江苏东华测试技术股份有限公司 2025 年半年度报告全文 证券代码：300354 证券简称：东华测试 公告编号：2025-038 江苏东华测试技术股份有限公司 2025 年半年度报告 2025 年 08 月 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。 公司负责人刘士钢、主管会计工作负责人李玲及会计机构负责人(会计主 管人员)李玲声明：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。 本报告所涉及的未来计划等前瞻性陈述，不构成公司对投资者的实质承 诺。投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计 划、预测与承诺之间的差异。 公司在本报告"第三节 管理层讨论与分析—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。 1 江苏东华测试技术股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 | 第一节 | 重要提 ...

[Company Profile and Key Financial Indicators](index=5&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Information](index=5&type=section&id=Company%20Information) The section details Ningbo Jifeng Auto Parts Co., Ltd.'s fundamental information, including company names, contact details, and disclosure channels - Company's basic information, contact details, and information disclosure channels remained stable with no significant changes[14](index=14&type=chunk)[15](index=15&type=chunk)[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue decreased by 4.39% to **CNY 10.52 billion** due to prior period's asset sale, yet profitability significantly improved with net profit attributable to shareholders increasing by **189.51%** to **CNY 154 million** and operating cash flow turning positive, driven by Grammer integration and efficiency gains Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 10,523,101,488.53 | 11,006,433,019.80 | -4.39% | | Net Profit Attributable to Shareholders of Listed Company | 153,861,156.24 | 53,144,456.47 | 189.51% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | 188,556,464.82 | 26,989,299.94 | 598.63% | | Net Cash Flow from Operating Activities | 122,700,609.19 | -104,067,510.38 | N/A | | Total Assets (End of Reporting Period) | 21,585,164,705.82 | 20,284,802,574.36 | 6.41% | Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.12 | 0.04 | 200.00% | | Basic Earnings Per Share Excluding Non-recurring Gains and Losses (CNY/share) | 0.15 | 0.02 | 650.00% | | Weighted Average Return on Net Assets (%) | 3.19% | 1.18% | Increased by 2.01 percentage points | | Weighted Average Return on Net Assets Excluding Non-recurring Gains and Losses (%) | 3.91% | 0.60% | Increased by 3.31 percentage points | - All company profitability indicators (net profit, non-recurring net profit, EPS, ROE) significantly increased year-on-year, primarily due to the financial impact of the Grammer integration becoming evident[23](index=23&type=chunk) - During the reporting period, total non-recurring gains and losses amounted to **-CNY 34.7 million**, mainly driven by fair value changes in financial assets and liabilities (**-CNY 73.2 million**), partially offset by government subsidies (**CNY 40.57 million**)[25](index=25&type=chunk)[26](index=26&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) [Main Business and Operating Model](index=8&type=section&id=Main%20Business%20and%20Operating%20Model) The company operates as a global automotive parts supplier, specializing in interior components and seating systems for passenger and commercial vehicles, utilizing a customer-centric model with integrated R&D, procurement, and sales strategies - The company is a global automotive parts supplier specializing in cockpit interior components, passenger car seats, and commercial vehicle seating systems[31](index=31&type=chunk) - The company serves a broad customer base, including major international OEMs like Audi, BMW, Daimler, and Tesla, as well as leading domestic automakers such as FAW, SAIC, BYD, NIO, and Li Auto[38](index=38&type=chunk) - The company employs a combined synchronous design and advance development R&D model to maintain technological leadership, exemplified by its sleep-mode headrest for VW Magotan and central control system for autonomous driving[40](index=40&type=chunk)[41](index=41&type=chunk) [Discussion and Analysis of Operations](index=12&type=section&id=Discussion%20and%20Analysis%20of%20Operations) In H1 2025, despite a 4.39% revenue decline to **CNY 10.52 billion** due to a prior asset sale, the company achieved significant profitability improvement, with net profit attributable to shareholders increasing by **189.51%**, Grammer segment turning profitable, and strategic emerging businesses doubling revenue Operating Indicators | Operating Indicators | H1 2025 (CNY) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 10.523 Billion | -4.39% | | Net Profit Attributable to Shareholders | 154 Million | 189.51% | | Net Profit Attributable to Shareholders Excluding Non-recurring Gains and Losses | 189 Million | 598.63% | Business Segment Performance | Business Segment | Operating Revenue (CNY) | YoY Growth | Net Profit Attributable to Shareholders (CNY) | YoY Growth | | :--- | :--- | :--- | :--- | :--- | | Jifeng Segment | 3.104 Billion | 24.97% | 116 Million | 19.68% | | Grammer Segment | 7.601 Billion | -11.89% | 93 Million | Turned profitable | - The company's strategic emerging businesses are developing rapidly: - **Passenger Car Seating Business**: Achieved operating revenue of **CNY 1.984 billion**, doubling year-on-year - **Air Vent Business**: Achieved operating revenue of **CNY 136 million** - **Car Refrigerator Business**: Achieved operating revenue of approximately **CNY 77 million**, growing several times year-on-year[49](index=49&type=chunk) - The company continues to advance the global integration of Grammer, adjusting decision-making and incentive structures at the headquarters level, driving reforms at the operational factory level, and establishing a global procurement center to control costs[59](index=59&type=chunk) [Strategic Emerging Business Development](index=14&type=section&id=Strategic%20Emerging%20Business%20Development) Strategic emerging businesses showed significant H1 2025 growth, with passenger car seating revenue doubling to **CNY 1.984 billion** and securing **24 orders**, while smart air vents and in-car refrigerators also saw substantial revenue increases, and hidden door handles secured new project nominations - Passenger car seating business achieved **CNY 1.984 billion** in revenue in the first half, doubling year-on-year; despite an overall loss of **CNY 63 million** due to high upfront R&D and factory pre-expenses, future mass production is expected to improve profit margins through economies of scale[62](index=62&type=chunk) Strategic Emerging Business Overview | Business Segment | H1 2025 Revenue (CNY) | Orders/Projects in Hand | Notes | | :--- | :--- | :--- | :--- | | Passenger Car Seating | 1.984 Billion | 24 project nominations | Customers include overseas luxury, domestic new energy, and traditional leading automakers | | Smart Air Vent | 136 Million | - | More projects to be mass-produced in H2 | | Car Refrigerator | Approx. 77 Million | 13 orders in hand | Achieved rapid year-on-year growth | | Hidden Door Handle | - | Project nomination secured | Will become a new growth point | - To support business expansion, several new production bases (Hefei, Changzhou, Wuhu, etc.) have been completed and commenced operations as scheduled, with Ningbo, Beijing, and Chongqing bases under construction, and global expansion into Southeast Asia and Europe underway[63](index=63&type=chunk) [Core Competitiveness Analysis](index=17&type=section&id=Core%20Competitiveness%20Analysis) The company's core competitiveness is built on its global R&D and marketing networks, advanced manufacturing and cost control capabilities, strong customer base, certified testing centers, and refined management with robust talent development - Following the acquisition of Grammer, the company's R&D capabilities have significantly advanced, with multiple global R&D centers establishing a leading technological position in both passenger and commercial vehicle sectors[68](index=68&type=chunk)[70](index=70&type=chunk) - The company operates over **80** controlled subsidiaries across **20** countries, forming a comprehensive global marketing network that enables rapid customer response and reduced logistics costs[71](index=71&type=chunk) - The company boasts a high self-sufficiency production chain and advanced cost control capabilities, further enhanced by a joint procurement agreement with Grammer for molds, struts, and foam materials, reducing mutual procurement costs[72](index=72&type=chunk) [Financial Analysis of Main Operations](index=20&type=section&id=Financial%20Analysis%20of%20Main%20Operations) The financial analysis reveals a **42.26%** increase in R&D expenses due to seating business investments, significant growth in receivables and contract assets from new orders, **42.51%** of total assets held overseas primarily by Grammer AG, and the use of forward foreign exchange contracts for hedging Key Financial Statement Changes | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | R&D Expenses | 340 Million | 239 Million | 42.26% | Primarily due to increased investment in the seating business this period | | Net Cash Flow from Operating Activities | 123 Million | -104 Million | N/A | Primarily due to improved operational efficiency and increased operating profit this period | | Net Cash Flow from Investing Activities | -359 Million | -1.136 Billion | 68.43% | Primarily due to reduced expenditures on structured deposits and wealth management products | | Net Cash Flow from Financing Activities | -283 Million | 1.505 Billion | N/A | Primarily due to repayment of borrowings this period, while prior period included proceeds from private placement | Key Balance Sheet Item Changes | Balance Sheet Item | Amount at End of Current Period (CNY) | Change from Prior Year End | Main Reason | | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 504 Million | 82.21% | Increase in bank acceptance bills received | | Contract Assets | 860 Million | 81.38% | Due to continuous new orders | | Trading Financial Liabilities | 58 Million | 3,808.87% | Due to losses from purchasing forward foreign exchange contracts | - The company's overseas assets reached **CNY 9.175 billion**, accounting for **42.51%** of total assets, primarily due to the consolidation of Grammer AG, whose main assets are located overseas, following the major asset restructuring in 2019[84](index=84&type=chunk)[86](index=86&type=chunk) [Potential Risks](index=26&type=section&id=Potential%20Risks) The company faces operational risks from macroeconomic cycles, OEM pricing pressure, raw material price volatility, technological shifts in automotive electrification and intelligence, market competition, and foreign exchange fluctuations due to significant overseas revenue - The company's main risks include: - **Macroeconomic Risk**: The automotive industry is highly susceptible to macroeconomic cycles - **Price Reduction Risk**: OEMs possess strong bargaining power, potentially demanding component price reductions - **Raw Material Price Volatility Risk**: Fluctuations in prices of steel pipes, plastic pellets, and other raw materials impact cost control - **Technological Risk**: The need to adapt to technological updates in automotive electrification and intelligence - **Market Competition Risk**: Intense competition from peers in the global market - **Exchange Rate Risk**: Significant overseas revenue exposes the company to substantial exchange rate fluctuations impacting financial data[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk) [Corporate Governance, Environment, and Society](index=28&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Profit Distribution Plan](index=28&type=section&id=Profit%20Distribution%20Plan) The company proposes no profit distribution or capital reserve capitalization for the half-year period - The 2025 half-year profit distribution plan proposes no distribution or capitalization[102](index=102&type=chunk) [Equity Incentive and Employee Stock Ownership Plan](index=28&type=section&id=Equity%20Incentive%20and%20Employee%20Stock%20Ownership%20Plan) The company approved its 2025 Employee Stock Ownership Plan in April 2025, completing the non-trading transfer of related shares in June - The company implemented the 2025 Employee Stock Ownership Plan, transferring **5,700,000** repurchased shares to the employee stock ownership plan account via non-trading transfer[103](index=103&type=chunk) [Significant Matters](index=30&type=section&id=Significant%20Matters) [Fulfillment of Commitments](index=30&type=section&id=Fulfillment%20of%20Commitments) During the reporting period, commitments by the company's actual controller, shareholders, and related parties regarding horizontal competition, related-party transactions, and refinancing return-filling measures were strictly fulfilled - The company's controlling shareholder, actual controller, and other related parties strictly fulfilled commitments related to resolving horizontal competition, related-party transactions, and major asset restructuring and refinancing during the reporting period[107](index=107&type=chunk)[108](index=108&type=chunk)[110](index=110&type=chunk) [Significant Related-Party Transactions](index=32&type=section&id=Significant%20Related-Party%20Transactions) The company approved its 2025 annual routine related-party transaction estimates in January and March 2025, with a combined upper limit of **CNY 245 million** - The company anticipates the total upper limit for routine related-party transactions with associated parties in 2025 to be **CNY 245 million**[112](index=112&type=chunk) [Significant Contracts and Guarantees](index=33&type=section&id=Significant%20Contracts%20and%20Guarantees) As of the reporting period end, total guarantees for subsidiaries amounted to **CNY 6.32 billion**, representing **126.20%** of net assets, with **CNY 6.227 billion** for entities having over **70%** debt-to-asset ratio Guarantee Status | Guarantee Status | Amount (CNY) | | :--- | :--- | | Total Guarantee Balance for Subsidiaries at End of Reporting Period | 6,319,591,201.61 | | Proportion of Total Guarantees to Company's Net Assets | 126.20% | | Debt Guarantee Amount Provided for Guaranteed Entities with Debt-to-Asset Ratio Exceeding 70% | 6,227,164,801.61 | | Amount of Total Guarantees Exceeding 50% of Net Assets | 3,815,788,405.41 | [Progress on Use of Raised Funds](index=35&type=section&id=Progress%20on%20Use%20of%20Raised%20Funds) The company raised **CNY 1.163 billion** in April 2024, with **73.58%** or **CNY 856 million** cumulatively invested by the reporting period end into key projects, including the passenger car seat base and air vent R&D, with the Ningbo Beilun air vent project extended to April 2027 - As of the end of the reporting period, cumulative raised funds invested totaled **CNY 856 million**, accounting for **73.58%** of the net raised funds[121](index=121&type=chunk) Raised Funds Investment Progress | Raised Investment Project Name | Planned Total Investment (CNY 10,000) | Cumulative Investment Amount as of Reporting Period End (CNY 10,000) | Investment Progress (%) | | :--- | :--- | :--- | :--- | | Annual Production of 800,000 Sets of Passenger Car Seat Assembly Production Base Project | 15,000.00 | 9,308.08 | 62.05% | | Changchun Automotive Seat Headrest, Armrest, and Interior Components Project | 11,500.00 | 9,956.08 | 86.57% | | Ningbo Beilun Annual Production of 10 Million Automotive Air Vents R&D and Manufacturing Project | 54,923.32 | 31,411.02 | 57.19% | | Replenishment of Working Capital | 34,895.00 | 34,912.19 | 100.05% | - The company extended the estimated operational date for the "Ningbo Beilun Annual Production of 10 Million Automotive Air Vents R&D and Manufacturing Project" to April 2027[128](index=128&type=chunk) [Share Changes and Shareholder Information](index=39&type=section&id=Share%20Changes%20and%20Shareholder%20Information) [Share Capital Changes](index=39&type=section&id=Share%20Capital%20Changes) During the reporting period, the company's total share capital increased by **1,936,197 shares** to **1,268,012,438 shares** due to the conversion of **CNY 13.96 million** of "Jifeng Fixed 01" private convertible bonds - During the reporting period, the company's total share capital increased by **1,936,197 shares** due to the conversion of "Jifeng Fixed 01" private convertible bonds, reaching a total of **1,268,012,438 shares** at period-end[131](index=131&type=chunk)[132](index=132&type=chunk) [Shareholder Information](index=40&type=section&id=Shareholder%20Information) As of the reporting period end, the company had **14,808** common shareholders, with a stable top ten structure where controlling shareholder Ningbo Jihong Holding Group Co., Ltd. held **21.23%**, and the actual controllers collectively controlled **42.19%** of shares - As of the end of the reporting period, the company had a total of **14,808** shareholders[133](index=133&type=chunk) Top Shareholders | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | | :--- | :--- | :--- | | Ningbo Jihong Holding Group Co., Ltd. | 269,256,597 | 21.23% | | WING SING INTERNATIONAL CO., LTD. | 146,880,000 | 11.58% | | Wang Jimin | 118,904,479 | 9.38% | | Yu Wanli | 86,325,802 | 6.81% | | Fuguo Tianhui Selected Growth Mixed Securities Investment Fund (LOF) | 30,000,000 | 2.37% | - Controlling shareholder Jihong Group, Wing Sing International Co., Ltd., and Wang Jimin constitute parties acting in concert, representing the company's actual controllers, Wang Yiping, Wu Bifeng, and their son[137](index=137&type=chunk) [Bond-Related Information](index=44&type=section&id=Bond-Related%20Information) [Convertible Corporate Bonds](index=44&type=section&id=Convertible%20Corporate%20Bonds) During the reporting period, **CNY 13.96 million** of "Jifeng Fixed 01" private convertible bonds were converted into **1,936,197 shares**, leaving **CNY 30.66 million** unconverted (**2.74%** of total issuance) at a conversion price of **CNY 7.21/share**, with the company maintaining strong solvency - During the reporting period, the private convertible bond "Jifeng Fixed 02" was fully converted and delisted, while the outstanding "Jifeng Fixed 01" saw **CNY 13.96 million** converted in this period[142](index=142&type=chunk)[146](index=146&type=chunk) Convertible Corporate Bond Details | Convertible Corporate Bond | Jifeng Fixed 01 | | :--- | :--- | | Amount Converted During Reporting Period (CNY) | 13,960,000 | | Number of Shares Converted During Reporting Period (shares) | 1,936,197 | | Unconverted Amount (CNY) | 30,660,000 | | Proportion of Unconverted Bonds to Total Issuance | 2.74% | | Latest Conversion Price (CNY/share) | 7.21 | - As of the end of the reporting period, the company's asset-liability ratio was **75.68%**, with stable main operations, sound financial condition, and strong solvency[149](index=149&type=chunk) [Financial Report](index=46&type=section&id=Financial%20Report) [Financial Statements](index=46&type=section&id=Financial%20Statements) This section presents the company's unaudited consolidated and parent company financial statements for H1 2025, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity - The financial report in this semi-annual report is unaudited[5](index=5&type=chunk)[152](index=152&type=chunk) [Notes to Consolidated Financial Statements](index=123&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed explanations and analysis of major accounts in the consolidated financial statements, including monetary funds, receivables, inventories, fixed assets, goodwill, and various liabilities and expenses - As of period-end, the total book value of the company's restricted assets by ownership or use amounted to **CNY 642 million**, primarily comprising monetary funds for bank acceptance bill deposits, endorsed or discounted notes receivable, and fixed assets pledged for borrowings[581](index=581&type=chunk)[582](index=582&type=chunk) - Goodwill had an original book value of **CNY 2.829 billion**, with impairment provisions of **CNY 1.069 billion**, resulting in a net book value of **CNY 1.761 billion**, primarily arising from the acquisition of Grammer AG Group[568](index=568&type=chunk)[569](index=569&type=chunk) [Supplementary Information](index=228&type=section&id=Supplementary%20Information) This section details the composition of current non-recurring gains and losses and presents calculations for net asset return and earnings per share, with weighted average ROE for common shareholders at **3.19%** and basic EPS at **CNY 0.12** Profitability Ratios and Per Share Data | Profit for the Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (CNY/share) | Diluted Earnings Per Share (CNY/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 3.19 | 0.12 | 0.12 | | Net Profit Attributable to Common Shareholders of the Company Excluding Non-recurring Gains and Losses | 3.91 | 0.15 | 0.15 | - Total non-recurring gains and losses for the current period amounted to **-CNY 34,695,308.58**, primarily impacted by fair value changes in financial assets[776](index=776&type=chunk)

[Definitions](index=4&type=section&id=Item%201.%20Definitions) This section provides definitions of key terms used throughout the report [Company Profile and Key Financial Indicators](index=6&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's fundamental information and presents its core financial performance metrics [Company Information](index=6&type=section&id=Item%202.1.%20Company%20Information) This section provides the company's basic corporate information, including names, legal representative, and contact details Basic Company Information | Item | Information | | :--- | :--- | | **Chinese Name** | 上海移远通信技术股份有限公司 | | **Chinese Abbreviation** | 移远通信 | | **English Name** | Quectel Wireless Solutions Co.,Ltd. | | **Legal Representative** | 钱鹏鹤 | | **Stock Exchange Listing** | Shanghai Stock Exchange | | **Stock Abbreviation** | 移远通信 | | **Stock Code** | 603236 | [Key Accounting Data and Financial Indicators](index=6&type=section&id=Item%202.7.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by **39.98%** to **11.546 billion yuan**, and net profit attributable to shareholders increased by **125.03%** to **471 million yuan**, driven by core business growth, diversification, and improved operational efficiency Key Accounting Data (Unit: Billion Yuan) | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 11.546 | 8.249 | 39.98 | | Net Profit Attributable to Shareholders of Listed Company | 0.471 | 0.209 | 125.03 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) | 0.451 | 0.189 | 139.36 | | Net Cash Flow from Operating Activities | -0.807 | -0.336 | Not Applicable | | **Asset Data** | **End of Current Reporting Period** | **End of Prior Year** | **YoY Change (%)** | | Net Assets Attributable to Shareholders of Listed Company | 4.402 | 4.037 | 9.05 | | Total Assets | 13.907 | 12.980 | 7.14 | Key Financial Indicators | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 1.80 | 0.80 | 125.00% | | Weighted Average Return on Net Assets (%) | 11.07 | 5.69 | Increased by 5.38 percentage points | - Performance growth was primarily driven by the steady increase in core businesses (LTE, automotive, 5G, smart modules) and the expansion of diversified businesses like antennas and ODM, alongside enhanced operational efficiency and cost control through supply chain optimization and digital transformation[22](index=22&type=chunk)[23](index=23&type=chunk) - The increase in net cash outflow from operating activities was mainly due to increased business volume, leading to higher cash payments for goods and services[23](index=23&type=chunk) [Non-recurring Gains and Losses and Amounts](index=7&type=section&id=Item%202.9.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **19.9091 million yuan**, primarily from government subsidies after accounting for fair value changes in financial instruments Non-recurring Gains and Losses (Unit: Million Yuan) | Non-recurring Gains and Losses Item | Amount | | :--- | :--- | | Gains and Losses on Disposal of Non-current Assets | 1.264 | | Government Subsidies Included in Current Profit and Loss | 25.770 | | Gains and Losses from Changes in Fair Value of Financial Assets and Liabilities | -7.548 | | Other Non-operating Income and Expenses and Others | 0.439 | | **Total** | **19.909** | [Management Discussion and Analysis](index=9&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive review of the company's operations, financial condition, and future outlook [Industry and Main Business Overview](index=9&type=section&id=Item%203.1.%20Industry%20and%20Main%20Business%20Overview) The company primarily operates in IoT wireless communication modules and solutions, serving smart transportation, energy, and urban sectors, with global IoT market growth driven by 5G and AI large models, showing potential in 5G FWA, RedCap, intelligent connected vehicles, and AIoT terminals - The company's main business involves the design, R&D, production, and sales of wireless communication modules and solutions in the IoT sector, offering one-stop solutions including modules, antennas, and IoT software platforms[29](index=29&type=chunk) - The company employs a hybrid production model of self-production and outsourced processing, along with a global online and offline sales model covering China, Europe, North America, and Asia-Africa-Latin America[33](index=33&type=chunk) - According to ABI Research data, global cellular module shipments are projected to further increase in 2025, reaching **783 million units** by 2030[34](index=34&type=chunk) - The 5G market continues to grow, with 5G module shipments expected to reach **120 million units** by 2030 at a **41% CAGR**, while 5G FWA connections are projected to reach **350 million** and RedCap module shipments to exceed **120 million units** by 2030[37](index=37&type=chunk)[39](index=39&type=chunk) - The accelerated integration of AI large models with 5G and IoT is fostering new terminals like AI robots, toys, and glasses, with the AI toy market projected to reach **$60 billion** by 2033 and smart glasses shipments increasing from **3.3 million units** in 2024 to nearly **13 million units** in 2026[40](index=40&type=chunk)[41](index=41&type=chunk) [Discussion and Analysis of Operations](index=13&type=section&id=Item%203.2.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company achieved **11.546 billion yuan** in revenue (up **39.98%**) and **471 million yuan** in net profit attributable to shareholders (up **125.03%**), with overseas revenue accounting for **54.50%**, driven by a "1+N" business matrix, diversified growth in antennas, ODM, and smart solutions, and enhanced cost control Key Performance Indicators for H1 2025 | Indicator | Amount/Ratio | YoY Growth | | :--- | :--- | :--- | | **Operating Revenue** | 11.546 Billion Yuan | 39.98% | | **Net Profit Attributable to Shareholders** | 471 Million Yuan | 125.03% | | **Overseas Operating Revenue** | 6.293 Billion Yuan | - | | **Proportion of Overseas Revenue** | 54.50% | - | [R&D and Innovation](index=13&type=section&id=Item%203.2.1.%20R%26D%20and%20Innovation) The company maintained high R&D investment, spending **882 million yuan** in H1, accounting for **7.64%** of revenue, with eight global R&D centers actively participating in 5G standard setting and securing **635 authorized patents** by the end of the reporting period R&D Investment in H1 2025 (Unit: Billion Yuan) | Indicator | Value | | :--- | :--- | | **R&D Investment** | 0.882 | | **Percentage of Operating Revenue** | 7.64% | | **Number of R&D Personnel** | 4,754 | | **Percentage of Total Employees** | 68.62% | - The company has established eight R&D centers globally in Shanghai, Hefei, Foshan, Guilin, Wuhan, Vancouver, Belgrade, and Penang, covering China, Europe, North America, and Asia-Pacific regions[45](index=45&type=chunk) - The company actively participates in 3GPP standard setting and strategically patents high-value technologies, having submitted **61 5G technical proposals**, declared **385 ETSI standard-essential patents**, and obtained **635 authorized patents**, **365 trademarks**, and **306 software copyrights** by the end of the reporting period[46](index=46&type=chunk) [Module Product Lines](index=13&type=section&id=Item%203.2.2.%20Module%20Product%20Lines) The company continuously expands its module product lines, launching innovative products and solutions across 5G, smart, LTE, Wi-Fi, GNSS, and satellite communication, with 5G modules focusing on AI integration and global certification, smart modules integrating AI large models for AR glasses, LTE modules offering AI toy solutions, Wi-Fi HaLow and Wi-Fi 7 modules supporting long-range and low-latency scenarios, high-precision GNSS modules achieving mass production in assisted driving, and satellite communication modules gaining Skylo certification for integrated space-ground communication - **5G Modules**: Launched multiple high-performance products, such as the L4S-enabled RG620T/RG600L series, and continuously strengthened global market access capabilities, with RG620T-NA receiving certification from four major North American carriers[47](index=47&type=chunk)[48](index=48&type=chunk) - **Smart Modules**: All series products integrate with Volcengine Doubao VLM multimodal AI large models, focusing on AR glasses and action cameras to help clients develop consumer-grade AR terminals[49](index=49&type=chunk)[50](index=50&type=chunk) - **LTE Modules**: Developed a comprehensive AI toy solution based on the EC800M-CN module, transforming traditional dolls into AI intelligent entities, successfully implemented with multiple trendy toy brands[51](index=51&type=chunk) - **Wi-Fi & BT Modules**: Wi-Fi HaLow modules successfully applied in charging piles and meters; Wi-Fi 7 technology provides critical support for next-generation embodied robots[52](index=52&type=chunk) - **GNSS Modules**: High-precision positioning products secured more designated projects and mass production increments in combined assisted driving, with L-Band supported LG695P products achieving mass delivery[53](index=53&type=chunk)[54](index=54&type=chunk) - **Satellite Communication Modules**: The multi-mode satellite communication module BG95-S5 became the world's first Skylo-certified satellite communication module, supporting Non-Terrestrial Network (NTN) technology[54](index=54&type=chunk) [Automotive Business](index=15&type=section&id=Item%203.2.3.%20Automotive%20Business) The company expanded its automotive intelligence solutions with new Bluetooth protocol stacks and virtualized cockpit software, enabling six application scenarios like smart cockpits and V2X, while achieving rapid growth in automotive 5G module shipments, mass production of domestic chip platform products, and breakthroughs in high-precision positioning and IMU products - The company's automotive business added DynaBlue Bluetooth protocol stack, LXC virtualized cockpit software solutions, and TCU network solutions, deployed in over **20 OEMs** for mass production, empowering six typical application scenarios including smart cockpits, intelligent driving, intelligent connectivity, body control, digital keys, and electric power systems[55](index=55&type=chunk) - Automotive 5G NR modules AG59xE/H and AG56xN experienced rapid shipment growth, with cellular modules based on domestic chip platforms entering mass production, and smart cockpit module AG855G shipments increasing rapidly[58](index=58&type=chunk)[59](index=59&type=chunk) - The company achieved breakthroughs in high-precision IMU, mastering design, production, and calibration technologies, and launched the LUA600A high-precision IMU BOX product, providing high-precision position-keeping solutions for ADAS[60](index=60&type=chunk) [Software-Hardware Integrated Solutions](index=16&type=section&id=Item%203.2.4.%20Software-Hardware%20Integrated%20Solutions) The company offers comprehensive software-hardware integrated solutions including antennas, ODM, software platforms, industrial intelligence, and AI large models, achieving customized breakthroughs in antennas, strong ODM growth across PDA and POS sectors, an "AI+IoT" focused software platform with an AI toy solution, benchmark industrial intelligence projects in defect detection and automated production lines, and edge-cloud collaborative AI large model solutions empowering smart healthcare and robotics - **Antennas**: Focused on smart meters, network communication, and satellite communication, providing customized solutions and accelerating market penetration through the integrated "module + antenna" advantage[61](index=61&type=chunk) - **ODM**: Business continued strong growth, providing PCBA and complete machine solutions for leading clients in industrial PDA, POS payment, FWA, and two-wheel smart mobility[64](index=64&type=chunk) - **Software Service Platform**: Focused on "AI+IoT" integration, launched a comprehensive AI toy solution, deeply empowering AI toys with a "hardware + algorithm + platform" trinity architecture[65](index=65&type=chunk) - **Industrial Intelligence**: Continuously iterated the AIFex algorithm model training platform, implementing defect detection projects in automotive and power battery industries, and delivering integrated automated assembly + test line solutions to Tier 1 manufacturers[66](index=66&type=chunk) - **AI Large Model Solutions**: Launched an integrated "module + large model + AI algorithm + platform" edge-side + cloud-side AI large model solution, empowering industries such as smart healthcare, smart education, assisted driving, and embodied intelligence[67](index=67&type=chunk)[68](index=68&type=chunk) [Analysis of Key Operating Performance](index=19&type=section&id=Item%203.4.%20Analysis%20of%20Key%20Operating%20Performance) This section details the financial performance during the reporting period, showing synchronized growth in revenue and costs, stable expenses, and investment/fair value changes primarily influenced by foreign exchange hedging, while the balance sheet reflects significant increases in inventory and short-term borrowings to support business growth and liquidity, with overseas assets comprising **50.21%** of total assets [Analysis of Financial Statement Item Changes](index=19&type=section&id=Item%203.4.1.%20Analysis%20of%20Financial%20Statement%20Item%20Changes) During the reporting period, operating revenue grew **39.98%**, driven by 5G, LTE, automotive modules, and ODM businesses, with operating costs increasing **40.71%** in line with revenue, management expenses rising **39.54%** due to personnel and travel costs, and net cash flow from operating activities decreasing primarily due to increased raw material purchases for inventory Key Income Statement and Cash Flow Statement Item Changes (Unit: Billion Yuan) | Item | Current Period (Billion Yuan) | Prior Period (Billion Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 11.546 | 8.249 | 39.98 | | Operating Cost | 9.501 | 6.752 | 40.71 | | Administrative Expenses | 0.288 | 0.206 | 39.54 | | R&D Expenses | 0.882 | 0.796 | 10.78 | | Net Cash Flow from Operating Activities | -0.807 | -0.336 | Not Applicable | - Operating revenue growth was driven by accelerated penetration of 5G and AI technologies, as the company capitalized on IoT industry opportunities, achieving strong growth in 5G modules, LTE modules, automotive modules, and ODM businesses[74](index=74&type=chunk) - The decrease in net cash flow from operating activities was due to increased expenditures for raw material purchases to support future production and sales, in line with business scale growth[74](index=74&type=chunk) [Analysis of Assets and Liabilities](index=21&type=section&id=Item%203.4.3.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets increased by **7.14%** to **13.907 billion yuan**, with inventory significantly rising **41.43%** to meet future sales growth and short-term borrowings increasing **103.74%** to satisfy business funding needs, while overseas assets reached **6.983 billion yuan**, accounting for **50.21%** of total assets Key Balance Sheet Item Changes (Unit: Billion Yuan) | Item Name | End of Current Period (Billion Yuan) | End of Prior Year (Billion Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 1.088 | 1.837 | -40.75 | | Inventories | 4.610 | 3.260 | 41.43 | | Short-term Borrowings | 1.487 | 0.730 | 103.74 | | Notes Payable | 0.769 | 1.107 | -30.57 | - Inventories increased by **41.43%**, primarily due to increased stocking and material preparation to meet future sales growth[78](index=78&type=chunk) - Short-term borrowings increased by **103.74%**, mainly due to increased bank bill discount borrowings to meet the company's business development funding needs[78](index=78&type=chunk) - As of the end of the reporting period, the company's overseas assets amounted to **6.983 billion yuan**, accounting for **50.21%** of total assets[80](index=80&type=chunk) [Analysis of Investment Status](index=23&type=section&id=Item%203.4.4.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's external equity investments totaled **16.3674 million yuan**, primarily for subsidiary employee equity incentives and capital increases, while non-equity investments included **126 million yuan** for the ongoing global headquarters project, and foreign exchange hedging operations up to **2.5 billion yuan** to mitigate currency risks - Investments during the reporting period totaled **16.3674 million yuan**, primarily for implementing employee equity incentive plans for subsidiaries like Hefei Yirui and Quectel Technology, and for capital contributions to subsidiaries such as Linyi Quectel and Shanghai Yichen[84](index=84&type=chunk)[86](index=86&type=chunk) - The company plans to invest up to **1.25 billion yuan** in its global headquarters, with cumulative investments reaching **778 million yuan** by the end of the reporting period, including **126 million yuan** invested in the current period[85](index=85&type=chunk) - To mitigate exchange rate risks, the company conducted foreign exchange hedging operations with a total annual volume not exceeding **2.5 billion yuan** in 2025, realizing an actual gain of **4.8826 million yuan** and a fair value change loss of **12.4310 million yuan** during the reporting period[89](index=89&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk) [Risk Factors and Other Disclosures](index=29&type=section&id=Item%203.5.%20Risk%20Factors%20and%20Other%20Disclosures) The company faces key risks including international relations shifts, raw material market volatility, exchange rate fluctuations, and intensified market competition, while actively enhancing company value through initiatives like focusing on core business, prioritizing shareholder returns (cash dividends and buybacks), improving information disclosure quality, and standardizing corporate governance - Key risks faced by the company include: - **International Relations Volatility**: Uncertainties in overseas political, economic, and trade policies may adversely affect business operations - **Raw Material Market Fluctuations**: Shortages or significant price increases of upstream raw materials could impact the company's profitability - **Exchange Rate Fluctuations**: Overseas procurement and export activities expose the company to risks of performance decline due to exchange rate volatility - **Intensified Market Competition**: The IoT industry faces increasing competition, and failure to maintain continuous business growth may lead to market elimination[96](index=96&type=chunk) - The company actively implemented "Quality Improvement, Efficiency Enhancement, and High Returns" initiatives, achieving significant performance growth during the reporting period and consistently rewarding shareholders through cash dividends and share buybacks, with cumulative cash dividends and share repurchases totaling **502 million yuan** from 2022 to 2024, representing **115.60%** of the average net profit over the past three years[97](index=97&type=chunk)[98](index=98&type=chunk) [Corporate Governance, Environment, and Society](index=31&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's governance structure, profit distribution plans, and equity incentive programs [Changes in Corporate Governance Structure](index=31&type=section&id=Item%204.1.%20Changes%20in%20Corporate%20Governance%20Structure) To comply with the new Company Law and other regulations, the company's shareholders approved the abolition of the Supervisory Board in July 2025, with its functions now exercised by the Board's Audit Committee - In accordance with the new Company Law and relevant regulations, the company no longer has a Supervisory Board, with its functions now exercised by the Board of Directors' Audit Committee[104](index=104&type=chunk) [Profit Distribution Plan](index=31&type=section&id=Item%204.2.%20Profit%20Distribution%20Plan) The Board of Directors approved the 2025 interim profit distribution plan, proposing a cash dividend of **RMB 5.50** (tax inclusive) per 10 shares to all shareholders 2025 Interim Profit Distribution Plan | Item | Content | | :--- | :--- | | **Dividend per 10 shares (Yuan) (tax inclusive)** | 5.50 | | **Bonus shares per 10 shares (shares)** | 0 | | **Capitalized shares per 10 shares (shares)** | 0 | | **Total proposed cash dividend (Yuan) (tax inclusive)** | 143,911,709.70 | [Equity Incentive Plan](index=31&type=section&id=Item%204.3.%20Equity%20Incentive%20Plan) During the reporting period, the company adjusted the exercise prices of its 2022 and 2023 stock option incentive plans and canceled some unexercised stock options - The company adjusted the exercise prices for its 2022 and 2023 stock option incentive plans and canceled some stock options[106](index=106&type=chunk) [Significant Matters](index=33&type=section&id=Item%205.%20Significant%20Matters) This section covers the fulfillment of commitments, significant related-party transactions, and the performance of major contracts [Fulfillment of Commitments](index=33&type=section&id=Item%205.1.%20Fulfillment%20of%20Commitments) During the reporting period, the company's controlling shareholder, actual controller, directors, and other related parties strictly fulfilled commitments made during IPO and refinancing, including share lock-ups, avoiding competition, and reducing related-party transactions - The company's controlling shareholder, actual controller, directors, senior management, and other related parties promptly and strictly fulfilled commitments made during or continuing into the reporting period, such as share lock-ups, avoiding horizontal competition, and reducing related-party transactions[110](index=110&type=chunk) [Significant Related-Party Transactions](index=42&type=section&id=Item%205.10.%20Significant%20Related-Party%20Transactions) During the reporting period, the company engaged in ordinary course related-party transactions with NETPRISMA SG PTE.LTD, including product sales and technical support services, with transaction amounts within the annual estimated limits - The company estimates annual ordinary related-party transactions with NETPRISMA SG PTE.LTD and NETPRISMA INC. not exceeding **200 million yuan** for 2025; from the 2024 Annual Shareholders' Meeting to the report disclosure date, actual related-party transactions totaled **75.5833 million yuan**, comprising **61.2303 million yuan** in product sales and **14.3530 million yuan** in technical support services[142](index=142&type=chunk) [Significant Contracts and Their Performance](index=43&type=section&id=Item%205.11.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no external guarantees, while guarantees to subsidiaries amounted to **200 million yuan** with a zero balance at period-end Guarantees During the Reporting Period (Unit: Million Yuan) | Guarantee Status | Amount | | :--- | :--- | | Total Guarantees to Subsidiaries During Reporting Period | 200 | | Total Guarantees to Subsidiaries at End of Reporting Period | 0 | | Total External Guarantees During Reporting Period | 0 | | Total External Guarantees at End of Reporting Period | 0 | [Share Changes and Shareholder Information](index=45&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section details any changes in the company's share capital and provides an overview of its shareholder structure [Changes in Share Capital](index=45&type=section&id=Item%206.1.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or equity structure - During the reporting period, there were no changes in the company's total share capital or equity structure[148](index=148&type=chunk) [Shareholder Information](index=45&type=section&id=Item%206.2.%20Shareholder%20Information) As of the end of the reporting period, the company had **38,303** common shareholders, with the top two being Qian Penghe (**17.19%** stake) and Ningbo Quectel Investment Partnership (Limited Partnership) (**6.60%** stake) Top Ten Shareholders' Holdings as of End of Reporting Period (Unit: Shares) | Shareholder Name | Shares Held at Period-End (shares) | Percentage (%) | | :--- | :--- | :--- | | Qian Penghe | 44,970,241 | 17.19 | | Ningbo Quectel Investment Partnership (Limited Partnership) | 17,257,208 | 6.60 | | Hong Kong Securities Clearing Company Limited | 16,635,918 | 6.36 | | MINHONG MAO | 12,559,567 | 4.80 | | Zhu Yuehai | 5,985,779 | 2.29 | | Ge Weidong | 3,626,000 | 1.39 | | Zhang Dong | 3,548,720 | 1.36 | | Shanghai Xingzhi Venture Capital Co., Ltd. | 3,425,000 | 1.31 | | Xiang Xiaoying | 3,414,200 | 1.30 | | China Merchants Bank - Ruiyuan Growth Value Mixed Fund | 3,102,900 | 1.19 | [Changes in Holdings of Directors and Senior Management](index=47&type=section&id=Item%206.3.%20Changes%20in%20Holdings%20of%20Directors%20and%20Senior%20Management) During the reporting period, Chairman Qian Penghe transferred **12,559,567** company shares to Ms. MINHONG MAO via non-trade transfer due to a divorce agreement, resulting in a decrease in his holdings - The company's controlling shareholder and actual controller, Mr. Qian Penghe, transferred **12,559,567** company shares to Ms. MINHONG MAO in February 2025, pursuant to a divorce agreement dissolving their marriage[154](index=154&type=chunk) [Bond-Related Information](index=49&type=section&id=Item%207.%20Bond-Related%20Information) This section provides an overview of the company's bond issuance and outstanding debt instruments [Bond Status](index=49&type=section&id=Item%207.1.%20Bond%20Status) During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has no outstanding corporate bonds (including enterprise bonds), non-financial enterprise debt financing instruments, or convertible corporate bonds[159](index=159&type=chunk) [Financial Report](index=50&type=section&id=Item%208.%20Financial%20Report) This section contains the company's financial statements and related notes [Financial Statements](index=50&type=section&id=Item%208.2.%20Financial%20Statements) This section presents the unaudited consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity [Company Basic Information](index=73&type=section&id=Item%208.3.%20Company%20Basic%20Information) The company's main business involves the design, R&D, production, and sales of wireless communication modules and solutions in the IoT sector, listed on the Shanghai Stock Exchange in July 2019, with Qian Penghe as the actual controller - The company's main business is the design, R&D, production, and sales of wireless communication modules and solutions in the IoT sector, offering one-stop solutions including wireless communication modules, antennas, and software platform services, with Qian Penghe as the actual controller[196](index=196&type=chunk) [Significant Accounting Policies and Estimates](index=73&type=section&id=Item%208.5.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the enterprise accounting standards followed by the company in preparing financial statements, along with specific accounting policies and estimates for financial instruments, inventories, long-term equity investments, revenue recognition, and leases [Notes to Consolidated Financial Statements](index=96&type=section&id=Item%208.7.%20Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed notes and explanations for key items in the consolidated financial statements, including the composition, changes, and related accounting treatments for cash and cash equivalents, accounts receivable, inventories, fixed assets, borrowings, revenue and costs, and various expenses

公司代码：601728 公司简称：中国电信 中国电信股份有限公司 2025 年半年度报告 中国电信股份有限公司 2025 年半年度报告 重要提示 五、持续推进"提质增效重回报"的进展 公司坚持"提质增效重回报"，2025 年上半年，公司完整、准确、全面贯彻新发展理念，坚 定履行建设网络强国、科技强国、数字中国和维护网信安全的责任，准确把握科技创新和产业发 展趋势，全面拥抱人工智能，推动企业战略由"云改数转"向"云改数转智惠"升级，持续推进 企业高质量发展，详情敬请查阅"管理层讨论与分析"章节相关内容。 六、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 在充分考虑公司现金流水平，以及股东现金回报要求等实际情况后，公司第八届董事会第二 十一次会议决定按照2025年中期归属于公司股东的净利润人民币230.2亿元的72%向全体股东分 配股息，合计人民币165.8亿元，以实施权益分派股权登记日当日登记的总股本为基数，按照截至 2025年6月30日公司总股本91,507,138,699股进行测算，向全体股东派发每股人民币0.1812元股息（ 含税）。如在实施权益分派的股权登记日前公司总股本发生变动的，拟维持分 ...

兰州长城电工股份有限公司2025 年半年度报告 公司代码：600192 公司简称：长城电工 兰州长城电工股份有限公司 2025 年半年度报告 1 / 129 兰州长城电工股份有限公司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、 公司负责人刘万祥、主管会计工作负责人安亦宁及会计机构负责人（会计主管人员）李睿 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 ...

大连热电股份有限公司2025 年半年度报告 公司代码：600719 公司简称：大连热电 大连热电股份有限公司 2025 年半年度报告 1 / 139 大连热电股份有限公司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、 公司负责人田鲁炜、主管会计工作负责人孙红梅及会计机构负责人（会计主管人员）孙红 梅声明：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 报告期内未有经董事会审议的利润分配预案及公积金转增股本预案。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的发展战略、经营计划等前瞻性陈述不构成公司对投资者的实际承诺，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 否 十、 重大风险提示 公司已在本报告中详细描述公司存在的行业风险、政 ...

舒华体育股份有限公司2025 年半年度报告 公司代码：605299 公司简称：舒华体育 1 / 163 舒华体育股份有限公司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、 公司负责人张维建、主管会计工作负责人傅建木及会计机构负责人（会计主管人员）方垂 琳声明：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 舒华体育股份有限公司 2025 年半年度报告 不适用 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司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告 ...

兰剑智能科技股份有限公司2025 年半年度报告 公司代码：688557 公司简称：兰剑智能 兰剑智能科技股份有限公司 2025 年半年度报告 1 / 185 兰剑智能科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险，敬请查阅本报告"第三 节管理层讨论与分析"之"四、风险因素"相关内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人吴耀华、主管会计工作负责人董新军及会计机构负责人（会计主管人员）王学 英声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述不构成公司对投资者的实质性承诺，敬请 投资者注意投资风险。 九、 ...

百隆东方股份有限公司2025 年半年度报告 公司代码：601339 公司简称：百隆东方 百隆东方股份有限公司 2025 年半年度报告 1 / 122 百隆东方股份有限公司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、 公司负责人杨卫新、主管会计工作负责人董奇涵及会计机构负责人（会计主管人员）董奇 涵声明：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 根据公司2025年半年度报告，截至2025年6月30日，母公司累计未分配利润为671,732,136.56 元（未经审计）。 经公司第五届董事会第十八次会议审议通过《关于2025年度中期分红的议案》。根据《公司 法》及《公司章程》规定，公司决定以实施权益分派股权登记日登记的总股本为基数，每股派发 现金红利0.15元（含税）。截至审议本次利润分配方案的董事会召开日，公司总股本为 1,499,569 ...

甬金科技集团股份有限公司2025 年半年度报告 公司代码：603995 公司简称：甬金股份 甬金科技集团股份有限公司 2025 年半年度报告 1 / 159 甬金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、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。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、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，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 四、 公司负责人YU JASON CHEN（虞辰杰）、主管会计工作负责人申素贞及会计机构负责人（会 计主管人员）范雪平声明：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 ...