广晟有色金属股份有限公司2025 年半年度报告 公司代码：600259 公司简称：广晟有色 广晟有色金属股份有限公司 2025 年半年度报告 1 / 214 广晟有色金属股份有限公司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、 公司负责人杨杰、主管会计工作负责人张喜刚及会计机构负责人（会计主管人员） 王庆翔 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 本半年度报告涉及的未来规划、发展战略等前瞻性陈述，因存在不确定性，不构成公司对投 资 者的实质承诺，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 ...

内蒙古鄂尔多斯资源股份有限公司2025 年半年度报告 公司代码：600295 公司简称：鄂尔多斯 公司代码：900936 公司简称：鄂资 B 股 内蒙古鄂尔多斯资源股份有限公司 2025 年半年度报告 1 / 208 内蒙古鄂尔多斯资源股份有限公司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、 公司负责人王臻、主管会计工作负责人刘建国及会计机构负责人（会计主管人员）刘建国 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 本报告涉及未来计划、发展战略等前瞻性陈述，该等陈述不构成公司对投资者的实质承诺， 请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 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 ...

诺德新材料股份有限公司 2025 年半年度报告 1 / 249 诺德新材料股份有限公司2025 年半年度报告 公司代码：600110 公司简称：诺德股份 诺德新材料股份有限公司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、 公司负责人陈立志、主管会计工作负责人王丽雯及会计机构负责人（会计主管人员）史耀 军声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2025年半年度不派发现金红利，不送红股，不以公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告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 ...

[Definitions](index=4&type=section&id=Item%20I%20Definitions) This section defines key terms, entities, and industry-specific terminology used throughout the report, including company names, subsidiaries, and financial periods [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines common terms, including company entities, subsidiaries, industrial automation and semiconductor industry terminology, and financial reporting periods - The report defines key entities such as **Raynen Technology**, Raynen Industrial, Pingtan Jierun, Hong Kong Ruijie, Jiankun Investment, and Jupiter Investment[12](index=12&type=chunk) - Multiple subsidiary names are listed, including Raynen Intelligent, Fuzhou Raynen, Shanghai Raynen, Jiangsu Raynen, Jiaxing Raynen, Qidian Electric, Raynen Electric, Shenzhen Yiwei, Qili Software, Hong Kong Raynen Electronics, Singapore Raynen, Beneng International, Fujian Beneng, Shanghai Beneng, Hong Kong Taihe, Hong Kong Guangtai, and Taiwan Linsheng[12](index=12&type=chunk) - Professional terms in industrial automation are explained, including **industrial control (IC)**, servo systems, servo drives, servo motors, inverters, soft starters, **PLCs**, **HMIs**, and **IoT**[12](index=12&type=chunk) - Major **IC design manufacturers** mentioned include Microchip Technology, Infineon, Littelfuse, Rohm, China Resources Micro, Xiaohua Semiconductor, 3PEAK, GigaDevice, Silergy, SaiZhuo Electronics, and Yutai Micro[12](index=12&type=chunk)[13](index=13&type=chunk) - The reporting period is defined as the **first half of 2025**[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Item%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides the company's basic information, contact details, stock overview, and key financial data and indicators for the first half of 2025 [Company Information](index=6&type=section&id=I.%20Company%20Information) This section outlines the company's basic registration details, including its Chinese name, abbreviation, and legal representative - The company's Chinese name is Fujian Raynen Technology Co., Ltd., abbreviated as **Raynen Technology**[15](index=15&type=chunk) - The legal representative is **Yang Weijian**[15](index=15&type=chunk) [Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, and contact details - The Board Secretary is **Lan Lichun**, and the Securities Affairs Representative is **Su Ningyi**[16](index=16&type=chunk) - The company's contact address is No. 12 Zhihui Avenue, Nanyu Town, Minhou County, Fuzhou City, Fujian Province, with telephone **0591-88267278** and email **investor@raynen.cn**[16](index=16&type=chunk) [Brief Introduction to Changes in Basic Information](index=6&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section details changes in the company's registered and office addresses, with references to relevant announcements - The company's registered address is **Floor 3, Building A, No. 26, C Zone, Software Park, No. 89 Tongpan Road, Gulou District, Fuzhou City**[17](index=17&type=chunk) - The company's office address changed to **No. 12 Zhihui Avenue, Nanyu Town, Minhou County, Fuzhou City, Fujian Province**, announced on **June 12, 2025**[17](index=17&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Placement Locations](index=6&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Placement%20Locations) This section specifies the company's designated newspapers and website for information disclosure, along with the placement location for the semi-annual report - Designated information disclosure newspapers include **China Securities Journal**, **Shanghai Securities News**, **Securities Times**, and **Securities Daily**[18](index=18&type=chunk) - The website address for the semi-annual report is **www.sse.com.cn**[18](index=18&type=chunk) [Company Stock Summary](index=6&type=section&id=V.%20Company%20Stock%20Summary) This section provides the company's stock listing information, including stock type, exchange, ticker symbol, and code - The company's A-shares are listed on the **Shanghai Stock Exchange** under the ticker symbol **Raynen Technology (603933)**[19](index=19&type=chunk) - The company was listed on the Shanghai Stock Exchange on **July 6, 2017**[19](index=19&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=7&type=section&id=VII.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for H1 2025, showing revenue growth, but declines in profit, EPS, and operating cash flow Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 1,132,915,190.24 | 995,291,167.74 | 13.83 | | Total Profit (yuan) | 37,064,989.48 | 53,017,908.99 | -30.09 | | Net Profit Attributable to Shareholders of Listed Company (yuan) | 35,587,208.45 | 51,900,946.63 | -31.43 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) (yuan) | 33,136,651.71 | 48,497,493.24 | -31.67 | | Net Cash Flow from Operating Activities (yuan) | -45,613,534.91 | 55,600,115.43 | -182.04 | | Net Assets Attributable to Shareholders of Listed Company (End of Current Period/End of Prior Year) (yuan) | 1,317,563,627.33 | 1,295,285,621.64 | 1.72 | | Total Assets (End of Current Period/End of Prior Year) (yuan) | 2,466,725,727.46 | 2,348,465,029.98 | 5.04 | Key Financial Indicators for H1 2025 | Key Financial Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.1715 | 0.2501 | -31.43 | | Diluted Earnings Per Share (yuan/share) | 0.1715 | 0.2501 | -31.43 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (yuan/share) | 0.1597 | 0.2337 | -31.67 | | Weighted Average Return on Net Assets (%) | 2.72 | 3.99 | Decrease of 1.27 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 2.53 | 3.73 | Decrease of 1.20 percentage points | [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) This section details the company's non-recurring gains and losses for H1 2025, totaling **2.45 million yuan** Non-Recurring Gains and Losses for H1 2025 | Non-Recurring Gain/Loss Item | Amount (yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 13,701.30 | | Government grants included in current profit/loss (excluding those closely related to business and enjoyed consistently) | 2,372,596.93 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 385,235.61 | | Other non-operating income and expenses | 126,333.46 | | Less: Income tax impact | 427,311.98 | | Minority interest impact (after tax) | 19,998.58 | | **Total** | **2,450,556.74** | [Management Discussion and Analysis](index=9&type=section&id=Item%20III%20Management%20Discussion%20and%20Analysis) This section presents management's analysis of the company's industry, business operations, financial performance, core competencies, and risk factors [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=9&type=section&id=I.%20Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section details the company's industrial automation and semiconductor IC industries, outlining business operations and models, noting a weak recovery in industrial automation and continued growth in IC distribution - The company's main businesses are divided into two segments: **industrial automation** and **IC distribution**[27](index=27&type=chunk) - In H1 2025, the industrial automation market size was approximately **148.64 billion yuan**, a slight **0.5% YoY increase**, with OEM market growing by 1.98% and project-based market decreasing by 0.31%[29](index=29&type=chunk) - In H1 2025, the global semiconductor market size is estimated at **$700.9 billion**, growing **11.2% YoY**; domestic integrated circuit output increased by **15.8% YoY**[32](index=32&type=chunk)[33](index=33&type=chunk) - New energy vehicle production and sales increased by **41.4% and 40.3% YoY**, respectively, accounting for **44.3% of China's total vehicle sales**, driving industrial transformation[33](index=33&type=chunk) - The company's **IC distribution business** actively explores emerging application fields such as new energy vehicles, photovoltaic inverters, charging piles, energy storage, high-efficiency motor control, industrial interconnection, and robotics[36](index=36&type=chunk) [Industry Overview During the Reporting Period](index=9&type=section&id=Part%20I%20Industry%20Overview%20During%20the%20Reporting%20Period) This section analyzes the industrial automation and semiconductor IC industries, highlighting market status, trends, and data, noting weak industrial automation recovery, sustained semiconductor growth, and strong emerging sectors - In H1 2025, the industrial automation industry market size was approximately **148.64 billion yuan**, a slight **0.5% YoY increase**[29](index=29&type=chunk) H1 2025 Industrial Automation Sub-Market Data | Sub-Market | Market Size (billion yuan) | YoY Growth (%) | | :--- | :--- | :--- | | Low-voltage Inverters | 13.6 | 8 | | General Servo Systems | 11.3 | 7 | | PLCs | 8.4 | 5 | | Industrial Robot Shipments (units) | 163,000 | 16 | - In H1 2025, China's automobile production and sales grew by **12.5% and 11.4%**, respectively, with new energy vehicles growing by **41.4% and 40.3%**[33](index=33&type=chunk) - In H1 2025, China's power battery shipments reached **477 GWh**, a **49% YoY increase**; energy storage lithium battery shipments reached **265 GWh**, a **128% YoY increase**[35](index=35&type=chunk) [Company's Business Operations During the Reporting Period](index=11&type=section&id=Part%20II%20Company%27s%20Business%20Operations%20During%20the%20Reporting%20Period) This section details the company's industrial automation and IC distribution businesses, including products, applications, and operating models, emphasizing technological innovation and market expansion in emerging sectors - Industrial automation products cover the 'information layer, control layer, drive layer, and execution layer' of industrial control systems, including dedicated control systems, **PLCs**, servo systems, inverters, soft starters, **HMIs**, and **Industrial IoT**[37](index=37&type=chunk) - The **IC distribution business** operates on a 'technical support + distribution' model, offering microcontrollers, power devices and modules, power management and driver ICs, and analog and mixed-signal ICs[41](index=41&type=chunk) - The company expanded its product lines to include **automotive-grade MCUs**, power management ICs, high-power modules, and Flash, attracting high-quality customers in automotive electronics, photovoltaic energy storage, and smart wearables[41](index=41&type=chunk) - The industrial automation business adopts an R&D model that is 'customer-demand oriented, based on independent R&D, with a three-generation product development strategy, and **IPD development process**'[42](index=42&type=chunk) - The **IC distribution business** procurement model is determined by inventory, orders, market forecasts, and other factors, with phased ordering to control inventory risk[45](index=45&type=chunk) [Discussion and Analysis of Operations](index=14&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, operating revenue grew by **13.83%**, but net profit attributable to shareholders decreased by **31.43%**, driven by a decline in industrial automation and significant growth in IC distribution, alongside R&D and manufacturing optimization H1 2025 Operating Performance Overview | Indicator | Amount (ten thousand yuan) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 113,291.52 | 13.83 | | Net Profit Attributable to Shareholders of Listed Company | 3,558.72 | -31.43 | H1 2025 Business Segment Revenue | Business Segment | Operating Revenue (ten thousand yuan) | YoY Change (%) | | :--- | :--- | :--- | | Industrial Automation Business | 41,710.31 | -11.68 | | IC Distribution Business | 70,137.81 | 37.34 | - Industrial automation business in knitting flat machine control systems faced downward pressure, but **glove machine** and **embroidery machine control systems** performed well[48](index=48&type=chunk) - The **IC distribution business** accelerated expansion into emerging sectors like robotics, new energy, and AI, launching **GaN high-power density motor solutions**, photovoltaic energy storage bidirectional digital power solutions, automotive variable frequency water pump and air conditioner compressor solutions, and deploying **AI server applications**[52](index=52&type=chunk) - In H1 2025, R&D investment in the industrial automation business accounted for **13.15% of its operating revenue**[54](index=54&type=chunk) - The **Jiaxing manufacturing base** topped out in **May 2025** and is expected to commence production in early 2026, enhancing production efficiency and flexible customization capabilities[56](index=56&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=17&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies span R&D, industry experience, manufacturing, brand and customer resources, supplier networks, and management talent, with a strong focus on industrial automation and IC distribution - The company possesses multiple industry-leading core technologies, including automatic control, motor control, servo drive, frequency conversion control, digital power systems, embedded system software, industrial Ethernet, and **CAD software**[57](index=57&type=chunk) - As of **June 30, 2025**, the company holds **226 valid patent certificates** (**126 invention patents**) and **256 computer software copyrights**[58](index=58&type=chunk) - The company has evolved from an industrial control product supplier to a 'reconstructor of intelligent equipment value,' continuously strengthening its core competitive advantages in the **knitting and sewing machinery sector**[59](index=59&type=chunk) - By implementing **MOM systems** and smart park systems, the company achieves full-domain data interconnection and Industrial IoT device linkage, significantly reducing labor costs and material waste, while improving production efficiency and product yield[60](index=60&type=chunk)[61](index=61&type=chunk) - The company maintains partnerships with renowned domestic and international **IC design manufacturers** such as Microchip Technology, Infineon, Littelfuse, Rohm, China Resources Micro, Xiaohua Semiconductor, 3PEAK, GigaDevice, and Silergy[63](index=63&type=chunk) [Key Operating Performance During the Reporting Period](index=19&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes H1 2025 financial statement changes, asset-liability status, and investment, showing revenue growth driven by IC distribution, but declining profits, with adjustments in asset-liability structure and increased construction in progress and long-term deferred expenses H1 2025 Financial Statement Item Changes | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,132,915,190.24 | 995,291,167.74 | 13.83 | | Operating Cost | 867,070,573.25 | 741,300,388.79 | 16.97 | | Selling Expenses | 82,007,225.43 | 70,246,637.07 | 16.74 | | Administrative Expenses | 55,937,230.93 | 47,697,163.86 | 17.28 | | Financial Expenses | 10,138,379.09 | 9,286,563.36 | 9.17 | | R&D Expenses | 60,058,437.02 | 59,387,253.20 | 1.13 | | Net Cash Flow from Operating Activities | -45,613,534.91 | 55,600,115.43 | -182.04 | | Net Cash Flow from Financing Activities | 33,101,346.91 | 10,659,838.85 | 210.52 | - Operating revenue growth was primarily driven by a **37.34% YoY increase in IC distribution business revenue**, while industrial automation business revenue decreased by **11.68% YoY**[65](index=65&type=chunk) - Net cash flow from operating activities significantly decreased by **182.04%**, mainly due to reduced net inflows from IC distribution sales and purchases, and increased employee compensation payments[65](index=65&type=chunk) H1 2025 Major Asset and Liability Changes | Item Name | Current Period End Amount (yuan) | Current Period End % of Total Assets | Prior Year End Amount (yuan) | Prior Year End % of Total Assets | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 6,021,095.14 | 0.24 | - | 0.00 | Not applicable | | Notes Receivable | 173,634.31 | 0.01 | 870,729.37 | 0.04 | -80.06 | | Prepayments | 8,418,282.92 | 0.34 | 18,043,901.04 | 0.77 | -53.35 | | Other Receivables | 9,308,794.52 | 0.38 | 5,078,418.76 | 0.22 | 83.30 | | Other Current Assets | 33,241,019.45 | 1.35 | 113,988,060.26 | 4.85 | -70.84 | | Construction in Progress | 75,803,764.42 | 3.07 | 23,319,156.82 | 0.99 | 225.07 | | Long-term Deferred Expenses | 24,508,338.24 | 0.99 | 3,348,854.54 | 0.14 | 631.84 | | Other Non-current Assets | 13,271,855.48 | 0.54 | 7,715,105.84 | 0.33 | 72.02 | | Contract Liabilities | 15,861,731.52 | 0.64 | 23,307,162.90 | 0.99 | -31.94 | | Employee Compensation Payable | 39,539,141.26 | 1.60 | 60,211,245.22 | 2.56 | -34.33 | | Other Payables | 101,631,498.51 | 4.12 | 77,672,567.92 | 3.31 | 30.85 | | Long-term Borrowings | 76,800,000.00 | 3.11 | 58,899,999.88 | 2.51 | 30.39 | | Lease Liabilities | 4,645,360.96 | 0.19 | 2,620,809.03 | 0.11 | 77.25 | - Overseas assets totaled **622.57 million yuan**, accounting for **25.24% of total assets**[68](index=68&type=chunk) H1 2025 External Equity Investments | Investment Type | Current Period Investment Amount (ten thousand yuan) | Prior Year Period Investment Amount (ten thousand yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Equity Investment | 2,283.02 | 4,266.33 | -46.49 | - The **Jiaxing Raynen Industrial Automation Production Base project** invested **54.72 million yuan** in the current period, with a cumulative investment of **71.28 million yuan**, reaching **46.38% completion**[73](index=73&type=chunk) [Analysis of Main Business](index=19&type=section&id=(I)%20Analysis%20of%20Main%20Business) This section analyzes changes in key financial statement items, attributing revenue growth to IC distribution, while noting increased operating costs, selling, administrative, financial, and R&D expenses, and a significant decline in net operating cash flow - Operating revenue increased by **13.83% YoY**, primarily due to a **37.34% YoY increase in IC distribution business revenue**[65](index=65&type=chunk) - Net cash flow from operating activities decreased by **182.04% YoY**, mainly due to reduced net inflows from IC distribution sales and purchases, and increased employee compensation payments[65](index=65&type=chunk) - Selling, administrative, and R&D expenses all increased due to higher payroll costs; administrative expenses also rose due to increased depreciation and utility costs from relocating to the new headquarters[65](index=65&type=chunk) [Analysis of Assets and Liabilities](index=20&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) This section analyzes period-end changes in assets and liabilities, showing significant increases in trading financial assets, construction in progress, long-term deferred expenses, other receivables, long-term borrowings, and lease liabilities, while notes receivable, prepayments, other current assets, contract liabilities, and employee compensation payable decreased - Trading financial assets increased at period-end compared to the prior year, mainly due to subsidiary Shenzhen Yiwei's purchase of wealth management products that had not yet matured for redemption[67](index=67&type=chunk) - Construction in progress increased by **225.07%** at period-end compared to the prior period, mainly due to increased infrastructure investment by subsidiary Jiaxing Raynen[67](index=67&type=chunk) - Long-term deferred expenses increased by **631.84%** at period-end compared to the prior period, mainly due to the completion and capitalization of office building renovations at the Fuzhou production base[67](index=67&type=chunk) - Employee compensation payable decreased by **34.33%** at period-end compared to the prior period, mainly due to the payment of year-end bonuses accrued in the previous year[67](index=67&type=chunk) - Overseas assets totaled **622.57 million yuan**, accounting for **25.24% of total assets**[68](index=68&type=chunk) [Analysis of Investment Status](index=21&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) This section analyzes the company's external equity and non-equity investments, showing a YoY decrease in equity investment, but continued investment in the Jiaxing Raynen Industrial Automation Production Base project, reaching **46.38% completion** - Equity investment during the reporting period was **22.83 million yuan**, a **46.49% decrease** compared to the prior year period[71](index=71&type=chunk) - The **Jiaxing Raynen Industrial Automation Production Base project** invested **54.72 million yuan** in the current period, with a cumulative investment of **71.28 million yuan**, reaching **46.38% completion**[73](index=73&type=chunk) Major Asset Restrictions at Period End | Item | Book Balance (yuan) | Book Value (yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 35,354,180.57 | 35,354,180.57 | Pledge | Pledged deposits, letter of guarantee deposits, letter of credit deposits, bill deposits | | Investment Properties | 11,633,537.24 | 6,538,323.10 | Mortgage | Subsidiary Beneng International borrowed from HSBC Hong Kong, with Hong Kong Guangtai's property in Hong Kong as collateral | | Fixed Assets | 20,126,783.03 | 12,027,730.35 | Mortgage | Subsidiary Fujian Beneng borrowed from China Merchants Bank, with Raynen Technology's R&D building in Minhou County, Fuzhou City as collateral | | **Total** | **67,114,500.84** | **53,920,234.02** | / | / | [Other Disclosures](index=24&type=section&id=V.%20Other%20Disclosures) This section discloses seven major risks the company may face, including macroeconomic, market competition, exchange rate fluctuations, supplier concentration, inventory, accounts receivable, and goodwill impairment - The company faces **macroeconomic risks**, as the growth of its industrial automation and IC distribution businesses is highly correlated with the national economic climate[76](index=76&type=chunk) - The market is highly competitive; failure to keep pace with technological trends and enhance service and innovation capabilities will lead to **increased market competition risk**[77](index=77&type=chunk) - Exchange rate fluctuations may result in **exchange gains or losses**, impacting the company's profit[78](index=78&type=chunk) - The **IC distribution business** has a high concentration of suppliers; termination of cooperation with major suppliers could affect the company's operating performance[79](index=79&type=chunk)[80](index=80&type=chunk) - Inventory impairment risk may increase if sales forecasting differs significantly from actual conditions or if downstream demand is not timely captured[81](index=81&type=chunk) - Increased accounts receivable balances pose a risk of **significant uncollected receivables**, leading to increased financial pressure or decreased operating performance[82](index=82&type=chunk) - Acquired companies failing to meet operational and profitability expectations may lead to **goodwill impairment risk**[83](index=83&type=chunk) [Potential Risks](index=24&type=section&id=(I)%20Potential%20Risks) This section details seven major risks, including macroeconomic fluctuations, intensified market competition, exchange rate volatility, high supplier concentration, inventory write-downs, accounts receivable collection difficulties, and goodwill impairment, all potentially impacting the company's operating performance - Industrial automation and IC distribution businesses are significantly affected by the macroeconomic environment; adverse changes in downstream industries will indirectly impact the company's operating performance[76](index=76&type=chunk) - The industrial automation market is crowded and highly competitive; the company must continuously innovate and enhance service capabilities to mitigate risks[77](index=77&type=chunk) - The company's foreign exchange receipts and payments primarily involve IC distribution, foreign currency borrowings, and overseas operations; significant exchange rate fluctuations will impact operating results[78](index=78&type=chunk) - The **IC distribution business** has a high concentration of suppliers; if major IC design manufacturers terminate cooperation, the company's operating performance will be affected[79](index=79&type=chunk)[80](index=80&type=chunk) - Increased volatility in the semiconductor integrated circuit industry, coupled with significant discrepancies between sales forecasts and actuals, may lead to **inventory impairment risk**[81](index=81&type=chunk) - Increased accounts receivable balances, coupled with customer operational difficulties or delayed payments, pose risks of **cash flow pressure** and **declining performance**[82](index=82&type=chunk) - Goodwill arising from mergers and acquisitions faces impairment pressure, potentially affecting current period profitability[83](index=83&type=chunk) [Corporate Governance, Environment and Society](index=26&type=section&id=Item%20IV%20Corporate%20Governance%2C%20Environment%20and%20Society) This section covers the company's corporate governance, environmental, and social responsibilities, including profit distribution plans [Profit Distribution or Capital Reserve Conversion Plan](index=26&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company will not implement a profit distribution or capital reserve conversion plan for the first half of 2025 - The company's proposed semi-annual profit distribution or capital reserve conversion plan is **'No'**[86](index=86&type=chunk) [Significant Matters](index=27&type=section&id=Item%20V%20Significant%20Matters) This section covers significant matters such as commitment fulfillment, major related-party transactions, significant contracts, and the utilization of raised funds [Fulfillment of Commitments](index=27&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's actual controller and controlling shareholders strictly fulfilled all commitments during the reporting period, including share reduction intentions, avoiding competition, regulating related-party transactions, and not occupying company funds - Controlling shareholder Raynen Industrial committed to reducing shares by no more than **10% of total share capital annually** within two years after the lock-up period, with a reduction price no lower than the offering price[90](index=90&type=chunk) - Shareholder Pingtan Jierun committed to reducing shares by no more than **5% of total share capital annually** within two years after the lock-up period, with a reduction price no lower than the offering price[91](index=91&type=chunk) - The controlling shareholder and actual controller committed to **avoiding horizontal competition** and not engaging in businesses identical, similar, or competitive with the company[92](index=92&type=chunk)[93](index=93&type=chunk) - The controlling shareholder and actual controller committed to **reducing and regulating related-party transactions**, conducting fair operations based on market principles and fair prices[94](index=94&type=chunk) - The controlling shareholder and actual controller committed to **not directly or indirectly occupying company funds or assets** for any reason or in any form[95](index=95&type=chunk) - During the commitment period, all promisors strictly fulfilled their commitments, with **no instances of non-fulfillment**[95](index=95&type=chunk) [Major Related-Party Transactions](index=29&type=section&id=X.%20Major%20Related-Party%20Transactions) In H1 2025, the company's total daily related-party transactions amounted to **572,500 yuan**, with an increased estimated IC product sales quota to **1.75 million yuan** for associate Taiwan Linsheng - In H1 2025, the total actual daily related-party transactions of the company and its subsidiaries amounted to **572,500 yuan**[97](index=97&type=chunk) - The company increased the estimated annual IC product sales quota from wholly-owned subsidiary Beneng International to associate Taiwan Linsheng from **50,000 yuan to 1.75 million yuan** for 2025[97](index=97&type=chunk) [Related-Party Transactions Related to Daily Operations](index=29&type=section&id=(I)%20Related-Party%20Transactions%20Related%20to%20Daily%20Operations) During the reporting period, the company engaged in daily related-party transactions, primarily involving IC product sales to associate Taiwan Linsheng, with an increased annual sales quota based on customer demand - In H1 2025, total daily related-party transactions amounted to **572,500 yuan**[97](index=97&type=chunk) - The estimated IC product sales quota to associate Taiwan Linsheng was increased from **50,000 yuan to 1.75 million yuan**[97](index=97&type=chunk) [Significant Contracts and Their Fulfillment](index=31&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) At the end of the reporting period, the company's total guarantee balance for subsidiaries was **377.40 million yuan**, representing **27.91% of its net assets** Company Guarantee Total Amount | Indicator | Amount (yuan) | | :--- | :--- | | Total Guarantees Provided to Subsidiaries During the Reporting Period | 237,545,952.02 | | Total Guarantees Provided to Subsidiaries at Period End (B) | 377,403,408.86 | | Total Guarantees (A+B) | 377,403,408.86 | | Total Guarantees as % of Company's Net Assets | 27.91 | [Significant Guarantees](index=31&type=section&id=(II)%20Significant%20Guarantees%20Executed%20and%20Outstanding%20During%20the%20Reporting%20Period) During the reporting period, the company primarily provided guarantees for subsidiaries, with a total outstanding guarantee balance of **377 million yuan**, representing **27.91% of its net assets** - Total guarantees provided to subsidiaries during the reporting period amounted to **237.55 million yuan**[102](index=102&type=chunk) - At period-end, total outstanding guarantees for subsidiaries amounted to **377.40 million yuan**, accounting for **27.91% of the company's net assets**[102](index=102&type=chunk) [Explanation of Progress in Use of Raised Funds](index=32&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The company's IPO net proceeds were **499.49 million yuan**, with **447.75 million yuan** cumulatively invested by period-end, reaching **89.64% completion**; in May 2025, all IPO projects were closed, and **93.45 million yuan** in remaining funds were transferred to own accounts for permanent working capital Overall Use of Raised Funds | Indicator | Amount (ten thousand yuan) | | :--- | :--- | | Total Raised Funds | 51,853.40 | | Net Raised Funds (1) | 49,949.20 | | Cumulative Investment of Raised Funds at Period End (2) | 44,775.31 | | Cumulative Investment Progress (%) = (2)/(1) | 89.64 | | Investment Amount for the Current Year | 1,455.20 | | Total Raised Funds with Changed Purpose | 25,728.53 | - In **May 2025**, the company closed all IPO investment projects and canceled special accounts, transferring **93.45 million yuan** (including interest income and wealth management product gains) of remaining funds to its own capital account for permanent working capital replenishment[108](index=108&type=chunk) [Overall Use of Raised Funds](index=32&type=section&id=(I)%20Overall%20Use%20of%20Raised%20Funds) The company's IPO net proceeds were **499.49 million yuan**, with **447.75 million yuan** cumulatively invested by period-end, reaching **89.64% completion**; the current year's investment amounted to **14.55 million yuan** - The net proceeds from the initial public offering of shares amounted to **499.49 million yuan**[104](index=104&type=chunk)[105](index=105&type=chunk) - As of the end of the reporting period, the cumulative total investment of raised funds was **447.75 million yuan**, with an investment progress of **89.64%**[104](index=104&type=chunk) - The investment amount for the current year was **14.55 million yuan**[104](index=104&type=chunk) [Details of Raised Fund Investment Projects](index=33&type=section&id=(II)%20Details%20of%20Raised%20Fund%20Investment%20Projects) Raised fund projects include knitting flat machine and sock machine control system production, and the acquisition of Shanghai Qidian Electric, with most projects completed or near completion, and remaining funds transferred to own accounts Details of Raised Fund Investment Project Usage | Project Name | Planned Total Investment of Raised Funds (ten thousand yuan) | Cumulative Investment of Raised Funds at Period End (ten thousand yuan) | Cumulative Investment Progress (%) | Current Year's Benefits (ten thousand yuan) | Remaining Amount (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Knitting Flat Machine Computer Control System Production Project | 17,460.33 | 14,817.97 | 84.87 | 1,038.26 | 2,642.36 | | Knitting Sock Machine Computer Control System Production Project | 10,022.36 | 9,085.10 | 90.65 | -58.06 | 937.26 | | Acquisition of 100% Equity in Shanghai Qidian Electric Technology Co., Ltd. Project | 15,000.00 | 14,785.01 | 98.57 | -562.61 | 214.99 | | Knitting Equipment Control System R&D Center Project | 3,492.14 | 3,492.14 | 100.00 | Not applicable | - | | Working Capital Supplement Project | 2,594.83 | 2,594.83 | 100.00 | Not applicable | - | | Unused Accrued Interest | - | - | - | - | 4,171.47 | | **Total** | **49,949.20** | **44,775.31** | / | / | **9,345.36** | - The reason for the knitting flat machine and sock machine production projects not reaching **100% investment progress** is that remaining funds are used to pay contract final payments and quality assurance deposits[107](index=107&type=chunk) - The reason for the acquisition of **100% equity in Shanghai Qidian Electric Technology Co., Ltd. project** not reaching **100% investment progress** is that unpaid equity transaction payments will be settled based on 2025 accounts receivable collection[107](index=107&type=chunk) [Other Information on Use of Raised Funds During the Reporting Period](index=34&type=section&id=(IV)%20Other%20Information%20on%20Use%20of%20Raised%20Funds%20During%20the%20Reporting%20Period) In **May 2025**, the company closed all IPO investment projects and canceled special accounts, transferring **93.45 million yuan** in remaining funds to its own capital account for permanent working capital replenishment - In **May 2025**, the company closed all IPO investment projects and canceled special accounts[108](index=108&type=chunk) - Remaining raised funds of **93.45 million yuan** (including interest income and wealth management product gains) were transferred to the company's own capital account for permanent working capital replenishment[108](index=108&type=chunk) [Share Changes and Shareholder Information](index=35&type=section&id=Item%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section provides details on changes in the company's share capital and shareholder structure, including the total number of shareholders and the top ten shareholders [Changes in Share Capital](index=35&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were **no changes** in the company's total share capital or share structure[111](index=111&type=chunk) [Shareholder Information](index=35&type=section&id=II.%20Shareholder%20Information) As of period-end, the company had **28,119 common shareholders**; Raynen Industrial held the largest stake at **59.75%** with no pledges or freezes, and actual controller Mr. Yang Weijian indirectly held **60.75%** through Raynen Industrial and Pingtan Jierun - As of the end of the reporting period, the total number of common shareholders was **28,119**[112](index=112&type=chunk) Top Ten Shareholders' Holdings at Period End | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Restricted Shares Held (shares) | Pledge, Mark, or Freeze Status (Share Status/Quantity) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Raynen Industrial Co., Ltd. | 124,016,836 | 59.75 | 0 | None/0 | Overseas Legal Person | | Pingtan Jierun Equity Investment Management Partnership (Limited Partnership) | 9,525,264 | 4.59 | 0 | None/0 | Other | | Dajia Life Insurance Co., Ltd. - Dividend Product | 811,000 | 0.39 | 0 | None/0 | Other | | UBS AG | 498,030 | 0.24 | 0 | None/0 | Other | | Shanghai Yicun Investment Management Co., Ltd. - Yicun Donglinshi No. 1 Private Securities Investment Fund | 450,600 | 0.22 | 0 | None/0 | Other | | Yu Jianguo | 438,400 | 0.21 | 0 | None/0 | Domestic Natural Person | | Yang Zejiang | 385,400 | 0.19 | 0 | None/0 | Domestic Natural Person | | Dajia Life Insurance Co., Ltd. - Traditional Product | 377,000 | 0.18 | 0 | None/0 | Other | | China International Capital Corporation Limited | 329,223 | 0.16 | 0 | None/0 | State-owned Legal Person | | Dajia Life Insurance Co., Ltd. - Universal Product | 317,000 | 0.15 | 0 | None/0 | Other | - Mr. Yang Weijian, the company's chairman, indirectly holds a total of **126,086,383 shares** through his stakes in Raynen Industrial and Pingtan Jierun, representing **60.75% of the company's equity**, making him the actual controller[115](index=115&type=chunk) [Bond-Related Information](index=38&type=section&id=Item%20VII%20Bond-Related%20Information) This section confirms that the company had no corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=38&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had **no corporate bonds or non-financial enterprise debt financing instruments**[119](index=119&type=chunk) [Convertible Corporate Bonds](index=38&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had **no convertible corporate bonds**[119](index=119&type=chunk) [Financial Report](index=39&type=section&id=Item%20VIII%20Financial%20Report) This section presents the company's unaudited H1 2025 financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, with notes on accounting policies and related parties [Audit Report](index=39&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is **unaudited**[5](index=5&type=chunk) [Financial Statements](index=39&type=section&id=II.%20Financial%20Statements) This section provides the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity - Financial statements include 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 equity, and parent company statement of changes in equity[121](index=121&type=chunk)[125](index=125&type=chunk)[129](index=129&type=chunk)[132](index=132&type=chunk)[134](index=134&type=chunk)[137](index=137&type=chunk)[140](index=140&type=chunk)[143](index=143&type=chunk) - The financial statements were approved for issuance by the **19th meeting of the Fourth Board of Directors on August 29, 2025**[146](index=146&type=chunk) [Company's Basic Information](index=53&type=section&id=III.%20Company%27s%20Basic%20Information) This section outlines the company's basic profile, including unified social credit code, registered and headquarters addresses, legal representative, company type, operating period, and consolidated subsidiaries - The company's Unified Social Credit Code is **9135000066509091XF**, and its registered address is **Floor 3, Building A, No. 26, C Zone, Software Park, No. 89 Tongpan Road, Gulou District, Fuzhou City**[146](index=146&type=chunk) - The company and its subsidiaries primarily engage in two businesses: **R&D, production, and sales of industrial automation control products**, and **IC product distribution**[146](index=146&type=chunk) - The company has **13 first-tier subsidiaries** and **11 second-tier subsidiaries** within its consolidated scope[146](index=146&type=chunk) [Basis of Financial Statement Preparation](index=53&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section states that the company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and relevant disclosure regulations - The financial statements are prepared on a **going concern basis**, adhering to **Enterprise Accounting Standards** and the China Securities Regulatory Commission's 'Rules for Information Disclosure by Companies Issuring Securities Publicly No. 15 – General Provisions for Financial Reports' (Revised 2023)[148](index=148&type=chunk) - The company possesses **going concern capability for at least 12 months** from the end of the reporting period, with no significant matters affecting this capability[149](index=149&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=54&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's significant accounting policies and estimates, including statements of compliance, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statements, cash and cash equivalents, foreign currency transactions, financial instruments, receivables, inventory, long-term equity investments, fixed assets, construction in progress, intangible assets, employee compensation, and revenue recognition - The company's accounting year runs from **January 1 to December 31**, with a **12-month operating cycle**, and the functional currency is **RMB**[152](index=152&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk) - Detailed accounting treatment methods for **business combinations under common control** and **business combinations not under common control** are defined[156](index=156&type=chunk) - The classification, recognition criteria, and measurement methods for financial assets and liabilities are clarified, including those measured at **amortized cost**, at **fair value through other comprehensive income**, and at **fair value through profit or loss**[172](index=172&type=chunk)[173](index=173&type=chunk)[175](index=175&type=chunk) - Revenue recognition and measurement policies are based on recognizing revenue when the customer obtains control of the goods, distinguishing between performance obligations satisfied over time or at a point in time, and recognizing revenue based on whether the company is a principal or an agent[231](index=231&type=chunk)[234](index=234&type=chunk)[235](index=235&type=chunk) - In **December 2024**, the Ministry of Finance issued 'Interpretation No. 18 of Enterprise Accounting Standards,' leading the company to adopt retrospective adjustment, revising the **2024 semi-annual consolidated and parent company income statements' operating costs and selling expenses**[248](index=248&type=chunk) [Taxation](index=83&type=section&id=VI.%20Taxation) This section discloses the company's main tax types and rates, including VAT, urban maintenance and construction tax, corporate income tax, education surcharges, property tax, and stamp duty, with several subsidiaries benefiting from high-tech or small and micro enterprise income tax incentives Main Tax Types and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Value added from sales of goods or provision of taxable services | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Amount of VAT payable | 7%, 5% | | Corporate Income Tax | Taxable income | 25%, 20%, 17%, 16.5%, 15% | | Education Surcharge | Amount of VAT payable | 3% | | Local Education Surcharge | Amount of VAT payable | 2% | | Property Tax | Rental income / Residual value of property | 12% / 1.2% | - **Raynen Technology**, Qidian Electric, Shenzhen Yiwei, Raynen Intelligent, and Fuzhou Raynen are **high-tech enterprises**, with an actual corporate income tax rate of **15%**[250](index=250&type=chunk)[253](index=253&type=chunk)[254](index=254&type=chunk) - Hong Kong subsidiaries have a profits tax rate of **16.50%**, and Singapore subsidiaries have a profits tax rate of **17.00%**[250](index=250&type=chunk)[252](index=252&type=chunk) - Beijing Beneng, Chengdu Beneng, Qingdao Beneng, Shenzhen Beneng, Zhuji Raynen, and Jiaxing Danaher are eligible for **small and micro enterprise income tax preferential policies**, paying corporate income tax at a rate of **20%**[251](index=251&type=chunk)[255](index=255&type=chunk) [Notes to Consolidated Financial Statement Items](index=85&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes to consolidated financial statement items, covering assets, liabilities, equity, and income statement accounts, including cash, financial assets, receivables, inventory, investments, fixed assets, construction in progress, intangible assets, goodwill, deferred expenses, borrowings, payables, revenue, costs, and cash flow items - Period-end monetary funds balance was **195.68 million yuan**, of which **112.23 million yuan** was deposited overseas[257](index=257&type=chunk) - Period-end book value of accounts receivable was **709.78 million yuan**, with a bad debt provision of **53.99 million yuan**[265](index=265&type=chunk) - Period-end book value of inventory was **594.07 million yuan**, with an inventory impairment provision of **46.80 million yuan**[292](index=292&type=chunk) - During the reporting period, operating revenue was **1.13 billion yuan**, and operating cost was **867.07 million yuan**[363](index=363&type=chunk) - Net cash flow from operating activities was **-45.61 million yuan**, a **182.04% YoY decrease**[389](index=389&type=chunk) - Overseas operating entities primarily include Beneng International Co., Ltd., Raynen Electronics (Hong Kong) Co., Ltd., Guangtai Industrial Co., Ltd., and Taihe Technology Co., Ltd., with functional currencies mainly **USD or HKD**[396](index=396&type=chunk) [R&D Expenses](index=144&type=section&id=VIII.%20R%26D%20Expenses) This section details the company's H1 2025 R&D expenses, totaling **60.06 million yuan**, all expensed, primarily comprising employee compensation, material costs, and travel expenses H1 2025 R&D Expenses by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 50,812,678.58 | 49,520,621.62 | | Depreciation | 1,721,750.96 | 1,676,693.88 | | Material Costs | 3,121,245.19 | 2,595,133.11 | | Travel Expenses | 2,502,119.62 | 2,224,415.20 | | Right-of-Use Asset Depreciation | 291,766.46 | 424,319.79 | | Other | 1,608,876.21 | 2,946,069.60 | | **Total** | **60,058,437.02** | **59,387,253.20** | | Of which: Expensed R&D Expenditure | 60,058,437.02 | 59,387,253.20 | - All R&D expenditures for the current period were **expensed**, with no capitalized R&D expenditures[400](index=400&type=chunk) [Changes in Consolidation Scope](index=144&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, there were no changes in the consolidation scope due to business combinations not under common control, under common control, reverse acquisitions, or disposal of subsidiaries - During the reporting period, the company had **no changes in consolidation scope** due to business combinations not under common control, under common control, reverse acquisitions, or disposal of subsidiaries[401](index=401&type=chunk)[402](index=402&type=chunk) [Interests in Other Entities](index=146&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries, joint ventures, and associates, including their principal places of business, registered capital, business nature, shareholding percentages, acquisition methods, and key financial information for significant associates - The company owns subsidiaries including **Beneng International**, Fujian Beneng, Guangtai Industrial, Raynen Electronics (Hong Kong), Fujian Raynen Intelligent Electronics, Fuzhou Qili Software, Fuzhou Raynen Electric Technology, Shanghai Raynen Gaoqi Automation, Beneng Electronics (Shanghai), Fuzhou Raynen Control Technology, Jiangsu Raynen Control Technology, Beneng Electronics (Qingdao), Beneng Core Technology Development (Beijing), Beneng Core Electronics (Chengdu), Beneng Electronics (Shenzhen), Shanghai Qidian Electric Technology, Shanghai Danaher Electric Technology, Jiaxing Danaher Electronic Technology, Shenzhen Yiwei Automation Technology, Guangdong Yiwei Intelligent Technology, Zhuji Raynen Control System, Taihe Technology, and Raynen Technology Singapore Pte. Ltd.[404](index=404&type=chunk)[405](index=405&type=chunk)[406](index=406&type=chunk) - The company's significant associate is **Zhejiang Zhongzi Electromechanical Control Technology Co., Ltd.**, with a **35% shareholding**, accounted for using the equity method[409](index=409&type=chunk) - Zhejiang Zhongzi Electromechanical Control Technology Co., Ltd. reported H1 2025 operating revenue of **37.99 million yuan** and net profit attributable to the parent company of **8.74 million yuan**[411](index=411&type=chunk) [Government Grants](index=152&type=section&id=XI.%20Government%20Grants) This section discloses the company's H1 2025 government grants recognized in current profit or loss, totaling **6.91 million yuan**, primarily from VAT refunds for software products and other grants H1 2025 Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Income-related | 6,911,304.38 | 7,376,682.87 | | **Total** | **6,911,304.38** | **7,376,682.87** | - Government grants recognized in current profit or loss primarily include **4.54 million yuan** from VAT refunds for software products and **2.37 million yuan** from other government grants[415](index=415&type=chunk) [Risks Related to Financial Instruments](index=153&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section outlines the company's credit, market (exchange rate, interest rate), and liquidity risks, along with risk management strategies; during the period, **372.27 million yuan** in receivables financing was derecognized due to financial asset transfers - The company faces **credit risk**, **market risk** (exchange rate risk, interest rate risk), and **liquidity risk**[416](index=416&type=chunk) - The company mitigates credit risk through credit limit management, credit approval, monitoring procedures, and daily review of receivables collection[416](index=416&type=chunk) - The purchasing, selling, and financing activities of the company's wholly-owned subsidiaries, Beneng International and Raynen Electronics (Hong Kong), are primarily denominated and settled in **USD**, exposing them to **exchange rate risk**[416](index=416&type=chunk) - The company mitigates interest rate risk by optimizing capital planning and adjusting the scale and structure of interest-bearing debt[417](index=417&type=chunk) - The company derecognized **372.27 million yuan** in financial assets due to endorsement or discounting of bank acceptance bills within receivables financing[420](index=420&type=chunk)[422](index=422&type=chunk) [Fair Value Disclosure](index=155&type=section&id=XIII.%20Fair%20Value%20Disclosure) This section discloses period-end assets measured at fair value, totaling **109.70 million yuan**, including trading financial assets, other equity instrument investments, and receivables financing, noting minimal differences between book and fair values for financial instruments not measured at fair value Assets Measured at Fair Value at Period End | Item | Period-End Fair Value (yuan) | | :--- | :--- | | Trading Financial Assets | 6,021,095.14 | | Other Equity Instrument Investments | 328,200.00 | | Receivables Financing | 103,349,691.91 | | **Total Assets Measured at Fair Value on a Recurring Basis** | **109,698,987.05** | - The fair value of receivables financing (notes receivable) is close to its book balance; trading financial assets (wealth management products) are measured based on contractual returns, and other equity instrument investments are valued using the comparable market approach[427](index=427&type=chunk) - The book value and fair value of financial assets and liabilities not measured at fair value (e.g., monetary funds, notes receivable, accounts receivable, other receivables, accounts payable, other payables) differ minimally[428](index=428&type=chunk) [Related Parties and Related-Party Transactions](index=156&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) This section discloses the company's parent company, ultimate controlling party, subsidiaries, joint ventures, associates, and other related parties, listing related-party transactions during the period, including goods purchases/sales, leases, key management compensation, and receivables/payables - The parent company is **Raynen Industrial Co., Ltd.**, with a **59.75% shareholding**, and the ultimate controlling party is **Mr. Yang Weijian**[430](index=430&type=chunk)[431](index=431&type=chunk) - During the reporting period, goods sales to associate Zhejiang Zhongzi Electromechanical Control Technology Co., Ltd. amounted to **384,770.80 yuan**, and to Shanghai Yiwei Tongchuang Automation Technology Co., Ltd. amounted to **175,844.02 yuan**[435](index=435&type=chunk) - As lessor, the company recognized rental income of **43,648.52 yuan** from Raynen Industrial Co., Ltd.[436](index=436&type=chunk) - As lessee, the company paid rent of **144,055.14 yuan** and **61,100.94 yuan** to Fuzhou Jiankun Industrial Partnership (Limited Partnership)[438](index=438&type=chunk) - Key management personnel compensation for the current period amounted to **3.65 million yuan**[440](index=440&type=chunk) - Period-end receivables from associate Zhejiang Zhongzi Electromechanical Control Technology Co., Ltd. were **1.25 million yuan**, and other receivables from Raynen Industrial Co., Ltd. were **43,531.95 yuan**[442](index=442&type=chunk) - Period-end contract liabilities payable to Shanghai Yiwei Tongchuang Automation Technology Co., Ltd. were **88,495.58 yuan**[444](index=444&type=chunk) [Share-based Payment](index=161&type=section&id=XV.%20Share-based%20Payment) During the reporting period, the company had no share-based payment arrangements - During the reporting period, the company had **no share-based payment arrangements**[25](index=25&type=chunk) [Commitments and Contingencies](index=161&type=section&id=XVI.%20Commitments%20and%20Contingencies) As of **June 30, 2025**, the company had **372.27 million yuan** in discounted and endorsed bank acceptance bills not yet due, with no other significant discloseable contingencies - As of **June 30, 2025**, the company had **372.27 million yuan** in discounted and endorsed bank acceptance bills that had not yet matured[446](index=446&type=chunk) - Aside from the aforementioned, as of **June 30, 2025**, the company had **no other significant discloseable undisclosed contingencies**[447](index=447&type=chunk) [Events After the Balance Sheet Date](index=162&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) During the reporting period, the company had no significant non-adjusting events, profit distribution, sales returns, or other events after the balance sheet date - During the reporting period, the company had **no significant non-adjusting events**, profit distribution, sales returns, or other events after the balance sheet date[162](index=162&type=chunk) [Other Significant Matters](index=162&type=section&id=XVIII.%20Other%20Significant%20Matters) This section discloses financial information for the company's industrial automation, IC distribution, and other three reporting segments, determined by internal organizational structure, management requirements, and reporting systems - The company identified **industrial automation business**, **IC distribution business**, and **three other reporting segments** based on internal organizational structure, management requirements, and internal reporting systems[449](index=449&type=chunk) Reporting Segment Financial Information | Item | Industrial Automation Business (ten thousand yuan) | IC Distribution Business (ten thousand yuan) | Other (ten thousand yuan) | Total (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 41,710.31 | 70,137.81 | 1,443.40 | 113,291.52 | | Operating Cost | 26,646.06 | 59,387.14 | 673.86 | 86,707.06 | - As of **June 30, 2025**, the company had **no other significant matters requiring disclosure**[452](index=452&type=chunk) [Notes to Parent Company Financial Statement Items](index=163&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes to the parent company's financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income - Parent company's period-end book value of accounts receivable was **304.99 million yuan**, with a bad debt provision of **20.71 million yuan**[455](index=455&type=chunk) - Parent company's period-end book value of other receivables was **71.62 million yuan**, with a bad debt provision of **158,537.33 yuan**, primarily consisting of subsidiary loans[461](index=461&type=chunk)[467](index=467&type=chunk)[470](index=470&type=chunk) - Parent company's period-end investment in subsidiaries was **884.12 million yuan**, and investment in associates and joint ventures was **34.08 million yuan**[474](index=474&type=chunk) - Parent company's current period operating revenue was **275.30 million yuan**, and operating cost was **209.54 million yuan**[478](index=478&type=chunk) - Parent company's current period investment income was **3.86 million yuan**, primarily from long-term equity investment income accounted for using the cost and equity methods[478](index=478&type=chunk) [Supplementary Information](index=174&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary information, including a detailed statement of non-recurring gains and losses, return on net assets, and earnings per share H1 2025 Non-Recurring Gains and Losses Details | Item | Amount (yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 13,701.30 | | Government grants included in current profit/loss (excluding those closely related to business and enjoyed consistently) | 2,372,596.93 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 385,235.61 | | Other non-operating income and expenses | 126,333.46 | | Less: Income tax impact | 427,311.98 | | Minority interest impact (after tax) | 19,998.58 | | **Total** | **2,450,556.74** | H1 2025 Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share | Diluted Earnings Per Share | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 2.72 | 0.1715 | 0.1715 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 2.53 | 0.1597 | 0.1597 |

贵州省交通规划勘察设计研究院股份有限公司2025 年半年度报告 公司代码：603458 公司简称：勘设股份 贵州省交通规划勘察设计研究院股份有限公司 2025 年半年度报告 贵州省交通规划勘察设计研究院股份有限公司董事会 二零二五年八月三十日 1 / 163 贵州省交通规划勘察设计研究院股份有限公司2025 年半年度报告 重要提示 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。 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。 四、 公司负责人吕晓舜、主管会计工作负责人刘峥及会计机构负责人（会计主管人员）王飞声 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 本报告中所涉及未来计划、发展战略等前瞻性描述不构成对公司投资者的实质承诺，投资者 及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。敬请 投资者注意投资风险。 否 十、 重大风险提示 公司已在 ...

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines key terms, company names, and industry-specific terminology to facilitate understanding of the report's content - Defines 'Guangda Special Steel' as Zhangjiagang Guangda Special Steel Co., Ltd. and its wholly-owned/controlled subsidiaries[12](index=12&type=chunk) - Explains key industry terms such as new materials, special steel, high-temperature alloys, and wind power main shafts[12](index=12&type=chunk)[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Basic Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section provides fundamental company details including its official name, abbreviation, legal representative, registered and office addresses, website, and email - The company's full name is Zhangjiagang Guangda Special Steel Co., Ltd., abbreviated as **Guangda Special Steel**[15](index=15&type=chunk) - The legal representative is Xu Weiming, with registered and office address in Anqing Village, Fenghuang Town, Zhangjiagang City[15](index=15&type=chunk) [Contact Persons and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section lists the company's contact persons, their addresses, telephone numbers, fax, and email addresses - Contact persons include Guo Yan and Xu Qiuyang, with contact number **0512-55390270**[17](index=17&type=chunk) [Information Disclosure and Report Availability Changes](index=6&type=section&id=%E4%B8%89%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section outlines the company's designated newspapers for information disclosure, website address, and locations where reports are available - Information disclosure newspapers are Shanghai Securities News and Securities Times, with the website address **www.sse.com.cn**[18](index=18&type=chunk) [Company Stock/Depositary Receipt Overview](index=6&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%2F%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E7%AE%80%E5%86%B5) This section provides a brief overview of the company's A-share listing on the STAR Market of the Shanghai Stock Exchange - The company's stock type is A-shares, listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation **'Guangda Special Steel'** and code **'688186'**[19](index=19&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=%E5%85%AD%E3%80%81%E5%85%AC%E5%8F%B8%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) This section details the company's key accounting data and financial indicators for the reporting period, explaining changes and highlighting significant performance growth and improved profitability Key Accounting Data (January-June 2025) | Indicator | Current Period (RMB) | Prior Period (RMB) | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,534,397,638.82 | 1,880,993,199.80 | 34.74 | | Total Profit | 238,883,263.80 | 61,983,057.29 | 285.40 | | Net Profit Attributable to Listed Company Shareholders | 185,097,066.17 | 42,779,874.46 | 332.67 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | 178,767,486.34 | 7,982,641.34 | 2,139.45 | | Net Cash Flow from Operating Activities | -343,385,806.72 | -417,839,730.83 | Not Applicable | | Net Assets Attributable to Listed Company Shareholders (Period-End) | 3,708,256,948.39 | 3,627,380,911.00 | 2.23 | | Total Assets (Period-End) | 12,197,236,743.90 | 11,463,661,602.87 | 6.40 | Key Financial Indicators (January-June 2025) | Key Financial Indicator | Current Period (Jan-Jun) | Prior Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.86 | 0.20 | 330.00 | | Diluted Earnings Per Share (RMB/share) | 0.73 | 0.21 | 247.62 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (RMB/share) | 0.83 | 0.04 | 1,975.00 | | Weighted Average Return on Net Assets (%) | 4.97 | 1.20 | Increased by 3.77 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 4.80 | 0.22 | Increased by 4.58 percentage points | | R&D Investment as % of Operating Revenue (%) | 4.07 | 4.14 | Decreased by 0.07 percentage points | - Operating revenue increased by **34.74%** year-on-year, primarily due to strong downstream demand and increased product orders[21](index=21&type=chunk) - Total profit increased by **285.40%** year-on-year, mainly due to gross profit margin recovering to **20.71%** (an increase of **6.77 percentage points** from the prior period) and a **1 percentage point** decrease in period expenses as a proportion of operating revenue[21](index=21&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AB%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section itemizes the company's non-recurring gains and losses for the reporting period, totaling **RMB 6,329,579.83** Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 3,088,639.10 | | Government Grants Recognized in Current Profit/Loss | 3,818,787.15 | | Other Non-operating Income and Expenses Apart from the Above | 1,160,674.55 | | Less: Income Tax Impact | 1,200,574.11 | | Minority Interest Impact (After Tax) | 537,946.86 | | Total | 6,329,579.83 | [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Industry and Main Business Overview for the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section details the company's industry (high-end special steel materials and components), its development stage, characteristics, key technical barriers, main business, products, application areas, and its procurement, production, sales, and R&D models - The company's main business involves R&D, production, and sales of high-end special steel materials and components, primarily for high-end equipment manufacturing sectors such as new energy wind power, rail transit, machinery, military nuclear power, aerospace, energy power equipment, and marine petrochemicals[26](index=26&type=chunk)[34](index=34&type=chunk) - As of the end of June 2025, national cumulative wind power installed capacity reached **572.60 million kilowatts**, a year-on-year increase of **22.70%**; from January to June 2025, new grid-connected wind power installed capacity was **51.39 million kilowatts**, up **98.88%** year-on-year[26](index=26&type=chunk) - The company adopts an **'order-to-produce'** manufacturing model and operates four production bases in Zhangjiagang City (Suzhou), Rugao City (Nantong), and Deyang City (Sichuan)[40](index=40&type=chunk) - The company's sales model is direct sales, acquiring new customers through target key client development, brand effect, and high-end equipment driven approaches[41](index=41&type=chunk) [Discussion and Analysis of Operations](index=18&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section summarizes the company's operational highlights for the reporting period, including significant performance improvement, effective production line adjustments, enhanced gearbox component projects, technological and process innovations, and market value management, all contributing to rapid growth in financial indicators - Operating revenue for the reporting period was **RMB 2,534.40 million**, a year-on-year increase of **34.74%**; gross profit margin recovered to **20.71%**, an increase of **6.77 percentage points** from the prior period[44](index=44&type=chunk) - Period expense control was effective, with period expenses as a percentage of operating revenue decreasing by **1 percentage point** year-on-year, further enhancing the company's profitability[45](index=45&type=chunk) - The company continuously pursued technological and process innovation, improving **1 core technology** and adding **11 new core technologies**, primarily focusing on new energy wind power, energy power, and nuclear fusion fields[47](index=47&type=chunk) - The company completed its first phase of share repurchase, actually repurchasing **18,128,037 shares** with a total capital expenditure of **RMB 399,960,068.75**, and cancelled **8 million shares** on June 30, 2025[47](index=47&type=chunk) - The company implemented its 2024 annual equity distribution, distributing a cash dividend of **RMB 3.825** (tax inclusive) for every **10 shares** to all shareholders, totaling **RMB 76.48 million** (tax inclusive) in cash dividends[49](index=49&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=20&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) This section outlines the company's core competencies in technological innovation and full industrial chain integration, including numerous core technologies, patent achievements, system certifications, and end-to-end advantages from smelting to precision machining, along with details on R&D projects and investments - The company has developed **64 core technologies** covering key processes such as smelting, forming, and heat treatment, which are industrialized in products like gear steel, mold steel, precision mechanical components, special stainless steel, and special alloys, resulting in **110 invention patents**[50](index=50&type=chunk) - The company possesses a complete industrial chain of processes including smelting, forming, heat treatment, and precision machining, offering advantages such as strong prototyping capabilities, controllable material quality, manageable production costs, and a broad product line[50](index=50&type=chunk) - During the reporting period, **1 core technology** was improved and **11 new core technologies** were added, primarily focusing on new energy wind power, energy power, and nuclear fusion fields[61](index=61&type=chunk) R&D Investment | Indicator | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 103,044,112.23 | 77,865,660.03 | 32.34 | | Total R&D Investment | 103,044,112.23 | 77,865,660.03 | 32.34 | | R&D Investment as % of Operating Revenue (%) | 4.07 | 4.14 | Decreased by 0.07 percentage points | - The company has **304 R&D personnel**, accounting for **12.68%** of its total workforce, with total R&D staff compensation of **RMB 27.50 million**[88](index=88&type=chunk) [Risk Factors](index=49&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) This section identifies and analyzes various risks the company may face in its operations, including loss of core technical personnel, technology and product substitution, new product development failure, raw material price fluctuations, high customer concentration, product quality management, lower-than-expected returns on fundraising projects, financial risks, and industry policy changes - The company faces risks of **loss of core technical personnel**, **technology leakage**, and **technology and product substitution**[89](index=89&type=chunk)[91](index=91&type=chunk) - Fluctuations in raw material prices (scrap steel, alloys, pig iron) could directly lead to product cost volatility, impacting profitability[91](index=91&type=chunk) - The fundraising projects 'Special Alloy Material Expansion Project' and 'Large High-End Equipment Core Precision Components Project' may yield **lower-than-expected benefits**[93](index=93&type=chunk) - Total accounts receivable and notes receivable at period-end were **RMB 2,453.27 million**, accounting for **20.11%** of total assets, posing collection risks[94](index=94&type=chunk) - Net cash flow from operating activities was **-RMB 343.39 million** during the reporting period, and sustained negative cash flow could lead to liquidity risk[94](index=94&type=chunk) - Inventory book value was **RMB 2,518.34 million**, representing **40.55%** of current assets, indicating impairment risk[95](index=95&type=chunk) - Significant adverse changes in new energy wind power industry policies would negatively impact the company's wind power business expansion[97](index=97&type=chunk) [Key Operating Performance During the Reporting Period](index=52&type=section&id=%E4%BA%94%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section summarizes the company's operating revenue, operating costs, and expense changes, analyzes its asset and liability status, and investment activities, highlighting the effectiveness of revenue growth and cost control Financial Statement Item Variation Analysis (January-June 2025) | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,534,397,638.82 | 1,880,993,199.80 | 34.74 | | Operating Cost | 2,009,550,717.10 | 1,618,726,525.26 | 24.14 | | Selling Expenses | 11,330,396.65 | 7,702,819.92 | 47.09 | | Administrative Expenses | 86,979,510.69 | 70,473,138.12 | 23.42 | | Financial Expenses | 84,270,981.71 | 74,744,074.73 | 12.75 | | R&D Expenses | 103,044,112.23 | 77,865,660.03 | 32.34 | | Net Cash Flow from Operating Activities | -343,385,806.72 | -417,839,730.83 | Not Applicable | | Net Cash Flow from Investing Activities | -28,514,329.97 | -234,327,030.28 | Not Applicable | | Net Cash Flow from Financing Activities | 390,380,374.69 | 606,169,738.02 | -35.60 | - Operating revenue increased by **34.74%** year-on-year, primarily due to strong downstream demand and increased product orders[101](index=101&type=chunk) - Net cash flow from operating activities was **-RMB 343.39 million**, mainly influenced by bill settlements, inventory increases, and bill discounting activities classified under financing activities[102](index=102&type=chunk) - Net cash flow from financing activities was **RMB 390.38 million**, primarily due to payment for share repurchases[102](index=102&type=chunk) - Total restricted assets at period-end amounted to **RMB 3,783.34 million**, including monetary funds, notes receivable, fixed assets, intangible assets, construction in progress, and investment properties[106](index=106&type=chunk) - The company did not engage in external equity investment activities during the reporting period; in the prior period, an additional investment of **RMB 820 million** was made in the fundraising project 'Large High-End Equipment Core Precision Components Project (Phase I)'[109](index=109&type=chunk)[110](index=110&type=chunk) [Corporate Governance, Environment, and Society](index=60&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=60&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) This section reports no changes in the company's directors, supervisors, senior management, and core technical personnel during the reporting period, and outlines the criteria for identifying core technical personnel - There were **no changes** in the company's directors, supervisors, senior management, and core technical personnel during the reporting period[118](index=118&type=chunk) - Criteria for identifying core technical personnel include: extensive industry experience; holding important positions in the company's production, R&D, and other departments; participating in and leading the development of multiple core technologies, and leading teams to complete multiple patent inventions[118](index=118&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=60&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company had no profit distribution plan or capital reserve to share capital conversion plan during the reporting period - The proposed profit distribution or capital reserve to share capital conversion plan for this half-year period is **'None'**[119](index=119&type=chunk) [Company Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures and Their Impact](index=60&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) This section discloses the implementation of the company's 2024 employee stock ownership plan, including the completion of stock purchases and lock-up period arrangements - The company's 2024 employee stock ownership plan has completed the purchase of company shares, accumulating **5,215,318 shares**, representing **2.43%** of the company's total share capital at that time[122](index=122&type=chunk) - A total of **173 individuals** participated in this employee stock ownership plan, with a lock-up period from December 25, 2024, to December 24, 2025[122](index=122&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the Legally Mandated Environmental Information Disclosure List](index=61&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) This section lists the company and its four major subsidiaries included in the legally mandated environmental information disclosure list, emphasizing the company's commitment to green development and continuous increase in environmental protection investments Entities Included in the Legally Mandated Environmental Information Disclosure List | No. | Company Name | | :--- | :--- | | 1 | Zhangjiagang Guangda Special Steel Co., Ltd. | | 2 | Jiangsu Guangda Xinsheng Precision Manufacturing Co., Ltd. | | 3 | Rugao Hongmao Cast Steel Co., Ltd. | | 4 | Deyang Guangda Dongqi New Material Co., Ltd. | - The company consistently adheres to a green development philosophy, achieving all established environmental management goals during the reporting period and continuously increasing environmental protection investments[123](index=123&type=chunk) [Significant Matters](index=62&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Fulfillment of Commitments](index=62&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section details the commitments made by the company's actual controllers, shareholders, related parties, and the company itself during initial public offerings and refinancing, confirming strict adherence to these commitments during the reporting period - The company's controlling shareholder and actual controller committed to making up social insurance and housing provident fund payments, which were **strictly fulfilled** during the reporting period[126](index=126&type=chunk) - The company's controlling shareholder and actual controller committed to resolving horizontal competition, which was **strictly fulfilled** during the reporting period[127](index=127&type=chunk)[128](index=128&type=chunk) - The company's controlling shareholder, actual controller, directors, supervisors, and senior management committed to resolving related-party transactions, which were **strictly fulfilled** during the reporting period[128](index=128&type=chunk)[129](index=129&type=chunk) - The company and relevant parties committed to taking responsibility for any false records, misleading statements, or major omissions in the prospectus, which was **strictly fulfilled** during the reporting period[129](index=129&type=chunk) - The company committed to taking various measures to prevent the dilution of immediate returns and enhance profitability, which was **strictly fulfilled** during the reporting period[130](index=130&type=chunk) - The company's controlling shareholder, actual controller, directors, and senior management committed to effectively implementing return compensation measures, which were **strictly fulfilled** during the reporting period[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk) [Illegal Guarantees](index=72&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no illegal guarantees during the reporting period - There were **no illegal guarantees** by the company during the reporting period[137](index=137&type=chunk) [Significant Litigation and Arbitration Matters](index=73&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company had no significant litigation or arbitration matters during the reporting period - The company had **no significant litigation or arbitration matters** during this reporting period[138](index=138&type=chunk) [Significant Contracts and Their Performance](index=74&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section discloses significant guarantees and sales contracts executed by the company during the reporting period, including guarantees for subsidiaries and a **RMB 1.505 billion** wind turbine component sales contract with Mingyang Smart Energy Group - During the reporting period, all existing and new guarantees were for wholly-owned subsidiaries, with a total guarantee amount of **RMB 2.10 billion**, representing **56.63%** of the company's net assets[143](index=143&type=chunk) - The company signed a routine operating sales contract with Mingyang Smart Energy Group Co., Ltd., for a contract amount of **RMB 1.505 billion** (tax inclusive), providing wind turbine components such as hubs, nacelles, and main shafts[145](index=145&type=chunk) [Explanation of Progress in Use of Raised Funds](index=78&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) This section details the overall use of the company's raised funds and specific fundraising projects, including investment progress, realized benefits for IPO and refinancing projects, and arrangements for project completion and using surplus funds to supplement working capital Overall Use of Raised Funds | Source of Raised Funds | Net Amount of Raised Funds (RMB) | Committed Investment Total (RMB) | Total Raised Funds Invested as of Reporting Period End (RMB) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering (IPO) | 639,537,649.20 | 690,000,000.00 | 543,686,331.81 | 85.01 | | Issuance of Shares to Specific Objects | 1,287,370,060.68 | 1,700,000,000.00 | 1,011,096,743.83 | 78.54% | - The 'Special Alloy Material Expansion Project' was completed in February 2025, achieving **RMB 5.05 million** in benefits for the first half of 2025, with **RMB 79.60 million** of surplus raised funds permanently used to supplement working capital[151](index=151&type=chunk)[155](index=155&type=chunk) - The 'New Material R&D Center' project was completed by the end of December 2022, with **RMB 6.08 million** in surplus funds permanently used to supplement working capital[152](index=152&type=chunk) - The 'Hongmao Offshore Wind Power High-End Equipment R&D and Manufacturing Phase I Project' was completed in March 2023, achieving **RMB 11.30 million** in benefits for the first half of 2025[152](index=152&type=chunk) - In February 2025, due to an operational error by financial personnel, **RMB 3.50 million** was mistakenly transferred from the special raised funds account to the company's own funds account, and was immediately returned upon discovery[156](index=156&type=chunk) [Share Changes and Shareholder Information](index=85&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Capital Changes](index=85&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's share capital changed due to the conversion of convertible bonds and the cancellation of some repurchased shares, resulting in an increase of **11,656,271 unrestricted tradable shares** - A total of **RMB 409.96 million** of 'Guangda Convertible Bonds' were converted into company shares during the reporting period, with **19,656,271 shares** converted[161](index=161&type=chunk) - On June 30, 2025, the company implemented a partial share repurchase cancellation, with **8,000,000 shares** cancelled[161](index=161&type=chunk) - From the end of the reporting period to the semi-annual report disclosure date, basic earnings per share changed from **RMB 0.86/share** to **RMB 0.69/share**, diluted earnings per share from **RMB 0.73/share** to **RMB 0.69/share**, and net assets per share from **RMB 17.38/share** to **RMB 17.63/share**[162](index=162&type=chunk) - As of August 25, 2025, the company's total share capital was **280,489,356 shares**[163](index=163&type=chunk) [Shareholder Information](index=86&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section discloses the total number of common shareholders and the top ten shareholders' holdings as of the end of the reporting period, including shares held through ordinary securities accounts and credit trading accounts - As of the end of the reporting period, the total number of common shareholders was **15,843**[164](index=164&type=chunk) Top Ten Shareholders' Holdings (as of Reporting Period End) | Shareholder Name | Shares Held at Period End (Shares) | Proportion (%) | Share Status | Amount (Shares) | | :--- | :--- | :--- | :--- | :--- | | Zhangjiagang Guangda Investment Holding Group Co., Ltd. | 44,800,000 | 19.83 | None | 0 | | Xu Weiming | 12,650,000 | 5.60 | None | 0 | | Zhangjiagang Guangda Special Steel Co., Ltd. - 2024 Employee Stock Ownership Plan | 5,215,318 | 2.31 | None | 0 | | Zhangjiagang Wanding Investment Partnership (Limited Partnership) | 4,500,000 | 1.99 | None | 0 | | Guangdong Tianchuang Private Securities Investment Fund Management Co., Ltd. - Tianchuang No. 18 Private Securities Investment Fund | 3,530,141 | 1.56 | None | 0 | | Pan Zhinan | 3,153,194 | 1.40 | None | 0 | | China Pacific Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Products | 3,027,314 | 1.34 | None | 0 | | Sun Liping | 2,925,763 | 1.30 | None | 0 | | Ningbo October Wuxun Equity Investment Partnership (Limited Partnership) | 2,863,393 | 1.27 | None | 0 | | Qian Linling | 2,840,726 | 1.26 | None | 0 | - As of the end of the reporting period, Zhangjiagang Guangda Special Steel Co., Ltd.'s dedicated share repurchase securities account held **10,128,037 shares**, accounting for **4.48%** of the company's total share capital at period-end[168](index=168&type=chunk) [Bond-Related Information](index=90&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Convertible Corporate Bonds](index=90&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) This section details the issuance, holders, changes, conversion price adjustments, liabilities, and credit rating of 'Guangda Convertible Bonds,' highlighting the significant event of triggering and exercising the conditional early redemption clause - On October 13, 2022, the company publicly issued **RMB 1.55 billion** in convertible corporate bonds, abbreviated as 'Guangda Convertible Bonds' with bond code '118023', listed on the Shanghai Stock Exchange from November 9, 2022[172](index=172&type=chunk) - At period-end, there were **7,718 convertible bondholders**, and the company's convertible bonds had **no guarantors**[173](index=173&type=chunk) Convertible Bond Changes During the Reporting Period | Convertible Corporate Bond Name | Before This Change (RMB) | Change (Conversion) (RMB) | After This Change (RMB) | | :--- | :--- | :--- | :--- | | Guangda Convertible Bonds | 1,549,951,000 | 409,959,000 | 1,139,992,000 | - During the reporting period, the conversion amount was **RMB 409.96 million**, converting into **19,656,271 shares**; the cumulative converted shares accounted for **9.18%** of the company's total shares issued before conversion[177](index=177&type=chunk) - The conversion price of 'Guangda Convertible Bonds' has been adjusted multiple times, with the latest conversion price at **RMB 20.84/share** as of the end of this reporting period[179](index=179&type=chunk) - China Chengxin Pengyuan Credit Rating Co., Ltd. rated the company's corporate credit rating as **AA-**, with a stable outlook[181](index=181&type=chunk) - 'Guangda Convertible Bonds' triggered the conditional redemption clause, and the company's board of directors decided to exercise the early redemption right[182](index=182&type=chunk)[183](index=183&type=chunk) - On August 25, 2025, the company redeemed **RMB 4.464 million** (44,640 bonds) of 'Guangda Convertible Bonds', with a total redemption payment of **RMB 4,502,650.88** (including current interest)[183](index=183&type=chunk) [Financial Report](index=93&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Financial Statements](index=93&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company balance sheets, income statements, and cash flow statements for the first half of 2025, comprehensively illustrating its financial position, operating results, and cash movements Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Amount (RMB) | | :--- | :--- | | Total Assets | 12,197,236,743.90 | | Total Liabilities | 8,089,970,241.30 | | Total Equity Attributable to Parent Company Owners | 3,708,256,948.39 | Consolidated Income Statement Key Data (January-June 2025) | Item | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | 2,534,397,638.82 | | Total Profit | 238,883,263.80 | | Net Profit | 215,313,795.25 | | Net Profit Attributable to Parent Company Shareholders | 185,097,066.17 | Consolidated Cash Flow Statement Key Data (January-June 2025) | Item | Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | -343,385,806.72 | | Net Cash Flow from Investing Activities | -28,514,329.97 | | Net Cash Flow from Financing Activities | 390,380,374.69 | [Company Basic Information](index=117&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section briefly introduces the company's historical evolution, registration information, stock listing status, and main business, clarifying its engagement in the metal products industry, primarily focusing on the production and sales of advanced steel materials - The company's predecessor was Zhangjiagang Guangda Machinery Co., Ltd., which was wholly converted into a joint-stock company on January 30, 2018[221](index=221&type=chunk) - The company's shares were listed and traded on the Shanghai Stock Exchange on February 11, 2020[221](index=221&type=chunk) - The company belongs to the metal products industry, with its main business activities being the production and sales of advanced steel materials[221](index=221&type=chunk) [Basis of Financial Statement Preparation](index=117&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) This section clarifies that the company's financial statements are prepared on a going concern basis, with no significant doubts regarding its ability to continue as a going concern for the next 12 months from the reporting period end - The company's financial statements are prepared on a **going concern basis**[222](index=222&type=chunk) - There are **no matters or circumstances** that would cause significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[223](index=223&type=chunk) [Significant Accounting Policies and Estimates](index=117&type=section&id=%E4%BA%94%E3%80%81%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 section details the company's specific accounting policies and estimates for financial instrument impairment, inventories, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition, also explaining any accounting policy changes during the reporting period - The company adheres to the requirements of enterprise accounting standards, with the accounting year running from January 1 to December 31 of the Gregorian calendar, and the functional currency being **RMB**[225](index=225&type=chunk)[226](index=226&type=chunk)[228](index=228&type=chunk) - Financial assets are classified upon initial recognition into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in current profit or loss[234](index=234&type=chunk) - Inventory is issued using the **weighted average method** at month-end, and inventory impairment provisions are made for the difference when cost exceeds net realizable value[248](index=248&type=chunk)[249](index=249&type=chunk) Fixed Asset Depreciation Methods | Category | Depreciation Method | Depreciation Period (Years) | Salvage Rate | Annual Depreciation Rate | | :--- | :--- | :--- | :--- | :--- | | Buildings and Structures | Straight-line Method | 20-40 | 5.00 | 2.38-4.75 | | Specialized Equipment | Straight-line Method | 5-15 | 5.00 | 6.33-19.00 | | Transportation Vehicles | Straight-line Method | 4-5 | 5.00 | 19.00-23.75 | | Other Equipment | Straight-line Method | 3-8 | 5.00 | 11.88-31.67 | - The company primarily sells alloy materials and alloy products, fulfilling performance obligations at a specific point in time, and recognizes revenue when customers obtain control of the related goods or services[281](index=281&type=chunk) - The company has implemented the relevant provisions of 'Interpretation No. 17 of Accounting Standards for Business Enterprises' and 'Interpretation No. 18 of Accounting Standards for Business Enterprises' issued by the Ministry of Finance, effective from January 1, 2024[295](index=295&type=chunk) [Taxation](index=138&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section discloses the company's main tax categories and rates, along with applicable tax preferential policies, including high-tech enterprise income tax incentives and value-added tax (VAT) additional deduction policies for advanced manufacturing - Value-added tax (VAT) rates are **13%**, **9%**, and **5%**; export goods are subject to a 'exemption, offset, refund' policy, with a refund rate of **13%**[296](index=296&type=chunk) - The company, Deyang Guangda Dongqi New Material Co., Ltd., Rugao Hongmao Cast Steel Co., Ltd., Rugao Hongmao Heavy Forging Co., Ltd., Deyang Guangda Xinhong Technology Co., Ltd., and Jiangsu Guangda Xinsheng Precision Manufacturing Co., Ltd. all enjoy a **15%** preferential corporate income tax rate as high-tech enterprises[298](index=298&type=chunk)[299](index=299&type=chunk)[300](index=300&type=chunk) - The company, Hongmao Cast Steel Co., Hongmao Heavy Forging Co., and Xinsheng Precision Co. are eligible for a **5%** additional VAT deduction policy for advanced manufacturing[300](index=300&type=chunk) [Notes to Consolidated Financial Statement Items](index=140&type=section&id=%E4%B8%83%E3%80%81%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 section provides detailed notes and analysis for each asset, liability, equity, revenue, cost, and expense item in the consolidated financial statements, including period-end balances, beginning balances, reasons for changes, and related accounting treatments Monetary Funds (Period-End Balance) | Item | Amount (RMB) | | :--- | :--- | | Cash on Hand | 87,806.57 | | Bank Deposits | 678,371,831.32 | | Other Monetary Funds | 160,713,543.02 | | Total | 839,173,180.91 | Notes Receivable (Period-End Balance) | Item | Amount (RMB) | | :--- | :--- | | Bank Acceptance Bills | 547,560,483.66 | | Commercial Acceptance Bills | 302,501,726.71 | | Finance Company Acceptance Bills | 3,346,976.21 | | Total | 853,409,186.58 | - Accounts receivable book value at period-end was **RMB 1,599.86 million**, with bad debt provisions of **RMB 111.06 million**[313](index=313&type=chunk)[318](index=318&type=chunk) - Inventory book value at period-end was **RMB 2,518.34 million**, primarily comprising raw materials, work-in-progress, and finished goods[346](index=346&type=chunk) - Fixed assets book value at period-end was **RMB 4,212.02 million**, with accumulated depreciation of **RMB 1,464.03 million**[359](index=359&type=chunk) - Construction in progress balance at period-end was **RMB 1,113.11 million**, mainly for the Large High-End Equipment Core Precision Components Project[365](index=365&type=chunk) - Short-term borrowings balance at period-end was **RMB 1,181.65 million**, including **RMB 564.57 million** in credit borrowings[395](index=395&type=chunk) - Bonds payable balance at period-end was **RMB 1,045.02 million**, representing convertible corporate bonds[418](index=418&type=chunk) Operating Revenue and Operating Cost (Current Period Occurrence) | Item | Revenue (RMB) | Cost (RMB) | | :--- | :--- | :--- | | Main Business | 2,489,856,066.50 | 1,974,852,044.99 | | Other Businesses | 44,541,572.32 | 34,698,672.11 | | Total | 2,534,397,638.82 | 2,009,550,717.10 | - R&D expenses incurred in the current period amounted to **RMB 103.04 million**, a year-on-year increase of **32.34%**[448](index=448&type=chunk) - Net cash flow from operating activities was **-RMB 343.39 million**[473](index=473&type=chunk) [R&D Expenditures](index=197&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) This section discloses the company's R&D expenditures by nature of expense for the reporting period, primarily including material trial production costs, employee compensation, and depreciation expenses, all of which are expensed R&D expenditures R&D Expenditures (Current Period Occurrence) | Item | Amount (RMB) | | :--- | :--- | | Employee Compensation | 27,495,646.59 | | Direct Input (Material Trial Production Costs) | 70,577,580.72 | | Depreciation Expenses | 4,771,437.60 | | Other Expenses | 199,447.32 | | Total | 103,044,112.23 | | Of which: Expensed R&D Expenditures | 103,044,112.23 | [Interests in Other Entities](index=199&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section details the composition of the company's enterprise group, including the main operating locations, registered capital, business nature, shareholding percentages of each subsidiary, and key financial information for significant non-wholly-owned subsidiaries (Guangda New Material Co.) Subsidiary Information | Subsidiary Name | Main Operating Location | Registered Capital (RMB) | Business Nature | Shareholding (%) | | :--- | :--- | :--- | :--- | :--- | | Guangda Steel Co. | Zhangjiagang, Jiangsu | 12,800,000.00 | Commercial | 100 | | Xinsheng International Trade Co. | Zhangjiagang, Jiangsu | 15,000,000.00 | Commercial | 100 | | Hongmao Cast Steel Co. | Rugao, Jiangsu | 516,085,500.00 | Manufacturing | 100 | | Xinsheng Intelligent Manufacturing Co. | Zhangjiagang, Jiangsu | 500,000,000.00 | Manufacturing | 100 | | Hongmao Heavy Forging Co. | Rugao, Jiangsu | 90,000,000.00 | Manufacturing | 100 | | Guangda New Material Co. | Deyang, Sichuan | 100,000,000.00 | Manufacturing | 51 | | Xinhong Technology Co. | Deyang, Sichuan | 100,000,000.00 | Services | 100 | | Xinhua Metal Co. | Rugao, Jiangsu | 40,000,000.00 | Services | 100 | - Guangda New Material Co. is a significant non-wholly-owned subsidiary, with a minority shareholder stake of **49.00%**, and profit/loss attributable to minority shareholders for the current period was **RMB 30.22 million**[489](index=489&type=chunk) - Guangda New Material Co.'s operating revenue for the current period was **RMB 744.29 million**, with a net profit of **RMB 61.67 million**[491](index=491&type=chunk) [Government Grants](index=202&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) This section discloses government grant-related liability items and amounts recognized in current profit or loss for the reporting period, primarily comprising asset-related deferred income and income-related government grants Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (RMB) | New Grants Added This Period (RMB) | Amount Recognized in Non-operating Income This Period (RMB) | Transferred to Other Income This Period (RMB) | Period-End Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 8,131,429.45 | 10,000,000.00 | 0 | 920,057.01 | 17,211,372.44 | Asset-related | - Total government grants recognized in current profit or loss for this period amounted to **RMB 4,987,528.30**[495](index=495&type=chunk) [Risks Related to Financial Instruments](index=203&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) This section elaborates on the company's exposure to credit risk, liquidity risk, and market risks (including interest rate and foreign exchange risks), detailing the strategies and measures implemented to manage these exposures - The company's objective in risk management is to balance risk and return, minimizing the negative impact of risks on operating performance and maximizing the interests of shareholders and other equity investors[495](index=495&type=chunk) - The company faces **credit risk**, **liquidity risk**, and **market risks** (interest rate risk and foreign exchange risk)[495](index=495&type=chunk) - Credit risk primarily arises from monetary funds and receivables, managed by depositing funds with highly-rated financial institutions and regularly assessing customer creditworthiness[497](index=497&type=chunk) - Liquidity risk is controlled through a comprehensive use of various financing methods such as bill settlements and bank borrowings, combining long-term and short-term financing appropriately[498](index=498&type=chunk) - As of June 30, 2025, the company's bank borrowings with floating interest rates amounted to **RMB 2,322.53 million**[501](index=501&type=chunk) [Disclosure of Fair Value](index=207&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses the period-end fair value of the company's assets and liabilities measured at fair value, primarily involving receivables financing, and explains the valuation techniques for Level 3 fair value measurement items - Total assets continuously measured at fair value amounted to **RMB 256.87 million**, all classified as Level 3 fair value measurements, primarily consisting of receivables financing[508](index=508&type=chunk) - Level 3 fair value measured receivables financing includes bank acceptance bills receivable and non-recourse Yunxin, Jianxin Rongtong, Tongbao, etc., with fair value determined by their face value or book value net of bad debt provisions[510](index=510&type=chunk) [Related Parties and Related Party Transactions](index=209&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section discloses information on the company's parent company and subsidiaries, as well as related party transactions during the reporting period, including related party guarantees and key management personnel compensation - The parent company is Zhangjiagang Guangda Investment Holding Group Co., Ltd., with a registered capital of **RMB 93.80 million** and a **19.83%** shareholding in the company[513](index=513&type=chunk) - The ultimate controlling parties of the company are Xu Weiming and Xu Xiaohui (father and son), who directly and indirectly control **28.4%** of the company's shares[514](index=514&type=chunk) - The company, as the guaranteed party, received guarantees from Zhangjiagang Guangda Investment Holding Group Co., Ltd., totaling **RMB 199.97 million**[519](index=519&type=chunk) - Key management personnel compensation for the current period was **RMB 3.04 million**[520](index=520&type=chunk) [Commitments and Contingencies](index=213&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) This section states that as of the balance sheet date, the company has no significant commitments or contingencies requiring disclosure - As of the balance sheet date, the company has **no significant commitments or contingencies** requiring disclosure[522](index=522&type=chunk) [Events After the Balance Sheet Date](index=214&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) This section discloses that there are no proposed profit distributions or dividends after the balance sheet date - Proposed profit distribution or dividends amounted to **RMB 0**[525](index=525&type=chunk) [Other Significant Matters](index=214&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section briefly explains the basis for determining segment information, stating that the company's main business is managed and evaluated as a single entity, thus no segment information is required for disclosure - The company's main business involves the production and sales of alloy materials and products, which is managed and evaluated as a single entity, therefore **no segment information** is required for disclosure[527](index=527&type=chunk) [Notes to Parent Company Financial Statement Key Items](index=215&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on key items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and R&D expenses, reflecting the parent company's financial position and operating activities - Parent company accounts receivable book value at period-end was **RMB 868.79 million**, with bad debt provisions of **RMB 55.62 million**[216](index=216&type=chunk)[532](index=532&type=chunk)[535](index=535&type=chunk) - Parent company other receivables book balance at period-end was **RMB 2,580.54 million**, of which **RMB 2,571.93 million** were related party transactions within the consolidated scope[218](index=218&type=chunk)[544](index=544&type=chunk) - Parent company long-term equity investments book value at period-end was **RMB 1,700.51 million**, entirely consisting of investments in subsidiaries[223](index=223&type=chunk)[554](index=554&type=chunk)[556](index=556&type=chunk) Parent Company Operating Revenue and Operating Cost (Current Period Occurrence) | Item | Revenue (RMB) | Cost (RMB) | | :--- | :--- | :--- | | Main Business | 1,418,270,329.33 | 1,243,050,379.62 | | Other Businesses | 38,061,601.13 | 34,273,158.01 | | Total | 1,456,331,930.46 | 1,277,323,537.63 | - Parent company R&D expenses incurred in the current period amounted to **RMB 36.80 million**[226](index=226&type=chunk)[565](index=565&type=chunk) [Supplementary Information](index=226&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides supplementary information, including a detailed statement of non-recurring gains and losses, return on net assets, and earnings per share, further refining the company's financial performance - Total non-recurring gains and losses amounted to **RMB 6,329,579.83**[227](index=227&type=chunk)[568](index=568&type=chunk) Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share (Basic EPS) | Earnings Per Share (Diluted EPS) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 4.97 | 0.86 | 0.73 | | Net Profit Attributable to Ordinary Shareholders of the Company After Deducting Non-Recurring Gains and Losses | 4.80 | 0.83 | 0.71 |

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Section I Definitions [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines key terms and entities used in the report, including the company name "Star Group", controlling shareholder "Fujian Big Data Group", and names of several subsidiaries and affiliates, ensuring clear understanding of the report content - "Star Group", "Company", "The Company", "Listed Company", "Star Stock Company" all refer to Fujian Star Group Co., Ltd[12](index=12&type=chunk) - "Fujian Big Data Group", "Big Data Group" refer to Fujian Big Data Group Co., Ltd[12](index=12&type=chunk) - The report also defines multiple subsidiaries and affiliates, such as Fujian Shusheng, Jinxi Qiyuan, Zhongke Rongtong, Beijing Shuzhi Research Institute, etc[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's basic registration information, including its Chinese name, abbreviation, foreign name and its abbreviation, and legal representative - The company's Chinese name is Fujian Star Group Co., Ltd., and its Chinese abbreviation is Star Group[14](index=14&type=chunk) - The company's legal representative is Zhu Xiangdong[14](index=14&type=chunk) [II. Contact Person and Contact Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%20%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section lists the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative, facilitating communication for investors and relevant parties - The Board Secretary is Dai Xiaoyan, and the Securities Affairs Representative is Chen Xiafei[15](index=15&type=chunk) - The company's contact address is Building D6, Big Data Technology Park, No. 43 Duwu, Jingxi Town, Minhou County, Fuzhou City[15](index=15&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%20%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section introduces the historical changes in the company's registered address and provides the company's office address, postal code, website, and email address - The company's registered address changed from Building C, Zone A, Science and Technology Industrial Park, Fuzhou Economic and Technological Development Zone to 16th Floor, Building 1, No. 8 Zhihui Road, Wenwusha Town, Changle District, Fuzhou City, Fujian Province on **December 16, 2024**[16](index=16&type=chunk) - The company's office address is Building D6, Big Data Technology Park, No. 43 Duwu, Jingxi Town, Minhou County, Fuzhou City, Fujian Province[16](index=16&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Placement Locations](index=5&type=section&id=%E5%9B%9B%E3%80%81%20%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section specifies the company's designated newspapers for information disclosure, the website address for semi-annual reports, and the location where reports are kept - The newspapers selected by the company for information disclosure include China Securities Journal, Securities Daily, Shanghai Securities News, and Securities Times[17](index=17&type=chunk) - The website address for publishing semi-annual reports is www.sse.com.cn[17](index=17&type=chunk) [V. Company Stock Profile](index=5&type=section&id=%E4%BA%94%E3%80%81%20%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides the company's stock listing information, including stock type, listing exchange, stock abbreviation, and code - The company's stock is **A-shares**, listed on the Shanghai Stock Exchange, with the stock abbreviation Star Group and stock code **600734**[18](index=18&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%20%E5%85%AC%E5%8F%B8%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) This section presents the company's key accounting data and financial indicators for the current reporting period (**Jan-Jun 2025**) compared to the same period last year, showing a significant increase in operating revenue, but a shift from profit to loss for total profit and net profit attributable to shareholders, with a narrowed loss in net cash flow from operating activities Key Accounting Data (Jan-Jun 2025 vs. Jan-Jun 2024) | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | **105,941,146.64** CNY | **33,328,709.73** CNY | **217.87** | | Total Profit | **-57,242,676.24** CNY | **46,425,494.62** CNY | **-223.30** | | Net Profit Attributable to Listed Company Shareholders | **-55,508,655.90** CNY | **51,326,472.43** CNY | **-208.15** | | Net Cash Flow from Operating Activities | **-31,980,272.69** CNY | **-61,967,117.86** CNY | **48.39** | | Net Assets Attributable to Listed Company Shareholders (End of Period) | **342,407,380.05** CNY | **397,916,031.06** CNY | **-13.95** | | Total Assets (End of Period) | **1,089,859,208.13** CNY | **1,082,768,698.26** CNY | **0.65** | Key Financial Indicators (Jan-Jun 2025 vs. Jan-Jun 2024) | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | **-0.0255** | **0.0236** | **-208.05** | | Diluted Earnings Per Share (CNY/share) | **-0.0255** | **0.0236** | **-208.05** | | Basic EPS After Non-Recurring Gains and Losses (CNY/share) | **-0.0237** | **-0.0125** | **-89.60** | | Weighted Average ROE (%) | **-14.9958** | **12.2812** | 减少**27.28**个百分点 | | Weighted Average ROE After Non-Recurring Gains and Losses (%) | **-13.9693** | **-6.5039** | 减少**7.47**个百分点 | [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section lists the specific amounts of non-recurring gains and losses items during the reporting period, totaling **CNY -3,799,732.10**, primarily including disposal gains/losses of non-current assets and other non-operating income and expenses Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Disposal gains/losses of non-current assets, including reversal of impairment provisions | **-1,524,862.29** | | Government grants recognized in profit or loss | **100,000.00** | | Other non-operating income and expenses apart from the above | **-2,342,235.08** | | Less: Income tax impact | **32,634.63** | | Impact on minority interests (after tax) | **0.10** | | Total | **-3,799,732.10** | Section III Management Discussion and Analysis [I. Description of the Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company operates in the software development sector of information technology services, focusing on the big data industry, including system integration, operation, and software products in digital government, smart education, intelligent computing power, and data flow. The company adheres to a "computing power + data + education + AI" integrated strategy, aiming to provide comprehensive digital transformation solutions - The company's industry is software development (I651) within information technology services (I65), and software and information technology services (I65) as classified by the China Securities Regulatory Commission[24](index=24&type=chunk) - The company focuses on the big data industry, with main businesses covering system integration, operation, and software products in digital government, smart education, intelligent computing power, and data flow[24](index=24&type=chunk) - The company's strategic positioning is "computing power + data + education + AI" as a four-in-one approach, aiming to seize industry restructuring opportunities and strengthen advantages in technology R&D, scenario implementation, and ecological collaboration[24](index=24&type=chunk) [(I) Company's Main Business and Product Overview](index=7&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E5%8F%8A%E4%BA%A7%E5%93%81%E6%83%85%E5%86%B5) The company's main businesses include intelligent computing power, smart education, cross-border data flow, and digital government. In intelligent computing, it actively deploys AI large model computing power, implementing smart computing center projects; smart education builds a multi-level education system, exploring "AI+education" applications; cross-border data flow provides compliant hosting and secure platforms; and digital government offers lake-warehouse integrated data platforms and unified payment platforms - Intelligent computing power business: closely follows AI large model computing power demands, develops computing power scheduling platforms and enterprise-level container cloud platforms, and implements the second phase of the Kerong Cloud Smart Computing Center Phase I project and expansion project, and the Gulou Smart Computing Center Phase II construction and operation project[25](index=25&type=chunk) - Smart education business: builds a multi-level education system covering basic education, higher education, vocational education, and employment guidance services, implements the Fujian Provincial Smart Education Platform project, and explores "AI+education" application scenarios[25](index=25&type=chunk)[26](index=26&type=chunk) - Cross-border data flow business: develops a cross-border data flow service platform, providing compliant hosting, secure platform, and compliance platform functions, which has been implemented and is operating in Pingtan[27](index=27&type=chunk)[28](index=28&type=chunk) - Digital government business: independently develops "Lake-Warehouse Integrated Data Platform" and "Unified Payment Platform", providing data management, analysis, and payment settlement services for governments and enterprises[28](index=28&type=chunk)[29](index=29&type=chunk) [(II) Main Business Models](index=8&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's business model covers four aspects: profitability, sales, research and development, and procurement. The profitability model primarily generates revenue through system development, construction, maintenance fees, and project operations; the sales model is diversified, including government procurement, enterprise and public institution bidding, direct sales, and agency sales; the R&D model adopts a multi-level system, progressing through planning, design, R&D, and acceptance stages; and the procurement model follows the "Procurement Management Measures," selecting optimal suppliers through various methods - Profitability model: mainly includes system development, construction, and maintenance fees (providing customized solutions) and project operations (providing intelligent computing power, smart education, cross-border data, and other services)[30](index=30&type=chunk) - Sales model: includes government procurement projects, public bidding by enterprises and public institutions, direct sales (including agency sales), as well as agent recruitment and sales sharing models, and joint investment and construction models[30](index=30&type=chunk)[31](index=31&type=chunk) - R&D model: builds a multi-level R&D system, with the entire product R&D process divided into four stages: planning, design, product R&D, and acceptance[31](index=31&type=chunk) - Procurement model: follows the "Procurement Management Measures", adopting various methods such as bidding and non-bidding procurement, selecting optimal suppliers based on supply capacity, quality, price, after-sales service, and other factors[32](index=32&type=chunk) [II. Discussion and Analysis of Operations](index=10&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue increased by **217.87%** to **CNY 106 million**, primarily due to the growth of its big data business. However, net profit attributable to owners of the parent company incurred a loss of **CNY 55.5087 million**, a year-on-year decrease of **208.15%**, mainly due to increased project costs and a significant reduction in the high investment income from the disposal of long-term equity investments in the same period last year. The company continues to focus on its main business, enhance R&D capabilities, deepen brand building, and construct a comprehensive industrial cooperation ecosystem 2025 Semi-Annual Operating Performance Overview | Indicator | Amount (CNY 10,000) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | **10,600** | **217.87** | | Net Profit Attributable to Parent Company Owners | **-5,550.87** | **-208.15** | | Net Profit Attributable to Parent Company Owners After Non-Recurring Gains and Losses | **-5,170.89** | **-90.24** | - Main reasons for performance loss: first, increased costs for some undertaken projects; second, investment income of **CNY 80.6957 million** from the disposal of long-term equity investments in the same period last year, with a significant year-on-year decrease in investment income this period[34](index=34&type=chunk) - Big data business achieved operating revenue of **CNY 104.2555 million**, accounting for **98.41%**[34](index=34&type=chunk) [(I) Actively Promoting Business Development, Focusing on Core Responsibilities](index=10&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E7%A7%AF%E6%9E%81%E6%8E%A8%E8%BF%9B%E4%B8%9A%E5%8A%A1%E5%8F%91%E5%B1%95%EF%BC%8C%E8%81%9A%E7%84%A6%E4%B8%BB%E8%B4%A3%E4%B8%BB%E4%B8%9A) The company continues to deepen its strategic layout in intelligent computing power, successfully participating in the Keramay Kerong Cloud Smart Computing Center (Phase I) expansion project and introducing high-performance inference servers. In data flow, it deepens cooperation with Pingtan Comprehensive Experimental Zone to promote the implementation of cross-border data compliance services. In smart education, it undertakes the "Fujian Smart Education Platform Project" and implements the "Gulou District Home-School Co-education Smart Cloud Platform," assisting in digital transformation of education - Intelligent computing power: actively participates in the construction of the Keramay Kerong Cloud Smart Computing Center (Phase I) expansion project, introducing higher-performance inference servers for the first time, enhancing the smart computing center's inference capabilities for high-concurrency, low-latency scenarios, and supporting medical large model applications[35](index=35&type=chunk) - Data flow: continues to deepen cooperation with Pingtan Comprehensive Experimental Zone, steadily operates the cross-border data flow service hub platform, building a "secure, controllable, convenient, efficient, and ecologically prosperous" cross-border data service ecosystem, achieving service closure and revenue growth[36](index=36&type=chunk) - Smart education: undertakes the Ministry of Education's first batch of provincial pilot projects "Fujian Smart Education Platform Project", implements the "Gulou District Home-School Co-education Smart Cloud Platform", and holds a special training session on "AI Empowerment, Leading Innovation and Transformation in Education and Teaching"[37](index=37&type=chunk) [(II) Enhancing Technology R&D Capabilities, Accelerating Enterprise Innovation](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%8F%90%E5%8D%87%E6%8A%80%E6%9C%AF%E7%A0%94%E5%8F%91%E6%B0%B4%E5%B9%B3%EF%BC%8C%E5%8A%A0%E5%BF%AB%E4%BC%81%E4%B8%9A%E5%88%9B%E6%96%B0) During the reporting period, the company's total R&D investment reached **CNY 10.2611 million**, continuously strengthening product R&D and technological innovation. As of the end of the reporting period, the company owned **68** valid invention patents, utility model patents, and design patents, as well as **134** software copyright certificates, with **1** new patent added in **2025** - Total R&D investment was **CNY 10.2611 million**, continuously promoting technological innovation[38](index=38&type=chunk) - As of the end of the reporting period, the company owned **68** valid invention patents, utility model patents, and design patents, **134** software copyright certificates, with **1** new patent added in **2025**[38](index=38&type=chunk) [(III) Deepening Brand Building and Implementation of Innovation Achievements](index=10&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E6%B7%B1%E5%8C%96%E5%93%81%E7%89%8C%E5%BB%BA%E8%AE%BE%E4%B8%8E%E5%88%9B%E6%96%B0%E6%88%90%E6%9E%9C%E8%90%BD%E5%9C%B0) The company continuously strengthens the influence of benchmark cases, such as the "Gulou District Home-School Co-education Smart Cloud Platform" being recognized as an excellent case and showcased at the Digital China Summit, regularly enhances value communication, leads the establishment of the Fujian Provincial Computing Power Ecosystem Alliance, and actively strives for enterprise qualifications and honors, enhancing brand image and market competitiveness - The "Gulou District Home-School Co-education Smart Cloud Platform" was recognized as an excellent case in Fujian Province's "AI+Basic Education" and showcased at the 8th Digital China Summit, demonstrating innovative solutions for AI-empowered education[38](index=38&type=chunk)[39](index=39&type=chunk) - Led the establishment of the Fujian Provincial Computing Power Ecosystem Alliance, which was officially formed during the 8th Digital China Construction Summit[39](index=39&type=chunk) - Successfully selected as a leading software enterprise in Fuzhou City for **2025** and one of the first batch of data enterprises in Fujian Province, and obtained the IDC/ISP value-added telecommunications business license[39](index=39&type=chunk) [(IV) Building a Comprehensive Industrial Cooperation Ecosystem](index=11&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E6%9E%84%E5%BB%BA%E5%85%A8%E5%9F%9F%E4%BA%A7%E4%B8%9A%E5%90%88%E4%BD%9C%E7%94%9F%E6%80%81) The company continuously expands its strategic cooperation network, promotes regional ecological layout, co-builds a "cloud + computing power + AI + education" integrated ecosystem with Fuzhou Electronic Information Group and Guangxi Nanning Wuxiang New Area, and signs a cooperation agreement with Alibaba Cloud. Simultaneously, it strengthens in-depth discussions with institutions such as the National Information Center and Pengcheng Laboratory, focusing on computing platform construction and operation, and the development of the "AI+education" industry - Promotes regional ecological layout, co-builds a "cloud + computing power + AI + education" integrated ecosystem with Fuzhou Electronic Information Group and Guangxi Nanning Wuxiang New Area, driving the implementation of AI education projects in Nanning and radiating to the ASEAN market[39](index=39&type=chunk) - Signed a cooperation agreement with Alibaba Cloud, deeply integrating cutting-edge technologies such as cloud computing and artificial intelligence with the company's application scenarios in intelligent computing power, cross-border data, and smart education[39](index=39&type=chunk) - Strengthens exchanges with institutions such as the National Information Center, Pengcheng Laboratory, and Institute of Computing Technology, Chinese Academy of Sciences, and organized a seminar on the development of the "AI+education" industry[40](index=40&type=chunk) [(V) Deepening Training to Promote Learning and Improvement, Improving Incentive and Assessment Mechanisms](index=11&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E6%B7%B1%E5%8C%96%E5%9F%B9%E8%AE%AD%E4%BB%A5%E5%AD%A6%E4%BF%83%E7%94%A8%E8%B0%8B%E6%8F%90%E5%8D%87%EF%BC%8C%E5%AE%8C%E5%96%84%E6%BF%80%E5%8A%B1%E8%80%83%E6%A0%B8%E6%9C%BA%E5%88%B6) The company continuously deepens its "talent-driven development" strategy, enhancing employee capabilities through the "Star Lecture Hall" training system, and improving the performance appraisal mechanism, cascading company strategic goals and operating performance targets, linking appraisal results with employee performance wages and salary adjustments, to ensure the achievement of annual operating goals - Continuously deepens the "talent-driven development" strategy, through the "Star Lecture Hall" training system, organizing multiple special training sessions on topics such as artificial intelligence, smart education, intellectual property, safety production, and compliance management for listed companies[40](index=40&type=chunk) - Improves the performance appraisal mechanism, cascading company strategic goals and operating performance targets, conducting departmental and employee appraisals using quantitative + qualitative multi-dimensional methods[40](index=40&type=chunk) - Appraisal results are effectively linked with employee performance wages, job levels, or salary adjustments, aiming to build a high-quality, high-performance talent team[40](index=40&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=11&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness lies in its policy resource advantages, enterprise brand advantages, product technology advantages, and cooperative operation advantages. The company actively responds to national digital strategies, possesses **over 30 years** of brand heritage, has a comprehensive product ecosystem service system and multiple patented technologies, and achieves light-asset operation and rapid replication by integrating industry ecosystems and industry-university-research resources - Policy resource advantages: actively responds to national policies such as Digital China and Digital Government, participates in the compilation of the "Fujian Provincial Digital Government Reform and Construction Overall Plan", and jointly releases the "White Paper on Data Element Application in University Digital Transformation"[41](index=41&type=chunk)[42](index=42&type=chunk) - Enterprise brand advantages: established in **1988**, it is China's first listed IT enterprise, with **over 30 years** of brand heritage, focusing on digital government, intelligent computing power, smart education, and data flow businesses with the support of Fujian Big Data Group, accumulating extensive customer resources[42](index=42&type=chunk) - Product technology advantages: committed to providing top-level planning and design, standardized products, data operation, and integration services, owning **68** valid invention patents, utility model patents, and design patents, **134** software copyright certificates, including multiple AI-related national patents[42](index=42&type=chunk)[43](index=43&type=chunk) - Cooperative operation advantages: integrates high-quality industry ecosystems, leading enterprises, and research institutions as partners, promoting product R&D, project cooperation, and data operation, adopting a light-asset operation model to achieve rapid replication and economies of scale[43](index=43&type=chunk) [IV. Major Operating Conditions During the Reporting Period](index=12&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section details the company's financial statement item changes, asset and liability status, investment situation, and operating performance of major controlled and investee companies during the reporting period. Operating revenue and costs significantly increased due to the growth of the big data business, but investment income substantially decreased due to the disposal of a subsidiary in the previous period, leading to losses in total profit and net profit. The company's total assets slightly increased, net assets decreased, inventory and accounts payable significantly increased, and there are large amounts of restricted assets [(I) Analysis of Main Business](index=12&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The analysis of the company's main business shows that both operating revenue and operating costs significantly increased during the reporting period, primarily due to the increase in big data business. Total profit and net profit attributable to shareholders of the listed company shifted from profit to loss, mainly affected by a substantial decrease in investment income from the disposal of a subsidiary in the same period last year. Net cash flow from operating activities narrowed its loss, while net cash flow from investing activities significantly decreased due to the receipt of equity transfer payments from the disposal of a subsidiary in the previous period Analysis of Changes in Financial Statement Items (Jan-Jun 2025 vs. Jan-Jun 2024) | Item | Current Period (CNY) | Prior Period (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | **105,941,146.64** | **33,328,709.73** | **217.87** | 主要系本期大数据业务增加所致 | | Operating Costs | **103,016,125.42** | **13,258,498.53** | **676.98** | 主要系本期大数据业务增加所致 | | Total Profit | **-57,242,676.24** | **46,425,494.62** | **-223.30** | (未明确说明，但由盈转亏) | | Net Profit Attributable to Listed Company Shareholders | **-55,508,655.90** | **51,326,472.43** | **-208.15** | (未明确说明，但由盈转亏) | | Investment Income | **-1,022,216.40** | **81,198,521.64** | **-101.26** | 主要系上期处置子公司所致 | | Net Cash Flow from Operating Activities | **-31,980,272.69** | **-61,967,117.86** | **48.39** | 主要系本期日常经营支出减少 | | Net Cash Flow from Investing Activities | **3,768,952.73** | **112,614,982.98** | **-96.65** | 主要系上期处置子公司，收到股权转让款所致 | [(III) Analysis of Assets and Liabilities](index=13&type=section&id=%28%E4%B8%89%29%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets slightly increased, while net assets attributable to shareholders of the listed company decreased. The asset and liability structure changed significantly, with inventory increasing by **2,321.82%** due to project costs not yet recognized, and accounts payable increasing by **35.70%** due to increased project payables. Simultaneously, right-of-use assets, long-term deferred expenses, non-current liabilities due within one year, and lease liabilities significantly decreased due to the termination of property leases Changes in Assets and Liabilities (End of Period vs. End of Previous Year) | Item Name | Current Period End (CNY) | Prior Year End (CNY) | Change (%) | Description | | :--- | :--- | :--- | :--- | :--- | | Prepayments | **22,234,742.34** | **33,792,118.47** | **-34.20** | 主要系本期项目结转成本 | | Other Receivables | **12,014,603.15** | **9,074,594.15** | **32.40** | 主要系本期其他往来款增加 | | Inventory | **31,710,942.16** | **1,309,384.82** | **2,321.82** | 主要系本期正在执行中的项目成本尚未结转 | | Right-of-Use Assets | **12,275,495.71** | **24,737,506.91** | **-50.38** | 主要系本期房屋租赁终止 | | Long-Term Deferred Expenses | **8,109.14** | **3,278,698.35** | **-99.75** | 主要系本期房屋租赁终止，装修款一次性摊销 | | Accounts Payable | **162,332,618.25** | **119,624,067.03** | **35.70** | 主要系本期项目应付款增加 | | Non-Current Liabilities Due Within One Year | **6,251,852.79** | **11,246,735.58** | **-44.41** | 主要系本期房屋租赁终止 | | Lease Liabilities | **8,307,135.86** | **15,019,547.35** | **-44.69** | 主要系本期房屋租赁终止 | | Provisions | **3,013,669.32** | **2,033,770.18** | **48.18** | 主要系本期未决诉讼逾期损失增加 | | Deferred Income Tax Liabilities | **31,159.90** | **165,544.07** | **-81.18** | 主要系本期房屋租赁终止 | Major Asset Restrictions as of the End of the Reporting Period | Item | Book Balance (CNY) | Book Value (CNY) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | **3,755,026.82** | **3,755,026.82** | Frozen | Judicial freeze, margin | | Accounts Receivable | **28,994,983.99** | **1,932,878.82** | Pledged | Pledged for borrowings | | Non-Current Assets Due Within One Year | **116,895,540.10** | **109,777,654.21** | Pledged | Pledged for borrowings | | Long-Term Receivables | **52,356,265.16** | **50,823,424.59** | Pledged | Pledged for borrowings | | Total | **202,001,816.07** | **166,288,984.44** | | | [(IV) Analysis of Investment Status](index=15&type=section&id=%28%E5%9B%9B%29%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company did not make any external equity investments, primarily involving the paid-in registered capital of its wholly-owned subsidiary, Pingtan Star Data Technology Co., Ltd., with **CNY 1.5 million** paid in this period, and a cumulative paid-in capital of **CNY 2 million** - The company did not involve external equity investments during the reporting period[53](index=53&type=chunk) - Wholly-owned subsidiary Pingtan Star Data Technology Co., Ltd. has a registered capital of **CNY 10 million**, with **CNY 1.5 million** paid-in capital during the reporting period, and a cumulative paid-in capital of **CNY 2 million**[53](index=53&type=chunk) [(VI) Analysis of Major Controlled and Investee Companies](index=16&type=section&id=%28%E5%85%AD%29%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section lists the financial data of the company's major controlled subsidiaries, Zhongke Rongtong IoT Technology Wuxi Co., Ltd. and Beijing Star Smart Technology Research Institute Co., Ltd. Zhongke Rongtong IoT Technology Wuxi Co., Ltd. has total assets of **CNY 478 million** and a net loss of **CNY 6.0964 million**; Beijing Star Smart Technology Research Institute Co., Ltd. has total assets of **CNY 5.2572 million** and a net loss of **CNY 9.2661 million** Financial Performance of Major Controlled and Investee Companies (Jan-Jun 2025) | Company Name | Company Type | Main Business | Registered Capital (CNY 10,000) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhongke Rongtong IoT Technology Wuxi Co., Ltd. | Subsidiary | IoT anti-intrusion products and services | **10,000** | **478,172,015.19** | **-118,312,956.69** | **62,768,544.76** | **-6,726,958.22** | **-6,096,369.97** | | Beijing Star Smart Technology Research Institute Co., Ltd. | Subsidiary | Big data business and industry consulting services | **5,000** | **5,257,187.09** | **2,751,161.58** | **988,898.82** | **-9,397,889.06** | **-9,266,095.97** | [V. Other Disclosure Matters](index=17&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces risks from market competition, industry policies, and core personnel turnover. To address these, it plans to leverage policy advantages and shareholder resources, develop competitive standardized products, strengthen communication with the government, and improve human resource and incentive mechanisms to retain core talent - Market competition risk: intense competition in the big data market may lead to product price declines and compressed profit margins[56](index=56&type=chunk) - Industry policy risk: strengthened data security and privacy protection regulations, tightened computing power policies, and export controls on high-end chips may lead to increased operating costs and supply chain disruptions[56](index=56&type=chunk) - Core personnel turnover risk: intense competition for talent in the industry; insufficient incentive mechanisms may lead to the loss of core personnel[57](index=57&type=chunk) - Countermeasures: leverage policy advantages and shareholder resources, develop competitive products, strengthen communication with the government, and improve human resource and incentive mechanisms[56](index=56&type=chunk)[57](index=57&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Company Directors and Senior Management](index=18&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were changes in the company's board of directors and senior management. Independent director Cai Jinliang resigned due to the expiration of his term, and Tong Jianxuan was elected as an independent director. Vice President and Director Zhang Kai and Zheng Long resigned due to personal reasons - Independent director Cai Jinliang resigned from all positions on **January 2, 2025**, due to the expiration of his six-year term[60](index=60&type=chunk) - Mr. Tong Jianxuan was elected as an independent director of the company's Tenth Board of Directors on **January 2, 2025**[60](index=60&type=chunk) - Mr. Zhang Kai resigned as Vice President on **January 17, 2025**, due to personal reasons[60](index=60&type=chunk) - Mr. Zheng Long resigned as Vice President on **May 15, 2025**, due to personal reasons[60](index=60&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=18&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) During the reporting period, the company had no plans for profit distribution or capital reserve conversion to share capital - No profit distribution or capital reserve conversion to share capital occurred during the reporting period[61](index=61&type=chunk) Section V Significant Matters [I. Fulfillment of Commitments](index=20&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's controlling shareholder Fujian Shusheng and indirect controlling shareholder Big Data Group both committed to resolving horizontal competition issues, with Big Data Group pledging to inject quality assets (now changed to Shuchan Mingshang) into Star Group. Fujian Shusheng also committed not to reduce its shares transferred from capital reserve conversion within **36 months** from the registration date. All commitments are being strictly and timely fulfilled - Big Data Group committed to injecting quality assets into Star Group, with the injected assets changed from Xingyun Big Data to Shuchan Mingshang[65](index=65&type=chunk)[67](index=67&type=chunk) - Both Big Data Group and Fujian Shusheng committed to avoiding business activities that constitute horizontal competition with the listed company and its subsidiaries[65](index=65&type=chunk)[66](index=66&type=chunk) - Controlling shareholder Fujian Shusheng committed not to reduce any of the Star Group shares transferred from capital reserve conversion within **36 months** from the registration date through any means[66](index=66&type=chunk) - All commitments were timely and strictly fulfilled during the reporting period[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) [VII. Major Litigation and Arbitration Matters](index=23&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company is involved in multiple major litigation and arbitration matters, including a contract dispute with Xinggang (Tianjin) Commercial Factoring Co., Ltd. (arbitration ruled Zhongke Rongtong to pay), a lease contract dispute with Fujian Star Computer Equipment Co., Ltd. (judgment executed), and several cases of securities misrepresentation lawsuits filed by investors (awaiting judgment after trial). Additionally, subsidiaries are involved in multiple contract disputes - Xinggang (Tianjin) Commercial Factoring Co., Ltd. and Zhongke Rongtong were involved in a contract dispute, with the Shenzhen International Arbitration Court ruling Zhongke Rongtong to pay contract price and interest of **CNY 84.1558 million**[69](index=69&type=chunk) - Fujian Star Computer Equipment Co., Ltd. and Star Group were involved in a lease contract dispute, with the Supreme People's Court accepting the case for review, Fuzhou Intermediate People's Court ruling Star Group to pay, and the appeal being rejected by Fujian Provincial High People's Court, upholding the original judgment, which has been executed[71](index=71&type=chunk) - Investors such as Zhou Rulin and Wang Shufeng filed securities misrepresentation lawsuits due to false statements in Star Group's **2018** and **2019** annual reports, which have been heard and are awaiting court judgment[71](index=71&type=chunk)[72](index=72&type=chunk) - Subsidiary Bole Zhongke Rongtong is involved in contract disputes with Xinjiang Jiadian Electronic Technology Co., Ltd. and Urumqi Zhongzhu Huaan Engineering Equipment Installation Co., Ltd., both of which have been mediated and partially executed[72](index=72&type=chunk) - Subsidiary Zhongke Rongtong is involved in a contract dispute with Xuzhou Daoyuan Loongson Electronic Technology Co., Ltd., with a judgment ordering Zhongke Rongtong to pay, but it has not been executed[72](index=72&type=chunk) [X. Major Related Party Transactions](index=25&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in ordinary related party transactions during the reporting period, including property leases and routine sales and purchases, and is planning to acquire equity in Shuchan Mingshang, a subsidiary of its indirect controlling shareholder, through cash, to fulfill asset injection commitments, which is not expected to constitute a major asset reorganization - Ordinary related party transactions: In **2023**, the company and its controlled subsidiaries are expected to engage in property lease related party transactions with Fujian Shusheng and its affiliates, with total rent not exceeding **CNY 15 million** (tax inclusive), and **CNY 1.6686 million** (tax inclusive) actually incurred during the reporting period[73](index=73&type=chunk) - Ordinary related party transactions: In **2025**, the company engaged in ordinary related party sales and purchase transactions with its controlling shareholder and its affiliates, with a limit not exceeding **CNY 500 million** (tax inclusive), and **CNY 43.0990 million** (tax inclusive) actually incurred during the reporting period[73](index=73&type=chunk) - Related party transactions involving asset or equity acquisition/disposal: The company is planning to acquire equity in Shuchan Mingshang, held by a subsidiary of Big Data Group, through cash, to fulfill the commitment regarding the change of indirect controlling shareholder[75](index=75&type=chunk) - This acquisition is not expected to constitute a major asset reorganization as stipulated in Article **12** of the "Measures for the Administration of Major Asset Reorganizations of Listed Companies", and various tasks are currently being actively promoted[75](index=75&type=chunk) Section VI Share Changes and Shareholder Information [I. Changes in Share Capital](index=28&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[79](index=79&type=chunk) [II. Shareholder Information](index=28&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the total number of common shareholders was **107,001**. This section details the shareholding of the top ten shareholders, with Fujian Shusheng Investment Partnership (Limited Partnership) being the controlling shareholder, holding **25.11%** of the shares - As of the end of the reporting period, the total number of common shareholders was **107,001**[80](index=80&type=chunk) Shareholding of Top Ten Shareholders as of the End of the Reporting Period | Shareholder Name (Full Name) | Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Fujian Shusheng Investment Partnership (Limited Partnership) | **544,575,590** | **25.11** | State-owned Legal Person | | Zheng Liuying | **58,697,300** | **2.71** | Domestic Natural Person | | Fujian Jinxi Qiyuan Equity Investment Partnership (Limited Partnership) | **41,614,600** | **1.92** | State-owned Legal Person | | Liu Langying | **27,404,200** | **1.26** | Domestic Natural Person | | Li Shirong | **20,462,295** | **0.94** | Domestic Natural Person | | Zhou Meirong | **18,546,400** | **0.86** | Domestic Natural Person | | Cheng Jinxia | **15,000,000** | **0.69** | Domestic Natural Person | | Huang Langfeng | **13,253,100** | **0.61** | Domestic Natural Person | | Shenzhen Fuhua Private Securities Fund Management Co., Ltd. - Fuhua Private Quantitative Hedge Fund No. 14 | **12,516,200** | **0.58** | Domestic Non-State-owned Legal Person | | Shenzhen Fuhua Private Securities Fund Management Co., Ltd. - Fuhua Guanyu Quantitative Fund No. 2 Private Securities Investment Fund | **10,357,300** | **0.48** | Domestic Non-State-owned Legal Person | - Fujian Shusheng Investment Partnership (Limited Partnership) and Fujian Jinxi Qiyuan Equity Investment Partnership (Limited Partnership) are parties acting in concert[83](index=83&type=chunk) Section VII Bond-Related Information [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=31&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period[86](index=86&type=chunk) [II. Convertible Corporate Bonds](index=31&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E6%83%85%E5%86%B5) During the reporting period, the company had no convertible corporate bonds - The company had no convertible corporate bonds during the reporting period[86](index=86&type=chunk) Section VIII Financial Report [I. Audit Report](index=32&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is unaudited[88](index=88&type=chunk) [II. Financial Statements](index=32&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of **2025**, comprehensively presenting the company's financial position, operating results, and cash flow situation Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | Amount (CNY) | | :--- | :--- | | Total Assets | **1,089,859,208.13** | | Total Liabilities | **746,990,326.16** | | Total Owners' Equity | **342,868,881.97** | Key Data from Consolidated Income Statement (Jan-Jun 2025) | Item | Amount (CNY) | | :--- | :--- | | Total Operating Revenue | **105,941,146.64** | | Total Profit | **-57,242,676.24** | | Net Profit | **-56,266,368.63** | | Net Profit Attributable to Parent Company Shareholders | **-55,508,655.90** | Key Data from Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | **-31,980,272.69** | | Net Cash Flow from Investing Activities | **3,768,952.73** | | Net Cash Flow from Financing Activities | **7,604,760.02** | | Net Increase in Cash and Cash Equivalents | **-20,606,559.90** | [III. Company Basic Information](index=52&type=section&id=%E4%B8%89%E3%80%81%E5%85