efficiency and market competitiveness - The company's operating revenue was **CNY 11.067 billion**, a year-on-year increase of **1.02%**; net profit attributable to shareholders of the listed company was **CNY 505 million**[36](index=36&type=chunk) - Juneyao Airlines and Juneyao Air both strengthened their safety management systems and conducted special rectifications, keeping core risk values within the alert range in the first half of the year[38](index=38&type=chunk) - In passenger marketing, Juneyao Airlines expanded channels, optimized transfer products, deepened customer markets, and launched "International Extra Baggage" and "Pet Fly" products; Juneyao Air promoted diversified revenue generation and digital marketing[39](index=39&type=chunk)[40](index=40&type=chunk) - In service quality, Juneyao Airlines conducted special inspections to improve catering and check-in/boarding efficiency; Juneyao Air established a full-process mechanism for ground service complaints[41](index=41&type=chunk) - Financial control centered on budget management, implementing a "17+27" cost control project system to ensure funding for the internationalization strategy[43](index=43&type=chunk) - Information technology construction focused on digital transformation, promoting intelligent operations and maintenance, and strengthening passenger service assurance capabilities; human resource management focused on building an international system, improving efficiency, and talent supply[44](index=44&type=chunk)[45](index=45&type=chunk) [3.3 Analysis of Core Competitiveness During the Reporting Period](index=12&type=section&id=3.3%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its hub operation advantage, precise market positioning, unique differentiated competition strategy, strict cost control, sound safety assurance system, and flexible route network planning capabilities, collectively supporting its continuous development in the highly competitive aviation market - The company benefits from its main base in Shanghai and auxiliary bases in Nanjing and Chengdu, while Juneyao Air uses Guangzhou as its main base, fully leveraging regional economic and passenger source advantages[46](index=46&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk) - Juneyao Airlines targets mid-to-high-end business, travel, and leisure customers, while Juneyao Air targets price-sensitive travelers, achieving full coverage of high, medium, and low-end passenger markets in the aviation industry[49](index=49&type=chunk)[50](index=50&type=chunk) - Juneyao Airlines achieves differentiated competition through "leading service quality, optimal cost structure" and distinctive services; Juneyao Air focuses on a low-cost operating model[51](index=51&type=chunk)[52](index=52&type=chunk) - The company achieves cost control advantages through a young and unified fleet, refined planning and professional operations, and focusing on core businesses with streamlined personnel/asset scale[54](index=54&type=chunk)[55](index=55&type=chunk) - In the first half of the year, the company focused on the core goal of safe production, systematically advancing the optimization of its safety management system and responsibility implementation, ensuring stable and safe operations[56](index=56&type=chunk) - Juneyao Airlines continuously optimized its international route network, opening new destinations such as Kobe and Kuala Lumpur, with international (regional) flights reaching **12,370**; Juneyao Air steadily expanded its international route network and optimized domestic routes[57](index=57&type=chunk)[59](index=59&type=chunk) [3.4 Major Operating Conditions During the Reporting Period](index=16&type=section&id=3.4%20Major%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section provides a detailed analysis of the company's financial performance during the reporting period, including changes in operating revenue and costs, variations in asset and liability structure, investment activities, and the operating status of major controlled and investee companies Major Financial Statement Items Changes (Year-on-Year) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 11,067,182,245.21 | 10,955,544,969.83 | 1.02 | | Operating Cost | 9,757,253,730.60 | 9,235,418,041.55 | 5.65 | | Selling Expenses | 435,220,374.01 | 374,450,587.99 | 16.23 | | Administrative Expenses | 285,450,168.35 | 251,506,328.06 | 13.50 | | Financial Expenses | 563,101,378.43 | 741,052,415.96 | -24.01 | | R&D Expenses | 27,714,362.69 | 27,666,637.35 | 0.17 | | Net Cash Flow from Operating Activities | 3,107,313,900.87 | 2,728,204,359.73 | 13.90 | | Net Cash Flow from Investing Activities | 355,441,644.00 | -1,046,882,239.77 | Not applicable | | Net Cash Flow from Financing Activities | -2,126,247,611.80 | -1,421,363,001.75 | Not applicable | - The increase in net cash flow from investing activities was mainly due to a decrease in long-term asset purchases in the current period; the decrease in net cash flow from financing activities was mainly due to aircraft repurchases in the current period[63](index=63&type=chunk) - The year-on-year increase of **110.66%** in cash and cash equivalents at the end of the period was mainly due to increased financing; the year-on-year decrease of **30.16%** in construction in progress at the end of the period was mainly due to the completion of construction projects[63](index=63&type=chunk) - Overseas assets amounted to **CNY 1.844 billion**, accounting for **3.69%** of total assets[64](index=64&type=chunk) - During the reporting period, "Juneyao No. 5 (Tianjin) Leasing Co., Ltd." was added to the company's consolidated scope[67](index=67&type=chunk) Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (CNY) | Gains/losses from changes in fair value for the current period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Stocks | 4,606,014,002.80 | 282,849.56 | 4,892,710,541.50 | | Others | 90,000,000.00 | - | 90,000,000.00 | | Hedging Instruments | 341,457.09 | -5,280,197.88 | -1,312,648.02 | | Total | 4,696,355,459.89 | -4,997,348.32 | 4,981,397,893.48 | - The company conducted hedging activities, achieving a financial gain of **CNY 624,500** from actual settlement of foreign exchange swap contracts in 2025, effectively reducing exchange rate fluctuation risks[73](index=73&type=chunk) Financial Information of Major Controlled Subsidiaries (H1 2025) | Company Name | Operating Revenue (10,000 CNY) | Net Profit (10,000 CNY) | | :--- | :--- | :--- | | Juneyao Air Co., Ltd. | 217,254.78 | 22,823.09 | | Shanghai Juneyao Airlines Catering Management Co., Ltd. | 30,329.09 | 1,100.01 | | Shanghai Juneyao Airlines Hong Kong Co., Ltd. | 1,249.45 | -2,509.98 | | Shanghai Taolvxing Network Technology Co., Ltd. | - | -48.52 | [3.5 Other Disclosures](index=24&type=section&id=3.5%20Other%20Disclosures) This section details the significant risks faced by the company, including aviation safety, policy changes, macroeconomic fluctuations, jet fuel price volatility, interest rate changes, exchange rate changes, professional personnel resource matching, and force majeure, and describes the progress of the company's "Quality Improvement, Efficiency Enhancement, and Return Focus" action plan, including share repurchase and cash dividend situations - The company faces eight major risks: aviation safety, policy changes, macroeconomic fluctuations, jet fuel price volatility, interest rate changes, exchange rate changes, professional personnel resource matching, and force majeure[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk)[82](index=82&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk) - Jet fuel costs account for **33.68%** of main business costs; a **5%** increase or decrease in jet fuel prices would impact net profit by approximately **CNY 123 million**[81](index=81&type=chunk) - For every **100 basis point increase (or decrease)** in interest rates, the company's net profit would decrease or increase by approximately **CNY 86.26 million**[83](index=83&type=chunk) - A **1% appreciation or depreciation** of the RMB against the USD would increase or decrease the company's net profit by approximately **CNY 25.8265 million**[84](index=84&type=chunk) - In the first half of the year, the company repurchased a total of **26,565,986 shares**, with a total payment of **CNY 338 million**, and has cancelled **15 million** of these shares to reduce registered capital[87](index=87&type=chunk)[88](index=88&type=chunk) - For the year 2024, the company implemented cash dividends totaling **CNY 413 million** (including semi-annual and annual distributions)[89](index=89&type=chunk) Section 4 Corporate Governance, Environment, and Society [4.1 Changes in Directors, Supervisors, and Senior Management](index=27&type=section&id=4.1%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period [4.2 Profit Distribution or Capital Reserve Conversion Plan](index=27&type=section&id=4.2%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company did not propose a semi-annual profit distribution plan or a capital reserve to share capital conversion plan during the reporting period - The company did not propose a semi-annual profit distribution or capital reserve to share capital conversion plan[6](index=6&type=chunk) [4.3 Status and Impact of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=27&type=section&id=4.3%20Status%20and%20Impact%20of%20Company's%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company's second phase employee stock ownership plan completed its third unlocking period in October 2024, with 5,383,040 shares unlocked, and equity shares of some resigned or transferred employees were adjusted and re-granted - The duration of the company's second phase employee stock ownership plan has been extended to **October 13, 2025**[91](index=91&type=chunk) - The third unlocking period of the second phase employee stock ownership plan has expired, with an unlocking ratio of **100%**, totaling **5,383,040 unlocked shares**, accounting for **0.24%** of the company's total share capital[92](index=92&type=chunk) - The management committee recovered **231,409 unvested equity shares** from 22 relevant individuals and granted them to 5 core business backbone employees[92](index=92&type=chunk) Section 5 Significant Matters [5.1 Fulfillment of Commitments](index=29&type=section&id=5.1%20Fulfillment%20of%20Commitments) This section details the fulfillment of various commitments made by the company, its controlling shareholder, actual controller, and directors, supervisors, and senior management regarding major asset restructuring, resolution of related-party transactions, resolution of horizontal competition, independence, compensation measures, and initial public offering, all of which were strictly fulfilled during the reporting period - The company, its directors, supervisors, senior management, Juneyao Group, and actual controller Wang Junjin all committed that the information provided is true, accurate, and complete, and bear legal responsibility[96](index=96&type=chunk) - Juneyao Group and Wang Junjin committed to minimize related-party transactions, and for unavoidable transactions, they will adhere to fair and equitable principles and strictly follow decision-making procedures[97](index=97&type=chunk) - Juneyao Group and Wang Junjin committed not to engage in businesses that constitute or potentially constitute horizontal competition with the company, and to grant the company priority for new competitive business investment opportunities[98](index=98&type=chunk)[99](index=99&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk) - The company and its controlling shareholder and actual controller committed to maintaining independence, not occupying company funds or assets, and not providing guarantees in violation of regulations[96](index=96&type=chunk)[97](index=97&type=chunk)[100](index=100&type=chunk)[105](index=105&type=chunk) - The company's directors, supervisors, and senior management committed to restricting job-related consumption and linking their compensation system to the company's compensation measures[99](index=99&type=chunk)[104](index=104&type=chunk) - Juneyao Group and Wang Junjin committed to bear the supplementary payments and recovery losses for social insurance and housing provident fund payable before the company's listing[104](index=104&type=chunk) [5.2 Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=39&type=section&id=5.2%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled court judgments or overdue debts - The company, its controlling shareholder, and actual controller maintained good integrity during the reporting period[108](index=108&type=chunk) - There were no unfulfilled court judgments or large overdue debts[108](index=108&type=chunk) [5.3 Significant Related-Party Transactions](index=39&type=section&id=5.3%20Significant%20Related-Party%20Transactions) This section discloses the company's estimated daily related-party transactions for 2025 with its controlling shareholder Juneyao Group and its related parties, as well as with China Eastern Airlines Corporation Limited and other shareholders holding 5% or more and their concerted parties, covering various aspects such as procurement, sales, leasing, and labor services - The company's 2025 estimated daily related-party transactions have been approved by the Board of Directors, Supervisory Board, and Shareholders' Meeting[109](index=109&type=chunk) Estimated Daily Related-Party Transactions with Juneyao Group and its Related Parties (Cumulative Amount for H1 2025) | Related-Party Transaction Category | Estimated Amount (10,000 CNY) | Cumulative Amount for H1 (10,000 CNY) | | :--- | :--- | :--- | | Purchases from related parties | Not exceeding 40,750 | 5,789.60 | | Sales of goods to related parties | Not exceeding 21,100 | 2,293.01 | | Leases from related parties | Not exceeding 1,010 | 441.61 | | Leases to related parties | Not exceeding 280 | 120.16 | | Acceptance of labor services from related parties | Not exceeding 8,900 | 2,599.07 | | Others (deposits, leasing business, etc.) | Not exceeding 230,000 | 74,646.82 | Estimated Daily Related-Party Transactions with China Eastern Airlines Corporation Limited (Cumulative Amount for H1 2025) | Related-Party Transaction Category | Estimated Amount (10,000 CNY) | Cumulative Amount for H1 (10,000 CNY) | | :--- | :--- | :--- | | Purchases from related parties | Not exceeding 4,100 | 677.79 | | Sales to related parties | Not exceeding 1,000 | 114.46 | [5.4 Significant Contracts and Their Fulfillment](index=43&type=section&id=5.4%20Significant%20Contracts%20and%20Their%20Fulfillment) This section discloses the fulfillment of significant contracts where the company provided guarantees for its subsidiaries; as of the end of the reporting period, the total guarantee balance for subsidiaries was CNY 1.76 billion, accounting for 19.23% of the company's net assets Company's Guarantees for Subsidiaries (as of June 30, 2025) | Indicator | Amount (100 million CNY) | | :--- | :--- | | Total guarantee balance for subsidiaries at the end of the reporting period (B) | 17.60 | | Total guarantee amount (A+B) | 17.60 | | Ratio of total guarantee amount to company's net assets (%) | 19.23 | | Of which: Debt guarantee amount provided directly or indirectly for guaranteed entities with asset-liability ratio exceeding 70% (D) | 13.76 | | Total of the above three guarantee amounts (C+D+E) | 13.76 | - The company provided a counter-guarantee limit of no more than **CNY 1.5 million** for its controlled subsidiary Shanghai Taolvxing Network Technology Co., Ltd., which was unused at the end of the period[115](index=115&type=chunk) - The company provided a counter-guarantee limit of no more than **CNY 1.5 million** for its wholly-owned subsidiary Shanghai Juneyao International Travel Agency Co., Ltd.; the guarantee balance was **CNY 1.5 million** at the end of the period[116](index=116&type=chunk) - The company provided guarantees totaling no more than **CNY 154 million** for the infrastructure project financing of its wholly-owned subsidiary Shanghai Juneyao Airlines Services Co., Ltd.; the guarantee balance was **CNY 74.8028 million** at the end of the period[116](index=116&type=chunk) - The company provided a financing guarantee limit of no more than **CNY 2.359 billion** for its wholly-owned SPV company, with equity pledge; the guarantee balance was **CNY 1.374 billion** at the end of the period[116](index=116&type=chunk) - The company provided a financing guarantee limit of no more than **CNY 2 billion** and **USD 49.5 million** for its controlled subsidiary Juneyao Air Co., Ltd.; the RMB guarantee balance was **CNY 124 million** at the end of the period, and the USD limit was unused[116](index=116&type=chunk) - The company provided a guarantee limit of no more than **USD 62.784 million** for its wholly-owned grandchild company; the guarantee balance was **CNY 141.6599 million** at the end of the period[116](index=116&type=chunk) [5.5 Explanation of Other Significant Matters](index=45&type=section&id=5.5%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company continued to implement its share repurchase plan and changed the purpose of some repurchased shares to cancellation to reduce registered capital; as of the end of the reporting period, a total of 26,565,986 shares had been repurchased - The company's Board of Directors approved a share repurchase plan, with a total repurchase amount of no less than **CNY 250 million** and no more than **CNY 500 million**, and a repurchase price of no more than **CNY 15.80 per share**[117](index=117&type=chunk) - The company changed the purpose of some repurchased shares (**15 million shares**) to cancellation and reduction of registered capital, which was completed on **July 1, 2025**[117](index=117&type=chunk) - As of June 30, 2025, the company had cumulatively repurchased **26,565,986 shares**, accounting for **1.22%** of the total share capital, with a total payment of **CNY 338 million**[118](index=118&type=chunk) Section 6 Share Changes and Shareholder Information [6.1 Share Capital Changes](index=45&type=section&id=6.1%20Share%20Capital%20Changes) The company's total share capital and share structure remained unchanged during the reporting period, but 15 million shares were cancelled after the reporting period, which had no significant impact on financial indicators such as earnings per share and net assets per share - During the reporting period, the company's total share capital and share structure remained unchanged[121](index=121&type=chunk) - After the reporting period until the disclosure date of the semi-annual report, the company cancelled **15 million shares** on **July 1**, changing the total share capital to **2.184 billion shares**[123](index=123&type=chunk) - The share cancellation had no significant impact on financial indicators such as earnings per share and net assets per share[123](index=123&type=chunk) [6.2 Shareholder Information](index=46&type=section&id=6.2%20Shareholder%20Information) As of the end of the reporting period, the total number of common shareholders was 23,737. Among the top ten shareholders, Shanghai Juneyao (Group) Co., Ltd. held 46.42% as the controlling shareholder, and Eastern Airlines Industry Investment Co., Ltd. held 13.25% - As of the end of the reporting period, the total number of common shareholders was **23,737 households**[124](index=124&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Number of Shares Held at Period End (shares) | Proportion (%) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | | Shanghai Juneyao (Group) Co., Ltd. | 1,020,862,080 | 46.42 | Pledged | 812,750,000 | | Eastern Airlines Industry Investment Co., Ltd. | 291,467,826 | 13.25 | None | 0 | | China Everbright Bank Co., Ltd. - Xingquan Business Model Preferred Mixed Securities Investment Fund (LOF) | 39,277,369 | 1.79 | None | 0 | | Shanghai Juneyao Aviation Investment Co., Ltd. | 36,066,977 | 1.64 | Pledged | 27,500,000 | | Industrial Bank Co., Ltd. - Xingquan New Vision Flexible Allocation Periodically Open Mixed Initiated Securities Investment Fund | 26,771,663 | 1.22 | None | 0 | | Hong Kong Securities Clearing Company Limited | 25,581,234 | 1.16 | None | 0 | | National Social Security Fund 106 Portfolio | 19,069,069 | 0.87 | None | 0 | | China Merchants Bank Co., Ltd. - Xingquan Herun Mixed Securities Investment Fund | 18,786,540 | 0.85 | None | 0 | | China Construction Bank Co., Ltd. - GF Value Leading Mixed Securities Investment Fund | 18,724,411 | 0.85 | None | 0 | | National Social Security Fund 110 Portfolio | 14,850,497 | 0.68 | None | 0 | - The company's repurchase special account held **36.945 million RMB ordinary shares**, accounting for **1.68%** of the company's total share capital at the end of the reporting period[128](index=128&type=chunk) - Eastern Airlines Industry Investment Co., Ltd., as a strategic investor, had its subscribed shares unlocked and listed for trading on **September 5, 2022**[129](index=129&type=chunk) Section 7 Bond-Related Information [Bond-Related Information](index=50&type=section&id=Section%207%20Bond-Related%20Information) During the reporting period, the company had no information related to corporate bonds (including enterprise bonds), non-financial enterprise debt financing instruments, or convertible corporate bonds Section 8 Financial Report [8.1 Audit Report](index=51&type=section&id=8.1%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk) [8.2 Financial Statements](index=51&type=section&id=8.2%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 company's financial position, operating results, and cash flow situation - Consolidated total assets were **CNY 50.003 billion**, and net assets attributable to shareholders of the listed company were **CNY 9.154 billion**[20](index=20&type=chunk)[137](index=137&type=chunk) - Consolidated operating revenue was **CNY 11.067 billion**, and net profit attributable to parent company shareholders was **CNY 505 million**[20](index=20&type=chunk)[144](index=144&type=chunk) - Consolidated net cash flow from operating activities was **CNY 3.107 billion**[20](index=20&type=chunk)[150](index=150&type=chunk) [8.2.1 Consolidated Balance Sheet](index=51&type=section&id=8.2.1%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were CNY 50.003 billion, total liabilities were CNY 40.862 billion, and total owners' equity attributable to the parent company was CNY 9.154 billion Major Data from Consolidated Balance Sheet (as of June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,865,628,410.01 | 1,360,293,255.33 | | Total Assets | 50,003,392,420.64 | 47,806,111,825.78 | | Short-term Borrowings | 10,317,581,790.33 | 9,809,670,154.53 | | Total Liabilities | 40,861,908,314.57 | 38,918,869,531.90 | | Total Owners' Equity Attributable to Parent Company | 9,154,154,666.19 | 8,899,789,166.93 | [8.2.2 Parent Company Balance Sheet](index=53&type=section&id=8.2.2%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were CNY 46.567 billion, total liabilities were CNY 36.591 billion, and total owners' equity was CNY 9.976 billion Major Data from Parent Company Balance Sheet (as of June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,005,086,081.54 | 1,084,829,751.63 | | Total Assets | 46,567,351,190.56 | 45,009,745,407.17 | | Short-term Borrowings | 8,956,445,226.60 | 9,075,986,085.91 | | Total Liabilities | 36,591,065,651.59 | 34,790,971,357.02 | | Total Owners' Equity | 9,976,285,538.97 | 10,218,774,050.15 | [8.2.3 Consolidated Income Statement](index=55&type=section&id=8.2.3%20Consolidated%20Income%20Statement) In the first half of 2025, the company achieved total operating revenue of CNY 11.067 billion, a year-on-year increase of 1.02%; net profit was CNY 505 million, a year-on-year increase of 3.29% Major Data from Consolidated Income Statement (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 11,067,182,245.21 | 10,955,544,969.83 | | Total Operating Cost | 11,080,573,490.94 | 10,640,240,211.02 | | Total Profit | 682,170,954.67 | 649,612,013.81 | | Net Profit | 505,368,554.33 | 489,170,306.56 | | Net Profit Attributable to Parent Company Shareholders | 505,492,241.40 | 489,368,021.54 | | Basic Earnings Per Share (CNY/share) | 0.23 | 0.22 | [8.2.4 Parent Company Income Statement](index=57&type=section&id=8.2.4%20Parent%20Company%20Income%20Statement) In the first half of 2025, the parent company achieved operating revenue of CNY 8.849 billion, net profit of CNY 282 million, and basic earnings per share of CNY 0.13/share Major Data from Parent Company Income Statement (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 8,848,640,179.78 | 8,731,529,286.23 | | Operating Cost | 7,844,268,575.36 | 7,424,708,979.72 | | Total Profit | 379,093,426.10 | 307,309,386.84 | | Net Profit | 281,933,466.06 | 225,942,375.08 | | Basic Earnings Per Share (CNY/share) | 0.13 | 0.10 | [8.2.5 Consolidated Cash Flow Statement](index=58&type=section&id=8.2.5%20Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's consolidated net cash flow from operating activities was CNY 3.107 billion, net cash flow from investing activities turned positive to CNY 355 million, and net cash flow from financing activities was -CNY 2.126 billion Major Data from Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 3,107,313,900.87 | 2,728,204,359.73 | | Net Cash Flow from Investing Activities | 355,441,644.00 | -1,046,882,239.77 | | Net Cash Flow from Financing Activities | -2,126,247,611.80 | -1,421,363,001.75 | | Net Increase in Cash and Cash Equivalents | 1,338,478,037.34 | 261,340,094.03 | | Cash and Cash Equivalents at Period End | 2,689,088,410.01 | 1,623,296,619.96 | [8.2.6 Parent Company Cash Flow Statement](index=60&type=section&id=8.2.6%20Parent%20Company%20Cash%20Flow%20Statement) In the first half of 2025, the parent company's net cash flow from operating activities was CNY 2.716 billion, net cash flow from investing activities was CNY 165 million, and net cash flow from financing activities was -CNY 1.965 billion Major Data from Parent Company Cash Flow Statement (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 2,716,418,589.16 | 2,599,479,335.75 | | Net Cash Flow from Investing Activities | 165,217,355.01 | -1,184,022,906.90 | | Net Cash Flow from Financing Activities | -1,965,118,898.03 | -963,028,836.53 | | Net Increase in Cash and Cash Equivalents | 920,645,588.82 | 449,847,215.27 | | Cash and Cash Equivalents at Period End | 2,002,586,081.54 | 1,227,664,369.44 | [8.2.7 Consolidated Statement of Changes in Owners' Equity](index=62&type=section&id=8.2.7%20Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) In the first half of 2025, the company's consolidated total owners' equity increased by CNY 254 million, primarily due to an increase in net profit and other comprehensive income, offset by a decrease from share repurchases Consolidated Statement of Changes in Owners' Equity (Jan-Jun 2025) | Item | Beginning Balance 2025 (CNY) | Change for Current Period (CNY) | Ending Balance 2025 (CNY) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 2,199,005,268.00 | 0 | 2,199,005,268.00 | | Capital Reserve | 7,747,683,474.78 | 0 | 7,747,683,474.78 | | Less: Treasury Stock | 122,679,041.50 | 338,269,057.23 | 460,948,098.73 | | Other Comprehensive Income | -2,290,961,054.06 | 305,950,752.36 | -1,985,010,301.70 | | Retained Earnings | 552,732,313.96 | 286,683,804.13 | 839,416,118.09 | | Total Owners' Equity Attributable to Parent Company | 8,899,789,166.93 | 254,365,499.26 | 9,154,154,666.19 | | Total Owners' Equity | 8,887,242,293.88 | 254,241,812.19 | 9,141,484,106.07 | [8.2.8 Parent Company Statement of Changes in Owners' Equity](index=71&type=section&id=8.2.8%20Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) In the first half of 2025, the parent company's total owners' equity decreased by CNY 242 million, primarily due to share repurchases and profit distribution Parent Company Statement of Changes in Owners' Equity (Jan-Jun 2025) | Item | Beginning Balance 2025 (CNY) | Change for Current Period (CNY) | Ending Balance 2025 (CNY) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 2,199,005,268.00 | 0 | 2,199,005,268.00 | | Capital Reserve | 7,960,737,461.65 | 0 | 7,960,737,461.65 | | Less: Treasury Stock | 122,679,041.50 | 338,269,057.23 | 460,948,098.73 | | Other Comprehensive Income | -1,480,934,543.73 | 30,053,057.79 | -1,450,881,485.94 | | Retained Earnings | 848,636,699.98 | 65,727,488.26 | 914,364,188.24 | | Total Owners' Equity | 10,218,774,050.15 | -242,488,511.18 | 9,976,285,538.97 | [8.3 Company Basic Information](index=77&type=section&id=8.3%20Company%20Basic%20Information) This section provides an overview of Shanghai Juneyao Airlines Co., Ltd., including its establishment date, listing status, registered capital, registered address, headquarters address, and ultimate actual controller, and clarifies the main businesses of the company and its subsidiaries - The company was restructured and established in **June 2011** and listed on the Shanghai Stock Exchange in **May 2015**[172](index=172&type=chunk) - As of June 30, 2025, the company's share capital and registered capital were both **CNY 2.199 billion**[172](index=172&type=chunk) - The company's ultimate actual controller is **Wang Junjin**, primarily engaged in air transport services[172](index=172&type=chunk) [8.4 Basis of Financial Statement Preparation](index=77&type=section&id=8.4%20Basis%20of%20Financial%20Statement%20Preparation) This section explains that the company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant disclosure requirements, and adopt the accrual basis and historical cost measurement - The financial statements are prepared on a **going concern basis**, in compliance with enterprise accounting standards and "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports (Revised 2023)" by the China Securities Regulatory Commission[173](index=173&type=chunk)[176](index=176&type=chunk) - Accounting is based on the **accrual method**, and except for certain financial instruments, all items are measured at **historical cost**[173](index=173&type=chunk) - The company evaluated its ability to continue as a going concern for 12 months from the end of the reporting period and found no significant doubts[174](index=174&type=chunk) [8.5 Significant Accounting Policies and Estimates](index=77&type=section&id=8.5%20Significant%20Accounting%20Policies%20and%20Estimates) This section elaborates on the company's specific accounting policies and significant accounting estimates regarding revenue recognition, financial instruments, fixed assets, intangible assets, leases, government grants, and the judgments and assumptions made in applying these policies and estimates - The company has formulated specific accounting policies and estimates for revenue recognition, interest capitalization, maintenance and overhaul expenses for leased aircraft and engines, based on its actual production and operation characteristics[175](index=175&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[198](index=198&type=chunk) - The company accrues impairment provisions for financial assets based on expected credit losses and applies different measurement methods depending on whether credit risk has significantly increased[206](index=206&type=chunk)[207](index=207&type=chunk) - Fixed assets are depreciated using the **straight-line method**; aircraft and engines have a depreciation period of **20 years** and a residual value rate of **5%**[235](index=235&type=chunk) - In leasing activities, the company, as a lessee, recognizes right-of-use assets and lease liabilities, and applies simplified treatment for short-term leases and leases of low-value assets[266](index=266&type=chunk)[268](index=268&type=chunk) - In sale-and-leaseback transactions, if the asset transfer does not constitute a sale, the company continues to recognize the transferred asset and recognizes a financial liability[270](index=270&type=chunk) [8.6 Taxation](index=101&type=section&id=8.6%20Taxation) This section lists the company's main tax categories and rates, including value-added tax, customs duties, and corporate income tax, and discloses tax preferential policies applicable to overseas subsidiaries and small low-profit enterprises Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Domestic transport revenue | 9% | | | Sales of aviation materials, aircraft supplies, and other goods | 13% | | | Advertising, technical services, agency services, and other taxable sales services | 6% | | | Simplified tax calculation method | 5% | | Customs Duties | Aircraft and other aerospace vehicles with unladen weight exceeding 15,000 kg but not exceeding 45,000 kg | 5% | | | Aircraft and other aerospace vehicles with unladen weight exceeding 45,000 kg | 1% | | Corporate Income Tax | Taxable income | 25%, 20%, 16.5% | - Overseas subsidiary Shanghai Juneyao Airline HongKong Limited is subject to an income tax rate of **8.25%** for the portion of annual assessable profits not exceeding **HKD 2 million**, and **16.50%** for the remaining portion[284](index=284&type=chunk) - Small low-profit enterprises are subject to corporate income tax at a rate of **20%** on **25%** of their taxable income[285](index=285&type=chunk) - For difficult industries significantly affected by the epidemic, losses incurred in 2020 can be carried forward for a maximum of **8 years**, extended from 5 years[285](index=285&type=chunk) [8.7 Notes to Consolidated Financial Statement Items](index=102&type=section&id=8.7%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each major asset, liability, owners' equity, revenue, cost, and expense item in the consolidated financial statements, including ending balances, beginning balances, changes during the current period, and related explanations, which are key to understanding the company's financial position and operating results - Cash and cash equivalents at period end were **CNY 2.866 billion**, of which restricted cash was **CNY 177 million**[288](index=288&type=chunk) - Accounts receivable at period end were **CNY 637 million**, with bad debt provision of **CNY 21.5746 million**[294](index=294&type=chunk) - Other receivables at period end were **CNY 1.004 billion**, with bad debt provision of **CNY 44.268 million**[309](index=309&type=chunk)[311](index=311&type=chunk) - Fixed assets at period end had a book value of **CNY 16.406 billion**, primarily aircraft and engines[335](index=335&type=chunk) - Right-of-use assets at period end had a book value of **CNY 18.896 billion**, primarily aircraft engines[348](index=348&type=chunk) - Short-term borrowings at period end were **CNY 10.318 billion**, and long-term borrowings at period end were **CNY 5.677 billion**[368](index=368&type=chunk)[394](index=394&type=chunk) - Lease liabilities at period end were **CNY 14.762 billion**[397](index=397&type=chunk) - Treasury stock at period end was **CNY 461 million**, with an increase of **CNY 338 million** in the current period[409](index=409&type=chunk) - Other comprehensive income at period end was **-CNY 1.985 billion**, with an increase of **CNY 306 million** in the current period[411](index=411&type=chunk)[415](index=415&type=chunk) - Operating revenue was **CNY 11.067 billion**, operating cost was **CNY 9.757 billion**, and passenger transport revenue accounted for **95%** of total revenue[422](index=422&type=chunk)[424](index=424&type=chunk) - Financial expenses for the current period were **CNY 563 million**, a year-on-year decrease of **24.01%**, mainly due to reduced interest expenses[62](index=62&type=chunk)[433](index=433&type=chunk) - Other income for the current period was **CNY 577 million**, primarily from cooperative route revenue and route subsidies[435](index=435&type=chunk) [8.8 R&D Expenses](index=156&type=section&id=8.8%20R%26D%20Expenses) This section lists the company's R&D expenses during the reporting period, primarily consisting of labor costs, all expensed and recognized in current profit or loss R&D Expenses by Nature of Expense | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Labor Costs | 27,651,212.27 | 27,603,486.93 | | Depreciation and Amortization Expenses | 63,150.42 | 63,150.42 | | Total | 27,714,362.69 | 27,666,637.35 | | Of which: Expensed R&D Expenses | 27,714,362.69 | 27,666,637.35 | - All R&D expenses for the current period were expensed, with no capitalized R&D expenses[466](index=466&type=chunk) [8.9 Changes in Consolidation Scope](index=157&type=section&id=8.9%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope changed, with the addition of a new subsidiary "Juneyao No. 5 (Tianjin) Leasing Co., Ltd." and the deregistration of two subsidiaries "Jiuyuan No. 1 (Shanghai) Aircraft Leasing Co., Ltd." and "Jiuyuan No. 2 (Shanghai) Aircraft Leasing Co., Ltd." - A new subsidiary, "Juneyao No. 5 (Tianjin) Leasing Co., Ltd.", was established in the current period, with registered capital of **CNY 50,000**, engaged in aircraft leasing, and **100%** held by the company[468](index=468&type=chunk) - Two subsidiaries, "Jiuyuan No. 1 (Shanghai) Aircraft Leasing Co., Ltd." and "Jiuyuan No. 2 (Shanghai) Aircraft Leasing Co., Ltd.", both with registered capital of **CNY 50,000**, were deregistered in the current period[468](index=468&type=chunk)[469](index=469&type=chunk) [8.10 Interests in Other Entities](index=158&type=section&id=8.10%20Interests%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries, joint ventures, and associates, including the composition of the enterprise group and summarized financial information of immaterial joint ventures and associates - The company owns **26 wholly-owned subsidiaries**, including Juneyao Air Co., Ltd. and Shanghai Ji Ning Culture Media Co., Ltd., and **1 controlled subsidiary**, Shanghai Taolvxing Network Technology Co., Ltd[470](index=470&type=chunk)[471](index=471&type=chunk) Summarized Financial Information of Immaterial Associates (as of June 30, 2025) | Item | Ending Balance/Current Period Amount (CNY) | | :--- | :--- | | Total Book Value of Investments | 1,448,755.24 | | Net Profit | -795.90 | | Total Comprehensive Income | -795.90 | - The company's long-term equity investments in Beijing Daxing International Airport Aviation Food Co., Ltd. and Shanghai Hangpeng Information Technology Co., Ltd. have been written down to zero due to excess losses, with cumulative unrecognized losses of **CNY 21.2608 million** and **CNY 2.2288 million**, respectively[476](index=476&type=chunk) [8.11 Government Grants](index=161&type=section&id=8.11%20Government%20Grants) This section discloses the company's liability items related to government grants and the amounts of government grants recognized in current profit or loss during the reporting period Liability Items Related to Government Grants (as of June 30, 2025) | Financial Statement Item | Beginning Balance (CNY) | New Grants Added in Current Period (CNY) | Ending Balance (CNY) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 8,148,694.00 | 1,000,169.00 | 9,148,863.00 | Assets | Government Grants Recognized in Current Profit or Loss (Jan-Jun 2025) | Type | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Related to Income | 314,995,175.80 | 98,228,971.32 | [8.12 Risks Related to Financial Instruments](index=161&type=section&id=8.12%20Risks%20Related%20to%20Financial%20Instruments) This section analyzes the market risks (exchange rate risk, interest rate risk, other price risks), credit risk, and liquidity risk faced by the company, and discloses the company's risk management through hedging activities - The company's main financial instruments include equity investments, borrowings, accounts receivable, accounts payable, etc[481](index=481&type=chunk) - As of June 30, 2025, a **1% appreciation or depreciation** of the RMB against the USD would impact net profit by approximately **CNY 25.8265 million**[482](index=482&type=chunk) - For every **100 basis point increase (or decrease)** in interest rates for floating-rate financial assets and liabilities, net profit would decrease or increase by approximately **CNY 86.26 million**[482](index=482&type=chunk) - A **5% increase or decrease** in jet fuel prices would impact net profit by approximately **CNY 122.7428 million**; a **10% increase or decrease** in equity instrument investment prices would impact pre-tax other comprehensive income by approximately **CNY 489.1126 million**[483](index=483&type=chunk) - The company manages foreign exchange exposure through foreign exchange hedging, locking in exchange rates for settlement and sales, with high hedging effectiveness[487](index=487&type=chunk)[488](index=488&type=chunk)[489](index=489&type=chunk) Analysis of Financial Liabilities by Undiscounted Remaining Contractual Obligations Maturity (as of June 30, 2025) | Item | Within 1 year or immediately repayable (CNY) | 1-2 years (CNY) | 2-5 years (CNY) | Over 5 years (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Short-term Borrowings | 10,317,581,790.33 | - | - | - | 10,317,581,790.33 | | Long-term Borrowings (including current portion) | 1,629,496,302.50 | 1,952,473,425.08 | 3,549,521,267.86 | 175,296,666.66 | 7,306,787,662.10 | | Lease Liabilities (including current portion) | 3,134,721,979.23 | 2,916,973,721.78 | 8,555,835,914.20 | 5,904,651,150.16 | 20,512,182,765.38 | | Total | 17,436,824,952.57 | 5,106,762,246.95 | 12,457,743,377.94 | 6,279,462,406.15 | 41,280,792,983.62 | [8.13 Disclosure of Fair Value](index=165&type=section&id=8.13%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of the company's assets and liabilities measured at fair value at the end of the period, and explains the basis for determining fair value measurements at each level and the valuation techniques used Fair Value of Assets and Liabilities Measured at Fair Value at Period End (as of June 30, 2025) | Item | Level 1 Fair Value Measurement (CNY) | Level 2 Fair Value Measurement (CNY) | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | | Total assets measured at fair value on a recurring basis | 4,892,710,541.50 | - | 90,000,000.00 | 4,982,710,541.50 | | Total liabilities measured at fair value on a recurring basis | - | 1,312,648.02 | - | 1,312,648.02 | - The basis for determining the market price of Level 1 fair value measurement items is the closing price of stocks on the balance sheet date[494](index=494&type=chunk) - Level 2 fair value measurement primarily uses applicable models and market information parameters for calculation, with reference to market quotations[495](index=495&type=chunk) - Level 3 fair value measurement primarily relates to unlisted equity investments, where fair value is estimated to approximate investment cost based on the operating conditions of the investee[496](index=496&type=chunk) - The book value and fair value of financial assets and liabilities not measured at fair value (such as cash and cash equivalents, accounts receivable, borrowings, etc.) are similar[497](index=497&type=chunk) [8.14 Related Parties and Related-Party Transactions](index=166&type=section&id=8.14%20Related%20Parties%20and%20Related-Party%20Transactions) This section details the company's parent company, subsidiaries, joint ventures and 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 unsettled items such as accounts receivable and payable from related parties - The company's parent company is Shanghai Juneyao (Group) Co., Ltd., with a shareholding ratio of **46.42%**, and the ultimate controlling party is **Wang Junjin**[499](index=499&type=chunk)[501](index=501&type=chunk) - The company owns **26 wholly-owned subsidiaries** and **1 controlled subsidiary**[470](index=470&type=chunk)[471](index=471&type=chunk) - During the reporting period, the company engaged in multiple daily related-party transactions with Juneyao Group and its related parties, China Eastern Airlines Corporation Limited, etc., including purchases/sales of goods/services and leases[505](index=505&type=chunk)[506](index=506&type=chunk)[507](index=507&type=chunk)[509](index=509&type=chunk)[510](index=510&type=chunk)[511](index=511&type=chunk)[512](index=512&type=chunk)[513](index=513&type=chunk) - Key management personnel compensation for the current period was **CNY 15.9735 million**[519](index=519&type=chunk) - As of June 30, 2025, the company's deposit balance at Huarui Bank was **CNY 155 million**, and interest income for the current period was **CNY 1.5973 million**[520](index=520&type=chunk) - Receivables from related parties primarily include accounts receivable, prepayments, other receivables, and long-term receivables[522](index=522&type=chunk)[523](index=523&type=chunk) - Payables to related parties primarily include accounts payable, contract liabilities, other payables, and lease liabilities[524](index=524&type=chunk)[525](index=525&type=chunk)[526](index=526&type=chunk) [8.15 Share-based Payment](index=177&type=section&id=8.15%20Share-based%20Payment) This section discloses the details of the company's second phase employee stock ownership plan, including the grantees, granted quantity, fair value determination method, and the basis for determining the exercisable quantity - The company's second phase employee stock ownership plan was approved on **August 18, 2021**, granting **5,383,040 restricted shares**, with a fair value of **CNY 14.14 per share** on the grant date[528](index=528&type=chunk) - The plan is "one-time grant, phased unlocking," with a duration of **36 months**, a lock-up period of **12 months**, and three unlocking phases (**40%, 30%, 30%**)[528](index=528&type=chunk) - The cumulative amount of equity-settled share-based payments recognized in capital reserve was **CNY 76.1162 million**[531](index=531&type=chunk) [8.16 Commitments and Contingencies](index=179&type=section&id=8.16%20Commitments%20and%20Contingencies) This section discloses the company's significant external commitments and contingencies as of the balance sheet date, including pledged assets, external debt guarantees, and the controlling shareholder's share pledge status - As of June 30, 2025, the company pledged its own aircraft to banks for borrowings and used aircraft as collateral for long-term payables[532](index=532&type=chunk) - The company's wholly-owned subsidiary Shanghai Juneyao Airlines Services Co., Ltd. pledged land use rights and buildings thereon as collateral for long-term bank borrowings[532](index=532&type=chunk) - The controlling shareholder Juneyao Group cumulatively pledged **813 million shares**, accounting for **79.61%** of its holdings in the company and **36.96%** of the company's total share capital[535

浙江中坚科技股份有限公司 2025 年半年度报告全文 浙江中坚科技股份有限公司 ZHEJIANG ZHONGJIAN TECHNOLOGY CO.,LTD 2025 年半年度报告 2025 年 8 月 1 浙江中坚科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人吴明根、主管会计工作负责人白杨婷及会计机构负责人(会计 主管人员)白杨婷声明：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。 本半年度报告中涉及的未来计划等前瞻性陈述，因存在不确定性，不构 成公司对投资者的实质承诺，投资者及相关人士均应当对此保持足够的风险 认识，并且应当理解计划、预测与承诺之间的差异。敬请投资者注意投资风 险。 公司不需要遵守特殊行业的披露要求。 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。 深圳市兆驰股份有限公司 2025 年半年度报告全文 深圳市兆驰股份有限公司 Shenzhen MTC Co., Ltd. 2025 年半年度报告 2025 年 8 月 23 日 1 深圳市兆驰股份有限公司 2025 年半年度报告全文 公司负责人顾伟、主管会计工作负责人严志荣 及会计机构负责人(会计 主管人员)吴䶮昊声明：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。 本报告中如有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，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、 预测与承诺之间的差异。 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和应 对措施"，详细描述了公司经营中可能存在的风险及应对措施，敬请投资者 予以关注，并注意投资风险。 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、 ...

Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter lists definitions of common terms used in the report, including company names, subsidiaries, related parties, and major customers, to ensure clear understanding of the report content Definitions of Common Terms | Common Term | Definition | | :--- | :--- | | Qin'an M&E, Qin'an Stock, Company, This Company | Chongqing Qin'an M&E PLC | | Qin'an Casting | Chongqing Qin'an Casting Co., Ltd | | Meifeng Qin'an | Chongqing Meifeng Qin'an Automotive Drive System Co., Ltd | | Changan Ford | Changan Ford Automobile Co., Ltd | | Jiangling Motors | Jiangling Motors Corporation, Ltd | | North American Ford | Ford Motor Company, USA | | Changan, Changan Automobile | Chongqing Changan Automobile Co., Ltd | | Geely | Zhejiang Geely Holding Group | | FAW, FAW Hongqi | China FAW Group Co., Ltd | | Ideal Xinchen | Sichuan Ideal Xinchen Technology Co., Ltd | | ESTA | Early Sourcing Target Agreement | | Moxian Technology | Moxian Technology (Dongguan) Co., Ltd | | CSRC | China Securities Regulatory Commission | Company Profile and Key Financial Indicators [Company Information](index=4&type=section&id=Company%20Information) This section outlines the company's basic registration information, including its Chinese name, abbreviation, English name, abbreviation, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Company Chinese Name | Chongqing Qin'an M&E PLC | | Company Chinese Abbreviation | Qin'an Stock | | Company English Name | Chongqing Qin'an M&E PLC | | Company English Abbreviation | QA | | Company Legal Representative | YUANMING TANG | [Contact Person and Information](index=4&type=section&id=Contact%20Person%20and%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including name, address, phone, fax, and email Contact Information | Position | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Xu Rui | Yang Binruo | | Contact Address | No. 58 Sendi Avenue, Xipeng Industrial Park, Jiulongpo District, Chongqing | No. 58 Sendi Avenue, Xipeng Industrial Park, Jiulongpo District, Chongqing | | Phone | 19923812993 | 19923812993 | | Fax | 023-61381896 | 023-61381896 | | Email | zq@qamemc.com | zq@qamemc.com | [Brief Introduction to Changes in Basic Information](index=4&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section introduces historical changes to the company's registered address and lists the current office address, website, and email - The company's registered address changed from its original address to Room 211, Party-Masses Service Center, Xipeng Park, Building 1, No. 8 Sendi Avenue, Xipeng Town, Jiulongpo District, Chongqing on January 16, 2020[18](index=18&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) This section discloses the company's designated information disclosure newspapers, the website address for publishing semi-annual reports, and the report storage location - The company's selected information disclosure newspapers are "Shanghai Securities News" and "Securities Times", and the website address for publishing semi-annual reports is http://www.sse.com.cn/[19](index=19&type=chunk) [Company Stock Profile](index=5&type=section&id=Company%20Stock%20Profile) This section provides basic information about the company's stock, including the listing exchange, stock abbreviation, and stock code Company Stock Profile | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Qin'an Stock | 603758 | None | [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section details the company's key accounting data and financial indicators for the current and prior reporting periods, with explanations for significant changes Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) (Yuan) | Prior Period (Yuan) | Current Period vs. Prior Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 675,374,807.79 | 777,882,900.24 | -13.18 | | Total Profit | 90,931,487.87 | 73,316,129.55 | 24.03 | | Net Profit Attributable to Shareholders of the Listed Company | 80,387,391.48 | 61,849,693.15 | 29.97 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-recurring Gains and Losses | 83,824,862.99 | 98,415,027.85 | -14.83 | | Net Cash Flow from Operating Activities | 114,586,001.35 | 227,715,129.49 | -49.68 | | | End of Current Period (Yuan) | End of Prior Year (Yuan) | End of Current Period vs. End of Prior Year Change (%) | | Net Assets Attributable to Shareholders of the Listed Company | 2,487,988,209.09 | 2,384,111,861.98 | 4.36 | | Total Assets | 2,808,505,938.24 | 2,884,489,843.36 | -2.63 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Current Period vs. Prior Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.19 | 0.14 | 35.71 | | Diluted Earnings Per Share (Yuan/share) | 0.19 | 0.14 | 35.71 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (Yuan/share) | 0.20 | 0.23 | -13.04 | | Weighted Average Return on Net Assets (%) | 3.30 | 2.44 | Increased by 0.86 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 3.44 | 3.88 | Decreased by 0.44 percentage points | - Net profit attributable to shareholders of the listed company for the current period increased by **18.54 million Yuan** year-on-year, a **29.97%** increase, primarily due to a **38.26 million Yuan** year-on-year increase in fair value change gains and losses from financial assets held for trading[24](index=24&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the specific items and amounts of the company's non-recurring gains and losses for the reporting period, totaling **-3.44 million Yuan** Non-recurring Gains and Losses Items and Amounts for H1 2025 | Non-recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets, including the write-back of impairment provisions | -59,292.31 | | Government grants recognized in current profit or loss, excluding those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 1,318,099.73 | | Gains and losses from changes in fair value of financial assets and financial liabilities, and from disposal of financial assets and financial liabilities, excluding effective hedging activities related to the company's normal business operations | -5,277,395.36 | | Other non-operating income and expenses apart from the above items | -22,525.40 | | Less: Income tax impact | -603,641.83 | | Total | -3,437,471.51 | Management Discussion and Analysis [Explanation of the Company's Industry and Main Business Operations during the Reporting Period](index=7&type=section&id=Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20during%20the%20Reporting%20Period) This section elaborates on the company's automotive manufacturing industry status, main business, key products, operating model, and market position, along with an analysis of industry competition [Company's Industry Situation during the Reporting Period](index=7&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%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%E6%83%85%E5%86%B5) The company operates in the automotive manufacturing industry (C36), with vehicle production and sales growing by 12.5% and 11.4% respectively in H1 2025, and new energy vehicles growing by 41.4% and 40.3%, but the industry faces intensified "price wars" and declining profitability - The company operates in the automotive manufacturing industry (code C36), specifically automotive parts and accessories manufacturing (C3660)[31](index=31&type=chunk) H1 2025 Automotive Production and Sales Data | Indicator | Production/Sales (10,000 units) | Year-on-year growth (%) | | :--- | :--- | :--- | | Automotive Production/Sales | 1562.1 / 1565.3 | 12.5 / 11.4 | | Passenger Vehicle Production/Sales | 1352.2 / 1353.1 | 13.8 / 13 | | New Energy Vehicle Production/Sales | 696.8 / 693.7 | 41.4 / 40.3 | - New energy vehicle sales reached **44.3%** of total new vehicle sales, further solidifying their mainstream market position[32](index=32&type=chunk) - The overall profitability of the automotive industry is declining, with intensified "involutionary" competition, primarily in the form of disorderly "price wars", being a significant factor in the industry's reduced efficiency[32](index=32&type=chunk) [Explanation of the Company's Main Business Operations](index=8&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company is a professional supplier of automotive lightweight structural components, specializing in engine core parts, critical transmission parts, and new energy drive system products, operating on an "order-based production" model while actively expanding into new energy and overseas markets - The company primarily engages in the R&D, production, and sales of automotive engine core components (cylinder blocks, cylinder heads, crankshafts), critical transmission components (casings, housings), hybrid transmission casings, extended-range engine cylinder heads and blocks, and pure electric vehicle motor housings[34](index=34&type=chunk) - In 2018, the company established its wholly-owned subsidiary, Meifeng Qin'an, to enter the new energy sector, focusing on the R&D, production, and sales of new energy hybrid drive system products[35](index=35&type=chunk) - The company adopts an "order-based production" model, serving major customers including Changan Ford, Ideal Xinchen, China FAW, Jiangling Motors, North American Ford, Geely Automobile, Changan Automobile, Dongan Power, and BAIC Foton[44](index=44&type=chunk)[50](index=50&type=chunk) H1 2025 Market Share of Fuel Passenger Vehicles | Main Product | Annual Sales Volume (units) | Annual Passenger Vehicle Production (excluding NEV) (units) | H1 2025 Market Share | | :--- | :--- | :--- | :--- | | Cylinder Head | 280,105 | 6,554,000 | 4.27% | | Cylinder Block | 96,835 | 6,554,000 | 1.48% | | Crankshaft | 127,559 | 6,554,000 | 1.95% | | Transmission Casing and Others | 62,784 | 6,554,000 | 0.96% | H1 2025 Market Share of New Energy Plug-in Hybrid Electric Vehicles | Main Product | Annual Sales Volume (units) | Annual New Energy Plug-in Hybrid Electric Vehicle Production (units) | H1 2025 Market Share | | :--- | :--- | :--- | :--- | | Cylinder Head | 193,764 | 2,479,000 | 7.82% | | Cylinder Block | 103,111 | 2,479,000 | 4.16% | | Crankshaft | 39,730 | 2,479,000 | 1.60% | | Transmission Casing and Others | 39,730 | 2,479,000 | 1.60% | [Discussion and Analysis of Operating Performance](index=16&type=section&id=Discussion%20and%20Analysis%20of%20Operating%20Performance) During the reporting period, the company's operating revenue decreased by 13.18% year-on-year, but net profit attributable to the parent company increased by 29.97%, primarily due to fair value changes in financial assets held for trading. The company focused on its core business, expanded into new energy and overseas markets, and pursued M&A and investments in new businesses to create multiple growth curves [Key Operating Performance](index=16&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) In H1 2025, the company's operating revenue was **675.37 million Yuan**, a year-on-year decrease of 13.18%; net profit attributable to the parent company was **80.39 million Yuan**, a year-on-year increase of 29.97%, mainly influenced by fair value changes in financial assets held for trading. The company maintains a stable financial position with a low asset-liability ratio and ample cash H1 2025 Key Operating Data | Indicator | Jan-Jun 2025 (Ten Thousand Yuan) | Year-on-year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 67,537.48 | -13.18 | | Net Profit Attributable to Parent Company Shareholders | 8,038.74 | 29.97 | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-recurring Gains and Losses | 8,382.49 | -14.83 | - Net profit attributable to shareholders of the listed company increased by **18.54 million Yuan** year-on-year, primarily due to a **38.26 million Yuan** year-on-year increase in fair value change gains and losses from financial assets held for trading[62](index=62&type=chunk) - As of June end 2025, the company's total assets were **2.81 billion Yuan**, total net assets were **2.49 billion Yuan**, and the asset-liability ratio was **11.41%**; the company's monetary funds and financial assets held for trading totaled **1.06 billion Yuan**, with a cash ratio of **339.85%**, indicating ample capital and stable financial indicators[63](index=63&type=chunk) [Key Work in H1 2025](index=16&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%892025%20%E5%B9%B4%20%E4%B8%8A%E5%8D%8A%E5%B9%B4%E9%87%8D%E7%82%B9%E5%B7%A5%E4%BD%9C%E6%83%85%E5%86%B5) In the first half of the year, the company focused on its core business, stabilized customer order volumes, expanded into overseas markets, and achieved mass production for the North American Ford cylinder block project. Concurrently, cost reduction and efficiency improvements were implemented through the completion of a rooftop photovoltaic project and technological innovation. In the new energy sector, hybrid power drive system R&D progressed steadily. Furthermore, the company entered the high-end vacuum coating field through the acquisition of Yigao Optoelectronics and invested in Moxian Technology to enter the sensor market, creating multiple growth curves - The company secured multiple project orders from customers including Changan Ford, Ideal, Dongan Power, and FAW, successfully supplied North American Ford directly, and completed sample delivery and achieved mass production for the North American Ford cylinder block project[64](index=64&type=chunk) - The company completed a **6MW** distributed photovoltaic project on the parent company's rooftop, which was connected to the grid in June, expected to save **7% to 10%** of the company's electricity costs annually[67](index=67&type=chunk) - Subsidiary Meifeng Qin'an steadily advanced the R&D of hybrid power drive system products, completing the development and manufacturing of dedicated engine, motor, and reducer prototypes, and developing single-motor reducers and electric drive assemblies applicable to pure electric vehicles[68](index=68&type=chunk) - The company initiated the acquisition of **99%** equity of Anhui Yigao Optoelectronic Technology Co., Ltd. by issuing shares and paying cash, strategically entering the high-end vacuum coating field, which is expected to open new performance growth points[70](index=70&type=chunk) - The company officially entered the sensor market by investing in Moxian Technology, which specializes in flexible tactile sensors with broad applications in consumer electronics, automotive, robotics, and medical fields[71](index=71&type=chunk) [Significant Changes in Company's Operating Performance and Material Impact Events during the Reporting Period](index=18&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8C%96%EF%BC%8C%E4%BB%A5%E5%8F%8A%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%8F%91%E7%94%9F%E7%9A%84%E5%AF%B9%E5%85%AC%E5%8F%B8%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E6%9C%89%E9%87%8D%E5%A4%A7%E5%BD%B1%E5%93%8D%E5%92%8C%E9%A2%84%E8%AE%A1%E6%9C%AA%E6%9D%A5%E4%BC%9A%E6%9C%89%E9%87%8D%E5%A4%A7%E5%BD%B1%E5%93%8D%E7%9A%84%E4%BA%8B%E9%A1%B9) The company plans to acquire **99%** equity of Anhui Yigao Optoelectronic Technology Co., Ltd. by issuing shares and paying cash, and raise supporting funds; this transaction is still in progress and is expected to have a significant impact on the company's future operations - The company plans to acquire **99%** equity of Anhui Yigao Optoelectronic Technology Co., Ltd. by issuing shares and paying cash, and raise supporting funds; this transaction requires approval from the company's board of directors and shareholders' meeting, and formal implementation after approval by competent regulatory authorities[72](index=72&type=chunk)[73](index=73&type=chunk) [Analysis of Core Competencies during the Reporting Period](index=19&type=section&id=Analysis%20of%20Core%20Competencies%20during%20the%20Reporting%20Period) The company's core competencies include advantages in process technology and equipment, integrated R&D and production capabilities for casting and machining, product development, R&D and testing capabilities, quality management systems, excellent cost control, and advantages in scale and product diversity - The company possesses full-process highly automated equipment and matching process technology capabilities, including low-pressure, gravity, and high-pressure casting technologies, as well as advanced machining technologies for engine core 3C parts and critical transmission and motor housing components[74](index=74&type=chunk) - The company has integrated R&D and production capabilities for casting and machining, covering the entire process from raw material and auxiliary material preparation to casting, rough machining, and fine machining, ensuring stable product quality, short logistics, and high production efficiency[78](index=78&type=chunk) - The company boasts an experienced technical team capable of supporting diverse product development, and has established a comprehensive product development system and historical experience database for casting and machining, earning multiple "Excellent Innovation Award" and "Best Development Award" from customers[79](index=79&type=chunk) - The company has a professional technical team for hybrid electric drive system assembly R&D and has built over ten large-scale testing facilities, including vehicle dynamometers, powertrain, triple motor, engine, motor, and vibration environment test benches[80](index=80&type=chunk) - The company strictly adheres to IATF16949 requirements for its quality management system, demonstrating stable quality performance in mass production of core products, achieving **0 PPM** for **24 consecutive months** for fine-machined engine parts supplied to Changan Ford[85](index=85&type=chunk) - The company has developed a mature capability for large-scale production line construction and integrated wiring, enabling the configuration of complete production lines at the procurement cost of individual equipment, significantly reducing equipment procurement costs, and possesses alloy preparation capabilities and a sound cost management system[86](index=86&type=chunk) - The company holds a competitive advantage in production and sales scale and OEM market share among engine core component manufacturers, with product diversity covering fuel engine core components and new energy drive system products, effectively mitigating single-product market risks[88](index=88&type=chunk) [Key Operating Performance during the Reporting Period](index=22&type=section&id=Key%20Operating%20Performance%20during%20the%20Reporting%20Period) This section analyzes the reasons for changes in key financial statement items, including decreased operating revenue, increased total profit and net profit, and decreased net cash flow from operating activities, along with detailed disclosures of asset and liability status and major asset restrictions [Analysis Table of Changes in Financial Statement Items](index=22&type=section&id=1、%20财务报表相关科目变动分析表) During the reporting period, the company's operating revenue decreased by 13.18% year-on-year, operating costs decreased by 10.48%, sales, administrative, and R&D expenses all decreased, and financial expense interest income decreased. Net cash flow from operating activities significantly decreased by 49.68%, net cash flow from investing activities decreased by 79.79%, and net cash flow from financing activities decreased by 43.24% Analysis of Changes in Financial Statement Items | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 675,374,807.79 | 777,882,900.24 | -13.18 | | Operating Cost | 527,791,617.98 | 589,576,602.80 | -10.48 | | Selling Expenses | 5,802,181.66 | 8,133,098.31 | -28.66 | | Administrative Expenses | 40,182,190.06 | 48,282,999.37 | -16.78 | | Financial Expenses | -7,305,953.67 | -8,569,584.97 | 14.75 | | R&D Expenses | 14,614,989.16 | 15,567,305.01 | -6.12 | | Net Cash Flow from Operating Activities | 114,586,001.35 | 227,715,129.49 | -49.68 | | Net Cash Flow from Investing Activities | -61,288,712.14 | -34,088,715.07 | -79.79 | | Net Cash Flow from Financing Activities | -143,040,387.18 | -251,995,835.49 | 43.24 | - The decrease in operating revenue was primarily due to intensified industry competition, leading to lower product prices, and reduced customer order demand and product deliveries[90](index=90&type=chunk) - The change in net cash flow from operating activities was mainly due to a year-on-year decrease in receivables at the end of the prior year, resulting in reduced collection of goods payments in the current period[90](index=90&type=chunk) - The change in net cash flow from investing activities was primarily due to increased payments for equity investments and long-term asset investments[92](index=92&type=chunk) [Analysis of Assets and Liabilities](index=23&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets and monetary funds decreased, but accounts receivable financing significantly increased by 653.11%. Regarding liabilities, short-term borrowings and derivative financial liabilities were zeroed out, and other payables significantly decreased by 93.65%, mainly due to the payment of cash dividends. The company's overseas assets accounted for 0.50% of total assets, and bills receivable of **2,253,456.09 Yuan** were restricted at period-end Changes in Assets and Liabilities | Item Name | End of Current Period (Yuan) | End of Prior Year (Yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 985,860,381.34 | 1,082,660,246.99 | -8.94 | | | Bills Receivable | 11,053,114.19 | 19,466,416.96 | -43.22 | Decrease in bills receivable from lower-credit banks at period-end | | Accounts Receivable Financing | 77,553,909.84 | 10,297,763.24 | 653.11 | Increase in bills receivable from higher-credit banks at period-end | | Other Equity Instrument Investments | 15,517,241.00 | | | Increase in equity instrument investments in current period | | Other Non-current Assets | 10,564,269.39 | 4,169,564.40 | 153.37 | Increase in prepaid equipment costs | | Short-term Borrowings | | 14,710,000.00 | -100.00 | Decrease in non-derecognizable bills receivable | | Derivative Financial Liabilities | | 532,100.00 | -100.00 | Decrease in cash flow hedging reserve | | Other Payables | 8,675,262.37 | 136,654,683.62 | -93.65 | Payment of cash dividends in current period | | Deferred Tax Liabilities | 6,371,968.29 | 16,336,801.02 | -61.00 | Decrease in taxable temporary differences | - The company's overseas assets amounted to **14,145,873.86 Yuan**, accounting for **0.50%** of total assets[95](index=95&type=chunk) - At period-end, bills receivable of **2,253,456.09 Yuan** were restricted because they were endorsed or discounted but had not yet matured on the balance sheet date and were not derecognized[97](index=97&type=chunk) [Analysis of Investment Status](index=25&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company engages in stock financial investments in the secondary market to improve capital utilization efficiency, with financial assets held for trading having a book value of **74,566,073.10 Yuan** at period-end and a fair value change of **-55,797,923.24 Yuan**. Additionally, the company subscribed for a **5%** equity stake in Moxian Technology, designated as other equity instrument investment, with a book value of **15,517,241.00 Yuan** - As of June 30, 2025, the company's financial assets held for trading had a book value of **74,566,073.10 Yuan**, including an investment cost of **130,363,996.34 Yuan** and a fair value change of **-55,797,923.24 Yuan**[98](index=98&type=chunk)[100](index=100&type=chunk) - On June 18, 2025, the company signed an agreement with Moxian Technology to subscribe for a **5%** equity stake, designated as other equity instrument investment, with a book value of **15,517,241.00 Yuan** as of June 30, 2025[98](index=98&type=chunk) Securities Investment Status | Security Type | Security Code | Security Abbreviation | Initial Investment Cost (Yuan) | End of Period Book Value (Yuan) | Fair Value Change Gain/Loss for Current Period (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Stock | 002129 | TCL Zhonghuan | 52,059,081.81 | 28,165,248.00 | -4,364,146.50 | | Stock | 601012 | Longi Green Energy | 75,776,179.96 | 44,957,864.00 | -2,065,308.00 | | Stock | 835368 | Liancheng CNC | 2,528,734.57 | 1,442,961.10 | -35,734.30 | | Total | / | / | 130,363,996.34 | 74,566,073.10 | -6,465,188.80 | [Analysis of Major Holding and Participating Companies](index=27&type=section&id=%EF%BC%88%E5%85%AD%EF%BC%89%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) The company's main subsidiaries include Chongqing Qin'an Casting Co., Ltd. and Chongqing Meifeng Qin'an Automotive Drive System Co., Ltd. Qin'an Casting achieved operating revenue of **412 million Yuan** and net profit of **14.8045 million Yuan** in H1; Meifeng Qin'an had operating revenue of **33,500 Yuan** and a net loss of **420,000 Yuan** Key Subsidiary Financial Data (H1 2025) | Company Name | Company Type | Registered Capital (Ten Thousand Yuan) | Total Assets (Ten Thousand Yuan) | Net Assets (Ten Thousand Yuan) | Operating Revenue (Ten Thousand Yuan) | Operating Profit (Ten Thousand Yuan) | Net Profit (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chongqing Qin'an Casting Co., Ltd | Subsidiary | 12,000.00 | 78,434.59 | 72,206.04 | 41,192.46 | 1,697.17 | 1,480.45 | | Chongqing Meifeng Qin'an Automotive Drive System Co., Ltd | Subsidiary | 2,000.00 | 901.91 | 849.04 | 3.35 | -42.00 | -42.00 | [Other Disclosure Matters](index=28&type=section&id=Other%20Disclosure%20Matters) The company faces risks from macroeconomic fluctuations, industry policy adjustments, challenges in new energy expansion, customer concentration, product price declines, raw material price volatility, and investments in new businesses through M&A - The company's main products are used in the automotive market, facing risks from macroeconomic fluctuations and market changes, which may have a significant adverse impact on its operating prosperity and performance[103](index=103&type=chunk) - If the macroeconomy overheats or environmental pollution intensifies, policies encouraging automotive production and consumption may be adjusted, or even policies to curb overcapacity may be introduced, thereby posing industry policy risks to the company's operations[104](index=104&type=chunk) - The company's involvement in the new energy sector will face new challenges and market competition, as its drive system products are currently in the early R&D and testing phase, potentially facing technical risks and unfavorable market development risks[105](index=105&type=chunk) - The company faces risks of customer concentration; if its core customers experience large-scale order transfers or significant adverse changes in their operating conditions in the future, it will directly affect the company's production and operations, thereby adversely impacting its sustained profitability[107](index=107&type=chunk) - With the continuous increase in product models and intensifying market competition, the company's products will face price reduction pressure; if product prices significantly decrease in the future, it will have a major adverse impact on the company's profitability[108](index=108&type=chunk) - The main raw materials required for the company's products include aluminum ingots, carbon steel (compacted blocks), etc., and their price fluctuations will directly affect the company's production costs, thus the company faces operating risks from raw material price fluctuations[109](index=109&type=chunk) - The company's plan to invest in and acquire new businesses involves various risks, such as inaccurate valuation of target companies, inability to effectively integrate corporate cultures and management models after acquisition, loss of key talent, and uncertainties in new business market demand[110](index=110&type=chunk) Corporate Governance, Environment, and Society [Profit Distribution or Capital Reserve Conversion Plan](index=30&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's board of directors resolved not to distribute profits or convert capital reserves into share capital for this reporting period - No profit distribution or capital reserve conversion into share capital will be conducted for this reporting period[6](index=6&type=chunk)[112](index=112&type=chunk) [Status and Impact of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=30&type=section&id=Status%20and%20Impact%20of%20Company's%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) The first tranche of the company's 2023 employee stock ownership plan completed its initial lock-up period on September 8, 2024, with **4.854 million shares** unlocked, of which **2.934 million shares** have been transferred to individual securities accounts. The reserved portion completed non-trading transfer on November 1, 2024. The second lock-up period will expire on September 8, 2025, with **4.905 million shares** eligible for unlocking - The first tranche of **16,350,000** A-shares of the company's 2023 employee stock ownership plan was transferred from the company's repurchase special securities account to the employee stock ownership plan securities account via non-trading transfer on September 8, 2023, at a price of **4.41 Yuan/share**[114](index=114&type=chunk) - The first lock-up period for the initial tranche of the 2023 employee stock ownership plan expired on September 8, 2024, with **4.854 million shares** unlocked, of which **2.934 million shares** were transferred to individual securities accounts via non-trading transfer on September 27, 2024[115](index=115&type=chunk)[116](index=116&type=chunk) - The reserved portion of **730,274** A-shares of the company's 2023 employee stock ownership plan was transferred from the company's repurchase special securities account to the 2023 employee stock ownership plan securities account via non-trading transfer on November 1, 2024[117](index=117&type=chunk) - The second lock-up period for the initial tranche of the company's 2023 employee stock ownership plan will expire on September 8, 2025, with **4.905 million shares** eligible for unlocking, accounting for **1.12%** of the company's current total share capital[118](index=118&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=32&type=section&id=Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company and its subsidiary, Chongqing Qin'an Casting Co., Ltd., have been included in the list of enterprises required to disclose environmental information by law. Chongqing Qin'an Casting Co., Ltd.'s environmental information disclosure report can be found on the Enterprise Environmental Information Disclosure System Status of Inclusion in the List of Enterprises Required to Disclose Environmental Information by Law | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Chongqing Qin'an Casting Co., Ltd | http://cqtpf.cqree.cn:10001/eps/index/enterprise search | | 2 | Chongqing Qin'an M&E PLC | Not applicable (Chongqing Qin'an M&E PLC's Jiangjin factory will be included in the list of enterprises required to disclose environmental information by law in 2025, with its environmental information disclosure report submission due in early 2026, not yet reaching the statutory disclosure time) | Significant Matters [Fulfillment of Commitments](index=33&type=section&id=Fulfillment%20of%20Commitments) The company and relevant parties have made commitments regarding major asset restructuring, resolution of horizontal competition, and other matters, all of which have been timely and strictly fulfilled. Commitments related to major asset restructuring will become effective upon approval by the competent regulatory authorities - The company, its directors, supervisors, senior management, controlling shareholder, actual controller, transaction counterparties, and target company have timely and strictly fulfilled commitments related to major asset restructuring, with some commitments becoming effective after approval, sanction, or registration by competent regulatory authorities for this transaction[122](index=122&type=chunk)[123](index=123&type=chunk) - Controlling shareholder and actual controller YUANMING TANG committed not to directly or indirectly engage in or participate in any business or activity that is the same, similar, or commercially competitive with the company and its subsidiaries; this commitment is long-term effective and has been timely and strictly fulfilled[122](index=122&type=chunk) - Shareholder Tang Yadong committed not to reduce his holding of **5,000 shares** acquired during the window period on March 13, 2020, within eighteen months, and to voluntarily return any gains from sales after eighteen months to the listed company, also committing to diligently study relevant laws and regulations and strictly comply with them to prevent similar incidents; this commitment has been fulfilled[124](index=124&type=chunk) [Significant Related Party Transactions](index=35&type=section&id=Significant%20Related%20Party%20Transactions) The company is planning to acquire **99%** equity of Anhui Yigao Optoelectronic Technology Co., Ltd. by issuing shares and paying cash, and raise supporting funds; this transaction is expected to constitute a related party transaction, with due diligence, audit, and appraisal work currently in progress - The company is planning to acquire **99%** equity of Anhui Yigao Optoelectronic Technology Co., Ltd. by issuing shares and paying cash, and raise supporting funds, which is expected to constitute a related party transaction but not a major asset restructuring as defined by the "Measures for the Administration of Major Asset Restructuring of Listed Companies"[126](index=126&type=chunk) - As of the disclosure date of this report, due diligence, audit, and appraisal work related to this transaction are continuously and orderly progressing[127](index=127&type=chunk) [Major Contracts and Their Fulfillment](index=37&type=section&id=Major%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the company provided a comprehensive credit guarantee of **60 million Yuan** to its subsidiary, Chongqing Meifeng Qin'an Automotive Drive System Co., Ltd., accounting for **2.41%** of the company's net assets Company Guarantee Total Amount | Indicator | Amount (Yuan) | | :--- | :--- | | Total Guarantees to Subsidiaries in Current Period | 60,000,000 | | Total Guarantees to Subsidiaries at End of Current Period (B) | 60,000,000 | | Total Guarantees (A+B) | 60,000,000 | | Total Guarantees as % of Company's Net Assets | 2.41 | - The company signed an agreement with Everbright Bank in January 2023 to provide a comprehensive credit guarantee of **60 million Yuan** to its wholly-owned subsidiary Meifeng Qin'an for a term of three years[131](index=131&type=chunk) Share Changes and Shareholder Information [Changes in Share Capital](index=39&type=section&id=Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[133](index=133&type=chunk) [Shareholder Information](index=39&type=section&id=Shareholder%20Information) As of the end of the reporting period, the total number of common shareholders was **13,210**. Among the top ten shareholders, YUANMING TANG held **64.76%**, serving as the controlling shareholder. The company's 2023 employee stock ownership plan held **12,175,310 shares**, accounting for **2.77%** of the total share capital - As of the end of the reporting period, the total number of common shareholders was **13,210**[134](index=134&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | YUANMING TANG | 284,153,069 | 64.76 | Overseas Natural Person | | Chongqing Qin'an M&E PLC - 2023 Employee Stock Ownership Plan | 12,175,310 | 2.77 | Other | | Lin Zhijun | 3,827,300 | 0.87 | Domestic Natural Person | | Shao Yixing | 2,786,909 | 0.64 | Domestic Natural Person | | Zhang Huaming | 2,450,000 | 0.56 | Domestic Natural Person | | Song Zeyang | 1,971,100 | 0.45 | Domestic Natural Person | | Zhou Bin | 1,760,000 | 0.40 | Domestic Natural Person | | Tang Zichang | 1,740,000 | 0.40 | Domestic Natural Person | | Industrial and Commercial Bank of China Co., Ltd. - Noah Flexible Allocation Mixed Securities Investment Fund | 1,681,500 | 0.38 | Other | | Yantai Zhaojin Private Equity Fund Management Co., Ltd. - Zhaojin FOF Selection No. 1 Private Securities Investment Fund | 1,365,500 | 0.31 | Other | - Chongqing Qin'an M&E PLC's repurchase special securities account held **11,182,900 shares**, accounting for **2.55%** of the company's total share capital[137](index=137&type=chunk) Bond-Related Information [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=42&type=section&id=Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[140](index=140&type=chunk) [Convertible Corporate Bonds](index=42&type=section&id=Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[140](index=140&type=chunk) Financial Report [Audit Report](index=43&type=section&id=Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk)[142](index=142&type=chunk) [Financial Statements](index=43&type=section&id=Financial%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 H1 2025, comprehensively reflecting the financial position and operating results at the end of the reporting period - This section includes the consolidated balance sheet, consolidated income statement, consolidated cash flow statement, consolidated statement of changes in owners' equity, parent company balance sheet, parent company income statement, parent company cash flow statement, and parent company statement of changes in owners' equity[142](index=142&type=chunk)[145](index=145&type=chunk)[148](index=148&type=chunk)[152](index=152&type=chunk)[155](index=155&type=chunk)[158](index=158&type=chunk)[161](index=161&type=chunk)[168](index=168&type=chunk) [Company Basic Information](index=63&type=section&id=Company%20Basic%20Information) Chongqing Qin'an M&E PLC. was established in 1995, restructured into a joint-stock company in 2011, listed on the Shanghai Stock Exchange in 2017, primarily engages in automotive parts manufacturing, and has a registered capital of **438,797,049.00 Yuan** - Chongqing Qin'an M&E PLC. was formerly Chongqing Qin'an M&E Manufacturing Co., Ltd., an foreign-invested enterprise established on August 24, 1995, with approval from the Chongqing Jiulongpo District Foreign Economic and Trade Commission[173](index=173&type=chunk) - The company was restructured into a joint-stock company in September 2011 and listed on the Shanghai Stock Exchange on May 17, 2017[173](index=173&type=chunk) - The company's registered capital is **438,797,049.00 Yuan**, with a total of **438,797,049 shares**[173](index=173&type=chunk) - The company belongs to the automotive parts manufacturing industry, with its main business activities being the design, development, manufacturing, and sales of automotive engine core components and critical automotive transmission components[174](index=174&type=chunk) [Basis of Financial Statement Preparation](index=63&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue as a going concern for the 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[176](index=176&type=chunk) - There are no matters or circumstances that cause significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[177](index=177&type=chunk) [Significant Accounting Policies and Estimates](index=63&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's statement of compliance with accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statement preparation, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, bills receivable, accounts receivable, accounts receivable financing, other receivables, inventories, contract assets, assets held for sale, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term prepaid expenses, contract liabilities, employee compensation, provisions, share-based payments, revenue, contract costs, government grants, deferred tax assets/liabilities, leases, and other significant accounting policies and estimates - The financial statements prepared by the company comply with the requirements of enterprise accounting standards and truly and completely reflect the company's financial position, operating results, changes in shareholders' equity, and cash flows[179](index=179&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, and its operating cycle is short, with **12 months** used as the liquidity classification standard for assets and liabilities[180](index=180&type=chunk)[181](index=181&type=chunk) - The company identifies individual accounts receivable, other receivables, prepayments, construction in progress, accounts payable, other payables, contract liabilities, and provisions exceeding **0.3%** of total assets as material items[183](index=183&type=chunk) - Financial assets are initially classified into financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income, and financial assets measured at fair value through profit or loss[192](index=192&type=chunk) - The company performs impairment testing and recognizes loss provisions for financial assets measured at amortized cost, debt instrument investments measured at fair value through other comprehensive income, contract assets, lease receivables, loan commitments, and financial guarantee contracts based on expected credit losses[208](index=208&type=chunk) - Inventories include finished goods or merchandise held for sale in ordinary activities, work in progress, and materials and supplies consumed in the production process or in the rendering of services; inventories issued are accounted for using the weighted average method at month-end, and the inventory system is perpetual inventory[228](index=228&type=chunk) Fixed Asset Depreciation Methods | Category | Depreciation Method | Depreciation Period (years) | Salvage Rate | Annual Depreciation Rate | | :--- | :--- | :--- | :--- | :--- | | Buildings and Structures | Straight-line method | 20 | 0-10 | 4.50-5.00 | | Machinery and Equipment | Straight-line method | 5-10 | 0-10 | 9.00-20.00 | | Transportation Equipment | Straight-line method | 4-5 | 5-10 | 18.00-23.75 | | Office Equipment | Straight-line method | 3-5 | 0-10 | 18.00-33.33 | - Intangible assets include land use rights and software; land use rights are amortized over the **50-year** term of property registration, and software is amortized over its expected useful life of **5-10 years**[261](index=261&type=chunk) - Expenditures in the development phase of internal research and development projects are recognized as intangible assets when they simultaneously meet conditions such as technical feasibility, intention to complete, manner of generating economic benefits, availability of sufficient resources, and reliable measurement of expenditures[267](index=267&type=chunk) - Revenue recognition principle: at the contract inception date, the company assesses the contract to identify each distinct performance obligation and determines whether each distinct performance obligation is satisfied over time or at a point in time, recognizing revenue when the customer obtains control of the related goods or services[286](index=286&type=chunk)[287](index=287&type=chunk) - The company applies hedge accounting for qualifying hedges (including fair value hedges, cash flow hedges, and hedges of a net investment in a foreign operation)[307](index=307&type=chunk) [Taxation](index=92&type=section&id=Taxation) This section lists the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, property tax, education surcharge, local education surcharge, and land use tax. The company and its subsidiaries benefit from Western Development corporate income tax incentives, high-tech enterprise corporate income tax incentives, advanced manufacturing enterprise VAT additional deduction policies, and small and micro-profit enterprise corporate income tax incentives Main Tax Categories and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Based on sales of goods and taxable services calculated according to tax laws, the output tax is calculated, and after deducting the input tax allowed for the current period, the difference is the VAT payable | 13% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7% | | Corporate Income Tax | Taxable income | 15%, 20% | | Property Tax | For value-based assessment, 1.2% of the remaining value after a one-time deduction of 30% from the original value of the property; for rent-based assessment, 12% of rental income | 1.2% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | | Land Use Tax | Taxable area | 8.00 Yuan/㎡, 10.00 Yuan/㎡ | - The company and its subsidiary Chongqing Qin'an Casting Co., Ltd. enjoy Western Development corporate income tax incentives, with corporate income tax levied at a reduced rate of **15%** from January 1, 2021, to December 31, 2030[314](index=314&type=chunk) - The company was recognized as a state-supported high-tech enterprise on October 28, 2024, and is subject to corporate income tax at a reduced rate of **15%**[315](index=315&type=chunk) - As an advanced manufacturing enterprise, the company is allowed to deduct an additional **5%** of the current period's deductible input VAT from its VAT payable from January 1, 2023, to December 31, 2027[315](index=315&type=chunk) - Subsidiary Chongqing Meifeng Qin'an Automotive Drive System Co., Ltd. enjoys small and micro-profit enterprise corporate income tax incentives for 2025, paying corporate income tax at a rate of **20%**[316](index=316&type=chunk) [Notes to Consolidated Financial Statement Items](index=93&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed disclosures for each item in the consolidated financial statements, including monetary funds, financial assets held for trading, bills receivable, accounts receivable, accounts receivable financing, prepayments, other receivables, inventories, other current assets, other equity instrument investments, fixed assets, construction in progress, intangible assets, long-term prepaid expenses, deferred tax assets/liabilities, other non-current assets, assets restricted by ownership or use rights, short-term borrowings, derivative financial liabilities, notes payable, accounts payable, contract liabilities, employee compensation payable, taxes payable, other payables, other current liabilities, provisions, deferred income, share capital, capital reserves, treasury stock, other comprehensive income, specific reserves, surplus reserves, undistributed profits, operating revenue and costs, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change gains, credit impairment losses, asset impairment losses, asset disposal gains, non-operating income, non-operating expenses, income tax expense, other comprehensive income, cash flow statement items, supplementary cash flow information, notes to statement of changes in owners' equity, foreign currency monetary items, leases, and data resources Monetary Funds | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Cash on Hand | 33,551.40 | 5,605.55 | | Bank Deposits | 962,920,146.71 | 957,519,509.51 | | Other Monetary Funds | 15,297,002.67 | 118,429,618.04 | | Interest on Notice Deposits and Large-Denomination Certificates of Deposit | 7,609,680.56 | 6,705,513.89 | | Total | 985,860,381.34 | 1,082,660,246.99 | | Of which: Total Funds Deposited Overseas | 9,180,816.66 | 2,781,013.18 | Financial Assets Held for Trading | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Financial Assets Measured at Fair Value Through Profit or Loss | 74,566,073.10 | 81,031,261.90 | | Of which: Equity Investments | 74,566,073.10 | 81,031,261.90 | | Total | 74,566,073.10 | 81,031,261.90 | Bills Receivable Classified | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills | 11,053,114.19 | 19,466,416.96 | | Total | 11,053,114.19 | 19,466,416.96 | Bills Receivable Endorsed or Discounted and Not Yet Due at Period-End | Item | Amount Not Derecognized at Period-End (Yuan) | | :--- | :--- | | Bank Acceptance Bills | 2,253,456.09 | | Total | 2,253,456.09 | Accounts Receivable Aging Disclosure | Aging | End of Period Book Balance (Yuan) | Beginning of Period Book Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 290,212,097.92 | 339,675,204.35 | | Within 3 months | 289,411,513.41 | 336,172,960.74 | | 3 months to 1 year | 800,584.51 | 3,502,243.61 | | 1 to 2 years | 15,522.79 | 133,606.72 | | 2 to 3 years | 4,200.00 | 409,713.79 | | 3 to 4 years | 409,713.79 | | | Total | 290,641,534.50 | 340,218,524.86 | Accounts Receivable Financing Classified | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills | 77,553,909.84 | 10,297,763.24 | | Total | 77,553,909.84 | 10,297,763.24 | Accounts Receivable Financing Endorsed or Discounted and Derecognized at Period-End | Item | Amount Derecognized at Period-End (Yuan) | | :--- | :--- | | Bank Acceptance Bills | 20,457,954.68 | | Total | 20,457,954.68 | Inventory Classification | Item | End of Period Book Value (Yuan) | Beginning of Period Book Value (Yuan) | | :--- | :--- | :--- | | Raw Materials | 16,232,792.70 | 15,452,911.21 | | Work in Progress | 45,136,588.71 | 24,235,271.67 | | Finished Goods | 131,763,583.85 | 119,292,274.56 | | Revolving Materials | 66,763,479.56 | 64,906,430.73 | | Consigned Processing Materials | 942,071.82 | 846,633.35 | | Total | 260,838,516.64 | 224,733,521.52 | Fixed Asset Status | Item | End of Period Book Value (Yuan) | Beginning of Period Book Value (Yuan) | | :--- | :--- | :--- | | Fixed Assets | 791,666,767.39 | 821,469,091.10 | | Total | 791,666,767.39 | 821,469,091.10 | Construction in Progress Status | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Construction in Progress | 32,253,895.67 | 43,776,947.62 | | Total | 32,253,895.67 | 43,776,947.62 | Intangible Asset Status | Item | End of Period Book Value (Yuan) | Beginning of Period Book Value (Yuan) | | :--- | :--- | :--- | | Land Use Rights | 120,037,702.72 | 121,434,849.40 | | Software | 3,275,462.08 | 3,404,450.27 | | Total | 123,313,164.80 | 124,839,299.67 | Long-term Prepaid Expenses Status | Item | Beginning of Period Balance (Yuan) | Amount Increased in Current Period (Yuan) | Amount Amortized in Current Period (Yuan) | End of Period Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Tools, Molds | 29,927,905.43 | 5,068,231.66 | 10,105,480.20 | 24,870,711.14 | | Revolving Materials | 7,000,395.84 | 2,180,713.71 | 2,521,942.95 | 6,659,166.60 | | Decoration Expenses | 167,671.75 | | 21,739.74 | 145,932.01 | | Total | 37,095,973.02 | 7,248,945.37 | 12,649,162.89 | 31,675,809.75 | Net Deferred Tax Assets and Liabilities | Item | Deferred Tax Assets or Liabilities Balance After Offset (Yuan) | | :--- | :--- | | Deferred Tax Assets | 14,231,831.39 | | Deferred Tax Liabilities | 6,371,968.29 | Short-term Borrowing Classification | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Credit Borrowings | | 14,710,000.00 | | Total | | 14,710,000.00 | Derivative Financial Liabilities | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Cash Flow Hedging Reserve | | 532,100.00 | | Total | | 532,100.00 | Notes Payable Classification | Type | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills | 127,786,785.94 | 133,168,035.03 | | Total | 127,786,785.94 | 133,168,035.03 | Accounts Payable Listing | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Goods Payable | 92,546,152.87 | 94,164,774.85 | | Equipment Payable | 46,029,253.65 | 55,752,857.06 | | Total | 138,575,406.52 | 149,917,631.91 | Contract Liabilities Status | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Advance Receipts for Goods | 7,470,173.34 | 2,295,034.98 | | Total | 7,470,173.34 | 2,295,034.98 | Employee Compensation Payable Listing | Item | End of Period Balance (Yuan) | | :--- | :--- | | I. Short-term Compensation | 10,537,210.40 | | II. Post-employment Benefits - Defined Contribution Plans | | | III. Termination Benefits | | | IV. Other Benefits Due Within One Year | | | Total | 10,537,210.40 | Taxes Payable Status | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Value-Added Tax | 8,570,870.12 | 7,561,059.61 | | Corporate Income Tax | 7,700,749.06 | 14,910,275.97 | | Individual Income Tax | 565,391.01 | 531,660.37 | | Urban Maintenance and Construction Tax | 599,294.56 | 527,812.28 | | Stamp Duty | 315,928.60 | 335,959.78 | | Education Surcharge | 256,840.53 | 226,205.27 | | Local Education Surcharge | 171,227.02 | 150,803.51 | | Other | 37,363.73 | 37,374.74 | | Total | 18,217,664.63 | 24,281,151.53 | Other Payables Listing | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Dividends Payable | | 128,284,244.70 | | Other Payables | 8,675,262.37 | 8,370,438.92 | | Total | 8,675,262.37 | 136,654,683.62 | Provisions Status | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | Reason for Formation | | :--- | :--- | :--- | :--- | | Product Quality Warranty | 1,653,828.15 | 1,294,917.21 | Accrued product quality warranty expenses | | Total | 1,653,828.15 | 1,294,917.21 | / | Deferred Income Status | Item | Beginning of Period Balance (Yuan) | Amount Increased in Current Period (Yuan) | Amount Decreased in Current Period (Yuan) | End of Period Balance (Yuan) | Related to Asset/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Government Grants | 666,932.09 | 192,800.00 | 393,814.17 | 465,917.92 | Asset-related | Share Capital Status | Item | Beginning of Period Balance (Yuan) | End of Period Balance (Yuan) | | :--- | :--- | :--- | | Total Shares | 438,797,049.00 | 438,797,049.00 | Capital Reserve Status | Item | Beginning of Period Balance (Yuan) | Amount Increased in Current Period (Yuan) | End of Period Balance (Yuan) | | :--- | :--- | :--- | | Capital Premium (Share Premium) | 670,732,040.79 | | 670,732,040.79 | | Other Capital Reserves | 37,503,051.78 | 22,721,486.24 | 60,224,538.02 | | Total | 708,235,092.57 | 22,721,486.24 | 730,956,578.81 | - Other capital reserves increased by **22,721,486.24 Yuan** in the current period, including **13,779,095.58 Yuan** for equity incentive expenses recognized from the employee stock ownership plan; **8,635,178.80 Yuan** for income tax impact recognized when the income tax deductible amount related to stock option exercise exceeded the cost recognized during the vesting period; and **307,211.86 Yuan** for gains from the employee stock ownership plan where actual unlocked shares were less than target unlocked shares, and gains from former executives' non-compliant share purchases during the window period returned to the company[429](index=429&type=chunk) Treasury Stock Status | Item | Beginning of Period Balance (Yuan) | End of Period Balance (Yuan) | | :--- | :--- | :--- | | Repurchased for Employee Incentives | 39,996,688.01 | 39,996,688.01 | | Other | 39,996,257.00 | 39,996,257.00 | | Total | 79,992,945.01 | 79,992,945.01 | Other Comprehensive Income Status | Item | Beginning of Period Balance (Yuan) | Pre-tax Amount for Current Period (Yuan) | Less: Income Tax Expense (Yuan) | After-tax Attributable to Parent Company (Yuan) | End of Period Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | II. Other Comprehensive Income to be Reclassified to Profit or Loss | -452,285.00 | 532,100.00 | 79,815.00 | 452,285.00 | | | Of which: Cash Flow Hedging Reserve | -452,285.00 | 532,100.00 | 79,815.00 | 452,285.00 | | | Total Other Comprehensive Income | -452,285.00 | 532,100.00 | 79,815.00 | 452,285.00 | | Specific Reserves Status | Item | Beginning of Period Balance (Yuan) | Amount Increased in Current Period (Yuan) | Amount Decreased in Current Period (Yuan) | End of Period Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Safety Production Fund | 0.33 | 4,818,019.20 | 4,502,834.81 | 315,184.72 | | Total | 0.33 | 4,818,019.20 | 4,502,834.81 | 315,184.72 | - The increase in specific reserves for the current period represents the safety production fund accrued at the prescribed ratio according to the "Measures for the Administration of Enterprise Safety Production Expense Accrual and Use" (Cai Zi (2022) No. 136), while the decrease represents the actual use of the safety production fund[435](index=435&type=chunk) Surplus Reserve Status | Item | Beginning of Period Balance (Yuan) | End of Period Balance (Yuan) | | :--- | :--- | :--- | | Statutory Surplus Reserve | 228,895,053.45 | 228,895,053.45 | | Total | 228,895,053.45 | 228,895,053.45 | Undistributed Profits Status | Item | Current Period (Yuan) | Prior Year (Yuan) | | :--- | :--- | :--- | | Undistributed Profits at End of Prior Period (Adjusted) | 1,088,629,896.64 | 1,275,640,848.61 | | Add: Net Profit Attributable to Parent Company Owners for Current Period | 80,387,391.48 | 172,862,279.40 | | Less: Appropriation for Statutory Surplus Reserve | | 15,306,549.17 | | Dividends Payable on Common Stock | | 344,566,682.20 | | Undistributed Profits at End of Period | 1,169,017,288.12 | 1,088,629,896.64 | Operating Revenue and Operating Cost Status | Item | Current Period Amount (Revenue) (Yuan) | Current Period Amount (Cost) (Yuan) | Prior Period Amount (Revenue) (Yuan) | Prior Period Amount (Cost) (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 659,591,543.67 | 527,763,692.07 | 763,856,757.86 | 589,576,562.35 | | Other Business | 15,783,264.12 | 27,925.91 | 14,026,142.38 | 40.45 | | Total | 675,374,807.79 | 527,791,617.98 | 777,882,900.24 | 589,576,602.80 | Taxes and Surcharges | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Urban Maintenance and Construction Tax | 1,325,413.84 | 2,557,993.01 | | Education Surcharge | 568,034.50 | 1,096,282.72 | | Property Tax | 2,219,846.68 | 1,778,050.51 | | Land Use Tax | 1,718,854.96 | 1,718,854.96 | | Vehicle and Vessel Usage Tax | 8,029.65 | 6,444.45 | | Stamp Duty | 585,589.12 | 597,291.94 | | Local Education Surcharge | 378,689.67 | 730,855.13 | | Environmental Protection Tax | 64,629.32 | 55,658.51 | | Total | 6,869,087.74 | 8,541,431.23 | Selling Expenses | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 2,930,926.04 | 3,405,702.98 | | Share-based Payment Expense | 2,296,700.58 | 4,250,487.50 | | Other | 574,555.04 | 476,907.83 | | Total | 5,802,181.66 | 8,133,098.31 | Administrative Expenses | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 21,788,287.89 | 23,823,631.61 | | Depreciation and Amortization | 7,385,942.09 | 6,883,549.16 | | Share-based Payment Expense | 7,167,786.42 | 14,034,475.00 | | Other | 1,839,299.06 | 1,497,620.75 | | Office and Vehicle Usage Expenses | 1,348,037.29 | 1,459,161.02 | | Consulting Fees | 361,667.15 | 398,237.33 | | Maintenance Fees | 291,170.16 | 186,324.50 | | Total | 40,182,190.06 | 48,282,999.37 | R&D Expenses | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Salaries and Wages | 6,836,291.64 | 5,341,613.85 | | Materials and Testing Fees | 2,739,769.13 | 3,563,703.42 | | Depreciation and Amortization | 2,335,572.01 | 2,132,398.03 | | Share-based Payment Expense | 1,436,124.66 | 3,919,562.50 | | Other | 1,267,231.72 | 610,027.21 | | Total | 14,614,989.16 | 15,567,305.01 | Financial Expenses | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Interest Expense | 33,324.17 | 24,820.01 | | Less: Interest Income | 7,562,915.82 | 8,678,726.93 | | Exchange Gains and Losses | 32,632.75 | -34,355.84 | | Handling Fees and Other | 191,005.23 | 118,677.79 | | Total | -7,305,953.67 | -8,569,584.97 | Other Income | Classified by Nature | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :-

[Definitions](index=4&type=section&id=Section%201%20Definitions) This section defines key terms used throughout the report, including the reporting period and company names - The reporting period refers to January 1, 2025, to June 30, 2025[14](index=14&type=chunk) - The company's abbreviation is "DeepGlint", and its full name is "Beijing DeepGlint Information Technology Co, Ltd"[13](index=13&type=chunk) - Artificial Intelligence (AI) is a technical science that studies and develops theories, methods, technologies, and application systems to simulate, extend, and expand human intelligence[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides the company's basic information, contact details, and key financial data for the reporting period [Company Basic Information](index=6&type=section&id=I.%20Company%20Basic%20Information) The company is Beijing DeepGlint Information Technology Co, Ltd, headquartered in Beijing, China Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 北京格灵深瞳信息技术股份有限公司 | | Chinese Abbreviation | 格灵深瞳 | | Legal Representative | Zhao Yong | | Registered Address | 1A025, 1st Floor, No 1 Wangjing East Road, Chaoyang District, Beijing | | Office Address | 8th Floor, Building 10, Zhongguancun Science City Dongsheng Science Park, No 6 North Street, Dongsheng Science Park, Haidian District, Beijing | | Company Website | www.deepglint.com | | Email | ir@deepglint.com | - The change in the company's main office address was disclosed on the Shanghai Stock Exchange website on April 23, 2025[16](index=16&type=chunk) [Contact Persons and Methods](index=6&type=section&id=II.%20Contact%20Persons%20and%20Methods) The company's Board Secretary is Wu Meng and the Securities Affairs Representative is Liu Yuping Contact Methods | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary (Domestic Information Disclosure Representative) | Wu Meng | 8th Floor, Building 10, Zhongguancun Science City Dongsheng Science Park, No 6 North Street, Dongsheng Science Park, Haidian District, Beijing | 010-62950512 | ir@deepglint.com | | Securities Affairs Representative | Liu Yuping | 8th Floor, Building 10, Zhongguancun Science City Dongsheng Science Park, No 6 North Street, Dongsheng Science Park, Haidian District, Beijing | 010-62950512 | ir@deepglint.com | [Information Disclosure and Changes in Document Location](index=6&type=section&id=III.%20Information%20Disclosure%20and%20Changes%20in%20Document%20Location) The company discloses information through designated newspapers and the Shanghai Stock Exchange website - The company's designated information disclosure newspapers are "Shanghai Securities News", "Securities Times", and "Securities Daily"[18](index=18&type=chunk) - The website for publishing the semi-annual report is www.sse.com.cn[18](index=18&type=chunk) - The company's semi-annual report is kept at the Board of Directors' office[18](index=18&type=chunk) [Company Stock/Depositary Receipts Profile](index=6&type=section&id=IV.%20Company%20Stock/Depositary%20Receipts%20Profile) The company's A-shares are listed on the Sci-Tech Innovation Board of the Shanghai Stock Exchange Company Stock Profile | Stock Type | Stock Exchange and Board | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange Sci-Tech Innovation Board | 格灵深瞳 | 688207 | N/A | - The company does not have any depositary receipts[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=I.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's revenue decreased due to budget constraints in the smart finance sector, while net profit declined slightly Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 42,472,830.34 CNY | 51,309,820.66 CNY | -17.22 | | Total Profit | -81,195,170.29 CNY | -77,739,467.88 CNY | - | | Net Profit Attributable to Shareholders | -79,853,725.67 CNY | -77,923,906.15 CNY | - | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -85,582,911.93 CNY | -81,537,571.52 CNY | - | | Net Cash Flow from Operating Activities | -103,120,294.90 CNY | -87,404,908.21 CNY | - | | Net Assets Attributable to Shareholders (End of Period/End of Prior Year) | 1,954,071,328.51 CNY | 2,036,129,040.93 CNY | -4.03 | | Total Assets (End of Period/End of Prior Year) | 2,126,262,695.41 CNY | 2,317,640,088.10 CNY | -8.26 | Key Financial Indicators | Key Financial Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/Share) | -0.31 | -0.30 | - | | Diluted Earnings Per Share (CNY/Share) | -0.31 | -0.30 | - | | Basic EPS (Excluding Non-recurring Items) (CNY/Share) | -0.33 | -0.31 | - | | Weighted Average Return on Equity (%) | -4.00 | -3.47 | Decreased by 0.53 percentage points | | Weighted Average ROE (Excluding Non-recurring Items) (%) | -4.29 | -3.63 | Decreased by 0.66 percentage points | | R&D Investment as a Percentage of Operating Revenue (%) | 160.21 | 182.75 | Decreased by 22.54 percentage points | - **Operating revenue decreased year-over-year**, primarily due to budget tightening among clients in the smart finance sector amid macroeconomic factors, although revenue from other sectors grew[22](index=22&type=chunk) - **Net profit attributable to shareholders and net profit excluding non-recurring items both saw a slight year-over-year decline**, mainly due to the combined effect of reduced revenue and increased administrative expenses from talent structure optimization[22](index=22&type=chunk) - **The ratio of R&D investment to operating revenue decreased**, mainly due to the company's continuous optimization of R&D project efficiency and a reduction in R&D personnel expenses[22](index=22&type=chunk) - **Net cash flow from operating activities decreased year-over-year**, primarily due to an increase in payments for procurement[23](index=23&type=chunk) [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=II.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) The company reports no differences in accounting data under domestic and foreign accounting standards - The company has no differences in accounting data under domestic and foreign accounting standards[24](index=24&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=8&type=section&id=III.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) Non-recurring profit and loss totaled 5.73 million CNY, mainly from asset disposals and government subsidies Non-recurring Profit and Loss Items and Amounts | Non-recurring Profit and Loss Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 1,392,902.41 | | Government Subsidies Included in Current Profit or Loss | 59,433.96 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-financial Enterprises | 4,149,552.23 | | Other Non-operating Income and Expenses | 150,317.49 | | Less: Income Tax Impact | -7,910.11 | | Minority Interest Impact (After Tax) | 30,929.94 | | Total | 5,729,186.26 | [Net Profit After Deducting Share-based Payments](index=8&type=section&id=IV.%20Disclosure%20of%20Net%20Profit%20After%20Deducting%20Share-based%20Payments%20for%20Companies%20with%20Equity%20Incentive%20or%20Employee%20Stock%20Ownership%20Plans) Net profit after deducting share-based payments was -77.81 million CNY, a slight decrease from the prior year Net Profit After Deducting Share-based Payments | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-based Payments | -77,813,684.87 CNY | -75,365,015.99 CNY | N/A | [Management Discussion and Analysis](index=9&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section discusses the company's industry, business operations, core competitiveness, and risk factors [Industry and Main Business Overview](index=9&type=section&id=I.%20Overview%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company operates in the AI sector, providing computer vision and multi-modal large model solutions for various industries [Company's Industry](index=9&type=section&id=(I)%20Company's%20Industry) The company is classified within the "Software and Information Technology Services" industry, specifically in the "Artificial Intelligence" sector, which is a strategic national priority - **Industry Classification**: The company belongs to the "Software and Information Technology Services" (I65) industry and the "Artificial Intelligence" sub-sector of the "New Generation Information Technology Industry"[30](index=30&type=chunk) - **Policy Support**: China highly prioritizes the AI industry, with policies from the "New Generation Artificial Intelligence Development Plan" to the "AI+" initiative promoting the widespread application of large AI models across various sectors[31](index=31&type=chunk) [Company's Main Business](index=9&type=section&id=(II)%20Company's%20Main%20Business) The company integrates advanced technologies like computer vision and multi-modal large models to provide AI products and solutions for key sectors - **Company Vision**: To make AI benefit humanity and create a safer, more livable, and healthier world[32](index=32&type=chunk) - **Core Technologies**: The company has mastered core technologies including multi-modal large models, 3D stereo vision, automated traffic scene perception, large-scale cross-camera tracking, and robot perception and control[32](index=32&type=chunk) - **Smart Finance**: Deployed in over 10,000 branches of the Agricultural Bank of China and launched the new "Financial Super-Agent" platform to enhance operational efficiency[32](index=32&type=chunk) - **Urban Management**: Piloted a new generation of intelligent video big data systems and delivered vehicle-road collaboration perception MEC products[33](index=33&type=chunk) - **Smart Education**: Upgraded its campus smart sports product line, expanding its coverage and providing a complete closed-loop solution[33](index=33&type=chunk) - **Government and Special Sectors**: Released a large model all-in-one machine and AIPC products based on domestic hardware platforms[33](index=33&type=chunk) [Main Business Models](index=10&type=section&id=(III)%20Main%20Business%20Models) The company's business model combines solution sales with customized services, supported by a collaborative R&D system and a matrix sales structure - **Profit Model**: Revenue is primarily generated from selling application-oriented solutions and AI hardware/software products, which can be standardized or customized[34](index=34&type=chunk) - **R&D Model**: A collaborative R&D system across the parent company and subsidiaries uses a mix of waterfall and agile development to efficiently respond to market needs[35](index=35&type=chunk)[38](index=38&type=chunk) - **Procurement Model**: The company does not directly manufacture hardware but procures standard components or outsources production using supplied raw materials, leveraging partners' quality control[39](index=39&type=chunk)[40](index=40&type=chunk) - **Sales Model**: A matrix sales system combining direct sales and channel partners is used to expand market share, with a continuous focus on strengthening the market team[41](index=41&type=chunk)[42](index=42&type=chunk) [Discussion and Analysis of Operations](index=12&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) The company advanced its "2+2" strategy, focusing on multi-modal large models and achieving revenue growth in non-financial sectors despite market headwinds - **Strategic Transformation**: 2025 is a key year for reform, with continued R&D investment in multi-modal large models and the promotion of the "2+2" strategy (two strategic tracks: smart finance, urban management; two innovative areas: government/special sectors, smart education)[43](index=43&type=chunk) - **Business Diversification**: While the smart finance sector faced budget cuts, **comprehensive revenue from other areas like urban management and smart education grew**, indicating progress in business diversification[43](index=43&type=chunk) [Multi-modal Large Model R&D and Technical Advantages](index=12&type=section&id=(I)%20Strengthening%20Multi-modal%20Large%20Model%20R&D%20to%20Consolidate%20Technical%20Leadership) The company is investing heavily in multi-modal large model R&D, achieving state-of-the-art results and securing acceptances at top international conferences - **R&D Investment**: The company initiated a "Multi-modal Large Model Technology and Application R&D Project" in 2024, with a planned investment of **368 million CNY over three years**[44](index=44&type=chunk) - **Visual Large Model**: Released the Glint-MVT visual large model series, with **Glint-MVT v1.5 (RICE) outperforming CLIP and SigLIP2** in academic benchmarks[45](index=45&type=chunk) - **Multi-modal Embedding Model**: Three research papers on multi-modal embedding models, including methods like RealSyn, UniME, and DeGLA, were accepted into ACM MM2025[45](index=45&type=chunk) - **Other Vision AI Research**: Five papers on topics such as 3D face reconstruction, document geometric correction, and robust 3D reconstruction were accepted into ICCV2025[45](index=45&type=chunk) [Collaborative Product Matrix and Integrated Hardware-Software Delivery](index=13&type=section&id=(II)%20Building%20a%20Collaborative%20Product%20Matrix%20and%20an%20Integrated%20Hardware-Software%20Delivery%20System) The company is creating a collaborative product matrix by integrating core AI technologies with hardware capabilities to deliver comprehensive solutions across key sectors - **Product System Upgrade**: The company integrates core AI technologies with industry applications and leverages subsidiary Gokea's hardware R&D capabilities to build a collaborative product matrix[46](index=46&type=chunk) - **Smart Finance**: Launched the "Jinzhuan Super-Agent Platform" to empower banks with intelligent upgrades in scenarios like contract review and smart marketing[46](index=46&type=chunk) - **Urban Management**: Introduced a low-code platform and AI point-of-interest tagging and maintenance products[47](index=47&type=chunk) - **Smart Education**: Offers a comprehensive smart sports solution covering all campus scenarios with enhanced computing power and easier deployment[47](index=47&type=chunk) - **Government and Special Sectors**: Released the "Government and Enterprise Digital Employee Large Model All-in-One Machine" and the "Moren Z1 AIPC" based on domestic platforms, ensuring full compliance with the Xinchuang ecosystem[47](index=47&type=chunk) [Deepening Focus on Key Segments and Business Diversification](index=13&type=section&id=(III)%20Deepening%20Focus%20on%20Key%20Segments%20to%20Build%20a%20Diversified%20Business%20Structure) The company is diversifying its business and reducing customer concentration, with revenue from clients other than Agricultural Bank of China growing significantly - **Business Diversification**: The company is focusing on smart finance, urban management, government/special sectors, and smart education to broaden revenue streams and reduce customer concentration[48](index=48&type=chunk) - **Customer Structure Optimization**: In the first half of 2025, **revenue from clients other than the Agricultural Bank of China accounted for over 90% of the total**, with the revenue amount increasing by over 40% year-over-year[48](index=48&type=chunk) - **Market Expansion Initiatives**: The company is expanding its market presence by strengthening regional sales teams, growing its partner network, and increasing technology investment in key sectors[48](index=48&type=chunk)[49](index=49&type=chunk) [Organizational Structure Optimization and Talent Incentives](index=14&type=section&id=(IV)%20Deepening%20Organizational%20Structure%20Optimization,%20Improving%20Incentive%20Mechanisms,%20and%20Strengthening%20Talent-driven%20and%20Management%20Empowerment) The company implemented organizational changes, including rebuilding its sales team and launching a new equity incentive plan to enhance competitiveness - **Organizational Change**: Since Q4 2024, the company has undertaken organizational restructuring and improved incentive mechanisms to enhance vitality and core competitiveness[50](index=50&type=chunk) - **Sales Capability Enhancement**: The sales system was completely rebuilt, with **nearly 30 new professional sales staff hired** and the creation of an expert-level pre-sales solution team[50](index=50&type=chunk) - **Equity Incentive**: The "2025 Restricted Stock and Stock Appreciation Rights Incentive Plan" was implemented in H1 2025 to attract and retain key talent, covering senior management and core technical/business personnel[50](index=50&type=chunk) [Core Competitiveness Analysis](index=14&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its advanced R&D in computer vision, rapid commercialization capabilities, and a highly skilled technical team [(I) Core Competitiveness Analysis](index=14&type=section&id=(I)%20Core%20Competitiveness%20Analysis) The company's strengths include a leading R&D system, a proprietary AI platform, rapid commercialization, and a strong talent pool - **Technological R&D Advantage**: The company has established a leading R&D system in computer vision, mastering six key technology areas including multi-modal large models and 3D stereo vision[52](index=52&type=chunk) - **Underlying AI Technology Platform—DeepGlint Brain**: This core platform, encompassing data and training modules, empowers product development and significantly improves the efficiency of algorithm R&D[53](index=53&type=chunk) - **Full-Stack Self-Developed Core Algorithms**: The self-developed **Glint-MVT visual large model** and **Glint-ME multi-modal embedding model** have achieved top rankings in academic benchmarks, while its facial recognition technology reached 99.1% accuracy on the MegaFace dataset[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk) - **Rapid Commercialization and Market Reputation**: Products are widely applied in smart finance (covering thousands of Agricultural Bank of China branches), urban management, smart education, and government sectors[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) - **Technology Innovation Mechanism and Reserves**: The company maintains innovation through established R&D management, talent retention, and IP protection mechanisms, with **R&D investment reaching 68.04 million CNY**, or 160.21% of operating revenue, in the reporting period[61](index=61&type=chunk) - **Team Advantage and Talent Pool**: As of the reporting period end, **R&D personnel totaled 227, accounting for 60.53% of employees**, led by a core technical team with extensive academic and R&D experience[63](index=63&type=chunk) [(II) Events During the Reporting Period That Seriously Affected the Company's Core Competitiveness, Impact Analysis, and Countermeasures](index=17&type=section&id=(II)%20Events%20During%20the%20Reporting%20Period%20That%20Seriously%20Affected%20the%20Company's%20Core%20Competitiveness,%20Impact%20Analysis,%20and%20Countermeasures) No events occurred during the reporting period that had a severe impact on the company's core competitiveness - **No Significant Impact Events**: No events occurred during the reporting period that seriously affected the company's core competitiveness[64](index=64&type=chunk) [(III) Core Technologies and R&D Progress](index=17&type=section&id=(III)%20Core%20Technologies%20and%20R&D%20Progress) The company advanced its core technologies, particularly in multi-modal large models, supported by its "DeepGlint Brain" platform and significant R&D investment - **Core Technology Platform**: The DeepGlint Brain platform drives the company's core technologies, supporting the training of multi-modal large models with tens of billions of parameters and improving algorithm accuracy and production efficiency[64](index=64&type=chunk)[66](index=66&type=chunk) - **Multi-modal Large Model Technology**: The company developed the Glint-MVT visual large model series, and its **UniME multi-modal embedding model ranked first on the MMEB academic benchmark**[67](index=67&type=chunk)[68](index=68&type=chunk) - **3D Stereo Vision Technology**: The company has mastered multi-sensor calibration, motion posture analysis, and 3D reconstruction, with its point cloud registration technology achieving first place on several academic datasets[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) - **Automated Traffic Scene Perception and Event Recognition Technology**: Possesses leading vehicle recognition technology with an accuracy rate of over 99%[73](index=73&type=chunk) - **Large-Scale Cross-Camera Tracking Technology**: The self-developed facial recognition algorithm achieved **99.1% accuracy on the MegaFace dataset** and over 98% first-hit rate in Ministry of Public Security tests[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk) - **Robot Perception and Control Technology**: The company is advancing embodied intelligence R&D, applying it to industrial inspection robots and developing a robot base model based on its self-developed multi-modal large model[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) - **Video Action Analysis Technology**: Developed the V-SWIFT video pre-training framework for applications in smart finance, smart sports, and industrial inspection[80](index=80&type=chunk)[81](index=81&type=chunk) - **Information Security and Reliability Technology**: Subsidiary Gokea has obtained patents for anti-leakage circuits and electromagnetic shielding, developing ruggedized devices based on domestic chips[82](index=82&type=chunk) Intellectual Property Status | IP Type | New Applications This Period | New Grants This Period | Cumulative Applications | Cumulative Grants | | :--- | :--- | :--- | :--- | :--- | | Invention Patent | 1 | 2 | 138 | 55 | | Utility Model Patent | 8 | 0 | 59 | 41 | | Design Patent | 3 | 4 | 26 | 20 | | Software Copyright | 14 | 8 | 199 | 192 | | Other | 0 | 0 | 3 | 3 | | Total | 26 | 14 | 425 | 311 | R&D Investment | Indicator | Current Period (CNY) | Prior Year Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 68,044,903.17 | 93,768,088.20 | -27.43 | | Total R&D Investment | 68,044,903.17 | 93,768,088.20 | -27.43 | | R&D Investment as a Percentage of Operating Revenue (%) | 160.21 | 182.75 | Decreased by 22.54 percentage points | - **Reason for significant change in total R&D investment**: The decrease in R&D investment as a percentage of revenue is mainly due to improved R&D project efficiency and a year-over-year reduction in R&D personnel expenses[86](index=86&type=chunk) Ongoing R&D Projects (Partial) | No | Project Name | Total Investment (10k CNY) | Current Period Investment (10k CNY) | Cumulative Investment (10k CNY) | Progress/Stage | Target | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Multi-modal Large Model Technology and Application R&D Project | 36,831.73 | 4,080.46 | 10,521.11 | Development | Develop industry-leading multi-modal large models to support downstream applications like RAG, Agent, and embodied intelligence | | 2 | Jinzhuan Product Line Base R&D Project | 339.67 | 266.89 | 266.89 | Delivered, ongoing upgrades | Enhance the competitiveness of financial products and meet growing customer demand for large model capabilities | | 3 | All-in-One Machine Main Control Board R&D Project | 454.00 | 100.46 | 433.21 | Certified, small-batch production | Design a self-reliant, high-reliability, high-performance main control board using domestically sourced components | | 4 | Encrypted Tablet R&D Project | 930.00 | 60.84 | 444.19 | Prototype promotion, awaiting mass production | Ensure stable and reliable communication capabilities in complex electromagnetic and harsh geographical environments | | 5 | E-government Tablet R&D Project | 620.00 | 47.12 | 229.84 | Finalized, awaiting mass production | Develop a lightweight and portable device to improve the efficiency of government personnel | | 6 | Artificial Intelligence Computer R&D Project | 200.00 | 98.33 | 123.34 | Prototype promotion, awaiting mass production | Develop a fully domestic AI computer with a multi-core heterogeneous architecture (CPU+GPU+NPU) for local AI inference | | 7 | Ruggedized Tablet Terminal Project | 420.00 | 84.48 | 84.48 | R&D phase | Standard GPS+Glonass, optional GPS+Beidou for precise positioning, and optional 2D barcode scanning engine | | 8 | Smart Energy Farm | 5,058.00 | 432.07 | 1,509.69 | Development | Develop efficient microalgae cultivation technology using AI and controllable photosynthesis for stable, high-yield production | | 9 | Zhanlang Intelligent Video Big Data System | 587.66 | 437.82 | 437.82 | Version 1.0 completed, ongoing upgrades | Enhance video data understanding and decision-making capabilities by building and deploying a multi-modal knowledge graph | | 10 | Xiaoteng Smart Sports Platform | 900.67 | 681.25 | 681.25 | Version 4.0 released, ongoing upgrades | Provide a complete closed-loop smart sports product for campus scenarios including playgrounds, testing rooms, and exams | | 11 | Hyper-converged All-in-One Machine | 655.08 | 300.41 | 300.41 | Version 1.0 released, ongoing upgrades | An AI-native service platform for trusted ecosystems, integrating large models, agents, and intelligent computing | | 12 | Agent R&D | 300.00 | - | - | Project initiated | Build a Super-Agent development platform with capabilities in model management, knowledge bases, and autonomous agent tasks | | 13 | Radar-Vision Fusion | 434.00 | 190.48 | 263.85 | Development, first 3D object detection model released | Fuse data from multiple video streams and radars at intersections using end-to-end cross-modal feature fusion algorithms | R&D Personnel | Indicator | Current Period | Prior Year Period | | :--- | :--- | :--- | | Number of R&D Personnel (persons) | 227 | 318 | | R&D Personnel as a Percentage of Total Employees (%) | 60.53 | 70.19 | | Total R&D Personnel Compensation (10k CNY) | 4,061.68 | 5,992.11 | | Average R&D Personnel Compensation (10k CNY) | 17.89 | 18.97 | | **Education Level** | | | | Doctoral Degree (persons) | 4 | - | | Master's Degree (persons) | 54 | - | | Bachelor's Degree and Below (persons) | 169 | - | | **Age Structure** | | | | Under 30 (persons) | 69 | - | | 30-40 (persons) | 126 | - | | 40-50 (persons) | 32 | - | [Risk Factors](index=28&type=section&id=IV.%20Risk%20Factors) The company faces risks from economic headwinds, intense industry competition, high customer concentration, and geopolitical factors - **Risk of Performance Decline or Loss**: Revenue decreased by **17.22%** year-over-year, and net losses continued, mainly due to macroeconomic pressures and budget cuts in the smart finance sector, with a risk of sustained losses if market conditions worsen[95](index=95&type=chunk) - **Core Competitiveness Risks**: The company faces risks from rapid technological changes in the AI industry, potential talent loss, and intellectual property infringement[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk) - **Operational Risks**: High customer concentration, with a key framework agreement with the Agricultural Bank of China expiring in September 2025, poses a renewal risk, and new product commercialization may fall short of expectations[99](index=99&type=chunk)[100](index=100&type=chunk) - **Financial Risks**: Declining revenue and profits create a risk of difficulty in collecting accounts receivable, while seasonal revenue fluctuations, with a high concentration in the fourth quarter, impact liquidity[101](index=101&type=chunk) - **Industry Risks**: The AI industry is characterized by rapid technological iteration and fierce competition, and the special sectors market has high entry barriers and strong competitors[102](index=102&type=chunk) - **Macro-environmental Risks**: Being on the US Department of Commerce's "Entity List" may adversely affect future international academic exchanges and overseas business expansion[103](index=103&type=chunk)[104](index=104&type=chunk) [Main Operations During the Reporting Period](index=31&type=section&id=VI.%20Main%20Operations%20During%20the%20Reporting%20Period) Revenue declined due to budget cuts in the smart finance sector, while administrative expenses rose sharply due to personnel optimization Analysis of Changes in Financial Statement Items | Item | Current Period (CNY) | Prior Year Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 42,472,830.34 | 51,309,820.66 | -17.22 | | Operating Costs | 18,501,063.47 | 18,718,292.87 | -1.16 | | Selling Expenses | 17,062,686.06 | 16,767,139.74 | 1.76 | | Administrative Expenses | 35,883,449.15 | 23,178,559.79 | 54.81 | | Finance Expenses | -10,079,630.02 | -16,033,002.24 | N/A | | R&D Expenses | 68,044,903.17 | 93,768,088.20 | -27.43 | | Net Cash Flow from Operating Activities | -103,120,294.9 | -87,404,908.21 | N/A | | Net Cash Flow from Investing Activities | 68,292,091.65 | -542,640,930.48 | N/A | | Net Cash Flow from Financing Activities | -23,166,712.98 | -6,989,497.22 | N/A | [(I) Main Business Analysis](index=31&type=section&id=(I)%20Main%20Business%20Analysis) Revenue decreased due to budget constraints in the smart finance sector, while administrative expenses rose due to severance costs from personnel optimization - **Reason for change in operating revenue**: Primarily due to budget tightening among clients in the smart finance sector, though revenue from other sectors grew[106](index=106&type=chunk) - **Reason for change in administrative expenses**: Primarily due to an increase in severance benefits from personnel structure optimization[106](index=106&type=chunk) - **Reason for change in R&D expenses**: Primarily due to improved R&D project efficiency and a year-over-year decrease in R&D personnel costs[106](index=106&type=chunk) - **Reason for change in net cash flow from operating activities**: Primarily due to an increase in payments for procurement compared to the prior year[106](index=106&type=chunk) [(III) Analysis of Assets and Liabilities](index=31&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) The company's balance sheet saw significant changes, including a large increase in trading financial assets and decreases in right-of-use assets and lease liabilities Changes in Asset and Liability Status | Item | Current Period-End (CNY) | % of Total Assets | Prior Year-End (CNY) | % of Total Assets | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 545,235,710.86 | 25.64 | 336,213,194.32 | 14.51 | 62.17 | Increase in outstanding structured deposit wealth management products | | Receivables Financing | - | - | 279,592.50 | 0.01 | -100.00 | Decrease in notes receivable | | Non-current Assets Due within One Year | 10,102,836.07 | 0.48 | 100,999,166.67 | 4.36 | -90.00 | Maturity of large-denomination certificates of deposit | | Construction in Progress | 1,626,336.84 | 0.08 | 230,547.17 | 0.01 | 605.42 | R&D equipment for projects under construction not yet accepted | | Right-of-use Assets | 20,765,180.94 | 0.98 | 57,804,266.89 | 2.49 | -64.08 | Reduction in office space | | Long-term Deferred Expenses | 3,086,377.14 | 0.15 | 10,146,031.04 | 0.44 | -69.58 | One-time expensing of deferred costs due to office space reduction | | Short-term Borrowings | 7,508,055.56 | 0.35 | 20,023,833.34 | 0.86 | -62.50 | Repayment of bank loans | | Notes Payable | 292,000.00 | 0.01 | 1,892,993.90 | 0.08 | -84.57 | Maturity of notes payable | | Accounts Payable | 38,068,347.61 | 1.79 | 56,730,164.64 | 2.45 | -32.90 | Payment of matured accounts payable | | Contract Liabilities | 7,896,750.83 | 0.37 | 12,813,616.37 | 0.55 | -38.37 | Recognition of revenue from advances upon product delivery | | Employee Benefits Payable | 14,008,817.92 | 0.66 | 43,392,226.83 | 1.87 | -67.72 | Payment of prior year's accrued year-end bonuses | | Non-current Liabilities Due within One Year | 5,305,218.39 | 0.25 | 14,709,657.71 | 0.63 | -63.93 | Reduction in lease payments due within one year due to office space reduction | | Other Current Liabilities | 5,475,115.03 | 0.26 | 837,194.00 | 0.04 | 553.98 | Endorsed and transferred commercial acceptance bills | | Lease Liabilities | 16,060,802.20 | 0.76 | 47,920,611.22 | 2.07 | -66.48 | Reduction in office space | Major Restricted Assets | Item | Book Value (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 3,854,483.31 | Performance bonds, bank time deposits, and certificate of deposit interest | | Non-current Assets Due within One Year | 102,836.07 | Bank certificate of deposit interest | | Other Non-current Assets | 4,192,035.42 | Bank certificate of deposit interest | [(IV) Investment Status Analysis](index=33&type=section&id=(IV)%20Investment%20Status%20Analysis) The company's financial assets measured at fair value totaled 825.90 million CNY, primarily in structured deposits and equity investments Financial Assets Measured at Fair Value | Asset Class | Opening Balance (CNY) | Fair Value Change (CNY) | Purchases (CNY) | Sales/Redemptions (CNY) | Closing Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other Equity Investments | 256,293,455.20 | -256,033.78 | - | - | 256,037,421.42 | | Trading Financial Assets | 336,213,194.32 | 1,532,849.75 | 1,250,990,000.00 | 1,043,500,333.21 | 545,235,710.86 | | Other Non-current Financial Assets | 24,841,081.34 | -210,595.37 | - | - | 24,630,485.97 | | Total | 617,347,730.86 | 1,322,254.38 | 1,250,990,000.00 | 1,043,500,333.21 | 825,903,618.25 | Private Equity Fund Investments | Fund Name | Investment Purpose | Planned Investment (10k CNY) | Invested Amount (10k CNY) | Profit Impact (10k CNY) | Cumulative Profit Impact (10k CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Anhui Liding Jingli Equity Investment Partnership (LP) | To seek strategic cooperation and investment opportunities in intelligent manufacturing, advanced manufacturing, and information technology to empower the main business | 5,000 | 2,500 | -21.06 | -36.95 | [(VI) Analysis of Major Subsidiaries and Investees](index=35&type=section&id=(VI)%20Analysis%20of%20Major%20Subsidiaries%20and%20Investees) The company's main subsidiaries are engaged in product R&D and sales, with Shenzhen Gokea having the largest asset base Financial Data of Major Subsidiaries | Company Name | Type | Main Business | Registered Capital (10k CNY) | Total Assets (10k CNY) | Net Assets (10k CNY) | Operating Revenue (10k CNY) | Operating Profit (10k CNY) | Net Profit (10k CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | DeepGlint (Beijing) Technology Development Co, Ltd | Subsidiary | Product R&D and Sales | 11,510.00 | 4,745.01 | 2,608.62 | 179.80 | -1,378.11 | -1,437.25 | | Shenzhen Gokea Technology Co, Ltd | Subsidiary | Product R&D and Sales | 4,489.39 | 13,367.37 | 8,914.45 | 1,504.01 | -61.73 | -52.91 | | Beijing Kaiyun Zhilian Technology Co, Ltd | Subsidiary | Product R&D and Sales | 1,000.00 | 1,204.04 | 548.24 | 633.86 | 18.03 | 17.49 | [Corporate Governance, Environment, and Society](index=36&type=section&id=Section%204%20Corporate%20Governance,%20Environment,%20and%20Society) This section details changes in key personnel, profit distribution plans, and equity incentive programs [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=36&type=section&id=I.%20Changes%20in%20Directors,%20Supervisors,%20Senior%20Management,%20and%20Core%20Technical%20Personnel) The company experienced several changes in its management and technical teams, including resignations and new appointments - Mr Zhou Rui resigned as Deputy General Manager and Core Technical Personnel for personal reasons[120](index=120&type=chunk) - Mr Yan Zizhen was newly recognized as Core Technical Personnel and appointed as Deputy General Manager, along with Mr Luo Kai and Mr Feng Ziyong[120](index=120&type=chunk)[121](index=121&type=chunk) - Ms Wu Chunmei and Ms Zhang Xing resigned as supervisors; Ms Liu Lushan and Mr Wang Yumeng were elected as their replacements[120](index=120&type=chunk)[122](index=122&type=chunk) - Mr Wang Zheng resigned as Board Secretary for personal reasons, and Mr Wu Meng was appointed to the role[123](index=123&type=chunk) - The criteria for core technical personnel include educational background, years of experience, key R&D roles, and significant contributions to the company's products and technology[124](index=124&type=chunk)[125](index=125&type=chunk) [Profit Distribution or Capitalization of Capital Reserve Plan](index=37&type=section&id=II.%20Profit%20Distribution%20or%20Capitalization%20of%20Capital%20Reserve%20Plan) The company has no profit distribution or capitalization of capital reserve plan for the first half of the year - The company's proposed profit distribution or capitalization of capital reserve plan for this semi-annual period is "None"[126](index=126&type=chunk) [Equity Incentive and Employee Incentive Plans](index=37&type=section&id=III.%20Company's%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures%20and%20Their%20Impact) The company implemented the "2025 Restricted Stock and Stock Appreciation Rights Incentive Plan" to attract and retain key talent - The Board of Directors approved the "<2025 Restricted Stock and Stock Appreciation Rights Incentive Plan (Draft)>" and its summary, which was subsequently approved by the shareholders' meeting[127](index=127&type=chunk)[128](index=128&type=chunk) - The company implemented the "2025 Restricted Stock and Stock Appreciation Rights Incentive Plan" in the first half of 2025, covering senior management and core technical/business personnel[50](index=50&type=chunk) - On June 13, 2025, the company completed the initial grant of restricted stock and stock appreciation rights to the incentive plan participants[128](index=128&type=chunk) [Environmental Information Disclosure](index=38&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Main%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20for%20Mandatory%20Environmental%20Information%20Disclosure) The company is not on the list of enterprises required to disclose environmental information - The company is not included in the list of enterprises for mandatory environmental information disclosure[129](index=129&type=chunk) [Poverty Alleviation and Rural Revitalization](index=38&type=section&id=V.%20Specific%20Work%20on%20Consolidating%20and%20Expanding%20the%20Achievements%20of%20Poverty%20Alleviation%20and%20Rural%20Revitalization) The company has not disclosed specific activities related to poverty alleviation or rural revitalization - The company has not disclosed specific information on its work related to consolidating poverty alleviation achievements or rural revitalization[129](index=129&type=chunk) [Significant Matters](index=39&type=section&id=Section%205%20Significant%20Matters) This section covers the fulfillment of commitments, use of raised funds, and other significant corporate events [Fulfillment of Commitments](index=39&type=section&id=I.%20Fulfillment%20of%20Commitments) All commitments made by the company, its controlling shareholders, and related parties were strictly fulfilled during the reporting period - **Share Lock-up Commitments**: The actual controller Zhao Yong and major shareholders including Shentong Zhishu have strictly adhered to their share lock-up commitments, with some lock-up periods automatically extended by 6 months due to stock price conditions[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk) - **Commitment to Resolve Non-competition**: Related parties, including Shentong Zhishu and Zhao Yong, have committed not to engage in businesses that compete with the company[142](index=142&type=chunk)[143](index=143&type=chunk) - **Commitment to Regulate Related-party Transactions**: Related parties have committed to minimizing or avoiding related-party transactions with DeepGlint, ensuring any necessary transactions are conducted on fair and arm's-length terms[143](index=143&type=chunk) - **Commitment to Profit Distribution Policy**: The company, Zhao Yong, and all directors, supervisors, and senior management have committed to executing the profit distribution policy[143](index=143&type=chunk) - **Commitment to Stabilize Stock Price**: The company, its major shareholders, and management have committed to taking measures to stabilize the stock price[143](index=143&type=chunk)[144](index=144&type=chunk) - **Equity Incentive Related Commitments**: The company committed not to provide financial assistance for the incentive plan, and participants committed to returning any gains if they are found to be ineligible due to disclosure inaccuracies[144](index=144&type=chunk)[145](index=145&type=chunk) [Non-operational Use of Funds by Controlling Shareholders and Related Parties](index=53&type=section&id=II.%20Non-operational%20Use%20of%20Funds%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) There was no non-operational use of company funds by controlling shareholders or other related parties - During the reporting period, there was no non-operational use of company funds by controlling shareholders or other related parties[146](index=146&type=chunk) [Irregular Guarantees](index=53&type=section&id=III.%20Irregular%20Guarantees) The company did not provide any guarantees that violated prescribed decision-making procedures - During the reporting period, the company did not provide any external guarantees in violation of prescribed decision-making procedures[146](index=146&type=chunk) [Semi-annual Report Audit Status](index=54&type=section&id=IV.%20Semi-annual%20Report%20Audit%20Status) This semi-annual report has not been audited - This semi-annual report has not been audited[9](index=9&type=chunk) [Major Litigation and Arbitration Matters](index=54&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) The company had no major litigation or arbitration matters during the reporting period - The company had no major litigation or arbitration matters during this reporting period[147](index=147&type=chunk) [Statement on Integrity Status](index=54&type=section&id=IX.%20Statement%20on%20the%20Integrity%20Status%20of%20the%20Company,%20Its%20Controlling%20Shareholder,%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) The company and its controlling shareholder maintained a good integrity status during the reporting period - During the reporting period, the company, its controlling shareholder, and actual controller had a good integrity status, with no unfulfilled court judgments or significant overdue debts[147](index=147&type=chunk) [Progress on the Use of Raised Funds](index=56&type=section&id=XII.%20Progress%20on%20the%20Use%20of%20Raised%20Funds) The company has utilized 65.69% of the net proceeds from its IPO, with funds reallocated to a new multi-modal large model R&D project Overall Use of Raised Funds | Source | Total Funds Raised (10k CNY) | Net Funds Raised (10k CNY) | Committed Investment (10k CNY) | Excess Funds (10k CNY) | Cumulative Investment (10k CNY) | Cumulative Investment Progress (%) | Investment This Year (10k CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 182,622.31 | 167,009.02 | 100,000.00 | 67,009.02 | 109,701.67 | 65.69 | 7,686.75 | - **Project Change**: The company terminated the "Marketing Service System Upgrade Project" and reallocated its remaining **127.88 million CNY** to the new "Multi-modal Large Model Technology and Application R&D Project"[154](index=154&type=chunk) Detailed Use of Excess Funds | Use | Nature | Planned Investment (10k CNY) | Cumulative Investment (10k CNY) | Cumulative Progress (%) | | :--- | :--- | :--- | :--- | :--- | | Permanent Supplement to Working Capital | Working Capital/Debt Repayment | 40,200.00 | 40,200.00 | 100 | | Undesignated Excess Funds | Other | 26,809.02 | 0 | 0 | | Total | / | 67,009.02 | 40,200.00 | / | - **Cash Management of Idle Funds**: The company approved the use of up to **700 million CNY** of idle raised funds and up to **1.1 billion CNY** of its own funds for cash management through bank wealth management products[159](index=159&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk) - **Change of Project Location**: The implementation location for the "Multi-modal Large Model Technology and Application R&D Project" was changed[164](index=164&type=chunk) [Changes in Share Capital and Shareholders](index=62&type=section&id=Section%206%20Changes%20in%20Share%20Capital%20and%20Shareholders) This section details changes in the company's share capital structure and provides an overview of its major shareholders [Changes in Share Capital](index=62&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, 10,013,520 restricted shares were released, increasing the number of unrestricted shares Share Capital Change Table | | Pre-change Quantity (shares) | Pre-change Ratio (%) | Change (+,-) (shares) | Post-change Quantity (shares) | Post-change Ratio (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 80,310,361 | 31.01 | -10,013,520 | 70,296,841 | 27.14 | | 2. State-owned Legal Person Holdings | 6,800,916 | 2.63 | -6,800,916 | 0 | 0 | | 3. Other Domestic Holdings | 73,509,445 | 28.38 | -3,212,604 | 70,296,841 | 27.14 | | II. Unrestricted Circulating Shares | 178,662,786 | 68.99 | 10,013,520 | 188,676,306 | 72.86 | | 1. RMB Ordinary Shares | 178,662,786 | 68.99 | 10,013,520 | 188,676,306 | 72.86 | | III. Total Shares | 258,973,147 | 100.00 | 0 | 258,973,147 | 100.00 | - During the reporting period, **10,013,520 restricted shares** from the initial public offering were released from lock-up and began trading on March 17, 2025[169](index=169&type=chunk) Changes in Restricted Shares | Shareholder Name | Initial Restricted Shares | Restricted Shares Released | Restricted Shares Added | Final Restricted Shares | Reason for Restriction | Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen HTI Group Co, Ltd | 6,800,916 | 6,800,916 | 0 | 0 | IPO lock-up and bonus issue lock-up | 2025-03-17 | | Lingtong Zhihao | 3,212,604 | 3,212,604 | 0 | 0 | IPO lock-up and bonus issue lock-up | 2025-03-17 | | Total | 10,013,520 | 10,013,520 | 0 | 0 | / | / | [Shareholders](index=63&type=section&id=II.%20Shareholders) As of the period end, the company had 15,553 shareholders, with Tianjin Shentong Zhishu Technology Center being the largest - Total number of ordinary shareholders at the end of the reporting period: **15,553**[172](index=172&type=chunk) Top Ten Shareholders | Shareholder Name | Change in Period (shares) | Period-End Holdings (shares) | Percentage (%) | Restricted Shares | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Tianjin Shentong Zhishu Technology Center (LP) | 0 | 43,765,884 | 16.90 | 43,765,884 | Other | | Tianjin Lingtong Zhongzhi Technology Center (LP) | 0 | 13,331,285 | 5.15 | 13,331,285 | Other | | Shenzhen HTI Group Co, Ltd | 0 | 6,800,916 | 2.63 | 0 | State-owned Legal Person | | Zhao Jianping | -1,600,000 | 6,600,000 | 2.55 | 0 | Domestic Individual | | Tianjin Lingtong Laike Technology Center (LP) | 0 | 5,294,552 | 2.04 | 5,294,552 | Other | | Tianjin Lingtong Zhiyuan Technology Center (LP) | 0 | 4,894,859 | 1.89 | 4,894,859 | Other | | Zhao Ji | 300,000 | 4,600,000 | 1.78 | 0 | Domestic Individual | | Xia Haihong | 832,229 | 4,303,880 | 1.66 | 0 | Foreign Individual | | Beijing DeepGlint Information Technology Co, Ltd Repurchase Account | 290,000 | 3,348,326 | 1.29 | 0 | Other | | Tianjin Lingtong Shuyuan Technology Center (LP) | 0 | 3,010,261 | 1.16 | 3,010,261 | Other | - The company's actual controller, Zhao Yong, is the actual controller of Tianjin Shentong Zhishu Technology Center (LP) and serves as the executive partner for several other top-ten shareholder entities[176](index=176&type=chunk) - As of the period end, the company's repurchase account held **3,348,326 shares**, representing 1.29% of the total share capital[176](index=176&type=chunk) [Directors, Supervisors, Senior Management, and Core Technical Personnel](index=66&type=section&id=III.%20Directors,%20Supervisors,%20Senior%20Management,%20and%20Core%20Technical%20Personnel) The company granted restricted stock and stock appreciation rights to key management and technical personnel as part of its incentive plan Second-class Restricted Stock Grants | Name | Position | Initial Granted Shares (10k) | New Grants in Period (10k) | Final Granted Shares (10k) | | :--- | :--- | :--- | :--- | :--- | | Wu Yizhou | General Manager | 0 | 125.00 | 125.00 | | Zhang Qiang | Deputy General Manager | 0 | 40.00 | 40.00 | | Feng Ziyong | Deputy GM, Core Technical Personnel | 0 | 20.00 | 20.00 | | Yan Zizhen | Deputy GM, Core Technical Personnel | 0 | 20.00 | 20.00 | | Wu Meng | CFO, Board Secretary | 0 | 40.00 | 40.00 | | Total | / | 0 | 245.00 | 245.00 | Stock Appreciation Rights Grants | Name | Position | Initial Granted Rights (10k) | New Grants in Period (10k) | Final Granted Rights (10k) | | :--- | :--- | :--- | :--- | :--- | | Wu Yizhou | General Manager | 0 | 80.00 | 80.00 | | Zhang Qiang | Deputy General Manager | 0 | 20.00 | 20.00 | | Feng Ziyong | Deputy GM, Core Technical Personnel | 0 | 10.00 | 10.00 | | Yan Zizhen | Deputy GM, Core Technical Personnel | 0 | 10.00 | 10.00 | | Wu Meng | CFO, Board Secretary | 0 | 20.00 | 20.00 | | Total | / | 0 | 140.00 | 140.00 | - The validity period for the initial grant of the 2025 incentive plan is a maximum of 36 months from the grant date of June 12, 2025[181](index=181&type=chunk) [Change in Controlling Shareholder or Actual Controller](index=67&type=section&id=IV.%20Change%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There was no change in the company's controlling shareholder or actual controller during the reporting period - During the reporting period, there was no change in the company's controlling shareholder or actual controller[182](index=182&type=chunk) [Bond-related Matters](index=68&type=section&id=Section%207%20Bond-related%20Matters) This section confirms the absence of corporate bonds or other debt financing instruments during the reporting period [Corporate Bonds and Non-financial Enterprise Debt Financing Instruments](index=68&type=section&id=I.%20Corporate%20Bonds%20(including%20Enterprise%20Bonds)%20and%20Non-financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no corporate bonds or non-financial enterprise debt financing instruments during this period - The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during this reporting period[184](index=184&type=chunk) [Convertible Corporate Bonds](index=68&type=section&id=II.%20Convertible%20Corporate%20Bonds) The company had no convertible corporate bonds during this period - The company had no convertible corporate bonds during this reporting period[184](index=184&type=chunk) [Financial Report](index=69&type=section&id=Section%208%20Financial%20Report) This section presents the unaudited financial statements and related notes for the first half of 2025 [Audit Report](index=69&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[186](index=186&type=chunk) [Financial Statements](index=69&type=section&id=II.%20Financial%20Statements) This section provides the consolidated and parent company financial statements for the six months ended June 30, 2025 Consolidated Balance Sheet (Summary) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Current Assets | 1,552,476,967.84 | 1,739,842,218.95 | | Total Non-current Assets | 573,785,727.57 | 577,797,869.15 | | Total Assets | 2,126,262,695.41 | 2,317,640,088.10 | | Total Current Liabilities | 85,036,993.38 | 158,488,590.90 | | Total Non-current Liabilities | 28,557,962.20 | 63,439,875.01 | | Total Liabilities | 113,594,955.58 | 221,928,465.91 | | Total Equity Attributable to Parent Company | 1,954,071,328.51 | 2,036,129,040.93 | | Minority Interest | 58,596,411.32 | 59,582,581.26 | | Total Equity | 2,012,667,739.83 | 2,095,711,622.19 | | Total Liabilities and Equity | 2,126,262,695.41 | 2,317,640,088.10 | Consolidated Income Statement (Summary) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | I. Total Operating Revenue | 42,472,830.34 | 51,309,820.66 | | II. Total Operating Costs | 129,471,414.42 | 136,523,736.39 | | III. Operating Profit (Loss) | -80,983,558.70 | -77,452,640.51 | | IV. Total Profit (Loss) | -81,195,170.29 | -77,739,467.88 | | V. Net Profit (Loss) | -80,839,895.61 | -77,808,535.33 | | Net Profit Attributable to Parent Company Shareholders | -79,853,725.67 | -77,923,906.15 | | Minority Interest Loss/Gain | -986,169.94 | 115,370.82 | | VII. Total Comprehensive Income | -81,095,929.39 | -77,598,484.41 | | Comprehensive Income Attributable to Parent Company Owners | -80,109,759.45 | -77,713,855.23 | | VIII. Earnings Per Share: Basic EPS (CNY/share) | -0.31 | -0.30 | Consolidated Cash Flow Statement (Summary) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -103,120,294.90 | -87,404,908.21 | | Net Cash Flow from Investing Activities | 68,292,091.65 | -542,640,930.48 | | Net Cash Flow from Financing Activities | -23,166,712.98 | -6,989,497.22 | | Net Increase in Cash and Cash Equivalents | -57,994,916.23 | -637,035,335.91 | [Company Basic Information](index=92&type=section&id=III.%20Company%20Basic%20Information) The company, established through a corporate restructuring, focuses on the R&D and application of AI technologies across various sectors - The company was established through the overall restructuring of Beijing DeepGlint Information Technology Co, Ltd and became a joint-stock company on October 24, 2020[221](index=221&type=chunk) - As of June 30, 2025, the company's total share capital was 258.97 million CNY[222](index=222&type=chunk) - The company's main business is the R&D and application of AI, providing AI products and solutions for sectors like smart finance, urban management, and smart education[223](index=223&type=chunk) [Basis of Preparation for Financial Statements](index=92&type=section&id=IV.%20Basis%20of%20Preparation%20for%20Financial%20Statements) The financial statements are prepared on a going concern basis, as no material uncertainties were identified - The company's financial statements are prepared on a going concern basis[224](index=224&type=chunk) - An assessment of the company's going concern ability for the next 12 months from the reporting date revealed no material uncertainties[225](index=225&type=chunk) [Significant Accounting Policies and Estimates](index=92&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section outlines the key accounting policies and estimates applied in preparing the financial statements - The financial statements comply with enterprise accounting standards, providing a true and fair view of the company's financial position and performance[228](index=228&type=chunk) - The company's fiscal year is the calendar year, its normal operating cycle is one year, and its functional currency is the RMB[229](index=229&type=chunk)[230](index=230&type=chunk)[231](index=231&type=chunk) - Financial instruments are classified and measured based on business models and contractual cash flow characteristics, with expected credit losses measured for receivables over their entire lifetime[247](index=247&type=chunk)[248](index=248&type=chunk)[252](index=252&type=chunk)[253](index=253&type=chunk)[254](index=254&type=chunk)[255](index=255&type=chunk)[256](index=256&type=chunk)[257](index=257&type=chunk) - Inventory is valued using the weighted average method and measured at the lower of cost or net realizable value[274](index=274&type=chunk)[275](index=275&type=chunk)[276](index=276&type=chunk)[277](index=277&type=chunk)[278](index=278&type=chunk)[280](index=280&type=chunk) - Fixed assets are depreciated using the straight-line method over their useful lives, with a residual value rate of 5%[288](index=288&type=chunk)[289](index=289&type=chunk) - Intangible assets are amortized using the straight-line method over their estimated useful lives, and R&D expenditures are capitalized when specific criteria are met[294](index=294&type=chunk)[295](index=295&type=chunk)[296](index=296&type=chunk)[297](index=297&type=chunk)[298](index=298&type=chunk)[299](index=299&type=chunk) - Revenue is recognized when control of goods or services is transferred to the customer, either over time or at a point in time[319](index=319&type=chunk)[320](index=320&type=chunk)[321](index=321&type=chunk)[322](index=322&type=chunk)[328](index=328&type=chunk)[329](index=329&type=chunk) - Share-based payments are measured at fair value and recognized as expenses, with a corresponding increase in equity or liabilities depending on the settlement method[312](index=312&type=chunk)[315](index=315&type=chunk)[316](index=316&type=chunk) - Significant accounting judgments and estimates include goodwill impairment, which requires estimating the value in use of cash-generating units[357](index=357&type=chunk) [Taxes](index=119&type=section&id=VI.%20Taxes) The company and its subsidiaries are subject to various taxes and benefit from preferential tax policies for high-tech enterprises Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Revenue | 6%, 13% | | Urban Maintenance and Construction Tax | Payable Turnover Tax | 7%, 5% | | Corporate Income Tax | Taxable Income | 15%, 25% | | Education Surcharge | Payable Turnover Tax | 3% | | Local Education Surcharge | Payable Turnover Tax | 2% | Corporate Income Tax Rates for Different Entities | Entity Name | Income Tax Rate (%) | | :--- | :--- | | Beijing DeepGlint Information Technology Co, Ltd | 15 | | Tongmen Technology (Beijing) Co, Ltd | 25 | | DeepGlint (Beijing) Intelligent Technology Co, Ltd | 25 | | Beijing Kaiyun Zhilian Technology Co, Ltd | 25 | | Fujian DeepGlint Information Technology Co, Ltd | 25 | | Hefei DeepGlint Information Technology Co, Ltd | 25 | | Xiangyang Kaiyun Zhilian Technology Co, Ltd | 25 | | DeepGlint (Beijing) Technology Development Co, Ltd | 15 | | Shenzhen Gokea Technology Co, Ltd | 15 | | Jiangsu DeepGlint Information Technology Co, Ltd | 25 | | Nanjing Lingtong Intelligent Technology Co, Ltd | 25 | - **Tax Incentives**: The company and its subsidiaries DeepGlint Technology and Gokea are certified high-tech enterprises and are subject to a preferential corporate income tax rate of **15%** from 2023 to 2026[360](index=360&type=chunk) - **VAT Refund**: The company and its subsidiaries receive a refund for VAT paid on self-developed software products that exceeds a 3% effective tax burden[361](index=361&type=chunk) - **Small and Micro Enterprise Tax Reductions**: Several subsidiaries qualify as small and micro enterprises and enjoy a 50% reduction in various local taxes and surcharges[361](index=361&type=chunk) - **Advanced Manufacturing VAT Deduction**: Subsidiary Gokea qualifies as an advanced manufacturing enterprise and enjoys an additional 5% VAT input tax credit[363](index=363&type=chunk) [Notes to Consolidated Financial Statement Items](index=121&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on key items in the consolidated financial statements, explaining significant changes Cash and Cash Equivalents | Item | Period-End Balance (CNY) | Opening Balance (CNY) | | :--- | :--- | :--- | | Cash on Hand | 7,400.00 | 2,000.00 | | Bank Deposits | 813,070,673.47 | 1,099,791,756.30 | | Other Monetary Funds | 1.16 | 1,502,567.42 | | Total | 813,078,074.63 | 1,101,296,323.72 | - Restricted funds within bank deposits, including interest on time deposits and certificates of deposit, amount to **3,854,482.69 CNY** and are not treated as cash and cash equivalents in the cash flow statement[365](index=365&type=chunk) Trading Financial Assets | Item | Period-End Balance (CNY) | Opening Balance (CNY) | | :--- | :--- | :--- | | Structured Deposits | 495,235,710.86 | 336,202,861.11 | | Bank Wealth Management Products | - | 10,333.21 | | Securities Account Wealth Management Products | 50,000,000.00 | - | | Total | 545,235,710.86 | 336,213,194.32 | Notes Receivable | Item | Period-End Balance (CNY) | Opening Balance (CNY) | | :--- | :--- | :--- | | Commercial Acceptance Bills | 10,633,232.20 | 9,546,997.50 | | Total | 10,633,232.20 | 9,546,997.50 | Accounts Receivable | Aging | Period-End Book Balance (CNY) | Opening Book Balance (CNY) | | :--- | :--- | :--- | | Within 1 year | 56,406,059.10 | 88,030,032.51 | | 1 to 2 years | 40,179,973.89 | 34,823,662.15 | | 2 to 3 years | 37,725,474.03 | 38,541,844.69 | | Over 3 years | 10,433,278.90 | 6,747,239.37 | | Total | 144,740,185.92 | 168,142,778.72 | Contract Assets | Item | Period-End Book Value (CNY) | Opening Book Value (CNY) | | :--- | :--- | :--- | | Retention Money | 1,442,749.99 | 1,153,374.41 | | Total | 1,442,749.99 | 1,153,374.41 | Inventory | Item | Period-End Book Value (CNY) | Opening Book Value (CNY) | | :--- | :--- | :--- | | Raw Materials | 3,062,338.36 | 4,040,313.28 | | Work in Progress | 1,462,398.98 | 977,808.71 | | Finished Goods | 13,739,015.10 | 14,411,196.30 | | Goods in Transit | 9,558,327.32 | 5,779,426.31 | | Consigned Goods | 1,933,888.70 | 117,674.55 | | Contract Fulfillment Costs | 2,559,625.62 | 2,075,430.51 | | Total | 32,315,594.08 | 27,401,849.66 | Non-current Assets Due within One Year | Item | Period-End Balance (CNY) | Opening Balance (CNY) | | :--- | :--- | :--- | | Bank CDs and Interest Due within One Year | 10,102,836.07 | 100,999,166.67 | | Total | 10,102,836.07 | 100,999,166.67 | Other Non-current Assets | Item | Period-End Book Value (CNY) | Opening Book Value (CNY) | | :--- | :--- | :--- | | Contract Assets | 4,160,466.04 | 4,423,095.57 | | Prepaid Lease Payments and Deposits | 3,649,397.12 | 4,643,041.02 | | Bank CDs and Interest | 195,826,327.09 | 151,919,236.12 | | Prepayments for Long-term Assets | 244,237.75 | 244,237.75 | | Total | 203,880,428.00 | 161,229,610.46 | Short-term Borrowings | Item | Period-End Balance (CNY) | Opening Balance (CNY) | | :--- | :--- | :--- | | Unsecured Loans | 7,508,055.56 | 20,023,833.34 | | Total | 7,508,055.56 | 20,023,833.34 | Accounts Payable | Item | Period-End Balance (CNY) | Opening Balance (CNY) | | :--- | :--- | :--- | | Payable for Goods | 22,062,847.88 | 36,551,093.53 | | Payable for Labor and Services | 15,802,549.73 | 19,609,284.89 | | Payable for Equipment | 202,950.00 | 569,786.22 | | Total | 38,068,347.61 | 56,730,164.64 | Contract Liabilities | Item | Period-End Balance (CNY) | Opening Balance (CNY) | | :--- | :--- | :--- | | Advances from Customers | 7,896,750.83 | 12,813,616.37 | | Total | 7,896,750.83 | 12,813,616.37 | Employee Benefits Payable | Item | Opening Balance (CNY) | Increase (CNY) | Decrease (CNY) | Period-End Balance (CNY) | | :--- |

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尚纬股份有限公司2025 年半年度报告 公司代码：603333 公司简称：尚纬股份 尚纬股份有限公司 2025 年半年度报告 二零二五年八月 1 / 187 尚纬股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 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、 公司负责人叶洪林、主管会计工作负责人张莉及会计机构负责人（会计主管人员）卢兴周 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 本报告包括前瞻性陈述。除历史事实陈述外，所有本公司预计或期待未来可能或即将发生的 业务活动、事件或发展动态的陈述（包括但不限于预测、目标、估计及经营计划）都属于前瞻性 陈述。受诸多可变因素的影响，未来的实际结果或发展趋势可能会与这些前瞻性陈述出现重大差 异。本报告中的前瞻性陈述为本公司于2025年8月22日作出，不构成公司对投资者的实质承诺，敬 ...