1 股票代码：600900 股票简称：长江电力 公告编号：2025-035 中国长江电力股份有限公司 2025 年半年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 本公告所载 2025 年半年度主要财务数据为初步核算数据， 未经会计师事务所审计，具体数据以公司 2025 年半年度报告披 露数据为准，提请投资者注意投资风险。 注:本报告期公司发生同一控制下企业合并，对比较期间财务数据进行相应追溯调整。 特此公告。 中国长江电力股份有限公司董事会 2025 年 7 月 30 日 2 单位：人民币 亿元 项目 本报告期 上年同期 增减变动幅度（%） 调整前 调整后 （调整后） 营业总收入 365.87 348.08 348.38 5.02 营业利润 158.72 139.24 139.31 13.93 利润总额 154.64 135.40 135.47 14.15 归属于上市公司股东的净利润 129.84 113.62 113.68 14.22 归属于上市公司股东的扣除非经常性损 益的净利润 131.18 113 ...

苏州华源控股股份有限公司 2025 年半年度报告全文 苏州华源控股股份有限公司 2025 年半年度报告 二〇二五年七月 1 苏州华源控股股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人李志聪、主管会计工作负责人邵娜及会计机构负责人（会计 主管人员）蔡昌玲声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告中涉及公司未来计划等前瞻性的陈述，不构成公司对投资 者的实质承诺，投资者及相关人士应对此保持足够的风险认识，并且应当理 解计划、预测与承诺之间的差异。 公司在本报告"第三节 管理层讨论与分析"中"十、公司面临的风险和应对 措施"部分，详细描述了公司经营中可能存在的风险及应对措施，敬请投资者 关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- | | 第二 ...

金河生物科技股份有限公司 2025 年半年度报告全文 2025 年半年度报告 2025 年 7 月 1 金河生物科技股份有限公司 2025 年半年度报告全文 2025 年半年度报告 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人王东晓、主管会计工作负责人牛有山及会计机构负责人(会计 主管人员)周立航声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的经营计划及目标，属于规划性事项，不构成公司对投资 者的实质承诺。投资者应对此保持足够的风险意识，应理解经营计划与业绩 承诺之间的差异。敬请广大投资者关注，并注意投资风险。 公司在本报告第三节"管理层讨论与分析"中"十、公司面临的风险和 应对措施"部分，详细描述了公司经营中可能存在的风险，敬请投资者关注 相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一节 重要提示、目录和释义 2 | | --- | | 第二节 ...

[Key Financial Data and Indicators](index=1&type=section&id=I.%20Key%20Financial%20Data%20and%20Indicators%20for%20the%20First%20Half%20of%202025) The company reported **4.78 billion Yuan** in total operating revenue, a 9.29% increase, and **240.23 million Yuan** in net profit attributable to shareholders, up 14.64%, reflecting enhanced core business profitability and modest asset growth Key Financial Data and Indicators for the First Half of 2025 | Item | Current Period | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | **Total Operating Revenue (Yuan)** | 4,783,647,091.70 | 4,377,131,366.47 | 9.29% | | **Operating Profit (Yuan)** | 289,745,305.87 | 244,269,852.05 | 18.62% | | **Net Profit Attributable to Shareholders (Yuan)** | 240,233,525.49 | 209,563,522.56 | 14.64% | | **Net Profit Attributable to Shareholders Excluding Non-Recurring Items (Yuan)** | 232,334,810.49 | 176,709,879.89 | 31.48% | | **Basic Earnings Per Share (Yuan)** | 0.3395 | 0.2970 | 14.31% | | **Weighted Average Return on Equity (%)** | 5.37% | 5.09% | Increase of 0.28 percentage points | | **Total Assets (Yuan)** | 16,727,370,408.27 | 16,100,437,077.47 | 3.89% (vs. Beginning of Period) | | **Total Equity Attributable to Shareholders (Yuan)** | 4,492,951,554.58 | 4,352,726,799.70 | 3.22% (vs. Beginning of Period) | [Explanation of Operating Performance and Financial Position](index=2&type=section&id=II.%20Explanation%20of%20Operating%20Performance%20and%20Financial%20Position) The company's performance growth was primarily driven by increased revenue from the smooth progress of ongoing general contracting projects and improved gross margins through enhanced project fine management and cost control [Analysis of Operating Revenue Growth](index=2&type=section&id=I.%20Primary%20Reasons%20for%20Year-on-Year%20Growth%20in%20Operating%20Revenue) The 9.29% year-on-year increase in operating revenue is primarily due to the steady progress of production and operations, with revenue recognized in line with the performance progress of ongoing general contracting projects - During the reporting period, the smooth progress of the company's ongoing general contracting projects led to a year-on-year increase in revenue recognized according to contract performance, serving as the primary driver for revenue growth[6](index=6&type=chunk) [Analysis of Net Profit Growth](index=2&type=section&id=II.%20Primary%20Reasons%20for%20Year-on-Year%20Growth%20in%20Net%20Profit%20Attributable%20to%20Shareholders%20of%20the%20Listed%20Company) The 14.64% year-on-year increase in net profit attributable to shareholders is primarily due to both operating revenue growth and an improved overall project gross margin achieved through enhanced fine management and comprehensive cost control - Net profit growth benefited from the dual factors of revenue increase and improved project gross margin[6](index=6&type=chunk) - The company enhanced overall project gross margin by deepening fine management of engineering projects and comprehensively implementing project responsibility cost control[6](index=6&type=chunk) [Compliance Statement](index=2&type=section&id=III.%20Analysis%20of%20Performance%20Leakage%20Reasons%20and%20Stock%20Price%20Fluctuations) The company confirms no performance leakage or abnormal stock price fluctuations occurred during the reporting period - The company confirmed no performance leakage or abnormal stock price fluctuations[7](index=7&type=chunk) [Documents for Reference](index=2&type=section&id=V.%20Documents%20for%20Reference) The report lists relevant documents for reference, including financial statements signed and sealed by management, board explanations, and internal audit reports - Documents for reference include comparative balance sheets and income statements signed and sealed by the company's legal representative, chief accountant, and head of accounting; the board of directors' explanation regarding the performance express report; and the internal audit report signed by the head of the internal audit department[9](index=9&type=chunk)

广州维力医疗器械股份有限公司2025 年半年度报告 公司代码：603309 公司简称：维力医疗 广州维力医疗器械股份有限公司 2025 年半年度报告 1 / 152 广州维力医疗器械股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、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、 公司负责人韩广源、主管会计工作负责人祝一敏及会计机构负责人（会计主管人员）祝一 敏声明：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 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质性承诺，请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 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 ...

上海沿浦精工科技（集团）股份有限公司2025 年半年度报告 公司代码：605128 公司简称：上海沿浦 上海沿浦精工科技（集团）股份有限公司 2025 年半年度报告 1 / 237 上海沿浦精工科技（集团）股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人周建清、主管会计工作负责人秦艳芳及会计机构负责人（会计主管人员）周建 明声明：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 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司 ...

哈尔滨东安汽车动力股份有限公司2025 年半年度报告 公司代码：600178 公司简称：东安动力 哈尔滨东安汽车动力股份有限公司 2025 年半年度报告 1 / 138 哈尔滨东安汽车动力股份有限公司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、 公司负责人陈笠宝、主管会计工作负责人王向坤及会计机构负责人（会计主管人员）管乐 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 本半年度报告中所涉及的未来计划、发展战略等前瞻性陈述不构成公司对投资者的实质承诺 ，请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 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 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=第一节%20重要提示%E3%80%81目录和释义) The company's board and management guarantee report accuracy, with no planned dividend distribution for H1 2025 - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the report content, assuming legal responsibility[5](index=5&type=chunk) - The company plans no cash dividends, bonus shares, or capital reserve conversions for the first half of 2025[6](index=6&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company and its key financial performance during the reporting period [Company Profile and Contact Information](index=6&type=section&id=一%E3%80%81公司简介) Zhonglan Environmental Technology Co., Ltd. (stock code: 300854), listed on SZSE, maintained consistent contact information and disclosure locations during the reporting period Item | Information | :--- | :--- | | Stock Abbreviation | Zhonglan Environmental | | Stock Code | 300854 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Ge Fang | [Key Accounting Data and Financial Indicators](index=7&type=section&id=四%E3%80%81主要会计数据和财务指标) During the reporting period, revenue decreased by **3.68%** to **291.02 million Yuan**, and net profit attributable to shareholders significantly dropped by **55.05%** to **5.63 million Yuan**, while operating cash flow improved by **98.50%** Key Financial Indicator | Current Period | Prior Period | YoY Change | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 291,015,026.02 | 302,132,562.21 | -3.68% | | Net Profit Attributable to Shareholders (Yuan) | 5,628,043.96 | 12,520,374.67 | -55.05% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) (Yuan) | 2,875,104.03 | 9,215,077.37 | -68.80% | | Net Cash Flow from Operating Activities (Yuan) | -1,379,581.32 | -92,168,413.53 | 98.50% | | Basic Earnings Per Share (Yuan/share) | 0.06 | 0.13 | -53.85% | | Weighted Average Return on Net Assets | 0.57% | 1.27% | -0.70 percentage points | | Total Assets (Yuan) | 1,626,941,509.55 | 1,691,777,730.54 | -3.83% (vs. end of prior year) | | Net Assets Attributable to Shareholders (Yuan) | 984,070,595.05 | 990,766,594.52 | -0.68% (vs. end of prior year) | [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=六%E3%80%81非经常性损益项目及金额) Non-recurring gains and losses totaled **2.75 million Yuan**, primarily from fair value changes and disposal gains of financial assets, while VAT refunds were classified as recurring income Item | Amount (Yuan) | :--- | :--- | | Disposal Gains/Losses of Non-Current Assets | 394,752.92 | | Government Grants Included in Current Profit/Loss | 116,924.18 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities | 2,778,146.97 | | Other Non-Operating Income and Expenses | -243,839.08 | | **Total** | **2,752,939.93** | [Management Discussion and Analysis](index=9&type=section&id=第三节%20管理层讨论与分析) This section provides a comprehensive analysis of the company's operations, financial performance, and future outlook [Principal Business and Operating Model](index=9&type=section&id=一%E3%80%81报告期内公司从事的主要业务) The company is a high-tech enterprise specializing in solid waste pollution prevention, offering services across pollution isolation, ecological restoration, renewable resource utilization, and landfill operations through project contracting and operation models - Company core business segments include: - **Pollution Isolation Systems**: Applied in domestic, industrial, and hazardous waste disposal to prevent pollutant migration - **Ecological Environment Restoration**: Focuses on sealing and ecological restoration of closed, irregular, or old landfills to restore land value - **Renewable Resource Utilization**: Primarily biogas power generation, achieving reduction, harmlessness, and resource utilization of landfill gas - **Landfill Integrated Operations**: Provides refined operational management services for domestic waste and incineration fly ash landfills[29](index=29&type=chunk)[30](index=30&type=chunk)[32](index=32&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) - In H1 2025, the company secured multiple new projects in pollution isolation systems and ecological environment restoration, demonstrating continuous market expansion capability[31](index=31&type=chunk)[33](index=33&type=chunk) [Core Competitiveness Analysis](index=11&type=section&id=二%E3%80%81核心竞争力分析) The company's core competitiveness stems from continuous R&D, nationwide presence, integrated technical and operational services, and extensive project experience, evidenced by new patents and provincial methods - The company is a national high-tech enterprise, possessing the "Guangdong Provincial Solid and Hazardous Waste Pollution Isolation and Anti-Seepage System Engineering Technology Research Center," participating in over 10 industry standards, and forming a full-产业链 technology system centered on ecological landfill integration technology[44](index=44&type=chunk)[45](index=45&type=chunk) - The company has established a service network covering six major regions nationwide (North China, East China, Central China, South China, Southwest, Northwest), with 2 R&D centers and 44 branches/subsidiaries, providing rapid response localized services to clients across the country[46](index=46&type=chunk) - With over 20 years of industry experience, the company's core technologies have been successfully applied in over 700 projects across 31 domestic provinces/cities and "Belt and Road" countries, demonstrating mature management and quality assurance advantages[49](index=49&type=chunk) [Analysis of Principal Business](index=13&type=section&id=三%E3%80%81主营业务分析) During the reporting period, operating revenue slightly decreased by **3.68%**, but net profit significantly declined due to substantial increases in credit impairment losses and asset impairment losses, while sales revenue grew by **484.98%** Key Financial Data | Current Period (Yuan) | Prior Period (Yuan) | YoY Change | Reason for Change | :--- | :--- | :--- | :--- | :--- | | Selling Expenses | 6,006,237.32 | 8,171,650.77 | -26.50% | Strict cost control, reduced entertainment, personnel, and travel expenses | | Financial Expenses | -103,396.70 | 63,110.52 | -263.83% | Reduced exchange gains/losses | | R&D Investment | 16,917,902.44 | 15,047,814.78 | 12.43% | Increased R&D investment in projects | | Credit Impairment Loss | -3,977,212.47 | 449,335.23 | -985.13% | Increased provision for bad debts on accounts receivable YoY | | Asset Impairment Loss | -13,271,421.29 | -6,182,288.56 | -114.67% | Increased provision for impairment of contract assets YoY | By Product or Service | Operating Revenue (Yuan) | YoY Change in Operating Revenue | Gross Margin | :--- | :--- | :--- | :--- | | Pollution Isolation Systems | 41,795,328.71 | -48.88% | 22.92% | | Ecological Environment Restoration | 163,625,196.33 | -13.39% | 24.40% | | Sales | 48,422,931.10 | 484.98% | 31.46% | [Analysis of Non-Principal Business](index=15&type=section&id=四%E3%80%81非主营业务分析) During the reporting period, the company's total profit was severely impacted by asset and credit impairment losses, which collectively contributed over **400%** negatively, while investment income and fair value changes were primary but unsustainable non-principal business profit sources Item | Amount (Yuan) | Share of Total Profit | Reason for Formation | :--- | :--- | :--- | :--- | | Investment Income | 1,921,315.66 | 44.78% | Mainly from equity investment income and bank wealth management income | | Fair Value Change Gains/Losses | 993,950.34 | 23.17% | Mainly due to rising stock prices of held shares and accrued unexpired wealth management income | | Credit Impairment Loss | -3,977,212.47 | -92.70% | Mainly due to provision for impairment of accounts receivable | | Asset Impairment Loss | -13,271,421.29 | -309.32% | Mainly due to provision for impairment of contract assets | [Analysis of Assets and Liabilities](index=15&type=section&id=五%E3%80%81资产及负债状况分析) As of the end of the reporting period, total assets were **1.63 billion Yuan**, a **3.83%** decrease from year-end, with contract assets and accounts receivable comprising **64.06%**, indicating significant capital tied up in projects and slow collection - Contract assets and accounts receivable are the company's primary assets, collectively accounting for **64.06% of total assets**, reflecting the significant capital tied up in the company's business model[59](index=59&type=chunk) Restricted Asset Item | Period-End Book Value (Yuan) | Reason for Restriction | :--- | :--- | :--- | | Cash and Bank Balances | 25,807,482.82 | Bank acceptance bills, letter of guarantee deposits, and judicial freezing | | Fixed Assets | 8,897,349.45 | Credit mortgage | | **Total** | **34,704,832.27** | | [Investment Analysis](index=17&type=section&id=六%E3%80%81投资状况分析) During the reporting period, the company's investment decreased by **44.49%** to **611.00 million Yuan**, primarily in rolling bank wealth management products, with **84.20%** of net proceeds from fundraising utilized for working capital and R&D projects - Investment during the reporting period was **611.00 million Yuan**, a **44.49% decrease** from **1.10 billion Yuan** in the prior period[64](index=64&type=chunk) - Net proceeds from fundraising were **198.00 million Yuan**, with **167.00 million Yuan** cumulatively used, representing an **84.20% utilization rate**; unused funds are planned for the "Solid Waste Low-Carbon Key Technologies and Industrial Digital Transformation and Upgrade Management Research Project"[67](index=67&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) [Risks and Countermeasures](index=21&type=section&id=十%E3%80%81公司面临的风险和应对措施) The company faces key operating risks including policy changes, intensified competition, accounts receivable collection difficulties, macroeconomic uncertainties, raw material price volatility, and liquidity pressure, which it addresses through market research and strengthened accounts receivable management - The company's principal risks include: - **Policy Risk**: The environmental protection industry is highly susceptible to national and local industrial policies - **Competition Risk**: Increased market competition may lead to customer loss and market share decline - **Collection Risk**: Large accounts receivable balances and changes in customer payment ability may result in bad debt risk - **Macroeconomic Risk**: Uncertainties during economic recovery impact business expansion and project collection - **Cost Risk**: Key raw materials are petrochemical downstream products, with prices fluctuating with crude oil prices - **Liquidity Risk**: Significant capital tied up in accounts receivable and inventory, posing working capital pressure if not collected promptly[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk) [Corporate Governance, Environment, and Society](index=24&type=section&id=第四节%20公司治理%E3%80%81环境和社会) This section details the company's corporate governance structure, environmental initiatives, and social responsibility efforts [Corporate Governance Status](index=24&type=section&id=一%E3%80%81公司董事%E3%80%81监事%E3%80%81高级管理人员变动情况) During the reporting period, due to supervisory board reform, three supervisors resigned, and one employee representative director was elected; the company plans no profit distribution or capital reserve conversion for the half-year period Name | Position Held | Type | Date | Reason | :--- | :--- | :--- | :--- | :--- | | Yan Gaoming | Chairman of Supervisory Board | Resigned | 2025-05-22 | Supervisory board reform | | Yao Pengle | Supervisor | Resigned | 2025-05-22 | Supervisory board reform | | Zhang Xin | Employee Representative Supervisor | Resigned | 2025-05-22 | Supervisory board reform | | Zhang Xin | Employee Representative Director | Elected | 2025-06-23 | Work transfer | [Implementation of Equity Incentive Plans](index=24&type=section&id=三%E3%80%81公司股权激励计划%E3%80%81员工持股计划或其他员工激励措施的实施情况) The company continued to advance its 2023 restricted stock incentive plan, initiating repurchase and cancellation procedures for **974,750 restricted shares** due to partial performance targets not being met - Due to the company-level performance targets not being met for the second vesting period of the 2023 restricted stock incentive plan's initial grant and the first vesting period of the reserved grant, the company plans to repurchase and cancel a total of **974,750 restricted shares**[96](index=96&type=chunk) [Social Responsibility](index=26&type=section&id=五%E3%80%81社会责任情况) During the reporting period, the company actively fulfilled its social responsibilities by enhancing corporate governance, protecting employee rights, promoting green development in core businesses, and engaging in public welfare initiatives - The company actively fulfills its social responsibilities, covering four aspects: shareholders, employees, environment, and public welfare[98](index=98&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) - In 2025, the company donated **0.20 million Yuan** to the Beautiful Shenzhen Foundation and **0.03 million Yuan** to the Shenzhen Charity Federation, supporting public welfare development[102](index=102&type=chunk) [Significant Matters](index=27&type=section&id=第五节%20重要事项) This section outlines significant events and commitments impacting the company during the reporting period [Fulfillment of Commitments](index=27&type=section&id=一%E3%80%81公司实际控制人%E3%80%81股东%E3%80%81关联方%E3%80%81收购人以及公司等承诺相关方在报告期内履行完毕及截至报告期末超期未履行完毕的承诺事项) During the reporting period, the company and related parties strictly adhered to all commitments made during the initial public offering and equity incentive, with some long-term commitments still ongoing and no overdue unfulfilled cases - Commitments made by the company and related parties, including share lock-up, stock price stabilization, information disclosure, and profit distribution, are all being fulfilled as planned[104](index=104&type=chunk)[108](index=108&type=chunk)[111](index=111&type=chunk) [Significant Litigation and Arbitration Matters](index=38&type=section&id=八%E3%80%81诉讼事项) The company has a significant contract dispute lawsuit involving an amount of **149.00 million Yuan**, which is currently in the second-instance stage after both parties appealed the first-instance judgment, with uncertain final financial impact Plaintiff/Petitioner | Opposing Party | Amount Involved (Million Yuan) | Litigation Progress | :--- | :--- | :--- | :--- | | Company and wholly-owned subsidiary Wuhan Zhongzhilan | Wuhan Huanto Solid Waste Operations Co., Ltd. etc | 148.77 | First instance judgment rendered, second instance hearing held, awaiting further court notice or judgment | [Significant Contracts and Their Performance](index=39&type=section&id=十二%E3%80%81重大合同及其履行情况) During the reporting period, the company disclosed several ongoing significant daily operating contracts for environmental projects in various locations; while some projects are nearing completion, substantial amounts remain unsettled or uncollected, reflecting long business collection cycles Client Name | Total Contract Amount (Million Yuan) | Contract Performance Progress | Accumulated Recognized Revenue (Million Yuan) | Accounts Receivable Collection Status (Million Yuan) | :--- | :--- | :--- | :--- | :--- | | Haikou City Urban Construction Investment Group Co., Ltd. | 395.03 | 92.38% | 334.79 | 258.21 | | Shaanxi Environmental Hongrun Solid Waste Disposal Co., Ltd. | 133.28 | 98.89% | 110.03 | 58.94 | | Zhejiang Jiangnan Engineering Management Co., Ltd. | 285.06 | 36.59% | 95.70 | 61.19 | | Shaanxi Deqi Environmental Co., Ltd. | 294.36 | 0.00% | 0.00 | 0 | [Other Significant Matters](index=41&type=section&id=十三%E3%80%81其他重大事项的说明) During the reporting period, the company issued several important announcements, including performance forecasts, bid winning notifications, re-certification as a high-tech enterprise, shareholder reduction plans, and the implementation of the 2024 annual equity distribution - Significant announcements include: - **2024 Annual Performance Forecast** (2025-01-24) - **Re-certification as National High-Tech Enterprise** (2025-03-08) - **Shareholder Share Reduction Plan** (2025-03-11, 2025-05-17) - **Repurchase and Cancellation of Restricted Shares** (2025-05-22) - **Implementation of 2024 Annual Equity Distribution** (2025-05-28)[135](index=135&type=chunk) [Share Changes and Shareholder Information](index=42&type=section&id=第六节%20股份变动及股东情况) This section details changes in the company's share capital and provides an overview of its shareholder structure [Share Changes](index=42&type=section&id=一%E3%80%81股份变动情况) During the reporting period, the company's total share capital remained largely unchanged, with a decrease of **40,000 restricted shares** and a corresponding increase in unrestricted shares due to executive share unlocking Share Type | Before This Change (Shares) | Change (Shares) | After This Change (Shares) | :--- | :--- | :--- | :--- | | I. Restricted Shares | 19,742,625 | -40,000 | 19,702,625 | | II. Unrestricted Shares | 81,300,875 | +40,000 | 81,340,875 | | **III. Total Shares** | **101,043,500** | **0** | **101,043,500** | [Shareholder Count and Shareholding Information](index=44&type=section&id=三%E3%80%81公司股东数量及持股情况) As of the end of the reporting period, the company had **8,569 common shareholders**, with Ge Fang (**22.61%**), Kong Xiongjun (**13.29%**), and Liu Qingsong (**10.41%**) as the top three, and Ge Fang and Kong Xiongjun acting in concert as actual controllers Shareholder Name | Shareholding Percentage | Period-End Shareholding (Shares) | :--- | :--- | :--- | | Ge Fang | 22.61% | 22,847,500 | | Kong Xiongjun | 13.29% | 13,433,500 | | Liu Qingsong | 10.41% | 10,515,000 | | Shenzhen Zhonglan Futong Investment Partnership (Limited Partnership) | 2.14% | 2,160,700 | | Kong Lijun | 2.03% | 2,054,600 | - Shareholder Ge Fang and Kong Xiongjun are married and are the company's actual controllers; Shenzhen Zhonglan Futong Investment Partnership (Limited Partnership) is controlled by Kong Xiongjun, and these three parties have a concerted action relationship[145](index=145&type=chunk) [Bond-Related Information](index=48&type=section&id=第七节%20债券相关情况) This section provides an overview of the company's bond-related activities and status - During the reporting period, the company had no bond-related matters requiring disclosure[151](index=151&type=chunk) [Financial Report](index=49&type=section&id=第八节%20财务报告) This section presents the company's unaudited financial statements and related notes for the reporting period [Financial Statement Summary](index=49&type=section&id=二%E3%80%81财务报表) The company's unaudited half-year financial report shows a slight decrease in total assets and liabilities, largely flat revenue but significantly declined net profit due to increased impairment losses, and improved operating cash flow Consolidated Balance Sheet Summary (Yuan) | Item | Period-End Balance | Beginning Balance | | :--- | :--- | :--- | | Total Assets | 1,626,941,509.55 | 1,691,777,730.54 | | Total Liabilities | 622,139,414.41 | 679,926,672.15 | | Total Equity Attributable to Parent Company Owners | 984,070,595.05 | 990,766,594.52 | Consolidated Income Statement Summary (Yuan) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total Operating Revenue | 291,015,026.02 | 302,132,562.21 | | Operating Profit | 4,812,500.83 | 11,080,708.53 | | Total Profit | 4,290,537.49 | 8,624,632.82 | | Net Profit | 5,275,080.18 | 10,302,194.71 | | Net Profit Attributable to Parent Company Shareholders | 5,628,043.96 | 12,520,374.67 | Consolidated Cash Flow Statement Summary (Yuan) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1,379,581.32 | -92,168,413.53 | | Net Cash Flow from Investing Activities | 20,561,203.68 | 54,142,022.19 | | Net Cash Flow from Financing Activities | -15,318,611.50 | -8,296,387.33 | | Net Increase in Cash and Cash Equivalents | 3,698,987.03 | -46,318,646.65 | [Notes to Consolidated Financial Statements Summary](index=92&type=section&id=七%E3%80%81合并财务报表项目注释) Financial statement notes indicate large accounts receivable and contract asset balances with significant provisions, which are key factors affecting current profit, and ecological environment restoration is the largest revenue source, accounting for approximately **68.7%** of principal business revenue - Accounts receivable balance at period-end was **476.00 million Yuan**, with bad debt provisions of **126.00 million Yuan**; contract assets balance was **788.00 million Yuan**, with impairment provisions of **96.00 million Yuan**; large accounts receivable and contract asset impairments were the primary reasons for the net profit decline[332](index=332&type=chunk)[343](index=343&type=chunk) Composition of Principal Business Revenue (Yuan) | Business Type | Revenue Amount | | :--- | :--- | | Ecological Environment Restoration | 163,625,196.33 | | Pollution Isolation Systems | 41,795,328.71 | | Landfill Integrated Operations | 28,707,750.35 | | Renewable Resource Utilization | 7,900,246.23 | [Supplementary Information](index=161&type=section&id=二十%E3%80%81补充资料) During the reporting period, the company's net profit after deducting non-recurring gains and losses was **2.88 million Yuan**, with a weighted average return on net assets of **0.29%**, and non-recurring gains primarily stemmed from financial asset fair value changes and disposal gains Current Period Non-Recurring Gains and Losses Details (Yuan) | Item | Amount | | :--- | :--- | | Disposal Gains/Losses of Non-Current Assets | 394,752.92 | | Government Grants | 116,924.18 | | Financial Asset Related Gains/Losses | 2,778,146.97 | | Other Non-Operating Income/Expenses | -243,839.08 | | Less: Income Tax and Minority Interest Impact | -293,045.06 | | **Total** | **2,752,939.93** | Return on Net Assets and Earnings Per Share | Profit for the Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (Yuan/share) | | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | 0.57% | 0.06 | | Net Profit Attributable to Common Shareholders After Non-Recurring Items | 0.29% | 0.03 |

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Item%201.%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential disclaimers, defines key terms, and outlines the report's structure [Important Notice](index=2&type=section&id=Important%20Notice) The company's management guarantees the report's accuracy, while forward-looking statements are not commitments, and no profit distribution is planned for the period - Company management guarantees the truthfulness, accuracy, and completeness of the report[3](index=3&type=chunk) - The company highlighted multiple risks including market competition, rising labor costs, declining gross profit margins, new product R&D, goodwill impairment, and loss of core technical personnel[3](index=3&type=chunk) - The company plans no cash dividends, bonus shares, or capital reserve conversions for this semi-annual period[4](index=4&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms, including company entities, reporting period, industry-specific, financial, and legal terminology, essential for understanding the report - The reporting period is defined as January 1, 2025, to June 30, 2025[9](index=9&type=chunk) - Core technologies and products such as motion control systems, CNC machine tools, engraving machines, and laser cutting are defined[9](index=9&type=chunk)[10](index=10&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section introduces the company's background and presents its key financial performance metrics for the reporting period [Company Profile](index=7&type=section&id=Company%20Profile) Shanghai Weihong Electronic Technology Co., Ltd., listed on the Shenzhen Stock Exchange, specializes in R&D, production, and sales of industrial motion control systems Company Information | Item | Content | | :--- | :--- | | **Stock Abbreviation** | Weihong Shares | | **Stock Code** | 300508 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Legal Representative** | Tang Tongkui | [Key Accounting Data and Financial Indicators](index=8&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue grew by 9.51% to **RMB 260 million**, while net profit attributable to shareholders decreased by 28.86% to **RMB 29.248 million**, despite a 257.05% increase in operating cash flow Key Financial Indicators for H1 2025 | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (RMB)** | 260,197,176.18 | 237,610,268.38 | 9.51% | | **Net Profit Attributable to Shareholders (RMB)** | 29,247,939.69 | 41,110,699.04 | -28.86% | | **Net Profit Attributable to Shareholders After Non-recurring Items (RMB)** | 29,023,839.35 | 32,362,776.70 | -10.32% | | **Net Cash Flow from Operating Activities (RMB)** | 47,645,748.08 | 13,344,461.55 | 257.05% | | **Basic Earnings Per Share (RMB/share)** | 0.2663 | 0.3768 | -29.33% | | **Weighted Average Return on Net Assets** | 3.72% | 5.65% | -1.93% | Non-recurring Gains and Losses | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | **Gains/Losses from Disposal of Non-current Assets** | 6,516,251.81 | Disposal of investment properties | | **Government Grants** | 3,667,910.97 | - | | **Fair Value Change Gains/Losses on Financial Assets** | -9,239,925.74 | Fluctuations in securities investment market value | | **Total** | **224,100.34** | - | [Management Discussion and Analysis](index=10&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive review of the company's operations, financial performance, and strategic outlook for the reporting period [Principal Business](index=10&type=section&id=I.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) The company specializes in R&D, production, and sales of industrial motion control systems for CNC machine tools, utilizing a direct sales model and holding a leading position in niche markets - The company's principal business involves the R&D, production, and sales of industrial motion control systems, servo drive systems, and industrial IoT, primarily applied in CNC machine tools[27](index=27&type=chunk) - The company's main products are categorized into motion controllers (motion control cards and integrated motion controllers) and servo drives[28](index=28&type=chunk) - The company employs a direct sales model, with a production approach combining "in-house production + outsourced processing"[34](index=34&type=chunk)[37](index=37&type=chunk) - The company has achieved a leading competitive advantage in niche markets such as engraving, waterjet cutting, and laser cutting[39](index=39&type=chunk) [Analysis of Core Competencies](index=12&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include proprietary high-precision motion control technology, strong brand presence, networked direct sales, rapid customized service, and a stable professional team - The company possesses high-speed, high-precision motion control technology for complex curved surfaces, being one of the few domestic enterprises to fully master this core technology[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) - As of the end of the reporting period, the company and its subsidiaries cumulatively held **227 valid patents** (including **111 invention patents**) and **86 computer software copyrights**[44](index=44&type=chunk) - The company adopts a networked direct sales model, enabling direct customer engagement, ensuring pricing power, and providing fast, high-quality after-sales service[46](index=46&type=chunk) - The company possesses the ability to quickly meet personalized customer demands, establishing stable cooperative relationships through customized services[47](index=47&type=chunk)[48](index=48&type=chunk) [Analysis of Principal Business](index=14&type=section&id=III.%20Analysis%20of%20Principal%20Business) H1 2025 operating revenue grew **9.51%** to **RMB 260 million**, but net profit attributable to shareholders declined **28.86%** due to non-recurring items, despite growth across all business segments H1 2025 Performance Overview | Indicator | Amount (RMB) | YoY Growth | | :--- | :--- | :--- | | **Operating Revenue** | 260,197,176.18 | 9.51% | | **Net Profit Attributable to Shareholders** | 29,247,939.69 | -28.86% | | **Net Profit Attributable to Shareholders After Non-recurring Items** | 29,023,839.35 | -10.32% | - Revenue in all sub-segments achieved year-on-year growth: metal cutting market grew by **19%**, laser processing market by approximately **7%**, furniture decoration market by **6%**, and servo drive market by **15%**[53](index=53&type=chunk)[55](index=55&type=chunk)[57](index=57&type=chunk)[59](index=59&type=chunk) Operating Revenue by Product | Product | Operating Revenue (RMB) | Revenue YoY Growth | Gross Profit Margin | Gross Profit Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | | **Control Card** | 70,050,809.74 | 2.33% | 80.17% | -5.84% | | **Integrated Machine** | 146,651,030.28 | 17.24% | 47.78% | -3.74% | | **Driver** | 29,448,897.00 | -3.87% | 34.48% | 5.21% | - Financial expenses increased by **544.58%** year-on-year, primarily due to increased financing interest; fair value change gains decreased by **253.91%** year-on-year due to securities investment market value fluctuations; asset disposal gains significantly increased year-on-year due to the disposal of investment properties[61](index=61&type=chunk) [Analysis of Non-Principal Business](index=17&type=section&id=IV.%20Analysis%20of%20Non-Principal%20Business) Non-principal businesses significantly impacted profit, with **RMB -14.29 million** in fair value change losses from securities investments being the primary driver of profit decline, partially offset by asset disposal gains and government grants Key Non-Principal Business Profit and Loss Items | Item | Amount (RMB) | % of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | **Investment Income** | 5,050,077.85 | 17.08% | Primarily bank wealth management and securities investment income | | **Fair Value Change Gains/Losses** | -14,290,003.59 | -48.34% | Primarily securities investment market value fluctuations | | **Asset Disposal Gains** | 6,516,251.81 | 22.04% | Primarily disposal of investment properties | | **Other Income** | 7,525,811.48 | 25.46% | Primarily government grants | [Analysis of Assets and Liabilities](index=18&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets reached **RMB 976 million**, growing **3.35%** from year-end, with increased proportions of accounts receivable and inventory, and decreased proportions of accounts receivable financing and investment properties - Total assets at period-end were **RMB 976 million**, an increase of **3.35%** from the end of the previous year; net assets attributable to shareholders were **RMB 790 million**, an increase of **2.15%**[18](index=18&type=chunk) - Accounts receivable as a percentage of total assets increased from **5.37%** to **8.82%**, and inventory proportion increased from **4.10%** to **6.75%**[70](index=70&type=chunk) - Accounts receivable financing proportion decreased from **5.78%** to **1.52%**, primarily due to net changes in notes receivable; investment properties were cleared due to disposal[70](index=70&type=chunk)[73](index=73&type=chunk) [Analysis of Investment Status](index=19&type=section&id=VI.%20Analysis%20of%20Investment%20Status) The company actively invested in financial assets and entrusted wealth management, with fair value financial assets totaling **RMB 246 million** and an outstanding entrusted wealth management balance of **RMB 70.9449 million** Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (RMB) | Fair Value Change Gains/Losses for the Period (RMB) | Period-end Amount (RMB) | | :--- | :--- | :--- | :--- | | **Stocks** | 106,815,521.19 | -13,883,932.20 | 176,227,783.60 | | **Others (Wealth Management)** | 105,379,115.64 | -406,071.39 | 69,799,297.99 | | **Total** | **212,194,636.83** | **-14,290,003.59** | **246,027,081.59** | Overview of Entrusted Wealth Management (Unit: RMB 10,000) | Specific Type | Entrusted Wealth Management Amount Incurred | Outstanding Balance | | :--- | :--- | :--- | | **Bank Wealth Management Products** | 6,134.82 | 5,294.49 | | **Brokerage Wealth Management Products** | 1,300 | 1,300 | | **Other Categories** | 500 | 500 | | **Total** | **7,934.82** | **7,094.49** | [Analysis of Major Holding and Participating Companies](index=21&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Major subsidiaries Nanjing Kaitong and Shanghai Weihong Intelligent reported net profits of **RMB 5.629 million** and **RMB 7.769 million** respectively, while Jiangsu Feima incurred a **RMB 11.034 million** loss due to securities investment volatility Performance of Major Subsidiaries (Unit: RMB) | Company Name | Net Profit | | :--- | :--- | | **Shanghai Weihong Intelligent Technology Co., Ltd.** | 7,769,416.84 | | **Nanjing Kaitong Automation Technology Co., Ltd.** | 5,628,773.46 | | **Jiangsu Feima Investment Management Co., Ltd.** | -11,033,864.84 | - During the reporting period, Shanghai Hengzhida Laser Technology Co., Ltd. (51% stake) was added as a new controlled subsidiary, contributing **RMB 15,878.29** to the company's net profit[84](index=84&type=chunk) - Weihong Intelligent's performance declined due to decreased revenue; Jiangsu Feima's performance declined due to fluctuations in securities investment market value[85](index=85&type=chunk) [Risks and Countermeasures](index=22&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks including intensified market competition, rising costs, potential gross margin decline, R&D shortfalls, goodwill impairment, and talent loss, addressed by increased R&D, market expansion, and improved internal controls - Intensified market competition: The company will strengthen its industry position by increasing R&D investment and expanding its customer base[86](index=86&type=chunk) - Risk of declining gross profit margin: Servo drive products have lower gross profit margins, and their sales growth may reduce the overall gross profit margin[88](index=88&type=chunk) - Goodwill impairment risk: If subsidiary Nanjing Kaitong's future performance weakens, there remains a possibility of goodwill impairment[90](index=90&type=chunk) [Corporate Governance, Environment, and Society](index=25&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's governance structure, environmental initiatives, and social responsibility efforts [Corporate Governance](index=25&type=section&id=Corporate%20Governance) The company elected a new independent director, plans no semi-annual profit distribution, and continues to implement restricted stock incentive plans for core employees - Independent Director Xu Liyun resigned, and Fan Liuqun was elected as the new independent director[96](index=96&type=chunk) - The company is implementing two phases of restricted stock incentive plans for 2023 and 2024 to retain core talent[98](index=98&type=chunk)[101](index=101&type=chunk) [Social Responsibility](index=28&type=section&id=Social%20Responsibility) The company actively fulfills social responsibilities by protecting stakeholders' rights and making donations to Qinghai earthquake relief and Sichuan Yibin education - The company strictly adheres to laws and regulations, ensuring truthful, accurate, and complete information disclosure, and communicates with investors through various channels[107](index=107&type=chunk) - In January 2025, the company donated **RMB 20,000** to the Minhang Representative Office of Shanghai Charity Foundation for Qinghai earthquake relief and **RMB 50,000** to the Yibin Education Foundation in Sichuan Province to support youth education[108](index=108&type=chunk) [Significant Matters](index=29&type=section&id=Item%205.%20Significant%20Matters) This section outlines key events and developments that occurred during the reporting period, impacting the company's operations and financial position [Explanation of Significant Matters](index=29&type=section&id=Explanation%20of%20Significant%20Matters) The company sold idle properties, cancelled **1,911,100** repurchased shares, and its subsidiary Nanjing Kaitong was re-certified as a high-tech enterprise, with no illegal guarantees or related-party issues - The company sold its self-owned office building located in Minhang, Shanghai, and completed the transfer procedures[133](index=133&type=chunk) - The company cancelled **1,911,100** repurchased shares, reducing total share capital from **109,836,120** shares to **107,925,020** shares[134](index=134&type=chunk) - Wholly-owned subsidiary Nanjing Kaitong Automation Technology Co., Ltd. was re-certified as a high-tech enterprise, valid for three years[133](index=133&type=chunk) - The company has no instances of controlling shareholder fund occupation, illegal external guarantees, or significant related-party transactions[111](index=111&type=chunk)[112](index=112&type=chunk)[117](index=117&type=chunk) [Share Changes and Shareholder Information](index=33&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides an overview of its shareholder structure [Share Change Status](index=33&type=section&id=Share%20Change%20Status) Total share capital decreased from **109,836,120** to **107,925,020** shares due to the cancellation of **1,911,100** repurchased shares, affecting only unrestricted shares Share Change Status | Share Category | Quantity Before Change | Quantity After Change | Change in Quantity | | :--- | :--- | :--- | :--- | | **Restricted Shares** | 26,852,872 | 26,852,872 | 0 | | **Unrestricted Shares** | 82,983,248 | 81,072,148 | -1,911,100 | | **Total Share Capital** | **109,836,120** | **107,925,020** | **-1,911,100** | - The share change was due to the company changing the purpose of **1,911,100** shares in its special repurchase securities account to cancellation, which was completed on June 20, 2025[139](index=139&type=chunk)[140](index=140&type=chunk) [Shareholder Information](index=35&type=section&id=Shareholder%20Information) As of period-end, the company had **14,886** common shareholders, with actual controllers Tang Tongkui and Zheng Zhikai holding over **50%** as parties acting in concert - The total number of common shareholders at the end of the reporting period was **14,886**[143](index=143&type=chunk) Shareholding of Top Two Shareholders | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | **Tang Tongkui** | 32.25% | 34,805,069 | | **Zheng Zhikai** | 22.66% | 24,458,080 | - Actual controllers Mr. Tang Tongkui and Mr. Zheng Zhikai constitute parties acting in concert[144](index=144&type=chunk) [Bond-Related Information](index=38&type=section&id=Item%207.%20Bond-Related%20Information) This section provides details on any bond-related activities or outstanding bonds of the company during the reporting period [Bond Information](index=38&type=section&id=Bond%20Information) The company had no bond-related matters during the reporting period - The company had no bond-related matters during this reporting period[149](index=149&type=chunk) [Financial Report](index=39&type=section&id=Item%208.%20Financial%20Report) This section presents the company's complete financial statements, including the balance sheet, income statement, cash flow statement, and notes to the financial statements [Audit Report](index=39&type=section&id=Audit%20Report) The company's 2025 semi-annual financial report is unaudited - This semi-annual financial report is unaudited[151](index=151&type=chunk) [Financial Statements](index=39&type=section&id=Financial%20Statements) This section presents the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025 - Includes consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[152](index=152&type=chunk) [Significant Accounting Policies and Estimates](index=59&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's accounting policies and estimates for financial statement preparation, including revenue recognition, financial instruments, and reclassification of warranty expenses to cost of sales - Financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards[198](index=198&type=chunk)[199](index=199&type=chunk) - Revenue recognition: The company recognizes revenue when the customer obtains control of the related goods, typically at the time of customer signing the delivery note or express receipt[288](index=288&type=chunk)[291](index=291&type=chunk) - Impairment of financial instruments: For financial assets measured at amortized cost, loss provisions are recognized based on expected credit losses[233](index=233&type=chunk) - Change in accounting policy: In accordance with new regulations, warranty-type quality assurance expenses were reclassified from "selling expenses" to "cost of sales," with retrospective adjustments made to comparative period data[315](index=315&type=chunk) [Notes to Consolidated Financial Statement Items](index=91&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items, including assets, liabilities, and equity, covering composition, changes, and impairment tests, essential for data comprehension - The top five accounts receivable balances at period-end accounted for **39.32%** of the total, with the second largest customer having full provision for bad debts[351](index=351&type=chunk) - Goodwill had a book value of **RMB 103 million**, primarily from the acquisition of Nanjing Kaitong, with an impairment provision of **RMB 7.597 million** already made[481](index=481&type=chunk)[483](index=483&type=chunk) - Assets with restricted ownership or use rights had a period-end book value of **RMB 25.385 million**, primarily consisting of financing transaction deposits[501](index=501&type=chunk)

海信家电集团股份有限公司 2025 年半年度报告 2025 年 7 月 海信家电集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人高玉玲、主管会计工作负责人孙长春及会计机构负责人(会计 主管人员)周珊声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承 诺，请投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | 第一节 | 重要提示、目录和释义 | 1 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | 5 | | 第三节 | 管理层讨论与分析 | 8 | | 第四节 | 公司治理、环境和社会 | 33 | | 第五节 | 重要事项 | 37 | | 第六节 | 股份变动及股东情况 | 48 | | 第七节 | 债券相关情况 | 54 | | ...