三祥新材股份有限公司2025 年半年度报告 公司代码：603663 公司简称：三祥新材 三祥新材股份有限公司 1 / 174 2025 年半年度报告 三祥新材股份有限公司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、 公司负责人夏鹏、主管会计工作负责人范顺琴及会计机构负责人（会计主管人员）刘海霞 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，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 ...

成都纵横自动化技术股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述公司在生产经营过程中可能面临的各种风险及应对措施，敬请投 资者关注本报告第三节"管理层讨论与分析"之"四、风险因素"中的内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人任斌、主管会计工作负责人刘鹏及会计机构负责人（会计主管人员）张剑英声 明：保证半年度报告中财务报告的真实、准确、完整。 公司代码：688070 公司简称：纵横股份 成都纵横自动化技术股份有限公司 2025 年半年度报告 1 / 199 成都纵横自动化技术股份有限公司2025 年半年度报告 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质性承诺，敬请投资者注 ...

上海妙可蓝多食品科技股份有限公司2025 年半年度报告 公司代码：600882 公司简称：妙可蓝多 上海妙可蓝多食品科技股份有限公司 2025 年半年度报告 1 / 208 上海妙可蓝多食品科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、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、 公司负责人柴琇、主管会计工作负责人蒯玉龙及会计机构负责人（会计主管人员）邹明岩 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 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质性承诺，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 关于公司所面临的主要风险详见"第三节 管理层讨论与分析"之"五、其他披露事项"之"（一） 可能面对的风险"。 十一、 其他 √适用 □不适用 本报告中部分合计数 ...

金房能源集团股份有限公司 2025 年半年度报告全文 金房能源集团股份有限公司 2025 年半年度报告 2025-036 2025 年 8 月 22 日 1 金房能源集团股份有限公司 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。 公司负责人杨建勋、主管会计工作负责人杨永勃及会计机构负责人(会计 主管人员)李婷声明：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。 本报告中所涉及的未来计划、发展战略、业绩预测等前瞻性陈述。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。 公司在本报告第三节"管理层讨论与分析"中"十、公司面临的风险和 应对措施"部分，详细描述了公司经营中可能存在的风险及应对措施，敬请 投资者关注相关内容。 公司经本次董事会审议通过的利润分配预案为：以 156812676 为基数， 向全体股东每 ...

Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisory board, and senior management guarantee the accuracy of the semi-annual report and advise investors to note potential risks, with no plans for dividends or capital increase - Board, supervisory board, and management guarantee truthfulness, accuracy, and completeness of the semi-annual report, free from false statements, misleading representations, or major omissions[4](index=4&type=chunk) - Company head Xiao Fen, chief accountant Xiao Xiao, and accounting department head Zhang Maolin declare the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's eight main chapters and their starting page numbers, offering an overview of the report's overall structure - The report comprises eight main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, reporting period, and industry terms like ODM, JDM, and OBM, to ensure clear understanding - "Company", "the Company", and "Fenda Technology" all refer to Shenzhen Fenda Technology Co., Ltd[10](index=10&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[10](index=10&type=chunk) - ODM refers to Original Design Manufacturer, JDM to Joint Design Manufacturer, and OBM to Original Brand Manufacturer[10](index=10&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=I.%20Company%20Profile) This section presents the company's basic information and key financial indicators for the reporting period - The company's stock abbreviation is **"Fenda Technology"**, stock code **"002681"**, listed on the Shenzhen Stock Exchange[13](index=13&type=chunk) - The company's legal representative is Xiao Fen[13](index=13&type=chunk) - The company's registered address, office address, website, email, and information disclosure location remained unchanged during the reporting period[15](index=15&type=chunk)[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses key accounting data and financial indicators for the current and prior year periods, showing significant year-on-year declines in operating revenue and net profit, with slight decreases in total assets and net assets - The company does not need to retrospectively adjust or restate prior year accounting data[18](index=18&type=chunk) Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,260,241,472.23 | 1,410,916,140.73 | -10.68% | | Net Profit Attributable to Shareholders of the Listed Company | 17,087,488.03 | 86,148,063.78 | -80.16% | | Net Profit Attributable to Shareholders of the Listed Company (Excluding Non-Recurring Gains and Losses) | 3,242,382.54 | 65,180,932.97 | -95.03% | | Net Cash Flow from Operating Activities | 75,998,535.26 | 149,427,763.96 | -49.14% | | Basic Earnings Per Share (RMB/share) | 0.0095 | 0.0477 | -80.08% | | Diluted Earnings Per Share (RMB/share) | 0.0095 | 0.0477 | -80.08% | | Weighted Average Return on Net Assets | 0.71% | 3.76% | -3.05% | | **At Period-End** | **At Prior Year-End** | **Period-End vs. Prior Year-End Change** | | | Total Assets | 4,571,112,076.76 | 4,662,443,344.69 | -1.96% | | Net Assets Attributable to Shareholders of the Listed Company | 2,394,264,340.81 | 2,407,901,370.53 | -0.57% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets between financial reports prepared under international accounting standards and Chinese accounting standards during the reporting period[19](index=19&type=chunk) - The company reported no differences in net profit and net assets between financial reports prepared under overseas accounting standards and Chinese accounting standards during the reporting period[20](index=20&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) This section details non-recurring gains and losses for the reporting period, totaling **RMB 13,845,105.49**, primarily from government subsidies, entrusted investment income, and other non-operating income and expenses Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets (including the write-off of asset impairment provisions) | -3,108.07 | | Government subsidies recognized in current profit and loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit and loss) | 10,601,807.70 | | Gains and losses from entrusted investment or asset management | 3,839,013.80 | | Other non-operating income and expenses apart from the above items | 3,273,639.73 | | Less: Income tax impact | 2,905,329.02 | | Impact on minority interests (after tax) | 960,918.65 | | **Total** | **13,845,105.49** | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[23](index=23&type=chunk) Management Discussion and Analysis [Principal Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=I.%20Principal%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) The company primarily engages in R&D, design, production, and sales of consumer electronics and core components, offering vertically integrated solutions in smart hardware across four major product series - The company's principal business involves the R&D, design, production, and sales of complete consumer electronic devices and their core components, serving as a vertically integrated solution provider in the smart hardware sector[25](index=25&type=chunk)[37](index=37&type=chunk) - Main products include four series: electro-acoustic products, smart wearables, smart door locks and other new smart hardware, and health appliances, falling under the Computer, Communication, and Other Electronic Equipment Manufacturing (C39) industry[25](index=25&type=chunk)[37](index=37&type=chunk) - The smart hardware market size is projected to grow from **RMB 2.49 trillion** to **RMB 4.26 trillion** between 2024 and 2028, with a compound annual growth rate of **14.35%**[26](index=26&type=chunk) - Significant advancements in AI large model technology are driving smart hardware from "Internet of Everything" to "Intelligent Everything"[28](index=28&type=chunk) - The company in the electro-acoustic product sector operates under a hybrid ODM and OBM model, with major clients including WalMart, Amazon, and LG[38](index=38&type=chunk) - The smart wearable device sector focuses on high-end outdoor sports, gyms, and health monitoring scenarios, with products like smartwatches and smart bands, serving clients such as Philips and Amazfit[39](index=39&type=chunk) - In smart door locks and other new smart hardware, the company offers smart lock products through its "Romans" brand and JDM/ODM models, actively expanding into robotics-related smart hardware, such as the AI chess robot "Yuan Luobo" in collaboration with SenseTime[40](index=40&type=chunk) - The health appliance sector primarily targets professional and consumer markets for hair styling appliances, featuring its "Le Cheng Shi" brand, with major clients including Farouk System and Philips[41](index=41&type=chunk)[42](index=42&type=chunk) [Analysis of Core Competencies](index=12&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core strengths lie in its stable base of high-quality customers, robust R&D and innovation capabilities, efficient AI hardware project execution, rapid order delivery, and stringent product quality management - The company adheres to a key account strategy, maintaining stable partnerships of over **10** or even **20 years** with core clients like WalMart, Yandex, Philips, and Huawei[43](index=43&type=chunk) - The company in various business areas, through continuous technological innovation and product upgrades, has built a comprehensive core R&D team covering electronics, electro-acoustics, software, algorithms, and wireless communication, making it one of the few in the industry to offer integrated software, hardware, and cloud computing solutions[44](index=44&type=chunk) - R&D investment for the first half of 2025 was **RMB 114.5376 million**, a **35.92% year-on-year increase**, accounting for **9.09% of operating revenue**; as of the first half of 2025, the company and its main subsidiaries held **1,285 patents and software copyrights**[44](index=44&type=chunk) - The company has established partnerships with global leading enterprises such as Huawei, Amazon, Alibaba, Baidu, and SenseTime, building a full-chain implementation system from "demand insight" to "agile development," "precision manufacturing," and "scaled delivery," successfully launching products like AI chess robots and AI desktop companion robots[45](index=45&type=chunk)[46](index=46&type=chunk) - The company possesses strong large-scale production and order delivery capabilities, with a main product capacity of approximately **20 million sets**, making it one of the largest production bases for electro-acoustic products, smart wearables, smart locks, and health appliances in China[48](index=48&type=chunk) - The company maintains a comprehensive quality control system, holding ISO9001, ISO14001, and IECQQC08000 certifications, with its testing center accredited by CNAS, placing its testing capabilities among the top tier in the manufacturing sector[49](index=49&type=chunk) [Analysis of Principal Business](index=13&type=section&id=III.%20Analysis%20of%20Principal%20Business) During the reporting period, the company's operating revenue decreased by **10.68%** and net profit attributable to shareholders by **80.16%** due to international trade policies, tariff fluctuations, and domestic capacity shifts, with most business segments declining except for a slight increase in health appliances - In the first half of 2025, the company achieved operating revenue of **RMB 1,260.2415 million**, a **10.68% year-on-year decrease**; net profit attributable to shareholders of the listed company was **RMB 17.0875 million**, an **80.16% year-on-year decrease**; and net profit attributable to shareholders of the listed company (excluding non-recurring gains and losses) was **RMB 3.2424 million**, a **95.03% year-on-year decrease**[51](index=51&type=chunk) - The performance decline was primarily due to repeated adjustments in international trade policies, tariff impacts, reduced overseas customer order intentions, and delayed production at newly expanded Vietnamese facilities[51](index=51&type=chunk) - Electro-acoustic product sales revenue was **RMB 588.9424 million**, a **20.61% year-on-year decrease**, with gross profit margin slightly down by **0.22 percentage points**[52](index=52&type=chunk) - Health appliance sales revenue was **RMB 397.9330 million**, a **3.22% year-on-year increase**, but gross profit margin decreased by **3.74 percentage points**[53](index=53&type=chunk) - Smart wearable business sales revenue was **RMB 59.9397 million**, a **21.46% year-on-year decrease**, but gross profit margin increased by **2.68 percentage points**[54](index=54&type=chunk) - Smart door locks and other new smart hardware business sales revenue was **RMB 110.4557 million**, a **9.03% year-on-year decrease**, with gross profit margin down by **1.67 percentage points**[54](index=54&type=chunk) - The company is actively expanding into the robotics industry, strategically investing in Ling Shu Power Company and signing strategic cooperation agreements with Tom Cat and Fuleixin Material to jointly enter the consumer AI smart companion robot market[55](index=55&type=chunk) Major Financial Data Year-on-Year Changes | Indicator | Current Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,260,241,472.23 | 1,410,916,140.73 | -10.68% | Primarily due to decreased electro-acoustic product and smart wearable income | | Operating Cost | 981,532,076.66 | 1,098,195,289.87 | -10.62% | Primarily due to decreased operating revenue | | Administrative Expenses | 116,270,244.56 | 100,404,435.83 | 15.80% | Primarily due to increased depreciation of investment properties not leased out and idle equipment | | Income Tax Expense | 1,313,154.84 | 13,544,286.81 | -90.30% | Primarily due to reduced profit in the reporting period | | R&D Investment | 114,537,589.13 | 84,269,517.91 | 35.92% | Primarily due to increased R&D investment in new products and AI-related products | | Net Cash Flow from Operating Activities | 75,998,535.26 | 149,427,763.96 | -49.14% | Primarily due to increased cash paid for goods and services compared to the prior year | | Net Cash Flow from Investing Activities | -202,033,436.85 | -158,217,570.76 | -27.69% | Primarily due to a decrease in the cumulative rolling inflow and outflow difference from wealth management of idle funds compared to the prior year | | Net Cash Flow from Financing Activities | 154,158,468.79 | -180,928,521.08 | 185.20% | Primarily due to decreased bank loan repayments and increased bank loans compared to the prior year | Operating Revenue Composition (by Product) | Product | Current Period Amount (RMB) | % of Operating Revenue | Prior Year Period Amount (RMB) | % of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Electro-acoustic Products | 588,942,374.27 | 46.73% | 741,857,601.75 | 52.58% | -20.61% | | Health Appliances | 397,932,972.46 | 31.58% | 385,525,660.07 | 27.32% | 3.22% | | Smart Wearable Products | 59,939,699.02 | 4.76% | 76,317,138.42 | 5.41% | -21.46% | | Smart Door Locks | 110,455,665.19 | 8.76% | 121,426,085.87 | 8.61% | -9.03% | | Other Businesses | 102,970,761.29 | 8.17% | 85,789,654.62 | 6.08% | 20.03% | Operating Revenue Composition (by Region) | Region | Current Period Amount (RMB) | % of Operating Revenue | Prior Year Period Amount (RMB) | % of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Americas Region | 444,044,584.36 | 35.23% | 392,722,976.47 | 27.83% | 13.07% | | Domestic Region | 311,947,893.76 | 24.75% | 230,853,768.15 | 16.36% | 35.13% | | Europe Region | 198,119,956.79 | 15.72% | 499,489,861.96 | 35.40% | -60.34% | | Asia Region (excluding Domestic) | 197,691,604.82 | 15.69% | 194,455,049.63 | 13.78% | 1.66% | [Analysis of Non-Principal Business](index=16&type=section&id=IV.%20Analysis%20of%20Non-Principal%20Business) Non-principal business income, primarily from investment gains, non-operating income, and credit impairment losses, significantly contributed to total profit during the reporting period but is not sustainable Impact of Non-Principal Business on Total Profit | Item | Amount (RMB) | % of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 3,839,013.80 | 21.86% | Primarily from wealth management of idle funds | No | | Non-Operating Income | 6,023,947.86 | 34.30% | Primarily from supplier sponsorships and other related claims | No | | Credit Impairment Losses | 15,231,510.56 | 86.72% | Primarily from provision for doubtful accounts receivable | No | [Analysis of Assets and Liabilities](index=16&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets and net assets attributable to shareholders slightly decreased, with increases in cash, accounts receivable, and inventory, and decreases in investment properties, fixed assets, construction in progress, and right-of-use assets, while short-term and long-term borrowings increased and contract liabilities and non-current liabilities due within one year decreased, with some assets subject to restrictions Significant Changes in Asset Composition | Item | Amount at Period-End (RMB) | % of Total Assets | Amount at Prior Year-End (RMB) | % of Total Assets | % Change | Significant Change Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,007,966,866.41 | 22.05% | 980,308,896.99 | 21.03% | 1.02% | | | Accounts Receivable | 521,362,290.54 | 11.41% | 489,906,835.76 | 10.51% | 0.90% | | | Inventories | 279,476,306.72 | 6.11% | 250,965,414.78 | 5.38% | 0.73% | | | Investment Properties | 1,357,668,423.74 | 29.70% | 1,400,023,667.54 | 30.03% | -0.33% | | | Construction in Progress | 4,891,477.39 | 0.11% | 14,283,048.86 | 0.31% | -0.20% | | | Short-term Borrowings | 219,969,466.48 | 4.81% | 185,101,891.90 | 3.97% | 0.84% | | | Long-term Borrowings | 795,223,076.90 | 17.40% | 525,760,164.81 | 11.28% | 6.12% | Primarily due to increased loans from banks and other financial institutions compared to the prior year | - The company's frozen funds totaled **RMB 107,398,576.22** at period-end, primarily due to litigation matters[70](index=70&type=chunk)[354](index=354&type=chunk) - Some of the company's factory buildings are pledged as collateral for bank loans, involving subsidiaries such as Dongguan Oupengda, Dongguan Fenda, and Shenzhen Fenda Technology[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)[355](index=355&type=chunk)[356](index=356&type=chunk) [Analysis of Investment Status](index=18&type=section&id=VI.%20Analysis%20of%20Investment%20Status) The company's investment amount significantly decreased by **81.43%** year-on-year during the reporting period, mainly due to a large debt-to-equity investment in the prior year, with current securities investments valued at **RMB 35,680,162.61** and no derivative or raised fund utilization - The investment amount for the reporting period was **RMB 27,739,155.47**, compared to **RMB 149,369,558.40** in the prior year, representing an **81.43% year-on-year decrease**[73](index=73&type=chunk) - The change was primarily due to a **RMB 147.5 million** additional investment in Dongguan Fenda Technology via debt-to-equity conversion in the prior year for business development needs[73](index=73&type=chunk) Securities Investment Status | Security Type | Security Code | Security Name | Book Value at Period-End (RMB) | Accounting Subject | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic and Overseas Stocks | 3650.HK | Keep | 5,680,162.61 | Other Equity Instrument Investments | Own Funds | | Other | None | None | 30,000,000.00 | Other Equity Instrument Investments | Own Funds | | **Total** | | | **35,680,162.61** | | | - The company had no derivative investments during the reporting period[75](index=75&type=chunk) - The company had no utilization of raised funds during the reporting period[76](index=76&type=chunk) [Major Asset and Equity Sales](index=19&type=section&id=VII.%20Major%20Asset%20and%20Equity%20Sales) The company did not engage in any major asset or equity sales during the reporting period - The company did not sell any major assets during the reporting period[77](index=77&type=chunk) - The company did not sell any major equity during the reporting period[78](index=78&type=chunk) [Analysis of Major Holding and Participating Companies](index=19&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section provides financial data for the company's major holding subsidiaries and participating companies with a **10% or greater impact on net profit**, including Fenda Smart Home, Fenda Electro-acoustic, Dongguan Fenda, Dongguan Fenda Technology, Dongguan Oupengda, Zhuhai Fenda Technology, Guangdong Fenda Medical, and Zhuhai Fenda Plastic Major Subsidiaries and Participating Companies with 10% or More Impact on Company's Net Profit | Company Name | Company Type | Principal Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fenda Smart Home | Subsidiary | R&D, production, and sales of smart door locks, robot vacuums, and other smart home products | 68,000,000 | 136,298,629.55 | -91,636,821.84 | 136,273,237.92 | -11,197,269.12 | -10,848,322.28 | | Fenda Electro-acoustic | Subsidiary | R&D, production, and sales of TWS headphones and "Romans" smart door lock products | 1,000,000 | 118,702,096.38 | 955,019.13 | 3,580,459.73 | 3,580,459.29 | - | | Dongguan Fenda | Subsidiary | Factory leasing and property management | 320,000,000 | 750,661,173.41 | 239,850,818.18 | 24,071,271.66 | -5,137,273.48 | -5,136,117.48 | | Dongguan Fenda Technology | Subsidiary | Production of hair styling appliances | 63,000,000 | 92,468,802.86 | -49,058,969.19 | 233,281,651.79 | -26,097,845.58 | -24,798,433.38 | | Dongguan Oupengda | Subsidiary | Factory leasing and property management | 430,000,000 | 647,707,074.11 | 354,259,714.73 | 18,057,273.96 | -3,184,072.25 | -3,181,777.75 | | Zhuhai Fenda Technology | Subsidiary | R&D, production, and sales of electro-acoustic products | 180,000,000 | 572,263,882.09 | 16,245,502.19 | 350,911,807.59 | 11,577,621.16 | 9,088,901.62 | | Guangdong Fenda Medical | Subsidiary | R&D, production, and sales of smart wearable products | 10,000,000 | 92,743,194.35 | -12,960,349.07 | 46,738,600.51 | 11,796,103.52 | 11,626,358.08 | | Zhuhai Fenda Plastic | Subsidiary | Mold manufacturing and sales | 30,000,000 | 125,264,315.41 | -6,422,330.05 | 27,113,269.83 | -4,504,162.08 | -4,512,108.58 | [Information on Structured Entities Controlled by the Company](index=20&type=section&id=IX.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[81](index=81&type=chunk) [Risks Faced by the Company and Countermeasures](index=20&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from the macroeconomic environment, international trade, technological R&D, industry competition, and customer concentration, for which it has developed countermeasures including market expansion, optimizing overseas supply chains, increasing R&D investment, enhancing product value, and diversifying clients - Macroeconomic environment risk: Global economic growth slowdown and uncertain trade policies may weaken global trade and investment flows, potentially leading to reduced market demand, increased difficulty in expanding international markets, and decreased orders from existing customers[81](index=81&type=chunk) - Measures to address macroeconomic environment risk: Intensify efforts to expand into overseas emerging markets, broaden the base of high-quality customers, enhance product quality and service, increase investment in new product development, cultivate new growth drivers, and strengthen domestic market cultivation and independent brand building[82](index=82&type=chunk) - International trade risk: US imposition of tariffs or frequent adjustments to trade policies may lead to the loss of some US customers, reduced order volumes and sales prices, passive adjustments to overseas production layouts, and decreased production efficiency and increased operating costs from Vietnam capacity transfers[83](index=83&type=chunk) - Measures to address international trade risk: Optimize overseas industrial chain layout, improve production and operational efficiency, seek other countries less affected by tariff policies and with low-cost labor, enhance product added value through technological innovation and brand building, and diversify market layout[84](index=84&type=chunk) - Technology R&D and industry competition risk: The consumer electronics industry is highly competitive, with rapid technological development and frequent product iterations, which could lead to a decline in the company's technological competitiveness or loss of core technical talent[85](index=85&type=chunk) - Measures to address technology R&D and industry competition risk: Closely monitor industry trends, timely adjust product structure, continuously increase R&D investment, strengthen industry exchanges and learning, and improve incentive mechanisms to attract and retain high-end talent[85](index=85&type=chunk) - Customer concentration risk: Sales to the company's top five customers account for nearly **50%**; significant adverse changes in major customers' operations or failure to meet product/service requirements could negatively impact the company's production and operations[86](index=86&type=chunk) - Measures to address customer concentration risk: Enhance R&D and design capabilities, product innovation capabilities, and production and delivery capabilities, deepen relationships with existing high-quality customers, actively deploy in emerging industries, strive to expand new customers, and adjust customer structure[86](index=86&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[87](index=87&type=chunk) - The company has not disclosed a valuation enhancement plan[87](index=87&type=chunk) [Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=21&type=section&id=XII.%20Implementation%20of%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan[87](index=87&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=22&type=section&id=I.%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 - There were no changes in the company's directors, supervisors, or senior management during the reporting period[89](index=89&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period](index=22&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20for%20the%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[90](index=90&type=chunk) [Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=III.%20Implementation%20of%20Company%27s%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans but implemented a 2023 employee stock ownership plan, with **50%** of the first lock-up period's shares unlocked and fully divested, and some employee shares reallocated due to changed eligibility - The company had no equity incentive plans during the reporting period[91](index=91&type=chunk) - The unlock date for the first lock-up period of the company's 2023 employee stock ownership plan was February 24, 2025, with **50%** of the total shares held under the plan, or **13,273,206 shares**, unlocked[92](index=92&type=chunk) - The unlocked shares were fully divested during the reporting period through block trades via the employee stock ownership plan's dedicated securities account[92](index=92&type=chunk) - During the reporting period, a total of **5 employees** no longer met the participation conditions for the company's 2023 employee stock ownership plan due to position changes or resignation, and their shares were recovered and reallocated to other eligible employees[92](index=92&type=chunk) - As of the end of the reporting period, the actual number of participating employees in the company's 2023 employee stock ownership plan was **239**[92](index=92&type=chunk) - The expenses incurred from this employee stock ownership plan will have an impact on net profit[93](index=93&type=chunk) [Environmental Information Disclosure](index=23&type=section&id=IV.%20Environmental%20Information%20Disclosure) The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[93](index=93&type=chunk) [Social Responsibility](index=23&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities by protecting the rights of shareholders, creditors, employees, suppliers, customers, and consumers, while also committing to environmental protection and employment promotion - The company strictly adheres to laws, regulations, and its articles of association, continuously improving its corporate governance structure, strengthening its internal control system, diligently fulfilling information disclosure obligations, and safeguarding the legitimate rights and interests of shareholders[94](index=94&type=chunk) - The company legally signs labor contracts with employees, contributes to "five insurances and one housing fund," has established a comprehensive compensation system and a dedicated training system, and cares for employees in need through the Fenda Mutual Aid Foundation[95](index=95&type=chunk) - The company prioritizes protecting the legitimate rights and interests of suppliers, customers, and consumers, strengthening supervision and inspection of key links such as procurement and sales, effectively preventing commercial bribery and unfair transactions, and providing honest services[95](index=95&type=chunk) - The company actively fulfills its tax obligations, openly recruits employees to promote employment, responds to national environmental protection policies, and is committed to the R&D and production of green and environmentally friendly products[96](index=96&type=chunk) Significant Matters [Commitments Fulfilled and Overdue Unfulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=25&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20the%20Company%27s%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were either fulfilled or overdue and unfulfilled - During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were either fulfilled or overdue and unfulfilled as of the end of the reporting period[98](index=98&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=25&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) The non-operating funds occupied by controlling shareholder Xiao Fen were fully repaid by March 2025, resulting in a zero balance at period-end Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties | Related Party Name | Occupation Period | Reason for Occurrence | Beginning Balance (RMB 10,000) | New Occupation Amount During Reporting Period (RMB 10,000) | Total Repayment Amount During Reporting Period (RMB 10,000) | Ending Balance (RMB 10,000) | Expected Repayment Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xiao Fen | Nov 2023 to Mar 2025 | Capital Turnover | 955.98 | 0 | 955.98 | 0 | Principal and interest repaid by March 2025 | - The ending balance accounted for **0.00%** of the net assets from the most recent audited period[100](index=100&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[101](index=101&type=chunk) [Appointment and Dismissal of Accounting Firms](index=25&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[102](index=102&type=chunk) [Explanation by the Board of Directors and Supervisory Board on the Accounting Firm's "Non-Standard Audit Report" for the Current Reporting Period](index=26&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Board%20on%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Reporting%20Period) Not applicable, as the semi-annual report was not audited - Not applicable[103](index=103&type=chunk) [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Prior Year](index=26&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Prior%20Year) Not applicable - Not applicable[103](index=103&type=chunk) [Bankruptcy and Reorganization Matters](index=26&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company did not experience any bankruptcy or reorganization matters during the reporting period - The company did not experience any bankruptcy or reorganization matters during the reporting period[103](index=103&type=chunk) [Litigation Matters](index=26&type=section&id=VIII.%20Litigation%20Matters) The company had no major litigation or arbitration matters during the reporting period, but other litigation cases totaling **RMB 80.5128 million** are ongoing or concluded, with no expected significant impact on operations - The company had no major litigation or arbitration matters during the current reporting period[104](index=104&type=chunk) - Other litigation matters involved a total amount of **RMB 80.5128 million** and did not result in the formation of estimated liabilities[104](index=104&type=chunk) - Some cases have been concluded, while others are in the trial or enforcement stage, and are not expected to have a significant impact on the company's production and operations[104](index=104&type=chunk) [Penalties and Rectification](index=26&type=section&id=IX.%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[105](index=105&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, its controlling shareholder, and actual controller maintained good integrity during the reporting period - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled effective court judgments or large overdue debts[106](index=106&type=chunk) [Significant Related Party Transactions](index=26&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no related party transactions concerning daily operations, asset/equity acquisition/disposal, joint external investments, or related party creditor/debtor relationships, nor any dealings with affiliated financial companies; the total estimated daily related party transactions for 2025 are not expected to exceed **RMB 80 million** - The company had no related party transactions related to daily operations during the reporting period[107](index=107&type=chunk) - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[108](index=108&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[109](index=109&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[110](index=110&type=chunk) - The company had no deposits, loans, credit lines, or other financial business with affiliated financial companies[111](index=111&type=chunk) - The company's controlled financial company had no deposits, loans, credit lines, or other financial business with related parties[112](index=112&type=chunk) - For 2025, the company anticipates daily related party transactions, such as leasing properties, with a total amount not exceeding **RMB 80 million**[113](index=113&type=chunk) [Significant Contracts and Their Performance](index=27&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no trust or contracting arrangements, but leased property from Zhuhai Gechuang Technology Industry Development Co., Ltd. for 10 years, provided guarantees for subsidiaries totaling **RMB 456.6538 million**, and engaged in entrusted wealth management with a total amount of **RMB 690.6 million**, with no outstanding balance at period-end - The company had no trust arrangements during the reporting period[114](index=114&type=chunk) - The company had no contracting arrangements during the reporting period[116](index=116&type=chunk) - On February 2023, the company signed a "Gechuang Cloud Valley North District Property Lease Contract" with Zhuhai Gechuang Technology Industry Development Co., Ltd., leasing **212,000 square meters** for a **10-year** term[117](index=117&type=chunk) Company Guarantees for Subsidiaries | Guaranteed Party | Guarantee Limit (RMB 10,000) | Actual Guarantee Amount (RMB 10,000) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Dongguan Oupengda Technology Co., Ltd. | 22,000 | 18,150 | Joint and Several Liability Guarantee | Nov 11, 2022 to Nov 10, 2032 | No | | Dongguan Oupengda Technology Co., Ltd. | 7,800 | 6,400 | Joint and Several Liability Guarantee | Feb 03, 2023 to Nov 04, 2032 | No | | Dongguan Fenda Technology Co., Ltd. | 18,000 | 16,615.38 | Joint and Several Liability Guarantee | Jul 24, 2024 to Jul 23, 2029 | No | | Shenzhen Fenda Smart Technology Co., Ltd. | 4,500 | 4,500 | Joint and Several Liability Guarantee | Apr 18, 2025 to Apr 13, 2026 | No | - As of the end of the reporting period, the total approved guarantee limit for subsidiaries was **RMB 523 million**, with an actual guarantee balance of **RMB 456.6538 million**, accounting for **19.07%** of the company's net assets[120](index=120&type=chunk) Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (RMB 10,000) | Unmatured Balance (RMB 10,000) | Overdue Unrecovered Amount (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 69,060 | 0 | 0 | - The company had no other significant contracts during the reporting period[122](index=122&type=chunk) [Explanation of Other Significant Matters](index=30&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[123](index=123&type=chunk) [Significant Matters of Company Subsidiaries](index=30&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company's subsidiaries had no significant matters during the reporting period - The company's subsidiaries had no significant matters during the reporting period[124](index=124&type=chunk) Share Changes and Shareholder Information [Share Change Status](index=31&type=section&id=I.%20Share%20Change%20Status) During the reporting period, the company's total share capital decreased from **1,805,405,876 shares** to **1,794,652,232 shares** due to the cancellation of repurchased shares, resulting in a decrease in restricted shares and an increase in unrestricted shares - The company's total share capital changed from **1,805,405,876 shares** to **1,794,652,232 shares**, a decrease of **10,753,644 shares**[128](index=128&type=chunk) - The share change was primarily due to the cancellation of **10,753,644 repurchased shares** on May 15, 2025[128](index=128&type=chunk)[130](index=130&type=chunk) - Restricted shares decreased by **63,000,300 shares**, while unrestricted shares increased by **52,246,656 shares**[127](index=127&type=chunk) - The company approved a share repurchase plan on January 22, 2024, for equity incentives or employee stock ownership plans, which was later changed to cancellation and reduction of registered capital on November 29, 2024[129](index=129&type=chunk)[130](index=130&type=chunk) - As of January 20, 2025, the company had repurchased **10,753,644 shares** through centralized bidding, with a total payment of **RMB 60,044,317.37**[130](index=130&type=chunk) - On April 8, 2025, the company again approved a share repurchase plan for equity incentive or employee stock ownership plans, with repurchase funds not less than **RMB 50 million** and not exceeding **RMB 100 million**; no shares had been repurchased as of the end of this reporting period[131](index=131&type=chunk) - These share changes will generally lead to a corresponding increase in the company's basic and diluted earnings per share, and net assets per share attributable to common shareholders for the most recent year and period[131](index=131&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Shares Unlocked During Period (shares) | Restricted Shares Increased During Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Unlock Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xiao Fen | 270,499,760 | 60,000,000 | 0 | 210,499,760 | Not applicable | 2025/1/2 | | Xiao Xiao | 24,544,033 | 3,000,000 | 0 | 21,544,033 | Not applicable | 2025/1/2 | | Zheng Dan | 300 | 300 | 0 | 0 | Not applicable | 2025/1/2 | | **Total** | **295,044,093** | **63,000,300** | **0** | **232,043,793** | -- | -- | [Securities Issuance and Listing](index=33&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[135](index=135&type=chunk) [Number of Shareholders and Shareholding Status](index=33&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) At the end of the reporting period, the total number of common shareholders was **206,118**, with detailed holdings of shareholders owning **5% or more** or the top **10 shareholders**, including Xiao Fen and Zhuhai Gree Financial Investment Management Co., Ltd., along with their related party relationships - Total number of common shareholders at the end of the reporting period: **206,118**[136](index=136&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Shares Held at End of Reporting Period (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status (Number) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xiao Fen | Domestic Natural Person | 13.44% | 241,289,527 | 210,499,760 | 30,789,767 | Pledged: 172,143,180 | | Zhuhai Gree Financial Investment Management Co., Ltd. | State-owned Legal Person | 3.98% | 71,370,193 | 0 | 71,370,193 | Not applicable: 0 | | Yang Minghuan | Domestic Natural Person | 2.27% | 40,809,400 | 0 | 40,809,400 | Not applicable: 0 | | Shenzhen Hi-Tech Investment Group Co., Ltd. | State-owned Legal Person | 2.19% | 39,376,820 | 0 | 39,376,820 | Not applicable: 0 | | Xiao Yun | Domestic Natural Person | 1.89% | 33,964,253 | 25,473,190 | 8,491,063 | Pledged: 26,000,000 | | Xiao Xiao | Domestic Natural Person | 1.60% | 28,725,377 | 21,544,033 | 7,181,344 | Pledged: 26,600,000; Frozen: 300,000 | | Chen Wenhai | Domestic Natural Person | 1.41% | 25,223,709 | 0 | 25,223,709 | Not applicable: 0 | | Liu Fangjue | Domestic Natural Person | 0.87% | 15,696,478 | 0 | 15,696,478 | Not applicable: 0 | | Xiao Yong | Domestic Natural Person | 0.81% | 14,480,000 | 0 | 14,480,000 | Pledged: 13,430,000 | | Xiao Wenying | Domestic Natural Person | 0.75% | 13,404,503 | 0 | 13,404,503 | Pledged: 8,000,000 | - Among the company's top 10 shareholders, Xiao Yun is the daughter of controlling shareholder Xiao Fen, Xiao Xiao is Xiao Fen's brother-in-law, Liu Fangjue is Xiao Fen's spouse, Xiao Yong is Xiao Fen's brother, and Xiao Wenying is Xiao Fen's sister[137](index=137&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=35&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Chairman Xiao Fen's shareholding decreased by **39,376,820 shares**, primarily due to a non-trade transfer to Shenzhen Hi-Tech Investment Group Co., Ltd Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Shares Held at Beginning of Period (shares) | Shares Increased During Period (shares) | Shares Decreased During Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xiao Fen | Chairman | Current | 280,666,347 | 0 | 39,376,820 | 241,289,527 | - On June 20, 2025, Mr. Xiao Fen, the company's controlling shareholder and actual controller, transferred **39,376,820 shares** of the company, representing **2.19%** of the total share capital, to Shenzhen Hi-Tech Investment Group Co., Ltd. via non-trade transfer at a price of **RMB 5.84 per share**[138](index=138&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=35&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[139](index=139&type=chunk) - The company's actual controller did not change during the reporting period[139](index=139&type=chunk) [Preferred Share Information](index=35&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[140](index=140&type=chunk) Bond Information [Bond Information](index=36&type=section&id=Bond%20Information) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[142](index=142&type=chunk) Financial Report [Audit Report](index=37&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[144](index=144&type=chunk) [Financial Statements](index=37&type=section&id=II.%20Financial%20Statements) This section includes the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity [Company Basic Information](index=54&type=section&id=III.%20Company%20Basic%20Information) This section outlines the company's registration, organizational form, headquarters, business nature, and main operating activities, confirming the financial statements' approval by the board - Shenzhen Fenda Technology Co., Ltd. was listed on the Shenzhen Stock Exchange on June 5, 2012[177](index=177&type=chunk) - As of June 30, 2025, the company's total issued share capital was **1,794.6522 million shares**, with a registered capital of **RMB 1,794.6522 million**, and Xiao Fen as the actual controller[177](index=177&type=chunk) - The company belongs to the Computer, Communication, and Other Electronic Equipment Manufacturing (C39) industry, primarily engaged in the R&D, design, production, and sales of complete consumer electronic devices and their core components, with main products and services covering four series: electro-acoustic products, smart wearable devices, health appliances, and smart door locks[178](index=178&type=chunk) - These financial statements were approved for issuance by the company's Board of Directors on August 20, 2025[179](index=179&type=chunk)[186](index=186&type=chunk) [Basis of Financial Statement Preparation](index=55&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant regulations, using the accrual basis of accounting and historical cost measurement for most items - The company's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the disclosure requirements of "Reporting Rules for Information Disclosure by Companies Issuing Securities No. 15 – General Provisions for Financial Reports (Revised 2023)" issued by the China Securities Regulatory Commission, based on actual transactions and events[180](index=180&type=chunk) - The company's accounting is based on the accrual method; except for some financial instruments, these financial statements are measured at historical cost[180](index=180&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 matters or circumstances that would cast significant doubt on its ability to continue as a going concern[181](index=181&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=55&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section comprehensively details the company's adherence to enterprise accounting standards, covering accounting periods, operating cycles, functional currency, materiality, business combinations, consolidated financial statements, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, receivables, contract assets, inventories, assets held for sale, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee benefits, provisions, share-based payments, revenue, government grants, deferred income tax assets/liabilities, leases, and repurchased shares - These financial statements comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's consolidated and company financial position as of June 30, 2025, and its consolidated and company operating results and cash flows for the first half of 2025[183](index=183&type=chunk) - The company's accounting period adopts the calendar year, from January 1 to December 31 annually; the company uses a **12-month** operating cycle; the company's functional currency is **RMB**[184](index=184&type=chunk)[185](index=185&type=chunk)[187](index=187&type=chunk) - Business combinations are classified into those under common control and those not under common control, with detailed accounting treatment methods specified for each[189](index=189&type=chunk)[190](index=190&type=chunk) - The scope of consolidation for consolidated financial statements is determined based on control[194](index=194&type=chunk) - Financial assets and financial liabilities are initially measured at fair value, with subsequent measurement depending on their classification, including at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[205](index=205&type=chunk)[206](index=206&type=chunk)[207](index=207&type=chunk)[208](index=208&type=chunk) - The company accounts for impairment of financial instruments and recognizes loss provisions based on expected credit losses, with bad debt provisions for notes receivable, accounts receivable, other receivables, etc., calculated on a portfolio or individual basis[210](index=210&type=chunk)[213](index=213&type=chunk)[214](index=214&type=chunk) - The company's inventories are classified into raw materials, work-in-progress, finished goods, consigned processing materials, self-made semi-finished products, and goods in transit; they are valued using the weighted average method upon issuance, and inventory impairment provisions are made at period-end[216](index=216&type=chunk)[217](index=217&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the related goods or services (referred to as goods); sales revenue is recognized when the company delivers the goods to the delivery location as per the contract, and the customer signs for them or the products are customs cleared[254](index=254&type=chunk)[255](index=255&type=chunk) - Government grants are classified as asset-related or income-related; asset-related grants are recognized as deferred income and amortized into profit or loss over the useful life of the related asset, while income-related grants are directly recognized in current profit or loss[258](index=258&type=chunk)[259](index=259&type=chunk) - The company recognizes deferred income tax assets and liabilities based on temporary differences between the carrying amounts of assets and liabilities at the balance sheet date and their tax bases, using the balance sheet liability method[260](index=260&type=chunk)[261](index=261&type=chunk) - As a lessee, the company initially measures right-of-use assets at cost and lease liabilities at the present value of unpaid lease payments at the commencement date of the lease; as a lessor, leases are classified as finance leases and operating leases[263](index=263&type=chunk)[264](index=264&type=chunk)[267](index=267&type=chunk)[268](index=268&type=chunk) - When the company acquires its own shares for reasons such as capital reduction or employee incentives, the actual amount paid is recorded as treasury stock; upon cancellation of treasury stock, share capital is canceled at the total par value of the canceled treasury stock, treasury stock is reduced by its book balance, and the difference is offset against capital reserve (share premium); if share premium is insufficient, retained earnings are adjusted[269](index=269&type=chunk) - There were no significant changes in accounting policies and accounting estimates during the reporting period[270](index=270&type=chunk)[271](index=271&type=chunk) [Taxes](index=73&type=section&id=VI.%20Taxes) This section details the company's main tax categories and rates, including VAT, urban maintenance and construction tax, and corporate income tax, noting the company's **15%** preferential corporate income tax rate as a high-tech enterprise Main Tax Categories and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Balance after deducting deductible input VAT from output VAT | 3%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7% | | Corporate Income Tax | Taxable income | 7.25%, 15%, 16.5%, 20%, 25% | | Property Tax | Original value of property / Rental income | 1.2%, 12% | | Education Surcharge | Amount of turnover tax payable | 3% | | Local Education Surcharge | Amount of turnover tax payable | 2% | - Shenzhen Fenda Technology Co., Ltd. and Shenzhen Fenda Smart Technology Co., Ltd. are subject to a **15%** corporate income tax rate[271](index=271&type=chunk) - The company obtained its "High-Tech Enterprise Certificate" on December 12, 2023, valid for **3 years**, and is subject to a **15%** corporate income tax rate from January 1, 2023, to December 31, 2025[272](index=272&type=chunk) [Notes to Consolidated Financial Statement Items](index=73&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed explanations and classifications for each asset, liability, owner's equity, income, and expense item in the consolidated financial statements, including period-end balances, beginning balances, and changes [R&D Expenses](index=108&type=section&id=VIII.%20R%26D%20Expenses) Total R&D expenses for the current period amounted to **RMB 114,537,589.13**, all expensed, primarily comprising salaries and materials/service fees - Total R&D expenses for the current period were **RMB 114,537,589.13**, compared to **RMB 84,269,517.91** in the prior period[438](index=438&type=chunk) - All R&D expenses were expensed[438](index=438&type=chunk) - Major components include salaries and wages of **RMB 71,744,194.56** and materials and service fees of **RMB 30,546,970.17**[438](index=438&type=chunk) [Changes in Consolidation Scope](index=108&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's wholly-owned subsidiary, Fenda (Vietnam) Technology Co., Ltd., established Vietnam Fenda Technology Co., Ltd., leading to a change in the consolidation scope - On May 8, 2025, Fenda (Vietnam) Technology Co., Ltd., a wholly-owned subsidiary of the company, established Vietnam Fenda Technology Co., Ltd. with a **100%** shareholding[439](index=439&type=chunk) [Interests in Other Entities](index=108&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the composition of the enterprise group, including the registered capital, operating locations, business nature, and shareholding percentages of major subsidiaries, as well as the minority interests and financial information of significant non-wholly-owned subsidiaries - The company has subsidiaries including Maohong Electric, Hong Kong Fenda, Dongguan Oupengda, Fenda Electro-acoustic, Dongguan Fenda, Fenda Smart, Ailun Technology, Fenda USA, Fenda Robotics, Fenda Vietnam, Dongguan Fenda Technology, Fenda Smart Home, Shenzhen Romans Smart Home Co., Ltd., Zhuhai Fenda Technology, Zhuhai Fenda Plastic, Zhuhai Fenda Smart Home, Guangdong Fenda Medical, Shenzhen Weierxin Power Co., Ltd., and Vietnam Fenda Technology[441](index=441&type=chunk)[442](index=442&type=chunk) Key Financial Information of Significant Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding Percentage | Profit or Loss Attributable to Minority Shareholders for the Current Period (RMB) | Dividends Declared and Distributed to Minority Shareholders for the Current Period (RMB) | Minority Interests Balance at Period-End (RMB) | | :--- | :--- | :--- | :--- | :--- | | Fenda Smart | 29.00% | 263,717.02 | 0 | -61,426,717.33 | [Government Grants](index=110&type=section&id=XI.%20Government%20Grants) Government grants recognized in current profit or loss for the reporting period amounted to **RMB 5,447,340.24** - Government grants recognized in current profit or loss for the current period amounted to **RMB 5,447,340.24**, compared to **RMB 12,995,944.00** in the prior period[449](index=449&type=chunk) [Risks Related to Financial Instruments](index=110&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces market risks (foreign exchange, interest rate, other price risks), credit risk, and liquidity risk, which are monitored and managed through established risk management policies - The company's operating activities are exposed to various financial risks: market risk (primarily including foreign exchange risk, interest rate risk, and other price risks), credit risk, and liquidity risk[449](index=449&type=chunk) - Foreign exchange risk: The company's overseas business is settled in foreign currencies such as USD and EUR, exposing it to foreign exchange risk; if the RMB appreciates or depreciates by **5%** against these currencies, with other factors remaining constant, the company's pre-tax profit would increase or decrease by **RMB 22,176,523.59**[450](index=450&type=chunk)[454](index=454&type=chunk) - Interest rate risk: The company's interest rate risk primarily arises from interest-bearing bank borrowings, where floating-rate financial liabilities expose the company to cash flow interest rate risk[454](index=454&type=chunk) - Other price risk: The company's other price risk primarily arises from various equity instrument investments, exposing it to the risk of changes in equity instrument prices; if the expected price of the company's various equity instrument investments increases or decreases by **5%**, with other factors remaining constant, the company's other comprehensive income would increase or decrease by **RMB 1,838,056.35**[455](index=455&type=chunk) - Credit risk: The company manages credit risk by classifying it into portfolios, primarily arising from bank deposits, accounts receivable, other receivables, notes receivable, and accounts receivable financing; the company controls credit risk by assessing customer creditworthiness, setting credit periods, and regular monitoring[456](index=456&type=chunk)[457](index=457&type=chunk) - Liquidity risk: The company maintains and monitors what management considers sufficient cash and cash equivalents to meet its operating needs; as of June 30, 2025, the company had obtained a maximum loan facility of **RMB 1.475 billion** from multiple domestic banks, of which **RMB 387 million** was unused[458](index=458&type=chunk) [Disclosure of Fair Value](index=112&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of assets and liabilities measured at fair value at period-end, primarily other non-current financial assets and equity instrument investments, measured using their net asset share Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | | Other Non-Current Financial Assets | 20,651,087.51 | 20,651,087.51 | | Equity Instrument Investments | 36,761,126.99 | 36,761,126.99 | - The company's Level 3 fair value measurement items are measured using their net asset share[462](index=462&type=chunk) [R

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