深信服科技股份有限公司 2025 年半年度报告全文 深信服科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 深信服科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人何朝曦、主管会计工作负责人蒋文光及会计机构负责人(会计 主管人员)刘锋声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中有关未来计划、业绩预测等方面的内容，均不构成本公司对任 何投资者及相关人士的实质承诺，投资者及相关人士均应当对此保持足够的 风险认识，并且应当理解计划、预测与承诺之间的差异。 公司在本报告"第三节管理层讨论与分析"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。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 2 | | | --- | --- | - ...

骆驼集团股份有限公司2025 年半年度报告 公司代码：601311 公司简称：骆驼股份 1 / 190 骆驼集团股份有限公司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、 公司负责人刘长来、主管会计工作负责人谢燕娥及会计机构负责人（会计主管人员）赵艳 丽声明：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 不适用 骆驼集团股份有限公司 2025 年半年度报告 六、 前瞻性陈述的风险声明 □适用 √不适用 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细描述可能存在的相关风险，敬请查阅第三节"管理层讨论与分析"第 五项"其他披露事项"中"（一）可能面对的风 ...

公司代码：605060 公司简称：联德股份 杭州联德精密机械股份有限公司 2025 年半年度报告 1 / 162 杭州联德精密机械股份有限公司2025 年半年度报告 杭州联德精密机械股份有限公司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、 公司负责人孙袁、主管会计工作负责人杨晓玉及会计机构负责人（会计主管人员）杨晓玉 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 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承诺，投资者及相关人 士均应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异,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 ...

西安晨曦航空科技股份有限公司 2025 年半年度报告全文 【2025 年 8 月】 西安晨曦航空科技股份有限公司 2025 年半年度报告 1 西安晨曦航空科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人吴星宇、主管会计工作负责人刘蓉及会计机构负责人(会计主 管人员)张笙瑶声明：保证本半年度报告中财务报告的真实、准确、完整。 2025-050 所有董事均已出席了审议本次半年报的董事会会议。 (一)国家秘密泄密及技术泄密的风险 根据《武器装备科研生产单位保密资格审查认证管理办法》，拟承担武 器装备科研生产任务的具有法人资格的企事业单位，均须经过保密资格审查 认证。公司取得了相关证书，公司在生产经营中一直将安全保密工作放在首 位，采取各项有效措施保守国家秘密，也防止技术泄密，但不排除一些意外 情况发生导致有关国家秘密泄露，或出现技术泄密或被动失密。如发生严重 泄密事件，可能会导致公司丧失保密资质，不能继续开展涉密业务，则会对 ...

哈尔滨敷尔佳科技股份有限公司 2025 年半年度报告全文 哈尔滨敷尔佳科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 哈尔滨敷尔佳科技股份有限公司 2025 年半年度报告全文 哈尔滨敷尔佳科技股份有限公司 2025 年半年度报告 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。 公司负责人张立国、主管会计工作负责人邓百娇及会计机构负责人(会计 主管人员)吕森声明：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。 | 第一节 | 重要提示、目录和释义 | 2 | | | --- | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | | 6 | | 第三节 | 管理层讨论与分析 | | 9 | | 第四节 | 公司治理、环境和社会 | 28 | | | 第五节 | 重要事项 | 31 | | | 第六节 | 股份变动及股东情况 | 35 | | | 第七节 | 债券相关情况 | | 4 ...

无锡锡南科技股份有限公司 2025 年半年度报告全文 无锡锡南科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 无锡锡南科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人李忠良、主管会计工作负责人沈国林及会计机构负责人(会计 主管人员)沈国林声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者 的实质承诺，敬请投资者对此保持足够的风险认识，并且应当理解计划、预 测与承诺之间的差异，注意投资风险。 公司在本报告第三节"管理层讨论与分析"的"十、公司面临的风险和应 对措施"部分描述了可能面对的相关风险，敬请投资者注意查阅。 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 备查文件目录 （一）载有公司负责人、主管会计工作负责人、会计机构负责人（会计主管人员）签名并盖章的财务报表。 （二 ...

[Important Notice, Table of Contents and Definitions](index=2&type=section&id=Item%201.%20Important%20Notice%2C%20Table%20of%20Contents%20and%20Definitions) This section provides crucial disclaimers, outlines the report structure, and defines key terms for clarity [Important Notice and Risks](index=2&type=section&id=Important%20Notice%20and%20Risks) Management assures the report's accuracy, while highlighting risks like market contraction for traditional products, new business uncertainties, and foreign exchange fluctuations - The market for the company's traditional identity authentication products (USB Key, OTP) continues to shrink, primarily due to declining demand from bank clients, significantly impacting performance[5](index=5&type=chunk) - The company faces risks from new business expansion falling short of expectations, uncertain R&D investment, and foreign exchange fluctuations and market competition due to increased overseas revenue[6](index=6&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period[11](index=11&type=chunk) [Definitions](index=6&type=section&id=Definitions) This chapter defines key terms used throughout the report, including company entities, main products (USB Key, OTP, smart terminals), and the reporting period (January 1 to June 30, 2025) - The reporting period is defined as January 1, 2025, to June 30, 2025[16](index=16&type=chunk) - Detailed definitions are provided for the company's core products, such as identity authentication, smart terminals, USB Key, and OTP dynamic tokens[16](index=16&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company and its key financial performance during the reporting period [Company Profile](index=7&type=section&id=Company%20Profile) Feitian Technologies Co., Ltd. (stock code: 300386) is a Shenzhen Stock Exchange-listed company with Huang Yu as its legal representative, maintaining stable registration information Company Basic Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Feitian Technologies | | Stock Code | 300386 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Huang Yu | [Key Accounting Data and Financial Indicators](index=8&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company achieved **362.75 million Yuan** in revenue, a **9.83%** increase, and turned a profit of **6.06 million Yuan**, a **137.66%** increase year-over-year Key Financial Indicators for H1 2025 | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 362,745,445.48 | 330,280,186.79 | 9.83% | | Net Profit Attributable to Shareholders | 6,061,320.86 | -16,095,168.13 | 137.66% | | Net Profit Excluding Non-Recurring Items | 3,144,473.68 | -23,737,623.10 | 113.25% | | Net Cash Flow from Operating Activities | -30,948,427.69 | -86,609,736.57 | 64.27% | | Basic Earnings Per Share (Yuan/share) | 0.01 | -0.04 | 125.00% | | Weighted Average Return on Net Assets | 0.41% | -1.05% | 1.46% | - During the reporting period, the company's total non-recurring gains and losses amounted to **2.92 million Yuan**, primarily from government subsidies[27](index=27&type=chunk)[28](index=28&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides a detailed analysis of the company's operations, financial performance, and strategic initiatives during the reporting period [Main Businesses and Industry Development](index=10&type=section&id=I.%20Company's%20Main%20Businesses%20During%20the%20Reporting%20Period) The company, a provider of embedded operating systems and digital security solutions, focuses on smart terminals, identity authentication, and security chip products, with smart terminals being the largest revenue contributor H1 2025 Main Business Revenue Composition | Product Category | Operating Revenue (million Yuan) | % of Total Revenue | YoY Growth | | :--- | :--- | :--- | :--- | | Smart Terminal Products | 148.39 | 40.91% | 10.89% | | Identity Authentication Products | 132.89 | 36.63% | 1.97% | | Security Chip Products | 42.48 | 11.71% | 9.30% | - Industry trends show continued growth in the digital economy and digital payments, alongside a surge in cybersecurity threats, particularly identity-related attacks, driving the development of multi-factor authentication (MFA) and post-quantum cryptography (PQC) technologies, presenting opportunities for the company[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) - The company plans to increase R&D and industrialization efforts in payment security, especially for smart payment terminals, to achieve strategic transformation and upgrading[34](index=34&type=chunk) [Core Competitiveness Analysis](index=11&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core strengths lie in its industry position, extensive customer base, skilled workforce, and significant technological accumulation, including a large patent portfolio - The company is a leading provider of smart network identity authentication products with extensive coverage among domestic bank clients, demonstrating a significant customer advantage[35](index=35&type=chunk) - The company employs over **700 staff**, with nearly half being technical personnel, indicating a strong R&D team[35](index=35&type=chunk) - As of June 30, 2025, the company and its subsidiaries hold **831 valid patents** (**652 invention patents**) and **284 computer software copyrights**, showcasing a clear technological advantage[36](index=36&type=chunk) [Analysis of Main Business](index=11&type=section&id=III.%20Analysis%20of%20Main%20Business) Operating revenue increased by **9.83%**, while R&D investment significantly decreased; cash flow from operations improved due to better sales collection and cost control, with overseas business driving growth Key Financial Data Year-over-Year Changes | Item | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 362,745,445.48 | 330,280,186.79 | 9.83% | - | | R&D Investment | 27,445,163.68 | 47,366,395.42 | -42.06% | Decrease in R&D work hours | | Net Cash Flow from Operating Activities | -30,948,427.69 | -86,609,736.57 | 64.27% | Increase in sales collection and cost/expense control | Gross Profit Margin and Changes by Product/Region | Category | Operating Revenue YoY | Operating Cost YoY | Gross Profit Margin | Gross Profit Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | | **By Product** | | | | | | Identity Authentication Products | 1.97% | 5.22% | 49.36% | -1.56% | | Smart Terminals | 10.89% | 4.57% | 29.19% | 4.28% | | Security Chips | 9.30% | -3.02% | 36.65% | 8.05% | | **By Region** | | | | | | Domestic | 0.11% | -0.83% | 35.91% | 0.60% | | International | 19.46% | 12.54% | 43.44% | 3.48% | [Analysis of Non-Core Business](index=13&type=section&id=IV.%20Analysis%20of%20Non-Core%20Business) Non-core operations significantly impacted total profit, with investment losses from associates and substantial, but unsustainable, government subsidies contributing to operating income Non-Core Business Profit and Loss | Item | Amount (Yuan) | % of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment Income | -1,027,588.96 | -20.45% | Primarily due to losses from associate company Yunshang | | Non-Operating Income | 3,044,634.24 | 60.61% | Primarily due to government subsidies related to income | [Analysis of Assets and Liabilities](index=13&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets decreased by **4.58%** to **1.61 billion Yuan**, with a significant increase in other current assets due to bank deposits and a reclassification of non-current assets - Other current assets at period-end totaled **741 million Yuan**, increasing their proportion of total assets from **31.61% to 46.01%**, primarily due to an increase in bank certificates of deposit[47](index=47&type=chunk) - Other non-current assets significantly decreased from **106 million Yuan** at the end of the prior year to **68,400 Yuan**, mainly due to reclassification of related assets to non-current assets due within one year[47](index=47&type=chunk) [Analysis of Investment Status](index=15&type=section&id=VI.%20Analysis%20of%20Investment%20Status) The company's investment amount significantly increased to **5.28 million Yuan**, with its fair-valued financial assets (stocks) showing an accumulated negative fair value change Investment Amount During Reporting Period | Item | Amount (Yuan) | | :--- | :--- | | Investment Amount During Reporting Period | 5,282,184.33 | | Investment Amount in Prior Year Period | 0.00 | - The company's equity financial assets held at period-end amounted to **10.54 million Yuan**, with fair value changes in the current period resulting in a **2.34 million Yuan** decrease in other comprehensive income[54](index=54&type=chunk)[49](index=49&type=chunk) [Corporate Governance, Environment and Society](index=17&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%20and%20Society) This section covers the company's governance structure, including personnel changes, and its environmental and social responsibilities [Corporate Governance](index=17&type=section&id=Corporate%20Governance) The company's governance structure saw changes with the dismissal of two supervisors, and no profit distribution or equity incentive plans were implemented during the period - During the reporting period, supervisors Sun Xiaodong and employee supervisor Zhang Yingkui were dismissed[66](index=66&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[67](index=67&type=chunk) - There were no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[68](index=68&type=chunk) [Environmental and Social Responsibility](index=18&type=section&id=Environmental%20and%20Social%20Responsibility) The company and its main subsidiaries are not designated as legally required environmental information disclosure entities, and specific social responsibility details are not provided - The company and its main subsidiaries are not enterprises legally required to disclose environmental information[69](index=69&type=chunk) [Significant Matters](index=19&type=section&id=Item%205.%20Significant%20Matters) This section details significant events and commitments, including the absence of major outstanding issues, related party transactions, or audited financial reports [Overview of Significant Matters](index=19&type=section&id=Overview%20of%20Significant%20Matters) The company had no overdue commitments, no non-operating fund occupation by controlling shareholders, no irregular external guarantees, and no major related party transactions or contracts during the period - During the reporting period, the company had no significant commitments, no non-operating fund occupation by controlling shareholders, no irregular guarantees, no major related party transactions, or major contracts[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk)[79](index=79&type=chunk)[92](index=92&type=chunk) - The company's half-year financial report is unaudited[74](index=74&type=chunk) - The company is involved in a patent litigation appeal case ((2023) Supreme People's Court Zhi Xing Zhong No. 1125), which remains unresolved as of the end of the reporting period[77](index=77&type=chunk) [Share Changes and Shareholder Information](index=23&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and the composition of its shareholders [Share Changes](index=23&type=section&id=I.%20Share%20Changes) The total share capital remained unchanged at **418.04 million shares**, but restricted shares decreased by **2.54 million shares** due to the lifting of restrictions on executive shares - During the reporting period, restricted shares decreased by **2,542,500 shares** and unrestricted shares increased by **2,542,500 shares** due to the lifting of restrictions on executive shares, with total share capital remaining unchanged[97](index=97&type=chunk)[98](index=98&type=chunk) - The shares released from restriction primarily belonged to executive Lu Zhou, whose restricted shareholding decreased from **39,476,067 shares** to **36,933,567 shares**[99](index=99&type=chunk) [Number of Shareholders and Shareholding Information](index=25&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) As of the reporting period end, the company had **58,256** common shareholders, with the top three shareholders holding over **52%** of shares, indicating a relatively concentrated ownership structure - As of the end of the reporting period, the company had a total of **58,256 shareholders**[102](index=102&type=chunk) Top Three Shareholders' Shareholding Information | Shareholder Name | Shareholding Percentage | Number of Shares Held (shares) | | :--- | :--- | :--- | | Huang Yu | 30.31% | 126,700,046 | | Li Wei | 11.26% | 47,086,061 | | Lu Zhou | 10.68% | 44,634,756 | [Changes in Shareholdings of Directors, Supervisors and Senior Management](index=27&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%20and%20Senior%20Management) During the reporting period, only Director and Deputy Manager Lu Zhou's shareholding changed, decreasing by **4.61 million shares** through reduction - Director and Deputy Manager Lu Zhou reduced his shareholding by **4,610,000 shares** during the current reporting period[104](index=104&type=chunk) [Bond-Related Information](index=29&type=section&id=Item%207.%20Bond-Related%20Information) This section confirms the absence of any bond-related activities or outstanding bonds during the reporting period [Bond Information](index=29&type=section&id=Bond%20Information) The company had no bond-related activities during the reporting period - The company had no bond-related matters during the current reporting period[108](index=108&type=chunk) [Financial Report](index=30&type=section&id=Item%208.%20Financial%20Report) This section presents the company's unaudited financial statements for the first half of 2025, including balance sheets, income statements, and cash flow statements [Audit Opinion](index=30&type=section&id=Audit%20Opinion) The company's 2025 half-year financial report is unaudited - This half-year financial report is unaudited[110](index=110&type=chunk) [Financial Statements](index=30&type=section&id=Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025 [Consolidated Balance Sheet](index=30&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, total assets were **1.61 billion Yuan** (down **4.58%**); total liabilities were **137 million Yuan** (down **35.49%**); and owners' equity attributable to the parent company was **1.47 billion Yuan** (up **0.17%**) Consolidated Balance Sheet Key Items (June 30, 2025) | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 1,609,664,332.80 | 1,686,892,442.63 | | Total Liabilities | 136,972,609.45 | 212,318,224.55 | | Total Owners' Equity Attributable to Parent Company | 1,472,691,723.35 | 1,470,242,282.64 | [Consolidated Income Statement](index=34&type=section&id=Consolidated%20Income%20Statement) In H1 2025, the company achieved **362.75 million Yuan** in total operating revenue (up **9.83%**) and successfully turned a profit, with net profit attributable to parent company shareholders reaching **6.06 million Yuan** Consolidated Income Statement Key Items (H1 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 362,745,445.48 | 330,280,186.79 | | Operating Profit | 2,058,810.57 | -22,275,504.04 | | Total Profit | 5,023,694.54 | -15,113,507.57 | | Net Profit | 6,030,911.43 | -16,313,171.64 | | Net Profit Attributable to Parent Company Shareholders | 6,061,320.86 | -16,095,168.13 | [Consolidated Cash Flow Statement](index=38&type=section&id=Consolidated%20Cash%20Flow%20Statement) Net cash flow from operating activities significantly improved to **-30.95 million Yuan**, while net cash flow from investing activities was **-23.85 million Yuan**, primarily due to increased cash management investments Consolidated Cash Flow Statement Key Items (H1 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -30,948,427.69 | -86,609,736.57 | | Net Cash Flow from Investing Activities | -23,855,446.76 | -7,005,068.50 | | Net Cash Flow from Financing Activities | -4,506,663.18 | -5,889,583.05 | | Net Increase in Cash and Cash Equivalents | -56,779,051.49 | -98,762,032.85 | [Notes to Financial Statements](index=47&type=section&id=Notes%20to%20Financial%20Statements) This section provides detailed explanations of the company's general information, financial statement preparation basis, significant accounting policies, taxes, and specific notes on key balance sheet and income statement items

一品红药业集团股份有限公司 2025 年半年度报告全文 证券代码：300723 证券简称：一品红 公告编号：2025-054 一品红药业集团股份有限公司 2025 年半年度报告 2025 年 8 月 1 一品红药业集团股份有限公司 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。 公司负责人李捍雄、主管会计工作负责人张辉星及会计机构负责人(会计 主管人员)张辉星声明：保证本半年度报告中财务报告的真实、准确、完整。 2.行业政策风险。医药行业受国家相关政策的影响很大，我国正在推进 医药卫生体制改革，相关改革措施的出台和政策的不断完善在促进我国医药 行业有序健康发展的同时，可能会使行业运行模式、产品竞争格局产生较大 的变化，可能给公司带来不确定的风险。面对上述风险，公司将密切关注政 策变化，运用全产业链业务布局的优势与机会积极应对。 3.产品质量风险。药品质量直接关系使用者的生命健康安全，近年来， 药品监管部门对药品质量的监管更为严格。虽然截至目前公司 ...

杭州先锋电子技术股份有限公司 2025 年半年度报告全文 杭州先锋电子技术股份有限公司 2025 年半年度报告 2025-621 【2025 年 8 月 22 日】 1 杭州先锋电子技术股份有限公司 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。 公司负责人石扬、主管会计工作负责人邢文胜及会计机构负责人(会计主 管人员)曲振姗声明：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。 本报告中若有涉及未来的经营计划等前瞻性陈述，不构成公司对投资者的 实质承诺，请投资者注意投资风险。 公司已在本报告中详细描述可能存在的风险，具体可详见第三节"管理层 讨论与分析"中第十项"公司面临的风险和应对措施"。 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 | 2 | 1 2 | | | --- | --- | --- | | | | A | | 第一节 | 重要提示、目录和释义 2 | | | --- ...

[Company Profile and Key Financial Indicators](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's fundamental information and its key financial performance metrics for the reporting period [Company Information](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) Guodian Nanjing Automation Co., Ltd. (NARI) is a Shanghai Stock Exchange-listed company with stock code 600268, led by Legal Representative Jing Hailin - Company basic information includes its Chinese and English names, abbreviation, stock code, and legal representative[15](index=15&type=chunk)[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company achieved significant performance growth with revenue up 25.23% and net profit attributable to shareholders increasing by 197.03%, though net cash flow from operating activities declined Key Accounting Data (January-June 2025) | Key Accounting Data | Current Period (1-6 months) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,281,633,006.04 Yuan | 3,419,081,270.05 Yuan | 25.23% | | Total Profit | 356,039,275.76 Yuan | 213,966,081.34 Yuan | 66.40% | | Net Profit Attributable to Shareholders | 158,856,874.97 Yuan | 53,481,969.86 Yuan | 197.03% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 149,041,638.98 Yuan | 48,469,791.79 Yuan | 207.49% | | Net Cash Flow from Operating Activities | -235,046,017.63 Yuan | -52,187,889.66 Yuan | Not Applicable | | Total Assets (End of Reporting Period) | 11,376,845,598.79 Yuan | 10,952,030,499.49 Yuan | 3.88% (vs. end of prior year) | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Period (1-6 months) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.16 | 0.05 | 199.54% | | Basic Earnings Per Share (Excluding Non-recurring Items) (Yuan/share) | 0.15 | 0.05 | 210.56% | | Weighted Average Return on Net Assets (%) | 4.64% | 1.72% | Increased by 2.92 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Items) (%) | 4.35% | 1.56% | Increased by 2.80 percentage points | - Performance growth is primarily attributed to the company's enhanced market expansion and steady business growth, leading to increased operating revenue and profit[24](index=24&type=chunk) - The decline in operating cash flow is mainly due to a year-on-year increase in payments for goods and taxes[24](index=24&type=chunk) - During the reporting period, the company's non-recurring gains and losses totaled **9,815,235.99 Yuan**, primarily from other non-operating income/expenses and government subsidies[23](index=23&type=chunk)[25](index=25&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's operational performance, industry landscape, core competencies, and risk management strategies [Industry and Principal Business](index=8&type=section&id=%E8%A1%8C%E4%B8%9A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1) The company's principal business remains focused on five core segments: power grid automation, power plant and industrial automation, rail transit automation, information and security technology, and power electronics, maintaining a leading position in China's power automation sector - The company's industry covers five core segments: power grid automation, power plant and industrial automation, rail transit automation, information and security technology, and power electronics[28](index=28&type=chunk) - The company employs a "unified management, centralized procurement" purchasing model, a "production based on sales" manufacturing model, and a "two-tier marketing control" marketing model[29](index=29&type=chunk) - The power automation industry, where the company operates, has relatively stable market demand but faces increasing competition, with the company maintaining a leading position as an industry pioneer[30](index=30&type=chunk) [Discussion and Analysis of Operations](index=8&type=section&id=%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2025, the company's operations improved significantly, with orders reaching **5.539 billion Yuan** (+2.18%), revenue **4.282 billion Yuan** (+25.23%), and net profit attributable to parent **159 million Yuan** (+197.03%), alongside progress in R&D and strategic areas like energy storage and AI H1 2025 Core Operating Data | Indicator | H1 2025 | H1 2024 | YoY Growth | | :--- | :--- | :--- | :--- | | Orders | 5.539 billion Yuan | - | 2.18% | | Collections | 4.194 billion Yuan | - | 18.45% | | Operating Revenue | 4.282 billion Yuan | 3.419 billion Yuan | 25.23% | | Total Profit | 356 million Yuan | 214 million Yuan | 66.40% | | Net Profit | 303 million Yuan | 171 million Yuan | 77.24% | | Net Profit Attributable to Parent | 159 million Yuan | 53 million Yuan | 197.03% | | Net Profit Attributable to Parent (Excluding Non-recurring Items) | 149 million Yuan | 48 million Yuan | 207.49% | - The company achieved significant results in R&D innovation, completing **120 patent authorizations** (including 85 invention patents) and receiving 8 science and technology awards during the reporting period, with ongoing R&D in energy storage, virtual power plants, and AI large models[34](index=34&type=chunk)[35](index=35&type=chunk)[37](index=37&type=chunk) [Operating Performance by Business Segment](index=10&type=section&id=%E5%90%84%E4%B8%9A%E5%8A%A1%E6%9D%BF%E5%9D%97%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) During the reporting period, all business segments achieved steady development, with power grid automation leading in orders and revenue, and strong performance from information and security technology, and power plant and industrial automation Operating Data by Business Segment (January-June 2025) | Business Segment | Cumulative Orders (Ten Thousand Yuan) | Operating Revenue (Ten Thousand Yuan) | | :--- | :--- | :--- | | Power Grid Automation | 276,073 | 203,595 | | Power Plant and Industrial Automation | 109,278 | 72,857 | | Rail Transit Automation | 12,402 | 7,195 | | Information and Security Technology | 73,702 | 48,369 | | Power Electronics | 36,835 | 8,593 | | Production and Manufacturing Center | 13,903 | 5,514 | | System Integration Center | 31,662 | 79,967 | - Power grid automation business achieved strong performance in both domestic and international markets, particularly in new energy, petrochemical, and overseas markets (UAE, Saudi Arabia)[37](index=37&type=chunk) - In power plant and industrial automation, the new-generation distributed control system "Huadian Ruilan" improved localization and industrial control security, applied in key domestic and overseas projects[40](index=40&type=chunk) - In information and security technology, digital energy, digital power plants, and cybersecurity services developed comprehensively, with a project on "building a new energy intrinsic security protection system with cryptography as the core" receiving a cryptography science and technology award[44](index=44&type=chunk) [Analysis of Core Competencies](index=12&type=section&id=%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies stem from its pioneering expertise and technological accumulation in power automation, the strong reputation of the "NARI" brand, and its commitment to high-quality development through the "5+2" industrial system and innovation-driven strategies - Professional Advantage: The company is a pioneer and a major scientific research and industrialization base in power automation, possessing numerous independent intellectual property achievements[47](index=47&type=chunk) - Brand Influence: "NARI" is a nationally renowned brand with certain international recognition, enjoying excellent corporate goodwill[47](index=47&type=chunk) - High-Quality Development Efficiency: Adhering to the "5+2" industrial system, the company focuses on customer-centricity, enhancing industrial, brand, innovation, and governance advantages through reform and innovation[47](index=47&type=chunk) [Analysis of Principal Business](index=12&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, operating revenue and costs grew by over 25%, expense ratios remained stable, while accounts receivable and inventory increased, and accounts payable also rose; the company also increased capital in a subsidiary Financial Statement Key Item Variation Analysis | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,281,633,006.04 | 3,419,081,270.05 | 25.23 | | Operating Cost | 3,265,738,954.36 | 2,592,945,723.94 | 25.95 | | Selling Expenses | 182,360,589.88 | 173,006,201.96 | 5.41 | | Administrative Expenses | 214,130,417.64 | 192,551,367.80 | 11.21 | | R&D Expenses | 259,874,934.02 | 243,387,971.03 | 6.77 | | Net Cash Flow from Operating Activities | -235,046,017.63 | -52,187,889.66 | Not Applicable | Key Asset and Liability Item Variation | Item Name | End of Current Period Amount (Yuan) | End of Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 2,127,291,125.37 | 2,653,300,321.19 | -19.82 | | Notes and Accounts Receivable | 5,054,763,005.67 | 4,527,229,324.87 | 11.65 | | Inventories | 1,451,212,027.70 | 1,131,964,120.25 | 28.20 | | Notes and Accounts Payable | 5,100,814,885.44 | 4,524,227,141.06 | 12.74 | - During the reporting period, the company increased the registered capital of its wholly-owned subsidiary, Nanjing Guodian NARI Rail Transit Engineering Co., Ltd., by **45 million Yuan**, bringing the total registered capital to **100 million Yuan**[56](index=56&type=chunk)[60](index=60&type=chunk) [Potential Risks](index=20&type=section&id=%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces risks from macroeconomic and industry policy changes, intensifying market competition, customer credit management, and the challenge of keeping pace with technological innovation, for which it has developed corresponding countermeasures - Macroeconomic and Industry Policy Risk: The company's business is significantly affected by national macroeconomic, energy, and environmental policies; countermeasures include closely monitoring policy dynamics and optimizing asset structure[65](index=65&type=chunk) - Market Risk: The power automation equipment sector is highly competitive and influenced by economic cycles; countermeasures involve seizing market transformation opportunities, consolidating advantages, and expanding into emerging and overseas markets[65](index=65&type=chunk)[66](index=66&type=chunk) - Customer Management Risk: Customer credit issues may lead to economic losses; countermeasures include strengthening contract review, dynamically managing customer credit, and intensifying collection efforts for payments[66](index=66&type=chunk)[67](index=67&type=chunk) - Technological Innovation Risk: The power energy industry is constantly evolving, demanding higher technological innovation; countermeasures involve strengthening top-level design, focusing on key core technology breakthroughs, and optimizing the scientific and technological innovation system[67](index=67&type=chunk) [Quality Improvement, Efficiency Enhancement, and Shareholder Returns Initiative](index=21&type=section&id=%E6%8F%90%E8%B4%A8%E5%A2%9E%E6%95%88%E9%87%8D%E5%9B%9E%E6%8A%A5%E8%A1%8C%E5%8A%A8) In response to the SSE's initiative, the company implemented a "Quality Improvement, Efficiency Enhancement, and Shareholder Returns" plan, focusing on core business, increasing cash dividends to **41.76%** for 2024, driving new quality productive forces through innovation, and enhancing investor communication and corporate governance - Improving Operational Quality: Focusing on the "5+2" business model, operating revenue increased by **25.23%** and net profit attributable to parent by **197.03%** during the reporting period[68](index=68&type=chunk) - Enhancing Investor Returns: The 2024 annual cash dividend ratio was raised to **41.76%**, with a cash dividend of **1.4 Yuan (tax inclusive) per 10 shares**, totaling approximately **142 million Yuan**, which has been fully distributed[68](index=68&type=chunk) - Accelerating Development of New Quality Productive Forces: R&D investment reached **268 million Yuan**, accounting for **6.25%** of revenue, with core products like the "Huadian Ruilan" DCS system achieving significant market breakthroughs[69](index=69&type=chunk) - Strengthening Investor Communication and Corporate Governance: The company interacts with investors through performance briefings and e-interaction platforms, and revised corporate governance-related systems to enhance standardized operations[70](index=70&type=chunk) [Corporate Governance, Environment, and Society](index=23&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details changes in the company's governance structure, equity incentive plans, and its contributions to social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=%E8%91%A3%E7%9B%91%E9%AB%98%E5%8F%98%E5%8A%A8) During the reporting period, the company completed the re-election of its Board of Directors and Board of Supervisors, and the appointment of senior management, due to the expiration of terms - The company's Board of Directors, Board of Supervisors, and senior management underwent re-election due to term expiration, involving the departure and appointment of several directors, supervisors, and vice general managers[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk) [Equity Incentive Plan](index=24&type=section&id=%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92) The company continued to implement its 2021 restricted stock incentive plan, with the second vesting period conditions met for 113 grantees, while 222,784 shares held by 7 ineligible individuals were repurchased and cancelled - The conditions for the second vesting period of the 2021 restricted stock incentive plan's initial grant were met, unlocking **4,669,750 shares** for 113 grantees, which have been listed for circulation[81](index=81&type=chunk) - The company repurchased and cancelled a total of **222,784 restricted shares** held by 7 individuals who no longer met the incentive plan's requirements[81](index=81&type=chunk) [Rural Revitalization Efforts](index=26&type=section&id=%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E5%B7%A5%E4%BD%9C) The company actively fulfills its social responsibility by supporting rural revitalization through consumption assistance, having procured **1.13 million Yuan** worth of agricultural products from assisted counties during the reporting period - During the reporting period, the company deepened its consumption assistance efforts, procuring **1.13 million Yuan** worth of agricultural products from assisted counties to support rural revitalization[83](index=83&type=chunk) [Significant Matters](index=27&type=section&id=%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers the company's fulfillment of commitments, ongoing significant litigation and arbitration cases, and major related party transactions [Fulfillment of Commitments](index=27&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company's controlling shareholder, actual controller, directors, and senior management strictly fulfilled their commitments regarding measures to compensate for immediate returns during refinancing, with no violations reported - The company's controlling shareholder, actual controller, and directors, supervisors, and senior management strictly fulfilled their commitments to ensure the effective implementation of the company's return compensation measures[85](index=85&type=chunk)[86](index=86&type=chunk) [Significant Litigation and Arbitration Matters](index=29&type=section&id=%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) During the reporting period, the company was involved in several previously disclosed significant litigation and arbitration cases, primarily concerning engineering and sales contract disputes, with some cases still in the enforcement stage - The company is involved in multiple significant litigation and arbitration cases as a plaintiff, primarily concerning engineering and sales contract disputes, with case values ranging from several million to tens of millions of Yuan, and most cases are in the enforcement stage[88](index=88&type=chunk)[89](index=89&type=chunk) [Significant Related Party Transactions](index=30&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engages in daily operational related party transactions with its controlling shareholder, China Huadian Corporation Ltd., and its subsidiaries, involving sales of power automation products, new energy business, and equipment procurement, all within annual estimated limits, and also conducts financial transactions with Huadian Group Finance Co., Ltd. H1 2025 Actual Daily Related Party Transaction Amounts | Related Party Transaction Category | Related Party | Actual Contract Amount (Ten Thousand Yuan) from Jan 1 to H1 2025 | | :--- | :--- | :--- | | Sales of Power Automation Products | China Huadian Corporation Ltd. and its subsidiaries | 44,995 | | Sales of Hydropower Automation Products and Engineering | Subsidiaries of China Huadian Corporation Ltd. | 2,785 | | Sales of New Energy Business | Subsidiaries of China Huadian Corporation Ltd. | 149,717 | | Sales of Primary Equipment | Subsidiaries of China Huadian Corporation Ltd. | 8,859 | | Purchase of Goods and Materials | Yangzhou Yingzhao Switch Co., Ltd. | 2,812 | - The company conducts financial business with China Huadian Group Finance Co., Ltd., including deposits and comprehensive credit lines; as of the end of the reporting period, deposit balance with the finance company was **5,240,727.20 Yuan**, and the total comprehensive credit line was **1.44 billion Yuan**, with actual utilization of **433 million Yuan**[99](index=99&type=chunk)[100](index=100&type=chunk) - The related party transaction for commercial factoring business with Huadian Commercial Factoring (Tianjin) Co., Ltd. has been approved by the Board of Directors and the General Meeting of Shareholders[103](index=103&type=chunk) [Share Changes and Shareholder Information](index=37&type=section&id=%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details the changes in the company's share structure due to equity incentive plans and provides an overview of its shareholder base [Share Fluctuation](index=37&type=section&id=%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's restricted shares decreased by **4,669,750 shares** due to the implementation of the restricted stock incentive plan, with a corresponding increase in unrestricted tradable shares, while the total share capital remained at **1,016,093,562 shares**; post-reporting period, total share capital will decrease to **1,015,870,778 shares** due to repurchase and cancellation of some restricted shares - Due to the unlocking of the second vesting period of the restricted stock incentive plan's initial grant, **4,669,750 restricted shares** were converted into unrestricted tradable shares[112](index=112&type=chunk)[113](index=113&type=chunk) - Post-reporting period, the company completed the repurchase and cancellation of **222,784 restricted shares** held by 7 grantees, resulting in a reduction in total share capital[113](index=113&type=chunk)[116](index=116&type=chunk) [Shareholder Information](index=39&type=section&id=%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **36,216** common shareholders, with controlling shareholder Huadian Group Nanjing Power Automation Equipment Co., Ltd. holding a stable **53.75%** stake, and Hong Kong Securities Clearing Company Limited as the second largest shareholder - As of the end of the reporting period, the total number of shareholders was **36,216**[117](index=117&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | | :--- | :--- | :--- | | Huadian Group Nanjing Power Automation Equipment Co., Ltd. | 546,185,479 | 53.75 | | Hong Kong Securities Clearing Company Limited | 71,049,814 | 6.99 | | Weishi Textile Co., Ltd. | 5,904,000 | 0.58 | | Bank of China Co., Ltd. - China Merchants Quantitative Selection Stock Initiated Securities Investment Fund | 5,539,088 | 0.55 | [Bond-Related Information](index=43&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section provides details on the company's outstanding corporate bonds and the utilization of their raised funds [Basic Information on Corporate Bonds](index=43&type=section&id=%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company has one outstanding 2023 technology innovation green corporate bond ("G NARI K01") with a total issuance of **200 million Yuan** and a coupon rate of **3.07%**, maturing in June 2026; investor protection clauses were not triggered, and interest was paid on time in June 2025 G NARI K01 Bond Basic Information | Bond Name | G NARI K01 (115405.SH) | | :--- | :--- | | Issue Date | 2023/6/7 | | Maturity Date | 2026/6/8 | | Bond Balance | 20,000 Ten Thousand Yuan | | Interest Rate (%) | 3.07 | - During the reporting period, investor protection clauses such as credit maintenance and cross-default covenants were not triggered, and the company paid interest on time[129](index=129&type=chunk)[130](index=130&type=chunk) [Use of Corporate Bond Proceeds](index=45&type=section&id=%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The "G NARI K01" bond raised **200 million Yuan**, with a balance of **69 million Yuan** at the end of the reporting period; the company changed the use of some proceeds from solar power projects to other R&D projects, following due decision-making procedures, as some solar projects were terminated due to underperformance - During the reporting period, the company changed the use of proceeds from the "G NARI K01" bond, primarily adjusting the proposed use amount, implementation entity, and estimated completion date for original projects, without adding new investment projects; this change was approved by the Board of Directors, Board of Supervisors, and bondholder meeting[134](index=134&type=chunk)[135](index=135&type=chunk) - As of the end of the reporting period, cumulative proceeds invested amounted to **131 million Yuan**, representing **65.60%** of the total, with **50 million Yuan** invested during the reporting period[136](index=136&type=chunk)[143](index=143&type=chunk) - Among the original fundraising projects, the "Jiangsu Huadian Yizheng City-wide Rooftop Distributed Photovoltaic Power Generation Project" was scaled down due to significant development challenges, and the "Jiangsu Huadian Yizheng City-wide (650MW) Phase I Industrial and Commercial 32.36MWp Distributed Photovoltaic Power Generation Project" has been terminated[148](index=148&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk) [Financial Report](index=69&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited financial statements for the first half of 2025, along with detailed notes on accounting policies and specific financial statement items [Financial Statements](index=69&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This chapter includes the company's unaudited consolidated and parent company financial statements for H1 2025, comprising the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity - The financial report in this semi-annual report is unaudited[6](index=6&type=chunk)[180](index=180&type=chunk) [Consolidated Balance Sheet](index=69&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's total assets were **11.377 billion Yuan**, a 3.88% increase from year-end; total liabilities were **7.102 billion Yuan**, with a debt-to-asset ratio of **62.42%**; and owners' equity attributable to the parent company was **3.380 billion Yuan**, up 1.12% from year-end Consolidated Balance Sheet Key Items (June 30, 2025) | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 11,376,845,598.79 | 10,952,030,499.49 | | Total Liabilities | 7,101,869,014.75 | 6,667,788,267.57 | | Owners' Equity Attributable to Parent Company | 3,380,019,845.29 | 3,342,652,859.85 | [Consolidated Income Statement](index=73&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, the company achieved total operating revenue of **4.282 billion Yuan**, a 25.23% increase year-on-year; net profit was **303 million Yuan**, up 77.24%; and net profit attributable to parent company shareholders was **159 million Yuan**, a 197.03% increase Consolidated Income Statement Key Items (January-June 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 4,281,633,006.04 | 3,419,081,270.05 | | Total Operating Cost | 3,956,359,654.80 | 3,230,646,618.18 | | Total Profit | 356,039,275.76 | 213,966,081.34 | | Net Profit | 302,820,566.49 | 170,858,021.40 | | Net Profit Attributable to Parent Company Shareholders | 158,856,874.97 | 53,481,969.86 | [Consolidated Cash Flow Statement](index=77&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, net cash flow from operating activities was **-235 million Yuan**, a decrease from **-52 million Yuan** in the prior year; both investing and financing activities resulted in net cash outflows, with cash and cash equivalents at period-end totaling **2.094 billion Yuan** Consolidated Cash Flow Statement Key Items (January-June 2025) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -235,046,017.63 | -52,187,889.66 | | Net Cash Flow from Investing Activities | -18,049,623.42 | -16,318,234.49 | | Net Cash Flow from Financing Activities | -260,496,576.45 | -210,852,703.27 | | Net Increase in Cash and Cash Equivalents | -514,491,113.82 | -280,397,715.26 | [Company Overview](index=89&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) NARI was established in 1999, with Huadian Group Nanjing Power Automation Equipment Co., Ltd. as its controlling shareholder, China Huadian Corporation Ltd. as its actual controller, and the State-owned Assets Supervision and Administration Commission of the State Council as its ultimate controlling party; its principal business is industrial power automation equipment, covering electric vehicle charging/swapping systems, power distribution automation, and new energy development - The company was established and listed in **1999**, with a total share capital of **1,016,093,562 shares** as of May 2024, following multiple capital changes[209](index=209&type=chunk)[210](index=210&type=chunk)[211](index=211&type=chunk)[212](index=212&type=chunk)[213](index=213&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk) - The company's controlling shareholder is Huadian Group Nanjing Power Automation Equipment Co., Ltd., its actual controller is China Huadian Corporation Ltd., and its ultimate controlling party is the State-owned Assets Supervision and Administration Commission of the State Council[218](index=218&type=chunk) [Significant Accounting Policies and Estimates](index=91&type=section&id=%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This chapter details the company's fundamental accounting principles, including accounting standards, period, and functional currency, and specifies key policies and estimates for financial instruments, inventories, long-term equity investments, revenue recognition, and government grants; no significant changes occurred during the reporting period - The company uses a **12-month** period as its normal operating cycle, which serves as the basis for classifying assets and liabilities as current or non-current[223](index=223&type=chunk) - For accounts receivable, the company applies the expected credit loss model to accrue impairment provisions, using a simplified model for accounts receivable without significant financing components[247](index=247&type=chunk)[254](index=254&type=chunk) - In terms of revenue recognition, the company recognizes revenue when customers obtain control of the related goods, distinguishing between performance obligations satisfied over time and at a point in time, and applying appropriate recognition methods based on business types such as goods sales, on-site services, and general contracting[291](index=291&type=chunk)[292](index=292&type=chunk) [Notes to Consolidated Financial Statements](index=114&type=section&id=%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This chapter provides detailed notes and explanations for major items in the consolidated financial statements, including the composition, changes, and related accounting treatments for assets, liabilities, and owners' equity such as monetary funds, accounts receivable, inventories, fixed assets, intangible assets, short-term borrowings, accounts payable, and contract liabilities - The period-end balance of monetary funds was **2.127 billion Yuan**, of which **32.9844 million Yuan** was restricted[314](index=314&type=chunk) - The period-end book balance of accounts receivable was **6.298 billion Yuan**, with impairment provisions of **1.247 billion Yuan**, resulting in a book value of **5.051 billion Yuan**; accounts receivable aged 1-2 years accounted for a relatively high proportion[324](index=324&type=chunk)[327](index=327&type=chunk) - The period-end book value of inventories was **1.451 billion Yuan**, a **28.20%** increase from the beginning of the period, primarily comprising raw materials, work-in-progress, and finished goods; inventory impairment provisions of **11.4187 million Yuan** were accrued during the period[370](index=370&type=chunk)[371](index=371&type=chunk)[372](index=372&type=chunk) - The period-end balance of accounts payable was **4.929 billion Yuan**, mainly for procurement of goods and services[416](index=416&type=chunk)