江西赣能股份有限公司 2025 年半年度报告全文 2025 年半年度报告 2025-47 2025 年 8 月 1 江西赣能股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人宋和斌、主管会计工作负责人许扬及会计机构负责人(会计主 管人员)王润联声明：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。 本报告涉及未来计划等前瞻性陈述，不构成本公司对投资者的实质承诺， 敬请投资者注意投资风险。 公司信息披露遵守《深圳证券交易所上市公司自律监管指引第 3 号—— 行业信息披露》中电力相关业的披露要求，本报告第三节"管理层讨论与分 析"中，详细描述了公司可能面对的风险，敬请投资者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 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 | ...

重庆太极实业(集团)股份有限公司2025 年半年度报告 公司代码：600129 公司简称：太极集团 重庆太极实业(集团)股份有限公司 2025 年半年度报告 第 0 页 共 168 页 重庆太极实业(集团)股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 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、 公司负责人俞敏、主管会计工作负责人刘尊义及会计机构负责人（会计主管人员）张卫和 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 公司2025年半年度不进行利润分配，也不进行资本公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，敬请投资者注意 投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法 ...

江苏卓胜微电子股份有限公司 2025 年半年度报告全文 江苏卓胜微电子股份有限公司 Maxscend Microelectronics Company Limited 2025 年半年度报告 （公告编号：2025-072） 2025 年 08 月 1 江苏卓胜微电子股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、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。 公司负责人许志翰、主管会计工作负责人朱华燕及会计机构负责人(会计 主管人员)汪燕声明：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， 也不代表公司的盈利预测，能否实现取决于市场状况变化等多种因素，存在 较大不确定性，敬请投资者注意投资风险。 公司已在本报告中详细阐述了未来可能发生的有关风险因素，详见"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"，敬请投资 者予以关注。 公司计划不派发现金红利，不送红股，不以公积 ...

鲁商福瑞达医药股份有限公司2025 年半年度报告 公司代码：600223 公司简称：福瑞达 鲁商福瑞达医药股份有限公司 2025 年半年度报告 1 / 203 鲁商福瑞达医药股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人贾庆文、主管会计工作负责人许百强及会计机构负责人（会计主管人员）杨爱 民声明：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 公司半年度不进行利润分配或资本公积金转增股本事项。 六、 前瞻性陈述的风险声明 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中描述存在的风险，请查阅第三节"管理层讨论与分析"中"其他披露事项" 中"可能面对的风险"的内容，敬请投资者注意 ...

[Important Notices, Table of Contents, and Definitions](index=2&type=section&id=Section%201%20Important%20Notices%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notices](index=2&type=section&id=Important%20Notices) The Board of Directors guarantees the truthfulness, accuracy, and completeness of the semi-annual report and assumes legal responsibility - The Board of Directors, Board of Supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the report and assume legal responsibility[3](index=3&type=chunk) - The company's responsible person, chief accounting officer, and head of the accounting department declare the financial reports to be true, accurate, and complete[3](index=3&type=chunk) - The company **does not plan to distribute cash dividends**, issue bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report's table of contents clearly lists eight main sections covering key corporate and financial information - The report includes eight main sections, covering company operations, financials, governance, and significant matters[6](index=6&type=chunk) [List of Documents for Inspection](index=4&type=section&id=List%20of%20Documents%20for%20Inspection) Available documents for inspection include signed financial statements and all original public filings from the reporting period - Documents available for inspection include the 2025 semi-annual financial statements signed and sealed[8](index=8&type=chunk) - All original company documents and announcements publicly disclosed on the CSRC's designated website during the reporting period are available[9](index=9&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms used in the report, including regulatory bodies, company names, and subsidiaries - The reporting period refers to January 1, 2025, to June 30, 2025[11](index=11&type=chunk) - Guangzhou Penghui Energy Technology Co, Ltd is referred to as "Penghui Energy"[11](index=11&type=chunk) - Multiple wholly-owned and holding subsidiaries are listed, such as Zhuhai Penghui, Henan Penghui, and Changzhou Penghui[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Profile](index=6&type=section&id=I.%20Company%20Profile) Guangzhou Penghui Energy Technology Co, Ltd is listed on the Shenzhen Stock Exchange under stock code 300438 - The company's stock short name is "Penghui Energy," with stock code 300438, listed on the Shenzhen Stock Exchange[13](index=13&type=chunk) - The company's legal representative is Xia Xinde[13](index=13&type=chunk) [Contact Persons and Methods](index=6&type=section&id=II.%20Contact%20Persons%20and%20Methods) The report discloses contact information for the Board Secretary and Securities Affairs Representative for investor communication - The Board Secretary is Lu Hongli, and the Securities Affairs Representative is Liu Xiaolin[14](index=14&type=chunk) - The contact address is 912 Shiliang Road (Xicun Section), Shawan Town, Panyu District, Guangzhou, with phone number 020-39196852[14](index=14&type=chunk) [Other Information](index=6&type=section&id=III.%20Other%20Information) No changes occurred in the company's contact methods, information disclosure locations, or registration during the reporting period - The company's registered address, office address, website, and email remained unchanged during the reporting period[15](index=15&type=chunk) - The locations for information disclosure and document inspection remained unchanged during the reporting period[16](index=16&type=chunk) - The company's registration details remained unchanged during the reporting period[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Revenue grew 13.99% YoY to ¥4.30 billion, but net profit attributable to shareholders fell sharply to a loss of ¥88.23 million 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,300,690,327.75 | 3,773,000,960.61 | 13.99% | | Net Profit Attributable to Shareholders | -88,226,713.49 | 41,679,012.00 | -311.68% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -159,042,312.33 | 11,653,858.94 | -1,464.72% | | Net Cash Flow from Operating Activities | -151,885,123.69 | -284,728,599.50 | 46.66% | | Basic Earnings Per Share (Yuan/share) | -0.1753 | 0.0828 | -311.71% | | Weighted Average Return on Equity | -1.69% | 0.74% | -2.43% | Key Balance Sheet Indicators as of 2025 Semi-Annual Period-End | Indicator | Period-End (Yuan) | Prior Year-End (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 18,707,563,144.34 | 16,868,462,160.09 | 10.90% | | Net Assets Attributable to Shareholders | 5,004,139,411.36 | 5,087,553,498.86 | -1.64% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) No discrepancies exist between financial reports prepared under Chinese accounting standards and international or foreign standards - The company has no differences in net profit or net assets between financial reports disclosed under international accounting standards and Chinese accounting standards[19](index=19&type=chunk) - The company has no differences in net profit or net assets between financial reports disclosed under foreign accounting standards and Chinese accounting standards[20](index=20&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) Non-recurring profit and loss totaled ¥70.82 million, primarily from asset disposals, government grants, and fair value changes 2025 Semi-Annual Non-recurring Profit and Loss Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 48,740,328.58 | | Government Grants Included in Current Profit or Loss | 40,472,323.49 | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities | 403,023.71 | | Reversal of Impairment Provision for Individually Tested Receivables | 307,773.00 | | Other Non-operating Income and Expenses | 1,039,543.62 | | Less: Income Tax Effect | 18,933,682.85 | | Less: Minority Interest Effect (After Tax) | 1,213,710.71 | | Total | 70,815,598.84 | [Management Discussion and Analysis](index=9&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [Principal Business Activities during the Reporting Period](index=9&type=section&id=I.%20Principal%20Business%20Activities%20during%20the%20Reporting%20Period) The company focuses on becoming a leading global supplier of energy storage batteries and a premier lithium battery manufacturer - The company's strategy is to become the **preferred global supplier of energy storage batteries** and a leading global smart manufacturer of lithium batteries[25](index=25&type=chunk) - In H1 2025, the company's energy storage cell shipments ranked **globally in the top nine**, while small energy storage cell shipments ranked **globally in the top three**[25](index=25&type=chunk) - The company's main business includes the R&D, production, and sales of **lithium-ion batteries, primary batteries, and sodium-ion batteries**[29](index=29&type=chunk) [Core Competitiveness Analysis](index=10&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core strengths lie in technology innovation, a comprehensive product matrix, and a vertically integrated supply chain - As a national high-tech enterprise, the company has a strong innovation system with over **900 patent applications** and multiple research institutes[31](index=31&type=chunk) - During the reporting period, the company launched **590Ah/600+Ah large-capacity energy storage cells** with over 96% energy efficiency and a cycle life exceeding 10,000 cycles[32](index=32&type=chunk) - The company has established a global network of **9 production bases**, with 8 smart manufacturing facilities in stable operation[34](index=34&type=chunk) - The company is advancing a vertical integration strategy by investing in upstream enterprises to build a **self-controlled supply chain**[35](index=35&type=chunk) [Analysis of Principal Business](index=11&type=section&id=III.%20Analysis%20of%20Principal%20Business) Revenue grew 13.99% to ¥4.30 billion in H1 2025, but net profit fell to a loss of ¥88.23 million due to intense price competition - In H1 2025, operating revenue reached **¥4.30 billion, a 13.99% YoY increase**, while net profit attributable to shareholders was **-¥88.23 million, a 311.68% YoY decrease**[36](index=36&type=chunk) - The energy storage battery business deepened strategic cooperation with leading integrators to co-develop **600+Ah large cells** and launched the nation's largest user-side energy storage project[37](index=37&type=chunk) - The consumer battery business maintained a **high gross margin** relative to the industry, with stable operations at the Vietnam production base[38](index=38&type=chunk) 2025 Semi-Annual Breakdown by Product or Service | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin (%) | Revenue YoY Change (%) | Cost YoY Change (%) | Gross Margin YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lithium-ion Batteries | 3,900,090,498.71 | 3,506,246,460.78 | 10.10% | 11.56% | 14.39% | -2.22% | 2025 Semi-Annual YoY Changes in Key Financial Data | Item | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 4,300,690,327.75 | 3,773,000,960.61 | 13.99% | | | Operating Cost | 3,763,751,096.36 | 3,237,214,830.10 | 16.27% | | | Selling Expenses | 112,320,883.44 | 82,709,100.13 | 35.80% | Increased marketing expenses due to sales growth | | Finance Costs | 53,310,714.68 | 22,920,753.56 | 132.59% | Increased borrowings and interest expenses; impact of exchange rate fluctuations | | Income Tax Expense | -34,498,348.34 | -13,577,555.39 | -154.08% | Decrease in total profit led to a corresponding decrease in income tax expense | | Net Cash Flow from Operating Activities | -151,885,123.69 | -284,728,599.50 | 46.66% | Primarily due to an increase in cash received from sales | | Net Cash Flow from Financing Activities | 627,325,109.84 | -131,930,448.98 | 575.50% | Primarily due to a net increase in cash from borrowings | 2025 Semi-Annual Lithium-ion Battery Production and Sales | Product | Capacity (Billion AH/Annualized) | Capacity Under Construction (Billion AH) | Capacity Utilization Rate (%) | Output (Billion AH) | | :--- | :--- | :--- | :--- | :--- | | Lithium-ion Batteries | 77.29 | 3.00 | 88.54% | 34.22 | [Analysis of Non-Principal Business](index=13&type=section&id=IV.%20Analysis%20of%20Non-Principal%20Business) Non-principal business activities significantly impacted profits, with asset and credit impairment losses totaling ¥230 million Impact of Non-Principal Business on Total Profit in H1 2025 | Item | Amount (Yuan) | % of Total Profit | Reason | | :--- | :--- | :--- | :--- | | Investment Income | 47,257,806.28 | -33.97% | Gains from disposal of long-term equity investments and remeasurement of existing equity at fair value in a business combination | | Asset Impairment | -145,810,059.77 | 104.80% | Provision for inventory write-downs, etc | | Credit Impairment Loss | -83,329,719.64 | 59.89% | Provision for bad debts, etc | [Analysis of Assets and Liabilities](index=13&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets grew 10.90% to ¥18.71 billion, driven by increases in construction in progress and right-of-use assets Significant Changes in Asset Composition as of H1 2025 Period-End | Item | Period-End Amount (Yuan) | % of Total Assets | Prior Year-End Amount (Yuan) | % of Total Assets | Change in Weight (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Fixed Assets | 5,294,508,522.68 | 28.30% | 5,416,044,516.00 | 32.11% | -3.81% | | Construction in Progress | 1,085,680,732.20 | 5.80% | 840,201,296.94 | 4.98% | 0.82% | | Right-of-use Assets | 392,172,780.15 | 2.10% | 138,735,762.03 | 0.82% | 1.28% | | Long-term Borrowings | 1,619,553,838.77 | 8.66% | 1,120,834,410.99 | 6.64% | 2.02% | | Lease Liabilities | 380,363,255.91 | 2.03% | 126,179,899.89 | 0.75% | 1.28% | Assets and Liabilities Measured at Fair Value as of H1 2025 Period-End | Item | Period-End Value (Yuan) | | :--- | :--- | | Trading Financial Assets | 124,738,246.92 | | Other Equity Instrument Investments | 172,930,716.58 | | Other Non-current Financial Assets | 4,000,001.00 | | Receivables Financing | 426,768,077.71 | | Total | 728,437,042.21 | - Total restricted assets at period-end amounted to **¥704 million**, primarily consisting of cash and cash equivalents and intangible assets[50](index=50&type=chunk) [Analysis of Investment Status](index=15&type=section&id=VI.%20Analysis%20of%20Investment%20Status) The company had no major equity or non-equity investments, while 95.90% of raised funds have been utilized Overall Use of Raised Funds in 2023 | Year of Fundraising | Method | Net Funds Raised (CNY 10k) | Accumulated Funds Used (CNY 10k) | Fund Utilization Rate (%) | Unused Funds (CNY 10k) | | :--- | :--- | :--- | :--- | :--- | :--- | | 2023 | Private Placement | 150,445.27 | 144,235.91 | 95.90% | 7,317.07 | Status of Committed Projects Using Raised Funds in 2023 | Committed Investment Project | Total Committed Investment (CNY 10k) | Accumulated Investment to Date (CNY 10k) | Investment Progress (%) | Benefit Realized in Period (CNY 10k) | | :--- | :--- | :--- | :--- | :--- | | Penghui Smart Energy Storage Manufacturing Base (21GWh Project) | 106,196.66 | 99,593.71 | 93.78% | -1,009.23 | | Supplementary Working Capital Project | 44,248.61 | 44,690.00 | 100.00% | -8,386.75 | Entrusted Wealth Management Overview for H1 2025 | Type | Amount Entrusted (CNY 10k) | Outstanding Balance (CNY 10k) | | :--- | :--- | :--- | | Bank Wealth Management Products | 32,900 | 4,000 | [Major Asset and Equity Sales](index=19&type=section&id=VII.%20Major%20Asset%20and%20Equity%20Sales) No major sales of assets or equity occurred during the reporting period - The company did not sell any major assets during the reporting period[63](index=63&type=chunk) - The company did not sell any major equity stakes during the reporting period[64](index=64&type=chunk) [Analysis of Major Holding and Associated Companies](index=19&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associated%20Companies) Key subsidiaries like Zhuhai Penghui and Henan Penghui were profitable, with Henan Penghui reporting the highest net profit Financial Performance of Major Subsidiaries in H1 2025 | Company Name | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | | Zhuhai Penghui Energy Co, Ltd | 976,965,920.40 | 46,576,870.06 | | Henan Penghui Power Technology Co, Ltd | 1,459,490,830.00 | 80,578,758.66 | | Foshan Shida Technology Co, Ltd | 439,446,513.10 | 53,988,708.75 | | Jiangsu Tianhui Lithium Battery Co, Ltd | 5,905,300.13 | -34,986,435.91 | | Penghui Energy Changzhou Power Lithium Battery Co, Ltd | 306,087,094.30 | -18,076,769.39 | | Liuzhou Penghui Energy Technology Co, Ltd | -364,922,307.40 | -35,595,674.95 | | Guangzhou Penghui Energy Storage Technology Co, Ltd | 1,087,036,244.00 | -23,263,673.82 | - During the reporting period, **8 new subsidiaries were established**, including Lianjiang Penghui New Energy Co, Ltd[66](index=66&type=chunk) - Acquired Tibet Ali Zhaoyuan Tongpeng Mining Technology Co, Ltd through a business combination not under common control[66](index=66&type=chunk) [Structured Entities Controlled by the Company](index=20&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not have any controlled structured entities during the reporting period[67](index=67&type=chunk) [Risks and Countermeasures](index=20&type=section&id=X.%20Risks%20and%20Countermeasures) The company faces risks from policy changes, raw material price volatility, market competition, and rising tariffs - The company faces **risks from policy changes**, which could adversely affect operations and performance if not addressed promptly[67](index=67&type=chunk) - Product costs are significantly affected by **price fluctuations of raw materials** such as cobalt, nickel, and lithium[67](index=67&type=chunk) - The company may face **intense market competition**, requiring comprehensive improvements in materials, structure, and processes to enhance performance and reduce costs[67](index=67&type=chunk) - **Increased trade friction** and adjustments to import/export policies and tariffs in some countries could impact the company's overseas sales[69](index=69&type=chunk) [Record of Investor Relations Activities during the Reporting Period](index=21&type=section&id=XI.%20Record%20of%20Investor%20Relations%20Activities%20during%20the%20Reporting%20Period) The company hosted two investor events, including an on-site visit from JPMorgan and an online performance briefing - On February 10, 2025, the company hosted an on-site visit for 10 individuals from **JPMorgan**, including Rebecca Wen, to discuss its business overview[70](index=70&type=chunk) - On May 9, 2025, the company participated in the **2024 annual results online briefing** to communicate with investors[70](index=70&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) A market value management system was approved in December 2024 to enhance investor value, but no valuation enhancement plan was disclosed - The company's Board of Directors approved the **"Market Value Management System"** on December 30, 2024[72](index=72&type=chunk) - The company has not disclosed a valuation enhancement plan[71](index=71&type=chunk) [Implementation of the 'Dual Improvement in Quality and Returns' Action Plan](index=22&type=section&id=XIII.%20Implementation%20of%20the%20'Dual%20Improvement%20in%20Quality%20and%20Returns'%20Action%20Plan) The company disclosed its "Dual Improvement in Quality and Returns" action plan in February 2024 and actively engaged with investors - The company announced its **"Dual Improvement in Quality and Returns" action plan** on February 5, 2024[73](index=73&type=chunk) - The company is actively implementing the plan and enhancing communication with investors through various channels to convey its long-term investment value[73](index=73&type=chunk) [Corporate Governance, Environment, and Society](index=23&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Independent director Zan Tingquan resigned for personal reasons and was replaced by Peng Fangping - Independent director **Zan Tingquan resigned** for personal reasons on May 16, 2025[75](index=75&type=chunk) - **Peng Fangping was elected** as an independent director on May 16, 2025[75](index=75&type=chunk) [Profit Distribution and Capitalization of Capital Reserve for the Reporting Period](index=23&type=section&id=II.%20Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserve%20for%20the%20Reporting%20Period) The company does not plan to distribute dividends or issue bonus shares for the semi-annual period - The company plans **no cash dividend distribution**, bonus share issuance, or capitalization of capital reserve for the semi-annual period[76](index=76&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentives](index=23&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentives) No equity incentive plans, employee stock ownership plans, or other employee incentive measures were implemented - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[77](index=77&type=chunk) [Environmental Information Disclosure](index=23&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and two key subsidiaries are listed for mandatory environmental information disclosure - The company and two of its main subsidiaries, Jiangsu Tianhui and Henan Penghui, are included in the list of enterprises required to disclose environmental information by law[78](index=78&type=chunk) - The environmental information disclosure reports for Jiangsu Tianhui and Henan Penghui can be queried online[78](index=78&type=chunk) [Social Responsibility](index=23&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities by protecting stakeholder rights and supporting community welfare - The company protects shareholder rights through sound governance and maintains prudent financial policies to safeguard creditor interests[79](index=79&type=chunk) - The company ensures employee rights by complying with labor laws, providing social insurance and training, and showing care for female employees[80](index=80&type=chunk) - The company adheres to tax regulations, promotes environmental protection, and supports social and charitable causes[80](index=80&type=chunk) [Significant Matters](index=25&type=section&id=Section%205%20Significant%20Matters) [Commitments by the Company, its Actual Controller, Shareholders, Related Parties, and Acquirers Fulfilled during or Outstanding at the End of the Reporting Period](index=25&type=section&id=I.%20Commitments%20by%20the%20Company%2C%20its%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20and%20Acquirers%20Fulfilled%20during%20or%20Outstanding%20at%20the%20End%20of%20the%20Reporting%20Period) No commitments were fulfilled during or remained outstanding at the end of the reporting period - There were no commitments by the company, its actual controller, shareholders, related parties, or acquirers that were fulfilled during or were overdue at the end of the reporting period[83](index=83&type=chunk) [Non-operational Fund Occupation by Controlling Shareholders and Other Related Parties](index=25&type=section&id=II.%20Non-operational%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) No non-operational use of company funds by controlling shareholders or other related parties occurred - There was no non-operational occupation of the company's funds by its controlling shareholder or other related parties during the reporting period[84](index=84&type=chunk) [Irregular External Guarantees](index=25&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[85](index=85&type=chunk) [Appointment and Dismissal of Accounting Firm](index=25&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The company's semi-annual financial report was not audited - The company's semi-annual report has not been audited[86](index=86&type=chunk) [Explanation of Non-standard Audit Report](index=25&type=section&id=Explanation%20of%20Non-standard%20Audit%20Report) No non-standard audit report was issued for the reporting period - The company did not receive a non-standard audit report during the reporting period[87](index=87&type=chunk) [Matters Related to Bankruptcy and Reorganization](index=25&type=section&id=Matters%20Related%20to%20Bankruptcy%20and%20Reorganization) No bankruptcy or reorganization matters occurred during the reporting period - The company did not experience any bankruptcy or reorganization-related matters during the reporting period[87](index=87&type=chunk) [Litigation](index=25&type=section&id=VIII.%20Litigation) The company had no major litigation or arbitration, except for an ongoing sales contract dispute - The company had no major litigation or arbitration matters during the reporting period[88](index=88&type=chunk) - A sales contract dispute with Hubei Sanhuan Automobile Co, Ltd is currently in the retrial application stage[672](index=672&type=chunk) [Penalties and Rectifications](index=26&type=section&id=IX.%20Penalties%20and%20Rectifications) No penalties or rectifications were recorded during the reporting period - The company was not subject to any penalties or rectifications during the reporting period[89](index=89&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=26&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company and its controlling parties maintained a good integrity status - The company, its controlling shareholder, and its actual controller maintained a good integrity status during the reporting period[90](index=90&type=chunk) [Significant Related-Party Transactions](index=26&type=section&id=XI.%20Significant%20Related-Party%20Transactions) No significant related-party transactions related to daily operations, asset acquisitions, or debt occurred - The company had no related-party transactions related to daily operations during the reporting period[91](index=91&type=chunk) - The company had no related-party transactions involving the acquisition or sale of assets or equity[91](index=91&type=chunk) - There were no related-party credit or debt transactions during the reporting period[93](index=93&type=chunk) [Significant Contracts and Their Performance](index=27&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no major contracts for custody or leasing but provided significant guarantees for its subsidiaries - The company had no custody, contracting, or leasing arrangements during the reporting period[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk) - The company had no other significant contracts during the reporting period[104](index=104&type=chunk) - At the end of the reporting period, the outstanding balance of guarantees for subsidiaries totaled **¥2.38 billion**, representing **47.53%** of the company's net assets[102](index=102&type=chunk)[103](index=103&type=chunk) Guarantees Provided to Subsidiaries in H1 2025 | Guaranteed Party | Guarantee Limit (CNY 10k) | Actual Guaranteed Amount (CNY 10k) | Guarantee Type | Guarantee Period | Fulfilled | Related-Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhuhai Penghui Energy Co, Ltd | 101,000 | 41,699.55 | Joint Liability | 1-3 years | No | Yes | | Henan Penghui Power Technology Co, Ltd | 120,000 | 46,448.26 | Joint Liability | 1 year | No | Yes | | Liuzhou Penghui Energy Technology Co, Ltd | 160,000 | 91,236.18 | Pledge, Joint Liability | 7 years | No | Yes | | Penghui Energy Changzhou Power Lithium Battery Co, Ltd | 30,000 | 9,639 | Joint Liability | 3 years | No | Yes | | Quzhou Penghui Energy Technology Co, Ltd | 150,000 | 31,522 | Mortgage, Joint Liability | 10 years | No | Yes | | Foshan Shida Technology Co, Ltd | 30,000 | 659.18 | Joint Liability | 3 years | No | Yes | | Henan Penghui, Zhuhai Penghui & Liuzhou Penghui | 50,000 | 16,626.63 | Joint Liability | 1 year | No | Yes | [Explanation of Other Significant Matters](index=29&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) No other significant matters required disclosure for the reporting period - There are no other significant matters to be explained for the reporting period[105](index=105&type=chunk) [Significant Matters of Subsidiaries](index=29&type=section&id=XIV.%20Significant%20Matters%20of%20Subsidiaries) There were no significant matters concerning the company's subsidiaries - The company's subsidiaries had no significant matters to report[106](index=106&type=chunk) [Changes in Share Capital and Shareholders](index=30&type=section&id=Section%206%20Changes%20in%20Share%20Capital%20and%20Shareholders) [Changes in Share Capital](index=30&type=section&id=I.%20Changes%20in%20Share%20Capital) The total number of shares remained unchanged at 503,343,360, with 19.70% being restricted shares Share Capital Changes in H1 2025 | Item | Pre-Change Quantity (Shares) | Proportion (%) | Change (+/-) (Shares) | Post-Change Quantity (Shares) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 99,179,122 | 19.70% | 0 | 99,179,122 | 19.70% | | II. Unrestricted Shares | 404,164,238 | 80.30% | 0 | 404,164,238 | 80.30% | | III. Total Shares | 503,343,360 | 100.00% | 0 | 503,343,360 | 100.00% | Changes in Restricted Shares in H1 2025 | Shareholder Name | Restricted Shares at Start of Period (Shares) | Restricted Shares at End of Period (Shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | | Xia Xinde | 99,109,083 | 99,109,083 | Executive Lock-up | | Zhen Shaoqiang | 41,940 | 41,940 | Executive Lock-up | | Lu Hongli | 19,711 | 19,711 | Executive Lock-up | | Pan Li | 8,388 | 8,388 | Executive Lock-up | | Total | 99,179,122 | 99,179,122 | -- | [Securities Issuance and Listing](index=31&type=section&id=II.%20Securities%20Issuance%20and%20Listing) No securities were issued or listed during the reporting period - The company had no securities issuance or listing activities during the reporting period[112](index=112&type=chunk) [Number of Shareholders and Shareholdings](index=31&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholdings) The company had 74,302 common shareholders, with Xia Xinde being the largest shareholder holding a 26.25% stake - At the end of the reporting period, the total number of common shareholders was **74,302**[113](index=113&type=chunk) - Xia Rende is the brother of Xia Xinde; Abama Wanxiang Yixin No 18 Private Fund is a party acting in concert with Xia Xinde[115](index=115&type=chunk)[116](index=116&type=chunk) Top 10 Shareholders as of H1 2025 Period-End | Shareholder Name | Shareholder Type | Shareholding (%) | Change in Period (Shares) | Restricted Shares (Shares) | Unrestricted Shares (Shares) | Share Status | Quantity (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xia Xinde | Domestic Individual | 26.25% | 0 | 99,109,083 | 33,036,361 | Pledged | 13,700,000 | | Xia Rende | Domestic Individual | 5.25% | 0 | 0 | 26,406,491 | N/A | 0 | | Li Kewen | Domestic Individual | 2.49% | -625,000 | 0 | 12,556,739 | N/A | 0 | | Heitie (Qingdao) Private Fund - Qingdao Xiayang Energy Storage Phase I PE Fund | Other | 2.21% | 0 | 0 | 11,098,873 | N/A | 0 | | Zhuhai Huaying Investment - Zhuhai Huajin Alpha VI Equity Investment Fund | Other | 1.65% | 0 | 0 | 8,324,084 | N/A | 0 | | CMB - Southern CSI 1000 ETF | Other | 0.65% | 339,107 | 0 | 3,246,707 | N/A | 0 | | Hong Kong Securities Clearing Company Ltd | Foreign Legal Entity | 0.57% | 1,328,925 | 0 | 2,873,398 | N/A | 0 | | Quzhou Talent Xinqu Equity Investment Partnership | Other | 0.55% | 0 | 0 | 2,774,694 | N/A | 0 | | Zhuhai Huajin Lingchuang Fund - Zhuhai Huajin Lingyi Emerging Tech Fund | Other | 0.55% | 0 | 0 | 2,774,694 | N/A | 0 | | Zhuhai Abama Private Fund - Abama Wanxiang Yixin No 18 Private Fund | Other | 0.51% | 0 | 0 | 2,573,748 | N/A | 0 | [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=34&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of directors, supervisors, and senior management - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period; refer to the 2024 annual report for details[117](index=117&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=35&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged - The company's controlling shareholder did not change during the reporting period[118](index=118&type=chunk) - The company's actual controller did not change during the reporting period[118](index=118&type=chunk) [Bond-related Matters](index=37&type=section&id=Section%207%20Bond-related%20Matters) [Bond-related Matters](index=37&type=section&id=Bond-related%20Matters) The company had no bond-related matters to report for the period - The company had no bond-related matters during the reporting period[121](index=121&type=chunk) [Financial Report](index=38&type=section&id=Section%208%20Financial%20Report) [Audit Report](index=38&type=section&id=I.%20Audit%20Report) The semi-annual financial report has not been audited - The company's semi-annual financial report is unaudited[123](index=123&type=chunk) [Financial Statements](index=38&type=section&id=II.%20Financial%20Statements) This section presents the consolidated and parent company financial statements for the semi-annual period ended June 30, 2025 - Includes the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity[125](index=125&type=chunk)[128](index=128&type=chunk)[132](index=132&type=chunk)[135](index=135&type=chunk)[137](index=137&type=chunk)[139](index=139&type=chunk)[141](index=141&type=chunk)[148](index=148&type=chunk) [Company Basic Information](index=56&type=section&id=III.%20Company%20Basic%20Information) Penghui Energy, formerly Guangzhou Penghui Battery Co, Ltd, operates in the electrical machinery and equipment manufacturing industry - Guangzhou Penghui Energy Technology Co, Ltd was established on January 18, 2001, formerly known as Guangzhou Penghui Battery Co, Ltd[153](index=153&type=chunk) - The company was converted into a joint-stock limited company on September 28, 2011, with a registered capital of ¥503,343,360.00[153](index=153&type=chunk) - The company operates in the electrical machinery and equipment manufacturing industry, focusing on R&D, production, and sales of lithium-ion, primary, and sodium-ion batteries[154](index=154&type=chunk) [Basis of Preparation of Financial Statements](index=57&type=section&id=IV.%20Basis%20of%20Preparation%20of%20Financial%20Statements) The financial statements are prepared on a going concern basis in accordance with China's Accounting Standards for Business Enterprises - The financial statements are prepared in accordance with the Accounting Standards for Business Enterprises and relevant CSRC regulations, based on actual transactions and events[155](index=155&type=chunk) - The company has the ability to continue as a going concern for at least 12 months from the end of the reporting period, with no major uncertainties[156](index=156&type=chunk) [Significant Accounting Policies and Estimates](index=57&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates applied in preparing the financial statements - The financial statements comply with the requirements of the Accounting Standards for Business Enterprises, presenting a true and fair view of the company's financial position and performance[158](index=158&type=chunk) - Financial assets are classified into three categories based on business model and contractual cash flow characteristics: **amortized cost, FVTOCI, and FVTPL**[186](index=186&type=chunk) - **Revenue is recognized** when performance obligations are satisfied, which is when the customer obtains control of the related goods[275](index=275&type=chunk) - Internally developed intangible assets' research-phase expenditures are expensed as incurred, while development-phase expenditures are capitalized only if specific criteria are met[255](index=255&type=chunk) Fixed Asset Depreciation Methods | Category | Depreciation Method | Useful Life (Years) | Residual Value Rate (%) | Annual Depreciation Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Buildings and Structures | Straight-line | 20 | 3% | 4.85% | | Machinery and Equipment | Straight-line | 5-10 | 3% | 9.70%-19.40% | | Transportation Equipment | Straight-line | 5 | 3% | 19.40% | | Electronic Equipment | Straight-line | 5 | 3% | 19.40% | [Taxes](index=86&type=section&id=VI.%20Taxes) The company and several subsidiaries benefit from a reduced 15% corporate income tax rate as high-tech enterprises Main Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Value added from sales of goods or taxable services | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Value added from sales of goods or taxable services | 13%, 9%, 6% | | Corporate Income Tax | Taxable income | See details below | | Education Surcharge | Payable turnover tax and VAT exempt/credited | 3% | | Local Education Surcharge | Payable turnover tax and VAT exempt/credited | 2% | - Guangzhou Penghui Energy Technology Co, Ltd, Zhuhai Penghui, Henan Penghui, and other subsidiaries are eligible for a preferential **corporate income tax rate of 15%** as high-tech enterprises[306](index=306&type=chunk)[308](index=308&type=chunk)[309](index=309&type=chunk)[312](index=312&type=chunk) - The Vietnam subsidiary enjoys a **10% corporate income tax rate** for six years, with a two-year tax exemption and a four-year 50% tax reduction starting from the first profitable year[312](index=312&type=chunk) [Notes to Consolidated Financial Statements](index=89&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed notes on items in the consolidated financial statements, including balances, changes, and related disclosures Cash and Cash Equivalents at Period-End | Item | Period-End Balance (Yuan) | | :--- | :--- | | Cash on Hand | 1,794,003.10 | | Bank Deposits | 1,059,414,203.18 | | Other Monetary Funds | 611,389,277.11 | | Total | 1,672,597,483.39 | Accounts Receivable Aging at Period-End | Aging | Period-End Book Balance (Yuan) | | :--- | :--- | | Within 1 year | 2,689,042,802.26 | | 1 to 2 years | 354,904,999.45 | | 2 to 3 years | 40,989,001.55 | | Over 3 years | 107,332,902.25 | | Total | 3,192,269,705.51 | Inventory Classification at Period-End | Item | Book Balance (Yuan) | Provision for Decline in Value (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 393,201,406.53 | 39,872,342.63 | 353,329,063.90 | | Work in Progress | 606,301,678.04 | 13,834,981.74 | 592,466,696.30 | | Finished Goods | 641,891,511.62 | 174,072,821.07 | 467,818,690.55 | | Goods in Transit | 795,351,082.22 | 26,143,462.57 | 769,207,619.65 | | Semi-finished Goods | 1,266,326,938.41 | 263,530,621.28 | 1,002,796,317.13 | | Consigned Goods | 25,884,831.11 | 2,451,686.98 | 23,433,144.13 | | Total | 3,728,957,447.93 | 519,905,916.27 | 3,209,051,531.66 | Fixed Assets Book Value at Period-End | Item | Period-End Book Value (Yuan) | | :--- | :--- | | Buildings and Structures | 1,115,869,516.55 | | Machinery and Equipment | 4,097,356,327.13 | | Transportation Equipment | 23,570,656.81 | | Electronic Equipment | 57,712,022.19 | | Total | 5,294,508,522.68 | Operating Revenue and Cost | Item | Current Period Revenue (Yuan) | Current Period Cost (Yuan) | Prior Period Revenue (Yuan) | Prior Period Cost (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 4,236,860,560.05 | 3,728,743,834.10 | 3,705,191,803.82 | 3,201,715,794.62 | | Other Business | 43,830,868.95 | 15,008,363.51 | 67,809,156.79 | 35,499,035.48 | | Total | 4,280,691,429.00 | 3,743,752,197.61 | 3,773,000,960.61 | 3,237,214,830.10 | [R&D Expenditures](index=151&type=section&id=VIII.%20R&D%20Expenditures) Total R&D expenditure was ¥201 million, with ¥7.43 million capitalized for projects like long-life lithium-ion batteries R&D Expenditure for H1 2025 | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | R&D Material Consumption | 102,326,907.66 | 72,421,561.85 | | R&D Personnel Salaries and Benefits | 61,619,718.73 | 55,352,896.72 | | R&D Depreciation and Amortization | 26,568,328.67 | 23,589,326.71 | | R&D Fuel and Power Costs | 7,390,507.57 | 8,673,043.49 | | Cooperative and Commissioned R&D Fees | 175,660.38 | 638,834.95 | | Share-based Payment Expenses | 230,155.39 | 2,885,429.78 | | Other R&D Expenses | 2,303,175.56 | 2,542,202.26 | | Total | 200,614,453.96 | 166,103,295.76 | | Of which: Expensed R&D | 193,184,078.88 | 163,141,566.92 | | Capitalized R&D | 7,430,375.08 | 2,961,728.84 | - Significant capitalized R&D projects include the design and development of **long-life lithium-ion batteries** and the preparation of **flexible ultra-thin solid-state electrolytes**[605](index=605&type=chunk) [Changes in the Scope of Consolidation](index=152&type=section&id=IX.%20Changes%20in%20the%20Scope%20of%20Consolidation) The company acquired a 61.00% stake in a mining company through a business combination not under common control - On April 30, 2025, the company acquired a **61.00% equity stake** in Tibet Ali Zhaoyuan Tongpeng Mining Technology Co, Ltd through a business combination not under common control[607](index=607&type=chunk) - The total consolidation cost was **¥491.80 million**, and the remeasurement of the previously held equity at fair value generated a gain of **¥18.15 million**[609](index=609&type=chunk)[611](index=611&type=chunk) - There were no business combinations under common control or disposals of subsidiaries leading to a loss of control during the reporting period[613](index=613&type=chunk)[617](index=617&type=chunk) [Interests in Other Entities](index=156&type=section&id=X.%20Interests%20in%20Other%20Entities) The company holds interests in numerous subsidiaries, joint ventures, and associates, including Zhuhai Penghui and Henan Penghui - The company has numerous wholly-owned and holding subsidiaries, such as Zhuhai Penghui Energy Co, Ltd and Henan Penghui Power Technology Co, Ltd[618](index=618&type=chunk)[619](index=619&type=chunk)[620](index=620&type=chunk)[621](index=621&type=chunk)[622](index=622&type=chunk)[623](index=623&type=chunk) - The company holds interests in associated companies such as Lijia Power Technology (Hubei) Co, Ltd and Sichuan Yingda Lithium New Materials Co, Ltd[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) Summarized Financial Information of Immaterial Joint Ventures and Associates for H1 2025 | Item | Period-End Balance / Current Period Amount (Yuan) | | :--- | :--- | | Total Book Value of Investments | 221,112,350.65 | | --Net Profit | -348,050.50 | | --Other Comprehensive Income | 76,053.07 | | --Total Comprehensive Income | -271,997.43 | [Government Grants](index=166&type=section&id=XI.%20Government%20Grants) The company's deferred income from government grants was ¥888.84 million, with ¥42.32 million recognized in other income Liabilities Related to Government Grants in H1 2025 | Account | Opening Balance (Yuan) | New Grants (Yuan) | Recognized in Other Income (Yuan) | Closing Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 788,939,042.54 | 135,820,048.47 | 35,036,611.77 | 888,835,288.73 | Asset-related | Government Grants Recognized in Current Profit or Loss in H1 2025 | Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Other Income | 42,324,151.85 | 63,713,067.82 | [Financial Instrument Risks](index=167&type=section&id=XII.%20Financial%20Instrument%20Risks) The company actively manages credit, interest rate, and liquidity risks through established policies and monitoring procedures - The company's main financial instruments are related to its operations and financing activities, including cash, receivables, payables, and borrowings[636](index=636&type=chunk) - To mitigate **credit risk**, the company trades only with reputable customers and continuously monitors receivables through credit and aging analysis[636](index=636&type=chunk) - The company manages **interest rate risk** by maintaining good banking relationships and designing appropriate credit facilities[637](index=637&type=chunk) - During the reporting period, the company used **forward foreign exchange contracts** to mitigate the impact of currency fluctuations on its performance[637](index=637&type=chunk) [Fair Value Disclosures](index=168&type=section&id=XIII.%20Fair%20Value%20Disclosures) Assets measured at fair value totaled ¥728.44 million, primarily comprising financial assets valued using Level 1, 2, and 3 inputs Assets and Liabilities Measured at Fair Value as of H1 2025 Period-End | Item | Level 1 Fair Value (Yuan) | Level 2 Fair Value (Yuan) | Level 3 Fair Value (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 4,761,461.76 | 119,976,785.16 | 0 | 124,738,246.92 | | Other Equity Instrument Investments | 0 | 0 | 172,930,716.58 | 172,930,716.58 | | Receivables Financing | 0 | 0 | 426,768,077.71 | 426,768,077.71 | | Other Non-current Financial Assets | 0 | 0 | 4,000,001.00 | 4,000,001.00 | | Total | 4,761,461.76 | 119,976,785.16 | 603,698,795.29 | 728,437,042.21 | - **Level 1** fair value for listed stocks is based on quoted prices in active markets[643](index=643&type=chunk) - **Level 2** fair value for non-principal-protected bank wealth management products is determined using bank valuation models[644](index=644&type=chunk) - **Level 3** fair value is used for bank acceptance bills receivable and unlisted equity investments[645](index=645&type=chunk) [Related Parties and Transactions](index=170&type=section&id=XIV.%20Related%20Parties%20and%20Transactions) The company's ultimate controlling party is Xia Xinde, and it engaged in various transactions with related parties - The ultimate controlling party of the enterprise is **Xia Xinde**[646](index=646&type=chunk) - Key management personnel compensation for the current period amounted to **¥2,389,132.10**[663](index=663&type=chunk) Related-Party Purchases of Goods/Services in H1 2025 | Related Party | Transaction Content | Current Period Amount (Yuan) | | :--- | :--- | :--- | | Associates | Purchase of goods | 8,927,423.81 | | Other Related Parties | Purchase of goods | 1,859,549.50 | | Total | | 10,786,973.31 | Related-Party Sales of Goods/Services in H1 2025 | Related Party | Transaction Content | Current Period Amount (Yuan) | | :--- | :--- | :--- | | Associates | Sale of goods | 73,546,785.44 | | Other Related Parties | Sale of goods | 25,225,652.89 | | Associates | Service income | 398,218.88 | | Other Related Parties | Service income | 73,772.92 | | Total | | 99,244,430.13 | Related-Party Lease Income in H1 2025 | Lessee Name | Leased Asset Type | Lease Income Recognized (Yuan) | | :--- | :--- | :--- | | Associates | Factory building | 36,686.60 | | Other Related Parties | Factory building | 0.00 | | Total | | 36,686.60 | [Share-based Payments](index=175&type=section&id=XV.%20Share-based%20Payments) The cumulative amount of equity-settled share-based payments was ¥59.17 million, with ¥1.61 million expensed in the period - The cumulative amount of equity-settled share-based payments recognized in capital reserve is **¥59,165,192.33**[670](index=670&type=chunk) - The total expense recognized for equity-settled share-based payments in the current period is **¥1,611,089.39**[670](index=670&type=chunk) Allocation of Equity-Settled Share-based Payment Expenses in H1 2025 | Grantee Category | Equity-Settled Share-based Payment Expense (Yuan) | | :--- | :--- | | Management Personnel | 131,062.12 | | Sales Personnel | 574,748.08 | | R&D Personnel | 230,155.39 | | Production Personnel | 675,123.80 | | Total | 1,611,089.39 | [Commitments and Contingencies](index=176&type=section&id=XVI.%20Commitments%20and%20Contingencies) The company has no significant commitments or contingencies to disclose, apart from an ongoing sales contract dispute - As of the financial reporting date, the company has no significant commitments to disclose[671](index=671&type=chunk) - The company has no significant contingencies to disclose[673](index=673&type=chunk) - A sales contract dispute with Hubei Sanhuan Automobile Co, Ltd is currently in the retrial application stage[672](index=672&type=chunk) [Subsequent Events](index=177&type=section&id=XVII.%20Subsequent%20Events) No significant non-adjusting events, profit distributions, or other subsequent events occurred after the reporting period - The company has no significant non-adjusting events after the reporting period[675](index=675&type=chunk) - There are no profit distribution plans, sales returns, or other subsequent events to be disclosed[676](index=676&type=chunk) [Other Significant Matters](index=177&type=section&id=XVIII.%20Other%20Significant%20Matters) No other significant matters such as prior period error corrections, debt restructuring, or asset swaps occurred - The company had no corrections of prior period accounting errors during the reporting period[677](index=677&type=chunk) - The company had no debt restructuring, asset swaps, annuity plans, discontinued operations, or segment information to report[679](index=679&type=chunk)[680](index=680&type=chunk)[681](index=681&type=chunk)[682](index=682&type=chunk)[683](index=683&type=chunk) [Notes to Parent Company's Financial Statements](index=179&type=section&id=XIX.%20Notes%20to%20Parent%20Company's%20Financial%20Statements) This section provides detailed notes on the parent company's financial statement items, including receivables and investments Parent Company Accounts Receivable Aging at Period-End | Aging | Period-End Book Balance (Yuan) | | :--- | :--- | | Within 1 year | 833,221,664.74 | | 1 to 2 years | 191,465,398.79 | | 2 to 3 years | 23,258,362.40 | | Over 3 years | 109,986,244.38 | | Total | 1,157,931,670.31 | Parent Company Long-term Equity Investments at Period-End | Item | Period-End Book Value (Yuan) | | :--- | :--- | | Investments in Subsidiaries | 3,957,645,589.89 | | Investments in Associates and Joint Ventures | 183,079,615.61 | | Total | 4,140,725,205.50 | Parent Company Operating Revenue and Cost | Item | Current Period Revenue (Yuan) | Current Period Cost (Yuan) | Prior Period Revenue (Yuan) | Prior Period Cost (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 923,071,606.89 | 860,664,805.00 | 1,494,132,020.89 | 1,302,641,508.87 | | Other Business | 8,940,257.04 | 5,644,702.21 | 15,926,481.66 | 32,287,135.49 | | Total | 932,011,863.93 | 866,309,507.21 | 1,510,058,502.55 | 1,334,928,644.36 | [Supplementary Information](index=193&type=section&id=XX.%20Supplementary%20Information) This section provides details on non-recurring profit and loss, return on equity, and earnings per share Detailed Schedule of Non-recurring Profit and Loss for H1 2025 | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 48,740,328.58 | | Government Grants Included in Current Profit or Loss (excluding those closely related to normal business operations) | 40,472,323.49 | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities (excluding effective hedging) | 403,023.71 | | Reversal of Impairment Provision for Individually Tested Receivables | 307,773.00 | | Other Non-operating Income and Expenses | 1,039,543.62 | | Less: Income Tax Effect | 18,933,682.85 | | Less: Minority Interest Effect (After Tax) | 1,213,710.71 | | Total | 70,815,598.84 | Return on Equity and Earnings Per Share for H1 2025 | Reporting Period Profit | Weighted Average ROE (%) | Basic EPS (Yuan/share) | Diluted EPS (Yuan/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | -1.69% | -0.1753 | -0.1753 | | Net Profit Attributable to Common Shareholders (Excluding Non-recurring Items) | -3.05% | -0.3160 | -0.3160 |

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